Esplanade Hotel Limited (in receivership) Notice of Appointment of Receivers and Managers Pursuant to Section 8 (1) (b) of the Receiverships Act 1993 On the 25th day of June 1999, we, Rowan John Chapman and Shaun Roger Nixon, chartered accountants of Auckland, were appointed by Esplanade Properties Limited, acting under powers conferred by a registered debenture dated the 23rd day of November 1995, to act jointly and severally as receivers and managers of all the assets and undertaking of the above-named company. The Receivers' Office Address is: Gosling Chapman, Level Eight, 63 Albert Street (P.O. Box 158), Auckland. Telephone: (09) 303 4586. Facsimile: (09) 309 1198. Dated this 25th day of June 1999. ROWAN JOHN CHAPMAN, Joint Receiver and Manager. SHAUN ROGER NIXON, Joint Receiver and Manager.