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ANNEX 1

Anglian Water Services Ltd

Regulatory Capital Values at 2002-03 Prices

m 2003-04 2004-05

Closing RCV for 2002-031 3,911

Indexation2 121

Opening RCV 4,032 4,143

Capital expenditure (excluding IRE) 264 216

Infrastructure renewals expenditure 34 33

Infrastructure renewals charge -23 -23

Grants & contributions -16 -16

Depreciation -135 -140

Outperformance of regulatoryassumptions

-13 -32

(5 years in arrears)

Closing RCV 4,143 4,180

Average Year RCV 4,033 4,106Numbers may not add due to rounding.

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

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Welsh Water (Dr Cymru Cyfyngedig)

Regulatory Capital Values at 2002-03 Prices

m 2003-04 2004-05

Closing RCV for 2002-031 2,291

Indexation2 71

Opening RCV 2,362 2,528

Capital expenditure (excluding IRE) 189 187

Infrastructure renewals expenditure 38 37

Infrastructure renewals charge -34 -33

Grants & contributions -5 -5

Depreciation -79 -83

Outperformance of regulatoryassumptions

56 16

(5 years in arrears)

Closing RCV 2,528 2,647

Average Year RCV 2,413 2,553Numbers may not add due to rounding.

Interim Determination in 2000.

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

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Northumbrian Water Ltd

Regulatory Capital Values at 2002-03 Prices

m 2003-04 2004-05

Closing RCV for 2002-031 2,106Indexation2 65

2,171Adjustments from interim determination3 -9

Opening RCV 2,162 2,259

Capital expenditure (excluding IRE) 142 142

Infrastructure renewals expenditure 34 33

Infrastructure renewals charge -28 -28

Grants & contributions -7 -7

Depreciation -74 -78

Outperformance of regulatory assumptions 30 -45(5 years in arrears)

Closing RCV 2,259 2,276

Average Year RCV 2,186 2,237Numbers may not add due to rounding.

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

3. Adjustments arising from the interim determination in 2003.

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Severn Trent Water Ltd

Regulatory Capital Values at 2001-02 Prices

m 2003-04 2004-05Closing RCV for 2001-021 4,265

Indexation2 132

Opening RCV 4,397 4,569

Capital expenditure (excluding IRE) 392 378

Infrastructure renewals expenditure 79 78

Infrastructure renewals charge -58 -58

Grants & contributions -21 -20

Depreciation -207 -212

Outperformance of regulatoryassumptions

-13 -4

(5 years in arrears)

Closing RCV 4,569 4,731

Average Year RCV 4,423 4,588Numbers may not add due to rounding.

Interim Determination in 2002

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

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South West Water Ltd

Regulatory Capital Values at 2002-03 Prices

m 2003-04 2004-05

Closing RCV for 2002-031 1,572

Indexation2 49

Opening RCV 1,620 1,706

Capital expenditure (excluding IRE) 126 115

Infrastructure renewals expenditure 14 14

Infrastructure renewals charge -13 -13

Grants & contributions -4 -4

Depreciation -61 -64

Outperformance of regulatoryassumptions

24 30

(5 years in arrears)

Closing RCV 1,706 1,784.

Average Year RCV 1,641 1,722Numbers may not add due to rounding.

Interim Determination in 2001.

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

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Southern Water Services Ltd

Regulatory Capital Values at 2002-03 Prices

m 2003-04 2004-05

Closing RCV for 2002-031 2,126

Indexation2 66

Opening RCV 2,192 2,276

Capital expenditure (excluding IRE) 182 173

Infrastructure renewals expenditure 23 22

Infrastructure renewals charge -23 -23

Grants & contributions -8 -8

Depreciation -103 -108

Outperformance of regulatoryassumptions

14 -46

(5 years in arrears)

Closing RCV 2,276 2,286

Average Year RCV 2,204 2,251Numbers may not add due to rounding.

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

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Thames Water Utilities Ltd

Regulatory Capital Values at 2002-03 Prices

m 2003-04 2004-05

Closing RCV for 2002-031 4,634

Indexation2 143

Opening RCV 4,778 4,899

Capital expenditure (excluding IRE) 431 401

Infrastructure renewals expenditure 38 38

Infrastructure renewals charge -42 -41

Grants & contributions -32 -31

Depreciation -241 -247

Outperformance of regulatoryassumptions

-33 -72

(5 years in arrears)

Closing RCV 4,899 4,946

Average Year RCV 4,774 4,857Numbers may not add due to rounding.

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

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United Utilities Water plc

Regulatory Capital Values at 2002-03 Prices

m 2003-04 2004-05

Closing RCV for 2002-031 5,002Indexation2 155

5,157Adjustments from interim determination3 -120

Opening RCV 5,037 5,230

Capital expenditure (excluding IRE) 548 466

Infrastructure renewals expenditure 98 97

Infrastructure renewals charge -105 -105

Grants & contributions -18 -18

Depreciation -212 -221

Outperformance of regulatory assumptions -118 8(5 years in arrears)

Closing RCV 5,230 5,457

Average Year RCV 5,124 5,272Numbers may not add due to rounding.

1. As set out in RD08/03. 2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

3. Adjustments arising from the interim determination in 2003.

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Wessex Water Services Ltd

Regulatory Capital Values at 2002-03 Prices

m 2003-04 2004-05

Closing RCV for 2002-031 1,430

Indexation2 44

Opening RCV 1,474 1,540

Capital expenditure (excluding IRE) 145 107

Infrastructure renewals expenditure 17 17

Infrastructure renewals charge -16 -16

Grants & contributions -4 -4

Depreciation -66 -68

Outperformance of regulatoryassumptions

-11 -22

(5 years in arrears)

Closing RCV 1,540 1,554

Average Year RCV 1,487 1,526Numbers may not add due to rounding.

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

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Yorkshire Water Services Ltd

Regulatory Capital Values at 2001-02 Prices

m 2003-04 2004-05

Closing RCV for 2001-021 2,869

Indexation2 89

Opening RCV 2,958 3,066

Capital expenditure (excluding IRE) 280 273

Infrastructure renewals expenditure 43 42

Infrastructure renewals charge -28 -28

Grants & contributions -16 -16

Depreciation -134 -134

Outperformance of regulatoryassumptions

-36 -22

(5 years in arrears)

Closing RCV 3,066 3,181

Average Year RCV 2,971 3,081Numbers may not add due to rounding.

Interim Determination in 2002

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

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Bournemouth and West Hampshire Water plc

Regulatory Capital Values at 2002-03 Prices

000's 2003-04 2004-05

Closing RCV for 2002-031 93,107

Indexation2 2,881

Opening RCV 95,988 105,469

Capital expenditure (excluding IRE) 10,805 7,834

Infrastructure renewals expenditure 1,124 1,103

Infrastructure renewals charge -1,250 -1,243

Grants & contributions -911 -914

Depreciation -5,513 -5,790

Outperformance of regulatoryassumptions

5,225 2,148

(5 years in arrears)

Closing RCV 105,469 108,607

Average Year RCV 99,385 105,610Numbers may not add due to rounding.

Interim Determination in 2001.

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

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Bristol Water Plc

Regulatory Capital Values at 2002-03 Prices

000's 2003-04 2004-05

Closing RCV for 2002-031 177,635

Indexation2 5,497

Opening RCV 183,132 203,066

Capital expenditure (excluding IRE) 21,469 19,285

Infrastructure renewals expenditure 6,703 6,417

Infrastructure renewals charge -6,817 -6,782

Grants & contributions -2,915 -2,880

Depreciation -6,583 -6,926

Outperformance of regulatoryassumptions

8,076 12,494

(5 years in arrears)

Closing RCV 203,066 224,674

Average Year RCV 190,523 211,017Numbers may not add due to rounding.

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

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Cambridge Water PLC

Regulatory Capital Values at 2002-03 Prices

000's 2003-04 2004-05

Closing RCV for 2002-031 40,628

Indexation2 1,257

Opening RCV 41,885 42,843

Capital expenditure (excluding IRE) 2,350 3,030

Infrastructure renewals expenditure 1,309 1,315

Infrastructure renewals charge -1,352 -1,346

Grants & contributions -1,023 -1,018

Depreciation -1,067 -1,116

Outperformance of regulatoryassumptions

741 2,433

(5 years in arrears)

Closing RCV 42,843 46,141

Average Year RCV 41,799 43,899Numbers may not add due to rounding.

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

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Dee Valley Water plc

Regulatory Capital Values at 2002-03 Prices

000's 2003-04 2004-05

Closing RCV for 2002-031 43,167

Indexation2 1,336

Opening RCV 44,503 45,977

Capital expenditure (excluding IRE) 4,093 3,252

Infrastructure renewals expenditure 1,632 1,600

Infrastructure renewals charge -1,852 -1,842

Grants & contributions -236 -235

Depreciation -2,826 -3,078

Outperformance of regulatoryassumptions

663 -394

(5 years in arrears)

Closing RCV 45,977 45,279

Average Year RCV 44,636 45,019Numbers may not add due to rounding.

Interim Determination in 2001.

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

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Folkestone and Dover Water Services Ltd

Regulatory Capital Values at 2002-03 Prices

000's 2003-04 2004-05

Closing RCV for 2002-031 45,570

Indexation2 1,410

Opening RCV 46,980 50,651

Capital expenditure (excluding IRE) 5,124 4,124

Infrastructure renewals expenditure 412 404

Infrastructure renewals charge -398 -396

Grants & contributions -191 -190

Depreciation -2,181 -2,192

Outperformance of regulatory assumptions 904 -20(5 years in arrears)

Closing RCV 50,651 52,380

Average Year RCV 48,164 50,828Numbers may not add due to rounding.

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

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Mid Kent Water plc

Regulatory Capital Values at 2002-03 Prices

000's 2003-04 2004-05

Closing RCV for 2002-031 161,303

Indexation2 4,992

Opening RCV 166,294 170,617

Capital expenditure (excluding IRE) 16,038 14,590

Infrastructure renewals expenditure 2,394 2,266

Infrastructure renewals charge -2,640 -2,640

Grants & contributions -442 -440

Other adjustments3 232 230

Depreciation -7,097 -7,282

Outperformance of regulatory

assumptions

-4,162 7,300

(5 years in arrears) Closing RCV 170,617 184,642

Average Year RCV 166,208 175,260Numbers may not add due to rounding.

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

3. As made in the Competition Commission report 2000.

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Portsmouth Water plc

Regulatory Capital Values at 2002-03 Prices

000's 2003-04 2004-05

Closing RCV for 2002-031 88,406

Indexation2 2,736

Opening RCV 91,142 89,901

Capital expenditure (excluding IRE) 4,388 4,571

Infrastructure renewals expenditure 3,809 3,749

Infrastructure renewals charge -3,818 -3,798

Grants & contributions -543 -540

Depreciation -2,598 -2,760

Outperformance of regulatoryassumptions

-2,479 -3,949

(5 years in arrears)

Closing RCV 89,901 87,174

Average Year RCV 89,314 87,357Numbers may not add due to rounding.

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

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South East Water Ltd

Regulatory Capital Values at 2002-03 Prices

000's 2003-04 2004-05

Closing RCV for 2002-031 421,718

Indexation2 13,050

Opening RCV 434,768 443,539

Capital expenditure (excluding IRE) 30,392 28,301

Infrastructure renewals expenditure 7,879 7,679

Infrastructure renewals charge -7,770 -7,732

Grants & contributions -1,875 -1,865

Depreciation -12,242 -13,040

Outperformance of regulatoryassumptions

-7,613 -12,388

(5 years in arrears)

Closing RCV 443,539 444,493

Average Year RCV 433,295 438,093Numbers may not add due to rounding.

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

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Sutton and East Surrey Water plc

Regulatory Capital Values at 2002-03 Prices

000's 2003-04 2004-05

Closing RCV for 2002-031 107,312

Indexation2 3,321

Opening RCV 110,633 117,247

Capital expenditure (excluding IRE) 12,523 14,163

Infrastructure renewals expenditure 4,553 4,420

Infrastructure renewals charge -3,510 -3,510

Grants & contributions -683 -680

Other adjustments3 122 123

Depreciation -6,255 -6,357

Outperformance of regulatory

assumptions

-137 2,992

(5 years in arrears) Closing RCV 117,247 128,400

Average Year RCV 112,421 121,186Numbers may not add due to rounding.

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

3. As made in the Competition Commission report 2000.

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South Staffordshire Water plc

Regulatory Capital Values at 2002-03 Prices

000's 2003-04 2004-05

Closing RCV for 2002-031 141,977

Indexation2 4,394

Opening RCV 146,370 157,906

Capital expenditure (excluding IRE) 15,449 11,965

Infrastructure renewals expenditure 5,044 4,951

Infrastructure renewals charge -4,387 -4,362

Grants & contributions -4,208 -3,922

Depreciation -7,318 -7,502

Outperformance of regulatoryassumptions

6,957 1,181

(5 years in arrears)

Closing RCV 157,906 160,217

Average Year RCV 150,109 156,940Numbers may not add due to rounding.

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

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Tendring Hundred Water Services Ltd

Regulatory Capital Values at 2002-03 Prices

000's 2003-04 2004-05

Closing RCV for 2002-031 49,528

Indexation2 1,533

Opening RCV 51,061 52,625

Capital expenditure (excluding IRE) 2,389 2,182

Infrastructure renewals expenditure 856 846

Infrastructure renewals charge -807 -803

Grants & contributions -272 -271

Depreciation -1,274 -1,329

Outperformance of regulatoryassumptions

672 -327

(5 years in arrears)

Closing RCV 52,625 52,923

Average Year RCV 51,151 52,070Numbers may not add due to rounding.

Interim Determination in 2000.

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

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Three Valleys Water PLC

Regulatory Capital Values at 2002-03 Prices

000's 2003-04 2004-05

Closing RCV for 2002-031 510,270

Indexation2 15,791

Opening RCV 526,060 562,308

Capital expenditure (excluding IRE) 41,085 38,455

Infrastructure renewals expenditure 13,795 13,549

Infrastructure renewals charge -13,894 -13,825

Grants & contributions -4,693 -4,670

Depreciation -20,681 -21,366

Outperformance of regulatoryassumptions

20,635 8,034

(5 years in arrears)

Closing RCV 562,308 582,486

Average Year RCV 536,924 564,761Numbers may not add due to rounding.

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

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Industry

Regulatory Capital Values at 2002-03 Prices

m 2003-04 2004-05

Closing RCV for 2002-031 32,087

Indexation2 993

Adjustments from Interim Determinations3 -129

Opening RCV 32,951 34,263

Capital expenditure (excluding IRE) 2,866 2,611

Infrastructure renewals expenditure 467 459

Infrastructure renewals charge -419 -417

Grants & contributions -148 -147

Depreciation -1,374 -1,419

Outperformance of regulatoryassumptions

-80 -194

(5 years in arrears)

Closing RCV 34,263 35,155

Average Year RCV 32,732 34,246Numbers may not add due to rounding.

1. As set out in RD08/03.

2. Inflating from 2001-02 Prices to 2002-03 prices (179.9/174.5).

3. Northumbrian Water Ltd and United Utilities Water plc.