Credit Investor Presentation 2020/21

5,000 4,500 4,000 £79m 3,500 surplus £275m £126m surplus 3,000 surplus 2,500 2,000 1,500 1,000 500 Mar-15 Sep-15 Mar-16 Pensions United Utilities' pensions are fully funded on a low dependency basis IFRS pensions surplus £699m £654m £215m £344m surplus £248m £220m £484m surplus surplus surplus £754m surplus surplus surplus £326m £689m surplus surplus surplus IAS19 surplus, no funding deficit Sep-16 Mar-17 Sep-17 Mar-18 Assets Liabilities Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Low risk assets, hedged for inflation and interest rate risk No deficit on a self-sufficiency basis Future contributions are ongoing service costs only United Utilities • Credit Investor presentation • 48

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