Air Pollution Control Equipment Services, Coal, Emissions

Evolution Markets launches web site with free emissions & coal market pricing calculators

New York, N.Y., September 6, 2001 — On the eve of the Bush Administration’s launch of a new multi-pollutant approach to emissions trading, Evolution Markets, a advisory services and brokerage firm focused on the environmental and coal markets, today introduced a new Web site with emissions and coal calculators and daily and historical environmental market data.

The site was designed to support companies looking to manage their emissions, determine how many credits they might have and how much they might be worth. The site also helps determine how many credits energy companies need to construct new plants and manage the price risk of coal supplies.

For traders, analysts and risk managers interested in following the growing environmental markets, the site also offers daily market reports-along with historical data-for sulfur dioxide (SO2), nitrogen oxide (NOx), greenhouse gases (GHG) and over-the-counter coal (OTC) markets. The reports show closing bid and ask prices, as well as last trading prices, for all actively traded products. They also include pricing for derivative structures of these products.

“The site provides crucial tools and information to traders, risk managers and policy makers as they brace for both domestic and international policy developments in the coming weeks,” explains Andrew Ertel, president and CEO of Evolution Markets. “The price discovery, policy analysis, and conversion calculators will be critical for participants in both the environmen tal and coal markets. We’re providing these services free of charge as we continue to help build the markets we participate in and create new trading opportunities for our clients.”

Emissions calculators on the site include:

* Global Warming Potential Converter – converts volumes of all the greenhouse gases into CO2E – the equivalent volume CO2 reductions based on the global warming potential of these gases as established by the International Panel on Climate Change (IPCC)

* Tons Converter – Converts volume of emissions from short tons, long tons, metric tons and from lbs to kg

* Coal Calculators – Includes several different calculators, including: Basis converter (converts values between as received, dry and air dried basis); Cost of coal on a cents per million BTU basis; Deliver price on a $/ton basis; SO2 lbs/mm BTU; energy content in a ton of coal; value of SO2 differential between two coals; energy units converter; tons converter; calculation of fouling and slagging factors.

Other key features of the site include:

* Market Reports — Free daily market data reports on emissions and coal. The reports show closing bid and ask prices and last trading prices for all actively traded products, as well as pricing for derivative structures of these products. Reports also track the historical price for SO2, NOx, GHG and coal — with moving averages and price volatility. Charts can be made available for any registered user.

* Trading Kits – Free resource guides that allow companies to begin trading their emissions and maximizing their portfolios

* Industry Updates – weekly briefing from our analysts and policy experts on the front lines of the market and the policy frontiers

Evolution Markets advisors and brokers help companies manage their risk and develop and implement corporate policies to address climate change and greenhouse gas reduction. They also help companies determine how they compare to their peers in terms of emissions allowances.

About Evolution Markets Evolution Markets LLC is a privately held expert brokerage and advisory service firm that specializes in environmental and coal markets. The firm’s expertise covers all major emission credits including SO2 and NOx Emission Allowances, Greenhouse Gas (GHG) Emissions Reductions, and Emission Reduction Credits (ERCs). Evolution Markets has offices in New York, Washington and Albany. More information can be obtained by calling 212-430-6475 or visiting http://www.evomarkets.com.