Facts & Opinions

Facts...

Natural gas prices in the first 4 months of 2001 were 258% more than the previous year.

Natural gas consumption has risen 19% over the last decade.

In the first quarter, natural gas storage levels were 37% below last year.

Opinion...

The North American natural gas sector will experience unprecedented growth over the coming decade with increasing demand from the power generation sector.

Raymond James & Associates: "Spending for exploration and production in 2001 will increase 30% to 35%."

UBS Warburg LLC: "We expect natural gas prices to average $5.75/MTBU in 2001."

Energy Information Administration: "Natural gas demand is projected to increase 55% by the year 2020."

Projections and opinions are subject to significant business, economic, political, regulatory and competitive uncertainties and contingencies, all of which are difficult to predict and many of which are beyond the control of MIEKA and its advisors and affiliates, to change, There can be no assurance that the projections or the underlying assumptions will be realized. Each recipient of this memorandum is cautioned not to place undue reliance on projections.

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