BIW Limited Announces DPUC Decision - Docket No: 03-02-07 - Application of Birmingham Utilities, Inc., to Increase Its Rates.

Business Editors

ANSONIA, Conn.--(BUSINESS WIRE)--Aug. 7, 2003

BIW Limited (AMEX - BIW), announced today that its regulated water utility, Birmingham Utilities, Inc., was granted a $1,264,178 increase in water service rates by the CT Department of Public Utility Control (DPUC). The Company filed an application with the DPUC on February 11, 2003 requesting a $1,576,183 rate increase. The increase which amounts to 27.74 % will have the effect of increasing the average residential customer's water bill by about 23 cents per day, or $20.68 per quarter. The average customer uses approximately 18,000 gallons of water per quarter and will pay approximately $98.59. With the increase, water will cost about 5 tenths of one cent per gallon.

BIW Limited President, John S. Tomac, said, "That over 85% of the increase is directly due to the Company's plant improvement program." Mr. Tomac noted that since 1997 the Company has spent over $8,000,000 on these improvements, which for the most part were for the replacement of old, small, 4 and 6-inch water mains. Mr. Tomac said he was pleased that the DPUC recognized the need for these improvements. We have been working diligently to insure that this water system will remain efficient and viable while serving our customers at affordable rates for many years to come. Infrastructure replacement is a problem that is facing all water utilities. We believe the biggest part of this program is behind us and we now have a chance to earn a fair return on our investments.

BIW Limited (BIW or the Company) is the parent company of Birmingham Utilities, Inc., a regulated public water service company which collects and distributes water for domestic, commercial and industrial uses and fire protection in Ansonia, Derby and in small parts of the contiguous Town of Seymour, Connecticut and Birmingham H2O Services, Inc., which provides water related services to other water utilities, contractors and individuals throughout Connecticut.

This press release contains forward-looking statements. These forward-looking statements are found in various places throughout this press release and include, without limitation, statements regarding the expected timing and benefits of the acquisition and sale. While these forward-looking statements represent our judgments and future expectations concerning the development of our business and the timing and benefits of the acquisition, a number of risks, uncertainties, and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, regulatory approvals for the transaction; the costs related to the transaction; the inability to obtain or meet conditions imposed for governmental approvals for the transaction; the risk that anticipated benefits will not be obtained or will not be obtained within the time anticipated; and other key factors that could adversely affect our business and financial performance contained in our past and future filings and reports, including those filed with the Securities and Exchange Commission. Neither BIW Limited nor PSC is under any obligation (and each expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.