Refresh April 25, 2024 2:31 AM ET
  Customer Agreement

Introduction
This document contains important information regarding the terms and conditions which apply to your brokerage account with E*TRADE Securities LLC ("E*TRADE"). PLEASE READ THIS DOCUMENT CAREFULLY and retain it for future reference. Please note that the information contained herein is subject to change without notice.

General Provisions
In consideration for E*TRADE opening and maintaining one or more accounts (each an "Account"), you agree to the terms and conditions contained in this Agreement, as amended from time to time.

1. Definitions. As used in the Agreement, these terms are defined as follows:

a. Account Application. The application you prepare and submit to open a Brokerage Account.

b. Available Funds. The sum of money market funds and credit interest balances, plus funds receivable from settled sales, minus funds needed to pay for recent purchases and minus funds needed to pay for any open orders and any uncleared deposits.

c. Brokerage Account. A Cash Account, or a Margin Account, with or without an Options Trading Feature.

d. Business Day. Monday through Friday, excluding stock exchange holidays.

e. Cash Account. The basic brokerage account E*TRADE offers wherein you make all purchases on a cash basis.

f. Customer Agreement. The agreement you make with us when you open a brokerage account, as amended from time to time.

g. Debit Balance. An account balance representing money owed us.

h. Free-Riding. The practice of purchasing and selling a security in rapid succession without submitting to E*TRADE payment for the purchase order (the proceeds of the sale are expected to cover the purchase price).

i. Good Delivery. The delivery to E*TRADE of freely transferable securities (properly endorsed, registered and fully negotiable stock certificates).

j. Margin Account. This account allows you to make purchases using your available cash and/or using funds borrowed from E*TRADE with your marginable securities as collateral.

k. Options Trading Feature. This feature allows you to trade options on any U.S. options exchange. An option is a contract that entitles you to buy or sell a predetermined quantity of an underlying security or index at a fixed exercise price on or before its specified expiration date.

l. PIN. Your Personal Identification Number used to access the Service.

m. Securities and/or Other Property. This means, but is not limited to, cash, stocks, bonds, mutual funds, money funds, financial instruments and related contracts and options, whether for present or future delivery. This definition includes securities or other property currently or hereinafter held, carried or maintained by E*TRADE or any of its affiliates, in E*TRADE's possession or control, or in the possession or control of any such affiliate, for any purpose, in and for any of your Account(s) now or hereinafter opened, including any Account in which you may have an interest.

n. Service. E*TRADE's online and touchtone telephone services.

o. Short Sale. The sale of a security you do not own.

p. Settlement Date. The day on which a transaction is to be completed. On this day, buyers are to pay for their purchases and sellers are to deliver their securities. Generally, for equity transactions, settlement date is three (3) days after your trade executes, and for options trades, settlement date is the day after your trade executes.

q. User ID. Your alpha-numeric code which is required for you to access your account through the Service.

r. "We," "us" or "E*TRADE." E*TRADE Securities LLC

s. "You" or "your." Each person who signs an account application or a designate of any person who signs an account application.

2. Opening Your Account. You may apply for a Brokerage Account by completing an Account Application. Should you fail to indicate on your Account Application which type of Brokerage Account (Cash or Margin) you desire, E*TRADE will, at its discretion and if legally permissible, treat your application as a request to open a Margin Account. If you wish to add an Options Trading Feature to your Account, you must complete either the Options section of the Account Application or a separate E*TRADE options trading application.

You warrant and represent that the information that you supply in your Account Application (or other information that E*TRADE may require) is accurate and truthful. You also expressly authorize E*TRADE to obtain reports concerning your credit standing and business conduct. Upon your written request, we will inform you whether we have obtained credit reports, and, if so, we will provide you with the name and address of the reporting agency that furnished the reports. If your application is approved, E*TRADE will open a Brokerage Account (an "Account") for you.

3. No Investment Advice. You acknowledge that E*TRADE will not provide you with any legal, tax or accounting advice or advice regarding the suitability or profitability of a security or investment. You also acknowledge that E*TRADE's employees are not authorized to give any such advice and that you will not solicit or rely upon any such advice from E*TRADE or any of its employees. You assume full responsibility with respect to transactions in or for your Account and your investment decisions. E*TRADE and its officers, directors, employees, agents and affiliates will have no liability with respect to transactions in or for your Account and your investment decisions.

4. Applicable Rules and Regulations. All transactions in your Account shall be subject to the constitution, rules, regulations, customs and usages of the exchange or market, and its clearing house, if any, where the transactions are executed by E*TRADE or its agents, including E*TRADE's subsidiaries and affiliates. Also, where applicable, the transactions shall be subject to the provisions of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and to the rules and regulations of the Securities and Exchange Commission, the Board of Governors of the Federal Reserve System and any applicable self-regulatory organization.

5. Minimum Deposits and Balances. E*TRADE may require you to make a minimum deposit to open your Account and to maintain a minimum balance in your Account thereafter. The minimum deposit and balance may consist of cash or marketable securities, or a combination of cash and marketable securities.

6. SIPC and Other Insurance Coverage. E*TRADE is a member of the Securities Investor Protection Corporation ("SIPC"). The SIPC currently protects the assets in each of your accounts up to $500,000, of which no more than $100,000 may be in cash. (Please note that money market fund balances are not considered cash; they are considered to be securities.) Additional protection secured through an independent insurer provides an excess of $99,500,000 coverage on securities and an excess $900,000 coverage on cash for each account. This gives you a total coverage on each of your accounts of up to $100,000,000 ($100 million). Account protection does not cover fluctuations in the market value of your investments.

7. Commissions and Fees. You agree to pay our brokerage commissions and other fees, as they exist from time to time and as they apply to your Account, transactions, and services you receive. You also agree to pay all applicable state and local excise taxes. A fee and commission table is available upon request or on our Web site at www.etrade.com.

8. Transactions and Settlements. All orders for the purchase and/or sale of securities and/or other property will be authorized by you and executed with the understanding that an actual purchase or sale is intended and that it is your intention and obligation, in every case, to deliver certificates to cover any and all sales or to pay for transactions upon E*TRADE's demand. If E*TRADE makes a sale of any securities and/or other property at your direction or if you fail to deliver to E*TRADE any securities and/or other property that E*TRADE has sold at your direction, E*TRADE is authorized to borrow or otherwise obtain the securities and/or other property necessary to enable E*TRADE to make delivery, and you agree to be responsible for any cost or loss E*TRADE may incur, including the cost of borrowing and/or obtaining the securities and/or other property. You agree that E*TRADE is your agent to complete all such transactions and is authorized to make advances and expend monies as required.

Though orders are usually routed to the marketplace within seconds, certain orders, at E*TRADE's sole discretion, may be subject to manual review and entry, which may cause delays in the processing of your orders. You also understand that you will receive the price at which your order executes in the marketplace, which may be different from the price at which the security or option is trading when your order is entered into our system.

9. Purchases of Securities. To process orders to purchase securities, E*TRADE generally requires that the Account contain "Available Funds" equal to or greater than the purchase price of the securities prior to trade date. Any order inadvertently accepted and/or executed without sufficient funds in the Account will be subject, at E*TRADE's discretion, to cancellation or liquidation. You are responsible for your orders, including any orders which exceed Available Funds in your Account.

If full funds are not available in the Account and an order is processed, your payment via wire or personal check, cashier's check or money order payable to E*TRADE must be promptly submitted to E*TRADE to assure that such payment will be received on or prior to settlement date. If payment is not received by settlement date, or as market conditions warrant, your Account may be liquidated, without prior notification. In the event your Account is liquidated, you will be liable for any resulting losses and all associated costs incurred by E*TRADE.

10. Sales of Securities; Short Sales. E*TRADE generally requires that stock certificates be in the Account and in good deliverable form prior to the acceptance of a sell order. Any order inadvertently accepted without negotiable certificates in the Account will be subject, at E*TRADE's discretion, to cancellation or buy-in.

You understand and agree that any order to sell "short" will be designated as such by you, and E*TRADE will mark the order as "short" at the time the order is placed. In order to complete a short sale, E*TRADE must be able to borrow the security which you do not own. You are subject to a buy-in if we are subsequently unable to borrow the security that you have sold short.

All other sell orders will be for securities owned by you at the time the order is placed, and must be long and in good deliverable form in your Account on or before settlement date of the transaction.

Proceeds of the sale cannot be paid to you until the certificate(s) have been received by E*TRADE in good deliverable form. If the certificate(s) are not received on or before settlement date, or as market conditions warrant, the securities may be purchased on the open market by E*TRADE in accordance with the requirements of Regulation T of the Federal Reserve Board. If the securities are bought in, you will be responsible for any resulting losses and all associated costs incurred by E*TRADE.

To properly endorse a certificate, please sign your name on the back exactly as it appears on the front (all parties must sign if registered jointly). In addition, write the name "E*TRADE Securities LLC" between "appoint" and "attorney" in the space provided on the back of the certificate. This renders the certificate non-negotiable to anyone except E*TRADE.

The proceeds of all sales will be retained in your Account unless you request otherwise. You may withdraw uninvested cash from your Account using the check writing privilege or upon request to E*TRADE. We may require that you make these requests in writing.

11. Customer's Responsibility Regarding Certain Securities. Certain securities may grant the holder thereof valuable rights that may expire unless the holder takes action. These securities include, but are not limited to, warrants, stock purchase rights, convertible securities, bonds and securities subject to a tender or exchange offer. You are responsible for knowing the rights and terms of all securities in your Account. E*TRADE is not obligated to notify you of any upcoming expiration or redemption dates, or to take any other action on your behalf, without specific instructions from you, except as required by law and applicable rules of regulatory authorities. However, if any such security is about to expire worthless or be redeemed for significantly less than its fair market value, and we have not received instructions from you, E*TRADE may, at its discretion, sell the security and credit your Account with the proceeds.

Similarly, you are responsible for knowing about reorganizations related to securities which you hold, including but not limited to stock splits and reverse stock splits. E*TRADE is not obligated to notify you of any such reorganizations. If, due to a reorganization, you sell more shares of a security than you own, or if you become uncovered on an options position, or if you become otherwise exposed to risk requiring E*TRADE to take market action in your Account, E*TRADE will not be responsible for any losses you incur. Overselling in a Cash or Margin Account is an impermissible short sale and may result in your Account being restricted.

12. "Control" or "Restricted" Securities. Prior to placing an order in connection with the sale or transfer of any securities subject to Rule 144, or 145(d) under the Securities Act of 1933, as amended, you must advise E*TRADE of the status of the securities and furnish E*TRADE with the necessary documents (including opinions of legal counsel, if requested) to clear legal transfer. Even if the necessary documents are furnished in a timely manner, there may be delays with the processing of such securities. E*TRADE, at its sole discretion, may require that such securities not be sold or transferred until they clear legal transfer. You are responsible for all costs associated with compliance or failure to comply with all the requirements of Rules 144 and 145(d).

13. Free-Riding. Free-Riding violates Regulation T of the Federal Reserve Board, and may result in your Account being restricted or closed.

14. Cancellation Requests; Late and Corrected Reports. When you place a request to cancel an order, the cancellation of that order is not guaranteed. Your order will only be canceled if your request is received in the marketplace and matched up with your order before your order executes. Market orders are subject to immediate execution. During market hours, it is rarely possible to cancel your market order. For the best chance of ensuring that a market order is canceled, a cancellation request should be placed at least fifteen minutes prior to the opening of the market.

Please do not assume that any order has been executed or canceled until you have received a transaction confirmation from E*TRADE via e-mail or TELE*MASTER. Also, please be aware that E*TRADE, from time to time, receives late reports from exchanges and market makers reporting the status of transactions. Accordingly, you will be subject to late reports related to orders that were previously unreported to you or reported to you as being expired, canceled, or executed. In addition, any reporting or posting errors, including errors in execution prices, will be corrected to reflect what actually occurred in the marketplace.

15.Telephone Recording. You understand and agree that for our mutual protection, E*TRADE may electronically record any of your telephone conversations conducted with E*TRADE.

16. Interest on Debit Balances. Debit balances in any of your Accounts may be charged interest in accordance with E*TRADE's established custom, as disclosed to you pursuant to the provisions of Rule 10b-16 promulgated under the Securities Exchange Act of 1934, as amended.

17. Satisfaction of Indebtedness. You agree to satisfy, upon demand, any indebtedness, and to pay any debit balance in any of your Accounts. No Account of yours may be closed without E*TRADE first receiving all securities and/or other property for which the Account is short and all funds to pay in full for all securities and/or other property in which the Account is long. The reasonable costs and expenses of collection of any such indebtedness or debit balance, including but not limited to attorney's fees, shall be payable by you to E*TRADE.

18. Liens. All of your securities and/or other property in any Account in which you have an interest or which at any time are in the possession or under the control of E*TRADE, shall be subject to a lien for the discharge of any and all indebtedness or any other obligation you may have to E*TRADE. All of your securities and/or other property shall be held by E*TRADE as security for the payment of any such obligation or indebtedness to E*TRADE as security for the payment of any such obligation or indebtedness to E*TRADE in any Account in which you have an interest. E*TRADE, subject to applicable laws, may at any time and without giving you prior notice, use and/or transfer any or all securities and/or other property in any Account in which you have an interest, without regard to E*TRADE having made any advances in connection with such securities and/or other property and without regard to the number of Accounts you may have with E*TRADE. In enforcing its lien, E*TRADE at its sole discretion may determine which securities and/or other property are to be sold or which contracts are to be closed.

19. Restrictions on Trading. You understand E*TRADE may at any time, at its sole discretion and without prior notice to you, prohibit or restrict your ability to trade securities, or to substitute securities, in your Account.

20. E*TRADE as Agent. You understand that E*TRADE is acting as your agent unless E*TRADE notifies you, electronically or in writing, before the settlement date for the transaction that E*TRADE is acting as a dealer for its own Account or as agent for some other person.

21. Receiving Your Securities. Without abrogating any of E*TRADE's rights under any other portion of this Agreement and subject to any of your indebtedness to E*TRADE, you are entitled, upon appropriate demand and upon paying any applicable fees, to receive physical delivery of fully paid securities in your Account.

22. Confirmations, Account Statements, Notices and Other Communications.

Confirmations. It is your responsibility to review upon first receipt, whether delivered to you in the mail, by electronic mail, by TELE*MASTER, or other electronic means, all confirmations of transactions. Transactions shall be binding upon you, if you do not object, either in writing or via electronic mail, within two (2) days after the confirmation is first received by you. In all cases, E*TRADE reserves the right to determine the validity of your objection to the transaction.

Account Statements. It is your responsibility to review upon first receipt, whether delivered electronically or in hard copy, all Account statements. The information contained in your Account statements (excluding transactions which are covered under Confirmations above) shall be binding upon you, if you do not object, either in writing or via electronic mail, within five (5) days after the Account statement is first received by you. In all cases, E*TRADE reserves the right to determine the validity of your objection to the information contained in the Account statement.

Notices and Other Communications. Notices and other communications, including, but not limited to, margin and maintenance calls, delivered or mailed to the mailing address or to the electronic-mail address provided by you shall, until E*TRADE has received notice in writing of any different address, be deemed to have been personally delivered to you whether actually received or not.

Notices and other communications may also be provided to you verbally. Such notices and other communications left for you on your answering machine, or otherwise, shall be deemed to have been delivered to you whether actually received or not.

23. Dividends, Interest, and Subscription Rights. E*TRADE will receive dividends or interest on your behalf, and will credit your Account on or shortly after the payable dates. You will be notified of any subscription rights which are received by E*TRADE for your Account.

24. Proxy Materials. E*TRADE will forward to you any and all proxy materials that are received and any other material furnished to E*TRADE by issuers whose securities you own, including annual reports, quarterly reports and notices of meetings.

25. Joint Accounts. If this is a Joint Account, each of you signing this Agreement (each a "joint owner") agrees that each joint owner shall have authority to (i) buy, sell (including short sales, if the Account is approved for short selling), and otherwise deal in, through E*TRADE as broker, securities and/or other property on margin or otherwise; (ii) to receive confirmations, statements and communications of every kind related to the Account; (iii) to receive and to dispose of money, securities and/or other property in the Account; (iv) to make, terminate, or modify this Agreement and any other written agreement relating to the Account or waive any of the provisions of such agreements; and (v) generally to deal with E*TRADE as if each of you alone was the sole owner of the Account, all without notice to the other joint owner(s). Each of you agrees that notice to any joint owner shall be deemed to be notice to all joint owners. Each joint owner further agrees that he or she shall be jointly and severally liable for the Account.

E*TRADE may follow the instructions of any of the joint owners concerning the Account and make delivery to any of the joint owners of any and all securities and/or other property in the Account, and make payments to any of the joint owners, of any or all monies in the Account as any of the joint owners may order and direct, even if such deliveries and/or payments shall be made to one of the joint owners personally. E*TRADE shall be under no obligation to inquire into the purpose of any such demand for such deliveries and/or payments.

In the event of the death of any of the joint owners, the surviving joint owner(s) shall immediately give E*TRADE written notice thereof, and E*TRADE may, before or after receiving such notice, take such proceedings, require such documents, retain such portion and/or restrict transactions in the Account as it deems advisable in its sole discretion to protect itself against any tax, liability, penalty or loss under any present or future laws or otherwise. The estate of any deceased joint owner shall be liable and each survivor will be liable, jointly and severally, to E*TRADE for any debt or loss in the Account resulting from the completion of transactions initiated prior to E*TRADE's receipt of a written notice of such death or debt or loss incurred in the liquidation of the Account or the adjustment of the interests of the joint owners.

Any taxes or other expense becoming a lien against or being payable out of the Account as the result of the death of any of the joint owners, or through the exercise by his or her estate or representatives of any rights in the Account, shall be chargeable against the interest of the surviving joint owner(s) as well as against the interest of the state of the deceased joint owner's estate from any liability arising under this Agreement.

Unless the joint owners notify us otherwise and provide us such documentation as we may require, we may presume that it is the express intention of the joint owners to hold the Account as joint tenants with rights of survivorship. In the event of the death of any of the joint owners, the entire interest in the Account shall be vested in the surviving joint owner(s) on the same terms and conditions as theretofore held, without in any manner releasing the deceased joint owner's estate from liability.

We reserve the right to require written instructions from all Account holders, at our discretion.

26. Credit Interest and Money Market Fund Information. All monies and credit balances received or held by E*TRADE will be paid credit interest pending reinvestment. Credit interest balances are insured by SIPC up to $100,000. There is no minimum required for credit interest. You may choose to sweep any credit balance into a money market fund and not maintain a credit interest balance. Credit interest not paid where prohibited by law.

If you select one of the money market funds available through E*TRADE as your primary between-investment choice, cash balances over certain minimum amounts will be automatically invested in the fund either weekly or daily, depending on the amount of the cash balance. In addition, proceeds from the sale of securities will be swept into the fund on settlement date, provided that the securities sold have been received in good deliverable form prior to settlement date. Credit balances needed to satisfy a settling transaction or which serve as collateral for a short sale are not available for investment.

There are certain minimum opening investment requirements for investing in the Cash Account Trust and the other funds. There is no minimum opening requirement for IRAs or custodial accounts. Minimum increments may be required for subsequent investments in the funds. Your monthly or quarterly Account statement will reflect all money market fund activity. Investments in money market funds are subject to restrictions, charges, and expenses described in a prospectus, which you should read carefully.

27. Checkwriting Authorization. By requesting the checkwriting privilege, you authorize Kemper Service Company (the "Transfer Agent") to honor checks drawn on your Account, subject to acceptance by the fund selected by you (the "Fund"), with payment therefore to be made by redeeming sufficient shares in the Fund. The Transfer Agent and the Fund reserve the right to terminate the check draft redemption service with respect to any of your Accounts. It is understood that this election does not create a checking or other bank account relationship between you and the Transfer Agent and that the relationship between you and the Transfer Agent is that of shareholder-transfer agent. The first set of 40 check drafts is free, a fee will be charged for subsequent re-orders.

In the event that a check is presented for payment on the same day as a redemption from the Fund (either pursuant to your request or in order to settle a trade), the redemption will be processed before the check. If, after such a redemption, the value of your Account is less than the amount of the check presented for payment, the check will be returned unpaid marked "insufficient funds," and a return check fee will be imposed on your account.

E*TRADE may require that you provide your signature on a Check Writing Authorization Signature Card prior to enabling you to take advantage of the unlimited checking privilege. You agree to indemnify and hold harmless the Transfer Agent, the Fund, and any of their successors' officers, employees, and agents from any claim or liability which may arise in connection with a redemption check reasonably believed by the Transfer Agent to be signed by you. The Transfer Agent will only process check drafts signed in accordance with these instructions incorporated by reference in your Account Application.

28. Online Service. You shall use the E*TRADE online and touchtone telephone services (collectively, the "Service") only in accordance with this Agreement and any additional services offered through the Service in the future will only be used in accordance with this Agreement.

You shall be the only authorized user of the Service under this Agreement. You shall be responsible for the confidentiality and use of your User ID, sign-on password, trading password, and PIN. You understand that you shall be solely responsible for all orders entered through the Service using your User ID, sign-on password, trading password, and PIN.

You further understand and agree that, as a condition of using the Service to place orders and/or send information, you shall immediately notify E*TRADE if: (a) an order has been placed through the Service and you have not received an order number; (b) an order has been placed through the Service and you have not received an accurate acknowledgment (whether through hard copy, electronic, or verbal means) of the order or of its execution; (c) you have received acknowledgment (whether through hard copy, electronic, or verbal means) of an execution for an order which you did not place or any similar conflict; or (d) you become aware of any unauthorized use of your User ID, sign-on password, trading password, or PIN.

If you fail to notify E*TRADE as soon as practicable when any of the above conditions occur, neither E*TRADE nor any of its officers, employees, agents, affiliates or subsidiaries can or will have any responsibility or liability to you or to any other person whose claim may arise through you for any claims with respect to the handling, mishandling or loss of any order.

You further agree that E*TRADE and its affiliates will not be liable for any consequential, incidental, special, or indirect damage (including lost profits, trading losses and damages) that result from inconvenience, delay or loss of the use of the Service even if E*TRADE has been advised of the possibility of such damages.

You agree that E*TRADE and its affiliates will not be liable for any losses resulting from a cause over which E*TRADE or its affiliates does not have direct control, including but not limited to the failure of electronic or mechanical equipment or communication lines, telephone or other interconnect problems (e.g. if you are unable to access your online service provider), unauthorized access, theft, operator errors, severe weather, earthquakes, floods and strikes or other labor problems.

E*TRADE offers you various ways of accessing your Account, including telephone and online services. You agree that should you experience any problems in reaching E*TRADE through any particular method, you will attempt to use alternate methods to communicate with us.

You agree that E*TRADE may modify the Service or change the terms of this Agreement, in whole or in part, upon notice through the Service and/or in writing.

29. Market Data. You understand that each participating national securities exchange or association asserts a proprietary interest in all of the market data it furnishes to the parties that disseminate the data. You also understand that neither any participating national securities exchange or association nor any supplier of market data guarantees the timeliness, sequence, accuracy or completeness of market data or any other market information, or messages disseminated by any party. Neither E*TRADE nor any disseminating party shall be liable in any way, and you agree to indemnify and hold harmless E*TRADE and such disseminating party, for (a) any inaccuracy, error, or delay in, or omission of (i) any such data, information, or message or (ii) the transmission or delivery of any such data, information, or message; or (b) any loss or damage arising from or occasioned by (i) any such inaccuracy, error, delay, or omission, (ii) non-performance, or (iii) interruption of any such data, information, or message, due either to any negligent act or omission by E*TRADE or any disseminating party or to any "force majeure" (i.e., flood, extraordinary weather conditions, earthquake, or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of government, communications, power failure or equipment or software malfunction) or any other cause beyond the reasonable control of E*TRADE or any disseminating party. You understand that the terms of this Agreement may be enforced directly against you by the national securities exchanges and associations providing market data. You shall use real-time quotes only for your individual use and shall not furnish such data to any other person or entity.

30. Disclosure of Professionals. You agree to promptly notify E*TRADE in writing if you are now or if you become: (a) registered or qualified with the Securities and Exchange Commission, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association; (b) engaged as an "investment advisor" as that term is defined in Section 201(11) of the Investment Advisors Act of 1940 (whether or not registered or qualified under that act); or (c) employed by a bank or other organization exempt from registration under federal and/or state securities laws to perform functions that would require you to be so registered or qualified if you were to perform such functions for an organization not so exempt.

31. a. Arbitration Disclosures. The following is a required disclosure for all brokerage agreements containing a pre-dispute arbitration provision:

(1) Arbitration is final and binding on the parties.

(2) The parties are waiving their right to seek remedies in court, including the right to jury trial.

(3) Pre-arbitration discovery is generally more limited than and different from court proceedings.

(4) The arbitrators' award is not required to include factual findings or legal reasoning and any party's right to appeal or to seek modification of rulings by the arbitrators is strictly limited.

(5) The panel of arbitrators will typically include a minority of arbitrators who were or are affiliated with the securities industry.

b. Arbitration Agreement. You agree to arbitrate any controversy between you and E*TRADE or any of its officers, directors, employees, agents or affiliates arising out of or relating in any way to your Account, including but not limited to: (i) transactions of any kind made on your behalf by, through or with E*TRADE, its officers, directors, employees, agents and/or affiliates; or (ii) the performance, construction or breach of this Agreement or any other written agreement between you and E*TRADE. Such arbitration shall be conducted in accordance with the rules then in effect of the National Association of Securities Dealers, Inc. You understand that judgment upon any award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

c. Class Actions. No person shall bring a putative or certified class action to arbitration, nor seek to enforce any pre-dispute arbitration agreement against any person who has initiated in court a putative class action; or who is a member of a putative class who has not opted out of the class with respect to any claims encompassed by the putative class action until:

(1) the class certification is denied;
(2) the class is decertified; or
(3) the customer is excluded from the class by the court.

Such forbearance to enforce an agreement to arbitrate shall not constitute a waiver of any rights under this Agreement except to the extent stated herein.

d. Applicability to Persons Not Residing in the U.S. If you are not residing in the United States at the time of any controversy between yourself and E*TRADE subject to this arbitration agreement, you agree to the provisions discussed above and the following additional provisions:

(1) You agree that the rules of the organization administering the arbitration, namely the National Association of Securities Dealers, Inc., specifically provides for the designation of the place where the arbitration is to take place;

(2) You agree to the personal jurisdiction of the courts of the State of California, U.S.A., to interpret and enforce these arbitration provisions described in this Agreement; and

(3) All arbitrations shall be held in the English language, unless otherwise agreed to by the parties.

32. Disclosures to Issuers. Under Rule 14b-1(c) promulgated under the Securities Exchange Act of 1934, as amended, E*TRADE is required to disclose to an issuer the name, address, and position of its customers who are beneficial owners of that issuer's securities unless you object. Unless you notify E*TRADE of such objection in writing, E*TRADE will make such disclosures to issuers.

33. Impartial Lottery Allocation System. When E*TRADE holds on your behalf bonds or preferred stocks in street or bearer form which are callable, all or in part, you agree to participate in the impartial lottery allocation system of the called securities in accordance with the provisions of the rules of the New York Stock Exchange, Inc. Further, you understand that when the call is favorable, no allocation will be made to any account in which E*TRADE, its affiliates, directors, officers or employees, have a financial interest until all other customers' positions in such securities are satisfied on an impartial lottery basis.

34. Payment for Order Flow. The Securities and Exchange Commission (as well as the NASD) requires that all broker/dealers inform their customers when a new account is opened, on an annual basis thereafter, and on confirmations, of payment for order flow practices (compensation received by placing orders through "market makers" and specialists on registered U.S. exchanges). Consistent with the overriding principle of best execution, E*TRADE, using a computerized system, routes orders for listed and over-the-counter equity securities to primary exchanges and other market centers, including regional exchanges, securities dealers who make markets over-the-counter and alternative trading systems such as Archipelago. E*TRADE receives remuneration (generally in the form of per-share cash payments) for directing orders in equity securities to particular broker/dealers and market centers for execution. Such remuneration is considered compensation to the firm, and the source and amount of any compensation received by the firm in connection with your transaction will be disclosed upon written request. E*TRADE does not receive payment for order flow for orders sent to Archipelago; however, E*TRADE does have a financial interest in Archipelago. E*TRADE takes a number of factors into consideration in determining where to send customers' orders, including the speed of execution, price improvement opportunities (executions at prices superior to the then prevailing inside market), automatic execution guarantees, the availability of efficient and reliable order handling systems, the level of service provided, the cost of executing orders, whether it will receive cash or non-cash payments for routing order flow and reciprocal business arrangements. E*TRADE regularly reviews transactions for quality of execution.

35. Extraordinary Events. E*TRADE and/or its agents will not be liable for losses caused directly or indirectly by government restriction, exchange or market rulings, suspension of trading, computer or telephone failure, war, earthquakes, strikes or any other conditions beyond E*TRADE's control.

36. Termination of Accounts. You may close your Account at any time by giving us written notice. E*TRADE may terminate your Account at any time and for any reason. Closing an Account will not affect rights and obligations of either party incurred prior to the date the Account is closed.

37. Severability. If any provision of this Agreement is held to be invalid, void or unenforceable by reason of any law, rule, administrative order or judicial decision, that determination shall not affect the validity of the remaining provisions of this Agreement.

38. Waiver. Except as specifically permitted in this Agreement, no provision of this Agreement can be, nor be deemed to be, waived, altered, modified or amended unless agreed to in writing signed by an authorized officer of E*TRADE.

39. Capacity to Contract; Customer Affiliation. You represent that you are of legal age. If you are an employee of any exchange, or of any corporation in which any exchange owns a majority of the capital stock, or of a member of any exchange, or of a member firm or member corporation registered on any exchange, or of a bank, trust company, insurance company, or of any corporation, firm or individual engaged in the business of dealing, either as broker or principal, in securities, bills of exchange, acceptances or other forms of commercial paper, you hereby certify that you have disclosed your affiliation to E*TRADE and have obtained approval from your compliance officer prior to opening your Account. You also agree to promptly notify E*TRADE in writing if you become so employed.

40. Successors. You hereby agree that this Agreement and all the terms hereof shall be binding upon your heirs, executors, administrators, personal representatives and assigns. This Agreement shall inure to the benefit of E*TRADE and its successors, assigns and agents. E*TRADE may assign its rights and duties under this Agreement to any of its subsidiaries or affiliates without giving you notice, or to any other entity upon prior written notice to you.

41. Power of Attorney. You agree and hereby irrevocably appoint E*TRADE, with full power as your true and lawful attorney-in-fact, to the full extent permitted by law, for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that E*TRADE deems necessary or advisable to accomplish the purposes of this Agreement.

42. Headings. The heading of each provision of this Agreement is for descriptive purposes only and shall not be deemed to modify or qualify any of the rights or obligations set forth in each such provision.

43. Entire Understanding; Assignment. This Agreement, together with all other written agreements between you and E*TRADE related to your Account and terms contained on statements and confirmations sent to you, contains the entire understanding between you and E*TRADE concerning the subject matter of this Agreement. You may not assign its rights and obligations hereunder without first obtaining the prior written consent of E*TRADE.

44. Choice of Law. This Agreement shall be deemed to have been made in the State of California and shall be construed, and the rights and liabilities of the parties determined, in accordance with the laws of the State of California.

Mutual Fund Trading

If you have completed the E*TRADE Securities LLC ("E*TRADE") Account Application you hereby agree to the following terms and conditions governing your trading of mutual fund shares through E*TRADE.

1) Provisions Specific to Mutual Funds. In addition to all other provisions of this customer agreement, which are incorporated herein and made a part hereof, the following provisions shall apply to all transactions executed through E*TRADE with respect to shares of mutual funds.

2) No Investment Advice. You acknowledge that E*TRADE does not provide you with any legal, tax, accounting or investment advice regarding the suitability or profitability of an investment in the securities of mutual funds. Any information about mutual funds available through the E*TRADE system is provided by third parties that are not affiliated with E*TRADE. E*TRADE provides such information only as a customer service and does not verify or guarantee the accuracy thereof. Information provided by third parties for publication by E*TRADE does not constitute a recommendation or endorsement by E*TRADE. No categorization of any particular fund or reference to a mutual fund family constitutes a recommendation or endorsement by E*TRADE. By entering into any transaction for mutual fund securities on E*TRADE, you acknowledge that you have received, read and understand the prospectus of the fund offering such securities and understand the risks inherent in any such investment. Including the risks of international securities, if applicable. You agree to hold E*TRADE harmless for any loss that may occur through the purchase or sale of any mutual fund securities.

3) Trading Limitations. You may purchase, redeem and exchange shares of mutual funds that have entered into selling agreements with E*TRADE. With respect to funds which have no selling agreement with E*TRADE you may only redeem mutual fund shares through E*TRADE. Many mutual funds permit investors to purchase from or redeem to them directly without the assistance of a broker or dealer. By executing transactions through E*TRADE in mutual fund securities, you authorize E*TRADE to act as your agent with respect to such transactions. E*TRADE reserves the right to reject any orders to purchase mutual fund securities because such securities are not authorized for sale in your jurisdiction or for any other reason.

4) Net Asset Value. The net asset value ("NAV") of a fund is calculated by dividing the net assets of the fund (value or total assets less total liabilities) by the total number of shares outstanding. A fund's NAV is subject to daily fluctuation depending on market conditions and the shifting value of the securities held within the fund's portfolio. Each fund's expenses, and any waivers thereof, will affect the fund's NAV. Money market funds are managed in order to maintain a constant NAV at $1.00 per share, although there is no guarantee that a fund's manager will be able to meet this goal. Shares of money market funds, like those of other mutual funds, are considered to be securities and are not guaranteed or insured by the United States Government, FDIC, or any banking institution.

5) Sales Loads. Shares of "no-load" funds generally may be purchased at NAV. "Load" funds impose a sales charge, or a load on the purchase or redemption of such funds' shares. Sales loads ordinarily are used to pay distribution channels for the marketing of fund shares. E*TRADE may receive all or part of a sales load for transactions executed through E*TRADE. Information regarding loads or sales charges is available in the fund's prospectus.

6) 12b-1 Fees. "12b-1 fees," or marketing fees, are fund expenses that are used to pay for the marketing of fund shares. Such fees ordinarily constitute a portion of the overall expenses calculated into the fund's expense ration. E*TRADE may receive all or part of a fund's 12b-1 fees in compensation for transactions in that fund's shares on E*TRADE.

7) Transaction Fees. E*TRADE reserves the right to charge a transaction fee for sale or redemption of shares of a no-load fund for which E*TRADE does not receive a 12b-1 fee from the fund. E*TRADE may also charge fees for the use of any service intended to provide information to E*TRADE customers. Depending on the fund, an investor may be able to purchase shares directly from or redeem directly to the fund without paying a transaction fee.

8) Execution and Cancellation of Orders. Orders received by E*TRADE before 1:00 p.m. (Pacific time) on any day during which a fund is selling or redeeming shares will be transmitted for processing to such fund on that day. Orders received by E*TRADE after 1:00 p.m. will be transmitted for processing the next day the fund is open for business. In addition, the fund may have a policy concerning the time or day by which it must receive orders in order to process such orders on that day. You should read the fund's prospectus for further such information. You will receive an electronic message confirming receipt of your order shortly after your order is received. You will receive a second electronic message confirming the execution of your order prior to the date of settlement. Your account will automatically be updated on the third day following the execution of your order. The amount of any purchases will be deducted from your available balance to ensure that payment is available. If the available balance is not sufficient, your order will be cancelled. Assuming the available balance is sufficient, you will be unable to cancel or change your order once it has been received by E*TRADE.

9) Disclosure Documents. E*TRADE will make available to you mutual fund prospectuses, statements of additional information, annual reports and semi-annual reports. E*TRADE does not verify or otherwise guarantee the accuracy, timeliness, sequence or completeness of any information provided by a fund in these or any other fund disclosure documents, and is not responsible in any way for the contents stated therein. Either electronic or paper copy of theses documents will be available to you upon request. By executing an order for mutual fund shares, you hereby acknowledge that you have received and read the fund's prospectus and understand its contents.

10) Tax Consequences. Certain mutual fund share transactions, and certain portfolio transactions by a fund, may result in taxable events. A fund may pay dividends and/or capital gains resulting in distributions that can affect your tax reporting. E*TRADE shall not be liable for giving advice as to tax consequences. For further information concerning tax consequences, consult the fund's prospectus and/or statement of additional information on your tax advisor.

Before Investing in mutual funds through E*TRADE, we suggest you read the following:

1) E*TRADE provides you with the ability to invest in hundreds of mutual funds directly through the use of your computer. By making a mutual fund or mutual fund family available to you on E*TRADE, however, E*TRADE does not guarantee the appropriateness, fitness or suitability of any mutual fund and makes no recommendation of any kind.

2) E*TRADE provides, for informational purposes only, data about various mutual funds published by independent third parties, such as Morningstar, Inc., IDD and Inunity. While E*TRADE believes that the data provided by these third parties is reliable, it has no independent basis to verify or contradict the accuracy or completeness of the information provided. No recommendation or endorsement by E*TRADE as to any investment may be inferred from the data provided.

3) Using E*TRADE, you can obtain the prospectus for a mutual fund the shares of which are available for purchase on E*TRADE. Read the prospectus carefully before you invest in the securities of any mutual fund. The prospectus contains important information about the goals, risks, expenses and investment strategies applicable to the fund. E*TRADE does not guarantee or verify the accuracy or completeness of any mutual fund's prospectus, statement of additional information, report to shareholders or proxy solicitation materials.

4) Past performance is no indication of future results, and mutual fund share values fluctuate daily. Your investment may be worth more or less than your original cost when you redeem your shares.

5) Money market fund shares are securities. Such funds are managed to maintain a stable price of $1.00 per share, although there can be no guarantee that a particular money market fund will be able to maintain a stable price of $1.00 per share. Money market funds are not savings accounts and are neither insured nor guaranteed by the United States Government, FDIC, or any banking institution.

6) Some mutual funds in which you may invest using E*TRADE invest in international securities. International investing carries certain risks that can be different from the risks of U.S. investments. These risks can include political or economic instability, changing currency rates, foreign taxes, a greater difficulty in selling certain securities held by a fund, and different regulatory or financial accounting standards. Read carefully the prospectus of any mutual fund involving international investing prior to making an investment.

7) Some funds impose a sales charge upon the purchase of their securities known as a "sales load." In other instances you may be able to purchase mutual fund shares without paying a sales load, although you may pay a "back-end load" upon redemption of the shares. The money assessed from sales loads generally is used to help market the shares of a particular fund. E*TRADE may receive all or part of a sales load in connection with your purchase of a fund's shares.

8) Some funds impose a marketing fee, known as a "12b-1 fee." This fee is computed into a fund's overall expense ration, and is used to help market the shares of that fund. E*TRADE may receive 12b-1 fees in connection with your purchase of a fund's shares.

9) E*TRADE may impose a transaction fee for the purchase or sale of shares of a fund that does not impose a sales load. Such fees are not reflected in a fund's performance data. If these fees were factored into the performance, the fund's results would be lower. You may be able to purchase shares of a fund directly from, or redeem shares directly to, such fund without paying a transaction fee.

10) Not all funds are registered for sale in all states, and particular mutual funds may not be available for sale outside the United States. By making transactions in a particular fund's shares available on E*TRADE, E*TRADE does not represent or otherwise guarantee that such fund's shares are registered for sale for your account.

11) A fund's management may have waived all or a portion of the fees owed it by the fund. This would have the effect of increasing the fund's performance returns. If these fees are factored into calculating the fund's performance, the fund's performance returns would be lower. There is no guarantee that such fees will continue to be waived in the future;. For more information about fee waivers, read the fund's prospectus carefully.

12) As a mutual fund shareholder, you may receive taxable dividends and/or capital gains, even in a fund that purports to be "tax-exempt." After paying income taxes, your after-tax investment returns will be lower than your pre-tax returns. E*TRADE does not offer tax advice. We suggest you consider the impact of taxes. For further information about taxes, read the fund's prospectus and/or consult with your tax advisor.

13) You can quickly access a fund's prospectus through E*TRADE either electronically or by mail. Upon request, E*TRADE will mail you a paper copy of the prospectus.

14) Indexes are unmanaged and index funds are minimally managed. Payment of expenses associated with an investment in an index fund, including advisory fees, are not reflected in the overall performance of a particular index. Investors are not able to directly invest in an index.

MARGIN ACCOUNTS

1. General Provisions. A Margin Account enables us to extend credit to you in connection with the purchase of "marginable securities," as defined by the Federal Reserve Board. All Margin Accounts are subject to approval by E*TRADE. While trading on margin may present a greater opportunity for profit, it also presents a higher degree of risk than non-leveraged trading.

Upon application for and approval of your Margin Account, we will act as broker to purchase or sell securities on margin for your Account and on your instructions. We will extend credit to you on the terms contained in this Agreement and in accordance with all applicable laws and regulations (including but not limited to, the rules of the Securities and Exchange Commission and the Federal Reserve Board), and E*TRADE's margin terms, policies and procedures, which are subject to change without notice.

You may be required to deposit a minimum amount to open a Margin Account. The minimum amount may consist of cash, marginable securities or a combination of cash and marginable securities.

You agree to maintain in all Accounts with E*TRADE such positions and margin as required by all applicable laws, rules, regulations, procedures and customs, or as E*TRADE deems necessary or advisable. You agree to promptly satisfy all margin and maintenance calls.

2. Margin Requirements. Only certain securities, as defined by the Federal Reserve Board or E*TRADE, may purchased on margin or used as collateral in your Account. Whether a purchase may be made on margin, how much of the purchase price must be in your Account at the time you place your order, and your margin maintenance requirements are determined by the Federal Reserve Board, by applicable exchange rules, and by E*TRADE. For our protection, we reserve the right, at any time and without prior notice to you, to impose stricter requirements than those imposed by the Federal Reserve Board or applicable exchange rules.

E*TRADE requires that you have at least $2,000 in equity in your Account, or such higher amount as required by E*TRADE or applicable rules and regulations, before we will extend credit to you. Generally, we can loan you no more than 50% of the purchase price of the security you are buying on margin.

E*TRADE does not permit you to purchase on margin or deposit as margin collateral securities with a value of less than $5 per share. Once a security is purchased on margin, if the value of the security falls below $3 per share, you will generally not be permitted to use that security as collateral.

3. Collateral; Liquidations and Covering Positions. We may require you to deposit additional collateral and/or we may liquidate positions in your Account for any of the following reasons: (i) if you fail to promptly meet any call for additional collateral; (ii) if you indicate to us that you do not intend to meet a call for additional collateral; (iii) if you file a petition in bankruptcy or if such a petition if filed against you; (iv) if you seek or acquiesce to the appointment of a receiver; (v) if an attachment is levied against any of your Accounts or any Accounts in which you have an interest; (vi) if you die; or (vii) any other circumstance which in E*TRADE's opinion warrants such action, including but not limited to changes in the price, trading volume, margin ability, or negotiability of your securities. In any such event, we may sell any and all securities and/or other property in your Account(s) whether carried individually or jointly with others, buy any and all securities or other property which may be short in such Accounts, or cancel any open orders and close any or all outstanding orders or commitments. We may take any of these actions without demand for funds or additional funds, notice of sale or purchase, or other notice or advertisement, each of which is expressly waived by you. Any prior demand, notice or advertisement shall not be deemed a waiver of our right to take these actions without demand, notice or advertisement.

Any such sales or purchases may be made at our sole discretion on any exchange or other market where such business is usually conducted or a public auction or private sale, and E*TRADE may be the purchaser or seller for its own account.

4. Loan or Pledge of Securities and/or Other Property. You authorize E*TRADE to lend either to itself or to others any securities and/or other property held by E*TRADE in your Margin Account. Within the limitations imposed by applicable laws, rules and regulations, all of your securities and/or other property may be pledged and repledged and hypothecated and rehypothecated by E*TRADE from time to time without notifying you, either separately or together with other securities and/or other property of other bona fide customers of E*TRADE, for any amount due E*TRADE in any Account in which you have an interest. We may do so without retaining in our possession or under our control for delivery a like amount of similar securities and/or other property.

5. Interest Computation. You will be charged interest on a daily basis on all debit balances that you owe to E*TRADE, and credit extended to you by E*TRADE for the purpose of purchasing, carrying or trading in securities or otherwise. E*TRADE uses a calendar month basis to calculate interest from the second business day before the end of the prior month through the third business day before the end of the current month. Settlement date debit balances and free credit balances in the Cash Account will be applied to the Margin Account balance if the Margin Account has a debit balance. A Cash Account settlement date debit balance will increase the amount of margin interest to be charged. A Cash Account free credit balance will reduce the amount of margin interest to be charged. For purposes of calculating interest we will use the actual Account balance and mark short security positions to the market on a daily basis. The market value of short securities is treated as a debit to the consolidated Margin Account balance. Dividends and interest credits held in accounts are considered part of a free credit balance when calculating credit interest. Interest is calculated on a 360 day basis using settlement date balances.

6. Interest Rate. The applicable interest rate for margin loans is a fixed percentage above or below E*TRADE's Base Rate, which is set at our discretion with reference to commercially recognized interest rates. The margin interest rate will change without prior notice as the Base Rate changes. Information about E*TRADE's Base Rate is available upon your written request to E*TRADE.

7. Margin Interest Rate Table.
Average Debit Balance:   Margin Interest Rate:
Less than $50,000 2.00% above base rate
$50,000 to $249,999.99 0.75% above base rate
$250,000 and above 0.50% below base rate


8. Short Sales. Short sales may only be made in Margin Accounts and are subject to the initial margin and margin maintenance requirements set forth in Section 2, Margin Requirements, above. Any short sale must be designated as such by you at the time you place such an order. In order to facilitate a short sale, E*TRADE must be able to borrow the security that you are selling short to cover the delivery to the purchaser(s). If the stock is recalled by the lender(s) of the securities, E*TRADE will attempt to re-borrow the securities. However, if E*TRADE is unable to re-borrow the securities, E*TRADE may be forced to cover your short position by purchasing the securities on the open market at the then current market price without notice. If a short position is closed out, you will be liable for any resulting losses and all associated costs incurred by E*TRADE. As noted in Section 5, Interest Computation, above, the market value of short securities is treated as a debit to the consolidated Margin Account balance.

9. Other Accounts. Pursuant to Federal regulations, custodian accounts, IRAs and other retirement accounts can not be Margin Accounts.

OPTIONS TRADING

If you have completed the "Options" section of the Account Application, or a separate E*TRADE Options Application, you hereby agree to the following terms and conditions governing your options trading with E*TRADE.

1.Risks. You understand that options trading may be highly speculative in nature and therefore contains a high degree of risk. You acknowledge that you are fully prepared financially to undertake such risks and to withstand any losses incurred, and that you are able to sustain the total loss of the premium and transaction costs.

2. OCC Disclosure; Applicable Rules and Regulations. You agree not to enter into any purchase or sale of equity, debt, foreign currency or index put or call options without having read and fully understood the terms, conditions and risks of options trading set forth in the current disclosure document issued by the Options Clearing Corporation ("OCC"), which E*TRADE will furnish to you. You also understand and agree that each option transaction is subject to the rules and regulations of the OCC, the exchange or market where such transaction is executed, the National Association of Securities Dealers, Inc. ("NASD") and various other state and federal regulatory entities.

You agree that, acting alone or in concert with others, you will not exceed the position and exercise limits imposed by the OCC or other regulatory entities having jurisdiction over the exchanges or markets in which option transactions are executed.

3. Accuracy of Supplied Information. You represent that all information furnished to E*TRADE in connection with the opening of your Option Trading Feature is complete and accurate. You agree to immediately advise E*TRADE of any significant changes in your financial situation or investment objectives.

4. Options Purchases Not Marginable; Margin Requirements for Option Sales. An options purchase cannot be margined. There are, however, special margin requirements (discussed in the OCC's disclosure document) governing the sales of options which you should familiarize yourself with before commencing option transactions.

5. Cleared Funds; Your Responsibilities; Close Outs. In order to process options orders, E*TRADE generally requires that the Account contain "cleared funds" equal to or greater than the purchase price of the options. However, E*TRADE may process orders to purchase options even if an Account does not contain full cleared funds. You understand that you are responsible for your own orders, including any orders which exceed available funds in your Account. You understand and agree that, except as required by OCC rules, E*TRADE has no obligation to exercise any option absent specific instructions from you. E*TRADE reserves the right to require full available funds in your Account to support the cost of the exercise prior to enabling you to exercise an option.

Since option contracts are traded for a specified period of time and have no value after expiration, you must advise E*TRADE if you wish to enter offsetting transactions to close out your position, or to exercise the option prior to the expiration date. You understand and agree that failure to do so may result in the option expiring worthless, even though it might have a monetary value on the expiration date.

When you own an option which is about to expire "in the money," E*TRADE may, in its sole discretion and without notification to you, close out the option using its best efforts. We may take this action in order to prevent an exercise which would require the purchase or sale of the underlying security for which you do not have sufficient funds. This is in no way to be construed as an obligation on E*TRADE's part to sell or exercise such options on your behalf. If an exercise notice is assigned to your Account, you agree to release the underlying security to E*TRADE in the case of a call. In the case of a put, you must have enough cash in your Account to properly margin the security with E*TRADE.

You agree that E*TRADE shall not be liable in connection with the execution, handling, purchasing, exercising and endorsing of options for your Account. If you fail to make payment or pay debit balances when due, E*TRADE is authorized, in its sole discretion and without notification to you, to take any and all action necessary to protect itself in connection with option transactions for your Account, including the right to buy and/or sell (including short or short sale exempt) for your Account and risk any part or all of the shares represented by options held by E*TRADE that it may deem necessary or appropriate.

6. Frequency of Transactions. You understand that, due to the short-term nature of options, you may trade options more frequently than debt or equity securities and that you will be charged a commission each time an option transaction is executed.

7. Uncovered Options Sales. Unless you receive authorization from E*TRADE, you agree that you will not: (1) sell (write) a call option unless you own the underlying security in your Account (or a security convertible, exchangeable or exercisable into such underlying security); or (2) sell (write) a put unless (a) you are short the underlying security in your Account (or a security convertible, exchangeable or exercisable into such underlying security), or (b) you maintain in your Account available funds equal to 40 percent (or such other percentage as E*TRADE may require) of the purchase price of the underlying security plus the contract premium; or (3) place trades that are not permissible under the option level for which you are approved.

If you become naked on an option position in your Account, you agree that E*TRADE may, without prior notice to you, take immediate action to cover your position, and you further agree that you will be responsible for any resulting losses.

8. Random Allocation Disclosure. You understand that exercise assignment notices for option contracts are allocated among Customer short option positions in accordance with a random allocation method. A more detailed description of E*TRADE's random allocation method is available upon request.

9. Other Accounts. In accordance with Federal regulations, Custodial accounts, IRAs and other retirement accounts cannot be Margin Accounts, and only covered call writing is allowed in such accounts.

If you have any questions regarding Options trading, please
    Write:
    E*TRADE Securities LLC
    PO Box 8160
    Boston, MA, 02266-8160

    or Call:
    1-800-STOCKS-5 (1-800-786-2575)
    24 hours a day, seven days a week
    From outside the United States,
    call 650-842-8910
W-9 INSTRUCTIONS

Important Tax Information (Section references are to the Internal Revenue Code.)

Under the Interest and Dividend Tax Compliance Act of 1983, if you are required to complete a W-9, you (as a payee) must provide us (as payer) with your correct Taxpayer Identification Number (TIN). If you are an individual, your Taxpayer Identification Number is your Social Security Number.

Note: E*TRADE generally will not open an account for U.S. applicants unless they provide a TIN on their account application.

If you do not provide us with your correct Taxpayer Identification Number you may be subject to a $50 penalty to the Internal Revenue Service ("IRS") and backup withholding tax, at a rate of 31% on all dividends, interest and other payments made by us to you after January 1, 1984.

Purpose of Form. An entity which is required to file an information return with the IRS must obtain your correct taxpayer identification number (TIN) to report income paid to you, real estate transactions, mortgage interest you paid, the acquisition or abandonment of secured property, or contributions you made to an individual retirement account (IRA). Use Form W-9 to furnish your correct TIN to the requester (the person asking you to furnish your TIN), and, when applicable, (1) to certify that the TIN you are furnishing is correct (or that you are waiting for a number to be issued), (2) to certify that you are not subject to backup withholding, and (3) to claim exemption from backup withholding if you are an exempt payee. Furnishing your correct TIN and making the appropriate certifications will prevent certain payments from being subject to the 31% backup withholding.

Note: If a requester gives you a form other than a Form W-9 to request your TIN, you must use the requester's form if it is substantially similar to a Form W-9.

How To Obtain a TIN. If you do not have a TIN, and want to apply for one, you can obtain Form SS-5, Application for a Social Security Number Card (for individuals) from your local office of the Social Security Administration, or Form SS-4, Application for Employer Identification Number (for businesses and all other entities), from your local Internal Revenue Service office.

What is Backup Withholding? Persons making certain payments to you are required to withhold and to pay to the IRS 31% of such payments under certain conditions. This is called "backup withholding". Payments that could be subject to backup withholding include interest, dividends, broker and barter transactions, rents, royalties, nonemployee compensation, and certain payments from fishing boat operators, but do not include real estate transactions.

If you give the requester your correct TIN, make the appropriate certifications, and report all your taxable interest and dividends on your tax return, your payments will not be subject to backup withholding. Payments you receive will be subject to backup withholding if:
(1) You do not furnish your TIN to the requester, or
(2) IRS notifies the requester that you furnished an incorrect TIN, or
(3) You are notified by the IRS that you are subject to backup withholding because you failed to report all your interest and dividends on your tax return (for interest and dividend accounts only), or
(4) You fail to certify to the requester that you are not subject to backup withholding under (3) above (for reportable interest and dividend accounts opened after 1983 only), or
(5) You fail to certify your TIN. This applies only to interest, dividend, broker, or barter exchange accounts opened after 1983, or broker accounts considered inactive in 1983.

For other payments, you are subject to backup withholding only if (1) or (2) above applies. Certain payees and payments are exempt from backup withholding and information reporting. See Payees and Payments Exempt From Backup Withholding, and Exempt Payees and Payments under Specific Instructions, below, if you are an exempt payee.

Payees and Payments Exempt From Backup Withholding. The following is a list of payees exempt from backup withholding and for which no information reporting is required. For interest and dividends, all listed payees are exempt except item (9). For broker transactions, payees listed in (1) through (13), and a person registered under the Investment Advisers Act of 1940 who regularly acts as a broker are exempt. Payments subject to reporting under section 6041 and 6041A are generally exempt from backup withholding only if made to payees described in items (1) through (7), except that a corporation that provides medical and health care services or bills and collects payments for such services is not exempt from backup withholding or information reporting. Only payees described in items (2) through (6) are exempt from backup withholding for barter exchange transactions, patronage dividends, and payments by certain fishing boat operators.

(1) A corporation.
(2) An organization exempt from tax under section 501(a), or an individual retirement plan (IRA), or a custodial account under 403(b)(7).
(3) The United States or any of its agencies or instrumentalities.
(4) A state, the District of Columbia, a possession of the United States, or any of their political subdivisions or instrumentalities.
(5) A foreign government or any of its political subdivisions, agencies or instrumentalities.
(6) An international organization or any of its instrumentalities.
(7) A foreign central bank of issue.
(8) A dealer in securities or commodities required to register in the U.S. or a possession of the U.S.
(9) A futures commission merchant registered with the Commodity Futures Trading Commission.
(10) A real estate investment trust.
(11) An entity registered at all times during the tax year under the Investment Company Act of 1940.
(12) A common trust fund operated by a bank under section 584(a).
(13) A financial institution.
(14) A middleman known in the investment community as a nominee or listed in the most recent publication of the American Society of Corporate Secretaries, Inc. Nominee List.
(15) A trust exempt from tax under section 664 or described in section 4947.

Payments of dividends and patronage dividends generally not subject to backup withholding also include the following:
  • Payments to nonresident aliens subject to withholding under section 1441.
  • Payments to partnerships not engaged in a trade or business in the U.S. and that have at least one nonresident partner.
  • Payments of patronage dividends not paid in money.
  • Payments made by certain foreign organizations.

    Payments of interest generally not subject to backup withholding include the following:
  • Payments of interest on obligations issued by individuals. Note: You may be subject to backup withholding if this interest is $600 or more and is paid in the course of the payer's trade or business and you have not provided your correct TIN to the payer.
  • Payments of tax-exempt interest (including exempt-interest dividends under section 852).
  • Payments described in section 6049(b)(5) to nonresident aliens.
  • Payments on tax-free covenant bonds under section 1451.
  • Payments made by certain foreign organizations.
  • Mortgage interest paid by you.

    Payments that are not subject to information reporting are also subject to backup withholding. For details, see sections 6041, 6041A(a), 6042, 6044, 6045, 6049, 6059A, and 6050N, and the regulations under such sections.

    Penalties
    Failure to Furnish TIN. If you fail to furnish your correct TIN to a requester, you are subject to a penalty of $50 for each such failure unless your failure is due to reasonable cause and not to willful neglect.

    Failure to Include Certain Items on Your Tax Return. If you fail to properly include on your tax return certain items reported to the IRS, such failure will be treated as being due to negligence, and you will be subject to a penalty of 5% on any part of any underpayment of tax attributable to that failure unless there is clear and convincing evidence to the contrary.

    Civil Penalty for false Information with Respect to Withholding. If you make a false statement with no reasonable basis that results in no imposition of backup withholding, you are subject to a penalty of $500.

    Criminal Penalty for Falsifying Information. Willfully falsifying certifications or affirmations may subject you to criminal penalties including fines and/or imprisonment.

    Specific Instructions Regarding Your Name. If you are an individual, generally provide the name shown on your social security card. However, if you have changed you last name, for instance, due to marriage, without informing the Social Security Administration of the name change, please enter your first name and last name shown on your social security card and your new last name.

    Signing the Certification.

    (1) Interest, Dividend, and Barter Exchange Accounts Opened Before 1984 and Broker Accounts That Were Considered Active During 1983. You are not required to sign the certification; however, you may do so. You are required to provide your correct TIN.

    (2) Interest, Dividend, Broker and Barter Exchange Accounts Opened After 1983, and Broker Accounts That Were Considered Inactive During 1983. You must sign the certification or backup withholding will apply. If you are subject to backup withholding and you are merely providing your correct TIN to the requester, you must cross out item (2) in the certification before signing the form.

    (3) Real Estate Transactions. You must sign the certification. You may cross out item (2) of the certification if you wish.

    (4) Other Payments. You are required to furnish your correct TIN, but you are not required to sign the certification unless you have been notified of an incorrect TIN. Other payments include payments made in the course of the requester's trade or business for rents, royalties, goods (other than bills for merchandise), medical and health care services, payments to a nonemployee for services (including attorney and accounting fees), and payments to certain fishing boat crew members.

    (5) Mortgage Interest Paid by You, Acquisition or Abandonment of Secured Property, Cancellation of Debt, or IRA Contributions. You are required to furnish your correct TIN, but you are not required to sign the certification.

    (6) Exempt Payees and Payments. If you are exempt from backup withholding, you should still complete this form to avoid possible erroneous backup withholding. Enter your correct TIN in Part I, write "EXEMPT" in the block in Part II, sign and date the form. If you are a nonresident alien or foreign entity not subject to backup withholding, give the requester a completed Form W-8, Certificate of Foreign Status.

    (7) TIN "Applied For." Follow the instructions under How To Obtain a TIN, above, sign and date this form.

    Signature. For a joint account, only the person whose TIN is shown in Part I should sign the form.

    Privacy Act Notice. Section 6109 requires you to furnish your correct taxpayer identification number (TIN) to persons who must file information returns with the IRS to report interest, dividends, and certain other income paid to you, mortgage interest you paid, the acquisition or abandonment of secured property, cancellation of debt, or contributions you made to an individual retirement account (IRA). The IRS uses the numbers for identification purposes and to help verify the accuracy of your tax return. You must provide your TIN whether or not you are required to file a tax return. Payers must generally withhold 31% of taxable interest, dividend, and certain other payments to a payee who does not furnish a TIN to a payer. Certain penalties may also apply.
    What Name and Number To Give The Requester.

    For this type of account: Give the Social Security number of:
    1. Individual The Individual
    2. Two or more individuals
    (joint account)    		 The actual owner of the account
    or, if combined funds, the first
    individual on the account1
    3. Custodian account of a minor
    (Uniform Gift to Minors Act)    		 The minor2
    4a. Revocable savings trust (grantor is also trustee) The grantor-trustee1
    4b. "Trust" account that is not a
    legal or valid trust under
    state law    		 The actual owner1
    5. Sole proprietorship The owner3
    For this type of account: Identification number of:
    Give the name and Employer
    6. A valid trust, estate,
    or pension trust    		 Legal entity (Do not furnish the
    identification number of the
    personal representative or unless
    the legal entity itself is not
    designated in the account title.)4
    7. Corporate The corporation
    8. Association, club, religious,
    charitable, educational,
    or tax-exempt organization    		 The organization
    9. Partnership The partnership
    10. A broker or registered nominee The broker or nominee
    11. Account with the Department of
    Agriculture in the name of a
    public entity (such as a state
    or local government, school
    district, or prison) that receives
    agricultural program payments    		 The public entity
    1List first and circle the name of the person whose number you furnish.
    2Circle the minor's name and furnish the minor's social security number.
    3Show the name of the owner.
    4List and circle the name of the legal trust, estate, or pension trust.

    ATM/Check Card

    This section contains terms, conditions and disclosures which are applicable to all Automated Teller Machine and Point-of-Sale Terminal Services, and the use of our ATM/Check Card to allow you access to funds in your E*TRADE brokerage account. Certain information concerning charges applicable to these services is contained in our schedule of fees for non-trading services, which is available by written request or on web pages under Account Services/Fees & Margin rates.

    Lost or Stolen ATM /Check Cards:
    To report your card as lost or stolen Card, call our 24-hour "hotline" immediately at 1-866-767-0814.

    Your Liability for Unauthorized Transfers:
    If you believe your ATM/Check Card has been lost or stolen, or that your Personal Identification Number (PIN) has been discovered by someone else, or that someone has conducted, or may conduct an ATM or POS transaction without your permission, contact us immediately by calling our 24-hour hotline at 1-866-767-0814 to stop transactions from posting against your card/account.

    Error Resolution Procedures:
    If you fail to notify us, you can lose all the money in your brokerage account. However, if you contact us within 2 business days after you learn of the loss or theft of your ATM/Check Card, or PIN, you can lose no more than $50. If you do not notify us within 2 business days, you could lose as much as $500. If any brokerage account statement shows transactions that you did not make, and you fail to notify us in writing within 60 days after we mailed that statement to you, you may not get back any money you lost if we can prove that we could have prevented the loss if you had told us in time. We may extend the time periods if extenuating circumstances (such as a long trip or a hospital stay) kept you from notifying us.

    Error Resolution Procedures:
    In the case of errors or questions about any of your ATM/Check Card transactions, please contact E*TRADE as follows:
    Write to:
    E*E*TRADE Securities LLC
    Attn: Cash Management Services
    P.O. Box 989030
    West Sacramento, CA 95798
    Or, call: 1-800-STOCKS-5 (1-800-786-2575) at any time.
    The above number may be called 24 hours a day, any day of the week. We must hear from you no later than 60 days after we send you the FIRST statement on which the problem or error occurred. When you contact us, you must:
    A. Give your name, Account number, and ATM/Check Card number, and
    B. Describe the error or transaction in question, including the dollar amount of the suspected error, and explain clearly why you believe an error has occurred or why you need more information. If you notify E*TRADE orally, you must send your complaint or question to us in writing to the above address or by e-mail attention Cash Management Services within 10 business days. E*TRADE will investigate your complaint or question and respond to you within 10 business days. Any errors will be corrected promptly. E*TRADE retains the discretion, however, to take up to 45 calendar days to investigate your complaint or question. In that case, E*TRADE will provide a provisional credit to your account within 10 days of receiving your complaint or question for the amount you think is in error so that you will have the use of your money during the time it takes E*TRADE to complete its investigation. If you do not put your complaint or question in writing within 10 business days, however, E*TRADE may not provide the provisional credit your Account. If a notice of an error involves an electronic funds transfer resulting from an ATM/Check Card point-of-sale transaction, or involves an electronic fund transfer initiated outside the United States or Puerto Rico, the applicable time periods for action set forth above shall be 20 business days in place of 10 business days, and 90 calendar days in place of 45 calendar days.

    Business Days:
    For purposes of posting transactions, E*TRADE's business days are Monday through Friday. If E*TRADE decides that there was no error, we will send you a written explanation within three (3) business days after E*TRADE finishes its investigation. You may ask for copies of the documents that were used in E*TRADE's investigation.

    Liability for Incomplete Transactions:
    If E*TRADE does not complete an electronic transaction on time or for the correct amount, it could be liable for your losses or other damages. However, E*TRADE will not be liable:
    A. If, through no fault of E*TRADE's, you do not have enough money (available funds) in your account to make the transaction;
    B. If the ATM where you made the transaction did not have enough cash or other supplies;
    C. If the ATM was not working properly and you knew about it when you started the transaction, or other equipment or software malfunctions occurred at the time you initiated the transaction;
    D. If the transfer involved an overdraft, or if there was a hold or alert on your account, which prevented or restricted a transaction;
    E. If circumstances beyond E*TRADE's control (such as power failure, fire or flood) prevent the transaction from occurring, despite reasonable precautions E*TRADE has taken;

    Periodic statements:
    Your monthly account statement will document the date, amount and description of each ATM/POS transaction occurring on your account.

    The following sets forth the terms and conditions governing your use of ATM and Point-of-Sale Terminal services.
    Use of the Card and PIN:
    You must have a valid ATM/Check Card and a Personal Identification Number (PIN) to transact business on an ATM. The use of the Card and corresponding PIN is restricted to the individual to which the Card has been issued. You will respect the secrecy and confidentiality of your PIN and agree to guard its privacy by not disclosing it or making it available to any other person. E*TRADE is not responsible for any monetary loss if you have allowed someone else to use your Card or PIN even if their use exceeded your instructions. You also agree not to keep your PIN with the Card or write your PIN on your Card. A Card with a PIN written on it will be confiscated and privileges may be revoked. Transactions at an ATM by the use of the Card and your PIN shall be deemed to be transactions made or authorized by you, except as otherwise provided by law.

    Transaction Business Days:
    For ATM and Point-of-Sale Terminal transactions, E*TRADE's business days are Monday through Friday excluding brokerage and/or banking holidays. Transactions made after 2:00 p.m. ET, Monday through Friday, or on Saturdays, Sundays and holidays will be posted the next business day.

    Liability:
    You shall be liable for all withdrawals from your account resulting from the authorized use of the Card. Your liability with respect to the unauthorized use of the Card shall be limited as provided above, Your Liability for Unauthorized Transfers.

    Receipts:
    You will receive a printed record after each successful ATM transaction. In connection with the use of your Card to acquire goods or services, your copy of the sales slip will be your receipt. Electronic fund transfer transactions will be reflected on your monthly account statements.

    Cancellation:
    E*TRADE has the right to revoke and/or cancel any ATM /Check Card service at any time and without notice. You agree to return the Card to E*TRADE promptly upon E*TRADE's request. You acknowledge that E*TRADE has the right to cause an ATM to retain your Card at any time without notice to you. You shall have the right to revoke and/or cancel ATM/ Check Card service or use of the Card for any and all accounts at any time upon delivery to E*TRADE of written notice of such cancellation.

    ATM Security:
    ATMs offer convenience and access to cash 24 hours a day. Here are some important security tips to remember when conducting ATM transactions:

    This section contains terms, conditions and disclosures which are applicable to the use of ATMs bearing the E*TRADE logo to perform the transactions listed below. Types of Transactions:
    A. Withdraw cash from your linked account(s);
    B. Transfer funds between your linked accounts; Selected E*TRADE ATM's see ATM locator
    C. Determine the available balance in your linked account(s);
    D. Obtain a statement of your account history at certain locations;
    E. Deposit funds into your linked account, Selected E*TRADE ATMs, see ATM locator or
    F. Any additional services offered by the ATM.

    Limitations:
    You may withdraw up to $500 per calendar day, per ATM/Check Card. No withdrawals shall, in any event, exceed the available balance of the Account from which the withdrawals are made. Transactions made by the use of the ATM/Check Card with respect to the account are subject to this Agreement and to the applicable laws and regulations of the United States, the State of California and any agency thereof.

    Fees:
    You agree to pay any service charge applicable to your use of your ATM/Check Card. These charges are subject to change at any time. A current list of charges can be found in E*TRADE's Schedule of Fees, which has been provided to you. You also agree to pay the usual service charges imposed on your account, including any fees for failing to maintain the specified minimum balance. You may also be charged a withdrawal fee (sometimes called a "surcharge") for cash withdrawals or other transactions completed at non-E*TRADE ATMs. If applicable, this fee is charged by the financial institution which owns and operates the ATM and is beyond E*TRADE's control. This charge will be in addition to any fees or charges E*TRADE may impose.

    Point-of-Sale Purchases:
    Purchases of goods and services can be made with the E*TRADE ATM/ Check Card and PIN at any Visa accepted merchant location. Payment for these purchases will be withdrawn from your brokerage account. To avoid point-of-sale fees, select the "pay by credit" option (just as you would for a credit card transaction), rather than the "pay by debit" option. If you select the "pay by debit" option and enter your PIN, you may be responsible for any related point-of-sale fees.

    Cash Withdrawals and Visa Purchases:
    Your ATM/Check Card will be accepted at any Visa merchant location or any Visa member bank branch. You can use your ATM/Check Card and signature to make purchases at Visa merchant locations just as you would with a credit card, however, the cost of purchases will be withdrawn immediately from your brokerage Account. You can also use your ATM/Check Card and signature to make cash withdrawals at any Visa member bank branch. You understand that using your ATM/Check Card is another way of accessing your brokerage account, and that the amount of these purchases will be withdrawn from your brokerage account. The E*TRADE ATM/Check Card offers you the added benefit of using margin available balances in your brokerage account in addition to your cash position in money funds or credit interest as a basis for your withdrawals.

    You authorize E*TRADE to debit or credit your account as appropriate for the total amount of any sales draft, cash withdrawal slip or credit voucher originated by your proper use of the ATM/Check Card. Each debit entry originated by your proper use of the ATM/Check Card will be handled like a check written on your account. Each credit entry arising out of a transaction originated by your proper use of the ATM/Check Card will be handled like a deposit to your account.

    Applicable to All ATM/Check Card Transactions:
    The use of the ATM/Check Card to purchase goods and services at merchant locations or to withdraw cash will constitute a simultaneous withdrawal from and/or demand upon your brokerage account, even though the transaction may not actually be posted to your account until a later date. Transactions will be posted to your account in the order and with the same legal effect as checks drawn on the account. Any merchant honoring the ATM/Check Card may be required to obtain approval or authorization for any transaction over a certain dollar amount. This authorization will create a hold on your account for the authorized amount. Any hold placed on your account may reduce the available funds in your account so that other checks or transfers, or stock purchases presented to E*TRADE for payment may not be paid/executed, other transfers may not be authorized, or other checks may not be approved. You agree that E*TRADE may take this action and you agree to relieve E*TRADE of any liability for placing a hold on the account as stated.

    Limitations:
    You may withdraw up to $500 in cash per calendar day per ATM/Check Card. Your daily ATM/Check Card purchase limit is your available brokerage account balance or margin loan available, up to your ATM/Check Card daily purchase limit, which has an initial limit of $1,000 per day subject to change from time to time. No withdrawals or purchases shall, in any event, exceed the available balance and/or margin available balance of the accounts from which the withdrawals or purchases are made. Transactions made by the use of the ATM/Check Card with respect to the account are subject to this Agreement, and to the applicable laws and regulations of the United States, the State of California any agency thereof.

    Proper Use of the ATM/Check Card for Purchases and Cash Withdrawals:
    Proper use of the E*TRADE ATM/Check Card for purchases and cash withdrawals is defined as follows:
    A. Use at an ATM;
    B. Use at any Visa merchant location.
    For these transactions, other than at an ATM, "proper use" means a sales draft or cash withdrawal slip was identified by imprinting it with your ATM/Check Card or by writing your ATM/Check Card number on it. The sales draft or cash withdrawal slip was completely filled out, and the amount of it is no greater than your available balance or any limit (margin available balance) that E*TRADE may establish for your use of your ATM/Check Card from time to time. You placed one authorized signature on the sales draft or cash withdrawal slip, or if done by mail or telephone, you authorized the origination of the sales draft or cash withdrawal slip without any such signature. Note: Sales drafts that require two signatures cannot be accommodated with an ATM/Check Card. If the ATM/Check Card is issued with respect to a checking writing account that requires 2 signatures, E*TRADE may conclusively presume that the use of the card by one authorized person constitutes a waiver of the second signature requirement by all parties.

    Stop Payment and Return of Drafts:
    You waive all rights to stop payment on any sales draft or cash withdrawal slip originated by proper use of your ATM/Check Card. You also agree that E*TRADE need not return with your Account Statement, the original, copy or facsimile of any sales draft or cash withdrawal slip originated by your use of your ATM/Check Card.

    Fees:
    You agree to pay any service charge applicable to your use of your ATM/Check Card. These charges are subject to change at any time. A current list of charges can be found in E*TRADE's Schedule of Fees. You also agree to pay the usual service charges imposed on your account, including any fees for failing to maintain the specified minimum balance. You may also be charged a withdrawal fee (sometimes called a "surcharge") for cash withdrawals or other transactions completed at any ATM or Point-of-Sale Terminal. If applicable, this fee is charged by the financial institution which owns and operates the ATM or Point-of-Sale Terminal and is beyond E*TRADE's control. This charge will be in addition to any fees or charges E*TRADE may impose.

    Note: If no name is circled when there is more than one name, the number will be considered to be that of the first name listed.