Credit Investor Presentation 2020/21

Yield (%) 4.00 3.50 3.00 2.50 2.00 1.50 Benefit of our treasury policies and excellence We typically outperform the index for new debt by 50-100bps iBoxx yields compared with UU funding The iBoxx A/BBB 10 yrs+ non- financials index minus 15bps UU funding Shaded area shows the yield differential between A index minus 15bps and the BBB index minus 15bps (both 10y yrs+ non-financials) and averages 27bps over the period 1.00 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 United Utilities • Credit Investor presentation • 44

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