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THE RISK OF LOSS IN ELECTRONIC TRADING CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY DETERMINE WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR CIRCUMSTANCES AND FINANCIAL RESOURCES. IN CONSIDERING WHETHER TO TRADE, YOU SHOULD BE AWARE OF THE FOLLOWING POINTS:

You should consider the following points before engaging in a day-trading strategy. For purposes of this notice, a "day-trading strategy" means an overall trading strategy characterized by the regular transmission by a customer of intra- day orders to effect both purchase and sale transactions in the same security or securities.

Day trading can be extremely risky
Day trading generally is not appropriate for someone of limited resources and limited investment or trading experience and low risk tolerance. You should be prepared to lose all of the funds that you use for day trading. In particular, you should not fund day-trading activities with retirement savings, student loans, second mortgages, emergency funds, funds set aside for purposes such as education or home ownership, or funds required to meet your living expenses. Further, certain evidence indicates that an investment of less than $50,000 will significantly impair the ability of a day trader to make a profit. Of course, an investment of $50,000 or more will in no way guarantee success.

Be cautious of claims of large profits from day trading
You should be wary of advertisements or other statements that emphasize the potential for large profits in day trading. Day trading can also lead to large and immediate financial losses.

Day trading requires knowledge of securities markets
Day trading requires in-depth knowledge of the securities markets and trading techniques and strategies. In attempting to profit through day trading, you must compete with professional, licensed traders employed by securities firms. You should have appropriate experience before engaging in day trading.

Day trading requires knowledge of a firm's operations
You should be familiar with a securities firm's business practices, including the operation of the firm's order execution systems and procedures. Under certain market conditions, you may find it difficult or impossible to liquidate a position quickly at a reasonable price. This can occur, for example, when the market for a stock suddenly drops, or if trading is halted due to recent news events or unusual trading activity. The more volatile a stock is, the greater the likelihood that problems may be encountered in executing a transaction. In addition to normal market risks, you may experience losses due to system failures.

Day trading will generate substantial commissions, even if the per trade cost is low
Day trading involves aggressive trading, and generally you will pay commissions on each trade. The total daily commissions that you pay on your trades will add to your losses or significantly reduce your earnings. For instance, assuming that a trade costs $16 and an average of 29 transactions are conducted per day, an investor would need to generate an annual profit of $111,360 just to cover commission expenses.

Day trading on margin or short selling may result in losses beyond your initial investment
When you day trade with funds borrowed from a firm or someone else, you can lose more than the funds you originally placed at risk. A decline in the value of the securities that are purchased may require you to provide additional funds to the firm to avoid the forced sale of those securities or other securities in your account. Short selling as part of your day-trading strategy also may lead to extraordinary losses, because you may have to purchase a stock at a very high price in order to cover a short position.

Other points to consider before engaging in day-trading include:

1. The national securities markets are extremely efficient and competitive. Successful electronic Trading typically requires skills as well as experience and knowledge of the capital markets. Many Electronic Traders are not successful. There is no guarantee that a particular individual will be successful in implementing his or her investment strategy.

2. Active Electronic Trading is designed to generate short-term profits. However, the activity also may result in losses that can exceed more than 100% of the customer's initial capital. The customer is solely responsible for any losses in his or her account.

3. Placing contingent orders, such as "stop-loss" or "stop limit' orders, will not necessarily limit your losses to the intended amounts, since market conditions on the exchange where the order is placed may make it impossible to execute such orders. You must also know that "stop-loss" and "stop limit" orders are accepted on the NYSE, AMEX, and NASDAQ.

4. Under certain market conditions, you may find it difficult or impossible to liquidate a position. This can occur, for example, when the market reaches a daily price fluctuation limit.

5. In addition to normal market risks, a customer may experience losses due to NASDAQ and/or NYSE systems failures. NASDAQ and/or NYSE systems often malfunction, and customers may experience losses due to: system crashes during both peak and low volume periods; the loss of live customer orders on SuperDOT, SUPER-MONTAGE and SelectNet; and, delayed, conflicting and inaccurate confirmations on orders or cancellations initiated by the customer. Systems failures are never the fault of the brokerage firm.

6. You will experience at times slow execution due to an Internet problem, even if you have DSL or cable access. Internet failures are never the fault of the brokerage firm.

7. Any errors or violations of securities rules made by you in your trading account will be your responsibility. No profit may be gained by trades done while in violation of any securities rules or laws.

8. The use of any margin or leverage in an account can work against you as well as for you. Leverage can lead to large losses as well as gains. You may sustain a total loss of the initial margin funds and any additional funds that you deposit with your broker to establish or maintain a position, may incur losses beyond your initial investment. If the market moves against your position, you may be called upon by your broker to deposit a substantial amount of additional margin funds, on short notice, in order to maintain your position. If you do not provide the required funds within the time required by your broker, your position may be liquidated at a loss or profit to you and you will be liable for any resulting deficit in your account.

9. You may consult your broker concerning the nature of the protections available to safeguard funds or property deposited in your account.

10. By signing this document you agree that you fully understand the rules and regulations governing the execution of NASDAQ stocks. including but not limited to Level II, SUPER-MONTAGE, SelectNet, Market Makers and ECNs.

THIS BRIEF STATEMENT CANNOT, OF COURSE, DISCLOSE ALL THE RISKS AND OTHER ASPECTS OF ELECTRONIC TRADING. THESE STATEMENTS DO NOT PURPORT TO BE COMPLETE. NO RESPONSIBILITY IS ASSUMED WITH RESPECT TO ANY SUCH STATEMENT, NOR WITH RESPECT TO ANY EXPRESSION OF OPINION HEREIN CONTAINED. THE RISK OF ELECTRONIC TRADING MAY BE SUBSTANTIAL. ONLY RISK CAPITAL SHOULD BE USED FOR SUCH TRADING.