Performance of the AHL Diversified Program during the seven largest drawdowns in the Australian stock market
December 1990 to November 2008^

Source Man Investments Australia
Note The Australian stock market corrections are measured by the seven largest drawdowns in the S&P/ASX 300 (Accum.) Index between December 1990 to November 2008. Performance figures are for the AHL Diversified Program and measured as the rise or fall in price during the periods of drawdown of the S&P/ASX 300 (Accum.) Index set out in the chart above. Performance figures are calculated net of all fees as at 30 November 2008. Past performance is not a reliable indicator of future performance.

The AHL Diversified Program has achieved a compound annual return of 17.3% since inception and 11.9% over the past five years^ and seeks to provide investors with the following benefits:

Performance: aims to generate medium to long term capital growth* in both rising and falling markets.

Security: the NAB Guarantee⁺.

Diversification: low correlation with the performance of investments in stocks, property and bonds^.

Source Page 8 of the Prospectus.
Note The chart is expressed in log scale to uniformly illustrate percentage changes each month. It shows an index of the performance of the AHL Diversified Program and are the actual trading results for Athena Guaranteed Futures Limited, Man Investments' longest running AHL capital guaranteed fund, that has been adjusted to reflect the current fee structure from December 1990 to November 2008. It is not designed to predict the future performance of the AHL Diversified Program or Man OM-IP AHL. Performance figures are calculated net of all fees as at 30 November 2008. Past performance is not a reliable indicator of future performance.

* The aim to generate medium to long term capital growth is based on the past performance of the AHL Diversified Program (see Section 2 of the Prospectus). Past performance is not a reliable indicator of future performance.

+ Subject to the terms of the NAB Guarantee as described in Section 5 and set out in Appendix A of the Prospectus (A$1.00 per Share on the Maturity Date). Investors should consider the key risks set out in Section 4 of the Prospectus in particular under the headings 'The NAB Guarantee' and 'Early redemption'. The NAB Guarantee is not secured by a mortgage or a charge over the assets of National Australia Bank.

^ Past performance is not a reliable indicator of future performance. Performance figures are as at 30/11/2008.

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 Limited dated 17 December 2008. Investors wishing to acquire Shares will need to complete the Application Form attached to the Prospectus. Please also refer to the Identification Requirements document.

Terms capitalised and used in this document 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 Limited is a new company with no actual trading history. This material is not suitable for US Persons.

The Shares are not deposits or other liabilities of National Australia Bank or its subsidiaries and neither National Australia Bank, 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 National Australia Bank group. Investment in the Shares is subject to investment risk, including possible delays in payment and, except as provided in the NAB Guarantee, loss of income and principal invested. National Australia Bank 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 NAB Guarantee.