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Harry, Since physical steel is a new online product, I need to know from you wheth= er=20 you are aware of any reason why any existing counterparty should not be abl= e=20 to trade physical steel. From your perspective, I would consider whether= =20 there is any legal reason barring a counterparty incorporated out of the US= =20 from buying physical steel, or whether you are aware of any current=20 litigation, payment disputes or other similar legal reasons which would=20 prevent an existing counterparty from trading physical steel. Also, on a going forward basis, is there any legal impediments for any new= =20 counterparties trading physical steel?

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Profiles for Steel Physical Products