Wessex Vauation Review

Rod-

This is the AA memo they discussed with us last Friday. I have prepared a package to respond to all the points. I plan to send it to them tomorrow morning. I have discussed the package and its contents with Rick and Rodney. Let me know if you have any questions.

----- Forwarded by Michael Anderson/HOU/AZURIX on 10/31/01 03:22 PM -----

jennifer.e.sims.vu@us.andersen.com 10/26/01 12:22 PM To: Michael Anderson/HOU/AZURIX@AZURIX, heather.l.mueck@us.andersen.com cc: warren.k.white@us.andersen.com Subject: Wessex Vauation Review

Attached please find a summary memo which details our review of Azurix's
valuation analyses (DCF and market approaches) related to possible goodwill
impairment at Wessex. We look forward to discussing these points at 3 PM
today.

(See attached file: Memo re Azurix (Wessex) Review.doc)

Ken
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- Memo re Azurix (Wessex) Review.doc