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ABN AMRO Hoare Govett Asia Inc.
1325 Avenue of the Americas, 11th Floor
New York, New York 10019-6026
Telephone (212) 314-1144
Fax (212) 314-1156
Member NASD, SIP

August 20, 1997

Mr. Daniel Rushefsky

Overseas Brokers, Inc.
111 Great Neck Road
Great Neck, NY 11021

Dear Mr. Rushefsky,

HG Asia is in agreement with the terms and conditions for the relocation expenses of Alan J. Hargreaves. Please find attached the signed agreement.

Yours sincerely,

David C. Guest

President