MLI Callable Asian Index Securities (Series 2005-01)

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This 5-year AUD denominated Market Linked Investment (MLI) is linked to the performance of a diversified basket of Asian equity indices and offers investors a Guaranteed Coupon of 9% (payable at the end of year 1), and the potential for capital growth of at least 9.0% pa¹ in subsequent years based on the Issue Price contingent on the performance of the Reference Indices, along with the safety of 100% capital protection² on the Maturity Date.

1. The actual level of the Capital Growth Rate will be fixed on the Issue Date and is expected to range between 9.0% and 9.50% pa.
2. Capital Protection only applies to investments held for the full term until the Maturity Date and provided no Early Maturity Events occur. Capital protection is also subject to the credit worthiness of the Issuer.

Offer Summary

Series Number

Series 2005-01

Issuer

Citigroup Global Markets Australia Pty Limited ("Issuer" or "CGMA")

Reference Index (the Basket)

KOSPI 200 (Reuters: .KS11)
Nikkei 225 (Reuters:.N225)
MSCI Taiwan (Reuters: .MSTW)
MSCI Singapore (Reuters: .MSSG)
Hang Seng (Reuters:.HSI)

Offer Opens

25 January 2005

Offer Closes

28 Feburary 2005 at 5:00pm

Issue Date

3 March 2005

Maturity Date

2 March 2010

Term of Investment

5 Years, subject to Auto-Call feature

Denomination

Australian Dollars (AUD)

Investment

Units in the MLI with an Investment Amount of AUD 1.00. Each AUD 1.00 of the Investment Amount will constitute one Unit of the MLI. Please note "Units" when used in this document are not units in a managed Investment scheme

Issue Price

AUD 1.00 per Unit

Minimum Investment Amount

AUD 10,000 and in multiples of AUD 1,000 above that amount

Capital Protection

The Issuer guarantees that the value of each Unit on the earlier of the scheduled Maturity Date or an Auto-Call Date will be at least equal to the Issue Price. Please refer to the section Capital Protection on page 11 of the PDS.

Minimum Return

The Issuer has targeted a minimum return of 9.1% (inclusive of the Guaranteed Coupon) over the term of the investment.

Guaranteed Coupon (year 1)

At the end of the first year (3 March 2006), Investors will receive a Guaranteed Coupon of 9% on their Investment Amount. This amount is payable on or around 8 March 2006

Capital Growth Rate

Expected to range between 9.0% and 9.5%pa (the Capital Growth Rate will be at least 9.0%). Please refer to the section Factors Affecting the Capital Growth Rate on page 6 of the PDS

Auto-Call feature

On any Auto-Call Date where the Early Maturity Condition has been satisfied, the Auto-Call Date will be deemed to be the Early Maturity Date and the Final Value per Unit shall be determined by reference to the Capital Growth Rate. Assuming a Capital Growth Rate of 9.0% pa, the Final Value Per Unit would be:

Auto-Call Date	Indicative Final Value per Unit*
3 March 2007	AUD 1.09
3 March 2008	AUD 1.18
3 March 2009	AUD 1.27

Early Maturity Condition

If on any Auto-Call Date all of the 5 Reference Indices close at or above 100.1% of their Closing Level on the Issue Date (Initial Index Level) then the Early Maturity Condition will be satisfied and the Issuer must nominate the current Auto-Call Date as the Early Maturity Date

Final Value per Unit on the Maturity Date

If the Auto-Call feature has not been triggered prior to the Maturity Date, the Final Value per Unit on the Maturity Date will be:
(a) if on the Maturity Date, any one of the Reference Indices has closed below 100.1% of their Initial Index Level, AUD1.001 per Unit; or
(b) If on the Maturity Date, all of the Reference Indices have closed at or above 100.1% of their Initial Index Level, AUD 1.36 per Unit* (assuming the minimum Capital Growth Rate of 9.0% pa applies)

Delivery Asset

Units in the StreetTRACKS^®‚ S&P/ASX 200‚ Fund

Distributor Fees

3.00% (including GST) of the initial Investment Amount

Financial Adviser Fees

Financial Advisers appointed by the Distributor may receive a placement fee and/or annual fee (including GST) based on the initial Investment Amount. These fees will be paid by the Distributor at no additional cost to Investors

This is a summary only of the terms of the MLI. The actual Terms and Conditions are contained in the Product Disclosure Statement ("PDS") dated 25 January 2005. Investors should read and understand the PDS prior to making any decision to invest.

Investment Profile

Minimum Time Horizon (Years)	1 or Less	2	3	4	5+
Risk	Very Low	Low	Moderate	High	Very High
Investment Objective	Capital Protection	Income	Income/Growth	Growth	Enhanced Growth

Investment Objectives

You Seek	You can Accept
Exposure to Asian equity markets	A holding period of 5 years
100% capital protection at Maturity	The possibility of losing part of the initial Investment Amount if the MLI is not held to Maturity
Potential for capital growth	The risks associated with investing in Asian equity indices
A medium-term market-linked investment	The possibility that returns could be less than the return you could earn on other investments including the actual return on the Indices
Access to Asian equities without currency risk	The risks associated with investing in medium-term financial products

Offer Summary

To view a summary of the Offer click here

Risk Factors

There are a number of risks associated with the MLI and investments in equity markets generally. Some of the key risks include:

A more detailed explanation of the risks associated with an investment in the MLI are set out in the PDS dated 25 January 2005, investors should consider the Risk Factors before making a decision to invest

Download

Product Disclosure Statement (pdf 597kb)

More Information

For further information on structured financial products contact the Citigroup Structured Products Service Centre.


Phone	:	1300 30 70 70.
Email	:	citifirst.au@citi.com
Mail	:	GPO Box 40, Sydney NSW 1027