United Utilities Water PLC

RE: UNITED UTILITIES WATER PLCE
    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/Feb/2005 TO 17/May/2005 HAS BEEN FIXED AT 1.701930 PCT

DAY BASIS 92/365

INTEREST PAYABLE VALUE 17/May/2005 WILL AMOUNT TO:
HKD 4,289.80 PER HKD 100,000,000.00 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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