Watkins New Zealand Limited (``the company'') Notice of Appointment of Receivers and Managers Pursuant to Section 8 (1) of the Receiverships Act 1993 David Anthony Ward and Alan Raymond Isaac, chartered accountants, both of Wellington, whose office addressis care of KPMG, KPMG Centre, 135 Victoria Street (P.O. Box 996), Wellington, hereby give notice: 1. That on the 22nd day of January 1998, the debenture holder under a deed of debenture dated on the 21st day of February 1996, from the company (``the debenture'') appointed them jointly and severally as receivers and managers of all of the property, assets, business and undertaking charged by the debenture, except certain indebtedness owed to the company. 2. The debenture holder has reserved the right to appoint receivers and managers to the balance of the property of the company as secured by the debenture. Dated this 23rd day of January 1998. Signed for and on behalf of David Anthony Ward and Alan Raymond Isaac by their solicitor and duly authorised agent: STEPHEN BARRIE FLYNN.