Wales & Mackinlay Limited and W & M Holdings Limited Public Notice of Proposed Amalgamation Pursuant to Section 221 (4) (b) of the Companies Act 1993 Notice is hereby given that Wales & Mackinlay Limited proposes to amalgamate with W & M Holdings Limited (together referred to as the ``amalgamating companies'' and each an ``amalgamating company'') and continue as one company known as Wales & Mackinlay Limited. Any shareholder or creditor of an amalgamating company or any person to whom an amalgamating company is under an obligation may: (a) Inspect a copy of the amalgamation proposal during normal business hours at the registered office of the relevant amalgamating company or at the offices of Kensington Swan, Solicitors, 22 Fanshawe Street, Auckland; and (b) Obtain a copy of the amalgamation proposal free of charge upon making a request to the relevant amalgamating company. Dated this 26th day of January 1996. ROSS STANLEY WALES, Director (on behalf of the board of each amalgamating company).