Notice of Approval of State Street New Zealand Limited to Act as a Trustee Pursuant to the Securities Act 1978, the Securities Commission hereby approves State Street New Zealand Limited to act as a trustee, for the purposes of the Securities Act 1978, in respect of the offer of all debt securities to the public for subscription on, and subject to, the following terms and conditions: (a) That neither State Street New Zealand Limited, nor any member, director, officer or employee of it is at any time a member of any issuer in respect of which the company is appointed as a trustee; (b) That no person who is a member of State Street New Zealand Limited at any time holds any office or appointment (including appointment as auditor) in any issuer in respect of which the company is appointed as a trustee; (c) That neither State Street New Zealand Limited nor any member, director, officer or employee of it at any time controls or has the right to control, directly or indirectly, the management of any issuer in respect of which the company is appointed as a trustee otherwise than in connection with the performance of its functions and powers; (d) That neither State Street New Zealand Limited nor any member, director, officer or employee holds any beneficial interest in debt securities of any issuer in respect of which the company is appointed as a trustee; (e) That neither State Street New Zealand Limited nor any member, director, officer or employee of it holds any relevant interest (as that term is defined in section 5 of the Securities Amendment Act 1988) in equity securities of any issuer in respect of whose debt securities the company is appointed as a trustee; (f)That no relationship exists at any time between State Street New Zealand Limited or any member, director, officer or employee of it and any issuer of securities in respect of which the company is appointed as a trustee that affects or is likely to affect the ability of the company to perform its functions and powers as trustee in an independent manner; (g) That while State Street New Zealand Limited holds office as trustee, adequate professional indemnity insurance is maintained in respect of the exercise of its functions and powers as trustee. The Securities Commission hereby revokes the notice dated 12 October 1993 approving State Street New Zealand Limited to act as a trustee. Dated at Wellington this 17th day of August 1994. l.s. The common seal of the Securities Commission was hereunto affixed in the presence of: P. D. McKENZIE, Chairman.