Citi and Petro-Canada first to launch MasterCard PayPass^® contactless payment technology in Canada

Enhanced Citi PETRO-POINTS MasterCard with MasterCard PayPass offers convenience and peace-of-mind for payments on the go

TORONTO and MISSISSAUGA, ON, November 24, 2006 /CNW/ – Citi Cards Canada, a member of Citigroup Inc. - the world's largest general purpose and private label credit card issuer, and Petro-Canada, Canada's Gas Station, have teamed up again to introduce another industry-leading innovation to Canadians. The two companies will be the first in Canada to launch MasterCard PayPass technology to the public, which allows consumers to pay for goods and services with the simple tap of their credit card.

Initially, the technology will be available to a select number of Citi PETRO-POINTS MasterCard cardholders for use at 62 participating Petro-Canada stations in Burlington, Oakville, Mississauga, Brampton and Etobicoke, Ontario, later this year. The companies intend to roll out the PayPass program to the Citi PETRO-POINTS customer base and at all Petro-Canada stations across Canada in 2006.

"By adding the MasterCard PayPass feature to the already highly popular Citi PETRO-POINTS MasterCard, we can provide Citi PETRO-POINTS MasterCard cardmembers with the increased speed, convenience and security they want," says Barry Columb, President of Citi Cards Canada. "We're thrilled to partner with Petro-Canada to be the first in Canada to launch this innovative new feature to the public."

Using the card is quick and easy. After filling up at Petro-Canada, cardmembers simply go into the station and tap their Citi PETRO-POINTS MasterCard card on the MasterCard PayPass reader at the counter. For consumers, MasterCard PayPass is faster and more convenient than using cash for small ticket payments. PayPass also provides better record keeping than cash and increases the feeling of security, as cardholders remain in control of the card during transactions. In the future, cardmembers will also be able to tap their MasterCard PayPass enabled cards right at Petro-Canada pumps, and other retail locations.

"In addition to saving Petro-Canada guests with a Citi PETRO-POINTS MasterCard two cents per litre on every gasoline and diesel fuel purchase, we're now able to bring even more value with the introduction of MasterCard PayPass," says Phil Churton, Vice-President, Marketing, Petro-Canada. "Not only will this card be valid anywhere MasterCard is accepted, our guests will be able to save time and money when they fill up at Petro-Canada."

MasterCard PayPass is a contactless technology that provides customers with a speedy alternative to cash payment. To pay, users simply tap or wave their MasterCard card against a MasterCard PayPass reader, which is connected to an existing point-of-sale terminal. The card contains an embedded radio frequency (RF) chip that transmits data securely. In Canada, MasterCard has implemented several PayPass closed market trials and today's announcement builds on the growing popularity of PayPass in North American and around the world.

The no-fee Citi PETRO-POINTS MasterCard card was launched in September 2004 and is the first and only general purpose credit card in Canada that provides an instant savings of two cents per litre on the purchase of gasoline and diesel fuel at Petro-Canada, while also offering PETRO-POINTS on all credit card purchases. The Citi PETRO-POINTS MasterCard with PayPass includes a standard magnetic stripe, so it also acts as a traditional MasterCard card and can be used for payments or to access cash any time, anywhere at over 23 million locations worldwide.

About Citi Cards Canada
Citi Cards Canada Inc. is a member of Citigroup Inc. (NYSE:C), the pre-eminent global financial services company, with some 200 million consumer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity.

About Petro-Canada
Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and downstream sectors of the industry in Canada and internationally. Its common shares trade on the TSX under the symbol PCA and on the New York Stock Exchange under the symbol PCZ.

About MasterCard International
MasterCard International is a leading global payments solutions company that provides a broad variety of innovative services in support of our global members' credit, deposit access, electronic cash, business-to-business and related payment programs. MasterCard manages a family of well-known, widely accepted payment card brands including MasterCard, Maestro^® and Cirrus^® and serves financial institutions, consumers and businesses in over 210 countries and territories. The MasterCard award-winning Priceless™ advertising campaign is now seen in 105 countries and in 48 languages, giving the MasterCard brand a truly global reach and scope. For more information, go www.mastercardinternational.com.

For further information or to speak with someone about the Citi PETRO-POINTS MasterCard, please contact:

Heather Meehan
Cohn & Wolfe
416-924-5700 ext. 4075
heather_meehan@ca.cohnwolfe.com