Notice of Approval of to Act as a Trustee Under Section 48 of the Securities Act 1978 Pursuant to section 48 of the Securities Act 1978, the Securities Commission approves Spicer & Oppenheim Trustee Company Limited to act as a trustee, for the purposes of the Securities Act 1978, in respect of debt securities to be offered to the public for subscription. The approval is given subject to the following terms and conditions: (a) That neither Spicer & Oppenheim Trustee Company Limited nor any member, director, officer or employee of it is at any time a member of any issuer in respect of which the company is appointed as a trustee; (b) That no person who is a member of Spicer & Oppenheim Trustee Company Limited at any time holds any office or appointment (including appointment as auditor) in any issuer in respect of which the company is appointed as a trustee; (c) That neither Spicer & Oppenheim Trustee Company Limited nor any member, director, officer or employee of it at any time controls or has the right to control, directly or indirectly, the management of any issuer in respect of which the company is appointed as a trustee otherwise than in connection with the performance of its functions and powers; (d) That neither Spicer & Oppenheim Trustee Company Limited nor any member, director, officer or employee holds any debt securities of any issuer in respect of which the company is appointed as a trustee; (e) That no relationship exists at any time between Spicer & Oppenheim Trustee Company Limited or any member, director, officer or employee, and any issuer of securities in respect of which the company is appointed as a trustee that affects or is likely to affect the ability of the company to perform its functions and powers as trustee; (f) That while Spicer & Oppenheim Trustee Company Limited holds office as trustee satisfactory professional indemnity insurance is maintained in respect of the exercise of its functions and powers as trustee. The approval of Spicer & Oppenheim Trustee Company Limited to act as trustee dated 17 September 1987, is hereby revoked. Dated at Wellington this 13th day of August 1996. l.s. The common seal of the Securities Commission was hereunto affixed in the presence of: E. H. ABERNETHY, Chairman.