Michael,

Thanks for the information. We shall have the 
results for you by tomorrow morning.

Vince





	Michael Anderson @ AZURIX
	08/23/2000 07:48 PM
	
To: Vince J Kaminski/HOU/ECT@ECT
cc: keith.harris@wessexwater.com 
Subject: UK RAB Multiples

I talked with Keith Harris, our CFO at Wessex, about the RAB multiple graph I 
gave you.  He expressed that the Wessex people had originated the data and 
that the graph was correct, to the best of their knowledge.  The only (but 
very important correction) is that they started the graph at an index of 
100%, which does not imply a 100% of RAB multiple.  Rather, the initial RAB 
multiple was around 80%, implying that the entire line should be taken down 
by 20 percentile points.  Thus the all time hime in late 98 should be closer 
to the 1.3x RAB that I had targeted during our discussion.  Please call Keith 
if he has not yet contact you.