Credit Investor Presentation 2020/21

Underlying operating profit Underlying¹ operating profit £m 732 2019/20 UOP (51) Revenue (22) Network optimisation IRE £8m rates refund in 2019/20 (22) (14) (6) Depreciation (15) 602 Including £13m of COVID related costs Property rates Innovation Fund Other 2020/21 UOP 1 Underlying measures reflect the adoption of new definitions for alternative performance measures (APMs) with prior year numbers re-presented for comparative purposes. A reconciliation is provided in the appendix to show the impact of the new APMs. United Utilities • Credit Investor presentation • 81

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