Palmerston Wool Company Limited (``the company'') Notice of Appointment of Receivers and Managers Pursuant to Section 8 (1) of the Receiverships Act 1993 John Stewart Drage and David Anthony Ward, chartered accountants, both of Wellington, whose office addressis care of KPMG, KPMG Centre, 135 Victoria Street (P.O. Box 996), Wellington, hereby give notice that on 7 July 1997, the debenture holder under a deed of debenture dated 8 April 1997, from the company (``the debenture'') appointed them jointly and severally as receivers and managers of all of the company's undertaking, property and assets as charged by the debenture, subsequent to a request for such appointment from the directors of the company. Dated this 8th day of July 1997. Signed for and on behalf of John Stewart Drage and David Anthony Ward, by their solicitor and duly authorised agent: STEPHEN BARRIE FLYNN.