Bernaschina Angelo e Figlio SA

Mechanical wood processing; manufacturing and installation of furniture, windows and kitchen fittings; general carpentry work. The company intends to take over the individual business Angelo Bernaschina in Riva San Vitale, which as of December 31, 1996, has assets of CHF 305,218.66 and liabilities of CHF 162,532.54, with a net worth of CHF 142,686.12. In consideration of this asset, the company is committed to paying Mr. Angelo Bernaschina the amount of CHF 90,000.--, while recognizing a debt for the remaining amount, determined to be CHF 52,000.--.