MoneyGram Payment Systems, Inc. and Bank of Overseas Chinese Introduce International Money Transfer Service

Business Wire, March 1, 2004

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--March 1, 2004

MoneyGram Payment Systems, Inc. will soon extend its fast and convenient MoneyGram(R) international money transfer service to Taiwan through the new strategic partnership with Bank of Overseas Chinese (BOOC).

MoneyGram is a fast money transfer service that enables individuals to send and receive cash either domestically or internationally in just 10 minutes(a), without the need for a bank account or credit card. The MoneyGram service will be available at all 53 locations of BOOC in Taiwan. In mainland China, MoneyGram now has more than 350 locations in 75 cities and 17 provinces.

MoneyGram bolstered its agent network in China by renewing contracts with CITIC Industrial Bank and Industrial & Commercial Bank of China (ICBC) in 2001 and signing Bank of Communications in 2002. Bank of Communications, the first joint-stock commercial bank in China and one of the country's leaders in the remittance business, completed an initial rollout of the MoneyGram service last year at nearly 50 locations in 5 major Chinese cities (Shanghai, GuangZhou, FuZhou, WenZhou, YanBian). MoneyGram will be rolled out to Bank of Communications locations in all major cities in 2004.

With an agent network covering more than 160 countries representing more than 60,000 locations, the consumer can soon enjoy the many features and benefits this service offers and remit money from Taiwan to China and all around the world. Reliability and speedy transaction processing are the most important qualities of this unique service. Funds are usually paid to the recipient minutes after the transaction is completed at the sender's end.

MoneyGram is owned by Travelers Express Company, Inc., a subsidiary of Viad Corp (NYSE:VVI). For more information or to locate a MoneyGram agent, visit the company's website at www.moneygram.com.

(a) Subject to receive agents' hours of operation and local regulations.