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Group Structure

The Group is controlled by the Global Infrastructure Fund of the investment business KKR & Co.

L.P. (KKR), which is quoted on the New York Stock Exchange, and which holds a majority controlling interest in the Group, together with certain co-investors of KKR. The KKR Infrastructure Fund is controlled and managed by its General Partner, KKR Infrastructure Limited, a company registered in the Cayman Islands (the “Holding Company”).

South Staffordshire Plc, as the immediate parent company of South Staffordshire Water PLC, ensures that it understands the duties and obligations of a regulated company, including Condition P of its license. It is managed through its detailed knowledge of all of its subsidiaries and the water industry. Even though some Directors sit on both Boards, South Staffordshire Water PLC acts, with the support of the Company, as if it were a separate listed company. South Staffordshire Plc has processes in place to provide South Staffordshire Water PLC with information that it requires about the wider Group. South Staffordshire Plc provides management, professional and administrative support services to South Staffordshire Water PLC and other subsidiaries on a cost basis. There is no direct interaction between South Staffordshire Water PLC and the Holding Company.

There are a number of UK registered intermediate holding companies above South Staffordshire Plc in the Group structure, headed by Hydriades IV Limited, the ultimate holding company registered in the UK. There are also intermediate holding companies above Hydriades IV Limited which are registered in Jersey but which are resident in the UK for tax purposes. In March 2016, Mitsubishi Corporation acquired a 25% equity interest in one of these companies, Selena Bidco Limited, and therefore holds a 25% equity interest in the South Staffordshire Plc Group. In line with other KKR investments in Europe, the parent of the Jersey resident companies is a company registered in Luxembourg (Selena Luxco Sàrl.). The KKR fund investing in this company is controlled and managed by the Holding Company, its General Partner. Three of the UK holding companies have loans payable to South Staffordshire Water PLC and South Staffordshire Plc, all of which bear interest which is paid in full each year. Any UK tax losses surrendered to South Staffordshire Water PLC are paid for at face value.

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