National Discount Brokers

NDB is an indirect subsidiary of Deutsche Bank AG. With over 967 billion euros (approximately $911 billion) in assets as of December 31, 2000, and 95,000 employees, Deutsche Bank offers its more than 9 million clients unparalleled financial services throughout the world. It ranks among the global leaders in asset management, capital markets, corporate finance, custody, cash management, and private and retail banking.

FOUR WAYS TO TRADE

National Discount Brokers offers four ways to trade: ndb.com, state-of-the-art phone system, wireless device, and by more traditional means.

Ndb.com was inspired by professional traders' workstations; with all critical information on a single screen. The simple design and layout allows individual investors to quickly take advantage of and master ndb.com's powerful trading, research, and account management tools. At ndb.com, you can research a hot stock, trade, customize, get real-time quotes, check your account status, receive pop-up trade notifications, and much more.

PowerBroker is NDB's state-of-the-art touchtone phone trading system. Once connected to PowerBroker, you can trade; get real-time quotes; review, cancel, or modify open orders; review trade executions; check positions and balances; perform account administration; and speak with an investor representative.

Investor service representatives are available via e-mail, fax, phone, live chat, or regular mail.

NDB currently offers wireless services to customers over the Palm or Visor handheld devices through NDB Mobility. Beginning in mid-April, they will also offer services through Wap phones and Rim two-way pagers. With NDB Mobility, customers can:

Receive real-time quotes and news.

Create a watch list of up to 10 equities displaying the symbol, the last trade price, the change on the day, and the high and low for the day.

Obtain a Quote Snapshot with all of the information provided in the watch list, in addition to the current bid and ask price and the current volume traded.

Place stock trades in the Nasdaq, NYSE, or AMEX exchanges.

View the status of open orders with the option to cancel or replace stock orders.

View account value, positions, and account history.

COMMISSION SCHEDULE

With NDB's TLC (Trade at Lower Commission) program, you can make multiple trades of the same stock, on the same side of the market, on the same day, and pay full commission only once N on the initial trade. Each additional same-side, same-day trade costs you just $3.95.

Listed orders exceeding 5,000 shares will incur an additional $0.01 per share charge on the total amount of shares. This applies to individual and multiple executions under NDB's Tlc program.

- NTF: No transaction fee
- Same family fund exchanges: $15
- Early redemptions: $51
- There is a minimum purchase and holding period for our NTF No-Load selection of funds.

The following services are available to NDB customers and are listed by Concierge, Active Trader and Core Services.

CONCIERGE SERVICES

High-net-worth clients (customers who maintain high account balances and trade in excess of 200 trades per month) are eligible to become Concierge Customers. These customers are offered the following services:

Concierge relationship managers: Concierge customers are supported by a dedicated relationship manager and have access to a toll-free line and personalized service.

IPOs: Concierge customers have access to initial public offerings through Deutsche Banc Alex Brown.

NDB Select: NDB's high-net-worth customers can access streaming, real-time Nasdaq Level II quotes. Additional NDB Select features include a quote grid display, top 10 most active (winners, losers, and so on), equity information, time and sales of executions, quick snap quote, news (from providers such as Dow Jones and Comtex), real-time charts, real-time tickers, and advanced option quotes and analysis.

Reduced margin rates.

Free-for-life IRA accounts.

Free asset management accounts: Concierge customers can enroll in a free Platinum ProCash Plus Asset Management account. The comprehensive account service includes free check writing, debit card access, direct deposit capabilities, bill payment service, and tax-lot accounting. All activity is reflected in a consolidated monthly statement.

Institutional money market rates: Customers with high cash balances qualify for institutional money market rates.

New product releases: Concierge customers receive a first look at new products and services.

ACTIVE TRADERS

Customers averaging 10 or more trades per day are eligible to become Preferred Customers. These clients are offered the following services: