Performance

For the six months to 31 December 2007, HHIT has returned 7.72 percent.

In the 2006 / 2007 financial year, HHIT returned 21.9 percent, including foreign currency gains. Without the gains, the return would have been 17.7 percent, compared with the benchmark of 11.1 percent (9 percent real).

-      HHIT has returned 14.4 percent since inception, above the benchmark of 11.8 percent.

-      Both assets, Hancock Victorian Plantations (HVP) and Tiaki Plantations (Tiaki) contributed strongly to the result.

-      Management focus is on extracting maximum value from both assets.

-      The independent valuer wrote up the value of HHIT's interests in both assets reflecting a re-rating of the sector.

*           Pre-manager fees and expenses.
**          Fund Benchmark = 9 percent real (Nominal benchmark = 9 percent plus annualised inflation for period)