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Citi Appointed Global Trustee, Agent and Administrator for Korean Air Lines’ USD 300 Million Future Flow Securitization

Seoul, Hong Kong, London and New York - December 8, 2011 – Citi’s Agency and Trust business, part of the Global Transaction Services division, has been appointed to provide a full range of corporate trust services to Korean Air Lines’ USD 300MM future flow ticket receivables securitization. Utilizing an innovative U.S. trust structure, this transaction marks an important development in the future flow securitization market and represents the continued resilience of Asian issuers in the global debt markets.

"Korean Air is pleased to close the deal successfully, especially under the turbulent market conditions," said Mr. Moon Kwon Oh, General Manager and Head of Financing Team at Korean Air Lines. "It is meaningful for the company that this transaction is backed by USD denominated assets for the first time, and we appreciate all the parties who participated in the deal, including Citi, for their hard work and support."

The underlying transaction is backed by existing and future passenger ticket bookings on Korean Air flights between the United States and Korea. Furthermore, the receivables and notes will both be denominated in USD, allowing Korean Air Lines to increasingly align their funding model and cost structure.

"Citi congratulates Korean Air Lines on its successful transaction, which marks a meaningful innovation for both Korean Air Lines and the Asia Pacific market," said David Russell, Managing Director, Regional Head, Asia Pacific, Securities and Funds Services, Citi. "Requiring services across Asia, the United States and Europe, this transaction represents the growing multi-jurisdictional and complex solutions our clients require, which Citi is uniquely well-placed to support."

Citi will provide a wide range of trustee, agency and administration services to support the full needs of the transaction. In addition to acting as Delaware trustee under Delaware law, Citi will also act as: U.S. trustee, account bank and analytics agent under New York law; transaction administrator, bond issuer servicer, bond issuer administrator, account bank and security agent under Korean law; and note trustee, principal paying agent, reference agent, Irish paying agent and account bank under English law.

Citi’s Agency and Trust provides innovative banking solutions to financial institutions, corporate clients and public sector entities. Spanning a network of over 100 countries, the business offers a full range of agency, fiduciary, tender and exchange, depository and escrow services, administering over US$4 trillion in fixed income and equity securities on behalf of 2,800 clients.

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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.

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About Global Transaction Services
Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the third quarter of 2011, it held on average $365 billion in liability balances and $12.5 trillion in assets under custody.