CATHAY MERCHANT GROUP, INC.
EXHIBIT 10.1 - SHARE PURCHASE AGREEMENT
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:right;'><font size=2>Exhibit 10.1</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><small>SHARE</small> <small>PURCHASE</small> <small>AGREEMENT</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font SIZE=2>BY AND BETWEEN</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><small>BLAKE</small> <small>INTERNATIONAL</small> <small>LIMITED</small></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font SIZE=2>AND</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><small>CATHAY</small> <small>MERCHANT</small> <small>GROUP</small> <small>LIMITED</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Dated as of June 30, 2005</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.06in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;line-height:120%;'><font size=2>-1-</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;line-height:120%;'><b><font SIZE=2>THIS SHARE PURCHASE AGREEMENT</font></b><font size=2> dated for reference the 30</font><sup><font size=2>th</font></sup><font size=2> day of June 2005,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font SIZE=2>BETWEEN:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:justify;'><b><font SIZE=2>BLAKE INTERNATIONAL LIMITED</font></b><font size=2>, Trident Chambers, Wickhams Kay 1, Road Town, Tortola, British Virgin Islands, IBC Number 173233</font><font size=2> </font><font size=2>(</font><b><font size=2>"Seller"</font></b><font size=2>);</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font SIZE=2>AND:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:justify;'><b><font SIZE=2>CATHAY MERCHANT GROUP LIMITED</font></b><font size=2>, having an office at Offshore Chambers, P.O. Box 217, Apia, Samoa, (</font><b><font size=2>"Buyer"</font></b><font size=2>),</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.98in;text-align:justify;'><b><font size=2>(</font></b><font size=2>each a</font><b><font size=2> &#147;Party&#148; </font></b><font size=2>and collectively the</font><b><font size=2> &#147;Parties&#148;).</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font SIZE=2>WHEREAS:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blake International Limited owns all of the Shares of the Company which holds all of the share capital of MAW Mansfelder Aluminiumwerke GmbH, a German manufacturer of aluminium products (</font><b><font size=2>&#147;Products&#148;</font></b><font size=2>), serving international markets;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cathay Merchant Group Inc. (</font><b><font size=2>&#147;CMG Inc.&#148;</font></b><font size=2>), the parent of Cathay Merchant Group Limited, set up a trading platform for trading of the Products on the international aluminium markets;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMG Inc. wishes to complement its business activities through the acquisition of production facilities in Europe; and </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Therefore, CMG Inc., upon having performed a due diligence, wishes to acquire the Company through its wholly owned subsidiary Cathay Merchant Group Limited. Blake International Limited is willing to sell the Shares on the terms and conditions hereof.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font SIZE=2>NOW THEREFORE THIS AGREEMENT WITNESSES THAT</font></b><font size=2> in consideration of the respective agreements hereinafter set forth, and for other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged by each of the parties hereto), the parties acknowledge, declare, covenant and agree as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1.</font></b></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font SIZE=2>DEFINITIONS, INTERPRETATION</font></b></u></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.01</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Definitions. </font></b><font size=2>When used in this Agreement (including the Recitals and any Schedules hereto) or any amendment hereto, the following terms shall, unless otherwise expressly provided or the context otherwise requires, have the following meanings, respectively:</font></p> </td> </tr>
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<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>"Accounts" </font></b><font size=2>means the financial statements of the Company and MAW with reference to the last 3 financial years;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>"Accounts Date"</font></b><font size=2> means the date of reference of the last approved financial statements;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>&#147;Adjustment Amount&#148;</font></b><font size=2> means the lesser of (i) the positive balance, if any, between the Evaluation Result and the Basis Purchase Price and (ii) 12% of the Basis Purchase Price;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>&#147;Agreement&#148;</font></b><font size=2> means this agreement and its annexes and schedules;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>&#147;Applicable Law&#148;</font></b><font size=2> means</font><b><font size=2> </font></b><font size=2>the laws of</font><b><font size=2> </font></b><font size=2>Germany;</font><b><font size=2>  </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.39in;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.39in;text-align:left;'><b><font size=2>&#147;Appraiser&#148;</font></b><font size=2> means KPMG Deutsche Treuhandgesellschaft Aktiengesellschaft KPMG or any comparable accounting firm; </font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>&#147;Basis Purchase Price&#148;</font></b><font size=2> means an amount of EUR 8,280,000; </font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>&#147;Cash Portion&#148;</font></b><font size=2> means that portion of the Basis Purchase Price that is payable in cash and which amounts to Euro 4,000,000; </font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:center;'><font size=2>-2-</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>"Closing"</font></b><font size=2> means completion of the sale and purchase of the Shares by the performance by the parties of their respective obligations under Article 6;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>"Closing Date"</font></b><font size=2> means the date on which the Closing takes place and which is scheduled by the Parties for June 30, 2005;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>"Company"</font></b><font size=2> has the meaning set out in </font><b><font size=2>Schedule 1</font></b><font size=2> and, as the context may require, in particular as to the Warranties and representations, means additionally MAW;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>"Day"</font></b><font size=2> means a calendar day;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>&#147;Default Interest&#148;</font></b><font size=2> means interest at the rate of 10% per annum;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>&#147;Deferred Purchase Price Portion&#148;</font></b><font size=2> means an amount of EUR 4,280,000;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in; text-indent:0.09in;text-align:justify;'><font size=2> &#147;</font><b><font size=2>Encumbrances</font></b><font size=2>&#148; shall mean any claims, interest, option or pre-emption right or other rights of any parties, charges, pledges, mortgages, special or general privileges, security, actions, liens, or encumbrances and the like of whatever nature;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><font size=2>"</font><b><font size=2>Environmental Law</font></b><font size=2>" means all laws, regulations, directives, codes of practice, circulars, guidance notes and the like concerning the protection of human health or the environment or the conditions of the workplace or the generation, transportation, storage, treatment or disposal of dangerous substances;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><font size=2>"</font><b><font size=2>Environmental License</font></b><font size=2>" means any permit, licence, authorization, consent or other approval required under or in relation to any Environmental Law;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.39in;text-align:left;'><b><font size=2>&#147;Evaluation&#148;</font></b><font size=2> means the evaluation of the Company by the Appraiser as set out in Clause 4.04 </font><i><font size=2>(Evaluation)</font></i><font size=2>; </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.39in;text-align:left;'><font style='background-color:yellow'><font size=1>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.39in;text-align:left;'><b><font size=2>&#147;Evaluation Result&#148;</font></b><font size=2> means the value of the Company in accordance with the Evaluation; </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.39in;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.39in;text-align:justify;'><b><font size=2>"GAAP"</font></b><font size=2> means German generally accepted accounting principles consistently applied;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>"Intellectual Property Rights" </font></b><font size=2>mean any trademarks, service marks, trade and business names (including internet domain names), rights in designs, patents, copyrights, moral rights and rights in know-how, software and database rights and other intellectual property rights, as related to the Company, in each case whether registered or unregistered and including applications for the grant of any of the foregoing and all rights or forms of protection having equivalent or similar effects to any of the foregoing which may subsist anywhere in the world;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>&#147;Material Adverse Change&#148;</font></b><font size=2> means any changes in the business, operations, properties, prospects, assets or condition (financial or other) of the Company or MAW, of a nature to fundamentally alter the economics of this Agreement;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>&#147;MAW&#148; </font></b><font size=2>means MAW Mansfelder Aluminiumwerke GmbH, a limited liability company established under German law; </font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>&#147;Note&#148;</font></b><font size=2> means the 4.2% p.a. interest bearing promissory note in the principal amount equal to the Deferred Purchase Price Portion, with interest payable annually,</font><font size=2><font face="Arial"> </font></font><font size=2>issued by the Purchaser and CMG Inc. as joint and several debtors substantially in the forms as attached in </font><b><font size=2>Schedule 3 </font></b><i><font size=2>(Note)</font></i><font size=2>; </font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2> "Purchase Price"</font></b><font size=2> means the sum of the Basis Purchase Price and the Adjustment Amount;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>"Shares"</font></b><font size=2> means all the shares held by the Seller in the Company as referred to in </font><b><font size=2>Schedule 2</font></b><font size=2>;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>&#147;Share Transfer Deed&#148;</font></b><font size=2> means the assignment of the Shares by means of a notarial transfer deed as required under the German Limited Liabilities Companies Act;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>&#147;Territory&#148; </font></b><font size=2>means the Far East countries and China;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:center;'><font size=2>-2-</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>&#147;Valuation Method&#148;</font></b><font size=2> means the calculation of the discounted cash flow using the net method, i.e. the valuation is based on the opportunities the owners will have to withdraw funds less interest and the principal payments to the providers of loans (equity method of the discounted cash flow method);</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>&#147;Warranty&#148;</font></b><font size=2> and &#147;</font><b><font size=2>Warranties</font></b><font size=2>&#148; mean those representations warranties given by the Seller to the Buyer and contained in </font><b><font size=2>Schedule 4</font></b><font size=2>; and</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><b><font size=2>"Warranty Breach"</font></b><font size=2> means any claim for breach of a Warranty as referred to in Schedule 4.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.02</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Headings, etc.</font></b><font size=2>&nbsp;&nbsp;&nbsp;  The division of this Agreement into Articles and Sections and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement.</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.03</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Gender and Number.</font></b><font size=2>  Words imparting the singular number include the plural and vice-versa and words imparting gender include the masculine, feminine and gender neutral and vice versa as the context requires.</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.04</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Amendment.</font></b><font size=2>  No amendment of any provision of this Agreement shall be effective unless the same is in writing and signed by each party hereto.</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.05</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Currency.</font></b><font size=2>  Unless otherwise specified herein all references to &#147;Euro&#148;, &#147;EUR&#148; or &#147;&#128;&#148; shall be references to the legal currency of the European Single Currency Union;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.06</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Accounting Terms.</font></b><font size=2>  All accounting terms not specifically defined herein shall be construed in accordance with GAAP.</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.07</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Schedules.</font></b><font size=2>  All documents attached and referred to in this Agreement and the following Schedules attached hereto are integral to and form part of this Agreement:  </font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>Schedule 1 &#150; Company</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>Schedule 2 &#150; Shares</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.98in;text-align:left;'><font size=2>Schedule 3 &#150; Note</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.98in;text-align:left;'><font size=2>Schedule 4 &#150; Representations and Warranties</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.39in;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.</font></b></p> </td>
        <td width="284" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font SIZE=2>GOOD FAITH AND FAIR DEALING</font></b></u></p> </td> </tr></table>

<p style=' margin-bottom:6pt; margin-top:0pt; margin-left:0.39in;text-align:justify;'><font size=2>In carrying out their obligations under this Agreement the parties will act in accordance with the principles of good faith and fair dealing and the provisions of this Agreement, as well as any statements made by the parties in connection with this Agreement, shall be interpreted in accordance with the principles of good faith and fair dealing,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="648" style=' margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>3.</font></b></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font SIZE=2>OBJECT OF THE AGREEMENT</font></b></u></p> </td>
        <td  width="354">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.01</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Object of agreement.</font></b><font size=2>&nbsp;&nbsp;The object of this Agreement is to set out the terms including the conditions to and the timing of the sale and purchase of the Shares.</font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.02</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Agreement to sell and purchase. </font></b><font size=2>The Seller hereby agrees to sell and the Buyer agrees to purchase the Shares for the Purchase Price free and clear of all Encumbrances. </font></p> </td> </tr>
    <tr>
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.03</font></p> </td>
        <td  colspan="3" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Transfer of Shares.</font></b><font size=2>&nbsp;&nbsp;The Shares shall be transferred in accordance with </font><u><font size=2>Clause 6</font></u><font size=2> </font><i><font size=2>(Closing)</font></i><font size=2>.</font></p> </td> </tr>
    <tr>
        <td width="39" ></td>

        <td width="0" ></td>

        <td width="267" ></td>

        <td width="369" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>-3-</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="648" style=' margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>.</font></b></p> </td>
        <td  colspan="4" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font SIZE=2>PRICE</font></b></u></p> </td>
        <td   colspan="6">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.01</font></p> </td>
        <td  colspan="9" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Purchase Price.</font></b><font size=2>&nbsp;&nbsp;As consideration for the assignment and transfer of the Shares, the Buyer shall pay the Purchase Price. </font></p> </td> </tr>
    <tr >
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.02</font></p> </td>
        <td  colspan="7" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Payment of Purchase Price.</font></b><font size=2>&nbsp;&nbsp;The Purchase Price shall be paid as follows:</font></p> </td>
        <td   colspan="3">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  colspan="7" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Payment of the Cash Portion concurrently with the Share Transfer Deed or as otherwise mutually agreed by the Parties;</font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  colspan="6" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Payment of the Deferred Purchase Price Portion on June 30, 2008; and</font></p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  colspan="7" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Payment of the Adjustment Amount, if any, within two (2) Business Days after agreement of the Parties on the Adjustment Amount, or, as the case may be, Final Determination.</font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.03</font></p> </td>
        <td  colspan="9" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Security. </font></b><font size=2>As security for the payment of the Deferred Purchase Price Portion the Purchaser will deliver to the Seller the Note at Closing.</font></p> </td> </tr>
    <tr >
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.04</font></p> </td>
        <td  colspan="5" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Purchase Price Adjustment.</font></b></p> </td>
        <td  colspan="4" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Adjustment Amount will be determined as follows:</font></p> </td>
        <td  width="36">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  colspan="7" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Within five (5) days after the Closing Date, the Parties shall agree on and mandate the Appraiser in order to have the Evaluation be made. </font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  colspan="7" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>In the event that the Parties fail to agree on an Appraiser, the Appraiser shall be determined immediately by the President of the Chamber of Commerce, Berlin, and such determination shall be binding upon the Parties.</font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  colspan="4" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The evaluation shall be made in accordance with Valuation Method;</font></p> </td>
        <td   colspan="4">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  colspan="7" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Parties shall use their reasonable efforts to cause the Appraiser to finalize the Evaluation and present an Evaluation Report within twenty one (21) days after its appointment.</font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(e)</font></p> </td>
        <td  colspan="7" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Within three (3) days after the Parties&#146; receipt of the Evaluation Result, the Parties shall use reasonable commercial efforts to resolve mutually any differences with regard to, and agree upon, the Evaluation and the Adjustment Amount. </font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(f)</font></p> </td>
        <td  colspan="7" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>If the Parties are unable to resolve mutually a dispute with regard to the Evaluation and the Adjustment Amount within the three (3) day calendar period provided for doing so, then the issue shall be submitted to a mutually agreed auditing firm other than the Appraiser (</font><b><font size=2>"Auditor"</font></b><font size=2>) to resolve any dispute. In the event that the Parties fail to agree on the Auditor, an internationally renowned and reputed, and generally accepted auditing firm, except for the Appraiser, shall be determined as Auditor by the President of the Chamber of Commerce, Berlin, and such determination shall be binding upon the Parties. </font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(g)</font></p> </td>
        <td  colspan="7" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Auditor, acting as an expert and not as an arbitrator, shall determine the Adjustment Amount. The determination of the Auditor shall be final, binding and conclusive on the parties (</font><b><font size=2>&#147;Final Determination&#148;</font></b><font size=2>). Buyer and Seller shall provide all documents and information requested by the Auditor promptly. </font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(h)</font></p> </td>
        <td  colspan="7" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The fees and expenses of the Auditor shall be borne by the Parties pro rata of their winning or losing. </font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.05</font></p> </td>
        <td  colspan="9" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Default Interest.</font></b><font size=2> If the Buyer fails to pay to the Seller the Purchase Price when due it shall pay Default Interest without </font><font size=2>further demand, notice or other legal formality of any kind. </font></p> </td> </tr>
    <tr>
        <td width="39" ></td>

        <td width="1" ></td>

        <td width="31" ></td>

        <td width="1" ></td>

        <td width="40" ></td>

        <td width="133" ></td>

        <td width="302" ></td>

        <td width="11" ></td>

        <td width="4" ></td>

        <td width="75" ></td>

        <td width="38" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="535" style=' margin-left:0pt;border-collapse:collapse'>
    <tr>
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>5.</font></b></p> </td>
        <td width="498" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font SIZE=2>CONDUCT OF BUSINESS, AND MATERIAL ADVERSE CHANGE</font></b></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.39in; text-indent:-0.39in;text-align:justify;'><font size=2>&nbsp;</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
        <td width="38" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.01</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Conduct of business.</font></b><font size=2>&nbsp;&nbsp;As from the date of execution of this Agreement and until Closing, the Seller shall conduct the business of the Company, or cause the business of the Company to be conducted, and shall cause the Company to conduct the business of, and to instruct the management of, MAW to conduct MAW&#146;s business, in the ordinary course.</font></p> </td> </tr></table>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>-4-</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
        <td width="38" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.02</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Notifications. </font></b><font size=2>&nbsp;As from the date of execution of this Agreement and until Closing, the Seller shall notify the Buyer of any Material Adverse Change in the business, operations, properties, prospects, assets or conditions (financial or other) of the Company and/or MAW, or of any event, development or circumstance that may result in such a Material Adverse Change.</font></p> </td> </tr>
    <tr>
        <td width="38" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.03</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Material adverse change.</font></b><font size=2>&nbsp;&nbsp;In the event of a material adverse change, the Buyer shall be excused from his obligations under this Agreement without prejudice to available remedies in the event of the Material Adverse Change being the result of an action or omission on the part of the Seller.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="648" style=' margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>6.</font></b></p> </td>
        <td  colspan="4" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font SIZE=2>CLOSING</font></b></u></p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6.01</font></p> </td>
        <td  colspan="5" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Time and place of Closing.</font></b><font size=2>&nbsp;&nbsp;Closing shall occur at the offices of the Seller, or as otherwise mutually agreed by the Parties, on the Closing Date, and subject to Article 5.03. If any conditions for the Closing have not satisfied, or waived by the Party in whose favor a condition was agreed, by that date then each party can terminate the Agreement with written notice with immediate effect. The right of termination does not prevent any party from claiming possible damages. </font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6.02</font></p> </td>
        <td  colspan="5" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Conditions of Closing in favor of the Seller.  </font></b><font size=2>The completion of each of the transactions contemplated hereby is subject to the terms and conditions set forth below which are for the exclusive benefit of the Seller, to be fulfilled or performed at or prior to the time of Closing.  Any such condition may be waived in whole or in part by the Seller in writing without prejudice to any claims it may have for breach of covenant, representation or warranty:</font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  colspan="3" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Compliance</font></u><font size=2>.  The Buyer shall be in compliance in all respects with all of its respective obligations under this Agreement, including the delivery of all documents required to be delivered by it on or prior to the Closing Date;</font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  colspan="3" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Negative proceedings</font></u><font size=2>.&nbsp;No action or proceeding shall be pending or threatened by any person, company, firm, governmental authority, securities commission, regulatory body or agency to enjoin or prohibit any of the transactions contemplated hereby or the right of the Seller to own the Shares or to suspend or stop trading in securities of the Company;</font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  colspan="3" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Representations and Warranties</font></u><font size=2>.  The representations and warranties of the Buyer contained in this Agreement shall be true and correct in all material respects at the time of Closing; </font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  colspan="3" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Covenants</font></u><font size=2>.  All of the terms, covenants and conditions of this Agreement to be complied with or performed by the Buyer at or before the time of Closing shall have been complied with or performed; and</font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(e)</font></p> </td>
        <td  colspan="3" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Board approval.</font></u><font size=2>&nbsp;&nbsp;Approval of this agreement by the Board of Directors of the Seller.</font></p> </td>
        <td  width="20">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="39" ></td>

        <td width="1" ></td>

        <td width="31" ></td>

        <td width="1" ></td>

        <td width="66" ></td>

        <td width="518" ></td>

        <td width="21" ></td> </tr> </table>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>-5-</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='margin-left:0pt; border-collapse:collapse'>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6.03</font></p> </td>
        <td  colspan="10" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Conditions of Closing in Favor of the Buyer.  </font></b><font size=2>The completion of each of the transactions contemplated hereby is subject to the terms and conditions set forth below which are for the exclusive benefit of the Buyer, to be fulfilled or performed at or prior to the time of Closing.  Any such condition may be waived in whole or in part by the Buyer in writing without prejudice to any claims it may have for breach of covenant, representation or warranty:</font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  colspan="8" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Compliance</font></u><font size=2>.  The Seller shall be in compliance in all respects with all of its respective obligations under this Agreement, including the delivery of all documents required to be delivered by it on or prior to the Closing Date;</font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  colspan="8" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Negative proceedings</font></u><font size=2>.&nbsp;No action or proceeding shall be pending or threatened by any person, company, firm, governmental authority, securities commission, regulatory body or agency to enjoin or prohibit any of the transactions contemplated hereby or the right of the Buyer to own the Shares or to suspend or stop trading in securities of the Company;</font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  colspan="8" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Representations and Warranties</font></u><font size=2>.  The representations and warranties of the Seller contained in this Agreement shall be true and correct in all material respects at the time of Closing; </font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  colspan="8" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Covenants</font></u><font size=2>.  All of the terms, covenants and conditions of this Agreement to be complied with or performed by the Seller at or before the time of Closing shall have been complied with or performed; and</font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(e)</font></p> </td>
        <td  colspan="7" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Board approval.</font></u><font size=2>&nbsp;&nbsp;Approval of this agreement by the Board of Directors of the Buyer.</font></p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6.04</font></p> </td>
        <td  colspan="6" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Seller&#146;s deliveries and acts on Closing.  </font></b><font size=2>At the time of Closing, the Seller will:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  colspan="6" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Deliver to the Buyer one copy of the resolution of the Seller&#146;s Board of Directors;</font></p> </td>
        <td   colspan="3">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  colspan="8" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Deliver such other resolutions, documents and assurances as the Buyer may reasonably request; and</font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  colspan="3" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Execute, together with the Buyer, the notarial Share Transfer Deed;</font></p> </td>
        <td   colspan="6">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6.05</font></p> </td>
        <td  colspan="9" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Buyer&#146;s deliveries and acts on Closing.  </font></b><font size=2>At the Time of Closing, the Buyer will deliver to the Seller: </font></p> </td>
        <td  >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  colspan="6" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Deliver to the Seller one copy of the resolution of the Buyer&#146;s Board of Directors;</font></p> </td>
        <td   colspan="3">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  colspan="7" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Deliver such other resolutions, documents and assurances as the Buyer may reasonably request; </font></p> </td>
        <td  >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  colspan="3" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Execute, together with the Buyer, the notarial Share Transfer Deed;</font></p> </td>
        <td   colspan="6">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Pay the Cash Portion as per instructions of the Seller; and</font></p> </td>
        <td   colspan="7">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(e)</font></p> </td>
        <td  colspan="5" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Deliver to the Buyer the Note, duly executed by both the Buyer and CMG Inc.</font></p> </td>
        <td   colspan="4">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6.06</font></p> </td>
        <td  colspan="9" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Delivery by or to counsel.</font></b><font size=2> Delivery by or to counsel for any party shall constitute delivery by or to such party.</font></p> </td>
        <td  >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6.07</font></p> </td>
        <td  colspan="9" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Closing agenda.</font></b><font size=2>&nbsp;&nbsp;Descriptions in a closing agenda of transactions and documents to be completed or delivered are adumbrations of requirements of this Agreement and are provided for convenience of reference and do not alter the obligations of the parties to the Settlement Agreement.</font></p> </td>
        <td  >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6.08</font></p> </td>
        <td  colspan="9" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Escrow arrangements</font></b><font size=2>.&nbsp;&nbsp;Except that the Parties agree otherwise, at Closing, all documents are to be tabled in the order and sequence as agreed in this Agreement or in a separate closing agenda and are to be held in escrow until, in each case, the parties to such documents, or for whose benefit such documents are to be delivered, have agreed that the documents are satisfactory (with the exception of those agreements and documents noted as complete), each party to the closing has agreed that all acts to be completed and all deliveries to be effected at closing for the benefit of such party have been satisfactorily completed, effected or waived and all parties have agreed to terminate the escrow, or until the parties otherwise agree to release all such documents.  When the parties agree
to terminate the escrow, each of the documents shall be released from escrow and shall be deemed to have been delivered, and the transactions effected thereby shall be deemed to have occurred, in the order and sequence, and shall be released in the same order and sequence, set forth below. The escrow arrangements are designed to facilitate the closing of the transactions contemplated in this Agreement and shall not serve to release any party from any obligation thereunder.</font></p> </td>
        <td  >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="39" ></td>

        <td width="1" ></td>

        <td width="31" ></td>

        <td width="1" ></td>

        <td width="404" ></td>

        <td width="66" ></td>

        <td width="54" ></td>

        <td width="19" ></td>

        <td width="24" ></td>

        <td width="18" ></td>

        <td width="20" ></td>

        <td  ></td> </tr> </table>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>-7-</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
        <td width="38" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6.09</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Contemporaneous Closing.</font></b><font size=2>&nbsp;&nbsp;All documents and instruments to be tabled and/or delivered and all transactions and acts to be performed at the Closing shall be deemed to take place simultaneously; no transaction will be deemed to have been completed and no instrument or document will be deemed to have been delivered or effective until all conditions of the Closing have been fulfilled or waived and all transactions are completed to permit contemporaneous closing and all instruments and documents are delivered, except as agreed between counsel for the each of the parties.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="653" style=' margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>7.</font></b></p> </td>
        <td  colspan="4" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font SIZE=2>WARRANTIES</font></b></u></p> </td>
        <td   colspan="4">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>7.01</font></p> </td>
        <td  colspan="6" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Warranties.</font></b><font size=2>&nbsp;&nbsp;The Seller warrants to the Buyer that as at the date of this Agreement:</font></p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  colspan="4" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>except as fairly and specifically disclosed in </font><b><font size=2>Schedule 4 B</font></b><font size=2>, each of the statements set out in </font><b><font size=2>Schedule 4 A</font></b><font size=2> is true and accurate in all respects;</font></p> </td>
        <td  width="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  colspan="4" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>neither the Seller nor any of the Seller&#146;s agents has deliberately withheld any information from the Buyer which would be material to a prudent buyer for evaluating the Company and/or MAW;</font></p> </td>
        <td  width="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>7.02</font></p> </td>
        <td  colspan="6" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Separate and independent warranties.</font></b><font size=2>&nbsp;Each of the warranties set out in the several paragraphs of </font><b><font size=2>Schedule 4 A</font></b><font size=2> is separate and independent and, except as expressly provided to the contrary in this Agreement, is not limited: </font></p> </td>
        <td  width="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  colspan="3" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>by reference to any other paragraph of </font><b><font size=2>Schedule 4 A</font></b><font size=2>; or</font></p> </td>
        <td   colspan="3">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  colspan="6" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>by anything in Schedule B which is not expressly referenced to the Warranty concerned.</font></p> </td> </tr>
    <tr >
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>7.03</font></p> </td>
        <td  colspan="6" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=2>MAW.</font></b><font size=2> Each of the Warranties shall apply analogously to MAW and, therefore, references to the Company in the Warranties shall be deemed references to both the Company and MAW, except where reference is made expressly to either one of the Company or MAW.</font></p> </td>
        <td  width="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>7.04</font></p> </td>
        <td  colspan="6" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Prior investigations.</font></b><font size=2>&nbsp;&nbsp;The right to damages and/or any other available remedy for breach of any of the warranties, covenants and obligations in this Agreement will not be affected by any investigation conducted with respect to, or any knowledge acquired (or capable of being acquired at any time, whether before or after the execution and delivery of this Agreement or the Closing Date) with respect to the accuracy or inaccuracy of or compliance with any such warranty, covenant or obligation.</font></p> </td>
        <td  width="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>7.05</font></p> </td>
        <td  colspan="6" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Limitation of warranties. </font></b><font size=2> The Warranties and representations made by the Seller in this Agreement are the sole and only Warranties and representations and any other, including statutory, warranties are excluded.</font></p> </td>
        <td  width="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="39" ></td>

        <td width="1" ></td>

        <td width="31" ></td>

        <td width="1" ></td>

        <td width="103" ></td>

        <td width="292" ></td>

        <td width="154" ></td>

        <td width="55" ></td>

        <td width="5" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="648" style=' margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>8.</font></b></p> </td>
        <td  colspan="5" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>SELLER&#146;S LIABILITY FOR WARRANTY BREACH</font></b></u></p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>8.01</font></p> </td>
        <td  colspan="6" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Liability of Seller.</font></b><font size=2>&nbsp;&nbsp;The Seller shall be liable to the Buyer for any liability, loss, damage, cost, xpense (including reasonable attorney fees, and other reasonable legal and internal costs and expenses relating to a suit, action or other proceedings) (collectively </font><b><font size=2>&#147;Losses&#148;</font></b><font size=2>) which the Buyer or the Company or MAW may incur or suffer as a result of any Warranty Breach.</font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>8.02</font></p> </td>
        <td  colspan="6" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Buyer&#146;s choice.</font></b><font size=2>&nbsp;&nbsp;</font><b><font size=2> </font></b><font size=2>Liability of the Seller for payments in accordance with Article 8.01 (subject to the limitations under Article 10) shall be treated as any one of the following, as the Buyer shall choose and direct:</font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  colspan="4" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>a reduction and refund of the price paid or payable for the Shares;</font></p> </td>
        <td  width="140">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td width="174" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>a payment to the Buyer;</font></p> </td>
        <td   colspan="4">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>a payment to the Company or MAW; or</font></p> </td>
        <td   colspan="3">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="39" ></td>

        <td width="1" ></td>

        <td width="31" ></td>

        <td width="181" ></td>

        <td width="107" ></td>

        <td width="93" ></td>

        <td width="78" ></td>

        <td width="146" ></td> </tr> </table>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>-8-</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="648" style=' margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>9.</font></b></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font SIZE=2>CLAIM PROCEDURE</font></b></u></p> </td>
        <td  width="430">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>9.01</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Claim Notice. </font></b><font size=2>Whenever the Buyer becomes aware that an event (the &#147;</font><b><font size=2>Event</font></b><font size=2>&#148;) has occurred from which there may arise an obligation of the Seller pursuant to Article 8 above, including the notification of a tax, social security or other audit by public authorities, the Buyer shall, as soon as practicable, give notice (&#147;</font><b><font size=2>Claim Notice</font></b><font size=2>&#148;) to the Seller and state its claim (&#147;</font><b><font size=2>Claim</font></b><font size=2>&#148;) and the amount claimed if then known and ascertainable and the method of calculation thereof.</font></p> </td> </tr>
    <tr>
        <td width="39" ></td>

        <td width="0" ></td>

        <td width="188" ></td>

        <td width="448" ></td> </tr> </table>

<p style=' margin-bottom:6pt; margin-top:0pt; margin-left:0.39in;text-align:justify;'><font size=2>Failure of the Buyer to give timely Claim Notice hereunder shall not affect its rights to claim for breach of the Agreement except to the extent that the Seller demonstrates that the Buyer&#146;s delay violated its obligation to use reasonable endeavours to mitigate the Losses and except to the extent as set out in Article 10.</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
        <td width="38" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>9.02</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Information and co-operation of parties. </font></b><font size=2>In handling the Event, the Buyer shall keep the Seller fully and promptly informed and consult in good faith with the Seller before  taking any material steps or decisions, such as a decision to settle with a third party, in order to allow the Seller to make all recommendations and suggestions to the Buyer in due time, and to this effect the Buyer shall give the Seller, or the Seller&#146;s representatives, reasonable access to relevant accounts, documents, records and other documentation and the Seller shall provide full co-operation upon the Buyer&#146;s reasonable request.</font></p> </td> </tr></table>

<p style=' margin-bottom:6pt; margin-top:0pt; margin-left:0.39in;text-align:justify;'><font size=2>The obligation of the Buyer to inform and consult with the Seller shall in no way imply any obligation for the Buyer to defer to or follow any recommendations and suggestions made by the Seller.</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt; margin-left:0.39in;text-align:justify;'><font size=2>In all cases, the Buyer shall use reasonable endeavours to mitigate the Losses.</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
        <td width="38" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>9.03</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Rights of Seller to control of defence in the event of Admission of Claim</font></b><font size=2>. With respect to claims made by third parties, if the Seller admits to the Buyer and agrees in writing, that it is liable for the full amount of the claim (</font><b><font size=2>&#147;Admission of Claim&#148;</font></b><font size=2>) and agrees to provide reasonable security of its payment obligations under the claim, the Seller shall be entitled to assume control of the defence of such action or claim, at its sole expense, and shall be entitled to use its own counsel and legal advice provided that such counsel and provision of legal advice is reasonably satisfactory to the Buyer and provided  that:</font></p> </td> </tr>
    <tr >
        <td  width="38">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="30" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>the Buyer will be entitled to take any and all reasonable or necessary  procedural and other steps in the period preceding Admission of Claim; </font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.71in; text-indent:-0.32in;text-align:justify;'><font size=2>&nbsp;</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='margin-left:28.35pt; border-collapse:collapse'>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>b)</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>In conducting the defence, the Seller shall keep the Buyer fully and promptly informed and consult in good faith with the before taking any material steps or decisions, such as a decision to settle with a third party, in order to allow the Buyer to make recommendations and suggestions to the Seller, without being under any obligations to make such recommendations or suggestions, and, to this effect, the Seller shall give the Buyer, or the Buyer&#146;s representatives, reasonable access to relevant procedural and other documentation.</font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The obligation of the Seller to inform and consult with the Buyer shall in no way imply any obligation for the Seller to defer to or follow any recommendations and suggestions made by the Buyer.</font></p> </td> </tr>
    <tr >
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>In all cases, the Seller shall use reasonable endeavours to mitigate the Losses.</font></p> </td>
        <td  >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="31" ></td>

        <td width="1" ></td>

        <td width="537" ></td>

        <td  ></td> </tr> </table>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>-9-</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='margin-left:28.35pt; border-collapse:collapse'>
    <tr>
        <td width="30" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(e)</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>the Seller shall not consent to the entry of any judgement or enter into any settlement that (A) does not include as an unconditional term thereof the giving by each claimant or plaintiff to the Buyer and the Company of a release from all liability in respect of such claim or (B) would result in the imposition against the Buyer of injunctive or other relief; or (C) could materially interfere with the business, operations or assets of the Buyer or the Company; and</font></p> </td> </tr>
    <tr>
        <td width="30" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(f)</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>if, within ten (10) business days after Admission of Claim, the Seller does not assume control of the defence of such third-party claim in accordance with the foregoing provisions, the Buyer shall have the right to defend such claim in such manner as it may deem appropriate at the reasonable cost and expense of the Seller, and the Seller shall promptly reimburse the Buyer therefor in accordance with this paragraph.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="648" style=' margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>10.</font></b></p> </td>
        <td  colspan="4" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font SIZE=2>LIMITATION OF LIABILITY FOR WARRANTY BREACHES</font></b></u></p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.01</font></p> </td>
        <td  colspan="5" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Claim Notice to deliver.</font></b><font size=2>&nbsp;&nbsp;The Seller shall have no liability under this Agreement unless it receives from the Buyer a Claim Notice (pursuant to Article 9):</font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  colspan="3" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>on or before the seventh anniversary of the Closing Date in respect of any claim for breach of any of the tax warranties (contained in A.7 of </font><b><font size=2>Schedule 4 A</font></b><font size=2>); and</font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  colspan="3" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Within two years after the Closing Date in respect of any other claim.</font></p> </td>
        <td  width="115">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.02</font></p> </td>
        <td  colspan="5" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Loss and deductions.</font></b><font size=2>&nbsp;&nbsp;Payments by the Seller under this clause shall be limited to the amount of the balance of the Loss after deducting therefrom </font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  colspan="3" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>any amount of contingency reserves provided against such Loss in the Accounts of the Company or MAW; and </font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  colspan="3" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>any indemnity, contribution or other similar payment recoverable and recovered by the Buyer from any third party, including under an insurance policy less the costs of recovery and any consequential increase in the cost of insurance.</font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.03</font></p> </td>
        <td  colspan="5" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Change of legislation.</font></b><font size=2>&nbsp;&nbsp;No liability of the Seller shall arise if and to the extent that a Claim occurs as a result of legislation which is not in force at the Closing Date or which takes effect retrospectively or occurs as a result of an increase in the rate of the taxes in force at the Closing Date or as a result of a change in the practice of the relevant authorities.</font></p> </td> </tr>
    <tr>
        <td width="39" ></td>

        <td width="1" ></td>

        <td width="31" ></td>

        <td width="1" ></td>

        <td width="453" ></td>

        <td width="31" ></td>

        <td width="120" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.39in; text-indent:-0.39in;text-align:justify;'><font size=2>&nbsp;</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
        <td width="38" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.04</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Third parties&#146; liability.</font></b><font size=2>&nbsp;&nbsp;If any claim of the Buyer for a Warranty Breach is a result of or in connection with a liability or alleged liability of a third party, the Buyer shall take such actions as it reasonably considers necessary to prevent or limit to the extent possible any loss or damage for which the Seller may be liable (including taking such action to avoid, dispute or contest such liability as is reasonably practicable).</font></p> </td> </tr>
    <tr>
        <td width="38" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.05</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Remedies Cumulative. </font></b><font size=2>The remedies provided herein are cumulative and, in addition, will not preclude assertion by any party of any rights or the seeking of any other remedies, including remedies provided for under the Applicable Law, against the other party or any other third party at law or otherwise.</font></p> </td> </tr>
    <tr>
        <td width="38" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.06</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Appliance restricted to Warranty Breach. </font></b><font size=2>The limitation of liability provided in this Article 10 applies exclusively to Warranty Breaches, and the Parties agree that it does not apply to other breaches or deficiencies of this Agreement.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="563" style=' margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>11.</font></b></p> </td>
        <td width="211" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font SIZE=2>PAYMENT FOR BREACH</font></b></u></p> </td>
        <td  width="315">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>11.01</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Payment due.</font></b><font size=2>&nbsp;&nbsp;Any payment for Warranty Breaches shall be due immediately.</font></p> </td> </tr></table>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>-10-</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
        <td width="38" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>11.02</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Third parties.</font></b><font size=2>&nbsp;&nbsp;In the case of claims for payment by third parties against the Buyer or the Company or MAW, any payment for Warranty Breaches by the Seller shall be due as soon as such third party claim has to be paid.</font></p> </td> </tr></table>

<p style=' margin-bottom:6pt; margin-top:0pt; margin-left:0.39in;text-align:justify;'><font size=2>In the event the said payment obligation is thereafter finally determined not to be binding and enforceable, the Buyer shall be under the obligation to reimburse the Seller to the extent and as soon as the Buyer will have received a refund.</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
        <td width="38" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>11.03</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Postponement.</font></b><font size=2>&nbsp;&nbsp;The Buyer shall use its reasonable endeavours to obtain postponement of payment when practicable provided the Seller shall counter-guarantee without delay any required guarantees to the effect of such postponement.</font></p> </td> </tr>
    <tr>
        <td width="38" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>11.04</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Default Interest.</font></b><font size=2>&nbsp;&nbsp;Any payment delay on the part of any of the parties shall give rise to an obligation to pay Default Interest</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="648" style=' margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>12.</font></b></p> </td>
        <td  colspan="3" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font SIZE=2>RESTRICTIVE COVENANTS</font></b></u></p> </td>
        <td  width="376">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>12.01</font></p> </td>
        <td  colspan="3" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Non competition clause.  </font></b><font size=2>The Seller shall not, directly or indirectly (including, without limitation, through companies, associations, joint ventures, relatives or other means or persons) (i) engage in any activity which may be directly or indirectly in competition with the Company&#146;s and/or MAW&#146;s business as per the Closing Date and, above this, in trading activities relating to the Products, or (ii) perform any service which may be in competition with the business in which the Company is currently engaged at the time of Closing, for a period of two years from the Closing Date with respect to the Territory. </font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>12.02</font></p> </td>
        <td  colspan="3" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Non</font></b><font size=2>-</font><b><font size=2>Solicitations of employees.</font></b><font size=2> Without prejudice to applicable laws on unfair competition, for a period of five (5) years from the Closing Date, the Seller shall not in any way, directly or indirectly solicit, recruit, assist others in recruiting or hiring, or discuss employment arrangements with any employee of the Company and/or MAW without the prior consent of the Buyer. </font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>12.03</font></p> </td>
        <td  colspan="3" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Confidentiality.</font></b><font size=2>&nbsp;&nbsp;Subject to Article 12.04 and in addition to any separate confidentiality agreement, the terms of which shall prevail in case of controversy, the Seller covenants with the Company, MAW and the Buyer that the Seller shall keep confidential and shall refrain from using all confidential information relating to the business of the Company and/or MAW, as the case may be, and shall procure that none of its related companies shall at any time without the consent of the Buyer infringe this restriction.</font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>12.04</font></p> </td>
        <td  colspan="3" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Exemption from confidentiality.</font></b><font size=2>  The restriction in Article 12.03 shall not apply to the extent that:</font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="30" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>any confidential information relating to the business of the Company or MAW becomes part of the public domain; or</font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="30" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>the Seller is required to disclose confidential information relating to the business of the Company or MAW by law, any official authority or governmental body or security exchange of any relevant jurisdiction.</font></p> </td> </tr>
    <tr>
        <td width="39" ></td>

        <td width="1" ></td>

        <td width="31" ></td>

        <td width="213" ></td>

        <td width="392" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="648" style=' margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>13.</font></b></p> </td>
        <td  colspan="4" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font SIZE=2>CONFIDENTIALITY/ANNOUNCEMENTS</font></b></u></p> </td>
        <td  width="284">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>13.01</font></p> </td>
        <td  colspan="4" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Agreement confidential.</font></b><font size=2>&nbsp;&nbsp;&nbsp;The parties shall treat and keep confidential and shall not disclose for a period of two years whole or in part to any third party this agreement or any information contained within or related to this Agreement except as is:</font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td width="195" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>required by applicable law;</font></p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="39" ></td>

        <td width="1" ></td>

        <td width="31" ></td>

        <td width="203" ></td>

        <td width="106" ></td>

        <td width="296" ></td> </tr> </table>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>-11-</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="657" style=' margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  colspan="5" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>necessary to obtain approvals from governmental bodies connected with the Agreement;</font></p> </td>
        <td  width="4">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>ordered by a court of competent jurisdiction;</font></p> </td>
        <td   colspan="4">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  colspan="3" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>already in the public domain or becomes part of the public domain;</font></p> </td>
        <td   colspan="3">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(e)</font></p> </td>
        <td width="299" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>required by any relevant security exchange.</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>13.02</font></p> </td>
        <td  colspan="5" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Announcements.</font></b><font size=2>&nbsp;&nbsp;The parties shall consult with each other as to the form of any announcement arising out of or connected with the Agreement, and no disclosure shall be made to any third party without the prior written agreement of the parties save as required by law or applicable stock exchange rules.</font></p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>13.03</font></p> </td>
        <td  colspan="8" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Survival.</font></b><font size=2>&nbsp;&nbsp;The obligations under this Article shall survive any termination of this Agreement.</font></p> </td> </tr>
    <tr>
        <td width="39" ></td>

        <td width="1" ></td>

        <td width="31" ></td>

        <td width="311" ></td>

        <td width="7" ></td>

        <td width="151" ></td>

        <td width="135" ></td>

        <td width="5" ></td>

        <td width="4" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="648" style=' margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>14.</font></b></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font SIZE=2>GENERAL</font></b></u></p> </td>
        <td  width="512">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>14.01</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Waiver.</font></b><font size=2> The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. Any waiver must be in writing.</font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>14.02</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Entire Agreement.  </font></b><font size=2>This Agreement constitutes the entire agreement between the parties in relation to the sale and purchase of the Shares and other matters covered by it and supersedes any previous agreement between the parties in relation to those matters, which shall cease to have any effect.    </font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>14.03</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Non-reliance</font></b><font size=2>. The Parties to this Agreement acknowledge that they could have not relied on any statement or representation (save in the event of fraud) or warranty not contained in the Agreement or contained in any of the agreed form documents and each party unconditionally waives any claims in relation to, any statement, representation (save in the event of fraud), warranty or undertaking which is not expressly set out or referred to in this Agreement or any of the &#147;agreed form&#148; documents.</font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>14.04</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Partial Invalidity; Conflict.</font></b><font size=2> In the event that any term of this Agreement is declared by an arbitral panel or a judicial or government authority to be legally invalid, non-binding or unenforceable, such term shall be deemed deleted herefrom and shall not affect the Agreement in other respects, nor the validity and enforceability of those remaining terms. In such an event, the Buyer and the Seller agree to replace the affected term with terms that will most nearly and fairly approach such deleted term. In the event of a conflict or discrepancy between the Articles of this Agreement and the Schedules, the Articles of this Agreement shall prevail.</font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>14.05</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>No assignment. </font></b><font size=2>This Agreement, or any rights hereunder, cannot be assigned by either Party without the consent of the other Party, except that corporate operations involving the universal transmission of the assets and liabilities of either of the parties or transfers within the respective corporate group restructuring will not require the consent of the other party.</font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>14.06</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Enurement.</font></b><font size=2>&nbsp;&nbsp;This agreement shall enure to the benefit of and be binding upon the Parties hereto and their respective successors and permitted assigns.</font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>14.07</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Costs. </font></b><font size=2>Each party will be responsible for its own costs and expenses, including consultants and brokers fees incidental to the negotiation, preparation and execution of the Agreement and agrees to hold harmless and indemnify the other party in respect of any such expenses, costs and fees which may be claimed from such other party.</font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>14.08</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Transfer taxes, stamp and other duties and authentication costs.</font></b><font size=2> The Parties agree that all such costs shall be borne by the Buyer.</font></p> </td> </tr>
    <tr>
        <td width="39" ></td>

        <td width="0" ></td>

        <td width="102" ></td>

        <td width="533" ></td> </tr> </table>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>-12-</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
        <td width="38" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>14.09</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Force majeure. </font></b><font size=2>The Parties agree to apply the ICC Force Majeure Clause which is the most recent.</font></p> </td> </tr>
    <tr>
        <td width="38" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>14.10</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Further Assurances.</font></b><font size=2>  Each party agrees that it will execute all documents and do all acts and things as the other party may reasonably request and as may be lawful and within its respective power to do, to carry out and/or implement the provisions or intent of this Agreement.</font></p> </td> </tr>
    <tr>
        <td width="38" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>14.11</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Counterparts and Facsimile.</font></b><font size=2>  This Agreement may be executed in counterparts and by facsimile and by different parties in separate counterparts, each of which when so executed shall be deemed an original and all of which, taken together, shall constitute one and the same instrument.  Each party hereto will be furnished with one complete set of counterpart signed documents.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="648" style=' margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="38" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>15.</font></b></p> </td>
        <td  colspan="5" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font SIZE=2>NOTICES</font></b></u></p> </td>
        <td   colspan="11">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="38" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>15.01</font></p> </td>
        <td  colspan="16" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Form of notices.</font></b><font size=2>&nbsp;&nbsp;Any notice, consent or other communication under this Agreement shall be in writing (which means signed by the respective sender) and sent to the addresses, facsimile numbers and email addresses set out below (or to such other addresses, facsimile numbers or email addresses as the parties may designate by notice to each other).</font></p> </td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="3" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  colspan="2" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>If to the Buyer:</font></p> </td>
        <td  colspan="8" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=2>CATHAY MERCHANT GROUP LIMITED</font></b></p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="4" valign=top style='padding:2.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>address</font><font size=3>:</font></p> </td>
        <td  colspan="7" valign=top style='padding:2.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Offshore Chambers, P.O. Box 217, Apia, Samoa,</font></p> </td>
        <td  width="76">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:2.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>telephone number:</font></p> </td>
        <td  colspan="4" valign=top style='padding:2.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(86-21) 6317-8989</font></p> </td>
        <td   colspan="6">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:2.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>fax number:</font></p> </td>
        <td  colspan="3" valign=top style='padding:2.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(86-21) 6354 5909</font></p> </td>
        <td   colspan="7">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="3">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  colspan="2" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>To the Seller:</font></p> </td>
        <td  colspan="7" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=2>BLAKE INTERNATIONAL LIMITED</font></b></p> </td>
        <td   colspan="3">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="4" valign=top style='padding:2.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>address: </font></p> </td>
        <td  colspan="8" valign=top style='padding:2.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Trident Chambers, Wickhams Kay 1, Road Town, Tortola, British Virgin Islands, IBC Number 173233</font><font size=2>,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> </tr>
    <tr >
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:2.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>telephone number:</font></p> </td>
        <td  colspan="6" valign=top style='padding:2.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>c/o +1-604-683-5767</font></p> </td>
        <td   colspan="4">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="4">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>fax number:</font></p> </td>
        <td  colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>c/o +1-604-5065163</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="39" ></td>

        <td width="11" ></td>

        <td width="4" ></td>

        <td width="44" ></td>

        <td width="2" ></td>

        <td width="34" ></td>

        <td width="110" ></td>

        <td width="1" ></td>

        <td width="1" ></td>

        <td width="145" ></td>

        <td width="1" ></td>

        <td width="10" ></td>

        <td width="6" ></td>

        <td width="140" ></td>

        <td width="34" ></td>

        <td width="12" ></td>

        <td width="79" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
        <td width="38" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>15.02</font></p> </td>
        <td  colspan="4" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Receipt of notice.</font></b><font size=2>&nbsp;&nbsp;Any notice or other communication served by hand, special courier, fax or post shall be deemed to have been received:</font></p> </td> </tr>
    <tr >
        <td  width="38">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>in the case of delivery by hand, when delivered;</font></p> </td>
        <td  >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td  width="38">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>in the case of email or fax, at the time of transmission, provided that the confirmation of the transmission is sent to the counterpart by registered mail within 24 hours. Failure to send the confirmation copy will invalidate the service of any facsimile or electronic data transmission,  </font></p> </td> </tr>
    <tr >
        <td  width="38">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>in the case of registered mail with a return receipt, at the expiration of 3 days after dispatch of the notice. </font></p> </td> </tr>
    <tr>
        <td width="39" ></td>

        <td width="31" ></td>

        <td width="1" ></td>

        <td width="340" ></td>

        <td  ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="648" style=' margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>16.</font></b></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font SIZE=2>RESOLUTION OF DISPUTES</font></b></u></p> </td>
        <td  width="376">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>16.01</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Dispute settlement.</font></b><font size=2>&nbsp;&nbsp;The parties may at any time, without prejudice to Article 16.02, seek to settle any dispute arising out of or in connection with this Agreement in accordance with the ICC ADR Rules.</font></p> </td> </tr>
    <tr>
        <td width="39" ></td>

        <td width="0" ></td>

        <td width="244" ></td>

        <td width="392" ></td> </tr> </table>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>-13-</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
        <td width="38" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>16.02</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Arbitration.</font></b><font size=2> All disputes arising out of or in connection with this Agreement shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with the said rules. The place of such arbitration shall be Hong Kong, and the language of such proceedings shall be the English language.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="648" style=' margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="37" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>17.</font></b></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font SIZE=2>APPLICABLE LAW</font></b></u></p> </td>
        <td  width="446">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>17.01</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Applicable Law.</font></b><font size=2>&nbsp;&nbsp;This Agreement is governed by the Applicable Law without giving effect to applicable principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby</font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>17.02</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Other mandatory provisions.</font></b><font size=2>&nbsp;&nbsp;In any event consideration shall be given to mandatory provisions of the law of the country where the Company and MAW are established which would be applicable even if the contract is governed by a foreign law. Any such provisions will be taken into account to the extent they embody principles which are universally recognized and provided their application appears reasonable in the context of international trade. </font></p> </td> </tr>
    <tr>
        <td width="39" ></td>

        <td width="0" ></td>

        <td width="171" ></td>

        <td width="465" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font SIZE=2>IN WITNESS WHEREOF</font></b><font size=2> the parties hereto have executed this Agreement as of the day and year first above written.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font SIZE=2>BLAKE INTERNATIONAL LIMITED</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>By: /s/ Mark Steinley</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Name:  Mark Steinley </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="55" style=' margin-left:0pt;border-collapse:collapse'>
    <tr>
        <td width="55" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font SIZE=2>CATHAY MERCHANT GROUP LIMITED</font></b><font size=2> </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>By:  /s/ Michael J. Smith</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Name:  Michael J. Smith </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Title:  President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>
-14-</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>SCHEDULE  1</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>COMPANY INFORMATION</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:justify;'><font size=2><font face="Arial">&nbsp;</font></font></p>


<table border="0" cellspacing=0 cellpadding=0 width="657" style=' border-collapse:collapse'>
    <tr>
        <td width="303" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12pt'><b><font size=2>Name of Company :</font></b><b></b></p> </td>
        <td width="354" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12pt'><font size=2>AWP Aluminium Walzprodukte GmbH</font></p> </td> </tr>
    <tr>
        <td width="303" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12pt'><b><font size=2>Registered office : </font></b><b></b></p> </td>
        <td width="354" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12pt'><font size=2>Berlin</font></p> </td> </tr>
    <tr>
        <td width="303" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12pt'><b><font size=2>Name of register :</font></b><b></b></p> </td>
        <td width="354" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12pt'><font size=2>Commercial register at the lower district court of Charlottenburg</font></p> </td> </tr>
    <tr>
        <td width="303" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12pt'><b><font size=2>Registration number : </font></b><b></b></p> </td>
        <td width="354" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12pt'><font SIZE=2>HRB 86047</font></p> </td> </tr>
    <tr>
        <td width="303" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12pt'><b><font size=2>Secretary: (if any)</font></b><b></b></p> </td>
        <td width="354" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12pt'><font size=2>None</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>
-15-</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>SCHEDULE 2</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>SHARES</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="542" style=' margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Capital of the Company:</font></p> </td>
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>EUR 25,000</font></p> </td>
        <td   colspan="3">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Description of the Shares:</font></p> </td>
        <td  colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Quota in a German limited liability company</font></p> </td> </tr>
    <tr >
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Physical evidence of the Shares:</font></p> </td>
        <td  colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>None, not available under Applicable Law</font></p> </td>
        <td  width="16">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td width="235" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Capital represented by the Shares:</font></p> </td>
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>100%</font></p> </td>
        <td   colspan="4">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Modus (requirements) of transfer:</font></p> </td>
        <td  colspan="3" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Notarial Share Transfer Deed</font></p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="244" ></td>

        <td width="0" ></td>

        <td width="59" ></td>

        <td width="44" ></td>

        <td width="114" ></td>

        <td width="86" ></td>

        <td width="17" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>
</font></b><font size=2>-16-</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>SCHEDULE 3</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>FORM OF NOTE
</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=4>PROMISSORY NOTE</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>JUNE 30, 2005</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="586" style=' margin-left:0pt;border-collapse:collapse'>
    <tr>
        <td width="415" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Principal Amount: EUR 4,280,000  </font></b></p> </td>
        <td width="171" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Due: JUNE 30, 2008</font></b></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT;TEXT-ALIGN:JUSTIFY;'><B><FONT SIZE=2>FOR VALUE RECEIVED</FONT></B><font size=2>, the undersigned </font><b><font SIZE=2>CATHAY MERCHANT GROUP LIMITED </font></b><font size=2>(</font><b><font size=2>&#147;Debtor&#148;)</font></b><font size=2> with offices at Offshore Chambers, P.O. Box 217, Apia, Samoa, hereby promises to pay to </font><b><font SIZE=2>BLAKE INTERNATIONAL LIMITED</font></b><font size=2>, Trident Chambers, Wickhams Kay 1, Road Town, Tortola, British Virgin Islands (</font><b><font size=2>&#147;Creditor&#148;</font></b><font size=2>), at such address or at such other place as the Creditor may from time to time designate by written notice to the Debtor, the principal amount of EUR 4,280,000 (in words: EURO FOUR TWO EIGHT ZERO ZERO ZERO ZERO) ON ABOVE DUE DATE, in Euro, together with interest on the principal amount outstanding from time to time at the rate of 4.2 % per annum. Such interest shall accrue from day to day, both
before and after maturity, default, demand and judgment, shall be calculated on the basis of the actual number of days elapsed and on the basis of a year of 365 days and shall be payable annually with the first payment due on June 30, 2006.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT;TEXT-ALIGN:JUSTIFY;'><B><FONT SIZE=2>THIS PROMISSORY NOTE</FONT></B><font size=2> is governed by and shall be interpreted pursuant to the laws of Canada. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT;TEXT-ALIGN:JUSTIFY;'><B><FONT SIZE=2>PRESENTMENT</FONT></B><font size=2> for payment, demand, protest and notice of dishonour and protest hereof are hereby waived. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Debtor: </font><b><font SIZE=2>CATHAY MERCHANT GROUP LIMITED</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>By: ________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Name: _____________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Title: ______________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>As guarantor for the Debtor: </font><b><font SIZE=2>CATHAY MERCHANT GROUP INC., </font></b><font size=2>36</font><sup><font size=2>th</font></sup><font size=2> Floor, Tower 1, Kerry City, 218 Tianmu Road West, Shanghai, PR China</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="243" style=' margin-left:0pt;border-collapse:collapse'>
    <tr>
        <td width="47" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="196" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>______________________</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Name: ______________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Title: _______________________</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.5in; text-indent:-0.5in;text-align:center;'><font size=2><font face="Arial">
-17-</font></font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.5in; text-indent:-0.5in;text-align:center;'><font size=2><font face="Arial">&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>SCHEDULE 4</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>REPRESENTATIONS AND WARRANTIES</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="653" style=' border-collapse:collapse'>
    <tr>
        <td width="341" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:12pt;margin-bottom:0pt'><font face="Arial"><b>SCHEDULE A</b></font></p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:12pt;margin-bottom:0pt'><font face="Arial"><b>SCHEDULE B</b></font></p> </td> </tr>
    <tr>
        <td width="341" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:12pt;margin-bottom:0pt'><font face="Arial"><b>REPRESENTATIONS AND WARRANTIES</b></font></p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:12pt;margin-bottom:0pt'><font face="Arial"><b>EXCEPTIONS AND QUALIFICATIONS TO THE REPRESENTATIONS AND WARRANTIES</b></font></p> </td> </tr>
    <tr>
        <td width="341" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4pt;margin-bottom:0pt'><font face="Arial"><i>All warranties and representations are subject to the exceptions and qualifications set forth in Schedule B. Such Schedule will follow the same numbering.</i></font></p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.1</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>The Company</b></font></p> </div> </td> </tr>
    <tr>
        <td width="341" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The facts stated in Schedule 1 (Company Information) are correct.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="341" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is validly existing and incorporated under the laws of Germany. The Company is not insolvent and is capable of paying its debts and no action has been brought or threatened so as to have the Company declared insolvent or subjected to any insolvency, moratorium or other procedure involving a collective treatment of creditors, nor are there any circumstances which exist which may cause the Company to become insolvent or incapable of paying its debts.<i></i></p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="341" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>left blank</i><i></i></p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="341" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>left blank</i><i></i></p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="341" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Encumbrances by or in favour of the Company have been created in accordance with the provisions of the relevant legislation.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="341" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All returns, particulars, resolutions and other documents required by the applicable laws to be filed with or delivered to any official body by the Company have been properly prepared and so filed or delivered in all material respect.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="341" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All the accounts, books, ledgers and financial and other records of the Company are held or stored in means which are under the exclusive ownership and control of the Company and have at all times been properly and accurately kept and completed in all material respects, record all matters required to be entered therein by law, do not contain or reflect any material inac&#173;&#173;cu&#173;ra&#173;cies or discrepancies and give and reflect a true and fair view of the financial, contractual and trading position of the Company.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.2</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>The Shares</b></font></p> </div> </td> </tr>
    <tr>
        <td width="341" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Shares constitute the whole of the issued and outstanding share capital of the Company and are fully paid. </p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="341" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No person is entitled or has claimed to be entitled to require the Company to issue any share or loan capital either now or at any future date whether contingently or not.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="341" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no option, right of pre-emption, requirement for prior shareholder consent, right to acquire, mortgage, charge, pledge, lien or other form of security or encumbrance on, over or affecting any of the Shares, nor is there any commitment to give or create any of the foregoing, and no person has claimed to be entitled to any of the foregoing.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:0in;text-indent: 0in;text-align:left;margin-top:4pt;margin-bottom:0pt'>Subject only to provisions of law (succession rights, mandatory pre&#150;emption rights, etc.) and as set out in the articles of association of the company that are known to the Buyer.</p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="653" style=' border-collapse:collapse'>
    <tr>
        <td width="341" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller is the full legal and beneficial owner of the Shares and is entitled to sell and procure the transfer of the full legal and beneficial ownership in the Shares to the Buyer on the terms set out in this agreement.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="341" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has not at any time:</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(a)&nbsp;&nbsp;&nbsp;&nbsp;repaid, redeemed or purchased any shares of any class of its share capital or otherwise reduced its issued share capital; or </p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(b)&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly provided any illegal financial assistance for the purpose of the acquisition of shares of the Company or any holding company of the Company or for the purpose of reducing or discharging any liability incurred in any such acquisition.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.3</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>The Seller</b></font></p> </div> </td> </tr>
    <tr>
        <td width="341" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller has full power and capacity to enter into and perform this Agreement.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="341" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement does not constitute a breach on the part of the Seller in relation to any agreement or commitment with a third party.</p>
<p style='margin-left:30pt;text-indent:0in;text-align:left;margin-top:4pt;margin-bottom:0pt'>No consent, approval or filing with any governmental or other authority relating exclusively to the Seller is required to authorise this Agreement or to permit the transactions contem&#173;plated herein.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.4</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Accounts</b></font></p> </div> </td> </tr>
    <tr>
        <td width="341" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Accounts comply in all material respects with all applicable laws and regulations.</p>
<p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:0in;text-indent: 0in;text-align:left;margin-top:4pt;margin-bottom:0pt'>The Buyer was furnished with copies of the Accounts prior to execution hereof.</p> </td> </tr>
    <tr>
        <td width="341" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Accounts comply with and have at all times been prepared in accordance with the generally accepted accounting principles and practices in the country where the Company is incorporated.</p>
<p style='margin-left:0in;text-indent: 0in;text-align:left;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accounting principles and practices (including methods of valuation) adopted for the Accounts and all items therein are the same as those adopted in preparing the audited accounts of the Company for its three preceding accounting reference periods.</p>
<p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>Subject only to statutory required changes.</p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Accounts give a true and fair view of the assets and liabilities as at the Accounts Date, and of the profits and losses throughout the financial period to which the Accounts relate.</p> </td>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.5</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Position since the Accounts Date</b></font></p> </div> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since the Accounts Date:</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(a)&nbsp;&nbsp;&nbsp;&nbsp;the Company has conducted its business in a normal and proper manner;</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(b)&nbsp;&nbsp;&nbsp;&nbsp;the Company has not entered into any unusual contract or commitment or other&#173;wise departed from its normal course of trading;</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(c)&nbsp;&nbsp;&nbsp;&nbsp;there has been no material deterioration in the order intake the order backlog, cash position including working capital, or work in progress;</p>
<p
style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(d)&nbsp;&nbsp;&nbsp;&nbsp;the Company has paid its creditors within the times agreed with them;</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(e)&nbsp;&nbsp;&nbsp;&nbsp;save in the ordinary course of business, the Company has not given any Guarantee or indemnity or entered into a contract or suretyship or agreement for the postponement of debt (or security therefore) or for lien or set-off; and</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company is not in default under the terms of any borrowing made by it.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since the Accounts Date, the Company has not:</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(a)&nbsp;&nbsp;&nbsp;&nbsp;agreed to acquire or sell any business; or</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(b)&nbsp;&nbsp;&nbsp;&nbsp;disposed of any of its assets except in the ordinary and normal course of business; or</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(c)&nbsp;&nbsp;&nbsp;&nbsp;incurred any  material capital commitment.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All payments, receipts and invoices of the Company since the Accounts Date have been accurately recorded in the books of the Company in all material respects.</p>
<p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company since the Accounts Date has not declared, made or paid any dividends or other distribution except as provided in the Accounts.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.6</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Receivables</b></font></p> </div> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All receivables have arisen from ordinary transactions and will be collected at their relevant payment terms, or prior to this, in the ordinary course of collection and receivable handling.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>left blank</i></p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company is not owed any individual sum of money other than in the ordinary course of business.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.7</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Taxes</b></font></p> </div> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.7.1&nbsp;       All taxation of any nature whatsoever for which the Company has been liable or for which the Company has been liable to account has been duly paid (insofar as such taxation ought to have been paid) and/or adequate provisions and accruals have been accounted for. Without prejudice to the generality of the foregoing, the Company has made all such deductions, withholdings and retentions as it was obliged or entitled to make and all such payments as should have been made.</p>
<p style='margin-left:30pt;text-indent:0in;text-align:left;margin-top:4pt;margin-bottom:0pt'>All necessary information, notices, accounts, statements, reports, computations, assessments and returns which ought to have been made or given have been properly and duly submitted by the Company to the competent authorities and all information,
notices, computations, assessments and returns submitted by the Company have been and are true and accurate in all material respects and are not the subject of any material dispute, nor are likely to become the subject of any material dispute with such authorities.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has not within the past 12 months received any notice of enquiry or suffered any enquiry, investigation, audit or visit by the relevant tax authorities, and neither the Seller nor the Company is aware of any such enquiry, investigation, audit or visit planned for the next 12 months.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.7.3&nbsp;      The provision or reserve for tax in the Accounts is sufficient to cover all liabilities of the Company for tax as at the Accounts Date and all tax for which the Company may after the Accounts Date become or have become liable in respect of or by reference to:</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(a)&nbsp;&nbsp;&nbsp;&nbsp;any income profits or gains for any period which ended on or before the Accounts Date; or</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(b)&nbsp;&nbsp;&nbsp;&nbsp;any distributions made on or before the Accounts Date or provided for in the Accounts; or</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(c)&nbsp;&nbsp;&nbsp;&nbsp;any
event occurring on or before the Accounts Date.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.7.4&nbsp;                               Full potential provision has been made and shown (or disclosed by way of note) in the Accounts for deferred taxation.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.7.5&nbsp;                         The Company has not in the period of three years ending on the date of this Agreement been party to any non-arm&#146;s length transaction.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.8</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Subsidiaries</b></font></p> </div> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company:</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(a)&nbsp;&nbsp;&nbsp;&nbsp;has one subsidiary, MAW; </p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(B)&nbsp;&nbsp;&nbsp;&nbsp;holds no shares in the capital of any other company than MAW.</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(C)&nbsp;&nbsp;&nbsp;MAW does not hold any shares in the capital of any other company.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.9</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Real Estates</b></font></p> </div> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company does not own real estate. </p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>left blank</i><i></i></p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All land which is leased or licensed by the Company is held on the basis of validly and existing agreements and there are no circumstances under which any such agreements may be terminated before their term or declared null and void. The Company has always timely made all payments due under the relevant agreements.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has obtained all necessary permits, licenses and authorisations to use the real estate as they currently are. The real estate fully comply with all zoning or planning rules and regulations.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company does not use or occupy or have any interest in any land and/or buildings other than the real estate disclosed to the Buyer.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:0in;text-indent: 0in;text-align:left;margin-top:4pt;margin-bottom:0pt'>The Buyer is aware of the land used by the Company for its business purposes.</p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.10</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Environmental Matters</b></font></p> </div> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.10.1&nbsp;&nbsp;&nbsp;&nbsp;The Company:</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(a)&nbsp;&nbsp;&nbsp;&nbsp;complies and has at all relevant times complied with all Environmental Laws and Environmental Licences; </p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(b)&nbsp;&nbsp;&nbsp;&nbsp;has obtained and maintained in full force and effect all Environmental Licences, and there are no conditions, facts or circumstances which could endanger the continuance or renewal of such Environmental License.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.10.2&nbsp;&nbsp;&nbsp;&nbsp;No claim in relation to environmental matters has been made in writing or so far as the Seller is aware threatened against the Company or any occupier of any property at any time owned or leased by the Company.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.10.3&nbsp;&nbsp;&nbsp;&nbsp;<i>left blank</i></p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.10.4&nbsp;&nbsp;&nbsp;&nbsp;The company has complied with all its obligations with mandatory to required inspections, studies, audits, tests, reviews, etc.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.10.5&nbsp;&nbsp;&nbsp;&nbsp;<i>left blank</i></p>
<p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the real estates have been contaminated by any hazardous substance in breach of applicable Environmental Law.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'>&nbsp;<b></b></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.11</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Assets</b></font></p> </div> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.11.1&nbsp;&nbsp;&nbsp;&nbsp;The Company owns all the assets reflected in the Accounts, free and clear from any Encumbrance or right of any third party.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.11.2&nbsp;&nbsp;&nbsp;&nbsp;All tangible assets used in connection with the business of the Company belong to or are legitimately used by the Company and are in the possession and under the control of the Company.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.11.3&nbsp;&nbsp;&nbsp;&nbsp;All tangible assets used in connection with the business of the Company are free from any option, lease, hire or hire purchase agreement, agreement for payment on deferred terms or Encumbrances whatsoever and there are no agreements or arrangements restricting the freedom of the Company to use or dispose of the same as it thinks fit.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.11.4&nbsp;&nbsp;&nbsp;&nbsp;All tangible assets with a book value in excess of Euro 50,000 of the Company are in reasonable condition given fair wear and tear. They comply with all environmental, safety, health and any other applicable rules and regulations concerning their use and maintenance.</p> </td>
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            <p style='margin-left:0in;text-indent: 0in;text-align:left;margin-top:4pt;margin-bottom:0pt'>The Buyer has inspected all tangible assets and is fully aware of the condition thereof and the Buyer herewith confirms that the tangible assets are in reasonable condition subject to fair wear and tear.</p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.11.5&nbsp;&nbsp;&nbsp;&nbsp;The assets, whether tangible or intangible, owned and lawfully used by the Company comprise all the assets necessary to continue to operate the business of the Company in the same manner and to the same extent as the operation of the business of the Company immediately prior to Closing.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.12</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Insurance</b></font></p> </div> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.12.1&nbsp;&nbsp;&nbsp;&nbsp;All the assets and undertaking of the Company of an insurable nature are and have at all times been insured in amounts representing their full replacement or reinstatement value against risks normally insured against by persons carrying on the same classes of business as those carried on by the Company, and the Company is now and has at all times been adequately covered against accident, damage, injury, third-party loss, product liability, warranty claims, loss of profits and other risks normally covered by insurance by persons carrying on the same classes of business as those carried on by the Company.</p> </td>
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            <p style='margin-left:0in;text-indent: 0in;text-align:left;margin-top:4pt;margin-bottom:0pt'>All particulars of all insurances maintained by the Company and details of all insurance claims outstanding and which have been made within 12 months prior to Closing are known to the Buyer.</p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.12.2&nbsp;&nbsp;&nbsp;&nbsp;<i>left blank</i><i></i></p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.12.3&nbsp;&nbsp;&nbsp;&nbsp;All insurances maintained by the Company are and have at all relevant times been in force and no claims have been made by the Company against its insurers or are contemplated or outstanding.</p>
<p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.12.4&nbsp;&nbsp;&nbsp;&nbsp;All insurance premiums in respect of all insurances maintained by the Company are fully paid and up-to-date.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.13</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Bank Accounts</b></font></p> </div> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.13.1&nbsp;&nbsp;&nbsp;&nbsp;The Seller has disclosed full details of all of the Company's investment, deposit and bank accounts and details of the banks and other financial institutions at which they are kept. </p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:0in;text-indent: 0in;text-align:left;margin-top:4pt;margin-bottom:0pt'>The Buyer  has waived any details to be represented herein.</p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.13.2&nbsp;&nbsp;&nbsp;&nbsp;Seller has disclosed full details of all overdraft, loan and other financial facilities available to the Company and no person who provides any of those facilities has given any indication that they are considering withdraw&#173;ing or altering any of such facilities.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:0in;text-indent: 0in;text-align:left;margin-top:4pt;margin-bottom:0pt'>The Buyer  has waived any details to be represented herein.</p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.13.3&nbsp;&nbsp;&nbsp;&nbsp;Neither the Seller nor the Company has done or omitted to do anything whereby the continuance of the facilities referred to hereabove may be prejudiced or affected.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.13.4&nbsp;&nbsp;&nbsp;&nbsp;The Seller has disclosed full details of all outstanding borrowings and other indebtedness of the Company other than amounts owed to trade creditors.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>The Buyer  has waived any details to be represented herein.</p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.13.5&nbsp;&nbsp;&nbsp;&nbsp;There are no unpresented cheques drawn by the Company otherwise than in the normal course of dealing.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.13.6&nbsp;&nbsp;&nbsp;&nbsp;The financial position of the Company as at three days preceding the date of this Agreement reflects the existence of immediately disposable cash and items disposable at short term as follows:</p>
<p style='margin-left:30pt;text-indent: 0in;text-align:left;margin-top:4pt;margin-bottom:0pt'>the amounts of cash or disposable items have not been modified other than as required in the ordinary course of business since that date.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.13.7&nbsp;&nbsp;&nbsp;&nbsp;The Company, its directors, employees and agents have at all times complied with all material terms and conducted business in accordance with all material requirements laid down by the banks and any other sources of finance used by the Company (see A.14.2).</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.14</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Conduct of Business, Commercial contracts and Joint ventures</b></font></p> </div> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.14.1&nbsp;&nbsp;&nbsp;&nbsp;The Company is not a party to: </p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(a)&nbsp;&nbsp;&nbsp;&nbsp;any agreements or arrangements (whether executed or executory) entered into by the Company otherwise than by way of bargain at arm's length or otherwise than in the ordinary course of business; or </p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(b)&nbsp;&nbsp;&nbsp;&nbsp;any contracts or transactions which involve obligations of an unusual, onerous or long-term nature.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.14.2&nbsp;&nbsp;&nbsp;&nbsp;The Seller has disclosed full details of all powers of attorney given by the Company or any other authority (express or implied) by which any person may enter into any contract or commitment on behalf of the Company. There are no powers of attorney other than those listed thereunder.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>The Buyer  has waived any details to be represented herein.</p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.14.3&nbsp;&nbsp;&nbsp;&nbsp;The Company has never been and is not party to any joint venture, consortium or partnership agreement or a member of any unincorporated association.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.14.4&nbsp;&nbsp;&nbsp;&nbsp;The Company is not in material breach of any arrangement or contract to which it is a party. No event or omission has occurred which would entitle any third party to terminate prematurely any contract to which the Com&#173;pany is a party or call in any money before the date on which payment thereof would normally be due.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.14.5&nbsp;&nbsp;&nbsp;&nbsp;There is no claim against and there are no circumstances which may lead to a claim against the Company for defective products, services, or breach of representa&#173;tion, warranty, condition, or for delays in delivery, or completion of contracts, or for deficiencies of design or performance relating to liability for products or services sold or supplied by the Company.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.14.6&nbsp;        After Closing whether by reason of an existing agreement or arrangement or as a result of the acquisition of the Shares by the Buyer or otherwise:</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(a)&nbsp;&nbsp;&nbsp;&nbsp;no material supplier of the Company will cease or be entitled to cease supplying the Company or substantially to reduce its supplies to the Company; </p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(b)&nbsp;&nbsp;&nbsp;&nbsp;no material customer, supplier or other third party with whom the Company deals will cease or be entitled to cease to deal with the Company or substantially to reduce its existing level of business with the Com&#173;pany;</p>
<p
style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(c)&nbsp;&nbsp;&nbsp;&nbsp;no other contracts where the Company is a party to may be terminated by the other party.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'>&nbsp;<b></b></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.14.7&nbsp;&nbsp;&nbsp;&nbsp;Not more than 30 per cent in value of purchases by the Company are placed in any year with any one supplier and not more than 30 per cent in value of sales by the Company are made in any year to any one end customer.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.14.8&nbsp;&nbsp;&nbsp;&nbsp;The Company's stock and stock-in-trade is currently at a normal level, and is capable of being sold by the Company in the ordinary course of its business. Slow- moving or obsolete items have been adequately devaluated.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.14.9&nbsp;&nbsp;&nbsp;&nbsp;The Company has sufficient working capital for the purposes of continuing to carry on its business in its present form and at its present level of turnover for the foreseeable future and for the purposes of executing, carrying out and fulfilling in accordance with their terms all orders, projects and contractual obligations which have been placed with or undertaken by it.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.14.10&nbsp;&nbsp;The Company has obtained all licences, permits and permissions required for the carrying on of its business and such licences and permissions are in full force and effect and there are no conditions, facts or circumstances which could endanger the continuance or renewal of such licences or permissions.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.14.11&nbsp;&nbsp;The Company has no branch, place of business or substantial assets outside the Company&#146;s country of registration or any permanent establishment in any foreign country that may give rise to taxation of income or property of the Company in such foreign country or subject to regulatory supervision.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.14.12&nbsp;&nbsp;The Company has not given any gifts, bribes or inducements to any person during the period of one year prior to the date hereof.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.14.13&nbsp;&nbsp;All material details and copies of contracts for all sources of current revenue of the Company have been disclosed to the Buyer.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>The Buyer  has waived any details to be represented herein.</p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.15</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Agency and Distribution Agreements</b></font></p> </div> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.15.1&nbsp;&nbsp;&nbsp;&nbsp;The Seller has disclosed full details (including the relevant contracts, if made in writing) of all commercial agency, distributorship, occasional intermediaries and other similar contracts.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>The Buyer  has waived any details to be represented herein.</p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.15.2&nbsp;&nbsp;&nbsp;&nbsp;The Company has complied in all material respects at all times with all obligations arising out of the above agreements and any relevant provisions of the applicable law.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.16</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Personnel</b></font></p> </div> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.16.1&nbsp;&nbsp;&nbsp;&nbsp;The Company has in relation to each of its employees, managers and directors (and, so far as relevant, to each of its former employees, managers and directors) complied with:</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(a)&nbsp;&nbsp;&nbsp;&nbsp;obligations imposed on it by all statutes, regulations, codes of conduct and practice relevant to the relations between it and its employees, managers and directors (including without limitation any obligation concerning social security, data protection, health and safety) or any trade union or employee representatives; </p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(b)&nbsp;&nbsp;&nbsp;&nbsp;all collective agreements, recognition agreements, customs
and practices for the time being dealing with such relations or the conditions of service of its employees; and </p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(c)&nbsp;&nbsp;&nbsp;&nbsp;all relevant orders and awards made under any relevant statute, regulation or code of conduct and practice affecting the conditions of service of its employees, managers and directors. </p>
<p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.16.2&nbsp;&nbsp;&nbsp;&nbsp;Full and accurate particulars of the terms and conditions of employment of the employees, managers and directors (including the relevant contracts, if made in writing) including without limitation contractual terms of notice of the Company and a full list of all the employees of the Company including names, dates of commencement of employment, dates of birth, annual holiday entitlement and gender was disclosed to the Buyer, and since the Accounts Date no change has been made nor agreed to be made in such terms and conditions of employment by the Company of any person and in particular since the Accounts Date no employee, manager or director of the Company has received or is entitled to receive from the Company any sum or any benefit greater than that received by him (or which he was entitled to
receive) in respect of the accounting period ended on the Accounts Date.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>The Buyer  has waived any details to be represented herein.</p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.16.3&nbsp;&nbsp;&nbsp;&nbsp;The Company has not offered, promised or agreed for the future any variation in the contract of employment or contract for services of its employees, managers and directors (including but not limited to any increase in remuneration or benefits) or collective agreement, recognition agreement and customs and practices.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.16.4&nbsp;&nbsp;&nbsp;&nbsp;There are not in existence:</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(a)&nbsp;&nbsp;&nbsp;&nbsp;any service agreements or other contracts with employees, managers and directors of the Company which cannot be terminated by twelve months' notice or less without giving rise to any claim for damages or compensation; or </p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(b)&nbsp;&nbsp;&nbsp;&nbsp;any other contracts or arrangements of whatsoever kind (whether legally enforceable or not) between the Company and existing or former employees, managers and directors of the Company for the benefit of any existing or former employees, managers and directors; or </p>
<p
style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(c)&nbsp;&nbsp;&nbsp;&nbsp;any consultancy agreements between the Company and any other person, firm or company; or </p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(d)&nbsp;&nbsp;&nbsp;&nbsp;any arrangements by which any person has the use of any credit or charge card or account for which the Company is responsible.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.16.5&nbsp;&nbsp;&nbsp;&nbsp;Except as customary in the respective industry, there are no arrangements to which the Company is a party involving share options, profit sharing or bonus, incentive or other similar payments for employees, managers and directors.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.16.6&nbsp;&nbsp;&nbsp;&nbsp;There is no actual or threatened dispute between the Company and any of its current or former employees, managers and directors, nor any circumstances likely to give rise to any such dispute; there have been no strikes or industrial action (official or unofficial) by any of the Company's employees, managers and directors during the period of six years immediately preceding the Accounts Date.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.16.7&nbsp;&nbsp;&nbsp;&nbsp;There is no outstanding claim against the Company on the part of any person who has been or is its employee, manager or director or any actual or known liability to make any payment to reinstate, reengage or take or refrain from any action in relation to any person including under all the applicable laws.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.16.8&nbsp;&nbsp;&nbsp;&nbsp;Within a period of one year preceding the date hereof the Company has not:</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(a)&nbsp;&nbsp;&nbsp;&nbsp;given notice of any redundancies to the competent authorities or started consultations with any trade union or unions or employee representation under any applicable laws; or </p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(b)&nbsp;&nbsp;&nbsp;&nbsp;failed to comply with any duty to inform and consult any trade unions or employee, manager and director representatives.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.16.9&nbsp;&nbsp;&nbsp;&nbsp;The Company has not made any undisclosed loan or advance to any of its employees, managers and directors, which remains outstanding.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.16.10&nbsp;&nbsp;There are no arrangements, whether contractual or otherwise, entitling any of the employees, managers and directors of the Company to any payments by the Company or other benefits from the Company arising from the sale or disposal of the Shares.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.16.11&nbsp;&nbsp;The Seller has set out in B.16.11, full particulars of any outstanding offer of employment made to any person by the Company and there is no person who has accepted such an offer in writing but whose employment has not yet started.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>B.16.11&nbsp;&nbsp;Attach list made according to A.16.11 with annexed the relevant offers (if made in writing).</p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.16.12&nbsp;&nbsp;No employee, manager or director has been given notice to terminate, or is under notice of termination of, his contract of employment nor are there any grounds to believe that any employee, manager or director may give, or may be given, notice to terminate his contract of employment with the Company.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>B.16.12&nbsp;&nbsp;Verify compliance with A.16.12 and indicate possible exceptions.</p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.16.13&nbsp;&nbsp;The Company has no maternity, paternity or training schemes (whether legally enforceable or not) that vary the rights granted to an employee by law.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>B.16.13&nbsp;&nbsp;Verify compliance with A.16.13.</p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.16.14&nbsp;&nbsp;<i>left blank</i></p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.16.15&nbsp;&nbsp;The Seller has disclosed all key employees, managers and directors.</p>
<p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.16.16&nbsp;&nbsp;All payments, bonuses and other forms of remuneration due to the employees and directors of the Company have been paid and are up-to-date.</p>
<p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.16.17&nbsp;&nbsp;All part-time, temporary and fixed-term employees of the Company enjoy the same benefits as full-time employees of the Company.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.17</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Pensions</b></font></p> </div> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.17.1&nbsp;&nbsp;&nbsp;&nbsp;There are no agreements, customs or practices (whether legally enforceable or not) in operation at the date hereof for the payment of or contribution towards any pensions, pension plans, allowances, or other benefits on retirement or on death or during periods of sickness or disablement for the benefit of any of the Company's employees, managers or directors or former employees, managers or directors, nor has any proposal to establish any such agreement been announced.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'>&nbsp;<b></b></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.18</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Intellectual Property Rights</b></font></p> </div> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.18.1&nbsp;&nbsp;&nbsp;&nbsp;<i>left blank</i></p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.19</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Litigation</b></font></p> </div> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.19.1&nbsp;&nbsp;&nbsp;&nbsp;The Company is not engaged in any material litigation (whether criminal, civil, administrative or tax), arbitration, alternative dispute resolution process and there are no facts or circumstances likely to give rise to such litigation, arbitration, or any alternative dispute resolution process nor is there any material litigation, arbitration or dispute resolution process threatened against the Company. No injunction has been served against the Company and the Company has given no undertaking to any Court or to any third party arising out of any legal proceedings.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.19.2&nbsp;&nbsp;&nbsp;&nbsp;The Company has not received notification that it has violated any requirement of any applicable laws, any ruling penalty or sanction which could adversely affect the business or financial condition of the Company and in particular, no violation of any law or regulation relating to Tax, health and safety, consumer protection, employment, industrial or labour relations, competition or the Environment.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.19.3&nbsp;&nbsp;&nbsp;&nbsp;No person for whose acts and defaults the Company may be vicariously liable is at present engaged whether as claimant, defendant or otherwise in any legal action, proceeding or arbitration which is either in progress, threatened or pending and relevant to the Company.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.19.4&nbsp;&nbsp;&nbsp;&nbsp;There is no outstanding enforceable arbitral award, judgment or Court Order in favour of or against the Company.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.20</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Grants</b></font></p> </div> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.20.1&nbsp;&nbsp;&nbsp;&nbsp;The Seller has disclosed full particulars of all grants, subsidies, subsidised loans and other similar facilities.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>The Buyer  has waived any details to be represented herein.</p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.20.2&nbsp;&nbsp;&nbsp;&nbsp;The Company has not done or omitted to do anything as a result of which any of such grants, subsidies, subsidy loans and other similar facilities, as well as any payment (whether made on a provisional or final basis and whether partial or in full) made or to be made to the Company, plans or other undertakings on the part of the relevant entity may be terminated, cancelled or revoked, whether in full or in part, nor there are any circumstances under which the Company may be obliged to reimburse, in whole or in part, any sums or other facilities received.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.21</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Special contracts and arrangements</b></font></p> </div> </td> </tr></table>

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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.21.1&nbsp;&nbsp;&nbsp;&nbsp;The Seller has disclosed full particulars of all agreements, practices and arrangements to which the Company is a party, which are registerable with any relevant authority. All these agreements have been correctly registered and there are no further agreements that require a registration or any other kind of filing with any authority or third party.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>The Buyer  has waived any details to be represented herein.</p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.22</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Transactions with Shareholders or Directors</b></font></p> </div> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.22.1&nbsp;&nbsp;&nbsp;&nbsp;All transactions or contracts (with the exception of directors&#146; service agreements and employment contracts) that have been entered into during the three years prior to the date of this Agreement to which the Company is a party in which a shareholder in or director of the Company or any person connected with a shareholder in or director of the Company has been interested whether directly or indirectly were fully disclosed.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>The Buyer  has waived any details to be represented herein.</p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.22.2&nbsp;&nbsp;&nbsp;&nbsp;No monies are owed by the Company to any director of the Company or to the Seller or to any person connected with any such director or the Seller or to any company or partnership in which any of such directors or the Seller (or their spouses) are directly or indirectly interested other than as holders of listed securities.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.22.3&nbsp;&nbsp;&nbsp;&nbsp;The Company has no debts owed to any of its directors or the Seller (or a person connected with any such director or the Seller) or by any company in which the directors of the Company or the Seller (or any person connected with any of them) are directly or indirectly interested (other than as holders of listed securities); nor do the Seller or any of the Company's directors (or any person connected with any of them) or any such company as aforesaid have any claims against the Company including claims for compensation for loss of office or for unfair dismissal or redundancy payment.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.23</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Competition matters</b></font></p> </div> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.23.1&nbsp;&nbsp;&nbsp;&nbsp;The Company has not received notification by any competent antitrust or competition authority that it is, or has been party to, or concerned in any agreement, arrangement, understanding or concerted practice, which:</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(a)&nbsp;&nbsp;&nbsp;&nbsp;infringes any competition rule including, without prejudice to the generality of the foregoing, any rule relating to state aid, public procurement, or anti-dumping; or </p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(b)&nbsp;&nbsp;&nbsp;&nbsp;constitutes a breach of any term or condition of any licence, authorisation, appointment, code or similar instrument applicable to the Company and business.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.23.2&nbsp;&nbsp;&nbsp;&nbsp;The Company is not subject to any publication, order, condition, undertaking or similar measure or obligation imposed by or under any of the laws referred to in A.23.1.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.23.3&nbsp;&nbsp;&nbsp;&nbsp;The Company has not received notification that it is, nor has been, subject to any investigation, request for information, notice or other communication by any court, governmental or regulatory authority pursuant to any of the laws referred to in A.23.1.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.23.4&nbsp;&nbsp;&nbsp;&nbsp;The Company has no reason to believe that any such action as is mentioned in A.23.1 will be taken against it in relation to any of its current activities.</p> </td>
        <td width="312" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.23.5&nbsp;&nbsp;&nbsp;&nbsp;The Company is not a party to, nor has it entered into any kind of commitment or agreement which may in any manner limit its activity.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.24</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Information Technology Systems</b></font></p> </div> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.24.1&nbsp;&nbsp;&nbsp;&nbsp;The Seller has disclosed copies of all the agreements required to use, support, maintain and/or develop all components of the computer systems (including all Licenses, development agreements, software maintenance and support agreements, hardware maintenance agreements, source code escrow agreements and disaster-recovery agreements).</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>The Buyer  has waived any details to be represented herein.</p> </td> </tr></table>

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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.24.2&nbsp;&nbsp;&nbsp;&nbsp;The Company has not breached any of its obligations under any of the agreements referred to in B.24.1, those agreements all remain in full force and effect as at Closing and no notice has been served by any party to terminate any of those agreements.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.24.3&nbsp;&nbsp;&nbsp;&nbsp;Save as stated in the agreements referred to in A.24.1, the Company is not restricted in any way in using the computer systems (whether by way of a technical device or otherwise).</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.24.4&nbsp;&nbsp;&nbsp;&nbsp;The use of the computer systems by the Company does not, and the continued use of the computer systems by the Buyer after Closing will not, infringe the Intellectual Property rights of any third party.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.24.5&nbsp;&nbsp;&nbsp;&nbsp;The Company has exclusive control of the operation of the computer systems and of the storage, processing and retrieval of all data stored on the computer systems, and solely the Company owns any Intellectual Property rights in such data.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.24.6&nbsp;&nbsp;&nbsp;&nbsp;All Intellectual Property Rights in the developed software are owned by the Company and the Company has in its possession an up-to-date, useable and complete copy of the source code for all developed software together with copies of all programmers&#146; commentaries and technical documentation required to allow the continuing maintenance and development of that software by the Buyer.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.24.7&nbsp;&nbsp;&nbsp;&nbsp;The computer systems have adequate functionality, capability and capacity for the present requirements of the Company, and each part of the computer systems is compatible with each other part.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.24.8&nbsp;&nbsp;&nbsp;&nbsp;The computer systems have not been used to hold or process data in any manner that contravenes the applicable laws.</p> </td>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:justify;margin-top:4pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:15pt;margin-bottom:2pt'><font face="Arial"><b>A.25</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial"><b>Effect of this Agreement</b></font></p> </div> </td> </tr>
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            <p style='margin-left:30pt;text-indent:-30pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>A.25.1&nbsp;&nbsp;&nbsp;&nbsp;Compliance with the terms of this Agreement does not and will not:</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(a)&nbsp;&nbsp;&nbsp;&nbsp;conflict with or result in a breach of or constitute a default under any of the terms, conditions or provisions of any agreement or instrument to which the Company is a party or any provision of the Memorandum or Articles of Association of the Company or any lease, contract, order, judgement, award, injunction, regulation, encumbrance, restriction or obligation of any kind or character by which or to which any asset of the Company is bound or subject; or</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(b)&nbsp;&nbsp;&nbsp;&nbsp;relieve any person from any
obligation to the Company (whether contractual or otherwise) or enable any person to determine any such obligation or any right or benefit enjoyed by the Company or to exercise any right, whether under an agreement with or otherwise in respect of the Company; or</p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(c)&nbsp;&nbsp;&nbsp;&nbsp;result in the creation, crystallisation or enforcement of any encumbrance whatsoever on any of the assets of the Company; or </p>
<p style='margin-left:48pt;text-indent:-18pt;text-align:left;margin-top:4pt;margin-bottom:0pt'>(d)&nbsp;&nbsp;&nbsp;&nbsp;result in any present indebtedness of the Company becoming due or capable of being declared due and payable prior to its stated maturity.</p> </td>
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            <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:4pt;margin-bottom:0pt'>&nbsp;<b></b></p> </td> </tr>
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