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Media Statement - October, 2011

CITIBANK RELAUNCHES REWARDS CARDS Citibank first issuer to reduce annual fees and upgrade benefits

Sydney, 11 October, 2011: Citibank has overhauled its Rewards credit cards providing new and existing customers with more benefits and higher earn rates for the same or lower annual fee.

Citibank's Rewards credit cards now provide higher rewards earn rates on domestic and international spend, higher points caps and more insurance coverage for the same annual fee. In addition, the Citibank Platinum card's annual fee has been reduced by $50.

Significant reforms to the credit card industry, coupled with changing economic conditions has led Citibank to review its card strategy and overhaul its credit card platform including introducing several enhanced products that replace existing cards. The products affected by the changes include the Citibank Classic, Citibank Platinum, Citibank Select and the newly launched Citibank Signature card.

Tanya Smith, Citibank Director of Credit Cards said the enhancements to the rewards credit cards are aimed at providing best-in-class products to suit Citibank's target consumer segment, who are typically affluent Australians with global banking needs.

"Our research told us that by and large, customers could see no real difference between the credit cards offered by each of the banks so our aim has been to create differentiated cards with rewards and benefits our customers actually want," Ms Smith said.

"Customers want rewards and benefits that are simple, tangible and provide great value for money so we have enhanced all of our rewards credit cards so every customer will be better off. We have increased the points earn rate between 25 and 300 percent, lowered the annual fee on our Platinum card by $50, and added new insurance benefits."

"To coincide with the new rewards program, Citibank has also launched Citibank Signature, only the second card to be launched on Visa's Signature platform, following the launch of Citibank Select in 2010.

Citibank Signature provides a range of travel and lifestyle benefits including international and domestic travel insurance, two airport lounge passes per year and discounted airport meet-and-greet servicing. Customers also receive inclusion to the Citibank Dining program, which gives provides a free bottle of award-winning wine and 4.5 reward points per dollar spent when customers use their card to pay at more than 300 participating restaurants across Australia.

Existing customers received notification of the changes to their product in September including a new-look plastic card.

About Citibank Rewards

Citibank Dining Program - Citibank Rewards credit card customers receive a free bottle of wine plus four reward points per dollar spent every time they pay for meals with their Citibank credit card at participating restaurants.

Citibank Travel Program - The Citibank Travel Program is a full service portal that provides a range of exclusive offers, last-minute discounts, packages and deals across the travel industry including flights, accommodation, package holidays, car rental and entertainment ticketing.

Customers can book travel over the phone or online and pay for travel by redeeming their points, using their own cash or a combination of both.

Citibank Rewards credit cards

Classic Card

Platinum Card

Signature Card

Select Card

1 point for $1

1.25 points for $1(domestic)

1.5 points for $1(domestic)

4 points for $1(domestic Bonus Partners)

4.25 points for $1 (domestic Bonus Partners)

4.5 points for $1 (domestic Bonus Partners)

5 points for $1 (domestic Bonus Partners)

1 point for $1 (international)

3 points for $1 (international)

4 points for $1 (international)

5 points for $1 (international)

60,000 points cap

250,000 points cap

No cap

Citibank Rewards Program

* Citibank Dining Program

* Citibank Travel Program

Citibank Rewards Program

* Citibank Dining Program

* Citibank Travel Program

Citibank Rewards Program

* Citibank Dining Program

* Citibank Travel Program

Citibank Rewards Program

* Citibank Dining Program

* Citibank Travel Program (incl Free Hotel Stay & Free Airport Transfers, $500 Take Flight voucher)

Purchase Cover, Price Guarantee

International Travel Insurance

International & Domestic Travel Insurance

Extended Warranty, Transit Accident

Concierge, Personalised Rewards

Complimentary Priority Pass Membership ( 2x Lounge Access p.a.)

Complimentary Priority Pass Membership (unlimited access)

Visa Signature Events Discounted Airport Meet & Assist

Visa Signature Events Discounted Airport Meet & Assist Complimentary Mr & Mrs Smith Silversmith membership

QDE opt in ($49 annual fee)

$89 annual feel / $15 supplementary card fee

$199 annual fee / $90 supplementary card fee

$395 annual fee / $0 supplementary card fee

$700 annual fee / $0 supplementary card fee

Credit criteria, fees, charges, terms and conditions apply. For details, visit citibank.com.au.

Media Contact:

Kristen Kaus Tel: +61 2 8225 1631 Email: kristen.kaus@citi.com

Judy Hitchen Tel: +61 2 8225 1643 Email: judy.hitchen@citi.com

About Citi:

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.