May 7, 2001

CITIBANK AND MARRAKECH IMPLEMENT STRATEGIC ALLIANCE TO OFFER COMPLETE ONLINE PROCUREMENT SOLUTION

7th March 2001 - Mexico City, Mexico..... Citibank Mexico and Marrakech have announced a strategic alliance to offer e-procurement services to Citibank's corporate clients throughout Mexico , enabling companies to automate their procurement processes for products and services.

"It is a unique network that links together buyers, suppliers and financial institutions," stated Julio de Quesada, president and general director of Citibank Mexico.

"Citibank recognises the added value that the strategic alliance with Marrakech offers the bank's corporate clients at international level. We are very happy to have joined our services with Marrakech because we are sure that this business model positions Citibank as one of the primary forces in B2B e-commerce worldwide," added Julio de Quesada.

Rodrigo Conesa, vice president of Latin America at Marrakech stated, "The alliance between Marrakech and Citibank is the ideal B2B solution which offers companies the means to trade together with their business partners online in a faster and secure manner."

Citibank and Marrakech are working together to offer companies engaging in e-procurement, access to Citibank financial services such as credits, invoice, discounting and factoring, among others.

The solution offers the following benefits:

For the Buyer

- Cost reductions: Increases contract purchasing and centralises all transactional information, enabling substantial savings for companies
- Process automation: Automates the entire procurement process reducing processing costs
- Low risk: Requires no initial capital investments or software installation

For the Supplier

- Financial savings: Reduces the average time to process a requisition, accelerating payment
- Increases Sales: Enhances sales as a result of the increase on contract purchasing by the buyers
- Efficient processes: Increases the precision of orders, lowering returns and phone enquiries
- Low risk: Requires no initial capital investments and software installation

About the Marrakech Global Commerce Network
The Marrakech Global Commerce Network (MGCN™) enables organisations to trade together online. The MGCN offers companies four different services, namely, procurement, business intelligence, invoicing and payment and open network services. The combination of these four services produces the world's most complete B2B solution that enables end-to-end procurement from requisition to settlement, provides sophisticated analysis tools and integrates all members on an open platform.

About Marrakech
Marrakech is the global transaction company. The MGCN is an Internet-based trading platform that facilitates commercial transactions between member organisations. It is the only commerce platform that integrates procurement and payment services into one single neutral network for buyers, suppliers, banks, marketplaces and other intermediaries. Marrakech is a privately held company with offices in Dublin, London, Paris, Boston, Mexico City and Singapore. For more information please visit www.marrakech.com.

For more media information, please contact:
Tom Murphy
Madelaine Girod

Marrakech Ltd.
Citibank Mexico

Tel: +353 (0) 1 433 8311
Tel. +52 5 229 7113

tmurphy@marrakech.com
madelaine.girod@citicorp.com