Australian Securities and Investments Commission

Corporations Law

Paragraph 601QA(1)(a) - Exemption

Under paragraph 601QA(1)(a) of the Corporations Law (the Law) the Australian Securities and Investments Commission (ASIC) hereby exempts each person in the class of persons referred to in Schedule A in the cases referred to in Schedule B from section 601ED of the Law with effect for the duration of the Relief Period on the conditions referred to in Schedule C and for so long as they are met.

Schedule A

The operator of a time-sharing scheme as described in Schedule B

Schedule B

The operation of a time-sharing scheme (Scheme) being a scheme:

(a) which is not a registered scheme;

(b) to which Division 11 of Part 11.2 of the Law applies on 30 June 2000;

(c) in respect of which the operator of the Scheme lodges with ASIC, by no later than 30 June 2000, a notice stating that the operator intends to rely on this Class Order and

(i) that the operator will comply with Condition 2(a) in Schedule C, and specifying the steps which have been taken towards complying with Condition 2(a); or

(ii) that then operator will comply with Condition 2(b) in Schedule C, and specifying the particular exemption in ASIC Summary Policy Statement 160 upon which the operator intends to rely, and the steps which have been taken towards complying with Condition 2(b).

Schedule C

1. The operator must, as far as practicable, comply with the old law (as defined in section 1451 of the Law) during the Relief Period as if that old Law continued to apply to the Scheme.

2. The operator must either:

(a) take all reasonable steps to have the Scheme registered as soon as possible; or

(b) take all reasonable steps to cause the Scheme to comply with the requirements of one of the exemptions from section 601ED contemplated by ASIC Summary Policy Statement 160, and make application to ASIC for such an exemption prior to the end of the Relief Period.

Interpretation

In this instrument “Relief Period” means the period starting on 1 July 2000 and ending on either 30 September 2000 or the date upon which the Scheme becomes registered, whichever occurs first.

Dated the 7th day of June 2000

Signed by Brendan Byrne

as delegate of the Australian Securities and Investments Commission