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This 4-year AUD denominated market linked investment (the “Optimiser Plus”) is an innovative product that gives you the ability to choose between a Growth Portion and an Income Portion within the one investment.

• A diversified exposure to global markets including Equities, Property and Commodities to generate growth
• A 100% capital protected investment at Maturity*
• Offers potential for capital growth with the Growth Portion and potential for above market income with the Income Portion
• A medium-term market-linked investment
• An investment with no entry, exit, management or brokerage fees payable on investments held until the Maturity Date

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Investors can choose the following allocations between the Growth Portion and Income Portion.

Optimiser Plus Component	Growth Portion Allocation	Income Portion Allocation
Balanced	50%	50%
Income	25%	75%
Growth	75%	25%
Income Only	0%	100%
Growth Only	100%	0%

The Growth Portions are linked to the performance of three (3) multi-asset “Investment Profiles”, each of which has a specific allocation to Equities, Property and Commodities:

Investment Profile	Equities Allocation	Property Allocation	Commodities Allocation
Equities biased	60%	20%	20%
Property biased	20%	60%	20%
Commodities biased	20%	20%	60%

The multi-asset Investment Profiles provide exposure to three (3) asset classes representing Equities, Property and Commodities (the‘AssetClasses’). The performance of each Asset Class will be based on an equally-weighted basket of Reference Assets with an averaging feature which captures the performance of each Reference Asset at the four Observation Dates:

Equities	Property	Commodities
EURO STOXX 50	FTSE EPRA/NAREIT Global Real Estate Index	S&P GSCI Energy Index
S&P BRIC 40		S&P GSCI Precious Metals Index
Nikkei 225		S&P GSCI Agriculture Excess Return Index
S&P 500

At each Quarter End Date, the Issuer will calculate the Investor’s entitlement to the Variable Coupon of up to 16% per annum (i.e. 4% per quarter) in relation to the Income Portion of each Optimiser Plus held by the Investor. The Variable Coupon is made up of the Accrual Coupon of up to 8% per annum and the Step-Up Coupon of up to 8% per annum.

The income portion is linked to the relative performance of two fixed income indices. The 5 year Swap Rate against the 2 year Swap Rate.

A distinct feature of the combined Growth and Income Portions when viewed historically is the low level of correlation between their returns. Consequently the Income/Growth Portion allocation produces diversification for the investor, for where the investor chooses to allocate some of the Optimiser Plus to the income portion and some to the Growth Portion.

Event	Date
Offer Opens	21 May 2007
Offer Closes	30 June 2007
Issue Date	6 July 2007
Maturity Date	6 July 2011

The key dates are indicative only and may be changed by the issuer. All times are Australian Eastern Standard Time, unless otherwise stated.

If you have any questions concerning the information contained in this PDS please contact Citigroup Australia on 1300 308 982 or email equityfirst.au@citigroup.com

For further information please contact Citi Retail Structured Products.
Phone:		1300 30 70 70
Email:		australia.warrants@citigroup.com
Mail:		GPO Box 40, Sydney NSW 1027

Download

• Product Disclosure Statement (pdf 1.7Mb)
• Optimiser Plus Fact Sheet (pdf 2.3Mb)
• Lonsec Research Report(pdf 376Kb)
• Aegis Research Report(pdf 423Kb)