New York, NY: March 06, 2000 – Natsource® LLC announced today that Tullett & Tokyo Liberty plc. will fully acquire Natsource. The transaction will create a fully integrated international brokerage, which is poised to become the global leader in the brokerage of electricity, natural gas, emissions trading, coal trading, and weather derivatives.

The transaction completes Tullett’s investment in Natsource, which originated in March 1999. At that time, Tullett announced it would acquire a 25 percent stake in the firm. In the transaction announced today, Tullett will acquire the remaining 75% of Natsource.

“Natsource’s global partnership with Tullett has already reaped great benefits,” said Jack Cogen, President of Natsource. “We have just begun to tap the potential of this joint venture. Our new relationship with Tullett is just the next chapter in our quest to become the premier international energy and environmental broker.”

In just 10 months, the Natsource-Tullett joint venture has put both firms at the forefront of the globalization of the energy trading markets. Natsource is already one of the leading brokers in North America, with over 20% of the national brokered volume of electricity and natural gas passing through its desks. Natsource and Tullett have moved ahead aggressively with international expansion by recently acquiring Scandinavian energy broker, CBF Energy Brokers, and using the acquisition as the cornerstone of their European brokerage operation, Natsource-Tullett Europe, Ltd.

In addition, Natsource and Tullett have teamed up to purchase a leading Canadian natural gas and power brokerage, Optimum, and establish a Canadian presence through Natsource-Tullett Canada, based in Toronto, Ontario. The Natsource-Tullett joint venture has also created partnerships in Japan and Australia.

“When we began our relationship with Natsource, we believed that the future of electricity, natural gas, coal, emissions trading, and weather derivatives resides increasingly in global reach and cross-border hedging,” said David Tuffley, CEO of Tullett & Tokyo Liberty plc. “Together, we’ve worked to position our joint venture as the market leader of this trend. We experienced great success over the last year, and by taking the full stake in Natsource we are guaranteeing that our leadership will continue.”

Natsource will continue to operate its North American brokerage operations from its offices in New York, whist European operations will be run from the new Natsource-Tullett Europe offices in London, England. Under the agreement, Cogen will become a member of both Tullett’s International Board of Directors and its Group Executive Management Committee.

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Natsource® LLC is a leading broker of energy related products and participates in the power, natural gas, coal, weather hedging and emissions allowance credit markets. Headquartered in New York, Natsource’s client base includes over 600 global companies who are leaders in the utility, coal, oil and natural gas markets, as well as the investment and commercial banking communities.