PRODUCT RATINGS

Research House

Select Diversified Portfolio

Select Alternatives Portfolio

Select Gottex MN Fund

Select Gottex EMN Fund

Select Private Equity Fund

Select Gold Fund

Lonsec Limited*

Not Rated

Recommended (Sep 08)

On Hold

Not Rated

Not Rated

Not Rated

Zenith Investment Partners

Highly Recommended (Aug 08)

Recommended (Sep 07)

Not Rated

Recommended (Sep 07)

Recommended (Jul 07)

Not Rated

Standard & Poor's **

Four Star Rating (Jul 07)

Four Star Rating (Jul 08)

On Hold

On Hold

Not Rated

Four Star Rating (Dec 06)

van Eyk ***

Not Rated

Not Rated

On Hold

On Hold

Not Rated

Rated (Oct 07)

Morningstar ****

Not Rated

Not Rated

On Hold

Not Rated

Not Rated

Not Rated

*Current rating for the Select Gottex Funds as at September 2007 and for the Select Alternatives Portfolio as of September 2007. Any Lonsec Limited (“Lonsec”) (ABN 56 061 751 102) rating presented in this website is limited to “General Advice” and based solely on consideration of the investment merits of the financial product(s) alone. It is not a recommendation to purchase, sell or hold any securities, and you should seek independent financial advice before investing in this product. The ratings contained in this website are reasonably held at the time of completion but are subject to change without notice and Lonsec assumes no obligation to update this website.

**To the extent that any ratings, opinions or other information of Standard & Poor's Information Services (Australia) Pty Ltd (ABN: 17 096 167 556, Australian Financial Services Licence Number: 258896) (“Standard & Poor's) constitutes general advice, this advice has been prepared by Standard & Poor's without taking into account any particular person's financial or investment objectives, financial situation or needs.  Before acting on any advice, any person using the advice should consider its appropriateness having regard to their own or their clients' objectives, financial situation and needs. You should obtain a Product Disclosure Statement relating to the product and consider the statement before making any decision or recommendation about whether to acquire the product.  Past performance is not a reliable indicator of future performance.  Ratings can change or cease at any time and should not be relied upon without referring to the meaning of the rating.  For more information regarding ratings please call S&P Customer Service on 1300 792 553 and also refer to Standard & Poor's Financial Services Guide at www.assirt.com.au.  Each analytic product or service of Standard & Poor's is based on information received by the analytic group responsible for such product or service.  “S&P” and “Standard & Poor's” are trademarks of The McGraw-Hill Companies, Inc. © 2007 Standard & Poor's Information Services (Australia) Pty Limited

***van Eyk Research Limited (ABN 99 010 664 632 AFSL 237917) (van Eyk) rates investment management capabilities rather than individual products.  Ratings can change or cease at anytime and should not be relied upon without referring to the meaning of the rating, as well as the full manager report, available to subscribers at www.irate.vaneyk.com.au. van Eyk has not directed the publication of Select Asset Management's rating.  Past performance information is given for illustrative purposes only and should not be relied upon as it is not an indication of future performance. The rating is not intended to influence you and your client's investment decision in relation to any products managed by Select Asset Management and does not take into account your client's individual financial situation, needs or objectives. We recommend that you and your client do not rely on this rating in making an investment decision and instead you seek advice from an appropriate investment adviser and read the product disclosure statement before making such a decision.

****© 2005 Morningstar Research Pty Ltd. All rights reserved. ABN: 83 062 096 342, AFSL: 243 161. Morningstar Ratings are based on quantitative measures of past performance, which is no guarantee of future performance. Morningstar Recommendations are developed on the basis of qualitative information provided by investment product providers, and is subject to the General Advice Warning set out below. While all reasonable care has been taken in preparing the above, Morningstar makes no warranty or representation as to the accuracy or completeness of the information, and accepts no liability for errors or omissions arising from information provided by third parties. In preparing the above Morningstar did not take into account the objectives, financial situation or needs of any individual and before acting on any advice, an individual should consider the appropriateness of the advice to their circumstances. We recommend an individual should obtain financial, legal and taxation advice before making any investment decision. All potential investors should obtain a Product Disclosure Statement relating to the product and consider the Statement before making any decision to invest.