United Utilities Water PLC

RE: UNITED UTILITIES WATER PLC
    HKD 150,000,000.00
    MATURING: 14-Aug-2007
    ISSUE DATE: 14-Aug-2002
    ISIN: XS0153012280

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
14-Nov-2003 TO 17-Feb-2004 HAS BEEN FIXED AT 0.681070 PCT

INTEREST PAYABLE VALUE 17-Feb-2004 WILL AMOUNT TO:
HKD 1,772.65 PER HKD 1,000,000.00 DENOMINATION

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 20 7508 3857/3855 OR FAX: 44 20 7508 3881