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Investor Update October 2011 Graham Edwards Chief Executive Neil Henson Director of Finance Adrian Breakspear He

2. Investor Presentation Disclaimer The financing terms described herein are neither an offer to buy or sell securities, nor a solicitation to buy or sell securities. The summary contained in this document is not a complete description of the terms of the transaction and is subject to change witho

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Investor Update October 2011 Graham Edwards Chief Executive Neil Henson Director of Finance Adrian Breakspear He

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    1. Investor Update – October 2011 Graham Edwards – Chief Executive Neil Henson – Director of Finance Adrian Breakspear – Head of Investor Relations & Treasury Wales & West Utilities Limited

    2. 2

    3. 3 Agenda

    4. 4 Company Overview

    5. 5 Group Ownership And Current Finance Structure

    6. 6

    7. 7 Non-Financial KPIs

    8. 8

    9. 9 Comparative Performance for 2008/09 & 2009/10

    10. 10 EBITDA Performance

    11. 11 Cash Flows Net cash inflow from operating activities has increased by 1.7% in the year ended 31 March 2011 Net cash inflow from operating activities continues to increase each year and has seen an increase of 36% in the three years to 31 March 2011 Net cash inflow from operating activities is after investment in RAV for that proportion of replacement expenditure (circa 50%) that qualifies for RAV Ł6m pension deficit contributions funded through Extension Year and Main Control (GDPCR 2008-13) WWU has estimated corporation tax losses at 31 March 2011 of Ł70m Continued investment in RAV through capital expenditure No incremental borrowing in 2010/11 due to strong positive cash flows

    12. 12

    13. 13 Proposed Regulatory Framework - RIIO-GD1 2013-2021

    14. 14

    15. 15

    16. 16

    17. 17

    18. 18 Security and Operating Covenants

    19. 19 Key Trigger Events

    20. 20 Additional Structural Enhancements

    21. 21

    22. 22

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