BEST BIDS TO BUY	1999: 50 tons @ $1,550/ton 1999: 100 tons @ $1,500/ton 1999: 50+ tons @ $1,200/ton 2000: 100+ tons @ $1,750/ton 00-02: 100+ tons @ $1,700/ton
BEST OFFERS TO SELL	1999: 100 tons @ $1,775/ton 1999: 50+ tons @ $1,800/ton 1999: 50 tons @ $1,850/ton 1999: 100 tons @ $2,500/ton 1999: 100+ tons NOx for SO2 Swap 2000-02: 100+ tons/yr @ $2,725/ton 2000: 100+ tons @ $2,300/ton
RECENT TRADE PRICES	$1,775/ton (1999) $1,750/ton (1999) x 5 $1,725/ton (1999) $1,800/ton (1999) $1,775/ton (1999) $1,800/ton (1999) $1,775/ton (1999) $1,775/ton (1999) $1,750/ton (1999) in chronological order
MARKET PRICE INDEX	1999 = $1,696/ton     down $32     (since 7/16/99) 2000 = $2,025/ton     down $75     (since 7/16/99) 2000-02 = $2,018/ton     no change     (since 7/16/99) The Market Price Index (MPI) is derived by averaging the Best Bid, Best Offer, and Most Recent Trades.

NOx HISTORICAL PRICES

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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