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Summary of

Securities Act (Eastern Hi Fi Group Limited) Exemption Notice 2004

2004/348

Gazetted on 14 October 2004
Expires on 31 March 2005

Effects of the exemption
The registered prospectus and investment statement for a share offer by Eastern Hi Fi Group Limited are not required to contain information about an existing shareholder (who is selling shares he owns as part of the offer) as an issuer of the shares.

Background
Eastern Hi Fi Group Limited intends to issue a combined registered prospectus and investment statement for an offer of shares to the public. The offer will consist of up to 2 million new ordinary shares, and up to 3 million ordinary fully paid shares allotted to Stephen Peter Allbury.

The exemption
Eastern Hi Fi Group Limited and Stephen Peter Allbury are exempted from regulations 3(1) and 7A(1) of the Securities Regulations 1983 to the extent that those provisions require a registered prospectus or investment statement to contain information about Stephen Peter Allbury as an issuer of the shares.

Conditions
The exemptions are subject to the conditions that the registered prospectus and investment statement -

• describe the effect of the exemptions; and
• state that Eastern Hi Fi Group Limited and Stephen Peter Allbury are issuers of the shares, and as such have obligations under the Securities Act 1978 and the Securities Regulations 1983.

Reasons
When Part II of the Securities Act 1978 applies to an offer of previously allotted securities to the public, both the person offering the securities and the original allotter of the securities have a responsibility for the offer as issuers.

Information relating to Stephen Peter Allbury is unlikely to be useful to potential investors in considering whether or not to subscribe for shares in Eastern Hi Fi Group Limited and may be confusing.

The conditions of the exemptions require potential investors to be advised that Eastern Hi Fi Group Limited and Stephen Peter Allbury remain legally responsible as issuers.