Sensitivity Analysis for Fixed Rate Instruments:

A change of 100 basis points (1%) in interest rates would have increased or decreased profit or loss by the amounts shown. The analysis is performed on the same basis for 2008.

| Fixed Rate Instruments | Cash Flow Sensitivity
| 31 March 2009 $\$ | Cash Flow Sensitivity
| 31 March 2008 $\$ |
|------------------------------|-------------------------|
| 100 basis points increase | 495,805 | 558,030 |
| 100 basis points decrease | (495,805) | (558,030) |

Sensitivity Analysis for Variable Rate Instruments:

A change of 100 basis points (1%) in interest rates at the reporting date would have increased (decreased) profit or loss by the amounts shown below. The analysis is performed on the same basis for 2008.

| Variable Rate Instruments | Cash Flow Sensitivity
| 31 March 2009 $\$ | Cash Flow Sensitivity
| 31 March 2008 $\$ |
|------------------------------|-------------------------|
| 100 basis points increase | 129,621 | 72,781 |
| 100 basis points decrease | (129,621) | (72,781) |

c) Pricing Risk

Pricing risk is the risk that the value of the instrument will fluctuate as a result of changes in market price (other than those arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment, its issuer or all factors affecting all instruments traded in the market. As the majority of the funds' financial instruments are carried at fair value changes recognised in the income statement, all changes in market conditions will directly affect investment income.

Price risk is managed by the Trust by constructing a diversified portfolio of instruments traded on various markets. The SIPO sets down the guidelines for this diversification.

The Trust’s financial assets are priced at fair value. The effect on the Trust’s income statement and balance sheet as at 31st March 2009, due to a possible change in market factors is represented in the following table:

| Financial Asset | Sensitivity Range |
| (-1 to +1 Standard Deviations) | Sensitivity Impact |
| | | $\$,000 |
|----------------------------|--------------------------|--------------------------|
| NZ/Australian Equities | -10.6% to 27.6% | -1,704 to 4,432 |
| NZ Bonds | 2.7% to 12.8% | 1,573 to 7,424 |
| NZ Cash | 4.4% to 7.1% | 255 to 413 |
| Overseas Equities | -8.1% to 26.1% | -3,042 to 9,819 |
| Property | -6.4% to 22.4% | -80 to 280 |
| Total Portfolio | -2.5% to 18.8% | -306 to 7,081 |

There is a 68% probability that the return in any one year will be within the range -2.5% to 18.8%.

The effect on the Trust’s income statement and balance sheet as at 31st March 2008, due to a possible change in market factors is represented in the following table:

| Financial Asset | Sensitivity Range |
| (-1 to +1 Standard Deviations) | Sensitivity Impact |
| | | $\$,000 |
|----------------------------|--------------------------|--------------------------|
| NZ/Australian Equities | -9.2% to 26.2% | -1,781 to 5,086 |
| NZ Bonds | 2.8% to 12.7% | 1,568 to 7,081 |
| NZ Cash | 4.3% to 7.2% | 318 to 535 |
| Overseas Equities | -8.0% to 26.0% | -4,095 to 13,356 |
| Property | -6.4% to 22.4% | -122 to 430 |
| Total Portfolio | -3.0% to 19.5% | -1,019 to 8,360 |