Golf Publications (NZ) Limited Notice of Appointment of Receivers and Managers Pursuant to Section 8 (1) (b) of the Receiverships Act 1993 We, Michael Peter Stiassny and Grant Robert Graham hereby give notice that on the 31st day of March 1999, we were appointed joint and several receivers and managers of the assets and undertakings of Golf Publications (NZ) Limited, pursuant to a debenture dated the 2nd day of December 1997. Short Description of Property Charged Under the Debenture: All assets and undertakings of the company. The Office of the Receivers and Managers is at: Ferrier Hodgson & Co., Sixteenth Floor, Southpac Tower, 45 Queen Street, Auckland. Officer for Inquiries: Grant Graham.