Document:

Exhibit 10.75.1

                          REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT ("Agreement") is made and entered
into as of ______, 2002, by and among Headwaters Incorporated, a Delaware
corporation ("Parent"), and each person identified on Exhibit A hereto (the
"Stockholders") and that are signatories hereto.

                                    RECITALS

         A. Parent, Headwaters Olysub Corporation, a Delaware corporation and a
wholly owned subsidiary of Parent ("Merger Sub"), Industrial Services Group,
Inc., a Delaware corporation (the "Company"), and ISG Resources, Inc., a Utah
corporation and a wholly owned subsidiary of the Company (the "Public Sub"),
have entered into an Agreement and Plan of Merger dated as of July __, 2002 (the
"Merger Agreement"), pursuant to which the Company will merge with and into the
Merger Sub (the "Merger") and the Stockholders will have the right to receive
Merger Shares in exchange for securities of the Company. Capitalized terms used
in this Agreement and not otherwise defined shall have the meanings given to
them in the Merger Agreement.

         B. Parent has agreed to provide the Stockholders with certain
registration rights as more fully described herein.

                                    AGREEMENT

         The parties, intending to be legally bound, agree as follows:

Section 1. General.

         1.1 Definitions. As used in this Agreement, the following terms shall
have the following respective meanings:

         "Exchange Act" means the Securities Exchange Act of 1934, as amended or
any similar successor federal statute and the rules and regulations thereunder,
as in effect from time to time.

         "Register," "Registered," and "Registration" refer to a registration
effected by preparing and filing a registration statement in compliance with the
Securities Act, and the declaration or ordering of effectiveness of such
registration statement or document.

         "Registrable Shares" means the Merger Shares and any shares of Parent
Stock issued in respect thereof as a result of any stock split, stock dividend,
share exchange, merger, consolidation or similar recapitalization; provided,
however, that any particular Registrable Shares shall cease to be Registrable
Shares when (i) a registration statement covering such Registrable Shares shall
have become effective under the Securities Act, and such Registrable Shares
shall have been disposed of in accordance with the Registration Statement, or
(ii) such Registrable Shares may be transferred pursuant to Rule 144 under the
Securities Act, as such rule may be amended from time to time, or any successor
rule or regulation ("Rule 144"), in any single calendar quarter.

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         "Registration Expenses" shall mean (i) all expenses incurred by Parent
in complying with Sections 2.1 and 2.3 hereof, including, without limitation,
all registration, qualification and filing fees, printing expenses, audit and
accountant fees, listing or quotation fees, fees and disbursements of counsel
for Parent, blue sky fees and expenses, and (ii) the reasonable fees and
disbursements of one legal counsel to the Stockholders up to $35,000 in the
aggregate.

         "SEC" means the Securities and Exchange Commission.

         "Securities Act" shall mean the Securities Act of 1933, as amended or
any similar successor federal statute and the rules and regulations thereunder,
as in effect from time to time..

Section 2. Registration; Restrictions On Transfer.

         2.1 Registration. Parent shall use all reasonable efforts (i) to
prepare and file with the SEC a registration statement (the "Registration
Statement") on either Form S-1 or S-3 covering the resale of the Registrable
Shares as soon as reasonably practicable following the Effective Time, and in
any event, no later than thirty (30) days following the Effective Time and (ii)
to cause the Registration Statement to be declared effective as soon as
reasonably practicable following the date of such filing, and in any event, on
or before the six-month anniversary of the Closing Date. Subject to the terms of
this Agreement, Parent shall use all reasonable efforts to cause the
Registration Statement to remain effective until at least the one-year
anniversary of the Closing Date, and for such later period of time as is the
earlier of (i) the eighteen-month anniversary of the Closing Date, as such date
may be extended pursuant to Section 2.7(d) hereof (the "Eighteen-month
Anniversary Date"), and (ii) the date as of which at least 75% of the Merger
Shares have been sold under the Registration Statement or pursuant to Rule 144
(the "Registration Effective Period").

         2.2 Expenses Of Registration. All Registration Expenses shall be borne
by Parent. All underwriting discounts, brokerage fees and commissions incurred
by the Stockholders, if any, and all fees and disbursements of counsel to the
Stockholders not included in Registration Expenses shall be borne by the
Stockholders pro rata based on the number of Registrable Shares included in any
such registration.

         2.3 Obligations Of Parent. Whenever required to effect the registration
of the Registrable Shares pursuant to Section 2.1, Parent shall, as
expeditiously as reasonably possible, use all reasonable efforts to:

         (a) Prepare and file with the SEC a registration statement with respect
to the Registrable Securities and use all reasonable efforts to cause such
registration statement to become effective (provided that before filing a
registration statement or prospectus or any amendments or supplements thereto,
Parent will furnish to one counsel selected by the holders of a majority of the
Registrable Securities covered by such registration statement copies of all such
documents proposed to be filed).

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         (b) Prepare and file with the SEC such amendments and supplements to
the Registration Statement and the prospectus used in connection with the
Registration Statement as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by the
Registration Statement for the Registration Effective Period.

         (c) Furnish to the Stockholders such number of copies of a prospectus,
including a preliminary prospectus, in conformity with the requirements of the
Securities Act, and such other documents as they may reasonably request in order
to facilitate the disposition of Registrable Shares owned by them.

         (d) Use all reasonable efforts to register and qualify the securities
covered by the Registration Statement under such other securities or blue sky
laws of such jurisdictions as shall be reasonably requested by the Stockholders;
provided that Parent shall not be required in connection therewith or as a
condition thereto to qualify to do business or to file a general consent to
service of process in any such states or jurisdictions.

         2.4 Delay Of Registration; Furnishing Information.

         (a) None of the Stockholders shall have any right to obtain or seek an
injunction restraining or otherwise delaying any such registration as the result
of any controversy that might arise with respect to the interpretation or
implementation of this Section 2.

         (b) It shall be a condition precedent to the obligations of Parent to
take any action pursuant to Section 2.1 that the Stockholders shall furnish to
Parent such information regarding themselves, the Registrable Shares held by
them and the intended method of disposition of such securities as shall be
reasonably required to effect the registration of their Registrable Shares.

         2.5 Indemnification. In the event any Registrable Shares are included
in a registration statement under Section 2.1:

         (a) To the extent permitted by law, Parent will indemnify and hold
harmless each Stockholder, the partners, officers, directors, employees,
advisors and agents of each Stockholder, any underwriter (as defined in the
Securities Act) for such Stockholder and each person, if any, who controls such
Stockholder or underwriter within the meaning of the Securities Act or the
Exchange Act, against any losses, claims, damages, costs and expenses of
investigation or liabilities (joint or several) (collectively "Losses") to which
they may become subject under the Securities Act, the Exchange Act or other
federal or state law, insofar as such Losses (or actions in respect thereof)
arise out of or are based upon any of the following statements, omissions or
violations (collectively a "Violation") by Parent: (i) any untrue statement or
alleged untrue statement of a material fact contained in the Registration
Statement, including any preliminary prospectus or final prospectus contained
therein or any amendments or supplements thereto, (ii) the omission or alleged
omission to state therein a material fact required to be stated therein, or
necessary to make the statements therein not misleading, or (iii) any violation
or alleged violation by Parent of the Securities Act, the Exchange Act, any
state securities law or any rule or regulation promulgated under the Securities
Act, the Exchange Act or any state securities law in connection with the
offering covered by the Registration Statement; and Parent will pay as incurred
any legal or other expenses reasonably incurred by such Stockholder or any such
partner, director, officer, employee, advisor, agent, controlling person or
underwriter in connection with investigating or defending any such Losses;

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provided however, that the indemnity agreement contained in this Section 2.5(a)
shall not apply to amounts paid in settlement of any such Loss if such
settlement is effected without the consent of Parent, which consent shall not be
unreasonably withheld, nor shall Parent be liable in any such case for any such
Loss to the extent that it arises out of or is based upon a Violation which
occurs in reliance upon and in conformity with written information furnished
expressly for use in connection with, and which, in fact, is used in connection
with, such registration by such Stockholder, partner, officer, director,
employee, advisor, agent, underwriter or controlling person of such Stockholder,
or arises out of or is based upon any matters as to which Parent is entitled to
indemnification under Section 8.2 of the Merger Agreement.

         (b) To the extent permitted by law, each Stockholder (severally and not
jointly with the other Stockholders) will indemnify and hold harmless Parent,
each of its directors, officers, employees, advisors and agents and each person,
if any, who controls Parent within the meaning of the Securities Act or the
Exchange Act, any underwriter and any other Stockholder selling securities under
such registration statement or any of such other Stockholder's partners,
directors, officers, employees, advisors or agents or any person who controls
such Stockholder, against any Losses to which they may become subject under the
Securities Act, the Exchange Act or other federal or state law, insofar as such
Losses (or actions in respect thereto) arise out of or are based upon any
Violation, in each case to the extent (and only to the extent) that such
Violation occurs in reliance upon and in conformity with written information
furnished by such Stockholder under an instrument duly executed by such
Stockholder and stated to be specifically for use in connection with such
registration which information has not been corrected or supplemented by the
Stockholder in writing duly executed by such Stockholder and delivered to Parent
prior to the filing of the Registration Statement and stated to be specifically
for the purposes of removing any misleading information, any untrue statement of
material fact or curing any omission of a material fact necessary to make
statements contained therein not misleading; and each such Stockholder will pay
as incurred any legal or other expenses reasonably incurred by Parent or any
such director, officer, employee, advisor, agent, controlling person,
underwriter or other Stockholder, or partner, officer, director, employee,
advisor or agent or controlling person of such other Stockholder in connection
with investigating or defending any such Loss; provided, however, that the
indemnity agreement contained in this Section 2.5(b) shall not apply to amounts
paid in settlement of any such Loss if such settlement is effected without the
consent of the Stockholder, which consent shall not be unreasonably withheld.
The obligation to indemnify contained in this subsection (b) shall be individual
to each Stockholder and shall be limited to the net proceeds received by such
Stockholder from the sale of Registrable Shares.

         (c) Promptly after receipt by an indemnified party under this Section
2.5 of notice of the commencement of any action (including any governmental
action), such indemnified party will, if a claim in respect thereof is to be
made against any indemnifying party under this Section 2.5, deliver to the
indemnifying party a written notice of the commencement thereof and the

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indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel reasonably
satisfactory to the indemnified party; provided, however, that an indemnified
party shall have the right to retain its own counsel, with the fees and expenses
to be paid by the indemnifying party, if representation of such indemnified
party by the counsel retained by the indemnifying party would be inappropriate
due to actual or potential differing interests between such indemnified party
and any other party represented by such counsel in such proceeding. The failure
to deliver written notice to the indemnifying party within a reasonable time of
the commencement of any such action, if materially prejudicial to its ability to
defend such action, shall relieve such indemnifying party of any liability to
the indemnified party under this Section 2.5, but the omission so to deliver
written notice to the indemnifying party will not relieve it of any liability
that it may have to any indemnified party otherwise than under this Section 2.5.

         (d) If the indemnification provided for in this Section 2.5 is held by
a court of competent jurisdiction to be unavailable to an indemnified party with
respect to any Losses referred to herein, the indemnifying party, in lieu of
indemnifying such indemnified party thereunder, shall, on a several (not joint)
basis, to the extent permitted by applicable law contribute to the amount paid
or payable by such indemnified party as a result of such Loss in such proportion
as is appropriate to reflect the relative fault of the indemnifying party on the
one hand and of the indemnified party on the other in connection with the
Violation(s) that resulted in such Loss, as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and of the
indemnified party shall be determined by a court of law by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission; provided, that in no event shall any contribution by a
Stockholder hereunder exceed the net proceeds from the offering received by such
Stockholder.

         (e) The obligations of Parent and Stockholders under this Section 2.5
shall survive completion of any offering of Registrable Shares in a registration
statement and the termination of this Agreement. No indemnifying party, in the
defense of any such claim or litigation, shall, except with the consent of each
indemnified party, consent to entry of any judgment or enter into any settlement
which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such Indemnified Party of a release from all liability
in respect to such claim or litigation.

         2.6 Rule 144 Reporting. With a view to making available to the
Stockholders the benefits of certain rules and regulations of the SEC which may
permit the sale of the Registrable Shares to the public without registration,
Parent agrees to:

         (a) Make and keep public information available, as those terms are
understood and defined in Rule 144 or any similar or analogous rule promulgated
under the Securities Act, at all times after the effective date of the first
registration filed by Parent for an offering of its securities to the general
public;

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         (b) File with the SEC, in a timely manner, all reports and other
documents required of Parent under the Exchange Act; and

         (c) So long as a Stockholder owns any Registrable Shares, furnish to
such Stockholder forthwith upon request: a written statement by Parent as to its
compliance with the reporting requirements of said Rule 144 of the Securities
Act, and of the Exchange Act; a copy of the most recent annual or quarterly
report of Parent; and such other reports and documents as a Stockholder may
reasonably request in availing itself of any rule or regulation of the SEC
allowing it to sell any such securities without registration.

         2.7 Suspension of Offering.

         (a) In addition to any suspension rights under paragraphs (b) and (c)
below, Parent may, upon the happening of any event, that, in the good faith
judgment of Parent's board of directors, renders it advisable to suspend use of
the prospectus relating to the Registration Statement, for no more than ninety
(90) days in the aggregate in any twelve (12) month period of time due to
pending corporate or business developments, public filings with the SEC or
similar events, suspend use of the prospectus relating to the Registration
Statement on written notice to the Stockholders, in which case each Stockholder
shall discontinue disposition of Registrable Shares covered by the Registration
Statement or prospectus until copies of a supplemented or amended prospectus are
distributed to the Stockholders or until the Stockholders are advised in writing
by Parent that the use of the applicable prospectus may be resumed (any such
period of suspension being referred to herein as a "Corporate Development
Suspension Period").

         (b) Each holder of Registrable Securities agrees not to effect any
public sale or distribution (including sales pursuant to Rule 144) of equity
securities of Parent during the thirty (30) days prior to and the 90-day period
following the sale by Parent of any of its equity or equity-linked securities
without the prior written consent of Parent (any such period of suspension being
referred to herein as a "Standstill Period").

         (c) In the event of: (i) any request by the SEC or any other federal or
state governmental authority during the period of effectiveness of the
Registration Statement for amendments or supplements to a Registration Statement
or related prospectus or for additional information, (ii) the issuance by the
SEC or any other federal or state governmental authority of any stop order
suspending the effectiveness of a Registration Statement or the initiation of
any proceedings for that purpose, (iii) the receipt by Parent of any
notification with respect to the suspension of the qualification or exemption
from qualification of any of the Registrable Shares for sale in any jurisdiction
or the initiation of any proceeding for such purpose or (iv) any event or
circumstance which necessitates the making of any changes in the Registration
Statement or prospectus, or any document incorporated or deemed to be
incorporated therein by reference, so that, in the case of the Registration
Statement, it will not contain any untrue statement of a material fact or any
omission to state a material fact required to be stated therein or necessary to
make the statements therein not misleading, and in the case of the prospectus,
it will not contain any untrue statement of a material fact or any omission to
state a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading, then Parent shall deliver a certificate in writing to the
Stockholders (the "Disclosure Suspension Notice") to the effect of the
foregoing, and, upon receipt of such Suspension Notice, the Stockholders will
refrain from selling any Registrable Shares pursuant to the Registration

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Statement (a "Disclosure Suspension") until the Stockholders' receipt of copies
of a supplemented or amended prospectus prepared and filed by Parent, or until
it is advised in writing by Parent that the current prospectus may be used, and
has received copies of any additional or supplemental filings that are
incorporated or deemed incorporated by reference in any such prospectus (any
such period of suspension being referred to herein as a "Corporate Disclosure
Suspension Period"). In the event of any Disclosure Suspension, Parent will use
its reasonable best efforts to cause the use of the prospectus so suspended to
be resumed as soon as possible after delivery of a Disclosure Suspension Notice
to the Stockholders.

         (d) In the event the Eighteen-month Anniversary Date (but for the
operation of this Section 2.7(d)) would occur during a Corporate Development
Suspension Period, a Standstill Suspensions Period or a Corporate Disclosure
Suspension Period (each a "Suspension Period"), such Eighteen-month Anniversary
Date shall not be such date but shall instead shall be deemed to occur on that
date which is the thirtieth (30th) calendar day following the termination of
such Suspension Period.

Section 3. Miscellaneous.

         3.1 Governing Law. This Agreement shall be governed by and construed
under the laws of the State of Utah.

         3.2 Survival. The agreements made herein shall survive any
investigation made by any Stockholder and the closing of the transactions
contemplated hereby. All statements as to factual matters contained in any
certificate or other instrument delivered by or on behalf of Parent or any
Stockholder pursuant hereto in connection with the transactions contemplated
hereby shall be deemed to be representations and warranties by such person
hereunder solely as of the date of such certificate or instrument.

         3.3 Successors And Assigns. Except as otherwise expressly provided
herein, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, assigns, heirs, executors, and administrators of the
parties hereto and shall inure to the benefit of and be enforceable by each
person who shall be a holder of Registrable Shares from time to time; provided,
however, that prior to the receipt by Parent of adequate written notice of the
transfer of any Registrable Shares specifying the full name and address of the
transferee, Parent may deem and treat the person listed as the holder of such
shares in its records as the absolute owner and holder of such shares for all
purposes, including the payment of dividends or any redemption price. The
obligations contained in this Agreement shall be assumed by any successor in
interest of Parent.

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         3.4 Entire Agreement. This Agreement and the Exhibits hereto, together
with the Merger Agreement, constitute the full and entire understanding and
agreement between the parties with regard to the subjects hereof and no party
shall be liable or bound to any other in any manner by any representations,
warranties, covenants and agreements except as specifically set forth herein and
therein.

         3.5 Severability. In case any provision of the Agreement shall be
invalid, illegal, or unenforceable, the validity, legality, and enforceability
of the remaining provisions shall not in any way be affected or impaired
thereby.

         3.6 Amendment And Waiver. Any provision of this Agreement may be
amended and the observance thereof may be waived (either generally or in a
particular instance and either retroactively or prospectively), only with the
written consent of Parent and Stockholders owning of record at least a majority
of the Registrable Shares then outstanding. Any amendment or waiver effected in
accordance with this Section 3.6 shall be binding upon the Stockholders and
Parent. By acceptance of any benefits under this Agreement, the Stockholders
hereby agree to be bound by the provisions hereunder.

         3.7 Notices. All notices required or permitted hereunder shall be in
writing and shall be deemed effectively given: (a) upon personal delivery to the
party to be notified, (b) when sent by confirmed telex or facsimile if sent
during normal business hours of the recipient; if not, then on the next business
day, (c) five (5) days after having been sent by registered or certified mail,
return receipt requested, postage prepaid, or (d) one (1) day after deposit with
a nationally recognized overnight courier, specifying next day delivery, with
written verification of receipt. All communications shall be sent to the party
to be notified at the address as set forth on the signature pages hereof or
Exhibit A hereto or at such other address as such party may designate by ten
(10) days' advance written notice to the other parties hereto.

         3.8 Attorneys' Fees. In the event that any dispute among the parties to
this Agreement should result in litigation, the prevailing party in such dispute
shall be entitled to recover from the losing party all fees, costs and expenses
of enforcing any right of such prevailing party under or with respect to this
Agreement, including without limitation, such reasonable fees and expenses of
attorneys and accountants, which shall include, without limitation, all fees,
costs and expenses of appeals.

         3.9 Titles And Subtitles. The titles of the sections and subsections of
this Agreement are for convenience of reference only and are not to be
considered in construing this Agreement.

         3.10 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

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         This Registration Rights Agreement has been executed and delivered as
of the date first stated above.

                                   HEADWATERS INCORPORATED

                                   By:
                                        ----------------------------------------

                                   Name:
                                          --------------------------------------

                                   Title:
                                           -------------------------------------

                                   [STOCKHOLDER]

                                   By:
                                        ----------------------------------------

                                   Name:
                                          --------------------------------------

                                   Title:
                                           -------------------------------------

                                   [STOCKHOLDER]

                                   By:
                                        ----------------------------------------

                                   Name:
                                          --------------------------------------

                                   Title:
                                           -------------------------------------

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<PAGE>

                                    EXHIBIT A

                         Stockholder Names and Addresses

                                       10<PAGE>

                                                                  Exhibit 4xvii

THIS LEASE made the 30th day of July in the year 2001,

BETWEEN Arrow Pearl Co Pty Ltd ACN 009 281 585 of 6 Rous Head Road, North
Fremantle in the State of Western Australia (hereinafter called "the Lessor") of
the one part and

Atlas Pacific Limited ACN 009 220 053 of 25-29 Delawney Street, Balcatta in the
State of Western Australia (hereinafter called "the Lessee") of the other part.

NOW THIS DEED WITNESSES as follows:

The Lessor DOES HEREBY LEASE to the Lessee and the Lessee DOES HEREBY TAKE ON
LEASE ALL THOSE premises (hereinafter referred to as "the leased premises")
which are described in the First Schedule attached hereto and for the purpose of
identification only highlighted pink AND the parking bays referred to in item 6
of the second Schedule TOGETHER WITH the Common Areas which are for the purpose
of identification only highlight yellow on the plan forming part of the First
Schedule attached hereto TO BE HELD by the Lessee at the rent for the term and
on the subject to the following covenants, conditions and stipulations.

DEFINITIONS AND INTERPRETATIONS

Clause 1.01 - Definitions

In this Lease unless the context otherwise requires the expressions:

(a)  "Common Areas" means all those parts of the premises not leased to any
     tenant or occupied by the Lessor but intended by the Lessor for the use of
     the tenants and the Lessor in common with each other including but not
     limited to the areas included at Item 1 of the Third Schedule attached
     hereto.

(b)  "Rate of Interest" means the rate being two percent (2%) greater than the
     Reserve Bank Reference Rate from time to time and, if there is no such
     Reference Rate, or it cannot be determined, then eight percent (8%) per
     annum.

(c)  "GST" means any goods and services, consumption, value added or similar
     tax.

(d)  "Taxable Supply" has the meaning given to that expression in A New Tax
     System (Goods and Services Tax) Bill 1998.

TERM AND RENT

Clause 2.01 - Term

The term of this Lease shall be for the period and shall commence on the date
specified in Item 2 of the Second Schedule hereto and which term shall also
include the period of any renewal or extension of that term.

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Clause 2.02 - Minimum annual rental

The Lessee shall yield and pay for the leased premises a minimum annual rental
(hereinafter referred to as the "minimum annual rental") which shall be at the
rate specified in Item 4 of the Second Schedule hereto subject to variation and
review as hereinafter provided and the minimum annual rental for the time being
reserved shall be payable and paid by equal successive monthly instalments in
advance payable on the 1/st/ day of each and every month with the first of such
instalments (adjusted for any period between the 1st day of the month in which
the term commences and such commencing date) to be paid on or before the date of
commencement of the term and such minimum annual rental shall be paid to the
Lessor or office of the Managing Agents or as the Lessor may from time to time
nominate in writing.

Clause 2.03 - Rent Review

On the date or dates specified in Item 5 of the Second Schedule hereto the
annual rental for the time being reserved hereunder shall be reviewed in
relation to the amount of the annual rental to be paid by the Lessee until the
next date fixed for review hereunder and from any such date fixed for review the
annual rental to be paid by the lessee shall be the annual rental mutually
agreed in writing between the Lessor and the Lessee not later than 2 months
prior to the relevant date fixed for review and failing agreement shall be an
amount equal to the annual rental payable by the Lessee immediately prior to the
relevant date fixed for review plus an increment equal to the same percentage of
that sum as the percentage increase in the Consumer Price Index for the number
of quarters which end during the period from the date of commencement of the
term or the preceding date fixed for review whichever immediately precedes the
relevant date fixed for review to that date and ending with the quarter
immediately preceding the relevant date fixed for review.

For the purposes of this provision the expression "Consumer price Index" shall
mean the consumer price index complied by the Australian Bureau of Statistics
for the Perth (Capital City) area (all groups) or any substitute therefor
accepted by the Government of the Commonwealth of Australia from time to time
PROVIDED THAT if the index number base adopted by the Commonwealth Statistician
for the index number is at any time updated by the Commonwealth Statistician the
index number shall be appropriately adjusted as from the same time. If at any
time either or both the Consumer Price Index and the index number is
discontinued or suspended or in the opinion of the Lessor is substantially
altered there shall be substituted therefor such alternative method of computing
changes in the cost of living as is mutually agreed in writing between the
lessor and the lessee during the period of 14 days after notice in writing given
by the Lessor to the Lessee or failing such agreement as in the opinion of an
expert appointed by the President for the time being of the Chartered Institute
of Accountants of Australia (Western Australia Division) at the request of the
Lessor or the Lessee or both of them most closely reflects changes in the cost
of living for the Perth Metropolitan Area during the Rent Period immediately
preceding the relevant date fixed for review. The costs of such expert shall be
borne by the Lessor and the Lessee in equal shares.

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PROVIDED ALWAYS AND IT IS HEREBY AGREED THAT the Lessor shall not by reason of
its failure to give the Rental Notice or make the calculation required forfeit
its right to have the annual rental reviewed subsequent the date fixed for
review.

RENT AND OTHER PAYMENT PROVISIONS

The Lessee shall pay:

Clause 3.01 - Rent

To the Lessor or to its Managing Agents the minimum annual rental without
deduction at the intervals and at the times and in the manner aforesaid.

Clause 3.02 - Charges and expenses arising through default

To the Lessor or to its Managing Agents on demand by it or them all legal costs,
charges and expenses for which the Lessor shall become liable in consequence of
or in connection with any default by the Lessee in performing or observing any
covenants, conditions or stipulations herein contained or implied.

INDEMNITY AND INSURANCE PROVISIONS

The Lessee shall:

Clause 4.01 - Third party indemnity

Indemnify the Lessor from and against all claims, demands, proceedings,
judgements, damages, costs and losses of any nature whatsoever which the Lessor
may suffer or incur in connection with the loss of life of and or personal
injury to any person and or damage to any property (wheresoever occurring)
arising from or out of any accident at the leased premises or the use by the
Lessee of the leased premises or any part thereof or occasioned wholly or in
part by any negligent act or omission by the Lessee or by the employees, agents,
contractors, invitees, licensees or sub-tenants of the Lessee or by any other
person or persons using or upon the leased with the consent or approval express
or implied of the Lessee.

REPAIRS AND MAINTENANCE BY LESSEE

The Lessor shall:

Clause 5.01 - Repairs

At the Lessor's own cost and expense keep the leased premises and every part
thereof and all additions thereto in good and substantial and tenantable repair,
order and condition.

The Lessee shall:

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Clause 5.02 - Make good damage

From time to time at the Lessee's own cost and expense make good or at the
discretion of the Lessor to reimburse the Lessor for the repair of any breakage,
defect or damage to the leased premises or to the Common Areas or to any
adjoining premises or to any facility or appurtenance thereof occasioned by want
to care misuse or abuse on the part of the Lessee or the Lessee's employees,
agents, contractors, licensees, invitees or sub-tenants or otherwise occasioned
by any breach or default of the Lessee.

Clause 5.03 - Lessor's right to view

Allow the Lessor, its employees, agent and independent contractors to enter upon
the leased premises at all reasonable times subject to 24 hours notice (save in
the case of an emergency) to view the state of repair thereof.

Clause 5.04 - Lessor's right to repair

In the event of the Lessee failing to remedy any breach by the Lessee of the
Lessee's obligations to repair under the terms of this Lease within 14 days of
the date of service of a notice upon the Lessee requiring the Lessee to remedy
such breach allow the Lessor, its employees, agents and independent contractors
to enter the leased premises at any time with all necessary materials and
appliances and to execute all or any of the required repairs as the Lessor shall
think fit and pay to the Lessor upon demand the cost of such repairs.

Clause 5.05 - Lessor's right to carry out emergency repairs

Notwithstanding the provisions of Clause 5.04 allow the Lessor and the
employees, agents and independent contractors of the Lessor to enter upon the
leased premises at all times with all necessary materials and appliances and
without previous notice to carry out any repairs which in the opinion of the
Lessor are of an emergency nature AND in the event that the Lessor shall
pursuant to this power carry out any repairs which should in accordance with the
covenants of the Lessee in this Lease contained or implied be carried out by the
Lessee then pay to the Lessor on demand the cost of such repairs.

USE OF PREMISES BY LESSEE

The Lessee shall:

Clause 6.01 - No alterations or additions

Not make or permit to be made any alterations or additions in the construction
or arrangement of the leased premises without the written consent of the Lessor
first had and obtained (such consent not to be unreasonably withheld) and not
without the like consent cut, maim or injure any of the walls, partitions,
timbers, doors, floors or ceilings thereof or install any false or artificial
ceilings therein.

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All works for which the Lessee is given the consent of the Lessor pursuant to
this Clause 6.01 to carry out shall be carried out by contractors approved of by
the Lessor (such approval not to be unreasonably withheld) and pursuant to plans
and specifications approved by the Lessor all such approvals to be obtained by
the Lessee before any such works are commenced. The Lessor shall not
unreasonably withhold its approval of the plans and specifications referred to
in the immediately preceding paragraph.

Clause 6.02 - Restrictions on use

The Lessee will:

(a)  Conduct the Lessee's business in the leased premises as permitted under
     this Lease;

(b)  Not use the leased premises as a residence;

(c)  Not keep any animals or birds in the leased premises;

(d)  At its expense, keep the leased premises free and clean of pests, insects
     and vermin and in default the Lessor will be entitled to employ pest
     exterminators to carry out any pest extermination at the Lessee's expense;

(e)  Not carry on or permit any noxious or offensive act, trade, business,
     occupation or calling to be carried on in the leased premises;

(f)  Not cause annoyance, nuisance, grievance, damage or disturbance to other
     tenants or occupiers of the premises ("Building") or adjacent premises;

(g)  Not hold or permit any auction, bankrupt or fire sale to be held on the
     leased premises without the prior written approval of the Lessor;

(h)  Not make any disturbing or irritating noises or install or use any
     appliance, engine or machine which causes or may be likely to cause noise
     or vibration in the Building; and

(i)  Not prepare or cook food except in areas provided and approved by the
     Lessor for that purpose.

Clause 6.03 - Assignment and subletting

Clause 6.03(1) - No assignment etc

Subject to compliance with 6.03(2) below, the Lessee will not assign, transfer,
mortgage, charge or otherwise deal with its interest in the leased premises or
demise, sublet, part with possession of or grant any license affecting the
leased premises.

Clause 6.03(2) - Assignment and subletting permitted

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(a)  The Lessor will not withhold its consent to the assignment or subletting of
     the leased premises if the Lessee first makes an application to the Lessor
     for consent and the following provisions have been observed by the Lessee:

     (i)    The Lessee is not in default under this Lease other than a default
            which has been waived by the Lessor;

     (ii)   The Lessee proves to the Lessor's reasonable satisfaction that the
            incoming tenant is a respectable, responsible and solvent person
            capable of adequately carrying on the business permitted under this
            Lease;

     (iii)  If the incoming tenant is a company other than a company whose
            shares are listed on an Australian stock exchange, the incoming
            tenant's obligations are guaranteed in a form acceptable to the
            Lessor;

     (iv)   The Lessee obtains, at its expense, from the incoming tenant and any
            incoming guarantor an executed deed, in a form reasonably required
            by the Lessor, requiring the incoming tenant and income guarantor to
            perform and observe the Lessee's obligations under this Lease;

     (v)    The Lessee pays the Lessor's reasonable costs incurred by the Lessor
            in its consent, whether or not the proposed assignment or sublease
            proceeds to completion; and

RESERVATIONS TO LESSOR ON USE

Clause 7.01 - Lessor's right to install services

The Lessor reserves unto itself and unto the employees, agents and independent
contractors of the Lessor the right to enter upon the leased premises at all
reasonable times with all necessary materials and appliances to install,
maintain, use repair, alter and or replace in, on or under the leased premises
any pipes, ducts, conduits and wires or other things requisite for any existing
or future service to the premises or any part thereof and or any plant,
machinery and equipment together with the like right to enter upon the leased
premises for the purpose of inspecting, removing, maintaining, altering or
adding to any such things relating to an existing service to the premises or any
part thereof PROVIDED THAT in each such case the Lessor shall provide reasonable
notice to the Lessee, cause as little inconvenience and damage to the Lessee as
it practicable in the circumstances and shall make good any damage so caused.

DEFAULT PROVISIONS

Clause 8.01 - Default provisions

If:

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(a)  If any monthly installment of the rental is not paid and remains unpaid for
     seven (7) days after written notice of such default is given to the Lessee;
     or

(b)  In the case of the breach or non-observance of any of the other covenants,
     conditions or stipulations on the Lessee's part and such breach or
     non-performance continuing after the expiration of 7 days written notice to
     the Lessee to remedy the same; or

(c)  The Lessee shall:

     (i)    go into compulsory or voluntary (other than for the purpose of
            reconstruction) liquidation; or

     (ii)   become bankrupt

     (iii)  enter into any composition arrangement with or assignment for the
            benefit of the Lessee's creditors; or

     (iv)   have appointed under any Act or instrument or by order of any Court
            a manager or an administrator or a trustee or a receiver or a
            receiver and manager of a liquidator in relation to any part of the
            Lessee's undertakings or assets or property; or

(d)  Any execution be issued against the Lessee and not be satisfied or
     withdrawn within 30 days thereof; or

(e)  The leased premises shall be deserted or vacated;

THEN and in any such case (but subject to the provisions of the Bankruptcy Act
1966) the Lessor may at its option re-enter upon occupy and resume possession of
the leased premises or any part thereof in the name of the whole and thereupon
the term hereby created shall cease and determine but without releasing the
Lessee from rent accrued up to the time of such re-entry and without prejudice
to the right of action of the Lessor in respect of any breach of the covenants,
conditions and stipulations on the Lessee's part contained or implied in this
Lease.

Clause 8.02 - Lessor's right to remedy

The Lessor may but shall not be obliged to remedy at any time without notice any
default by the Lessee under this Lease including (but without limiting the
generality of the foregoing) the payment of any moneys payable by the Lessee
pursuant to the provision of this Lease and whenever the Lessor so elects all
debts, cost and expenses incurred by the Lessor including (but without limiting
the generality of the foregoing) legal costs and expenses in remedying a default
shall be paid by the Lessee to the Lessor on demand.

LESSOR'S COVENANTS

Clause 9.01 - Quiet enjoyment

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The Lessee duly paying the rentals and observing the covenants, conditions and
stipulations on the part of the Lessee herein contained shall and may peaceably
and quietly hold and enjoy the leased premises during the term and during any
extension or renewal thereof and without any interruption by the Lessor or any
person rightfully claiming through, under or in trust for the Lessor.

Clause 9.02 - Option to renew

(a)  If the Lessee shall at least 3 calendar months but not earlier than 6
     calendar months prior to the expiration of the term give to the lessor
     written notice of the desire of the Lessee to continue the tenancy AND
     PROVIDED THAT the Lessee is not in default under this Lease then the Lessor
     shall renew the lease of the leased premises to the lessee for a further
     term from the expiration of the term for the first period specified in Item
     3 of the Second Schedule (hereinafter called "the First Further Term" )
     upon the same covenants, conditions and stipulations contained or implied
     in this Lease.

Clause 9.03 - Insurance by Lessor

(a)  The Lessor shall insure and keep insured or cause to be insured and kept
     insured on a full reinstatement and replacement basis as the Lessor may
     decide from time to time the Premises and the Lessor's fixtures and
     fittings therein against loss or damage by fire, fusion, explosion, smoke,
     lightning, flood, storm, tempest, rainwater, earthquake, riot, civil
     commotion, malicious damage, impact by vehicles, sprinkler leakage, water
     damage, aircraft and articles dropped therefrom and other usual and
     necessary risks against which an owner can and does ordinarily insure
     including (but without limiting the generality of the foregoing) all plant
     and machinery and breakage of glass for which the Lessor is responsible and
     loss of rental following damage:

(b)  The lessor shall effect and keep in force a Public Liability Policy of
     Insurance to provide indemnity in respect of both injury to persons and
     damage to property in the usual terms with respect to the Common Areas of
     which the limit of indemnity shall not be less than $5,000,000.00 in
     respect of any one accident. The policy or a copy thereof or a Certificate
     of Insurance shall be produced by the Lessor to the Lessee on request in
     writing being made by the Lessee for production thereof;

(c)  The Lessor shall effect and keep in force an Employers Indemnity Policy
     providing cover from and against all legal liability, claims, demands,
     actions, suit, judgments, orders, decrees, damages, costs, losses and
     expenses whatsoever arising:

     (i)    by virtue of any Act (State or Federal) relating to Workers
            Compensation and or Employers' Liability; or

     (ii)   at common law with an unlimited cover;

     to, by or in favor of any person employed by the Lessor.

Clause 9.04 - Use of common areas

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Subject to the rights of the Lessor hereunder and to the covenants, conditions
and stipulations contained or implied in this Lease the Lessee shall have of
right as one of the tenants of the Premises together with the Lessor and their
respective employees, agents, contractors, invitees, licensees and subtenants
the use of the Common Areas for the purpose of normal or designated use or
access to and egress from the leased premises subject however to the covenants,
conditions and stipulations contained or implied in this Lease.

Clause 9.05 - Parking facilities

The Lessor agrees that the Lessee shall have exclusive rights to the parking
bays referred to in Item 6 of the Second Schedule hereto or those bays which may
be mutually agreed upon by the Lessor and the Lessee.

Without affecting or limiting the Lessee's rights to the parking bays as
provided for above, the Lessor shall during the continuance of this Lease
provide parking areas to the extent of the requirements of all relevant
authorities and permit the Lessee and all persons lawfully authorized by it in
common with others having the like right to use and enjoy any such parking areas
in the Premises for the purpose of parking vehicles therein with adequate means
of access to and from a public street.

GENERAL PROVISIONS

Clause 10.01 - Destruction of Premises

In the event of a substantial part of the premises or the building comprising
the leased premises being destroyed or damaged to such an extent so as to be
unfit for occupation or use during the term and not being re-instated by the
Lessor within 3 months of such occurrence then unless within such 3 month period
the Lessor shall have elected by notice in writing to the Lessee to reinstate
the premises or the said building as the case may be to as nearly as practicable
its original design and shall have commenced such reinstatement either party
shall be at liberty by notice in writing to the other to determine this Lease
and the term as from the date of the giving of such notice without prejudice to
the right of the Lessor for any antecedent breach by the Lessee of any covenant,
condition or stipulation contained or implied in this Lease.

For the purpose of this Clause the expression "a substantial part of the
premises or the building comprising the leased premises" shall mean 1/3rd or
more of the area of the premises or the said building as the case may be.

Without in anyway affecting the provisions of the preceding paragraphs, if any
part of the leased premises or the building is destroyed or damaged so as to be
untenantable, in part or whole, pending a determination of the lease as provided
for above, there shall be a pro rata rebate of the rent, adjusted by reference
to that portion of the premises that is untenantable. If the Lessor and the
Lessee cannot agree on the pro rata reduction of rent that should apply, the
reduction shall be determined by a real estate agent with experience in the
letting of commercial buildings, agreed to by both parties, and failing
agreement within seven (7) days as appointed by the Real Estate Institute of
Western Australia for the time being at request of either party.

                                        9

<PAGE>

Clause 10.02 - No Warranties

The Lessor warrants that the leased premises are and will remain suitable or
adequate for all or any of the purposes of the Lessee or for the business which
the Lessee is authorized to conduct hereon.

Clause 10.03 - Ownership of fixtures and fittings

(a)  All fixtures, fittings equipment, and furnishing and other material or
     articles (except any fixtures and fittings equipment and furnishing which
     in the opinion of the Lessor form an integral part of the leased premises)
     brought onto the leased premises by the Lessee shall be deemed trade or
     tenants fixtures and subject to the Lessee's right of removal hereinbefore
     contained;

(b)  All fixtures, fittings, equipment and furnishing and other materials or
     articles installed or provided by the Lessor n the leased premises wholly
     or partly at the Lessor's cost shall remain the property of the Lessor and
     the Lessee shall not remove, destroy, alter or otherwise dispose of the
     same without the prior written consent of the Lessor or its Managing
     Agents.

Clause 10.04 - Liability for loss

Notwithstanding anything herein contained or implied or rule of law or equity to
the contrary, neither party shall in any circumstances be liable to the other
party for any loss or damage suffered in consequence of any malfunction or
breakdown in or interruption of or to the water, gas or electricity services,
the air conditioning equipment, office equipment or plant, fire equipment, lift,
escalator or elevator, or any of the appurtenances contained in the leased
premises or in the premises or from the breakage, blockage or overflow of any
sewer, waste drains, conduits, cables, wires, gutters, down pipes or storm water
drains from any causes whatsoever or from any action taken.

Clause 10.05 - Liability for negligent acts

Notwithstanding anything herein contained or implied or rule of law or equity to
the contrary, each party shall not be liable for any damage or loss that the
other party may suffer by reason of any act or omission of either party to do
any act or thing to or in respect of the leased premises which (as between the
Lessor and the Lessee) either party might be legally liable to do unless the
party suffering such loss shall have given to the other party notice in writing
of such act or omission and the party receiving such notice has without
reasonable cause failed within a reasonable time thereafter to take proper steps
to rectify such act or omission.

Clause 10.06 - Holding over provisions

In the event of the Lessee continuing to occupy the leased premises after the
expiration or sooner determination of the term hereby created with the consent
of the Lessor without having exercised the option of renewal hereinbefore
contained (if any) or having exercised such option continuing to occupy the
leased premises with such consent after the expiration or sooner determination
of the further term, then the Lessee shall become a monthly tenant only of the
Lessor but (unless

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otherwise agreed) at a rental equal to 1/12/th/ of the aggregate of the several
rentals and other amounts payable by the Lessee for the last 12 months of the
immediately preceding term and otherwise on the same covenants, conditions and
stipulations mutatis mutandis as are herein contained or implied excepting any
option to renew which shall be deemed expressly excluded.

Clause 10.07 - Use of joint facilities and Services

The Lessor and the Lessee agree that the joint facilities which term shall
include but not be limited to Common Areas defined at clause 1.01(a) and the
Joint Facilities and Services set out at Item 2 of the Third Schedule attached
hereto, shall be shared equally by the Lessor and the Lessee or as may be agreed
in writing from time to time.

Clause 10.08 - Provision for keys

The Lessor grants the right to the Lessee to have and to hold such keys,
security cards or security codes to the premises as required to allow the Lessee
enjoyment and use of the Premises herein described.

Clause 10.09 - GST

Each payment of the minimum annual rental or other money by the Lessee to the
Lessor under this Lease must be made with an additional amount equal to the GST
applying to that payment or imposed on the Taxable Supply in respect of which
the payment is made.

                                       11

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