Hasguel Consulting AG / Switzerland
Mr. Cemal Hasguel
Dip. Engineer & Dip. Economist

LETTER OF INTEND 04.05.2005, Zürich

Dear Sirs,

We require 150,000. MT of Sugar to Iraq.
We agree to the following terms and conditions including the specifications.
Commodity : White refined cane sugar - ICUMSA 45
Polarization: 99.80% Degrees min.
Ash Content: 0.08 max.
Icumsa: 45 RBU max, (Brazil S.G.S. Scale)
Solubility: 100% Dry and Free Flowing
Colour: Sparking White, max. 45 ICUMSA attenuation index units (ICUMSA method No. 4-1978)
Radiation: Within internationally accepted limits and No contamination with radio active material and fit forhuman consumption.
CropYear 2003-2004 or 2004-2005
Granulation: Fine Crystal
Moisture: 0.8% max.
Crop: 2004/latest
Magnetic particles: mg/kg 4 max.
SO2: mg/kg 20 max.
Ash By Electrical Conductivity: 0.04% max (on dry weight basis)
Sediments: None
Smell: Typical and specific for sugar
Reducing Sugar: 0.05% max. by weight
HPN Staph Aureus: not detected in 1 gm.
Maximum As: 1 ppm.
Maximum Pb: 2 ppm.
Maximum Cu: 3 ppm.
Substance: Solid Crystal
Origin : Brazil
Quantity : 150,000 MT
Price: Please quote your best price.
Packing : 50 kg PP bags
Inspection : Quality and quantity by SGS at Seller’s expense at loading port only.
Payment Term : Irrevocable, Twice Transferable, Revolving, Confirmed, Documentary Letter of Credit, payable 100% at sight, drawn / confirmed on banks acceptable to Seller.
Performance Bond : Seller to provide Performance Bank Guarantee Bond in the value of 2% of the Letter of Credit value.

PLS. SEND ME URGENT YOUR FCO

Yours Faithfully

Cemal HASGUEL
Dip. Engineer & Dip. Economist
Hasguel Consulting AG / Switzerland
Tel. + 41 76 391 81 22¨(24 Hours)

KINDLY GIVE US YOUR TARGET PRICE ALONG WITH LOI. SO, WE SHALL WORK BASE ON YOUR REQUIREMENT.

Date: May, 2005

Subject: COMODITY : SUGAR ICUMSA45

Dear Sirs,
Thanks for your interest. Here are our details:

COMODITY : SUGAR ICUMSA45
PRICES ARE CFR / DELIVERED (INSURANCE ON BUYERS ACCOUNT)
Prices are Nett, Any Brokerage Comission must be added onto this Price List

PROCEDURES

1. Seller issues Corporate Quotation (CQ) in name of the Buyer. (This Document).
2. Buyer signs, stamps and returns the CQ, completes all information left blank and returns along with Letter of Intent (LOI) in attached format
3. Seller will send draft Full Corporate Offer (FCO) and if acceptable Buyer will arrange for Bank Capability Letter (BCL) in attached format.
4. On receipt and verification of BCL Seller will forward valid FCO to Buyer for signature.
5. Seller will send draft contract to Buyer and settle terms by friendly negotiation.
6. The Buyer must initial the contract and send to the Seller or the Seller’s Mandate to be initialled. The Seller or the Seller’s Mandate will initial the contract and will send it back to the Buyer including a copy of the document appointing the Mandate’ with authority to act.
7. The buyer will send a draft of the Letter of Credit from their bank for approval by the seller and this, when initialled by the Seller, will form a part of the contract.
8. Seller will issue its Corporate Performance Guarantee (CPG) in favour of the Buyer for value specified in the Contract. (Specimen to be attached to Contract)
9. Buyer bank will open active letter of credit.
10. All terms of contract are re-confirmed by an exchange of physically signed hard copies of the contract and contracts are then in full force.
11. Unless otherwise agreed in the Contract the First shipment will commence no later than 45 (forty five) working days from date of issue of the operative Letter of Credit. The remaining consignments will be shipped within each 30 (thirty) day period as defined in the Appendix in the contract on condition that the operative Letters of Credit have been issued at least 30 (thirty) days before the required shipment date.
12. Effect of payment for each consignment shall be effected within 3 (three) banking days after receipt by the Seller's Advising Bank of all documents required for payment.

Quantity USD/TON

12.500 185,00

25.000 175,00

30.000 173,00

50.000 170,00

100.000 165,00

150.000 160,00

300.000 155,00

360.000 153,00

600.000 150,00

1.200.000 145,00

Valid: 05/06/2005

Regards

Date: May, 2005

Subject: COMODITY : SUGAR ICUMSA45

Dear Sirs,
Thanks for your interest. Here are our details:

COMODITY : SUGAR ICUMSA45
PRICES ARE CFR / DELIVERED (INSURANCE ON BUYERS ACCOUNT)
Prices are Nett, Any Brokerage Comission must be added onto this Price List

PROCEDURES

1. Seller issues Corporate Quotation (CQ) in name of the Buyer. (This Document).
2. Buyer signs, stamps and returns the CQ, completes all information left blank and returns along with Letter of Intent (LOI) in attached format
3. Seller will send draft Full Corporate Offer (FCO) and if acceptable Buyer will arrange for Bank Capability Letter (BCL) in attached format.
4. On receipt and verification of BCL Seller will forward valid FCO to Buyer for signature.
5. Seller will send draft contract to Buyer and settle terms by friendly negotiation.
6. The Buyer must initial the contract and send to the Seller or the Seller’s Mandate to be initialled. The Seller or the Seller’s Mandate will initial the contract and will send it back to the Buyer including a copy of the document appointing the Mandate’ with authority to act.
7. The buyer will send a draft of the Letter of Credit from their bank for approval by the seller and this, when initialled by the Seller, will form a part of the contract.
8. Seller will issue its Corporate Performance Guarantee (CPG) in favour of the Buyer for value specified in the Contract. (Specimen to be attached to Contract)
9. Buyer bank will open active letter of credit.
10. All terms of contract are re-confirmed by an exchange of physically signed hard copies of the contract and contracts are then in full force.
11. Unless otherwise agreed in the Contract the First shipment will commence no later than 45 (forty five) working days from date of issue of the operative Letter of Credit. The remaining consignments will be shipped within each 30 (thirty) day period as defined in the Appendix in the contract on condition that the operative Letters of Credit have been issued at least 30 (thirty) days before the required shipment date.
12. Effect of payment for each consignment shall be effected within 3 (three) banking days after receipt by the Seller's Advising Bank of all documents required for payment.

Quantity USD/TON

12.500 185,00

25.000 175,00

30.000 173,00

50.000 170,00

100.000 165,00

150.000 160,00

300.000 155,00

360.000 153,00

600.000 150,00

1.200.000 145,00

Valid: 05/06/2005

Regards

Date: May, 2005

Subject: COMODITY : SUGAR ICUMSA45

Dear Sirs,
Thanks for your interest. Here are our details:

COMODITY : SUGAR ICUMSA45
PRICES ARE CFR / DELIVERED (INSURANCE ON BUYERS ACCOUNT)
Prices are Nett, Any Brokerage Comission must be added onto this Price List

PROCEDURES

1. Seller issues Corporate Quotation (CQ) in name of the Buyer. (This Document).
2. Buyer signs, stamps and returns the CQ, completes all information left blank and returns along with Letter of Intent (LOI) in attached format
3. Seller will send draft Full Corporate Offer (FCO) and if acceptable Buyer will arrange for Bank Capability Letter (BCL) in attached format.
4. On receipt and verification of BCL Seller will forward valid FCO to Buyer for signature.
5. Seller will send draft contract to Buyer and settle terms by friendly negotiation.
6. The Buyer must initial the contract and send to the Seller or the Seller’s Mandate to be initialled. The Seller or the Seller’s Mandate will initial the contract and will send it back to the Buyer including a copy of the document appointing the Mandate’ with authority to act.
7. The buyer will send a draft of the Letter of Credit from their bank for approval by the seller and this, when initialled by the Seller, will form a part of the contract.
8. Seller will issue its Corporate Performance Guarantee (CPG) in favour of the Buyer for value specified in the Contract. (Specimen to be attached to Contract)
9. Buyer bank will open active letter of credit.
10. All terms of contract are re-confirmed by an exchange of physically signed hard copies of the contract and contracts are then in full force.
11. Unless otherwise agreed in the Contract the First shipment will commence no later than 45 (forty five) working days from date of issue of the operative Letter of Credit. The remaining consignments will be shipped within each 30 (thirty) day period as defined in the Appendix in the contract on condition that the operative Letters of Credit have been issued at least 30 (thirty) days before the required shipment date.
12. Effect of payment for each consignment shall be effected within 3 (three) banking days after receipt by the Seller's Advising Bank of all documents required for payment.

Quantity USD/TON

12.500 185,00

25.000 175,00

30.000 173,00

50.000 170,00

100.000 165,00

150.000 160,00

300.000 155,00

360.000 153,00

600.000 150,00

1.200.000 145,00

Valid: 05/06/2005

Regards

Date: May, 2005

Subject: COMODITY : SUGAR ICUMSA45

Dear Sirs,
Thanks for your interest. Here are our details:

COMODITY : SUGAR ICUMSA45
PRICES ARE CFR / DELIVERED (INSURANCE ON BUYERS ACCOUNT)
Prices are Nett, Any Brokerage Comission must be added onto this Price List

PROCEDURES

1. Seller issues Corporate Quotation (CQ) in name of the Buyer. (This Document).
2. Buyer signs, stamps and returns the CQ, completes all information left blank and returns along with Letter of Intent (LOI) in attached format
3. Seller will send draft Full Corporate Offer (FCO) and if acceptable Buyer will arrange for Bank Capability Letter (BCL) in attached format.
4. On receipt and verification of BCL Seller will forward valid FCO to Buyer for signature.
5. Seller will send draft contract to Buyer and settle terms by friendly negotiation.
6. The Buyer must initial the contract and send to the Seller or the Seller’s Mandate to be initialled. The Seller or the Seller’s Mandate will initial the contract and will send it back to the Buyer including a copy of the document appointing the Mandate’ with authority to act.
7. The buyer will send a draft of the Letter of Credit from their bank for approval by the seller and this, when initialled by the Seller, will form a part of the contract.
8. Seller will issue its Corporate Performance Guarantee (CPG) in favour of the Buyer for value specified in the Contract. (Specimen to be attached to Contract)
9. Buyer bank will open active letter of credit.
10. All terms of contract are re-confirmed by an exchange of physically signed hard copies of the contract and contracts are then in full force.
11. Unless otherwise agreed in the Contract the First shipment will commence no later than 45 (forty five) working days from date of issue of the operative Letter of Credit. The remaining consignments will be shipped within each 30 (thirty) day period as defined in the Appendix in the contract on condition that the operative Letters of Credit have been issued at least 30 (thirty) days before the required shipment date.
12. Effect of payment for each consignment shall be effected within 3 (three) banking days after receipt by the Seller's Advising Bank of all documents required for payment.

Quantity USD/TON

12.500 185,00

25.000 175,00

30.000 173,00

50.000 170,00

100.000 165,00

150.000 160,00

300.000 155,00

360.000 153,00

600.000 150,00

1.200.000 145,00

Valid: 05/06/2005

Regards

Date: May, 2005

Subject: COMODITY : SUGAR ICUMSA45

Dear Sirs,
Thanks for your interest. Here are our details:

COMODITY : SUGAR ICUMSA45
PRICES ARE CFR / DELIVERED (INSURANCE ON BUYERS ACCOUNT)
Prices are Nett, Any Brokerage Comission must be added onto this Price List

PROCEDURES

1. Seller issues Corporate Quotation (CQ) in name of the Buyer. (This Document).
2. Buyer signs, stamps and returns the CQ, completes all information left blank and returns along with Letter of Intent (LOI) in attached format
3. Seller will send draft Full Corporate Offer (FCO) and if acceptable Buyer will arrange for Bank Capability Letter (BCL) in attached format.
4. On receipt and verification of BCL Seller will forward valid FCO to Buyer for signature.
5. Seller will send draft contract to Buyer and settle terms by friendly negotiation.
6. The Buyer must initial the contract and send to the Seller or the Seller’s Mandate to be initialled. The Seller or the Seller’s Mandate will initial the contract and will send it back to the Buyer including a copy of the document appointing the Mandate’ with authority to act.
7. The buyer will send a draft of the Letter of Credit from their bank for approval by the seller and this, when initialled by the Seller, will form a part of the contract.
8. Seller will issue its Corporate Performance Guarantee (CPG) in favour of the Buyer for value specified in the Contract. (Specimen to be attached to Contract)
9. Buyer bank will open active letter of credit.
10. All terms of contract are re-confirmed by an exchange of physically signed hard copies of the contract and contracts are then in full force.
11. Unless otherwise agreed in the Contract the First shipment will commence no later than 45 (forty five) working days from date of issue of the operative Letter of Credit. The remaining consignments will be shipped within each 30 (thirty) day period as defined in the Appendix in the contract on condition that the operative Letters of Credit have been issued at least 30 (thirty) days before the required shipment date.
12. Effect of payment for each consignment shall be effected within 3 (three) banking days after receipt by the Seller's Advising Bank of all documents required for payment.

Quantity USD/TON

12.500 185,00

25.000 175,00

30.000 173,00

50.000 170,00

100.000 165,00

150.000 160,00

300.000 155,00

360.000 153,00

600.000 150,00

1.200.000 145,00

Valid: 05/06/2005

Regards

Date: May, 2005

Subject: COMODITY : SUGAR ICUMSA45

Dear Sirs,
Thanks for your interest. Here are our details:

COMODITY : SUGAR ICUMSA45
PRICES ARE CFR / DELIVERED (INSURANCE ON BUYERS ACCOUNT)
Prices are Nett, Any Brokerage Comission must be added onto this Price List

PROCEDURES

1. Seller issues Corporate Quotation (CQ) in name of the Buyer. (This Document).
2. Buyer signs, stamps and returns the CQ, completes all information left blank and returns along with Letter of Intent (LOI) in attached format
3. Seller will send draft Full Corporate Offer (FCO) and if acceptable Buyer will arrange for Bank Capability Letter (BCL) in attached format.
4. On receipt and verification of BCL Seller will forward valid FCO to Buyer for signature.
5. Seller will send draft contract to Buyer and settle terms by friendly negotiation.
6. The Buyer must initial the contract and send to the Seller or the Seller’s Mandate to be initialled. The Seller or the Seller’s Mandate will initial the contract and will send it back to the Buyer including a copy of the document appointing the Mandate’ with authority to act.
7. The buyer will send a draft of the Letter of Credit from their bank for approval by the seller and this, when initialled by the Seller, will form a part of the contract.
8. Seller will issue its Corporate Performance Guarantee (CPG) in favour of the Buyer for value specified in the Contract. (Specimen to be attached to Contract)
9. Buyer bank will open active letter of credit.
10. All terms of contract are re-confirmed by an exchange of physically signed hard copies of the contract and contracts are then in full force.
11. Unless otherwise agreed in the Contract the First shipment will commence no later than 45 (forty five) working days from date of issue of the operative Letter of Credit. The remaining consignments will be shipped within each 30 (thirty) day period as defined in the Appendix in the contract on condition that the operative Letters of Credit have been issued at least 30 (thirty) days before the required shipment date.
12. Effect of payment for each consignment shall be effected within 3 (three) banking days after receipt by the Seller's Advising Bank of all documents required for payment.

Quantity USD/TON

12.500 185,00

25.000 175,00

30.000 173,00

50.000 170,00

100.000 165,00

150.000 160,00

300.000 155,00

360.000 153,00

600.000 150,00

1.200.000 145,00

Valid: 05/06/2005

Regards