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 Geoffrey James Crichton Clark to act as a statutory supervisor in respect of participatory securities to be offered to the public for subscription by Bush Haven Retirement Complex (``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 Geoffrey James Crichton Clark is not at any time a member of the issuer; (b) That Geoffrey James Crichton Clark does not at any time hold any office or appointment (including appointment as auditor) in respect of the issuer or manager of the scheme; (c) That Geoffrey James Crichton Clark 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 Geoffrey James Crichton Clark does not 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 Geoffrey James Crichton Clark and the issuer, or any manager of the scheme, that affects, or is likely to affect, the ability of Geoffrey James Crichton Clark to perform his functions and powers as statutory supervisor; and (f) That while Geoffrey James Crichton Clark holds office as statutory supervisor, satisfactory personal indemnity insurance is maintained in respect of the exercise of his functions and powers as statutory supervisor. Dated at Wellington this 19th day of May 1998. l.s. The common seal of the Securities Commission was hereunto affixed in the presence of: E. H. ABERNETHY, Chairman.