London, England – April 13, 2000: Natsource®-Tullett Europe, Ltd. announced today the hiring of several key personnel to form the energy and emissions brokerage team of the newly launched venture. The team being assembled represents premier brokerage talent with crucial in-market expertise in Europe.

Leading the London-based Natsource-Tullett Europe is Per-Otto Wold, who will act as Managing Director. Mr. Wold previously headed up the leading Scandinavian powerbroker CBF Energimegling AS. Mr. Wold will be responsible for the operation of the London facility and will lead the marketing efforts in Europe. He will also continuing to oversee the CBF division of Natsource.

Joining Mr. Wold as brokers will be John Hicks, Jamie Page, and William Miles. Prior to joining Natsource-Tullett Europe, Messrs. Hicks, Page, and Miles served on the London-based power brokerage team at Euro Brokers. Mr. Hicks served as the senior broker at Euro Brokers’ German power market operations and was one of the first brokers to operate in this area. Together, this group represents several years of brokerage experience in European markets.

In addition, two senior brokers from Natsource’s brokerage operations in New York will join the European team. David Kandolha and Nicole Finerty, both Natsource principals, will bring several years of experience in North American energy markets to Natsource-Tullett Europe.

“Our brokerage operations for the emerging European power markets will rest on two issues: local market expertise and institutional knowledge of the inner workings of energy and environmental trading,” said Jack Cogen, president of Natsource. “With Mr. Wold at the helm and the addition of several experienced brokers, we are on our way to building what should be the leading brokerage for the Continental markets.”

Extending Natsource-Tullett Europe’s local market brokerage expertise, the firm also brought on board Alberto Fernandez de la Reguera, a Spanish national. Mr. de la Reguera joins Natsource-Tullett Europe from Cockett Marine Oil, Ltd. where he acted as a broker. Additional expertise in German power markets will be added to the Natsource-Tullett Europe roster later this summer when Klaus Weichert joins the firm. Mr. Weichert, a German national, previously acted as a trading trainee with Hamburg Electrisitetswerke.

“Bringing on board Hicks, Page and Miles, as well as the transfer of Kandolha and Finerty gives Natsource-Tullett Europe extensive hands-on experience and knowledge from the most developed power markets in the world: Nordpool and North America,” said Mr. Wold. “Adding additional local talent such as de la Reguera and Weichert rounds out our geographic reach.”

Natsource-Tullett Europe operations will also incorporate emissions trading capabilities, particularly the brokerage of greenhouse gas emissions trades. The first strategic hire in this area is Christina Marenzi-Knoch, who has performed analysis of greenhouse gas emissions trading. Ms. Marenzi-Knoch comes to Natsource-Tullett Europe from the Centre for European Reform where she was a Research Fellow.

Natsource-Tullett Europe is a joint venture between leading money broker Tullett & Tokyo Liberty and the leading North American energy and environmental broker, Natsource. Natsource-Tullett Europe will cover all the current power markets in continental Europe and will initially consist of eight brokers. The group will soon also enter the developing European emissions, natural gas, and coal markets.

Natsource-Tullett Europe Contact Information:

Per-Otto Wold Managing Director Natsource-Tullett Europe Cable House 54-62 New Broad Street London, England EC2M1JJ Phone: +44-207-827-2940 Email: pwold@natsourcetulletteurope.com

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.