Appointment of Receivers of Trust 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 2 March 2006 granted by Wayne Arthur Carpenter, Angela Jane Carpenter and Roger Charles Ashford (as trustees of the Glenbrook Trust) (“Trust”) in relation to all of the Trust’s present and after-acquired property, and any right of Wayne Arthur Carpenter, Angela Jane Carpenter and/or Roger Charles Ashford to be indemnified out of the property, or by the beneficiaries, of the Trust.

Roger Charles Ashford has since retired as a trustee of the Trust by deed of retirement dated 17 September 2012. Wayne Arthur Carpenter and Angela Jane Carpenter remain as the current trustees of the Trust.

The Trust 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 Trust 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.