Summary

-FUND FEATURES The Fund aims to provide attractive returns on an absolute and risk-adjusted basis by trading major currencies. FUND FEATURES " Macquarie's process is discretionary based on a disciplined appraisal of directional trends, market sentiment (as a contrarian indicator) and fundamental factors. By methodically monitoring these factors our process enables the early detection of new trends, and indicates the sustainability of existing trends. " Proprietary risk management systems take account of riskiness of individual currencies and ensure the limits for each currency are of equivalent risk. " The process delivers o strong risk-adjusted returns o small drawdowns o returns uncorrelated with other currency managers. The Bermuda-domiciled Fund is targeting volatility of 8-9% pa. The Fund provides monthly liquidity (or on request), no lock-up period and short notification periods. Macquarie Funds Management (Macquarie) is part of the Macquarie Bank Group, an Australian investment bank and one of Australia's top 25 listed companies. Macquarie has been managing currency overlays since 1992 and has been successfully using a currency alpha strategy within its global bond funds since 1999. In 2003 Macquarie began offering this strategy on a stand-alone basis and has since won a number of mandates from large global financial institutions. As at 31 January, Macquarie managed approximately $700m using this strategy, of that around $16m was in geared mandates. Macquarie manages more than $2.3 billion in currency exposures across static and dynamic hedging and active mandates. The track record provided is a combination of that of the Macquarie Global Active Currency Fund from January 2004 and prior to that the currency overlay from the Macquarie Global Bond Fund which has been adjusted to match the limits of the Currency Fund with funding added and net of management and performance fees.