I hereby submit this application in order to open an account at Global-American Investments, Inc. I intend to use this account to engage in active trading of securities. I understand that Global-American Investments, Inc. will execute my trades utilizing the best method it deems appropriate.

I understand that the risk of loss in active trading of securities can be substantial. I acknowledge that Global-American Investments, Inc., does not provide investment advice, and tax advice or legal advice regarding the suitability or profitability of a security or investment. I acknowledge that Global-American Investments, Inc., does not make recommendations.

I understand that other persons, such as educators, newsletter writers, other broker dealers, independent contractors or other customers, who make recommendations or suggestions or who provide Global-American Investments, Inc.. with names of prospective customers are not permitted to solicit or accept accounts or orders or to act or say anything on behalf of Global-American Investments, Inc.. Further-more, Global-American Investments, Inc. cannot vouch for the accuracy or completeness of any information or advice you may have received or receive in the future from any person not employed by Global-American Investments, Inc., regarding stock, stock options, commodity or commodity option trading or the risks involved in such trading, that Global-American Investments, Inc.. shall not be responsible for any loss to you resulting from any firm or individual supplying you with advice or information.

I understand that active trading involves entering into many more transactions than does traditional investing. I further understand that as a result of this high volume of transactions. Even though the commissions charged byGlobal-American Investments, Inc.. are substantially discounted. I will incur substantial commissions costs commonly associated with active trading. I further understand that the commission costs I will incur will be significantly higher than is the case with traditional investment strategy because of the high volume of trades initiated. Commission costs will be incurred regardless of whether I make or lose money on a trade.

I acknowledge that I will be the only authorized user of my account. I will be fully responsible for the confidentiality and use of my user name(s) and password(s) and I agree that I will be fully and solely responsible for all activities, including brokerage transactions, which arise from the use of my user name(s) or password(s). Further more, I accept full responsibility to educate myself as to the usage of the software and hardware used in electronic trading.

I acknowledge and accept the inherent risks of electronic trading. I acknowledge that these risks include but are not limited to power failures, software failures, equipment failures and communication failures. I agree to indemnify and hold Global-American Investments, Inc. harmless from and against any and all claims, losses, liability, costs and expenses (including but not limited to attorney's fees) caused directly or indirectly by government restriction, exchange or market ruling, communications or power failure, equipment or software malfunctions, wars, strikes or any other cause Global-American Investments, Inc., reasonable control.

Your execution of this agreement indicates your acceptance of all of the terms noted above. All rights reserved ®2000 Global-American Investments, Inc. All securities offered through Global-American Investments, Inc.; Member of NASD/SIPC. All securities and accounts are cleared by Penson Financial Services Inc.; Member of NASD/SIPC/MSRB.