Craig Adair Cycles Limited (in receivership) Notice of Appointment of Receivers and Managers Pursuant to Sections 8 (1) (b) and 8 (3) of the Receiverships Act 1993 We, Peter George Steel and Christopher Tremain Hurley, hereby give notice that on the 11th day of October 1994, we were appointed by the National Bank of New Zealand Limited jointly and severally as receivers and managers of the property of Craig Adair Cycles Limited under the powers contained in a debenture dated 29 October 1993. The receivers and managers have been appointed in respect of the company's undertaking and all its real and personal property and all its assets and effects, whatsoever and wheresoever, both present and future. The offices of the receivers and managers are at Price Waterhouse, 119 Armagh Street (P.O. Box 13-250), Christchurch. Telephone: (03) 379 0040. Facsimile: (03) 379 5677. Dated this 17th day of October 1994. P. G. STEEL, Receiver/Manager.