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 Fund	0.1%	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%
NZX50Gross	0.1%	(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 Fund	0.7%	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 Fund	0.2%	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 2011	1 Year	2 Years	3 Years	Since Inception
Before Tax	2.6%	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 2011	1 Year	2 Years	3 Years	Since Inception
Before Tax	0.2%	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 2011	28.00%	17.50%	10.50%	0.00%
Before Tax Return	15.0%	15.0%	15.0%	15.0%
After Tax Return	11.5%	12.8%	13.7%	15.0%
Effective Tax Rate	23.3%	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