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-Dec-2003 to
29-Mar-2004 HAS BEEN FIXED AT 1.555000 PCT.

INTEREST PAYABLE VALUE 29-Mar-2004 WILL AMOUNT TO
USD 393.07 PER USD 100,000.00 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.