$5,000 minimum equity is required to establish and maintain a margin account. All applicable originally signed agreements must be on file prior to making the first trade in the account.    Margin and maintenance requirements are set by the Federal Reserve and First Southwest Company.   These requirements are subject to change without notice.

EQUITIES	Share Price	Inital Requirement	Maintenance Requirement
Long Stock	$5 and below $5 1/8 and above	100% 50%	100% of market value 35% of market value
Short Stock	$1/8   - $2.50 $2.50 - $5.00 $5.00 - $16 5/8 over     $16 5/8	50% 50% 50% 50%	$2.50 per share 100% of market share $5.00 per share 30% of market value
BONDS	Bond-Type	Inital Requirement	Maintenance Requirement
Corporate (Convertible) Corporate (Non-Convertible) Municipal		50% 25% 25% of market value	35% 20% 15% of market value 10% of principal, which ever is greater
US Treasury Bills US Treasury Bonds & Notes		1% of market value 10% of market value or 6% of principal, which-ever is greater	same as inital same as intial

OPTIONS:
Covered Writing:	The sale of a call cannot be made in a cash account unless the underlying security is long in the account, prior to the sale.
Purchase to Open:	100% of total trade cost must be on deposit in cleared funds prior to placing an order.
Naked Options:	$20,000 minimum equity or premium plus 20% of underlying stock value minus out-of-the-money, whichever is greater.
Spread Positions:	Bull - $25,000 minimum equity plus premium debit Bear - $25,000 minimum equity plus the difference between the strike price Index - $50,000 minimum equity

Interest on Margin Debit Balances

$0 - $ 9,999 $10,000 - $49,999 above $50,000

2% above Representative's call rate 1 1/2% above Representative's call rate 3/4% above Representative's call rate