YIELDS4 - Asian Income Plus

Asian market exposure with 100% capital protection¹.

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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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

This material is made available by Citigroup Global Markets Australia Pty Limited ("Citigroup Global Markets") ABN 64 003 114 832 and AFSL 240992, Participant of the ASX Group. The Financial Products referred to in this document are issued by Citigroup Global Markets. 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 their own independent financial advice based on their own circumstances before making a decision.
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