Appointment of Receivers of Company Property

Pursuant to Section 8(1)(b) of the Receiverships Act 1993

To: Murray Neil Frost, Deloitte, Level 13, Otago House, 481 Moray Place, Dunedin 9016.

And To: Michael Craig Horne, Deloitte, Level 13, Otago House, 481 Moray Place, Dunedin 9016.

Bank of New Zealand (“Bank”) holds a General Security Agreement (“GSA”) dated 9 May 2008 granted by Carpenter Farms Limited in relation to all of the company’s present and after-acquired property, and all personal property in which the company has rights, whether now or in the future.

The company is in default under the GSA and the Bank is entitled to appoint a receiver and/or manager in respect of all property charged by the GSA.

The Bank appoints Murray Neil Frost and Michael Craig Horne, both of Deloitte, Level 13, Otago House, 481 Moray Place, Dunedin 9016, to be the receivers and managers of all property charged by the GSA with all the powers conferred upon a receiver in terms of the GSA and by law.

The receivers shall at all times be the agents of the company and not of the Bank.

Dated this 27th day of July 2017.

Signed for and on behalf of Bank of New Zealand by its attorneys:

TIMOTHY PAUL DOHERTY and RUSSELL JOHN ROBSON.