TO：BANK OF CHINA

　　Beneficiary (full name and address) SANGYONG CORPORATION CPO. BOX 405 SEOUL KOREA

　　L/C NO. Ex-Card No. Contract No. 97040

　　Date and place of expiry of the credit SEPT. 28, 1997 KOREA

　　Partial shipments

　　O allowed O not allowed

　　Transshipment

　　O allowed O not allowed

　　O Issue by airmail O With brief advice by teletransmission O Issue by express delivery O Issue by teletransmission (which shall be the operative instrument)

　　Loading on board / dispatch / taking in charge at / from RUSSIAN SEA Not later than SEPT. 13, 1999 for 　　transportation to DALIAN PORT, CHINA

　　Amount (both in figures and words) USD1,146,725.04(SAY U.S. DOLLARS ONE MILLION ONE HUNDRED 　　　　AND FORTH SIX THOUSAND SEVEN HUNDRED AND TWENTY FIVE CENTS FOUR ONLY)

　　Description of goods:

　　FROZEN YELLOWFIN SOLE WHOLE ROUND (WITH WHITE BELLY) USD770/MT CFR DALIAN TOTAL QUANTITY: 500MT SPE CIF ICATIONS AND PACKING CONDITIONS ARE AS PER ATTACHMENT TO THIS APPLICATION

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