Issue of Debt

Affinity Water Programme Finance Limited

(the "Issuer")

Issue of Sub-Class A3 £40,000,000 1.548 per cent. RPI Linked Guaranteed Bonds due 2045 (to be consolidated and form a single series with the Sub-Class A3 £150,000,000 1.548 per cent. RPI Linked Guaranteed Bonds due 2045 issued on 4 February 2013) (the "Issue") by Affinity Water Programme Finance Limited and guaranteed by Affinity Water Finance (2004) PLC, Affinity Water Holdings Limited and Affinity Water Limited

29 October 2015

Affinity Water Programme Finance Limited announces, further to the announcement on 29 July 2015, that it has completed the £40 million issuance of the 1.548 per cent RPI Linked Guaranteed Bonds due 2045. The £40 million tap will form part of the same series as the existing £150 million 1.548 per cent RPI Linked Guaranteed Bonds due 2045 (the "Bonds") and be fungible with such Bonds.

The proceeds of the Issue will be lent by the Issuer to Affinity Water Limited.

For further information, please visit www.affinitywater.co.uk/investor-relations.aspx or contact:

[email protected] or [email protected]

Shaun Kennedy, Treasurer

Affinity Water Programme Finance Limited

Tamblin Way

Hatfield

Hertfordshire

AL10 9EZ

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