Notice of Approval to Act as a Statutory Supervisor Under Section 48 of the Securities Act 1978 Pursuant to section 48 of the Securities Act 1978, the Securities Commission approves National Mutual Life Nominees Limited to act as a statutory supervisor for the purposes of the Securities Act 1978 in respect of participatory securities to be offered to the public for subscription for a period of 5 years from the date of this notice. The approval is given subject to the following conditions: (a) That National Mutual Life Nominees Limited is not at any time a member of an issuer in respect of which it acts as statutory supervisor; (b) That National Mutual Life Nominees Limited does not at any time hold any office or appointment (including appointment as auditor) in respect of the issuer or any manager of the scheme in respect of which it acts as statutory supervisor; (c) That National Mutual Life Nominees Limited does not at any time control or does not have the right to control, directly or indirectly, the issuer or any manager of the scheme, in respect of which it acts as statutory supervisor otherwise than in connection with the performance of its functions and powers; (d) That National Mutual Life Nominees Limited does not at any time hold any participatory securities issued by the issuer or any manager of the scheme; (e) That no relationship exists at any time between National Mutual Life Nominees Limited and the issuer, or any manager of the scheme, in respect of which it acts as statutory supervisor that affects, or is likely to affect, the ability of the company to perform its functions and powers as statutory supervisor; (f) That while National Mutual Life Nominees Limited holds office as statutory supervisor satisfactory professional indemnity insurance is maintained in respect of the exercise of its functions and powers as statutory supervisor. The approval of National Mutual Life Nominees Limited to act as statutory supervisor dated 28 July 1983 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.