Trust Bank

　　New York

　　Date: June 15, 2002

　　Irrevocable Credit

　　No. 10002

　　China Chemical Co. (Beneficiary)

　　Gentlemen:

　　For the account of New York Dye Co. (account party) we hereby

　　authorize you to draw on us at 90 days after sight to the extent of US$ 10,000.00 (Say US Dollars Ten Thousand Only).①

　　Your drafts must be accompanied by the following documents (complete sets unless otherwise stated) evidencing shipment(s) of:

　　200 drums of dye at $50.00 per drum CFR Shanghai②, from Shanghai to New York, details as per your S/C No. 02/54. ③

　　Invoice in triplicate.

　　Insurance policy in duplicate. ④

　　Full set of on board bill of lading, dated not later than September 12, 2002, made out to order of Trust Bank, New York (Reference 1002), marked “Notify New York Dye Co.” and “Freight Prepaid”. ⑤