Dear PIRA Client,

PIRA has created a new presentation on the world economy. You can access
this presentation via PIRA Online (www.pira.com) by logging in and, from
the Client Home page, choosing "World Economy" from the "Macro Data"*
drop-down menu at the top of the screen. We have also updated the
existing slideshow accessible from the "US Economy" link.

The presentation consists of a table and charts that encapsulate GDP and
IP performance, by country/region, for 2000-2002. It is a useful
comparative recap for the existing slideshows on the U.S., European, and
Japanese economies. Given the overall importance of economic trends and
their impact on regional and global energy markets, PIRA maintains
databases of key economic indicators to support our analyses of energy
fundamentals and the associated market forecasts. These presentations ?
which are updated as new data become available ? are being made
available complimentarily to all PIRA Online users.

If you need a user name and password for PIRA Online, or if you need
help logging in, please contact Dyana Rothman at (212) 686-6808, email:
support@pira.com. (*If you are having trouble finding the "Macro Data"
link, go to the FAQ page on PIRA Online and click on question number 4.)

Gary N. Ross
Chief Executive Officer
PIRA Energy Group