December 12, 2008         

Dear Client,

In our information letter issued this summer we informed you that, subject to the receipt of all necessary regulatory and court approvals, Citibank Zrt. intended to merge with Citibank Europe plc ("CEP"), an Irish fully licensed regulated bank, by way of a cross border merger, effective January 1, 2009 ("Effective Time"). We are pleased to inform you that all necessary regulatory and court approvals have been obtained. Accordingly, as of the Effective Time, the current business of Citibank Zrt. will be conducted in Hungary through a branch of CEP: "Citibank Europe plc Hungarian Branch Office". Furthermore, all existing client contracts will automatically transfer to CEP pursuant to legal succession between Citibank Zrt. as the current service provider and CEP, as general legal successor of Citibank Zrt.

As Citibank Europe plc Hungarian Branch Office we will remain a member of Citi, the world's leading financial services group and will continue to offer our global products and services as well as leading with our innovations to bring the best financial solutions for our clients in Hungary.

We confirm that our physical presence in Hungary and services provided to our clients will continue unchanged. Furthermore, all existing client bank account and bank card numbers will remain unchanged and our IBAN and SWIFT code and our bank account number will also continue to be the same. Please note, however, that Citibank Europe plc Hungarian Branch Office will have a new tax number (22574361-2-41, EU tax number: HU22574361) and company registration number (01-17-000560, Metropolitan Court acting as Court of Registration).

In our information letter we informed you that as a branch of an Irish regulated bank and as of the Effective Time, Citibank Europe plc Hungarian Branch Office will be subject to the Irish Deposit Protection Scheme ("Scheme"). Since this letter, the Irish Government issued a declaration stating that, as of 20 September 2008, the cover under the Scheme increased from EUR 20,000 to EUR 100,000, per depositor per institution to which the Scheme applies. This cover will apply to 100% of each deposit (individual and small companies¹), up to the maximum of EUR 100,000.

The regulations effecting this change have not yet been passed into Irish law. Therefore, further changes may be made to the terms of the Scheme. Pending introduction of these regulations, we recommend you access the official website of the Irish Financial Services Regulatory Authority.

The purpose of this letter is to inform you as our client about the change. You are not required by us to do anything in relation to the content of this letter. Should you wish to obtain further information about the branch conversion and the new establishment, please visit our local website at www.citibank.hu or call us at our CitiPhone or CitiService Customer Service.

Yours truly,

Batara Sianturi
Citi Country Officer
Citibank Zrt.

¹ A private company will be treated as small company in respect of any financial year of the company if, in respect of that year and the financial year of the company immediately preceding that year, the company satisfies at least two of the conditions specified below: (i) its balance sheet total for that year shall not exceed IEPL1,500,000 as of October 7, 2008 EUR 1,905,000 (approx. HUF 475.74 million; NBH exchange rate as of October 7, 2008); (ii) the amount of its turnover for that year shall not exceed IEPL3,000,000 as of October 7, 2008 EUR 3,893,000 (approx. HUF 972.2 million; NBH exchange rate as of October 7, 2008); (iii) the average number of persons employed by the company in that year shall not exceed 50.