Equity First : Financial Investments Reflecting Strategic Thinking

Asian market exposure with 100% capital protection¹.

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Want exposure to some of the world's fastest growing equity markets without risking your initial investment? Citigroup has the answer. Asian Income Plus (YIELDS4) offers you access to dynamic Asian equity markets, the potential for 12% p.a.² income and the assurance of a 100% capital guarantee¹ from the world's largest Financial group.

Asian Income Plus YIELDS4.

YIELDS4 is a six-year AUD denominated Financial product that offers the potential for quarterly income and limited capital growth.

YIELDS4 key features:

Target coupon of 12% per annum², payable quarterly in arrears
Exposure to 30 of Asia's largest listed companies
100% capital guarantee at maturity¹
Minimum investment of only $A5,000
6-year term
An application for listing has been made to the ASX

YIELDS4 is linked to the performance of a dynamic portfolio, which provides notional exposure to a combination of the Asian Income Plus Trading Strategy III (the "Strategy") and the Component Portfolio used to protect the value of the Investment Amount.

Key Dates

Event
Offer Opens	2 May 2006
Offer Closes	31 May 2006 at 5:00 pm
Issue Date	5 June 2006
Maturity Date	5 June 2012
Expected Listing Date	8 June 2006

The key dates are indicative only. All times are Australian Eastern Standard Time, unless otherwise stated.

Asian Income Plus Trading Strategy III.

The two core objectives of the Strategy are to generate a Target Annual Income of 12% per annum³ (net of fees) and to capture a proportion of equity capital growth. The Strategy uses a dual approach in order to meet these objectives:

Investing in 30 large and high yielding stocks; and
Generating additional income by writing covered call options over these stocks.

Each year, the Strategy selects a portfolio of 30 of the largest stocks from the MSCI AC Asia Index. These are companies listed on the exchanges of Hong Kong, Japan, Korea, Singapore and Taiwan.

"Covered call" options are written over each of these stocks on a quarterly basis to provide enhancement f income within permitted strike prices. Call options give the purchaser the write to buy stocks at a pre-determined price at a future point in time. A covered call option or "buy-write" strategy is where call options are written over stocks held in order to enhance the income generated from those stocks.

The allocation to the Strategy within the dynamic portfolio is expected to be 100% on the issue date but will vary throughout the life of the investment.

Investment Profile

Time Horizon - Years	1 or Less	2	3	4	5+
Risk	Very Low	Low	Moderate	High	Very High
Investment Objective	Full Protection	Partial Protection	No Protection	Income	Growth

YIELDS4 maybe a suitable investment for investors who:

Want exposure to the Asian equity markets
Are seeking income with the potential for capital growth
Want the security of capital protection at maturity
Are a fixed income investor seeking potentially higher yields
Want the flexibility of an ASX listing
Have an investment time horizon of 6 years

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If you have any questions please contact Citigroup on 1300 30 89 82 or email equityfirst.au@citigroup.com

1. The capital guarantee only applies to YIELDS4 held until the Maturity Date and provided that no Early Maturity Events occur. The capital guarantee is also subject to the credit worthiness of the Guarantor (refer to "Risk factors" contained in section 5 of the PDS dated 2nd May 2006).

2. The Target Coupon is indicative only and is not guaranteed, the actual Coupon will vary and can be equal to 0% of the initial NAV. The Target Coupon of 12% is based on the indicative allocation of 100% of the NAV to the Strategy, which aims to generate a target level of 12% income per annum (net of the Strategy Adjustment Factor) over time. The Target Coupon is 12% per annum of the allocation to the Strategy and not the Issue Price. The target level of 12% income per annum is a target income figure and not a target total return figure, the level of income generated at the Strategy level each year is not guaranteed and the actual level could be lower than the target if dividends and/or bids for short-term options fall.

Disclaimer

The Financial Products referred to on this page are issued by Citigroup Global Markets Australia Pty Limited (ABN 64 003 114 832 and AFSL No. 240992, a Participant of the ASX Group and a Participant of the Sydney Futures Exchange Limited. This Site is provided for information purposes only and is not an offer, solicitation, recommendation or advice to buy or sell CitiWarrants^®. While the information is based on sources believed to be reliable, we do not guarantee its accuracy and it may be incomplete or out of date. For complete and accurate information on CitiWarrants, refer to the relevant Product Disclosure Statement on this Site. Prices quoted may differ from the actual prices at which an investor may buy or sell a Warrant. Warrants can be traded on ASX and investors can obtain a copy of the Product Disclosure Statement by contacting a Citigroup Wealth Advisor Financial Consultant or the CitiWarrants Hotline on 1300 30 70 70. Investors may also apply for CitiWarrants under the Product Disclosure Statement. Warrants are not bank deposits or obligations of, or guaranteed by, Citibank, N.A., Citibank Pty Limited or any of its affiliates or subsidiaries and are subject to investment risks, including the possible loss of the principal amount invested. This information does not take into account the investment objectives or financial situation of any particular person. Investors should be aware that there are risks of investing and that prices both rise and fall. Investors should seek advice from a Financial Consultant based on their own circumstances before making a decision. Citigroup and the Umbrella Device logo are service marks of Citigroup Inc. or its affiliates used and registered throughout the world. © 2006 Citigroup Global Markets.