Aquisition of JO Hambro Capital Management

Fund Information

Notice - 22 January 2009

BT Global Return Fund: Update 22 January 2009

This update follows on from our earlier notice on the 19th December 2008 that BT Investment Management (BTIM) had suspended applications and withdrawals from the BT Global Return Fund (GRF or Fund).

Why were redemptions suspended?

The decision was made to protect the interests of GRF investors, following notification from Grosvenor Capital Management L.P. (“Grosvenor”) of their intention to “designate” a portion of the less liquid assets of the Grosvenor Master Fund, Ltd (GMFL), from which the GRF obtains its investment exposure.

Grosvenor’s action and BTIM’s subsequent decision to suspend redemptions in the Fund were made in response to the continued significant deterioration of liquidity in the global capital markets. This has had a flow on effect on some underlying managers in the GMFL, which have needed to impose their own restrictions on withdrawals.

Grosvenor’s and BTIM’s actions are a necessary response to current market conditions, and are consistent with the actions of major US and Australian fund of hedge funds and hedge fund managers.

Why did GRF suspend redemptions when Grosvenor has not suspended redemptions in the GMFL?

Whilst the GMFL has not suspended withdrawals it is implementing a change to its capital structure in response to market conditions and the restrictions on withdrawals of funds by some underlying managers.

The GRF is not currently able to mirror the arrangement that has been introduced in the GMFL, under its constitution. Without the suspension, this would have given an advantage to some unitholders and would have disadvantaged those who remained invested in the Fund, and would therefore have been unfair to remaining investors.

When will the suspension be lifted?

BTIM is continuing to work towards lifting the suspension in a way that is fair to all investors. We are actively engaged with Grosvenor to ensure that the GRF continues to be managed in accordance with the Fund’s objectives.

There is no date set for when the suspension will be lifted. This may ultimately be influenced by global financial markets and the period required for markets to return to more stable trading conditions. We will keep all investors informed of any developments.

Distributions

Investors in the GRF will continue to receive distributions to the extent that distributable income is available.

Unit prices

Unit prices are continuing to be calculated once a month as at the last Business Day of the month. These unit prices will be generally available 11 business days after the end of the month. While the Fund is under suspension, these are indicative unit prices and investors will not be able to transact on these prices. If an investor makes a redemption request during the time of the suspension, the unit price that will apply once the suspension lifts will be the price determined based on asset values at that time (i.e. after suspension is lifted), in accordance with the Fund’s constitution.

We continue working towards lifting the suspension and will let you know when further information is available.

Important Information

BT Investment Management (RE) Limited ABN 17 126 390 627 is the responsible entity and issuer of units in the Fund (other than Pooled Superannuation Trusts). The trustee of the Pooled Superannuation Trusts(Funds) and information about those Funds is set out here. The investment manager for the Funds is BT Investment Management (RE) Limited. Where a product disclosure statement (PDS) is available on this page for the Fund you should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose of units in the Fund.
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