J.S. Nicholls Limited Notice of Appointment of Receivers and Managers Craig Orr Limited (``the debenture holder'') hereby gives notice that on the 9th day of December 1996, it appointed Brian Frederick Kirk of Taupo, chartered accountant, to be receiver and manager of all the undertaking property and assets charged by the debenture dated 17 March 1996 given by J.S. Nicholls Limited in favour of the debenture holder. The situation of the office of the receiver and manager is the First Floor, 4 Tamamutu Street, Taupo. Dated this 9th day of December 1996. The debenture holder by its solicitors: CALLAGHAN & CO.