Trust Receipt

From:

TRUST RECEIPT

We acknowledge receipt of the documents of title to the goods specified in the Schedule hereunder now pledged to you for banking facilities and/or advances granted to us and in consideration of your releasing and handling them to us, we agree:-

1.  To hold all the said documents of title and all goods covered or represented by the same as trustees for you (without thereby incurring any liability on your behalf) for the purposes only of landing, storing, selling and/or delivering the said goods to bona fide buyers and to pay to you immediately upon receipt hereof, the proceeds of sale of the said goods and every part thereof without any deduction whatsoever.

2.  Immediately upon warehousing the said goods, to deposit with you the relevant godown warrants, delivery orders or other storage documents made out in your name.

3.  Not to sell the said goods except against cash payable on delivery without your prior express approval in writing which, if given, shall be subject to such conditions as you may impose.

4.  That you shall be at liberty if you see fit so to do, to demand and receive from any person or persons liable to pay the same, the purchase money for the said goods and to give valid receipts and discharges therefor without prior reference to us.

5.  That until the said goods are sold in manner aforesaid, all property therein and in the said documents of title relating to the same shall remain vested in you and the pledge thereof to you shall remain fully effective.

6.  Prior to the sale of the said goods, to re-deliver the same to you together with the said documents to title on demand.

7.  To keep the said goods covered by insurance in a reputable insurance company to the full insurable value thereof against all risks and to hold the insurance policies and cover notes on your behalf and to deliver the same to you duly endorsed with your interest therein at any time on demand.

8.  That in the event of any claim arising under any such insurance forthwith to give you notice thereof and to pay to you forthwith on receipt thereof the full amount of any such insurance claim. Notwithstanding the foregoing, you shall be at liberty if you see fit so to do, to make any such claim in your own name against the insurers and to receive payment direct from them and we will sign all documents necessary for such purpose.

9.  To pay promptly as they become due all import, revenue, excise and other duties, taxes or charges payable in respect of the said good and all costs, charges and expenses incurred in connection with the unloading, lighterage, clearance, carriage, storage and sale thereof.

10.  To bear and be responsible for all and any loss or damage which may be caused to the said goods for any reason whatsoever. In the event of any such loss damage, forthwith to pay you in cash on demand a sum equal to the amount by which in your estimate the value of the said goods has depreciated by reason of such loss or damage.

11.  That you shall be at liberty either by yourselves or by your agent or representative to enter any place in our possession, occupation or control in which the said goods may be and to view and inspect the same and to take samples thereof and/or to remove and/or resume possession of the same or otherwise exercise your rights as pledgees thereof.

12.  To keep each transaction hereunder separate from each and every other transaction and to keep the said goods separate from all other goods in our possession, custody or control.

13.  Not to sell the said goods for less than HK$ and if the said goods have not been sold on or before the day of to pay to you the sum of HK$ in consideration of your having released them to us under this Trust Receipt notwithstanding that such goods have not then been sold.

14.  We represent and warrant that the underlying trade transaction (including but not limited to the identity of our trade counterpart and the goods described below) and any financing contemplated herein are not in any way related or connected with any sanctioned person or country, and would not result in a violation of any economic or trade sanctions or restrictive measures enacted, administered, imposed or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), the U.S. Department of State, the United Nations Security Council, the European Union and/or any other relevant sanctions authority (“Sanctions”). We further undertake that no amounts due under or in connection with the Credit will be used, lent, contributed or otherwise made available to any person in any manner that would result in the violation of any Sanctions.

THE SCHEDULE

Upon receipt of documents, please: Yours faithfully,

Fix exchange Do not fix exchange

Hong Kong, ……………………………………………………….

Authorized Signature(s) with Company’s chop)

BNP PARIBAS – S.A. au capital de 2 491 915 350 euros - Immatriculée sous le n° 662 042 449 RCS Paris - Identifiant C.E FR76662042449

Siège social : 16, boulevard des Italiens, 75009 Paris - ORIAS n° 07 022 735 – www.bnpparibas.com