VOLition

Features

The VOLition Fund provides Australian investors with volatility adjusted exposure to the S&P/ASX 200 Index and Cash Investments.

Applications for investment in the Volition Fund are now closed.

Performance

The following performance information is for existing investors in the VOLition Fund.

VOLition Fund Series	Value per Unit as at 30 April 2012	Investor Return Since Initial Investment in Volition Series
A – MQ Multi – S1	0.9840	13.304%
B – MQ Multi – S2	1.0045	16.483%
C – MQ Equity Income	1.0097	17.175%
D – MQ Geared Equity Income	1.0151	18.229%
E – Max+	1.0357	20.410%
F – Fus – November 06 series	0.9853	12.561%
G – Fus – June 2007 series	0.9950	14.485%

Initial Adjusted Index*:	4,461.00
Adjusted Index at 31 March 2012:	4,129.20
Volatility at 31 March 2012:	13.82%
Participation Rate at 31 March 2012:	120.00%

* At commencement of the Index Contract on 14 August 2009

This information is current as at the date noted above. Please note that the performance information provided is not a quote or redemption estimate, is subject to change without notice and is indicative only. Macquarie Alternative Assets Management Limited, the responsible entity of the VOLition Fund, is not bound by the figures set out above and is not liable to cover any difference between the indicative valuation and the amounts payable on actual redemption. Furthermore amounts payable on redemption will be subject to loan repayment obligations and break costs as set out in the relevant Product Disclosure Statement and loan documentation.

An investment in the VOLition Fund is designed to be held until maturity.

The indicative valuations above may be materially different to the actual prices realised on redemption of an investment in the VOLition Fund. This is because the indicative valuations are based on estimated (or theoretical) values of the underlying components of the Index Contract and Cash Investments and not the actual value of these components at the time of redemption.

Redemption

You may apply to redeem some or all of your units in a Series. Macquarie Alternative Assets Management Limited (Responsible Entity) has discretion whether to accept a redemption request other than a Maturity Redemption Request. Any redemption requests accepted prior to Maturity will not be processed more frequently than quarterly. At this stage, it is anticipated that limited redemption requests will be available at the quarters ending 31 January, 30 April, 31 July and 31 October of each year.

Please note that the Responsible Entity may be unable to redeem Units where it cannot readily realise Series assets to provide proceeds to fund that redemption request. The Responsible Entity's ability to realise sufficient Series assets to fund a redemption will depend on the terms of the Cash Investments and Index Contract and any expenses and liabilities attributed to the Series. You should note that Macquarie Group Limited has agreed with the Responsible Entity that 20% of the notes to be issued to the Responsible Entity as Cash Investments and held as part of each Series Pool will be redeemable prior to Maturity. Once the 20% of Cash Investments have been redeemed for a given Series, it is anticipated that no further redemptions will be possible prior to Maturity for that Series.

Please click here to download a redemption request form.

Timing

If your redemption request is accepted, the Responsible Entity will nominate a date for the redemption of your Units. At this stage, subject to the liquidity of the underlying investments, the Responsible Entity intends to process redemptions quarterly and accept redemption requests up to 14 days before the quarterly redemption date.

Anticipated redemption date	Redemption request form due date*
31 July 2012	Friday 13 July 2012
31 October 2012	Friday 12 October 2012

* We recommend that you provide your redemption request as soon as possible. Please note that even if your redemption request is provided by the date specified, the Responsible Entity has discretion whether to accept your redemption request.

Indicative Valuations

Indicative monthly valuations are available here.

Indicative loan unwind information is available below.

Valuation as at: 30/04/2012

This information is current as at 30 April 2012 is subject to change without notice and is indicative only. Neither Macquarie Bank Limited (Macquarie) nor Macquarie Alternative Assets Management Limited (MAAML) is bound by the figures set out below and neither Macquarie nor MAAML is liable to cover any difference between the indicative valuation and the amounts payable on actual redemption. Therefore, this information is not a quote or a redemption price, nor does it represent a formal net asset value of any series of the VOLition Fund. The indicative valuations below may be materially different to the actual prices realised on redemption of an investment in the VOLition Fund. This is because the indicative valuations are based on estimated (or theoretical) values of the underlying Cash Investments and Index Contracts and not the actual value of these components at the time of redemption. An investment in the VOLition Fund is designed to be held until Maturity.

The following table shows the indicative amounts required to repay a $1.00 investment loan and/or associated interest loan (IL) or interest assistance loan (IAL) (including any put protection fee component), if any, as at the date noted in the table. These indicative values include the loan principal amount, a refund of any prepaid interest and any loan break benefit or break cost associated with the early repayment of your fixed rate loan. For more information please refer to your loan documentation. If you have a fixed rate loan there may be material additional break costs associated with the early repayment of your investment loan.

Please note the indicative loan repayment amounts shown below do not apply to your Investment Loan if:

• you were given a discount on your Investment Loan interest rate; or
• you have interest or other payments owing on your loan.

Volition Series	Loan Type	Interest Rate	Indicative Investment Loan Repayment Amount	Indicative IL or IAL Repayment Amount	Indicative Total Loan Repayment Amount including IL or IAL
			(per $1 Investment Loan)	(per $1 Investment Loan)	(per $1 Investment Loan)
A	Annual in Advance - Fixed for Term	6.95%	0.9976	N/A	0.9976
	Quarterly in Advance - Fixed for Term	7.15%	0.9976	N/A	0.9976
B	Annual in Advance - Fixed for Term	7.50%	1.0181	N/A	1.0181
	Quarterly in Advance - Fixed for Term	7.75%	1.0191	N/A	1.0191
	Quarterly in Advance - Floating	8.25%	0.0315	N/A	0.0315
C	Annual in Advance - Fixed for Term	7.60%	1.0180	N/A	1.0180
D	Annual in Advance - Fixed for Term	8.95%	1.0528	0.0387	1.0915
E	Annual in Advance - Fixed for Term	11.04%	1.1023	0.0477	1.1501
	Annual in Advance - Fixed for 1 Year	11.20%	0.9876	0.0484	1.0360
	Monthly in Arrears - Fixed for Term	11.11%	1.1188	N/A	1.1188
	Monthly in Arrears - Floating	11.05%	1.0046	N/A	1.0046
F	Annual in Advance - Fixed for Term	9.40%	0.9917	0.0443	1.0359
	Annual in Advance - Fixed for 1 Year	10.10%	0.9888	0.0473	1.0361
	Monthly in Arrears - Floating	9.85%	1.0041	N/A	1.0041
G	Annual in Advance - Fixed for Term	9.65%	0.9907	0.0453	1.0361
	Annual in Advance - Fixed for 1 Year	10.10%	0.9890	0.0473	1.0362
	Monthly in Arrears - Floating	9.80%	1.0041	N/A	1.0041

Note: IAL Repayment Amounts for Series F & G Include the Repayment of the Put Fee Loan

Please note that the information provided is not a quote or redemption estimate, is subject to change without notice and is indicative only. Amounts payable on redemption will be subject to loan repayment obligations and break costs as set out in the relevant Product Disclosure Statement and loan documentation.

Underlying

The Responsible Entity has invested the amount raised for each Series in:

• Cash Investments; and
• an Index Contracts

Cash Investments 

The Cash Investments for a Series are made with the aim that, by Maturity, they will grow to at least a proportion (called the "Series Percentage") of the Issue Price of the Units in that Series - which is the "Protected Value" of your investment in the VOLition Fund.

Series	Issuer*	Series Percentage^	Protected Value per Series Unit^	Maturity Value of Cash Investments per Unit^
A	MGL	113.77%	1.1377	1.1396
B	MGL	121.00%	1.2100	1.2262
C	MGL	111.46%	1.1146	1.2357
D	MGL	131.49%	1.3149	1.3183
E	MGL	139.36%	1.3936	1.4542
F	MGL	113.53%	1.1353	1.1376
G	MGL	115.49%	1.1549	1.1574

* MGL = Macquarie Group Limited

^ Please note that these figures are rounded, and are calculated based on your initial investment in a Series, without taking into account distribution reinvestment. To determine your Protected Value or Maturity Value, please reference your initial investment or disregard any units issued pursuant to distribution reinvestment.

Index Contracts 

The Index Contracts provide varying participation in the daily gains and losses of the S&P/ASX200 index. For each Series the overall gain must exceed a specified percentage ("Threshold") of the initial index level before there will be any value deliverable from the Index Contract at maturity.

Series	Contract Counterparty*	Threshold
A	Citigroup	105%
B	Citigroup	100%
C	Citigroup	100%
D	Credit Suisse	100%
E	Credit Suisse	100%
F	Citigroup	103%
G	Credit Suisse	109%

* Citigroup = Citigroup Global Markets Australia Pty Ltd with guarantee provided by Citigroup Inc.

Credit Suisse = Credit Suisse International

Variable Participation Methodology adjusts the level of participation (“Participation Rate”) in the performance of the S&P/ASX200 Index on any day, based on the annualised volatility of the index over the last 60 ASX trading days (“Volatility”).

Volatility		Participation Rate
Greater than	But less than or equal to
0.00%	8.00%	150.00%
8.00%	9.00%	145.00%
9.00%	10.00%	140.00%
10.00%	11.00%	135.00%
11.00%	12.00%	130.00%
12.00%	13.00%	125.00%
13.00%	14.00%	120.00%
14.00%	15.00%	115.00%
15.00%	16.00%	110.00%
16.00%	17.00%	105.00%
17.00%	18.00%	100.00%
18.00%	18.50%	96.70%
18.50%	19.10%	93.30%
19.10%	19.60%	90.00%
19.60%	20.10%	86.70%
20.10%	20.70%	83.30%
20.70%	21.20%	80.00%
21.20%	21.70%	76.70%
21.70%	22.30%	73.30%
22.30%	22.80%	70.00%
22.80%	23.30%	66.70%
23.30%	23.90%	63.30%
23.90%	24.40%	60.00%
24.40%	24.90%	56.70%
24.90%	25.50%	53.30%
25.50%	26.00%	50.00%
26.00%	26.50%	46.70%
26.50%	27.10%	43.30%
27.10%	27.60%	40.00%
27.60%	28.10%	36.70%
28.10%	28.70%	33.30%
28.70%	29.20%	30.00%
29.20%	29.70%	26.70%
29.70%	30.30%	23.30%
30.30%	30.80%	20.00%
30.80%	31.30%	16.70%
31.30%	31.90%	13.30%
31.90%	32.40%	10.00%
32.40%	32.90%	6.70%
32.90%	33.50%	3.30%
33.50%	N/A	0.00