Equity First : Financial Investments Reflecting Strategic Thinking

ORB International Enhanced Income (Yields2)

A de-leverage event has occurred per the PDS. As result no further distributions will be made for the remainder of the term and there is no exposure to the income plus trading strategy. Investors will receive at maturity the initial capital protected investment amount. Alternatively Investors who wish to sell their holdings can on the open market. If Investors elect to do this it should be through their Stockbroker and a Client Warrant Agreement will need to be in place prior to execution.

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An offer to invest in Yield Income Enhanced Deferred Securities 2 (YIELDS2) [ASX code : YLDSO2]

Capital guaranteed international equity investment

Product Summary

ORB International Enhanced Income is an offer to invest in YIELDS2, the second in a series of hybrid securities issued by Citigroup Global Markets Australia Pty Limited (Citigroup) that offers investors the potential for target income of 12%pa (net of Strategy Discount Amount)^[1], medium-term capital growth and the safety of a 100% capital guarantee at Maturity^[2].

YIELDS2 offer investors exposure to the Income Plus Trading Strategy, an equity trading model developed by Citigroup, that seeks to generate a high level of income and capital growth by gaining investment exposure to 30 of the world's largest companies by market capitalisation.

The Income Plus Trading Strategy uses a dual approach in order to meet its objectives:

Investing in the highest dividend yielding stocks in the Dow Jones Global Titans 50 Index;
Generating additional income by writing "covered call options" over these stocks.

Investment Objectives

Key Features	Investor profiles
Targeted income of 12% per annum payable quarterly¹	Investors who want exposure to international equity markets
100% capital guaranteed on the maturity date ²	Investors who are seeking regular income, the potential for capital growth and capital protection at maturity.
Ability to outperform a direct equity investment in all but strong bull market scenarios	Investors seeking to add an equity linked investment to further diversify a portfolio of equity and fixed income investments
Expected to be listed on ASX	Fixed income Investors seeking potentially higher yields
Potential capital growth through exposure to 30 of the world's largest companies by market capitalisation	Investors who can accept foreign currency exposure
Minimum investment of AUD$5,000	Investors who can accept a holding period of 6 years.

How to Invest in YIELDS2

YIELDS2 are listed and traded on ASX under the code YLDSO2. You can purchase or sell YIELDS2 directly on ASX by contacting your stockbroker or financial advisor to place an order. It is important you read the entire Product Disclosure Statement (PDS) dated 24 September 2004 before making a decision to invest, the PDS details the type of investment and some of the risks associated with investing in YIELDS2. To obtain a current copy of the PDS you can download from the link below or call Citigroup Structured Products on 1300 30 89 82 to obtain a hard copy.

Investment Classification

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

Offer Summary

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1 The target income is indicative only and is not guaranteed. The figure of 12% per annum (net of Strategy Discount Amount) is a target income figure and not a target total return figure.
2 The capital guarantee only applies to YIELDS2 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.