The Card, both classic and gold versions, is denominated in both Reminbi and US dollar currencies. Carrying the American Express logo, the Cards are issued by China CITIC Bank and accepted on the Bank's and China UnionPay's merchant network in China as well as American Express merchant network around the world. The launch of the CITIC American Express Card marks American Express' second card partnership with a leading financial organization in China. The win-win partnership leverages the combined strengths of both organizations, including China CITIC Bank's local market expertise, superior services and innovation as well as American Express' brand power and global network.

"Today marks a new milestone for American Express in China," said Kula Kulendran, Regional President of American Express' Global Network Services, Japan Asia Pacific & Australia. "The launch of the CITIC American Express Card is part of our ongoing strategy to expand the reach of American Express brand in China and demonstrates our long-term commitment to the Chinese card market. Since the first American Express branded card was introduced in China in 2004, we have been working closely with local partners to bring rewarding card experiences to Chinese consumers. The CITIC American Express Card places great emphasis on worldwide service, travel privileges and lifestyle experiences. Cardmembers can access American Express' worldwide network and emergency support services offering peace of mind and security when traveling abroad."

"Partnering with American Express ties-in with the Bank's retail banking development strategy to grow our credit card business and collaborate further with international card organizations. Issuing American Express branded cards will enrich our product line, enhance our premium branding and tap into new consumer market segments," said Cao Tong, Vice President of China CITIC Bank. "China CITIC Bank has developed a strong portfolio of premium card products since 2003 and is well known for our "high standards, high quality and high efficiency" in customer service. We firmly believe that our partnership with American Express will further strengthen China CITIC Bank's strong position in the credit card market. By leveraging American Express' global card management and operational expertise, we can attract more high-end customers and reinforce the reach and brand image of the Bank's credit cards," Mr. Cao added.

The CITIC American Express Card targets middle to senior level managers and executives in large and medium-sized state-owned companies, as well as professionals who enjoy high living and service standards. This target segment demands unique payment products to cater their personal and business needs, both at home and abroad. As these customers have a higher propensity to travel, on both business and leisure, the new Card offers a strong value proposition especially in the areas of travel rewards and benefits.

According to the National Bureau of Statistics of China, outbound tourism is growing rapidly. In 2006, 34.52 million Chinese traveled overseas, an increase of 11.3% over 2005 and 83.42%, or 28.8 million were on leisure travel. The CITIC American Express Card is specially designed to meet the needs of Cardmembers who have a dynamic lifestyle. Cardmembers can now accumulate their reward points at a much faster rate to redeem a wide range of travel rewards and unique experiences. Highlights of key benefits offered by the new card are as below:

• Attractive Reward Points Multiplier – Cardmembers can receive up to 3 times reward points, the best earn rate available in the market
• Flexible Travel Rewards Redemption – Cardmembers can choose from a wide variety of travel rewards, from air tickets and hotels, to tour packages and travel vouchers that can be used to offsettravel bills, or simply transfer the points to the air mileage program.
• Unique Travel Experience – Reward points can be redeemed for discovery experiences such as adventurous skydiving or speed riding on Harley Davidson in Sydney, Australia
• Golfing Privileges – Cardmembers can enjoy access to six quality golfing courses in Beijing, Shanghai, Sanya and Shenzen
• Local Touch, Global Reach – Exclusive local merchant privileges and global American Express Selects offers, in addition to Global e-Shop, American Express' Global Network Services Asia Pacific‘s secured online shopping platform which allows Cardmembers to access U.S. online stores
• Peace of Mind – Comprehensive insurance coverage, Emergency Card Replacement and Global Services through American Express' 2,200 Travel Service Offices and access to more than 800,000 ATMs around the world

"China's economy will continue its strong growth in the years leading to the 2008 Beijing Olympics and World Expo in Shanghai. Chinese people are enjoying a higher standard of living and credit cards have become a convenient payment accessory that supports their demanding lifestyle needs. We believe this new Card can meet those expectations of Chinese elites just like our slogan for the CITIC American Express Card marketing campaign, ‘My Card. My Dreams,"' Mr. Cao added.

To celebrate the launch of the new CITIC American Express Card, a special promotion program will run from October 1st 2007 to January 31st 2008. During this period, successful card applicants have the chance to win one million reward points that can be redeemed for travel rewards of their choice. For every card spending of RMB$300 on the new Card, Cardmembers will receive one lucky draw entry. The 10 lucky winners will be drawn on February 25, 2008.

About China CITIC Bank
Founded in 1987, China CITIC Bank is a subsidiary of CITIC Group. As the first Chinese commercial bank participating in the domestic and overseas financial markets, China CITIC Bank has a reputable image both at home and abroad as a pioneer in China's banking industry.

China CITIC Bank has experienced robust growth and development in the past 20 years. It has built up a strong brand image and management capabilities. China CITIC Bank is highly ranked among banks around the world. In the list of "Top 100 Chinese Banks" for 2006 published by The Banker, a British magazine, China CITIC Bank ranked second among all the commercial banks with respect to net profit growth rate. In addition, the Bank has won a number of industry awards such as Asian Banker's <2006 Asian Retail Financial Service Excellence> and . On April 27th, 2007, China CITIC Bank was successfully listed on the Shanghai Stock Exchange and the Stock Exchange of Hong Kong.

China CITIC Bank is rapidly developing its credit card business and has issued over 3 million credit cards in the market. In August 2007, the CITIC credit card won the "Best Customer Experience" award in the latest China Credit Card Survey. The CITIC credit card enjoys a highly competitive position in the Chinese credit card market.

About American Express
American Express Company is a diversified worldwide travel, financial and network services company, founded in 1850. It is a world leader in charge and credit cards, Travelers Cheques, travel, and business services.

Since 1996 American Express has been aggressively pursuing a strategy of opening its merchant network to third party issuers around the world. By leveraging its global infrastructure and the powerful appeal of the brand, American Express has gained even broader reach for its network worldwide. American Express has now established more than 110 card-issuing partnership arrangements in over 120 countries.

Contacts:
Susanna Hui (Hong Kong)
852.2811.6325
Susanna.S.Hui@aexp.com

Tiffany Chen (Taiwan)
886-2.2514.3930
Tiffany.T.Chen@aexp.com

Keri Buster
212.640.6193
Keri.K.Buster@aexp.com