J. V. MORAND LIMITED

At an Extraordinary General Meeting of the above-named Company, duly convened, and held at 381-383 City Road, London EC1V 1NA, on 11th March 1998, at 10 a.m., the following Resolutions were duly passed, as a Special Resolution and as an Extraordinary Resolution respectively:   “That the Company be wound up voluntarily, that the winding-up be a Members’ voluntary winding-up, and that Richard William James Long, of Richard Long & Co., 381-383 City Road, London EC1V 1NA, be and he is hereby appointed Liquidator of the Company, for the purposes of such winding-up, and that the Liquidator be at liberty to distribute any of the Company’s assets in specie.” S. Trewin, Chairman