Exhibit4.11

THE LAW SOCIETY OFIRELAND

GENERAL CONDITIONS OF SALE (2001 EDITION)

WILLIAM FRY Solicitors FitzwiltonHouse Wilton Place Dublin 2

002542.0206.KLS

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THE LAW SOCIETY OF IRELAND

GENERAL CONDITIONS OF SALE (2001 EDITION)

PARTICULARS

and

CONDITIONS OF SALE

of

Lands comprised in Folios 23844F (part), 5572F, 2319F,5146F, County Waterford

SALE BY PRIVATE TREATY

|                               |             |
|-------------------------------|-------------|
| **Vendor'sSolicitors:**  | William Fry |

|                    |                                       |
|--------------------|---------------------------------------|
| **Address:**  | Fitzwilton House WiltonPlace Dublin 2 |

|                      |                 |
|----------------------|-----------------|
| **Reference:**  | 002542.0206.KLS |

Warning: It is recommended that the within should not be completedwithout prior legal advice.

2

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MEMORANDUM OF AGREEMENT is made on 24 May2005

BETWEEN

WATERFORD CRYSTAL LIMITED having itsregistered office at

|                 |            |
|-----------------|------------|
| PPSNumber  | ("Vendor") |

And PARKER GREEN (CARLOW) LIMITED having its registered officeat

|                  |               |
|------------------|---------------|
| PPS Number  | ("Purchaser") |

whereby it is agreed that the Vendor shall sell and the Purchasershall purchase in accordance with the annexed Special and GeneralConditions of Sale the property described in the within Particulars atthe Purchase Price mentioned below.

|                     |                    |                                      |
|---------------------|--------------------|--------------------------------------|
| PurchasePrice  | €6,728,050.00 | Closing Date: See Special Conditions |

|                   |                    |                                     |
|-------------------|--------------------|-------------------------------------|
| LessDeposit  | €4,499,000.00 | InterestRate: 10 per cent per annum |

|               |                    |
|---------------|--------------------|
| Balance  | €2,229,050.00 |

|                                                                                                                                                                   |  |                                                                                                                                                                                                                                                   |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| SIGNED:Redmond O'Donoghue For and on behalf ofthe Vendor                                                                                                          |  | SIGNED:  W GO'Hare         (Director)MargaretO'Hare (Director)Purchaser                                                                                                                         |
| Witness  KarenSheil                       |  | Witness  JohnWoods                                                                          |
| Occupation  Solicitor                               |  | Occupation  Solicitor                                    |
| Address  FitzwiltonHouse           Wilton Place, Dublin 2                                        |  | Address  Dundalk                                         |
|                                                                                                                                                                   |

AsStakeholder I/We acknowledge receipt of Bank Draft/Cheque for             in respect of deposit.

Signed:                                                                               

3

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PARTICULARS AND TENURE

ALL THAT ANDTHOSE lands at Ballybeg, Ballynaneashagh and Kill, County Waterfordbeing all of the lands comprised in Folios 5572F, 2319F and 5146F ofthe Register of Freeholders County Waterford and part of the landscomprised in Folio 23844F of the Register of Freeholders CountyWaterford as more particularly delineated (for identification purposesonly) on the map annexed hereto and thereon edged inred.

4

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DOCUMENTSSCHEDULE

|          |                                                                    |
|----------|--------------------------------------------------------------------|
| 1.  | Certified copy Folio 23844FCounty Waterford with File Planannexed. |

|          |                                                                   |
|----------|-------------------------------------------------------------------|
| 2.  | Certified copy Folio 5572FCounty Waterford with File Planannexed. |

|          |                                                                   |
|----------|-------------------------------------------------------------------|
| 3.  | Certified copy Folio 2319FCounty Waterford with File Planannexed. |

|          |                                                                                                  |
|----------|--------------------------------------------------------------------------------------------------|
| 4.  | Certified copy Folio 5146FCounty Waterford with File Plan annexed together with LandCertificate. |

|          |                                                                                                                                  |
|----------|----------------------------------------------------------------------------------------------------------------------------------|
| 5.  | Land Registry certifiedcopy Instrument No. D2002CK006869A together with certified copy LandRegistry transfer dated 12 April2002. |

|          |                                                                                                                     |
|----------|---------------------------------------------------------------------------------------------------------------------|
| 6.  | Land Registry certified copyInstrument No. P2977/97 together with certified copy Grant of Wayleavedated 8 May 1996. |

|          |                                                                                                                |
|----------|----------------------------------------------------------------------------------------------------------------|
| 7.  | Land Registrycertified copy Instrument No. P5408/96 together with copy Grant ofWayleave dated 15 January 1996. |

|          |                                                                                  |
|----------|----------------------------------------------------------------------------------|
| 8.  | LandRegistry certified copy Instrument No. C2004CK005303K (1745 16 October1968). |

|          |                                                                                                                                     |
|----------|-------------------------------------------------------------------------------------------------------------------------------------|
| 9.  | Copy Licence 20 January 1982between (1) Waterford Crystal Limited and (2) the Trustees of theWaterford Glass Social and SportsClub. |

|           |                                                                                                            |
|-----------|------------------------------------------------------------------------------------------------------------|
| 10.  | Copy Licence 1 January 1998between (1) Waterford Crystal Limited and (2) Waterford Institute ofTechnology. |

|           |                                                                                                                                                    |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| 11.  | Copy DevelopmentAgreement 1 January 1998 between (1) Waterford Crystal Limited and (2)the Development Committee, Waterford Institute ofTechnology. |

|           |                                                                                                                                |
|-----------|--------------------------------------------------------------------------------------------------------------------------------|
| 12.  | Original stamped Deed ofRectification dated 20 August 1991 between (1) Waterford Wedgwood plcand (2) Waterford CrystalLimited. |

|           |                                                                                                                                                                               |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 13.  | Certified copy Deed ofRelease dated 19 June 1995 between (1) National Westminster Bank plc,(2) Kilsallaghan Holdings and (3) the parties listed in the FirstSchedule thereto. |

|           |                                                                                     |
|-----------|-------------------------------------------------------------------------------------|
| 14.  | Copy letter dated10 August 2004 from Waterford City Council (re roads andservices). |

|           |                                                                                                          |
|-----------|----------------------------------------------------------------------------------------------------------|
| 15.  | Copy Certificate ofIncorporation and Memorandum and Articles of Association of WaterfordCrystal Limited. |

|           |                       |
|-----------|-----------------------|
| 16.  | KellerCorrespondence: |

|  |           |                                                                                                |
|--|-----------|------------------------------------------------------------------------------------------------|
|  | (a)  | Copy letter dated15 April 2005 from M.W. Keller & Son to Frank Hickey of WaterfordCrystal; |

|  |           |                                                                                     |
|--|-----------|-------------------------------------------------------------------------------------|
|  | (b)  | Copy letter dated 15 April2005 from M.W. Keller & Son to Waterford CityCouncil; |

|  |           |                                             |
|--|-----------|---------------------------------------------|
|  | (c)  | Copy Waterford CityCouncil Planning Notice; |

|  |           |                                                                                         |
|--|-----------|-----------------------------------------------------------------------------------------|
|  | (d)  | Copyletter dated 25 April 2005 from Waterford City Council to WaterfordCrystal Limited; |

|  |           |                                                                                                                                                          |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (e)  | Copy letter dated27 April 2005 from Waterford City Council to Waterford Crystal Limitedtogether with copy variation of the Development Plan referred to. |

SEARCHES SCHEDULE

None.

5

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SPECIALCONDITIONS

|          |                                                                                                                                                                                                                                                              |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.  | Save where the contextotherwise requires or implies or the text hereof expresses to thecontrary, the definitions and provisions as to interpretation set forthin the within General Conditions shall be applied for the purposes ofthese Special Conditions. |

|          |                                    |
|----------|------------------------------------|
| 2.  | The saidGeneral Conditions shall:- |

|  |           |                                                                                                                                                                                    |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | apply tothe sale in so far as the same are not hereby altered or varied, andthese Special Conditions shall prevail in case of any conflict betweenthem and the General Conditions; |

|  |           |                                                                                                                                                  |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | beread and construed without regard to any amendment therein, unless suchamendment shall be referred to specifically in these SpecialConditions. |

|          |                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.  | In addition to thePurchase Price, the Purchaser shall pay to the Vendor an amountequivalent to such Value Added Tax as shall be exigible in relation tothe sale or (as the case may be) the Assurance, same to be calculatedin accordance with the provisions of the Valued Added Tax Act, 1972 andto be paid on completion of the sale or forthwith upon receipt by thePurchaser of an appropriate invoice (whichever shall be thelater). |

|          |       |
|----------|-------|
| 4.  | Title |

|  |           |                                                                                                                                                                                                                                                                      |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Titleto the Subject Property shall consist of official certified copy Foliosand File Plans of Folios 23844F (part), 5572F, 2319F and 5146F of theRegister of Freeholders County Waterford together with the originalLand Certificate to Folio 5146F CountyWaterford. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | The Vendor is sellingthe Subject Property as the registered owner save in the case of Folio5572F County Waterford wherein it will sell the property comprised inthis Folio as the party entitled to be registered as full owner. ThePurchaser is referred to the original stamped Deed of Rectificationdated 20 August 1991 referred to at No. 15 of the Documents Schedulehereto, wherein Folio 5572F County Waterford was to be transferred tothe Vendor with other property but it would appear that this Folio wasneglected to be included in that transfer hence necessitating theexecution of a Deed of Rectification. The Deed of Rectification will belodged in the Land Registry on or prior to completion and a dealingnumber obtained for reciting in the Purchaser's Deed ofassurance. The Vendor will furnish an undertaking on completion to dealwith all Land Registry Queries in relation to such dealing number. Noobjection, requisition or enquiry will be raised by the Purchaser inrelation to thismatter. |

|          |         |
|----------|---------|
| 5.  | Burdens |

|  |           |                                                                                                                                                                                                                                                                                                              |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Thereare a number of burdens affecting the Subject Property which areclearly set out as burdens in each Folio (as applicable) and in theInstruments listed at Nos 5 – 8 inclusive of the DocumentsSchedule hereto. The Subject Property is being sold subject to and withthe benefit of these burdens. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Inaddition the Purchaser is referred to the restrictive covenantidentified at burden No. 3 of Folio 11795 (re use and building). As canbe seen from this entry on the Folio, this restrictive covenant wasgranted for the benefit of the registered owner of the propertycomprised in Folio 9870, a part of which is being sold to thePurchaser. The Vendor is the registered owner of the entirety of Folio9870 and if required by the Purchaser will produce a discharge/waiverof this restrictive covenant on or prior to completion duly executed bythe Vendor and it will be the Purchaser's responsibility toregister this discharge/waiver in the Land Registry. No furtherobjection, requisition or enquiry will be raised by the Purchaser inrelation thereto. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | In addition tothe burdens identified in the Folios comprising the Subject Property,an ESB underground cable runs through the Subject Property and an ESBpole is situated thereon. A Bord Gáis pipe also runs along theboundary between that part of Folio 9870 County Waterford beingretained by the Vendor and the Subject Property. The Vendor has nofurther information or documentation in its possession in relation tothe ESB cable/Bord Gáis pipe and no further objection,requisition or enquiry will be raised by the Purchaser in relationthereto. |

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|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (d)  | In additionto the burdens identified above, the Subject Property is subject to theLicence set out at No 10 of the Documents Schedule hereto. ThePurchaser will note the expired Licence set out at No. 9 of theDocuments Schedule hereto. The parties identified in the Licencestogether with a number of other groups have, from time to time, usedthe Subject Property or part thereof for recreational purposes. TheVendor will procure the termination of all the Licences still inexistence and the interest (if any) enjoyed by the said groups on orprior to the Closing Date. The Purchaser is also referred to theDevelopment Agreement set out at No. 11 of the Documents Schedulehereto. It will be the Vendor's sole responsibility to ensurethat it complies with the terms thereof upon receipt of the proceeds ofsale from thePurchaser. |

|          |          |
|----------|----------|
| 6.  | Mortgage |

Theproperty being sold under this Contract, together with other property,is at present subject to a mortgage (the "WachoviaCharge") in favour of Wachovia Bank, National Association.On the Closing Date, the Purchaser will accepteither:-

|  |           |                                                                                                                               |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | a partial release inrespect of the Wachovia Charge for the Subject Property together withregistration fees payable thereon;or |

|  |           |                                                                                                                                                                                                                     |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | an undertaking from theVendor's solicitors to discharge part of the Wachovia Charge fromthe proceeds of sale and to furnish a partial release together withregistration fees thereon as soon as possiblethereafter. |

|          |                    |
|----------|--------------------|
| 7.  | KilsallaghanCharge |

The Purchaser is referred to the certified copyDeed of Release dated 19 June 1995 of a charge (the"Kilsallaghan Charge") listed at No. 13 ofthe Documents Schedule hereto. As is apparent from the Deed of Release,the Kilsallaghan Charge has been released in respect of all Folioscomprised in the Subject Property which is also clearly evidenced bythe deletion of this burden at Part 3 of each Folio, as appropriate.The land certificate for Folio 5146F County Waterford, continues toindicate this charge, despite its release. The land certificate forthis Folio will be updated on or prior to completion to reflect thecorrect status of this charge, as evident from the Folio for the landcertificate.

|          |                                      |
|----------|--------------------------------------|
| 8.  | Purchase Priceand Release of Deposit |

The Purchase Price, of SixMillion, Seven Hundred and Twenty Eight Thousand and Fifty Euro(€6,728,050), shall be paid asfollows:-

|  |           |                                                                                                                                                                                                                                                                        |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | On the execution of thisContract the sum of Six Hundred and Seventy Two Thousand, Eight Hundredand Five Euro (€672,805) shall be paid by the Purchaser tothe Vendor's solicitor, by way of deposit (the"First Instalment"), in part payment of thePurchase Price. |

The balance of the sum of Six Million,Fifty Five Thousand, Two Hundred and Forty Five Euro(€6,055,245) shall be paid in two tranches asfollows:-

|  |           |                                                                                                                            |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | €3,826,195(the "Second Instalment") to be paidimmediately on compliance by the Vendor with Special Condition 8(d);and |

|  |           |                                                                                                         |
|--|-----------|---------------------------------------------------------------------------------------------------------|
|  | (c)  | €2,229,050 (the"Final Instalment") to be paid on the ClosingDate specified in Special Condition 9. |

The FirstInstalment and the Second Instalment are, where the context so admitsor requires, hereinafter collectively referred to as the"Deposit".

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (d)  | TheFirst Instalment shall be held by the Vendor's solicitors asstakeholder until the Vendor's solicitors furnish to thePurchaser's solicitors a Bank Guarantee drawn on Anglo Irish BankCorporation plc in favour of the Purchaser for an amount equal to theDeposit, such Guarantee to be in a form reasonably satisfactory to thePurchaser (the "Guarantee"). On furnishingthe Guarantee to the Purchaser's solicitors the Vendor'ssolicitors will receive the Second Instalment and will pay over theDeposit to the Vendor for its own use and benefit. If the Deposit isreleased to the Vendor, the Vendor shall be liable for the cost offunds calculated |

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|  |        |                                                                                                                                                                                                                                                                                                                                                                                       |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  |   | at a reasonable rate to the Purchaser on theSecond Instalment only from the date such monies are paid to theVendor's solicitors up to the Closing Date. General Conditions 5,37(a), 38 and 41 are modified accordingly. Upon the Closing Date andpayment of the Final Instalment to the Vendor, the Guarantee willautomatically cease to be of any further force or effectwhatsoever. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (e)  | If there is any delayin the Purchaser paying the purchase monies or any part thereof on thedue date or dates as set out above the Purchaser shall pay interest tothe Vendor on the balance outstanding from the due date up to the dateof actual payment thereof at the interest rate stipulated in theMemorandum of the within Agreement. Such interest shall accrue from dayto day and shall be payable before and after anyJudgement. |

|  |           |                                                                                                                                                                                            |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (f)  | If any date specifiedfor payment of purchase monies hereunder is not a working day asdefined in General Condition 2 the date or dates in question shall bethe first working daythereafter. |

|          |                                      |
|----------|--------------------------------------|
| 9.  | ConditionSubsequent and Closing Date |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | It is acondition subsequent (the "ConditionSubsequent") to this Contract that the Subject Propertyretain its designation as a mixed use area, including retailwarehousing, in accordance with the decision of Waterford City Councilof 18 April 2005 (the "Variation Decision")until satisfaction of the Condition Subsequent in accordance withSpecial Condition 9(b) hereunder or recission of the Contract pursuantto Special Condition 9(c). |

|  |           |                                                                                                                                                                                         |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | TheCondition Subsequent will be deemed to be satisfied and eitherparty's right of rescission under Special Condition 9(c) will beat an end upon the occurrence of any of thefollowing:- |

|  |           |                                                                                                                                            |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------|
|  | (i)  | On 17 October 2005 ifno judicial review proceedings to review the Variation Decision havebeen initiated by any third party by that date;or |

|  |            |                                                                                                                                                                                                                                                                       |
|--|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (ii)  | Upon the expiry of 21 days fromthe date of passing and perfecting of the High Court judgment or orderupholding the Variation Decision if judicial review proceedings toreview the Variation Decision have been initiated by a third partyprior to 17 October 2005; or |

|  |             |                                                                                                                                                                                                                     |
|--|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (iii)  | Upondelivery by the Supreme Court of its judgment upholding the VariationDecision if judicial review proceedings to review the VariationDecision have been initiated in the High Court as set out above andeither:- |

|  |          |                                                                                                          |
|--|----------|----------------------------------------------------------------------------------------------------------|
|  | A.  | the High Court has upheldthe Variation Decision and the third party has appealed to the SupremeCourt; or |

|  |          |                                                                                                                                       |
|--|----------|---------------------------------------------------------------------------------------------------------------------------------------|
|  | B.  | the High Court hasoverturned the Variation Decision and the Vendor and/or Waterford CityCouncil has appealed to the Supreme Court ;or |

|  |            |                                                                                                                                                                                                                                                                                                                                                       |
|--|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (iv)  | Upon the date Waterford CityCouncil re-designates the Subject Property so that it is situate in amixed use area, including retail warehousing following either deliveryby the Supreme Court of its judgment overturning the Variation Decisionor upon the date of passing and perfecting of the High Court judgmentoverturning the VariationDecision. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | If the Variation Decisionis reversed or overturned following final determination of any judicialreview proceedings to review the Variation Decision (including thedetermination of any appeals) and/or Waterford City Council fail toensure that the Subject Property will be or will remain situate in amixed use area, including retail warehousing THEN either party mayimmediately rescind the Sale and terminate this Contract by service ofnotice in writing to that effect on the other WHEREUPON the Purchaserwill be entitled to the return of the Deposit in accordance withSpecial Condition 8(d) and the Final Instalment and the Vendor will beentitled to a return of all completion documents and title furnished tothe Purchaser on or prior to the Closing Date PROVIDED ALWAYS that ifthe judicial review proceedings of the Variation Decision have not beenfinally determined in accordance with any one of the grounds specifiedin Special Condition 9(b)(i)-(iv) inclusive by either (1) 14 June 2006the Vendor may at its option immediately rescind the Sale and terminatethe Contract with the same effect as herein specified; or (2) 14 June2007 either party may immediately rescind the Sale and terminate theContract with the same effect as herein specified. |

8

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If the Contract is rescinded inaccordance with Special Condition 9(c), the Vendor shall be liable forthe reasonable cost of funds calculated at a reasonable rate to thePurchaser on the Deposit and Final Instalment from the date of passingand perfecting of the High Court judgment or order overturning theVariation Decision or from the date the third party has appealed theupholding of the Variation Decision by the High Court to the SupremeCourt, whichever is applicable, until the date ofrecission.

For the avoidance of doubt save as outlined inSpecial Condition 9(c), the Purchaser will be entitled to a return ofthe Deposit and Final Instalment without interest, costs orcompensation thereon.

|  |           |                                                                                                                                                                                                                                                                                                          |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (d)  | No deed ofassurance of the Subject Property will be delivered to the Purchaser orits nominees on the Closing Date UNTIL the Condition Subsequent hasbeen satisfied and the right of recission set out in this Contract isat an end on foot of any one of the grounds specified in SpecialCondition 9(b). |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (e)  | Notwithstandinganything to the contrary in this Contract, the Closing Date shall be 14June 2005 or such later date as may be specified by the Vendor providedthat such date shall be no later than 31 August 2005 whereupon theFinal Instalment will be paid to the Vendor and completion shall occursave that no deed of assurance of the Subject Property will bedelivered to the Purchaser or its nominee(s) until satisfaction of theCondition Subsequent and the right of recission set out in thisContract is at an end in accordance with Special Condition9(b). |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (f)  | The Purchaser'sattention is drawn to the correspondence exhibited at Nos 16(a) –(e) inclusive of the Documents Schedule (the "KellerCorrespondence"). The Purchaser will purchase the SubjectProperty in the full knowledge of the existence of the KellerCorrespondence. If any judicial review proceedings to review theVariation Decision are initiated on or prior to the Closing Datewhether on foot of the Keller Correspondence or otherwise, suchinstitution of judicial review proceedings will not delay payment ofthe Final Instalment to theVendor. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (g)  | Whether the judicial reviewproceedings envisaged by this Special Condition are issued againsteither the Purchaser or the Vendor or both as a notice party, bothparties to this Contract hereby agree to work together and co-operatewith the other in vigorously pursuing the defence of any judicialreview proceedings initiated by any party prior to 17 October 2005 toreview the Variation Decision whether on appeal or otherwise and/or inbringing any appeal before the Supreme Court if the Variation Decisionis overturned. |

|           |                     |
|-----------|---------------------|
| 10.  | ShareholderApproval |

If Waterford Wedgwood plc determines that theapproval of its shareholders is required to the completion of the saleof the Subject Property under the terms of Chapter 10 of the ListingRules of the UK Financial Services Authority and/or the Listing Rulesof the Irish Stock Exchange or otherwise, completion of the sale of theSubject Property shall not occur without the receipt of such approvalat a duly convened meeting of the shareholders of suchcompany.

|           |        |
|-----------|--------|
| 11.  | Option |

Onthe Closing Date, both parties hereto will execute an option deedcontaining an option (the "Option") in favourof the Purchaser for a nominal consideration of €10whereby the Purchaser will have an option for the term of 10 years fromthe signing of Contracts to purchase the remainder of the WaterfordCrystal Sports and Leisure Centre together with the car park or partthereof (being the remainder of the property comprised in Folio 9870County Waterford) (the "Remainder Lands") atOpen Market Value, subject to the easements, burdens and/or rights (ifany) then affecting the Remainder Lands, if placed on the open marketby the Vendor.

For the purposes of the Option, the Term"Open Market Value" shall mean the price thata willing purchaser would be prepared to pay and a willing vendor wouldbe prepared to accept for the Remainder Lands as at the date when theRemainder Lands are placed on the open market by the Vendor. The OptionDeed will be in a format as determined by the Vendor's solicitor,provided the Option Deed provides for the matters set out in SpecialCondition 11.

9

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|           |                  |
|-----------|------------------|
| 12.  | LandCertificates |

Of the Folios comprising the SubjectProperty, the following is the position in relation to theissue/non-issue (as appropriate) of the land certificate for eachfolio:-

|  |           |              |                             |
|--|-----------|--------------|-----------------------------|
|  | (a)  | Folio 23844F | land certificate notissued. |

(Part)

|  |           |            |                             |
|--|-----------|------------|-----------------------------|
|  | (b)  | Folio5572F | land certificate notissued. |

|  |           |             |                             |
|--|-----------|-------------|-----------------------------|
|  | (c)  | Folio 2319F | land certificate notissued. |

|  |           |            |                          |
|--|-----------|------------|--------------------------|
|  | (d)  | Folio5146F | land certificate issued. |

Wherethe land certificate has not issued for a folio, the Vendor willbespeak the land certificate and furnish same to the Purchaser on theClosing Date. In the absence of the Land Certificate on the ClosingDate, the Vendor's solicitors will furnish a letter ofundertaking to the Purchaser's solicitors to forward same uponreceipt from the Land Registry. Where the land certificate has alreadyissued for a folio, the original land certificate will be handed overon completion. Where a land certificate is retained in the LandRegistry (if applicable), a letter of consent to use together withauthorisation and direction addressed to the Land Registry authorisingand directing the Land Registry to retain the land certificate to theorder of the Purchaser upon completion will be furnished save wherepart only of a Folio is being sold whereupon a letter of consent to useonly will be furnished on completion, ifrelevant.

|           |                   |
|-----------|-------------------|
| 13.  | Roads andServices |

The Purchaser is furnished with a copy letterdated 10 August 2004 from Waterford City Council as evidence that theroads and services abutting the Subject Property are in charge of theLocal Authority. The Purchaser will accept a copy only of this letterand will not raise any objection, requisition or enquiry in relationthereto.

|           |                                                     |
|-----------|-----------------------------------------------------|
| 14.  | Deed of Assurance– Easements and Other Rights |

The Deed of Assuranceof the Subject Property from the Vendor to the Purchaser shallincorporate reservations for the Retained Lands for thefollowing:-

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | The free anduninterrupted passage and running of the services (i.e. water, soil,gas, air, electricity, telephone transmissions, radio transmissions,television transmissions, oil, heating fuels and other services servingthe Retained Lands) to and from the Retained Lands through theutilities (i.e. all channels, conduits, pipes, drains, watercourses,ditches, gutters, sewers, wires, mains, cables and other conductingmedia for the services including (but without prejudice to thegenerality of the foregoing) lighting installations) which are now ormay at any time within the Perpetuity Period (to be determined by theVendor) be in under or passing through the SubjectProperty. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | The right (without beingobliged to do so) to connect up with and inspect cleanse repair andrenew the utilities which now are or may at any time within thePerpetuity Period be in under over or passing through the SubjectProperty AND for the aforementioned purposes to enter upon the SubjectProperty with workman and others and all necessary equipment makinggood any damage thereby occasioned by not being responsible for anytemporary inconvenience being caused by suchworks. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | The free and uninterruptedpassage and running of soil/effluent and water to and from the RetainedLands through the pipeline/watermains in under over or passing throughthe Subject Property shown coloured [    ] on the mapannexed hereto together with the right at all times to enter upon theSubject Property and open up the said pipes or watermains or associatedmanhole(s) for the purpose of inspecting, repairing and replacing sameand making connections thereto making good any damage therebyoccasioned but not being responsible for any temporary inconveniencecaused by any such works. |

The Deed of Assurance will beexecuted in duplicate and the original counterpart thereof returned tothe Vendor duly stamped within 30 days of completion. In addition, thePurchaser's solicitor will 

10

----

provide a letter of undertaking to thiseffect which will also include an obligation on the Purchaser'ssolicitor to lodge the original deed of assurance in the Land Registryimmediately following stamping and to produce up to date copy Folio(s)and File Plan(s) of the Subject Property, as soon as the Land Registryhave registered the Purchaser's title thereto, showing theseeasements registered as burdensthereon.

|           |                      |
|-----------|----------------------|
| 15.  | Post completionWorks |

The Purchaser hereby grants to the Vendor, itsservants and agents the right to access and enter upon the SubjectProperty with or without machinery/vehicles for the period of threemonths from the Closing Date at reasonable mutually convenient timesfor the purpose of removing lighting masts, goal posts and ancillaryitems, making good all damage thereby occasioned but not beingresponsible for any temporary inconvenience caused by suchworks.

|           |                      |
|-----------|----------------------|
| 16.  | Condition ofProperty |

The Purchaser shall be deemed to buy with fullnotice of the actual state and condition of the Subject Property andshall take it as it stands and subject to all rights of way, water,light, drainage and other easements, rights and privileges andliabilities and to all rents and outgoings mentioned in the Particularsor any SpecialConditions.

|           |          |
|-----------|----------|
| 17.  | Planning |

Saveas disclosed herein there are no buildings or other structures on theSubject Property and no planning permissions granted to the Vendor inrespect thereof have been acted upon insofar as same relate to theSubject Property. The Purchaser shall raise no objection, requisitionor enquiry in respect of any planning matters and General Condition 36is hereby deleted in its entirety. The Purchaser shall raise noobjection, requisition or enquiry in relation to any matter or thingrelating to Local Government (Planning and Development) Act, 1963, thePlanning and Development Acts, 2000 to 2002 the Building Control Act,1990, Planning and Development Regulations, 2001, the BuildingBye-Laws, the Fire Services Act, 1981 or the Safety, Health and Welfareat Work (Construction) Regulations, 1995 or any regulations or ordersmade thereunder including (but not limited to) any works carried out tothe Subject Property by theVendor.

|           |          |
|-----------|----------|
| 18.  | Identity |

ThePurchaser shall satisfy itself with regard to the exact area of theSubject Property and the boundaries thereof and the routes of theexisting burdens/easements/rights of way affecting the SubjectProperty. Maps annexed to the Contract shall be deemed to be annexedfor identification purposes only.

No objection,requisition or enquiry shall be raised in relation to discrepancies (ifany) which may arise between the file plan, relevant deed or LandRegistry instrument and/or the boundaries or lay out of the property onthe ground.

The words "or which are likelyto affect it" appearing on the last line of GeneralCondition 15 are hereby deleted and replaced with the words"of which the Vendor is aware will affect theProperty".

|           |               |
|-----------|---------------|
| 19.  | Environmental |

TheVendor will furnish a declaration on the Closing Date confirming theVendor has not been in breach of environmental laws and save for theVendor's obligation to reply to Requisition 31 (Environmental) ofthe Law Society's Objections and Requisitions on Title (if notalready replied to at the date of this Contract) no further objection,requisition or enquiry shall be raised or made by the Purchaser inrelation to same.

|           |                 |
|-----------|-----------------|
| 20.  | EntireAgreement |

The Purchaser hereby acknowledges that thisAgreement and the documents referred to in the Documents Scheduleconstitute the entire agreement between the parties and the Purchaserhereby acknowledges that the Purchaser has not entered into thisAgreement in reliance on any other warranty or representation whetheroral or in writing.

11

----

The Purchaser agrees and acceptsthat no statement, measurement quantity or description contained in anynewspaper or advertisement published by the Vendor or by theVendor's Agents, O'Shea O'Toole & Partners (the"Agent"), or given orally or contained in anybrochure, letter or hand-out issued by the Vendor or by the Agent inrespect of the Subject Property (whether or not in the course of anyrepresentation or negotiations leading to the sale) shall constitute arepresentation inducing the Purchaser to enter into the sale or anywarranty forming part of this Agreement and that any statement,description, quantity or measurement contained in any suchadvertisement, brochure or letter given by the Vendor or on its behalfby the Agent are for illustration purposes only and are not to be takenas matters of fact and that any mistake, omission, discrepancy,inaccuracy, mis-statement, mis-description or incorrect measurementgiven orally or in the form of any advertisement, brochure or letter bythe Vendor or by the Agent (whether or not in the course of anyrepresentation or negotiations leading to the sale) shall not give riseto any cause of action, claim for compensation against the Vendor orthe Agent or any right of rescission under this Agreement and it isfurther agreed that this Agreement contains the entire terms andconditions of the agreement between the parties hereto. The LawSociety's General Condition 33 shall be read subject to thiscondition.

|           |                       |
|-----------|-----------------------|
| 21.  | Survival ofProvisions |

Unless otherwise specified herein, all suchterms and conditions of this Agreement as are designed or are capableof surviving completion of the sale shall survive such completion andshall not merge in or become extinguished in any subsequent assuranceof the Property or any partthereof.

|           |          |
|-----------|----------|
| 22.  | Sub-Sale |

Onpayment of the entire of the purchase monies on the Closing Date, thetransaction shall at the option of the Purchaser proceed by way ofsub-sale of all or part of the Subject Property and the Vendor willexecute deeds of assurance as required to enable the transaction to becompleted in this manner PROVIDED that the Vendor is notified insufficient time of the identity of the Purchaser's nominee(s) andnumber of deeds of assurance to comply with the Listing Rules of the UKFinancial Services Authority and/or the Listing Rules of the IrishStock Exchange or otherwise AND PROVIDED also that the Purchaserconfirms that such identity may be disclosed in any announcementrequired by the Listing Rules of the UK Financial Services Authority orotherwise AND PROVIDED ALWAYS that no such deed(s) of assurance will bedelivered until the Condition Subsequent in Special Condition 9(b) hasbeen satisfied. The Vendor will execute a Deed of Covenant in favour ofthe Purchaser and its bank, Anglo Irish Bank Corporation plc on theClosing Date in the terms of the draft annexed hereto in relation tothe execution of deeds of transfer/assurance of the SubjectProperty.

12

----

NON-TITLE INFORMATION

QueryReply (Please tick and/or insert comments asappropriate)

|        |  |                                                                                                                                                          |  |        |        |        |  |          |        |        |  |                                                                      |  |  |  |  |  |  |
|--------|--|----------------------------------------------------------------------------------------------------------------------------------------------------------|--|--------|--------|--------|--|----------|--------|--------|--|----------------------------------------------------------------------|--|--|--|--|--|--|
|   |  |                                                                                                                                                     |  | Yes    |        | No     |  | Comments |
| **1.** |  | **SERVICES**                                                                                                                                             |  |   |   |   |  |     |   |   |  |                                                                 |
| i.     |  | Howis the Subject Property serviced asto:                                                                                                                |  |   |   |   |  |     |   |   |  |                                                                 |
|   |  | (a)    drainage;                                                                                                                     |  |   |   |   |  |     |   |   |  | Inspectionwill reveal.                                               |
|   |  | (b)    watersupply;                                                                                                                  |  |   |   |   |  |     |   |   |  | "                                                                    |
|   |  | (c)    electricity;                                                                                                                  |  |   |   |   |  |     |   |   |  | "                                                                    |
|   |  | (d)    gas;and                                                                                                                       |  |   |   |   |  |     |   |   |  | "                                                                    |
|   |  | (e)    otherwise.                                                                                                                    |  |   |   |   |  |     |   |   |  | "                                                                    |
| ii.    |  | Havethe services (including roads, lanes, footpaths, sewers and drains)abutting or servicing the Subject Property been taken over by the LocalAuthority, |  |   |   |   |  |     |   |   |  | See copy letter dated 10 August2004 in the Documents Schedulehereto. |
|   |  | Will aletter from the Local Authority or a solicitor's certificate tovouch the position be furnished on or beforeclosing.                                |  |   |   |   |  |     |   |   |  | See copy letter dated 10 August 2004in the Documents Schedulehereto. |
|   |  | If servicesare not in charge, are there appropriate easements and indemnities inexistence.                                                               |  |   |   |   |  |     |   |   |  | Notapplicable                                                        |
| iii.   |  | Isthe Subject Property servicedby:                                                                                                                       |  |   |   |   |  |     |   |   |  |                                                                 |
|   |  | (a)    septictank;or,                                                                                                                |  |   |   |   |  |     | X      |   |  |                                                                 |
|   |  | (b)    privatedrainagescheme.                                                                                                        |  |   |   |   |  |     | X      |   |  |                                                                 |
| iv.    |  | Isthe Subject Property serviced for television and if so is itby:                                                                                        |  |   |   |   |  |     |   |   |  |                                                                 |
|   |  | (a)    CableT.V.;                                                                                                                    |  |   |   |   |  |     | X      |   |  | Not applicable, this is a greenfield site                            |
|   |  | (b)    SatelliteDish;                                                                                                                |  |   |   |   |  |     | X      |   |  | Not applicable, this is a greenfieldsite                             |
|   |  | (c)    MMDF;                                                                                                                         |  |   |   |   |  |     | X      |   |  | Notapplicable, this is a green fieldsite                             |
|   |  | (d)    TV aerial owned by Vendor;or                                                                                                  |  |   |   |   |  |     | X      |   |  | Not applicable, this is a greenfield site                            |
|   |  | (e)    TV aerial owned byanother.                                                                                                    |  |   |   |   |  |     | X      |   |  | Not applicable, this is agreen field site                            |
|   |  | If(b) or (d) applies, will it be included in the PurchasePrice.                                                                                          |  |   |   |   |  |     |   |   |  |                                                                 |
| v.     |  | Isthere a telephone line to be supplied with the SubjectProperty.                                                                                        |  |   |   |   |  |     | X      |   |  | Not applicable, this is agreen fieldsite                             |
| vi.    |  | Is there anISDN line to be supplied with the SubjectProperty.                                                                                            |  |   |   |   |  |     | X      |   |  | Not applicable, this is agreen fieldsite                             |
| **2.** |  | **CONTENTS**                                                                                                                                             |  |   |   |   |  |     |   |   |  |                                                                 |
| i.     |  | Arethere any contents included in the PurchasePrice.                                                                                                     |  |   |   |   |  |     | X      |   |  | Not applicable in its entiretyas this is a green fieldsite           |
|   |  | If so, giveVendor's estimate ofvalue.                                                                                                                    |  |   |   |   |  |     |   |   |  |                                                                 |
|        |

13

----

|        |  |                                                                                                                                                        |  |        |        |        |  |          |        |        |  |                                                                       |  |  |  |  |  |  |
|--------|--|--------------------------------------------------------------------------------------------------------------------------------------------------------|--|--------|--------|--------|--|----------|--------|--------|--|-----------------------------------------------------------------------|--|--|--|--|--|--|
|   |  |                                                                                                                                                   |  | Yes    |        | No     |  | Comments |
| ii.    |  | Arethere any fixtures, fittings or chattels included in this Sale whichare the subject of any Lease, Rent, Hire Purchase Agreement or ChattelMortgage. |  |   |   |   |  |     | X      |   |  | Not applicable in itsentirety as this is a green fieldsite            |
|   |  | If so, furnishnow the Agreement and on closing proof of payment to date or dischargethereof.                                                           |  |   |   |   |  |     |   |   |  | Not applicable in its entirety asthis is a green fieldsite            |
| **3.** |  | **OUTGOINGS**                                                                                                                                          |  |   |   |   |  |     |   |   |  |                                                                  |
| i.     |  | Whatis the Rateable Valuationof:                                                                                                                       |  |   |   |   |  |     |   |   |  |                                                                  |
|   |  | (a)    Lands;                                                                                                                      |  |   |   |   |  |     |   |   |  | Nil                                                                   |
|   |  | (b)    Buildings.                                                                                                                  |  |   |   |   |  |     |   |   |  | NotApplicable                                                         |
| ii.    |  | Giveparticulars of any other periodic or annual charge which affects theSubject Property or any part of it.                                            |  |   |   |   |  |     |   |   |  | None toVendor's knowledge save as disclosed in the documents oftitle. |
|        |

14

----

THELAW SOCIETY OF IRELAND

GENERAL CONDITIONS OF SALE (2001EDITION)

WILLIAM FRY SolicitorsFitzwilton House Wilton Place Dublin 2

002542.0206.KLS

----

THE LAW SOCIETY OF IRELAND

GENERAL CONDITIONS OF SALE (2001 EDITION)

PARTICULARS

and

CONDITIONS OF SALE

of

Lands comprised inFolios 23844F (part), 3672F, 11795 and 9870 (part) CountyWaterford

SALE BY PRIVATE TREATY

|                               |             |
|-------------------------------|-------------|
| **Vendor'sSolicitors:**  | William Fry |

|                    |                                       |
|--------------------|---------------------------------------|
| **Address:**  | Fitzwilton House WiltonPlace Dublin 2 |

|                      |                 |
|----------------------|-----------------|
| **Reference:**  | 002542.0206.KLS |

Warning: It is recommended that the within should not becompleted without prior legal advice.

2

----

MEMORANDUM OFAGREEMENT is made on 24 May 2005

BETWEEN

WATERFORDCRYSTAL LIMITED having its registered office at

|                 |            |
|-----------------|------------|
| PPSNumber  | ("Vendor") |

And PARKER GREEN (CARLOW) LIMITEDhaving its registered officeat

|                  |               |
|------------------|---------------|
| PPS Number  | ("Purchaser") |

whereby it is agreed that the Vendor shall sell and the Purchasershall purchase in accordance with the annexed Special and GeneralConditions of Sale the property described in the within Particulars atthe Purchase Price mentioned below.

|                     |                     |                                     |
|---------------------|---------------------|-------------------------------------|
| PurchasePrice  | €26,171,950.00 | ClosingDate: See Special Conditions |

|                   |                     |                                     |
|-------------------|---------------------|-------------------------------------|
| LessDeposit  | €17,501,000.00 | InterestRate: 10 per cent per annum |

|               |                    |
|---------------|--------------------|
| Balance  | €8,670,950.00 |

|                                                                                                                                                                                                                           |  |                                                                                                                                                                                                                                                                     |  |  |  |  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| SIGNED:  RedmondO'DonoghueFor and on behalf of theVendor                                                                                                                                                        |  | SIGNED:  W GO'Hare (Director)Margaret O'Hare(Director)Purchaser                                                                                                                                                                                           |
| Witness  KarenSheil                                                                     |  | Witness  JohnWoods                                                                                  |
| Occupation  Solicitor                                |  | Occupation  Solicitor                                       |
| Address  FitzwiltonHouse               Wilton Place, Dublin2                                                     |  | Address  Dundalk                                                           |
|                                                                                                                                                                                                                           |

(ForSale by Auction)

As Stakeholder I/We acknowledge receiptof Bank Draft/Cheque for                      in respect ofdeposit.

Signed:                                                                 

3

----

PARTICULARS AND TENURE

ALLTHAT AND THOSE lands at Ballybeg, Ballynaneashagh and Kill, CountyWaterford being all of the lands comprised in Folios 3672F and 11795 ofthe Register of Freeholders County Waterford and part of the landscomprised in Folios 9870 and 23844F of the Register of FreeholdersCounty Waterford as more particularly delineated (for identificationpurposes only) on the map annexed hereto and thereon edged inred.

4

----

DOCUMENTSSCHEDULE

|          |                                                                    |
|----------|--------------------------------------------------------------------|
| 1.  | Certified copy Folio23844F County Waterford with File Planannexed. |

|          |                                                                   |
|----------|-------------------------------------------------------------------|
| 2.  | Certified copy Folio 3672FCounty Waterford with File Planannexed. |

|          |                                                                                                  |
|----------|--------------------------------------------------------------------------------------------------|
| 3.  | Certified Copy Folio 11795County Waterford with File Plan annexed together with LandCertificate. |

|          |                                                                   |
|----------|-------------------------------------------------------------------|
| 4.  | Certified copy Folio9870 County Waterford with File Plan annexed. |

|          |                                                                                                                                   |
|----------|-----------------------------------------------------------------------------------------------------------------------------------|
| 5.  | Land Registry certified copy InstrumentNo. D2002CK006869A together with certified copy Land Registry transferdated 12 April 2002. |

|          |                                                                                                                    |
|----------|--------------------------------------------------------------------------------------------------------------------|
| 6.  | Land Registrycertified copy Instrument No. P2977/97 together with certified copyGrant of Wayleave dated 8 May1996. |

|          |                                                                                                                |
|----------|----------------------------------------------------------------------------------------------------------------|
| 7.  | Land Registry certified copyInstrument No. P5408/96 together with copy Grant of Wayleave dated 15January 1996. |

|          |                                                                                  |
|----------|----------------------------------------------------------------------------------|
| 8.  | Land Registrycertified copy Instrument No. C2004CK005303K (1745 16 October1968). |

|          |                                                                                                                                     |
|----------|-------------------------------------------------------------------------------------------------------------------------------------|
| 9.  | Copy Licence 20 January 1982between (1) Waterford Crystal Limited and (2) the Trustees of theWaterford Glass Social and SportsClub. |

|           |                                                                                                            |
|-----------|------------------------------------------------------------------------------------------------------------|
| 10.  | Copy Licence 1 January 1998between (1) Waterford Crystal Limited and (2) Waterford Institute ofTechnology. |

|           |                                                                                                                                                    |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| 11.  | Copy DevelopmentAgreement 1 January 1998 between (1) Waterford Crystal Limited and (2)the Development Committee, Waterford Institute ofTechnology. |

|           |                                                                                                                                                                               |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 12.  | Certified copy Deed ofRelease dated 19 June 1995 between (1) National Westminster Bank plc,(2) Kilsallaghan Holdings and (3) the parties listed in the FirstSchedule thereto. |

|           |                                                                                     |
|-----------|-------------------------------------------------------------------------------------|
| 13.  | Copy letter dated10 August 2004 from Waterford City Council (re roads andservices). |

|           |                                                                                                          |
|-----------|----------------------------------------------------------------------------------------------------------|
| 14.  | Copy Certificate ofIncorporation and Memorandum and Articles of Association of WaterfordCrystal Limited. |

|           |                       |
|-----------|-----------------------|
| 15.  | KellerCorrespondence: |

|  |           |                                                                                                |
|--|-----------|------------------------------------------------------------------------------------------------|
|  | (a)  | Copy letter dated15 April 2005 from M.W. Keller & Son to Frank Hickey of WaterfordCrystal; |

|  |           |                                                                                     |
|--|-----------|-------------------------------------------------------------------------------------|
|  | (b)  | Copy letter dated 15 April2005 from M.W. Keller & Son to Waterford CityCouncil; |

|  |           |                                             |
|--|-----------|---------------------------------------------|
|  | (c)  | Copy Waterford CityCouncil Planning Notice; |

|  |           |                                                                                         |
|--|-----------|-----------------------------------------------------------------------------------------|
|  | (d)  | Copyletter dated 25 April 2005 from Waterford City Council to WaterfordCrystal Limited; |

|  |           |                                                                                                                                                          |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (e)  | Copy letter dated27 April 2005 from Waterford City Council to Waterford Crystal Limitedtogether with copy variation of the Development Plan referred to. |

SEARCHES SCHEDULE

None.

5

----

SPECIALCONDITIONS

|          |                                                                                                                                                                                                                                                              |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.  | Save where the contextotherwise requires or implies or the text hereof expresses to thecontrary, the definitions and provisions as to interpretation set forthin the within General Conditions shall be applied for the purposes ofthese Special Conditions. |

|          |                                   |
|----------|-----------------------------------|
| 2.  | The saidGeneral Conditions shall: |

|  |           |                                                                                                                                                                                    |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | apply tothe sale in so far as the same are not hereby altered or varied, andthese Special Conditions shall prevail in case of any conflict betweenthem and the General Conditions; |

|  |           |                                                                                                                                                  |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | beread and construed without regard to any amendment therein, unless suchamendment shall be referred to specifically in these SpecialConditions. |

|          |       |
|----------|-------|
| 3.  | Title |

Title to the Subject Property shall consist of officialcertified copy Folios and File Plans of Folios 23844F (part), 3672F,11795 and 9870 (part) of the Register of Freeholders County Waterfordtogether with the original Land Certificate to Folio 11795 CountyWaterford.

|              |             |
|--------------|-------------|
| **4.**  | **Burdens** |

|  |           |                                                                                                                                                                                                                                                                                                              |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Thereare a number of burdens affecting the Subject Property which areclearly set out as burdens in each Folio (as applicable) and in theInstruments listed at Nos 5 – 8 inclusive of the DocumentsSchedule hereto. The Subject Property is being sold subject to and withthe benefit of these burdens. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Inaddition the Purchaser is referred to the restrictive covenantidentified at burden No. 3 of Folio 11795 (re use and building). As canbe seen from this entry on the Folio, this restrictive covenant wasgranted for the benefit of the registered owner of the propertycomprised in Folio 9870, a part of which is being sold to thePurchaser. The Vendor is the registered owner of the entirety of Folio9870 and if required by the Purchaser will produce a discharge/waiverof this restrictive covenant on or prior to completion duly executed bythe Vendor and it will be the Purchaser's responsibility toregister this discharge/waiver in the Land Registry. No furtherobjection, requisition or enquiry will be raised by the Purchaser inrelation thereto. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | In addition tothe burdens identified in the Folios comprising the Subject Property,an ESB underground cable runs through the Subject Property and an ESBpole is situated thereon. A Bord Gáis pipe also runs along theboundary between that part of Folio 9870 County Waterford beingretained by the Vendor and the Subject Property. The Vendor has nofurther information or documentation in its possession in relation tothe ESB cable/Bord Gáis pipe and no further objection,requisition or enquiry will be raised by the Purchaser in relationthereto. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (d)  | In addition to the burdensidentified above, the Subject Property is subject to the Licence setout at No 10 of the Documents Schedule hereto. The Purchaser will notethe expired Licence set at No. 9 of the Documents Schedule hereto. Theparties identified in these Licences together with a number of othergroups have, from time to time, used the Subject Property or partthereof for recreational purposes. The Vendor will procure thetermination of all the Licences still in existence and the interest (ifany) enjoyed by the said groups on or prior to the Closing Date. ThePurchaser is also referred to the Development Agreement set out at No.11 of the Documents Schedule hereto. It will be the Vendor's soleresponsibility to ensure that it complies with the terms thereof uponreceipt of the proceeds of sale from thePurchaser. |

6

----

|          |          |
|----------|----------|
| 5.  | Mortgage |

The property being sold under this Contract, together withother property, is at present subject to a mortgage (the"Wachovia Charge") in favour of WachoviaBank, National Association. On the Closing Date, the Purchaser willaccept either:-

|  |           |                                                                                                                               |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | a partial releasein respect of the Wachovia Charge for the Subject Property togetherwith registration fees payable thereon;or |

|  |           |                                                                                                                                                                                                                      |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | an undertaking from theVendor's solicitors to discharge part of the Wachovia Charge fromthe proceeds of sale and to furnish a partial release together withregistration fees thereon as soon as possible thereafter. |

|              |                     |
|--------------|---------------------|
| **6.**  | Kilsallaghan Charge |

The Purchaser is referred to the certified copy Deed ofRelease dated 19 June 1995 of a charge (the "KilsallaghanCharge") listed at No. 12 of the Documents Schedulehereto. As is apparent from the Deed of Release, the KilsallaghanCharge has been released in respect of all Folios comprised in theSubject Property which is also clearly evidenced by the deletion ofthis burden at Part 3 of each Folio, as appropriate. The landcertificate for Folio 11795 County Waterford continues to indicate thischarge, despite its release. The land certificate for this Folio willbe updated on or prior to completion to reflect the correct status ofthis charge, as evident from the Folio for the landcertificate.

|          |                                      |
|----------|--------------------------------------|
| 7.  | Purchase Priceand Release of Deposit |

The Purchase Price, of Twenty SixMillion, One Hundred and Seventy One Thousand, Nine Hundred and FiftyEuro (€26,171,950), shall be paid asfollows:-

|  |           |                                                                                                                                                                                                                                                                                          |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | On the execution of thisContract the sum of Two Million, Six Hundred and Seventeen Thousand,One Hundred and Ninety Five Euro (€2,617,195) shall bepaid by the Purchaser to the Vendor's solicitor, by way ofdeposit (the "First Instalment"), in partpayment of the Purchase Price. |

The balance of the sum ofTwenty Three Million, Five Hundred and Fifty Four Thousand, SevenHundred and Fifty Five Euro (€23,554,755) shall be paid intwo tranches asfollows:-

|  |           |                                                                                                                             |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | €14,883,805(the "Second Instalment") to be paidimmediately on compliance by the Vendor with Special Condition 8(d);and |

|  |           |                                                                                                         |
|--|-----------|---------------------------------------------------------------------------------------------------------|
|  | (c)  | €8,670,950 (the"Final Instalment") to be paid on the ClosingDate specified in Special Condition 9. |

The FirstInstalment and the Second Instalment are, where the context so admitsor requires, hereinafter collectively referred to as the"Deposit".

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (d)  | TheFirst Instalment shall be held by the Vendor's solicitors asstakeholder until the Vendor's solicitors furnish to thePurchaser's solicitors a Bank Guarantee drawn on Anglo Irish BankCorporation plc in favour of the Purchaser for an amount equal to theDeposit, such Guarantee to be in a form reasonably satisfactory to thePurchaser (the "Guarantee"). On furnishingthe Guarantee to the Purchaser's solicitors the Vendor'ssolicitors will receive the Second Instalment and will pay over theDeposit to the Vendor for its own use and benefit. If the Deposit isreleased to the Vendor, the Vendor shall be liable for the cost offunds calculated at a reasonable rate to the Purchaser on the SecondInstalment only from the date such monies are paid to theVendor's solicitors up to the Closing Date. General Conditions 5,37(a), 38 and 41 are modified accordingly. Upon the Closing Date andpayment of the Final Instalment to the Vendor, the Guarantee willautomatically cease to be of any further force or effectwhatsoever. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (e)  | If there is any delayin the Purchaser paying the purchase monies or any part thereof on thedue date or dates as set out above the Purchaser shall pay interest tothe Vendor on the balance outstanding from the due date up to the dateof actual payment thereof at the interest rate stipulated in theMemorandum of the within Agreement. Such interest shall accrue from dayto day and shall be payable before and after anyJudgement. |

7

----

|  |           |                                                                                                                                                                                            |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (f)  | If any datespecified for payment of purchase monies hereunder is not a working dayas defined in General Condition 2 the date or dates in question shallbe the first working daythereafter. |

|          |                                      |
|----------|--------------------------------------|
| 8.  | ConditionSubsequent and Closing Date |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | It is acondition subsequent (the "ConditionSubsequent") to this Contract that the Subject Propertyretain its designation as a mixed use area, including retailwarehousing, in accordance with the decision of Waterford City Councilof 18 April 2005 (the "Variation Decision")until satisfaction of the Condition Subsequent in accordance withSpecial Condition 9(b) hereunder or recission of the Contract pursuantto Special Condition 9(c). |

|  |           |                                                                                                                                                                                         |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | TheCondition Subsequent will be deemed to be satisfied and eitherparty's right of rescission under Special Condition 9(c) will beat an end upon the occurrence of any of thefollowing:- |

|  |           |                                                                                                                                            |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------|
|  | (i)  | On 17 October 2005 ifno judicial review proceedings to review the Variation Decision havebeen initiated by any third party by that date;or |

|  |            |                                                                                                                                                                                                                                                                       |
|--|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (ii)  | Upon the expiry of 21 days fromthe date of passing and perfecting of the High Court judgment or orderupholding the Variation Decision if judicial review proceedings toreview the Variation Decision have been initiated by a third partyprior to 17 October 2005; or |

|  |             |                                                                                                                                                                                                                     |
|--|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (iii)  | Upondelivery by the Supreme Court of its judgment upholding the VariationDecision if judicial review proceedings to review the VariationDecision have been initiated in the High Court as set out above andeither:- |

|  |          |                                                                                                          |
|--|----------|----------------------------------------------------------------------------------------------------------|
|  | A.  | the High Court has upheldthe Variation Decision and the third party has appealed to the SupremeCourt; or |

|  |          |                                                                                                                                      |
|--|----------|--------------------------------------------------------------------------------------------------------------------------------------|
|  | B.  | the High Court hasoverturned the Variation Decision and the Vendor and/or Waterford CityCouncil has appealed to the Supreme Court;or |

|  |            |                                                                                                                                                                                                                                                                                                                                                       |
|--|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (iv)  | Upon the date Waterford CityCouncil re-designates the Subject Property so that it is situate in amixed use area, including retail warehousing following either deliveryby the Supreme Court of its judgment overturning the Variation Decisionor upon the date of passing and perfecting of the High Court judgmentoverturning the VariationDecision. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | If the Variation Decisionis reversed or overturned following final determination of any judicialreview proceedings to review the Variation Decision (including thedetermination of any appeals) and/or Waterford City Council fail toensure that the Subject Property will be or will remain situate in amixed use area, including retail warehousing THEN either party mayimmediately rescind the Sale and terminate this Contract by service ofnotice in writing to that effect on the other WHEREUPON the Purchaserwill be entitled to the return of the Deposit in accordance withSpecial Condition 8(d) and the Final Instalment and the Vendor will beentitled to a return of all completion documents and title furnished tothe Purchaser on or prior to the Closing Date PROVIDED ALWAYS that ifthe judicial review proceedings of the Variation Decision have not beenfinally determined in accordance with any one of the grounds specifiedin Special Condition 9(b)(i)-(iv) inclusive by either (1) 14 June 2006the Vendor may at its option immediately rescind the Sale and terminatethe Contract with the same effect as herein specified; or (2) 14 June2007 either party may immediately rescind the Sale and terminate theContract with the same effect as herein specified. |

Ifthe Contract is rescinded in accordance with Special Condition 9(c),the Vendor shall be liable for the reasonable cost of funds calculatedat a reasonable rate to the Purchaser on the Deposit and FinalInstalment from the date of passing and perfecting of the High Courtjudgment or order overturning the Variation Decision or from the datethe third party has appealed the upholding of the Variation Decision bythe High Court to the Supreme Court, whichever is applicable, until thedate of recission.

For the avoidance of doubt save asoutlined in Special Condition 9(c), the Purchaser will be entitled to areturn of the Deposit and Final Instalment without interest, costs orcompensation thereon.

8

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|  |           |                                                                                                                                                                                                                                                                                                          |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (d)  | No deed ofassurance of the Subject Property will be delivered to the Purchaser orits nominees on the Closing Date UNTIL the Condition Subsequent hasbeen satisfied and the right of recission set out in this Contract isat an end on foot of any one of the grounds specified in SpecialCondition 9(b). |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (e)  | Notwithstandinganything to the contrary in this Contract, the Closing Date shall be 14June 2005 or such later date as may be specified by the Vendor providedthat such date shall be no later than 31 August 2005 whereupon theFinal Instalment will be paid to the Vendor and completion shall occursave that no deed of assurance of the Subject Property will bedelivered to the Purchaser or its nominee(s) until satisfaction of theCondition Subsequent and the right of recission set out in thisContract is at an end in accordance with Special Condition9(b). |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (f)  | The Purchaser'sattention is drawn to the correspondence exhibited at Nos 15(a) –(e) inclusive of the Documents Schedule (the "KellerCorrespondence"). The Purchaser will purchase the SubjectProperty in the full knowledge of the existence of the KellerCorrespondence. If any judicial review proceedings to review theVariation Decision are initiated on or prior to the Closing Datewhether on foot of the Keller Correspondence or otherwise, suchinstitution of judicial review proceedings will not delay payment ofthe Final Instalment to theVendor. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (g)  | Whether the judicial reviewproceedings envisaged by this Special Condition are issued againsteither the Purchaser or the Vendor or both as a notice party, bothparties to this Contract hereby agree to work together and co-operatewith the other in vigorously pursuing the defence of any judicialreview proceedings initiated by any party prior to 17 October 2005 toreview the Variation Decision whether on appeal or otherwise and/or inbringing any appeal before the Supreme Court if the Variation Decisionis overturned . |

|          |                     |
|----------|---------------------|
| 9.  | ShareholderApproval |

If Waterford Wedgwood plc determines that theapproval of its shareholders is required to the completion of the saleof the Subject Property under the terms of Chapter 10 of the ListingRules of the UK Financial Services Authority and/or the Listing Rulesof the Irish Stock Exchange or otherwise, completion of the sale of theSubject Property shall not occur without the receipt of such approvalat a duly convened meeting of the shareholders of suchcompany.

|           |        |
|-----------|--------|
| 10.  | Option |

On the Closing Date, both parties hereto will execute anoption deed containing an option (the"Option") in favour of the Purchaser for anominal consideration of €10 whereby the Purchaser willhave an option for the term of 10 years from the signing of Contractsto purchase the remainder of the Waterford Crystal Sports and LeisureCentre together with the car park or part thereof (being the remainderof the property comprised in Folio 9870 County Waterford) (the"Remainder Lands") at Open Market Value,subject to the easements, burdens and/or rights (if any) then affectingthe Remainder Lands, if placed on the open market by the Vendor.

For the purposes of the Option, the Term "OpenMarket Value" shall mean the price that a willingpurchaser would be prepared to pay and a willing vendor would beprepared to accept for the Remainder Lands as at the date when theRemainder Lands are placed on the open market by the Vendor. The OptionDeed will be in a format as determined by the Vendor's solicitor,provided the Option Deed provides for the matters set out in SpecialCondition 11.

|           |                  |
|-----------|------------------|
| 11.  | LandCertificates |

Of the Folios comprising the SubjectProperty, the following is the position in relation to theissue/non-issue (as appropriate) of the land certificate for eachfolio:-

|  |           |              |                              |
|--|-----------|--------------|------------------------------|
|  | (a)  | Folio 23844F | land certificate not issued. |

(Part)

|  |           |             |                           |
|--|-----------|-------------|---------------------------|
|  | (b)  | Folio 3672F | retained in LandRegistry. |

9

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|  |           |            |                            |
|--|-----------|------------|----------------------------|
|  | (c)  | Folio 9870 | retained in Land Registry. |

(Part)

|  |           |             |                          |
|--|-----------|-------------|--------------------------|
|  | (d)  | Folio 11795 | land certificate issued. |

Where theland certificate has not issued for a folio, the Vendor will bespeakthe Land Certificate and furnish same to the Purchaser on the ClosingDate. In the absence of the Land Certificate on the Closing Date, theVendor's solicitors will furnish a letter of undertaking to thePurchaser's solicitors to forward same upon receipt from the LandRegistry. Where the land certificate has already issued for a folio,the original land certificate will be handed over on completion. Wherea land certificate is retained in the Land Registry, a letter ofconsent to use together with authorisation and direction addressed tothe Land Registry authorising and directing the Land Registry to retainthe land certificate to the order of the Purchaser upon completion willbe furnished save where part only of a Folio is being sold whereupon aletter of consent to use only will be furnished on completion, ifrelevant. In relation to Folio 9870, the Vendor will apply to the LandRegistry to divide the Folio and issue a Land Certificate in respect ofthat portion of Folio 9870 the subject of this Contract. On the ClosingDate, the Vendor's solicitors will furnish a letter ofundertaking to forward this new land certificate to thePurchaser's solicitors on receipt ofsame.

|           |                    |
|-----------|--------------------|
| 12.  | Roads and Services |

The Purchaser is furnished with a copy letter dated 10August 2004 from Waterford City Council as evidence that the roads andservices abutting the Subject Property are in charge of the LocalAuthority. The Purchaser will accept a copy only of this letter andwill not raise any objection, requisition or enquiry in relationthereto.

|           |                                                     |
|-----------|-----------------------------------------------------|
| 13.  | Deed of Assurance– Easements and Other Rights |

The Deed of Assuranceof the Subject Property from the Vendor to the Purchaser shallincorporate reservations for the Retained Lands for thefollowing:-

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | The free anduninterrupted passage and running of the services (i.e. water, soil,gas, air, electricity, telephone transmissions, radio transmissions,television transmissions, oil, heating fuels and other services servingthe Retained Lands) to and from the Retained Lands through theutilities (i.e. all channels, conduits, pipes, drains, watercourses,ditches, gutters, sewers, wires, mains, cables and other conductingmedia for the services including (but without prejudice to thegenerality of the foregoing) lighting installations) which are now ormay at any time within the Perpetuity Period (to be determined by theVendor) be in under or passing through the Subject Property. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | The right (without being obliged to doso) to connect up with and inspect cleanse repair and renew theutilities which now are or may at any time within the Perpetuity Periodbe in under over or passing through the Subject Property AND for theaforementioned purposes to enter upon the Subject Property with workmanand others and all necessary equipment making good any damage therebyoccasioned by not being responsible for any temporary inconveniencebeing caused by such works. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | Thefree and uninterrupted passage and running of soil/effluent and waterto and from the Retained Lands through the pipeline/watermains in underover or passing through the Subject Property shown coloured[    ] on the map annexed hereto together with the right atall times to enter upon the Subject Property and open up the said pipesor watermains or associated manhole(s) for the purpose of inspecting,repairing and replacing same and making connections thereto making goodany damage thereby occasioned but not being responsible for anytemporary inconvenience caused by any such works. |

TheDeed of Assurance will be executed in duplicate and the originalcounterpart thereof returned to the Vendor duly stamped within 30 daysof completion. In addition, the Purchaser's solicitor willprovide a letter of undertaking to this effect which will also includean obligation on the Purchaser's solicitor to lodge the originaldeed of assurance in the Land Registry immediately following

10

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stamping and to produce up to date copyFolio(s) and File Plan(s) of the Subject Property, as soon as the LandRegistry have registered the Purchaser's title thereto, showingthese easements registered as burdensthereon.

|           |                      |
|-----------|----------------------|
| 14.  | Post completionWorks |

The Purchaser hereby grants to the Vendor, itsservants and agents the right to access and enter upon the SubjectProperty with or without machinery/vehicles for the period of threemonths from the Closing Date at reasonable mutually convenient timesfor the purpose of removing lighting masts, goal posts and ancillaryitems, making good all damage thereby occasioned but not beingresponsible for any temporary inconvenience caused by suchworks.

|           |                      |
|-----------|----------------------|
| 15.  | Condition ofProperty |

The Purchaser shall be deemed to buy with fullnotice of the actual state and condition of the Subject Property andshall take it as it stands and subject to all rights of way, water,light, drainage and other easements, rights and privileges andliabilities and to all rents and outgoings mentioned in the Particularsor any SpecialConditions.

|           |          |
|-----------|----------|
| 16.  | Planning |

Save as disclosed herein there are no buildings or otherstructures on the Subject Property and no planning permissions grantedto the Vendor in respect thereof have been acted upon insofar as samerelate to the Subject Property. The Purchaser shall raise no objection,requisition or enquiry in respect of any planning matters and GeneralCondition 36 is hereby deleted in its entirety. The Purchaser shallraise no objection, requisition or enquiry in relation to any matter orthing relating to Local Government (Planning and Development) Act,1963, the Planning and Development Acts, 2000 to 2002 the BuildingControl Act, 1990, Planning and Development Regulations, 2001, theBuilding Bye-Laws, the Fire Services Act, 1981 or the Safety, Healthand Welfare at Work (Construction) Regulations, 1995 or any regulationsor orders made thereunder including (but not limited to) any workscarried out to the Subject Property by theVendor.

|           |          |
|-----------|----------|
| 17.  | Identity |

The Purchaser shall satisfy itself with regard to the exactarea of the Subject Property and the boundaries thereof and the routesof the existing burdens/easements/rights of way affecting the SubjectProperty. Maps annexed to the Contract shall be deemed to be annexedfor identification purposes only.

No objection,requisition or enquiry shall be raised in relation to discrepancies (ifany) which may arise between the file plan, relevant deed or LandRegistry instrument and/or the boundaries or lay out of the property onthe ground.

The words "or which are likelyto affect it" appearing on the last line of GeneralCondition 15 are hereby deleted and replaced with the words"of which the Vendor is aware will affect theProperty".

|           |               |
|-----------|---------------|
| 18.  | Environmental |

The Vendor will furnish a declaration on the Closing Dateconfirming the Vendor has not been in breach of environmental laws andsave for the Vendor's obligation to reply to Requisition 31(Environmental) of the Law Society's Objections and Requisitionson Title (if not already replied to at the date of this Contract) nofurther objection, requisition or enquiry shall be raised or made bythe Purchaser in relation tosame.

|           |                  |
|-----------|------------------|
| 19.  | Entire Agreement |

The Purchaser hereby acknowledges that this Agreement andthe documents referred to in the Documents Schedule constitute theentire agreement between the parties and the Purchaser herebyacknowledges that the Purchaser has not entered into this Agreement inreliance on any other warranty or representation whether oral or inwriting.

The Purchaser agrees and accepts that nostatement, measurement quantity or description contained in anynewspaper or advertisement published by the Vendor or by theVendor's Agents, O'Shea 

11

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O'Toole & Partners (the"Agent"), or given orally or contained in anybrochure, letter or hand-out issued by the Vendor or by the Agent inrespect of the Subject Property (whether or not in the course of anyrepresentation or negotiations leading to the sale) shall constitute arepresentation inducing the Purchaser to enter into the sale or anywarranty forming part of this Agreement and that any statement,description, quantity or measurement contained in any suchadvertisement, brochure or letter given by the Vendor or on its behalfby the Agent are for illustration purposes only and are not to be takenas matters of fact and that any mistake, omission, discrepancy,inaccuracy, mis-statement, mis-description or incorrect measurementgiven orally or in the form of any advertisement, brochure or letter bythe Vendor or by the Agent (whether or not in the course of anyrepresentation or negotiations leading to the sale) shall not give riseto any cause of action, claim for compensation against the Vendor orthe Agent or any right of rescission under this Agreement and it isfurther agreed that this Agreement contains the entire terms andconditions of the agreement between the parties hereto. The LawSociety's General Condition 33 shall be read subject to thiscondition.

|           |                       |
|-----------|-----------------------|
| 20.  | Survival ofProvisions |

Unless otherwise specified herein, all suchterms and conditions of this Agreement as are designed or are capableof surviving completion of the sale shall survive such completion andshall not merge in or become extinguished in any subsequent assuranceof the Property or any partthereof.

|           |          |
|-----------|----------|
| 21.  | Sub-Sale |

On payment of the entire of the purchase monies on theClosing Date, the transaction shall at the option of the Purchaserproceed by way of sub-sale of all or part of the Subject Property andthe Vendor will execute deeds of assurance as required to enable thetransaction to be completed in this manner PROVIDED that the Vendor isnotified in sufficient time of the identity of the Purchaser'snominee(s) and number of deeds of assurance to comply with the ListingRules of the UK Financial Services Authority and/or the Listing Rulesof the Irish Stock Exchange or otherwise AND PROVIDED also that thePurchaser confirms that such identity may be disclosed in anyannouncement required by the Listing Rules of the UK Financial ServicesAuthority or otherwise AND PROVIDED ALWAYS that no such deed(s) ofassurance will be delivered until the Condition Subsequent in SpecialCondition 9(b) has been satisfied. The Vendor will execute a Deed ofCovenant in favour of the Purchaser and its bank, Anglo Irish BankCorporation plc on the Closing Date in the terms of the draft annexedhereto in relation to the execution of deeds of transfer/assurance ofthe Subject Property.

12

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NON-TITLE INFORMATION

Query Reply(Please tick and/or insert comments asappropriate)

|        |  |                                                                                                                                                          |  |        |        |        |  |          |        |        |  |                                                                      |        |        |  |  |  |  |
|--------|--|----------------------------------------------------------------------------------------------------------------------------------------------------------|--|--------|--------|--------|--|----------|--------|--------|--|----------------------------------------------------------------------|--------|--------|--|--|--|--|
|   |  |                                                                                                                                                     |  | Yes    |        | No     |  | Comments |
| **1.** |  | **SERVICES**                                                                                                                                             |  |   |   |   |  |     |   |   |  |                                                                 |   |   |
| i.     |  | Howis the Subject Property serviced asto:                                                                                                                |  |   |   |   |  |     |   |   |  |                                                                 |   |   |
|   |  | (a)    drainage;                                                                                                                     |  |   |   |   |  |     |   |   |  | Inspectionwill reveal.                                               |
|   |  | (b)    watersupply;                                                                                                                  |  |   |   |   |  |     |   |   |  | "                                                                    |
|   |  | (c)    electricity;                                                                                                                  |  |   |   |   |  |     |   |   |  | "                                                                    |
|   |  | (d)    gas;and                                                                                                                       |  |   |   |   |  |     |   |   |  | "                                                                    |
|   |  | (e)    otherwise.                                                                                                                    |  |   |   |   |  |     |   |   |  | "                                                                    |
| ii.    |  | Havethe services (including roads, lanes, footpaths, sewers and drains)abutting or servicing the Subject Property been taken over by the LocalAuthority, |  |   |   |   |  |     |   |   |  | See copy letter dated 10 August2004 in the Documents Schedulehereto. |
|   |  | Will aletter from the Local Authority or a solicitor's certificate tovouch the position be furnished on or beforeclosing.                                |  |   |   |   |  |     |   |   |  | See copy letter dated 10 August 2004in the Documents Schedulehereto. |
|   |  | If servicesare not in charge, are there appropriate easements and indemnities inexistence.                                                               |  |   |   |   |  |     |   |   |  | Notapplicable                                                        |
| iii.   |  | Isthe Subject Property servicedby:                                                                                                                       |  |   |   |   |  |     |   |   |  |                                                                 |
|   |  | (a)    septictank;or,                                                                                                                |  |   |   |   |  |     | X      |   |  |                                                                 |
|   |  | (b)    privatedrainagescheme.                                                                                                        |  |   |   |   |  |     | X      |   |  |                                                                 |
| iv.    |  | Isthe Subject Property serviced for television and if so is itby:                                                                                        |  |   |   |   |  |     |   |   |  |                                                                 |
|   |  | (a)    CableT.V.;                                                                                                                    |  |   |   |   |  |     | X      |   |  | Not applicable, this is a greenfield site                            |
|   |  | (b)    SatelliteDish;                                                                                                                |  |   |   |   |  |     | X      |   |  | Not applicable, this is a greenfieldsite                             |
|   |  | (c)    MMDF;                                                                                                                         |  |   |   |   |  |     | X      |   |  | Notapplicable, this is a green fieldsite                             |
|   |  | (d)    TV aerial owned by Vendor;or                                                                                                  |  |   |   |   |  |     | X      |   |  | Not applicable, this is a greenfield site                            |
|   |  | (e)    TV aerial owned byanother.                                                                                                    |  |   |   |   |  |     | X      |   |  | Not applicable, this is agreen field site                            |
|   |  | If(b) or (d) applies, will it be included in the PurchasePrice.                                                                                          |  |   |   |   |  |     |   |   |  |                                                                 |
| v.     |  | Isthere a telephone line to be supplied with the SubjectProperty.                                                                                        |  |   |   |   |  |     | X      |   |  | Not applicable, this is agreen fieldsite                             |
| vi.    |  | Is there anISDN line to be supplied with the SubjectProperty.                                                                                            |  |   |   |   |  |     | X      |   |  | Not applicable, this is agreen fieldsite                             |
| **2.** |  | **CONTENTS**                                                                                                                                             |  |   |   |   |  |     |   |   |  |                                                                 |
| i.     |  | Arethere any contents included in the PurchasePrice.                                                                                                     |  |   |   |   |  |     | X      |   |  | Not applicable in its entiretyas this is a green fieldsite           |
|   |  | If so, giveVendor's estimate ofvalue.                                                                                                                    |  |   |   |   |  |     |   |   |  |                                                                 |
|        |

13

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|        |  |                                                                                                                                                        |  |        |        |        |  |          |        |        |  |                                                                       |  |  |  |  |  |  |
|--------|--|--------------------------------------------------------------------------------------------------------------------------------------------------------|--|--------|--------|--------|--|----------|--------|--------|--|-----------------------------------------------------------------------|--|--|--|--|--|--|
|   |  |                                                                                                                                                   |  | Yes    |        | No     |  | Comments |
| ii.    |  | Arethere any fixtures, fittings or chattels included in this Sale whichare the subject of any Lease, Rent, Hire Purchase Agreement or ChattelMortgage. |  |   |   |   |  |     | X      |   |  | Not applicable in itsentirety as this is a green fieldsite            |
|   |  | If so, furnishnow the Agreement and on closing proof of payment to date or dischargethereof.                                                           |  |   |   |   |  |     |   |   |  | Not applicable in its entirety asthis is a green fieldsite            |
| **3.** |  | **OUTGOINGS**                                                                                                                                          |  |   |   |   |  |     |   |   |  |                                                                  |
| i.     |  | Whatis the Rateable Valuationof:                                                                                                                       |  |   |   |   |  |     |   |   |  |                                                                  |
|   |  | (a)    Lands;                                                                                                                      |  |   |   |   |  |     |   |   |  | Nil                                                                   |
|   |  | (b)    Buildings.                                                                                                                  |  |   |   |   |  |     |   |   |  | NotApplicable                                                         |
| ii.    |  | Giveparticulars of any other periodic or annual charge which affects theSubject Property or any part of it.                                            |  |   |   |   |  |     |   |   |  | None toVendor's knowledge save as disclosed in the documents oftitle. |
|        |

14

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