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Watlington Waterworks Limited Announces Change In Its Dividend Policy

28 28 2003

Hamilton, Bermuda: 28 February 2003 - The Watlington Waterworks Limited is pleased to announce a change in its dividend policy for shareholders. Dividend payments are being increased from three cents per share to five cents per share per quarter for shareholders of record on the last day of each quarter. The increased dividend payment policy is effective from 1st January 2003.

The Company has paid off all outstanding long term debt and completed the amortization of Goodwill that was derived from its purchase of the former Pure Water (Bermuda) Limited. Both objectives were achieved ahead of schedule due to the consistently good performance of the Company over the past five years.

The Company is now poised to move forward with capital infrastructure improvements to increase its manufacturing and distribution of potable water by extending its pipeline network, and also to increase its share of the bottled water market by expansion of its "Pure Water" brand. The Directors of the company are looking forward with optimism and feel that now is the appropriate time to reward shareholders confidence in the Company by increasing dividends.

Watlington Waterworks Limited wholly owns the operating company Bermuda Waterworks Limited which manufactures and distributes both potable water for sale by pipeline and the "Pure Water" brand of bottled water. In addition, Bermuda Waterworks Limited operates a retail plumbing outlet under the name "The Water Depot."