Slide deck covering:

• Does it make sense for KKR to invest equity into Thames Water based on Ofwat’s Final Determination for PR24? What restructuring would KKR need on Thames Water’s Class A debt to make equity investment attractive?
• What recapitalisation transaction structures could make sense for Thames Water’s creditors as an alternative to equity investment from KKR?
• What happens if neither a binding equity investment proposal from KKR nor a suitable alternative recapitalisation transaction structure from creditors is forthcoming? How would special administration play out for creditors?
• Ofwat’s Final Determination for Thames Water’s PR24 vs Thames Water’s response to this
• Financial modelling of Thames Water’s Whole Business Securitisation for both Ofwat’s Final Determination for PR24 as well as for Thames Water’s business plan for 2025-30, and beyond in both cases
• How return on Regulatory Capital Value (RCV) translates to permitted revenue, P&L and cash flow
• How should KKR and Thames Water creditors look at equity investment and / or debt restructuring taking into account returns on RCV beyond the PR24 2025-30 period given large capex and RCV growth expected over 2025-30?
• Comparison of Thames Water to listed UK water utilities (Severn Trent, Pennon Group and United Utilities), as well as vs non-listed UK water utilities – valuation and financial and operating performance
• Exposure in AMP8 to unfunded costs and / or fines across a range of investigations and environmental programmes