BULK FOREX EXCHANGES

NOTE: The OLC Associates Forex Desk ONLY buys at discount. They sell at current market rates.

Procedures for Bulk Direct Forex:

Below is the ONLY set of procedures we will work with:

1. You get your bank to issue a letter of guarantee maturing in 15 days.  (see Sample Letter of 
    Guarantee below)

2. You tell us what discount you are prepared to offer (Obviously the bigger the discount the more 
    motivated we are).

3. You tell us what currency you want in return.

4. We then provide you a credit line (No cost).

5. You receive your money in the currency requested usually in 3 working days and cancel the credit 
    line.

6. The Fx desk then collects its money from your bank when the letter of credit matures in 15 days.

Points to Note:

You are paid out in 3 days and the forex desk receives its funds in 15 days.

Letter of Guarantee to be issued by Sellers Bank:
Do not change the format

LETTER OF GUARANTEE

Issue Date:...............

Expiry Date:.............

Amount €...................................... (in words )

We, XXXXXXX BANK (ADDRESS), hereby issue our irrevocable and unconditional transferable Letter of Guarantee No.......... in your favour and for the account of ST. GEORGE'S BUILDING SOCIETY for the aggregate amount of €.............................. expiring on .................

Funds under this Guarantee are available to you against your sight draft(s) irrespective of the validity and the legal effects of the above mentioned credit relationship and waiving all rights of objection and defence arising therefrom, hereby irrevocably undertake to pay to you, upon your first demand, any amount up to the above mentioned maximum amount (including principal, interest and all other charges) upon receipt of your duly signed request for payment or by duly encoded telex/SWIFT stating that has not repaid the amount claimed under this guarantee on the due date.

Our guarantee is valid until and expires in full and automatically, should your written request for payment or telex /SWIFT not be in our possession at our above address on or before that date, regardless of such date being a banking day or not.

Our guarantee will be reduced by each payment made by us as a result of a claim.

This guarantee is governed by English, place of jurisdiction and performance is London .

Bank Officer                                                            Bank Officer