NOx Budget Allowance MPI HISTORY

DATE of MPI Banked $/ton 1999 $/ton 2000 $/ton 2001 $/ton 2002 $/ton 2003 $/ton 2004 $/ton 2003-2004 $/ton 2004-2006 $/ton 2004-2005 $/ton   11/25/02 -- $453/ton $633/ton $787/ton $787/ton $4,885/ton $4,400/ton $4,767/ton $3,900/ton $4,308/ton   DATE of MPI Banked $/ton 1999 $/ton 2000 $/ton 2001 $/ton 2002 $/ton 2003 $/ton 2004 $/ton 2003-2004 $/ton 2003-2007 $/ton 2004-2005 $/ton   10/25/02 -- $424/ton $600/ton $689/ton $730/ton $5,005/ton $4,916/ton $4,950/ton $3,850/ton $4,573/ton   DATE of MPI Banked $/ton 1999 $/ton 2000 $/ton 2001 $/ton 2002 $/ton 2003 $/ton 2004 $/ton 2003-2004 $/ton 2004-2007 $/ton     09/25/02 -- $397/ton -- $597/ton $644/ton -- $4,741/ton $4,900/ton $3,433/ton     DATE of MPI Banked $/ton 1999 $/ton 2000 $/ton 2001 $/ton 2002 $/ton 2003 $/ton 2003-05 $/ton 2004-2007 $/ton       08/26/02   $443/ton $570/ton $644/ton $651/ton $4,700/ton -- $3,250/ton       07/25/02 --  $507/ton $571/ton $653/ton $668/ton $4,683/ton $4,200/ton --                               DATE of MPI Banked $/ton 1999 $/ton 2000 $/ton 2001 $/ton 2002 $/ton 2003 $/ton 2004 $/ton 2003-07 $/ton 2004-05 $/ton 2004-06 $/ton 2004-07 $/ton 06/25/02   $524/ton $685/ton $724/ton $754/ton -- $4,693/ton $3,917/ton $4,317/ton -- $4,3807/ton                         DATE of MPI Banked $/ton 1999 $/ton 2000 $/ton 2001 $/ton 2002 $/ton 2003 $/ton 2004 $/ton 2005 $/ton 2003-04 $/ton 2004-05 $/ton   05/26/02   $531/ton $685/ton $714/ton $799/ton $4,802/ton $4,779/ton $4,311/ton $4,917/ton $4,842/ton                           DATE of MPI Banked $/ton 1999 $/ton 2000 $/ton 2001 $/ton 2002 $/ton 2003 $/ton 2004 $/ton 2003-04 $/ton 2003-07 $/ton 2004-06 $/ton 2004-07 $/ton 04/25/02 -- $529 $676 $712 $827 $4,662 $4,817 $4,808 -- -- $3,944 03/25/02 -- -- $670 $750 $875 $4,662 $4,988 $4,708 -- $4,050 $3,900 02/25/02 -- -- $713 $717 $925 -- -- $4,708 -- -- -- 01/25/02 -- $502 $635 $638 $945 -- -- $4,685 $3,200 $3,550 -- DATE of MPI Banked $/ton 1999 $/ton 2000 $/ton 2001 $/ton 2002 $/ton 2003 $/ton 2004 $/ton 2003-04 $/ton 2003-07 $/ton 2004-06 $/ton 2004-07 $/ton 12/26/01 $493 -- -- $615 $906 not listed not listed $4,150 $3,133 -- -- 11/26/01 $348 -- -- $521 $821 $3,966 not listed $4,166 $3,196 -- -- 10/25/01 $459 -- -- $628 $919 not listed not listed $4,650 $3,408 -- -- 09/25/01 $420 -- -- $628 $850 not listed not listed $5,550 $3,750 -- -- 08/24/01 $600 -- -- $1,010 $1,120 $4,850 -- $5,550 -- -- -- DATE of MPI Banked $/ton 1999 $/ton 2000 $/ton 2001 $/ton 2002 $/ton 2000-02 $/ton -- $/ton -- $/ton -- $/ton -- $/ton -- $/ton 07/25/01 $645 -- -- $990 $1,335 -- -- -- -- -- -- 06/25/01 $870 -- -- $1,345 $1,300 -- -- -- -- -- -- 05/25/01 $1,020 -- -- $1,585 $1,500 -- -- -- -- -- -- 04/25/01 $1,120 -- -- $1,658 $1,550 -- -- -- -- -- -- 03/23/01 -- $1,095 $1,095 $1,835 $1,750 -- -- -- -- -- -- 02/23/01 -- $1,085 $1,085 $1,585 -- -- -- -- -- -- -- 01/25/01 -- $1,075 $1,075 $1,595 -- -- -- -- -- -- -- DATE of MPI 1999 $/ton 1999-00 $/ton 1999-02 $/ton 2000 $/ton 2000-02 $/ton 2001 $/ton 2002 $/ton 12/27/00 $766 $817 $1,116 $1,000 11/27/00 $403 $465 $636 $479 10/25/00 $328 $365 $496 $479 09/25/00 $369 $420 $496 $479 08/25/00 $489 $618 $570 $538 07/26/00 $505 $706 $606 $545 06/23/00 $490 $688 $605 $575 05/25/00 $549 $690 $606 $579 04/25/00 $589 $821 $750 $800 03/24/00 $642 $855 03/07/00 $500 $741 02/09/00 $745 $836 01/10/00 $745 $915 DATE of MPI 1999 $/ton 1999-00 $/ton 1999-02 $/ton 2000 $/ton 2000-02 $/ton 2001 $/ton 2002 $/ton 11/03/99 $723 $933 $795 10/05/99 $825 $1,142 $2,018 09/16/99 $1,093 $1,178 $2,018 08/12/99 $1,696 $2,025 $2,018 07/16/99 $1,728 $2,100 $2,018 06/22/99 $3,186 $2,895 06/10/99 $4,080 $2,895 06/04/99 $4,105 $3,050 04/26/99 $5,244 $2,900 03/11/99 $6,592 $3,587 01/20/99 $4,711 $2,893 DATE of MPI 1999 $/ton 1999-00 $/ton 1999-02 $/ton 2000 $/ton 2000-02 $/ton 2001 $/ton 2002 $/ton 12/09/98 $3,455 $2,438 $2,225 12/07/98 $3,112 $2,438 $2,225 11/24/98 $3,059 $2,314 11/20/98 $2,915 $2,314 11/09/98 $2,896 $2,314 10/26/98 $2,896 $2,389 10/22/98 $2,866 $2,483 10/21/98 $2,866 $2,483 10/20/98 $2,984 $2,483 10/15/98 $2,973 $2,839 10/12/98 $3,079 $2,839 09/24/98 $3,088 $2,941 09/14/98 $3,088 $2,941 09/04/98 $3,050 $2,941 08/17/98 $3,065 07/29/98 $2,838 07/20/98 $2,838 07/02/98 $2,916 06/09/98 $2,368 06/02/98 $2,204 05/19/98 $2,124.75 05/15/98 $2,124.75 05/11/98 $1,998.50 04/27/98 $1,998.50 04/08/98 $1,952 04/06/98 $1,898 03/27/98 $1,540 02/19/98 $1,564 02/02/98 $1,533 01/21/98 $1,608 01/08/98 $1,500 DATE of MPI 1999 $/ton 1999-00 $/ton 1999-02 $/ton 2000 $/ton 2000-02 $/ton 2001 $/ton 2002 $/ton 12/19/97 $1,562 11/19/97 $1,626 $1,365

How is the MPI Derived? The MPI, in $/ton, is derived by averaging the following: 1) the Best Bid - the highest price at which a buyer is willing to purchase at least 5 tons of NOx Allowances. 2) the Best Offer - the lowest price at which a seller is willing to sell at least 5 tons of NOx Allowances. 3) the Most Recent Trade - the price(s) at which NOx Allowances have been agreed to be transacted (NOTE: NOx Allowances have not yet been placed in Budget Sources' NATS Accounts, and thus trades cannot yet be "transacted". Until such time, the "Most Recent Trade" represents buyer(s) and seller(s) agreement(s) on price).

ALL PRICES ARE MERELY INDICATIONS OF INTEREST, DO NOT REPRESENT FIRM BIDS AND OFFERS AND THEIR TERMS ARE SUBJECT TO CHANGE WITHOUT NOTICE.