Get ready...decimalization is coming soon!

Dear SARAH:

To bring the U.S. securities markets in line with foreign markets and
make the pricing easier to understand, the Securities Industry
Association and the Securities and Exchange Commission have agreed to
convert the existing U.S. stock and exchange-traded options markets
from fraction to decimal-based pricing. The SEC has recently mandated
that this project be initiated no later than September 5, 2000.

As of this date, it hasn't been decided whether stocks will be traded
in nickel or penny increments. The NYSE will begin testing the decimal
system in September with a group of 50 stocks traded to the penny,
while all others will continue to be quoted in fractions. To ensure
that the transition progresses smoothly, with no disruption to the
functioning of the market, other stocks and options will convert
gradually to decimal pricing over a period of six months.

What this means to you as an E*TRADE customer:

Decimalization means you'll soon see the prices for stocks and options
quoted the same way they are at the grocery store or the gas station:
$20.50 (not $20-1/2) and $35.25 (not $35-1/4). By April 1, 2001, every
price you see on your trade confirmations, statements, on the E*TRADE
Web site, in the newspapers, and on the stock tickers on television
will be expressed in decimals.

E*TRADE is prepared to do everything possible to make this transition
from fractions to decimals a smooth one. Beginning in August, we will
post more information about the conversion to decimal pricing on our
Web site. Please check regularly for updates.

As always, thank you for investing with E*TRADE. We look forward to
serving you for many years to come.

Sincerely,

Suzi White
E*TRADE Vice President, Service Quality

P.S. Remember, stay tuned to the E*TRADE Web site for updates. In the
meantime, check out the following sites for additional information.

Securities and Exchange Commission (SEC)
Office of Investor Education and Assistance
http://e-trade.0mm.com/ETR066009+C

National Association of Securities Dealers (NASD)
Decimalization Program Management Office
http://e-trade.0mm.com/ETR066010+C

New York Stock Exchange
http://e-trade.0mm.com/ETR066011+C

Securities Industry Association (SIA)
http://e-trade.0mm.com/ETR066012+C

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