Mark:

Based on our discussion, let me know if you concur with the draft chart below:


CHART FOR TRADING CONTRACT CONFIRMATIONS BETWEEN TWO U.S. COUNTERPARTIES, AS 
OF 10/1/00

Type of Trade   Contract Formation Method  Trade Confirmation required to be 
sent?  If yes, get signed by CP?

Physical (w/ no Master)  Phone     Yes, but can be electronic   No, unless 
commodity not "good"
    On-line     No      N/A

Physical (w/ Master)  Phone     Yes, but can be electronic   No
    On-line     No, unless Master requires   No

Financial (w/ no Master)  Phone     Yes, but can be electronic   Yes, unless 
NY law governs
    On-line     No      N/A

Financial (w/ Master)  Phone     Yes, but can be electronic   Yes, unless NY 
law governs     On-line     No, unless Master requires   No


In summary, as a result of the new U.S. federal legislation on e-signatures 
and contracts, on-line trades between two U.S. counterparties would not 
legally require the sending of a paper or electronic trade confirmation after 
the electronic contract is formed on-line unless expressly required by the 
applicable master trading agreement.  An electronic confirmation, of course, 
could be sent if the counterparty elects to receive one.  We agreed to obtain 
a legal opinion from outside counsel to confirm this conclusion.


Regards, Alan