
          USER LICENSE AGREEMENT  
          
          Limited Use 
          
          Charlton Woolard (hereafter referred to as "Developer") hereby
          grants you a limited, non-exclusive license to use "SmartBroker"
          software program (hereafter the "Software"), as well as the
          diskette ("Diskette") and the printed documentation
          ("Documentation") contained in the accompanying binder, in the
          manner described in this Agreement. The Software and
          Documentation are copyrighted and all rights are reserved to
          "Developer" or the parties under whose license "Developer"
          provides the Software (the "Software Originators"). You may use
          the Software only on a single machine with one input terminal.
          All copying of the Software and the Diskette is strictly
          prohibited except for loading the Software from the Diskette into
          the computer memory for the purpose of executing the program and,
          where the accompanying Documentation expressly permits it, for
          back-up purposes in support of your use of the Software on a
          single machine.  You are granted no other rights to copy,
          duplicate, modify, adapt or lend, sell, or otherwise transfer the
          Software, Diskette or Documentation. Further, the license of the
          Software is personal to you and may not be sublicensed or
          otherwise transferred to any third party. You are granted no
          right to use the source code of the Software in any manner.
          Database Information The Software enables you to access   
          information from various databases ("Database Information"). The
          Database Information is owned by certain other companies and
          entities, including but not limited to various securities
          markets, such as stock exchanges, and their affiliate
          (collectively, "Information Suppliers"), and is protected by
          copyright. The Database Information is provided solely for your
          personal use, and may not be copied (except in connection with
          your personal, non-commercial use of the Software),
          retransmitted, sold or distributed in any way by you. The
          Database Information is transmitted to you by certain entities
          hereafter referred to as the "Information Transmitters."  Limited
          Warranty, Limitation of Liability "Developer" warrants to you
          that the Diskette (i.e., the magnetic media on which the Software
          is recorded) and the Documentation will be free from defects in
          materials and workmanship for a period of ninety (90) days from
          the date of delivery to you, as evidenced by a copy of your
          receipt (the "Delivery Date"). "Developer" also warrants to you
          that the Software will perform substantially in accordance with
          the Documentation for a period of three (2) years from the
          Delivery Date, when used as directed. 
          
          THERE ARE NO OTHER EXPRESS OR IMPLIED WARRANTIES (INCLUDING
          IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A
          PARTICULAR USE) REGARDING THE SOFTWARE. DISKETTE OR
          DOCUMENTATION, EXCEPT ANY IMPLIED WARRANTIES WHICH CANNOT BE
          DISCLAIMED UNDER APPLICABLE LAW ANY SUCH IMPLIED WARRANTIES
          COVERING THE DISKETTE ARE LIMITED IN DURATION TO NINETY (90) DAYS
          FROM THE DELIVERY DATE. ANY SUCH IMPLIED WARRANTIES COVERING THE
          SOFTWARE OR DOCUMENTATION ARE LIMITED IN DURATION TO TWO (2)
          YEARS FROM THE DELIVERY DATE.
          
          "Developer" does not warrant that the Software will meet your
          requirements or that the operation of the Software will be
          uninterrupted or error free. The foregoing warranties do not
          apply if you mishandle, alter or improperly use or store the
          Software, Diskette, and/or Documentation. Although changes or
          improvements to the Software, Diskette, and/or Documentation may
          be made, "Developer" will be under no obligation to provide the
          to you. "Developer" is not responsible for problems caused by
          change in the operating characteristics of computer hardware or
          computer operating systems which are made after the release of
          the Software. No action for any breach of the above warranties
          may be commenced more than one (1) year following the expiration
          date of the applicable warranty. 
          
          YOUR SOLE AND EXCLUSIVE REMEDY FOR ANY BREACH OF WARRANTY IS THAT
          "Developer", AT ITS OPTION, EITHER WILL REFUND YOUR REPAYMENT FOR
          THE SOFTWARE UPON YOUR RETURN OF THE DOCUMENTATION DISKETTE, AND
          COPIES (IF ANY), OR WILL TAKE ONE OF THE FOLLOWING ACTIONS: 
          
          If the Diskette is not as  warranted, "Developer" will replace it
          on an exchange basis without charge. If the Documentation is not
          as  warranted, "Developer" will replace any defective pages or
          supply addenda on an exchange basis without charge. If the
          Software does not perform as warranted, "Developer" will replace
          it with a new copy of the Software on an exchange basis without
          charge. In addition to the foregoing warranties, if for any
          reason you are not satisfied with the Software, you may return
          the Documentation, Diskette and all copies (if any) made
          therefrom to "Developer" within thirty (30) days of the Delivery
          Date and "Developer" will refund your payment. Such a return will
          terminate all your rights to use the Software. 
          
          THE DATABASE INFORMATION ACCESSIBLE WITH THE SOFTWARE IS PROVIDED
          "AS IS." THERE MAY BE DELAYS, OMISSIONS OR INACCURACIES IN THE
          DATABASE INFORMATION. THERE IS NO WARRANTY OR MERCHANTABILITY, NO
          WARRANTY OF FITNESS FOR A PARTICULAR USE, AND NO OTHER WARRANTY
          OF ANY KIND, EITHER EXPRESS OR IMPLIED, REGARDING THE DATABASE
          INFORMATION.  ACCORDINGLY, THE ENTIRE RISK AS TO THE ACCURACY,
          TIMELINESS, COMPLETENESS AND CORRECT SEQUENCING OF THE DATABASE
          INFORMATION IS ASSUMED BY YOU. SHOULD ANY SUCH INFORMATION PROVE
          DEFECTIVE, YOU (AND NOT "Developer", THE INFORMATION SUPPLIERS,
          THE INFORMATION TRANSMITTERS OR ANY OTHER THIRD PARTY) ASSUME THE
          ENTIRE RESPONSIBILITY FOR ITS USE AND ITS CORRECTION. IN NO EVENT
          WILL "Developer", THE SOFTWARE ORIGINATORS, THE INFORMATION
          SUPPLIERS, OR THE INFORMATION TRANSMITTERS BE LIABLE TO YOU OR
          ANYONE ELSE FOR ANY TRADING LOSSES, LOST PROFITS, LOST DATA, OR
          OTHER CONSEQUENTIAL, INCIDENTAL, SPECIAL OR INDIRECT DAMAGES,
          EVEN IF SUCH DAMAGES OR LOSSES RESULT FROM A BREACH OF ANY
          WARRANTY OR IF "Developer" HAS BEEN ADVISED OF THE POSSIBILITY OF
          SUCH DAMAGES OR LOSSES RESULTING FROM A BREACH OF ANY WARRANTY
          YOU AGREE THAT YOU WILL HAVE SOLE AND COMPLETE RESPONSIBILITY FOR
          ANY DECISIONS MADE OR ACTIONS TAKEN BY YOU IN RELIANCE UPON THE
          SOFTWARE, DOCUMENTATION AND/OR DATABASE INFORMATION. YOU AGREE
          THAT THE LIABILITY OF "Developer", THE SOFTWARE ORIGINATORS, THE 

          INFORMATION SUPPLIERS AND THE INFORMATION TRANSMITTERS, ARISING
          OUT OF ANY KIND OF LEGAL CLAIM (WHETHER IN CONTRACT, TORT OR   
          OTHERWISE) IN ANY WAY CONNECTED WITH SMARTBROKER, WILL NOT EXCEED
          THE AMOUNT YOU ORIGINALLY PAID FOR THE SOFTWARE. 
          
          Some states do not allow limitations on how long an implied
          warranty lasts, or the exclusion or limitation of incidental or
          consequential damages, so the above limitations or exclusions may
          not apply to you. This warranty gives you specific legal rights,
          and you may also have other rights which vary from state to
          state.  No Advice By accepting this Agreement you acknowledge
          that the Software is intended only to be a computation aid and
          that neither it nor the Database Information accessible through
          its use is intended to supply investment, tax or legal advice.
          You acknowledge and agree that if you need such advice you should
          consult with professional advisors, and that you will not use or
          rely on the Software or Database Information to supply or
          substitute for such advice. You acknowledge that changes in the
          tax laws or other laws may render the Software obsolete as a
          computational aid. Trade Secrets You acknowledge that the
          Software contains trade secrets of "Developer" and/or the
          Software Originators. You agree to take all steps necessary to
          protect the Software. Documentation and Diskette, as well as any
          copies thereof, from disclosure, and specifically agree not to
          decompile, disassemble or reverse engineer all or any part of the
          source code of the Software from the object code or other
          information provided to you under this Agreement. Termination If
          you violate any item of use set forth above, this Agreement and
          the license provided hereunder will be terminated, and you agree
          to return the Documentation, Diskette and all copies (if any)
          made therefrom to "Developer" at the address below. Your
          obligations under the Agreement will remain in effect until you
          have returned all those materials. You may voluntarily terminate
          the license by similarly returning the documentation, Diskette
          and all copies to "Developer". If the license is terminated
          automatically, or voluntarily more than thirty (30) days after
          the Delivery Date, you will not be entitled to any refund or
          return of sent materials from "Developer".  General You
          acknowledge that you have read this Agreement, understand it, and
          agree to be bound by its terms. The agreement between you and
          "Developer" regarding the Software, Diskette and Documentation
          consists solely of this User License Agreement. The agreement
          does not include any other prior or contemporaneous promises,
          representations or descriptions regarding the Software, Diskette,
          Documentation, and/or Database Information, even if they are
          contained in materials provided by "Developer".  
