Subject: "S&P and Nasdaq Day Trading Systems".

Body: The day trading systems trade both Nasdaq and S&P futures based on volatility and the indexes correlation with related markets, such as energies and interest rate contracts. Short-term market exposure is the systems key to limiting drawdowns and unnecessary equity swings while attempting to capture profits in the market. Want to see how we are doing? we'll be happy to Email you are results everyday or see our trades LIVE via an instant message FREE for a limited time. For more information please respond at ie1959@excite.com Thank you,

Subject: "FORM CHANGES: READ".

Body: 1. Be sure to verify that the underlying contracts do not allow cherry picking under any default scenario. If it does, amend the express language. 2. We have made 2 changes to the netting agreement forms on the basis of further review by Leslie Hansen of some provisions in our trading forms. The first change is in paragraph 2(a) to clarify the definition of Default. The second change is in paragraph 14(b) to delete the day limitation on claims of Force Majeure. We feel this should not be included in any physical contract that will be included in a master netting agreement, especially because of the current international situation and security concerns. See attached reline version to read the changes. 3. No changes have been made to the Collateral Annex. 4. Attached below are the new forms. Rather than continue with forms with and without the user notes, I put the user notes in a separate document. They are not at the back of the forms. Simpler. The attached forms are Master Netting & Security Agmnt 10 h a v1 (to use without collateral annex) and Master Netting & Security Agmnt 10 h v1 (to use with collateral annex).

Subject: "EWEB".

Body: Holly: We sent a draft ISDA to EWEB on 4/19/00 to the attention of Jim Origliosso. We have never heard a word. Please let me know what you need. Sara

Subject: "east basis and index points".

Body:
these are the only points that we need curve structures to. i am not sure on the gd points yet, but will get let you know. thanks,