Davis Polk Advises E*TRADE on Block Trade by Citadel

3 May 2011 – Davis Polk advised E*TRADE Financial Corporation in connection with an SEC-registered block trade by Citadel Equity Fund Ltd., an affiliate of Citadel LLC, of 27,500,000 shares of E*TRADE common stock. The aggregate proceeds to the selling holder are approximately $450 million. The offering will reduce Citadel’s equity ownership in E*TRADE from approximately 19% to approximately 9.8%.

E*TRADE Financial Corporation is a financial services company that provides online brokerage and related products and services primarily to individual retail investors.

The Davis Polk corporate team included partners Daniel G. Kelly Jr. and Sarah K. Solum and associates Jeffrey Gould, Jeffrey C. Lau and Steve Valenzuela. Partner Rachel D. Kleinberg and associate M. Ryan LaRosa provided tax advice. Kimberly Kakade was the legal assistant on the transaction. All members of the Davis Polk team are based in the Menlo Park office.

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