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 Guardian Trust Australia Limited (``the company'') to act as a trustee for the purposes of the Securities Act 1978, in respect of capital bonds (``the securities'') to be issued by Capital Properties New Zealand Finance Limited. This approval is subject to the condition that The New Zealand Guardian Trust Company Limited acts with the company as a co-trustee in respect of the securities. Dated at Wellington this 10th day of September 1998. l.s. The common seal of of the Securities Commission was hereunto affixed in the presence of: E. H. ABERNETHY, Chairman.