Man OM-IP AHL Limited

Opportunity to Invest in Uncertain times

Closes: 27 March 2009

Alternative investments such as shares (“Shares”) in Man OM-IP AHL Limited ARBN 133 911 350 (“Man OM-IP AHL”) seek to generate profits in a variety of market conditions and may be used to diversify a traditional investment portfolio during periods of downturn.

Man OM-IP AHL will access the AHL Diversified Program, a computerised program designed to analyse trends and capture opportunities across 150 international markets.

Man OM-IP AHL seeks to provide investors with the following benefits:

• Performance: aims to generate medium to long term growth* in both rising and falling markets.
  
• Security: the NAB Guarantee+.
  
• Diversification: the low correlation with the performance of stocks, property and bonds^.
  
• Minimum investment is A$5,000 and then in multiples of A$1,000.
  

NAB Limited Recourse Loan on Man OM-IP AHL Limited

You can invest in Man OM-IP AHL with 45% upfront capital through a NAB Limited Recourse Loan. The Limited Recourse Loan offers the following benefits:

• Consistent with permitted borrowing requirements under superannuation legislation
  
• Limited recourse
  
• Loan to Valuation Ratio of 55%
  
• No margin calls
  
• Potential tax efficiency as the loan interest may be tax deductible
  
• Minimum Investment Loan amount is $10,000
  

Using the NAB Limited Recourse Loan allows you to increase your exposure to Man OM-IP AHL.
You must read the Prospectus, Product Brochure and Investment Loan Booklet (including the Investment Loan Agreement and Investment Trust Deed) in full prior to completing an Investment Loan Application Form. Please refer to the enclosed Product Brochure for indicative interest rates and close dates.

NAB 100% Investment Loan

A NAB 100% Investment Loan is designed specifically for selected investments such as Man OM-IP AHL. NAB provides 100% of the funds so you can invest in Man OM-IP AHL without any initial capital outlay. To find out more about investing in Man OM-IP AHL using a NAB 100% Investment Loan click here.

* The aim to generate medium to long term capital growth is based on the past performance of the AHL Diversified Program (see Section 2 of the Prospectus). Past performance is not a reliable indicator of future performance.
+ Subject to the terms of the NAB Capital Guarantee as described in Section 5 and set out in Appendix A of the Prospectus (A$1.00 per share on the Maturity date). Investors should consider the key risks set out in Section 4 of the Prospectus in particular under the headings ‘The NAB Guarantee’ and ‘Early redemption’. The NAB Guarantee is not secured by a mortgage or a charge over the assets of National Australia Bank.
^ Past performance is not a reliable indicator of future performance. Performance figures are calculated net of all fees as at 30 November 2008.

For more information about using a NAB Limited Recourse Loan to invest in this opportunity, please call NAB on 1800 652 669 or visit nabcapital.com/limitedrecourseloan
Applications for Shares open on 2 February 2009 and close on 27 March 2009. I invite you to visit the nabcapital.com/ahl website or call nabCapital Investments on 1800 652 669 or email omipinfo@nab.com.au if you have any questions. You should read the Prospectus carefully to ensure that you understand the terms and conditions and risks of investing in Man OM-IP AHL.

Important Information regarding National Australia Bank Group
This document is published by National Australia Bank Limited ABN 12 004 044 937 AFSL 230686 (“NAB”).

The Shares in Man OM-IP AHL Limited (ARBN 133 911 350) ("the Company") are not deposits with or other liabilities of National Australia Bank Limited or other companies in the National Australia Bank Group. The NAB or any other company in the National Australia Bank Group do not stand behind the capital value or guarantee the performance of any investment referred to in this document, except as provided in the NAB Capital Guarantee outlined in the Prospectus for the offer of shares in the Company dated 17 December 2009 (“Prospectus”). The investment described in this document is subject to investment risk, including possible delays in payment and except as provided in the NAB Capital Guarantee, loss of income and principal invested. National Australia Bank’s liability is limited to its liability under and subject to the terms of the NAB Capital Guarantee outlined in the Prospectus. Neither the Company nor its trading company Man Investments Limited are a member of the National Australia Bank Group.

Terms capitalised and used in this document have the same meaning as in the Prospectus. Offers of Shares in the Company are made in the Prospectus dated 17 December 2008 and Shares in the Company can only be acquired on the application form included in, or accompanying, the Prospectus. Please also refer to the Identification Requirements document.
A copy of the Prospectus can be obtained by contacting National Australia Bank Limited
on 1800 652 669, visit nabcapital.com/ahl or email: omipinfo@nab.com.au. Man OM-IP AHL is a new company with no actual trading history.

This material is not suitable for US persons.

Persons who are prohibited from subscribing for the Shares by the laws of the countries of their citizenship, residence or domicile or any other applicable laws or (in the case of corporations) by their constituent documents including, without limitation, US Persons, are not eligible to subscribe for Shares pursuant to the Prospectus.

Without limiting the foregoing, any forecast, budget, target, projection or other forward looking statement (“Projection”) is provided for information purposes only and comprises management estimates of future prospects. As the achievement of any Projection as to results of subsequent trading is dependent upon future events, the outcome of which cannot be assured, the actual results achieved may vary materially from the Projection.

Man OM-IP AHL Limited ARBN 133 911 350 is the issuer of the Shares. National Australia Bank Limited provides the NAB Capital Guarantee. NAB is not responsible for the performance of Man Investments Australia Limited (“MIA”) ABN 47 002 747 480 or the Company. The full text of the NAB Capital Guarantee is described in Section 5 and set out in Appendix A of the Prospectus. National Australia Bank Limited acts as distributor of the Shares (through distribution arrangements between the National Australia Bank Limited and MIA.

NAB receives a number of fees for the provision of the NAB Guarantee which we provide to the Company. NAB may receive establishment fees, service fees and ongoing guarantee fees for these services. These fees are calculated as either a fixed amount, a percentage of the subscription moneys or the NAB Guarantee liability calculated daily, or equal to the interest earned on the general account after Maturity Date (as defined in the Prospectus). More details are contained in the Prospectus. In addition, National Australia Bank Limited may receive distribution fees for acting as distributor of the Shares. These fees are specified in our Financial Services Guide in relation to the offer of shares in the Company which is available on our website at http://www.nabcapital.com/ahl

If you acquire Shares, National Australia Bank Limited or MIA or other members of the Man Group may receive remuneration or other benefits in relation to that product, including consultancy, management and incentive fees and any other fee specified in the Prospectus for the Shares. These fees are calculated as a percentage of the investment exposure.

NAB Limited Recourse Loan

Each Approved Investment is described fully in the Prospectus. A Prospectus is issued by the issuer of the relevant Approved Investment.

Please ensure that you have read the Prospectus, including the description of risks, and taken appropriate advice from qualified professionals before making an application for a NAB Limited Recourse Loan. For further information on the NAB Limited Recourse Loan call 1800 652 669.

Like other investment strategies, limited recourse borrowing involves an element of risk. Just as there is potential for growth in the value of Approved Investments, there is also potential for loss. Markets can be volatile and can fall as well as rise. It is important that you consider your individual financial circumstances.

Some key risks have been highlighted in the Investment Loan Booklet and Prospectus. You should read these before making any decision to apply for a NAB Limited Recourse Loan in respect of Approved Investments. However, these are not the only risks faced by a potential investor. Accordingly, we strongly recommend that you talk to your legal, financial or tax adviser to determine if using a limited recourse borrowing is right for your particular circumstances and to understand the risks involved before you enter into a NAB Limited Recourse Loan. We have not in any way considered the suitability of the NAB Limited Recourse Loan for you and you should not infer that we are providing personal investment or tax advice in making the NAB Limited Recourse Loan available to you.

The information in this letter is of a general nature only. In preparing the information no account was taken of the particular objectives, financial circumstances or needs of any particular person. Accordingly, before acting on the information provided you should consider, or seek advice on, whether the investment is appropriate in light of your particular objectives, financial circumstances or needs. You should obtain, and consider, the Prospectus before making any decision about whether to acquire, or continue to hold, Shares in the Company. To the maximum extent permitted by law, the National Australia Bank group expressly disclaims all or any liability which may arise out of the provision to or use by the recipient of this information and any other person.

No part of the information in this letter is to be construed as an offer of securities or financial products for issue or sale or as a solicitation to make a financial investment in any jurisdiction (including the United States). If you wish to apply for a NAB Limited Recourse Loan, you will need to complete the application form attached to the NAB Limited Recourse Loan booklet. Application for Man OM-IP AHL can only be made on the form in the Prospectus.

The information in this letter is of a general nature only. In preparing the information no account was taken of the particular objectives, financial circumstances or needs of any particular person. Accordingly, before acting on the information provided you should consider, or seek advice on, whether the investment is appropriate in light of your particular objectives, financial circumstances or needs. You should obtain, and consider, the Prospectus before making any decision about whether to acquire, or continue to hold, Shares in the Company. To the maximum extent permitted by law, the National Australia Bank group expressly disclaims all or any liability which may arise out of the provision to or use by the recipient of this information and any other person.

National Australia Bank Limited has adopted the revised Code of Banking Practice 2004. For details of the Code contact National Australia Bank Limited on 13 22 65 and select the option to speak to a Customer Service Representative. Or visit us at nab.com.au.

Please read NAB’s Financial Services Guide.
Click here to download a copy of the prospectus.

Key Information

Key information on investing in Man OM-IP AHL is outlined in the table below. You should read the Prospectus in its entirety and seek advice from a licensed financial advisor before making an investment decision.  

Issue opens	2 February 2009
Issue closes	27 March 2009
Investment objective	Aims to generate medium to long term capital growth* in both rising and falling markets with the security of the NAB Guarantee+.
Investment approaches	An investment in the AHL Diversified Program and in the Security Deposit.
Investment exposure	The target investment exposure will be 100% for each A$1.00 invested.
NAB Guarantee+	The NAB Guarantee provides Shareholders on the Maturity Date with a Capital Guarantee to protect their initial investment and a Rising Guarantee to lock in a portion of any net new trading profits (subject to the terms of the NAB Guarantee as described in Section 5 and set out in Appendix A of the Prospectus).
Fees	The table in Section 7 of the Prospectus sets out the fees and costs of the Company and the Trading Subsidiary.
Maturity Date	30 April 2019
Liquidity	Shares can be sold or redeemed on a monthly basis at 98% of the NAV (or at 100% of the NAV after 30 April 2012) subject to the terms and conditions in Section 11 of the Prospectus.
Sponsor	Man Investments Australia
Shares	A$1.00 each (fully paid)
Minimum investment	A$5,000 and then in multiples of A$1,000.
	Man Investments - a part of the Man Group The Investment Manager of Man OM-IP AHL is Man Investments, a wholly owned subsidiary of Man Group plc, a world-leading alternative investment management business. With a broad range of funds for institutional and private investors globally, it is known for its performance, innovative product design and investor service. Man Group plc manages about US$61 billion^ and employs over 1,800 people in 13 countries.

* The aim to generate medium to long term capital growth is based on the past performance of the AHL Diversified Program (see Section 2 of the Prospectus). Past performance is not a reliable indicator of future performance.
+ Subject to the terms of the NAB Guarantee as described in Section 5 and set out in Appendix A of the Prospectus (A$1.00 per share on the Maturity date). Investors should consider the key risks set out in Section 4 of the Prospectus in particular under the headings ‘The NAB Guarantee’ and ‘Early redemption’. The NAB Guarantee is not secured by a mortgage or a charge over the assets of National Australia Bank.
^ Funds under management as at 1 November 2008.

The information set out on this website is a summary of some points in the Prospectus. Persons considering investing in Shares should carefully read all of the Prospectus before making an investment decision. Terms capitalised and used on this website have the same meaning as in the Prospectus. Man OM-IP AHL Limited is a new company with no actual trading history. The content contained in this website has been prepared and published by Man Investments Australia Limited (ABN 47 002 747 480).

NAB is not responsible for and has not authorized, the issue of the Prospectus. To the maximum extent permitted by law, NAB expressly disclaims all or any liability which may arise out of the provision to, or use, by any person of the information contained in the Prospectus.

The Shares in Man OM-IP AHL Limited ("the Company") are not deposits with or other liabilities of National Australia Bank Limited (ABN 12 004 044 937), AFSL 230686 ("National Australia Bank") or other companies of the National Australia Bank group and the Company or its trading subsidiary Man OM-IP AHL Trading Limited are not members of the National Australia Bank group. NAB is not responsible for the performance of MIA or the Company. National Australia Bank Limited does not stand behind, in any way, the capital value or performance of the Company or the investments made by the Company and National Australia Bank Limited’s liability is limited to its liability under and subject to the terms of the NAB Guarantee outlined in the Prospectus. Investment in the Company’s shares is subject to investment risk, including possible delays in payment and, except to the extent provided by the NAB Guarantee, loss of income and principal invested.

Offers of Shares will be made in the Prospectus issued by Man OM-IP AHL Limited dated 17 December 2008. Investors wishing to acquire Shares will need to complete the Application Form in the Prospectus. Please also refer to the Identification Requirements document.

National Australia Bank Limited has adopted the revised Code of Banking Practice 2004. For details of the Code contact National Australia Bank Limited on 13 22 65 and select the option to speak to a Customer Service Representative. Or visit us at nab.com.au.

This information has been prepared without taking into account anyone's objectives, financial situation or needs so before acting on it consider its appropriateness to your circumstances.

This material is not suitable for US persons.

Persons who are prohibited from subscribing for the Shares by the laws of the countries of their citizenship, residence or domicile or any other applicable laws or (in the case of corporations) by their constituent documents including, without limitation, US Persons, are not eligible to subscribe for Shares pursuant to the Prospectus.

Please read NAB’s Financial Services Guide.

Click here to download OM-IP AHL Retail Fact Sheet.