<SUBMISSION>
<ACCESSION-NUMBER>0001104659-08-023571
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20080408
<ITEMS>1.01
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20080410
<DATE-OF-FILING-DATE-CHANGE>20080410
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>WATTS WATER TECHNOLOGIES INC
<CIK>0000795403
<ASSIGNED-SIC>3490
<IRS-NUMBER>042916536
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-11499
<FILM-NUMBER>08748826
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>815 CHESTNUT ST
<CITY>NORTH ANDOVER
<STATE>MA
<ZIP>01845
<PHONE>9786881811
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>815 CHESTNUT STREET
<CITY>NORTH ANDOVER
<STATE>MA
<ZIP>01845
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>WATTS INDUSTRIES INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a08-10459_18k.htm
<DESCRIPTION>8-K
<TEXT>

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<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED
STATES</font></b></p>

<h2 style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">SECURITIES AND
EXCHANGE COMMISSION</font></b></h2>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WASHINGTON, D.C. 20549</font></b></p>

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<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT
REPORT</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant
to Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange Act of 1934</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Date of Report (Date of earliest event reported): April&nbsp;8,
2008</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="center"></div>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">WATTS
WATER TECHNOLOGIES, INC.</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;(Exact
Name of Registrant as Specified in its Charter)</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DELAWARE</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">001-11499</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">04-2916536</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or Other Jurisdiction</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File Number)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of Incorporation)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification No.)</font></p>
  </td>
 </tr>
</table>

</div>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">815 Chestnut Street, North Andover,
Massachusetts 01845</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of Principal Executive Offices) (Zip
Code)</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(978) 688-1811</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s telephone number, including
area code)</font></p>

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<p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Check the appropriate box below if the Form&nbsp;8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (<i>see</i>
General Instruction A.2. below):</font></b></p>

<p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.92%;">
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.16%;">
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Written communications pursuant to Rule&nbsp;425 under
  the Securities Act (17 CFR 230.425)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.92%;">
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.16%;">
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Soliciting material pursuant to Rule&nbsp;14a-12 under
  the Exchange Act (17 CFR 240.14a-12)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.92%;">
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.16%;">
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Pre-commencement communications pursuant to
  Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.92%;">
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.16%;">
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Pre-commencement communications pursuant to
  Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</font></b></p>
  </td>
 </tr>
</table>

<div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">

<p style="border:none;color:windowtext;margin:0in 0in .0001pt;padding:0in;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

</div>

<p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ba.htm',USER='105576',CD='Apr 10 06:45 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1.01</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Entry into a
Material Definitive Agreement</b></p>

<p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;8, 2008, Watts Denmark Holding A/S (&#147;Watts Denmark&#148;), an
indirect wholly-owned subsidiary of Watts Water Technologies,&nbsp;Inc. (the &#147;Company&#148;),
entered into a share purchase agreement (the &#147;Purchase Agreement&#148;) to purchase
all of the outstanding share capital of </font>BL&#220;CHER Metal A/S  (&#147;BL&#220;CHER&#148;), a manufacturer of stainless steel drainage products, from BL&#220;CHER Holding A/S (the &#147;Seller&#148;).&#160;
The Company co-signed the Purchase Agreement to guarantee performance of
the obligations of Watts Denmark under the Purchase Agreement.&#160; Under the terms of the Purchase Agreement,
Watts Denmark agreed to pay DKK 869,000,000 in cash to purchase all of the
outstanding share capital of BL&#220;CHER
on a cash/debt free basis, subject to a post-closing working capital
adjustment.&#160; The purchase price is equal
to approximately $183 million based on the current exchange rate of Danish
Krone to U.S. Dollars.&#160; The Purchase
Agreement provides that 15% of the purchase price will be held in escrow to
secure the indemnification obligations of the Seller.&#160; The Company intends to fund the transaction
with Euro-based borrowings under the Company&#146;s credit facility and cash on
hand.</p>

<p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The terms of the Purchase Agreement were determined on the basis of arm&#146;s-length
negotiations.&#160; The Company has not
previously had any material relationship with </font>BL&#220;CHER or the Seller.</p>

<p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Purchase Agreement provides for customary representations,
warranties and covenants by Watts Denmark and the Seller.&#160; Certain of the Seller&#146;s indemnity obligations
in favor of Watts Denmark apply only with respect to aggregate liabilities in
excess of specified thresholds, are subject to caps and are effective only for
specified periods of time.&#160; The consummation
of the acquisition is subject to customary closing conditions, including
approvals from various European merger control authorities.</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A copy of the Purchase Agreement is attached as Exhibit&nbsp;2.1 to
this Current Report on Form&nbsp;8-K and is incorporated herein by reference as
though fully set forth herein.&#160; The
foregoing summary of the Purchase Agreement and the transactions contemplated
thereby is qualified in its entirety by the complete text of the Purchase
Agreement.&#160; The Purchase Agreement has
been included to provide information regarding its terms.&#160; It is not intended to provide any other
factual information about the Company.&#160;
Such information can be found in the public filings the Company makes
with the Securities and Exchange Commisson, which are available without charge
at www.sec.gov and in the Investor Relations section of the Company&#146;s website
at www.wattswater.com.</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8.01</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Other Events</b></p>

<p style="color:windowtext;line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The</font><font size="1" style="font-size:8.0pt;">  </font>information contained above under
Item 1.01 is incorporated herein by reference.&#160;
The full text of the press release issued in connection with the
announcement of the Purchase Agreement is attached as Exhibit&nbsp;99.1 to this
Current Report on Form&nbsp;8-K.</p>

<p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.01.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Financial Statements and Exhibits</b></p>

<p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Exhibits.</p>

<p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt 1.0in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See Exhibit&nbsp;Index attached hereto.</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="color:windowtext;font-weight:bold;letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURE</font></b></h1>

<h1 style="color:windowtext;font-weight:bold;letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></h1>

<p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">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>

<p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="letter-spacing:-.1pt;">&nbsp;</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="letter-spacing:-.1pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.66%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Date: April&nbsp;10, 2008</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.34%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">WATTS WATER
  TECHNOLOGIES, INC.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.66%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.92%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.42%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.66%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.92%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">By:</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.42%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">/s/ William C. McCartney</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.66%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.92%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:44.42%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.66%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.92%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.42%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">William C. McCartney</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.66%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.92%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.42%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Chief Financial Officer</font></p>
  </td>
 </tr>
</table>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT
INDEX</font></u></b></p>

<p style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;No.</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="89%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:89.62%;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Title</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:89.62%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.62%;">
  <p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Share Purchase Agreement dated as of April&nbsp;8, 2008 between </font>BL&#220;CHER Holding A/S and Watts Denmark Holding A/S</p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.62%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.62%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press release dated April&nbsp;9, 2008</font></p>
  </td>
 </tr>
</table>

<p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&#160; Watts Water Technologies,&nbsp;Inc.
hereby agrees to furnish supplementally a copy of any omitted schedule or
similar attachment to this agreement to the Securities and Exchange Commission
upon its request.</font></p>

<p align="center" style="color:windowtext;line-height:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="letter-spacing:-.1pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;line-height:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4</font></p>

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<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>a08-10459_1ex2d1.htm
<DESCRIPTION>EX-2.1
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<p align="right" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
2.1</font></b></p>

<p align="right" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SHARE PURCHASE AGREEMENT</font></b></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">between</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:0pt;">BL&#220;CHER
HOLDING A/S</font></b></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:0pt;">WATTS
DENMARK HOLDING A/S</font></b></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">regarding the transfer of</font> 100 % of the share capital in</p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:0pt;">BL&#220;CHER
METAL A/S</font></b></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:0pt;">(PROJECT
STEEL)</font></b></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>

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<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:0pt;">SCHEDULES</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:0pt;">&nbsp;</font></b></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 2.1</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounting Policies</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 2.18</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Data Room&nbsp;Index</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 2.45</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net Debt</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 2.55</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">List of persons defining Sellers Knowledge</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 2.61</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Working Capital</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 8.3.2</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Escrow Agreement</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 8.6</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Closing Memorandum</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 9.2</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">List of key employees interviewed and sites visited by the Buyer</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 10.4.1</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">List of Owned Real Property</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 10.4.3</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">List of Leased Real Property</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 10.6.1</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">List of registered Intellectual Property Right</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 10.7.5</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">List of Domain Names</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 10.10.5</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">List of key employees</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 10.11.1</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annual Accounts for the financial year 2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 10.11.3</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interim Accounts</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 10.14.1</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">List of insurance policies</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 10.15.2</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">List of pending legal proceedings</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 14.1</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.14%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Announcements</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;8, 2008 the following Share Purchase Agreement has been
entered into between</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BL&#220;CHER Holding A/S</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o BL&#220;CHER Metal A/S<br>
Pugdalvej 1 <br>
7480 Vildbjerg</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(The Seller)</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WATTS Denmark Holding A/S</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C/O Delacour</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hammerensgade 1</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DK-1267
Copenhagen K</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(The Buyer)</font></p>

<p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="94%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:94.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">RECITALS</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:94.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font></p>
  </td>
  <td width="94%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:94.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is a company
  duly registered under the laws of Denmark. The Company has the following
  subsidiaries:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.08%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.08%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BL&#220;CHER Sweden AB</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.08%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.08%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BL&#220;CHER Norway AS</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.08%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.08%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BL&#220;CHER France S.A.R.L.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.08%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.08%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BL&#220;CHER UK Ltd.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.08%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.08%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BM Stainless Ltd. (100%
  owned by BL&#220;CHER UK Ltd.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.08%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.08%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BL&#220;CHER Metal Beteiligungs GmbH</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.08%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.08%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BL&#220;CHER Germany GmbH (100%
  owned by BL&#220;CHER Metal Beteiligungs GmbH)</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Seller is a company duly
  registered under the laws of Denmark and the legal owner of the Shares.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Buyer is a company duly
  registered under the laws of Denmark.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement has been
  entered into in connection with the Buyers purchase of the Shares from the
  Seller.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">DEFINITIONS</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Accounting Principles&#148;</font></b> shall mean the accounting
  policies, practices and procedures stated in <u>Schedule 2.1</u> and as
  applied by the Group in 2007.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Accounts</b>&#148; shall have the meaning set out in Clause 10.11.1.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Adjustment Amount</b>&#148; shall have the meaning set out in Clause
  4.2.2.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Agreement</b>&#148; shall mean this Share Purchase Agreement,
  including the Schedules (and, for the avoidance of doubt, any appendices or
  sub-schedules to such Schedules).</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Business Day</b>&#148; shall mean a day where the Danish banks
  generally are open for business.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Buyer</b>&#148; shall mean WATTS Denmark Holding A/S, C/O Delacour,
  Hammerensgade 1, DK-1267 Copenhagen K, Company Registration no. CVR-nr.: 31
  36 80 06.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Buyer&#146;s Closing Obligations</b>&#148; shall have the meaning set out
  in Clause 8.3.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.8</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Buyer&#180;s Group</b>&#148; shall mean the Buyer and any company or legal
  entity Controlled directly or indirectly by the Buyer, under Control with the
  Buyer or Controlling the Buyer.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.9</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Buyer Group Company</b>&#148; shall mean any company within the
  Buyer&#146;s Group.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.10</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Change-of-Control
  Date</b>&#148; shall have the meaning set out in Clause 16.6.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.11</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.8%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Claim</b>&#148; shall mean any claim for indemnification from a Loss.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.12</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:-.15pt;">&nbsp;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Closing&#148;</font></b> shall mean the completion of the
  sale and purchase of the Shares and the other transactions provided for in
  this Agreement in accordance with Clause 8.</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.13</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Closing Date</b>&#148; shall mean the day of transfer of the Shares
  as defined in Clause 8.1.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.14</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Closing Statement</b>&#148; shall have the meaning set out in Clause
  4.3.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.15</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Company</b>&#148; shall mean BL&#220;CHER Metal A/S, Pugdalvej 1, 7480
  Vildbjerg, Denmark, CVR-nr. 4926 0016.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.16</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Control</b>&#148;
  shall mean (i)&nbsp;the holding of more than fifty (50) per cent of the
  shares of another legal entity, or (ii)&nbsp;the right to exercise more than
  fifty (50) per cent of the voting power in another legal entity, or
  (iii)&nbsp;the right to appoint or remove the majority of the members of the
  board of directors or similar management body of another legal entity. The
  terms &#147;Controlling&#148;, &#147;Controlled&#148;, and similar words are construed accordingly.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.17</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Co-Signer</b>&#148; shall meanWatts Water Technologies,&nbsp;Inc.,
  815 Chestnut Street, North Andover, MA 01845-6098, USA .</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.18</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&#147;<b>Data Room&nbsp;Index</b>&#148;</font> shall mean the written index listing
  the material that the Seller has made available to the Buyer in the Data
  Room&nbsp;attached as <u>Schedule 2.18</u>.</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.19</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Data Room&nbsp;Documentation</b>&#148; shall mean the written
  material that the Buyer has had the opportunity to examine in the Data
  Room&nbsp;as outlined in the Data Room&nbsp;Index.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.20</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Disclosed</b>&#148; shall mean any information or document, which
  according to Clause 9.2 limits or qualifies the Seller&#146;s Warranties and is
  herein referred to as the <b>Disclosures</b>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.21</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Domain Names</b>&#148; shall have the meaning set out in Clause
  10.7.5.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.22</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Employees</b>&#148; shall have the meaning set out in Clause 10.10.1.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.23</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:-.15pt;">&nbsp;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Escrow Account&#148;</font></b> shall have the meaning set forth
  in Clause 8.3.2.</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.24</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:-.15pt;">&nbsp;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Escrow Agent&#148;</font></b> shall have the meaning set forth
  in Clause 8.3.2.</p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.25</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:-.15pt;">&nbsp;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Escrow Agreement&#148;</font></b> means the escrow agreement to be
  entered into between the Parties and the Escrow Agent as set forth in Clause
  8.3.2.</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.26</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:-.15pt;">&nbsp;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Escrowed Amount&#148;</font></b> shall have the meaning set forth in
  Clause 8.3.2.</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.27</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:-.15pt;">&nbsp;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Estimated Net Debt&#148;</font></b> shall mean the Seller&#146;s estimate
  of the Net Debt of the Group as prescribed for in Clause 4.1.2.</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.28</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Estimated
  Purchase Price</b>&#148; shall have the meaning set out in Clause 4.1.1.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.29</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:-.15pt;">&nbsp;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Estimated Working
  Capital Adjustment Amount&#148;</font></b> shall mean the Sellers&#146; estimate of the
  Working Capital Adjustment Amount as prescribed for in Clause 4.1.2.</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.30</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:-.15pt;">&nbsp;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Final Net Debt&#148;</font></b> shall mean the Parties&#146; agreement
  or the determination of the actual Net Debt of the Group as prescribed for in
  Clause 4.3.</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.31</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:-.15pt;">&nbsp;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Final Working Capital
  Adjustment Amount&#148;</font></b> shall mean the Parties&#146; agreement or the determination of the actual
  Working Capital Adjustment Amount as prescribed for in Clause 4.3.</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.32</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:-.15pt;">&nbsp;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Final Purchase Price&#148;</font></b> shall mean the final purchase
  price for the Shares to be paid by the Buyer to the Seller calculated as set
  forth in Clause 4.2.1.</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.33</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Group</b>&#148; shall either mean the Company and the Subsidiaries
  jointly or the Company and/or any of the Subsidiaries depending on the
  wording of the Clause in which the term is used.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.34</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;IFRS&#148; </font></b>shall mean the International
  Financial Reporting Standards <font style="letter-spacing:0pt;">as adopted by the EU.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.35</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Indemnified Party</b>&#148; shall mean a Party who has a Claim
  against the other Party as a result of </font><font style="letter-spacing:-.15pt;">a </font>breach of warranty or Specific
  Indemnity or non-fulfilment of any covenant or agreement contained in this
  Agreement.</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.36</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.96%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&#147;<b>Indemnifying Party</b>&#148; shall mean a Party
  who is guilty of a </font>breach of warranty or Specific Indemnity or non-fulfilment of any
  covenant or agreement contained in this Agreement<font style="letter-spacing:-.15pt;">.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.37</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:-.15pt;">&nbsp;</font></b></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Independent Accountant&#148;</font></b> means PriceWaterhouseCoopers or
  if PriceWaterhouseCoopers does not accept such task another independent and
  well reputed international accounting firm with offices in Denmark either
  agreed upon by the Parties, or failing such an agreement within 3 Business
  Days of notification of the said non-acceptance, to be appointed by the
  Danish Organisation of State Authorised Public Accountants (in Danish
  &#147;Foreningen af Statsautoriserede Revisorer&#148;).</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.38</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Information Memorandum</b>&#148; shall mean the Information
  Memorandum send to the Buyer on 17 December&nbsp;2007.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.39</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Intellectual Property Rights</b>&#148; shall have the meaning set out
  in Clause 10.6.1.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.40</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Interest</b>&#148; shall mean 5% per year. For the avoidance of
  doubt, Interest shall not include compounded interest (in Danish: renters
  rente) and a year shall be calculated as 365 days.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.41</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Interim Accounts</b>&#148; shall have the meaning set out in Clause
  10.11.3.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.42</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Leased Real Property</b>&#148; shall have the meaning set out in
  Clause 10.4.3.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.43</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Loss</b>&#148; or &#147;<b>Losses</b>&#148;
  shall have the meaning ascribed to it in Clause 13.4.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.44</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Material Adverse Effect</b>&#148; shall mean an event, circumstance
  or fact which has had or could reasonable be expected to have a material
  adverse effect on the business, assets, financial situation, prospects or
  result of the Group as a whole</font>.</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.45</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:-.15pt;">&nbsp;</font></b></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Net Debt&#148;</font></b> shall mean the amount pertaining
  to the consolidated net interest bearing debt of the Company and the
  Subsidiaries on a consolidated basis as of the Closing Date calculated as set
  forth in <u>Schedule 2.45</u> when applying the Accounting Principles.</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.46</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Notice of Disagreement</b>&#148; shall have the meaning set out in
  Clause 4.3.2.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.47</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Owned Real Property</b>&#148; shall have the meaning set out in
  Clause 10.4.1.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.48</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.04%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Parties</b>&#148; shall mean the Seller and the Buyer jointly.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='7',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-01.htm',USER='105576',CD='Apr 10 06:46 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.49</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Party</b>&#148; shall mean either the Seller or the Buyer depending
  on the wording of the Clause in which the term is used.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.50</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Personal
  Shareholders</b>&#148; shall mean Hans Lohmann and Poul Krog S&#248;rensen as
  set out in Clause 17.1.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.51</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Real Property</b>&#148; shall have the meaning set out in Clause
  10.4.3.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.52</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:-.15pt;">&nbsp;</font></b></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Required Working
  Capital&#148;</font></b>
  shall have the meaning set forth in <u>Schedule 2.61</u>.</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.53</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Seller</b>&#148; shall mean BL&#220;CHER Holding A/S, c/o BL&#220;CHER Metal
  A/S, Pugdalvej 1, 7480 Vildbjerg, Denmark, CVR-nr. 2830 1553.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.54</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Seller&#146;s Closing Obligations</b>&#148; shall have the meaning set out
  in Clause 8.2.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.55</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&#147;<b>Sellers Knowledge</b>&#148; shall mean </font>the best knowledge that <font style="letter-spacing:-.15pt;">the persons
  listed in <u>Schedule 2.55</u> had or should have had as of Signing Date</font> and at Closing after having
  conducted due and proper investigations into the subject matter of the
  relevant part of the Seller&#146;s warranties<font style="letter-spacing:-.15pt;">.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.56</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Shares</b>&#148; shall mean the 100% of the share capital of the
  Company with a nominal value of DKK 18.000.000.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.57</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Signing</b>&#148; shall mean the signing of this Agreement as set out
  in Clause 5.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.58</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Signing Date</b>&#148; shall mean the date of signing of this
  Agreement by the Buyer and the Seller as defined in Clause 5.1.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.59</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&#147;<b>Subsidiaries</b>&#148; shall mean </font>BL&#220;CHER Sweden AB, BL&#220;CHER Norway
  AS, BL&#220;CHER France S.A.R.L., BL&#220;CHER UK Ltd., BM Stainless Ltd. (100% owned
  by BL&#220;CHER UK Ltd.), BL&#220;CHER Metal Beteiligungs GmbH and BL&#220;CHER Germany GmbH
  (100% owned by BL&#220;CHER Metal Beteiligungs GmbH).</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.60</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Tax</b>&#148; or &#147;<b>Taxes</b>&#148;
  shall mean all forms of taxation whenever created or imposed, whether imposed
  by local, municipal, state or foreign body or authority, and without limiting
  the generality of the foregoing shall include income taxes, corporate taxes,
  real estate taxes,</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

<div style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='8',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-01.htm',USER='105576',CD='Apr 10 06:46 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">capital gains taxes, energy
  and environmental duties and taxes, VAT, duties on salaries, contributions to
  any labour market pension fund and all other taxes, stamp and customs duties
  and public duties of any kind as well as penalties, fines, interest, costs
  and expenses related to any of the aforementioned.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.61</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:-.15pt;">&nbsp;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Working Capital&#148;</font></b> shall mean the amount pertaining
  to the operating current non-interest bearing assets less operating current
  non-interest bearing liabilities for the Company and the Subsidiaries on a
  consolidated basis as of the Closing Date calculated as set forth in <u>Schedule
  2.61</u> when applying the Accounting Principles.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.62</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:-.15pt;">&nbsp;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Working Capital
  Adjustment Amount&#148;</font></b> means the amount by which the Working Capital is greater or less the
  Required Working Capital.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.63</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Working Hours</b>&#148; shall mean the time between 9am and 16pm on
  Business Days.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="letter-spacing:2.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-decoration:underline;text-transform:uppercase;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;text-transform:none;">SALE AND PURCHASE OF THE SHARES</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the terms of this
  Agreement the Seller agrees to sell and deliver to the Buyer the Shares and
  the Buyer undertakes to buy the Shares.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Shares shall be
  delivered to the Buyer at Closing and shall be free from any and all charges,
  encumbrances and other interests, rights and claims.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From Closing the Buyer shall
  be entitled to exercise all rights attached to the Shares. The Buyer is
  entitled to full dividend from the Company for the fiscal year 2008.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">PURCHASE PRICE, CLOSING
  STATEMENT</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Estimated Purchase Price</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.78%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At Closing the Buyer shall
  pay to the Seller DKK 869,000,000.00 (say DKK eight hundred and sixty nine
  million), less the Estimated Net Debt and adjusted by the Estimated Working
  Capital Adjustment Amount (the Estimated Purchase Price). The Estimated Purchase
  Price shall be paid in cash, as provided in Clause 8.3.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

<div style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:92.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not later than 5 Business
  Days prior to the Closing Date, the Seller shall deliver to the Buyer a
  calculation of the Estimated Net Debt and the Estimated Working Capital
  Adjustment Amount and the corresponding Estimated Purchase Price.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:45.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:45.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Final Purchase Price</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:45.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:92.76%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The total consideration
  payable by the Buyer to the Seller for the Shares shall be DKK </font><font style="letter-spacing:-.15pt;">869,000,000.00 (say DKK eight hundred and sixty nine million)</font>, less the Final Net Debt and
  adjusted by the Final Working Capital Adjustment Amount (the &#147;Final Purchase
  Price&#148;).</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:45.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:45.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Final Purchase Price
  is</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:45.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.6%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.1%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:88.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">greater than the Estimated
  Purchase Price, the Buyer shall pay to the Seller the amount of the excess,
  or</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:45.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>
  </td>
  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:88.06%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">lower than the Estimated
  Purchase Price, the Seller shall pay to the Buyer the amount of the
  shortfall.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:45.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:92.76%;">
  <p style="font-size:10.0pt;letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any payment to or by the
  Seller pursuant to this Clause 4.2.2 (the &#147;Adjustment Amount&#148;) shall be made
  within 5 Business Days after the Closing Statement has become final as set
  forth in Clause 4.3. Payment of the Adjustment Amount shall include Interest
  thereon calculated from (but not including) the Closing Date until and
  including the date of payment. In the period until the Closing Statement has
  become final and further - if the Adjustment Amount is payable by the Seller
  - until the Adjustment Amount has been paid by the Seller, the shareholders
  in the Seller undertake not to resolve to liquidate the Seller or to
  distribute any ordinary or extraordinary dividends from the Seller. </font>The Seller shall however be allowed to
  acquire and annul the shares in the Seller belonging to the Personal
  Shareholders.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:45.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:45.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Closing Statement</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:45.26%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:92.76%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Within 45 days of the
  Closing Date, the Seller shall have caused the preparation of and delivery to
  the Buyer of the calculation of the Final Net Debt and the Final Working
  Capital Adjustment Amount, and consequently the Final Purchase Price and the
  Adjustment Amount (the &#147;Closing Statement&#148;). The Closing Statement shall be
  prepared on a consistent basis with the consolidated annual report of the
  Group for the financial year 2007 and in accordance with the</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="37" style="border:none;"></td>
  <td width="17" style="border:none;"></td>
  <td width="25" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="303" style="border:none;"></td>
  <td width="17" style="border:none;"></td>
  <td width="339" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

<div style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:92.72%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounting Principles. The
  Closing Statement shall be reviewed by Grant Thornton - Statsautoriseret
  Revisionsaktieselskab.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:45.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:92.72%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Seller and Grant
  Thornton - Statsautoriseret Revisionsaktieselskab shall during Working Hours
  have unrestricted access to all books, records and other information of the
  Group, which in their reasonable opinion is necessary for preparing and
  reviewing the Closing Statement. The Buyer undertakes to procure such access.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:45.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:92.72%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No later than on the
  thirtieth day after its receipt of the Closing Statement, the Buyer shall
  notify the Sellers of any item(s), which the Buyer wishes to dispute, failing
  which the Closing Statement such as prepared by the Seller shall be deemed
  final and binding upon the Parties subject only to any changes agreed by the
  Parties in writing. If the Buyer notifies the Seller that it objects to any
  matter or item in the Closing Statement (the &#147;Notice of Disagreement&#148;), such
  Notice of Disagreement shall:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:45.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p align="right" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:88.34%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">specify in reasonable detail
  the nature of the objections and provide a description in reasonable detail
  of the reasons for such objections (including supporting documentation in the
  possession of the Buyer and the Buyer Group); and</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.28%;">
  <p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:88.34%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p align="right" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:88.34%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">include a specific proposal
  for adjustment of each disputed item in the Closing Statement.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:88.34%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:92.72%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Parties are unable to
  reach agreement prior to the expiry of the thirtieth day after such
  notification to the Seller, either Party may within a subsequent period of
  thirty days refer any disputed item(s)&nbsp;identified in the Notice of
  Disagreement or items related hereto, to the Independent Accountant for
  decision, provided, that the subject matter of the dispute relates to the
  accounting aspects of the calculation of the Final Purchase Price, including
  the application of the Accounting Policies. If the disputed
  item(s)&nbsp;relate to a legal or contractual issue, including the legal
  interpretation of this Agreement, the dispute shall be referred to arbitration
  in accordance with Clause 24 prior to the expiry of the thirty days&#146; period.
  If the dispute is not referred to the Independent Accountant and/or to
  arbitration, as applicable, within the period stipulated, the Closing
  Statement delivered to the Buyer shall be final and binding upon the Parties
  subject only to any changes agreed by the Parties in writing.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:45.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.22%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.28%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:92.72%;">
  <p style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise agreed by
  the Parties, the Independent Accountant shall establish the procedural
  rules&nbsp;in connection with its hearing of the Parties&#146; respective
  positions on the</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="37" style="border:none;"></td>
  <td width="17" style="border:none;"></td>
  <td width="22" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="305" style="border:none;"></td>
  <td width="17" style="border:none;"></td>
  <td width="338" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

<div style="letter-spacing:.2pt;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='11',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-01.htm',USER='105576',CD='Apr 10 06:46 2008' -->



<br clear="all" style="page-break-before:always;">
<div>

<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">disputed item(s)&nbsp;and
  any related issues to be followed in connection with settling the dispute.
  The decision of the Independent Accountant shall be final and binding upon
  the Parties and shall not be subject to judicial or arbitrational review. The
  Parties shall use all reasonable efforts to ensure that the Independent
  Accountant renders its decision within 45 days after the disputed matter was
  referred to the Independent Accountant.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Independent Accountant
  shall have unrestricted access to the books and records of the Group. The
  Buyer undertakes to procure such access.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Independent Accountant
  shall divide the costs payable to it in proportion to the Independent
  Accountant&#146;s ruling in favour of the claims and statements made by the Parties.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNING</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signing shall take place on
  8 April&nbsp;2008 at the address of Lassen Ricard, Amaliegade 31, DK-1256
  Copenhagen K.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At Signing the Seller shall
  deliver the following to the Buyer:</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Documentation that the person(s)&nbsp;signing
  this Agreement on behalf of the Seller is/are duly authorised to do so and
  that this Agreement will constitute a legally binding obligation of the
  Seller.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At Signing the Buyer shall
  deliver the following to the Seller:</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.3.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Documentation that the
  person(s)&nbsp;signing this Agreement on behalf of the Buyer and the
  Co-Signer is/are duly authorised to do so and that this Agreement will constitute
  a legally binding obligation of the Buyer and the Co-Signer.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONDUCT OF BUSINESS AND
  ACCESS</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the period between
  Signing and Closing the Seller shall ensure that the Group conducts its
  business as usual and in the ordinary course of business consistent with past
  practice if relevant in the past 24 months and in a professional manner,
  except as otherwise provided for in this Agreement.</font></p>
  </td>
 </tr>
</table>

<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='12',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-03.htm',USER='105576',CD='Apr 10 06:48 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Always subject to Clause 6.1
  the Seller undertakes that the Group in the period between Signing and
  Closing shall not undertake or agree to undertake any of the following
  actions without the prior written consent of the Buyer:</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .3in;text-align:left;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amend its Articles of association or
  merge or consolidate with, or purchase substantially all of the assets of a
  company, or otherwise acquire any business or legal entity.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .2in;text-align:left;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Declare or pay any dividend or make
  any other distribution to its shareholders.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .2in;text-align:left;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .3in;text-align:left;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquire or dispose of the whole or in
  part of any real property or interest therein or enter into any lease of real
  property, except for any renewals of existing leases in the ordinary course
  of business and in no event for a period of more than one year.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .3in;text-align:left;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sell, transfer, lease or otherwise
  dispose of assets that are material to the Group, other than in the ordinary
  course of business consistent with past practice if relevant in the past 24
  months.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent legally
  permitted, the Seller undertakes to provide the Buyer with any material
  information reasonably requested by the Buyer regarding the Group in the
  period between the Signing Date and the Closing Date.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONDITIONS PRECEDENT</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The obligations of the Buyer
  to consummate the transactions contemplated by this Agreement shall be
  conditional upon the following conditions having been fulfilled or waived by
  the Buyer (in its own discretion) at Closing:</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
  required consents from the merger control authorities set forth in Clause 7.5
  have been obtained;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .4in;text-align:left;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller shall
  have performed and complied in all material respects with its obligations
  under this Agreement at and before Closing,</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .4in;text-align:left;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No public order or
  decision shall be in effect that restrains or prohibits the consummation of
  the transactions contemplated by this Agreement, and no proceeding </font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .5in;text-align:center;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='13',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-03.htm',USER='105576',CD='Apr 10 06:48 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .4in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or investigation shall be
  pending which, if adversely decided, would cause such order or decision to be
  issued or made.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="right" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .4in;text-align:left;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;4.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>No breach of Sellers Warranties which would individually or as a whole
  have a Material Adverse Effect has occurred prior to Closing.</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="right" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="right" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .4in;text-align:left;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;5.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>The Seller has obtained the required written consent of Nykredit to
  the purchase by the Buyer of the Shares relating to the mortgage in favour of
  Nykredit in the amount of DKK 31.707.000.00.</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="right" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .4in;text-align:left;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;6.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>An extraordinary general meeting of the Seller has been held for the
  purpose of changing (i)&nbsp;the registered seat of the Seller to another
  which has no connection to the Group and (ii)&nbsp;the name of the Seller to
  a new name which does not contain the name &#147;Bl&#252;cher&#148; and does not bear any
  similarity to the name &#147;Bl&#252;cher&#148;, ceasing therefore to use it as of Closing.</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The obligations of the Seller to consummate the
  transactions contemplated by this Agreement shall be conditional upon the
  following conditions having been fulfilled or waived by Seller (in its own
  discretion) at Closing:</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="right" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .4in;text-align:left;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;1.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>All required consents from the merger control authorities set forth in
  Clause 7.5 have been obtained;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="right" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="right" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .4in;text-align:left;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;2.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>The Buyer shall have performed and complied in all material respects
  with its obligations under this Agreement at and before Closing; and</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="right" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="right" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .4in;text-align:left;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;3.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>The Co-Signer shall provide a surety in favour of Nykredit regarding
  the mortgage described in Clause 7.1.5.</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Party undertakes to use its reasonable
  endeavours to ensure that the conditions set out in Clauses 7.1 and 7.2 are
  fulfilled on or prior to May&nbsp;30, 2008 or such later date as the Parties
  may subsequently agree on and will immediately inform the other Party upon
  the satisfaction of such conditions.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='14',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-03.htm',USER='105576',CD='Apr 10 06:48 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each party undertakes to disclose in writing to the
  other party any fact or circumstance that might prevent any of the conditions
  set out in Clauses 7.1 and 7.2 from being satisfied at Closing as soon as the
  said fact or circumstance comes to the attention of the Party.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merger control</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.5.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Buyer has established that the transactions
  provided for in this Agreement shall be notified to the merger control
  authorities in the individual jurisdictions Germany and Norway. The Parties
  shall co-operate for the purpose of obtaining all necessary approvals from
  such authorities as soon as possible, including by providing all relevant information.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.5.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Buyer covenants and agrees to comply with any
  reasonable conditions or undertakings imposed on the Buyer or the Group for
  the granting of such consents. As soon as practicable following Signing, the
  Buyer shall proceed with the filing for all required merger control approvals
  required for the consummation of the transactions contemplated by this
  Agreement and the Buyer undertakes to use its best efforts to procure that
  all such applications for approvals are processed expediently to enable the
  approvals to be obtained as soon as possible.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.5.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Buyer shall notify the Seller of the receipt of
  all communications with and/or comments of the relevant authorit(y/ies) with
  respect to the relevant filing and of any request by the authorit(y/ies) for
  any amendment or supplement thereto or for additional information and shall
  without undue delay provide to the Sellers copies of all correspondence
  between the Buyer and/or any of its representatives and the relevant
  authorit(y/ies) with respect to the relevant filing. The Seller shall use its
  best efforts to provide responses to the Buyer with respect to all comments
  and/or questions received from the relevant authorit(y/ies).</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.5.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Buyer and the Seller shall each, upon request of
  the other, furnish the other with all reasonable information concerning
  itself, its subsidiaries and shareholders and such other matters as may be
  reasonably necessary or advisable in connection with any filing required in
  respect of the transactions contemplated by this Agreement.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-fulfilment of conditions precedent</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.6.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the conditions set out in Clauses 7.1 and 7.2
  have not been satisfied (or waived by the relevant Party) at August&nbsp;30,
  2008 or such later date subsequently agreed by the Parties, the</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='15',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-03.htm',USER='105576',CD='Apr 10 06:48 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.5%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Party who may waive the condition may - no later
  than 10 Business Days after such date - terminate this Agreement with
  immediate effect by written notice to the other Party. If the Agreement is
  not terminated within the time limit set out above the Agreement shall be
  consummated as contemplated herein.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.5%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.6.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.5%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In case of termination as set forth above neither
  Party shall have any liability towards the other Party unless the reason why
  the conditions were not satisfied is a consequence of any of the Parties
  being in breach of any of their obligations under this Agreement.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.5%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.5%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CLOSING</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.5%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.5%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Closing shall take place on 30 May&nbsp;2008 or on
  another date which is the last working day of a calendar month agreed by the
  Parties at the address of Lassen Ricard, Amaliegade 31, DK-1256 Copenhagen K.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.5%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.5%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At Closing, subject to the fulfilment of the Buyer&#146;s
  Closing Obligations, the Seller shall deliver or cause to be delivered the
  following (the &#147;Seller&#146;s Closing Obligations&#148;) to the Buyer:</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.5%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.5%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The original shareholders register of the Company
  documenting the Buyer&#146;s unconditioned ownership of the Shares free from any
  and all charges, encumbrances and other interests, rights and claims.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.5%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.5%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Letters from the present members of the board of
  directors of the Company and the Subsidiaries elected by the Seller or the
  Company, respectively, confirming that they resign as of Closing and that
  they do not have any claim against the Company or the Subsidiaries,
  respectively, other than for their ordinary remuneration calculated on a pro
  rata basis for the current financial year until and including the Closing
  Date. Such ordinary remuneration shall be paid by the Company or the
  Subsidiaries as the case may be.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.5%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.5%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Letters from those statutory auditors of the Company
  and of the Subsidiaries as will be notified by the Buyer to the Seller no
  later than 7 Business Days before the Closing Date confirming that they
  resign as of Closing and that the resigning auditors does not have any claim
  against the Company or the Subsidiaries, respectively, other than their fees
  for services rendered to the Company and the Subsidiaries prior to Closing.
  Such fees shall be paid by the Company or the Subsidiaries as the case may
  be.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.5%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="33" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="698" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='16',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-03.htm',USER='105576',CD='Apr 10 06:48 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Four originals of the Escrow Agreement duly signed
  by or on behalf of the Seller and the Escrow Agent.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A written consent from Nykredit to the purchase by
  the Buyer of the Shares relating to the mortgage in favour of Nykredit in the
  amount of DKK 31.707.000.00.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Documentation evidencing that an extraordinary
  general meeting of the Seller has been held for the purpose of changing
  (i)&nbsp;the registered seat of the Seller to another seat which has no
  connection to the Group and (ii)&nbsp;the name of the Seller to a new name
  which does not contain the name &#147;Bl&#252;cher&#148; and does not bear any similarity to
  the name &#147;Bl&#252;cher&#148;, ceasing therefore to use it as of Closing.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2.7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A statement signed by the Seller to the effect that
  the Seller&#146;s conditions precedent specified in Clause 7.1 have been fulfilled
  to the extent such conditions are under the Seller&#146;s control.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2.8</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Draft minutes from shareholders meetings in the
  Company and the Subsidiaries where new boards of directors and, if
  applicable, new auditors are elected.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2.9</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such additional actions and/or documents as, in the
  Buyer&#146;s reasonable opinion, are necessary or expedient in order to complete
  Closing.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2.10</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Written confirmation from Nykredit that the credit
  facility in the amount of DKK 50,000,000.00 has been settled as of Closing.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At Closing, subject to the fulfilment of the
  Seller&#146;s Closing Obligations, the Buyer shall deliver the following (the
  &#147;Buyer&#146;s Closing Obligations&#148;) to the Seller:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.3.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Documentation of the transfer in favour of the
  Seller of the Estimated Purchase Price less the Escrow Amount in cash in
  Danish Kroner in immediately available funds with the Closing Date at value
  date by wire transfer to a bank account designated by the Seller no later
  than 7 Business Days prior to Closing.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.3.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Documentation of the wire transfer of an amount in
  DKK equal to 15% of the Estimated Purchase Price (herein referred to as the
  &#147;Escrowed Amount&#148;) in cash into an escrow account (herein referred to as the
  &#147;Escrow Account&#148;) with an Escrow Agent to be agreed by the Parties prior to
  Closing (herein referred to as the &#147;Escrow Agent&#148;) subject to the terms of
  the Escrow</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement attached hereto as <u>Schedule 8.3.2</u>
  (and subject to any amendments which may be required by the Escrow Agent) as
  security for and the only means of payment of any and all Claims including
  any Interest thereon caused by a breach of any of the Seller&#146;s Warranties
  and/or Specific Indemnities, and of any and all covenants and agreements by
  the Seller under this Agreement. Notwithstanding anything to the contrary
  herein, the Seller shall at any point in time be entitled to require the
  amount standing to the credit of the Escrow Account at that point in time be
  released to the Seller against providing the Buyer with an irrevocable and
  unconditional bank guarantee issued by a well-reputed Danish bank in the same
  amount and on the same terms and conditions as set out in the Escrow
  Agreement, covering the Seller&#180;s obligations under this Clause 8.3.2 and
  being security for and the only means of payment of any and all Claims
  including any interest thereon caused by a breach of any of the Seller&#180;s
  Warranties and/or Specific Indemnities, and of any and all covenants and
  agreements by the Seller under this Agreement. Such bank guarantee shall give
  the Buyer a position not less favourable than if the Escrow Agreement was
  still in force.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.3.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Four (4)&nbsp;originals of the Escrow Agreement duly
  executed by the Buyer.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.3.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Documentation of the wire transfer of the
  outstanding claim of the credit facility with Nykredit with a maximum of DKK
  50,000,000.00. The Seller has no later than 5 Business Days prior to Closing
  informed Buyer of the outstanding amount.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.3.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A statement signed by the Buyer to the effect that
  the Buyer&#146;s conditions president specified in Clause 7.2 have been fulfilled
  to the extent such conditions are under the Buyers control.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.3.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such additional actions and/or documents as, in the
  Seller&#146;s reasonable opinion, are necessary or expedient in order to complete
  Closing.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At Closing, extra-ordinary general meetings shall
  take place in the Company and the Subsidiaries, as applicable, for the
  purpose of:</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .4in;text-align:left;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electing
  new members of the board of directors and, as applicable, new auditors of the
  Company and the Subsidiaries in replacement of the directors and auditors
  that resign at Closing,</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .4in;text-align:left;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granting
  discharge to the said board members and management of the Company for any
  period up until and including the Closing Date.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>

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</div>
<!-- SEQ.=1,FOLIO='18',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-03.htm',USER='105576',CD='Apr 10 06:48 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At Closing, the Seller and the Buyer shall
  irrevocably instruct Lassen Ricard to make or cause to be made any filings
  necessary or appropriate to register the decisions adopted at such
  extra-ordinary general meeting immediately after Closing.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of the actions required to be performed at
  Closing pursuant to Clauses 8.2 and 8.3 shall be deemed to have occurred at
  the same time and none of such actions shall be considered performed until
  and unless all such actions have been performed.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Closing Memorandum substantially in the form
  attached hereto as <u>Schedule 8.6</u> shall document Closing. Not later than
  three Working Days prior to Closing, the Seller shall provide the Buyer with
  a revised updated draft of the Closing Memorandum.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">BUYERS DUE DILIGENCE
  INVESTIGATIONS</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the period from 25 February&nbsp;to 8
  April&nbsp;2008 the Buyer has conducted investigations into the information
  provided by the Seller concerning commercial, legal, financial,
  environmental, tax and other affairs of the Group as outlined in Clause 9.2
  making use of such advisers as the Buyer has in its sole discretion deemed
  appropriate and necessary to assist it in evaluating the Group, its business
  and the risks associated with an acquisition hereof.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Seller&#146;s Warranties are subject to and limited
  by the Buyer&#146;s actual knowledge as well as the information made available to
  the Buyer and its advisers prior to Signing (1)&nbsp;in this Agreement,
  (2)&nbsp;in the Data Room&nbsp;Documentation, including, but not limited to
  the Operational VDD report prepared by Valcon A/S dated 18 January&nbsp;2008;
  (3)&nbsp;in the Environmental, Health&nbsp;&amp; Safety Compliance
  Assessments reports prepared for the benefit of the Buyer by Cowi A/S dated
  19 December&nbsp;2007, (4)&nbsp;in the Information Memorandum dated 15
  January&nbsp;2008, (5)&nbsp;in the Management Presentation dated 22
  February&nbsp;2008, (6)&nbsp;during interviews with the management and key
  employees of the Group, <u>Schedule 9.2</u>, (7)&nbsp;during visits to
  premises of the Group listed in <u>Schedule 9.2</u> and (8)&nbsp;at the
  Company&#146;s website www.blucher.com at Signing or at Closing, as the case may
  be, always provided that such information is deemed fairly and reasonably
  disclosed to the Buyer in context and manner.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Buyer confirms and covenants to the Seller that,
  following the Buyer&#180;s due diligence review and its other investigations
  carried out up and until Signing, the Buyer is not aware of any actual or
  potential breach of the Seller&#180;s Warranties.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='19',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-03.htm',USER='105576',CD='Apr 10 06:48 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">SELLER&#146;S WARRANTIES</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as Disclosed in accordance with this
  Agreement before Signing or with respect to any matter ocurring in the period
  between Signing and Closing in the period between Signing and Closing, the
  Seller warrants to the Buyer that as of Signing as well as of Closing and
  with respect to such other earlier date, which is specifically stated in this
  Clause 10 in relation to any specific Seller&#146;s Warranty, each of the
  warranties set out in this Clause 10 are correct and not misleading. Without express
  reference any and all warranties set out in this Clause 10 cover both the
  Company and, with any changes necessary in order for the warranties to comply
  with national legislation, the Subsidiaries.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authority</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Seller has the full legal right and power and
  all authority and approval required to enter into and to perform its
  obligations under this Agreement.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement is a valid and binding obligation of
  the Seller enforceable in accordance with its terms.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The execution, delivery and performance of this
  Agreement and the consummation of the transaction contemplated hereby will
  not:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Violate any
  provision of the articles of association of the Seller or the Company.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Violate, conflict
  with or result in a breach of any contract or other agreement to which the
  Company is a party.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .35in;text-align:left;text-indent:-.35in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Violate any order, judgment,
  injunction, award or decree of any court, arbitrator or governmental or
  regulatory body against, or binding upon the Company.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Violate any statute,
  law or regulation applicable to the Company.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No person or legal entity is entitled to any kind of
  fee or commission from the Company in connection with the transfer of the
  Shares pursuant to this Agreement.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='20',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-03.htm',USER='105576',CD='Apr 10 06:48 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Seller is the sole and legal owner of the Shares
  free and clear of any lien, option, claim, charge or other encumbrance.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is duly organized, validly existing
  under applicable law, and has and has had the corporate power and lawful
  authority to own, lease and operate its business and assets as now being
  conducted and as previously having been conducted at the relevant point in
  time.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s minute books contain minutes of all
  the Company&#146;s annual and extraordinary general meetings and meetings of the
  Company&#146;s board of directors.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Subsidiaries constitute all the subsidiaries of
  the Company and they are all wholly owned by the Company except for BL&#220;CHER
  Germany GmbH and BM Stainless Ltd. BL&#220;CHER Germany GmbH is 100% owned by
  BL&#220;CHER Metal Beteiligungs GmbH and BM Stainless Ltd. is 100% owned by
  BL&#220;CHER UK Ltd. Except for the Subsidiaries the Company does not have any
  direct or indirect subsidiaries, associated companies or other unincorporated
  associations and neither the Company nor any of the Subsidiaries are party to
  any joint venture or partnership agreement or any similar arrangement.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is and has to the best of Sellers
  Knowledge at all times been duly qualified or licensed to conduct its
  business as previously and currently conducted in each jurisdiction in which
  such qualification or licensing is necessary and, in particular, hold and
  have held all authorizations, permits and licences to lawfully carry on such
  business.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No current law, act, statute,
  order, rule&nbsp;or regulation requires the Company to change the conduct of
  its business as it is presently being conducted by the Company in any
  material way and the execution of this Agreement will not result in any
  withdrawal or change to any existing </font>authorization, permit or licence nor impose any requirement upon the Company to
  obtain any new or additional authorizations, permits or licences.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insolvency</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.3.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No order has been made and no resolution has been
  passed for the winding up of the Company and no file for bankruptcy has been
  adopted and there is no action or request pending, or required under
  applicable law.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='21',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-03.htm',USER='105576',CD='Apr 10 06:48 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.3.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has not opened negotiations for a
  compulsory composition scheme.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Real property</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 10.4.1</font></u> contains a complete list of the
  real property owned by the Company and the Subsidiaries (the &#147;Owned Real
  Property&#148;).</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Save as disclosed in <u>Schedule 10.4.1</u> there is no lien,
  easement, purchase option, right of first refusal or other preferential
  purchase right, license, lease, sublease, occupancy agreement or similar
  instrument with respect to any of the Owned Real Property, which is not
  registered in the local land register.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 10.4.3</font></u>  contains a complete list of the
  real property leased by the Company and the Subsidiaries (the &#147;Leased Real
  Property&#148;) (The Owned Real Property and the Leased Real Property collectively
  referred to as the &#147;Real Property&#148;) and specifies the name of the owner of
  each such property.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A</font>ll leases relating to the Leased
  Real Property have been entered into on arms length terms and are in full
  force and effect in accordance with their respective terms.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Real Property can legally be used for the
  business purposes presently being conducted at the Real Property.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is not and has not been in violation of
  any use for occupancy restriction, limitation, condition or covenant of
  record (in Danish: &#147;tinglyst servitut/tinglyst deklaration&#148;) or any zoning or
  building law, code or ordinance and the Company has received no notice
  specifying a non-compliance problem or complaint from any competent authority
  with respect to the ownership, use or occupancy of any of the Real Property,
  nor is any such notice threatened. There are no pending or threatened
  condemnation proceedings or similar proceedings with respect to the Real
  Property.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4.7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are no outstanding requirements or
  recommendations of any competent authority relating to the Real Property and
  no public authority has made any proposal or announced any plan, which, if
  implemented, may prevent the Company&#146;s use of any of the Real Properties for
  the continued conduct of its business as it is presently being conducted.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='22',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-03.htm',USER='105576',CD='Apr 10 06:48 2008' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt 42.55pt;text-align:left;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4.8</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.1%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are no outstanding or, to Sellers Knowledge,
  threatened disputes, actions, claims, demands or complaints relating to the
  Real Property.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.1%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.5</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.1%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Environment</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.1%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.5.1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.1%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company possess all necessary permits,
  permissions, licenses and exemptions relating to the environment, health and
  safety required to conduct its business. All permits, permissions, licenses
  and exemptions obtained by the Company will remain in force on unchanged
  terms after Closing.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.1%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.5.2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.1%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is not the subject of any investigation,
  action, claim or proceeding, or the recipient of any notice under any
  environmental laws relating to investigation and clean up of any real
  property and to the best of Sellers Knowledge no such investigation, action,
  claim or proceeding is threatened or likely to arise.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.1%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.5.3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.1%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company does not have any liability in respect
  of environmental matters, including, but not limited to contamination or
  pollution of air, ground water or soil, arising out of or in connection with
  the business of the Company, conducted at any real property formerly owned or
  leased by the Company, including liability claimed by neighbours and/or other
  third parties.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.1%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.5.4</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.1%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No private persons or governmental, regional and/or
  municipal authorities can raise any claim against the Company for
  contamination or pollution of air, ground water or soil caused by the Company
  relating to existing leased or owned real property.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.1%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.5.5</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.1%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are no underground oil tanks on the Leased
  Real Property for which the duty for the Company to take measures to prevent
  contamination has taken effect or, under the current rules, will take effect.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.1%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.1%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Intellectual property rights</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.1%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.6.1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.1%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 10.6.1</font></u> contains a complete list of all
  registered intellectual property right (and application for such right) and
  material unregistered intellectual property right, including but not limited
  to (i)&nbsp;patent and patent applications, (ii)&nbsp;registered trademarks
  and (iii)&nbsp;registered designs and utility models and applications
  therefore (the &#147;Intellectual Property Rights&#148;), to which the Company or the
  Subsidiaries have full and unrestricted ownership except for the EU design
  model &#147;Copenhagen Circle Grating&#148; designed by Knud Holscher.</p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='23',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-05.htm',USER='105576',CD='Apr 10 06:51 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.6.2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All renewal applications and other official registry
  fees and steps required for the maintenance, protection and enforcement of
  the Intellectual Property Rights have been paid or taken.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.6.3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has not granted any
  licence to any third party to use any of the Intellectual Property Rights nor
  has it otherwise permitted any such third party use.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.6.4</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the best of Seller&#180;s Knowledge none of the
  Intellectual Property Rights listed in <u>Schedule 10.6.1</u> infringes or
  violates any third party&#146;s intellectual property rights and the Company is
  not involved in any disputes in which any third party is claiming that the
  Company infringes the intellectual property rights of the third party other
  than the disputes listed in <u>Schedule 10.15.2</u>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.6.5</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company does not infringe the Unidrain patent
  (EP 1 287 213). The opposition procedures, initiated by the Company, are only
  initiated in an attempt to secure the Company&#146;s freedom to operate.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.6.6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company does not to the best of Sellers
  Knowledge infringe any third party proprietary rights to key technologies
  and/or key machinery when used in the Company&#146;s production, manufacturing and
  sales process of the Company products.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.6.7</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No third party has any proprietary rights to the
  technologies, hereunder patents, utility models, trademarks and designs,
  developed by the Company in the Company&#146;s research and development projects.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.6.8</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No inventor of any patent, patent application or
  utility model owned by the Company has any claim against the Company for
  compensation in accordance with applicable Danish law, i.e. the Danish act on
  employees inventions (in Danish: Lov om arbejdstagers opfindelse) and
  applicable foreign law as the case may be.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.7</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information technology</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.7.1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.26%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has all necessary rights to use and
  operate the hardware and software currently used and operated by the Company
  either by way of ownership or relevant licenses. No license agreement
  concerning hardware and software will terminate as a consequence of this Agreement.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='24',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-05.htm',USER='105576',CD='Apr 10 06:51 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.7.2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any such software or hardware owned or operated by
  the Company is in all material aspects functioning well, up to date and fully
  serves the needs of the Company.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.7.3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s computer systems,
  including external communication systems, are configured in accordance with
  and perform in compliance with nationally and internationally accepted
  security standards.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.7.4</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has not experienced any significant
  breakdowns or operational problems in the running of the software and
  hardware currently used and operated by the Company within 12 months prior to
  Closing.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.7.5</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company owns, free and clear
  of any and all third party rights, all rights in the domain names listed in <u>Schedule
  10.7.5</u> (the &#147;Domain Names&#148;), and no third party has objected or
  threatened to object to the Company&#146;s use and/or registration thereof, and no
  third party is to the best of Sellers Knowledge using any of the Domain Names
  in violation of the Company&#146;s rights thereto.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.7.6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has made all payments,
  including, without limitation, registration fees and annual fees, required to
  be made in order to protect its rights to the Domain Names.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.8</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreements</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.8.1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All agreements whether written or oral to which the
  Company and/or the Subsidiaries are a party are in all material aspects
  lawful, valid and enforceable in accordance with their terms and have been concluded
  in the best interest of the Company and on arm&#146;s length terms and conditions.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.8.2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is not in breach of or has terminated
  any of the agreements Disclosed, and no grounds for or risk of any such
  breach or termination exists. To the best knowledge of the Seller no third
  party is in breach of or has terminated any of the agreements Disclosed, and
  no grounds for or risk of any such breach or termination exists.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.8.3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has no written or oral agreements with
  competitors restricting its activities and/or business.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.9</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Related party transactions</font></u></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='25',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-05.htm',USER='105576',CD='Apr 10 06:51 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.9.1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has not at any time,
  been a party to any transaction or conducted any trade with the Seller, any
  shareholder in the Seller or any of the Company&#146;s present or former
  employees, managers or members of its board of directors other than in the
  ordinary cause of business, on arms length terms and in the best interest of
  the Company.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.9.2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is not a party to any
  contract or other arrangement giving the Seller, any shareholder in the
  Seller or any of the Company&#146;s present or former employees, managers or
  members of its board of directors rights or benefits which are not on arm&#146;s
  length terms.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.10</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employment</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.10.1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The employees of the Company and its Subsidiaries
  (the Employees) have been employed on terms and conditions, which comply with
  applicable law in all material aspects.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.10.2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The individual employment agreements correspond to
  the template standard employment agreement Disclosed and fulfil applicable
  collective bargaining agreements, local agreements and the requirements of
  the Danish Employment Contracts Act and similar applicable provisions in the
  relevant jurisdictions in all material aspects.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.10.3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Danish law on working environment has been complied
  with, and any order made by the Danish Working Environment Service has been
  met in all material aspects.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.10.4</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No extraordinary salaries or payments are to be made
  by the Company or any Subsidiaries to any Employee as a consequence of the
  transaction contemplated by this Agreement.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.10.5</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None of the key employees mentioned in <u>Schedule
  10.10.5</u> have given notice to terminate their employment.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.10.6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No dispute between the Company or any of the
  Subsidiaries and any present or prior director or employee of the Group is
  pending or, to the best of Seller&#146;s Knowledge, threatened.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.11</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounts</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.11.1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The annual accounts for the Group for 2007 attached
  hereto as <u>Schedule 10.11.1</u> (the Accounts) have been prepared in
  accordance with IFRS and the Accounting Principles on a</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='26',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-05.htm',USER='105576',CD='Apr 10 06:51 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">consistent basis in respect of the consolidated annual
  report of the group (as defined in such report) for the financial year 2006
  such as disclosed in the Data Room&nbsp;Documentation.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.11.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Accounts give a true and fair view (&#147;retvisende
  billede&#148;) as defined in the Danish Financial Statements Act) of the Group&#146;s
  (as defined in such accounts) assets and liabilities, financial position and
  results for 2007.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.11.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The interim accounts of the Group for the period
  from 1. January&nbsp;2008 until February&nbsp;28 2008 (the Interim Accounts)
  are attached as <u>Schedule 10.11.3</u>. The Interim Accounts have in all
  material respects been prepared in accordance with the Accounting Principles
  and give a true and fair view of the Group&#146;s (as defined in such accounts)
  assets and liabilities, financial position and results as of the balance date
  of such accounts.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.11.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After the date of the Accounts and except as set
  forth in the Interim Accounts,</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>The business of the Group has been
  conducted as usual, in the ordinary course of business consistent with past
  practice if relevant in the past 24 months, in a professional manner and
  within the existing budget.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>No dividends have been declared or
  paid by the Company.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.12</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.12.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All reports, returns and all notices and information
  to be filed or given by the Company and the Subsidiaries in respect of any
  Taxes are correct and duly and timely filed and all Taxes which have become
  due or are to be paid pursuant to such reports, returns, notices and
  information with respect to the period ending at Signing (including all prior
  years) have been fully and timely paid or provision for payment has been made
  in the Accounts.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.12.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No tax return has been challenged by any taxing
  authority and the Company is not a party to any action, proceeding, audit or
  investigation by any taxing authority, nor is any such action, proceeding,
  audit or investigation to the best of Seller&#146;s Knowledge threatened.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.12.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is not a party to any
  transactions, agreements or arrangements, which constitutes illegal tax
  evasion or primarily is aimed, directly or indirectly, at tax arbitrage or
  tax evasion.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='27',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-05.htm',USER='105576',CD='Apr 10 06:51 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.13</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Public Grants</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.13.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is not the beneficiary
  of any public grants, contributions or other benefits which will be required
  to be repaid or will cease to apply or will apply on different terms and
  conditions as a result of the execution of this Agreement and the Company is
  in full compliance with all terms and conditions of any such grants,
  contributions or benefits.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.14</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insurance</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.14.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s insurance policies listed in <u>Schedule
  10.14.1</u> are in full force and effect. Save as disclosed in said Schedule,
  all existing insurance policies may be continued after Closing on the
  existing terms and conditions.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.14.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are no material outstanding claims under any
  insurance policy where the insurer has rejected to cover the claim.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.14.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is not in violation of any duties under
  any of the insurance policies that would reasonably allow the insurer to
  reject payment or coverage.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.15</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Litigation</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.15.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are no outstanding orders, judgments,
  injunctions or decrees of any court, administrative body or arbitration
  tribunal which restricts the Company&#146;s
  present or future operations.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.15.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are no pending or, to the best of Seller&#146;s
  Knowledge, threatening actions, claims, complaints or legal, administrative
  or arbitral proceedings or investigations against or involving the Company
  except as listed in <u>Schedule 10.15.2</u> and to the best of Seller&#146;s Knowledge, no grounds for the commencement of any
  such actions, claims, complaints or legal, administrative or arbitral
  proceedings or investigations exist.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.16</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Permissions, licences and other public regulations</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.16.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company and the Subsidiaries have at all times
  had the permissions, licences and rights that are and/or have been necessary
  considering the affairs of the Company and the Subsidiaries. The Company and
  the Subsidiaries have at all times fulfilled all obligations and terms under
  such permissions, licenses and rights.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='28',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-05.htm',USER='105576',CD='Apr 10 06:51 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.16.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No notices from any governmental, regional or municipal
  authorities or authorities comparable hereto comprising any breach,
  withdrawal, cancellation, termination or failure to renew any permissions,
  licenses and rights that are necessary for the business of the Company and
  its Subsidiaries are pending.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.17</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.17.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All information, which has been given by the Seller
  to the Buyer in the course of the due diligence and the negotiation of this
  Agreement, is true and accurate in all material respects and not misleading.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.17.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No other potential buyer of the Shares has been
  given access to business information regarding the Company without signing
  legally binding confidentiality undertaking. The benefit of such
  confidentiality undertakings is by this Agreement assigned to the Company.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">11</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;"><font style="text-decoration:none;">&nbsp;</font></font></u></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">BUYERS WARRANTIES</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Buyer warrants to the Seller that each of the
  warranties set out in Clause 11.2 are correct, accurate and not misleading as
  of Signing and undertakes to the Seller to ensure that each of the warranties
  shall be true, accurate and not misleading as of Closing.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Buyer warrants that:</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.2.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Buyer is duly organized, validly existing and in
  good standing under the laws of its jurisdiction of incorporation, and has
  the corporate power and lawful authority to enter into and perform its
  obligations under this Agreement.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.2.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement has been duly executed and delivered
  and is a valid and binding obligation of the Buyer enforceable in accordance
  with its terms.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.2.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Buyer has and will as of the Closing Date have
  the financial resources necessary to consummate the transactions provided for
  herein at its free disposal.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='29',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-05.htm',USER='105576',CD='Apr 10 06:51 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt 42.55pt;text-align:left;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">12</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;"><font style="text-decoration:none;">&nbsp;</font></font></u></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">SPECIFIC INDEMNITIES</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding anything to the contrary in the
  Disclosures, the Seller shall indemnify the Buyer and hold the Buyer harmless
  from the following specific indemnities (the &#147;Specific Indemnities&#148;):</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.1.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Seller shall indemnify and hold harmless the
  Company and/or the Buyer against any losses, liabilities, obligations and/or
  damages incurred by the Company and/or the Buyer in connection with the
  pending court case in relation to Mr Legelux.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.1.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Seller shall indemnify and hold harmless the
  Company and/or the Buyer against any losses, liabilities, obligations and/or
  damages incurred by the Company and/or the Buyer in connection with the
  pending court case in relation to Mr Tiryaki, however, only for such part
  which exceeds EUR 20,000.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.1.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Seller shall indemnify and hold harmless the
  Company and/or the Buyer against any losses, liabilities, obligations and/or
  damages incurred Bl&#252;cher Germany GmbH, which is the subsidiary of Bl&#252;cher
  Metal Beteiligungs GmbH, which is 100 per cent owned by the Company in
  connection with the pending case with the German tax authorities, however,
  only for such part which exceeds EUR 40,000.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.1.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Seller shall indemnify and hold harmless the
  Company and/or the Buyer against any losses, liabilities, obligations and/or
  damages incurred by the Company and/or the Buyer due to the joint and several
  liability of the Company and Geberit Mapress A/S related to, and resulting
  from, the demerger by which Geberit Mapress A/S was established cf. section
  136(2)&nbsp;of the Danish Companies Act (in Danish: &#147;Aktieselskabsloven&#148;).</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">13</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;"><font style="text-decoration:none;">&nbsp;</font></font></u></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">INDEMNIFICATION</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the limitations contained in this Clause
  13 each Party agrees to indemnify and hold harmless the other Party from and
  against any and all Losses suffered by the other Party as a result of any
  breach of warranty or non-fulfilment of any covenant or agreement contained
  in this Agreement.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Claims</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.2.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to be valid, any claims made by a Party
  under this Agreement (hereinafter referred to as a &#147;Claim&#148;) shall be notified
  in writing to the Indemnifying Party as follows:</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Each Claim shall state its grounds
  and (to the extent known) the amount of the loss or possible Loss and shall
  to a reasonable extent be accompanied by documentation supporting the claim,
  and</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Each Claim shall be notified in
  writing by the Indemnified Party to the Indemnifying Party no later than 45
  days after the Indemnified Party has become aware of the events or
  circumstances reasonably giving rise to the Claim.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.2.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Claims of general natures, which do not identify the
  grounds on which they are based or are not accompanied by the documentation
  set forth in Clause 13.2.1.1 shall not be considered as valid under this
  Agreement. Furthermore, failure to give notice of any Claim within the time
  period specified in Clause 13.2.1.2 shall automatically result in the Claim
  being forfeited by the Indemnifying Party.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.2.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Indemnifying Party dispute a Claim within 60
  days after having been notified by the Indemnified Party under this
  Agreement, the Indemnified Party shall request arbitration in accordance with
  Clause 24 and serve its written complaint (in Danish &#147;klageskrift&#148;) on the Indemnifying
  Party within 60 days after the Indemnified Party has received notice that the
  Indemnifying Party dispute the Claim. The written complaint shall include the
  Indemnified Party&#146;s statement of its Claim and the arguments and documents
  supporting the Claim if available. Failure to observe the time limits set
  forth herein shall automatically result in the Claim being deemed to be
  accepted by the Indemnifying Party or forfeited by the Indemnified Party, as
  the case may be.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.2.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The parties to the arbitration procedure shall use
  all reasonable efforts to ensure that the arbitration procedure shall
  progress as swiftly as possible and, to the extent possible, the award shall
  be made within 6 months of the notice of arbitration has been given.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.3%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.2.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.48%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Buyer shall not be entitled to any
  indemnification from the Seller with respect to any Claim for Losses suffered
  as a consequence of any breach of Clause 10.5 (Environment) unless the Claim
  is</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>caused by an order of a competent
  governmental authority made ex officio by such authority (including if the
  time-limit for appeal has expired) or is,</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>caused by a third party (a
  neighbour, an employee or another third party) making a justified claim
  against the Group in respect of Environment and without any inducement by the
  Buyer, Buyer&#146;s Group or any Group Company. (For the avoidance of doubt, third
  party shall not comprise the Buyer, Buyer&#146;s Group or any Group Company)), or
  is</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>caused by any environmental
  remedial action necessary for the Group to carry on its business in the
  ordinary way, including by adding to or changing existing buildings.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Third party claims</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.3.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event any third party asserts any claim,
  based on which a Claim is notified to the Seller, the Seller shall have the
  right, at its election, risk and expense, to control the defence of such
  third party claim by giving notice within 60 days from the date of the Claim
  having been notified to the Seller and against the Seller indemnifying the
  Buyer for all relevant costs and any and all Losses arising out of the
  proceedings.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.3.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Seller in accordance with 13.3.1 takes over
  the defence the Buyer shall cause the relevant Group Company to provide
  reasonable co-operation with the Seller and with any counsel appointed by the
  Seller. The Buyer shall cause that such third party claims and any
  counterclaims are not settled and that no liability is admitted without the prior
  written consent of the Seller, such consent not to be unreasonably withheld.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.3.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Seller or the Buyer, as the case may be shall
  keep the other Party informed in reasonable detail during the defence of any
  such third party claim.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Losses</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.4.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Losses for which the Buyer has claimed
  indemnification from the Seller (Loss/Losses) shall be calculated in
  accordance with the following principles and otherwise in accordance with
  applicable Danish law:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;The net
  present value of any tax benefit to or saving by the Buyer Group shall be
  deducted when calculating the Loss.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='32',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-05.htm',USER='105576',CD='Apr 10 06:51 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="103%" style="border-collapse:collapse;width:103.5%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The amount of any compensation or other recovery
  (including, without limitation, insurance proceeds) actually paid or payable
  to the Buyer Group by a third party shall be deducted when calculating the
  Loss. If the Seller has settled a Loss, and a Buyer Group Company
  subsequently recovers any payment or compensation with respect to such Loss,
  the Buyer shall pay or cause to be paid to the Seller the amount so
  recovered, inclusive of Interest from the date on which the Buyer Group
  Company received such payment or compensation.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The occurrence or increase of a Loss, which is the
  direct or indirect consequence of any change in any law or accounting
  principles adopted or implemented subsequent to the Closing Date, shall be
  disregarded.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The occurrence or increase of a Loss, which is the
  direct or indirect result of any act or omission taken after the Closing Date
  by a Buyer Group Company or any third party of whom a Buyer Group Company is,
  directly or indirectly, in control, shall be disregarded.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Only direct Losses shall be eligible for
  indemnification. Consequently, the Seller shall not be liable for any
  indirect or consequential Losses, including Loss of profits or goodwill.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Loss shall be indemnified on a DKK-by-DKK basis.
  Thus, for instance no multiples that may have been applied by the Buyer for
  the purpose of establishing the commercial basis for the transactions
  provided for herein shall be taken into consideration.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Loss shall be deemed to have been suffered to the
  extent that a provision regarding the subject matter of the Claim has been made
  in the Accounts or the Interim Accounts;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent that a Loss that would otherwise have
  been claimable against the Seller has been accounted for in favour of the
  Buyer when calculating the Final Net Debt or the Final Working Capital Adjustment
  Amount, such Loss shall be disregarded;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.32%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">When calculating whether or not a Loss exceeds the
  thresholds in Clause 13.5.1, Losses sustained in foreign currencies shall be
  converted into DKK at the time when the Claim is made;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">33</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='33',FILE='C:\JMS\105576\08-10459-1\task2852617\10459-1-ke-05.htm',USER='105576',CD='Apr 10 06:51 2008' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt 42.55pt;text-align:left;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.4.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any payment by the Seller to the Buyer as a result
  of a Claim shall be regarded as a reduction of the Final Purchase Price (a
  DKK for DKK reduction of the Final Purchase Price).</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.4.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any Claim shall arise by reason of a liability,
  which, at the time that the Claim is notified to the Indemnifying Party, is
  contingent (whatever the cause), the Indemnifying Party shall not be under
  any obligation to make any payment to the Indemnified Party until such time
  as such liability ceases to be contingent.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.4.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The amount of any Loss shall accrue Interest
  according to Danish Law.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.4.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Party is obliged to use all reasonable efforts
  to mitigate its Losses.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.4.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of a Claim in respect of a matter which
  in the Buyer&#146;s reasonable opinion is capable of cure, the Seller shall have
  the right, exercisable upon written notice from the Buyer, to attempt to cure
  within a reasonable period of time and in no event later than 30 days after
  dispatch of the written notice to the Seller the matter resulting in the
  Claim.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Limitations</font></u>:</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.5.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Indemnifying Party shall not be obligated to
  indemnify the Indemnified Party from any Loss until a single Loss (which for
  these purposes shall also include the aggregate of a number of items arising
  out of the same or similar cause) exceeds DKK 400,000.00 (<b>De minimis</b>) and until the aggregate
  amount of Losses suffered by the Indemnified Party exceeds DKK 4,000,000.00 (<b>Basket</b>), whereupon the Indemnifying Party
  shall only be obligated to pay such amounts of Losses which exceeds DKK
  250,000.00.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.5.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The maximum indemnification and liability of the
  Indemnifying Party in respect of all Claims (save for indemnification
  pursuant to Clause 13.7 for which no limitation shall apply) shall in no
  event exceed:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
  <p align="right" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.44%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.56%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15% of the Estimated Purchase Price in respect of
  Claims notified no later than 18 months from the Closing Date.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
  <p align="right" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.44%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.56%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
  <p align="right" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.44%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.56%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5% of the Estimated Purchase Price in respect of
  Claims notified no later than 36 months from the Closing Date.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">34</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='34',FILE='C:\JMS\avijay\08-10459-1\task2852745\10459-1-ke-07.htm',USER='105318',CD='Apr 10 07:35 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt 42.55pt;text-align:left;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.5.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the avoidance of doubt the maxima are not
  cumulative and the Buyer shall not be entitled to any indemnification in
  excess of the amount, which at any point in time has not been released from
  the Escrow Account (or being comprised by the bank guarantee, cf. Clause
  8.3.2, if applicable).</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.5.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing, if a Claim have not
  been notified to the Indemnifying Party at the end of a 18 month period
  (however, in the case of indemnification for lack of title to the Shares and
  claims in relation to Specific Indemnities for an indefinite period and in
  the case of indemnification for Taxes such longer period as follows from the
  applicable statute of limitation in any relevant jurisdiction plus 60
  Business Days) commencing on Closing Date the Indemnifying Party&#146;s obligation
  to pay any amounts for indemnification under this Clause 12 shall expire.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.5.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The settlement by the Seller of any Claim under this
  Agreement shall exclusively take place by way of a release of the relevant
  amount from the Escrow Account to the Buyer.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exclusive remedies</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.6.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as specifically stated in the Seller&#146;s
  warranties, the Seller does not make any representation or gives any
  warranty, expressed or implied, to the Buyer.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.6.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The remedies provided for in this Clause 13 shall be
  the exclusive remedies of the Buyer with respect to any Losses suffered by
  the Buyer as a result of any breach of warranty or non-fulfilment of any
  covenant or agreement contained in this Agreement. The Buyer hereby renounce
  any right that it may have, or subsequently acquire, under the laws of the
  kingdom of Denmark or any other jurisdiction, following Closing to terminate
  (in Danish: &#147;h&#230;ve&#148;) or otherwise rescind this Agreement or to claim a
  proportional reduction of the Final Purchase Price (in Danish:
  &#147;forholdsm&#230;ssigt afslag&#148;) or invoke any other remedies provided for by
  applicable Danish or foreign laws.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.42%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None of the limitations set out above shall apply
  (i)&nbsp;where a Loss arises out of or as a result of fraud (in Danish:
  &#147;svig&#148;) or wilful misconduct (in Danish: &#147;fors&#230;t&#148;) or gross negligence (in
  Danish: &#147;grov uagtsomhed&#148;) of the Indemnifying Party (ii)&nbsp;to claims in
  relation to defective title to shares, and/or (iii)&nbsp;to claims in
  relation to the Specific Indemnities.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">35</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='35',FILE='C:\JMS\avijay\08-10459-1\task2852745\10459-1-ke-07.htm',USER='105318',CD='Apr 10 07:35 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">14</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;"><font style="text-decoration:none;">&nbsp;</font></font></u></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">ANNOUNCEMENTS</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With regard to this Agreement and the transfer of
  the Shares the Parties have agreed on the form, time and content of the
  information to be given to the employees of the Group, the customers and
  other business connections of the Group and the public, cf. <u>Schedule 14.1</u>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the foregoing, no public announcement
  concerning this Agreement or its content shall be made by either of the
  Parties unless with the prior written consent of the other Party except as
  such announcement may be required by law or applicable stock exchange
  rules&nbsp;and regulations. The Seller acknowledges and agrees that the Buyer
  and/or the Buyer&#146;s parent companies are entitled to issue a press release
  upon Signing and/or Closing disclosing that such events have occurred.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">15</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;"><font style="text-decoration:none;">&nbsp;</font></font></u></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">CONFIDENTIALITY</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information acquired by each Party regarding the
  other or regarding the Group in connection with the negotiation, entering
  into, and performance of this Agreement shall be considered to be
  confidential information, which each Party, without limit of time, shall not
  disclose to any third parties except:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.44%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With the prior written consent of the other Party.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.44%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.44%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As may be required by law, regulations, applicable
  accounting or stock exchange regulations or order of a court of competent
  jurisdiction applicable to any of the Parties and/or their respective parents
  companies.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.44%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.44%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To its auditors, legal counsel and other advisors
  who are required by law or written agreement to maintain the confidentiality
  of such information.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.44%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disclosures being made pursuant to 2. above shall
  not be made without &#150; as far as possible &#150; prior notice to and consultation
  with the other Party.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The above confidentiality obligations shall not
  apply to information which:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.44%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Was available to the general public at the time of
  its first disclosure by one Party to the other.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">36</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='36',FILE='C:\JMS\avijay\08-10459-1\task2852745\10459-1-ke-07.htm',USER='105318',CD='Apr 10 07:35 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.44%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Becomes available to the general public other than
  as a result of any non-compliance with this Clause 15.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.44%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.44%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Is provided to the receiving Party by a third party
  who is lawfully in possession of such information and who has a lawful right
  to disclose it free of confidentiality obligations.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.44%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.44%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Was in the possession of the receiving Party free of
  any confidentiality obligation prior to its disclosure to such Part&nbsp;by
  the other Party.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.44%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.44%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Was independently developed by the receiving Party.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Buyer&#146;s obligations pursuant to the
  Confidentiality Undertaking executed on 7 January&nbsp;2008 regarding the
  transactions contemplated by this Agreement shall apply in addition to this
  Clause 15.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Party shall cause its respective employees,
  agents and representatives not to disclose to any third party or to use or
  exploit for any purpose whatsoever any such information, which the Party
  itself is prohibited from disclosing or using pursuant to this Clause 15.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Clause 15 shall survive any termination of this
  Agreement, regardless of the reason therefore.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In case of breach of Clause 15, the other Party
  shall, notwithstanding Clause 13.6, have any remedies provided for under
  applicable laws, including the right to seek injunctions or other provisional
  remedies in front of the ordinary courts.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">16</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">JOINT
  TAXATION</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Seller is the administrative company according
  to the Danish joint taxation rules&nbsp;and the Company and the Seller is in
  the present financial year jointly taxed in Denmark.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the common opinion of the Parties, the control of
  the Company is for purposes of the Danish joint taxation transferred from the
  Seller to the Buyer as of the Closing Date, and consequently the joint
  taxation will cease upon Closing, see, however, Clause 16.6.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">37</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='37',FILE='C:\JMS\avijay\08-10459-1\task2852745\10459-1-ke-07.htm',USER='105318',CD='Apr 10 07:35 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s auditor, Grant Thornton &#150; Statsautoriseret
  Revisionsaktieselskab, shall on behalf of the Buyer, the Company and the
  Seller give notice to the relevant Danish Tax authorities of the cessation of
  the joint taxation within 10 (ten) Business Days of Closing. In the event
  that such notice is not given by any Party within the time limit stated in
  this Clause for whatever reason, the other Party shall be free to give such
  notice on behalf of the other Party and the Company.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Tax return for the income year 2007 shall be
  drawn up in accordance with the Accounting Principles and/or Tax treatment
  principles generally applied before 1 January&nbsp;2007.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a consequence of the cessation of the joint
  taxation, the Company&#146;s auditor, Grant Thornton - Statsautoriseret
  Revisionsaktieselskab, shall draw up a Tax return for the Company for the
  period from 1 January&nbsp;2008 until the Closing Date. The Tax return shall
  be drawn up in accordance with the Accounting Principles and/or Tax treatment
  principles generally applied before 1 January&nbsp;2008. In accordance with
  Danish law, the Seller undertakes to make available to the Buyer all
  information related to the drawing up of said Tax return for the time period
  from 1 January&nbsp;2008 until the Closing Date. The Seller shall procure
  that the Tax return is completed no later than 45 Business Days after the
  Closing Date. The Buyer shall be entitled to review the Tax return and shall
  no later than 45 (forty-five) Business Days after receipt of the Tax return
  from the Seller inform the Seller of any objections to the Tax return. If the
  Buyer has any objections, the Buyer and the Seller with the assistance of the
  Company&#146;s auditor shall solve the dispute within 30 (thirty) Business Days.
  Possible disagreements between the Parties concerning the Tax return, which cannot
  be settled amicably, must be finally settled with binding effect by the
  Independant Accountant. Furthermore, the Company shall file a Tax return for
  the time period from the Closing Date until 31 December&nbsp;2008, or any
  other date, as shall be applicable for the Company after the Closing date
  pursuant to the Danish joint Taxation rules. The Seller and the Company shall
  keep a copy of all relevant documents concerning the joint Taxation, which
  the relevant Tax authorities may request for a period of 6 years after the
  Closing Date.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Parties agree that in the event the Danish tax
  authorities find that the control of the Company for the purposes of the
  Danish joint taxation is transferred from the Seller to the Buyer as of a
  date other than the Closing Date (the &#147;Change-of-Control Date&#148;), the
  payments, plus additions, prescribed in section 31, subsection 6 of the
  Danish Act on Company Taxation (in Danish: &#147;Selskabsskatteloven&#148;) regarding
  the income year 2008 shall be recalculated on the basis of the taxable income
  as of the Change-of-Control Date. Furthermore, the Parties agree</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">38</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='38',FILE='C:\JMS\avijay\08-10459-1\task2852745\10459-1-ke-07.htm',USER='105318',CD='Apr 10 07:35 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">that any additional payments or repayments, plus
  additions, necessary under section 31, subsection 6 of the Danish Act on
  Company Taxation (in Danish: &#147;Selskabsskatteloven&#148;), as a result of such
  recalculation shall be effected no later than 45 Business Days after the
  expiry of the period allowed for appeal of the decision made by the Danish
  tax authorities. Each Party shall be entitled to appeal the decision of the
  Danish tax authorities, it being understood that any additional payments or
  repayments, plus additions, necessary under section 31, subsection 6 of the
  Danish Act on Company Taxation (in Danish: &#147;Selskabsskatteloven&#148;) as a result
  of the recalculation in such case shall be effected no later than 90 Working
  Days after the appeal has been finally settled. In the event of such appeal
  the appealing Party shall indemnify the other Party for any and all losses
  and/or costs incurred by the other Party as a result of the appeal (including
  without limitation any and all costs and/or penalties incurred as a result of
  delayed payment of Taxes). The provisions in Clauses 16.4 - 16.5 shall apply
  mutatis mutandis.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">17</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">RESTRICTIVE
  COVENANT</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr Hans Lohmann and Poul
  Krog S&#248;rensen, who are shareholders in the Seller and who adhere to the
  Agreement (the &#147;Personal Shareholders&#148;) shall not</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.1.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">for a period of
  2 years from the effective date of termination of their respective employment
  with the Company, which shall mean the date on which the Company ceases to
  pay remuneration to the Personal Shareholder, directly or indirectly -
  including through entities under their Control - jointly or solely be engaged
  in any business of any nature whatsoever (whether as holder of participating
  interests, as investor, employee, consultant or advisor or in any other way)
  which develops, produces, offers, distributes, sells or supports products or
  services anywhere in the world that compete with the products and services of
  the Group at the effective date of termination;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.1.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">for a period of
  2 years from the effective date of termination of their respective employment
  with the Company, which shall mean the date on which the Company ceases to
  pay remuneration to the Personal Shareholder, directly or indirectly -
  including through entities under their Control - jointly or solely carry on
  any activity to solicit the suppliers and/or the customers of the Group; nor
  shall the Personal Shareholders for the same period make any delivery to or
  otherwise provide any service to the Group&#146;s customers, that compete with the
  product and services of the Group at the effective date of termination. In
  this Clause 17.1.2, the Group&#146;s suppliers and/or customers shall mean any
  person who has made or taken delivery of goods and/or services to or from the
  Group after 1 January&nbsp;2006; and</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">39</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='39',FILE='C:\JMS\avijay\08-10459-1\task2852745\10459-1-ke-07.htm',USER='105318',CD='Apr 10 07:35 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.1.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">for a period of
  2 years from the effective date of termination of their respective employment
  with the Company, which shall mean the date on which the Company ceases to
  pay remuneration to the Personal Shareholder, directly or indirectly -
  including through entities under their Control - jointly or solely
  employ/engage as a consultant or advisor or offer employment/engagement as a
  consultant or advisor to any of the employees of the Group as long as such
  employees are employed with the Group.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The obligations set out in Clause 17.1 shall not apply
  to a Personal Shareholder if the Company terminates the employment of such
  Personal Shareholder and such termination is not due to any breach on the
  part of the Personal Shareholder giving the Company just cause to do so,
  unless the Company choses to pay the Personal Shareholder his fixed
  remuneration according to his employment agreement for the period in which
  the obligation shall apply.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Final Purchase Price includes compensation for
  the Personal Shareholders&#146; obligation under Clause 17.1.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In case of breach by a Personal Shareholder of any
  of the obligations under Clause 17.1, the Personal Shareholder shall pay the
  Buyer a penalty of DKK 250,000.00 unless the general rules&nbsp;of Danish law
  provide for a higher amount of damages. If any breach of the obligations set
  out in Clause 17.1 is pending for a period of more than two weeks, such
  continued breach shall be deemed to constitute a new and separate breach,
  which shall entitle the Buyer to payment of additional penalties of each DKK
  250,000.00 for each period of two weeks such continuous breach is ongoing.
  Any payment of a penalty shall not exempt the Personal Shareholder from their
  obligations under Clause 17.1. The Buyer shall further be entitled to apply
  for restraining injunction against any such breach without provision of security</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">18</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">AMENDMENTS
  AND WAIVERS</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement may be amended and the terms hereof
  may be waived, only by a written instrument signed by the Parties or, in the
  case of a waiver, by the Party waiving non-compliance. No delay on the part
  of the Party in exercising any right, power or privilege hereunder shall
  operate as a waiver thereof, nor shall any waiver on the part of any Party of
  any such right, power or privilege, nor any single or partial exercise of any
  such right, power or privilege, preclude any further exercise thereof or the
  exercise of any other such right, power or privilege.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">40</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='40',FILE='C:\JMS\avijay\08-10459-1\task2852745\10459-1-ke-07.htm',USER='105318',CD='Apr 10 07:35 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">19</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">ASSIGNMENT</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Neither Party shall assign any of its rights nor
  delegate any of its obligations under this Agreement to any other person
  without the prior written consent of the other Party.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Buyer is aware of the intention of the
  shareholders of the Seller to liquidate the Seller following Closing. In
  connection with a liquidation the Seller shall subject to Clause 4.2.2 have
  the right to assign pro rata all rights and delegate pro rata all obligations
  under this Agreement and its Schedules, including all rights and obligations
  under the Escrow Agreement, to the shareholders of the Seller at the time of
  the liquidation. The assignment by the Seller of all rights and delegation of
  all obligations to the respective shareholders of the Seller are subject to
  the shareholders of the Seller undertaking to be jointly and severably liable
  (In Danish: Solidarisk h&#230;ftelse) towards the Buyer for any obligations of the
  Seller under this Agreement.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">20</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">COST AND
  EXPENCES</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Party shall bear its own costs and expenses
  including fees for its external advisers, with regard to the negotiation and
  consummation of this Agreement.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Seller warrants that no expense relating to the
  negotiation or consumption of this Agreement has been or is to be borne by
  the Group.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">21</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">NOTICES</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All notices and other communications under this
  Agreement shall be in writing and shall be given and deemed effectively given
  if delivered by hand, by certified or registered mail or by facsimile as
  follows:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to
  the Seller:</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bl&#252;cher
  Holding A/S</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o
  BL&#220;CHER Metal A/S</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pugdalvej 1,</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7480 Vildbjerg</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Denmark</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<div style="font-family:Times New Roman;">

<p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt 42.55pt;text-align:left;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With a
  copy to:</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lassen
  Ricard</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amaliegade 31</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Fax number]</font> +45 33 32 24 74</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[e-mail]</font> lr@lrlaw.dk</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to
  the Buyer:</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Watts
  Industries Europe B.V.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kollergang
  14, 6961 LZ Eerbeek</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
  Netherlands</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Att.:
  Johan van Kouterik</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">[Fax number]</font>+31 313 654 192</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">[e-mail]</font>kouterik.van.j@wattsindustries.com</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With a
  copy to:</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Delacour
  Advokatfirma</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hammerensgade 1, 2</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1267 Copenhagen K</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Denmark</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Att.: Frans Rossen</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">[Fax number]</font>+45 70 11 11 33</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="font-size:10.0pt;letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[e-mail]</font><font face="Times New Roman">fro@delacour.dk</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">21.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">The Parties may in writing appoint other
  persons than the above mentioned.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">21.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">Any notice given under this Agreement outside
  Working Hours in the place to which it is addressed shall be deemed to have
  been given at the start of the next Business Day.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">22</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">SEVERABILITY</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">22.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">The provisions in this Agreement shall to the
  greatest extent possible be interpreted in such a manner as to comply with
  applicable law, but if any provision hereof, notwithstanding such
  interpretation, is determined to be invalid, void or unenforceable, the
  remaining provisions of the Agreement shall not be affected thereby but shall
  remain in full force and effect and be binding upon the Parties.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">22.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">If one or more of the provisions of this
  Agreement are held to be contrary to the laws of Denmark or the laws of any
  other competent jurisdiction, the Parties agree that the offending provision(s)&nbsp;shall
  be amended in such a way as may be necessary in order that they should not be
  contrary to such laws and in a manner which maintains the contents of such
  provisions as closely as possible to the contents thereof originally intended
  by the Parties.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">42</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='42',FILE='C:\JMS\avijay\08-10459-1\task2852745\10459-1-ke-07.htm',USER='105318',CD='Apr 10 07:35 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">23</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">GOVERNING LAW</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.28%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">23.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">All matters arising out of or related to this
  Agreement shall be governed by and construed in accordance with the laws of
  the Kingdom of Denmark, exclusive however of Danish international private law
  rules.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">24</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">ARBITRATION</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">24.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">Except for any dispute settled by the
  Independent Accountant pursuant to Clause 4.3, any dispute arising out of or
  relating to this Agreement or the transactions contemplated hereby that
  cannot be settled amicably shall be settled finally and binding on the
  Parties by a court of arbitration established in accordance with the Danish
  Arbitration Act. The arbitration shall take place in Copenhagen and shall be
  conducted in the English language. The court of arbitration shall allocate
  liability for the full costs incurred by both Parties in respect of
  reasonable attorney&#146;s fee and the court of arbitration in the proportions the
  court shall deem to be fair and reasonable. Clause 24 shall not preclude
  either Party from initiating legal proceedings concerning injunctions or
  other intermediary remedies before the ordinary courts of competence with a
  view to enforcing Clauses 14.2 and 15 hereof.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.16%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">24.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;line-height:120%;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.62%;">
  <p align="left" style="letter-spacing:.2pt;line-height:120%;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:120%;">Clause 15 shall apply in terms of any dispute
  or proceedings between the Parties.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='43',FILE='C:\JMS\avijay\08-10459-1\task2852745\10459-1-ke-07.htm',USER='105318',CD='Apr 10 07:35 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement is executed in two originals,
with each Party retaining one original.</font></p>

<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signed in Copenhagen, April&nbsp;8
2008</font></p>

<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the Seller:</font></p>

<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:47.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Laurids
  Jessen</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.9%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Die Mikkelsen</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:47.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Torben Agerup</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.9%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Hans Lohmann</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the Buyer:</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:47.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Johan van
  Kouterik</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.9%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For Co-Signer
  with reference to Clauses 7, 8, 9, 11, 13, 14, 15, 16, 18 through 24:</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:47.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Johan van
  Kouterik</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.9%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Co-signed with
  reference to Clause 17:</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:47.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Hans Lohmann</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.9%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hans Lohmann</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Co-signed with
  reference to Clause 17:</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:47.46%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Poul Krog
  S&#248;rensen</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.9%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:64.36%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Poul Krog
  S&#248;rensen</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.64%;">
  <p align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</font></p>

<div align="left" style="letter-spacing:.2pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>a08-10459_1ex99d1.htm
<DESCRIPTION>EX-99.1
<TEXT>

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<head>





</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.1</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOR IMMEDIATE RELEASE</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;width:93.34%;">
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Contact:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">William C. McCartney</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(978) 688-1811</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.86%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.22%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.96%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.82%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(978) 688-2976</font></p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WATTS WATER TECHNOLOGIES ANNOUNCES AGREEMENT TO</font></b></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ACQUIRE </font></b><b>BL&#220;CHER METAL A/S</b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">North Andover, MA&#133;April&nbsp;9, 2008.</font></b>&#160; Watts Water Technologies,&nbsp;Inc. (NYSE
symbol &#147;WTS&#148;) announced today the signing of a definitive agreement to acquire Bl&#252;cher Metal A/S located in
Vildbjerg, Denmark, in a share purchase transaction.</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:hanging;text-align:left;text-autospace:ideograph-numeric ideograph-other;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Watts Water Technologies&#146; Chief Executive Officer, Patrick S. O&#146;Keefe,
commented, &#147;</font>Bl&#252;cher
Metal A/S is a leading provider of stainless steel drainage systems in Europe
and a worldwide leader in providing stainless steel drainage products to the
marine industry.&#160; Bl&#252;cher&#146;s main products
include push-fit stainless steel pipes and related fittings, light-duty drains
for residential, commercial and marine applications, and drains for heavy-duty
industrial applications including brewery and pharmaceutical applications.&#148;</p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:hanging;text-align:left;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:hanging;text-align:left;text-autospace:ideograph-numeric ideograph-other;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;O&#146;Keefe
continued, &#147;We are extremely pleased with the acquisition of </font>Bl&#252;cher. Bl&#252;cher is a well-managed company with a
strong brand name.&#160; Bl&#252;cher provides us a new product
platform in Europe while allowing us to offer a broader product line to our
existing professional customer base.&#148;</p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:hanging;text-align:left;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:hanging;text-align:left;text-autospace:ideograph-numeric ideograph-other;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Bl&#252;cher</font>&#146;s annual revenue for 2007 was
approximately $89 million.&#160; Under the
terms of the purchase agreement, Watts will pay approximately $183 million in
cash to purchase 100% of the share capital of </font>Bl&#252;cher on a debt/cash free basis,
subject to a post-closing working capital adjustment.&#160; The above revenue and purchase price amounts
are based on the current exchange rate of Danish Krone to U.S. Dollars.&#160; Watts intends to fund the transaction with
borrowings under its credit facility and cash on hand.</p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:hanging;text-align:left;text-autospace:ideograph-numeric ideograph-other;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:hanging;text-align:left;text-autospace:ideograph-numeric ideograph-other;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The acquisition of
</font>Bl&#252;cher is
expected to close by the end of the second quarter of 2008.&#160; The consummation of the acquisition is
subject to customary closing conditions, including the approval of merger
control authorities in Europe.</p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:hanging;text-align:left;text-autospace:ideograph-numeric ideograph-other;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:hanging;text-align:left;text-autospace:ideograph-numeric ideograph-other;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Watts Water
Technologies,&nbsp;Inc. will hold a live web cast of its conference call to
discuss the acquisition of </font>Bl&#252;cher on Thursday, April&nbsp;10 at 10:00&nbsp;a.m. Eastern
time. The press release</p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:hanging;text-align:left;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;punctuation-wrap:hanging;text-align:left;text-autospace:ideograph-numeric ideograph-other;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:hanging;text-align:center;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:hanging;text-align:left;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and the live web cast can be accessed by visiting the
Investor Relations section of the Watts Water Technologies,&nbsp;Inc. website
at www.wattswater.com.&#160; Following the web
cast, an archived version of the call will be available at the same address
until April&nbsp;10, 2009.</font></p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:hanging;text-align:left;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Watts
Water Technologies,&nbsp;Inc. is a world leader in the manufacture of
innovative products to control the efficiency, safety, and quality of water
within residential, commercial, and institutional applications. Its expertise
in a wide variety of water technologies enables it to be a comprehensive
supplier to the water industry.</font></p>

<p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Press Release includes statements that are not historical facts
and are considered forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995.<b>&#160; </b>These forward-looking statements
reflect Watts Water Technologies&#146; current views about future results of operations
and other forward-looking information.&#160;
In some cases you can identify these statements by forward-looking words
such as &#147;anticipate,&#148; &#147;believe,&#148; &#147;could,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;may,&#148;
&#147;should,&#148; &#147;will&#148; and &#147;would&#148; or similar words. You should not rely on
forward-looking statements because Watts&#146; actual results may differ materially
from those indicated by these forward-looking statements as a result of a
number of important factors.&#160; These
factors include, but are not limited to, the following:&#160; the failure to meet, or delays in meeting,
the closing conditions for the </font>Bl&#252;cher acquisition, including approvals by
European merger control authorities, shortages in and pricing of raw
materials and supplies including recent price increases by suppliers of raw
materials and the Company&#146;s ability to pass these costs on to customers, loss
of market share through competition, introduction of competing products by
other companies, pressure on prices from competitors, suppliers, and/or
customers, changes in variable interest rates on Company borrowings,
identification and disclosure of material weaknesses in our internal control
over financial reporting, failure to expand our markets through acquisitions,
failure or delay in developing new products, lack of acceptance of new
products, failure to manufacture products that meet required performance and
safety standards, foreign exchange rate fluctuations, cyclicality of
industries, such as plumbing and heating wholesalers and home improvement
retailers, in which the Company markets certain of its products, economic
factors, such as the levels of housing starts and remodeling, affecting the
markets where the Company&#146;s products are sold, manufactured, or marketed,
environmental compliance costs, product liability risks, the results and timing
of the Company&#146;s manufacturing restructuring plan, changes in the status of
current litigation, including the James Jones case, and other risks and
uncertainties discussed under the heading &#147;Item 1A. Risk Factors&#148; in the Watts
Water Technologies,&nbsp;Inc. Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2007 filed with the Securities Exchange Commission and
other reports Watts files from time to time with the Securities and Exchange
Commission.&#160; Watts does not intend to,
and undertakes no duty to, update the information contained in this Press
Release, except as required by law.</p>

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