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Summary of

Securities Act (Burns, Philp & Company Limited) Exemption Notice 2001

SR 2001/132

Gazetted on 14 June 2001
Expires on 30 September 2002

Burns Philp & Company Limited (the company) is exempted subject to conditions from sections 37, 37A, 38A, and 51 to 54B of the Act and from the Regulations (except regulation 8) in the case of converting preference shares (the shares) issued by the company and offered to existing security holders and to holders of notes issued by Burns Philp Foods North America, Inc.

Conditions
The exemption is subject to the conditions that

• the shares are quoted on the Australian Stock Exchange or the company has applied for the shares to be quoted on the Exchange and complied with the Exchange's requirements; and
• the offer complies with the laws of Australia and New South Wales and with any requirement of the Exchange relating to the offer.

Effects of the exemption
The company is exempted from the prospectus, investment statement and certain other requirements of the Act and from the Regulations (except regulation 8) for shares offered to existing security holders and holders of notes issued by an associated company.

Reasons
It is possible that the terms of this share offer may place it outside the terms of the Securities Act (Overseas Companies) Exemption Notice 1997. Nonetheless is it consistent with the policy of that exemption notice to grant an exemption in this case.

The offer is required to be made in accordance with Australian law and the rules of the Australian Stock Exchange. The offer can only be made in New Zealand to existing security holders of the company or of its wholly owned subsidiary, Burns Philp Foods North America Inc.