BEST BIDS TO BUY	1999: 50 tons @ $2,400/ton 1999: 50 tons @ $2,200/ton 1999: 10 tons @ $2,000/ton
BEST OFFERS TO SELL	1999: 50 tons @ $3,600/ton 1999: 50 tons @ $4,500/ton 1999: 50 tons @ $5,500/ton 1999: 50 tons @ $5,600/ton 1999: 50 tons @ $6,000/ton 1999: 100 tons NOx for SO2 Swap
RECENT TRADE PRICES	$3,150/ton (1999) $3,400/ton (1999) $3,400/ton (1999) $3,600/ton (1999) $3,700/ton (1999) $3,800/ton (1999) $3,850/ton (1999) $2,500/ton (2000-2002) $2,500/ton (2000-2002) $4,100/ton (1999) $3,900/ton (1999) $4,200/ton (1999) $4,600/ton (1999) $4,850-$5,100/ton (1999) $2,900/ton/yr (1999-2002) in chronological order
MARKET PRICE INDEX	1999 = $3,186/ton     down $894 1999-2002 = $2,895/ton     down $155 The Market Price Index (MPI) is derived by averaging the Best Bid, Best Offer, and Most Recent Trades.
OPTIONS AND OTHER INSTRUMENTS	1999 Call Option: $5,000 Strike, July 15, 1999 Expiration - Bid Sought

NOx NEWS: We're into the first OTC Ozone Season which runs until September 30, 1999. Sources have until December 31, 1999 to "true-up" accounts.

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).

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