Notice of Appointment of Receivers and Managers In the matter of the Receiverships Act 1933, and in the matter of a debenture issued by Twin Palms Rest Home Limited (``the company'') in favour of Citibank, N.A. (``the debenture holder''): Whereas: A. The company issued a debenture bearing date 15 August 1991 (``the debenture'') in favour of the debenture holder to secure advances made by the debenture holder to the company and interest thereon and all other moneys mentioned therein owing by the company to the debenture holder. B. The moneys secured by the debenture have become payable and the floating security created by the debenture has attached, become fixed and crystallised following default by the company for a period of fourteen (14) days in payment of interest or any other moneys secured by the debenture. C. The said moneys have not been paid and the company is now in default under the debenture. Now therefore in pursuance of the powers conferred by the debenture the debenture holder hereby appoints Warwyck James Dewe and Graeme David Meyers, both of Wanganui, chartered accountants, jointly and severally to be the receivers and managers of the property charged by the debenture with all and each of the powers conferred upon a receiver and manager under the provisions of the debenture and by law. Dated this 10th day of October 1994. Signed on behalf of Citibank, N.A., by its attorney, James Alexander Brown, under the power of attorney granted as of 15 November 1991, in the presence of: G. E. SCHRADER, Banker. Citibank, Auckland.