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Redecard in $660 Million Brazilian Follow-On Offering

March 18, 2008

Cleary Gottlieb represented Citigroup, Unibanco and Itaú as underwriters in the Rule 144A/Reg S follow-on offering of 40,692,417 shares of common stock of Redecard S.A. 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. The deal, a secondary offering, raised $660 million for Banco Citibank S.A. as selling shareholders. The offering closed on March 18.

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.

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