Valesco Properties Limited Notice of Appointment of Receivers Pursuant to Section 8 of the Receiverships Act 1993 Notice is hereby given that Bruce McCallum and David Ross Petterson of Wellington, chartered accountants, were appointed as receivers and managers of the property of Valesco Properties Limited on the 27th day of November 1996, under the powers contained in a mortgage debenture dated the 19th day of August 1994. The receivers have been appointed in respect of all the company's undertaking and all its assets and effects, whatsoever and wheresoever, both present and future, including its uncalled and unpaid capital. The Offices of the Receivers and Managers Are: McCallum Petterson & Co., Chartered Accountants, Level Eight, City Tower, 95 Customhouse Quay (P.O. Box 3156), Wellington. Telephone: (04) 499 7796. Facsimile: (04) 499 7784. Dated this 28th day of November 1996.