Glossary

ADIan Authorised deposit-taking institutions. A financial institution licensed by APRA to carry on banking business, including accepting deposits from the public. This includes banks, credit unions and building societies.

AMITthe Attribution Managed Investment Trust.

AML/CTF Actthe Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth).

AMMAthe AMIT member annual statement (where the AMIT rules apply).

Applicationan application for Units under this Memorandum.

Application Amountsubscription money submitted by applicants.

Application Formthe form entered into by an investor under which the investor makes a binding Application to invest a specified amount into the Fund.

Application Pricethe price calculated for the issue of a Unit in the Fund.

APRAAustralian Prudential Regulation Authority.

ASICAustralian Securities and Investments Commission.

Business Daya day on which banks are open for general banking business in Sydney, Australia.

CGTcapital gains tax.

Corporations Actthe Corporations Act 2001 (Cth).

CustodianSandhurst Trustees Limited (AFSL237906).

DRPDistribution Re-investment Plan.

DRP Formthe instruction form to be completed by eligible Unitholders to give notice of their election to participate in, or to amend their level of participation in, the DRP.

FATCAthe Foreign Account Tax Compliance Act.

Fundthe United Mortgage Series.

GSTgoods and services tax which is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia.

IDPSInvestor Directed Portfolio Services.

Information Memorandum or Memorandumthis document as amended or replaced from time to time.

Investment Committeethe committee that is responsible for the oversight of investment selection and management.

Investment Management Agreement or IMAthe agreement between the Manager and the Trustee and as amended from time to time.

Investment Teamthe persons from time to time that provide the investment management function of the Fund under the Investment Management Agreement.

LVR or Loan to Value Ratiothe proportion of an asset funded by a lender, expressed as a percentage of the total value of the asset.

United PFUnited PF Limited (ABN 41 132 995 987; AFSL 339769).

ManagerHeritage Investment Management Pty Ltd (ACN622 332 969).

Management Feethe fees payable to the Manager out of the assets of the Fund under the Trust Deed in connection with the Manager acting as manager of the Fund and providing related services.

Net Asset Value or NAVthe value of the assets of the Fund less liabilities, calculated in accordance with the Trust Deed.

Preferred Equityan equity investment which is superior in interest to common equity but subordinate to debt. Preferred equity is secured by a direct holding of equity interest in the property owning entity. An equity investment which is superior in interest to common equity but subordinate to debt. Preferred equity has a similar risk and return profile to mezzanine financing, but differs in its mechanics and enforcement.

p.a.per annum.

RBA Cash Ratethe target rate set by the Reserve Bank of Australia, which is the interest rate which banks pay to borrow funds from other banks in the money market on an overnight basis.

Record DateLast day of each month.

Redemption Pricethe NAV per Unit calculated in accordance with the redemption price procedures set out in the Trust Deed.

Target Returnthe Target Return described in Section 1 of this Memorandum in the section headed ‘Investment Overview’.

Trust Deedthe document that contains the rules governing the operation of the Fund and the rights, liabilities and responsibilities of the Trustee and Unitholders. The Trust Deed establishes the Fund and can be amended or replaced from time to time.

TrusteeUnited PF Ltd (ABN 41 132 995 987; AFSL 339769).

Unitholdersa holder of one or more Units.

Unit or Unitsa Unit or Units in the Fund.

Unit PriceCalculated in accordance with the Application Price methodology set out in the Trust Deed of the Fund.

Unit Registrythe party that maintains the Register of Unit holders in the Fund.

Wholesale InvestorIn the case of an Australian investor, a person who is a wholesale client for the purposes of 761G of the Corporations Act. In the case of a New Zealand investor, a person who is a wholesale client as defined in section 5C of the Financial Advisers Act 2008 (NZ).