Issued by Citibank Canada, the GPR Hedge Fund Notes are designed to offer investors capital appreciation independent of market returns through a Hedge Fund Portfolio, while guaranteeing 100% of an investors' initial investment.

The Notes offer the following objectives:

• Targeted compound annual return of 10%

  • Superior risk and reward profile compared to mutual funds

  • Ability to perform in bull and bear markets

• Guaranteed Principal Repayment

  • Offered by Citibank Canada, a subsidiary of the world's largest bank, Citibank N.A.

  • $10 Subscription Price repaid on November 30, 2011

The Hedge Fund portfolio will consist of multiple hedge funds that employ several advanced investment strategies such as capital structure arbitrage, convertible arbitrage, distressed securities, merger arbitrage, equity market neutral and hedged equity to generate above average risk-adjusted returns. Allocations across the various investment managers will be closely monitored in an attempt to provide attractive returns while minimizing both volatility and risk.

Note: Pursuant to the Reallocation of the Triax Portfolio, the investment level of the Triax Portfolio to the Hedge Funds has been reduced such that the Triax Portfolio is now entirely allocated to the Permitted Investments and will remain so until the Maturity Date on November 30, 2011. The Final Triax Portfolio NAV will be automatically set to $10.00 per Deposit Note. For further information, please consult the Information Statement.