Document:

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                                                                  EXECUTION COPY

                                                                     Exhibit 4.2

                                  $150,000,000

                            VALMONT INDUSTRIES, INC.

                    6 7/8% SENIOR SUBORDINATED NOTES DUE 2014

                          REGISTRATION RIGHTS AGREEMENT

                                                                  April 29, 2004

Credit Suisse First Boston LLC
As Representative of the Several Initial Purchasers
Eleven Madison Avenue
New York, New York 10010-3629

Dear Sirs:

     Valmont Industries, Inc., a Delaware corporation (the "ISSUER"), proposes
to issue and sell to Credit Suisse First Boston LLC, BNY Capital Markets, Inc.,
Wachovia Capital Markets LLC and Banc of America Securities LLC (collectively,
the "INITIAL PURCHASERS"), upon the terms set forth in a purchase agreement of
even date herewith (the "PURCHASE AGREEMENT"), $150,000,000 aggregate principal
amount of its 6 7/8% Senior Subordinated Notes due 2014 (the "INITIAL
SECURITIES") to be unconditionally guaranteed (the "GUARANTIES") by each of the
Issuer's subsidiaries listed in Schedule A hereto (the "GUARANTORS", and
together with the Issuer, the "COMPANY"). The Initial Securities will be issued
pursuant to an Indenture, dated as of May 4, 2004 (the "INDENTURE"), among the
Issuer, the Guarantors and Wells Fargo Bank, N.A., as trustee (the "TRUSTEE").
As an inducement to the Initial Purchasers to enter into the Purchase Agreement,
the Company agrees with the Initial Purchasers, for the benefit of the holders
of the Initial Securities (including, without limitation, the Initial
Purchasers), the Exchange Securities (as defined below) and the Private Exchange
Securities (as defined below) (collectively the "HOLDERS"), as follows:

     1. REGISTERED EXCHANGE OFFER. The Company shall, at its own cost, prepare
and, not later than 90 days (or if the 90th day is not a business day, the first
business day thereafter) (such 90th day or the first business day thereafter
being a "FILING DEADLINE") after the date of original issue of the Initial
Securities (the "ISSUE DATE"), file with the Securities and Exchange Commission
(the "COMMISSION") a registration statement (the "EXCHANGE OFFER REGISTRATION
STATEMENT") on an appropriate form under the Securities Act of 1933, as amended
(the "SECURITIES ACT"), with respect to a proposed offer (the "REGISTERED
EXCHANGE OFFER") to the Holders of Transfer Restricted Securities (as defined in
Section 6 hereof), who are not prohibited by any law or policy of the Commission
from participating in the Registered Exchange Offer, to issue and deliver to
such Holders, in exchange for the Initial Securities, a like aggregate principal
amount of debt securities (the "EXCHANGE SECURITIES") of the Company issued
under the Indenture and identical in all material respects to the Initial
Securities (except for the transfer restrictions relating to the Initial
Securities and the provisions relating to the matters described in Section 6
hereof) that would be registered under the Securities Act. The Company (i) shall
use its reasonable best efforts to cause such Exchange Offer Registration
Statement to become effective under the Securities Act within 180 days (or if
the 180th day is not a business day, the first business day thereafter) (such
180th day or the first business day thereafter being an "EFFECTIVENESS
DEADLINE") after the Issue Date of the Initial Securities and (ii) shall keep
the Exchange Offer Registration Statement effective for not less than 30 days
(or longer, if required by applicable law) after the date notice of the
Registered Exchange Offer is mailed to the Holders (such period being called the
"EXCHANGE OFFER REGISTRATION PERIOD").

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     If the Company commences the Registered Exchange Offer, the Company (i)
will be entitled to close the Registered Exchange Offer 30 days after such
commencement (provided that the Company has accepted all the Initial Securities
theretofore validly tendered in accordance with the terms of the Registered
Exchange Offer) and (ii) will be required to consummate the Registered Exchange
Offer no later than 40 days after the date on which the Exchange Offer
Registration Statement is declared effective or, if later, the 210th day after
the Issue Date (such 40th or 210th day, as the case may be, being the
"CONSUMMATION DEADLINE").

     Following the declaration of the effectiveness of the Exchange Offer
Registration Statement, the Company shall, as promptly as practicable, commence
the Registered Exchange Offer, it being the objective of such Registered
Exchange Offer to enable each Holder of Transfer Restricted Securities (as
defined in Section 6 hereof) electing to exchange the Initial Securities for
Exchange Securities (assuming that such Holder is not an affiliate of the
Company within the meaning of the Securities Act, acquires the Exchange
Securities in the ordinary course of such Holder's business and has no
arrangements with any person to participate in the distribution of the Exchange
Securities and is not prohibited by any law or policy of the Commission from
participating in the Registered Exchange Offer) to trade such Exchange
Securities from and after their receipt without any limitations or restrictions
under the Securities Act and without material restrictions under the securities
laws of the several states of the United States.

     The Company acknowledges that, pursuant to current interpretations by the
Commission's staff of Section 5 of the Securities Act, in the absence of an
applicable exemption therefrom, (i) each Holder which is a broker-dealer
electing to exchange Securities, acquired for its own account as a result of
market making activities or other trading activities, for Exchange Securities
(an "EXCHANGING DEALER"), is required to deliver a prospectus containing the
information set forth in (a) Annex A hereto on the cover, (b) Annex B hereto in
the "Exchange Offer Procedures" section and the "Purpose of the Exchange Offer"
section, and (c) Annex C hereto in the "Plan of Distribution" section of such
prospectus in connection with a sale of any such Exchange Securities received by
such Exchanging Dealer pursuant to the Registered Exchange Offer and (ii) an
Initial Purchaser that elects to sell Exchange Securities acquired in exchange
for Securities constituting any portion of an unsold allotment is required to
deliver a prospectus containing the information required by Items 507 or 508 of
Regulation S-K under the Securities Act, as applicable, in connection with such
sale.

     The Company shall use its reasonable best efforts to keep the Exchange
Offer Registration Statement effective and to amend and supplement the
prospectus contained therein, in order to permit such prospectus to be lawfully
delivered by all persons subject to the prospectus delivery requirements of the
Securities Act for such period of time as such persons must comply with such
requirements in order to resell the Exchange Securities; provided, however, that
(i) in the case where such prospectus and any amendment or supplement thereto
must be delivered by an Exchanging Dealer or an Initial Purchaser, such period
shall be the lesser of 180 days and the date on which all Exchanging Dealers and
the Initial Purchasers have sold all Exchange Securities held by them (unless
such period is extended pursuant to Section 3(j) below) and (ii) the Company
shall make such prospectus and any amendment or supplement thereto available to
any broker-dealer for use in connection with any resale of any Exchange
Securities for a period of not less than 180 days after the effective date of
the Exchange Offer Registration Statement (or such shorter period during which
such persons are required by applicable law to deliver such prospectus).

     If, upon consummation of the Registered Exchange Offer, any Initial
Purchaser holds Initial Securities acquired by it as part of its initial
distribution, the Company, simultaneously with the delivery of the Exchange
Securities pursuant to the Registered Exchange Offer, shall issue and deliver to
such Initial Purchaser upon the written request of such Initial Purchaser, in
exchange (the "PRIVATE EXCHANGE") for the Initial Securities held by such
Initial Purchaser, a like principal amount of debt securities of the Company
issued under the Indenture and identical in all material respects (including the
existence of restrictions on transfer under the Securities Act and the
securities laws of the several states of the United States, but excluding
provisions relating to the matters described in Section 6 hereof) to the Initial
Securities (the "PRIVATE EXCHANGE SECURITIES"). The Initial Securities, the
Exchange Securities and the Private Exchange Securities are herein collectively
called the "SECURITIES".

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     In connection with the Registered Exchange Offer, the Company shall:

          (a) mail to each Holder a copy of the prospectus forming part of the
     Exchange Offer Registration Statement, together with an appropriate letter
     of transmittal and related documents;

          (b) keep the Registered Exchange Offer open for not less than 30 days
     (or longer, if required by applicable law) after the date notice thereof is
     mailed to the Holders;

          (c) utilize the services of a depositary for the Registered Exchange
     Offer with an address in the Borough of Manhattan, The City of New York,
     which may be the Trustee or an affiliate of the Trustee;

          (d) permit Holders to withdraw tendered Securities at any time prior
     to the close of business, New York time, on the last business day on which
     the Registered Exchange Offer shall remain open; and

          (e) otherwise comply with all applicable laws.

     As soon as practicable after the close of the Registered Exchange Offer or
the Private Exchange, as the case may be, the Company shall:

          (x) accept for exchange all the Securities validly tendered and not
     withdrawn pursuant to the Registered Exchange Offer and the Private
     Exchange;

          (y) deliver to the Trustee for cancellation all the Initial Securities
     so accepted for exchange; and

          (z) cause the Trustee to authenticate and deliver promptly to each
     Holder of the Initial Securities, Exchange Securities or Private Exchange
     Securities, as the case may be, equal in principal amount to the Initial
     Securities of such Holder so accepted for exchange.

     The Indenture will provide that the Exchange Securities will not be subject
to the transfer restrictions set forth in the Indenture and that all the
Securities will vote and consent together on all matters as one class and that
none of the Securities will have the right to vote or consent as a class
separate from one another on any matter.

     Interest on each Exchange Security and Private Exchange Security issued
pursuant to the Registered Exchange Offer and in the Private Exchange will
accrue from the last interest payment date on which interest was paid on the
Initial Securities surrendered in exchange therefor or, if no interest has been
paid on the Initial Securities, from the date of original issue of the Initial
Securities.

     Each Holder participating in the Registered Exchange Offer shall be
required to represent to the Company that at the time of the consummation of the
Registered Exchange Offer (i) any Exchange Securities received by such Holder
will be acquired in the ordinary course of business, (ii) such Holder will have
no arrangements or understanding with any person to participate in the
distribution of the Securities or the Exchange Securities within the meaning of
the Securities Act, (iii) such Holder is not an "affiliate," as defined in Rule
405 of the Securities Act, of the Company or if it is an affiliate, such Holder
will comply with the registration and prospectus delivery requirements of the
Securities Act to the extent applicable, (iv) if such Holder is not a
broker-dealer, that it is not engaged in, and does not intend to engage in, the
distribution of the Exchange Securities and (v) if such Holder is a
broker-dealer, that it will receive Exchange Securities for its own account in
exchange for Initial Securities that were acquired as a result of market-making
activities or other trading activities and that it will be required to
acknowledge that it will deliver a prospectus in connection with any resale of
such Exchange Securities.

     Notwithstanding any other provisions hereof, the Company will ensure that
(i) any Exchange Offer Registration Statement and any amendment thereto and any
prospectus forming part thereof and any supplement thereto complies in all
material respects with the Securities Act and the rules and regulations

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thereunder, (ii) any Exchange Offer Registration Statement and any amendment
thereto does not, when it becomes effective, contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading and (iii) any prospectus
forming part of any Exchange Offer Registration Statement, and any supplement to
such prospectus, does not include an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to
make the statements therein, in the light of the circumstances under which they
were made, not misleading.

     2. SHELF REGISTRATION. If (i) because of any change in law or in applicable
interpretations thereof by the staff of the Commission, the Company is not
permitted to effect a Registered Exchange Offer, as contemplated by Section 1
hereof, (ii) the Registered Exchange Offer is not consummated within 210 days of
the Issue Date, (iii) any Initial Purchaser so requests with respect to the
Initial Securities (or the Private Exchange Securities) not eligible to be
exchanged for Exchange Securities in the Registered Exchange Offer and held by
it following consummation of the Registered Exchange Offer or (iv) any Holder
(other than an Exchanging Dealer) is not eligible to participate in the
Registered Exchange Offer or, in the case of any Holder (other than an
Exchanging Dealer) that participates in the Registered Exchange Offer, such
Holder does not receive freely tradeable Exchange Securities on the date of the
exchange or may not resell the Exchange Securities acquired by it in the
Registered Exchange Offer to the public without delivering a prospectus, and any
such Holder so requests, the Company shall take the following actions (the date
on which any of the conditions described in the foregoing clauses (i) through
(iv) occur, including in the case of clauses (iii) or (iv) the receipt of the
required notice, being a "TRIGGER DATE"):

          (a)  The Company shall, at its cost, as promptly as practicable (but
     in no event more than 30 days after the Trigger Date (such 30th day being a
     "FILING DEADLINE")) file with the Commission and thereafter shall use its
     reasonable best efforts to cause to be declared effective (x) in the case
     of a Shelf Registration Statement filed pursuant to clause (i) of the
     foregoing paragraph, no later than 210 days after the Issue Date and (y) in
     the case of a Shelf Registration Statement filed pursuant to clause (ii),
     (iii) or (iv) of the foregoing paragraph, no later than 60 days after the
     applicable Filing Deadline (such 210th or 60th day, as the case may be,
     being an "EFFECTIVENESS DEADLINE") a registration statement (the "SHELF
     REGISTRATION STATEMENT" and, together with the Exchange Offer Registration
     Statement, a "REGISTRATION STATEMENT") on an appropriate form under the
     Securities Act relating to the offer and sale of the Transfer Restricted
     Securities (as defined in Section 6 hereof) by the Holders thereof from
     time to time in accordance with the methods of distribution set forth in
     the Shelf Registration Statement and Rule 415 under the Securities Act
     (hereinafter, the "SHELF REGISTRATION"); provided, however, that no Holder
     (other than an Initial Purchaser) shall be entitled to have the Securities
     held by it covered by such Shelf Registration Statement unless such Holder
     agrees in writing to be bound by all the provisions of this Agreement
     applicable to such Holder.

          (b)  The Company shall use its reasonable best efforts to keep the
     Shelf Registration Statement continuously effective in order to permit the
     prospectus included therein to be lawfully delivered by the Holders of the
     relevant Securities, for a period of two years (or for such longer period
     if extended pursuant to Section 3(j) below) from the Issue Date or such
     shorter period that will terminate when all the Securities covered by the
     Shelf Registration Statement (i) have been sold pursuant thereto or (ii)
     can be sold pursuant to Rule 144 under the Securities Act without any
     limitations under clauses (c), (e), (f) or (h) thereof. The Company shall
     be deemed not to have used its reasonable best efforts to keep the Shelf
     Registration Statement effective during the requisite period if it
     voluntarily takes any action that would result in Holders of Securities
     covered thereby not being able to offer and sell such Securities during
     that period, unless such action is required by applicable law.

          (c)  Notwithstanding any other provisions of this Agreement to the
     contrary, the Company shall cause the Shelf Registration Statement and the
     related prospectus and any amendment or supplement thereto, as of the
     effective date of the Shelf Registration Statement, amendment or
     supplement, (i) to comply in all material respects with the applicable
     requirements of the Securities

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     Act and the rules and regulations of the Commission and (ii) not to contain
     any untrue statement of a material fact or omit to state a material fact
     required to be stated therein or necessary in order to make the statements
     therein, in light of the circumstances under which they were made, not
     misleading.

     3. REGISTRATION PROCEDURES. In connection with any Shelf Registration
contemplated by Section 2 hereof and, to the extent applicable, any Registered
Exchange Offer contemplated by Section 1 hereof, the following provisions shall
apply:

          (a)  The Company shall (i) furnish to each Initial Purchaser, prior to
     the filing thereof with the Commission, a copy of the Registration
     Statement and each amendment thereof and each supplement, if any, to the
     prospectus included therein and, in the event that an Initial Purchaser
     (with respect to any portion of an unsold allotment from the original
     offering) is participating in the Registered Exchange Offer or the Shelf
     Registration Statement, the Company shall use its reasonable best efforts
     to reflect in each such document, when so filed with the Commission, such
     comments as such Initial Purchaser reasonably may propose; (ii) include the
     information set forth in Annex A hereto on the cover, in Annex B hereto in
     the "Exchange Offer Procedures" section and the "Purpose of the Exchange
     Offer" section and in Annex C hereto in the "Plan of Distribution" section
     of the prospectus forming a part of the Exchange Offer Registration
     Statement and include the information set forth in Annex D hereto in the
     Letter of Transmittal delivered pursuant to the Registered Exchange Offer;
     (iii) if requested by an Initial Purchaser, include the information
     required by Items 507 or 508 of Regulation S-K under the Securities Act, as
     applicable, in the prospectus forming a part of the Exchange Offer
     Registration Statement; (iv) include within the prospectus contained in the
     Exchange Offer Registration Statement a section entitled "Plan of
     Distribution," reasonably acceptable to the Initial Purchasers, which shall
     contain a summary statement of the positions taken or policies made by the
     staff of the Commission with respect to the potential "underwriter" status
     of any broker-dealer that is the beneficial owner (as defined in Rule 13d-3
     under the Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT"))
     of Exchange Securities received by such broker-dealer in the Registered
     Exchange Offer (a "PARTICIPATING BROKER-DEALER"), whether such positions or
     policies have been publicly disseminated by the staff of the Commission or
     such positions or policies, in the reasonable judgment of the Initial
     Purchasers based upon advice of counsel (which may be in-house counsel),
     represent the prevailing views of the staff of the Commission; and (v) in
     the case of a Shelf Registration Statement, include the names of the
     Holders, who propose to sell Securities pursuant to the Shelf Registration
     Statement, as selling securityholders.

          (b)  The Company shall give written notice to the Initial Purchasers,
     the Holders of the Securities and any Participating Broker-Dealer from whom
     the Company has received prior written notice that it will be a
     Participating Broker-Dealer in the Registered Exchange Offer (which notice
     pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction
     to suspend the use of the prospectus until the requisite changes have been
     made):

               (i) when the Registration Statement or any amendment thereto has
          been filed with the Commission and when the Registration Statement or
          any post-effective amendment thereto has become effective;

               (ii) of any request by the Commission for amendments or
          supplements to the Registration Statement or the prospectus included
          therein or for additional information;

               (iii) of the issuance by the Commission of any stop order
          suspending the effectiveness of the Registration Statement or the
          initiation of any proceedings for that purpose;

               (iv) of the receipt by the Company or its legal counsel of any
          notification with respect to the suspension of the qualification of
          the Securities for sale in any jurisdiction or the initiation or
          threatening of any proceeding for such purpose; and

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               (v) of the happening of any event that requires the Company to
          make changes in the Registration Statement or the prospectus in order
          that the Registration Statement or the prospectus do not contain an
          untrue statement of a material fact nor omit to state a material fact
          required to be stated therein or necessary to make the statements
          therein (in the case of the prospectus, in light of the circumstances
          under which they were made) not misleading.

          (c)  The Company shall make every reasonable effort to obtain the
     withdrawal at the earliest possible time, of any order suspending the
     effectiveness of the Registration Statement.

          (d)  The Company shall furnish to each Holder of Securities included
     within the coverage of the Shelf Registration, without charge, at least one
     copy of the Shelf Registration Statement and any post-effective amendment
     thereto, including financial statements and schedules, and, if the Holder
     so requests in writing, all exhibits thereto (including those, if any,
     incorporated by reference).

          (e)  The Company shall deliver to each Exchanging Dealer and each
     Initial Purchaser, and to any other Holder who so requests, without charge,
     at least one copy of the Exchange Offer Registration Statement and any
     post-effective amendment thereto, including financial statements and
     schedules, and, if any Initial Purchaser or any such Holder requests, all
     exhibits thereto (including those incorporated by reference).

          (f)  The Company shall, during the Shelf Registration Period, deliver
     to each Holder of Securities included within the coverage of the Shelf
     Registration, without charge, as many copies of the prospectus (including
     each preliminary prospectus) included in the Shelf Registration Statement
     and any amendment or supplement thereto as such person may reasonably
     request. The Company consents, subject to the provisions of this Agreement,
     to the use of the prospectus or any amendment or supplement thereto by each
     of the selling Holders of the Securities in connection with the offering
     and sale of the Securities covered by the prospectus, or any amendment or
     supplement thereto, included in the Shelf Registration Statement.

          (g)  The Company shall deliver to each Initial Purchaser, any
     Exchanging Dealer, any Participating Broker-Dealer and such other persons
     required to deliver a prospectus following the Registered Exchange Offer,
     without charge, as many copies of the final prospectus included in the
     Exchange Offer Registration Statement and any amendment or supplement
     thereto as such persons may reasonably request. The Company consents,
     subject to the provisions of this Agreement, to the use of the prospectus
     or any amendment or supplement thereto by any Initial Purchaser, if
     necessary, any Participating Broker-Dealer and such other persons required
     to deliver a prospectus following the Registered Exchange Offer in
     connection with the offering and sale of the Exchange Securities covered by
     the prospectus, or any amendment or supplement thereto, included in such
     Exchange Offer Registration Statement.

          (h)  Prior to any public offering of the Securities pursuant to any
     Registration Statement, the Company shall register or qualify or cooperate
     with the Holders of the Securities included therein and their respective
     counsel in connection with the registration or qualification of the
     Securities for offer and sale under the securities or "blue sky" laws of
     such states of the United States as any Holder of the Securities reasonably
     requests in writing and do any and all other acts or things necessary or
     advisable to enable the offer and sale in such jurisdictions of the
     Securities covered by such Registration Statement; provided, however, that
     the Company shall not be required to (i) qualify generally to do business
     in any jurisdiction where it is not then so qualified or (ii) take any
     action which would subject it to general service of process or to taxation
     in any jurisdiction where it is not then so subject.

          (i)  The Company shall cooperate with the Holders of the Securities to
     facilitate the timely preparation and delivery of certificates representing
     the Securities to be sold pursuant to any Registration Statement free of
     any restrictive legends and in such denominations and registered in

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     such names as the Holders may request a reasonable period of time prior to
     sales of the Securities pursuant to such Registration Statement.

          (j)  Upon the occurrence of any event contemplated by paragraphs (ii)
     through (v) of Section 3(b) above during the period for which the Company
     is required to maintain an effective Registration Statement, the Company
     shall promptly prepare and file a post-effective amendment to the
     Registration Statement or a supplement to the related prospectus and any
     other required document so that, as thereafter delivered to Holders of the
     Securities or purchasers of Securities, the prospectus will not contain an
     untrue statement of a material fact or omit to state any material fact
     required to be stated therein or necessary to make the statements therein,
     in light of the circumstances under which they were made, not misleading.
     If the Company notifies the Initial Purchasers, the Holders of the
     Securities and any known Participating Broker-Dealer in accordance with
     paragraphs (ii) through (v) of Section 3(b) above to suspend the use of the
     prospectus until the requisite changes to the prospectus have been made,
     then the Initial Purchasers, the Holders of the Securities and any such
     Participating Broker-Dealers shall suspend use of such prospectus, and the
     period of effectiveness of the Shelf Registration Statement provided for in
     Section 2(b) above and the Exchange Offer Registration Statement provided
     for in Section 1 above shall each be extended by the number of days from
     and including the date of the giving of such notice to and including the
     date when the Initial Purchasers, the Holders of the Securities and any
     known Participating Broker-Dealer shall have received such amended or
     supplemented prospectus pursuant to this Section 3(j).

          (k)  Not later than the effective date of the applicable Registration
     Statement, the Company will provide a CUSIP number for the Initial
     Securities, the Exchange Securities or the Private Exchange Securities, as
     the case may be, and provide the applicable trustee with printed
     certificates for the Initial Securities, the Exchange Securities or the
     Private Exchange Securities, as the case may be, in a form eligible for
     deposit with The Depository Trust Company.

          (l)  The Company will comply with all rules and regulations of the
     Commission to the extent and so long as they are applicable to the
     Registered Exchange Offer or the Shelf Registration and will make generally
     available to its security holders (or otherwise provide in accordance with
     Section 11(a) of the Securities Act) an earnings statement satisfying the
     provisions of Section 11(a) of the Securities Act, no later than 45 days
     after the end of a 12-month period (or 90 days, if such period is a fiscal
     year) beginning with the first month of the Company's first fiscal quarter
     commencing after the effective date of the Registration Statement, which
     statement shall cover such 12-month period.

          (m)  The Company shall cause the Indenture to be qualified under the
     Trust Indenture Act of 1939, as amended, in a timely manner and containing
     such changes, if any, as shall be necessary for such qualification. In the
     event that such qualification would require the appointment of a new
     trustee under the Indenture, the Company shall appoint a new trustee
     thereunder pursuant to the applicable provisions of the Indenture.

          (n)  The Company may require each Holder of Securities to be sold
     pursuant to the Shelf Registration Statement to furnish to the Company such
     information regarding the Holder and the distribution of the Securities as
     the Company may from time to time reasonably require for inclusion in the
     Shelf Registration Statement, and the Company may exclude from such
     registration the Securities of any Holder that unreasonably fails to
     furnish such information within a reasonable time after receiving such
     request.

          (o)  The Company shall enter into such customary agreements
     (including, if requested, an underwriting agreement in customary form) and
     take all such other action, if any, as any Holder of the Securities shall
     reasonably request in order to facilitate the disposition of the Securities
     pursuant to any Shelf Registration.

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          (p)  In the case of any Shelf Registration, the Company shall (i) make
     reasonably available for inspection by the Holders of the Securities, any
     underwriter participating in any disposition pursuant to the Shelf
     Registration Statement and any attorney, accountant or other agent retained
     by the Holders of the Securities or any such underwriter all relevant
     financial and other records, pertinent corporate documents and properties
     of the Company and (ii) cause the Company's officers, directors, employees,
     accountants and auditors to supply all relevant information reasonably
     requested by the Holders of the Securities or any such underwriter,
     attorney, accountant or agent in connection with the Shelf Registration
     Statement, in each case, as shall be reasonably necessary to enable such
     persons, to conduct a reasonable investigation within the meaning of
     Section 11 of the Securities Act; provided, however, that (i) the foregoing
     inspection and information gathering shall be coordinated on behalf of the
     Initial Purchasers by you and on behalf of the other parties, by one
     counsel designated by and on behalf of such other parties as described in
     Section 4 hereof, and (ii) any information that is designated in writing by
     the Company as confidential at the time of delivery of such information
     shall be kept confidential by the Holders or any such underwriter,
     attorney, accountant or other agent, unless such disclosure is made in
     connection with a court proceeding or required by law, or such information
     becomes available to the public generally or through a third party without
     an accompanying obligation of confidentiality.

          (q)  In the case of any Shelf Registration, the Company, if requested
     by any Holder of Securities covered thereby, shall cause (i) its counsel to
     deliver an opinion and updates thereof relating to the Securities in
     customary form addressed to such Holders and the managing underwriters, if
     any, thereof and dated, in the case of the initial opinion, the effective
     date of such Shelf Registration Statement (it being agreed that the matters
     to be covered by such opinion shall include, without limitation, the due
     incorporation and good standing of the Company and its subsidiaries; the
     qualification of the Company and its subsidiaries to transact business as
     foreign corporations; the due authorization, execution and delivery of the
     relevant agreement of the type referred to in Section 3(o) hereof; the due
     authorization, execution, authentication and issuance, and the validity and
     enforceability, of the applicable Securities; to such counsel's knowledge,
     the absence of material legal or governmental proceedings involving the
     Company and its subsidiaries; the absence of governmental approvals
     required to be obtained in connection with the Shelf Registration
     Statement, the offering and sale of the applicable Securities, or any
     agreement of the type referred to in Section 3(o) hereof; the compliance as
     to form of such Shelf Registration Statement and any documents incorporated
     by reference therein and of the Indenture with the requirements of the
     Securities Act and the Trust Indenture Act, respectively; and, as of the
     date of the opinion and as of the effective date of the Shelf Registration
     Statement or most recent post-effective amendment thereto, as the case may
     be, standard statements to the absence from such Shelf Registration
     Statement and the prospectus included therein, as then amended or
     supplemented, and from any documents incorporated by reference therein of
     an untrue statement of a material fact or the omission to state therein a
     material fact required to be stated therein or necessary to make the
     statements therein not misleading (in the case of any such documents, in
     the light of the circumstances existing at the time that such documents
     were filed with the Commission under the Exchange Act)) (it being
     understood that such counsel need express no opinion as to the financial
     statements or other financial data contained in such Shelf Registration
     Statement); (ii) its officers to execute and deliver all customary
     documents and certificates and updates thereof requested by any
     underwriters of the applicable Securities and (iii) its independent public
     accountants and the independent public accountants with respect to any
     other entity for which financial information is provided in the Shelf
     Registration Statement to provide to the selling Holders of the applicable
     Securities and any underwriter therefor a comfort letter in customary form
     and covering matters of the type customarily covered in comfort letters in
     connection with primary underwritten offerings, subject to receipt of
     appropriate documentation as contemplated, and only if permitted, by
     Statement of Auditing Standards No. 72.

          (r)  In the case of the Registered Exchange Offer, if requested by any
     Initial Purchaser or any known Participating Broker-Dealer, the Company
     shall cause (i) its counsel to deliver to such

                                        8
<Page>

     Initial Purchaser or such Participating Broker-Dealer a signed opinion in
     the form set forth in Section 6(c) of the Purchase Agreement with such
     changes as are customary in connection with the preparation of a
     Registration Statement and (ii) its independent public accountants and the
     independent public accountants with respect to any other entity for which
     financial information is provided in the Registration Statement to deliver
     to such Initial Purchaser or such Participating Broker-Dealer a comfort
     letter, in customary form, meeting the requirements as to the substance
     thereof as set forth in Section 6(a) of the Purchase Agreement, with
     appropriate date changes.

          (s)  If a Registered Exchange Offer or a Private Exchange is to be
     consummated, upon delivery of the Initial Securities by Holders to the
     Company (or to such other Person as directed by the Company) in exchange
     for the Exchange Securities or the Private Exchange Securities, as the case
     may be, the Company shall mark, or cause to be marked, on the Initial
     Securities so exchanged that such Initial Securities are being canceled in
     exchange for the Exchange Securities or the Private Exchange Securities, as
     the case may be; in no event shall the Initial Securities be marked as paid
     or otherwise satisfied.

          (t)  The Company will use its reasonable best efforts to (a) if the
     Initial Securities have been rated prior to the initial sale of such
     Initial Securities, confirm such ratings will apply to the Securities
     covered by a Registration Statement, or (b) if the Initial Securities were
     not previously rated, cause the Securities covered by a Registration
     Statement to be rated with the appropriate rating agencies, if so requested
     by Holders of a majority in aggregate principal amount of Securities
     covered by such Registration Statement, or by the managing underwriters, if
     any.

          (u)  In the event that any broker-dealer registered under the Exchange
     Act shall underwrite any Securities or participate as a member of an
     underwriting syndicate or selling group or "assist in the distribution"
     (within the meaning of the Conduct Rules (the "RULES") of the National
     Association of Securities Dealers, Inc. ("NASD")) thereof, whether as a
     Holder of such Securities or as an underwriter, a placement or sales agent
     or a broker or dealer in respect thereof, or otherwise, the Company will
     assist such broker-dealer in complying with the requirements of such Rules,
     including, without limitation, by (i) if such Rules, including Rule 2720,
     shall so require, engaging a "qualified independent underwriter" (as
     defined in Rule 2720) to participate in the preparation of the Registration
     Statement relating to such Securities, to exercise usual standards of due
     diligence in respect thereto and, if any portion of the offering
     contemplated by such Registration Statement is an underwritten offering or
     is made through a placement or sales agent, to recommend the yield of such
     Securities, (ii) indemnifying any such qualified independent underwriter to
     the extent of the indemnification of underwriters provided in Section 5
     hereof and (iii) providing such information to such broker-dealer as may be
     required in order for such broker-dealer to comply with the requirements of
     the Rules.

          (v)  The Company shall use its reasonable best efforts to take all
     other steps necessary to effect the registration of the Securities covered
     by a Registration Statement contemplated hereby.

     4. REGISTRATION EXPENSES. The Company shall bear all fees and expenses
incurred in connection with the performance of its obligations under Sections 1
through 3 hereof (including, to a maximum of $50,000, the reasonable fees and
expenses, if any, of Cravath, Swaine & Moore LLP, counsel for the Initial
Purchasers, incurred in connection with the Registered Exchange Offer), whether
or not the Registered Exchange Offer or a Shelf Registration is filed or becomes
effective, and, in the event of a Shelf Registration, shall bear or reimburse
the Holders of the Securities covered thereby for the reasonable fees and
disbursements of one firm of counsel designated by the Holders of a majority in
principal amount of the Initial Securities covered thereby to act as counsel for
the Holders of the Initial Securities in connection therewith. Except as
expressly provided in the preceding sentence regarding the payment of fees and
disbursements of counsel to the Holders of Securities in connection with a Shelf
Registration, the Company shall not bear any other fees or expenses incurred by
the Holders of Securities in connection with either the Registered Exchange
Offer or any Shelf Registration.

                                        9
<Page>

     5. INDEMNIFICATION. (a) The Company agrees to indemnify and hold harmless
each Holder of the Securities, any Participating Broker-Dealer and each person,
if any, who controls such Holder or such Participating Broker-Dealer within the
meaning of the Securities Act or the Exchange Act (each Holder, any
Participating Broker-Dealer and such controlling persons are referred to
collectively as the "INDEMNIFIED PARTIES") from and against any losses, claims,
damages or liabilities, joint or several, or any actions in respect thereof
(including, but not limited to, any losses, claims, damages, liabilities or
actions relating to purchases and sales of the Securities) to which each
Indemnified Party may become subject under the Securities Act, the Exchange Act
or otherwise, insofar as such losses, claims, damages, liabilities or actions
arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in a Registration Statement or prospectus or in any
amendment or supplement thereto or in any preliminary prospectus relating to a
Shelf Registration, or arise out of, or are based upon, 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, and shall reimburse, as
incurred, the Indemnified Parties for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action in respect thereof; provided, however, that
(i) the Company shall not be liable in any such case to the extent that such
loss, claim, damage or liability arises out of or is based upon any untrue
statement or alleged untrue statement or omission or alleged omission made in a
Registration Statement or prospectus or in any amendment or supplement thereto
or in any preliminary prospectus relating to a Shelf Registration in reliance
upon and in conformity with written information pertaining to such Holder and
furnished to the Company by or on behalf of such Holder specifically for
inclusion therein and (ii) with respect to any untrue statement or omission or
alleged untrue statement or omission made in any preliminary prospectus relating
to a Shelf Registration Statement, the indemnity agreement contained in this
subsection (a) shall not inure to the benefit of any Holder or Participating
Broker-Dealer from whom the person asserting any such losses, claims, damages or
liabilities purchased the Securities concerned, to the extent that a prospectus
relating to such Securities was required to be delivered by such Holder or
Participating Broker-Dealer under the Securities Act in connection with such
purchase and any such loss, claim, damage or liability of such Holder or
Participating Broker-Dealer results from the fact that there was not sent or
given to such person, at or prior to the written confirmation of the sale of
such Securities to such person, a copy of the final prospectus if the Company
had previously furnished copies thereof to such Holder or Participating
Broker-Dealer; provided further, however, that this indemnity agreement will be
in addition to any liability which the Company may otherwise have to such
Indemnified Party. The Company shall also indemnify underwriters, their officers
and directors and each person who controls such underwriters within the meaning
of the Securities Act or the Exchange Act to the same extent as provided above
with respect to the indemnification of the Holders of the Securities if
requested by such Holders.

     (b) Each Holder of the Securities, severally and not jointly, will
indemnify and hold harmless the Company, each of its directors, each of its
officers who signs a Registration Statement and each person, if any, who
controls the Company within the meaning of the Securities Act or the Exchange
Act from and against any losses, claims, damages or liabilities or any actions
in respect thereof, to which the Company or any such controlling person may
become subject under the Securities Act, the Exchange Act or otherwise, insofar
as such losses, claims, damages, liabilities or actions arise out of or are
based upon any untrue statement or alleged untrue statement of a material fact
contained in a Registration Statement or prospectus or in any amendment or
supplement thereto or in any preliminary prospectus relating to a Shelf
Registration, or arise out of or are based upon the omission or alleged omission
to state therein a material fact necessary to make the statements therein not
misleading, but in each case only to the extent that the untrue statement or
omission or alleged untrue statement or omission was made in reliance upon and
in conformity with written information pertaining to such Holder and furnished
to the Company by or on behalf of such Holder specifically for inclusion
therein; and, subject to the limitation set forth immediately preceding this
clause, shall reimburse, as incurred, the Company for any legal or other
expenses reasonably incurred by the Company, each of its directors, each of its
officers who signs a Registration Statement or any such controlling person in
connection with investigating or defending any loss, claim, damage, liability or
action in respect thereof. This indemnity agreement will be in addition to any
liability which such Holder may otherwise have to the Company or any of its
controlling persons.

                                       10
<Page>

     (c) Promptly after receipt by an indemnified party under this Section 5 of
notice of the commencement of any action or proceeding (including a governmental
investigation), such indemnified party will, if a claim in respect thereof is to
be made against the indemnifying party under this Section 5, notify the
indemnifying party of the commencement thereof; but the failure to notify the
indemnifying party shall not relieve the indemnifying party from any liability
that it may have under subsection (a) or (b) above except to the extent that it
has been materially prejudiced (through the forfeiture of substantive rights or
defenses) by such failure; and provided further that the failure to notify the
indemnifying party shall not relieve it from any liability that it may have to
an indemnified party otherwise than under subsection (a) or (b) above. In case
any such action is brought against any indemnified party, and it notifies the
indemnifying party of the commencement thereof, the indemnifying party will be
entitled to participate therein and, to the extent that it may wish, jointly
with any other indemnifying party similarly notified, to assume the defense
thereof, with counsel reasonably satisfactory to such indemnified party (who
shall not, except with the consent of the indemnified party, be counsel to the
indemnifying party), and after notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof the
indemnifying party will not be liable to such indemnified party under this
Section 5 for any legal or other expenses, other than reasonable costs of
investigation, subsequently incurred by such indemnified party in connection
with the defense thereof. No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement of any pending or
threatened action in respect of which any indemnified party is or could have
been a party and indemnity could have been sought hereunder by such indemnified
party unless such settlement (i) includes an unconditional release of such
indemnified party from all liability on any claims that are the subject matter
of such action, and (ii) does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any indemnified party.

     (d) If the indemnification provided for in this Section 5 is unavailable or
insufficient to hold harmless an indemnified party under subsections (a) or (b)
above, then each indemnifying party shall contribute to the amount paid or
payable by such indemnified party as a result of the losses, claims, damages or
liabilities (or actions in respect thereof) referred to in subsection (a) or (b)
above (i) in such proportion as is appropriate to reflect the relative benefits
received by the indemnifying party or parties on the one hand and the
indemnified party on the other from the exchange of the Securities, pursuant to
the Registered Exchange Offer, or (ii) if the allocation provided by the
foregoing clause (i) is not permitted by applicable law, in such proportion as
is appropriate to reflect not only the relative benefits referred to in clause
(i) above but also the relative fault of the indemnifying party or parties on
the one hand and the indemnified party on the other in connection with the
statements or omissions that resulted in such losses, claims, damages or
liabilities (or actions in respect thereof) as well as any other relevant
equitable considerations. The relative fault of the parties shall be determined
by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Company on the one hand or
such Holder or such other indemnified party, as the case may be, on the other,
and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The amount paid by
an indemnified party as a result of the losses, claims, damages or liabilities
referred to in the first sentence of this subsection (d) shall be deemed to
include any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any action or claim which is
the subject of this subsection (d). Notwithstanding any other provision of this
Section 5(d), the Holders of the Securities shall not be required to contribute
any amount in excess of the amount by which the net proceeds received by such
Holders from the sale of the Securities pursuant to a Registration Statement
exceeds the amount of damages which such Holders have otherwise been required to
pay by reason of such untrue or alleged untrue statement or omission or alleged
omission. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation. For purposes
of this paragraph (d), each person, if any, who controls such indemnified party
within the meaning of the Securities Act or the Exchange Act shall have the same
rights to contribution as such indemnified party and each person, if any, who
controls the Company within the meaning of the Securities Act or the Exchange
Act, each officer of the Company who shall have signed a Registration Statement
and each director of the Company, shall have the same rights to contribution as
the Company.

                                       11
<Page>

     (e)  The agreements contained in this Section 5 shall survive the sale of
the Securities pursuant to a Registration Statement and shall remain in full
force and effect, regardless of any termination or cancellation of this
Agreement or any investigation made by or on behalf of any indemnified party.

     6. ADDITIONAL INTEREST UNDER CERTAIN CIRCUMSTANCES. (a) Additional interest
(the "ADDITIONAL INTEREST") with respect to the Initial Securities shall be
assessed as follows if any of the following events occur (each such event in
clauses (i) through (iv) below being herein called a "REGISTRATION DEFAULT"):

               (i) any Registration Statement required by this Agreement is not
          filed with the Commission on or prior to the applicable Filing
          Deadline;

               (ii) any Registration Statement required by this Agreement is not
          declared effective by the Commission on or prior to the applicable
          Effectiveness Deadline;

               (iii) the Registered Exchange Offer has not been consummated on
          or prior to the Consummation Deadline; or

               (iv) any Registration Statement required by this Agreement has
          been declared effective by the Commission but (A) such Registration
          Statement thereafter ceases to be effective or (B) such Registration
          Statement or the related prospectus ceases to be usable in connection
          with resales of Transfer Restricted Securities during the periods
          specified herein because either (1) any event occurs as a result of
          which the related prospectus forming part of such Registration
          Statement would include any untrue statement of a material fact or
          omit to state any material fact necessary to make the statements
          therein in the light of the circumstances under which they were made
          not misleading, or (2) it shall be necessary to amend such
          Registration Statement or supplement the related prospectus, to comply
          with the Securities Act or the Exchange Act or the respective rules
          thereunder.

Each of the foregoing will constitute a Registration Default whatever the reason
for any such event and whether it is voluntary or involuntary or is beyond the
control of the Company or pursuant to operation of law or as a result of any
action or inaction by the Commission.

     Additional Interest shall accrue on the Initial Securities over and above
the interest set forth in the title of the Securities from and including the
date on which any such Registration Default shall occur to but excluding the
date on which all such Registration Defaults have been cured, at a rate of 0.25%
per annum (the "ADDITIONAL INTEREST RATE") for the first 90-day period
immediately following the occurrence of such Registration Default. The
Additional Interest Rate shall increase by an additional 0.25% per annum with
respect to each subsequent 90-day period until all Registration Defaults have
been cured, up to a maximum Additional Interest Rate of 1.0% per annum.

     (b) A Registration Default referred to in Section 6(a)(iv) hereof shall be
deemed not to have occurred and be continuing in relation to a Shelf
Registration Statement or the related prospectus if (i) such Registration
Default has occurred solely as a result of (x) the filing of a post-effective
amendment to such Shelf Registration Statement to incorporate annual audited
financial information with respect to the Company where such post-effective
amendment is not yet effective and needs to be declared effective to permit
Holders to use the related prospectus or (y) other material events, with respect
to the Company that would need to be described in such Shelf Registration
Statement or the related prospectus and (ii) in the case of clause (y), the
Company is proceeding promptly and in good faith to amend or supplement such
Shelf Registration Statement and related prospectus to describe such events;
provided, however, that in any case if such Registration Default occurs for a
continuous period in excess of 30 days, Additional Interest shall be payable in
accordance with the above paragraph from the day such Registration Default
occurs until such Registration Default is cured.

     (c) Any amounts of Additional Interest due pursuant to Section 6(a) above
will be payable in cash on the regular interest payment dates with respect to
the Initial Securities. The amount of Additional Interest will be determined by
multiplying the applicable Additional Interest Rate by the principal amount

                                       12
<Page>

of the Initial Securities, and further multiplied by a fraction, the numerator
of which is the number of days such Additional Interest Rate was applicable
during such period (determined on the basis of a 360-day year comprised of
twelve 30-day months), and the denominator of which is 360.

     (d) "TRANSFER RESTRICTED SECURITIES" means each Security until (i) the date
on which such Security has been exchanged by a person other than a broker-dealer
for a freely transferable Exchange Security in the Registered Exchange Offer,
(ii) following the exchange by a broker-dealer in the Registered Exchange Offer
of an Initial Security for an Exchange Security, the date on which such Exchange
Security is sold to a purchaser who receives from such broker-dealer on or prior
to the date of such sale a copy of the prospectus contained in the Exchange
Offer Registration Statement, (iii) the date on which such Security has been
effectively registered under the Securities Act and disposed of in accordance
with the Shelf Registration Statement or (iv) the date on which such Security is
distributed to the public pursuant to Rule 144 under the Securities Act or is
saleable pursuant to Rule 144(k) under the Securities Act.

     7. RULES 144 AND 144A. The Company shall use its reasonable best efforts to
file the reports required to be filed by it under the Securities Act and the
Exchange Act in a timely manner and, if at any time the Company is not required
to file such reports, it will, upon the request of any Holder of Securities,
make publicly available other information so long as necessary to permit sales
of its securities pursuant to Rules 144 and 144A. The Company covenants that it
will take such further action as any Holder of Securities may reasonably
request, all to the extent required from time to time to enable such Holder to
sell Securities without registration under the Securities Act within the
limitation of the exemptions provided by Rules 144 and 144A (including the
requirements of Rule 144A(d)(4)). The Company will provide a copy of this
Agreement to prospective purchasers of Initial Securities identified to the
Company by the Initial Purchasers upon request. Upon the request of any Holder
of Initial Securities, the Company shall deliver to such Holder a written
statement as to whether it has complied with such requirements. Notwithstanding
the foregoing, nothing in this Section 7 shall be deemed to require the Company
to register any of its securities pursuant to the Exchange Act.

     8. UNDERWRITTEN REGISTRATIONS. If any of the Transfer Restricted Securities
covered by any Shelf Registration are to be sold in an underwritten offering,
the investment banker or investment bankers and manager or managers that will
administer the offering ("MANAGING UNDERWRITERS") will be selected by the
Holders of a majority in aggregate principal amount of such Transfer Restricted
Securities to be included in such offering and shall be reasonably acceptable to
the Company.

     No person may participate in any underwritten registration hereunder unless
such person (i) agrees to sell such person's Transfer Restricted Securities on
the basis reasonably provided in any underwriting arrangements approved by the
persons entitled hereunder to approve such arrangements and (ii) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such
underwriting arrangements.

     9. MISCELLANEOUS.

     (a) AMENDMENTS AND WAIVERS. The provisions of this Agreement may not be
amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, except by the Company and the written
consent of the Holders of a majority in principal amount of the Securities
affected by such amendment, modification, supplement, waiver or consents.
Without the consent of the Holder of each Security adversely effected, however,
no change may be made to the provisions relating to the payment of Additional
Interest.

     (b) NOTICES. All notices and other communications provided for or permitted
hereunder shall be made in writing by hand delivery, first-class mail, facsimile
transmission, or air courier which guarantees overnight delivery:

             (1)     if to a Holder of the Securities, at the most current
 address given by such Holder to the Company.

                                       13
<Page>

             (2)     if to the Initial Purchasers;

                     c/o Credit Suisse First Boston LLC

                     Eleven Madison Avenue

                     New York, NY 10010-3629

                     Fax No.: (212) 325-8278

                     Attention: Transactions Advisory Group

     with a copy to:

                     Cravath, Swaine & Moore LLP

                     Worldwide Plaza

                     825 Eighth Avenue

                     New York, NY 10019

                     Fax No.: (212) 474-3700

                     Attention: William J. Whelan, III

               (3)   if to the Company, at its address as follows:

                     Valmont Industries, Inc.

                     One Valmont Plaza

                     Omaha, NE 68154-5215

                     Fax No: (402) 963-1199

                     Attention: Terry McClain

     with a copy to:

                     McGrath North Mullin & Kratz, PC LLO

                     Suite 3700 First National Tower

                     1601 Dodge Street

                     Omaha, NE 68102

                     Fax No: (402) 341-0216

                     Attention: Dave Hefflinger

     All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; three business
days after being deposited in the mail, postage prepaid, if mailed; when receipt
is acknowledged by recipient's facsimile machine operator, if sent by facsimile
transmission; and on the day delivered, if sent by overnight air courier
guaranteeing next day delivery.

                                       14
<Page>

     (c) NO INCONSISTENT AGREEMENTS. The Company has not, as of the date hereof,
entered into, nor shall it, on or after the date hereof, enter into, any
agreement with respect to its securities that is inconsistent with the rights
granted to the Holders herein or otherwise conflicts with the provisions hereof.

     (d) SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon the
Company and its successors and assigns.

     (e) COUNTERPARTS. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

     (f) HEADINGS. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

     (g) GOVERNING Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES
OF CONFLICTS OF LAWS.

     (h) SEVERABILITY. If any one or more of the provisions contained herein, or
the application thereof in any circumstance, is held invalid, illegal or
unenforceable, the validity, legality and enforceability of any such provision
in every other respect and of the remaining provisions contained herein shall
not be affected or impaired thereby.

     (i) SECURITIES HELD BY THE COMPANY. Whenever the consent or approval of
Holders of a specified percentage of principal amount of Securities is required
hereunder, Securities held by the Company or its affiliates (other than
subsequent Holders of Securities if such subsequent Holders are deemed to be
affiliates solely by reason of their holdings of such Securities) shall not be
counted in determining whether such consent or approval was given by the Holders
of such required percentage.

     (j) THIRD PARTY BENEFICIARIES. The Holders shall be third party
beneficiaries to the agreements made hereunder between the Company, on the one
hand, and the Initial Purchasers, on the other hand, and shall have the right to
enforce such agreements directly to the extent they may deem such enforcement
necessary or advisable to protect their rights or the rights of Holders
hereunder.

                                       15
<Page>

     If the foregoing is in accordance with your understanding of our agreement,
please sign and return to the Issuer a counterpart hereof, whereupon this
instrument, along with all counterparts, will become a binding agreement among
the several Initial Purchasers, the Issuer and the Guarantors in accordance with
its terms.

                               Very truly yours,

                               VALMONT INDUSTRIES, INC.

                               By :    /s/ Terry J. McClain
                                    ---------------------------------------
                                    Name:  Terry J. McClain
                                    Title: Sr. Vice President & Chief Financial
                                             Officer

                               NEWMARK INTERNATIONAL, INC.

                               By :    /s/ Terry J. McClain
                                    ---------------------------------------
                                    Name:  Terry J. McClain
                                    Title: Sr. Vice President & Chief Financial
                                             Officer

                               PIROD, INC.

                               By :    /s/ Terry J. McClain
                                    ---------------------------------------
                                    Name:  Terry J. McClain
                                    Title: Sr. Vice President & Chief Financial
                                             Officer

                               VALMONT COATINGS, INC.

                               By :    /s/ Terry J. McClain
                                    ---------------------------------------
                                    Name:  Terry J. McClain
                                    Title: Sr. Vice President & Chief Financial
                                             Officer

                                       16
<Page>

The foregoing Registration
Rights Agreement is hereby confirmed
and accepted as of the date first
above written.

CREDIT SUISSE FIRST BOSTON LLC
as Representative of the several Initial Purchasers

by: CREDIT SUISSE FIRST BOSTON LLC

       By:    /s/ Peter R. Matt
          ------------------------------------
        Name:  Peter R. Matt
        Title: Managing Director

                                       17
<Page>

                                                                         ANNEX A

     Each broker-dealer that receives Exchange Securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. The Letter
of Transmittal states that by so acknowledging and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act. This Prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer in connection
with resales of Exchange Securities received in exchange for Initial Securities
where such Initial Securities were acquired by such broker-dealer as a result of
market-making activities or other trading activities. The Company has agreed
that, for a period of 180 days after the Expiration Date (as defined herein), it
will make this Prospectus available to any broker-dealer for use in connection
with any such resale. See "Plan of Distribution."

<Page>

                                                                         ANNEX B

     Each broker-dealer that receives Exchange Securities for its own account in
exchange for Initial Securities, where such Initial Securities were acquired by
such broker-dealer as a result of market-making activities or other trading
activities, must acknowledge that it will deliver a prospectus in connection
with any resale of such Exchange Securities. See "Plan of Distribution."

<Page>

                                                                         ANNEX C

                              PLAN OF DISTRIBUTION

     Each broker-dealer that receives Exchange Securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. This
Prospectus, as it may be amended or supplemented from time to time, may be used
by a broker-dealer in connection with resales of Exchange Securities received in
exchange for Initial Securities where such Initial Securities were acquired as a
result of market-making activities or other trading activities. The Company has
agreed that, for a period of 180 days after the Expiration Date, it will make
this prospectus, as amended or supplemented, available to any broker-dealer for
use in connection with any such resale. In addition, until            , 200 ,
all dealers effecting transactions in the Exchange Securities may be required to
deliver a prospectus.(1)

     The Company will not receive any proceeds from any sale of Exchange
Securities by broker-dealers. Exchange Securities received by broker-dealers for
their own account pursuant to the Exchange Offer may be sold from time to time
in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on the Exchange Securities or a
combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated
prices. Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or
concessions from any such broker-dealer or the purchasers of any such Exchange
Securities. Any broker-dealer that resells Exchange Securities that were
received by it for its own account pursuant to the Exchange Offer and any broker
or dealer that participates in a distribution of such Exchange Securities may be
deemed to be an "underwriter" within the meaning of the Securities Act and any
profit on any such resale of Exchange Securities and any commission or
concessions received by any such persons may be deemed to be underwriting
compensation under the Securities Act. The Letter of Transmittal states that, by
acknowledging that it will deliver and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act.

     For a period of 180 days after the Expiration Date the Company will
promptly send additional copies of this Prospectus and any amendment or
supplement to this Prospectus to any broker-dealer that requests such documents
in the Letter of Transmittal. The Company has agreed to pay all expenses
incident to the Exchange Offer (including the expenses of one counsel for the
Holders of the Securities) other than commissions or concessions of any brokers
or dealers and will indemnify the Holders of the Securities (including any
broker-dealers) against certain liabilities, including liabilities under the
Securities Act.

----------
         (1) In addition, the legend required by Item 502(e) of Regulation S-K
will appear on the back cover page of the Exchange Offer prospectus.

<Page>

                                                                         ANNEX D

/ /  CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL
COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.

          Name: ______________________________________________
          Address: ___________________________________________
                ____________________________________________

If the undersigned is not a broker-dealer, the undersigned represents that it is
not engaged in, and does not intend to engage in, a distribution of Exchange
Securities. If the undersigned is a broker-dealer that will receive Exchange
Securities for its own account in exchange for Initial Securities that were
acquired as a result of market-making activities or other trading activities, it
acknowledges that it will deliver a prospectus in connection with any resale of
such Exchange Securities; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an
"underwriter" within the meaning of the Securities Act.

<Page>

                                   SCHEDULE A

<Table>
<Caption>
                                                     State or Country
Name of Subsidiary                                   of Incorporation
--------------------------------------------------------------------------------
<S>                                                  <C>
Newmark International, Inc.                          Delaware
PiRod, Inc.                                          Indiana
Valmont Coatings, Inc.                               Delaware
</Table><Page>

                                                               Exhibit 10.20(ii)

[ABN-AMRO LOGO]

                          ABD AGREEMENT OTC-DERIVATIVES

UNDERSIGNED:
1.   NAVTEQ B.V., established in Best, hereinafter to as 'the Borrower'.

2.   ABN AMRO Bank N.V., having its registered office in Amsterdam, the
     Netherlands, hereinafter referred to as 'ABN AMRO'

HAVE AGREED AS FOLLOWS:

ABN AMRO is prepared, until further notice, to enter into OTC-derivatives with
the Borrower (hereinafter also referred to as "the Client"). However, ABN AMRO
is not obliged to enter into such transactions with the Client ABN AMRO will
assess each transaction separately.

OTHER PROVISIONS
- The enclosed ABN AMRO General Provisions governing Derivatives Transactions
   ("ALGEMENE BEPALINGEN DERIVATENTRANSACTIES MEI 2001") will apply to all
   derivatives transactions between the Client and ABN AMRO. By signing this
   agreement, the Client declares that he has received a copy of said General
   Provisions.
- In section 4.1 of the abovementioned ABN AMRO General Provisions governing
   Derivatives Transactions for "The costs and expenses" can be read "Reasonable
   out-of-pocket costs and expenses"
- In section 7.1 of the abovementioned ABN AMRO General Provisions governing
   Derivatives Transactions "Unless publicly available" can be read in the
   beginning.
- Sections 3.2, 8.2.c, 8.2.h, 8.2.n and 9.1.iv of the abovementioned ABN AMRO
   General Provisions governing Derivatives Transactions are to be excluded.
- In section 8.2 b of the abovementioned ABN AMRO General Provisions governing
   Derivatives Transactions a threshold of USD 5.000.000, -- is applicable.
- In section 8.2 g of the abovementioned ABN AMRO General Provisions governing
   Derivatives Transactions the following is applicable: There is or will be a
   change in control with respect to the activities or the business of NAVTEQ
   B.V. if through the acquisition, directly or indirectly, by a third party,
   of the beneficial ownership of equity securities having the power to elect a
   majority of the board of directors of NAVTEQ B.V. or if such third party
   otherwise acquires, directly or indirectly, the power to control the policy
   making decisions of NAVTEQ B.V.. Such a change shall, in any event, be deemed
   to have occurred if the direct or indirect interest of NAVTEQ Corporation in
   NAVTEQ B.V. would fall below 50% of shareholder's equity. In addition is to
   be read that a merger or demerger has to result, in the opinion of ABN AMRO,
   in a materially financial weaker party. The amending of the articles of
   association is only prohibited if it would materially impact NAVTEQ B.V.'s
   ability to satisfy its obligations hereunder.
- In section 11 of the abovementioned ABN AMRO General Provisions governing
   Derivatives Transactions has to be read "ABN AMRO will give notice to the
   Client of amendments to these General Provisions. The Client will have 30
   days to accept the amendments. Otherwise the present provisions remain in
   place. Notice shall be sent to: Chief Financial Officer, 222 Merchandise
   Mart, Suite 900, Chicago, IL 60654, with a copy to the General Counsel at the
   same address."
- In addition to the abovementioned ABN AMRO General Provisions governing
   Derivatives Transactions the following clauses are in place:
- NAVTEQ B.V., intents to use its excess cash to the extent available to pay
   down the intercompany obligation on a monthly basis with a monthly average of
   at least USD 3.000.000, [ILLEGIBLE] and NAVTEQ B.V. will keep the cross
   currency swap (dated in July 2004) to actual USD-level of the intercompany
   obligation. The monthly average will be calculated on a 6 months rolling
   basis for the first time in January 2005.
- NAVTEQ B.V. will not enter into credit agreements with third parties without
   the consent of ABN AMRO.
- Joint and several liability of NAVTEQ Corporation.
- ABN AMRO also encloses the brochure, "OTC-Derivatives Transactions with THE
   Bank" ("OTC Derivatentransacties met DE Bank"). By signing this agreement,
   the Client declares that he has received a copy of said brochure.

<Page>

[ABN-AMRO LOGO]

Signature:

Eindhoven, 27 July 2004              Best,_________________2004
ABN AMRO Bank N.V.                   NAVTEQ B.V.
Branch: Rogen 2-28

/s/ [ILLEGIBLE]

The undersigned, NAVTEQ Corporation, declares that he assumes joint and several
liability towards ABN AMRO for all sums that NAVTEQ B.V. is now or will at any
time hereafter become due to ABN AMRO under this arrangement.

NAVTEQ Corporation

<Page>

[ABN-AMRO LOGO]

   The English translation is an unofficial translation and is provided to the
                         customer for convenience only.
    The general provisions in the Dutch language shall be binding and prevail
                                in all respects.

         ABN AMRO GENERAL PROVISIONS GOVERNING DERIVATIVES TRANSACTIONS.

1.   SCOPE
These General Provisions shall apply to every OTC transaction between the Client
and ABN AMRO involving an interest rate swap, basis swap, spot currency
transaction, forward currency transaction, interest rate option, interest rate
cap, interest rate floor, forward rate agreement, interest rate collar,
swaption, currency swap, currency option, currency cylinder and similar
transactions. The General Provisions shall also apply to options relating to the
above transactions, combinations of the transactions referred to and other
transactions declared to be subject to these General Provisions.

2.   JOINT AND SEVERAL LIABILITY/SET-OFF
     2.1. If the Client consists of several legal entities or private
          individuals, each of them shall be jointly and severally liable to ABN
          AMRO for all present or future indebtedness of any or all of them to
          ABN AMRO on account of the transactions or on any other account
          whatsoever.

     2.2. If the Client consists of several legal entities or private
          individuals, ABN AMRO shall have the right to set off its indebtedness
          to any or all of them against all indebtedness of any or all of them
          to ABN AMRO on account of the transactions or on any other account
          whatsoever, regardless of the currency in which the indebtedness is
          denominated. Receivables denominated in foreign currency shall be set
          off at the exchange rate on the day this set-off takes place.

3.   SECURITY/NEGATIVE PLEDGE
     3.1. ABN AMRO may require the Client to transfer a credit balance
          (designated as margin) into a separate margin account to be held with
          ABN AMRO as security for the performance of the Client's obligations,
          which credit balance shall be pledged to ABN AMRO. ABN AMRO shall be
          authorised to adjust the level of the margin in order to reflect
          changes in circumstances.

     3.2. As long as the Client owes ABN AMRO any sum on any account whatsoever,
          or may become indebted to ABN AMRO in any way as a result of present
          or future obligations, the Client shall not transfer all or any of its
          assets, except in the normal course of its business, or encumber all
          or any of its assets in favour of a third party without the prior
          consent of ABN AMRO. Nor shall the Client enter into any obligation to
          third parties to transfer or encumber its assets as above.

4.   COSTS AND EXPENSES/TAXES
     4.1. The costs and expenses incurred in connection with the execution of
          the transactions, as well as the costs and expenses incurred by ABN
          AMRO in connection with any failure on the part of the Client to
          perform any obligation, including the costs of proceedings, debt
          collection, legal assistance and experts, regardless of what party
          they are incurred against, shall be borne by the Client and shall be
          paid by the Client on ABN AMRO's first demand.

     4.2. All taxes relating to payments in connection with the transactions
          shall be borne by the Client and shall be paid by the Client on ABN
          AMRO's first demand, except taxes on profit ABN AMRO is now or may at
          any time hereafter become liable to pay. The above shall not apply to
          the extent that ABN AMRO can set these sums off against corporation
          tax, deduct them in calculating taxable profit, make use of a deferred
          tax asset on its balance sheet for the sums, of enforce a right to
          reimbursement.

5.   PAYMENTS, DUE DATES
     5.1. The Client shall make all payments at no cost to ABN AMRO.

     5.2. Payments shall be made into or out of an account held by the Client
          with ABN AMRO in the currency of the transaction. ABN AMRO is hereby
          authorised to debit that account of the Client on the due date. The
          Client shall ensure that the balance on that account is such that the
          amount debited does not exceed the amount available for use.

     5.3. Where the due date for any payment is, in the opinion of ABN AMRO, not
          a business day for the relevant currency, payment shall be made on the
          next business day. If the next business day is in a different calendar
          month, payment shall be made on the last business day before the due
          date.

     5.4. If ABN AMRO has not received any sum due to it on the due date, the
          Client shall be liable to pay daily default interest on that sum from
          the due date, without prejudice to ABN AMRO's other rights.

                                                                               1
<Page>

     5.5. Payments shall be applied as follows: costs and expenses incurred,
          compensation for losses sustained and lost profit, default interest,
          interest, payments due in relation to the transactions and
          compensation in the event of dissolution.

     5.6. Unless agreed otherwise in respect of a specific transaction, the
          actual/actual method shall be used in calculating interest.
          Actual/actual means the actual number of days in the period to which
          the calculation relates, divided by the actual number of days in the
          year.

6.   DEFAULT INTEREST
     6.1. For Euros, ABN AMRO shall apply a default interest rate of 2.5% above
          the Euro Overnight Index Average rate on an annual basis, to be
          determined by ABN AMRO daily at 19.00 hours (Dutch time).

     6.2. For other currencies, ABN AMRO shall apply a default interest rate of
          2.5% above the tom-next (tomorrow next day) offered rate determined by
          ABN AMRO for the relevant currency, to be determined daily at 11.00
          hours (Dutch time), plus the debit interest and costs charged to ABN
          AMRO.

7.   ANNUAL REPORT, INFORMATION
     7.1. The Client shall send ABN AMRO a copy of its annual accounts for the
          past financial year as soon as they are ready and in any event no
          later than six months after the end of that financial year.

     7.2. The Client shall provide ABN AMRO, on first demand and also of its own
          initiative, with all information on its financial position and
          developments in its business which may materially affect its financial
          position.

8.   EVENTS OF DEFAULT
     8.1. If the Client or one of the Client's partners institutes, or has
          instituted against it, a proceeding seeking a judgment of insolvency
          or bankruptcy, is declared bankrupt, proposes an amicable settlement
          or composition with creditors, becomes insolvent and makes a general
          assignment with or for the benefit of creditors (BOEDELAFSTAND), or
          requests a debt restructuring arrangement (SCHULDSANERINGSREGELING),
          all outstanding transactions will be automatically cancelled, without
          prior notice being required, and all the Client's debts on account of
          the transactions, whether or not due or conditional, shall become due
          and payable forthwith and in full prematurely, without any demand or
          default notice being required. The Client shall notify ABN AMRO
          forthwith of the occurrence or expected occurrence of any events
          mentioned above.

     8.2. ABN AMRO may terminate early one or more outstanding transactions
          forthwith and in full and may demand early payment, forthwith and in
          full of any sum due from the Client under any such transactions,
          whether or not due or conditional, without any demand or default
          notice being required:
          a.   if the Client fails to comply with or fulfil, at the time and in
               the manner required, any payment obligation arising under a
               transaction with ABN AMRO.
          b.   if the Client fails to comply with or fulfil, at the time and in
               the manner required, any obligation under any guarantee towards
               third parties or any loan or financing arrangement with ABN AMRO
               or a third party;
          c.   if the Client decides to cease its profession or business, to
               discontinue, sell, let or dispose of the whole or part of the
               Client's business or practice, or the Client is suspended,
               removed or dismissed from the relevant profession, office or
               function; if a licence, permit or registration required in order
               to carry on in the Client's profession or business expires or is
               refused or withdrawn; if in the opinion of ABN AMRO there is a
               material change in the nature of the Client's profession or
               business; if the client decides to move the relevant profession
               or business to another country; if the Client acts in breach of
               any statutory provisions relating to the profession or business;
               if the Client ceases to pursue the present corporate objects set
               out in the articles of association or loses its status as legal
               entity;
          d.   if the partnership agreement (MAATSCHAPS- OF
               VENNOOTSCHAPSCONTRACT) is terminated, or if one or more partners
               join or leave the partnership, or if there is a dissolution or
               winding-up (LIQUIDATE) or a decision or an obvious intention to
               dissolve or wind up;
          e.   if the Client dies, is placed under curatorship or otherwise
               loses legal capacity; if the Client takes up residence abroad, or
               changes the terms of his marriage settlement; if any matrimonial
               regime of property governing the Client is dissolved; if the
               Client's assets are wholly or partly placed under administration
               (BEWIND);
          f.   if all or, in the opinion of ABN AMRO, substantially all the
               Client's assets are taken in execution or attached or an
               attachment is not discharged or lifted within 30 days thereafter,
               or if all or, in the opinion of ABN AMRO, substantially all of
               the Client's property is disposed of, encumbered, expropriated,
               confiscated, lost or damaged;
          g.   if the Client's legal structure is changed, the Client merges or
               associates with one or more third parties, effects a demerger or
               if, in the opinion of ABN AMRO, a significant change (whether or
               not as a consequence of the transfer of shares) has taken place
               in the control of the Client's

                                                                               2
<Page>

               business or practice or if such a change occurs in the
               participating interest - whether direct or indirect - in the
               Client's capital or if the Client's articles of association or
               rules or regulations are, in the opinion of ABN AMRO,
               significantly amended;
          h.   if the Client, without ABN AMRO's prior written consent, releases
               its shareholders from liability to further calls on partly
               paid-up shares, if the Client purchases its own shares, redeems
               its shares or makes a distribution from its reserves, or decides
               or obviously intends to do so;
          i.   if the Client revokes the authorization of ABN AMRO to debit the
               Client's account as at the due dates;
          j.   if all or any of the goods, properties and other assets
               (GOEDEREN) provided to ABN AMRO as security for the Client's
               obligations are lost, destroyed, damaged, altered or decay for
               any reason whatsoever;
          k.   in the case of a mortgage on any registered property; if the
               whole or any part of the mortgaged property is attached,
               expropriated, declared unfit for occupation, listed as a national
               monument, redivided (OPHEMING IN [ILLEGIBLE]), demolished,
               lost or damaged, if a leasehold (ERFPACHTSRECHT), a building
               right (OPSTALRECHT) or a right to use an apartment (GETRU??SRECHT
               VAN HER APPARTEMENT) completely or partially lapses, terminates
               or expires, if the conditions governing a leasehold or a building
               right are altered; the sub-division (SPLITSING) of the mortgaged
               property is terminated or the relevant deed or regulations are
               amended, if the leaseholder or the holder of a building right
               fails to perform or acts in breach of any obligations under the
               conditions governing the leasehold or building right, if the
               owner or occupier of an apartment fails to perform or acts in
               breach of any statutory provisions applying to the right to use
               the apartment or any provision contained in the sub-division deed
               or regulations;
          l.   in the case of a mortgage on a ship; if the whole or any part of
               a mortgaged ship is attached, is classified in a lower category,
               loses or changes its national registration, is requisitioned, is
               the subject matter of abandonment, is missing, laid up, broken
               up, wrecked or damaged;
          m.   if any circumstances mentioned in this article occur in respect
               of a surety, a guarantor; jointly and severally liable debtor or
               any third party who has provided ABN AMRO with security, or if
               such a party fails to perform any obligation in respect of the
               security provided;
          n.   if any circumstances mentioned in this article occur in respect
               of a business or company which is included in the Client's
               consolidated balance sheet or has control of the Client, or if
               such a business or company defaults in the performance of any
               obligation towards ABN AMRO in connection with facilities granted
               by ABN AMRO;
          o.   if the Client has given ABN AMRO incorrect information or has
               withheld information from ABN AMRO which is of significance in
               connection with the conclusion of derivative transactions.
          The Client shall notify ABN AMRO forthwith of the occurrence or
          expected occurrence of any events mentioned above.

9.   COMPENSATION
     9.1. Where payment is demanded, ABN AMRO shall determine the amount
          immediately payable in euros, owed as compensation for losses
          sustained and lost profit. This compensation shall consist of the sum
          of:
(i)      unpaid sums due from the Client in connection with the transactions,
(ii)     the value of the transactions, calculated on the basis of the
         replacement cost of the transactions,
(iii)    funding costs incurred by ABN AMRO, the costs of breaking off or
         replacing the derivatives transactions related to those transactions,
         calculated on the basis of the valuation of the transactions at
         market value,
(iv)     other loss or lost profit suffered by ABN AMRO arising out of the
         transactions;
          regardless of the currency in which the receivables are denominated.

          To the extent that the demand for payment is also the advantage of ABN
          AMRO, ABN AMRO shall take this into account in determining the
          compensation due.

          The compensation does not include costs of proceedings, debt
          collection, legal assistance and experts.

     9.2. ABN AMRO shall send a breakdown of the compensation to the Client
          forthwith. Default interest shall be charged and be due on the
          compensation from the day of the demand until the day of payment in
          full.

10.  CIRCUMSTANCES DISRUPTING THE MARKET
If in the opinion of ABN AMRO there are circumstances disrupting the market, ABN
AMRO shall be entitled to take suitable measures, including terminating a
transaction prematurely. Circumstances disrupting the market shall include at
least the following:
-    the suspension or limitation of trade in the commodity and/or underlying
     value to which the transaction relates;
-    the suspension or limitation of payment transactions in a transaction
     currency;
-    the discontinuation, amendment or correction of a price source, reference
     rate, index or other source referred to in a transaction;
-    changes in the law or measures taken by authorities which are relevant to
     the transactions.

                                                                               3
<Page>

11.  AMENDMENTS
ABN AMRO shall announce any amendments to these General Provisions in at least
three national daily newspapers. Such amendments shall be binding on ABN AMRO
and the Client with effect from the thirtieth day after this publication. The
General Provisions as amended shall be available from ABN AMRO or shall be sent
to the Client on first demand.

12.  APPLICABLE LAW AND JURISDICTION
Dutch law shall apply to the transactions. Disputes between the Client and the
Bank shall be submitted to the competent Dutch court. If the Bank initiates
proceedings, it shall be authorised to submit the case to the foreign court that
is competent in respect of the Client.

13.  GENERAL CONDITIONS
All relations between the Client and ABN AMRO shall be governed by the General
Conditions (ALGEMENE VOORWAARDEN) of ABN AMRO. A copy of the said General
Conditions can be obtained from any ABN AMRO branch in the Netherlands.

                                                                               4

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