Account Application

In consideration of your firm accepting the account of the undersigned, the undersigned acknowledges and agrees that the terms under which the said account is accepted or continued are as follows:

1. Every transaction is subject to the bylaws, rules, regulations or conditions of the Exchange upon which it is executed, and if not executed upon any Exchange, to the bylaws, rules and/or regulations of any association of brokers or dealers made applicable thereto by any l aw, agreement or custom of brokers.
2. Every transaction involving future delivery is entered into with the distinct understanding that actual delivery is contemplated or intended.
3. The undersigned hereby agrees to pay any and all indebtedness of the undersigned to your firm, or secure the whole or part of such indebtedness as may be required by you or other regulatory bodies or exchanges and notified to the undersigned.
4. The undersigned agrees to pay all commissions on securities, options or commodities bought and sold by you for the account of the undersigned at the rates established by the Exchange upon which such purchase or sale takes place, and when such purchase or sale is not made upon an Exchange which so establishes commission rates, then at your prevailing rates for such transactions.
5. The undersigned hereby authorizes you to charge, and agrees to pay interest upon any debit balance of the undersigneds account with you at your customary rates as fixed by you from time to time, and you shall not be obliged to notify the undersigned of any change in such rate.
6. Any securities of the undersigned which you may have in your possession that the undersigned is indebted to you may, without notice to the undersigned together with other securities, and you may loan such securities or any part thereof either separately or together with other securities.
7. Whenever there shall be a credit balance in any account of the undersigned with your firm the amount of such credit balance need not be segregated or held separately but may be commingled with the general funds of your firm and used for the general purposes of its business and such credit balance shall be deemed to be and shall be an item an a debtor and creditor account between the undersigned and your firm, and the undersigned shall rely only on the liability of your firm in respect thereof.
8. Whenever in your discretion you shall deem it necessary for your protection by reason of insufficient of security, nonpayment by the undersigned, or otherwise, you may without demand for additional margin and without advertisement or other notice to the undersign. (a) sell or contract to sell any or all securities, options, commodities or rights held or carried for the account of the undersigned and/or (b) purchase any or all securities, options, or commodities necessary to cover short sales made on behalf of the undersigned; and any such sales or purchases for the account of the undersigned may be made upon any Exchange or public or private sale upon such terms and in such manner as you in your sole discretion may deem advisable. Any demand, advertisement or notice which may be given by you shall not be a waiver of any right to take any action authorized hereunder without demand, advertisement or notice.
9. Any security, option or commodity held by you for the account of the undersigned when the undersigned is indebted to you may be used by you for making delivery against a sale, whether a short sale or otherwise, and whether such sale is for the account of the undersigned, or of any customer of your firm, or on account, directly or indirectly, of your firm or any partner, member or employee thereof.
10. You shall be under no obligation to deliver the same certificates or securities as those deposited with you or received by you for the account of the undersigned, but your obligation to the undersigned shall be discharged by delivery of certificates or securities in an equivalent amount of the same nature and kind.
11. Any monies, securities, options, commodities, rights or other properties of the undersigned which may be in your possession may be held by you as continuing security for all the indebtedness to you of the undersigned.
12. Every transaction indicated or referred to in any notice, statement, confirmation or other communication, and every statement of account shall be deemed and treated as authorized and correct and as ratified and confirmed by the undersigned unless you shall receive from the undersigned written notice to the contrary within ten (10) days from the time such notice, statement, confirmation or other communication is forwarded by you to the undersigned by prepaid mail.
13. ARBITRATION: The undersigned acknowledges that he/she has read and understands and agrees to the following facts about arbitration procedures:
    
    1. Arbitration is final and binding on the parties.
    2. The parties are waiving their right to seek remedies in court, including the right to a jury trial.
    3. Pre-arbitration discovery is generally more limited than and different from court proceedings.
    4. The arbitrators award is not required to include factual findings or legal reasoning and any parties right to appeal or to seek modification of rulings by the arbitrators is strictly limited.
    5. The panel of arbitrators will typically include a minority of arbitrators who were or are affiliated with the securities industry.

The undersigned agrees and understands that all agreements between the undersigned and Gibraltar Capital contain an arbitration clause that requires any controversy between the undersigned and Gibraltar Capital, any of its present or former officers, directors, employees, agents, affiliates relating to any such agreement(s), in any manner or in any way arising out of the undersigneds relationship with Gibraltar Capital to be settled by arbitration in accordance with the rules then in effect of the arbitrator selected by Gibraltar Capital, judgement upon an arbitration award may be rendered in any court of competent jurisdiction.

Gentlemen:
Kindly open an account in the name and at the address shown above. We understand that your firm is not licensed, registered, or conducting business in the jurisdiction that we reside. We understand and agree that you are only prepared to open an account for us, and act as our agent for holding and/or trading in securities on the condition that we acknowledge the following. We have taken this action on our own accord based on our desire to participate in securities markets that may be outside the jurisdiction in which we reside and that we have not:

1. Solicited accounts or any orders to trade securities in the account; and/or
2. made any representation or offer of any inducement or encouraged any person or firm to enter into this relationship.

It is understood and agreed upon that the laws in the jurisdiction we reside in shall not apply to any transaction made through our accounts with you, as transactions may be made by you, as our agent, wholly outside of our home jurisdiction through the facilities of a stock exchange or other organized trading market located outside our home jurisdiction, that we are not relying on the laws of our home jurisdiction and that we agree that only the laws of the British Overseas Territory of Gibraltar shall apply in respect to any transaction and that you atone to the jurisdiction of the British Overseas Territory of Gibraltar under the arbitration rule (page 3 para 14 of the Account Application) to the exclusion of any other judicial or regulatory authority.
We acknowledge that this is an unsolicited request for an account with your firm. We also acknowledge that the terms we, us, or our when used herein shall be substituted with the words I , me , myself, or my where appropriate.
Sincerely yours