Penny Mahoney

[4]

8 April 2005

Dear Mr. Ibrahim,

Mr. Devine is a customer of mine and I'm glad that he thought of me when he received your letter.

My name is Penny Mahoney. I am starting a jewelry manufacturing business in Dublin, Ireland and I need a supply of gold for the startup of our operations. I am willing to pay �328 per ounce of gold .9999 fine. If the refinement is between .999 and .9999 I can only offer you �302 per ounce. I desire to purchase 75 kilograms of gold in total.

32.1507466 troy ounces times 75 kilos equals 2411.305995 troy ounces multiply this times my offering price of �328 equals a total offer of �790908.36

I already have a source of diamonds in Antwerp so I must decline your offer to buy them at this time.

Please let me know if this offer is acceptable to you.

Sincerely,
Penny Mahoney
Emerald Isle Jewelers
Dublin, Ireland