0001206212-04-000064 Sample Contracts

GRAND TOYS INTERNATIONAL LIMITED and THE BANK OF NEW YORK As Depositary and OWNERS AND BENEFICIAL OWNERS OF AMERICAN DEPOSITARY RECEIPTS Deposit Agreement Dated as of _________________, 2004
Deposit Agreement • April 7th, 2004 • Grand Toys International Inc • Wholesale-misc durable goods • New York

DEPOSIT AGREEMENT dated as of , 2004 among GRAND TOYS INTERNATIONAL LIMITED, incorporated under the laws of Hong Kong (herein called the Company), THE BANK OF NEW YORK, a New York banking corporation (herein called the Depositary), and all Owners and Beneficial Owners from time to time of American Depositary Receipts issued hereunder.

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ADR purchase agreement by and among Centralink Investments Limited Stephen Altro, 2870304 Canada Inc., 136011 Canada Inc., David Mars, 136012 Canada Inc., and 2884330 Canada Inc. dated
Adr Purchase Agreement • April 7th, 2004 • Grand Toys International Inc • Wholesale-misc durable goods • New York

This ADR PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of the day of , 2004, by and among Centralink Investments Limited, a limited company organized under the laws of the British Virgin Islands (“Buyer”), Stephen Altro (“Altro”), 2870304 Canada Inc. and 136011 Canada Inc. (collectively, together with Altro, the “Altro Group”), and David Mars (“Mars”), 136012 Canada Inc. and 2884330 Canada Inc. (collectively, together with Mars, the “Mars Group” and, together with the Altro Group, the "Sellers”).

EMPLOYMENT AGREEMENT
Employment Agreement • April 7th, 2004 • Grand Toys International Inc • Wholesale-misc durable goods • New York

This AGREEMENT is made and entered into as of the [ ] day of [ ], 2004, by and between GRAND TOYS INTERNATIONAL LIMITED, a limited company organized under the laws of the Hong Kong Special Administrative Region of the People’s Republic of China having its registered office at Room UG202, Floor UG2, Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon, Hong Kong (“Grand”), and DAVID J. FREMED, a citizen of the United States of America residing at 849 Longview Avenue, North Woodmere, NY 11581 (“Fremed”).

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