Important Dates
Initial Open/Close Date
Issue Date
Growth Return
Record Dates
3 December 2010
10 December 2010
12 month anniversary of the Issue Date, and Maturity Date
Income Return
Record Dates
Maturity Date (Term)
Key Information
Each monthly anniversary of the Issue
Date throughout the Term
12 June 2012 (18 Months)
Investment
Type
Arranger
Units 1 which are deferred purchase agreements.
Alpha RESULTS 2010-08 are classified as securities under the Corporations Act
Alpha Structured Investments Pty Ltd
Issuer Citigroup Global Markets Australia Pty Ltd
Reference
Asset
Portfolios
Return
Strategies
Portfolio U
QBE Insurance
Rio Tinto
Santos
Wesfarmers
Westpac
Portfolio V
Brambles
Leighton Holdings
Macquarie Group
News Corporation
Toll Holdings
Income Strategy
Growth Strategy
Each Strategy has different risk characteristics
Income Strategy Growth Strategy 3 Indicative
Strategy
Returns 2
Barrier Event
U
V
13.00% p.a.
15.80% p.a.
14.00% p.a.
17.90% p.a.
Occurs whenever any share in the Asset
Portfolios has a closing price at or below
60% of its Issue Date price at any time from the Issue Date to the Maturity Date
$1.00 per Unit Issue Price
Delivery Asset Ordinary shares in Australia and New
Zealand Banking Group (ANZ)
Liquidity Units will be listed on the ASX
Weekly liquidity is also provided by the Issuer subject to costs (however, this redemption function can be withdrawn at any time)
Minimum
Investment
$20,000 with increments of $5,000 thereafter, which can be split across strategies
Fees & Commissions
Arrangers
Fee
Up to 1.65% of Investment Amount (including
GST), payable by Issuer to advisers
Adviser Fees Up to 2.2% of Investment Amount (including
GST), payable by the Issuer to advisers
This fee may be waived by the adviser and result in the investor receiving extra Units
1. Units are not units in a registered managed investment scheme.
2. Indicative returns as at 15 November 2010. Minimum returns outlined on page 2.
3. Growth Strategy investors have the potential to earn a Growth
Return Bonus.
The ‘Recommended’ rating indicates that Lonsec has conviction that the fund or product can achieve its objectives and, if applicable, outperform peers over an appropriate investment timeframe. The manager or product has a number of competitive advantages in people, process and product design. The investment is a recommended entry point to access this asset class or strategy.
This is General Advice only and should be read in conjunction with the Disclaimer, Disclosure and Warning on the final page. Investors are advised to read the
Product Disclosure Statement dated 15 November 2010 prior to making any investment decision.
Alpha RESULTS 2010-08 Units (“Alpha RESULTS” or
“Units”) provide exposure to concentrated baskets of ASX listed shares. Lonsec recommends Alpha RESULTS comprise a small part of an equities exposure in a diversified portfolio. Lonsec‟s asset allocation for all risk profiles is outlined in Lonsec‟s Risk Profile Review.
Investors should note that product returns have increased recently in line with rising volatility in investment markets.
Investors should consider whether the Minimum Strategy
Returns outlined on page 2 are sufficient to compensate for the additional risks (over an investment in a bank term deposit or fixed interest investment) in this product.
The Units may be appropriate for investors who:
 believe the market (or more specifically the chosen
Reference Asset Portfolio) will range trade over the investment term
 believe none of the shares in the selected Reference
Asset Portfolio will fall below 60% of their Issue Date price at any time up to and including Maturity
 are seeking preset growth or fixed monthly income returns over the investment term
 are comfortable with placing their capital at risk to achieve a higher income return than currently available from bank term deposits
 believe the total return (capital growth plus dividends) on the shares making up the Reference Asset Portfolios will be lower than the actual Income and/or Growth Returns over the investment term
 are comfortable with current prices of the shares in the
Reference Asset Portfolios and are willing to incur any potential losses associated with a Barrier Event
Product Risk Characteristics
Leverage
Liquidity
Counterparty
Concentration
Volatility
Low


Moderate

High


Risk categories are based on Lonsec’s qualitative opinion of the risks inherent in the product’s asset class and the risks relative to other products in the relevant Lonsec sector universe.
WE STRONGLY RECOMMEND THAT POTENTIAL INVESTORS READ THE PRODUCT DISCLOSURE STATEMENT
Lonsec Limited ABN 56 061 751 102 • AFSL No. 246842 • Participant of ASX Group
This information must be read in conjunction with the Warning, Disclaimer, and Disclosure at the end of this document
1

Alpha RESULTS 2010 – 08
 Alpha RESULTS are deferred purchase agreements which provide investors with exposure to a choice of two
Reference Asset Portfolios, each comprising a concentrated parcel of five ASX listed shares. Investors have a choice of receiving monthly income, or potential growth at the 12 month anniversary of the Issue Date and maturity. Investors do not receive any dividends paid on the shares in the
Reference Asset Portfolios.
 Alpha RESULTS is designed to take advantage of the volatility currently being experienced in financial markets.
The premium received from the sale of options which occurs as part of the hedging arrangements in the product provides the basis for the growth and income returns. Since May
2010, volatility in the Australian equity market has moderated and Lonsec believes that the risk-return balance for investors in these types of products has become less attractive.
Investors in this product should have strong expectations about the price movements of shares in the Reference Asset
Portfolio over the investment term.
 Potential returns in Alpha RESULTS are linked to the share in a Reference Asset Portfolio with the lowest Maturity
Date price. Investors should be aware that their exposure is not based on the average performance of the shares in the
Reference Asset Portfolio and any negative performance of one share may not be offset by the positive performance of other shares within that portfolio. Further, investors should note that the risks associated with each Reference Asset
Portfolio are different and that the constituent shares may not carry the same degree of risk.
 Investors who select the Income Strategy should note that the upside of the product is capped at the stipulated monthly Income Return, regardless of the occurrence of a
Barrier Event. Investors who select the Growth Strategy should note that any Growth Return and Growth Return
Bonus are only payable if a Barrier Event does not occur .
In return for the additional risk of the Growth Strategy, investors have greater upside potential than Income Strategy investors.
 Growth and Income Returns outlined in the PDS are indicative only and are dependent on a number of variables including the volatility of the shares in the Reference Asset
Portfolio and interest rates up to the Issue Date. There are minimum Growth and Income Returns that must be achieved before each issue will proceed. Lonsec believes this is prudent given the nature of current market conditions.
 Whilst the Adviser and Arranger commissions are clearly outlined, fees paid to the Issuer are not transparent. The pricing of the options embedded in the product are not set until the Issue Date and the many variables affecting the pricing are subject to change.
The Issuer is Citigroup Global Markets Australia Pty Ltd, a wholly owned subsidiary of Citigroup Inc. Citigroup is a leading global financial services company and has been operating in Australia as a licensed bank since 1985.
The Arranger is Alpha Structured Products Pty Ltd (“Alpha”), holder of Australian Financial Service Licence No. 290054.
Alpha was established in 2004 and is owned by a small syndicate of shareholders. Alpha is an arranger of structured investments designed for use by financial advisers and it provides asset consultancy, product design and distribution services.
Investors enter into a deferred purchase agreement with the
Issuer which provides exposure to a choice of two Reference
Asset Portfolios, each comprising a portfolio of five ASX listed shares (See Appendix for further information about each share). Investor returns are largely dependent on the occurrence of a Barrier Event.
A Barrier Event occurs if any share in the chosen
Reference Asset Portfolio has a closing price at or below
60% of its Issue Date price at any time from the Issue
Date up to and including the Maturity Date.
Investors choose from two Reference Asset Portfolios, outlined below:
Portfolio U
ASX
Code
Indicative
(Minimum)
Income
Strategy
Return
Indicative
(Minimum)
Growth
Strategy
Return
QBE Insurance QBE
Rio Tinto
Santos
Wesfarmers
RIO
STO
WES
13.00% p.a.
(11.00% p.a.)
14.00% p.a.
(11.75% p.a.)
Westpac WBC
Portfolio V
ASX
Code
Indicative
(Minimum)
Income
Strategy
Return
Indicative
(Minimum)
Growth
Strategy
Return
Brambles
Leighton Holdings
Macquarie Group
News Corporation
Toll Holdings
BXB
LEI
MQG
NWS
TOL
15.80% p.a.
(12.80% p.a.)
17.90% p.a.
(15.40% p.a.)
The final Income Return and Growth Return for both
Reference Asset Portfolios will be set by the Issuer on the
Issue Date, but will not be less than the Minimum Strategy
Return specified in the table above.
Investors then choose from two Return Strategies:
Income Return paid monthly in arrears, irrespective of whether a Barrier Event has occurred or not; and
Final Value per Unit is dependent on occurrence of
Barrier Event and the lowest priced share in Reference
Asset Portfolio at the Maturity Date.
Lonsec Limited ABN 56 061 751 102 • AFSL No. 246842 • Participant of ASX Group
This information must be read in conjunction with the Warning, Disclaimer, and Disclosure at the end of this document 2

Alpha RESULTS 2010 – 08
Growth Return and Growth Return Bonus are dependent on occurrence of a Barrier Event; and
Final Value per Unit is dependent on occurrence of
Barrier Event and the lowest priced share in Reference
Asset Portfolio at the Maturity Date.
Return outcomes for the Growth Strategy applicable to each Reference Asset Portfolio are summarised below.
The Growth Returns an investor may be entitled to are conditional on whether a Barrier Event or Early Maturity occurs over the investment term.
Return outcomes for the Income Strategy applicable to each Reference Asset Portfolio are summarised below.
Does a Barrier Event or Early Maturity occur on, or prior to, the 12 month anniversary of the Issue Date:
Over the 18 month investment term, investors will receive an
Income Amount payable monthly in arrears calculated using the following formula:
(i) if yes,
Investor is not entitled to receive a first nor second
Growth Return payment; or
(ii) if no,
Income Amount per Unit = (1/12) x Income Return p.a. x
Issue Price per Unit
This amount will be calculated on the monthly anniversary of the Issue Date (“Income Record Dates”) throughout the investment term. Investors will receive the Income Amount five business days after the Income Record Date.
Investor receives a first Growth Return Payment and may be entitled to a second Growth Return payment.
Does a Barrier Event or Early Maturity occur between the
12 month anniversary of the Issue Date and the Maturity
Date:
For example, if an investor who selects the Income Strategy for Portfolio U,
Minimum monthly Income Amount per Unit = 1/12 x
11.00% p.a. x $1.00 = $0.00917
(i) if yes,
Investor is not entitled to receive a second Growth
Return payment; or
Investors should note a Barrier Event does not affect
Income Return in the Income Strategy.
(ii) if no,
Investor receives a second Growth Return payment.
The Final Value per Unit is dependent on whether a Barrier
Event or Early Maturity occurs.
If applicable, the formulae for the Growth Return payments are: first Growth Amount per Unit = Growth Return x Issue
Price per Unit
If a Barrier Event does not occur on, or prior to, maturity:
Final Value per Unit equals Issue Price per Unit. second Growth Amount per Unit = Growth Return x Issue
Price per Unit x 6/12
For example, if a Barrier Event does not occur, the Final
Value per Unit on the Maturity Date will equal $1.00.
If a Barrier Event occurs on, or prior to, maturity:
For example, if neither a Barrier Event nor Early Maturity occurs during over the investment term, an investor in
Portfolio U will receive a minimum,
The Final Value per Unit will be equal to:
(i) If Maturity Date price of the lowest priced share in the Reference Asset Portfolio is equal to or above its Issue Date price :
Issue Price per Unit first Growth Return per Unit = 11.75% x $1.00 x 12/12 =
$0.11750 second Growth Return per Unit = 11.75% x $1.00 x 6/12 =
$0.05875
(ii) If Maturity Date price of the lowest priced share in the Reference Asset Portfolio is below its Issue
Date price :
Issue Price per Unit x Performance of lowest priced share at Maturity
Growth Strategy investors are also eligible to receive a
Growth Return Bonus conditional upon the following:
(i) A Barrier Event does not occur on, or prior to, the
Maturity Date; and
For example, if the Maturity Date price of the lowest priced share is 40% of its Issue Date price, the Final Value per Unit is $0.40 ($1.00 x 40%).
In a worst-case scenario, if any one of the shares in a
Reference Asset Portfolio has a Maturity Date price of
$0.00, Income Strategy investors would only receive the
Income Return during the investment term.
(ii) The Maturity Date price of the lowest priced share in the Reference Asset Portfolio is greater than
Issue Date price plus the Growth Return.
Lonsec Limited ABN 56 061 751 102 • AFSL No. 246842 • Participant of ASX Group
This information must be read in conjunction with the Warning, Disclaimer, and Disclosure at the end of this document
its
3

Alpha RESULTS 2010 – 08
If both conditions are satisfied,
Growth Bonus Return = Performance of the lowest priced share in the Reference Asset Portfolio – [100% + Growth
Return x (Number of months in term/12)]
For example, if a Growth Strategy investor selected Portfolio
U (Minimum Growth Rate = 11.75% p.a.), and the performance of the lowest price share on the maturity date was 125% (e.g. $12.50 / $10.00),
Growth Bonus Return = 125% – (100% + 11.75% x
(18/12)) = 7.38% or ($0.0738 per Unit)
The Final Value per Unit is dependent on whether a Barrier
Event or Early Maturity occurs.
A Barrier Event does not occur on, or prior to, maturity
The Final Value per Unit equals Issue Price per Unit.
For example, if a Barrier Event does not occur, the Final
Value per Unit on the Maturity Date will equal $1.00.
A Barrier Event occurs on, or prior to, maturity
The Final Value per Unit will be equal to:
(i) If Maturity Date price of the lowest priced share in the Reference Asset Portfolio is equal to or above its Issue Date price :
Issue Price per Unit
(ii) If Maturity Date price of the lowest priced share in the Reference Asset Portfolio is below its Issue
Date price :
Issue Price per Unit x Performance of lowest priced share at Maturity
For example, if the Maturity Date price of the lowest priced share is 40% of its Issue Date price, the Final Value per Unit is $0.40 ($1.00 x 40%).
In a worst case scenario, if any one of the shares in a
Reference Asset Portfolio has a Maturity Date price of zero, Growth Strategy investors would lose their entire investment.
An investment in the Units is designed to be held until maturity.
Units will be listed on the ASX and the Issuer intends to provide weekly liquidity to investors.
For investors redeeming via the Issuer prior to maturity, break costs associated with hedge arrangements of the
Issuer are payable and may result in a capital loss.
Investors choose one of three alternatives:
Accept physical delivery of the Delivery Asset; or
Instruct the Issuer to sell the Delivery Asset on their behalf under Agency Sale Arrangement and forward the net cash proceeds; or
Roll over investment into a new series of Alpha
RESULTS (if available).
An investment in Alpha RESULTS carries a number of standard investment risks associated with investment markets. These include performance, leverage, counterparty, dividend and tax risks. These and other risks are outlined in the PDS and should be read in full and understood by potential investors. Lonsec considers the following to be the major risks:
Performance Risk – The performance of the Reference
Asset Portfolio is the key component of the investment.
There is no guarantee the shares in the Reference Asset
Portfolio will increase in value or fall in value by less than required for capital preservation to be ensured at maturity. Investors are responsible for selecting the
Reference Asset Portfolio.
Counterparty Risk – Investors are exposed to the creditworthiness of the Issuer, as the Alpha RESULTS returns are dependent on the Issuer performing its obligations under the Terms. These obligations rank equally with other unsecured debt liabilities of the Issuer.
The Issuer is a wholly owned subsidiary of Citigroup Inc.
Tax Risk – The expected tax implications of investing in
Alpha RESULTS may change as a result of changes in tax laws or interpretations by the Australian Tax Office.
Early Maturity Risk – In certain circumstances the
Issuer may be terminate Alpha RESULTS early where an
Early Maturity Event or Adjustment Event occurs. This includes, but is not limited to, the Issuer being unable to hedge its obligations under the Terms & Conditions or corporate actions such as takeovers or share buy-backs.
According to the Tax Opinion in the PDS, any income
(including the Growth Return or the Growth Return Bonus) received from Alpha RESULTS 2010-08 during the investment term should generally be taxable at an investor‟s marginal tax rate.
These comments constitute ‘General Advice’ only and
Lonsec advises potential investors to consult a taxation specialist before making a decision to invest based upon these taxation considerations. Investors should refer to the PDS for more information regarding the taxation of shareholders.
Further information can be found by contacting Alpha
Structured Investments:
General number for enquiries:
Email: alpha@alpha-invest.com.au
1300 769 694
Website: www.alpha-invest.com.au
Lonsec Limited ABN 56 061 751 102 • AFSL No. 246842 • Participant of ASX Group
This information must be read in conjunction with the Warning, Disclaimer, and Disclosure at the end of this document 4

Alpha RESULTS 2010 – 08
The following table provides some financial information for each stock in the Reference Asset Portfolios.
Reference Asset GICS Sector 5
Portfolio U
QBE Insurance 4
Rio Tinto 4
Santos 4
Wesfarmers 2
Westpac 1
Financials
Materials
Energy
Consumer Staples
Financials
Portfolio V
Brambles 2
Leighton Holdings 2
Macquarie Group 3
News Corporation 2
Toll Holdings 2
Industrials
Industrials
Financials
Consumer Discret.
Industrials
S&P/ASX 200 Price Return Index
Total
Dividend per share
$1.28
8
$0.51
8
$0.42
8
$1.25
9
$1.39
9
$0.25
9
$1.50
9
$1.86
9
$0.14
9
$0.25
9
Dividend
Yield 6
5.0%
0.7%
3.0%
4.4%
4.9%
4.6%
5.2%
3.9%
0.8%
4.6%
1 year performance 7
% p.a.
-24.5%
29.6%
-16.4%
18.0%
50.6%
-10.5%
1.9%
-27.6%
7.8%
-27.7%
1 year volatility 7
3 year performance 7
% p.a. % p.a.
24.2%
26.1%
24.2%
23.5%
26.2%
-19.1%
-9.1%
-3.5%
-9.0%
10.4%
26.8%
24.5%
23.9%
26.4%
34.0%
-23.4%
-16.1%
-
-12.3%
-22.5%
3 year volatility 7
% p.a.
31.3%
49.0%
36.5%
32.4%
29.0%
35.6%
47.5%
-
31.4%
37.0%
Sources: Bloomberg, Company Reports, Lonsec
Notes:
1. Financial year ends 30 September.
2. Financial year ends 30 June.
3. Financial year ends 31 March.
4. Financial year ends 31 December.
5. Based on the Global Industry Classification Standard (GICS).
6. Dividend yield equals total dividends per share paid during financial year divided by the closing share price at the end of the financial year.
7. As at 31 October 2010, based on monthly data.
8. Financial year 2009
9. Financial year 2010
Lonsec Limited ABN 56 061 751 102 • AFSL No. 246842 • Participant of ASX Group
This information must be read in conjunction with the Warning, Disclaimer, and Disclosure at the end of this document 5

Alpha RESULTS 2010 – 08
Analyst remuneration is not linked to the rating outcome. The Analyst(s) may hold the products(s) referred to in this document, but Lonsec considers such holdings not to be sufficiently material to compromise the rating or advice. Analyst(s) holdings may change during the life of this document. The Analyst(s) certify that the views expressed in this document accurately reflect their personal, professional opinion about the financial product(s) to which this document refers.
Date Prepared: November 2010
Analyst: Stewart Gault
Release Authorised by: Michael Elsworth
IMPORTANT NOTICE: The following relate to this document prepared and published by Lonsec Limited ABN 56 061 751 102 ("Lonsec") and should be read before making any investment decision about the product(s). This report, dated November 2010, expires when the initial offer closes or if there are any material changes in relation to the information contained in this report or any disclosure or offer document issued in relation to this offer. Lonsec reserves the right to change its opinion, rating and/or withdraw the report at any time on reasonable grounds.
Disclosure at the date of publication: Lonsec receive a fee from the Issuer or Distributor for rating the product(s) using comprehensive and objective criteria. Lonsec‟s fee is not linked to the rating outcome. Costs incurred during the rating process of international funds, including travel and accommodation expenses are paid for by the Issuer or Distributor to enable on-site reviews. Lonsec does not hold the product(s) referred to in this document. Lonsec‟s representatives and/or their associates may hold the product(s) referred to in this document, but detail of these holdings are not known to the Analyst(s).
Warnings: Past performance is not a reliable indicator of future performance. Any express or implied rating or advice presented in this document is limited to “General Advice” and based solely on consideration of the investment merits of the financial product(s) alone, without taking into account the investment objectives, financial situation and particular needs („financial circumstances‟) of any particular person.
Before making an investment decision based on the rating or advice, the reader must consider whether it is personally appropriate in light of his or her financial circumstances or should seek further advice on its appropriateness. If our General Advice relates to the acquisition or possible acquisition of particular financial product(s), the reader should obtain and consider the Product Disclosure Statement for each financial product before making any decision about whether to acquire a product.
Lonsec‟s rating process relies upon the publicly available information published by the Issuer. Should the Issuer or Distributor no longer be an active participant in Lonsec rating process, Lonsec reserves the right to withdraw the document at any time and discontinue future coverage of the Alpha RESULTS 2010-08.
Disclaimer: This document is for the exclusive use of the person to whom it is provided by Lonsec and must not be used or relied upon by any other person. No representation, warranty or undertaking is given or made in relation to the accuracy or completeness of the information presented in this document, which is drawn from public information not verified by Lonsec. Conclusions, ratings and advice are reasonably held at the time of completion but subject to change without notice. Lonsec assumes no obligation to update this document following publication. Except for any liability which cannot be excluded, Lonsec, its directors, employees and agents disclaim all liability for any error or inaccuracy in, or omission from, this document or any loss or damage suffered by the reader or any other person as a consequence of relying upon it.
Lonsec Limited ABN 56 061 751 102 • AFSL No. 246842 • Participant of ASX Group 6