Investment Objective:

The Millennium Multi-Strategy Fund (MMS), Millennium's overlayed fund of funds, offers exclusive one-stop access to a diversified portfolio of talented global hedge fund managers located in Asia, Europe and the United States. The managers are selected using thorough quantitative and qualitative analysis.

The Millennium Multi-Strategy Fund's objective is to seek capital appreciation with low downside correlation to conventional asset classes, targeting positive returns independent of whether stocks, bonds or interest rates go up or down.

Investment Process:

Quantitative and qualitative analyses are performed to find, understand, select and monitor the managers and their assets.

The portfolio is constructed to seek optimum diversity by manager, strategy, economy, geography, market, trading style, liquidity, duration and size.

The Millennium Multi-Strategy Fund invests in strategies seeking to have low correlations to each other.

The portfolio risk parameters and weightings of each manager are monitored rigorously and are re-evaluated regularly, according to market opportunity.

Features of the Millennium Multi-Strategy Fund:

The Millennium Multi-Strategy Fund is differentiated from mainstream fund of hedge funds or multi-strategy products in specific aspects:

• We materially co-invest with our clients;

• We uniquely integrate asset and active currency overlay programmes;

• We actively rebalance the fund on a regular basis rather than passively sticking to static allocations;

• We offer full web-enabled transparency for investors to view underlying managers;

• Millennium partners are well-known active participants in financial markets and not retired or analysts;

• The Millennium Multi-Strategy Fund offers share classes in Swiss Francs, euro, Sterling and USD as base currency;

• The partners' contacts may secure access to otherwise closed managers.