Notice of Meeting of Creditors

Pursuant to Section 98 Insolvency Act 1986

PHARO PLC

Company No: SC224788

Notice is hereby given pursuant to Section 98 of the Insolvency Act 1986, that a Meeting of Creditors of the above named company will be held at Templar Lodge, Main Street, Gullane, Nr. Edinburgh EH31 2AS on 11th December 2003 at 2.00pm for the purpose of having a full statement of the position of the Company’s affairs, together with a list of the Creditors of the Company and the estimated amount of their claims, laid before them, and for the purpose, if thought fit, of nominating a Liquidator and of appointing a liquidation Committee.

Michael L Marks FCA FABRP, The KBSP Partnership is a person qualified to act as an insolvency practitioner in relation to the Company who will on the two business days falling next before the day on which the Meeting is to be held, have available a list of the names and addresses of the Company’s creditors for inspection free of charge at the offices of The KBSP Partnership, Harben House, Harben Parade, Finchley Road, London, NW3 6LH and at Templar Lodge, Main Street, Gullane, Nr. Edinburgh EH31 2AS

Notice is also given that, for the purpose of voting, Secured Creditors must (unless they surrender their security), lodge at the Registered Office of the Company at Harben House, Harben Parade, Finchley Road, London, NW3 6LH before the Meeting a Statement giving particulars of their security, the date when it was given, and the value at which it is assessed.

Dated this 7th day of November 2003

By order of the Board of Directors

Michael Wallington, Director