Hills Headwear 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 the 16th day of December 1997, the debenture holder under a deed of debenture dated on the 29th day of April 1997, from the company (``the debenture'') appointed them jointly and severally as receivers and managers of all of the property, assets and undertaking charged by the debenture. Dated this 18th day of December 1997. Signed for and on behalf of John Stewart Drage and David Anthony Ward, by their solicitor and duly authorised agent: STEPHEN BARRIE FLYNN.