Date: Nov.08. 2008 Ref: 13081378-1-01

Gilsonite Soft offer A.(Ash content upto 5%) 1. 2. 3. 4. 5. 6. 7.

Price:260$/MT FOB of Bandar Abbas Packing: Jumbo bag Quantity per month: Around 500-1000MT Payment term: TT or L/C Mode of Gilsonite: Lump Validity of offer: one week from now on. Notice: After SGS process, if ash was upper than request, we will back 3$/ash percentage(inspection would be on buyer account)

B:(Ash content upto 10%)

1. 2. 3. 4. 5. 6. 7.

Price:240$/MT FOB of Bandar Abbas Packing: Jumbo bag Quantity per month: Around 800-1300MT Payment term: TT or L/C Mode of Gilsonite: Lump Validity of offer: one week from now on Notice: After SGS process, if ash was upper than request, we will back 3$/ash percentage(inspection would be on buyer account

Address: No.29 of Nine East Street,Shaghayegh Blvd. Tehran-Iran. Zipcode:1483767144 Tel: 0098-21-44162881 / Fax: 0098-21-44171614 / Web: www.gilsonite-bitumen.com

C:(Ash content upto 15%)

1. 2. 3. 4. 5. 6. 7.

Price:230$/MT FOB of Bandar Abbas Packing: Jumbo bag Quantity per month: Around 1000-1500MT Payment term: TT or L/C Mode of Gilsonite: Lump Validity of offer: one week from now on Notice: After SGS process, if ash was upper than request, we will back 3$/ash percentage(inspection would be on buyer account

D:(Ash content upto 20%)

1. 2. 3. 4. 5. 6. 7.

Price:200$/MT FOB of Bandar Abbas Packing: Jumbo bag Quantity per month: More than 2500MT Payment term: TT or L/C Mode of Gilsonite: Lump Validity of offer: one week from now on Notice: After SGS process, if ash was upper than request, we will back 3$/ash percentage(inspection would be on buyer account

Address: No.29 of Nine East Street,Shaghayegh Blvd. Tehran-Iran. Zipcode:1483767144 Tel: 0098-21-44162881 / Fax: 0098-21-44171614 / Web: www.gilsonite-bitumen.com

E:(Ash content upto 25%) 1. 2. 3. 4. 5. 6. 7.

Price:180$/MT FOB of Bandar Abbas Packing: Jumbo bag Quantity per month: Around 4000MT Payment term: TT or L/C Mode of Gilsonite: Lump Validity of offer: one week from now on Notice: After SGS process, if ash was upper than request, we will back 3$/ash percentage(inspection would be on buyer account)

Notice: a. b. c. d.

Current freight charge to Qingdao is 200-220USD/20ft FCL Above price is base on lump mode and powder has 20USD/MT surcharge. Mesh size for powder is 30-40 Lump packing: in the Jumbo bas and powder bag: in multi layer 20Kg bag.

e. With L/C payment, booking of container should be done by seller. f. Cause of sanction against Iranian bank, we prefer to open L/C to our headquarter; we are worried that after we ship out the cargo, if the new sanction happened how we can get our money? But if you open L/C to European bank both sides are in safe side. Kind regards. Salar Sabbagh-Managing Director

Address: No.29 of Nine East Street,Shaghayegh Blvd. Tehran-Iran. Zipcode:1483767144 Tel: 0098-21-44162881 / Fax: 0098-21-44171614 / Web: www.gilsonite-bitumen.com

Analyze  Special grade for drilling fluid TEST 1- Ash Content 2- Solubility in CS2 3- Fixed Carbon 4- Carbon Content 5- Hydrogen Content 6- Sulfur Content 7- Nitrogen Content 8- Moisture Content 9- Oxygen content 10- Penetration 11- Softening Point

RESULT

TEST METHOD

%Wt %Wt %Wt %Wt %Wt

2.5 91 29 77 8

ASTM D482 ASTM D2042 ASTM D3172 Elemental Analysor Elemental Analysor

%Wt %Wt %Wt

0.3 0.02 1-3 1.7 0 190-230

Elemental Analysor Elemental Analysor ASTM D3174

RESULT

TEST METHOD

%Wt %Wt %Wt %Wt %Wt

0-5 89.5 29.7 78.8 8.5

ASTM D482 ASTM D2042 ASTM D3172 Elemental Analysor Elemental Analysor

%Wt %Wt %Wt

4 0.01 1-3 1.9 0 220

Elemental Analysor Elemental Analysor ASTM D3174

RESULT

TEST METHOD

%Wt %Wt %Wt %Wt %Wt

5-10 82 33 80 8

ASTM D482 ASTM D2042 ASTM D3172 Elemental Analysor Elemental Analysor

%Wt %Wt %Wt

4 0.01 1-3 1.9 0 190-220

Elemental Analysor Elemental Analysor ASTM D3174

A. Road construction TEST 1- Ash Content 2- Solubility in CS2 3- Fixed Carbon 4- Carbon Content 5- Hydrogen Content 6- Sulfur Content 7- Nitrogen Content 8- Moisture Content 9- Oxygen content 10- Penetration 11- Softening Point

B. Road construction TEST 1- Ash Content 2- Solubility in CS2 3- Fixed Carbon 4- Carbon Content 5- Hydrogen Content 6- Sulfur Content 7- Nitrogen Content 8- Moisture Content 9- Oxygen content 10- Penetration 11- Softening Point

Address: No.29 of Nine East Street,Shaghayegh Blvd. Tehran-Iran. Zipcode:1483767144 Tel: 0098-21-44162881 / Fax: 0098-21-44171614 / Web: www.gilsonite-bitumen.com

C. Waterproof material TEST 1- Ash Content 2- Solubility in CS2 3- Fixed Carbon 4- Carbon Content 5- Hydrogen Content 6- Sulfur Content 7- Nitrogen Content 8- Moisture Content 9- Oxygen content 10- Penetration 11- Softening Point

RESULT

TEST METHOD

%Wt %Wt %Wt %Wt %Wt

10-15 78.5 35 81 6

ASTM D482 ASTM D2042 ASTM D3172 Elemental Analysor Elemental Analysor

%Wt %Wt %Wt

2-4 0.01 1-3 2 0 220

Elemental Analysor Elemental Analysor ASTM D3174

RESULT

TEST METHOD

%Wt %Wt %Wt %Wt %Wt

15-20 75 38 80 6.5

ASTM D482 ASTM D2042 ASTM D3172 Elemental Analysor Elemental Analysor

%Wt %Wt %Wt

2-4 0.02 1-3 2 0 190-220

Elemental Analysor Elemental Analysor ASTM D3174

RESULT

TEST METHOD

%Wt %Wt %Wt %Wt %Wt

20-25 72 39 83 6.9

ASTM D482 ASTM D2042 ASTM D3172 Elemental Analysor Elemental Analysor

%Wt %Wt %Wt

2-4 0.02 1-4 2.5 0 220

Elemental Analysor Elemental Analysor ASTM D3174

D. Roofing material TEST 1- Ash Content 2- Solubility in CS2 3- Fixed Carbon 4- Carbon Content 5- Hydrogen Content 6- Sulfur Content 7- Nitrogen Content 8- Moisture Content 9- Oxygen content 10- Penetration 11- Softening Point

E. Using for furnace oil TEST 1- Ash Content 2- Solubility in CS2 3- Fixed Carbon 4- Carbon Content 5- Hydrogen Content 6- Sulfur Content 7- Nitrogen Content 8- Moisture Content 9- Oxygen content 10- Penetration 11- Softening Point

Address: No.29 of Nine East Street,Shaghayegh Blvd. Tehran-Iran. Zipcode:1483767144 Tel: 0098-21-44162881 / Fax: 0098-21-44171614 / Web: www.gilsonite-bitumen.com