Dear PIRA Client,

PIRA has created a new slide presentation on the U.S. economy. You can
access this presentation via PIRA Online (www.pira.com) by logging in and
choosing "US Economy" from the new "Macro Data" drop-down menu at the top of
the screen. The table of contents is listed below.

Given the overall importance of U.S. economic trends and their impact on
local and international energy markets, PIRA maintains and analyzes a
database of key economic indicators. This effort supports our ongoing
analyses of energy supply/demand fundamentals and the associated market
forecasts. This slide presentation - which will be updated as new data
become available - is being made available complimentarily to all PIRA
clients to support their own analyses.

Gary N. Ross
Chief Executive Officer
PIRA Energy Group

If you need a user name and password for PIRA Online, or if you need help
logging in, please contact John Graziano at (212) 686-6808, email:
support@pira.com.

ANATOMY OF THE U.S. ECONOMY
SLIDE SHOW OF KEY FACTORS DRIVING U.S. ECONOMIC GROWTH
JUNE 7, 2001

1) Summary
2) U.S. Real GDP Growth
3) U.S. Economy At Glance
4) U.S. GDP Statistics (Billions 1996 $)
5) Consumer Sector
6) S&P 500 Stock Price Performance (As Of April 30, 2001)
7) Retail Sales
8) Service Employment (A Proxy Of Service Spending)
9) U.S. GDP And Employment Growth
10) Consumer Confidence Index
11) Initial Jobless Claims
12) Real Consumer Spending And NASDAQ Stock Prices
13) Household Wealth And Savings Rate
14) Pension Fund Reserves And Savings Rate
15) Asset Holdings Of U.S. Households
16) Financial Situation Of U.S. Households (Quarter-To-Quarter Changes)
17) Business Investment Sector
18) Spending On Computer Equipment: Key Driver Of Recent U.S. Economic
Growth
19) Numbers Point To Weaknesses In Manufacturing
20) Real Durable Goods Orders
21) Big 3 Economies' Interest Rates Lead Industrial Activities By One Year
22) Business Inventory
23) Total Business Inventory/Sales Ratio
24) Housing Sector
25) U.S. Housing Starts
26) Government Sector
27) Export/Import Sector
28) During The 1990s, Both Exports And Imports Grew, But Trade Deficit
Soared
29) Keys To Short-Term Economic Outlook
30) Federal Reserve Policy Changes: Fed Funds Target Rates Since 1996
31) U.S. Money Supply (M2) Growth
32) Treasury Note Yield Curb: No Longer Inverted
33) Non-Farm Business Productivity (Output Per Hour)
34) U.S. GDP Growth And PIRA Barometer For U.S. Economy

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