Milford Fund Performance (after fees and before tax)

Returns to 30 April 2012*	1 month	3 months	6 months	1 year	2 years (p.a)	3  years (p.a)	Since inception (p.a)**
Active Growth Fund	1.6%	7.0%	8.9%	7.1%	6.4%	10.6%	10.1%
Active Growth Fund Benchmark	0.8%	2.4%	4.9%	10.0%	10.0%	10.0%	10.0%
NZX50Gross	1.3%	7.9%	6.7%	1.0%	4.0%	9.1%	(4.0%)
Milford Trans-Tasman Fund	1.9%	7.8%	8.9%	4.7%	6.3%	13.1%	5.6%
Trans-Tasman Fund Benchmark***	1.7%	5.1%	3.9%	1.3%	3.7%	10.6%	(3.1%)
Milford Income Fund	1.6%	4.1%	6.0%	9.9%	9.3%		9.8%
Income Fund Benchmark (90 Day Bank Bill Index)	0.2%	0.7%	1.4%	2.8%	2.9%		2.9%
Milford Balanced Fund	1.1%	4.6%	5.7%	4.3%	5.6%		5.2%

* 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	Active Growth Fund Benchmark	Milford Balanced Fund	Milford Trans-Tasman Fund	Trans-Tasman Benchmark	Milford Income Fund	Income Fund Benchmark
01/10/07	0.00%	0.00%		0	0
31/10/07	4.60%	0.80%		3.50%	-0.50%
30/11/07	4.70%	1.60%		1.10%	-0.50%
31/12/07	7.30%	2.40%		3.30%	-0.70%
31/01/08	4.80%	3.20%		-4.80%	-10.00%
29/02/08	5.10%	4.10%		-6.30%	-11.90%
31/03/08	4.40%	4.90%		-8.10%	-14.40%
30/04/08	6.40%	5.70%		-2.60%	-10.70%
31/05/08	7.00%	6.60%		-3.20%	-11.20%
30/06/08	7.80%	7.40%		-9.10%	-20.60%
31/07/08	10.70%	8.30%		-4.60%	-17.70%
31/08/08	11.70%	9.10%		-3.50%	-16.00%
30/09/08	7.60%	10.00%		-11.00%	-22.20%
31/10/08	6.90%	10.90%		-17.50%	-28.40%
30/11/08	8.00%	11.80%		-17.10%	-32.00%
31/12/08	9.10%	12.70%		-16.30%	-31.90%
31/01/09	12.00%	13.60%		-13.90%	-31.20%
28/02/09	10.80%	14.50%		-19.40%	-37.30%
31/03/09	11.20%	15.40%		-17.60%	-35.40%
30/04/09	14.70%	16.30%		-11.30%	-33.00%
31/05/09	16.90%	17.20%		-9.20%	-30.40%
30/06/09	17.70%	18.20%		-7.60%	-30.40%
31/07/09	21.70%	19.10%		-1.10%	-24.70%
31/08/09	24.50%	20.00%		2.00%	-22.50%
30/09/09	26.90%	21.00%		6.10%	-20.50%
31/10/09	29.30%	22.00%		7.80%	-19.00%
30/11/09	29.80%	22.90%		7.20%	-20.70%
31/12/09	32.20%	23.90%		11.10%	-17.80%
31/01/10	32.80%	24.90%		9.40%	-19.00%
28/02/10	32.20%	25.90%		8.60%	-19.30%
31/03/10	35.50%	26.90%		13.00%	-16.00%
30/04/10	37.00%	27.90%	-0.40%	13.50%	-15.50%	0.68%	0.20%
31/05/10	31.60%	28.90%	-2.73%	6.00%	-21.70%	0.59%	0.40%
30/06/10	30.30%	30.00%	-3.40%	2.30%	-24.10%	1.55%	0.70%
31/07/10	31.70%	31.00%	-2.06%	6.60%	-22.20%	2.68%	0.90%
31/08/10	32.40%	32.00%	-1.64%	5.50%	-22.10%	3.63%	1.20%
30/09/10	36.00%	33.10%	0.47%	11.20%	-18.10%	4.86%	1.50%
31/10/10	37.50%	34.20%	1.65%	13.20%	-14.60%	6.05%	1.70%
30/11/10	35.90%	35.20%	0.71%	10.60%	-16.50%	6.17%	2.00%
31/12/10	39.40%	36.30%	2.97%	15.30%	-15.30%	6.88%	2.30%
31/01/11	40.00%	37.40%	3.07%	14.70%	-15.00%	6.79%	2.50%
28/02/11	41.30%	38.50%	4.32%	16.80%	-14.30%	7.62%	2.80%
31/03/11	42.40%	39.60%	5.29%	19.60%	-12.40%	9.12%	3.10%
30/04/11	45.00%	40.70%	6.46%	22.50%	-10.40%	10.40%	3.30%
31/05/11	45.30%	41.80%	5.66%	21.20%	-10.70%	11.86%	3.60%
30/06/11	42.30%	43.00%	4.86%	18.00%	-12.90%	12.52%	3.80%
31/07/11	42.20%	44.10%	3.36%	16.00%	-14.70%	11.47%	4.00%
31/08/11	40.30%	45.30%	1.92%	12.90%	-17.00%	11.73%	4.20%
30/09/11	40.00%	46.40%	2.03%	11.80%	-17.60%	13.05%	4.50%
31/10/11	42.60%	47.60%	5.03%	17.70%	-16.55%	14.55%	4.80%
30/11/11	42.80%	48.80%	4.12%	16.60%	-18.23%	14.12%	5.00%
31/12/11	43.00%	49.90%	4.31%	15.50%	-19.31%	14.98%	5.20%
31/01/12	45.00%	51.10%	6.20%	18.90%	-17.54%	16.60%	5.50%
29/02/12	47.70%	52.30%	7.69%	21.30%	-16.65%	17.36%	5.70%
31/03/12	52.70%	53.60%	9.85%	25.80%	-14.80%	19.48%	5.90%
30/04/2012	55.2%	54.8%	11.0%	28.5%	-13.3%	21.4%	6.2%

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

Ending 30 April 2012	1 Year	2 Years (p.a)	3 Years (p.a)	Since Inception (p.a)
Before Tax	7.1%	6.4%	10.6%	10.1%
10.50%	7.4%	6.7%	10.9%	10.0%
17.50%	7.2%	6.4%	10.7%	9.9%
28.00%	6.7%	6.0%	10.4%	9.4%

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 30 April 2012	1 Year	2 Years (p.a)	3 Years (p.a)	Since Inception (p.a)
Before Tax	5.0%	6.4%	13.0%	5.6%
10.50%	5.3%	6.7%	13.4%	6.0%
17.50%	5.0%	6.4%	13.2%	5.9%
28.00%	4.5%	6.0%	13.0%	5.6%

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 (p.a)	28.00%	17.50%	10.50%	0.00%
Before Tax Return	9.8%	9.8%	9.8%	9.8%
After Tax Return	8.0%	8.7%	9.2%	9.8%
Effective Tax Rate	8.6%	5.4%	3.0%	0.0%
Effective Annual After Tax Return*	8.0%	8.7%	9.2%	9.8%
Equivalent Bank Rate**	11.1%	10.5%	10.3%	9.8%

* 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