United Utilities Water PLC

RE: UNITED UTILIIES PLC
    GBP 50,000,000.00
    MATURING: 04-Dec-2032
    ISSUE DATE: 04-Dec-2002
    ISIN:XS0159112126

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD 04-Dec-2003 TO
04-Jun-2004 HAS BEEN FIXED AT 3.507500 PCT.

INTEREST PAYABLE VALUE 04-Jun-2004 WILL AMOUNT TO 
GBP 175.38 PER GBP 10,000.00 DENOMINATION.
GBP 1,753.75 PER GBP 100,000.00 DENOMINATION.
GBP 17,537.50 PER GBP 1,000,000.00 DENOMINATION.

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON TEL:
44 020 7508 3858/3855 OR FAX: 44 020 7508 3881.