Dear Jason Wolfe:

Thank you for choosing Ameritrade as your discount broker. We have received 
your account application and have opened your account.  Through your account 
application you requested margin approval.  In determining which customers 
will be extended margin privileges Ameritrade considers, among other 
criteria, the following information:

- Employment Information
- Financial History
- Minimum Equity Requirements

Our review of your application revealed that you did not meet the requisite 
criteria for opening a margin account with Ameritrade.  Based on the 
information provided on your account application we will be unable to extend 
credit to you through the use of a margin account.  Your account has been 
approved as a cash account and you may trade accordingly.

We want to assure you that the information used in making this determination 
is proprietary in nature and is for Ameritrade use only.  We have not 
reported the fact that you have been denied the privilege of trading on 
margin to any credit-reporting agency.

On behalf of Ameritrade, we thank you for believing in yourself and choosing 
us as your discount brokerage.  We look forward to providing you the best 
possible trading experience.

Sincerely,

New Accounts Department
Ameritrade, Inc.