Document:

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                           MEMORANDUM OF UNDERSTANDING
                           ---------------------------

         This Memorandum of Understanding ("Memorandum") is made the 15th day of
December, 2003 between Chinawe.com Inc., whose principal executive office is
situated at c/o Hartman & Craven LLP, 488 Madison Avenue, New York, New York
10022-1987 (the "Company") of the first part, and Charter One Investments
Limited, a corporation incorporated under the laws of the British Virgin Islands
and having its principal address at P.O. Box 957, Offshore Incorporations
Centre, Road Town, Tortola, British Virgin Islands ("Charter") of the second
part.

         WHEREAS, the Company is a corporation listed on the OTCBB of the United
States National Association of Securities Dealers, Inc.;

         WHEREAS, as at the date hereof, the Company has a total of 40,000,000
shares of common stock issued and outstanding, at U.S. $.001 par value ("Common
Stock"); and

         WHEREAS, at the request of the Company, Charter intends to invest
certain sums of money in the Company and has requested the Company to allot to
it certain shares of the Company to which the Company has agreed to do in the
manner hereinafter set forth;

         NOW, THEREFORE, it is agreed as follows:

         1.    Charter hereby agrees, at the request of the Company, to invest
and the Company hereby agrees to accept Charter's investment in an aggregate sum
of HK$1,000,000.00 paid in the following manner:

               (a)     HK$100,000.00 was advanced by Charter to the Company as a
                       loan on or about the 7th day of January, 2003;

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                  (b)    HK$300,000.00 was advanced by Charter to the Company as
                         a loan on or about the 24th day of February, 2003; and

                  (c)    The balance of HK$600,000.00 was advanced by Charter
                         to the Company on or before the 31st day of July, 2003.

         2. (a)   The Company hereby agrees to fully pay for the moneys
               advanced, as described in paragraph 1 hereof, without interest
               thereon, and Charter agrees to accept in full payment and
               satisfaction therefor, a total of 3,800,000 shares of Common
               Stock (the "Shares").

                  (b)    The Company shall be responsible for, in compliance
         with relevant US SEC rules and regulations, all necessary procedures
         to cause the said Shares to be duly and properly issued and allotted
         to Charter.

                  (c)    It is hereby agreed between the parties hereto that the
         sale of said Shares by the Company to Charter shall be subject to SEC
         rules and all other applicable rules and regulations. Accordingly,
         Charter acknowledges that the Shares have not been registered under
         the Securities Act of 1933, as amended, and are being taken for
         investment purposes only, without a view to their sale or
         distribution, except as permitted by applicable United States law. It
         is also agreed that the certificate will bear a restriction to the
         foregoing effect.

                  (d)    Charter agrees that the Company has made no
         representations or warranties to Charter in connection with issuance
         of the Shares and that in making its decision to purchase the Shares,
         Charter is relying solely on the Company's public filings with the
         SEC.

             2.   Each party hereto shall, at the request of the other party
         hereto, at any time and from time to time, promptly execute and
         deliver, or cause to be executed and delivered to such requesting
         party all such further instruments and take all such further actions
         as may be reasonably necessary or appropriate to more effectively
         confirm or

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         carry out the provisions and intents of this Memorandum. In that
         connection, Charter acknowledges that it will have certain filing
         obligations with the SEC in connection with its purchase of the Shares
         and agrees to make such filings.

             3.   This Memorandum is intended to be legally binding and shall be
         governed by and construed in accordance with applicable United States
         law; the parties hereto hereby irrevocably submit to the non-exclusive
         jurisdiction of the Hong Kong Courts as well as the appropriate courts
         of the United States of America.

             IN WITNESS WHEREOF, the hands of the parties hereto the day and
         year first above written.

                                    CHINAWE.COM INC.

                                    By: /s/ Vivian Wai Wa Chu
                                       --------------------------------
                                    Name: Vivian Wai Wa Chu
                                         ------------------------------
                                    Title: Director
                                          -----------------------------

                                    CHARTER ONE INVESTMENTS LIMITED

                                    By: /s/ Edward Chow Mo Yiu
                                       --------------------------------
                                    Name: Edward Chow Mo Yiu
                                         ------------------------------
                                    Title:  Director
                                          -----------------------------

                                       3<PAGE>
                                                                     EXHIBIT 4-E

                                 [TRUSERV LOGO]

                        % PROMISSORY (SUBORDINATED) NOTE
                  ------

FOR VALUE RECEIVED, TRUSERV CORPORATION, a Delaware Corporation (hereinafter
called the "Company") HEREBY PROMISES TO PAY on or before the maturity date
listed below, to the registered owner hereof, the following listed sum, being
the face amount of this note, in lawful money of the United States, at the
principal office of the Company and to pay interest on the principal balance
from time to time remaining unpaid, in like money at said office of the Company,
at the rate of _______ per annum, payable semi-annually on the last day of June
and the last day of December each year.

The Company reserves the right and option of redeeming this note, in whole or in
part, on any interest payment date during the term hereof, upon the making of
such total or partial principal payment together with accrued interest to the
date fixed for redemption. There shall be no premium payable upon such premature
redemption.

It is a condition of this obligation of the Company, and the holder by the
acceptance hereof agrees, that the indebtedness evidenced by and accruing on
this note shall be and at all times remain junior and subordinate in right of
payment to any and all indebtedness of the Company to banking institutions,
institutional lenders, and to trade creditors for merchandise sold and delivered
to the Company and to other indebtedness of the Company as specified by its
Board of Directors (herein called "Superior Indebtedness") whether now
outstanding or hereafter incurred; and to that end (i) in the event of any
distribution, division or application, partial or complete, voluntary or
involuntary, by operation of law or otherwise, of all or any part of the assets
of the Company, or the proceeds thereof, to creditors of the Company or upon any
indebtedness of the Company occurring by reason of liquidation, dissolution or
other winding up of the Company or by reason of any execution sale,
receivership, insolvency or bankruptcy proceedings or other proceedings for the
reorganization or readjustment of the Company or its debts or properties, or
(ii) in the event of and during the continuance of a default in payment of any
principal of or interest or premium on any Superior Indebtedness (under
circumstances when the foregoing clause (i) shall not be applicable), then in
any such events Superior Indebtedness shall be first paid and satisfied in full
before payment or distribution of any kind or character, whether in cash,
property or securities, shall be made on or in respect of principal of or
interest on this note and any payment, dividend or distribution upon or in
respect of this note made in or resulting from any event or proceeding referred
to in the foregoing clause (i) hereof shall be paid over to the holder or
holders of such Superior Indebtedness for the pro rata application on such
Superior Indebtedness until such Superior Indebtedness has been fully paid and
satisfied. Also the holder by acceptance hereof agrees to and with and for the
benefit of the holders of any Superior Indebtedness form time to time
outstanding that he or it will not use the indebtedness evidenced by or accruing
on this note by way of counterclaim, setoff, recoupment or otherwise so as to
diminish, discharge or otherwise satisfy in whole or in part any indebtedness or
liability of the holder hereof to the Company, whether now existing or hereafter
arising.

The Company shall have a LIEN on this note, and a RIGHT OF SETOFF against
amounts which may be or become payable hereunder, for such indebtedness to the
Company or a subsidiary of the Company of the original holder and/or of any
subsequent holder hereof as may form time to time exist. In accordance with the
Company's By Laws, if the company exercises its right of setoff, shall have the
right to discount the note to its then current cash value which shall be the
lesser of the face amount of the note or the yield to maturity of the note as
discounted at a rate per annum equal to the prime rate in effect at the time of
setoff at the Harris Trust and Savings Bank, Chicago, Illinois, plus two
percentage points.

No transfer of this note shall be valid unless made at the office of the Company
by the registered owner in person or by his duly authorized attorney and noted
hereon, and, except in the case of transfer to banks or other lending
institutions or associations, no transfer shall be made to any person other than
one who, on the date of such transfer, is a stockholder of the Company.

IN WITNESS WHEREOF, TRUSERV CORPORATION has caused this note to be executed by
its officers thereunto duly enabled and its corporate seal to be hereunto
affixed the date of issue below.

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REGISTERED OWNER:                  AMOUNT         VOID           DOLLARS                     TRUSERV CORPORATION
                                         ------------------------                       CHICAGO, ILLINOIS 60631-3505
                                             ($            )

                                              REASON ISSUE -         PATRONAGE DIVIDEND
                                                             --------
                                              MATURITY DATE - DECEMBER 31,
                                                                          -----
                                              DATE OF ISSUE - JANUARY 1,
                                                                        -----

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