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

 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)

FROZEN YELLOWFIN SOLE WHOLE ROUND (WITH WHITE BELLY) USD770/MT CFR DALIAN

     TOTAL QUANTITY: 500MT

     SPECIFICATIONS AND PACKING CONDITIONS ARE AS PER ATTACHMENT TO THIS APPLICATION

Credit available with

     O by sight payment O by acceptance O by negotiation

     O by deferred payment at

     against the documents detailed herein

     O and beneficiary’s draft for 100 % of the invoice value

     at 45 days after sight

     on BANK OF CHINA LIAONING BRANCH

1. (X) Signed Commercial Invoice in 5 copies indicating invoice no., contract no.
2. (X) Full set of clean on board ocean Bills of Lading made out to order and blank endorsed, marked "freight ( ) to collect / (X) prepaid ( ) showing freight amount" notifying LIAO NING OCEAN FISHING CO., LTD. TEL: (86)411-3680000
3. ( ) Air Waybills showing "freight ( ) to collect / ( ) prepaid ( ) indicating freight amount" and consigned to _________.
4. ( ) Memorandum issued by _________________ consigned to __________
5. (X) Insurance Policy / Certificate in 3 copies for 110 % of the invoice value showing claims payable in China in currency of the draft, bank endorsed, covering ( ) Ocean Marine Transportation / ( ) Air Transportation / ( ) Over Land Transportation) All Risks, War Risks.
6. (X) Packing List / Weight Memo in 4 copies indicating quantity / gross and net weights of each package and packing conditions as called for by the L/C.
7. (X) Certificate of Quantity / Weight in 2 copies issued an independent surveyor at the loading port, indicating the actual surveyed quantity / weight of shipped goods as well as the packing condition.
8. (X) Certificate of Quality in 3 copies issued by ( ) manufacturer / (X) public recognized surveyor / ( )
9. (X) Beneficiary’s certified copy of FAX dispatched to the accountees with 3 days after shipment advising (X) name of vessel / (X) date, quantity, weight and value of shipment.
10. ( ) Beneficiary’s Certificate certifying that extra copies of the documents have been dispatched according to the contract terms.
11. ( ) Shipping Co’s Certificate attesting that the carrying vessel is chartered or booked by accountee or their shipping agents:
12. (X) Other documents, if any:
    
         a) Certificate of Origin in 3 copies issued by authorized institution.
    
         b) Certificate of Health in 3 copies issued by authorized institution.

1. (X) All banking charges outside the opening bank are for beneficiary’s account.
2. (X) Documents must be presented with 15 days after the date of issuance of the transport documents but within the validity of this credit.
3. ( ) Third party as shipper is not acceptable. Short Form / Blank Back B/L is not acceptable.
4. (X) Both quantity and amount 10 % more or less are allowed.
5. ( ) prepaid freight drawn in excess of L/C amount is acceptable against presentation of original charges voucher issued by Shipping Co. / Air line / or it’s agent.
6. ( ) All documents to be forwarded in one cover, unless otherwise stated above.
7. (X) Other terms, if any:
   
        Advising bank: KOREA EXCHANGE BANK, SEOUL, KOREA.