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Business Acquisition Agreement

Hudson Trade and Industrial Services Pty Limited

Hudson Trade and Industrial Solutions Pty Limited

Skilled Group Limited

Hudson Global Resources (Aust) Pty Limited

Allens Arthur Robinson
Deutsche Bank Place
Corner Hunter and Phillip Streets
Sydney NSW 2000
Australia
Tel 61 2 9230 4000
Fax 61 2 9230 5333
www.aar.com.au

© Copyright Allens Arthur Robinson 2007

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TABLE OF CONTENTS

1. Definitions and Interpretation 1  2. Sale of Business 8  3. Price and Payment
8  4. Warranties 8  5. Conduct of Business before Completion 12  6. Completion
14  7. Adjustments to Estimated Purchase Price 17  8. Receivables 19  9.
Liabilities of the Business 19  10. Adjustment of Outgoings 20  11. Employees
20  12. Contracts 24  13. Non-competition 25  14. Purchaser Warranties and
Guarantor Warranties 26  15. Books and Records 27  16. Confidentiality 27  17.
Remedies 28  18. Costs and Stamp Duty 29  19. GST 29  20. No Merger 30  21.
Assignment 30  22. Further Assurances 30  23. Entire Agreement 30  24. No Waiver
31  25. Notices 31  26. Governing Law and Jurisdiction 32  27. Guarantee 32  28.
Counterparts 33  29. Personal Liability 33  Schedule 5 42  Warranties 42 

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Date

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          2 October 2007

Parties

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1. Hudson Trade and Industrial Services Pty Limited (ABN 85 059 630 349) of
Level 19, 45 Clarence Street, Sydney, New South Wales 2000

2. Hudson Trade and Industrial Solutions Pty Limited (ABN 76 069 390 825)of
Level 19, 45 Clarence Street, Sydney, New South Wales 2000

  (each, a Vendor, and together, the Vendors)

3. Skilled Group Limited (ABN 66 005 585 811) of 850 Whitehorse Road, Box Hill,
Victoria, 3128 (the Purchaser)

4. Hudson Global Resources (Aust) Pty Limited (ABN 21 002 888 762) of Level 19,
45 Clarence Street, Sydney, New South Wales 2000 (the Guarantor)

Recitals

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A The Vendors carry on the Business and own the Assets.

B The Vendors have, at the request of the Guarantor, agreed to sell the Business
and the Assets to the Purchaser, and the Purchaser has agreed to buy the
Business and the Assets from the Vendors, on the terms of this Agreement.

C The Guarantor has agreed to enter into certain covenants and guarantee the
obligations of the Vendors under this Agreement.

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It is agreed
as follows.

1. Definitions and Interpretation

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1.1 Definitions

  The following definitions apply unless the context requires otherwise.

  ACCC means the Australian Competition and Consumer Commission.

  Accounting Standards means the requirements of the Australian Accounting
Standards, other authoritative pronouncements of the Australian Accounting
Standards Board and Urgent Issues Group Consensus Views, the requirements of the
Corporations Act in relation to the preparation and content of accounts and, to
the extent that any matter is not covered by them, means generally accepted
accounting principles applied from time to time in Australia for companies
similar to the Vendors.

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  Accounts means all of the accounts and accounting information (including
management accounts) relating to the Vendors, the Business and the Assets
included in the Data Room Documentation.

  Acquired Employee has the meaning given in clause 11.3.

  Adjustments has the meaning given in clause 7.1(a)

  Assets means:

  (a) the goodwill of the Business including the benefit of the Contracts;

  (b) Business Records;

  (c) Contracts;

  (d) Intellectual Property; and

  (e) the Fixtures and Fittings listed in Schedule 8,

  but excluding the Excluded Assets.

  Assumed Liabilities means the Liabilities of that description in the Estimated
Completion Statement.

  Business means the business carried on by the Vendors of blue collar labour
hire service providers and blue collar recruitment in Australia and any other
hire service or recruitment services conducted by the Vendors in the temporary
and permanent recruitment business during the three year period ending on the
Completion Date.

  Business Day means a day on which banks are open for business in Sydney.

  Business Names means the business, trade and brand names listed in Schedule 9.

  Business Records means all original and copy records, documents, books, files,
reports, accounts, data, plans, correspondence, letters and papers of every
description and other material regardless of the form or medium (and whether
coming into existence before, on or after the date of this Agreement) belonging
to or used by the Vendors in connection with the Business or the Assets
including:

  (a) books of account;

  (b) documents of title relating to the Assets;

  (c) employment records (including reference material and appraisals);

  (d) customer and Client lists and correspondence;

  (e) supplier lists and correspondence;

  (f) price lists;

  (g) trading and financial records (including originals and copies of all
Contracts); and

  (h) all other documents owned or used by the Vendors and which relate to the
conduct of the Business

  excluding the Candidate Database (but for clarification, the Purchaser is
entitled to receive and keep a copy of the data and information on the Candidate
Database as provided in clause 6.3).

  Candidate Database means the in house browser based candidate management
system called ePro owned by the Vendors and used in the Business.

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  Claim means, in relation to a party, a demand, claim, action or proceeding
made or brought by or against the party, however arising and whether present,
unascertained, immediate, future or contingent.

  Clients means the clients of the Vendors pertaining to the Business.

  Completion means the completion by the parties of the sale and purchase of the
Assets under this Agreement as provided in clause 6.

  Completion Date means 29 October 2007 or such other date as the Vendors and
the Purchaser may agree.

  Confidential Information means all information and data (and all copies and
extracts made of or from such information and data) concerning the operations,
dealings, business, finance, transactions, Clients, suppliers, trade secrets,
prospects, markets, know-how and affairs of the Business which is of a genuinely
confidential nature however recorded or stored (including by means of a
mechanical, electronic or other device).

  Confidentiality Agreement means the confidentiality agreement entered into
between the Purchaser and the Guarantor dated 12 July 2007.

  Consideration has the meaning given by the GST Law.

  Contract Employees means the casual employees of the Vendors referred to in
Part B of Schedule 2 who are working for Clients as at the date of this
Agreement and any further casual employees of the Vendors placed with Clients
after the date of this Agreement and before Completion.

  Contracts means all oral or written contracts, agreements and arrangements to
which a Vendor or the Guarantor is a party and which relate solely to the
Business, a number of the counterparties to which are identified in Schedule 3,
but excluding. for clarification, the leases relating to the Leasehold Property.

  Corporations Act means the Corporations Act 2001(Cth).

  Data Room means the electronic data room maintained by or on behalf of the
Vendors and accessible at www.projectdeuce.dataroom.com.au through which the
Purchaser and its Representatives have had access to information and materials
relating to the Assets and the Business.

  Data Room Documentation means all documentation contained in the Data Room or
referred to in this Agreement or listed in the data room index provided to the
Purchaser or its representatives and any supplementary data room indexes
provided to the Purchaser or its representatives up to and including the date of
this Agreement a complete list of which documentation and indexes is attached to
this Agreement as Exhibit A.

  Employee means an employee listed in Schedule 2 (or, in the case of a Contract
Employee, employed after the date of this Agreement and before Completion) which
sets out:

  (a) in Part A – Internal Staff, details of which are attached to Schedule 2
and which lists the name of each permanent employee of the Vendors as at the
date of this Agreement; and

  (b) in Part B – External Staff, details of which are attached to Schedule 2
and which lists the name of each Contract Employee as at the date of this
Agreement.

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  Employee Entitlements means all entitlements of any employee, contractor or
other person (including the Employees) who is as at Completion (or has been at
any time before Completion) engaged by a Vendor in connection with the Business
including for remuneration, annual leave, rostered days off, days off in lieu,
long service leave, any other leave entitlements, redundancy, sick leave,
personal leave, superannuation (including any liability to the Australian
Taxation Office for a superannuation guarantee charge) and all other
entitlements whatsoever.

  Estimated Completion Statement means the statement bearing that name set out
in Schedule 7.

  Estimated Purchase Price means the line item total allocated value assets sold
of $3,600,000 as set out in the Estimated Completion Statement and as adjusted
in accordance with clauses 4.8, 10, 11.5 and 11.8 .

  Excluded Assets means:

  (a) the Receivables;

  (b) cash deposits with banks and other financial institutions or on hand;

  (c) the benefit of the Leasehold Property;

  (d) insurance policies;

  (e) any future income tax benefits to which the Vendors are entitled;

  (f) the Candidate Database (but not the information and data stored on the
Candidate Database); and

  (g) the Business Names.

  Excluded Intellectual Property means the Intellectual Property listed in
Schedule 1 (but not any information or data stored on that Intellectual Property
if part of the Business Records).

  Exit Fee has the meaning given to that term in clause 11.10(a).

  Fixtures and Fittings means the items listed in Schedule 8.

  Governmental Agency means a government or a governmental, semi-governmental or
judicial entity or authority. It also includes a self-regulatory organisation
established under statute or a stock exchange.

  GST has the meaning given by the GST Law.

  GST Act means the A New Tax System (Goods and Services Tax) Act 1999 (Cth).

  GST Amount means in relation to a Taxable Supply the amount of GST payable in
respect of that Taxable Supply.

  GST Group has the meaning given by the GST Law.

  GST Law has the meaning given by the GST Act, or if that Act does not exist
means any Act imposing or relating to the imposition or administration of a
goods and services tax in Australia and any regulation made under that Act.

  Guarantor Warranties means the representations and warranties in respect of
the Guarantor set out in Schedule 5.

  Information Memorandum means the Hudson Trade and Industrial Information
Memorandum dated 30 June 2007.

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  Input Tax Credit has the meaning given by the GST Law and a reference to an
Input Tax Credit entitlement of a party includes an Input Tax Credit for an
acquisition made by that party but to which another member of that same GST
Group is entitled under the GST Law.

  Intellectual Property means all Intellectual Property Rights other than those
pertaining to the Excluded Intellectual Property owned by a Vendor and either
used or exercised in connection with the Business as at the date of this
Agreement or as at the Completion Date.

  Intellectual Property Rights means all intellectual property rights conferred
by statute, common law or in equity and subsisting anywhere in the world,
including rights in relation to:

  (a) all mailing lists, customer or Client information, and candidate
information;

  (b) copyrights, trade marks, service marks, trade names;

  (c) trade secrets, Know-how, computer software, source codes and confidential
information;

  (d) all other rights resulting from intellectual activity in respect of the
Vendors or the Business

  excluding for the avoidance of doubt, the Excluded Intellectual Property.

  Interest Rate means the daily buying rate displayed at or about 10.30am
(Sydney time) on the Reuters screen BBSW page for Australian bank bills of a
three month duration.

  Know-how means information, know-how and techniques (whether or not
confidential and in whatever form held) including:

  (a) formulae, discoveries, design specifications, drawings, data, manuals and
instructions;

  (b) customer lists, sales marketing and promotional information;

  (c) business plans and forecasts; and

  (d) technical or other expertise.

  Law means the common law and any law, statute, regulation, ordinance,
authorisation, ruling, judgement and any order or decree of any Government
Agency in any jurisdiction.

  Leasehold Property means the leasehold property used or occupied in relation
to the Business specified in Schedule 4.

  Liabilities means Claims, losses, liabilities, costs or expenses of any kind
and however arising, including penalties, fines and interest and including those
which are prospective or contingent and those the amount of which for the time
being is not ascertained or ascertainable.

  Non-Acquired Employee means an Employee who does not accept an offer of
employment from the Purchaser.

  Notified Party has the meaning given to that term in clause 7.1(b).

  Notifying Party has the meaning given to that term in clause 7.1(b).

  Purchase Price means the Estimated Purchase Price as adjusted, if required,
under clause 7.

  Purchaser Warranties means the representations and warranties in respect of
the Purchaser set out in Schedule 5

  Receivables means all the trade debts and other sums due to the Vendors on or
after the Completion Date in connection with the Business . For the avoidance of
doubt, unbilled revenue of the Business as at the Completion Date in respect of
services provided by the Vendors prior to the Completion Date which is invoiced
by the Vendors after the Completion Date is included within the definition of
Receivables.

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  Registered has the meaning given by the GST Law.

  Related Body Corporate has the meaning given to the terms related body
corporate in the Corporations Act.

  Representative means in relation to a person or entity, its officers,
employees, agents, advisers or financiers.

  Restricted Business means the business of blue collar labour hire service
providers and blue collar recruitment.

  Security Interest includes any mortgage, pledge, lien, charge or other
encumbrance of any kind, any security or preferential interest or arrangement of
any kind or any other right of, or arrangement with, any creditor to have its
claim satisfied in priority to other creditors with, or from the proceeds of,
any asset and any legal or equitable interest in favour of a third party. It
includes retention of title other than in the ordinary course of day-to-day
trading and a deposit of money by way of security but it excludes a charge or
lien arising in favour of a Governmental Agency by operation of statute unless
there is default in payment of money secured by that charge or lien.

  Taxable Supply has the meaning given by the GST Law excluding the reference to
section 84-5 of the GST Act.

  Transition Plan means the transition plan for certain services used in the
Business, including the transfer of data contained in the Candidate Database,
described in Schedule 6.

  Vendors’ Superannuation Fund means Hudson Highland Group Superannuation Plan
—AMP Custom Super.

  Warranties means the representations, warranties, undertakings and other
obligations of the Vendors of whatever kind contained in this Agreement
(including those set out in Schedule 5).

1.2 Interpretation

  Headings are for convenience only and do not affect interpretation. The
following rules apply unless the context requires otherwise.

  (a) The singular includes the plural, and the converse also applies.

  (b) A gender includes all genders.

  (c) If a word or phrase is defined, its other grammatical forms have a
corresponding meaning.

  (d) A reference to a person includes a corporation, trust, partnership,
unincorporated body or other entity, whether or not it comprises a separate
legal entity.

  (e) A reference to a clause or Schedule is a reference to a clause of or a
Schedule of this Agreement.

  (f) A reference to an agreement or document (including a reference to this
Agreement) is to the agreement or document as amended, supplemented, novated or
replaced, except to the extent prohibited by this Agreement or that other
agreement or document.

  (g) A reference to writing includes any method of representing or reproducing
words, figures, drawings, or symbols in a visible or tangible form.

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  (h) A reference to a party to this Agreement or another agreement or document
includes the party’s successors, permitted substitutes and permitted assigns
(and, where applicable, the party’s legal personal representatives).

  (i) A reference to legislation or to a provision of legislation includes a
modification or re-enactment of it, a legislative provision substituted for it
and a regulation or statutory instrument issued under it.

  (j) A reference to dollars and $ is to Australian currency.

  (k) A reference to a trade mark has the same meaning as that term is defined
by the Trade Marks Act 1995 (Cth).

  (l) A reference to a party using its best endeavours or reasonable endeavours
does not include a reference to that party paying money in the form of an
inducement or consideration to a third party to procure something (other than
the payment of immaterial expenses or costs, including costs of advisers, to
procure the relevant thing) or in circumstances that are commercially onerous or
unreasonable in the context of this Agreement or providing other valuable
consideration to or for the benefit of any person or agreeing to commercially
onerous or unreasonable conditions.

  (m) A reference to a right or obligation of any two or more persons confers
that right, or imposes that obligation, as the case may be, jointly and
severally.

  (n) Mentioning anything after includes, including, for example, or similar
expressions, does not limit what else might be included.

  (o) Nothing in this Agreement is to be interpreted against a party solely on
the ground that the party put forward this Agreement or any part of it

  (p) A reference to the Vendors means either or both of the Vendors.

1.3 Consents or approvals

  If the doing of any act, matter or thing under this Agreement is dependent on
the consent or approval of a party or is within the discretion of a party, the
consent or approval may be given or the discretion may be exercised
conditionally or unconditionally or withheld by the party in its absolute
discretion, unless expressly provided otherwise.

1.4 Method of payment

  All payments required to be made under this Agreement must be tendered at the
recipient’s option either by:

  (a) drafts or cheques drawn by a bank as defined in the Banking Act 1959
(Cth); or

  (b) by way of direct transfer of immediately available funds to the bank
account nominated in writing by the party to whom the payment is due,

  and by not later than 5pm Sydney time on the due date for payment. Any payment
tendered under this Agreement after 5pm Sydney time on any date will be taken to
have been made on the next succeeding Business Day (the deemed payment date)
after the date on which payment was tendered, and if the deemed payment date is
after the relevant due date for payment, interest will accrue under clause 1.5
accordingly.

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1.5 Interest on amounts payable

  If any party fails to pay any amount payable by it under or in accordance with
this Agreement that party must, if demand is made, pay simple interest on that
amount from the due date for payment until that amount is paid in full at the
rate per annum which is the sum of the Interest Rate on the date on which the
payment was due, plus a margin of 2%, calculated daily. The right to require
payment of interest under this clause is without prejudice to any other rights
the non-defaulting party may have against the defaulting party at law or in
equity.

2. Sale of Business

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2.1 Sale and purchase

  The Vendors as legal and beneficial owners sell the Business and the Assets
free from all Security Interests and the Purchaser buys the Business and the
Assets on the terms set out in this Agreement.

2.2 Title and property

  Title to and property in the Business and the Assets:

  (a) until Completion, remains solely with the Vendors; and

  (b) passes to the Purchaser with effect from Completion.

3. Price and Payment

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3.1 Payment of Estimated Purchase Price

  The Estimated Purchase Price must be paid by the Purchaser to the Vendors on
the Completion Date.

3.2 Apportionment

  The Purchase Price is apportioned as set out in Schedule 7.

4. Warranties

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4.1 Warranties

  Each Vendor and the Guarantor:

  (a) represents and warrants to the Purchaser that except as expressly provided
in this Agreement each of the statements in Schedule 5 is correct and not
misleading in any way (including by omission); and

  (b) the Vendors and the Guarantor shall indemnify the Purchaser for any loss,
cost, damage, expense or Liability the Purchaser may suffer or incur as a result
of any breach of Warranty made by the Vendors and the Guarantor under this
Agreement.

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4.2 Other warranties and conditions excluded

  Except as expressly set out in this Agreement, all terms, conditions,
warranties and statements, (whether express, implied, written, oral, collateral,
statutory or otherwise) are excluded to the maximum extent permitted by law and,
to the extent they can not be excluded, the Vendors disclaim all Liability in
relation to them to the maximum extent permitted by law.

4.3 When representations and warranties given

  Each of the representations and warranties given under clause 4.1:

  (a) is given as at the date of this Agreement and as at Completion; and

  (b) will remain in full force and effect after the Completion Date despite
Completion.

4.4 Conditions of payment and Claims

  Despite any other provision of this Agreement, each of the following applies
in respect of this Agreement.

  (a) (Notice of Claims) Each Vendor and the Guarantor is not liable to make any
payment (whether by way of damages or otherwise) for any breach of any Warranty
unless a claim is made in writing by the Purchaser against the Vendors (setting
out reasonable details including details of the fact, circumstance or matter
giving rise to the breach, the nature of the breach and the Purchaser’s estimate
of the loss suffered based on the Purchaser’s knowledge as at the time of
notification) as soon as reasonably practicable after the Purchaser becomes
aware of the fact, circumstance or matter on which the Claim is based and, in
any event, on or before the date two years after the Completion Date.

  (b) (Maximum liability) The maximum aggregate amount that the Purchaser may
recover from both Vendors and the Guarantor collectively (whether by way of
damages or otherwise) under the Warranties is the Purchase Price.

  (c) (Thresholds) Each Vendor and the Guarantor is not liable to make any
payment (whether by way of damages or otherwise) for any breach of any Warranty:

  (i) if the amount finally adjudicated or agreed against any one or more of the
Vendors and the Guarantor in respect of the breach, or a series of breaches
relating to the same or substantially similar facts, matters or circumstances is
less than $25,000; and

  (ii) until the total of all amounts finally adjudicated or agreed against the
Vendors and the Guarantor collectively in respect of breaches of Warranty that
would, but for this clause 4.4(c)(ii), be payable under clause 4.4(c)(i),
exceeds $100,000 (after which all claims are recoverable without any threshold).

  (d) (Actions of the Purchaser) Each Vendor’s and the Guarantor’s Liability in
respect of any breach of any Warranty will be reduced or extinguished (as the
case may be) to the extent that the breach has arisen as a result of any
wrongful act or omission after Completion by or on behalf of the Purchaser.

  (e) (Actions of the Vendor) Each Vendor’s and the Guarantor’s liability in
respect of any breach of any Warranty will be reduced or extinguished (as the
case may be) to the extent that the breach has arisen as a result of any act or
omission by or on behalf of the Vendor or the Guarantor where the Purchaser has
requested that act or omission and the Vendors or the Guarantor were not obliged
to do or omit to do it.

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  (f) (Credit) If after a Vendor or the Guarantor has made any payment to the
Purchaser for any breach of any Warranty, the Purchaser receives any benefit or
credit by reason of matters to which the breach relates (other than under an
insurance policy or an indemnity from a third party) then the Purchaser must
immediately repay to the Vendor or the Guarantor a sum corresponding to the
amount of the payment or (if less) the amount of the benefit or credit less the
amount of any tax payable by the Purchaser on or in respect of such payment,
benefit or credit.

  (g) (Change in law or interpretation) The Vendors and the Gurantor will not be
liable to make any payment (whether by way of damages or otherwise) to the
Purchaser for any breach of any Warranty where the breach is as a result of any
legislation not in force at the date of this Agreement including legislation
which takes effect retrospectively (other than legislation which has already
been foreshadowed).

  (h) (Recovery under any other right) The Vendors and the Guarantor will not be
liable to make any payment (whether by way of damages or otherwise) to the
Purchaser for any breach of any Warranty to the extent that the Purchaser
recovers from a person other than a Vendor or the Guarantor or any subsidiary of
the Purchaser in respect of any loss or damage suffered by the Purchaser arising
out of the breach whether by way of contract, indemnity or otherwise other than
under a policy of insurance arranged by the Purchaser.

  (i) (No consequential loss) The Vendors and the Guarantor will not be liable
to make any payment (whether by way of damages or otherwise) to the Purchaser
for any indirect, consequential or economic loss or loss of profits arising from
third party claims against the Purchaser (unless such loss is suffered by the
Purchaser as a direct result of third party claims arising from or caused by a
breach of any Warranty by a Vendor or the Guarantor).

4.5 Purchaser’s acknowledgments

  The Purchaser acknowledges and agrees that:

  (a) except as expressly set out in this Agreement, neither the Vendors, their
respective Representatives nor any other person acting on behalf of or
associated with the Vendors has made any representation, given any advice or
given any warranty or undertaking, promise or forecast of any kind in relation
to the Assets, the Business or this Agreement;

  (b) without limiting clause 4.5(a), no representation, no advice, no warranty,
no undertaking, no promise and no forecast is given in relation to:

  (i) any economic, fiscal or other interpretations or evaluations by the
Vendors or any person acting on behalf of or associated with the Vendors or any
other person except for information contained in accounts (including management
accounts) included in the Data Room Documentation;

  (ii) future matters, including future or forecast costs, prices, revenues or
profits;

  (iii) the principles to be applied by the ACCC or its successor(s) or other
Governmental Agencies with respect to the regulation of the recruitment industry
or any part of it and, in particular, matters affecting revenue, prices and
charges and service levels;

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  (iv) the regulation of the recruitment industry (including any act or omission
by any Governmental Agency) and other national industries (and the relationship
of such other industry regulation to the regulation of the recruitment
industry); or

  (v) the results of any reviews by Governmental Agencies or any policies or
procedures which they adopt.

  (c) without limiting clause 4.5(a) or clause 4.5(b), and except for the
statements made in Schedule 5, no statement or representation:

  (i) has induced or influenced the Purchaser to enter into this Agreement or
agree to any or all of its terms;

  (ii) has been relied on in any way as being accurate by the Purchaser;

  (iii) has been warranted to the Purchaser as being true; or

  (iv) has been taken into account by the Purchaser as being important to the
Purchaser’s decision to enter into this Agreement or agree to any or all of its
terms.

4.6 Dealing with Warranty breach after Completion

  If the Purchaser becomes aware after Completion of any fact, circumstance or
matter which constitutes or could (whether alone or with any other possible
fact, circumstance or matter) constitute a breach of any Warranty, including
(without limitation) a Claim against the Purchaser which if satisfied would
result in a breach of any Warranty, the Purchaser must do each of the following:

  (a) promptly give the Vendors reasonable details including details of the
fact, circumstance or matter giving rise to the breach, the nature of the breach
and the Purchaser’s estimate of the loss suffered based on the Purchaser’s
knowledge at the time of notification and any further related material
information of which the Purchaser becomes aware;

  (b) until it notifies the Vendors in accordance with clause 4.6(a), take
reasonable steps to mitigate any loss which may give rise to a claim against a
Vendor or the Guarantor for breach of any Warranty (at the cost of the Vendors
and the Guarantor if the relevant loss is payable by them);

  (c) not make any admission of liability, agreement or compromise with any
person in relation to the fact, circumstance or matter without first consulting
with and obtaining the written approval of the Vendors ( such approval not to be
unreasonably withheld or delayed);

  (d) give the Vendors and their respective professional advisers reasonable
access to:

  (i) the personnel and premises of the Purchaser; and

  (ii) relevant chattels, accounts, documents and records within the possession,
custody or power of the Purchaser,

  to enable the Vendors and their professional advisers to examine the
personnel, premises, chattels, accounts, documents and records and to take
copies or photographs of them at the Vendors’ expense; and

  (e) at the Vendors’ and the Guarantors’ expense, take all action in good faith
and with due diligence that the Vendors acting reasonably and in consultation
with the Purchaser direct to avoid, remedy or mitigate the breach, including
legal proceedings and disputing, defending, appealing or compromising the Claim
and any adjudication of it.

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  The Vendors and the Guarantor will indemnify the Purchaser against any costs
incurred by the Purchaser in respect of action taken by the Purchaser at its
direction under clause 4.6(e) including all costs and expenses which the
Purchaser is required or ordered to pay to any third party.

4.7 Proceedings in respect of a claim

  Unless the Vendors otherwise agree, any Claim by the Purchaser against a
Vendor or the Guarantor for any breach of any Warranty will be taken to be
waived or withdrawn and will be barred and unenforceable (if such Claim has not
been previously satisfied, settled or withdrawn) unless legal proceedings in
respect of the Claim have been issued and served on the Vendor or the Guarantor
within 6 months after the service of the notice of such Claim on the Vendor or
the Guarantor.

4.8 Reduction of Purchase Price

  Any monetary compensation received by the Purchaser as a result of any breach
by a Vendor or the Guarantor of any Warranty will be in reduction and refund of
the Purchase Price.

4.9 Notification of Warranty breach before Completion

  If on or before Completion the Purchaser becomes aware of any breach or
potential breach of any Warranty, the Purchaser must:

  (a) notify the Vendors of this; and

  (b) allow the Vendors a reasonable opportunity to remedy the breach or
potential breach.

  If the Vendors are unable to remedy the breach or potential breach or if the
Purchaser does not, in its reasonable opinion, accept the result as a remedy and
the breach would expose both Vendors and the Guarantor collectively to a
liability exceeding $500,000, the Vendors or the Purchaser may terminate this
Agreement by giving notice to the other parties.

4.10 Remedies for breach of Warranty

  Subject to clause 4.9, the Purchaser acknowledges that its sole remedy for a
breach of a Warranty is damages.

4.11 No Liability where breach

  Without limiting the operation of any other provision of this Agreement, a
Vendor’s or the Guarantor’s Liability in respect of any breach of any Warranty
will be reduced or extinguished to the extent the Vendor’s or the Guarantor’s
position is prejudiced by any breach by the Purchaser of any of the Purchaser’s
obligations under this Agreement.

5. Conduct of Business before Completion

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5.1 Restrictions on the Vendor

  Prior to the Completion Date, except as expressly permitted by this Agreement
or consented to by the Purchaser:

  (a) the Vendors must not:

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  (i) (conduct of Business) manage and conduct the Business other than in its
ordinary and usual course;

  (ii) (no material commitments) enter into any commitment which will involve
expenditure relating to the Business in excess of $100,000 or any series of
commitments which would involve expenditure relating to the Business in excess
of $250,000 in total;

  (iii) (no disposals) except for disposals in the ordinary and usual course of
business, dispose of, agree to dispose of, encumber or grant an option over, or
declare itself trustee of any of the Assets;

  (iv) (not engage or terminate management employees or change their terms) not
engage any new management employee or terminate the employment of any management
employee or materially alter the terms of employment of any management employee
of a Vendor in connection with the Business; or

  (v) (amend any Contract) agree to any material amendment or variation of any
of the terms of any Contract;

  (b) the Vendors must:

  (i) (conduct of the Business) continue to conduct the Business in accordance
with normal and prudent practice as in the past;

  (ii) (comply with laws) comply with all Laws affecting the Business;

  (iii) (pay when due) pay when due (without any renegotiation or extension) all
creditors of the Business (including amounts payable to Government Agencies) and
all Employees and Contract Employees (and any new employees and contractors
engaged in the course of conducting the Business after the date of this
Agreement); and

  (iv) (retain Employees and Clients) use their respective best efforts to keep
the services of all Employees and Contract Employees and the goodwill of Clients
and suppliers,

  The Purchaser must not unreasonably withhold or delay any consent required
under this clause.

5.2 Access

  Prior to Completion, the Vendors must permit the Purchaser and its officers,
employees and agents during normal business hours to:

  (a) enter the Leasehold Property and any other premises from which the
Business is conducted for the purpose of viewing the state or condition of the
Leasehold Property, the Assets situated on the Leasehold Property and the manner
in which the Business is conducted, accompanied by a representative of the
Vendors; and

  (b) have reasonable access to all Business Records as the Purchaser may
reasonably request.

5.3 Conditions of Access

  The Purchaser may only exercise its right of access under clause 5.2 if:

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  (a) the Purchaser has provided the Vendors with reasonable prior notice of the
access that the Purchaser requires (including the identity of the persons who
are to exercise that right of access on behalf of the Purchaser);

  (b) the access will not, in the reasonable opinion of the Vendors, interfere
with the conduct of the Business;

  (c) the access will not, in the reasonable opinion of the Vendors, breach any
obligations (including obligations of confidentiality) that the Vendor owes to
any third party or under any law or regulations;

  (d) the access will not, in the reasonable opinion of the Vendors, damage or
compromise the protection of legal professional privilege attaching to any of
the Business Records; and

  (e) the Purchaser agrees to comply with the Vendor’s reasonable requirements
and directions in relation to that access.

  Any exercise of the right of access under clause 5.2 by the Purchaser or any
of its officers, employees or agents is at the risk of the Purchaser.

6. Completion

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6.1 Completion place

  Completion will take place on the Completion Date at the offices of the
Vendors at Level 19, 45 Clarence Street, Sydney or such other place agreed by
the parties.

6.2 Payment of Estimated Purchase Price

  At Completion, the Purchaser must pay to the Vendors the Estimated Purchase
Price.

6.3 Obligations of the Vendors on Completion

  At Completion, the Vendors must place the Purchaser in possession and
effective control of the Business and the Assets and (without limiting the
generality of that):

  (a) deliver, or make available, to the Purchaser:

  (i) all of the Assets at the Leasehold Property or at such other location as
the Vendors and the Purchaser may agree;

  (ii) releases of any Security Interests affecting the Assets from all persons
holding them; and

  (iii) a complete copy of all of the data and information recorded in or on the
Candidate Database as at Completion (which must include all data and information
which was on the Candidate Database when reviewed by the Purchaser) and a
complete copy of all of the data and information recorded in or on the Excluded
Intellectual Property to the extent that it is part of the Business Records in
each case in such form or medium as the Purchaser may reasonably request;

  (b) assist the Purchaser with the necessary forms and consents to enable the
telecommunication services provided to the Business (including telephone,
mobile, SMS and facsimile services) to be transferred to the Purchaser with
effect from the Completion Date without interruption of those services (and for
clarification the Vendors shall use all reasonable efforts to assist the
Purchaser to obtain a transfer of the actual numbers used in the Business);

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  (c) deliver to the Purchaser such executed instruments of transfer or
assignment (prepared by the Purchaser) as the Purchaser may reasonably request
to vest the Assets in the Purchaser; and

  (d) if requested by the Purchaser, on and from Completion provide the
transition services in respect of the Business set out in the Transition Plan,
in relation to which:

  (i) these transition services will include the Vendors dealing with payroll,
invoicing and other support services, providing access to the Candidate Database
and providing the use of the Leasehold Property and any associated utilities
(including communication services to the extent not transferred to the
Purchaser) in connection with the Business to such extent (not being different
to the way in which these services were provided by the Vendors in connection
with the Business before the date of this Agreement) as the Purchaser may
request (and in the case of payroll and invoicing either by actually performing
payroll and invoicing with funds and stationery provided by the Purchaser or
providing the necessary data to the Purchaser so it can generate payroll and
invoicing through its own systems);

  (ii) until 24 December 2007 each party is to pay its own costs in connection
with the provision of these transition services (and for clarification the
Purchaser is not obliged to pay anything for use of the Vendors’ or the
Guarantor’s systems) but the Purchaser will pay monthly in advance the actual
rent and outgoings payable by the Vendors to the landlords of the Leasehold
Property as set out in Schedule 4; and

  (iii) the Vendors will at the Purchaser’s request continue to provide these
transition services for a period of up to 3 months after 24 December 2007 but
after 24 December 2007 the Purchaser must pay the fees specified in Schedule 10
to the Vendors in connection with the provision of these transition services.

6.4 Completion of sale and purchase

  Completion of the sale and purchase of each Asset is dependent on the
simultaneous completion of the sale and purchase of each other Asset.

6.5 Purchaser must co-operate

  The Purchaser must co-operate fully with the Vendors in endeavouring to obtain
all consents and other approvals which may be required or contemplated in
connection with the transactions provided for in this Agreement.

6.6 Purchaser must change the name of the Business

  (a) As soon as practicable after Completion but subject to this clause 6.6,
the Purchaser must change the name of the Business to a name that does not
include the word “Hudson” or any similar word and give the Vendors written
notice of the new name and logo for the Business.

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  (b) As soon as practicable after Completion but by no later than 31 December
2007, the Purchaser and its subsidiaries must cease using the name Hudson (or
any logo owned by the Vendors or the Guarantor in connection with the Business)
as part of the trading or brand name of the Business or as a logo in connection
with the Business in any:

  (i) letter, envelope, facsimile, email or other form of correspondence; or

  (ii) advertising, sales or marketing material.

  (c) As soon as practicable after Completion, the Purchaser must change the
name and identification of the Business on any vehicles used by the Business and
wherever the Business operates (other than the Leasehold Property) or is listed
or named or identified so that the name and identification of the Business no
longer includes the word “Hudson” or any similar word and does not resemble any
business or trade name or logo used by the Business before Completion save that:

  (i) the Vendors are responsible for changing any name and identification
(including signage) at the Leasehold Property after the Purchaser has vacated;
and

  (ii) the Purchaser is not responsible for changing any listing, name or
identification which was arranged by the Vendors and is either for a fixed
period or otherwise cannot reasonably be changed by the Purchaser (such as
telephone directories).

6.7 Access by Vendors post Completion

  For a period from Completion to 31 December 2009, the Purchaser must permit
any of the Guarantor and either or both of the Vendors and each of their
respective officers, employees and agents during normal business hours to have
reasonable access to all Business Records as the Guarantor may reasonably
request for the purpose of the Vendors and the Guarantor preparing tax returns
for the Vendors for the period ended 31 December 2007 and for the purposes of
fulfilling any other requirement of any Law in respect of the period of the
ownership of the Business by the Vendors.

6.8 Conditions of Access

  Any of the Guarantor or the Vendors (the Access Seeker) may only exercise its
right of access under clause 6.7 if:

  (a) the Access Seeker has provided the Purchaser with reasonable prior notice
of the access that the Access Seeker requires (including the identity of the
persons who are to exercise that right of access on behalf of the Access
Seeker);

  (b) the access will not, in the reasonable opinion of the Purchaser, interfere
with the conduct of the Business;

  (c) the access will not, in the reasonable opinion of the Purchaser, breach
any obligations (including obligations of confidentiality) that the Purchaser
owes to any third party or under any law or regulations;

  (d) the access will not, in the reasonable opinion of the Purchaser, damage or
compromise the protection of legal professional privilege attaching to any of
the Business Records; and

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  (e) the Access Seeker agrees to comply with the Purchaser’s reasonable
requirements and directions in relation to that access.

  Any exercise of the right of access under clause  6.7 by the Access Seeker or
any of its officers, employees or agents is at the risk of the Access Seeker.

7. Adjustments to Estimated Purchase Price

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7.1 Finalisation of Estimated Completion Statement

  (a) Within 30 Business Days following Completion, either the Vendors or the
Purchaser may notify the other party of whether any adjustments (Adjustments)
are required to the Estimated Completion Statement in accordance with the
following principles:

  (i) Any Adjustments under this clause must be consistent with the generally
accepted accounting principles and the Accounting Standards;

  (ii) the only Adjustments under this clause are to be based on the actual
amount of the employee entitlements which the Purchaser is entitled to set off
against the Estimated Purchase Price under clause 11.5 (to the extent that such
amount is different to the amount set off on Completion) or in the amount of any
adjustment of adjustable outgoings under clause 10 or under clause 4.8 or clause
11.8.

  (b) If Adjustments to the Estimated Completion Statement are requested under
clause 7.1(a) above, the party making the request (the Notifying Party) must
provide reasonable details of the requested Adjustments, including the amount
and reasons for the Adjustments, to the other party (the Notified Party).

7.2 Parties to respond

  (a) If Adjustments are notified to a party under clause 7.1 and the
Adjustments are not disputed by the Notified Party by notice to the Notifying
Party under clause 7.3(a) the Adjustments will be deemed for all purposes to be
agreed and the Estimated Completion Statement will be taken to be adjusted
accordingly.

  (b) If the Adjustments are disputed by the Notified Party by notice under
clause 7.3(a) the dispute and the Adjustments will be determined in accordance
with clause 7.3.

7.3 Determination of Adjustments

  (a) If the Notified Party disputes any Adjustment it must give written notice
of such dispute to the Notifying Party within 10 Business Days of the date that
notice of the Adjustments is given to the Notified Party by the Notifying Party
under clause 7.1(a) setting out:

  (i) details of each of the matters in dispute;

  (ii) a separate dollar value for each of those matters; and

  (iii) full details of the reasons why each of those matters is disputed.

  (b) Within 10 Business Days of the Notified Party delivering a notice of
dispute to the Notifying Party, the Notifying Party may deliver to the Notified
Party a response in writing on the disputed matters. If the Notifying Party does
not deliver a response within that time, the Notifying Party will be taken to
agree to the amendments to the Estimated Completion Statement required by the
Notified Party as set out in the notice of dispute under clause 7.3(a) and the
Estimated Completion Statement as amended in accordance with the notice of
dispute will be deemed for all purposes to be agreed and will be taken to be
adjusted accordingly.

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  (c) If the Notifying Party provides a response under clause 7.3(b) above and
the dispute is not resolved within 5 Business Days of the delivery of the
Notifying Party’s response to the Notified Party under clause 7.3(b), each of
the Purchaser and the Vendors must promptly refer the dispute to one of their
respective senior executives who will attempt to resolve the dispute.

  (d) If the senior executives have not resolved the dispute within 5 Business
Days of it being referred to them under clause 7.3(c), the dispute may be
submitted by either the Purchaser or the Vendors to an independent expert (who
will be a person nominated by the President of the Institute of Chartered
Accountants Australia or his nominee) for determination who will determine the
matter or matters in dispute and who must provide his or her calculations and
workings to the Purchaser and the Vendors.

  (e) The independent expert will provide his or her determination within 10
Business Days of his or her appointment and will act as an expert and not
arbitrator and the independent expert’s decision will be final and binding on
the parties in the absence of manifest error and the Estimated Completion
Statement will be deemed for all purposes to be amended accordingly.

  (f) If clause 7.3(d) is invoked, the cost of the independent expert will be
shared equally by the Vendors and the Purchaser.

7.4 Dispute Limit

  Despite any other provision of this Agreement, neither the Purchaser nor the
Vendors is entitled to dispute the Estimated Completion Statement unless the
aggregate amount disputed is greater than $5,000.

7.5 Payment

  (a) If the Estimated Completion Statement is subject to adjustment under this
clause 7, the aggregate amount of the Adjustments (as determined in accordance
with clause 7.3. where applicable) will be payable:

  (i) by the Purchaser to the Vendors if the aggregate amount requires an upward
adjustment to the Estimated Purchase Price; and

  (ii) by the Vendors to the Purchaser if the aggregate amount requires a
downward adjustment to the Estimated Purchase Price.

  (b) The payment required by this clause must be made within 5 Business Days of
the Adjustments being agreed or determined in accordance with clause 7.3.

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8. Receivables

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8.1 Purchaser must remit

  The Purchaser must remit to the Vendors any amounts received by the Purchaser
in payment of any Receivables within 10 Business Days of receiving such amounts.

8.2 Vendors must forward letters to debtors

  The Vendors must forward to each customer of the Business who at Completion is
indebted to the Vendors a letter in a form approved by the Purchaser advising
those customers of the sale contemplated by this Agreement.

9. Liabilities of the Business

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9.1 Assumption of Liabilities

  (a) On and from the Completion Date the Purchaser accepts and assumes
responsibility for the Assumed Liabilities to the extent that the amount of such
Assumed Liabilities are allowed for in the Estimated Completion Statement (as
adjusted under clause 7 if applicable) and deducted from the Estimated Purchase
Price.

  (b) If a Claim is made by a third party against any Vendor in relation to an
Assumed Liability assumed by the Purchaser under clause 9.1(a), the Vendor must
do each of the following:

  (i) promptly give the Purchaser full details of the Claim including details of
the fact, circumstance or matter giving rise to the Claim, the nature of the
Claim, the Vendor’s calculation of the Assumed Liability arising from the Claim
and any further related information of which the Vendor becomes aware;

  (ii) not make any admission of liability, agreement or compromise with any
person in relation to the Claim without first consulting with and obtaining the
approval of the Purchaser; and

  (iii) at the Purchaser’s expense, take all action in good faith and with due
diligence that the Purchaser acting reasonably and in consultation with the
Vendor directs to avoid, remedy or mitigate the loss, including legal
proceedings and disputing, defending, appealing or compromising the Claim and
any adjudication of it.

  The Purchaser will indemnify the Vendors against any costs incurred by the
Vendors in respect of action taken by the Vendors at its direction under
clause 9.1(b)(iii).

9.2 Indemnity in respect of Liabilities

  (a) The Purchaser indemnifies the Vendors and agrees to hold the Vendors
harmless from and against all Liabilities incurred directly or indirectly from
or in connection with a breach by the Purchaser of clause 9.1.

  (b) Except as otherwise expressly provided in this Agreement:

  (i) the Vendors will remain responsible for all Liabilities of the Vendors in
connection with the Business arising before Completion and the Vendors must
indemnify the Purchaser against all such Liabilities; and

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  (ii) the Purchaser will be responsible for all Liabilities incurred by it in
connection with the Business arising after Completion and the Purchaser must
indemnify the Vendors against all such Liabilities.

  (iii) For clarification the Purchaser is not assuming (and is not responsible
for) any Liabilities of the Vendors (or the Guarantor) whatsoever except for the
Assumed Liabilities as provided in clause 9.1.

10. Adjustment of Outgoings

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10.1 Adjustment as between Purchaser and Vendor

  Except as otherwise expressly provided in this Agreement, all outgoings of a
periodical or recurring nature in respect of the Business or any of the Assets
must be borne by the Vendors for the period to (and including) the Completion
Date and after that by the Purchaser. Outgoings of a periodical or recurring
nature include:

  (a) periodical payments under the Contracts; and

  (b) gas, electricity, water and telephone charges relating to the Business.

10.2 Adjustments must be made as soon as practicable

  Appropriate adjustments as at the Completion Date must be made on Completion
or as soon as practicable after that date between the Vendors and the Purchaser
to give effect to the provisions of clause 10.1 provided that no such
adjustments are to be made unless the total net amount of the adjustments
payable by the Vendors to the Purchaser or by the Purchaser to the Vendors is at
least $5,000 (excluding GST).

10.3 Payments by parties on Completion

  On the Completion Date the Vendors must allow to the Purchaser an amount equal
to all prepayments received for goods or services not yet supplied under all
Contracts.

11. Employees

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11.1 Purchaser must offer employment

  At least 14 days before the Completion Date, the Purchaser must make or
procure an offer of employment to each Employee of the Vendors as at the date of
this Agreement on terms consistent with this clause 11 and in a form agreed with
the Vendors, acting reasonably. The Vendors must promptly notify the Purchaser
of any new Contract Employees engaged after the date of this Agreement and the
Purchaser may also make an offer of employment to those new Contract Employees
on the terms of this clause 11.

11.2 Terms and conditions of offer

  The offers must be for employment conditional on Completion and with effect
from the Completion Date on terms and conditions which overall are no less
favourable to the Employee than those under which each is employed by the
relevant Vendor on the Completion Date, including that unless the Employee is a
Contract Employee, service with the Purchaser will be treated as continuous with
any period of service (including any period of service deemed by law or
contract) which the Employee has had with the Vendor immediately before the
Completion Date.

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11.3 Release of Employee

  If an Employee accepts an offer of employment (an Acquired Employee) then the
relevant Vendor must release that Employee from his or her employment effective
from the date on which the Employee will commence work pursuant to that new
offer of employment.

11.4 Parties must use best endeavours

  Each party must use its best endeavours to ensure that all of the Employees
accept the offers made.

11.5 Payment for employee entitlements

  On Completion, the Purchaser is entitled to set off against the Purchase Price
an allowance equal to 70% of the amount (determined in accordance with the
Accounting Standards) which, on the Completion Date, will be applicable in
respect of each Acquired Employee (other than an Acquired Employee who is a
Contract Employee) for accrued annual leave (including applicable loadings),
long service leave and sick and other personal leave entitlements plus all
on-costs (namely payroll tax, workers compensation or WorkCover premiums and
superannuation) to the extent applicable.

11.6 Schedule of entitlements

  On Completion, the Vendors must deliver to the Purchaser a schedule setting
out against each Acquired Employee the respective amounts for accrued annual
leave, long service leave and sick and other personal leave pay plus on-costs,
determined as provided in clause 11.5.

11.7 Continuity of service

  The Purchaser agrees that, subject to any relevant statute, certified
agreement or award, for the purposes of calculating:

  (a) long service leave;

  (b) sick leave;

  (c) parental leave; and

  (d) redundancy or other benefits arising as a result of termination of
employment,

  arising under any statute or award or contract of employment between the
Purchaser and an Acquired Employee (other than an Acquired Employee who is a
Contract Employee), the period of service (including any period of service
deemed by law or contract) which that Acquired Employee has had with the
relevant Vendor immediately before the commencement of employment with the
Purchaser is to be deemed service with the Purchaser and the continuity of the
period of service of the Acquired Employee will not be broken merely because
that Acquired Employee ceases to be an employee of the Vendor and becomes an
employee of the Purchaser. This clause will not apply to any entitlement of an
Acquired Employee which has been discharged by a payment from the relevant
Vendor or to any Contract Employee.

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11.8 Vendors responsible for salary and taxes

  The Vendors must be responsible (and must indemnify the Purchaser against all
Claims) for:

  (a) the salary and wages (including any allowances or benefits and all
bonuses) of all the Acquired Employees for the period up to and including the
Completion Date, from which date the Purchaser will be responsible for them;

  (b) all taxes (including fringe benefits tax and payroll tax) payable on the
salary and wages (including any allowances or benefits and bonuses) of all the
Acquired Employees in respect of the period up to and including the Completion
Date (whether such taxes become due before, on or after the Completion Date);

  (c) the salary and wages (including any allowances or benefits and all
bonuses) and all other Employee Entitlements of all Non-Acquired Employees ;

  (d) the employer’s contribution to workers compensation or WorkCover payments
and make up pay and medical expenses in respect of any Acquired Employee in
connection with a workers compensation or WorkCover claim which arises from any
act or omission occurring on or before Completion; and

  (e) (subject to clause 11.9(c)), all Claims for redundancy by any Acquired
Employee as a result of the termination of the employment by a Vendor of the
Acquired Employee in connection with the sale of the Business.

  Any necessary apportionment must be made and adjusted at Completion or on such
later date as the parties may agree.

11.9 Indemnity by Purchaser against claims

  Subject to performance of the obligations of the Vendors under clause 11.8,
the Purchaser must indemnify the Vendors against all Claims:

  (a) by any Acquired Employee, for salary and wages (including any allowances
or benefits and bonuses) which accrue in respect of any period after the
Completion Date;

  (b) by any Acquired Employee, for annual leave (including applicable
loadings), long service leave and sick and personal leave entitlements which are
or may become payable to any Acquired Employee under any contract of employment,
award or statutory entitlement:

  (i) which accrue in respect of any period after the Completion Date; or

  (ii) (in the case of amounts accrued in respect of a period prior to the
Completion Date) to the extent that the amount of such Claim has been adjusted
and allowed as a deduction against the Purchase Price under clause 11.5; and

  (c) by any Non -Acquired Employee for redundancy as a result of the offer by
the Purchaser not being on terms and conditions which overall are no less
favourable to the Employee than those under which each is employed by the
relevant Vendor on the Completion Date.

11.10 South Australian exit fee

  (a) Subject to this clause 11.10, the Purchaser must pay to the Vendors within
7 days of a notice under this clause from the Vendors any amount due and payable
by the Vendors to the South Australian WorkCover Authority as a consequence of
Completion and the Vendors ceasing to employ any Employees in South Australia
(the Exit Fee) and the Vendors must then promptly pay that amount to South
Australian WorkCover Authority.

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  (b) The amount of any Exit Fee payable by the Vendors and funded by the
Purchaser under this clause will be deemed to be an increase in the Purchase
Price.

  (c) If the Purchaser fails to pay the Exit Fee as required by clause 11.10(a),
the Vendors will immediately pay the Exit Fee to the South Australian WorkCover
Authority and the Purchaser must indemnify the Vendors on demand for the full
amount of that fee and any other Liability incurred by the Vendors as a
consequence of the late payment.

  (d) The Purchaser will have the sole conduct of all dealings with South
Australian WorkCover Authority in relation to the Exit Fee (including in
relation to determining whether the Vendors are liable to pay any amount to
South Australian WorkCover Authorities in consequence of Completion) and:

  (i) without limiting the generality of the foregoing the Vendors must take
such action (including legal proceedings) as the Purchaser may reasonably
require to avoid, dispute, defend, appeal or compromise any such Liability on
the part of the Vendors and any adjudication of it;

  (ii) the Vendors must keep the Purchaser fully and promptly informed of all
material developments and promptly provide the Purchaser with copies of all
material correspondence and other documents arising in connection with that
matter which become known to, or are received by, a Vendor;

  (iii) the Vendors must do all things and sign all documents as the Purchaser
reasonably requires in order to enable the Purchaser to exercise its rights
under this clause 11.10(d);

  (iv) the Purchaser must keep the Vendors fully and promptly informed of all
material developments and promptly provide the Vendors with copies of all
material correspondence and other relevant documents arising in relation to that
matter;

  (v) the Purchaser is solely responsible for all costs incurred by it in
connection with that matter; and

  (vi) the Purchaser must pay all of the legal costs and expenses of the Vendors
(on a full indemnity basis) associated with any legal proceedings instituted in
the name of the Vendors under paragraph (i) above and indemnify the Vendors
against any Liability for the costs of the South Australian WorkCover Authority
which are awarded against the Vendors in connection with that matter.

11.11 Superannuation

  The Purchaser must offer each Acquired Employee membership, with effect from
the Completion Date, of a superannuation fund which complies with the applicable
Laws in relation to the superannuation entitlements of employees.

11.12 Vendors to enforce employee obligations regarding confidentiality and
restraint

  (a) Each of the Vendors must at the reasonable expense of the Purchaser take
such action (including legal proceedings) as the Purchaser may reasonably
require to enforce any rights a Vendor may have against any person who is as at
Completion is (or has previously been) an employee or contractor of a Vendor in
connection with the Business where such rights relate to a breach by that
employee or contractor (or previous employee or contractor) of a duty or
obligation relating to confidentiality or restraint (or a similar duty or
obligation) the breach of which may have an adverse effect on the Business.

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  (b) Clause 11.10(d) applies to any such action, with appropriate amendments to
make it applicable to this clause.

12. Contracts

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12.1 Performance of Contracts

  (a) The Vendors are responsible for complying with all of their obligations
under each Contract in respect of the period up to and including the Completion
Date and the Vendors indemnify the Purchaser against all Liabilities arising out
of or in relation to the non-payment, non-observance or non-performance of any
obligations arising under or in respect of each Contract properly referable to
that period; and

  (b) The Purchaser is responsible for complying with all of the obligations
under each Contract in respect of the period after the Completion Date and the
Purchaser indemnifies the Vendors against all Liabilities arising out of or in
relation to the non-payment, non-observance or non-performance of any
obligations arising under or in respect of each Contract properly referable to
that period.

12.2 Transfer of benefit of contracts

  (a) In the period from the date of this Agreement up to and including the
Completion Date and for a reasonable period (being not less than 3 months) after
the Completion Date each Vendor must use its best efforts to assist the
Purchaser to obtain an assignment or novation of each Contract to the Purchaser
or a renegotiation of such Contract direct between the Purchaser and the
relevant counterparty in each case on terms consistent with the apportionment of
liability set out in clause 12.1 and otherwise on such terms as the Purchaser
may reasonably request;

  (b) Pending any such assignment, novation or renegotiation each Vendor:

  (i) must ensure that the Purchaser has the full benefit of each Contract;

  (ii) must account to the Purchaser for all monies received under or in respect
of each Contract which is referable to any period after the Completion Date;

  (iii) without limiting the generality of the foregoing, must refer all
queries, opportunities and orders under each Contract to the Purchaser; and

  (iv) save as set out above, must not do anything under any Contract except at
the request of the Purchaser.

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13. Non-competition

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13.1 Vendors not to compete

  In consideration of the terms of this Agreement and the payment by the
Purchaser of the additional sum of $1.00 to each of the Vendors and the
Guarantor (receipt of which is acknowledged upon execution of this Agreement)
and for the sole purpose of protecting the Purchaser in respect of the goodwill
of the Business, each Vendor and the Guarantor undertakes to the Purchaser that
neither it nor any of its Related Bodies Corporate will during the Restraint
Period and in the Restraint Area, do any one or more of the following:

  (a) be engaged, concerned or interested in or carry on (whether on its own
account or as a member, shareholder, consultant, agent, beneficiary, trustee or
otherwise in any enterprise, corporation, firm, trust, joint venture or
syndicate which is engaged, concerned or interested in or carries on) any
business the same as or in direct competition with the Restricted Business as
conducted by the Vendors at Completion;

  (b) on its own account or for any person, enterprise, firm, trust, joint
venture or syndicate entice away from the Purchaser any employee of the
Business;

  (c) by its employees or agents or by circulars, letters or advertisements
whether on its own account or for any other person, enterprise, firm, trust,
joint venture or syndicate interfere with the Business or divulge to any person
any information concerning the Business or the Purchaser or any of their
respective dealings, transactions or affairs; or

  (d) use the Business Names in connection with or for the purposes of any
business or enterprise,

  except that the foregoing will not restrict the Vendors , the Guarantor nor
any of their Related Bodies Corporate from either holding or acquiring (either
directly or indirectly) in aggregate not more than 10% of the issued ordinary
shares in the capital of any body corporate listed on ASX Ltd.

13.2 Definitions

  In this clause 13:

  (a) Restraint Area means each of the following areas separately:

  (i) Victoria;

  (ii) New South Wales;

  (iii) Queensland;

  (iv) South Australia;

  (v) Western Australia;

  (vi) Tasmania;

  (vii) Northern Territory;

  (viii) Australian Capital Territory; and

  (ix) Commonwealth of Australia.

  (b) Restraint Period means each of the following periods separately:

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  (i) the period of 3 years commencing on Completion;

  (ii) the period of 2 years commencing on Completion; and

  (iii) the period of one year commencing on Completion.

13.3 Non-competition restraints independent and reasonable

  (a) The Vendors and the Guarantor acknowledge that each of the prohibitions
and restrictions contained in the provisions of clauses 13.1 and 13.2:

  (i) must be read and construed and will have effect as a separate, severable
and independent prohibition or restriction (namely the prohibitions and
restrictions set out in clauses 13.1 and 13.2 arising from the different
combinations of each activity restrained or prohibited under clause 13.1 with
each Restraint Period and each Restraint Area set out in clause 13.2) and will
be enforceable accordingly even though they are cumulative in effect;

  (ii) is reasonable as to period, territorial limitation and subject
matter; and

  (iii) confers a benefit on the Purchaser which is no more than that which is
reasonably and necessarily required by the Purchaser for the maintenance and
protection of the goodwill sold to the Purchaser under this Agreement;

  (b) However, for the avoidance of doubt, if any of the separate and
independent covenants or restrictions set out in this clause 13 is or becomes
invalid or unenforceable for any reason:

  (i) if the covenant or restriction in question would be valid or enforceable
if any activity was deleted or the area or time was reduced, then the clause
must be read down by deleting that activity or reducing that period or area, to
the minimum extent necessary to achieve that result; and

  (ii) subject to clause 13.3(b)(i), the invalid or unenforceable provision will
be treated as severed from this Agreement without affecting the operation or
interpretation of any other provision of this Agreement.

13.4 Specific acknowledgement by the parties

  The Vendors and the Guarantor also acknowledge and agree that any breach of
any of the prohibitions and restrictions on their part in this clause 13 may not
adequately be compensated by an award of damages and any breach by the Vendors
or the Guarantor of any of those prohibitions and restrictions will entitle the
Purchaser, in addition to any other remedies available at law or in equity, to
seek an injunction to restrain the committal of any breach (or continuing
breach) of any of those prohibitions or restrictions.

14. Purchaser Warranties and Guarantor Warranties

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14.1 Purchaser Warranties

  The Purchaser represents and warrants to the Vendors that, as at the date of
this Agreement and at Completion, each of the Purchaser Warranties is correct.

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14.2 Guarantor Warranties

  The Guarantor represents and warrants to the Purchaser that, as at the date of
this Agreement and at Completion, each of the Guarantor Warranties is correct.

14.3 Continued operation

  The Purchaser Warranties and each of the Guarantor Warranties will remain in
full force and effect after the Completion Date despite Completion.

15. Books and Records

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  All Business Records will become the property of the Purchaser at Completion
except where they are required by law to be kept by the Vendors. As from
Completion, each party must allow each other party to have access at all
reasonable times to the Business Records and to take extracts from or copies of
them.

16. Confidentiality

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16.1 Confidentiality

  Subject to clauses  16.4 and 16.5, each party must keep the terms of this
Agreement confidential.

16.2 Purchaser’s investigation

  Subject to clauses  16.4 and 16.5, any confidential information obtained by
the Purchaser in connection with the Business must be kept confidential:

  (a) until the Completion Date; and

  (b) after the Completion Date, if Completion does not occur.

16.3 Following Completion

  Subject to clause 16.4, the Vendors and the Guarantor must keep confidential
all Confidential Information known to them or coming into their possession as a
result of their involvement with the Business (whether before or after the date
of this Agreement) or the exercise of any of their rights under this Agreement
and not disclose the same to any person except for the purpose of implementing
this transaction (and then subject to the same obligations of confidentiality)
and not use the same for its own benefit.

16.4 Exceptions

  A party may make any disclosures in relation to this Agreement as it thinks
necessary to:

  (a) its professional advisers, insurers, bankers, financial advisers and
financiers, if those persons undertake to keep information disclosed
confidential;

  (b) comply with any applicable law or requirement of any Governmental Agency;
or

  (c) any of its employees to whom it is necessary to disclose the information
if that employee undertakes to keep the information confidential.

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16.5 Public announcements

  Except as required by law or the rules of any stock exchange, all press
releases and other public announcements relating in any way to the execution of
this Agreement must be in terms agreed by the parties. Nothing in this Agreement
in any way restricts the Purchaser from complying with its continuous disclosure
obligations under the ASX Limited Listing Rules or the Corporations Act or from
providing after Completion briefings to analysts and the investment community in
connection with the Business.

16.6 Confidentiality agreement unaffected

  Subject to clauses 16.4 and 16.5, nothing in this clause will limit or
otherwise affect the terms of any separate agreements (including the
Confidentiality Agreement) entered into by the Purchaser to keep confidential
the confidential information of the Vendor or the Business.

17. Remedies

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17.1 Right to terminate

  If Completion does not occur on the Completion Date due to a failure by the
Purchaser to fulfil its obligations under this Agreement, the Vendors may give
written notice to the Purchaser of their intention to terminate this Agreement.
If Completion does not occur within ten Business Days after the notice is given
then, upon the giving of a further written notice by the Vendors, this Agreement
will terminate.

  If Completion does not occur on the Completion Date due to a failure by the
Vendors to fulfil their obligations under this Agreement, the Purchaser may give
written notice to the Vendors of its intention to terminate this Agreement. If
Completion does not occur within ten Business Days after the notice is given
then, upon the giving of a further written notice by the Purchaser, this
Agreement will terminate.

17.2 Termination remedies

  If this Agreement terminates under clause 17.1, then in addition to any other
rights provided by law or this clause 17:

  (a) each party is released from its obligations under this Agreement except
those imposing obligations of confidentiality; and

  (b) each party retains the rights it has against any other party in respect of
any past breach.

17.3 Other remedies of the Vendors

  (a) If the Purchaser fails to comply with any term of this Agreement, without
limiting the remedies available to the Vendors at law or in equity or under
clause 17.1, the Vendors may sue the Purchaser for breach, and if this Agreement
is terminated under clause 17.1 by the Vendors due to the failure to comply, the
Vendors may also, without further notice to the Purchaser, resell the Assets or
any of them by any means the Vendors determine and claim and recover from the
Purchaser any amount by which the proceeds of such sale (less all incidental
expenses) is less than the Estimated Purchase Price or Purchase Price (as the
case may be) (including interest on the Estimated Purchase Price or the Purchase
Price (as the case may be) calculated in accordance with clause 1.5).

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  (b) Nothing in this clause 17 limits the duty of the Vendors and the Guarantor
to mitigate their loss. Subject to clauses 4.9 and 17.1, the sole remedy of the
Purchaser for a failure by the Vendors to comply with this Agreement is damages.
The Purchaser is not entitled to terminate this Agreement except in accordance
with clauses   4.9 and 17.1.

17.4 Failure of other party

  A party that is in breach of this Agreement will be taken not to be in breach
of this Agreement to the extent that the breach arises or subsists solely
because of the failure of the other party to perform one or more of its
obligations under this Agreement.

18. Costs and Stamp Duty

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  Each party must bear its own costs arising out of the negotiation, preparation
and execution of this Agreement. All stamp duty (including fines, penalties and
interest) that may be payable on or in connection with this Agreement, any
transaction evidenced by this Agreement and any instrument or transaction
entered into under this Agreement must be borne by the Purchaser.

19. GST

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19.1 Supply of a going concern

  (a) The parties agree that the supply of the Assets pursuant to this Agreement
is the supply of a going concern for the purposes of sub-division 38-J of the
GST Act.

  (b) The Purchaser warrants that it is Registered.

  (c) If, despite clause 19.1(a) the supply of all or any part of the Assets is
not the supply of a going concern for GST purposes and is a Taxable Supply:

  (i) the party providing the Consideration for that Taxable Supply must also
pay the GST Amount as additional Consideration;

  (ii) in addition to any amount payable under clause 19.1(c)(i) the Purchaser
must pay to the Vendor all interest, fines, penalties, charges, and additional
amounts payable as a result of the supply being incorrectly treated in whole or
in part as the supply of a going concern or as a result of the GST payable on
the supply being paid late or as a result of the GST Amount being paid late;

  (iii) the Purchasermust pay to the Vendor the amounts payable by the Purchaser
pursuant to this clause upon demand and provision of a Tax Invoice for the
amount in question; and

  (iv) it will not be a defence to any claim against the Purchaser pursuant to
this clause that the Vendor has failed to mitigate the Vendor’s damages by
paying an amount of GST when it fell due under the GST Law.

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19.2 GST to be added to amounts payable

  If GST is payable on a Taxable Supply made under, by reference to or in
connection with this Agreement, other than a Taxable Supply subject to
clause 19.1, the party providing the Consideration for that Taxable Supply must
also pay the GST Amount as additional Consideration. This clause does not apply
to the extent that the Consideration for the Taxable Supply is expressly agreed
to be GST inclusive. No payment of the GST Amount is required until the supplier
has provided a Tax Invoice or Adjustment Note as the case may be to the
recipient.

19.3 Liability net of GST

  Any reference in the calculation of Consideration or of any indemnity,
reimbursement or similar amount to a cost, expense or other liability incurred
by a party, must exclude the amount of any Input Tax Credit entitlement of that
party in relation to the relevant cost, expense or other liability.

19.4 GST obligations to survive termination

  This clause 19 will continue to apply after expiration or termination of this
Agreement.

20. No Merger

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  The rights and obligations of the parties will not merge on the completion of
any transaction contemplated by this Agreement. They will survive the execution
and delivery of any assignment or other document entered into for the purpose of
implementing a transaction.

21. Assignment

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  This Agreement is binding upon and enures for the benefit of each party’s
successors and permitted substitutes and permitted assigns but no party can
assign, charge, encumber or otherwise deal with any rights and obligations under
this Agreement, or attempt or purport to do so, without the prior written
consent of the other party.

22. Further Assurances

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  Each party must do anything (including executing agreements and documents)
necessary to give full effect to this Agreement and the transactions
contemplated by it.

23. Entire Agreement

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  This Agreement contains the entire agreement between the parties with respect
to its subject matter. It sets out the only conduct relied on by the parties and
supersedes all earlier conduct and prior agreements and understandings between
the parties in connection with its subject matter.

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24. No Waiver

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  No failure to exercise nor any delay in exercising any right, power or remedy
under this Agreement operates as a waiver. A single or partial exercise or
waiver of the exercise of any right, power or remedy does not preclude any other
or further exercise of that or any other right, power or remedy. A waiver is not
valid or binding on the party granting that waiver unless made in writing.

25. Notices

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  Any notice, demand, consent or other communication (a Notice) given or made
under this Agreement:

  (a) must be in writing and signed by the sender or a person duly authorised by
the sender;

  (b) must be addressed and delivered to the intended recipient at the address
or fax number below or the address or fax number last notified by the intended
recipient to the sender after the date of this Agreement:

(i) to each Vendor: Level 19 45 Clarence Street Sydney NSW 2000
  Attention: Matthew Warburton Fax No: +61 2 9233 8266;
  (ii) to the Purchaser: 850 Whitehorse Road Box Hill VIC 3128
  Attention: Ken Bieg Fax No: +61 3 9924 2468
  (iii) to the Guarantor: Level 19 45 Clarence Street Sydney NSW 2000
  Attention: Matthew Warburton Fax No: +61 2 9233 8266.

  (c) will be taken to be duly given or made when delivered, received or left at
the above fax number or address. If delivery or receipt occurs on a day that is
not a business day in the place to which the Notice is sent or is later than 4pm
(local time) at that place, it will be taken to have been duly given or made at
the commencement of business on the next business day in that place.

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26. Governing Law and Jurisdiction

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  This Agreement is governed by the laws of New South Wales. Each party submits
to the jurisdiction of courts exercising jurisdiction there, and waives any
right to claim that those courts are an inconvenient forum.

27. Guarantee

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27.1 Guarantee and Indemnity

  (a) In consideration of the Purchaser entering into this Agreement at the
request of the Guarantor, the Guarantor unconditionally and irrevocably
guarantees to the Purchaser on demand the due and punctual performance by the
Vendors of all their obligations under this Agreement.

  (b) As a separate covenant, the Guarantor must indemnify the Purchaser against
all losses, damages, costs, charges and expenses whatsoever (including legal
costs on a full indemnity basis) which the Purchaser may incur by reason of or
arising in any way out of any default by a Vendor in the performance of any of
its obligations under this Agreement or by reason of any of the obligations of a
Vendor under this Agreement being for any reason unenforceable against that
Vendor or due to the failure of this Agreement otherwise than due to the default
of the Purchaser.

27.2 Liability unaffected by other events

  The Liability of the Guarantor under this clause is not affected by any act,
omission or thing which, but for this provision, might in any way operate to
release or otherwise exonerate or discharge the Guarantor from any of its
obligations including (without limitation) the grant to any Vendor or any other
person of any time, waiver or other indulgence, or the discharge or release of a
Vendor or any other person from any obligation.

27.3 Continuing guarantee and indemnity

  This clause:

  (a) extends to cover this Agreement as amended, varied or replaced, whether
with or without the consent of the Guarantor; and

  (b) is a continuing guarantee and indemnity and, despite Completion or
termination of this Agreement, remains in full force and effect for so long as
the Vendors have any liability or obligation to the Purchaser under this
Agreement and until all of those liabilities or obligations have been fully
discharged.

27.4 Purchaser not required to first take action against a Vendor

  The Guarantor will be liable for any default by a Vendor without the Purchaser
first being required to take any steps or proceedings against that Vendor in
respect of its default.

27.5 Reimbursement by Guarantor

  The Guarantor shall also be liable to reimburse the Purchaser for any monies
which the Purchaser may have to pay to any liquidator, provisional liquidator,
receiver or manager (or any similar person) of a Vendor in response to any claim
by such liquidator, provisional liquidator, receiver or manager (or other
person) for payment to him of any monies received by the Purchaser from a Vendor
pursuant to or in relation to this Agreement.

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27.6 Principal obligation of surety

  The liability of the Guarantor under this clause shall be a principal
obligation not merely a surety.

28. Counterparts

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  This Agreement may be executed in any number of counterparts. All counterparts
together will be taken to constitute one instrument.

29. Personal Liability

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  The parties agree that (subject to clause 11.12):

  (a) no employee of any Vendor will bear any Liability to the Purchaser in
respect of this Agreement or the transactions contemplated by this Agreement,
other than for an act of fraud by that person;

  (b) no existing or former director or officer of any Vendor and no current
adviser of any Vendor advising in its capacity as such in relation to the
transactions contemplated by this Agreement, will be liable to the Purchaser in
respect of any act, matter or thing which occurred before, at or after
Completion, other than an act of fraud by that person;

  (c) references to the Vendors and Purchaser in clauses 29(a) and 29(b)
included their respective Related Bodies Corporate (if any); and

  (d) the persons referred to in clauses 29(a) and 29(b) are entitled to the
benefit of this clause 29 and the Vendors hold such benefit on trust for those
persons and the Vendor is entitled to enforce this clause 29 on behalf of those
persons.

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SCHEDULE 5

WARRANTIES

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A. VENDOR WARRANTIES

INCORPORATION AND EXISTENCE

1. Each Vendor is duly incorporated and validly exists under the law of its
place of incorporation.

2. Each Vendor has full corporate power and authority to own the Assets and
carry on the Business as it is being conducted.

3. Each Vendor is not insolvent and no receiver or manager has been appointed
over any part of its assets and no such appointment has been threatened.

4. Each Vendor is not in liquidation and no proceedings have been brought or
threatened for the purpose of winding up either Vendor or placing either Vendor
under any form of external administration.

5. To the best of each Vendor’s knowledge and belief, there are no facts,
matters or circumstances which give any person the right to apply to liquidate
or wind up either Vendor or to place either Vendor under any form of external
administration.

6. No administrator has been appointed to any Vendor nor has any deed of company
arrangement been executed or proposed in respect of either Vendor.

AUTHORITY

7. The execution and delivery of this Agreement has been properly authorised by
all necessary corporate action of each Vendor.

8. Each Vendor has full corporate power and lawful authority to execute and
deliver this Agreement and to consummate and perform or cause to be performed
its obligations under this Agreement and each transaction contemplated by this
Agreement to be performed by that Vendor.

9. This Agreement constitutes a legal, valid and binding obligation of each
Vendor enforceable in accordance with its terms by appropriate legal remedy.

10. The execution, delivery and performance by each Vendor of this Agreement and
each transaction contemplated by this Agreement does not or will not (with or
without the lapse of time, the giving of notice or both) contravene, conflict
with or result in a breach of or default under:

  (a) any provision of the constitution of either Vendor;

  (b) any material term or provision of any security arrangement, undertaking,
agreement or deed affecting either Vendor; or

  (c) any writ, order or injunction, judgment, or law to which it is a party or
is subject or by which it is bound.

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TITLE

11. Each Vendor has not granted any option or right of pre-emption in respect of
any of the Assets to any other person and each Vendor will at Completion be able
to transfer title to all of the Assets to the Purchaser without first obtaining
the consent of any other person.

12. The Vendors are able to and shall on Completion transfer the Business and
all of the Assets to the Purchaser as beneficial owner free from any Security
Interests.

FINANCIAL POSITION AND CONDUCT OF BUSINESS

13. The Estimated Completion Statement was prepared in accordance with the
generally accepted accounting principles and the requirements of the Accounting
Standards applied on a consistent basis and fully and accurately sets out the
Assumed Liabilities as at the date of that statement .

14. The Accounts have been prepared in accordance with the generally accepted
accounting principles and the requirements of the Accounting Standards applied
on a consistent basis and give a true and fair view of the affairs and financial
position and assets and Liabilities of the Business (and the Vendors in
connection with the Business) and of the income, expenses and results of
operations of the Business for the periods and as the dates to which they
respectively relate and, except as specifically set out in the Accounts, are not
affected by any unusual , abnormal, extraordinary or non-recurring item.

15. The Estimated Completion Statement fully and accurately sets out the Assumed
Liabilities as at the date of the statement.

16. Since the date of the latest of the Accounts, the Vendors have carried on
the Business in the ordinary and usual course and:

  (a) unless otherwise disclosed:

  (i) there has been no material adverse change in the trading position or
profitability of the Business;

  (ii) no regular or important customer or supplier has ceased, or substantially
reduced the volume of, its business with the Vendors in relation to the Business
and to the best of each Vendor’s knowledge and belief, no such customer or
supplier will cease, or substantially reduce the volume of, its business as a
result of the execution of this Agreement or Completion;

  (iii) there has not been any liability or obligation incurred otherwise than
in the ordinary and usual course of business;

  (iv) there has not been incurred or agreed to be incurred any operational
expense which is of an unusual or non-recurring nature or abnormal amount having
regard to the customary business practices applicable to the industries in which
the Business is operated and which would have a material adverse effect on the
Business;

  (v) there has not been a change in the operation of the Business other than in
the manner consistent with the ordinary course of business prior to the
preparation of such Accounts.

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  (b) the Vendors have not suffered any event, circumstance, fact or occurrence
or taken or failed to take any action where such occurrence, action or failure
would reasonably be expected to have a material adverse effect on the Business.

  (c) there has not been any agreement or commitment by either Vendor to do any
of the above.

17. To the best of each Vendor’s knowledge and belief, there is no reason why
the Purchaser immediately after the Completion Date will not be able to carry on
the Business in substantially the same way as it has been carried on prior to
the Completion Date and there is no abnormal factor materially and adversely
affecting the Business.

18. The Business is carried on solely by the Vendors and no part of it has been
sub-contracted to any third party or is carried on under the agreement or
consent of any third party (other than as reflected in the Contracts).

ASSETS

19. The Assets are all of the material assets (other than cash and debtors):

  (a) used by the Vendors in connection with the Business; and

  (b) needed to conduct the Business in substantially the manner in which it was
conducted for the 12 months before the date of this Agreement.

20. All tangible Assets are in good condition and proper working order and in
each case is capable of being operated fully and efficiently and safely for the
purpose for which it was acquired and has been maintained in accordance with
prudent business practice and (where applicable) manufacturers’ recommended
maintenance procedures.

21. Each Vendor will use its reasonable endeavours to ensure that all warranties
and guarantees (whether of manufacturers, wholesalers, retailers, repairers or
otherwise) existing in relation to the Assets are assigned to the Purchaser or
that the Purchaser receives the benefit of them.

22. Each Asset is located at the Leasehold Property.

CONTRACTS

23. All material Contracts have been identified to the Purchaser and their terms
and conditions are fully set out in the Data Room Documentation and :

  (a) the Vendors have not done or permitted to be done anything that would be
likely to cause any of these material Contracts to be terminated;

  (b) there has been no failure by the Vendors to comply with an obligation
under a Contract that would have a material adverse effect on the Business or
the Assets; and

  (c) no party to any of those material Contracts is in material breach of or
material default under a Contract, or would be in material breach or material
default but for a requirement of notice or lapse of time or both.

24. In relation to all Contracts:

  (a) All Contracts with Clients are either on the Vendors’ standard terms and
conditions as disclosed to the Purchaser in the Data Room Documentation or in
the form of written contracts all of which are contained in the Data Room
Documentation;

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  (b) There are no other Contracts which cannot be terminated without breach or
payment of compensation by giving not more than one month’s notice,

  (c) There are no material Contracts with suppliers to the Business or
otherwise other than the Contracts with Clients .

INTELLECTUAL PROPERTY

25. Details of all registered Intellectual Property (and applications for any
such registration) owned by the Vendors has been disclosed to the Purchaser in
the Data Room Documentation and the Vendors do not own, use or require in the
Business any other Intellectual Property other than any copyright owned by the
Vendors (and other than the Excluded Intellectual Property).

26. In respect of the Intellectual Property owned by the Vendors, the Vendors
are the sole legal and beneficial owner of all of the Intellectual Property
referred to in warranty 25 above free and clear of any restrictions, liens,
charges and encumbrances and other Security Interests and the Vendors are free
to assign that Intellectual Property to the Purchaser without any such
restrictions, liens, charges and encumbrances and other Security Interests.

27. None of the Intellectual Property owned by the Vendors is currently or in
the past three years has been the subject of any dispute, challenge, litigation,
or opposition proceedings and the Vendors have not received written notice of
the threat of any such claim.

28. Each Vendor has not disclosed any material confidential information, or
Know-how relating to the Business except:

  (a) in the ordinary and proper course of business of the Vendor, on receipt of
an undertaking to keep the information confidential; or

  (b) in respect of the negotiations for sale of the Assets to the Purchaser, on
receipt of an undertaking to keep the information confidential; or

  (c) where such disclosure did not have and would not be likely to have a
material adverse effect on the Business.

29. The Vendors do not use or require in the Business any business names,
trademarks, service marks, trade names, copyright, patents, patent applications,
confidential information or other Intellectual Property Rights other than the
Intellectual Property forming part of the Assets being transferred to the
Purchaser under this Agreement and other than the Excluded Intellectual
Property. No person has any licences or rights of any form over any of the
Intellectual Property.

30. There are no royalties, licence fees or other similar fees payable by the
Vendors in connection with the use of any Intellectual Property by the Vendors
and no other person has any right or interest in the Intellectual Property. The
use of the Intellectual Property Rights does not infringe the rights of any
third person and neither of the Vendors is aware of any allegation of any such
infringement by any third person.

EMPLOYEES

31. There is no industrial dispute affecting the Employees.

32. The Data Room Documentation fully disclose and set out all terms and
conditions of employment of all Employees and all terms and conditions of
engagement of all contractors engaged by the Vendors in connection with the
Business as at the date of this Agreement and contain a copy of all collective
bargaining agreements to which each Vendor is a party with any trade union or
similar organisation and which apply to any of the Employees and all written
employment agreements between each Vendor and any Employee and identify all
awards and other industrial instruments which are relevant to the employment of
any Employee or the engagement of any contractor by the Vendors in connection
with the Business.

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33. Each Vendor has fully complied with all of its legal or contractual
obligations concerning the employment of any of the Employees.

34. Other than in respect of a limited number of Employees who receive salary
continuance insurance and life insurance in connection with their superannuation
fund (AMP Recruitment Super), Schedule 2 sets out full details of the salary
benefits and other employment terms and conditions and all Employee Entitlements
of the Employees as at 31 August 2007 and all such details are complete and
accurate as at that date.

35. The Employees are or (in the case of past employees of the Vendors in
connection with the Business) were lawfully employed by the Vendors in the
Business and there is no outstanding claim, demand, dispute, litigation,
arbitration or prosecution affecting the Vendors relating to any such
employment.

36. All Employee Entitlements owing to any Employee as at Completion has been
paid in full prior to Completion and there are no outstanding payments or
Liabilities owing to or in respect of any past employee, contractor or other
person by the Vendors in connection with the Business.

37. There are no Employee Entitlements whatsoever accrued or owing to or in
respect of any Contract Employee as at Completion.

38. All Contract Employees are casual Employees.

39. The Vendors are not in breach of any legal, contractual or other obligation
(including the provisions or terms of any award, certified agreement, enterprise
bargaining agreement, Australian Workplace Agreement or other industrial
instrument or any contract or terms of employment or engagement) in respect of
any Employee or contractor or any past employee or contractor of the Vendors in
connection with the Business.

SUPERANNUATION

40. Each Vendor is not liable to pay any annuity, superannuation benefit or
pension in respect of the death, disability, retirement, resignation or
dismissal of any Employee other than contributions to the Vendors’
Superannuation Fund or the Employee’s chosen superannuation fund which have been
fully disclosed to the Purchaser in the Data Room Documentation.

41. There are no outstanding and unpaid contributions on the part of the Vendors
with respect to the Vendors Superannuation Fund or an Employee’s chosen
superannuation fund and the Vendors do not have any liability for a
superannuation guarantee charge in respect of any Employee or any contractor of
the Vendors in connection with the Business.

LEASEHOLD PROPERTY

42. The Vendors do not have any interest in land used in connection with the
Business except for the Leasehold Property.

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43. The Vendors have exclusive occupation and quiet enjoyment of the Leasehold
Property.

44. There is no event, circumstance or dispute (whether actual, threatened or
anticipated) which might reasonably be expected to adversely affect the
exclusive occupation and quiet enjoyment of the Leasehold Property by the
Purchaser.

45. The Vendors enjoy the benefits of all easements, rights, interests and
privileges necessary or appropriate for the carrying on of the Business at the
Leasehold Property.

46. All buildings and other improvements at the Leasehold Property, conform in
all material respects to and are being used in material conformance with all
applicable ordinances and regulations and building, zoning, environmental,
health and other Laws.

47. To the best of the Vendor’s knowledge and belief, there is:

  (a) no action contemplated, pending or threatened to change the planning,
zoning or other ordinances affecting any of the Leasehold Property;

  (b) any pending or threatened condemnation of the Leasehold Property;

  (c) no written notice from local or other competent authorities or from any
third person adversely affecting or which might reasonably be expected to
adversely affect the use of the Leasehold Property or any part of them has been
received; and

  (d) no proposals made or intended to be made by any local or other competent
authority concerning the compulsory acquisition of the whole or any part of the
Leasehold Property or which might reasonably be expected to adversely affect the
use of the Leasehold Property or any part of them.

48. The Vendors have provided the Purchaser with accurate copies of each Lease.

49. Each Lease is valid and binding and the Vendors are not in material default
under or in material breach of any material term of any Lease.

50. The Vendors have not granted any leases, sub-leases or licences of any
Leasehold Property.

51. The use of the Leasehold Property for the carrying on of the Business is in
material compliance with all applicable laws and the use of the Leasehold
Property is permitted under the relevant planning laws and there have been no
material contraventions of those laws or any applicable permit.

52. The use of the Leasehold Property is permitted under each Lease. The Vendors
have paid all rent, outgoings and other amounts they are required to pay under
each Lease.

53. The Leases have not been amended or modified from that disclosed to the
Purchaser and no Lease is liable to forfeiture or termination.

ENVIRONMENT

54. No act or omission has occurred and, to the best of each Vendor’s knowledge
and belief, there is no circumstance relating to the Business which has given
rise or may give rise to:

  (a) a material action or claim; or

  (b) a requirement of material expenditure or a cessation or substantial
alteration to the way in which the Business is conducted,

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  under an environmental law.

55. The Leasehold Property is not subject to contamination and neither of the
Vendors is aware of any environmental issues at the Leasehold Property which may
affect the tenancy of the Vendors, the Business or the safety of any persons.

56. The Vendors have not received written notice of any action or claim in
relation to the Business or the activities or omissions of the Vendors in
respect of the Business by any person alleging liability (including, without
limitation, potential liability for property damage or personal injury) arising
out of, based on, or resulting from, the presence or release into the
environment of contamination or pollution and to the best of each Vendor’s
knowledge and belief, there are no past or present acts, omissions or
circumstances in relation to the Business or the activities or omissions of the
Vendors in respect of the Business which are likely to form the basis of such a
claim.

APPROVALS

57. The approvals disclosed in the Data Room are all of the permits, licences,
consents and other authorisations required to conduct the Business.

58. No failure by a Vendor to comply with the conditions under the approvals
disclosed in the Data Room has had a material adverse effect on the Business or
the Assets or, to the best of the Vendors’ knowledge and belief is likely to
have a material adverse effect on the Business or the Assets.

59. The Vendors:

  (a) have not done or permitted to be done anything that would be likely to
cause any of the approvals disclosed in the Data Room to be terminated.

  (b) No party to any of the approvals disclosed in the Data Room has given
written notice to the Vendors of any matter that would be likely to cause any of
the approvals to be terminated.

LEGISLATIVE REQUIREMENTS

60. The Vendors have complied in all material respects with all Laws relating to
the conduct of the Business.

LITIGATION

61. There is no litigation, prosecution, mediation, arbitration or other
proceeding in respect of the Business or any Assets and other than debt recovery
matters by the Vendors or workers’ compensation matters which have been fully
disclosed to the Purchaser prior to the date of this Agreement, the Vendors are
not involved in any current civil, criminal or arbitration proceedings relating
in any way to the Business. There are no Employees who are subject to any
workers compensation or WorkCover claim who are not able to make a full return
to work on their normal duties within one month of the date of the relevant
incident which caused such claim save as disclosed in Schedule 11 (or as may be
disclosed to the Purchaser prior to the Completion Date in respect of injuries
that may occur between date of this Agreement and the Completion Date).

62. Other than as disclosed, there are no claims, demands, investigations or
disputes in respect of the Business or any of the Assets which are likely to
have a material adverse effect on the Business, nor are there any disputes,
investigations, claims or demands in respect of the Business or any of the
Assets which are likely to give rise to litigation, prosecution, mediation,
arbitration or other proceedings and which may have a material adverse effect on
the Business.

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63. To the best of each Vendor’s knowledge and belief, no person for whose acts
or defaults the Vendors may be vicariously liable is involved in any current
civil, criminal or arbitration proceedings relating in any way to the Business
and which may have a material adverse effect on the Business.

INSURANCE

64. The insurance cover relating to the Business disclosed to the Purchaser is
current and in force and no fact or circumstance exists that would render any
such insurance void or unenforceable in any material respect.

65. All risks, whether in relation to damage to property (including the Assets),
personal injury, product liability , public liability, professional indemnity,
workers compensation or otherwise are adequately insured for amounts which would
be maintained in accordance with prudent business practice and in accordance
with the requirements of all Contracts. There is no fact or circumstance that is
known or should reasonably have been known to the Vendors which would lead to
any of the contracts of insurance which cover those risks being prejudiced.

BUSINESS RECORDS

66. All proper and necessary Business Records:

  (a) have been maintained by the Vendors;

  (b) are in the possession or under the custody or control of the Vendors; and

  (c) contain information which is complete, accurate and up to date in all
material respects on all matters required to be dealt with in accordance with
Australian Law and generally accepted accounting principles.

INFORMATION

67. All of the Data Room Documentation and all of the information set out in
each of the Schedules to this Agreement is complete and accurate in all material
respects. None of that information is misleading or deceptive in any material
particular, whether by inclusion of misleading information or omission of
information or both.

68. All information concerning the Business and the Assets which the Vendors or
any of their respective representatives has furnished to the Purchaser or its
representatives prior to the execution of this Agreement is complete and
accurate in all material respects and is not misleading or deceptive in any
material respect and the Vendors have not recklessly withheld from the Purchaser
any information concerning the Business or the Assets which might reasonably be
supposed to be material to a purchaser for value of the Business in determining
whether or not to purchase the Business or the price at which or the terms on
which a purchaser would be prepared to purchase the Business or any of the
Assets.

69. To the best of each Vendor’s knowledge and belief, all information which is
known to the Vendor relating to the Business which is material, has been
disclosed and is true and accurate in all material respects.

COMPUTER SYSTEMS AND SOFTWARE

70. All the computers and computer systems owned or used by the Vendors in the
Business:

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  (a) are in good operating order;

  (b) are owned by and under the sole control of the Vendors, are located in the
Leasehold Property occupied by the Vendors and are not shared with or used by or
on behalf of or accessible to any other person;

B. PURCHASER WARRANTIES

THE PURCHASER

1. The Purchaser is duly incorporated and validly exists under the law of its
place of incorporation.

2. The Purchaser is not insolvent and no receiver or manager has been appointed
over any part of its assets and no such appointment has been threatened.

3. The Purchaser is not in liquidation and no proceedings have been brought or
threatened for the purpose of winding up the Purchaser or placing it under any
form of external administration.

4. To the best of the knowledge, information and belief of the Purchaser, there
are no facts, matters or circumstances which give any person the right to apply
to liquidate or wind up the Purchaser or place the Purchaser under any form of
external administration.

DUE AUTHORISATION

5. The execution and delivery of this Agreement has been properly authorised by
all necessary corporate action of the Purchaser.

6. The Purchaser has full corporate power and lawful authority to execute and
deliver this Agreement and to consummate and perform or cause to be performed
its obligations under this Agreement and each transaction contemplated by this
Agreement to be performed by it.

7. This Agreement constitutes a legal, valid and binding obligation of the
Purchaser enforceable in accordance with its terms by appropriate legal remedy.

8. The execution, delivery and performance by the Purchaser of this Agreement
and each transaction contemplated by this Agreement does not or will not (with
or without the lapse of time, the giving of notice or both) contravene, conflict
with or result in a breach of or default under:

  (a) any provision of the constitution of the Purchaser;

  (b) any material term or provision of any security arrangement, undertaking,
agreement or deed affecting the Purchaser; or

  (c) any writ, order or injunction, judgment, law, rule or regulation to which
it is a party or is subject or by which it is bound.

PRIVACY

9. Without in any way limiting the Purchaser’s rights under clause 6.3, the
Purchaser will only use any information contained in or extracted from the
Candidate Database in a manner consistent with its obligations under the Privacy
Act 1988 (Cth).

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C. GUARANTOR WARRANTIES

THE GUARANTOR

1. The Guarantor is duly incorporated and validly exists under the law of its
place of incorporation.

2. The Guarantor is not insolvent and no receiver or manager has been appointed
over any part of its assets and no such appointment has been threatened.

3. The Guarantor is not in liquidation and no proceedings have been brought or
threatened for the purpose of winding up the Guarantor or placing it under any
form of external administration.

4. To the best of the knowledge, information and belief of the Guarantor, there
are no facts, matters or circumstances which give any person the right to apply
to liquidate or wind up the Guarantor or place the Guarantor under any form of
external administration.

DUE AUTHORISATION

5. The execution and delivery of this Agreement has been properly authorised by
all necessary corporate action of the Guarantor.

6. The Guarantor has full corporate power and lawful authority to execute and
deliver this Agreement and to consummate and perform or cause to be performed
its obligations under this Agreement and each transaction contemplated by this
Agreement to be performed by it.

7. This Agreement constitutes a legal, valid and binding obligation of the
Guarantor, enforceable in accordance with its terms by appropriate legal remedy.

8. The execution, delivery and performance by the Guarantor of this Agreement
and each transaction contemplated by this Agreement does not or will not (with
or without the lapse of time, the giving of notice or both) contravene, conflict
with or result in a breach of or default under:

  (a) any provision of the constitution of the Guarantor;

  (b) any material term or provision of any security arrangement, undertaking,
agreement or deed affecting the Guarantor; or

  (c) any writ, order or injunction, judgment, law, rule or regulation to which
it is a party or is subject or by which it is bound.

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EXECUTED IN SYDNEY.

Executed in accordance with section 127 of the   Corporations Act 2001 by Hudson
Trade and Industrial Services Pty Limited:
/s/ Gary Lazzarotto /s/ Matthew Warburton

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Director Signature Director/Secretary Signature
Gary Lazzarotto Matthew Warburton

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Print Name Print Name

Executed in accordance with section 127 of the Corporations Act 2001 by Hudson
Trade and Industrial Solutions Pty Limited:
/s/ Gary Lazzarotto /s/ Matthew Warburton

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Director Signature Director/Secretary Signature
Gary Lazzarotto Matthew Warburton

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Print Name Print Name

Executed in accordance with section 127 of the Corporations Act 2001 by Skilled
Group Limited:
/s/ John Dixon /s/ K.W. Bieg

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Director Signature Director/Secretary Signature
John Dixon K.W. Bieg

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Print Name Print Name

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Executed in accordance with section 127 of the   Corporations Act 2001 by Hudson
Global Resources (Aust) Pty Limited:
/s/ Gary Lazzarotto /s/ Matthew Warburton

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Director Signature Director/Secretary Signature
Gary Lazzarotto Matthew Warburton

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Print Name Print Name

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