ELFI - Liquids On-line Trading

Mark -

While we were in the process of reviewing the online documentation for
Liquids, we discovered that ELFI's GTCs needed additional modifications.
Attached is a clean and a redline version of the GTCs to reflect the correct
choice of law, arbitration and submission of jurisdiction clauses. We have
also confirmed with DC&D that as of today, ELFI has not reported any online
trades since the date we went online (January 5, 2000); therefore, no .

Thanks.
Nony Flores