Document:

<PAGE>
                                 GAMESTOP CORP.
                               2001 INCENTIVE PLAN

                  GAMESTOP CORP., a Delaware corporation (the "Company"), hereby
establishes and adopts the following 2001 Incentive Plan (the "Plan").

                                    RECITALS

                  WHEREAS, the Company desires to encourage high levels of
performance by those individuals who are key to the success of the Company or
any parent, subsidiary or affiliate of the Company, to attract new individuals
who are highly motivated and who will contribute to the success of the Company
and to encourage such individuals to remain as officers, employees, consultants,
advisors and/or directors of the Company and its parent, subsidiaries and
affiliates by increasing their proprietary interest in the Company's growth and
success.

                  WHEREAS, to attain these ends, the Company has formulated the
Plan embodied herein to authorize the granting of incentive awards through
grants of options to purchase shares ("Options"), grants of share appreciation
rights, grants of Share Purchase Awards (hereafter defined), grants of
Restricted Share Awards (hereafter defined), or any other award made under the
Plan to those persons (each such person a "Participant") whose judgment,
initiative and efforts are, have been, or are expected to be responsible for the
success of the Company or any parent, subsidiary or affiliate of the Company.

                  NOW, THEREFORE, the Company hereby constitutes, establishes
and adopts the following Plan and agrees to the following provisions:

                                   ARTICLE 1.

                               PURPOSE OF THE PLAN

                  1.1. Purpose. The purpose of the Plan is to assist the Company
or any parent, subsidiary or affiliate of the Company in attracting and
retaining selected individuals to serve as directors, officers, consultants,
advisors, and employees of the Company or any parent, subsidiary or affiliate of
the Company who will contribute to the Company's success and to achieve
long-term objectives which will inure to the benefit of all shareholders of the
Company through the additional incentive inherent in the ownership of the
Company's Class A Common Stock, par value $.01 per share (the "Shares"). Options
granted under the Plan will be either "incentive stock options," intended to
qualify as such under the provisions of section 422 of the Internal Revenue Code
of 1986, as from time to time amended (the "Code"), or "nonqualified stock
options." For purposes of the Plan, the terms "subsidiary" and "parent" shall
mean "subsidiary corporation" and "parent corporation," respectively, as such
terms are defined in sections 424(f) and 424(e) of the Code, and "affiliate"
shall have the meaning set forth in Rule 12b-2 of the Securities Exchange Act of
1934, as
<PAGE>
amended (the "Exchange Act"). For purposes of the Plan, the term "Award" shall
include a grant of an Option, a grant of a share appreciation right, a grant of
a Share Purchase Award, a grant of a Restricted Share Award, or any other award
made under the terms of the Plan.

                                   ARTICLE 2.

                            SHARES SUBJECT TO AWARDS

                  2.1. Number of Shares. Subject to the adjustment provisions of
Section 9.9 hereof, the aggregate number of Shares which may be issued under
Awards under the Plan, whether pursuant to Options, Share Purchase Awards,
Restricted Share Awards or any other award under the Plan shall not exceed
15,000,000 Shares. No Options to purchase fractional Shares shall be granted and
no fractional shares shall be issued under the Plan. For purposes of this
Section 2.1, the Shares that shall be counted toward such limitation shall
include all Shares:

                  (1) issued or issuable pursuant to Options that have been or
may be exercised;

                  (2) issued or issuable pursuant to Share Purchase Awards;

                  (3) issued as, or subject to issuance as a Restricted Share
Award; and

                  (4) issued or issuable under any other award granted under the
terms of the Plan.

                  2.2. Shares Subject to Terminated Awards. The Shares covered
by any unexercised portions of terminated Options granted under Articles 4 and
6, Shares forfeited as provided in Section 8.2(a) and Shares subject to any
Awards which are otherwise surrendered by the Participant without receiving any
payment or other benefit with respect thereto may again be subject to new Awards
under the Plan, other than grants of Options intended to qualify as incentive
stock options. In the event the purchase price of an Option is paid in whole or
in part through the delivery of Shares, the number of Shares issuable in
connection with the exercise of the Option shall not again be available for the
grant of Awards under the Plan. Shares subject to Options, or portions thereof,
which have been surrendered in connection with the exercise of share
appreciation rights shall not again be available for the grant of Awards under
the Plan.

                  2.3. Character of Shares. Shares delivered under the Plan may
be authorized and unissued Shares or Shares acquired by the Company, or both.

                  2.4. Limitations on Grants to Individual Participant. Subject
to adjustments pursuant to the provisions of Section 9.9 hereof, the maximum
number of Shares with respect to which Options or stock appreciation rights may
be granted hereunder to any employee during any fiscal year of the Company shall
be 4,500,000 Shares (the "Limitation"). If an Option is canceled, the canceled
Option shall continue

                                       -2-

<PAGE>
to be counted toward the Limitation for the year granted. An Option (or a share
appreciation right) that is repriced during any fiscal year is treated as the
cancellation of the Option (or share appreciation right) and a grant of a new
Option (or share appreciation right) for purposes of the Limitation for that
fiscal year.

                                   ARTICLE 3.

                         ELIGIBILITY AND ADMINISTRATION

                  3.1. Awards to Employees, Directors and Others. (a)
Participants who receive Options under Articles 4 and 6 hereof (including share
appreciation rights under Article 5) ("Optionees"), Share Purchase Awards under
Article 7 or Restricted Share Awards or other Share- based awards under Article
8 (in either case, a "Participant") shall consist of such key officers,
employees, consultants, advisors and directors of the Company or any parent,
subsidiary or affiliate of the Company as the Committee (hereinafter defined)
shall select from time to time. The Committee's designation of an Optionee or
Participant in any year shall not require the Committee to designate such person
to receive Awards or grants in any other year. The designation of an Optionee or
Participant to receive Awards or grants under one portion of the Plan shall not
require the Committee to include such Optionee or Participant under other
portions of the Plan.

                           (b) No Option that is intended to qualify as an
"incentive stock option" may be granted (x) to any individual that is not an
employee of the Company or any parent, subsidiary or affiliate thereof, or (y)
to any employee who, at the time of such grant, owns, directly or indirectly
(within the meaning of Sections 422(b)(6) and 424(d) of the Code), shares
possessing more than 10% of the total combined voting power of all classes of
shares of the Company or any parent, subsidiary or affiliate of the Company,
unless at the time of such grant, (i) the option price is fixed at not less than
110% of the Fair Market Value (as defined below) of the Shares subject to such
Option, determined on the date of the grant, and (ii) the exercise of such
Option is prohibited by its terms after the expiration of five years from the
date such Option is granted.

                  3.2. Administration. (a) The Plan shall be administered by a
committee (the "Committee") consisting of not fewer than two directors of the
Company (the directors of the Company being hereinafter referred to as the
"Directors"), as designated by the Directors. The Directors may remove from, add
members to, or fill vacancies in the Committee. Unless otherwise determined by
the Directors, each member of the Committee is intended to be a "Non-Employee
Director" within the meaning of Rule 16b-3 (or any successor rule) of the
Exchange Act and an "outside director" within the meaning of Section
162(m)(4)(C)(i) of the Code and the regulations thereunder.

                           Any Award to a member of the Committee shall be on
terms consistent with Awards made to other Directors who are not members of the
Committee and who are not employees,

                                       -3-
<PAGE>
except where the Award is approved or ratified by the Compensation Committee
(excluding persons who are also members of the Committee) of the Board of
Directors of the Company.

                           (b) The Committee is authorized, subject to the
provisions of the Plan, to establish such rules and regulations as it may deem
appropriate for the conduct of meetings and proper administration of the Plan.
All actions of the Committee shall be taken by majority vote of its members. The
Committee is also authorized, subject to the provisions of the Plan, to make
provisions in various Awards pertaining to a "change of control" of the Company
and to amend or modify existing Awards.

                           (c) Subject to the provisions of the Plan, the
Committee shall have authority, in its sole discretion, to interpret the
provisions of the Plan and any Award thereunder and, subject to the requirements
of applicable law, including Rule 16b-3 of the Exchange Act, to prescribe,
amend, and rescind rules and regulations relating to the Plan or any Award
thereunder as it may deem necessary or advisable. All decisions made by the
Committee pursuant to the provisions of the Plan shall be final, conclusive and
binding on all persons, including the Company, its shareholders, Directors and
employees, and Plan participants and beneficiaries.

                  3.3. Designation of Consultants/Liability. (a) The Committee
may designate employees of the Company and professional advisors to assist the
Committee in the administration of this Plan and may grant authority to
employees to execute agreements or other documents on behalf of the Committee.

                           (b) The Committee may employ such legal counsel,
consultants and agents as it may deem desirable for the administration of this
Plan and may rely upon any opinion received from any such counsel or consultant
and any computation received from any such consultant or agent. Expenses
incurred by the Committee or the Board in the engagement of any such counsel,
consultant or agent shall be paid by the Company. The Committee, its members and
any person designated pursuant to Section 3.3(a) shall not be liable for any
action or determination made in good faith with respect to this Plan. To the
maximum extent permitted by applicable law, no officer or former officer of the
Company or member or former member of the Committee or of the Board shall be
liable for any action or determination made in good faith with respect to this
Plan or any Award granted under it. To the maximum extent permitted by
applicable law and to the extent not covered by insurance, each officer or
former officer and member or former member of the Committee or of the Board
shall be indemnified and held harmless by the Company against any cost or
expense (including reasonable fees of counsel reasonably acceptable to the
Company) or liability (including any sum paid in settlement of a claim with the
approval of the Company), and advanced amounts necessary to pay the foregoing at
the earliest time and to the fullest extent permitted, arising out of any act or
omission to act in connection with this Plan, except to the extent arising out
of such officer's or former officer's, member's or former member's own fraud or
bad faith. Such indemnification shall be in addition to any rights of
indemnification the officers, directors or members or former officers, directors
or members may have under applicable law. Notwithstanding anything else herein,
this indemnification will not apply to the actions or determinations made by an
individual with regard to Awards granted to him or her under this Plan.

                                       -4-
<PAGE>
                                   ARTICLE 4.

                                     OPTIONS

                  4.1. Grant of Options. The Committee shall determine, within
the limitations of the Plan, those key officers, employees, consultants,
advisors and Directors of the Company or any parent, subsidiary or affiliate of
the Company to whom Options are to be granted under the Plan, the number of
Shares that may be purchased under each such Option, the option price and other
terms of each such Option, and shall designate such Options at the time of the
grant as either "incentive stock options" or "nonqualified stock options";
provided, however, that Options granted to employees of an affiliate (that is
not also a parent or a subsidiary) or to non-employees of the Com pany may only
be "nonqualified stock options."

                  All Options granted pursuant to this Article 4 and Article 6
herein shall be authorized by the Committee and shall be evidenced in writing by
share option agreements ("Share Option Agreements") in such form and containing
such terms and conditions as the Committee shall determine that are not
inconsistent with the provisions of the Plan, and, with respect to any Share
Option Agreement granting Options that are intended to qualify as "incentive
stock options," are not inconsistent with Section 422 of the Code. The granting
of an Option pursuant to the Plan shall impose no obligation on the recipient to
exercise such Option. Any individual who is granted an Option pursuant to this
Article 4 and Article 6 herein may hold more than one Option granted pursuant to
such Articles at the same time and may hold both "incentive stock options" and
"nonqualified stock options" at the same time. To the extent that any Option
does not qualify as an "incentive stock option" (whether because of its
provisions, the time or manner of its exercise or otherwise) such Option or the
portion thereof which does not so qualify shall constitute a separate
"nonqualified stock option."

                  4.2. Option Price. (a) Subject to Section 3.1(b), the option
exercise price per each Share purchasable under any "incentive stock option"
granted pursuant to this Article 4, any "non qualified stock option" granted
pursuant to Article 6 herein, or Options intended to be performance- based
compensation under Section 162(m) of the Code shall not be less than 100% of the
Fair Market Value (as hereinafter defined) of such Share on the date of the
grant of such Option.

                           (b) The option price per share of each Share
purchasable under any "nonqualified stock option" that is not intended to be
performance-based compensation under Section 162(m) of the Code and is granted
pursuant to this Article 4 shall be such amount as the Committee shall determine
at the time of the grant of such Option.

                  4.3. Conditions. Certain Options to be granted under the Plan
(the "Replacement Options") are intended to provide Optionees with Options that
are the economic equivalent of options received by such Optionees between
December 5, 2000 and the date of the adoption of this Plan from

                                       -5-
<PAGE>
GameStop, Inc. to purchase shares of Class B Common Stock of GameStop, Inc.
(collectively, the "Prior Options"). Any Replacement Option shall be in lieu of,
and shall replace in its entirety, the equivalent Prior Option, which Prior
Option shall be null and void and of no further force or effect, and any Share
Option Agreement granting any Replacement Option shall so provide.

                  4.4. Other Provisions. Options granted pursuant to this
Article 4 shall be made in accordance with the terms and provisions of Article 9
hereof and any other applicable terms and provisions of the Plan.

                                   ARTICLE 5.

                            SHARE APPRECIATION RIGHTS

                  5.1. Grant and Exercise. Share appreciation rights may be
granted in conjunction with all or part of any Option granted under the Plan
provided such rights are granted at the time of the grant of such Option. A
"share appreciation right" is a right to receive cash or whole Shares, as
provided in this Article 5, in lieu of the purchase of a Share under a related
Option. A share appreciation right or applicable portion thereof shall terminate
and no longer be exercisable upon the termination or exercise of the related
Option, and a share appreciation right granted with respect to less than the
full number of Shares covered by a related Option shall not be reduced until,
and then only to the extent that, the exercise or termination of the related
Option exceeds the number of Shares not covered by the share appreciation right.
A share appreciation right may be exercised by the holder thereof (the
"Holder"), in accordance with Section 5.2 of this Article 5, by giving written
notice thereof to the Company and surrendering the applicable portion of the
related Option. Upon giving such notice and surrender, the Holder shall be
entitled to receive an amount determined in the manner prescribed in Section 5.2
of this Article 5. Options which have been so surrendered, in whole or in part,
shall no longer be exercisable to the extent the related share appreciation
rights have been exercised.

                  5.2. Terms and Conditions. Share appreciation rights shall be
subject to such terms and conditions, not inconsistent with the provisions of
the Plan, as shall be determined from time to time by the Committee, including
the following:

                           (a) Share appreciation rights shall be exercisable
                  only at such time or times and to the extent that the Options
                  to which they relate shall be exercisable in accordance with
                  the provisions of the Plan.

                           (b) Upon the exercise of a share appreciation right,
                  a Holder shall be entitled to receive up to, but no more than,
                  an amount in cash or whole Shares equal to the excess of the
                  then Fair Market Value of one Share over the option exercise
                  price per Share specified in the related Option multiplied by
                  the number of Shares in respect of which the share
                  appreciation right

                                       -6-
<PAGE>
                  shall have been exercised. The Holder shall specify in his
                  written notice of exercise, whether payment shall be made in
                  cash or in whole Shares (unless otherwise provided in the
                  agreement governing the share appreciation right). Each share
                  appreciation right may be exercised only at the time and so
                  long as a related Option, if any, would be exercisable or as
                  otherwise permitted by applicable law.

                           (c) Upon the exercise of a share appreciation right,
                  the Option or part thereof to which such share appreciation
                  right is related shall be deemed to have been exer cised for
                  the purpose of the limitation of the number of Shares to be
                  issued under the Plan, as set forth in Section 2.1 of the
                  Plan.

                           (d) With respect to share appreciation rights granted
                  in connection with an Option that is intended to be an
                  "incentive stock option," the following shall apply:

                                    (i) No share appreciation right shall be
                           transferable by a Holder otherwise than by will or by
                           the laws of descent and distribution, and share
                           appreciation rights shall be exercisable, during the
                           Holder's lifetime, only by the Holder.

                                    (ii) Share appreciation rights granted in
                           connection with an Option may be exercised only when
                           the Fair Market Value of the Shares subject to the
                           Option exceeds the option exercise price at which
                           Shares can be acquired pursuant to the Option.

                                   ARTICLE 6.

                                 RELOAD OPTIONS

                  6.1. Authorization of Reload Options. Concurrently with the
award of any Option (such Option hereinafter referred to as the "Underlying
Option") to any Participant in the Plan, the Committee may grant one or more
reload options (each, a "Reload Option") to such Participant to purchase for
cash or Shares (held for at least six months or such other period to avoid
accounting charges against the Company's earnings) a number of Shares as
specified below. A Reload Option shall be exercisable for an amount of Shares
equal to (i) the number of Shares delivered by the Optionee to the Company to
exercise the Underlying Option, and (ii) to the extent authorized by the
Committee, the number of Shares used to satisfy any tax withholding requirement
incident to the exercise of the Underlying Option, subject to the availability
of Shares under the Plan at the time of such exercise. Any Reload Option may
provide for the grant, when exercised, of subsequent Reload Options to the
extent and upon such terms and conditions consistent with this Article 6, as the
Committee in its sole discretion shall specify at or after the time of grant of
such Reload Option. Except as otherwise determined by the Committee, a Reload
Option will vest and become exercisable six months after the exercise of an
Underlying Option or Reload Option whereby the Participant delivers to the
Company Shares held by the Optionee for at least six months in

                                     - 7 -
<PAGE>
payment of the exercise price and/or tax withholding obligations.
Notwithstanding the fact that the Under lying Option may be an "incentive stock
option," a Reload Option is not intended to qualify as an "incentive stock
option" under Section 422 of the Code.

                  6.2. Reload Option Amendment. Each Share Option Agreement
shall state whether the Committee has authorized Reload Options with respect to
the Underlying Option. Upon the exercise of an Underlying Option or other Reload
Option, the Reload Option will be evidenced by an amendment to the underlying
Share Option Agreement.

                  6.3. Reload Option Price. The option exercise price per Share
deliverable upon the exercise of a Reload Option shall be the Fair Market Value
of a Share on the date the corresponding Underlying Option is exercised.

                  6.4. Term and Exercise. Except as otherwise determined by the
Committee, each Reload Option vests and is fully exercisable six months after
its grant (i.e., six months after the corresponding Underlying Option is
exercised). The term of each Reload Option shall be equal to the remaining
option term of the Underlying Option.

                  6.5. Termination of Employment. No additional Reload Options
shall be granted to an Optionee when Options and/or Reload Options are exercised
pursuant to the terms of this Plan following termination of the Optionee's
employment unless the Committee, in its sole discretion, shall determine
otherwise.

                  6.6. Applicability of Other Sections. Except as otherwise
provided in this Article 6, the provisions of Article 9 applicable to Options
shall apply equally to Reload Options.

                                   ARTICLE 7.

                              SHARE PURCHASE AWARDS

                  7.1. Grant of Share Purchase Award. The term "Share Purchase
Award" means the right to purchase Shares of the Company and to pay for such
Shares through a loan made by the Company to the Participant (a "Purchase Loan")
as set forth in this Article 7.

                  7.2. Terms of Purchase Loans. (a) Purchase Loan. Each Purchase
Loan shall be evidenced by a promissory note. The term of the Purchase Loan
shall be for a period of years, as determined by the Committee, and the proceeds
of the Purchase Loan shall be used exclusively by the Participant for purchase
of Shares from the Company at a purchase price equal to the Fair Market Value on
the date of the Share Purchase Award.

                                     - 8 -
<PAGE>
                           (b) Interest on Purchase Loan. A Purchase Loan shall
be non-interest bearing or shall bear interest at whatever rate the Committee
shall determine (but not in excess of the maximum rate permissible under
applicable law), payable in a manner and at such times as the Committee shall
determine. Those terms and provisions as the Committee shall determine shall be
incorporated into the promissory note evidencing the Purchase Loan.

                           (c) Forgiveness of Purchase Loan. Subject to Section
7.4 hereof, the Company may forgive the repayment of up to 100% of the principal
amount of the Purchase Loan, subject to such terms and conditions as the
Committee shall determine and set forth in the promissory note evidencing the
Purchase Loan. A Participant's Purchase Loan can be prepaid at any time, and
from time to time, without penalty.

                  7.3. Security for Loans. (a) Stock Power and Pledge. Purchase
Loans granted to Participants shall be secured by a pledge of the Shares
acquired pursuant to the Share Purchase Award. Such pledge shall be evidenced by
a pledge agreement (the "Pledge Agreement") containing such terms and conditions
as the Committee shall determine. The share certificates for the Shares
purchased by a Participant pursuant to a Share Purchase Award shall be issued in
the Participant's name, but shall be held by the Company as security for
repayment of the Participant's Purchase Loan together with a stock power
executed in blank by the Participant (the execution and delivery of which by the
Participant shall be a condition to the issuance of the Share Purchase Award).
Unless otherwise determined by the Committee, the Participant shall be entitled
to exercise all rights applicable to such Shares, including, but not limited to,
the right to vote such Shares and the right to receive dividends and other
distributions made with respect to such Shares. When the Purchase Loan and any
accrued but unpaid interest thereon has been repaid or otherwise satisfied in
full, the Company shall deliver to the Participant the share certificates for
the Shares purchased by a Participant under the Share Purchase Award. Purchase
Loans shall be recourse or non-recourse with respect to a Participant, as
determined by the Committee.

                           (b) Release and Delivery of Share Certificates During
the Term of the Purchase Loan. The Company shall release and deliver to each
Participant certificates for Shares purchased by a Participant pursuant to a
Share Purchase Award, in such amounts and on such terms and conditions as the
Committee shall determine, which shall be set forth in the Pledge Agreement.

                           (c) Release and Delivery of Share Certificates Upon
Repayment of the Purchase Loan. The Company shall release and deliver to each
Participant certificates for the Shares purchased by the Participant under the
Share Purchase Award and then held by the Company, provided the Participant has
paid or otherwise satisfied in full the balance of the Purchase Loan and any
accrued but unpaid interest thereon. In the event the balance of the Purchase
Loan is not repaid, forgiven or otherwise satisfied within 90 days after (i) the
date repayment of the Purchase Loan is due (whether in accordance with its term,
by reason of acceleration or otherwise), or (ii) such longer time as the
Committee, in its discretion, shall provide for repayment or satisfaction, the
Company shall retain those Shares then held by the Company in accordance with
the Pledge Agreement.

                                     - 9 -
<PAGE>
                           (d) Recourse Purchase Loans. Notwithstanding Sections
7.3(a), (b) and (c) above, in the case of a recourse Purchase Loan, the
Committee may make a Purchase Loan on such terms as it determines, including
without limitation, not requiring a pledge of the acquired Shares.

                  7.4. Termination of Employment. (a) Termination of Employment
by Death, Disability or by the Company Without Cause; Change of Control. In the
event of a Participant's termination of employment by reason of death,
"disability" or by the Company without "cause," or in the event of a "change of
control," the Committee shall have the right (but shall not be required) to
forgive the remaining unpaid amount (principal and interest) of the Purchase
Loan in whole or in part as of the date of such occurrence. "Change of Control,"
"disability" and "cause" shall have the respective meanings as set forth in the
promissory note evidencing the Purchase Loan.

                           (b) Termination of Employment. Subject to Section
7.4(a) above, in the event of a Participant's termination of employment for any
reason, the Participant shall repay to the Company the entire balance of the
Purchase Loan and any accrued but unpaid interest thereon, which amounts shall
become immediately due and payable, unless otherwise determined by the
Committee.

                  7.5. Restrictions on Transfer. No Share Purchase Award or
Shares purchased through such an Award and pledged to the Company as collateral
security for the Participant's Purchase Loan (and accrued and unpaid interest
thereon) may be otherwise pledged, sold, assigned or transferred (other than by
will or by the laws of descent and distribution).

                                   ARTICLE 8.

                                  SHARE AWARDS

                  8.1. Restricted Share Awards. (a) A grant of Shares made
pursuant to Sections 8.1 and 8.2 is referred to as a "Restricted Share Award."
The Committee may grant to any Participant an amount of Shares in such manner,
and subject to such terms and conditions relating to vesting, forfeitability and
restrictions on delivery and transfer (whether based on performance standards,
periods of service or otherwise) as the Committee shall establish (such Shares,
"Restricted Shares"). The terms of any Restricted Share Award granted under this
Plan shall be set forth in a written agreement (a "Restricted Share Agreement")
which shall contain provisions determined by the Committee and not inconsistent
with this Plan. The provisions of Restricted Share Awards need not be the same
for each Participant receiving such Awards.

                           (b) Issuance of Restricted Shares. As soon as
practicable after the date of grant of a Restricted Share Award by the
Committee, the Company shall cause to be transferred on the books of the Company
Shares registered in the name of the Company, as nominee for the Participant,
evidencing the Restricted Shares covered by the Award; provided, however, such
Shares shall be subject

                                     - 10 -
<PAGE>
to forfeiture to the Company retroactive to the date of grant if a Restricted
Share Agreement delivered to the Participant by the Company with respect to the
Restricted Shares covered by the Award is not duly executed by the Participant
and timely returned to the Company. All Restricted Shares covered by Awards
under this Article 8 shall be subject to the restrictions, terms and conditions
contained in the Plan and the Restricted Share Agreement entered into by and
between the Company and the Participant. Until the lapse or release of all
restrictions applicable to an Award of Restricted Shares, the share certificates
representing such Restricted Shares shall be held in custody by the Company or
its designee.

                           (c) Shareholder Rights. Beginning on the date of
grant of the Restricted Share Award and subject to execution of the Restricted
Share Agreement as provided in Sections 8.1(a) and (b), unless the Restricted
Share Agreement provides otherwise, the Participant shall become a shareholder
of the Company with respect to all Shares subject to the Restricted Share
Agreement and shall have all of the rights of a shareholder, including, but not
limited to, the right to vote such Shares and the right to receive distributions
made with respect to such Shares; provided, however, that any Shares distributed
as a dividend or otherwise with respect to any Restricted Shares as to which the
restrictions have not yet lapsed shall be subject to the same restrictions as
such Restricted Shares and shall be represented by book entry and held as
prescribed in Section 8.1(b).

                           (d) Restriction on Transferability. None of the
Restricted Shares may be assigned or transferred (other than by will or the laws
of descent and distribution), pledged or sold prior to lapse or release of the
restrictions applicable thereto.

                           (e) Delivery of Shares Upon Release of Restrictions.
Upon expiration or earlier termination of the forfeiture period without a
forfeiture and the satisfaction of or release from any other conditions
prescribed by the Committee, the restrictions applicable to the Restricted
Shares shall lapse. As promptly as administratively feasible thereafter, subject
to the requirements of Section 10.1, the Company shall deliver to the
Participant or, in case of the Participant's death, to the Participant's
beneficiary, one or more stock certificates for the appropriate number of
Shares, free of all such restrictions, except for any restrictions that may be
imposed by law.

                  8.2. Terms of Restricted Shares. (a) Forfeiture of Restricted
Shares. Subject to Section 8.2(b), all Restricted Shares shall be forfeited and
returned to the Company and all rights of the Participant with respect to such
Restricted Shares shall terminate unless the Participant continues in the
service of the Company as an employee (or Director, consultant or advisor, as
the case may be) until the expiration of the forfeiture period for such
Restricted Shares and satisfies any and all other conditions set forth in the
Restricted Share Agreement. The Committee in its sole discretion, shall
determine the forfeiture period (which may, but need not, lapse in installments)
and any other terms and conditions applicable with respect to any Restricted
Share Award and the Committee has the discretion to modify the terms and
conditions of a Restricted Share Award as long as the rights of the Participant
are not impaired.

                                     - 11 -
<PAGE>
                           (b) Waiver of Forfeiture Period. Notwithstanding
anything contained in this Article 8 to the contrary, the Committee may, in its
sole discretion and subject to the limitations imposed under Code Section 162(m)
and the Treasury Regulations thereunder in the case of a Restricted Share Award
intended to comply with the performance-based compensation exception under Code
Section 162(m), waive the forfeiture period and any other conditions set forth
at grant in any Restricted Share Agreement under appropriate circumstances
(including the death, disability or retirement of the Participant or a material
change in circumstances arising after the date of an Award) as determined by the
Committee in its sole discretion and subject to such terms and conditions
(including forfeiture of a proportionate number of the Restricted Shares) as the
Committee shall deem appropriate.

                  8.3. Other Share-Based Awards. The Committee is authorized to
grant other Share- based awards that are payable in, valued in whole or in part
by reference to, or otherwise based on or related to Shares, including but not
limited to, Shares awarded purely as a bonus and not subject to any restrictions
or conditions, Shares in payment of the amounts due under an incentive or
performance plan sponsored or maintained by the Company or any parent,
subsidiary or affiliate of the Company, share appreciation rights (in tandem
with Options), stock equivalent units, and Awards valued by reference to book
value of Shares. Subject to the provisions of this Plan, the Committee shall
have authority to determine the persons to whom and the time or times at which
such Awards shall be made, the number of Shares to be awarded pursuant to or
referenced by such Awards, and all other conditions of the Awards. Grants of
other Share-based awards may be subject to such conditions, restrictions and
contingencies as the Committee may determine which may include, but are not
limited to, continuous service with the Company or any parent, subsidiary or
affiliate of the Company and/or the achievement of performance goals.

                  8.4. Objective Performance Goals, Formulae or Standards. If
the grant of Restricted Shares or other Share-based awards or the lapse of
restrictions or vesting of Restricted Shares or other Share-based awards is
based on the attainment of performance goals, the Committee shall establish the
performance goals and the applicable vesting percentage of the Restricted Share
Award or other Share-based award applicable to each Participant or class of
Participants in writing prior to the beginning of the applicable fiscal year or
at such later date as otherwise determined by the Committee and while the
outcome of the performance goals are substantially uncertain. Such performance
goals may incorporate provisions for disregarding (or adjusting for) changes in
accounting methods, corporate transactions (including, without limitation,
dispositions and acquisitions) and other similar type events or circumstances.
With regard to a Restricted Share Award or other Share-based award that is
intended to comply with Section 162(m) of the Code, to the extent any such
provision would create impermissible discretion under Section 162(m) of the Code
or otherwise violate Section 162(m) of the Code, such provision shall be of no
force or effect. The applicable performance goals shall be based on one or more
of the Performance Criteria set forth in Exhibit A hereto. Other performance
goals may be used to the extent such goals satisfy Section 162(m) of the Code or
the Award is not intended to satisfy the requirements of Section 162(m) of the
Code.

                                     - 12 -
<PAGE>
                  8.5. Annual Limitation on Grants of Shares. Subject to
adjustments pursuant to the provisions of Section 9.9 hereof, the maximum number
of Shares subject to specified performance goals intended to satisfy the
requirements of Section 162(m) of the Code and in accordance with Section 8.4
hereof that may be granted as Restricted Shares to any employee or subject to
any other Share-based awards to any employee during any fiscal year of the
Company shall be 4,500,000 Shares.

                                   ARTICLE 9.

                         GENERALLY APPLICABLE PROVISIONS

                  9.1. Option Period. Subject to Section 3.1(b), the period for
which an Option is exercisable shall be set by the Committee and shall not
exceed ten years from the date such Option is granted, provided, however, in the
case of an Option that is not intended to be an "incentive stock option," the
Committee may prescribe a period in excess of ten years. After the Option is
granted, the option period may not be reduced, subject to expiration due to
termination of employment.

                  9.2. Fair Market Value. If the Shares are listed or admitted
to trading on a securities exchange registered under the Exchange Act, unless
otherwise required by any applicable provision of the Code the "Fair Market
Value" of a Share as of a specified date shall mean the average of the high and
low price of the shares for the day immediately preceding the date as of which
Fair Market Value is being determined (or if there was no reported sale on such
date, on the last preceding date on which any reported sale occurred) reported
on the principal securities exchange on which the Shares are listed or admitted
to trading. If the Shares are not listed or admitted to trading on any such
exchange but are listed as a national market security on the Nasdaq Stock
Market, Inc. ("NASDAQ"), traded in the over-the-counter market or listed or
traded on any similar system then in use, the Fair Market Value of a Share shall
be the average of the high and low sales price for the day immediately preceding
the date as of which the Fair Market Value is being determined (or if there was
no reported sale on such date, on the last preceding date on which any reported
sale occurred) reported on such system. If the Shares are not listed or admitted
to trading on any such exchange, are not listed as a national market security on
NASDAQ and are not traded in the over- the-counter market or listed or traded on
any similar system then in use, but are quoted on NASDAQ or any similar system
then in use, the Fair Market Value of a Share shall be the average of the
closing high bid and low asked quotations on such system for the Shares on the
date in question. If the Shares are not publicly traded, the method for
determining Fair Market Value shall be determined in good faith by the Committee
in its sole discretion. An Option shall be considered granted on the date the
Committee acts to grant the Option or such later date as the Committee shall
specify.

                  9.3. Exercise of Options. Vested Options granted under the
Plan shall be exercised by the Optionee thereof (or by his or her executors,
administrators, guardian or legal representative, or by a Permitted Assignee, as
provided in Sections 9.4, 9.6 and 9.7 hereof) as to all or part of the Shares
covered thereby, by the giving of written notice of exercise to the Company,
specifying the number of Shares to be

                                     - 13 -
<PAGE>
purchased, accompanied by payment of the full purchase price for the Shares
being purchased. Full payment of such purchase price shall be made at the time
of exercise and shall be made (i) in cash or by certified check or bank check or
wire transfer of immediately available funds, (ii) with the consent of the
Committee, by delivery of a promissory note in favor of the Company upon such
terms and conditions as determined by the Committee, (iii) with the consent of
Committee, by tendering previously acquired Shares (valued at their Fair Market
Value, as deter mined by the Committee as of the date of tender) that have been
owned for a period of at least six months (or such other period to avoid
accounting charges against the Company's earnings), or (iv) if Shares are traded
on a national securities exchange, the NASDAQ or quoted on a national quotation
system sponsored by the National Association of Securities Dealers, Inc. and the
Committee authorizes this method of exercise, through the delivery of
irrevocable instructions to a broker approved by the Committee to deliver
promptly to the Company an amount equal to the purchase price, or (v) with the
consent of the Committee, any combination of (i), (ii), (iii) and (iv). In
connection with a tender of previously acquired Shares pursuant to clause (iii)
above, the Committee, in its sole discretion, may permit the Optionee to
constructively exchange Shares already owned by the Optionee in lieu of actually
tendering such Shares to the Company, provided that adequate documentation
concerning the ownership of the Shares to be constructively tendered is
furnished in a form satisfactory to the Committee. The notice of exercise,
accompanied by such payment, shall be delivered to the Company at its principal
business office or such other office as the Committee may from time to time
direct, and shall be in such form, containing such further provisions consistent
with the provisions of the Plan, as the Committee may from time to time
prescribe. In no event may any Option granted hereunder be exercised for a
fraction of a Share. The Company shall, subject to Section 10.4 herein, effect
the transfer of Shares purchased pursuant to an Option as soon as practicable,
and, within a reasonable time thereafter, such transfer shall be evidenced on
the books of the Company. No person exercising an Option shall have any of the
rights of a holder of Shares subject to an Option until certificates for such
Shares shall have been issued following the exercise of such Option. No
adjustment shall be made for cash dividends or other rights for which the record
date is prior to the date of such issuance.

                  9.4. Non-Transferability. Except as otherwise specifically
provided herein, no Award shall be transferable by the Participant otherwise
than by will or by the laws of descent and distribution. All Options shall be
exercisable, during the Participant's lifetime, only by the Participant. Any
attempt to transfer any Award, except as specifically provided herein, shall be
void, and no such Award shall in any manner be subject to the debts, contracts,
liabilities, engagements or torts of any person who shall be entitled to such
Award, nor shall it be subject to attachment or legal process for or against
such person. Notwithstanding the foregoing, the Committee may determine at the
time of grant or thereafter that an Award (other than (x) an Option that is
intended to be an incentive stock option, (y) a share appreciation right covered
by Section 5.2(d)(i) and (z) a Restricted Share Award) that is otherwise not
transferable pursuant to this Section 9.4 is transferable to a Family Member
(defined below) in whole or in part and in such circumstances, and under such
conditions as specified by the Committee. An Award that is transferred to a
Family Member pursuant to the preceding sentence (i) may not be subsequently
transferred otherwise than by will or by the laws of descent and distribution
and (ii) remains subject to the terms of this Plan and the Award agreement.
"Family Member" means, solely to the extent provided for in Securities

                                     - 14 -
<PAGE>
Act Form S-8, any child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, or sister- in-law, including
adoptive relationships, any person sharing the employee's household (other than
a tenant or employee), a trust in which these persons have more than 50% of the
beneficial interest, a foundation in which these persons (or the employee)
control the management of assets, and any other entity in which these persons
(or the employee) own more than 50% of the voting interests or as otherwise
defined in Securities Act Form S-8.

                  9.5. Termination of Employment. Unless the Committee otherwise
determines, in the event of the termination of employment with the Company or
any parent, subsidiary or affiliate of the Company of an Optionee who is an
employee or the termination or separation from service with the Company or any
parent, subsidiary or affiliate of the Company of an advisor, consultant or a
Director (who is an Optionee) for any reason (other than death or disability as
provided below), any Option(s) granted to such Optionee (or its Permitted
Assignee) under this Plan and not previously exercised or expired, to the extent
vested on the date of such termination or separation, shall be exercisable as of
such termination for a period not to exceed three months after the date of such
termination or separation, provided, however, that in no instance may the term
of the Option, as so extended, exceed the maximum term established pursuant to
Section 3.1(b)(ii) or 9.1 above.

                  9.6. Death. In the event an Optionee dies while employed by
the Company or any parent, subsidiary or affiliate of the Company or while
serving as a Director, advisor or consultant of the Company or any parent,
subsidiary of the Company, as the case may be, any Option(s) held by such
Optionee (or its Permitted Assignee) and not previously expired or exercised
shall, to the extent exercisable on the date of death, be exercisable by the
estate of such Optionee or by any person who acquired such Option by bequest or
inheritance, or by the Permitted Assignee at any time within one year after the
death of the Optionee, unless earlier terminated pursuant to its terms,
provided, however, that in no instance may the term of the Option, as so
extended, exceed the maximum term established pursuant to Section 3.1(b)(ii) or
9.1 above.

                  9.7. Disability. In the event of the termination of employment
with the Company or any parent, subsidiary or affiliate of the Company of an
Optionee or separation from service with the Company or any parent, subsidiary
or affiliate of the Company of an Optionee who is a Director, advisor or
consultant of the Company or any parent, subsidiary or affiliate of the Company
due to total disability, the Optionee, or his guardian or legal representative,
or a Permitted Assignee shall have the unqualified right to exercise any Option
that has not expired or been previously exercised and that the Optionee was
eligible to exercise as of the first date of total disability (as determined by
the Committee), at any time within one year after such termination or
separation, unless earlier terminated pursuant to its terms, provided, however,
that in no instance may the term of the Option, as so extended, exceed the
maximum term established pursuant to Section 3.1(b)(ii) or 9.1 above. The term
"total disability" shall, for purposes of this Plan, be defined in the same
manner as such term is defined in Section 22(e)(3) of the Code.

                                     - 15 -
<PAGE>
                  9.8. Terms of Grant. Notwithstanding anything in Section 9.5,
9.6 or 9.7 to the contrary, the Committee may grant an Option under such terms
and conditions as may be provided in the Share Option Agreement given to the
Optionee and the Committee has the discretion to modify the terms and conditions
of an Option after grant as long as no rights of the Participant are impaired,
provided, however, that in no instance may the term of the Option, as so
extended, exceed the maximum term established pursuant to Section 3.1(b)(ii) or
9.1 above.

                  9.9. Adjustments. In the event that the Committee shall
determine that any dividend or other distribution (whether in the form of cash,
Shares, other securities, or other property), recapitalization, stock split,
reverse stock split, reorganization, merger, consolidation, split-up, spin- off,
combination, repurchase, or exchange of Shares or other securities, the issuance
of warrants or other rights to purchase Shares or other securities, or other
similar corporate transaction or event affects the Shares with respect to which
Options have been or may be issued under the Plan, such that an adjustment is
determined in good faith by the Committee to be appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be
made available under the Plan, then the Committee shall, in such manner as the
Committee may deem equitable, adjust any or all of (i) the number and type of
Shares that thereafter may be made the subject of Awards, (ii) the number and
type of Shares subject to outstanding Awards, and (iii) the grant or exercise
price with respect to any Option, or, if deemed appropriate, make provision for
a cash payment to the holder of any outstanding Option; provided, in each case,
that with respect to "incentive stock options," no such adjustment shall be
authorized to the extent that such adjustment would cause such options to
violate Section 422(b) of the Code or any successor provision; and provided
further, that the number of Shares subject to any Option denominated in Shares
shall always be a whole number. In the event of any reorganization, merger,
consolidation, split-up, spin-off, or other business combination involving the
Company (each, a "Reorganization"), the Committee may cause any Award
outstanding as of the effective date of the Reorganization to be canceled in
consideration of a cash payment made to or an alternate Award (whether from the
Company or another entity that is a party to the Reorganization), or a
combination thereof, the holder of such canceled Award substantially equivalent
in value to the fair market value of such canceled Award. The determination of
fair market value shall be made by the Committee in its sole discretion.

                  9.10. Amendment and Modification of the Plan. The Compensation
Committee of the Board of Directors of the Company may, from time to time,
alter, amend, suspend or terminate the Plan as it shall deem advisable, subject
to any requirement for shareholder approval imposed by applicable law, including
without limitation Sections 162(m) and 422 of the Code, or any rule of any stock
exchange or quotation system on which Shares are listed or quoted; provided that
such Compensation Committee may not amend the Plan, without the approval of the
Company's share holders, to increase the number of Shares that may be the
subject of Options under the Plan (except for adjustments pursuant to Section
9.9 hereof). In addition, no amendments to, or termination of, the Plan shall in
any way impair the rights of an Optionee or a Participant (or a Permitted
Assignee thereof) under any Award previously granted without such Optionee's or
Participant's consent.

                                     - 16 -
<PAGE>
                  9.11. Validity of Awards. The validity of any Award or grant
of Options made pursuant to this Plan shall remain in full force and effect and
shall not be affected by the compliance or noncompliance with Section 162(m) of
the Code or Rule 16b-3 of the Exchange Act.

                                   ARTICLE 10.

                                  MISCELLANEOUS

                  10.1. Tax Withholding. The Company or any parent, subsidiary
or affiliate of the Company shall have the right to make all payments or
distributions made pursuant to the Plan to an Optionee or Participant (or a
Permitted Assignee thereof) net of any applicable federal, state and local taxes
required to be paid as a result of the grant of any Award, exercise of an Option
or stock appreciation rights or any other event occurring pursuant to this Plan.
The Company or any parent, subsidiary or affiliate of the Company shall have the
right to withhold from wages or other payments otherwise payable to such
Optionee or Participant (or a Permitted Assignee thereof) such withholding taxes
as may be required by law, or to otherwise require the Optionee or Participant
(or a Permitted Assignee thereof) to pay such withholding taxes. If the Optionee
or Participant (or a Permitted Assignee thereof) shall fail to make such tax
payments as are required, the Company or any parent, subsidiary or affiliate of
the Company shall, to the extent permitted by law, have the right to deduct any
such taxes from any payment of any kind otherwise due to such Optionee or
Participant or to take such other action as may be necessary to satisfy such
withholding obligations. In satisfaction of the requirement to pay required
withholding taxes, the Optionee or Participant (or Permitted Assignee) may make
a written election, which may be accepted or rejected in the discretion of the
Committee, to have withheld a portion of the Shares then issuable to the
Optionee (or Permitted Assignee) pursuant to the Plan, having an aggregate Fair
Market Value equal to the required withholding taxes.

                  10.2. Right of Discharge Reserved. Nothing in the Plan nor the
grant of an Award hereunder shall confer upon any employee, Director,
consultant, advisor or other individual the right to continue in the employment
or service of the Company or any parent, subsidiary or affiliate of the Company
or affect any right that the Company or any parent, subsidiary or affiliate of
the Company may have to terminate the employment or service of (or to demote or
to exclude from future Awards under the Plan) any such employee, Director,
consultant, advisor or other individual at any time for any reason. Except as
specifically provided by the Committee, the Company shall not be liable for the
loss of existing or potential profit with respect to an Award in the event of
termination of an employment or other relationship even if the termination is in
violation of an obligation of the Company or any parent, subsidiary or affiliate
of the Company to the Optionee or Participant.

                  10.3. Unfunded Plan. Unless otherwise determined by the
Committee, the Plan shall be unfunded and shall not create (or be construed to
create) a trust or a separate fund or funds. The Plan shall

                                     - 17 -
<PAGE>
not establish any fiduciary relationship between the Company or any parent,
subsidiary or affiliate of the Company and any Optionee, Participant or other
person. To the extent any Optionee or Participant holds any rights by virtue of
any grant or award made under the Plan, such rights shall constitute general
unsecured liabilities of the Company or any parent, subsidiary or affiliate of
the Company and shall not confer upon any participant any right, title, or
interest in any assets of the Company or any parent, subsidiary or affiliate of
the Company.

                  10.4. Legend. All certificates for Shares delivered under this
Plan shall be subject to such stock transfer orders and other restrictions as
the Committee may deem advisable under the rules, regulations and other
requirements of the Securities and Exchange Commission, any stock exchange upon
which the Shares are then listed or any national securities association system
upon whose system the Shares are then quoted, any applicable Federal or state
securities law, and any applicable corporate law, and the Committee may cause a
legend or legends to be put on any such certificates to make appropriate
reference to such restrictions.

                  10.5. Listing and Other Conditions. (a) As long as the Shares
are listed on a national securities exchange or system sponsored by a national
securities association, the issue of any Shares pursuant to an Award shall be
conditioned upon such Shares being listed on such exchange or system. The
Company shall have no obligation to deliver such Shares unless and until such
Shares are so listed; provided, however, that any delay in the delivery of such
Shares shall be based solely on a reasonable business decision and the right to
exercise any Option with respect to such Shares shall be suspended until such
listing has been effected.

                           (b) If at any time counsel to the Company shall be of
the opinion that any sale or delivery of Shares pursuant to any Award is or may
in the circumstances be unlawful or result in the imposition of excise taxes on
the Company under the statutes, rules or regulations of any applicable
jurisdiction, the Company shall have no obligation to make such sale or
delivery, or to make any application or to effect or to maintain any
qualification or registration under the Securities Act of 1933, as amended, or
otherwise with respect to Shares or Award, and the right to any Award shall be
suspended until, in the opinion of said counsel, such sale or delivery shall be
lawful or will not result in the imposition of excise taxes on the Company.

                           (c) Upon termination of any period of suspension
under this Section 10.5, any Award affected by such suspension which shall not
then have expired or terminated shall be reinstated as to all shares available
before such suspension and as to shares which would otherwise have become
available during the period of such suspension, but no such suspension shall
extend the term of any Option.

                           (d) A Participant shall be required to supply the
Company with any certificates, representations and information that the Company
requests and otherwise cooperate with the Company in obtaining any listing,
registration, qualification, exemption, consent or approval the Company deems
necessary or appropriate.

                                     - 18 -
<PAGE>
                  10.6. Dissolution or Liquidation. In the event of the proposed
dissolution or liquidation of the Company, the Committee shall notify each
Optionee and Participant as soon as practicable prior to the effective date of
such proposed transaction. The Committee in its sole discretion may permit an
Optionee to exercise an Option until ten days prior to such transaction with
respect to all vested and exercisable Shares covered thereby and with respect to
such number of unvested Shares as the Committee shall determine. In addition,
the Committee may provide that any forfeiture provision or Company repurchase
option applicable to any Restricted Share Award shall lapse as to such number of
Shares as the Committee shall determine, contingent upon the occurrence of the
proposed dissolution or liquidation at the time and in the manner contemplated.
To the extent an Option has not been previously exercised, the Option shall
terminate automatically immediately prior to the consummation of the proposed
action. To the extent a forfeiture provision applicable to a Restricted Share
Award has not been waived by the Committee, the related Restricted Share Award
shall be forfeited automatically immediately prior to the consummation of the
proposed action.

                  10.7. Severability. If any provision of the Plan shall be held
unlawful or otherwise invalid or unenforceable in whole or in part, such
unlawfulness, invalidity or unenforceability shall not affect any other
provision of the Plan or part thereof, each of which shall remain in full force
and effect. If the making of any payment or the provision of any other benefit
required under the Plan shall be held unlawful or otherwise invalid or
unenforceable, such unlawfulness, invalidity or unenforceability shall not
prevent any other payment or benefit from being made or provided under the Plan,
and if the making of any payment in full or the provision of any other benefit
required under the Plan in full would be unlawful or otherwise invalid or
unenforceable, then such unlawfulness, invalidity or unenforceability shall not
prevent such payment or benefit from being made or provided in part, to the
extent that it would not be unlawful, invalid or unenforceable, and the maximum
payment or benefit that would not be unlawful, invalid or unenforceable shall be
made or provided under the Plan.

                  10.8. Gender and Number. In order to shorten and to improve
the understandability of the Plan document by eliminating the repeated usage of
such phrases as "his or her" and any mas culine terminology herein shall also
include the feminine, and the definition of any term herein in the singular
shall also include the plural except when otherwise indicated by the context.

                  10.9. Effective Date of Plan; Termination of Plan. The Plan
shall be effective on the date of the approval of the Plan by the holders of a
majority of the shares entitled to vote thereon, provided such approval is
obtained within 12 months after the date of adoption of the Plan by the Board of
Directors. Awards may be granted under the Plan at any time and from time to
time after the effective date of the Plan and on or prior to [December 4, 2010 /
August 21, 2011], on which date the Plan will expire except as to Awards and
related share appreciation rights then outstanding under the Plan. Such
outstanding Awards and stock appreciation rights shall remain in effect until
they have been exercised or terminated, or have otherwise expired.

                                     - 19 -
<PAGE>
                  10.10. Nature of Payments. All Awards made pursuant to the
Plan are in consideration of services performed for the Company and any parent,
subsidiary or affiliate of the Company. Any income or gain realized pursuant to
Awards under the Plan and any share appreciation rights constitutes a special
incentive payment to the Optionee, Participant or Holder and shall not be taken
into account, to the extent permissible under applicable law, as compensation
for purposes of any of the employee benefit plans of the Company or any parent,
subsidiary or affiliate of the Company, except as may be determined by the
Committee or by the Directors or directors of the applicable parent, subsidiary
or affiliate of the Company.

                  10.11. Captions. The captions in this Plan are for convenience
of reference only, and are not intended to narrow, limit or affect the substance
or interpretation of the provisions contained herein.

                  10.12. Successors and Assigns. This Plan shall be binding upon
and inure to the benefit of the respective successors and permitted assigns of
the Company and the Participants.

                  10.13. Governing Law. The Plan and all determinations made and
actions taken thereunder, to the extent not otherwise governed by the Code or
the laws of the United States, shall be governed by the laws of the State of
Delaware and construed accordingly.

                                   ARTICLE 11

                                 PUBLIC OFFERING

                  11.1. General. In connection with any underwritten public
offering by the Company of its equity securities pursuant to an effective
registration statement filed under the Securities Act of 1933, including the
Company's initial public offering, the Committee may, in its discretion,
determine that a person shall not sell, make any short sale of, loan,
hypothecate, pledge, grant any option for the purchase of, or otherwise dispose
of or transfer for value or otherwise agree to engage in any of the foregoing
transactions with respect to any Shares issued pursuant to an Award granted
under the Plan without the prior written consent of the Company or its
underwriters. Such limitations shall be in effect for such period of time as may
be requested by the Company or such underwriters and agreed to by the Company's
officers and directors with respect to their Shares; provided, however, that in
no event shall such period exceed 180 days. The limitations of this Article 11
shall in all events terminate two years after the effective date of the
Company's initial public offering. Holders of Shares issued pursuant to an Award
granted under the Plan shall be subject to the provisions of this Article 11
only if the officers and directors of the Company are also subject to similar
arrangements.

                  11.2. Subsequent Changes. In the event of any stock split,
stock dividend, recapitalization, combination of shares, exchange of Shares or
other change affecting the Company's outstanding common stock effected as a
class without the Company's receipt of consideration, any new, substituted or
additional securities distributed with respect to the purchased shares shall be
immediately

                                     - 20 -
<PAGE>
subject to the provisions of this Article 11, to the same extent the purchased
shares are at such time covered by such provisions.

                  11.3. Stop-Transfer. In order to enforce the limitations of
this Article 11, the Company may impose stop-transfer instructions with respect
to the purchased Shares until the end of the applicable period.
<PAGE>
                                    EXHIBIT A

                              PERFORMANCE CRITERIA

                  Subject to the last sentence of Section 8.4 of the Plan,
performance goals established for purposes of conditioning the grant of an Award
of Restricted Shares or other Share-based awards based on performance or the
vesting of performance-based Awards of Restricted Shares shall be based on one
or more of the following performance criteria ("Performance Criteria"): (i) the
attainment of certain target levels of, or a specified percentage increase in,
revenues, income before income taxes and extraordinary items, net income,
earnings before income tax, earnings before interest, taxes, depreciation and
amortization, or a combination of any or all of the foregoing; (ii) the
attainment of certain target levels of, or a percentage increase in, after-tax
or pre-tax profits including, without limitation, that attributable to
continuing and/or other operations; (iii) the attainment of certain target
levels of, or a specified increase in, operational cash flow; (iv) the
achievement of a certain level of, reduction of, or other specified objectives
with regard to limiting the level of increase in, all or a portion of, the
Company's bank debt or other long-term or short-term public or private debt or
other similar financial obligations of the Company, which may be calculated net
of such cash balances and/or other offsets and adjustments as may be established
by the Committee; (v) the attainment of a specified percentage increase in
earnings per share or earnings per share from continuing operations; (vi) the
attainment of certain target levels of, or a specified increase in return on
capital employed or return on invested capital; (vii) the attainment of certain
target levels of, or a percentage increase in, after-tax or pre-tax return on
stockholders' equity; (viii) the attainment of certain target levels of, or a
specified increase in, economic value added targets based on a cash flow return
on investment formula; (ix) the attainment of certain target levels in the fair
market value of the shares of the Company's Shares and (x) the growth in the
value of an investment in the Company's Shares assuming the reinvestment of
dividends. For purposes of item (i) above, "extraordinary items" shall mean all
items of gain, loss or expense for the fiscal year determined to be
extraordinary or unusual in nature or infrequent in occurrence or related to a
corporate transaction (including, without limitation, a disposition or
acquisition) or related to a change in accounting principle, all as determined
in accordance with standards established by Opinion No. 30 of the Accounting
Principles Board.

         In addition, such Performance Criteria may be based upon the attainment
of specified levels of Company (or affiliate, division or other operational unit
of the Company) performance under one or more of the measures described above
relative to the performance of other real estate investment trusts. To the
extent permitted under Code Section 162(m) (including, without limitation,
compliance with any requirements for stockholder approval), the Committee may:
(i) designate additional business criteria on which the Performance Criteria may
be based or (ii) adjust, modify or amend the aforementioned business criteria.<PAGE>
                                                                    Exhibit 10.1

                                                                  EXECUTION COPY

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

                            STOCK PURCHASE AGREEMENT

                                    between

                           Companhia Vale do Rio Doce

                                      and

                      Shanghai Baosteel Group Corporation

                          Dated as of August 21, 2001

--------------------------------------------------------------------------------
<PAGE>
                               Table of Contents

<Table>
<Caption>
<S>                                                                           <C>
ARTICLE I DEFINITIONS........................................................  1

ARTICLE II SALE AND PURCHASE CLOSING.........................................  7

     SECTION 2.01 SALE OF SHARES.............................................  7
     SECTION 2.02 CLOSINGS...................................................  7

ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER.........................  8

     SECTION 3.01 CORPORATE EXISTENCE........................................  8
     SECTION 3.02 AUTHORITY..................................................  9
     SECTION 3.03 NO CONFLICTS...............................................  9
     SECTION 3.04 GOVERNMENTAL APPROVALS AND FILINGS.........................  9
     SECTION 3.05 CONSENTS; ABSENCE OF PROCEEDINGS AND ORDERS................  9
     SECTION 3.06 PROCEEDINGS................................................  9
     SECTION 3.07 VALID TRANSFER.............................................  9
     SECTION 3.08 ORGANIZATION; CAPITALIZATION............................... 10
     SECTION 3.09 SHARE OWNERSHIP............................................ 10
     SECTION 3.10 REGULATORY STATUS.......................................... 10
     SECTION 3.11 OWNERSHIP AND OTHER RIGHTS TO ASSETS....................... 10
     SECTION 3.12 LAND RIGHTS................................................ 10
     SECTION 3.13 MINING RIGHTS.............................................. 11
     SECTION 3.14 FINANCIAL STATEMENTS....................................... 11
     SECTION 3.15 MATERIAL CONTRACTS......................................... 11
     SECTION 3.16 PERMITS.................................................... 11
     SECTION 3.17 LITIGATION................................................. 11
     SECTION 3.18 POWERS OF ATTORNEY......................................... 11
     SECTION 3.19 BANK ACCOUNT............................................... 11
     SECTION 3.20 EMPLOYEES.................................................. 12
     SECTION 3.21 TAXES...................................................... 12
     SECTION 3.22 NO MATERIAL ADVERSE CHANGE................................. 12
     SECTION 3.23 COMPLIANCE WITH LEGAL REQUIREMENTS; GOVERNMENTAL
                  AUTHORIZATIONS............................................. 12
     SECTION 3.24 ENVIRONMENTAL MATTERS...................................... 12

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER........................... 14

     SECTION 4.01 CORPORATE EXISTENCE........................................ 14
     SECTION 4.02 AUTHORITY.................................................. 14
     SECTION 4.03 NO CONFLICTS............................................... 14
     SECTION 4.04 GOVERNMENTAL APPROVALS AND FILINGS......................... 14
     SECTION 4.05 PROCEEDINGS................................................ 14
     SECTION 4.06 FINANCIAL CONDITION........................................ 14
</Table>
<PAGE>
<Table>
<S>                                                                     <C>
ARTICLE V    COVENANTS OF SELLER .....................................    15
  SECTION 5.01  REQUIRED CORPORATE DOCUMENTS .........................    15
  SECTION 5.02  CONDUCT OF BUSINESS ..................................    15
  SECTION 5.03  CERTAIN RESTRICTIONS .................................    15
  SECTION 5.04  FULFILLMENT OF CONDITIONS ............................    16
  SECTION 5.05  SHAREHOLDERS' MEETING ................................    16

ARTICLE VI   COVENANTS OF BUYER ......................................    16
  SECTION 6.01  REQUIRED APPROVALS ...................................    16
  SECTION 6.02  FULFILLMENT OF CONDITIONS ............................    17

ARTICLE VII  CONDITIONS PRECEDENT TO BUYER'S OBLIGATION TO CLOSE .....    17
  SECTION 7.01  ACCURACY OF REPRESENTATIONS ..........................    17
  SECTION 7.02  SELLERS' PERFORMANCE .................................    17
  SECTION 7.03  ADDITIONAL DOCUMENTS .................................    17
  SECTION 7.04  PROCEEDINGS ..........................................    17
  SECTION 7.05  TRANSFER OF ASSETS, LAND RIGHTS AND MINING RIGHTS ....    17
  SECTION 7.06  OBTAINING PRC GOVERNMENTAL AUTHORIZATION .............    18
  SECTION 7.07  SATISFACTORY COMPLETION OF DUE DILIGENCE
                 INVESTIGATION II ....................................    18

ARTICLE VIII CONDITIONS PRECEDENT TO SELLER'S OBLIGATION TO CLOSE ....    18
  SECTION 8.01  ACCURACY OF REPRESENTATIONS ..........................    18
  SECTION 8.02  BUYER'S PERFORMANCE ..................................    18
  SECTION 8.03  NO PROCEEDINGS .......................................    18

ARTICLE IX   TERMINATION .............................................    19
  SECTION 9.01  TERMINATION EVENTS ...................................    19
  SECTION 9.02  EFFECT OF TERMINATION ................................    19

ARTICLE X    MATERIAL BREACHES .......................................    19

ARTICLE XI   INDEMNIFICATION: REMEDIES ...............................    19
  SECTION 11.01 SURVIVAL .............................................    19
  SECTION 11.02 INDEMNIFICATION AND PAYMENT OF DAMAGES BY SELLER .....    20
  SECTION 11.03 INDEMNIFICATION PROCEDURES ...........................    21
  SECTION 11.04 INDEMNIFICATION AND PAYMENT OF DAMAGES BY BUYER ......    21

ARTICLE XII  GENERAL PROVISIONS ......................................    21
  SECTION 12.01 CONFIDENTIALITY; PUBLIC ANNOUNCEMENTS ................    21
  SECTION 12.02 INCORPORATION OF EXHIBITS ............................    21
  SECTION 12.03 ENTIRE AGREEMENT .....................................    21
  SECTION 12.04 COUNTERPARTS AND FACSIMILE EXECUTION .................    21
  SECTION 12.05 SECTION HEADINGS, CONSTRUCTION .......................    22
  SECTION 12.06 ASSIGNMENTS, SUCCESSORS, AND NO THIRD-PARTY RIGHTS ...    22
  SECTION 12.07 ARBITRATION ..........................................    22

</Table>

                                      ii
<PAGE>
SECTION 12.08 AMENDMENT AND WAIVER........................................22
SECTION 12.09 NOTICES.....................................................23
SECTION 12.10 GOVERNING LAW...............................................24
SECTION 12.11 SEVERABILITY................................................24
SECTION 12.12 EXPENSES....................................................24
SECTION 12.13 TIME OF ESSENCE.............................................24
SECTION 12.14 ENGLISH LANGUAGE............................................24
SECTION 12.15 FURTHER ASSURANCES..........................................24

EXHIBITS
--------

Exhibit A           Form of Bylaws
Exhibit B           Form of Mining Rights and Facilities Leasing Agreement

SCHEDULES
---------

Schedule 1          Facilities and Assets
Schedule 2          Data Room
Schedule 3.12       Land Rights
Schedule 3.13       Mining Rights
Schedule 5.01       Required Corporation Documents

                                      iii

<PAGE>
                            STOCK PURCHASE AGREEMENT

     This STOCK PURCHASE AGREEMENT (the "Agreement") is made as of August 21,
2001, by COMPANHIA VALE DO RIO DOCE, a company organized under the laws of
Brazil, enrolled before the National Registry of Legal Entities (CNPJ) under
the number 33.592.510/0001-54 ("Seller"), and SHANGHAI BAOSTEEL GROUP
CORPORATION, a company organized under the laws of the People's Republic of
China ("Buyer" and together with Seller, the "Parties").

                                    RECITALS

     WHEREAS, the Parties desire to form a joint venture to jointly exploit the
Agua Limpa Complex in Brazil and to obtain certain investment return from such
exploitation;

     WHEREAS, Baovale Mineracao S/A (the "Company") will be incorporated by
Seller, under the Laws of Brazil prior to the Closing Date;

     WHEREAS, Seller desires to transfer, assign, convey and deliver to the
Company, all of Seller's right and interest in, and the title of, the Mining
Rights, Land Rights, Assets and Facilities;

     WHEREAS, the capital stock of the Company will consist of 50% preferred
shares and 50% common shares;

     WHEREAS, Seller desires to sell to Buyer all of the preferred shares of
the Company, with no par value (the "Preferred Shares") representing 50% of the
Company's total capital stock at the time of the purchase, for the
consideration and under the terms and subject to the conditions set forth in
this Agreement;

     WHEREAS, Buyer desires to purchase the Preferred Shares of the Company,
for the consideration and subject to the terms and conditions set forth in this
Agreement;

     NOW THEREFORE IT IS HEREBY AGREED, in consideration of the mutual
agreements and undertakings herein, as follows:

                                   ARTICLE I

                                  DEFINITIONS

     For purposes of this Agreement, the following terms have the meanings
specified or referred to in this Article 1:

     "Affiliate" of any specified Person means any other Person which, directly
or indirectly, is in control of, is controlled by or is under common control
with such specified Person.
<PAGE>
     "AGUA LIMPA COMPLEX" means the Assets, the Facilities, the Mining Rights
and Land Rights which are to be transferred by Seller immediate after the
incorporation of the Company.

     "ASSETS" means, the assets described in Schedule 1.

     "BEST EFFORTS" means the efforts that a prudent Person desirous of
achieving a result would use in similar circumstances to ensure that such
result is achieved as expeditiously as possible.

     "BRAZILIAN CORPORATIONS LAW" means the Brazilian Law 6.404/76 as amended.

     "BREACH" a breach of a representation, warranty, covenant, obligation, or
other provision of this Agreement or any instrument delivered pursuant to this
Agreement will be deemed to have occurred if there is (a) any inaccuracy in or
breach of, or any failure to perform or comply with, such representation,
warranty, covenant, obligation, or other provision, or (b) any claim (by any
Person) or other occurrence or circumstance that is inconsistent with such
representation, warranty, covenant or obligation.

     "BUSINESS" means the ownership, operation and maintenance of the Agua
Limpa Complex for the purpose of the existence and profitability of the Company.

     "BUSINESS DAY" means any day, other than a Saturday or Sunday, when the
Central Bank of Brazil conducts clearing operations.

     "BUYER" has the meaning given to such term in the first paragraph of this
Agreement.

     "BYLAWS" means the Bylaws of the Company, as amended, in the form attached
hereto as Exhibit A.

     "CLOSING" has the meaning given to such term in Section 2.02.

     "CLOSING DATE" means October 18, 2001.

     "COMPANY" has the meaning given to such term in the Recital.

     "CONSENT" means any approval, consent, ratification, waiver, or other
authorization (including any Governmental Authorization).

     "CONTEMPLATED TRANSACTIONS" means all of the transactions contemplated by
this Agreement, including:

     (a)  the incorporation of the Company and the transfer, assignment and
          delivery by Seller to the Company of the Agua Limpa Complex;

     (b)  the sale of the Preferred Shares by Seller to Buyer; and

                                       2
<PAGE>
     (c)  the performance by Buyer and Seller of their respective covenants and
          obligations under this Agreement.

     "CONTRACT" means any agreement, contract, obligation, promise, or
undertaking (whether written or oral and whether express or implied) that is
legally binding.

     "CONTROL" means the possession, directly or indirectly, of 50% plus one of
the voting shares, which provides the power to direct or cause the direction of
the management and policies of a Person. The terms "controlling" and
"controlled" have meanings correlative to the foregoing.

     "DAMAGES" has the meaning given to such term in Section 10.02.

     "DATA ROOM" means the files regarding all the information related to the
Agua Limpa Complex which will be delivered from Seller to Buyer on or prior to
the Closing Date and will then be attached hereto as Schedule 2.

     "DUE DILIGENCE INVESTIGATION" means a due diligence investigation carried
out by Buyer and its authorized representatives limited to matters relating to
or in connection with the Agua Limpa Complex, the incorporation of the Company
and the transfer, assignment, conveyance and delivery of Agua Limpa Complex to
the Company, after such incorporation and before the Closing Date.

     "ENCUMBRANCE" means any charge, claim, community property interest,
condition, right of ownership or use, equitable interest, lien, option, pledge,
security interest, right of first refusal, right of ownership or use, or
restriction of any kind, including any restriction on use, voting, transfer,
receipt of income, or exercise of any other attribute of ownership.

     "ENVIRONMENT" means soil, land surface or subsurface strata, surface waters
(including navigable waters, ocean waters, streams, ponds, drainage basins, and
wetlands), groundwaters, drinking water supply, stream sediments, ambient air
(including indoor air), plant and animal life, and any other environmental
medium or natural resource.

     "ENVIRONMENTAL, HEALTH, AND SAFETY LIABILITIES" means any cost, damages,
expense, liability, obligation, or other responsibility arising from or under an
Environmental Law or an Occupational Safety and Health Law and consisting of or
relating to:

     (a)  any environmental, health, or safety matters or conditions (including
          on-site or off-site contamination, occupational safety and health, and
          regulation of chemical substances or products);

     (b)  fines, penalties, judgments, awards, settlements, legal or
          administrative proceedings, damages, losses, claims, demands and
          response, investigative, remedial, or inspection costs and expenses
          arising under an Environmental Law or an Occupational Safety and
          Health Law;

                                       3
<PAGE>
     (c)  financial responsibility under an Environmental Law or an Occupational
          Safety and Health Law for cleanup costs or corrective action,
          including any investigation, cleanup, removal, containment, or other
          remediation or response actions ("Cleanup") required by an applicable
          Brazilian Environmental Law or Occupational Safety and Health Law and
          for any natural resource damages; or

     (d)  any other compliance, corrective, investigative, or remedial measures
          required under an Environmental Law or an Occupational Safety and
          Health Law.

     "ENVIRONMENTAL LAW" means any Brazilian legal requirement that requires or
relates to:

     (a)  advising appropriate authorities, employees, and the public of
          intended or actual Releases of pollutants or hazardous substances or
          materials, violations of discharge limits, or other prohibitions and
          of the commencements of activities, such as resource extraction or
          construction, that could have significant impact on the Environment;

     (b)  preventing or reducing to acceptable levels the Release of pollutants
          or hazardous substances or materials into the Environment;

     (c)  reducing the quantities, preventing the Release, or minimizing the
          hazardous characteristics of wastes that are generated;

     (d)  assuring that products are designed, formulated, packaged, and used so
          that they do not present unreasonable risks to human health or the
          Environment when used or disposed of;

     (e)  protecting resources, species, or ecological amenities;

     (f)  reducing the acceptable levels the risks inherent in the
          transportation of hazardous substances, pollutants, oil, or other
          potentially harmful substances;

     (g)  cleaning up pollutants that have been Released, preventing the Threat
          of Release, or paying the costs of such clean up or prevention; or

     (h)  making responsible parties pay private parties, or groups of them, for
          damages done to their health or the Environment, or permitting
          self-appointed representatives of the public interest to recover for
          injuries done to public assets.

     "FACILITIES" means the facilities located at the Agua Limpa Complex
described more fully in Schedule 1.

     "GOVERNMENTAL AUTHORIZATION" means any approval, consent, license, permit,
concession, decree, waiver, acknowledgement or other authorization issued,
granted, given, or otherwise made available by or under the authority of any
Governmental Body.

                                       4

<PAGE>
                                   SCHEDULE 1

                             FACILITIES AND ASSETS

DESCRIPTION OF FACILITIES:

Complete supporting infrastructure consisting of:

1) - Maintenance Workshop for Mobile Equipment
2) - Industrial Maintenance Workshops
3) - Laboratories for Physical Tests and Chemical Assays
4) - Industrial Restaurant
5) - Warehouse
6) - Water supply
7) - Power supply
8) - Administrative office

1) - MAINTENANCE WORKSHOP FOR MOBILE EQUIPMENT

It is divided into 07 boxes:

- 03 for preventive maintenance and normal corrective maintenance;
- 01 for preventive and corrective maintenance of caterpillar chain machines
(equipped with rails);
- 01 for lubrication and periodical overhaul;
- 01 for spare subsets; and
- 01 for machine washing.
Each box is equipped with wall sockets (110v, 220v, 440v), air and water
intakes. The workshop also counts with:
- Travelling crane stretching over 05 boxes, with 10 ton load capacity;
- 02 water pumps (01 high pressure and 01 high outflow);
- 01 Ingersoll Rand air compressor;
- 01 Tennant floor washer.
In addition, the workshop has:
- Supporting room for mechanics;
- 03 PPC (planning, scheduling and control) rooms;
- Tool room;
- Backlog parts room.

In order to make the maintenance services more efficient lubricant oil pumps (06
pumps) were installed within each lubricating box, and a high flow grease pump
with a 01 ton capacity tank. The external yard is practically all paved. The
workshop has a shed to store tires and an effluent treatment station (oil and
grease separator).

<PAGE>
The total built area, including the Mining Managing Office is about 1,700 m(2).

2) -- Industrial Maintenance Workshops

There are two industrial maintenance workshops:

a) -- Concentration Plant workshop with 366 m 2 divided into 8 boxes for
      mechanic/electric services, tool room, two travelling cranes and
      washing area;

b) -- Crusher Plant workshop with 270 m 2 dived into meeting room, office,
      tool room, dressing room, toilet, machine tools (180 m 2).

3) -- Laboratories

                                    PHYSICAL
-------------------------------------------------------------------------------
        Assays                       Method                  No. Test Samples
-------------------------------------------------------------------------------
  Samples prepared for     Cone and quartering, Grinding          2,200
   Chemical Analysis           With Cone Crusher and
                            Pulverising with Disc Mill
-------------------------------------------------------------------------------
Moisture Determination     Use a Stove with temperature             100
                             Control (100 - 110 O C)
-------------------------------------------------------------------------------
    Size Analysis          Mechanical and Hand Sieving            1,100
-------------------------------------------------------------------------------

Chemical Laboratory
-------------------------------------------------------------------------------
       Method                    Chemical elements           No. Samples Test
-------------------------------------------------------------------------------
Plasma Spectrometric       SiO2, P, Al2O3, CaO, MgO,              2,200
    Method - ICP                    TiO2, Mn
-------------------------------------------------------------------------------
Titanium (III) Chloride            Total Iron                     1,900
  Reduction Method
-------------------------------------------------------------------------------
 Gravimetric Method             Loss On Ignition                    500
-------------------------------------------------------------------------------
OBS: Methods in accordance with ISO 3082, 3083, 3085, 4701.

Other Information
a) Laboratory Total area: 470 m 2;
b) Main Equipment:
-- 02 Mechanical balances with capacity of 20 e 50 kg;
-- 03 electronic balances with capacity of 2,5 e 10 kg;
-- 04 furnaces;
-- 01 Cone Crusher Mill;
-- 01 Jaw Crusher;
-- 02 Disc Mill (Herzog);
-- 02 Ultrasonic Cleaner;

                                       2

<PAGE>
-03 Sieving Machine (type ro-tap);
-03 Muffle furnaces;
-02 Analitical balances;
-01 Inductively-Coupled Plasma (ICP - Spectrometer);
-01 Spectrophotometer;
-01 Liquid Effluent treatment System;

- All the Balances, Screens, Termometers, Laboratory Glassware, Temperature
Controllers and the Spectrometers are checked and calibrated periodically.
- There is a specific software to control the quality and production
information of all kind of products.

4) - Restaurant

The Industrial Restaurant at Agua Limpa supplies monthly approximately 9,000
meals, 6,000 breakfasts e 300 snacks. The dinning room area is 169 m 2, the
kitchen area is 208 m 2 and the facilities add up to 182 m 2. The stock rooms
have 4 refrigerating chambers (dairy products, anti-chamber, meat chamber (-18
degrees C) and garbage chamber). A contractor bearing the ISO 9002 certificate
manages the routine of the industrial restaurant.

5) - Warehouse

The warehouse is distributed into three areas:

a) Concentrator -- A 240 m 2 shed divided into office rooms (76 m 2), toilet,
reception room and an area with shelves;

b) A 450 m 2 shed for subsets;

c) Crushing -- A 120 m 2 shed for subsets ans parts. External yard with 120 m 2.

6) - Water Supply

The water used on the mining facilities comes from:

a) pumped water (from the dam)

b) recycled water (only for industrial application) obtained on the thickener;

The water is taken from local rivers.

7) - Power Supply

The electric power is bought from a government owned company. It is transmitted
to a 13.8 kV substation and then distributed to all the facilities in the
adequate tension for each one. The government company is responsible for the
transmission of the energy from the hydro-electric power station to the mine
substation.

                                       3
<PAGE>

Description of Assets:

                                       4
<PAGE>
     "GOVERNMENTAL BODY" means any authority, agency, commission, court,
tribunal, official or other instrumentality of Brazil, any foreign country or
any domestic or foreign state, province, county, city or other political
subdivision.

     "HAZARDOUS ACTIVITY" means the distribution, generation, handling,
importing, management, manufacturing, processing, production, refinement,
Release, storage, transfer, transportation, treatment, or use (including any
withdrawal or other use of groundwater) of Hazardous Materials in, on, under,
about, or from the Facilities or any part thereof into the Environment, and any
other act, business, operation, or thing that increases the danger, or risk of
danger, or poses an unreasonable risk of harm to persons or property on or off
the Facilities.

     "HAZARDOUS MATERIAL" means any waste or other substance that is listed,
defined, designated, or classified as, or otherwise determined to be, hazardous,
radioactive, or toxic or a pollutant or a contaminant under or pursuant to any
Environmental Law, including any admixture or solution thereof, and specifically
including petroleum and all derivatives thereof or synthetic substitutes
therefor and asbestos or asbestos-containing materials.

     "ICC" has the meaning set forth in Section 11.07.

     "KNOWLEDGE" an individual will be deemed to have "Knowledge" of a
particular fact, if:

     (a)  such individual was actually aware of such fact; or

     (b)  a prudent individual could be expected to discover or otherwise
          become aware of such fact in connection with its legal duties.

     A Person (other than an individual) will be deemed to have "Knowledge" of
a particular fact if any individual who is serving, or who has at any time
served, as a director, officer, manager (or in any similar capacity) has, or at
any time had, Knowledge of such fact.

     "LAND RIGHTS" means the rights of the Company to own, use and/or occupy
land on which the Facilities are located or on which any Mining Rights are
exercised.

     "LAW" means any national, state, provincial, local, municipal, foreign,
international, multinational or other law, regulation, administrative order,
constitution, ordinance, decree, statute, or treaty.

     "MATERIAL" means any liability or any Contract creating liabilities equal
to or greater than US$ 50,000.00.

     "MATERIAL ADVERSE EFFECT" means a material adverse effect on (i) the
Business, Assets, Mining Rights, Land Rights, Land Rights, Facilities, (ii) the
financial condition of the Company which adverse effect is equal to or greater
than US$ 50,000.00.

                                       5

<PAGE>
     "MINING RIGHTS" means the rights of the Company, listed in Schedule 3.13,
which allow the Company to use, enjoy, exploit, and benefit from quarries on
land from which iron ore is extracted pursuant to relevant Governmental
Authorization.

     "OCCUPATIONAL SAFETY AND HEALTH LAW" means any Brazilian legal requirement
designed to provide safe and healthful working conditions and to reduce
occupational safety and health hazards.

     "ORDER" means any non-appealable award, decision, injunction, judgment,
order, ruling, subpoena, or verdict entered, issued, made, or rendered by any
court, administrative agency, or other Governmental Body or by any arbitrator.

     "ORDINARY COURSE OF BUSINESS" an action taken by a Person will be deemed
to have been taken in the "Ordinary Course of Business" only if (a) such action
is consistent with the past practices of such Person and is taken in the
ordinary course of the normal day-to-day operations of such Person; or (b) such
action is not required to be authorized by the general meeting of shareholders
of such Person (or by any Person or group of Persons exercising similar
authority).

     "ORGANIZATIONAL DOCUMENTS" means (a) the articles of association, articles
or certificate of incorporation and/or the bylaws of a company; (b) any charter
or similar document adopted or filed in connection with the creation,
formation, or organization of a Person; and (c) any amendment to any of the
foregoing.

     "PERSON" means any individual, corporation (including any non-profit
corporation), general or limited partnership, limited liability company, joint
venture, estate, trust, association, organization, labor union, or other entity
or Governmental Body.

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

     "PREFERRED SHARES" means the preferred shares, with no par value, of the
Company, with their rights, preferences, privileges and restrictions set forth
in the Bylaws, the Shareholders' Agreement and in the Brazilian Corporations
Law, which shall constitute, on the Closing Date, 50% of the total capital
stock of the Company.

     "PROCEEDING" means any formal action, arbitration, audit, hearing,
investigation, litigation, or suit (whether civil, criminal or administrative)
commenced, brought, conducted, or heard by or before any Governmental Body or
arbitrator.

     "PURCHASE PRICE" has the meaning given to such term in Section 2.01.

     "RELATED PERSON" means, with respect to a particular Person, any Affiliate
or Representative of the specified Person.

     "RELEASE" means any spilling, leaking, emitting, discharging, depositing,
escaping, leaching, dumping, or other releasing into the Environment, whether
intentional or unintentional.

                                       6
<PAGE>
          "Representative" means with respect to a particular Person, any
director, officer, attorney in fact or other individual authorized by such
Person in writing.

          "Seller" has the meaning given to such term in the first paragraph of
this Agreement.

          "Tax Return" means any return (including any information return),
report, statement, schedule, notice, form, or other document or information
filed with or submitted to, or required to be filed with or submitted to, any
Brazilian Governmental Body in connection with the determination, assessment,
collection, or payment of any tax or in connection with the administration,
implementation, or enforcement of or compliance with any Brazilian legal
requirement relating to any tax.

          "Threat of Release" means a substantial likelihood of a Release that
may reasonable require action in order to prevent or mitigate damage to the
Environment that may result from such Release.

          "U.S. Dollar" or "US$" means the lawful currency of the United States
of America.

                                   ARTICLE II

                           SALE AND PURCHASE CLOSING

          Section 2.01  Sale of Shares.  On the basis of the representations,
warranties and covenants set forth herein, the Due Diligence Investigation, the
Data Room and subject to the terms and conditions of this Agreement, Seller will
sell and transfer the Preferred Shares to Buyer, and Buyer will purchase the
Preferred Shares from Seller. The aggregate purchase price for the Preferred
Shares will be in an amount in Reais equivalent to US$18,900,000, converted into
Reais Commercial Foreign Exchange Rate published by Central Bank of Brazil in
the Sistema de Informacoes do Banco Central do Brazil, under transaction code
PTAX 800, currency code 220 on the date immediately before the date of payment
by Buyer (the "Purchase Price").

          Section 2.02  Closings.  (a) The purchase and sale of the Preferred
Shares (the "Closing") will take place at the offices of Buyer in Shanghai, PRC
on October 18, 2001 or at such other time and place as the parties may agree.

          (b)  At the Closing, Buyer shall make the Purchase Price payment to
Seller by wire transfer to a bank account of Seller in Brazil. Seller and the
Company shall be responsible for taking all actions that shall be necessary to
register Buyer's investment in Brazil with Central Bank of Brazil so as to
insure future remittance by Buyer of the return in U.S. dollars on its
investment in Brazil (in accordance with the Brazilian applicable legislation).

          (c)  At the Closing, Seller will deliver to Buyer:

                                       7
<PAGE>
               (i)   executed Terms of Transfer of the Preferred Shares to the
          name of Buyer in the appropriate Company's books and the certificate
          representing the ownership of the Preferred Shares;

               (ii)  a certificate executed by Seller to the effect that each of
          Seller's representations and warranties in this Agreement is accurate
          in all material respects as of the Closing Date as if made on the
          Closing Date and that Seller has complied with all of the covenants
          required to be complied with by it on or prior to the Closing pursuant
          to this Agreement;

               (iii) documents set forth in Schedule 5.01;

          (iv) resolutions of the Board of Directors of Seller and all other
               necessary corporate documents authorizing Seller to enter into,
               and to perform its obligations under, this Agreement; and

          (v)  the Data Room.

          (d)  At the Closing, Buyer will deliver to Seller:

               (i)   the Purchase Price for the Preferred Shares by wire
          transfer to an account in Brazil designated by Seller in writing;

               (ii)  a certificate executed by Buyer to the effect that each of
          Buyer's representations and warranties in this Agreement is accurate
          in all material respects as of the Closing Date as if made on the
          Closing Date and that Buyer has complied with all of the covenants
          required to be complied with by it on or prior to the Closing pursuant
          to this Agreement; and

               (iii) the business license of Buyer and any other necessary
          corporation documents authorizing Buyer to enter into, and to perform
          its obligations under, this Agreement;

                                  ARTICLE III

                    REPRESENTATIONS AND WARRANTIES OF SELLER

     Seller represents and warrants to Buyer that the statements contained in
this Section 3 are correct and complete as of the date of this Agreement, except
for those specified to be correct and complete as of the Closing Date, and will
be correct and complete as of the Closing Date.

     Section 3.01  Corporate Existence.  Seller is a corporation duly
incorporated, validly existing under the laws of the Brazil. Seller has full
corporate power and authority to execute and deliver this Agreement and to
perform its obligations hereunder in accordance with its terms and to
consummate the Contemplated Transactions.

                                       8
<PAGE>
     Section 3.02 Authority. The execution and delivery by Seller of this
Agreement, and the performance by Seller of its obligations hereunder in
accordance with its terms, have been duly and validly authorized by all
necessary corporate action. This Agreement has been duly and validly executed
and delivered by Seller and constitute legal, valid and binding obligations of
Seller enforceable against Seller in accordance with its terms.

     Section 3.03 No Conflicts. The execution and delivery by Seller of this
Agreement do not, and the performance by Seller of its obligations under this
Agreement will not, conflict with or result in a breach by Seller or violation
by Seller of any of the terms or provisions of its Organizational Documents or
any Material Contract to which Seller is a party, nor will such action result
in any violation by Seller of the provisions of any applicable Law or Order.

     Section 3.04 Governmental Approvals and Filings. Except for filings with
the Brazilian antitrust authorities, no Governmental Authorizations or filings
with the Governmental Body are required in Brazil for the due authorization,
execution and delivery of, and the performance by Seller of its obligations
under this Agreement need to be made or obtained in writing.

     Section 3.05 Consents; Absence of Proceedings and Orders. Except for the
filings with the Brazilian antitrust authorities, on or prior to the Closing
Date, all Consents required in connection with the execution and delivery of
this Agreement, the performance by Seller of its obligations under this
Agreement in accordance with its terms and the performance of the Contemplated
Transactions by Seller will have been obtained and will be in full force and
effect. There is no pending Proceeding that challenges, or may have the effect
of preventing, making illegal, or otherwise interfering with, any of the
Contemplated Transactions and, to Seller's Knowledge, no such Proceeding has
been threatened. On the Closing Date, Seller will not be subject to any Order
that relates to the Business of, or any of the Assets owned or used by, the
Company.

     Section 3.06 Proceedings. No Proceeding has been commenced against Seller
which challenges, or may have the effect of preventing, delaying, making
illegal, or otherwise interfering with the purchase of the Preferred Shares. No
Order has been made and no resolution has been passed for the winding up or
liquidation of Seller or for a provisional liquidator to be appointed in
respect of it and no petition has been presented and no meetings have been
convened for the purpose of winding up or liquidation of Seller.

     Section 3.07 Valid Transfer. At the Closing, Seller will convey to Buyer
good and valid title to the Preferred Shares, free and clear of all
Encumbrances.

     Section 3.08 Organization; Capitalization. On the Closing Date,

                                       9
<PAGE>
          (a) the Company will be a company duly organized and validly existing
under the laws of Brazil, with full corporate power and authority to conduct its
Business and to own and use the Agua Limpa Complex that it purports to own or
use;

          (b) the capital stock of the Company will be represented by (i)
certain number of common shares, with no par value (each, a "Common Share"), all
of which will be issued and outstanding and (ii) the Preferred Shares all of
which will be issued and outstanding. All of the outstanding Common Shares and
Preferred Shares of the Company have been duly authorized and validly issued and
are fully paid and nonassessable. There are no outstanding options, warrants,
rights (including conversion or preemptive rights and rights of first refusal),
proxy or stockholder agreements or agreements of any kind for the purchase or
acquisition from the Company of any of its securities.

          (c) The Bylaws on the Closing Date will be in full force and effect.

     Section 3.09 Share Ownership. On the Closing Date, Seller will be the
legal, record and beneficial owner of, and have valid title to, the Preferred
Shares and all but one Common Shares, and an indirectly wholly owned subsidiary
of Seller will be the legal, record and beneficial owner of, and has valid title
to, one (1) Common Share. Such shares will be issued in accordance with the
registration or qualification provisions of the Brazilian Corporations Law.
Seller is not a party to any agreement or subject to any obligation to assign or
transfer the Common Shares.

     Section 3.10 Regulatory Status. On the Closing Date, neither this
Agreement nor the consummation of the Contemplated Transactions will restrict
or impair the effectiveness of any Government Authorizations held by the
Company or the conduct by it of its Businesses in accordance with such
Government Authorizations or the rights possessed under all laws that would be
applicable to the Company.

     Section 3.11 Ownership of and Other Rights to Assets. The Company, on the
Closing Date, will own and/or will be legally entitled to use all Assets. The
Facilities will be in good repair and operating in the manner for which they
are designed.

     Section 3.12 Land Rights. Except as provided in the Data Room, the
Company, on the Closing Date, will be in possession of all Land Rights referred
to in Schedule 3.12 necessary for the Company to operate the Facilities
currently being operated and to operate its Business as proposed to be
conducted and will not be subject to any Material pending dispute, condemnation
or expropriation proceedings, or to any right or interest of any Person
superior at law to such Land Rights or which in any way impairs or restricts
the ability of the Company to conduct its Business. All Facilities to be used
by the Company for its Business lie wholly within the boundaries of the land to
which the Company will, on the Closing Date, hold valid legal Land Rights and
will not encroach upon the property of, or otherwise conflict with the property
rights of, any other Person.

     Section 3.13 Mining Rights. The Company, on the Closing Date, will be in
possession of all Mining Rights, referred to in Schedule 3.13, necessary for the
Company to operate its Businesses. All such Mining Rights, on the Closing Date,
will be granted to the

                                       10

<PAGE>
Company pursuant to valid Government Authorizations in full force and effect and
all such Mining Rights are located on or with respect to land on which Seller
hold valid Land Rights in full force and effect in accordance with the
representations set forth in Section 3.12 or as otherwise obtained through valid
and enforceable contracts. None of the Mining Rights are subject to any pending
or, to the Seller's Knowledge, threatened dispute, condemnation or expropriation
Proceedings or to any right or interest of any Person superior at law to such
Mining Rights or which in any way will impair or restrict the ability of the
Company to use, enjoy and exercise such Mining Rights.

     Section 3.14   Financial Statements.  The Company has, as of the Closing
Date, never been required by law to prepare or file any financial statements or
any document, which reflects its financial situation. The balance sheet attached
reflects the existing financial situation of the Company, and there are no
undisclosed liabilities (whether accrued, absolute, contingent or otherwise).

     Section 3.15   Material Contracts.  The Company, on the Closing Date, will
not have liabilities, loans or credits and will not be a party to any agreement,
except for the Mining Rights and Facilities Leasing Agreement executed as of the
date hereof between the Company and Seller, pursuant to which: (a) the Company
leases to Seller all its Mining Rights and Facilities, (b) Seller is entitled to
be the owner of all the products extracted from the Company's mines, and (c)
Seller pays a leasing fee to the Company (all as more fully set forth in the
Mining Rights and Facilities Leasing Agreement).

     Section 3.16   Permits.  Except for permits from DNPM and the Brazilian
environmental authorities, the Company, on the Closing Date, will have all
franchises, permits, licenses, and any similar authority necessary for the
conduct of its Business as now being conducted, the lack of which could cause a
Material Adverse Effect. The Company is not in a default in any Material respect
under any of such franchises, permits, licenses or other similar authority.

     Section 3.17   Litigation.  On the Closing Date, (a) there will be no
action, suit, Proceeding, or investigation pending or currently threatened
against the Company or the Agua Limpa Complex, (b) the Company will not be a
party to or named in or subject to any order, writ, injunction, judgment, or
decree of any court, government agency, or instrumentality, and (c) there will
not be any action, suit, Proceeding or investigation by the Company pending or
that the Company intends to initiate, except for those the exiting of which
could not cause a Material Adverse Effect.

     Section 3.18   Powers of Attorney.  The Company, on the Closing Date, will
not have outstanding any powers of attorney or other similar instruments, nor
will it have, except for its Executive Offices, any kind of representatives,
attorneys or agents.

     Section 3.19   Bank Account.  The Company, on the Closing Date, will have a
bank account in Brazil.

     Section 3.20   Employees.  The Company will have no employees, nor any kind
of employment agreement.

                                       11
<PAGE>
     Section 3.21  Taxes.  The Company, as of the Closing Date has never been
required, in accordance with Brazil laws, to file Tax Returns, nor has it as
of today ever been required to pay taxes, except for those related to its
incorporation and filings with or in appropriate authorities and register, which
have been duly paid.

     Section 3.22  No Material Adverse Change.  Since the date of its
incorporation, there has not been any material adverse change in the Business,
the Assets and the Facilities of the Company, and no event has occurred or
circumstance exists that may result in such a material adverse change. There
is no fact known to Seller that has specific application to Seller and that
could have a Material Adverse Effect or, as to the Seller's Knowledge,
materially threatens, the Assets, Business, Facilities and financial condition
of the Company.

     Section 3.23  Compliance With Legal Requirements; Governmental
Authorizations.

          (a) The Company and its predecessor in interest in the Agua Limpa Mine
was, and at all times since its incorporation has been, in compliance with each
Brazilian legal requirement that is or was applicable to it or to the conduct or
operation of its Business or the ownership or use of any of its Assets or
exercise of any of its mineral extraction or Mining Rights;

          (b)  No event has occurred or circumstance exists that (with or
without notice or lapse of time) (i) may constitute or result in a violation by
the Company of, or a failure on the part of the Company to comply with, any
Brazilian legal requirement, or (ii) may give rise to any obligation on the
part of the Company to undertake, or to bear all or any portion of the cost of,
any remedial action of any nature; and

          (c)  The Company and its predecessor in interest in the Agua Limpa
Complex has not received, at any time since its incorporation, any notice or
other written communication from any Governmental Body or any other Person
regarding (i) any actual violation of, or failure to comply with, any Brazilian
legal requirement, or (ii) any actual obligation, on the part of the Company to
undertake, or to bear all or any portion of the cost of, any remedial action of
any nature or (iii) any action or intent by any Governmental Body to withdraw,
revoke or cancel any Governmental Authorization.

     Section 3.24  Environmental Matters.  (a) To Seller's Knowledge, the
Facilities are, and at all times have been, in full compliance with, and has
not been and is not in violation of or liable under, any Brazilian
Environmental Law and has obtained and complied in all material respects with
the terms and conditions of all environmental permits, licenses and other
Governmental Authorizations, and has filed all notifications required by any
Brazilian legal requirement. Seller does not have any basis to expect, nor has
any Person for whose conduct Seller is or may be held to be responsible
received, any actual or, to Seller's Knowledge, threatened Order, notice, or
other written communication from (i) any Governmental Body or private citizen
acting in the public interest, or (ii) the current or prior owner or operator
of any Facilities, of any actual or potential violation or failure to comply
with any Environmental Law, or of any actual or potential violation or failure
to comply with any Environmental Law, or of any actual or currently threatened
obligation to undertake or bear the cost of any Environmental, Health, and
Safety liabilities under Brazilian law with respect to the Agua Limpa Complex
or to which Hazardous Materials were generated, manufactured, refined,
transferred, imported, used, or processed by the Facilities, or any Person for
whose conduct Seller is or may

                                       12

<PAGE>
be held responsible, or from which Hazardous Materials have been transported,
treated, stored, handled, transferred, disposed, recycled, or received.

     (b)  There are no pending or, to Seller's Knowledge, threatened claims,
Encumbrances, or other restrictions of any nature, resulting from any Brazilian
Environmental, Occupational Health, and Safety Law or arising under or pursuant
to any Brazilian Environmental Law, with respect to or affecting any of the
Facilities or Assets.

     (c)  Seller has not received, and there is no basis to expect, any
citation, directive, inquiry, notice, Order, summons, warning, or other
communication that relates to Hazardous Activity, Hazardous Materials, or any,
actual, or potential violation or failure to comply with any Brazilian
Environmental Law, or of any, actual, or potential obligation to undertake or
bear the cost of any Brazilian Environmental, Health, and Safety Law with
respect to any of the Facilities or Assets in which the Company had an interest,
or with respect to any property or facility to which Hazardous Materials
generated, manufactured, refined, transferred, imported, used, or processed by,
the Facilities, Seller, or any Person for whose conduct Seller is or may be held
responsible, have been transported, treated, stored, handled, transferred,
disposed, recycled, or received.

     (d)  None of Seller or the Company has any Environmental, Health, and
Safety Liabilities under the Brazilian Law with respect to the Facilities and
Assets in which the Company (or, to Seller's Knowledge, any predecessor), has or
had an interest, or at any property geologically or hydrologically adjoining the
Facilities.

     (e)  There are no Hazardous Materials present on or in the Environment at
the Facilities or, to Seller's Knowledge, at any geologically or hydrologically
adjoining property, including any Hazardous Materials contained in barrels,
above or underground storage tanks, landfills, land deposits, dumps, equipment
(whether moveable or fixed) or other containers, either temporary or permanent,
and deposited or located in land, water, sumps, or any other part of the
Facilities or such adjoining property, or incorporated into any structure
therein or thereon. None of Seller or the Company has permitted or conducted or
is aware of any Hazardous Activity conducted with respect to the Facilities or
Assets in which the Company has or had an interest except in full compliance
with all applicable Environmental Laws.

     (f)  There has been no Release or, to the Seller's Knowledge, Threat of
Release, of any Hazardous Materials at or from the Facilities or at any other
locations where any Hazardous Materials were generated, manufactured, refined,
transferred, produced, imported, used, or processed from or by the Facilities,
or from Assets in which the Company has or had an interest, or to Seller's
Knowledge, any geologically or hydrologically adjoining property, whether by the
Company.

                                   ARTICLE IV

                    REPRESENTATIONS AND WARRANTIES OF BUYER

                                       13
<PAGE>
     Buyer hereby represents and warrants to Seller that the statements
contained in this Section 4 are correct and complete as of the date of this
Agreement and will be correct and complete as of the Closing Date.

     Section 4.01  Corporate Existence.  Buyer is a corporation duly
incorporated, validly existing under the laws of the PRC. Buyer has full
corporate power and authority to execute and deliver this Agreement, to perform
its obligations hereunder in accordance with its terms and to consummate the
Contemplated Transactions.

     Section 4.02  Authority.  The execution and delivery by Buyer of this
Agreement, and the performance by Buyer of its obligations hereunder, in
accordance with its respective terms, have been duly and validly authorized by
all necessary corporate action. This Agreement has been duly and validly
executed and delivered by Buyer and constitutes legal, valid and binding
obligations of Buyer enforceable against Buyer in accordance with its terms.

     Section 4.03  No Conflicts.  The execution and delivery by Buyer of this
Agreement do not, and the performance of its obligations under this Agreement
will not, conflict with or result in a breach by Buyer or violation by Buyer of
any of the terms or provisions of, or constitute a default by Buyer under, its
Organizational Documents or any Material Contract to which Buyer is a party,
nor will such action result in any violation by Buyer of the provisions of any
applicable Law or Order.

     Section 4.04  Governmental Approvals and Filings.  Except for filings with
the Brazilian antitrust authorities, no Governmental Authorizations or fillings
with the Governmental Body required in China and in Brazil for the due
authorization, execution and delivery of this Agreement need to be made or
obtained in writing. On the Closing Date, all Governmental Authorizations and
filings with the Governmental Body required in China for the performance by
Buyer of its obligations under this Agreement will have been made or obtained.

     Section 4.05  Proceedings.  No Proceeding has been commenced against Buyer
which challenges, or may have the effect of preventing, delaying, making
illegal, or otherwise interfering with, the purchase of the Preferred Shares.
No Order has been made and no resolution has been passed for the winding up or
liquidation of Buyer or for a provisional liquidator to be appointed in respect
of it and no petition has been presented and no meetings have been convened for
the purpose of winding up or liquidation of Buyer.

     Section 4.06  Financial Condition.  Buyer has the financial strength and
resources to enter into this Agreement and to consummate the transactions
contemplated hereunder including the full payment of the Purchase Price under
the terms and conditions hereunder.

     Section 4.07  Consents; Absence of Proceedings and Orders.  Except for the
filings with the Brazilian antitrust authorities, on or prior to the Closing
Date, all Consents required in connection with the execution and delivery of
this Agreement, the performance by Buyer of its obligations under this Agreement
in accordance with its terms and the performance of the Contemplated
Transactions by Buyer will have been obtained and will be full force and effect.
There is no pending Proceeding that challenges, or may have the effect of
preventing, making

                                       14

<PAGE>
illegal, or otherwise interfering with, any of the Contemplated Transactions
and, to Buyer's Knowledge, no such Proceeding has been threatened.

                                   ARTICLE V

                              COVENANTS OF SELLER

     Seller covenants and agrees with Buyer that Seller will comply with all
covenants and provisions of this Section 5, except to the extent Buyer may
otherwise consent in writing.

     Section 5.01 Required Corporate Documents. As promptly as practicable after
the date of this Agreement, and in any event prior to the Closing Date, Seller
will, and will cause the Company to, make all filings required by Brazilian Law
to be made by it in order to consummate the Contemplated Transactions, including
without limitation the filings set forth in Schedule 5.01. Between the date of
this Agreement and the Closing Date, Seller will, and will cause the Company
after incorporated to (a) cooperate with Buyer with respect to all filings that
Buyer is required under this Agreement or by Brazilian Law to make in connection
with the Contemplated Transactions and (b) cooperate with Buyer in obtaining all
necessary Consents. Without limiting the generality of the foregoing, within 15
Business Days from the date hereof, Seller shall file such information and seek
such approvals with the Brazilian antitrust authorities as required under
Brazilian antitrust laws and regulations with respect to this Agreement. Buyer
agree to make available, or cause to be made available to Seller, such
information as may be requested in such Proceedings relative to businesses,
assets and property of Buyer, and to file any additional information requested
by the Brazilian antitrust authorities.

     Section 5.02 Conduct of Business. Between the date of this Agreement and
the Closing Date, Seller, after the incorporation of the Company, will cause the
Company to conduct its Business operations in the Ordinary Course of Business
and in accordance with all material applicable Brazilian laws and regulations,
to preserve and maintain the Agua Limpa Complex. During this period, Seller will
inform Buyer if Seller becomes aware of the occurrence of an event that would
have a Material Adverse Effect.

     Section 5.03 Certain Restrictions. Between the date of this Agreement
and the Closing, Seller will cause the Company to refrain from:

     (a) amending its Bylaws in any material respect or taking any action with
respect to any such amendment or any recapitalization, reorganization,
liquidation or dissolution of any such corporation;

     (b) authorizing, issuing, selling or otherwise disposing of any shares of
capital stock of the Company, or modifying or amending any right of any holder
of outstanding shares of capital stock of the Company.

     Section 5.04 Fulfillment of Conditions. Seller will take all commercially
reasonable steps necessary or desirable and proceed diligently and in good faith
to satisfy each other

                                       15
<PAGE>
condition to the obligations of Buyer contained in this Agreement and will not
take or fail to take any action that could reasonably be expected to result in
the nonfulfillment of any such condition.

     Section 5.05  General Shareholders' Meeting. Promptly after the Closing,
Seller will take all action necessary to convene a meeting of the Company's
shareholders on the Closing Date. The agenda for the meeting shall contemplate
the following decisions:

     (a)  the election of the Commercial Office of the Executive Board of
          Company appointed by Buyer and the member to the Consulting Council
          appointed by Buyer;

     (b)  the adoption of the Bylaws; and

     (c)  any other action necessary to be in compliance with this Agreement,
          the Shareholders' Agreement and the Contemplated Transactions.

     Section 5.06  Maintenance Of Status Quo. After the incorporation of the
Company, Seller will grant, renew or extend, as the case may be, or cause the
various instrumentalities, ministries and authorities, whether at the
national, provincial or local level, to grant, renew or extend all Land Rights
and Mining Rights and other Governmental Authorizations that are to be held by
the Company in connection with its future Business and in compliance with all
Brazilian Laws then enforce and effect.

     Section 5.07  Central Bank Registration. Within 3 Business Days after the
Closing, Seller shall deliver to Buyer Brazilian Central Bank registration
certificate which evidences registration of Buyer's investment in Brazil.

                                   ARTICLE VI

                               COVENANTS OF BUYER

     Buyer covenants and agrees with Seller that, at all times from and after
the date hereof until the Closing, Buyer will comply with all covenants and
provisions of this Section 6, except to the extent Seller may otherwise consent
in writing.

     Section 6.01  Required Approvals. As promptly as practicable after the date
of this Agreement, Buyer will, and will cause each of its Related Persons to,
make all filings required by Laws to be made by them to consummate the
Contemplated Transactions. Between the date of this Agreement and the Closing
Date, Buyer will, and will cause each Related Person to, (a) cooperate with
Seller with respect to all filings that Seller is required by Laws to make in
connection with the Contemplated Transactions, and (b) cooperate with Seller in
obtaining all necessary Consents.

     Section 6.02   Fulfillment Of Conditions. Buyer will take all commercially
reasonable steps necessary or desirable and proceed diligently and in good
faith to satisfy each other condition to the obligations of Seller contained in
this Agreement and will not take or fail to take

                                       16
<PAGE>
any action that could reasonably be expected to result in the nonfulfillment of
any such condition.

                                  ARTICLE VII

              CONDITIONS PRECEDENT TO BUYER'S OBLIGATION TO CLOSE

     Buyer's obligation to purchase the Preferred Shares on the Closing Date is
subject to the satisfaction, at or prior to the Closing Date, of each of the
following conditions (any of which may be waived by Buyer, in whole or in part):

     Section 7.01   Accuracy of Representations.  Each of Seller's
representations and warranties in this Agreement shall be accurate in all
material respects as of the Closing Date as if made on the Closing Date.

     Section 7.02   Seller's Performance.  (a) Each of the covenants and
obligations that Seller is required to perform or to comply with pursuant to
this Agreement at or prior to the Closing Date shall have been duly performed
and complied with.

     (b)  Each document required to be delivered by Seller pursuant to Section
2.02(c) shall have been delivered.

     Section 7.03   Additional Documents.  Each of the following documents must
have been delivered to Buyer:

     (a)  an opinion of Demarest e Almeida Advogados, special Brazilian counsel
to Buyer, dated the Closing Date, in form and substance satisfactory to Buyer;
and

     (b)  the required approvals set forth in Schedule 5.01.

     Section 7.04   Proceedings.  Since the date of this Agreement, there shall
not have been commenced against Buyer, or against any Person affiliated with
Buyer, any Proceeding (a) involving any challenge to, or seeking damages or
other relief in connection with, any of the Contemplated Transactions, or (b)
that may have the effect of preventing, materially delaying, making illegal, or
otherwise materially interfering with any of the Contemplated Transactions.

     Section 7.05   Transfer of Assets, Land Rights and Mining Rights.  Seller
shall have validly conveyed, assigned or otherwise transferred all the
Facilities, Assets, the Land Rights and Mining Rights to the Company, and shall
have provided Buyer with documents and approvals evidencing such transfer,
including without limitation, the approvals, Consents and other documents set
forth in Schedules 3.12 and Schedules 3.13.

     Section 7.06   Obtaining PRC Governmental Authorization.  Buyer shall have
obtained the necessary PRC Governmental Authorization from the relevant PRC
governmental authorities, including without limitation, the State Development
and Planning Committee, the

                                       17

<PAGE>
Ministry of Foreign Trade and Economic Cooperation and the State Administration
of Foreign Exchange, approving this Agreement without altering their terms and
conditions, and the Contemplated Transactions.

     Section 7.07  Satisfactory Completion of Due Diligence Investigation.
Buyer shall have completed to its satisfaction the Due Diligence Investigation,
including the confirmation on Seller's legal title of, and interests in, the
Agua Limpa Complex.

                               ARTICLE VIII

             CONDITIONS PRECEDENT TO SELLER'S OBLIGATION TO CLOSE

     Seller's obligation to sell, transfer and deliver the Preferred Shares and
to take the other actions required to be taken by Seller at the Closing Date is
subject to the satisfaction, at or prior to the Closing Date, of each of the
following conditions (any of which may be waived by Seller, in whole or in
part):

     Section 8.01  Accuracy of Representations.  Each of Buyer's
representations and warranties in this Agreement shall be accurate in all
material respects as of the Closing Date as if made on such Closing Date.

     Section 8.02  Buyer's Performance.  Each of the covenants and obligations
that Buyer is required to perform or to comply with pursuant to this Agreement
at or prior to the Closing Date shall have been duly performed and complied
with in all material respects.

     Section 8.03  No Proceedings.  Since the date of this Agreement, there
must not have been commenced against Seller, or against any Person affiliated
with Seller, any Proceeding (a) involving any challenge to, or seeking damages
or other relief in connection with, any of the Contemplated Transactions, which
is likely to have a Material Adverse Effect or (b) that is likely to have the
effect of preventing, materially delaying, making illegal, or otherwise
materially interfering with any of the Contemplated Transactions.

     Section 8.04  PRC Legal Opinion.  Seller shall have received a legal
opinion from a PRC law firm, dated the Closing Date, in form and substance
satisfactory to Seller.

                                  ARTICLE IX

                                  TERMINATION

     Section 9.01  Termination Events.  This Agreement may, by notice given
prior to or at the Closing, be terminated:

     (a)  by either Buyer or Seller, if a material breach of any provision of
          this Agreement has been committed by the other party and such breach
          has not been waived in writing by the non-breaching party;

                                      18
<PAGE>
     (b)  (i)  by Buyer, if any of the conditions in Section 7 has not been
          satisfied on or before October 18, 2001 or if satisfaction of such a
          condition is or becomes impossible (other than through the failure of
          Buyer to comply with its obligations under this Agreement) and Buyer
          has not waived in writing such condition on or before such date; or

          (ii)  by Seller, if any of the conditions in Section 8 has not been
          satisfied on or before October 18, 2001 or if satisfaction of such a
          condition is or becomes impossible (other than through the failure of
          Seller to comply with its obligations under this Agreement) and Seller
          has not waived in writing such condition on or before such date;

     (c)  by mutual consent of Buyer and Seller.

     Section 9.02  Effect of Termination.  Each party's rights of termination
are in addition to any other rights it may have under this Agreement, and the
exercise of a right of termination will not be an election of remedies. If this
Agreement is terminated pursuant to Section 9.01, all further obligations of
the under this Agreement will terminate, except that the obligations in Section
10.02 will survive; provided, however, that if this Agreement is terminated by
a party because of the breach of the Agreement by the other party or because
one or more of the conditions to the terminating party's obligations under this
Agreement is not satisfied as a result of the other party's failure to comply
with its obligations under this Agreement, [the terminating party's entitled to
receive a break up fee of US$1,000,000, without any other indemnification.
Termination of this Agreement in accordance with its terms shall occur without
the necessity of court action and to that end, the Parties jointly waive any
provisions of applicable law that would require such action.

                                  ARTICLE X

                          INDEMNIFICATION; REMEDIES

     Section 10.01  Survival.  All representations, warranties, covenants, and
obligations to indemnify in this Agreement, and any certificate or document
delivered pursuant to this Agreement will survive until the fifth (5th)
anniversary of the Closing, at which time they shall be of no further force or
effect, except for the indemnification specifically undertaken by Seller under
the Leasing Agreement, as indicated in the proviso of Section 10.02. The right
to indemnification, payment of damages or other remedy based on such
representations, warranties, covenants, and obligations will not be affected by
any investigation conducted with respect to, or any Knowledge acquired (or
capable of being acquired) at any time until the fifth (5th) anniversary of the
Closing, whether before or after the execution and delivery of this Agreement
or the Closing Date, with respect to the accuracy or inaccuracy of or
compliance with, any such representation, warranty, covenant, or obligation.

                                       19

<PAGE>
     Section 10.02  Indemnification and Payment of Damages by Seller.  Seller
will indemnify the Buyer for, and will pay to Buyer the amount of, any loss,
liability, claim, damage expense (including reasonable attorneys' fees) or
diminution of value, whether or not involving a third-party claim, which has
caused actual damages to Buyer (collectively, "Damages"), as determined by (i)
final and non-appealable court decision, (ii) final arbitration award or (iii)
settlement concluded with the agreement of both Buyer and Seller arising,
directly or indirectly, from or in connection with:

     (a)  any Breach of any representation or warranty made by Seller in this
          Agreement, or any other certificate or document delivered by Seller
          pursuant to this Agreement;

     (b)  any Breach of any representation or warranty made by Seller in this
          Agreement as if such representation or warranty were made on and as of
          the Closing Date;

     (c)  any Breach by Seller of any covenant or obligation of Seller in this
          Agreement;

     (d)  all present and future demands by any Person challenging the Company's
          title to or the validity of any Assets, Land Rights or Mining Rights
          held by the Company, or asserting an Encumbrance against such rights;
          and

     (e)  any liabilities (whether relating to labor, tax, environment or
          otherwise) imposed upon Buyer or the Company based on the doctrine of
          successor liability;

provided, however, that Damages arising, directly or indirectly, from or in
connection with environmental and labor matters shall be responsibilities of
Seller, but shall not be indemnified by Seller to Buyer under this Agreement,
instead such Damages shall be indemnified by Seller under the Mining Rights and
Facilities Leasing Agreement, between Seller and the Company, dated as of the
date hereof.

     Section 10.03  Limitation on Indemnification Values.  Seller shall be
liable for Damages to Buyer only when the accumulated Damages during the term
of this Agreement shall have reached an amount not less than UD$50,000.00. Once
the Damages have reached US$50,000.00, Seller shall indemnify Buyer in the full
amount of the Damages upon request by Buyer. To the extent the accumulative
Damages shall not reach US$50,000.00 during the term of this Agreement, Seller
shall have no obligation to indemnify Buyer.

     Section 10.04  Notification by Buyer.  If Buyer shall become aware of
facts which give rise or threaten to give rise to Seller's obligation to
indemnify Buyer pursuant to this Agreement, regardless of whether or not a
third party was involved, Buyer shall send a written notice to Seller promptly
by registered letter or fax disclosing the details thereof. Seller will then
decide whether or not it wishes to handle the situation.

     Section 10.05  Indemnification and Payment of Damages by Buyer.  Buyer
will indemnify Seller, and will pay to Seller the amount of any Damages
arising, directly or indirectly, from or in connection with:

                                       20
<PAGE>
     (a)  any Breach of any representation or warranty made by Buyer in this
Agreement or in any certificate delivered by Buyer pursuant to this Agreement;
or

     (b)  any Breach by Buyer of any covenant or obligation of Buyer in this
Agreement.

                                   ARTICLE XI

                               GENERAL PROVISIONS

     Section 11.01  Confidentiality; Public Announcements. Except as provided in
this Section 11.01, no party shall issue any press release or make any public
announcement relating to the subject matter of this Agreement prior to the
Closing without prior consultation with the other party; provided, however, that
any party may make any public disclosure it believes in good faith upon advice
of counsel is required by applicable Law, in which case the disclosing party
will use its Best Efforts to advise the other parties prior to making the
disclosure. Except as provided in the preceding sentence, each party agrees that
it shall keep the contents of this Agreement confidential and shall not disclose
any part thereof without the prior written consent of the other party, which
consent shall not be unreasonably withheld.

     Section 11.02  Incorporation of Exhibits and Schedules. All Exhibits and
Schedules identified in this Agreement are incorporated herein by reference and
made a part hereof. The Bylaws may be amended, from time to time, in accordance
with the terms of the Shareholders' Agreement and the Leasing Agreement may be
amended, from time to time, in accordance with the terms thereof.

     Information contained in the Schedules shall be considered, for all
purposes and effect, disclosed information and may be incorporated by reference
into any other Sections of this Agreement.

     Section 11.03  Entire Agreement. This Agreement together with the documents
referred to in this Agreement constitutes a complete and exclusive statement of
the terms of the agreement between the Parties with respect to its subject
matter and supersedes all prior understandings, agreements, or representations
by or between the Parties, both written and oral to the extent they relate in
any manner to the subject matter hereof.

     Section 11.04  Counterparts and Facsimile Execution. This Agreement may be
executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Any
counterpart or other signature delivered via facsimile by any party shall be
deemed for all purposes as being good and valid execution and delivery of this
Agreement by that party.

     Section 11.05  Section Headings, Construction. The headings of Sections in
this Agreement are provided for convenience only and will not affect its
construction or interpretation. All references to "Section" or "Sections" refer
to the corresponding Section or Sections of this Agreement. The Parties have
participated jointly in the negotiation and drafting of this Agreement. In the
event an ambiguity or question of intent or interpretation arises, this
Agreement shall be construed as if drafted jointly by the Parties and no
presumption or burden of

                                       21
<PAGE>
proof shall arise favoring or disfavoring any party by virtue of the authorship
of any of the provisions of this Agreement. All words used in this Agreement
will be construed to be of such gender or number as the circumstances require.
Unless otherwise expressly provided, the word "including" does not limit the
preceding words or terms. The Parties intend that each representation, warranty,
and covenant contained herein shall have independent significance. If any party
has breached any representation, warranty, or covenant contained herein in any
respect, the fact that there exists another representation, warranty, or
covenant relating to the same subject matter (regardless of the relative levels
of specificity) which the party has not breached shall not detract from or
mitigate the fact that the party is in breach of the first representation,
warranty, or covenant.

     Section 11.06  Assignments, Successors, and No Third-Party Rights.  This
Agreement will be binding upon and inure to the benefit of the Parties and
their respective successors and permitted assigns. No party may assign this
Agreement or any of its rights, interests or obligations under this Agreement
without the prior consent of the other party, provided, however, that Buyer may
assign this Agreement and its rights and obligations under this Agreement to
any Affiliate of Buyer. Nothing expressed or referred to in this Agreement will
be construed to give any Person other than the Parties to this Agreement any
legal or equitable right, remedy, or claim under or with respect to this
Agreement or any provision of this Agreement. This Agreement and all of its
provisions and conditions are for the sole and exclusive benefit of the Parties
to this Agreement and their successors and permitted assigns.

     Section 11.07  Arbitration.  The Parties agree to use commercially
reasonable efforts to resolve any and all disputes arising from or in connection
with this Agreement by friendly negotiation. If no settlement can be reached
within thirty (30) days following a notice from any party to the other Parties
of a dispute, the dispute shall be submitted for resolved by an arbitration
panel of the International Chamber of Commerce ("ICC") in accordance with its
rules of arbitration. The place of arbitration shall be New York City, New York,
United States of America. The decision made by the ICC shall be accepted as
final and binding up on both Parties and enforceable in any court of competent
jurisdiction. The fee for arbitration shall be borne by the losing party unless
otherwise awarded by the ICC. The arbitration shall be conducted in the English
language.

     Section 11.08  Amendment and Waiver.  This Agreement may not be amended
except by a written agreement executed by the party to be charged with the
amendment. The rights and remedies of the Parties to this Agreement are
cumulative and not alternative. Neither the failure nor any delay by any party
in exercising any right, power, or privilege under this Agreement or the
documents referred to in this Agreement will operate as a waiver of such right,
power, or privilege, and no single or partial exercise of any such right, power,
or privilege will preclude any other or further exercise of such right, power,
or privilege or the exercise of any other right, power, or privilege. To the
maximum extent permitted by applicable law, (a) no claim or right arising out of
this Agreement or the documents referred to in this Agreement can be discharged
by one party, in whole or in part, by a waiver or renunciation of the claim or
right unless in writing signed by the other party; (b) no waiver that may be
given by a party will be applicable except in the specific instance for which
and to the extent to which it is given; and (c) no notice to or demand on one
party will be deemed to be a waiver of any obligation of such party or of the

                                       22

<PAGE>
right of the party giving such notice or demand to take further action without
notice or demand as provided in this Agreement or the documents referred to in
this Agreement.

     Section 11.09  Notices.  All notices, consents, waivers, and other
communications under this Agreement must be in writing and will be deemed to
have been duly given when (a) delivered by hand (with written confirmation of
receipt), (b) sent by telecopier (with written confirmation of receipt),
provided that a copy is mailed by registered mail, return receipt requested, or
(c) when received by the addressee, if sent by an internationally recognized
overnight delivery service (receipt requested), in each case to the appropriate
addresses and telecopier numbers set forth below (or to such other addresses and
telecopier numbers as a party may designate by notice to the other Parties):

If to Buyer:        Shanghai Baosteel Group Corp.
                    Baosteel Tower
                    370 Pudian Road
                    Pudong New District
                    Shanghai, PRC
                    Telephone: (86) 21-5835-8888
                    Facsimile: (86) 21-6840-4832

With a copy to:     Pillsbury Winthrop LLP
                    2504-6, Asia Pacific Finance Tower
                    Citibank Plaza, 3 Garden Road
                    Central, Hong Kong
                    Attention:   Li Li, Esq.
                    Telephone:   (852) 2530-3400
                    Facsimile:   (852) 2530-3355

If to Seller:       Companhia Vale Do Rio Doce
                    Av. Graca Aranha, 26, 19th Floor
                    CEP 2005-900, Rio de Janeiro
                    Brazil
                    Attention:  Commercial Executive Officer
                    Telephone:  55-21-3814-4552
                    Facsimile:  55-21-2220-2173

With a copy to:     c/o Companhia Vale Do Rio Doce
                    Av. Graca Aranha, 26, 19th Floor
                    CEP 2005-900, Rio de Janeiro
                    Brazil
                    Attention:  General Counsel
                    Telephone:  55-21-3814-4566
                    Facsimile:  55-21-3814-4493

     Section 11.10  Governing Law.  This Agreement will be governed by and
construed in accordance with the laws of the State of New York. For purposes of
this Agreement and

                                       23

<PAGE>
according to Article 9, Paragraph 2 of the Brazilian Law of Introduction to the
Civil Code ("Lei de Introducao ao Codigo Civil"), Buyer shall be regarded as
the Offering party.

     Section 11.11 Severability. Any provision of this Agreement that shall be
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions thereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. In the event that any
such provision of this Agreement is so held invalid, the Parties shall promptly
renegotiate in good faith new provisions to restore this Agreement as nearly as
possible to its original intent and effect. To the extent permitted by
applicable law, the Parties hereto hereby waive any provision of law that
renders any provision hereof prohibited or unenforceable in any respect.

     Section 11.12 Expenses. Except as otherwise expressly provided in this
Agreement, each party to this Agreement will bear its respective expenses
incurred in connection with the preparation, execution, and performance of this
Agreement and the Contemplated Transactions, including all fees and expenses of
agents, representatives, counsel and accountants.

     Section 11.13 Time of Essence. With regard to all dates and time periods
set forth or referred to in this Agreement, time is of the essence.

     Section 11.14 English Language. The language of this Agreement is the
English language and in the event of a conflict between this Agreement and any
translation, the English version of this Agreement shall prevail.

     Section 11.15 Further Assurances. The Parties agree (a) to furnish upon
request to each other such further information, (b) to execute and deliver to
each other such other documents, and (c) to do such other acts and things, all
as the other party may reasonably request for the purpose of carrying out the
intent of this Agreement and the documents referred to in this Agreement.

                                       24
<PAGE>
     IN WITNESS WHEREOF, the Parties have executed and delivered this Agreement
as of the date first written above.

                                        COMPANHIA VALE DO RIO DOCE, as Seller

                                        By:  /s/ Illegible
                                             -----------------------------------
                                             Name:  Roger Agnelli
                                             Title: Chief Executive Officer

                                        By:  /s/ Illegible
                                             -----------------------------------
                                             Name:  Mozart Kraemer Zitwihski
                                             Title: Executive Officer

                                        SHANGHAI BAOSTEEL GROUP CORPORATION, as
                                        Buyer

                                        By:  /s/ Illegible
                                             -----------------------------------
                                             Name:  Mdm Xie
                                             Title: Vice-President

                                        By:  /s/ Illegible
                                             -----------------------------------
                                             Name:  Mr He
                                             Title: Vice-President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00033-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00033-of-00352.parquet"}]]