BOC Wire Express

As a tireless effort to improve its U.S. dollar clearing service, effective June 1st, 2004, Bank of China - New York started to provide a new, value-added, free of charge service named "BOC Wire Express". This new feature takes advantage of most recent technology, which enables a payee in China to receive an instant Chinese language short message (SMS) of the remittance confirmation on his/her mobile phone seconds after the wire transfer transaction is processed by the GPS. This service is available to all the subscribers of China Mobile and China Unicom, two major wireless service providers in China.

In order to send an accurate remittance confirmation message to the payee in China, a remitter should:

• fill out the payee's mobile phone number correctly in the remittance application form, and
• ask the remitting bank to input the mobile phone number in the field of "Payment Details" (Field 70 of SWIFTF MT 103 or Field 6000 of FEDWIRE), or "Bank of Bank Information" (Field 72 of SWIFT MT 103 or Field 6500 of FEDWIRE) in the remitting bank's payment instructions sent to Bank of China - New York, so that the GPS can recognize and process it correctly.

The content of the short message, which is a text message, reads in Chinese:

Hello, (the remitter's name) has sent money to you on Year/Month/Day through Bank of China, New York Branch. Please wait for the withdrawal notice from the beneficiary bank. Thank you. This message is free of charge. Bank of China - New York will not be responsible for any dispute, claim, compensation caused by the short messages sent in error due to incorrect mobile phone number provided by the remitter.