PIEDI FOOTWEAR LIMITED

At an Extraordinary General Meeting of the above-named Company, duly convened, and held at Tait Walker, Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS, on 20 May 2005, the following Resolutions were duly passed as an Extraordinary Resolution and as an Ordinary Resolution respectively: “That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and that accordingly the Company be wound up voluntarily, and that Gordon Smythe Goldie and Allan David Kelly, of Tait Walker, Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS, be and are hereby appointed Liquidators of the Company for the purpose of the voluntary winding-up.” L Sanders, Chairman