A letter of credit was issued in favor of SM International on 12th December 2007. The L/C shows the latest shipment date as "on or before 15th January".

  Which of the following is the shipment date under this L/C?

  (1)( ) 10th to 20th January.

  (2)( ) 11th to 19th January.

  (3)( ) Anytime before 15th January.

  (4)( ) 9th to 21st January.