Ngai Tahu Seafood Resources Limited

Clause 2.3 - The Company shall acquire and/or hold of all of its assets, including capital, and shall carry on all or any of its businesses which the Company is expressly or impliedly empowered to hold, carry on or carry out, and shall do, carry out or effect all other acts, matters or things which the Company is expressly or impliedly empowered to do, carry out or effect, as trustee in trust for the Ngai Tahu Charitable Trust, (the "NTC Trust"), the NTC Trust being a trust established under and by virtue of a Deed of Trust bearing date the 23rd March 1994 which was incorporated under the Charitable Trusts Act 1957 on 30 March 1994 under number CH/636887, and nothing herein contained shall expressly or impliedly be deemed to permit or empower the Company to act or to carry on any business other than as trustee for the NTC Trust.