31.2.5 Securities Deliver Free Instruction

BNZ-15342, 04-JAN-1998,

Bank of New Zealand, New York, USA.

# 92, Lotus Towers,

Pacific Avenue,

Wellington,

New Zealand.

Sub: Our Instruction to Deliver Securities Free of Payment.

Kind Attention Mr. Micheal Burgess,

Custody Services Officer,

Securities Department.

Dear Sir/Madam,

Please arrange to deliver the securities free of payment as per our instructions shown below:

Table 31-8 Header

Header	Details
Our Reference	000SEB7980040002
Securities Identification	ISIN NZDBONDWRP04
-	Wellington Railway 1 Jan 1993 Bonds
Trade Date	02-JAN-1998
Place of Trade	Wellington Bonds Market
Delivery Date	08-JAN-1998
Next Coupon Number	021
Next Coupon Due Date	01-APR-1998
Securities Book Value	**1,000,000.00 NZD
Instructing Party	Charles S. Taylor
Quantity of Securities	**1,000,000.00 Face Amount
Safekeeping Account (Delivered from)	94763 88
Securities Certificate Numbers	NW 25401 to NW 25410 – 10 x 100,000 NZD worth Bond Certificates
Receiver of Securities	Banking Corporation, Wellington
Beneficiary of Securities	Magnus P. Taylor
Beneficiary’s Safekeeping Account (with Receiver of Securities)	284564
Securities Registration Details	Securities Delivered are to be registered in favour of Magnus P. Taylor
Securities Receipt Declaration Details	Bond Certificates with numbers as shown above are to be delivered physically to the Receiver of Securities.

Other Information:

Please confirm the delivery and registration of above securities to us, by mail, at the earliest and revert to us if the Securities have not been delivered in 1 weeks time, after the scheduled delivery date.

Please intimate us about your transaction charges if any, for the above instruction. Please always quote Our Reference in all further correspondence regarding the above instruction.

Thanking you,

For Merrill Lynch,

New York, USA.