Document:

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                 MORGAN STANLEY DEAN WITTER SELECT EQUITY TRUST
                    SELECT TURNAROUND FOCUS LIST SERIES 2000
                            REFERENCE TRUST AGREEMENT

                  This Reference Trust Agreement dated October 2, 2000 between
DEAN WITTER REYNOLDS INC., as Depositor, and The Bank of New York, as Trustee,
sets forth certain provisions in full and incorporates other provisions by
reference to the document entitled "Morgan Stanley Dean Witter Select Equity
Trust, Trust Indenture and Agreement" (the "Basic Agreement") dated September
30, 1993 as amended on December 30, 1997. Such provisions as are incorporated by
reference constitute a single instrument (the "Indenture").

                                WITNESSETH THAT:

                  In consideration of the premises and of the mutual agreements
herein contained, the Depositor and the Trustee agree as follows:

                                        I.

                     STANDARD TERMS AND CONDITIONS OF TRUST

                  Subject to the provisions of Part II hereof, all the
provisions contained in the Basic Agreement are herein incorporated by reference
in their entirety and shall be deemed to be a part of this instrument as fully
and to the same extent as though said provisions had been set forth in full in
this instrument except that the Basic Agreement is hereby amended as follows:

                  A. The first sentence of Section 2.01 is amended to add the
         following language at the end of such sentence: "and/or cash (or a
         letter of credit in lieu of cash) with instructions to the Trustee to
         purchase one or more of such Securities which cash (or cash in an
         amount equal to the face amount of the letter of credit), to the extent
         not used by the Trustee to purchase such Securities within the 90-day
         period following the first deposit of Securities in the Trust, shall be
         distributed to Unit Holders on the Distribution Date next following
         such 90-day period or such earlier date as the Depositor and the
         Trustee determine".

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                                           -2-

                  B. Section 2.03 is amended to add the following to the end of
         the first paragraph thereof. The number of Units may be increased
         through a split of the Units of decreased through a reverse split
         thereof, as directed by the Depositor, which revised number of Units
         shall be recorded by Trustee on its books.

                  C. The first sentence of Section 2.06 is amended to add the
         following language after "Securities"))": "and/or cash (or a letter of
         credit in lieu of cash) with instructions to the Trustee to purchase
         one or more Additional Securities which cash (or cash in an amount
         equal to the face amount of the letter of credit), to the extent not
         used by the Trustee to purchase such Additional Securities within the
         90-day period following the first deposit of Securities in the Trust,
         shall be distributed to Unit Holders on the Distribution Date next
         following such 90-day period or such earlier date as the Depositor and
         the Trustee determine".

                  D. Article III, entitled "Administration of Trust", Section
         3.01 Initial Cost shall be amended as follows:

                  Section 3.01 Initial Cost shall be amended to substitute the
following language:

                  SECTION 3.01. INITIAL COST The costs of organizing the Trust
         and sale of the Trust Units shall, to the extent of the expenses
         reimbursable to the Depositor provided below, be borne by the Unit
         Holders, PROVIDED, HOWEVER, that, to the extent all of such costs are
         not borne by Unit Holders, the amount of such costs not borne by Unit
         Holders shall be borne by the Depositor and, PROVIDED FURTHER, HOWEVER,
         that the liability on the part of the Depositor under this section
         shall not include any fees or other expenses incurred in connection
         with the administration of the Trust subsequent to the deposit referred
         to in Section 2.01. Upon notification from the Depositor that the
         primary offering period is concluded, the Trustee shall withdraw from
         the Account or Accounts specified in the Prospectus or, if no Account
         is therein specified, from the Principal Account, and pay to the
         Depositor the Depositor's reimbursable expenses of organizing the Trust
         and sale of the Trust Units in an amount certified to the Trustee by
         the Depositor. If the balance of the Principal Account is insufficient
         to make such withdrawal, the Trustee shall, as di-
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                                        -3-

         rected by the Depositor, sell Securities identified by the Depositor,
         or distribute to the Depositor Securities having a value, as determined
         under Section 4.01 as of the date of distribution, sufficient for such
         reimbursement. The reimbursement provided for in this section shall be
         for the account of the Unitholders of record at the conclusion of the
         primary offering period and shall not be reflected in the computation
         of the Unit Value prior thereto. As used herein, the Depositor's
         reimbursable expenses of organizing the Trust and sale of the Trust
         Units shall include the cost of the initial preparation and typesetting
         of the registration statement, prospectuses (including preliminary
         prospectuses), the indenture, and other documents relating to the
         Trust, SEC and state blue sky registration fees, the cost of the
         initial valuation of the portfolio and audit of the Trust, the initial
         fees and expenses of the Trustee, and legal and other out-of-pocket
         expenses related thereto, but not including the expenses incurred in
         the printing of preliminary prospectuses and prospectuses, expenses
         incurred in the preparation and printing of brochures and other
         advertising materials and any other selling expenses. Any cash which
         the Depositor has identified as to be used for reimbursement of
         expenses pursuant to this Section shall be reserved by the Trustee for
         such purpose and shall not be subject to distribution or, unless the
         Depositor otherwise directs, used for payment of redemptions in excess
         of the per-Unit amount allocable to Units tendered for redemption.

                  E. The third paragraph of Section 3.05 is hereby amended to
         add the following sentence after the first sentence thereof: "Depositor
         may direct the Trustee to invest the proceeds of any sale of Securities
         not required for the redemption of Units in eligible money market
         instruments selected by the Depositor which will include only
         negotiable certificates of deposit or time deposits of domestic banks
         which are members of the Federal Deposit Insurance Corporation and
         which have, together with their branches or subsidiaries, more than $2
         billion in total assets, except that certificates of deposit or time
         deposits of smaller domestic banks may be held provided the deposit
         does not exceed the insurance coverage on the instrument (which
         currently is $100,000), and provided further that the Trust's aggregate
         holding of certificates of deposit or time deposits issued by the
         Trustee may not ex-
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                                        -4-

         ceed the insurance coverage of such obligations and U.S. Treasury notes
         or bills (which shall be held until the maturity thereof) each of which
         matures prior to the earlier of the next following Distribution Date or
         90 days after receipt, the principal thereof and interest thereon (to
         the extent such interest is not used to pay Trust expenses) to be
         distributed on the earlier of the 90th day after receipt or the next
         following Distribution Date."

                  F. The first sentence of each of Sections 3.10, 3.11 and 3.12
         is amended to insert the following language at the beginning of such
         sentence, "Except as otherwise provided in Section 3.13,".

                  G. The following new Section 3.13 is added

                  Section 3.13. EXTRAORDINARY EVENT-SECURITY RETENTION AND
         VOTING. In the event the Trustee is notified of any action to be taken
         or proposed to be taken by holders of the securities held by the Trust
         in connection with any proposed merger, reorganization, spin-off,
         split-off or split-up by the issuer of stock or securities held in the
         Trust, the Trustee shall take such action or refrain from taking any
         action, as appropriate, so as to insure that the securities are voted
         as closely as possible in the same manner and in the same general
         proportion as are the securities held by owners other than the Trust.
         If stock or securities are received by the Trustee, with or without
         cash, as a result of any merger, reorganization, spin-off, split-off or
         split-up by the issuer of stock or securities held in the Trust, the
         Trustee at the direction of the Depositor may retain such stock or
         securities in the Trust. Neither the Depositor nor the Trustee shall be
         liable to any person for any action or failure to take action with
         respect to this section.

                  H. Section 1.01 is amended to add the following definition:
         (9) "Deferred Sales Charge" shall mean any deferred sales charge
         payable in accordance with the provisions of Section 3.14 hereof, as
         set forth in the prospectus for a Trust. Definitions following this
         definition (9) shall be renumbered.

                  I. Section 3.05 is hereby amended to add the following
         paragraph after the end thereof: On each Deferred Sales Charge payment
         date set forth in the prospectus for
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                                         -5-

         a Trust, the Trustee shall pay the account created pursuant to
         Section 3.14 the amount of the Deferred Sales Charge payable on each
         such date as stated in the prospectus for a Trust. Such amount shall be
         withdrawn from the Principal Account from the amounts therein
         designated for such purpose.

                  J. Section 3.06B(3) shall be amended by adding the following:
         "and any Deferred Sales Charge paid".

                  K. Section 3.08 shall be amended by adding the following at
         the end thereof: "In order to pay the Deferred Sales Charge, the
         Trustee shall sell or liquidate an amount of Securities at such time
         and from time to time and in such manner as the Depositor shall direct
         such that the proceeds of such sale or liquidation shall equal the
         amount required to be paid to the Depositor pursuant to the Deferred
         Sales Charge program as set forth in the prospectus for a Trust.

                  L. Section 3.14 shall be added as follows:

                  Section 3.14. Deferred Sales Charge. If the prospectus for a
         Trust specifies a Deferred Sales Charge, the Trustee shall, on the
         dates specified in and as permitted by the prospectus, withdraw from
         the Income Account if such account is designated in the prospectus as
         the source of the payments of the Deferred Sales Charge, or to the
         extent funds are not available in that account or if such account is
         not so designated, from the Principal Account, an amount per Unit
         specified in the prospectus and credit such amount to a special,
         non-Trust account maintained at the Trustee out of which the Deferred
         Sales Charge will be distributed to the Depositor. If the Income
         Account is not designated as the source of the Deferred Sales Charge
         payment or if the balances in the Income and Principal Accounts are
         insufficient to make any such withdrawal, the Trustee shall, as
         directed by the Depositor, either advance funds, if so agreed to by the
         Trustee, in an amount equal to the proposed withdrawal and be entitled
         to reimbursement of such advance upon the deposit of additional monies
         in the Income Account or the Principal Account, sell Securities and
         credit the proceeds thereof to such special Depositor's account or
         credit Securities in kind to such special Depositor's Account. Such
         directions shall identify the Securities, if any, to be
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                                       -6-

         sold or distributed in kind and shall contain, if the Trustee is
         directed by the Depositor to sell a Security, instructions as to
         execution of such sales. If a Unit Holder redeems Units prior to full
         payment of the Deferred Sales Charge, the Trustee shall, if so provided
         in the prospectus, on the Redemption Date, withhold from the Redemption
         Price payment to such Unit Holder an amount equal to the unpaid portion
         of the Deferred Sales Charge and distribute such amount to such special
         Depositor's account or, if the Depositor shall purchase such Unit
         pursuant to the terms of Section 5.02 hereof, the Depositor shall pay
         the Redemption Price for such Unit less the unpaid portion of the
         Deferred Sales Charge. The Depositor may at any time instruct the
         Trustee to distribute to the Depositor cash or Securities previously
         credited to the special Depositor's account.

                  M. Reference to "Dean Witter Select Equity Trust" is replaced
         by "Morgan Stanley Dean Witter Select Equity Trust".

                                        II.

                      SPECIAL TERMS AND CONDITIONS OF TRUST

                  The following special terms and conditions are hereby agreed
to:

                  A. The Trust is denominated Morgan Stanley Dean Witter Select
         Equity Trust Select Turnaround Focus List Series 2000 (the "Focus List
         Trust").

                  B. The publicly traded stocks listed in Schedule A hereto are
         those which, subject to the terms of this Indenture, have been or are
         to be deposited in trust under this Indenture.

                  C. The term, "Depositor" shall mean Dean Witter Reynolds Inc.

                  D. The aggregate number of Units referred to in Sections 2.03
         and 9.01 of the Basic Agreement is 24,857 for the Focus List Trust.

                  E. A Unit is hereby declared initially equal to
         1/24,857th for the Focus List Trust.
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                                        -7-

                  F. The term "In-Kind Distribution Date" shall mean
         December 13, 2001.

                  G. The term "Record Dates" shall mean June 1, 2001, and
         January 4, 2002 and such other date as the Depositor may
         direct.

                  H. The term "Distribution Dates shall mean June 15, 2001
         and on or about January 11, 2002 and such other date as the
         Depositor may direct.

                  I. The term "Termination Date" shall mean January 4, 2002.

                  J. The Depositor's Annual Portfolio Supervision Fee shall be a
         maximum of $0.25 per 100 Units.

                  K. The Trustee's Annual Fee as defined in Section 6.04 of the
         Indenture shall be $0.72 per 100 Units.

                  L. For a Unit Holder to receive an "in-kind" distribution
         during the life of the Trust, such Unit Holder must tender at least
         25,000 Units for redemption. There is no minimum amount of Units that a
         Unit Holder must tender in order to receive an "in-kind" distribution
         on the In-Kind Date or in connection with a rollover.

                  M. The Indenture is amended to provide that the period during
         which the Trustee shall liquidate the Trust Securities shall not exceed
         14 business days commencing on the first business day following the
         In-Kind Date.

               (Signatures and acknowledgments on separate pages)
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                                         -8-

                  The Schedule of Portfolio Securities in the prospectus
included in this Registration Statement is hereby incorporated by reference
herein as Schedule A hereto.<PAGE>

                                                                   Exhibit 10.34

                          REAL PROPERTY LEASE CONTRACT
PARTIES :

Lessor: (Hereinafter identified as Party A): Zhong He Real Estate Development
        Company
Lessee: (Hereinafter identified as Party B): Beijing Oplink Communications, Inc.

In accordance with the provisions of the contract laws and related regulations
and decrees of the People's Republic of China, Parties A & B have reached the
following agreement based on equal, voluntary, and mutual consent regarding the
leased properties as follows:

ARTICLE 1         PREMISES & EQUIPMENT

                  Party B agrees to lease from Party A real property located at
                  Beijing City Fong Tai District Qiao Nan Advanced Technology
                  Property District No. 6 Lot C Zhong He Technology Yuan (Zhong
                  He Road No. 1)

                  03# Plant           Sixth Story
                                    --------------------------------------------
                  04# Plant         ---
                                    --------------------------------------------
                  04# Plant East side one story building, ---
                                                         -----------------------
                  The size of the leased real property is 1,090 square meters,
                  for blue print of said property see addendum 1; for details of
                  built-in equipment see addendum 2; Real Estate Certificate of
                  said property, Land certificate see addendum 3.

ARTICLE 2         USE

                  1.     By the request of Zhong Guan Tsun Technology Yuan
                         district Fong Tai Yuan to its enterprise tenants, both
                         parties confirmed that the premises leased by Party B
                         shall be used for research purposes.

                  2.     Any adjustment of usage by party B must be reported to
                         party A for approval; otherwise, usage may not be
                         altered.

ARTICLE 3         LEASE PERIOD

                  The total lease period shall be three years: Lessor shall
                  deliver the leased property to Party B for usage starting
                  August 1, 2000 and to be returned on July 31, 2003.

ARTICLE 4         RENT, PAYMENT METHOD, DUE DATE.

                  1.     Rent (based on size of premises, not including property
                         management fee) $0.65/square meter day;

                  2.     Rent --- based on ------- from --- annual rent
                         incremental increase of ---%, calculated based on
                         formula, see addendum 4: (Details of annual rent
                         schedule)

                  Breakdown of Annual Rent
                  August 2000 to July 2001 [RMB] Two Hundred Fifty-Eight
                  Thousand Six Hundred and Two Dollars and Fifty Cents
                  August 2001 to July 2001 [RMB] Two Hundred Fifty-Eight
                  Thousand Six Hundred and Two Dollars and Fifty Cents
                  August 2001 to July 2001 [RMB] Two Hundred Fifty-Eight
                  Thousand Six Hundred and Two Dollars and Fifty Cents

                  3.     Payment method, due date
                         Party B shall pay rent with checks. Rent shall be
                         calculated and paid quarterly within three (3) days of
                         the first month of each quarter.

ARTICLE 5         REPAIRS AND MAINTENANCE

                                       1
<PAGE>

                  1.     During the lease period, Party A shall conduct
                         inspections of the property and built-in equipment
                         regularly for necessary repairs and maintenance to
                         assure normal usage by the lessee. Party B shall
                         cooperate to the best of its ability not to disrupt
                         such process.

                  2.     Party A shall bear the burden of cost of ordinary major
                         repairs to the real property and the cost of routine
                         maintenance of the original real property (equipment
                         not included)[STRUCK OUT]; damages and maintenance
                         costs incurred to the real property and its built-in
                         equipment due to misuse by Party B shall be paid by
                         Party B and it is the responsibility of Party B to
                         compensate any losses incurred;

                  3.     During the lease period, Party B shall comply with the
                         regulations set by Party A and the local authority, any
                         safety measures, such as fire safety, general
                         management and security, and, generally, bear full
                         responsibility and submit to inspections by
                         inspector(s) from Party A.

ARTICLE 6         REMODELING

                  Party B shall not damage the building structure or related
                  equipment; if remodeling or installation of equipment(s) which
                  may effect building structure is necessary prior to move-in, a
                  plan of such design and/or equipment to be installed must
                  first be submitted to Party A. After written permission from
                  Party A is acquired, Party B shall apply to the relevant
                  department for approval; the costs of remodeling and any other
                  costs incurred during the remodeling period shall be paid by
                  Party B. Upon termination of the lease, unless otherwise
                  agreed, Party A reserves the right to demand return of the
                  premises in their original condition or be paid the cost to
                  restore the premises to their original condition.

ARTICLE 7         CONFIRMATION OF DELIVERY

                  1.     Party A shall deliver to Party B within three days from
                         execution of the lease all of said premises and
                         equipment in original condition; upon delivery, both
                         parties shall send representative(s) on site to inspect
                         the condition of the building and equipment upon
                         transfer, and take inventory according to addendum 2.
                         Both parties shall sign a confirmation letter (see
                         addendum 5). After damages or shortages have been
                         repaired and replaced and are in order (if applicable),
                         Party A shall no longer be responsible for providing
                         free maintenance or replacement of equipment in case of
                         any further damages and/or losses.
                  2.     If Party A fails to deliver the premises and equipment
                         according to contract, the lease period shall be
                         extended accordingly.

ARTICLE 8         AGREEMENT ON RELATED EXPENSES DURING LEASE PERIOD

                  During the lease period, the following expenses shall be paid
                  by Party B. Party B shall bear the consequences of breaching
                  the contract in case of late payment:
                  1.           Water, electricity bills;
                  2.           Heating bills: $20[SIC]/square meter X year

                  During the lease period, if there are additional fees demanded
                  by governmental departments relating to the premises, such
                  fees shall be paid by Party B.

ARTICLE 9         FEE SCHEDULE RELATING TO PROPERTY MANAGEMENT SERVICES

                  For details see addendum 5.

                                       2
<PAGE>

ARTICLE 10        EXPIRATION OF LEASE

                  Upon expiration of the lease, said contract shall cease in its
                  effect, and Party B shall return the premises to Party A. In
                  case an extension of lease is requested by Party B, a written
                  request shall be submitted to Party A three months prior
                  [PRESUMED: TO THE END OF THE LEASE]; Party A shall respond in
                  writing to Party B two months prior to expiration of lease. If
                  an extension is granted, a lease contract shall be signed.

ARTICLE 11        RIGHTS AND OBLIGATIONS OF PARTY A

                  RIGHTS

                  1.     Party A has the right to collect rent on time,
                  2.     Party A has the right to demand that the lessee comply
                         with the contract or reasonable proper use of leased
                         properties.
                  3.     Party A has the right to recovery of the premises in a
                         timely manner upon termination of the lease.
                  4.     In the event that Party B breaches any provision of the
                         lease or operates in violation of any law or
                         regulation, Party A has the right to terminate the
                         contract and receive compensation.

                  OBLIGATIONS

                  1.     Delivery of premises to lessee at the time agreed;
                  2.     Guarantee that the leased property corresponds and will
                         continue to correspond to the condition and usage
                         indicated in the agreement.
                  3.     Lessor has the obligation to repair or replace leased
                         properties unless otherwise regulated by law or
                         otherwise stated in the contract.
                  4.     Strictly follow governmental regulation to provide
                         services, and collect fees according to the fee
                         schedule.

ARTICLE 12        RIGHTS AND OBLIGATIONS OF PARTY B

                  RIGHTS

                  1.     Party B has the right to demand that lessor deliver
                         leased property.
                  2.     Party B has the right to utilize the leased property
                         according to contract.
                  3.     Party B has the right to demand that lessor guarantee
                         the good condition of the leased items according to
                         laws or contract.
                   4.    Party B has the right to unilaterally terminate the
                         lease in the event that Party A does not fulfill its
                         contractual obligations and substantially impedes the
                         performance of the lease.
                   5.    Party B has the right to refuse compliance with any
                         request and unreasonable charges by Party A which may
                         be in violation of government regulations.

                  OBLIGATIONS

                  1.     Lessee shall pay rent to lessor according to due date,
                         method and location as indicated in the contract.
                  2.     Lessee shall utilize the leased property as indicated
                         in the contract.
                  3.     Properly manage the leased property.
                  4.     Return the leased property upon termination of contract
                         in a timely manner.

ARTICLE 13        TERMINATION OF LEASE DUE TO CONDUCT OF PARTY B

                  Party A may terminate the lease contract and repossess the
                  leased property upon any of the following conduct by Party B.
                  Party B shall be responsible for compensation of damages
                  suffered by Party A:

                                       3
<PAGE>

                  1.     Subleasing of premises without approval;
                  2.     Transfer, loan or exchange of premises without
                         approval;
                  3.     Disassembling or alteration of leased building
                         structure or alteration of usage without approval;
                  4.     Accumulated late payment of rent up to three months;
                  5.     Utilizing the leased premises for illegal activities;
                  6.     Intentionally damaging the leased premises.

                  Due to the above circumstances Party A may execute early
                  termination and notify Party B in writing, Party B shall
                  immediately vacate and return the premises, rent shall be
                  calculated accordingly.

ARTICLE 14        EARLY TERMINATION OF CONTRACT

                  1.     In case of early termination within the term of the
                         lease by either party, three months' notification must
                         be given in writing, termination shall take effect
                         after mutual agreement has been reached and signed by
                         both parties; this contract remains in effect until the
                         termination agreement is signed. If Party A must
                         terminate the contract due to state construction or
                         development, to force majeure factors or to the
                         occurrence of the conditions provided for in Article 14
                         hereinbelow, Party A shall not compensate Party B for
                         economic losses.

                  2.     In case Party B proposes early termination, a three
                         month notification shall be given to Party A, all costs
                         as indicated in the contract shall be settled upon
                         termination. At the same time, Party B shall settle all
                         loans and payables with its tenants, otherwise this
                         contract will not be terminated, Party B shall be held
                         responsible for all losses suffered by Party A.

                  3.     If Party B did not pay initial rent on time, such
                         failure would be considered a breach of contract, and
                         Party A may execute early termination. Deposits will
                         not be refunded.

ARTICLE 15        RESPONSIBILITY ON BREACH OF CONTRACT

                  1.     Both parties must abide by the contract during the
                         lease period; either party is subject to a fine of 2%
                         of annual rent payable to the other party as a "breach
                         of contract fee" if the contract is violated. In the
                         event that Party B is delinquent in payment of rent,
                         for each day of such delinquency, Party A shall be
                         entitled to levy an additional late payment charge of
                         2% of the monthly rent amount.

                  2.     Neither party will be held responsible for damages and
                         losses to the premises due to reasons beyond their
                         control.

ARTICLE 16        Incomplete matters not regulated in this contract shall be
                  discussed by Party A & B separately and a supplemental
                  agreement shall be signed in addition to this contract.
                  Supplemental agreements shall have the same legal effect as
                  the original contract.

ARTICLE 17        Addenda to this contract are an integral part of this contract
                  and may not be separated therefrom. Filled in blanks and
                  printed language have the same effect within this contract
                  and the addenda thereto. Matters not regulated in this
                  contract, addenda and supplemental agreements must be executed
                  in accordance with the provisions of the laws, decrees and
                  policies of the People's Republic of China.

ARTICLE 18        This contract shall be notarized by the notary department at
                  the location of the premises if either or both parties is/are
                  an overseas organization or individual.

ARTICLE 19        Any dispute during the implementation of the lease shall be
                  negotiated between the two parties. Upon failure of
                  resolution, Party A & B both agree to submit the dispute to
                  the local Arbitration Commission for an Arbitration process.
                  (If Parties A & B did not specify an Arbitration organization,
                  and did not reach a settlement after written arbitration, a
                  complaint may be submitted to the People's Court for
                  litigation.)

                                       4
<PAGE>

         ARTICLE 20        RECORDING & REGISTRATION

                           Within 3 days from the effective date of this
                           contract, Parties A & B shall bring forth this
                           contract and related certificates to apply for
                           registration with the Chamber of Commerce, Tax
                           Department, Real Estate Commission and Public
                           Security Department.

         ARTICLE 21        This contract including addenda contain(s) 8 pages
                           and is executed in four originals: each party shall
                           retain one original, each having the same legal
                           effect. The use as provided in paragraph one of
                           Article 2 of this Agreement shall be governed by the
                           Business License furnished by Party B to Party A.

         Party A (Signature & Seal)                 Party B (Signature & Seal)

         Representative of Party A                  Representative of Party B
         (Signature & Seal)                         (Signature & Seal)
         [ILLEGIBLE]                                Liu Xian Yong
         August 1, 2000                             August 1, 2000

                                       5
<PAGE>

                          REAL PROPERTY LEASE CONTRACT
PARTIES :

Lessor: (Hereinafter identified as Party A): Zhong He Real Estate Development
        Company
Lessee: (Hereinafter identified as Party B): Beijing Oplink Communications, Inc.

In accordance with the provisions of the contract laws and related regulations
and decrees of the People's Republic of China, Parties A & B have reached the
following agreement based on equal, voluntary, and mutual consent regarding the
leased properties as follows:

ARTICLE 1         PREMISES & EQUIPMENT

                  Party B agrees to lease from Party A real property located at
                  Beijing City Fong Tai District Qiao Nan Advanced Technology
                  Property District No. 6 Lot C Zhong He Technology Yuan (Zhong
                  He Road No. 1)

                  03# Plant           First Story
                                    --------------------------------------------
                  04# Plant         ---
                                    --------------------------------------------
                  04# Plant East side one story building, ---
                                                         -----------------------
                  The size of the leased real property is 1,090 square meters,
                  for blue print of said property see addendum 1; for details of
                  built-in equipment see addendum 2; Real Estate Certificate of
                  said property, Land certificate see addendum 3.

ARTICLE 2         USE

                  1.     By the request of Zhong Guan Tsun Technology Yuan
                         district Fong Tai Yuan to its enterprise tenants, both
                         parties confirmed that the premises leased by Party B
                         shall be used for research purposes.

                  2.     Any adjustment of usage by party B must be reported to
                         party A for approval; otherwise, usage may not be
                         altered.

ARTICLE 3         LEASE PERIOD

                  The total lease period shall be three years: Lessor shall
                  deliver the leased property to Party B for usage starting
                  August 1, 2000 and to be returned on July 31, 2003.

ARTICLE 4         RENT, PAYMENT METHOD, DUE DATE.

                  1.     Rent (based on size of premises, not including property
                         management fee) $0.70/square meter day;

                  2.     Rent --- based on ------- from --- annual rent
                         incremental increase of ---%, calculated based on
                         formula, see addendum 4: (Details of annual rent
                         schedule)

                  Breakdown of Annual Rent
                  August 2000 to July 2001 [RMB] Two Hundred Seventy-Eight
                  Thousand Four Hundred Ninety-Five Dollars
                  August 2001 to July 2001 [RMB] Two Hundred Seventy-Eight
                  Thousand Four Hundred Ninety-Five Dollars
                  August 2001 to July 2001 [RMB] Two Hundred Seventy-Eight
                  Thousand Four Hundred Ninety-Five Dollars

                  3.     Payment method, due date
                         Party B shall pay rent with checks. Rent shall be
                         calculated and paid quarterly within three (3) days of
                         the first month of each quarter.

ARTICLE 5         REPAIRS AND MAINTENANCE

                                       6
<PAGE>

                  4.     During the lease period, Party A shall conduct
                         inspections of the property and built-in equipment
                         regularly for necessary repairs and maintenance to
                         assure normal usage by the lessee. Party B shall
                         cooperate to the best of its ability not to disrupt
                         such process.

                  5.     Party A shall bear the burden of cost of ordinary major
                         repairs to the real property and the cost of routine
                         maintenance of the original real property (equipment
                         not included)[STRUCK OUT]; damages and maintenance
                         costs incurred to the real property and its built-in
                         equipment due to misuse by Party B shall be paid by
                         Party B and it is the responsibility of Party B to
                         compensate any losses incurred;

                  6.     During the lease period, Party B shall comply with the
                         regulations set by Party A and the local authority, any
                         safety measures, such as fire safety, general
                         management and security, and, generally, bear full
                         responsibility and submit to inspections by
                         inspector(s) from Party A.

ARTICLE 6         REMODELING

                  Party B shall not damage the building structure or related
                  equipment; if remodeling or installation of equipment(s) which
                  may effect building structure is necessary prior to move-in, a
                  plan of such design and/or equipment to be installed must
                  first be submitted to Party A. After written permission from
                  Party A is acquired, Party B shall apply to the relevant
                  department for approval; the costs of remodeling and any other
                  costs incurred during the remodeling period shall be paid by
                  Party B. Upon termination of the lease, unless otherwise
                  agreed, Party A reserves the right to demand return of the
                  premises in their original condition or be paid the cost to
                  restore the premises to their original condition.

ARTICLE 7         CONFIRMATION OF DELIVERY

                  3.     Party A shall deliver to Party B within three days from
                         execution of the lease all of said premises and
                         equipment in original condition; upon delivery, both
                         parties shall send representative(s) on site to inspect
                         the condition of the building and equipment upon
                         transfer, and take inventory according to addendum 2.
                         Both parties shall sign a confirmation letter (see
                         addendum 5). After damages or shortages have been
                         repaired and replaced and are in order (if applicable),
                         Party A shall no longer be responsible for providing
                         free maintenance or replacement of equipment in case of
                         any further damages and/or losses.
                  4.     If Party A fails to deliver the premises and equipment
                         according to contract, the lease period shall be
                         extended accordingly.

ARTICLE 8         AGREEMENT ON RELATED EXPENSES DURING LEASE PERIOD

                  During the lease period, the following expenses shall be paid
                  by Party B. Party B shall bear the consequences of breaching
                  the contract in case of late payment:
                  3.           Water, electricity bills;
                  4.           Heating bills: $20[SIC]/square meter X year

                  During the lease period, if there are additional fees demanded
                  by governmental departments relating to the premises, such
                  fees shall be paid by Party B.

ARTICLE 9         FEE SCHEDULE RELATING TO PROPERTY MANAGEMENT SERVICES

                  For details see addendum 5.

                                       7
<PAGE>

ARTICLE 10        EXPIRATION OF LEASE

                  Upon expiration of the lease, said contract shall cease in its
                  effect, and Party B shall return the premises to Party A. In
                  case an extension of lease is requested by Party B, a written
                  request shall be submitted to Party A three months prior
                  [PRESUMED: TO THE END OF THE LEASE]; Party A shall respond in
                  writing to Party B two months prior to expiration of lease. If
                  an extension is granted, a lease contract shall be signed.

ARTICLE 11        RIGHTS AND OBLIGATIONS OF PARTY A

                  RIGHTS

                  5.     Party A has the right to collect rent on time,
                  6.     Party A has the right to demand that the lessee comply
                         with the contract or reasonable proper use of leased
                         properties.
                  7.     Party A has the right to recovery of the premises in a
                         timely manner upon termination of the lease.
                  8.     In the event that Party B breaches any provision of the
                         lease or operates in violation of any law or
                         regulation, Party A has the right to terminate the
                         contract and receive compensation.

                  OBLIGATIONS

                  5.     Delivery of premises to lessee at the time agreed;
                  6.     Guarantee that the leased property corresponds and will
                         continue to correspond to the condition and usage
                         indicated in the agreement.
                  7.     Lessor has the obligation to repair or replace leased
                         properties unless otherwise regulated by law or
                         otherwise stated in the contract.
                  8.     Strictly follow governmental regulation to provide
                         services, and collect fees according to the fee
                         schedule.

ARTICLE 12        RIGHTS AND OBLIGATIONS OF PARTY B

                  RIGHTS

                  6.     Party B has the right to demand that lessor deliver
                         leased property.
                  7.     Party B has the right to utilize the leased property
                         according to contract.
                  8.     Party B has the right to demand that lessor guarantee
                         the good condition of the leased items according to
                         laws or contract.
                   9.    Party B has the right to unilaterally terminate the
                         lease in the event that Party A does not fulfill its
                         contractual obligations and substantially impedes the
                         performance of the lease.
                   10.   Party B has the right to refuse compliance with any
                         request and unreasonable charges by Party A which may
                         be in violation of government regulations.

                  OBLIGATIONS

                  5.     Lessee shall pay rent to lessor according to due date,
                         method and location as indicated in the contract.
                  6.     Lessee shall utilize the leased property as indicated
                         in the contract.
                  7.     Properly manage the leased property.
                  8.     Return the leased property upon termination of
                         contract in a timely manner.

ARTICLE 13        TERMINATION OF LEASE DUE TO CONDUCT OF PARTY B

                  Party A may terminate the lease contract and repossess the
                  leased property upon any of the following conduct by Party B.
                  Party B shall be responsible for compensation of damages
                  suffered by Party A:

                                       8
<PAGE>

                  7.     Subleasing of premises without approval;
                  8.     Transfer, loan or exchange of premises without
                         approval;
                  9.     Disassembling or alteration of leased building
                         structure or alteration of usage without approval;
                  10.    Accumulated late payment of rent up to three months;
                  11.    Utilizing the leased premises for illegal activities;
                  12.    Intentionally damaging the leased premises.

                  Due to the above circumstances Party A may execute early
                  termination and notify Party B in writing, Party B shall
                  immediately vacate and return the premises, rent shall be
                  calculated accordingly.

ARTICLE 14        EARLY TERMINATION OF CONTRACT

                  4.     In case of early termination within the term of the
                         lease by either party, three months' notification must
                         be given in writing, termination shall take effect
                         after mutual agreement has been reached and signed by
                         both parties; this contract remains in effect until the
                         termination agreement is signed. If Party A must
                         terminate the contract due to state construction or
                         development, to force majeure factors or to the
                         occurrence of the conditions provided for in Article 14
                         hereinbelow, Party A shall not compensate Party B for
                         economic losses.

                  5.     In case Party B proposes early termination, a three
                         month notification shall be given to Party A, all costs
                         as indicated in the contract shall be settled upon
                         termination. At the same time, Party B shall settle all
                         loans and payables with its tenants, otherwise this
                         contract will not be terminated, Party B shall be held
                         responsible for all losses suffered by Party A.

                  6.     If Party B did not pay initial rent on time, such
                         failure would be considered a breach of contract, and
                         Party A may execute early termination. Deposits will
                         not be refunded.

ARTICLE 15        RESPONSIBILITY ON BREACH OF CONTRACT

                  3.     Both parties must abide by the contract during the
                         lease period; either party is subject to a fine of 2%
                         of annual rent payable to the other party as a "breach
                         of contract fee" if the contract is violated. In the
                         event that Party B is delinquent in payment of rent,
                         for each day of such delinquency, Party A shall be
                         entitled to levy an additional late payment charge of
                         2% of the monthly rent amount.

                  4.     Neither party will be held responsible for damages and
                         losses to the premises due to reasons beyond their
                         control.

ARTICLE 16        Incomplete matters not regulated in this contract shall be
                  discussed by Party A & B separately and a supplemental
                  agreement shall be signed in addition to this contract.
                  Supplemental agreements shall have the same legal effect as
                  the original contract.

ARTICLE 17        Addenda to this contract are an integral part of this contract
                  and may not be separated therefrom. Filled in blanks and
                  printed language have the same effect within this contract and
                  the addenda thereto. Matters not regulated in this contract,
                  addenda and supplemental agreements must be executed in
                  accordance with the provisions of the laws, decrees and
                  policies of the People's Republic of China.

ARTICLE 18        This contract shall be notarized by the notary department at
                  the location of the premises if either or both parties is/are
                  an overseas organization or individual.

ARTICLE 19        Any dispute during the implementation of the lease shall be
                  negotiated between the two parties. Upon failure of
                  resolution, Party A & B both agree to submit the dispute to
                  the local Arbitration Commission for an Arbitration process.
                  (If Parties A & B did not specify an Arbitration organization,
                  and did not reach a settlement after written arbitration, a
                  complaint may be submitted to the People's Court for
                  litigation.)

                                       9
<PAGE>

         ARTICLE 20        RECORDING & REGISTRATION

                           Within 3 days from the effective date of this
                           contract, Parties A & B shall bring forth this
                           contract and related certificates to apply for
                           registration with the Chamber of Commerce, Tax
                           Department, Real Estate Commission and Public
                           Security Department.

         ARTICLE 21        This contract including addenda contain(s) 8 pages
                           and is executed in four originals: each party shall
                           retain one original, each having the same legal
                           effect. The use as provided in paragraph one of
                           Article 2 of this Agreement shall be governed by the
                           Business License furnished by Party B to Party A.

         Party A (Signature & Seal)                   Party B (Signature & Seal)

         Representative of Party A                    Representative of Party B
         (Signature & Seal)                           (Signature & Seal)
         [ILLEGIBLE]                                  Liu Xian Yong
         August 1, 2000                               August 1, 2000

                                       10

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