Frank Pearson

The Company's principal activity is that of an Investment Trust. The objective of the Company is to provide shareholders with the maximum possible total return primarily from investment in quoted securities in New Zealand, and to a maximum extent of 35% of total assets, Australia. The Company is an Investment Company within the meaning of Section 266 of the Companies Act 1985. The Company has been approved by the Inland Revenue as an Investment trust for the purposes of Section 842 of the Income and Corporation Taxes Act 1988 for the year ended 31-Oct-2005. Investment management services are provided by Exeter Asset Management Ltd for a fee calculated at the rate of 0.4% of gross assets. The agreement may be terminated by either party at one year's notice.

Good Spirits Hospitality Ltd. is an investment company, which engages in the businesses in the hospitality sector. It operates through The Better Bar Company (BBC) and Other segments. The BBC segment involves in the business activities of The Better Bar Company Limited that operates a chain of nine bars based in Auckland and Hamilton. The Other segment includes the activities of the parent company. The company was founded on January 23, 2004 and is headquartered in Auckland, New Zealand.

Bank of New Zealand Ltd. engages in the provision of banking and financial products and services. It operates through the following segments: Partnership Banking; and Corporate and Institutional Banking. The company was founded on July 29, 1861 and is headquartered in Auckland, New Zealand.