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-Jun-2004 to 29-Sep-2004 HAS BEEN FIXED AT 1.965000 PCT.

DAY BASIS 92/360

INTEREST PAYABLE VALUE 29-Sep-2004 WILL AMOUNT TO
USD 502.17 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.

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