L/C Collection

To: Young Fan
President and CEO
Young's Refractory Materials Inc.
From: Wu Yi-Director of Documentary
Bank of Communications
Date: July 19,2002
Re: L/C Collection

Dear Mr. Young Fan,

I'm very happy to inform you that the amount of US $ 6,816,800.00 under L/C No. 57013490485 for the product of DEAD-BURNED MAGNESITE 9110 against S/C No. NMM06280001 has been successfully collected with our perfect full set clean on board ocean shipping documents. The amount has been swired to our account in New York and it will be trans-swired to our account in Dalian today. Upon the receipt of the total amount, I shall personally handle the remittance and have it dully remitted to your account in our bank.

Thanks for banking with our communication's bank. We wish to provide you the most capable services in the future.

Yours faithfully,

Wu Yi-Director of Documentary
Bank of Communications