III. Irrevocable Letter of Credit

Barclays Bank PLC

Manchester International Services Branch

Third floor, 51 Mosley Street, Manchester M60 2BU.UK

Phone: 061 228 3322 Telex: 667565 AnswerBK: Barman G

Beneficiary:

Nathan and Coles Limited Advice of

Nathan Road (1) Irrevocable Documentary Credit (5)

London SE11 8JB Number: NJDC 603921

United Kingdom Date of Expiry: 31^st August 2012 (2)

Place of Expiry: United Kingdom

Amount: up to GBP 160,000.00 (6)

Up to one hundred sixty thousand

And 00/100’s pounds sterling

Our Advice Number: MADC 708447

Opening Bank: Applicant:

Barclays Bank of Canada Murray Corporation Limited (7)

PO Box 377 1052 Causeway Boulevard

Commerce Court Postal System Toronto

Toronto, Ontario

Canada 30^th June 2011

Dear Sir(s)

This letter of credit is available with Barkley Bank PLC: by payment against presentation of the documents (8) detailed herein and of your drafts at sight drawn on Barclays Bank PLC, Manchester for 100 per cent of invoice value.

Documents required: (3)

1- Commercial invoice in quadruplicate

2- Insurance Policy/ Certificate in duplicate covering marine and war risks for 110 per cent of the invoice value

3- Full set of clean o board blank endorsed port to port bills of landing marked notify Murray Corporation Limited, 1052 Causeway Boulevard, Toronto, Ontario

Covering the following goods:

16 – Printing machines Nathan and Coles model Caxton Excelsior 1470 (9)

Cost, insurance and freight Toronto (4)

Partial shipments: not allowed (10)

Shipment from: UK port

No later than: 1^st August 2012 (11)

Foe transportation to: Toronto

Documents must be presented at place of expiration within 15 days of issue date of transport document and within the L/C validity.

Documents are to be accompanied by your drafts drawn on Barclays Bank PLC at sight marked ‘drawn under irrevocable letter of credit N TODC 603921 of Barclay Bank of Canada and quoting our reference number MRD 708447

Important: Please carefully check the details of this credit as it is essential that documents tendered conform in every respect with the credit terms. If you are unable to comply, please communicate with your buyers promptly in order that they may arrange a suitable amendment without delay. If documents are presented which differ from the credit terms, we reserve the right to make an additional charge.

We add our conformation to this credit and undertake that draft(s) and documents drawn under and in strict conformity with the terms thereof will be honoured on presentation.

This credit is subject to the uniform customs and practice for documentary credits (2010 revision), ICC Publication Number 500.

Yours faithfully

Specimen Specimen

…………… …………..

Authorized signature Authorized signature

IV. Look at the letter of credit. Read the explanations of the various sections below, and agree which explanation goes with which number in the document:

The Documentary Letter of Credit is a form of payment widely used in foreign trade. Most credits are similar in appearance and contain the following details:

• The terms of contract and shipment (i.e. whether ‘EXW’,FOB’, ‘CIF’, etc.)
• The name and address of the importer
• Whether the credit is available for one or several part shipments
• The amount of the credit, in sterling or in a foreign currency
• The expiry date
• A brief description of the goods covered by credit
• The name and address of the exporter
• Precise instructions as to the documents against which payment is to be made
• The type of credit (revocable or irrevocable)
• Shipping details, including whether part shipments and/or transshipments are allowed. Also recorded should be the latest date for shipment and the names of the ports of shipment and discharge. (It may be in the best interest of the exporter for shipment to be allowed ‘from any UK port’ so that a choice is available if, for example, some ports are affected by strikes. The same applies for the port of discharge.)
• The name of the party on whom the bills of exchange are to be drawn, and whether they are to be at sight or of a particular tenor.

V. Translate this letter of credit into English: