Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Papertradex (US) Inc. - Exhibit 10.4

EXHIBIT 10.4

THIS AGREEMENT is made the 6th September
2004
BETWEEN: 

(1) Outlander Management Limited registered in England under
company number (03836824) whose registered office is at 27 New Bond
Street London W1S 2RH (‘OM’); and
(2) PaperTradeX Europe Limited a company
registered in England under company number (04880826) whose registered
office is at 27 New Bond Street London W1S 2RH (‘Customer’). 

WHEREAS: 
(A) The Customer’s business is a Platform that
provides an Online Market Exchange for the Printing Industry
(B) OM has, in
consideration of clause 4 of this agreement agreed to enter into this agreement
to provide administrative, legal, financial, marketing and sales support and
advice to the Customer on the terms set out below

NOW IT IS AGREED as follows: 

1 Definitions and interpretation 
1.1 In this
agreement unless the context otherwise requires: 

	‘business day’ 	
      means a day, other than a Saturday or Sunday, on which
      banks are open for ordinary banking business in London; 

	‘the Effective Date’ 	
      means 1st September 2004; 

	‘party’ or ‘parties’ 	
      references to ‘party’ or ‘parties’ shall be construed as
      references to a party or parties to this agreement; 

	‘the Services’ 	
      means the services to be performed by OM for the Customer
      upon the terms of this agreement, a detailed description of which is set
      out in the appendix hereto as amended from time to time; 

	‘value added tax’ and ‘VAT’ 	
      mean value added tax as provided for in the Value Added
      Tax Act 1994 and legislation supplemental thereto or replacing, modifying
      or consolidating it. 

1.2 References to, or to any provision of, any treaty,
legislation, statute, directive, regulation, judgment, decision, decree, order,
instrument, byelaw, or any other law of, or having effect in, any jurisdiction
(‘Laws’) shall be construed also as references to all other Laws made under the
Law referred to, and to all such Laws as amended, re-enacted, consolidated or
replaced or as their application is modified by other Laws from time to time,
and whether before or after the date of this agreement. 
1.3 References to
‘this agreement’ or to any other agreement or document referred to in this
agreement mean this agreement or such other agreement or document as amended,
varied, supplemented, modified or novated from time to time, and include the
schedules and appendices.
1.4 References to the singular shall include the
plural and vice versa and references to the masculine, the feminine and the
neuter shall include each other such gender. 
1.5 References to ‘parties’ are
references to the parties to this agreement, and references to a ‘person’
include any individual, company, body corporate, corporation sole or aggregate,
government, state or agency of a state, firm, partnership, joint venture,
association, organisation or trust (in each case, whether or not having separate
legal personality and irrespective of the jurisdiction in or under the law of
which it was incorporated or exists) and a reference to any of them shall
include a reference to the others. 
1.6 References to clauses and the
appendix are to clauses of and the appendix to this 

agreement. References to this agreement include the appendix.

1.7 The headings are inserted for convenience only and shall not affect the
construction of this agreement. 

2 Duration 
Subject as provided in clause 9, this
agreement shall commence on the Effective Date and continue unless and until
terminated by either party giving to the other not less than one (1) month’s
notice in writing.

3 Provision of the Services 
OM shall provide the
services to the Customer at the times and at the places, in the manner and in
accordance with the terms set out in the appendix. 

4 Charges 
4.1 The Customer shall pay charges for the
Services in the amounts and at the times set out in the appendix. 
4.2 All
amounts expressed as payable pursuant to this agreement are exclusive of any
applicable VAT which, where applicable, shall be payable by the relevant party
in addition to the amount in question on production to it of a valid VAT
invoice. 
4.3 All sums payable by either party under this agreement shall be
paid free and clear of all withholdings, set-offs or counterclaims whatsoever,
except any deduction or withholding which may be required by law 

5 Independent contractor 
In performing the services
in carrying out its obligations under this agreement, OM shall act as an
independent contractor and not the agent of the Customer, and neither OM nor any
of its directors, employees or agents shall have any authority to negotiate or
enter into contracts on behalf of or otherwise to bind the Customer except where
authorised expressly in writing). 

6 Standard of work 
In performing the Services OM
shall use reasonable care and skill, comply with the terms set out in the
appendix and with generally accepted standards of good practice. The said
obligations shall replace all conditions and warranties which would otherwise be
implied herein by statute, common law or otherwise (including, without limit,
the Supply of Goods and Services Act 1982) all of which are hereby expressly
excluded. 

7 Limitation of liability1
7.1 In respect
of those of the Services which are of a managerial or advisory nature (as
identified in the appendix) OM shall not be liable to the Customer for any loss
suffered or liability incurred by the Customer arising out of any act, omission
or error of judgment (whether or not negligent) which may be committed by OM or
by any of its employees, agents or subcontractors in the course of the provision
of those of the Services except where such loss or liability arises from the
negligence, dishonesty or wilful default of OM or of any of such employees,
agents or subcontractors. 
7.3 Nothing in this clause 7 or elsewhere in this
agreement shall exclude, restrict or limit the liability of either party for
death or personal injury caused by that party’s negligence or for fraud. 

8 Force majeure 
8.1 If and to the extent that the
provision of the Services is prevented or delayed by force majeure (as defined
by clause 8.2 below), OM shall promptly notify the Customer specifying the
nature, extent, effect and the likely duration of the circumstances constituting
the force majeure, and OM shall then be relieved of any liability for failure to
perform or for delay in performing the Services but shall nevertheless use all
reasonable endeavours to minimise the effect of the force 

majeure on its performance of its obligations and to resume
full performance of them and shall make such alternative arrangements for doing
so as may be practicable without incurring material additional expense PROVIDED
that if as a result of the force majeure the Services are not supplied for more
than [6] months, the Customer may terminate this agreement
forthwith by notice to OM. Such a termination notice shall be irrevocable,
except with the consent of both parties.
8.2 For the purposes of this clause
8, ‘force majeure’ means any circumstances not foreseeable at the date of this
agreement and not within the reasonable control of OM

9 Termination 
9.1 Either party may terminate this
agreement forthwith by notice to the other if the other shall have committed a
material breach of this agreement which is incapable of remedy or (if so
capable) is not remedied within 30 days of the party committing the breach
having been served with notice by the other party, specifying the breach and
requiring its remedy
9.2 Upon termination any rights or obligations to which
either of the parties may be entitled or be subject before such termination
shall remain in full force and effect

10 General 
10.1 OM may subcontract any of its
obligations under this agreement. This agreement shall be binding upon the
parties and their successors and permitted assigns but neither of the parties
may assign any of their respective rights and obligations under this agreement
without the prior written consent of the other
10.2 No exercise or failure to
exercise or delay in exercising any right, power or remedy vested in either
party shall constitute a waiver by that party of that or any other right, power
or remedy.
10.3 Nothing in this agreement shall be deemed to constitute a
partnership between the parties nor constitute either party the agent of the
other or otherwise entitle either party to have authority to bind the other
party for any purpose. 
10.4 This agreement, together with any documents
referred to in it, constitutes the entire agreement between the parties in
relation to its subject matter and supersedes and extinguishes any prior
agreements and understandings whether oral or written with respect to it. Each
party acknowledges that it has not been induced to enter into this agreement by
any representation or warranty other than those contained in this agreement and,
having negotiated and freely entered into this agreement, agrees that it shall
have no remedy in respect of any other such representation or warranty except in
the case of fraud. Each party acknowledges that its legal advisers have
explained to it the effect of this clause
10.5. No variation of this
agreement shall be effective unless reduced to writing and signed by or on
behalf of a duly authorised representative of each of the parties. 
10.6 In
the event that any term, condition or provision of this agreement is held to be
a violation of any applicable law statute or regulation the same shall be deemed
to be deleted from this agreement and shall be of no force and effect and this
agreement shall remain in full force and effect as if such term, condition or
provision had not originally been contained in this agreement. Notwithstanding
the foregoing, in the event of any such deletion the parties agree to negotiate
in good faith in order to agree the terms of a mutually acceptable and
satisfactorily alternative provision in place of the provision so deleted.

10.7 If any party to this agreement defaults in the payment when due of any
sum payable by it under this agreement, its liability shall be increased to
include interest on such sum from the due date until the date of actual payment
(both before and after judgment) at that annual rate which is 8 percent above
the base rate of (Bank of England) from time to time in effect during
such period, and compounded daily. 
10.8 No person who is not a party to this
agreement shall have any rights under the Contracts (Rights of Third Parties)
Act 1999 to enforce any term of this agreement. 

11 Notices 
11.1 Any notice (which term shall in this
clause include any other communication) to be given under this agreement by
either party to the other shall be in writing in the English language. 

11.2 Any such notice shall be addressed as provided in clause
11.3 and may be: 

	 	11.2.1 	
      personally delivered, in which case it shall be deemed to
      have been given upon delivery at the relevant address if it is delivered
      not later than 17.00 hours on a business day, or, if it is delivered later
      than 17.00 hours on a business day or at any time on a day which is not a
      business day, at 08.00 hours on the next business day; or

	 	11.2.2 	
      if within the United Kingdom, sent by first class
      pre-paid post, in which case it shall be deemed to have been given 2
      business days after the date of posting; or

	 	11.2.3 	
      sent by fax, in which case it shall be deemed to have
      been given when despatched, subject to confirmation of uninterrupted
      transmission by a transmission report provided that any notice despatched
      by fax after 17.00 hours on any business day or at any time on a day which
      is not a business day shall be deemed to have been given at 08.00 on the
      next business day; or

	 	11.2.4 	
      sent by electronic mail, in which case, it shall be
      deemed to be given when received but subject to the same provisions
      regarding receipt after 17.00 hours as apply to notices sent by
  fax.

11.3 The addresses and other details of the parties referred to
in clause 11.2 are, subject to clause 11.4: 

	 	OM 	Name: Blue Khiroya 
	 	  	Address: Suite 5.15, 130 Shaftesbury
      Ave, 
	 	  	London, W1D 5EU 
	 	  	Fax: 020 7031 1199 
	 	  	Email: info@outlandermanagement.com
  
	 	  	  
	 	Customer 	Name: Rory Oliver 
	 	  	Address: Suite 5.15, 130 Shaftesbury
      Ave, 
	 	  	London, W1D 5EU 
	 	  	Fax number: 020 7031 1199 
	 	  	Email address:
      rory.oliver@papertradex.com 

11.4 Either party may notify the other party of any change to
the address or any of the other details specified in clause 11.3, provided that
such notification shall only be effective on the date specified in such notice
or 5 business days after the notice is given, whichever is later 

12 Law and jurisdiction
12.1 This agreement shall be
governed by, and construed in all respects in accordance with, English law. 

	Signed on behalf of OM: /s/ Blue Khiroya                                                
    	 
	                                                                                                                                                             	Date September 7, 2004 
	  	 
	  	 
	  	 
	Signed on behalf of Customer: /s/ Rory Oliver                                           
      	 
	                                                                                                                                                               	Date September 7, 2004 

APPENDIX

THE SERVICES

	Rent: Use of office space, desk, chair, etc 
Telephone:
      Line rental, handset, etc 
Internet: connection, bandwidth, etc
      
                                                                                                                                                                                       
      £500 per person 	

£500.00 
	Legal: Registered office, Company Secretary, Statutory
      Filing
      
                                                                                                                                                                                      
      £100 per company 	
£100.00 
	Finance: Book-keeping, Management Accounts, Statutory
      Accounts
      
                                                                                                                                                                                     
      £400 per company 	
£400.00 
	Marketing and Sales: Advice and Support
      
                                                                                                                                                                                     £1000
      per company 	
£1000.00 
	
Stationery: Basic and Common needs 	
£0.00 
	
Meeting room: Use of Outlander Management Ltd’s meeting room 	
£0.00 
	
IT Service Charges 	
£350.00 
	
TOTAL 	
£2350.00 

The aforementioned services are the monthly standard charges.

The following will be charged over and above, as and when used
by the Customer

	Stationery: unusual and / or expensive items: exact cost will be
  recharged
  
	Couriers: as and when used: exact cost will be recharged
  
	Telephone calls: itemised calls: exact cost will be recharged
  
	Meeting room: cost of MLS rooms: exact cost will be recharged
  
	Misc: should anything else arise, this will be discussed individually,
  and invoiced under mutual agreement 

OM will invoice the Customer monthly for services provided
during the previous month, adding VAT if appropriate.

Payment shall be due on receipt of invoice, and be made no
later than 7 days of date of invoice.

The invoice will be sent by way of any method mentioned in
Clause 11.Filed by Automated Filing Services Inc. (604) 609-0244 - Papertradex (US) Inc. - Exhibit 10.5

EXHIBIT 10.5

LOAN AGREEMENT

THIS AGREEMENT is made the 4th day of October
2004

BETWEEN:

	(1) 	
      PaperTradex Europe Limited of 27 New Bond Street, London
      W1S 2RH ("the Borrower");

	 	 
	(2) 	
      PaperTradex Inc of P.O. Box 346, Corozal Town, Belize,
      Central America ("the Lender")

Whereby it is agreed that the Lender will make available to the
Borrower a Loan Facility ("the Facility") in the sum of £150,000.00 (One hundred
and fifty thousand pounds Sterling) on the following terms and conditions:-

	1. 	Commitment 

The amount of the Facility will not
exceed £150,000.00

	2. 	Definitions 

The following terms used elsewhere in
this agreement shall have the meanings ascribed to them below:-

	 	"Agreed Interest Rate" 	
      6 per cent per annum above the Svenska Handelsbanken Plc
      Base rate from time to time being in force or 10% per annum which ever is
      the greater 

	 	  	
	 	“Default Interest Rate” 	
      10 per cent per annum above the Svenska Handelsbanken Plc
      Base rate from time to time being in force or 14% per annum which ever is
      the greater 

	 	  	
	 	"Drawdown Date” 	
      The day upon which the Facility is drawn down in
      accordance with clause 3 and 7 and in meeting the qualification criteria
      outlined in clause 11. 

	 	  	
	 	"Encumbrance” 	
      Any mortgage charge lien pledge or other security
      interest or encumbrance of any kind 

	 	  	
	 	"Event of Default" 	
      Any of the events specified in Clause 10 hereof

	 	  	
       

	 	"Facility" 	
      The Facility the terms and conditions of which are set
      out in this agreement 

	 	  	
       

	 	“the Repayment Date” 	
      The 1st day of April 2007 

	 	  	
       

	 	"the Security Documents" 	
      The debenture more particularly described in clause 8
      hereof 

	 	  	
	 	“the Qualification Criteria” 	As set out in clause 11 hereof

	3. 	Availability 

1

	3.1	 Subject to the receipt by the Lender of the Security
        Documents, the Qualification Criteria and no Event of Default having occurred
        which is or with the passage of cime or the giving of notice shall become
        an Event of Default the Facility shall be made available to the Borrower
        in tranches of £30,000.00 and shall be advanced to the Borrower one
        tranche every three months, or otherwise agreed upon, following the date
        of this agreement following the receipt by the Lender of a written notice
        from the Borrower requesting drawdown and including payment instructions
        to be received by the Lender three clear days before the Drawdown Date

	3.2 	
      A notice given by the Borrower in accordance with clause
      3.1 above will be irrevocable

	4. 	Repayment 

	4.1 	
      The Borrower shall subject to the terms and conditions of
      this Agreement repay the Facility in full together with all accrued
      interest and costs on or before the Repayment Date time to be of the
      essence

	 	 
	4.2 	
      No set off or counterclaim of any nature whatsoever by
      the Borrower against the Lender shall entitle the Borrower to refuse or
      fail to pay upon the due date the principal or interest in respect of the
      Facility or any monies payable hereunder or to set off or claim to set off
      any part of such sum against such claim or counterclaim but any claim or
      counterclaim shall only be enforceable by separate proceedings

	 	 
	4.3 	
      Prepayment of the whole or any part of the Facility will
      be permitted at any time at the Borrower's option without penalty save
      that if the Facility is repaid in full prior to the Repayment Date the
      Borrower shall in addition to repayment of the Facility pay to the Lender
      a sum equivalent to the amount of interest due to the Lender for the whole
      of the period of the Facility credit being given to the Borrower for
      interest payments (if any) made by the Borrower to the Lender prior to the
      date of prepayment

	5. 	Interest 

The Borrower shall not pay any interest
to the Lender on the Facility for the period of eighteen months from the date of
this Agreement thereafter the Borrower shall pay interest to the Lender at the
Agreed Interest Rate upon repayment of the Facility save that in an Event of
Default as set out in clause 10 below the Borrower shall pay to the Lender
interest on all monies due under this Agreement at the Default Interest Rate
from the date of Default until all monies due under this Agreement are repaid to
the Lender 

	6. 	Tax and Payments

	6.1 	
      All amounts due hereunder shall be paid by the Borrower
      without deduction of or withholding for or withholding of or on account of
      any taxes fees charges or otherwise which may be levied in the United
      Kingdom or elsewhere whether now or hereafter save to the extent that the
      Borrower is compelled by law to make such deduction in which event the
      Borrower will pay to the Lender such additional amount as shall ensure
      that the aggregate of the net amounts received after deduction shall equal
      the amount which would have been receivable before such
deduction

	 	 
	6. 	
      2 All payments due to the Lender shall be made by the
      Borrower on the due date to such account as the Lender shall notify the
      Borrower in writing for this purpose

	 	 
	6.3 	
      All payments due under this agreement shall be made by
      Bankers Standing Order unless otherwise agreed in advance between the
      Lender and the Borrower

	 	 
	6.4 	
      All payments received by the Lender under this clause or
      any other provision of this agreement shall be applied in the following
      order: -

2

	 	6.4.1 	
      towards the costs charges and expenses of the Lender in
      enforcing any of its rights and remedies hereunder

	 	 	 
	 	6.4.2 	
      towards satisfaction of interest up to the date of
      payment

	 	 	 
	 	6.4.3 	
      towards satisfaction of the Facility up to the date of
      payment in total

	7. 	Conditions Precedent

This Facility after deduction of the
Lender's Solicitors costs of and incidental to the preparation of this agreement
and the Security Documents is made available to the Borrower subject to this
agreement duly signed on behalf of the Borrower written notice of drawdown and
the Security Documents all in form and content acceptable to the Lender being
received by the Lender (or his Solicitors) not less than 3 business days prior
to the Drawdown date or such later date as may be acceptable to the Lender

	8. 	Security 

	8.1 	
      As continuing security for the due and punctual payment
      and performance of all indebtedness and obligations of the Borrower to the
      Lender arising hereunder whether now or hereinafter existing and whether
      due or to become due (collectively, the “Obligations”), the Borrower
      hereby grants to the Lender a Debenture in the form attached hereto
      (the

	 	 
		
      “Debenture”)

	 	 
	8.2 	
      In the event that the Borrower fails to perform any of
      its obligations hereunder the Lender may exercise all the powers and
      rights of the Debenture holder and as conferred by statute or otherwise
      and (without prejudice to the generality to the foregoing and in addition
      to the powers and rights conferred by statute) may sell or otherwise
      dispose of all title to and interest in the Company’s Property (or any
      part thereof) secured by the Debenture upon such terms and generally in
      such commercially reasonable manner as the Lender thinks fit. The Lender
      shall not be liable for any loss or damage occasioned by any such sale or
      disposal arising out of the exercise of or failure to exercise any of its
      powers hereunder. The Lender shall be entitled to apply moneys arising
      from the exercise of such powers towards the discharge of any amount due
      to it hereunder in such manner as the Lender deems fit, with (subject to
      any rights of set off, combination or retention in favour of the Lender)
      any surplus being paid to the Borrower.

	9. 	Covenants 

The Borrower covenants as follows:-

	9.1 	
      to provide the Lender with such reasonable information as
      the Lender may reasonably require in respect of the Borrower's financial
      position

	 	 
	9.2 	
      to pay all the Lender's costs charges and expenses in
      connection with the Facility and the Security Documents to include inter
      alia legal costs

	 	 
	9.3 	
      to notify the Lender immediately in the event of a
      petition being filed against the Borrower for the winding up compulsory or
      otherwise of the Borrower or of the Borrower's inability to pay its
      debts

	 	 
	9.4 	
      to notify the Lender immediately in the event of any
      adverse changes in the financial position of the Borrower

	 	 
	9.5 	
      to notify the Lender immediately in the event that any
      litigation or administrative proceedings before or of any court or
      governmental authority is or becomes pending or to the best knowledge of
      the Borrower threatened against the Borrower or any of
  the

3

		
      Borrower's assets which might materially adversely affect
      the ability of the Borrower to perform the obligations hereunder or under
      the Security Documents

	 	 
	9.6 	
      to give notice to the Lender as soon as possible after
      becoming aware of the same of the occurrence of any Event of Default or
      any other event which with the giving of notice or lapse of time or both
      would constitute an Event of Default

	 	 
	9.7 	
      not without the prior written consent of the Lender to
      create or have outstanding any Encumbrance other than any such as has been
      disclosed to the Lender prior to the execution
hereof

	10. 	Events of Default 

In the event that:

	10.1 	
      the Borrower makes default in the payment within seven
      days of the due date of any amount payable hereunder; or

	 	 
	10.2 	
      the Borrower shall default in the performance or
      observance of any other obligation covenant term or condition of this
      Facility and if capable of remedy such default shall not have been
      remedied within 15 days after written notice thereof shall have been given
      to the Borrower by the Lender; or

	 	 
	10.3 	
      any statement made or information supplied by the
      Borrower in connection with this Facility is incorrect or incomplete in
      any material respect; or

	 	 
	10.4 	
      any default shall occur under any other Encumbrances
      agreement or indebtedness entered into by the Borrower; or

	 	 
	10.5 	
      any insolvency/bankruptcy or similar proceedings are
      instituted against the Borrower under the laws of any jurisdiction;
    or

	 	 
	10.6 	
      there shall occur a change in the financial condition of
      the Borrower which would materially impair the ability of the Borrower to
      perform any of its obligations under the Facility or place any security
      constituted by any of the Security Documents in jeopardy; or

	 	 
	10.7 	
      if the Borrower makes an assignment for the benefit of
      its creditors or convenes a meeting for the purpose of entering into any
      arrangements or composition for the benefit of the said creditors or the
      Borrower suspend payment of its debts;or

	 	 
	10.8 	
      if an encumbrancer takes possession or a receiver or
      other similar officer is appointed in respect of the whole or any material
      part of the assets or undertakings or the equivalent thereof of the
      Borrower; or

	 	 
	10.9 	
      it becomes unlawful for the Borrower to perform its
      obligations under this agreement or any such documents becomes
      unenforceable; or

then the obligations of the Lender under this Facility may at
the sole discretion of the Lender be terminated forthwith and the entire amount
of the Facility together with accrued interest thereon and outstanding and any
other amounts payable hereunder shall immediately become due and payable without
further notice of any kind and the Lender shall have the immediate right to
enforce any of its rights under this Facility

	11. 	Qualification Criteria

In order for the Borrower to call for a
tranche of the Facility it must provide the Borrower with the following:

4

Each tranche is secured by reaching pre-agreed milestones,
which is attached hereto -

	 	2nd tranche – 	business infrastructure in place, product
      services live, demo services live, corporate and consumer website live,
      sales and marketing collateral in place, leads generated to ensure
      1st sale, partnerships and alliances in place 
	 	  	
	 	3rd tranche - 	Revenue needs to be generated 
	 	  	  
	 	4th tranche - 	Profitable business or a very clear path to
      break even must be in place, with the funds being used to increase sales
      and marketing efforts. 

	12. 	Fees and Expenses 

The Borrower undertakes on demand by the Lender to reimburse
the Lender for all charges costs and expenses incurred by the Lender in
connection with the establishment of this Facility and all monies which the
Lender may expend or become liable for in enforcing all or any of its rights or
remedies hereunder whether or not the Facility is drawn down pursuant to this
agreement

	13. 	Benefit of Assignment

The Borrower may not assign its rights or obligations
hereunder. The Lender may at any time upon written notice to the Borrower assign
all or any part of its rights or obligations under this agreement to whomsoever
the Lender wishes

	14. 	Notices 

All notices required to be given under the terms of this
agreement shall be in writing and in the case of the Lender shall be sent to and
in the case of the Borrower shall be given to the address for service herein
before appearing. Any such notice may be delivered personally by first class
pre-paid registered delivery post or facsimile transmission and shall be deemed
to have been served if by hand when delivered if by first class registered
delivery post 48 hours after posting and if by facsimile transmission when
despatched

	15. 	Law and Jurisdiction

	15.1 	
      This agreement shall be governed by and construed in
      accordance with the laws of England

	 	 
	15.2 	
      Any dispute arising between the parties concerning this
      agreement shall be determined by the English Courts and the parties hereby
      submit to the exclusive jurisdiction of the English Courts for such
      purpose

	 	 
	16. 	
      Waiver

No failure to exercise nor delay in exercising on the part of
the Lender any right or remedy hereunder shall operate as a waiver thereof nor
shall any single or partial exercise of any right or remedy prevent any further
or other exercise thereof or the exercise of any other right or remedy

	17. 	The Contracts (Rights Of Third Parties) Act
      1999 

The parties hereto do not intend that any term of this
Agreement should be enforceable by any third party as provided by The Contracts
(Rights Of Third Parties) Act 1999

5

IN WITNESS whereof the parties hereto have executed this
Agreement 

	SIGNED as a DEED by 	 
	PaperTradex INC 	 
	a Company incorporated in Belize 	/s/ Mark Gebhard 
	acting by a person who in accordance with 	 
	the laws of that territory is acting under
	 
	the authority of the Company:- 	 
	  	 
	EXECUTED as a deed by 	 
	PAPERTRADEX EUROPE LIMITED acting 	 
	by a Director and Company 	 
	Secretary or by two Directors 	 
	  	 
	Director /s/ S. John 	 
	  	 
	Company Secretary 	/s/ Mark Gebhard 
	Witness 	       pp Kingsland
      (Services) Limited 

6

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