Notice of Approval to Act as a Statutory Supervisor Pursuant to Section 48 of the Securities Act 1978 Pursuant to section 48 of the Securities Act 1978 the Securities Commission approves Ian Gordon Stuart Donald 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 by Williams Guarantee Limited (``the issuer''), for a period of 5 years from the date of this notice. The approval is given subject to the following conditions: (a) That Ian Gordon Stuart Donald is not at any time a member of the issuer; (b) That Ian Gordon Stuart Donald 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; (c) That Ian Gordon Stuart Donald 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 otherwise than in connection with the performance of his functions and powers; (d) That Ian Gordon Stuart Donald 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 Ian Gordon Stuart Donald and the issuer, or any manager of the scheme, that affects, or is likely to affect, the ability of Ian Gordon Stuart Donald to perform his functions and powers as statutory supervisor; (f) That while Ian Gordon Stuart Donald holds office as statutory supervisor, satisfactory professional indemnity insurance is maintained in respect of the exercise of his functions and powers as statutory supervisor. Dated at Wellington this 1st day of October 1996. The common seal of the Securities Commission was hereunto affixed in the presence of: l.s. E. H. ABERNETHY, Chairman.