MASTER OFFER IRON ORE

October 19, 2010

WE ARE READY AND WILLING TO OFFER YOU OUR IRON ORE UNDER THE

FOLLOWING OPTIONS AND CONDITIONS:

OPTION B

COMMODITY: IRON ORE 64,5 % - 63,5 %;

ORIGIN: BRAZIL;

PRICE PER METRIC TON: US$138 CAN BE OVERPRICED;

PERIOD OF SHIPMENTS: SPOT OF 50K ONLY

PORT OF SHIPMENT SEPETIBA

PAYMENT MT 103/23

OPTION C

COMMODITY: IRON ORE 64,5 %;

TOTAL QUANTITY: 500K-1MM TONS PER MNTH

UNIT PRICE: FOB $90 OR CIF $130,00 per MT CAN BE OVERPRICED

FORM OF PAYMENT: NON TRANSF NON DIVISIBLE ARDLC

PROCEDURE BRIEFING: LOI, SCO FR BUYER, THEN ICPO, SOFT PROBE, WARNING

LETTER, NCNDA THEN FCO AFTER SIGNATURE OF BUYER CAN OFFER PAST PERF

REPORT AND VISIT MINE

OPTION D

COMMODITY: IRON ORE 63,00 - 64 %;

TOTAL QUANTITY: 1.000.000 MT/YEAR;

UNIT PRICE: FOB USD 90 OR CIF USD130.00 per MT

CONTRACT: 50.000-100.000MT x 12 months Metrics Tons;

ORIGIN: Chile;

DESTINATION: CIF China;

PAYMENT: THE METHOD OF PAYMENT IS DETERMINED WITH A LETTER OF CREDIT (DLC) CONFIRMED, IRREVOCABLE, (NON) TRANSFERABLE AND

DIVISIBLE, FOR 100% OF DLC PER TWELVE (12) MONTHS.

THE DLC, MUST BE ISSUED BY A BANK IN THE WORLD TOP 15.

MUST HAVE DOWNPAYMENT USD 1.3MM FOR LOGISTICS TO BE DISCUSSED.

OPTION E

COMMODITY: IRON ORE 64,5 %;

UNIT PRICE: US$125.00 per MT (One Hundred and twenty-five USD per metric Ton).

CONTRACT: 2.000.000MT x 60 months Metrics Tons;

ORIGIN: PERU;

DESTINATION: CIF China;

FIRST DELIVERY THEN EVERY 30 DAYS

PAYMENT: THE PAYMENT UNDER THIS CONTRACT SHALL BE MADE IN US DOLLAR.

OPTION F

COMMODITY: IRON ORE 64,5 %;

UNIT PRICE: US$135.00 per MT

CONTRACT: 500.000MT x 12-24 months Metrics Tons;

ORIGIN: BRAZIL

DESTINATION: CIF China;

FIRST DELIVERY 60 DAYS

PAYMENT: ARDLC TRANSF OR 2RS+MT103/23

OPTION G

STOCK PILE 10MM TONS IRON ORE 64,5%

PRICE FOB USD 95 CIF USD 135

COMMISSION USD 2 BUYER SIDE

QTTY 150K DECEMBER, THEN 250K PER MONTH DUE TO LOGISTICS

REAL MINER – CAN VISIT MINE AFTER SIGNING NCNDA AND FCO.

PAYMENT MUST ADVANCE USD 380,000 TO PORT AUTHORITY TO COVER PORT

WINDOW THT WILL BE VALID FOR ONE YEAR SHIPMENT. THIS COST IS DEDUCT

FROM ORE PRICE. ELSE CAN DO FAS AND YOU PAY PORT AUTHORITY DIRECT.

THE ABV OFFERS MAY BE REVOKED AT ANY MOMENT WITHOUT PREVIOUS

NOTICE

USUALLY WE REQUIRE LOI, ICPO WITH SOFT PROBE,NCNDA SIGNED BY BUYER

AND INTERMEDIARIES WITH PASSPORT COPIES, WARNING LETTER

SAO PAULO 19 OCT 2010