Experience

Redecard in $2 Billion Brazilian IPO

July 17, 2007

Cleary Gottlieb represented Citigroup, Unibanco and Itaú as underwriters in the Rule 144A/Reg S offering of 150,827,527 shares of common stock of Redecard S.A., considered to be one of the biggest equity offerings on the São Paulo Stock Exchange. This offering, which closed on July 17, was Redecard's first equity offering in the Brazilian and international capital markets and raised approximately $200 million for Redecard S.A. and $1.8 billion for Banco Citibank S.A., Unibanco Participações Societárias S.A. and Banco Itaucard S.A. as selling shareholders.

Redecard is a leading merchant acquiring and payment processing company in Brazil and is currently the only authorized dealer of MasterCard and Diners Club cards in Brazil.

Citigroup Global Markets Inc./Citigroup Global Markets Brasil, Corretora de Câmbio, Títulos e Valores Mobiliários S.A., Unibanco Securities Inc./Unibanco - União de Bancos Brasileiros S.A. and Itaú Securities, Inc./Banco Itaú BBA S.A. acted as joint bookrunners.