IFRS presentation to analysts and investors - About United Utilities

Cautionary statementInternational Financial Reporting Standards (‘IFRS’) are being applied in theEuropean Union for the first time. New standards and interpretations may beissued by IASB and / or endorsed by the EU prior to the completion of our first fullreporting period under IFRS on 31 March 2006. There are a number of new andrevised Standards included within the body of Standards that compriseIFRS. There is not yet a significant body of established practice upon which todraw in forming opinions regarding their interpretation and application. Accordingly,practice is continuing to evolve. At this stage, therefore, the full financial effect ofreporting under IFRS, as it will be applied and reported on in the Group’s first IFRSfinancial statements, cannot be determined with certainty and may be subject tochange. The financial information which follows represents our current view andmay be impacted by changes in the business or to IFRS or the interpretationthereof. This presentation should be treated with appropriate caution and shouldnot be relied upon.