Macraes Mining Company Holdings Limited Public Notice of Amalgamation Proposal for the Purposes of Section 221 (4) (b) of the Companies Act 1993 Proposed amalgamation of Macraes Mining Company Limited and Macraes Mining Company Holdings Limited. Macraes Mining Company Limited and Macraes Mining Company Holdings Limited (together the ``amalgamating companies'' and each an ``amalgamating company'') propose to amalgamate and continue as one company under the name Macraes Mining Company Limited. The board gives notice that: 1. Copies of the amalgamation proposal are available for inspection by any shareholder or creditor of an amalgamation company or any person to whom an amalgamating company is under an obligation at the registered offices of the amalgamating companies during normal business hours; and 2. A shareholder or creditor of an amalgamating company or any person to whom an amalgamating company is under an obligation can obtain a copy of the amalgamation proposal free of charge, on request to an amalgamating company. The registered offices of the amalgamating companies are: Macraes Mining Company Limited, care of Anderson Lloyd, Barristers and Solicitors, Level Nine, Otago House, corner of Princes Street and Moray Place, Dunedin. Macraes Mining Company Holdings Limited, care of Chapman Tripp Sheffield Young, Barristers and Solicitors, Level Six, AMP Centre, Grey Street, Wellington. Dated the 28th day of October 1998. For and on behalf of the board of: MACRAES MINING COMPANY HOLDINGS LIMITED.