Australian Securities and Investments Commission
Corporations Law — Subsection 741(1) — Exemption

Pursuant to subsection 741(1) of the Corporations Law (Law) the Australian Securities and Investments Commission hereby exempts each person in the class of persons mentioned in Schedule A in the case mentioned in Schedule B from section 736 of the Law.

SCHEDULE A

Any person being the holder of one or more interests in a time-sharing scheme and any person acting on behalf of such a person.

SCHEDULE B

An offer for sale of an interest in a time-sharing scheme made by a person mentioned in Schedule A, being an offer for sale to which neither subsection 707(3) of the Law nor subsection 707(5) of the Law applies.

Dated the 9th day of February 2000

Signed by Brendan Byrne
as delegate of the Australian Securities and Investments Commission.