2.2 Payment guarantee granted by the bank

UNION BANK OF SWITZERLAND

Haldenstrasse 118 3000 Bern 22 Switzerland

Our ref. Your ref.

25^th April 20__

Putney & Raven Merchants Ltd.

123-5 Lowland Street

London EC1 2RH

United Kingdom

Dear Sirs,

You concluded contract No. 78-u for the supply of machinery for the amount of £250,000 with Stroganov & Co. on 15^th April. As security for the payment of the goods, an indemnity by a bank shall be furnished.

At the request of Stroganov & Co. we, the Union Bank of Switzerland, hereby irrevocably undertake to pay you on first demand, irrespective of the validity and the effects of the above mentioned contract and waiving all rights of objections and defense arising therefrom, any amount up to £250,000 upon receipt of your duly signed request for payment stating that:

a) you have delivered the goods in conformity with the contract and that

b) you have not received payment at maturity of the sum claimed under this guarantee.

Cont.

- 2 -

The total amount of this indemnity will be reduced by any payment effected hereunder.

For the purpose of identification, your request for payment in writing has to be presented to us through the intermediary of a first-rate bank confirming that the signatures thereon are legally binding upon you.

Your claim is also acceptable if transmitted to us in full by duly encoded telex/cable through a first-rate bank confirming that your original claim has been sent to us by registered mail and that the signatures thereon are legally binding upon you. Your claim will be considered as having been made once we are in possession of your written request for payment or telex or cable to this effect at our above address.

Our indemnity is valid until 25^th June 20__ and expires in full and automatically if your claim has not been made on or before that date, regardless of such date being a banking day or not.

This indemnity is governed by Swiss law, place of jurisdiction is Zurich.

Yours very truly,

T.Shurgold

T.Shurgold

Union Bank of Switzerland

UNION BANK OF SWITZERLAND

Haldenstrasse 118 3000 Bern 22 Switzerland

Our ref. Your ref.

14^th July 20__

HAPROGETS INC.

78 HT, Box 90,

Pleemload, Chicago

USA

Dear Sirs,

In accordance with Contract No. H-5/21 dated 28 May 20__ which you signed with Keiser AG, Geneva, for the supply of precision equipment you undertook to effect an advance payment in U.S. Dollars which represents 5% (five percent) of the contract value amounting to U.S. Dollars 1,800,000.00.

We, the Union Bank of Switzerland, hereby undertake to irrevocably and unconditionally, on your first demand, refund to you the paid advance payment amounting to U.S. Dollars 90,000.00 together with the annual interest at 7,5% (seven and half percent), in case the above-mentioned firm fails to fulfil its obligations stipulated in the contract.

This guarantee shall come into force on the date of your effecting the advance payment and be valid until the delivery has been effected but not later than 30 September 20__. In case the delivery is postponed for reasons depending on the supplier of the equipment this guarantee will be prolonged for the time of the delay in delivery.

This letter of guarantee should be returned to us immediately upon the delivery and our obligations under this letter of guarantee will cease on that date regardless of whether the guarantee has been returned to us or not.

- 2 -

Yours very truly,

J.Guttenberg

J.Guttenberg

Union Bank of Switzerland