As responsible entity of the Msquared Mortgage Income Fund (ARSN 682 099 350) (Fund), One Managed Investment Funds Limited ABN 47 117 400 987 (Responsible Entity) makes this Withdrawal Offer holders of ordinary units of the Fund (Members) to redeem Ordinary Units and Premium Units (Units) of up to the total value of the Withdrawal Amount at the Withdrawal Price calculated on the Offer Close Date.