Explanation of Responses
Name:	Citadel Advisors LLC
Address:	Citadel Investment Group II, L.L.C. 131 S. Dearborn Street, 32nd Floor Chicago, Illinois 60603
Issuer and Ticker Symbol:	E*TRADE Financial Corporation [ETFC]
Date of Event Requiring Statement:	4/19/08

CITADEL ADVISORS LLC

By:Citadel Holdings II LP,

its Sole Managing Member

By:Citadel Investment Group II, L.L.C.,

its General Partner

By:/s/ John C. Nagel                           

John C. Nagel, Authorized Signatory

JOINT FILER INFORMATION

Name:	Citadel Holdings I LP
Address:	c/o Citadel Investment Group II, L.L.C. 131 S. Dearborn Street, 32nd Floor Chicago, Illinois 60603
Designated Filer:	Citadel Advisors LLC
Issuer and Ticker Symbol:	E*TRADE Financial Corporation [ETFC]
Date of Event Requiring Statement:	4/19/08

CITADEL HOLDINGS I LP

By:Citadel Investment Group II, L.L.C.,

its General Partner

By:/s/ John C. Nagel                           

John C. Nagel, Authorized Signatory

JOINT FILER INFORMATION

Name:	Citadel Holdings II LP
Address:	c/o Citadel Investment Group II, L.L.C. 131 S. Dearborn Street, 32nd Floor Chicago, Illinois 60603
Designated Filer:	Citadel Advisors LLC
Issuer and Ticker Symbol:	E*TRADE Financial Corporation [ETFC]
Date of Event Requiring Statement:	4/19/08

CITADEL HOLDINGS II LP

By:Citadel Investment Group II, L.L.C.,

its General Partner

By:/s/ John C. Nagel                           

John C. Nagel, Authorized Signatory

JOINT FILER INFORMATION

Name:	Citadel Derivatives Group LLC
Address:	c/o Citadel Investment Group II, L.L.C. 131 S. Dearborn Street, 32nd Floor Chicago, Illinois 60603
Designated Filer:	Citadel Advisors LLC
Issuer and Ticker Symbol:	E*TRADE Financial Corporation [ETFC]
Date of Event Requiring Statement:	4/19/08

CITADEL DERIVATIVES GROUP LLC

By:Citadel Holdings I LP,

its Manager

By:Citadel Investment Group II, L.L.C.,

its General Partner

By:/s/ John C. Nagel                           

John C. Nagel, Authorized Signatory

JOINT FILER INFORMATION

Name:	Citadel Derivatives Trading Ltd.
Address:	c/o Citadel Investment Group II, L.L.C. 131 S. Dearborn Street, 32nd Floor Chicago, Illinois 60603
Designated Filer:	Citadel Advisors LLC
Issuer and Ticker Symbol:	E*TRADE Financial Corporation [ETFC]
Date of Event Requiring Statement:	4/19/08

CITADEL DERIVATIVES TRADING LTD.

By:Citadel Advisors LLC,

its Portfolio Manager

By:Citadel Holdings II LP,

its Sole Managing Member

By:Citadel Investment Group II, L.L.C.,

its General Partner

By:/s/ John C. Nagel                           

John C. Nagel, Authorized Signatory

JOINT FILER INFORMATION

Name:	Citadel Investment Group II, L.L.C.
Address:	131 S. Dearborn Street, 32nd Floor Chicago, Illinois 60603
Designated Filer:	Citadel Advisors LLC
Issuer and Ticker Symbol:	E*TRADE Financial Corporation [ETFC]
Date of Event Requiring Statement:	4/19/08

CITADEL INVESTMENT GROUP II, L.L.C.

By:/s/ John C. Nagel                           

John C. Nagel, Authorized Signatory