Aquarion Announces 3-For-2 Common Stock Split.

BRIDGEPORT, Conn.--(BUSINESS WIRE)--Feb. 16, 1999--The Board of Directors of Aquarion Company (NYSE:WTR) today approved a 3-for-2 split of the company's common stock. The stock split is to be executed in the form of a 50 percent stock distribution on the company's common stock, payable on March 22, 1999 to shareholders of record on March 1,1999. As a result, shareholders will receive one additional common share for every two shares held on the record date.

Aquarion President and Chief Executive Officer Richard K. Schmidt said "This action reflects the Board's positive outlook on the future prospects of the company." Schmdit added that the stock split supports the Board's objective of enhancing the attractiveness of Aquarion stock to individual and institutional shareholders.

As of December 31, 1998, the company had approximately 7.42 million shares outstanding. After the split, the number of shares will increase to approximately 11.14 million. The additional shares will be mailed or delivered to shareholders on or about March 22 by the company's transfer agent, ChaseMellon Shareholder Services L.L.C. Aquarion's last stock split occurred in 1987.

Aquarion Company's principal business is public water supply. Through its BHC and Sea Cliff Water Company subsidiaries, it is one of the 10 largest investor-owned water utilities in the nation and serves a population of more than 500,000 in 30 Connecticut and Long Island, NY communities. Aquarion's other businesses include real estate through the sale of surplus water company land and contract management of municipal water systems. It also owns a small timber processing company.

Note to Reporters and Editors:

For more information on Aquarion Company and its subsidiaries, please contact us on the internet at www.aquarion.com or www.bhcco.com.