ABC Bank

　　Irrevocable Documentary Credit No.2234 dated June 25, 2002

　　Advising Bank: Bank of China, Beijing

　　Applicant: China National Machinery Imp./ Exp. Corp

　　Beneficiary: Smith & Co.①

　　Amount: French Francs 900,000.00(Say French Francs Nine Hundred Thousand Only) ②

　　Expiry Date: Sept. 15, 2002 for negotiation in China

　　We hereby issue in your favor this documentary credit which is available

　　by presentation of your draft drawn at 30 days after sight on us bearing

　　the clause: Drawn under documentary credit No.2234 of ABC Bank

　　accompanied by the following documents: ③

　　(1) Signed Commercial Invoice in triplicate, indicating S/C No.B1125 dated 15 June, 2002.

　　(2) Full set of clean on board Bills of Lading issued to order and blank endorsed

　　showing “Freight Paid” covering:

　　15 Tunnel Drillers, Model TB201, at 60 000 French Francs each CFR European Main Ports.