Good Day,

You may be aware that the Texas Natural Resource Conservation Commission 
(TNRCC)
has developed a Mass NOx Emissions Trading program for the Houston-Galveston 
nonattainment area (HGA) to fulfill its requirements in meeting EPA,s air 
quality standards.  Targeted sources are those that emit 10 tons per year or 
more in the HGA.   Though this program will be tailored to meet the region,s 
needs it will likely share characteristics of other Cap and Trade emissions 
trading programs such as the Title IV SO2 acid rain program, the OTC NOx 
program, and the RECLAIM program.

At the request of a number of HGA proposed program participants, Cantor 
Fitzgerald is conducting a short survey of participants in the Mass Emissions 
Trading Program.  In exchange for your completion of this survey we will 
provide you with its findings.  Results will be tabulated, aggregated, and 
included in a NOx TRADING PROGRAM MARKET STUDY, which Cantor Fitzgerald 
intends to present to participants at an interactive seminar (date yet to be 
established).  We will notify participants by fax when a date has been chosen.

ALL SPECIFIC INFORMATION THAT YOU PROVIDE WILL BE KEPT STRICTLY CONFIDENTIAL. 
PLEASE FAX BACK YOUR COMPLETED SURVEY TO 415-296-9582 NO LATER THAN FEBRUARY 
9, 2001.

We believe the information we gather will be beneficial to both potential 
buyers and sellers of HGA NOx Emission Allowances, and we encourage you to 
take part.

If you have any questions please call 1-800-228-2955 and speak to Laurie Gage 
on ext 11.
We welcome any extra input you may wish to provide.

Thank you,

Cantor Fitzgerald Environmental Brokerage Services  800.228.2955

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 - HGASurvey.pdf