Greyan Holdings Limited Notice of Proposed Amalgamation of Companies Pursuant to Section 221 (4) of the Companies Act 1993 Notice is hereby given that Greyan Holdings Limited (``GHL'') proposes to amalgamate with Brown Bros. (NZ) Limited (``BBL''). Upon amalgamation, BBL will become the amalgamated company. The date of the proposed amalgamation is the 1st day of April 1999, being not less than 20 working days from the date of this notice. Copies of the amalgamation proposal are available for inspection by any shareholder or creditor of GHL or any person to whom GHL is under an obligation at the following registered offices of the amalgamating companies during normal business hours: Greyan Holdings Limited, KPMG Peat Marwick, Eleventh Floor, Peat Marwick Tower, 85 Alexandra Street, Hamilton. Brown Bros. (NZ) Limited, KPMG Peat Marwick, Eleventh Floor, Peat Marwick Tower, 85 Alexandra Street, Hamilton. Any shareholder or creditor of GHL or any person to whom GHL is under an obligation is entitled to be supplied free of charge a copy of the amalgamation proposal upon request to GHL. Dated the 18th day of February 1999. GRAEME ALBERT BROWN, Director.