Indicative Terms

Alpha Structured Investments Pty Limited

Citigroup Global Markets Australia Pty Limited

Citigroup Inc.

Alpha RESULTS

Alpha RESULTS is an agreement between the Investor and the Issuer governed by the Terms.

A series of Units in Alpha RESULTS, being Alpha RESULTS (a 2010 - 08) as contained in this PDS.

The Investor can select from, and invest in, up to two (2) Alpha RESULTS Strategies and up to two (2) Reference Asset Portfolios in the Application Form. Each Alpha RESULTS Strategy Investment is a combination of one Reference Asset Portfolio and one Alpha RESULTS Strategy.

The 'Investment Amount' is the total amount paid in respect of an Investment by the Investor to the Issuer by the relevant Initial Offer Closing Date (if the Investment in Alpha RESULTS is entered into during the Initial Offer Period), or the Purchase Date (if the Investment in Alpha RESULTS is entered into during the General Offer Period).

This strategy provides the Investor with:

• Income Amount: cash payment monthly in arrears on the Income Payment Dates during the term of investment;
• Conditional Capital Protection: the Investor will receive the Issue Price for each Unit held on the Maturity Date if neither a Barrier Event nor Early Maturity occurs; and
• No Growth Amount or Growth Bonus Amount is payable under this strategy.

Please refer to 'Alpha RESULTS Income Strategy Information' on page 10 of this PDS for details about the Alpha RESULTS Income Strategy. Please refer to the worked examples set out in Section 5 of this PDS for information on how an Investment in Alpha RESULTS could perform if this strategy is selected.

This strategy provides the Investor with:

• Growth Amount: cash payment on each Growth Payment Date if neither a Barrier Event nor Early Maturity occurs;
• Growth Bonus Amount: 100% of the Reference Asset Performance of the Lowest Priced Reference Asset exceeding (100% plus the total Growth Amount over the Term), due as a cash payment on the Settlement Date if neither a Barrier Event nor Early Maturity occurs;
• Conditional Capital Protection: the Investor will receive the Issue Price for each Unit held on Maturity if neither a Barrier Event nor Early Maturity occurs; and
• No Income Amount is payable under this strategy.

Please refer to 'Alpha RESULTS Growth Strategy Information' on page 12 of this PDS for details about the Alpha RESULTS Growth Strategy. Please refer to the worked examples set out in Section 5 of this PDS for information on how an Investment in Alpha RESULTS could perform if this strategy is selected.

A 'Barrier Event' occurs if any Reference Asset in the selected Reference Asset Portfolio has, on the relevant Barrier Event Observation Date, an Official Closing Price that is equal to, or less than, the Barrier Level.

The 'Barrier Event Observation Date' occurs each day from the relevant Issue Date up to, and including, the relevant Maturity Date.

The 'Barrier Level' is 60% of the Initial Price.

15 November 2010 at 9.00am (Sydney time)

3 December 2010 at 5:00 pm (Sydney time)

10 December 2010. The Issue Date will also be specified in the Confirmation.

Eighteen (18) months

12 June 2012

Australian dollars (AUD)

AUD 1.00 per Unit

The 'Initial Offer Period' is the period during which Investors can invest in Alpha RESULTS before the Issue Date.

The Initial Offer Period opens on the Initial Offer Opening Date and expires on the Initial Offer Closing Date.

During the Initial Offer Period, Units will be issued at the Issue Price.

The 'General Offer Period' is a period during which Investors can invest in any of the Alpha RESULTS Strategy Investments after the relevant Issue Date. Any such Investment will be for the balance of the relevant Term so that it expires on the same Maturity Date as all other Investments in the Series.

The General Offer Period is 13 December 2010 to 30 April 2012.

During the General Offer Period, Units will be issued at the Purchase Price. Investors should note that the Purchase Price may not be the same as the Issue Price. As such, Investors applying during the General Offer Period may make a capital loss or gain (or make a lower or greater return) depending on whether the Purchase Price was greater or less than the Issue Price, as the Final Value per Unit is only calculated by reference to the Issue Price.

Investors applying during the General Offer Period should refer to www.citifirst.com.au/alpha_RESULTS.html or www.asx.com.au for confirmation of the relevant Income Amounts and Growth Amounts set for each portfolio on the Issue Date.

Also, during the General Offer Period, applications will be processed on a weekly basis or such other timing determined by the Issuer in its discretion in consultation with the Arranger. If you are an AFSL holder, please contact Alpha to obtain the details for the processing of Applications during the General Offer Period. If you are not an AFSL holder, please refer to www.citifirst.com.au/alpha_RESULTS.html or www.asx.com.au.

The General Offer Period may include dates where Citigroup Inc. may have earnings releases and potential corporate actions that may adversely affect the credit quality of Alpha RESULTS. By investing in Alpha RESULTS, the Investor acknowledges the above. For more details, please refer to the section titled 'What factors should Investors consider before acquiring Units during the General Offer Period' in Section 4 of this PDS.

The 'Purchase Price' is determined by the Issuer at the time of the issue of Units on the Purchase Date. Investors should note that the Purchase Price may not be the same as the Issue Price.

As such, Investors applying during the General Offer Period may make a capital loss or gain (or make a lower or greater return) depending on whether the Purchase Price was greater or less than the Issue Price, as the Final Value per Unit is only calculated by reference to the Issue Price.

The prevailing Purchase Price before the Purchase Date will be available from the Issuer or your licensed financial adviser. Potential Investors should not make an investment decision without considering the prevailing Purchase Price. For more details, please refer to the section titled 'Purchase Price' in Section 4 of this PDS.

The 'Purchase Date' is a date in any given week during the General Offer Period in which the Issuer receives cleared funds from the Investor and on which the Issuer issues Units.

AUD 20,000 per Application relating to a single Alpha RESULTS Strategy Investment. If the Application relates to more than one Alpha RESULTS Strategy Investment, the Minimum Investment Amount for each Alpha RESULTS Strategy Investment is AUD 10,000, with multiples of AUD 5,000 per Alpha RESULTS Strategy Investment thereafter (provided that the aggregate investment in Alpha RESULTS Strategies in respect of any Series must amount to at least the Minimum Investment Amount of AUD 20,000 *).

'Conditional Capital Protection' means that the Issuer will deliver to an Investor the Delivery Assets with a value equal to the number of Units held by the Investor multiplied by the Issue Price provided that, in respect of both the Alpha RESULTS Income Strategy and the Alpha RESULTS Growth Strategy, neither a Barrier Event nor Early Maturity occurs and Alpha RESULTS is held on the relevant Maturity Date.

Investors should be aware that even if they are applying for Alpha RESULTS during the General Offer Period, Conditional Capital Protection applies only to the Issue Price, which may not equal the Purchase Price. Accordingly, if Investors acquire their Investment during the General Offer Period at a time when the Purchase Price is greater than the Issue Price, they may incur a loss (or make a lower return) compared with Investors who acquire Units during the Initial Offer Period at the Issue Price. Alternatively, if Investors acquire their Investment during the General Offer Period at a time when the Purchase Price is less than the Issue Price, they may make a gain (or make a greater return) compared with Investors who acquire Units during the Initial Offer Period at the Issue Price. For more details, please refer to Section 4 of this PDS.

The 'Initial Price' is the Official Closing Price of a Reference Asset on the relevant Issue Date.

The 'Reference Price' is the Official Closing Price of a Reference Asset as at the date on which it is observed after the relevant Issue Date (including the Maturity Date).

The Reference Asset within the relevant Reference Asset Portfolio with the lowest Reference Asset Performance.

The 'Reference Asset Performance' with regards to each Reference Asset is calculated as follows:

Reference Asset Performance= Reference Price / Initial Price

Ordinary shares in Australia and New Zealand Banking Group Limited (an ASX quoted share, ASX code: ANZ).

Alpha RESULTS is subject to investment risks, including the possible loss of the Investment Amount if Early Maturity or a Barrier Event occurs, and possible delays in payment. Investors should be aware of the possibility that Alpha RESULTS will not generate an income or a growth return. For information regarding the risks associated with Alpha RESULTS, please refer to Section 4 of this PDS.

'Fees' are comprised of the following:

• Financial Adviser Fee - is an upfront fee payable by the Issuer to financial advisers of up to 2.20% (including GST if applicable) of the Investment Amount; and
• Arranger Fee - is an upfront fee payable by the Issuer to the Arranger of up to 1.65% (including GST if applicable) of the Investment Amount.

These fees are payable by the Issuer out of its own funds and are not an additional cost to Investors, nor are they deducted from the Investment Amount.

The Financial Adviser Fee may be waived by the relevant financial adviser if the appropriate box is ticked, where indicated, in the Application Form. If this occurs, an amount equal to the Financial Adviser Fee will be credited to the Investor in the form of extra Units. Please tick the appropriate box where indicated in the Application Form if your financial adviser wishes to waive this fee.

There may be fees or commissions payable by the Investor to their broker or financial adviser in respect of Units issued at the Purchase Price. These fees are not charged by the Issuer.

For information on what fees and commissions are payable in connection with an investment in Alpha RESULTS, please refer to Section 6 of this PDS.

If, at Maturity, the Investor elects to take advantage of the Agency Sale Arrangement, the Investor can choose to reinvest the proceeds from the sale of the Delivery Assets in up to three (3) Alpha RESULTS Strategies (if available) and up to three (3) Reference Asset Portfolios (if available) in either an existing or subsequent Series of Alpha RESULTS (if available). For more details, please refer to the section "What happens at Maturity?" in Section 3 of this PDS.

The Issuer will make an application to ASX for Alpha RESULTS (a 2010 - 08) to be admitted to trading status as a warrant within seven (7) days after the date of this PDS. Investors should note that Quotation of Alpha RESULTS (a 2010 - 08) is at the discretion of ASX. If Alpha RESULTS (a 2010 - 08) is admitted to trading status as a warrant by ASX, Alpha RESULTS (a 2010 - 08) will be transferable through the Clearing House Electronic Subregister System ("CHESS").