Milford Fund Performance (after fees and before tax)

Returns to 31 December 2011*1
month
3
months
6
months
1
year
2
years
3
 years
Since
inception**
Active Growth Fund0.1%2.1%0.5%2.6%8.1%31.0%43.0%
Active Growth Fund Benchmark 0.8%2.4%4.9%10.0%21.0%33.1%49.9%
NZX50Gross0.1%(2.1%)(5.0%)(1.0%)1.4%20.6%(23.5%)
Milford Trans-Tasman Fund(1.0%)3.4%(2.1%)0.2%4.0%38.0%15.6%
Trans-Tasman Fund Benchmark***(1.2%)2.6%(7.1%)(6.8%)(2.0%)27.6%(19.2%)
Milford Income Fund0.7%1.7%2.2%7.6%  15.0%
Income Fund Benchmark
(90 Day Bank Bill Index)
0.2%0.7%1.4%2.9%  5.2%
Milford Balanced Fund0.2%2.2%(0.5%)1.3%  4.3%

* Performance is after fees and before tax
** 1 October 2007 for the Milford Active Growth and Trans-Tasman Funds; 1 April 2010 for the Milford Income and Balanced Funds
*** From 1 October 2011 the Trans-Tasman benchmark is a mix of 50% ASX 200 Total Return Index (in NZ dollars) and 50% NZX 50 Portfolio Index. Prior to this date the benchmark was 100% of the NZX 50 Portfolio Index.

The Milford Balanced Fund and Milford Income Fund commenced 1 April 2010. For the available monthly performances of these Funds please click here.

Milford Active Growth Fund
Estimated After-Tax Performance (also after fees)*

Ending 31 December 20111 Year2 Years3 YearsSince Inception
Before Tax2.6%8.1%31.0%43.0%
10.50%2.2%8.6%32.0%42.5%
17.50%2.5%8.0%31.3%41.7%
28.00%3.0%7.1%30.0%38.8%

If the after tax return is higher than the before tax return, the Fund has received more imputation credits than there was tax to pay, for instance a performance fee was taken out of the Fund.

Milford Trans-Tasman Fund
Estimated After-Tax Performance (also after fees)*

Ending 31 December 20111 Year2 Years3 YearsSince Inception
Before Tax0.2%4.0%38.0%15.6%
10.50%(0.2%)4.9%39.7%18.0%
17.50%0.1%4.3%38.9%17.3%
28.00%0.7%3.3%37.2%15.7%

If the after tax return is higher than the before tax return, the Fund has received more imputation credits than there was tax to pay, for instance a performance fee was taken out of the Fund.

*This is indicative only and may vary for each individual investor. The above table also assumes that investors with a PIR of 17.5% previously used the 19.5% PIR prior to the tax changes on 1 April 2010.

Milford Income Fund
Estimated After-Tax Performance (also after fees)*

From Inception to 31 December 201128.00%17.50%10.50%0.00%
Before Tax Return15.0%15.0%15.0%15.0%
After Tax Return11.5%12.8%13.7%15.0%
Effective Tax Rate23.3%14.8%8.5%0.0%
Effective Annual After Tax Return*6.4%7.1%7.6%8.7%
Equivalent Bank Rate**9.5%9.2%9.1%8.7%

* Based on the historical performance of the fund this is the annualised return an investor could expect to
receive. Please note past performance isn’t indicative of future performance.

** This is the annual rate an investor would have to receive at the bank in ‘before tax’ terms to receive the
same after tax returns