United Utilities Water PLC

RE: UNITED UTILITIES WATER 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/2005 TO 04/Jun/2006 HAS BEEN FIXED AT 3.713100 PCT

DAY BASIS 180/360

INTEREST PAYABLE VALUE 05/Jun/2006 WILL AMOUNT TO:
GBP 185.66 PER GBP 10,000.00 DENOMINATION
GBP 1,856.55 PER GBP 100,000.00 DENOMINATION
GBP 18,565.50 PER GBP 1,000,000.00 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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