MQ Multi-Strategy Fund

Inception Date

November 2005

Investment Objective

The MQ Multi-Strategy Fund aims to achieve long‑term absolute returns with moderate levels of risk by investing in a portfolio of absolute return and specialist equity funds.

Investment Strategy

The MQ Multi-Strategy Fund invests in a portfolio of MQ Specialist Funds. Over time it is expected that the portfolio may change, and may include additional strategies and funds that are managed by the Investment Manager or by managers incubated by the Macquarie Bank Group.

The Investment Manager will generally change the investments or strategy allocation within the Fund when it believes that superior opportunities or investment strategies are available from the pool of strategies having regard to the overall risk and return profile of the Fund.

Fund Allocations

The Investment Manager seeks to allocate capital among the various MQ Specialist Funds in a manner that it considers most suitable for achieving the investment objective of the Fund.

The Investment Manager formulates a strategic view of the relevant markets and the investment opportunity set in the medium term. The portfolio is then constructed by first taking into account the strategic view and then supplementing this with qualitative and quantitative analysis seeking to maximise the risk/return profile for the portfolio. The Investment Manager also considers diversification on a number of levels including the number of funds in the portfolio, the trading history of these funds, and the contribution that each fund makes to the overall risk of the portfolio.

Following is a table containing the strategy allocations of the MQ Multi-Strategy Fund as at 30 September 2008.

This general advice is provided by MQ Portfolio Management Limited ABN 55 092 552 611 (“MPML”), the issuer of the MQ Specialist Funds. It does not take into account your objectives, financial situation or needs.  You should consider the appropriateness of this advice having regard to these matters, and read the Product Disclosure Statement (“PDS”), before making any investment decision.  The PDS is available from 1800 025 513.

Macquarie Group, its employees and officers may act in different, potentially conflicting, roles in providing the financial services referred to in this general advice.  The Macquarie Group has conflict of interest policies which aim to manage conflicts of interest.  Macquarie will receive remuneration and pay commission to introducing advisers as described in the PDS.

The distribution of this information in jurisdictions outside Australia may be restricted by law and persons into whose possession the information comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of an applicable jurisdiction.

Investments in the MQ Specialist Funds are not deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie”) or any Macquarie Group company and are subject to investment risk, including possible delays in repayment and loss of income and capital invested.  None of Macquarie or any other Macquarie Group company guarantees the performance of the MQ Specialist Funds, the repayment of capital from the MQ Specialist Funds or any particular rate of return.

Information is current at 25 July 2008 and may change without notice.