Document:

<PAGE>   1

                                                                 EXHIBIT 10.1(b)

                     AMENDMENT TO STOCK PURCHASE AGREEMENT

        THIS AMENDMENT TO STOCK PURCHASE AGREEMENT (the "AGREEMENT") is entered
into as of December 8, 1999, by and between I.T. Technology, Inc., a Delaware
Corporation ("I.T.") and Stampville.com Inc., a New York corporation
("STAMPVILLE").

                                    RECITALS

        A. I.T. and Stampville have entered into a Stock Purchase Agreement (the
"Original Agreement") dated as of June 18, 1999 relating to the acquisition of
stock of Stampville by I.T.

        B. I.T. has, as of the date of this Agreement, paid $325,000 of the
consideration contemplated by the Original Agreement.

        C. I.T. and Stampville now desire to amend certain terms of the Original
Agreement,

        NOW, THEREFORE, in consideration of the promises and the terms,
provisions, covenants and conditions hereinafter set forth, and for other
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereby agree as follows:

                                    AGREEMENT

        1. Definitions unless otherwise defined in this Agreement, all
capitalized terms used in this Agreement shall have the meanings set forth in
the Original Agreement.

        2. Acceleration of Consideration Notwithstanding the provisions of the
Original Agreement I.T. agrees to pay the balance of the Stage One Consideration
and the Stage Two Consideration as follows:

        2.1 $75,000 upon execution of this Amendment;

        2.2 $100,000 on or before December 10, 1999;

        2.3 Not later than sixty (60) days following the date of this Agreement,
I.T. shall pay to Stampville the sum of One Million Dollars ($1,000,000) a
portion of the Stage Two Consideration; and

        2.4 The remainder of the Stage Two Consideration shall be paid in eight
equal quarterly installments of One Hundred Fifty-Six Two Hundred Fifty Dollars
($156,250.00), commencing on [the first day of the third month following the
date on which I.T. completes the investment described in Section 2.3 above], but
in any event not later than one hundred fifty

                                       1
<PAGE>   2

(150) days from the date of this Agreement. I.T. may, but shall not be required
to, accelerate any payment pursuant to this Section 2.

        3. Additional Payment. In addition to the payment of the Stage One
Consideration and the Stage Two Consideration, I.T. agrees to use commercially
reasonable efforts to make a further payment, or otherwise cause a party or
parties designated by I.T. to invest, an additional Five Million Dollars
($5,000,000) in Stampville (the "Additional Payment"). The Additional Payment
shall be made not later than twelve (12) months from the date of this Agreement;
or alternatively within 30 days following the closing of an initial public
offering "IPO" by I.T., that raises a minimum amount of Ten Million Dollars
($10,000,000) provided however, that the sole recourse of Stampville or any
other party shall be the reduction in equity ownership provided in Section 5.2,
below.

        4. Elimination of Stage Three Consideration. The Stage Three
Consideration described in the Original Agreement is hereby eliminated, and I.T.
shall have no obligation therewith.

        5. Equity Ownership.

           5.1 In consideration for the accelerated payments provided in this
Agreement, I.T. shall be granted, effective as of the date of this Agreement,
50.1% of the total equity interests in Stampville on a fully-diluted basis, it
being understood that such equity interest shall include the equity interests
currently held by I.T, and that except for the provisions of Section 5.2 below,
I.T.'s voting rights in respect of such 50.1% equity interest , on a
fully-diluted basis, may not be limited or compromised under any circumstances
at any time. In order to effect the foregoing, Stampville shall, concurrently
with the execution of this Agreement, (a) amend its Articles of Incorporation to
authorize the issuance of 100,000 shares of common stock of Stampville (the
"Common Stock), (b) cause I.T. to own 50,100 shares of Common Stock (which
shares shall replace all shares of any series or class of capital stock of
Stampville issued to I.T.) and which shall constitute 50.1% of the outstanding
shares of Common Stock (including all securities convertible into Common Stock
and all shares of Common Stock to be issued pursuant to any option, warrant or
other agreement), and (c) cause the remaining shareholders of Stampville to own
49,900 shares of Common Stock (which shares shall replace all shares of any
series or class of capital stock of Stampville issued to the shareholders of
Stampville other than I.T.).

           5.2 Notwithstanding the foregoing, if I.T., for any reason, fails to
make or arrange for the Additional Payment, I.T. shall surrender such number of
shares of Common Stock so that, upon such surrender, I.T. shall hold a
percentage of the outstanding shares of Common Stock (including all securities
convertible into common stock and all shares of Common Stock to be issued
pursuant to any option, warrant or other agreement) equal to the lesser of (a)
27.5% of the outstanding shares of Common Stock, or (b) the total amount
invested by I.T. pursuant to this Agreement and the Original Agreement divided
by 100,000. Thus, for purposes of illustration only, if I.T. invests an
aggregate of $2,500,000 in Stampville and does not make or arrange the
Additional Payment, I.T.'s percentage investment in Stampville shall be

                                       2
<PAGE>   3

25% ($2,500,000 / 100,000 = 25). In the event that I.T. shall arrange for the
Additional Payment, rather than provide the Additional Payment itself, the
equity interest of I.T. in Stampville shall be reduced by the amount required by
the party providing the Additional Payment; provided, however, that I.T.'s
equity interest shall not be reduced below 27.5%, without a pro rata reduction
in the ownership interests of all the other shareholders of Stampville other
than I.T. (the "Malamuds").

        6. Management. Concurrently with the execution of this Agreement,
Stampville, I.T. and the shareholders of Stampville shall amend the Shareholders
Agreement among Stampville and its shareholders to provide for the following:

           6.1 Concurrently with the execution of this Agreement, I.T. shall be
entitled to appoint to the Board of Directors of Stampville such additional
nominees selected by I.T. so that at all times half of the members of the Board
of Directors of Stampville shall consist of individuals nominated by I.T. and
one-half of the members of the Board of Directors of Stampville shall consist of
individuals nominated by the current shareholders of Stampville other than I.T.
(collectively, the "Malamud Shareholders").

           6.2 I.T. shall be entitled to designate an individual to serve as the
chief operating officer, or such other position as the Board of Stampville may
designate(s) will be paid by Stampville. The individual(s) designated by I.T.
shall work predominantly for Stampville out of Stampville's offices, but may
retain a title with and serve in a concurrent position with I.T. in a
consultative role.

           6.3 Any check, draft or other instrument shall be executed by two
individuals, one designated by I.T. and one designated by the Malamuds and shall
be accompanied by a check requisition form containing information and back-up
materials.

           6.4 Notwithstanding the foregoing, if I.T. fails to make or arrange
the Additional Payment, I.T.'s management rights shall be limited to those set
forth in the Original Agreement.

        7. IGPC Contract. It shall be a condition precedent to any of I.T.'s
performance under this Agreement that Stampville shall have entered into an
agreement with Inter-Governmental Philatelic Corporation substantially in the
form of Exhibit A hereto.

        8. Audits and Reports.

           8.1 Stampville agrees that, as a condition to the performance of I.T.
hereunder, Stampville shall cause to be performed an audit of its financial
condition, books and records with a independent public auditor selected by I.T.,
which may be the independent auditor for I.T., the costs of which audit shall be
borne by Stampville; and in the future will furnish and assist I.T. and its
representatives in conducting any such further audits, revues, materials or
accounts of Stampville as may be required, the cost of such audits or revues
shall be borne by

                                       3
<PAGE>   4

I.T., with the exception of one full audit to be conducted annually by an
independent auditor selected by I.T., the costs of which shall be borne by
Stampville.

           8.2 Stampville shall, in addition to any other reports required under
the Shareholders Agreement or Original Agreement, provide weekly and "flash"
reports of operations, cash flows and such other matters as I.T. may reasonably
request.

        9. Representations and Warranties. As additional inducement to I.T. to
make the Stage One Investment, the Stage Two Investment and the Additional
Payment, Stampville hereby confirms as accurate each of the representations and
warranties set forth in Section 7 of the Original Agreement as if made on the
date hereof.

        10. Malamuds-Options in I.T. I.T. shall, upon completion of the Stage
One Investment and the earlier of a completion of the Additional Payment or the
closing of an IPO by I.T., which raises a minimum of Ten million dollars
($10,000,000), grant to designees of the Malamud Shareholders (which designees
shall be limited to employees, officers and directors of Stampville who are
regularly engaged in the operations of Stampville) options (the "Options") to
purchase 1,600,000 shares of Common Stock. at an exercise price of equal to
$1.25 per share pursuant to a Stock Option Agreement substantially in the form
of Exhibit B hereto. The Options shall become exercisable commencing two years
from the date of grant and then in increments of twenty percent (20%) per annum
thereafter. The Stock Option Agreement will include provisions for the cashless
exercise of the Options.

        11. Survival of Provisions. Except as specifically provided in this
Agreement, all of the terms and conditions contained in the Original Agreement
shall remain in full force and effect.

        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the date first above written.

STAMPVILLE.COM INC.                         I.T. TECHNOLOGY, INC.

By:  /s/ [Signature Illegible]              By:  /s/ LEVI MOCHKIN
   ----------------------------             ----------------------------

Name: [Illegible]                           Name: Levi Mochkin

Title: President                            Title: Chief Executive Officer

                                       4<PAGE>   1

                                                                    EXHIBIT 10.2

VENDOR    ROCOCO HOLDINGS PTY LTD ACN 007 023 574 of 55-57 Wellington Street,
          Windsor 3181

PROPERTY  34-36 Punt Road, Windsor

                         IMPORTANT NOTICE TO PURCHASERS

The use to which you propose to put the property may be prohibited by planning
or building controls applying to the locality or may require the consent or
permit of the municipal council or other responsible authority. It is in your
interest to undertake a proper investigation of permitted land use before you
commit yourself to buy. You should check with the appropriate authorities as to
the availability (and cost) of providing any essential services not connected
to the property.

1.   RESTRICTIONS - Details of any registered or unregistered easement,
     covenant, caveat or other similar restriction affecting the property are
     set out in the attached copies of Title documents.

     To the best of the Vendor's knowledge there is no existing failure to
     comply with the terms of any easement, covenant, caveat or similar
     restriction.

2.   PLANNING AND ROAD ACCESS - Details of any planning instruments affecting
     the land are attached.

     The property is outside the Melbourne metropolitan area (ad defined in the
     Act) and the planning instrument prohibits the construction of a dwelling
     house on the land.

     There is access to the property by road.

3.   OUTGOINGS AND STATUTORY CHARGES - Details concerning any rates, taxes or
     other similar outgoings (including any Body Corporate charges) and any
     interest payable on any part of them are attached.

     Amounts for which the purchaser may become liable in consequence of the
     sale will be adjusted at settlement.

     Amount owing under any other registered or unregistered statutory charge
     that secures an amount due under any other legislation: Nil

4.   SERVICES

                          Avail.       Connected        Authority
     4.1  Electricity      Yes            Yes           Citipower
     4.2  Gas               No             No
     4.3  Water            Yes            Yes           South East Water
     4.4  Sewerage         Yes            Yes           South East Water
     4.5  Telephone        Yes             No           Telstra

<PAGE>   2
                                     - 2 -

5.1  BUILDING APPROVALS - Particulars of any building permit granted during the
     past seven years under the Building Control Act 1981 or Building Act 1993
     are contained in the attached certificates.

5.2  GUARANTEE - Details of an owner-builder under the House Contracts Guarantee
     Act 1987 in the preceding seven years - nil.

5.3  INSURANCE - Details in the preceding six years and six months in the case
     of a residence to which s137B of the Building Act 1993 applies - nil.

     Nil, as per attached.

6.   NOTICES - Particulars of any notice, order, declaration, report or
     recommendation of a public authority or government department or approved
     proposal affecting the property of which the Vendor might reasonably
     expected to have knowledge, including:

     6.1  if there is a Body Corporate, affecting it and its contingent,
          proposed or other liabilities, including those relating to repairs;

     6.2  notice of any current land use restriction given in relation to the
          land under the Agricultural and Veterinary Chemicals Act 1992 due to
          contamination.

     6.3  notice pursuant to Section 6 of the Land Acquisition and Compensation
          Act 1986;

          None.

BUT NOTE: The Vendor has no means of knowing of all decisions of Public
          Authorities and Government Departments affecting the property unless
          communicated to the Vendor.

7.   TITLE - Copies of relevant Title documents are attached.

DATE OF STATEMENT:       7 July 1999

Vendor's Signature: /s/ JOHN LAZAR
                    ------------------------------------------------------------
                            For and on behalf of Rococo Holdings Pty Ltd

The Purchaser acknowledges being given a copy of this statement signed by the
Vendor before the Purchaser signed any Contract.

DATE OF ACKNOWLEDGMENT:  7/7/99

Purchaser's Signature: /s/ HENRY HERZOG
                    ------------------------------------------------------------
<PAGE>   3
                                     - 3 -

PLEASE NOTE THAT WHERE THE PROPERTY IS TO BE SOLD ON TERMS PURSUANT TO SECTION
32(2)(f) OF THE ACT AND/OR SOLD SUBJECT TO A MORTGAGE THAT IS NOT TO BE
DISCHARGED BY THE DATE OF POSSESSION (OR RECEIPT OF THE RENTS AND PROFITS) OF
THE PROPERTY PURSUANT TO SECTION 32(2)(a) OF THE ACT - then the Vendor must
provide an additional statement containing the particulars specified in
Schedules 1 and 2 of the Act.
<PAGE>   4
                     SALE OF LAND ACT (the Act) - SECTION 32
ADDITIONAL VENDOR'S STATEMENT TO THE PURCHASER OF REAL
ESTATE

VENDOR    ROCOCO HOLDINGS PTY LTD ACN 007 023 574 of 55-57 Wellington
          Street, Windsor 3181

PROPERTY  34-36 Punt Road, Windsor

                               NOTICE TO VENDORS

This additional Vendor's Statement is to be attached to the standard Vendor's
Statement (completed as appropriate and signed by the Vendor) where the
property is to be sold on terms pursuant to section 32(2)(f) of the Act and/or
sold subject to a mortgage that is not to be discharged by the date of
possession (or upon receipt of the rents and profits of the property).

1.   VENDORS TERMS - Cost of the finance to be provided by the Vendor:

<TABLE>
     <S>                                               <C>
     1.1  Purchaser price                              $900,000.00

          Deposit                                      $200,000.00
                                                       -----------

          Residue (lowest price if paid out now)       $700,000.00

          Total interest payable
          over full contract period                    $101,500.00
                                                       -----------

          Total balance payable,
          including interest                           $801,500.00
                                                       -----------

     1.2  Number of repayments                           24 (including the final payment)

          Amount of each repayment                     $  4,229.17

          Repayments due: the 26th day of each and
          every month commencing on the 26th day of
          August 1999.

          Final payment                                $704,229.17

     1.3  Interest rate:                               7.25% p.a.

          Default interest rate                        The rate prescribed by General
                                                       Condition 4 in Table A as
                                                       defined in the Contract.

          Is the interest rate variable?               No

     1.4  The Purchaser is to pay GST (if any)
          payable by the Vendor in respect of the
          payments to be made to it under the Contract.
</TABLE>
<PAGE>   5
2.   VENDORS MORTGAGE - Mortgages to which the property will remain subject:
     Nil.

DATE OF THIS ADDITIONAL STATEMENT: 7 July 1999

Vendor's Signature: /s/ JOHN LAZAR
                   ----------------------------------

The Purchaser acknowledges being given a copy of this additional statement
signed by the Vendor before the Purchaser signed any Contract.

DATE OF THIS ACKNOWLEDGEMENT:   7/7/99

Purchaser's Signature: /s/ HENRY HERZOG
                      -------------------------------
<PAGE>   6

           ORIGINAL                                             REGISTER BOOK
NOT TO BE TAKEN FROM THE OFFICE      [SEAL]                  VOL. 8200  FOL. 757
          OF TITLES                                             SECOND EDITION

                              CERTIFICATE OF TITLE

                        UNDER THE "TRANSFER OF LAND ACT"

MURENE HARRIS of 28 Langtree Avenue Mildura Married Woman is the proprietor of
an estate in fee simple subject to the encumbrances notified hereunder in
all that piece of land in the Parish of Prahran County of Bourke being part of
Crown Allotment B Portion 59 which land is shown enclosed by continuous lines on
the map hereon

DATED the 10th day of December 1979

                                        /s/ G. GUGGENHEIMER             [SEAL]
                                        ------------------------------
                                        Assistant Registrar of Titles

                                        ENCUMBRANCES REFERRED TO

[MAP]                                                  SEARCHED 17 FEB 1999
                                                       UNREG. DEALS: U839509

                                                          B. & A. FRASER & CO.
                                                         Processing [illegible]
                                                         P.O. Box 12 [illegible]
                                                              [illegible]
                                                            Ph [illegible]

MEASUREMENTS ARE IN METRES                         Derived from Vol.860 Fol.824
                                                   H794808

<PAGE>   7
VOL 8200  FOL. 757                INSTRUMENT                       APPLICATION
-------------------------------------------------------------------------------
<TABLE>
<S>                                         <C>
      SECOND EDITION

WALTER LINGARD HICK and MAUREEN HICK        MORTGAGE
both of 2 Montana Parade Croydon            ESANDA LIMITED
Business Proprietors are now JOINT          REGISTERED 4/9/85
PROPRIETORS                                 L870811H
Registered 10th December 1979               [STAMP ILLEGIBLE]
No.H794809
[SEAL]                                      [SEAL]
                                            --------
--------------------------------------
MORTGAGE to THE COMMERCIAL BANK OF          MORTGAGE
AUSTRALIA LIMITED                           CAPITAL BUILDING SOCIETY
Registered 10th December 1979               REGISTERED 22/3/88
No. H794810                                 N356764G
[STAMP- ??? DISCHARGED                      [STAMP ILLEGIBLE]
-2 SEP 1985]
 [SEAL]   [SEAL]                            [SEAL]   [SEAL]
                                            --------
--------------------------------------

[STAMP- CAVEAT NO. K168128 LODGED           CAVEAT
22 NOV 1982 CAVEAT WITHDRAWAL               CAVEATOR: ALIFRA PTY. LTD.
10 JAN 1983]                                CAPACITY: PURCHASER/FEE SIMPLE
 [SEAL]   [SEAL]                            LODGED BY: 731G JOHN DI SANTO OF 694
--------------------------------------                 SYDNEY RD. BRUNSWICK 3056
                                            NOTICE TO: AS ABOVE
[STAMP- CAVEAT NO. L847955Y LODGED           NO: N898197E
22 AUG 1985 CAVEAT WILL LAPSE ON            DATE: 13/12/88
REGISTRATION OF L864597B  27 NOV. 1985]     [STAMP-  ????? P14925K 22 FEB 1989]
[SEAL]   [SEAL]                             [SEAL]   [SEAL]
                                            --------
--------------------------------------

PROPRIETOR                                  PROPRIETOR
CHESTNUTS PTY. LIMITED OF 34 PUNT RD.       ALIFRA PTY. LTD. OF 278 CHURCH ST.
PRAHRAN                                     RICHMOND
REGISTERED 2/9/85                           REGISTERED 15/2/89
L864597B                                    P14925K

[SEAL]   [SEAL]                             [SEAL]
--------                                    --------

PROPRIETOR                                  MORTGAGE
UNKLES HOTELS PTY. LTD. OF                  WESTPAC SAVINGS BANK LIMITED
-15/285 CARLISLE-ST.-BALACLAVA-             REGISTERED 15/2/89
REGISTERED 2/9/85                           P14926G
L864598X                                    [SEAL]   [SEAL]
[SEAL]                                      [STAMP- DISCHARGED V400176T
[STAMP-                                      04 MAY 1998]
????? NO. M101761?                          --------
28 JUL 1987] [SEAL]                         [STAMP-V.8310   F.066]
--------
                                            [STAMP- ENDORSEMENTS CONTINUE ON
                                            ANNEXED SHEET MARKED A COMMENCING
                                            WITH V229283M]

                                            [SEAL]
</TABLE>
<PAGE>   8
            ____ marked "A" referred to in the Certificate of Title
              entered in the Register Book Vol. 8200 Fol.  757 [SEAL]

                                    ORIGINAL
                                    --------      ------------------------------
                                                  Assistant Registrar of Taxes

--------------------------------------------------------------------------------
               CAVEAT                   |
                                        |
CAVEATOR:   ROCOCO HOLDINGS PTY. LTD.   |
                                        |
CAPACITY:   PURCHASER/FEE SIMPLE        |
                                        |
LODGED BY:  MCGRATH CAREY KATZ          |
                                        |
NOTICE TO:  LEVEL 28/55 COLLINS ST.     |
                                        |
            MELBOURNE 3000              |
                                        |
NO:  V2229283M                          |
                              [SEAL]    |
DATE: 29/1/98                           |
                                        |
          11 MAY 1998                   |
          [ILLEGIBLE] LAPSED            |
          [ILLEGIBLE] V400177Q          |
                                        |
                              [SEAL]    |
                                        |
          PROPRIETOR                    |
          ROCOCO HOLDINGS PTY. LTD.     |
          *1/843A GLENHUNTLY RD.        |
          CAULFIELD SOUTH 3162          |
                              [SEAL]    |
          V4001770   04/05/98           |
<PAGE>   9

           ORIGINAL                                             REGISTER BOOK
NOT TO BE TAKEN FROM THE OFFICE      [SEAL]                  VOL. 8310  FOL. 066
          OF TITLES                                             SECOND EDITION

                              CERTIFICATE OF TITLE

                        UNDER THE "TRANSFER OF LAND ACT"

MURENE HARRIS of 28 Langtree Avenue Mildura Married Woman is the proprietor of
an estate in fee simple subject to the encumbrances notified hereunder in
all that piece of land in the Parish of Prahran County of Bourke being part of
Crown Allotment B Portion 59 which land is shown enclosed by continuous lines on
the map hereon TOGETHER WITH a right of carriage way over the roads shown marked
A on the said map.

DATED the 10th day of December 1979

                                        /s/ G. GUGGENHEIMER             [SEAL]
                                        ------------------------------
                                        Assistant Registrar of Titles

[MAP]                                                  SEARCHED 17 FEB 1999
                                                       UNREG. DEALS: U839509

                                                          B. & A. FRASER & CO.
                                                         Processing [illegible]
                                                         P.O. Box 12 [illegible]
                                                              [illegible]
                                                            Ph [illegible]

MEASUREMENTS ARE IN METRES                         Derived from Vol.2381 Fol.073
                                                   H794808

<PAGE>   10
VOL 8310  FOL. 066                INSTRUMENT                       APPLICATION
-------------------------------------------------------------------------------
<TABLE>
<S>                                         <C>
      SECOND EDITION

WALTER LINGARD HICK and MAUREEN HICK        MORTGAGE
both of 2 Montana Parade Croydon            ESANDA LIMITED
Business Proprietors are now JOINT          REGISTERED 4/9/85
PROPRIETORS                                 L870811H
Registered 10th December 1979               [STAMP ILLEGIBLE]
No.H794809
[SEAL]                                      [SEAL]
                                            --------
--------------------------------------
MORTGAGE to THE COMMERCIAL BANK OF          MORTGAGE
AUSTRALIA LIMITED                           CAPITAL BUILDING SOCIETY
Registered 10th December 1979               REGISTERED 22/3/88
No. H794810                                 N356764G
[STAMP- ??? DISCHARGED                      [STAMP ILLEGIBLE]
-2 SEP 1985]
 [SEAL]   [SEAL]                            [SEAL]   [SEAL]
                                            --------
--------------------------------------

[STAMP- CAVEAT NO. K168128 LODGED           CAVEAT
22 NOV 1982 CAVEAT WITHDRAWAL               CAVEATOR: ALIFRA PTY. LTD.
10 JAN 1983]                                CAPACITY: PURCHASER/FEE SIMPLE
 [SEAL]   [SEAL]                            LODGED BY: 731G JOHN DI SANTO OF 694
--------------------------------------                 SYDNEY RD. BRUNSWICK 3056
                                            NOTICE TO: AS ABOVE
[STAMP- CAVEAT NO. L847955Y LODGED           NO: N898197E
22 AUG 1985 CAVEAT WILL LAPSE ON            DATE: 13/12/88
REGISTRATION OF L864597B  27 NOV. 1985]     [STAMP-  ????? P14925K 22 FEB 1989]
[SEAL]   [SEAL]                             [SEAL]   [SEAL]
                                            --------
--------------------------------------

PROPRIETOR                                  PROPRIETOR
CHESTNUTS PTY. LIMITED OF 34 PUNT RD.       ALIFRA PTY. LTD. OF 278 CHURCH ST.
PRAHRAN                                     RICHMOND
REGISTERED 2/9/85                           REGISTERED 15/2/89
L864597B                                    P14925K

[SEAL]   [SEAL]                             [SEAL]
--------                                    --------

PROPRIETOR                                  MORTGAGE
UNKLES HOTELS PTY. LTD. OF                  WESTPAC SAVINGS BANK LIMITED
-15/285 CARLISLE-ST.-BALACLAVA-             REGISTERED 15/2/89
REGISTERED 2/9/85                           P14926G
L864598X                                    [SEAL]   [SEAL]
[SEAL]                                      [STAMP- DISCHARGED V400176T
[STAMP-                                      04 MAY 1998]
????? NO. M101761?                          --------
28 JUL 1987] [SEAL]                         [STAMP-V.8310   F.066]
--------
                                            [STAMP- ENDORSEMENTS CONTINUE ON
                                            ANNEXED SHEET MARKED A COMMENCING
                                            WITH V229283M]

                                            [SEAL]
</TABLE>

<PAGE>   11
            ____set marked "A" referred to in the Certificate of Title
               entered in the Register Book Vol. 8310 Fol. 066 [SEAL]

                                    ORIGINAL
                                                  ------------------------------
                                                  Assistant Registrar of Taxes

--------------------------------------------------------------------------------
               CAVEAT                   |
                                        |
CAVEATOR:   ROCOCO HOLDINGS PTY. LTD.   |
                                        |
CAPACITY:   PURCHASER/FEE SIMPLE        |
                                        |
LODGED BY:  MCGRATH CAREY KATZ          |
                                        |
NOTICE TO:  LEVEL 28/55 COLLINS ST.     |
                                        |
            MELBOURNE 3000              |
                                        |
NO:  V2229283M                          |
                              [SEAL]    |
DATE: 29/1/98                           |
                                        |
          11 MAY 1998                   |
          [ILLEGIBLE] LAPSED            |
          [ILLEGIBLE] V400177Q          |
                                        |
                              [SEAL]    |
                                        |
          PROPRIETOR                    |
          ROCOCO HOLDINGS PTY. LTD.     |
          *1/843A GLENHUNTLY RD.        |
          CAULFIELD SOUTH 3162          |
                              [SEAL]    |
          V4001770   04/05/98           |
<PAGE>   12

           ORIGINAL                                             REGISTER BOOK
NOT TO BE TAKEN FROM THE OFFICE      [SEAL]                  VOL. 8200  FOL. 757
          OF TITLES                                             SECOND EDITION

                              CERTIFICATE OF TITLE

                        UNDER THE "TRANSFER OF LAND ACT"

MURENE HARRIS of 28 Langtree Avenue Mildura Married Woman is the proprietor of
an estate in fee simple subject to the encumbrances notified hereunder in
all that piece of land in the Parish of Prahran County of Bourke being part of
Crown Allotment B Portion 59 which land is shown enclosed by continuous lines on
the map hereon.

DATED the 10th day of December 1979

                                        /s/ G. GUGGENHEIMER             [SEAL]
                                        ------------------------------
                                        Assistant Registrar of Titles

[MAP]                                                  SEARCHED 17 FEB 1999
                                                       UNREG. DEALS: U839509

                                                          B. & A. FRASER & CO.
                                                         Processing [illegible]
                                                         P.O. Box 12 [illegible]
                                                              [illegible]
                                                            Ph [illegible]

MEASUREMENTS ARE IN METRES                         Derived from Vol.860 Fol.824
                                                   H794808

<PAGE>   13
VOL 8200  FOL. 757                INSTRUMENT                       APPLICATION
-------------------------------------------------------------------------------
<TABLE>
<S>                                         <C>
      SECOND EDITION

WALTER LINGARD HICK and MAUREEN HICK        MORTGAGE
both of 2 Montana Parade Croydon            ESANDA LIMITED
Business Proprietors are now JOINT          REGISTERED 4/9/85
PROPRIETORS                                 L870811H
Registered 10th December 1979               [STAMP ILLEGIBLE]
No.H794809
[SEAL]                                      [SEAL]
                                            --------
--------------------------------------
MORTGAGE to THE COMMERCIAL BANK OF          MORTGAGE
AUSTRALIA LIMITED                           CAPITAL BUILDING SOCIETY
Registered 10th December 1979               REGISTERED 22/3/88
No. H794810                                 N356764G
[STAMP- ??? DISCHARGED                      [STAMP ILLEGIBLE]
-2 SEP 1985]
 [SEAL]   [SEAL]                            [SEAL]   [SEAL]
                                            --------
--------------------------------------

[STAMP- CAVEAT NO. K168128 LODGED           CAVEAT
22 NOV 1982 CAVEAT WITHDRAWAL               CAVEATOR: ALIFRA PTY. LTD.
10 JAN 1983]                                CAPACITY: PURCHASER/FEE SIMPLE
 [SEAL]   [SEAL]                            LODGED BY: 731G JOHN DI SANTO OF 694
--------------------------------------                 SYDNEY RD. BRUNSWICK 3056
                                            NOTICE TO: AS ABOVE
[STAMP- CAVEAT NO. L847955Y LODGED           NO: N898197E
22 AUG 1985 CAVEAT WILL LAPSE ON            DATE: 13/12/88
REGISTRATION OF L864597B  27 NOV. 1985]     [STAMP-  ????? P14925K 22 FEB 1989]
[SEAL]   [SEAL]                             [SEAL]   [SEAL]
                                            --------
--------------------------------------

PROPRIETOR                                  PROPRIETOR
CHESTNUTS PTY. LIMITED OF 34 PUNT RD.       ALIFRA PTY. LTD. OF 278 CHURCH ST.
PRAHRAN                                     RICHMOND
REGISTERED 2/9/85                           REGISTERED 15/2/89
L864597B                                    P14925K

[SEAL]   [SEAL]                             [SEAL]
--------                                    --------

PROPRIETOR                                  MORTGAGE
UNKLES HOTELS PTY. LTD. OF                  WESTPAC SAVINGS BANK LIMITED
-15/285 CARLISLE-ST.-BALACLAVA-             REGISTERED 15/2/89
REGISTERED 2/9/85                           P14926G
L864598X                                    [SEAL]   [SEAL]
[SEAL]                                      [STAMP- DISCHARGED V400176T
[STAMP-                                      04 MAY 1998]
????? NO. M101761?                          --------
28 JUL 1987] [SEAL]                         [STAMP-V.8310   F.066]
--------
                                            [STAMP- ENDORSEMENTS CONTINUE ON
                                            ANNEXED SHEET MARKED A COMMENCING
                                            WITH V229283M]

                                            [SEAL]
</TABLE>
<PAGE>   14
            ____ marked "A" referred to in the Certificate of Title
               entered in the Register Book Vol. 8200 Fol. 757 [SEAL]

                                    ORIGINAL
                                    --------      ------------------------------
                                                  Assistant Registrar of Taxes

--------------------------------------------------------------------------------
               CAVEAT                   |
                                        |
CAVEATOR:   ROCOCO HOLDINGS PTY. LTD.   |
                                        |
CAPACITY:   PURCHASER/FEE SIMPLE        |
                                        |
LODGED BY:  MCGRATH CAREY KATZ          |
                                        |
NOTICE TO:  LEVEL 28/55 COLLINS ST.     |
                                        |
            MELBOURNE 3000              |
                                        |
NO:  V2229283M                          |
                              [SEAL]    |
DATE: 29/1/98                           |
                                        |
          11 MAY 1998                   |
          [ILLEGIBLE] LAPSED            |
          [ILLEGIBLE] V400177Q          |
                                        |
                              [SEAL]    |
                                        |
          PROPRIETOR                    |
          ROCOCO HOLDINGS PTY. LTD.     |
          *1/843A GLENHUNTLY RD.        |
          CAULFIELD SOUTH 3162          |
                              [SEAL]    |
          V4001770   04/05/98           |
<PAGE>   15

           ORIGINAL                                             REGISTER BOOK
NOT TO BE TAKEN FROM THE OFFICE      [SEAL]                  VOL. 8310  FOL. 066
          OF TITLES                                             SECOND EDITION

                              CERTIFICATE OF TITLE

                        UNDER THE "TRANSFER OF LAND ACT"

MURENE HARRIS of 28 Langtree Avenue Mildura Married Woman is the proprietor of
an estate in fee simple subject to the encumbrances notified hereunder in
all that piece of land in the Parish of Prahran County of Bourke being part of
Crown Allotment B Portion 59 which land is shown enclosed by continuous lines on
the map hereon TOGETHER WITH a right of carriage way over the roads shown marked
A on the said map

DATED the 10th day of December 1979

                                        /s/ G. GUGGENHEIMER             [SEAL]
                                        ------------------------------
                                        Assistant Registrar of Titles

[MAP]                                                  SEARCHED 17 FEB 1999
                                                       UNREG. DEALS: U839509

                                                          B. & A. FRASER & CO.
                                                         Processing [illegible]
                                                         P.O. Box 12 [illegible]
                                                              [illegible]
                                                            Ph [illegible]

MEASUREMENTS ARE IN METRES                         Derived from Vol.2381 Fol.073
                                                   H794808

<PAGE>   16
VOL 8310  FOL. 066                INSTRUMENT                       APPLICATION
-------------------------------------------------------------------------------
<TABLE>
<S>                                         <C>
      SECOND EDITION

WALTER LINGARD HICK and MAUREEN HICK        MORTGAGE
both of 2 Montana Parade Croydon            ESANDA LIMITED
Business Proprietors are now JOINT          REGISTERED 4/9/85
PROPRIETORS                                 L870811H
Registered 10th December 1979               [STAMP ILLEGIBLE]
No.H794809
[SEAL]                                      [SEAL]
                                            --------
--------------------------------------
MORTGAGE to THE COMMERCIAL BANK OF          MORTGAGE
AUSTRALIA LIMITED                           CAPITAL BUILDING SOCIETY
Registered 10th December 1979               REGISTERED 22/3/88
No. H794810                                 N356764G
[STAMP- ??? DISCHARGED                      [STAMP ILLEGIBLE]
-2 SEP 1985]
 [SEAL]   [SEAL]                            [SEAL]   [SEAL]
                                            --------
--------------------------------------

[STAMP- CAVEAT NO. K168128 LODGED           CAVEAT
22 NOV 1982 CAVEAT WITHDRAWAL               CAVEATOR: ALIFRA PTY. LTD.
10 JAN 1983]                                CAPACITY: PURCHASER/FEE SIMPLE
 [SEAL]   [SEAL]                            LODGED BY: 731G JOHN DI SANTO OF 694
--------------------------------------                 SYDNEY RD. BRUNSWICK 3056
                                            NOTICE TO: AS ABOVE
[STAMP- CAVEAT NO. L847955Y LODGED           NO: N898197E
22 AUG 1985 CAVEAT WILL LAPSE ON            DATE: 13/12/88
REGISTRATION OF L864597B  27 NOV. 1985]     [STAMP-  ????? P14925K 22 FEB 1989]
[SEAL]   [SEAL]                             [SEAL]   [SEAL]
                                            --------
--------------------------------------

PROPRIETOR                                  PROPRIETOR
CHESTNUTS PTY. LIMITED OF 34 PUNT RD.       ALIFRA PTY. LTD. OF 278 CHURCH ST.
PRAHRAN                                     RICHMOND
REGISTERED 2/9/85                           REGISTERED 15/2/89
L864597B                                    P14925K

[SEAL]   [SEAL]                             [SEAL]
--------                                    --------

PROPRIETOR                                  MORTGAGE
UNKLES HOTELS PTY. LTD. OF                  WESTPAC SAVINGS BANK LIMITED
-15/285 CARLISLE-ST.-BALACLAVA-             REGISTERED 15/2/89
REGISTERED 2/9/85                           P14926G
L864598X                                    [SEAL]   [SEAL]
[SEAL]                                      [STAMP- DISCHARGED V400176T
[STAMP-                                      04 MAY 1998]
????? NO. M101761?                          --------
28 JUL 1987] [SEAL]                         [STAMP-V.8310   F.066]
--------
                                            [STAMP- ENDORSEMENTS CONTINUE ON
                                            ANNEXED SHEET MARKED A COMMENCING
                                            WITH V229283M]

                                            [SEAL]
</TABLE>
<PAGE>   17
            ____set marked "A" referred to in the Certificate of Title
               entered in the Register Book Vol. 8310 Fol. 066 [SEAL]

                                    ORIGINAL
                                                  ------------------------------
                                                  Assistant Registrar of Taxes

--------------------------------------------------------------------------------
               CAVEAT                   |
                                        |
CAVEATOR:   ROCOCO HOLDINGS PTY. LTD.   |
                                        |
CAPACITY:   PURCHASER/FEE SIMPLE        |
                                        |
LODGED BY:  MCGRATH CAREY KATZ          |
                                        |
NOTICE TO:  LEVEL 28/55 COLLINS ST.     |
                                        |
            MELBOURNE 3000              |
                                        |
NO:  V2229283M                          |
                              [SEAL]    |
DATE: 29/1/98                           |
                                        |
          11 MAY 1998                   |
          [ILLEGIBLE] LAPSED            |
          [ILLEGIBLE] V400177Q          |
                                        |
                              [SEAL]    |
                                        |
          PROPRIETOR                    |
          ROCOCO HOLDINGS PTY. LTD.     |
          *1/843A GLENHUNTLY RD.        |
          CAULFIELD SOUTH 3162          |
                              [SEAL]    |
          V4001770   04/05/98           |
<PAGE>   18
                        CONTRACT OF SALE OF REAL ESTATE
                         IMPORTANT NOTICE TO PURCHASERS

COOLING-OFF PERIOD                           SECTION 31, SALE OF LAND ACT 1962

If none of the exceptions listed below applies to you, you may end this
contract within 3 clear business days of the day that you sign the contract.

To end this contract within this time, you must either give the Vendor or the
Vendor's Agent written notice that you are ending the contract, or leave the
notice at the address of the Vendor or the Vendor's agent.

If you end this contract in this way, you are entitled to a refund of all the
money you paid EXCEPT for $100.00 or 0.2% of the purchase price (whichever is
more).

EXCEPTIONS - The 3-day cooling-off period does not apply if -

o    The price of the property (including chattels) exceeds $250,000.00
o    You bought the property at or within 3 clear business days BEFORE OR AFTER
     a publicly advertised auction
o    You received independent advice from a solicitor before signing the
     contract
o    The property is used mainly for industrial or commercial purposes
o    The property is more than 20 hectares in size and is used mainly for
     farming
o    You previously signed a similar contract for the same property
o    You are an estate agent or a corporate body.

The conditions of this contract are contained in the attached -
     Particulars of Sale;
     Schedule;
     General Conditions; and
     Special Conditions (if any).

The Vendor sells and the Purchaser buys both the Property and the Chattels for
the price and upon the conditions set out in this contract.

The Vendor's Statement required by Section 32(1) of the Sale of Land Act 1962
is attached to, and included in, this contract.

Where the signature of any party to this contract is secured by an agent, the
parties acknowledge being given a copy of this contract by the agent at the
time of signing.

/s/ JOHN LAZAR                                  Vendor
-----------------------------------------------
For and on behalf of Rococo Holdings Pty Ltd

/s/ HENRY HERZOG                                Purchaser
-----------------------------------------------
For and on behalf of I.T. Technology Pty Ltd
<PAGE>   19
                           GENERAL CONDITIONS ("GC")

ENCUMBRANCES

 1.1 The Purchaser buys the property and the chattels subject to the
     encumbrances shown in Item 1 of the Schedule.

PAYMENT

 2.1 The Purchaser must pay all money (except the deposit) to the Vendor, the
     Vendor's Solicitor or at the direction of the Vendor.

 2.2 The Purchaser must pay the deposit:-

     (a)  to the Vendor's Estate Agent or, if there is no Estate Agent, to the
          Vendor's Solicitor; or

     (b)  if the Vendor directs, into a special purpose banking account
          specified by the Vendor in the joint names of the Purchaser and the
          Vendor.

 2.3 If the land sold is a lot on an unregistered plan of subdivision then the
     deposit:-

     (a)  must not exceed 10% of the price; and

     (b)  must be paid:-

          (i)  to the Vendor's Solicitor or Estate Agent to be held by the
               Solicitor or Estate Agent on trust for the Purchaser; or

          (ii) if the Vendor directs, into a special purpose banking account in
               Victoria specified by the Vendor in the joint names of the
               Purchaser and the Vendor until the registration of the plan.

BREACH

 3.  A party who breaches this contract must pay to the other party on demand:-

     (a)  compensation for any reasonably foreseeable loss to the other party
          resulting from the breach, and

     (b)  any interest due under this contract as a result of the breach.

TERMS CONTRACTS

 4.  If this is a "terms contract" as defined in section 2(1) of the Sale of
     Land Act 1962, then:-

     (a)  the Vendor must arrange the discharge of any mortgage affecting the
          land by the settlement date;

     (b)  all money payable under the contract must be paid to a duly qualified
          Legal Practitioner or a licensed Estate Agent to be applied towards
          discharging the mortgage;

     (c)  the Purchaser must pay interest to the Vendor from the settlement date
          upon the balance outstanding at the rate, on the days, and with the
          adjustments set out in Item 2 on the Schedule;

     (d)  the Vendor must apply installments under this contract first to pay
          interest and then to reduce the balance owing.

TIME

 5.  If the time for performing any action expires on a Saturday, Sunday or bank
     holiday, then time is extended until the next business day.

GENERAL CONDITIONS IN LEGISLATION

 6.1 The general conditions in Table A of the Seventh Schedule of the Transfer
     of Land Act 1958 apply if the land is under the operation of that Act.

 6.2 The general conditions in the Third Schedule of the Property Law Act 1958
     apply if the land is not under the operation of the Transfer of Land Act
     1958.

 6.3 General Condition 9 in the Table A or in the Third Schedule applies as if
     its second last sentence ended with the additional words, "as a resident
     Australian beneficial owner of the land".

CONFLICT BETWEEN CONDITIONS

 7.  In case of a conflict between the conditions the order of priority is:-

     (a)  any special conditions in this contract;

     (b)  general conditions in this contract;

     (c)  general conditions in legislation.

CONDITIONS

 8.  These conditions prevail over the conditions in any earlier contract and
     any requisitions and answers properly made and given under that contract
     are deemed to be requisitions and answers properly made and given under
     this contract.

SERVICE

 9.  Any document served by post is deemed to be served on the next business day
     after posting unless proved otherwise.

TRANSFER AND SETTLEMENT

10.1 The purchaser must provide the instrument of transfer required by General
     Condition 12 of Table A, or the assurance required by the Third Schedule
     (as the case may be), to the Vendor or the Vendor's Solicitor at

<PAGE>   20
                    least 10 days prior to the date for payment of the balance
                    of the price.

          10.2      The Vendor must pay the bank fees on all bank cheques
                    exceeding 3 that are required by the Vendor for settlement.

--------------------------------------------------------------------------------

 LAW INSTITUTE OF VICTORIA PROPERTY LAW DISPUTE RESOLUTION COMMITTEE GUIDELINES

1.   The Committee has been established to decide disputes relating to property
     law matters.  Where one party does not have a Solicitor representing
     them, the dispute cannot be heard until that party instructs a Solicitor.

2.   An agreed Statement of Facts must be signed by all parties and referring
     Solicitors and must include:-

     2.1       A clear and concise statement of all the relevant agreed facts
               upon which the dispute is based.

     The Committee is unable to make any decision unless the facts are agreed
     between the parties.

     2.2       A copy of all relevant documents.

     2.3       The issues, based on the agreed facts, to be decided by the
               Committee.

     2.4       Applications for disputes to be decided by the Committee shall
               include an agreement by the referring Solicitors and the parties
               to be bound by the Committee's decision on any question of law or
               practice.

3.   Applications in the appropriate form must be lodged with the Secretary of
     the Property Law Dispute Resolution Committee C/- the Law Institute of
     Victoria. The form may be obtained from the Property Law Section of the
     Institute.

4.   An administration fee of $50.00 for each referring Solicitor must be paid
     to the Institute when the application is lodged.

5.   The Committee's decision will be based upon the material contained in the
     Statement of Facts only. In making its decision the Committee shall act as
     an expert panel and not as an arbitrator.

6.   The Committee reserves the right:-

     (i)       to call for further and better particulars in order to make a
               decision.

     (ii)      to refuse to decide any dispute, in which case any fees will be
               refunded in full.

7.   The Committee's written decision will be sent to the referring Solicitors
     within seven days of the dispute being decided.

--------------------------------------------------------------------------------

<PAGE>   21
                               PARTICULARS OF SALE

VENDORS        BLOUNT OSBORNE WALSH of 180 Albert Road, South Melbourne,
AGENT          3205

               Tel:   9690 6464              Fax: 9690 6467

VENDORS        MCGRATH CAREY KATZ of Level 7,128 Exhibition Street Melbourne
SOLICITOR      3000
                                                                   Ref: HS990184

               DX 30810 Collins Street     Tel: 9656 9200         Fax: 9650 5375

PURCHASERS     P. ROSENBAUM & ASSOCIATES
SOLICITOR      Suite 1, 1st Floor, 206-208 Commercial Road, Prahran, 3181

                                                                  Ref:

               DX                          Tel: 9529 6622         Fax: 9529 6627

VENDOR         ROCOCO HOLDINGS PTY LTD ACN 007 023 574 of 55-57 Wellington
               Street, Windsor 3181

PURCHASER      I.T. TECHNOLOGY PTY LTD ACN 085 839 738 of 18 Denman Avenue
               East St Kilda, 3183

LAND           described in Certificates of Title Volume 8200 Folio 757 and
               Volume 8310 Folio 066

PROPERTY       the land together with any improvements known as
ADDRESS        34-36 Punt Road, Windsor

CHATTELS       Carpets, electric light fittings, air conditioning unit and fire
               extinguishers

PRICE          $900,000.00

DEPOSIT        $200,000.00               on the 9th day of July 1999
               -----------
BALANCE        $700,000.00
               -----------

PAYMENT        on the 9th day  of July 2001 or earlier by agreement.
OF BALANCE

SETTLEMENT     is the date upon which vacant possession or receipt of the rents
DATE           and profits of the Property and Chattels must be provided,
               namely, upon acceptance of title and payment of the deposit and
               discharge of the mortgage affecting the Vendor's title.

DAY OF SALE    is the 7th day of July 1999

<PAGE>   22
                                    SCHEDULE

ITEM 1         Encumbrances
(GC 1)         Any easements and covenants disclosed in the Vendor's Statement.

               Leases - Nil

               Mortgage Nos. - Nil

ITEM 2         7.25% per annum with monthly rests and payable monthly in
(GC4)          arrears commencing the date of discharge of the Mortgage
               referred to in Special Condition 11.

                            SPECIAL CONDITIONS ("SC")

See attached

<PAGE>   23
                            SPECIAL CONDITIONS ("SC")

As follows:

1.      The Purchaser admits that the land as offered for sale and inspected by
        him is identical with that described in the title particulars given
        herein. He shall not make any requisition or claim any compensation for
        any alleged misdescription of the land or deficiency in its area or
        measurements or call upon the Vendor to amend title or to bear all or
        any part of the cost of doing so. Condition 3 of the said Table "A" of
        the said Third Schedule shall not apply.

2.      The Purchaser acknowledges having been supplied with a Statement
        required by Section 32(l) of the Sale of Land Act 1982.

3.      The property and any chattels sold by this Contract shall not pass to
        the Purchaser until payment in full of the purchase price.

4.      The Purchaser acknowledges that the Vendor's Agent has acted only as
        Agent of the Vendor and no information representation or warranty of the
        Vendor or his Agent was made with the intention or knowledge that it
        would be relied upon and that no such information representation or
        warranty has in fact been relied upon and it is further agreed that this
        Contract of Sale and the original Vendor's Statement (a copy of which is
        included in this Contract of Sale) are the sole and full repository of
        the agreement between the Vendor, his Agent and the Purchaser.

5.      a.      If the Purchaser fails to pay any installment of interest on or
                within seven (7) days after the date upon which such instalment
                is due to be paid then, in addition to any other rights or
                remedies which the Vendor may otherwise have, the rate of
                interest at which such instalment shall be paid shall be the
                rate prescribed by General Condition 4 in Table A in lieu of the
                rate referred to in Item 2 of the Schedule.

        b.      In the event of default in payment of any instalment of interest
                as aforesaid the whole of the balance of the purchase money then
                remaining unpaid together with any unpaid interest will become
                immediately due and payable and the Vendor may thereupon
                exercise such rights and remedies as provided by this Contract
                or as otherwise available to it arising from such breach by the
                Purchaser.

6.      If the Purchaser shall be or include a company, the company will
        forthwith upon execution of this Contract procure the execution by each
        of its directors of the Guarantee annexed to that part of this Contract
        to be held by the Vendor.

<PAGE>   24
                                      - 2 -

7.      It is hereby agreed between the parties hereto that there are no
        conditions, warranties or other terms affecting the sale other than
        those embodied herein and the Purchaser shall not be entitled to rely on
        any representations made by the vendor or his agents except such as are
        made conditions of this Contract.

8.      a.      The Purchaser shall carry the risk of loss or damage to the
                property and chattels therein from the day of sale. The
                Purchaser hereby releases the Vendor from any claim whatsoever
                in relation to the condition of the property and chattels and
                shall complete the purchase thereof on the due date without
                making or claiming deduction in the Price for any reason
                whatsoever.

        b.      On the settlement date, and whilst and so long as any purchase
                or other moneys remain owing by the Purchaser to the vendor
                pursuant to the terms of this contract the Purchaser shall, at
                its own cost and expense:

                i.      Insure and keep insured in the names of the Vendor and
                        the Purchaser and every other person having an insurable
                        interest in the property with an insurer to be approved
                        by the Vendor all buildings and improvements now or
                        hereafter erected on the land and shall deliver the
                        policy and annual premium receipt to the Vendor at least
                        7 days prior to the date of expiration of the insurance
                        policy period save for the first premium in respect of
                        which the Purchaser must produce the policy and receipt
                        to the Vendor on or before the settlement date. Such
                        policy shall be for the full insurable value of the
                        buildings now erected or hereafter to be erected on the
                        land.

                ii.     Insure and keep insured in the names of the vendor and
                        the Purchaser and every other person having an insurable
                        interest in the property with an insurer to be approved
                        by the Vendor in respect of public risk for any cause or
                        event loss or injury whatsoever on or relation to the
                        land for a sum not less than $10,000,000.00 and shall
                        deliver the policy and annual premium receipt to the
                        Vendor at least 7 days prior to the date of expiration
                        of the insurance policy period save for the first
                        premium in respect of which the Purchaser must produce
                        the policy and receipt to the Vendor on or before the
                        settlement date.

        c.      In the event of any breach on the part of the Purchaser to
                insure or keep insured the improvements on the land for their
                full replacement value or for public risk the vendor may insure
                for such risks and add the amount expended to the price in
                respect of which the Purchaser shall pay interest in the manner
                herein provided in respect of the price until payment to the
                Vendor of the premium but without

<PAGE>   25
                                      - 3 -

                prejudice to the rights and remedies of the Vendor arising from
                such default by the Purchaser.

        d.      Any money received under the policy of insurance in respect of
                the destruction or damage to the improvements on the land shall,
                at the option of the Vendor, be applied either in rebuilding or
                reinstating the improvements to their former condition or in
                paying to the Vendor any balance of purchase money and interest
                then still unpaid and any balance of the insurance moneys
                thereafter will belong to the Purchaser.

9.      a.      The parties hereby agree that the price is made up as follows:

                1.      34 Punt Road being the land contained in Certificate of
                        Title Volume 8200 Folio 757 $482,400.00

                2.      36 Punt Road being the land contained in Certificate of
                        Title Volume 8310 Folio 066 $417,600.00

        b.      The written down value of the Chattels sold with the property
                shall be that to be advised to the Purchaser in writing by the
                Vendor's Accountant.

10.     The amounts payable by the Purchaser to the Vendor under this Contract
        do not include any GST. Despite any other provision in this Contract, if
        a GST is levied or imposed on any supply made to the Vendor or to the
        Purchaser under or is contemplated by this Contract the amount payable
        by the Purchaser to the Vendor in relation to that supply will be
        increased by the amount of the GST and the Purchaser must pay the
        increased amount accordingly.

        "GST" means any goods and services, consumption, value add or other
        similar tax.

        "Supply" will have the meaning given to that term under any Statute
        pursuant to which a GST is levied or imposed.

11.     a.      The Mortgage affecting the Vendor's Titles is to be discharged
                on or before 23 July 1999 (or such later date as the parties may
                otherwise agree in writing, being a date not later than 90 days
                from the date hereof) failing which the Purchaser may avoid this
                Contract whereupon all moneys paid hereunder shall be refunded
                in full.

        b.      The deposit shall be held in the trust account of the vendor's
                solicitors until the Mortgage referred to in a. hereof has been
                discharged.

12.     It is agreed between the parties hereto that throughout this Contract
        unless the context so requires, words importing the singular shall
        include the plural and vice versa and words referring to any one gender
        shall include the other and where more persons than one are included in

<PAGE>   26
                                      - 4 -

        the term "Purchaser" their covenants hereunder shall be joint as well as
        several.

<PAGE>   27
                             GUARANTEE AND INDEMNITY

TO:     The withinnamed and described Vendor
        (hereinafter called "the Vendor")

IN CONSIDERATION of the Vendor having at the request of the person whose name
address and description are set forth in the Schedule hereto (hereinafter called
"the Guarantor") agreed to sell the land described in the within Contract of
Sale to the withinnamed Purchaser (hereinafter called "the Purchaser") the
Guarantor HEREBY GUARANTEES to the Vendor the due and punctual payment by the
Purchaser of the purchase money and interest payable thereon as detailed in the
said Contract of Sale and all other monies that are payable or may become
payable pursuant thereto (hereinafter called "the monies hereby secured") AND
ALSO the due performance and observance by the Purchaser of all and singular the
covenants provisions and stipulations contained or implied in the said Contract
of Sale and on the part of the Purchaser to be performed and observed AND THE
GUARANTOR HEREBY EXPRESSLY ACKNOWLEDGES AND DECLARES that it has examined the
said Contract of Sale and has access to a copy thereof and further that this
Guarantee is given upon and subject to the following conditions:-

A.      THE Vendor shall have the fullest liberty without affecting this
        Guarantee to postpone for any time and from time to time the exercise of
        all or any of the powers rights authorities and discretions conferred by
        the said Contract of Sale on it and to exercise the same at any time and
        in any manner and either to enforce or forbear to enforce the covenants
        for payment of the monies owing or any other covenants contained or
        implied in the said Contract of Sale or any other remedies or securities
        available to the Vendor and the Guarantor shall not be released by any
        exercise by the Vendor of its liberty with reference to the matters
        aforesaid or any of them or by any time being given to the Purchaser or
        by any other thing whatsoever which by Contract of Sale or any other
        remedies or securities available to operation of law would but for this
        provision have the effect of so releasing the Guarantor.

B.      THIS Guarantee shall be a continuing Guarantee and shall not be
        considered as wholly discharged by the payment at any time hereafter of
        any part of the monies hereby secured or by any settlement of account,
        intervening

<PAGE>   28
                                      - 2 -

        payment or by any other matter or thing whatsoever except the payment by
        the Purchaser of the whole of the purchase price, interest and other
        monies payable by the Purchasers under the said Contract of Sale.

C.      THIS Guarantee shall not be determined by the liquidation of the
        Guarantor and shall bind the successors or assignees of the Guarantor.

D.      THIS Guarantee shall not be affected or prejudiced by any variation or
        modification of the terms of the said Contract of Sale except that the
        Contract as varied or modified shall thereafter be deemed to be the
        Contract of Sale referred to herein or by the Transfer or partial
        Transfer of any part of the land to the Purchaser pursuant to the terms
        thereof.

E.      This Guarantee shall not affect or be affected by any or any further
        security now or hereafter taken by the Vendor or by any loss by the
        Vendor of such collateral or other security or otherwise any of the
        moneys at any time owing under the said Contract of Sale to the Vendor
        or by any laches or mistake on the part of the Vendor.

F.      THIS Guarantee and Indemnity shall at all times be valid and enforceable
        against the Guarantor notwithstanding:-

        (a)     That the contract for the repayment of the moneys hereby secured
                is void or cannot be legally enforced against the Purchaser for
                reasons arising out of an act, omission, state or condition of
                the Purchaser.

        (b)     That the Purchaser was prohibited (whether expressly or by
                implication) by law contract or otherwise from entering into the
                said Contract of Sale or was without the capacity or under some
                legal disability in respect thereof;

        (c)     That the Vendor had or ought to have had knowledge of any
                matters referred to in sub-paragraph (b) of this clause.

G.      UNTIL the Vendor shall have received all monies payable to it under the
        said Contract of Sale the Guarantor shall not be entitled on any grounds
        whatsoever to claim the benefit of any security for the time being held
        by the Vendor or either directly or indirectly to claim or receive the
        benefit of any dividend or payment on the winding up of the Purchaser
        and in the event of the

<PAGE>   29
                                      - 3 -

        Purchaser going into liquidation or assigning its assets for the benefit
        of its creditors or making a deed or arrangement or a composition in
        satisfaction of its debts or a scheme of arrangement of its affairs the
        Guarantor shall not be entitled to prove or claim in the liquidation of
        the Purchaser in competition with the vendor so as to diminish any
        dividend or payment which but for such proof the Vendor would be
        entitled to receive out of such winding up and the receipt of any
        dividend or other payment which the vendor may receive from such winding
        up shall not prejudice the right of the Vendor to recover from the
        Guarantor to the full amount of this Guarantee the monies due to the
        Vendor. The Guarantor further covenants with the Vendor after the
        Purchaser shall have gone into liquidation to pay to the vendor all sums
        of money received by the Guarantor for credit of any account of the
        Purchaser and for which the Guarantor may in any liquidation or official
        management of the Purchaser be obliged to account or may in its
        discretion so account.

H.      ANY demand or notice to be made upon the Guarantor by or on behalf of
        the Vendor hereunder shall be deemed to be duly made if the same be in
        writing and signed by a Director of the Vendor or by any Solicitor
        purporting to act for the Vendor or by any other person duly authorised
        by the Directors of the Vendor to make such demand on behalf of the
        Vendor and the same may be left at or sent through the post in a prepaid
        registered letter addressed to the Guarantor at its address as
        hereinbefore provided.

I.      THE Guarantor shall be deemed to be jointly and severally liable with
        the Purchaser (in lieu of being merely a surety for it) for the payment
        of the purchase moneys interest and all other monies if any payable
        pursuant to the within Contract in the performance of the obligations
        herein contained and it shall not be necessary for the Vendor to make
        any claim or demand on or to take any action or proceedings against the
        Purchaser before calling on the Guarantor to pay the moneys or to carry
        out and perform the obligations herein contained.

J.      THIS Guarantee shall enure for the benefit of the Vendor and its
        successors and transferees.

<PAGE>   30
                                      - 4 -

K.      FOR the consideration aforesaid and as a separate and coverable covenant
        the Guarantor HEREBY AGREES to indemnify the Vendor not only by reason
        of the non-payment by the Purchaser of all monies payable or that may
        become payable under the said Contract of Sale but also in respect of
        all costs charges and expenses whatsoever which the Vendor may incur by
        reason of any default on the part of the Purchaser in relation to the
        said Contract of Sale.

L.      NOTWITHSTANDING anything else herein contained (but subject to Clause
        F(a) and K hereof) the Guarantor shall not be liable, in any
        circumstances whatsoever, for any amount whatsoever in excess of the
        amount for which the Purchaser shall be liable under the said Contract
        and upon payment to the Vendor of all monies payable as aforesaid under
        the said Contract and any monies payable under clause F(a) and K hereof
        (if any) whether by the Purchaser or by the Guarantor or otherwise then
        this Guarantee shall be at an end and the Guarantor shall be forever
        freed and discharged from all of its provisions.

M.      This Guarantee shall constitute a charge over any real property of which
        the Guarantor is presently or hereafter the proprietor whether
        registered or otherwise and in the event of the Guarantor making default
        hereunder the Guarantors acknowledges that the Vendor may lodge a Caveat
        against such real property noting its interest.

<PAGE>   31
                                      - 5 -

                                    SCHEDULE

Vendor:        Rococo Holdings Pty. Ltd. of 55-57 Wellington Street, Windsor

Purchaser:     I.T. Technology Pty. Ltd. of 18 Denman Avenue, East St Kilda

Guarantor:     Henry Herzog of 18 Denman Avenue, East St Kilda and Jonathan
               Herzog of 9 Bickham Court, East St Kilda

IN WITNESS whereof the said Guarantor have set their hands and seals this 7th
day of July 1999.

SIGNED SEALED AND DELIVERED by     }
the said HENRY HERZOG in           }         /s/ HENRY HERZOG
Victoria in the presence of:       }
               [ILLEGIBLE SIGNATURE]

SIGNED SEALED AND DELIVERED by     }
the said JONATHAN HERZOG in        }         /s/ JONATHAN HERZOG
Victoria in the presence of:       }
               [ILLEGIBLE SIGNATURE]

<PAGE>   32
                     SALE OF LAND ACT (the Act) - SECTION 32
               VENDOR'S STATEMENT TO THE PURCHASER OF REAL ESTATE

VENDOR         ROCOCO HOLDINGS PTY LTD ACN 007 023 574 of 55-57 Wellington
               Street, Windsor 3181

PROPERTY       34-36 Punt Road, Windsor

                         IMPORTANT NOTICE TO PURCHASERS

        The use to which you propose to put the property may be prohibited by
planning or building controls applying to the locality or may require the
consent or permit of the municipal council or other responsible authority. It is
in your interest to undertake a proper investigation of permitted land use
before you commit yourself to buy. You should check with the appropriate
authorities as to the availability (and cost) of providing any essential
services not connected to the property.

1.      RESTRICTIONS - Details of any registered or unregistered easement,
        covenant, caveat or other similar restriction affecting the property are
        set out in the attached copies of Title documents.

        To the best of the Vendor's knowledge there is no existing failure to
        comply with the terms of any easement, covenant, caveat or similar
        restriction.

2.      PLANNING AND ROAD ACCESS - Details of any planning instruments affecting
        the land are attached.

        The property is outside the Melbourne metropolitan area (as defined in
        the Act) and the planning instrument prohibits the construction of a
        dwelling house on the land.

        There is access to the property by road.

3.      OUTGOINGS AND STATUTORY CHARGES - Details concerning any rates, taxes or
        other similar outgoings (including any Body Corporate charges) and any
        interest payable on any part of them are attached.

        Amounts for which the purchaser may become liable in consequence of the
        sale will be adjusted at settlement.

        Amount owing under any other registered or unregistered statutory charge
        that secures an amount due under any other legislation: Nil

<TABLE>
<CAPTION>
4.      SERVICES              Avail.       Connected       Authority
<S>     <C>                   <C>          <C>             <C>
        4.1     Electricity    Yes           Yes           Citipower
        4.2     Gas            No            No
        4.3     Water          Yes           Yes           South East Water
        4.4     Sewerage       Yes           Yes           South East Water
        4.5     Telephone      Yes           No            Telstra
</TABLE>

<PAGE>   33
                                      - 2 -

5.1     BUILDING APPROVALS - Particulars of any building permit granted during
        the past seven years under the Building Control Act 1981 or Building Act
        1993 are contained in the attached certificates.

5.2     GUARANTEE - Details of an owner-builder under the House Contracts
        Guarantee Act 1987 in the preceding seven years - nil.

5.3     INSURANCE - Details in the preceding six years and six months in the
        case of a residence to which s137B of the Building Act 1993 applies -
        nil.

        Nil. as per attached.

6.      NOTICES - Particulars of any notice, order, declaration, report or
        recommendation of a public authority or Government department or
        approved proposal affecting the property of which the Vendor might be
        reasonably expected to have knowledge, including:

        6.1     if there is a Body Corporate, affecting it and its contingent,
                proposed or other liabilities, including those relating to
                repairs;

        6.2     notice of any current land use restriction given in relation to
                the land under the Agricultural and Veterinary Chemicals Act
                1992 due to contamination.

        6.3     notice pursuant to Section 6 of the Land Acquisition and
                Compensation Act 1986;

                None.

BUT NOTE:      The Vendor has no means of knowing of all decisions of
               Public Authorities and Government Departments affecting the
               property unless communicated to the Vendor.

7.      TITLE - Copies of relevant Title documents are attached.

DATE OF STATEMENT: 7 July 1999

Vendor's Signature:  /s/ JOHN LAZAR
                    ----------------------------------------------------------
                            For and on behalf of Rococo Holdings Pty Ltd

The Purchaser acknowledges being given a copy of this statement signed by the
Vendor before the Purchaser signed any Contract.

DATE OF ACKNOWLEDGMENT:  7/7/99.

Purchaser's Signature: /s/ HENRY HERZOG
                      ---------------------------------------------------------
<PAGE>   34
                                      - 3 -

PLEASE NOTE THAT WHERE THE PROPERTY IS TO BE SOLD ON TERMS PURSUANT TO SECTION
32(2)(f) OF THE ACT AND/OR SOLD SUBJECT TO A MORTGAGE THAT IS NOT TO BE
DISCHARGED BY THE DATE OF POSSESSION (OR RECEIPT OF THE RENTS AND PROFITS) OF
THE PROPERTY PURSUANT TO SECTION 32(2)(a) OF THE ACT - then the Vendor must
provide an additional statement containing the particulars specified in
Schedules 1 and 2 of the Act.

<PAGE>   35
                     SALE OF LAND ACT (the Act) - SECTION 32

ADDITIONAL VENDOR'S STATEMENT TO THE PURCHASER OF REAL ESTATE

VENDOR         ROCOCO HOLDINGS PTY LTD ACN 007 023 574 of 55-57 Wellington
               Street, Windsor 3181

PROPERTY       34-36 Punt Road, Windsor

                                NOTICE TO VENDORS

        This additional Vendor's Statement is to be attached to the standard
Vendor's Statement (completed as appropriate and signed by the Vendor) where the
property is to be sold on terms pursuant to section 32(2)(f) of the Act and/or
sold subject to a mortgage that is not to be discharged by the date of
possession (or upon receipt of the rents and profits of the property).

1.      VENDORS TERMS - Cost of the finance to be provided by the Vendor:

<TABLE>
<S>                                                       <C>
        1.1     Purchase price                            $ 900,000.00
                Deposit                                   $ 200,000.00
                                                          ------------

                Residue (lowest price if paid out now)    $ 700,000.00
                Total interest payable
                over full contract period                 $ 101,500.00
                                                          ------------

                Total balance payable,
                including, interest                       $801,500.00
                                                          -----------

        1.2     Number of repayments                            24   (including the final payment)
                Amount of each repayment                  $ $4,229.17
                Repayments due: the 9th day
                of each and every month commencing
                on the 9th day of
                August 1999.
                Final payment                             $ 704,229.17
        1.3     Interest rate:                            7.25 % p.a.
                Default interest rate                     The rate prescribed by General
                                                          Condition 4 in Table A as
                                                          defined in the Contract.

                Is the interest rate variable?            No

        1.4    The Purchaser is to pay GST (if any)
               payable by the Vendor in respect
               of the payments to be made to it
               under the Contract.
</TABLE>

<PAGE>   36
                                      - 2 -

2.      VENDORS MORTGAGE - Mortgages to which the property will remain subject:
        Nil.

DATE OF THIS ADDITIONAL STATEMENT: 7 July 1999

Vendor's Signature: /s/ JOHN LAZAR
                    -----------------------------------------------------------

The Purchaser acknowledges being given a copy of this additional statement
signed by the Vendor before the Purchaser signed any Contract.

DATE OF THIS ACKNOWLEDGEMENT: 7/7/99

Purchaser's Signature:   /s/ HENRY HERZOG
                      ---------------------------------------------------------

<PAGE>   37
                                                                         Unreg'd

MORTGAGE OF LAND                                            APPR    V839509B
SECTION 74 TRANSFER OF LAND ACT 1958                   VICTORIAN  140199 1143 74
                                       ----------------------------
Lodged at the Land Titles Office by:                MADE AVAILABLE, [BARCODE]
Name:     Stamfords
                                        Land Titles Office Use Only
Phone:    9663 8182
                                       -----------------------------------------
Address:  Levels 9 & 10, 278 Collins Street, Melbourne

Ref: 980597/DW:RL                      Customer Code:  948E

The Mortgagor being registered as the proprietor of an estate in fee simple in
the land described subject to the registered encumbrances affecting the land and
any encumbrances created by dealings lodged for registration prior to the
lodging of this Mortgage and subject to the rights of the Caveator under the
Caveat (if any) specified below in consideration of credit loans advances and
other banking accommodations extended by the Mortgagee to the Mortgagor and/or
other or others at the request of the Mortgagor (including any Agreement
referred to in the Schedule hereto) and in pursuance of the agreement of the
Mortgagor to give this security for better securing the payment of the Money
Hereby Secured and all other moneys payable hereunder mortgages to the Mortgagee
the said estate in the land.

--------------------------------------------------------------------------------
Land

CERTIFICATE OF TITLE VOLUME 8200 FOLIO 757 & VOLUME 8310 FOLIO 066

--------------------------------------------------------------------------------
Mortgagor (Registered Proprietor)                                        (Note

ROCOCO HOLDINGS PTY LTD  A.C.N. 007 023 574

--------------------------------------------------------------------------------
Mortgagee                                                                (Note

CITIBANK LIMITED A.C.N. 004 325 080
of 350 Collins Street, Melbourne, 3000

--------------------------------------------------------------------------------
CAVEAT(S) if any:      NO(S):
Note: Unless the number of a Caveat is specified, this Mortgage is not subject
to the rights of any Caveator.

--------------------------------------------------------------------------------

                       SCHEDULE HEREINBEFORE REFERRED TO:

For the purposes of this Mortgage (including the Memorandum of Common
Provisions) Agreement means:

*(a) Loan Agreement dated              day of
     between                    of the one part and Citibank of the other part.

                                           *Complete whichever is applicable.
--------------------------------------------------------------------------------

Date of this Mortgage:

--------------------------------------------------------------------------------

The provisions contained in Memorandum of Common Provisions retained by the
Registrar of Titles in No. AA216 are incorporated in this mortgage.

--------------------------------------------------------------------------------
                                                      CONTINUED ON M PAGE 2
--------------------------------------------------------------------------------
 APPROVAL NO. 568966A      ORDER TO REGISTER         STAMP DUTY USE ONLY

                           Please register and       Collateral Security
 M                         issue title to:           Trn:402906 13-JAN-1999
                                                     Amount Secured: $600,000.00
 [SEAL]                    Signed    Cust. Code:     Stamp Duty Victoria, PSE1

                     THE BACK OF THIS FORM MUST NOT BE USED
<PAGE>   38
                                   COVENANTS

The Mortgagor covenants with the Mortgagee as follows:

1.   Subject to Clause 3 hereof to pay the Mortgagee at such time or times and
     in such manner as may at any time and from time to time be agreed upon
     between the Mortgagor and the Mortgagee and in default of any such
     agreement on demand by the Mortgagee each and all sums of money for which
     the Mortgagor may now or hereafter be indebted or liable to the Mortgagee
     and/or any associated company of the Mortgagee (whether such indebtedness
     or liability be present or future, actual or contingent, fixed or
     fluctuating, liquidated or unliquidated) on any present or future account
     or for any reason or ground whatsoever and without limiting the generality
     of the foregoing including under pursuant to or in connexion with any
     Agreement referred to in the Schedule hereto together with the Moneys
     Hereby Secured (as defined in the Memorandum of Common Provisions
     incorporated in this Mortgage) and any present or future agreement of any
     nature (including without limiting the generality of the foregoing any
     credit agreement loan agreement supply agreement leasing agreement sale
     agreement hire purchase agreement guarantee and/or under pursuant to or in
     connexion with any obligation or liability incurred by the Mortgagee
     and/or any associated company of the Mortgagee on behalf of on account of
     or at the request of the Mortgagor and/or in relation to any bill of
     exchange promissory note or negotiable instrument and/or otherwise than by
     agreement (all of which sums and moneys referred to herein are called "the
     Moneys Hereby Secured").

2.   To pay to the Mortgagee interest upon the Moneys Hereby Secured and such
     fees and charges at such times and rates as may be agreed in writing
     between the Mortgagor and the Mortgagee and in default of such agreement
     at the higher rate to accrue from day to day and to be payable on demand
     by the Mortgagor.
     The "higher rate" means, in the case of all or any part of the Moneys
     Hereby Secured where the rate of interest thereon is limited by law, the
     rate so limited, and in any other the highest rate chargeable from time to
     time by the Mortgagee under this Mortgage or the Agreement and in the
     absence of such rate the highest rate allowable under S. 57 of
     Supreme Court Act at the time of demand under Clause 1 hereof.

3.   That notwithstanding Clauses 1, 2 and 4 hereof to the extent (if any) that
     the Moneys Hereby Secured included liability of the Mortgagor under a sale
     or lease to which Sections 114 or 115 of the Goods Act applies the
     obligations of the Mortgagor under this mortgage in respect of that sale
     or lease shall be limited to the amount for which the Mortgagor is liable
     by reason of the breach of that sale or lease, the Moneys Hereby Secured
     shall not include liability under a regulated contract under the Credit
     Act and this Mortgage shall not secure liability in respect of a loan
     under the Money Lenders Act or a guarantee under the Hire Purchase Act
     unless and until the procedural requirements respectively of S. 23
     and S. 19 shall have been complied with.

4.   To indemnify and keep indemnified the Mortgagee and each associated company
     of the Mortgagee against all debts expenses and liabilities the Mortgagee
     or that associated company may incur and all moneys the Mortgagee or that
     associated company may pay on behalf of on account of or at the request of
     the Mortgagor or to any creditor of the Mortgagor.

5.   For the purposes of this Mortgage and any Agreement referred to in the
     Schedule hereto, any reference to the Companies Code means a reference to
     its equivalent in the Corporations Law.

Execution and attestation

The Common Seal of ROCOCO HOLDINGS          )
PTY LTD A.C.N. 007 023 574 was hereto       )                        [SEAL]
affixed in accordance with its Articles of  )
Association in the presence of:             )     ----------------------------
                                                  JOHN LAZAR
                                                  Sole Director/Sole Secretary

MORTGAGEE-OPTIONAL:
If there is insufficient space in any panel to accommodate the required
information, enter the information under the appropriate heading on a annexure
sheet (Form A1) or, if there is space available, after the covenants. Insert
only the words "See Annexure" or "See overleaf" in the panel, as appropriate.

APPROVAL NO. 568966A

M PAGE 2

                     THE BACK OF THIS FORM MUST NOT BE USED

                                                                        V839509B
                                                                  140199 1143 74
<PAGE>   39
                              PLANNING CERTIFICATE
           Schedule 1 Section 199(2) Planning & Environment Act 1987

Number                                            Vendor

609992                                            ROCOCO HOLDINGS PTY LTD.

                                                  Purchaser

MCGRATH CAREY KATZ
DX 30810                                          Reference
COLLINS STREET
                                                  HS 990184

This certificate is issued for:

     34-36 PUNT ROAD
     City of PORT PHILLIP

The land is covered by the:
PORT PHILLIP PLANNING SCHEME.

The Minister for Planning and Local Government is the Responsible Authority
issuing the Certificate.

The land:
- is included in a SERVICE BUSINESS ZONE.
    and abuts on a ROAD - EXISTING MAIN.

A new planning scheme has been prepared which affects this land. The Scheme has
been prepared under Section 18 of the Planning and Environment (Planning
Schemes) Act 1996. The scheme is not approved and is not in operation. It shows
this property to be within a proposed:

                         BUSINESS 2 ZONE
                         DESIGN AND DEVELOPMENT OVERLAY (DDO2)
and abuts a              ROAD ZONE CATEGORY 1

21 Feb 1999
                                   /s/ [Signature illegible]
                                   MANAGER LAND & DEVELOPMENT INFORMATION

"Additional site-specific controls may apply. The Planning Scheme Ordinance
  should be checked carefully.

Copies are available from the Local Government, Planning, Market Information
Services Division and the municipality shown above."

THE ABOVE INFORMATION INCLUDES ALL AMENDMENTS AND SCHEMES PLACED ON PUBLIC
EXHIBITION UP TO THE DATE OF ISSUE OF THIS CERTIFICATE AND WHICH ARE STILL THE
SUBJECT OF ACTIVE CONSIDERATION.

         Copies of Planning Schemes and Amendments can be inspected at
                  Nauru House and relevant Municipal Offices.

                          [INFRASTRUCTURE LETTERHEAD]

<PAGE>   40
                                     [LOGO]

                               -----------------

                            STONNINGTON City Council

                            REQUEST FOR INFORMATION
                           BUILDING REGULATIONS 1994
                                REGULATION 2.10

To:            McGrath Carey Katz Solicitors
               DX 30810
               COLLINS STREET

Your Ref       HS 990184
Property       34-36 Punt Road Windsor
1.        Details of any building permit issued in the preceding 10 years.

<TABLE>
<CAPTION>
   BUILDING            DATE ISSUED       ISSUED FOR                                       DATE OF FINAL
APPROVAL/PERMIT                                                                             INSPECTION
      NO.
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
<S>                   <C>               <C>                                                <C>
9300                  3/12/93           Shop - Additions/Alterations                         12/12/97

BS1183/98282          16/7/98           Road Reserve Alterations to Office & Showroom*       14/12/98
8/2
---------------------------------------------------------------------------------------------------------
</TABLE>
* PRIVATE BUILDING SURVEYOR APPOINTED: PHILIP CHUN & ASSOCIATES PTY LTD LEV 9
108 LONSDALE ST MELBOURNE

2.   Details of any current notice, order or certificate issued under these
     Regulations or the Act; and/or the Building Act 1993 or the Building
     Regulations 1994.

     COUNCILS RECORDS INDICATE THERE ARE NO STATEMENTS UNDER BUILDING REGULATION
     3.3(2), CURRENT NOTICES, CURRENT ORDERS OR CERTIFICATES UNDER THE BUILDING
     REGULATIONS 1994, BUILDING ACT 1993, AND OR BUILDING CONTROL ACT 1981 OR
     THE VICTORIA BUILDING REGULATIONS 1983

3.   The land IS NOT in an area known by Council to be liable to flooding
     within the meaning of Building Regulation 6.2.

4.   The land is not in an area designated under Building Regulation 6.3 as an
     area in which buildings are likely to be subject to be infestation by
     termites.

5.   The land is not in a designated bush fire prone area determined under
     Building Regulation 6.4.

6.   The land is not in an area determined under Building Regulation 6.5 to be
     likely to be subject to significant snowfalls.

7.   The land is not in an area of designated land within the meaning of
     regulation 6.6.

ADVISORY NOTES TO VENDORS AND PURCHASERS

BUILDING WORK BY OWNER-BUILDERS

An owner-builder, to which the provisions Part 9 of the Building Act 1993
apply (building work carried out under the responsibility of non-practitioners
and domestic building work of a value exceeding $5000), must not enter into a
contract to sell the building unless an inspection report from a prescribed
building practitioner has been obtained within 6 months of the date of the
contract, the report is disclosed to the purchaser, the vendor is covered by
the required insurance (if any) and, in the case of a home, the contract sets
out the warranties of section 137c of the Building Act.

                                  [LETTERHEAD]

                                                                        RECEIVED
                                                                     04 MAR 1999

<PAGE>   41
Existing SWIMMING POOLS

In accordance with regulation 5.13 of the Building Regulations 1994 a pool fence
or other suitable barriers to restrict access by children to the part of the
allotment or building containing a swimming pool must now be in place.

WHO IS RESPONSIBLE? Owners of swimming pools in place before 8 April 1991 in
Victoria are responsible. Swimming pool means any pool or spa which can hold
more than 300mm of water that is used for swimming or wading and is not emptied
immediately after use. The requirement for barriers applies to pools associated
with houses. It does not matter if it is inside or outside the house. It is an
offence under Building Regulation 5.13 if suitable barriers have not already
been installed - and the council building surveyor can issue an on-the-spot fine
or prosecute the owner of the pool. The amount of the on-the-spot fine shall be
the maximum prescribed in the regulations for the offence - being 2 penalty
units ($200). In addition to the fine, remedial work may be necessary to ensure
compliance with the Building Regulations.

SELF CONTAINED SMOKE ALARMS

Under Regulation 5.14 of the Building Regulations 1994, the purchaser of a
building being a dwelling or sole-occupancy unit will be required to, within 30
days of becoming the owner, provide self contained smoke alarms complying with
AS 3786-1993 and in the appropriate locations referred to in the enclosed
document.

ESSENTIAL SERVICES (FIRE-SUPPRESSION EQUIPMENT AND SAFETY FEATURES) - NOT
APPLICABLE TO HOUSES

Where building work has occurred under the Building Act 1993, the vendor must
supply an ESSENTIAL SERVICES LISTING, when issued (under Regulations 11.2 or
11.4 of the Building Regulations), to the purchaser.

Under Regulation 11.5 the property OWNER is responsible to maintain records of
maintenance checks, complete an essential services report (logbook) and ensure
that all the above records are kept available on the relevant premises for
inspection by the municipal building surveyor or chief officer on request.

EXISTING SAFETY FEATURES OR MEASURES - (NOT APPLICABLE TO HOUSES)

Under Division 2 of Part 11 of the Building Regulations 1994, the OWNER of a
building or place of public entertainment constructed before 1 July 1994 must
ensure that any existing or required safety features are maintained in a state
which enables them to fulfill their purpose and must not remove such features
except for maintenance or in accordance with the Regulations.

Further advice and information may be gained by calling the office of the
Municipal Building Surveyor on 9522 3218.

Receipt of $30.00 is acknowledged.

/s/ per [Signature Illegible]
-----------------------------

JACK WICKHAM
PROPERTY INFORMATION OFFICER
<PAGE>   42
6.   SHOULD SELF CONTAINED SMOKE ALARMS BE INTERCONNECTED?

If a building has a number of smoke alarms there is usually no requirement that
they be interconnected (some types of alarm are capable of interconnection to
the other alarms so that if one alarm sounds then the other alarms are also
activated). However, as it is inexpensive to interconnect alarms, it is
advisable that smoke alarms be interconnected. This is particularly relevant
where a detector is located on an unoccupied storey such as a garage.

Further advice and information can be gained by calling the Municipal Building
Surveyors office on 9522 3218.

Stephen Hempel
Municipal Building Surveyor

<PAGE>   43

                    [PHILIP CHUN AND ASSOCIATES LETTERHEAD]

AR/RW/98282-00                                                        Form 11

OP:BS1183/98282/1

                               BUILDING ACT 1993
                           BUILDING REGULATIONS 1994
                                REGULATIONS 9.5

                                OCCUPANCY PERMIT

PROPERTY DETAILS

<TABLE>
<CAPTION>
Number    Street/road                   City/suburb/town
------    -----------                   ----------------
<S>       <C>                           <C>
34-36     Punt Road                     Windsor
</TABLE>

Municipal District       City of Stonnington

ISSUED TO

Owner                    Mr Joe Lazar
                         C/- 49 Alice Street
Address                  CLAYTON  3168

BUILDING DETAILS

<TABLE>
<CAPTION>
                                                      Allowable    No of people
Part of the                            Class of       floor        deemed
Building            Use                Occupancy      loading      accommodated
-----------         ---                ---------      ---------    ------------
<S>                 <C>                <C>            <C>          <C>
Ground Floor        Office, Showroom,  5, 6, 7        N/A          21
                    Carpark

First Floor         Office, Showroom   5, 6           3.0 kPa      32
</TABLE>

RELEVANT BUILDING SURVEYOR

Richard Wells                                Registration No. BS1183
Philip Chun and Associates Pty Ltd
L9, 108 Lonsdale Street
Melbourne

Signature /s/ RICHARD WELLS                  Date of issue of permit: 22/12/98
          ---------------------------

INSPECTION OF BUILDING WORK

For the purposes of Regulation 2.13 of the Building Regulations, the following
dates are applicable:

          Frame     12/10/98

          Final     14/12/98, 21/12/98

NOTE:     This Occupancy Permit is not evidence that the building, part of the
          building or building work listed above complies with the Building Act
          1993 or the Building Regulations 1994.

          The OP number specified at the top of this form, is the Certificate
          Number pursuant to the Building Act 1993.

<PAGE>   44

                                   APPENDIX A

OCCUPANCY PERMIT CONDITIONS

The following essential services must be maintained in accordance with the
relevant requirements of the BCA and the Australian Standards contained within,
in force at the time of approval.

<TABLE>
<CAPTION>
ESSENTIAL SERVICE TO BE       INSTALLATION STANDARDS /      NATURE OF INSPECTION OR
INSPECTED OR TESTED           LEVEL OF PERFORMANCE          TEST, FREQUENCY
-----------------------       ------------------------      -----------------------
<S>                           <C>                           <C>
Air conditioning systems      AS 1668                       Monthly to AS 1851.6, AS
                                                            3666
------------------------------------------------------------------------------------
Emergency lighting            BCA Part E4, AS 2293.1        6 monthly to AS 2293.2
------------------------------------------------------------------------------------
Exit doors                    BCA Section D                 3 monthly inspection to
                                                            confirm exit doors are
                                                            intact, operation and fitted
                                                            with conforming hardware
------------------------------------------------------------------------------------
Exit signs                    BCA Part E4, AS 2293.1        6 monthly to AS 2293.2
------------------------------------------------------------------------------------
Fire extinguishers            BCA E1.6, AS 2444             6 monthly to AS 1851.1
(portable)
------------------------------------------------------------------------------------
Fire hose reels               BCA E1.4                      6 monthly to AS 1851.2
------------------------------------------------------------------------------------
Fire indices for materials    BCA C1.10, AS 1530.3          Annual inspection to
                                                            confirm no materials with
                                                            potentially non-conforming
                                                            fire indices occur
------------------------------------------------------------------------------------
Paths of travel to exits      BCA Section D                 32 monthly inspections to
                                                            confirm travel paths are
                                                            intact
------------------------------------------------------------------------------------
Smoke alarms                  BCA E2.2, AS 3786             Monthly to AS 1851.8 (as
                                                            applicable)
------------------------------------------------------------------------------------
</TABLE>

Note:     Pursuant to Regulation 11.5 of the Building Regulations 1994, the
          owner of the property is required to:

          a)   maintain records of maintenance check;
          b)   complete an essential services report in accordance with
               Regulation 11.6 before each anniversary of the date of occupancy
               permit or determination under this Division; and
          c)   keep all essential service reports and records of maintenance
               checks on the premises for inspection by the municipal building
               surveyor or chief officer at any time on request.

COPY TO

Agent of Owner      Palma Building Design
Address             49 Alice Street
                    CLAYTON  3168

                    Attention: Luciano Palma

Council             City of Stonnington
Address             DX 30108
                    PRAHRAN

Register

File

<PAGE>   45
                        [SOUTH EAST WATER LIMITED FORM]

                             INFORMATION STATEMENT
          STATEMENT UNDER SECTION 75, WATER INDUSTRY INDUSTRY ACT 1994
                  STATEMENT UNDER MMBW ACT 1958 SECTION 239F&G

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
     REFERENCE NO.     YOUR REFERENCE     DATE OF ISSUE     APPLICATION NO.
--------------------------------------------------------------------------------
<S>                    <C>                <C>               <C>
     11J//04469/4         HS990184        19 March 1999         169783
--------------------------------------------------------------------------------
</TABLE>

     MCGRATH CAREY KATZ                   This is to certify that the sum of:
     DX 30810                             Nil
     MELBOURNE

                                          is payable in respect to rates and
                                          charges on property:
                                          36 PUNT ROAD, PRAHRAN 3181

                                          ======================================

34 & 36 PUNT RD are sewered by a combined drain. The property service plan may
be obtained from South East Water Ltd., 30 Corporate Drive, Monrahhin or PO Box
1383 Monrahhin 3180 for the proscribed plan fee of $30.00. Please quote PS
16203.

South East Water Limited (SEWL) has not received notification that the sewer
consent has been completed. The licensed plumber must provide SEWL with an
updated PSP and the owner with a "Certificate of Compliance" upon the
completion of the work. To allow SEWL to update its records, the owner is to
ensure SEWL is in receipt of the above.

                     [SOUTH EAST WATER LIMITED LETTERHEAD]

                                  Page 2 of 2
<PAGE>   46
[ILLEGIBLE] made the     day of                One thousand nine hundred
and sixty-nine B E T W E E N  MARIO FUSCALDO of 34-36 Punt Road Prahran
(hereinafter called "the Owner") AND MELBOURNE AND METROPOLITAN BOARD OF
[ILLEGIBLE] on 110 Spencer Street, Melbourne (hereinafter called "the
Board") W H E R E A S  the Owner has applied to the Board for the issue of a
Drainage Plan and Consent in respect of plumbing work to be carried out at the
property known as No. 36 Punt Road Prahran including the installation of a Floor
Trap below the level of the Disconnector Trap breather AND WHEREAS the Board
has agreed to issue the said Drainage Plan and Consent in accordance with the
Owner's request subject to the indemnity herein contained NOW THIS AGREEMENT
WITNESSETH that in consideration of the Board issuing the said Drainage Plan and
Consent the Owner for himself and his transferees HEREBY AGREE to indemnify and
keep indemnified the Board and its successors against all actions suits claims
and demands which may be instituted or made by any person company or corporation
for or in respect of any damage which may be caused to the said property or to
the goods chattels and effects therein by any inflow of sewage or water through
the drains and connections to the said property by reason of the Floor Trap
being installed below the level of the Disconnector Trap breather in accordance
with design requested by the Owner.

IN WITNESS WHEREOF the Owner has executed these presents the day and year first
before written.

SIGNED by the said MARIO FUSCALDO  ) /s/ MARIO FUSCALDO
in the presence of:                )

                  /s/ Charles Brucell                    [RUBBER STAMP]
<PAGE>   47
                             [GRAPHIC - SITE PLAN]
<PAGE>   48
                                    FORM 4.2

PROPERTY INQUIRY APPLICATION FORM                              OFFICE USE ONLY
                                                 -------------------------------
                                                 REFERENCE   CODE   APPLICATIONS
                                                 -------------------------------
IMPORTANT - IF MORE THAN ONE CERTIFICATE
REQUIRED, COMPLETE AND FORWARD ONE FORM          -------------------------------
FOR EACH CERTIFICATE TO RELEVANT                 MUNICIPAL
AUTHORITIES IN ACCORDANCE WITH THE               PROPERTY
PROPERTY INQUIRY INFORMATION SHEET               NUMBER
                                                 AS APPEARING ON
                                                 -------------------------------
                                                      Certificate/Advice Request

TO:
      VIC ROADS                            ADVICE OF ANY CURRENTLY APPROVED ROAD
      560 LYGON STREET                       PROPOSALS
      (DX 27 MELBOURNE)
      CARLTON VIC 3053                      FEE ENCLOSED:     $13.00

     --------------------------------------------------------------------------
     NOTE:  Generally replies will be mailed to applicant's address. However if
     you wish to collect a Melbourne Water Rate Certificate - available 3
     business days after receipt of application - cross here [ ]
     If you wish to collect a Melbourne Water 239G Statement - cross here [ ]
     --------------------------------------------------------------------------

VENDOR RE:                                                  PURCHASE TO:
ROCOCO HOLDINGS PTY LTD ACN 007 023 574

REGISTERED PROPRIETOR IF NOT THE VENDOR                     VENDOR'S SOLICITOR
                                                            MCGRATH CAREY KATZ
                                                            LEVEL 28,
                                                            55 COLLINS STREET
                                                            MELBOURNE, 3000

            NAME & ADDRESS OF APPLICANT
<TABLE>

<S>                                               <C>                                     <C>
                                                  Our Reference: HS990184
MCGRATH CAREY KATZ                                Total Sale Price: $                     Date Required
LEVEL 28, 55 COLLINS STREET                                                                    ASAP
MELBOURNE, VIC 3000                               Auction/Settlement Date:
DX 30810 COLLINS STREET                           Phone: 9650 5355
                                                  Fax:  9650 5375
</TABLE>

DESCRIPTION OF LAND - BE PRECISE, INSUFFICIENT INFORMATION WILL RESULT IN
                      RETURN OF APPLICATION.
                      LOCALITY PLAN (COPY OF THE TITLE OR SKETCH) SHOWING
                      DIMENSIONS OF WHOLE PROPERTY AND DISTANCE FROM NEAREST
                      STREET INTERSECTION MUST BE ATTACHED TO EACH FORM.

<TABLE>
<CAPTION>

--------------------------------------------------------------------------------------------------------
Flat/Unit No             Street No.           Street                   Municipality
<S>                      <C>                  <C>                      <C>
                           34-36              PUNT ROAD                  CITY OF PORT PHILLIP
--------------------------------------------------------------------------------------------------------
Lot No.       Plan No.        C.A. No.        C.P. No.        Section           Parish
                              B               59                                PRAHRAN
--------------------------------------------------------------------------------------------------------
Town or Suburb         Postcode         Volume         Folio        Frontage             Depth
    WINDSOR               3181            8200          757
                                          8310          066         REFER ATTACHED         PLAN
--------------------------------------------------------------------------------------------------------
Situated on side of street commencing of

--------------------------------------------------------------------------------------------------------
State whether vacant land or nature                                     Name of               Map
of building (eg. Dwelling, Factory)                                     Directory             Reference
HOUSE (PREVIOUSLY OCCUPIED) - DETACHED                                  MELWAY                 58B6
--------------------------------------------------------------------------------------------------------
                              FOR OFFICE USE ONLY
--------------------------------------------------------------------------------------------------------
                                                                                              N
--------------------------------------------------------------------------------------------------------
                                                                                              B
--------------------------------------------------------------------------------------------------------
                                                                                              RP
--------------------------------------------------------------------------------------------------------
                                                                                              D
--------------------------------------------------------------------------------------------------------
                                                                                              R
--------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------
---------------------------------
          NO PROPOSALS

   As at 18 FEB 1999 the
ROADS CORPORATION has no
approved proposal requiring any
part of the property described in
your application.
---------------------------------
</TABLE>

<PAGE>   49
                         [MERCANTILE MUTUAL LETTERHEAD]

FROM - TO                                                      POLICY No.

07/12/98      7/12/99          POLICY CERTIFICATE            41 A172746 BPK

                                               BUSINESS PAK

HEIMANN & ASSOCIATES                           THIS POLICY CERTIFICATE INDICATES
P O BOX 2133                                   THE COVER YOU HAVE SELECTED FOR
ST KILDA WEST                                  THE PERIOD SHOWN.
                    3182                       IT FORMS PART OF AND MUST ALWAYS
                                               BE READ IN CONJUNCTION WITH THE
                                               POLICY WORDING SUPPLIED.
     THE INSURED                               PLEASE CHECK THE POLICY DETAILS
                                               AS SET OUT BELOW AND LET US KNOW
ROCOCO HOLDINGS PTY LTD                        IF ANY CHANGE IS NECESSARY.

20/01/1999                                                            0001

SITUATION
34-36 PUNT ROAD WINDSOR 3181

                           BUSINESS: UNOCCUPIED RISKS

POLICY A - FIRE:
-----------------                  SUM INSURED              EXCESS
BUILDING:                             $750,000                 NIL
CONTENTS:                          NOT INSURED
ACCIDENTAL DAMAGE - BUILDING:          $25,000                $100
ACCIDENTAL DAMAGE - CONTENTS:      NOT INSURED
REINSTATEMENT/EXTRA COST CONDITIONS APPLY

     ***************************************************
     UNOCCUPIED PREMISES
     IT IS NOTED THAT THIS PROPERTY WILL BE UNOCCUPIED
     FROM 07/12/98. THE POLICY IS SUBJECT TO AN EXCESS
     OF $1,000 IN RESPECT OF EACH AND EVERY LOSS
     WHILST THE PREMISES ARE UNOCCUPIED.
     ***************************************************

--------------------------------------------------------------------------------

                              STAMP DUTY REQUIREMENTS
WESTERN AUSTRALIA                   TASMANIA                      QUEENSLAND
WESTERN AUSTRALIAN              TASMANIAN STAMP                QUEENSLAND STAMP
STAMP DUTY PAID                     DUTY PAID                      DUTY PAID

<PAGE>   50
                              [MERCANTILE MUTUAL]

FROM - TO                                                      POLICY No.

07/12/98      7/12/99          POLICY CERTIFICATE            41 A172746 BPK

                                                    BUSINESS PAK

HEIMANN & ASSOCIATES                              **     PAGE 2       **
P O BOX 2133
ST KILDA WEST
                    3182

     THE INSURED

ROCOCO HOLDINGS PTY LTD

20/01/1999                                                            0002

SITUATION
34-36 PUNT ROAD WINDSOR 3181

                           BUSINESS: UNOCCUPIED RISKS

POLICY 3 - GLASS:
-----------------             SUM INSURED
                        REPLACEMENT VALUE        BASINS INCLUDED
EXCESS                                NIL

                              STAMP DUTY REQUIREMENTS
WESTERN AUSTRALIA                   TASMANIA                      QUEENSLAND
WESTERN AUSTRALIAN              TASMANIAN STAMP                QUEENSLAND STAMP
STAMP DUTY PAID                     DUTY PAID                      DUTY PAID

<PAGE>   51

                         [MERCANTILE MUTUAL LETTERHEAD]

<TABLE>
<CAPTION>
   FROM  -  TO                                              POLICY No.
 <S>                          <C>                           <C>
 7/12/98   7/12/99            POLICY CERTIFICATE            41 A172746 BPK
      AT 4:00 P.M.
</TABLE>

<TABLE>
<CAPTION>
<S>                                <C>
                                   BUSINESS PAK

HEIMANN & ASSOCIATES               **  PAGE 3  **
P O BOX 2133
ST KILDA WEST
                   3182

        THE INSURED

ROCOCO HOLDINGS PTY LTD
</TABLE>

<TABLE>
<S>                                          <C>                <C>
[ILLEGIBLE]/01/1999                                             0003

  SITUATION
34-36 PUNT ROAD WINDSOR 3181

                            BUSINESS: PROPERTY OWNER

POLICY F - LEGAL LIABILITY:
---------------------------                  SUM INSURED
           LIMIT OF LIABILITY:                $5,000,000
     PROPERTY DAMAGE EXCESS                         $250

     $2,610.00 PREMIUM             $351.00 STAMP                 $900.00 LEVIES
                                             [SEAL]            $3,861.00 TOTAL
</TABLE>

               SIGNED ON BEHALF OF THE COMPANY .................

    *** PLEASE READ THE ATTACHMENT FOR THE YEAR 2000 EXCLUSION WORDINGS ***

                    STAMP DUTY REQUIREMENTS
<TABLE>
<S>                      <C>                 <C>
WESTERN AUSTRALIA           TASMANIA           QUEENSLAND
WESTERN AUSTRALIAN       TASMANIAN STAMP     QUEENSLAND STAMP
 STAMP DUTY PAID            DUTY PAID           DUTY PAID
</TABLE>

<PAGE>   52
                                    FORM 4.2

PROPERTY INQUIRY APPLICATION FORM                              OFFICE USE ONLY
                                              -- -------------------------------
                                              REFERENCE   CODE   APPLICATION NO.
                                              ----------------------------------
IMPORTANT - IF MORE THAN ONE CERTIFICATE
REQUIRED, COMPLETE AND FORWARD ONE FORM       ----------------------------------
FOR EACH CERTIFICATE TO RELEVANT                 MUNICIPAL
AUTHORITIES IN ACCORDANCE WITH THE               PROPERTY
PROPERTY INQUIRY INFORMATION SHEET               NUMBER
                                                 AS APPEARING ON
                                              ----------------------------------
                                                    Certificate/Advice Requested

TO:
      STATE REVENUE OFFICE                     CERTIFICATE AS TO LAND TAX
      505 LITTLE COLLINS STREET (DX 26)
      MELBOURNE 3000
                                                FEE ENCLOSED:     $12.50

     --------------------------------------------------------------------------
     NOTE:  Generally replies will be mailed to applicant's address. However if
     you wish to collect a Melbourne Water Rate Certificate - available 3
     business days after receipt of application - cross here [ ]
     If you wish to collect an Melbourne Water 239G Statement - cross here [ ]
     --------------------------------------------------------------------------

VENDOR RE:                                                  PURCHASE TO:
ROCOCO HOLDINGS PTY LTD ACN 007 023 574

REGISTERED PROPRIETOR IF NOT THE VENDOR                     VENDOR'S SOLICITOR
                                                            MCGRATH CAREY KATZ
                                                            LEVEL 28,
                                                            55 COLLINS STREET
                                                            MELBOURNE, 3000

            NAME & ADDRESS OF APPLICANT
<TABLE>

<S>                                               <C>                                     <C>
                                                  Our Reference: HS990184
MCGRATH CAREY KATZ                                Total Sale Price: $                     Date Required
LEVEL 28, 55 COLLINS STREET                                                                    ASAP
MELBOURNE, VIC 3000                               Auction/Settlement Date:
DX 30810 COLLINS STREET                           Phone: 9650 5355
                                                  Fax:  9650 5375
</TABLE>

DESCRIPTION OF LAND - BE PRECISE, INSUFFICIENT INFORMATION WILL RESULT IN
                      RETURN OF APPLICATION.
                      LOCALITY PLAN (COPY OF THE TITLE OR SKETCH) SHOWING
                      DIMENSIONS OF WHOLE PROPERTY AND DISTANCE FROM NEAREST
                      STREET INTERSECTION MUST BE ATTACHED TO EACH FORM.

<TABLE>
<CAPTION>

--------------------------------------------------------------------------------------------------------
Flat/Unit No             Street No.           Street                   Municipality
<S>                      <C>                  <C>                      <C>
                           34-36              PUNT ROAD                  CITY OF PORT PHILLIP
--------------------------------------------------------------------------------------------------------
Lot No.       Plan No.        C.A. No.        C.P. No.        Section           Parish
                              B               59                                 PRAHRAN
--------------------------------------------------------------------------------------------------------
Town or Suburb         Postcode         Volume         Folio        Frontage             Depth
    WINDSOR               3181            8200          757
                                          8310          066         REFER ATTACHED         PLAN
--------------------------------------------------------------------------------------------------------
Situated on side of street commencing of                                                      Area

--------------------------------------------------------------------------------------------------------
State whether vacant land or nature                                     Name of               Map
of building (e.g. Dwelling, Factory)                                     Directory             Reference
HOUSE (PREVIOUSLY OCCUPIED) - DETACHED                                  MELWAY                 58B6
--------------------------------------------------------------------------------------------------------
                              FOR OFFICE USE ONLY
--------------------------------------------------------------------------------------------------------
                                                                                              N
--------------------------------------------------------------------------------------------------------
                                                                                              B
--------------------------------------------------------------------------------------------------------
                                                                                              RP
--------------------------------------------------------------------------------------------------------
                                                                                              D
--------------------------------------------------------------------------------------------------------
                                                                                              R
--------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------
                   CERTIFICATE UNDER SECTION 97 AS AT 22/3/99
--------------------------------------------------------------------------------------------------------
ARREARS                      1999 YEAR                   TOTAL                     UNIMPR, VALUE
--------------------------------------------------------------------------------------------------------
 N/L                         $223-69                     $223-69                   $153,900
--------------------------------------------------------------------------------------------------------
REMARKS
LID = 14317429
--------------------------------------------------------------------------------------------------------
                                                                COMMISSIONER OF STATE REVENUE
</TABLE>

<PAGE>   53

                        [SOUTH EAST WATER LIMITED FORM]

                             INFORMATION STATEMENT
              STATEMENT UNDER SECTION 75, WATER INDUSTRY ACT 1994
                  STATEMENT UNDER MMBW ACT 1958 SECTION 239F&G

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
     REFERENCE NO.     YOUR REFERENCE     DATE OF ISSUE     APPLICATION NO.
--------------------------------------------------------------------------------
<S>                    <C>                <C>               <C>
     11J//04469/4         HS990184        19 March 1999         169783
--------------------------------------------------------------------------------
</TABLE>

     MCGRATH CAREY KATZ                   This is to certify that the sum of:
     DX 30810                             Nil
     MELBOURNE

                                          is payable in respect to rates and
                                          charges on property:
                                          36 PUNT ROAD, PRAHRAN 3181

================================================================================
RATES AND CHARGES SUMMARY - PURSUANT TO SECTION 239F
================================================================================

QUARTERLY CHARGES
<TABLE>
<S>                                            <C>          <C>
Melbourne Water Corporation

Drainage [ILLEGIBLE]                           $ 58.41

ANNUAL CHARGES

Parks Victoria

Parks charge  01/07/1998 to 30/06/1999         $102.22

ARREARS                                                     $ 0.00

PAYMENTS                                                    $58.41 or
[ILLEGIBLE]                                                 $ [ILLEGIBLE]
</TABLE>

NOTES:

Please note the total annual charge for Transfer of Land Act Section 32
purposes is estimated at $335.86. This estimate is subject to the NAV and any
additional charges raised by Melbourne Water Corporation and/or Parks.

For Certificate charges updates please contact South East Water Limited's hot
line on 131851. Usage charges are not included on this certificate.

================================================================================
ENCUMBRANCE SUMMARY
================================================================================

THE FOLLOWING PARTICULARS ARE GIVEN PURSUANT TO SECTIONS [ILLEGIBLE].

Where available location of Sewerage Mains are shown on the attached plan.

A previous owner of the property executed an indemnity and a copy is attached.

The property has a trade waste fixture or apparatus connected to South East
Water's sewer. Should the occupancy change, and it is intended to discharge
trade waste into South East Water's sewer it will be necessary for the occupier
to negotiate a new agreement. If the trade waste discharge is to cease, the
fixture or apparatus must be disconnected from the sewer. For details of any
outstanding trade waste matters or the negotiation of a new Trade Waste
Agreement, telephone 9552 3662 quoting TW 10881569A.
<PAGE>   54
                               [STONNINGTON LOGO]

LAND INFORMATION CERTIFICATE                      Cert. No.:    39039799
Section 229 Local Government Act, 1989.            Page No.:           1
                                                Receipt No.:      104611
                                                 Issue date: 26 Feb 1999

Ref.: HS990184

Assn: 1.08475.00080

                                       Owner (as recorded by Council):
MCGRATH CAREY KATZ                     ROCOCO HOLDINGS PTY LIMITED
DX 30810                               165 KAMBROOK ROAD
COLLINS STREET                         CAULFIELD SOUTH 3162

36 PUNT ROAD, WINDSOR 3181             Net Annual Value:      42,000
                                       Valuation Date:       1/10/96
11.4M X IRREG.                         Site Value:           135,000
                                       Capital Imp'd Val.:   440,000

                                       Level Value Date.:   30/06/94
This certificate provides information regarding valuation, rates, charges, other
monies and any orders and notices made under the Local Government Act, 1958,
Local Government Act, 1989 or any local law or by by-law of the Council, and
specified flood level by Council (if any) is provided in "good faith". This
certificate is not required to include information regarding planning,
building, health, land fill, land slip, other flooding information or service
easements. Information regarding these matters may be available from the
Council or other relevant authority. A fee may be charged for such information.

PARTICULARS OF RATES AND CHARGES, OUTSTANDING NOTICES AND WORKS FOR WHICH A
CHARGE HAS BEEN MADE:-
<TABLE>
<S>                               <C>                 <C>             <C>
LEVY FOR YEAR ENDING 30/06/69     General             913.10
                                  Garbage              96.65          1,009.75
   Payments and other transactions to 24/02 :-
                                  Receipt CR                            505.75-
                                                                      --------
RATES AND CHARGES SUB-TOTAL ..................                         $504.00

Current rates are eligible for payment by installments.

In accordance with Section 175 of the LGA 1989, all amounts   TOTAL    $504.00
unpaid MUST be paid by the following dates:-                   DUE
                                                                      --------
FULL payment due by 15/02/99
Installments due by 30/9/98, 30/11/98, 1/3/99, and 31/5/99

NOTE: PROPERTY IS SUBJECT TO A BUILDING ORDER FOR FURTHER
INFORMATION PLEASE CONTACT COUNCIL'S BUILDING DEPARTMENT.
</TABLE>

After the issue of this certificate, Council may be prepared to provide
up-to-date verbal information to the applicant about matters disclosed in this
certificate, but if it does so, Council accepts no responsibility whatsoever
for the accuracy of the verbal information given and no employee of the Council
is authorised to bind Council by the giving of such verbal information.

For further information contact                               [Illegible]
                                                     -------------------------
Revenue Section                                           Authorized Officer

<PAGE>   55
                        [STONNINGTON CITY COUNCIL LOGO]

                          SELF CONTAINED SMOKE ALARMS

                           "smoke alarms save lives"

1.    BACKGROUND
A high percentage of fatalities from fire occur in residential buildings. The
majority of deaths occur during the period when most people are normally
asleep. As people sleep they are unable to smell smoke and therefore cannot
detect a fire. A smoke alarm that is properly installed, regularly tested and
adequately maintained will address this problem and provide for smoke detection
and alarm for sleeping occupants in residential buildings.

The mandatory requirements for smoke alarms (devices that combine both smoke
detection and alarm facilities in a single unit) are specified in the Building
Code of Australia (BCA) clause E1.7 and regulation 5.14 of the Building
Regulations 1994. These provisions require self contained smoke alarms that
comply with AS 3786 to be installed in Class 1, 2, 3 & 4 buildings (typically
houses, flats, residential care and boarding house/hotel buildings and single
dwellings within buildings of other non-residential Classes). AS 3786 specifies
requirements for the design, performance and testing of electrically operated
smoke alarms. It does not detail location requirements. This Practice Note
specifies the appropriate locations referred to in regulation 5.14.

Note:  Some Class 3 residential buildings require additional fire and life
       safety equipment. Where a fire detection and alarm system complying with
       AS 1670, and having smoke detectors installed in all sleeping areas with
       alarm devices audible to all sleeping residents, is installed in the
       building then this is deemed to comply with the smoke alarm requirements
       of the BCA and the Building Regulations 1994 without any further
       installation.

When must smoke alarms be installed?

Within 2 years of the date of commencement of regulation 5.14 which commenced
1 February 1997

                                       or

If a contract for the sale of the dwelling or sole-occupancy unit is entered
into after that commencement, within 30 days after;

in the case of a contract other than a terms contract (as defined in Section 2
of the Sale of Land Act 1962), the date of completion of the contract; and

in the case of a terms contract, the purchaser becomes entitled to possession
or to the receipt of rents and profits under the contract;

whichever is the earlier.

Who must comply with the regulation?

This regulation must by complied with by:

in the case of a dwelling or sole-occupancy unit being purchased under a terms
contract (as defined in section 2 of the Sale of Land Act 1962) under which the
purchaser has become entitled to possession or to the receipt of the rents and
profits, the purchaser of that dwelling or unit; and

in the case of any other dwelling or sole-occupancy unit, the owner of that
dwelling or unit

<PAGE>   56
2.   POWER SUPPLY

The regulations require that smoke alarms be powered as follows:

(a)  In all new Class 1, 2, 3, & 4 buildings

     Connection directly to the consumer power mains as well as a battery back
     up.

(b)  In all existing Class 1, 2, 3, & 4 buildings

     Smoke alarms installed in existing buildings (or parts) are only required
     to have an internal battery power supply

3.   LOCATION OF SMOKE ALARMS

When deciding on the position of smoke alarms it is important to remember that
they are intended to detect smoke before it reaches the sleeping occupants of a
building. The ensuing alarm is designed to wake the occupants and give them time
to evacuate the building.

3.1 Class 1 Buildings

The following provisions relate to installations within Class 1 dwellings.

3.1.1 Protection of sleeping areas

The regulation requires that a smoke alarm be located "between each area
containing bedrooms and the remainder of the dwelling". In some dwellings the
bedrooms are located in a common area and connected by a hallway. In this
instance the alarm must be located as shown in Diagram 1.

                                   DIAGRAM 1

    SMOKE ALARMS IN HALLWAYS

    Located on ceiling between sleeping area and remainder of dwelling

                                     [MAP]

If the bedrooms are not grouped in a common area or no connecting hallway
exists, then an alarm must be located within 1.5m of the entrance to each
bedroom as shown in Diagram 2.

3.1.2 Location of smoke alarm on other storeys

An alarm is also required on every other storey that is not already provided
with a smoke alarm. The location for this alarm will be in the path of travel
people will most likely take to evacuate the building. This will ensure an alarm
will be raised before smoke makes the common exit path impassable (e.g. if the
bedrooms are on the first floor, then an alarm must be positioned near the area
of the inter-connecting stair at ground level).

If the other storey is not connected to the remainder of the building (for
instance a ground floor garage) then the alarm must be centrally located in the
lower area. In all cases the alarm must be audible in the other storey (one way
of achieving this would be to interconnect the units so that the alarm in the
unit within the sleeping area is activated).

<PAGE>   57
                                   DIAGRAM 2

RESIDENTIAL BUILDING WITH SEPARATE SLEEPING AREAS
Smoke alarm within 1.5m of the bedroom doorway

                                   [DIAGRAM]

3.2  CLASS 2 BUILDINGS

Protection of sleeping areas and location of smoke alarms within dwellings
(sole-occupancy units) are as per 3.1.1 and 3.1.2. In other areas (public
corridors, lobbies, etc) smoke alarms must be installed not more than 5m from
any wall and not more than 10m between detectors. These alarms must be audible
to sleeping residents.

If there are other storeys not connected to the remainder of the building (for
instance a ground floor garage or laundry) or not part of a public corridor
then an alarm must be centrally located in the lower area. In all cases the
alarm must be audible in the other storeys.

As with alarms in public corridors, one way of achieving this would be to
interconnect the units so that the alarm in the unit within the sleeping area
is activated.

3.3  CLASS 3 BUILDINGS

Class 3 Buildings must comply with the provisions for Class 1 and 2 buildings
and in addition to providing smoke alarms to sole-occupancy units must have a
smoke alarm installed in all other habitable rooms, except that in kitchen
areas suitable self-contained heat alarms may be installed. As before, these
must all be audible in the sleeping areas.

3.4  CLASS 4 BUILDINGS

A Class 4 building is a single dwelling within a building of another (non
residential) Class and must comply with the provisions for Class 1 dwellings.
In addition it must have smoke alarms installed within any non-fire isolated
exit and any public corridor areas serving the Class 4 building unless the
building is sprinkler protected.

3.5  MOUNTING SMOKE ALARMS

Smoke alarms must be installed on or near the ceiling with special care being
taken to avoid dead air spaces.

A dead air space is an area in which trapped air will prevent smoke from
reaching the alarm. This space generally occurs at the apex of cathedral
ceilings, the corner junction of walls and ceilings, between exposed floor
joists etc. If it is impractical to mount the smoke alarm on the ceiling then
it may be located on the wall. The top of the smoke alarm must be between 300mm
and 500mm of the ceiling. (See Diagram 3).
<PAGE>   58
The distance from the apex of a cathedral ceiling to the top of the alarm must
be between 500mm and 1500mm.

                                   DIAGRAM 3

Dead air space and proper mounting of smoke alarms on side walls

                      Smoke alarm must be located between
                           500mm - 1500mm of the apex

                                   [GRAPHIC]

4.   MAINTENANCE OF SMOKE ALARMS

For smoke alarms to be effective it is important that they are adequately
maintained. The level of maintenance required for each building classification
is determined from Part 11 of the Building Regulations 1994.

The operation of most smoke alarms can be readily checked by depressing a
button on the outside of the alarm. The test should be conducted in accordance
with manufacturer's instructions.

The battery in most smoke alarms will need to be renewed on an annual basis
(lithium batteries lasting up to seven years are also available). Smoke alarms
should emit a warning sound when the battery needs replacement.

The alarm should also be cleaned annually. This usually involves carefully
vacuuming to remove dust particles that may affect the operation of the unit.

Once again full details will be in the manufacturer's installation and operation
details.

Neither a council or a relevant building surveyor is required to check that the
owner is maintaining the smoke alarm. However, a municipal building surveyor
can inspect smoke alarms installed in Class 1b, 2 and 3 buildings under
regulation 11.7.

5.   FALSE ALARMS
Smoke alarms are extremely sensitive and by nature may detect smoke and
moisture created by common household activities (such as burnt toast or steam
from a bathroom). Accordingly, to reduce the likelihood of the false alarms, the
smoke alarm should not be located near cooking appliances and bathrooms.

Some types of smoke alarm may be provided with a method for switching off a
false alarm. Solutions can range from a simple time delay switch that
deactivates the alarm for a period of time while the smoke clears to opening a
window to remove the contaminated air.

If false alarms persist, then the smoke alarm should be moved to a more
suitable location.

<PAGE>   59
                        DATED                                  1999

                        ROCOCO HOLDINGS PTY LTD ACN

                                  007 023 574

                        -----------------------------------

                                VENDOR'S STATEMENT

                        -----------------------------------

                        Property:

                        34-36 Punt Road, Windsor

                        McGrath Carey Katz
                        Solicitors
                        Level 28, 55 Collins Street
                        MELBOURNE 3000

                        Tel: 9650 5355
                        DX:  30810 Collins Street
                        FAX: 9650 5375
                        Ref: HS990184

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