ec-Finance.com

COMMODINET AND ec-FINANCE.com INC. SIGN LOI TO COLLABORATE AND PROMOTE EACH OTHER'S SITES

MILLBRAE, CA, May 01, 2000 --- Commodinet and ec-Finance.com signed a Letter of Intent today to collaborate and promote each other's sites. Signing the LOI was Mr. Carlos Lim, CEO of Commodinet and Mr. B.J. Handal, CEO of ec-Finance.com Inc.

Commodinet is a global business-to-business, electronic marketplace for basic commodities that allows manufacturers, producers, and trading companies to buy, sell, and communicate all in one place via the Internet.

ec-Finance provides a unique online Letter of Credit product that supports international trade. By linking up with ec-Finance, members of Commodinet have access to a premium online Letter of Credit facility to expedite payments of the traded commodity from buyer to seller.

The Letter of Intent takes effect today. A formal agreement between the two parties will be drawn up within 3 months, spelling out the details of collaboration, marketing strategy to promote each other's sites and other related issues between the two sites.

Mr. Carlos Lim, CEO of Commodinet, said: "Partnering with ec-Finance provides Commodinet with a one-stop center for its members to make payment arrangements after a deal is struck. It enhances our value as a vertical portal for basic commodity trading, especially for basic commodities originating from Asia."

Mr. B.J. Handal, CEO of ec-Finance.com, said: "Commodinet offers us a valuable customer base that is attractive to our bank payment partners. Our online Letter of Credit product provides customers the type of financial transaction capability needed to support purchases made through Commidinet."

About Commodinet
Commodinet is a global business-to-business, electronic marketplace for basic commodities that allows manufacturers, producers, and trading companies to buy, sell, and communicate all in one place via the Internet. Commodinet's trading exchange will match buyers and sellers on a trade-by-trade basis.

Commodinet's World Commodity Exchange (WCEX) will revolutionize the global basic commodity markets by offering a top-tier online exchange solution where worldwide buyers and sellers can freely and securely initiate, target, negotiate and conclude their one-time, long-term and on-going transaction contracts.

In addition, Commodinet will provide shipping, credit/settlement, and insurance services for these trades at or near real-time using Commodinet's network of Internet-enabled, third-party service providers.

Commodinet
US Operations
623 Bayview Avenue,
Millbrae, CA 94030
corporate@commodinet.com

About ec-Finance.com
ec-Finance.com provides online financial products to support the growth of international trade. ec-Finance.com provides the first online Letter of Credit to meet the rising demand to effect payment of B2B transactions in an efficient, transparent Web-based environment.

ec-Finance.com facilitates the entry of new buyers and sellers into international trade by providing an efficient online letter of credit product that is ideally suited to the needs of online portals and the parties who use them.