Nautilus Development Limited Notice of Appointment of Receivers and Managers Pursuant to Section 8 of the Receiverships Act 1993 Golden Gate Holdings Limited, a duly incorporated company having its registered office at Auckland on the 7th day of August 1998, appointed Gerald Stanley Rea and John Maurice Leonard, chartered accountants of Auckland, as receivers and managers of the property of the company under the powers contained in a debenture dated the 20th day of January 1995, which property consists of all leasehold land, fixed plant and machinery, patents, trade names, unpaid and uncalled capital and goodwill and all other assets. The Office of the Receivers and Managers is Care of: Gerry Rea Financial Services Limited, Seventh Floor, Southern Cross Building, corner of High and Victoria Streets, Auckland (P.O. Box 3015, Auckland). Dated this 7th day of August 1998. G. S. REA, Joint Receiver and Manager.