Aquarion Declares Quarterly Dividend.

BRIDGEPORT, Conn.--(BUSINESS WIRE)--March, 23, 1999--The Board of Directors of Aquarion Company (NYSE:WTR) today declared a regular quarterly cash dividend of $0.2775 cents per share on the company's common stock.

The dividend is payable April 30, 1999 to shareholders of record on April 9, 1999. This continues the company's record of uninterrupted dividend payments since 1890.

The dividend rate is equivalent to $1.11 per share on an annual basis and reflects the 3-for-2 split of the company's common stock announced February 16, 1999. The stock split was executed in the form of a 50 percent stock distribution on the company's common stock, payable March 22, 1999, to shareholders of record on March 1, 1999. As a result, shareholders received one additional common share for every two shares held on the record date.

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