Credit Investor Presentation

Ambition and innovation across our performance commitments (PCs) We have co-developed with our customers some really innovative PCs that are important to them, they are industry leading and with incentives that provide good opportunities for outperformance First in the industry to commit to tackling the issues of air quality by incentivising a reduction of emissions from our energy generation activities through an ODI. £4.3m reward £2.6m penalty Reducing the number of properties with water quality risk from lead. The most stretching target of any other company, with equally leading outperformance opportunities. £12.7m reward £3.1m penalty Reducing the hydraulic risk of flooding using innovative advanced modelling techniques for risk and investment planning. Exploring more scenarios in minutes than you could do manually in months. £68.0m reward £61.2m penalty Delivering additional natural capital value. First in the industry to unlock opportunities for outperformance by generating value for communities across the North West from ecosystems services. £5.5m reward £2.0m penalty Engaging with customers to change their behaviour. Using an innovative methodology to raise customer awareness to reduce the risk of flooding. £3.0m reward £3.0m penalty New contingency plans increase the resilience in our water service. The first forward looking measure in the industry to incentivise long term resilience. All figures are reflective of Ofwat's view of our P10 and P90 positions in United Utilities Final Determination: December 2019, with the exception of Water Service Resilience which has been adjusted to reflect the variability in this measure £9.3m reward £5.5m penalty United Utilities • Credit Investor presentation • 39

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