Potential market maker

Rebecca:

This is the response I got back from my contact at IBJ. Let me know if you
would like to meet Terry. Mark
---------------------- Forwarded by Mark E Haedicke/HOU/ECT on 10/19/99 02:29
PM ---------------------------

teruo.tanaka@ibjbank.co.jp on 10/14/99 10:56:06 PM
To: Mark E Haedicke/HOU/ECT@ECT
cc:
Subject: Potential market maker

Dear Mark,

Thank you for your e-mail. I have asked around our business people about
your inquiry.

At the moment, there are no institution that stands out in that field in
the Tokyo market. However, we, IBJ, are probably the most enthusiastic
about it. Historically, we have kept the strongest relationship with the
electricity companies and oil refineries. Their bond issues keep our
securities subsidiary on the top book runners list. Therefore, we are
researching on the product. Other Japanese firms seem to be less
interested.

Although I would think it should take a while to persuade those most
conservative companies like Tokyo Electricity et al., the product does
have a potential here.

In fact our derivatives and math men were really keen to talk to you and
learn more about the product.

Please let me know if I can be of any further help.

Terry