SUBLEASE AGREEMENT



     This sublease agreement was entered into on October 30, 2006 between IP

Fibre Devices (UK) Limited, of 22 Buckingham Gate, London SW1, referred to as

"Lessee" and IPG Photonics (UK) Limited, referred to as "Sublessee."



                                    RECITALS



     The parties recite and declare:



     A. Lessee has leased space in an office building.



     B. Sublessee desires to obtain office space in the geographical area in

which the building is located.



     C. The parties desire to enter a sublease agreement defining all rights,

duties, and liabilities of the parties.



     In consideration of the mutual covenants contained in this sublease

agreement, the parties agree as follows:



                                   SECTION ONE



                             DESCRIPTION OF PREMISES



     D. Lessee has leased a building consisting of one (1) floor of office space

of approximately 1,200 square feet from Standard Life Investment Funds Limited

("Lessor"), located at 22 Buckingham Gate, London SW1 (the "demised premises").



     E. Lessee shall demise to Sublessee the demised premises, as more fully

described in Lease between Lessee and Lessor dated August 3, 2000. which is

attached to and made a part of this sublease agreement.



                                   SECTION TWO



                               PURPOSE OF SUBLEASE



     A. The premises demised under this sublease agreement are to be used by

Sublessee in the conduct of the business of sales of fiber lasers and

amplifiers, and all tasks related to that business.



     B. Sublessee shall not use the demised premises for any illegal, immoral,

or ultra-hazardous activity, whether within or outside the scope of the business

of Sublessee.





                                  SECTION THREE



                                TERM OF SUBLEASE



     The term of this sublease agreement shall be for a period, commencing on

the date hereof and terminating on June 23, 2010, unless earlier terminated by

breach of the terms and conditions of this sublease agreement or as provided in

Sections Seven or Sixteen.



{PAGE}





                                  SECTION FOUR



                                      RENT



     Sublessee shall pay to Lessee as basic rent [Pound Sterling]37,000 per

annum, and [Pound Sterling]3,000 for service charges and [Pound Sterling]2,000

for taxes payable quarterly, subject to increases as provided for in the Lease,

plus the other rent and charges as set forth in Section 3.1 of the Lease, but

not greater than the amount paid by Lessee under the Lease and continuing each

quarter thereafter during the term of this sublease agreement. Sublessee shall

pay all other sums due as additional rental under the provisions of this

sublease agreement on the basic rental payment due date first occurring after

the additional rental payment arises.



                                  SECTION FIVE



                             SERVICES AND UTILITIES



     Lessee shall furnish all water and sewer services to Sublessee at the

expense of Lessee. All other utilities required by Sublessee on the demised

premises, including gas, electricity, and telephone services shall be obtained

by and at the expense of Sublessee. Sublessee shall also obtain and pay the

expense of all janitorial services required on the demised premises.



                                   SECTION SIX



                           ACCIDENTAL DAMAGE OR INJURY



     Lessor and Lessee shall not be liable for any damage to property or any

injury to persons, sustained by Sublessee or others, caused by conditions or

activities on the demised premises. Sublessee shall indemnify Lessor and Lessee

against all claims arising from such damages or injuries and shall carry

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