First Bank of EnglandAddress: 48 North Square, London WSSR 5KL, UKTel: 020 7342 2369 Fax: 020 7342 2901IRREVOCABLE LETTER OF CREDITCredit number: 25489Date: March 4, 2003Applicant: Longway Company, LondonBeneficiary: Dalian Electronic Appliances Company, ChinaDear Sirs,We hereby open our irrevocable letter of credit in your favor for the sum not to exceed a total of Seventy Five Thousand U S Dollars ( US $ 75,000 ) , to be made available by your request for payment at 30 days sight drawn on us for 100% of invoice value accompanied by the following documents.Signed Invoice in three copies' certifying that the goods are in accordance with Contract No. GA/JS-453.Insurance Policy for invoice amount plus 10%.Clean shipped Bills of Lading in complete set issued to order and blank endorsed marked "Freight paid"Evidencing shipment of: 150 cartons of 34 "Color Television Receivers" (C. I. F. London)Shipment: from Dalian, China to London, BritainPartial Shipments Not PermittedTransshipment Not PermittedWe hereby engage that payment will be duly made against documents presented in Advising Bank's notification in conformity with the terms of this credit.Yours faithfullyRoy SmithManagerFirst Bank of England, London, International DivisionLetter of Credit, Irrevocable DocumentaryOpener: (1) Opening Bank: (2) Amount covered: (3) Goods covered: (4) Port of Departure: (5) 1（）