Credit Investor Presentation 2020/21

Reconciliation of net debt At £m Cash Total derivative assets Gross borrowings Total derivative liabilities Net debt on previous definition Exclude the fair value impact of: Interest rate derivatives fixing future nominal interest rates Inflation derivatives fixing future real interest rates Electricity derivatives fixing future electricity costs Net debt on new definition 31 Mar 2021 744.1 31 Mar 2020 528.1 424.7 (8,451.8) (114.7) (7,397.7) 617.9 (8,363.1) (144.3) (7,361.4) 84.6 120.6 13.8 11.9 (6.5) 2.2 (7,305.8) (7,226.7) United Utilities • Credit Investor presentation • 102

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