Hughes Timber Limited DN. 480211 Notice of Appointment of Receivers and Managers Pursuant to Section 8 of the Receiverships Act 1993 Murray Neil Frost and Lindsay John Brown, chartered accountants (whose offices are Deloitte Touche Tohmatsu, Chartered Accountants, Otago House, 481 Moray Place, Dunedin), hereby give notice that on the 1st day of February 1996, Bank of New Zealand appointed them jointly and severally as receivers and managers of the property of Hughes Timber Limited under the powers contained in an instrument dated the 16th day of December 1993. The receivers and managers have been appointed in respect of all the company's real and personal property and all its assets and effects, whatsoever and wheresoever, both present and future, including its uncalled and unpaid capital. Dated this 2nd day of February 1996. Signed by Murray Neil Frost and Lindsay John Brown, in the presence of: ALISON HOLDOM, Wages Clerk. Dunedin.