Online Trading Sites

I continue to be asked daily by our trading group as to the status of the
online trading sites. Therefore, any updates you can provide regarding the
agreements would be appreciated.

Buy Side Direct:

Have you provided Mike Minnich with a revised marked-up copy of the Agreement
for Prime Brokerage Clearing Services which incorporates my suggested changes
? Could I get a copy ?

Has Sara developed a framework regarding notification (i.e. who, how, lead
time ?) which she will propose for all 3 sites ?

Are you and Sara comfortable with Mike Minnich's 9/21 proposal regarding
jurisdiction ?

Per Mike's 9/21 email, he wanted to discuss the issue of consequential
damages. Has this issue been resolved ?

Trading Edge:

Are you encountering resistance regarding any issues you and Dan Brooks have
been discussing ?

LIMITrader:

Have you been able to email the electronic version of agreements back to Jim
Kopley with our comments ? If so, could I get a copy ?

I just learned from our sales person, Doug Ford, that Jim Kopley may no
longer be the appropriate contact with LIMITrader. I will email you
additional information when I hear back from Doug.

Regarding Trading Edge and LIMITrader, do you know if we will be required to
execute an Agreement for Prime Brokerage Clearing Services ? If so, I assume
we will propose the modified version that we will execute with Buy Side
Direct.

Any feedback on these comments, and any estimate you can provide in terms of
when we'll be done with these 3 sites would be appreciated.

Please let me know if you would like to discuss, or if I can assist with any
issues.

Thanks.

Mike
713-853-9990