Circular of China Banking Regulatory Commission concerning Prohibiting Banks and Commercial Institutions from Distributing Co-brand
Stored-value Cards

All banking regulatory bureaus, state-owned commercial banks, equity joint commercial banks, China Postal Savings and Remittance Bureau:

Recently, the banks and commercial institutions in some regions distributed co-brand stored-value cards in violation of rules, and
then brought certain prestigious risks to banks. For the purpose of maintaining a sound financial order, the relevant issues are
hereby announced in accordance with relevant provisions in the Commercial Bank Law of the People’s Republic of China and the Banking
Supervision Law of the People’s Republic of China:

1.

All banks may not, jointly with any commercial institution, distribute anonymous co-brand stored-value cards that are sold by business
operators with purchase invoices.

2.

All banks shall clean up its rule-breaking distribution of co-brand stored-value cards in a timely manner after receipt of this Circular,
and shall perform the self-check and self-correct.

3.

China Banking Regulatory Commission and its agencies shall make inspections exclusively on the rule-breaking distribution by the banks
and commercial institutions of co-brand stored-value cards, and the rule-breaking acts shall be punished.

All banking regulatory bureaus are requested to forward this Circular to the urban commercial banks, rural commercial banks, rural
cooperative banks and rural credit cooperatives in various cities under their respective jurisdictions.

China Banking Regulatory Commission

August 1, 2006