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Commodity: Iron Ore Fines (Roasted Iron Pyrites)-Origin: Republic of Serbia- Quantity: about 80,000 WMT +/-10% at seller's option, in Bulk Vessel, subject to full capacity of the vessel- Shipment Date: Lay/Can 05/15 April 2013 with 3 days of lo*g, latest shipment date to be narrowed on co*act signature- Price: USD 110 per Dry Metric Ton CFR FO 1 Main Port of China, on basis of 57.00% Fe- Specification:- Chemical Com*ition (percentage by weight)Iron (Fe) content: 57.00% Basis /56.00% Minimum (rejection / price negotiation)Alumina (AL2O3): 3.00% Average, rejection above 4% or price reviewSilica (SiO2): 10.00 % Average, rejection above 12% or price reviewSulphur (S): 1.30% Average, rejection above 1.5% or price reviewPhosphorous (P): 0.05% Average, rejection above 0.10% or price reviewMoisture: 18.00% Average, rejection above 23% or price review- Physical specification:Average Guaranteed

Below 0.20mm 95% 85% Minimum0.20mm-1.0mm 4% 4% MaximumAbove 1.0mm 1% 1% Maximum- Bonus/Penalty:For Fe content:The base price shall be increased by USD2.00 per DMT for each 1.00PCT Fe above 57.00PCT, fraction pro rata.The base price shall be decreased by USD2.00 per DMT for each 1.00PCT Fe below 57.00PCT up to 56.00PCT, fraction pro rata.In case Fe below 56.00%, Buyer has the right to renegotiate the price.For impurities:the base price shall be decreased by USD 1 per dmt for each 1% SiO2 above 10%, fraction pro-ratathe base price shall be decreased by USD 0.10 per dmt for each 1% Al2O3 above 3%, fraction pro ratathe base price shall be decreased by USD 0.25 per dmt for each 0.1% S above 1.30%, fraction pro ratathe base price shall be decreased by USD 1 per dmt for each 0.1% P above 0.05%, fraction prorataFor moisture:USD 0.15 per wmt for each 1% moisture content above 18% and up to 23% included, fraction prorata- Discharge rate: 25,000 WMT per WWD of 24 c*. hrs, SSHINC- Demurrage/Di*tch: as per charter party- Payment terms:By irrevocable, confirmable, no*ansferable LC, issued by first class bank acceptable for BNP Paribas (Suisse) SA, Geneva, to be received at counters of BNP Paribas (Suisse) SA, Geneva within 5 banking days up*igning of the co*act. LC should be negotiable and payable at sight at counters of BNP Paribas (Suisse) SA, Geneva as follows:- 98% against B/L, SGS/Alex Stewart reports, invoice, certificate of origin- 2% upon the receipt of CIQ report which should be received by Seller latest within 105 days after BL dateInspection: SGS/Alex Stewart (in Seller's option) inspection at lo*g port on the expense of Seller / CIQ Inspection a*stination port on the expense of BuyerPlease, let me know if there is any question in relatio*above.