Cassandra and Cheryl,
 ECT Investments, Inc. has an existing executing broker relationship with 
Sanford Bernstein.  The electonic agreement will provide ECT Investments with 
an alternative medium in order flow.  Also, ENA currently does not have an 
executing broker agreement with Sanford Bernstein and would like to establish 
one for both research access and order flow.

Thanks,
Theresa