HoustonStreet Exchange wins CIO's Web business 50/50 award for online excellence

HoustonStreet.com chosen for site design and functionality aimed at meeting energy traders' needs

PORTSMOUTH, NH, July 5, 2000 --HoustonStreet Exchange has been named a 2000 Web Business 50/50 Award winner. Sponsored by CIO magazine, this award program recognizes innovative Web initiatives by organizations around the world. The July 1 issue of CIO honors the top 50 Internet and top 50 intranet sites that demonstrate a keen ability to blend technology and design of their Web site with the needs of their target audience. According to Megan Santosus, CIO senior editor, "It is clear from this year's winners the Internet is no longer an experiment. With dedicated staff, financial resources and executive talent, winners are sending a loud message: The Internet, as an important business medium, is here to stay."

A panel of nineteen CIO magazine editors, writers, art designers and Web development experts reviewed more than 500 nominated Internet sites. A panel of judges reviewed over 200 nominated intranet sites using highly descriptive applications that detailed the functional importance of the site. The judges evaluated hundreds of sites, recognizing the best in their medium and selecting sites that achieved their stated goals.

HoustonStreet's online trading engine allows traders to buy and sell energy products faster, more efficiently and more cost effectively than conventional methods. HoustonStreet.com provides energy traders a deep, broad market view that enables them to post bids or offers, negotiate anonymously with company-approved counter-parties, and make quick transactions. The site has - more - separate trading floors for power, crude oil, refined products (such as jet fuel, heating oil and diesel) and in the next few months, natural gas. HoustonStreet designed the site with trader input to ensure it gives traders the capabilities they need. HoustonStreet continues to give traders the functionality they require by frequently applying user feedback to site enhancements. Traders have bought and sold approximately $275 million in crude oil during the first month of trading on HoustonStreet.com's oil platform launched on May18.

"It's an honor to have been selected from hundreds of other sites by CIO's panel of judges," said Frank Getman, HoustonStreet's president and CEO. "The Web Business 50/50 Award not only validates our site design and functionality, but also our web for the Web business model. That virtual network of business and technology companies allows us to quickly tailor the site to meet traders' needs."

Technology and the Web are not only vital components of any organization's success, they are also more important than ever in the new millennium. As the Web becomes more advanced, a compelling online presence is needed to remain competitive and to retain and attract users. CIO honors the 100 sites that exemplify ground breaking business models and set the benchmarks for others to take notice and follow. Complete coverage of the 2000 Web Business 50/50 Awards is featured in the July 1 issue of CIO magazine and at http://www.cio.com.

About HoustonStreet Exchange
Designed by traders for traders, HoustonStreet Exchange represents the first Web portal for the trading of wholesale energy products. HoustonStreet.com provides an online trading engine that allows traders to buy and sell their energy products faster, more efficiently and more easily than in the past. HoustonStreet Exchange is headquartered in Portsmouth, New Hampshire with offices in Houston, Texas. HoustonStreet Exchange is a majority-owned subsidiary of BayCorp Holdings, Ltd., (AMEX: MWH).

About CIO
CIO magazine is published by CXO Media, Inc., (formerly CIO Communications, Inc.). CXO Media is an executive reach company, serving CIOs, CEOs, CFOs, COOs and other corporate officers who use technology to thrive and prosper in this new era of business. The company strives to enhance partnerships between CIOs and CXOs, as well as create opportunities for IT and consumer marketers to reach them. In addition to publishing CIO magazine, CXO Media produces Darwin magazine, the www.cio.com and www.darwinmagazine.com Web sites, as well as CIO and Darwin Executive Programs, a series of conferences that provide educational and networking opportunities for corporate and government leaders.

CXO Media, Inc., is a subsidiary of IDG, the world's leading IT media, research and exposition company. IDG publishes more than 300 computer magazines and newspapers and 4,000 book titles and offers online users the largest network of technology-specific sites around the world through IDG.net (http://www.idg.net), which comprises more than 270 targeted Web sites in 70 countries. IDG is also a leading producer of 168 computer-related expositions worldwide, and provides IT market analysis through 50 offices in 43 countries worldwide. Company information is available at http://www.idg.com.

This press release contains forward--looking statements. There are a number of important factors that could cause these forward--looking statements to be materially inaccurate. These factors include, without limitation, that (i) energy traders may be unwilling or unable to use Internet-based energy trading systems, including HoustonStreet.com, (ii) HoustonStreet.com may not be able to operate profitably, (iii) technological or systems outages could occur, (iv) competitors with greater financial, marketing or other resources could emerge, (v) performance is contingent upon successful completion of design and implementation of the crude, refined products and natural gas sites, and (vi) market acceptance of HoustonStreet.com cannot be predicted. HoustonStreet.com is a registered service mark of HoustonStreet Exchange.