ss. 4 Extraordinary Notice of Cancellation

(EXHIBIT 1)

INDUSTRIAL TENANCY AGREEMENT

Between

Lawyer ▇▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ acting as liquidator of the estate of ▇▇▇▇▇
Material Handling GmbH, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇-▇▇ in 45478 Muelheim an der Ruhr

- "Landlord" -

and

Filco LLC, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇

- "Tenant" -

ss. 1
Object of Lease

1. The Landlord leases to the Tenant the real estate recorded in the Land
Register of Speldorf at the local court of Muelheim an der Ruhr, page
408, boundary Speldorf, floor 8, lot 231, buildings and open space,
commerce and industry, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇ - 21, 23 consisting of an area of
40,644 m(2), together with any erected superstructures / buildings.

2. The Tenant is responsible to get all official permits required for the
intended use. He will fulfill all respective requirements, at his own
cost, also if the public authorities require special arrangements; i.e.
the Tenant completely releases the Landlord from any liability.

3. The Tenant may only use the object of lease as it was used in the past.
If the Tenant intends to put the object of lease to a different use, he
must get written approval from the Landlord. The Landlord may only deny
this approval for cause, for example if the use change is legally
problematic or illegal or if it will, in retrospect, affect the object
of lease in total.

4. In case of such a uses change, all clauses of this agreement will apply
accordingly for the changed use.

ss. 2
Keys

The Landlord does not know how many keys exist to the object of lease and who
holds them. Therefore, the Tenant promises to have a master key system installed
without delay after the transfer, at his own cost, for the total object of
lease, and to hand a master key to the Landlord. The maintenance and security of
the master key system is the sole responsibility of the Tenant.

ss. 3
Term of Lease

1. The tenancy starts on August 1, 2003.

2. The tenancy will be for a term of 18 months.

ss. 4
Extraordinary Notice of Cancellation

1. The right to give extraordinary notice of cancellation of the contract
for cause remains in effect. It is subject to the regulations of the
Law.

2. The Landlord can especially cancel the tenancy without prior notice if
insolvency proceedings are opened for the Tenant's assets.

3. In case of an extraordinary cancellation, the Tenant must pay adequate
damages to the Landlord. Other more extensive rights and claims
respectively remain in effect.

4. Any cancellation must be in writing in order to take effect.

ss. 5
Rent

1. The monthly rent for the object of lease as per ss. 1 is: (euro)
30.000,00

If the applicable regulations require that value added tax is paid, this
tax is to be added to the before mentioned amount.

2. The lease has to be paid in advance to the Landlord on the 3rd working
day of each calendar month. The timeliness of the payment is based on
the date of receipt by the Landlord and not on the date of transfer.

The payment has to be made into the following account:

Volksbank Bocholt e.G., Account Number: ▇▇▇▇▇▇▇▇, Bank Code 428 600 03.

ss. 6
Accessory Charges

1. The Tenant pays all operating expenses as per Attachment 3 of ss. 27
paragraph 1 of the II. Calculating Decree ["Berechnungsverordnung"], as
well as all future operating expenses that might apply if Attachment 3
of ss. 27 II. Calculation Decree is being changed or revised or if an
other decree will replace it; for the object of lease, he will also pay
all fees, taxes and duties which - by law, decree or local rules - are
currently applicable or will become effective in future.

2. The Tenant must pay all operating expenses prorated for the object of
lease even if he does not use or is not in a position to immediately use
a feature that causes operating expenses if this feature is necessary or
even just appropriate for the overall appearance of the object of lease.

3. The Tenant commits to sign as many contracts as possible directly with
the individual supply companies. The Tenant must settle all invoices the
Landlord receives for accessory charges directly with the payee within a
period of two weeks after handover by the Landlord.

4. The clearing of accessory charges is done annually. Billing period is
the calendar year. The Landlord presents the statement by June 30 of the
following year latest.

5. It lies in the Landlord's equitable discretion to select a different
billing period and to ▇▇▇▇ the expenses for heating and hot water
according to the respective heating period instead of the before
mentioned billing periods.

6. According to ss. 5 paragraph 3 of this Agreement, the Tenant commits to
pay to the Landlord per month and in advance EUR 30,000.00 for operating
expenses plus the applicable VAT.

ss. 7

Guarantee of Payment of the Lease

1. By the date of signing the agreement, the Tenant is obligated to make a
deposit of EUR 180,000.00 as collateral for fulfilling all the
Landlord's claims from this Agreement.

2. The required guarantee may be in the form of a personal security
collateral from a major bank approved to operate in the Federal Republic
or from a credit institute under German public law, payable on first
call.

3. In case that, during the term of the lease, the guarantee has to be
called by the Landlord, the Tenant is obligated to replenish the
guarantee within 7 days.

ss. 8
Constructional Changes by the Tenant and Right of Removal

1. Without prior written approval of the Landlord, the Tenant must not make
any constructional changes to the object of lease. In case of approval
by the Landlord, the Tenant will bear all the costs and will make sure
he gets the respective permits required according to public law,
especially to Construction and Safety Law.

2. The Tenant has the right to remove equipment he has installed in the
object of lease. This does not apply, however, if the Landlord denies
removal and pays adequate compensation. If the Tenant exercises his
right of removal, he has to return the object to its former status at
his own expense.

3. The Tenant is liable for any damages caused by constructional measures
taken by him.

ss. 9
Touch-Up/Maintenance and Repair Work

During the term of the lease, due to the agreed amount of the rent, the Tenant
will perform, at his own costs, any touch-up/maintenance and repair work -
including roof and walls ["Dach und Fach"].

The Tenant is familiar with the state of the object of lease. He confirms that
the object of lease is taken-over without fault.

ss. 10
Change of Legal Form, Sale of Operation and Legal Successors

The Tenant must advise the Landlord without delay of any changes of the legal
form of the company as well as changes in the general management. If the Tenant
sells the operations, the tenancy can only be transferred after a separate
written agreement is signed between the Tenant and his legal successor and the
Landlord. The Tenant has no claim to have the tenancy transferred.

ss. 11
Landlord Lien

When the Tenant moves out, the Landlord has the legal right to prevent the
removal of the objects subject to his lien even without a court decision.

ss. 12
Access to the Object of Lease by the Landlord

1. In case of imminent danger, the Landlord, his representative or both are
authorized to access the object of lease and to take first
danger-preventive measures.

2. In case the Tenant intends to sell the operation or if notice of
cancellation of the tenancy has been given, the Landlord or his
representative are authorized - after having made an appointment with
the Tenant - to view the object of lease together with potential buyers
or tenants.

ss. 13
Termination of Tenancy

Upon termination of the tenancy, the object of lease must be returned in a state
similar to that at the take-over.

ss. 14
Premature Cancellation of Tenancy

In case the tenancy is terminated by extraordinary notice of cancellation by the
Landlord, for causes the Landlord is responsible for, the Tenant has to pay
damages to compensate the Landlord for not being able to lease the object or to
lease it at a lower rent. The assertion for additional damages remains in effect

ss. 15
Probability of Purchase

Through October 31, 2004, the Tenant is given the right to make a notarized
purchasing offer to the Landlord to buy the real estate described in ss. 1; this
offer must be minimum EUR 4.7 million plus VAT if applicable, under the
condition that any rights and responsibilities are transferred effective
February 1, 2005.

For this case, Deutsche Bank AG Cologne as encumbrance creditor and the Landlord
already have stated their consent.

In case of a re-sale of the real estate by January 31, 2006, the Tenant is
obligated to pay half the surplus purchase price to the Landlord. Upon demand of
the Landlord, the Tenant must submit to the Landlord a copy of the notarized
purchase agreement.

ss. 16
Final Clauses

▇▇.▇▇. 566 II, 545 Civil Code ["BGB"] are not applicable.

If individual clauses of the agreement should be or become void, the other
clauses will still apply. One that comes closest to the commercially intended
purpose of the parties and that is in line with the other clauses of this
Agreement will replace the ineffective clause. Modifications and/or additions to
the Agreement must to be in writing in order to take effect.

Jurisdiction is Muelheim an der Ruhr. The agreement is based on German law.

ss. 17
Consent Clause

The effectiveness of this Agreement is subject to the consent by Deutsche Bank
AG Cologne.

Muelheim an der Ruhr, this .....................................................
( RA ▇▇. ▇▇▇▇▇▇▇ as Liquidator ) ( Filco LLC )

(EXHIBIT 2)

(F). Contracts. Schedule 6.01(f) hereto ("Disclosed Contracts") is a true and
correct list of all agreements, contracts, and understandings, written or oral,
which Seller is a party, which includes those relating to the Lease, product
warranties, and past, present and future employee obligations. None of the
Disclosed Contracts are in material default by Seller or by a third party which
default has not been heretofore been disclosed in writing to Seller,

Seller is in default with the following vendors:

a. BAAN - Software used in 2003+2004 maybe EUR 100 K

b. HOSPITAL - Hardware, Restvalue = EUR 40 K

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CONSULTING AGREEMENT BERATERVERTRAG
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This agreement is made this 1st day of June 2003 Dieser Vertrag wird geschlo(beta)en am 1 Junl 2003

between swischen
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FiLCO GmbH

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and and
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▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇. ▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇.

------------------------------------------------------------ ------------------------------------------------------------
ss. 1 ss. 1
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Subject to this agreement, ▇. ▇▇▇▇▇▇ will provide his ▇▇▇▇(beta) diesem Vertrag wird ▇. ▇▇▇▇▇▇ der FiLCO GmbH als
professional services to FiLCO GmbH as General manager of Berater zur Verfugung stehen und die Position des
FiLCO GmbH. Geschaftsfuhrers von FiLCO Ubernehmen.

▇. ▇▇▇▇▇▇ will negotiate kind and scope of his duties Art und Umfang ▇▇▇▇▇▇ Diensteistung wird ▇. ▇▇▇▇▇▇ direct
directly with the shareholder of FiLCO GmbH. ▇▇▇▇(beta) mit dem Gesellschafter von FiLCO GmbH vereinbaren.
diesem Vertrag wird ▇. ▇▇▇▇▇▇ der FiLCO GmbH als Berater zur
Verfugung stehen und die Position des Geschaftsfuhrers von
FiLCO Ubernehmen.

------------------------------------------------------------ ------------------------------------------------------------
ss. 2 REMUNERATION ss. 2 VERGUTUNG
------------------------------------------------------------ ------------------------------------------------------------
------------------------------------------------------------ ------------------------------------------------------------
▇. ▇▇▇▇▇▇ will be paid an annual remuneration of EUR 84.000 ▇. ▇▇▇▇▇▇ erhalt eins jahrliche Vergutung fur seine
incl. VAT if applicable to be invoiced to FiLCO GmbH in 12 Tatigkeit in Hohe von EUR 84.000 Auf diese wird, sowelt
equal monthly installments, payable 10 days after receipt of ahwendbar, die jeweils gultige gesetzliche MWSt erhoben. Die
invoice. Vergutung wird in 12 gleichen Monatsraten an FiLCO berechnet
und ist 10 Tage nach Erhalt der Rechnung zur Zahlung fallig.

------------------------------------------------------------ ------------------------------------------------------------
Should FiLCO GmbH set up a employee bonus program ▇. ▇▇▇▇▇▇ Sollte FiLCO ein Mitarbeiter Bonus Programm einfuhren, wird
will become party to that program, details will be ▇. ▇▇▇▇▇▇ in dieses eingebunden, Details werden dann mit dem
negotiated annually with the shareholder. Gesellschafter vereinbart.

------------------------------------------------------------ ------------------------------------------------------------
Expenses for the company use of his private car and mobile Kosten fur die geschaftliche Nutzung seines privaten PKW
phone will be reimbursed against separate invoice (VAT sowie Mobiltelefon werden ▇. ▇▇▇▇▇▇ gegen separate Rechnung
bearing if applicable). All other travel expenses will be (inkl. MWSt soweit anwendbar) erstattet. Alle sonstigen
reimbursed according to the travel expense rules of FiLCO, Reisekosten ▇▇▇▇▇▇ ▇▇▇▇(beta) den jeweils gultigen
valid at the time of expense. Reisekostenrichtlinien von FiLCO GmbH erstattet.
------------------------------------------------------------ ------------------------------------------------------------

This agreement becomes effective valid at the date set forth Dieser Vertrag trimtt mit demo ben genannten Datum in Kraft.
above and will remain in free for an unlimited period.

------------------------------------------------------------ ------------------------------------------------------------
This agreement can be terminated by either party by giving Der Vertrag ist un
one month notice. Vertragspartelen mit
werden.

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Any notice of terminative has to be given in writing to Die Kundigung bedarf d
the other party.
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ss. 4 SECRECY ss.
------------------------------------------------------------ ----------------------
------------------------------------------------------------ ----------------------
The parties agree that they will keep all confidential Die Vertragspartele
information received by the other party or from third vertraulichen Informa
parties during the term of this agreement under strict Partei oder von Dritte
confidence. erhalten haben als ver

------------------------------------------------------------ ----------------------
This confidentiality clause stays in force at least for Dieses gilt nach Kund
three years following the month of termination of this ▇▇▇▇▇ von 3 Jahren for
agreement.

------------------------------------------------------------ ----------------------
This agreement is made out in two languages. In case of Dieser Vertrag ist in
interpretation issues, the German version will prevail. Falle von Interpretat
vor.
------------------------------------------------------------ ----------------------

------------------------------------------------------------ ----------------------
FiLCO GmbH ▇▇▇▇▇▇ ▇▇▇▇▇▇
------------------------------------------------------------ ----------------------

PROMISSORY NOTE

Mulheim a.d. Ruhr, Germany Date: August 2nd 2003
--------------------------

(euro) (Euro) 750,000

FILCO Gmbh, ("Maker" and "Company"), having an address at ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇ - 23,
45478 Mulheim ▇.▇.▇▇▇▇, hereby promises to pay to the order of VECTRA LIMITED,
having an address at ▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, (the
"Holder" or "Lender"), ninety (90) days after receipt of funds into the account
of Maker (the "Maturity Date"), the principal sum of Seven Hundred Fifty
Thousand Euros ((euro) 750,000), together with interest on the outstanding
Principal Amount at the rate of twelve percent (12%) per annum from the date the
funds are received into the bank account of the Maker until the Maker's
obligation with respect to the payment of such principal sum shall be discharged
as herein provide. If the consideration payable with respect to this Note shall
be deemed to be usurious by a court of competent jurisdiction under the laws of
United Kingdom, then so much of such interest or other consideration as shall be
deemed to be usurious hereof and shall otherwise be waived.

1. Prepayment

This Note may be prepaid by the Maker, in whole or in part, without premium or
penalty, at any time, together with accrued interest to the date of such
prepayment.

2. Covenants of Maker

Maker covenants and agrees that, so long as this Note shall be outstanding it
will:

(i) pay and discharge all lawful taxes, assessments and governmental charges
or levies imposed upon the Maker or upon its income and profits, or upon
any of its property, before the same shall become a lien or charge upon
such properties or any part thereof: provided, however, that the Maker
shall not be required to pay and discharge any such tax, assessment,
charge, levy or claim so long as the validity thereof shall be contested
in good faith by appropriate proceedings, and the Maker shall set aside
on its books adequate reserves with respect to any such tax, assessment,
charge, levy or claim so contested:

(ii) Do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence, right and franchises and
comply with all laws applicable to the Maker as its counsel may advise:

(iii) At all times maintain, preserve, protect and keep its property used and
useful in the conduct of its business in good repair, working order and
conditions, and, from time to time, make all needful and proper repairs,
renewals, replacements, betterments and improvements thereto, so that
the business carried on in connection therewith may be properly and
advantageously conducted at all times:

(iv) Keep adequately insured by financially sound insurers, all property of a
character usually insured by similar corporations and carry such other
insurance as is usually carried by similar corporations; and

(v) At all times keep true and correct books, records and accounts.

3. Events of Default

a. The Principal Amount and all interest thereon accrued and unpaid shall
become immediately due and payable upon written demand made by the Holder hereof
and failure to cure within thirty (30) business days thereafter, if one or more
of the following events occur:

(i) Default in the payment of the principal or accrued interest on this Note
when the same shall become due and payable, whether by acceleration or
otherwise;

(ii) Default in the due observance or performance of any covenant, condition
or agreement on the part of the Maker to be observed or performed
pursuant to the terms hereof, is such default shall continue for ten
days after written notice, specifying such default, shall have been
given to the Maker by the Holder;

(iii) Default in the performance of any obligation of the Maker hereunder, not
involving the payment of money, which default continues uncured for 30
days after written notice of such default has been given to the Maker by
the Holder;

(iv) Application for, or consent to, the appointment of a receiver, trustee
of liquidator for the Maker or its property;

(v) General assignment by the Maker for the benefit of creditors;

(vi) Filing by the Maker of a voluntary petition in bankruptcy or a petition
or an answer seeking reorganization, or an arrangement with creditors;
or

(vii) Entry against the Maker of a court order approving a petition filed
against it under the federal bankruptcy laws, which order shall not have
been vacated or set aside or otherwise terminated within 120 days.

b. The Maker agrees that notice of the occurrence of any Event of Default
will be promptly given to the Holder at his registered address by certified
mail.

4. Security

This Note shall be secured with shares of common stock of the Maker, of value
(euro) 772,500.

5. Miscellaneous

a. This Note has been issued by the Maker pursuant to authorization of the
Board of Directors, of the Maker.

b. The Maker may consider and treat the person in whose name this Note
shall be registered as the absolute owner hereof for all purposes
whatsoever. Subject to the limitations herein stated, the registered
owner of this Note shall have the right to transfer this Note by
assignment. Registration of any new owner shall take place upon

presentation of this Note to the Maker at its principal offices,
together with a duly authenticated assignment. In the case of transfer
by operation of law, the transferee agrees to notify the Maker of such
transfer and of his address, and to submit appropriate evidence
regarding the transfer so that this Note may be registered in the name
of the transferee. This Note is transferable only on the books of the
Maker by the Holder hereof, in person or by attorney, on the surrender
hereof, duly endorsed. Communications sent to any registered owner shall
be effective as against all Holders or transferees of the Note not
registered at the time of sending the communication.

c. Payment of principal and interest shall be made to the registered owner
of this Note upon presentation on or after maturity.

d. Upon receipt by the Maker of evidence reasonably satisfactory to it of
the loss, theft, destruction or mutilation of this Note, and (in the
case of loss, theft or destruction) of reasonably satisfactory
indemnification, and upon surrender and cancellation of this Note, if
mutilated, the Maker shall execute and deliver a new Note, of like tenor
and date. Any such new Note executed and delivered shall constitute a
contractual obligation on the part of the Maker in place of this Note so
lost, stolen, destroyed or mutilated.

e. The Maker agrees that whenever an attorney is used to collect or enforce
this note or to enforce, declare or adjudicate any rights or obligations
under this note or with respect to any collateral security therefore,
whether by suit or nay other means whatever, a legal fee of fifteen
percent (15%) of the principal and interest then due hereunder shall be
payable by the Maker together with all costs and expenses of such
collection, enforcement or adjudication and shall constitute part of the
principal obligation hereunder.

f. Any notice, request, demand or communication to the Holder shall be
deemed effective only if in writing and sent to the Holder by registered
mail at the address of the Holder as stated above. Any notice to the
Maker shall be deemed sufficient if sent to the Maker by registered mail
at the address of the Maker as stated above.

g. All parties to this Note, whether Maker, guarantor or endorser, waive
presentment for payment, notice of dishonour, protest, notice of protest
of this note or other notice of any kind and all demands whatsoever; and
in any litigation with the Holder, whether or not arising out of or
relating to this note or any collateral security therefore, said parties
expressly waive trail by jury, and in addition, expressly waive the
right to interpose any defence based on any Statute of Limitations or
any claim of laches and any setoff, counterclaim or cross-claim of any
nature or description.

h. This Note shall be construed and enforced in accordance with the laws of
the United Kingdom.

IN WITNESS WHEREOF, the undersigned has executed this Note in his
capacity as General Manager of the Maker on the date first set forth
hereinabove.

For FILCO Gmbh

---------------------------
Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇
Capacity: "General Manger"

Agreement
dd. April 25th 2003

Between

TVH FORKLIFT PARTS NV (hereafter "TVHFP"), with registered office in Belgium,
8560 gullegem, Driemasten 120-126, duly represented by ▇▇. ▇▇▇▇▇▇ Vanhalst,
Managing Director

And

FILCO GmbH in formation (hereafter "FiLCO"), with registered office in Germany,
45478 Mulheim a.d. Ruhr, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇-▇▇, duly represented by ▇▇. ▇▇▇▇▇▇▇
▇▇▇▇▇▇▇, Managing Director

Whereas

1. TVHFP has acquired on April 15th 2003, the spare parts activities of
▇▇▇▇▇ MATERIAL HANDLING GmbH (hereafter "CMHG").
2. FiLCO has acquired on April 16th 2003, the forklift truck production
activities of CMHG.
3. Both Parties define "old production" forklift trucks as forklift trucks
which FiLCO will not have in production as from August 1st 2003
(hereafter "Old Production Forklift Trucks") and define "recent
production" forklift trucks as models or types of forklift trucks which
are in production as from August 1st 2003 and the new models of forklift
trucks with FiLCO will have in production in the future (hereafter
"Current & New Production Forklift Trucks"). A list of models which
between Parties is considered to be Current & New Production Forklift
Trucks is attached in Annexe 1 of this Agreement. TVHFP and FiLCO agree
that it is in their mutual interest to set up a 'modus operandi' which
defines the treatment of technical information and know-how related to
spare parts of Old Production Forklift Trucks and of Current & New
Production Forklift Trucks.

In order to establish a working relationship between Parties, Parties declare
and agree the following:

1. TVHFP will receive from FiLCO before April 25th 2003, a copy of
3D-drawings of spare parts, also know as CAD-data (hereafter
"Cad-Data"), which was developed by CMHG until April 15th 2003.
2. TVHFP will receive from FiLCO before April 25th 2003, a copy of supplier
information which are both necessary for the production and the spare
parts activities (hereafter "Old Information")_.
3. TVHFP will only use the received Cad-Data and Old Information for the
purpose of their business, being "production and distribution of spare
parts" and will not use the received Cad-Data and Old Information for
the production of forklift trucks which are entirely based on the before
mentioned Cad-Data and Old Information. TVHFP will not resell or
transfer this Cad-Data and Old Information to third parties, except to

TVHFP's affiliated parties - and which are not forklift producing
companies, or for the purpose of spare parts purchasing.
4. FiLCO will not produce and/or sell spare parts for Old Generation
Forklift Trucks and will not resell or transfer the technical and
business know-how related to the spare parts activities, in whatever
form, i.e. digital or on paper, to third parties.
5. If FiLCO requires, for the production of forklift trucks, Old
Information, then TVHFP will hand over to FiLCO either a copy or the
original version of the required Old Information.
6. As long as TVHFP will not have full access to the set of microfiches
acquired by TVHFP, according to the "Kauf- und Abtretungsvertrag" dd.
April 15th 2003, FiLCO will provide TVHFP with access to FiLCO's set of
microfiches of the Engineering department. TVHFP is allowed to take
copies of the microfiches whenever needed;
7. TVHFP will supply FiLCO with spare parts which FiLCO will only use for
production of "FiLCO"-branded forklift trucks, "white label" forklift
trucks and the refurbishment of forklift trucks of the brand "▇▇▇▇▇".
FiLCO agrees to not resell these spare parts ot third parties. TVHFP
will supply those spare parts to FiLCO at the lowest ▇▇▇▇▇-dealer price,
a price valid on the date of order-income, minus 10%. FiLCO will have
access to TVH's Quick Price / Quick Source System for accurate pricing
and ordering. The prices published in the Quick Price / Quick Source
system will be the ▇▇▇▇▇-dealer prices minus 10%. FiLCO will also supply
TVHFP with spare parts of the Current & new Production Forklift Trucks
at a competitive market price, which will be negotiated between Parties
case by case. Parties agree to use as a reference and starting point for
this purchase price, the landed cost plus, on average, 10%. FiLCO's
payment terms for deliveries from TVHFP will be 60 days invoice date and
with secured payments, acceptable by TVHFP. Other details or amendments
for this partnership will be negotiated between Parties and defined in a
separate agreement.
8. FiLCO will make at TVHFP's disposal, at no cost, office-space, for
maximum 2 persons in order to make this partnership between Parties
successful. The utility cost (telephone etc.) related to this
office-space will be charged on a monthly basis.
9. In case of an offence by a Party against points 3. and 4. of this
Agreement, a penalty of (euro) 100.000 (one hundred thousand euro) for
each individual offence becomes due to the other Party.

This Agreement may only be varied by a document signed by or on behalf of each
of the Parties.

This Agreement shall be governed by and construed in accordance with the laws of
Germany. All disputes arising out of this Agreement shall be finally settled by
three arbitrators in accordance with the Rules of the Arbitration Institute of
the International Chambre of Commerce.

This Agreement is executed in two original copies, each Party recognizing having
receive one original copy.

April 25th, 2003

For TVH Forklift Parts For FiLCO
Pascal Vanhalst ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇

ANNEXE 1

List of Forklift Trucks which Parties consider as "New & Current Production
Forklift Trucks":

Electric Drive

CTM 10/12S/12/16S/16/20S
CEM 12S/12/16S/16/20S
CEM 20/25S/25/30S/30/35
CEM 20/25S/25/30S/30/35 AC

Internal Combustion

CDP 16/18/20S
CGP 16/18/20S
CDP 40 LXH
CGP 40 LXH
CDP 40/45/50S/50
CGP 40/45/50S/50
CGC 40/50/55
CDC 60/70
CGC 60/70
CDP 20/35
CGP 20/35

Other

M-line

Betriebsgabelstapler

------- ---------- ---------- ----- ------ ---------- ------- ------- ---------- ---------- ------- --------- --------

Nr. Typ Serien Gef Bauj. Hubmast Kabi. Beleu. Gabaltr. Sonstig. Ber. Betriebs Vinik:
Nr. Level Level stunden Preis
netto
------- ---------- ---------- ----- ------ ---------- ------- ------- ---------- ---------- ------- --------- --------
1 CEM 16 CEM 7102 99 TR 5006 ST WE. 7
145-0666
------- ---------- ---------- ----- ------ ---------- ------- ------- ---------- ---------- ------- --------- --------
8 CEM 25S CEM 6761 99 TR 4270 4 1 ST Seitensch. Schw. 9
375-0766
------- ---------- ---------- ----- ------ ---------- ------- ------- ---------- ---------- ------- --------- --------
11 CEM 12S CEM 7101 96 ST 3720 1 ST IC. 5
145-0538
------- ---------- ---------- ----- ------ ---------- ------- ------- ---------- ---------- ------- --------- --------
12 CEM 20S CEM 7102 99 TR 5006 3 1 ST Matorl. 8
145-0455
------- ---------- ---------- ----- ------ ---------- ------- ------- ---------- ---------- ------- --------- --------
13 ▇.▇▇. 35S MEG 375 6761 97 TR 3850 1 WE 9
- 0057
------- ---------- ---------- ----- ------ ---------- ------- ------- ---------- ---------- ------- --------- --------
14 M. AC. 30 MEG ▇▇▇▇ ▇▇ ▇▇ ▇▇▇▇ 4 Versa. 8
375-0010
------- ---------- ---------- ----- ------ ---------- ------- ------- ---------- ---------- ------- --------- --------
15 M. AC. MEG 6762 97 TR 4800 Zinkenver. IC. 7
25S 375-0012
------- ---------- ---------- ----- ------ ---------- ------- ------- ---------- ---------- ------- --------- --------
16 M. AC. MEG 6762 99 TR 4800 4 PVC 1 Zinkenver EL. 10
30S 375-0006
------- ---------- ---------- ----- ------ ---------- ------- ------- ---------- ---------- ------- --------- --------
17 ▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇ 2
145-2191
------- ---------- ---------- ----- ------ ---------- ------- ------- ---------- ---------- ------- --------- --------
------- ---------- ---------- ----- ------ ---------- ------- ------- ---------- ---------- ------- --------- --------
SUMME 93
------- ---------- ---------- ----- ------ ---------- ------- ------- ---------- ---------- ------- --------- --------

Versuchsgabelstapler

-------- ------------ ---------- ---------- ------- ------------ ------- -------- ---------- ---------- ----------- --------
Nr. Typ Serien Gef Bauj. Hubmast Kabi. Beleu. Gabeltr. Sonstig. Betriebs Vinik:
Nr. Level Level stunden Preis
netto
-------- ------------ ---------- ---------- ------- ------------ ------- -------- ---------- ---------- ----------- --------

2 MEG 25S MEG ▇▇▇▇ ▇▇ ▇▇ ▇▇▇▇ 1 1 8
375-0175
-------- ------------ ---------- ---------- ------- ------------ ------- -------- ---------- ---------- ----------- --------
3 CTQ: 2- TR 4786 7
-------- ------------ ---------- ---------- ------- ------------ ------- -------- ---------- ---------- ----------- --------
4 MEG 35 MEG ▇▇▇▇ ▇▇ ▇▇ ▇▇▇▇ 1 11
375-0184
-------- ------------ ---------- ---------- ------- ------------ ------- -------- ---------- ---------- ----------- --------
5 MEG 25S MEG ▇▇▇▇ ▇▇ ▇▇ ▇▇▇▇ 6
375-PT1
-------- ------------ ---------- ---------- ------- ------------ ------- -------- ---------- ---------- ----------- --------
6 C 30 D P232D-0003 9574KF 2001 ST 2835 12
-------- ------------ ---------- ---------- ------- ------------ ------- ------------------------------------------ --------
7 C 30D P232D-0052 9574KF 2001 ST 4165 demontiert ▇▇▇▇▇▇▇▇▇▇▇/ ▇▇▇▇ ▇▇▇▇, ▇▇ ▇
verkauft
-------- ------------ ---------- ---------- ------- ------------ ------- -------- ---------- ---------- ----------- --------
8 CEM20AC ST 3720 13
-------- ------------ ---------- ---------- ------- ------------ ------- -------- ---------- ---------- ----------- --------
9 CTM20AC 12
-------- ------------ ---------- ---------- ------- ------------ ------- -------- ---------- ---------- ----------- --------
11 CGP30 P 35 LI 9476FB 2000 TR 4800 11
0005
-------- ------------ ---------- ---------- ------- ------------ ------- -------- ---------- ---------- ----------- --------
12 C 25 D P232D-0001 9656 2002 St 13
-------- ------------ ---------- ---------- ------- ------------ ------- -------- ---------- ---------- ----------- --------
14 CEM50AC Prototyp ST 4780 5
-------- ------------ ---------- ---------- ------- ------------ ------- -------- ---------- ---------- ----------- --------

-------- ------------ ---------- ---------- ------- ------------ ------- -------- ---------- ---------- ----------- --------
Summe 146
-------- ------------ ---------- ---------- ------- ------------ ------- -------- ---------- ---------- ----------- --------

[FiLCO] FiLCO - ▇▇▇▇▇ TVH

May 9, 2003

To all ▇▇▇▇▇ Europe Distributors:
The attached press release is self-explanatory.
▇▇▇▇▇ Europe is back in operation; re - started since May 2nd, 2003
Same people & products, family ownership with reduced administration in order to
continue making quality products for less money. ▇▇▇▇▇ FiLCO will be very
competitive and wants to make you money.

We will start slow with limited models but expect to finally produce the same
Mulheim product line.

FiLCO did not take any of the ▇▇▇▇▇ Europe's liabilities and intends to work
under the following guidelines:

- Non - exclusive distribution for ▇▇▇▇▇-FiLCO trucks and parts.
- Cash in advance for ▇▇▇▇▇-FiLCO truck orders.
- Reduced prices for base models.
- Produce trucks and uprights for others.
- Refurbish ▇▇▇▇▇ units.
- ▇▇▇▇▇-FiLCO trucks; Six months warranties - parts only.
- TVH will be the provider for ALL SPARE PARTS.
- Filco does not intend to deal direct with ▇▇▇▇▇ Korean distributors.

If any of the above is of interest to you, please contact:

FiLCO GmbH TVH
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇
Managing Director Management

▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Sales Director General Sales Manager
Tel. ▇▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇ Tel. ▇▇▇ ▇▇ ▇▇ ▇▇ ▇▇
Fax: ▇▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇ Fax: ▇▇▇ ▇▇ ▇▇ ▇▇ ▇▇
Mail: ▇▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇▇ Mail: ▇▇▇@▇▇▇.▇▇
WEB: ▇▇▇.▇▇▇▇▇▇▇▇▇.▇▇▇ WEB: ▇▇▇.▇▇▇.▇▇

Amendment dated May 9th 2003
to the Agreement dated April 25th 2003

Between

TVH FORKLIFT PARTS NV (hereafter "TVHFP"), with registered office I Belgium,
8560 Gullegem, Driemasten 120-126, duly represented by ▇▇. ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇,
Managing Director

And

FiLCO GmbH in formation (hereafter "FiLCO"), with registered office in Germany,
45478 Mulheim ad.▇. ▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇-▇▇, duly represented by ▇▇. ▇▇▇▇▇▇
▇▇▇▇▇▇, Managing Director

Whereas

Parties have signed an Agreement dated April 25th 2003 and Parties want to
further define some details of their partnership,

Parties declare and agree the following:

1. Technical information:

a. TVHFP will perform an analysis (eg drafting of table of content and
starting up a management of the documentation), at TVHFP's expense, on
all "▇▇▇▇▇"-Information such as repair manuals, maintenance manuals,
catalogues, films, pics etc. both stored in the archives of FiLCO in
Mulheim or stored at third parties (eg. Wilbrink). FiLCO will provide
all required assistance to allow TVHFP to perform a complete analysis.
The finding of the analysis will be discussed between Parties and a
copy of the report will be handed over to FiLCO by TVHFP;
b. Parties agree to hand over to TVHFP, the original version of the
information related to the "old Production Forklift Trucks" and a copy
of the information related to the "New & Current Production Forklift
Trucks". The making of a copy will be at TVHFP's expense;
c. TVHFP agrees to make at FiLCO's disposal, on their request, all copies
of any information needed for production purposes; Costs for these
copies will be shared between Parties;
d. FiLCO agrees that, for the information related to "Old Production
Forklift Trucks", by handing over the information to TVHFP, the
ownership of that information will, at that moment, be transferred
from FiLCO to TVHFP; FiLCO agrees that, for the information related to
"new & Current Production Forklift Trucks", by handing over a copy of
the information to TVHFP, TVHFP will receive from FiLCO "a right to
use" of that information;
e. Parties agree that all information will be stored at TVHFP's
facilities in Belgium;
f. Both Parties will identify, within their respective organizations,
contact-persons in this matter;

2. Lex-com PARTSPRO:

a. Regarding "partspro", FiLCO agrees to support TVHFP in its efforts to
find a solution, with or without Lex-com;
b. FiLCO will make at TVHFP's disposal all technical information for
future forklift models;

3. FiLCO Spare-parts business

a. Parties agree to set up, in the near future, a partnership for FiLCO's
"▇▇▇▇▇-Filco" Spare parts business of which following headlines will
be part of:
i. TVHFP or its affiliates will be the exclusive distributor of
"▇▇▇▇▇-Filco" spare parts for the after-market;
ii. The partnership can be cancelled by either Party with a notice
period of one year to the end of the year;

4. Iran

a. TVHFP agrees to make arrangements with Sepahan in order to appoint
Sepahan as an exclusive dealer for both "▇▇▇▇▇" and "▇▇▇▇▇-Filco"
spare-parts for the 'Iran'-territory;

b. TVHFP will not attempt to set up a "CKD"-business in Iran;

5. Stock at Mulheim-factory

a. Parties agree to swap the spare parts stock, currently located in the
Mulheim-factory and bought by TVHFP from ▇▇▇▇▇ Material Handling
Europe GmbH, against
i. The forklift trucks owned by FiLCO; A list of the forklift trucks
which will be swapped is attached in annexe 1 of this Amendment;
ii. The spare parts for the so-called "GEN2"-model (Korean models)
located in the Mulheim-factory;
iii. The "surplus spare parts"; After the allocation of the parts in
the Mulheim-factory to the production of current models, Parties
agree to "sweep" the factory and FiLCO will hand over to TVHFP
the surplus spare parts;

6. Non-exclusive "▇▇▇▇▇-Filco" forklift truck dealership

a. Thermote & Vanhalst, an affiliate of TVHFP, will be a non-exclusive
dealer for "▇▇▇▇▇-Filco" forklift trucks;

This Amendment shall be governed by and construed in accordance with the laws of
Germany. All disputes arising out of this Letter of Intent shall be finally
settled by three arbitrators in accordance with the Rules of the Arbitration
Institute of the International Chambre of Commerce.

This Amendment is executed in two original copies, each Party recognizing having
receive one original copy.

May 9th, 2003

For TVH Forklift Parts For FiLCO
▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇

Urkundenrolle Nummer 359 fur 2003

------------------------------------------------------------ ------------------------------------------------------------

Verhandelt am 2. August 2003 in Mulheim an der Ruhr Statements given on August 2nd, 2003 in Mulheim an der
Ruhr
Vor mir, dem unterzeichnenden Notar Before me, the undersigned notary
------------------------------------------------------------ ------------------------------------------------------------

▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇

------------------------------------------------------------ ------------------------------------------------------------
mit dem Amtssitz in Officially resident at
------------------------------------------------------------ ------------------------------------------------------------

45468 Mulheim an der Ruhr

------------------------------------------------------------ ------------------------------------------------------------
der sich auf ▇▇▇▇▇▇ des Erschienenen in die Geschaftsraume Who went as per the requirement of the appeared to the
der FiLCO GmbH, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇-▇▇, 45478 Mulheim a.d. offices of FiLCO GmbH, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇-▇▇, ▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇ a.d. Ruhr

------------------------------------------------------------ ------------------------------------------------------------
Erschien haute: appeared today:
------------------------------------------------------------ ------------------------------------------------------------

▇▇▇▇ Fil ▇▇▇▇▇▇▇
▇▇▇, ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇

------------------------------------------------------------ ------------------------------------------------------------
Der Erschienene ist dem Notar ▇▇▇ ▇▇▇▇▇ bekannt. The appeared is personally known by the notary.

------------------------------------------------------------ ------------------------------------------------------------
Der Notar fragte den Erschienenen zu 1., obviously eine der The Notary asked the appeared, re 1), whether the notary
mit dem Notar beruflich verbundenen Personen oder der Notar himself or one of his associates was involved in a matter
selbst in einer Angelegenheit, die Gegenstand dieser which is subject of this notarization, apart

Beurkundung ist, au(beta)erhalb des Notaramtes tatig war from this notarization. The appeared denied this question.
oder ist. Dieses wurde verheint.

------------------------------------------------------------ ---------------------------------------------------------
------------------------------------------------------------ ---------------------------------------------------------
Der Erschienene - nachstehend "Gesellschafter" genannt - The appeared - hereinafter referred to as "Shareholder"
erklarte: - declared:
------------------------------------------------------------ ------------------------------------------------------------
------------------------------------------------------------ ------------------------------------------------------------
Ich bin der einzige Gesellschafter der I am the only shareholder of
------------------------------------------------------------ ------------------------------------------------------------

FiLCO GmbH
▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇-▇▇
▇▇▇▇▇ ▇▇▇▇▇▇▇/▇▇▇▇

------------------------------------------------------------ ------------------------------------------------------------
- nachstehend "Gesellschaft" genannt - - hereinafter referred to as "Company" -
------------------------------------------------------------ ------------------------------------------------------------
------------------------------------------------------------ ------------------------------------------------------------
Der Stammkapital der Gesellschaft von 25.000,00 Euro ist The Company's share capital of 25.000,00 Euro is fully
▇▇▇▇ einbezahlt. paid up.
------------------------------------------------------------ ------------------------------------------------------------
------------------------------------------------------------ ------------------------------------------------------------
Der Gesellschafter bat sodann um die Beurkundung des The Shareholder then applied for notarization of the
folgenden following
------------------------------------------------------------ ------------------------------------------------------------

------------------------------------------------------------ ------------------------------------------------------------
Gesellschafterbeschlusses: Shareholders' Resolution:
------------------------------------------------------------ ------------------------------------------------------------
------------------------------------------------------------ ------------------------------------------------------------

Unter Verzicht auf alle Fristen und Formen der Einberufung Waiving all requirements as to call and notice, an
wird hiermit eine au(beta)erordentliche extraordinary shareholders' meeting is conducted and the
Gesellschafterversammlung abgehalten und folgender BESCHLUSS following is RESOLVED:
gefasst:
------------------------------------------------------------ ------------------------------------------------------------
1. Das Stammkapital der Gesellschaft wird von 1. The Company's registered share capital of
25.000,00 Euro gegen Sacheinlagen um 1.225.000,00 25.000,00 Euro shall be increased against
Euro auf Insgesamt 1.250.000,00 Euro erhoht contributions in kind in the amount of
1.225.000,00 euro to an overall amount of
1.250.000,00 Euro.

------------------------------------------------------------ ------------------------------------------------------------
2. Die neue Stammeinlage wird zum Nennwert 2. The new share capital shall be issued at its
ausgegeben. Sie nimmt am Gewinn absolutely Beginn nominal value. It shall participate in profit as
des bei Elntragung der Kapitalerhohung laufenden from the start of the fiscal year in which the
Geschaftsjahres teil. share capital increase shall be registered.

------------------------------------------------------------ ------------------------------------------------------------
3. Zur Ubernahme der neuen Stammeinlage wird 3. Only the Shareholder is admitted to subscription
ausschlie(beta)lich der Gesellschafter zugelassen. of the new share capital.

------------------------------------------------------------ ------------------------------------------------------------
4. Die neue Stammeinlage auf das erhohte Stammkapital 4. The Shareholder shall make his contribution in
ist durch den Gesellschafter durch folgende kind to the increased share capital as follows:
Leistung zu erbringen:

Die Gesellschaft ist dem Gesellschafter dema(beta) Pursuant to the following loan agreements
den dartehensvertragen

vom 20.04.2003 uber 275.000,00 Euro of 275.000,00 Euro dtd. April 20th, 2003
vom 20.04.2003 uber 400.000,00 Euro of 400.000,00 Euro dtd. April 20th, 2003
vom 05.05.2003 uber 300.000,00 Euro of 300.000,00 Euro dtd. Mai 5th, 2003
vom 09.06.2003 uber 250.000,00 Euro of 250.000,00 Euro dtd. June ▇▇▇, ▇▇▇▇

▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ von gewahrten Darlehen in Hohe von the Company has to repay to the Shareholder
insgesamt 1.225.000,00 Euro verpflichtet. Zur granted loans in the total amount of 1.225.000,00
erbringung seiner Einlage vereinbaren der Euro. The Shareholder and the Company agree in the
Gesellschafter und die Gesellschaft in dem Contribution and Discharge Agreement dtd. August
▇▇▇▇(beta)- und Einbringungsvertrag vom 2. August 2nd, 2003 that the Shareholder releases the
2003 dass der Gesellschafter der Gesellschaft die Company from its debt to repay the afore mentioned
Ruckzahlung der Darlehenssumme von insgesamt loans of 1.225.000,00 Euro.
1.225.000 Euro Erlasst.

------------------------------------------------------------ ------------------------------------------------------------
5. Soweit der ▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇. Insofar as the going concern value of the
und damit der in der Bilanz anzusetzende Buchwert contributed claim und therefore the accounting
den Nennbetrag der gewahrten Stammeinlage value surpasses the nominal value of the new share
ubersteigt, wird der Mehrbetrag dem Einbringenden capital, the difference shall not be paid to the
------------------------------------------------------------ ------------------------------------------------------------

------------------------------------------------------------ ------------------------------------------------------------

nicht vergulet, sondern in die Kapitalrucklage der shareholder but shall be allocated to the reserves
Gesellschaft eingestellt. Soweit der Teilwert der of the Company. In case the going concern value of
eingebrachten Forderung den Nennbetrag des the contributed claim does not reach the nominal
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ nicht erreicht, hat der value of the new share, the Shareholder has to pay
Gesellschafter den Differenzbetrag in Geld zu the difference.
verguten.
------------------------------------------------------------ ------------------------------------------------------------
6. ss. 3 des Gesellschaftsvertrages der Gesellsschaft 6. ss. 3 of the Articles of Association of the
wird neu gefasst und lautet nunmehr wie folgt: Company shall be revised and read as follows:

ss. 3 ss. 3
Staffkapital und Stammeinlagen Stated Share Capital

1. Das Stammkapital der Gesellschaft betragt EUR 1. The Company's share capital amounts to EUR
1.250.000,00 (in Worten: Euro eine 1.250.000,00 (one million two hundredand fifty
millionzweihundertfunfzigtausend). thousand Euro).

Damit wurde die Gesellschafterversammlung geschlossen. No further business being presented the Shareholders'
Meeting was adjourned.

Der Gesellschafter erklart, dass er die neue Staffeinlage im The Shareholder hereby subscribes to the new share in the
Nennwert von1.225.000,00 Euro ubernimmt. nominal value of 1.225.000,00 Euro.

------------------------------------------------------------ ------------------------------------------------------------
Der Notar ▇▇▇▇ auf folgendes hin: The notary gave the following instructions:

- Die ▇▇▇▇ (beta) dieser Urkunde beschlossene - The share capital increase resolved through
Kapitalerhohung wird erst mit Eintragung in das this instrument shall come into full force and
Handelsregister wirksam. effect only upon its registration with the
Commercial Register.
------------------------------------------------------------ ------------------------------------------------------------

- Der Gesellschafter hat, falls der ▇▇▇▇ der - The Shareholder shall compensate through cash
Sacheinlge bei Eingang der Anmeldung der payment any shortfall that shall arise if, at the
Kapitalerhohung beim Registergericht den Betrag date of the filing of the capital increase, the
der dafur ubernommenen Stammeinlage nicht value of the contribution in kind shall be lower
errelcht, in Hohe des Fehlbetrages eine Einlage in than the amount of the shares subscribed.
Geld zu leislen.
------------------------------------------------------------ ------------------------------------------------------------

------------------------------------------------------------ ------------------------------------------------------------

- Der Gesellschafter haftet fur ubernommene, aber - The Shareholder shall be liable for any shares
nicht erbrachte Stammeinlagen und fur die subscribed but not paid up and for the value of
Vollwertigkeit der Sacheinlage. the contributions in kind.

------------------------------------------------------------ ------------------------------------------------------------

Die Kosten dieser Urkunde und ihrer Durchfuhrung sowie The costs of this instrument and its implementation and all
anfallende Verkehrssteuem tragt die Gesellschaft. transfer taxes that shall become due shall be borne by the
Company.

------------------------------------------------------------ ------------------------------------------------------------
Vollmacht. Der Erschienene zu 1 bevollmachtigt den Authorisation The appeared, re 1) herewith authorizes the
Geschaftsfuhrer ▇▇▇▇▇▇ ▇▇▇▇▇▇, wohnhaft Heiligenhauser Str. General Manager ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇. ▇▇, ▇▇▇▇▇
23, 40883 Ratingen, allein zu handeln berechtigt und von den Ratingen, with the power to act solely and released from the
Beschrankungen des ss. 181 BGB befreit, samtliche obligation of ss. 181 BGB to give all additional and
erganzenden und erlauternden Erklarungen abzugeben die zur explanatory statements which are needed to proceed with the
Durchfuhrung der Kapitalerhohung erforderlich sind. share capital increase.

------------------------------------------------------------ ------------------------------------------------------------
Diese Niederschrift wurde dem Gesellschafter vom Notar This instrument was read by the notary to the Shareholder,
vorgelesen, von ihm genehmigt und von ihm und dem Notar wie approved by and signed by the Shareholder and the notary in
folgt eigenhandig unterzeichnet: their own hand:

----------------------------------------------------------- ------------------------------------------------------------

[two signatures]

LOAN AGREEMENT

THIS LOAN AGREEMENT is made and entered into as of the 20th day of April 2003,
by and between FiLCO GmbH, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇-▇▇, 45478 Mulheim ▇.▇.▇▇▇▇ (FiLCO)

and Fil Filipov, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇. ▇▇▇▇▇, ▇▇▇, being
the sole shareholder of FiLCO

The loan amount will be transferred to FiLCO within three days from
signing this Loan Agreement:

The loan amount will be paid to the bank account of FiLCO with
Stadtsparkasse Mulheim, account no. 300 150 080, SWIFT Code. ▇▇▇▇▇▇▇▇.

2. The loan will be interest bearing. The applicable interest rate is 6,
% (six percent) per year (interest period). The interest will be paid
on the maturity date of the loan or at the date of early repayment of
the loan.

The interest will be paid to the bank account of Lender as advised by
Lender on due date.

3. The loan is granted for an indefinite period. Any party may terminate
the loan agreement and claim repayment at any time by giving FiLCO
three weeks written notice. The loan will be subordinated to other
liabilities FiLCO has against trade creditors, banks or other
creditors.

Notwithstanding the above, Lender may at any time decide to convert
the loan into share capital of FiLCO.

4. FiLCO agrees to reimburse Lender for all costs, incl. exchange rate
losses, related to the making of this loan.

5. This Loan Agreement shall be governed by the laws of Germany.

6. This Loan Agreement and the rights and obligations arising pursuant
hereto shall not be assigned or transferred by either party without
the prior written consent of the other party.

In witness whereof, the parties have executed this Loan Agreement as of the date
first above written.

FiLCO GmbH Fil Filipov

LOAN AGREEMENT

THIS LOAN AGREEMENT is made and entered into as of the 9th day of June 2003, by
and between FiLCO GmbH, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇-▇▇, 45478 Mulheim ▇.▇.▇▇▇▇ (FiLCO)

and Fil Filipov, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇. ▇▇▇▇▇, ▇▇▇, being
the sole shareholder of FiLCO (Lender).

Collectively - The Parties -

1. Lender hereby agrees to loan FiLCO the amount of EUR 250.000,- (loan
amount). The loan amount will be transferred to FiLCO within three
days from signing this Loan Agreement:

The loan amount will be paid to the bank account of FiLCO with
Stadtsparkasse Mulheim, account no. 300 150 080, SWIFT Code. ▇▇▇▇▇▇▇▇.

The interest will be paid to the bank account of Lender as advised by
Lender on due date.

Notwithstanding the above, Lender may at any time decide to convert
the loan into share capital of FiLCO.

4. FiLCO agrees to reimburse Lender for all costs, incl. exchange rate
losses, related to the making of this loan.

5. This Loan Agreement shall be governed by the laws of Germany.

6. This Loan Agreement and the rights and obligations arising pursuant
hereto shall not be assigned or transferred by either party without
the prior written consent of the other party.

In witness whereof, the parties have executed this Loan Agreement as of the date
first above written.

FiLCO GmbH Fil Filipov

LOAN AGREEMENT

Collectively - The Parties -

1. Lender hereby agrees to loan FiLCO the amount of EUR 275.000,- (loan
amount). The loan amount will be transferred to FiLCO within three
days from signing this Loan Agreement:

The loan amount will be paid to the bank account of FiLCO with
Stadtsparkasse Mulheim, account no. 300 150 080, SWIFT Code. ▇▇▇▇▇▇▇▇.

The interest will be paid to the bank account of Lender as advised by
Lender on due date.

Notwithstanding the above, Lender may at any time decide to convert
the loan into share capital of FiLCO.

4. FiLCO agrees to reimburse Lender for all costs, incl. exchange rate
losses, related to the making of this loan.

5. This Loan Agreement shall be governed by the laws of Germany.

6. This Loan Agreement and the rights and obligations arising pursuant
hereto shall not be assigned or transferred by either party without
the prior written consent of the other party.

In witness whereof, the parties have executed this Loan Agreement as of the date
first above written.

FiLCO GmbH Fil Filipov

LOAN AGREEMENT

THIS LOAN AGREEMENT is made and entered into as of the 5th day of Mai 2003, by
and between FiLCO GmbH, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇-▇▇, 45478 Mulheim ▇.▇.▇▇▇▇ (FiLCO)

Collectively - The Parties -

1. Lender hereby agrees to loan FiLCO the amount of EUR 300.000,- (loan
amount). The loan amount will be transferred to FiLCO within three
days from signing this Loan Agreement:

The loan amount will be paid to the bank account of FiLCO with
Stadtsparkasse Mulheim, account no. 300 150 080, SWIFT Code. ▇▇▇▇▇▇▇▇.

The interest will be paid to the bank account of Lender as advised by
Lender on due date.

Notwithstanding the above, Lender may at any time decide to convert
the loan into share capital of FiLCO.

4. FiLCO agrees to reimburse Lender for all costs, incl. exchange rate
losses, related to the making of this loan.

5. This Loan Agreement shall be governed by the laws of Germany.

6. This Loan Agreement and the rights and obligations arising pursuant
hereto shall not be assigned or transferred by either party without
the prior written consent of the other party.

In witness whereof, the parties have executed this Loan Agreement as of the date
first above written.

FiLCO GmbH Fil Filipov

LOAN AGREEMENT

Collectively - The Parties -

1. Lender hereby agrees to loan FiLCO the amount of EUR 400.000,- (loan
amount). The loan amount will be transferred to FiLCO within three
days from signing this Loan Agreement:

The loan amount will be paid to the bank account of FiLCO with
Stadtsparkasse Mulheim, account no. 300 150 080, SWIFT Code. ▇▇▇▇▇▇▇▇.

The interest will be paid to the bank account of Lender as advised by
Lender on due date.

Notwithstanding the above, Lender may at any time decide to convert
the loan into share capital of FiLCO.

4. FiLCO agrees to reimburse Lender for all costs, incl. exchange rate
losses, related to the making of this loan.

5. This Loan Agreement shall be governed by the laws of Germany.

6. This Loan Agreement and the rights and obligations arising pursuant
hereto shall not be assigned or transferred by either party without
the prior written consent of the other party.

In witness whereof, the parties have executed this Loan Agreement as of the date
first above written.

FiLCO GmbH Fil Filipov

------------------------------------------------------------ ------------------------------------------------------------
Einbringungs- und Erlassvertrag Contribution and Discharge Agreement
------------------------------------------------------------ ------------------------------------------------------------
------------------------------------------------------------ ------------------------------------------------------------

zwischen by and between
------------------------------------------------------------ -----------------------------------------------------------

FiLCO GmbH,
▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇-▇▇,
45478 Mulheim an der Ruhr

------------------------------------------------------------ ------------------------------------------------------------
eingetragen im Handelsregister des Amtsgerichts Mulheim/Ruhr registered in the Commercial Register of the Local Court
unter HRB 4949 of Mulheim/Ruhr under HRB 4949
------------------------------------------------------------ ------------------------------------------------------------
------------------------------------------------------------ ------------------------------------------------------------
- nachfolgend "Gesellschaft" genannt - - hereinafter referred to as "Company" -
------------------------------------------------------------ ------------------------------------------------------------
------------------------------------------------------------ ------------------------------------------------------------
und And
------------------------------------------------------------ ------------------------------------------------------------

Mr. Fil Filipov
▇▇▇, ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇▇▇ ▇▇▇▇,
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇
▇▇▇

------------------------------------------------------------ ------------------------------------------------------------
als Alleingesellschafter der Gesellschaft being the sole shareholder of the Company
------------------------------------------------------------ ------------------------------------------------------------
- nachfolgend "Gesellschafter" genannt - - hereinafter referred to as "Shareholder" -
------------------------------------------------------------ ------------------------------------------------------------
- bei Parteien nachstehend zusammen "Parteien" genannt - - both parties hereinafter collectively referred to as the
"Parties" -
----------------------------------------------------------- ------------------------------------------------------------

1. Mit Gesellschafterbeschloss vom 2 August 2003 (UR-Nr. ... 1. As per the Shareholder's resolution dtd. August 2nd, 2003
) des Notars ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ aus Mulheim an der Ruhr, hat (UR-Nr. ... ), certified by notary ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ of
der Gesellschafter beschlossen, das Stammkapital der Mulheim an der Ruhr, the Shareholder resolved that the
Gesellschaft von 25.000,00 Euro um 1.225.000,00 Euro auf Company's registered share capital of 25.000,00 Euro shall
1.250.000,00 Euro im Wege der Sacheinlage durch Einbringung be increased against contributions in kind in the amount of
einer Forderung gegen die Gesellschaft zu erhohen. 1.225.000,00 Euro to an overall amount of 1.250.000,00 Euro
by contributing a claim against the Company.

------------------------------------------------------------ ------------------------------------------------------------
2. In Vollzug dieses Kapitalerhohungsbeschlusses treffen 2. In order to execute such resolution the parties enter into
die Parteien den nachstehenden the following

------------------------------------------------------------ ------------------------------------------------------------
Einbringungs- Contribution
und Erlassvertrag: and Discharge Agreement:
------------------------------------------------------------ ------------------------------------------------------------
Der gesellschafter erlasst der dies annehmenden Gesellschaft Effectively immediately, the Shareholder releases the
mit sofortiger Wirkung die entstanden Company, who accepts this release, from its debt to repay
Darlehensruckzahlungsschulden in Gesamthohe von 1.225.000,00 loans in the total amount of 1.250.000,00 Euro pursuant to
Euro aus den Darlehensvertragen the following loan agreements
------------------------------------------------------------ ------------------------------------------------------------

------------------------------------------------------------ ------------------------------------------------------------
vom 20.04.2003 uber 275.000,00 Euro of 275.000,00 Euro dtd. April 20th, 2003
vom 20.04.2003 uber 400.000,00 Euro of 400.000,00 Euro dtd. April 20th, 2003
vom 05.05.2003 uber 300.000,00 Euro of 300.000,00 Euro dtd. Mai 5th, 2003
vom 09.06.2003 uber 250.000,00 Euro of 250.000,00 Euro dtd. June 9th, 2003
------------------------------------------------------------ ------------------------------------------------------------

3. Als Gegenleistung gewahrt die Gesellschaft dem 3. The Company grants the Shareholder a new share in the
Gesellschafter einen weiteren Geschaftsanteil im Nennbetrag nominal value 1.225.000,00 Euro as consideration. The
von 1.225.000,00 Euro. Die Gesellschaft setzt den ▇▇▇▇ der Company fixes the value of the contributed claim with its
eingebrachlen Forderung mit ihrem Teilwert an. Soweit der going concern value. Insofar as the going concern value of
Teilwert der eingebrachten Forderung und damit der in der the contributed claim und therefore the accounting value
Bilanz anzusetzende Buchwert den Nennbetrag der gewahrten surpasses the nominal value of the new share, the difference
Stammeinlage ubersteigt, wird der Mehrbetrag dem shall not be paid to the shareholder but shall be allocated
Einbringenden nicht vergutet, sondern in die Kapitalrucklage to the reserves of the Company. In case the going concern
der Gesellschaft eingestellt. Soweit der Tellwert der value of the contributed claim does not reach the nominal
eingebrachten Forderung den Nennbetrag des gewahrten value of the new share, the Shareholder has to pay the
Geschaftsanteils nicht erreicht, hat der Gesellschafter den difference.
Differenzbetrag in Geld zu verguten.

------------------------------------------------------------ ------------------------------------------------------------
4. Anderungen und Erganzungen dieses Vertrages bedurfen 4. Changes and amendments to this agreement must be made in
der Schriftform. writing.
------------------------------------------------------------ ------------------------------------------------------------
5. Dieser Einbringungs- und Eriassvertrag unterliegt 5. This Contribution and Discharge Agreement is subject to
deutschem Recht. Gerichtsstand ist Mulheim an der Ruhr.an German Law. Jurisdiction shall be in Mulheim an der Ruhr.
agreements

------------------------------------------------------------ ------------------------------------------------------------
6. Sollte eine Klausel ode rein Teil dieses Einbringungs- 6. In the event that any provision of this Contribution and
und Erlassvertrages unwirksam sein oder werden, oder sollte Discharge Agreement shall be or become invalid, or if there
ein versteckter Einigungsmangel vorliegen, so wird die is an omission, the validity of the remaining provisions of
Wirksamkeit der ubringen Bestimmungen des Einbringungs- und this Contribution and Discharge Agreement shall not be
Erlassvertrag hiervon nicht beruhrt. In diesem Fall werden affected thereby. In this case the Parties shall replace
die Parteien derartige Bestimmungen durch wirksame such provisions with a provision that achieves the objective
Bestimmungen ersetzen, die dem ▇▇▇▇▇ der zu ersetzenden oder of the invalid or missing provision as good as possible. In
fehlenden Bestimmung weitgehend entspricht. In cases of doubt the German version of this Contribution and
Zweifelsfallen ist die Deutsche Version dieses Einbringungs- Discharge Agreement shall prevail.
und Erlassvertrages ma(beta)geblich.

------------------------------------------------------------ ------------------------------------------------------------

------------------------------------------------------------ ------------------------------------------------------------
Mulheim Ruhr den 02. August 2003 Mulheim Ruhr August 2nd, 2003
------------------------------------------------------------ ------------------------------------------------------------

FiLCO GmbH Fil Filipov

(EXHIBIT 3)

Schedule 6.01(p), there are no material judgments, orders, awards or decrees
currently in effect against Seller with respect to the ownership, marketing,
development or operation of any part of the Assets or the Business, except as
described HEREIN:

a. The Seller will have to pay for 32 People older than 59
years by Feb. 29,2004. This will cost EURO 243K

b. EURO 750K is the exposure risk for 148 court cases if Seller
loses the case(s) and no other people are hired back.
(Estimate) The Union cannot change the agreement, because
the court case(s) are open.

CONTRACT

for the Supply of ▇▇▇▇▇ FiLCO Forklift Trucks

This Contract has been entered into this 6th day of July 2003 between

FiLCO GmbH, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇-▇▇, 45478 Mulheim a.d. Ruhr
- the Seller -

and

▇▇▇▇▇ ▇.▇., ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇ ▇▇▇▇-▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
- the buyer -

- collectively : the Parties

WHEREAS Seller is manufacturer of counter balanced forklift trucks (RCB), and
has been in negotiation with buyer for the sale of same

WHEREAS Buyer is a trading company not being active in the market of RCB but
interested to enlarge his business activities and is therefore interested to buy
same from supplier.

Therefore the Parties agree the follow:

ss. 1 Purpose of Contract

Seller will produce the following quantities of RCB's as per Sellers order
confirmation dtd. 30.5.2003 as follows

50 units CTM 16S, 3 ▇▇▇▇▇▇▇, 48 Volts, SE-tires, standard upright 3240 mm,
carriage 940 mm. forks 1000mm

at the agreed price of EUR 9.999,00 per truck

delivery will take place in the months of August & September 2003

50 units CDP 25, SE-tires, standard upright 3300 mm, carriage 1150 mm. forks
1000 mm

at the agreed price of EUR 13.999,00 per truck

delivery will take place in the months of October & November 2003

ss. 2 Delivery

Delivery will take place ex works Mulheim Ruhr. Seller will inform Buyer by fax,
e-mail or phone about machines ready to be delivered. As Buyer will have to set
up his distribution network, the Parties agree, that the units will be stored in
the premises of Seller at Sellers expense until Buyer is ready to pick them up.

ss. 3 Marketing Assistance

The Parties agree, that Seller will assist Buyer in marketing the units, by
offering same to interested parties. In case Seller is able to assist in this
way, he will credit Buyer's account with the respective invoice value.

ss. 4 Invoicing / Payment

The parties agreed that Buyer will pay 50% of the total Contract value as an
advance payment to Sellers account no. 300150080 with Stadtsparkasse Mulheim,
SWIFT Code ▇▇▇▇▇▇▇▇ immediately after signing the contract. Seller already
issued the respective invoice in the amount of EUR 599.950,00 and sent it to
Buyer.

Seller will invoice upon readiness for shipment to Buyer the total value of each
unit, and will credit proportionally Buyers advance account. The payment of the
remaining 50 % of the invoice value will be effected upon shipment of the
trucks.

ss. 5 Warranty

The warranty for the trucks delivered is 6 month form shipment date, parts only.

ss. 6 Repayment of Advance Payment

The Parties agree that after six month from the date of the first machine being
available they will meet in order to see how the business developed. Should
there be still machines left for sale from this Contract the Parties will
mutually negotiate whether the co-operation will be continued and the six month
trail period will be extended, or whether Seller has to take back any machine
left and refund proportionally Buyers advance payment.

At that date also the pro rata advance payment received by Seller for all
machines sold by Seller under the terms of article 3 of this Contract will be
refunded to Buyer.

ss. 7 Miscellaneous

Should individual clauses of this contract be valid, this will not influence the
validity of the Contract. Invalid clauses will be substituted by such valid
clauses which are closest to what the parties intended.

This Contract is governed by the Laws of the Federal Republic of Germany, place
of jurisdiction is Mulheim Ruhr.

FiLCO GmbH Nebem B.V.

Urkundenrolle Nummer 360 fur 2003

------------------------------------------------------------ ------------------------------------------------------------

Verhandelt zu Mulheim Ruhr, am 2. August 2003 Negotiated in Mulheim Ruhr, this 2nd day of August, 2003

Vor mir, dem unterzeichnenden Notar Before me, the undersigned notary
------------------------------------------------------------ ------------------------------------------------------------

▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇

Mulheim an der Ruhr

------------------------------------------------------------ ------------------------------------------------------------
Der sich auf ▇▇▇▇▇▇ des Erschienenen in die Geschaftsraume Who went as per the requirement of the appeared re. 1)
der FiLCO GmbH, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇-▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇ a.d. and re. 2) to the offices of FiLCO GmbH, ▇▇▇▇▇▇▇▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇, ▇▇-▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇ a.d. Ruhr
------------------------------------------------------------ ------------------------------------------------------------
Erschien haute: appeared today:
------------------------------------------------------------ ------------------------------------------------------------

1. Fil Filipov
▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇

------------------------------------------------------------ ------------------------------------------------------------
handelnd als Vollmachtioser Vertreter fur Vectra Ltd. 36 Acting in his capacity as shareholder of FiLCO GmbH, a
▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇ ▇▇ ▇▇▇, ▇▇ company duly organized under the law of Germany

- nachstehend "Sicherungsgeber" gennant- - hereinafter referred to as "Pledgor"
------------------------------------------------------------ ------------------------------------------------------------

2. ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇. ▇▇,
▇▇▇▇▇ ▇▇▇▇▇▇▇▇

------------------------------------------------------------ ------------------------------------------------------------
handelnd als Vollmachtioser Vertreter fur Vectra Ltd. 36 Acting as agent without authority for Vectra Ltd. ▇▇
▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ TW 19 1SE, UK ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇ ▇▇ ▇▇▇, ▇▇

- nachstehend "Darlehensgeber" gennant - - hereinafter referred to as "Borrower" -
------------------------------------------------------------ ------------------------------------------------------------
Der Erschienene zu 1. und der Erschienene zu 2 sind dem The appeared re. 1) and the appeared re. 2) are personally
Notar von Person bekannt. known to the Notary.

Der Notar fragte die Erschienenen obviously er oder eine der The Notary asked the appeared whether he himself or one of
mit ihm beruflich verbundenen Personen in einer his associates was involved in a matter which is subject of
Angelegenhelt, die Gegenstand dieser Beurkundung ist, this notarization, apart from this notarization. The
au(beta)erhalb des Notaramtes tatig war oder ist. Dieses appeared denied this question.
wurde verneint.
------------------------------------------------------------ ------------------------------------------------------------

------------------------------------------------------------ ------------------------------------------------------------
Sodann schlossen die Erschienenen folgenden The parties then concluded the following

Verpfandungsvertrag Pledge Agreement
------------------------------------------------------------ --------------------------------------------------------------

Der Sicherungsgeber ist inhaber zweier ▇▇▇▇ The Pledgor is the owner of two fully paid up
eingezahlter Geschaftsantelle im Nennbetrag von shares in the nominal value of EUR 24.900,00 and
EUR 24.900,00 und EUR 100,00 an der im EUR 100,00 in the company FiLCO GmbH, registered
Handelsregister des Amtsgerichts Mulheim a. d. in the Commercial Register of the local court of
Ruhr unter der Nummer HRB 4949 eingetragenen Mulheim a. d. Ruhr under the Number HRB 4949
Gesellshaft FiLCO GmbH (im folgenden (hereinafter referred to as "Company") with a
"Gesellschaft" gennant), deren Stammkapital EUR share capital of EUR 25.000,00. An obligation to
25.000,00 betragt. Eine Nachschu(beta)pflicht make additional contributions does not exist.
besteht nicht.

------------------------------------------------------------ ------------------------------------------------------------
I. Verpfandungserklarung I. Pledge

1. Der Sicherungsgeber verpfandet Vectra hiermit 1. The Pledgor herewith pledges his aforementioned
seine Geschaftsantelle an der Gesellschaft (im shares in the Company (hereinafter referred to as
folgenden "Anteil" gennant). "Share") to Vectra.

2. Das Pfandrecht ersteckt sich ohne weiteres auch 2. The right of lien shall automatically extend to
auf samtliche kunftlgen (z.B. neue und/oder all future (e.g. newly acquired or consolidated)
zusammengefa(beta)ten) Geschaftsanteile des shares owned by the Pledgor, but not exceeding the
Sicherungsgebers jedoch maximal bis zur Hohe des amount of the loan referred to in Section II.
unter II. genannten Kreditbetrages. Ubersteigt der Should the nominal value of the shares pledged in
nominal ▇▇▇▇ der verpfandeten Geschaftsanteile den favor of Borrower should increase the unpaid loan
offenen Darlehensbetrag zuzuglich der vereinbarten amount including accumulated interest, Borrower
Zinsen, stimmt der Darlehensgeber bereits jetzt already agrees to release the excess security.
einer Teilung und Freigabe der nicht mehr
benotigten Sicherhelten zu.

3. Das Pfandrecht erstreckt sich femer auf die 3. The right of lien shall furthermore extend to the
Ausschuttungen und sonstigen Zahlungen sowie auf dividends and to other payments as well as to the
den Liquidationserios bei Auflosung der proceeds in the event of the Company's
Gesellschaft. liquidation.

------------------------------------------------------------ ------------------------------------------------------------
II. Sicherungszweck II. Purpose of the Collateral

Der Darlehensgeber stellt der Gesellschaft Pursuant to the loan agreement ( Promissory Note )
aufgrund des Kreditvertrages ( Promissory Note ) dtd. August 2nd, 2003, Borrower has granted to the
vom 02. August .2003 einen Kredit in Hohe von bis Company loan facilities of up to EUR 750.000,00.
zu EUR 750.000,00 zur Verfugung.
------------------------------------------------------------ ------------------------------------------------------------

------------------------------------------------------------ ------------------------------------------------------------
Die Verpfandung erfolgt zur Sicherung aller This pledge is intended to secure all claims
Anspruche einschlie(beta)lich der Anspruche auf including claims for any interest or cost, which
Zinsen und Kosten, die dem Darlehensgeber aufgrund Borrower is entitled to assert against the Company
dieses Kredits gegen die Gesellschaft zustehen, by virtue of the loan agreement even then if the
und zwar auch dann, wenn die vereinbarte original term of the loan has been extended.
Kreditlaufzeit verlangert wird.

------------------------------------------------------------ ---------------------------------------------------------
III. Rechte und Pflichten des Sicherungsgebers III. Rights and Obligations of Pledgor

1. Der Sicherungsgeber ist berechtigt, die mit dem 1. The Pledgor is entitled to continue to exercise
verpfandeten ▇▇▇▇▇▇ verbundenen his membership rights regarding the pledged Share,
Mitgliedschaftsrechte, insbesondere das particularly regarding his voting right. The
Stimmrecht, weiterhin allein auszuuben. Der Borrower shall refrain from giving any
Darlehensgeber wird sich jeder Weisung enthalten. instructions whatsoever.

2. Der Sicherungsgeber bleibt bis auf Widerruf durch 2. The Pledgor remains entitled to receive any
die Darlehensgeber berechtigt, die Ausschuttungen dividends and other payments including any
und sonstigen Zahlungen sowie den proceeds in the event of the Company's
Liquidationserlos bei Auflosung der Gesellschaft liquidation, until such right should be revoked by
in Empfang zu nehmen. the Borrower.

3. Der Sicherungsgeber verpflichtet sich, keinerlei 3. The Pledgor undertakes not to conduct any legal
Rechtsgeschafte oder Handlungen vorzunehmen, durch transactions or carry out any acts which could
welche das Pfandrecht des Darlehensgebers frustrate or impair the Borrower's right of lien,
vereitelt oder beeintrachtigt, insbesondere der particularly those which could reduce the value of
verpfandete Anteil als Pfandobjekt verringert the pledged shares as collateral.
werden.
------------------------------------------------------------ ------------------------------------------------------------

IV. Verzicht auf die Einrede der Aufrechenbarkeit IV. Waiver of Defences

Der Verpfaander kann sich nicht darauf berufen, The Pledgor may not refer the Borrower to its
da(beta) der Darlehensgeber seine Anspruche durch right to satisfy its claims by way of setting off
Aufrechnung gegen fallige Forderungen der any claims it might have against the Company
Gesellschaft befriedigen kann (Verzicht auf die (waiver of the Pledgor's setoff-defense according
dem Verpfander nach ▇▇.▇▇. 1211, 770 Abs. 2 des to sec. 1211 and 770 para. 2 of the German Civil
Burgerlichen Gesetzbuches - BGB - zustehende Code - hereinafter: BGB).
Einrede der Aufrechenbarkeit).

------------------------------------------------------------ ------------------------------------------------------------

------------------------------------------------------------ ------------------------------------------------------------
V. Verwertung V. Realization

1. Der Darlehensgeber ist berechtigt, den 1. The Borrower is entitled to realize the pledged
verpfandeten Anteil zu verwerten, wenn die Share if the Company is in delay with its agreed
Gesellschaft mit fallien Zahlungen auf die payment obligations towards Borrower, or if the
gesicherten Forderungen in Verzug ist, ihre Company has ceased its payments in general, or if
Zahlungen eingestellt oder die Eroffnung eines the Company has filed an insolvency petition. In
gerichtlichen Insolvenzverfahrens uber ihr this event, for the purpose of realizing the
Vermogen beantragt hat. In diesem Fall ist der collateral, the Borrower has the right to revoke
Darlehensgeber auch berechtigt, zur Verwertung die Pledgor's right to exercise his voting right
Berechtigung des Sicherungsgebers zur Ausubung pursuant to clause III.1 and to revoke Pledgor's
seines Stimmrechts gem. Ziffer III.1. und die right to receive payments as set forth in clause
Empfangsberechtigung des Sicherungsgebers fur III.2.
Zahlungen gem. Ziff. 111.2. zu widerrufen.

------------------------------------------------------------ ---------------------------------------------------------
2. Der Darlehensgeber wird die Verwertung dem 2. Borrower shall warn Pledgor prior to realization
Sicherungsgeber unter Fristsetzung schriftlich of the collateral in writing by fixing a
androhen. Stellt der Abschlu(beta) dieses time-limit. If the Pledge is a commercial
Vertrages fur den Sicherungsgeber ein transaction for Pledgor, such time-limit shall be
Handelsgeschaft dar, betragt die ▇▇▇▇▇ mindestens at least one week. In every other case, such
eine Woche. In ▇▇▇▇▇ ubrigen Fallen betragt sie time-limit shall be at least one month. Borrower
einen Monat. In der Androhung wird die will describe in its warning the amount of the
Darlehensgeber den Betrag bezeichnen, wegen dessen collateral which will subject to realization. No
die Verwertung erfolgen soll. Einer Androhung mit warning with a fixed time-limit is necessary if
Fristsetzung bedarf es nicht, wenn der Pledgor has ceased its payments in general, or if
Sicherungsgeber seine Zahlungen eingestellt oder Pledgor has filed an insolvency petition.
die Eroffnung eines gerichtlichen
Insolvenzverfahrens uber sein Vermogen beantragt
hat.

------------------------------------------------------------ ------------------------------------------------------------
▇. ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇ Verwertung den 3. In order to realize the pledged Share the Borrower
verpfandeten ▇▇▇▇▇▇ - abweichend von ss. 1277 S. 1 may - in derogation of sec. 1277 sentence 1 BGB -
BGB - ohne vollstreckbaren Titel offentlich have the shares publicly auctioned to the highest
meistbietend versteigern lassen. Er wird auf die bidder without an executory title. The Borrower
berechtigten Belange des Sicherungsgebers shall take Pledgor's justified concerns into
Rucksicht nehmen. ▇▇ ▇▇▇▇ auch ▇▇▇ ▇▇▇ verlangen, consideration. The Borrower may also demand that
dass er nach ihren Weisungen den verpfandeten the Pledgor realizes the pledged shares in the
▇▇▇▇▇▇ bestmoglich verwertet oder bei der best possible way and according to Borrower's
Verwertung mitwirkt. Der Sicherungsgeber hat alles instructions or gives his assistance. The Pledgor
bei der Verwertung Eriangte unverzuglich der Bank shall immediately surrender any obtained proceeds
herauszugeben. to the -Borrower.
------------------------------------------------------------ ------------------------------------------------------------

------------------------------------------------------------ ------------------------------------------------------------
4. Im Fall der Verwertung gehen samtliche Anspruche 4. In the event of a realization of the Share, any
der Darlehensgeber gegen die Gesellschaft erst claims of the Borrower against the Company will
dann auf den Sicherungsgeber uber, wenn die durch not be transferred to the Pledgor until all claims
diesen Vertrag gesicherten Anspruche samtlich secured by this Pledge Agreement have been fully
befriedigt sind. Bis dahin ist der Darlehensgeber settled. Until that time the Borrower is entitled
berichtigt, Verwertungseriose als Sicherheit zu to consider any proceeds as security irrespective
behandein, ungeachtet ihres Rechts, sich jederzelt of the Borrower's right to use such security at
daraus zu befriedigen. any time.

------------------------------------------------------------ ------------------------------------------------------------
VI. Ubergang von Sicherhelten VI. Transfer of Securities

1. Hat der Sicherungsgeber gesicherte Anspruche der 1. In case the Pledgor has settled secured claims of
Darlehensgeber befriedigt, gilt folgendes: Die the Borrower, the following will apply: The
Ubertragung von Sicherhelten, die die Gesellschaft Pledgor can only request the assignment of
gestalt hat, kann der Sicherungsgeber erst dann securities provided by the Company if all claims
verlangen, wenn die durch das Pfandrecht secured by the respective pledge have been fully
gesicherten Anspruche vollstandig befriedigt sind settled and the securities to be transferred are
und die zu ubertragenden Sicherheiten nicht mehr not needed to secure other claims of the Borrower.
zur Sicherung anderer Anspruche der Darlehensgeber Securities pledged by third parties will be
dienen. Sicherhelten, die von Dritten bestellt retransferred to the respective third party
▇▇▇▇▇▇ sind, wird der Darlehensgeber an den ▇▇▇▇▇▇▇, unless otherwise agreed with such third
jeweillgen Sicherungsgeber zuruckubertragen, falls party ▇▇▇▇▇▇▇.
mit diesem nichts anderes vereinbart wurde.

------------------------------------------------------------ ------------------------------------------------------------
2. Soweit Sicherheiten kraft Gesetzes auf den 2. In case and insofar as securities will be assigned
Sicherungsgeber ubergehen, bleibt es bei der to the Pledgor by virtue of law, the legal
gesetzlichen Regelung. Wenn die Anspruche der regulations will apply. In case the Borrower's
Darlehensgeber den Verwertungserlos ubersteigen claims against the Company are not fully settled
und die kraft Gesetzes auf den Sicherungsgeber by the proceeds of a realization of the pledged
ubergehenden Sicherheiten auch zur Sicherung des Share and if any securities assigned to the
durch den Verwertungserlos nicht gedeckten Teils Pledgor by virtue of law will also serve as a
der Anspruche dienen, so steht hierfur dem security for the non covered portion of the
Darlehensgeber gegenuber dem Sicherungsgeber ein Borrower's claim, the Borrower will have vis-a-vis
vorrangiges Befriedigungsrecht zu. Pledgor a first ranking claim to satisfy its
claims.
------------------------------------------------------------ ------------------------------------------------------------

------------------------------------------------------------ ------------------------------------------------------------
3. Etwaige ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇. Claims which the Pledgor might have against other
andere Sicherungsgeber auf Ausgleich und third party pledgers for payment or assignment of
Ubertragung von Sicherhelten werden durch die securities are not effected by the afore mentioned
vorstehenden Regelungen nicht beruhrt. clauses.

------------------------------------------------------------ ------------------------------------------------------------
VII. Anzeige, Genehmigung VII. Notification, Approval

1. Der beurkundende Notar wird von dem 1. Der beurkundende Notar wird von dem
Sicherungsgeber beauftragt, der Gesellschaft die Sicherungsgeber beauftragt, der Gesellschaft die
Verpfandung durch Ubersendung einer beglaubigten Verpfandung durch Ubersendung einer beglaubigten
Abschrift dieses Protokolls anzuzeigen. Abschrift dieses Protokolls anzuzeigen.

------------------------------------------------------------ ------------------------------------------------------------
2. Die Genehmigung der Gesellschafter zu dieser 2. Shareholder's approval to this Pledge Agreement,
Verpfandung, die nach Artikel 5 des which is necessary pursuant to Article 5. of the
Gesellschaftsvertrages in Form eines Statutes of the Company in form of a written
Gesellschafterbeschlusses erforderlich ist, wird shareholders' resolution, is attached hereto in
hiermit in erforderlichen Form als Anlage zu the form required.
diesem Vertrag belgefugt.

------------------------------------------------------------ ------------------------------------------------------------
VIII. Annahme VIII. Acceptance

Der Darlehensgebernimmt die Verpfandung hiermit The Borrower hereby accepts the Pledge.
an.
------------------------------------------------------------ ------------------------------------------------------------
IX. Schlussbestimmungen IX. Final Provisions

1. Die Kosten dieser Urkunde tragen der 1. The Pledgor shall bear the costs for this deed.
Sicherungsgeber. Der ▇▇▇▇ dieser Beurkundung The value shall be assumed with EUR 25.000,00.
betragt EUR 25.000,00.

------------------------------------------------------------ ------------------------------------------------------------
2. Sollte eine Bestimmung dieses Vertrages unwirksam 2. Should any provision of this Agreement be or
oder undurhfuhrbar sein oder werden, so soll das become ineffective or unenforceable, this shall
die Gultigkelt des Vertrages im ubrigen nicht not affect the validity of the remaining contents
beruhren. Die Parteien sind verpflichtet of this Agreement. The parties undertake to
zusammenzuwirken, um die unwirksame oder cooperate in substituting the ineffective or
undurchfuhrbare Bestimmung durch eine wirksame unenforceable provision by an effective or
oder durchfuhrbare Bestimmung zu ersetzen, die dem enforceable provision which comes as close as
wirtschaftlichen Ergebnis der unwirksamen oder possible to the commercial result of the
underchfuhrbaren Bestimmung moglichst nahekommt. ineffective or unenforceable provision.

------------------------------------------------------------ ------------------------------------------------------------
3. Diese Urkunde wurde in zweisprachiger Fassung 3. This deed has been issued in two languages. In
erstellt. In Zweifelsfallen ist die Deutsche cases of uncertainty, the German version of this
Version ma(beta)geblich. Agreement is determinate.
------------------------------------------------------------ ------------------------------------------------------------

------------------------------------------------------------ ------------------------------------------------------------
Dieses Protokoll wurde in Gegenwart des Notars This deed has been read out by the notary,
vorgelesen, von den Parteien genehmigt und wie approved by the parties and signed as follows.
folgt unterschrieben:
------------------------------------------------------------ ------------------------------------------------------------

[signatures]

LOAN AGREEMENT

THS LOAN AGREEMENT is made and entered into as of the 8th day of December 2003,
by and between FiLCO GmbH, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇-▇▇, 45478 Mulheim ▇.▇.▇▇▇▇ (FiLCO)

and Vectra Ltd., ▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ (Lender).

Collectively - The Parties -

1. Lender hereby agrees to loan FiLCO the amount of EUR 409.230,96 (loan
amount) to be repaid January 31st, 2004 at the latest ( term ).

2. The loan amount will be transferred to FiLCO within three days from
signing this Loan Agreement:

The loan amount will be paid to the bank account of FiLCO with
Commerzbank AG, Essen, account no. 112 12 01, SWIFT CODE: ▇▇▇▇▇▇▇▇▇▇▇,
IBAN: ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇

3. The loan will be interest bearing. The applicable interest rate is 1 %
(one percent) each month (interest period). The interest will be paid
at the end of the term

4. The interest and any repayment of the loan will be made to Lenders
bank account no 340043-010 with Canara Bank, London Branch, 14020
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇.

5. In order to secure repayment of the loan, FiLCO herewith assigns the
proceeds of several customer sold orders to Lender. The orders
assigned are mentioned on Attachment 1 to this Loan Agreement. Lender
herewith authorizes FiLCO to collect the proceeds of the orders on his
behalf on or before shipment. FiLCO will instruct customers to pay the
value of the orders into a separate bank account with Commerzbank,
Essen, account no. 112 12 01/01 in case payment will be effected by
cheque FiLCO will cash these cheque through the same bank account.

6. FiLCO and Lender will inform the bank that funds on this account are
only payable to Lender or according to Lender's instructions.

7. FiLCO agrees to reimburse Borrower for all costs, incl.. exchange rate
losses, related to the making of this loan.

This Loan Agreement shall be governed by the laws of the United Kingdom.

This Loan Agreement and the rights and obligations arising pursuant hereto shall
not be assigned or transferred by either party without the prior written consent
of the other party.

In witness whereof, the parties have executed this Loan Agreement as of the date
first written above.

FiLCO GmbH Vectra

Attachment 1 to the Loan Agreement as of December 8th
between: Vectra Ltd & FiLCO GmbH

------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
Project Serial No. Client Name Model Week Value
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------

1394 CTM145 0082 GFI 7097 99996 Ritchie Brothers CTM16S 47.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
147 CTM145 0094 GFI 7097 99996 Ritchie Brothers CTM16S 51.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
149 CTM145 0095 GFI 7097 99996 Ritchie Brothers CTM16S 51.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
151 CTM145 0096 GFI 7097 99996 Ritchie Brothers CTM16S 51.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
172 CTM145 0097 GFI 7097 99996 Ritchie Brothers CTM16S 50.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
1390 CTM145 0098 GFI 7097 99996 Ritchie Brothers CTM16S 51.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
1391 CTM145 0099 GFI 7097 99996 Ritchie Brothers CTM16S 50.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
1669 P365D 0001 GFI 9615 99996 Ritchie Brothers CDP25 49.03 16.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
2855 CTM145 0101 GFI 7097 99996 Ritchie Brothers CTM16S 51.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
2856 CTM145 0102 GFI 7097 99996 Ritchie Brothers CTM16S 51.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
2857 CTM145 0103 GFI 7097 99996 Ritchie Brothers CTM16S 51.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
2858 CTM145 0104 GFI 7097 99996 Ritchie Brothers CTM16S 51.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
2859 CTM145 0105 GFI 7097 99996 Ritchie Brothers CTM16S 51.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
2860 CTM145 0106 GFI 7097 99996 Ritchie Brothers CTM16S 51.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
2861 CTM145 0107 GFI 7097 99996 Ritchie Brothers CTM16S 51.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
2862 CTM145 0108 GFI 7097 99996 Ritchie Brothers CTM16S 51.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
2863 CTM145 0109 GFI 7097 99996 Ritchie Brothers CTM16S 51.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
2864 CTM145 0110 GFI 7097 99996 Ritchie Brothers CTM16S 51.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
2865 CTM145 0111 GFI 7097 99996 Ritchie Brothers CTM16S 51.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
2866 CTM145 0112 GFI 7097 99996 Ritchie Brothers CTM16S 51.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
2867 CTM145 0113 GFI 7097 99996 Ritchie Brothers CTM16S 51.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
2868 CTM145 0114 GFI 7097 99996 Ritchie Brothers CTM16S 51.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
2869 CTM145 0115 GFI 7097 99996 Ritchie Brothers CTM16S 51.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
2870 CTM145 0110 GFI 7097 99996 Ritchie Brothers CTM16S 51.03 13.500,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
1735 CEM375 0081 GFI 6761 79009 Saimlease CEM25S 50.03 13.806,53
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
1738 CEM375 0084 GFI 6761 79009 ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ 50.03 16.290,80
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
705 P365D 0042 GFI 8908 73933 S~leasing GmbH C DP30 50.03 20.086,56
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
1675 CEM375 0075 GFI 6761 73922 Dipl. lng. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇ CEM35 50.03 22.620,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
1796 CEM375 0085 GFI 6761 72543 Messrs. ▇▇▇▇▇▇ SPA CEM35 50.03 12.430,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
1797 CEM375 0086 GFI 6761 72543 Messrs. ▇▇▇▇▇▇ SPA CEM35 50.03 17.390,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
1798 CEM375 0087 GFI 6761 72543 Messrs. ▇▇▇▇▇▇ SPA CEM35 50.03 17.510,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
1802 CEM375 0088 GFI 6761 72543 Messrs. ▇▇▇▇▇▇ SPA CEM25S 50.03 12.881,64
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
1803 CEM145 0036 GFI 7102 72543 Messrs. ▇▇▇▇▇▇ SPA CEM20S 50.03 12.416,84
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
1715 CEM375 0068 GFI 6761 36559 ▇▇▇▇▇, ▇▇▇▇▇▇▇ CEM25S 50.03 17.519,00
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------
Total 489,951.37
------------- ----------------------------- --------- ---------------------------- ----------- ---------- ------------

LOAN AGREEMENT

THIS LOAN AGREEMENT is made and entered into as of the 13th day of October 2003,
by and between FiLCO GmbH, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇-▇▇, 45478 Mulheim ▇.▇.▇▇▇▇ (FiLCO)

and ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇. ▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
(Lender).

Collectively - The Parties -

1. Lender hereby agrees to loan FiLCO the amount of EUR 250.000,- (loan
amount). The loan amount will be transferred to FiLCO within three
days from signing this Loan Agreement:

The loan amount will be paid to the bank account of FiLCO with
Commerzbank AG Filiale Essen, account no. 112 1201, SWIFT Code.
▇▇▇▇▇▇▇▇▇▇▇.

2. The loan will be interest bearing. The applicable interest rate is 6 %
(six percent) per year (interest period). The interest will be paid on
the maturity date of the loan or at the date of early repayment of the
loan.

The interest will be paid to the bank account of Lender as advised by
Lender on due date.

3. The loan is granted for an indefinite period. Any party may terminate
the loan agreement and claim repayment at any time by giving FiLCO
three weeks written notice.

4. FiLCO agrees to reimburse Lender for all costs, incl.. exchange rate
losses, related to the making of this loan.

5. This Loan Agreement shall be governed by the laws of Germany.

6. This Loan Agreement and the rights and obligations arising pursuant
hereto shall not be assigned or transferred by either party without
the prior written consent of the other party.

In witness whereof, the parties have executed this Loan Agreement as of the date
first written above.

FiLCO GmbH ▇▇▇▇▇▇ ▇▇▇▇▇▇

(EXHIBIT 4)

(i) Schedule 6.01(r) is a true, correct and complete list of all employees,
consultants, agents or other compensated persons of Seller as of the date of
hereof (and updated at Closing if different), together with their positions,
annual salaries, and other compensation, including accruals for vacation through
such date(s).

------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------

Name Profit Date of Dept. Eintr.Datum Orga Jobtitle Net incl.
Cent Birth Pramie
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇,▇▇▇▇▇▇ 353 1947-12-24 Sales 1975-10-13 NE technical service 59,928.40 (euro)
trainer
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇,▇▇▇▇▇▇ 353 1945-11-17 Sales 1977-07-01 PR technical service 67,846.55 (euro)
trainer
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇,▇▇▇▇▇ 353 1977-11-18 Sales 1997-09-01 NE assistant 32,067.55 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇▇▇,▇▇▇▇▇▇ 354 1958-11-03 Sales 1988-04-01 NE order administrator 47,309.99 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇▇▇, ▇▇▇▇ 354 1947-09-05 Sales 1965-06-01 NE sales manager 59,083.60 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇,▇▇▇▇▇▇▇▇▇ 354 1949-08-03 Finance 1980-10-01 NE collector 48,441.00 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
VAN DE SAND,JUERGEN 356 1949-12-22 Manufacturing 1979-01-01 NE clerk 59,360.80 (euro)
shipment/receiving
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇,▇▇▇▇▇▇▇ 381 1958-02-13 Finance 1989-07-01 AT GM 88,660.44 (euro)
/Finance/Purchase/Admin/IS
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇▇▇,▇▇▇▇▇▇▇ 381 1964-07-02 Manufacturing 2000-10-01 NE assistant / WF 34,826.35 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇▇▇,▇▇▇▇▇▇ 400 1963-12-27 Manufacturing 1998-04-01 NE production scheduling 64,546.15 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇,▇▇▇▇▇▇▇ 400 1948-08-23 Manufacturing 1969-04-01 AT manuf. Admin 57,673.68 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇,▇▇▇▇▇ 451 1974-01-26 Manufacturing 1995-05-03 NE assembly worker 36,897.30 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇,▇▇▇▇▇▇ 400 1957-04-21 Manufacturing 1980-04-29 AT Prod. Manager 57,673.68 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇▇,▇▇▇▇▇▇▇ 432 1962-07-16 Manufacturing 1984-01-10 IN assembly worker 40,601.35 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇▇▇▇,▇▇▇▇▇▇▇▇ 400 1950-04-15 Manufacturing 1968-10-29 IN Expediting 44,415.36 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
TRAMP,VOLKER 472 1955-02-25 Manufacturing 1979-07-01 IN assembly worker 43,608.44 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇,▇▇▇▇▇▇▇ 431 1959-09-05 Manufacturing 1984-01-01 D assembly worker 35,561.33 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇,▇▇▇▇▇▇ 431 1961-02-07 Manufacturing 1984-01-01 D assembly worker 34,993.60 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇▇,▇▇▇▇▇▇ 400 1947-01-09 Manufacturing 1972-07-27 D manuf. Admin 26,940.67 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇,▇▇▇▇▇▇▇ 452 1967-06-23 Manufacturing 2000-12-05 D assembly worker 26,410.56 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
MONTAG,▇▇▇▇-▇▇▇▇▇▇▇ 432 1954-12-17 Manufacturing 1989-01-02 D assembly worker 31,337.20 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇,▇▇▇▇▇▇▇ 432 1963-09-27 Manufacturing 2000-12-05 D assembly worker 26,566.32 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇,▇▇▇▇▇▇▇▇ 431 1952-05-11 Manufacturing 1974-08-19 D assembly worker 35,704.68 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
TUERKYILMAZ,▇▇▇▇▇-▇▇▇▇▇ 472 1967-09-17 Manufacturing 1988-07-01 D assembly worker 31,143.16 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇,▇▇▇ 438 1963-01-03 Manufacturing 1989-03-01 D assembly worker 33,143.62 (euro)

------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇,▇▇▇▇▇▇▇ 480 1949-02-15 Manufacturing 1970-08-03 D assembly worker 28,327.99 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇,▇▇▇▇▇▇▇▇ 452 1974-03-19 Manufacturing 1995-05-19 D assembly worker 30,155.00 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇▇,▇▇▇▇▇▇▇▇ 400 1955-02-25 Manufacturing 1984-01-01 IN manuf. Admin 33,399.96 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
BODAS DEL ▇▇▇▇,▇▇▇▇-▇▇▇▇ 456 1953-02-17 Manufacturing 1973-03-26 D assembly worker 32,548.43 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇,▇▇▇▇▇ 456 1951-09-28 Manufacturing 1974-05-29 D assembly worker 35,332.70 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇,▇▇▇▇▇▇▇▇ 455 1964-08-30 Manufacturing 1988-12-12 D assembly worker 34,894.46 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇,▇▇▇▇▇▇ 455 1968-02-05 Manufacturing 1989-01-02 D assembly worker 34,894.46 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
ILGENSTEIN,HOLGER 472 1951-11-02 Manufacturing 1966-04-01 D assembly worker 35,094.84 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇,▇▇▇▇▇▇ 472 1966-04-16 Manufacturing 2001-07-18 D assembly worker 27,989.15 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇,▇▇▇▇▇▇▇▇ 472 1961-10-31 Manufacturing 1984-03-19 D assembly worker 33,437.05 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇▇,▇▇▇▇▇ 478 1960-05-13 Manufacturing 1984-04-01 D assembly worker 37,250.53 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇,▇▇▇▇▇▇▇ 456 1964-07-04 Manufacturing 1989-03-01 D assembly worker 28,898.76 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
LAPATKE,▇▇▇▇▇▇▇▇ 972 1981-05-13 Finance 2000-09-01 NE assistant 22,523.95 (euro)
SS/purchasing/accounting
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇▇▇▇▇▇▇▇,▇▇▇▇▇▇ 972 1951-01-28 Finance 1969-11-01 NE accountant AP 44,164.96 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇▇,▇▇▇▇▇▇ 972 1954-02-10 Finance 1978-12-08 NE accountant 59,083.60 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
FRANIK,▇▇▇▇▇-▇▇▇▇▇▇▇ 974 1959-03-25 Engineering 1995-04-10 NE group leader 60,020.80 (euro)
engineering
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇▇,▇▇▇▇-▇▇▇▇▇ 974 1953-06-18 Engineering 2001-10-01 NE engineer 50,499.44 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇,▇▇▇▇▇▇▇▇ 974 1950-07-22 Engineering 1981-07-01 NE CER engineer 58,516.00 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
TRUEBCHER,▇▇▇▇▇▇▇▇ 974 1979-01-26 Engineering 1998-09-01 NE engineer
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
BIENEN,ULRICH 976 1962-05-09 Manufacturing 1988-02-01 NE quality 59,083.60 (euro)
controller/safety
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇,▇▇▇▇▇ 981 1952-10-09 HR 1977-02-01 NE payrole accounter 67,846.55 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
GELLISSEN,MANFRED 982 1957-12-20 Manufacturing 1979-03-14 IN assembly worker 27,695.84 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
HEGENBERG,GEORG 982 1960-07-18 Manufacturing 1988-08-29 IN assembly worker 27,328.75 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
LOGGEN,HANS 982 1954-07-02 Manufacturing 1980-03-01 NE group leader receiving 59,083.60 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇▇,▇▇▇▇▇▇▇ 984 1960-09-18 Purchasing 1979-09-01 NE purchasing/ expediting 46,861.19 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇▇▇,▇▇▇▇▇▇ 984 1965-01-11 Manufacturing 1986-01-14 NE purchasing/ expediting 46,861.19 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
WESTERWINTER,HEINZ 991 1946-08-31 HR 1969-24-24 BR works council chairman 59,360.80 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
▇▇▇▇▇▇,▇▇▇▇▇ 994 1959-04-12 EDP 1980-09-01 NE EDP manager 55,029.36 (euro)
------------------------------- ------ ----------- --------------------------- ------ ----------------------- ----------------
53
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------
2,260,924.71(euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------

------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------

incl. 25 % social cost 2,826,155.89 (euro)
------------------------------- ------ ----------- ------------- ------------- ------ ----------------------- ----------------

PR = Part time retirement ( financed ) IN = indirect D = Direct AT = exempt NE =
non exempt TEMP = temporary BR = works council ( chairman )

ss. 4 Extraordinary Notice of Cancellation

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