United Utilities Water PLC

RE: UNITED UTILITIES PLC
    USD 10,000,000.00
    MATURING: 29/Sep/2008
    ISSUE DATE: 29/Sep/2003
    ISIN: XS0177281648

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
29/Mar/2005 TO 29/Jun/2005 HAS BEEN FIXED AT 3.475000 PCT

DAY BASIS 92/360

INTEREST PAYABLE VALUE 29/Jun/2005 WILL AMOUNT TO:
USD 888.06 PER USD 100,000.00 DENOMINATION

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 20 7508 3858/3855 OR FAX: 44 20 7508 3881

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