To

Mrs Mary Bella

Key Printing Company

Subject: Clarification on contract with Mrs.Doris Templeton for reclamation of silver flakes

Dear Mrs Bella,

Your letter referred above came across as a surprise to us. We at Silver Bell Refining Co. are built on
professional ethics as the central pillar. I am writing to you to clarify our position in this episode.

We are one of the leading refiners of silver on the east coast and have produced over 2.2 million MT
of refined silver in the past 5 years. We value professionalism in all our endeavours and have had
long term contracts with all our suppliers, purchasers and clients.

Being the Vice President here at Silver Bell Refining Co., I immediately carried out an internal
investigation into this unsavory activity as soon as I received your letter. It appears that one of our
employees had not been diligent in verifying the credentials of the signatory while entering into the
contract. Since we had delegated this function entirely, it had escaped further scrutiny by the senior
management.

We are indeed regretting this episode and have immediately put in place corrective procedures.
Attached is the letter on discontinuing the contract with immediate effect.

At this juncture, I would ask you to put this episode behind us, and move towards synergizing our
strengths and hopefully collaborating in the future.

Sincerely,

John Clayton
VP, Silver Bell Refining Co