Extended Hours Disclosure Agreement

It's important that you understand what's involved in extended hours trading, as it
contains certain special risks.

Extended Hours Disclosure Agreement

I. Special Extended Hours Trading Risks
We want to make sure you understand the special risks involved in Extended Hours
Trading. Extended Hours Trading means trading outside of Regular trading hours.
Regular trading hours generally means the time between 9:30 a.m. and 4:00 p.m.
Eastern Standard Time. We have highlighted some of these risks for you below. By
clicking "I Agree" after each description, you will acknowledge that you have read
and understand the particular description and its significance. If you do not
understand these risks or their significance, or if you would like to learn more about
Extended Hours Trading before proceeding, please refer to the Extended Hours
section of our Help Center or call us at 1-800-786-2575.

Risk of Lower Liquidity. Liquidity refers to the ability of market participants to buy
and sell securities. Generally, the more orders that are available in a market, the
greater the liquidity. Liquidity is important because with greater liquidity it is easier
for investors to buy or sell securities, and as a result, investors are more likely to
pay or receive a competitive price for securities purchased or sold. There may be
lower liquidity in extended hours trading as compared to regular trading hours. As a
result, your order may only be partially executed, or not at all.

Risk of Higher Volatility. Volatility refers to the changes in price that securities
undergo when trading. Generally, the higher the volatility of a security, the greater
its price swings. There may be greater volatility in extended hours trading than in
regular trading hours. As a result, your order may only be partially executed, or not
at all, or you may receive an inferior price when engaging in extended hours trading
than you would during regular trading hours.

Risk of Changing Prices. The prices of securities traded in extended hours trading
may not reflect the prices either at the end of regular trading hours, or upon the
opening the next morning. As a result, you may receive an inferior price when
engaging in extended hours trading than you would during regular trading hours.

Risk of Unlinked Markets. Depending on the extended hours trading system or the
time of day, the prices displayed on a particular extended hours trading system may
not reflect the prices in other concurrently operating extended hours trading
systems dealing in the same securities. Accordingly, you may receive an inferior
price in one extended hours trading system than you would in another extended
hours trading system.

Risk of News Announcements. Normally, issuers make news announcements that
may affect the price of their securities after regular trading hours. Similarly,
important financial information is frequently announced outside of regular trading
hours. In extended hours trading, these announcements may occur during trading,
and if combined with lower liquidity and higher volatility, may cause an exaggerated
and unsustainable effect on the price of a security.

Risk of Wider Spreads. The spread refers to the difference in price between what
you can buy a security for and what you can sell it for. Lower liquidity and higher
volatility in extended hours trading may result in wider than normal spreads for a
particular security.

Risk of Lack of Calculation or Dissemination of Underlying Index Value or Intraday
Indicative Value ("IIV"). For certain Derivative Securities Products, an updated
underlying index value or IIV may not be calculated or publicly disseminated in
extended trading hours. Since the underlying index value and IIV are not calculated
or widely disseminated during the pre-market and post-market sessions an investor
who is unable to calculate implied values for certain Derivative Securities Products
in those sessions may be at a disadvantage to market professionals.

Professional Traders. I understand that Extended Hours trading has traditionally
been dominated by professional traders. I understand that in the Extended Hours
Session, I may trade directly with professional traders who have years of experience
in Extended Hours trading and who traditionally have superior information about
particular securities, including better prices available in other markets.

Unknown Risks. I understand that, until very recently, Extended Hours trading has
not been available to the general public. This means that E*TRADE Securities LLC.
might not be able to predict and describe all of the special trading risks that could
arise in the Extended Hours market. Therefore, I agree NOT to hold E*TRADE
Securities LLC. responsible for any risks I undertake, whether described above or
not, by participating in an Extended Hours Trading Session. We reserve the right to
change this agreement at any time without prior notice.

I. Special Extended Hours Trading Risks
We want to make sure you understand the special features of our Extended Hours
Trading Session. Below, we have highlighted some significant ways in which our
Extended Hours Session differs from services we offer during regular market hours.
By clicking "I Agree" after this description, you will acknowledge that you have read
and understand the description of these special features and their significance to the
way in which you place orders and trade. If you do not understand these features or
their significance, or if you would like to learn more about our Extended Hours
Trading Session, please call us at 1-800-786-2575.

I understand the following about extended hours trading sessions at E*TRADE
Securities LLC:
Hours. An extended hours session is open for order entry and order execution from
7:00 a.m. - 8:00 p.m. ET.
ECN Connection. Orders entered during an extended hours session are routed
directly to a leading ECN. Execution of trades in an ECN may differ from executions
obtained through our regular order entry system. If you wish to have any order with
an ECN instead handled through our regular order entry system, you must cancel
your order with the ECN (by clicking Cancel Order on the E*TRADE View Open
Orders screen) and re-enter the order through our regular order entry system.
ECN Destination. NASDAQ is the primary quote provider and order routing
destination for orders entered during the extended hours session. At E*TRADE's
sole discretion, the quotes provider and order routing destination for the extended
hours session may be changed to another ECN. The types of orders, eligible
securities, and market participants for extended hours trading may be different
when the order routing destination or quotes provider for the extended hours
session is changed to a different ECN.
Securities. During the Extended Hours session, orders may be placed to trade listed
(NYSE/AMEX), Nasdaq Global Select Market and Nasdaq Global Market (formerly
called the Nasdaq National Market), and Nasdaq Capital Market securities (formerly
called the Nasdaq SmallCap Market). Orders to trade Rights and Warrants may not
be placed in the Extended Hours session.
Unexecuted Pre-Open and Regular Market Session Orders. All orders not executed
pre-open will remain with the ECN and automatically roll to the ECN's regular
market session (9:30 a.m.- 4 p.m. ET), unless you first cancel your order. Any orders
that are unexecuted at the end of the ECN's regular market session will remain with
the ECN and automatically roll through to the ECN's After Hours Session (4 p.m. - 8
p.m. ET), unless you first cancel your order. Any extended hours order not filled at
the close of the after hours session (8 p.m. ET) on the day the order was entered will
expire at that time. Again, if you wish to have any order with the ECN handled
through our regular order entry system rather than roll through to the ECN's
regular or after hours sessions, you must cancel your order with the ECN (by
clicking Cancel Order on the View Open Orders screen) and re-enter the order
through our regular order entry system.
Opening Prices. Pre-open orders that roll over to the ECN's regular session may
receive an execution that differs from executions obtained through our regular
order entry system. Pre-open orders for exchange-listed securities that roll over to
the ECN's regular session may not be eligible for execution at the primary
exchange's opening price, as they will not be traded on the exchange. There is no
guarantee that orders remaining on the ECN's book at the 9:30 a.m. opening will
receive the opening price on the exchange. Similarly, there is no guarantee that
orders for over-the-counter securities remaining on the ECN's book at the 9:30 a.m.
opening will receive either the opening print or the opening quotation. Again, if you
wish to have any order with the ECN instead handled through our regular order
entry system, you must cancel your order with the ECN (by clicking Cancel Order on
the View Open Orders screen) and re-enter the order through our regular order
entry system.
Limit Orders Only. For an extended hours session we accept only limit orders to
trade (i.e., each order you enter must identify the price, or better, at which you seek
to trade a particular security, along with the security symbol and the number of
shares). Market orders will not be accepted.
Day Orders Only. For an extended hours session we accept only orders for execution
on the current trading day (i.e., Good-Till-Canceled Orders will not be accepted in
the Extended Hours Session).
Round Lots or Odd Lots. For an extended hours session we will accept round or odd
lot orders (i.e., to buy or sell 100, 200, 110 or 250 shares).
Short Sales. For an extended hours session, you may request to sell short, although
the probability of an execution may be lower than in the regular trading session due
to liquidity issues related to ECN Trading.
No Trading in "Halted" Securities. For an extended hours session we will not accept
orders to trade in any security that is the subject of an SEC or FINRA trading halt.
Execution through the ECN. Between the hours of 7:00 a.m. and 8:00 p.m. ET, the
ECN will attempt to match your order internally (i.e., with other unexecuted limit
orders in its system). If a matching order cannot be found, your order will remain on
the ECN's order book until the order is executed, cancelled by you or has expired.
Trade Date is the Actual Date. Trades executed during an extended hours session
will clear and settle as if they had been executed during that day's regular market
session (i.e., the trade date will be deemed the actual date on which the order is
executed).
Commissions & Fees. Executed Extended Hours trades are charged our regular
commission rate plus an ECN fee of $0.005 per share.