1) Issuing Bank: Mellon Bank, New York

  2) Beneficiary: Dafeng Trading Co., Tianjin

  3) Supplier/Assignee: Bailee Development Co.,

  51 Fu-xing-men Street, Beijing

  4) Credit No. 349671 for USD24,000.00

  5) Assignment of credit proceeds: 80% of the credit amount i. e. USD 19,200.00.

  its maturity date: 30 June, 200×

  6) Authenticating Bank: China Construction Bank, Tianjin

  Please issue: A. Assignment of Proceeds Instruction

         B. Acknowledgement of Assignment of Proceeds