Investments are offered through Citigroup Global Markets Inc. (“CGMI”), member SIPC. CGMI and Citibank, N.A. are affiliated companies wholly owned by Citigroup Inc. Morgan Stanley Smith Barney LLC is a separate investment advisor and broker/dealer registered with the Securities and Exchange Commission, and is affiliated with but distinct from Citibank and CGMI. References to “Citi Smith Barney” or “Smith Barney” should be read as referring to CGMI. Please contact us if you have any questions about this notice.PS04045

Alternative Thinking From Citi

Investing in AlternativesPrivate EquityHedge Funds

Real EstateStructured Products

Infrastructure

IMPORTANT INFORMATION

This document has been prepared by Citigroup Alternative Investments for the personal use of clients of Citigroup affiliates.

This document is communicated by Citibank International plc in the EU and UK. Citibank International plc is registered with the Netherlands Authority for the Financial Markets.

All expressions of opinion are as of March 2007, and are subject to change without notice and are not intended to be a guarantee of future events and may differ from opinions expressed by other businesses of Citigroup. This document is for informational purposes only, does not constitute a solicitation to buy or sell securities or provide services and does not replace any confidential Private Placement Memorandum. Opinions and views expressed herein may differ from the opinions and views expressed by other businesses of Citigroup Alternative Investments or Citigroup. The information in this report is confidential and intended solely for the use of Citibank/Citigroup Inc. and the client to whom it has been delivered. It is not to be reproduced or distributed to any other person or to the client’s professional advisers except with the permission of Citigroup Alternative Investments. Although information in this document has been obtained from sources believed to be reliable, Citigroup and its affiliates do not warrant its accuracy or completeness and accept no liability for any direct or consequential losses arising from its use.

Alternative investments can be speculative and are not suitable for all investors. Additional information can be found in an alternative investment’s confidential private placement memorandum. Investing in alternative investments is only intended for experienced and sophisticated investors who are willing to bear the high economic risks associated with such an investment. Investors should carefully review and consider potential risks before investing. These risks may include:• loss of all or a substantial portion of the investment due to leveraging, short-selling, or other

speculative practices;• lack of liquidity in that there may be no secondary market for the fund and none is expected to develop;• volatility of returns;• restrictions on transferring interests in an alternative investment;• potential lack of diversification and resulting higher risk due to concentration of trading authority

when a single advisor is utilized;• absence of information regarding valuations and pricing;• complex tax structures and delays in tax reporting;• less regulation and higher fees than mutual funds; and• advisor risk.

Individual funds will have specific risks related to their investment programs that will vary from fund to fund.(continued on the inside back cover)

About the CoverStocks and bonds typically form the foundation of an investment portfolio. Like climbers who reach a mountain top only to see higher mountains, sophisticated investors may want to consider alternative investments.

To pursue this new peak, investors must prepare themselves by studying the terrain and considering different ascent routes. This brochure is meant to provide a basic understanding of the primary alternative investment asset classes and can be used by qualified investors to “prepare for their climb.”

Interest in alternative investments has increased in recent years resulting, in part, from the modest performance of traditional stock and bond markets, heightened media coverage and the strong returns that prominent institutional investors have earned by investing in these products.

What Are Alternative Investments?Alternatives generally refer to a diverse set of investment strategies that fall outside of the traditional universe of long-only stocks and bonds. To maximize returns, alternative managers are constantly looking to innovate, pursuing opportunities before they are identified by the broader investment community. The variety and type of alternative strategies are bounded only by the creativity of the investment managers themselves.

• Private equity and real estate: Privately negotiated investments in public or private companies or properties where investment managers can be a catalyst for long-term value creation by implementing strategies that have the potential to : increase revenue, improve operations and/or provide more efficient financing.

• Hedge funds: Private investment funds that often trade in liquid, public securities and strive to deliver “skill-based” returns that can be achieved by anticipating increases or decreases in security prices based on identification of inefficiencies, predicting trends or use of other sophisticated trading strategies.

• Structured products: Tailored products customized to pursue specific risk, return and cash flow parameters or to provide special features such as principal protection, enhanced yield or tax advantages.

• Infrastructure: Investments in physical assets such as toll roads, airports, railways, water systems, ports and electricity grids. Offers the potential to deliver long-term predicable cash flows because infrastructure assets tend to be less vulnerable to the risks of economic downturns, technological obsolescence or increased competition.

Benefits of AlternativesThe appeal of alternative investments lies in their potential to provide attractive risk-adjusted returns and diversification benefits. When appropriately integrated, alternatives have the capability to enhance a portfolio’s efficiency by improving possible returns for each level of risk.

The efficient frontier represents the theoretically optimal portfolio (for each level of risk) that an investor can achieve by blending a set of assets together in different proportions.

Private equity • Hedge Funds • real estate structured Products • inFrastructure

Efficient Frontier

Adding alternatives to portfolios of stocks and bonds can shift the efficient frontier, enabling an investor to seek greater returns for a given level of risk.

Past performance is no guarantee of future results, and there can be no guarantee that these benefits will be achieved. Real results may vary.

With Alternatives

Without Alternatives

Lower Risk

Higher Return

Standard Deviation (risk)

Ann

ualiz

ed R

etur

n

1

Attractive Risk-Adjusted Return PotentialAlternative investments offer the potential for attractive risk-adjusted returns given that alternative managers have greater flexibility than traditional managers to utilize certain strategies and techniques.

For example, they may:

• Either buy or sell securities – allowing them to make full use of their market insights.

• Leverage their investments through the use of borrowings or derivatives.

• Invest in less efficient private and public markets where the potential for identifying and creating value creation may be greater.

• Have large enough ownership in a company to either direct or influence management.

1 This illustration makes a general comparison between asset classes. Each alternative investment product has unique qualities and should be evaluated separately to make a judgment about an alternative investment and its risk/return characteristics.

2 There is a broad range of hedge fund strategies, some designed to be low risk/low return while others take greater risk in pursuit of higher potential return.

3 Variability in real estate returns is magnified, given that investments in this class are typically made with considerable leverage.

4 Private equity investing is represented by the leveraged buyout strategy.

Citi Alternative Investments

Relative Risk / Reward Characteristics1

Illustrative Example

Past performance is no guarantee of future results. Real results may vary.

2

Diversification BenefitsAlternative investments provide qualified investors with exposure to markets and investment strategies that cannot be accessed through traditional fixed income and equity markets. In addition to attractive risk-adjusted return potential, alternatives may provide diversification benefits. Historically, alternative investments have displayed low to moderate correlation both to traditional investments and to each other. By appropriately incorporating alternatives into a diversified portfolio, investors may be able to improve their portfolio’s performance and risk/return characteristics.

The correlation between asset classes is illustrated by the historical correlation measures in the chart below.

Correlation is a statistical term used to describe the extent to which the returns of two investments move in the same direction. Correlations range from -1 to +1. Assets that are positively correlated tend to rise and fall together. Assets that are negatively correlated tend to move in opposite directions. By adding assets to a portfolio that display low or negative correlation to other portfolio assets, investors may achieve diversification benefits – greater return and lower risk.

Traditional Investments Alternative Investments

CashU.S.

BondsU.S. Large Cap Equity

Hedge Funds

Private Equity

Real Estate

Cash 1.00

U.S. Bonds 0.14 1.00

U.S. Large Cap Equities 0.08 (0.01) 1.00

Hedge Funds 0.04 0.00 0.53 1.00

Private Equity 0.04 (0.27) 0.74 0.58 1.00

Real Estate 0.09 (0.12) 0.08 (0.05) 0.26 1.00

5 Source: Citi Alternative Investments analysis based on index data. Cash: U.S. 1-month LIBOR. U.S. Bonds: Lehman Aggregate Bond Index. U.S. Large Cap Equities: S&P 500. Hedge Funds: HFRI Funds of Funds Index. Private Equity (Leveraged Buyouts): Venture Economics (pooled, time weighted returns). Real Estate: NCREIF National Property Index. Investors cannot invest in an index. All performance data is based on historical returns from July 1994 through June 2006. Private equity correlations are calculated solely from performance of leveraged buyouts. Correlations will differ for other private equity investment strategies.

Correlation of Alternatives to Traditional Asset Classes5

Past performance is no guarantee of future results. Real results may vary.

3

Entrepreneurial Qualities, Citi Advantages

Importance of Manager SelectionIn traditional asset classes, managers’ returns are typically driven by fundamental market performance. The dispersion of returns achieved by market participants tends to be relatively narrow. By contrast, a manager’s skill is generally a greater contributor to the performance of an alternative investment manager.

Prospective investors in alternatives should conduct careful due diligence on the managers they are considering. Attention should be paid to a manager’s experience, strategy, process and track record. Many investors opt to entrust the manager selection process to professionals by investing in a fund of funds or a diversified single-manager alternatives platform that provides manager selection and oversight benefits.

Investing in Funds of Funds vs. Single ManagersFunds of funds are portfolios that provide investors access to several underlying alternative managers. They are available in most alternative asset classes. Below is a comparison depicting investing in a fund of funds vs. selecting specific managers.

Funds of Funds Single Managers

Pote

ntia

l B

enefi

ts

• Greater Diversification

• Professional Due Diligence

• Preferential Access to Top Tier Managers

• Lower Investment Minimums

• Lower Volatility Than Single Manager Hedge Funds

• Single Layer of Fees7

• More Ability to Tailor Portfolio

• Potential for Higher Returns

Pote

ntia

l D

raw

back

s • Additional Fees

• Lower Return Expectations

• Greater Manager-Specific Risks

• Due Diligence and Oversight Responsibility

• Higher Investment Minimums

6 This chart presents some benefits and drawbacks that are generally associated with investing in funds of funds or investing in specific managers. Each product has unique attributes and should be evaluated separately.

7 Applicable when investing in single manager hedge funds directly. Investors who invest in single manager hedge funds via a diversified single manager platform, or similar vehicle, may be subject to additional fees.

Comparison6

4 Citi Alternative Investments

How Much Should an Investor Allocate to Alternative Investments?Investors should consider their time horizon, liquidity requirements and risk tolerance when determining how much to commit to alternatives. Generally speaking, allocating to a broad spectrum of alternatives has historically offered an investor the best chance of realizing their risk/return and diversification benefits.8

Investors with long time horizons and greater tolerance for illiquidity may wish to consider larger allocations to private equity and real estate relative to other alternative strategies. Historically, investors in these strategies have been rewarded with an “illiquidity premium” – excess returns relative to comparable public market investments – as compensation for tying up their money for long periods of time.

Investors with shorter time horizons and lower tolerance for illiquidity may want to overweight hedge funds relative to other alternative strategies. These relatively more liquid alternatives often allow quarterly redemptions, enabling investors to access their cash within a reasonably short period of time.

Due to their customized risk, return and liquidity profile, structured products must be considered on a case-by-case basis. In some instances, they may seek to perform like fixed income securities, in others like hedge funds or equities.

Of course, past performance is no guarantee of future results, and any investment therein is subject to risks inherent to such strategies and the time period in which the investment is made given the cyclical nature of certain strategies.

Alternative investments have grown in popularity and comprise large percentages of the investment portfolios of many sophisticated institutional and high net worth investors. Some of the largest university endowments have made significant investments in alternatives. Such significant allocations are appropriate for investors with lengthy time horizons as well as suitable liquidity requirements and risk tolerance.

8 Each investor has specific considerations. To determine appropriate allocations given their time horizon, liquidity requirements and risk tolerance, investors should seek guidance from a qualified Financial Advisor or Banker.

9 Source: Yale Endowment 2006 Annual Report, Harvard Management Company 2005-2006 Annual Report, Stanford University 2006 Annual Report. Harvard University’s policy portfolio includes a (5)% allocation to cash.

Allocation of Three Large University Endowments9

Policy Portfolio Composition

Real Estate & Commodities

Private Equity

Hedge Funds

Equities

Fixed IncomeYale

67%

28%

16%

23%

26%

4%

Stanford

48%

23%

10%

15%

40%

12%

Harvard

61%

31%

13%

17%

31%

13%

5

Entrepreneurial Qualities, Citi Advantages

Private EquityPrivate equity can be broadly defined as privately negotiated transactions in public or private companies. Investments can range from seeding start-up entities, to infusing growth equity into an expanding company, to buying out mature enterprises. Typically, private equity investors obtain a large ownership position and take an active board role that allows them to monitor and guide portfolio companies. Major categories of private equity include venture capital, growth financing, buyouts, mezzanine debt and distressed investing. Private equity funds may be broad in their scope of investments or they may focus on a specific industry or geography.

Return Drivers:Private equity managers have the potential to achieve attractive risk-adjusted performance based on the following:

• Access to information: Relative to public equity investors, private equity managers may enjoy extensive access to company management, customers and suppliers, enabling them to thoroughly evaluate a potential investment.

• Control: The vast majority of private equity managers are active board participants and are often able to influence or direct the strategy and key initiatives of their portfolio companies.

• Long-term approach: Private companies do not confront public market pressures to meet quarterly earnings – a pressure that might drive public companies to pursue short-term objectives at the cost of long-term goals.

• Alignment of interests: Compensation for private equity managers is usually tied to their investment performance. This may result in an alignment of interests between private equity managers and investors.

• Exit strategy: Understanding how and when to liquidate private equity investments is of paramount importance.

Considerations:When contemplating whether or not to invest in private equity, an investor should consider the following:

• Returns: Although private equity may serve as a strong return driver for a portfolio, each specific transaction as well as collective investments made in a given time period can contain significant risk.

• Diversification: To seek to mitigate risk, investors should spread their commitments across managers, strategies, vintage years, industries, and geographies.

• Time horizon: Investments are typically made with a long time horizon (five to seven years or longer).

• Illiquidity: Private equity investments are often “locked up.” With no efficient secondary market, it is difficult to exit a private equity investment prematurely.

• Valuation: As private equity funds generally will invest in securities that are not readily marketable, investors may find it difficult to track the value of their investments over the life of the fund.

6 Citi Alternative Investments

Real EstateReal estate investing, arguably the oldest alternative investment strategy, presents investors with a range of investment opportunities to help meet specific risk and return objectives. Historically, private real estate has displayed moderate volatility and low to moderate correlation to traditional asset classes.

Real estate investment managers may specialize in investing in a specific strategy or in a specific geographic region. Real estate funds may be designed to maximize current income or may be opportunistic in nature – such as development or properties with turnaround potential.

Because real estate strategies often involve investment in real assets as opposed to financial instruments, real estate funds may afford investors a measure of inflation protection.

Return Drivers:Real estate portfolio managers have the potential to achieve attractive risk-adjusted performance based on the following:

• Local market knowledge: Because local supply and demand factors are a strong determinant of private real estate values, intimate knowledge of local market conditions and behavior is essential to success.

• Sourcing ability: The strength of a manager’s network, reputation and industry knowledge may result in sourcing advantages.

• Value creation: A real estate investment manager often finds opportunities to develop, reposition or improve a property to increase the current yield and the value of an investment.

• Alignment of interests: Compensation for real estate managers is usually tied to their investment performance. This may result in an alignment of interests between hedge fund managers and investors.

• Exit strategy: Understanding how and when to liquidate private real estate investments is of paramount importance.

Considerations:When contemplating whether or not to invest in public and private real estate, an investor should consider the following:

• Inflation protection: Investment in real assets – such as real estate – may serve as a hedge against the effects of inflation.

• Diversification: The performance of local real estate markets and individual property types may vary widely over the same time period. Investors should diversify by manager, strategy, geography and property type.

• Investment horizon: Real estate investment cycles are extremely long. In some cases, investors may have to wait years to liquidate their investment in an advantageous manner.

• Leverage: Real estate investments can involve a high degree of leverage, which has the effect of magnifying gains and losses.

7

8

Hedge FundsA hedge fund is a private investment fund that typically invests in publicly traded securities including equity, fixed income, commodities and currencies. A hedge fund often employs a complex trading strategy with the flexibility to buy or sell short securities, utilize derivatives or add leverage. Many hedge funds seek to deliver positive returns regardless of the direction of capital markets or the economy.

Return Drivers:Hedge fund managers have the potential to achieve attractive risk-adjusted performance based on the following:

• Talent and innovation: Hedge funds have succeeded in attracting many talented and innovative portfolio managers because such funds offer managers the flexibility they need to fully apply their skill and incentive systems that more closely tie reward to performance.

• Investment flexibility: Hedge fund managers have the freedom to employ highly complex and potentially risky trading strategies in pursuit of returns.

• Broad investment universe: Hedge funds invest in a wide variety of financial instruments. This gives investors the opportunity to choose from managers who take a single strategy or multi-strategy approach.

• Alignment of interests: Compensation for hedge fund managers is usually tied to their investment performance. This may result in an alignment of interests between hedge fund managers and investors.

Considerations:When contemplating whether or not to invest in hedge funds, an investor should consider the following:

• Manager selection: Skill-based returns are highly attractive for diversification purposes, but identifying skilled managers may prove challenging.

• “Beta mismatch”: Certain hedge fund strategies may derive a portion of their returns from exposure to equity or fixed income markets (“beta”). Investors may have to adjust their equity and fixed income allocations to account for the “beta” that a particular hedge fund manager generates in order to stay within an appropriate strategic asset allocation range.

• Diversification: Investors should try to diversify their investments across a variety of managers and investment strategies.

• Downside risk: Certain hedge fund strategies may carry a heightened risk of considerable losses.

• Leverage: Hedge fund investments can involve a high degree of leverage, which has the effect of magnifying gains and losses.

Citi Alternative Investments

Common hedge fund strategies include:

Global Macro and Managed Futures

• Global Macro strategies make leveraged “directional” investments based on anticipated price movements in global stock markets, interest rates, foreign exchange and physical commodities.

• Managed Futures strategies seek to profit from price movements in global commodities, futures and currency markets often based on analysis of past market data to predict future trends.

Equity Long / Short

• Equity Long / Short strategies attempt to obtain attractive performance in all market environments through stock selection with hedged market exposure that generally has a long bias.

Relative Value

• Statistical Arbitrage strategies employ quantitative techniques to uncover and exploit perceived inefficiencies in the pricing of individual stocks or groups of stocks.

• Equity Market Neutral strategies attempt to generate profits through the selection of equity securities, while reducing or eliminating the effects of market-wide or industry sector-wide price movements by simultaneously taking long and short positions in equities in approximately equal volumes.

• Convertible Arbitrage strategies seek to capitalize on perceived mispricing among a company’s convertible bonds, options embedded in the bonds and the company’s common stock.

• Fixed Income Arbitrage seeks to exploit pricing inefficiencies between related fixed income securities, while neutralizing exposure to interest rate risk.

Event Driven

• Merger Arbitrage involves investing in event-driven situations, such as announced leveraged buyouts, mergers and hostile takeovers. It usually involves taking long and short positions in companies involved in a proposed transaction based on a prediction of the outcome.

• Distressed strategies invest in obligations of troubled companies, which are often already in bankruptcy. Managers attempt to identify specific securities or other obligations that are trading at discounts to their long-term realizable or intrinsic value.

9

Entrepreneurial Qualities, Citi Advantages

Structured ProductsStructured products are investment instruments designed utilizing financial engineering to provide investors with a unique risk and return profile over a given investment horizon. Many structured products involve combinations of stocks, bonds, commodities, derivatives, indices and leverage. Special features like enhanced yields, principal preservation and tax efficiency are typically sought.

Structured products may be offered with returns linked to the performance of a basket of assets such as stocks, bonds or hedge funds (with and without principal preservation). Others may be offered with returns based on the spread between an asset portfolio and financing costs.

Return Drivers:Structured products managers have the potential to achieve attractive risk-adjusted performance based on the following:

• Skillful structuring: The investment manager must draw upon her financial engineering skills to properly structure the opportunity in order to deliver a unique risk/return profile.

• Asset/liability matching: Careful management of asset portfolios relative to contractual liabilities is key to achieving the desired performance.

Considerations:When contemplating whether or not to invest in structured products, an investor should consider the following:

• Highly defined investment parameters: The customized nature of structured products attempts to allow investors to satisfy highly specific risk and return objectives.

• Risk management: Many structured products rely on complex risk control strategies. Ineffective or incomplete risk controls may result in losses to investors.

• Leverage: Many structured products rely on leverage to generate returns. Leverage has the effect of magnifying gains and losses.

10 Citi Alternative Investments

The Risks of Alternative InvestmentsAlthough alternatives may help reduce overall portfolio volatility, some have risks other than those associated with traditional stocks and bonds. Investors should always evaluate the risks specific to a particular investment, should read carefully the offering materials of an individual offering, and should consult with their appropriate financial, legal and tax professionals. A sampling of the general risks associated with alternative investments is listed below:

• Lack of liquidity: Alternative investments are generally not readily marketable, sometimes not redeemable and are transferable only in limited circumstances.

• Valuation: Valuation procedures may be subjective in nature, may not conform to any industry standard and may not reflect the values that are ultimately realized. However, the valuations of these positions may affect asset-based management fees and performance-based fees.

• Specialized trading: Special investment techniques such as leveraging, short selling and investing in derivatives may result in significant losses, including the loss of principal.

• Strategy risk: Investment strategies may at times be out of market favor for considerable periods, with adverse effects on the investment.

Because of these risks, and the largely unregulated nature of the alternative investment industry, laws restrict the institutional and individual investors who are eligible to invest in alternatives. Criteria generally include strict income and/or net worth thresholds, as well as investment expertise and the ability to understand and tolerate risk. In addition, affiliates of Citigroup often act as providers of various types of services to alternative investment funds. Certain conflicts of interest may arise within the Citigroup organization. To help navigate these risks and conflicts, as well as understand what can sometimes be complex investment strategies, sophisticated investors often look to an experienced Financial Advisor or Banker for assistance.

11

Entrepreneurial Qualities, Citi Advantages

12

A Leader in Alternative InvestmentsCiti Alternative Investments (CAI) has $49.2 billion of capital under management and more than $130 billion on a levered basis.10 We manage a wide range of products across five asset classes, including private equity, hedge funds, real estate, structured products and infrastructure.

CAI Profile10

Assets Under Management • Unlevered • Levered

$49.2 billion$130+ billion

Citigroup Proprietary Capital $10.7 billion (22% of total assets under management)

Asset Classes Private Equity, Hedge Funds, Real Estate, Structured Products, Infrastructure

Employees Over 875

Investment Centers 14

Investment Products 80+

10 As of December 31, 2006.11 CAI focuses on products designed to meet the needs of specific investors. We recognize that high-net-worth and institutional investors can

have different investment profiles and goals. Accordingly, not all CAI products are available to all investors.12 In addition to our Investment Centers, CAI and CVC Capital Partners (a U.K.-based private equity firm that has no affiliation with Citigroup)

are joint venture partners in CVC Asia Pacific, which focuses on buyouts in developed Asian economies.

CAI’s 14 Investment Centers

Private Equity Hedge Funds Real Estate Structured Products Infrastructure

3 Centers12 7 Centers 1 Center 2 Centers 1 Center

Citi Private Equity

Citi Venture Capital International

Citicorp Venture Capital

Citi Fixed Income Alternatives

Citi Municipal Investors

Corporate Special Opportunities

Emerging Markets Special

Opportunities

Hedge Fund Management Group

Leveraged Loan Investments

Tribeca Global

Citi Property Investors

Citi Alpha Strategies

Global Credit Structures

Citi Infrastructure Investors

14 Investment Centers11

We foster a spirit of entrepreneurship within each of our 14 investment centers. This allows talented investors to obtain the autonomy required to capitalize on evolving opportunities while benefiting from the vast resources of one of the world’s largest financial institutions.

Citi Alternative Investments

Risk factors are described in more detail in the offering materials, which should be carefully reviewed prior to making a decision to invest. Citigroup, Inc., its affiliates, and its employees are not in the business of providing tax or legal advice to any taxpayer outside of Citigroup, Inc. and its affiliates. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties. Tax-related statements, if any, may have been written in connection with the “promotion or marketing” of the transaction(s) or matters(s) addressed by these materials, to the extent allowed by applicable law. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.

Past performance does not guarantee future results.

Citigroup Alternative Investments (“CAI”) is an affiliate of Citigroup Global Markets Inc. (and its division Smith Barney), and also certain Citibank, N.A. branches and affiliates through which The Citigroup Private bank engages in business. These branches and affiliates may act as Placement Agents or Distributors of CAI products and will be compensated for their services in a variety of manners which include placement fees and the sharing of incentive fees, management fees and the net operating profits of CAI. In most instances, these branches and affiliates will receive higher compensation from CAI for selling their investment products than they would receive if they sold a similar product of a non-affiliated entity. This additional compensation provides an incentive for these branches and affiliates to choose CAI products over the products of other non-affiliated entities and represents a conflict of interest that potential investors should consider carefully.

The Citigroup Private Bank” is a business of Citigroup, which provides private banking clients access to a broad array of products and services available through bank and non-bank affiliates. Not all products and services are provided by all affiliates or are available in all locations, and not all investments are suitable for all investors. Citigroup Private Bank Relationship Managers and Private Bankers in the U.S. Region are registered representatives of Citicorp Investment Services, member NASD/SIPC, an affiliate of Citigroup Inc. and a federally Registered Investment Adviser. In the United Kingdom, this document is approved by Citibank, N.A. Citibank, N.A. and Citibank International plc (“Citibank London and plc”), 33 Canada Square, Canary Wharf, London E14 5LB, are authorized and regulated by the Financial Services Authority, and if clients of Citibank London and plc have any doubt about the suitability of the investments described in this document, they should contact The Citigroup Private Bank in the U.K. for advice or Citibank International plc, as applicable. Citibank International plc is registered with the Netherlands Authority for the Financial Markets. Citigroup can accept no responsibility for the tax treatment of any investment product, whether or not it is involved in the administration of trusts or companies that purchase the product. Citigroup assumes that, before making a commitment to invest, you have taken whatever tax, legal or other advice you consider necessary and you have arranged to account for any tax lawfully due from you on the income or gains arising from any investment product provided by Citigroup. At any time, Citigroup or its employees may have a position, subject to change, in any securities referred to, or provide services to the issuers of those securities. Clients of Smith Barney should contact their Financial Advisor if they have any questions about the investments described in this document.

Smith Barney is a division and service mark of Citigroup Global Markets Inc., member NASD/SIPC.

Investment Products: • Not FDIC Insured • No Bank Guarantee • May Lose Value

(continued from the inside front cover)

© 2007 Citigroup Inc. All Rights Reserved. CAI0307 PBCSBC AI2098

March 2007

New York London Hong Kong Tokyo

Citi Alternative Investments 731 Lexington Avenue 27th Floor New York, NY 10022

Phone: 212-559-0338

Citibank International plc Berkeley Square House 41 Berkeley Square Mayfair London, W1J 5AN

Phone: +44-207-508-8042

Citibank, N.A. Two Exchange Square 25th Floor Central, Hong Kong

Phone: +852-3551-5356

Citicorp Securities (Japan) Ltd. Tokyo Ginko Kyokai Building 11th Floor 1-3-1 Marunouchi Chiyoda-ku Tokyo 100-0005

Phone: +81-3-5220-8212

Bahrain Jordan Singapore Mexico City

Citibank N.A. P.O. Box 548 Manama Kingdom of Bahrain

Phone: +973-17-588-646

Citibank Abdoun Branch Amman, Jordan

Phone: +9626-592-2629

Citibank, N.A. 14th Floor Centennial Tower 3 Temasek Avenue Singapore 039190 Republic of Singapore

Phone: +65-6328-5956

Paseo De La Reforma No. 390 Col. Juarez Mexico City 6695 Mexico

Phone: +5255-2226-8190