Guide for your temporary account during Beijing Olympic Games

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Olympic Temporary Account (OTA)

1. Applicable to

Such institutions as IOC, NOCs, foreign Media and sponsors, International Sports Federations that come to China in the lead-up and during the Beijing Games (hereinafter referred to as overseas institutions) and equipped with a written confirmation of BOCOG to open OTA.

2. Locations for opening accounts

Beijing, Tianjin, Shanghai, Shenyang, Qingdao and Qinhuangdao

3. Currencies

RMB, USD, EUR, GBP, HKD, JPY, CHF,

4. Validity of OTA

RMB account: Jan. 1st, 2007 - Mar. 31st, 2009

FX account: Jan. 1st, 2007 -Feb. 28th, 2009

5. Opened with

BOC outlets designated by BOC Head Office (see the Appendix)

6. Required documents

A. Application Form (original) (three originals for RMB account and two originals for FX account)

B. Incorporation documents approved by government (photocopy)- both in its original language and Chinese (diplomatically certified or notarized)

C. Articles of Association (photocopy) with name and specimen of the legal representative or person in charge annexed, or original of the specimen of legal representative (person in charge) - both in its original language and Chinese (diplomatically certified or notarized)

D. Official ID documents of legal representative (photocopy) and his “Power of Attorney” (original) - both in its original language and Chinese (diplomatically certified or notarized)

E. Specimen of authorized signatory (three originals) and his official ID documents (photocopy) - (up to three signatories)

F. Certificate signed by authorized signatory, to certify Chinese translations consistent with original documents, (Chinese version prevails)

G. Account Management Agreement, signed between OTA Applicant and Bank of China (in Chinese)

H. Account Holder Information Form

Tips: Please download the relevant documents of the above-mentioned item A, D, E, F, G and H from the following link:

http://www.boc.cn/en/common/oly/new_Details6.jsp

7. Account opening procedures
A. Download the relevant forms from BOC website or pick them up at the designated outlets.

B. Have all the forms filled out and submitted to one of the designated BOC outlets by courier or in person.

C. BOC submits the relevant documents to the People’s Bank of China for verification, which, in general, after 7 working days, will issue a license for account opening (applicable only for RMB account).

D. BOC processes account opening.

E. Authorized signatory sign certain documents in person at the designated BOC outlet to activate the account.

8. Account closing procedures
A. Download the Account Closing Application Form from the BOC website or pick it up at the designated outlets.

B. Have the form filled in and submitted to the outlet.

C. Return crucial vouchers, specimen card and the license for account opening (only for RMB account), and have all interests and bank charges cleared.

D. BOC examines account-closing documents.

E. BOC submits documents to the People’s Bank of China for verification and returns the license (applicable only for RMB account).

F. BOC processes account closing.

Tips: Please visit website at http://www.boc.cn (Bank of China) for updated interest rate prescribed by the People’s Bank of China.

9. Cash Withdrawal
A. No ceiling for RMB and FX cash withdrawal

B. Written application and appointment (1 day before) to BOC for withdrawal in excess of RMB 200,000

C. Written application for withdrawal in excess of USD 10,000 or equivalents, and appointment with BOC for withdrawal in excess of USD 30,000 or equivalents

10. Fund Transfer
A. No restriction on RMB remittance within Chinese mainland.

B. FX overseas remittance: total outward amount shall not exceed the total inward amount. For the excessive part, remitter shall purchase and remit FX according to the relevant regulations of the State Administration of Foreign Exchange (SAFE).

C. FX related to salary, travel expenses and subsidy for Olympic personnel could be transferred from FX temporary account to individual savings accounts within Chinese mainland, upon producing an application stating purpose of the transfer and signed by authorized signatory (in Chinese or English). Otherwise, FX transfer within Chinese mainland is subject to written approval from BOCOG and SAFE.

11. Checks
After opening the OTA, the overseas institutions may issue bilingual checks in Chinese and English.

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