Citi 80% Protected Dynamic Allocation Fund CITIGROUP FIRST INVESTMENT MANAGEMENT.

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1 This document should not be publicly distributed to any persons who are resident in countries where the Fund is not registered or in any circumstances where its distribution is not authorised or is unlawful. This fund is not insured by any government agency, nor is it a deposit or other obligation. The fund is subject to investment risks, in particular risk of partial loss of capital invested. CITIGROUP FIRST INVESTMENT MANAGEMENT Citi 80% Protected Dynamic Allocation Fund

2 In all market cycles, investors want their investments to grow without a constant fear of losing substantial capital. Citi would like to introduce a unique opportunity where: BlackRock, one of the world s pre-eminent investment management firms, advises Citi on the composition of an active investment portfolio benchmarked to 80% global equities and 20% fixed income Citi provides a dynamic allocation strategy to this portfolio with a profit lock-in feature, protecting at least 80% of an investor s highest daily fund price Investors have a new and innovative means to self-tailor market exposure* If investors are looking for the input of a world-class investment manager coupled with a high level of daily protection, the Citi 80% Protected Dynamic Allocation Fund could be the right solution. * Subject to the availability of new share classes, which is described in more detail on page 4.

3 Citi 80% Protected Dynamic Allocation Fund 1 Investment Approach The engine behind the Citi 80% Protected Dynamic Allocation Fund (the Fund ), is a BlackRock advised portfolio. BlackRock s renowned Multi-Asset Client Solutions Group ( BMACS ) is the portfolio advisor for the advised portfolio, utilising a diverse range of active and passive underlying investments for optimal market exposure. This team within BlackRock is responsible for over USD 577 billion in active and passive asset allocation mandates with market leading risk management controls.* In addition to the advised portfolio, a dynamic allocation strategy is executed by Citi, which allocates between the advised portfolio and a cash-like portion called the reserve portfolio.** The dynamic allocation strategy aims to reduce volatility and draw-downs in falling markets by providing: Each investor with a minimum 80% protection on their investment; the profit lock-in feature. Decreasing allocation to the BlackRock advised portfolio in falling markets. Citi 80% Protected Dynamic Allocation Fund Daily monitoring of allocation between BlackRock advised portfolio and Citi reserve portfolio Always protects at least 80% of highest daily fund price BLACKROCK ADVISED PORTFOLIO CITI RESERVE PORTFOLIO DYNAMIC PORTFOLIO INVESTMENTS RESERVE PORTFOLIO INVESTMENTS BLACKROCK ACTIVE FUNDS EXCHANGE TRADED FUNDS ("ETFS") DERIVATIVE INVESTMENTS CASH-LIKE INSTRUMENTS Source: Citi BMACS performs three important steps in determining the advised portfolio: 1. Which asset classes to invest in? 2. Which sectors and geographic regions to be in? 3. Which investment style (active or passive) will get investors there? * Source: BlackRock ** The Fund will gain exposure to the BlackRock advised portfolio, the reserve portfolio and the dynamic allocation strategy through collateralised derivative contracts with an approved counterparty. BlackRock will advise Citi on the composition of the BlackRock advised portfolio.

4 2 Citi 80% Protected Dynamic Allocation Fund BlackRock Advised Portfolio The BlackRock advised portfolio is bespoke and only available to investors of this Fund. The composition is determined by BMACS within a well defined risk and return framework utilising a range of active and passive investments. The portfolio target benchmark is 80% Global Equities and 20% Global Bonds.* The BlackRock advised portfolio can be comprised of BlackRock active funds, ETFs and derivatives (only used for market access, no leverage will be utilised).** BlackRock Investment Process BlackRock is one of the world s leading providers of investment, advisory and risk management solutions. As of December 31, 2010, BlackRock s assets under management totalled USD 3.56 trillion across equity, fixed income, cash management, alternative investment, real estate and advisory strategies.* BMACS 140 professionals around the globe are working together to extend BlackRock s investment experience to investors. BMACS employs a research driven process that leverages both the team s and BlackRock-wide resources, with frequent formal meetings to review performance, risk and market conditions. BlackRock s risk management and stress testing methodology is used within a risk framework agreed between Citi and BMACS. Please see page 6 and 7 for more information on BMACS investment philosophy. Develop investment views Portfolio construction Risk management BlackRock advised portfolio Thematic research teams Macro level allocation Fixed Income Equity and sectors Alternatives Scientific research Evaluate risk factors Scaling Rank views according to highest conviction Implementation Express views in appropriate vehicles > Active Funds, Passive Funds or Derivatives Monitor risk levels Review correlations Stress testing Evaluate the impact of various economic and market scenarios Firm-wide resources Systematic Framework Active Allocation Rigorous Monitoring Source: BlackRock * 80% MSCI World Net Total Return Index, a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 24 developed countries. 20% Barclays Capital Global Aggregate Bond Index, a broad-based measure of the global investment-grade fixed income markets. ** The underlying investments comprising the BlackRock advised portfolio may be subject to ongoing fees, expenses and other costs. In particular, where BlackRock active funds form part of the BlackRock advised portfolio, retail share classes of these funds will be used where available. These may carry higher management fees than other share classes of the same funds. Fees and charges in these share classes will be set out in the relevant BlackRock fund offering documents. Please refer to the Potential conflicts of Interest on pg 7. *** Source: BlackRock.

5 Citi 80% Protected Dynamic Allocation Fund 3 Development of Investment Views BMACS benefits from a dedicated research team providing frequent investment proposals. Portfolio managers then judge the economic rationale behind every investment proposal based on relevant market factors as well as fundamental and cyclical outlooks. Additional research is carried out into the optimal implementation of investment views, for example, research into active managers, passive ETFs and any derivatives to gain bespoke market access. The overall research framework allows BMACS to form views on both a macro asset allocation as well as a tactical level. The below snapshot is indicative and not representative over time (as of Mar 2011). With the investment views confirmed, BMACS constructs the advised portfolio and applies a rigorous and continuous risk management framework to the composition and performance of the advised portfolio Key Driver Factor Relevance for Markets Measures used Equity valuations Expensive valuations are a warning signal Cyclically-adjusted PE, Price/Book, Dividend yields Valuation Bond valuations Expensive valuations are a warning signal Yield curves, yield-implied expected returns, credit spreads Currency valuations Expensive valuations are a warning sign Interest rate differentials, purchasing power parity, relative productivity measures Economic growth Key driver of equity/bond/credit call and commodities Leading indicators, business confidence, policy measures Economic/ Earnings Cycle Inflation Central bank policy Determines attractiveness of fixed income and commodities Drives turning points in growth and inflation conditions Regional differences key for currencies Spare capacity/output gap, central bank policy Growth/inflation outlook, central bank credibility Earnings growth Major factor for equity return potential Real earnings vs longer-term trends, economic sensitivity Tactical Investor sentiment/positioning Helps to time investment decisions Positioning surveys, option-implied volatility, "soft" information Asset Allocation Negative Neutral Positive Fixed Income Equities Cash Fixed Income Negative Neutral Positive Government Bonds US Euro UK Japan Corporate Bonds (IG) USA Euro UK Other High-Yield Bonds Emerging Market Debt (USD) EM Debt (Local FX) Equities Negative Neutral Positive US Europe Japan UK Asia ex-japan Latin America Emerging Europe Alternatives Negative Neutral Positive Energy Industrial Metals Agriculture Precious Metals Distressed Debt Private Equity Real Estate Infrastructure Currencies Negative Neutral Positive USD EUR JPY GBP AUD CHF CAD Source: BlackRock

6 4 Citi 80% Protected Dynamic Allocation Fund Citi Dynamic Allocation Strategy The Citi dynamic allocation strategy is designed to increase investors exposure to the BlackRock advised portfolio in rising markets and decrease investors exposure in falling markets. Any decrease in exposure to the BlackRock advised portfolio will result in an increase in exposure to the reserve portfolio and vice versa. The reserve portfolio is a collateralised cash-like instrument, providing a return of overnight interest rates minus 12.5 basis points.* At all times, the value of the fund will be at least 80% of its highest value for any investor (profit lock-in feature). This is illustrated in the hypothetical scenario below. Falling markets may cause the allocation to the advised portfolio to decline. If this happens, investors may want to switch to a similar investment with more exposure to the BlackRock advised portfolio, in exchange for a lower protection level, to take advantage of a possible market recovery. To allow for this, the Fund may launch new share classes over time with varying levels of BlackRock advised portfolio allocation. With this unique feature, investors will be able to control their personal level of exposure to the advised portfolio, meaning the Fund offering remains relevant over time, both to new and existing investors wishing to make new contributions. Locking-in the investors profit In this example, we have assumed that the investor initially bought one share at the daily fund price of USD 100. Switching to a new share class** In this example, we assume the Fund value is 116, the BlackRock advised portfolio has been reduced to 20 and the reserve portfolio has risen to 96. At this point in time, the investor s initial investment is protected at USD 112 (80% of USD 140) and will have a minimum protection level of USD 112 from this point on. At this point in time, the investor can decide if they would like a higher BlackRock advised portfolio allocation and switch to a new share class with 100% allocation, free of charge. Investors current allocation Investors new allocation protected level 93 protected level reserve portfolio Protected Level 116 BlackRock advised portfolio 20 BlackRock advised portfolio Time Source: Citi. (For illustrative purposes only.) * The relevant interest rates are Fed Funds (USD), SONIA (GBP) and EONIA (EUR) ** The possibility to switch depends on the availability of new share classes. The Fund has been designed to allow for the periodic launch of new share classes with a view to offering investors a range of investment options over time. The launch of new share classes is dependent on market circumstances and at the discretion of the Fund and its Directors. Fees and charges inherent in any new share classes will be set out in the relevant Share Class Addendum to the Supplement.

7 Citi 80% Protected Dynamic Allocation Fund 5 Worked Example of Dynamic Allocation Strategy * The dynamic allocation strategy determines the target allocation to the BlackRock advised portfolio by applying a fixed multiplier of 5 to the distance between the protected level and the net asset value ( the buffer ). In the example on page 4, this means that the allocation on days 1-5 will be 100% of the net asset value - this is because the buffer is always 20% of the net asset value. On day 7, the net asset value has declined to USD 118, with a protected level at USD 112. As a result the buffer is USD 6 and the target allocation is USD 30. This means that investors will only be partially exposed to increases in the BlackRock advised portfolio. If the market subsequently rises, as for example on Day 8, the allocation will increase over time, but the allocation may remain below 100% for some time even in rising markets. Equally, investors should be aware that in a worst case scenario, the allocation will decline to 0%. In this case, the fund will behave as a cash-like instrument. Investors can lose up to 20% of their invested capital. For example on Day 5, a new investor buys the Fund at USD 140. On day 7, this will have declined to USD 118, however, the protected level remains at USD 112. * For a detailed description of the dynamic allocation mechanism, investors should refer to the Supplement and Dynamic Allocation Rules, which will be published in English on and will be available on request from an investor s relevant investment professional.

8 6 Citi 80% Protected Dynamic Allocation Fund Fund Details Fund Name Fund Type ISIN Initial Currency/Share Class Issue Price Liquidity Investment Manager Advised Portfolio Advisor Citi 80% Protected Dynamic Allocation Fund, a sub-fund of CitiFirst Investments plc UCITS IV Fund (Dublin) USD IE00B5PXDN21 / EUR IE00B5NGD001 / GBP IE00B5VMJS09 USD, EUR, GBP USD, EUR, GBP 100 per Fund unit Daily Citigroup First Investment Management Limited BlackRock Investment Management (UK) Limited Protection Provider (the Approved Counterparty) Citibank N.A. (and/or one of its affiliates) Custodian Administrator Protected Level Dynamic Allocation Strategy Reserve Portfolio Initial Allocation to Advised Portfolio Fees J.P. Morgan Bank (Ireland) plc Capita Financial Administrators (Ireland) Ltd 80% of highest ever daily fund price (Net Asset Value or NAV ) The framework governing the Fund's exposure between the advised portfolio and reserve portfolio Cash-like instruments 100% on Fund launch Management + administration fees: up to 1.25% p.a., calculated daily on Fund NAV Cost of protection: 0.85% p.a. calculated daily on advised portfolio allocation* Preliminary charge Up to 5.00% Further details relating to the Fund can be found in the supplement relating to the Fund together with the prospectus of the umbrella Fund, CitiFirst Investments plc both of which are available from Citi. You should not take any action in respect of the Fund unless you have received a copy of the supplement and the prospectus. The supplement and prospectus should be carefully read in their entirety before any investment decision is made. * Protection is provided through derivative contracts entered into with an approved counterparty. The cost of this protection may vary and will affect the value of the derivative contracts and consequently will affect the Net Asset Value of the fund. The Cost of protection is initially set at 0.85%, but may increase or decrease based on market conditions.

9 Citi 80% Protected Dynamic Allocation Fund 7 Benefits: Investors benefit from diversified global market exposure with an equity focus Investors will continuously have 80% of the highest daily fund price protected, thus locking in profits over time and limiting potential losses The Fund offers daily liquidity In periods of lower levels of market exposure, investors may benefit from flexibility with respect to allocation to the BlackRock advised portfolio* Risks: Up to 20% of capital invested may be lost The Fund value is exposed to various market risks such as interest rate risk, inflation risk and the risk that the BlackRock advised portfolio underperforms its benchmark Investors should be aware that the allocation to the BlackRock advised portfolio is variable and may decline to 0%, such that investors are fully exposed to cash-like returns While the fund is fully collateralised on a daily basis, the fund relies on its approved counterparty to meet its investment objectives, including the protection feature Important Risk Factors An investment in the Fund carries with it certain investment considerations and risk factors described in detail in the Prospectus and Supplement. These risks include risk of partial loss of capital, market risk, early repurchase risk, currency risk, risks relating to collateral arrangements and tax risk. This is intended to be a brief summary and does not provide a comprehensive explanation of the risk factors applicable to the fund. Investors must carefully read and understand the Prospectus and Supplement, including the complete description of the Risk Factors therein, prior to making an investment decision. Potential Conflicts of Interest Investors should be aware that, as described in detail in the Supplement, the Approved Counterparty or one of its affiliates (together, Citigroup ) has several roles that may give rise to conflicts of interest in respect of the Fund. In addition, the underlying investments comprising the BlackRock advised portfolio may be subject to ongoing fees, expenses and other costs. In particular, where BlackRock active funds form part of the BlackRock advised portfolio, retail share classes of these funds will be used where available. These may carry higher management fees than other share classes of the same funds. Fees and charges in these share class will be set out in the relevant BlackRock fund offering documents. * The possibility to switch depends on the availability of new share classes. The Fund has been designed to allow for the periodic launch of new share classes with a view to offering investors a range of investment options over time. The launch of new share classes is dependent on market circumstances and at the discretion of the Fund and its Directors.

10 8 Citi 80% Protected Dynamic Allocation Fund BlackRock Multi-Asset Client Solutions (BMACS) team develops and manages investment solutions involving multiple strategies and asset classes. The team includes more than 140 portfolio managers, quantitative analysts, investment strategists, research analysts, economists, and actuaries. BMACS manages USD 50 billion in active allocation strategies around the world, applying both a systematic and fundamental approach to asset allocation. The team s guiding principles are to: Serve as a trusted advisor by providing unbiased advice on portfolio issues and multi-asset solutions; Deliver BlackRock s global capabilities by leveraging the firm s insights in a holistic and consistent manner; Employ a flexible framework using a dynamic approach to investment solutions that adapts to client needs; Take ownership of implementation and performance, by focusing on high-quality execution and delivering investment results; and, Actively research and select returngenerating strategies from both internal and external providers. Citi does business in more than 160 countries and works tirelessly to serve individuals, communities, institutions and nations. With 200 years of experience meeting the world s toughest challenges and seizing its greatest opportunities, we strive to create the best outcomes for our clients with financial solutions that are simple, creative and responsible. Citigroup First Investment Management Limited (CFIM) is a recognized investment management business in both Europe and Asia which currently manages over 20 investment funds globally with more than USD 2.3 billion in assets under management (March 2011). CFIM is approved by the Central Bank of Ireland to act as an investment manager to collective investment schemes regulated in Ireland and is also regulated by the Hong Kong Securities and Futures Commission. Citi s fund offering, under the CitiFirst Funds umbrella, provides the investment industry with a range of innovative and relevant investment products inspired by customer needs across all asset classes and geographies. CitiFirst Funds leverage Citi s global presence, market access and our industry-leading research and structuring capability.

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