23rd February 2012

Multi-Strategy Income Option

The Multi-Strategy Income Option’s Objective
This investment option offers investors an active investment in income orientated assets with some capital growth.1

Investment Option's Features

Active pool of income producing assets;
Daily unit pricing;
Access a regular investment plan and/or compounding reinvested distributions;
Investment specialist(s);
Diversified asset classes; and
Competitive fees.

Investors should be seeking a relatively medium level of capital security from a well diversified portfolio of ASX 200 listed shares that are dividend yielding, rated and unrated fixed interest investments, income orientated investments (such as term deposits, bonds, income securities and managed funds) and some cash. This option also may use derivatives for hedging strategies purposes only.

Investment timeframe
Investors may make an investment for a timeframe that suits them and pursuant to the terms of our PDS.

Target asset classes
The Fund intends to invest in the following asset allocations:

Asset Classes^	Minimum	Maximum	Target	Manager
Securities	25%	80%	45%	Millinium
Fixed interest	5%	30%	20%	Millinium/Vianova
Income yielding investments	15%	40%	25%	Millinium
Cash and equivalents	5%	25%	10%	Millinium
Derivatives (hedging only)	0%	0%	0%	Millinium

Investment Approach
This portfolio utilises a multi-manager investment approach. Millinium and other investment manager(s) it appoints offer specialist investment skills for optimum performance of asset classes offered.

Millinium selects, monitors and values the portfolio's assets looking at the short to medium term economic outlook using a disciplined decision-making framework with emphasis on capital preservation, ongoing income and some increase in capital growth for ongoing returns to investors. The process involves constantly assessing new information to refine our view of value and compare that to current market prices for the portfolio’s asset sectors. Depending upon the degree that market prices diverge from fair value, this will assist us in depicting the degree that portfolios deviate from benchmarks we set and weighting in a more conservative mix of assets. We employ multiple strategies to add value, including a mix of short dated, rated, fixed interest assets, medium incoming yielding assets by duration and security selection for dividend and some capital appreciation over a rolling year basis. There is a value orientation style across all asset classes and emphasis on liquidity and quality of assets.

Key features of this investment option for investors:

APIR Code	EXP0007AU
Morningstar ticker code	17009
Minimum Initial Investment	$15,000
Minimum Additional Investment	None
Minimum Ongoing Balance	$5,000
Minimum Redemption	$2,000 (subject to maintaining the Minimum Ongoing Balance)
Investment Timeframe	1 to 3 years
Distribution Frequency	Quarterly
Regular Investment Plan	Yes
Distribution Reinvestment Plan	Yes
Management Fee^^	0.75% p.a. of portfolio’s net assets payable monthly in arrears.
Buy/sell Spread	+/- of up to 0.30% (ASX stocks only)
Expense Recovery Fee*	0.10% (estimate)
Unit Price#	Daily
Withdrawal Timing	Quarterly
Unit Class	C1

Disclaimer: © Millinium's Multi-Strategy Fund ARSN 125 878 015 (“Fund”) is issued by Millinium Capital Managers Limited, ABN 32 111 283 357, AFSL No. 284336 (“Millinium”). This document does not constitute personal advice. Investors should consider obtaining professional advice as to whether this financial product suits their objectives, financial situation or needs. Investing in the Fund or its investment options can only be made by completing an application form attached to a current Product Disclosure Statement (“PDS”), and submitting it to our Sydney office. Investors should consider the PDS before investing and speak to their Financial Planner. ^This investment option’s target allocation is a target only and may change without notice. The asset allocation may be more or less than the target allocation in the Fund's PDS. ^^Management Fees and expenses are deducted from the sub trust for each investment option of the Fund. *This is an estimate based on subscriptions but costs could be higher. # The unit price is subject to adjustment. Please see the section "Unit pricing and the value of your investment" in the PDS. Returns are not guaranteed. Any past performance information or up to date returns posted on the website at www.millinium.com.au under the "Product Performance" tab, should not be taken as a reliable guide to future performance of the Fund or this investment option. Please note that returns are rolled up into the unit prices calculated for each unit class/investment option of the Fund. Please refer to the Terms of Use on our website for full details of use and our disclaimers. This document may be amended, withdrawn or replaced without notice. Please see the PDS for full details on the Fund from our website at www.millinium.com.au or speak to Investor Services on 02 8012-8650 to obtain a copy of the PDS. 1. This investment option’s investment objective is expressed before the deduction of management fees, expense recoveries and taxation, i.e. performance is measured relative to the investment option’s benchmark before fees and costs and taxes are deducted. Please see pages for details on fees and costs and details on taxation in the PDS. This investment option’s investment objective is not intended to be a forecast. It is only an indication of what the investment strategy aims to achieve over the medium term, assuming financial markets remain relatively stable during that time. This investment option may not achieve its investment objective. Returns are not guaranteed.