3534 NEW ZEALAND GAZETTE No. 131

J. J. Grant (retired November 2000) – 4,860
G. M. Neave (retired November 2000) – 4,960
D. J. Stronach (retired November 2000) – 4,960
150,697 119,940

8. Investments in Associates
   Invest South Limited is a joint venture company, owned 50% each by the group and SBS. Invest South Limited is in the
   business of investing, principally by way of equity investment, in businesses in the Southland region. Invest South Limited’s
   balance date is 31 March.
   The group’s investment in Invest South Limited comprises:

The trustees resolved prior to balance date to invest additional capital in Invest South Limited, up to a maximum of
$5,000,000, to increase the group’s equity holding in Invest South Limited to 75%. As at balance date, this additional capital
had not yet been invested.
The equity investments held by Invest South Limited in Southern Flora (New Zealand) Limited and Abalone New Zealand
Limited were sold subsequent to balance date.
The sale prices represented a write-up of $355,466 from the values ascribed to these investments as at 31 March 2002. The
group’s share of this increase in value was 50%, or $177,733.

9. Grants Approved

10. Fixed Assets

11. Investments Managed by Fund Managers
    The group has funds with five investment managers (fund managers), being AMP Asset Management, ING (NZ) Ltd, State Street
    Global Advisors, Tower Asset Management, and Invest South Limited. Market values and asset allocations of these investments
    as at balance date were as follows:

| | AMP | ING | State Street | Tower | Invest South | Total | Total |
| | (NZ$m) | (NZ$m) | Global | Asset | Ltd | 2002 | 2001 |
| | | | Advisors | Management | (NZ$m) | (NZ$m) | (NZ$m) |
| | | | (NZ$m) | (NZ$m) | | | |
| NZ equities | | 15.89 | | | 2.50 | 18.29 | 10.91 |
| Overseas equities | | | 62.57 | | | 62.57 | 52.21 |
| NZ fixed interest | 36.85 | | | | | 36.85 | 27.36 |
| Overseas fixed interest | | | 46.21 | | | 46.21 | 30.53 |
| Cash | 1.77 | 7.90 | | | | 9.67 | 65.28 |
| Totals | 38.62 | 23.79 | 62.57 | 46.21 | 2.50 | 173.69 | 186.29 |

Exposure to currency, interest rate and credit risk arises in the normal course of the fund managers’ management of the group’s
investments. A range of hedging policies are in place whereby the fund managers use derivative financial instruments as a
means of managing exposure to fluctuations in foreign exchange rates and interest rates. While these financial instruments are
subject to the risk of market rates changing subsequent to acquisition, such changes would generally be offset by opposite
effects on the items being hedged.

12. Loans
    Loan balances outstanding as at 31 March were as follows: