Global Investments
International Limited

The first Man guaranteed return fund was launched in Europe in August 2002. The Man guaranteed return funds have been extremely well received, attracting positive reviews in the international financial press and subscriptions for more than US$2 billion internationally and A$ 525 million in Australia and New Zealand.

Man Investment Products has launched a new Capital Guaranteed Structured Product
Man Multi-Strategy Series 4 guarantees investors a return of at least 120% of the face value of their initial investment at maturity. In addition, there is also a profi t lock-in feature which can raise the level of the guarantees at maturity by locking-in a portion of net new trading profits following periods of sustained profitability. Royal Bank of Scotland is the guarantor. The fund targets medium-term yearly growth of around 15% while restricting volatility to around 10%. It will be available in both US dollar and euro class bonds; minimum subscription is US$50,000.Commenting, Christoph Moeller, Man's sales director and chief executive officer in Switzerland, said: "Investors have again come to recognize the valuable diversification benefits alternative investments can offer an investment portfolio, particularly in turbulent markets as we are seeing this year." The fund is available to investors until 6 December, 2002 with a possible extension. Man Group recently raised a record $670m for its multi-manager hedge fund product, Man IP 220 Series 4. GLOBAL PENSIONS, 31 December 2002

Excellence in Institutional Asset Management
Man Group, the world's largest listed alternatives specialist, has risen to the top of the rankings for European funds of hedge funds, after a year in which it achieved net inflows of more than $1bn from investors in the first quarter alone. Following a surge in its profitability Man has become one of the UK's 100 largest listed companies. Institutional sales at the group are strengthening. The firm recently raised more than $700m with two recent structured product launches. Man launched a capital guaranteed structured product in response to increased investor demand for managed futures and arbitrage investment opportunities. FINANCIAL NEWS, October 2003

Man raises $670m for fund despite slowdown
Man Group, the largest listed hedge fund manager, said yesterday it has raised $670m (£492m) for a new fund, amid growing evidence that the industry is suffering from a slowdown of in flows. Analysts said the success of the fundraising reflected the popularity of Man's retail hedge funds - which have put in a consistent performance through the bear market - rather than an increase of capital flows to funds. One analyst said he was "unsurprised" that the fund launch has done so well given that Man's investment performance has been so good over the past six months. The new fund will be a mix of AHL, Man's managed futures hedge fund and Glenwood, its fund of funds portfolio. Man's first fund with these characteristics has since 1996 achieved a 19.4 per cent net return. The fund also carries a capital guarantee from Lloyds TSB to return at least 120 per cent of the initial sum invested. FINANCIAL TIMES, 18 October 2002

Accelerating Growth
A new class of managed funds offers better than usual returns - but do your research. Battle-hardened investors are naturally suspicious of anything laying claim to double-digit returns, especially if it is promoted with a capital guarantee. Nonetheless, this has not stopped hundreds of millions of dollars flowing into a new class of managed fund over the past few years, led in Australia by the OM-IP Series of funds and offering very attractive growth. OM-IP uses more than 90 managers across 100 international markets. SYDNEY MORNING HERALD, 5 November 2003

The Investment Strategy
Series 2 OM-IP 140 Plus (AUD) Limited has been established to give investors the opportunity to achieve medium term capital growth and security in today's economic climate. The investment strategy aims to generate medium term capital growth of more than 15%pa*. It also provides the security of a guaranteed return of A$1.40 per Share and provides for a rising guarantee from Westpac+.

Background
Series 2 OM-IP 140 Plus (AUD) Limited ("the Company") is based on a new generation of guaranteed return funds developed by the Man Group, a UK based financial services group founded in 1783. These new funds aim to generate medium term capital growth and provide the security of a guaranteed return on maturity. The first Man guaranteed return fund was launched in Europe in August 2002. The Man guaranteed return funds have been extremely well received, attracting positive reviews in the international financial press and subscriptions for more than US$2 billion from four international issues and more than A$525 million from two Australian dollar and two New Zealand dollar issues. A new Man guaranteed return fund is now available in Australia. It aims to generate medium term capital growth of more than 15%pa* and is structured as an Australian dollar investment. The subscription price is A$1.00 per Share and, subject to the terms of the Westpac 140 Guarantee, investors will have the security of receiving a minimum amount of A$1.40 for each A$1.00 Share they hold on the Maturity Date+. The investment also incorporates a rising guarantee which enables the Company to lock in a portion of the trading profits to increase the Westpac 140Guarantee on the Maturity Date+.

Investment Strategy
The Company's investment strategy aims to generate medium term capital growth of more than 15%pa* by harnessing the performance of two leading international investment programs, one in London, the other in Chicago. The AHL Diversified Program is managed by Man Investments in London. It identifies opportunities to profi t from price movements in more than 120 international markets using efficient market strategies, advanced technology and 24 hour risk management. This program has a history of more than 20 years and has recorded a compound annual return of 17.8%*since being traded by Man Investments' first AHL fund in December 1990 and 13.9% pa*over the last five years. The Glenwood Multi-Strategy Program was developed by the Glenwood Group in Chicago. It accesses the expertise of more than 80 specialized international fund managers using a wide range of hedge and investment strategies. The Glenwood Multi-Strategy Program has recorded a compound annual return of 10.2%*with a low level of volatility since January 1987 and 3.5% pa*over the last five years. The combined investment using the AHL Diversified Program and the Glenwood Multi-Strategy Program is designed to increase medium term growth potential and reduce volatility of returns by spreading risk over a wide range of international markets and specialized investment strategies.

The Westpac 140 Guarantee
The Westpac 140 Guarantee comprises:

• The Guaranteed Return designed to provide the holders of Shares on the Maturity Date (30 March2018) with the security of receiving a minimum amount of A$1.40 for each A$1.00 Share held on the Maturity Date.
  
  

• The Rising Guarantee allows the Company to lock in a portion of the trading profits after an initial growth target of 30% has been achieved.  The Westpac 140 Guarantee will then increase by an amount equal to 50% of any net trading profits (after making good any prior years' losses) generated in a financial year. The full text of the Westpac 140 Guarantee is set out in chapter two of the Prospectus, as is the procedure for issuing the Westpac 140 Rising Guarantee Notice after an initial growth target of 30% has been achieved.

• * The aim of more than 15%pa medium term capital growth is an aim not a forecast or prediction. Past performance is not a reliable indicator of future performance. Performance figures are net of all fees and calculated as at 31 March 2005.+Subject to the terms of the Westpac 140 Guarantee outlined in chapter two of the Prospectus.

Key Information

• Investment Strategy
  Aims to generate medium term capital growth of more than by 15%pa*harnessing the performance of two leading international investment programs. It also provides the security of a guaranteed return of A$1.40 per Share and provides for a rising guarantee from Westpac + on + maturity.
  
  

• Offer Period 
  Applications for Shares close at 5.00pm Sydney time on 22 July 2005 (subject to the discretion of the Directors to extend the offer period by up to 14 days).
  
  

• Investment Offered
  Redeemable Shares in Series 2OM-IP 140 Plus (AUD) Limited.
  
  

• Subscription Price
  The subscription price is A$1.00 per Share. There is no additional entry fee.
  
  

• Minimum Investment
  A$5,000 and then in multiples of A$1,000.
  
  

• Westpac 140 Guarantee
  The Westpac 140 Guarantee for the holders of the Shares on the Maturity Date (30 March 2018), includes the Guaranteed Return and the Rising Guarantee, the terms of which are outlined in the Prospectus.
  
  

• Application for Shares
  Anyone wishing to acquire Shares will need to complete the Application Form included in chapter four of the Prospectus.
  
  

• Interest on Early Applications
  Applications from investors received by 1 July 2005 will receive simple interest at a rate of 4.5%pa, from the date of receipt to the date the application list closes.
  
  

• Valuation of Shares
  The Net Asset Value per Share will be published in the Australian Financial Review on a weekly basis and updated monthly. Shareholders will also be sent a quarterly newsletter from Man Investments Australia; a Westpac 140 Rising Guarantee Notice when there has been an addition to the Westpac Security Fund and an Annual Report containing a report from the Investment Manager and audited accounts.
  
  

• Sale of Shares
  Shares can be sold each month to Man Investments Australia or redeemed by the Company at 98% of the Net Asset Value per Share (or at 100% of the Net Asset Value per Share after 31 August 2008) as outlined in the Prospectus.
  
  

• Dividends
  As the Company's objective is to generate medium term capital growth, the Directors do not intend to declare any dividends or provide ongoing income prior to the Maturity Date (see page 31 of the Prospectus).
  
  

• Past Performance
  Investors should note that past performance is not a reliable indicator of future performance.
  
  

• Risk Factors
  Investments using leverage, such as Series 2 OM-IP 140 Plus (AUD) Limited, are subject to a number of risks and may be regarded as highly speculative. Investors should therefore carefully read the Prospectus and particularly the risk factors outlined on pages 35-37 of the Prospectus, the investment strategy detailed in chapter one of the Prospectus, the taxation report in chapter three of the Prospectus and the terms of the Westpac 140 Guarantee in chapter two of the Prospectus before making an investment decision.

Questions & Answers

1. What is the investment strategy?
The investment strategy aims to generate medium term capital growth of more than 15%pa*. It also *provides the holders of the Shares on the Maturity Date with the security of a guaranteed return of A$1.40 per Share and a rising guarantee from Westpac+.

2. Why are two investment programs used?
The OM-IP 140 Plus Strategy provides investors with access to more than 120 international markets traded by the AHL Diversified Program and more than 80 specialized international fund managers through the Glenwood Multi-Strategy Program. The combined investment using the AHL Diversified Program and the Glenwood Multi-Strategy Program is designed to generate medium term capital growth and reduce volatility of returns by spreading risk over a wide range of international markets and specialized investment strategies.

3. What is the purpose of the Westpac 140 Guarantee+?
The Westpac 140 Guarantee comprises the Guaranteed Return and the Rising Guarantee. The Guaranteed Return is designed to provide the holders of the Shares on the Maturity Date with the security of receiving a minimum amount of A$1.40 for each A$1.00 Share held on the Maturity Date. The Rising Guarantee provides a safety net that allows the Company to lock in a portion of the trading profits after an initial growth target of 30%has been achieved. The Westpac 140 Guarantee will then increase by an amount equal to 50% of any new trading profits (after making good any prior years' losses) generated in a financial year.

4. Can I take funds out before the Maturity Date?
Yes. Shares can be redeemed or sold to Man Investments Australia on the first business day of each month, at the price and subject to the conditions outlined in the Prospectus.

5. Who is the investment manager?
Man Investments Limited is part of the Man Group, one of the world's leading financial services groups with a market capitalization of US$8 billion and US$42 billion under management**. The Man Group was established in 1783 and Man Group plc is listed on the London Stock Exchange.

6. What is the history of the AHL Diversified Program?
The AHL Diversified Program is managed by Man Investments in London. It is used to manage US$9.7 billion**and has recorded a compound annual return of 17.8%*since being traded by Man's first AHL fund in December 1990 and 13.9%pa*over the last five years.

7. What is the history of the Glenwood Multi-Strategy Program?
The Glenwood Multi-Strategy Program was developed by the Glenwood Group in Chicago. It accesses the expertise of more than 80 specialized international fund managers and has recorded a compound annual return of 10.2%* since January 1987 and 3.5%pa* over the last five years.

8. How can Series 2 OM-IP 140 Plus (AUD) Limited be used in a balanced investment portfolio?
An investment in Series 2 OM-IP 140 Plus (AUD) Limited provides investors with an opportunity to achieve medium term capital growth from an international investment that is not dependent on the continued growth of global stock, property and bond markets. It also provides the security of a guaranteed return of A$1.40 per Share and a rising guarantee from Westpac+.

*Past performance is not a reliable indicator of future performance. Performance figures are net of all fees and calculated as at 31 March 2005.

**Market capitalization as at 31 March 2005, funds under management for Man Investments as at 12 January 2005 and funds under management for AHL and Glenwood as at 30 September 2004.+ Subject to the terms of the Westpac 140 Guarantee outlined in chapter two of the Prospectus.