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 BDO Hogg Young Cathie Trustee Company 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 by Lako Mai Resort (New Zealand) Limited (``the issuer''), for a period of 5 years from the date of this notice, or until earlier revoked by the Securities Commission. The approval is given subject to the following conditions: (a) That BDO Hogg Young Cathie Trustee Company Limited is not at any time a member of the issuer; (b) That BDO Hogg Young Cathie Trustee Company 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; (c) That BDO Hogg Young Cathie Trustee Company 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 otherwise than in connection with the performance of his functions and powers; (d) That BDO Hogg Young Cathie Trustee Company 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 BDO Hogg Young Cathie Trustee Company Limited and the issuer, or any manager of the scheme, that affects, or is likely to affect, the ability of BDO Hogg Young Cathie Trustee Company Limited to perform his functions and powers as statutory supervisor; (f) That while BDO Hogg Young Cathie Trustee Company Limited 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 14th day of March 1997. The common seal of the Securities Commission was hereunto affixed in the presence of: l.s. E. H. ABERNETHY, Chairman.