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ec-FINANCE PROVIDES NEW WEB-BASED FINANCING FOR COMMODINET CUSTOMERS' TRANSACTIONS

September 18, 2000 -- FASTLC adds online Letter of Credit capability allowing B2B buyers and sellers to settle transactions efficiently and securely B2B eMarketplaceWorld, San Francisco, CA, September 18, 2000 - ec-Finance (ECF) announced today that it will provide Commodinet and its customers FASTLC ™, the first online Letter of Credit (LC) product for B2B exchanges. This Web-based financing option allows buyers and sellers on B2B exchanges to complete financing of their transactions online in an efficient and secure environment.

Carlos Lim, chief executive officer 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. By linking with ec-Finance to provide FASTLC, Commodinet is providing its members access to a premium online LC facility to expedite the payment for the traded commodity."

FASTLC works with its bank payment partners to provide B2B exchanges and their customers the ability to use the bank's long accepted role as a trusted third-party in international trade transactions. FASTLC greatly facilitates the trade process by acquiring transaction information and payment instructions from B2B sites and passing the transaction to one of its bank payment partners for execution. B2B customers select the bank they wish to execute the LC from the roster of payment partners. The collection and transfer of data occurs completely within a frame on the B2B site, ensuring the site retains the customer at all times.

Janet Handal, president of ec-Finance, said: "Commodinet offers a valuable customer base that is attractive to our growing roster of bank payment partners. The first of its kind, our online B2B Letter of Credit product provides customers the type of financial transaction capability needed to support international purchases made through B2B exchanges."

LCs are the most popular payment instrument for international trade because they provide significant protection for both the buyer and the seller, ensuring payment if terms specified in the LC are met. LCs do not pose limitations common to escrow accounts or credit cards.

About Commodinet
Commodinet's World Commodity Exchange (WCEX) is revolutionizing 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 provides 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. For more information please visit www.commodinet.com.

About ec-Finance
ec-Finance provides Internet-based Letter of Credit (LC) products for B2B exchanges and banks which represents significant improvements over existing LC products. With ec-LC™, the core technology system, ec-Finance enables buyers to apply for LCs online, buyers and sellers to initiate and iteratively negotiate amendment and discrepancy requests online, and allows all supply chain participants to monitor the status of the LC. ec-LC ensures that all participants in the LC process - including buyers, sellers and issuing and advising banks - are able to streamline the LC process by organizing critical information into a web-enabled, queriable database - eliminating what was once a highly fragmented process to execute and track applications, amendments, discrepancies and approvals. FASTLC provides for acquisition of LCs from B2B exchanges which are executed by its bank payment partners.

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