Notice of Approval to Act as Trustee Under Section 48 of the Securities Act 1978 Pursuant to section 48 of the Securities Act 1978, the Securities Commission approves Price Waterhouse 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 Price Waterhouse 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 Price Waterhouse 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 Price Waterhouse Trustee Company Limited nor any member, director, officer or employee 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 Price Waterhouse 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 Price Waterhouse 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 Price Waterhouse 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 Price Waterhouse Trustee Company Limited to act as trustee dated 26 February 1987 is hereby revoked. Dated at Wellington this 24th day of September 1996. The common seal of the Securities Commission was hereunto affixed in the presence of: M. R. H. WEBB, Member.