1.Irrevocable Transferable Credit-Original Name of Issuing Bank Place and date of issue Ove

1.Irrevocable Transferable Credit-Original

Name of Issuing Bank Place and date of issue

Overseas Union Bank Ltd., Singapore, 10 Sep., 200×

Name of Beneficiary Advised through

To: Alison Company Ltd., China State Bank Ltd.,

120 Winston Street, Hong Kong

Hong Kong

Dear Sirs,

At the request and on the instructions of Lance Company, Singapore, we hereby issue an Irrevocable Transferable Credit No. 36589 for HKD 84,000.00 (say Hong Kong dollars eighty four thousand only) to expire on or before 30 Oct., 200× at Hong Kong available with China State Bank Ltd., Hong Kong being Transferring Bank by negotiation against beneficiary's draft (s) drawn at sight on the Issuing Bank accompanied by the following documents:

(1)Signed Commercial Invoice in quadruplicate.

(2)Full set of clean on board ocean bills of lading made out to order blank endorsed marked "Freight Prepaid".

(3)Insurance policy endorsed in blank for invoice value plus 10% covering all risks and war risks.

(4)Packing List in quadruplicate.

All documents excluding invoice must be made in neutral name.

Evidencing shipment of 100 pieces of Lady Overcoats as per design No. A-3508 at HKD840.00 CIF Singapore per each piece.

Shipment from your port for transportation to Singapore not later than 15 Oct., 200×.

Partial shipments not allowed.

Transhipment allowed.

Documents to be presented within 15 days after the date of shipment, but within the validity of the credit.

We hereby agree with the drawers and bona fide holders of drafts drawn under and in compliance with the terms and conditions of the credit that such drafts will be duly honoured on due presentation if negotiated or presented at this office on or before the expiry date.

This Credit is subject to UCP 600.

Yours faithfully

Overseas Union Bank Ltd., Singapore

signature (s)

2.A "Request to Transfer" shows as follows:

To: Transferring Bank

(1) China State Bank Ltd., Hong Kong

Dear Sirs,

We request you to transfer an Irrevocable Transferable Credit No. 36589 issued by Overseas Union Bank Ltd., Singapore to the second beneficiary-

(2) South China Company, 15 Zhujiang Road, Shenzhen. Please insert the following changeable new terms instead of the old terms:

(3) Applicant: Alison Company Ltd., 120 Winston Street, Hong Kong- original first beneficiary.

(4) Credit amount: HKD67,200.00.

(5) Expiry date: 20 Oct. 200×.

(6) Insurance amount for invoice value plus 37.5% (92,400/67,200=1.375).

(7) Evidencing shipment of 100 pieces of Lady Overcoats as per design No. A-3508 at HKD672.00 CIF Singapore per each piece.

(8) Shipment date: 10 Oct., 200×.

(9) Documents to be presented within 10 days after date of shipment.

In respect of the amendments arisen hereafter to the credit, we wish to inform you that the first beneficiary retains the right to refuse to allow the transferring bank to advise amendments made under the original credit to the transferee (second beneficiary). Therefore the transferring bank must obtain approval of the first beneficiary before advising amendments to the transferee.

Yours faithfully

Alison Company Ltd., Hong Kong

signature

The Transferring Bank, China State Bank Ltd., Hong Kong adds some supplementary conditions as follows:

(10) Issuing date: 20 Sep., 200×.

(11) Advising bank: China Merchants Bank, Shenzhen.

(12) Special instructions:

All documents must be made first presentation to us (Transferring Bank) for negotiation. Payment/honour of drafts with be effected by us when documents are received in full compliance with the credit terms and cover has been received under the original Transferable Credit, we shall then credit proceeds to your account as per your covering schedule.

3.Please fill the blanks to issue a Transferred Credit.

Irrevocable Transferable Credit - Transferred Credit

Name of Transferring Bank Place and date of transfer

(1)(10)

Name of Beneficiary Advised through

To:(2)(11)

Dear Sirs,

We hereby inform you that an Irrevocable Transferable Credit No. 36589 issued by Overseas Union Bank Ltd., Singapore has been transferred to you as follows:

At the request and on the instructions of (3) ________________________ we hereby transfer the above-mentioned credit to you for (4) ____________ ______(say )to expire on or before

(5) ______ at Hong Kong available with China State Bank Ltd., Hong Kong being transferring bank by negotiation against beneficiary's draft (s) drawn at sight on the issuing bank accompanied by the following documents:

(1) Signed Commercial Invoice in quadruplicate.

(2) Full set of clean on board ocean bills of lading made out to order blank endorsed marked "Freight Prepaid".

(3) Insurance policy endorsed in blank for invoice value plus (6) ______.

(4) Packing List in quadruplicate.

All documents excluding invoice must be made in neutral name. Evidencing shipment of (7) ________________________________________________.

Shipment from your port for transportation to Singapore not later than (8) __________________

Partial shipments not allowed.

Transhipment allowed.

Documents to be presented (9) ______ after the date of shipment, but within the validity of the credit.

We hereby agree with the drawers and bona fide holder of drafts drawn under and in compliance with the terms and conditions of the credit that such drafts will be duly honoured on due presentation if negotiated or presented at this office on or before the expiry date.

Special Instructions (12)

__________________________________________________________________

__________________________________________________________________

This Credit is subject to UCP 600.

Yours faithfully

China State Bank Ltd.,

Hong Kong

signature (s)