Document:

SVI HOLDINGS, INC.

                                  COMMON STOCK
                               PURCHASE AGREEMENT

                          Dated as of December 22, 2000

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                               SVI HOLDINGS, INC.

                         COMMON STOCK PURCHASE AGREEMENT

         THIS COMMON STOCK PURCHASE AGREEMENT (this "Agreement") is entered into
as of December 22, 2000, by and among SVI Holdings, Inc., a Nevada corporation
(the "Company"), and the parties listed on the Schedule of Investors attached
hereto (each, an "Investor"), with reference to the following facts:

         WHEREAS, the Company has authorized the sale and issuance of up to
2,941,176 shares of its Common Stock, par value $.0001 per share, (the "Common
Stock") pursuant to the terms of this Agreement.

         WHEREAS, the Investors hereto wish to purchase, and the Company wishes
to sell to those Investors, shares of the Common Stock on the terms and
conditions set forth herein.

         NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants and conditions set forth in this Agreement, the parties agree
as follows:

         1. AUTHORIZATION AND SALE OF THE SHARES.

                  1.1 AUTHORIZATION. The Company has authorized the issuance and
sale pursuant to the terms and conditions hereof of up to 2,941,176 shares of
its Common Stock.

                  1.2 ISSUANCE AND SALE OF COMMON STOCK. Subject to the terms
and conditions hereof, each Investor agrees, severally but not jointly, to
purchase, and the Company agrees to issue and sell to each such Investor, at
each Closing (as such term is hereinafter defined), the respective number of
shares of Common Stock specified opposite the name of such Investor for such
Closing on the Schedule of Investors attached hereto at a purchase price of
$0.85 per share.

                  1.3 ISSUANCE AND SALE OF INITIAL WARRANTS. Subject to the
terms and conditions hereof, the Company agrees to issue to each Investor
participating in the applicable Closing a warrant to purchase shares of Common
Stock equal to one-half the number of shares of Common Stock that Investor
acquires in such Closing. The warrants will be in the form of Exhibit A hereto
(each, an "Initial Warrant" and collectively, the "Initial Warrants"). The
exercise price of each Initial Warrant will be $1.50 per share of Common Stock
issuable on exercise of the Initial Warrant.

                  1.4 CLOSINGS; DELIVERY.

                           (a) FIRST CLOSING. Upon satisfaction of the
conditions set forth in Sections 4 and 5, the closing of the purchase and sale
of the shares of Common Stock listed in Part I of the Schedule of Investors
attached hereto and the issuance of the Initial Warrants related thereto shall
take place at the offices of Paine Hamblen Coffin Brooke Miller LLP, 717 W.
Sprague, Suite 1200, Spokane, Washington 99201, on or before December 22, 2000
(the "First Closing Date"), at 10:00 a.m., or at such other time and place as
the parties may agree (the "First Closing"). The First Closing Date and all
subsequent closing dates referred to Section 1.4(c) of this Agreement are
collectively referred to herein as the "Closing Dates" and each individually as
a "Closing Date." The First Closing and all subsequent closings referred to
Section 1.4(c) of this Agreement are collectively referred to herein as the
"Closings" and each individually as a "Closing."

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                           (b) DELIVERY AT THE FIRST CLOSING. Subject to the
terms of this Agreement, at the First Closing the Company will deliver to each
Investor listed in Part I of the Schedule of Investors a stock certificate
representing the number of shares of Common Stock set forth beside such
Investor's name in Part I of the Schedule of Investors and an Initial Warrant
exercisable into the applicable number of shares of Common Stock against (i) in
the case of principal of the Convertible Promissory Note and Grant of Security
Interest dated December 14, 2000 (the "Convertible Note") made by the Company in
favor of Koyah Leverage Partners, L.P., cancellation of such principal pursuant
to the Convertible Note pursuant to the automatic conversion provisions of the
Convertible Note (with accrued interest on the Convertible Note to be paid by
the Company) and (ii) in the case of the remainder of the purchase price,
delivery to the Company by each such Investor at the First Closing of a check or
wire transfer of funds for the purchase price of the shares of Common Stock.

                           (c) SUBSEQUENT SALES OF SHARES.

                                    (i) SECOND CLOSING. Upon satisfaction of the
conditions set forth in Section 4 and 5, the closing of the purchase and sale of
the shares of Common Stock listed in Part II of Schedule of Investors attached
hereto and the issuance of the Initial Warrants related thereto shall take place
at the offices of Paine Hamblen Coffin Brooke & Miller LLP, on or before January
20, 2001 (the "Second Closing Date"), at 10:00 a.m., or at such other time and
place as the parties may agree (the "Second Closing").

                                    (ii) ADDITIONAL OPTIONAL PURCHASE. At any
time on or before the date that is 60 days after the First Closing Date, Koyah
Partners, L.P., Koyah Leverage Partners, L.P. and any other entity or account
managed by or under common investment management with ICM Asset Management, Inc.
(collectively, the "Approved Investors") have the exclusive right, upon the
election of one or more of the Approved Investors, as the case may be, to
purchase, and the Company agrees to sell to such Approved Investor or Approved
Investors, as the case may be, upon such election, up to an additional 588,235
shares of such Common Stock not sold in the First Closing or the Second Closing
at a purchase price of $0.85 per share together with the issuance of the Initial
Warrants related thereto. All such subsequent sales shall be at the election of
the Approved Investors (but without obligation on their part), but shall
otherwise be made on the terms and conditions set forth in this Agreement,
including, without limitation, satisfaction of the conditions set forth in
Sections 4 and 5.

                                    (iii) TREATMENT OF SUBSEQUENT SALES OF
SHARES. Any shares of Common Stock sold pursuant to this Section 1.4(c) shall be
deemed to be "Common Stock" for all purposes under this Agreement and any
investors thereof shall be deemed to be "Investors" for all purposes under this
Agreement and under the Investors' Rights Agreement, dated as of the date
hereof, by and among the Company and the Investors, the form of which is
attached hereto as Exhibit B (the "Investors' Rights Agreement"), and such
investors shall automatically become parties to this Agreement and the
Investors' Rights Agreement and shall have the rights and obligations of an
Investor hereunder and thereunder.

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                           (d) DELIVERY AT EACH SUBSEQUENT CLOSING. Subject to
the terms of this Agreement, at each Closing after the First Closing, the
Company shall deliver to each Investor acquiring shares of Common Stock at such
Closing a stock certificate representing that number of shares of Common Stock
set forth beside such Investor's name for such Closing on the Schedule of
Investors attached hereto and an Initial Warrant exercisable into the applicable
number of shares of Common Stock against delivery to the Company by each such
Investor participating in such Closing of a check or wire transfer of funds for
the purchase price of the shares of Common Stock. After each such Closing, the
Company will update the Schedule of Investors attached hereto by adding the
investors in such Closing to a new Part of the Schedule of Investors.

                  1.5 [Intentionally omitted]

                  1.6 EFFECT OF CHANGE IN COMPANY'S CAPITAL STRUCTURE. For
purposes of this Section 1, appropriate adjustments shall be made in the price,
number and class of shares in the event of a stock split, reverse stock split,
combination, reclassification or like change in the capital structure of the
Company after the date of this Agreement.

         2. REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE COMPANY. The
Company (expressly including for purposes of this Section 2 its wholly owned
subsidiaries, SVI Training Products, Inc., a California corporation, Sabica
Ventures, Inc., a California corporation, SVI Retail, Inc., a Delaware
corporation, and SVI Retail (Pty) Ltd., an Australian corporation) hereby
represents and warrants to each Investor, as of the date of this Agreement and
as of each Closing, that except as set forth on the Schedules attached hereto
(which exceptions shall be deemed to be representations and warranties as if
made hereunder):

                  2.1 ORGANIZATION; STANDING AND POWER. The Company (a) is a
corporation duly organized, validly existing and in good standing under the laws
of the state of its incorporation, (b) has all requisite corporate power and
authority to own and operate its properties and to carry on its businesses as
presently conducted and as proposed hereafter to be conducted, and (c) is duly
qualified and in good standing to do business as a foreign corporation in each
and every jurisdiction where its assets are located and wherever such
qualification is necessary to carry out its business and operations except where
the failure to so qualify or be in good standing would not have a material
adverse effect on the condition (financial or otherwise), business, operations,
assets or prospects of the Company (the "Condition of the Company"). The Company
has all requisite corporate power and authority to execute and deliver, and
perform all of its obligations under this Agreement and the other Related
Documents (as defined in Section 8).

                  2.2 CAPITALIZATION; RESERVED STOCK, PREEMPTIVE RIGHTS. The
total authorized capital stock of the Company immediately prior to the First
Closing consists of 50,000,000 shares of Common Stock and 5,000,000 shares of
Preferred Stock, of which 34,342,525 shares of Common Stock are issued and
outstanding (consisting of 33,897,884 shares issued and outstanding and an
additional 444,641 held as treasury stock) and no shares of Preferred Stock are
issued and outstanding. All capital stock of the Company that is outstanding
immediately prior to the First Closing has been duly and validly issued, is
fully paid and nonassessable and has been issued in accordance with all
applicable federal and state securities laws. Except for (a) 3,500,000 shares of

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Common Stock issuable upon conversion of options which are outstanding or
reserved for issuance under the Company's 1998 Equity Incentive Plan and 688,535
of Common Stock issuable upon conversion of options which are outstanding or
reserved for issuance under the Company's 1989 Incentive Stock Option Plan, (b)
25,000 shares of Common Stock issuable on exercise of warrants outstanding prior
to the First Closing, (c) shares of Common Stock issuable on exercise of
warrants contemplated under the Convertible Note (which is terminating upon the
First Closing), (d) shares of Common Stock issuable upon exercise of the Initial
Warrants and (e) shares of Common Stock issuable upon exercise of the additional
warrants contemplated under the Investors' Rights Agreement (each a
"Registration Warrant", collectively the "Registration Warrants" and together
with the Initial Warrants, the "Warrants"), no other shares have been reserved
for issuance on the First Closing Date and there are no outstanding options,
warrants or other rights to subscribe for or purchase from the Company any
shares of its capital stock or any securities convertible into or exchangeable
for its capital stock. Except for the rights of first refusal set forth in the
Investors' Rights Agreement, there are no preemptive rights or rights of first
refusal or similar rights which are binding on the Company permitting any person
to subscribe for or purchase from the Company shares of its capital stock
pursuant to any provision of law, the articles of incorporation or bylaws of the
Company or by agreement or otherwise. The designations, powers, preferences,
rights, qualifications, limitations and restrictions in respect of each class
and series of authorized capital stock of the Company are as set forth in the
certificate or articles of incorporation of the Company, and all such
designations, powers, preferences, rights, qualifications, limitations and
restrictions are valid, binding and enforceable against the Company and in
accordance with all applicable laws, rules and regulations.

                  2.3 AUTHORIZATION AND BINDING OBLIGATION.

                           (a) The execution and delivery by the Company of this
Agreement, the other Related Documents, the performance of the Company's
obligations hereunder and thereunder, and the consummation of the transactions
contemplated hereby and thereby (including the issuance and delivery of the
shares of Common Stock and the Common Stock issuable on exercise of the
Warrants) have been duly authorized by all necessary corporate action and will
not, either prior to or as a result of the consummation of the transactions
contemplated by this Agreement: (i) violate any law or any governmental rule or
regulation applicable to the Company, any provision of the certificate or
articles of incorporation or bylaws of the Company, or any contract, indenture,
agreement or other instrument to which the Company is a party, or by which the
Company or any of its assets or properties are bound, or (ii) be in conflict
with, result in a breach of, or constitute (after the giving of notice or lapse
of time or both) a default under, or result in the creation or imposition of any
lien of any nature whatsoever upon any of the property or assets of the Company
pursuant to the provisions of any contract, indenture, agreement or other
instrument to which the Company is a party or by which its assets or property is
bound. The Company is not required to obtain any approval, consent or
authorization from, or to file any declaration or statement with, any
governmental instrumentality or agency in connection with or as a condition to
the execution, delivery or performance of this Agreement (including the issuance
and delivery of the shares of Common Stock and the Common Stock issuable on
exercise of the Warrants), or the other Related Documents, other than (i)
approval of the board of directors of the Company, which has been obtained, and
(ii) the filing of the Form D and any applicable state securities law filings,
which filing or filings, as the case may be, will be made in accordance with
applicable laws and regulations.

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                           (b) Each of the Agreement and the other Related
Documents has been duly executed and delivered by the Company and is the legally
valid and binding obligation of the Company, enforceable against the Company in
accordance with its terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting creditors'
rights generally or by equitable principles relating to enforceability.

                           (c) The Common Stock that is being issued hereunder,
when issued, sold, paid for and delivered in accordance with the terms of this
Agreement will be duly and validly issued, fully paid and non-assessable, and
free and clear of any restrictions on transfer (other than any restrictions
under the Securities Act of 1933, as amended (the "Securities Act"), and state
securities laws) and any taxes, security interests, options, warrants, purchase
rights, preemptive rights, contracts, commitments, equities, claims or demands.
The shares of Common Stock issuable on exercise of the Warrants, when issued in
accordance with the terms of the Warrants, will be duly and validly issued,
fully paid and non-assessable, and free and clear of any restrictions on
transfer (other than any restrictions under the Securities Act and state
securities laws) and any taxes, security interests, options, warrants, purchase
rights, preemptive rights, contracts, commitments, equities, claims or demands.

                  2.4 SECURITIES LAW EXEMPTION. The offer, sale and issuance of
the shares of the Common Stock and Warrants as contemplated by this Agreement
are exempt from the registration requirements of the Securities Act and
applicable state securities laws, and neither the Company nor any authorized
agent acting on its behalf has taken or will take any action hereafter that
would cause the loss of such exemption.

                  2.5 NON-CONTRAVENTION. The Company is not in violation or
breach of or in default with respect to, any material provision of any contract,
agreement, instrument, lease, license, arrangement or understanding to which it
is a party, and each such contract, agreement, instrument, lease, license,
arrangement and understanding is in full force and effect and is the legal,
valid and binding obligation of the Company, enforceable against the Company in
accordance with its terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting creditors'
rights generally or by equitable principles relating to enforceability.

                  2.6 SEC REPORTS. The Company has filed all required reports,
schedules, forms, statements, and other documents with the Securities and
Exchange Commission (the "SEC") (together with other documents that revise or
supersede earlier filed documents, the "SEC Reports"). The Company has delivered
or made available to the Investors true and complete copies of the SEC Reports.
As of their respective dates, the SEC Reports complied in all material respects
with the requirements of the 1933 Act or the 1934 Act, as the case may be, and
the rules and regulations of the SEC promulgated thereunder applicable to such
SEC Reports. None of the SEC Reports contained any untrue statement of a
material fact or omitted to state a material fact required to be stated therein
or necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading. The financial
statements of the Company included in the SEC Reports complied as of their

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respective dates of filing with the SEC in all material respects with applicable
accounting requirements and the published rules and regulations of the SEC with
respect thereto, have been prepared in accordance with generally accepted
accounting principles (except, in the case of unaudited statements, as permitted
by Regulation S-X promulgated by the SEC) applied on a consistent basis during
the periods involved (except as may be indicated in the notes thereto), and
fairly present the financial position of the Company as of the dates thereof and
the results of its operations and cash flows for the periods then ended
(subject, in the case of unaudited statements, to normal year-end audit
adjustments). As of the date hereof, the Company has on a timely basis made all
filings required to be made by the Company with the SEC.

                  2.7 LITIGATION. Except as set forth in the SEC Reports, there
is no action, suit or litigation, administrative proceeding, arbitration or
other proceeding to which the Company is a party or of which the Company is
aware, pending or threatened, which might materially and adversely affect the
Condition of the Company, and none of which questions the validity or impairs
the ability of the Company to perform on a timely basis any obligation under
this Agreement or the or the other Related Documents or any action taken or to
be taken in connection herewith or therewith. None of the transactions
contemplated hereby or by any of the other Related Documents has been enjoined
by any Authority and no suit or other proceeding challenging the transactions
contemplated by the Related Documents (of which the Company has been served or
is aware) has been instituted or, to the best of the Company's knowledge,
threatened and no investigative demand on the Company related to such
transactions has been made by any Authority. There are no unsatisfied judgments
or outstanding orders, injunctions, decrees, stipulations or awards against the
Company or any of its properties or assets that, individually or in the
aggregate, exceed $25,000 or otherwise have a material adverse effect on the
Condition of the Company.

                  2.8 FINANCIAL STATEMENTS. The financial statements of the
Company included in the SEC Reports and an unaudited income statement and
balance sheet for the three-month period ending September 30, 2000, included in
the SEC Reports (the "Financial Statements") (a) have been prepared (i) in
accordance with generally accepted accounting principles ("GAAP") (except that
the unaudited Financial Statements have not been reviewed by the independent
public accountants of the Company, , and do not contain footnotes and are
subject to year-end adjustments, which adjustments are not expected to be
material, individually or in the aggregate), (ii) on a consistent basis for all
periods presented, and (iii) in accordance with the books and records of the
Company, (b) are complete and correct in all material respects, and (c) fairly
present in all material respects the financial condition of the Company as at
said dates, and the results of operations for the periods stated. As of the date
hereof, there are no liabilities or obligations of the Company ("Liabilities"),
whether known or unknown, accrued, absolute, contingent or otherwise, and
whether due or to become due, other than Liabilities that are reflected in the
SEC Reports or the Financial Statements or Liabilities incurred since the date
of the Financial Statements that are not and would not be, individually or in
the aggregate, material to the Condition of the Company. The Company is not
aware of any reasonable basis for the assertion against the Company of any other
debt, duty, liability, obligation or loss contingency other than Liabilities
that are not and would not be, individually or in the aggregate, material to the
Condition of the Company.

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                  2.9 USE OF PROCEEDS. The proceeds from the sale of the shares
of Common Stock shall be used solely for general corporate purposes. The
proceeds from the sale of the shares of Common Stock may not be used to redeem,
repurchase or otherwise acquire any shares of preferred stock, common stock or
other equity securities issued by the Company.

                  2.10 INTELLECTUAL PROPERTY.

                           (a) The Company owns, or has the contractual right to
use, sell or license all intellectual property necessary or required for the
conduct of its business as presently conducted and as proposed to be conducted,
including, without limitation, all trade secrets, processes, source code,
licenses, trademarks, service marks, trade names, logos, brands, copyrights,
patents, franchises, domain names, permits and Proprietary Information (all such
intellectual property and the rights thereto are collectively referred to as the
"Company IP Rights"), except for any failure to own or have the right to use,
sell or license that would not have a material adverse effect on the Condition
of the Company. Set forth in the SEC Reports are all (i) patents, applications
for patents, registrations of trademarks and applications therefor, and
registrations of copyrights and applications therefor that are owned by the
Company, and (ii) unexpired licenses relating to the Company IP Rights that have
been granted to the Company and that are material to the conduct of the
Company's business as presently conducted or as proposed to be conducted, but
excluding end-user licenses granted to the Company relating to standard "off the
shelf" software that is generally available on commercially reasonable terms.

                           (b) Neither the execution, delivery and performance
of this Agreement or the other Related Documents nor the consummation of the
transactions contemplated hereby or thereby will (i) constitute a breach of any
instrument or agreement governing any Company IP Rights, (ii) cause the
forfeiture or termination or give rise to a right of forfeiture or termination
of any Company IP Rights or (iii) impair the right of the Company to use, sell
or license any Company IP Rights or portion thereof, except for any such breach,
forfeiture, termination, right of forfeiture or termination or impairment that
would not, individually or in the aggregate, have a material adverse effect on
the Condition of the Company.

                           (c) The manufacture, marketing, license, sale or
intended use of any product currently licensed or sold by the Company is not in
breach of any material license or agreement between the Company and any third
party or, to the best of the Company's knowledge, has not infringed and is not
infringing on any intellectual property right of any other party. To the best of
the Company's knowledge, there is no claim or litigation, pending or threatened,
which contests the validity, ownership or right to use, sell, license or dispose
of any Company IP Rights.

                           (d) Except as set forth on Schedule 2.10(d), the
Company owns the Company IP Rights free and clear of all liens or other
encumbrances. The Company has not received any communications alleging that the
Company has violated or, by conducting its business presently conducted or as
proposed to be conducted, violates or will violate any intellectual property
rights of any other person or entity. The Company is not aware that any of its
employees are obligated under any contract (including licenses, covenants or
commitments of any nature) or other agreement, or subject to any judgment,
decree or order of any court or administrative agency, that would interfere with
their duties to the Company or that would conflict with the Company's business

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as presently conducted or as proposed to be conducted. Neither the execution nor
delivery of this Agreement or the other Related Documents, nor the carrying on
of the Company's business by the employees of the Company, nor the conduct of
the Company's business as presently conducted or as proposed to be conducted,
will conflict with or result in a breach of the terms, conditions or provisions
of, or constitute a default under, any contract, covenant or instrument under
which any employee is now bound. The Company does not believe it is or will be
necessary to utilize any inventions, trade secrets or proprietary information of
any of its employees (or people the Company currently intends to hire) made
prior to their employment by the Company, except for Company IP Rights that have
been assigned to the Company.

                           (e) The Company has taken reasonable security
measures to maintain the confidentiality of and to protect the Company IP
Rights. Each executive officer of the Company has executed a Company IP Rights
and inventions agreement to protect the rights of the Company to all Company IP
Rights in substantially the form provided to the Investors.

                  2.11 TITLE TO PROPERTY AND ASSETS. The Company does not own
any real property. The Company has good and marketable title to or, in the case
of leases and licenses, has valid and subsisting leasehold interests or licenses
in, all of its properties and assets of whatever kind (whether real or personal,
tangible or intangible) free and clear of any liens or other encumbrances,
except for liens or other encumbrances that are not, individually or in the
aggregate, material to the Condition of the Company. No person other than the
Company owns any equipment or other tangible assets or property situated on the
premises of the Company that is necessary to the operation of the business of
the Company as conducted or as proposed to be conducted, except for leased items
that are leased. With respect to property leased by the Company, the Company has
a valid leasehold interest in such property pursuant to leases which are in full
force and effect, and the Company is in compliance in all material respects with
the material provisions of such leases. All facilities, equipment and other
material items of tangible property and assets of the Company are in good
operating condition and repair, subject to normal wear and maintenance, and
conform to all applicable Laws relating to their construction, use and
operation.

                  2.12 COMPLIANCE WITH LAWS. The Company is and has been in
compliance in all material respects with all Laws that are applicable to the
Company, the conduct of its business as presently conducted and as proposed to
be conducted, and the ownership of its property and assets (including, without
limitation, all occupational safety, health, wage and hour, employment
discrimination and environmental laws), and the Company, to its knowledge, is
not aware of any state of facts, events, conditions or occurrences which may now
or hereafter constitute or result in a violation of any of such Laws or which
may give rise to the assertion of any such violation, the effect of which could
have a material adverse effect on the Condition of the Company. All required
reports and filings with Authorities have been properly made as and when
required, except where the failure to report or file would not, individually or
in the aggregate, have a material adverse effect on the Condition of the
Company.

                  2.13 LICENSES AND PERMITS. The Company has obtained and
maintains all federal, state and local licenses, permits, consents, approvals,
registrations, memberships, authorizations and qualifications required to be
maintained in connection with and material to the operations of the Company as
presently conducted and as proposed to be conducted, and all such licenses,
permits, consents, approvals, registrations, memberships, authorizations and
qualifications obtained are valid and in full force and effect.

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                  2.14 RELATED ENTITIES. Except as set forth in the SEC Reports,
the Company does not presently own or control, directly or indirectly, any
interest in any other subsidiary, corporation, association or other business
entity. The Company is not a party to any joint venture.

                  2.15 RELATED PARTY TRANSACTIONS AND AGREEMENTS.

                           (a) Except as disclosed in the SEC Reports, there are
no agreements, understandings or proposed transactions (other than
employer/employee relationships) between the Company, on the one hand, and any
of its respective officers, directors, shareholders (who hold one percent or
more of the Company's Common Stock (on a fully-diluted basis)) or any affiliate
thereof, on the other hand which would have a material adverse effect on the
Condition of the Company.

                           (b) No employee, officer or director of the Company
or shareholder who holds one percent or more of the Company's Common Stock (on a
fully-diluted basis) or member of the immediate family of any of the foregoing
(i) owns, directly or indirectly, any interest in (except for less than 1% stock
holdings for investment purposes in securities of publicly traded companies), or
is an officer, director, employee or consultant of, any company which is or was
engaged in business as, a competitor, lessor, lessee, supplier or customer of
the Company; (ii) owns, directly or indirectly, as a whole or in part, any
tangible or intangible property that the Company uses or contemplates using in
the conduct of its business as presently conducted or as proposed to be
conducted; or (iii) has any cause of action or other claim whatsoever against,
or is owed any amount from, the Company, except as disclosed in the SEC Reports
and except for immaterial claims in the ordinary course of business, such as
accrued vacation pay, accrued benefits under employee benefit plans and medical,
dental and other similar health benefit plans existing on the date hereof.

                  2.16 MARKETING RIGHTS. The Company has not granted rights to
develop, license, market, distribute or sell its products or use any of its
Proprietary Information to any other person or entity and is not bound by any
agreement that affects the exclusive right of the Company to develop, license,
market, distribute or sell its products or any other products that utilize the
Proprietary Information.

                  2.17 CHANGES. Since the date of the most recent SEC Report,
the Company has operated its respective business diligently and in the ordinary
course of business and there has not been, or the Company has not caused,
permitted or suffered to exist:

                           (a) any material adverse change in the Condition of
the Company;

                           (b) any damage, destruction or loss, whether or not
covered by insurance, materially and adversely affecting the Condition of the
Company;

                           (c) any waiver or compromise by the Company of a
right worth in excess of $25,000 or of a debt in excess of $25,000 owed it;

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                           (d) sold, encumbered, assigned or transferred any
assets or properties of the Company in excess of $25,000, other than in the
ordinary course of business;

                           (e) incurred any liability in excess of $25,000,
other than in the ordinary course of business;

                           (f) created, incurred, assumed or guaranteed any
indebtedness or subjected any of its assets to any lien or encumbrance, except
for indebtedness, liens or encumbrances that are not, individually or in the
aggregate, material to the Condition of the Company;

                           (g) declared, set aside or paid any dividends or made
any other distributions in cash or property on the Company's capital stock;

                           (h) directly or indirectly redeemed, purchased or
otherwise acquired any shares of capital stock of the Company;

                           (i) suffered any resignation or termination of
employment of any key officers or employees;

                           (j) except in the ordinary course of business of the
Company, increased the compensation payable or to become payable by the Company
to any of its officers, employees or directors or increased any bonus,
insurance, pension or other employee benefit plan, payment or arrangement made
by the Company for or with any such officers, employees or directors;

                           (k) made any direct or indirect loan to any
shareholder, employee, officer or director of the Company, other than advances
made in the ordinary course of business;

                           (l) changed any agreement to which the Company is a
party which materially and adversely affects the Condition of the Company; or

                           (m) entered into any agreement or commitment to do
any of the things described in this Section 2.17.

                  2.18 EMPLOYEE BENEFIT PLANS. Set forth in the SEC Reports or
on Schedule 2.18 are all "employee benefit plans," as such term is defined in
the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), to
which the Company has any liability or obligation, contingent or otherwise. To
the best knowledge of the Company, all such employee benefit plans comply and
have been maintained and administered in compliance with ERISA, the Code (as
defined in Section 2.19) and all other statutes, orders and governmental rules
and regulations applicable to such employee benefit plans. The Company does not
maintain or contribute to, and has not maintained or contributed to, any
"multiemployer plan," as such term is defined in ERISA.

                                       10
<PAGE>

                  2.19 TAXES. The Company has timely filed all tax returns and
reports (federal, state and local) as required by Law and these returns and
reports are true and correct in all material respects. The Company has paid all
taxes and other assessments shown to be due on such returns or reports. Neither
the Internal Revenue Service nor any state or local taxing authority has, during
the past three years, examined or informed the Company it is in the process of
examining, any such tax returns and reports. The provision for taxes of the
Company, as shown on the most recent Financial Statements, is adequate for taxes
due or accrued as of the date thereof. The Company has not elected, pursuant to
the Internal Revenue Code of 1986, as amended (the "Code"), to be treated as a
collapsible corporation pursuant to Section 341(f) of the Code, nor has it made
any other elections pursuant to the Code (other than elections that relate
solely to methods of accounting, depreciation or amortization) that would have a
material effect on the Condition of the Company.

                  2.20 INSURANCE. The Company has in full force and effect fire,
casualty and liability insurance policies, with extended coverage, sufficient in
amount (subject to reasonable deductibles) to allow the Company to replace any
of its properties that might be damaged or destroyed to the extent and in the
manner customary for companies in similar business similarly situated.

                  2.21 EMPLOYEES. The Company does not have any collective
bargaining agreements with any of its employees. There is no labor union
organizing activity pending or, to the Company's knowledge, threatened with
respect to the Company. Except as set forth in the SEC Reports, no employee has
any agreement or contract, written or verbal, regarding his employment
contracts. Except as set forth in the SEC Reports, the Company is not a party to
or bound by any deferred compensation arrangement, bonus plan, incentive plan,
profit sharing plan, retirement agreement or other employee compensation plan or
agreement. The Company is not aware that any officer or key employee, or that
any group of key employees, intends to terminate their employment with the
Company, nor does the Company have a present intention to terminate the
employment of any of the foregoing. Except as set forth in the SEC Reports, the
employment of each officer and employee of the Company is terminable at the will
of the Company. The Company is and has been in compliance with all applicable
Laws regulating employment and employment practices or prescribing terms and
conditions of employment, wages and hours and the provisions of all Laws
applicable to any employee benefit, stock option or other similar plan
maintained or contributed to by the Company for the benefit of its employees,
and there are no claims (other than routine claims for benefits and claims in
connection with terminations of employment) pending or threatened with respect
to any of such plans or arrangements.

                  2.22 MATERIAL CONTRACTS. Set forth in the SEC Reports and on
Schedule 2.22, are all material contracts, agreements, commitments and
arrangements that require capital expenditures or payments in excess of $100,000
or that are otherwise material, necessary or otherwise desirable to conduct the
Company's business as presently conducted or as proposed to be conducted
("Material Contracts"). The Material Contracts are valid and in full force and
effect as to the Company, and, to the best of the Company's knowledge, to the
other parties thereto. Except as otherwise disclosed herein, the Company is not
in violation of, or default under (and there does not exist any event or
condition which, after notice or lapse of time or both, would constitute such a
default under), the Material Contracts, except to the extent that such

                                       11
<PAGE>

violations or defaults, individually or in the aggregate, could not reasonably
be expected to (a) affect the validity of this Agreement or the other Related
Documents, (b) have a material adverse effect on the Condition of the Company,
or (c) impair the ability of the Company to perform fully on a timely basis any
material obligation which the Company has or will have under this Agreement or
the other Related Documents. To the Company's knowledge, none of the other
parties to any Material Contract are in violation of or default under any
Material Contract in any respect that would result in a material adverse effect
on the Condition of the Company. The Company has not received any notice of
cancellation or any written communication threatening cancellation of any
Material Contract by any other party thereto. The Company is not a party to and
is not bound by any contract, agreement or instrument, or subject to any
restriction under its articles of incorporation, as amended, bylaws or other
governing documents that materially adversely affects (i) it business as
presently conducted or as proposed to be conducted or (ii) the Condition of the
Company.

                  2.23 REAL PROPERTY HOLDING COMPANY. The Company is not a real
property holding company within the meaning of Section 897 of the Code.

                  2.24 SIGNIFICANT CUSTOMERS AND SUPPLIERS. No customer or
supplier that was significant to the Company during the period covered by the
Financial Statements or that has been significant to the Company thereafter, has
terminated, materially reduced or threatened to terminate or materially reduce
its purchases from or provision of products or services to the Company, if such
a termination or material reduction by such significant customer or supplier
would have a material adverse effect on the Condition of the Company.

                  2.25 BROKERS AND FINDERS. The Company has not employed any
broker, finder, consultant or intermediary in connection with the transactions
contemplated by this Agreement that would be entitled to a broker's, finder's or
similar fee or commission in connection herewith and therewith.

                  2.26 REGISTRATION RIGHTS. Except as provided by the Investors'
Rights Agreement and an obligation to register an additional 19,991 shares of
Common Stock by post-effective amendment to the Form S-3 of the Company which
was declared effective October2 4, 2000, the Company is not under any obligation
to register any presently outstanding securities, or any securities which may
hereafter be issued, under the Securities Act of 1933, as amended.

                  2.27 FOREIGN CORRUPT PRACTICES. Neither the Company nor any
director, officer, employee, agent or other person acting on behalf of the
Company has, in the course of that person's actions for, or on behalf of, the
Company, (a) used any corporate assets for any unlawful contribution, gift,
entertainment or other unlawful expenses relating to political activity, (b)
made any direct or indirect unlawful payment to any foreign or domestic
governmental official or employee, (c) violated or is in violation of any
provision of the U.S. Foreign Corrupt Practices Act of 1977, or (d) made any
bribe, rebate, payoff, influence payment, kickback or other unlawful payment to
any foreign or domestic governmental official or employee.

                  2.28 FORM S-3 ELIGIBILITY. The Company is currently eligible
to register the resale of its Common Stock on a registration statement on Form
S-3 under the Securities Act.

                                       12
<PAGE>

                  2.29 DISCLOSURE. This Agreement, Schedules and Exhibits
hereto, the other Related Documents, and all other documents delivered to the
Investors in connection herewith or therewith at the Closing, do not contain any
untrue statement of a material fact, or omit to state a material fact necessary
to make the statements therein, in light of the circumstances under which they
were made, not misleading. There are no facts that, individually or in the
aggregate, materially adversely affect the Condition of the Company that has not
been disclosed to the Investors in this Agreement (including the Schedules and
Exhibits hereto), the other Related Documents and all other documents delivered
to the Investors in connection herewith or therewith at the Closing.

         3. REPRESENTATIONS AND WARRANTIES OF EACH INVESTOR. Each Investor,
severally but not jointly, represents and warrants that:

                  3.1 INVESTMENT INTENT. The Investor is acquiring the Common
Stock and the Warrants (collectively, the "Securities") pursuant to this
Agreement with his, her or its own funds for his, her or its own account and not
as a nominee or agent for the account of any other person. No other person has
any interest, beneficial or otherwise, in any of the Securities to be purchased
by the Investor. Except as provided herein, the Investor is not obligated to
transfer any Securities to any other person, nor does the Investor have any
agreement or understanding with any other person to do so. The Investor is
purchasing the Securities for investment purposes and not with a view to the
sale or distribution of any Securities, by public or private sale or other
disposition, and the Investor has no intention of selling, granting any
participation in or otherwise distributing or disposing of any of the
Securities. Except as provided in Section 6 hereof, the Investor does not intend
to subdivide or transfer to any other person the Securities acquired by the
Investor herewith. Notwithstanding the foregoing, the disposition of the
Investor's property shall be at all times within the Investor's own control, and
the Investor's right to sell or otherwise dispose of all or any part of the
Securities purchased by it pursuant to an effective registration statement under
the Securities Act or under an exemption under the Securities Act shall not be
prejudiced; provided, that the Investor complies with Section 6 herein. Nothing
herein shall prevent the distribution of any Securities to any member, partner
or stockholder, former member, partner or stockholder of the Investor in
compliance with the Securities Act and applicable state "blue sky" laws.

                  3.2 NO PUBLIC OFFERING. The Investor is able to bear the
economic risk of his, her or its investment in the Securities. The Investor is
aware that it must be prepared to hold the Securities for an indefinite period
and that the Securities have not been, and when issued will not be, registered
under the Securities Act or registered or qualified under any state securities
law, on the ground that the Securities are being issued by the Company without
any public offering within the meaning of Section 4(2) of the Securities Act.
The Investor has had an opportunity to discuss the Company's business,
management and financial affairs with the Company's management. The Investor is
not subscribing for the Securities as a result of or subsequent to any
advertisement, article, notice or other communication published in any
newspaper, magazine or similar media or broadcast over television or radio or
any solicitation of a subscription by any person not previously known to the
Investor in connection with investments in securities generally.

                                       13
<PAGE>

                  3.3 CERTIFICATES TO BE LEGENDED. The Investor understands that
each stock certificate representing Securities acquired hereunder will bear a
legend on the face thereof (or on the reverse thereof with a reference to such
legend on the face thereof) required by the SEC or a state securities
commission.

                  3.4 SECURITIES WILL BE "RESTRICTED SECURITIES". The Investor
understands that the Securities will be "restricted securities" as that term is
defined in Rule 144 promulgated under the Securities Act and, accordingly, that
the Securities must be held indefinitely unless they are subsequently registered
under the Securities Act or an exemption from such registration is available.
The Investor understands and agrees that, except as provided herein and in the
Investors' Rights Agreement, the Company is not under any obligation to register
the Securities under the Securities Act or to comply with Regulation A or any
other exemption.

                  3.5 ACCREDITED INVESTOR. The Investor has been advised or is
aware of the provisions of Regulation D under the Securities Act relating to the
accreditation of investors, and the Investor is an "accredited investor" as
defined in Rule 501 of Regulation D promulgated under the Securities Act.

                  3.6 SOPHISTICATION OF THE INVESTOR. The Investor has such
knowledge and experience in financial and business matters that the Investor is
capable of evaluating the merits and risks of the investment contemplated by
this Agreement and has the capacity to protect his, her or its own interests.
The Investor acknowledges that investment in the Securities is highly
speculative and involves a substantial and high degree of risk of loss of the
Investor's entire investment. The Investor has adequate means of providing for
current and anticipated financial needs and contingencies, is able to bear the
economic risk of the investment for an indefinite period of time and has no need
for liquidity of the investment in the Securities and could afford complete loss
of such investment.

                  3.7 BROKERS' FEES. No broker, finder or investment banker is
entitled to any brokerage, finder's or other fee or commission in connection
with the transactions contemplated hereby based upon arrangements made by or on
behalf of the Investor.

                  3.8 ORGANIZATION. Unless the Investor is an individual, the
Investor is a corporation, limited liability company or limited partnership, as
the case may be, duly organized, validly existing and in good standing in the
jurisdiction of its formation. The Investor has all requisite power and
authority to execute, deliver and carry out the terms of this Agreement and the
Investors' Rights Agreement.

                  3.9 EXECUTION AND BINDING EFFECT. The execution and delivery
of this Agreement and the Investors' Rights Agreement and the consummation of
the transactions contemplated hereby or thereby have been duly authorized by all
necessary action on the part of the Investor. Upon the execution and delivery by
the Investor, this Agreement and the Investors' Rights Agreement shall
constitute the legal, valid and binding obligations of the Investor enforceable
against the Investor in accordance with their respective terms, except as such
enforceability may be limited by bankruptcy, insolvency, liquidation,
reorganization, moratorium or other laws relating to or limited creditors'
rights generally or by equitable principles relating to enforceability.

                                       14
<PAGE>

         4. EACH INVESTOR'S CONDITIONS TO EACH CLOSING. Each Investor's
obligation to purchase and pay for the shares of Common Stock to be sold to such
Investor at the applicable Closing and the issuance of the Initial Warrants is
subject to the fulfillment to such Investor's satisfaction, prior to or at the
such Closing, of the following conditions:

                  4.1 REPRESENTATIONS AND WARRANTIES. The representations and
warranties of the Company contained in Section 2 shall be true and correct when
made and as of the applicable Closing with the same effect as though such
representations and warranties had been made on and as of the date of such
Closing, except to the extent of changes caused by transactions expressly
contemplated herein.

                  4.2 PERFORMANCE. The Company shall have performed and complied
with all agreements, obligations and conditions contained in this Agreement that
are required to be performed by it or with which it is required to have complied
on or before the applicable Closing.

                  4.3 PROCEEDINGS AND DOCUMENTS. All corporate and other
proceedings in connection with the transactions contemplated at the applicable
Closing and all documents incident thereto shall be reasonably satisfactory in
form and substance to the Investor, and the Investor shall have received all
such counterpart original and certified or other copies of such documents as
they may reasonably request.

                  4.4 SECURITIES COMPLIANCE. Upon the filing of its Form D in
the appropriate jurisdictions, the Company shall have taken all action necessary
to comply with any federal or state securities laws applicable to the
transactions contemplated hereunder.

                  4.5 CONSENTS, PERMITS, AND WAIVERS. The Company shall have
obtained any and all consents, permits and waivers necessary or appropriate for
consummation of the transactions contemplated by this Agreement and the
Investors' Rights Agreement (except for such as may be properly obtained
subsequent to the applicable Closing).

                  4.6 CERTIFICATE. The Company shall deliver to each Investor at
the applicable Closing, relating to such Investor's purchase of shares of Common
Stock and the issuance of the Initial Warrants, a certificate signed by the
President of the Company certifying the matters set forth in Sections 4.1
through 4.5.

                  4.7 INVESTORS' RIGHTS AGREEMENT. The Investors' Rights
Agreement, in the form attached hereto as Exhibit B, shall have been executed by
all the parties thereto on or prior to the applicable Closing.

                  4.8 STOCK CERTIFICATE. The Company shall deliver to each
Investor at the applicable Closing a duly executed stock certificate evidencing
the shares of Common Stock purchased by such Investor at such Closing.

                  4.9 WARRANTS. The Company shall deliver to each Investor at
the applicable Closing a duly executed Initial Warrant.

                                       15
<PAGE>

                  4.10 OPINION OF COUNSEL. The Company shall deliver to each
Investor at the applicable Closing an opinion of counsel for the Company, dated
as of such Closing, in the form attached hereto as Exhibit C.

                  4.11 EXPENSES. The Company shall pay (i) the legal fees and
expenses of Paine Hamblen Coffin Brooke & Miller LLP (legal counsel only for ICM
Asset Management, Inc.), in an amount not to exceed $15,000, incurred in
connection with the First Closing under this Agreement, the Other Related
Documents and the transactions contemplated hereby and thereby and (ii) the
legal fees and expenses of Paine Hamblen Coffin Brooke & Miller LLP, in an
amount not to exceed $3,000 with respect to each subsequent Closing, incurred in
connection with each subsequent Closing contemplated by this Agreement. The
Company shall pay the reasonable fees and out of pocket expenses of Raven
Ventures, LLC, in an amount not to exceed $10,000, incurred in connection with
the transactions contemplated by this Agreement, the Other Related Documents and
the transactions contemplated hereby and thereby.

                  4.12 DUE DILIGENCE. The Investors shall have completed due
diligence to their satisfaction.

                  4.13 LEGAL MATTERS. All matters of a legal nature which
pertain to this Agreement and the transactions contemplated hereby shall have
been approved by counsel to the Investors.

         5. THE COMPANY'S CONDITIONS TO EACH CLOSING. The Company's obligation
to deliver the shares of Common Stock and issuance of the Initial Warrants at
the applicable Closing is subject to the fulfillment to the Company's
satisfaction, prior to or at such Closing, of the following conditions:

                  5.1 REPRESENTATIONS AND WARRANTIES. The representations and
warranties of each Investor participating in the applicable Closing contained in
Section 3 hereof shall be true and correct on and as of such Closing.

                  5.2 PERFORMANCE. Each Investor participating in the applicable
Closing shall have performed and complied with all agreements, obligations, and
conditions contained in the Agreement that are required to be performed by it or
them or with which it or they are required to have complied on or before such
Closing.

                  5.3 PAYMENT. Each Investor participating in the applicable
Closing shall have delivered the consideration specified in Section 1 for each
share of Common Stock purchased by the Investor at such Closing.

                  5.4 LEGAL MATTERS. All matters of a legal nature which pertain
to this Agreement and the transactions contemplated hereby shall have been
approved by counsel to the Company.

                                       16
<PAGE>

         6. TRANSFER OF SECURITIES.

                  6.1 RESTRICTIONS ON TRANSFER. The Securities are not
transferable except upon the conditions specified in the Investors' Rights
Agreement and applicable federal and state securities laws.

                  6.2 RESTRICTIVE LEGENDS. The Warrants and the stock
certificates representing the shares of Common Stock shall be stamped or
otherwise imprinted with legends in substantially the following forms:

         THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
         OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
         SECURITIES LAWS AND THUS MAY NOT BE TRANSFERRED UNLESS REGISTERED OR
         QUALIFIED UNDER THAT ACT OR SUCH LAWS OR UNLESS, IN THE OPINION OF
         COUNSEL REASONABLY SATISFACTORY TO THE ISSUER, AN EXEMPTION FROM
         REGISTRATION OR QUALIFICATION IS AVAILABLE.

         7. MISCELLANEOUS.

                  7.1 SURVIVAL OF WARRANTIES. The warranties, representations
and covenants of the Company and each Investor contained in or made pursuant to
this Agreement shall survive the execution and delivery of this Agreement and
the Closings.

                  7.2 AMENDMENTS AND WAIVERS. Any term of this Agreement may be
amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or
prospectively), only with the written consent of the Company and the Investors
holding more than 50% of the outstanding shares of Common Stock acquired
hereunder. Any amendment or waiver effective in accordance with this Section 7.2
shall be binding upon each Investor, his, her or its heirs, representatives or
permitted assigns, and the Company and its heirs, representatives and permitted
assigns.

                  7.3 NOTICES. Any notice, consent, authorization or other
communication to be given hereunder shall be in writing and shall be deemed duly
given and received when delivered personally or transmitted by facsimile
transmission with receipt acknowledged by the addressee or three days after
being mailed by first class mail, or the next business day after being deposited
for next-day delivery with a nationally recognized overnight delivery service,
charges and postage prepaid, properly addressed to the party to receive such
notice at the address(es) specified on the signature page of this Agreement for
the Company and each Investor (or at such other address as shall be specified by
like notice).

                  7.4 ENTIRE AGREEMENT. This Agreement (including the Schedules
and Exhibits, and the Warrants and the Investors' Rights Agreement) contains the
entire agreement of the parties and supersede all prior negotiations,
correspondence, term sheets, agreements and understandings, written and oral,
between or among the parties regarding the subject matter hereof.

                                       17
<PAGE>

                  7.5 SUCCESSORS AND ASSIGNS. This Agreement shall inure to the
benefit of and be binding upon the respective heirs, representatives, successors
and permitted assigns of the parties. Nothing in this Agreement, express or
implied, is intended to confer upon any party other than the parties hereto or
their respective heirs, representatives, successors and permitted assigns any
rights, remedies, obligations, or liabilities under or by reason of this
Agreement, except as expressly provided in this Agreement.

                  7.6 SEVERABILITY. If any provision of this Agreement, or the
application of such provision to any person or circumstance, shall be held
invalid or unenforceable, the remainder of this Agreement, or the application of
such provision to persons or circumstances other than those to which it is held
to be invalid or unenforceable, shall not be affected thereby.

                  7.7 GOVERNING LAW. This Agreement shall be governed by and
construed and interpreted in accordance with the law of the State of Washington,
without regard to that state's conflict of laws principles. All disputes between
the parties hereto, whether sounding in contract, tort, equity or otherwise,
shall be resolved only by state and federal courts located in Spokane,
Washington, and the courts to which an appeal therefrom may be taken. All
parties hereto waive any objections to the location of the above referenced
courts, including but not limited to any objection based on lack of
jurisdiction, improper venue or forum non-conveniens. Notwithstanding the
foregoing, any party obtaining any order or judgment in any of the above
referenced courts may bring an action in a court in another jurisdiction in
order to enforce such order or judgment.

                  7.8 ATTORNEYS' FEES. If any action at law or in equity is
necessary to enforce or interpret the terms of this Agreement or the other
Related Documents, the prevailing party shall be entitled to reasonable
attorneys' fees, costs and necessary disbursements in addition to any other
relief to which such party may be entitled.

                  7.9 INTERPRETATION. This Agreement shall be construed
according to its fair language. The rule of construction to the effect that any
ambiguities are to be resolved against the drafting party shall not be employed
in the interpretation of this Agreement.

                  7.10 FURTHER ASSURANCES. Each party shall execute such other
and further certificates, instruments and other documents as may be reasonably
necessary and proper to implement, complete and perfect the transactions
contemplated by this Agreement.

                  7.11 COUNTERPARTS. This Agreement may be executed in any
number of counterparts, each of which shall constitute an original, and all of
which together shall be considered one and the same agreement.

                  7.12 ASSIGNMENT. Each Investor may assign or transfer all or
any part of the Securities acquired hereunder provided that the conditions
specified in Section 6 are satisfied, which conditions are, among other things,
intended to insure compliance with the provisions of the Securities Act and
state securities laws in respect of the transfer of any of the Securities
acquired hereunder. The Company shall not assign this Agreement or any rights
hereunder or delegate any duties hereunder. Any attempted or purported
assignment or delegation in violation of the preceding sentence shall be void.

                                       18
<PAGE>

                  7.13 TITLES AND SUBTITLES. The titles and subtitles used in
this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

                  7.14 EXCULPATION AMONG INVESTORS. Each Investor acknowledges
that it is not relying upon any person, firm or corporation, other than the
Company and its officers and directors, in making its investment or decision to
invest in the Company. Each Investor agrees that no Investor nor the respective
controlling person, officers, directors, partners, agents or employees of any
Investor shall be liable to any other Investor for any action heretofore or
hereafter taken or omitted to be taken by any of them in connection with the
purchase of the Common Stock or the execution of or performance under any of
this Agreement or the Other Related Documents.

                  7.15 REPRESENTATION. Each party hereto acknowledges that (a)
ICM Asset Management, Inc. retained Paine Hamblen Coffin Brooke & Miller LLP to
represent only ICM Asset Management, Inc. and its affiliates (collectively,
"ICM") in connection with this Agreement, the other Related Documents and the
transaction related hereto and thereto, (b) the interests of ICM may not
necessarily coincide with the interests of other Investors, (c) Paine Hamblen
Coffin Brooke & Miller LLP does not represent any Investor other than ICM, and
(d) each Investor has consulted with, or has had an opportunity to consult with,
its own legal counsel and has not relied on Paine Hamblen Coffin Brooke & Miller
LLP for legal counsel in connection with this Agreement, the other Related
Documents and the transactions related hereto and thereto.

         8. GLOSSARY. For purposes of this Agreement, the following terms shall
have the meanings set forth below, which shall be equally applicable to both the
singular and plural forms of any of such terms:

         "Authority" shall mean any government or political subdivision, or any
agency, authority, bureau, central bank, commission, department or
instrumentality of either, or any court, tribunal, grand jury, arbitrator or
mediator, in each case whether federal, state, local or foreign.

         "Law" shall mean any judgment, decree, order, statute, law, ordinance,
rule or regulation of any Authority (including common law), constitution,
statute, treaty, regulation, rule, ordinance, judgment, order, foreign
injunction, writ, decree or award of any Authority.

                                       19
<PAGE>

         "Proprietary Information" shall mean all trade secrets, technical
knowledge and experience, confidential information and other proprietary
knowledge, whether or not patentable, possessed by, accumulated or owned by the
Company concerning the design, formulation, manufacturing, quality control,
testing, storage, development, improvement, installation and operation of the
products and services of the Company, including, without limitation, the Company
IP Rights, technical, engineering and operating data relating to the products,
designs, schematics, plans, operating principles, formulas, computer software
programs, electronically recordable data or concepts, marketing data,
inventions, improvements, research and development records and reports,
experimental and engineering reports, product specifications, drawings,
photographs, models, compilations of information, records, books and papers,
quality control reports and specifications, and any other information possessed
by the Company, relating to its products or services.

         "Related Documents" shall mean this Agreement, the Investors' Rights
Agreement (including the exhibits attached thereto) and the Warrants.

                     [Signatures appear on following page.]

                                       20
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed and delivered as of the date first set forth above.

                                   "COMPANY"

                                   SVI HOLDINGS, INC.

                                   By: /S/ Barry Schechter
                                      ------------------------------------------
                                   Name: Barry Schechter
                                   Title:  President and Chief Executive Officer

                                   12707 High Bluff Drive, Suite 335
                                   San Diego, CA 92130
                                   Tel: (858) 481-0103
                                   Fax: (858) 481-9703

                                   with a copy to:

                                   Solomon Ward Seidenwurm & Smith
                                   401 B Street, Suite 1200
                                   San Diego, CA 92101
                                   Attn;  Norman Smith, Esq.
                                   Tel: (619) 231-0303
                                   Fax: (619) 231-4755

                                   "INVESTOR"

                                   KOYAH LEVERAGE PARTNERS, L.P.

                                   By: Koyah Ventures LLC, its general partner

                                       By: /s/ A. Scott Atkinson
                                           ------------------------------------

                                       Name: A. Scott Atkinson
                                             ----------------------------------

                                       Title: Manager
                                              ---------------------------------

                                   c/o ICM Asset Management, Inc.
                                   601 West Main Avenue, Suite 600
                                   Spokane, WA  99201
                                   Attn: Robert Law, Esq.
                                   Tel:  (509) 455-3588
                                   Fax:  (509) 444-4500

<PAGE>

                                   with copies to:
                                   Paine Hamblen Coffin Brooke & Miller LLP
                                   W. 717 Sprague, Suite 1200
                                   Spokane, WA 99202
                                   Attn: Chris Hogstad, Esq.
                                   Tel:  (509) 455-6000
                                   Fax:  (509) 838-0007

                                   "INVESTOR"

                                   KOYAH PARTNERS, L.P.

                                   By: Koyah Ventures LLC, its general partner

                                       By: /s/ A. Scott Atkinson
                                           ------------------------------------

                                       Name: A. Scott Atkinson
                                             ----------------------------------

                                       Title: Manager
                                              ---------------------------------

                                   c/o ICM Asset Management, Inc.
                                   601 West Main Avenue, Suite 600
                                   Spokane, WA  99201
                                   Attn:    Robert Law, Esq.
                                   Tel:     (509) 455-3588
                                   Fax:     (509) 444-4500

                                   with copies to:
                                   Paine Hamblen Coffin Brooke & Miller LLP
                                   W. 717 Sprague, Suite 1200
                                   Spokane, WA 99202
                                   Attn:    Chris Hogstad, Esq.
                                   Tel:     (509) 455-6000
                                   Fax:     (509) 838-0007

                                   "INVESTOR"

                                   /s/ Nigel Davey
                                   --------------------------------------------
                                   Nigel Davey

                                   Address:____________________________________
                                           ____________________________________
                                           ____________________________________
                                   Tel:    ____________________________________
                                   Fax:    ____________________________________

<PAGE>

                                   "INVESTOR"

                                   /s/ Brian Cathcart
                                   --------------------------------------------
                                   Brian Cathcart

                                   Address:____________________________________
                                           ____________________________________
                                           ____________________________________
                                   Tel:    ____________________________________
                                   Fax:    ____________________________________SVI HOLDINGS, INC.

                           INVESTORS' RIGHTS AGREEMENT

                          Dated as of December 22, 2000

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                           INVESTORS' RIGHTS AGREEMENT
                           ---------------------------

         THIS INVESTORS' RIGHTS AGREEMENT is made as of December 22, 2000, by
and among SVI Holdings, Inc., a Nevada corporation (the "Company"), and the
Investors listed on Schedule A hereto (each of whom is herein called
individually, a "Investor" and all of whom are herein called, collectively, the
"Investors"), with reference to the following facts:

         The Investors are parties to the Purchase Agreement, dated as of
December 22, 2000 (the "Purchase Agreement"), among the Company and the
Investors, which provides that as a condition to the closing of the transactions
contemplated therein, pursuant to which the Company will issue up to 2,941,176
shares of the Company's Common Stock, par value $0.0001 per share (the "Common
Stock"), to the Investors, this Agreement must be executed and delivered by the
Investors and the Company.

         NOW, THEREFORE, in consideration of the mutual promises and covenants
set forth herein and for other consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto further agree as follows:

         1. REGISTRATION RIGHTS. The Company covenants and agrees as follows:

                  1.1 DEFINITIONS. For purposes of this Section 1:

                           (a) "FORM S-3" means such form under the 1933 Act as
in effect on the date hereof or any registration form under the 1933 Act
subsequently adopted by the SEC that permits inclusion or incorporation of
substantial information by reference to other documents filed by the Company
with the SEC.

                           (b) "HOLDER" means any person owning or having the
right to acquire Registrable Securities or any assignee thereof in accordance
with Section 1.11 hereof.

                           (c) "1933 ACT" means the Securities Act of 1933, as
amended.

                           (d) "1934 ACT" means the Securities Exchange Act of
1934, as amended.

                           (e) "REGISTER", "REGISTERED", and "REGISTRATION"
refer to a registration effected by preparing and filing a registration
statement or similar document in compliance with the 1933 Act, and the
declaration or ordering of effectiveness of such registration statement or
document.

                           (f) "REGISTRABLE SECURITIES" means (i) the shares of
the Company's Common Stock issued pursuant to the Purchase Agreement upon the
First Closing or any subsequent Closing, (ii) shares of the Company's Common
Stock issuable on exercise of the Initial Warrants (as defined in the Purchase
Agreement) issued pursuant to the Purchase Agreement, (iii) shares of the
Company's Common Stock issuable on exercise of the Registration Warrants (as

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defined in Section 1.3(c)), and (iv) any Common Stock of the Company issued as
(or issuable on the conversion or exercise of any warrant, right or other
security that is issued as) a dividend or other distribution with respect to, or
in exchange for, or in replacement of, the shares referenced in clauses (i) -
(iii) above; provided that there shall be excluded any Registrable Securities
sold by a person in a transaction in which that person's rights under this
Section 1 are not assigned.

                           (g) The number of shares of "REGISTRABLE SECURITIES"
outstanding shall be determined by the number of shares of Common Stock
outstanding that are, and the number of shares of Common Stock issuable pursuant
to then exercisable or convertible securities that are, Registrable Securities.

                           (h) "SEC" means the Securities and Exchange
Commission.

                           (i) Any other capitalized term not defined herein
shall have the meaning set forth in the Purchase Agreement.

                  1.2 [Intentionally Omitted].

                  1.3 REQUEST FOR REGISTRATION.

                           (a) Within thirty (30) days after the First Closing,
the Company shall prepare and file with the SEC a registration statement on Form
S-3 (or, if Form S-3 is not then available, on such form of registration
statement that is then available to effect a registration of all Registrable
Securities, subject to consent of the Investors holding at least a majority of
the Registrable Securities) covering the registration of all of the Registrable
Securities. The Company shall use best efforts to obtain the effectiveness of
the Registration Statement as soon as possible after the date of the First
Closing. The Company shall keep such registration statement effective at all
times until the earlier of the date on which all the Registrable Securities (i)
are sold and (ii) can be sold by the Holders (and any affiliate of the Holder
with whom such Holder must aggregate its sales under Rule 144) in any
three-month period without volume limitation and without registration in
compliance with Rule 144 under the 1933 Act.

                           (b) If the Holders intend to distribute the
Registrable Securities by means of an underwriting, they shall so advise the
Company. The underwriter will be selected by a majority in interest (as
determined by the number of Registrable Securities held) of the Holders and
shall be reasonably acceptable to the Company. In such event, the right of any
Holder to include his, her or its Registrable Securities in such registration
shall be conditioned upon such Holder's participation in such underwriting and
the inclusion of such Holder's Registrable Securities in the underwriting
(unless otherwise mutually agreed by a majority in interest of the Holders) to
the extent provided herein. All Holders proposing to distribute their securities
through such underwriting shall (together with the Company as provided in
Section 1.6(e)) enter into an underwriting agreement in customary form with the
underwriter or underwriters selected for such underwriting. Notwithstanding any
other provision of this Section 1.3, if the underwriter advises the Holders in
writing that marketing factors require a limitation of the number of shares to
be underwritten, then the Holders shall so advise all Holders of Registrable
Securities that would otherwise be underwritten pursuant hereto, provided that
the number of shares of Registrable Securities to be included in such
underwriting shall not be reduced unless all other securities are first entirely
excluded from the underwriting.

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                           (c) If on the date one hundred twenty (120) days
after the First Closing either (i) the registration statement described in
Section 1.3(a) is not declared effective or (ii) the registration statement
described in Section 1.3(a) is no longer deemed to be effective after initial
effectiveness, the Company, unless waived by the Investors who purchased at
least 10% of the Common Stock, shall issue to each Investor a warrant in the
form attached hereto as Exhibit A (each, a "REGISTRATION WARRANT" and,
collectively, the "REGISTRATION WARRANTS") to acquire the number of shares of
Common Stock equal to (i) 5% multiplied by (ii) the aggregate number of shares
of Common Stock sold to such Investor under the Purchase Agreement at any
Closing thereunder. The exercise price of each such Registration Warrant will be
$.85 per share of Common Stock issuable on exercise of the Registration Warrant.

                           (d) If the end of the first thirty-day period after
the initial one hundred twenty-day period referred to in Section 1.3(c) either
(i) the registration statement described in Section 1.3(a) is not declared
effective or (ii) the registration statement described in Section 1.3(a) is no
longer deemed to be effective after initial effectiveness, the Company shall,
unless waived by the Investors who purchased at least 10% of the Common Stock,
issue to each Investor an additional Registration Warrant to acquire the number
of shares of Common Stock equal to (i) 5% multiplied by (ii) the aggregate
number of shares of Common Stock sold to such Investor pursuant to the Purchase
Agreement at any Closing thereunder. The exercise price of each such
Registration Warrant will be $.85 per share of Common Stock issuable on exercise
of the Registration Warrant.

                           (e) If at the end of each subsequent thirty-day
period after the first thirty-day period after the initial one hundred
twenty-day period referred to in Section 1.3(c) either (i) the registration
statement described in Section 1.3(a) is not declared effective or (ii) the
registration statement described in Section 1.3(a) is no longer deemed to be
effective after initial effectiveness, the Company shall, unless waived by the
Investors who purchased at least 10% of the Common Stock, issue to each Investor
an additional Registration Warrant to acquire the number of shares of Common
Stock equal to (i) 2.5% multiplied by (ii) the aggregate number of shares of
Common Stock sold to such Investor pursuant to the Purchase Agreement at any
Closing thereunder. The exercise price of each such Registration Warrant will be
$.85 per share of Common Stock issuable on exercise of the Registration Warrant.

                           (f) The Company shall execute such other and further
certificates, instruments and other documents as may be reasonably requested by
the Investors or reasonably necessary or proper to implement, complete and
perfect the Investors' rights under this Section 1.3 and to freely trade the
Registrable Securities without limitation or restriction imposed or created by
the Company or securities law.

                           (g) The terms and covenants set forth in this Section
1.3 shall terminate as to each Holder and be of no further force and effect on
the earlier of the date on which all the Registrable Securities beneficially
owned by that Holder (i) are registered pursuant to this Section 1.3 and sold by
that Holder in an open market transaction or (ii) can be sold by that Holder
(and any affiliate of the Holder with whom such Holder must aggregate its sales
under Rule 144) in any three-month period without volume limitation and without
registration in compliance with Rule 144 under the 1933 Act.

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                  1.4 COMPANY REGISTRATION.

                           (a) If (but without any obligation to do so) the
Company proposes to register any of its stock (including a registration effected
by the Company for stockholders other than the Holders) or other securities
under the 1933 Act in connection with the public offering of such securities,
the Company shall, at such time, promptly give each Holder notice of such
registration. On the request of each Holder given within thirty (30) days after
such notice by the Company, the Company shall, subject to the provisions of
Section 1.4(c), cause to be registered under the 1933 Act all of the Registrable
Securities that each such Holder has requested to be registered.

                           (b) The Company shall have the right to terminate or
withdraw any registration initiated by it under this Section 1.4 prior to the
effectiveness of such registration, whether or not any Holder shall have elected
to include securities in such registration. The expenses of such withdrawn
registration shall be borne by the Company in accordance with Section 1.8
hereof.

                           (c) In connection with any offering involving an
underwriting of shares of the Company's capital stock, the Company shall not be
required under this Section 1.4 to include any requesting Holder's securities in
such underwriting, unless such Holder accepts the terms of the underwriting as
agreed between the Company and the underwriters selected by it (or by other
persons entitled to select the underwriters) and enters into an underwriting
agreement in customary form with the underwriter or underwriters selected by the
Company, and then only in such quantity as the underwriters determine in their
sole discretion will not jeopardize the success of the offering by the Company.
If the total amount of securities, including Registrable Securities, requested
by the Holders to be included in such offering exceeds the amount of Registrable
Securities sold other than by the Company that the underwriters determine in
their sole discretion is compatible with the success of the offering, then the
Company shall be required to include in the offering only that number of such
Registrable Securities that the underwriters determine in their sole discretion
will not jeopardize the success of the offering (the Registrable Securities so
included to be apportioned pro rata among the selling Holders according to the
total amount of Registrable Securities entitled to be included therein owned by
each selling Holder or in such other proportions as shall mutually be agreed to
by such selling Holders); provided, that in no event shall the amount of
Registrable Securities of the selling Holders included in the offering be
reduced below twenty-five percent of the total amount of securities included in
such offering; provided further, that the number of shares of Registrable
Securities requested by the Holders to be included in such offering shall not be
reduced unless all other securities, other than securities registered by the
Company, are first entirely excluded from such offering. For purposes of such
apportionment among Holders, for any selling stockholder that is a Holder of
Registrable Securities and that is a partnership or corporation, the partners,
retired partners and stockholders of such Holder, or the estates and family
members of any such partners and retired partners and any trusts for the benefit
of any of the foregoing persons shall be deemed to be a single "selling Holder",
and any pro rata reduction with respect to such "selling Holder" shall be based
on the aggregate amount of Registrable Securities owned by all such related
entities and individuals.

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                  1.5 FORM S-3 REGISTRATION. If the Company shall receive from
one or more Holders a request or requests that the Company effect a registration
on Form S-3 and any related blue sky or similar qualification or compliance with
respect to at least 25% (or a lesser percentage if the requirements of Section
1.5(b)(i) are met) of the Registrable Securities owned by such Holder or
Holders, the Company shall:

                           (a) promptly give notice of the proposed
registration, and any related blue sky or similar qualification or compliance,
to all other Holders; and

                           (b) cause, as soon as practicable, such Registrable
Securities to be registered for offering and sale on Form S-3 and cause such
Registrable Securities to be qualified in such jurisdictions as such Holders may
reasonable request, together with all or such portion of the Registrable
Securities of any other Holders joining in such request as are specified in a
request given within fifteen days after receipt of such notice from the Company;
provided that the Company shall not be obligated to effect any such
registration, qualification or compliance, pursuant to this Section 1.5:

                                    (i) if the Holders, together with the
holders of any other securities of the Company entitled to inclusion in such
registration, propose to sell Registrable Securities and such other securities
(if any) at an aggregate price to the public of less than $500,000;

                                    (ii) if the Company has, within the twelve
month period preceding the date of such request, already effected two
registrations on Form S-3 for the Holders pursuant to this Section 1.5;

                                    (iii) if the Company shall furnish to the
Holders a certificate signed by the Chief Executive Officer of the Company
stating that in the good faith judgment of the Board of Directors of the
Company, it would be seriously detrimental to the Company and its stockholders
for such Form S-3 Registration to be effected at such time, in which event the
Company shall have the right to defer the filing of the Form S-3 registration
statement for a period of not more than sixty (60) days after receipt of the
request of the Holder or Holders under this Section 1.5; provided that the
Company shall not utilize this right more than once in any twelve month period;
provided, further, that the Company shall not register shares for its own
account during such sixty (60) day period, but such prohibition shall not apply
to the registration of Company shares in connection with (x) a merger or (y)
registration of shares relating to a stock option, stock purchase or similar
plan; or

                                    (iv) in any particular jurisdiction in which
the Company would be required to qualify to do business or to execute a general
consent to service of process in effecting such registration, qualification or
compliance.

                           (c) Subject to the foregoing, the Company shall file
a registration statement covering the Registrable Securities and other
securities so requested to be registered as soon as practicable after receipt of
the request or requests of the Holders.

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                  1.6 OBLIGATIONS OF THE COMPANY. Whenever required under this
Section 1 to effect the registration of any Registrable Securities, the Company
shall, as expeditiously as reasonably possible:

                           (a) except as otherwise provided in Section 1.3,
prepare and file with the SEC a registration statement with respect to such
Registrable Securities and use best efforts to cause such registration statement
to become effective, and keep such registration statement effective for a period
of up to 270 days or, if earlier, until the distribution contemplated in the
Registration Statement has been completed; provided that (i) such 270-day period
shall be extended for a period of time equal to the period the Holder refrains
from selling any securities included in such registration at the request of an
underwriter of Common Stock (or other securities) of the Company; and (ii) in
the case of any registration of Registrable Securities on Form S-3 (or any other
Form, to the extent permitted by law) that are intended to be offered on a
continuous or delayed basis, such 270-day period shall be extended, if
necessary, to keep the Registration Statement effective until all such
Registrable Securities are sold, except to the extent that the Holders (and any
affiliate of the Holder with whom such Holder must aggregate its sales under
Rule 144) of such Registrable Securities may sell those Registrable Securities
in any three-month period without regard to the volume limitation and without
registration in compliance with Rule 144 under the 1933 Act;

                           (b) prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the 1933 Act
with respect to the disposition of all securities covered by such registration
statement during the period of time such registration statement remains
effective;

                           (c) furnish to the Holders such numbers of copies of
a prospectus, including a preliminary prospectus, in conformity with the
requirements of the 1933 Act, and such other documents as they may reasonably
request to facilitate the disposition of Registrable Securities owned by them;

                           (d) use best efforts to register and qualify the
securities covered by such registration statement under such other securities or
Blue Sky laws of such jurisdictions as shall be reasonably requested by the
Holders; provided that the Company shall not be required in connection therewith
or as a condition thereto to qualify to do business or to file a general consent
to service of process in any such states or jurisdictions;

                           (e) in the event of any underwritten public offering,
enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing underwriter of such offering;

                           (f) during the period of time such registration
statement remains effective, notify each Holder of Registrable Securities
covered by such registration statement at any time when a prospectus relating
thereto is required to be delivered under the 1933 Act or the happening of any
event as a result of which the prospectus included in such registration
statement, as then in effect, includes an untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to
make the statements therein not misleading in the light of the circumstances
then existing;

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                           (g) cause all such Registrable Securities registered
hereunder to be listed on each securities exchange on which securities of the
same class issued by the Company are then listed;

                           (h) provide a transfer agent and registrar for all
Registrable Securities registered hereunder and a CUSIP number for all such
Registrable Securities, in each case not later than the effective date of such
registration; and

                           (i) (i) furnish, at the request of any Holder, on the
date that such Registrable Securities are delivered to the underwriters for sale
in connection with a registration pursuant to this Section 1, if such securities
are being sold through underwriters, or, if such securities are not being sold
through underwriters, on the date that the registration statement with respect
to such securities becomes effective, (i) an opinion, dated such date, of the
counsel representing the Company for the purposes of such registration, in form
and substance as is customarily given to underwriters in an underwritten public
offering, addressed to the underwriters, if any, and to the Holders requesting
registration of Registrable Securities, and (ii) a "comfort" letter signed by
the independent public accountants who have certified the Company's financial
statements included in the registration statement, covering substantially the
same matters with respect to the registration statement (and the prospectus
included therein) and with respect to events subsequent to the date of the
financial statements, as are customarily covered in accountants' letters
delivered to the underwriters in underwritten public offerings of securities
addressed to the underwriters, if any, and to the Holders requesting
registration of Registrable Securities.

                  1.7 INFORMATION FROM HOLDER. It shall be a condition precedent
to the obligations of the Company to take any action pursuant to this Section 1
with respect to the Registrable Securities of any selling Holder that such
Holder shall furnish to the Company such information regarding such Holder, the
Registrable Securities held by such Holder, and the intended method of
disposition of such securities as shall be required to effect the registration
of such Registrable Securities.

                  1.8 EXPENSES OF REGISTRATION. All expenses incurred in
connection with registrations, filings or qualifications pursuant to this
Section 1, including (without limitation) all registration, filing and
qualification fees, printing fees and expenses, accounting fees and expenses,
fees and disbursements of counsel for the Company and the reasonable fees and
disbursements of one counsel for the selling Holders selected by the Holders,
shall be borne by the Company. Notwithstanding the foregoing, the Company shall
not be required to pay for any expenses of any registration proceeding begun
pursuant to Sections 1.3 and 1.5 if the registration request is subsequently
withdrawn at the request of the Holders of a majority of the Registrable
Securities to be registered (in which case all participating Holders shall bear
such expenses pro rata based on the number of Registrable Securities that were
requested to be included in the withdrawn registration); provided that, if at
the time of such withdrawal, the Holders shall have learned of a material
adverse change in the condition, business, or prospects of the Company from that
known to the Holders at the time of their request and shall have withdrawn the

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request with reasonable promptness following disclosure by the Company of such
material adverse change, then the Holders shall not be required to pay any of
such expenses and shall retain their rights pursuant to Sections 1.3 and 1.5.
Anything herein to the contrary notwithstanding, all underwriting discounts and
commissions incurred in connection with a sale of Registrable Securities shall
be borne and paid by the Holder thereof, and the Company shall have no
responsibility therefor.

                  1.9 INDEMNIFICATION. If any Registrable Securities are
included in a registration statement under this Section 1:

                           (a) To the extent permitted by law, the Company will
indemnify and hold harmless each Holder, the partners or officers, directors and
stockholders of such Holder, legal counsel and accountants for such Holder, any
underwriter (as defined in the 1933 Act) for such Holder and each person, if
any, who controls such Holder or underwriter within the meaning of the 1933 Act
or the 1934 Act, against any losses, claims, damages or liabilities (joint or
several) to which they may become subject under the 1933 Act, the 1934 Act or
any other federal or state securities law, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based
on any of the following statements, omissions or violations (collectively a
"Violation"): (i) any untrue statement or alleged untrue statement of a material
fact contained in such registration statement, including any preliminary
prospectus or final prospectus contained therein or any amendments or
supplements thereto, (ii) the omission or alleged omission to state therein a
material fact required to be stated therein, or necessary to make the statements
therein not misleading, or (iii) any violation or alleged violation by the
Company of the 1933 Act, the 1934 Act, any state securities law or any rule or
regulation promulgated under the 1933 Act, the 1934 Act or any state securities
law; and the Company will reimburse such Holder, underwriter or controlling
person for any legal or other expenses incurred, as incurred, in connection with
investigating or defending any such loss, claim, damage, liability or action;
provided that the indemnity agreement in this Section 1.9(a) shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability or action
if such settlement is effected without the consent of the Company (which consent
shall not be unreasonably withheld or delayed), nor shall the Company be liable
in any such case for any such loss, claim, damage, liability or action to the
extent that it arises out of or is based on a Violation that occurs in reliance
on and in conformity with written information furnished expressly for use in
connection with such registration by such Holder, underwriter or controlling
person.

                           (b) To the extent permitted by law, each selling
Holder will indemnify and hold harmless the Company, each of its directors, each
of its officers who shall have signed the registration statement, each person,
if any, who controls the Company within the meaning of the 1933 Act, legal
counsel and accountants for the Company, any underwriter, any other Holder
selling securities in such registration statement and any controlling person of
any such underwriter or other Holder, against any losses, claims, damages or
liabilities to which any of the foregoing persons may become subject, under the
1933 Act, the 1934 Act or any other federal or state securities law, insofar as
such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based on any Violation, in each case to the extent (and only
to the extent) that such Violation occurs in reliance on and in conformity with
written information furnished by such Holder expressly for use in connection

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with such registration; and each such Holder will reimburse any person intended
to be indemnified pursuant to this Section 1.9(b), for any legal or other
expenses reasonably incurred, as incurred, by such person in connection with
investigating or defending any such loss, claim, damage, liability or action;
provided that the indemnity agreement in this Section 1.9(b) shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability or action
if such settlement is effected without the consent of the Holder (which consent
shall not be unreasonably withheld or delayed); and provided further that in no
event shall any indemnity by such Holder under this Section 1.9(b), when
aggregated with amounts contributed, if any, pursuant to Section 1.9(d), exceed
the net proceeds from the sale of Registrable Securities hereunder received by
such Holder.

                           (c) Promptly after receipt by an indemnified party
under this Section 1.9 of notice of the commencement of any action (including
any governmental action), such indemnified party will, if a claim in respect
thereof is to be made against any indemnifying party under this Section 1.9,
deliver to the indemnifying party notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent
that the indemnifying party so desires, jointly with any other indemnifying
party similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; provided that an indemnified party (together with
all other indemnified parties that may be represented without conflict by one
counsel) shall have the right to retain one separate counsel, with the fees and
expenses to be paid by the indemnifying party, if representation of such
indemnified party by the counsel retained by the indemnifying party would be
inappropriate due to actual or potential differing interests between such
indemnified party and any other party represented by such counsel in such
proceeding. The failure to notify the indemnifying party within a reasonable
time of the commencement of any such action, if prejudicial to its ability to
defend such action, shall relieve such indemnifying party of any liability to
the indemnified party under this Section 1.9, but the omission so to notify the
indemnifying party will not relieve it of any liability that it may have to any
indemnified party otherwise than under this Section 1.9.

                           (d) If the indemnification provided in this Section
1.9 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any loss, liability, claim, damage or expense
referred to herein, then the indemnifying party, in lieu of indemnifying such
indemnified party hereunder, shall contribute to the amount paid or payable by
such indemnified party as a result of such loss, liability, claim, damage or
expense in such proportion as is appropriate to reflect the relative fault of
the indemnifying party on the one hand and of the indemnified party on the other
in connection with the statements or omissions that shall have resulted in such
loss, liability, claim, damage or expense, as well as any other relevant
equitable considerations; provided that in no event shall any contribution by a
Holder under this Section 1.9(d), when aggregate with amounts paid, if any,
pursuant to Section 1.9(b), exceed the net proceeds from the sale of Registrable
Securities hereunder received by such Holder. The relative fault of the
indemnifying party and of the indemnified party shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party and the parties'
relative intent, knowledge, access to information, and opportunity to correct or
prevent such statement or omission.

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<PAGE>

                           (e) Notwithstanding the foregoing, to the extent that
the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are
in conflict with the foregoing provisions, the provisions in the underwriting
agreement shall control.

                           (f) The obligations of the Company and Holders under
this Section 1.9 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 1, and otherwise.

                  1.10 REPORTS UNDER 1934 ACT. With a view to making available
to the Holders the benefits of Rule 144 promulgated under the 1933 Act and any
other rule or regulation of the SEC that may at any time permit a Holder to sell
securities of the Company to the public without registration or pursuant to a
registration statement (including, without limitation, Form S-3), the Company
agrees to:

                           (a) make and keep public information available, as
those terms are used in SEC Rule 144, at all times;

                           (b) take such action as is necessary to enable the
Holders to utilize Form S-3 for the sale of their Registrable Securities;

                           (c) file with the SEC in a timely manner all reports
and other documents required of the Company under the 1933 Act and the 1934 Act;
and

                           (d) furnish to any Holder, so long as the Holder owns
any Registrable Securities, forthwith on request, (i) a written statement by the
Company that it has complied with the reporting requirements of SEC Rule 144,
the 1933 Act and the 1934 Act, or that it qualifies as a registrant whose
securities may be resold pursuant to Form S-3, (ii) a copy of the most recent
annual or quarterly report of the Company and such other reports and documents
so filed by the Company, and (iii) such other information as may be reasonably
requested in availing any Holder of any rule or regulation of the SEC that
permits the selling of any such securities without registration or pursuant to
such form.

                  1.11 ASSIGNMENT OF REGISTRATION RIGHTS. The rights to cause
the Company to register Registrable Securities pursuant to this Section 1 may be
assigned (but only with all related obligations) by a Holder to a transferee or
assignee of such Registrable Securities that (i) is a subsidiary, parent,
current or former partner, current or former limited partner, current or former
member, current or former manager or stockholder of a Holder, (ii) is an entity
controlling, controlled by or under common control with a Holder, including
without limitation a corporation or limited liability company that is a direct
or indirect parent or subsidiary of the Holder, (iii) is a transferee or
assignee of a Holder and the number of shares transferred or assigned constitute
at least 100,000 shares of Registrable Securities held by such Holder (as
adjusted for stock split, combinations, dividends and the like); provided that:
(a) the Company is, within a reasonable time after such transfer, notified of
the name and address of such transferee or assignee and the Registrable
Securities with respect to which such registration rights are being assigned;
(b) such transferee or assignee agrees in writing to be bound by and subject to
the terms and conditions of this Agreement; (c) such assignment shall be
effective only if immediately following such transfer the further disposition of
such securities by the transferee or assignee is restricted under the 1933 Act;
and (d) such assignment is not made pursuant to a registration statement
effected pursuant to this Agreement.

                                       10
<PAGE>

                  1.12 LIMITATIONS ON SUBSEQUENT REGISTRATION RIGHTS. For a
period of one year after the date of this Agreement, the Company shall not,
without the prior written consent of the Holders of at least 80% of the
Registrable Securities, enter into any agreement with any holder or prospective
holder of any securities of the Company that would grant such holder or
prospective holder any rights to require the Company to register such securities
under terms or conditions that are pari passu or that are more favorable than
those provided for herein and will not grant any registration rights that
diminish or adversely affect the registration rights of the Holders hereunder
(including, without limitation, reducing the number of Registrable Securities
that are to be included in any registration or proposed registration filed under
the terms hereof), unless (i) the prospective holder or holders purchase in
excess of $10,000,000 worth of securities from the Company and (ii) under the
terms of such agreement, such holder or prospective holder shall have been
granted rights to require the Company to register such securities under terms or
conditions that are pari passu or that are less favorable than those provided
for herein and such rights do not diminish or adversely affect the registration
rights of the Holders hereunder (except that such rights may result in a pari
passu reduction in the number of Registrable Securities that are to be included
in any registration or proposed registration filed under the terms hereof).

                  1.13 TERMINATION OF REGISTRATION RIGHTS. No Holder shall be
entitled to exercise any right provided in this Section 1 with respect to a
Registrable Security (i) after the date on which that Registrable Security has
been sold under a registration statement filed in accordance with this Agreement
or (ii) if all Registrable Securities held by such Holder (and any affiliate of
the Holder with whom such Holder must aggregate its sales under Rule 144) can be
sold in any three-month period without volume limitation and without
registration in compliance with Rule 144 under the 1933 Act.

         2. COVENANTS.

                  2.1 DELIVERY OF SEC REPORTS. The Company shall deliver to each
Holder holding Registrable Securities all reports and other documents of the
Company that the Company is required to file with the SEC under the 1933 Act or
the 1934 Act within twenty-four hours of the time such reports or other
documents are filed with the SEC.

                  2.2 CONFIDENTIAL INFORMATION.

                           (a) The Company shall provide to each Holder not less
than ten days' prior written notice of its intention to deliver to such Holder
confidential or non-public information relating to the Company which is marked
as "confidential" or "non-public." If a Holder notifies Company that it does not
desire to receive such confidential or non-public information, then the Company
shall not deliver such confidential or non-public information to such Holder.

                                       11
<PAGE>

                           (b) Each Holder covenants with the Company that,
subject to the Company's compliance with the provision of Section 2.2(a) hereto,
the Holder confirms, acknowledges, and covenants that information which is
marked "confidential" or "non-public", and is received by it with respect to the
Company pursuant to this Agreement, or with respect to the transactions
described herein or in the Purchase Agreement, or in connection with the
participation by the Holder or its employee or agent as a stockholder of the
Company, is and shall be confidential and for the Holder's use only, and the
Holder will not use such information in violation of the securities laws, or any
other laws, or reproduce, disclose or disseminate such information to any other
person (other than the Holder's employees, directors or agents having a need to
know the contents of such information and the Holder's attorneys), except in
connection with the exercise of rights under this Agreement, unless (i) the
Company has made such information available to the public generally, (ii) such
information has otherwise been made generally or publicly available, or (iii)
the Holder is required to disclose such information by a governmental body or
pursuant to legal process, in which case the Holder shall provide at least three
days' prior notice of such proposed disclosure or such lesser notice as the
Holder shall have received. Company acknowledges no information contained in
this Agreement and the Purchase Agreement is confidential or non-public
information. Notwithstanding the foregoing, the Holder may, in its sole
discretion, decline to receive from the Company information which is marked
"confidential" or "non-public", and as a result thereof shall not be deemed to
have received or have any knowledge of such information marked "confidential" or
"non-public", provided it has not received same.

                  2.3 CONFLICTS OF INTEREST. The Company shall use its best
efforts to ensure that the Company's employees, during the term of their
employment with the Company, do not engage in activities which would result in a
conflict of interest with the Company. The Company's obligations hereunder
include, but are not limited to, requiring that the Company's employees devote
their primary productive time, ability and attention to the business of the
Company, requiring that the Company's executive officers enter into reasonable
and customary agreements regarding proprietary information and confidentiality
and inventions, and preventing the Company's employees from engaging or
participating in any business that is in competition with the business of the
Company.

                  2.4 PROPRIETARY AGREEMENTS. The Company shall have each
executive officer of the Company execute the Company's standard form of
non-disclosure and proprietary information agreements, prior to disclosing any
proprietary information to any such officer, employee and consultant. The
Company will use its best efforts to prevent any executive officer from
violating the confidentiality and proprietary information agreement entered into
between the Company and each of its executive officers.

                  2.5 EXTRAORDINARY REMUNERATION. The Board of Directors may not
approve any plan or action to grant extraordinary remuneration to management in
connection with the sale of the Company or any subsidiary of the Company, or the
termination of employment or otherwise, unless such plan or action has been
approved by a majority of the non-employee members of the Board of Directors.

                                       12
<PAGE>

                  2.6 RELATED PARTY AGREEMENTS. Without prior written consent of
the Holders of at least 80% of the Registrable Securities, the Company shall not
and the Company shall cause its subsidiaries to not enter into any agreements,
understandings or transactions (other than employer/employee relationships) with
any of its or its subsidiaries' respective officers, directors, shareholders
(who hold one percent or more of the Company's Common Stock (on a fully-diluted
basis) or who hold one percent or more of the equity of any subsidiary of the
Company) or any affiliate thereof, which would have a material adverse effect on
the Condition of the Company.

                  2.7 RIGHT OF FIRST REFUSAL. The Company hereby grants to the
Holders, as a group, the exclusive right of first refusal to purchase all New
Securities (as defined in this Section 2.7) which the Company may, from time to
time for a period of one year after the date of this agreement, propose to sell
and issue. Each Holder shall have a right of first refusal for such Holder's pro
rata share of the right of first refusal of all Holders, as a group. A Holder's
pro rata share, for purposes of this right of first refusal, is the ratio of (i)
the number of shares of Common Stock owned by such Holder and Common Stock
issuable to Holder upon the exercise of any Warrant held by such Holder
immediately prior to the issuance of New Securities to (ii) the total number of
shares of Common Stock owned by all Holders and Common Stock issuable to all
Holders upon the exercise of any Warrant immediately prior to the issuance of
New Securities. Each Holder shall have a right of over-allotment such that if
any Holder fails to exercise its right hereunder to purchase its full pro rata
share of New Securities, the other Holders may elect to purchase the
non-purchasing Holder's unexercised portion on a pro rata basis within fifteen
(15) days from the date such non-purchasing Holder so fails to exercise its
right hereunder. This right of first refusal shall be subject to the following
provisions:

                           (a) "New Securities" shall mean any subordinated
debentures of the Company and any capital stock (including Common Stock and/or
Preferred Stock) of the Company whether now authorized or not, and rights,
options or warrants to purchase such capital stock, and securities of any type
whatsoever that are, or may become, convertible into capital stock; provided
that the term "New Securities" does not include (i) 3,500,000 shares of common
stock issuable to employees, consultants, officers or directors of the Company
pursuant to the Company's 1998 Equity Incentive Plan and 688,535 shares of
Common Stock issuable to employees, consultants, officers or directors of the
Company pursuant to the Company's 1989 Incentive Stock Option Plan; (ii) Common
Stock issuable upon exercise of a warrant for 25,000 shares of Common Stock
outstanding prior to the First Closing; (iii) Common Stock to be issued upon the
First Closing or any subsequent Closing under the Purchase Agreement; (iv)
Common Stock issuable upon exercise of any Warrant; and (v) securities issued in
connection with any stock split, stock dividend or recapitalization of the
Company;

                           (b) In the event the Company proposes to undertake an
issuance of New Securities, it shall give each Holder written notice of its
intention, describing the type of New Securities, and their price and the
general terms upon which the Company proposes to issue the same. Each Holder
shall have fifteen (15) days after any such notice is mailed or delivered to
agree to purchase such Holder's pro rata share of such New Securities for the
price and upon the terms specified in the notice by giving written notice to the
Company and stating therein the quantity of New Securities to be purchased.

                                       13
<PAGE>

                           (c) In the event the Holders fail to exercise fully
the right of first refusal within said fifteen (15) day period and after the
expiration of the 15-day period for the exercise of the over-allotment
provisions of this Section 2.7, the Company shall have sixty (60) days
thereafter to sell the New Securities as to which the Holders' right of first
refusal option set forth in this Section 2.7 was not exercised, at a price and
upon terms no more favorable to the purchasers thereof than specified in the
Company's notice to Holders pursuant to this Section 2.7. In the event the
Company has not sold the New Securities within such sixty (60) day period, the
Company shall not thereafter issue or sell any New Securities without first
again offering such securities to the Holders in the manner provided in this
Section 2.7.

                  2.8 RESERVE FOR EXERCISE SHARES. The Company shall at all
times reserve and keep available out of its authorized but unissued shares of
Common Stock such number of shares of Common Stock (the "Exercise Shares") as
shall be sufficient to enable it to comply with its exercise obligations under
the Warrants. If at any time the number of Exercise Shares shall not be
sufficient to effect the exercise of the Warrants, the Company will forthwith
take such corporate action as may be necessary to increase its authorized but
unissued shares of Common Stock to such number as will be sufficient for such
purposes. The Company will obtain authorization, consent, approval or other
action by, or make any filing with, any administrative body that may be required
under applicable state securities laws in connection with the issuance of
Exercise Shares.

                  2.9 TERMINATION OF COVENANTS. The covenants set forth in
Sections 2.1 through 2.7 shall terminate as to each Investor and be of no
further force and effect at the time the Investors no longer hold any
Registrable Securities.

         3. MISCELLANEOUS.

                  3.1 SUCCESSORS AND ASSIGNS. Except as otherwise provided
herein, this Agreement shall inure to the benefit of and bind the respective
successors and assigns of the parties (including transferees of any shares of
Registrable Securities). Nothing in this Agreement, express or implied, is
intended to confer on any party other than the parties hereto or their
respective successors and assigns any rights, remedies, obligations, or
liabilities under or by reason of this Agreement, except as expressly provided
in this Agreement.

                  3.2 GOVERNING LAW. This Agreement shall be governed by and
construed and interpreted in accordance with the laws of the State of
Washington, without giving effect to its conflicts of law principles. All
disputes between the parties hereto, whether sounding in contract, tort, equity
or otherwise, shall be resolved only by state and federal courts located in
Spokane, Washington, and the courts to which an appeal therefrom may be taken.
All parties hereto waive any objections to the location of the above referenced
courts, including but not limited to any objection based on lack of
jurisdiction, improper venue or forum non conveniens.

                  3.3 COUNTERPARTS. This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

                  3.4 HEADINGS. The headings of sections and subsections in this
Agreement are used for convenience of reference only and are not to be
considered in construing or interpreting this Agreement.

                                       14
<PAGE>

                  3.5 NOTICES. Any request, consent, notice or other
communication required or permitted under this Agreement shall be in writing and
shall be deemed duly given and received when delivered personally or transmitted
by facsimile, one business day after being deposited for next-day delivery with
a nationally recognized overnight delivery service, or three days after being
deposited as first class mail with the United States Postal Service, all charges
or postage prepaid, and properly addressed to the party to receive the same at
the address indicated for such party on the applicable signature page hereof, or
at such other address as such party may designate by ten days' advance notice to
the other parties.

                  3.6 EXPENSES. If any action at law or in equity is necessary
to enforce or interpret any of the terms of this Agreement, the prevailing party
shall be entitled to reasonable attorneys' fees, costs and necessary
disbursements in addition to any other relief to which such party may be
entitled.

                  3.7 ENTIRE AGREEMENT: AMENDMENTS AND WAIVERS. This Agreement
(including the Schedule hereto) constitutes the full and entire understanding
and agreement among the parties with regard to the subjects hereof and thereof.
Any term of this Agreement may be amended and the observance of any term of this
Agreement may be waived (either generally or in a particular instance and either
retroactively or prospectively) only with the consent of the Company and the
holders of more than 50% of the Registrable Securities; provided that no
amendment shall be effective unless approved by the holder or holders of
Registrable Securities that shall be affected adversely, or affected differently
from the Holders generally, by such amendment. Any amendment or waiver effected
in accordance with this paragraph shall be binding on the Company, each holder
of any Registrable Securities and each future holder of all such Registrable
Securities.

                  3.8 SEVERABILITY. If any provision of this Agreement is held
by a court of competent jurisdiction to be unenforceable under applicable law,
such provision shall be excluded from this Agreement and the balance of the
Agreement shall be interpreted as if such provision were so excluded and shall
be enforceable in accordance with its terms.

                   [Signatures appear on the following page]

                                       15
<PAGE>

         IN WITNESS WHEREOF, this Investors' Rights Agreement has been duly
executed by or on behalf of the parties hereto as of the date first above
written.

                                   "COMPANY"

                                   SVI HOLDINGS, INC.

                                   By: /S/ Barry Schechter
                                      ------------------------------------------
                                   Name: Barry Schechter
                                   Title:  President and Chief Executive Officer

                                   12707 High Bluff Drive, Suite 335
                                   San Diego, CA 92130
                                   Tel: (858) 481-0103
                                   Fax: (858) 481-9703

                                   with a copy to:

                                   Solomon Ward Seidenwurm & Smith
                                   401 B Street, Suite 1200
                                   San Diego, CA 92101
                                   Attn;  Norman Smith, Esq.
                                   Tel: (619) 231-0303
                                   Fax: (619) 231-4755

                                   "INVESTOR"

                                   KOYAH LEVERAGE PARTNERS, L.P.

                                   By: Koyah Ventures LLC, its general partner

                                       By: /s/ A. Scott Atkinson
                                           ------------------------------------

                                       Name: A. Scott Atkinson
                                             ----------------------------------

                                       Title: Manager
                                              ---------------------------------

                                   c/o ICM Asset Management, Inc.
                                   601 West Main Avenue, Suite 600
                                   Spokane, WA  99201
                                   Attn: Robert Law, Esq.
                                   Tel:  (509) 455-3588
                                   Fax:  (509) 444-4500

<PAGE>

                                   with copies to:
                                   Paine Hamblen Coffin Brooke & Miller LLP
                                   W. 717 Sprague, Suite 1200
                                   Spokane, WA 99202
                                   Attn: Chris Hogstad, Esq.
                                   Tel:  (509) 455-6000
                                   Fax:  (509) 838-0007

                                   "INVESTOR"

                                   KOYAH PARTNERS, L.P.

                                   By: Koyah Ventures LLC, its general partner

                                       By: /s/ A. Scott Atkinson
                                           ------------------------------------

                                       Name: A. Scott Atkinson
                                             ----------------------------------

                                       Title: Manager
                                              ---------------------------------

                                   c/o ICM Asset Management, Inc.
                                   601 West Main Avenue, Suite 600
                                   Spokane, WA  99201
                                   Attn:    Robert Law, Esq.
                                   Tel:     (509) 455-3588
                                   Fax:     (509) 444-4500

                                   with copies to:
                                   Paine Hamblen Coffin Brooke & Miller LLP
                                   W. 717 Sprague, Suite 1200
                                   Spokane, WA 99202
                                   Attn:    Chris Hogstad, Esq.
                                   Tel:     (509) 455-6000
                                   Fax:     (509) 838-0007

                                   "INVESTOR"

                                   /s/ Nigel Davey
                                   --------------------------------------------
                                   Nigel Davey

                                   Address:____________________________________
                                           ____________________________________
                                           ____________________________________
                                   Tel:    ____________________________________
                                   Fax:    ____________________________________

<PAGE>

                                   "INVESTOR"

                                   /s/ Brian Cathcart
                                   --------------------------------------------
                                   Brian Cathcart

                                   Address:____________________________________
                                           ____________________________________
                                           ____________________________________
                                   Tel:    ____________________________________
                                   Fax:    ____________________________________

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