Document:

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                                                                Exhibit 10(ii)d5
[Newcourt Leasing Corporation Logo]

                             MASTER LEASE AGREEMENT
                                                          Agreement No. PRC.0105
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TERMS AND CONDITIONS

This Master Lease Agreement dated as of the 6th day of July, 2000 correctly sets
forth the terms and conditions agreed between NEWCOURT LEASING CORPORATION
("Lessor") and Elong.com ("Lessee") pursuant to which Lessor may from time to
time lease equipment to Lessee. No amendments to the Agreement shall be binding
on either of the parties hereto unless in writing and executed by such parties.

1. DEFINITIONS

   "Agreement" means these terms and conditions and all Schedules;

   "Commencement Date" means the date specified as such in the relevant
   Schedule. Unless on the written notice from lessee, the equipment will be
   deemed as irrevocably accepted by lessee on the 15th calendar day since the
   shipment date and the corresponding Lease will commence on the acceptance.

   "Discount Rate" means the Discount Rate specified in the relevant Schedule;

   "Equipment" means the individual items of goods, equipment, and related
   items, licences and any part thereof described in any Schedule and any
   replacements or renewals made therein or thereto;

   "Lease Term" means, for each item of Equipment, the period from the
   Commencement Date to the Lease Termination Date;

   "Lease Termination Date" means the date specified as such in the relevant
   Schedule;

   "Licence" means any licence of software information and documentation related
   to the Equipment;

   "PRC" means the People's Republic of China;

   "RMB" means Ranminbi, the lawful currency for the time being of the PRC;

   "Rental" means, for each item of Equipment, the amounts set out in the
   relevant Schedule, which are denominated as RMB;

   "Rental Dates" means, for each item of Equipment, the dates on which Rentals
   are due as stated in the Schedule;

   "Schedule" means each schedule entered into from time to time between Lessor
   and Lessee pursuant hereto incorporating these terms and conditions;

   "Supplier" means any manufacturer or supplier of the Equipment or of services
   related to the Equipment as the case may be;

   "Supply Agreement" means any contract, agreement, guarantee, warranty or
   arrangement in existence between Lessee and the Supplier;

   "Termination Sum" means, for each item of Equipment, an amount equal to the
   aggregate of

   (i)   all arrears of Rental and any other monies due to Lessor under this
       Agreement up to and including the date of termination together with
       interest at the rate specified in Clause 3.3 on any overdue payment;

   (ii)   all payments of Rental which, but for a termination, would have been
       payable under the Agreement from and including the day following the date
       of termination to the end of the Lease Term less a discount for the
       acceleration of payment calculated by discounting such amounts to present
       value at the Discount Rate;

  (iii)    all costs and expenses incurred by Lessor on its behalf in connection
       with such termination including those of repossession, refurbishment,
       storage, insurance and/or sale of the Equipment;

   (iv)   all losses, costs, charges and expenses incurred or payable by Lessor
       arising out of the premature termination of any funding commitments in
       connection with this Agreement; and

   (v)   where the Equipment has been lost or where Lessor is unable to recover
       the Equipment or to remarket it for the full amount of its unrecovered
       investment, if any, in the residual value of the Equipment due to poor
       condition, such sum as may be necessary to compensate Lessor for its
       loss.

2.  AGREEMENT

   2.1  Lessor agrees to lease and Lessee agrees to take on lease the Equipment
        for the Lease Term on the terms and conditions herein.

   2.2  Lessor may enter into this Agreement as principal or agent.

   2.3  Individual items of Equipment are grouped in each Schedule for
        convenience only and the Lease Term for each individual item of
        Equipment may be continued, extended or terminated separately from any
        other item of Equipment provided however that with respect to desktop
        computers, an individual item of Equipment shall include the minimum
        standard configuration of a keyboard.

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            monitor and CPU.

2.4         Lessee shall have no title, right or interest in the Equipment
            except the right to quiet possession hereunder.

2.5         Lessee must protect Lessor's interest in the Equipment, including
            making clear to others that Lessor is the owner of the Equipment.

2.6         Lessee must not, without Lessor's consent, apply for or obtain any
            duplicate or counterpart of any document of title, licence or
            certificate of registration relating to the Equipment.

2.7         Lessee may nominate further Equipment for leasing under the terms of
            this Agreement. In the event that Lessor approves such further
            Equipment, which it shall be under no obligation to do, it shall
            deliver to Lessee a further Schedule setting out the additional
            Equipment to be leased, the Lease Term and the Rental applicable
            thereto.

2.8         Notwithstanding that Lessor may (in its sole discretion) allow
            Lessee to pay the Rentals in RMB.

3.  RENTALS

3.1         Lessee unconditionally agrees to pay the Rentals to Lessor on the
            Rental Dates and in the currency, time being of the essence, as
            specified in each of the Schedules. All Rentals shall be paid by
            direct debit, standing order or such other method of payment and to
            such place or person as Lessor shall in writing direct from time to
            time.

3.2         All Rentals and other payments to be made to Lessor under this
            Agreement or any Schedule shall be unconditional and made in full,
            and without set-off or counterclaim, as directed in each of the
            Schedules. If any deduction or withholding, including withholding by
            Lessor of tax on interest income earned by Lessor's providers of
            funding domiciled outside the PRC, is required by law Lessee shall
            gross up such payment by paying an additional amount to Lessor so
            that Lessor receives the full amount.

3.3         Lessor may require payment by Lessee of the following amounts in
            respect of any late payment hereunder:

            3.3.1 A monthly service charge equal to 5% of each late payment
                  calculated daily (but not less than RMB100 or more than
                  RMB300); and

            3.3.2 Interest on each late payment of 2% per month calculated daily
                  from the due date of such late payment until the date paid and
                  compounded monthly

3.4         The first Rental (together with any advance payments specified in
            the related Schedule and payment for any partial month) shall be due
            on the first day of the immediately succeeding calendar month
            following the Commencement Date. If the Commencement Date does not
            fall on the first day of a month, the payment for the partial month
            prior to the First Rental Date shall be a pro rata portion of the
            Rental, calculated on a thirty (30) day basis. If Rentals are
            payable quarterly under the Schedule, the references herein to
            "month" shall mean "quarter" and the pro rata calculation under the
            preceding sentence shall be on a ninety (90) day basis.

3.5         At the end of the Lease Term, the Schedule will automatically re-new
            for additional three month periods on the same terms and conditions
            (including the same Rental) unless Lessee gives Lessor ninety (90)
            days written notice prior to the expiration of the Lease Term or any
            three month renewal term and Lessee returns the Equipment to Lessor
            in accordance with Clause 10.

3.6         Lessee shall obtain the verification of SAFE in respect of each
            payment of Rental in Dollars to be made by Lessee hereunder in
            accordance with the Foreign Exchange Control Regulations of the PRC
            (if applicable).

4.  USE OF EQUIPMENT

    Lessee agrees with and undertakes to Lessor that, at its own expense,
    throughout the Lease Term it will:-

4.1         keep the Equipment in good working order, repair and condition and
            ensure that the Equipment is serviced and maintained in accordance
            with the Supplier's recommendations and any mandatory legal
            requirements;

4.2         keep the Equipment at all times in the possession and control of
            Lessee at the location specified in the relevant Schedule;

4.3         not use the Equipment nor permit any of the Equipment to be used for
            any purpose for which it was not designed, or in contravention of
            any applicable law or regulation or terms of any insurance policy,
            or in such a manner as would invalidate any Supply Agreement;

4.4         not make any modifications or alterations or attachments to the
            Equipment, other than with the prior written consent of Lessor, and
            provided that any such additions to the Equipment will become an
            integral part of the Equipment unless such additions are separately
            serialised and removable without damage or diminution to the
            original value of the Equipment;

4.5         not sell, assign, let, transfer, mortgage, charge, part with or lose
            possession of the Equipment or permit any encumbrance or allow the
            rights of the Lessor in the Equipment to be prejudiced;

4.6         on being given notice, allow Lessor and its agents during normal
            business hours to inspect the Equipment and allow markings
            indicating Lessor's interest to be affixed to the Equipment;

4.7         not fix nor permit the affixing of the Equipment to land or to any
            building and Lessee must obtain from the owner of any land on which
            the Equipment are installed a waiver of any rights it might have
            over the Equipment if Lessor so requests; and

4.8         promptly pay and discharge all charges, stamp duties, registration
            fees and all other outgoings whatsoever payable by Lessor or Lessee
            in respect of the Agreement, the Equipment or the premises in which
            the Equipment is situated.

5.  INSURANCE

5.1         Lessee shall at its own cost throughout the Lease Term maintain
            insurance with an insurance company operating in the PRC that is
            acceptable to Lessor:-

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       (a)   against such risks as such Equipment are normally insured against
       in  accordance with good and prudent practice for the higher of their
       full replacement value and the Termination Sum from time to time; and

       (b)   covering all liability whatsoever to any third party whether
       arising directly or indirectly from the Equipment or the use thereof.

   5.2 All policies shall be in the name of Lessee and shall, if Lessor so
       requests, be in terms approved by Lessor and be produced to Lessor with
       Lessor named as additional insured and loss payee;

   5.3 Lessee must not vary the policies without Lessor's consent:

   5.4 Lessee must punctually pay all premiums due under the policies and must
       produce evidence of payment of the premiums if Lessor so requests;

   5.5 If an actual or constructive total loss (collectively a "Total Loss") of
       the Equipment shall occur, Lessee shall immediately inform Lessor and,
       within 28 days, pay to the Lessor the Termination Sum. Subject to receipt
       by Lessor of the Termination Sum, Lessor shall pay to Lessee by way of
       rebate of rental any sums received from the Insurers under the aforesaid
       policies.

   5.6 Following a Total Loss the leasing of the Equipment shall be terminated
       without prejudice to any claims then outstanding between Lessor and
       Lessee.

   5.7 Without prejudice to the provisions of Clause 8, if Lessee fails to
       effect an maintain insurance in respect of the Equipment in accordance
       with the provisions of this Clause or produce the policy for inspection
       when requested, Lessor may effect such insurance at Lessee's cost.

6. RENTAL ASSUMPTIONS AND ADJUSTMENTS

   6.1 The Rentals payable during the Lease Term and shown in the relevant
       Schedule are calculated on the assumptions that:

       6.1.1 there will be no change in the rate of Enterprise Income Tax and
             Business Tax applicable to the profits and interest income, as the
             case may be, of Lessor;

       6.1.2 the law and practice in the PRC relating to the taxation of
             companies and groups of companies will remain the same without
             affecting this Agreement or matters relating to it including but
             not limited to, the leasing of the Equipment, and that the rate
             of return will be presented for Lessor;

       6.1.3 Lessor shall be entitled to treat any rebate of rental paid to
             Lessee as an allowable deduction for tax purposes; and

       6.1.4 Lessee shall not claim or seek to claim any capital allowance in
             respect of the Equipment.

   6.2 In the event that any of the assumptions referred to in Clause 6.1
       becomes incorrect, Lessor may adjust each Rental remaining in the Lease
       Term by an amount which Lessor certifies to Lessee to be necessary to
       preserve Lessor's rate of return (after tax) at that which it would have
       obtained hereunder; had such assumptions remained correct. In the event
       of there being no Rentals remaining in the Lease Term any such
       adjustment shall be made by way of additional rental at the request of
       Lessor.

  6.3 Lessee shall promptly furnish to any officer of the relevant Tax Bureau
      such information as such officer may require and as Lessee has or can
      obtain.

7. LESSEE WARRANTIES

  7.1 Lessee warrants that the Equipment has been selected by Lessee for the
      purpose of being leased to Lessee hereunder and acknowledges that Lessor
      does not possess any particular skill or knowledge to advise on the
      condition, operation or fitness for any particular purpose of the
      Equipment and further warrants that it does not enter into this Agreement
      in reliance on any representation made in respect of such matters by or on
      behalf of the Lessor, the Supplier or any other person by or through whom
      this Agreement may have been negotiated.

  7.2 Lessee acknowledges that-

      7.2.1 the description of the Equipment in each Schedule is for
            identification only;

      7.2.2 Lessor has not made and does not give any representation,
            condition, guarantee or warranty in connection with the Equipment
            and any that would otherwise be implied by statute or regulations
            are hereby expressly excluded (to the extent permitted by law);

      7.2.3 it waives all claims against Lessor to the extent permitted by law;

      7.2.4 Lessor will not be liable for any latent defects or any indirect,
            incidental or consequential loss or damage or any damages resulting
            from loss of use, data or profits arising out of or in connection
            with the Equipment whether in an action based in contract or text;

      7.2.5 Lessor's total liability arising under or in connection with any
            Schedule shall not exceed a sum equal to the aggregate of all
            Rentals payable during the Lease Term;

      7.2.6 all necessary authorisations and approvals for the maintenance of
            Lessee's status as a joint venture/wholly foreign-owned/domestic
            enterprise (delete as inapplicable) established in the PRC have been
            obtained;

      7.2.7 all necessary authorisations and approvals for the execution,
            delivery, performance, legality, validity and enforceability of this
            Agreement, including but not limited to the approval of SAFE (if
            required), have been obtained;

      7.2.8 its obligations under this Agreement are legal, valid and binding
            obligations and enforceable in accordance with their terms;
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           7.2.9  no litigation, arbitration, tax claim or administrative
                  proceeding is current or pending which Lessor considers
                  material to Lessee's ability to perform its obligations under
                  this Agreement; and

           7.2.10 no event specified in Clause 8 has occurred and is continuing.

    7.3    Nothing in this Agreement or any Schedule shall limit or exclude
           Lessor's liability for personal injury or death arising from Lessor's
           negligence.

8.  TERMINATION OF AGREEMENT

    8.1 If at any time during the Lease Term:

           8.1.1  Lessee fails to pay any Rentals or other sum due under this
                  Agreement on the due date therefor;

           8.1.2  Lessee is in breach of this Agreement (other than in respect
                  of sums to which Clause 8.1.1 above applies) or breach of a
                  Supply Agreement and, in the case of a breach capable of being
                  remedied (except in respect of any of its obligations to
                  insure) shall fail to remedy the same within ten days after
                  the occurrence of such breach;

           8.1.3  Lessee shall cease or threaten to cease to carry on its
                  business or shall be unable to pay its debts as they mature or
                  shall have a petition for winding-up presented against it or a
                  receiver, administrator or administrative receiver is
                  appointed over the whole or any part of the undertaking or
                  assets;

           8.1.4  Lessee, otherwise than in the ordinary course of its business
                  or in a transaction at arms length and for full consideration
                  shall sell, transfer, lease or otherwise dispose of the whole
                  or any substantial part of its undertaking or of its assets;

           8.1.5  Lessee is in breach of any leasing or financing agreement with
                  Lessor or any affiliate or group company of Lessor;

           8.1.6  Lessor, on any reasonable ground, considers that the Equipment
                  may be in jeopardy (without limitation, through abandonment or
                  the threat or steps being taken for distress, execution or
                  other legal process) or that Lessor's rights under this
                  Agreement may otherwise be prejudiced;

           8.1.7  any change (which in the opinion of Lessor is substantial)
                  shall be proposed or shall occur in the ownership or
                  shareholders of Lessee;

           8.1.8  any of the events specified in Clause 8.1.3, 8.1.4, 8.1.5 or
                  8.1.7 occurs in relation to the holding company or any
                  guarantor of Lessee;

           8.1.9  any authorisation or approval of any governmental agencies or
                  authorities of the PRC required by Lessee to execute, deliver
                  and perform this Agreement, or required in connection with the
                  execution, delivery, performance, legality, validity or
                  enforceability of this Agreement, is revoked or withheld;

           8.1.10 it shall become impossible or unlawful in the PRC for Lessee
                  to fulfill any of its obligations contained in this Agreement;
                  or

           8.1.11 any other act, matter or thing occurs which in the opinion of
                  Lessor might have a material adverse affect upon the ability
                  of Lessee to perform its obligations under this Agreement;

           then in any such event (without prejudice to any other right or
           remedy which Lessor may have) Lessor may upon giving notice
           terminate the leasing of all or any of the Equipment under this
           Agreement.

    8.2 Upon termination of the leasing of all or any of the Equipment under
        this Agreement for any reason such Equipment shall, subject to Clause 10
        no longer be in the possession of the Lessee with the consent of Lessor.

9.  TERMINATION PAYMENTS

    9.1 Upon termination of the leasing of the Equipment pursuant to Clause 8
        Lessee shall pay to Lessor on the date of such termination the
        Termination Sum. Any such Termination Sum shall be subject to adjustment
        pursuant to Clause 6.2.

    9.2 The Termination Sum shall, in the case of a repudiation pursuant to
        Clauses 8.1.1 and 8.1.2 be recoverable as liquidated damages and in the
        case of an agreed terminating event pursuant to Clauses 8.1.3 to 8.1.11
        shall be recoverable as a debt or liquidated damages.

10. REDELIVERY OF EQUIPMENT AT EXPIRATION OF LEASE TERM OR ON TERMINATION

    Unless otherwise provided to the contrary in any Schedule, at the expiration
    or earlier termination of the Lease Term and/or any permitted extension of
    the letting of the Equipment thereafter, Lessee at its expenses, shall
    return the Equipment concerned to Lessor in good repair and operable
    condition, ordinary wear and tear excepted, to such location or on board
    such carrier, freight prepaid, packed for shipping as Lessor may specify.
    Should Lessee not so deliver the Equipment, Lessor may at any time
    thereafter and without notice retake possession of the Equipment and for
    such purpose enter upon premises belonging to or in the occupation of Lessee
    and Lessee shall be responsible for all costs, charges and expenses
    (including legal costs on a full indemnity basis) incurred by Lessor in
    retaking possession of the Equipment and restoring the Equipment to good
    working order and condition. Until return of the Equipment, the letting
    shall be deemed to be continued hereunder and additional Rental(s) shall be
    owing in accordance with Clause 3.5.

11. SUPPLY AGREEMENT

    If Lessee has not entered into an agreement with the Supplier for the supply
    of the Equipment, Lessee hereby agrees that Lessor may do so on Lessee's
    behalf. Provided Lessor has not exercised its right to terminate the leasing
    of the Equipment pursuant to Clause 8, Lessor shall extend to Lessee the
    benefit of all warranties and guarantees provided by the Supplier of the
    Equipment in so far as such benefits are capable of being so transferred. If
    Lessee has entered into a supply agreement, Lessee represents and warrants
    that title to the Equipment

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     has not passed to Lessee and, if required by Lessor, Lessee shall assign to
     Lessor its rights under such supply agreement to purchase the Equipment and
     to acquire any Licence. Except for the obligation to pay the Supplier for
     the Equipment if (and only if) this Agreement has commenced, Lessee shall
     perform, satisfy and discharge all of the purchaser's or, as the case may
     be, licensee's obligations under the Supply Agreement and Licence
     respectively.

12.  INDEMNITY

     12.1 Lessee agrees to fully indemnify Lessor from and against any
          liability, loss, damage, charges, costs and expenses whatsoever
          suffered or incurred by Lessor (other than those incurred as a
          result of the gross negligence or willful misconduct of Lessor) by
          reason of:

          (a)  Lessor exercising a right under this Agreement; or

          (b)  Lessor doing anything Lessee should have done under this
               Agreement; or

          (c)  Lessee not doing what Lessee should have done under this
               Agreement; or

          (d)  Lessor having to seize or store the Equipment; or

          (e)  Lessor owning the Equipment (including registering the
               ownership interest); or

          (f)  Lessor incurring a loss as a result of converting RMB sums or
               payments received from Lessee into Dollars; or

          (g)  property being damaged directly or indirectly by the
               Equipment or its use; or

          (h)  a claim for patent, for trademark or copyright infringement,
               for strict liability, or for any other reason being made
               against Lessor in connection with the Equipment or its
               operation.

     12.2 Each indemnity is a continuing obligation, separate and independent
          from Lessee's other obligations. It continues after this Agreement
          ends or is terminated. It is not necessary for Lessor to incur
          expenses or make a payment before Lessor can enforce a right of
          indemnity.

13.  CERTIFICATION BY LESSOR

     Where in this Agreement any matter is expressed to be determined or
     certified by Lessor, including but not limited to the amount owing by
     Lessee to Lessor from time to time or the amount of loss suffered by
     Lessor in currency conversion as mentioned in Clause 12.1(f), the
     certificate of any duly authorised representative of Lessor shall be
     absolute, conclusive and binding upon Lessee for the purposes of
     determination of such matter.

14.  SET OFF EXCESS AMOUNTS

     Lessor shall be entitled to set off against and withhold from any sums
     payable by Lessee under the terms of this Agreement or otherwise due from
     Lessee to Lessor on any account whatsoever.

15.  GENERAL

     15.1 Terms used in each Schedule shall have the same meaning herein. In
          the event of any conflict between these terms and conditions and the
          terms of a Schedule then that Schedule shall prevail. Each Schedule
          shall incorporate these terms and conditions and shall constitute a
          separate contract.

     15.2 No failure or delay on the part of Lessor in exercising any power or
          right hereunder and no grant of any indulgence or forbearance by
          Lessor to Lessee shall operate as a waiver of any covenant, agreement
          or obligation on the part of Lessee hereunder nor in any way affect,
          diminish, restrict or prejudice any of the rights and powers of
          Lessor hereunder.

     15.3 If any provision of this Agreement shall be held to be invalid,
          illegal or unenforceable then, to the extent permitted by law, the
          validity, legality and enforceability of the remaining provisions
          shall not in any way be affected or impaired thereby.

     15.4 This Agreement together with the relevant Schedule comprises the
          entire agreement between Lessor and Lessee in respect of the leasing
          of the Equipment and shall not be varied unless agreed in writing
          between Lessor and Lessee.

     15.5 Lessor may at any time, without notice to Lessee, transfer, charge,
          sell or assign its rights under this Agreement or any Schedule, or in
          respect of any Equipment or any Rental or other moneys and benefits
          due or to become due hereunder. This Agreement shall ensure for the
          benefit of any successor in title or assignee. Neither this Agreement
          nor any Schedule is assignable by Lessee, nor may Lessee assign,
          sublet or part with possession of the Equipment without the prior
          written consent of Lessor.

     15.6 Any notice served hereunder shall be sufficiently served if sent by
          prepaid letter, telex or facsimile to the registered address of the
          addressee and proof of dispatch shall be conclusive evidence of
          receipt by the addressee in the due course of transmission.

     15.7 Lessee acknowledges that it has read the Agreement and understands
          and agrees to be bound by its terms and conditions.

     15.8 Lessee undertakes to provide Lessor with copies of Lessee's audited
          profit and loss account and balance sheet for each financial year as
          soon as practicable following completion of the same and such other
          information as Lessor may reasonably request promptly following
          receipt of Lessor's request for the same.

     15.9 This Agreement shall be governed by and construed in accordance with
          the laws of the PRC and the parties hereto irrevocably submit to the
          non-exclusive jurisdiction of the PRC courts.

    15.10 This Agreement shall become effective upon execution by the parties
          hereto on the date set out below/registration with SAFE (delete

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as inapplicable).

Full Legal Name of                      Full Legal Name and Address of:
LESSOR: NEWCOURT LEASING CORPORATION    LESSEE: [CHINESE LETTERING] (Elong.com)

BY: /s/ Newcourt Leasing Corporation    BY: /s/ Mail.com
  ------------------------------------    ------------------------------------
NAME/TITLE:                             NAME/TITLE:
           ---------------------------             ---------------------------
DATE:                                   ADDRESS: No. 20 Chaowai Avenue,
     ---------------------------------          ------------------------------
                                                 Chaoyang District, Beijing,
                                                ------------------------------
                                                100020
                                                ------------------------------

[NEWCOURT LEASING CORPORATION SEAL]                   [ELONG.COM SEAL]<PAGE>   1

Exhibit  10.1

                          TECHNICAL EXCHANGE AGREEMENT

This Technical Exchange Agreement is made of the 6th day of April, 2000, by and
among:

         ERAMET, a Societe Anonyme organized under the laws of the Republic of
France, having its principal office in Tour Montparnasse - 33, avenue du Maine -
75755 PARIS Cedex 15 (hereinafter referred to as "ERAMET"), acting on its own
behalf and on behalf of its direct and indirect subsidiaries,

and

         SPECIAL METALS CORPORATION, a Delaware Corporation, having its
principal office in New Hartford, New York, U.S.A. (hereinafter referred to as
"SMC"), acting on its own behalf and on behalf of its direct and indirect
subsidiaries.

                                   WITNESSETH

                                       1
<PAGE>   2

WHEREAS, SIMA, parent company of Aubert & Duval and HTM, and SMC were parties to
that certain Technical Exchange Agreement, dated February 25, 1997 (the
"Original Agreement"), and terminated on the th day of March 2000;

WHEREAS, in July 1999, SIMA became a subsidiary of ERAMET;

WHEREAS, ERAMET and ERAMET's direct and indirect subsidiaries (Inter alia
Erasteel, HTM, Aubert & Duval . . .) possess technical information and knowledge
relating to alloys, super alloys, etc. . . . ;

WHEREAS, pursuant to the Original Agreement, SMC and SIMA provided technical
assistance to each other with respect to the above-mentioned activities;

WHEREAS, SMC and SMC's direct and indirect subsidiaries, ERAMET and ERAMET's
direct and indirect subsidiaries, desire to organize cooperation in R & D
activity implying exchange of technical knowledge and to obtain technical
assistance from each other pertaining to the design/process/manufacture and
transformation of alloys, super alloys and high speed steel, so as to further
develop and diversify their respective business and SMC and SMC's direct and
indirect subsidiaries, ERAMET and ERAMET's direct and indirect subsidiaries, are
willing to organize cooperation in R & D activity implying exchange of technical
knowledge and to furnish such technical assistance to each other, upon terms and
conditions hereafter set forth, and

ERAMET and SMC desire to enter into this Agreement in order to achieve that
purpose;

NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby
mutually covenant and agree as follows:

1.       For purposes of this Agreement, the term "Technical Information" shall
         include all information relating to alloys, super alloys.

2.       ERAMET and SMC shall guaranty the compliance of their direct and
         indirect subsidiaries with the provisions of this Technical Exchange
         Agreement.

3.       Each party shall furnish or cause to be furnished Technical Information
         for R & D activity and technical assistance in the following manner:

         3.1      Setting up of a Research Committee:

         (a)      A Research Committee is set up between the parties and each
                  party shall appoint nominatively a limited number of
                  representatives, including representatives of its
                  subsidiaries. The Research Committee shall invite, personally,
                  a member of the technical staff of Metaleurop Recherche, which
                  is not a subsidiary but an affiliate of ERAMET and a permanent
                  technical advisor of the ERAMET Group. An agreement shall be
                  entered into between ERAMET and Metaleurop Recherche in order
                  to set up the collaboration of Metaleurop Recherche. These
                  members of the Research Committee shall have to execute a
                  confidentiality undertaking. The Research Committee will be
                  chaired by a member of the executive committee of the "Eramet
                  Alliages" Division.

         (b)      The Research Committee shall:
                  -        meet quarterly;
                  -        decide on the list of the research themes and the
                           research programs which shall be joint research works
                           and plan them properly;

                                       2
<PAGE>   3

                  -        decide on and organize the distribution of the
                           research themes and programs and of the results of
                           the joint research works, and generally of the
                           Technical Information according to the needs and the
                           interests of SMC/ERAMET Group;

                  -        agree on engineers and technical staff who will have
                           to work on joint research works.

3.2               Pursuant to the Research Committee's decisions for the
                  exchange of technical knowledge and according to the decisions
                  of the chief technical officer of each party for the technical
                  assistance:

                  (a)      Each party shall periodically provide technical and
                           manufacturing people in its employ at the facilities
                           of the requesting party to consult with and advise
                           the requesting party.

                  (b)      Each party shall regularly make technical and
                           manufacturing people in its employ available for
                           consultation with the requesting party by written
                           communication.

                  (c)      Each party shall permit employees of the requesting
                           party to visit its manufacturing facilities for the
                           purpose of consulting with its technical and
                           manufacturing people.

                  (d)      ERAMET and SMC shall cause its direct and indirect
                           subsidiaries to provide and make available such
                           Technical Information, technical and manufacturing
                           people and manufacturing facilities as may be
                           necessary to perform their obligations hereunder.

4. During the term of this Agreement, ERAMET and SMC shall, to the best of their
available knowledge, furnish or cause to be furnished, all Technical Information
as decided by the Research Committee to further develop and diversify their
respective businesses, PROVIDING THE ASSISTING PARTY IS FREE OF CONTRACTUAL
COMMITMENTS PREVENTING SUCH DISCLOSURE.

5. All Technical Information of one party furnished to any other party shall be
exclusive and solely for the benefit of the acquiring party and the acquiring
party shall keep such knowledge and information confidential.

         The employees of the acquiring party who acquire any such information
shall be instructed to retain the same as confidential and not to make
disclosure thereof to any person or persons, except upon decision of the
Research Committee, to other employees of the acquiring party and then only to
the extent necessary to make use thereof in the acquiring party's operations,
provided, however, that the foregoing shall not apply to information which was
legally in the possession of the acquiring party at the time of receipt from the
assisting party, information which is or becomes available to the public from a
source other than the acquiring party and information the acquiring party
receives from a third party having the right to make such disclosure and without
any obligation of confidentiality on the part of the acquiring party to such
third party.

6. All Technical Information disclosed by a party shall remain its property and
the receiving party shall be granted with a free and non-transferable licence
only.

         All Technical Information licenced in accordance with the provisions
hereabove which would result in a filing by the licenced party of an application
for a patent within a two years delay from the disclosure, shall give rise to a
specific agreement between the parties.

7. It is understood that no party hereto assumes any obligation or
responsibility for or with respect to the sufficiency or any information
furnished to or acquired by any other party to accomplish the desired results,
or the ability of the acquiring party to use the same, or the quality or
quantity of products produced using the same.

                                       3
<PAGE>   4

         No party hereto shall have an obligation or responsibility with respect
to the processes and apparatus used by the acquiring party or the products made
thereby or for the claims of third parties with respect to such processes and
apparatus or products.

8.       No party hereto shall receive any compensation from any other party in
consideration of the Technical Information exchange.

         The Joint Research works shall be conducted on a co-financing basis,
according to the rules proposed from time to time by the Research Committee and
agreed by the parties.

9.       If and to the extent that the security and export control laws of
France, the United States or any other country and regulations thereunder,
including the regulations on Exportation of Technical Data promulgated by the
United States Department of Commerce, may be applicable to the furnishing of
assistance or the disclosure of information hereunder by any party, their
respective obligations hereunder shall be subject thereto.

10.      This Agreement shall remain in effect until terminated by any party
upon one year advance written notice to the other party.

         The obligations of confidentiality set forth in Section 4 shall survive
any such termination for a period of ten (10) years.

         Termination shall not affect any party's right to continue to use
Technical Information obtained from any other party.

11.      All notices and other communications required to be given under this
         Agreement shall be in writing and shall be given or made by facsimile
         transmission, personal delivery, or registered or certified mail
         postage prepaid, and addressed to the intended recipient at the address
         as shall be designated by any party in a notice to the other party.

         Each notice delivered in accordance with this section shall be deemed
effective (a) if personally delivered on the date of such delivery, (b) if given
by facsimile transmission, on the date transmitted provided that an appropriate
confirmation is received by the sender, and (c) if given by registered or
certified mail, seven days after mailing.

         To ERAMET:                 ERAMET
                                    Tour Maine-Montparnasse
                                    33, avenue du Maine
                                    75755 Paris Cedex 15
                                    FRANCE
                                    Attention:  Alain ROBERT
                                    Telecopy:  011-33-1-45-38-63-70

         To SMC:                    Special Metals Corporation
                                    4317 Middle Settlement Road
                                    New Hartford, New York  13413-5392
                                    United States of America
                                    Attention:  Corporate Secretary
                                    Telecopy:  (315) 798-6803

                                       4
<PAGE>   5

12. This Agreement supersedes any and all other Agreements, either oral or
written, between the parties hereto with respect to any party providing
technical assistance to any other party and contains all of the covenants and
agreements of the parties with respect to such. Any modification of this
Agreement shall be effective only if it be in writing, signed by the party
sought to be charged.

13.      This Agreement may not be assigned without the express written consent
         of all the parties.

14.      This Agreement shall be governed by the laws of France.

15.      This Agreement may be separately executed in counterparts.

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be
duly executed by its proper representatives as of the day and year first above
written.

                           SPECIAL METALS CORPORATION

                                            /s/   Donald R. Muzyka
                                            ------------------------------------
Attest                                      By:      Donald R. MUZYKA
                                            Title:   President and Chief
                                                     Executive Officer

                                            ERAMET

                                            /s/   Alain Robert
                                            ------------------------------------
Attest                                      By:   Alain Robert
                                            Title: Directeur General adjoint

                                       5

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