Trading Relationships

Ted,
We are following up or working with Sara on the following business
Relationships:

Direct Trading Corp, (Sara currently reviewing)
ECN (electronic commerce network)
Commissions based on trade activity only
All clearing done though our existing prime brokers (gs, ms, bs)
Benefit: Different trading book participants vs. Instinet
ECT Investments, Inc. entity with agreement

Executing Broker Agreements
We have contacted Chase Hambrecht & Quist and Thomas Weisel Partners to
obtain their executing broker agreements and have forwarded them onto Sara
for review.
Activity will be executing brokers only with all activity clearing and
settling via our existing prime brokers. No positons or balances will be
maintained.
ECT Investments, Inc. entity with agreement

Per our discussion last week, Sara said that you wanted to be apprised of
relationship activity.
Please call if questions.
Sheila