Proposed Recommendation for Substantial Security Holders Regulations Pursuant to section 36 (6) of the Securities Amendment Act 1988 and section 70 (3) of the Securities Act 1978, the Securities Commission gives notice that it intends to make a recommendation for the making of regulations. The recommendation relates to the disclosure of relevant interests of substantial security holders in public issuers. The proposed regulations will: 1. revoke the Securities (Substantial Security Holders) Regulations 1989; 2. prescribe a single form of notice for the disclosure of information by substantial security holders under the Securities Amendment Act 1988; 3. prescribe the contents of that form of notice, the documents to accompany that notice, and the manner in which that notice is to be given and acknowledged; and 4. prescribe the contents of the forms of notice requiring disclosure to a public issuer. A copy of the proposed recommendation may be inspected at the offices of the Commission, Twelfth Floor, Reserve Bank Building, 2 The Terrace, Wellington, during normal office hours. Dated at Wellington this 12th day of March 1997. l.s. The common seal of the Securities Commission was hereunto affixed in the presence of: E. H. ABERNETHY, Chairman.