Notice of Approval of Guardian Trust Australia Limited to Act as a Trustee The Securities Commission acting under the authority of section 48 of the Securities Act 1978 hereby approves Guardian Trust Australia Limited to act as a trustee in respect of unsecured mandatory convertible notes (``the securities'') to be offered to the public by Challenge Properties Limited subject to the condition that The New Zealand Guardian Trust Company Limited acts as a trustee in respect of the securities at all times during the life of the securities. Dated at Wellington this 28th day of October 1993. l.s. The common seal of the Securities Commission was hereunto affixed in the presence of: M. R. H. WEBB, Member.