Credit Investor Presentation

-150 -200 -250 -300 Severn Trent Yorkshire այ -50 -100 United Utilities Anglian 0 100 50 Wessex Northumbrian 150 200 South West & B'mouth South Staffs & Camb Sutton & E Surrey Hafren Dyfrdwy South East Portsmouth Cumulative ODI incentives over AMP6 Dwr Cymru Southern Bristol Affinity Thames United Utilities • ODI reset Lessons learned from AMP6 ODIS have incentivised company behaviour ODIS are not a proxy for operational efficiency Incentives to be reset with greater consistency required Cross sector comparisons require harmonised performance measurement methodologies Credit Investor presentation • 35

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