<SUBMISSION>
<ACCESSION-NUMBER>0000950172-03-001988
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20030612
<ITEMS>5
<ITEMS>7
<FILING-DATE>20030613
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>WYNN RESORTS LTD
<CIK>0001174922
<ASSIGNED-SIC>7011
<IRS-NUMBER>460484987
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-50028
<FILM-NUMBER>03742812
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>3145 LAS VEGAS BLVD S.
<CITY>LAS VEGAS
<STATE>NV
<ZIP>89109
<PHONE>7027334444
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>3145 LAS VEGAS BLVD S.
<CITY>LAS VEGAS
<STATE>NV
<ZIP>89109
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>los324372.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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     <!-- Control Number: form8k                                                           -->
     <!-- Rev Number:     8k                                                               -->
     <!-- Client Name:    1st Page                                                         -->
     <!-- Project Name:   8k Form Template                                                 -->
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<H1 Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>UNITED STATES<BR>SECURITIES AND
EXCHANGE COMMISSION<Br>Washington, D.C. 20549 </font></h1>

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<H1 Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>FORM 8-K </font></h1>

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<H1 Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>CURRENT REPORT </font></h1>

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<H1 Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>PURSUANT
TO SECTION 13 OR 15(d) OF THE<BR> SECURITIES EXCHANGE ACT OF 1934  </font></h1>
<BR>



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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;<!-- DATE --></B></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date of Report (Date of earliest event reported):&nbsp;<B>June 12, 2003</B></FONT></TD></TR>
</TABLE>
<BR><BR>

<TABLE WIDTH="600" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>&nbsp;<!-- Name of Registrant -->Wynn Resorts, Limited</B></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Exact name of registrant as specified in its charter)</FONT></TD></TR>
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<BR><BR>

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<td Align=CENTER Width=33%><Font Face="Times New Roman, Times, Serif" Size=2><B>&nbsp;<!-- State-->Nevada</B> </font></td>
<td Align=CENTER Width=34%><Font Face="Times New Roman, Times, Serif" Size=2><B>&nbsp;<!-- File No.-->000-50028</B> </font></td>
<td Align=CENTER Width=33%><Font Face="Times New Roman, Times, Serif" Size=2><B>&nbsp;<!-- Irs No.-->46-0484987</B> </font></td>
</tr>
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<td Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>(State or other jurisdiction of<br> incorporation or organization)
</font></td>
<td Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>(Commission<br>File Number) </font></td>
<td Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>( IRS Employer<br> Identification No.) </font></td>
</tr>
</table>
<br><BR>

<TABLE WIDTH="600" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD WIDTH="25" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="375" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;<!-- ADDRESS -->3145 Las Vegas Boulevard South<BR>Las Vegas, Nevada</B></FONT></TD>
     <TD WIDTH="100" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;<!-- ZIP CODE --><BR> 89109</B></FONT></TD>
     <TD WIDTH="75" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="25" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="375" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Address of principal executive offices) </FONT></TD>
     <TD WIDTH="100" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Zip Code)</FONT></TD>
     <TD WIDTH="75" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE>
<BR><BR>

<TABLE WIDTH="600" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;<!-- TELEPHONE NO. -->(702) 733-4444</B></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Registrant's telephone number, including area code)</FONT></TD></TR>
</TABLE>
<BR><BR>


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<!-- MARKER FORMAT-SHEET="Para List Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Item 5</U>. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
         <U> Other Events</U>.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
     June 12, 2003, the Registrant agreed to enter into a strategic business alliance with
          Soci&eacute;t&eacute; des Bains de Mer et du Cercle des Etrangers &agrave;
          Monaco, a soci&eacute;t&eacute; anonyme Monegasque organized under the laws of
          the Principality of Monaco (&#147;SBM&#148;) that provides for, among other
          things, the mutual exchange of management and marketing expertise. In connection
          with the strategic alliance, the Registrant agreed to sell 3,000,000 shares of
          its common stock to SBM in a privately negotiated, all cash transaction for US$15.00
 per share, representing approximately 3.6% of the outstanding shares of
          the Registrant. In return, SBM has agreed, subject to certain exceptions, to
          refrain from transferring its shares of the Registrant&#146;s common stock prior
          to April 1, 2005 and will be entitled to certain registration rights thereafter.
          The consummation of the transaction remains subject to approval by the
          Principality of Monaco, which is expected to happen prior to June 20, 2003.
          There can be no assurance that such approval will be obtained. A copy of the
          press release issued by the Registrant and SBM on June 12, 2003 with respect to
          the transaction is attached to this report as Exhibit 99.1 and is incorporated
          by reference herein. </FONT></P>


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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Item&nbsp;7</U>. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
         <U> Financial Statements, Pro Forma Financial Information and Exhibits</U>.</FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   Exhibits:  </FONT>
</TD>
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     <Td COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit<BR>
<U>Number</U></FONT> </Td>
     <Td COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></Td>
     <Td COLSPAN="2" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Description</U></FONT> </Td>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="LEFT" WIDTH="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT" WIDTH="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="86%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT" WIDTH="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD WIDTH="3%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.1</FONT></TD>
     <TD WIDTH="5%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="86%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purchase Agreement, dated June 12, 2003,
 between Wynn Resorts,<BR> Limited and Soci&eacute;t&eacute; des Bains de Mer et du Cercle des Etrangers &agrave; <BR>Monaco.</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.2</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registration Rights Agreement, dated June 12, 2003,
between <BR>Wynn Resorts, Limited and Soci&eacute;t&eacute; des Bains de Mer et du Cercle <BR>des Etrangers &agrave;  Monaco.</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.1</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Press release, dated June 12, 2003, by Wynn Resorts, Limited and <BR>
Soci&eacute;t&eacute;  des Bains de Mer et du Cercle des Etrangers &agrave; Monaco.</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>




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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.  </FONT></P>

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  <TR VALIGN="BOTTOM">
    <TD WIDTH="36"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; Date:<!-- TYPE "DATE:" HERE--> </FONT></TD>
    <TD WIDTH="235"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;
      June 12, 2003</FONT></TD>
    <TD WIDTH="257"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;<!-- COMPANY --> </FONT></TD>
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    <TD WIDTH="235"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="257"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;<!-- COMPANY --> Wynn Resorts, Limited</FONT></TD>
  </TR>
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<BR>
<BR>
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    <TD WIDTH="38"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="219"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;   </FONT></TD>
    <TD WIDTH="28"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="26"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: </FONT></TD>
    <TD WIDTH="238"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;/s/&nbsp;John  Strzemp </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD>  </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR NOSHADE SIZE="1"> </TD>
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  <TR VALIGN="BOTTOM">
    <TD WIDTH="344"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="214"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">John Strzemp</FONT></TD>
    <TD WIDTH="42"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
  </TR>
 <TR VALIGN="BOTTOM">
    <TD WIDTH="344"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="214"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Executive Vice President and<BR>
Chief Financial Officer </FONT></TD>
    <TD WIDTH="42"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
  </TR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>EXHIBIT INDEX</U> </FONT></P>
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<TR VALIGN=Bottom>
     <Td COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit<BR>
<U>Number</U></FONT> </Td>
     <Td COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></Td>
     <Td COLSPAN="2" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Description</U></FONT> </Td>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD WIDTH="3%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.1</FONT></TD>
     <TD WIDTH="5%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="86%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purchase Agreement, dated June 12, 2003,
 between Wynn Resorts,<BR> Limited and Soci&eacute;t&eacute; des Bains de Mer et du Cercle des Etrangers &agrave; <BR>Monaco.</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.2</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registration Rights Agreement, dated June 12, 2003,
between <BR>Wynn Resorts, Limited and Soci&eacute;t&eacute; des Bains de Mer et du Cercle <BR>des Etrangers &agrave;  Monaco.</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.1</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Press release, dated June 12, 2003, by Wynn Resorts, Limited and <BR>
Soci&eacute;t&eacute;  des Bains de Mer et du Cercle des Etrangers &agrave; Monaco.</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>3
<FILENAME>los321276.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 10.1 </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PURCHASE AGREEMENT </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Purchase Agreement (this &#147;<U>Agreement</U>&#148;), dated as of June 12, 2003, is
entered into by and between Wynn Resorts, Limited, a corporation organized under the laws
of Nevada (together with its successors, the &#147;<U>Company</U>&#148;), and
Soci&eacute;t&eacute; des Bains de Mer et du Cercle des Etrangers &agrave; Monaco, a
soci&eacute;t&eacute; anonyme Monegasque organized under the laws of the Principality of
Monaco (together with its successors, &#147;<U>SBM</U>&#148;). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties hereto agree as follows: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
and Sale</U>. In consideration of and upon the basis of the representations,
warranties and agreements and subject to the terms and conditions set forth in
this Agreement: </FONT></P>
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</TD>
</TR>
</TABLE>
<BR>
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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBM
agrees to purchase from the Company on the Closing Date (as defined below), in
accordance with Section 2 below, 3,000,000 shares (the
&#147;<U>Shares</U>&#148;) of the Company&#146;s common stock, par value $0.01
per share (the &#147;<U>Common Stock</U>&#148;), for an aggregate purchase price
of US$45,000,000. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
closing (the &#147;<U>Closing</U>&#148;) of the sale of the Shares will occur on June
20, 2003 or such other date as the Company and SBM mutually agree (such date,
the &#147;<U>Closing Date</U>&#148;). As used herein, &#147;<U>Business
Day</U>&#148; means any day on which the Common Stock may be traded on the
Nasdaq National Market or, if the Nasdaq National Market is not then the
principal U.S. trading market for the Common Stock, on any day other than a
Saturday, Sunday or holiday on which banks in New York, New York, U.S.A. are
required or permitted to be closed. </FONT></P></TD>
</TR>
</TABLE>
<BR>
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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.
&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing</U>. The Closing
shall take place on the Closing Date in the manner set forth below. The
deliveries specified in this Section 2 shall be deemed to occur simultaneously
as part of a single transaction, and no delivery shall be deemed to have been
made until all such deliveries have been made. </FONT></P>
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</TD>
</TR>
</TABLE>
<BR>
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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
Price</U>. SBM shall cause to be wire transferred to the Company, in accordance
with instructions to be provided by the Company, the aggregate purchase price of
US$45,000,000 in immediately available funds. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Common
Stock Certificates</U>. The Company shall deliver to SBM stock certificates
representing 3,000,000 shares of Common Stock, duly executed by the
Company and duly registered on the books of the Company in the name of SBM
or, as instructed by SBM, any of its Subsidiaries. </FONT></P></TD>
</TR>
</TABLE>
<BR>
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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Representations and Warranties of the Company</U>. The Company hereby represents and
warrants to SBM as follows: </FONT></P>
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</TD>
</TR>
</TABLE>
<BR>
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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Organization</U>.
The Company has been duly incorporated and is validly existing in good standing under the
laws of Nevada. Each of the Company&#146;s Subsidiaries has been duly
organized and is validly existing in good standing under the laws of its
jurisdiction of organization.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Corporate
Authorization; Execution; Validity of Agreement</U>. The execution, delivery and
performance of this Agreement (including the authorization, sale, issuance and
delivery of the Shares) have been duly authorized by all requisite corporate
action and no further corporate consent or authorization of the Company, its
Board of Directors or its stockholders is required. This Agreement has been duly
executed and delivered by the Company and, when this Agreement is duly
authorized, executed and delivered by SBM, will be a valid and binding agreement
enforceable against the Company in accordance with its terms, subject to
bankruptcy, insolvency, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors&#146; rights generally and to
general principles of equity. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Corporate
Authority</U>. The Company has full corporate power and authority necessary to
(i) execute and deliver this Agreement, (ii) perform its obligations hereunder
and (iii) carry on its business as presently conducted and as presently proposed
to be conducted. Each of the Company&#146;s Subsidiaries has full power and
authority necessary to carry on its business as presently conducted and as
presently proposed to be conducted. The Company and its Subsidiaries are duly
qualified to transact business in all jurisdictions in which the conduct of
their business requires such qualification, except for such jurisdictions where
the failure to so qualify would not, individually or in the aggregate,
reasonably be expected to result in any Material Adverse Change. The outstanding
shares of corporate capital stock and limited liability company membership
interests of each of the Company&#146;s Subsidiaries have been duly authorized
and validly issued, the shares of capital stock of such Subsidiaries are fully
paid and non-assessable and, except as described in the Company&#146;s Public
Filings (as defined below), all such interests and shares are owned by the
Company or another Subsidiary of the Company free and clear of all liens,
encumbrances and equities and claims. For the purposes of this Agreement,
&#147;<U>Material Adverse </U><U>Change</U>&#148; means a material adverse
change in the business, properties, assets, operations, condition (financial or
otherwise) or prospects of the Company and its Subsidiaries taken as a whole,
whether or not occurring in the ordinary course of business. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Conflicts</U>. Neither the execution and delivery by the Company of this
Agreement nor the performance by the Company of any of its obligations hereunder
violates, conflicts with, results in a breach of, or constitutes a default (or
an event which with the giving of notice or the lapse of time or both would be
reasonably likely to constitute a default) or creates any rights in respect of
any Person under (A) the Articles of Incorporation, Bylaws or other constitutive
documents of the Company and its Subsidiaries, (B) any decree, judgment, order,
law, treaty, rule, regulation or determination of any court, governmental agency
or body, or arbitrator having jurisdiction over the Company or any of its
Subsidiaries, (C) any rule or regulation of the National Association of
Securities Dealers or the Nasdaq National Market or any rule or regulation of
the markets where the Company&#146;s securities are publicly traded or quoted
applicable to the Company or the transactions contemplated hereby or (D) any
agreement filed by the Company as part of any Public Filing. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reservation
of Common Stock</U>. When issued to SBM against payment therefor, the
Shares will have been duly and validly authorized, duly and validly issued,
fully paid and non-assessable; will be free and clear of any security
interests, liens, claims or other encumbrances; and will not have been
issued or sold in violation of any preemptive or other similar rights of
the holders of any securities of the Company. </FONT></P></TD>
</TR>
</TABLE>
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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Public
Filings</U>. None of the Company&#146;s filings (the &#147;<U>Public
Filings</U>&#148;) with the United States Securities and Exchange Commission
(the &#147;<U>SEC</U>&#148;) under the United States Securities Act of 1933, as
amended (the <U>&#147;Securities Act</U>&#148;), or under Section 14(a) or 15(d)
of the United States Securities Exchange Act of 1934, as amended (the
&#147;<U>Exchange Act</U>&#148;), including the financial statements and
schedules of the Company and results of the Company&#146;s operations and cash
flow contained therein (each an &#147;<U>SEC Filing</U>&#148;), contained any
untrue statement of a material fact or omitted to state any material fact
necessary in order to make the statements, in the light of the circumstances
under which they were made, not misleading. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Material
     Adverse Change</U>. Except as set forth on Schedule 1 hereto, since the date of the
          Company&#146;s most recent SEC Filing, (i) there has not been, and the Company
          is not aware of, any development that is reasonably likely to result in any
          Material Adverse Change and (ii) the Company and its Subsidiaries, taken as a
          whole, have not incurred any material liability or obligation, indirect, direct
          or contingent that was not in the ordinary course of business nor have they
          entered into any material transaction or agreement not in the ordinary course of
          business. </FONT></P></TD>
</TR>
</TABLE>
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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>
Capitalization</U>.
As of the date hereof, the authorized capital stock of the Company consists of
four hundred million (400,000,000) shares of Common Stock, par value $0.01 per
share and forty million (40,000,000) shares of preferred stock, par value $0.01
per share. Immediately prior to the Closing Date, (A) 79,351,957 shares of
Common Stock were issued and outstanding, and 1,290,000 shares of Common Stock
are currently reserved and subject to issuance upon the exercise of outstanding
stock options, warrants or other convertible rights (including 15,000 shares of
Common Stock subject to option grants that have been approved by the
Company&#146;s Board of Directors but not yet granted), (B) no shares of Common
Stock are held in the treasury of the Company, (C) no shares of preferred stock
of the Company are issued and outstanding and (D) up to 7,131,939 additional
shares of Common Stock may be issued under the 2002 Stock Incentive Plan of the
Company. As of the date hereof, except as set forth above and on Schedule 1 hereto, and except for shares
of Common Stock or other securities issued upon conversion, exchange, exercise
or purchase associated with the securities, options, warrants, rights and other
instruments referenced above, no shares of capital stock or other voting
securities of the Company were outstanding, no equity equivalents, interests in
the ownership or earnings of the Company or other similar rights were
outstanding, and there were no existing options, warrants, calls, subscriptions
or other rights or agreements or commitments relating to the capital stock of
the Company or any of its Subsidiaries or obligating the Company or any of its
Subsidiaries to issue, transfer, sell or redeem any shares of capital stock, or
other equity interest in, the Company or any of its Subsidiaries or obligating
the Company or any of its Subsidiaries to grant, extend or enter into any such
option, warrant, call, subscription or other right, agreement or commitment.
</FONT></P></TD>
</TR>
</TABLE>
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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Hart-Scott-Rodino</U>.
(A) In accordance with Rule 802.4 (16 CFR 802.4) of the rules promulgated
under the United States Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended (&#147;HSR&#148;), the Company is an issuer whose assets,
together with those of all entities it controls, consist of assets whose
purchase would be exempt from the reporting requirements of the HSR Act
pursuant to Rule 802.2 and (B) the Company, together with all entities it
controls, does not hold other non-exempt assets with an aggregate fair
market value of more than $50 million. </FONT></P></TD>
</TR>
</TABLE>
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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(j) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acknowledgement</U>.
The Company acknowledges that this Agreement is made by SBM with the Company in reliance
upon the representations, warranties and covenants of the Company contained in this
Agreement, including with respect to the Strategic Alliance set forth in Section 5.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Regulation&nbsp;S</U>. The Company has not engaged, nor does it have actual knowledge that
any party has engaged in any directed selling efforts (as such term is
defined in Regulation S under the Securities Act) in the United States
               with respect to the Shares.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of SBM</U>. SBM hereby represents and warrants to the
Company:  </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Organization</U>.
SBM has been duly organized and is validly existing in good standing as a
soci&eacute;t&eacute; anonyme Monegasque under the laws of the Principality of
Monaco. Each of SBM&#146;s Subsidiaries has been duly organized and is validly
existing in good standing under the laws of its jurisdiction of organization.
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Corporate
Authorization; Validity of Agreement</U>. The execution, delivery and
performance of this Agreement by SBM have been duly authorized by all requisite
corporate action and no further corporate consent or authorization of SBM, its
Board of Directors or its shareholders is required. This Agreement has been duly
executed and delivered by SBM and, when duly authorized, executed and delivered
by the Company, will be a valid and binding agreement enforceable against SBM in
accordance with its terms, subject to bankruptcy, insolvency, reorganization,
moratorium and similar laws of general applicability relating to or affecting
creditors&#146; rights generally and to general principles of equity.
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Conflicts</U>. Neither the execution and delivery by SBM of this Agreement nor the
performance by SBM of any of its obligations hereunder violates, conflicts with, results
in a breach of, or constitutes a default (or an event which with the giving of notice or
the lapse of time or both would be reasonably likely to constitute a default) or creates
any rights in respect of any Person under (A) the constitutive documents of SBM and its
Subsidiaries, (B) any decree, judgment, order, law, treaty, rule, regulation or
determination of any court, governmental agency or body, or arbitrator having jurisdiction
over SBM or any of its Subsidiaries, (C) any rule or regulation of the Paris Stock
Exchange or any rule or regulation of the markets where SBM&#146;s securities are publicly
traded or quoted applicable to SBM or the transactions contemplated hereby or (D) any of
SBM&#146;s material agreements except, as to clauses (B) and (D), with respect to the
exclusive concession granted by the Principality of Monaco to the Company with respect to
its activities, which require the approval referred to in Section 7(c) of this Agreement.
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Regulation
S</U>. SBM: (i) (A)&nbsp;is domiciled and has its principal place of business
outside the United States; (B)&nbsp;certifies it is not a U.S. person and is not
acquiring the Shares for the account or benefit of any U.S. person; and
(C)&nbsp;at the time of the invitation to purchase the Shares, the execution of
this Agreement and the Closing, SBM or persons acting on SBM&#146;s behalf in
connection therewith were located or, in the case of the Closing, will be
located, outside the United States; (ii) is not a &#147;distributor&#148; (as
defined in Regulation S under the Securities Act) or a &#147;dealer&#148; (as
defined in the Securities Act); and (iii) has not engaged, nor does it have
actual knowledge that any party has engaged, and SBM will not engage or cause
any third party to engage, in any directed selling efforts (as such term is
defined in Regulation S under the Securities Act) in the United States with
respect to the Shares. As used herein, &#147;<U>United States</U>&#148; and
&#147;<U>U.S. person</U>&#148; have the meanings given to them by Rule 902 of
Regulation S under the Securities Act. </FONT></P></TD>
</TR>
</TABLE>
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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Law</U>. SBM is in compliance with applicable laws, including (i)&nbsp;the
legal requirements within its jurisdiction for the purchase of such Shares,
(ii)&nbsp;any foreign exchange restrictions applicable to such purchase,
(iii)&nbsp;any governmental or other consents that may need to be obtained
(subject to obtaining the approval of the Government of Monaco as to the
transactions contemplated by this Agreement) and (iv)&nbsp;the income tax and
other tax consequences, if any, that may be relevant to the purchase, holding,
redemption, sale or transfer of such Shares. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reg
S Acknowledgements</U>. SBM has been advised and acknowledges that (i) the
Shares have not been, and when issued, will not be registered under the
Securities Act, the securities laws of any state of the United States or the
securities laws of any other country; (ii) it is a condition to the availability
of the Regulation S &#147;safe harbor&#148; that the Shares not be offered or
sold in the United States or to a U.S. person until the expiration of a period
of one year following the Closing Date; (iii) notwithstanding the foregoing,
prior to the expiration of one year after the Closing Date (the
&#147;<U>Restricted Period</U>&#148;), the Shares may be offered and sold by the
holder thereof only if such offer and sale is made in compliance with the terms
of this Agreement and either: (A) if the offer or sale is within the United
States or to or for the account of a U.S. person, the Shares are offered and
sold pursuant to an effective registration statement or pursuant to Rule 144
under the Securities Act or pursuant to an exemption from the registration
requirements of the Securities Act; or (B) the offer and sale is outside the
United States and to other than a U.S. person; (iv) the Company shall make a
notation in its stock books regarding the restrictions on transfer set forth in
this Section&nbsp;and shall transfer such Shares on the books of the Company
only to the extent consistent therewith; and (v) the Company shall refuse to
register any transfer of the Shares not made in accordance with the provisions
of Regulation S, pursuant to registration under the Securities Act or pursuant
to an available exemption from registration. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment
Purpose</U>. SBM is purchasing the Shares for its own account for investment
only and not with a view to, or for resale in connection with, the public sale
or distribution thereof, except pursuant to sales registered under the
Securities Act or an exemption therefrom. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Gaming
Approvals</U>. Based on the advice of legal counsel licensed in Nevada, SBM
reasonably believes that, to the extent that the Nevada Gaming Commission
considers whether SBM is a suitable person to beneficially own or control
(directly or indirectly) shares of Common Stock, SBM will be determined to be a
suitable person for these purposes. SBM is aware of the provisions of Article
VII of the Company&#146;s Articles of Incorporation relating to Compliance with
Gaming Laws. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Share
Ownership</U>. Now and immediately prior to the Closing Date, SBM does not and
will not beneficially own (as defined in Rule 13d-3 promulgated under the
Exchange Act) any shares of Common Stock, including all options, warrants or
other rights convertible into Common Stock. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acknowledgement</U>.
SBM acknowledges that this Agreement is made by the Company with SBM in reliance
upon the representations, warranties and covenants of SBM contained in this
Agreement, including with respect to the Strategic Alliance set forth in Section 5. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Strategic Alliance</U>. The Company and SBM agree that they will conduct and maintain a
strategic relationship on the terms provided in the Strategic Alliance Term
Sheet attached as Exhibit A hereto. The arrangements will be terminable at the
option of either party by 90 days&#146; written notice given on or after April
1, 2010 or in the event that the Company has not opened Le R&ecirc;ve for hotel and gaming operations on or
before April 1, 2007, SBM shall have the right to terminate the arrangements
upon 90 days&#146; written notice. The Company and SBM agree to cooperate in
good faith with each other to structure any arrangements contemplated by the
Strategic Alliance Term Sheet or otherwise undertaken pursuant to the strategic
relationship in a manner to mitigate or optimize any United States federal,
state, local, or non-United States taxes that may be imposed on the parties as a
result of such arrangements or undertakings. As part of the strategic
relationship, (a) the Company covenants and agrees with SBM that for so long as
the strategic relationship exists, it will not enter into any marketing
arrangements or other arrangements or understandings of the nature contemplated
by the Strategic Alliance Term Sheet with (i) any other entity with significant
gaming operations in France, Italy, Monaco or Switzerland or (ii) respect to any
significant hotel or resort operations located in France, Italy, Monaco or
Switzerland and (b) SBM covenants and agrees with the Company that for so long
as the strategic relationship exists, it will not enter into any marketing
arrangements or other arrangements or understandings of the nature contemplated
by the Strategic Alliance Term Sheet with (i) any other entity with significant
gaming operations in Nevada or (ii) respect to any significant hotel or resort
operations located in Nevada. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants
of the Company</U>. The Company covenants and agrees with SBM that (i) for so
long as SBM owns the Shares, the Company will use its reasonable best efforts to
maintain the eligibility of the Common Stock for listing on the Nasdaq National
Market or another U.S. national securities exchange (as defined in the Exchange
Act); (ii) the Company will make all filings required by law to be made by it
with respect to the transactions contemplated hereby; and (iii) the Company and
SBM shall, within one Business Day after (A) the date hereof, publicly
distribute a joint press release acceptable to the Company and SBM disclosing
the material terms of this Agreement, and (B) the Closing Date, publicly
distribute a joint press release to the Company and SBM disclosing the
consummation of this Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants
of SBM</U>.  </FONT></P>
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</TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ownership
of Shares</U>. SBM covenants and agrees with the Company that, prior to April 1,
2005, without the prior written consent of the Company: (i) neither SBM, nor any
of its affiliates, will acquire or agree, offer, seek or propose to acquire, or
cause to be acquired, ownership (including, but not limited to, beneficial
ownership within the meaning of Rule 13d-3 promulgated pursuant to the Exchange
Act) of four percent (4%) or more of the Company&#146;s outstanding Common Stock
(calculated to include the Shares purchased hereunder and calculated to include
as &#147;outstanding,&#148; any employee stock options with an exercise price
per share greater than the closing sale price per share on such calculation date
as reported by the Nasdaq National Market or the principal United States
securities exchange on which the Common Stock is then traded) or any rights or
options to acquire any such ownership (including from a third party); and (ii)
SBM will not directly or indirectly transfer, sell, convey, encumber, assign or
otherwise dispose of, voluntarily or involuntarily or by reason of merger or
similar transaction (collectively, &#147;<U>transfer</U>&#148;), any of its
interests in the Shares, except in either case as specifically contemplated by
this Agreement; <U>provided</U>, that SBM may transfer any of its interests in
the Shares (x) upon the occurrence of a Change of Control and (y) to one of its
wholly-owned Subsidiaries if (A) such transfer is in accordance with Section
4(f) of this Agreement, (B) the transferee agrees to become bound by the terms
of this Agreement as if it were SBM and (C) upon any event pursuant to which the
transferee is no longer a wholly-owned Subsidiary of SBM, the interests in the
Shares are transferred back to SBM. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cooperation</U>.
For so long as it owns any Shares, SBM will use its best efforts to cooperate
with the Company&#146;s efforts in connection with applying for and maintaining
its right to the use any application for, receipt of approval for, right to the
use of, or entitlement to, any license, permit, approval, authorization,
registration, finding of suitability, franchise, concession or entitlement (a
&#147;<U>Gaming License</U>&#148;) issued by any governmental licensing agency
with authority over gaming and gambling activities or the operation of a casino
or other similar enterprise in any jurisdiction in which such activities are
lawfully conducted (a &#147;<U>Gaming </U>Authority&#148;), including providing
documentation to and effecting filings with Gaming Authorities. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Approvals</U>.
SBM will use its best efforts to promptly obtain the approval of the Government
of Monaco of the transactions contemplated by this Agreement. </FONT></P></TD>
</TR>
</TABLE>
<BR>
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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
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<P><FONT FACE="Times New Roman, Times, Serif"
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legend</U>.
SBM understands that the certificates or other instruments representing the
Shares shall bear a restrictive legend composed of exactly the following words
capitalized below: </FONT></P>
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</TD>
</TR>
</TABLE>
<BR>
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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=16%>&nbsp;</TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
BY
ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER (1) REPRESENTS THAT
(A) IT IS A &#147;QUALIFIED INSTITUTIONAL BUYER&#148; (A &#147;QIB&#148;) AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;),
OR (B) IF IT IS NOT A U.S. PERSON, IS NOT ACQUIRING THIS CERTIFICATE FOR THE ACCOUNT OR
BENEFIT OF A U.S. PERSON AND IS ACQUIRING THIS CERTIFICATE IN AN OFFSHORE TRANSACTION IN
COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT, WITHIN
THE TIME PERIOD REFERRED TO UNDER RULE 144(K) UNDER THE SECURITIES ACT, RESELL OR
OTHERWISE TRANSFER THIS CERTIFICATE EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF,
(B) TO A PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QIB IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT,
(C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER
THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION PROVIDED BY RULE 144 UNDER THE
SECURITIES ACT OR IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT, OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. </FONT></TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN=TOP>
<TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Note</U>:
The paragraph set forth above shall be removed from the legend and the Company shall issue
a certificate without such legend to SBM if, unless otherwise required by state securities
laws, such shares are sold pursuant to an effective registration statement under the
Securities Act, Rule 144 or another applicable exemption from registration. </FONT></P>
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</TR>
</TABLE>
<BR>
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<TR VALIGN=TOP>
<TD WIDTH=16%>&nbsp;</TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS OF A
PURCHASE AGREEMENT DATED AS OF JUNE , 2003, WHICH PLACES CERTAIN RESTRICTIONS ON THE
TRANSFER OF THE SHARES REPRESENTED HEREBY. ANY PERSON ACCEPTING ANY INTEREST IN SUCH
SHARES SHALL BE DEEMED TO HAVE AGREED TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF
SUCH PURCHASE AGREEMENT. A COPY OF SUCH PURCHASE AGREEMENT WILL BE FURNISHED TO THE RECORD
HOLDER OF THIS CERTIFICATE WITHOUT CHARGE UPON WRITTEN REQUEST TO THE COMPANY AT ITS
PRINCIPAL PLACE OF BUSINESS. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Note</U>:
The paragraph set forth above shall be removed from the legend and the Company shall issue
a certificate without such legend to SBM if the restrictions on transfer by SBM under
Section 7(a)(ii) of the Agreement are no longer applicable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, additional language may be added at any time to the legend to the extent the
Company is advised by counsel it is necessary or advisable in connection with any
requirements relating to a Gaming License or Gaming Authority. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
transfer or sale of any Shares in violation of this Agreement shall be null and void <U>ab
initio</U>, and SBM acknowledges that the Company may not register, recognize or give
effect to, and may place a stop transfer order against, any such transfer or sale, nor
shall the desired transferee acquire any rights in such Shares for any purpose. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
Precedent to SBM&#146;s Obligations</U>. The obligations of SBM hereunder are
subject to the performance by the Company of its obligations hereunder and to
the satisfaction of the following additional conditions precedent, unless
expressly waived in writing by SBM: (i) the representations and warranties made
by the Company in this Agreement shall be true and correct on and as of the
Closing Date, except those representations and warranties which address matters
only as of a particular date, which shall be true and correct as of such date;
(ii) the Company shall have complied fully with all of the covenants and
agreements in this Agreement; (iii) on the Closing Date, the Shares shall be
duly listed and admitted for trading on the Nasdaq National Market, subject to
notice of issuance; (iv) on the Closing Date, the Company shall have executed
and delivered to SBM a<B></B> registration rights agreement attached as Exhibit
B hereto (the &#147;<U>Registration Rights Agreement</U>&#148;), dated as
of the Closing Date, between the Company and SBM; (v) obtaining the approval of
the Government of Monaco as to the transactions contemplated hereby; and (vi)
each approval, consent, order, authorization, designation, declaration or filing
by or with any regulatory, administrative or other governmental body necessary
in connection with the execution and delivery by the Company of this Agreement,
and the consummation of the transactions contemplated hereby, shall have been
obtained or made and shall be in full force and effect. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
Precedent to the Company&#146;s Obligations</U>. The obligations of the Company
hereunder are subject to the performance by SBM of its obligations hereunder and
to the satisfaction of the following additional conditions precedent, unless
expressly waived in writing by the Company: (i) the representations and
warranties made by SBM in this Agreement shall be true and correct on and as of
the Closing Date; (ii) SBM shall have complied fully with all the covenants and
agreements in this Agreement; (iii) on the Closing Date, SBM shall have executed
and delivered to the Company the Registration Rights Agreement, dated as of the
Closing Date, between the Company and SBM; and (vi) each approval, consent,
order, authorization, designation, declaration or filing by or with any
regulatory, administrative or other governmental body necessary in connection
with the execution and delivery by SBM of this Agreement, and the consummation
of the transactions contemplated hereby, shall have been obtained or made and
shall be in full force and effect. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fees
and Expenses</U>. Each of SBM and the Company agrees to pay its own expenses incident to
the performance of its obligations hereunder, including, but not limited to the fees,
expenses and disbursements of such party&#146;s counsel, except as is otherwise expressly
provided in this Agreement. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival of Representations, Warranties, etc</U>. The
respective representations, warranties, and agreements made herein by or on behalf of the
parties hereto shall remain in full force and effect, regardless of any investigation
made by or on behalf of the other party to this Agreement or any officer, director or
employee of, or Person controlling or under common control with, such party and will
survive delivery of and payment for the Shares issuable hereunder.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  13. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
All communications hereunder shall be in writing and delivered as set forth below. </font></p>


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</TD>
</TR>
</TABLE>
<BR>
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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif"
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If sent to SBM, all communications will be deemed delivered: if delivered by hand, on the day
received by SBM; if sent by overnight courier, on the next Business Day; and if
transmitted by facsimile to SBM, on the date transmitted (provided such facsimile is
later confirmed), in each case to the following address (unless otherwise notified in
writing of a substitute address):  </FONT></P></TD>
</TR>
</TABLE>



<BR>
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    <TD WIDTH="30"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;  </FONT></TD>
    <TD WIDTH="150"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="400"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;Soci&eacute;t&eacute; des Bains de Mer et du Cercle des Etrangers &agrave; Monaco </FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="30"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;  </FONT></TD>
    <TD WIDTH="150"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="400"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;Place du Casino </FONT></TD>
  </TR>
 <TR VALIGN="BOTTOM">
    <TD WIDTH="30"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;  </FONT></TD>
    <TD WIDTH="150"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="400"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;Monte Carlo </FONT></TD>
  </TR>
<TR VALIGN="BOTTOM">
    <TD WIDTH="30"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;  </FONT></TD>
    <TD WIDTH="150"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="400"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;98000 Principality of Monaco </FONT></TD>
  </TR>
<TR VALIGN="BOTTOM">
    <TD WIDTH="30"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;  </FONT></TD>
    <TD WIDTH="150"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="400"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;Attention:&nbsp;Directeur G&eacute;n&eacute;ral </FONT></TD>
  </TR>
<TR VALIGN="BOTTOM">
    <TD WIDTH="30"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;  </FONT></TD>
    <TD WIDTH="150"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="400"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;Telephone: +377 92 16 22 17</FONT></TD>
  </TR>
<TR VALIGN="BOTTOM">
    <TD WIDTH="30"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;  </FONT></TD>
    <TD WIDTH="150"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="400"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;Facsimile: + 377 92 16 38 60</FONT></TD>
  </TR>
</TABLE>
<BR>

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  <TR VALIGN="BOTTOM">
    <TD WIDTH="30"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;  </FONT></TD>
    <TD WIDTH="150"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="400"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
with a copy to (which copy shall not constitute notice):</FONT></TD></TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Company Right" FSL="Project" -->
<TABLE WIDTH="600" BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="BOTTOM">
    <TD WIDTH="30"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
    <TD WIDTH="150"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="400"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Bredin Prat <BR>
130 rue du Faubourg Saint-Honor&eacute;<BR> 75008 Paris, France <BR>
Attention: Jean-Fran&ccedil;ois Prat / Douglas Keane <BR>Telephone: +33-1-44 35 35 35
<BR> Facsimile: +33-1-42 89 10 73
 </FONT></TD></TR>
</TABLE>
<BR>



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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
sent to the Company, all communications will be deemed delivered: if delivered
by hand, on the day received by the Company; if sent by overnight courier, on
the next Business Day; and if transmitted by facsimile to the Company, on the
date transmitted (provided such facsimile is later confirmed), in each case to
the following address (unless otherwise notified in writing of a substitute
address): </FONT></P></TD>
</TR>
</TABLE>

<BR>
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<TABLE WIDTH="600" BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="BOTTOM">
    <TD WIDTH="30"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
    <TD WIDTH="150"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="400"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">   Wynn Resorts, Limited <BR>
3145 Las Vegas Blvd. South <BR> Las Vegas, Nevada 89109<BR> Attention: Legal
Department<BR> Telephone: (702) 733-4556<BR> Facsimile: (702) 733-4596
 </FONT></TD></TR>
</TABLE>
<BR>


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    <TD WIDTH="30"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;  </FONT></TD>
    <TD WIDTH="150"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="400"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
with a copy to (which copy shall not constitute notice):</FONT></TD></TR>
</TABLE>
<BR>


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<TABLE WIDTH="600" BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="BOTTOM">
    <TD WIDTH="30"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;  </FONT></TD>
    <TD WIDTH="150"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="400"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Skadden, Arps, Slate, Meagher &amp; Flom LLP <BR>
300 South Grand Avenue, 34<SUP>th</SUP> Floor<BR>
 Los Angeles, California 90071 <BR>Attention: Jerome L. Coben <BR>Telephone: (213) 687-5010 <BR>
Facsimile: (213) 687-5600  </FONT></TD></TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
14. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality</U>.
Prior to the Closing, the parties agree to keep the terms and conditions of this
Agreement strictly confidential except as may be required by law or by any
listing agreement with a national securities exchange or trading market or as
otherwise provided by this Agreement; <U>provided</U> that (i) SBM may disclose
the terms and conditions of this Agreement to the Government of Monaco in
connection with obtaining its approval of the transactions contemplated by this
Agreement and (ii) the parties will issue a joint press release
as provided in Section 6 of this Agreement. Notwithstanding anything to the
contrary herein, any party (including employees, representatives and agents
thereof) may disclose the tax treatment and tax structure of the transactions
contemplated by this Agreement; <U>provided</U>, <U>however</U>, that no party
(including any employees, representatives and agents thereof) may disclose any
information that is not necessary to understand the tax treatment and tax
structure of the transactions contemplated by this Agreement (including the
identity of the parties and any information that could lead another to determine
the identity of the parities), or any information to the extent that such
disclosure could result in a violation of any federal or state securities law.
In addition, subject to the terms of this Agreement, each of the Confidentiality
Agreements by and between the parties hereto dated as of the date hereof (the
&#147;<U>Confidentiality Agreements</U>&#148;) shall remain in full force and
effect and shall survive termination of this Agreement, except with respect to
Section 4 of the Confidentiality Agreement which shall survive termination of
this Agreement but shall not survive the Closing. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Termination</U> </FONT></P>
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</TD>
</TR>
</TABLE>
<BR>
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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement and the transactions contemplated herein shall be automatically
terminated if on or before June 20, 2003, the approval of the Government of
Monaco as contemplated by Section 7(c) has been finally denied and may also be
terminated at any time prior to the Closing: </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
the mutual written consent of the Company and SBM; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
the Company by written notice to SBM if the approval from the Government of
               Monaco necessary in connection with the consummation of the transactions
               contemplated by this Agreement has not been obtained on or before June 20,
2003.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination
of this Agreement pursuant to Section 15(a) above, shall terminate all
obligations of the parties hereunder and this Agreement shall become void and
have no effect without liability on the part of any party, except (i)&nbsp;that
nothing contained herein shall relieve any party hereto from liability for
willful breach of its representations, warranties, covenants or agreements
contained in this Agreement and (ii)&nbsp;Sections 11, 13, 14, 15(b) and 16
shall survive and continue in full force and effect. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Miscellaneous</U>.  </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties may execute and deliver this Agreement as a single document or in any
number of counterparts, manually, by facsimile or by other electronic means.
Each counterpart shall be an original, but a single document or all counterparts
together shall constitute one instrument that shall be the agreement.
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement will inure to the benefit of and be binding upon the parties hereto,
their respective successors and assigns, and no other Person will have any right
or obligation hereunder. Neither the Company nor SBM may assign (whether by
operation of law or otherwise) this Agreement. No Person acquiring Shares from
SBM pursuant to a purchase will thereby obtain any of the rights contained in
this Agreement. This Agreement and the Confidentiality Agreements together
constitute the entire agreement and supersede all prior agreements and
understandings, both written and oral, between the parties hereto with respect
to the subject matter of this Agreement. Except as provided in this Section
16(b), this Agreement is not intended to confer upon any Person other than the
parties hereto any rights or remedies hereunder. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be governed by, and construed in accordance with, the laws of
the State of Nevada without regards to principles of conflicts of laws thereof,
and each of the parties hereto hereby submits to the non-exclusive jurisdiction
of any state or federal court in Clark County, Nevada and any court hearing any
appeal therefrom, over any suit, action or proceeding against it arising out of
or based upon this Agreement (a &#147;<U>Related Proceeding</U>&#148;). Each of
the parties hereto hereby waives any objection to any Related Proceeding in such
courts whether on the grounds of venue, residence or domicile or on the ground
that the Related Proceeding has been brought in an inconvenient forum.
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
party represents and acknowledges that, in the negotiation and drafting of this Agreement
and the other instruments and documents required or contemplated hereby, it has been
represented by and relied upon the advice of counsel of its choice, which has had a
substantial role in the drafting and negotiation of this Agreement and such other
instruments and documents. Therefore, each party agrees that no rule of construction to
the effect that any ambiguities are to be resolved against the drafter shall be employed
in the interpretation of this Agreement and such other instruments and documents. If any
term or other provision of this Agreement is invalid, illegal or incapable of being
enforced by any rule of law or public policy all other conditions and provisions of this
Agreement shall nevertheless remain in full force and effect.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBM
and the Company stipulate that the remedies at law of the parties hereto in the
event of any default or threatened default by either party in the performance of
or compliance with any of the terms of this Agreement are not and will not be
adequate and that, to the fullest extent permitted by law, such terms may be
specifically enforced by a decree for the specific performance of any agreement
contained herein or by an injunction against a violation of any of the terms
hereof or otherwise. The exercise of any remedy by SBM or the Company shall not
be deemed an election of remedies or preclude SBM or the Company, respectively,
from exercising any other remedies in the future. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif"
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be amended, modified or supplemented only by a written instrument
signed by SBM and the Company. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the parties will cooperate with the other and use its reasonable best
efforts to prepare all necessary documentation, to effect all necessary filings
with any regulatory, administrative or other governmental body, and to obtain
each approval, consent, order, authorization, designation, or declaration
necessary in connection with the execution and delivery of this Agreement, and
the consummation of the transaction contemplated hereby. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Agreement, except as otherwise expressly provided or unless the
context otherwise requires: (i) all section titles or captions contained in this
Agreement or in any Schedule or Annex hereto or referred to herein are for
convenience only and shall not be deemed a part of this Agreement and shall not
affect the meaning or interpretation of this Agreement, (ii) references to a
Person are also to its permitted successors and assigns and, in the case of an
individual, to his or her heirs and estate, as applicable, (iii) references to a
&#147;<U>Subsidiary</U>&#148; shall mean, with respect to any Person, any
corporation or other organization, whether incorporated or unincorporated, of
which (A) at least a majority of the securities or other interests having by
their terms ordinary voting power to elect a majority of the board of directors
or others performing similar functions with respect to such corporation or other
organization is directly or indirectly owned or controlled by such Person or (B)
such Person or any other Subsidiary of such Person is a general partner
(excluding any such partnership where such Person or any Subsidiary of such
party does not have a majority of the voting interest in such partnership) and
(iv) a &#147;<U>Change of Control</U>&#148; shall mean the occurrence of any of
the following: (A) the consummation of any transaction (including, without
limitation, any merger or consolidation) the result of which is that Stephen A.
Wynn and his affiliates (including his heirs, estate, lineal descendents,
immediate family members (&#147;Family Members&#148;) and any trust,
corporation, partnership or other entity, the beneficiaries, equity holders,
partners, owners or Persons beneficially holding a controlling interest of which
consist of Stephen A. Wynn and/or such other Family Members) own as a group own
less than 10% of the outstanding Common Stock, (B) the first day on which
Stephen A. Wynn does not act as either the Chairman of the Board of Directors or
the Chief Executive Officer of the Company, other than (x)&nbsp;as a result of
death or disability or (y)&nbsp;if the Board of Directors of Wynn Resorts,
exercising their fiduciary duties in good faith, removes or fails to re-appoint
Stephen A. Wynn as Chairman of the Board of Directors or Chief Executive Officer
of the Company or (C) the consummation of any transaction (including, without
limitation, any merger or consolidation) the result of which is that Stephen A.
Wynn no longer has the ability, either individually or pursuant to any voting
arrangements with other stockholders, to cause the election of a majority of the
Company&#146;s Board of Directors. </FONT></P></TD>
</TR>
</TABLE>
<BR>
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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
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<TD>
<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[SIGNATURE PAGE
FOLLOWS]  </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>



<!-- MARKER FORMAT-SHEET="Para Indent 0" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have duly executed and delivered this Purchase
Agreement, as of the date first written above. </FONT></P>

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</TD>
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</TABLE>
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  <TR VALIGN="BOTTOM">
    <TD WIDTH="38"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- TYPE "DATE:" HERE--> </FONT></TD>
    <TD WIDTH="238"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="254"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> <!-- COMPANY --> WYNN RESORTS, LIMITED </FONT></TD>
  </TR>
</TABLE>
<BR>
<BR>

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<TABLE WIDTH="600" BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="BOTTOM">
    <TD WIDTH="38"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="219"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- DATE--> </FONT></TD>
    <TD WIDTH="28"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="26"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: </FONT></TD>
    <TD WIDTH="238"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- NAME --> /s/ Stephen A. Wynn</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD>   </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR NOSHADE SIZE="1"> </TD>
  </TR>

 <TR VALIGN="BOTTOM">
    <TD WIDTH="38"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="219"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- DATE--> </FONT></TD>
    <TD WIDTH="28"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="26"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name: </FONT></TD>
    <TD WIDTH="238"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- NAME --> Stephen A. Wynn</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD>   </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR NOSHADE SIZE="1"> </TD>
  </TR>

 <TR VALIGN="BOTTOM">
    <TD WIDTH="38"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="219"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- DATE--> </FONT></TD>
    <TD WIDTH="28"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="26"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Title: </FONT></TD>
    <TD WIDTH="238"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- NAME --> Chief Executive Officer</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD>  </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR NOSHADE SIZE="1"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>


<!-- MARKER FORMAT-SHEET="Company Right" FSL="Project" -->
<TABLE WIDTH="600" BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="BOTTOM">
    <TD WIDTH="38"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- TYPE "DATE:" HERE--> </FONT></TD>
    <TD WIDTH="238"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="254"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> <!-- COMPANY --> SOCI&Eacute;T&Eacute; DES BAINS DE MER ET DU CERCLE DES ETRANGERS &Agrave; MONACO
 </FONT></TD>
  </TR>
</TABLE>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Date By Signature" FSL="Project" -->
<TABLE WIDTH="600" BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="BOTTOM">
    <TD WIDTH="38"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="219"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- DATE--> </FONT></TD>
    <TD WIDTH="28"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="26"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: </FONT></TD>
    <TD WIDTH="238"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- NAME --> /s/ Jean-Luc Biamonti</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD>   </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR NOSHADE SIZE="1"> </TD>
  </TR>

 <TR VALIGN="BOTTOM">
    <TD WIDTH="38"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="219"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- DATE--> </FONT></TD>
    <TD WIDTH="28"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="26"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name: </FONT></TD>
    <TD WIDTH="238"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- NAME -->Jean-Luc Biamonti </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> &nbsp;  </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR NOSHADE SIZE="1"> </TD>
  </TR>

 <TR VALIGN="BOTTOM">
    <TD WIDTH="38"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="219"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- DATE--> </FONT></TD>
    <TD WIDTH="28"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="26"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Title: </FONT></TD>
    <TD WIDTH="238"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- NAME -->Chairman </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD>  </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR NOSHADE SIZE="1"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>


<!-- MARKER FORMAT-SHEET="Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>



<!-- MARKER FORMAT-SHEET="Page Break" FSL="Project" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Head Right 2" FSL="Project" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Exhibit A </b></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Center 2" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Strategic Alliance Term
Sheet</b> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Left" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A worldwide marketing alliance to be created
 between SBM and the Company (including their Subsidiaries) with respect
to all elements of both parties' respective businesses (casinos, hotels, restaurants,
spas, sports and entertainment) to include: </FONT></P>

<!-- MARKER FORMAT-SHEET="Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>&nbsp;
<!-- MARKER FORMAT-SHEET="Para Hang 0" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Promotion of the existence of the Strategic Alliance in each parties&#146; printed
materials (magazines, brochures, flyers and other on-site marketing materials) to be
provided in each parties&#146; guest rooms, and examination of feasibility of publishing a
co-directory. In addition, each party&#146;s property website will include hyperlinks to
the other party&#146;s property website.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 0" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Joint promotion, including sales and marketing in various priority markets to be defined
where both can benefit, with all documentation sent by either party having a tag line
mentioning the Strategic Alliance with the other party; such marketing and promotional
efforts to include:</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Education of each parties&#146; sales and marketing forces regarding the operations of the
other party in order for such such forces to promote the properties of the other party
(including with respect to special events and offers).</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Default" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Joint marketing offers or sales calls to specific markets and specific type of clients.</FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Default" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Cross reference and offers on individual group newsletter / magazine, etc.</FONT></TD>
</TR>
</TABLE>
<BR>




<!-- MARKER FORMAT-SHEET="Para Hang 2" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=76%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
If magazine, each of the Company and SBM gets a page for image promotion or specific
offers. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 0" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Exchange of database (with each party remaining owner of its respective database): i.e.
direct mail to be done by each of the Company and SBM to promote the other (such exchange
to be done in a way that optimizes each party&#146;s access within the limit of all
applicable laws, including anti-trust and privacy laws).</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Specific decision to be made for the high rollers as to not jeopardize each other.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 0" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Common flyers or newsletters or direct mail or specific markets and for specific seasons
or events i.e., Grand Prix Monaco, Chinese New Year, etc.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Not to preclude each entity&#146;s separate marketing efforts to individual customers.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 0" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Through our respective representatives throughout the world, joint promotion in terms of
sales and active clients search.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Not to preclude each entity&#146;s separate marketing efforts to individual customers.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 0" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Exchange of best &#147;practice&#148; in all elements of both parties&#146; respective businesses
(casinos, hotels, restaurants, spas, sports and entertainment), including:</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Joint training opportunities, including possibilities of sending croupiers/dealers and
inspectors/supervisors and managers for periods of two weeks to three months or more to be
determined to learn from each other and use best practice.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 2" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=76%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Subject to employees&#146; consent, room availability, etc.  </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Examination of exchange or joint efforts with respect to specific artistic shows and
specific stars, if possible, in the three areas (taking account of course of a party only
having one permanent artistic show).</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Default" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Exchange of Chefs for culinary weeks or &#147;restaurants&#148; for specific times or
seasons i.e. a Cantonese Chef for Monaco for July and August.</FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Hang 2" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=76%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A
gourmet dining room Chef for Las Vegas for April May etc. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 2" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=76%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Subject to Chefs&#146; consent, room availability, etc. </FONT></TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Default" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Exchange of operational tools and services in order to meet each party&#146;s
clients&#146; expectations (e.g., services required and attention to detail for Chinese
clients)</FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sharing
of purchasing expertise, and to the extent possible, sharing purchasing power</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 0" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Use of Casino &#147;designer&#148; in terms of efficiency, display of tables most
profitable games, in terms of concept and circulation.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On
a consultation basis; willing to share existing drawings, but would expect reimbursement
for work done by design team to create any new drawings, etc.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Best
&#147;practice&#148; in terms of day to day animation in the casinos (exchange of best
practice and guests expectations).</FONT></TD>
</TR>
</TABLE>

<BR>


<!-- MARKER FORMAT-SHEET="Para Hang 0" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o  </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Joint
promotional efforts to extend to new properties of each party wherever located. </FONT></TD>
</TR>
</TABLE>
<BR>



 <BR>
<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each of Jean-Luc Biamonti and Steve
Wynn shall designate representatives and coordinators of each entity to work together on or supervise the
implementation of the above items. </FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
<TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
</TR>
</TABLE>






</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>4
<FILENAME>los321131.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<!-- MARKER FORMAT-SHEET="Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Head Right 2" FSL="Project" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 10.2 </FONT></P>
<BR>
<!-- MARKER FORMAT-SHEET="Head Center Bold 2" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REGISTRATION RIGHTS
AGREEMENT </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent 0" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Registration Rights Agreement (this &#147;<U>Agreement</U>&#148;), dated as of June 12,
2003, is entered into by and between Wynn Resorts, Limited, a corporation organized under
the laws of Nevada (together with its successors, &#147;the <U>Company</U>&#148;), and
Soci&eacute;t&eacute; des Bains de Mer et du Cercle des Etrangers &agrave; Monaco, a
soci&eacute;t&eacute; anonyme Monegasque organized under the laws of the Principality of
Monaco (together with its successors, &#147;<U>SBM</U>&#148;). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para List Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Introduction</U>. The Company and SBM are party to a Purchase Agreement, dated June
          12, 2003 (&#147;<U>the Purchase Agreement</U>&#148;), pursuant to which the
          Company has agreed, among other things, to issue shares of the Company&#146;s
          common stock, par value $0.01 per share (the &#147;<U>Common Stock</U>&#148;),
          to SBM. This Agreement shall become effective upon the issuance of the
          Registerable Shares (as defined below) to SBM pursuant to the Purchase
          Agreement. As used herein, the term &#147;Person&#148; means a corporation, an
          association, a partnership, an organization, business, an individual, a
          governmental or political subdivision thereof or a governmental agency; the term
          &#147;<U>Registerable Shares</U>&#148; means the shares of Common Stock issued
          to SBM pursuant to the Purchase Agreement, and all other shares of Common Stock
          owned by SBM, whether now owned or hereafter acquired by SBM or with respect to
          which SBM has or hereafter acquires the power of disposition; and the term
          &#147;<U>Wynn Registration Rights Agreement</U>&#148; means the Registration
          Rights Agreement, dated October 30, 2002, by and between the Company and Stephen
          A. Wynn. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para List Indent" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Provisions</U> </FONT></P>
<!-- MARKER FORMAT-SHEET="Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>
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<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
on Request.</U> </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time after April 1, 2005 or the occurrence of a Change of Control (as such term is
defined in the Purchase Agreement), upon written request of SBM requesting that the
Company effect the registration under the Securities Act of 1933 (the &#147;<U>Securities
Act</U>&#148;) of all or part of the Registerable Shares and specifying the intended
method of disposition thereof, the Company will, subject to the terms of this Agreement,
use its reasonable best efforts to effect the registration under the Securities Act of:  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=24%></TD>
<TD WIDTH=76%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Registerable Shares which the Company has been so requested to register by SBM for
disposition in accordance with the intended method of disposition stated in such request;
and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=24%></TD>
<TD WIDTH=76%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
shares of Common Stock which the Company may elect to register in connection with the
offering of Registerable Shares pursuant to this section 2.1;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%>&nbsp;</TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
each to the extent requisite to permit the disposition (in accordance with the intended methods
thereof) of the Registerable Shares; <U>provided</U>, however, that, subject to Section
2.1(e), such a request may not be made more than once; <U>and further provided</U>, that a
request shall not be deemed made (i) unless a registration statement with respect thereto
has become effective, provided that a registration statement which does not become
effective after the Company has filed a registration statement with respect thereto solely
by reason of the refusal to proceed of SBM (other than a refusal to proceed based upon (i)
a material adverse change in general market conditions or in the Company&#146;s business
of which SBM was not aware at the time of the request or (ii) the advice of counsel
relating to a matter with respect to the Company) shall be deemed to have become
effective, (ii) if, after it has become effective, such registration becomes subject to
any stop order, injunction or other order or requirement of the SEC or other governmental
agency or court for any reason, or (iii) if the conditions to closing specified in the
purchase agreement or underwriting agreement entered into in connection with such
registration are not satisfied, other than primarily by reason of an act or omission by
SBM. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Statement Form</U>. Registrations under this section 2.1 shall           be on such
appropriate registration form of the SEC (i) as shall be selected by           the
Company and (ii) as shall permit the disposition of the Registerable Shares           in
accordance with the intended method or methods of disposition specified in           SBM&#146;s
request for such registration.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>.
The Company shall bear all Registration Expenses incurred in connection with any
registration statement initiated pursuant to this section 2.1. As used herein, &#147;<U>Registration
Expenses</U>&#148; shall include, without limitation, all registration and filing fees;
fees with respect to any filings required to be made with the National Association of
Securities Dealers; listing fees relative to any stock exchange or national market
system; fees and expenses of compliance with state securities or blue sky laws (including
reasonable fees and expenses of counsel for the underwriters in connection therewith);
printing expenses; fees and disbursements of counsel for the Company and SBM; fees and
disbursements of accounting or financing professionals; fees and disbursements of all
independent public accountants of the Company; any transfer taxes with respect to the
Registerable Shares sold by SBM; and all other expenses incidental to the sale and
delivery of the Registerable Shares; <U>provided that</U> &#147;Registration Expenses&#148; shall
not include any underwriting discounts, commissions, fees or disbursements, which shall
be borne by the Company and SBM pro rata to the number of shares being offered by each of
the Company and SBM.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Selection
of Underwriters</U>. If a requested registration pursuant to this section 2.1 involves an
underwritten offering, the managing or lead underwriter or underwriters thereof shall be
selected by the Company after consultation with SBM and taking into account any
reasonable objections SBM may have.  </FONT></P></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Priority
in Requested Registrations</U>. Subject to the preferential rights set forth in section
2.2(c) of the Wynn Registration Rights Agreement, if a requested registration pursuant to
this section 2.1 involves an underwritten offering of the securities so being registered,
and the managing underwriter shall advise the Company in writing that, in its opinion,
the number of securities requested to be included in such registration exceeds the number
which can be sold in such offering the Company will include in such registration, to the
extent of the number which the Company is so advised can be sold in such offering, (i)
first, the Registerable Shares requested to be included in such registration by SBM and
(ii) second, Common Stock that the Company proposes to sell and other securities of the
Company included in such registration by the holders thereof. In the event that as a
result of the preferential rights set forth in section 2.2(c) above of the Wynn
Registration Rights Agreement, SBM cannot include all of the securities it demanded to be
included in such offering, then SBM shall have the right to exercise its demand right
pursuant to this section 2.1 again so that all of the securities of the Company held by
SBM will be in included in any such registration.  </FONT></P></TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Incidental
Registration</U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right
to Include Registerable Shares</U>. If the Company at any time proposes to register any
of its securities under the Securities Act (other than by a registration on Form S-8, or
any successor form thereto, relating to a stock option plan, stock purchase plan,
managing directors&#146; plan, savings or similar plan and other than pursuant to section
2.1), whether or not for sale for its own account, it will each such time give prompt
written notice to SBM of its intention to do so and of SBM&#146;s rights under this
section 2.2. Upon the written request of SBM made within 15 days after the receipt of any
such notice (which request shall specify the Registerable Shares intended to be disposed
of by SBM and the intended method of disposition thereof), the Company will, subject to
the terms of this Agreement, use its reasonable best efforts to effect the registration
under the Securities Act of all Registerable Shares which the Company has been so
requested to register by SBM, to the extent requisite to permit the disposition (in
accordance with the intended methods thereof) of the Registerable Shares to be
registered, by inclusion of such Registerable Shares in the registration statement which
covers the securities which the Company proposes to register, <U>provided</U> that if, at
any time after giving written notice of its intention to register any securities and
prior to the effective date of the registration statement filed in connection with such
registration, the Company shall determine for any reason either not to register or to
delay registration of such securities, the Company may, at its election, give written
notice of such determination to SBM and, thereupon, (i) in the case of a determination
not to register, shall be relieved of its obligation to register the Registerable Shares
in connection with such registration (but not from its obligation to pay the Registration
Expenses in connection therewith), without prejudice, however, to the rights of SBM to
request that such registration be effected as a registration under section 2.1, and (ii)
in the case of a determination to delay registering, shall be permitted to delay
registering any Registerable Shares, for the same period as the delay in registering the
securities which the Company proposes to register. Any registration effected under this
section 2.2 shall not relieve the Company of its obligation to effect any registration
upon request under section 2.1, nor shall any such registration hereunder be deemed to
have been effected pursuant to section 2.1.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>.
The Company shall bear all Registration Expenses incurred in connection with each
registration of Registerable Shares requested pursuant to this section 2.2.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Priority
in Incidental Registrations</U>. If (i) a registration pursuant to this section 2.2
involves an underwritten offering of the securities so being registered, whether or not
for sale for the account of the Company, to be distributed by or through one or more
underwriters of recognized standing under underwriting terms appropriate for such a
transaction and (ii) the managing underwriter of such underwritten offering shall notify
the Company and SBM, in writing, of its belief that the number of securities requested to
be included in such registration exceeds the number which can be sold in (or during the
time of) such offering, then the Company will include in such registration, to the extent
of the number which the Company is so advised can be sold in (or during the time of) such
offering, (y) first, securities proposed by the Company to be sold for its own account or
any securities that the Company issued pursuant to Rule 144A under the Securities Act
that the Company agreed, at the time of such issuance, to register or exchange for
registered securities at a later time and (z) second, the Registerable Shares and other
securities of the Company requested to be included in such registration by Persons
exercising registration rights comparable to the rights under section 2.2 (collectively,
the <U>&#147;Requested Shares</U>&#148;) <U>pro</U>&nbsp;<U>rata</U>, based on the number of
shares of Common Stock held by each Person exercising such rights (each, a &#147;<U>Requesting
Holder</U>&#148;).  </FONT></P></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Procedures</U>. If and whenever the Company is required to use its reasonable best
efforts to effect the registration of any Registerable Shares under the Securities Act as
provided in sections 2.1 or 2.2, the Company shall:  </FONT></P></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=24%></TD>
<TD WIDTH=76%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prepare
and, in the case of a registration pursuant to section 2.1, within 60 days after the
initial request of SBM, and in the case of a registration pursuant to section 2.2, within
60 days after the end of the period within which requests for registration may be given
to the Company, file with the SEC the requisite registration statement to effect such
registration (including such audited financial statements as may be required by the
Securities Act or the rules and regulations promulgated thereunder) and thereafter use
its reasonable best efforts to cause such registration statement to become and remain
effective, <U>provided</U> however that the Company may discontinue any registration of
its securities pursuant to Section 2.2 hereof at any time prior to the effective date of
the registration statement relating thereto;  </FONT></P></TD>
</TR>
</TABLE>
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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=24%></TD>
<TD WIDTH=76%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prepare
and file with the SEC such amendments and supplements to such registration statement and
the prospectus used in connection therewith as may be necessary to keep such registration
statement effective and to comply with the provisions of the Securities Act with respect
to the disposition of all securities covered by such registration statement until the
earlier of such time as all of such securities have been disposed of in accordance with
the intended methods of disposition by the seller or sellers thereof set forth in such
registration statement or (A) in the case of a registration pursuant to section 2.1, the
expiration of 180 days after such registration statement becomes effective, or (B) in the
case of a registration pursuant to section 2.2, the expiration of 90 days after such
registration statement becomes effective;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=24%></TD>
<TD WIDTH=76%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;furnish
to SBM and any underwriters, one copy of the originally executed and such number of
conformed copies of such registration statement and of each such amendment and supplement
thereto (in each case including all exhibits), such number of copies of the prospectus
contained in such registration statement (including each preliminary prospectus and any
summary prospectus) and any other prospectus filed under Rule 424 under the Securities
Act, in conformity with the requirements of the Securities Act, and such other documents,
as SBM or any underwriter may reasonably request in order to facilitate the public sale
or other disposition of the Registerable Shares;  </FONT></P></TD>
</TR>
</TABLE>
<BR>



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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=24%></TD>
<TD WIDTH=76%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;use
its reasonable best efforts to register or qualify all Registerable Shares and other
securities covered by such registration statement under such other securities laws or
blue sky laws of such jurisdictions as SBM or any underwriter shall reasonably request,
to keep such registrations or qualifications in effect for so long as such registration
statement remains in effect, and take any other action which may be reasonably necessary
or advisable to enable SBM or any underwriter to consummate the disposition in such
jurisdictions of the Registerable Shares, except that the Company shall not for any such
purpose be required to qualify generally to do business as a foreign corporation in any
jurisdiction wherein it would not but for the requirements of this subdivision (iv) be
obligated to be so qualified, to subject itself to taxation in any such jurisdiction or
to consent to general service of process in any such jurisdiction;  </FONT></P></TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=24%></TD>
<TD WIDTH=76%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;use
its reasonable best efforts to cause all Registerable Shares covered by such registration
statement to be registered with or approved by such other governmental agencies or
authorities as may be necessary to enable SBM to consummate the disposition of such
Registerable Shares;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=24%></TD>
<TD WIDTH=76%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;furnish
to SBM a signed counterpart, addressed to SBM and any underwriters, of:  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(A)  </FONT></TD>
<TD WIDTH=52%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>               an
opinion of counsel for the Company, dated the effective date of such registration
statement (or, if such registration includes an underwritten public offering, an opinion
dated the date of the closing under the underwriting agreement), reasonably satisfactory
in form and substance to SBM, and </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(B)  </FONT></TD>
<TD WIDTH=52%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>               a
letter from the independent certified public accountants of the Company, dated the
effective date of such registration statement (and, if such registration includes an
underwritten public offering, a letter of like kind dated the date of the closing under
the underwriting agreement), reasonably satisfactory in form and substance to SBM, </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=16%>&nbsp;</TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
covering substantially the same matters with respect to such registration statement (and the
prospectus included therein) and, in the case of the accountants&#146; letter, with
respect to events subsequent to the date of such financial statements, as are customarily
covered in opinions of issuer&#146;s counsel and in accountants&#146; letters delivered to
the underwriters in underwritten public offerings of securities and, in the case of the
accountants&#146; letter, such other financial matters, and, in the case of the legal
opinion, such other legal matters, as SBM may reasonably request; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=24%></TD>
<TD WIDTH=76%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;notify
SBM and any managing underwriter or underwriters, promptly and confirm
               such advice in writing promptly thereafter:  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(A)  </FONT></TD>
<TD WIDTH=52%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>               when
the registration statement, the prospectus or any prospectus supplement
               related thereto or post-effective amendment to the registration statement
has                been filed, and, with respect to the registration statement or any
               post-effective amendment thereto, when the same has become effective;
</FONT>  </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>(B)</FONT>   </TD>
<TD WIDTH=52%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
of any request by the SEC for amendments or supplements to the registration statement or
the prospectus or for additional information; </FONT>  </TD>
</TR>
</TABLE>
<BR>




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<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>        (C)  </FONT></TD>
<TD WIDTH=52%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>of
the issuance by the SEC of any stop order suspending the effectiveness of the
               registration statement or the initiation of any proceedings by any Person
for                that purpose.  </FONT></TD>
</TR>
</TABLE>
<BR>







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<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> (D)  </FONT></TD>
<TD WIDTH=52%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>of
the receipt by the Company of any notification with respect to the suspension of the
qualification of the securities or the Registerable Shares for sale under the securities
or blue sky laws of any jurisdiction or the initiation or threat of any proceeding for
such purpose; and  </FONT></TD>
</TR>
</TABLE>
<BR>



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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=24%></TD>
<TD WIDTH=76%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;notify
SBM and any managing underwriter or underwriters, at any time when a prospectus relating
to a registration statement covering any Registerable Shares is required to be delivered
under the Securities Act, upon discovery that, or upon the happening of any event as a
result of which, the prospectus included in such registration statement, as then in
effect, includes an untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances then existing, and at the request of SBM
promptly prepare and furnish to SBM a reasonable number of copies of a supplement to or an
amendment of such prospectus as may be necessary so that, as thereafter delivered to the
purchasers of such securities, such prospectus shall not include 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 in the light of the circumstances then
existing; </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=24%></TD>
<TD WIDTH=76%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;use
its reasonable best efforts to obtain, at the earliest possible date, the withdrawal of
any order suspending (A) the effectiveness of the registration statement or (B) the
qualification of any Registerable Securities for sale in any jurisdiction;
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=24%></TD>
<TD WIDTH=76%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;otherwise
use its reasonable best efforts to comply with all applicable rules                and
regulations of the SEC, and make available to its security holders, as soon
               as reasonably practicable, an earnings statement covering the period of at
least                twelve months, but not more than eighteen months, beginning with
first full                calendar quarter after the effective date of such registration
statement, which                earnings statement shall satisfy the provisions of
Section 11(a) of the                Securities Act and Rule 158 thereunder, and will
furnish to SBM, at least five                business days prior to the filing thereof, a
copy of any amendment or supplement                to such registration statement or
prospectus and shall not file any thereof to                which SBM or any managing
underwriter shall have reasonably objected on the                grounds that such
amendment or supplement does not comply in all material                respects with the
requirements of the Securities Act or of the rules or                regulations
thereunder;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=24%></TD>
<TD WIDTH=76%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provide
and cause to be maintained a transfer agent and registrar for all
               Registerable Shares and other securities covered by such registration
statement                from and after a date not later than the effective date of such
registration                statement;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=24%></TD>
<TD WIDTH=76%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;use
its reasonable best efforts to list the Registerable Shares and other
               securities covered by such registration statement on any securities
exchange on                which the same class of securities of the Company are then
listed; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=24%></TD>
<TD WIDTH=76%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
connection with the preparation of any registration statement, or prospectus
               or amendment or supplement thereto, pursuant to the provisions of this
section                2.3, the Company shall prior to its filing with the SEC provide a
copy of such                document to SBM and any managing underwriter and make the
Company&#146;s                representatives and the Company&#146;s counsel available
for discussion of such                document and make any changes in such document
relating to SBM prior to the                filing thereof as SBM, SBM&#146;s counsel or
any managing underwriter may                reasonably request.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may require SBM to furnish it with such information regarding SBM and the
distribution of the Registerable Shares as the Company may from time to time reasonably
request in writing. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBM
agrees that, upon receipt of any notice from the Company of the occurrence of any event of
the kind described in subdivision (viii) of this section 2.3, SBM will forthwith
discontinue its disposition of Registerable Shares pursuant to the registration statement
relating to such Registerable Shares until receipt of the copies of the supplemented or
amended prospectus contemplated by subdivision (viii) of this section 2.3 and, if so
directed by the Company, will deliver to the Company (at the Company&#146;s expense) all
copies, other than permanent file copies, of the prospectus relating to the Registerable
Shares current at the time of receipt of such notice. In the event that the Company shall
give any such notice, the period mentioned in paragraph (ii) of this section 2.3 shall be
extended by the length of the period from and including the date when SBM shall have
received such notice to the date on which SBM has received the copies of the supplemented
or amended prospectus contemplated by paragraph (viii) of this section 2.3. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;2.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Underwritten
Offerings.</U> </FONT></P></TD>
</TR>
</TABLE>
<BR>



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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Requested
Underwritten Offerings</U>. If requested by the underwriters for           any
underwritten offering by SBM of Registerable Shares pursuant to a           registration
requested under section 2.1, the Company will enter into an           underwriting
agreement with such underwriters for such offering, such agreement           to be
satisfactory in substance and form to the Company, SBM and the           underwriters,
and to contain such representations, warranties and indemnities by           the Company
and such other terms as are generally prevailing in agreements of           this type.
SBM will cooperate with the Company in the negotiation of the           underwriting
agreement and will give consideration to the reasonable suggestions           of the
Company regarding the form thereof, <U>provided</U> that nothing herein
          contained shall diminish the foregoing obligations of the Company. SBM shall be
          a party to such underwriting agreement and may, at its option, require that any
          or all of the representations and warranties by, and the other agreements on
the           part of, the Company to and for the benefit of such underwriters shall also
be           made to and for the benefit of SBM and that any or all of the conditions
          precedent to the obligations of such underwriters under such underwriting
          agreement be conditions precedent to the obligations of SBM. SBM shall not be
          required to make any representations or warranties to or agreements with the
          Company or the underwriters other than representations and warranties or
          agreements regarding SBM, the Registerable Shares, SBM&#146;s intended method
of           distribution and any other representation required by law.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Incidental
Underwritten Offerings</U>. If the Company at any time proposes to           register any
of its securities under the Securities Act as contemplated by           section 2.2 and
such securities are to be distributed by or through one or more           underwriters,
the Company will, if requested by SBM as provided in section 2.2           and subject to
the provisions of section 2.2(c), use its reasonable best efforts           to arrange
for such underwriters to include all the Registerable Shares to be           offered and
sold by SBM among the securities to be distributed by such           underwriters, <U>provided</U> that
if the managing underwriter of such           underwritten offering shall notify the
Requesting Holders, in writing, of its           belief that inclusion in such
underwritten distribution of all or a specified           number of the Requested Shares
would interfere with the successful marketing of           the securities (other than the
Requested Shares) by the underwriters (such           writing to state the basis of such
belief and the approximate number of such           Requested Shares which may be
included in such underwritten offering without           such effect), then the Company
may, upon written notice to the Requesting           Holders, exclude <U>pro</U>&nbsp;<U>rata</U> from
such underwritten offering (if and           to the extent stated by such managing
underwriter to be necessary to eliminate           such effect, and based on the number
of shares of Common Stock held by each           Requesting Holder) a number of such
Requested Shares so that the resultant           aggregate number of such Requested
Shares which are included in such           underwritten offering shall be equal to the
approximate number of shares stated           in such managing underwriter&#146;s notice.
The Requesting Holders shall be           parties to the underwriting agreement between
the Company and such underwriters           and may, at their option, require that any or
all of the representations and           warranties by, and the other agreements on the
part of, the Company to and for           the benefit of such underwriters shall also be
made to and for the benefit of           the Requesting Holders and that any or all of
the conditions precedent to the           obligations of such underwriters under such
underwriting agreement be conditions           precedent to the obligations of the
Requesting Holders. No Requesting Holder           shall not be required to make any
representations or warranties to or agreements           with the Company or the
underwriters other than representations, warranties or           agreements regarding
such holder, such holder&#146;s Requested Shares and such           holder&#146;s
intended method of distribution and any other representation           required by law.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  (c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Holdback
Agreements</U>.  </FONT></P></TD>
</TR>
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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=24%></TD>
<TD WIDTH=76%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBM
agrees, if so required by the managing underwriter, not to sell, make any short sale of,
loan, grant any option for the purchase of, effect any public sale or distribution of or
otherwise dispose of any equity securities of the Company, during the period of time
required of other equity holders of the Company after any underwritten registration
pursuant to section 2.1 or 2.2 has become effective, except as part of such underwritten
registration, whether or not SBM participates in such registration. Notwithstanding the
foregoing sentence, SBM shall be entitled to sell during the foregoing period securities
in a private sale. SBM agrees that the Company may instruct its transfer agent to place
stop transfer notations in its records to enforce this section 2.4(c).  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=24%></TD>
<TD WIDTH=76%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company agrees, if so required by the managing underwriter, not to sell, make any short
sale of, loan, grant any option for the purchase of, effect any public sale or
distribution of or otherwise dispose of its equity securities or securities convertible
into or exchangeable or exercisable for any of such securities during the period of time
required of other equity holders of the Company after any underwritten registration
pursuant to section 2.1 or 2.2 has become effective, except as part of such underwritten
registration and except in connection with a stock option plan, stock purchase plan,
managing directors&#146; plan, savings or similar plan, or an acquisition of a business,
merger or exchange of stock for stock.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Participation
in Underwritten Offerings</U>. Notwithstanding any provision in this section 2.4, SBM may
not participate in any underwritten offering hereunder unless SBM (i) agrees to sell its
securities on the basis provided in any underwriting arrangements approved, subject to the
terms and conditions hereof, by the Company and SBM and (ii) completes and executes all
questionnaires, indemnities, underwriting agreements and other documents (other than
powers of attorney) required under the terms of such underwriting arrangements.
Notwithstanding the foregoing, no underwriting agreement (or other agreement in connection
with such offering) shall require SBM to make any representations or warranties to or
agreements with the Company or the underwriters other than representations and warranties
or agreements regarding SBM, the Registerable Shares and SBM&#146;s intended method of
distribution and any other representation required by law. </FONT></P></TD>
</TR>
</TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Indemnification</U> </FONT></P>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=8%></TD>
<TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;3.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>  </FONT></P></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
by the Company</U>. In the event of any registration of any securities of the Company
under the Securities Act pursuant to Section 2.1 or 2.2 hereof, the Company will, and
hereby does agree to, indemnify and hold harmless SBM and each of its officers, directors,
employees, consultants, agents, attorneys, accountants and each Person that controls
(within the meaning of Section 20 of the Securities Exchange Act of 1934, as amended (the
&#147;<U>Exchange Act</U>&#148;)) any of the foregoing Persons (each a &#147;<U>SBM
</U><U>Indemnified Party</U>&#148;) against any claim, demand, action, liability, damages,
loss, cost or expense (including, without limitation, reasonable legal fees and expenses
incurred by such SBM Indemnified Party in investigating or defending any such proceeding)
(all of the foregoing, including associated costs and expenses being referred to herein as
a &#147;<U>Proceeding</U>&#148;), arising out of or based on any untrue statement or
alleged untrue statement of any material fact contained in any registration statement
under which such securities were registered under the Securities Act, any preliminary
prospectus, final prospectus or summary prospectus contained therein, or any amendment or
supplement thereto, or any 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 the Company will reimburse each such SBM Indemnified Party for any legal or any other
expenses reasonably incurred by them in connection any Proceeding, <U>provided</U> that
the Company shall not be liable in any such case to the extent that any such Proceeding
arises out of or is based upon an untrue statement or alleged untrue statement or omission
or alleged omission made in such registration statement, any such preliminary prospectus,
final prospectus, summary prospectus, amendment or supplement in reliance upon and in
conformity with written information furnished to the Company through an instrument duly
executed by an SBM Indemnified Party specifically stating that it is for use in the
preparation thereof. Such indemnity shall remain in full force and effect regardless of
any investigation made by or on behalf of and SBM Indemnified Party and shall survive the
transfer of such securities by SBM. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
by the Sellers</U>. The Company may require, as a condition           to including any
Registerable Shares in any registration statement filed           pursuant to section
2.3, that the Company shall have received an undertaking           satisfactory to it
from SBM, to indemnify and hold harmless (in the same manner           and to the same
extent as set forth in subdivision (a) of this section 3.1) the           Company, each
director and officer of the Company and each other Person, if any,           who controls
the Company within the meaning of the Securities Act, with respect           to any
statement or alleged statement in or omission or alleged omission from           such
registration statement, any preliminary prospectus, final prospectus or           summary
prospectus contained therein, or any amendment or supplement thereto, if           such
statement or alleged statement or omission or alleged omission was made in
          reliance upon and in conformity with written information furnished to the
          Company through an instrument duly executed by SBM specifically stating that it
          is for use in the preparation of such registration statement, preliminary
          prospectus, final prospectus, summary prospectus, amendment or supplement. Any
          such indemnity shall remain in full force and effect, regardless of any
          investigation made by or on behalf of the Company or any such director, officer
          or controlling Person and shall survive the transfer of such securities by SBM.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-exclusive
remedy</U>. The obligations of any indemnifying party to           indemnify the
indemnified party under this section 3.1 shall, in each case, be           in addition to
any liability which the indemnifying party may otherwise have           hereunder or
otherwise at law or in equity.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Contribution</U>.
If the indemnification provided for in subsections 3.1 or 3.2 from the applicable
indemnifying party is applicable in accordance with its terms, but for any reason is held
to be unavailable to an indemnified party in respect of any claim, demand, action,
liability, damages, loss, cost or expense referred to therein, then the indemnifying
party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid
pr payable by such indemnified party as a result of such claim, demand, action, liability,
damages, loss, cost or expense in such proportion as appropriate to reflect the relative
faults of the indemnifying party and indemnified party in connection with the actions
which resulted in such claim, demand, action, liability, damages, loss, cost or expense,
as well as any other relevant equitable considerations. The relative faults of the
indemnifying party and the indemnified party, shall be determined by reference to, among
other things, whether any action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact, has
been made by, or relates to information supplied by, such indemnifying party or
indemnified party, and the parties relative intent, knowledge, access to information and
opportunity to correct or prevent such misstatement or omission. The amount paid or
payable by a party as a result of such claim, demand, action, liability, damages, loss,
cost or expense referred to above shall be deemed to include, subject to section 3.2
below, any legal or other fees or expenses reasonably incurred by such party in connection
with any investigation or proceeding. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties agree that it would not be just and equitable if a contribution
          pursuant to subsection 3.1(d) were determined by pro rata allocation or by any
          other method of allocation which does not take into account the equitable
          considerations referred to in such subsection 3.1(d). 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.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the provisions of section 3.1(d) SBM shall not be required to           contribute any
amount in excess of the net proceeds it receives from the sale of           Registerable
Securities  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Conduct of
Claims</U>.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;Whenever
a claim for indemnification shall arise under this Section 14, the party seeking
indemnification (the &#147;<U>Indemnified Party</U>&#148;), shall notify the party from
whom such indemnification is sought (the <U>&#147;Indemnifying Party</U>&#148;) in
writing of the Proceeding and the facts constituting the basis for such claim in
reasonable detail; &nbsp; </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
Indemnifying Party shall have the right to retain the counsel of its choice           in
connection with such Proceeding and to participate at its own expense in the
          defense of any such Proceeding; <U>provided</U>, <U>however</U>, that counsel to the
          Indemnifying Party shall not (except with the consent of the relevant
          Indemnified Party) also be counsel to such Indemnified Party. In no event shall
          the Indemnifying Party be liable for fees and expenses of more than one counsel
          (in addition to any local counsel) separate from its own counsel for all
          Indemnified Parties in connection with any one action or separate but similar
or           related actions in the same jurisdiction arising out of the same general
          allegations or circumstances; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Indemnifying Party shall, without the prior written consent of the           Indemnified
Parties (which consent shall not be unreasonably withheld), settle           or
compromise or consent to the entry of any judgment with respect to any
          litigation, or any investigation or proceeding by any governmental agency or
          body, commenced or threatened, or any claim whatsoever in respect of which
          indemnification could be sought under this Section 3 unless such settlement,
          compromise or consent (A) includes an unconditional release of each Indemnified
          Party from all liability arising out of such litigation, investigation,
          proceeding or claim and (B) 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.  </FONT></P></TD>
</TR>
</TABLE>
<BR>







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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rule
144 and Rule 144A</U>. For so long as SBM holds Registerable Securities, if the Company
ceases to be subject to the reporting requirements of Section 13 or 15 of the Exchange
Act, the Company will upon the request of SBM (a) make publicly available such
information (including, without limitation, the information specified in Rule 144A(d)(4)
under the Securities Act) as is necessary to permit sales pursuant to Rule 144 under the
Securities Act, (b) deliver or cause to be delivered, promptly following a request by SBM
or any prospective purchaser or transferee designated by SBM, such information
(including, without limitation, the information specified in Rule 144A(d)(4) under the
Securities Act) as is necessary to permit sales pursuant to Rule 144A under the
Securities Act and it will take such further action as SBM may reasonably request, and
(c) take such further action that is required from time to time to enable SBM to sell its
Registerable Securities without registration under the Securities Act within the
limitation of the exemptions provided by (i) Rule 144 under the Securities Act, as such
Rule may be amended from time to time, (ii) Rule 144A under the Securities Act, as such
Rule may be amended from time to time or (iii) any similar rules or regulations hereafter
adopted by the SEC. For so long as SBM holds Registerable Securities, upon the request of
SBM, the Company will deliver to SBM a written statement as to whether it has complied
with such requirements.  </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.  </FONT></P>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties may execute and deliver this Agreement as a single document or in           any
number of counterparts, manually, by facsimile or by other electronic means.
          Each counterpart shall be an original, but a single document or all
counterparts           together shall constitute one instrument that shall be the
agreement.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement will inure to the benefit of and be binding upon the parties hereto, their
respective successors, assigns officers, directors, employees, consultants, agents,
attorneys, accountants and affiliates and each Person that controls (within the meaning of
Section 20 of the Exchange Act) any of the foregoing Persons, and no other Person will
have any right or obligation hereunder. The Company may not assign this Agreement except
to a wholly-owned subsidiary in accordance with Section 7(a)(ii) of the Purchase
Agreement. No Person acquiring Registerable Shares from SBM pursuant to a public market
purchase will thereby obtain any of the rights contained in this Agreement. This Agreement
constitutes the entire agreement and supersedes all prior agreements and understandings,
both written and oral, between the parties hereto with respect to the subject matter of
this Agreement. Except as provided in this Section 4(b), this Agreement is not intended to
confer upon any Person other than the parties hereto any rights or remedies hereunder.
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be governed by, and construed in accordance with, the laws of the State of
Nevada without giving effect to the conflicts of law principles thereof, and each of the
parties hereto hereby submits to the non-exclusive jurisdiction of any state or federal
court in Clark County, Nevada and any court hearing any appeal therefrom, over any suit,
action or proceeding against it arising out of or based upon this Agreement (a
&#147;Related Proceeding&#148;). Each of the parties hereto hereby waives any objection to
any Related Proceeding in such courts whether on the grounds of venue, residence or
domicile or on the ground that the Related Proceeding has been brought in an inconvenient
forum. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
party represents and acknowledges that, in the negotiation and drafting of           this
Agreement and the other instruments and documents required or contemplated
          hereby, it has been represented by and relied upon the advice of counsel of its
          choice, which has had a substantial role in the drafting and negotiation of
this           Agreement and such other instruments and documents. Therefore, each party
agrees           that no rule of construction to the effect that any ambiguities are to
be           resolved against the drafter shall be employed in the interpretation of this
          Agreement and such other instruments and documents. If any term or other
          provision of this Agreement is invalid, illegal or incapable of being enforced
          by any rule of law or public policy all other conditions and provisions of this
          Agreement shall nevertheless remain in full force and effect.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBM
and the Company stipulate that the remedies at law of the parties hereto in the event of
any default or threatened default by either party in the performance of or compliance with
any of the terms of this Agreement are not and will not be adequate and that, to the
fullest extent permitted by law, such terms may be specifically enforced by a decree for
the specific performance of any agreement contained herein or by an injunction against a
violation of any of the terms hereof or otherwise. The exercise of any remedy by SBM or
the Company shall not be deemed an election of remedies or preclude SBM or the Company,
respectively, from exercising any other remedies in the future. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be amended, modified or supplemented only by a written           instrument
signed by SBM and the Company.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the parties will cooperate with the others and use its reasonable best
          efforts to prepare all necessary documentation, to effect all necessary filings
          with any regulatory, administrative or other governmental body, and to obtain
          each approval, consent, order, authorization, designation, or declaration
          necessary in connection with the execution and delivery of this Agreement, and
          the consummation of the transaction contemplated hereby.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=16%></TD>
<TD WIDTH=84%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Agreement, except as otherwise expressly provided or unless the context
otherwise requires: (i) all section titles or captions contained in this Agreement or in
any Schedule or Annex hereto or referred to herein are for convenience only and shall not
be deemed a part of this Agreement and shall not affect the meaning or interpretation of
this Agreement; and (ii) references to a Person are also to its permitted successors and
assigns and, in the case of an individual, to his or her heirs and estate, as applicable.
 </FONT></P></TD>
</TR>
</TABLE>
<BR>
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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[SIGNATURE PAGE FOLLOWS] </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Head Center 2" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have duly executed and delivered this Registration
Rights Agreement, as of the date first written above. </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Company Right" FSL="Project" -->
<TABLE WIDTH="600" BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="BOTTOM">
    <TD WIDTH="38"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- TYPE "DATE:" HERE--> </FONT></TD>
    <TD WIDTH="238"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="254"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> <!-- COMPANY --> WYNN RESORTS, LIMITED </FONT></TD>
  </TR>
</TABLE>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Date By Signature" FSL="Project" -->
<TABLE WIDTH="600" BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="BOTTOM">
    <TD WIDTH="38"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="219"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- DATE--> </FONT></TD>
    <TD WIDTH="28"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="26"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: </FONT></TD>
    <TD WIDTH="238"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- NAME --> /s/ Stephen A. Wynn</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD>   </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR NOSHADE SIZE="1"> </TD>
  </TR>

 <TR VALIGN="BOTTOM">
    <TD WIDTH="38"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="219"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- DATE--> </FONT></TD>
    <TD WIDTH="28"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="26"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name: </FONT></TD>
    <TD WIDTH="238"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- NAME --> Stephen A. Wynn</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD>   </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR NOSHADE SIZE="1"> </TD>
  </TR>

 <TR VALIGN="BOTTOM">
    <TD WIDTH="38"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="219"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- DATE--> </FONT></TD>
    <TD WIDTH="28"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="26"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Title: </FONT></TD>
    <TD WIDTH="238"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- NAME --> Chief Executive Officer</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD>  </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR NOSHADE SIZE="1"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>


<!-- MARKER FORMAT-SHEET="Company Right" FSL="Project" -->
<TABLE WIDTH="600" BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="BOTTOM">
    <TD WIDTH="38"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- TYPE "DATE:" HERE--> </FONT></TD>
    <TD WIDTH="238"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="254"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> <!-- COMPANY --> SOCI&Eacute;T&Eacute; DES BAINS DE MER ET DU CERCLE DES ETRANGERS &Agrave; MONACO
 </FONT></TD>
  </TR>
</TABLE>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Date By Signature" FSL="Project" -->
<TABLE WIDTH="600" BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="BOTTOM">
    <TD WIDTH="38"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="219"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- DATE--> </FONT></TD>
    <TD WIDTH="28"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="26"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: </FONT></TD>
    <TD WIDTH="238"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- NAME --> /s/ Jean-Luc Biamonti</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD>   </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR NOSHADE SIZE="1"> </TD>
  </TR>

 <TR VALIGN="BOTTOM">
    <TD WIDTH="38"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="219"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- DATE--> </FONT></TD>
    <TD WIDTH="28"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="26"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name: </FONT></TD>
    <TD WIDTH="238"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- NAME -->Jean-Luc Biamonti </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> &nbsp;  </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR NOSHADE SIZE="1"> </TD>
  </TR>

 <TR VALIGN="BOTTOM">
    <TD WIDTH="38"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="219"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- DATE--> </FONT></TD>
    <TD WIDTH="28"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="26"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Title: </FONT></TD>
    <TD WIDTH="238"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- NAME -->Chairman </FONT></TD>
  </TR>
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<TYPE>EX-99
<SEQUENCE>5
<FILENAME>la306346.htm
<DESCRIPTION>EXHIBIT 99.1 - PRESS RELEASE
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99.1 </FONT></P>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Wynn Resorts, Limited
to enter into strategic alliance with Soci&eacute;t&eacute; des Bains de Mer of
Monaco.<BR> Soci&eacute;t&eacute; des Bains de Mer to purchase $45 million of Wynn Resorts
common stock. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>June 12, 2003 &#151; Wynn Resorts,
Limited (Nasdaq:WYNN) and Soci&eacute;t&eacute; des Bains de Mer<B> </B>(Paris:BAIN.PA)
today announced that they have agreed to enter into a strategic business alliance
including the sale of 3,000,000 shares of Wynn Resorts common stock to SBM for US$45.0
million, representing approximately 3.6% of the outstanding shares of Wynn Resorts. The
transaction remains subject to approval by the Government of the Principality of Monaco,
which is expected to happen prior to June 20, 2003. There can be no assurance that such
approvals will be obtained. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The strategic alliance includes an
exchange of management expertise and the development of cross-marketing initiatives
between Wynn Resorts and SBM. As part of the arrangement, Soci&eacute;t&eacute; des Bains
de Mer will purchase 3,000,000 shares of Wynn Resorts, Limited common stock in a privately
negotiated, all cash transaction for US$15.00 per share, resulting in an aggregate
transaction price of US$45,000,000. In return, SBM has agreed, subject to certain
exceptions, to refrain from transferring its shares prior to April 1, 2005 and will be
entitled to certain registration rights thereafter. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&#147;Monaco is one of the most
recognized leisure destinations in the world and is well known for its casino operations.
This transaction coupled with our Las Vegas and Macau developments enhances our global
marketing efforts at Wynn Resorts,&#148; said Stephen A. Wynn, Chairman and CEO of Wynn
Resorts.</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&#147;Soci&eacute;t&eacute; des
Bains de Mer is pleased to have the opportunity to create a global marketing alliance with
Wynn Resorts as well as investing alongside Steve Wynn, the leading developer and operator
of luxury casinos, hotels, and resorts, in his new company,&#148; said Jean-Luc Biamonti,
Chairman of the Board of Soci&eacute;t&eacute; des Bains de Mer.</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Soci&eacute;t&eacute; des Bains de
Mer, since 1863, has the exclusive rights to operate casinos in the Principality of
Monaco. The company owns and operates Le Casino de Monte-Carlo, Le Cafe de Paris, and Sun
casinos, the Hotel de Paris, the Hotel Hermitage, the Monte Carlo Beach Hotel, the Centre
des Thermes Marins (Spa) and the Monte-Carlo Sporting Club. SBM is majority-owned by the
Principality of Monaco and is traded on the Paris Stock exchange under the symbol BAIN. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Wynn Resorts is a developer of casino
hotel resorts. Currently, Wynn Resorts is developing Le R&ecirc;ve, intended to be the
preeminent luxury hotel casino in Las Vegas. The 2,701-room facility is anticipated to
open in April 2005. Wynn Resorts, through its 82.5 percent ownership of Wynn Macau, also
has been granted a concession to operate casino gaming properties in Macau, a special
administrative region of the People&#146;s Republic of China and an established gaming
market for over 40 years. Macau is located 37 miles southwest of Hong Kong. Wynn Resorts
is traded on the NASDAQ National Market under the symbol WYNN. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This press release contains
&#147;forward-looking statements&#148; within the meaning of the U.S. federal securities
law. The forward-looking statements in this press release involve risks and uncertainties
that could cause actual results to differ from those expressed in or implied by the
statements herein. Additional information concerning potential factors that could affect
Wynn Resorts&#146; future results is included under the caption &#147;Risk Factors&#148;
in Item 1 of Wynn Resorts&#146; annual report on Form 10-K for the year ended December 31,
2002. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Contact: Wynn Resorts, Limited <BR>
Samanta Hegedus                  <BR>
VP Investor Relations             <BR>
Phone #: (702) 733-4520          <BR>
investorrelations@wynnresorts.com </FONT></P>


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Contact: S.B.M.<BR>
Yves de Toytot<BR>
Chief Financial Officer<BR>
Phone #: + 377 92 16 62 26<BR>
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