Funds

In August 2009, Standard & Poor's reaffirmed its 'AAAm'* rating on the Fund - the highest credit rating available to a cash management trust. The 'AAAm' rating on the Fund indicates that the safety of the Fund is excellent and that it has an extremely strong capacity to maintain principal value and limit exposure to loss.

Standard and Poor's is one of Australia's most highly regarded ratings agencies.

What does the Standard & Poor's AAAm rating mean?

• At least 75% of the portfolio must be invested in A1+ rated securities - the highest short term money market security rating available.
• At least 10% of the portfolio must be maturing within 7 days at all times.
• At least 50% of the portfolio should be held in the form of highly liquid assets; defined as bank issued securities rated A-1+ and A-1.
• The average maturity of the portfolio should be maintained within a relatively short time frame, with a maximum weighted average maturity of 70 days.
• A maximum of 33% of the portfolio be exposed to a single A1+ rated counterparty.
• A maximum of 25% of the portfolio be exposed to a single A1 rated counterparty.

Need more information?

See the relevant pdf below.

*Ratings are subject to change. For the latest ratings information please visit www.standardandpoors.com.au Ratings issued by Standard & Poor's are solely statements of opinion and not statements of fact or recommendations to purchase, hold or sell any securities or make any other investment decisions

Lonsec, one of Australia's leading research houses,has recently reviewed the following eight United fundsand assigned them an 'Investment Grade' rating:

• United Capital Secure Fund
• 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 time frame".

As part of its report, Lonsec commented:

"Overall, Lonsec considers United's manager research process to be in-depth, diligent and transparent."

"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."

"An 'Investment Grade' rating has been retained at this review."

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

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.