Funds

United funds receives positive rating from Lonsec research house

Lonsec, one of Australia's leading research houses*, has recently reviewed the following seven United funds and has assigned each of them an 'Investment Grade' rating:

• United Sector Leaders Capital Stable Fund
• United Sector Leaders Capital Balanced Fund
• United Sector Leaders Capital Growth Fund
• United Sector Leaders Diversified Aggressive Fund
• United Sector Leaders Capital High Growth Fund
• United Australian Equities Fund
• United International Equities Fund

Lonsec's 'Investment Grade' rating means that "In Lonsec's opinion, the funds can achieve their objectives and, if applicable, outperform some of their peers over an appropriate timeframe.".

As part of its report, Lonsec commented:

"Overall, Lonsec is impressed with the level of attention and detail applied to the portfolio construction process for the diversified (and single sector) funds and believes it to be a key strength for United."

"United has been one of only a few multi-managers assessed by Lonsec to have successfully added value through manager selection in the multi-sector products over the medium-term (3 years)."

"Lonsec views positively United's focus on high conviction strategies and the hands on approach to mandate tailoring."

Lonsec's rating of these United funds means these funds have been externally researched and rated.

*Money Management magazine recently rated Lonsec No.1 research house for the fourth year in a row in its 2008 'Rating the Raters' survey. This survey collects opinions from Australia's leading fund managers.

The Lonsec Limited ("Lonsec") ABN 56 061 751 102 rating (assigned May 2008) presented in this document is limited to "General Advice" and based solely on consideration of the investment merits of the financial product(s). It is not a recommendation to purchase, sell or hold the relevant product(s), and you should seek independent financial advice before investing in this product(s). The rating is subject to change without notice and Lonsec assumes no obligation to update this document following publication. Lonsec receives a fee from the fund manager for rating the product(s) using comprehensive and objective criteria.