Bank of North Italy

　　Irrevocable Credit No. 3586

　　Milano, December 27, 2002

　　To: Tianjin Metals & Minerals Import & Export Corporation Tianjin, China

　　Dear Sirs,

　　We hereby establish an irrevocable credit in your favour for account of ① Italiano Sement Inc., 53 Milano Street, Milano, for a sum or sums not exceeding a total of ② Stg. ￡25 725 (Pounds Sterling Twenty-five Thousand Seven Hundred And Twenty-five Only) and available by your draft(s) drawn on us at sight for 100% of the invoice value accompanied by the following documents:

　　Signed Commercial Invoice in triplicate indicating Contract No. AB108;

　　③Packing List in triplicate;

　　Full set of clean shipped on board ocean Bills of Lading made out to order and blank endorsed, marked “Freight Prepaid”, notifying the accountee;

　　Insurance policy or certificate for 110% of invoice value, blank endorsed, covering WPA and War Risk;

　　④Inspection certificate on quality and weight issued by the Genoa Commodity Inspection Bureau in triplicate;

　　Certificate of Origin in triplicate;

　　Evidencing shipment of:

　　⑤1 000 long tons of “Parrot” Brand White Poland Cement, at Stg. 25.75 per ton CIF Genoa, net shipped weight. ⑥

　　From China to Genoa not later than January 31, 2002.

　　Partial shipments are permitted.

　　This credit is valid in Tianjin until February 15, 2002.

　　All drafts drawn must be marked “Drawn under Bank of North Italy, Milano, Irrevocable Credit No. 3586, dated December 27, 2002”.

　　We hereby undertake to honour all drafts drawn in accordance negotiation must be endorsed on the back hereof by the negotiating bank which is to forward all documents to us by first and second airmails.

　　AB108合同主要条款：

　　卖方：天津五矿进出口公司

　　买方：

　　1000长吨“鹦鹉”牌波兰特白水泥

　　装船净重每长吨CIF热那亚25.75英镑，散装;2002年1月31日前由中国运往热那亚，不允许转船;

　　凭不可撤销即期信用证付款;

　　按发票金额110%投保水渍险和战争险。

　　答案：

　　Dear Sirs,

　　L/C No. 3586

　　The captioned L/C issued by Bank of North Italy has duly arrived. On perusal, we find some discrepancies. Please make the following amendments:

　　(1) “Italiano Sement Inc.” should read “Italiano Cement Inc.”

　　(2) The amount should be “￡25,750 (Pounds Sterling Twenty-five Thousand Seven Hundred And Fifty Only)” instead of “￡ 25,725 (Pounds Sterling Twenty-five Thousand Seven Hundred And Twenty-five Only)”.

　　(3) “White Poland Cement” should read “White Portland Cement”.

　　(4) Insert the word “long” between “per ton” in the unit price.

　　(5) Delete “Packing list in triplicate”.

　　(6) “Genoa Commodity Inspection Bureau” should be “Tianjin Commodity Inspection Bureau”.

　　We hope the L/C amendments will reach us as early as possible.

　　Yours faithfully,