T E R M S A N D C O N D I T I O N S

of Josef Mäser GmbH

I.Scope:

These terms and conditions (T&C) are valid for the entire business relationship between Josef Mäser GmbH (abbreviated: Mäser) and its customers. Provided that individual contracts do not contain any different conditions, the T&C shall apply. These T&C are also published on the website www.maeser.at. Deviating, conflicting or supplementary T&C of the customer shall not become part of the contract, even if Mäser has knowledge of them, unless their validity is expressly agreed in writing.

II.Prices:

The prices listed in the range are generally net prices plus the VAT applicable at the time that the order is placed. Otherwise, the prices shall apply pursuant to our price list on the day of delivery.

III.Due date and payment:

The purchase price shall be due for net payment immediately. In the event of non-timely payment, interest on arrears pursuant to § 1333 para. 2 Austrian Civil Code (ABGB) (from 1 January 2007: § 352 Austrian Commercial Code [UGB]) shall be agreed. In the event of default, the customer must always pay all the reminder fees, and costs of the debt collection agency or a lawyer. Payment by bill or cheque shall require express written consent from Mäser.

IV.Shipment:

A delivery fee shall be charged for deliveries, irrespective of the invoice amount. Special services of our transport and service representatives shall not be covered by the purchase price of the goods. The shipment of goods shall take place at the risk and expense of the recipient. An advance payment may be requested for orders. Residual amounts from make-and-hold or blanket orders shall be delivered by us by the end of the year without query. A late delivery shall not constitute an entitlement to a reimbursement of costs.

V.Guarantee and delivery:

In the case of company transactions: We only guarantee that the goods demonstrate a quality or performance that is usual for goods of the same kind and that can be sensibly expected by the customer. Over- or under-deliveries with regard to the delivery quantity agreed by contract shall be permitted within a reasonable limit. An excess or shortfall of up to 10% shall generally be considered reasonable. Guarantee claims shall be reported immediately and in writing or otherwise forfeited. The letter of complaint must be received by us by no later than within 7 days after the delivery. If the letter of complaint is received late, claims for damages and a contestation as a result of an error shall also be excluded. The delivery shall generally take place from the plant. From the time of handover to the carrier, the costs and risk shall be transferred to the customer.

No liability shall be assumed for breakages or missing amounts during transport. In the case of a different supply agreement, we shall only provide a guarantee for defects that are already present at the time of the handover and whose existence at the time of the handover is also proven by the customer. The customer shall bear the burden of proof by consensual amendment of § 924 ABGB. Returns of goods shall only be accepted if Mäser has confirmed to the customer that the goods will be taken back by sending a returned goods note.

In the case of consumer transactions: In the case of transactions between Mäser and consumers, the legal guarantee shall apply.

VI.Liability and damages:

In the case of company transactions: Mäser shall only be liable for gross negligence and intent in the case of damage to property and financial losses. The damages shall be limited to the level of the purchase price of the goods. Further liability claims and damages claims for damage to property and financial losses shall be excluded.

In the case of consumer transactions: Mäser excludes any liability for damage to property and financial losses that have occurred for the consumer as a result of slight negligence.

VII.Data protection:

Mäser is entitled to electronically store and to process the data provided by the customer. The data shall only be used internally within the framework of the Data Protection Act (DSG) 2002.

VIII.Reservation of ownership:

All goods of the company Mäser shall remain the property of the company Mäser until complete payment and until the means of payment have been cashed (e.g. cheques). In the case of resale of reserved goods, the customer is obliged to assign all claims resulting therefrom, while safeguarding the reservation of ownership of the company Mäser. The buyer of the reserved goods shall be informed unambiguously of the circumstance that these goods are third-party property. The effected assignment shall be made visible in the trading books with a corresponding note. A pledge or security transfer of the reserved goods shall not be permitted, otherwise damages can be claimed. In the case of reserved goods that are resold by the customer, the reserved property shall remain valid in its entirety. No joint property shall be created through further processing by the customer!

IX.Assignment for security

The customer now assigns to Mäser all claims that the customer has against third parties to secure all claims by Mäser against the customer. The customer shall make a corresponding note in its books and on its invoices. Mäser shall accept this assignment. After the assignment, the customer shall be authorised to collect the claim. Mäser reserves the right to collect the claim itself as soon as the customer does not fulfil its payment obligations properly and falls into arrears.

X.Right of withdrawal:

The customer's creditworthiness shall be the necessary prerequisite for every delivery.

If negative information on the customer's financial situation should become known to us after conclusion of the contract, we shall be entitled, at our discretion, to either demand immediate payment or bank credit protection of the total remuneration or to withdraw from the contract.

XI.Place of performance, choice of law and place of jurisdiction:

The place of performance for the contracting parties shall be the headquarters of Josef Mäser GmbH. Austrian substantive law shall apply for all legal relationships between the company Mäser and the customer. The competent court at the headquarters of the company Mäser shall have exclusive jurisdiction for all disputes arising from this contract. If the customer is a consumer within the meaning of the Consumer Protection Act (KSchG), the mandatory legal provisions with regard to the place of jurisdiction for consumers shall generally apply.

XII.Severability clause:

If one or several provisions of the contractual relationship between Mäser and the customer is or becomes invalid, this shall not affect the validity of the remaining contractual provisions. An invalid provision shall be replaced by one that corresponds most closely to the economic interests of the contracting parties.

Dornbirn, 18 July 2006