Document:

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                                                                   EXHIBIT 10.22

                                                                        REDACTED

                              DATED 25 AUGUST 2000

                      CONTINENTAL AIR EXPRESS (HK) LIMITED

                       CONTINENTAL CONTAINER LINES LIMITED

                          UNION-TRANSPORT (HK) LIMITED

                              CHENG KWAN KOK DAVID

                                  LAI KWOK FAI

                              LEWIS BILLY BARNHILL

                              FRANCIS RAYMOND BELLO

                             ALBERT PATRICK CATALDO

                                  CHAN KA MING

                                 CHAN KWAN HANG

                                 CHAU HAK CHEONG

                                 CHENG KWAN LUNG

                                   NG CHUN KA

                                   NG SAI KUEN

                               UTI WORLDWIDE INC.

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

                            ASSET PURCHASE AGREEMENT

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

                                BAKER & MCKENZIE
                           14TH FLOOR HUTCHISON HOUSE
                                   HONG KONG

                           TELEPHONE: (852) 2846-1888
                              FAX: (852) 2845-0476
                  REF: PT/CST/32109600-000001/CST02042.EXE.DOC
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                                    CONTENTS

<TABLE>
<CAPTION>
Number                           Clause Headings                           Page
------                           ---------------                           ----
<S>                                                                        <C>
1.   Definitions and Interpretation..........................................2
2.   Sale of Assets.........................................................15
3.   Payment of Purchase Price..............................................15
4.   Conditions.............................................................19
5.   Pre-Completion Obligations.............................................20
6.   Completion.............................................................21
7.   Assignment or Novation of Leased Properties............................24
8.   Apportionments.........................................................24
9.   Transfer of Businesses (Protection of Creditors) Ordinance
     (Chapter 49 of the Laws of Hong Kong)..................................25
10.  Responsibility for Liabilities.........................................25
11.  Third Party Consents...................................................27
12.  Employees..............................................................28
13.  Retirement Scheme......................................................30
14.  Warranties.............................................................30
15.  Restriction of Covenantors.............................................33
15A. Investor Representations and Covenants of Lai and Jeffrey Cheng........35
16.  Independent Accountants................................................36
17.  Further Obligations and Intentions.....................................37
18.  Restriction on Announcements...........................................40
19.  Costs..................................................................40
20.  General................................................................41
21.  Notices................................................................42
22.  Governing Law and Submission to Jurisdiction...........................45

Schedules

Schedule 1  Warranties......................................................48
Schedule 2  Excluded Assets...................................................
Schedule 3  The Properties....................................................
Schedule 4  Intellectual Property.............................................
Schedule 5  Leasing Agreements................................................
Schedule 6  Machinery and Equipment...........................................
Schedule 7  Transferring Employees............................................
Schedule 8  Purchased Contracts...............................................
Schedule 9  Letter to Employees...............................................
Schedule 10  Retirement Scheme................................................
Schedule 11  Notice of Transfer of Business...................................
Schedule 12  Insurances.......................................................
Schedule 13  Guarantees.......................................................
Schedule 14  Service Agreement................................................
Schedule 15  David Cheng Service Agreement....................................

Execution.....................................................................
</TABLE>

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<TABLE>
<CAPTION>
Annexures
---------
<S>                                                                        <C>
Annexure 1  CO Air Accounts...................................................
Annexure 2  CO Container Accounts.............................................
Annexure 3  Sinda December Accounts...........................................
Annexure 4  Customer List.....................................................
Annexure 5  CO Air Management Accounts........................................
Annexure 6  CO Container Management Accounts..................................
Annexure 7  Sinda March Accounts..............................................
</TABLE>

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DATE: 25 August 2000

PARTIES:

(1)      CONTINENTAL AIR EXPRESS (HK) LIMITED, a company incorporated in Hong
         Kong whose registered office is at 6th and 7th Floors, Leahander
         Centre, 28 Wang Wo Tsai Street, Tsuen Wan, New Territories, Hong Kong
         ("CO AIR (HK)").

(2)      CONTINENTAL CONTAINER LINES LIMITED, a company incorporated in Hong
         Kong whose registered office is at 6th and 7th Floors, Leahander
         Centre, 28 Wang Wo Tsai Street, Tsuen Wan, New Territories, Hong Kong
         ("CO CONTAINER (HK)"; CO Air (HK) and CO Container (HK) are
         collectively referred to herein as the "VENDORS" and singly as the
         "VENDOR").

(3)      UNION-TRANSPORT (HK) LIMITED (TO BE RENAMED AS UTI (HK) LIMITED), a
         company incorporated in Hong Kong with registered number 319402 whose
         registered office is at 14th Floor, COL Tower, World Trade Square, 123
         Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong (the "PURCHASER").

(4)      CHENG KWAN KOK DAVID of 16C, Block C, The Crescent, 11 Homantin Hill
         Road, Kowloon, Hong Kong ("DAVID CHENG").

(5)      LAI KWOK FAI of Flat J1, Block J, 1st Floor, Beverly Hill, 6 Broadwood
         Road, Hong Kong ("LAI"; the Vendors, David Cheng and Lai are
         collectively referred to herein as the "WARRANTORS" and singly as the
         "WARRANTOR").

(6)      LEWIS BILLY BARNHILL of 8505 Freeport Parkway, Suite 170, Irving, Texas
         75063, United States of America ("BARNHILL").

(7)      FRANCIS RAYMOND BELLO of 182-16 147th Avenue, Jamaica, NY 11413, United
         States of America ("BELLO").

(8)      ALBERT PATRICK CATALDO of 80 Everett Avenue, Suite 301, Chelsea, MA
         02150, United States of America ("CATALDO").

(9)      CHAN KA MING of 6th and 7th Floors, Leahander Centre, 28 Wang Wo Tsai
         Street, Tsuen Wan, New Territories, Hong Kong ("ALEX CHAN").

(10)     CHAN KWAN HANG of 6th and 7th Floors, Leahander Centre, 28 Wang Wo Tsai
         Street, Tsuen Wan, New Territories, Hong Kong ("TOBBY CHAN").

(11)     CHAU HAK CHEONG of 6th and 7th Floors, Leahander Centre, 28 Wang Wo
         Tsai Street, Tsuen Wan, New Territories, Hong Kong ("CHAU").

(12)     CHENG KWAN LUNG of 6th and 7th Floors, Leahander Centre, 28 Wang Wo
         Tsai Street, Tsuen Wan, New Territories, Hong Kong ("JEFFREY CHENG").
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(13)     NG CHUN KA of 11120 S. Hindry Avenue, Unit A, Los Angeles, CA 90045,
         United States of America ("JOE NG").

(14)     NG SAI KUEN of 182-16 147th Avenue, Jamaica, NY 11413, United States of
         America ("SAI NG"; David Cheng, Lai, Barnhill, Bello, Cataldo, Alex
         Chan, Tobby Chan, Chau, Jeffrey Cheng, Joe Ng and Sai Ng are
         collectively referred to herein as the "KEY EMPLOYEES" and singly as
         the "KEY EMPLOYEE", the Vendors and the Key Employees are collectively
         referred to herein as the "COVENANTORS" and singly as the
         "Covenantor").

(15)     UTI WORLDWIDE INC., a company incorporated in the British Virgin
         Islands whose registered office is at 9 Columbus Centre, Pelican Drive,
         Tortola, British Virgin Islands ("UTI WORLDWIDE").

RECITALS:

(A)      The Vendors carry on the business of customs brokerage, freight
         forwarding, warehousing and distribution and other related services.
         The Vendors wish to sell and the Purchaser wishes to purchase the
         business, and the assets used in it, as a going concern on the terms
         and conditions set out in this Agreement.

(B)      The Purchaser requires the Warrantors who have requested the Purchaser
         to enter into this Agreement, to give such covenants and undertakings
         as are set out herein as a condition of the Purchaser's entry into this
         Agreement.

(C)      The US Vendors (as hereinafter defined), the US Purchaser (as
         hereinafter defined) and the Key Employees have executed
         contemporaneously with this Agreement an agreement (the "US AGREEMENT")
         for the sale and purchase of the business (and the assets used in it)
         carried on by the US Vendors on the terms and conditions set out
         therein.

(D)      UTi Worldwide has agreed to guarantee the performance by the Purchaser
         of its obligations under Clauses 3.1.2.2 to 3.1.2.4.

TERMS AGREED:

1.   DEFINITIONS AND INTERPRETATION

     1.1  In this Agreement where the context so admits the following words and
          expressions shall have the following meanings:

          "ACCOUNTING DATE"         31 December 1999;

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          "ACCOUNTS"                the CO Air Accounts, the CO Container
                                    Accounts and the Sinda December Accounts;

          "ACCOUNTS RECEIVABLE"     all book debts, trade and other debts, notes
                                    receivable and other rights to payment
                                    arising from the operation of the Business
                                    before the Completion Date (including the
                                    right to receive payment for services
                                    rendered before the Completion Date but not
                                    invoiced before such date) and including the
                                    benefit of all guarantees and security in
                                    respect thereof;

          "ASSETS"                  the Goodwill, the benefit of the Insurances,
                                    Intellectual Property, Machinery and
                                    Equipment, Leased Properties, the benefit of
                                    the Purchased Contracts, Sales
                                    Documentation, the Sinda Interest, Books and
                                    Records (other than minute books relating to
                                    directors' and shareholders' meetings and
                                    statutory books), the Customer List and all
                                    other rights and assets used in the Business
                                    immediately prior to Completion, but not
                                    including the Excluded Assets;

          "ASSOCIATED COMPANY"      (i)    in relation to a company, any
                                           company which is its holding company
                                           or a subsidiary of it or of its
                                           holding company, as those terms are
                                           defined in section 2 of the Companies
                                           Ordinance;

                                    (ii)   in relation to an individual, any
                                           company:

                                           (aa)    in which such individual:

                                                   (1)  controls the composition
                                                        of the board of
                                                        directors;

                                                   (2)  controls more than half
                                                        of the voting power of
                                                        such company; or

                                                   (3)  holds more than half of
                                                        the issued share capital
                                                        (excluding any part of
                                                        it which carries no
                                                        right to participate
                                                        beyond a specified

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                                                        amount in a distribution
                                                        of either profits or
                                                        capital); or

                                           (bb)    which is a subsidiary (as
                                                   such term is defined in
                                                   section 2 of the Companies
                                                   Ordinance) of a company which
                                                   falls within any of the
                                                   categories listed in
                                                   paragraph (ii)(aa) above;

          "BOOKS AND RECORDS"       originals and copies in whatever form and
                                    upon whatever media they may be recorded of
                                    all registers, books, reports,
                                    correspondence, files, records, accounts,
                                    documents and other material relating to or
                                    used in connection with the Business, the
                                    Assets, the Transferring Employees and the
                                    customers on the Customer List;

          "BUSINESS"                the business of customs brokerage, freight
                                    forwarding, warehousing and distribution and
                                    other related services as carried on by the
                                    Vendors immediately prior to Completion
                                    including that carried on at the Properties
                                    under the names "Continental Air Express
                                    (HK) Limited" and "Continental Container
                                    Lines Limited" and, where the context
                                    permits, shall include the Assets;

          "BUSINESS DAY"            a day (other than a Saturday or a Sunday) on
                                    which banks are generally open for business
                                    in Hong Kong;

          "CASH FLOAT"              the cash balance including all cash-in-hand
                                    and at bank, held by the Vendors immediately
                                    prior to Completion for the purposes of the
                                    Business;

          "CHINESE PARTY"           the PRC joint venture party holding a 49%
                                    equity interest in Sinda;

          "CLASS A LICENCE"         the air transportation sales agency business
                                    operation approval certificate (category 1
                                    cargo transportation) issued by the Civil
                                    Aviation Administration of China and the PRC
                                    international cargo transportation agency
                                    enterprise approval certificate issued by
                                    the Ministry of Foreign Trade and Economic
                                    Co-operation of the PRC;

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           "CO AIR ACCOUNTS"        the audited financial statements of CO Air
                                    (HK) as at and for the accounting period
                                    which ended on the Accounting Date
                                    (comprising a balance sheet, profit and loss
                                    account, statement of total recognised gains
                                    and losses, statement of source and
                                    application of funds, notes and directors'
                                    and auditors' report), a copy of which is
                                    annexed hereto as Annexure 1 and initialled
                                    for the purposes of identification by the
                                    Vendors and the Purchaser;

          "CO AIR (CHINA)"          Continental Air Express (China) Co. Ltd., a
                                    company incorporated in the British Virgin
                                    Islands;

          "CO AIR MANAGEMENT
          ACCOUNTS"                 the unaudited balance sheet as at 30 April
                                    2000 and the unaudited profit and loss
                                    account for the period ending on such date
                                    of CO Air (HK) Hong Kong office, CO Air (HK)
                                    Shanghai representative office, CO Air (HK)
                                    Guangzhou representative office, CO Air (HK)
                                    Qingdao representative office and CO Air
                                    (HK) Tianjin representative office and the
                                    unaudited balance sheet as at 30 April 2000
                                    and the unaudited profit and loss account
                                    for the period from 1 April 2000 and ending
                                    on 30 April 2000 of CO Air (HK) Beijing
                                    representative office, copies of which are
                                    annexed hereto as Annexure 5 and initialled
                                    for the purposes of identification by the
                                    Vendors and the Purchaser;

          "CO CARGO (CA)"           Continental Cargo Logistics Inc., a company
                                    incorporated in the State of California,
                                    USA;

          "CO CARGO (NY)"           Continental Cargo Logistics Inc., a company
                                    incorporated in the State of New York, USA;

          "CO CONTAINER ACCOUNTS"   the audited financial statements of CO
                                    Container (HK) as at and for the accounting
                                    period which ended on the Accounting Date
                                    (comprising a balance sheet, profit and loss
                                    account, statement of source and application
                                    of funds, notes and directors' and auditors'
                                    report), a copy of which is annexed hereto
                                    as Annexure 2 and initialled for the
                                    purposes of identification by the Vendors
                                    and the Purchaser;

          "CO CONTAINER             the unaudited balance sheet as at 30 April
                                    2000,

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          MANAGEMENT
          ACCOUNTS"                 and the unaudited profit and loss account
                                    for the period from 1 April 2000 and ending
                                    on such date of CO Container (HK), a copy of
                                    which is annexed hereto as Annexure 6 and
                                    initialled for the purposes of
                                    identification by the Vendors and the
                                    Purchaser;

          "CO CONTAINER (US)"       Continental Container Line, Inc., a company
                                    incorporated in the State of New York, USA;

          "COMPANIES ORDINANCE"     the Companies Ordinance (Chapter 32 of the
                                    Laws of Hong Kong);

          "COMPANY"                 a company or body corporate wherever
                                    incorporated;

          "COMPLETION"              completion of the sale and purchase of the
                                    Business pursuant to Clause 6;

          "COMPLETION DATE"         1 September 2000 (or such other date as the
                                    Parties may agree in writing);

          "CONDITIONS"              the conditions specified in Clause 4.1;

          "CUSTOMER LIST"           the list of customers of the Vendors set out
                                    in Annexure 4, as supplemented by written
                                    notice to the Purchaser by the Vendors up to
                                    and including the Completion Date by the
                                    addition of persons with whom the Vendors
                                    have transacted business between the date
                                    hereof and the Completion Date;

          "DAVID CHENG SERVICE      the service agreement to be entered into
          AGREEMENT"                between the Purchaser and David Cheng
                                    substantially in the form set out in
                                    Schedule 15;

          "DISCLOSURE LETTER"       the letter of today's date from the Vendors
                                    to the Purchaser in the approved terms;

          "ENCUMBRANCES"            all pledges, charges, liens, mortgages,
                                    security interests, pre-emption rights,
                                    options and any other encumbrances or third
                                    party rights or claims of any kind (other
                                    than repairmens' and similar liens arising
                                    or incurred in the ordinary course of the
                                    Business and securing obligations not
                                    material in amount and provisions
                                    constituting reservation and retention of
                                    title clauses entered into in the ordinary

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                                    course of the Business in favour of
                                    suppliers of goods purchased in the ordinary
                                    course of the Business);

          "EXAMINATION AND          the Ministry of Foreign Trade and Economic
           APPROVAL AUTHORITY"      Co-operation of the PRC or its relevant
                                    branch which has the authority to approve
                                    the transfer of the Sinda Interest from CO
                                    Air (HK) to the Purchaser;

          "EXCLUDED ASSETS"         those assets used in or relating to the
                                    Business which are excluded from the sale
                                    and purchase and which are identified in
                                    Schedule 2;

          "GOODWILL"                the goodwill of the Vendors in connection
                                    with the Business including the exclusive
                                    right for the Purchaser to represent itself
                                    as carrying on the Business in succession to
                                    the Vendors;

          "HONG KONG"               the Hong Kong Special Administrative Region
                                    of the PRC;

          "HONG KONG DISCLOSURE     the bundle of documents annexed to the
          BUNDLE"                   Disclosure Letter marked "Hong Kong
                                    Disclosure Bundle" and initialled for
                                    purposes of identification by the
                                    Purchaser's Solicitors and the Vendors'
                                    Solicitors;

          "INSURANCES"              the policies of assurance and insurance,
                                    particulars of which are set out in Schedule
                                    12;

          "INTELLECTUAL PROPERTY"   the following rights arising or used in
                                    connection with the Business (including but
                                    not limited to those listed in Schedule 4):

                                    (i)    all patents, registered designs,
                                           design rights, trade marks, service
                                           marks, copyrights, Internet domain
                                           names of any level, rights in circuit
                                           layouts, topography rights, trade and
                                           business names, including the benefit
                                           of all registrations of and
                                           applications to register and rights
                                           to apply for registration of any of
                                           the aforesaid items, and all rights
                                           in the nature of any of the aforesaid
                                           items, anywhere in the world;

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                                    (ii)   rights in the nature of unfair
                                           competition rights and rights to sue
                                           for passing off;

                                    (iii)  all trade secret, confidentiality and
                                           other proprietary rights, including
                                           all rights to know-how and other
                                           technical information;

                                    (iv)   the benefit of all licences and
                                           permissions granted to or enjoyed by
                                           the Vendors in respect of any of the
                                           foregoing;

          "KEY HK/PRC               David Cheng, Lai, Alex Chan, Tobby Chan and
          EMPLOYEES"                Jeffrey Cheng;

          "LEASED PROPERTIES"       the properties occupied by the Vendors, for
                                    the purposes of the Business, which are
                                    described in Schedule 3 Part 2;

         "LEASES"                   all the leases, sub-leases, tenancy
                                    agreements, sub-tenancy agreements, licences
                                    or other documents (including any options
                                    for extension or renewal relating thereto)
                                    granted or agreed to be granted to either of
                                    the Vendors or pursuant to which either of
                                    the Vendors holds or occupies any property
                                    for the purposes of the Business, details of
                                    which are set out in Schedule 3;

          "LEASING AGREEMENTS"      the leasing and hire purchase agreements
                                    listed in Schedule 5;

          "LOGISTICS MANAGEMENT"    The Logistics Management Group Limited, a
                                    company incorporated in the British Virgin
                                    Islands;

          "MACHINERY AND            the movable plant, machinery, vehicles,
          EQUIPMENT"                office and warehouse equipment, computer
                                    hardware and software, furniture and
                                    furnishings, together with all spare parts,
                                    accessories and consumable supplies therefor
                                    owned or used by the Vendors in the Business
                                    immediately prior to Completion (excluding
                                    the Excluded Assets and any items which are
                                    not owned by the Vendors but for which the
                                    Vendors have a right of user pursuant to a
                                    Purchased Contract) including without
                                    limitation those items which are described
                                    in Schedule 6;

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          "MANAGEMENT ACCOUNTS"     the CO Air Management Accounts and the CO
                                    Container Management Accounts;

          "MONTH"                   calendar month;

          "OCCUPATIONAL             an occupational retirement scheme within the
          RETIREMENT SCHEME"        meaning given to that term in section 2 of
                                    the Occupational Retirement Schemes
                                    Ordinance (Chapter 426 of the Laws of Hong
                                    Kong);

          "OWNED PROPERTIES"        the properties, short particulars of which
                                    are set out in Schedule 3 Part 1;

          "PARTIES"                 the named parties to this Agreement and
                                    their respective successors, personal
                                    representatives and permitted assigns;

          "PATENTS"                 the patents, petty patents and registered
                                    designs and applications therefor listed in
                                    Schedule 4 Part 1;

          "PRC"                     the People's Republic of China but
                                    excluding, for the purposes of this
                                    Agreement, Hong Kong, Macau and Taiwan;

          "PROPERTIES"              the Owned Properties and the Leased
                                    Properties;

          "PURCHASE PRICE"          the total price to be paid by the Purchaser
                                    under Clause 3.1 of this Agreement;

          "PURCHASED CONTRACTS"     (i) the Leasing Agreements; (ii) all
                                    contracts for the supply of services by the
                                    Vendors in connection with the Business
                                    which are in existence at the date hereof
                                    and which are not fully performed prior to
                                    commencement of business on the Completion
                                    Date (a list of those contracts which are in
                                    writing is set out in Schedule 8 Part 1);
                                    (iii) all the written purchase orders or
                                    contracts for the purchase by the Vendors of
                                    supplies in connection with the Business
                                    which are in existence at the date hereof in
                                    respect of which delivery has not been made
                                    on or before the commencement of business on
                                    the Completion Date (a list of which is set
                                    out in Schedule 8 Part 2); (iv) all licences
                                    granted by the Vendors in relation to the
                                    Intellectual Property which are in existence
                                    at the date hereof (a list of which is set
                                    out in Schedule 8 Part 3); (v) all
                                    agreements with airlines, shipping

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                                    lines, transportation companies and
                                    warehouses in connection with the Business
                                    which are in existence at the date hereof
                                    and have not been fully performed (a list of
                                    which is set out in Schedule 8 Part 4); and
                                    (vii) other than leases under which the
                                    Vendors occupy the Leased Properties, all
                                    other contracts entered into in the course
                                    of carrying on the Business to which either
                                    of the Vendors is a party and which have not
                                    been fully performed prior to commencement
                                    of business on the Completion Date which
                                    relate to the Business and which (a) if
                                    entered into prior to the date hereof are
                                    listed in Schedule 8 Part 5 or (b) if
                                    entered into after the date hereof are
                                    approved by the Purchaser under Clause 5.1;

          "PURCHASER'S SOLICITORS"  Baker & McKenzie of 14th Floor, Hutchison
                                    House, 10 Harcourt Road, Central, Hong Kong;

          "RELATED COMPANY"         in relation to the Vendors, a company in
                                    which one or more directors or substantial
                                    shareholders of either of the Vendors and/or
                                    its holding company either have a beneficial
                                    interest or are in a position to exercise
                                    significant influence therein;

          "RETAINED PURCHASE        the retained purchase price to be paid by
          PRICE"                    the Purchaser pursuant to Clause 3.1.2;

          "RETIREMENT SCHEME"       the Continental Air Express (HK) Limited
                                    Retirement Scheme registered under the
                                    Occupational Retirement Schemes Ordinance
                                    (Chapter 426 of the Laws of Hong Kong) with
                                    registration number R015631(A), which was
                                    established by a deed of participation dated
                                    5 July 1996 and all rules and regulations
                                    made in connection therewith;

          "SALES DOCUMENTATION"     all sales publications, advertising and
                                    promotional materials, printed terms and
                                    conditions of sale, business forms,
                                    instructional material and other technical
                                    and sales materials which relate to the
                                    Business, together with any plates, blocks,
                                    negatives, computer discs or tapes and
                                    similar items relating to them;

          "SECURITIES ACT"          The United States Securities Act of 1933 (as
                                    amended);

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          "SERVICE AGREEMENTS"      the service agreements substantially in the
                                    form set out in Schedule 14;

          "SINDA"                   Sinda International Transportation Service
                                    Co., Ltd. (a Sino-foreign equity joint
                                    venture company established under the laws
                                    of the PRC;

          "SINDA BUSINESS"          the business of customs brokerage, freight
                                    forwarding, warehousing and distribution and
                                    other related services as carried on by
                                    Sinda immediately prior to Completion;

          "SINDA DECEMBER           the audited financial statements of Sinda as
          ACCOUNTS"                 at and for the accounting period which ended
                                    on the Accounting Date (comprising a balance
                                    sheet, profit and loss account and auditors'
                                    report), a copy of which is annexed hereto
                                    as Annexure 3 and initialled for the
                                    purposes of identification by the Vendors
                                    and the Purchaser;

          "SINDA INTEREST"          CO Air (HK)'s 51% equity interest in Sinda;

          "SINDA MARCH ACCOUNTS"    the audited financial statements of Sinda as
                                    at 31 March 2000 and for the period from 1
                                    April 1999 to 31 March 2000 (comprising a
                                    balance sheet, profit and loss account and
                                    auditors' report), a copy of which is
                                    annexed hereto as Annexure 7 and initialled
                                    for purposes of identification by the
                                    Vendors and the Purchaser;

          "TAX"                     all forms of taxation, estate duties,
                                    deductions, withholdings, duties, imposts,
                                    levies, fees, charges, social security
                                    contributions and rates imposed, levied,
                                    collected, withheld or assessed by any
                                    local, municipal, regional, urban,
                                    governmental, state, federal or other body
                                    in Hong Kong or elsewhere and any interest,
                                    additional taxation, penalty, surcharge or
                                    fine in connection therewith;

          "THIRD PARTY RIGHTS"      the rights given or granted to the Vendors
                                    by third parties for the use by the Vendors
                                    of the trade marks, service marks, trade
                                    names, patents, designs and copyright as
                                    listed in Part 4 of Schedule 4 and know-how
                                    and confidential information owned by such
                                    third parties and any other rights given to
                                    the

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                                    Vendors under any agreements including but
                                    not limited to, licence, distribution,
                                    marketing or sales agreements, for use in or
                                    relating to the Business and which rights
                                    are assignable from the Vendors to the
                                    Purchaser;

          "TRADE MARKS"             the registered trade marks and trade mark
                                    applications listed in Schedule 4 Part 2;

          "TRANSFER CONTRACT"       a contract to be signed by CO Air (HK) and
                                    the Purchaser for effecting the transfer of
                                    the Sinda Interest in form and substance
                                    satisfactory to the Purchaser;

          "TRANSFERRING EMPLOYEES"  all of the employees of the Vendors whose
                                    employment is to be transferred to the
                                    Purchaser, a list of whom appears in
                                    Schedule 7;

          "US BUSINESS"             the business of customs brokerage, freight
                                    forwarding, warehousing and distribution and
                                    other related services as carried on by the
                                    US Vendors immediately prior to Completion
                                    (as defined in the US Agreement) including
                                    that carried on under the names "Continental
                                    Container Line, Inc." and "Continental Cargo
                                    Logistics Inc.";

          "US PURCHASER"            Union-Transport Corporation, a company
                                    incorporated in the State of New York, USA;

          "US VENDORS"              CO Container (US), CO Cargo (NY) and CO
                                    Cargo (CA);

          "USA"                     United States of America;

          "UTI GROUP"               UTi Worldwide and its subsidiaries;

          "VENDORS' SOLICITORS"     Tsang, Chan & Wong of 16th Floor, Wing On
                                    House, 71 Des Voeux Road Central, Hong Kong;

          "WARRANTIES"              the representations, warranties and
                                    undertakings contained or referred to in
                                    Clause 14 and Schedule 1;

          "YEAR-ONE NET PROFIT"     subject as provided in Clause 3.2, the net
                                    profit before tax of the Business, the Sinda
                                    Business and

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                                    the US Business for the 12-month period
                                    immediately after Completion;

          "YEAR-TWO NET PROFIT"     subject as provided in Clause 3.2, the net
                                    profit before tax of the Business, the Sinda
                                    Business and the US Business for the
                                    12-month period commencing on the date
                                    immediately after the expiration of 12
                                    months after Completion and ending on the
                                    date falling 24 months after Completion;

          "YEAR-THREE NET PROFIT"   subject as provided in Clause 3.2, the net
                                    profit before tax of the Business, the Sinda
                                    Business and the US Business for the
                                    12-month period commencing on the date
                                    immediately after the expiration of 24
                                    months after Completion and ending on the
                                    date falling 36 months after Completion;

          "YEARLY NET PROFITS"      the Year-one Net Profit, Year-two Net Profit
                                    and Year-three Net Profit;

          "HK$"                     Hong Kong dollars, the lawful currency of
                                    Hong Kong;

          "RMB"                     Renminbi, the lawful currency of the PRC;
                                    and

          "US$"                     United States dollars, the lawful currency
                                    of the USA.

         1.2      Save where the context otherwise requires words and phrases
                  the definitions of which are contained or referred to in the
                  Companies Ordinance shall be construed as having the meaning
                  thereby attributed to them.

         1.3      Any references, express or implied, to statutes or statutory
                  provisions shall be construed as references to those statutes
                  or provisions as respectively amended or re-enacted or as
                  their application is modified from time to time by other
                  provisions (whether before or after the date hereof) and shall
                  include any statutes or provisions of which they are
                  re-enactments (whether with or without modification) and any
                  orders, regulations, instruments or other subordinate
                  legislation under the relevant statute or statutory provision.
                  References to sections of consolidating legislation shall
                  wherever necessary or appropriate in the context be construed
                  as including references to the sections of the previous
                  legislation from which the consolidating legislation has been
                  prepared.

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                                                                        REDACTED

         1.4      References in this Agreement to Clauses, Schedules, Annexures
                  and Attachments are to clauses in and schedules, annexures and
                  attachments to this Agreement (unless the context otherwise
                  requires). The Recitals, Schedules, Annexures and Attachments
                  to this Agreement shall be deemed to form part of this
                  Agreement.

         1.5      Headings are inserted for convenience only and shall not
                  affect the construction of this Agreement.

         1.6      The expressions "CO Air (HK)", "CO Container (HK)", "the
                  Vendors", "the Purchaser", "David Cheng", "Lai", "Barnhill",
                  "Bello", "Cataldo", "Alex Chan", "Tobby Chan", "Chau",
                  "Jeffrey Cheng", "Joe Ng", "Sai Ng", "the Key Employees", "the
                  Covenantors", "UTi Worldwide" and "the Warrantors" shall,
                  where the context permits, include their respective
                  successors, personal representatives and permitted assigns.

         1.7      References to "persons" shall include bodies corporate,
                  unincorporated associations and partnerships (whether or not
                  having separate legal personality).

         1.8      References to writing shall include any methods of producing
                  or reproducing words in a legible and non-transitory form.

         1.9      The masculine gender shall include the feminine and neuter and
                  the singular number shall include the plural and vice versa.

         1.10     All warranties, representations, indemnities, covenants,
                  agreements and obligations given or entered into by more than
                  one person are given or entered into jointly and severally.

         1.11     A document expressed to be "in the approved terms" means a
                  document the terms of which have been approved by or on behalf
                  of the Vendors and the Purchaser and a copy of which has been
                  signed for the purposes of identification by or on behalf of
                  those Parties.

         1.12     In construing this Agreement:

                  1.12.1       the rule known as the ejusdem generis rule shall
                               not apply and, accordingly, general words
                               introduced by the word "other" shall not be given
                               a restrictive meaning by reason of the fact that
                               they are preceded by words indicating a
                               particular class of acts, matters or things; and

                  1.12.2       general words shall not be given a restrictive
                               meaning by reason of the fact that they are
                               followed by particular examples intended to be
                               embraced by the general words.

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<PAGE>   18
                                                                        REDACTED

2.       SALE OF ASSETS

         2.1      Subject to the terms of this Agreement, each of the Vendors
                  shall sell as beneficial owner, and the Purchaser shall
                  purchase, the Business carried on by each of the Vendors
                  respectively as a going concern and all of the Assets relating
                  to the Business carried on by each of the Vendors respectively
                  free from all Encumbrances. The sale and purchase shall take
                  effect from the Completion Date subject to Completion.

         2.2      Nothing in this Agreement shall operate to transfer from the
                  Vendors, nor to impose any obligation or liability on the
                  Purchaser in respect of, any of the Excluded Assets nor any
                  other assets or liabilities of the Vendors except as
                  specifically provided in this Agreement.

3.       PAYMENT OF PURCHASE PRICE

         3.1      The Purchase Price shall be satisfied by the Purchaser as
                  follows:

                  3.1.1    the sum of US$ *** shall be paid on account of the
                           Purchase Price at Completion as provided in Clause 6;

                  3.1.2    the Retained Purchase Price shall be payable as
                           follows:

                           3.1.2.1  the sum of US$ *** shall be payable (subject
                                    to the proviso below in this Clause 3.1.2)
                                    in cash on or before 31 October 2000;

                                    3.1.2.2  subject to any adjustment pursuant
                                             to Clause 3.3, a sum equal to ***
                                             of *** times the Year-one Net
                                             Profit shall be payable in cash
                                             within 14 months after Completion;

                                    3.1.2.3  subject to any adjustment pursuant
                                             to Clause 3.3, a sum equal to ***
                                             of *** times the Year-two Net
                                             Profit shall be payable in cash
                                             within 26 months after Completion;
                                             and

                                    3.1.2.4  subject to any adjustment pursuant
                                             to Clause 3.3, a sum equal to ***
                                             of *** times the Year-three Net
                                             Profit shall be payable in cash
                                             within 38 months after Completion,

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* Information omitted and filed separately with the Commission for confidential
  treatment.

                                       15
<PAGE>   19
                                                                        REDACTED

                  in each case by delivery to each of the Vendors of a banker's
                  draft for the amount of payment payable in US dollars to the
                  Vendors in the proportion of *** to CO Air (HK) and *** to
                  CO Container (HK) (or to such other person and in such other
                  proportion as the Vendors in writing may direct) or by such
                  other method as may be agreed by the Vendors and the Purchaser
                  in writing,

                  Provided That if the ordinary shares of UTi Worldwide ("UTI
                  SHARES") are listed on any stock exchange in the USA through
                  an underwritten public offering before 31 October 2000, then
                  the amount of payment payable to the Vendors pursuant to
                  Clause 3.1.2.1 shall be made by way of the allotment and issue
                  to Lai and Jeffrey Cheng (as provided below) in the aggregate
                  of such number of new unregistered, restricted UTi Shares (the
                  "CONSIDERATION SHARES") to be calculated by dividing the said
                  amount of payment by the offer price per share of the UTi
                  Shares in the said public offering (by rounding down to the
                  nearest integral number of shares, if applicable), with any
                  balance (not exceeding the amount of such offer price per
                  share) arising from such rounding down being payable in cash
                  to CO Air (HK). Each of the Vendors, Lai and Jeffrey Cheng
                  hereby agrees that once the number of Consideration Shares
                  have been determined, then the Consideration Shares shall be
                  allotted and issued to Lai and Jeffrey Cheng in the proportion
                  as nearby as possible to 60:40. For the avoidance of doubt,
                  allotment and issue to Lai and Jeffrey Cheng of the
                  Consideration Shares and the payment of the balancing amount
                  to CO Air (HK) in accordance with this proviso to Clause 3.1.2
                  shall constitute payment, satisfaction and discharge in full
                  of the amount payable to the Vendors pursuant to Clause
                  3.1.2.1.

         3.2      For the purposes of the calculation of each of the Yearly Net
                  Profits:

                  3.2.1    any cost savings arising from synergies of the
                           Business with other businesses of the Purchaser or
                           synergies of the US Business with other businesses of
                           the US Purchaser as agreed between the Vendors and
                           the Purchaser shall be split *** respectively between
                           the Business and the other businesses of the
                           Purchaser or between the US Business and the other
                           businesses of the US Purchaser, as the case may be;

                  3.2.2    the Purchaser agrees that it will not charge the
                           Business, the Sinda Business or the US Business for
                           the use of the Purchaser's own internally designed
                           information technology software systems. However, any
                           information technology or related costs specifically
                           incurred in connection with the Business, the Sinda
                           Business or the US

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* Information omitted and filed separately with the Commission for confidential
  treatment.

                                       16
<PAGE>   20
                                                                        REDACTED

                           Business will be charged to the Business, the Sinda
                           Business and the US Business at cost;

                  3.2.3    the Purchaser agrees that no head office management
                           fees will be charged to the Business, the Sinda
                           Business or the US Business; and

                  3.2.4    amounts in RMB and in Hong Kong dollars shall be
                           translated into US dollars at:

                           3.2.4.1  the average of the relevant spot buying and
                                    selling rates prevailing at or around noon
                                    (Hong Kong time) on the last business day in
                                    the relevant 12-month period covered by the
                                    relevant Yearly Net Profit as quoted by The
                                    Hongkong and Shanghai Banking Corporation
                                    Limited ("The Hongkong Bank") as may be
                                    displayed on the Hexagon System of The
                                    Hongkong Bank or such other system of The
                                    Hongkong Bank as may replace the Hexagon
                                    System for the purpose of displaying spot
                                    buying and selling rates of RMB against US
                                    dollars or Hong Kong dollars against US
                                    dollars (as the case may be) of The Hongkong
                                    Bank; and

                           3.2.4.2  if the relevant rate described in Clause
                                    3.2.4.1 is unavailable, the relevant spot
                                    buying rate for RMB against US dollars or
                                    Hong Kong dollars against US dollars (as the
                                    case may be) on the last business day in the
                                    relevant 12-month period covered by the
                                    relevant Yearly Net Profit displayed on the
                                    Reuters Business Briefing system,

                           Provided That in the event that the Purchaser is
                           unable to calculate any of the Yearly Net Profits due
                           to a subsequent merger or acquisition, then the
                           amount of such Yearly Net Profit shall be deemed to
                           be US$5,400,000 (five million four hundred thousand
                           United States dollars) for the purposes of Clause
                           3.1.2.

         3.3      The unaudited net profit before tax ("UNAUDITED NET PROFIT")
                  of CO Container (US), CO Cargo (NY) and CO Cargo (CA) for the
                  12-month period ended 31 December 1999 as shown in the
                  respective management accounts for such period are US$778,267,
                  US$609,805 and US$84,403 respectively. The Warrantors
                  undertake to use their best endeavours to deliver to the
                  Purchaser, no later than the date falling 14 months after
                  Completion, audited financial statements (the "US ACCOUNTS")
                  of each of the US Vendors as at and for the accounting period
                  ended on 31 December 1999. The Retained Purchase Price shall
                  be adjusted as follows:

                           3.3.1    if any of the US Accounts are delivered to
                                    the Purchaser as provided above and the
                                    total audited net profit before tax ("TOTAL
                                    AUDITED

                                       17
<PAGE>   21
                                                                        REDACTED

                                    FIGURE") of those US Vendors (the "AUDITED
                                    US VENDORS") in respect of which the US
                                    Accounts are so delivered, as shown by the
                                    relevant US Accounts (which shall be
                                    calculated by adding all such net profit
                                    figures for each US Vendor and deducting any
                                    net loss figure for any US Vendor, and which
                                    total amount may therefore be either
                                    positive or negative), shall be less than
                                    the sum of the Unaudited Net Profit figures
                                    for the Audited US Vendors, the Retained
                                    Purchase Price payable pursuant to Clauses
                                    3.1.2.2 to 3.1.2.4 shall be reduced by an
                                    amount equal to *** times the arithmetic
                                    difference between: (1) the sum of the
                                    Unaudited Net Profit figures for the Audited
                                    US Vendors and (2) the Total Audited Figure;
                                    and

                           3.3.2    if the US Accounts for any US Vendor are not
                                    delivered to the Purchaser as provided
                                    above, the Retained Purchase Price payable
                                    pursuant to Clauses 3.1.2.2 to 3.1.2.4 shall
                                    be reduced by an amount equal to US$***
                                    for each US Vendor whose US Accounts are not
                                    delivered to the Purchaser as provided
                                    above,

                  Provided That the adjustments to the Retained Purchase Price
                  in this Clause 3.3 shall: (1) first be made to the Retained
                  Purchase Price payable pursuant to Clause 3.1.2.2; (2) only be
                  made to the Retained Purchase Price payable pursuant to Clause
                  3.1.2.3 to the extent that the amount of adjustment is greater
                  than the original Retained Purchase Price payable pursuant to
                  Clause 3.1.2.2 (before adjustment); and (3) only be made to
                  the Retained Purchase Price payable pursuant to Clause 3.1.2.4
                  to the extent that the amount of adjustment is greater than
                  the sum of the original Retained Purchase Price payable
                  pursuant to Clauses 3.1.2.2 and 3.1.2.3 (both before
                  adjustment).

         3.4      In consideration of the Vendors entering into this Agreement,
                  UTi Worldwide hereby irrevocably guarantees to each of the
                  Vendors the due and punctual performance and observance by the
                  Purchaser of its obligations under Clauses 3.1.2.2 to 3.1.2.4.
                  If the Purchaser defaults in the performance of any one or
                  more of its obligations under Clauses 3.1.2.2 to 3.1.2.4, UTi
                  Worldwide shall forthwith perform, guarantee the performance
                  of and satisfy the obligation or liability in regard to which
                  such default has been made in the manner prescribed in this
                  Agreement.

         3.5      The guarantees given by UTi Worldwide in Clause 3.4 shall be a
                  continuing security and shall be in addition to and without
                  prejudice to all other legal rights and remedies which the
                  Vendors may have against the Purchaser under this Agreement.

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* Information omitted and filed separately with the Commission for confidential
  treatment.

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                                                                        REDACTED

         3.6      UTi Worldwide acknowledges that the Vendors rely and act upon
                  the guarantees of UTi Worldwide under Clauses 3.4 and 3.5 in
                  their decision to enter into this Agreement in the terms
                  herein contained.

         3.7      Subject as provided below in this Clause, any amounts owing by
                  either of the Vendors to the Purchaser may be set-off by the
                  Purchaser against any amount payable by the Purchaser to the
                  Vendors hereunder. For the avoidance of doubt, but without
                  limiting the generality of the foregoing, any amounts owing by
                  either of the Vendors to the Purchaser pursuant to Clause 10
                  may be set-off by the Purchaser against the Retained Purchase
                  Price, provided that amounts exceeding HK$500,000 owing by
                  either of the Vendors to the Purchaser other than pursuant to
                  Clause 10.1.1 shall have been verified and acknowledged in
                  writing by the relevant Vendor.

4.       CONDITIONS

         4.1      The sale and purchase of the Assets is conditional upon:

                  4.1.1    completion of the sale and purchase of the US
                           Business (and the assets used in it) becoming
                           unconditional in accordance with the terms and
                           conditions set out in the US Agreement;

                  4.1.2    each of the Vendors having complied fully with the
                           obligations set out in Clause 5;

                  4.1.3    delivery by the Vendors to the Purchaser of the
                           Service Agreements for each of the Key HK/PRC
                           Employees (other than David Cheng) (providing for
                           remuneration for each of them substantially on the
                           same terms as set out against each of them
                           respectively in Schedule 7) duly executed by the Key
                           HK/PRC Employees (other than David Cheng); and

                  4.1.4    delivery by the Vendors to the Purchaser of the David
                           Cheng Service Agreement duly executed by David Cheng.

         4.2      The Purchaser may waive all or any of the Conditions at any
                  time by notice in writing to the Vendors' Solicitors.

         4.3      The Vendors shall use their best endeavours to procure the
                  fulfilment of the Conditions on or before the Completion Date.

         4.4      In the event that any of the Conditions shall not have been
                  fulfilled (or waived pursuant to Clause 4.2 by the Purchaser)
                  on the Completion Date, then the Purchaser shall not be bound
                  to proceed with the purchase of the Assets and, save for the
                  provisions of Clauses 1, 4, 18, 19.1, 20.1, 20.2, 20.4, 20.6,
                  20.7, 20.9, 21 and 22 of this Agreement and save in respect of
                  any antecedent breach of this

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                                                                        REDACTED

                  Agreement, all rights and liabilities of the Parties hereunder
                  shall cease and no Party shall have any claim against any
                  other Parties.

5.       PRE-COMPLETION OBLIGATIONS

         5.1      Between the date hereof and the Completion Date, the Vendors
                  shall carry on the Business in the usual and ordinary course
                  consistent with prior practice so as to maintain the same as a
                  going concern (using its best endeavours to preserve its
                  assets, customer and supplier relations, employee relations,
                  business and organisation) and shall ensure that without the
                  prior written consent of the Purchaser:

                  5.1.1    there will be no change, other than changes in the
                           ordinary day-to-day course of business, in the assets
                           or liabilities of the Business;

                  5.1.2    there will be no expenditure of a capital nature
                           exceeding HK$500,000 in value;

                  5.1.3    there will be no acquisition or sale or other
                           disposition of, or creation of any Encumbrance over,
                           any asset used or for use in the Business other than
                           in the ordinary course of the Business;

                  5.1.4    no contracts exceeding 1 month in duration, or which
                           could have a value or liability arising for the
                           Vendors thereunder which could exceed HK$1,000,000
                           will be entered into, varied or terminated;

                  5.1.5    there will be no variation of, or agreement to
                           terminate, any of the Purchased Contracts;

                  5.1.6    there will be no grant or entry into of any licence,
                           franchise or other agreement or arrangement
                           concerning any part of the Intellectual Property;

                  5.1.7    no change will be made to the terms of employment of
                           any of the Transferring Employees, no Transferring
                           Employee will be dismissed and no one will be hired
                           for employment in the Business;

                  5.1.8    there shall be no variation of terms of any of the
                           Leases or grant of any lease or third party right in
                           respect of any of the Leased Properties;

                  5.1.9    no change will be made in the practices of ordering
                           supplies, shipping goods, invoicing customers and
                           collecting debts to those adopted in relation to the
                           Business prior to the commencement of the
                           negotiations which lead to the execution of this
                           Agreement;

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                  5.1.10   no changes in management policy of a significant
                           nature will be instituted; and

                  5.1.11   no agreement, conditional or otherwise, to do any of
                           the foregoing shall be made.

         5.2      As from the date of this Agreement, the Vendors will ensure
                  that the Purchaser and any person authorised by it shall be
                  given such access to the Properties and to any other premises
                  from which the Business is carried on, managed or administered
                  and to all the Books and Records as the Purchaser may
                  reasonably request and be permitted to take copies of any such
                  Books and Records. Each of the Vendors will procure that its
                  directors and employees provide the Purchaser promptly during
                  this period all such information and explanations requested by
                  the Purchaser, and any person authorised by it, in relation to
                  the Business or the Assets.

         5.3      The Purchaser hereby undertakes and warrants that it will not
                  prior to Completion, save as required by law or by the rules
                  of any supervisory or regulatory body or securities exchange
                  to which it is subject, divulge any confidential information
                  relating to the Business obtained by it pursuant to this
                  Agreement to any person other than its own officers, employees
                  or professional advisers, provided that the Purchaser and UTi
                  Worldwide may, without obtaining the prior consent of the
                  other Parties, disclose the contents hereof or the matters
                  contemplated herein to any person (including, but not limited
                  to, the underwriters of UTi Worldwide's shares or their
                  counsel) in respect of or in connection with the proposed
                  registration and listing of the ordinary shares of UTi
                  Worldwide on a stock exchange in the USA.

         5.4      The Vendors shall procure that the Purchaser's interest is
                  noted on all Insurances with effect from the Completion Date,
                  and in the event of any loss or damage arising which is
                  covered by such Insurance will take all steps within its power
                  at the request and direction of the Purchaser to recover from
                  the insurers and, subject to Completion, account to the
                  Purchaser for any payment received.

6.       COMPLETION

         6.1      Subject to the provisions of Clause 4, Completion shall take
                  place on the Completion Date at the offices of the Purchaser's
                  Solicitors when all (but not some only) of the following
                  events shall occur:

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                                                                        REDACTED

                  6.1.1    the Vendors shall:

                           6.1.1.1  place the Purchaser in possession of all of
                                    the Machinery and Equipment, all information
                                    embodying the Intellectual Property, the
                                    Sales Documentation and the Customer List
                                    (in whatever form and upon whatever media
                                    they may be recorded);

                           6.1.1.2  place the Purchaser in possession of all the
                                    Books and Records (other than minute books
                                    relating to directors' and shareholders'
                                    meetings and statutory books);

                           6.1.1.3  deliver to the Purchaser a written
                                    confirmation that the Warrantors are not
                                    aware of any matter or thing which is a
                                    breach of or inconsistent with any of the
                                    Warranties;

                           6.1.1.4  deliver to the Purchaser a certified copy of
                                    a resolution of the board of directors of
                                    each of the Vendors and a certified copy of
                                    a resolution of the shareholders of CO Air
                                    (HK), in each case approving the sale of the
                                    Assets on the terms of this Agreement and
                                    authorising Mr. David Cheng to execute it
                                    for and on behalf of the relevant Vendor;

                           6.1.1.5  deliver to the Purchaser proxies (in such
                                    form as the Purchaser may require) executed
                                    by each of the directors appointed to the
                                    board of directors of Sinda by CO Air (HK)
                                    in favour of such person(s) as may be
                                    nominated by the Purchaser;

                           6.1.1.6  subject to Clause 17.4, deliver to the
                                    Purchaser duly executed assignments or
                                    transfer documents (as the case may be) in
                                    the approved terms in respect of the
                                    assignment or transfer of the licences and
                                    permits granted to or enjoyed by the Vendors
                                    in respect of the Business to the Purchaser;

                           6.1.1.7  deliver to the Purchaser a declaration of
                                    trust by CO (Air) HK in favour of the
                                    Purchaser in respect of the Sinda Interest
                                    in form and substance reasonably
                                    satisfactory to the Purchaser; and

                           6.1.1.8  deliver to the Purchaser a release and
                                    waiver by each of Logistics Management and
                                    CO Air (China) in favour of the Purchaser in
                                    respect of all past, present and future
                                    commissions, fees, expenses and other
                                    payments whatsoever arising from the
                                    carrying on of the Business, in

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                                                                        REDACTED

                                    form and substance reasonably satisfactory
                                    to the Purchaser; and

                           6.1.2    the Purchaser:

                                    6.1.2.1  shall deliver to each of the
                                             Vendors a banker's draft payable to
                                             the Vendors in the proportion of
                                             *** to CO Air (HK) and *** to CO
                                             Container (HK) (or to such other
                                             person and in such other proportion
                                             as the Vendors in writing may
                                             direct) for the sum of US$*** on
                                             account of the Purchase Price or
                                             pay such amount to the Vendors (or
                                             to such other person and in such
                                             proportion as the Vendors in
                                             writing may direct) by such other
                                             method as may be agreed by the
                                             Vendors and the Purchaser in
                                             writing;

                                    6.1.2.2  shall deliver to the Vendors'
                                             Solicitors a certified copy of a
                                             resolution of the board of
                                             directors of the Purchaser
                                             approving the purchase of the
                                             Business on the terms of this
                                             Agreement and authorising Mr. Alan
                                             Draper to execute it for and on
                                             behalf of the Purchaser; and

                                    6.1.2.3  shall deliver to the Vendors'
                                             Solicitors a certified copy of a
                                             resolution of the board of
                                             directors of UTi Worldwide
                                             approving the terms of and the
                                             guarantees provided by it under
                                             this Agreement and authorising a
                                             specified person(s) to execute this
                                             Agreement for and on behalf of UTi
                                             Worldwide.

         6.2      Without prejudice to any other remedies available to the
                  Purchaser:

                  6.2.1    if in any respect the provisions of Clause 6.1 are
                           not complied with by either of the Vendors on the
                           Completion Date, the Purchaser may proceed to
                           Completion so far as practicable (without prejudice
                           to its rights under this Agreement); or

                  6.2.2    if the provisions of Clause 6.1.1.4 is not complied
                           with by either of the Vendors on the Completion Date,
                           the Purchaser may rescind this Agreement.

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* Information omitted and filed separately with the Commission for confidential
  treatment.

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7.       ASSIGNMENT OR NOVATION OF LEASED PROPERTIES

         Each of the Vendors shall procure the consent or approval of any person
         who is not a party to this Agreement (including but not limited to the
         reversioners or mortgagees of the Leased Properties) for the assignment
         or novation of the Leases in respect of the Leased Properties and shall
         assign or novate the same to the Purchaser on the terms set out in
         Schedule 3 Part 4.

8.       APPORTIONMENTS

         8.1      The following items of expenditure and income shall be
                  apportioned such that the cost of items of expenditure
                  accrued, or referable to periods, prior to the Completion Date
                  shall be borne by the Vendors and thereafter by the Purchaser
                  and the benefit of items of income accrued, or referable to
                  periods, prior to the Completion Date shall belong to the
                  Vendors and thereafter to the Purchaser:

                  8.1.1    all rents, rates, gas, water, electricity and
                           telephone charges and other outgoings relating to or
                           payable in respect of the Leased Properties;

                  8.1.2    all rents, royalties and other periodical payments
                           receivable in respect of the Business;

                  8.1.3    all vehicle licence fees payable in respect of any
                           motor vehicles included in the Machinery and
                           Equipment;

                  8.1.4    all salaries, wages, accrued holiday pay entitlement,
                           and other emoluments and all statutory contributions,
                           salaries tax and employer's contributions to the
                           Retirement Scheme relating to the employment of the
                           Transferring Employees in the Business;

                  8.1.5    all pre-payments made, and all deposits received, by
                           the Vendors under the Purchased Contracts; and

                  8.1.6    all rents, royalties, licence fees and other
                           periodical payments in respect of the Business.

         8.2      The Vendors and the Purchaser shall use all reasonable
                  endeavours to draw up and agree a statement of the
                  apportionments referred to in Clause 8.1, and the balance
                  owing by either the Vendors or the Purchaser to one another,
                  as soon as practicable after the Completion Date. If such
                  statement has not been prepared and agreed within 30 days
                  after the Completion Date, either the Vendors or the Purchaser
                  may refer the matter for resolution in accordance with the
                  procedure in Clause 16. Payment of the balance agreed, or
                  determined under Clause 16 to be due, shall be made within 14
                  days after agreement or determination (as the case may be)
                  together with interest on the amount due from and including
                  the Completion Date down to but not including the date of
                  payment at the rate of 2%

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                                                                        REDACTED

         above the best lending rate from time to time of The Hongkong Bank,
         compounded on the last days of March, June, September and December in
         each year.

9.       TRANSFER OF BUSINESSES (PROTECTION OF CREDITORS) ORDINANCE (CHAPTER 49
         OF THE LAWS OF HONG KONG)

         As soon as practicable after Completion, the Parties shall procure that
         a notice of transfer relating to the sale and purchase of the Business
         is published in accordance with the provisions of the Transfer of
         Businesses (Protection of Creditors) Ordinance. The publication costs
         in relation thereto shall be borne equally between the Vendors on the
         one hand and the Purchaser on the other hand. Any such notice shall be
         in the form set out in Schedule 11 and shall be given without prejudice
         to the rights and obligations of the Parties, as against each other,
         under this Agreement.

10.      RESPONSIBILITY FOR LIABILITIES

         10.1     Without prejudice to the Warranties, the Vendors shall be
                  responsible for, and shall keep the Purchaser fully and
                  effectively indemnified against:

                  10.1.1   all debts, obligations and liabilities arising from
                           the carrying on of the Business prior to the
                           Completion Date including, for the avoidance of
                           doubt, all liabilities arising (whether before or
                           after the Completion Date) by virtue of the Transfer
                           of Businesses (Protection of Creditors) Ordinance and
                           all liabilities arising (whether before or after the
                           Completion Date) in respect of warranties given to
                           purchasers of services from the Vendors;

                  10.1.2   all claims by and liabilities to third parties in
                           respect of any negligent act or omission or breach of
                           obligation of the Vendors prior to the Completion
                           Date;

                  10.1.3   all liabilities or obligations to banks or other
                           non-trade creditors, and all Tax liabilities of the
                           Vendors;

                  10.1.4   all obligations and liabilities accrued or falling to
                           be performed under, or arising out of the manner of
                           performance of, the Purchased Contracts up to (but
                           excluding) the Completion Date; and

                  10.1.5   all commissions, fees, expenses, debts, obligations
                           and liabilities owed to Logistics Management and CO
                           Air (China) arising from the carrying on of the
                           Business (whether before or after the Completion
                           Date). The Vendors represent and warrant that no
                           commissions, fees, expenses or any other payments
                           whatsoever arising from the carrying on of the
                           Business shall be payable to Logistics Management or
                           CO Air (China) on or after the Completion Date.

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                                                                        REDACTED

         10.2     With effect from the Completion Date the Purchaser shall:

                  10.2.1   observe and perform or procure to be observed and
                           performed all the obligations of the Vendors under
                           the Purchased Contracts and Leases except insofar as
                           such obligations should have been performed before
                           the Completion Date;

                  10.2.2   assume responsibility for payment for all goods
                           delivered to, or services received by, the Purchaser
                           under the Purchased Contracts and Leases on or after
                           the Completion Date whether the invoices for such
                           goods or services are received before or after the
                           Completion Date; and

                  10.2.3   keep the Vendors fully and effectively indemnified
                           against any liability howsoever arising from the
                           failure of the Purchaser to perform its obligations
                           under Clauses 10.2.1 and 10.2.2.

         10.3     Each of the Vendors agrees with the Purchaser that it will, in
                  accordance with its normal practice, pay, satisfy or discharge
                  all debts, liabilities and obligations relating in any way to
                  the Business which are not expressly assumed by the Purchaser
                  hereunder. If the Purchaser becomes aware that either of the
                  Vendors has failed to discharge any such liabilities and
                  believes that this failure may damage the goodwill of the
                  Business as carried on by the Purchaser after Completion, it
                  may give notice of that fact to the relevant Vendor. If the
                  relevant Vendor does not provide reasonable evidence that the
                  liability in question is disputed, the Purchaser may satisfy
                  such liability on the relevant Vendor's behalf and shall be
                  entitled to immediate reimbursement from the relevant Vendor
                  of the amount paid by the Purchaser, together with interest
                  thereon at the rate of 2% above the best lending rate from
                  time to time of The Hongkong Bank, compounded on the last days
                  of March, June, September and December in each year from and
                  including the date of payment to but not including the date of
                  reimbursement Provided that the said entitlement of the
                  Purchaser to reimbursement shall not arise unless and until
                  the said notice has been duly served on the relevant Vendor
                  with reasonable evidence in support of the Purchaser's claim
                  therein.

         10.4     With effect from the Completion Date all complaints received
                  by the Vendors or the Purchaser from customers of the Business
                  in relation to services rendered prior to the Completion Date
                  shall be dealt with as follows:

                  10.4.1   all such complaints shall be referred in the first
                           instance to the Purchaser who will endeavour to
                           resolve them in accordance with the procedures and
                           practices previously employed by the Vendors in the
                           Business;

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                                                                        REDACTED

                  10.4.2   if any complaint cannot be resolved by the Purchaser,
                           it shall be referred to the Vendors who shall be
                           responsible at its own expense for resolving the
                           same;

                  10.4.3   each Party will provide any information or assistance
                           reasonably requested by another Party in dealing with
                           complaints under this Clause 10.4;

                  10.4.4   the Vendors will reimburse to the Purchaser on demand
                           all reasonable expenses and costs incurred in dealing
                           with complaints under this Clause 10.4 including,
                           without limitation, the full cost of its employees'
                           time involved;

                  10.4.5   the Purchaser will not make any admission of
                           liability in relation to any complaint without the
                           relevant Vendor's prior consent (which shall not be
                           unreasonably withheld or delayed) but shall otherwise
                           be free to deal with complaints in a manner
                           consistent with prior practice so as to maintain and
                           preserve the goodwill of the Business.

11.      THIRD PARTY CONSENTS

         11.1     If any consent or approval of any person who is not a party to
                  this Agreement is required for the transfer to the Purchaser
                  of the benefit of any of the Purchased Contracts and any such
                  consent or approval has not been received at or prior to
                  Completion:

                  11.1.1   this Agreement shall not constitute an assignment or
                           attempted assignment of any such Purchased Contract
                           whose terms would be broken by an assignment or
                           attempted assignment;

                  11.1.2   the assignment of each such Purchased Contract shall
                           be conditional upon such consent which the Vendors
                           shall use their best endeavours to obtain as soon as
                           practicable; and

                  11.1.3   until such time as such consent or approval is
                           received to the satisfaction of the Purchaser, the
                           Vendors shall be deemed to be holding the benefit
                           thereof in trust for the Purchaser.

         11.2     The Transfer Contract and the amendment contract referred to
                  in Clause 17.9.3 shall be conditional upon the approvals of
                  the Examination and Approval Authority and the Civil Aviation
                  Administration of China referred to in Clause 17.10 and shall
                  take effect from the date of obtaining the same or from such
                  other date(s) as may be specified in such approvals.

         11.3     Upon Completion and until such time as the approvals referred
                  to in Clause 17.10 are obtained, to the satisfaction of the
                  Purchaser:

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<PAGE>   31
                                                                        REDACTED

                  11.3.1   the Warrantors shall, subject to receipt of a Request
                           referred to in Clause 15.2 to change the name of CO
                           Air (HK), procure that CO Air (HK) shall remain
                           validly in existence in the same name as that at the
                           date hereof and CO Air (HK) shall be deemed to be
                           holding the Sinda Interest in trust for the
                           Purchaser;

                  11.3.2   CO Air (HK) shall, and shall procure the Chinese
                           Party and Sinda to, carry on the business of Sinda in
                           the usual and ordinary course so as to maintain the
                           same as a going concern (using their respective best
                           endeavours to preserve the assets, customer and
                           supplier relations, permits and licences, employee
                           relations, business and organisation of Sinda); and

                  11.3.3   the Purchaser shall reimburse and indemnify CO Air
                           (HK) on a full indemnity basis from and against all
                           costs, proceedings, claims, demands and expenses
                           which may be incurred by CO Air (HK) in connection
                           with and incidental to its holding of the Sinda
                           Interest in trust for the Purchaser after the
                           Completion Date otherwise than due to the negligence,
                           wilful default or fraud on the part of CO Air (HK) or
                           its directors, officers and agents.

         11.4     Once the approvals referred to in Clause 17.10 have been
                  obtained, the Vendors shall, and shall procure the Chinese
                  Party and Sinda to, attend to the amendment of all existing
                  permits and licences held by Sinda (including, without
                  limitation, the Class "A" Licence) to reflect the change in,
                  inter alia, the foreign joint venture party from CO Air (HK)
                  to the Purchaser and all other matters incidental thereto.

12.      EMPLOYEES

         12.1     The Purchaser agrees that the Transferring Employees shall be
                  offered employment with the Purchaser with effect from the
                  Completion Date on terms no less favourable than those then
                  enjoyed with the relevant Vendor.

         12.2     On the date hereof, the Vendors and the Purchaser will jointly
                  inform each of the Transferring Employees, whose employment is
                  subject to and governed by Hong Kong law, in writing of the
                  sale of the business hereby agreed and will issue a joint
                  letter in the terms set out in Schedule 9 to each such
                  Transferring Employee giving notice of termination of his
                  employment with the relevant Vendor and containing an offer by
                  the Purchaser of re-engagement of such employee on terms no
                  less favourable than his then existing terms of employment.

         12.3     The Vendors shall use all reasonable endeavours to persuade
                  the Transferring Employees to accept employment with the
                  Purchaser on such terms as aforesaid.

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<PAGE>   32
                                                                        REDACTED

         12.4     The Vendors shall fully indemnify and keep indemnified the
                  Purchaser against any claim for wrongful dismissal or
                  unreasonable dismissal, redundancy or otherwise that may
                  hereafter be made against the Purchaser by any person who was
                  at any time an employee of the Vendors in connection with the
                  Business, other than those Transferring Employees who accept
                  employment with the Purchaser, including any claims arising
                  out of their terms of employment or under the Employment
                  Ordinance (Chapter 57 of the Laws of Hong Kong) and against
                  any other claims arising from the termination of their
                  employments provided however that the Vendors shall also
                  indemnify and keep indemnified the Purchaser against any such
                  claims brought by any Transferring Employees who accept
                  employment with the Purchaser to the extent that such claims
                  relate or are referable to a period or periods of employment
                  before the Completion Date.

         12.5     Save with the prior consent in writing of the Purchaser the
                  Vendors shall not terminate the employment or make any
                  variation in the terms of employment of any of the
                  Transferring Employees (whether immediate, conditional or
                  prospective) at any time after the signing hereof and before
                  the Completion Date.

         12.6     Notwithstanding Clause 12.4, the Vendors hereby agree and
                  undertake to indemnify the Purchaser at all times from and
                  against all actions, proceedings, costs, claims, damages,
                  demands, expenses and liabilities:

                  12.6.1   arising out of or in any way connected with the
                           Transferring Employees during the period when they
                           were in the relevant Vendor's employ on or before the
                           Completion Date, including without prejudice to the
                           generality of the foregoing:

                           12.6.1.1 any breach by the relevant Vendor of any
                                    obligation under or in connection with their
                                    contracts of employment;

                           12.6.1.2 any breach by the relevant Vendor of any
                                    other obligation or any duty (whether
                                    statutory or otherwise) owed by the relevant
                                    Vendor to any of the Transferring Employees
                                    or to any trade union(s) or employee
                                    representatives in respect of the
                                    Transferring Employees; and

                  12.6.2   arising out of or in relation to any claims brought
                           by the Transferring Employees (or any of them) under
                           the Sex Discrimination Ordinance (Chapter 480 of the
                           Laws of Hong Kong), the Disability Discrimination
                           Ordinance (Chapter 487 of the Laws of Hong Kong) or
                           the Family Status Discrimination Ordinance (Chapter
                           527 of the Laws of Hong Kong) or any other laws
                           conferring protection against discrimination,
                           harassment, victimisation or vilification by reason
                           of age, gender, race, religion, family circumstances
                           or disability, insofar as such claims relate in whole
                           or in part to the period when the

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<PAGE>   33
                                                                        REDACTED

                           Transferring Employees were in the employ of the
                           relevant Vendor (or any predecessor of the relevant
                           Vendor).

13.      RETIREMENT SCHEME

         The Retirement Scheme operated in respect of the Transferring Employees
         shall be dealt with in accordance with Schedule 10.

14.      WARRANTIES

         14.1     The Warrantors jointly and severally represent, warrant and
                  undertake to and with the Purchaser that each of the
                  Warranties is now and will at Completion be true and accurate.

         14.2     The Warranties are given subject to matters fully, fairly and
                  specifically disclosed in the Disclosure Letter but no other
                  information relating to the Business of which the Purchaser
                  has knowledge (actual or constructive) and no investigation by
                  or on behalf of the Purchaser shall prejudice any claim made
                  by the Purchaser under the Warranties or operate to reduce any
                  amount recoverable and liability in respect thereof shall not
                  be confined to breaches discovered before Completion. No
                  letter, document or other communication shall be deemed to
                  constitute a disclosure for the purposes of this Agreement
                  unless the same is accepted as such by the Purchaser and is
                  expressly referred to in the Disclosure Letter.

         14.3     The Warrantors acknowledge that the Purchaser has entered into
                  this Agreement in reliance upon the Warranties and has been
                  induced by them to enter into this Agreement.

         14.4     Without restricting the rights of the Purchaser or otherwise
                  affecting the ability of the Purchaser to claim damages on any
                  other basis available to it, the Warrantors hereby jointly and
                  severally undertake to indemnify the Purchaser at all times
                  from and against all and any diminution in the value of the
                  Business or the Assets and all and any losses, damages,
                  interest, costs or expenses whatsoever suffered or incurred by
                  the Purchaser as a result of any breach of any of the
                  Warranties including any costs (including legal costs on a
                  solicitor and own client basis), expenses or other liabilities
                  which the Purchaser may incur either before or after the
                  commencement of any action in connection with (i) any legal
                  proceedings in which the Purchaser claims that any of the
                  Warranties has been broken or is untrue or misleading and in
                  which judgment is given for the Purchaser or (ii) the
                  enforcement of any settlement of, or judgment in respect of
                  such claim.

         14.5     Each of the Warranties shall be separate and independent and,
                  save as expressly provided to the contrary, shall not be
                  limited by reference to or inference from any other Warranty
                  or any other term of this Agreement nor by anything in the
                  Disclosure Letter which is not expressly referenced to the
                  Warranty concerned.

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<PAGE>   34
                                                                        REDACTED

         14.6     Where any statement in the Warranties or any confirmation or
                  certificate given by the Vendors or the Warrantors under or
                  pursuant to this Agreement is qualified by the expression "so
                  far as the Warrantors are aware", "so far as the Vendors are
                  aware", "to the best of the Warrantors' knowledge and belief"
                  or "to the best of the Vendors' knowledge and belief" or any
                  similar expression, that statement shall be deemed to include
                  an additional statement that it has been made after due and
                  careful enquiry.

         14.7     The Warrantors hereby agree with the Purchaser to waive any
                  rights which they may have in respect of any misrepresentation
                  or inaccuracy in, or omission from, any information or advice
                  supplied or given by any of the Transferring Employees in
                  connection with the giving of the Warranties and the
                  preparation of the Disclosure Letter.

         14.8     The Warrantors shall not, and shall procure that (save only as
                  may be necessary to give effect to this Agreement) none of
                  their respective Associated Companies shall, do, allow or
                  procure any act or omission before Completion which will cause
                  the Warrantors to be in breach of any of the Warranties when
                  given at Completion.

         14.9     The Warrantors hereby agree to disclose promptly to the
                  Purchaser in writing immediately upon becoming aware of the
                  same, any matter, event or circumstance (including any
                  omission to act) which may arise or become known to it after
                  the date of this Agreement and before Completion which:

                  14.9.1   constitutes a breach of or is inconsistent with any
                           of the Warranties or will constitute a breach of any
                           of the Warranties when given at Completion; or

                  14.9.2   has, or is likely to have, an adverse effect on the
                           financial position or prospects of the Business.

         14.10    The Vendors shall give to the Purchaser and its solicitors and
                  accountants both before and after Completion all such
                  information and documentation relating to the Business and the
                  Assets as the Purchaser shall reasonably require to enable it
                  to satisfy itself as to the accuracy and due observance of the
                  Warranties.

         14.11    The liability of the Warrantors under the Warranties:

                  14.11.1  shall save in relation to paragraphs 1.7, 2.1 to 2.11
                           and 7.6 of Schedule 1 (the "ENDURING WARRANTIES")
                           cease after 2 years except in respect of matters
                           which have been the subject of a written claim made
                           before such date by the Purchaser or the Purchaser's
                           Solicitors to the Vendors;

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<PAGE>   35
                                                                        REDACTED

                  14.11.2  shall in relation to the Enduring Warranties cease
                           after 3 years except in respect of matters which have
                           been the subject of a written claim made before such
                           date by the Purchaser or the Purchaser's Solicitors
                           to the Vendors;

                  14.11.3  shall be limited to a maximum amount equal to the
                           aggregate amount of the Purchase Price,

                  unless in any case the relevant claim or claims has arisen by
                  reason of fraud, wilful concealment, dishonesty or deliberate
                  non-disclosure on the part of any of the Warrantors or any
                  Associated Company of the Vendors or in any case where the
                  relevant claim(s) is/are material and such claim(s) has/have
                  arisen by reason of fraud, wilful concealment, dishonesty or
                  deliberate non-disclosure on the part of any of their
                  respective agents, officers or employees, in which event there
                  shall be no limit under this Agreement on the amount
                  recoverable by the Purchaser from the Warrantors in respect of
                  such claim or claims or the time within which such claim or
                  claims may be brought.

         14.12    The provisions of this Clause 14.12 shall operate to limit the
                  liability of the Warrantors in respect of any claim under or
                  in connection with the Warranties and references to "claim" or
                  "claims" shall be construed accordingly. The Purchaser and the
                  Warrantors agree as follows:

                  14.12.1  in the event that the Purchaser is entitled to
                           recover any sum (whether by payment, discount,
                           credit, set-off or otherwise) from any third party in
                           respect of any matter for which a claim has been made
                           against the Warrantors pursuant to this Clause 14 and
                           in respect of which it has received payment from the
                           Warrantors, the Purchaser shall as soon as reasonably
                           practicable account to the Warrantors in respect of
                           any amount so recovered from such third party (after
                           deduction of all reasonable costs and expenses of the
                           recovery);

                  14.12.2  in the event that a claim against the Warrantors
                           arises as a result of or in connection with a
                           liability to or a dispute with any third party, the
                           Purchaser shall notify the Warrantors in writing of
                           any such third party claim and take such action as
                           the Warrantors may reasonably require to avoid,
                           resist, contest or compromise any such claim,
                           provided that:

                           14.12.2.1 the Purchaser is indemnified to its
                                     reasonable satisfaction by the Warrantors
                                     against any reasonable cost and expenses
                                     and any liabilities, penalties and fines
                                     which may be incurred by the Purchaser in
                                     taking such action; and

                           14.12.2.2 the Purchaser shall not, in any event, be
                                     required to take any steps which would
                                     affect the future conduct of the Business,
                                     the business of the Purchaser or any member
                                     of

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<PAGE>   36
                                                                        REDACTED

                                     the UTi Group or affect the rights or
                                     reputations of any of them;

                  14.12.3  any claim made by the Purchaser for breach of
                           Warranty shall be reduced by the amount of any
                           payment made by the Warrantors in respect of the same
                           facts or circumstances pursuant to the other
                           provisions of this Agreement;

                  14.12.4  nothing in this Agreement shall limit or restrict the
                           Purchaser's general obligation at law to take
                           reasonable steps to mitigate any loss or damage which
                           it may incur in consequence of any matter giving rise
                           to a potential claim under this Agreement;

                  14.12.5  the Vendors shall be under no liability in respect of
                           a breach of any of the Warranties unless the Vendors
                           shall have received written notice thereof from the
                           Purchaser; and

                  14.12.6  the Vendors shall be under no liability in respect of
                           any breach of the Warranties if such liability would
                           not have arisen but for something voluntarily done or
                           omitted to be done (other than required by law or
                           pursuant to a legally binding commitment created on
                           or before Completion) by the Purchaser after the
                           Completion Date and otherwise than in the ordinary
                           course of business.

         14.13    The Warranties together with any provisions of this Agreement
                  which shall not have been fully performed at Completion shall
                  remain in force notwithstanding Completion.

         14.14    If any sum payable by the Warrantors under this Clause 14
                  shall be subject to Tax (whether by way of deduction or
                  withholding or direct assessment of the person entitled
                  thereto) such payment shall be increased by such an amount as
                  shall ensure that after deduction, withholding or payment of
                  such Tax the recipient shall have received a net amount equal
                  to the payment otherwise required hereby to be made.

15.      RESTRICTION OF COVENANTORS

         15.1     Each of the Covenantors undertakes with the Purchaser that,
                  except with the consent in writing of the Purchaser, it shall
                  not and shall procure that each Associated Company of the
                  Covenantors shall not, either on its own account or in
                  conjunction with or on behalf of any person, firm or company:

                  15.1.1   for the period of 5 years after Completion, within
                           any country in which the Business has been carried on
                           during the year preceding the date hereof carry on or
                           be engaged, concerned or interested, directly or
                           indirectly, whether as a shareholder, director,
                           employee, partner, agent

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                                                                        REDACTED

                           or otherwise in carrying on any trade, business or
                           undertaking which is in competition with the Business
                           (other than as a holder of not more than 5% of the
                           issued shares or debentures of any company listed on
                           a stock exchange);

                  15.1.2   for the period of 5 years after Completion canvass,
                           solicit or entice away from the Purchaser or any
                           Associated Company of the Purchaser the custom of any
                           person, firm, company or organisation who shall at
                           any time within the year preceding the Completion
                           Date have been a customer, client, identified
                           prospective customer or client, representative,
                           agent, or correspondent of the Business or in the
                           habit of dealing with the Business or enter into any
                           contract for sale and purchase or accept business
                           from any such person, firm, company or organisation
                           in competition with the Business as carried on after
                           Completion by the Purchaser or any of its Associated
                           Companies;

                  15.1.3   for the period of 5 years after Completion employ,
                           solicit, entice away from the Purchaser any of the
                           Transferring Employees whether or not such person
                           would commit a breach of contract by reason of
                           leaving such employment;

                  15.1.4   save only for the purposes of preparing its accounts,
                           financial statements and Tax returns, at any time
                           hereafter make use of or disclose or divulge to any
                           person (other than to officers or employees of the
                           Purchaser whose province it is to know the same) any
                           information (other than any information properly
                           available to the public or disclosed or divulged
                           pursuant to an order of a court of competent
                           jurisdiction) relating to the Business, the identity
                           of its customers and suppliers, its products,
                           finance, contractual arrangements, business or
                           methods of business and shall use its best endeavours
                           to prevent the publication or disclosure of any such
                           information;

                  15.1.5   at any time hereafter in relation to any trade,
                           business or company (other than any trade or business
                           carried on by the Purchaser or other members of the
                           UTi Group) use a name or trade mark including the
                           word or symbol "Continental" or its Chinese
                           equivalent or any word or symbol confusingly similar
                           thereto in such a way as to be capable of or likely
                           to be confused with the name or any trade mark of the
                           Business;

                  15.1.6   attempt, counsel, procure or otherwise assist any
                           person to do any of the acts referred to in Clauses
                           15.1.1 to 15.1.5.

         15.2     The Warrantors agree to procure the passing by the
                  shareholders of each of the Vendors of a special resolution
                  changing the name of the relevant Vendor to a name which does
                  not include "Continental" or its Chinese equivalent, upon

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<PAGE>   38
                                                                        REDACTED

                  request in writing by the Purchaser to the relevant Vendor
                  (the "REQUEST"). The Warrantors shall deliver to the Purchaser
                  not later than 30 days after the date of the relevant Request
                  a certified copy of the certificate of change of name issued
                  by the Companies Registry giving effect to such change of
                  name.

         15.3     Each of the Covenantors acknowledges that:

                  15.3.1   the undertakings given in Clause 15.1 are material to
                           the Purchaser's decision to enter into this
                           Agreement; and

                  15.3.2   the restrictions contained in Clause 15.1 are:

                           15.3.2.1 fair and reasonable with regard to subject
                                    matter, area and duration; and

                           15.3.2.2 reasonably required by the Purchaser to
                                    protect the Business and the Assets.

         15.4     While the restrictions contained in Clause 15.1 are considered
                  by the Parties to be reasonable in all the circumstances, it
                  is recognised that restrictions of the nature in question may
                  fail for technical reasons and accordingly it is hereby agreed
                  and declared that if any of such restrictions shall be
                  adjudged to be void as going beyond what is reasonable in all
                  the circumstances for the protection of the interests of the
                  Purchaser but would be valid if part of the wording thereof
                  were deleted or the periods thereof reduced or the range of
                  activities or area dealt with thereby reduced in scope the
                  said restriction shall apply with such modifications as may be
                  necessary to make it valid and effective.

15A.     INVESTOR REPRESENTATIONS AND COVENANTS OF LAI AND JEFFREY CHENG

         Each of Lai and Jeffrey Cheng jointly and severally represents,
         warrants and covenants to the Purchaser and for the benefit of UTi
         Worldwide as follows:

         15A.1    Neither Lai nor Jeffrey Cheng is a citizen or resident of the
                  USA. Each of Lai and Jeffrey Cheng made the investment
                  decision to accept Consideration Shares at their respective
                  addresses set out in Clause 21 and such addresses are their
                  respective addresses.

         15A.2    Each of Lai and Jeffrey Cheng is aware of UTi Worldwide's
                  business affairs and financial condition, and has acquired
                  sufficient information about UTi Worldwide, with the
                  assistance of management of UTi Worldwide, to reach an
                  informed and knowledgeable decision to acquire the
                  Consideration Shares. Each of Lai and Jeffrey Cheng is capable
                  of evaluating the merits and risks of its acquisition of the
                  Consideration Shares.

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<PAGE>   39
                                                                        REDACTED

         15A.3    Each of Lai and Jeffrey Cheng is acquiring the Consideration
                  Shares for his own account, for investment purposes only and
                  not with a view to, or for the resale in connection with, any
                  "distribution" of the Consideration Shares for purposes of the
                  Securities Act. Lai and Jeffrey Cheng understand that the
                  Consideration Shares are offered and sold pursuant to an
                  exemption from registration under the Securities Act based in
                  part upon Lai's and Jeffrey Cheng's representations and
                  covenants in this Clause 15A.

         15A.4    Each of Lai and Jeffrey Cheng understands, that, as of the
                  date of allotment and issue of the Consideration Shares, the
                  Consideration Shares have not been registered under the
                  Securities Act and that the Consideration Shares will not be
                  registered. Lai and Jeffrey Cheng also understand and agree
                  that they will not receive registration rights in connection
                  with the Consideration Shares.

         15A.5    Each of Lai and Jeffrey Cheng is an "accredited investor" as
                  defined in Regulation D under the Securities Act and can
                  afford the financial risk of the complete loss of his
                  investment in the Consideration Shares.

         15A.6    Lai and Jeffrey Cheng understand that the Consideration Shares
                  are not transferable and must be held indefinitely unless
                  subsequently registered under the Securities Act or unless an
                  exemption from registration is otherwise available. In
                  addition, the certificates representing the Consideration
                  Shares to be issued to Lai and Jeffrey Cheng will be imprinted
                  with a customary legend under the Securities Act restricting
                  transfer without an opinion of counsel as to an available
                  exemption from registration in connection with the transfer.
                  Each of Lai and Jeffrey Cheng further understands and agrees
                  that, to the extent requested or required by any underwriter
                  in a underwritten public offering, each of Lai's and Jeffrey
                  Cheng's Consideration Shares will be subject to any remaining
                  term of any applicable "market stand-off" or "lock-up"
                  agreement related to that public offering.

16.      INDEPENDENT ACCOUNTANTS

         If any difference of opinion arises between the Vendors and the
         Purchaser or their respective accountants, in relation to any provision
         of this Agreement in respect of which either the Vendors or the
         Purchaser is expressed to have the right to refer such matter for
         determination pursuant to this Clause 16, subject to any time period
         referred to in the relevant provision during which either the Vendors
         or the Purchaser must seek to resolve the dispute before referring it
         for determination pursuant to this Clause 16 having expired, either the
         Vendors or the Purchaser may refer the matter to an independent firm of
         accountants for resolution as follows:

         16.1     the independent firm shall be jointly agreed by the Vendors
                  and the Purchaser or, if no agreement is reached within 10
                  days after either the Vendors or the Purchaser notifies the
                  other that it wishes to appoint a firm under this Clause 16,
                  shall be appointed at the request of either the Vendors or the
                  Purchaser by the President of the Hong Kong Society of
                  Accountants;

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<PAGE>   40
                                                                        REDACTED

         16.2     the independent firm shall be requested to resolve the matter
                  in dispute applying the terms of this Agreement;

         16.3     the determination of the independent firm shall be final and
                  binding on the Vendors and the Purchaser in the absence of
                  manifest error;

         16.4     the costs of the independent firm shall be shared by the
                  Vendors on the one part and the Purchaser on the other part
                  equally.

17.      FURTHER OBLIGATIONS AND INTENTIONS

         17.1     If at any time within 38 months after Completion there is a
                  change in the ownership or control, direct or indirect, of
                  shares carrying more than 50% of the voting rights attaching
                  to the issued share capital of the Purchaser (except within
                  the group of companies of which the Purchaser is a member at
                  the date hereof), the Purchaser undertakes to procure that the
                  acquirer of such ownership or control guarantees to the
                  Vendors the due and punctual performance by the Purchaser of
                  its obligations hereunder.

         17.2     In the event that any of the Key HK/PRC Employees is given
                  diminished responsibilities during the period of 36 months
                  after Completion, his base salary and benefits will not be
                  reduced during this period.

         17.3     In the event that any of the Key HK/PRC Employees is required
                  to relocate, then his reasonable relocation costs will be paid
                  and compensation will be made in his remuneration package for
                  tax differentials.

         17.4     Each of the Vendors undertakes that it will use its best
                  endeavours to obtain all necessary approvals in respect of the
                  transfer or assignment to the Purchaser of all licences and
                  permits granted to or enjoyed by the relevant Vendor in
                  respect of the Business (including, and without limiting the
                  generality of the foregoing, the IATA licence held by CO Air
                  (HK)) and to transfer or assign (as the case may be) all such
                  licences and permits to the Purchaser at Completion (if no
                  approval is required in respect of such transfer or
                  assignment) or, where such approval is required, within 30
                  days after attainment of the same Provided That the Purchaser
                  shall reimburse the Vendors for all reasonable costs and
                  expenses incurred by the Vendors in connection with such
                  approval, transfer and assignment.

         17.5     CO Air (HK) undertakes that it will use its best endeavours to
                  obtain all necessary approvals in respect of the transfer or
                  assignment by CO Air (HK) to the Purchaser of the ISO 9002:
                  1994 accreditation given by Lloyd's Register Quality Assurance
                  to it for the provision of air import freight forwarding
                  services and to transfer or assign the same to the Purchaser
                  within 30 days after obtaining such approval (unless the same
                  is waived by the Purchaser) Provided That the Purchaser shall
                  reimburse the Vendors for all reasonable costs and expenses

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<PAGE>   41
                                                                        REDACTED

                  incurred by the Vendors in connection with such approval,
                  transfer and assignment.

         17.6     Within 120 days after the Completion Date (or such longer time
                  as shall be agreed between the Vendors and the Purchaser):

                  17.6.1   the Vendors shall:

                           17.6.1.1 deliver to the Purchaser duly executed
                                    assignments in the approved terms of the
                                    Trade Marks, Patents, other Intellectual
                                    Property and the Purchased Contracts;

                           17.6.1.2 complete the assignment or novation to the
                                    Purchaser of the Leases in respect of the
                                    Leased Properties in accordance with the
                                    terms contained or referred to in Schedule 3
                                    Part 4; and

                  17.6.2   the Purchaser shall:

                           17.6.2.1 subject to receipt of the documents referred
                                    to in Clause 17.6.1.1 from the Vendors,
                                    deliver to the Vendors' Solicitors as soon
                                    as reasonably practicable thereafter duly
                                    executed counterparts of such documents; and

                           17.6.2.2 subject to receipt of the documents referred
                                    to in Clause 17.6.1.2 from the Vendors,
                                    deliver to the Vendors' Solicitors as soon
                                    as reasonably practicable thereafter the
                                    documents required to be delivered by it on
                                    completion of the assignment or novation of
                                    the Leases in respect of the Leased
                                    Properties in accordance with the terms
                                    contained or referred to in Schedule 3 Part
                                    4.

         17.7     The Purchaser shall use its best endeavours to procure the
                  release of the guarantees and indemnities given to carriers in
                  respect of the Business within 120 days after the Completion
                  Date, the particulars of which are set out in Schedule 13.

         17.8     As soon as is reasonably practicable after the Completion
                  Date, the Vendors shall use their reasonable endeavours to
                  make enquiries in relation to the costs and procedures
                  involved for obtaining: (1) a written consent and waiver
                  issued by the Chinese Party acknowledging its consent to the
                  transfer of the Sinda Interest by CO Air (HK) to the Purchaser
                  and waiving its pre-emptive right to purchase such interest;
                  (2) the approval by the Examination and Approval Authority of
                  the Transfer Contract and the transactions contemplated
                  therein and the amendment contract referred to in Clause
                  17.9.3; and (3) the approval by the Civil Aviation
                  Administration of China for the change in the foreign joint
                  venture party of Sinda,

                                       38
<PAGE>   42
                                                                        REDACTED

                  and to give notice thereof promptly to the Purchaser. The
                  Purchaser may in its absolute discretion decide if, given the
                  costs and procedures involved, the said consent and waiver and
                  approvals should be obtained, and shall give notice of its
                  decision to the Vendors. If the Purchaser gives notice to the
                  Vendors that the said consent and waiver and approvals should
                  be obtained, the Purchaser agrees and undertakes to be
                  responsible for and reimburse CO Air (HK) for all reasonable
                  costs and expenses incurred by CO Air (HK) in respect thereof
                  Provided That the amount of such costs and expenses shall not
                  exceed the same amounts set out in the notice to the Purchaser
                  of the Vendors' said enquiries (unless the prior written
                  approval of the Purchaser is obtained).

         17.9     If the Purchaser gives the notice referred to in Clause 17.8
                  to the Vendors that the said consent and waiver and approvals
                  should be obtained, the Vendors shall use their best
                  endeavours to deliver to the Purchaser as soon as is
                  reasonably practicable thereafter and in any event no later
                  than 30 days thereafter:-

                  17.9.1   the Transfer Contract which has been duly executed by
                           CO Air (HK), in form and substance satisfactory to
                           the Purchaser;

                  17.9.2   a written consent and waiver issued by the Chinese
                           Party acknowledging its consent to the transfer of
                           the Sinda Interest by CO Air (HK) to the Purchaser
                           and waiving its pre-emptive right to purchase such
                           interest, in form and substance satisfactory to the
                           Purchaser;

                  17.9.3   an amendment contract duly executed by CO Air (HK)
                           and the Chinese Party to amend the Joint Venture
                           Contract and the Articles of Association of Sinda, in
                           form and substance satisfactory to the Purchaser;

                  17.9.4   a unanimous resolution of the board of directors of
                           Sinda in the approved terms approving, inter alia:

                           17.9.4.1 the sale of the Sinda Interest by CO Air
                                    (HK) to the Purchaser pursuant to the terms
                                    of the Transfer Contract;

                           17.9.4.2 the amendment of the Joint Venture Contract
                                    and the Articles of Association of Sinda in
                                    the manner contemplated in the amendment
                                    contract referred to in Clause 17.9.3;

                           17.9.4.3 the Transfer Contract; and

                           17.9.4.4 the amendment contract referred to in Clause
                                    17.9.3.

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<PAGE>   43
                                                                        REDACTED

         17.10    The Vendors shall as soon as is reasonably practicable after
                  delivery of the documents to the Purchaser in accordance with
                  Clause 17.9 and in any event no later than 30 days thereafter
                  apply, and shall procure the Chinese Party and Sinda to apply,
                  to the Examination and Approval Authority for approval of the
                  Transfer Contract and the transactions contemplated therein
                  and the amendment contract referred to in Clause 17.9.3 and to
                  submit thereto such additional documents as they may require
                  and to comply with all demands and requests thereof and to
                  apply to the Civil Aviation Administration of China for
                  approval of the change in the foreign joint venture party of
                  Sinda.

         17.11    The Vendors shall, and shall procure the Chinese Party and
                  Sinda to, deliver to the Purchaser forthwith upon receipt
                  thereof:

                  17.11.1  evidence of approval by the Examination and Approval
                           Authority of the Transfer Contract, the amendment
                           contract referred to in Clause 17.9.3 and the
                           transactions contemplated in the Transfer Contract
                           and such amendment contract, respectively (including,
                           but not limited to, official reply, amended approval
                           certificate and amended business licence of Sinda);

                  17.11.2  evidence of approval by the Civil Aviation
                           Administration of China of the change in the foreign
                           joint venture party of Sinda; and

                  17.11.3  all permits and licences held by Sinda and amended
                           pursuant to Clause 11.4.

18.      RESTRICTION ON ANNOUNCEMENTS

         Each of the Parties undertakes that prior to Completion it will not
         (save as required by law or by any securities exchange or any
         supervisory or regulatory body to whose rules any party to this
         Agreement is subject) make any announcement in connection with this
         Agreement unless the other Parties shall have given their respective
         consents to such announcement (which consents may not be unreasonably
         withheld or delayed and may be given either generally or in a specific
         case or cases and may be subject to conditions).

19.      COSTS

         19.1     Save as otherwise provided herein, each Party shall pay its
                  own costs of and incidental to this Agreement and the sale and
                  purchase hereby agreed to be made.

         19.2     All stamp duty, registration fees, notarisation fees, consent
                  fees, approval charges and other fees, charges and costs
                  properly payable by the Vendors to any government authorities
                  and third parties in connection with or incidental to the
                  transfer, assignment, novation and other rights of the Vendors
                  to the Purchaser so as to give effect and place control of the
                  Business in the hands of the Purchaser shall, subject to the
                  prior approval of the Purchaser before any such payment is

                                       40
<PAGE>   44
                                                                        REDACTED

                  made by the Vendors, be borne and paid wholly by the
                  Purchaser. For the avoidance of doubt, the said fees, charges
                  and costs shall not include capital gain taxes, profits taxes
                  and other forms of taxation levied on the Vendors, which taxes
                  shall be borne and paid solely by the Vendors themselves.

20.      GENERAL

         20.1     This Agreement shall be binding upon and enure for the benefit
                  of the estates, personal representatives, successors and
                  permitted assigns of the Parties.

         20.2     This Agreement (together with any documents referred to herein
                  or executed contemporaneously by the Parties in connection
                  herewith) constitutes the whole agreement between the Parties
                  and supersedes any previous agreements or arrangements between
                  them or between the Vendors and the Purchaser relating to the
                  subject matter hereof and the proposal letter dated 13 April
                  2000 from the Union Transport Group to the Continental Group;
                  it is expressly declared that no variations hereof shall be
                  effective unless made in writing signed by duly authorised
                  representatives of the Parties.

         20.3     All of the provisions of this Agreement shall remain in full
                  force and effect notwithstanding Completion (except insofar as
                  they set out obligations which have been fully performed at
                  Completion).

         20.4     Any right of rescission conferred upon the Purchaser hereby
                  shall be in addition to and without prejudice to all other
                  rights and remedies available to it (and, without prejudice to
                  the generality of the foregoing, shall not extinguish any
                  right to damages to which the Purchaser may be entitled in
                  respect of any breach of this Agreement) and no exercise or
                  failure to exercise such a right of rescission shall
                  constitute a waiver by the Purchaser of any such other right
                  or remedy.

         20.5     Upon and after Completion the Vendors shall do and execute and
                  deliver or procure to be done and executed and delivered all
                  such further acts, deeds, documents, instruments of
                  conveyance, assignment and transfer and things, if applicable,
                  to give effect to the terms of this Agreement, to place
                  control of the Business in the hands of the Purchaser and as
                  the Purchaser may request in order effectively to convey,
                  transfer, vest and record title to each of the Assets in the
                  Purchaser and pending the doing of such acts, deeds, documents
                  and things the Vendors shall as from Completion hold the legal
                  estate in each of the Assets in trust for the Purchaser to the
                  extent that it shall not have transferred to the Purchaser.

         20.6     No failure of the Purchaser to exercise, and no delay or
                  forbearance in exercising, any right or remedy in respect of
                  any provision of this Agreement shall operate as a waiver of
                  such right or remedy.

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<PAGE>   45
                                                                        REDACTED

         20.7     If any provision or part of a provision of this Agreement
                  shall be, or be found by any authority or court of competent
                  jurisdiction to be, invalid or unenforceable, such invalidity
                  or unenforceability shall not affect the other provisions or
                  parts of such provisions of this Agreement, all of which shall
                  remain in full force and effect.

         20.8     The Vendors shall after Completion give all such assistance
                  and provide access for the Purchaser to all such information,
                  documents, accounting books and other records of the Business
                  as the Purchaser may reasonably require for the purpose of
                  enabling the Purchaser to respond to enquiries of or make
                  returns to any Tax authority and to negotiate any liability to
                  Tax.

         20.9     This Agreement may be executed in one or more counterparts,
                  and by the Parties on separate counterparts, but shall not be
                  effective until each Party has executed at least one
                  counterpart and each such counterpart shall constitute an
                  original of this Agreement but all the counterparts shall
                  together constitute one and the same instrument.

21.      NOTICES

         Any notice required to be given by any Party to any other shall be
         deemed validly served by hand delivery or by prepaid registered letter
         sent through the post (airmail if to an overseas address) or by
         facsimile transmission to its address or facsimile number given below
         or such other address or facsimile number as may from time to time be
         notified for this purpose and any notice served by hand shall be deemed
         to have been served on delivery, any notice served by facsimile
         transmission shall be deemed to have been served when sent and any
         notice served by prepaid registered letter shall be deemed to have been
         served 48 hours (72 hours in the case of a letter sent by airmail to an
         address in another country) after the time at which it was posted and
         in proving service it shall be sufficient (in the case of service by
         hand and prepaid registered letter) to prove that the notice was
         properly addressed and delivered or posted, as the case may be, and in
         the case of service by facsimile transmission to prove that the
         transmission was confirmed as sent error-free by the originating
         machine.

         To the Vendors    :        Continental Air Express (HK) Limited/
                                    Continental Container Lines Limited
                                    6th and 7th Floors, Leahander Centre
                                    28 Wang Wo Tsai Street
                                    Tsuen Wan
                                    New Territories
                                    Hong Kong

                                    Fax no.       :     (852) 2338 6603
                                    Attention     :     David Cheng/Wendy Cheng

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<PAGE>   46
                                                                        REDACTED

         To the Purchaser  :        Union-Transport (HK) Limited
                                    14th Floor, COL Tower
                                    World Trade Square
                                    123 Hoi Bun Road
                                    Kwun Tong
                                    Kowloon
                                    Hong Kong

                                    Fax no.       :     (852) 2751 9318
                                    Attention     :     Edmund Chan

         To David Cheng    :        Cheng Kwan Kok David
                                    6th and 7th Floors, Leahander Centre
                                    28 Wang Wo Tsai Street
                                    Tsuen Wan
                                    New Territories
                                    Hong Kong

                                    Fax no.       :     (852) 2338 6603

         To Lai            :        Lai Kwok Fai
                                    6th and 7th Floors, Leahander Centre
                                    28 Wang Wo Tsai Street
                                    Tsuen Wan
                                    New Territories
                                    Hong Kong

                                    Fax no.       :     (852) 2338 6603

         To Barnhill       :        Lewis Billy Barnhill
                                    8505 Freeport Parkway, Suite 170
                                    Irving
                                    Texas 75063
                                    United States of America

         To Bello          :        Francis Raymond Bello
                                    182-16 147th Avenue
                                    Jamaica
                                    NY 11413
                                    United States of America

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<PAGE>   47
                                                                        REDACTED

         To Cataldo        :        Albert Patrick Cataldo
                                    80 Everett Avenue, Suite 301
                                    Chelsea
                                    MA 02150
                                    United States of America

         To Alex Chan      :        Chan Ka Ming
                                    6th and 7th Floors, Leahander Centre
                                    28 Wang Wo Tsai Street
                                    Tsuen Wan
                                    New Territories
                                    Hong Kong

                                    Fax no.       :     (852) 2338 6603

         To Tobby Chan     :        Chan Kwan Hang
                                    6th and 7th Floors, Leahander Centre
                                    28 Wang Wo Tsai Street
                                    Tsuen Wan
                                    New Territories
                                    Hong Kong

                                    Fax no.       :     (852) 2338 6603

         To Chau           :        Chau Hak Cheong
                                    6th and 7th Floors, Leahander Centre
                                    28 Wang Wo Tsai Street
                                    Tsuen Wan
                                    New Territories
                                    Hong Kong

                                    Fax no.       :     (852) 2338 6603

         To Jeffrey Cheng  :        Cheng Kwan Lung
                                    6th and 7th Floors, Leahander Centre
                                    28 Wang Wo Tsai Street
                                    Tsuen Wan
                                    New Territories
                                    Hong Kong

                                    Fax no.       :     (852) 2338 6603

                                       44
<PAGE>   48
                                                                        REDACTED

         To Joe Ng         :        Ng Chun Ka
                                    11120 S. Hindry Avenue, Unit A
                                    Los Angeles
                                    CA 90045
                                    United States of America

         To Sai Ng         :        Ng Sai Kuen
                                    182-16 147th Avenue
                                    Jamaica
                                    NY 11413
                                    United States of America

         To UTi Worldwide  :        UTi Worldwide Inc.
                                    19443 Laurel Park Road
                                    Suite #107
                                    Rancho Dominguez
                                    CA 90220
                                    United States of America

                                    Fax no.       :     1 (310) 604 8411
                                    Attention     :     Lawrence Samuels

22.      GOVERNING LAW AND SUBMISSION TO JURISDICTION

         22.1     This Agreement shall be governed by and construed in
                  accordance with the laws of Hong Kong and the Parties hereby
                  irrevocably submit to the non-exclusive jurisdiction of the
                  courts of Hong Kong for the purpose of enforcing any claim
                  arising hereunder.

         22.2     UTi Worldwide hereby irrevocably appoints B. & McK. Nominees
                  Limited c/o Baker & McKenzie of 1401 Hutchison House, 10
                  Harcourt Road, Hong Kong as its agent to receive and
                  acknowledge on its behalf service of any writ, summons, order,
                  judgment or other notice of legal process in Hong Kong. If for
                  any reason the agent named above (or its successor) no longer
                  serves as agent of UTi Worldwide for this purpose, UTi
                  Worldwide shall promptly appoint a successor agent
                  satisfactory to the Vendors, notify the Vendors thereof and
                  deliver to the Vendors a copy of the new process agent's
                  acceptance of appointment Provided that until the Vendors
                  receive such notification, they shall be entitled to treat the
                  agent named above (or its said successor) as the agent of UTi
                  Worldwide for the purposes of this Clause 22.2. UTi Worldwide
                  agrees that any such legal process shall be sufficiently
                  served on it if delivered to such agent for service c/o Baker
                  & McKenzie at its address for the time being in Hong Kong
                  (marked for the

                                       45
<PAGE>   49
                                                                        REDACTED

                  attention of Mr. G. R. Halford/Mr. Paul Tan/Ms. Grace Kwok)
                  whether or not such agent gives notice thereof to UTi
                  Worldwide.

         22.3     Barnhill hereby irrevocably appoints Ms. Wendy Cheng of 6th
                  and 7th Floors, Leahander Centre, 28 Wang Wo Tsai Street,
                  Tsuen Wan, New Territories, Hong Kong as his agent to receive
                  and acknowledge on his behalf service of any writ, summons,
                  order, judgment or other notice of legal process in Hong Kong.
                  If for any reason the agent named above (or its successor) no
                  longer serves as agent of Barnhill for this purpose, Barnhill
                  shall promptly appoint a successor agent satisfactory to the
                  other Parties, notify the other Parties thereof and deliver to
                  the other Parties a copy of the new process agent's acceptance
                  of appointment Provided that until the other Parties receive
                  such notification, they shall be entitled to treat the agent
                  named above (or its said successor) as the agent of Barnhill
                  for the purposes of this Clause 22.3. Barnhill agrees that any
                  such legal process shall be sufficiently served on him if
                  delivered to such agent for service at its address for the
                  time being in Hong Kong whether or not such agent gives notice
                  thereof to Barnhill.

         22.4     Bello hereby irrevocably appoints Ms. Wendy Cheng of 6th and
                  7th Floors, Leahander Centre, 28 Wang Wo Tsai Street, Tsuen
                  Wan, New Territories, Hong Kong as his agent to receive and
                  acknowledge on his behalf service of any writ, summons, order,
                  judgment or other notice of legal process in Hong Kong. If for
                  any reason the agent named above (or its successor) no longer
                  serves as agent of Bello for this purpose, Bello shall
                  promptly appoint a successor agent satisfactory to the other
                  Parties, notify the other Parties thereof and deliver to the
                  other Parties a copy of the new process agent's acceptance of
                  appointment Provided that until the other Parties receive such
                  notification, they shall be entitled to treat the agent named
                  above (or its said successor) as the agent of Bello for the
                  purposes of this Clause 22.4. Bello agrees that any such legal
                  process shall be sufficiently served on him if delivered to
                  such agent for service at its address for the time being in
                  Hong Kong whether or not such agent gives notice thereof to
                  Bello.

         22.5     Cataldo hereby irrevocably appoints Ms. Wendy Cheng of 6th and
                  7th Floors, Leahander Centre, 28 Wang Wo Tsai Street, Tsuen
                  Wan, New Territories, Hong Kong as his agent to receive and
                  acknowledge on his behalf service of any writ, summons, order,
                  judgment or other notice of legal process in Hong Kong. If for
                  any reason the agent named above (or its successor) no longer
                  serves as agent of Cataldo for this purpose, Cataldo shall
                  promptly appoint a successor agent satisfactory to the other
                  Parties, notify the other Parties thereof and deliver to the
                  other Parties a copy of the new process agent's acceptance of
                  appointment Provided that until the other Parties receive such
                  notification, they shall be entitled to treat the agent named
                  above (or its said successor) as the agent of Cataldo for the
                  purposes of this Clause 22.5. Cataldo agrees that any such
                  legal process shall be sufficiently served on him if delivered
                  to such agent for service at its address for the time being in
                  Hong Kong whether or not such agent gives notice thereof to
                  Cataldo.

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<PAGE>   50
                                                                        REDACTED

         22.6     Joe Ng hereby irrevocably appoints Ms. Wendy Cheng of 6th and
                  7th Floors, Leahander Centre, 28 Wang Wo Tsai Street, Tsuen
                  Wan, New Territories, Hong Kong as his agent to receive and
                  acknowledge on his behalf service of any writ, summons, order,
                  judgment or other notice of legal process in Hong Kong. If for
                  any reason the agent named above (or its successor) no longer
                  serves as agent of Joe Ng for this purpose, Joe Ng shall
                  promptly appoint a successor agent satisfactory to the other
                  Parties, notify the other Parties thereof and deliver to the
                  other Parties a copy of the new process agent's acceptance of
                  appointment Provided that until the other Parties receive such
                  notification, they shall be entitled to treat the agent named
                  above (or its said successor) as the agent of Joe Ng for the
                  purposes of this Clause 22.6. Joe Ng agrees that any such
                  legal process shall be sufficiently served on him if delivered
                  to such agent for service at its address for the time being in
                  Hong Kong whether or not such agent gives notice thereof to
                  Joe Ng.

         22.7     Sai Ng hereby irrevocably appoints Ms. Wendy Cheng of 6th and
                  7th Floors, Leahander Centre, 28 Wang Wo Tsai Street, Tsuen
                  Wan, New Territories, Hong Kong as his agent to receive and
                  acknowledge on his behalf service of any writ, summons, order,
                  judgment or other notice of legal process in Hong Kong. If for
                  any reason the agent named above (or its successor) no longer
                  serves as agent of Sai Ng for this purpose, Sai Ng shall
                  promptly appoint a successor agent satisfactory to the other
                  Parties, notify the other Parties thereof and deliver to the
                  other Parties a copy of the new process agent's acceptance of
                  appointment Provided that until the other Parties receive such
                  notification, they shall be entitled to treat the agent named
                  above (or its said successor) as the agent of Sai Ng for the
                  purposes of this Clause 22.7. Sai Ng agrees that any such
                  legal process shall be sufficiently served on him if delivered
                  to such agent for service at its address for the time being in
                  Hong Kong whether or not such agent gives notice thereof to
                  Sai Ng.

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                                                                        REDACTED

                                   SCHEDULE 1

                                   WARRANTIES

1.       THE ACCOUNTS

         1.1      The Accounts have been prepared in accordance with the
                  requirements of all relevant laws and generally accepted
                  statements of standard accounting practice and are complete
                  and accurate in all respects and show a true and fair view of
                  the state of affairs of the Vendors and Sinda (as the case may
                  be) (the "RELEVANT ENTITY") and of its results and profits for
                  the financial period ending on the Accounting Date and
                  depreciation of the fixed assets of the Relevant Entity has
                  been made at a rate sufficient to write down the value of such
                  assets to nil not later than the end of their useful working
                  lives.

         1.2      The Accounts disclose and make full provision or reserve for
                  all actual liabilities of the Relevant Entity.

         1.3      The Accounts disclose and make full provision or reserve for
                  or note all contingent, unquantified or disputed liabilities
                  and capital or burdensome commitments of the Relevant Entity.

         1.4      The bases and policies of accounting of the Relevant Entity
                  (including depreciation and valuation of stock and work in
                  progress) adopted for the purpose of preparing the Accounts
                  are the same as those adopted for the purpose of preparing the
                  audited accounts of the Relevant Entity for each of the last 3
                  preceding accounting periods.

         1.5      The profits and losses of the Relevant Entity shown by the
                  Accounts and for the last 3 preceding accounting periods have
                  not in any material respect been affected by any unusual or
                  non-recurring or exceptional item or by any other matter which
                  has rendered such profits or losses unusually high or low.

         1.6      The Business and the Sinda Business (the Business and the
                  Sinda Business are herein referred to as the "WARRANTED
                  BUSINESS") have no liabilities, obligations or contingencies
                  of any kind, whether absolute, contingent, unaccrued, asserted
                  or unasserted, or otherwise, except liabilities, obligations
                  or contingencies that were in existence on the Accounting Date
                  and are fully accrued or reserved in the Accounts, or that
                  have been incurred after such date in the ordinary course of
                  the Warranted Business.

         1.7      The Accounts contain full provision for all Tax in relation to
                  the Warranted Business including deferred or provisional
                  taxation liable to be assessed on the Relevant Entity for the
                  accounting period ended on the Accounting Date or for any
                  subsequent period (on the basis of the rates of Tax and
                  taxation statutes in force at the Accounting Date) in respect
                  of any transaction, event or omission

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<PAGE>   52
                  occurring or any income or profits or gains earned, accrued or
                  received by the Relevant Entity on or prior to the Accounting
                  Date or for which the Relevant Entity is accountable up to
                  such date and all contingent liabilities for Tax have been
                  provided for or disclosed in the Accounts.

         1.8      The Management Accounts have been prepared in accordance with
                  the accounting policies of the Relevant Entity which are set
                  out in the relevant Accounts and on a consistent basis with
                  the monthly management accounts of the Relevant Entity and
                  show a fair view of the assets and liabilities and profits or
                  losses of the Business as at and to 30 April 2000.

         1.9      The Sinda March Accounts have been prepared in accordance with
                  the accounting policies of Sinda which are set out in the
                  Sinda December Accounts and on a consistent basis with the
                  Sinda December Accounts and show a fair view of the assets and
                  liabilities and profits or losses of Sinda as at and to 31
                  March 2000.

2.       TAXATION MATTERS

         2.1      Since the Accounting Date no further liability or contingent
                  liability for Tax in relation to the Warranted Business has
                  arisen otherwise than as a result of commercial activities in
                  the ordinary course of its business.

         2.2      All returns of the Vendors and Sinda (collectively the
                  "WARRANTED ENTITIES" and singly the "WARRANTED ENTITY") made
                  for Tax purposes were when made and remain correct and on a
                  proper basis and all other information supplied to the Inland
                  Revenue Department or other fiscal authority for such purpose
                  was when supplied and remains correct and on a proper basis
                  and such returns include all returns and information which the
                  Warranted Entities ought to have made or given.

         2.3      Each Warranted Entity is not a party to any action or
                  proceeding for the assessment or collection Tax and, to the
                  best of the Warrantors' knowledge and belief, no such action
                  or proceeding is likely. Each Warranted Entity is not involved
                  in any dispute with any Tax authority concerning any matter
                  likely to affect the conduct of the Warranted Business after
                  Completion or any of the Assets and no such dispute is likely.
                  Each Warranty Entity has disclosed to the Purchaser all
                  correspondence between each of them and any governmental
                  agency regarding Tax.

         2.4      Each Warranted Entity has paid all Tax in relation to the
                  Warranted Business for which it is liable to account to the
                  Inland Revenue Department or other fiscal authority on the due
                  date for payment thereof and is under no liability to pay any
                  penalty or interest in connection therewith.

         2.5      Each Warranted Entity has made all deductions and withholdings
                  in respect, or on account, of any Tax from any payments made
                  by it which it is obliged or entitled

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<PAGE>   53
                                                                        REDACTED

                  to make and has accounted in full to the appropriate authority
                  for all amounts so deducted or withheld.

         2.6      All remuneration, compensation payments, payments on
                  retirement or removal from an office or employment and other
                  sums paid or payable to employees or officers or former
                  employees or officers of the Warranted Entities in connection
                  with the Warranted Business and all interest, annuities,
                  royalties, rent and other annual payments paid or payable by
                  the Warranted Entities in connection with the Warranted
                  Business (whether before or after the date hereof) pursuant to
                  any obligation in existence at the date hereof are and will
                  (on the basis of the Tax legislation in force at the date
                  hereof) be deductible for profits tax purposes either in
                  computing the profits of the Warranted Entities or as a charge
                  on the income of the Warranted Entities.

         2.7      Each Vendor has complied with its reporting obligations to the
                  Inland Revenue Department or other fiscal authority, in
                  respect of any benefits provided to any of the Transferring
                  Employees.

         2.8      To the best of the Warrantors' knowledge and belief, all
                  returns and information made or given by each Warranted Entity
                  to any relevant authorities in connection with the import or
                  export of any products in relation to the Warranted Business
                  are correct and each Warranted Entity has complied with all
                  legislation relating to the import and export of products and
                  to all customs and excise matters.

         2.9      To the best of the Warrantors' knowledge and belief, all
                  duties payable upon the importation of goods, and all customs
                  and excise duties payable in respect of the Assets have been
                  paid in full, and none of the Assets is liable to confiscation
                  or forfeiture.

         2.10     All documents (other than those which have ceased to have any
                  legal effect) which are material to the title to any of the
                  Assets have been duly stamped.

         2.11     There is no unsatisfied liability to estate or death duties or
                  inheritance tax attached or attributable to any of the Assets
                  and there is no charge or potential charge on any of the
                  Assets under section 18 of the Estate Duty Ordinance (Chapter
                  111 of the Laws of Hong Kong).

3.       CORPORATE AND JOINT VENTURE MATTERS

         3.1      Each Warranted Entity has been duly incorporated, organised or
                  established and is validly existing under the laws of the
                  jurisdiction of its place of incorporation, organisation or
                  establishment and no order has been made or petition presented
                  or resolution passed for the winding up of the Warranted
                  Entities and no distress, execution or other process has been
                  levied on any of its assets. Each Warranted Entity is not
                  insolvent or unable to pay its debts for the purposes of
                  section l78 of the Companies Ordinance (or similar legislation
                  under the laws of the PRC) and

                                       50
<PAGE>   54
                  no receiver or receiver and manager has been appointed by any
                  person of its business or assets or any part thereof and no
                  power to make any such appointment has arisen.

         3.2      Each Warranted Entity does not have any place of business or
                  branch or permanent establishment relating to the Warranted
                  Business outside its jurisdiction of incorporation.

         3.3      Accurate and complete copies of the Memorandum and Articles of
                  Association (or equivalent constitutive documents) of each
                  Warranted Entity have been provided to the Purchaser. Each
                  Warranted Entity has complied with its Memorandum and Articles
                  of Association (or equivalent constitutive documents) in all
                  material respects and none of the activities, agreements,
                  commitments or rights of the Warranted Entities relating to
                  the Warranted Business nor (in the case of the Vendors) this
                  Agreement is ultra vires or unauthorised.

         3.4      Each Vendor has all the requisite corporate power to execute,
                  deliver and perform, and has taken all necessary corporate or
                  other action to authorise the execution, delivery and
                  performance of, this Agreement. This Agreement constitutes a
                  legal, valid and binding obligation of the Vendors enforceable
                  in accordance with its terms.

         3.5      All Books and Records:

                  (a)      are true and accurate; and

                  (b)      do not contain or reflect any material discrepancies.

4.       THE ASSETS

         4.1      The Vendors have good and marketable title to all their
                  respective Assets free from any Encumbrances, other third
                  party rights, hire or hire purchase agreements, credit sale
                  agreements, agreements for payment on deferred terms or bills
                  of sale and any rights of any person to call for any of the
                  same. All of the Assets are in the possession or under the
                  control of the Vendors. The Assets comprise all of the assets
                  necessary to carry on the Business as carried on by the
                  Vendors.

         4.2      All of the items of Machinery and Equipment are in good repair
                  having regard to their age.

         4.3      The Machinery and Equipment comprise all the movable plant,
                  machinery, vehicles, office and warehouse equipment, computer
                  hardware and software, furniture and furnishings used in the
                  carrying on of the Business.

5.       THE PURCHASED CONTRACTS

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                                                                        REDACTED

         5.1      The Purchased Contracts do not include:

                  5.1.1    any contract for the purchase or use by the Vendors
                           of materials, supplies or equipment which is in
                           excess of the requirements of the Business for its
                           normal operating purposes or at prices higher than
                           current market prices or requires expenditure in
                           excess of HK$500,000;

                  5.1.2    any contract for supply of services by the Vendors
                           which contains warranties or conditions in favour of
                           the purchaser substantially broader in scope than
                           warranties and conditions implied by law or as
                           specified in the Vendors' standard conditions of sale
                           or supply (a copy of which has been provided to the
                           Purchaser) or incorporates unreasonable discounts,
                           commissions or prices calculated otherwise than in
                           accordance with the Vendor's standard pricing
                           structure;

                  5.1.3    any unusual or onerous contract nor any contract
                           which cannot be terminated without penalty or
                           compensation on less than 12 months' notice;

                  5.1.4    any contract restricting either of the Vendors'
                           freedom of action in relation to the normal
                           activities of the Business;

                  5.1.5    any contract not made in the ordinary course of the
                           Business;

                  5.1.6    any agency, distribution, marketing, purchasing,
                           franchising or licensing agreement.

         5.2      Each of the Purchased Contracts is in full force and effect
                  and constitutes a legal, valid, binding and enforceable
                  obligation of every party thereto, and none of the terms of
                  the Purchased Contracts or compliance with any of them has
                  been waived.

         5.3      With respect to each of the Purchased Contracts:

                  5.3.1    the relevant Vendor has duly performed and complied
                           in all material respects with each of its obligations
                           thereunder;

                  5.3.2    there has been no delay, negligence or other default
                           on the part of the relevant Vendor and no event has
                           occurred which, with the giving of notice or passage
                           of time, may constitute a default thereunder;

                  5.3.3    the relevant Vendor is under no obligation which
                           cannot readily be fulfilled, performed or discharged
                           by it from the resources and Assets

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<PAGE>   56
                                                                        REDACTED

                           of the Business on time and without undue or unusual
                           expenditure or effort;

                  5.3.4    the relevant Vendor has within the Business the
                           technical and other capabilities and the human and
                           material resources to enable it to fulfil, perform
                           and discharge all its outstanding obligations in the
                           ordinary course of the Business;

                  5.3.5    there are no grounds for rescission, avoidance,
                           repudiation or termination and the relevant Vendor
                           has not received any notice of termination; and

                  5.3.6    none of the other parties thereto is in default
                           thereunder.

         5.4      None of the Purchased Contracts is one in which any of the
                  Associated Companies of the Vendors or any shareholder or
                  director of the Vendors or of any of its Associated Companies
                  is in any way interested.

         5.5      None of the Purchased Contracts nor any of the arrangements or
                  practices of the Business is void, illegal, unenforceable,
                  registrable or notifiable under or in contravention of any
                  laws or regulations.

         5.6      Other than the Purchased Contracts, there are no contracts,
                  agreements or arrangements relating to the Business which is
                  likely to be material to a purchaser of the Business and the
                  Assets.

6.       SERVICES

         6.1      The Warranted Entities have not provided any services in the
                  course of the Warranted Business which, to the best of the
                  knowledge of the Warrantors, have been provided in a negligent
                  manner or in any other manner which would entitle the
                  recipient of such services to claim damages against the
                  Warranted Entities.

         6.2      There has been no claim in respect of personal injury or
                  damage to property arising from use of any services supplied
                  in the course of the Warranted Business during the period of 6
                  years prior to the Completion Date.

7.       GENERAL COMMERCIAL MATTERS

         7.1      The Vendors have provided to the Purchaser a list of all
                  outstanding guarantees, performance bonds, letters of credit
                  or similar instruments given by the Warranted Entities or any
                  of its Associated Companies or any other person in respect of
                  the Warranted Business, and all agreements under which any
                  finance has been provided to the Warranted Entities in
                  relation to the Warranted Business.

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                                                                        REDACTED

         7.2      To the best of the Warrantors' knowledge and belief, so far as
                  the Warrantors and Sinda are aware, following a change in the
                  ownership of the Business and the Assets, the customers of or
                  suppliers to the Warranted Business will remain customers or
                  suppliers of the Purchaser to the same extent and upon terms
                  no less favourable than the terms of their dealings with the
                  Vendors prior to the date of this Agreement. Within the period
                  of 90 days preceding the date of this Agreement the Warrantors
                  have not received any notice or indication (either in writing
                  or orally) from any customer or supplier of the Warranted
                  Business that it intends to change in any respect the nature
                  of its relationship (including, without limitation, the terms
                  of its dealings) with the Warranted Business.

         7.3      Neither the Warranted Entities, their predecessors in title,
                  nor any person for whose acts or defaults the Warranted
                  Entities may be vicariously liable, has committed any criminal
                  offence or any tort or any breach of legislation, regulation
                  or other requirement having force of law, relating to the
                  Warranted Business.

         7.4      The Vendors have obtained all authorisations, licences and
                  consents necessary for the carrying on of the Business. All
                  such authorisations, licences and consents are valid and
                  subsisting.

         7.5      As at the date of signing of this Agreement, the Warranted
                  Entities do not carry on the Warranted Business under any name
                  other than its own.

         7.6      To the best of the Warrantors' knowledge and belief, the
                  Warranted Entities are not the subject of any official
                  investigation or inquiry and is not aware of any facts which
                  are likely to give rise to any such investigation or inquiry.

         7.7      None of the shareholders or directors of the Vendors, the
                  Vendors nor any Associated Company of the Vendors is either
                  alone or with any other person or persons engaged in any
                  business or concerned or interested in any way whatsoever in
                  any business of a similar nature to or competitive with the
                  Business.

         7.8      There are no obligations, agreements, arrangements or
                  concerted practices relating to or affecting the Business to
                  which either of the Vendors is a party or by which either of
                  the Vendors is bound and there are no practices in which
                  either of the Vendors is engaged which relate to or affect the
                  Business which are void, illegal, unenforceable, registrable
                  or notifiable under or which contravene any anti trust or
                  similar legislation anywhere in Hong Kong (all such laws being
                  referred to as "the anti trust rules" in this paragraph). The
                  Warrantors have received no complaint or threat to complain
                  under or referring to the anti trust rules from any person and
                  has not received any request for information, investigation or
                  objections or been the addressee of or party to any decision,
                  judgment, undertaking or settlement relating to the anti trust
                  rules or to any proceedings in which the anti trust rules were
                  pleaded or relied upon which in any case related to or
                  affected the Business.

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                                                                        REDACTED

         7.9      The books and records of the Warranted Business accurately
                  present and reflect all transactions entered into in relation
                  to the Warranted Business, and have been properly maintained,
                  in accordance with generally accepted accounting principles
                  and applicable legislation in Hong Kong and the PRC, as
                  applicable. Such books and records are up to date and
                  complete.

         7.10     (a)      The Vendors have at all times complied in relation to
                           the Business with all of its obligations under the
                           Personal Data (Privacy) Ordinance (Chapter 486 of the
                           Laws of Hong Kong) ("PDPO"), including the data
                           protection principles forming Schedule 1 of the PDPO,
                           in connection with the collection, holding,
                           processing and use of personal data as defined in the
                           PDPO. (In this Schedule, "PERSONAL DATA" means any
                           data relating to a living individual from which it is
                           practicable to ascertain the identity of that
                           individual and which is in a form in which it is
                           practicable to access or process that data).

                  (b)      The Vendors have also followed and complied in
                           relation to the Business with all of the
                           recommendations contained in any applicable code of
                           practice approved or issued by the Privacy
                           Commissioner for Personal Data in relation to the
                           PDPO.

                  (c)      In particular and without prejudice to the generality
                           of the foregoing each of the Vendors has in relation
                           to the Business observed all of its obligations in
                           relation to:

                           (i)      use of personal data for "matching"
                                    procedures (being comparison of personal
                                    data collected for one purpose with other
                                    personal data for the purpose of taking
                                    adverse action against data subjects); and

                           (ii)     transfer of personal data outside Hong Kong.

         7.11     Sinda has and is maintaining all approvals, sanctions,
                  consents, licences, permissions, authorisations, filings and
                  registrations ("APPROVALS") issued by the appropriate and
                  authorised national, provincial, municipal, local or foreign
                  regulatory bodies or agencies necessary for its establishment
                  and operation and to enable it to carry on Sinda Business as
                  currently carried on (including, without limitation, the Class
                  "A" Licence) and are not in breach of any provisions of any
                  law, rule, regulation, guideline, opinion, notice, circular,
                  order, judgement, decree or ruling of any court, government,
                  or governmental or regulatory authority ("LAW") governing such
                  Approvals or terms or conditions thereof, and none of such
                  Approvals is subject to revocation or withdrawal or (except to
                  an immaterial or beneficial extent) amendment and the
                  Warrantors and Sinda are not aware of any reason why such
                  revocation, withdrawal or amendment should occur.

         7.12     Sinda has all requisite power and authority, and has obtained
                  all necessary Approvals, of and from all public, regulatory or
                  governmental agencies and

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                                                                        REDACTED

                  bodies, to own its assets and conduct the Sinda Business; no
                  such Approval contains a materially burdensome restriction on
                  the ability of Sinda to own its assets and conduct the Sinda
                  Business and the Warrantors and Sinda are not aware of any
                  breach by Sinda of the provisions of any Laws governing any
                  such Approval or of any other factor, which, in either case,
                  could be the basis for the withdrawal, cancellation or
                  impairment of such Approval or the creation of any material
                  liability of Sinda in connection with such Approval not
                  otherwise expected in the absence of such breach of other
                  factor.

8.       INTELLECTUAL PROPERTY

         8.1      Save in respect of those Third Party Rights pursuant to
                  agreements described in Part 3 of Schedule 8, the relevant
                  Vendor is and has been at all times since its creation the
                  sole legal and beneficial owner, free from all Encumbrances,
                  capable of transferring the same as beneficial owner and,
                  where registered, the sole registered proprietor of all the
                  Intellectual Property.

         8.2      The material particulars as to registration (and applications
                  therefor) of the Intellectual Property, including priority and
                  renewal dates, are set forth in Schedule 4. Each of those
                  registrations is valid.

         8.3      The Intellectual Property, and the validity or subsistence of
                  the relevant Vendor's right, title and interest therein, is
                  not the subject of any current pending or threatened
                  challenge, claim or proceeding, including for opposition,
                  cancellation, revocation or rectification, and has not during
                  the period of 6 years prior to Completion been the subject of
                  any such challenge, claim or proceeding, and there are no
                  facts or matters which might give rise to any such challenge,
                  claim or proceeding.

         8.4      All registration and/or renewal fees regarding the
                  Intellectual Property due on or before Completion have been
                  paid in full.

         8.5      The relevant Vendor has not in Hong Kong and the PRC entered
                  into any agreement, arrangement or understanding (whether
                  legally enforceable or not) for the licensing or otherwise
                  permitting the use or exploitation of the Intellectual
                  Property or which prevents, restricts or otherwise inhibits
                  its freedom to use and exploit the Intellectual Property.

         8.6      None of the Intellectual Property is currently being
                  infringed, misused or used without authorisation in Hong Kong
                  and PRC by any third party or has been so infringed, misused
                  or used without authorisation during the 6 year period
                  preceding Completion and no third party has threatened any
                  such infringement, misuse or unauthorised use and the
                  Warrantors are aware of no allegations of the same.

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                                                                        REDACTED

         8.7      The Vendors are not engaged in any activities involving the
                  Business which infringe or otherwise involve the misuse or
                  unauthorised use of any patents, petty patents, know-how,
                  trade secrets, technical processes, lists of customers or
                  suppliers and other confidential information, registered
                  designs, copyrights, performer's rights, rights in Internet
                  domain names of any level, plant variety rights, design
                  rights, rights in circuit layouts, topography rights, trade
                  marks, business names, rights in the nature of any of the
                  aforesaid or rights in the nature of unfair competition rights
                  belonging to any third party or which give any third party the
                  right to sue for passing off. None of the Intellectual
                  Property has been wrongfully or unlawfully acquired by the
                  Vendors. Complete and accurate copies of all documentation by
                  which the Vendors acquired from any third party ownership of
                  any of the Intellectual Property have been disclosed to the
                  Purchaser, and no claim under any warranty contained in such
                  documentation has been made or intimated nor are there any
                  grounds on which any such claim could be made.

         8.8      The relevant Vendor has taken all steps open to it to preserve
                  the Intellectual Property including, but not limited to taking
                  all reasonable steps to preserve the confidentiality of all
                  know-how, confidential information and trade secrets used in
                  the Business, including ensuring that all such know-how,
                  information and secrets are fully documented and held in a
                  secure location in the possession or control of the relevant
                  Vendor, are only disclosed to such employees and other persons
                  to whom disclosure is necessary in the normal conduct of the
                  Business and who are aware of, and accept in writing an
                  obligation to maintain, the confidentiality thereof.

9.       COMPUTER SYSTEMS AND SOFTWARE

         9.1      In this paragraph 9, the expression "THE SOFTWARE" means all
                  of the computer programs identified and briefly described in
                  Schedule 4 Part 4.

         9.2      The Software includes all computer programs and software used
                  or supplied in or in connection with the Business during the
                  period of 6 years prior to Completion (whether owned by the
                  Vendors or licensed or sub-licensed to the Vendors by a third
                  party pursuant to a licence agreement from the third party).

         9.3      Save as otherwise provided herein, the Vendors do not have any
                  title and right to and copyright in any item of the Software
                  including source code and object code, user and other manuals,
                  tapes, indices, descriptive memoranda, original listings,
                  development working papers, calculations and all other
                  relevant documents, media and confidential information.

         9.4      The relevant Vendor is entitled to assign to the Purchaser and
                  to use and, where indicated, to grant sub-licences to third
                  parties to use the Software described in Section B of Schedule
                  4 Part 4 pursuant to licences and/or consents granted to the
                  relevant Vendor by the owner or licensee of such Software,
                  true and complete

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                                                                        REDACTED

                  copies of such licences having been disclosed to the Purchaser
                  and being in full force and effect. All royalties and other
                  payments have been paid when due and there has been no act or
                  default by the relevant Vendor or, where appropriate, its
                  sub-licensees or any other person which may in any way result
                  in such licences being terminated or the relevant Vendor being
                  unable to obtain any benefit under such licences.

         9.5      The relevant Vendor has not at any time had any dispute with
                  any person relating to proprietary or other rights in or to
                  the Software. All licences relating to the Software granted by
                  the relevant Vendor are in full force and effect and the
                  relevant Vendor is not aware of any breach of any terms of any
                  such licences. The relevant Vendor has on the termination of
                  any licence granted by it either recovered or secured the
                  destruction of all copies of the Software in the possession
                  custody or control of the licensee or other contracting party
                  at the date of such termination.

         9.6      The Software is fit in all respects for its intended purpose,
                  of satisfactory quality, performs in all respects in
                  accordance with its specifications and user or other manuals
                  or documentation and does not contain any defect or feature
                  which does or may adversely affect its performance or the
                  performance of any other software, hardware or system. The
                  relevant Vendor has not at any time had any dispute with any
                  person relating to the functionality, quality or fitness for
                  purpose of the Software or relating to its compliance with its
                  specifications or with any warranties given by the relevant
                  Vendor or any other person relating to it.

         9.7      (a)      All computer software, hardware and equipment owned
                           or used by the Vendors in relation to the Business or
                           used or operated by third parties on behalf of the
                           Vendors in relation to the Business, which performs
                           or is or may be required to perform functions
                           involving dates or the computation of dates or
                           containing date related data, has the programming,
                           design and performance capabilities to ensure that:

                           (i)      it will not suffer or cause a Malfunction;
                                    and

                           (ii)     it will not be adversely affected by, nor
                                    require changes in inputting or operating
                                    practices nor produce invalid or incorrect
                                    output or results, nor cause any abnormal
                                    ending scenario or suffer any diminution in
                                    functionality or performance as a result of
                                    the date change at the end of the twentieth
                                    century or the input, processing, storage or
                                    use of dates up to and including 31 December
                                    2001.

                  (b)      All date related data stored electronically by or on
                           behalf of the Vendors in relation to the Business is
                           in such a form that its input, processing, storage or
                           use by or on behalf of the Vendors in relation to the
                           Business will not,

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                  directly or indirectly, cause a Malfunction in any software,
                  hardware or equipment.

                  (c)      For the purposes of this Warranty, a "MALFUNCTION"
                           means failure:

                           (i)      accurately to recognise dates falling
                                    before, upon and after the year 2000;

                           (ii)     accurately to record, store, retrieve and
                                    process data input and date information;

                           (iii)    to function in a manner which does not
                                    create any ambiguity as to century; and

                           (iv)     accurately to manage and manipulate single
                                    century and multi-century formulae,
                                    including leap year calculations.

         9.8      The Vendors have security procedures in place to prevent the
                  unauthorised access, amendment or damage to, or use of, the
                  Vendors' data or data of third parties held on the Vendors'
                  computer systems or Software by any third party, and no such
                  unauthorised access, amendment, damage or use has taken place
                  during the 6 years preceding Completion.

         9.9      The Vendors have access to the source code of Software
                  licensed or sub-licensed to it in terms of source code deposit
                  agreements between the owner(s) of the copyright in such
                  Software and reputable deposit agents, true and complete
                  copies of which agreements have been disclosed to the
                  Purchaser.

10.      THE PROPERTIES

         10.1     In this paragraph 10 unless the context otherwise requires:

                  10.1.1       "DEVELOPMENT CONTROL LAWS" includes any law or
                               statute from time to time in effect relating to
                               or regulating town and country planning,
                               building, development and/or use of property;

                  10.1.2       "FINANCIAL ENCUMBRANCES" include any debenture,
                               mortgage, charge, pledge, lien, encumbrance,
                               assignment of rent or any security interest or
                               other security arrangement of any kind granted or
                               agreed to be granted over or in respect of the
                               Properties;

                  10.1.3       "LIABILITIES" include all liabilities (whether or
                               not contingent) incurred or to be incurred by
                               each of the Vendors, all damage or loss suffered
                               by it, all claims, demands, actions and
                               proceedings made or brought against it and all
                               costs and disbursements incurred by it and
                               Liability shall be construed accordingly;

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                  10.1.4       "OBLIGATIONS" include covenants, conditions,
                               agreements, stipulations, restrictions,
                               contractual requirements or other obligations
                               (whether positive or negative) of a similar
                               nature;

                  10.1.5       "OCCUPANCY DOCUMENTS" include any lease,
                               sub-lease, tenancy agreement, sub-tenancy
                               agreement, licence or other document granted or
                               agreed to be granted by either of the Vendors or
                               its predecessors in title giving any person a
                               right to use, possess or occupy the Properties;

                  10.1.6       "OCCUPANCY RIGHTS" include any right to use,
                               possess or occupy any of the Properties, granted
                               by either of the Vendors or its predecessors in
                               title or otherwise acquired or in the course of
                               being acquired;

                  10.1.7       "RIGHTS" include any easement, way leave,
                               licence, quasi-easement, privilege, contractual
                               right or other rights of a similar nature;

                  10.1.8       "UTILITY" includes provision for sewage disposal,
                               water, electricity, gas, television,
                               telecommunications and information and
                               "UTILITIES" shall be construed accordingly;

                  10.1.9       Any reference to the Properties or the Leased
                               Properties shall (as appropriate) be deemed to
                               include reference to each of them and each and
                               every part of them.

                  10.2.0       The Properties comprise all the land, buildings
                               and premises currently owned, occupied or used by
                               the Vendors in relation to the Business or in
                               respect of which the Vendors have any estate,
                               interest, right or title and the descriptions of
                               the Properties set out in Schedule 3 are correct
                               and not misleading.

                  10.2.1       The Vendors have exclusive and unfettered
                               possession and occupation of the Leased
                               Properties and there are no Occupancy Rights or
                               Financial Encumbrances in favour of third parties
                               affecting them except any disclosed in Schedule
                               3.

                  10.2.2       All Obligations to which the Leased Properties
                               are subject and all obligations under Financial
                               Encumbrances have been observed and performed and
                               there are no circumstances which could give rise
                               to the restriction or termination of the
                               continued possession, occupation, use or
                               enjoyment of the Leased Properties or to the
                               exercise of any powers under any Financial
                               Encumbrances or to any Liabilities whatever.

                  10.2.3       All Obligations from which the Leased Properties
                               benefit have been observed and performed and no
                               breach of such Obligations has been waived or
                               acquiesced in.

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                  10.2.4       The Leased Properties have the benefit of all
                               Rights required to comply with fire regulations
                               and to maintain adequately the Leased Properties,
                               and all other Rights, Utilities and facilities
                               reasonably required for the continued full and
                               free use and enjoyment of the Leased Properties
                               for the duration of the Vendors' interest in the
                               relevant Property and such Rights are held on
                               terms which do not entitle any person to
                               terminate, curtail or charge for the Rights.

                  10.2.5       There are no outstanding claims, disputes,
                               complaints, notices, orders or proceedings
                               relating to or affecting the Leased Properties or
                               which have given or might give rise to any
                               Liabilities.

                  10.2.6       All laws, statutes and subsidiary legislation
                               relating to the use of the Leased Properties, the
                               employment of persons or the use or storage of
                               machinery, materials, consumables or chattels in
                               the Leased Properties have been complied with and
                               all consents, licences or permits required
                               thereunder have been obtained and any conditions
                               or restrictions imposed by such consents,
                               licences or permits have been observed and
                               performed.

                  10.2.7       The present use of the Leased Properties is the
                               permitted use for the purpose of the Development
                               Control Laws and the relevant Government land
                               grant and is not a temporary or personal use or a
                               use subject to restrictions or conditions giving
                               rise to expenditure or affecting the Vendors' use
                               or enjoyment of the Leased Properties and all
                               necessary occupation permits have been obtained
                               and complied with.

                  10.2.8       No demolition, development or construction work
                               has been carried out in relation to the Leased
                               Properties which would require any consent under
                               the Development Control Laws or the relevant
                               Government land grant without such consent having
                               been properly obtained and any conditions or
                               restrictions imposed upon the giving of such
                               consent have been observed and performed.

                  10.2.9       There are no unauthorised structures on or
                               unauthorised alterations to any of the Leased
                               Properties.

                  10.2.10      No application by the Vendors under the
                               Development Control Laws or relevant Government
                               land grant in relation to demolition, development
                               or construction work or for change of use at the
                               Leased Properties has been submitted or a
                               decision in relation thereto appealed which
                               application or appeal (as appropriate) is still
                               pending and no such application has been
                               submitted and refused.

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                  10.2.11      There are no circumstances or matters which would
                               prevent any development, change of use,
                               demolition or construction work at any of the
                               Leased Properties for which consent under the
                               Development Control Laws or the relevant
                               Government land grant has been obtained.

                  10.2.12      There has been no flooding, subsidence or heave
                               affecting the Leased Properties, there are no
                               structural or material defects in or affecting
                               the Leased Properties and the Leased Properties
                               are in good and substantial repair and condition
                               and will not require substantial expenditure in
                               the foreseeable future.

                  10.2.13      The Vendors have not entered into any agreements
                               with any Utility authority or company for the
                               supply to or discharge from the Leased Properties
                               of any Utility or for mains or other equipment
                               laying and has not deposited any money with any
                               such authority or company as security therefor.

                  10.2.14      The Occupancy Documents are on terms negotiated
                               at arm's length and the rent or fees payable
                               under the Occupancy Documents were the best that
                               could reasonably be obtained in the open market
                               (at the time of the grant of the relevant
                               Occupancy Document or the last rent or fee review
                               under the relevant Occupancy Document (as the
                               case may be)) and the rent and fees are as
                               disclosed to the Purchaser in writing.

                  10.2.15      All rent, fees and other payments due under the
                               Occupancy Documents or in respect of any
                               Occupancy Rights have been promptly paid on the
                               due date and no such rent, fees or other payments
                               have been commuted, waived or paid more than
                               monthly in advance.

                  10.2.16      Where any Occupancy Documents contain provisions
                               for rent or fee review or rights of renewal, such
                               review or renewal shall be at the best rent or
                               fee that could reasonably be obtained in the open
                               market assuming willing parties but otherwise on
                               the same terms as the relevant Occupancy Document
                               (other than the option for renewal where
                               appropriate) and the terms of the Occupancy
                               Documents relating to the assessment of the new
                               rent or fee shall have the effect of realising
                               the highest yield for the Leased Properties
                               reasonably obtainable and there are no building
                               alterations or improvements which are to be
                               disregarded for rent or fee review purposes.

                  10.2.17      The Vendors are not engaged in any rent or fee
                               review negotiations, process, proceedings or
                               determination under any legislation or Leases or
                               Occupancy Documents and there is no outstanding
                               rent or fee review under any Leases or Occupancy
                               Documents.

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                  10.2.18      If any rent or fee review negotiations, process,
                               proceedings or determination is continuing under
                               any legislation or Leases or Occupancy Documents,
                               all notices, counter notices and applications to
                               the Court, Lands Tribunal or any relevant
                               arbitrator or independent expert have been served
                               within any requisite time limits so as to comply
                               with the provisions of any applicable legislation
                               or the relevant Lease or Occupancy Document and
                               full particulars of all such notices,
                               counter-notices and applications have been
                               disclosed to the Purchaser.

                  10.2.19      Copies of all of the Occupancy Documents have
                               been supplied to the Purchaser and are true and
                               complete and details of the terms of any
                               subsisting oral Occupancy Rights or Occupancy
                               Rights subsisting by reason of conduct have been
                               supplied to the Purchaser and are true and
                               complete and do not contain any unusual
                               provisions and no collateral assurances,
                               undertakings, concessions or agreements for
                               surrender have been made by any party to any
                               Occupancy Documents or Occupancy Rights.

                  10.2.20      Any consents required for the grant of any
                               Occupancy Documents or Occupancy Rights have been
                               obtained.

                  10.2.21      Notices pursuant to the Landlord and Tenant
                               (Consolidation) Ordinance (Chapter 7 of the Laws
                               of Hong Kong) in respect of the grant of
                               Occupancy Documents or Occupancy Rights of any
                               residential Leased Properties have been lodged
                               with and endorsed by the Commissioner of Rating
                               and Valuation and the endorsed notices are in the
                               possession of the Vendors.

                  10.2.22      The Vendors will not create, grant or agree to
                               grant any Occupancy Rights in respect of the
                               Leased Properties before Completion except with
                               the prior written consent of the Purchaser.

                  10.2.23      Copies of all Financial Encumbrances have been
                               supplied to the Purchaser and are true and
                               complete.

                  10.2.24      Policies of insurance relating to any Liabilities
                               of the Vendors to third parties deriving in any
                               way from the Leased Properties or their use have
                               been effected by the Vendors, are current and
                               valid, cover the reasonably foreseeable Liability
                               of the Vendors and are not subject to any special
                               or unusual terms or restrictions or to the
                               payment of any premia in excess of the normal
                               rate for policies of the same kind.

                  10.3.1       The relevant Vendor possesses the right to occupy
                               the Leased Properties pursuant to the terms of
                               the relevant Leases.

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                  10.3.2       The Leases of each of the Leased Properties are
                               head leases, are properly completed and stamped
                               with any applicable stamp duty and are in the
                               possession and under the control of the relevant
                               Vendor.

                  10.3.3       All necessary consents for the grant of the
                               Leases were obtained before such grant and the
                               landlords named in the Leases were the registered
                               legal owners of the Leased Properties at the time
                               of the grant of the relevant Lease.

                  10.3.4       The Leases contain no unusual or onerous
                               provisions.

                  10.3.5       The Leased Properties are not subject to any
                               outgoings other than general and water rates,
                               rent, management charges of a non-capital nature
                               and Utility charges and the relevant Vendor is
                               not responsible for payment of Government rent.

                  10.3.6       The Leases are not subject to any options or
                               rights of pre-emption or first refusal in favour
                               of any third parties.

                  10.3.7       Where the relevant Vendor is responsible for
                               maintaining insurance of the Leased Properties,
                               the policy conforms in all respects with the
                               requirements of the relevant Lease.

                  10.3.8       Policies of insurance relating to the interior of
                               the Leased Premises and their fixtures, fittings
                               and contents have been effected by the relevant
                               Vendor, are current and valid, cover the full
                               reinstatement value thereof and are not subject
                               to any special or unusual terms or restrictions
                               or to the payment of any premia in excess of the
                               normal rate for policies of the same kind.

                  10.3.9       The relevant Vendor knows of no reason why the
                               existing leases of the Leased Properties will not
                               be or are likely not to be renewed on their
                               expiry on similar terms to those in the existing
                               Leases (save as regards reasonable commercial
                               increases in rent).

11.      LITIGATION

         Neither the Vendors, Sinda nor any person for whose acts or defaults
         the Vendors or Sinda may be vicariously liable is engaged whether as
         plaintiff or defendant or otherwise in any civil, criminal or
         arbitration proceedings or any proceedings before any tribunal in
         relation to the Warranted Business (save for debt collection by the
         Vendors and Sinda in the ordinary course of the Warranted Business for
         amounts which are not material) and there are no proceedings threatened
         or pending against the Vendors or Sinda in relation to the Warranted
         Business including proceedings in respect whereof either of the Vendors
         and Sinda is liable to indemnify any party concerned therein and there
         are no facts which are likely to give rise to any such litigation or
         proceedings. There is no unfulfilled or

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         unsatisfied judgment or court order outstanding against the Vendors,
         Sinda or the Assets in relation to the Warranted Business or the
         Assets.

12.      EMPLOYEES

         12.1     There has been no past and there is no existing or threatened
                  or pending industrial or trade dispute involving either of the
                  Vendors and any of its employees, including without
                  limitation, the Transferring Employees. There are no
                  agreements or arrangements (whether oral or in writing or
                  existing by reason of custom and practice) between either of
                  the Vendors and any trade union or other employees'
                  representatives concerning or affecting any of the
                  Transferring Employees and there are no trade unions or other
                  employees' representatives whom either of the Vendors
                  recognises to any extent, in relation to the Transferring
                  Employees, for collective bargaining purposes.

         12.2     Each of the Vendors has neither given notice of any
                  redundancies or lay offs nor started consultations with any
                  independent trade union or employees' representatives within
                  the period of 1 year prior to the date of this Agreement in
                  relation to any of the Transferring Employees. No
                  circumstances have arisen under which either of the Vendors is
                  likely to be required to pay damages for wrongful dismissal or
                  breach of contract, to make any contractual or statutory
                  redundancy, severance or long service payment or make or pay
                  any compensation in respect of unreasonable dismissal, to make
                  any other payment under any employment protection legislation
                  or to reinstate or re-engage any former employee who was
                  employed in the Business. So far as the Warrantors are aware,
                  there are no pending or threatened claims of any type against
                  it by any existing or former employees who are or were
                  employed in the Business. No circumstances have arisen under
                  which either of the Vendors is likely to be required to pay
                  damages or compensation, or suffer any penalty or be required
                  to take corrective action or be subject to any form of
                  discipline under the Sex Discrimination Ordinance, the
                  Disability Discrimination Ordinance, the Family Status
                  Discrimination Ordinance or any other laws conferring
                  protection against discrimination, harassment, victimisation
                  or vilification by reason of age, gender, race, religion,
                  family circumstances or disability. So far as the Warrantors
                  are aware, there are no current, pending or threatened claims
                  of any type against it by any existing or former employees.
                  Each of the Vendors has never breached and is not in breach of
                  any industrial award or determination applicable to the
                  Transferring Employees.

         12.3     There are no existing service or other agreements between
                  either of the Vendors and any of the Transferring Employees
                  which cannot be lawfully terminated by 3 calendar months'
                  notice or less without giving rise to any claim for damages or
                  compensation other than a statutory redundancy or severance or
                  long service payment, and the relevant Vendor has complied
                  with all its obligations under all legislation, regulations,
                  and other requirements having force of law (including without
                  limitation codes, orders and awards) in connection with the
                  Transferring

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                  Employees and any trade unions and employee representatives
                  and with all collective agreements with respect to trade
                  unions or any Transferring Employees.

         12.4     Schedule 7 contains full and accurate particulars of the
                  following in relation to all of the Transferring Employees:

                  (i)      name, date of birth and commencement of employment;

                  (ii)     details of all remuneration payable (including any
                           bonus or commission entitlements) and any other
                           benefits provided or which the relevant Vendor is
                           bound to provide (whether now or in the future) to
                           all such persons; and

                  (iii)    details of any other material terms and conditions of
                           employment of such persons,

                  all of which information is true and complete.

         12.5     There are no persons working full-time in the Business other
                  than those listed in Schedule 7.

         12.6     Other than the Retirement Scheme, there are no Occupational
                  Retirement Schemes, retirement benefits, pension, provident,
                  superannuation, share option, share incentive, life assurance,
                  disability or similar schemes, arrangements or obligations of
                  the Vendors or any Associated Company of the Vendors for any
                  Transferring Employees or any of their spouses or dependants.
                  Save pursuant to the Retirement Scheme, the Vendors have no
                  obligation (whether legally binding or established by custom)
                  to pay any pension, allowance or gratuity or make any other
                  payment on termination of service, death or retirement or to
                  make any payment for the purpose of providing any similar
                  benefits to or in respect of any Transferring Employee or any
                  spouse or dependant of any such person and is not a party to
                  any scheme or arrangement having as its purpose or one of its
                  purposes the making of such payments or the provision of such
                  benefits. The Vendors have not announced any proposals to
                  establish any such schemes, arrangements or obligations.

         12.7     The Retirement Scheme complies with and has at all times
                  complied with all laws, including (without limitation) the
                  Occupational Retirement Schemes Ordinance and all rules and
                  regulations made thereunder and the requirements of the
                  Registrar of Occupational Retirement Schemes of Hong Kong. The
                  Retirement Scheme has been funded in accordance with the
                  governing rules of the Retirement Scheme, the requirements of
                  the Occupational Retirement Schemes Ordinance and to the
                  extent recommended by the scheme actuaries. The Vendors and
                  the trustees of the Retirement Scheme have duly complied with
                  their respective obligations under the trust deeds and the
                  rules thereof and under all relevant laws and requirements.
                  All amounts due to the trustees thereof or to any

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                  insurance company in connection therewith have been paid. All
                  recommendations in any reports, actuarial or otherwise,
                  relating to the Retirement Scheme which have been received by
                  the Vendors or the trustees within the 3 years immediately
                  preceding the date hereof have been complied with in full.
                  Complete and accurate copies of all such reports have been
                  supplied to the Purchaser.

         12.8     Complete and accurate copies of the rules and all booklets and
                  announcements describing the benefits (or any proposed changes
                  to the benefits) of the Retirement Scheme and all other
                  documents, records and materials relating to the establishment
                  and operation of the Retirement Scheme (including all annual
                  returns, reports, statements and certificates submitted to the
                  Registrar of Occupational Retirement Schemes in the past 3
                  years) have been supplied to the Purchaser prior to the date
                  hereof.

         12.9     The Vendors have been duly admitted to participate in the
                  Retirement Scheme and have fulfilled all of their obligations
                  thereunder (including any obligation to pay contributions
                  thereto).

         12.10    The Retirement Scheme is duly registered under section 18 of
                  the Occupational Retirement Schemes Ordinance, the Registrar
                  of Occupational Retirement Schemes has not proposed to cancel
                  the registration of the Retirement Scheme and neither the
                  trustees thereof (or the insurance company) nor the Vendors
                  have taken any action, or made any omission, which would
                  prejudice the continued registration of the Retirement Scheme
                  under that Section.

         12.11    To the best of the Warrantors' knowledge and belief, neither
                  the Vendors nor the trustees or other administrator of any
                  Occupational Retirement Scheme is engaged in any litigation or
                  arbitration proceedings in respect of the Retirement Scheme or
                  any other Occupational Retirement Scheme or any benefit
                  provided thereunder in relation to the Transferring Employees
                  or any former employees of the Vendors and no such litigation
                  or arbitration proceedings are pending or have been
                  threatened.

         12.12    No Occupational Retirement Scheme in which any of the
                  Transferring Employees participate or have participated has
                  been or is in the process of being (or is proposed to be)
                  wound up (in whole or in part) or closed to new entrants (in
                  whole or in part).

         12.13    No power to increase or augment benefits under the Retirement
                  Scheme or any other Occupational Retirement Scheme in which
                  any Transferring Employees participate or have participated
                  has been exercised within the period of 3 years ending on the
                  date hereof and full details of all exercises of any such
                  powers have been disclosed to the Purchaser.

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13.      MATTERS SINCE THE ACCOUNTING DATE

         Since the Accounting Date:

         13.1     there has been no interruption or alteration in the nature,
                  scope or manner of the Warranted Business, which has been
                  carried on lawfully and in the ordinary and usual course so as
                  to maintain it as a going concern;

         13.2     there has been no material adverse change in the customer
                  relations of the Warranted Business or in the financial
                  condition, prospects, assets or liabilities of the Warranted
                  Business as compared with the position disclosed by the
                  Accounts and no damage, destruction or loss (whether or not
                  covered by insurance) affecting the Warranted Business or the
                  Assets;

         13.3     no substantial customer or supplier being a customer or
                  supplier accounting for contribution to gross profits of more
                  than HK$500,000 of the Warranted Business for the accounting
                  period ending on the Accounting Date has:

                  13.3.1   indicated that it is likely to cease trading with or
                           supply to the Warranted Business;

                  13.3.2   indicated that it is likely to reduce substantially
                           its trading with or supplies to the Warranted
                           Business; or

                  13.3.3   indicated that it is likely to change substantially
                           the terms upon which it is prepared to trade with or
                           supply the Warranted Business (other than normal
                           price and minor changes);

         13.4     the Warranted Entities have continued to pay its creditors in
                  the ordinary course of the Warranted Business. No unusual
                  trade discounts or other special terms have been incorporated
                  into any contract entered into by the Warranted Entities;

         13.5     each Warranted Entity has not acquired, sold, transferred or
                  otherwise disposed of any assets of the Warranted Business of
                  whatsoever nature or cancelled, waived, released or discounted
                  in whole or in part any rights, debts or claims of or
                  connected with the Warranted Business, except in each case in
                  the ordinary course of the Warranted Business in a manner
                  consistent with prior practice;

         13.6     each Warranted Entity has not hired or dismissed any employee
                  employed in the Warranted Business earning an annual rate of
                  remuneration, including fringe benefits, in excess of
                  HK$500,000;

         13.7     no sum or benefit has been paid, applied or voted to any of
                  the Transferring Employees by way of remuneration, bonus,
                  incentive or otherwise in excess of the amounts payable to
                  them by the relevant Vendor at the Accounting Date so as to
                  increase their total remuneration and no new service
                  agreements have been made

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                  or entered into by the relevant Vendor with any of the
                  Transferring Employees since the Accounting Date and the
                  relevant Vendor is not under any contractual or other
                  obligation to, and the relevant Vendor will not, change the
                  terms of service of any Transferring Employee prior to
                  Completion;

         13.8     the relevant Vendor has not acquired or disposed of or granted
                  any right or created any Encumbrance over any of the Leased
                  Properties or any land or buildings or any estate or interest
                  therein or parted with possession of the whole or any part
                  thereof or agreed to do any of the same;

         13.9     each Warranted Entity has not made any purchase or sale or
                  introduced any method of management or operation in respect of
                  the Warranted Business or the Assets except in the ordinary
                  course of the Warranted Business in a manner consistent with
                  prior practice; and

         13.10    each Warranted Entity has not incurred or become subject to
                  any liability or obligation (absolute, contingent or
                  otherwise) in relation to the Warranted Business except
                  current liabilities and obligations incurred under contracts
                  entered into in the ordinary course of the Warranted Business
                  and consistent with past practice.

14.      ACCURACY OF INFORMATION PROVIDED

         14.1     All information contained in the Recitals and Schedules to
                  this Agreement is true and accurate in all respects and not
                  misleading in any respect.

         14.2     All written information regarding the Warranted Entities and
                  the Warranted Business provided by the Vendors or any of its
                  professional advisers to the Purchaser or any of its
                  professional advisers during the negotiations prior to this
                  Agreement is and was when given true and accurate in all
                  respects and not misleading in any respect.

         14.3     There is no material fact or matter concerning the Warranted
                  Entities and the Warranted Business which has not been
                  disclosed to the Purchaser which would reasonably be expected
                  to influence the decision of the Purchaser to proceed with the
                  purchase of the Business on the terms of this Agreement.

         14.4     All forecasts and projections relating to the Warranted
                  Business given to the Purchaser or its advisers by or on
                  behalf of the Vendors have been prepared with all due care and
                  prudence and on a reasonable basis on the assumption that the
                  Warranted Business will be conducted by Purchaser in the same
                  manner as the Vendors. There are no material facts or
                  circumstances known, or which ought to be known, to the
                  Warrantors which would lead a prudent person to revise those
                  forecasts or projections.

                                       69
<PAGE>   73
                                                                        REDACTED

15.      GENERAL

         The execution, delivery and performance of this Agreement will not
         result in the breach, cancellation and/or termination of any of the
         terms or conditions of or constitute a default under any of the
         Purchased Contracts or any agreement by which the Assets may be bound
         or affected or give rise to a right of any other party to terminate or
         cancel any of the Purchased Contracts or any such agreement or violate
         any legislation, regulation or other requirement having force of law or
         any order, writ, injunction or decree of any court, administrative
         agency or governmental body affecting the Warranted Business or the
         Assets or give rise to the revocation, withdrawal or amendment of any
         Approval.

                                       70
<PAGE>   74
                                                                        REDACTED

                         SCHEDULES 2 THROUGH 15 OMITTED.
<PAGE>   75
                                                                        REDACTED

    IN WITNESS WHEREOF the Parties have executed this Agreement on the date
                         appearing at the head hereof.

SIGNED by Cheng Kwan Kok David      )
for and on behalf of                )
CONTINENTAL AIR EXPRESS             )
(HK) LIMITED                        )
in the presence of:                 )

SIGNED by Cheng Kwan Kok David      )
for and on behalf of                )
CONTINENTAL CONTAINER               )
LINES LIMITED                       )
in the presence of:                 )

SIGNED by Alan Draper               )
for and on behalf of                )
UNION-TRANSPORT (HK) LIMITED        )
in the presence of:                 )

SIGNED, SEALED and DELIVERED by     )
CHENG KWAN KOK DAVID                )
in the presence of:                 )

SIGNED, SEALED and DELIVERED by     )
LAI KWOK FAI                        )
in the presence of:                 )

<PAGE>   76
                                                                        REDACTED

SIGNED, SEALED and DELIVERED by     )
LEWIS BILLY BARNHILL                )
in the presence of:                 )

SIGNED, SEALED and DELIVERED by     )
FRANCIS RAYMOND BELLO               )
in the presence of:                 )

SIGNED, SEALED and DELIVERED by     )
ALBERT PATRICK CATALDO              )
in the presence of:                 )

SIGNED, SEALED and DELIVERED by     )
CHAN KA MING                        )
in the presence of:                 )

SIGNED, SEALED and DELIVERED by     )
CHAN KWAN HANG                      )
in the presence of:                 )

SIGNED, SEALED and DELIVERED by     )
CHAU HAK CHEONG                     )

<PAGE>   77
                                                                        REDACTED

in the presence of:                 )

SIGNED, SEALED and DELIVERED by     )
CHENG KWAN LUNG                     )
in the presence of:                 )

SIGNED, SEALED and DELIVERED by     )
NG CHUN KA                          )
in the presence of:                 )

SIGNED, SEALED and DELIVERED by     )
NG SAI KUEN                         )
in the presence of:                 )

THE COMMON SEAL of                  )
UTI WORLDWIDE INC.                  )
was hereunto affixed                )
in the presence of:                 )<PAGE>   1
                                                                        REDACTED

                                                                   EXHIBIT 10.23
                              DATED 25 AUGUST 2000

                        CONTINENTAL CONTAINER LINE, INC.

                        CONTINENTAL CARGO LOGISTICS INC.

                        CONTINENTAL CARGO LOGISTICS INC.

                           UNION-TRANSPORT CORPORATION

                                  LAI KWOK FAI

                                   NG CHUN KA

                              CHENG KWAN KOK DAVID

                             ALBERT PATRICK CATALDO

                              LEWIS BILLY BARNHILL

                              FRANCIS RAYMOND BELLO

                                  CHAN KA MING

                                 CHAN KWAN HANG

                                 CHAU HAK CHEONG

                                 CHENG KWAN LUNG

                                   NG SAI KUEN

                            ASSET PURCHASE AGREEMENT

<PAGE>   2
                                                                        REDACTED

                                    CONTENTS
<TABLE>
<CAPTION>

Number                                           Clause Headings                                                   Page
------                                           ---------------                                                   ----
<S>                                                                                                               <C>
1.       Definitions and Interpretation.....................................................................        2
2.       Sale of Assets.....................................................................................       11
3.       Payment of Purchase Price..........................................................................       11
4.       Conditions.........................................................................................       11
5.       Pre-ClosingObligations.............................................................................       12
6.       Closing............................................................................................       14
7.       Assignment of Leased Properties....................................................................       15
8.       Apportionments.....................................................................................       15
9.       Responsibility for Liabilities.....................................................................       16
10.      Third Party Consents...............................................................................       18
11.      Employees..........................................................................................       18
12.      "Fidelity Simple-IRA Plan".........................................................................       20
13.      Warranties.........................................................................................       20
14.      Restriction of Covenantors.........................................................................       24
15.      Independent Accountants............................................................................       25
16.      Further Obligations and Intentions.................................................................       26
17.      Restriction on Announcements.......................................................................       27
18.      Costs..............................................................................................       27
19.      General............................................................................................       28
20.      Notices............................................................................................       29
21.      Governing Law and Submission to Jurisdiction.......................................................       32

Schedules
Schedule 1  Warranties......................................................................................       33
Schedule 2  Excluded Assets.................................................................................       54
Schedule 3  The Leased Properties...........................................................................       55
Schedule 4  Intellectual Property...........................................................................       63
Schedule 5  Leasing Agreements..............................................................................       66
Schedule 6  Machinery and Equipment.........................................................................       67
Schedule 7  Transferring Employees..........................................................................       68
Schedule 8  Purchased Contracts.............................................................................       69
Schedule 9  Letter to Employees.............................................................................       71
Schedule 10  Retirement Scheme..............................................................................       73
Schedule 11  Insurances.....................................................................................       74
Schedule 12  Guarantees.....................................................................................       75
Schedule 13  Employment Agreement...........................................................................       76

Execution...................................................................................................

Annexures
Annexure 1  CO Container (US) Accounts......................................................................       87
Annexure 2  CO Cargo (CA) Accounts..........................................................................       88
Annexure 3  CO Cargo (NY) Accounts..........................................................................       89
Annexure 4  Customer List...................................................................................       90
</TABLE>
                                       i
<PAGE>   3
                                                                        REDACTED
DATE: 25 August 2000

PARTIES:

(1)      CONTINENTAL CONTAINER LINE, INC., a company incorporated in the State
         of New York in the USA whose head office is at 182-16 147th Avenue,
         Jamaica, NY 11413, New York, United States of America("CO CONTAINER
         (US)").

(2)      CONTINENTAL CARGO LOGISTICS INC., a company incorporated in the State
         of New York in the USA whose head office is at 182-16 147th Avenue,
         Jamaica, NY 11413, New York, United States of America ("CO CARGO
         (NY)").

(3)      CONTINENTAL CARGO LOGISTICS INC., a company incorporated in the State
         of California in the USA whose head office is at 11120 S. Hindry
         Avenue, Unit A, Los Angeles, CA 90045, United States of America ("CO
         CARGO (CA)"; CO Container (US), CO Cargo (NY) and CO Cargo (CA) are
         collectively referred to herein as the "VENDORS" and singly as the
         "VENDOR").

(4)      UNION-TRANSPORT CORPORATION, a company incorporated in the State of New
         York in the USA whose head office is at 19443 Laurel Park Road, Suite
         107, Rancho Dominguez, CA 90220, United States of America (the
         "PURCHASER").

(5)      LAI KWOK FAI of Flat J1, Block J, 1st Floor, Beverly Hill, 6 Broadwood
         Road, Hong Kong ("LAI").

(6)      NG CHUN KA of 11120 S. Hindry Avenue, Unit A, Los Angeles, CA 90045,
         United States of America ("JOE NG"; the Vendors, Lai and Joe Ng are
         collectively referred to herein as the "WARRANTORS" and singly as the
         "WARRANTOR").

(7)      CHENG KWAN KOK DAVID of 16C, Block C, The Crescent, 11 Homantin Hill
         Road, Kowloon, Hong Kong ("DAVID CHENG").

(8)      ALBERT PATRICK CATALDO of 80 Everett Avenue, Suite 301, Chelsea, MA
         02150, United States of America ("CATALDO").

(9)      LEWIS BILLY BARNHILL of 8505 Freeport Parkway, Suite 170, Irving, Texas
         75063, United States of America ("BARNHILL").

(10)     FRANCIS RAYMOND BELLO of 182-16 147th Avenue, Jamaica, NY 11413, United
         States of America ("BELLO").

(11)     CHAN KA MING of 6th and 7th Floors, Leahander Centre, 28 Wang Wo Tsai
         Street, Tsuen Wan, New Territories, Hong Kong ("ALEX CHAN").

(12)     CHAN KWAN HANG of 6th and 7th Floors, Leahander Centre, 28 Wang Wo Tsai
         Street, Tsuen Wan, New Territories, Hong Kong ("TOBBY CHAN").

(13)     CHAU HAK CHEONG of 6th and 7th Floors, Leahander Centre, 28 Wang Wo
         Tsai Street, Tsuen Wan, New Territories, Hong Kong ("CHAU").

<PAGE>   4
                                                                        REDACTED

(14)     CHENG KWAN LUNG of 6th and 7th Floors, Leahander Centre, 28 Wang Wo
         Tsai Street, Tsuen Wan, New Territories, Hong Kong ("JEFFREY CHENG").

(15)     NG SAI KUEN of 182-16 147th Avenue, Jamaica, NY 11413, United States of
         America ("SAI NG"; Lai, Joe Ng, David Cheng, Cataldo, Barnhill, Bello,
         Alex Chan, Tobby Chan, Chau, Jeffrey Cheng and Sai Ng are collectively
         referred to herein as the "KEY EMPLOYEES" and singly as the "KEY
         EMPLOYEE"; the Vendors and the Key Employees are collectively referred
         to herein as the "COVENANTORS" and singly as the "Covenantor").

RECITALS:

(A)      The Vendors carry on the business of customs brokerage, freight
         forwarding, warehousing and distribution and other related services.
         The Vendors wish to sell and the Purchaser wishes to purchase the
         business, and the assets used in it, as a going concern on the terms
         and conditions set out in this Agreement.

(B)      The Purchaser requires the Warrantors who have requested the Purchaser
         to enter into this Agreement, to give such covenants and undertakings
         as are set out herein as a condition of the Purchaser's entry into this
         Agreement.

(C)      The HK Vendors (as hereinafter defined), the HK Purchaser (as
         hereinafter defined) and the Key Employees have executed
         contemporaneously with this Agreement an agreement (the "HK AGREEMENT")
         for the sale and purchase of the business (and the assets used in it)
         carried on by the HK Vendors on the terms and conditions set out
         therein.

TERMS AGREED:

1.       DEFINITIONS AND INTERPRETATION

         1.1      In this Agreement where the context so admits the following
                  words and expressions shall have the following meanings:

                  "ACCOUNTING DATE"         31 December 1999;

                  "ACCOUNTS"                the CO Container (US) Accounts, the
                                            CO Cargo (NY) Accounts and the CO
                                            Cargo (CA) Accounts;

                  "ACCOUNTS RECEIVABLE"     all book debts, trade and other
                                            debts, notes receivable and other
                                            rights to payment arising from the
                                            operation of the Business before the
                                            Closing Date (including the right to
                                            receive payment for services
                                            rendered before the Closing Date but
                                            not invoiced before such date) and
                                            including the benefit of all
                                            guarantees and security in respect
                                            thereof;

                                       2
<PAGE>   5
                                                                        REDACTED

                  "AFFILIATE"               in relation to a company, any person
                                            (legal or natural) who directly or
                                            indirectly controls, or is
                                            controlled by, or is under common
                                            control with, such company;

                  "ASSETS"                  the Goodwill, the benefit of the
                                            Insurances, Intellectual Property,
                                            Machinery and Equipment, Leased
                                            Properties, the benefit of the
                                            Purchased Contracts, Sales
                                            Documentation, Books and Records
                                            (other than minute books relating to
                                            directors' and shareholders'
                                            meetings and statutory books), the
                                            Customer List and all other rights
                                            and assets used in the Business
                                            immediately prior to Closing, but
                                            not including the Excluded Assets;

                  "BOOKS AND RECORDS"       originals and copies in
                                            whatever form and upon whatever
                                            media they may be recorded of all
                                            registers, books, reports,
                                            correspondence, files, records,
                                            accounts, documents and other
                                            material relating to or used in
                                            connection with the Business, the
                                            Assets, the Transferring Employees
                                            and the customers on the Customer
                                            List;

                  "BUSINESS"                the business of customs brokerage,
                                            freight forwarding, warehousing and
                                            distribution and other related
                                            services as carried on by the
                                            Vendors immediately prior to Closing
                                            including that carried on at the
                                            Leased Properties under the names
                                            "Continental Container Line, Inc."
                                            and "Continental Cargo Logistics
                                            Inc." and, where the context
                                            permits, shall include the Assets;

                  "BUSINESS  DAY"           a day (other than a Saturday or
                                            a Sunday) on which banks are
                                            generally open for business in New
                                            York City in the USA;

                  "CASH FLOAT"              the cash balance including all
                                            cash-in-hand and at bank, held by
                                            the Vendors immediately prior to
                                            Closing for the purposes of the
                                            Business;

                  "CLOSING"                 closing of the sale and purchase of
                                            the Business pursuant to Clause 6;

                  "CLOSING DATE"            1 September 2000 (or such other date
                                            as the Parties may agree in
                                            writing);

                                       3
<PAGE>   6
                                                                        REDACTED
<TABLE>
<CAPTION>

<S>                                             <C>
                  "CO AIR (CHINA)"              Continental Air Express (China) Co.
                                                Ltd., a company incorporated in the
                                                British Virgin Islands;

                  "CO AIR (HK)"                 Continental Air Express (HK)
                                                Limited, a company incorporated in
                                                Hong Kong;

                  "CO CARGO (CA) ACCOUNTS"      the unaudited balance sheet as
                                                at the Accounting Date, and the
                                                unaudited statement of income
                                                and retained earnings and
                                                schedule of general and
                                                administrative expenses for the
                                                period ended on such date of CO
                                                Cargo (CA), a copy of which is
                                                annexed hereto as Annexure 2 and
                                                initialled for the purposes of
                                                identification by the Vendors
                                                and the Purchaser;

                  "CO CARGO (NY) ACCOUNTS"      the unaudited balance sheet as at
                                                the Accounting Date, and the
                                                unaudited statement of income and
                                                retained earnings and statement of
                                                cashflows for the period ended on
                                                such date of CO Cargo (NY) and
                                                schedule of general and
                                                administrative expenses and schedule
                                                of operating income for the period
                                                ended on such date of CO Cargo (NY)
                                                New York office, Boston office,
                                                Chicago office and Dallas office, a
                                                copy of which is annexed hereto as
                                                Annexure 3 and initialled for the
                                                purposes of identification by the
                                                Vendors and the Purchaser;

                  "CO CONTAINER (HK)"           Continental Container Lines Limited,
                                                a company incorporated in Hong Kong;

                  "CO CONTAINER (US) ACCOUNTS"  the unaudited balance sheet as at
                                                the Accounting Date of CO Container
                                                (US) New York office, Dallas office
                                                and Chicago office, the unaudited
                                                statement of cashflows for the
                                                period ended on such date of CO
                                                Container (US) Dallas office and the
                                                unaudited profit and loss account
                                                for the period ended on such date of
                                                CO Container (US) New York office,
                                                Dallas office, Chicago office, Los
                                                Angeles office and San Francisco
                                                office, a copy of which is annexed
                                                hereto as Annexure 1 and initialled
                                                for the purposes of identification
                                                by the Vendors and the Purchaser;]

                  "COMPANY"                     a company or body corporate wherever
                                                incorporated;
</TABLE>
                                       4
<PAGE>   7
                                                                        REDACTED
<TABLE>
<CAPTION>
<S>                                                <C>
                  "CONDITIONS"                     the conditions specified in Clause
                                                   4.1;

                  "CUSTOMER LIST"                  the list of customers of the
                                                   Vendors set out in Annexure 4, as
                                                   supplemented by written notice to
                                                   the Purchaser by the Vendors up to
                                                   and including the Closing Date by
                                                   the addition of persons with whom
                                                   the Vendors have transacted business
                                                   between the date hereof and the
                                                   Closing Date;

                  "DISCLOSURE LETTER"              the letter of today's date from the
                                                   Vendors to the Purchaser in the
                                                   approved terms;

                  "EMPLOYEE WELFARE                any "employee welfare benefit
                  BENEFIT PLAN"                    plan" within the meaning of
                                                   Section 3(1) of the
                                                   Employment Retirement Income
                                                   Security Act of 1974 (as
                                                   amended) ("ERISA") of which
                                                   any of the Vendors is the
                                                   plan sponsor and which
                                                   provides benefits to
                                                   employees of any of the
                                                   Vendors, together with the
                                                   related trust agreement or
                                                   insurance contract providing
                                                   the funding medium for
                                                   benefits thereunder and any
                                                   related contracts;

                  "EMPLOYMENT AGREEMENT"           the employment agreement
                                                   substantially in the form set out in
                                                   Schedule 13;

                  "ENCUMBRANCES"                   all pledges, charges, liens,
                                                   mortgages, security interests,
                                                   pre-emption rights, options and any
                                                   other encumbrances or third party
                                                   rights or claims of any kind (other
                                                   than repairmens' and similar liens
                                                   arising or incurred in the ordinary
                                                   course of the Business and securing
                                                   obligations not material in amount
                                                   and provisions constituting
                                                   reservation and retention of title
                                                   clauses entered into in the ordinary
                                                   course of the Business in favour of
                                                   suppliers of goods purchased in the
                                                   ordinary course of the Business);

                  "EXCLUDED ASSETS"                those assets used in or relating to
                                                   the Business which are excluded from
                                                   the sale and purchase and which are
                                                   identified in Schedule 2;

                  "FIDELITY SIMPLE-IRA PLAN"       means that IRA plan for the
                                                   employees of the Vendors which have
                                                   signed adoption agreements to adopt
                                                   the Fidelity Simple-IRA Plan;
</TABLE>

                                       5
<PAGE>   8
                                                                        REDACTED
<TABLE>
<CAPTION>

<S>                                         <C>
                  "GOODWILL"                the goodwill of the Vendors in
                                            connection with the Business
                                            including the exclusive right for
                                            the Purchaser to represent itself as
                                            carrying on the Business in
                                            succession to the Vendors;

                  "HK BUSINESS"             the business of customs
                                            brokerage, freight forwarding,
                                            warehousing and distribution and
                                            other related services as carried on
                                            by the HK Vendors immediately prior
                                            to Closing (as defined in the HK
                                            Agreement) including that carried on
                                            under the names "Continental Air
                                            Express (HK) Limited" and
                                            "Continental Container Lines
                                            Limited";

                  "HK PURCHASER"            Union-Transport (HK) Limited (to be
                                            renamed as UTi (HK) Limited), a
                                            company incorporated in Hong Kong
                                            with registered number 319402;

                  "HK VENDORS"              CO Air (HK) and CO Container (HK);

                  "HONG KONG"               the Hong Kong Special
                                            Administrative Region of the PRC;

                  "INSURANCES"              the policies of assurance and
                                            insurance, particulars of which are
                                            set out in Schedule 11;

                  "INTELLECTUAL PROPERTY"   the following rights arising or used
                                            in connection with the Business
                                            (including but not limited to those
                                            listed in Schedule 4):
</TABLE>

                                            (i)       all patents, registered
                                                      designs, design rights,
                                                      trade marks, service
                                                      marks, copyrights,
                                                      Internet domain names of
                                                      any level, rights in
                                                      circuit layouts,
                                                      topography rights, trade
                                                      and business names,
                                                      including the benefit of
                                                      all registrations of and
                                                      applications to register
                                                      and rights to apply for
                                                      registration of any of the
                                                      aforesaid items, and all
                                                      rights in the nature of
                                                      any of the aforesaid
                                                      items, anywhere in the
                                                      world;

                                            (ii)      rights in the nature of
                                                      unfair competition rights
                                                      and rights to sue for
                                                      passing off;

                                            (iii)     all trade secret,
                                                      confidentiality and other
                                                      proprietary rights,
                                                      including all rights to
                                                      know-how and other
                                                      technical information;

                                        6
<PAGE>   9
                                                                        REDACTED
                                            (iv)      the benefit of all
                                                      licences and permissions
                                                      granted to or enjoyed by
                                                      the Vendors in respect of
                                                      any of the foregoing;

                  "KEY US EMPLOYEES"         Barnhill, Bello and Cataldo;

                  "LEASED PROPERTIES"       the properties occupied by the
                                            Vendors, for the purposes of the
                                            Business, which are described in
                                            Schedule 3 Part 1 (each such
                                            property, a "LEASED PROPERTY");

                  "LEASES"                  collectively the leases or other
                                            agreements (including any options
                                            for extension or renewal relating
                                            thereto) pursuant to which certain
                                            of the Vendors holds or occupies the
                                            Leased Properties, details of which
                                            are set out in Schedule 3 (each, a
                                            "LEASE");

                  "LEASING AGREEMENTS"      the leasing and hire purchase
                                            agreements listed in Schedule 5;

                  "LOGISTICS MANAGEMENT"    The Logistics Management Group
                                            Limited, a company incorporated in
                                            the British Virgin Islands;

                  "MACHINERY AND            the movable plant, machinery,
                  EQUIPMENT"                vehicles, office and warehouse
                                            equipment, computer hardware and
                                            software, furniture and furnishings,
                                            together with all spare parts,
                                            accessories and consumable supplies
                                            therefor owned or used by the
                                            Vendors in the Business immediately
                                            prior to Closing (excluding the
                                            Excluded Assets and any items which
                                            are not owned by the Vendors but for
                                            which the Vendors have a right of
                                            user pursuant to a Purchased
                                            Contract) including without
                                            limitation those items which are
                                            described in Schedule 6;

                  "MONTH"                   calendar month;

                  "PARTIES"                 the named parties to this Agreement
                                            and their respective successors,
                                            personal representatives and
                                            permitted assigns;

                  "PATENTS"                 the patents, petty patents and
                                            registered designs and applications
                                            therefor listed in Schedule 4 Part
                                            1;
                                       7
<PAGE>   10
                                                                        REDACTED

                  "PRC"                     the People's Republic of China but
                                            excluding, for the purposes of this
                                            Agreement, Hong Kong, Macau and
                                            Taiwan;

                  "PURCHASE PRICE"          the total price to be paid by
                                            the Purchaser under Clause 3.1 of
                                            this Agreement;

                  "PURCHASED CONTRACTS"     (i) the Leasing Agreements; (ii)
                                            all contracts for the supply of
                                            services by the Vendors in
                                            connection with the Business which
                                            are in existence at the date hereof
                                            and which are not fully performed
                                            prior to commencement of business on
                                            the Closing Date (a list of those
                                            contracts which are in writing is
                                            set out in Schedule 8 Part 1); (iii)
                                            all the written purchase orders or
                                            contracts for the purchase by the
                                            Vendors of supplies in connection
                                            with the Business which are in
                                            existence at the date hereof in
                                            respect of which delivery has not
                                            been made on or before the
                                            commencement of business on the
                                            Closing Date (a list of which is set
                                            out in Schedule 8 Part 2); (iv) all
                                            licences granted by the Vendors in
                                            relation to the Intellectual
                                            Property which are in existence at
                                            the date hereof (a list of which is
                                            set out in Schedule 8 Part 3); (v)
                                            all agreements with airlines,
                                            shipping lines, transportation
                                            companies and warehouses in
                                            connection with the Business which
                                            are in existence at the date hereof
                                            and have not been fully performed (a
                                            list of which is set out in Schedule
                                            8 Part 4); and (vii) other than the
                                            Leases, all other contracts entered
                                            into in the course of carrying on
                                            the Business to which any of the
                                            Vendors is a party and which have
                                            not been fully performed prior to
                                            commencement of business on the
                                            Closing Date which relate to the
                                            Business and which (a) if entered
                                            into prior to the date hereof are
                                            listed in Schedule 8 Part 5 or (b)
                                            if entered into after the date
                                            hereof are approved by the Purchaser
                                            under Clause 5.1;

                  "RELATED COMPANY"         in relation to the Vendors,
                                            a company in which one or more
                                            directors or substantial
                                            shareholders of any of the Vendors
                                            and/or its holding company either
                                            have a beneficial interest or are in
                                            a position to exercise significant
                                            influence therein;

                  "SALES DOCUMENTATION"     all sales publications, advertising
                                            and promotional materials, printed
                                            terms and

                                       8
<PAGE>   11
                                                                        REDACTED

                                            conditions of sale, business
                                            forms, instructional material and
                                            other technical and sales materials
                                            which relate to the Business,
                                            together with any plates, blocks,
                                            negatives, computer discs or tapes
                                            and similar items relating to them;

                  "TAX"                     all forms of taxation, estate
                                            duties, deductions, withholdings,
                                            duties, imposts, levies, fees,
                                            charges, social security
                                            contributions and rates imposed,
                                            levied, collected, withheld or
                                            assessed by any local, municipal,
                                            regional, urban, governmental,
                                            state, federal or other body in the
                                            United States or elsewhere and any
                                            interest, additional taxation,
                                            penalty, surcharge or fine in
                                            connection therewith;

                  "THIRD PARTY RIGHTS"      the rights given or granted to the
                                            Vendors by third parties for the use
                                            by the Vendors of the trade marks,
                                            service marks, trade names, patents,
                                            designs and copyright as listed in
                                            Part 4 of Schedule 4 and know-how
                                            and confidential information owned
                                            by such third parties and any other
                                            rights given to the Vendors under
                                            any agreements including but not
                                            limited to, licence, distribution,
                                            marketing or sales agreements, for
                                            use in or relating to the Business
                                            and which rights are assignable from
                                            the Vendors to the Purchaser;

                  "TRADE MARKS"             the registered trade marks
                                            and trade mark applications listed
                                            in Schedule 4 Part 2;

                  "TRANSFERRING EMPLOYEES"  all of the employees of the Vendors
                                            who shall be offered "at will"
                                            employment by the Vendors, a list of
                                            whom appears in Schedule 7;

                  "US DISCLOSURE            the bundle of documents annexed to
                  BUNDLE"                   the Disclosure Letter marked "US
                                            Disclosure Bundle" and initialled
                                            for purposes of identification by
                                            the Purchaser and the Vendors;

                  "USA"                     United States of America;

                  "UTi GROUP"               UTi Worldwide and its subsidiaries;

                  "UTi WORLDWIDE"           UTi Worldwide Inc., a company
                                            incorporated in the British Virgin
                                            Islands;

                                       9

<PAGE>   12
                                                                        REDACTED

                  "WARRANTIES"              the representations, warranties and
                                            undertakings contained or referred
                                            to in Clause 13 and Schedule 1; and

                  "US$"                     United States dollars, the lawful
                                            currency of the USA.

         1.2      References in this Agreement to Clauses, Schedules and
                  Annexures are to clauses in and schedules and annexures to
                  this Agreement (unless the context otherwise requires). The
                  Recitals, Schedules and Annexures to this Agreement shall be
                  deemed to form part of this Agreement.

         1.3      Headings are inserted for convenience only and shall not
                  affect the construction of this Agreement.

         1.4      The expressions "CO Container (US)", "CO Cargo (NY)", "CO
                  Cargo (CA)", "the Vendors", "the Purchaser", "Lai", "Joe Ng",
                  "David Cheng", "Cataldo", "Barnhill", "Bello", "Alex Chan",
                  "Tobby Chan", "Chau", "Jeffrey Cheng", "Sai Ng", "the Key
                  Employees", "the Covenantors" and "the Warrantors" shall,
                  where the context permits, include their respective
                  successors, personal representatives and permitted assigns.

         1.5      References to "persons" shall include bodies corporate,
                  unincorporated associations and partnerships (whether or not
                  having separate legal personality).

         1.6      References to writing shall include any methods of producing
                  or reproducing words in a legible and non-transitory form.

         1.7      The masculine gender shall include the feminine and neuter and
                  the singular number shall include the plural and vice versa.

         1.8      All warranties, representations, indemnities, covenants,
                  agreements and obligations given or entered into by more than
                  one person are given or entered into jointly and severally.

         1.9      A document expressed to be "in the approved terms" means a
                  document the terms of which have been approved by or on behalf
                  of the Vendors and the Purchaser and a copy of which has been
                  signed for the purposes of identification by or on behalf of
                  those Parties.

         1.10     In construing this Agreement:

                  1.10.1   the rule known as the ejusdem generis rule shall not
                           apply and, accordingly, general words introduced by
                           the word "other" shall not be given a restrictive
                           meaning by reason of the fact that they are preceded
                           by words indicating a particular class of acts,
                           matters or things; and

                                       10
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                  1.10.2   general words shall not be given a restrictive
                           meaning by reason of the fact that they are followed
                           by particular examples intended to be embraced by the
                           general words.

2.       SALE OF ASSETS

         2.1      Subject to the terms of this Agreement, each of the Vendors
                  shall sell as beneficial owner, and the Purchaser shall
                  purchase, the Business carried on by each of the Vendors
                  respectively as a going concern and all of the Assets relating
                  to the Business carried on by each of the Vendors respectively
                  free from all Encumbrances. The sale and purchase shall take
                  effect from the Closing Date subject to Closing.

         2.2      Nothing in this Agreement shall operate to transfer from the
                  Vendors, nor to impose any obligation or liability on the
                  Purchaser in respect of, any of the Excluded Assets nor any
                  other assets or liabilities of the Vendors except as
                  specifically provided in this Agreement.

3.       PAYMENT OF PURCHASE PRICE

         3.1      The Purchase Price shall be US   ***  which shall be paid by
                  the Purchaser to the Vendors on 31 October 2000 by the
                  delivery to each of the Vendors a banker's draft payable to
                  the Vendors in the proportion of *** to CO Container (US), ***
                  to CO Cargo (NY) and *** to CO Cargo (CA) (or to such other
                  person and in such other proportion as the Vendors in writing
                  may direct) for the Purchase Price.

         3.2      Any amounts owing by any of the Vendors to the Purchaser may
                  be set-off by the Purchaser against any amount payable by the
                  Purchaser to the Vendors hereunder, provided that amounts
                  exceeding US$65,000 owing by any of the Vendors to the
                  Purchaser other than pursuant to Clause 9.1.1 shall have been
                  verified and acknowledged in writing by the relevant Vendor.

4.       CONDITIONS

         4.1      The sale and purchase of the Assets is conditional upon:

                  4.1.1    completion of the sale and purchase of the HK
                           Business (and the assets used in it) becoming
                           unconditional in accordance with the terms and
                           conditions set out in the HK Agreement;

                  4.1.2    each of the Vendors having complied fully with the
                           obligations set out in Clause 5; and

                  4.1.3    delivery by the Vendors to the Purchaser of the
                           Employment Agreements for each of the Key US
                           Employees (providing for remuneration for each of
                           them substantially on the same terms as set

*        Information omitted and filed separately with the Commission for
         confidential treatment.

                                       11
<PAGE>   14
                                                                        REDACTED

                  out against each of them respectively in Schedule 7) duly
                  executed by the Key US Employees.

         4.2      The Purchaser may waive all or any of the Conditions at any
                  time by notice in writing to the Vendors.

         4.3      The Vendors shall use their best endeavours to procure the
                  fulfilment of the Conditions on or before the Closing Date.

         4.4      In the event that any of the Conditions shall not have been
                  fulfilled (or waived pursuant to Clause 4.2 by the Purchaser)
                  on the Closing Date, then the Purchaser shall not be bound to
                  proceed with the purchase of the Assets and, save for the
                  provisions of Clauses 1, 4, 17, 18.1, 19.1, 19.2, 19.4, 19.6,
                  19.7, 19.9, 20 and 21 of this Agreement and save in respect of
                  any antecedent breach of this Agreement, all rights and
                  liabilities of the Parties hereunder shall cease and no Party
                  shall have any claim against any other Parties.

5.       PRE-CLOSING OBLIGATIONS

         5.1      Between the date hereof and the Closing Date, the Vendors
                  shall carry on the Business in the usual and ordinary course
                  consistent with prior practice so as to maintain the same as a
                  going concern (using its best endeavours to preserve its
                  assets, customer and supplier relations, employee relations,
                  business and organisation) and shall ensure that without the
                  prior written consent of the Purchaser:

                  5.1.1    there will be no change, other than changes in the
                           ordinary day-to-day course of business, in the assets
                           or liabilities of the Business;

                  5.1.2    there will be no expenditure of a capital nature
                           exceeding US$65,000 in value;

                  5.1.3    there will be no acquisition or sale or other
                           disposition of, or creation of any Encumbrance over,
                           any asset used or for use in the Business other than
                           in the ordinary course of the Business;

                  5.1.4    no contracts exceeding 1 month in duration, or which
                           could have a value or liability arising for the
                           Vendors thereunder which could exceed US$130,000 will
                           be entered into, varied or terminated;

                  5.1.5    there will be no variation of, or agreement to
                           terminate, any of the Purchased Contracts;

                  5.1.6    there will be no grant or entry into of any licence,
                           franchise or other agreement or arrangement
                           concerning any part of the Intellectual Property;
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<PAGE>   15
                                                                        REDACTED

                  5.1.7    no change will be made to the terms of employment of
                           any of the Transferring Employees, no Transferring
                           Employee will be dismissed and no one will be hired
                           for employment in the Business;

                  5.1.8    there shall be no variation of terms of any of the
                           Leases or grant of any lease or third party right in
                           respect of any of the Leased Properties and there
                           shall be no defaults under the Leases by any of the
                           Vendors;

                  5.1.9    no change will be made in the practices of ordering
                           supplies, shipping goods, invoicing customers and
                           collecting debts to those adopted in relation to the
                           Business prior to the commencement of the
                           negotiations which lead to the execution of this
                           Agreement;

                  5.1.10   no changes in management policy of a significant
                           nature will be instituted; and

                  5.1.11   no agreement, conditional or otherwise, to do any of
                           the foregoing shall be made.

         5.2      As from the date of this Agreement, the Vendors will ensure
                  that the Purchaser and any person authorised by it shall be
                  given such access to the Leased Properties and to any other
                  premises from which the Business is carried on, managed or
                  administered and to all the Books and Records as the Purchaser
                  may reasonably request and be permitted to take copies of any
                  such Books and Records. Each of the Vendors will procure that
                  its directors and employees provide the Purchaser promptly
                  during this period all such information and explanations
                  requested by the Purchaser, and any person authorised by it,
                  in relation to the Business or the Assets.

         5.3      The Purchaser hereby undertakes and warrants that it will not
                  prior to Closing, save as required by law or by the rules of
                  any supervisory or regulatory body or securities exchange to
                  which it is subject, divulge any confidential information
                  relating to the Business obtained by it pursuant to this
                  Agreement to any person other than its own officers, employees
                  or professional advisers, provided that the Purchaser and UTi
                  Worldwide may, without obtaining the prior consent of the
                  other Parties, disclose the contents hereof or the matters
                  contemplated herein to any person (including, but not limited
                  to, the underwriters of UTi Worldwide's shares or their
                  counsel) in respect of or in connection with the proposed
                  registration and listing of the ordinary shares of UTi
                  Worldwide on a stock exchange in the USA.

         5.4      The Vendors shall procure that the Purchaser's interest is
                  noted on all Insurances with effect from the Closing Date, and
                  in the event of any loss or damage arising which is covered by
                  such Insurance will take all steps within its power at the
                  request and direction of the Purchaser to recover from the
                  insurers and, subject to Closing, account to the Purchaser for
                  any payment received.

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<PAGE>   16
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6.       CLOSING

         6.1      Subject to the provisions of Clause 4, Closing shall take
                  place on the Closing Date at the offices of Baker & McKenzie,
                  Hong Kong at 14th Floor, Hutchison House, 10 Harcourt Road,
                  Hong Kong when all (but not some only) of the following events
                  shall occur:

                  6.1.1    the Vendors shall:

                           6.1.1.1  deliver the fully executed Bill of Sale to
                                    the Purchaser, substantially in the form of
                                    Exhibit A attached hereto, to give the
                                    Purchaser good and marketable title and to
                                    vest in the Purchaser all of the Vendors'
                                    rights, title and interests in and to the
                                    Business and the Assets, free and clear of
                                    any third party claims in accordance with
                                    the provisions of this Agreement;

                           6.1.1.2  place the Purchaser in possession of all the
                                    Books and Records (other than minute books
                                    relating to directors' and shareholders'
                                    meetings and statutory books);

                           6.1.1.3  deliver to the Purchaser a written
                                    confirmation that the Warrantors are not
                                    aware of any matter or thing which is a
                                    breach of or inconsistent with any of the
                                    Warranties;

                           6.1.1.4  deliver to the Purchaser certified copies of
                                    resolutions of the shareholders and
                                    directors of each of the Vendors, each such
                                    resolution unanimously approving the sale of
                                    the Assets in accordance with the terms of
                                    this Agreement and authorising the
                                    appropriate officers to execute and deliver
                                    this Agreement and to perform the Vendors'
                                    obligations hereunder;

                           6.1.1.4A A deliver to the Purchaser Certificates of
                                    the Officers of the Vendors, executed in
                                    each case by the Chief Executive Officer,
                                    substantially in the form of Exhibit B
                                    attached hereto;

                           6.1.1.5  subject to Clause 16.4, deliver to the
                                    Purchaser duly executed assignments or
                                    transfer documents (as the case may be) in
                                    the approved terms in respect of the
                                    assignment or transfer of the licences and
                                    permits granted to or enjoyed by the Vendors
                                    in respect of the Business to the Purchaser;
                                    and

                           6.1.1.6  deliver to the Purchaser a release and
                                    waiver by each of Logistics Management and
                                    CO Air (China) in favour of the Purchaser in
                                    respect of all past, present and future
                                    commissions, fees, expenses and other
                                    payments whatsoever arising from the
                                    carrying on of the Business, in

                                       14
<PAGE>   17
                                                                        REDACTED

                           form and substance reasonably satisfactory to the
                           Purchaser; and

                  6.1.2    the Purchaser shall deliver to the Vendors a
                           certified resolution of the Board of Directors of the
                           Purchaser approving the purchase of the Business on
                           the terms of this Agreement and authorising the
                           appropriate officers to execute and deliver this
                           Agreement and perform all of the Purchaser's
                           obligations hereunder.

         6.2      Without prejudice to any other remedies available to the
                  Purchaser:

                  6.2.1    if in any respect the provisions of Clause 6.1 are
                           not complied with by any of the Vendors on the
                           Closing Date, the Purchaser may proceed to Closing so
                           far as practicable (without prejudice to its rights
                           under this Agreement); or

                  6.2.2    if the provisions of Clause 6.1.1.4 is not complied
                           with by any of the Vendors on the Closing Date, the
                           Purchaser may rescind this Agreement.

7.       ASSIGNMENT OF LEASED PROPERTIES

         Each Vendor who is a party to a Lease shall use its best efforts,
         beginning immediately after Closing, to obtain from the landlord
         thereunder (and from such other party(ies) whose consent is required)
         written consent to the assignment of the relevant Lease to the
         Purchaser, in each case in accordance with and subject to the
         conditions of assignment contained in Part 3 of Schedule 3 hereto.

8.       APPORTIONMENTS

         8.1      The following items of expenditure and income shall be
                  apportioned such that the cost of items of expenditure
                  accrued, or referable to periods, prior to the Closing Date
                  shall be borne by the Vendors and thereafter by the Purchaser
                  and the benefit of items of income accrued, or referable to
                  periods, prior to the Closing Date shall belong to the Vendors
                  and thereafter to the Purchaser:

                  8.1.1    all rents, rates, gas, water, electricity and
                           telephone charges and other outgoings relating to or
                           payable in respect of the Leased Properties;

                  8.1.2    all rents, royalties and other periodical payments
                           receivable in respect of the Business;

                  8.1.3    all vehicle licence fees payable in respect of any
                           motor vehicles included in the Machinery and
                           Equipment;

                  8.1.4    all salaries, wages, accrued holiday pay entitlement,
                           and other emoluments and all statutory contributions,
                           salaries tax and employer's contributions to the
                           Fidelity Simple-IRA Plan relating to the employment
                           of the Transferring Employees in the Business;

                                       15
<PAGE>   18
                                                                        REDACTED

                  8.1.5    all pre-payments made, and all deposits received, by
                           the Vendors under the Purchased Contracts; and

                  8.1.6    all rents, royalties, licence fees and other
                           periodical payments in respect of the Business.

         8.2      The Vendors and the Purchaser shall use all reasonable
                  endeavours to draw up and agree a statement of the
                  apportionments referred to in Clause 8.1, and the balance
                  owing by either the Vendors or the Purchaser to one another,
                  as soon as practicable after the Closing Date. If such
                  statement has not been prepared and agreed within 30 days
                  after the Closing Date, either the Vendors or the Purchaser
                  may refer the matter for resolution in accordance with the
                  procedure in Clause 15. Payment of the balance agreed, or
                  determined under Clause 15 to be due, shall be made within 14
                  days after agreement or determination (as the case may be)
                  together with interest on the amount due from and including
                  the Closing Date down to but not including the date of payment
                  at the rate of 2% above the prime rate as published in The
                  Wall Street Journal on the last business day of the applicable
                  quarter, compounded on the last days of March, June, September
                  and December in each year.

9.       RESPONSIBILITY FOR LIABILITIES

         9.1      Without prejudice to the Warranties, the Vendors shall be
                  responsible for, and shall keep the Purchaser fully and
                  effectively indemnified against:

                  9.1.1    all debts, obligations and liabilities arising from
                           the carrying on of the Business prior to the Closing
                           Date including, for the avoidance of doubt, all
                           liabilities arising (whether before or after the
                           Closing Date) in respect of warranties given to
                           purchasers of services from the Vendors;

                  9.1.2    all claims by and liabilities to third parties in
                           respect of any negligent act or omission or breach of
                           obligation of the Vendors prior to the Closing Date;

                  9.1.3    all liabilities or obligations to banks or other
                           non-trade creditors, and all Tax liabilities of the
                           Vendors;

                  9.1.4    all obligations and liabilities accrued or falling to
                           be performed under, or arising out of the manner of
                           performance of, the Purchased Contracts up to (but
                           excluding) the Closing Date;

                  9.1.5    all commissions, fees, expenses, debts, obligations
                           and liabilities owed to Logistics Management and CO
                           Air (China) arising from the carrying on of the
                           Business (whether before or after the Closing Date).
                           The Vendors represent and warrant that no
                           commissions, fees, expenses or any other payments
                           whatsoever arising from the carrying on of the
                           Business shall be payable to Logistics Management or
                           CO Air (China) on or after the Closing Date; and

                                       16
<PAGE>   19
                                                                        REDACTED

                  9.1.6    all claims, liabilities and obligations arising from
                           or in connection with the carrying on of the Business
                           prior to the Closing Date in breach of, or otherwise
                           than in compliance with, any applicable law,
                           regulation or order.

         9.2      With effect from the Closing Date the Purchaser shall:

                  9.2.1    observe and perform or procure to be observed and
                           performed all the obligations of the Vendors under
                           the Purchased Contracts and Leases, except insofar as
                           such obligations should have been performed before
                           the Closing Date, and, with respect to the Leases,
                           only to the extent that the Purchaser has the legal
                           right and obligation, respectively, to demand and
                           obtain the benefits thereof, and to perform the
                           obligations thereunder;

                  9.2.2    assume responsibility for payment for all goods
                           delivered to, or services received by, the Purchaser
                           under the Purchased Contracts and Leases on or after
                           the Closing Date whether the invoices for such goods
                           or services are received before or after the Closing
                           Date; and

                  9.2.3    keep the Vendors fully and effectively indemnified
                           against any liability howsoever arising from the
                           failure of the Purchaser to perform its obligations
                           under Clauses 9.2.1 and 9.2.2.

         9.3      Each of the Vendors agrees with the Purchaser that it will, in
                  accordance with its normal practice, pay, satisfy or discharge
                  all debts, liabilities and obligations relating in any way to
                  the Business which are not expressly assumed by the Purchaser
                  hereunder. If the Purchaser becomes aware that any of the
                  Vendors has failed to discharge any such liabilities and
                  believes that this failure may damage the goodwill of the
                  Business as carried on by the Purchaser after Closing, it may
                  give notice of that fact to the relevant Vendor. If the
                  relevant Vendor does not provide reasonable evidence that the
                  liability in question is disputed, the Purchaser may satisfy
                  such liability on the relevant Vendor's behalf and shall be
                  entitled to immediate reimbursement from the relevant Vendor
                  of the amount paid by the Purchaser, together with interest
                  thereon at the rate of 2% above the prime rate as published in
                  The Wall Street Journal on the last business day of the
                  applicable quarter, compounded on the last days of March,
                  June, September and December in each year from and including
                  the date of payment to but not including the date of
                  reimbursement Provided that the said entitlement of the
                  Purchaser to reimbursement shall not arise unless and until
                  the said notice has been duly served on the relevant Vendor
                  with reasonable evidence in support of the Purchaser's claim
                  therein.

         9.4      With effect from the Closing Date all complaints received by
                  the Vendors or the Purchaser from customers of the Business in
                  relation to services rendered prior to the Closing Date shall
                  be dealt with as follows:

                  9.4.1    all such complaints shall be referred in the first
                           instance to the Purchaser who will endeavour to
                           resolve them in accordance with the

                                       17
<PAGE>   20
                                                                        REDACTED

                           procedures and practices previously employed by the
                           Vendors in the Business;

                  9.4.2    if any complaint cannot be resolved by the Purchaser,
                           it shall be referred to the Vendors who shall be
                           responsible at its own expense for resolving the
                           same;

                  9.4.3    each Party will provide any information or assistance
                           reasonably requested by another Party in dealing with
                           complaints under this Clause 9.4;

                  9.4.4    the Vendors will reimburse to the Purchaser on demand
                           all reasonable expenses and costs incurred in dealing
                           with complaints under this Clause 9.4 including,
                           without limitation, the full cost of its employees'
                           time involved;

                  9.4.5    the Purchaser will not make any admission of
                           liability in relation to any complaint without the
                           relevant Vendor's prior consent (which shall not be
                           unreasonably withheld or delayed) but shall otherwise
                           be free to deal with complaints in a manner
                           consistent with prior practice so as to maintain and
                           preserve the goodwill of the Business.

10.      THIRD PARTY CONSENTS

         If any consent or approval of any person who is not a party to this
         Agreement is required for the transfer to the Purchaser of the benefit
         of any of the Purchased Contracts or any of the Leases and any such
         consent or approval has not been received at or prior to Closing:

         10.1     this Agreement shall not constitute an assignment or attempted
                  assignment of any such Purchased Contract or Leases, as
                  applicable, whose terms would be broken by an assignment or
                  attempted assignment;

         10.2     the assignment of each such Purchased Contract or Lease, as
                  applicable, shall be conditional upon such consent which the
                  Vendors shall use their best endeavours to obtain as soon as
                  practicable; and

         10.3     until such time as such consent or approval is received to the
                  satisfaction of the Purchaser, the Vendors shall be deemed to
                  be holding the benefit thereof in trust for the Purchaser.

11.      EMPLOYEES

         11.1     The Purchaser agrees that the Transferring Employees shall be
                  offered "at will" employment with the Purchaser commencing as
                  of the Closing Date with salaries commensurate to the salaries
                  paid by the relevant Vendor prior to the Closing.

                                       18
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                                                                        REDACTED

         11.2     Purchaser agrees to send to each of the Transferring Employees
                  an offer letter substantially in the form set out in Schedule
                  9 hereto. At the request of Purchaser, Vendors agree to
                  prepare a letter to each of the Transferring Employees urging
                  them to accept Purchaser's offer of employment, which letter
                  shall be subject to Purchaser's prior review and approval. The
                  letter sent by Vendors shall not contain any terms which are
                  inconsistent with Purchaser's offer letter.

         11.3     The Vendors shall use all reasonable endeavours to persuade
                  the Transferring Employees to accept employment with the
                  Purchaser on such terms as aforesaid.

         11.4     The Vendors shall fully indemnify and keep indemnified the
                  Purchaser against any claim for wrongful dismissal or
                  unreasonable dismissal, wrongful termination or otherwise that
                  may hereafter be made against the Purchaser by any person who
                  was at any time an employee of the Vendors in connection with
                  the Business. Without limiting any of the Vendor's agreements
                  and covenants herein, the Vendors shall remain responsible for
                  all costs, expenses and liabilities related to its employees,
                  including, without limitation, any severance benefits payable
                  to such employees, accrued but unused vacation and sick pay,
                  and all health care continuation coverage requirements under
                  the law commonly known as COBRA with respect to the Vendors'
                  employees as to qualifying events that occur prior to or upon
                  the Closing, and any liability under any employee benefit plan
                  of the Vendors.

         11.5     Except with the prior consent in writing of the Purchaser, the
                  Vendors shall not terminate the employment or make any
                  variation in the terms of employment of any of the
                  Transferring Employees (whether immediate, conditional or
                  prospective) at any time after the signing hereof and before
                  the Closing Date. Effective as of the Closing, the Vendors
                  shall take all lawful steps necessary to terminate all
                  employees of the Vendors. As of the Closing, the Vendors will
                  pay, or make adequate provision to pay, all wages,
                  commissions, severance pay, vacation pay, sick pay, holiday
                  pay and any amounts due its employees pursuant to any employee
                  benefit plan through the Closing. The Vendors represent and
                  warrant that they are unaware that any employee has indicated
                  that they do not intend to accept Purchaser's offer of
                  employment.

         11.6     In addition to Clause 11.4, the Vendors hereby agree and
                  undertake to indemnify the Purchaser at all times from and
                  against all actions, proceedings, costs, claims, damages,
                  demands, expenses and liabilities:

                  11.6.1   arising out of or in any way connected with the
                           Transferring Employees during the period when they
                           were in the relevant Vendor's employ on or before the
                           Closing Date, including without prejudice to the
                           generality of the foregoing:

                           11.6.1.1 any breach by the relevant Vendor of any
                                    obligation under or in connection with terms
                                    of employment;

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                                                                        REDACTED

                           11.6.1.2 any breach by the relevant Vendor of any
                                    other obligation or any duty (whether
                                    statutory or otherwise) owed by the relevant
                                    Vendor to any of the Transferring Employees;
                                    and

                  11.6.2   arising out of or in relation to any claims brought
                           by the Transferring Employees (or any of them) under
                           any relevant statute, rule, regulation or any other
                           law conferring protection against discrimination,
                           harassment, victimisation or vilification by reason
                           of age, gender, race, religion, family circumstances
                           or disability, insofar as such claims relate in whole
                           or in part to the period when the Transferring
                           Employees were in the employ of the relevant Vendor
                           (or any predecessor of the relevant Vendor).

12.      "FIDELITY SIMPLE-IRA PLAN"

12.1     Each of the Vendors hereby jointly and severally represents and
         warrants to the Purchaser that the "Fidelity Simple-IRA Plan" cannot
         and shall not be transferred to the Vendors and, therefore, does not
         constitute part of the Assets. None of the Assets which are to be
         acquired by the Vendors hereunder shall be subject to any liens under
         the Fidelity Simple-IRA Plan or any other employee benefit plan of the
         Vendors. The Vendors have performed all obligations required to be
         performed by the Vendors under the Fidelity Simple-IRA Plan and the
         Vendors are not in violation of, and have no knowledge of, any existing
         default or violation by any other party to the Fidelity Simple-IRA Plan
         or any other employee benefit plan of any nature of the Vendors.

12.2     Each of the Vendors further jointly and severally represents, warrants
         and undertakes to and with the Purchaser that:

         (a)      it shall cease to make employer's contribution to the
                  "Fidelity Simple-IRA Plan" as of Closing; and

         (b)      it shall procure termination of the "Fidelity Simple-IRA Plan"
                  forthwith after Closing and that it shall forthwith after the
                  "Fidelity Simple-IRA Plan" has been terminated deliver to the
                  Purchaser such evidence as may be required by the Purchaser in
                  respect thereof.

13.      WARRANTIES

         13.1     The Warrantors jointly and severally represent, warrant and
                  undertake to and with the Purchaser that each of the
                  Warranties is now and will at Closing be true and accurate.

         13.2     The Warranties are given subject to matters fully, fairly and
                  specifically disclosed in the Disclosure Letter but no other
                  information relating to the Business of which the Purchaser
                  has knowledge (actual or constructive) and no investigation by
                  or on behalf of the Purchaser shall prejudice any claim made
                  by the Purchaser under the Warranties or operate to reduce any
                  amount recoverable and liability in respect thereof shall not
                  be confined to breaches discovered before Closing. No letter,
                  document or other communication shall

                                       20
<PAGE>   23
                                                                        REDACTED

                  be deemed to constitute a disclosure for the purposes of this
                  Agreement unless the same is accepted as such by the Purchaser
                  and is expressly referred to in the Disclosure Letter.

         13.3     The Warrantors acknowledge that the Purchaser has entered into
                  this Agreement in reliance upon the Warranties and has been
                  induced by them to enter into this Agreement.

         13.4     Without restricting the rights of the Purchaser or otherwise
                  affecting the ability of the Purchaser to claim damages on any
                  other basis available to it, the Warrantors hereby jointly and
                  severally undertake to indemnify the Purchaser at all times
                  from and against all and any diminution in the value of the
                  Business or the Assets and all and any losses, damages,
                  interest, costs or expenses whatsoever suffered or incurred by
                  the Purchaser as a result of any breach of any of the
                  Warranties including any costs (including legal costs on a
                  solicitor and own client basis), expenses or other liabilities
                  which the Purchaser may incur either before or after the
                  commencement of any action in connection with (i) any legal
                  proceedings in which the Purchaser claims that any of the
                  Warranties has been broken or is untrue or misleading and in
                  which judgment is given for the Purchaser or (ii) the
                  enforcement of any settlement of, or judgment in respect of
                  such claim.

         13.5     Each of the Warranties shall be separate and independent and,
                  save as expressly provided to the contrary, shall not be
                  limited by reference to or inference from any other Warranty
                  or any other term of this Agreement nor by anything in the
                  Disclosure Letter which is not expressly referenced to the
                  Warranty concerned.

         13.6     Where any statement in the Warranties or any confirmation or
                  certificate given by the Vendors or the Warrantors under or
                  pursuant to this Agreement is qualified by the expression "so
                  far as the Warrantors are aware", "so far as the Vendors are
                  aware", "to the best of the Warrantors' knowledge and belief"
                  or "to the best of the Vendors' knowledge and belief" or any
                  similar expression, that statement shall be deemed to include
                  an additional statement that it has been made after due and
                  careful enquiry.

         13.7     The Warrantors hereby agree with the Purchaser to waive any
                  rights which they may have in respect of any misrepresentation
                  or inaccuracy in, or omission from, any information or advice
                  supplied or given by any of the Transferring Employees in
                  connection with the giving of the Warranties and the
                  preparation of the Disclosure Letter.

         13.8     The Warrantors shall not, and shall procure that (save only as
                  may be necessary to give effect to this Agreement) none of
                  their respective Affiliates shall, do, allow or procure any
                  act or omission before Closing which will cause the Warrantors
                  to be in breach of any of the Warranties when given at
                  Closing.

         13.9     The Warrantors hereby agree to disclose promptly to the
                  Purchaser in writing immediately upon becoming aware of the
                  same, any matter, event or

                                       21
<PAGE>   24
                                                                        REDACTED

                  circumstance (including any omission to act) which may arise
                  or become known to it after the date of this Agreement and
                  before Closing which:

                  13.9.1   constitutes a breach of or is inconsistent with any
                           of the Warranties or will constitute a breach of any
                           of the Warranties when given at Closing; or

                  13.9.2   has, or is likely to have, an adverse effect on the
                           financial position or prospects of the Business.

         13.10    The Vendors shall give to the Purchaser and its solicitors and
                  accountants both before and after Closing all such information
                  and documentation relating to the Business and the Assets as
                  the Purchaser shall reasonably require to enable it to satisfy
                  itself as to the accuracy and due observance of the
                  Warranties.

         13.11    The liability of the Warrantors under the Warranties:

                  13.11.1  shall save in relation to paragraphs 1.7, 2.1 to 2.10
                           and 7.6 of Schedule 1 (the "ENDURING WARRANTIES")
                           cease after 2 years except in respect of matters
                           which have been the subject of a written claim made
                           before such date by the Purchaser to the Vendors;

                  13.11.2  shall in relation to the Enduring Warranties cease
                           after 3 years except in respect of matters which have
                           been the subject of a written claim made before such
                           date by the Purchaser to the Vendors;

                  13.11.3  shall be limited to a maximum amount equal to the
                           aggregate amount of the Purchase Price,

                  unless in any case the relevant claim or claims has arisen by
                  reason of fraud, wilful concealment, dishonesty or deliberate
                  non-disclosure on the part of any of the Warrantors or any
                  Affiliate of the Vendors or in any case where the relevant
                  claim(s) is/are material and such claim(s) has/have arisen by
                  reason of fraud, wilful concealment, dishonesty or deliberate
                  non-disclosure on the part of any of their respective agents,
                  officers or employees, in which event there shall be no limit
                  under this Agreement on the amount recoverable by the
                  Purchaser from the Warrantors in respect of such claim or
                  claims or the time within which such claim or claims may be
                  brought.

         13.12    The provisions of this Clause 13.12 shall operate to limit the
                  liability of the Warrantors in respect of any claim under or
                  in connection with the Warranties and references to "claim" or
                  "claims" shall be construed accordingly. The Purchaser and the
                  Warrantors agree as follows:

                  13.12.1           in the event that the Purchaser is entitled
                                    to recover any sum (whether by payment,
                                    discount, credit, set-off or otherwise) from
                                    any third party in respect of any matter for
                                    which a claim has been made against the
                                    Warrantors pursuant to this Clause

                                       22
<PAGE>   25
                                                                        REDACTED

                                    13 and in respect of which it has received
                                    payment from the Warrantors, the Purchaser
                                    shall as soon as reasonably practicable
                                    account to the Warrantors in respect of any
                                    amount so recovered from such third party
                                    (after deduction of all reasonable costs and
                                    expenses of the recovery);

                  13.12.2           in the event that a claim against the
                                    Warrantors arises as a result of or in
                                    connection with a liability to or a dispute
                                    with any third party, the Purchaser shall
                                    notify the Warrantors in writing of any such
                                    third party claim and take such action as
                                    the Warrantors may reasonably require to
                                    avoid, resist, contest or compromise any
                                    such claim, provided that:

                                    13.12.2.1 the Purchaser is indemnified to
                                              its reasonable satisfaction by the
                                              Warrantors against any reasonable
                                              cost and expenses and any
                                              liabilities, penalties and fines
                                              which may be incurred by the
                                              Purchaser in taking such action;
                                              and

                                    13.12.2.2 the Purchaser shall not, in any
                                              event, be required to take any
                                              steps which would affect the
                                              future conduct of the Business,
                                              the business of the Purchaser or
                                              any member of the UTi Group or
                                              affect the rights or reputations
                                              of any of them;

                  13.12.3           any claim made by the Purchaser for breach
                                    of Warranty shall be reduced by the amount
                                    of any payment made by the Warrantors in
                                    respect of the same facts or circumstances
                                    pursuant to the other provisions of this
                                    Agreement;

                  13.12.4           nothing in this Agreement shall limit or
                                    restrict the Purchaser's general obligation
                                    at law to take reasonable steps to mitigate
                                    any loss or damage which it may incur in
                                    consequence of any matter giving rise to a
                                    potential claim under this Agreement;

                  13.12.5           the Vendors shall be under no liability in
                                    respect of a breach of any of the Warranties
                                    unless the Vendors shall have received
                                    written notice thereof from the Purchaser;
                                    and

                  13.12.6           the Vendors shall be under no liability in
                                    respect of any breach of the Warranties if
                                    such liability would not have arisen but for
                                    something voluntarily done or omitted to be
                                    done (other than required by law or pursuant
                                    to a legally binding commitment created on
                                    or before Closing) by the Purchaser after
                                    the Closing Date and otherwise than in the
                                    ordinary course of business.

         13.13    The Warranties together with any provisions of this Agreement
                  which shall not have been fully performed at Closing shall
                  remain in force notwithstanding Closing.

                                       23
<PAGE>   26
                                                                        REDACTED

         13.14    If any sum payable by the Warrantors under this Clause 13
                  shall be subject to Tax (whether by way of deduction or
                  withholding or direct assessment of the person entitled
                  thereto) such payment shall be increased by such an amount as
                  shall ensure that after deduction, withholding or payment of
                  such Tax the recipient shall have received a net amount equal
                  to the payment otherwise required hereby to be made.

14.      RESTRICTION OF COVENANTORS

         14.1     Each of the Covenantors undertakes with the Purchaser that,
                  except with the consent in writing of the Purchaser, it shall
                  not and shall procure that each Affiliate of the Covenantors
                  shall not, either on its own account or in conjunction with or
                  on behalf of any person, firm or company:

                  14.1.1   for the period of 5 years after Closing, within any
                           country in which the Business has been carried on
                           during the year preceding the date hereof carry on or
                           be engaged, concerned or interested, directly or
                           indirectly, whether as a shareholder, director,
                           employee, partner, agent or otherwise in carrying on
                           any trade, business or undertaking which is in
                           competition with the Business (other than as a holder
                           of not more than 5% of the issued shares or
                           debentures of any company listed on a stock
                           exchange);

                  14.1.2   for the period of 5 years after Closing canvass,
                           solicit or entice away from the Purchaser or any
                           Affiliate of the Purchaser the custom of any person,
                           firm, company or organisation who shall at any time
                           within the year preceding the Closing Date have been
                           a customer, client, identified prospective customer
                           or client, representative, agent, or correspondent of
                           the Business or in the habit of dealing with the
                           Business or enter into any contract for sale and
                           purchase or accept business from any such person,
                           firm, company or organisation in competition with the
                           Business as carried on after Closing by the Purchaser
                           or any of its Affiliates;

                  14.1.3   for the period of 5 years after Closing employ,
                           solicit, entice away from the Purchaser any of the
                           Transferring Employees whether or not such person
                           would commit a breach of contract by reason of
                           leaving such employment;

                  14.1.4   save only for the purposes of preparing its accounts,
                           financial statements and Tax returns, at any time
                           hereafter make use of or disclose or divulge to any
                           person (other than to officers or employees of the
                           Purchaser whose province it is to know the same) any
                           information (other than any information properly
                           available to the public or disclosed or divulged
                           pursuant to an order of a court of competent
                           jurisdiction) relating to the Business, the identity
                           of its customers and suppliers, its products,
                           finance, contractual arrangements, business or
                           methods of business and shall use its best endeavours
                           to prevent the publication or disclosure of any such
                           information;

                                       24
<PAGE>   27
                                                                        REDACTED

                  14.1.5   at any time hereafter in relation to any trade,
                           business or company (other than any trade or business
                           carried on by the Purchaser or other members of the
                           UTi Group) use a name or trade mark including the
                           word or symbol "Continental" or any word or symbol
                           confusingly similar thereto in such a way as to be
                           capable of or likely to be confused with the name or
                           any trade mark of the Business;

                  14.1.6   attempt, counsel, procure or otherwise assist any
                           person to do any of the acts referred to in Clauses
                           14.1.1 to 14.1.5.

         14.2     The Warrantors agree that, as of the Closing Date, the
                  Warrantors will immediately take any and all actions
                  reasonably necessary to change the Vendors' names to names not
                  including the words "Continental," "Continental Cargo,"
                  "Continental Container" or any variation or derivative thereof
                  or any name confusingly similar thereto, and to sign, seal,
                  deliver, file, acknowledge and record such instruments as are
                  necessary to accomplish said name changes.

         14.3     Each of the Covenantors acknowledges that:

                  14.3.1   the undertakings given in Clause 14.1 are material to
                           the Purchaser's decision to enter into this
                           Agreement; and

                  14.3.2   the restrictions contained in Clause 14.1 are:

                           14.3.2.1  fair and reasonable with regard to subject
                                     matter, area and duration; and

                           14.3.2.2  reasonably required by the Purchaser to
                                     protect the Business and the Assets.

         14.4     While the restrictions contained in Clause 14.1 are considered
                  by the Parties to be reasonable in all the circumstances, it
                  is recognised that restrictions of the nature in question may
                  fail for technical reasons and accordingly it is hereby agreed
                  and declared that if any of such restrictions shall be
                  adjudged to be void as going beyond what is reasonable in all
                  the circumstances for the protection of the interests of the
                  Purchaser but would be valid if part of the wording thereof
                  were deleted or the periods thereof reduced or the range of
                  activities or area dealt with thereby reduced in scope the
                  said restriction shall apply with such modifications as may be
                  necessary to make it valid and effective.

15.      INDEPENDENT ACCOUNTANTS

         If any difference of opinion arises between the Vendors and the
         Purchaser or their respective accountants, in relation to any provision
         of this Agreement in respect of which either the Vendors or the
         Purchaser is expressed to have the right to refer such matter for
         determination pursuant to this Clause 15, subject to any time period
         referred to in the relevant provision during which either the Vendors
         or the Purchaser must seek to resolve the dispute before referring it
         for determination pursuant to this

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<PAGE>   28
                                                                        REDACTED

         Clause 15 having expired, either the Vendors or the Purchaser may refer
         the matter to an independent firm of accountants for resolution as
         follows:

         15.1     the independent firm shall be jointly agreed by the Vendors
                  and the Purchaser or, if no agreement is reached within 10
                  days after either the Vendors or the Purchaser notifies the
                  other that it wishes to appoint a firm under this Clause 15, a
                  New York partner at a "Big Five" independent public accounting
                  firm not associated with any of the Vendors or the Purchaser
                  who is jointly agreed by the Vendors and the Purchaser;

         15.2     the independent firm or the New York partner (as the case may
                  be) shall be requested to resolve the matter in dispute
                  applying the terms of this Agreement;

         15.3     the determination of the independent firm or the New York
                  partner (as the case may be) shall be final and binding on the
                  Vendors and the Purchaser in the absence of manifest error;

         15.4     the costs of the independent firm or the New York partner (as
                  the case may be) shall be shared by the Vendors on the one
                  part and the Purchaser on the other part equally.

16.      FURTHER OBLIGATIONS AND INTENTIONS

         16.1     If at any time within 38 months after Closing there is a
                  change in the ownership or control, direct or indirect, of
                  shares carrying more than 50% of the voting rights attaching
                  to the issued share capital of the Purchaser (except within
                  the group of companies of which the Purchaser is a member at
                  the date hereof), the Purchaser undertakes to procure that the
                  acquirer of such ownership or control guarantees to the
                  Vendors the due and punctual performance by the Purchaser of
                  its obligations hereunder.

         16.2     In the event that any of the Key US Employees is given
                  diminished responsibilities during the period of 36 months
                  after Closing, his base salary and benefits will not be
                  reduced during this period.

         16.3     In the event that any of the Key US Employees is required to
                  relocate, then his reasonable relocation costs will be paid
                  and compensation will be made in his remuneration package for
                  tax differentials.

         16.4     Each of the Vendors undertakes that it will use its best
                  endeavours to obtain all necessary approvals in respect of the
                  transfer or assignment to the Purchaser of all licences and
                  permits granted to or enjoyed by the relevant Vendor in
                  respect of the Business and to transfer or assign (as the case
                  may be) all such licences and permits to the Purchaser at
                  Closing (if no approval is required in respect of such
                  transfer or assignment) or, where such approval is required,
                  within 30 days after attainment of the same Provided That the
                  Purchaser shall reimburse the Vendors for all reasonable costs
                  and expenses incurred by the Vendors in connection with such
                  approval, transfer and assignment.

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<PAGE>   29
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         16.5     Within 120 days after the Closing Date (or such longer time as
                  shall be agreed between the Vendors and the Purchaser):

                  16.5.1   the Vendors shall:

                           16.5.1.1         deliver to the Purchaser duly
                                            executed assignments in the approved
                                            terms of the Trade Marks, Patents,
                                            other Intellectual Property and the
                                            Purchased Contracts;

                           16.5.1.2         complete the assignment to the
                                            Purchaser of the Leases in respect
                                            of the Leased Properties in
                                            accordance with and subject to the
                                            terms and conditions contained or
                                            referred to in Schedule 3 Part 3;
                                            and

                  16.5.2   the Purchaser shall:

                           16.5.2.1         subject to receipt of the documents
                                            referred to in Clause 16.5.1.1 from
                                            the Vendors, deliver to the Vendors
                                            as soon as reasonably practicable
                                            thereafter duly executed
                                            counterparts of such documents; and

                           16.5.2.2         subject to receipt of the documents
                                            referred to in Clause 16.5.1.2 from
                                            the Vendors, deliver to the Vendors
                                            as soon as reasonably practicable
                                            thereafter the documents required to
                                            be delivered by it on completion of
                                            the assignment of the Leases in
                                            respect of the Leased Properties in
                                            accordance with the terms contained
                                            or referred to in Schedule 3 Part 3.

         16.6     The Purchaser shall use reasonable commercial endeavours to
                  procure the release of the guarantees and indemnities given to
                  carriers in respect of the Business within 120 days after the
                  Closing Date, the particulars of which are set out in Schedule
                  12.

17.      RESTRICTION ON ANNOUNCEMENTS

         Each of the Parties undertakes that prior to Closing it will not (save
         as required by law or by any securities exchange or any supervisory or
         regulatory body to whose rules any party to this Agreement is subject)
         make any announcement in connection with this Agreement unless the
         other Parties shall have given their respective consents to such
         announcement (which consents may not be unreasonably withheld or
         delayed and may be given either generally or in a specific case or
         cases and may be subject to conditions).

18.      COSTS

         18.1     Save as otherwise provided herein, each Party shall pay its
                  own costs of and incidental to this Agreement and the sale and
                  purchase hereby agreed to be made.

                                       27
<PAGE>   30
                                                                        REDACTED

         18.2     All stamp duty, registration fees, notarisation fees, consent
                  fees, approval charges and other fees, charges and costs
                  properly payable by the Vendors to any government authorities
                  and third parties in connection with or incidental to the
                  transfer, assignment, novation and other rights of the Vendors
                  to the Purchaser so as to give effect and place control of the
                  Business in the hands of the Purchaser shall, subject to the
                  prior approval of the Purchaser before any such payment is
                  made by the Vendors, be borne and paid wholly by the
                  Purchaser. For the avoidance of doubt, the said fees, charges
                  and costs shall not include capital gain taxes, profits taxes
                  and other forms of taxation levied on the Vendors, which taxes
                  shall be borne and paid solely by the Vendors themselves.

19.      GENERAL

         19.1     This Agreement shall be binding upon and enure for the benefit
                  of the estates, personal representatives, successors and
                  permitted assigns of the Parties.

         19.2     This Agreement (together with any documents referred to herein
                  or executed contemporaneously by the Parties in connection
                  herewith) constitutes the whole agreement between the Parties
                  and supersedes any previous agreements or arrangements between
                  them or between the Vendors and the Purchaser relating to the
                  subject matter hereof and the proposal letter dated 13 April
                  2000 from the Union Transport Group to the Continental Group;
                  it is expressly declared that no variations hereof shall be
                  effective unless made in writing signed by duly authorised
                  representatives of the Parties.

         19.3     All of the provisions of this Agreement shall remain in full
                  force and effect notwithstanding Closing (except insofar as
                  they set out obligations which have been fully performed at
                  Closing).

         19.4     Any right of rescission conferred upon the Purchaser hereby
                  shall be in addition to and without prejudice to all other
                  rights and remedies available to it (and, without prejudice to
                  the generality of the foregoing, shall not extinguish any
                  right to damages to which the Purchaser may be entitled in
                  respect of any breach of this Agreement) and no exercise or
                  failure to exercise such a right of rescission shall
                  constitute a waiver by the Purchaser of any such other right
                  or remedy.

         19.5     Upon and after Closing the Vendors shall do and execute and
                  deliver or procure to be done and executed and delivered all
                  such further acts, deeds, documents, instruments of
                  conveyance, assignment and transfer and things, if applicable,
                  to give effect to the terms of this Agreement, to place
                  control of the Business in the hands of the Purchaser and as
                  the Purchaser may request in order effectively to convey,
                  transfer, vest and record title to each of the Assets in the
                  Purchaser and pending the doing of such acts, deeds, documents
                  and things the Vendors shall as from Closing hold the legal
                  estate in each of the Assets in trust for the Purchaser to the
                  extent that it shall not have transferred to the Purchaser.

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<PAGE>   31
                                                                        REDACTED

         19.6     No failure of the Purchaser to exercise, and no delay or
                  forbearance in exercising, any right or remedy in respect of
                  any provision of this Agreement shall operate as a waiver of
                  such right or remedy.

         19.7     If any provision or part of a provision of this Agreement
                  shall be, or be found by any authority or court of competent
                  jurisdiction to be, invalid or unenforceable, such invalidity
                  or unenforceability shall not affect the other provisions or
                  parts of such provisions of this Agreement, all of which shall
                  remain in full force and effect.

         19.8     The Vendors shall after Closing give all such assistance and
                  provide access for the Purchaser to all such information,
                  documents, accounting books and other records of the Business
                  as the Purchaser may reasonably require for the purpose of
                  enabling the Purchaser to respond to enquiries of or make
                  returns to any Tax authority and to negotiate any liability to
                  Tax.

         19.9     This Agreement may be executed in one or more counterparts,
                  and by the Parties on separate counterparts, but shall not be
                  effective until each Party has executed at least one
                  counterpart and each such counterpart shall constitute an
                  original of this Agreement but all the counterparts shall
                  together constitute one and the same instrument.

20.      NOTICES

         Any notice required to be given by any Party to any other shall be
         deemed validly served by hand delivery or by prepaid registered letter
         sent through the post (airmail if to an overseas address) or by
         facsimile transmission to its address or facsimile number given below
         or such other address or facsimile number as may from time to time be
         notified for this purpose and any notice served by hand shall be deemed
         to have been served on delivery, any notice served by facsimile
         transmission shall be deemed to have been served when sent and any
         notice served by prepaid registered letter shall be deemed to have been
         served 48 hours (72 hours in the case of a letter sent by airmail to an
         address in another country) after the time at which it was posted and
         in proving service it shall be sufficient (in the case of service by
         hand and prepaid registered letter) to prove that the notice was
         properly addressed and delivered or posted, as the case may be, and in
         the case of service by facsimile transmission to prove that the
         transmission was confirmed as sent error-free by the originating
         machine.

         To CO Container (US) and CO Cargo (NY) :

                                   Continental Container Line, Inc./Continental
                                   Cargo Logistics Inc. (the one incorporated in
                                   the State of New York in the USA)
                                   182-16 147th Avenue
                                   Jamaica
                                   NY 11413
                                   New York
                                   United States of America
                                   Fax no.       :     (718) 917 8238
                                   Attention     :     June Feng

                                       29
<PAGE>   32
                                                                        REDACTED

         To CO Cargo (CA):         Continental Cargo Logistics Inc. (the one
                                   incorporated in the State of California in
                                   the USA)
                                   11120 S. Hindry Avenue
                                   Unit A
                                   Los Angeles
                                   CA 90045
                                   United States of America

                                   Fax no.       :     (310) 641 0459
                                   Attention     :     Vivian Chen

         To the Purchaser  :       Union-Transport Corporation
                                   120 Eastern Avenue
                                   Chelsea
                                   Massachusetts 02150
                                   United States of America

                                   Fax no.       :     (1 617) 887 2772
                                   Attention     :     Steve Savarese

         To Lai            :       Lai Kwok Fai
                                   6th and 7th Floors, Leahander Centre
                                   28 Wang Wo Tsai Street
                                   Tsuen Wan
                                   New Territories
                                   Hong Kong
                                   Fax no.       :     (852) 2238 6603

         To Joe Ng         :       Ng Chun Ka
                                   11120 S. Hindry Avenue, Unit A
                                   Los Angeles
                                   CA 90045
                                   United States of America

         To David Cheng    :       Cheng Kwan Kok David
                                   6th and 7th Floors, Leahander Centre
                                   28 Wang Wo Tsai Street
                                   Tsuen Wan
                                   New Territories
                                   Hong Kong

                                   Fax no.       :     (852) 2238 6603

                                       30
<PAGE>   33
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         To Cataldo        :       Albert Patrick Cataldo
                                   80 Everett Avenue, Suite 301
                                   Chelsea
                                   MA02150
                                   United States of America

         To Barnhill       :       Lewis Billy Barnhill
                                   8505 Freeport Parkway, Suite 170
                                   Irving
                                   Texas 75063
                                   United States of America

         To Bello          :       Francis Raymond Bello
                                   182-16 147th Avenue
                                   Jamaica
                                   NY 11413
                                   United States of America

         To Alex Chan      :       Chan Ka Ming
                                   6th and 7th Floors, Leahander Centre
                                   28 Wang Wo Tsai Street
                                   Tsuen Wan
                                   New Territories
                                   Hong Kong

                                   Fax no.       :     (852) 2338 6603

         To Tobby Chan     :       Chan Kwan Hang
                                   6th and 7th Floors, Leahander Centre
                                   28 Wang Wo Tsai Street
                                   Tsuen Wan
                                   New Territories
                                   Hong Kong

                                   Fax no.       :     (852) 2338 6603

         To Chau           :        Chau Hak Cheong
                                    6th and 7th Floors, Leahander Centre
                                    28 Wang Wo Tsai Street
                                    Tsuen Wan
                                    New Territories
                                    Hong Kong

                                    Fax no.      :     (852) 2338 6603

                                       31
<PAGE>   34
                                                                        REDACTED

         To Jeffrey Cheng  :        Cheng Kwan Lung
                                    6th and 7th Floors, Leahander Centre
                                    28 Wang Wo Tsai Street
                                    Tsuen Wan
                                    New Territories
                                    Hong Kong

                                    Fax no.      :     (852) 2338 6603

         To Sai Ng         :        Ng Sai Kuen
                                    182-16 147th Avenue
                                    Jamaica
                                    NY 11413
                                    United States of America

21.      GOVERNING LAW AND SUBMISSION TO JURISDICTION

         21.1     This Agreement shall be governed by and construed in
                  accordance with the laws of New York and the Parties hereby
                  irrevocably submit to the exclusive jurisdiction of the courts
                  of New York for the purpose of enforcing any claim arising
                  hereunder.

         21.2     Each of CO Cargo (CA), Lai, Joe Ng, David Cheng, Cataldo,
                  Barnhill, Alex Chan, Tobby Chan, Chau and Jeffrey Cheng (the
                  "APPOINTORS") hereby irrevocably appoints Ms. June Feng of
                  182-16 147th Avenue, Jamaica, NY 11413, New York, USA, as its
                  agent to receive and acknowledge on its behalf service of any
                  writ, summons, order, judgment, complaint or other notice of
                  legal process based on or arising under this Agreement or any
                  of the transactions contemplated hereunder in the United
                  States Federal District Court or the State Court in the State
                  of New York, County of New York, USA. The Appointors further,
                  by execution and delivery of this Agreement, irrevocably
                  designate and appoint Ms. June Feng in the County, City and
                  State of New York, United States of America, as the authorised
                  agent for the Appointors upon whom process may be served in
                  any such suit or proceeding, it being understood that the
                  designation and appointment of Ms. June Feng as such
                  authorised agent shall become effective immediately without
                  any further action on the part of the Appointors. The
                  Appointors further agree that, to the extent permitted by law,
                  service of process upon Ms. June Feng shall be deemed in every
                  respect effective service of process upon the Appointers in
                  any suit or proceeding. The Appointors further agree to take
                  any and all action, including the execution and filing of all
                  such instruments and documents, as may be necessary to
                  continue such designation and the appointment in full force
                  and effect for five years from the Closing.

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                                   SCHEDULE 1

                                   WARRANTIES

1.       THE ACCOUNTS

         1.1      The Accounts have been prepared in accordance with the
                  requirements of all relevant laws and generally accepted
                  statements of standard accounting practice and are complete
                  and accurate in all respects and show a true and fair view of
                  the state of affairs of the Vendors (the "RELEVANT ENTITY")
                  and of its results and profits for the financial period ending
                  on the Accounting Date and depreciation of the fixed assets of
                  the Relevant Entity has been made at a rate sufficient to
                  write down the value of such assets to nil not later than the
                  end of their useful working lives;

         1.2      The Accounts disclose and make full provision or reserve for
                  all actual liabilities of the Relevant Entity.

         1.3      The Accounts disclose and make full provision or reserve for
                  or note all contingent, unquantified or disputed liabilities
                  and capital or burdensome commitments of the Relevant Entity.

         1.4      The bases and policies of accounting of the Relevant Entity
                  (including depreciation and valuation of stock and work in
                  progress) adopted for the purpose of preparing the Accounts
                  are the same as those adopted for the purpose of preparing the
                  audited accounts of the Relevant Entity for each of the last 3
                  preceding accounting periods.

         1.5      The profits and losses of the Relevant Entity shown by the
                  Accounts and for the last 3 preceding accounting periods have
                  not in any material respect been affected by any unusual or
                  non-recurring or exceptional item or by any other matter which
                  has rendered such profits or losses unusually high or low.

         1.6      The Business has no liabilities, obligations or contingencies
                  of any kind, whether absolute, contingent, unaccrued, asserted
                  or unasserted, or otherwise, except liabilities, obligations
                  or contingencies that were in existence on the Accounting Date
                  and are fully accrued or reserved in the Accounts, or that
                  have been incurred after such date in the ordinary course of
                  the Business.

         1.7      The Accounts contain full provision for all Tax in relation to
                  the Business including deferred or provisional taxation liable
                  to be assessed on the Relevant Entity for the accounting
                  period ended on the Accounting Date or for any subsequent
                  period (on the basis of the rates of Tax and taxation statutes
                  in force at the Accounting Date) in respect of any
                  transaction, event or omission occurring or any income or
                  profits or gains earned, accrued or received by the Relevant
                  Entity on or prior to the Accounting Date or for which the
                  Relevant Entity is accountable up to such date and all
                  contingent liabilities for Tax have been provided for or
                  disclosed in the Accounts.

2.       TAXATION MATTERS

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         2.1      Since the Accounting Date no further liability or contingent
                  liability for Tax in relation to the Business has arisen
                  otherwise than as a result of commercial activities in the
                  ordinary course of its business.

         2.2      All returns of the Vendors made for Tax purposes were when
                  made and remain correct and on a proper basis and all other
                  information supplied to the Internal Revenue Service or other
                  fiscal authority for such purpose was when supplied and
                  remains correct and on a proper basis and such returns include
                  all returns and information which the Vendors ought to have
                  made or given.

         2.3      Each Vendor is not a party to any action or proceeding for the
                  assessment or collection Tax and, to the best of the
                  Warrantors' knowledge and belief, no such action or proceeding
                  is likely. Each Vendor is not involved in any dispute with any
                  Tax authority concerning any matter likely to affect the
                  conduct of the Business after Closing or any of the Assets and
                  no such dispute is likely. Each Vendor has disclosed to the
                  Purchaser all correspondence between each of them and any
                  governmental agency regarding Tax.

         2.4      Each Vendor has paid all Tax in relation to the Business for
                  which it is liable to account to the Internal Revenue Service
                  or other fiscal authority on the due date for payment thereof
                  and is under no liability to pay any penalty or interest in
                  connection therewith.

         2.5      Each Vendor has made all deductions and withholdings in
                  respect, or on account, of any Tax from any payments made by
                  it which it is obliged or entitled to make and has accounted
                  in full to the appropriate authority for all amounts so
                  deducted or withheld.

         2.6      All remuneration, compensation payments, payments on
                  retirement or removal from an office or employment and other
                  sums paid or payable to employees or officers or former
                  employees or officers of the Vendors in connection with the
                  Business and all interest, annuities, royalties, rent and
                  other annual payments paid or payable by the Vendors in
                  connection with the Business (whether before or after the date
                  hereof) pursuant to any obligation in existence at the date
                  hereof are and will (on the basis of the Tax legislation in
                  force at the date hereof) be deductible for profits tax
                  purposes either in computing the profits of the Vendors or as
                  a charge on the income of the Vendors.

         2.7      Each Vendor has complied with its reporting obligations to the
                  Internal Revenue Service or other fiscal authority, in respect
                  of any benefits provided to any of the Transferring Employees.

         2.8      To the best of the Warrantors' knowledge and belief, all
                  returns and information made or given by each Vendor to any
                  relevant authorities in connection with the import or export
                  of any products in relation to the Business are correct and
                  each Vendor has complied with all legislation relating to the
                  import and export of products and to all customs and excise
                  matters.

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         2.9      To the best of the Warrantors' knowledge and belief, all
                  duties payable upon the importation of goods, and all customs
                  and excise duties payable in respect of the Assets have been
                  paid in full, and none of the Assets is liable to confiscation
                  or forfeiture.

         2.10     No Assets are subject to any filed lien for any Taxes by any
                  taxing authority.

3.       CORPORATE AND JOINT VENTURE MATTERS

         3.1      Each Vendor has been duly incorporated, organised or
                  established and is validly existing under the laws of the
                  jurisdiction of its place of incorporation and no order has
                  been made or petition presented or resolution passed for the
                  dissolution of the Vendors and no distress, execution or other
                  process has been levied on any of its assets. Each Vendor is
                  qualified as a foreign corporation in every jurisdiction where
                  the failure to so qualify would have a material adverse effect
                  on its respective business, condition (financial or
                  otherwise), operations, or results of operations. Each Vendor
                  is solvent and able to pay its debts as they become due in the
                  ordinary course of business. Each Vendor has the corporate
                  authority to own, lease and operate the Assets and to carry on
                  its business as currently being conducted. No receiver,
                  trustee, committee or other party has been appointed by any
                  court to manage or dispose of the Business and Assets, and no
                  power to make or require any such appointment has arisen. In
                  addition, after Closing, the Warrantors further represent and
                  warrant that they will pay all creditors and accounts
                  receivable as recorded in the books and records of the
                  Vendors. No creditor of any of the Vendors will have any
                  lawful basis for a post-Closing claim against the Business or
                  Assets.

         3.2      No Vendor has any place of business or branch or permanent
                  establishment relating to the Business outside its
                  jurisdiction of incorporation.

         3.3      Accurate and complete copies of the Articles or Certificate of
                  Incorporation and By-laws of each Vendor have been provided to
                  the Purchaser. Each Vendor has complied with its Articles or
                  Certificate of Incorporation and By-laws in all material
                  respects and none of the activities, agreements, commitments
                  or rights of the Vendors relating to the Business nor this
                  Agreement is ultra vires or unauthorised.

         3.4      Each Vendor has all the requisite corporate power to execute,
                  deliver and perform, and has taken all necessary corporate or
                  other action to authorise the execution, delivery and
                  performance of, this Agreement. This Agreement constitutes a
                  legal, valid and binding obligation of the Vendors enforceable
                  in accordance with its terms.

         3.5      All Books and Records of Vendors:

                  (a)      are true and accurate; and

                  (b)      do not contain or reflect any material discrepancies.

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<PAGE>   38
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         3.6      All of the shareholders of CO Container (US) are natural
                  persons (other than CO Container (HK)).

         3.7      All of the shareholders of each of CO Cargo (CA) and CO Cargo
                  (NY) are natural persons (other than CO Air (HK)).

4.       THE ASSETS

         4.1      The Vendors have good and marketable title to all their
                  respective Assets free from any Encumbrances, other third
                  party rights, hire or hire purchase agreements, credit sale
                  agreements, agreements for payment on deferred terms or bills
                  of sale and any rights of any person to call for any of the
                  same. All of the Assets are in the possession or under the
                  control of the Vendors. The Assets comprise all of the assets
                  necessary to carry on the Business as carried on by the
                  Vendors.

         4.2      All of the items of Machinery and Equipment are in good repair
                  having regard to their age.

         4.3      The Machinery and Equipment comprise all the movable plant,
                  machinery, vehicles, office and warehouse equipment, computer
                  hardware and software, furniture and furnishings used in the
                  carrying on of the Business.

5.       THE PURCHASED CONTRACTS

         5.1      The Purchased Contracts do not include:

                  5.1.1        any contract for the purchase or use by the
                               Vendors of materials, supplies or equipment which
                               is in excess of the requirements of the Business
                               for its normal operating purposes or at prices
                               higher than current market prices or requires
                               expenditure in excess of US$65,000;

                  5.1.2        any contract for supply of services by the
                               Vendors which contains warranties or conditions
                               in favour of the purchaser substantially broader
                               in scope than warranties and conditions implied
                               by law or as specified in the Vendors' standard
                               conditions of sale or supply (a copy of which has
                               been provided to the Purchaser) or incorporates
                               unreasonable discounts, commissions or prices
                               calculated otherwise than in accordance with the
                               Vendor's standard pricing structure;

                  5.1.3        any unusual or onerous contract nor any contract
                               which cannot be terminated without penalty or
                               compensation on less than 12 months' notice;

                  5.1.4        any contract restricting any of the Vendors'
                               freedom of action in relation to the normal
                               activities of the Business;

                  5.1.5        any contract not made in the ordinary course of
                               the Business;

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<PAGE>   39
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                  5.1.6        any agency, distribution, marketing, purchasing,
                               franchising or licensing agreement.

         5.2      Each of the Purchased Contracts is in full force and effect
                  and constitutes a legal, valid, binding and enforceable
                  obligation of every party thereto, and none of the terms of
                  the Purchased Contracts or compliance with any of them has
                  been waived.

         5.3      With respect to each of the Purchased Contracts:

                  5.3.1        the relevant Vendor has duly performed and
                               complied in all material respects with each of
                               its obligations thereunder;

                  5.3.2        there has been no delay, negligence or other
                               default on the part of the relevant Vendor and no
                               event has occurred which, with the giving of
                               notice or passage of time, may constitute a
                               default thereunder;

                  5.3.3        the relevant Vendor is under no obligation which
                               cannot readily be fulfilled, performed or
                               discharged by it from the resources and Assets of
                               the Business on time and without undue or unusual
                               expenditure or effort;

                  5.3.4        the relevant Vendor has within the Business the
                               technical and other capabilities and the human
                               and material resources to enable it to fulfil,
                               perform and discharge all its outstanding
                               obligations in the ordinary course of the
                               Business;

                  5.3.5        there are no grounds for rescission, avoidance,
                               repudiation or termination and the relevant
                               Vendor has not received any notice of
                               termination; and

                  5.3.6        none of the other parties thereto is in default
                               thereunder.

         5.4      None of the Purchased Contracts is one in which any of the
                  Affiliates of the Vendors or any shareholder or director of
                  the Vendors or of any of its Affiliates is in any way
                  interested.

         5.5      None of the Purchased Contracts nor any of the arrangements or
                  practices of the Business is void, illegal, unenforceable,
                  registrable or notifiable under or in contravention of any
                  laws or regulations.

         5.6      Other than the Purchased Contracts, there are no contracts,
                  agreements or arrangements relating to the Business which is
                  likely to be material to a purchaser of the Business and the
                  Assets.

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6.       SERVICES

         6.1      The Vendors have not provided any services in the course of
                  the Business which, to the best of the knowledge of the
                  Warrantors, have been provided in a negligent manner or in any
                  other manner which would entitle the recipient of such
                  services to claim damages against the Vendors.

         6.2      There has been no claim in respect of personal injury or
                  damage to property arising from use of any services supplied
                  in the course of the Business during the period of 6 years
                  prior to the Closing Date.

7.       GENERAL COMMERCIAL MATTERS

         7.1      The Vendors have provided to the Purchaser a list of all
                  outstanding guarantees, performance bonds, letters of credit
                  or similar instruments given by the Vendors or any of its
                  Affiliates or any other person in respect of the Business, and
                  all agreements under which any finance has been provided to
                  the Vendors in relation to the Business.

         7.2      To the best of the Warrantors' knowledge and belief, so far as
                  the Warrantors are aware, following a change in the ownership
                  of the Business and the Assets, the customers of or suppliers
                  to the Business will remain customers or suppliers of the
                  Purchaser to the same extent and upon terms no less favourable
                  than the terms of their dealings with the Vendors prior to the
                  date of this Agreement. Within the period of 90 days preceding
                  the date of this Agreement the Warrantors have not received
                  any notice or indication (either in writing or orally) from
                  any customer or supplier of the Business that it intends to
                  change in any respect the nature of its relationship
                  (including, without limitation, the terms of its dealings)
                  with the Business.

         7.3      Neither the Vendors, their predecessors in title, nor any
                  person for whose acts or defaults the Vendors may be
                  vicariously liable, has committed any criminal offence or any
                  tort or any breach of legislation, regulation or other
                  requirement having force of law, relating to the Business.

         7.4      The Vendors have obtained all authorisations, licences and
                  consents necessary for the carrying on of the Business. All
                  such authorisations, licences and consents are valid and
                  subsisting.

         7.5      As at the date of signing of this Agreement the Vendors do not
                  carry on the Business under any name other than its own.

         7.6      To the best of the Warrantors' knowledge and belief, the
                  Vendors are not the subject of any official investigation or
                  inquiry and is not aware of any facts which are likely to give
                  rise to any such investigation or inquiry.

         7.7      None of the shareholders or directors of the Vendors, the
                  Vendors nor any Affiliate of the Vendors is either alone or
                  with any other person or persons engaged in any business or
                  concerned or interested in any way whatsoever in any business
                  of a similar nature to or competitive with the Business.

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         7.8      There are no obligations, agreements, arrangements or
                  concerted practices relating to or affecting the Business to
                  which any of the Vendors is a party or by which any of the
                  Vendors is bound and there are no practices in which any of
                  the Vendors is engaged which relate to or affect the Business
                  which are void, illegal, unenforceable, registrable or
                  notifiable under or which contravene any antitrust or similar
                  legislation anywhere in the USA (all such laws being referred
                  to as "the antitrust rules" in this paragraph). The Warrantors
                  have received no complaint or threat to complain under or
                  referring to the antitrust rules from any person and has not
                  received any request for information, investigation or
                  objections or been the addressee of or party to any decision,
                  judgment, undertaking or settlement relating to the antitrust
                  rules or to any proceedings in which the antitrust rules were
                  pleaded or relied upon which in any case related to or
                  affected the Business.

         7.9      The books and records of the Business accurately present and
                  reflect all transactions entered into in relation to the
                  Business, and have been properly maintained, in accordance
                  with generally accepted accounting principles (GAAP)
                  consistently applied and applicable legislation in the USA.
                  Such books and records are up to date and complete.

         7.10     The Vendors have been and are in material compliance with all
                  applicable laws relating to privacy.

8.       INTELLECTUAL PROPERTY

         8.1      Save in respect of those Third Party Rights pursuant to
                  agreements described in Part 3 of Schedule 8, the relevant
                  Vendor is and has been at all times since its creation the
                  sole legal and beneficial owner, free from all Encumbrances,
                  capable of transferring the same as beneficial owner and,
                  where registered, the sole registered proprietor of all the
                  Intellectual Property.

         8.2      The material particulars as to registration (and applications
                  therefor) of the Intellectual Property, including priority and
                  renewal dates, are set forth in Schedule 4. Each of those
                  registrations is valid.

         8.3      The Intellectual Property, and the validity or subsistence of
                  the relevant Vendor's right, title and interest therein, is
                  not the subject of any current pending or threatened
                  challenge, claim or proceeding, including for opposition,
                  cancellation, revocation or rectification, and has not during
                  the period of 6 years prior to Closing been the subject of any
                  such challenge, claim or proceeding, and there are no facts or
                  matters which might give rise to any such challenge, claim or
                  proceeding.

         8.4      All registration and/or renewal fees regarding the
                  Intellectual Property due on or before Closing have been paid
                  in full.

         8.5      The relevant Vendor has not entered into any agreement,
                  arrangement or understanding (whether legally enforceable or
                  not) for the licensing or otherwise permitting the use or
                  exploitation of the Intellectual Property or

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                  which prevents, restricts or otherwise inhibits its freedom to
                  use and exploit the Intellectual Property.

         8.6      None of the Intellectual Property is currently being
                  infringed, misused or used without authorisation by any third
                  party or has been so infringed, misused or used without
                  authorisation during the 6 year period preceding Closing and
                  no third party has threatened any such infringement, misuse or
                  unauthorised use and the Warrantors are aware of no
                  allegations of the same.

         8.7      The Vendors are not engaged in any activities involving the
                  Business which infringe or otherwise involve the misuse or
                  unauthorised use of any patents, petty patents, know-how,
                  trade secrets, technical processes, lists of customers or
                  suppliers and other confidential information, registered
                  designs, copyrights, performer's rights, rights in Internet
                  domain names of any level, plant variety rights, design
                  rights, rights in circuit layouts, topography rights, trade
                  marks, business names, rights in the nature of any of the
                  aforesaid or rights in the nature of unfair competition rights
                  belonging to any third party or which give any third party the
                  right to sue for passing off. None of the Intellectual
                  Property has been wrongfully or unlawfully acquired by the
                  Vendors. Complete and accurate copies of all documentation by
                  which the Vendors acquired from any third party ownership of
                  any of the Intellectual Property have been disclosed to the
                  Purchaser, and no claim under any warranty contained in such
                  documentation has been made or intimated nor are there any
                  grounds on which any such claim could be made.

         8.8      The relevant Vendor has taken all steps open to it to preserve
                  the Intellectual Property including, but not limited to taking
                  all reasonable steps to preserve the confidentiality of all
                  know-how, confidential information and trade secrets used in
                  the Business, including ensuring that all such know-how,
                  information and secrets are fully documented and held in a
                  secure location in the possession or control of the relevant
                  Vendor, are only disclosed to such employees and other persons
                  to whom disclosure is necessary in the normal conduct of the
                  Business and who are aware of, and accept in writing an
                  obligation to maintain, the confidentiality thereof.

9.       CLOSING SYSTEMS AND SOFTWARE

         9.1      In this paragraph 9, the expression "THE SOFTWARE" means all
                  of the computer programs identified and briefly described in
                  Schedule 4 Part 4.

         9.2      The Software includes all computer programs and software used
                  or supplied in or in connection with the Business during the
                  period of 6 years prior to Closing (whether owned by the
                  Vendors or licensed or sub-licensed to the Vendors by a third
                  party pursuant to a licence agreement from the third party).

         9.3      The relevant Vendor has absolute title and right to and
                  copyright in each item of the Software described in Section A
                  of Schedule 4 Part 4 including source code and object code,
                  user and other manuals, tapes, indices, descriptive memoranda,
                  original listings, development working papers, calculations
                  and all other relevant documents, media and confidential
                  information free of all

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                  Encumbrances and adverse claims and no property rights of the
                  relevant Vendor in such Software have been sold, assigned,
                  licensed or disposed of to any party other than by the
                  granting of non-exclusive licences to customers of the
                  Business in the ordinary course of the Business.

         9.4      All source codes, tapes, indices, descriptive memoranda,
                  original listings, development working papers, calculations
                  and any other documents or media necessary conclusively to
                  prove authorship and ownership of copyright in the Software
                  described in Section A of Schedule 4 Part 4 are in the
                  possession custody or control of the Vendors. The Vendors are
                  not a party to any contract requiring the Vendors to place in
                  escrow, or otherwise to permit any third party to use or have
                  access to, the source code to any of the Software described in
                  Section A of Schedule 4 Part 4.

         9.5      The relevant Vendor is entitled to assign to the Purchaser and
                  to use and, where indicated, to grant sub-licences to third
                  parties to use the Software described in Section B of Schedule
                  4 Part 4 pursuant to licences and/or consents granted to the
                  relevant Vendor by the owner or licensee of such Software,
                  true and complete copies of such licences having been
                  disclosed to the Purchaser and being in full force and effect.
                  All royalties and other payments have been paid when due and
                  there has been no act or default by the relevant Vendor or,
                  where appropriate, its sub-licensees or any other person which
                  may in any way result in such licences being terminated or the
                  relevant Vendor being unable to obtain any benefit under such
                  licences.

         9.6      The relevant Vendor has not at any time had any dispute with
                  any person relating to proprietary or other rights in or to
                  the Software. All licences relating to the Software granted by
                  the relevant Vendor are in full force and effect and the
                  relevant Vendor is not aware of any breach of any terms of any
                  such licences. The relevant Vendor has on the termination of
                  any licence granted by it either recovered or secured the
                  destruction of all copies of the Software in the possession
                  custody or control of the licensee or other contracting party
                  at the date of such termination.

         9.7      The Software is fit in all respects for its intended purpose,
                  of satisfactory quality, performs in all respects in
                  accordance with its specifications and user or other manuals
                  or documentation and does not contain any defect or feature
                  which does or may adversely affect its performance or the
                  performance of any other software, hardware or system. The
                  relevant Vendor has not at any time had any dispute with any
                  person relating to the functionality, quality or fitness for
                  purpose of the Software or relating to its compliance with its
                  specifications or with any warranties given by the relevant
                  Vendor or any other person relating to it.

         9.8      (a)      All computer software, hardware and equipment owned
                           or used by the Vendors in relation to the Business or
                           used or operated by third parties on behalf of the
                           Vendors in relation to the Business, which performs
                           or is or may be required to perform functions
                           involving dates or the computation of dates or
                           containing date related data, has the programming,
                           design and performance capabilities to ensure that:

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                           (i)      it will not suffer or cause a Malfunction;
                                    and

                           (ii)     it will not be adversely affected by, nor
                                    require changes in inputting or operating
                                    practices nor produce invalid or incorrect
                                    output or results, nor cause any abnormal
                                    ending scenario or suffer any diminution in
                                    functionality or performance as a result of
                                    the date change at the end of the twentieth
                                    century or the input, processing, storage or
                                    use of dates up to and including 31 December
                                    2001.

                  (b)      All date related data stored electronically by or on
                           behalf of the Vendors in relation to the Business is
                           in such a form that its input, processing, storage or
                           use by or on behalf of the Vendors in relation to the
                           Business will not, directly or indirectly, cause a
                           Malfunction in any software, hardware or equipment.

                  (c)      For the purposes of this Warranty, a "MALFUNCTION"
                           means failure:

                           (i)      accurately to recognise dates falling
                                    before, upon and after the year 2000;

                           (ii)     accurately to record, store, retrieve and
                                    process data input and date information;

                           (iii)    to function in a manner which does not
                                    create any ambiguity as to century; and

                           (iv)     accurately to manage and manipulate single
                                    century and multi-century formulae,
                                    including leap year calculations.

         9.9      The Vendors have security procedures in place to prevent the
                  unauthorised access, amendment or damage to, or use of, the
                  Vendors' data or data of third parties held on the Vendors'
                  computer systems or Software by any third party, and no such
                  unauthorised access, amendment, damage or use has taken place
                  during the 6 years preceding Closing.

         9.10     The Vendors have access to the source code of Software
                  licensed or sub-licensed to it in terms of source code deposit
                  agreements between the owner(s) of the copyright in such
                  Software and reputable deposit agents, true and complete
                  copies of which agreements have been disclosed to the
                  Purchaser.

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10.      THE LEASED PROPERTIES

         10.1     In this paragraph 10 unless the context otherwise requires:

                  10.1.1       "LAWS" includes any law, statute, ordinance,
                               rule, regulation, code, license, permit, order,
                               decree or similar edit of a governmental
                               authority, from time to time in effect relating
                               to or regulating the ownership, transfer,
                               development, construction, use, or occupancy of a
                               Leased Property;

                  10.1.2       "FINANCIAL ENCUMBRANCES" include any debenture,
                               mortgage, charge, pledge, lien, encumbrance,
                               assignment of rent or any security interest or
                               other security arrangement of any kind granted or
                               agreed to be granted over or in respect of the
                               Leased Properties;

                  10.1.3       "LIABILITIES" include all liabilities (whether or
                               not contingent) incurred or to be incurred by
                               each of the Vendors, all damage or loss suffered
                               by it, all claims, demands, actions and
                               proceedings made or brought against it and all
                               costs and disbursements incurred by it and
                               Liability shall be construed accordingly;

                  10.1.4       "OBLIGATIONS" include covenants, conditions,
                               agreements, stipulations, restrictions,
                               contractual requirements or other obligations
                               (whether positive or negative) of a similar
                               nature;

                  10.1.5       "OCCUPANCY DOCUMENTS" include any lease,
                               sub-lease, tenancy agreement, sub-tenancy
                               agreement, licence or other document granted or
                               agreed to be granted by any of the Vendors or its
                               predecessors in title giving any person a right
                               to use, possess or occupy the Leased Properties;

                  10.1.6       "OCCUPANCY RIGHTS" include any right to use,
                               possess or occupy any of the Leased Properties,
                               granted by any of the Vendors or its predecessors
                               in title or otherwise acquired or in the course
                               of being acquired;

                  10.1.7       "RIGHTS" include any easement, licence,
                               quasi-easement, privilege, contractual right or
                               other rights of a similar nature;

                  10.1.8       "UTILITY" includes provision for sewage disposal,
                               water, electricity, gas, television,
                               telecommunications and information and
                               "UTILITIES" shall be construed accordingly;

                  10.1.9       Any reference to the Leased Properties be deemed
                               to include reference to each of them and each and
                               every part of them.

                  10.2.0       The Leased Properties comprise all the land,
                               buildings and premises currently owned, occupied
                               or used by the Vendors in relation to the
                               Business or in respect of which the Vendors have

                                       43
<PAGE>   46
                                                                        REDACTED

                               any estate, interest, right or title and the
                               descriptions of the Leased Properties set out in
                               Schedule 3 are correct and not misleading.

                  10.2.1       The Vendors have exclusive and unfettered
                               possession and occupation of the Leased
                               Properties and there are no Occupancy Rights or
                               Financial Encumbrances in favour of third parties
                               affecting them except those disclosed in Schedule
                               3.

                  10.2.2       All Obligations to which the Leased Properties
                               are subject and all obligations under the
                               Financial Encumbrances (if any) have been timely
                               and properly observed and performed and there are
                               no circumstances which could give rise to the
                               restriction or termination of the continued
                               possession, occupation, use or enjoyment of the
                               Leased Properties or to the exercise of any
                               powers under any Financial Encumbrances or to any
                               Liabilities whatever.

                  10.2.3       The Vendors are not in default under the Leases,
                               and there are no events or circumstances which,
                               with the passage of time, would constitute a
                               default thereunder.

                  10.2.4       The Leased Properties have the benefit of all
                               Rights required to comply with fire regulations
                               and to maintain adequately the Leased Properties,
                               and all other Rights, Utilities and facilities
                               reasonably required for the continued full and
                               free use and enjoyment of the Leased Properties
                               for the duration of the Vendors' interest in the
                               relevant Leased Property and such Rights are held
                               on terms which do not entitle any person to
                               terminate, curtail or charge for the Rights.

                  10.2.5       There are no outstanding claims, disputes,
                               complaints, notices, orders or proceedings
                               relating to or affecting the Leased Properties or
                               which have given or might give rise to any
                               Liabilities.

                  10.2.6       All laws, statutes and subsidiary legislation
                               relating to the use of the Leased Properties, the
                               employment of persons or the use or storage of
                               machinery, materials, consumables or chattels in
                               the Leased Properties have been complied with and
                               all consents, licences or permits required
                               thereunder have been obtained and any conditions
                               or restrictions imposed by such consents,
                               licences or permits have been observed and
                               performed.

                  10.2.7       The present use of the Leased Properties does not
                               conflict with and is properly permitted under any
                               and all Laws and is not a temporary or personal
                               use or a use subject to restrictions or
                               conditions giving rise to expenditure or
                               affecting the Vendors' use or enjoyment of the
                               Leased Properties and all necessary or required
                               permits have been obtained and are currently
                               complied with.

                                       44
<PAGE>   47
                                                                        REDACTED

                  10.2.8       No demolition, development or construction work
                               has been carried out in relation to the Leased
                               Properties which would require any consent under
                               any Laws or without such consent having been
                               properly obtained and any conditions or
                               restrictions imposed upon the giving of such
                               consent have been observed and performed.

                  10.2.9       There are no unauthorised structures on or
                               unauthorised alterations to any of the Leased
                               Properties. All of the structures on the Leased
                               Properties are in good operating condition and
                               repair and adequate and suitable for the purposes
                               for which they are currently proposed to be used.
                               Such structures are free from any latent or
                               patent design, construction, physical or
                               mechanical defects.

                  10.2.10      No application by the Vendors under any Laws or
                               relevant in relation to demolition, development
                               or construction work or for change of use at the
                               Leased Properties has been submitted or a
                               decision in relation thereto appealed, which
                               application or appeal (as appropriate) is still
                               pending and no such application has been
                               submitted and refused.

                  10.2.11      There are no circumstances or matters which would
                               prevent any development, change of use,
                               demolition or construction work at any of the
                               Leased Properties for which consent under any
                               Laws has been obtained.

                  10.2.12      There has been no flooding, subsidence or heave
                               affecting the Leased Properties, there are no
                               structural or material defects in or affecting
                               the Leased Properties and the Leased Properties
                               are in good and substantial repair and condition
                               and will not require substantial expenditure in
                               the foreseeable future.

                  10.2.13      The Vendors have not entered into any agreements
                               with any Utility authority or company for the
                               supply to or discharge from the Leased Properties
                               of any Utility or for mains or other equipment
                               laying and has not deposited any money with any
                               such authority or company as security therefor.

                  10.2.14      The Occupancy Documents, if any, are on terms
                               negotiated at arm's length and the rent or fees
                               payable under the Occupancy Documents were the
                               best that could reasonably be obtained in the
                               open market (at the time of the grant of the
                               relevant Occupancy Document or the last rent or
                               fee review under the relevant Occupancy Document
                               (as the case may be)) and the rent and fees are
                               as disclosed to the Purchaser in writing.

                  10.2.15      All rent, fees and other payments due under the
                               Occupancy Documents, if any, or in respect of any
                               Occupancy Rights have been promptly paid on the
                               due date and no such rent, fees or other payments
                               have been commuted, waived or paid more than
                               monthly in advance.

                                       45
<PAGE>   48
                                                                        REDACTED

                  10.2.16      Where any Occupancy Documents contain provisions
                               for rent or fee review or rights of renewal, such
                               review or renewal shall be at the best rent or
                               fee that could reasonably be obtained in the open
                               market assuming willing parties but otherwise on
                               the same terms as the relevant Occupancy Document
                               (other than the option for renewal where
                               appropriate) and the terms of the Occupancy
                               Documents relating to the assessment of the new
                               rent or fee shall have the effect of realising
                               the highest yield for the Leased Properties
                               reasonably obtainable and there are no building
                               alterations or improvements which are to be
                               disregarded for rent or fee review purposes.

                  10.2.17      The Vendors are not engaged in any rent or fee
                               review negotiations, process, proceedings or
                               determination under any legislation or Leases or
                               Occupancy Documents (if any) and there is no
                               outstanding rent or fee review under any Leases
                               or the Occupancy Documents (if any).

                  10.2.18      The parking spaces, including handicapped spaces,
                               at the Leased Properties are all the parking
                               spaces required by any Laws.

                  10.2.19      All Occupancy Documents (if any) are listed on
                               Schedule 3, and copies of all of the Occupancy
                               Documents, if any, have been supplied to the
                               Purchaser and are true and complete, and written
                               details of the material terms of any subsisting
                               oral Occupancy Rights or Occupancy Rights
                               subsisting by reason of conduct are set forth on
                               Schedule 3 and are true and complete and the
                               terms of such Occupancy Rights do not contain any
                               unusual provisions, and no collateral assurances,
                               undertakings, concessions or agreements for
                               surrender have been made by any party to any
                               Occupancy Documents or Occupancy Rights.

                  10.2.20      Any consents required for the grant of any
                               Occupancy Documents or Occupancy Rights have been
                               obtained.

                  10.2.21      [Intentionally Omitted]

                  10.2.22      The Vendors will not create, grant or agree to
                               grant any Occupancy Rights in respect of the
                               Leased Properties before Closing except with the
                               prior written consent of the Purchaser.

                  10.2.23      Copies of all Financial Encumbrances have been
                               supplied to the Purchaser and are true and
                               complete.

                  10.2.24      Policies of insurance relating to any Liabilities
                               of the Vendors to third parties deriving in any
                               way from the Leased Properties or their use have
                               been effected by the Vendors, are current and
                               valid, cover the reasonably foreseeable Liability
                               of the Vendors and are not subject to any special
                               or unusual terms or restrictions or to the

                                       46
<PAGE>   49
                                                                        REDACTED

                               payment of any premium in excess of the normal
                               rate for policies of the same kind.

                  10.3.1       The relevant Vendor possesses the right to occupy
                               the Leased Properties pursuant to the terms of
                               the relevant Leases.

                  10.3.2       The Leases for each of the Leased Properties are
                               in full force and effect and have not been
                               modified, cancelled or amended. No such Lease is
                               subject to any claim, defense, setoff or
                               counterclaim for the benefit of the landlord
                               thereunder and each Vendor is in full compliance
                               with all of its obligations under each Lease.

                  10.3.3       All necessary consents for the grant of the
                               Leases were obtained before such grant and the
                               landlords named in the Leases were the registered
                               legal owners of the Leased Properties at the time
                               of the grant of the relevant Lease.

                  10.3.4       The Leases contain no unusual or onerous
                               provisions.

                  10.3.5       The Leased Properties are not subject to any
                               expenses other than general and water rates,
                               rent, management charges of a non-capital nature
                               and Utility charges and the relevant Vendor is
                               not responsible for payment of Government rent.

                  10.3.6       The Leases are not subject to any options or
                               rights of preemption or first refusal in favour
                               of any third parties.

                  10.3.7       Where the relevant Vendor is responsible for
                               maintaining insurance of the Leased Properties,
                               the policy conforms in all respects with the
                               requirements of the relevant Lease.

                  10.3.8       Policies of insurance relating to the interior of
                               the Leased Premises and their fixtures, fittings
                               and contents have been effected by the relevant
                               Vendor, are current and valid, cover the full
                               reinstatement value thereof and are not subject
                               to any special or unusual terms or restrictions
                               or to the payment of any premium in excess of the
                               normal rate for policies of the same kind.

                  10.3.9       The relevant Vendor knows of no reason why the
                               existing leases of the Leased Properties will not
                               be or are likely not to be renewed on their
                               expiry on similar terms to those in the existing
                               Leases (save as regards reasonable commercial
                               increases in rent).

                                       47
<PAGE>   50
                                                                        REDACTED

11.      LITIGATION

         Neither the Vendors nor any person for whose acts or defaults the
         Vendors may be vicariously liable is engaged whether as plaintiff or
         defendant or otherwise in any civil, criminal or arbitration
         proceedings or any proceedings before any tribunal in relation to the
         Business (save for debt collection by the Vendors in the ordinary
         course of the Business for amounts which are not material) and there
         are no proceedings threatened or pending against the Vendors in
         relation to the Business including proceedings in respect whereof any
         of the Vendors is liable to indemnify any party concerned therein and
         there are no facts which are likely to give rise to any such litigation
         or proceedings. There is no unfulfilled or unsatisfied judgment or
         court order outstanding against the Vendors or the Assets in relation
         to the Business or the Assets.

12.      EMPLOYEES

         12.1     There has been no past and there is no existing or threatened
                  or pending disputes involving any of the Vendors and any of
                  their respective employees, including without limitation, the
                  Transferring Employees. There are no agreements or
                  arrangements (whether oral or in writing or existing by reason
                  of custom and practice) between any of the Vendors and any
                  trade union or other employees' representatives concerning or
                  affecting any of the Transferring Employees and there are no
                  trade unions or other employees' representatives whom any of
                  the Vendors recognises to any extent, in relation to the
                  Transferring Employees, for collective bargaining purposes.
                  There are no collective bargaining arrangements, and no
                  contracts or agreements with any labour unions relating to,
                  involving or affecting the employees of the Vendors or to
                  which any Vendor is a party or by which any Vendor is bound.
                  No Vendor has any obligation to bargain with any labour
                  organisation with respect to any persons. There are no pending
                  unfair labour practice charges against any Vendor, nor any
                  demands for recognition, nor any other request or demand from
                  a labour organisation for representative status with respect
                  to any employee employed by the Vendors. The Vendors are in
                  compliance in all material respects with all applicable laws
                  respecting employment and employment practices, terms and
                  conditions of employment and wages and hours.

         12.2     No circumstances have arisen under which any of the Vendors is
                  likely to be required to pay damages for wrongful termination
                  or breach of contract, to make any contractual or statutory
                  leave, severance or long service payment or make or pay any
                  compensation in respect of any dismissal, to make any other
                  payment under any employment related regulation or law or to
                  reinstate or re-engage any former employee who was previously
                  employed in the Business. So far as the Warrantors are aware,
                  there are no pending or threatened claims of any type against
                  it by any existing or former employees who are or were
                  employed in the Business. No circumstances have arisen under
                  which any of the Vendors is likely to be required to pay
                  damages or compensation, or suffer any penalty or be required
                  to take corrective action or be subject to any form of
                  discipline under any laws conferring protection against
                  discrimination, harassment, victimisation or vilification by
                  reason of

                                       48
<PAGE>   51
                                                                        REDACTED

                  age, gender, race, religion, family circumstances or
                  disability. So far as the Warrantors are aware, there are no
                  current, pending or threatened claims of any type against it
                  by any existing or former employees. Each of the Vendors has
                  never breached and is not in breach of any industrial award or
                  determination applicable to the Transferring Employees.

         12.3     There are no existing employment or other agreements between
                  any of the Vendors and any of the Transferring Employees which
                  cannot be lawfully terminated by 3 calendar months' notice or
                  less without giving rise to any claim for damages or
                  compensation other than a statutory redundancy or severance or
                  long service payment. Each Vendor has complied with all its
                  obligations under all laws, regulations, and other
                  requirements (including without limitation codes, orders and
                  awards) in connection with the Transferring Employees.

         12.4     Schedule 7 contains full and accurate particulars of the
                  following in relation to all of the Transferring Employees:

                  (i)      name, date of birth and commencement of employment;

                  (ii)     details of all remuneration payable (including any
                           bonus or commission entitlements) and any other
                           benefits provided or which the relevant Vendor is
                           bound to provide (whether now or in the future) to
                           all such persons; and

                  (iii)    details of any other material terms and conditions of
                           employment of such persons,

                  all of which information is true and complete.

         12.5     There are no persons working in the Business other than those
                  listed in Schedule 7.

         12.6     Other than the "Fidelity Simple-IRA Plan" there are no
                  Employee Welfare Benefit Plans, retirement benefits, IRAs,
                  pension, provident, share option, share incentive, insurance,
                  401(k), disability or similar plans, arrangements or
                  obligations of the Vendors or any company of which any of the
                  Vendors is an Affiliate for any Transferring Employees or any
                  of their spouses or dependants. The Vendors have no obligation
                  (whether legally binding or established by custom) to pay any
                  pension, allowance or gratuity or make any other payment on
                  termination of service, death or retirement or to make any
                  payment for the purpose of providing any similar benefits to
                  or in respect of any Transferring Employee or any spouse or
                  dependant of any such person and is not a party to any scheme
                  or arrangement having as its purpose or one of its purposes
                  the making of such payments or the provision of such benefits.
                  The Vendors have not announced any proposals to establish any
                  such plans, arrangements or obligations.

         12.7     The "Fidelity Simple-IRA Plan" complies with and has at all
                  times complied with all laws, rules and regulations made
                  thereunder. All contributions to the

                                       49
<PAGE>   52
                                                                        REDACTED

                  "Fidelity Simple-IRA Plan" have been made in accordance with
                  the rules governing the "Fidelity Simple-IRA Plan", any
                  applicable requirements of ERISA and all other requirements.
                  The Vendors and the administrator of the "Fidelity Simple-IRA
                  Plan" have duly complied with their respective obligations
                  under the plan and the rules thereof and under all relevant
                  laws and requirements. All amounts due under the plan have
                  been paid.

         12.8     Complete and accurate copies of the rules and all booklets and
                  announcements describing the benefits (or any proposed changes
                  to the benefits) of the "Fidelity Simple-IRA Plan" and any
                  other employment benefit plan of Vendor and all other
                  documents, records and materials relating to the establishment
                  and operation of all such plans (including all annual returns,
                  reports, statements and certificates) have been supplied to
                  the Purchaser prior to the date hereof.

         12.9     The Vendors have fulfilled all of their obligations under the
                  "Fidelity Simple-IRA Plan" (including any obligation to pay
                  contributions thereto).

         12.10    To the best of the Warrantors' knowledge and belief, neither
                  the Vendors nor the trustees or other administrator of any
                  Employee Welfare Benefit Plan is engaged in any litigation or
                  arbitration proceedings in respect of any Employee Welfare
                  Benefit Plan or any benefit provided thereunder in relation to
                  the Transferring Employees or any former employees of the
                  Vendors and no such litigation or arbitration proceedings are
                  pending or have been threatened.

         12.11    No Employee Welfare Benefit Plan in which any of the
                  Transferring Employees participate or have participated has
                  been or is in the process of being (or is proposed to be)
                  wound up (in whole or in part) or closed to new entrants (in
                  whole or in part), except as contemplated by this Agreement.

13.      MATTERS SINCE THE ACCOUNTING DATE

         Since the Accounting Date:

         13.1     there has been no interruption or alteration in the nature,
                  scope or manner of the Business, which has been carried on
                  lawfully and in the ordinary and usual course so as to
                  maintain it as a going concern;

         13.2     there has been no material adverse change in the customer
                  relations of the Business or in the financial condition,
                  prospects, assets or liabilities of the Business as compared
                  with the position disclosed by the Accounts and no damage,
                  destruction or loss (whether or not covered by insurance)
                  affecting the Business or the Assets;

         13.3     no substantial customer or supplier being a customer or
                  supplier accounting for contribution to gross profits of more
                  than US$65,000 of the Business for the accounting period
                  ending on the Accounting Date has:

                  13.3.1   indicated that it is likely to cease trading with or
                           supply to the Business;

                                       50
<PAGE>   53
                                                                        REDACTED

                  13.3.2   indicated that it is likely to reduce substantially
                           its trading with or supplies to the Business; or

                  13.3.3   indicated that it is likely to change substantially
                           the terms upon which it is prepared to trade with or
                           supply the Business (other than normal price and
                           minor changes);

         13.4     the Vendors have continued to pay its creditors in the
                  ordinary course of the Business. No unusual trade discounts or
                  other special terms have been incorporated into any contract
                  entered into by the Vendors;

         13.5     each Vendor has not acquired, sold, transferred or otherwise
                  disposed of any assets of the Business of whatsoever nature or
                  cancelled, waived, released or discounted in whole or in part
                  any rights, debts or claims of or connected with the Business,
                  except in each case in the ordinary course of the Business in
                  a manner consistent with prior practice;

         13.6     each Vendor has not hired or dismissed any employee employed
                  in the Business earning an annual rate of remuneration,
                  including fringe benefits, in excess of US$65,000;

         13.7     no sum or benefit has been paid, applied or voted to any of
                  the Transferring Employees by way of remuneration, bonus,
                  incentive or otherwise in excess of the amounts payable to
                  them by the relevant Vendor at the Accounting Date so as to
                  increase their total remuneration and no new service
                  agreements have been made or entered into by the relevant
                  Vendor with any of the Transferring Employees since the
                  Accounting Date and the relevant Vendor is not under any
                  contractual or other obligation to, and the relevant Vendor
                  will not, change the terms of service of any Transferring
                  Employee prior to Closing;

         13.8     the relevant Vendor has not acquired or disposed of or granted
                  any right or created any Encumbrance over any of the Leased
                  Properties or any land or buildings or any estate or interest
                  therein or parted with possession of the whole or any part
                  thereof or agreed to do any of the same;

         13.9     each Vendor has not made any purchase or sale or introduced
                  any method of management or operation in respect of the
                  Business or the Assets except in the ordinary course of the
                  Business in a manner consistent with prior practice; and

         13.10    each Vendor has not incurred or become subject to any
                  liability or obligation (absolute, contingent or otherwise) in
                  relation to the Business except current liabilities and
                  obligations incurred under contracts entered into in the
                  ordinary course of the Business and consistent with past
                  practice.

14.      ACCURACY OF INFORMATION PROVIDED

         14.1     All information contained in the Recitals and Schedules to
                  this Agreement is true and accurate in all respects and not
                  misleading in any respect.

                                       51
<PAGE>   54
                                                                        REDACTED

         14.2     All written information regarding the Vendors and the Business
                  provided by the Vendors or any of its professional advisers to
                  the Purchaser or any of its professional advisers during the
                  negotiations prior to this Agreement is and was when given
                  true and accurate in all respects and not misleading in any
                  respect.

         14.3     There is no material fact or matter concerning the Vendors and
                  the Business which has not been disclosed to the Purchaser
                  which would reasonably be expected to influence the decision
                  of the Purchaser to proceed with the purchase of the Business
                  on the terms of this Agreement.

         14.4     All forecasts and projections relating to the Business given
                  to the Purchaser or its advisers by or on behalf of the
                  Vendors have been prepared with all due care and prudence and
                  on a reasonable basis on the assumption that the Business will
                  be conducted by Purchaser in the same manner as the Vendors.
                  There are no material facts or circumstances known, or which
                  ought to be known, to the Warrantors which would lead a
                  prudent person to revise those forecasts or projections.

15.      GENERAL

         The execution, delivery and performance of this Agreement will not
         result in the breach, cancellation and/or termination of any of the
         terms or conditions of or constitute a default under any of the
         Purchased Contracts or any agreement by which the Assets may be bound
         or affected or give rise to a right of any other party to terminate or
         cancel any of the Purchased Contracts or any such agreement or violate
         any legislation, regulation or other requirement having force of law or
         any order, writ, injunction or decree of any court, administrative
         agency or governmental body affecting the Business or the Assets or
         give rise to the revocation, withdrawal or amendment of any Approval.

                                       52
<PAGE>   55
                                                                        REDACTED

                         SCHEDULES 2 THROUGH 13 OMITTED.
<PAGE>   56
                                                                        REDACTED

IN WITNESS WHEREOF the Parties have executed this Agreement on the date
appearing at the head hereof.

SIGNED by                               )
for and on behalf of                    )
CONTINENTAL                             )
CONTAINER LINE, INC.                    )
in the presence of:                     )

SIGNED by                               )
for and on behalf of                    )
CONTINENTAL                             )
CARGO LOGISTICS                         )
INC. (INCORPORATED IN THE               )
STATE OF NEW YORK IN THE USA)           )
in the presence of:                     )

SIGNED by                               )
for and on behalf of                    )
CONTINENTAL                             )
CARGO LOGISTICS                         )
INC. (INCORPORATED IN THE               )
STATE OF CALIFORNIA IN THE USA)         )
in the presence of:                     )

SIGNED by                               )
for and on behalf of                    )
UNION-TRANSPORT                         )
CORPORATION                             )
in the presence of:                     )

SIGNED by                               )
LAI KWOK FAI                            )
in the presence of:                     )
<PAGE>   57
                                                                        REDACTED

SIGNED by                               )
NG CHUN KA                              )
in the presence of:                     )

SIGNED by                               )
CHENG KWAN KOK DAVID                    )
in the presence of:                     )

SIGNED by                               )
ALBERT PATRICK CATALDO                  )
in the presence of:                     )

SIGNED by                               )
LEWIS BILLY BARNHILL                    )
in the presence of:                     )

SIGNED by                               )
FRANCIS RAYMOND BELLO                   )
in the presence of:                     )

SIGNED by                               )
CHAN KA MING                            )
in the presence of:                     )

SIGNED by                               )
CHAN KWAN HANG                          )
in the presence of:                     )
<PAGE>   58
                                                                        REDACTED

SIGNED by                               )
CHAU HAK CHEONG                         )
in the presence of:                     )

SIGNED by                               )
CHENG KWAN LUNG                         )
in the presence of:                     )

SIGNED by                               )
NG SAI KUEN                             )
in the presence of:                     )

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}]]