Direct Redemption of Citi Credit Card
Points for AlipayHK Coupons

Enjoy Reward up to HK$180 for Paying Bills
with AlipayHK

HONG KONG, CHINA -�Media OutReach�- 19 December
2019 - Citibank and AlipayHK announced today the launch of a points conversion
program enabled by Open API technology. Under the program, customers with an
AlipayHK e-wallet can redeem AlipayHK Coupons with points earned through Citi
credit card. The coupons are accepted by all AlipayHK partner merchants at
their physical stores and can be used for bill payment and other services made
through the AlipayHK App.

Points conversion has never been more convenient or faster. By linking
a designated Citi credit card to their AlipayHK account and authorizing the
Citi Points conversion program, customers can check the balance of Citi Points
on the related page in the AlipayHK App and use such Citi Points instantly to redeem
for AlipayHK Coupons in order to enjoy discounts. With AlipayHK covering a
growing number of local partner merchants and bill payment services, Citi credit
cardholders will find this Citi Points conversion program even more handy and rewarding.

Simply follow the steps below for Citi Points conversion:

1. Login to the AlipayHK App and link a designated Citi credit
card to your account¹;

2. Authorize the Citi Points conversion program and enter the mobile
phone number registered with Citibank to obtain a one-time password for one-off
identity verification;

3. Select the number of AlipayHK Coupons to be redeemed;

4. After redemption, you will receive a confirmation notice and
can use the AlipayHK Coupons instantly.

The minimum aggregate value of AlipayHK Coupons that can be
converted under each redemption is HK$100 and the maximum aggregate value of
AlipayHK Coupons that can be converted by the same AlipayHK account per day is HK$1,000.
The face value of each AlipayHK Coupon is either HK$50 or HK$20. It can be used
at AlipayHK's partner merchants' physical stores, for AlipayHK's bill payment
and other services when customers make a single net spending at or exceeding
HK$51 or HK$21 respectively with AlipayHK e-wallet.

Lawrence Li, Head of Cards and
Unsecured Lending at Citibank Hong Kong, said, "Since Citibank became the first bank in
Hong Kong to make available APIs for the developer community in 2017, we have
been working with different business partners to build a comprehensive digital
ecosystem that fits our customers' daily lives. Through the application of Open
API technology, we are pleased to partner with AlipayHK to enhance customer experiences
in electronic payment and credit card points conversion, providing a flexible way
to spend and pay in line with the preference of the local consumers."

Ms. Jennifer Tan, Chief Executive
Officer of Alipay Payment Services (HK) Limited (APSHK), said, "We are pleased to work with Citibank on API
project to provide AlipayHK users with more diversified and personalized
consumption means in order to enrich the one-stop lifestyle platform. In
future, we will continue to explore other possibilities of Open API for users."

Exclusive offer for Citi credit cardholders:
Up to HK$180 reward for bill payment with AlipayHK

In addition to using Citi Points to redeem for AlipayHK Coupons,
Citibank customers can also be rewarded with AlipayHK Coupons worth up to
HK$180 when they pay bills through with a designated credit card²
linked to their AlipayHK e-wallet from now until January 31, 2020. Details as
follows:

Reward 1 -- Receive
up to HK$80 worth of AlipayHK Coupons through bill payment

• First-time bill payment users³
  will receive a HK$80 AlipayHK Coupon⁴ when they pay a bill with
  a designated Citi credit card² through the AlipayHK e-wallet. The
  HK$80 AlipayHK Coupon received can be used for a single net bill payment
  of HK$160 or above through the AlipayHK e-wallet.
• Users with a previous record of bill
  payment through AlipayHK will receive a HK$40 AlipayHK Coupon⁴
  when they make a bill payment with a designated Citi credit card²
  during the promotion period. The HK$40 AlipayHK Coupon can be used for a
  single net bill payment of HK$80 or above through the AlipayHK e-wallet.

Reward 2 -- Receive HK$100
worth of AlipayHK Coupons from designated merchants

• Users with designated Citi credit
  cards² will receive two additional HK$50 AlipayHK Coupons⁶
  by paying the selected electricity charges or telephone fees⁵ with
  their designated Citi credit cards. To use such AlipayHK Coupons, users
  must activate and authorize the Auto-Debit service in AlipayHK e-wallet
  for the first time and select a designated Citibank credit card as payment
  source. Thereafter, the AlipayHK Coupons can be used to settle a single
  net autopay transaction of HK$100 or more through the AlipayHK e-wallet.
  ⁷

Please visit the website citibank.hk/alipayhk for information
about the Citi Points conversion program.

Please visit citibank.hk/alipayhk for more details about the
offer and other terms and conditions.

Notes:

1 Only applicable to Principal Cardholders of
Citi Ultima Card, Citi Prestige Card, Citi PremierMiles Card, Citi Rewards Card
(except Citi Rewards UnionPay Card), Citi Gold Card and Citi Classic Card
issued by Citibank (Hong Kong) Limited.

2 The promotion only applies to holders of Citi Credit
Cards (except Citi Cash Back American Express� Card and Citi Rewards UnionPay
Card) issued by Citibank Limited who are also AlipayHK users. Citibank will use
the records it maintains to determine whether customers are eligible to
participate in the promotion and verify any spending transactions.

3 Only applicable to Citibank customers who have never
used bill payment services provided by AlipayHK.

4 The AlipayHK Coupon will be credited to the customer's
AlipayHK App account within two working days after the bill has been
successfully paid. The AlipayHK Coupon for bill payment is valid for 90 days.

5 Only applicable to settlement of bills to merchants
by autopay. Merchants accepting automatic payment include CLP Power, Hongkong
Electric, and 3 Hong Kong. The merchant list will be updated regularly. Please
visit https://render.alipay.hk/p/c/citibank for the latest information.

6 The AlipayHK Coupon will be credited to the customer's
AlipayHK App account within two working days after the bill has been successfully
paid (The AlipayHK Coupon for customers who have successfully paid the bill
before December 24, 2019 will be credited to their AlipayHK App account by
December 27). The AlipayHK Coupon for automatic payment is valid for 150 days.

7 Reward 2 is only applicable to customers who have never
successfully activated the automatic payment service and who pay bills during
the promotion period to merchants accepting automatic payment (including CLP
Power, Hongkong Electric and 3 Hong Kong). Only one AlipayHK Coupon can be used
per transaction.

About Citi

Citi, the
leading global bank, 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.

Additional
information may be found at www.citigroup.com | Twitter: @Citi | YouTube:

www.youtube.com/citi
| Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi |

LinkedIn:
www.linkedin.com/company/citi.

About AlipayHK

The
electronic wallet is operated by Alipay Financial Services (HK) Limited and
supervised by the Hong Kong Monetary Authority. Alipay Payment Services (HK)
Limited (APSHK) is a joint venture established and managed by the CK Hutchison
Holdings Limited, a multinational conglomerate spanning over 50 countries and
Ant Financial Services Group, a leading global technology and financial
services company and parent company of "Alipay". For more details, please
browse AlipayHK's website at www.alipayhk.com.

Currently,
over 50,000 local retail outlets have supported electronic wallet for payment,
covering large chain stores, convenient stores, drugstores, supermarkets, wet
markets, taxies, restaurants and others. Features of electronic wallet include
payment on Taobao and TMall, P2P transfer, remittance, electricity payment,
telecom payment, entry tickets and F&B vouchers for The Racecourse,
purchase of insurance products offered by third party, e-coupons, etc, making
Hong Kong residents' lives more convenient by integrating mobile payment into
daily lives.