COMMERCIAL BANK OF TORONTO Date: Sept.5, 1998 To: BEIJING IMP.EXP CORP. Beijing, China Advised through Bank of China, Beijing No, BOC 98/09/05 DOCUMENTARY LETTER OF CREDIT IRREVOCABLE Dear Sirs, You are authorized to draw on VANCOUVER TRADING CO. LTD., Vancouver for a sum not exceeding CAN $ 24,000(SAY CANADIAN DOLLARS TWENTY THOUSAND ONLY) available by draft drawn on them at 60 day’s sight accompanied by the following documents: -- Full set of Clean on Board Bills of Lading made out to order and blank endorsed, marked 'freight prepaid' dated not later than October 31,1998 and notify accountee. -- Signed Commercial Invoice in quintuplicate. -- Canadian Customs Invoice in quintuplicate. -- Insurance Policies (or Certificates) in duplicate covering Marine and War Risks. Evidencing shipment from China port to Toronto, Canada of the following goods: 1,000 dozen of Art. No. G3030 COTTON BATH TOWELS at CAN $ 24 per dozen CFRC2 Vancouver, details as per your S/C No.98 - 110. Partial shipments are allowed. Transhipment is prohibited. This credit expires on November 15, 1998 for negotiation in China.