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Advisor report
May 2010 valuations
Financial advisor use only
Man OM-IP funds performance

The Man OM-IP funds retraced by an average of -0.65%* during May as investor sentiment was dampened by a wave of negative news.

Long positions in US, European and Japanese bonds secured notable gains as prices surged due to investors increasing demand on 'safe haven' assets. European bond prices were further boosted on news that the European Central Bank had started to buy eurozone government bonds in an attempt to stabilise nervous markets.

In the interest rate sector, long positions in the Eurodollar, Euribor and Short Sterling contracts made profits as speculation arose that interest rates would be kept at record lows in the US, eurozone and UK.

Profits were offset by trades in metals with long positions in nickel and copper generating notable losses. Nickel prices fell 19% in May on concerns the global recovery was slowing.

Further losses were incurred in energies, led by natural gas trading. Natural gas prices rose 10% to reach a two-month high on speculation that hot weather in the US would increase demand for electricity. Prices then retreated 9% over the following five days on speculation that US demand for the fuel would not erode a supply surplus. The volatile price movements led to a whipsawing of positions.

Performance lagged in the stock sector, particularly from long positions in US and Asian bourses, as equities fell on rising concern that the global economic recovery would be derailed by European sovereign debt troubles.

In currencies, long positions in commodity-linked currencies such as AUD, BRL and ZAR suffered as investors sold out of riskier assets. Short euro positions helped offset some losses as the European currency fell sharply as concerns intensified over the eurozone debt problems.

The multi-manager business recorded slightly negative performance for the month.


Man OM-IP 220 vs stock indices
1 August 1997 to 31 May 2010




Financial advisor use only.
Source Man Investments Australia Limited.
Note Performance figures are calculated net of all fees as at 31 May 2010. Past performance is not a reliable indicator of future performance.



In this issue
Man OM-IP funds performance
Man OM-IP AHL 2010: Performance potential with the security of a capital guarantee from ANZ+
Man AHL Diversified (AUD): Updated prospectus
Man Series 6 OM-IP 220: Maturity approaching and an opportunity to continue
May 2010 valuations
Open for investment
Man OM-IP AHL 2010

Man AHL Alpha (AUD)

Man AHL Gold (AUD)

Man RMF Dynamic

Man AHL Diversified (AUD)

Contact us
Man Investments Australia

Telephone:
(61-2) 8259 9999
1800 222 355 (Australia)
0800 878 220 (New Zealand)

Fax:
(61-2) 9252 4453
0800 787 220 (New Zealand)

info@maninvestments.com.au
www.maninvestments.com.au

Man OM-IP AHL 2010

Performance potential with the security of a capital guarantee from ANZ+

Man OM-IP AHL 2010 will access the AHL Diversified Program, an investment strategy with over 19 years of trading history and a compound annual return of 15.3%^^ since inception, while providing the security of the ANZ Guarantee+.

Applications close 13 August 2010.

For more information on Man OM-IP AHL 2010, please contact Man Investments Australia or visit the website www.maninvestments.com.au/manomipahl2010.

Man AHL Diversified (AUD)

Updated prospectus

Man AHL Diversified (AUD) was launched by Man Investments Australia on 16 March 2007. The fund has been well received with approximately A$330 million under management.

The prospectus dated 15 May 2009 has now expired and an updated prospectus, valid to 14 June 2011, is now available.

For more information on Man AHL Diversified (AUD) or to obtain the updated prospectus, please contact Man Investments Australia or visit the website www.maninvestments.com.au/manahldiversified.

Man Series 6 OM-IP 220

Maturity approaching and an opportunity to continue

Shares in Man Series 6 OM-IP 220 are due to mature on 31 December 2010. For a limited time only, Shareholders will be offered the opportunity to continue their investment.

An Election Notice Pack outlining the options available to Shareholders and what they are required to do will be sent out in September 2010.

For more information please contact Man Investments Australia.

May 2010 valuations

Product Ccy Inception Last
valued
Rising Guarantee++ Net Asset
Value
Man OM-IP 220 Ltd AUD Aug 97 31 May 10 $4.5987 $5.2152
Man Series 2 OM-IP 220 Ltd AUD Jan 98 31 May 10 $4.3027 $4.5031
Man Series 3 OM-IP 220 Ltd AUD Jul 98 31 May 10 $3.6965 $3.7405
Man Series 4 OM-IP 220 Ltd AUD Jun 00 31 May 10 $3.1606 $2.8635
Man Series 5 OM-IP 220 Ltd - Matured AUD Jan 01 30 Jun 09 Matured Matured^
Man Series 6 OM-IP 220 Ltd AUD Jun 01 31 May 10 $1.5605 $2.1325
Man Series 7 OM-IP 220 Ltd AUD Jun 02 31 May 10 $1.3901 $1.9541
Man Series 8 OM-IP 220 Ltd AUD Nov 02 31 May 10 $1.4330 $1.7904
Man Series 9 OM-IP 220 Ltd AUD Oct 03 31 May 10 $1.1810 $1.4475
Man Series 10 OM-IP 220 Ltd AUD May 05 31 May 10 $1.2155 $1.4561
Man Series 11 OM-IP 220 Ltd AUD Apr 06 31 May 10 $1.0105 $1.0917
Man Series 12 OM-IP 220 Ltd AUD Dec 07 31 May 10 $1.0000 $0.9443
Man OM-IP 220 2008 Ltd AUD Dec 08 31 May 10 $1.0000 $0.9029
Man OM-IP 320 Diversified Ltd AUD Dec 98 31 May 10 $2.0824 $1.5788
Man OM-IP Strategic Ltd AUD Aug 99 31 May 10 $2.6834 $2.0434
Man OM-IP Strategic Series 2 Ltd AUD Dec 99 31 May 10 $2.0970 $1.8852
Man OM-IP Hedge Plus Ltd AUD Jan 02 31 May 10 $1.2221 $1.3235
Man OM-IP 130 Plus Ltd AUD Jul 03 31 May 10 $1.5028 $1.4060
Man OM-IP 140 Plus Ltd NZD Aug 03 31 May 10 $1.6060 $1.4984
Man OM-IP 140 Plus (AUD) Ltd AUD Jun 04 31 May 10 $1.5879 $1.4312
Man OM-IP 150 Plus (NZD) Ltd NZD Jun 04 31 May 10 $1.7016 $1.5240
Man Series 2 OM-IP 150 Plus (NZD) Ltd NZD Aug 05 31 May 10 $1.5000 $1.2347
Man Series 2 OM-IP 140 Plus (AUD) Ltd AUD Aug 05 31 May 10 $1.4000 $1.1251
Man OM-IP MultiStrategy Ltd AUD Jan 04 31 May 10 $1.0661 $0.9876
Man OM-IP 15seven Ltd AUD Oct 04 31 May 10 $1.1030 $1.5855
Man Series 2 OM-IP 15seven Ltd AUD Dec 06 31 May 10 $1.0181 $1.1578
Man OM-IP Stratum Ltd AUD Dec 04 31 May 10 $1.0358 $1.1734
Man OM-IP 16eight Ltd AUD Dec 05 31 May 10 $1.0216 $1.2773
Man OM-IP Eclipse Ltd AUD Aug 06 31 May 10 $1.1210 $1.2955
Man OM-IP 2Eclipse Ltd AUD Apr 07 31 May 10 $1.0771 $1.1671
Man OM-IP 3Eclipse Ltd AUD Apr 08 31 May 10 $1.0000 $0.9489
Man OM-IP Eclipse 2010 Ltd AUD Apr 10 31 May 10 $1.0000 $0.9888
Man OM-IP Vision Ltd AUD Aug 07 31 May 10 $1.0000 $0.9266
Man OM-IP Essential Ltd AUD Aug 08 31 May 10 $1.0000 $1.0486
Man OM-IP AHL Ltd AUD Apr 09 31 May 10 $1.0000 $0.9730
Man OM-IP 2AHL Ltd AUD Jul 09 31 May 10 $1.0000 $0.9756
Man OM-IP 3AHL Ltd AUD Dec 09 31 May 10 $1.0000 $1.0268


Rewards through experience
* Past performance is not a reliable indicator of future performance. Performance figures are calculated net of all fees as at 31 May 2010. The performance figure for the Man OM-IP funds in May 2010 is an average figure for all the Man OM-IP funds.
+ Subject to the terms of the ANZ Guarantee as described in Section 5 and set out in Appendix A of the Prospectus.
^^ Past performance is not a reliable indicator of future performance. Performance figures are calculated as at May 2010 and based on the actual trading results for Athena Guaranteed Futures Limited, Man Investments' longest running AHL capital guaranteed fund, that have been adjusted to reflect the current fee structure from December 1990 to 31 May 2010.
Funds under management as at 29 March 2010.
++ Subject to the terms of the guarantee for each fund.
^ Man Series 5 OM-IP 220 matured on 30 June 2009 with a Net Asset Value per Share of A$2.0837.

Man OM-IP AHL 2010

The Prospectus has been lodged with the Australian Securities & Investments Commission and the New Zealand Companies Office. Offers of Shares will be made in the Prospectus issued by Man OM-IP AHL 2010 Limited dated 14 May 2010. Investors wishing to acquire Shares will need to complete the Application Form attached to the Prospectus. Please also refer to the Identification Requirements document.

The offer of Shares in New Zealand is made pursuant to and in accordance with Part 5 of the Securities Act 1978 and the Securities (Mutual Recognition of Securities Offerings - Australia) Regulations 2008 (New Zealand). Investors receiving the Prospectus in New Zealand should read the 'New Zealand Shareholders: Warning Statement' in Section 12 of the Prospectus.

Terms capitalised and used in this email have the same meaning as in the Prospectus. 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. Persons considering investing in the Shares should carefully read all of the Prospectus before making an investment decision. Man OM-IP AHL 2010 Limited is a new company with no actual trading history. US Persons are not eligible to subscribe for Shares pursuant to the Prospectus.

The Shares are not deposits or other liabilities of Australia and New Zealand Banking Group (ANZ) or its subsidiaries and neither ANZ, its subsidiaries, the Man Group nor the Directors guarantees the performance of the Company. Neither the Company nor the Man Group is a member of the ANZ group. Investment in the Shares is subject to investment risk, including possible delays in payment and, except as provided in the ANZ Guarantee, loss of income and principal invested. ANZ does not in any way stand behind the capital value or performance of the Shares or the investments made by the Company, except as provided in the ANZ Guarantee.

Man AHL Diversified (AUD)

The Prospectus has been lodged with the Australian Securities & Investments Commission and the New Zealand Companies Office. Offers of Shares will be made in the Prospectus issued by Man AHL Diversified (AUD) Limited dated 14 May 2010. Investors wishing to acquire Shares will need to complete the Application Form attached to the Prospectus. Please also refer to the Identification Requirements document.

The offer of Shares in New Zealand is made pursuant to and in accordance with Part 5 of the Securities Act 1978 and the Securities (Mutual Recognition of Securities Offerings - Australia) Regulations 2008 (New Zealand). Investors receiving the Prospectus in New Zealand should read the 'New Zealand Shareholders: Warning Statement' in Section 13 of the Prospectus.

Terms capitalised and used in this email have the same meaning as in the Prospectus. 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. Persons considering investing in the Shares should carefully read all of the Prospectus before making an investment decision. US Persons are not eligible to subscribe for Shares pursuant to the Prospectus.

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