Analyst Coverage

The equity research analysts listed below currently write research reports on Modern Water plc. This list is subject to change at any time without notice. Please note that any estimates, forecasts or opinions contained in such research reports are those of the analysts alone and do not necessarily represent the estimates, forecasts or opinions of Modern Water plc, its board of directors or its management.

Such research reports are only intended for professional clients and eligible counterparties as defined by the FSA and are not intended for private individuals or retail investors. If you are a professional client or an eligible counterparty and are interested in obtaining copies of a research note you should contact the relevant analyst directly. Please note there is no obligation upon an analyst to make available any research report. Unless otherwise indicated, research reports cannot be obtained from Modern Water plc. Any research reports issued may have become out of date after publication and should be read accordingly.

Ken Rumph
Nomura Code Securities Limited
Tel: +44 (0) 20 7776 1200
www.nomuracode.com