This was just sent to refco xtrader users.... ----------------------------------------------- Memorandum To: TT/Refco End Users From: Trading Technologies There have been many misleading rumors concerning TTâs position with respect to common TT/Refco end users. Before drawing any conclusions, please consider TTâs following position. TT exercised a mutual contractual right to discontinue service to Refco because TT views Refco as an infringing competitor. While TT is as committed as ever to severing our relationship with Refco as long as the relationship is adversarial, TT does not (or never would) intend to cause a major burden to the innocent TT/Refco end users. In this regard, TT is taking steps to protect these end users by giving them ample opportunity to decide what course of action is in their best interest. Each end user should have the opportunity to either stay at Refco and use non-TT software or go to another FCM and use TT software.** Both processes take time to accomplish. TT believes that end users who decide to stay at Refco deserve a chance to do due diligence on non-TT software and comfortably make that choice and transition. Likewise, TT believes that end users who choose to go to another FCM, which could take time due to negotiating new clearing agreements and ordering new data lines (6-8 weeks), deserve a chance to comfortably transition to another FCM and use TT software. TT will extend Refco licenses to July 15, 2005 so that Refco is able to extend the licenses to TT/Refco end users to prevent the innocent end users from a major burden. Also, all TT software will be made free to Refco and to TT/Refco end users from May 1âJuly 15, 2005 to accommodate the end users during this transition period. However, TT does not control Refco â whether TTâs license extension is passed on to the TT/Refco end user is dependent on Refco. ** To be clear, TT is not authorizing the use of software that infringes upon TTâs patents.