Document:

Exhibit 10.27

(English Translation)

Cooperation Agreement
Between
Center for Audio / Visual Education,
Department Of Education, FuJian
Province
and Tengtu TianDi Network Co. Ltd.

Party A : Center for Audio/Visual
Education, Department of Education,
FuJian Province

Party B : Tengtu TianDi Network Co.
Ltd.

1.Synopsis

1.1        Party A is the essential
constituent department of the
Distance Learning Project in the
FuJian Province.

1.2 Party B is the leading Company in the Nation utilizing broadband satellite
broadcasting, extended campus network, cable TV and Internet to constitute the
multimedia Distance Learning System. Tengtu and the National Center for
Audio/Visual Education under the Ministry of Education together will invest RMB
8O-Million to establish the "Morning Sun Broadband Educational Resources
Center", which integrates the existing educational resources of the Ministry of
Education and the educational resources database produced by Tengtu.

1.3 Both parties will cooperate to establish the "FuJian Provincial Networked
Senior Secondary School". It is a contemporary Distance Learning School managed
by the FuJian Provincial Center for Audio/Visual Education. This School mainly
serves those on-the-job people possessing the ordinary junior secondary,
vocational junior secondary or other junior secondary school certificates. The
courses covered for the 3-year program include politics, language, English
language, physics, mathematics, chemistry, history, geography, biology, and
computer.

<PAGE>

2.         Method of Cooperation

2.1        Both Parties will
establish the Fujian Provincial
Networked Senior Secondary School.

2.2 Both Parties will cooperate on the basic facilities required by the
Networked School, design of the teaching materials, and the teaching modes.

3.         Rights and
Responsibilities of Party A

3.1        Responsible for processing
all the legal procedures for the
establishment of the FuJian
Provincial Networked Senior Secondary
School.

3.2 Promises to allow Party B to be the only cooperation partner in the FuJian
Provincial Networked Senior Secondary School project.

3.3        Responsible for seeking
the rights of transmitting
educational resources through the
cable TV network.

3.4 Party A has to right to request Party B not to disclose the contents of this
Agreement to any third party.

3.5 Party A has the right to request Party B to provide high-quality Distance
Learning services to the FuJian Provincial Senior Secondary School.

4.         Rights and
Responsibilities of Party B

4.1        Responsible for providing
all the hardware for the
establishment of the FuJian
Provincial Networked Senior Secondary
School.

4.2 Responsible for all the costs for textbooks, reference materials, and
self-test software required for the production of the curricula for the
Networked School.

4.3 Responsible for providing, free of charge, all the Distance Learning
contents to the FuJian Provincial Networked Senior Secondary School.

4.4 Party B shall promise to select the best teachers and experts for the
production of the curricula. 4.5 Party B shall guarantee that all the equipment
used comply with the international standards, and that the entire network is
safe.

4.6        Has the right to request
Party A not to disclose the contents
of this Agreement to any third Party.

4.7 Has the right to supervise the works carried out by Party A. Any problems
arise shall be resolved promptly in order to avoid any adverse consequences.

5.         Copyrights

The intellectual copyrights for all the information for the FuJian Provincial
Networked Senior Secondary School (including more than 2,800 Distance Learning
course materials, tutoring materials, curricula designs) belong to Party B.
Without the permission of Party B, Party A shall not release any of the
contents.

6.         Shares Ownership

           Party A takes 25% while Party B takes the rest of the 75% ownership.

7.         Confidentiality

Neither Party cannot release any of the commercial secrets, technology or other
information belonging to the opposite Party to a third Party. The information
include, but not limited to, sales cost, financial data, product and business
plans, design plans, etc.

8.         Responsibilities of
Infringement of Contract

8.1 Neither Party cannot terminate this Contract alone; otherwise this will be
treated as an infringement of the Contract.

8.2 With the cancellation or unlimited delay of the establishment of the
networked senior secondary school, caused by Party A, leading to Party B unable
to establish the educational network, the latter Party has the right to
terminate the Agreement. Party A shall indemnify Party B all the associated
financial losses.

                                      -2-
<PAGE>

9.         Irresistible

Should either Party unable to implement the Agreement due to irresistible
reasons but with evidence to prove their legitimacy, thus giving losses to the
opposite Party, the Party concerned can be exempted from bearing the
responsibilities of infringement of the Contract.

10.        Resolution of Disputes

Any dispute arises during the implementation of this contract shall initially be
resolved through friendly consultation. However, should the consultation fails,
both Parties agree that the dispute be arbitrated by the Beijing Arbitration
Committee. The verdict by the Arbitration Committee shall be treated as the
final verdict.

Party A: Center for Audio/Visual
Education, Department of Education,
FuJian Province

--------------------------------------------------------------
Signature of Legal Representative or
Authorized Representative

Date: _____________________________

Party B: Tengtu TianDi Network Co.
Ltd.

--------------------------------------------------------------
Signature of Legal Representative or
Authorized Representative

Date: _____________________________

                                      -3-
<PAGE>Dated the       day                     of 2002
                  -------    -------------------

                 REALTY STAR DEVELOPMENT LIMITED

                               AND

              INTAC INTERNATIONAL HOLDINGS LIMITED

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

                        TENANCY AGREEMENT

                               of

Unit Nos.3-5 on l7th Floor of Clifford Centre, erected on Section
A of Subsection 5 of Section B of New Kowloon Inland Lot No.3516
  and The Remaining Portion of Subsection S of Section B of New
                   Kowloon Inland Lot No.3516.

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

                      WOO, KWAN, LEE & LO,
                     SOLICITORS & NOTARIES,
                   26TH FLOOR, JARDINE HOUSE,
                   1 CONNAUGHT PLACE, CENTRAL,
                           HONG KONG.

<PAGE>

                         OFFER TO LEASE
                         --------------

Date :    8th March 2002

From                :Intac International Holdings Ltd.
Contact Person      :Miss Yip
Tel/Fax             :23858789 Fax:2385]62]
E-mail Address      :intacgroup@hongkong.com
Mailing Address     :

To:                 Sino Real Estate Agency Ltd.
                    11/F Tsimshatsui Centre
                    66 Mody Road, TST East, Kin

Dear Sirs,

Re  :     Clifford Centre. 778-784 Cheung Sha Wan Road, Kowloon.
          -----------------------------------------------------

We hereby offer to rent from you as Agent for and on behalf of
the Landlord the Premises described below on the following
principal terms and conditions:
Landlord            :    Realty Star Development Ltd.
Tenant              :    Intac International Holdings Ltd.
Premises                 :    Unit Nos. 3-5 on the 17th Floor of
                         Clifford Centre, which for the purpose
                         of identification only is shown outlined
                         and coloured pink on attached plan.
Term                     :    2 years commencing on 20th March
                         2002 and expiring on 19th March 2004,
                         (both days inclusive).
Rent                     :    HK$18,330.00 per month exclusive of
                         Government Rent, Rates, management fee
                         and exclusive of all Tenant's expenses
                         and outgoings.
Term                     :    2 years commencing on 20th March
                         2002 and expiring on 19th March 2004,
                         (both days inclusive).
Management Fee           :    HK$3,391.00 per month (subject to
                         revision)
Provisional
Government Rates         :    HK$2,749.50 per quarter (subject to
                         revision
Provisional
Government Rent          :    HK$1,649.70 per quarter (subject to
                         revision)

Rental Deposit           :    HK$65,163.00 (equivalent to three
                         months' rental deposit and three months'
                         management fee deposit.)
Legal Fee &
Disbursements            :    To be borne by the parties hereto
                         in equal shares; if the Tenant engages a
                         separate firm of solicitors to act for
                         the Tenant, the Tenant shall pay half of
                         the Landlord's reasonable costs and
                         disbursements.

Stamp Duty               :    To be borne by the parties hereto
                         in equal shares.
User                     :    For Industrial / Office use only
Other Conditions         :    As specified in the Schedule
                         attached hereto which shall form an
                         integral part of this agreement.
Tenancy Agreement        :    In a form and content reasonably
                         satisfactory to the Landlord containing
                         the terms herein and such other terms as
                         usually adopted by the Landlord.

<PAGE>

Enclosed herewith is our cheque in the sum of HK$65,163.00 made
payable to the Landlord "REALTY STAR DEVELOPMENT LIMITED" as the
said rental deposit. The money shall be returned to us in fill,
but without interest, if the offer is not accepted by the
Landlord within 14 days. If the offer is accepted, the Landlord
will sign on the copy of this offer and return the same to us
within 14 days. The signed and accepted offer shall become a
binding contract between us until the signing and execution of
the Tenancy Agreement which shall supersede this agreement when
signed. Unless and until the Landlord has signed for acceptance
of this offer, there is no commitment for the Landlord to enter
into a tenancy agreement or any agreement with us in relation to
the premises.

Once this offer is accepted by the Landlord and communicated to
us in writing, if we fail to execute the Tenancy Agreement upon
notice from the Landlord or its solicitors or if we fail to
perform or comply with any of the terms herein contained
including but not limited to the signing of the Tenancy
Agreement, the Landlord shall at its absolute discretion, proceed
either to stamp this agreement and deem the Tenancy Agreement
having been signed and enforceable against the parties according
to its terms OR to forfeit the rental deposit paid hereunder and
treat this agreement as terminated without affecting the parties
antecedent rights and obligations. We hereby confirm and declare
that the undersigned is the authorized representative for and on
behalf of the Tenant.

Yours faithfully,                       Offer Accepted

For and on behalf of
INTAC INTERNATIONAL HOLDINGS LIMITED

------------------------------          -------------------------
Authorized Signature               SINO REAL ESTATE AGENCY LTD.
BR/H.K.I.D. NO.:                        For and on behalf of the
Landlord
Date:                                   Date:

(Signature and Company Chop must be in black ink)

<PAGE>

                           SCHEDULE 1

1.   Tenant shall pay rent management fee and all service charges
     on or before the first day of each and every calendar month.

2.   Tenant shall pay Government Rent and Rates as assessed by
     the Government. Government Rent and Rents shall be paid
     quarterly in advance on the first day of the months of
     January, April, July and October.

3.   Tenant shall keep all the interior of the premises and the
     Landlord's fixtures therein and all additions thereto in
     good clean tenantable and proper repair condition and to
     deliver up the same in the like condition to the Landlord at
     the expiration or sooner determination of the term.

4    Tenant shall permit the Landlord and its agents with or
     without workmen or others and with or without appliances at
     all reasonable time upon reasonable notice to enter upon the
     Premises to view the condition thereof and to carry out
     necessary repair and maintenance work to the Landlord's
     fixtures and fittings therein.

5.   Tenant shall not use the Premises for any purpose other than
     such as specified by the Landlord herein.

6.   Tenant shall not transfer assign underlet licence share or
     otherwise part with the possession of the Premises or any
     part thereof either by way of sub-letting, lending sharing
     or any other means whereby any person not a party to this
     Agreement obtains the use or possession of the Premises or
     any part thereof.

7.   Tenant shall indemnify and keep the Landlord fully
     indemnified from and against all actions proceedings demands
     costs expenses liabilities and claims whatsoever by the
     tenants or occupiers of the Building (of which the Premises
     form part) caused by or arising from the act, neglect,
     default or omission of the Tenant, its servants or visitors.

8.   Detailed plans for internal partitioning and/or decoration
     works, including but not limited to electrical and
     mechanical layouts shall be submitted to the Landlord for
     approval before commencement of any works. The Landlord or
     his authorized agents shall have the absolute discretion in
     granting or refusing such approval. The approval to be
     granted shall be subject to such condition as the Landlord
     or his authorized agent may think fit.

9    All structural alterations, additions, including but not
     limited to alteration and additions to fire services,
     mechanical ventilations, electrical wirings and drainage
     within the premises, shall be carried out only with the
     written consent of the Landlord and by such person or
     contractor as shall be nominated or approved by the Landlord
     at the Tenant's sole costs and expenses.

10.  Tenant shall be responsible for the cost of the installation
     of sub-main cable and all other alteration works at the
     Premises.

11.  Tenant shall pay a vetting charge to the Building Manager
     for checking and approving of the decoration plans and
     inspection of the decoration works. In addition, the Tenant
     shall pay a sum, as demanded by the

<PAGE>

     Building Manager, as fitting out and decoration deposit.
     Such sum shall be refunded to the Tenant, less any necessary
     deductions, upon completion of the decoration works.

12.  Tenant shall remove all debris from the site and dispose the
     same at the designated location on site at his own costs in
     an orderly and proper manner as directed by the Building
     Manager or any government authorities.

13.  Tenant shall pay temporary electricity & debris disposal
     charge to the building Manager as required.

14.  Before taking possession of the Premises, Tenant shall pay
     to the Landlord the following:

     (a)  Rent for the period                     HK$16,556.13
          From 4.5.2002 to 31.5.2002
          (HK$18,330.00 x 28/31)

     (b)  Management Fee for the period           HK$4,703.65
          From 20.3.2002 to 30.4.2002
          (HK$3,391.00 x 12/31) + HK$3,391.00

     (c)  Provisional Government Rates
          for the period                          HK$3, 116.10
          From 20.3.2002 to 30.6.2002
          (HK$2,749.50 x 12/90) +HK$2,749.50

     (d)  Provisional Government Rent
          for the period                          HK$1,869.66
          From 20.3.2002 to 30.6.2002
     (HK$1,649.70 x 12/90) +HK$1,649.70

     (e)  Temporary Electricity Charges           HK$1,833.00

     (f)  Vetting Charge                          HK$2,749.50

     (g)  Decoration Deposit                      ------------

     (h)  Balance of rental deposit               ------------

                                        Total :   HK$30,828.04
                                                  ============

15.  The Tenancy Agreement will be executed at the office of

          Messrs. Woo, Kwan, Lee & Lo Solicitors
          26th Floor, Jardine House,
          1 Connaught Place, Hong Kong.
          Contact Person : Ms. Porey Ip/Ms Irene Chan
          Telephone No. : 28477844

16.  Rent Free Period :  45 days from 20.3.2002 to 3.5.2002(both
     days inclusive)shall be free of rent only. Provided that
     during the rent free period, the Tenant shall be required to
     pay Government Rent & Rates, Management Fee and other
     Tenant's expenses and outgoings.

17.  To keep the Premises including all windows, lights, signages
     and shopfront glass at all times in a clean and sanitary
     state and condition. in order to preserve uniformity in the
     quality of cleanliness

<PAGE>

     and for the safeguard of security of the
     Building/Development and for the benefit of the occupiers of
     the Building/Development, the Tenant shall employ Best
     Results Cleaning Services Ltd., being the sole cleaning
     contractor authorised by the Landlord, to provide the
     cleaning services for the Premises throughout the Term. The
     cleaning contractors shall be employed by the Tenant at its
     sole expense and all related payments shall be made by the
     Tenant to such contractors direct Provided that the Landlord
     shall render assistance to the Tenant to negotiate for a
     competitive price from such cleaning contractor. Nothing
     contained in this clause shall constitute any agency or
     other relationship whatsoever between the Landlord and the
     cleaning contractor and the Landlord shall not be liable to
     the Tenant or to any other person(s) or company(ies) in
     respect of any loss or damage to person or property suffered
     or sustained as a result of any work or services whatsoever
     of such cleaning contractor. in case the Tenant shall
     dispose of wet garbage or any garbage of a perishable nature
     including but not limited to food or food remains, such
     garbage shall be properly sealed in plastic bags of such
     standards, size and thickness as shall be prescribed by the
     Landlord for the removal or disposal of such garbage.

18.  Before the rateable value of the premises is assessed by the
     Rating & Valuation Department, the Tenant shall pay to the
     Landlord and amount equivalent to Rates and Government Rent
     payable on the annual rent of the first year on account of
     payment if rates and government rent in advance. Such
     payment to be adjusted when assessment is obtained.

19.  The Tenant acknowledges and agrees that from time to time
     during and after the expiry of this tenancy, it may be
     necessary for the Landlord to disclose, release, transfer or
     otherwise make use of all or any personal information
     relating to the Tenant collected, held or processed by the
     Landlord ("Information") to any third parties in Hong Kong
     or overseas ("other third parties"). The Tenant agrees and
     consents to the disclosure, release, transfer to other third
     parties or otherwise use of any Information by the Landlord
     for the purpose of or in connection with the tenancy hereby
     created, the premises or the Landlord's business.

20.  Upon the expiration or sooner determination of this
     Agreement, tenant shall reinstate the captioned premises and
     deliver up vacant possession of the captioned premises in a
     state of good repair and tenantable condition (including
     demolishing the existing decoration and additional
     decoration or fitting and removal of all rubbish & sundries
     hereof) to the satisfaction of the Landlord.

21.  Any notice required to be served hereunder shall, if to be
     served on the Tenant, be sufficiently served if addressed to
     the Tenant and sent by prepaid post to or delivered at the
     said premises on the Tenant's registered office or its last
     known in Hong Kong and, if to be served on the Landlord,
     shall be sufficiently served if addressed to the Landlord
     and sent by prepaid post to or delivered at the Landlord's
     last known address in Hong Kong.

22.  Unless the context otherwise requires, words herein
     importing the masculine gender shall include the feminine
     and neuter and words herein in the singular shall include
     the plural and vice versa.

<PAGE>

                           SCHEDULE II
                           -----------

Landlord Provision

Save the items enlisted here below, the Premises shall be handed
over to the Tenant in the state of condition as it is.

(i)  Nil

(ii) Nil

(iii) Nil

(iv) Nil

<PAGE>

                           FLOOR PLAN
                           ----------

                  [Drawing of Leased Premises]

All plans are subject to amendments as approved  by relevant
Government Authorities.

<PAGE>

REALTY STAR DEVELOPMENT LIMITED
11th - 12th Floors, Tsim Sha Tsui Centre, Salisbury Road,
Tsim Sha Tsui, Kowloon Hong Kong.
Tel  :    2721 8388 Fax  :    2367 3304
Cable :   SINOREALTY     Telex     :    46340 SINRE HX
     ;    2721 8388                :    2367 3304
Our ref  :  WDCL/LC/02/212

15th March 2002

Intac International Holdings Ltd.            BY REGISTERED
Rm 9, 18/F., Modern Warehouse,
6 Shing Yip St., Kwun Tong, Kin

Attn:  Ms. Yip

Dear Madam,

Re:  Unit Nos. 3 & 5 on 17/F,
     Clifford Centre, 778-784 Cheung Sha Wan Road, Kowloon
     -----------------------------------------------------

We act for and on behalf of the Landlord, Realty Star Development
Limited, in respect of the captioned premises. We are pleased to
advise you the Landlord has accepted your "Offer to Lease" dated
13th March 2002. Attached is a copy of the signed offer for your
retention.

The Landlord's solicitor will be in touch with you shortly to
arrange for your signing the Tenancy Agreement.

May we take this opportunity to introduce to you the many
benefits of being a valued tenant of the Sino Group.

1.   Sino Club Membership
     The Sino Club offers to its exclusive membership an exciting
     array of discounts and privileges. We would like to invite
     you to join. Enclosed is an application form for you to fill
     and return at your earliest convenience, Membership is by
     invitation only and there is no admission charge or monthly
     subscription fee.

2.   Sino Hotel Group
     The Sino Group own and operate several hotels in Hong Kong
     and Singapore. A Customer Service Representative from the
     Sino Hotel Group will call you shortly to introduce to you
     the special privileges being offered on accommodation and
     food and beverages for our selected tenants.

3.   Sino Real Estate Agency Ltd
     We manage an extensive Leasing Portfolio of over 14 million
     sq. ft. Properties include middle to luxury range
     residential, office, retail and industrial-warehouse
     premises. Please do not hesitate to call us for all your
     leasing accommodation requirements.

     For more information please visit use at www.sino-land.com.

Yours sincerely,
For and on behalf of
REALTY STAR DEVELOPMENT LIMITED

---------------------------
Ng Wai Hong
Manager
Leasing Department
Encl.

<PAGE>

              INTAC INTERNATIONAL HOLDINGS LIMITED
              ------------------------------------

MINUTES of Directors' Board Meeting of the above-named Company
held at the registered office on

    *********************************************************
PRESENT:       MR.. ZHOU WEI                 DIRECTOR

               MR. HAN SCHULD                DIRECTOR

CHAIRMAN

MR. ZHOU WEI was elected Chairman of the meeting.

TENANCY AGREEMENT

(1) A drafted tenancy agreement between Realty Star Development
      Limited (hereinafter called "the Landlord") and our
      company (hereinafter called "the Tenant") was presented to
      the meeting whereby the Company shall rent to the Tenant,
      the premises located at Unit No. 3-5, 17th  Floor,
      Clifford Centre, 778-784 Cheung Sha Wan Road, Kowloon,
      Hong Kong, under the following terms be hereby approved:

I,   Period                   :    20th April, 2002 to 19th March, 2004
Ii,                                Monthly rent        :
                                   HK$18,330.00 (excluding rates
                                   and Management Fee)
Iii, Monthly Management Fee   :    HK$3,391.05
Iv,  Government Rate          :    HK$2,749.50
V,   Government Rent          :    HK$1,649.70
Vi,  Rental Deposit &         :    HK$65,163.00
     Management Fee Deposit

(2) IT WAS RESOLVED THAT the aforesaid Tenancy Agreement, a copy
      of which is annexed hereto for easy reference, be approved
      and adopted in the presence of Ms. Yip Yin Kwan, (holder
      of Hong Kong Identity Card No. K836059 (6)) hall also sign
      on the Tenancy Agreement and any related documents as may
      required on behalf of the Company.

CLOSE OF MEETING

There being no other business, the meeting was declared closed.

-------------------------------
CHAIRMAN - ZHOU WEI

DATED THIS:

<PAGE>

THIS AGREEMENT      is made the    day of
                    Two Thousand and Two

BETWEEN REALTY STAR DEVELOPMENT LIMITED whose registered office
is situate at 12th Floor, Tsim Sha Tsui Centre, Salisbury Road,
Tsimshatsui, Kowloon, Hong Kong (hereinafter called "the
Landlord") of the one part and the person, persons or company
more particularly described in Part I of the First Schedule
hereto (hereinafter called "the Tenant') of the other part.

IT IS HEREBY AGREED as follows

Premises            1.   The Landlord lets and the Tenant takes
                         ALL THAT premises of Clifford Centre ("the
                         Building") erected on All That piece or
                         parcel of land registered at the Land
                         Registry as Section A of Subsection S of
                         Section B of New Kowloon Inland Lot No.35 16
                         and The Remaining Portion of Subsection S of
                         Section B of New Kowloon Inland Lot No.3516
                         more particularly described in Part II of the
                         First Schedule hereto (which said premises
                         are hereinafter referred to as "the said
                         premise.") Together with the use in common
                         with the Landlord and others having the like
                         right of the water closets lavatories and
                         conveniences on the said Floor of the
                         Building AND TOGETHER with the right for the
                         Tenant its servants and licensees in common
                         with the Landlord and others having the like
                         right at all times and for all purposes
                         connected with the use of the said premises
                         to pass up down over and along the entrances
                         staircases corridors and passages and to use
                         the passenger lifts (during such hour as the
                         same shall be working) for the purpose of
                         access to and from the said premises PROVIDED
                         THAT such rights of the Tenant to use the
                         common area and facilities are subject to the
                         rules and regulations
Landlord's               prescribed by the Manager of the Building
Reservations             ("the Building Manager") EXCEPTING AND
                         RESERVING to the Landlord those reservations
                         set out in the Third Schedule hereto AND
                         SUBJECT to such charges and fees as so
                         provided therein for the term of years set
                         out in Part III of the First
Term                     Schedule hereto ("the said term")
                         determinable as hereinafter mentioned
                         YIELDING AND PAYING therefor during the
Rent                     said term monthly and every calendar
                         month the rent as set out in Part I of the
                         Second Schedule hereto exclusive of
                         Government rent, rates and management charges
                         payable in Hong Kong Currency in advance on
                         the first day of each and every calendar
                         month without deduction whatsoever (whether
                         legal or equitable) ("the said rent").

                               -1-

<PAGE>

Tenant's            2.   THE TENANT TO THE INTENT THAT THE
Covenants                OBLIGATION MAY CONTINUE THROUGHOUT THE
                         SAID TERM COVENANTS AND AGREES WITH THE
                         LANDLORD as follows:-
Pay rent rates     (a)(i)To pay the said rent at the times and
and Government           in manner aforesaid without deduction.
Rent
                     (ii)To pay and discharge punctually during
                         the said term all rates charged on the said
                         premises as assessed by the Government
                         quarterly in advance on the first day of the
                         months of January April July and October
                         Provided that the first payment thereof shall
                         be paid on the commencement of this tenancy
                         and unless and until otherwise demanded or
                         required by the Landlord such rates shall be
                         a sum as specified in Part II of the Second
                         Schedule hereto and in the event of the said
                         premises not having been assessed to rates by
                         the government to pay such sum (at the rate
                         currently charged by the Government on the
                         rateable value on the rent hereby reserved)
                         as shall be required by the Landlord as a
                         deposit by way of security for the due
                         payment of rates subject to adjustment on
                         actual rating assessment being received from
                         the government and also to pay and discharge
                         all taxes assessments duties charges
                         impositions and outgoings whatsoever now or
                         hereafter to be imposed or charged on the
                         said premises or upon the owner or occupier
                         in respect thereof by the government of Hong
                         Kong or other lawful authority Property Tax
                         alone excepted.

                 (iii)   To pay and discharge punctually all
                         government rent charged on the said premises
                         as assessed by the government twice a year as
                         and when demanded by the government during
                         the said term.

                               -2-

<PAGE>

Utility          (b)(i)  To pay and discharge punctually
charges                  during the said term all charges for
and Management           electricity, water, gas, telephone
Fees                     rental and other outgoings now or at any
                         time hereafter consumed by the Tenant and to
                         pay all necessary deposits for the same.

                    (ii) To pay and discharge punctually during
                         the said term the monthly contribution
                         towards the costs, charges and expenses for
                         the maintenance and management of the
                         Building and for the supply of air-
                         conditioning services (if any) chargeable in
                         respect of the said premises as provided
                         under the Deed of Mutual Covenant relating to
                         the Building of which the said premises form
                         part (if any) or as the Building Manager
                         shall reasonably require which monthly
                         contributions shall be subject to adjustment
                         by the Building Manager from time to time.
                         Unless and until otherwise demanded or
                         required by the Building Manager such monthly
                         contribution shall at the Commencement of the
                         said term be a sum as specified in Part III
                         of the Second Schedule hereto which shall be
                         paid by the Tenant in advance on the first
                         day of each and every calendar month during
                         the said term without deduction whatsoever.

Sub-main cable    (iii)  At the Tenant's own expenses to
                         install its own sub-main cable and all
                         necessary mechanical and electrical
                         alterations in respect of the said premises
                         and to provide all wiring required by the
                         Tenant from the Switch Room to the said
                         premises and within the said premises and to
                         ensure that such sub-main cable and wiring
                         are of top quality according to British
                         Standard Specification and the whole
                         electrical installation is in accordance with
                         the requirements of the relevant power supply
                         company, as the case way be, and to the
                         satisfaction of the Landlord's electrical
                         consultant or engineer.

                               -3-

<PAGE>

Keep and         (c)(i)  To constantly maintain and keep the
maintain                 whole of the interior of the said
interior etc.            premises and every part thereof and the
                         Landlord's fixtures and fittings therein in
                         good clean proper and tenantable repair and
                         condition including, but not limited to, all
                         doors, windows, skylights, locks, hinges,
                         bolts, ceilings, floors, water pipes, water
                         closets, electrical installations and wirings
                         and to so maintain the same at the expenses
                         of the Tenant and to deliver up the same to
                         the Landlord at the expiration or sooner
                         determination of the said term in like
                         condition.

                    (ii) To be wholly responsible for any loss
                         damage or injury caused to any person
                         whomsoever directly or indirectly through the
                         defective or damaged condition of any part of
                         the interior of the said premises and to make
                         good the same by payment or otherwise and to
                         indemnify the Landlord against all actions
                         proceedings claims and demands made upon the
                         Landlord in respect of any such loss damage
                         or injury and all costs and expenses
                         incidental thereto.

                  (iii)  To keep the Premises including all
                         windows, lights, signages and shopfront glass
                         at all times in a clean and sanitary state
                         and condition. In order to preserve
                         uniformity in the quality of cleanliness and
                         for the safeguard of security of the Building
                         and for the benefit of the occupiers of the
                         Building, the Tenant shall employ Best
                         Results Cleaning Services Ltd., being the
                         sole cleaning contractor authorised by the
                         Landlord, to provide the cleaning services
                         for the Premises throughout the Term. The
                         cleaning contractors shall be employed by the
                         Tenant at its sole expense and all related
                         payments shall be made by the Tenant to such
                         contractors direct Provided that the Landlord
                         shall render assistance to the Tenant to
                         negotiate for a competitive price from such
                         cleaning contractor. Nothing contained in
                         this clause shall constitute any agency or
                         other relationship whatsoever between the
                         Landlord and the cleaning contractor and the
                         Landlord shall not be liable to the Tenant or
                         to any other person(s) or company(ies) in
                         respect of any loss or damage to person or
                         property suffered or sustained as a result of
                         any work or services whatsoever of such
                         cleaning contractors. In case the Tenant
                         shall dispose of wet garbage or any garbage
                         of a perishable nature including but not
                         limited to food or food remains, such garbage
                         shall be properly sealed in plastic bags of
                         such standards, size and thickness as shall
                         be prescribed by the Landlord for the removal
                         or disposal of such garbage.

                               -4-

<PAGE>

Pay cost of         (d)  In the event of any of the drains becoming
clearing drains          choked or stopped up owing to careless
                         use by the Tenant or his work-people to pay
                         the cost incurred by the Landlord in
                         cleansing and clearing the said drains from
                         obstruction.

Permit Landlord     (e)  To permit the Landlord to use and maintain
entry to inspect         pipes and conduits and other building
                         facilities in and through the said premises.
                         The Landlord or its agents shall have the
                         right to enter the said premises at all
                         reasonable times to examine the same.

Rules and           (f)  To comply with such rules and regulations
Regulations              as the Landlord or the Building Manager
                         may from time to time impose in connection
                         with the Building.

Not to affect       (g)  Not to do or permit or suffer to be done
insurance                anything whereby the policy insurance or
                         policies of insurance on the said premises or
                         other parts of the Building against damage by
                         fire explosion storm or tempest may become
                         void or voidable or whereby the rate of
                         premium thereon may be increased and the
                         Tenant shall indemnify the Landlord against
                         such increased premium as shall have been
                         brought about or caused by his act or
                         default.

Fitting Out       (h)(i) To fit out the interior of the said
                         premises in good quality material and
                         workmanship and to submit detailed plans for
                         internal partitioning and/or decoration
                         works, including but not limited to
                         electrical and mechanical layouts for
                         approval by the Landlord or its authorised
                         agent who shall have the absolute discretion
                         in granting, whether conditional or
                         unconditional, or refusing such approval.

                               -5-

<PAGE>

                    (ii) Not to commence any fitting out or
                         decoration works in the said premises before
                         the said plans are approved as aforesaid.

                   (iii) To pay a vetting charge as required
                         by the Landlord for checking and approving
                         the said plans and for inspection of the
                         fitting out or decoration works.

                    (iv) To pay a fitting out and decoration
                         deposit as demanded by the Building Manager
                         upon signing of this Agreement. The said
                         deposit shall be refunded to the Tenant
                         without interest upon completion of the
                         fitting out or decoration works of the said
                         premises. The Landlord shall have the right
                         to deduct from the said deposit any loss and
                         damages to any person or property caused or
                         sustained by the Landlord by reason of the
                         aforesaid fitting out or decoration works but
                         without prejudice to any other remedies that
                         the Landlord may have under this Agreement.

                    (v)  To pay all charges for the supply of
                         temporary electricity and for the removal of
                         debris as and when required by the Building
                         Manager.

                    (vi) To remove all debris from the said
                         premises and dispose of the same at the
                         designated location at the Tenant's own costs
                         and expenses in an orderly and proper manner
                         as directed by the Building Manager or any
                         government authorities.

No structural    (i)(i)  Not to make or permit to be made any
alteration or            structural alterations in or additions
addition                 to the said premises or to the external
                         walls of the said premises or to the
                         electrical wirings installations or other
                         Landlord's fixtures without having first
                         obtained the written licence and consent of
                         the Landlord therefor or cut maim or injure
                         or suffer to be cut maimed or injured any
                         doors windows walls structural members or
                         other fabric thereof. If any such consent
                         shall be granted by the Landlord it shall in
                         any event be subject to the condition that
                         the Tenant shall not cause any damage to the
                         said premises or any part thereof in addition
                         to such other conditions as the Landlord
                         shall think fit to impose and subject to the
                         approval of the Public Works Department or
                         other Government authority (if necessary).

                               -6-

<PAGE>

                    (ii) All structural alterations, additions,
                         including but not limited to alteration and
                         additions to fire services, mechanical
                         ventilation and electrical wirings and
                         drainage within the said premises shall only
                         be carried out with the prior written consent
                         of the Landlord and by such person or
                         contractors as shall be nominated or approved
                         by the Landlord at the Tenant's sole costs
                         and expenses.

No Subletting or    (j)  Not to assign transfer sublet or otherwise
transfer etc.            part with the possession of the said
                         premises or any part thereof either by way of
                         subletting lending sharing or other means
                         whereby any person or persons not party to
                         this Agreement obtains the use or possession
                         of the said premises or any part thereof
                         irrespective of whether any rental or other
                         consideration is given for such use or
                         possession and in the event of any such
                         transfer subletting sharing assignment or
                         parting with the possession of the said
                         premises (whether for monetary consideration
                         or not) this Agreement shall at the option of
                         the Landlord absolutely determine and the
                         Tenant shall forthwith surrender the said
                         premises to the Landlord. The tenancy shall
                         be personal to the Tenant named in this
                         Agreement and without in any way limiting the
                         generality of the foregoing, the following
                         acts and events shall, unless previously
                         approved in writing by the Landlord be deemed
                         to be breaches of this sub-clause:-

                               -7-

<PAGE>

                    (i)  in the case of a tenant which is a
                         partnership, the taking in of one or more new
                         partners whether on the death or retirement
                         of an existing partner or otherwise;

                    (ii) in the case of a tenant who is an
                         individual (including a sole proprietor or a
                         sole surviving partner of a partnership
                         tenant) the death, insanity or other
                         disability of that individual to the intent
                         that no right to use, possess, occupy or
                         enjoy the said premises or any part thereof
                         shall vest in the executors, administrators,
                         personal representatives, next of kin.
                         trustee or committee of any such individual,
                         or the admission of new partner or partners;
                         -

                   (iii) in the case of a tenant which is a
                         corporation any reconstruction, amalgamation,
                         merger, voluntary liquidation or change in
                         the person or persons who own a majority of
                         its voting shares save, in the last mentioned
                         case only, where the Tenant is a public
                         company whose shares are quoted on any
                         established stock exchange in Hong Kong or
                         elsewhere;

                    (iv) the giving by the Tenant of a Power of
                         Attorney or similar authority whereby the
                         donee of the Power obtains the right to use,
                         possess, occupy or enjoy the said premises or
                         any part thereof or does in fact use,
                         possess, occupy or enjoy the same.

                    (v)  the change of the Tenant's business name
                         without the previous written consent of the
                         Landlord.

Not to permit       (k)  Not to do or permit to be done in or upon
nuisance                 the said premises or any part thereof
                         anything which may be or become a nuisance
                         annoyance damage or disturbance to the
                         Landlord or the tenants or occupiers of the
                         other part or parts of the Building or of
                         other property in the neighbourhood or in
                         anywise against the law or regulations of
                         Hong Kong.

                               -8-

<PAGE>

Not to obstruct     (1)  Not to put or place any dust-bins,
                         garbage-cans, furniture, chattels, packing
                         cases, boxes, goods, chattels or any other
                         things in the staircases, landings or other
                         common passages in the Building.

To permit           (m)  To permit the Landlord and its agents with
Landlord entry           or without workmen or others and with or
to view and              without appliances at all reasonable times
leave notice             upon reasonable notice to enter into the
                         said premises to view the condition thereof
                         and to carry out necessary repair and
                         maintenance work to the said premises and to
                         the Landlord's fixtures and fittings therein
                         and to give or leave notice in writing upon
                         the said premises for the Tenant of all
                         defects and wants of repair there found for
                         which the Tenant is responsible hereunder and
                         within one month after every such notice well
                         and sufficiently to repair and make good such
                         defects and wants of repair whereof notice
                         shall have been so given or left.

To execute repair   (n)  If any defects or want of repair shall be
on receipt of            found and if the Landlord shall give or
notice                   leave a notice in writing at the said
                         premises or at the business address of the
                         Tenant requiring him to amend the same and if
                         the Tenant shall not within 14 days after the
                         service of such notice proceed diligently
                         with the execution of such repairs then to
                         permit the Landlord or his authorised person
                         to enter upon the said premises and execute
                         such repairs and the cost thereof (the amount
                         thereof in case of difference to be
                         determined by the Landlord's agent) shall be
                         a debt due from the Tenant to the Landlord
                         and be forthwith recoverable by action.

To permit Landlord   (o) To permit the Landlord and his agent with
execute repair           all necessary workmen and appliances at
                         all reasonable times upon prior notice to the
                         Tenant to enter upon the said premises to
                         execute repairs or alterations on any
                         adjoining premises now or hereafter belonging
                         to the Landlord who shall make good all
                         damages occasioned to the Tenant by such
                         entry.

                               -9-

<PAGE>

Not to breach       (p)  Not to do or cause or permit or suffer to
Government               be done any act deed matter or thing
Lease etc.               whatsoever in contravention of the
                         negative or restrictive covenants terms or
                         conditions of the Conditions of Sale or
                         Government Lease under which the said
                         premises are held from the Government or of
                         the relevant Deed of Mutual Covenant of the
                         Building, in particular, but not limited to,
                         the provisions set out in the Fourth Schedule
                         hereto.

No sale by auction  (q)  Not to permit or suffer any sale by
                         auction to take place on the said premises.

Not to store fire   (r)  Not to keep or store or cause or permit
or arms                  or suffer to be kept or stored any arms,
ammunition               ammunition. unlawful goods, gun powder,
                         saltpetre, kerosene or other explosive or
                         combustible substance on or in any part of
                         the said premises.

No illegal or       (s)  Not to use the said premises or any part
immoral use              thereof for any illegal or immoral purpose.

User                (t)  Not to use the said premises for any
                         purpose other than for the following purposes
                         only:
                              (i)  industrial godown or both;
                              (ii) offices ancillary and
                                   directly related to an industrial
                                   operation; or
                             (iii) any combination of
                                   subclause (i) or (ii) of this Clause.
                         In particular but without affecting the
                         generality of this Clause not to use the said
                         premises for any of the users mentioned in
                         Clause 23 and Clause 28 of the Fourth
                         Schedule hereto.

No warranty         (u)  The Landlord does not represent or warrant
as to user               that the premises or the said Building
                         are suitable for the purpose for which the
                         Tenant proposes to use the same and upon
                         taking over of possession of the said
                         premises from the Landlord the Tenant shall
                         satisfy itself or shall be deemed to have
                         satisfied itself that it is suitable for the
                         purpose for which the Tenant proposes to use
                         it and the Tenant hereby agrees that it will
                         at its own expense apply for any requisite
                         licence or licences permit or permits from
                         all Government or Public Authorities in
                         respect of the carrying on of the Tenant's
                         business therein and shall execute and comply
                         with all Ordinances Regulations Orders
                         Notices or Rules made by all competent
                         Government or Public Authorities in
                         connection with the conduct of the business
                         to be carried on by the Tenant in the said
                         premises AND the Tenant hereby further agrees
                         to indemnify the Landlord in respect of any
                         breach by the Tenant of this clause.

                              -10-

<PAGE>

Not to exhibit      (v)  Not to exhibit or display within or on the
sign                     exterior of the said premises any
                         writing sign or other device whether
                         illuminated or not which may be visible from
                         outside the said premises except the display
                         of name-plates or signboards of the Tenant
                         the size and position of which shall be
                         subject to the Landlord's approval. The
                         Landlord or his authorised agents shall have
                         the right to remove at the cost and expense
                         of the Tenant any signboard, sign,
                         decoration, or device which shall be affixed
                         or put up or displayed without the prior
                         approval of the Landlord or his agents.

Not to permit       (w)  Not to permit any person to remain in the
person to stay           said premises overnight, except for the
overnight                purpose of posting watchmen to look
                         after the contents of the said premises which
                         shall not be used as sleeping quarters or as
                         domestic premises within the meaning of any
                         Landlord and Tenant (Consolidation) Ordinance
                         for the time being in force.

Loading capacity    (x)  Not to put or install or permit to be
                         put or installed any machinery or thing
                         whatsoever the load of which exceeds the
                         loading capacity of the said premises.

Not to allow        (y)  Not to do anything on the said premises
excessive noise or       whereby excessive noise vibration or
vibration                resonance or other form of disturbance
                         is created to the detriment of the Building
                         or other manufacturing processes or other
                         persons in or outside the said premises
                         Provided that the determination of the
                         Landlord or its agents as to whether any such
                         noise vibration or resonance or other form of
                         disturbance is excessive shall be conclusive;
                         and Provided further that in the event of a
                         breach hereof by the Tenant the Tenant shall
                         make good any damage caused thereby to the
                         said premises or any other part of the
                         Building or to the manufacturing processes
                         therein or to the occupants thereof or any
                         fixtures and fittings therein.

                              -11-

<PAGE>

To yield up         (Z)  At the expiration or sooner determination
at the end of            of this Agreement to deliver up to the
term                     Landlord the said premises including the
                         Landlord's fixtures and fittings therein in
                         good clean tenantable and proper repair and
                         condition as aforesaid (fair wear and tear
                         excepted) together with any additional
                         erections alterations or improvements which
                         the Tenant may with the consent of the
                         Landlord as aforesaid have made upon or in
                         the said premises and which the Landlord in
                         his absolute discretion may be willing to
                         retain without payment of any compensation
                         for such additional erections alterations or
                         improvements. The Tenant shall be entitled to
                         remove its own trade fixtures and fittings
                         subject to making good all damages including
                         damage to the Landlords decoration within the
                         said premises and within the Building caused
                         by such removal to the satisfaction of the
                         Landlord. The Landlord shall have the right
                         to require the Tenant to reinstate to its
                         original state any part of the said premises
                         in respect of which the Tenant may have
                         carried out alterations with the consent of
                         the Landlord.

Loading             (aa) To use the loading space only for the
                         purpose of loading and discharging goods
                         merchandise and raw materials and not to
                         permit or suffer its servants or licensees to
                         park in any part thereof or otherwise
                         obstruct the use of such loading space.

To observe fire     (bb) To observe and comply with all directions
regulation etc.          and orders of the Fire Services
                         Department and if such directions and orders
                         shall require the Tenant to take fire
                         precautions or install fire fighting
                         equipment (additional to that installed by
                         the Landlord) the Tenant shall at its own
                         expense procure and install the same.

To observe          (cc) To observe and comply with all ordinances,
ordinances rules         regulations, by-laws and rules and all
and regulations          notices orders and requirements of the
etc.                     appropriate Government Authorities and
                         utility companies in connection with or in
                         relation to the Tenant's business carried on
                         in the said premises.

                              -12-

<PAGE>

Not to exceed       (dd) Not to place in any freight lift any heavy
capacity of lift         machinery goods raw materials which may
                         cause the permitted carrying capacity of that
                         lift to be exceeded.

Freight lift        (ee) At its own expense to make good any
                         damage caused to any freight lifts through
                         careless loading or discharging of machinery
                         goods raw materials or articles into or from
                         such lifts or through over-loading the same
                         beyond the permitted carrying capacity
                         thereof.

Passenger lift      (ff) Not to use or permit to be used the
                         passenger lifts of the Building for the
                         purpose of carrying any furniture or goods or
                         heavy articles, and to observe the
                         regulations affecting the use of all lifts as
                         indicated therein or notified by the Landlord
                         or the Building Manager or its agents from
                         time to time.

No queue up         (gg) Not to allow any visitor, licensee or
outside premises         invitee of the Tenant to stand or queue
                         up outside the said premises thereby causing
                         obstruction to the entrances stairways
                         corridors passages used in common with the
                         other tenants and occupiers of the Building.

Trade refuse        (hh) To be responsible for the satisfactory
                         removal of all trade and other refuse from
                         the said premises to the refuse disposal area
                         of the Building.

Building Manager's  (ii) To observe and to comply with regulations
regulations              or requirements stated in notices or
                         announcements from time to time made or
                         issued by the Building Manager or its agents
                         or the Landlord for the maintenance and
                         management of the Building including the time
                         and arrangement for operating the equipment,
                         lifts, lighting and the use of entrance and
                         passage ways.

Landlord's          3.   THE LANDLORD COVENANTS AND AGREES WITH
                         THE covenants  TENANT as follows:

Allow quiet         (a)  To permit the Tenant, paying the rent
enjoyment                hereby reserved and all charges payable
                         hereunder and performing and observing the
                         agreements hereinbefore contained, to
                         peaceably hold and enjoy the said premises
                         during the said term without any interruption
                         by the Landlord or any person lawfully
                         claiming through or under or in trust for
                         him.

                              -13-

<PAGE>

Property Tax        (b)  To pay the Property Tax which are now or
                         may hereafter during the said term be imposed
                         by the Government upon the said premises.

Maintain            (c)  To maintain and keep or cause to be
structure                maintained or kept the main structure of
                         the said premises and every part of such main
                         structure the main drains and pipes in proper
                         and tenantable repair and condition Provided
                         that the Landlord's liability hereunder shall
                         not be deemed to have arisen unless and until
                         written notice of any want of repair of the
                         same shall have been previously given by the
                         Tenant to the Landlord and the Landlord shall
                         have failed to take step to repair the same
                         after the lapse of a reasonable time.

Mutual              4.   PROVIDED ALWAYS AND IT IS MUTUALLY AGREED
Agreements               as follows:
Default
                 (a)(i)  That if and whenever any part of
                         the rent hereby reserved or any other
                         payments payable by the Tenant hereunder
                         shall be in arrear (whether the same shall
                         have been formally demanded  or not) or if
                         and whenever there shall be a breach of any
                         of the agreements by the Tenant hereinbefore
                         contained or if the Tenant (being an
                         individual or sole proprietor or partnership)
                         shall commit an act of bankruptcy or shall
                         have its business registration cancelled or
                         (being a corporation) shall go into
                         liquidation (either voluntary or otherwise)
                         or shall have any order made or resolution
                         passed for winding up or if the Tenant shall
                         enter into any composition or arrangements
                         with his creditors or shall suffer execution
                         to be levied upon any of Landlord's his
Landlord's               goods or effects in the said premises
right of                 the Landlord shall right of upon the
re-entry                 happening of any such event be entitled
                         to re-enter upon the said premises or any
                         part thereof in the name of the whole and
                         thereupon this Agreement shall absolutely.
                         determine but without prejudice to any rights
                         which may have accrued to the Landlord

                              -14-

<PAGE>

                         by reason of any antecedent breach of
                         any of the obligations on the part of the
                         Tenant hereinbefore contained AND the deposit
                         paid hereunder shall be forfeited to the
                         Landlord as and for liquidated damages and
                         not as penalty but without prejudice to the
                         Landlord's right to claim any further damages
                         which the Landlord shall have sustained or
                         may sustain AND a written notice served by
                         the Landlord on the Tenant or left at the
                         said premises to the effect that the Landlord
                         thereby exercises the power of re-entry shall
                         be a full and sufficient exercise of such
                         power without actual entry on the part of the
                         Landlord.

                    (ii) Notwithstanding the foregoing, the
                         Landlord may in any such event at its option
                         elect not to terminate this Agreement but to
                         deduct from the deposit the amount of any
                         monetary loss incurred by the Landlord in
                         consequence of the breach, non-observance or
                         non-performance by the Tenant in which event
                         the Tenant shall, as a condition precedent to
                         the continuation of the tenancy, deposit with
                         the Landlord the amount so deducted and, if
                         the Tenant shall fail so to do, the Landlord
                         shall forthwith be entitled to re-enter on
                         the said premises and to determine this
                         Agreement in which event the deposit may be
                         forfeited to the Landlord as hereinbefore
                         provided.

Default Interest  (iii)  Notwithstanding anything
                         hereinbefore contained in the event of
                         default in payment of rent or additional
                         outgoings on the date on which the same falls
                         due for payment, the Tenant shall farther pay
                         to the Landlord on demand interest on the
                         amount in arrears at the rate of 1.5% per
                         month calculated from the date on which the
                         same became due for payment (as stipulated in
                         Clause I hereof) until the date of payment
                         and Provided That the demand and/or receipt
                         by the Landlord of interest pursuant to this
                         provision shall be without prejudice to and
                         shall not affect the right of the Landlord to
                         exercise any other right or remedy hereof
                         (including the right of re-entry) exercisable
                         under the covenants and conditions of this
                         Agreement.

                               -15-

<PAGE>

                    (iv) If the day on which the rent or
                         additional outgoings or other payments fall
                         due under this Agreement is a public holiday,
                         relevant payment of rent or additional
                         outgoings or otherwise shall be due and
                         payable on the preceding business day.

                    (v)  The Landlord is not obliged to accept
                         payment of amounts payable hereunder in any
                         form other than banknotes and if payment is
                         made by the Tenant by cheque, such cheque
                         must reach the office of the Landlord before
                         3:30 p.m. afternoon if such payment is made
                         on any weekday except Saturday, if payment is
                         made on Saturday, such payments shall be made
                         before 12:00 noon otherwise the payment shall
                         be deemed to have been paid by the Tenant on
                         the following day. The Tenant shall be deemed
                         to have defaulted in making due payment for
                         the purpose of 4(a)(ii) of this Agreement if
                         the payment is not made before the aforesaid
                         times on the due date.

                    (vi) The Tenant shall be responsible for and
                         indemnify the Landlord from all expenses
                         (including surveyor's fees and solicitor's
                         cost on a solicitor and own client basis)
                         incurred by the Landlord incidental to the
                         preparation and service of a notice under
                         Section 58 of the Conveyancing and Property
                         Ordinance notwithstanding forfeiture is
                         avoided otherwise than by relief granted by
                         the Court.

                              -16-

<PAGE>

Abatement of rent   (b)  In the event of the said premises or any
                         part thereof at any time during the said term
                         being damaged or destroyed by fire or by any
                         other cause (not attributable to the act or
                         default of the Tenant) so as to be unfit for
                         occupation and use or become subject to a
                         closure order or become totally inaccessible
                         to the Tenant then the rent hereby reserved
                         or a fair proportion thereof according to the
                         nature and extent of the damage sustained
                         shall be suspended until the said premises
                         shall again be rendered fit for occupation
                         and use or until the said premises cease to
                         be subject to a closure order or cease to be
                         totally inaccessible and any dispute
                         concerning this clause shall be determined by
                         arbitration in accordance with the
                         Arbitration Ordinance Cap.341 of the Laws of
                         Hong Kong or any statutory enactment in that
                         behalf for the time being in force Provided
                         Always that the Landlord shall not be
                         required to reinstate the said premises if by
                         reason of their condition or any local
                         regulations or other circumstances beyond the
                         control of the Landlord it is in the opinion
                         of the Landlord not economical or practicable
                         or reasonable so to do. If the said premises
                         or the Building shall not be reinstated as
                         aforesaid after six months of the occurrence
                         of such damage or destructions either party
                         may terminate this Agreement by serving to
                         the other notice in writing whereupon this
                         Agreement shall then become null and void and
                         neither party shall have any claim against
                         the other save and except any claim for
                         antecedent breaches.

Not implied       (c)(i) Acceptance of rent by the Landlord
                         shall not be deemed to operate as a waiver by
                         the Landlord of any right to proceed against
                         the Tenant in respect of any breach non-
                         observance or non-performance by the Tenant
                         of any of the agreements stipulations and
                         conditions herein contained arid on the
                         Tenant's part to be observed and performed.

                              -17-

<PAGE>

No condoning be     (ii) No condoning, excusing or overlooking
waiver                   by the Landlord of any default, breach
                         or non-observance or non-performance by the
                         Tenant at any time or times of any of the
                         covenants agreements stipulations terms and
                         conditions herein shall operate or be
                         regarded as a waiver of the Landlord's right
                         hereunder in respect of any continuing or
                         subsequent default, breach or non-observance
                         or non-performance or so as to defeat or
                         affect in any way the rights and remedies of
                         the Landlord hereunder in respect of any
                         subsequent default or breach and no waiver by
                         the Landlord shall be inferred from or
                         implied by anything done or omitted by the
                         Landlord unless otherwise expressed in
                         writing.

Act or default      (d)  For the purpose of these presents any act
Tenant's agents          default or omission of the agents servants
servants etc.            visitors customers and workmen of the
                         Tenant shall be deemed to be the act default
                         or omission of the Tenant.

                    (e)  To the extent that the Tenant can
                         lawfully do so the Tenant hereby expressly
                         declares that at the expiration or sooner
                         determination of this Agreement the Tenant
                         will not invoke or seek to avail himself of
                         any protection which may or shall hereafter
                         by any ordinance or regulation of Hong Kong
                         protecting tenants or lessees from eviction
                         but will promptly and punctually quit and
                         deliver up possession of the said premises at
                         the expiration of this Agreement or sooner
                         determination as aforesaid.

Deposit           (f)(i) The Tenant shall on the signing of
                         this Agreement pay to the Landlord the sum as
                         set out in Part IV of the Second Schedule
                         hereto by way of deposit for the due
                         performance and observance of the agreements
                         on the part of the Tenant herein contained.
                         At the expiration or sooner determination of
                         this Agreement subject to prior forfeiture in
                         accordance with Clause 4(a) hereof if the
                         Tenant shall have paid all rent due hereunder
                         and if there shall be no breach of any of the
                         agreements on the Tenant's part to be
                         observed and performed the Landlord will
                         repay to the Tenant the said deposit but
                         without interest within 45 days after
                         delivery of vacant possession of the said
                         premises to the Landlord and after full
                         settlement of all outstanding payments in
                         respect of the said premises payable by the
                         Tenant.

                    (ii) In the event that the Premises and/or
                         this Agreement shall be assigned by the
                         Landlord to any person(s), the Landlord shall
                         be entitled (incidental to such assignment)
                         to transfer directly the said deposit or the
                         balance thereof after making any deduction in
                         manner aforesaid (whether with or without the
                         consent of the Tenant) to such assignee(s)
                         provided that such assignee(s) shall
                         undertake with the Tenant to refund such
                         deposit or balance thereof in accordance with
                         the provisions hereof and the Tenant shall at
                         the request of the Landlord enter into sign
                         and execute such agreements, deeds or
                         documents in such form and substance to the
                         satisfaction of the Landlord to release the
                         Landlord's obligation in respect of the
                         refund of the said deposit or balance thereof
                         and to give effect to the transfer pursuant
                         to this Sub-clause.

                              -18-

<PAGE>

No premium or       (g)  The Tenant hereby expressly declares that
key money etc.           he has paid no premium construction fee,
                         key money or other sum of money of a similar
                         nature to the Landlord or other person or
                         persons authorised by him for the possession
                         of the said premises or for the granting of
                         this Agreement.

Exclusion of        (h)  The Landlord shall not be under any
liability                liability to the Tenant or to any other
                         person whomsoever in respect of any loss or
                         damage to person or property sustained by the
                         Tenant or any such other person caused by or
                         through or in any way owing to:

                    (i)  any typhoon overflow of water or escape
                         of fumes smoke fire or any other substance or
                         thing originating from anywhere within the
                         Building. The Tenant shall fully and
                         effectually indemnify the Landlord from and
                         against all actions proceedings costs
                         expenses liabilities claims and demands made
                         against the Landlord by the Tenant or any
                         person in respect of any loss damage or
                         injury caused by or through or in any way
                         owing to the overflow of water or the escape
                         of fumes smoke fire or any other substance or
                         thing originating from the said premises or
                         to the act omission negligence or default of
                         the Tenant his servants agents or licensees
                         or to the defective or damaged condition of
                         the interior of the said premises or any
                         fixtures or fittings for the repair of which
                         the Tenant is responsible hereunder and
                         against all costs and expenses incurred by
                         the Landlord in respect of any such claim or
                         demand

                              -19-

<PAGE>

                    (ii) any defect in or breakdown of or
                         suspension of service of the lifts escalator
                         air-conditioning system electric power water
                         supply or any other building service whether
                         due to accident repair overhaul or otherwise
                         in the Building.

                   (iii) the failure or malfunction of the
                         computer systems used in the operation and
                         management of the said Building, whether the
                         same is operated controlled or owned by the
                         Landlord, the manager of the said Building or
                         otherwise due to the same not being Year 2000
                         compliant or otherwise, the Tenant shall not
                         be entitled to claim any abatement or
                         reduction of rent for early termination of
                         the tenancy on the aforesaid ground.

No liability in     (j)  The Landlord shall not be under any
security or safe         liability to the Tenant or to any other
keeping                  person whomsoever for the security or
                         safekeeping of the said premises or anything
                         therein, in particular but without prejudice
                         to the generality of the foregoing, the
                         provision by the Landlord of any watchman
                         caretaker or any mechanical or electrical
                         security system shall not be construed to
                         create any obligation or liability on the
                         part of the Landlord in respect of any
                         negligence default defect or failure of the
                         same.

No liability in     (j)  The Landlord or his agents accepts no
respect of defect        responsibility for any accident or damage
in building              which maybe caused to the Tenant or any
facility                 occupier of the said premises or their
                         or his or her servants or customers arising
                         from any defect in or operation of any lift
                         escalator or facilities in the Building.

Distraint of rent   (k)  For the purpose of Part III of the
                         Landlord and Tenant (Consolidation) Ordinance
                         Chapter 7 and of these presents the rent
                         payable in respect of the said premises shall
                         be and be deemed to be in arrear if not paid
                         in advance at the times and in the manner
                         hereinbefore provided for payment thereof.
                         All costs of and incidental to the demand for
                         rent distraint or any legal action for the
                         recovery of rent and any other sums due
                         hereunder shall be recoverable from the
                         Tenant as a debt.

                              -20-

<PAGE>

Re-letting notice   (l)  During the three months immediately
                         preceding the expiration of the term hereby
                         created the Landlord shall be at liberty to
                         affix and maintain without interference upon
                         any external part of the said premises a
                         notice for re-letting the said premises and
                         the Tenant shall permit persons authorised by
                         the Landlord or its agents at all reasonable
                         times of the day to view the said premises or
                         any part thereof.

Expression of       (m)  The expression "the Tenant" shall (where
"Tenant"                 the context permits) mean and include
                         the party or parties specifically named and
                         shall not include the executors and
                         administrators of any such party or where
                         such party is a corporation any liquidator
                         thereof.

Non-payment of      (n)  The Landlord shall be entitled to treat
rates and                non-payment of rates (if any) and
management fee           management fee and of any amount payable
                         by the Tenant -hereunder or any part thereof
                         in all respects as non-payment of rent under
                         this Agreement.

Service of Notices  (o)  Any notice under this Agreement shall be
                         in writing and any notice to the Tenant shall
                         be sufficiently served if addressed to him
                         and sent by prepaid post to or delivered at
                         the said premises or any part thereof or his
                         last known business address in Hong Kong or
                         its registered office as recorded in the
                         Company Registry and any notice to the
                         Landlord shall be sufficiently served if
                         addressed to him and sent by prepaid post or
                         delivered to its last known address in Hong
                         Kong or its registered office as recorded in
                         the Company Registry. Any notice sent by
                         prepaid post shall be deemed to have been
                         received by the Tenant at the time when in
                         due course of post it would be delivered at
                         the address to which it is sent.

Break open          (p)  In the event of fire, typhoon or other
case of                  contingencies which in the opinion of the
emergency                Landlord may cause or threaten to cause
                         damage or injury to the said premises or the
                         Building, the Landlord shall have power m the
                         absence of the Tenant to break open any outer
                         door or windows of the said premises and to
                         do such other things as may be necessary to
                         prevent the said premises and/or the Building
                         from being damaged or injured or further
                         damaged or injured and in such event the
                         Landlord shall not be liable to the Tenant
                         for any loss or damage which the Tenant may
                         sustain thereby.

                              -21-

<PAGE>

Redevelopment       (q)  Notwithstanding any provisions to the
Clause                   contrary contained in this Agreement, if
                         at any time during the currency of the term
                         hereby granted the Landlord shall resolve to
                         demolish and rebuild the Building (which
                         intention to demolish and rebuild shall be
                         sufficiently evidenced by a copy of a
                         resolution of its directors certified to be
                         true and correct by its secretary) or shall
                         sell or assign or enter into any agreement
                         for the sale or assignment of the whole or
                         any part of the Building of which the said
                         premises form part then in such event the
                         Landlord shall be entitled to give six
                         months' notice in writing expiring at the end
                         of any calendar month during the tenancy
                         hereby created terminating this Agreement and
                         immediately upon the expiration of such
                         notice this Agreement and everything herein
                         contained shall cease and be void but without
                         prejudice to the rights and remedies of
                         either party against the other in respect of
                         any antecedent claim or breach of any of the
                         agreements and stipulation herein set out.

Legal costs and     (r)  All costs of and incidental to the
stamp duty               preparation completion and stamping of
                         this Agreement shall be borne and paid by the
                         parties hereto in equal shares Provided That
                         if the Tenant engages another firm of
                         Solicitors to act for him the Tenant shall
                         pay half of the Landlord's Solicitor's charge
                         for preparation and completion of this
                         Agreement plus half share of stamp duty and
                         disbursements on this Agreement and its
                         duplicate.

No liability on     5.   Bangkok Bank Public Company Limited, the
Mortgagee to             Mortgagee of the said premises ("the
refund deposit           Mortgagee") or its successors and assigns,
etc.                     including any purchaser of the said
                         premises from the Mortgagee or any person
                         deriving title from the Mortgagee shall not
                         be under any liability to return the deposit,
                         premium, or other moneys whatsoever paid or
                         is payable under this Agreement by the Tenant
                         to the Landlord, whether to the Tenant or its
                         successors or permitted assigns or any other
                         person entitled thereto at the expiration or
                         sooner determination of the tenancy and the
                         Tenant and his successors shall (as against
                         the Mortgagee and its successors) have no
                         right of and shall not seek to set off the
                         deposit, premium or other moneys whatsoever
                         as aforesaid against any monies payable by
                         the Tenant and his successor under this
                         Agreement.

                              -22-

<PAGE>

Tenant consent to   6.   The Tenant acknowledge and agrees that from
release of               time to time during and after the expiry of this
information              tenancy, it way be necessary for the
                         Landlord to disclose, release, transfer or
                         otherwise make use of all or any personal
                         information relating to the Tenant collected,
                         held or processed by the Landlord
                         ("Information") to any third parties in Hong
                         Kong or overseas ("other third parties"). The
                         Tenant agrees and consents to the disclosure,
                         release, transfer to other bird parties or
                         otherwise use of any Information by the
                         Landlord for the purpose of or in connection
                         with the tenancy hereby created, the said
                         premises or the Landlord's business.

Special Conditions  7.   This Agreement is also subject to the
                         special conditions set out in the Fifth
                         Schedule hereto (if any).

No representation   8.   This Agreement set out the full
                         agreement between the parties and supersedes
                         all previous representations, warranties or
                         understanding, written or verbal, that the
                         parties may have made in respect of the said
                         premises or the Building.

Jurisdiction        9.   This Agreement shall be governed by the
                         laws of Hong Kong and the parties shall
                         submit to the non-exclusive jurisdiction of
                         the courts of Hong Kong.

                    10.  It is hereby declared that all reference
                         to Hong Kong shall mean the Hong Kong Special
                         Administrative Region and the Government
                         shall mean the Government of the Hong Kong
                         Special Administrative Region and (if the
                         context permits or requires) the singular
                         number shall include the plural and the
                         masculine gender shall include the feminine
                         and the neuter.

AS WITNESS the hands of the parties hereto the day and year first
above written.

                              -23-

<PAGE>

              THE FIRST SCHEDULE ABOVE REFERRED TO
                             PART I
                           THE TENANT

INTAC INTERNATIONAL HOLDINGS LIMITED whose registered office is
situate at Room 9, 18th Floor, Modem Warehouse, 6 Shing Yip
Street, Kwun Tong, Kowloon, Hong Kong.

                             PART II
                        THE SAID PREMISES

ALL THOSE UNIT NOS.3-5 on the SEVENTEENTH FLOOR of CLIFFORD
CENTRE.
                            PART III
                          THE SAID TERM

TWO (2) YEARS commencing from 20th day of March 2002 and expiring
on the 19th day of March 2004 (both days inclusive).

              THE SECOND SCHEDULE ABOVE REFERRED TO
                             PART I

Monthly Rent:  HK$18,330.00 per month exclusive of government
rent, rates and management charges.

                             PART II

Government Rent:    HK$1,649.70 per quarter subject to the
                    government periodic review

Government Rates:   HK$2,749.50 per quarter subject to the
                    government periodic review

                            PART III

Management Fee:     HK$3,391.00 per month subject to revision

                             PART IV

Rental Deposit:                    HK$ 54,990.00
Management Fee Deposit:            HK$ 10,173.00
                                   -------------
Total Deposit:                     HK$ 65,163.00
                                   =============

                              -24-

<PAGE>

              THE THIRD SCHEDULE ABOVE REFERRED TO
                     Landlord's Reservations

The Landlord reserves the following rights and privileges

1.   Subject to the terms of the Government Grant, the right to
     use install affix, or to grant or assign or license the
     right to do so, through any part of the said premises

     (a)  Lines, pipes, conduits, chimneys, plant, machinery and
          other apparatus;
     (b)  signs, placards, posters and other advertising
          structures whatsoever (whether illuminated or not) on
          the exterior
     (c)  antennae system, transmitter system, transponder
          system, cable system, cable television system,
          satellite television system, master antennae, aerial,
          broadcast distribution system, microwave distribution
          system, cable and wireless communication system and
          transmission and transponder system; and
     (d)  other fixture, installations and equipment as the
          Landlord shall think fit

2.   The tight at all times to build and operate in such part or
     parts of the land and the. Building including but not
     limited to common areas and/or common facilities and/or the
     external wall of the Building or part thereof for any
     purposes as the Landlord or the Building Manager sees fit
     Provided that such building and operation works shall not
     contravene the terms and conditions of the Government Grant
     or adversely or materially affect the exclusive right of the
     Tenant to use occupy and enjoy the said premises. The
     Landlord shall not incur any liability to the Tenant or any
     person having an interest in the land in respect of any
     inconvenience, disturbance, damage or loss that may be
     caused by or arise from such building work or operation
     work.

3.   The fill and exclusive right, at any time and from time to
     time, to alter and re-alter the facade and any or all of the
     external walls and the external appearance of the Building
     in such manner as the Landlord may at its absolute
     discretion thinks fit

4.   The right at all times to relocate any of the Building's
     common facilities to any part of the Building as the
     Landlord shall deem fit Provided that such relocation shall
     not adversely or materially affect the right of the Tenant
     to use occupy and enjoy the said premises. Such tight shall
     extend equally to all necessary contractors agents workers
     and other persons authorised by the Landlord.

5.   The exclusive and unrestricted right and privilege to change
     the name of the Building or any part thereof as the Landlord
     shall in its absolute discretion think fit and shall not be
     liable to the Tenant for any damages, claims, costs or
     expenses resulting therefrom or in connection therewith.

6.   The right to designate or re-designate the floor numbering
     and to sub-divide or re-subdivide any floor or part of the
     Building and re-designate the numbering of the said
     premises.

                              -25-

<PAGE>

AND the Landlord may at any time assign any or all of its rights
hereinbefore mentioned in this Clause wholly or in part and in
any manner to another person(s) or company(ies) in its absolute
discretion without reference to the Tenant.

              THE FOURTH SCHEDULE ABOVE REFERRED TO
               Further Covenants and Restrictions

     The Tenant shall observe and comply with the following
covenants and restrictions:

1.   Not to make any structural or other alterations to any part
     of the said premises which may damage or interfere with the
     use and enjoyment of any other part of the Building nor cut,
     injure, damage, alter or interfere with any other parts of
     the Building or the common facilities.

2.   Not to permit sewage or refuse water to flow from the said
     premises onto any adjoining or nearby land or allow any
     decaying, noxious, excrementitious or other refuse matter to
     be deposited on any portion of the land on which the
     Building is erected.

3    To comply with and observe all Ordinances, bye-laws,
     regulations and rules for the time being in force in Hong
     Kong and governing the control of any form of pollution
     (including noise and water pollution), whether aerial or
     otherwise, and the protection of the environment.

4    Not to install or use on the said premises or any part
     thereof or in any part of the Building any machinery,
     furnace, boiler or other plant or equipment or any fuel or
     method or process or treatment which might in any
     circumstances result in the discharge or emission, whether
     aerial or otherwise, on or from the land or any part thereof
     or from any building or buildings erected thereon of any
     noxious, harmful or corrosive matter, whether it be in the
     form of gas, smoke, liquid or solids and which shall in the
     opinion of the Manager be excessive unnecessary for the
     proper use and enjoyment of the land and the Building of
     which it forms part.

5.   To comply with all lawful requirements of the Director of
     Fire Services made under the Dangerous Goods Ordinance, any
     regulations made thereunder and any amendments thereto.

6.   To be responsible for and shall indemnify the Building
     Manager and all other owners and occupiers of the Building
     against any actions, proceedings, claims and demands
     whatsoever arising out of or in respect of any loss or
     damage to any person or property canoed by or as a result of
     the act or negligence of the Tenant or any person using such
     part or parts of the said premises with his consent
     expressed or implied or by or through or in any way owing to
     the overflow of water therefrom.

7.   To be liable to the Manager and all other owners for the
     acts, omissions or default of

                              -26-

<PAGE>

     water without the poor written consent of the Director of
     Environmental Protection and the Building Manager, who may
     as a condition of granting his consent require the Tenant to
     provide, operate and maintain at the Tenant's own expense on
     the land or in the Building or otherwise and to the
     satisfaction of the Director of Environmental Protection and
     the Building Manager suitable works for the treatment and
     disposal of such trade effluent or foul or contaminate or
     cooling or hot water PROVIDED that any such works,
     installations, erections, constructions for the treatment
     and disposal of such trade effluent or foul or contaminate
     or cooling or hot water shall be provided within the said
     premises and shall not adversely affect the structure of the
     Building nor exceed the designed floor loading.

31.  Not to carry out alteration of electricity supply to the
     said premises without the written consent of the Building
     Manager and the Building Manager may impose various
     conditions for such consent including submission of an
     interest-free deposit by the Tenant.

32.  Not to erect affix install attach or permit or suffer to be
     erected affixed installed or attached in or on or at the
     door or doors or entrance or entrances of the said premises
     any metal grille or shutter or gate which shall in anyway
     contravene the regulations of the Fire Services Department
     or other competent authority concerned from time to time in
     force and such metal grille or shutter or gate shall be of
     such design end material as shall be approved by the
     Building Manager.

33.  Not to place on any pert of the floors of the Building any
     machinery goods or merchandise which may cause the maximum
     floor loading bracing capacity thereof (as specified on such
     floor) to be exceeded and in the event of breach of this
     covenant the Tenant shall at his own cost appoint a
     Registered Structural Engineer and shall make good any
     damage caused thereby to that part of the Building or any
     fixtures and fittings therein in accordance with the
     direction and to the satisfaction of the Registered
     Structural Engineer. Provided That the making good of such
     damage to aforesaid shall be without prejudice to any
     further right available to the landlord and the Building
     Manager by virtue of such breach nor shall it be construed
     as any waiver or forbearance of such breach.

34.  To take all such necessary measures as may be required by
     and to the satisfaction of the Director of Environmental
     Protection to ensure that the operation of all plant sad
     equipment installed or used on the said premises or any part
     thereof will not cause any noise which disturbs or annoys
     the residents or occupiers of any adjoining or neighhouring
     lot or lots or premises, or causes disturbance to the
     general public. The decision of the Director of
     Environmental Protection as to whether any such plant and
     equipment are causing disturbance or annoyance as aforesaid
     shall be final and binding on the Tenant. In the event of a
     breach hereof, the Tenant shall make good any damage caused
     thereby to the said premises and the Building or any part or
     parts thereof or to the occupants thereof; and provided
     further that the making good of such damage as aforesaid
     shall be without prejudice to any further right available to
     the Landlord and the Building Manager by virtue of such
     breach nor shall it be construed as any waiver or
     forbearance of such breach.

                              -27-

<PAGE>

              THE FIFTH SCHEDULE ABOVE REFERRED TO

     This Agreement is also subject to the following special
conditions which shall have the same effect as if incorporated
therein:

1.   The Tenant shall be entitled to a rent free period of forty-
     five (45) days from 20th March 2002 to 3rd May 2002 (both
     days inclusive) Provided that the Tenant shall be required
     to pay Government Rent, rates, management fee and all other
     outgoings during the said rent free period.

2.   The said premises shall be handed over to the Tenant in its
     "as is" state and condition.

3.   The Tenant further agrees to the Landlord that upon the
     expiration or sooner determination of this Agreement, the
     Tenant shall reinstate the said premises and deliver up
     vacant possession of the said premises in a state of good
     repair and tenantable condition (including demolishing the
     existing decoration or additional decoration or fitting and
     removal of all rubbish and sundries within the said
     premises) to the satisfaction of the Landlord.

                              -28-

<PAGE>

SIGNED by                                    )
                                             )
                                             )
for and on behalf of the Agent for the       )
                                             )
Landlord whose signature is verified by:-    )

Solicitor, Hong Kong SAR.

Woo, Kwan, Lee & Lo.

SIGNED by                                    )
                                             )
                                             )
                                             )
for and on behalf of the Tenant in the       )
                                             )
presence of:                                 )

IRENE, CEAN SIU LING
Clerk to Messrs. Woo, Kwan, Lee & Lo
Solicitors &c., Hong Kong SAR.

I hereby verify the signature of
IRENE, CHAN SIU LING

EDWINA LAI KAI CHEUNG
Solicitor, Hong Kong SAR.
WOO, KWAN, LEE & LO.

                              -29-

<PAGE>

RECEIVED  the day and year first above written of and       )
                                                            )
from the Tenant the sum of         HONG KONG DOLLARS SIXTY  )
                                                            )
FIVE THOUSAND ONE HUNDRED SIXTY-THREE ONLY                  )
                                                            )
being the deposit money above mentioned to be paid by       )
the Tenant                                                  )HK$65,163.00
to the Landlord.                                            )

VERIFICATION of the signature(s):-

Solicitor, Hong Kong SAR
Woo, Kwan, Lee & Lo.

                              -30-

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