Liontamer

Precious Metals Fund – for public release

Liontamer Investment Management Pty Ltd is considering making the following offer of securities to the public. No money is currently being sought and no applications for securities will be accepted or money received unless a subscriber has received an investment statement.

Issuer name	Liontamer Investment Management Pty Ltd
Description of the securities intended to be offered	Units in an Australian Unit Trust
The terms of the intended offer	Precious Metals Fund December 2006 Linked to a precious metals index - the Goldman Sachs Precious Metals Excess Return Index – an index made up of approximately 90% gold and 10% silver. GROWTH: aiming to lock in 100% of the rise in the index at maturity. The minimum level will be 90% of the rise in the index 100% CAPITAL PROTECTION: at maturity. This means for each $1 unit, $1 is repaid at maturity TERM: 5 year investment (flexibility to add 3 months) PRECIOUS METALS INDEX: linked to the Goldman Sachs Precious Metals Index - Excess Return (GSPM-ER) MINIMUM INVESTMENT: $20,000 EARLY MATURITY: if the underlying notes reach a redemption value of $1.60 within the first three years the notes will be redeemed and units will be repaid SETTING OF FEATURES: the fixed term and the level of exposure to the index will be locked in at the start of the investment period
The rate of interest that may be earned by holding the intended securities	0.05% per annum, payable on 30 June each year
Total number of securities intended to be offered	$10 million New Zealand dollars (ability to accept over subscriptions)
The intended use of the subscriptions	Used to purchase notes issued by a Standard & Poor's rated investment bank (at least A rating)
The class of persons to whom the offer will be made	New Zealand retail investors
The date the issuer expects the offer will be made	1 December 2006

This statement is in accordance with section 5(2CA) of the Securities Act 1978 and does not constitute an offer of securities to the public.