China Railway United Logistics Co., Ltd

China Railway United Logistics Co., Ltd. (hereafter called "CRUL")
is one of leading state logistics and trading companies and established
mainly by railway forwarders with branches all over China. Hence CRUL
has a born and unparalleled advantage on bulk cargo trading involved
with railway transportation in China and is in the unique position of
being able to offer an integrated range of services linking producers
and customers, which it refers to as CRUL's "value chain". This
"value chain" is a one-stop package of integrated capacities
available under one roof. CRUL manages and participates in every stage
along the value-added chain - from sourcing to shipping to storing to
distributing to sale. CRUL imports iron ore, manganese ore and some other relevant raw materials from other countries' mines, delivers it to steel mills and alloy plants in the Chinese mainland for conversion
into downstream products, and then exports the converted products such
as coke, pig iron, silicon manganese ferrous alloy to mills or plants outside China.

We are always keeping good relations with many big steel mills and
alloy plants in China and have successfully signed Exclusive Agency
Agreements to buy iron ore, manganese ore and other relevant raw
materials for them the next year (2005). In order to satisfy our
clients' demand stably, we hope to sign long-term purchase contracts
with reputable and competent mines, for example contracts for the whole
year of 2005.