Leverage Alert: iShares Lehman 20+ year treasury bond

ALL LEVERAGE SERVICES

THURSDAY, JANUARY 13, 2005
½-POSITION CLOSEOUT INSTRUCTIONS!

CANCEL ANY OPEN ORDERS AND PLACE A DAY-LIMIT ORDER TO SELL (TO CLOSE) THE
FIRST ONE-HALF OF YOUR POSITION IN THE ISHARES LEHMAN 20+ YEAR TREASURY
BOND FUND (TLTAJ) AT 1.50 OR BETTER.

IF THIS INITIAL ONE-HALF POSITION HAS NOT BEEN CLOSED BY 11:00 A.M. EASTERN
TIME, CANCEL YOUR DAY-LIMIT ORDER AND PLACE AN ORDER TO SELL (TO CLOSE) THE
ONE-HALF POSITION AT THE CURRENT MARKET PRICE.

THE OPTION IS CURRENTLY BID AT 1.75, ASKED AT 1.95.

TLT IS CURRENTLY AT 89.76.

WE RECOMMEND EXITING THE FIRST HALF OF THE POSITION AT THIS TIME AND
CONTINUING TO HOLD THE SECOND HALF OF THE TRADE.

YOU WILL NOT RECEIVE FURTHER COMMUNICATION CONCERNING THIS TRADE, INCLUDING
CLOSEOUT INSTRUCTIONS, IF YOUR SUBSCRIPTION IS NOT ACTIVE AT THE TIME WE
ISSUE FOLLOW-UP INSTRUCTIONS.