Document:

<TABLE>

<CAPTION>

                                CONTRACT  FOR  THE  SALE  OF  LAND  -  2000  EDITION
       (THIS  CONTRACT  CONSISTS  OF  THIS  SHEET,  THE  PROVISIONS  OF THIS CONTRACT AND ANYTHING ATTACHED)
              (A  CHOICE  PRINTED  IN  BLOCK  CAPITALS  APPLIES  UNLESS  A  DIFFERENT  CHOICE  IS  MARKED)

<S>                    <C>
TERM                   MEANING OF TERM
VENDOR'S AGENT         NAME:  NIL                                        PHONE:
(IF MORE THAN ONE,     ADDRESS:
THE FIRST NAMED)
VENDOR                 NORWEST LIMITED                       ACN 003 765 133
                       46 BROOKHOLLOW AVENUE, NORWEST BUSINESS PARK, BAULKHAM HILLS 2153
VENDOR'S               ABBOTT TOUT  PHONE:  (02) 02 9842 8888
SOLICITOR              LEVEL 5, TOWER LIFE BUILDING  FAX:  (02) 9842 8855
                       69 PHILLIP STREET, PARRAMATTA  NSW  2150  REF:  J R BOLAND
DEPOSIT HOLDER         VENDOR'S SOLICITOR  INVEST DEPOSIT:  NO
COMPLETION DATE        SO DESCRIBED IN SPECIAL CONDITION 2.1
PROPERTY               THE LAND, THE IMPROVEMENTS, ALL FIXTURES AND THE INCLUSIONS, BUT NOT THE EXCLUSIONS
LAND ADDRESS           LOT 6001 NORWEST BOULEVARDE, NORWEST BUSINESS PARK, BAULKHAM HILLS
                       UNREGISTERED PLAN: LOT  6001 IN AN UNREGISTERED PLAN (COPY ATTACHED) (CLAUSE 28)
                       WHICH IS PART OF  LOT  601 SECTION   PLAN  882552 (COPY ATTACHED)
PLAN                   LOT  938 SECTION    PLAN  876722  (COPY ATTACHED)
                       WHICH IS PART OF LOT 601 SECTION PLAN  882552 (COPY ATTACHED)
                       LOT 938 SECTION PLAN 876722 (COPY ATTACHED)
TITLE                  FOLIO   PART FOLIO IDENTIFIERS 601/882552 AND 938/876722
                       _TORRENS   _ STRATA  _  COMMUNITY  _  QUALIFIED   _ LIMITED   _ OLD SYSTEM
TITLE
                       _  FEE SIMPLE - OWNERSHIP   _PURCHASE FROM CROWN _ LEASE FROM CROWN  __  OTHER
IMPROVEMENTS           __  NONE     X OTHER:  VACANT LAND
INCLUSIONS             NIL
EXCLUSIONS             NIL
PURCHASER              RESMED LIMITED    ABN 30 003 765 142
                       97 WATERLOO RD NORTH RYDE  NSW  2113
IF MORE THAN ONE, AS   _ JOINT TENANTS   __TENANTS IN COMMON (IN EQUAL SHARE UNLESS OTHERWISE STATED)
PURCHASER'S            DIBBS BARKER GOSLING  PHONE:  02 8233 9500
_  SOLICITOR           LEVEL 8, ANGEL PLACE, 123 PITT STREET SYDNEY  FAX:  02 8233 9555
_  LICENSED            DX 101 SYDNEY  REF:  DAVID TURNER
CONVEYANCER
PRICE                  PRICE IN WORDS:  FORTY SIX MILLION TWO HUNDRED THOUSAND DOLLARS
                       PRICE  $46,200,000.00
                       DEPOSIT  $4,620,000.00    (10% OF THE PRICE, UNLESS OTHERWISE STATED)
                       ------------------------------------------------------------------------------------
                       BALANCE  $41,580,000.00
CONTRACT DATE          (IF NOT STATED, THE DATE THIS CONTRACT WAS MADE)
</TABLE>

NOTE:  SUBJECT  TO CLAUSE 13, THE PRICE INCLUDES GOODS AND SERVICES TAX (IF ANY)
PAYABLE  BY  THE  VENDOR.

<TABLE>

<CAPTION>

<S>                                              <C>
THE COMMON SEAL OF NORWEST LIMITED WAS           THE COMMON SEAL OF RESMED LIMITED WAS
AFFIXED TO THIS DOCUMENT IN ACCORDANCE WITH ITS  AFFIXED TO THIS DOCUMENT IN ACCORDANCE WITH ITS
CONSTITUTION AND IN THE PRESENCE OF:             CONSTITUTION AND IN THE PRESENCE OF:

/S/  ALAN ZAMMIT                                 S/ CHRIS ROBERTS
DIRECTOR                                         DIRECTOR

</TABLE>

<PAGE>
<TABLE>

<CAPTION>

                                                         1A

<S>                                                          <C>

     GENERAL                                                    STRATA OR COMMUNITY TITLE (CLAUSE 23)
X    PROPERTY CERTIFICATE FOR THE LAND                       _  PROPERTY CERTIFICATE FOR STRATA COMMON PROPERTY
X    PLAN OF THE LAND                                        _  PLAN CREATING STRATA COMMON PROPERTY
_    UNREGISTERED PLAN OF THE LAND                           _  STRATA BY-LAWS NOT SET OUT IN LEGISLATION
_    PLAN OF LAND TO BE SUBDIVIDED                           _  STRATA DEVELOPMENT CONTRACT OR STATEMENT
_    DOCUMENT THAT IS TO BE LODGED WITH A RELEVANT PLAN      _  STRATA MANAGEMENT STATEMENT
                                                             _  LEASEHOLD STRATA: LEASE OF LOT AND COMMON PROPERTY
X    S149(2) CERTIFICATE (ENVIRONMENTAL PLANNING AND         _  PROPERTY CERTIFICATE FOR NEIGHBOURHOOD PROPERTY
     ASSESSMENT ACT 1979)                                    _  PLAN CREATING NEIGHBOURHOOD PROPERTY
X    S149(5) INFORMATION INCLUDED IN THAT CERTIFICATE        _  NEIGHBOURHOOD DEVELOPMENT CONTRACT
X    SEWERAGE CONNECTIONS DIAGRAM                            _  NEIGHBOURHOOD MANAGEMENT STATEMENT
X    SEWER MAINS DIAGRAM                                     _  PROPERTY CERTIFICATE FOR PRECINCT PROPERTY
X    DOCUMENT THAT CREATED OR MAY HAVE CREATED AN            _  PLAN CREATING PRECINCT PROPERTY
     EASEMENT, PROFIT   PRENDRE, RESTRICTION ON USE OR       _  PRECINCT DEVELOPMENT CONTRACT
     POSITIVE COVENANT DISCLOSED IN THIS CONTRACT            _  PRECINCT MANAGEMENT STATEMENT
X    S88G CERTIFICATE (POSITIVE COVENANT)                    _  PROPERTY CERTIFICATE FOR COMMUNITY PROPERTY
                                                             _  PLAN CREATING COMMUNITY PROPERTY
X    SURVEY REPORT                                           _  COMMUNITY DEVELOPMENT CONTRACT
_    SECTION 317A CERTIFICATE (CERTIFICATE OF COMPLIANCE)    _  COMMUNITY MANAGEMENT STATEMENT
X    BUILDING CERTIFICATE GIVEN UNDER LEGISLATION            _  DOCUMENT DISCLOSING A CHANGE OF BY-LAWS
_    INSURANCE CERTIFICATE (HOME BUILDING ACT 1989)          _  DOCUMENT DISCLOSING A CHANGE IN A
_    SECTION 24 CERTIFICATE (SWIMMING POOLS ACT 1992)
_    OLD SYSTEM DOCUMENT                                     _  DOCUMENT DISCLOSING A CHANGE IN BOUNDARIES
_    CROWN TENURE CARD
_    CROWN PURCHASE STATEMENT OF ACCOUNT
</TABLE>

<TABLE>
<CAPTION>

CHOICES

<S>                                   <C>

ADJOINING LAND OWNED BY VENDOR  X NO  _  YES - PURCHASER CANNOT REQUIRE VENDOR TO CONTRIBUTE TO FENCING WORK
COVENANT/EASEMENT IN TRANSFER   X NO  _  YES - WORDING ATTACHED, WITH DESCRIPTION OF LAND BENEFITED (CLAUSE 4)
LAND TAX ADJUSTMENT REQUIRED    _ NO  _  YES -USING OWNER-OCCUPIED RESIDENTIAL CONCESSION _ YES (CLAUSE 14)
SPECIAL COMPLETION ADDRESS      X NO  _  YES - ADDRESS (CLAUSE 16):
TENANCIES                       _ NO  _  YES - SUBJECT TO TENANCIES DISCLOSED IN THIS CONTRACT (CLAUSES 17, 24)
MONEY PAYABLE TO CROWN          X NO  _  YES - PURCHASER LIABLE FOR UP TO $#(31) (IF NOT STATED, NIL)(CLAUSE 26)
CONSENT TO TRANSFER REQUIRED    X NO  _  YES - VENDOR TO APPLY FOR CONSENT (CLAUSE 27)
</TABLE>

GST INFORMATION (A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999) (CLAUSE 13)
THIS  SALE  IS  A  TAXABLE  SUPPLY  (SECTIONS 9-5 AND 195-1)      _ NO     X YES

TENANTS  (COPY  OF EACH LEASE AND ANY RELEVANT MEMORANDUM OR VARIATION ATTACHED)
PREMISES:  #(32)
TENANT'S  NAME  (SHOW  FULL  NAME):  #(32A)  SEE  CLAUSES  43  AND  44
NATURE  OF  TENANCY:  #(32B)
EXPIRY  DATE:  #(32C)
OPTION  PERIOD:  #(32D)
RENT  (SHOW  WEEKLY/MONTHLY):  #(32E)

STRATA  /  COMMUNITY  MANAGEMENT  AGENT'S  NAME,  ADDRESS  AND  PHONE  NUMBER
(OR  IF  THERE  IS  NO  MANAGEMENT  AGENT,  SECRETARY'S  DETAILS)

<PAGE>

1.     DEFINITIONS  AND  INTERPRETATION
1.1     DEFINITIONS
     IN THIS CONTRACT, UNLESS INCONSISTENT WITH THE CONTEXT, THE FOLLOWING WORDS
AND  EXPRESSIONS  SHALL  HAVE  THE  RESPECTIVE  FOLLOWING  MEANINGS:

     "ASSOCIATION" MEANS NORWEST ASSOCIATION LIMITED (ACN 003 443 883) A COMPANY
HAVING  RESPONSIBILITIES  AND  RIGHTS TO CONTROL THE DEVELOPMENT, MANAGEMENT AND
OPERATION  OF  NORWEST  BUSINESS  PARK  IN  ACCORDANCE  WITH  THE  CONSTITUTION;

     "ASSOCIATION  CONSENT"  MEANS  AN  APPROVAL  OR  CONSENT TO THE DEVELOPMENT
APPLICATION ISSUED BY THE ASSOCIATION IN ACCORDANCE WITH THE CONSTITUTION EITHER
UNCONDITIONALLY  OR  ON  CONDITIONS WHICH ARE ACCEPTABLE TO THE PURCHASER ACTING
REASONABLY;

     "AUTHORITY"  MEANS  ANY  FEDERAL,  STATE  OR  LOCAL  GOVERNMENT,  OR  ANY
GOVERNMENTAL,  SEMI-GOVERNMENTAL,  ADMINISTRATIVE,  FISCAL  OR  JUDICIAL  BODY,
DEPARTMENT COMMISSION, TRIBUNAL AGENCY OR ENTITY AND INCLUDES THE ASSOCIATION IN
ITS  CAPACITY  AS  APPROVING  AUTHORITY  PURSUANT  TO  THE  PLANNING  DOCUMENTS;

     "BOARD"  MEANS  THE  BOARD OF DIRECTORS OF THE ASSOCIATION DULY CONSTITUTED
FROM  TIME  TO  TIME;

     "BUSINESS  DAY"  MEANS A DAY (EXCLUDING SATURDAY, SUNDAY OR PUBLIC HOLIDAY)
ON  WHICH  TRADING  BANKS  ARE  OPEN  FOR  BUSINESS  IN  SYDNEY;

     "COMPLETION  DATE"  MEANS  THAT  DATE REFERRED TO IN SPECIAL CONDITION 2.1;

     "CONSTITUTION"  MEANS  THE  MEMORANDUM  AND  ARTICLES OF ASSOCIATION OF THE
ASSOCIATION  AND  INCLUDES  ALL  BY-LAWS AND REGULATIONS CREATED PURSUANT TO THE
MEMORANDUM  AND  ARTICLES  OF  ASSOCIATION  A  COPY  OF  WHICH  IS  EXHIBIT  3;

     "COUNCIL"  MEANS  THE  BAULKHAM  HILLS  SHIRE  COUNCIL;

     "COUNCIL  DEED"  MEANS  THE  DEED  BETWEEN  THE VENDOR, THE ASSOCIATION AND
COUNCIL  DATED  2  SEPTEMBER  1992  A  COPY  OF  WHICH  IS  EXHIBIT  2;

     "DEED  OF  OPTION  AND RIGHT OF FIRST REFUSAL" MEANS THE DEED TO BE ENTERED
INTO  BETWEEN  THE VENDOR AND THE PURCHASER IN ACCORDANCE WITH SPECIAL CONDITION
17  A  COPY  OF  WHICH  IS  ANNEXED  AND  MARKED  "A";

     "DEPOSITED  PLANS"  MEANS;  DEPOSITED  PLAN  816340  AND  THE  SECTION  88B
INSTRUMENT  IN  RESPECT  OF THAT PLAN, A COPY OF WHICH IS ANNEXED AND MARKED "B"

     "DEVELOPMENT  APPLICATION" MEANS A DEVELOPMENT APPLICATION PURSUANT TO PART
4  OF  THE  ENVIRONMENTAL  PLANNING  AND  ASSESSMENT  ACT  1979 FOR THE PROPOSED
DEVELOPMENT  ON THE PROPERTY AND WHICH SHALL INCLUDE A LANDSCAPE MANAGEMENT PLAN
FIRST APPROVED BY THE VENDOR AND THE ASSOCIATION AND WHICH MUST BE IN ACCORDANCE
WITH  THE  MASTER  SCHEME.

     "DEVELOPMENT  CONSENT"  MEANS  A  DEVELOPMENT CONSENT INCLUDING A "DEFERRED
COMMENCEMENT"  CONSENT  ISSUED  PURSUANT  TO  THE  ENVIRONMENTAL  PLANNING  AND
ASSESSMENT  ACT  1979  FOR THE PROPOSED DEVELOPMENT EITHER UNCONDITIONALLY OR ON
CONDITIONS  WHICH  ARE  ACCEPTABLE  TO  THE  PURCHASER  ACTING  REASONABLY;

     "DEVELOPMENT  CONTROL  PLAN"  MEANS EACH AND EVERY DEVELOPMENT CONTROL PLAN
AND CONCEPT DEVELOPMENT CONTROL PLAN RELATING TO NORWEST BUSINESS PARK FROM TIME
TO  TIME;

     "DEVELOPMENT  GUIDELINES"  MEANS  THE ESTATE DEVELOPMENT GUIDELINES AND THE
PROPERTY  DEVELOPMENT  GUIDELINES;

     "DISCHARGE"  MEANS A REGISTRABLE DISCHARGE OR SURRENDER OR WITHDRAWAL OF AN
ENCUMBRANCE;

     "DRAINAGE  DIAGRAM"  MEANS  THE SEWERAGE SERVICE DIAGRAM ANNEXED AND MARKED
"D"  (IF  ANY);

     "ENCUMBRANCE"  MEANS  A  MORTGAGE,  LEASE,  OR  CAVEAT;

     "ESTATE  DEVELOPMENT  GUIDELINES"  MEANS  THE  GUIDELINES  RELATING  TO
SUBDIVISION,  DEVELOPMENT, LANDSCAPING, MAINTENANCE AND OTHER MATTERS CREATED OR
ADOPTED  BY  THE  ASSOCIATION  FROM TIME TO TIME FOR THE NORWEST BUSINESS PARK A
COPY  OF  WHICH  IS  EXHIBIT  4;

     "ENVIRONMENTAL  LAW"  MEANS  ANY COMMON LAW, STATUTE, INCLUDING SUBORDINATE
LEGISLATION,  RULING  OR  STANDARD  RELATING  TO  PLANNING,  THE  ENVIRONMENT OR
OCCUPATIONAL  OR  PUBLIC  HEALTH  AND  SAFETY;

     "ENVIRONMENTAL  LIABILITY"  MEANS  ANY  CLAIM, DEMAND, OBLIGATION, EXPENSE,
LOSS,  PENALTY,  FINE OR DAMAGES FOR WHICH ANY OCCUPIER OF THE PROPERTY MIGHT BE
LIABLE  UNDER  THE  COMMON LAW, ANY STATUTE (INCLUDING SUBORDINATE LEGISLATION),
RULING  OR  STANDARD  RELATING  TO  PLANNING, THE ENVIRONMENT OR OCCUPATIONAL OR
PUBLIC  HEALTH  AND  SAFETY.

     "FIRB"  MEANS  THE  FOREIGN  INVESTMENT REVIEW BOARD OF THE COMMONWEALTH OF
AUSTRALIA;

     "FIRB  APPLICATION"  MEANS  AN  APPLICATION  TO  THE TREASURER FOR THE FIRB
APPROVAL.

     "FIRB  APPROVAL"  MEANS:

     (A)     THE  ISSUE  BY THE TREASURER OF A NOTICE STATING THAT THE TREASURER
DOES  NOT OBJECT TO THE PROPOSAL SET OUT IN THE FIRB APPLICATION AND SUCH NOTICE
DOES  NOT  CONTAIN  CONDITIONS  WHICH ARE NOT ACCEPTABLE TO THE PURCHASER ACTING
REASONABLY;  OR

     (B)     THE  TREASURER  BEING OR BECOMING PRECLUDED BY LAW  FROM MAKING ANY
ORDER  IN  RESPECT  OF  THE  FIRB  APPLICATION;

     "GOODS  & SERVICES TAX" MEANS THE TAX OF THAT NAME REFERRED TO IN A NEW TAX
SYSTEM  (GOODS  AND  SERVICES  TAX)  ACT  1999  (COMMONWEALTH);

     "INFRASTRUCTURE  WORKS"  MEANS  SUCH  WORKS  AS ARE NECESSARY TO ENABLE THE
PROVISION  OF  ELECTRICITY,  WATER,  SEWERAGE,  DRAINAGE AND GAS SERVICES TO THE
PROPERTY;

     "LAND" MEANS THAT PART OF THE LAND FORMERLY COMPRISING LOT 102 IN DEPOSITED
PLAN  624844  BEING  THE  LAND  FORMERLY COMPRISED IN CERTIFICATE OF TITLE FOLIO
IDENTIFIER 102/624844 AND EACH AND EVERY PART OF THAT LAND AND ALL OTHER LAND IN
ADDITION  WHICH MAY FROM TIME TO TIME BE INCORPORATED OR CONSOLIDATED AS PART OF
THE  NORWEST  BUSINESS  PARK  ZONED EMPLOYMENT AREA 10(A) (BUSINESS PARK) IN LEP
1991;

     "LEP  1991"  MEANS  THE  BAULKHAM  HILLS  LOCAL  ENVIRONMENT  PLAN  1991;

     "MASTER  SCHEME"  MEANS  THE SCHEME OF DEVELOPMENT FOR THE NORWEST BUSINESS
PARK  AS DETERMINED BY THE VENDOR ANY RELEVANT AUTHORITY OR THE ASSOCIATION FROM
TIME  TO  TIME  INCORPORATING  BUT  NOT  LIMITED  TO:

     (A)     THE  PLANNING  DOCUMENTS;

     (B)     THE  CONSTITUTION;

     (C)     THE COVENANTS, EASEMENTS AND RESTRICTIONS AT ANY TIME APPLICABLE TO
OR  PROPOSED  FOR  THE  NORWEST  BUSINESS  PARK;

     (D)     ANY  OTHER PLANNING DEVELOPMENT, CONTROL OR REVIEW PROCEDURES WHICH
ARISE  IN RESPECT OF THE NORWEST BUSINESS PARK (INCLUDING BUT NOT LIMITED TO THE
BOARD  AND THE PANEL AND THEIR RESPECTIVE CONTROLS, REVIEWS AND PROCEDURES); AND

     (E)     ALL  ARRANGEMENTS  WITH  THE  COUNCIL (INCLUDING BUT NOT LIMITED TO
THOSE  IN  THE  COUNCIL  DEED),

     ALL  AS  VARIED  OR  SUBSTITUTED  FROM  TIME  TO  TIME;

     "MINOR  ALTERATION"  MEANS  AN  ALTERATION  IN  WHICH THE TOTAL AREA OF THE
PROPERTY  EITHER  REMAINS UNCHANGED OR IS REDUCED OR INCREASED BY LESS THAN FIVE
PER  CENT  (5%);

     "NORWEST  BUSINESS  PARK"  MEANS  THE  LAND  OR  SUCH  PART  OF THE LAND OR
ADDITIONS  TO  THE LAND AS MAY FROM TIME TO TIME BE ADMINISTERED PURSUANT TO THE
MASTER  SCHEME;

     "NORWEST ESTATE CONCEPT DEVELOPMENT CONTROL PLAN" MEANS THE DOCUMENT ISSUED
BY  THE  COUNCIL  A  COPY  OF  WHICH  IS  EXHIBIT  1;

     "PLAN"  MEANS THE PLAN OF SUBDIVISION GENERALLY IN THE FORM OF ANNEXURE "F"
WHEREBY  THE LOT COMPRISING THE PROPERTY IS CREATED AS A LOT IN A DEPOSITED PLAN
WHICH  PLAN  WILL  INVOLVE A SUBDIVISION OF LOT 601 IN DEPOSITED PLAN 882552 AND
LOT  938 IN DEPOSITED PLAN 876722 AND WHICH MAY INVOLVE OTHER SUBDIVISIONS PRIOR
TO  CREATION  OF  THE  PROPERTY.

     "PLANNING  DOCUMENTS"  MEANS:

     (A)     THE  BAULKHAM  HILLS  LOCAL  ENVIRONMENTAL  PLAN  1991  AS AMENDED;

     (B)     ALL  OTHER  RELEVANT ENVIRONMENTAL PLANNING INSTRUMENTS (AS DEFINED
IN  THE  ENVIRONMENTAL  PLANNING  AND  ASSESSMENT  ACT,  1979  (NSW));

     (C)     ALL  RELEVANT DEEMED ENVIRONMENTAL PLANNING INSTRUMENTS (AS DEFINED
IN  THE  ENVIRONMENTAL  PLANNING  AND  ASSESSMENT  ACT,  1979  (NSW));

     (D)     ALL  DRAFT  ENVIRONMENTAL  PLANNING  INSTRUMENTS  AND  DEVELOPMENT
CONTROL  PLANS;

     (E)     THE  DEVELOPMENT  GUIDELINES;  AND

     (F)     ALL  OTHER  PLANNING  POLICIES,  PLANS,  INSTRUMENTS, AFFECTATIONS,
DOCUMENTS  OR DIRECTIVES ISSUED BY THE COUNCIL OR ANY AUTHORITY IN RESPECT OF OR
IN  RELATION  TO  NORWEST  BUSINESS  PARK;

     "PRINTED CONDITIONS" MEANS THE CONDITIONS OF SALE CONTAINED IN THE STANDARD
FORM;

     "PROPERTY"  MEANS  LOT  6001  IN  THE  PLAN;

     "PROPERTY  DEVELOPMENT  GUIDELINES"  MEANS  THE  GUIDELINES  IN  RESPECT OF
DEVELOPMENT,  IMPROVEMENT,  LANDSCAPING  AND OTHER MATTERS CREATED OR ADOPTED BY
THE  ASSOCIATION  FROM  TIME  TO  TIME IN RESPECT OF THE LAND A COPY OF WHICH IS
EXHIBIT  5;

     "PROPOSED  AFFECTATIONS"  MEANS  SUCH  OF THE EASEMENTS, COVENANTS, RIGHTS,
RESTRICTIONS  AS TO USER OR RESUMPTIONS LISTED IN THE SIXTH SCHEDULE RELATING TO
THE  NORWEST  BUSINESS  PARK  OR  THE  PROPERTY AS THE VENDOR MAY DECIDE (ACTING
REASONABLY)  TO  CREATE OR WHICH THE VENDOR IS OBLIGED BY AN AUTHORITY TO CREATE
OR  WHICH  AN  AUTHORITY  CREATES,  IMPOSES  OR  REQUIRES;

     "PROPOSED  DEVELOPMENT"  MEANS  STAGE 1 OF THE PURCHASER'S REDEVELOPMENT OF
THE  PROPERTY  WHICH  STAGE  COMPRISES  OFFICES,  MANUFACTURING  AND WAREHOUSING
FACILITIES  OF  NOT  LESS  THAN  24,000  SQUARE  METRES;

     "RESTRICTIONS  AS TO USER" MEANS THE RESTRICTIONS AS TO USER REFERRED TO IN
SPECIAL  CONDITION  13  AND  IN  THE  FORM  ANNEXED  AND  MARKED  "G";

     "SPECIAL  CONDITIONS"  MEAN  THESE  CONDITIONS  OF  SALE  NOT INCLUDING THE
PRINTED  CONDITIONS;

     "STANDARD FORM" MEANS THE STANDARD FORM OF CONTRACT FOR SALE OF LAND - 2000
EDITION;

     "THIS  CONTRACT"  INCLUDES  ALL PARTS OF AND SCHEDULES AND EXHIBITS TO THIS
CONTRACT;

     "TREASURER"  MEANS  THE  TREASURER  OF  THE  COMMONWEALTH  OF  AUSTRALIA;

     "VENDOR'S AGENT" MEANS THE PARTY, IF ANY, DEFINED AS VENDOR'S AGENT ON PAGE
1  OF  THE  PRINTED  CONDITIONS.

1.2     INTERPRETATION
     IN  THIS  CONTRACT,  UNLESS  THE  CONTEXT  OTHERWISE  REQUIRES:

     (A)     HEADINGS  AND  UNDERLININGS  ARE  FOR  CONVENIENCE  ONLY AND DO NOT
AFFECT  THE  INTERPRETATION  OF  THIS  CONTRACT;

     (B)     WORDS  IMPORTING  THE  SINGULAR  INCLUDE THE PLURAL AND VICE VERSA;

     (C)     WORDS  IMPORTING  A  GENDER  INCLUDE  ANY  GENDER;

     (D)     AN  EXPRESSION  IMPORTING  A  NATURAL  PERSON INCLUDES ANY COMPANY,
PARTNERSHIP, JOINT VENTURE, ASSOCIATION, CORPORATION OR OTHER BODY CORPORATE AND
ANY  GOVERNMENTAL  AGENCY;

     (E)     A  REFERENCE  TO  ANY  THING  INCLUDES  A  PART  OF  THAT  THING;

     (F)     OTHER  PARTS  OF  SPEECH  AND GRAMMATICAL FORMS OF A WORD OR PHRASE
DEFINED  IN  THIS  CONTRACT  HAVE  A  CORRESPONDING  MEANING;

     (G)     A  REFERENCE TO A PART, SPECIAL CONDITION, PARTY, ANNEXURE, EXHIBIT
OR  SCHEDULE  IS  A  REFERENCE  TO A PART AND SPECIAL CONDITION OF, AND A PARTY,
ANNEXURE,  EXHIBIT  AND  SCHEDULE  TO,  THIS  CONTRACT;

     (H)     A  REFERENCE  TO  A STATUTE, REGULATION, PROCLAMATION, ORDINANCE OR
BY-LAW  INCLUDES ALL STATUTES, REGULATIONS, PROCLAMATIONS, ORDINANCES OR BY-LAWS
VARYING,  CONSOLIDATING  OR  REPLACING IT, AND A REFERENCE TO A STATUTE INCLUDES
ALL  REGULATIONS,  PROCLAMATIONS,  ORDINANCES  AND  BY-LAWS  ISSUED  UNDER  THAT
STATUTE;

     (I)     A  REFERENCE  TO  A DOCUMENT INCLUDES ALL AMENDMENTS OR SUPPLEMENTS
TO,  OR  REPLACEMENTS  OR  NOVATIONS  OF,  THAT  DOCUMENT;

     (J)     A  REFERENCE  TO  A  PARTY  TO  A  DOCUMENT  INCLUDES  THAT PARTY'S
SUCCESSORS  AND  PERMITTED  ASSIGNS;

     (K)     WHERE  THE  DAY  ON  OR  BY  WHICH ANY THING IS TO BE DONE IS NOT A
BUSINESS DAY, THAT THING MUST BE DONE ON OR BY THE NEXT SUCCEEDING BUSINESS DAY;

     (L)     NO  RULE  OF  CONSTRUCTION  APPLIES  TO THE DISADVANTAGE OF A PARTY
BECAUSE  THAT  PARTY WAS RESPONSIBLE FOR THE PREPARATION OF THIS CONTRACT OR ANY
PART  OF  IT;

     (M)     A  COVENANT  OR  CONTRACT  ON THE PART OF TWO OR MORE PERSONS BINDS
THEM  JOINTLY  AND  SEVERALLY;

     (N)     A  REFERENCE  TO  A  CONTRACT  OTHER THAN THIS CONTRACT INCLUDES AN
UNDERTAKING,  DEED, CONTRACT OR LEGALLY ENFORCEABLE ARRANGEMENT OR UNDERSTANDING
WHETHER  OR  NOT  IN  WRITING;

     (O)     A  REFERENCE  TO  AN  ASSET  INCLUDES  ALL  PROPERTY OF ANY NATURE,
INCLUDING,  BUT  NOT  LIMITED  TO,  A  BUSINESS,  AND  ALL  RIGHTS, REVENUES AND
BENEFITS;

     (P)     A  REFERENCE TO A DOCUMENT INCLUDES ANY CONTRACT IN WRITING, OR ANY
CERTIFICATE,  NOTICE,  INSTRUMENT  OR  OTHER  DOCUMENT  OF  ANY  KIND;

     (Q)     A  REFERENCE  TO  LIQUIDATION  INCLUDES  OFFICIAL  MANAGEMENT,
APPOINTMENT  OF AN ADMINISTRATOR, COMPROMISE, ARRANGEMENT, MERGER, AMALGAMATION,
RECONSTRUCTION,  WINDING-UP,  DISSOLUTION,  ASSIGNMENT  FOR  THE  BENEFIT  OF
CREDITORS,  INSOLVENCY,  BANKRUPTCY,  OR  ANY  SIMILAR  PROCEDURE  OR,  WHERE
APPLICABLE,  CHANGES IN THE CONSTITUTION OF ANY PARTNERSHIP OR PERSON, OR DEATH;

     (R)     A  REFERENCE TO "DOLLARS", "A$" OR "$" IS A REFERENCE TO THE LAWFUL
CURRENCY  OF  THE  COMMONWEALTH  OF  AUSTRALIA;

     (S)     A  REFERENCE  TO  "REQUISITION"  INCLUDES  AN  INQUIRY;

     (T)     A  REFERENCE  TO  A  BODY,  OTHER  THAN  A  PARTY  TO THIS CONTRACT
(INCLUDING, WITHOUT LIMITATION, AN INSTITUTE, ASSOCIATION OR AUTHORITY), WHETHER
OR  NOT  IT  IS  A  STATUTORY  BODY:

          (1)     WHICH  CEASES  TO  EXIST;  OR

          (2)     WHOSE  POWERS  OR FUNCTIONS ARE TRANSFERRED TO ANY OTHER BODY,

          IS  A  REFERENCE  TO THE BODY WHICH REPLACES IT OR WHICH SUBSTANTIALLY
SUCCEEDS  TO  ITS  POWERS  OR  FUNCTIONS.

1.3     NOTWITHSTANDING  THE  REFERENCE  TO  "LAND"  ON  THE  FRONT PAGE OF THIS
CONTRACT  AND  THE  DEFINITION OF "LAND" IN SPECIAL CONDITION 1.1 THE VENDOR AND
THE  PURCHASER AGREE THAT THE WORD "LAND" SHALL HAVE THE MEANING ASCRIBED ON THE
FRONT  PAGE  OF THIS CONTRACT WHERE IT IS USED IN THE PRINTED CONDITIONS AND THE
WORD "LAND" SHALL HAVE THE MEANING ASCRIBED IN SPECIAL CONDITION 1.1 WHERE IT IS
USED  ELSEWHERE  IN  THIS  CONTRACT.

2.     COMPLETION
2.1     CONDITIONAL  CONTRACT
     (A)     THE  COMPLETION  DATE  IS  THE LATER OF THE DATES 6 CALENDAR MONTHS
FROM  THE  DATE  OF  THIS  CONTRACT AND THE DATE 10 BUSINESS DAYS AFTER THE DATE
COMPLETION  OF  THIS  CONTRACT  CEASES TO BE SUBJECT TO ALL OF THE CONDITIONS IN
SPECIAL  CONDITION  2.4.

     (B)     IF  ANY  CONDITION  OF COMPLETION IS NOT SATISFIED ON OR BEFORE THE
DATE BEING 12 MONTHS FROM THE DATE OF THIS CONTRACT EITHER PARTY MAY AT ANY TIME
THEREAFTER  RESCIND  THIS  CONTRACT  BY  WRITTEN  NOTICE  TO  THE  OTHER.

2.2     NOTICE  TO  COMPLETE
     (A)     COMPLETION  OF  THIS  CONTRACT  MUST  TAKE  PLACE BY 12 NOON ON THE
COMPLETION  DATE.

     (B)     IF  COMPLETION  DOES NOT OCCUR ON THE COMPLETION DATE, EITHER PARTY
MAY,  IF  IT  IS  READY  AND  WILLING TO COMPLETE AND IS NOT IN DEFAULT, SERVE A
NOTICE  TO  COMPLETE  ON  THE  OTHER  PARTY.

     (C)     THE  NOTICE  TO  COMPLETE  MUST  STIPULATE  A  TIME  AND  DATE  FOR
COMPLETION  WHICH  IS AT LEAST 10 BUSINESS DAYS AFTER THE DATE OF SERVICE OF THE
NOTICE AND THE PARTIES ACKNOWLEDGE THAT 10 BUSINESS DAYS IS A REASONABLE MINIMUM
PERIOD  IN  WHICH  TO  COMPLETE  THIS  CONTRACT.

     (D)     THE  NOTICE  TO COMPLETE MAY STIPULATE THAT TIME IS OF THE ESSENCE.

2.3     DELAYED  COMPLETION
     (A)     IF  COMPLETION  DOES  NOT  OCCUR  ON  THE  COMPLETION  DATE  THEN:

          (1)     ON  COMPLETION  THE PURCHASER MUST, IN ADDITION TO THE BALANCE
OF  THE  PRICE OR ADJUSTED BALANCE OF THE PRICE (AS THE CASE MAY BE), PAY TO THE
VENDOR INTEREST ON THE BALANCE OF THE PRICE OR ADJUSTED BALANCE OF THE PRICE (AS
THE  CASE  MAY  BE) CALCULATED ON A DAILY BASIS AT 11 PER CENTUM PER ANNUM (11%)
FOR  THE  PERIOD  FROM  BUT  EXCLUDING  THE COMPLETION DATE TO AND INCLUDING THE
ACTUAL  DATE  OF COMPLETION, AND ALL INTEREST ON THE DEPOSIT EARNED ON AND AFTER
THE  COMPLETION  DATE  SHALL  BE  PAID  SOLELY  TO  THE  VENDOR;  AND

          (2)     THE  VENDOR  IS  NOT  OBLIGED TO COMPLETE UNLESS THE PURCHASER
COMPLIES  WITH  PARAGRAPH  (A)(1)  ABOVE.

     (B)     THE  PURCHASER  HEREBY  ACKNOWLEDGES  THAT  INTEREST  AT  THE  RATE
REFERRED TO IN (A) (1) ABOVE ON THE BALANCE OR THE ADJUSTED BALANCE OF THE PRICE
REPRESENTS  A  GENUINE  PRE-ESTIMATE  OF  THE  LIQUIDATED  DAMAGES  LIKELY TO BE
SUFFERED  BY  THE VENDOR AS A RESULT OF COMPLETION NOT TAKING PLACE ON OR BEFORE
THE  COMPLETION  DATE.

     (C)     PARAGRAPH  (A)  DOES NOT OPERATE IF THE PURCHASER FAILS TO COMPLETE
ON  THE  COMPLETION  DATE  BY REASON ONLY THAT THE VENDOR WAS THEN IN DEFAULT OR
OTHERWISE  NOT  READY  OR  WILLING  TO  COMPLETE.

2.4     CONDITIONS  PRECEDENT
     COMPLETION  OF  THIS  CONTRACT  IS  CONDITIONAL  UPON:

     (A)     THE REGISTRATION OF THE PLAN AS A DEPOSITED PLAN AT THE LAND TITLES
OFFICE  IN  ACCORDANCE  WITH  SPECIAL  CONDITION  8;  AND

     (B)     THE  PURCHASER  BECOMING  A MEMBER OF THE ASSOCIATION IN ACCORDANCE
WITH  SPECIAL  CONDITION  10;

     (C)     THE  PURCHASER  OBTAINING  FIRB APPROVAL IN ACCORDANCE WITH SPECIAL
CONDITION  11.

3.     DEPOSIT  AND  INTEREST
3.1     NOTWITHSTANDING  PRINTED  CONDITION  3ALL INTEREST EARNED ON THE DEPOSIT
SHALL  BE PAID TO THE PARTY ENTITLED TO THE DEPOSIT UPON COMPLETION, TERMINATION
OR  RESCISSION  OF  THIS  CONTRACT.

3.2     CLAUSE  2.5  OF  THE  PRINTED  CONDITIONS  APPLIES  TO  THE  DEPOSIT.

3.3     THE  PARTY  ENTITLED  TO  THE  DEPOSIT  BEARS  ANY  LOSS  RESULTING FROM
INVESTMENT  OF  THE  DEPOSIT.

4.     SURVEY
4.1     THE PARTIES ACKNOWLEDGE THAT THE PURCHASE PRICE IS BASED ON THE PROPERTY
HAVING  AN  AREA OF 120,000 SQUARE METRES AT A PRICE OF $385.00 PER SQUARE METRE
INCLUSIVE  OF  GST.

4.2     PRIOR  TO  COMPLETION  OF  THIS  CONTRACT THE VENDOR MUST DELIVER TO THE
PURCHASER  A  COPY  OF THE PLAN IN REGISTRABLE FORM OR AS REGISTERED SHOWING THE
AREA  OF  THE  PROPERTY.

4.3     THE  PURCHASE PRICE MUST THEN BE RECALCULATED AT THE RATE OF $385.00 PER
SQUARE  METRE  (INCLUSIVE  OF  GST) AND THE PURCHASE PRICE ADJUSTED ACCORDINGLY,
SUCH  ADJUSTED  PRICE  LESS THE DEPOSIT PAID, BEING THE "ADJUSTED BALANCE OF THE
PRICE"  FOR  THE  PURPOSES  OF  SPECIAL  CONDITION  2.3.

5.     ADJUSTMENTS
5.1     (A)     THE DEFINITION OF "ADJUSTMENT DATE" IN PRINTED CONDITION 1 MEANS
THE  EARLIEST  OF  THE  DATE  OF  GIVING  OF  POSSESSION  OF THE PROPERTY TO THE
PURCHASER,  THE  DATE  OF  ACTUAL COMPLETION OF THIS CONTRACT AND THE COMPLETION
DATE.

     (B)     THE VENDOR WILL NOT BE OBLIGED TO REMOVE ANY CHARGE ON THE PROPERTY
FROM  ANY  RATE,  TAX (INCLUDING LAND TAX) OR OUTGOING, UNTIL THE DATE OF ACTUAL
COMPLETION  OF  THIS  CONTRACT;

     (C)     THE  VENDOR  WILL  NOT  BE  DEEMED  TO  BE  UNABLE TO COMPLETE THIS
CONTRACT  BY REASON OF THE EXISTENCE OF ANY CHARGE ON THE PROPERTY FOR ANY RATE,
TAX  (INCLUDING  LAND  TAX)  OR  OUTGOING;  AND

     (D)     THE  VENDOR  WILL  BE ENTITLED TO SERVE A NOTICE TO COMPLETE OR ANY
OTHER NOTICE ON THE PURCHASER NOTWITHSTANDING THE EXISTENCE OF ANY CHARGE ON THE
PROPERTY  FOR  ANY  RATE,  TAX  (INCLUDING  LAND  TAX)  OR  OUTGOING.

5.2     NOTWITHSTANDING  ANYTHING  CONTAINED  IN  THIS CONTRACT, IF THE COUNCIL,
SYDNEY  WATER  CORPORATION,  THE COMMISSIONER FOR LAND TAX OR ANY OTHER RELEVANT
AUTHORITY  HAS NOT ISSUED A SEPARATE ASSESSMENT OF ANY RATE, TAX (INCLUDING LAND
TAX)  OR  OUTGOING  FOR  THE  PROPERTY:

     (A)     THE  PURCHASER  WILL  NOT  BE  ENTITLED TO DELAY COMPLETION OF THIS
CONTRACT  OR  DISPUTE THE VALIDITY OF ANY NOTICE TO COMPLETE OR ANY OTHER NOTICE
TO THE PURCHASER GIVEN BY THE VENDOR ON THE BASIS THAT A SEPARATE ASSESSMENT HAS
NOT  BEEN  ISSUED;  AND

     (B)     THE  PARTIES  AGREE  THAT  THE  AMOUNT  OF  THE  RELEVANT RATE, TAX
(INCLUDING LAND TAX) OR OUTGOING FOR THE PROPERTY TO BE APPORTIONED AND ADJUSTED
ON  COMPLETION  WILL  BE:
<TABLE>

<CAPTION>

<S>            <C>
COUNCIL RATES  $3,400.00 PER ANNUM
LAND TAX       628,320.00 PER ANNUM
WATER RATES    $70.00 PER QUARTER
</TABLE>

     (C)          NOTWITHSTANDING SUB-PARAGRAPH (B) IF THE QUANTUM OF THE ANNUAL
COUNCIL RATES OR LAND TAX AS ACTUALLY LEVIED ON THE PROPERTY FOR THE RATE OR TAX
YEAR  IN  WHICH COMPLETION OF THIS CONTRACT OCCURS IS VARIED BY MORE THAN 10% OF
THE  AMOUNT  SPECIFIED  IN  SUB-PARAGRAPH  (B)  THEN THE PARTIES SHALL RE-ADJUST
COUNCIL  RATES  AND/OR  LAND  TAX  USING  THE  ACTUAL RATES OR TAX LEVIED ON THE
PROPERTY.

     (D)     IT  IS EXPRESSLY AGREED THAT THE PRICE DOES NOT INCLUDE GST PAYABLE
ON  ADJUSTMENTS  PAYABLE  BY  THE  PURCHASER  TO  THE VENDOR ON COMPLETION.  THE
PURCHASER  SHALL  PAY IN ADDITION TO THE PRICE GST ON THE QUANTUM OF ADJUSTMENTS
CALCULATED  AT  THE  RATE  OF 10% THEREOF AND THE AMOUNT OF ANY SUCH GST SO PAID
SHALL  BE  INCLUDED  IN  THE  TAX  INVOICE  TO  BE PROVIDED BY THE VENDOR TO THE
PURCHASER  ON  COMPLETION.

6.     DISCLOSURES  AND  ACKNOWLEDGMENTS
6.1     PURCHASER'S  TITLE
     (A)     THE  VENDOR  IS NOT AWARE OF ANY INTEREST WHICH IS NOT DISCLOSED IN
THIS  CONTRACT  AFFECTING  THE  TITLE  TO  THE  PROPERTY.

     (B)     SUBJECT  TO  THE  CONVEYANCING ACT 1919 (NSW), THE PURCHASER IS NOT
ENTITLED  TO  MAKE ANY OBJECTION, REQUISITION OR CLAIM FOR COMPENSATION, RESCIND
OR  TERMINATE  THIS CONTRACT OR DELAY COMPLETION DUE TO ANY MATTER AFFECTING THE
TITLE  TO  THE  PROPERTY,  DISCLOSED  IN  THIS  CONTRACT.

6.2     DISCLOSURE
     (A)     THE  PURCHASER  AGREES THAT, FOR THE PURPOSES OF THIS CONTRACT, ALL
MATTERS  DISCLOSED AND DESCRIBED IN THIS CONTRACT ARE SPECIFICALLY DISCLOSED AND
CLEARLY  DESCRIBED,  AND  THE PURCHASER FURTHER AGREES THAT IT WILL NOT MAKE ANY
OBJECTION,  REQUISITION  OR  CLAIM FOR COMPENSATION OR RESCIND OR TERMINATE THIS
CONTRACT  OR  DELAY  COMPLETION  BECAUSE  OF  ANY  OF  THESE  MATTERS.

     (B)     WITHOUT  LIMITING  THE  OPERATION  OF  PARAGRAPH  (A)  ABOVE,  THE
PURCHASER ACKNOWLEDGES THAT THE FOLLOWING MATTERS ARE SPECIFICALLY DISCLOSED AND
CLEARLY  DESCRIBED:

          -     ANNEXURE  B  -  DEPOSITED  PLAN;

          -     ANNEXURE  D  -  DRAINAGE  DIAGRAM  (IF  AVAILABLE);

          -     ANNEXURE  F  -  PLAN;

          -     ANNEXURE  G  -  RESTRICTIONS  AS  TO  USER;

          -     ANNEXURE  H  -  FOLIO  IDENTIFIERS  601/882552  AND  938/876722

          -     ANNEXURE  I - CERTIFICATE UNDER SECTION 149 OF THE ENVIRONMENTAL
PLANNING  &  ASSESSMENT  ACT,  1979;

          -     ANNEXURE  J  -  RESTRICTION  ON  USER  BURDENING  THE  PROPERTY;

          -     ANNEXURE  K  -  REPORT  BY  GEOTECHNIQUE  PTY  LIMITED

          -     ANNEXURE  L  -  DRAFT  COUNCIL  DEED

          -     ANNEXURE  M  -  PLAN  OF  PROPOSED  EASEMENT  TO  DRAIN  WATER;

          -     EXHIBIT  1  -  NORWEST  ESTATE  DEVELOPMENT  CONTROL  PLAN;

          -     EXHIBIT  2  -  COUNCIL  DEED;

          -     EXHIBIT  3  -  CONSTITUTION;

          -     EXHIBIT  4  -  ESTATE  DEVELOPMENT  GUIDELINES;

          -     EXHIBIT  5  -  PROPERTY  DEVELOPMENT  GUIDELINES.

     (C)     SUBJECT  TO  PARAGRAPH  (D) BELOW AND TO THE CONVEYANCING ACT 1919,
THE VENDOR DOES NOT WARRANT THE ACCURACY, CURRENCY OR COMPLETENESS OF ANY OF THE
DOCUMENTS  OR  MATTERS  REFERRED  TO  IN  PARAGRAPH  (B)  ABOVE.

     (D)     THE  VENDOR  WARRANTS  THAT  THE  CONSTITUTION,  ESTATE DEVELOPMENT
GUIDELINES  AND  PROPERTY DEVELOPMENT GUIDELINES ARE CURRENT AND COMPLETE COPIES
OF  THOSE  DOCUMENTS  AS  AT  THE  DATE  OF  THIS  CONTRACT.

6.3     PURCHASER'S  ACKNOWLEDGMENT
     THE  PURCHASER  ACKNOWLEDGES  AND  AGREES  THAT:

     (A)     THE PROPERTY AND THE NORWEST BUSINESS PARK AND ALL IMPROVEMENTS ARE
THE  SUBJECT  OF DEVELOPMENT AND REDEVELOPMENT PURSUANT TO OR IN ACCORDANCE WITH
THE  MASTER  SCHEME  AND THAT THE PROPERTY IS AN UNDEVELOPED SITE.  THE VENDOR'S
INTEREST IN THE PROPERTY IS TAKEN AND ACCEPTED BY THE PURCHASER IN SUBSTANTIALLY
ITS  CONDITION  AND  STATE  AS  AT  THE  DATE  OF  THIS  CONTRACT;

     (B)     THE  LAND  IN  THE  VICINITY  OF  THE  PROPERTY ARE ALL PART OF THE
NORWEST  BUSINESS  PARK  AND THE PURCHASER MUST NOT OBJECT TO ANY NOISE, DUST OR
OTHER  INCONVENIENCE  WHICH  IS  CAUSED  AS  A  RESULT  OF:

          (1)     THE  ERECTION  OF  ANY  BUILDING,

          (2)     THE  CARRYING  OUT  OF  INFRASTRUCTURE  WORKS,

          (3)     THE  CARRYING  OUT  OF  ANY  OTHER  WORKS,

          (4)     THE  GENERATION  OF  TRAFFIC,  OR,

          (5)     ANY  OTHER  MATTER CONDUCTED, UNDERTAKEN OR CARRIED OUT FOR OR
ON  BEHALF  OF  THE  VENDOR  OR  THE  ASSOCIATION

          AND WHICH ARISES OUT OF OR IN CONNECTION WITH THE MASTER SCHEME OR ANY
DEVELOPMENT  ON OR IN THE NORWEST BUSINESS PARK NOT INCONSISTENT WITH THE MASTER
SCHEME;

     (C)     IT  CONSENTS  TO  AND  IS  NOT  ENTITLED TO TAKE, MAKE OR RAISE ANY
OBJECTION  OR  REQUISITION OR CLAIM FOR LOSS, DAMAGE OR COMPENSATION OR HAVE ANY
RIGHT  OF  RESCISSION  IN  RELATION  TO  THE  FOLLOWING  MATTERS:

          (1)     ANY  MATTER  DISCLOSED  IN  THE  DOCUMENTS  LISTED  IN SPECIAL
CONDITION 6.2(B) AND MUST PROVIDE ALL SUCH WRITTEN CONSENTS TO THE ABOVE MATTERS
AS  MAY  BE  REQUIRED  BY  THE  VENDOR  AT  ANY  TIME;

          (2)     THE  REGISTRATION  OF  ANY  DOCUMENT  COMPRISING  PART  OF THE
ANNEXURES  TO  THIS CONTRACT OR ANY DOCUMENT OR INSTRUMENT CREATING OR OTHERWISE
CONCERNING  ANY OF THE PROPOSED AFFECTATIONS ON THE TITLE TO THE PROPERTY OR ANY
PART  OF  THE  LAND;

          (3)     ANY  REQUIREMENT REASONABLY ACCEPTABLE TO THE PURCHASER OF ANY
AUTHORITY  INCLUDING  BUT  NOT  LIMITED  TO  THE  COUNCIL, THE ROADS AND TRAFFIC
AUTHORITY  OR  SYDNEY  WATER  CORPORATION ATTACHING CONDITIONS TO SUBDIVISION OR
OTHER  DEVELOPMENT  OF  THE  PROPERTY;

     (D)     THE PURCHASER HAS SATISFIED ITSELF AS TO THE PURPOSES FOR WHICH THE
PROPERTY  MAY  BE  USED  IN  ACCORDANCE WITH THE REQUIREMENTS OF THE RESPONSIBLE
AUTHORITY UNDER THE PROVISIONS OF THE ENVIRONMENTAL PLANNING AND ASSESSMENT ACT,
1979  AND  THE  LOCAL  GOVERNMENT  ACT,  1993;

     (E)     THE  VENDOR  IS  UNDERTAKING  CONTINUING DEVELOPMENT OF THE NORWEST
BUSINESS  PARK  AND  THIS  MAY  INCLUDE  BUT IS NOT LIMITED TO AMENDMENTS TO THE
MASTER  SCHEME,  INCLUDING  AMENDMENTS OR VARIATIONS TO THE AREAS DESIGNATED AND
THE  PERMITTED  USES  IN  THE  AREAS  AND  USES  DESIGNATED.

6.4     NO  WARRANTY  OR  REPRESENTATION
     (A)     SUBJECT  TO SPECIAL CONDITION 7.2, NO WARRANTY OR REPRESENTATION AS
TO  THE  CONDITION  OR FITNESS OF THE PROPERTY (INCLUDING BUT NOT LIMITED TO THE
CONDITION  OR  FITNESS OF THE SUB-SURFACE) OR AS TO THE CONDITION OR FITNESS FOR
PURPOSE  OF THE PROPERTY FOR ANY PURPOSE OF ANY NATURE WHATSOEVER (INCLUDING BUT
NOT  LIMITED  TO  THE  PROPOSED  DEVELOPMENT)  IS  GIVEN  OR MADE BY THE VENDOR.

     (B)     THE  PURCHASER  MUST NOT RAISE ANY REQUISITION OR OBJECTION OR MAKE
ANY  CLAIM  FOR  LOSS,  DAMAGE  OR COMPENSATION OR OTHER RELIEF IN RESPECT OF OR
RELATING  TO  ANY ISSUE RELATIVE TO SUCH CONDITION OR FITNESS, INCLUDING BUT NOT
LIMITED  TO  ANY  CLAIM  ON  THE  GROUNDS  THAT:

          (1)     THERE  ARE  ANY  DEFECTS  (WHETHER  LATENT  OR  PATENT) IN THE
PROPERTY  OR  ANY  STRUCTURE  ON  THE  PROPERTY  OR IN THE PROVISION OF SERVICES
ERECTED  OR  TO BE ERECTED ON THE PROPERTY OR WORKS CARRIED OUT OR TO BE CARRIED
OUT  ON THE PROPERTY OR ANY ADJOINING OR CONTINUOUS LAND OR STRUCTURE ERECTED ON
THAT  LAND;  OR

          (2)     THE  PHYSICAL  CONDITION  OF  THE  PROPERTY (INCLUDING BUT NOT
LIMITED TO THE SOIL AND SUB-SURFACE) IS OR MAY BE SUCH AS TO RENDER THE PROPERTY
UNSUITABLE  OR  UNFIT  FOR  THE  CARRYING OUT OF THE PROPOSED DEVELOPMENT OR THE
CONSTRUCTION  OF  ANY  BUILDING  OR  ANY  DEVELOPMENT  UPON  THE  PROPERTY.

7.     ENVIRONMENTAL  CONDITIONS
7.1     PURCHASER  RELIES  ON  OWN  ENQUIRIES
     (A)     THE  PURCHASER  RELIES  ENTIRELY ON ITS OWN INSPECTIONS AND ITS OWN
ENQUIRIES  (FROM  PARTIES OTHER THAN THE VENDOR, ITS SERVANTS AND AGENTS) AS TO:

          (1)     THE PAST AND PRESENT USES OF THE PROPERTY AND ANY IMPROVEMENTS
ON  IT  FROM  TIME  TO  TIME;

          (2)     ANY MATERIALS ON THE PROPERTY FROM TIME TO TIME, INCLUDING ANY
MATERIALS  USED  IN  OR  AS  PART OF THE CONSTRUCTION OF THE IMPROVEMENTS ON THE
PROPERTY  FROM  TIME  TO  TIME;

          (3)     ANY LICENCES, PERMITS, CONSENTS OR APPROVALS IN RESPECT OF THE
PROPERTY,  ANY  IMPROVEMENTS AND ANY ACTIVITIES CARRIED OUT ON THE PROPERTY FROM
TIME  TO  TIME;  AND

          (4)     ANY  ENVIRONMENTAL LIABILITY ASSOCIATED WITH THE PROPERTY, ANY
IMPROVEMENTS  AND  ANY ACTIVITIES CARRIED OUT ON THE PROPERTY FROM TIME TO TIME.

     (B)     THE  REPORT  ANNEXED  HERETO  MARKED  "K"  REFERS  TO FILL.  IN ALL
RESPECTS  OTHER  THAN  SUCH FILL, AND WITHOUT LIMITING SPECIAL CONDITION 7.1(E),
THE  VENDOR  WARRANTS  THAT IT IS NOT AWARE OF ANY ENVIRONMENTAL LIABILITY AS AT
THE  DATE  OF  THIS  CONTRACT.  SUBJECT  THERETO THE PURCHASER ACKNOWLEDGES THAT
NEITHER  THE  VENDOR  NOR  ANY  OF THE VENDOR'S SERVANTS OR AGENTS HAVE MADE ANY
WARRANTIES  IN  RELATION  TO  THE  MATTERS  REFERRED TO IN PARAGRAPHS (A)(L)-(4)
ABOVE.

     (C)     IF  THE  VENDOR  IS  NOT  IN  BREACH  OF ITS WARRANTY UNDER SPECIAL
CONDITION  7.1(B)  THE  PURCHASER  IS  NOT  ENTITLED  TO  MAKE  ANY  OBJECTIONS,
REQUISITIONS  OR CLAIMS FOR DAMAGES OR COMPENSATION NOR RESCIND THIS CONTRACT IN
RELATION  TO  ANY  MATTER  REFERRED  TO  IN  PARAGRAPHS  (A)(L)-(4)  ABOVE.

     (D)     THE PURCHASER INDEMNIFIES THE VENDOR AGAINST ANY LIABILITY, CLAIMS,
DEMANDS,  SUITS,  PROCEEDINGS, LOSSES, COSTS, PENALTIES OR DAMAGES RELATED TO OR
ARISING  OUT OF THE MATTERS REFERRED TO IN PARAGRAPHS (A)(1)-(4) ABOVE WHERE THE
MATTERS  RELATE  TO  THE PERIOD DURING WHICH THE PURCHASER HAS POSSESSION OF THE
PROPERTY  OR  IS  THE  REGISTERED  PROPRIETOR  OF  THE  PROPERTY.

     (E)     ANNEXED  HERETO  MARKED  "K"  IS  A  REPORT  DATED  30 JUNE 2000 BY
GEOTECHNIQUE  PTY LTD.  THE PURCHASER EXPRESSLY ACKNOWLEDGES THAT IT IS AWARE OF
ALL  OF  THE  INFORMATION  CONTAINED  IN SUCH REPORT AND WILL MAKE NO OBJECTION,
REQUISITION  OR  CLAIM  FOR  COMPENSATION  IN  RELATION TO ANY SUCH INFORMATION.

7.2     VENDOR'S  OBLIGATIONS
     THE  VENDOR  MUST  NOT  PRIOR  TO  COMPLETION  OF  THIS  CONTRACT:

     (A)     DO  OR CAUSE TO BE DONE ANYTHING ON THE PROPERTY WHICH WOULD RESULT
IN  ANY AUTHORITY ISSUING ANY NOTICE, DIRECTION OR ORDER REQUIRING ANY CLEAN-UP,
DECONTAMINATION,  REMEDIAL ACTION OR MAKING GOOD UNDER ANY ENVIRONMENTAL LAW; OR

     (B)     DO  OR  CAUSE  TO  BE  DONE  ANYTHING  ON  THE PROPERTY WHICH WOULD
CONSTITUTE  A  VIOLATION  OR  CONTRAVENTION  OF  ANY  ENVIRONMENTAL  LAW.

8.     PLAN
8.1     COMPLETION  OF  THIS CONTRACT IS CONDITIONAL ON REGISTRATION OF THE PLAN
WITHIN  A PERIOD OF 12 MONTHS FROM THE DATE OF THIS CONTRACT.  IN CLAUSE 28.2 OF
THE  PRINTED  CONDITIONS,  "6  MONTHS"  IS  REPLACED  BY  "12  MONTHS".

8.2     THE  VENDOR  MUST  AS  SOON  AS  PRACTICABLE  AND  AT  ITS  COST:

     (A)     PREPARE  THE  PLAN IN A FORM REGISTRABLE AT THE LAND TITLES OFFICE;

     (B)     OBTAIN ALL APPROVALS OR CONSENTS FOR REGISTRATION REQUIRED FROM ANY
AUTHORITY  OR  PERSON  WITH  A  REGISTERED  INTEREST  IN  THE  PROPERTY;

     (C)     LODGE  THE  PLAN  FOR  REGISTRATION  AT  THE  LAND  TITLES  OFFICE.

8.3     THE  VENDOR  MUST AT ITS COST USE REASONABLE DILIGENCE AND DO EVERYTHING
REASONABLY  REQUIRED  FOR  THE  PLAN  TO  BE  REGISTERED.

8.4     THE  PARTIES  MUST  NOT  UNREASONABLY OBJECT TO MINOR ALTERATIONS TO THE
AREA  OR BOUNDARIES OF THE PLAN REQUIRED BY ANY AUTHORITY AND, IF REQUIRED, MUST
GIVE  THEIR  WRITTEN  CONSENT  TO  THE  MINOR  ALTERATIONS.

8.5     THE  PURCHASER  MUST NOT REFUSE TO ACCEPT TITLE TO THE PROPERTY AND MUST
NOT  MAKE  ANY CLAIM FOR COMPENSATION IN RESPECT OF ANY MINOR ALTERATIONS TO THE
PLAN.

8.6     THE  PURCHASER MUST NOT OBJECT TO OR CLAIM COMPENSATION FOR ANY EASEMENT
FOR  BATTER  ON  TERMS  AS  SET  OUT  IN SCHEDULE 8 OF THE CONVEYANCING ACT 1919
CREATED  UPON REGISTRATION OF THE PLAN (AND AS SHOWN ON ANNEXURE "F") WHERE SUCH
EASEMENT  IS  REQUIRED  BY  ANY  RELEVANT  AUTHORITY.

     THE  PURCHASER  MUST  CONSENT  TO  THE  CREATION  OF EASEMENTS FOR DRAINAGE
BENEFITING THE ROAD AUTHORITY OF THE PUBLIC ROAD TO BE DEDICATED WITHIN LOT 6003
OVER  THE  AREAS  COLOURED  RED  IN  THE  PLAN  ANNEXED  MARKED  "M".

8.7     NOTWITHSTANDING  SPECIAL  CONDITION  8.6  THERE  SHALL  BE REGISTERED IN
CONJUNCTION  WITH  THE PLAN AN INSTRUMENT UNDER THE PROVISIONS OF SECTION 88B OF
THE  CONVEYANCING  ACT CREATING A RESTRICTION ON USER BURDENING THE PROPERTY AND
BENEFITING  LOT 2 IN DEPOSITED PLAN 816340 OWNED BY THE ASSOCIATION IN THE TERMS
SET  FORTH  IN  ANNEXURE  "J".

8.8     ANNEXED  HERETO MARKED ""C" IS A SUBDIVISION APPROVAL OF THE PLAN ISSUED
BY  THE  COUNCIL  DATED  28  SEPTEMBER  2001.  THE  PURCHASER  ACKNOWLEDGES  THE
CONDITIONS OF SUCH APPROVAL AND WILL MAKE NO OBJECTION, REQUISITION OR CLAIM FOR
COMPENSATION  IN  RELATION  THERETO.

8.9     WITHOUT  LIMITING  THE  PURCHASER'S  RIGHTS  UNDER  THIS  CONTRACT,  THE
PURCHASER  MAY  RESCIND  THIS  CONTRACT  IF:

     (A)     THE TOTAL AREA OF THE PROPERTY IS REDUCED BY MORE THAN 5% FROM THAT
SHOWN  IN  ANNEXURE  "F";  OR

     (B)     THE  VENDOR  OR  AN  AUTHORITY  REQUIRES  A  PUBLICLY  ACCESSIBLE
PEDESTRIAN  FOOTPATH  OR  RIGHT  OF  WAY  TO  BE LOCATED WITHIN THE PROPERTY; OR

     (C)     THE  EASEMENTS  AND  RESTRICTIONS  REFERRED  TO  IN  THE  FOLLOWING
SUB-CLAUSE  AFFECT  THE  PROPERTY  AFTER  REGISTRATION  OF  THE  PLAN.

8.10     NOTWITHSTANDING  ANY OTHER PROVISION OF THIS CONTRACT, THE VENDOR SHALL
DO ALL THINGS REQUIRED TO PROCURE LAND AND PROPERTY INFORMATION NSW TO ISSUE THE
TITLE FOR THE PROPERTY FOLLOWING REGISTRATION OF THE PLAN FREE AND CLEAR OF, AND
ON  COMPLETION  OF THIS SALE THE PROPERTY SHALL NOT BE SUBJECT TO, THE FOLLOWING
EASEMENTS  AND  RESTRICTIONS:

          DP  835983  RESTRICTION(S)  ON  THE  USE  OF  LAND;

          DP  844927  RESTRICTION(S)  ON  THE  USE  OF  LAND;

          DP  854838  RESTRICTION(S)  ON  THE  USE  OF  LAND;

          DP  835983  EASEMENT  FOR  SERVICES  31  WIDE,  18  WIDE  AND VARIABLE
AFFECTING  THE  PROPERTY  (OR  PART);

          DP  835983  EASEMENT  FOR  LANDSCAPING  31  WIDE, 18 WIDE AND VARIABLE
AFFECTING  THE  PROPERTY  (OR  PART);  AND

          DP  835983  EASEMENT  FOR  SIGNAGE,  FLAGPOLES AND STREET FURNITURE 31
WIDE,  18  WIDE  AND  VARIABLE  AFFECTING  THE  PROPERTY  (OR  PART).

9.     DEVELOPMENT  APPLICATION  AND  LANDSCAPING
9.1     AS  SOON  AS  PRACTICABLE  AFTER THE DATE OF THIS CONTRACT THE PURCHASER
SHALL LODGE THE DEVELOPMENT APPLICATION WITH THE ASSOCIATION FOR ITS APPROVAL TO
THE DEVELOPMENT APPLICATION UNDER THE CONSTITUTION AND WITHIN 5 BUSINESS DAYS OF
RECEIPT  OF  THE ASSOCIATION'S APPROVAL THE PURCHASER MUST LODGE THE DEVELOPMENT
APPLICATION  WITH  THE  COUNCIL  FOR  THE  COUNCIL'S APPROVAL.  THE VENDOR SHALL
CONSENT  IN WRITING TO SUCH LODGEMENT AS OWNER OF THE PROPERTY IF SUCH LODGEMENT
OCCURS  BEFORE  COMPLETION  OF  THIS  CONTRACT.

9.2     THE  LANDSCAPE  MANAGEMENT  PLAN  TO  BE  INCLUDED  WITH THE DEVELOPMENT
APPLICATION  MUST:

     (A)     PROVIDE  FOR  LANDSCAPING  OF  THE  FULL  PERIMETER BOUNDARY OF THE
PROPERTY  SIMULTANEOUSLY  WITH  LANDSCAPING  TO  BE  PLANTED  FOR  THE  PROPOSED
DEVELOPMENT;

     (B)     PROVIDE  FOR  THE  BALANCE  OF  THE  PROPERTY  NOT REQUIRED FOR THE
PROPOSED  DEVELOPMENT TO BE GRASSED AT THE SAME TIME AS THE LANDSCAPING REFERRED
TO  IN (A) IS PERFORMED AND THEREAFTER TO MAINTAIN THAT GRASS UNTIL THAT AREA IS
FURTHER  DEVELOPED;

     (C)     PROVIDE  FOR THE LANDSCAPING REFERRED TO IN (A) TO INCLUDE MOUNDING
TO  A  MINIMUM  1.5  METRES IN HEIGHT ALONG ANY FRONTAGE OF THE PROPERTY ALONG A
PUBLIC  ROAD  WHERE  THAT  FRONTAGE  IS  ADJACENT  TO  ANY  CARPARKING  AREA.

9.3     (A)     ON  COMPLETION  THE PURCHASER SHALL PAY TO THE VENDOR A SECURITY
DEPOSIT  OF  $330,000.00  OR  A  BANK  GUARANTEE IN LIKE AMOUNT IN FAVOUR OF THE
VENDOR ISSUED BY A BANK LICENSED TO OPERATE IN AUSTRALIA AND IN TERMS ACCEPTABLE
TO  THE  VENDOR  AS  SECURITY  TO  ENSURE  THAT THE PROVISIONS OF CLAUSE 9.2 ARE
SATISFIED.  SUCH  SECURITY  DEPOSIT  OR  BANK GUARANTEE SHALL BE RETURNED TO THE
PURCHASER  WITHIN  14 DAYS OF THE PURCHASER NOTIFYING THE VENDOR IN WRITING THAT
THE  REQUIREMENTS OF CLAUSE 9.2 HAVE BEEN FULLY PERFORMED PROVIDED THAT THE SAID
WORKS  HAVE  BEEN  DONE  TO  THE  VENDOR'S  REASONABLE  SATISFACTION.

     (B)     AT  ANY  TIME  PRIOR  TO THE RETURN OF THE SECURITY DEPOSIT OR BANK
GUARANTEE  REFERRED  TO  IN  THIS  CONDITION  THE  VENDOR MAY APPLY THE SECURITY
DEPOSIT,  OR  PROCEEDS  OF  THE  BANK  GUARANTEE, TOWARDS THE REASONABLE COST OF
CARRYING  OUT THE PURCHASER'S OBLIGATIONS UNDER CLAUSE 9.2 PROVIDED THAT NO SUCH
WORKS  SHALL  BE CARRIED OUT BY THE VENDOR UNLESS THE PURCHASER HAS FAILED TO DO
SUCH  WORKS  WITHIN  A  REASONABLE TIME OF THE VENDOR NOTIFYING THE PURCHASER IN
WRITING  OF  THE  WORKS WHICH THE VENDOR REQUIRES THE PURCHASER TO DO TO SATISFY
THE  REQUIREMENTS OF CLAUSE 9.2.  THE PURCHASER HEREBY IRREVOCABLY GRANTS ACCESS
TO  THE PROPERTY TO THE VENDOR AND ITS CONTRACTORS FOR THE PURPOSE OF PERFORMING
WORKS  WHICH  THE  PURCHASER FAILS TO PERFORM IN ACCORDANCE WITH A NOTICE ISSUED
PURSUANT  TO  THIS  CONDITION.

9.4     THE  PURCHASER  COVENANTS  WITH  THE  VENDOR  THAT IT WILL SUBSTANTIALLY
COMMENCE WORK ON THE PROPOSED DEVELOPMENT PURSUANT TO AND IN ACCORDANCE WITH THE
DEVELOPMENT  CONSENT  WITHIN  2  YEARS  OF  THE DATE OF ISSUE OF THE DEVELOPMENT
CONSENT  BY  THE  COUNCIL.  IN THE EVENT THAT THE PURCHASER FAILS TO COMPLY WITH
ITS  OBLIGATIONS  UNDER  THIS  SPECIAL  CONDITION  THEN  THE  VENDOR  MAY AT ITS
DISCRETION  PURCHASE  THE  PROPERTY  FROM  THE  PURCHASER  PURSUANT  TO  AND  IN
ACCORDANCE WITH THE PROVISIONS OF THE DEED OF OPTION AND RIGHT OF FIRST REFUSAL.
FOR  THE  PURPOSE  OF  THIS  CLAUSE "SUBSTANTIALLY COMMENCE" SHALL HAVE THE SAME
MEANING  AS  DEFINED IN CLAUSE 1.1 OF THE SAID DEED OF OPTION AND RIGHT OF FIRST
REFUSAL.

10.     ASSOCIATION
10.1     COMPLETION  OF THIS CONTRACT IS CONDITIONAL UPON THE PURCHASER BECOMING
A  PROVISIONAL  MEMBER  OF THE ASSOCIATION BEFORE THE DATE OF ACTUAL COMPLETION.

10.2     THE  PURCHASER  MUST  PRIOR  TO OR SIMULTANEOUSLY WITH THE DATE OF THIS
CONTRACT APPLY IN WRITING TO THE ASSOCIATION TO BECOME REGISTERED AS A MEMBER OF
THE  ASSOCIATION  IN  THE  MANNER  SET  OUT  IN  THE  CONSTITUTION.

10.3     THE  VENDOR  MUST  PROVIDE ALL NECESSARY ASSISTANCE TO THE PURCHASER IN
RESPECT  OF  THE  PURCHASER'S  APPLICATION  (WHERE SUCH ASSISTANCE IS WITHIN ITS
POWER  AND  CONTROL).

10.4     (A)     IF  THE  PURCHASER  FAILS  TO COMPLY WITH ITS OBLIGATIONS UNDER
SPECIAL CONDITION 10.2, THEN THE PURCHASER IRREVOCABLY AUTHORISES THE VENDOR, AS
ITS  AGENT,  TO  MAKE AND PURSUE THE APPLICATION TO THE ASSOCIATION ON BEHALF OF
THE  PURCHASER  AND  TO  PAY  ALL  FEES  AND  DO ALL THINGS REQUIRED TO HAVE THE
PURCHASER  REGISTERED  AS  A  MEMBER  OF  THE  ASSOCIATION.

     (B)     THE  PURCHASER  MUST INDEMNIFY AND KEEP THE VENDOR INDEMNIFIED FROM
AND  AGAINST  ALL  COSTS  SUFFERED  OR  INCURRED BY THE VENDOR IN RESPECT OF ANY
EXERCISE  BY  THE  VENDOR  OF THE AUTHORITY GRANTED TO IT UNDER PARAGRAPH (A) OF
THIS  SUB-PARAGRAPH.

11.     FIRB  APPROVAL
11.1     COMPLETION  OF  THIS  CONTRACT IS CONDITIONAL UPON FIRB APPROVAL, BEING
OBTAINED  BY  THE  PURCHASER.

11.2     THE  PURCHASER  WARRANTS  THAT:

     (A)     ITS  SOLICITORS HAVE ADVISED IT THAT TO THE BEST OF THEIR KNOWLEDGE
AND  BELIEF, THE TREASURER IS MORE LIKELY THAN NOT TO APPROVE OF THE PURCHASER'S
PURCHASE  OF  THE  PROPERTY;

     (B)     ON  OR  BEFORE 5 BUSINESS DAYS AFTER THE DATE OF THIS CONTRACT, THE
FIRB  APPLICATION  WILL  HAVE  BEEN  LODGED  WITH  THE  TREASURER;

     (C)     IT  WILL  USE  ITS  BEST  ENDEAVOURS  TO  OBTAIN  FIRB  APPROVAL AS
EXPEDITIOUSLY  AS  IS  REASONABLY  POSSIBLE;  AND

     (D)     IT WILL GIVE THE VENDOR'S SOLICITORS COPIES OF THE FIRB APPLICATION
AND  ALL SUBSEQUENT CORRESPONDENCE IN RESPECT OF THE FIRB APPLICATION AS SOON AS
SENT  OR  RECEIVED  BY  IT  OR  BY  THE  PURCHASER'S  SOLICITOR.

11.3     THE  PURCHASER HEREBY AUTHORISES THE VENDOR AND THE VENDOR'S SOLICITORS
TO  MAKE  ANY  ENQUIRIES  OF  THE  TREASURER AT ANY TIME IN RELATION TO THE FIRB
APPLICATION  AND  WILL  WITHIN  2  BUSINESS  DAYS  OF THIS CONTRACT CONFIRM THIS
AUTHORISATION  TO  THE  TREASURER  BY  NOTICE  IN  WRITING.

12.     PROPOSED  AFFECTATIONS
12.1     THE  PURCHASER  ACKNOWLEDGES  THAT  AS  PART OF THE MASTER SCHEME IT IS
PROPOSED  THAT  THE  PROPOSED AFFECTATIONS ARE CREATED OVER THE NORWEST BUSINESS
PARK.

12.2     THE PROPOSED AFFECTATIONS SHALL BE AN ITEM OR ITEMS LISTED IN THE SIXTH
SCHEDULE  AND  MAY,  AS  DETERMINED BY THE VENDOR ACTING REASONABLY, BENEFIT ANY
AUTHORITY  OR  ANY  LAND  OWNED  BY:

     (A)     THE  VENDOR  OR  ITS  SUCCESSORS  AND  ASSIGNS;

     (B)     THE  PURCHASER  OR  ITS  SUCCESSOR  AND  ASSIGNS;

     (C)     ANY  RELEVANT  AUTHORITY;

     (D)     THE  ASSOCIATION;

     (E)     OWNERS  OF  LOTS  IN  THE  NORWEST  BUSINESS  PARK;  OR

     (F)     THE  OWNER  OF  ANY  LAND  ADJOINING  THE  NORWEST  BUSINESS  PARK.

12.3     THE  PURCHASER  MUST:

     (A)     CONSENT  TO,  JOIN  IN  AND  EXECUTE  ANY  OR  ALL  DOCUMENTS  AND
INSTRUMENTS  TO  ENSURE THE DUE AND EFFECTIVE CREATION AS REFERRED TO IN SPECIAL
CONDITION  12.2  OF ANY OF THE PROPOSED AFFECTATIONS AS AND WHEN REQUESTED SO TO
DO  BY  THE  VENDOR  WHETHER  PRIOR  TO,  ON  OR  AFTER  THE  COMPLETION  DATE;

     (B)     NOT  MAKE  ANY  OBJECTION, REQUISITION OR CLAIM FOR COMPENSATION OR
ANY  OTHER  CLAIM  BY REASON OF THE CREATION AS REFERRED TO IN SPECIAL CONDITION
12.2  BY  ANY MEANS WHATSOEVER OF ANY OF THE PROPOSED AFFECTATIONS THE EFFECT OF
WHICH  IN SUBSTANCE ACCORDS WITH THE MATTERS NOTED IN THE SIXTH SCHEDULE AS THEY
RELATE  TO THE PROPERTY AND THE PURCHASER MUST IF REQUIRED BY THE VENDOR INCLUDE
IN  THE FORM REQUIRED BY THE VENDOR IN THE APPROPRIATE ASSURANCE OF THE PROPERTY
ANY  SUCH  PROPOSED  AFFECTATIONS;  AND

     (C)     NOTWITHSTANDING SPECIAL CONDITIONS 12.3(A) OR (B), NOT RESCIND THIS
CONTRACT  DUE  TO  THE  CREATION  OF AN EASEMENT, COVENANT OR RESTRICTION EXCEPT
WHERE  THE EASEMENT, COVENANT OR RESTRICTION RELATES TO AND AFFECTS THE PROPERTY
AND  IN  THE  OPINION OF THE PURCHASER ACTING REASONABLY, SUBSTANTIALLY DETRACTS
FROM  THE  PROPOSED  USE  AND  ENJOYMENT  OF  THE  PROPERTY  BY THE PURCHASER AS
DISCLOSED  IN  THE  PROPOSED  DEVELOPMENT  THEN  THE  PURCHASER MAY RESCIND THIS
CONTRACT  BY  NOTICE  IN  WRITING  TO  THE  VENDOR.

12.4     THE  PURCHASER  HEREBY  IRREVOCABLY AUTHORISES THE VENDOR TO CONSENT IN
THE NAME OF AND ON BEHALF OF THE PURCHASER IN RESPECT OF THE APPROVAL OF COUNCIL
AND/OR  THE  REGISTRATION  OF  ANY  PLAN  OR  INSTRUMENT  (WHETHER  OR  NOT SUCH
INSTRUMENT  OPERATES  BY  VIRTUE  OF SECTIONS 88B OR 88E OF THE CONVEYANCING ACT
1919  (NSW))  WHICH  CREATES  ANY  EASEMENT,  COVENANT  OR  RESTRICTION OVER THE
PROPERTY  WHERE  SUCH EASEMENT, COVENANT OR RESTRICTION DOES NOT, IN THE OPINION
OF  THE PURCHASER ACTING REASONABLY, SUBSTANTIALLY DETRACT FROM THE PROPOSED USE
AND  ENJOYMENT  OF THE PROPERTY BY THE PURCHASER IN ACCORDANCE WITH THE PROPOSED
DEVELOPMENT.

     THE PURCHASER HEREBY IRREVOCABLY APPOINTS THE VENDOR AS ITS LAWFUL ATTORNEY
FOR  THE  ABOVE  PURPOSES.

12.5     PRIOR  TO EXERCISING ITS POWER OF ATTORNEY UNDER OR PURSUANT TO SPECIAL
CONDITION 12.4, THE VENDOR MUST NOTIFY THE PURCHASER IN WRITING OF ITS INTENTION
TO  EXERCISE  THE RIGHTS AND UNLESS THE PURCHASER NOTIFIES THE VENDOR IN WRITING
WITHIN 10 BUSINESS DAYS OF BEING NOTIFIED BY THE VENDOR, THAT, IN THE OPINION OF
THE  PURCHASER  ACTING REASONABLY THE RELEVANT EASEMENT, COVENANT OR RESTRICTION
DOES  SUBSTANTIALLY  DETRACT FROM THE PROPOSED USE AND ENJOYMENT OF THE PROPERTY
BY  THE PURCHASER IN ACCORDANCE WITH THE PROPOSED DEVELOPMENT, THEN, AT ANY TIME
AFTER  THE  EXPIRATION  OF  THE  PERIOD  OF  10  BUSINESS  DAYS,  THE VENDOR MAY
IMMEDIATELY  EXERCISE ITS POWER OF ATTORNEY GRANTED UNDER SPECIAL CONDITION 12.4
WITHOUT  RESTRICTION  OR  FURTHER  NOTICE  TO  THE  PURCHASER.

12.6     THE  PURCHASER  ACKNOWLEDGES THAT THE VENDOR IS, AS AT THE DATE OF THIS
CONTRACT, A MEMBER OF THE ASSOCIATION AND THAT THE VENDOR IS ENTITLED TO VOTE AS
SUCH  IN RESPECT OF ANY RESOLUTION OF THE ASSOCIATION IN SUCH MANNER AND TO SUCH
EFFECT  AS  IT  DEEMS  FIT.

13.     RESTRICTIONS  AS  TO  USER
     SUBJECT  TO  SPECIAL CONDITIONS 8.6, 8.9, 8.10, 31.3 AND 31.4 THE PURCHASER
ACKNOWLEDGES  THAT  THE  RESTRICTIONS AS TO USER HAVE BEEN REGISTERED AND AFFECT
THE PROPERTY AND THE PURCHASER MUST NOT MAKE ANY OBJECTION, REQUISITION OR CLAIM
FOR  COMPENSATION  IN  RESPECT  OF  THE  RESTRICTIONS  AS  TO  USER.

14.     TRANSFER
14.1     THE  VENDOR  MUST  UPON LODGEMENT OF THE PLAN FOR REGISTRATION WITH THE
LAND  TITLES OFFICE NOTIFY THE PURCHASER IN WRITING OF THE DEPOSITED PLAN NUMBER
OF  THE  PLAN.

14.2     THE  PURCHASER  MUST  AT ITS EXPENSE AT LEAST 10 BUSINESS DAYS PRIOR TO
THE  COMPLETION  DATE  DELIVER  TO THE VENDOR FOR EXECUTION THE TRANSFER FOR THE
PROPERTY.

15.     SITE  WORKS  REBATE

     ON  COMPLETION  AND IN ACCORDANCE WITH CONDITION 35 THE VENDOR SHALL REBATE
TO  THE PURCHASER AN AMOUNT OF $500,000.00 (INCLUSIVE OF GST) OFF THE PRICE AS A
CONTRIBUTION  TOWARDS  SITE  WORKS  WHICH WILL BE REQUIRED TO BE PROVIDED TO THE
PROPERTY  BY  THE  PURCHASER  IN  RELATION TO THE PROPOSED DEVELOPMENT AND OTHER
DEVELOPMENT  PROPOSED  BY  THE  PURCHASER  FOR  THE  PROPERTY.

16.     ENCUMBRANCE  ON  CERTIFICATE  OF  TITLE
     IF  ANY  ENCUMBRANCE  TO  WHICH  THE  PROPERTY  IS  SUBJECT IS NOTED ON THE
CERTIFICATE  OF  TITLE  FOR  THE  PROPERTY  ON  COMPLETION,  THEN:

     (A)     THE PURCHASER MUST ACCEPT A DULY EXECUTED DISCHARGE IN REGISTERABLE
FORM  WHICH  IN  THE  VENDOR'S  REASONABLE  OPINION WILL REMOVE THE ENCUMBRANCE,
TOGETHER  WITH  THE  APPLICABLE  REGISTRATION  FEE;  AND

     (B)     WHEN  THE  VENDOR  GIVES  THE  PURCHASER A DISCHARGE, THE VENDOR IS
REGARDED  AS HAVING GIVEN THE PURCHASER A TRANSFER OF THE PROPERTY FREE FROM THE
ENCUMBRANCE.

17.     DEED  OF  OPTION  AND  RIGHT  OF  FIRST  REFUSAL
     COMPLETION  OF  THIS CONTRACT IS CONDITIONAL UPON THE PARTIES ENTERING INTO
THE  DEED OF OPTION AND RIGHT OF FIRST REFUSAL SIMULTANEOUSLY WITH ENTERING INTO
THIS  CONTRACT.

18.     CAVEAT
     THE  PURCHASER  MUST  NOT LODGE ANY CAVEAT UPON THE TITLE OF THE LAND WHICH
HAS  THE EFFECT OF PRECLUDING REGISTRATION OF ANY PLAN, INSTRUMENT, RESTRICTION,
EASEMENT, RIGHT OR OTHER MATTER CONTEMPLATED BY THIS CONTRACT OR ANY MORTGAGE OR
VARIATION  MORTGAGE  OR  THE  SALE  OF  ANY OTHER PART OF THE LAND NOT BEING THE
SUBJECT  OF  THIS  CONTRACT.

19.     ASSIGNMENT
19.1     THE PURCHASER MUST NOT, WITHOUT THE PRIOR WRITTEN CONSENT OF THE VENDOR
(WHICH  MAY  BE  GIVEN  OR  WITHHELD  IN ITS ABSOLUTE DISCRETION AND WITHOUT THE
DISCLOSURE  OF  ANY  REASON), ASSIGN ANY OF ITS RIGHTS, OBLIGATIONS OR INTERESTS
UNDER  THIS  CONTRACT.  THIS  CONDITION  SHALL  NOT APPLY TO ANY ASSIGNMENT TO A
RELATED  BODY  CORPORATE  (AS DEFINED IN THE CORPORATIONS ACT) OF THE PURCHASER.

19.2     THE  VENDOR MAY AT ANY TIME ASSIGN, CHARGE OR ENCUMBER ITS RIGHT, TITLE
AND  INTEREST  UNDER  THIS  CONTRACT  OR  ANY  PART  WITHOUT  THE CONSENT OF THE
PURCHASER.  ANY  ASSIGNMENT BY THE VENDOR MUST NOT AFFECT THE PURCHASER'S RIGHTS
AGAINST  THE  VENDOR  UNDER  THIS  CONTRACT.

20.     RIGHT  TO  RESCIND
     BEFORE  COMPLETION  ANY PARTY MAY RESCIND THIS CONTRACT BY GIVING THE OTHER
PARTIES  WRITTEN  NOTICE,  IF  ANY  OTHER  PARTY:

     (A)     IS  A  NATURAL  PERSON  AND  DIES  OR  BECOMES  MENTALLY  ILL;  OR

     (B)     IS  A  COMPANY  AND:

          (1)     IS  WOUND  UP;  OR

          (2)     A  RECEIVER,  RECEIVER  AND  MANAGER,  OFFICIAL  MANAGER,
ADMINISTRATOR,  TRUSTEE  OR  SIMILAR  OFFICIAL  IS  APPOINTED OVER ITS ASSETS OR
UNDERTAKING.

21.     PASSING  OF  RISK
21.1     DIVISION 7 OF PART IV OF THE CONVEYANCING ACT 1919 (NSW) DOES NOT APPLY
TO  THIS  CONTRACT.

21.2     ON EXECUTION OF THIS CONTRACT THE PURCHASER BEARS THE RISK OF DAMAGE TO
THE  PROPERTY.

22.     AGENT
22.1     THE  PURCHASER WARRANTS THAT IT WAS NOT INTRODUCED TO THE VENDOR OR THE
PROPERTY  BY  ANY  AGENT  OTHER THAN THE VENDOR'S AGENT REFERRED TO ON THE FRONT
PAGE  OF  THIS  CONTRACT  IN  CIRCUMSTANCES WHICH COULD GIVE RISE TO A CLAIM FOR
COMMISSION  OR  EXPENSES  IN  RESPECT  OF  THE  SALE OF THE PROPERTY AGAINST THE
VENDOR.

22.2     THE  PURCHASER  INDEMNIFIES THE VENDOR AGAINST ANY CLAIM REFERRED TO IN
SPECIAL  CONDITION  22.1.

23.     INCOMPLETE  WORK
23.1     DESPITE  PRINTED  CONDITION  11,  ANY  WORK  REQUIRED TO BE DONE ON THE
PROPERTY  BY  ANY  WORK  ORDER  REFERRED TO IN PRINTED CONDITION 11 WHICH IS NOT
COMPLETED  BY  COMPLETION  DOES  NOT:

     (A)     CONSTITUTE  A  DEFECT  IN  TITLE;  OR

     (B)     ENTITLE  THE  PURCHASER TO MAKE ANY OBJECTION, REQUISITION OR CLAIM
FOR  COMPENSATION  OR  TO  RESCIND  OR  TERMINATE OR TO DELAY COMPLETION OF THIS
CONTRACT.

23.2     IF  NOT  COMPLIED WITH THE VENDOR MUST COMPLY AFTER COMPLETION WITH ANY
WORK  ORDER  ISSUED  BEFORE  THE  DATE  OF  THIS  CONTRACT.

24.     SEWAGE  PIPES
     THE  PURCHASER  ACKNOWLEDGES  THAT THE SYDNEY WATER CORPORATION DOES NOT AT
THE  DATE  OF THIS CONTRACT HAVE AVAILABLE A DRAINAGE DIAGRAM FOR OR IN RELATION
TO  THE  PROPERTY  AND THE PURCHASER MUST MAKE NO OBJECTION REQUISITION OR CLAIM
FOR  COMPENSATION NOR DOES THE PURCHASER HAVE ANY RIGHT OF RESCISSION IN RESPECT
OF OMISSION FROM THIS CONTRACT OF ANY SUCH DIAGRAM EVEN IF A DIAGRAM COMES UNDER
EXISTENCE  PRIOR  TO  COMPLETION  OF  THIS  CONTRACT.

25.     NON-MERGER  ON  COMPLETION
     THE  OBLIGATIONS,  WARRANTIES,  COVENANTS,  CONTRACTS,  GUARANTEES  AND
INDEMNITIES  CONTAINED  IN  OR REQUIRED OR CONTEMPLATED BY OR IN CONNECTION WITH
THIS  CONTRACT  WHICH  REMAIN TO BE PERFORMED OR ARE CAPABLE OF HAVING EFFECT OR
APPLICATION  (EXPRESS  OR  IMPLIED)  AFTER THE COMPLETION DATE WILL NOT MERGE ON
COMPLETION  OF  THIS CONTRACT AND WILL ENURE TO THE BENEFICIARY THEREOF AND WILL
REMAIN  IN  FULL  FORCE  AND EFFECT NOTWITHSTANDING COMPLETION OF THIS CONTRACT.

26.     GOVERNING  LAW  AND  JURISDICTION
26.1     THIS  CONTRACT IS GOVERNED BY THE LAWS OF THE STATE OF NEW SOUTH WALES.

26.2     THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE COURTS OF NEW
SOUTH  WALES.

27.     SEVERABILITY
27.1     UNENFORCEABILITY  OF  A  PROVISION OF THIS CONTRACT DOES NOT AFFECT THE
ENFORCEABILITY  OF  ANY  OTHER  PROVISION.

27.2     SPECIAL  CONDITION  27.1  DOES  NOT APPLY IF ITS APPLICATION MATERIALLY
AFFECTS  THE  COMMERCIAL  ARRANGEMENT  CONSTITUTED  BY  THIS  CONTRACT.

28.     ENTIRE  AGREEMENT
     THIS  CONTRACT IS THE ENTIRE CONTRACT BETWEEN THE PARTIES IN RESPECT OF ITS
SUBJECT  MATTER.

29.     FILL
     THE  PURCHASER HEREBY EXPRESSLY ACKNOWLEDGES THAT FILLING MATERIAL HAS BEEN
PLACED  ON  OR  WITHIN  THE  PROPERTY  AND  SUBJECT  TO SPECIAL CONDITION 36 THE
PURCHASER COVENANTS WITH THE VENDOR THAT IT SHALL MAKE NO REQUISITION, OBJECTION
OR  CLAIM  FOR  COMPENSATION  FOR  OR  IN  RELATION TO THE EXISTENCE OF THE SAID
FILLING  MATERIAL  AND/OR  THE  EFFECT,  IF  ANY,  OF  SAME  ON  THE  PROPERTY.

30.     INTENTIONALLY  OMITTED
        ----------------------

31.     SITE  REQUIREMENTS
31.1     PRIOR TO COMPLETION THE VENDOR MUST PROVIDE THE PURCHASER A LETTER FROM
THE  COUNCIL  TO  THE  EFFECT  THAT  THE  COUNCIL SHALL NOT REQUIRE ANY PUBLICLY
ACCESSIBLE  PEDESTRIAN  FOOTPATH  OR RIGHT OF WAY GIVING ACCESS FROM OLD WINDSOR
ROAD  TO  BELLA  VISTA  FARM  PARK  TO  BE  LOCATED  WITHIN  THE  PROPERTY.

31.2     THE  VENDOR  SHALL  NOT  OBJECT TO ANY PERIMETER SECURITY FENCING BEING
ERECTED  ON  THE  PROPERTY  IF:

     (A)     SUCH  FENCING  IS  LOCATED  WITHIN  THE  PROPERTY  AND  BEHIND  ANY
LANDSCAPING  SETBACK  AREA FROM THE PERSPECTIVE OF ANY PUBLIC ROAD ADJOINING THE
PROPERTY;  AND

     (B)     SUCH  FENCING  SATISFIES  THE  INTENT  OF  THE  MASTER  SCHEME.

31.3     PRIOR  TO  COMPLETION  THE  VENDOR  MUST  REMOVE  FROM THE PROPERTY ALL
APPARATUS,  WIRES,  CABLES  AND  POSTS  PROVIDING  THE  SERVICES  REFERRED TO IN
TRANSFER  I467344.

31.4     PRIOR  TO  COMPLETION  THE  VENDOR  MUST  ALSO PROCURE FROM THE COUNCIL
(BEING THE GRANTEE FOR THE TIME BEING REFERRED TO IN TRANSFER I467344) A LEGALLY
ENFORCEABLE  RIGHT  AVAILABLE TO THE PURCHASER WHEREBY THE COUNCIL IS CAPABLE OF
BEING RESTRAINED FROM EXERCISING ITS RIGHTS PURSUANT TO THE RIGHT OF CARRIAGEWAY
AND EASEMENT FOR SERVICES CREATED BY TRANSFER I467344.  THE VENDOR AND PURCHASER
AGREE  THAT  THE  MAKING  OF  A  DEED  BETWEEN THE VENDOR AND THE COUNCIL, IN OR
SUBSTANTIALLY  IN, THE FORM ATTACHED MARKED "L" WILL SATISFY THE REQUIREMENTS OF
THIS  CONDITION.

31.5     NOT LATER THAN THE DEDICATION OF THE PUBLIC ROAD REFERRED TO IN SPECIAL
CONDITION  34.1  THE  VENDOR  MUST  COMPLY  WITH CLAUSES 1.2 AND 1.3 OF THE DEED
ATTACHED  MARKED  "L".

31.6     FORTHWITH  UPON  COMPLETION OF THIS CONTRACT THE VENDOR MUST NOTIFY THE
COUNCIL  IN WRITING OF THE SALE OF THE PROPERTY TO THE PURCHASER AND REQUEST THE
COUNCIL  TO  ENTER  INTO THE FURTHER DEED CONTEMPLATED BY CLAUSE 2.5 IN THE DEED
ATTACHED  MARKED  "L".  THE PURCHASER MUST ENTER INTO SUCH FURTHER DEED WITH THE
COUNCIL PROVIDED THAT SUCH DEED IS IN REASONABLE TERMS.  IF THE COUNCIL FAILS TO
ENTER  INTO  SUCH DEED THE PURCHASER MAY COMMENCE AND MAINTAIN LEGAL PROCEEDINGS
AGAINST  THE  COUNCIL  TO  ENFORCE THE COUNCIL'S OBLIGATIONS, IN THE NAME OF THE
VENDOR  (BUT  AT  THE  COST  OF  THE PURCHASER) AND THE VENDOR SHALL PROVIDE ANY
NECESSARY  AUTHORITY  AS  REASONABLY  REQUIRED  BY THE PURCHASER TO THAT EFFECT.

32.     ACCESS
     THE  VENDOR  HEREBY  GRANTS  THE  PURCHASER  ACCESS TO THE PROPERTY FOR THE
PURPOSE  OF  GEOTECHNICAL  AND ENVIRONMENTAL TESTING PROVIDED THAT THE PURCHASER
BEFORE UNDERTAKING ANY SUCH TESTING PROVIDES THE VENDOR WITH COMPLETE DETAILS OF
THE  PROPOSED  TESTING  AND  PROVIDED  THAT  SUCH  DETAILS ARE ACCEPTABLE TO THE
VENDOR,  ACTING  REASONABLY, (AS EVIDENCED IN WRITING BY THE VENDOR) AND FURTHER
PROVIDED  THAT  THE  PURCHASER  AGREES TO COMPLY WITH ALL FURTHER CONDITIONS, IF
ANY,  IMPOSED  ON SUCH ACCESS BY THE VENDOR AND THAT THE PURCHASER SHALL PAY THE
COST  OF  ANY  SUCH  TESTING.

33.     DRAINAGE
     IN  ANY DEVELOPMENT TO BE CONSTRUCTED UPON THE PROPERTY BY THE PURCHASER OR
ITS  CONTRACTORS  THE  PURCHASER  MUST  MEET  ALL  RELEVANT  REQUIREMENTS OF THE
PROTECTION  OF  THE  ENVIRONMENT  OPERATIONS  ACT  1997 AND THE MASTER SCHEME IN
RELATE  TO  SITE  DRAINAGE.

34.     CONSTRUCTION  OF  ROAD
34.1     THE  VENDOR  AGREES  TO  CONSTRUCT A TRAFFICABLE PUBLIC ROAD WITHIN THE
AREA  MARKED  "FUTURE  ROAD" BEING LOT 6003 ON THE COPY OF THE UNREGISTERED PLAN
ANNEXED HERETO AND TO CREATE A RIGHT OF CARRIAGEWAY AND EASEMENT FOR SERVICES 18
WIDE  AND  VARIABLE  OVER SUCH AREA INTER ALIA IN FAVOUR OF THE PROPERTY PENDING
DEDICATION  OF  SUCH  ROAD  AS  A  PUBLIC  ROAD.  SUCH  RIGHT OF CARRIAGEWAY AND
EASEMENT  MUST  BE  CREATED  AT  OR  BEFORE COMPLETION AND THE SAID ROAD MUST BE
COMPLETED  AND DEDICATED IN CONJUNCTION WITH THE PURCHASER'S CONSTRUCTION OF THE
PROPOSED DEVELOPMENT TO THE INTENT THAT IT WILL BE CONSTRUCTED AND AVAILABLE FOR
USE  BY  THE  PURCHASER AND ITS INVITEES WHEN THE PROPOSED DEVELOPMENT OPENS FOR
BUSINESS  AS  EVIDENCED  BY  THE  ISSUE  OF AN OCCUPATION CERTIFICATE WITHIN THE
MEANING  OF  THE  ENVIRONMENTAL  PLANNING  &  ASSESSMENT  ACT  1979.

34.2     NOTWITHSTANDING  THE  RIGHT  OF  CARRIAGEWAY  AND EASEMENT FOR SERVICES
REFERRED  TO  IN  34.1  THE  PURCHASER  AGREES  WITH THE VENDOR THAT IT WILL NOT
EXERCISE  ITS  RIGHTS PURSUANT TO THE SAID RIGHT OF CARRIAGEWAY AND EASEMENT FOR
SERVICES  DURING  THE PERIOD OF CONSTRUCTION OF THE ROADWAY BY THE VENDOR OR ITS
SUB-CONTRACTORS  WITHIN  THE  AREA OF THE SAID RIGHT OF CARRIAGEWAY AND EASEMENT
FOR SERVICES AND DURING SUCH PERIOD THE PURCHASER SHALL ACCESS THE PROPERTY FROM
NORWEST  BOULEVARDE  OR FROM PARTS OF THE SAID LOT 6003 NOMINATED BY THE VENDOR.
THE  VENDOR  SHALL  CONSTRUCT AT THE VENDOR'S EXPENSE TEMPORARY ROADS WITHIN THE
PROPERTY AND ALONG THE LENGTH OF AND ADJACENT TO LOT 6003 DURING CONSTRUCTION OF
THE  PERMANENT  ROADWAY.  SUCH  TEMPORARY  ROADS SHALL BE OF SUCH STANDARD AS IS
REASONABLY  NECESSARY  TO  ACCOMMODATE  CONSTRUCTION  TRAFFIC  TO  AND  FROM THE
PURCHASER'S  CONSTRUCTION  WORKS  ON THE PROPERTY AND SHALL BE MADE AVAILABLE TO
THE  PURCHASER DURING SUCH CONSTRUCTION WORK BUT SHALL BE REQUIRED ONLY FOR SUCH
PERIODS  AS  ACCESS  TO  THE  PURCHASER'S  CONSTRUCTION WORKS ON THE PROPERTY IS
UNAVAILABLE VIA ANY PERMANENT OR OTHER ROAD CONSTRUCTED BY THE VNEDOR WITHIN LOT
6003.

34.3     FOLLOWING  CONSTRUCTION  OF  THE PROPOSED ROADWAY OVER THE SAID AREA OF
PROPOSED  ROAD THE PURCHASER MUST UPON WRITTEN REQUEST OF THE VENDOR CONSENT TO,
AND  PROCURE  THE  CONSENT  OF  ANY  MORTGAGEE  OR LESSEE OF THE PROPERTY TO THE
RELEASE OF THE SAID RIGHT OF CARRIAGEWAY AND EASEMENT FOR SERVICES 18 WIDE WHICH
RELEASE  WILL  TAKE  EFFECT UPON REGISTRATION OF THE DEDICATION OF THE SAID AREA
OF  THE  PROPOSED  ROAD  AS  A  PUBLIC  ROAD.

35.     DEFERRED  PAYMENT  OF  PRICE
35.1     NOTWITHSTANDING  ANYTHING OTHERWISE HEREIN CONTAINED THE BALANCE OF THE
PRICE SHALL NOT BE FULLY PAID ON COMPLETION BUT SHALL BE PAID IN THE AMOUNTS AND
ON  THE  DATES  SET  FORTH  IN  CONDITION  35.2.

35.2     THE  BALANCE  OF  THE  PRICE  SHALL  BE  PAID  AS  FOLLOWS:

     (A)     THE DEPOSIT SHALL BE RELEASED TO THE VENDOR ON THE COMPLETION DATE;

     (B)     A  FURTHER  AMOUNT  OF  $20,580,000.00 SHALL BE PAID ON COMPLETION.
SUCH AMOUNT SHALL BE ADJUSTED BY THE AMOUNT OF THE SITE WORKS REBATE REFERRED TO
IN  SPECIAL  CONDITION  15  AND ANY ADJUSTMENTS TO THE PRICE ARISING PURSUANT TO
SPECIAL  CONDITION  4.3;

     (C)     A  FURTHER  AMOUNT  OF $10,500,000.00 SHALL BE PAID ON THE DATE SIX
MONTHS  AFTER  COMPLETION;

     (D)     THE  BALANCE OF $10,500,000.00 PAYABLE UNDER THIS CONTRACT SHALL BE
PAID  ON  THE  DATE  12  MONTHS  AFTER  COMPLETION.;

     (E)     ADJUSTMENTS  PURSUANT TO CLAUSE 14 OF THE CONTRACT SHALL BE PAID ON
COMPLETION.

35.3     TIME  SHALL  BE  OF  THE ESSENCE IN RELATION TO THE DATE FOR PAYMENT OF
THOSE PARTS OF THE PRICE REFERRED TO IN CONDITIONS 35.2(A), 35.2(C) AND 35.2(D).

35.4     ON COMPLETION THE PURCHASER MUST DELIVER TO THE VENDOR A BANK GUARANTEE
OR  GUARANTEES  DRAWN  ON  A  BANK  LICENCED  TO OPERATE IN AUSTRALIA REASONABLY
ACCEPTABLE  TO THE VENDOR AND ON TERMS ACCEPTABLE TO THE VENDOR IN THE AMOUNT OF
$21,000,000.00  AS  SECURITY  FOR THE PAYMENTS REFERRED TO IN CONDITIONS 35.2(C)
AND  35.2(D).  IF THE PURCHASER FAILS TO MAKE EITHER OF THE PAYMENTS REFERRED TO
CONDITIONS  35.2(C)  AND  35.2(D)  ON THE RELEVANT DUE DATE FOR PAYMENT THEN THE
VENDOR,  WITHOUT  REFERENCE  TO  THE PURCHASER, MAY DRAW DOWN UPON THE SAID BANK
GUARANTEE  OR  GUARANTEES FOR THE FULL AMOUNT OF THE PART OF THE PRICE WHICH THE
PURCHASER  HAS  FAILED  TO  PAY  ON  THE  RELEVANT  DUE  DATE.

35.5     IF THE PAYMENT DUE ON THE DATE REFERRED TO IN CONDITION 35.2(C) IS PAID
BY  THE  PURCHASER  THEN THE VENDOR SHALL FACILITATE THE RELEASE OF ANY EXISTING
BANK  GUARANTEE  SUCH  THAT THERE REMAINS HELD BY THE VENDOR A BANK GUARANTEE OR
GUARANTEES  FOR  AN  AMOUNT  NOT  EXCEEDING  $10,500,000.00.

35.6     IF THE PAYMENT DUE ON THE DATE REFERRED TO IN CONDITION 35.2(D) IS PAID
BY  THE  PURCHASER THEN THE VENDOR SHALL FACILITATE THE RELEASE OF ANY REMAINING
BANK  GUARANTEE.

36.     STOCKPILED  SOILS
36.1     THE  PARTIES  ACKNOWLEDGE THAT THERE IS SITUATED ON THE PROPERTY AT THE
DATE  OF  THIS  CONTRACT  A  LARGE  STOCKPILE  OF  SOIL.

36.2     AS  SOON  AS  PRACTICABLE  THE PURCHASER SHALL (WHETHER BEFORE OR AFTER
COMPLETION)  NOTIFY THE VENDOR IN WRITING OF THE QUANTUM OF SUCH STOCKPILED SOIL
WHICH  THE  PURCHASER  REQUIRES  OR HAS USED FOR THE DEVELOPMENT PROPOSED BY THE
PURCHASER  FOR  THE  PROPERTY.

36.3     AS  SOON  AS  PRACTICABLE  AFTER  RECEIPT  OF THE NOTICE REFERRED TO IN
SPECIAL  CONDITION  36.2  THE  VENDOR AT THE VENDOR'S COST SHALL REMOVE FROM THE
PROPERTY  THE SAID STOCKPILED SOIL WHICH IS NOT REQUIRED FOR USE OR HAS NOT BEEN
USED  BY  THE  PURCHASER.  THE  PURCHASER  HEREBY  AUTHORISES THE VENDOR AND ITS
CONTRACTORS  TO  ENTER  UPON  THE  PROPERTY TO REMOVE THE SAID UNUSED STOCKPILED
SOIL.

37.     REMOVAL  OF  EASEMENT
     THE VENDOR AND THE PURCHASER SHALL EACH USE THEIR BEST ENDEAVOURS TO REMOVE
THE PROPOSED EASEMENT FOR BATTER AND SUPPORT AFFECTING THE PROPERTY AND PROPOSED
LOT  6002  AFTER  CONSTRUCTION  OF  THE PERMANENT ROAD WITHIN LOT 6003 AFTER ITS
DEDICATION  AS  A  PUBLIC  ROAD.

<PAGE>
                      SIXTH  SCHEDULE  (SPECIAL  CONDITION  12)
                              PROPOSED  AFFECTATIONS

THE  PROPOSED  AFFECTATIONS  MAY  INCLUDE:

(A)     EASEMENTS, RESTRICTIONS AND RIGHTS WITHIN THE NORWEST BUSINESS PARK FOR:

     (1)     OMITTED

     (2)     SERVICES  AND  UTILITIES  INCLUDING  BUT  NOT  LIMITED  TO:

          -     ELECTRICITY
          -     WATER
          -     SEWERAGE
          -     GAS
          -     SECURITY
          -     TELEPHONE
          -     COMMUNICATIONS
          -     DRAINAGE  ON  AN  INFRASTRUCTURE  OR  INTER-ALLOTMENT  BASIS
          -     SECURITY  AND  MONITORING
          -     PRIVATE  COMMUNICATION
          -     LANDSCAPING  -  FORMAL/INFORMAL
          -     LIGHTING
          -     VIDEO  AND  AUDIO  CABLE
          -     MICROWAVE
          -     IRRIGATION
          -     AUTHORISED  ACCESS  FOR  LANDSCAPE/MAINTENANCE
          -     FLAGPOLES
          -     SIGNAGE  AND  INFORMATION  SCHEMES  AND  STRUCTURE
          -     DISPLAY  OF  STRUCTURES/MURALS
          -     STREET  FURNITURE
          -     DRAINAGE
          -     CCS  MONITORING
          -     CCTV  MONITORING  SERVICES;

     (3)     LANDSCAPING  BUFFER  ZONES INCLUDING BUT NOT LIMITED TO AN EASEMENT
AND/OR  RESTRICTION AS TO THE USE OF A LANDSCAPE BUFFER ZONE OF APPROXIMATELY 15
METRES  INSIDE  AND  PARALLEL TO THE BOUNDARIES OF ANY LOT WHICH IS ADJOINING OR
CONTIGUOUS  WITH  THE  BOUNDARY  OF  THE  PROPOSED  OPEN  SPACE  CORRIDOR TO THE
FOLLOWING  EFFECT:

               "NO  BUILDING  OR  OTHER  STRUCTURE  SHALL  BE ERECTED WITHIN THE
LANDSCAPE  BUFFER  ZONE  15  METRES WIDE SHOWN ON THE PLAN AND NO FENCE SHALL BE
ERECTED  ALONG  ANY  SUCH  BOUNDARY.";

     (4)     OMITTED

     (5)     OMITTED

     (6)     ;OMITTED

     (7)     ;OMITTED

     (8)     MAINTENANCE  OF  LANDSCAPED  AREAS  BY  THE  ASSOCIATION;

     (9)     LAKES  AND  FORESHORE  AREAS, INCLUDING BUT NOT LIMITED TO, MATTERS
CONNECTED  WITH:

          -     WATER  STORAGE
          -     POLLUTION  ARRESTING  DEVICES
          -     STRUCTURES
          -     PUMPING  STATIONS
          -     IRRIGATION
          -     LIGHTING
          -     LANDSCAPE  -  FORMAL/INFORMAL
          -     DRAINAGE
          -     COMMUNICATION
          -     FLAGPOLE
          -     PONTOON  AND  JETTIES
          -     CONSTRUCTION  AND  MAINTENANCE  OF  ABOVE
          -     PONTOONS
          -     CHEMICAL  WORKS/ADDITIVES
          -     RIGHTS  TO  RESTRICT  FISHING
          -     RIGHT  TO  REGULATE  ALL  ACTIVITIES  ON  OR  AROUND  THE  LAKE
          -     NO  BUILDING OR DEVELOPMENT EXISTING WITHOUT THE FORMAL APPROVAL
OF  THE  ASSOCIATION;

     (10)     THE  GOLF  COURSE  AND  ASSOCIATION  MEMBERS;

     (11)     THE  ACCESS,  USE,  MAINTENANCE  AND  CONSTRUCTION  OF  PIPELINES
THROUGHOUT  THE  NORWEST  BUSINESS  PARK;

     (12)     THE  ACCESS,  USE,  MAINTENANCE AND CONSTRUCTION OF DAMS, LAKES OR
NATURAL WATERCOURSES INCLUDING BUT NOT LIMITED TO FILLING OR RECLAIMING THEREOF;

     (13)     ANY  REQUIREMENTS OR RESTRICTIONS IMPOSED BY COUNCIL ANY AUTHORITY
OR  ANY  BODY WHOSE CONSENT IS REQUIRED PRIOR TO THE REGISTRATION OF ANY PLAN OF
SUBDIVISION  OF  THE  NORWEST  BUSINESS  PARK;

     (14)     UNDERPASS  RIGHTS AND ACCESS FOR MATTERS INCLUDING BUT NOT LIMITED
TO:

          -     DRAINAGE
          -     LIGHTING
          -     COMMUNICATIONS
          -     LANDSCAPING;

     (15)     ALL  OTHER  MATTERS  DISCLOSED  OR  REFERRED  TO IN THIS CONTRACT;

(B)     OMITTED

(C)     A  RESTRICTION  THAT NO LOT WITHIN THE NORWEST BUSINESS PARK MAY BE USED
IN  SUCH  A  MANNER  AS  TO:

     (1)     PERMIT  THE  GROWTH  OF  GRASS  OR  WEEDS  TO A HEIGHT GREATER THAN
FIFTEEN  CENTIMETRES  (15CM) OR SUCH OTHER HEIGHT AS THE ASSOCIATION MAY, ACTING
REASONABLY,  FROM  TIME  TO  TIME  DETERMINE;

     (2)     MAINTAIN  OR  STORE  THERE  AN  UNTIDY,  UNSIGHTLY  OR  UNHEALTHY,
ACCUMULATIONS  OF  DEBRIS,  RUBBISH  OR  OTHER  MATERIALS;

     (3)     PERMIT  THE  ACCUMULATION  OF MATERIALS WHICH MAY CONSTITUTE A FIRE
HAZARD;

     (4)     PERMIT  THE  ACCUMULATION  OF  REFUSE  (WHICH SHALL BE TAKEN BY THE
PROPRIETOR  OR  OCCUPIER OF THE BURDENED LOT TO THE DESIGNATED COLLECTION POINTS
AT  THE  APPOINTED  DAYS  AND  TIMES  FOR  COLLECTION);

(D)     THE  SEWERAGE  SERVICE.

..

<PAGE>
                                  ANNEXURE  "J"

NOT MORE THAN THIRTY PER CENTUM (30%) OF THE GROSS FLOOR AREA OF ANY BUILDING OR
BUILDINGS  ERECTED  ON THE LOT BURDENED BY THIS RESTRICTION SHALL BE USED AND/OR
OCCUPIED OTHERWISE THAN BY RESMED LIMITED (ABN 30 003 765 142) OR A RELATED BODY
CORPORATE  OF  THAT  CORPORATION WITHIN THE MEANING OF THE CORPORATIONS ACT 2001
FOR  THE  MANUFACTURE,  STORAGE,  MARKETING  AND/OR DISTRIBUTION OF PRODUCTS AND
SERVICES  PRODUCED  BY  ANY  OF  SUCH  CORPORATIONS  AND  THE MANAGEMENT OF SUCH
CORPORATIONS  WITHOUT THE CONSENT IN WRITING OF NORWEST ASSOCIATION LIMITED (ACN
003  443 883).  THIS RESTRICTION SHALL CEASE TO BE OF ANY FORCE OR EFFECT ON AND
FROM THE DATE FIVE YEARS AFTER THE REGISTRATION OF THIS PLAN BUT IN THE MEANTIME
MAY BE RELEASED, VARIED OR MODIFIED BY THE SAID NORWEST ASSOCIATION LIMITED WITH
THE  CONSENT  IN  WRITING  OF  THE  SAID  RESMED  LIMITED.

<PAGE>

                                     BETWEEN

                     1.  NORWEST  LIMITED,  ABN  27  000  004  633
                          2.  BAULKHAM  HILLS  SHIRE  COUNCIL

                                      DEED

                                     ABBOTT
                                      TOUT
                                   SOLICITORS
                                     LEVEL  5
                               TOWER  LIFE  BUILDING
                                69  PHILLIP  STREET
                              PARRAMATTA  NSW  2150

                               DX  8285  PARRAMATTA
                              TEL:  (02)  9842  8888
                              FAX:  (02)  9842  8855
                                    REF:  JRB

<PAGE>

<TABLE>

<CAPTION>

                    CONTENTS
CLAUSE                                      PAGE  NO
----------------------------------------------------
<S>    <C>                                    <C>
1.     NORWEST'S OBLIGATIONS                  2
2.     COUNCIL'S FORBEARANCE AND OBLIGATIONS  3
3.     LAND TRANSFER                          3
4.     COSTS                                  4
       EXECUTION CLAUSE                       4
</TABLE>

<PAGE>

                             ----------------
                                   DEED
                             ----------------
THIS  DEED  DATED  19TH  DECEMBER  2001
PARTIES
1.     NORWEST  LIMITED  (ABN  27 000 004 633) OF 46 BROOKHOLLOW AVENUE, NORWEST
BUSINESS  PARK,  BAULKHAM  HILLS  ("NORWEST");  AND
2.     BAULKHAM HILLS SHIRE COUNCIL OF SHOWGROUND ROAD, CASTLE HILL ("COUNCIL").
RECITALS
A.     NORWEST  IS THE REGISTERED PROPRIETOR OF LOT 601 IN DEPOSITED PLAN 882552
WHICH  LAND  FRONTS  OLD  WINDSOR  ROAD,  BELLA  VISTA  (THE  "LAND").
B.     COUNCIL  IS  THE  REGISTERED  PROPRIETOR OF LOTS 102 AND 103 IN DEPOSITED
PLAN  817929  (THE  "FARM  PARK  LAND").
C.     THE  FARM  PARK  LAND  HAS  THE  BENEFIT  OF THE RIGHT OF CARRIAGEWAY AND
EASEMENT  FOR  SERVICES  (THE  "EASEMENTS")  CREATED  BY  DEALING  I467334  (THE
"INSTRUMENT").
D.     THE  LAND  IS  BURDENED  BY  THE  EASEMENTS.
E.     PURSUANT  TO  THE  INSTRUMENT:
     (A)     THE  PROPRIETOR  FOR  THE  TIME  BEING  OF  THE LAND IS ENTITLED TO
REQUEST  THE  MINISTER ADMINISTERING THE ENVIRONMENTAL PLANNING & ASSESSMENT ACT
1979 TO EXTINGUISH THE SAID RIGHT OF CARRIAGEWAY FROM THE TITLE TO THE LAND UPON
THE  HAPPENING  OF  THE  ACCESS  TERMINATION  DATE;  AND

     (B)     THE  SAID  MINISTER SHALL EXTINGUISH THE SAID EASEMENT FOR SERVICES
UPON  THE  SERVICE  TERMINATION  DATE.

F.     THE  SAID  "ACCESS  TERMINATION  DATE" MEANS THE DATE OF DEDICATION OF AN
ACCESS  ROAD.
G.     THE  SAID  "SERVICES  TERMINATION  DATE"  MEANS  THE  DATE  ON WHICH SUCH
APPARATUS  AS  ARE  NECESSARY TO PERMIT THE FULL, FREE AND UNINTERRUPTED PASSAGE
AND  RUNNING  OF  THE  SERVICES  REFERRED TO IN THE INSTRUMENT ARE INSTALLED IN,
UNDER  OR  THROUGH  AN  ACCESS  ROAD.
H.     UPON  THE  INSTRUMENT  "ACCESS ROAD" MEANS ANY ROAD OR ROAD SURFACE WHICH
IS  CONTIGUOUS  TO  EITHER  LOT  COMPRISING  THE  FARM  PARK  LAND.
I.     NORWEST  INTENDS TO SUBDIVIDE THE LAND (TOGETHER WITH OTHER LANDS) IN THE
MANNER  SHOWN  ON  THE  ATTACHED  PLAN  ("THE  PLAN).
J.     NORWEST  INTENDS  TO  SELL  LOT  6001  ON  THE  PLAN.
K.     NORWEST  INTENDS  TO  DEDICATE  LOT  6003  (AS SHOWN ON THE PLAN)  TO THE
COUNCIL  NOT  LATER  THAN  THE DATE OF THE OPENING FOR BUSINESS OF A DEVELOPMENT
PROPOSED  TO  BE  CONSTRUCTED  ON  LOT  6001  (AS  SHOWN  ON  THE  PLAN).

                                    -1-
<PAGE>

L.     NORWEST  INTENDS  TO  RELOCATE  SUCH  OF  THE SERVICES (AS DEFINED IN THE
INSTRUMENT) AS ARE LOCATED ON THE SAID LOT 6001 BY THE INSTALLATION, IN UNDER OR
THROUGH THE SAID LOT 6003 OF SUCH APPARATUS AS ARE NECESSARY TO PERMIT THE FULL,
FREE  AND  UNINTERRUPTED  PASSAGE  AND RUNNING OF SUCH SERVICES TO THE FARM PARK
LAND.
M.     NORWEST  HAS REQUESTED THE COUNCIL TO PERMIT THE CONSTRUCTION OF WORKS ON
THAT  PART  OF  THE  SAID LOT 6001 AFFECTED BY THE EASEMENTS NOTWITHSTANDING THE
EXPRESS  AND  IMPLIED  TERMS  OF  SUCH  EASEMENTS.
N.     THE COUNCIL HAS AGREED TO NORWEST'S SAID REQUEST SUBJECT TO THE TERMS AND
CONDITIONS  OF  THIS  DEED.
OPERATIVE  CLAUSES
THIS  DEED  WITNESSES  AS  FOLLOWS:
67.     NORWEST'S  OBLIGATIONS
1.1     SUBJECT  TO CLAUSE 3 NOT LATER THAN THE DATE OF THE OPENING FOR BUSINESS
OF  THE  FIRST  COMMERCIAL  DEVELOPMENT  CONSTRUCTED  ON  THE  LAND NORWEST MUST
DEDICATE  THE  ACCESS  ROAD  (BEING  THE  SAID  LOT  6003)  TO  COUNCIL AS ROAD.

1.2     NOT  LATER  THAN THE DEDICATION OF THE ACCESS ROAD REFERRED TO IN CLAUSE
1.1  NORWEST  MUST  RELOCATE  THE  SERVICES  REFERRED  TO  IN  RECITAL  L BY THE
INSTALLATION  OF  SUCH  APPARATUS  AS  IS  NECESSARY  TO  PERMIT  THE  FULL  AND
UNINTERRUPTED  PASSAGE  AND  RUNNING OF SUCH SERVICES FROM NORWEST BOULEVARD IN,
UNDER  OR  THROUGH  THE  SAID  ACCESS  ROAD  TO THE FARM PARK LAND. PENDING SUCH
PERMANENT  RELOCATION  NORWEST  MAY  TEMPORARILY  RELOCATE SUCH SERVICES THROUGH
OTHER  LAND  OWNED BY NORWEST.  SUCH RELOCATION (WHETHER TEMPORARY OR PERMANENT)
MUST  BE  COMPLETED  NOT  LATER  THAN  24  APRIL  2002.

1.3     NORWEST  MUST  PERFORM  THE WORKS REQUIRED TO RELOCATE THE SAID SERVICES
REFERRED  TO  IN CLAUSE 1.2 IN A PROPER AND WORKMANLIKE MANNER TO THE REASONABLE
SATISFACTION  OF  THE  COUNCIL.

1.4     NORWEST MUST PAY ALL COSTS ASSOCIATED WITH THE DEDICATION AND RELOCATION
REFERRED  TO  IN  CLAUSES  1.1  AND  1.2  RESPECTIVELY.

1.5     NOT  LATER  THAN  24  APRIL  2002  NORWEST MUST REMOVE FROM THE LAND ALL
APPARATUS,  WIRES,  CABLES  AND  POSTS  ASSOCIATED  WITH  THE  SERVICES.

1.6     NOT  LATER  THAN  REGISTRATION  OF  THE  PLAN  NORWEST  MUST:

     (A)     GRANT  TO  THE  COUNCIL  A  RIGHT  OF  CARRIAGEWAY AND EASEMENT FOR
SERVICES  OVER  LOT  6003  BENEFITING  THE  FARM  PARK  LAND;  AND

     (B)     PROVIDE  DEFACTO ACCESS WHETHER BY LICENCE OR EASEMENT FROM NORWEST
BOULEVARDE TO LOT 102 DP 817929 OVER THE EXISTING TRACK USED BY THE CARETAKER OF
THE  HERITAGE  FARM  FOR  ACCESS  TO  THE  FARM  PARK  LAND.

                                     -2-
<PAGE>

2.     COUNCIL'S  FORBEARANCE  AND  OBLIGATIONS
2.1     COUNCIL  ACKNOWLEDGES  THAT  IT  IS NOW THE "GRANTEE" REFERRED TO IN THE
INSTRUMENT  AND  IS ENTITLED TO EXERCISE AND ENJOY THE RIGHTS AND POWERS GRANTED
BY  THE  INSTRUMENT  AND/OR  IMPLIED  BY  LAW  IN  RESPECT  OF  THE  LAND.

2.2     SUBJECT  TO  NORWEST  FIRST:

     (A)     RELOCATING  THE  SERVICES  (WHETHER  PERMANENTLY OR TEMPORARILY) AS
REQUIRED  BY  CLAUSE  1.2;  AND

     (B)     PROVIDING  THE  ACCESS  REQUIRED  BY  CLAUSE  1.6

     COUNCIL  HEREBY AGREES WITH NORWEST AND ITS SUCCESSORS IN TITLE TO THE LAND
(OR  PART  THEREOF)  THAT  COUNCIL  SHALL NOT EXERCISE OR ENFORCE IN ANY WAY THE
RIGHTS  AND  POWERS  REFERRED  TO  IN  CLAUSE  2.1.

2.3     THE  COUNCIL  MUST  SIGN  ALL  DOCUMENTS  AND  DO  ALL THINGS REASONABLY
NECESSARY  AND  WITHIN  ITS  POWER  TO  ENABLE THE EASEMENTS TO BE RELEASED UPON
DEDICATION OF THE ACCESS ROAD INCLUDING, WITHOUT LIMITATION, REQUESTING THE SAID
MINISTER  TO EXTINGUISH THE EASEMENTS IF ANY ACTION BY THE MINISTER IS REQUIRED.

2.4     IF  THE COUNCIL WISHES TO TRANSFER OR OTHERWISE DISPOSE OF THE FARM PARK
LAND  (OR ANY PART THEREOF), BEFORE DOING SO IT SHALL OBTAIN FROM THE TRANSFEREE
OR  DISPONEE:

     (A)     A  DEED  CONTAINING  THE  SAME  TERMS  AS THIS DEED (INCLUDING THIS
CLAUSE) FROM THE TRANSFEREE OR DISPONEE IN FAVOUR OF NORWEST.  NORWEST AGREES TO
ENTER  INTO SUCH A DEED WITH A TRANSFEREE OR DISPONEE CONTAINING THE SAME RIGHTS
AND  OBLIGATIONS  AS  THIS  DEED;  AND

     (B)     IF A DEED WITH A NEW OWNER HAS BEEN ENTERED INTO PURSUANT TO CLAUSE
2.5,  A DEED CONTAINING THE SAME TERMS AS THAT DEED (INCLUDING THIS CLAUSE) FROM
THE  TRANSFEREE  OR  DISPONEE  IN  FAVOUR  OF  THE  NEW  OWNER.

2.5     IF  NORWEST  TRANSFERS OR OTHERWISE DISPOSES OF ITS INTEREST IN THE LAND
OR  PART  THEREOF  THEN  THE  COUNCIL  MUST ENTER INTO A DEED WITH THE NEW OWNER
WHEREBY  COUNCIL  AGREES  WITH SUCH NEW OWNER TO PERFORM ITS OBLIGATIONS AND NOT
EXERCISE  ITS  RIGHTS  REFERRED  TO  IN  CLAUSE  2  OF  THIS  DEED.

3.     LAND  TRANSFER
3.1     NORWEST  PROPOSES  TO  DEDICATE TO COUNCIL LOT 6003 SHOWN ON THE PLAN AS
THE  ACCESS  ROAD,  BUT HAS OFFERED TO DEDICATE OR TRANSFER TO THE COUNCIL THOSE
PARTS  OF  LOT  6003  COLOURED GREEN ON THE SAID PLAN FOR INCLUSION IN COUNCIL'S
ADJACENT  PROPERTY  KNOWN AS BELLA VISTA FARM PARK.  SUCH DEDICATION OR TRANSFER
SHALL  NOT  REQUIRE  THE  PAYMENT  OF  ANY  CONSIDERATION BY COUNCIL TO NORWEST.

3.2     COUNCIL  ACCEPTS  THE OFFER FOR DEDICATION OR TRANSFER OF THE SAID PARTS
OF  LOT  6003  REFERRED  TO  IN  CLAUSE  3.1.

3.3     NORWEST WILL DEDICATE AND/OR TRANSFER THE LAND REFERRED TO IN CLAUSE 3.1
WITHIN  THE  PERIOD  REFERRED  TO  IN  CLAUSE  1.1.

                                   -3-
<PAGE>

4.     COSTS
EACH  PARTY  WILL  BEAR  ITS  OWN  COSTS  IN RELATION TO THIS DEED AND THE DEEDS
CONTEMPLATED  BY  CLAUSES 2.4 AND 2.5.  NORWEST WILL PAY THE STAMP DUTY, IF ANY,
PAYABLE  ON  THIS  DEED  AND  ANY TRANSFERS OF LAND PURSUANT TO CLAUSE 3 OF THIS
DEED.

EXECUTION  CLAUSE
EXECUTED  AS  A  DEED.
<TABLE>

<CAPTION>

<S>                                                      <C>
THE COMMON SEAL OF BAULKHAM HILLS                        )
SHIRE COUNCIL WAS HEREUNTO AFFIXED ON THE                )
DAY OF  25TH DAY OCTOBER 2001 PURSUANT TO A              )
RESOLUTION MADE ON THE 25TH DAY DAY OF 2001              )

/S/ DAVID MEAD                                                /S/ JOHN GRIFFITHS
-------------------------------------------------------       ----------------------------
SIGNATURE OF GENERAL MANAGER                                  SIGNATURE OF MAYOR

DAVID MEAD                                                    JOHN GRIFFITHS
-------------------------------------------------------       ----------------------------
NAME OF GENERAL MANAGER - PLEASE PRINT                        NAME OF MAYOR - PLEASE PRINT

</TABLE>

<TABLE>

<CAPTION>

<S>                                                  <C>
THE COMMON SEAL OF NORWEST LIMITED                   )
WAS AFFIXED TO THIS DOCUMENT IN ACCORDANCE WITH ITS  )
CONSTITUTION AND IN THE PRESENCE OF:                 )

/S/ ALAN ZAMMIT
---------------------------------------------------
DIRECTOR

ALAN ZAMMIT
---------------------------------------------------
PRINT NAME
</TABLE>

                                   -4-
<PAGE>

                                     BETWEEN

                                 NORWEST  LIMITED
                                       AND
                                 RESMED  LIMITED

                    DEED  OF  OPTION  AND  RIGHT  OF  FIRST  REFUSAL

                                     ABBOTT
                                      TOUT
                                   SOLICITORS
                                     LEVEL  5
                               TOWER  LIFE  BUILDING
                                69  PHILLIP  STREET
                              PARRAMATTA  NSW  2150

                               DX  8285  PARRAMATTA
                              TEL:  (02)  9842  8888
                              FAX:  (02)  9842  8855
                                    REF:  JRB

<PAGE>

<TABLE>
<CAPTION>
                          CONTENTS
CLAUSE                                                   PAGE  NO
-----------------------------------------------------------------
<S>  <C>                                                       <C>
1.  INTERPRETATION                                             1
1.1  DEFINITIONS                                               1
1.2  INTERPRETATION                                            3
1.3  GOVERNING LAW AND JURISDICTION                            4
1.4  SEVERABILITY                                              4
2.   PROPOSED DEVELOPMENT                                      4
3.   RIGHT OF FIRST REFUSAL                                    5
3.1  NORWEST'S RIGHT OF FIRST REFUSAL                          5
3.2  FORM OF OFFER                                             5
3.3  ACCEPTANCE OF OFFER                                       5
3.4  ENTERING INTO SALE CONTRACT.                              5
3.5  PARTIES TO DO ALL THINGS NECESSARY                        5
3.6  POWER OF ATTORNEY TO EXECUTE SALE CONTRACT                6
4.   OPTION                                                    6
4.1  GRANT OF OPTION                                           6
4.2   OPTION EXERCISE PERIOD AND METHOD OF EXERCISE OF OPTION  6
4.3  DETAILS TO BE INSERTED IN OPTION AGREEMENT FOR SALE       6
4.4  DETERMINATION OF PURCHASE PRICE                           7
4.5  DELIVERY OF OPTION AGREEMENT FOR SALE                     7
4.6  POWER OF ATTORNEY TO AMEND OR INSERT                      8
4.7  PARTIES TO DO ALL THINGS NECESSARY                        8
4.8  POWER OF ATTORNEY TO EXECUTE AGREEMENT                    8
5.   SALE TO THIRD PARTY                                       8
5.1  THIRD PARTY DEED                                          8
5.2  INDEMNITY                                                 8
5.3  CAVEATABLE INTEREST                                       8
6.   STAMP DUTY                                                8
7.   TERMINATION                                               9
7.1  TERMINATION                                               9
7.2  NORWEST'S DISCRETION TO TERMINATE                         9
8.   ASSIGNMENT                                                9
9.   NOTICES                                                   9
</TABLE>

<PAGE>

DEED  OF  OPTION  AND  RIGHT  OF  FIRST  REFUSAL
------------------------------------------------
THIS  DEED  IS  MADE  ON 25TH DAY OF OCTOBER 2001 BETWEEN THE FOLLOWING PARTIES:

NORWEST  LIMITED (ACN 000 004 633) ("NORWEST") OF 46 BROOKHOLLOW AVENUE, NORWEST
BUSINESS  PARK,  BAULKHAM  HILLS,  NEW  SOUTH  WALES;

RESMED  LIMITED(ABN  30  003 765 142) OF 97 WATERLOO ROAD, NORTH RYDE, NEW SOUTH
WALES  (THE  "PURCHASER")

RECITALS
A.     NORWEST  AND  THE  PURCHASER  HAVE  AGREED  TO EXECUTE AND ENTER INTO THE
AGREEMENT  FOR  SALE PURSUANT TO WHICH THE PURCHASER IS TO PURCHASE THE PROPERTY
FROM  NORWEST.

B.     IT  IS  A  CONDITION OF THE AGREEMENT FOR SALE THAT THE PURCHASER EXECUTE
AND  ENTER  THIS  DEED.

C.     THE  PURCHASER  HAS  AGREED  TO UNDERTAKE THE PROPOSED DEVELOPMENT ON THE
PROPERTY.

THIS  DEED  WITNESSES  THAT  IN CONSIDERATION OF, AMONG OTHER THINGS, THE MUTUAL
PROMISES  CONTAINED  IN  THIS  DEED  THE  PARTIES  AGREE:

1.     INTERPRETATION
1.1    DEFINITIONS
IN  THIS  DEED  UNLESS  INCONSISTENT  WITH  THE  CONTEXT:

"AGREEMENT  FOR  SALE"  MEANS  THE  AGREEMENT  FOR  SALE  OF  THE PROPERTY DATED
2001  BETWEEN  NORWEST  AND  THE  PURCHASER;

"CONSTRUCTION  PERIOD"  MEANS THE PERIOD COMMENCING ON THE DATE OF THIS DEED AND
ENDING  ON  THE  DATE  WHEN  THE  PURCHASER  PROVIDES NORWEST WITH A COPY OF THE
OCCUPATION  CERTIFICATE;

"COUNCIL"  MEANS  THE  BAULKHAM  HILLS  SHIRE  COUNCIL;

"DEVELOPMENT  APPLICATION"  MEANS THE APPLICATION FOR THE DEVELOPMENT CONSENT TO
BE  SUBMITTED  TO  AND  APPROVED  IN  ACCORDANCE WITH SPECIAL CONDITION 9 OF THE
AGREEMENT  FOR  SALE;

"DEVELOPMENT  CONSENT"  MEANS  A  DEVELOPMENT  CONSENT  INCLUDING  A  "DEFERRED
COMMENCEMENT  CONSENT"  ISSUED  PURSUANT  TO  THE  ENVIRONMENTAL  PLANNING  AND
ASSESSMENT  ACT  1979  FOR THE PROPOSED DEVELOPMENT EITHER UNCONDITIONALLY OR ON
CONDITIONS  WHICH  ARE  ACCEPTABLE  TO  THE  PURCHASER  ACTING  REASONABLY;

"GST"  HAS  THE  SAME  MEANING  AS  USED  IN  THE  OPTION  AGREEMENT  FOR  SALE.

                                   -1-
<PAGE>

"LAND" MEANS THAT PART OF THE LAND FORMERLY COMPRISING LOT 102 IN DEPOSITED PLAN
624844  BEING THE LAND FORMERLY COMPRISING CERTIFICATE OF TITLE FOLIO IDENTIFIER
102/624844  AND  EACH AND EVERY PART OF THAT LAND AND ALL OTHER LAND IN ADDITION
WHICH  MAY  FROM  TIME  TO  TIME  BE INCORPORATED OR CONSOLIDATED AS PART OF THE
NORWEST  BUSINESS  PARK;

"NORWEST  BUSINESS  PARK"  MEANS  THE LAND SO DEFINED IN THE AGREEMENT FOR SALE.

"OCCUPATION  CERTIFICATE"  MEANS  A  CERTIFICATE OF THAT NAME ISSUED PURSUANT TO
PART  4A  OF  THE  ENVIRONMENTAL PLANNING & ASSESSMENT ACT 1979 OR, IN THE EVENT
THAT  CERTIFICATES  ISSUED  PURSUANT  TO  THAT  PART  ARE  NO LONGER ISSUED, ANY
CERTIFICATE  OR  OTHER  DOCUMENT  ISSUED  BY  A LOCAL GOVERNMENT AUTHORITY WHICH
SUBSTANTIALLY  IS  TO  THE  SAME  EFFECT.

"OPTION"  MEANS  THE  OPTION  GRANTED  PURSUANT  TO  CLAUSE  4  OF  THIS  DEED;

"OPTION  AGREEMENT  FOR SALE" MEANS THE AGREEMENT FOR SALE OF THE PROPERTY BEING
THE  2000  EDITION OF THE CONTRACT FOR SALE OF LAND ISSUED BY THE LAW SOCIETY OF
NEW  SOUTH  WALES AND THE REAL ESTATE INSTITUTE OF NEW SOUTH WALES TOGETHER WITH
THE  ADDITIONS SHOWN IN ANNEXURE "A" HERETO AND WITH FURTHER DETAILS INSERTED IN
ACCORDANCE  WITH  CLAUSE  4  OF  THIS  DEED;

"PROPERTY"MEANS  THE  LAND  SOLD  TO  THE  PURCHASER  BY NORWEST PURSUANT TO THE
AGREEMENT  FOR  SALE;

"PROPOSED  DEVELOPMENT"  MEANS THE DEVELOPMENT TO BE UNDERTAKEN BY THE PURCHASER
AS  DESCRIBED  IN  THE  DEVELOPMENT  APPLICATION;

"PRICE"  MEANS  THE  AMOUNT  SHOWN  IN  THE  TERMS  OF  THE  AGREEMENT FOR SALE;

"SALE  CONTRACT"  MEANS ANY AGREEMENT, CONTRACT, DOCUMENT OR ARRANGEMENT FOR THE
SALE  OF  LAND  OR  BY  WHICH  LAND  IS  CONVEYED  OR  TRANSFERRED;

"SUBSTANTIALLY  COMMENCE"  AND  "SUBSTANTIAL COMMENCEMENT" MEANS, IN RELATION TO
ANY  PROPOSED  DEVELOPMENT,  THE  CARRYING  OUT  OF  WORKS IN RELATION TO AND IN
ACCORDANCE  WITH  THE  RELEVANT  DEVELOPMENT  CONSENT  AND ANY BUILDING APPROVAL
OBTAINED IN RESPECT THEREOF, WHICH WORKS HAVE BEEN PROGRESSED AND CARRIED OUT TO
A  STAGE  OR  LEVEL,  WHICH,  IN THE SOLE OPINION OF NORWEST, ACTING REASONABLY,
CONSTITUTE  WORKS:

(A)     OF  REAL  AND NOT INSIGNIFICANT VALUE RELATIVE TO THE TOTAL VALUE OF THE
PROPOSED  DEVELOPMENT,  AND  NOT  JUST  A  SHAM;  AND

(B)     WHICH  HAVE  INVOLVED  A  SIGNIFICANT  COMMITMENT  AND  UTILISATION  OF
RESOURCES  IN  CARRYING  OUT  THE  WORKS;  AND

(C)     WHICH  ARE  CONSISTENT  WITH  A  COMMITMENT  TO  COMPLETE  THE  PROPOSED
DEVELOPMENT;  AND

(D)     WHICH,  AT  LEAST,  INCLUDE BUT ARE NOT RESTRICTED TO, THE COMPLETION OF
ALL  EXCAVATION  AND  SITE  WORKS  AND  THE  CONSTRUCTION  OF  ALL  FOOTINGS AND
FOUNDATIONS;  AND

(D)     WHICH  ARE  IN ADDITION TO ANY LANDSCAPING AND CARPARKING CONSTRUCTED ON
THE  PROPERTY.

"TERMS"  MEANS  THE  TERMS  OF  THE  OPTION  AGREEMENT  FOR  SALE;

                                   -2-
<PAGE>

"THIRD  PARTY"  MEANS  ANY  PERSON  OTHER  THAN  THE  VENDOR  OR  THE PURCHASER;

"THIRD  PARTY  OFFER"  MEANS  ANY  BONA FIDE OFFER MADE BY A THIRD PARTY OR TO A
THIRD  PARTY  WHERE  THAT  THIRD  PARTY:

(A)     OFFERS  TO OR IS OFFERED THE PURCHASE OF THE PROPERTY OR ANY PART OF THE
PROPERTY;  OR

(B)     OFFERS TO LEASE THE PROPERTY OR ANY PART OF THE PROPERTY OR IS OFFERED A
LEASE  OF  THE PROPERTY OR ANY PART OF THE PROPERTY WHERE THE TERM OF SUCH LEASE
EQUALS  OR  EXCEEDS  TWENTY-FIVE  (25)  YEARS;  OR

(C)     OFFERS TO OR IS OFFERED TO BECOME THE REGISTERED PROPRIETOR OR TO ASSUME
OWNERSHIP  OF  THE  PROPERTY.

1.2     INTERPRETATION
IN  THIS  DEED,  UNLESS  INCONSISTENT  WITH  THE  CONTEXT:

(A)     HEADINGS  AND UNDERLININGS ARE FOR CONVENIENCE ONLY AND DO NO AFFECT THE
INTERPRETATION  OF  THIS  DEED;

(B)     WORDS  IMPORTING  THE  SINGULAR  INCLUDE  THE  PLURAL  AND  VICE  VERSA;

(C)     WORDS  IMPORTING  A  GENDER  INCLUDE  ANY  GENDER.

(D)     AN  EXPRESSION  IMPORTING  A  NATURAL  PERSON  INCLUDES  ANY  COMPANY,
PARTNERSHIP, JOINT VENTURE, ASSOCIATION, CORPORATION OR OTHER BODY CORPORATE AND
ANY  GOVERNMENTAL  AGENCY;

(E)     A  REFERENCE  TO  ANY  THING  INCLUDES  A  PART  OF  THAT  THING;

(F)     OTHER  PARTS OF SPEECH AND GRAMMATICAL FORMS OF A WORD OR PHRASE DEFINED
IN  THIS  DEED  HAVE  A  CORRESPONDING  MEANING;

(G)     A  REFERENCE  TO  A  PART,  PARTY,  ANNEXURE,  EXHIBIT  OR SCHEDULE IS A
REFERENCE  TO  A  PART  OF, AND A PARTY, ANNEXURE, EXHIBIT AND SCHEDULE TO, THIS
DEED;

(H)     A  REFERENCE TO A STATUTE, REGULATION, PROCLAMATION, ORDINANCE OR BY-LAW
INCLUDES  ALL  STATUTES,  REGULATIONS,  PROCLAMATIONS,  ORDINANCES  OR  BY-LAWS
VARYING,  CONSOLIDATING  OR  REPLACING IT, AND A REFERENCE TO A STATUTE INCLUDES
ALL  REGULATIONS,  PROCLAMATIONS,  ORDINANCES  AND  BY-LAWS  ISSUED  UNDER  THAT
STATUTE;

(I)     A  REFERENCE TO A DOCUMENT INCLUDES ALL AMENDMENTS OR SUPPLEMENTS TO, OR
REPLACEMENTS  OR  NOVATIONS  OF,  THAT  DOCUMENT;

(J)     A  REFERENCE  TO  A PARTY TO A DOCUMENT INCLUDES THAT PARTY'S SUCCESSORS
AND  PERMITTED  ASSIGNS;

(K)     WHERE  THE  DAY ON OR BY WHICH ANY THING IS TO BE DONE IS NOT A BUSINESS
DAY,  THAT  THING  MUST  BE  DONE  ON  OR  BY  THE NEXT SUCCEEDING BUSINESS DAY;

                                   -3-
<PAGE>

(L)     NO  RULE  OF CONSTRUCTION APPLIES TO THE DISADVANTAGE OF A PARTY BECAUSE
THAT  PARTY  WAS RESPONSIBLE FOR THE PREPARATION OF THIS DEED OR ANY PART OF IT;

(M)     A  COVENANT  OR  AGREEMENT ON THE PART OF TWO OR MORE PERSONS BINDS THEM
JOINTLY  AND  SEVERALLY;

(N)     A  REFERENCE  TO  ANY DEED OTHER THAN THIS DEED INCLUDES AN UNDERTAKING,
DEED,  AGREEMENT  OR LEGALLY ENFORCEABLE ARRANGEMENT OR UNDERSTANDING WHETHER OR
NOT  IN  WRITING;

(O)     A  REFERENCE TO AN ASSET INCLUDES ALL PROPERTY OF ANY NATURE, INCLUDING,
BUT  NOT  LIMITED  TO,  A  BUSINESS,  AND  ALL  RIGHTS,  REVENUES  AND BENEFITS;

(P)     A  REFERENCE  TO  A  DOCUMENT  INCLUDES ANY AGREEMENT IN WRITING, OR ANY
CERTIFICATE,  NOTICE,  INSTRUMENT  OR  OTHER  DOCUMENT  OF  ANY  KIND;

(Q)     A  REFERENCE  TO  "DOLLARS",  "A$"  OR  "$" IS A REFERENCE TO THE LAWFUL
CURRENCY  OF  THE  COMMONWEALTH  OF  AUSTRALIA;

(R)     A  REFERENCE  TO  A  BODY,  OTHER  THAN A PARTY OF THIS DEED (INCLUDING,
WITHOUT  LIMITATION,  AN INSTITUTE, ASSOCIATION OR AUTHORITY), WHETHER OR NOT IT
IS  A  STATUTORY  BODY;

     (1)     WHICH  CEASES  TO  EXIST;  OR

     (2)     WHOSE  POWERS  OR  FUNCTIONS  ARE  TRANSFERRED  TO  ANY OTHER BODY.

     IS  A  REFERENCE  TO  THE  BODY  WHICH  REPLACES  IT OR WHICH SUBSTANTIALLY
SUCCEEDS  TO  ITS  POWERS  OR  FUNCTIONS.

1.3     GOVERNING  LAW  AND  JURISDICTION
(A)     THIS  DEED  IS  GOVERNED  BY  THE  LAWS OF THE STATE OF NEW SOUTH WALES.

(B)     THE  PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE COURTS OF NEW
SOUTH  WALES.

1.4     SEVERABILITY
UNENFORCEABILITY  OF A PROVISION OF THIS DEED DOES NOT AFFECT THE ENFORCEABILITY
OF  ANY  OTHER  PROVISION.

2.     PROPOSED  DEVELOPMENT
THE  PURCHASER  COVENANTS  AND  AGREES  THAT  IT  WILL:

(A)     SUBSTANTIALLY  COMMENCE  THE  PROPOSED DEVELOPMENT WITHIN 2 YEARS OF THE
DATE  ON  WHICH  THE  PURCHASER  OBTAINS  THE  DEVELOPMENT  CONSENT;  AND

(B)     CAUSE  TO  BE CARRIED OUT AND COMPLETED THE CONSTRUCTION OF THE PROPOSED
DEVELOPMENT  WITHIN  A  REASONABLE  TIME  AFTER  SUCH  SUBSTANTIAL COMMENCEMENT;

                                   -4-
<PAGE>

(C)     PROCURE  THE  ISSUE  OF  A OCCUPATION CERTIFICATE UPON THE COMPLETION OF
CONSTRUCTION  CONTEMPLATED  IN  PARAGRAPH  (B)  OF  THIS  CLAUSE  2.0.

3.     RIGHT  OF  FIRST  REFUSAL
73.1     3.1     NORWEST'S  RIGHT  OF  FIRST  REFUSAL
ON  EACH  OCCASION  DURING THE CONSTRUCTION PERIOD WHEN THE PURCHASER RECEIVES A
THIRD  PARTY  OFFER  THE PURCHASER MUST, PRIOR TO EXECUTING OR ENTERING ANY SALE
CONTRACT  IN RESPECT OF SUCH OFFER, OFFER TO SELL THE PROPERTY TO NORWEST OR ITS
NOMINEE ON THE SAME TERMS AND CONDITIONS, MUTATIS MUTANDIS, WITH THOSE CONTAINED
IN  THE  THIRD  PARTY  OFFER  EXCEPT  THAT:

(A)     NORWEST  WILL  NOT BE OBLIGED TO PAY ANY AMOUNT BY WAY OF DEPOSIT TO THE
PURCHASER;

(B)     SETTLEMENT  OF  THE PURCHASE BY NORWEST WILL OCCUR ON THE DATE BEING TEN
(10)  WEEKS  (OR SUCH OTHER PERIOD AS THE PARTIES MAY AGREE IN WRITING) FROM THE
DATE  THE  SALE  CONTRACT  BETWEEN  NORWEST  OR  ITS NOMINEE AND THE PURCHASE IS
ENTERED  INTO  PURSUANT  TO  CLAUSE  3.4.

3.2     FORM  OF  OFFER
ANY  OFFER  MADE  BY  THE  PURCHASER  AND  REFERRED  TO  IN  CLAUSE  3.1  MUST:

(A)     BE  IN  WRITING  AND ADDRESSED TO NORWEST AS PROVIDED FOR IN CLAUSE 9 OF
THIS  DEED;

(B)     BE  DELIVERED  TO  NORWEST  WITHIN TEN (10) BUSINESS DAYS OF THE DATE OF
RECEIPT  OF  THE  THIRD  PARTY  OFFER  BY  THE  PURCHASER;

(C)     ATTACH  A  COPY  OF  THE  THIRD  PARTY  OFFER;

3.3     ACCEPTANCE  OF  OFFER
NORWEST  MUST ACCEPT OR DECLINE THE OFFER MADE BY THE PURCHASER UNDER CLAUSE 3.1
WITHIN  TEN (10) BUSINESS DAYS OF THE RECEIPT OF THE OFFER.  IF NORWEST FAILS TO
SO ACCEPT OR SO DECLINE THE OFFER, IT WILL BE DEEMED TO HAVE DECLINED THE OFFER.
IF  NORWEST  DECLINES OR IS DEEMED TO HAVE DECLINED THE OFFER, THE PURCHASER CAN
ENTER  INTO A SALE CONTRACT WITH A THIRD PARTY ON TERMS WHICH ARE NOT MATERIALLY
MORE  FAVOURABLE  THAN  THOSE  OFFERED  TO  NORWEST.

3.4     ENTERING  INTO  SALE  CONTRACT
IF  NORWEST ACCEPTS THE OFFER MADE BY THE PURCHASER THE PARTIES MUST EXECUTE AND
ENTER INTO A SALE CONTRACT BY EXCHANGE OF SIGNED DOCUMENTS AND DULY COMPLETE THE
SALE  IN  ACCORDANCE WITH THE PROVISIONS OF THAT SALE CONTRACT.  NORWEST AND THE
PURCHASER  MUST  EXCHANGE THE SALE CONTRACT WITHIN TEN (10) BUSINESS DAYS OF THE
DATE  OF  SUBMISSION  OF  A  SALE  CONTRACT  BY  NORWEST  TO  THE  PURCHASER.

3.5     PARTIES  TO  DO  ALL  THINGS  NECESSARY
NORWEST  AND  THE  PURCHASER MUST PERFORM ALL ACTS, DO ALL THINGS, ATTEND TO ALL
MATTERS AND EXECUTE ALL DOCUMENTS AS MAY BE NECESSARY OR REQUIRED TO GIVE EFFECT
TO  THIS  DEED  AND  TO  COMPLETE  THE  SALE CONTRACT REFERRED TO IN CLAUSE 3.4.

                                   -5-
<PAGE>

3.6     POWER  OF  ATTORNEY  TO  EXECUTE  SALE  CONTRACT
IF THE PURCHASER FAILS TO EXECUTE AND ENTER INTO THE SALE CONTRACT IN ACCORDANCE
WITH  CLAUSE  3.4  THEN  THE  PURCHASER  HEREBY  APPOINTS  NORWEST AS ITS LAWFUL
ATTORNEY AND AGENT TO EXECUTE THE SALE CONTRACT AND ANY DOCUMENTS ARISING OUT OF
OR  INCIDENTAL  THERETO  IN  THE  NAME  OF  THE PURCHASER.  THE PURCHASER HEREBY
AUTHORISES NORWEST TO REGISTER WITH THE REGISTRAR GENERAL OF NEW SOUTH WALES THE
POWER  OF  ATTORNEY  CONFERRED  BY  THIS  CLAUSE.

4.     OPTION
4.1     GRANT  OF  OPTION
IN  CONSIDERATION  OF THE MUTUAL PROMISES CONTAINED IN THIS DEED AND THE PAYMENT
OF  THE AMOUNT OF ONE DOLLAR ($1.00) BY NORWEST TO THE PURCHASER (THE RECEIPT OF
WHICH  IS  HEREBY  ACKNOWLEDGED)  THE  PURCHASER HEREBY GRANTS TO NORWEST OR ITS
NOMINEE AN IRREVOCABLE RIGHT FOR NORWEST OR ITS NOMINEE TO PURCHASE THE PROPERTY
UPON  SUCH  TERMS  AND  SUBJECT TO SUCH CONDITIONS AS ARE PROVIDED IN THE OPTION
AGREEMENT  FOR  SALE.

4.2      OPTION  EXERCISE  PERIOD  AND  METHOD  OF  EXERCISE  OF  OPTION
(A)     NORWEST MAY EXERCISE AND MAY ONLY EXERCISE THE OPTION AT ANY TIME DURING
THE PERIOD COMMENCING ON THE DATE BEING TWO (2) YEARS FROM THE DATE ON WHICH THE
PURCHASER OBTAINS DEVELOPMENT CONSENT FOR THE PROPOSED DEVELOPMENT AND ENDING ON
THE DATE ON WHEN THE PURCHASER SUBSTANTIALLY COMMENCES THE PROPOSED DEVELOPMENT.

(B)     AT ANY TIME DURING THAT PERIOD, NORWEST MAY DELIVER TO THE PURCHASER, IN
THE  MANNER  PROVIDED  IN  THIS  DEED,  A  NOTICE  EXERCISING  THE  OPTION.

4.3     DETAILS  TO  BE  INSERTED  IN  OPTION  AGREEMENT  FOR  SALE
(A)     THE  AMOUNT  OF  THE  PURCHASE  PRICE TO BE INSERTED IN THE TERMS OF THE
OPTION  AGREEMENT  FOR  SALE  WILL  BE  THE  AMOUNT SO AGREED PURSUANT TO CLAUSE
4.4(A)  BUT IF THE PARTIES FAIL TO SO AGREE THEN THE AMOUNT OF THE SAID PURCHASE
PRICE  WILL  BE  THE  LESSER OF THE AMOUNT DETERMINED PURSUANT TO CLAUSES 4.4(C)
(PLUS  GST)  OR (D) (PLUS GST) AND 90% OF THE PRICE PROVIDED HOWEVER THAT IF THE
DEVELOPMENT  CONSENT IS NOT OBTAINED WITHIN NINE MONTHS OF THE DATE OF LODGEMENT
OF  THE  DEVELOPMENT  APPLICATION  THEN  THE  SAID  90%  SHALL  BECOME  100%.

(B)     THE  PURCHASER HEREBY IRREVOCABLY AUTHORISES AND APPOINTS NORWEST AS ITS
ATTORNEY  FOR THE PURPOSES OF THE INSERTION OF THE AMOUNT DETERMINED PURSUANT TO
THIS  CLAUSE  4.3  AS  THE  PRICE  IN  THE  OPTION  AGREEMENT  FOR  SALE.

4.4     DETERMINATION  OF  PURCHASE  PRICE
(A)     THE  PARTIES MUST ENDEAVOUR TO AGREE ON THE AMOUNT TO BE INSERTED IN THE
TERMS  OF  THE  OPTION AGREEMENT FOR SALE WITHIN THE PERIOD OF TEN (10) BUSINESS
DAYS  FROM  THE  DATE  OF  DELIVERY  OF  THE  NOTICE  REFERRED TO IN CLAUSE 4.2.

(B)     IF  THE  PARTIES FAIL TO AGREE ON THE AMOUNT TO BE INSERTED IN THE TERMS
OF  THE  OPTION  AGREEMENT  FOR  SALE  WITHIN  THAT PERIOD THEN EITHER PARTY MAY
INSTRUCT  THE  PRESIDENT FOR THE TIME BEING OF THE AUSTRALIAN PROPERTY INSTITUTE
TO NOMINATE A VALUER WHO IS A MEMBER OF THAT ORGANISATION AND WHO IS EXPERIENCED
IN  THE  ASSESSMENT  OF  PROPERTY VALUES FOR A PROPERTY OF A TYPE SIMILAR TO THE
PROPERTY.

                                   -6-
<PAGE>

(C)     THE  VALUER  MUST,  WITHIN  TWENTY (20) BUSINESS DAYS OF THE DATE OF HIS
APPOINTMENT,  DETERMINE  THE  MARKET  VALUE  OF  THE  PROPERTY  (EXCLUDING  GST)
INCLUDING  ANY IMPROVEMENTS AND MUST INFORM THE PARTIES IN WRITING OF THE VALUE.
A  VALUATION  PROVIDED  BY  THE  VALUER  UNDER  THIS  CLAUSE MUST BE A "SPEAKING
VALUATION"  (THAT  IS,  THE  VALUER  MUST  GIVE  DETAILED REASONS FOR HIS OR HER
DETERMINATION AND MUST SPECIFY THE MATTERS TO WHICH HE OR SHE HAD REGARD FOR THE
PURPOSES  OF  MAKING  HIS  OR  HER  DETERMINATION).

(D)     IF  THE  VALUER  APPOINTED  UNDER PARAGRAPH (B) DOES NOT COMPLY WITH THE
CONDITIONS  IN  PARAGRAPH  (C)  THEN  EITHER  PARTY  MAY  AT  ANY TIME AGAIN (AS
APPROPRIATE)  REQUEST  A  FURTHER APPOINTMENT IN ACCORDANCE WITH AND PURSUANT TO
THIS  CLAUSE  UNTIL  THE  MARKET  VALUE  (EXCLUDING  GST)  HAS  BEEN DETERMINED.

(E)     THE  PARTIES  SHALL  SHARE  THE  COSTS OF THE VALUER REFERRED TO IN THIS
CLAUSE  EQUALLY.

4.5     DELIVERY  OF  OPTION  AGREEMENT  FOR  SALE
(A)     UPON  THE  DETERMINATION OF THE PURCHASE PRICE IN ACCORDANCE WITH CLAUSE
4.3,  THE  PURCHASER  MUST  IMMEDIATELY  DELIVER  TO NORWEST OR ITS SOLICITORS A
COUNTERPART COPY OF THE OPTION AGREEMENT FOR SALE DULY EXECUTED BY THE PURCHASER
AS  VENDOR.

(B)     UPON  RECEIPT  OF  THAT  OPTION  AGREEMENT FOR SALE, A VALID AND BINDING
AGREEMENT  FOR SALE ON THE TERMS AND CONDITIONS OF THE OPTION AGREEMENT FOR SALE
AND DATED THE DATE OF DELIVERY OF THE COUNTERPART UNDER CLAUSE 4.5(A) OR 4.8 (AS
THE CASE MAY BE) WILL BE DEEMED TO EXIST NOTWITHSTANDING THAT NO FORMAL EXCHANGE
OF  CONTRACTS  HAS  OCCURRED.

4.6     POWER  OF  ATTORNEY  TO  AMEND  OR  INSERT
EACH  PARTY HEREBY IRREVOCABLY AUTHORISES AND APPOINTS THE OTHER AS ITS ATTORNEY
FOR  THE PURPOSES OF AMENDING, CORRECTING, UPDATING OR INSERTING ANY INFORMATION
REQUIRED  FOR  OR  INCIDENTAL  TO  THE  FINALISATION  OF  THE FORM OF THE OPTION
AGREEMENT  FOR  SALE,  INCLUDING  BUT  NOT  LIMITED  TO:

(A)     THE  AMENDMENT  OR  INSERTION  OF  ANY  DETAILS  FOR  EITHER  PARTY;

(B)     THE  AMENDMENT  OR  INSERTION OF ANY DETAILS OF THE PARTIES' SOLICITORS;

(C)     THE  AMENDMENT  OR  INSERTION  OF  ANY DETAILS OF THE PROPERTY INCLUDING
IMPROVEMENTS  AND  INCLUSIONS;  AND

(D)     THE  INSERTION  OF  ANY  UP  TO  DATE DOCUMENTS FOR VENDOR DISCLOSURE AS
REQUIRED UNDER THE CONVEYANCING (SALE OF LAND) REGULATION 1995 OR ANY REGULATION
IN  SUBSTITUTION  THEREFORE.

                                   -7-
<PAGE>

4.7     PARTIES  TO  DO  ALL  THINGS  NECESSARY
NORWEST  AND  THE  PURCHASER MUST PERFORM ALL ACTS, DO ALL THINGS, ATTEND TO ALL
MATTERS AND EXECUTE ALL DOCUMENTS AS MAY BE NECESSARY OR REQUIRED TO GIVE EFFECT
TO  THIS DEED AND TO COMPLETE THE OPTION AGREEMENT FOR SALE IF NORWEST EXERCISES
THE  OPTION.

4.8     POWER  OF  ATTORNEY  TO  EXECUTE  AGREEMENT
IF THE PURCHASER FAILS TO EXECUTE AND DELIVER THE COUNTERPART COPY OF THE OPTION
AGREEMENT  FOR  SALE  IN  ACCORDANCE  WITH  CLAUSE 4.5 THEN THE PURCHASER HEREBY
APPOINTS  NORWEST  AS  ITS  LAWFUL ATTORNEY AND AGENT TO EXECUTE AND DELIVER THE
OPTION  AGREEMENT FOR SALE.  THE PURCHASER HEREBY AUTHORISES NORWEST TO REGISTER
WITH  THE  REGISTRAR  GENERAL OF NEW SOUTH WALES A COPY OF THE POWER OF ATTORNEY
CONFERRED  BY  THIS  DEED.

5.     SALE  TO  THIRD  PARTY
5.1     THIRD  PARTY  DEED
NOTWITHSTANDING  ANY  OTHER PROVISION OF THIS DEED, THE PURCHASER MUST NOT SELL,
TRANSFER  OR  ASSIGN  ITS  INTEREST OR ANY PART IN THE PROPERTY TO A THIRD PARTY
UNLESS  AND  UNTIL:

(A)     THE  PURCHASER PROCURES FROM THE THIRD PARTY A DEED IN THE SAME TERMS AS
THIS  DEED, MUTATIS MUTANDIS, DULY EXECUTED BY THAT THIRD PARTY AND DELIVERED TO
NORWEST;  AND

(B)     THE  RELEVANT  DEED,  AGREEMENT OR INSTRUMENT WHICH DEALS OR EFFECTS THE
SALE,  TRANSFER  OR  ASSIGNMENT CONTAINS AS A FUNDAMENTAL CONDITION PRECEDENT TO
ITS  COMPLETION, A CONDITION THAT THE RELEVANT PURCHASER, TRANSFEREE OR ASSIGNEE
BECOMES  REGISTERED  AS  A  MEMBER  OF  THE  NORWEST  ASSOCIATION.

5.2     INDEMNITY
THE  PURCHASER  DOES  HEREBY INDEMNIFY AND WILL KEEP INDEMNIFIED NORWEST AGAINST
ALL  CLAIMS,  DEMANDS, SUITS, PROCEEDINGS, LOSSES, COSTS, EXPENSES, PENALTIES OR
DAMAGES  WHICH ARE BROUGHT OR CLAIMED AGAINST OR SUFFERED BY NORWEST AS A RESULT
OF  OR  ARISING OUT OF OR INCIDENTAL TO A BREACH BY THE PURCHASER OF CLAUSE 5.1.

5.3     CAVEATABLE  INTEREST
THE PURCHASER ACKNOWLEDGES THAT THE RIGHT OF FIRST REFUSAL GRANTED IN CLAUSE 3.1
AND  THE  OPTION  GRANTED  IN  CLAUSE  4.1  EACH CREATE FOR NORWEST A CAVEATABLE
INTEREST  IN  THE  PROPERTY  AND  THE  PURCHASER  HEREBY IRREVOCABLY CONSENTS TO
NORWEST  LODGING  A  CAVEAT  UPON  THE TITLE OF THE PROPERTY TO PROTECT ITS SAID
INTERESTS.  AS  CAVEATOR  NORWEST  SHALL  NOT DELAY OR UNREASONABLY WITHHOLD ITS
CONSENT  TO ANY DEALING WHICH THE PURCHASER REASONABLY WISHES TO HAVE REGISTERED
ON  THE  TITLE.

6.     STAMP  DUTY
(A)     NORWEST  AGREES  TO  PAY ALL STAMP DUTY PAYABLE ON OR IN CONNECTION WITH
THE  OPTION  AGREEMENT  FOR  SALE.

                                   -8-
<PAGE>

(B)     NORWEST  AGREES  TO  PAY ALL STAMP DUTY PAYABLE ON OR IN CONNECTION WITH
THE  SALE  CONTRACT  REFERRED  TO  IN  CLAUSE  3.4

(C)     THE  PURCHASER  AGREES TO PAY ALL STAMP DUTY PAYABLE ON OR IN CONNECTION
WITH  THIS  DEED.

7.     TERMINATION
77.1     7.1     TERMINATION
THIS  DEED  WILL  CONTINUE  IN  FULL  FORCE  AND  EFFECT  UNTIL THE EARLIEST OF:

(A)     THE  DATE  NORWEST  NOTIFIES THE PURCHASER THAT NORWEST IS NO LONGER THE
REGISTERED  PROPRIETOR  OF  ANY  LOT  WITHIN  THE  NORWEST  BUSINESS  PARK;

(B)     THE  DATE  OF  THE  END  OF  THE  CONSTRUCTION  PERIOD.

7.2     NORWEST'S  DISCRETION  TO  TERMINATE
NORWEST  MAY  TERMINATE  THIS DEED AT ANY TIME AND AT ITS ABSOLUTE DISCRETION BY
NOTICE  IN  WRITING  TO  THE  PURCHASER.

78.     8.     ASSIGNMENT
NORWEST SHALL HAVE THE RIGHT TO ASSIGN THE RIGHT OF FIRST REFUSAL REFERRED TO IN
CLAUSE  3  AND/OR  THE  OPTION  REFERRED  TO  IN  CLAUSE  4  TO  ANY  PERSON.

9.     NOTICES
(A)     ANY  NOTICE  OR  OTHER  COMMUNICATION INCLUDING, BUT NOT LIMITED TO, ANY
REQUEST,  DEMAND,  CONSENT  OR  APPROVAL,  TO  OR  BY  A  PARTY  TO  THIS  DEED;

     (1)     MUST  BE  IN  WRITING  ADDRESSED  AS  SHOWN  BELOW:

          (A)     IF  TO  NORWEST

               ADDRESS:  PO  BOX  6887
               BAULKHAM  HILLS  BUSINESS  CENTRE  NSW  2153

               ATTENTION:  MANAGING  DIRECTOR
               FACSIMILE:  9894  4988;  AND

          (B)     IF  TO  THE  PURCHASER:

               ADDRESS:  97  WATERLOO  ROAD,  NORTH  RYDE,  NSW  2113
               ATTENTION:     CHIEF  FINANCIAL  OFFICER
               FACSIMILE:     9878  0120

          OR  AS  SPECIFIED  TO  THE  SENDER  BY  ANY  PARTY  BY  NOTICE;

     (2)     MUST  BE  SIGNED  BY  AN  OFFICER  OR  UNDER THE COMMON SEAL OF THE
SENDER;

                                   -9-
<PAGE>

     (3)     IS  REGARDED  AS  BEING  GIVEN  BY  THE  SENDER AND RECEIVED BY THE
ADDRESSEE:

          (A)     IF  BY  DELIVERY  IN  PERSON, WHEN DELIVERED TO THE ADDRESSEE;

          (B)     IF  BY  POST,  3  BUSINESS DAYS FROM AND INCLUDING THE DATE OF
POSTAGE;  OR

          (C)     IF  BY  LEGIBLE  FACSIMILE TRANSMISSIONWHEN TRANSMITTED TO THE
ADDRESSEE,

          BUT IF THE DELIVERY OR RECEIPT IS ON A DAY WHICH IS NOT A BUSINESS DAY
OR IS AFTER 4.00 P.M. (ADDRESSEE'S TIME) IT IS REGARDED AS RECEIVED AT 9.00 A.M.
ON  THE  FOLLOWING  BUSINESS  DAY;  AND

     (4)     CAN BE RELIED UPON BY THE ADDRESSEE AND THE ADDRESSEE IS NOT LIABLE
TO  ANY  OTHER  PERSON  FOR  ANY  CONSEQUENCES OF THAT RELIANCE IF THE ADDRESSEE
BELIEVES  IT  TO  BE  GENUINE,  CORRECT  AND  AUTHORISED  BY  THE  SENDER.

(B)     A  FACSIMILE  TRANSMISSION  IS  REGARDED AS LEGIBLE UNLESS THE ADDRESSEE
TELEPHONES  THE SENDER WITHIN 2 HOURS AFTER TRANSMISSION IS RECEIVED OR REGARDED
AS  RECEIVED UNDER CLAUSE 9(A)(3) AND INFORMS THE SENDER THAT IT IS NOT LEGIBLE.

(C)     IN THIS CLAUSE 9, A REFERENCE TO AN ADDRESSEE INCLUDES A REFERENCE TO AN
ADDRESSEE'S  OFFICERS,  AGENTS  OR  EMPLOYEES.

EXECUTED  BY  THE  PARTIES  AS  A  DEED:

                                   -10-
<PAGE>

<TABLE>

<CAPTION>

<S>                                                       <C>
THE COMMON SEAL OF NORWEST                                )
LIMITED WAS AFFIXED TO THIS DOCUMENT IN                   )
ACCORDANCE WITH ITS CONSTITUTION AND IN THE               )
PRESENCE OF:                                              )

/S/ ALAN ZAMMIT
--------------------------------------------------------
MANAGING DIRECTOR

ALAN ZAMMIT
--------------------------------------------------------
NAME - PLEASE PRINT

THE COMMON SEAL OF RESMED                                 )
LIMITED WAS AFFIXED TO THIS DOCUMENT IN                   )
ACCORDANCE WITH ITS CONSTITUTION AND IN THE PRESENCE OF   )

/S/ CHRIS ROBERTS
--------------------------------------------------------
DIRECTOR

CHRIS ROBERTS
--------------------------------------------------------
NAME (PLEASE PRINT)
</TABLE><PAGE>
                                                                     EXHIBIT 4.1

                           CERTIFICATE OF DESIGNATION,
                             PREFERENCES AND RIGHTS
                                       OF
                            SERIES B PREFERRED STOCK
                                       OF
                               ASSURE ENERGY, INC.

         Assure Energy, Inc., a corporation organized and existing under the
laws of the State of Delaware (the "Company"), hereby certifies that the
following resolutions were adopted by the Board of Directors of the Company
pursuant to the authority of the Board of Directors as required by Section 151
of the Delaware General Corporation Law (the "DGCL").

         RESOLVED, that pursuant to the authority granted to and vested in the
Board of Directors of this Company (the "Board of Directors" or the "Board") in
accordance with the provisions of its Certificate of Incorporation and Bylaws,
each as amended through the date hereof, the Board of Directors hereby
authorizes a series of the Company's previously authorized Preferred Stock, par
value $.0001 per share (the "Preferred Stock"), and hereby states the
designation and number of shares, and fixes the relative rights, preferences,
privileges, powers and restrictions thereof as follows:

                            II. CERTAIN DEFINITIONS

         For purposes of this Certificate of Designation, capitalized terms are
defined in this Certificate of Designation or shall have the following meanings:

         "Common Stock" means the common stock of the Company, $.001 par value
per share.

         "Issuance Date" means the date of execution of the Convertible
Preferred Stock Purchase Agreement with respect to the issuance of the Series B
Preferred Stock.

         "Per Share Market Value" means on any particular date the closing bid
price per share of the Common Stock on such date on The Over-The-Counter
Bulletin Board, the OTC Bulletin Board(R) ("OTCBB") or other stock exchange on
which the Common Stock has been listed or if there is no such price on such
date, then the last bid price on such exchange on the date nearest preceding
such date.

         "Person" means an individual or a corporation, partnership, trust,
incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or political subdivision
thereof) or other entity of any kind.

         "Purchase Agreement" is the Convertible Preferred Stock Purchase
Agreement by and among the Company and the Purchasers set forth in Schedule 1
thereto (the "Purchasers").

         "Trading Day" means (a) a day on which the Common Stock is quoted on
the OTCBB or principal stock exchange on which the Common Stock has been listed,
or (b) if the Common
<PAGE>
Stock is not quoted on the OTCBB or any stock exchange, a day on which the
Common Stock is quoted in the over-the-counter market, as reported by the
National Association of Securities Dealers, Inc. ("NASD"), or (c) if the Common
Stock is not quoted on the NASD, a day on which the Common Stock is quoted in
the over-the-counter market as reported by the National Quotation Bureau
Incorporated (or any similar organization or agency succeeding its functions of
reporting prices).

                          III. DESIGNATION AND AMOUNT

         The designation of this series, which consists of five thousand two
hundred fifty (5,250) shares of Preferred Stock, is the Series B Preferred Stock
(the "Series B Preferred Stock") and the stated value shall be One Hundred U.S.
Dollars ($100.00) per share (the "Stated Value").

                                 IV. DIVIDENDS

         The holders of the shares of Series B Preferred Stock as they appear on
the stock records of the Company ("Holder" or "Holders") shall be entitled to
receive, the Board of Directors shall be obligated to declare and the Company
shall be obligated to pay, out of funds legally available for the payment of
dividends, dividends in cash or (as provided herein) shares of Common Stock at
the rate of five percent (5%) per annum (computed on the basis of a 360-day
year) (the "Dividend Rate") on the Stated Value of each share of Series B
Preferred Stock. Dividends on the Series B Preferred Stock shall be cumulative
from the Issuance Date.

         (a) Dividends shall be payable annually as of each anniversary of the
Issuance Date until the earlier of redemption or conversion, to the Holders of
record of shares of the Series B Preferred Stock, as they appear on the stock
records of the Company. An additional dividend shall be payable with respect to
converted or redeemed shares of Series B Preferred Stock, which shall be payable
as of the date of conversion or redemption, as the case may be. The annual
anniversary date as of which dividend payments are due or the date of conversion
or redemption as of which an additional dividend payment is due is hereafter
referred to as the Dividend Payment Date.

         (b) The dividend shall be paid in (i) cash or (ii) through the issuance
of duly and validly authorized and issued, fully paid and non-assessable, shares
of Common Stock valued at the average closing bid price of the Common Stock
during the 10 Trading Day period immediately preceding the Dividend Payment
Date.

         (c) So long as any shares of the Series B Preferred Stock are
outstanding, no dividends, except as described in the next succeeding sentence,
shall be declared or paid or set apart for payment on Pari Passu Securities (as
defined in Section VII herein) for any period unless full cumulative dividends
required to be paid in cash have been or contemporaneously are declared and paid
or declared and a sum sufficient for the payment thereof set apart for such
payment on the Series B Preferred Stock for all dividend payment periods
terminating on or prior to the date of payment of the dividend on such class or
series of Pari Passu Securities. When dividends are not paid in full or a sum
sufficient for such payment is not set apart, as aforesaid, all dividends
declared upon shares of the Series B Preferred Stock and all dividends declared
upon any other class or series of Pari Passu Securities shall be declared
ratably in proportion to

                                       2
<PAGE>
the respective amounts of dividends accumulated and unpaid on the Series B
Preferred Stock and accumulated and unpaid on such Pari Passu Securities.

         (d) So long as any shares of the Series B Preferred Stock are
outstanding, no dividends shall be declared or paid or set apart for payment or
other distribution declared or made upon Junior Securities (as defined in
Section VII herein), nor shall any Junior Securities be redeemed, purchased or
otherwise acquired (other than a redemption, purchase or other acquisition of
shares of Common Stock made for purposes of an employee incentive or benefit
plan (including a stock option plan) of the Company or any subsidiary) for any
consideration (or any moneys be paid to or made available for a sinking fund for
the redemption of any shares of any such stock) by the Company, directly or
indirectly, unless in each case (i) the full cumulative dividends required to be
paid in cash on all outstanding shares of the Series B Preferred Stock and any
other Pari Passu Securities shall have been paid or set apart for payment for
all past dividend periods with respect to the Series B Preferred Stock and all
past dividend periods with respect to such Pari Passu Securities, and (ii)
sufficient funds shall have been paid or set apart for the payment of the
dividend for the current dividend period with respect to the Series B Preferred
Stock and the current dividend period with respect to such Pari Passu
Securities.

                                 V. CONVERSION

         (a) The outstanding shares of Series B Preferred Stock shall be
convertible into Company units (the "Units") as is determined by dividing the
Stated Value by the Conversion Price, as defined below, at the option of the
Holder in whole or in part, within 15 days of the Holder's receipt of a notice
of redemption from the Company or at any time during the three year period
commencing on the second anniversary of the Issuance Date (the "Holder
Conversion Period"). Each Unit consists of one share of Common Stock (the "Unit
Shares") and one common stock purchase warrant (the "Unit Warrants") which may
be exercised for the purchase of one additional share of Common Stock (the
"Warrant Shares") at an exercise price of $2.00 per share at any time during the
four year period commencing one year after the date of issuance of the Units.
Any conversion under this Section IV(a) shall be for a minimum Stated Value of
$25,000 of Series B Preferred Stock. The Holder shall effect conversions by
sending the form of conversion notice attached hereto as Appendix I (the "Notice
of Conversion") in the manner set forth in Section IV(i). Each Notice of
Conversion shall specify the Stated Value of Series B Preferred Stock to be
converted, and the date on which such conversion is to be effected (the
"Conversion Date"). Except as provided herein, each Notice of Conversion, once
given, shall be irrevocable. If the Holder is converting less than all of the
Stated Value represented by a certificate for the Series B Preferred Stock
tendered by the Holder in the Notice of Conversion, the Company shall deliver to
the Holder a new Series B Preferred Stock certificate for such Stated Value as
has not been converted within seven (7) Business Days of the Company's receipt
of the original Series B Preferred Stock and Notice of Conversion.

         (b) Not later than seven (7) Business Days after the Company's receipt
of the certificate or certificates for the Series B Preferred Stock and the
original of the Notice of Conversion, the Company will deliver to the Holder (i)
a certificate or certificates representing the number of Unit Shares and Unit
Warrants being acquired upon the conversion of Series B Preferred Stock and
(ii), if applicable, Series B Preferred Stock in principal amount equal to the
principal amount of Series B Preferred Stock not converted. In the case of a
conversion pursuant

                                       3
<PAGE>
to a Notice of Conversion, if such certificate or certificates are not delivered
by the date required under this Section IV(c), the Holder shall be entitled by
providing written notice to the Company at any time on or before its receipt of
such certificate or certificates thereafter, to rescind such conversion, in
which event the Company shall immediately return the Series B Preferred Stock
tendered for conversion.

         (c) (i) The Conversion Price for the conversion of a share of Series B
Preferred Stock into Units shall be $1.75 of Stated Value (the "Conversion
Price").

                  (ii) If the Company, at any time while any shares of Series B
Preferred Stock are outstanding, (a) shall pay a stock dividend or otherwise
make a distribution or distributions on shares of its Junior Securities payable
in shares of its capital stock (whether payable in shares of its Common Stock or
of capital stock of any class), (b) subdivide outstanding shares of Common Stock
into a larger number of shares, (c) combine outstanding shares of Common Stock
into a smaller number of shares, or (d) issue by reclassification of shares of
Common Stock any shares of capital stock of the Company, the Conversion Price
designated in Section IV(c)(i) shall be multiplied by a fraction of which the
numerator shall be the number of shares of Common Stock of the Company
outstanding before such event and of which the denominator shall be the number
of shares of Common Stock outstanding after such event. Any adjustment made
pursuant to this Section IV(c)(ii) shall become effective immediately after the
record date for the determination of stockholders entitled to receive such
dividend or distribution and shall become effective immediately after the
effective date in the case of a subdivision, combination or reclassification.

                  (iii) If the Company, at any time while any shares of Series B
Preferred Stock are outstanding, shall issue or sell shares of Common Stock, or
options, warrants or other rights to subscribe for or purchase shares of Common
Stock, (excluding shares of Common Stock issuable upon exercise of options,
warrants or conversion rights granted prior to the date hereof and shares of
Common Stock issuable upon exercise of options which may be issued subsequent to
the date hereof to Company employees, officers, or directors) at a price per
share less than the Conversion Price then in effect, the Conversion Price
designated in Section IV(c)(i) shall be reduced to the price at which the shares
of Common Stock are issued or the price at which the options, warrants or other
rights may be exercised for the purchase of Common Stock. Such adjustment shall
be made as of the date such Common Stock, options, rights or warrants are
issued.

                  (iv) If the Company, at any time while shares of Series B
Preferred Stock are outstanding, shall distribute to all holders of Common Stock
(and not to Holders of Series B Preferred Stock) evidences of its indebtedness
or assets or rights or warrants to subscribe for or purchase any security
(excluding those referred to in Section IV(c)(iii) above) then in each such case
the Conversion Price at which each Series B Preferred Stock shall thereafter be
convertible shall be determined by multiplying the Conversion Price in effect
immediately prior to the record date fixed for determination of stockholders
entitled to receive such distribution by a fraction of which the denominator
shall be the Per Share Market Value of Common Stock determined as of the record
date mentioned above, and of which the numerator shall be such Per Share Market
Value of the Common Stock on such record date less the then fair market value at
such record date of the portion of such assets or evidence of indebtedness so
distributed applicable to one

                                       4
<PAGE>
outstanding share of Common Stock as determined by the Board of Directors in
good faith; provided, however that in the event of a distribution exceeding ten
percent (10%) of the net assets of the Company, such fair market value shall be
determined by a nationally recognized or major regional investment banking firm
or firm of independent certified public accountants of recognized standing
(which may be the firm that regularly examines the financial statements of the
Company) (an "Appraiser") selected in good faith by the Holders of a majority of
the principal amount of the Series B Preferred Stock then outstanding; and
provided, further, that the Company, after receipt of the determination by such
Appraiser shall have the right to select an additional Appraiser, in which case
the fair market value shall be equal to the average of the determinations by
each such Appraiser. In either case the adjustments shall be described in a
statement provided to the Holder and all other Holders of Series B Preferred
Stock of the portion of assets or evidences of indebtedness so distributed or
such subscription rights applicable to one share of Common Stock. Such
adjustment shall be made whenever any such distribution is made and shall become
effective immediately after the record date mentioned above.

                  (v) All calculations under this Article IV shall be made to
the nearest 1/1000th of a cent or the nearest 1/1000th of a share, as the case
may be. Any calculation over .005 shall be rounded up to the next cent or share
and any calculation less than .005 shall be rounded down to the previous cent or
share.

                  (vi) Whenever the Conversion Price is adjusted pursuant to
Section IV(c)(ii),(iii) or (iv), the Company shall within two (2) days after the
determination of the new Conversion Price mail and fax to the Holder and to each
other Holder of Series B Preferred Stock, a notice setting forth the Conversion
Price after such adjustment and setting forth a brief statement of the facts
requiring such adjustment.

                  (vii) In case of any reclassification of the Common Stock, any
consolidation or merger of the Company with or into another person, the sale or
transfer of all or substantially all of the assets of the Company or any
compulsory share exchange pursuant to which the Common Stock is converted into
other securities, cash or property, then each holder of Series B Preferred Stock
then outstanding shall have the right thereafter to convert such Series B
Preferred Stock only into the shares of stock and other securities and property
receivable upon or deemed to be held by holders of Common Stock following such
reclassification, consolidation, merger, sale, transfer or share exchange
(except in the event the property is cash, then the Holder shall have the right
to convert the Series B Preferred Stock and receive cash in the same manner as
other stockholders), and the Holder shall be entitled upon such event to receive
such amount of securities or property as the shares of the Common Stock into
which such Series B Preferred Stock could have been converted immediately prior
to such reclassification, consolidation, merger, sale, transfer or share
exchange would have been entitled. The terms of any such consolidation, merger,
sale, transfer or share exchange shall include such terms so as to continue to
give to the holder the right to receive the securities or property set forth in
this Section IV(c)(vii) upon any conversion following such consolidation,
merger, sale, transfer or share exchange. This provision shall similarly apply
to successive reclassifications, consolidations, mergers, sales, transfers or
share exchanges.

                                       5
<PAGE>
                  (viii) If:

                           (A)      the Company shall declare a dividend (or any
                                    other distribution) on its Common Stock; or

                           (B)      the Company shall declare a special
                                    nonrecurring cash dividend on or a
                                    redemption of its Common Stock; or

                           (C)      the Company shall authorize the granting to
                                    all holders of the Common Stock rights or
                                    warrants to subscribe for or purchase any
                                    shares of capital stock of any class or of
                                    any rights; or

                           (D)      the approval of any stockholders of the
                                    Company shall be required in connection with
                                    any reclassification of the Common Stock of
                                    the Company (other than a subdivision or
                                    combination of the outstanding shares of
                                    Common Stock), any consolidation or merger
                                    to which the Company is a party, any sale or
                                    transfer of all or substantially all of the
                                    assets of the Company, or any compulsory
                                    share exchange whereby the Common Stock is
                                    converted into other securities, cash or
                                    property; or

                           (E)      the Company shall authorize the voluntary or
                                    involuntary dissolution, liquidation or
                                    winding-up of the affairs of the Company;

then the Company shall cause to be mailed and faxed to the Holders of Series B
Preferred Stock at their last addresses as it shall appear upon the Series B
Preferred Stock Register, at least thirty (30) calendar days prior to the
applicable record or effective date hereinafter specified, a notice stating (x)
the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken,
the date as of which the holders of Common Stock of record to be entitled to
such dividend, distributions, redemption, rights or warrants are to be
determined, or (y) the date on which such reclassification, consolidation,
merger, sale, transfer, share exchange, dissolution, liquidation or winding-up
is expected to become effective, and the date as of which it is expected that
holders of Common Stock of record shall be entitled to exchange their shares of
Common Stock for securities or other property deliverable upon such
reclassification, consolidation, merger, sale, transfer, share exchange,
dissolution, liquidation or winding-up; provided, however, that the failure to
mail such notice or any defect therein or in the mailing thereof shall not
affect the validity of the corporate action required to be specified in such
notice.

         (d) The Company covenants that it will at all times reserve and keep
available out of its authorized and unissued Common Stock solely for the purpose
of issuance upon conversion of Series B Preferred Stock as herein provided, free
from preemptive rights or any other actual contingent purchase rights of persons
other than the Holders of Series B Preferred Stock, such number of shares of
Common Stock as shall be issuable (taking into account the adjustments and
restrictions of Section IV(c) hereof) upon the conversion of the aggregate
principal amount of all outstanding Series B Preferred Stock. The Company
covenants that all shares of Common Stock

                                       6
<PAGE>
that shall be so issuable shall, upon issuance, be duly and validly authorized,
issued and fully paid and nonassessable.

         (e) No fractional Units shall be issuable upon a conversion hereunder
and the number of Unit Shares and Unit Warrants to be issued shall be rounded up
to the nearest whole number. Accordingly, if a fractional Unit interest arises
upon any conversion hereunder, the Company shall eliminate such fractional Unit
interest by issuing Holder an additional full Unit.

         (f) The issuance of certificates for Unit Shares and Unit Warrants on
conversion of Series B Preferred Stock shall be made without charge to the
Holder for any documentary stamp or similar taxes that may be payable in respect
of the issue or delivery of such certificates, provided that the Company shall
not be required to pay any tax that may be payable in respect of any transfer
involved in the issuance and delivery of any such certificate upon conversion in
a name other than that of the Holder and the Company shall not be required to
issue or deliver such certificates unless or until the person or persons
requesting the issuance thereof shall have paid to the Company the amount of
such tax or shall have established to the satisfaction of the Company that such
tax has been paid.

         (g) Series B Preferred Stock converted into Units shall be canceled
upon conversion.

         (h) Each Notice of Conversion shall be given by facsimile to the
Company no later than 4:00 pm New York Time. In the event that the Company
receives the Notice of Conversion after 4:00 p.m. New York Time, the Conversion
Date shall be deemed to be the next business day. In the event that the Company
receives the Notice of Conversion after the end of the business day, notice will
be deemed to have been given the next business day.

                       VI. EVENTS OF DEFAULT AND REMEDIES

         (a) "Event of Default", wherever used herein, means any one of the
following events:

                  (i) the Company shall fail to observe or perform any material
covenant, agreement or warranty contained in this Series B Preferred Stock
Certificate of Designation, and such failure shall not have been remedied within
ten (10) Business Days after the date on which written notice of such failure
shall have been given;

                  (ii) the occurrence of any event or breach or default by the
Company under the Purchase Agreement and such failure or breach shall not have
been remedied within ten (10) Business Days after the date on which written
notice of such failure shall have been given;

                  (iii) the Company or any of its subsidiaries shall commence a
voluntary case under the United States Bankruptcy Code as now or hereafter in
effect or any successor thereto (the "Bankruptcy Code"); or an involuntary case
is commenced against the Company under the Bankruptcy Code and the Company fails
to pursue dismissal of the case within sixty (60) days after commencement of the
case; or the Company commences any other proceeding under any reorganization,
arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or
liquidation or similar law of any jurisdiction whether now or hereafter in
effect relating to the Company or there is commenced against the Company any
such proceeding and the Company fails to pursue dismissal of the case within
sixty (60) days after commencement of the case; or

                                       7
<PAGE>
the Company suffers any appointment of any custodian or the like for it or any
substantial part of its property and the Company fails to pursue dismissal of
the custodian within sixty (60) days after the appointment; or the Company makes
a general assignment for the benefit of creditors; or any corporate or other
action is taken by the Company for the purpose of effecting any of the
foregoing;

                  (iv) the Company shall voluntarily have its Common Stock
deleted or delisted, as the case may be, from the OTCBB or other national
securities exchange or market on which such Common Stock is listed for trading
or suspended from trading thereon, and shall not have its Common Stock relisted
or have such suspension lifted, as the case may be, within twenty (20) Trading
Days of such deletion or delisting;

                  (v) the Company shall issue a press release, or otherwise make
publicly known, that it is not honoring properly executed Notice of Conversions
for any reason whatsoever;

         (b) If any Event of Default occurs and continues, beyond any cure
period, if any, then so long as such Event of Default shall then be continuing
any Holder may, by notice to the Company demand redemption of the Shares of
Series B Preferred Stock at the price of 105% of the Stated Value of each Share
of Series B Preferred Stock being redeemed plus accrued but unpaid dividends
thereon, whereupon the Stated Value and all accrued but unpaid Dividends shall
be immediately due and payable, and such Holder may immediately and without
expiration of any grace period enforce any and all of its rights and remedies
hereunder and all other remedies available to it under applicable law. Such
declaration may be rescinded and annulled by such Holder at any time prior to
payment hereunder. No such rescission or annulment shall affect any subsequent
Event of Default or impair any right consequent thereon. This shall include, but
not be limited to the right to temporary, preliminary and permanent injunctive
relief without the requirement of posting any bond or undertaking.

         (c) Such Holder may thereupon proceed to protect and enforce its rights
either by suit in equity, or by action at law, or by other appropriate
proceedings whether for the specific performance (to the extent permitted by
law) of any covenant or agreement contained in this Series B Preferred Stock
Certificate of Designation or in aid of the exercise of any power granted in
this Series B Preferred Stock Certificate of Designation, and proceed to enforce
the redemption of any of the Series B Preferred Stock held by it, and to enforce
any other legal or equitable right of such Holder.

         (d) As a non-exclusive remedy, in the Event of a Default, the Holder
can convert the outstanding shares of Series B Preferred Stock at the Conversion
Price upon giving a Notice of Conversion to the Company.

                                VII. REDEMPTION

         (a) The shares of Series B Preferred Stock are redeemable at the sole
option of the Company at any time prior to the Company's receipt of a Notice of
Conversion (as provided in Article IV hereof) to the extent funds are legally
available therefor, at any time and from time to time, in whole or in part, at a
redemption price equal to 105% of the Stated Value of each share

                                       8
<PAGE>
of Series B Preferred Stock being redeemed plus accrued and unpaid dividends
thereon ("Redemption Price"). The Holder may provide the Company with a Notice
of Conversion within 15 days after Holder's receipt of a notice of redemption
from the Company. The Company is not obligated to provide for redemption of the
Series B Preferred Stock through a sinking fund. The Company must redeem the
shares of Series B Preferred Stock at the Redemption Price on the fifth
anniversary of the Issuance Date.

         (b) The Company shall not optionally redeem the Series B Preferred
Stock or any other Pari Passu Securities in whole or in part without redeeming,
on a pro rata basis, all outstanding Pari Passu Securities in accordance with
the relative amounts due the holders of Pari Passu Securities on redemption.

         (c) Shares of Series B Preferred Stock which have been redeemed or
converted shall be deemed retired pursuant to Section 243 of the DGCL and shall
thereafter resume the status of authorized and unissued shares of Preferred
Stock, undesignated as to series, and may be redesignated and reissued as part
of any new series of Preferred Stock other than Series B Preferred Stock.

         (d) Notwithstanding the foregoing provisions of this Article VI, unless
the full cumulative dividends on all outstanding shares of Series B Preferred
Stock shall have been paid or contemporaneously are declared and paid for all
past dividend periods, none of the shares of Series B Preferred Stock may be
redeemed.

         (e) No redemption shall be made and no sum set aside for such
redemption unless at the time thereof (i) all accrued and unpaid dividends
payable on any Senior Securities (as defined in Section VII herein) have been
paid in full, (ii) all required mandatory redemptions on Senior Securities have
been made in full and (iii) all optional redemptions of Senior Securities, if
any, previously declared, have been made in full. No redemption shall be made
and no sum set aside for such redemption at any time that the terms or
provisions of any indenture or agreement of the Company, including any agreement
relating to indebtedness, specifically prohibits such redemption or setting
aside or provides that such redemption or setting aside would constitute a
breach or default thereunder (after notice or lapse of time or both), except
with the written consent of the lender or other parties to said agreement as the
case may be.

         (f) If any redemption shall at any time be prohibited by the DGCL, the
same shall be deferred until such time as the redemption can occur in full
compliance with such statute.

         (g) In the event the Company shall redeem shares of Series B Preferred
Stock, notice of such redemption shall be given by first class mail, postage
prepaid, or by confirmed facsimile transmission, not less than twenty-one (21)
days prior to the date fixed by the Board for redemption to each holder of
Series B Preferred Stock at the address that appears on the Company's stock
record books; provided, however, that no failure to provide such notice nor any
defect therein shall affect the validity of the redemption proceeding except as
to the Holder to whom the Company has failed to send such notice or whose notice
was defective. Each notice shall state (i) the redemption date, (ii) the number
of shares of Series B Preferred Stock to be redeemed; (iii) the Redemption
Price; (iv) the place or places where certificates for shares of Series B
Preferred Stock are to be surrendered for payment and (v) that dividends on the

                                       9
<PAGE>
redeemed shares shall cease to accrue on such redemption date. When notice has
been provided as aforesaid then from and after the redemption date (unless
default shall be made by the Company in providing money for the payment of the
Redemption Price of the shares called for redemption) dividends on the shares
called for redemption shall cease to accrue and said shares shall no longer be
deemed to be outstanding and all rights of the holders thereof shall cease
(other than the right to receive the Redemption Price). Upon surrender of the
certificates for Series B Preferred Stock accompanied by appropriate stock
powers, the shares shall be redeemed by the Company at the Redemption Price. In
case fewer than all shares represented by any such certificate are redeemed, a
new certificate representing the shares of Series B Preferred Stock not so
redeemed shall be issued to the holder without cost.

                                   VIII. RANK

         The Series B Preferred Stock shall, as to dividends, redemptions, and
the distribution of assets upon liquidation, dissolution or winding up of the
Company, rank (i) prior to the Company's Common Stock; (ii) prior to any class
or series of capital stock of the Company hereafter created that, by its terms,
ranks junior to the Series B Preferred Stock ("Junior Securities"); (iii) junior
to any class or series of capital stock of the Company hereafter created (with
the consent of the holders of a majority of the outstanding Series A Preferred
Stock and the holders of a majority of the outstanding Series B Preferred Stock)
which by its terms ranks senior to the Series B Preferred Stock ("Senior
Securities"); and (iv) pari passu with the Company's Series A Preferred Stock
and any other series of preferred stock of the Company hereafter created (with
the consent of the holders of a majority of the outstanding Series A Preferred
Stock and the holders of a majority of the outstanding Series B Preferred Stock)
which by its terms ranks on a parity ("Pari Passu Securities") with the Series B
Preferred Stock.

                           IX. LIQUIDATION PREFERENCE

         If the Company shall commence a voluntary case under the U.S. Federal
bankruptcy laws or any other applicable bankruptcy, insolvency or similar law,
or consent to the entry of an order for relief in an involuntary case under any
law or to the appointment of a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or other similar official) of the Company or of any
substantial part of its property, or make an assignment for the benefit of its
creditors, or admit in writing its inability to pay its debts generally as they
become due, or if a decree or order for relief in respect of the Company shall
be entered by a court having jurisdiction in the premises in an involuntary case
under the U.S. Federal bankruptcy laws or any other applicable bankruptcy,
insolvency or similar law resulting in the appointment of a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or other similar
official) of the Company or of any substantial part of its property, or ordering
the winding up or liquidation of its affairs, and any such decree or order shall
be unstayed and in effect for a period of 60 consecutive days and, on account of
any such event, the Company shall liquidate, dissolve or wind up, or if the
Company shall otherwise liquidate, dissolve or wind up, including, but not
limited to, the sale or transfer of all or substantially all of the Company's
assets in one transaction or in a series of related transactions (a "Liquidation
Event"), no distribution shall be made to the holders of any shares of capital
stock of the Company (other than Senior Securities and Pari Passu Securities)
upon liquidation, dissolution or winding up unless, prior thereto, the Holders
of shares of Series B Preferred Stock shall have received the Liquidation
Preference (as defined below) with respect to

                                       10
<PAGE>
each share. If, upon the occurrence of a Liquidation Event, the assets and funds
available for distribution among the Holders of the Series B Preferred Stock and
Holders of Pari Passu Securities shall be insufficient to permit the payment to
such holders of the preferential amounts payable thereon, then the entire assets
and funds of the Company legally available for distribution to the Series B
Preferred Stock and the Pari Passu Securities shall be distributed ratably among
such shares in proportion to the ratio that the Liquidation Preference payable
on each such share bears to the aggregate Liquidation Preference payable on all
such shares. The purchase or redemption by the Company of stock of any class, in
any manner permitted by law, shall not, for the purposes hereof, be regarded as
a liquidation, dissolution or winding up of the Company. Neither the
consolidation or merger of the Company with or into any other entity nor the
sale or transfer by the Company of less than substantially all of its assets
shall, for the purposes hereof, be deemed to be a liquidation, dissolution or
winding up of the Company. The "Liquidation Preference" with respect to a share
of Series B Preferred Stock means an amount equal to the Stated Value thereof,
plus the accrued but unpaid dividends thereon through the date of final
distribution. The Liquidation Preference with respect to any Pari Passu
Securities shall be as set forth in the Certificate of Designation filed in
respect thereof.

                                X. VOTING RIGHTS

         The Holders of the Series B Preferred Stock have no voting power
whatsoever, except as otherwise provided by the DGCL. To the extent that under
the DGCL the vote of the Holders of the Series B Preferred Stock, voting
separately as a class or series, as applicable, is required to authorize a given
action of the Company, the affirmative vote or consent of the Holders of at
least a majority of the then outstanding shares of the Series B Preferred Stock
represented at a duly held meeting at which a quorum is present or by written
consent of the Holders of at least a majority of the then outstanding shares of
Series B Preferred Stock (except as otherwise may be required under the DGCL)
shall constitute the approval of such action by the class. To the extent that
under the DGCL Holders of the Series B Preferred Stock are entitled to vote on a
matter with holders of Common Stock, voting together as one class, each share of
Series B Preferred Stock shall be entitled to a number of votes equal to the
number of shares of Common Stock into which it is then convertible (subject to
the limitations contained in Article IV) using the record date for the taking of
such vote of shareholders as the date as of which the Conversion Price is
calculated.

                               XI. MISCELLANEOUS

         (a) If any shares of Series B Preferred Stock are converted pursuant to
Article IV, the shares so converted shall be canceled, shall return to the
status of authorized, but unissued preferred stock of no designated series, and
shall not be issuable by the Company as Series B Preferred Stock.

         (b) Upon receipt by the Company of (i) evidence of the loss, theft,
destruction or mutilation of any Preferred Stock certificate(s) and (ii) (y) in
the case of loss, theft or destruction, of indemnity (without any bond or other
security) reasonably satisfactory to the Company, or (z) in the case of
mutilation, upon surrender and cancellation of the Preferred Stock
certificate(s), the Company shall execute and deliver new Preferred Stock
certificate(s) of like tenor and date. However, the Company shall not be
obligated to reissue such lost or stolen Preferred Stock

                                       11
<PAGE>
certificate(s) if the Holder contemporaneously requests the Company to convert
such Series B Preferred Stock.

         (c) Upon submission of a Notice of Conversion by a Holder of Series B
Preferred Stock, (i) the shares covered thereby shall be deemed converted into
Units and (ii) the Holder's rights as a Holder of such converted shares of
Series B Preferred Stock shall cease and terminate, excepting only the right to
receive certificates for the Unit Shares and the Unit Warrants and to any
remedies provided herein or otherwise available at law or in equity to such
Holder because of a failure by the Company to comply with the terms of this
Certificate of Designation. Notwithstanding the foregoing, if a Holder has not
received certificates for all the Unit Shares and the Unit Warrants prior to the
tenth business day after the expiration of the delivery period with respect to a
conversion of Series B Preferred Stock for any reason, then (unless the Holder
otherwise elects to retain its status as a holder of the Unit Shares and the
Unit Warrants by so notifying the Company within five business days after the
expiration of such 10 business day period) the Holder shall regain the rights of
a Holder of Series B Preferred Stock with respect to such unconverted shares of
Series B Preferred Stock and the Company shall, as soon as practicable, return
such unconverted shares to the Holder. In all cases, the Holder shall retain all
of its rights and remedies for the Company's failure to convert Series B
Preferred Stock.

         (d) The remedies provided in this Certificate of Designation shall be
cumulative and in addition to all other remedies available under this
Certificate of Designation, at law or in equity (including a decree of specific
performance and/or other injunctive relief), and nothing herein shall limit a
Holder's right to pursue actual damages for any failure by the Company to comply
with the terms of this Certificate of Designation. The Company acknowledges that
a breach by it of its obligations hereunder will cause irreparable harm to the
Holders of Series B Preferred Stock and that the remedy at law for any such
breach may be inadequate. The Company therefore agrees, in the event of any such
breach or threatened breach, that the Holders of Series B Preferred Stock shall
be entitled, in addition to all other available remedies, to an injunction
restraining any breach, without the necessity of showing economic loss and
without any bond or other security being required.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       12
<PAGE>
         IN WITNESS WHEREOF, this Certificate of Designation is executed on
behalf of the Company this 27th day of August, 2002.

                                          ASSURE ENERGY, INC.

                                          By:  /s/ James I. Golla
                                               --------------------------------
                                               Name:  James I. Golla
                                               Title: President

                                       13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]