It can be easy to invest with confidence.

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=09 [IMAGE] [IMAGE] Dear larry, When it comes to helping you find the =
right investment opportunities in today's market, E*TRADE can help. We hav=
e a powerful array of easy-to-use tools and services-all designed to help =
you understand today's market and invest with confidence. In addition to=
providing you insightful tools and services, we're also here to answer yo=
ur questions and offer guidance if you need it. It's our goal to help you =
find-and make the most of-the right investment opportunities. We'll start=
by offering you 25 trades on us, just for opening and funding an E*TRADE
brokerage account. See how E*TRADE makes it easier for you to invest =
with confidence: Start with Mutual Funds - E*TRADE PowerSearch
can help you find the mutual funds that may be right for you.2 See funds=
that have received Morningstar's3 independent rating of five stars.4 K=
nowledge is Power - For great ideas on investing your tax rebate, and to =
learn more about the $1.35 trillion tax cut, drop by our Tax Center. We've=
also got time-tested investment strategies, and investing fundamentals at=
our Knowledge Center. Investing in Bonds - Visit our Bond Center and c=
hoose from over 7,500 individual bonds-from treasuries to corporate and mu=
nicipal bonds. For bond funds,5 check out the E*TRADE Mutual Fund ALL-STAR=
List.6 GET STARTED TODAY! Open an E*TRADE brokerage account with a $1,00=
0 minimum deposit by December 31, 2001 and you'll receive up to 25 stock t=
rades on us! (E*TRADE will rebate commissions for up to 25 stock trades ma=
de during your first month as an E*TRADE customer.) [IMAGE] [IMAGE]=
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[IMAGE]=09 1 Offer not valid for IRAs, other retirement, business, club, =
or E*TRADE Bank
accounts. Excludes existing E*TRADE customers, E*TRADE Associates, and no=
n-U.S. residents. E*TRADE will rebate the commission of up to $19.95 per t=
rade to a maximum of 25 stock trades for the first 30 days the qualifying =
account is open. You will pay the normal commission rate for stock trades =
at the time of the trades, and your account will be credited with the reba=
te within eight weeks of account approval and funding. For listed orders o=
ver 5,000 shares, add $0.01/share to the entire order. Add $35.00 for brok=
er-assisted trades. Rebate applies to stock transactions only. Account hol=
ders must maintain minimum funding in all accounts ($1,000 for cash accoun=
ts, $2,000 for margin accounts, less any losses) for at least six months. =
E*TRADE reserves the right to terminate this offer at any time. Not valid =
with any other offer. This offer is non-transferable. 2 For a prospe=
ctus containing further information, including charges and expenses, pleas=
e go to www.mutualfunds.etrade.com . Read the prospectus carefully before y=
ou invest. The prospectus contains important information about the goals, =
risks, expenses, and investment strategies applicable to the fund. 3 E*TR=
ADE allows you to invest online in thousands of mutual funds. E*TRADE prov=
ides, for informational purposes only, data about the various mutual funds=
published by independent third parties, such as Morningstar, Inc. and New=
River. E*TRADE does not guarantee the appropriateness, fitness, or suitab=
ility of any mutual fund. 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 r=
ecommendation or endorsement by E*TRADE as to any investment may be inferr=
ed from the data provided. 4 The Morningstar star rating takes a broad-=
based approach to looking at funds. To determine a fund's star rating for =
a given period (three, five, or ten years), the fund's Morningstar Risk sc=
ore is subtracted from its Morningstar Return score. The resulting number =
is plotted along a bell curve to determine the fund's rating for each time=
period: If the fund scores in the top 10% of its broad investment class(d=
omestic stock, international stock, taxable bond, or municipal bond), it r=
eceives five stars (Highest); if it falls in the next 22.5%, it receives f=
our stars (Above Average); a place in the middle 35% earns it three stars =
(Average); those in the next 22.5% receive two stars (Below Average); and =
the bottom 10% get one star (Lowest). 5 You can obtain the prospectus =
online for mutual fund shares available for purchase through E*TRADE. Rea=
d the prospectus carefully before you invest in any mutual fund. The prosp=
ectus 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, st=
atement of additional information, report to shareholders, or proxy solici=
tation materials. 6 Inclusion of a fund in the E*TRADE Mutual Fund ALL-S=
TAR List is based on historical performance and is not intended to be pred=
ictive of future performance of the fund. Morningstar selects fund for inc=
lusion through independent analysis based on quantitative factors, such as=
total return, risk, manager tenure, and expenses; as well as a qualitativ=
e analysis performed by Morningstar analysts. HOW TO UNSUBSCRIBE: You rec=
eived this e-mail because you registered on the E*TRADE Web site, or on one=
of our partners' sites. If you do not want to receive partner e-mail offer=
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ou are subscribed at: lcampbel@enron.com E*TRADE takes your privacy serious=
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our Privacy Policy . System response and account access times may vary d=
ue to a variety of factors, including trading volumes, market conditions, =
and system performance. The services described herein are available to U.S=
. residents only. ?2001 E*TRADE Securities, Inc. Member NASD/SIPC. All r=
ights reserved. E*TRADE and the E*TRADE logo are trademarks or registered =
trademarks of E*TRADE Group, Inc. or its subsidiaries. =09

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