Daikon June-15 Q-4(a) Collar

Dear Sir, I have gone through the lecture of Interest Hedge but could not get my head around about the examiners answer particularly this bit: Assume that interest rates increase by 0·8% (80 basis points) to 4·4% Buy put Sell call Exercise price 95·50 96·00 Futures price 95·44 95·44 Exercise?* Yes No Why the second one will not be exercised? Could you plz help?