NWG lists on AIM

Northumbrian Water Group PLC
23 May 2003

                                                                   23rd May 2003

                                        
                    Northumbrian Water Group plc lists on AIM

Northumbrian Water Group plc (Northumbrian Water) is today admitted to AIM
making its return as a publicly listed company after some eight years as part of
Suez SA.

Northumbrian Water Group plc (formerly Aquavit plc) was incorporated on 12th May
2003 as an acquisition vehicle to acquire the entire issued ordinary share
capital of Atlantic Water Limited, which is the holding company of the OSUK
Group. OSUK, a leading UK water and sewerage business, owns both regulated and
non-regulated operations in the water and sewerage sector in the UK together
with other non-regulated businesses. Northumbrian Water Limited is OSUK's
principal subsidiary and is regulated by Ofwat.

Following the admission today, there will be 518,623,845 ordinary shares of 10p
each in issue, with an opening market capitalisation of £518.6million based on a
placing price of 100p per share. The company's RIC code is NWG (NWG.L for
Reuters and NWG LN for Bloomberg). As disclosed in the listing particulars the
company will seek a listing on the main market of the London Stock Exchange as
soon as is reasonably practicable.

John Cuthbert, Northumbrian Water's managing director said: "I'm very excited at
our listing today which represents a significant step forward for the UK water
industry. It is all too often that water companies are taken private and we are
now reversing that trend with this listing. We are giving investors the
opportunity to invest in a company with a strong track record. Finally, I would
like to thank our staff for their hard work in getting us to the successful
position we are now in, and remaining committed to delivering outstanding water
services to our customers."

Simon Brickles, Head of AIM at the London Stock Exchange, welcomed Northumbrian
Water onto the market, he said: "Flexibility has helped AIM prove itself as a
market that can raise capital for companies, even in tough market conditions. I
am glad that we have been able to assist Northumbrian Water and wish them well
for the future."

The structure was originated by Ecofin and developed jointly by a consortium
comprising Deutsche Bank, Collins Stewart and Ecofin. Deutsche Bank is the lead
financial adviser, co-underwriter of the equity and sole underwriter of the debt
facilities. Collins Stewart is the Nominated Adviser and Broker, sole placing
agent and co-underwriter of the equity. Ecofin is the co-financial adviser and
co-arranger of the equity.


Contacts

Northumbrian Water Group plc                           0191 301 6851
John Cuthbert, Managing Director
Chris Green, Finance Director

Finsbury                                               020 7251 3801
Rollo Head
Anthony Silverman


Photographs are available of John Cuthbert, Managing Director and Chris Green,
Finance Director. They were taken on the share-dealing floor at Collins Stewart,
this morning.







                      This information is provided by RNS
            The company news service from the London Stock Exchange