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Covington Advises E*TRADE Bank in Investment


NEW YORK, NY, November 30, 2007 — E*TRADE FINANCIAL Corporation has announced an agreement that will result in a cash infusion of $2.5 billion. The transaction, led by affiliates of Citadel Investment Group, includes immediate funding of approximately $2.4 billion with the remaining $150 million expected to fund by January 15, 2008. Covington & Burling LLP advised E*TRADE Bank on the transaction.

The Covington team was led by Jean Veta and Stuart Stock, who handled bank regulatory matters and Scott Smith and Stephen Infante, who advised on corporate matters. Ms. Veta and Mr. Stock are partners based in the firm’s Washington office; Mr. Smith and Mr. Infante are partners based in New York.

E*TRADE FINANCIAL, with more than 4.7 million customer accounts worldwide and $227 billion of assets under management as of October 31st, is a global financial services leader. Its banking and lending products and services are offered by E*TRADE Bank, a Federal savings bank, Member FDIC, or its subsidiaries.

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