1. The ‘Return for the quarter’ displayed above for the NZ Mortgage Income Trust P.I.E. Fund is based on a $1 unit value and on an investor being in the Fund for the entire quarter ended 30/6/2010 and is before tax but after fees and expenses have been deducted and is expressed as a per annum equivalent before tax. Any investor who joined the Fund or withdrew from the Fund during the quarter would not necessarily earn the same return. 2. The above ‘P.I.E. Pre-Tax Return’ illustrates the per annum equivalent if an investor changes from a tax rate of 38% to the maximum P.I.E. tax rate of 30% which is before tax but after fees and expenses have been deducted and is expressed as a per annum equivalent before tax. Any investor who joined the Fund or withdrew from the Fund during the quarter would not necessarily earn the same return. 3. The ‘Return for the quarter’ displayed above for the NZ Mortgage Income Trust No. 2 Fund is based on an investor being in the Fund for the entire quarter ended 30/6//2010 and is before tax but after fees and expenses have been deducted and is expressed as a per annum equivalent before tax. Any investor who joined the Fund or withdrew from the Fund during the quarter would not necessarily earn the same return. 4. The ‘Compounded return past 12 months’ displayed above for the NZ Mortgage Income Trust P.I.E. Fund and No. 2 Fund are based on an investor being in the Fund for the entire year ended 30/6/2010 and having elected to have their quarterly income reinvested in further units and calculated before tax but after fees and expenses have been deducted and expressed as a per annum equivalent before tax. 5. Each Funds’ details of the return calculation is set out in the respective Registered Prospectus for the NZ Mortgage Income Trust P.I.E. Fund and the NZ Mortgage Income Trust No. 2 Fund. 6. Past returns do not guarantee future performance in respect of both the NZ Mortgage Income Trust P.I.E. Fund and the NZ Mortgage Income Trust No. 2 Fund. 7. All information is current to 15th June 2010, unless otherwise stated and the figures are unaudited. 8. For further information please contact or our office to obtain a copy of the current NZ Mortgage Income Trust P.I.E. Fund and NZ Mortgage Income Trust No. 2 Fund Investment Statement and/or Prospectus or contact your adviser.