Experienced Risk Advisor to Spearhead "Enterprise Risk Management"

New York, NY: March 29, 2000 – Natsource® LLC announced today the hiring of Bill Klun as Managing Director of the firm’s newly formed Advisory Services unit. In this capacity, Mr. Klun will lead Natsource’s consultancy, which will provide clients value-added services complimenting its core energy and environmental brokerage operations.

"Natsource is no longer just a traditional brokerage," said Jack Cogen, President of Natsource. "We now offer value-added services leveraging what we know in the area of financial risk management. Bill Klun is the ideal leader for this group because of his extensive risk advisory background in the energy field--both domestic and international."

Mr. Klun joins Natsource from PHB Hagler Bailly, a unit of Hagler Bailly, Inc., where he was a principal with the firm. Mr. Klun was also a principal with Putnam, Hayes, & Bartlett (PHB) Risk Advisors, the company’s financial risk advisory group prior to its merger with Hagler Bailly in 1997.

In this capacity, Mr. Klun worked with foreign and domestic investor-owned, municipal, and co-operative utilities providing financial risk management counsel. Mr. Klun’s projects included financial counsel regarding industry restructuring issues, overseas investment strategies, and commodities risk management.

Before joining PHB Hagler Bailly in 1997, Mr. Klun worked for Dreyfus Energy advising on derivative structures for the investment firm’s clients, primarily structuring transactions for end users.

Mr. Klun will lead Natsource’s push into enterprise risk management services, in which the firm will advise its clients on managing market exposures simultaneously and dynamically. Companies increasingly have risk profiles that span markets and borders, and these firms require value-added brokerage services that can combine execution and market knowledge.

The Natsource Advisory Services group will initially consult in environmental areas, such as working with governments in emissions trading market design and structuring complex transactions involving multiple market exposures. Mr. Klun intends to leverage the recently announced acquisition of Natsource by Tullett & Tokyo Liberty plc. to provide a combined market knowledge and global reach for its value-added services.

"Bill Klun will have at his disposal the knowledge of an experienced base of energy and environmental brokers, as well as the international expertise of our partner Tullett," said Mr. Cogen. "Combine these resources with Mr. Klun’s extensive background managing risk on behalf of a diverse base of energy clients, and you have an effective full-service consultancy."

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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.