Gearbulk Shipping (N.Z.) Limited (``the company'') Notice of Intention to Remove Company From the Register Pursuant to Section 295 of the Companies Act 1955 Address of Registered Office: Tower Two, Shortland Centre, 5557 Shortland Street, Auckland. Notice is given that an application will be made that the company be removed from the Register of Companies, pursuant to section 293 (1) (d) of the Companies Act 1955, on the grounds that the company has ceased to carry on business, has discharged in full its liabilities to all its known creditors and has distributed its surplus assets in accordance with its memorandum, articles of association and the Companies Act 1955. Any objections to the removal of the company from the Register must be delivered to the Registrar of Companies at Wellington within 28 days from the date of this notice, pursuant to section 296 of the Companies Act 1955. Dated this 30th day of April 1997. W. A. LAXON, a Director of the Company.