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ISSUE OF DOCUMENTARY CREDIT

TO: BANK OF CHINA GUANGZHOU,CHINA

REVOCABLE→IRREVOCABLE DOCUMENTARY CREDIT NO.97-34985

FOR THE ACCOUNT OF A.B.C. TRADING CO,LTD.,HONGKONG.312 SOUTH BRIDGE STREET,HONGKONG. DEAR SIRS,

WE OPEN A REVOCABLE→AN IRREVOCABLE DOCUMENTARY CREDIT IN FAVOUR OF GUANGDONG FOREIGN TRADE IMP.AND EXP. CO. 267 TIANHE ROAD GUANGZHOU, CHINA. FOR A SUM NOT EXCEEDING USD →HKD980000.00(SAY HONGKONG DOLLARS NINE HUNDRED AND EIGHTY THOUSAND ONLY.) AVAILABLE BY THE BENEFICIARY’S DRAFT(S) AT 30 DAYS SIGHT→AT SIGHT DRAWN ON APPLICANT→US BEARING THE CLAUSE:“DRAWN UNDER NANYANG COMMERCIAL BANK LTD., HONGKONG. DOCUMENTARY CREDIT NO. 34985→97-34985DTAED IST MAY,1998→DATED 1ST MARCH,1997 .”ACCOMPANIED BY THE FOLLOWING DOCUMETNS:

(1) MANUAL SIGNED COMMERCIAL INVOICE IN TRIPLICATE. ALL INVOICES MUST SHOW FOB,FREIGHT AND INSURANCE COSTS SEPARATELY.→ TO BE DELETED

(2) 3/3 ORIGNAL + 3NN COPIES CLEAN ON BOARD BILL OF LADING MADE OUT TO ORDER OF APPLICANT AND MARKED FREIGHT PREPAID→FREIGHT TO COLLECT AND INSURANCE COSTS SEPARATELY→TO BE DELETED .

(3) INSURANCE POLICY/ CERTIFICATE IN DUPLICATE IN FAVOUR OF NANYANG COMMERCIAL BANK LTD., HONGKONG FOR 100% OF THE INVOICE VALUE BLANK ENDORSED.COVERING P.I.C.C C OCEAN MARINE CARGO CLAUSES(W.A) AND WAR RISKS DATED 1st JANUARY,1981.INCLUDING WAREHOUSE TO WAREHOUSE CLAUSE UP TO FINAL DESTINATON AT DUBAI.→TO BE DELETED

(4)CERTIFICATE FO ORIGIN ISSUED BY GUANGZHOU IMPORT AND EXPORT COMMODITY INSPECTION BUREAU OF THE PEOPLE’S REPUBLIC OF CHINA IN TRIPLICATE. EVIDENCING SHIPMENT OF THE FOLLOWING MERCHANDISE:

AIR CONDITIONER(HUALING BRAND),500PCS KR-→ KF-23GW AND 500 PCS KF-25GW, PACKING:IN CARTON BOX,50 KILOS NET EACH CARTON,1PC/CARTON,@HKD1000.00,FOBC2% DUBAI VIA HONGKONG→FOBC2% GUANGZHOU,PARTIAL SHIPMENT PROHIBITED→ALLOWED. TRANSSHIPMENT PERMITED. LATEST DATE FOR SHIPMENT: 30TH APRIL,1997. EXPIRY DATE:15TH APRIL→MAY,1997.IN PLACE OF OPENER→GUANGZHOU, CHINA FOR NEGOTIATION.

OTHER TERMS AND CONDITIONS:

BENEFICIARY’S DECLARATION ON THE INVOICE THAT THE PRODUCTION COMPANY IS A STATEOWNED ENTERPRISE AND HAS NO RELATION WITH ISRAEL WHATSOEVER.

SHIPPER MUST SEND ONE COPIES OF SHIPPING DOCUMENTS DIRECT TO BUYER AND CERTIFICATE TO THIS EFFECT IS REQUIRED.

DOCUMENTS MUST BE PRESENTED WITHIN 6 →15 DAYS AFTER SHIPPING DATE SHOWN ON B/L,BUT WITHIN THE VALIDITY OF THE L/C.

DISVREPANCY FEE OF USD50.00 WILL BE DEDUCTED FROM THE PROCEEDS OF ANY DRAWING IF DISCREPANT DOCUMENTS ARE PRESENTED.

SHIPPING MARKS:A.B.C./DUABI/NOSI-100→DUBAI/NOS1-1000 /MADE IN CHINA

WE HEREBY ENGAGE WITH THE DRAWERS, ENDORSERS AND BONARIDE HOLDERS OF DRAFT(S) DRAWN UNDER AND COMPLIANCE WITH THE TERMS OF THIS CREDIT THAT SUCH DRAFT(S) SHALL BE DULL Y HONOURED ON DUE PRESENTATION.

THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION) BY THE INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500.