In the Name of God

No : M/1/2/7/10409
Date: January 18, 2001

Tehran City Renovation Organization

Total (South Pars) Co
Introducing Balagar Co

This is to confirm that Balagar Co cooperated with this Organization in the construction of Navvab Highway Project Phases 1, 2, and 3 under two separate contracts, the work comprising 500 apartments in 20 blocks of 4 to 14 floors. This Organization is fully satisfied with the performance of the said Company particularly as regards sense of responsibility and management capabilities, and wishes Balagar increasing success.

Ramin Hoseini Kupaei
Navvab Project Manager