New Policy (effective May 10th 2001)

TO WHOM IT MAY CONCERN

At a meeting on May 10th 2001 of our Board of Directors, a unanimous
resolution was adopted whereby "UNLESS OTHERWISE EXPRESSLY AGREED, ALL
OUR OFFERS ARE SUBJECT TO RECONFIRMATION AT TIME OF RECEIPT OF L/C
WORKABLE IN ALL RESPECTS."

This is the result of the unfortunate situation of late receipt of
elcees after signature of contract, in a trading field like commodities
where prices fluctuate and change almost daily.

Under our standard contract, we normally give buyer from 48 to 72 hours
for receiving confirmation/signed contract then, thereafter, 4 business
working days for lodging L/C with our bankers.

Under such conditions, we fully respect and honour our engagements
but when delays occur, even in the case of our possession of a contract,
we shall reserve our rights to re-adjust pricing according to the
current market situation.


The Management
T.& D. MIDEAST LIMITED

Home