Action Bearings Limited (``the company'') Notice of Appointment of Receiver and Manager Pursuant to Section 8 (1) of the Receiverships Act 1993 Anthony John McCullagh, chartered accountant of Auckland, hereby gives notice that on the 3rd day of August 1994, he was appointed receiver and manager of all the property and undertaking of the company, pursuant to the powers contained in a debenture dated the 5th day of May 1993, and registered with the Registrar of Companies at Auckland on the 13th day of May 1993, given by the company to Christine Zenita Ciccarelli and Judy Frances Gilbert-Smith. Further particulars can be obtained from the receiver and manager whose address is at the office of Horwath Brannigan McCullagh and Co, Chartered Accountants, Level Ten, Barclays House, 70 Shortland Street (P.O. Box 3678), Auckland. Dated the 10th day of August 1994. A. J. McCULLAGH, Receiver and Manager.