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                                                                   EXHIBIT 10.10

            SHARE SALE AGREEMENT

            relating to shares in HJF Acquisition Corporation

            The J.M. Smucker Company (VENDOR)
            SPC Ardmona Limited (PURCHASER)

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SHARE SALE AGREEMENT

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<S>                                                                               <C>
DETAILS                                                                            6

AGREED TERMS                                                                       6

1.        DEFINED TERMS & INTERPRETATION                                           6

1.1       Defined terms                                                            6
1.2       Interpretation                                                          14
1.3       Headings                                                                15

2.        CONDITIONS                                                              15

2.1       Conditions                                                              15
2.2       Waiver of Conditions                                                    16
2.3       Conduct of the parties                                                  16
2.4       Failure of Condition                                                    16
2.5       Action on termination                                                   16

3.        SALE AND PURCHASE                                                       16

3.1       Agreement to sell and purchase                                          16
3.2       Waiver of pre-emptive rights                                            16

4.        PURCHASE PRICE AND OTHER PAYMENTS                                       16

4.1       Amount                                                                  16
4.2       Payment of the Purchase Price                                           17
4.3       Method of payment                                                       17
4.4       Interest on overdue payments                                            17
4.5       Allowance for remediation of Effluent Ponds                             17

5.        PRE-COMPLETION AND OTHER MATTERS                                        17

5.1       Payment of Dividend and Vendor Distribution                             17
5.2       Pre-Completion notices                                                  18
5.3       Continuity of Business                                                  18
5.4       Access to Business                                                      19
5.5       Assistance in relation to change of control                             19
5.6       Terminate discussions                                                   20
5.7       Transfer of registration of Company                                     20

6.        COMPLETION                                                              21

6.1       Time and place                                                          21
6.2       Obligations of the Vendor                                               21
6.3       Obligations of the Purchaser                                            22
6.4       Simultaneous actions at Completion                                      23
6.5       Default in Completion                                                   23
6.6       Books and Records                                                       24

7.        COMPLETION ACCOUNTS                                                     24

7.1       Stocktake                                                               24
7.2       Completion Accounts                                                     24
7.3       Basis of preparation                                                    24
7.4       Instructions to Auditors                                                24
7.5       Access to information                                                   24
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<S>                                                                               <C>
7.6       Review of Completion Accounts                                           25
7.7       Dispute Resolution Procedure                                            25
7.8       Costs                                                                   26

8.        TAX MATTERS                                                             26

8.1       Section 338(h)(10) Election                                             26
8.2       Pre-Completion Tax returns                                              26
8.3       Post-Completion Tax returns                                             27
8.4       Straddle Period calculations                                            27

9.        PURCHASER'S UNDERTAKINGS REGARDING GROUP EMPLOYEES                      27

10.       SUPERANNUATION                                                          28

10.1      Cessation of participation in the funds                                 28
10.2      Transitional Superannuation Arrangements - employer contributions       28
10.3      Transitional Superannuation Arrangements - employee contributions       28
10.4      Superannuation Arrangements after the Withdrawal Date                   28
10.5      Employee consent                                                        29
10.6      Transfer of benefits from a Fund to the Purchaser's Fund                29
10.7      Unfunded liability of HJF Fund                                          30
10.8      Maintenance of earnings base                                            30
10.9      Reasonable endeavours                                                   31
10.10     Records                                                                 31

11.       WARRANTIES                                                              31

11.1      Warranties by Vendor                                                    31
11.2      Warranties by Purchaser                                                 31
11.3      Gross Up                                                                32
11.4      Time limits and other requirements for Warranty Claims                  32
11.5      Small Warranty Claims                                                   33
11.6      Maximum amount the Purchaser may recover                                34
11.7      Purchaser acknowledgments                                               34
11.8      Limits on types of Warranty Claims                                      34
11.9      Contingent Warranty Claims                                              35
11.10     Purchaser's obligations for Warranty Claims relating to third parties   36
11.11     Purchaser must pursue third parties                                     36
11.12     Benefits received                                                       36

12.       VENDOR'S INDEMNITIES                                                    37

12.1      General indemnity                                                       37
12.2      Redundancy indemnity                                                    37
12.3      Indemnity for customer Claims                                           38
12.4      Superannuation indemnity                                                38
12.5      Indemnity for US Taxes                                                  39
12.6      Indemnity for Management Incentive Program Payments                     39
12.7      Capacity                                                                40
12.8      Continuing security                                                     40
12.9      Obligations and rights not affected by certain matters                  40
12.10     Principles for recovery under the indemnities                           40

13.       PURCHASER'S INDEMNITY                                                   41

13.1      Indemnity for breach of positive obligations                            41
13.2      Continuing security                                                     41
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<S>                                                                               <C>
13.3      Obligations and rights not affected by certain matters                  41
13.4      Principles for recovery under the indemnity                             41

14.       RESTRAINT OF VENDOR                                                     42

14.1      Definitions                                                             42
14.2      Prohibited activities                                                   42
14.3      Restraint Period                                                        42
14.4      Restraint Area                                                          43
14.5      Interpretation                                                          43
14.6      Exceptions                                                              43
14.7      Acknowledgments                                                         43

15.       CONFIDENTIALITY AND PUBLICITY                                           43

15.1      Confidentiality                                                         43
15.2      Confidential Information - until Completion or termination              44
15.3      Confidential Information - after Completion                             44
15.4      Announcements                                                           44

16.       TRANSITION PRODUCTS                                                     44

17.       LICENSED PRODUCTS                                                       45

18.       GST                                                                     46

18.1      Interpretation                                                          46
18.2      GST gross up                                                            46
18.3      Reimbursements                                                          46
18.4      Tax invoice                                                             46
18.5      Variation                                                               46
18.6      Recovery of GST                                                         46

19.       NOTICES AND OTHER COMMUNICATIONS                                        46

19.1      Service of notices                                                      46
19.2      Effective on receipt                                                    47

20.       MISCELLANEOUS                                                           47

20.1      Alterations                                                             47
20.2      Approvals and consents                                                  47
20.3      Assignment                                                              47
20.4      Costs                                                                   47
20.5      Stamp duty                                                              47
20.6      Survival                                                                47
20.7      Counterparts                                                            47
20.8      No merger                                                               48
20.9      Entire agreement                                                        48
20.10     Further action                                                          48
20.11     Severability                                                            48
20.12     Waiver  48
20.13     Relationship                                                            48
20.14     Governing law and jurisdiction                                          48
20.15     Time is of the essence                                                  49

SCHEDULE 1 - DETAILS OF THE COMPANY AND SUBSIDIARIES                              50

SCHEDULE 2 - FORM OF MERGER AGREEMENT                                             51
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<S>                                                                               <C>
SCHEDULE 3 - MATERIAL CONTRACTS                                                   52

SCHEDULE 4 -  CALCULATION OF ADJUSTMENT AMOUNT                                    53

SCHEDULE 5 - WARRANTIES                                                           56

SCHEDULE 6 - INTELLECTUAL PROPERTY RIGHTS                                         85

SCHEDULE 7 - PROPERTIES                                                           86

SCHEDULE 8 - EQUIPMENT LEASES                                                     87

SCHEDULE 9 - EMPLOYEE DETAILS                                                     88

SCHEDULE 10 - DISCLOSED DOCUMENTS INDEX                                           89

SCHEDULE 11 - FIXED ASSET REGISTER                                                90

SCHEDULE 12 - AUDITED ACCOUNTS                                                    91

SCHEDULE 13 - MANAGEMENT ACCOUNTS                                                 92
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DETAILS

DATE

PARTIES

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<S>                   <C>
Name                  The J.M. Smucker Company (a corporation incorporated in
                      the State of Ohio, United States of America)

Short form name       VENDOR
Notice details        Strawberry Lane, Orville, OH 44667-0280, United States of
                      America
                      Facsimile: + 1 330 684 3026
                      Attention: General Counsel

Name                  SPC Ardmona Limited
ABN                   68 059 317 618
Short form name       PURCHASER
Notice details        19-25 Camberwell Road, Hawthorn East, Victoria, Australia,
                      3123
                      Facsimile: + 61 03 5822 2121
                      Attention: Managing Director and Company Secretary
</TABLE>

BACKGROUND

A     The Shares are legally and beneficially owned by the Vendor as set out in
      Schedule 1.

B     The Vendor has agreed to sell and the Purchaser has agreed to purchase the
      Shares on the terms and conditions set out in this agreement.

AGREED TERMS

1.    DEFINED TERMS & INTERPRETATION

1.1   DEFINED TERMS

      In this agreement:

      ACCC means the Australian Competition and Consumer Commission.

      ASIC means the Australian Securities and Investments Commission.

      ASX means Australian Stock Exchange Limited.

      ACCOUNTING STANDARDS means:

      (a)   accounting standards approved under the Corporations Act and its
            requirements about the preparation and contents of accounts; and

      (b)   generally accepted accounting principles, policies, practices and
            procedures in Australia.

      ACCOUNTS DATE means 30 April 2003, being the date in respect of which the
      Audited Accounts have been prepared.

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      ACTUARY means the actuary of the Vendor's Fund as at the Completion Date.

      ACTUARY'S LETTER means the letter to be provided by the actuary of the HJF
      Fund to the Purchaser which sets out each Group Company's contribution
      rates to the HJF Fund and the frequency at which those contributions are
      to be made, during the period between the Completion Date and the
      Withdrawal Date.

      AFFILIATED GROUP means any affiliated group within the meaning of Code
      Section 1504(a) or any similar group defined under a similar provision of
      state, local or foreign law.

      ADJUSTMENT AMOUNT means the Preliminary Amount as adjusted in accordance
      with clause 7.3(b).

      ASSETS means the assets owned or used by the Group Companies in conducting
      the Business as at the date of this agreement, particulars of which are
      set out in Schedule 11 in respect of fixed Assets.

      ASSOCIATE means, in relation to a person:

      (a)   an associate of the person under sections 10 to 17 of the
            Corporations Act as if section 12(1) of that Act included a
            reference to this agreement;

      (b)   a company or trust of which the person has Control;

      (c)   the spouse or child over the age of 18 of the person; or

      (d)   a Related Body Corporate of that person.

      AUDITED ACCOUNTS means:

      (a)   the audited consolidated balance sheet of the Australian
            Subsidiaries as at the Accounts Date; and

      (b)   the audited consolidated profit and loss statement and statement of
            cash flows of the Australian Subsidiaries for the financial year
            ended on the Accounts Date,

      together with the notes to, and the reports of the directors in respect
      of, those accounts. A copy of the Audited Accounts is reproduced in
      Schedule 12.

      AUDITORS means the auditors of the Group Companies.

      AUSTRALIAN MIGRATION has the meaning given to that term in clause 5.7(a).

      AUSTRALIAN SUBSIDIARIES means Henry Jones Foods and Hallco.

      BOOKS AND RECORDS means all original and copy records, documents, books,
      files, reports, accounts, plans, correspondence, letters and papers of
      every description and other material regardless of their form or medium
      and whether coming into existence before, on or after the date of this
      agreement, belonging or relating to or used by any Group Company including
      certificates of registration, minute books, statutory books and registers,
      books of account, Tax returns, title deeds and other documents of title,
      customer lists, price lists, computer programs and software, and trading
      and financial records.

      BUSINESS means the business carried on by the Group as at the date of this
      agreement, including the business of the manufacture and sale of
      conserves, jams, fruit pulps, marinades and sauces, toppings, fruit bars
      and related food products.

      BUSINESS DAY means:

      (a)   for receiving a Notice under clause 19, a day that is not a
            Saturday, Sunday, public holiday or bank holiday in the place where
            the Notice is received; and

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      (b)   for all other purposes, a day that is not a Saturday, Sunday, public
            holiday or bank holiday in Victoria, Australia.

      BUSINESS HOURS means from 9.00am to 5.00pm on a Business Day.

      CATEGORY A MEMBER means a member of Category A of the HJF Fund, pursuant
      to the trust deed of the HJF Fund as amended from time to time.

      CATEGORY B MEMBER means a member of Category B of the HJF Fund, pursuant
      to the trust deed of the HJF Fund as amended from time to time.

      CATEGORY C MEMBER means a member of Category C of the HJF Fund, pursuant
      to the trust deed of the HJF Fund as amended from time to time.

      CATEGORY D MEMBER means a member of Category D of the HJF Fund, pursuant
      to the trust deed of the HJF Fund as amended from time to time.

      CLAIM includes a claim, notice, demand, action, proceeding, litigation,
      investigation, judgment, damage, loss, cost, expense or liability however
      arising, whether present, unascertained, immediate, future or contingent,
      whether based in contract, tort or statute and whether involving a third
      party or a party to this agreement.

      CODE means the United States Internal Revenue Code of 1986. All section
      references to the Code or Treasury Regulations include all similar
      provisions under the applicable state, local or foreign tax law.

      COMPANY means HJF Acquisition Corporation (a corporation incorporated in
      the State of Delaware, United States of America), further details of which
      are set out in Schedule 1.

      COMPLETION means completion of the sale and purchase of the Shares
      contemplated by this agreement.

      COMPLETION ACCOUNTS means the audited consolidated balance sheet of the
      Company and the Subsidiaries as at midnight on 30 April 2004, to be
      prepared in accordance with clause 7.

      COMPLETION DATE means the date on which Completion occurs, being:

      (a)   the Business Day which is at least 2 Business Days after the date on
            which each of Conditions 1 and 2 in clause 2.1 are satisfied in
            accordance with clause 2;

      (b)   if clause 7.7 applies, the date determined by clause 7.7(h); or

      (c)   such later date as the parties agree in writing.

      COMPLETION EMPLOYEE means all employees of the Group Companies as at the
      Completion Date, including any Management Employee.

      CONDITIONS means the conditions set out in clause 2.1.

      CONFIDENTIAL INFORMATION means:

      (a)   all information of or used by any Group Company relating to their
            transactions, operations and affairs;

      (b)   all other information treated by any Group Company as confidential;

      (c)   all notes, data, reports and other records (whether or not in
            tangible form) based on, incorporating or derived from information
            referred to in paragraphs (a) or (b); and

      (d)   all copies (whether or not in tangible form) of the information,
            notes, reports and records referred to in paragraphs (a), (b) or
            (c),

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      that is not public knowledge (otherwise than as a result of a breach of a
      confidentiality obligation of a party).

      CONTROL means:

      (a)   of a company by a person:

            (i)   the person determines the composition of the board of
                  directors of the company;

            (ii)  the board of directors of the company is accustomed to act in
                  accordance with the instructions, directions or wishes of the
                  person; or

            (iii) the person holds or owns (alone or with its Associates or
                  Related Bodies Corporate):

                  (A)   the majority of the issued shares of the company;

                  (B)   the majority of the issued shares of the ultimate
                        holding company of the company; or

                  (C)   the majority of any securities or other rights granted
                        by the company entitling holders to distributions based
                        on the profits, earnings or net liquidation proceeds of
                        the company; and

      (b)   of a trust by a person:

            (i)   the person is the sole trustee of the trust;

            (ii)  the composition of the board of directors of any trustee
                  company of the trust is determined by the person;

            (iii) the board of directors of any trustee company of the trust is
                  accustomed to act in accordance with the instructions,
                  directions or wishes of the person; or

            (iv)  the person holds or owns (alone or with its Associates or
                  Related Bodies Corporate):

                  (A)   the majority of the issued shares of any trustee company
                        of the trust;

                  (B)   the majority of the issued shares of the ultimate
                        holding company of any trustee company of the trust; or

                  (C)   the majority of the units, securities or other rights
                        granted by the trust which entitling holders to
                        distributions from the trust.

      CORPORATIONS ACT means the Corporations Act 2001 (Cth).

      DELAWARE NEWCO 2 means Ardmona Acquisition Corporation, a corporation
      incorporated in the State of Delaware, United States of America, further
      particulars of which are set out in Schedule 1.

      DISCLOSED DOCUMENTS INDEX means the index of disclosed documents agreed by
      the Vendor and the Purchaser in relation to the Group and the Business, an
      initialled copy of which is reproduced in Schedule 10.

      DIVIDEND means the unfranked dividend of $12,500,000 declared and paid by
      Henry Jones Foods to Smucker Australia on 29 April 2004.

      DISCLOSURE LETTER means the letter dated on or about the date of this
      agreement from the Vendor to the Purchaser entitled 'Disclosure Letter',
      making disclosures against the Warranties.

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      DISCLOSURE MATERIAL means the written information made available to the
      Purchaser and its advisers during the course of its investigations in
      respect of the Business and the Group comprising:

      (a)   the material listed in the Disclosed Documents Index; and

      (b)   the Disclosure Letter.

      EFFLUENT PONDS means the effluent ponds located adjacent to the freehold
      property referred to in Schedule 7 and used by Henry Jones Foods for trade
      waste and waste water disposal under the Kyabram Town Council Agreement.

      EMPLOYEES means all employees of the Group Companies as at Completion,
      including the Management Employees, particulars of whom are provided in
      Schedule 9.

      ENCUMBRANCE includes mortgage, charge, lien, restriction against transfer,
      encumbrance and other third party interest.

      ENVIRONMENTAL WARRANTIES means the representations and warranties set out
      in paragraph 16 of Schedule 5.

      EQUIPMENT LEASES means the leases held by the Group Companies in respect
      of plant, equipment and motor vehicles, the particulars of which are set
      out in Schedule 8.

      FREEHOLD PROPERTIES means those Properties listed in Part 1 of Schedule 7
      which are real property owned by a Group Company.

      FUND means the HJF Fund and the Participating Funds.

      GOVERNMENT AUTHORITY means:

      (a)   a government, whether foreign, federal, state, territorial or local;

      (b)   a department, office or minister of a government acting in that
            capacity; or

      (c)   a commission, delegate, instrumentality, agency, board or other
            governmental, semi-governmental, judicial, administrative, monetary
            or fiscal authority, whether statutory or not.

      GROUP means the Company and the Subsidiaries, particulars of which are set
      out in Schedule 1.

      GROUP COMPANY means any one of the Company and the Subsidiaries and GROUP
      COMPANIES means all of them.

      GST has the meaning given to that term in the A New Tax System (Goods and
      Services Tax) Act 1999 (Cth).

      HALLCO means Hallco No. 39 Pty Ltd ACN 089 247 094 (being one of the
      Subsidiaries).

      HENRY JONES FOODS means Henry Jones Foods Pty Ltd ACN 007 179 857 (being
      one of the Subsidiaries).

      HJF SUPERANNUATION NOMINEES means Henry Jones Foods Kyabram Superannuation
      Nominees Pty Ltd ACN 064 925 999, being the trustee of the HJF Fund.

      HJF FUND means the Henry Jones Foods Kyabram Superannuation Fund.

      INDEPENDENT ACCOUNTANT means a chartered accountant or firm of chartered
      accountants appointed under clause 7.7(d).

      KYABRAM TOWN COUNCIL AGREEMENT means the agreement between Henry Jones
      Foods and The Mayor Councillors and Burgesses of the Town of Kyabram dated
      26 June 1989, as varied in

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      accordance with a supplemental agreement between Henry Jones Foods and The
      Kyabram Town Council dated 9 November 1994.

      LAW includes any statute, legislation, law, regulation, by-law, scheme,
      determination, ordinance, rule or other statutory provision (whether
      Commonwealth, State or municipal).

      LEASES means the leases held by Henry Jones Foods in respect of plant,
      equipment and motor vehicles, the particulars of which are set out in
      Schedule 7.

      LIABILITIES includes all liabilities (whether actual, contingent or
      prospective), losses, damages, costs and expenses of whatever description.

      LICENSED PRODUCTS means:

      (a)   the product described as '1508033 A10 x 3 Chocolate Fudge';

      (b)   the product described as '1508031 A10 x 3 Caramel Fudge'; and

      (c)   the product described as '1508002 A10 x 3 Strawberry Topping'.

      MANAGEMENT ACCOUNTS means:

      (a)   the unaudited consolidated balance sheet of the Australian
            Subsidiaries (other than Delaware Newco 2) as at 28 February 2004;
            and

      (b)   the unaudited consolidated profit and loss statement and statement
            of cash flows of the Australian Subsidiaries (other than Delaware
            Newco 2) for the 10 months ended 28 February 2004,

      as prepared by the management of the Group, together with the notes to,
      and the reports of the directors in respect of, those accounts. A copy of
      the Management Accounts is reproduced in Schedule 12.

      MANAGEMENT EMPLOYEE means any of Ross Mudford, Mark Eva, Nelson Beatty,
      Eileen Curtis or Clyde Pereira.

      MATERIAL ADVERSE CHANGE means:

      (a)   the destruction of or damage rendering unusable or irreparable any
            of the fixed Assets that are material to the operation of the
            Business; or

      (b)   the occurrence of a change, event or circumstance in relation to the
            Business or a Group Company which has resulted in or is reasonably
            likely to result in either:

            (i)   a reduction of $250,000 or more in the consolidated earnings
                  before interest, tax, depreciation and amortisation of the
                  Group for the financial year ended 30 April 2004; or

            (ii)  a reduction of $2,500,000 or more in the consolidated net
                  assets of the Group as at the date of the Management Accounts.

      MATERIAL CONTRACTS means all material contracts or agreements to which a
      Group Company is a party or by which a Group Company may be bound as at
      the date of this agreement, particulars of which are provided in Schedule
      3.

      MERGER AGREEMENT means an agreement entitled 'AGREEMENT AND PLAN OF
      MERGER' in substantially the form set out in Schedule 2 to be entered into
      prior to Completion between Smucker Australia and Delaware Newco 2, in
      respect of the Merger Transaction.

      MERGER TRANSACTION means the merger of Smucker Australia with and into
      Delaware Newco 2 under the Merger Agreement and otherwise in accordance
      with the laws of the States of Ohio and Delaware, United States of
      America, such that Smucker Australia ceases to exist as a separate

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      legal entity and all of its assets and liabilities become assets and
      liabilities of Delaware Newco 2, with Delaware Newco 2 being:

      (a)   the successor at law of Smucker Australia; and

      (b)   the holder and beneficial owner of all of the shares in Henry Jones
            Foods.

      MIDNIGHT in relation to a day is the first midnight to occur after the
      commencement of that day.

      OHIO FRANCHISE TAX means that Tax imposed on all corporations, business
      trusts and certain limited liability companies by Chapter 5733 of the Ohio
      Revised Code.

      OHIO REVISED CODE means the body of all statutes of a permanent and
      general nature of the State of Ohio, which statutes:

      (a)   have been passed by the legislature of the State of Ohio;

      (b)   have been approved by the Ohio State governor; and

      (c)   are revised and consolidated into general provisions, titles,
            chapters and sections.

      1936 TAX ACT means the Income Tax Assessment Act 1936 (Cth).

      1997 TAX ACT means the Income Tax Assessment Act 1997 (Cth) and includes,
      where appropriate, the Income Tax (Transitional Provisions) Act 1997
      (Cth).

      NET ASSETS AMOUNT means the amount of the net assets of the relevant Group
      Companies as at midnight on 30 April 2004 as set out in the Completion
      Accounts, agreed by the parties or determined by the Independent
      Accountant under clause 7.7, as the case may be.

      PARTICIPATING FUNDS mean each of the superannuation funds known as the
      Superannuation Trust of Australia and the Food Industry Superannuation
      Trust of Australia.

      PRE-COMPLETION PARTIAL TAX PERIOD means the portion of any Straddle Period
      up to and including the Completion Date.

      PRELIMINARY AMOUNT has the meaning given in Part A of Schedule 4.

      PROPERTIES means the real property (whether leasehold or freehold) owned
      or occupied by any of the Group Companies, particulars of which are
      provided in Schedule 7.

      PURCHASE PRICE means the amount calculated as provided in clause 4 and
      Schedule 4.

      PURCHASER'S ENVIRONMENTAL REPORT means the report prepared by GHD Pty Ltd
      on behalf of the Purchaser in respect of the environmental condition of
      the Properties and dated April 2004.

      PURCHASER'S FUND has the meaning given to it in clause 10.4.

      RELATED BODY CORPORATE has the meaning given to that term in the
      Corporations Act.

      SECTION 338(h)(10) ELECTION means an election under section 338(h)(10) of
      the Code and any corresponding election under state, local and foreign tax
      law with respect to the purchase and sale of the Shares and with respect
      to Delaware Newco 2.

      SHARES means all of the issued shares in the capital of the Company.

      SMUCKER AUSTRALIA means Smucker Australia Inc., a corporation incorporated
      in the State of Ohio, further particulars of which are set out in Schedule
      1, and on or after the completion of the Merger Transaction, its successor
      corporation.

      SGA ACT means the Superannuation Guarantee (Administration) Act 1992.

      SGC ACT means the Superannuation Guarantee Charge Act 1992.

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      SIS ACT means the Superannuation Industry (Supervision) Act 1993 (Cth) and
      Superannuation Industry (Supervision) Regulations 1994.

      STOCK means all raw materials, supplies, packaging and containers,
      work-in-progress, finished products, parts and components and other
      inventory of the Group Companies, including items of stock in transit or
      on consignment to customers.

      STRADDLE PERIOD means any taxable period beginning before the Completion
      Date and ending after the Completion Date.

      STRAWBERRY CONCENTRATE means the product described as '3300201 Strawberry
      Conc 4 x W/Seed (JMS Code: 70/475 # Strawberry Concentrate Item 1682)'.

      STRAWBERRY ESTER means the product described as '3500212 Strawberry Ester
      (JMS Code: Oz Straw Ess Item 91682)'.

      SUBSIDIARIES means the corporations listed in Schedule 1 as subsidiaries
      of the Company and includes Delaware Newco 2 and Smucker Australia.

      SUPERANNUATION ARRANGEMENT means any fund, plan, scheme, agreement or
      arrangement under which superannuation benefits, retirement benefits, life
      assurance benefits, death or disability benefits, pensions or annuities
      are or may be provided to or in respect of any present or former Employees
      of the Group Companies or their respective dependants.

      TAX includes income tax, capital gains tax, franchise tax, franking
      deficit tax, franking additional tax, over-franking tax, withholding tax,
      fringe benefits tax, pay-as-you-earn tax, pay-as-you-go tax, sales tax,
      customs duty, payroll tax, land tax, stamp duty, financial institutions
      duty, debits tax, water and municipal rates, gift tax, estate tax,
      superannuation contributions and charges, social security and national
      insurance contributions, purchase, goods and services tax, value added
      tax, prescribed payments and all other taxes, charges, assessments,
      contributions, withholdings, remittences, imposts, duties, excises, rates
      and levies in any part of the world and any penalties, interest, fines or
      other costs in relation to any Tax.

      TAXATION WARRANTIES means each of the representations and warranties set
      out in paragraph 10 of Schedule 5.

      TRANSFER AMOUNT means the amount to be transferred under clause 10.7.

      TRANSITION PRODUCTS means Strawberry Concentrate and Strawberry Ester.

      VENDOR'S BUSINESS means the business carried on by the Vendor as at the
      date of this agreement of the manufacture and sale of jams, jellies,
      preserves, conserves, marmalades, butters, fruit spreads and related food
      products.

      VENDOR DISTRIBUTION means the distribution by Smucker Australia to the
      Vendor of cash on or about the time of payment of the Dividend.

      VENDOR'S INTELLECTUAL PROPERTY means all Intellectual Property Rights (as
      that term is defined in Schedule 5) of the Vendor used in respect of the
      Licensed Products, as specified in Part 2 of Schedule 6.

      WARRANTIES means each of the representations and warranties given by the
      Vendor under clause 11 and set out in Schedule 5, including the
      Environmental Warranties, the Taxation Warranties, the Vendor's
      acknowledgments and confirmations in clause 5.1(a).

      WARRANTY CLAIM means any Claim by the Purchaser (or any person making a
      Claim through or on behalf of the Purchaser) against the Vendor for breach
      of any of the Warranties.

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      WITHDRAWAL DATE means the date which is 3 months after the Completion
      Date, or any earlier date:

      (a)   in respect of a Participating Fund, specified by the Purchaser; and

      (b)   in respect of the HJF Fund, agreed between the parties,

      as the date on which each Group Company will cease to be a participating
      employer in, and as the case may be, the principal participating employer
      of, the relevant Fund.

1.2   INTERPRETATION

      In this agreement, except where the context otherwise requires:

      (a)   the singular includes the plural and vice versa, and a gender
            includes other genders;

      (b)   another grammatical form of a defined word or expression has a
            corresponding meaning;

      (c)   a reference to a clause, paragraph, schedule or annexure is to a
            clause or paragraph of, or schedule or annexure to, this agreement,
            and a reference to this agreement includes any schedule or annexure;

      (d)   a reference to a document or instrument includes the document or
            instrument as novated, altered, supplemented or replaced from time
            to time;

      (e)   a reference to A$, $A, DOLLAR or $ is to Australian currency;

      (f)   a reference to $US or US$ is to United States currency.

      (g)   a reference to time is to Victoria, Australia time;

      (h)   a reference to a party is to a party to this agreement, and a
            reference to a party to a document includes the party's executors,
            administrators, successors and permitted assigns and substitutes;

      (i)   a reference to a person includes a natural person, partnership, body
            corporate, association, governmental or local authority or agency or
            other entity;

      (j)   a reference to a statute, ordinance, code or other law means a
            statute, ordinance, code or other law of any jurisdiction and
            includes regulations and other instruments under it and
            consolidations, amendments, re-enactments or replacements of any of
            them;

      (k)   a word or expression defined in the Corporations Act has the meaning
            given to it in the Corporations Act;

      (l)   the meaning of general words is not limited by specific examples
            introduced by INCLUDING, FOR EXAMPLE or similar expressions;

      (m)   any agreement, representation, warranty or indemnity by two or more
            parties (including where two or more persons are included in the
            same defined term) binds them jointly and severally;

      (n)   any agreement, representation, warranty or indemnity in favour of
            two or more parties (including where two or more persons are
            included in the same defined term) is for the benefit of them
            jointly and severally;

      (o)   a rule of construction does not apply to the disadvantage of a party
            because the party was responsible for the preparation of this
            agreement or any part of it; and

      (p)   if a day on or by which an obligation must be performed or an event
            must occur is not a Business Day, the obligation must be performed
            or the event must occur on or by the next Business Day.

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1.3   HEADINGS

      Headings are for ease of reference only and do not affect interpretation.

2.    Conditions

2.1   CONDITIONS

      Completion of the sale and purchase of the Shares under this agreement is
      subject to the following conditions precedent being satisfied before 30
      June 2004 or such other date as the parties agree.

<TABLE>
<CAPTION>
                                                                                          PARTY ENTITLED
                                    CONDITION                                               TO BENEFIT
<S>                                                                                    <C>
1.    Smucker Australia and Delaware Newco 2 entering into the Merger Agreement        Vendor and Purchaser
      and the Merger Transaction being completed according to the terms of the
      Merger Agreement and otherwise being effective under and in compliance
      with the laws of the States of Ohio and Delaware, United States of
      America.

2.    The Treasurer of the Commonwealth of Australia consenting under the              Vendor and Purchaser
      Foreign Acquisition and Takeovers Act 1975 (Cth) (FATA) to the acquisition
      of all of the issued shares in Henry Jones Foods by Delaware Newco 2 under
      the Merger Transaction. If that consent is given subject to conditions or
      requirements, this condition is not fulfilled unless those conditions or
      requirements are reasonably acceptable to the Purchaser and the Vendor.
      For the purpose of this condition, the Treasurer is taken to have
      consented to the acquisition of all of the issued shares in Henry Jones
      Foods by Delaware Newco 2 under the Merger Transaction if:

      (a)   the Treasurer issues a notice under FATA stating that the
            Commonwealth Government does not object to the acquisition of all of
            the issued shares in Henry Jones Foods by Delaware Newco 2 under the
            Merger Transaction; or

      (b)   the Treasurer is, by reason of lapse of time, not empowered to make
            an order under FATA in relation to the acquisition of all of the
            issued shares in Henry Jones Foods by Delaware Newco 2 under the
            Merger Transaction.

3.    There being no Material Adverse Change or if such a change occurs before              Purchaser
      Completion, its effect is made good or remedied to the reasonable
      satisfaction of the Purchaser by Completion.

4.    There being no material breach or any facts or circumstances that may                 Purchaser
      reasonably be expected to lead to a material breach of any of the Warranties
      before Completion.

5.    The Vendor complying with its obligations under clause 5.7(b) with respect            Purchaser
      to the Australian Migration.

6.    The Vendor doing all things required of it under clause 8.1(b) to enable the          Purchaser
      Company and, if required, any Group Company to make the Section 338(h)(10)
      Election.

7.    The delivery of the Actuary's Letter referred to in clause 10.2.                      Purchaser
</TABLE>

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2.2   WAIVER OF CONDITIONS

      A Condition may only be waived in writing by each party entitled to the
      benefit of that Condition (as specified in relation to each Condition in
      the second column of the table in clause 2.1) and will be effective only
      to the extent specifically set out in that waiver.

2.3   CONDUCT OF THE PARTIES

      Each party must use all reasonable efforts within its own capacity to
      ensure that each Condition is fulfilled by midnight on the day before the
      Completion Date.

2.4   FAILURE OF CONDITION

      If a party has complied with its obligations under clause 2.3, it may
      terminate this agreement by giving notice in writing to the other parties
      if one or more Conditions are not fulfilled by midnight on the day before
      the Completion Date or another date agreed by the parties in writing.

2.5   ACTION ON TERMINATION

      (a)   On termination of this agreement under clause 2.4, or for any other
            reason, each party must stop, and must cause its permitted
            disclosees to stop, using confidential information of another party
            and, at the other party's option:

            (i)   return to the other party;

            (ii)  destroy and certify in writing to the other party the
                  destruction of; or

            (iii) destroy and permit a representative of the other party to
                  witness the destruction of,

            all confidential information in its possession or control.

      (b)   Termination of this agreement does not affect any accrued rights or
            remedies of a party.

3.    SALE AND PURCHASE

3.1   AGREEMENT TO SELL AND PURCHASE

      The Vendor as beneficial owner agrees to sell to the Purchaser, and the
      Purchaser agrees to buy from the Vendor, the Shares:

      (a)   for the Purchase Price;

      (b)   free from Encumbrances;

      (c)   with all rights, including dividend and voting rights, attached or
            accrued to them on or after the date of this agreement; and

      (d)   subject to this agreement.

3.2   WAIVER OF PRE-EMPTIVE RIGHTS

      The Vendor waives in favour of the Purchaser any rights of pre-emption
      which the Vendor or a Related Body Corporate of it has or may have in
      respect of any of the Shares.

4.    PURCHASE PRICE AND OTHER PAYMENTS

4.1   AMOUNT

      The Purchase Price for the Shares is $51,000,000 plus or minus (as the
      case may be) the Adjustment Amount as provided in Part C of Schedule 4 and
      disregarding the fact that the Adjustment Amount may be a negative amount.

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4.2   PAYMENT OF THE PURCHASE PRICE

      The Purchaser must pay the Purchase Price on the Completion Date.

4.3   METHOD OF PAYMENT

      Unless the context otherwise requires, where an amount is required to be
      paid to a party (RECEIVING PARTY) by another party (PAYING PARTY) under
      this agreement, that amount must be paid by the electronic transfer of
      funds to the Receiving Party, or otherwise as set out in the written
      direction of the Receiving Party if that written direction is received by
      the Paying Party more than 2 Business Days before the date upon which
      payment of the amount is due.

4.4   INTEREST ON OVERDUE PAYMENTS

      (a)   Without prejudice to any other rights or remedies of the Vendor, if
            the Purchaser fails to make any payment required under this
            agreement by the due date for payment, then the Purchaser must pay
            to the Vendor interest on the unpaid amount at the Bank of Melbourne
            Business Overdraft Rate (as varied from time to time) plus 2%. Such
            interest will accrue from the date payment was due to the date
            payment is made, will be calculated daily and capitalised monthly,
            and must be paid by the Purchaser upon demand by the Vendor.

      (b)   Without prejudice to any other rights or remedies of the Purchaser,
            if the Vendor fails to make any payment required under this
            agreement by the due date for payment, then the Vendor must pay to
            the Purchaser interest on the unpaid amount at the Bank of Melbourne
            Business Overdraft Rate (as varied from time to time) plus 2%. Such
            interest will accrue from the date payment was due to the date
            payment is made, will be calculated daily and capitalised monthly,
            and must be paid by the Vendor upon demand by the Purchaser.

4.5   ALLOWANCE FOR REMEDIATION OF EFFLUENT PONDS

      The parties acknowledge and agree that:

      (a)   the Purchase Price specified in clause 4.1 includes an allowance in
            the amount of $250,000 in favour of the Purchaser for the estimated
            costs of remediation of the Effluent Ponds under the Kyabram Town
            Council Agreement;

      (b)   if the costs of remediating the Effluent Ponds under the Kyabram
            Town Council Agreement are less than $250,000, the Vendor is not
            entitled to make a Claim on the Purchaser in respect of the
            difference;

      (c)   if the costs of remediating the Effluent Ponds under the Kyabram
            Town Council Agreement are greater than $250,000, the Purchaser is
            not entitled to make a Claim on the Vendor in respect of the
            difference; and

      (d)   despite any other provision of this agreement, on and from
            Completion, the Vendor will have no Liability in respect of the
            Effluent Ponds, whether pursuant to the Kyabram Town Council
            Agreement or otherwise.

5.    PRE-COMPLETION AND OTHER MATTERS

5.1   PAYMENT OF DIVIDEND AND VENDOR DISTRIBUTION

      (a)   The Vendor warrants to the Purchaser that:

            (i)   prior to the date of this agreement, the directors of Henry
                  Jones Foods have declared and fully paid the Dividend to
                  Smucker Australia;

            (ii)  the Dividend was paid from the cash reserves of Henry Jones
                  Foods;

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            (iii) prior to the date of this agreement, Smucker Australia has
                  paid the Vendor Distribution to the Vendor;

            (iv)  the Vendor Distribution was fully paid from the proceeds of
                  the Dividend received by Smucker Australia; and

            (v)   each Group Company has discharged all Liabilities in relation
                  to the Dividend and the Vendor Distribution and the Vendor has
                  no Claim against Smucker Australia or any other Group Company
                  with respect to the Dividend or the Vendor Distribution or
                  both.

      (b)   The Purchaser disclaims any involvement in the declaration,
            authorisation, issuance and payment of the Dividend and the Vendor
            Distribution.

5.2   PRE-COMPLETION NOTICES

      (a)   At least 2 Business Days before the Completion Date, the Vendor must
            give the Purchaser full and accurate written details of:

            (i)   each bank or other financial institution with which the Group
                  Companies have an account, safety deposit box or deposit; and

            (ii)  the names of all persons authorised to draw on or have access
                  to them.

      (b)   At least 2 Business Days before the Completion Date, the Purchaser
            must notify the Vendor in writing of the authorities to operate bank
            accounts that are to be revoked and the names of the new signatories
            to those accounts.

5.3   CONTINUITY OF BUSINESS

      Until Completion, the Vendor must ensure that the Group Companies (and
      each of them):

      (a)   conduct the Business in the usual and ordinary course, on arm's
            length commercial terms and substantially in the same manner as the
            Business was conducted prior to the date of this agreement; and

      (b)   do not, without the prior consent of the Purchaser (with such
            consent not to be unreasonably withheld):

            (i)   destroy any Books and Records;

            (ii)  take any step to wind up any Group Company;

            (iii) take any action to effect a reorganisation, reclassification,
                  reconstruction, consolidation or sub-division of the capital
                  of any Group Company or any buy-back, redemption, reduction or
                  cancellation of shares or share capital of any Group Company
                  other than to implement the Merger Transaction;

            (iv)  enter into any individual commitment for capital expenditure
                  which is for more than $50,000 (inclusive of GST) or any
                  series of commitments for more than $200,000 (inclusive of
                  GST) in aggregate;

            (v)   enter into, vary or terminate any contract which is for more
                  than $50,000 (inclusive of GST), other than a contract for the
                  supply of advertising and/or media services to a Group Company
                  by a third party, or for a term of longer than one year;

            (vi)  acquire, dispose of, or create an Encumbrance over, any of the
                  Assets other than an acquisition or disposal in the usual and
                  ordinary course of the Business and for less than $20,000
                  (inclusive of GST);

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            (vii) distribute or return any capital or pay any dividend to their
                  members;

            (viii) borrow money, draw on any credit lines or provide any
                  guarantee or other security to any third party;

            (ix)  issue any shares, options or securities which are convertible
                  into shares in any of the Group Companies;

            (x)   alter the constitution, articles of incorporation or other
                  constituent documents of any of the Group Companies other than
                  pursuant to the Merger Transaction;

            (xi)  alter any accounting policy or practice of the Group
                  Companies, except as required by any change to the Accounting
                  Standards;

            (xii) employ any new employee with an annual remuneration package of
                  more than $60,000;

            (xiii) except in the usual and ordinary course of the Business or as
                  required by any applicable law or industrial award, terminate,
                  change the terms of employment, or pay or provide any bonus,
                  to any employee; or

            (xiv) except as otherwise provided in this agreement, materially
                  vary or terminate any of the Material Contracts.

5.4   ACCESS TO BUSINESS

      Until Completion the Vendor must:

      (a)   ensure that Henry Jones Foods permits the Purchaser or its
            authorised representatives to have reasonable access during normal
            business hours to the Properties and the Assets, including the Books
            and Records;

      (b)   answer any reasonable written enquiries or requisitions issued by
            the Purchaser; and

      (c)   provide all information, assistance and facilities that the
            Purchaser reasonably requires.

      Any request by the Purchaser and its representatives under this clause 5.4
      must not be made or pursued in such manner as to interfere unreasonably
      with the conduct of the Business or the business of the Vendor.

5.5   ASSISTANCE IN RELATION TO CHANGE OF CONTROL

      If a Lease or any Material Contract requires the consent of the relevant
      landlord or counterparty as a consequence of the proposed sale of the
      Shares to the Purchaser, then:

      (a)   the parties must cooperate and use all reasonable endeavours to
            obtain that consent before Completion;

      (b)   the Purchaser must, and must cause the relevant Group Company to,
            accept any terms imposed by the landlord or counterparty (as the
            case may be) that are reasonably required (including the provision
            of a guarantee from a Related Body Corporate of the Purchaser) or
            are not more onerous for the Purchaser or the relevant Group
            Company, or less favourable to the Purchaser or the relevant Group
            Company, than those which apply immediately before Completion;

      (c)   the Purchaser must pay the costs of any third party (other than a
            Related Body Corporate of the Vendor) incurred in providing the
            required consent; and

      (d)   the Purchaser must not delay or fail to complete the purchase of the
            Shares if that consent has not been obtained on or before
            Completion.

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5.6   TERMINATE DISCUSSIONS

      Until Completion, the Vendor must not solicit or respond to any enquiries
      or proposals by any person, other than the Purchaser, concerning an
      acquisition of the Shares or the assets of the Company or the Group.

5.7   TRANSFER OF REGISTRATION OF COMPANY

      (a)   The Vendor acknowledges that, if this agreement is Completed
            according to its terms, the Purchaser intends, immediately following
            Completion, to take the steps necessary under law of the State of
            Delaware, United States of America (DELAWARE LAW), and Part 5B.1 of
            the Corporations Act to transfer the incorporation of the Company
            and Delaware Newco 2 so that:

            (i)   the Company and Delaware Newco 2 will each cease to be
                  registered as a corporation incorporated in the State of
                  Delaware, United States of America; and

            (ii)  the Company and Delaware Newco 2 are each registered in
                  Victoria, Australia as a proprietary company limited by shares
                  under Part 5B.1 of the Corporations Act,

            (together, the AUSTRALIAN MIGRATION).

      (b)   Prior to Completion, the Vendor undertakes to do in a timely manner:

            (i)   all things required of it under Delaware law, the law of the
                  State of Ohio, the law of any other State of the United States
                  of America and Part 5B.1 the Corporations Act;

            (ii)  all things within its control; and

            (iii) all things reasonably requested by the Purchaser,

            in relation to the Merger Transaction and the Australian Migration,
            including executing and delivering documents, causing documents to
            be executed and delivered, certifying documents, causing documents
            to be certified, obtaining director and shareholder consents and
            anything related or incidental thereto, to place the Purchaser in
            the position that, immediately following Completion, the Purchaser
            will be able to lodge with ASIC a complying application under Part
            5B.1 of the Corporations Act for each of the Company and Delaware
            Newco 2 to effect the Australian Migration, first in relation to
            Delaware Newco 2 and secondly in relation to the Company.

      (c)   Following Completion, the Vendor undertakes to do in a timely
            manner:

            (i)   any further things required of it under Delaware law, the law
                  of the State of Ohio, the law of any other State of the United
                  States of America and the Corporations Act;

            (ii)  any further things within its control; and

            (iii) any further things reasonably requested by the Purchaser,

            in relation to the Merger Transaction and the Australian Migration,
            including executing and delivering documents, causing documents to
            be executed and delivered, certifying documents, causing documents
            to be certified, obtaining director and shareholder consents, and
            anything related or incidental thereto, to enable the Purchaser to
            complete or otherwise perfect the Australian Migration, first in
            relation to Delaware Newco 2 and secondly in relation to the
            Company.

      (d)   The Vendor acknowledges and agrees that time is of the essence in
            relation to its obligations under this clause 5.7.

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      (e)   The Vendor must bear its own costs incurred in complying with its
            obligations under this clause 5.7.

      (f)   The Purchaser must bear its own costs incurred in effecting the
            Australian Migration. For the avoidance of doubt, nothing in this
            clause 5.7(f) restricts or limits the Purchaser's indemnity under
            clause 12.1 in respect of any breach by the Vendor of its
            obligations under this clause 5.7.

6.    COMPLETION

6.1   TIME AND PLACE

      If all of the Conditions have been fulfilled or waived under clause 2.1,
      Completion will take place at 2.00 p.m. on the Completion Date at the
      offices of Baker & McKenzie, Level 39, 525 Collins Street, Melbourne, or
      another time and place agreed by the parties.

6.2   OBLIGATIONS OF THE VENDOR

      At or before Completion, the Vendor must:

      (a)   deliver to the Purchaser evidence satisfactory to the Purchaser that
            Conditions 1, 2 and 7 in clause 2.1 have been satisfied;

      (b)   deliver to the Purchaser duly executed and completed transfers of
            the Shares in favour of the Purchaser in registrable form together
            with the relevant share certificates;

      (c)   deliver to the Purchaser duly executed and completed transfers in
            favour of the Purchaser of any shares in the Subsidiaries which are
            not registered in the name of the Company or another Subsidiary in
            registrable form together with the relevant share certificates;

      (d)   deliver all documents and otherwise do (and cause to be done) the
            acts, matters and things that clause 5.7(b) provides for the Vendor
            to do (and to cause to be done) at or before Completion in respect
            of the Australian Migration, including delivering counterparts of
            the Merger Agreement duly executed by Smucker Australia and Delaware
            Newco 2;

      (e)   deliver to the Purchaser evidence satisfactory to the Purchaser
            that:

            (i)   the Merger Transaction has been completed in compliance with
                  and is effective under the laws of the States of Ohio and
                  Delaware, United States of America;

            (ii)  Delaware Newco 2 is the successor at law of Smucker Australia;
                  and

            (iii) Delaware Newco 2 is the legal and beneficial owner of all of
                  the issued share capital in Henry Jones Foods;

      (f)   deliver all documents and otherwise do (and cause to be done) the
            acts, matters and things that clause 8.1(b) provides for the Vendor
            to do (and cause to be done) at or before Completion in respect of
            the Section 338(h)(10) Election;

      (g)   produce to the Purchaser any power of attorney or other authority
            under which this agreement, the transfers of the Shares and any
            shares referred to in clause 6.2(c) are executed;

      (h)   deliver to the Purchaser copies of any consents and waivers required
            under clause 3.2;

      (i)   cause to be held a meeting of the directors of the Company and to
            obtain at that meeting, subject to the payment of stamp duty (if
            any):

            (i)   the approval of the registration of the transfer of the Shares
                  in favour of the Purchaser;

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            (ii)  the cancellation of the existing share certificates for the
                  Shares; and

            (iii) the issue of a new certificate for the Shares in favour of the
                  Purchaser,

            or cause a circular resolution of the directors of the Company to be
            passed resolving to do the matters referred to in sub-paragraphs
            (i), (ii) and (iii) above;

      (j)   cause to be held meetings of the directors of each Group Company
            (including the Company) accepting the resignations of all of the
            existing directors and other officeholders or cause a circular
            resolution of the directors of each Group Company to be passed
            resolving to accept those resignations, but in either case with all
            resignations being subject to and taking effect from Completion;

      (k)   deliver to the Purchaser a letter (in the form approved by the
            Purchaser) from each resigning officer of a Group Company
            acknowledging that he or she has no Claim against any Group Company
            for breach of contract, loss of office, redundancy, compensation,
            payment or repayment of loans or otherwise, except for payments
            properly payable as an employee for accrued salary, holiday pay and
            long service leave up to the Completion Date;

      (l)   if required by the Purchaser, cause the revocation, with effect from
            Completion, of all authorities relating to bank accounts of each
            Group Company;

      (m)   deliver to the Purchaser all Books and Records complete and up to
            date (other than those which the Vendor is entitled to retain under
            clause 6.6), or otherwise place the Purchaser in control of the
            Books and Records by leaving them at the Properties;

      (n)   deliver to the Purchaser, by leaving at the Properties, all of the
            following for the Group Companies which are in the possession of the
            Vendor:

            (i)   copies of the constitution or other constituent documents;

            (ii)  the common seal and duplicate seals;

            (iii) the Books and Records;

            (iv)  the certificates of incorporation;

            (v)   share certificates representing all of the issued share
                  capital of the Company;

            (vi)  certificates of registration of all business names used in the
                  Business;

            (vii) certificates of title for any relevant Assets;

            (viii) executed and stamped originals of all leases of the
                  Properties, the Material Contracts and any other contracts;

            (ix)  certificates of registration and other documents of title for
                  in respect of intellectual property rights; and

            (x)   all other Assets; and

      (o)   do all other things necessary or desirable to transfer the Shares,
            to complete any other transaction contemplated by this agreement and
            to place the Purchaser in effective control of the Group and the
            Business.

6.3   OBLIGATIONS OF THE PURCHASER

      The Purchaser must:

      (a)   at Completion, pay the amount under clause 4.1; and

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      (b)   at or before Completion, deliver to the Vendor a copy of any power
            of attorney or other authority under which this agreement has been
            executed by the Purchaser (for example, a copy of the Purchaser's
            authorising board resolution).

6.4   SIMULTANEOUS ACTIONS AT COMPLETION

      In respect of Completion:

      (a)   the obligations of the parties under this agreement are
            interdependent;

      (b)   all actions required to be performed will be taken to have occurred
            simultaneously on the Completion Date; and

      (c)   the Purchaser need not complete the purchase of any Shares unless
            the purchase of all the Shares is completed simultaneously.

6.5   DEFAULT IN COMPLETION

      If, without the written agreement of the Vendor and the Purchaser,
      Completion does not take place on the Completion Date due to the Vendor or
      the Purchaser (DEFAULTING PARTY) not complying with clause 6.2 or 6.3
      (respectively), the following provisions will apply.

      (a)   That of the Vendor or the Purchaser which is not the Defaulting
            Party (NON-DEFAULTING PARTY) may give the Defaulting Party a notice
            (COMPLETION NOTICE) requiring the Defaulting Party to comply with
            clause 6.2 or 6.3 (as the case may be) within 3 Business Days after
            the date the notice is given.

      (b)   A Completion Notice will be effective only if the Non-Defaulting
            Party, at the time the notice is given, is in all respects ready,
            able and willing to proceed to effect Completion in accordance with
            the Completion Notice (and the Non-Defaulting Party states in the
            Completion Notice that it is so ready, willing and able) or is not
            so ready, able and willing to effect Completion only by reason of
            the default or omission of the Defaulting Party.

      (c)   The Defaulting Party must comply with all of its obligations under
            clause 6.2 or 6.3 (as the case may be) within 3 Business Days after
            the date the Completion Notice is validly given.

      (d)   If the Defaulting Party is the Purchaser and the Purchaser does not
            comply with its obligations referred to in clause 6.5(c), the Vendor
            may, without prejudice to any of its other rights or remedies
            available under this agreement or at law:

            (i)   sue the Purchaser for specific performance; or

            (ii)  terminate this agreement and sue the Purchaser for damages, it
                  being acknowledged and agreed that the entry by the Vendor
                  into an unconditional contract for the resale of all or some
                  of the Shares by the Vendor within 60 days after the
                  Completion Date will take effect as a termination of this
                  agreement by the Vendor, if this agreement has not previously
                  been terminated, and the resale will be deemed to have
                  occurred after termination.

      (e)   If the Defaulting Party is the Vendor and the Vendor does not comply
            with its obligations referred to in clause 6.5(c), the Purchaser
            may, without prejudice to any of its other rights or remedies
            available under this agreement or at law:

            (i)   sue the Vendor for specific performance; or

            (ii)  terminate this agreement and sue the Vendor for damages.

      (f)   If this agreement is terminated under this clause 6, this clause 6
            and clause 15 continue to apply.

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6.6   BOOKS AND RECORDS

      The Vendor may retain after Completion copies of any Books and Records
      necessary for it to comply with any applicable law (including Tax law) and
      to prepare Tax or other returns required of them by law.

7.    COMPLETION ACCOUNTS

7.1   STOCKTAKE

      At the close of business on the fourth last Business Day prior to the
      Completion Date, the Vendor must commence a physical stocktake of all of
      the Stock. The Vendor and the Purchaser must use their respective
      reasonable endeavours to complete the Stocktake within 5 Business Days
      after the Completion Date.

7.2   COMPLETION ACCOUNTS

      The Vendor must as soon as practicable, and in any event no later than 5
      Business Days before the Completion Date, procure the Group to prepare and
      give the Purchaser, Vendor and Auditors a balance sheet of the Australian
      Subsidiaries as at midnight on 30 April 2004.

7.3   BASIS OF PREPARATION

      (a)   The Completion Accounts must be prepared in accordance with the
            Accounting Standards and on a basis consistent with:

            (i)   the basis on which the Audited Accounts were prepared; and

            (ii)  the basis on which the Management Accounts were prepared,

            and the Preliminary Amount must be calculated as provided in Part A
            of Schedule 4.

      (b)   The Preliminary Amount must then be adjusted in accordance with the
            adjustment principles set out in Parts B and C of Schedule 4.

7.4   INSTRUCTIONS TO AUDITORS

      As soon as practicable after the Completion Accounts are prepared, but in
      any event no later than 5 Business days after the date specified in clause
      7.2, the Vendor and the Purchaser must jointly instruct the Auditors to:

      (a)   audit the Completion Accounts in accordance with the principles set
            out in clause 7.3(a) and calculate the Adjustment Amount in
            accordance with clause 7.3(b);

      (b)   complete the audit and calculate the Adjustment Amount as soon as
            practicable, but in any event no later than 10 Business Days after
            the date the Completion Accounts are received from the Vendor and
            the Purchaser; and

      (c)   give the Vendor and the Purchaser a written opinion on the
            Completion Accounts, the Adjustment Amount and, if requested by
            either the Vendor or the Purchaser, an opportunity to review the
            working papers of the Auditors used by them in preparing their
            writing opinion.

7.5   ACCESS TO INFORMATION

      The Vendor must ensure that all information and assistance reasonably
      requested by the Purchaser, or the Auditors, or both of them, is given to
      them to prepare and audit the Completion Accounts and calculate the
      Adjustment Amount, and must permit representatives of the Purchaser and
      the Auditors to have reasonable access to, and take extracts from or make
      copies of the Books

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      and Records to respectively review and audit the Completion Accounts and
      calculate the Adjustment Amount.

7.6   REVIEW OF COMPLETION ACCOUNTS

      If neither the Purchaser nor the Vendor dispute the Completion Accounts or
      the Adjustment Amount within 7 Business Days after the date on which they
      are given a copy of the written report of the audit and calculation under
      clause 7.4 (FINAL OBJECTION DATE) the Completion Accounts and the
      Adjustment Amount will be taken to be the final Completion Accounts and
      the Adjustment Amount will be final and binding on the parties. If either
      the Purchaser or the Vendor disputes the Completion Accounts or the
      Adjustment Amount before the Final Objection Date, the dispute will be
      determined in accordance with clause 7.7.

7.7   DISPUTE RESOLUTION PROCEDURE

      (a)   If either the Purchaser or the Vendors disputes the Completion
            Accounts or the Adjustment Amount (DISPUTING PARTY), the Disputing
            Party must give the other party a notice (DISPUTE NOTICE) before the
            Final Objection Date setting out:

            (i)   reasonable details of each matter in dispute; and

            (ii)  the reasons why each matter is disputed.

      (b)   Within 10 Business Days of the Disputing Party giving the other
            Party a Dispute Notice, the other party must give the Disputing
            Party a response in writing on the disputed matters (RESPONSE).

      (c)   If the Vendor and the Purchaser have not resolved the dispute within
            10 Business Days of the other party giving the Response to the
            Disputing Party, the dispute must promptly be submitted for
            determination to the Independent Accountant to determine the matter
            or matters in dispute.

      (d)   The Independent Accountant must be agreed by the Vendor and the
            Purchaser. If the Vendors and the Purchaser cannot agree within 5
            Business days of the other party giving the Response to the
            Disputing Party, then the Independent Accountant will be nominated,
            at the request of either the Vendor or the Purchaser, by the
            President of the Institute of Chartered Accountants (Victorian
            Branch).

      (e)   The disputed matters must be referred to the Independent Accountant
            by written submission which must include the Completion Accounts,
            the calculation of the Adjustment Amount, the Dispute Notice, the
            Response and an extract of the relevant provisions of this
            agreement. The Independent Accountant must also be instructed to
            finish its determination no later than 20 Business Days after its
            appointment (or another period agreed by the parties).

      (f)   The parties must promptly supply the Independent Accountant with any
            information, assistance and cooperation requested in writing by the
            Independent Accountant in connection with its determination. All
            correspondence between the Independent Accountant and a party must
            be copied to the other parties.

      (g)   The Independent Accountant must act as an expert and not as an
            arbitrator and its written determination will be final and binding
            on the parties in the absence of manifest error and the Completion
            Accounts or the Adjustment Amount (as applicable) will be deemed to
            be amended accordingly and will be taken to comprise the final
            Completion Accounts or the final Adjustment Amount (as applicable).

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      (h)   The Completion Date will be deferred until the first Business Day
            after the day in which the dispute is resolved by the parties or
            determined by the Independent Expert as provided in this clause 7.7.

7.8   COSTS

      The costs of the:

      (a)   Auditors in preparing the Completion Accounts and calculating the
            Adjustment Amount; and

      (b)   the Independent Accountant (if instructed),

      will be borne as to one-half by the Vendor and as to one-half by the
      Purchaser.

8.    TAX MATTERS

8.1   SECTION 338(h)(10) ELECTION

      (a)   The Vendor agrees to join with the Purchaser in making the Section
            338(h)(10) Election. The Purchaser shall be responsible for, and
            control, the preparation and filing of the Section 338(h)(10)
            Election. The Vendor and the Purchaser shall bear their own costs in
            relation to the making of the Section 338(h)(10) Election.

      (b)   The Vendor must execute and deliver to the Purchaser at or before
            Completion such returns, documents, statements, and other forms as
            the Purchaser reasonably requests or that are required to be
            submitted to any federal, state, county or other local Taxing
            authority (whether in the United States or elsewhere) in connection
            with the Section 338(h)(10) Election, including, two completed
            counterparts of US IRS Form 8023 (together with any schedules or
            attachments thereto) signed by a duly authorised officer.

      (c)   The Vendor authorises the Purchaser to file the completed election
            forms with the appropriate federal, state and local Taxing
            authorities (whether in the United States or elsewhere).

      (d)   The Purchaser, the Company, Delaware Newco 2 and the Vendor must
            file all Tax returns (including amended returns and claims for
            refund) and information reports in a manner consistent with the
            Section 338(h)(10) Election.

      (e)   The Vendor shall be solely responsible for, and shall pay, any
            federal, state, local or foreign Tax (and shall indemnify the
            Purchaser and the Company from and against any Tax liability or
            other adverse consequence arising out of any failure to pay such
            Tax) arising as a result of the Section 338(h)(10) Election,
            including, without limitation, any Tax imposed on the Company or any
            of the Subsidiaries by any state, local or foreign jurisdiction.

8.2   PRE-COMPLETION TAX RETURNS

      (a)   The Vendor shall prepare and file in a timely manner all
            consolidated, combined or unitary Tax returns for the Vendor's
            Affiliated Group for all periods ending on or prior to the
            Completion Date (including, with respect to the Company, a short
            taxable year ending on the Completion Date) and shall include the
            income of the Company, Smucker Australia and Delaware Newco 2 in
            such returns and pay any Taxes attributable to such income.

      (b)   All Tax returns contemplated by clause 8.2(a) shall be prepared and
            filed in a manner consistent with prior practice, except as required
            by a change in applicable law. For all taxable periods ending on or
            before the Completion Date, the Vendor shall cause the Company and
            the Subsidiaries to file separate Tax returns in all jurisdictions
            requiring

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      separate reporting from the Vendor including the final Ohio Franchise Tax
      return for Smucker Australia, and the Vendor shall pay all Taxes shown on
      such returns.

      (c)   The Vendor agrees to provide the following documents to the
            Purchaser:

            (i)   a copy for the Purchaser's review of portions of Tax returns
                  relating to the Company and the Subsidiaries, at least 15
                  Business Days prior to the filing of such returns; and

            (ii)  proof of filing and evidence of Tax payments, if any.

      (d)   The Company, the Subsidiaries and the Purchaser shall consult and
            cooperate with the Vendor as to any elections to be made on returns
            of the Company and the Subsidiaries for periods ending on or before
            the Completion Date.

8.3   POST-COMPLETION TAX RETURNS

      (a)   The Purchaser shall prepare and file in a timely manner all Tax
            returns with respect to the Company and the Subsidiaries, other than
            the Tax returns referred to in clause 8.2, that are required to be
            filed after the Completion Date, and shall duly and timely pay all
            Taxes shown on such returns.

      (b)   The Purchaser shall make such tax returns for a Straddle Period
            available for the Vendor's review and approval, which approval must
            not be unreasonably withheld or delayed, no later than 20 Business
            Days prior to the due date for filing such Tax returns.

      (c)   Within 10 days prior to the due date for the filing of such Straddle
            Period Tax return, whether or not the Vendor agrees with the
            contents of such return, the Vendor shall pay the Company or the
            Purchaser an amount equal to the amount of Taxes shown as due on
            such return allocable to the Vendor under clauses 8.1 and 8.4, less
            any estimated Taxes paid for such Taxes prior to the Completion
            Date.

8.4   STRADDLE PERIOD CALCULATIONS

      (a)   In the case of any Straddle Period, the amount of any Taxes based on
            or measured by income or receipts of the Company and the
            Subsidiaries for the Pre-Completion Partial Tax Period shall be
            determined based on an interim closing of the books as of the close
            of business on the Completion Date.

      (b)   The amount of other Taxes of the Company and the Subsidiaries for
            the Pre-Completion Partial Tax Period shall be deemed to be the
            amount of such Tax for the entire taxable period multiplied by a
            fraction:

            (i)   the numerator of which is the number of days in the taxable
                  period ending on the Completion Date; and

            (ii)  the denominator of which is the number of days in such
                  Straddle Period.

9.    PURCHASER'S UNDERTAKINGS REGARDING GROUP EMPLOYEES

      The Purchaser acknowledges and agrees as follows.

      (a)   Following the signing of this agreement, the Purchaser will
            regularly communicate with the Employees of the Group Companies to
            advise them of the Purchaser's intentions concerning their
            continuing employment after Completion.

      (b)   In addition to any redundancy payments to which Employees other than
            Management Employees may be entitled, the Purchaser will offer
            formal outplacement services to any

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            employees (other than Management Employees) who are made redundant
            by the Purchaser after Completion.

10.   SUPERANNUATION

10.1  CESSATION OF PARTICIPATION IN THE FUNDS

      The Vendor and the Purchaser must do all that is reasonably necessary to
      ensure that each Group Company is able to irrevocably cease to be a
      participating employer in and, as the case may be, the principal
      participating employer of, the Funds as at the Withdrawal Date.

10.2  TRANSITIONAL SUPERANNUATION ARRANGEMENTS - EMPLOYER CONTRIBUTIONS

      (a)   From the Completion Date to the Withdrawal Date, where a Completion
            Employee is:

            (i)   a Category A Member, the Purchaser shall ensure that the Group
                  Company which is the employer of that Completion Employee
                  makes employer superannuation contributions to the HJF Fund in
                  respect of that Completion Employee's service for that period
                  at the rate and frequency specified in the Actuary's Letter;

            (ii)  a Category B Member, the Purchaser shall ensure that the Group
                  Company which is the employer of that Completion Employee
                  makes employer superannuation contributions to the HJF Fund in
                  respect of that Completion Employee's service for that period
                  at the rate and frequency specified in the Actuary's Letter;

            (iii) a Category C Member, the Purchaser shall ensure that the Group
                  Company which is the employer of that Completion Employee
                  makes employer superannuation contributions to the HJF Fund in
                  respect of that Completion Employee's service for that period,
                  which are the minimum level required to avoid the imposition
                  of the Superannuation Guarantee Charge under the SGA Act and
                  the SGC Act; or

            (iv)  a member of a Participating Fund, the Purchaser shall ensure
                  that the Group Company which is the employer of that
                  Completion Employee makes employer superannuation
                  contributions to the Participating Fund in respect of that
                  Completion Employee's service for that period which are the
                  minimum level required to avoid the imposition of the
                  Superannuation Guarantee Charge under the SGA Act and the SGC
                  Act.

      (b)   For the avoidance of doubt, references in this clause 10.2 to
            employer superannuation contributions are references to
            contributions which a Group Company makes in respect of a Completion
            Employee, but do not include contributions which arise from employee
            salary sacrifice arrangements.

10.3  TRANSITIONAL SUPERANNUATION ARRANGEMENTS - EMPLOYEE CONTRIBUTIONS

      From the Completion Date to the Withdrawal Date, employee superannuation
      contributions (being those which arise from employee salary sacrifice
      arrangements and including those made for the benefit of the employee's
      spouse) shall continue to be made on the same basis and to the same
      superannuation fund as they were made immediately prior to the Completion
      Date, unless otherwise agreed between the relevant Completion Employee and
      the Group Company employing that person.

10.4  SUPERANNUATION ARRANGEMENTS AFTER THE WITHDRAWAL DATE

      The Purchaser agrees to make available a complying superannuation fund (as
      defined under the SIS Act) (PURCHASER'S FUND) to which each Group Company
      will make superannuation contributions in respect of its Completion
      Employees on and from the Withdrawal Date, which will provide accumulation
      benefits in respect of those employees.

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10.5  EMPLOYEE CONSENT

      (a)   Prior to the Withdrawal Date:

            (i)   both the Vendor and Purchaser must use their respective best
                  endeavours to procure that each Completion Employee consents
                  to a variation to his or her contract of employment; and

            (ii)  if any certified agreement (including the Henry Jones Foods
                  (Enterprise Bargaining) Agreement 2003) or any other
                  industrial instrument (including any award) requires that
                  superannuation contributions be made to any of the Funds, both
                  the Vendor and the Purchaser must use their respective best
                  endeavours to procure that that industrial agreement be varied
                  by order of the Australian Industrial Relations Commission,

            such that employer and/or employee superannuation contributions
            after the Withdrawal Date will only be made to the Purchaser's Fund,
            being an accumulation fund. The consent must be informed consent,
            obtained in writing and in compliance with law.

      (b)   The variation to a contract of employment of any Completion Employee
            and, as applicable any certified agreement or other industrial
            instrument which is applicable to a Completion Employee, must not
            cause any overall increase in the superannuation obligations of the
            Purchaser or any Group Company, in respect of that Completion
            Employee unless otherwise agreed between the Vendor and the
            Purchaser.

      (c)   In the event that, in respect of a Completion Employee who is a
            Category A or a Category B Member:

            (i)   the consent to a variation of his or her contract of
                  employment under clause 10.5(a); and

            (ii)  the variation to the certified agreement or other industrial
                  instrument under clause 10.5(b) which is applicable to that
                  Completion Employee (if any),

            cannot be procured, the parties will agree upon appropriate
            alternative arrangements to those set out in this clause 10, in
            relation to the Superannuation Arrangements of that Completion
            Employee from the Withdrawal Date.

10.6  TRANSFER OF BENEFITS FROM A FUND TO THE PURCHASER'S FUND

      (a)   The Purchaser and the Vendor must use their respective best
            endeavours to ensure that the trustees of the Fund and the
            Purchaser's Fund provide the Completion Employees and Category D
            Members with the option of transferring their respective benefit
            entitlements or interests in the Fund to the Purchaser's Fund as at
            or as soon as practicable after the Withdrawal Date.

      (b)   If a Completion Employee or Category D Member does not wish to
            transfer his or her benefit entitlement or interest in a Fund to the
            Purchaser's Fund in accordance with clause 10.6(a), that person's
            benefit will be dealt with in accordance with the governing rules of
            the Fund to which that benefit relates and applicable superannuation
            law.

      (c)   If a Completion Employee or Category D Member requests the transfer
            of his or her benefit entitlement or interest in a Fund in
            accordance with clause 10.6(a) and after the return of the relevant
            forms of election completed by that Completion Employee or Category
            D Member (or without the return of the forms if the transfer would
            otherwise be permitted by Australian superannuation law), then:

            (i)   as soon as practicable after the request is notified to the
                  trustee of the Fund, the Vendor must use its best endeavours
                  to:

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                  (A)   cause the Actuary to make a calculation of the benefit
                        entitlement or interest of that:

                        (I)   Completion Employee, where he or she is a member
                              of the HJF Fund; or

                        (II)  Category D Member;

                        as at the Withdrawal Date; or

                  (B)   where a Completion Employee is not a member of the HJF
                        Fund, determine the benefit entitlement or interest of
                        that Completion Employee, where he or she is a member of
                        a Participating Fund as at the Withdrawal Date; and

            (ii)  the Vendor and the Purchaser shall, after determination of
                  that benefit entitlement or interest, use their respective
                  best endeavours to facilitate the transfer of such entitlement
                  or interest to the Purchaser's Fund together with interest
                  (accruing daily) on that amount from the Withdrawal Date until
                  the date of payment as determined by the trustee of the Fund
                  in accordance with the Fund's governing rules from time to
                  time and applicable superannuation law.

      (d)   The parties acknowledge and agree that the benefit entitlement or
            interest of a Completion Employee or Category D Member transferred
            under this clause 10.6 shall be transferred on such conditions and
            be vested in the Purchaser's Fund on behalf of that Completion
            Employee or Category D Member on such terms as are agreed between
            the trustee of the Fund and the trustee of Purchaser's Fund, as
            permitted by those Funds' respective governing rules and applicable
            superannuation law.

10.7  UNFUNDED LIABILITY OF HJF FUND

      If the HJF Fund has an unfunded liability, arising because there are
      insufficient assets available to support any part of the amount to be
      transferred under clause 10.6(c) (TRANSFER AMOUNT) or the benefit
      entitlement or interest of any member or beneficiary of the HJF Fund, at:

      (a)   the date of transfer described at clause 10.6(c); or

      (b)   the time the benefit entitlement or interest of any member or
            beneficiary of the HJF Fund is payable or transferable under the
            governing rules of the HJF Fund,

      then the Vendor must promptly make such contributions to the HJF Fund, or
      by some other arrangement, to completely reduce that unfunded liability to
      enable the HJF Fund trustee to permit:

      (c)   in the circumstances described at clause 10.7(a) above, the Transfer
            Amount to be transferred to the Purchaser's Fund; or

      (d)   in the circumstances described at clause 10.7(b) above, that benefit
            entitlement or interest to be payable or transferable.

10.8  MAINTENANCE OF EARNINGS BASE

      The Vendor must do all that is reasonably necessary to assist the
      Purchaser to maintain the earnings base applicable to a Completion
      Employee in use prior to the Completion Date, to enable the Purchaser or
      any Group Company, in accordance with applicable superannuation law, to
      continue to utilise that earnings base as the basis on which its
      superannuation obligations are calculated after the Completion Date.

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10.9 REASONABLE ENDEAVOURS

      The Purchaser and the Vendor agree to use their respective reasonable
      endeavours to give effect to this clause 10 and the transactions
      contemplated by it, and where third party approval is required, this
      includes using reasonable endeavours to procure that third parties do
      likewise.

10.10 RECORDS

      No later than 5 Business Days after a written request from the Purchaser,
      the Vendor must give the Purchaser written notice disclosing details of:

      (a)   any Group Company's Superannuation Arrangements as at a date
            immediately prior to the Completion Date; and

      (b)   for each Completion Employee and Category D Member, the name of each
            superannuation fund to which the Group Company contributes for each
            such person and the contact details of the trustee of such fund.

11.   WARRANTIES

11.1  WARRANTIES BY VENDOR

      (a)   The Vendor warrants and represents to the Purchaser, as an
            inducement to the Purchaser to enter into this agreement that,
            subject to the limitations in this clause 11 and except as expressly
            stated, each of the Warranties is true and accurate as at the date
            of this agreement and will be so at Completion.

      (b)   The Vendor acknowledges and agrees that:

            (i)   each of the Warranties is to be treated as a separate warranty
                  and the interpretation of any statement made is not restricted
                  by reference to or inference from any other statement;

            (ii)  with the exception of the Disclosure Material, no other
                  document or communication qualifies any of the Warranties;

            (iii) the Warranties are not extinguished or affected by any
                  investigation made by or on behalf of the Purchaser into the
                  Group Companies and the Business before the date of this
                  agreement, unless the Warranty Claim relates to a matter which
                  is specifically and accurately disclosed in the Disclosure
                  Material; and

            (iv)  the Purchaser is relying on the Purchaser's Environmental
                  Report and on the Environmental Warranties, provided that,
                  subject to clause 11.8(i), the Purchaser's Environmental
                  Report in no way limits, detracts or otherwise diminishes the
                  scope or operation of the Environmental Warranties or the
                  Purchaser's reliance on those warranties.

11.2  WARRANTIES BY PURCHASER

      The Purchaser warrants and represents to the Vendor, as an inducement to
      the Vendor entering into this Agreement, that each of the following
      warranties is true and accurate as at the date of this agreement and will
      be so at Completion:

      (a)   it is validly existing under the laws of its place of registration
            or incorporation;

      (b)   it has the power to enter into and perform its obligations under
            this agreement and to carry out the transactions contemplated by
            this agreement;
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      (c)   it has taken all necessary action to authorise its entry into and
            performance of this agreement and to carry out the transactions
            contemplated by this agreement, including obtaining all regulatory,
            shareholder and third party approvals;

      (d)   it has undertaken its own investigations into the state of the
            Properties and the compliance of the Business with Environmental
            Laws (as defined in paragraph 1 of Schedule 5), including by virtue
            of the commissioning of the Purchaser's Environmental Report; and

      (e)   its obligations under this agreement are valid and binding and
            enforceable against it in accordance with their terms.

11.3  GROSS UP

      (a)   Subject to clause 11.3(b) if:

            (i)   the Vendor is required by law to make any deduction or
                  withholding from any sum paid to the Purchaser by the Vendor
                  in relation to a Warranty Claim; or

            (ii)  the Purchaser is required by law to make any payment on
                  account of Tax or any other matter on or in relation to any
                  amount received or receivable by it in relation to a payment
                  by the Vendor in respect of payment for a Warranty Claim,

            then the sum so payable by the Vendor will be increased to the
            extent necessary to ensure that after the making of such deduction,
            withholding or payment, the Purchaser receives and retains (free of
            any liability in respect of such deduction, withholding or payment)
            a net sum equal to the sum that the Purchaser would have received
            and so retained had no such deduction, withholding or payment been
            required.

      (b)   In determining the existence and amount of an obligation to make any
            deduction, withholding or payment referred to in clause 11.3(a)
            (OBLIGATION) the following procedures will be adopted:

            (i)   the Purchaser must deduct from any Obligation the amount of
                  any Tax benefit derived by it as a result of the occurrence
                  giving rise to the Warranty Claim;

            (ii)  the Purchaser will notify the Vendor of the existence and
                  amount of an Obligation and provide the Vendor with access to
                  such of the Records as the Vendor may reasonably request to
                  make an informed assessment of the existence and/or amount of
                  the Obligation;

            (iii) the Vendor may obtain written advice from its accountants or
                  lawyers as to the existence and amount of the Obligation; and

            (iv)  the Purchaser will provide all reasonably necessary assistance
                  to the Vendor and its accountants or lawyers in preparing such
                  advice.

11.4  TIME LIMITS AND OTHER REQUIREMENTS FOR WARRANTY CLAIMS

      (a)   Despite any other provision of this agreement and to the fullest
            extent permitted by law, the Purchaser must not make a Warranty
            Claim unless it notifies the Vendor of the Warranty Claim:

            (i)   in the case of a Tax Warranty Claim, before the expiration of
                  6 years after the Completion Date;

            (ii)  in the case of an Environmental Warranty Claim, before the
                  expiration of 4 years after the Completion Date; or

            (iii) in the case of any other Warranty Claim, before the expiration
                  of 2 years after the Completion Date,

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            except to the extent that:

            (iv)  the Warranty Claim relates to a matter involving an act of
                  fraud, dishonesty or wilful misconduct on the part of the
                  Vendor, in which case no time limit applies; or:

            (v)   the Warranty Claim is not a Tax Warranty Claim and relates to
                  a matter involving:

                  (A)   the Shares, in so far as the Warranty Claim is in
                        respect of a breach of Warranty 3 or Warranty 4 in
                        Schedule 5;

                  (B)   the Dividend;

                  (C)   the Vendor Distribution;

                  (D)   the formation of the Company or Delaware Newco 2;

                  (E)   the Merger Transaction; or

                  (F)   the Australian Migration,

            in each of which cases no time limit applies.

      (b)   If the Purchaser gives the Vendor notice of a Warranty Claim, the
            notice to the Vendor must give full details of the nature of the
            Warranty Claim (together with copies of all relevant Records) and an
            estimate of the amount claimed and details of how it has been
            calculated, to the extent that those details are available to the
            Purchaser.

11.5  SMALL WARRANTY CLAIMS

      (a)   The Vendor is not liable to make any payment in respect of a
            Warranty Claim (whether by way of damages or otherwise) unless:

            (i)   if that Warranty Claim relates to a Tax Warranty or an
                  Environmental Warranty, the amount adjudicated against the
                  Vendor or agreed by the Vendor in respect of that Warranty
                  Claim (or a series of Tax or Environmental Warranty Claims) is
                  more than $350,000; and

            (ii)  if that Warranty Claim does not relate to a Tax Warranty or an
                  Environmental Warranty, the amount adjudicated against the
                  Vendor or agreed by the Vendor in respect of that Warranty
                  Claim (or a series of non-Tax or non-Environmental Warranty
                  Claims) is more than $250,000.

      (b)   The parties acknowledge and agree that, subject to the time
            limitations and other restrictions in this clause 11:

            (i)   the Purchaser is entitled to aggregate individual Warranty
                  Claims of $20,000 or more but less than the monetary
                  thresholds referred to in clause 11.5(a);

            (ii)  the Purchaser is not entitled to make a Warranty Claim unless
                  and until a Warranty Claim exceeds, or the total of all
                  individual Warranty Claims that are aggregated under clause
                  11.5(b)(i) exceed, the monetary thresholds referred to in
                  clause 11.5(a); and

            (iii) if the Purchaser makes a Warranty Claim which exceeds, or
                  Warranty Claims the aggregate amount of which exceed, the
                  monetary thresholds referred to in clause 11.5(a), the
                  Purchaser is entitled to recover 100% of the amount of the
                  Warranty Claim or aggregate Warranty Claims, as the case may
                  be, not merely the amount in excess of the monetary thresholds
                  referred to in clause 11.5(a).

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11.6  MAXIMUM AMOUNT THE PURCHASER MAY RECOVER

      The total Liability of the Vendor under this clause 11 will not exceed
      $10,000,000.

11.7  PURCHASER ACKNOWLEDGMENTS

      (a)   The Purchaser acknowledges and agrees that the only representations
            and warranties on which the Purchaser has relied in entering into
            this agreement are:

            (i)   the representations and warranties set out in Schedule 5;

            (ii)  the matters described in the Disclosure Materials; and

            (iii) the representations made in the management presentations given
                  to the Purchaser on 16 January 2004 by the senior managers of
                  Henry Jones Foods and in the written information distributed
                  at those presentations, excluding any representations in those
                  materials of a prospective nature, such as forecasts,
                  projections or estimates.

      (b)   The Purchaser acknowledges and agrees that, to the extent permitted
            by law, all other warranties, representations and undertakings
            (whether express or implied and whether oral or in writing) made or
            given by the Vendor, the Company or their respective directors,
            employees, agents, advisers or representatives are expressly
            excluded.

      (c)   The Purchaser acknowledges and agrees that where a Warranty is
            qualified by reference to the knowledge or awareness of the Vendor,
            the Vendor's knowledge or awareness is limited to matters within the
            knowledge or awareness, after making all reasonable and proper
            inquiries, of Ross Mudford, Nelson Beatty, Mark Eva, Clyde Pereira
            and Eileen Curtis in relation to the subject matter of the Warranty.

      (d)   The Purchaser acknowledges and agrees that any monetary compensation
            received by the Purchaser as a result of a breach of a Vendor's
            Warranty is deemed to be in reduction and partial refund of the
            Purchase Price.

      (e)   The Purchaser acknowledges and agrees that if the sale and purchase
            of the Shares is completed in accordance with the terms of this
            agreement, the Purchaser will acquire control of the freehold
            Property subject to:

            (i)   the easements and covenants noted on the title for the
                  Freehold Properties;

            (ii)  all easements or rights vested in any Government Authority as
                  disclosed in the Disclosure Material or publicly available
                  databases maintained under the Environment Protection Act 1970
                  (Vic) or by the Victorian Land Titles Office; and

            (iii) all town planning or other restrictions on the use and
                  development of the Freehold Properties.

11.8  LIMITS ON TYPES OF WARRANTY CLAIMS

      The Purchaser must not make a Warranty Claim to the extent that:

      (a)   the matter, information or circumstance giving rise to, or the
            subject of, the Warranty Claim is expressly disclosed in this
            agreement or in writing to the Purchaser on or before 6.00 p.m. on 8
            May 2004 by way of the Disclosure Material other than by way of the
            Disclosure Letter;

      (b)   the matter, information or circumstance giving rise to, or the
            subject of, the Warranty Claim is expressly and accurately disclosed
            in the Disclosure Letter;

      (c)   at the date of this agreement, the matter, information or
            circumstance is disclosed in publicly available databases maintained
            by:

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            (i)    IP Australia;

            (ii)   the ASIC;

            (iii)  the ACCC;

            (iv)   registers (including the Priority Sites Register) maintained
                   under the Environment Protection Act 1970 (Vic);

            (v)    the National Native Title Tribunal;

            (vi)   the Federal Court of Australia;

            (vii)  the High Court of Australia;

            (viii) the Supreme Court of Victoria and all State and Territory
                   equivalents; or

            (ix)   the Victorian Land Titles Office;

      (d)   a specific provision, reserve or accrual has been made in the
            Completion Accounts in respect of the matter, information or
            circumstance giving rise to, or the subject of, the Warranty Claim
            and that provision, reserve or accrual has a proper and reasonable
            basis and is of an amount that appropriately quantifies the relevant
            liability;

      (e)   the Warranty Claim results from, or the amount of the Warranty Claim
            is increased because of, an increase in a rate of Tax, or the
            enactment or amendment of any legislation, on or after the date of
            this agreement (other than an increase in a rate of Tax, or the
            enactment or amendment of any legislation, that existed as at the
            date of this agreement);

      (f)   the Warranty Claim is directly caused by a thing the Purchaser or
            any Group Company does or does not do on or after Completion;

      (g)   the Warranty Claim is directly caused by a thing the Vendor does or
            does not do:

            (i)   at the Purchaser's express request;

            (ii)  with the Purchaser's express consent; or

            (iii) as required by this agreement,

            disregarding for this purpose any matter relating to the
            incorporation of the Company, the incorporation of Delaware Newco 2,
            the entry into the Merger Agreement, the Merger Transaction or the
            Australian Migration,

      (h)   the Purchaser or the relevant Group Company is fully compensated for
            the Claim or Liability giving rise to, or the subject of, the
            Warranty Claim, whether by the Vendor, through insurance or
            otherwise, subject to such compensation covering the reasonable
            costs incurred in connection with pursuing the Claim or defending or
            otherwise dealing with the Liability (including reasonable legal
            costs on a full indemnity basis); or

      (i)   the Warranty Claim is in respect of a matter or circumstance of
            which the Purchaser or any of its directors, officers, employees or
            advisers who were directly involved in advising the Purchaser on the
            transactions the subject of this agreement is actually aware.

11.9  CONTINGENT WARRANTY CLAIMS

      As soon as practicable after the Purchaser becomes aware of a contingent
      Liability that the Purchaser reasonably considers may give rise to a
      Warranty Claim, the Purchaser must notify the Vendor giving reasonable
      details of:

      (a)   the nature of the contingent Liability (together with copies of all
            relevant Books and Records) to the extent that those details are
            available to the Purchaser; and

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      (b)   an estimate of the amount that may be claimed if the Liability
            becomes actual.

11.10 PURCHASER'S OBLIGATIONS FOR WARRANTY CLAIMS RELATING TO THIRD PARTIES

      If after Completion, the Purchaser becomes aware of a matter that may give
      rise to a Warranty Claim in connection with a Warranty as a result of a
      Claim made or threatened by another person (THIRD PARTY) against the
      Purchaser or a Group Company (THIRD PARTY CLAIM), then:

      (a)   the Purchaser must as soon as reasonably practicable notify the
            Vendor of all reasonable and relevant details available to the
            Purchaser, including the identity of the Third Party and the nature
            and amount of the Third Party Claim;

      (b)   the Purchaser must not (and must ensure that a Group Company does
            not) admit anything or agree to anything with the Third Party in
            connection with the Third Party Claim, without the Vendor's prior
            consent, not to be unreasonably withheld or delayed, other than as
            reasonably required to avoid judgment against the Purchaser or a
            Group Company;

      (c)   the Purchaser must permit the Vendor, through its authorised
            representatives, to have, at the Vendor's risk, access to the Books
            and Records and employees of the relevant Group Company (during
            normal business hours and with reasonable notice), to enable the
            Vendor to deal with the Third Party Claim and the Vendor will
            reimburse the Purchaser for its reasonable costs in providing the
            Vendor with such access;

      (d)   the Purchaser must, at the Vendor's discretion (by notice to the
            Purchaser):

            (i)   enable the Vendor to defend or otherwise deal with the Third
                  Party Claim in the Purchaser's name (or the name of the
                  relevant Group Company) as against the Third Party, with the
                  Purchaser being required at the Vendor's risk and cost to
                  ensure the Vendor is provided with reasonable assistance and
                  cooperation; and

            (ii)  do any thing or not do any thing, in each case as the Vendor
                  reasonably requests, to defend or otherwise deal with the
                  Third Party Claim as against the Third Party and keep the
                  Vendor informed about the Purchaser's actions or proposed
                  actions in connection with the Third Party Claim;

      (e)   the Vendor must indemnify the Purchaser for the reasonable costs
            (including reasonable legal costs on a full indemnity basis)
            incurred by the Purchaser in complying with clause 11.10(d); and

      (f)   the Vendor will only be liable to the Purchaser for any Warranty
            Claim arising from a Third Party Claim to the extent that the
            Purchaser complies with its obligations under this clause 11.10 in
            all material respects.

11.11 PURCHASER MUST PURSUE THIRD PARTIES

      Subject to clause 11.10, if the Purchaser or any Group Company recovers an
      amount under this clause 11 in connection with a matter and the Purchaser
      or a Group Company subsequently becomes entitled to claim an amount from a
      third party in connection with that matter, the Purchaser must, or must
      ensure that the relevant Group Company, promptly enforces its Claim
      against the third party.

11.12 BENEFITS RECEIVED

      (a)   The Purchaser must promptly reimburse the Vendor if:

            (i)   the Purchaser recovers an amount from the Vendor under this
                  clause 11; and

            (ii)  the Purchaser or a Group Company then receives an amount from
                  a third party and this amount would have reduced the amount
                  recovered by the Purchaser if it had been received before the
                  recovery.

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      (b)   The amount the Purchaser must reimburse to the Vendor is equal to
            the amount the Purchaser or Group Company (as the case may be)
            receives from the third party (less any costs reasonably incurred,
            including reasonable legal costs on a full indemnity basis) in
            recovering the amount from the Vendor and the third party).

12.   VENDOR'S INDEMNITIES

12.1  GENERAL INDEMNITY

      (a)   Without limiting any other provision of this clause 12 and as a
            separate and independent principal obligation, the Vendor
            indemnifies and holds harmless the Purchaser and each Group Company
            from any and all Claims or Liabilities which the Purchaser or any
            Group Company suffers or incurs by reason of :

            (i)   any of the Warranties being untrue, inaccurate or breached in
                  any respect; or

            (ii)  the failure by the Vendor to perform any covenants, agreement,
                  obligation or undertaking imposed on the Vendor under this
                  agreement.

      (b)   For the avoidance of doubt, the Purchaser acknowledges and agrees
            that the indemnity in clause 12.1(a)(i) is subject to and
            conditional on each of the limitations and exclusions on the
            Warranties contained in clause 11.

12.2  REDUNDANCY INDEMNITY

      (a)   As a separate and independent principal obligation, the Vendor
            indemnifies and hold harmless the Purchaser and each Group Company
            against:

            (i)   any Redundancy Benefits which any Group Company provides to
                  any Management Employee; and

            (ii)  all costs reasonably incurred by any Group Company (including
                  reasonable legal costs on a full indemnity basis) in dealing
                  with any Claim made by a Management Employee against that
                  Group Company for any Redundancy Benefits,

            but only if the Management Employee's employment with a Group
            Company is terminated for reasons of redundancy within three months
            of Completion.

      (b)   In this clause 12.2, REDUNDANCY BENEFIT means any benefit a
            Management Employee is eligible to receive, and actually receives,
            from a Group Company on or as a consequence of the cessation of the
            Management Employee's employment with the Group Company for:

            (i)   redundancy or severance pay;

            (ii)  pay in lieu of notice;

            (iii) financial services; and

            (iv)  outplacement services,

            but not for pay in lieu of accrued and untaken annual leave and long
            service leave.

      (c)   In this clause 12.2, a Management Employee will be considered
            redundant:

            (i)   if his or her position is made redundant by the Purchaser or
                  any Group Company; or

            (ii)  if:

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                  (A)   he or she is required by the Purchaser or any Group
                        Company to perform duties which are other than, or not
                        substantially the same or similar to, the duties which
                        are performed by the Management Employee at the date of
                        this agreement, regardless of the Management Employee's
                        title, status or remuneration; and

                  (B)   he or she resigns.

12.3  INDEMNITY FOR CUSTOMER CLAIMS

      As a separate and independent principal obligation, the Vendor indemnifies
      and holds harmless the Purchaser and each Group Company against any Claim
      that is made for reimbursement, set-off, deduction, rebates or otherwise
      by a customer in respect of sales of products to that customer before the
      Completion Date (CUSTOMER CLAIM), subject to:

      (a)   each individual Customer Claim being for an amount of at least
            $25,000;

      (b)   the Customer Claim being made against the Purchaser or any Group
            Company within 9 months after the Completion Date;

      (c)   a provision, reserve or accrual of a comparable amount not being
            made in the Completion Accounts in respect of the matter,
            information or circumstance giving rise to or the subject of the
            Customer Claim; and

      (d)   the Customer Claim being substantiated to the reasonable
            satisfaction of the Vendor as being a Customer Claim that arises
            directly or indirectly from:

            (i)   sales of products to that customer prior to the Completion
                  Date; or

            (ii)  an arrangement made between the customer and an authorised
                  representative of a Group Company prior to the Completion
                  Date.

12.4  SUPERANNUATION INDEMNITY

      As a separate and independent principal obligation, the Vendor indemnifies
      and holds harmless the Purchaser and each Group Company against:

      (a)   any Claim, Liability or any other obligation whatsoever in relation
            to the defined benefits provided in respect of Category A and
            Category B Members of the HJF Fund, including any obligation to make
            contributions to the HJF Fund in respect of any unfunded liability
            arising because there are insufficient assets to support:

            (i)   the Transfer Amount, benefit entitlement or interest in the
                  HJF Fund attributable to a Category A Member or a Category B
                  Member; or

            (ii)  the benefit entitlement or interest in the HJF Fund of any
                  other member or beneficiary of the HJF Fund, which Claim,
                  Liability or any other obligation arises because there are
                  insufficient assets to support the Transfer Amount, benefit
                  entitlement or interest in the HJF Fund attributable to a
                  Category A Member or a Category B Member,

            but excluding the obligations specified in clause 10.2 or clause
            10.3; and

      (b)   any Claim by or Liability to:

            (i)   any employee of a Group Company or to anybody acting on behalf
                  of such an employee (including a trade union) and whether or
                  not the relevant employee is employed by a Group Company at
                  the time the Claim or Liability arises;

            (ii)  any other member of beneficiary of the HJF Fund,

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            against the Purchaser or any Related Body Corporate of the
            Purchaser:

            (iii) with respect to that person's benefit entitlement or interest
                  as a Category A Member or Category B Member of the HJF Fund;

            (iv)  due to a failure to obtain the consent of an employee who is a
                  Category A Member or Category B Member or a failure under
                  clause 10.5(c) to procure the variation of a certified
                  agreement or other industrial instrument; or

            (v)   arising out of or in relation to:

                  (A)   any consent of an employee who is a Category A Member or
                        Category B Member; or

                  (B)   any order varying a certified agreement or other
                        industrial instrument applicable to a Category A Member
                        or Category B Member,

                  under clause 10.5, not being valid for any reason.

12.5  INDEMNITY FOR US TAXES

      (a)   In this clause 12.5, US TAXES means any Taxes under any law of the
            United States of America or under any law of any State, Territory or
            possession of the United States of America.

      (b)   As a separate and independent principal obligation, the Vendor
            indemnifies and holds harmless the Company, the Subsidiaries and the
            Purchaser from and against any Claim or Liability attributable to
            all US Taxes (or the non-payment thereof) for which the Company, any
            of its Subsidiaries or the Purchaser may be liable, with respect to
            all taxable periods ending on or before the Completion Date and any
            Pre-Completion Partial Tax Period, including for:

            (i)   all US Taxes arising as a result of the Section 338(h)(10)
                  Election;

            (ii)  all US Taxes arising as a result of the Merger Transaction;

            (iii) all US Taxes arising as a result of the Australian Migration;

            (iv)  all US Taxes of any member of an affiliated, consolidated,
                  combined or unitary group of which the Company or any of the
                  Subsidiaries (or any predecessor of any of the foregoing) is
                  or was a member on or prior to the Completion Date, including
                  pursuant to United States Treasury Regulations Section
                  1.1502-6 or any analogous or similar state, local or foreign
                  law or regulation; and

            (v)   all US Taxes of any person (other than the Company and the
                  Subsidiaries) imposed on the Company or any of its
                  Subsidiaries as a transferee or successor, by contract or
                  pursuant to any law, rule, or regulation, which US Taxes
                  related to an event or transaction occurring before
                  Completion.

      (c)   The total Liability of the Vendor under this clause 12.5 will not
            exceed $10,000,000. The parties acknowledge and agree that the
            $10,000,000 maximum Liability of the Vendor provided for in this
            clause 12.5 is separate and distinct from the $10,000,000 maximum
            Liability of the Vendor provided for in clause 11.6.

12.6  INDEMNITY FOR MANAGEMENT INCENTIVE PROGRAM PAYMENTS

      As a separate and independent principal obligation, the Vendor indemnifies
      and holds harmless the Company, the Subsidiaries and the Purchaser from
      and against:

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      (a)   any Claim or Liability attributable to a Management Incentive
            Program Payment not having been taken fully into account in
            determining the Adjustment Amount; or

      (b)   any Claim by or Liability of the Company, the Subsidiaries or the
            Purchaser arising as a result of any one of them directly paying to
            any employee entitled thereto a Management Incentive Program Payment
            for the financial year ended 30 April 2004,

      but in any such case only the amount by which the Claim or Liability
      exceeds the payment so taken into account or otherwise adjusted in
      accordance with Schedule 4.

      In this clause 12.6, MANAGEMENT INCENTIVE PROGRAM PAYMENT means any
      payment due to any employee having a management function within the
      Business in accordance with the policy in place prior to the date of this
      agreement and any associated 'on-costs' (for example workers' compensation
      payments and premiums and payroll tax).

12.7  CAPACITY

      For the purposes of this clause 12, the Purchaser contracts on its own
      behalf and also as trustee for each Group Company and, accordingly, may
      take action in that capacity to recover on behalf of each Group Company.

12.8  CONTINUING SECURITY

      The indemnities given under this clause 12 are continuing obligations
      which:

      (a)   continue after Completion and after the parties' other obligations
            under this agreement terminate, subject only to the time limits in
            clause 11.4 in respect of the indemnity under clause 12.1; and

      (b)   are not discharged by any one payment.

12.9  OBLIGATIONS AND RIGHTS NOT AFFECTED BY CERTAIN MATTERS

      The Vendor's obligations and the Purchaser's rights under the indemnities
      given in this clause 12 are not affected by anything which might otherwise
      affect them at law, including:

      (a)   any concession (such as extra time) being given to any person,
            including the Vendor;

      (b)   the Purchaser's failure or delay in taking action or asserting a
            right, or any other act, omission or mistake by the Purchaser;

      (c)   the assignment or novation of a right or obligation of the
            Purchaser;

      (d)   this agreement being varied; or

      (e)   an obligation or Liability of a person other than the Vendor being
            invalid or unenforceable.

12.10 PRINCIPLES FOR RECOVERY UNDER THE INDEMNITIES

      (a)   If the Vendor is required to make a payment to the Purchaser under
            any of the indemnities in this clause 12, the Purchaser will make
            available to the Vendor all information reasonably required by the
            Vendor to assess and verify that payment.

      (b)   Before or until all money due and payable to the Purchaser by the
            Vendor in connection with this agreement is paid, the Vendor must
            not seek to reduce its Liability under the indemnities in this
            clause 12 through set-off or counterclaim, without the consent of
            the Purchaser.

      (c)   The Vendor must pay or reimburse the Purchaser on demand for the
            Purchaser's reasonable costs (including reasonable legal costs on a
            full indemnity basis) in connection with enforcing any of the
            indemnities in this clause 12.

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      (d)   Any sum payable by the Vendor to the Purchaser or a Group Company
            under any of the indemnities in this clause 12, must be paid free
            and clear of any deduction or withholding whatsoever.

      (e)   If any deduction or withholding is required by law to be made from
            any payment by the Vendor under an indemnity in this clause 12 or if
            the Purchaser is subject to Tax in respect of any such payment, the
            Vendor must increase the amount of the payment by such additional
            amount as is necessary to ensure that the net amount received and
            retained by the Purchaser after taking account of all deductions or
            withholdings or Tax is equal to the amount which it would have
            received and retained had the payment in question not been subject
            to any deductions or withholdings or Tax.

13.   PURCHASER'S INDEMNITY

13.1  INDEMNITY FOR BREACH OF POSITIVE OBLIGATIONS

      As a separate and independent principal obligation, the Purchaser
      indemnifies and holds harmless the Vendor from any and all Claims or
      Liabilities which the Vendor suffers or incurs by reason of the failure by
      the Purchaser to perform any covenant, agreement, obligation or
      undertaking imposed on the Purchaser under this agreement, including under
      clause 8.1.

13.2  CONTINUING SECURITY

      The indemnity given under this clause 13 is a continuing obligation which:

      (a)   continues after Completion and after the parties' other obligations
            under this agreement terminate; and

      (b)   is not discharged by any one payment.

13.3  OBLIGATIONS AND RIGHTS NOT AFFECTED BY CERTAIN MATTERS

      The Purchaser's obligations and the Vendor's rights under the indemnity
      given in this clause 13 are not affected by anything which might otherwise
      affect them at law, including:

      (a)   any concession (such as extra time) being given to any person,
            including the Purchaser;

      (b)   the Vendor's failure or delay in taking action or asserting a right,
            or any other act, omission or mistake by the Vendor;

      (c)   the assignment or novation of a right or obligation of the Vendor;

      (d)   this agreement being varied; or

      (e)   an obligation or Liability of a person other than the Purchaser
            being invalid or unenforceable.

13.4  PRINCIPLES FOR RECOVERY UNDER THE INDEMNITY

      (a)   If the Purchaser is required to make a payment to the Vendor under
            the indemnity in this clause 13, the Vendor will make available to
            the Purchaser all information reasonably required by the Purchaser
            to assess and verify that payment.

      (b)   Before or until all money due and payable to the Vendor by the
            Purchaser in connection with this agreement is paid, the Purchaser
            must not seek to reduce its Liability under the indemnity in this
            clause 13 through set-off or counterclaim, without the consent of
            the Vendor.

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      (c)   The Purchaser must pay or reimburse the Vendor on demand for the
            Vendor's reasonable costs (including reasonable legal costs on a
            full indemnity basis) in connection with enforcing the indemnity in
            this clause 13.

      (d)   Any sum payable by the Purchaser to the Vendor under the indemnity
            in this clause 13, must be paid free and clear of any deduction or
            withholding whatsoever.

      (e)   If any deduction or withholding is required by law to be made from
            any payment by the Purchaser under the indemnity in this clause 13
            or if the Vendor is subject to Tax in respect of any such payment,
            the Purchaser must increase the amount of the payment by such
            additional amount as is necessary to ensure that the net amount
            received and retained by the Vendor after taking account of all
            deductions or withholdings or Tax is equal to the amount which it
            would have received and retained had the payment in question not
            been subject to any deductions or withholdings or Tax.

14.   RESTRAINT OF VENDOR

14.1  DEFINITIONS

      In this clause 14:

      ENGAGE IN means to carry on, participate in, provide finance or services,
      or otherwise be directly or indirectly involved as a shareholder,
      unitholder, director, consultant, adviser, contractor, principal, agent,
      manager, employee, beneficiary, partner, associate, trustee or financier.

      PROHIBITED PERSONS means the Vendor and each of its Associates.

14.2  PROHIBITED ACTIVITIES

      The Vendor (in consideration for the Purchaser entering into this
      agreement) undertakes to the Purchaser that the Prohibited Persons will
      not:

      (a)   during the period specified in clause 14.3 (RESTRAINT PERIOD) and in
            the area specified in clause 14.4 (RESTRAINT AREA) engage in a
            business or an activity that is:

            (i)   the same or similar to the Business or any material part of
                  the Business; and

            (ii)  in competition with the Business or any material part of the
                  Business;

      (b)   during the Restraint Period, solicit, canvass, approach or accept an
            approach from a person who was at any time during the 12 months
            ending on the Completion Date a customer or prospective customer of
            the Group with a view to obtaining their custom in a business that
            is the same or similar to the Business and is in competition with
            the Business;

      (c)   during the Restraint Period, interfere with the relationship between
            the Group and its customers, employees, contractors or suppliers;

      (d)   during a period of 12 months from the Completion Date, induce or
            help to induce an employee or a contractor of the Group to leave
            their employment or engagement.

14.3  RESTRAINT PERIOD

      The Restraint Period is each of the following periods separately:

      (a)   5 years from the Completion Date;

      (b)   4 years from the Completion Date

      (c)   3 years from the Completion Date;

      (d)   2 years from the Completion Date; and

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      (e)   12 months from the Completion Date.

14.4  RESTRAINT AREA

      The Restraint Area is each of the following areas:

      (a)   Australia and New Zealand;

      (b)   Australia; and

      (c)   the States of Victoria and New South Wales.

14.5  INTERPRETATION

      Clauses 14.2, 14.3 and 14.4 have effect together as if they consisted of
      separate provisions, each being severable from the other. Each separate
      provision results from combining each undertaking in clause 14.2, with
      each period in clause 14.3, and combining each of those combinations with
      each area in clause 14.4. If any of those separate provisions is invalid
      or unenforceable for any reason, the invalidity or unenforceability does
      not affect the validity or enforceability of any of the other separate
      provisions or other combinations of the separate provisions of clauses
      14.2, 14.3 and 14.4.

14.6  EXCEPTIONS

      This clause 14 not restrict a Prohibited Person from:

      (a)   performing any employment agreement with the Group;

      (b)   holding 5% or less of the shares of a listed company; or

      (c)   recruiting a person through a recruitment agency (except if the
            agency targets employees of the Group) or in a response to a
            newspaper, web page or other public employment advertisement.

14.7  ACKNOWLEDGMENTS

      The Vendor acknowledges that:

      (a)   all the prohibitions and restrictions in this clause 14 are
            reasonable in the circumstances and necessary to protect the
            goodwill of the Business;

      (b)   damages are not an adequate remedy if a Prohibited Person breaches
            this clause 14; and

      (c)   the Purchaser may apply for injunctive relief if:

            (i)   a Prohibited Person breaches or threatens to breach this
                  clause 14; or

            (ii)  it believes a Prohibited Person is likely to breach this
                  clause 14.

15.   CONFIDENTIALITY AND PUBLICITY

15.1  CONFIDENTIALITY

      A party (RECIPIENT):

      (a)   must keep confidential any confidential information of another party
            (DISCLOSING PARTY) disclosed to the Recipient by the Disclosing
            Party, or of which the Recipient becomes aware, at any time up to
            Completion, except information which is public knowledge otherwise
            than as a result of a breach of confidentiality by the Recipient or
            any of its permitted disclosees; and

      (b)   may disclose any confidential information in respect of which the
            Recipient has an obligation of confidentiality under clause 15.1(a)
            only:

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            (i)   to those of the Recipient's officers or employees or
                  financial, legal or other advisers who:

                  (A)   have a need to know for the purposes of this agreement
                        or the transactions contemplated by it; and

                  (B)   undertake to the Recipient (and, where required by the
                        Disclosing Party, to the Disclosing Party also) a
                        corresponding obligation of confidentiality to that
                        undertaken by the Recipient under this clause 15.1; or

            (ii)  if required to do so by law or the Listing Rules of ASX.

15.2  CONFIDENTIAL INFORMATION - UNTIL COMPLETION OR TERMINATION

      A reference in clauses 15.1(a) and 15.1(b) to CONFIDENTIAL INFORMATION
      includes, as regards the Purchaser, Confidential Information and the
      Purchaser must comply with those provisions with respect to Confidential
      Information until the first to occur of:

      (a)   Completion; or

      (b)   a period of 6 months after termination of this agreement.

15.3  CONFIDENTIAL INFORMATION - AFTER COMPLETION

      The Vendor must not, and must ensure that any Related Body Corporate of it
      and its officers and employees must not, after Completion without the
      prior written consent of the Purchaser, use or disclose any Confidential
      Information unless required to do so by law or the Listing Rules of ASX.

15.4  ANNOUNCEMENTS

      A party must not make or authorise a press release or public announcement
      relating to the negotiations of the parties or the subject matter or
      provisions of this agreement unless:

      (a)   it is required to be made by law or the Listing Rules of ASX and
            before it is made that party has:

            (i)   notified the Purchaser and the Vendor; and

            (ii)  given the Purchaser and the Vendor a reasonable opportunity to
                  comment on the contents of, and the requirement for it; or

      (b)   it has the prior written approval of the Purchaser and the Vendor.

16.   TRANSITION PRODUCTS

      (a)   From Completion until the date that is 24 months after the
            Completion Date, the Purchaser will have the right, exercisable in
            its absolute discretion from time to time, to purchase any of the
            Transition Products from the Vendor at:

            (i)   at the fixed price of $US3.41 per kilogram; and

            (ii)  on terms requiring:

                  (A)   the Purchaser to place an order in writing with the
                        Vendor setting out the type and quantity of Transition
                        Products ordered;

                  (B)   the Vendor to provide the Purchaser with a bill of
                        lading in respect of orders received and processed by
                        the Vendor; and

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                  (C)   the Purchaser to pay for the Transition Products in full
                        within 60 days of the date endorsed on the bill of
                        lading provided by the Vendor under clause 16(a)(ii)(B).

      (b)   If the Purchaser exercises its right under this clause 16, the
            Vendor must supply the Transition Products in accordance with this
            clause 16.

17.   LICENSED PRODUCTS

      (a)   Subject to this clause 17, the Vendor grants to the Purchaser and
            Henry Jones Foods an exclusive, non-transferable and royalty free
            licence to use the Vendor's Intellectual Property for the sole
            purpose of the sale in Australia of Licensed Products using Henry
            Jones Foods' existing stock of labels and other packaging for a
            period of 9 months after the Completion Date (LICENCE PERIOD).

      (b)   The Purchaser and the Group Companies must:

            (i)   use the Vendor's Intellectual Property only as permitted by
                  this clause 17, and not for any other purpose;

            (ii)  not modify the Vendor's Intellectual Property in any way;

            (iii) not use the Vendor's Intellectual Property in any manner that
                  is likely to deceive or cause confusion or jeopardise the
                  distinctiveness of the Vendor's Intellectual Property;

            (iv)  not use or authorise the use of, or make or authorise any
                  application to register, any trade mark or other intellectual
                  property that is substantially identical with, or deceptively
                  similar to, the Vendor's Intellectual Property; and

            (v)   not hold itself out as an agent of, or connected in any other
                  way with, the Vendor, other than as the exclusive Australian
                  licensee of the Vendor's Intellectual Property under the terms
                  of this clause 17.

      (c)   Immediately on the expiry of the Licence Period:

            (i)   the rights of the Purchaser and any Group Company to use the
                  Vendor's Intellectual Property will cease; and

            (ii)  if requested by Vendor, the Purchaser must provide written
                  assurances to the reasonable satisfaction of the Vendor that
                  the Purchaser has complied with its obligations under this
                  clause 17.

      (d)   Despite this clause 17, all right, title and interest in the
            Vendor's Intellectual Property remains with the Vendor. Nothing in
            this clause 17 operates to transfer to the Purchaser or to the Group
            Companies any proprietary rights or interest in the Vendor's
            Intellectual Property, or to permit the Purchaser or the Group
            Companies to use any other intellectual property of the Vendor.

      (e)   The Vendor acknowledges and agrees that nothing in this clause 17
            precludes the Purchaser, after the Licence Period ends, from
            producing the Licensed Products in the same manner as they are
            produced during the Licence Period, provided only that any Licensed
            Products produced after the Licensed Period are branded, marketed,
            packaged and sold without infringing the Vendor's Intellectual
            Property.

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18.   GST

18.1  INTERPRETATION

      In this clause 18, a word or expression defined in the A New Tax System
      (Goods and Services Tax) Act 1999 (Cth), other than the word
      'consideration', has the meaning given to it in that Act.

18.2  GST GROSS UP

      If a party makes a supply under or in connection with this agreement in
      respect of which GST is payable, the consideration for the supply but for
      the application of this clause 18.2 (GST EXCLUSIVE CONSIDERATION) is
      increased by an amount equal to the GST exclusive consideration multiplied
      by the rate of GST prevailing at the time the supply is made.

18.3  REIMBURSEMENTS

      If a party must reimburse or indemnify another party for a loss, cost or
      expense, the amount to be reimbursed or indemnified is first reduced by
      any input tax credit the other party is entitled to or would be entitled
      to if it were registered for GST for the loss, cost or expense, and then
      increased in accordance with clause 18.2.

18.4  TAX INVOICE

      A party need not make a payment of the additional amount required under
      clause 18.2 on account of GST for a taxable supply made under or in
      connection with this agreement until it receives a tax invoice for the
      supply to which the payment relates.

18.5  VARIATION

      If the GST payable in relation to a taxable supply made by a party under
      or in connection with this agreement varies from the additional amount
      paid by the recipient under clause 18.2 such that:

      (a)   further GST is payable in relation to the supply; or

      (b)   a refund or credit of GST is received in relation to the supply,

      then the supplier will issue an adjustment note and will be entitled to
      receive an amount equal to the further GST from, or provide a
      corresponding refund to, the recipient. Any payment, credit or refund
      under this clause is deemed to be a payment, credit or refund of the
      additional amount payable under clause 18.2.

18.6  RECOVERY OF GST

      If an amount is paid by a party to the agreement as an additional amount
      under clause 18.2 and the amount of GST is not payable or the amount of
      GST is less than the additional amount paid, the payer shall be entitled
      to recover the amount paid from the supplier by serving notice on the
      supplier.

19.   NOTICES AND OTHER COMMUNICATIONS

19.1  SERVICE OF NOTICES

      A notice, demand, consent, approval or communication under this agreement
      (NOTICE) must be:

      (a)   in writing, in English and signed by a person duly authorised by the
            sender; and

      (b)   hand delivered or sent by prepaid post or facsimile to the
            recipient's address for Notices specified in the Details, as varied
            by any Notice given by the recipient to the sender.

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19.2  EFFECTIVE ON RECEIPT

      A Notice given in accordance with clause 19.1 takes effect when taken to
      be received (or at a later time specified in it), and is taken to be
      received:

      (a)   if hand delivered, on delivery;

      (b)   if sent by prepaid post, two Business Days after the date of posting
            (or seven Business Days after the date of posting if posted to or
            from a place outside Australia);

      (c)   if sent by facsimile, when the sender's facsimile system generates a
            message confirming successful transmission of the entire Notice
            unless, within eight Business Hours after the transmission, the
            recipient informs the sender that it has not received the entire
            Notice,

      but if the delivery, receipt or transmission is not on a Business Day or
      is after 5.00pm on a Business Day, the Notice is taken to be received at
      9.00am on the next Business Day.

20.   MISCELLANEOUS

20.1  ALTERATIONS

      This agreement may be altered only in writing signed by each party.

20.2  APPROVALS AND CONSENTS

      Except where this agreement expressly states otherwise, a party may, in
      its discretion, give conditionally or unconditionally or withhold any
      approval or consent under this agreement.

20.3  ASSIGNMENT

      A party may only assign this agreement or a right under this agreement
      with the prior written consent of each other party.

20.4  COSTS

      (a)   Subject to clause 20.4(b), each party must pay its own costs of
            negotiating, preparing and executing this agreement.

      (b)   The Vendor must pay, or reimburse the Purchaser for 50% of the
            professional fees and expenses of the Purchaser's US attorneys,
            Palmer & Dodge of Boston, Massachusetts, United States of America
            promptly after receipt by the Vendor from the Purchaser of a copy of
            all relevant invoices, up to a maximum of US$75,000. For the
            avoidance of doubt, clause 18 applies to this clause.

20.5  STAMP DUTY

      Any stamp duty, duties or other taxes of a similar nature (including
      fines, penalties and interest) in connection with this agreement or any
      transaction contemplated by this agreement, must be paid by the Purchaser.

20.6  SURVIVAL

      Any indemnity or any obligation of confidence under this agreement is
      independent and survives termination of this agreement. Any other term by
      its nature intended to survive termination of this agreement survives
      termination of this agreement.

20.7  COUNTERPARTS

      (a)   This agreement may be executed in counterparts. Each counterpart is
            an original but the counterparts together are one and the same
            agreement.

      (b)   This agreement is binding on the parties on exchange of duly
            executed counterparts.

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      (c)   The parties agree that a copy of an original executed counterpart
            sent by facsimile machine instead of the original is sufficient
            evidence of the execution of the original and may be produced in
            evidence for all purposes in place of the original.

20.8  NO MERGER

      The rights and obligations of the parties under this agreement do not
      merge on completion of any transaction contemplated by this agreement.

20.9  ENTIRE AGREEMENT

      This agreement constitutes the entire agreement between the parties in
      connection with its subject matter and supersedes all previous agreements
      or understandings between the parties in connection with its subject
      matter.

20.10 FURTHER ACTION

      Each party must do, at its own expense, everything reasonably necessary
      (including executing documents) to give full effect to this agreement and
      any transactions contemplated by it.

20.11 SEVERABILITY

      A term or part of a term of this agreement that is illegal or
      unenforceable may be severed from this agreement and the remaining terms
      or parts of the term of this agreement continue in force.

20.12 WAIVER

      A party does not waive a right, power or remedy if it fails to exercise or
      delays in exercising the right, power or remedy. A single or partial
      exercise of a right, power or remedy does not prevent another or further
      exercise of that or another right, power or remedy. A waiver of a right,
      power or remedy must be in writing and signed by the party giving the
      waiver.

20.13 RELATIONSHIP

      Except where this agreement expressly states otherwise, it does not create
      a relationship of employment, trust, agency or partnership between the
      parties.

20.14 GOVERNING LAW AND JURISDICTION

      (a)   This agreement is governed by the law of Victoria, Australia and
            each party irrevocably and unconditionally submits to the exclusive
            jurisdiction of the courts of Victoria, Australia.

      (b)   Any action, suit or other legal proceeding commenced by a party to
            this agreement relating to or arising out of this agreement or the
            transactions contemplated by it must be commenced only in a court of
            Victoria, Australia.

      (c)   Each party hereby consents to service of process, and to be sued, in
            such courts and to the personal jurisdiction and venue of such
            courts and all courts to which an appeal may be taken from such
            courts. Each party expressly waives any and all objections it may
            have as to jurisdiction or venue of any such court.

      (d)   The Vendor appoints Baker & McKenzie, Solicitors of Level 39, 525
            Collins Street, Melbourne, Victoria 3000 as the Vendor's agent to
            accept on its behalf service of initiating process in any
            proceedings relating to or arising out of this agreement or any of
            the transactions contemplated by it, including the Merger
            Transaction or the Australian Migration (PROCESS AGENT).

      (e)   The Vendor may from time to time appoint a replacement of the
            Process Agent or any replacement Process Agent by giving written
            notice to the Purchaser and a copy of the written consent of the
            replacement Process Agent to their appointment.

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20.15 TIME IS OF THE ESSENCE

      Time is of the essence of this agreement.

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SCHEDULE 1 - DETAILS OF THE COMPANY AND SUBSIDIARIES

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SCHEDULE 2 - FORM OF MERGER AGREEMENT

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SCHEDULE 3 - MATERIAL CONTRACTS

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SCHEDULE 4 - CALCULATION OF ADJUSTMENT AMOUNT

PART A: CALCULATION OF ADJUSTMENT AMOUNT

The Adjustment Amount will be an amount (including any negative amount)
calculated by the following formula:

PA  =  NCA - NMA,

where:

PA means the Preliminary Amount;

NCA means the Net Assets Amount; and

NMA means the amount of the net assets (excluding cash) of the relevant Group
Companies as set out in the Management Accounts,

and then applying to the Preliminary Amount the adjustment principles set out in
Parts B and C of this Schedule 4.

PART B: ADJUSTMENT PRINCIPLES

The Preliminary Amount (item 'A' of the proforma adjustment statement set out in
Part C of this Schedule 4) will be adjusted by:

1.    adding an amount equal to the aggregate of all charges for amortisation
      and depreciation of fixed and intangible assets of the Group Companies
      from the date of the Management Accounts to 30 April 2004 (item 'B' of the
      pro forma adjustment statement set out in Part C of this Schedule 4);

2.    deducting an amount equal to the aggregate of all Redundancy Benefits paid
      to Management Employees prior to Completion (item 'D' of the pro forma
      adjustment statement set out in Part C of this Schedule 4);

3.    deducting an amount equal to an appropriate provision for the costs
      incurred or accrued, but not paid, by the Vendor or any Group Company in
      relation to any transaction provided for or contemplated by this
      agreement, including professional advisers' fees and charges (item 'E' of
      the pro forma adjustment statement set out in Part C of this Schedule 4);

4.    deducting an amount equal to the aggregate of all bonuses paid or payable
      to any employees or ex-employees of any Group Company in connection with
      the completion of the sale and purchase of the Shares or the consummation
      of any transactions contemplated by this agreement and any associated 'on
      costs' (for example, workers' compensation payments and premiums and
      payroll tax) (item 'F' of the pro forma adjustment statement set out in
      Part C of this Schedule 4);

5.    deducting an amount equal to any MIP (Management Incentive Program)
      bonuses paid or payable to any employees or ex-employees of any Group
      Company in respect of the year ended 30 April 2004 and any associated 'on
      costs' (for example, workers' compensation payments and

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      premiums and payroll tax) (item 'G' of the pro forma adjustment statement
      set out in Part C of this Schedule 4); and

6.    to the extent that, as at 30 April 2004, Henry Jones Foods had on hand in
      excess of 9 months' stock of pre-labelled Licensed Products, or any
      combination of labelled Licensed Products and labels and/or other
      packaging equivalent to 9 months of projected sales (EXCESS PRODUCT), and
      such Excess Product is not otherwise provided for in the Completion
      Accounts, deducting an amount equal to the cost to Henry Jones Foods of
      such Excess Product (item 'H' of the pro forma adjustment statement set
      out in Part C of this Schedule 4).
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PART C: PRO FORMA ADJUSTMENT STATEMENT

<TABLE>
<CAPTION>
<S>                                                                               <C>
Completion Accounts                                                                  $

Preliminary Amount                                                                A.[ ]

Adjustments

Depreciation and amortisation of fixed and intangible assets                      B.[ ]

                                               Total upward adjustment            C.[ ]

Pre-Completion Redundancy Benefits of Management Employees                        D.[ ]

Transaction costs                                                                 E.[ ]

Employee completion bonuses                                                       F.[ ]

MIP Bonuses                                                                       G.[ ]

Excess Product                                                                    H.[ ]

                                               Total downward adjustments         I.[ ]

Adjustment Amount  = A + C - I

If the Adjustment Amount is a negative amount it will be subtracted from the
$51,000,000 referred to in clause 4.1.

If the Adjustment Amount is a positive amount it will be added to the
$51,000,000 referred to in clause 4.1.
</TABLE>

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SCHEDULE 5 - WARRANTIES

1.    DEFINED TERMS

      In these Warranties:

      ASSET REGISTER means the register of fixed assets of the Group Companies
      that are owned, leased or otherwise used in the operation of the Business
      as at the date of this agreement, as set out in Schedule 11.

      AUTHORISATIONS means any licence, permission or authority lawfully issued
      by or on behalf of a Government Authority, including without limitation
      development approvals.

      CEREBOS TRADE MARK DEED means the deed entered into between Cerebos
      (Australia) Limited and the Company and dated 4 September 2002.

      CONFIDENTIAL INFORMATION means:

      (a)   all information of or used by any Group Company relating to the
            Business, including information and know-how in relation to
            formulae, recipes and manufacturing processes;

      (b)   all other information of or used by any Group Company and which is
            treated by any Group Company as confidential;

      (c)   all notes, data, reports and other records (whether or not in
            tangible form) based on, incorporating or derived from information
            referred to in paragraphs (a) or (b); and

      (d)   all copies (whether or not in tangible form) of the information,
            notes, reports and records referred to in paragraphs (a), (b) or
            (c),

      that is not public knowledge (otherwise than as a result of a breach of a
      confidentiality obligation of a party).

      CONTAMINANT means any solid, liquid or gaseous substance, odour, heat,
      sound, vibration or radiation which is or may be:

      (a)   noxious or poisonous or offensive to the senses of human beings;

      (b)   harmful or potentially harmful to the health, welfare, safety or
            property of human beings;

      (c)   poisonous, harmful, or potentially harmful to animals or plants; or

      (d)   detrimental to any beneficial use made of the Environment.

      CONTRACT means any contract entered into by any of the Group Companies.

      DELAWARE CODE means the body of all statutes of a permanent and general
      nature of the State of Delaware, which statutes:

      (a)   have been passed by the legislature of the State of Delaware;

      (b)   have been approved by the Delaware State governor; and

      (c)   are revised and consolidated into general provisions, titles,
            chapters and sections.

      ENVIRONMENT means the physical factors of the surroundings of human and
      non-human life forms, including the land, waters, soils, plants, habitats,
      atmosphere, climate, sounds, odours, tastes, biodiversity and the social
      and aesthetic value of landscapes.

      ENVIRONMENTAL AUTHORISATION means any authorisation, approval, permit,
      licence, authority, consent or registration required by or issued pursuant
      to any Environmental Law.

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      ENVIRONMENTAL LAW means a law (including without limitation any
      determination or requirement of any Government Authority) relating to the
      Environment, including without limitation in relation to land use,
      planning, pollution of air or water, soil or ground water contamination,
      chemicals, waste, dangerous goods or to any other aspect of protection of
      the Environment or person or property.

      FRANKING ACCOUNT BALANCE DATE means 30 April 2003.

      GOULBURN VALLEY WATER means the Goulburn Valley Region Water Authority
      (ABN 84 578 076 056) of 104-110 Fryers Street, Shepparton, Victoria 3630,
      Australia.

      INTELLECTUAL PROPERTY LICENCES means the licences granted to the Group
      Companies, as listed in Part 1 of Schedule 6.

      INTELLECTUAL PROPERTY RIGHTS means all intellectual property rights and
      proprietary rights (whether registered or unregistered), including:

      (a)   trade marks or service marks;

      (b)   copyright, patents, patent applications, drawings, discoveries,
            inventions, improvements, trade secrets, technical data, formulae
            and recipes, computer programs, databases, know-how, logos, designs,
            design rights and similar industrial or intellectual property
            rights;

      (c)   any right to have information (including Confidential Information)
            kept confidential;

      (d)   business names; and

      (e)   internet domain names.

      MORAL RIGHTS means each right defined as a moral right in Part IX of the
      Copyright Act 1968 (Cth).

      OWNED INTELLECTUAL PROPERTY RIGHTS means all Intellectual Property Rights
      owned by the Group Companies, including those listed in Schedule 6 but
      excluding the Intellectual Property Licences.

      PERSONAL INFORMATION means PERSONAL INFORMATION (as defined in the Privacy
      Act 1988 (Cth)) held by the Company.

      PRIVACY LAW means:

      (a)   the Privacy Act 1988 (Cth); and

      (b)   the National Privacy Principles contained in the Privacy Act 1988
            (Cth) or an approved privacy code (as defined in the Privacy Act
            1988 (Cth)) that applies to the Company.

      UNITED STATES CODE means the consolidation and codification by subject
      matter of the general and permanent laws of the United States of America,
      which federal laws have been passed by Congress and approved by the
      President.

2.    VENDOR

2.1   The Vendor:

      (a)   is a corporation duly organised, validly existing and in good
            standing under the laws of its jurisdiction of incorporation; and

      (b)   has full authority and all necessary consents to enter into and
            perform this agreement.

2.2   This agreement and all the transactions contemplated by this agreement
      will, when executed by the Vendor, constitute binding obligations of the
      Vendor in accordance with their respective terms.

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2.3   The execution, delivery and performance by the Vendor of this agreement
      and the transactions contemplated by it will not:

      (a)   result in a breach of any provision of the constitution or other
            organisational documents of the Vendor;

      (b)   result in a breach of, or constitute a default under, any instrument
            or agreement to which the Vendor is a party or by which the Vendor
            is bound and which is material in the context of the transactions
            contemplated by this agreement;

      (c)   result in a breach of any order, judgment or decree of any court or
            Government Authority to which the Vendor is a party or by which the
            Vendor is bound and which is material in the context of the
            transactions contemplated by this agreement; or

      (d)   result in the imposition or creation of any Encumbrance on or with
            respect to the Shares or the assets of the Group Companies.

2.4   No:

      (a)   meeting has been convened, resolution proposed, application made,
            petition presented or order made for the winding up of the Vendor;

      (b)   receiver, receiver and manager, provisional liquidator, liquidator
            or other officer of the Court has been appointed in relation to all
            or any material asset of the Vendor; or

      (c)   mortgagee or chargee has taken, attempted or indicated an intention
            to exercise its rights under any security of which the Vendor is the
            mortgagor or chargor.

2.5   The Vendor:

      (a)   is not insolvent within the meaning of Ohio Revised Code "
            1701.01(H) or 11 United States Code " 101(32);

      (b)   has not stopped paying its debts as and when they fall due; or

      (c)   is not subject to any dissolution proceeding under Ohio Revised Code
            " 1701.86(D), an insolvency proceeding under Ohio Revised Code
            Chapter 2735, or a bankruptcy proceeding under Title 11 of the
            United States Code.

3.    THE GROUP COMPANIES

3.1   Each of the Group Companies:

      (a)   is a body corporate duly incorporated, validly existing and in good
            standing under the laws of the place of its incorporation;

      (b)   is accurately described in Schedule 1 in respect of the matters
            described therein;

      (c)   has full corporate power to own its properties, assets and
            businesses and to carry on the businesses it conducts;

      (d)   is duly registered and authorised to do business in every
            jurisdiction which, by the nature of its business and assets, makes
            registration or authorisation necessary; and

      (e)   is not in default under or in violation of any provision of its
            constituent or other organisational documents.

3.2   No:

      (a)   meeting has been convened, resolution proposed, application made,
            petition presented or order made for the winding up of any of the
            Group Companies;

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      (b)   receiver, receiver and manager, provisional liquidator, liquidator
            or other officer of the Court has been appointed in relation to all
            or any material asset of any of the Group Companies; or

      (c)   mortgagee or chargee has taken, attempted or indicated an intention
            to exercise its rights under any security of which any of the Group
            Companies is the mortgagor or chargor.

3.3   Except for the Subsidiaries, the Company:

      (a)   has no subsidiaries within the meaning of the Corporations Act, the
            Delaware Code or the United States Code; and

      (b)   has no interest in the share capital of any company.

3.4   The Subsidiaries are not the holders or beneficial owners of any shares or
      other capital in any body corporate (whether incorporated or not).

3.5   No Group Company:

      (a)   acts or carries on business in partnership with any other person;

      (b)   is a member of any corporate or unincorporated body, undertaking or
            association (other than a trade association);

      (c)   holds nor is liable on any share or security (other than a share of
            security in a trade association); or

      (d)   is the manager trustee or representative of any trust or scheme
            involving prescribed interests or managed investment (within the
            meaning of the Corporations Act).

3.6   The Company:

      (a)   is not insolvent within the meaning of the general laws of the State
            of Delaware or 11 United States Code [ ] [ ] 101(32);

      (b)   has not stopped paying its debts as and when they fall due; and

      (c)   is not subject to a dissolution proceeding under [ ] [ ] 8 Delaware
            Code Subchapter X, an insolvency proceeding under 8 Delaware Code
            Subchapter XL, or a bankruptcy proceeding under Title 11 of the
            United States Code.

3.7   Smucker Australia:

      (a)   is not insolvent within the meaning of Ohio Revised Code [ ] [ ]
            1701.01(H) or 11 United States Code [ ] [ ] 101(32);

      (b)   has not stopped paying its debts as and when they fall due; and

      (c)   is not subject to a dissolution proceeding under Ohio Revised Code
            [ ] [ ] 1701.86(D), an insolvency proceeding under Ohio Revised Code
            Chapter 2735, or a bankruptcy proceeding under Title 11 of the
            United States Code.

3.8   Delaware Newco 2:

      (a)   is not insolvent within the meaning of the general laws of the State
            of Delaware or 11 United States Code [ ] [ ] 101(32);

      (b)   has not stopped paying its debts as and when they fall due; and

      (c)   is not subject to a dissolution proceeding under [ ] [ ] 8 Delaware
            Code Subchapter X, an insolvency proceeding under 8 Delaware Code
            Subchapter XL, or a bankruptcy proceeding under Title 11 of the
            United States Code.

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3.9   Each Group Company that is incorporated in Australia:

      (a)   is not insolvent within the meaning of section 95A of the
            Corporations Act;

      (b)   has not stopped paying its debts as and when they fall due; or

      (c)   is not subject to voluntary administration under Part 5.3A of the
            Corporations Act.

3.10  Each of the Group Companies does not trade under a name other than its
      corporate name (excluding trademarks or business names registered in a
      name other than its corporate name).

3.11  Since its incorporation, the Company has not held any assets, had any
      Liabilities, carried on any business or trading activity in any
      jurisdiction or derived any income or incurred any expenses from such
      activity. The Company's sole function is to hold the shares in Delaware
      Newco 2.

3.12  Since its incorporation, Delaware Newco 2 has not held any assets, had any
      Liabilities, carried on any business or trading activity in any
      jurisdiction or derived any income or incurred any expenses from such
      activity. Delaware Newco 2's sole function is to enter into the Merger
      Agreement and to complete the Merger Transaction according to its terms
      and otherwise in compliance with the laws of the States of Ohio and
      Delaware, United States of America.

3.13  Since its incorporation, Smucker Australia has not carried on any business
      or trading activity in any jurisdiction or derived any income or incurred
      any expenses from such activity. Smucker Australia's sole function is to
      hold shares directly in Henry Jones Foods. Since its incorporation,
      Smucker Australia's only asset has been its shareholding in Henry Jones
      Foods. Since, its incorporation and prior to the date of this agreement,
      Smucker Australia's only Liabilities have ever been inter-group
      indebtedness owed to the Vendor. All such indebtedness has been
      extinguished as at the date of this agreement, with the effect that
      Smucker Australia has no Liabilities as at the date of this agreement.

3.14  Since its incorporation, Hallco has not carried on any business or trading
      activity in any jurisdiction or derived any income or incurred any
      expenses from such activity. Hallco's sole function is to hold
      Intellectual Property Rights. Since its incorporation, Hallco's only asset
      has been and continues to be Intellectual Property Rights. Hallco has no
      Liabilities and has never had any Liabilities since its incorporation.

3.15  HJF Superannuation Nominees' sole function is to act as the trustee of the
      HJF Fund. Since its incorporation, HJF Superannuation Nominees has not
      carried on any business or trading activity in any jurisdiction or derived
      any income or incurred any expenses from such activity, other than in its
      capacity as the trustee of the HJF Fund.

3.16  The execution, delivery and performance of this agreement and the
      transactions contemplated by it will not:

      (a)   result in a breach of any provision of the constitution or
            organisational documents of any of the Group Companies;

      (b)   to the Vendor's knowledge, result in a breach of, or constitute a
            default under, any instrument or agreement to which any Group
            Company is a party or by which any Group Company is bound and which
            is material in the context of the transactions contemplated by this
            agreement;

      (c)   result in a breach of any order, judgment or decree of any court or
            Government Authority to which any Group Company is a party or by
            which any Group Company is bound and which is material in the
            context of the transactions contemplated by this agreement; or

      (d)   result in the imposition or creation of any Encumbrances on or with
            respect to the Shares or the assets of any Group Company.

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4.    SHARE CAPITAL

4.1   The shares issued in each of the Group Companies are as specified in
      Schedule 1 and:

      (a)   comprise all of the issued and outstanding shares in the capital of
            each respective Group Company;

      (b)   are fully paid; and

      (c)   were validly issued in compliance with the constituent documents of
            each Group Company and:

            (i)   in the case of any Group Company incorporated in Australia, in
                  compliance with the securities laws of Australia; and

            (ii)  in the case of any Group Company incorporated in the United
                  States of America, in compliance with the securities laws of
                  the relevant State of that Group Company's incorporation.

4.2   The Vendor is the sole legal and beneficial owner and has complete and
      unrestricted power and right to sell, assign and transfer the Shares to
      the Purchaser.

4.3   In respect of the one ordinary share in the capital of Henry Jones Foods
      that is legally held by Ross Mudford, the Vendor is entitled to transfer,
      and will procure the transfer of, the legal ownership of that share to
      Delaware Newco No 2 free from Encumbrance on and with effect from
      Completion.

4.4   In respect of each of the Group Companies:

      (a)   there are no securities convertible into shares in the capital of
            any of those Group Companies;

      (b)   there are no options or other entitlements:

            (i)   over the shares in the capital of any Group Company; or

            (ii)  to have shares in any Group Company issued; and

      (c)   there are no restrictions on the transfer of any shares in any Group
            Company.

4.5   There is no Encumbrance over or affecting any of the Shares or any of the
      shares in the Subsidiaries.

4.6   On Completion, the Purchaser will acquire the full beneficial ownership of
      all of the Shares, free of any Encumbrance and have a right to be
      registered as legal owner of those Shares.

4.7   Other than:

      (a)   in respect of the one ordinary share in the capital of Henry Jones
            Foods that is legally held by Ross Mudford; and

      (b)   the 2 'B' class shares held by Eileen Curtis and John Hausler
            respectively in HJF Superannuation Nominees,

      Smucker Australia is the beneficial owner of all the issued shares in each
      Subsidiary free from any Encumbrance.

5.    THE AUDITED ACCOUNTS AND THE MANAGEMENT ACCOUNTS

5.1   The Audited Accounts and the Management Accounts:

      (a)   give a true and fair view of:

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            (i)   the assets, liabilities, financial position and state of
                  affairs of the Group as at the Accounts Date (in the case of
                  the Audited Accounts) and as at 28 February 2004 (in the case
                  of the Management Accounts); and

            (ii)  the financial performance of the Group for the year ended on
                  the Accounts Date (in the case of the Audited Accounts) and as
                  at 28 February 2004 (in the case of the Management Accounts);

      (b)   were prepared in accordance with:

            (i)   the Accounting Standards, the Corporations Act and all other
                  applicable laws; and

            (ii)  the same accounting policies as were applied in the
                  corresponding accounts for the previous 5 years;

      (c)   contain proper and adequate provision for or fully disclose all
            liabilities, whether actual, contingent or otherwise, of the Group
            as at the Accounts Date (in the case of the Audited Accounts) and as
            at 28 February 2004 (in the case of the Management Accounts); and

      (d)   fully disclose any abnormal, extraordinary or exceptional items if
            they are affected by any such items.

3.2   Since the Accounts Date:

      (a)   there has been no material adverse change in the assets,
            liabilities, turnover, earnings, financial condition, trading
            position, affairs or prospects of any Group Company;

      (b)   other than the Dividend and the Vendor Distribution, no dividend or
            distribution of capital or income has been declared, made, paid or
            determined to be payable in respect of any share capital of a Group
            Company whether of cash, specific assets or otherwise;

      (c)   the Group has carried on the Business in the ordinary and usual
            course and has not entered into any contracts or arrangements other
            than in the ordinary and usual course of carrying on the Business;

      (d)   no Group Company has incurred or undertaken any actual or contingent
            liabilities or obligations, including Tax, except in the ordinary
            and usual course of business;

      (e)   no Group Company has acquired or disposed of or dealt with any
            assets, nor has it entered into any agreement or option to acquire
            or dispose of any assets, other than in the ordinary and usual
            course of business or for full market value;

      (f)   except in the ordinary and usual course of business, no Group
            Company has borrowed money;

      (g)   except by operation of law or in the ordinary and usual course of
            business, no Group Company has granted any Encumbrance over any of
            its inventory or assets;

      (h)   no Group Company has paid or agreed to pay any retiring allowance,
            superannuation or benefit to any of its officers or employees other
            than as required by law or in accordance with a superannuation or
            retirement scheme in force at the Accounts Date or any other
            arrangement giving rise to such requirement;

      (i)   no Group Company has entered into or altered any contract of service
            with any officers, employees or agents, or increased or agreed to
            increase the rate of remuneration or compensation payable to any of
            its officers, employees or agents, other than pursuant to salary
            reviews that have been undertaken on a commercial basis and in the
            ordinary and usual course of business;

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      (j)   the rights attaching to any shares in a Group Company, have not
            altered and no alteration has been made to the capital structure of
            a Group Company;

      (k)   no Group Company has implemented any new accounting or valuation
            method for its business, assets, property or rights;

      (l)   no loans have been made nor bonuses paid by a Group Company to
            employees, nor have any advances or loan money been accepted from
            any employees, other than in accordance with the Company's
            remuneration procedures that have been adopted and applied on a
            commercial basis and in the ordinary and usual course of business;
            and

      (m)   no resolutions have been passed by the members or directors of a
            Group Company except in the ordinary and usual course of business of
            that Group Company and those necessary to give effect to this
            agreement and, where applicable, the Merger Transaction.

5.3   No Group Company has provided any letter of comfort or made any
      representation or given any undertaking to any person in respect of the
      obligations or solvency of any other person or in support of or as an
      inducement to or otherwise in connection with the provision of financial
      accommodation, whether or not considered by the Group Company to be
      legally binding

5.4   No Group Company has entered into any contract under which it receives, or
      is entitled to receive, financial accommodation from any person, including
      any other Group Company. Without limiting the foregoing, as between the
      Subsidiaries and the Vendor, there is no indebtedness, other than accounts
      payable arising from inter-Group supply arrangements that have been
      entered into in the usual and ordinary course of the Business.

5.5   Except for operating leases, the Group Companies do not have nor are they
      engaged in financing of a type which is not required to be shown or
      reflected in the Audited Accounts and the Management Accounts.

5.6   No Group Company is a party to any foreign currency transaction, other
      than in respect of raw material purchases made in the ordinary and usual
      course of the Business.

5.7   No Group Company has any obligation to provide money, indemnify or
      otherwise be responsible to another person for obligations (whether they
      relate to financial accommodation or otherwise) of any other Group
      Company, the Vendor or any of its Associates.

6.    BOOKS AND RECORDS

6.1   The Books and Records are in the possession of the Group Companies.

6.2   To the best of the Vendor's knowledge, the Books and Records:

      (a)   have been fully, properly and accurately kept and completed;

      (b)   do not contain material inaccuracies or discrepancies of any kind;
            and

      (c)   as far as necessary, have been prepared in accordance with the
            requirements of the Corporations Act and the Accounting Standards.

7.    CONTRACTS AND COMMITMENTS

7.1   No Group Company is a party to any Contract under which it is or
      will be bound to share profits or pay any royalties, other than the
      Intellectual Property Licences.

7.2   No Contract:

      (a)   is outside the ordinary and proper course of the Business; or

      (b)   is not on arm's length terms

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7.3   As at the date of this agreement, there are no contracts other than the
      Material Contracts listed in Schedule 3 that are material to the operation
      of the Business as it is conducted by the Group Companies as at the date
      of this agreement. To the Vendor's knowledge, there are no issues in
      relation to any of the Material Contracts that are material to the
      operation of the Business and have not been disclosed by the Vendor to the
      Purchaser prior to the date of this agreement. For the purpose of this
      Warranty 7.3, an issue in relation to a Material Contract is material to
      the operation of the Business if that issue has resulted in or is
      reasonably likely to result in either:

      (a)   a reduction of $250,000 or more in the consolidated earnings before
            interest, tax, depreciation and amortisation of the Group; or

      (b)   a reduction of $2,500,000 or more in the consolidated net assets of
            the Group as at the date of the Management Accounts.

7.4   No party is entitled under any Material Contract because of any change in
      the legal or beneficial ownership of the Shares or any of them, or the
      compliance with this agreement:

      (a)   to terminate any Material Contract;

      (b)   to make any Claim against the Purchaser or any Group Company; or

      (c)   to require the adoption of terms less favourable to any of the Group
            Companies.

7.5   To the Vendor's knowledge, no party to any Material Contract is:

      (a)   in default; or

      (b)   but for the requirements of notice or lapse of time or both, would
            be in default; and

      (c)   the default could be reasonably expected to have a material adverse
            effect on the Business.

7.6   As far as the Vendor is aware, no action has been taken, or threat made,
      to terminate or amend any Material Contract where such action or threat is
      reasonably likely to have a material adverse effect on the Business.

7.7   To the Vendor's knowledge, during the 12 months prior to the date of this
      agreement, no party to a Material Contract:

      (a)   stopped or indicated an intention to stop trading with or supplying
            the Group Company;

      (b)   reduced or indicated an intention to reduce substantially its
            trading with or supply arrangements with the Group Company; or

      (c)   changed or indicated an intention to change substantially the terms
            on which it is prepared to trade with or supply the Group Company
            other than normal price and quota changes.

7.8   Neither the Vendor nor any Group Company has entered into a binding
      contract with, or given a binding offer to or arrived at any other binding
      arrangement or understanding with, Goulburn Valley Water in respect of or
      relating to matters in connection with the Effluent Ponds.

8.    SUPERANNUATION

8.1   The Group Companies incorporated in Australia contribute to the Funds and
      those Group Companies do not have any other obligation, liability or duty
      to make any payments in respect of any other Superannuation Arrangements.

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8.2   Each Group Company has complied with all of its superannuation
      obligations, duties and liabilities in respect of its employees under all
      applicable laws, awards, employment agreements and the governing rules of
      each Fund.

8.3   The Vendor has made available to the Purchaser complete and correct copies
      of all documents, to the Vendor's knowledge, comprising:

      (a)   the governing rules of the HJF Fund, including all explanatory
            booklets, announcements and notices regarding the benefit
            entitlements of the employees of the Group Companies in the HJF
            Fund; and

      (b)   the most recent annual reports and actuarial reports of the HJF Fund
            (where applicable), including reports as to contribution rates of
            the HJF Fund.

8.4   To the Vendor's knowledge, each Fund is a 'complying superannuation fund'
      within the meaning of the SIS Act, and the Funds have not received any
      "section 63" notices or non-compliance notices under the SIS Act.

8.5   The Group Companies contribute to each Fund in accordance with current
      actuarial requirements. The HJF Fund is fully funded. To the Vendor's
      knowledge, the assets of the HJF Fund are sufficient, having regard to
      appropriate actuarial evaluation methods and assumptions, to meet all
      potential claims which are governed by the HJF Fund's governing rules, in
      connection with all members of the HJF Fund, including (but not limited
      to) claims for benefits by the employees of the Group Companies and their
      beneficiaries of the HJF Fund.

8.6   To the Vendor's knowledge, neither a Group Company nor the trustee of the
      HJF Fund has received notice of any material complaints, actions, claims
      or suits in connection with the HJF Fund.

8.7   Full and proper Books and Records for the HJF Fund have been kept, are
      up-to-date, and present a true and fair view of the financial position of
      the HJF Fund.

8.8   Except where it would be in the ordinary course of the Business, or as
      otherwise specifically provided for in this agreement or in connection
      with a transaction required by clause 10 of this agreement, neither the
      actions of a Group Company or the Vendor prior to the Completion Date nor
      the sale of Shares contemplated by this agreement will cause:

      (a)   a variation in the Superannuation Arrangements of the Group
            Companies or their employees; or

      (b)   an increase in the obligations of the Purchaser or any Group Company
            to make superannuation contributions, or an increase in benefits
            payable from a Fund in respect of the employees of any Group Company
            under any applicable law, award, industrial agreement, employment
            agreement or the governing rules of a Fund.

8.9   The governing rules of the HJF Fund have not been amended since the date
      of the last amendment dated 26 November 2002, provided to the Purchaser.

8.10  Prior to and as at the Completion Date, no superannuation contributions
      were or are required to be made by any Group Company in respect of any
      contractors in accordance with the SGA Act or the SGC Act.

8.11  The Group Companies have no superannuation guarantee charge liabilities in
      respect of their employees under the SGA Act or SGC Act.

8.12  All superannuation related contributions, expenses or other payments,
      including the minimum employer superannuation guarantee contributions
      required to be paid in respect of the employees

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      of the Group Companies to avoid the imposition of the Superannuation
      Guarantee Charge under the SGA Act and the SGC Act, up to and including
      the Completion Date have been:

      (a)   paid; or

      (b)   accrued or provided for in the Audited Accounts (including any
            penalties or interest in respect thereof);

      as at Completion.

9.    EMPLOYEES

9.1   Schedule 9 sets out a complete and accurate summary of the following
      particulars in relation to each employee of any of the Group Companies as
      at the date of this agreement:

      (a)   name;

      (b)   classification/job title and job description;

      (c)   date of commencement of employment;

      (d)   salary/wages;

      (e)   other forms of remuneration (including, without limitation,
            allowances and provision of a motor vehicle);

      (f)   provision for accrued and untaken annual leave;

      (g)   provision for accrued and untaken sick leave; and

      (h)   provision for accrued and untaken, and unaccrued, long service
            leave.

9.2   No employees of any of the Group Companies are eligible to receive any
      benefits from their employment other than those set out in Schedule 9.

9.3   All of the employees of any of the Group Companies who are classified as
      'casual' employees are not engaged on either a full-time or part-time
      basis.

9.4   With the exception of the Management Employees who have agreements with
      the Vendor for the payment of bonuses if this agreement is Completed
      according to its terms, the Group Companies have not made any contract,
      arrangement, understanding or representation (whether written or oral)
      under which one or more employees, contractors or agents will or may be
      entitled to any benefit (monetary or otherwise) if ownership (direct or
      indirect) of the Group Companies changes, as will occur on the sale of the
      Shares.

9.5   No notice has been received by the Group Companies of a potential Claim,
      by or on behalf of any past or present employee or contractor against the
      Group Companies.

9.6   There are no Claims made by an employee of any of the Group Companies for
      workers' compensation which are outstanding and, to the Vendor's
      knowledge, no event has arisen which may reasonably be expected to give
      rise to a claim for workers' compensation by any employee of any of the
      Group Companies.

9.7   To the Vendor's knowledge, the Group Companies have materially complied
      with all obligations arising under law, equity, statute (including
      occupational health and safety, annual leave, long service leave, equal
      opportunity, anti-discrimination, Tax, superannuation, workers
      compensation and industrial laws), award, enterprise agreement or other
      instrument made or approved under any law with respect to its past and
      present employees and contractors. Without limiting the generality of the
      foregoing, no director or employee of any Group Company has been
      terminated in circumstances which may reasonably be expected to give rise
      to a Claim against any of the

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      Group Companies in relation to loss of office or termination of employment
      (including, without limitation, redundancy).

9.8   The Group Companies (or any of them) are not involved in any industrial or
      trade dispute or any dispute or negotiation regarding a Claim of material
      importance with any organisation or body of employees.

9.9   No amount due to or in respect of any director, employee, consultant or
      former director, former employee or former consultant of any of the Group
      Companies is in arrears and unpaid, other than amounts that are in arrears
      and unpaid in the usual and ordinary course of the Business and in
      accordance with a Group Company's remuneration procedures.

9.10  The Group Companies (or any of them) have no outstanding undischarged
      liability to pay to any Government Authority any contribution, Taxes or
      other impost arising in connection with the employment or engagement of
      personnel by any of the Group Companies.

9.11  To the Vendor's knowledge, the Group Companies (or any of them) have not
      breached any legislation or authorisation relating to the health or safety
      of their employees. As at the date of this agreement there are no
      outstanding notifications in relation to such breaches.

9.12  Subject to Warranty 9.13 and any statutory or award entitlements:

      (a)   no officer or employee of any of the Group Companies is entitled to
            any more than 30 days' notice of termination (or payment in lieu
            thereof) ; and

      (b)   no officer or employee is entitled to compensation for termination
            after proper notice (or payment in lieu thereof) other than a
            redundancy or severance payment in the usual and ordinary course of
            the Business (other than in the case of unfair dismissal).

9.13  Except for notice of termination (or pay in lieu), the only redundancy
      benefits employees of the Group Companies who are retrenched are eligible
      to receive are as follows:

      (a)   employees who are covered by the Henry Jones Foods (Enterprise
            Bargaining) Agreement 2003 - the redundancy benefits under that
            agreement;

      (b)   the Management Employees - the redundancy benefits specified in the
            severance and termination agreements between the Vendor and each
            Management Employees, drafts of which form part of the Disclosure
            Materials. The draft agreements referred to in this Warranty will,
            when executed by Henry Jones Foods and each Management Employee, be
            substantially similar in all respects to the draft agreements that
            form part of the Disclosure Materials; and

      (c)   all employees other than those described in (a) and (b) - in
            accordance with all applicable laws, policies and procedures in
            place from time to time as applied on a case by case basis after
            obtaining legal advice where appropriate.

9.14  All of the persons who are engaged to work by a Group Company and who are
      classified as 'contractors' or 'consultants' are not 'employees' at common
      law.

10.   TAX

      In Warranties 10.1 to 10.23 inclusive, AUSTRALIAN TAX means any Tax under
      any law of the Commonwealth of Australia or any law of a State or
      Territory of Australia.

10.1  AUDITED ACCOUNTS

      The Audited Accounts contain provisions for all Australian Taxes for or in
      respect of any of the Australian Subsidiaries for all periods up to the
      Accounts Date. No additional or other Taxes are or will be payable
      (whether on, before or after Completion) by any of the Australian
      Subsidiaries in respect of the period up to the Accounts Date.

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10.2  TAX SINCE THE ACCOUNTS DATE

      Since the Accounts Date, no additional liability for Australian Tax has
      accrued to any of the Australian Subsidiaries otherwise than as a result
      of trading activities in the usual and ordinary course of the Business.
      Each of the Australian Subsidiaries has accrued for all Australian Taxes
      for which it is liable or will become liable in respect of the period from
      the Accounts Date up to and including the Completion Date.

10.3  DEDUCTIONS

      The Australian Subsidiaries have complied with all of their material
      obligations under any statutory provisions requiring the deduction or
      withholding of Australian Tax from amounts paid by them and have properly
      accounted for any Australian Tax so deducted or withheld to any Australian
      Taxation authority (other than amounts which have not yet become due to be
      paid) in accordance with relevant law.

10.4  PAYMENT OF TAX

      (a)   All Australian Tax payable with respect to any period or part of a
            period ending on or prior to Completion by any Australian
            Subsidiary, including Australian Tax payable in respect of:

            (i)   any agreement or transaction (other than as contemplated by
                  this agreement) occurring prior to Completion; or

            (ii)  all or part of any financial year of the relevant company
                  occurring before Completion; or

            (iii) any income, gains, profits or receipts (of a revenue or
                  capital nature), accrued, earned, received or derived, or
                  deemed by any Australian Tax law to be accrued, earned,
                  received or derived, prior to Completion,

            has been duly paid or is adequately provided for in the Audited
            Accounts on the basis of the usual accounting practice of the
            Australian Subsidiaries.

      (b)   The Australian Subsidiaries have not entered into any agreement or
            arrangement which extends the period for assessment or payment of
            any Australian Tax.

10.5  APPLICATIONS

      No application to any Government Authority for any ruling, consent or
      clearance on behalf of the Australian Subsidiaries has been made in
      respect of Australian Tax.

10.6  NO DISALLOWANCE

      Nothing has occurred in respect of the Australian Subsidiaries which will
      cause the disallowance for Australian income tax purposes of either the
      carry forward of losses as at the Accounts Date or the deduction of losses
      incurred since the Accounts Date other than as a result of the transfer of
      Shares in accordance with this agreement.

10.7  NO ADDITIONAL TAXES

      Since the Accounts Date, the Australian Subsidiaries (or any of them) have
      not become liable to pay any additional Australian Taxes, interest,
      penalty, charge, fee or other like amount imposed or made on or in respect
      of the failure to file a return in respect of or to pay any Australian
      Taxes.

10.8  INVESTIGATIONS

      (a)   All necessary information, notices, computations and returns:

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            (i)   have been properly and duly submitted by each of the
                  Australian Subsidiaries to each relevant Government Authority
                  in respect of Australian Taxes for or in respect of each of
                  the Australian Subsidiaries for all periods up to the date of
                  this agreement; and

            (ii)  will continue to be submitted in respect of periods after the
                  date of this agreement until the Completion Date in respect of
                  those later periods.

      (b)   There is no unresolved dispute with any Government Authority in
            respect of Australian Tax. Neither the Australian Commissioner of
            Taxation nor any other fiscal authority is at present conducting any
            investigation into all or any part of the business or affairs of any
            of the Australian Subsidiaries. The Vendor is not aware of any
            reason why any such investigation may be initiated.

10.9  RECORDS OF ASSETS

      (a)   The Australian Subsidiaries, the Vendor or Related Bodies Corporate
            of the Vendor have maintained and have retained for the period
            required by law an asset register containing:

            (i)   sufficient Australian Tax depreciation schedules and
                  sufficient Australian Tax building allowance schedules of its
                  assets listed in the asset register;

            (ii)  accurate records of cost bases of its assets listed in the
                  asset register for Australian Tax purposes; and

            (iii) accurate records required to substantiate or permit the
                  calculation of any taxation liability which may arise to the
                  Australian Subsidiaries.

10.10 CAPITAL GAINS TAX

      The capital gains tax status of the assets of the Australian Subsidiaries
      is accurately recorded in the depreciation register for Taxation purposes.
      In particular, the estimated cost base and acquisition date of the assets
      has been properly calculated in accordance with the Australian Tax law.

10.11 DIVIDENDS

      (a)   Since the last Franking Account Balance Date:

            (i)   no dividend has been paid by any Australian Subsidiary:

                  (A)   in respect of which the required franking amount (as
                        provided for in section 160AQE of the 1936 Tax Act) has
                        exceeded the franked amount (as defined in section
                        160APA of the 1936 Tax Act) of the dividend; or

                  (B)   which has been franked with franking credits or
                        exempting credits (whichever is applicable) in excess of
                        the required franking amount,

                  which would result in the Australian Subsidiary being liable
                  to pay franking deficit Australian Tax or additional
                  Australian Tax under the 1936 Tax Act, and

                  (C)   in respect of which the required franking amount (as
                        provided for in section 160AQE of the 1936 Tax Act) was
                        less than the franked amount (as defined in section
                        160APA of the 1936 Tax Act) of the dividend; or

                  (D)   (which has been franked with franking credits or
                        exempting credits (whichever is applicable) in excess of
                        the required franking amount; and

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            (ii)  no dividend has been paid by any Australian Subsidiary in
                  respect of which that company has or will have a liability to
                  over-franking tax or franking deficit tax pursuant to section
                  203-50 or section 205-45 respectively of the 1997 Tax Act that
                  has not been or will not be paid in full prior to Completion.

      (b)   No Australian Subsidiary has paid or will as at Completion have paid
            or provided any amount, other than a duly declared dividend which
            would or may be deemed to be a dividend under the 1936 Tax Act or
            the 1997 Tax Act.

      (c)   No asset revaluation dividend (as defined in section 46E(1) of the
            1936 Tax Act) has at any time been paid or as at Completion will
            have been paid to any Australian Subsidiary.

      (d)   No dividend has been paid by any Australian Subsidiary to the
            Company or to any other Subsidiary which has resulted in an
            Australian withholding tax obligation that has not been paid by the
            Company, any Australian Subsidiary or the Vendor.

10.12 GST

      (a)   To the Vendor's knowledge, no Australian Subsidiary is a party to
            any material contract, agreement, arrangement or understanding
            entered into on or after 1 July 2000 in respect of which it is or
            will become liable to pay GST without factoring such GST into the
            consideration or being entitled to increase the consideration
            payable under the contract, agreement, arrangement or understanding
            or otherwise seek reimbursement so that the Australian Subsidiary
            retains the amount it would have retained but for the imposition of
            GST.

      (b)   Each Australian Subsidiary:

            (i)   is registered for GST under the GST law;

            (ii)  has complied in all respects with the GST law; and

            (iii) is not in default of any obligation to make any payment or
                  return (including without limitation any Business Activity
                  Statement) or notification under the GST law.

10.13 No Australian Subsidiary has engaged in any avoidance scheme for the
      purposes of section 165-5 of the A New Tax System (Goods and Services Tax)
      Act 1999 (Cth).

10.14 Except in relation to the transaction contemplated by this agreement, no
      Australian Subsidiary has been notified that it is subject to any current
      investigation, enquiry or review of its prices by the ACCC.

10.15 To the Vendor's knowledge, no Australian Subsidiary has received any
      complaints of non-compliance in relation to its obligations under Part VB
      of the Trade Practices Act 1974 (Cth).

10.16 Henry Jones Foods has established internal procedures and systems
      necessary to ensure that its billing, accounts receivable and general
      ledger functions accurately capture and account for GST in all material
      respects.

      Unless otherwise defined in this agreement, words or expressions used in
      Warranties 10.12 to 10.16 have the same meaning as defined in the A New
      Tax System (Goods and Services Tax) Act 1999 (Cth).

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10.17 PAYG

      (a)   The Australian Subsidiaries have made all payments due under the
            PAYG system as and when due.

      (b)   Any obligations on any Australian Subsidiary under any Australian
            Tax law to withhold amounts at source, including, but not limited
            to, any Australian withholding Tax, PAYG Tax obligations in respect
            of periods to 30 June 2000, prescribed payments system obligations
            in respect of periods to 30 June 2000, royalties and any PAYG
            withholding pursuant to Part 2-5 of Schedule 1 of the Taxation
            Administration Act 1953 in respect of periods from 1 July 2000, have
            been complied with.

10.18 ASSESSABLE INCOME, ALLOWABLE DEDUCTIONS AND OTHER MATTERS

      Since the Accounts Date, no event has taken place, including the Merger
      Transaction that has resulted in an Australian Subsidiary either:

      (a)   deriving additional assessable income or incurring reduced allowable
            deductions under the 1997 Tax Act or the 1936 Tax Act which are not
            provided for or otherwise reflected in the Completion Accounts; or

      (b)   breaching the same business test in Division 165 of the 1997 Tax Act
            or Section 80E of the 1936 Act.

10.19 STAMP DUTY

      (a)   All stamp duty and other similar Australian Tax payable in respect
            of every Material Contract or transaction to which any of the
            Australian Subsidiaries is or has been a party, or by which any of
            the Australian Subsidiaries derive, has derived or will derive a
            substantial benefit, have been duly paid.

      (b)   No Material Contract is unstamped or insufficiently stamped.

10.20 COMPANY RETURNS

      (a)   All returns and notices required by law for Australian Taxes and
            lodged by the Australian Subsidiaries, were:

            (i)   properly and correctly compiled; and

            (ii)  not misleading.

      (b)   To the Vendor's knowledge, the Australian Subsidiaries have complied
            with the 1936 Tax Act and the 1997 Tax Act.

10.21 MISCELLANEOUS

      (a)   The Australian Subsidiaries:

            (i)   have not entered into or been a party to any transaction which
                  contravenes the anti-avoidance provisions of any applicable
                  Australian Tax law including the 1936 Tax Act and the 1997 Tax
                  Act; and

            (ii)  have not made any Australian income Tax private binding ruling
                  requests, objections or amended assessments with respect to
                  its lodged Australian income Tax returns.

      (b)   Since the Accounts Date, the Australian Subsidiaries have not done
            or omitted to do anything which might incur an Australian Tax
            liability except in the usual and ordinary course of the Business.

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      (c)   In respect of the returns lodged pursuant to the 1936 Tax Act and
            the 1997 Tax Act, the Australian Tax deduction or loss otherwise
            claimed by the Australian Subsidiaries in respect of the
            consideration given by the Australian Subsidiaries for services or
            trading stock or other property has not been deemed and is not
            likely to be deemed to be reduced or disallowed in whole or in part
            by sections 31C, 52A, 56(4), 65, 82KJ, 82KK, 82KL or 177F or any
            other provision of the 1936 Tax Act, or any corresponding provisions
            of the 1997 Tax Act (including sections 70-20, 40-190, 40-300, or
            26-35).

      (d)   No future income tax benefits are treated as assets in the Audited
            Accounts other than benefits resulting from timing differences.

      (e)   No Australian Subsidiary has engaged in any transaction that has
            triggered Division 245 of Schedule 2C to the 1936 Tax Act.

      (f)   Without limit to the generality of the other Warranties, the Vendor
            represents and warrants that, as at Completion:

            (i)   no Australian Tax is or will be payable by any Australian
                  Subsidiary by reason of the application of section 160ZZOA,
                  subdivision 126-B or subdivision 104-J of the 1997 Tax Act in
                  relation to any agreement or transaction occurring prior to
                  Completion;

            (ii)  no Australian Tax is or will be payable by any Australian
                  Subsidiary by reason of the application of section 160 ZZOA,
                  subdivision 126-B or subdivision 104-J of the 1997 Tax Act in
                  relation to entry into or Completion of this agreement;

            (iii) no Australian Tax is or will be payable by any Australian
                  Subsidiary by reason of the application of Part IVA of the
                  1936 Tax Act to any transaction entered into prior to
                  Completion or in relation to entry into or Completion of this
                  agreement; and

            (iv)  no Australian Tax (excluding franking deficits Tax for which a
                  credit is obtained) is or will be payable by any Australian
                  Subsidiary in relation to any dividends paid by an Australian
                  Subsidiary on or prior to Completion, including the Dividend.

10.22 TAXATION AMOUNT

      (a)   Each of the relevant Australian Subsidiaries have complied with all
            required Australian Tax obligations in relation to its employees.

      (b)   Each of the relevant Australian Subsidiaries have remitted to the
            relevant complying superannuation fund (within the meaning of the
            Superannuation Guarantee (Administration) Act 1992) all amounts
            required by that Act by the relevant due dates immediately prior to
            the Completion Date.

      (c)   Each of the Australian Subsidiaries have remitted to the relevant
            state authority all amounts required by the applicable legislation
            in relation to workers compensation.

      (d)   Each of the Australian Subsidiaries have remitted to the Australian
            Commissioner of Taxation all fringe benefits tax required by the
            Fringe Benefits Tax Assessment Act 1986.

      (e)   Each of the Australian Subsidiaries have remitted to the relevant
            State Taxation Office all payroll tax required by the applicable
            State pay-roll tax legislation.
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10.23 AUSTRALIAN INCOME TAX CONSOLIDATION

      With respect to the Australian Subsidiaries:

      (a)   no election has been made or communicated to the Australian Taxation
            Office (ATO) to consolidate any consolidatable group or potential
            'Multipal Entry Consolidated' group; and

      (b)   no choices or elections have been made by any Australian Subsidiary
            under Part 3-90 of the 1997 Tax Act.

      Terms or expressions used in this Warranty 10.23 that correspond to terms
      or expressions used in Part 3-90 of the 1997 Tax Act have the same meaning
      in this Warranty as they have for the purposes of Part 3-90.

10.24 US TAX WARRANTIES

      (a)   The Company, Delaware Newco 2 and Smucker Australia (or any of them)
            have not been a member of an Affiliated Group filing a consolidated
            United States federal income tax return, other than a group the
            common parent of which is the Vendor.

      (b)   The Vendor has filed a consolidated United States federal income Tax
            return for Smucker Australia for the taxable year immediately
            preceding the current taxable year and is eligible to make the Code
            Section 338(h)(10) Election.

      (c)   Neither the Company nor the Subsidiaries have any liability for the
            US Taxes of any person other than the Company and the Subsidiaries:

            (i)   under United States Treasury Regulations Section 1.1502-6 (or
                  any similar provision of state, local or foreign law);

            (ii)  as a transferee or successor;

            (iii) by contract; or

            (iv)  otherwise.

      (d)   Each Affiliated Group of which Smucker Australia is or has been a
            member has filed all US Tax returns that it was required to file for
            each taxable period during which Smucker Australia was a member of
            the group. All such US Tax returns were correct and complete in all
            respects. All US Taxes owed by any Affiliated Group for each taxable
            period during which Smucker Australia was a member of the group have
            been paid. There are no deficiencies for US Taxes of any Affiliated
            Group for any taxable period during which Smucker Australia was a
            member of the group claimed, proposed or assessed by any Government
            Authority that have not yet been fully and finally resolved.

      (e)   There are no pending investigations or, to the Vendor's knowledge,
            threatened investigations, Claims or disputes concerning any US Tax
            liability of any Affiliated Group for any taxable period during
            which Smucker Australia was a member.

      (f)   No Affiliated Group has waived any statute of limitations in respect
            of any US Taxes or agreed to any extension of time with respect to a
            US Tax assessment or deficiency for any taxable period during which
            Smucker Australia was a member of the group.

      (g)   There are no liens for US Taxes (other than US Taxes not yet due and
            payable) on any of the assets of Smucker Australia.

      (h)   Smucker Australia has not agreed and is not required to make any
            adjustment pursuant to Section 481(a) of the Code by reason of a
            change in accounting method. Smucker Australia has no knowledge that
            the Internal Revenue Service has proposed any such adjustment or
            change in accounting method.

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      (i)   Neither Smucker Australia nor any of its affiliates or predecessors
            by merger or consolidation has within the past three years been a
            party to a transaction intended to qualify under Section 355 of the
            Code or under so much of Section 356 of the Code as relates to
            Section 355 of the Code.

      (j)   There are no tax-sharing agreements or similar agreements with
            respect to or involving any Group Company.

      (k)   No Group Company has ever made an election to change its
            classification for United States federal income tax purposes or had
            such an election made on its behalf.

      (l)   None of the Group Companies own any property located in the United
            States of America or are or have been engaged in activities in the
            United States of America that amount to a permanent establishment
            within the meaning of the tax treaty between the United States if
            America and Australia.

      For the purpose of this Warranty 10.24, US TAXES has the same meaning as
      in clause 12.5 of this agreement.

11.   LITIGATION

11.1  None of the Group Companies is engaged in any prosecution, litigation or
      arbitration proceedings (PROCEEDINGS).

11.2  To the Vendor's knowledge, the Group's dispute with National Foods
      relating to the supply of aseptic fruit containing contaminated guar gum
      has been settled on terms that do not give rise to:

      (a)   any further Liability or Claim against any Group Company;

      (b)   any materially adverse consequences for the Group's profitability
            and trading position for the financial year ending 30 April 2004 and
            the financial year commencing 1 May 2004; or

      (c)   any materially adverse consequences for the Group's on-going
            relationship with National Foods.

11.3  There are no Proceedings pending involving any of the Group Companies.

11.4  To the Vendor's knowledge, there are no disputes which may or might give
      rise to any Proceedings involving any of the Group Companies.

11.5  To the Vendor's knowledge, there are no Proceedings threatened in respect
      of which written or verbal communication has been given or received by any
      of the Group Companies.

11.6  Subject only to the subsequent events referred to in Warranty 11.2, all
      information provided to the Purchaser in the Disclosure Material regarding
      any investigation, prosecution, litigation or arbitration proceeding
      represents a fair statement of the status of such investigation,
      prosecution, litigation or arbitration proceedings.

11.7  There are no unsatisfied judgements, awards, claims or demands against any
      of the Group Companies.

12.   PRIVACY

12.1  To the Vendor's knowledge, the Group Companies have complied with Privacy
      Law in relation to Personal Information.

12.2  No notice has been received that any person has claimed, or to the
      Vendor's knowledge, threatened to claim, any compensation from any of the
      Group Companies for a breach or alleged breach of Privacy Law.

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12.3  No notice has been received by any of the Group Companies from a competent
      authority alleging a breach of Privacy Law.

13.   INTELLECTUAL PROPERTY

13.1  Part 1 of Schedule 6 contains a complete and accurate list of all Owned
      Intellectual Property Rights.

13.2  The Group Companies either own or hold valid licences for all Intellectual
      Property Rights used in the Business, as conducted by the Group
      immediately prior to Completion. Without limiting the foregoing, the Group
      Companies either own all Intellectual Property Rights in or hold valid
      licences to use and exploit all recipes and methods of manufacture for
      products supplied by the Business.

13.3  The Group Companies are the legal and beneficial owners of the Owned
      Intellectual Property Rights, which are owned free from Encumbrance other
      than to the extent that they are Encumbered pursuant to the Cerebos Trade
      Mark Deed. The Vendor is the legal and beneficial owner of the Vendor
      Intellectual Property Rights, free from Encumbrance.

13.4  The Group Companies have not dealt with or granted to any person any
      rights in respect of the Owned Intellectual Property Rights by way of
      licence or in any other way, other than the Intellectual Property Rights
      the subject of the Cerebos Trade Mark Deed.

13.5  To the knowledge of the Vendor, the Group Companies have not infringed the
      Intellectual Property Rights of any other person and no person has
      infringed or is presently infringing the Owned Intellectual Property
      Rights.

13.6  Other than in respect of the Intellectual Property Licences, there are no
      royalties, licence fees or other similar fees payable by any Group Company
      in connection with the use of any Intellectual Property Rights.

13.7  Each of the Intellectual Property Licences is valid, binding and
      enforceable by and against the relevant Group Companies. The Group
      Companies and, to the Vendor's knowledge, each licensor have complied at
      all times with the terms, conditions and other provisions of each licence
      and no circumstances exist which might cause any of them to be terminated.

13.8  Each of the trade marks, patents and designs (if any) used in the Business
      are the subject of a valid registration or a pending application for
      registration, owned by the Group Companies, in each jurisdiction where
      they are used in the Business.

13.9  No Group Company uses or requires in the Business any Intellectual
      Property Rights other than the Owned Intellectual Property Rights and the
      Intellectual Property Licences. To the Vendor's knowledge, there is no
      reason why, immediately after Completion, the Group Companies could not
      continue to exploit the Owned Intellectual Property Rights for the
      remainder of their term.

13.10 To the Vendor's knowledge, no notice has been received of any challenge to
      the validity, enforceability, patentability or registrability of the Owned
      Intellectual Property Rights or the Vendor Intellectual Property.

13.11 The Group Companies may do, or omit to do, any act in relation to any
      copyright works owned by or used by the Group Companies, without
      infringing the Moral Rights of the authors of those works or films.

13.12 To the Vendor's knowledge, the Confidential Information has not been
      disclosed to any person other than to employees of the Group Companies
      whose duties require them to have access to the Confidential Information.

13.13 The Vendor is entitled to grant the Purchaser and the Group Companies an
      exclusive licence to use the Vendor Intellectual Property for the sole
      purpose of the sale in Australia of the Licensed

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      Products using Henry Jones Foods' existing stock of labels and other
      packaging as at the Completion Date. To the Vendor's knowledge, the use by
      the Purchaser and the Group Companies of the Vendor Intellectual Property
      for that purpose will not infringe any third party's Intellectual Property
      Rights.

14.   INSURANCE

14.1  Each insurance policy held by or on behalf of the Group Companies is
      currently in full force and effect and all applicable premiums are either
      accrued or paid in respect of the period up to Completion.

14.2  There are no Claims in excess of $10,000 by the Group Companies or any
      person claiming on their behalf under any insurance policy presently held
      by the Group Companies or held by them within 5 years prior to the
      Completion Date that are outstanding or for which an indemnity is not
      available from an insurer.

14.3  The Group Companies have effected all insurances required by law to be
      effected by them for the conduct of the Business in the usual and ordinary
      course.

14.4  To the Vendor's knowledge, nothing has been done or omitted to be done by
      the Group Companies which would make any insurance contract void or
      voidable or which would permit an insurer to cancel the insurance contract
      or refuse or reduce a claim, or alter any of the other provisions of the
      insurance contract.

14.5  To the Vendor's knowledge, the Group Companies have not done or omitted to
      do anything which might result in an increase in the premium payable under
      any contract of insurance.

14.6  Under the insurance policies in which the Group Companies have an
      interest:

      (a)   all of the property and assets of the Group Companies of an
            insurable nature are insured in amounts representing their full
            replacement or reinstatement value against fire and other risks
            normally insured against; and

      (b)   the Group Companies are adequately insured for such amounts as would
            be maintained in accordance with prudent business practice in
            respect of all risks, whether in relation to damage to property,
            personal injury, public liability, product liability, workers'
            compensation, business interruption insurance or otherwise.

14.7  The Group Companies have not been notified by any insurer that any of them
      are required or that it is advisable for any of them to carry out any
      maintenance, repairs or other works in relation to any of its assets or
      properties used in connection with the Business.

14.8  There is no unresolved Claim nor, to the Vendor's knowledge, any
      circumstance giving rise to a Claim under any insurance policy of the
      Group Companies.

15.   PROPERTIES

GENERAL

15.1  The particulars of the Properties set out in Schedule 7 are true and
      correct in all material respects.

15.2  Details of all material documentation pursuant to which the Properties are
      owned, used or occupied by the Group Companies have been provided to the
      Purchaser.

15.3  The Properties are the only land and buildings owned, used or occupied by
      the Group Companies in connection with the Business.

15.4  The Group Companies hold all easements, rights, interest and privileges
      that are necessary for the conduct of the Business at the Properties, as
      conducted by the Group Companies as at the date of this Agreement.

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15.5  The Group Companies have exclusive occupation and right of quiet enjoyment
      of each of the Properties and none of the Properties is subject to any
      sub-lease, tenancy or right of occupation by any person other than a Group
      Company.

15.6  No notices have been received by the Vendor or any Group Company and, to
      the Vendor's knowledge, there is no order, declaration, report,
      recommendation or approved proposal of a Government Authority which would
      materially affect the use of any of the Freehold Properties.

15.7  Each of the Freehold Properties is not:

      (a)   subject to any restrictive covenant or exception or reservation
            which adversely affects its value or use (including without
            derogation, its use for the purposes of carrying on the Business);
            or

      (b)   affected by any proposals for compulsory acquisition or road
            widening.

15.8  No Group Company has assigned its interest in any leasehold premises.

15.9  There are no:

      (a)   improvements constructed on the Freehold Properties which encroach
            on land abutting the Freehold Properties;

      (b)   structures owned by a third party which encroach on the Freehold
            Properties;

      (c)   disputes, claims or actions relating to any of the Freehold
            Properties or their use including, but not limited to, disputes with
            any adjoining or neighbouring owner with respect to boundary walls
            or fences or with respect to any easement, right or means of access
            to the Freehold Properties;

      (d)   buildings or other erections or chattels, fixtures or fittings
            forming part of any improvement on the Freehold Properties that any
            person is entitled to remove;

      (e)   Encumbrances (other than any lien arising by operation of law or in
            the usual and ordinary course of the Business) affecting any of the
            Freehold Properties; or

      (f)   improvements erected on the Freehold Properties that encroach onto,
            over or under any easements located on the Freehold Properties.

15.10 The principal means of access to the Properties is over roads which have
      been taken over by the local or other highway authority and no means of
      access to the Properties is shared with another party, other than with
      Kyabram Cold Storage Pty Ltd.

15.11 No building or structure on the Freehold Properties:

      (a)   is affected by structural damage or electrical defects or by timber
            infestation or disease; or

      (b)   contains any asbestos which may require removal or repair; or

      (c)   is, to the Vendor's knowledge, infested by any vermin, insect or
            animal life.

15.12 All utilities and services needed for the proper operation of the Business
      on the Properties:

      (a)   are connected to the Properties;

      (b)   are separately metered on the Properties;

      (c)   have had the supply and connection arrangements approved by the
            supplying authority; and

      (d)   to the knowledge of the Vendor, comply with applicable laws.

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15.13 The Vendor is not aware of any limitations, restrictions, deficiencies,
      failings or defects concerning the services or utilities being provided
      for the operation of the Business at the Properties (including
      air-conditioning) which could lead to material expenditure or occupational
      health and safety concerns.

15.14 All premiums payable by the Vendor or a Group Company in respect of
      insurance policies with respect to the Properties which have become due
      have been duly paid.

15.15 To the Vendor's knowledge, the Group Companies have complied in all
      material respects with essential services regulations under the Victorian
      Building Regulations 1994 and with the Building (Legionella) Act 2000 with
      respect to cooling towers in relation to the Freehold Properties.

15.16 To the Vendor's knowledge:

      (a)   there are no subsisting material breaches of any building laws with
            respect to improvements erected on the Freehold Properties;

      (b)   occupancy permits and certificates of final inspection have been
            issued by the relevant authorities with respect to improvements
            erected on the Freehold Properties;

      (c)   there are no subsisting material breaches of any planning laws in
            relation to the Freehold Properties or the Business being conducted
            on the Freehold Properties.

FREEHOLD PROPERTY

15.17 In relation to those Freehold Properties:

      (a)   the relevant Group Company is the registered holder and beneficial
            owner of the Freehold Property free from Encumbrance, other than:

            (i)   easements and covenants noted on the title for the Freehold
                  Property;

            (ii)  easements or rights vested in any Government Authority as
                  disclosed in the Disclosure Material or publicly available
                  databases maintained under the Environment Protection Act 1970
                  (Vic) or by the Victorian Land Titles Office; and

            (iii) town planning or other restrictions on the use and development
                  of the Freehold Property.

      (b)   all rates, Taxes and levies (including land tax) applicable to the
            Freehold Property have been paid; and

      (c)   that Group Company has not sold, agreed to sell, granted any option
            to sell, lease or sublease or agreed to lease or sublease any of the
            Freehold Property.

15.18 No Group Company is a party to any outstanding agreement to acquire or
      dispose of land or premises (including the Properties) or any interest in
      land or premises.

THE EQUIPMENT LEASES

15.19 The Equipment Leases:

      (a)   material particulars of which are set out in Schedule 8, are
            complete recordings of their terms and there are no other
            agreements, documents or understandings in relation to the Equipment
            Leases; and

      (b)   are current and enforceable.

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15.20 No Group Company that is a lessee under an Equipment Lease has defaulted
      in the payment of rent, other moneys or other material obligations under
      such leases. To the Vendor's knowledge, no lessor under an Equipment Lease
      is in breach of any material obligation under such leases.

15.21 No lessor under an Equipment Lease has served any notice to terminate the
      lease.

15.22 No Group Company nor the Vendor:

      (a)   has agreed to any assignment, subletting, parting with possession or
            surrender of an Equipment Lease or any part of the equipment leased;
            or

      (b)   has given any materially false or misleading information to an
            authority having jurisdiction over property the subject of an
            Equipment Lease.

15.23 There are no arrears of rent under an Equipment Lease:

16. ENVIRONMENT

      (a)   To the Vendor's knowledge, the Business is presently carried on in
            material compliance with all applicable Environmental Laws and, to
            the Vendor's knowledge, the Business has been carried on in material
            compliance with such laws for the 5 years prior to the Completion
            Date.

      (b)   There are no on-going or pending Claims by any regulatory
            authorities or third parties involving the Group Companies
            concerning any breach or alleged breach of Environmental Law or of
            any Environmental Authorisation arising from the operations of the
            Business. Without limiting the foregoing, there are no unresolved or
            pending complaints or notifications received by the Vendor or Group
            Company from any neighbouring companies or private persons relating
            to noise, smell, dust, vibration or traffic emanating from the
            Freehold Properties,

      (c)   To the Vendor's knowledge, all Environmental Authorisations
            necessary to operate the Business in the manner conducted by the
            Group Companies immediately prior to Completion:

            (i)   have been obtained;

            (ii)  are in full force and effect; and

            (iii) have been complied with in all material respects for the 5
                  years prior to the Completion Date.

      (d)   To the Vendor's knowledge, no material event has occurred which
            would cause any of the Group Companies to be in material breach of
            any:

            (i)   Environmental Authorisation; or

            (ii)  Environmental Law.

      (e)   Other than in respect of the Effluent Ponds, to the Vendor's
            knowledge, there is nothing at, in, on, under or emanating from the
            Freehold Properties (including but not limited to underground
            storage tanks and associated piping) which requires notification to
            any Government Authority or which could entitle any Government
            Authority to require monitoring, closure, clean up or remediation
            under any Environmental Law.

      (f)   Other than in respect of the Effluent Ponds, there is no hazardous,
            toxic or poisonous material or any other material that is harmful to
            the Environment, including asbestos, present on or at the Freehold
            Properties except in such quantities and stored or maintained in
            such a manner as is allowed by an Environmental Law or Environmental
            Authorisation.

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      (g)   To the Vendor's knowledge, no event has occurred nor does any fact
            or circumstance exist which:

            (i)   could lead to any material Environmental Authorisation
                  necessary to operate the Business being modified, suspended,
                  revoked or not renewed; or

            (ii)  may require the Purchaser or any Group Company to carry out
                  any major work or expend a material amount of money in
                  relation to the Freehold Properties in order for the Business
                  or the Freehold Properties to comply with any Environmental
                  Law or any notice or requirement issued pursuant to any
                  Environmental Law, other than any obligations existing under
                  any contract, including the Kyabram Town Council Agreement.

      (h)   To the Vendor's knowledge, the Group Companies have complied with
            all requirements of any Environmental Authorisation with respect to
            the proper handling, storage or transportation of waste, other than
            in respect of the use of the Effluent Ponds.

      (i)   To the Vendor's knowledge, and other than in respect of the Effluent
            Ponds, the location, use, manufacture, storage, handling, supply,
            acquisition or disposal of any chemicals or products on or from the
            Freehold Properties or in connection with the conduct of the
            Business has been carried out in accordance with procedures designed
            to ensure that there has been no material:

            (A)   injury suffered by any person; and

            (B)   contamination of any land or the Environment in the previous
                  two years beyond the limits allowed by Environmental Law and
                  the Environmental Authorisations.

      (j)   The results of groundwater monitoring in the area of the Effluent
            Ponds have not revealed the need for any groundwater remediation to
            be carried out.

      (k)   The Freehold Properties are not the subject of any charge in favour
            of any Government Authority as security for the cleaning up of the
            Freehold Properties.

      (l)   All asbestos containing materials at the Freehold Properties have
            been documented in asbestos registers in accordance with
            Environmental Law and there are no outstanding or pending Claims or
            Liabilities in relation to requirements for the removal of or
            exposure to asbestos.

17.   OWNERSHIP OF ASSETS

17.1  The fixed assets listed in the Asset Register are a complete list of all
      of the fixed assets that are material to the operation of the Business.

17.2  Except for:

      (a)   current assets sold or realised in the usual and ordinary course of
            the Business;

      (b)   assets the subject of equipment leases; and

      (c)   any Properties that are listed in the Asset Register,

      the Group Companies legally and beneficially own, free from Encumbrances,
      all of the property and assets included in the Audited Accounts and
      disclosed in the Asset Register.

17.3  The Group Companies own or have valid and subsisting leases to use all
      plant and equipment used by the Group Companies, or which the Group
      Companies require, to conduct the Business.

17.4  The assets used by the Group Companies in the Business:

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      (a)   are all located on the Properties;

      (b)   are in the physical possession or control of the Company which owns
            or leases them assets; and

      (c)   are the only assets necessary for the conduct and operation of the
            Business as it is currently carried on.

17.5  No plant, machinery, furniture, fixtures, fittings, furnishings of any of
      the Group Companies are owned or used by the Vendor.

17.6  All fixed assets and plant and equipment whether owned or used by the
      Group Companies in the Business are in working order (consistent with
      their respective ages), and have been regularly and properly maintained in
      accordance with good practice and:

      (a)   are fit for the purpose for which they are intended to be used; and

      (b)   conform with the descriptions in the Asset Register, and

      (c)   there are no such assets in need of repair, other than in the usual
            and ordinary course of operations.

18.   TRADE PRACTICES

      To the Vendor's knowledge, the Group Companies nor any of their officers
      or employees have not committed or omitted to do any act or thing the
      commission or omission of which is a contravention of the Trade Practices
      Act 1974 (Cth), the Fair Trading Act 1989 (Qld), any equivalent
      legislation in any other state or territories of Australia, or any
      equivalent foreign enactment.

19.   INFORMATION

19.1  To the Vendor's knowledge, none of the information (including financial
      information other than forecasts, estimates and projections) disclosed to
      or for the benefit of the Purchaser or its advisers by the Vendor or any
      of its agents or Associates in respect of the Group Companies (such
      information being exhaustively set out in the Disclosure Materials) is
      untrue, incorrect or incomplete. The Vendor has disclosed to the Purchaser
      all information of which the Vendor is aware that would reasonably be
      regarded as material to an intending purchaser of the Business, where the
      intending purchaser is a party having experience in the industry in which
      the Business is operated.

19.2  All copies of documents provided by the Vendor or on its behalf to the
      Purchaser or its agents are true copies, subject to any deletions or
      blacked out passages that are apparent from the face of the copies.

19.3  Each of the statements and all information set out in the schedules to
      this agreement is true, complete and accurate.

19.4  The Vendor has not purposely or knowingly withheld any information which
      might reasonably be supposed to materially affect the value of the
      Business, from the perspective of an intending purchaser who has
      experience in the industry in which the Business is operated. For the
      purpose of this Warranty, a material effect on the value of the Business
      is one that has resulted in or is reasonably likely to result in either:

      (a)   a reduction of $250,000 or more in the consolidated earnings before
            interest, tax, depreciation and amortisation of the Group; or

      (b)   a reduction of $2,500,000 or more in the consolidated net assets of
            the Group as at the date of the Management Accounts.

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20.   COMPLIANCE WITH APPLICABLE LAWS

20.1  To the Vendor's knowledge, the Group Companies and all of their officers,
      agents and employees have materially complied with all laws applicable to
      the operation of the Business. No contravention or allegation of any
      contravention of any applicable law (excluding Environmental Laws
      applicable in respect of the Freehold Properties) by the Group Companies
      is known to the Vendor.

20.2  There is no outstanding correspondence concerning any of the Group
      Companies initiated by the ASIC or (except as otherwise disclosed to the
      Purchaser or in connection with the transaction contemplated by this
      agreement), the ACCC.

20.3  To the knowledge of the Vendor, the Group Companies are not the subject of
      any outstanding order, waiver, declaration, exemption or notice granted or
      issued by a United States Government Authority or an Australian Government
      Authority relevant to the operation of the Business, excluding any orders,
      waivers, declarations or exemptions that relate to minor or technical
      relief from compliance with a United States or Australian statute.

20.4  Each of the Group Companies holds all necessary Authorisations for the
      conduct of the Business. In respect of each Authorisation:

      (a)   all fees due have been paid;

      (b)   all terms, conditions and other provisions have been duly complied
            with by the Group Companies in all material respects;

      (c)   neither the Vendor nor any of the Group Companies has received any
            notice or knows of any factor that might prejudice its continuance
            or renewal in such a way as would disrupt the Business.

20.5  The Dividend and the Vendor Distribution are duly authorised and have been
      declared and paid in compliance with all applicable laws in Australia and
      the United States of America. The Purchaser will not be liable to the
      Vendor, any Group Company or any third party in any way with respect to
      the Dividend or the Vendor Distribution or both.

21.   DEFECTIVE PRODUCTS

      To the Vendor's knowledge during the two year period preceding the
      Completion Date, the Group Companies have not manufactured, sold or
      supplied any products which were at the time of manufacture, sale or
      supply, in any material respect faulty or defective or which did not, in
      any material respect, comply with any warranties or representations
      expressly or impliedly made or given by them.

22.   STOCK

22.1  Other than slow moving or obsolete stock, the Group Companies' stock of
      finished goods, including packaging, is of good and merchantable quality,
      and is adequate in relation to the current trading requirements of its
      Business.

22.2  The Group Companies' unfinished goods and packaging materials are in good
      condition and capable of being used to produce the Company's current
      products.

22.3  The packaging and labels of each Group Company's finished goods are
      neither false, misleading or deceptive nor in any other way contrary to
      law.

22.4  Other than slow moving or obsolete stock, the Stock in trade of each Group
      Company is in good condition and is capable of being sold by the relevant
      Group Company in the ordinary and usual course of business in accordance
      with its current price lists, without rebate or allowances to a purchaser.

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22.5  Each Company's level of Stock is sufficient to meet the requirements of
      its Business at the Completion Date and is not materially surplus to the
      requirements of the Group.

23.   COMPUTER SYSTEMS AND SOFTWARE

23.1  All the computers and computer systems owned, leased or used by the Group
      Companies (or any of them):

      (a)   are in operating order and are fulfilling the purposes for which
            they were acquired or established without material downtime or
            errors;

      (b)   have adequate capacity for the Group Companies' present needs;

      (c)   have adequate security, back-ups, hardware and software support and
            maintenance and trained personnel to ensure so far as is reasonable:

            (i)   that breaches of security, errors and breakdowns are kept to a
                  minimum; and

            (ii)  that no material disruption will be caused to the business of
                  the Group Companies or any material part of the Business in
                  the event of a breach of security, error or breakdown;

      (d)   are properly documented so as to enable them to be used and operated
            by any reasonably qualified personnel; and

      (e)   are owned and under the sole control of the Group Companies, are
            located in premises occupied by the Group Companies and are not
            shared with or used by or on behalf of or accessible by any other
            person.

23.2  To the Vendor's knowledge, all Books and Records stored by electronic
      means are capable of ready access through the present computer systems of
      the Group Companies.

23.3  No person, other than employees or agents of the Group Companies, is in a
      position, by virtue of his or her rights in, knowledge of or access to any
      of the computer systems used by the Group Companies or any part of them
      (including software) to demand any payment in excess of any current
      licence fee or in excess of reasonable remuneration for services rendered.

23.4  To the Vendor's knowledge, the appropriate employees of the Group
      Companies are adequately trained to enable them to use and operate the
      computer systems owned or used by the Group Companies.

23.5  To the Vendor's knowledge, all of the computers and computer systems
      owned, leased or used by the Group Companies have been maintained or
      serviced only in accordance with the proper maintenance or service
      contract in respect of the relevant computer and computer systems.

23.6  To the Vendor's knowledge, no software owned by or licensed to the Group
      Companies:

      (a)   is used by any other person; or

      (b)   has been licensed or sub-licensed to any other person.

23.7  All software used on the computers used by the Group Companies, to the
      Vendor's knowledge, is lawfully held and used and does not infringe the
      intellectual property rights of any person and all copies held have been
      lawfully made.

23.8  The copyright in the software or source code:

      (a)   in the case of standard packaged software purchased outright, is
            licensed to the Group Companies on an express or implied licence
            which does not require the Group Companies to make any further
            payments, is not terminable without the consent of the Group
            Companies and imposes no material restrictions on the use or
            transfer of the software; and

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      (b)   is licensed to the Group Companies on the terms of a valid written
            licence which requires payment by the Group Companies of a fixed
            annual licence fee at a rate not exceeding that paid in the
            financial year ended on the Accounts Date, and (except for
            reasonable fees for software support) requires the Group Companies
            to make no further or other payment, is not terminable (except for
            failure to pay the licence fee) without the consent of the Group
            Companies and imposes no material restrictions on the use or
            transfer of the software.

24.   DELEGATIONS, OFFERS, FINDER'S FEES

24.1  No power of attorney given by a Group Company will be in force after
      Completion.

24.2  Any offer, tender or quotation made or given by a Group Company which is
      outstanding and capable of acceptance by a third party, has been made or
      given in the usual and ordinary course of the Business.

24.3  None of the Vendor, the Group Companies or any of their respective
      Associates has taken any action under which any person is or may be
      entitled to a finder's fee, brokerage or commission in connection with the
      acquisition of any shares under this agreement.

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SCHEDULE 6 - INTELLECTUAL PROPERTY RIGHTS

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SCHEDULE 7 - PROPERTIES

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SCHEDULE 8 - EQUIPMENT LEASES

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SCHEDULE 9 - EMPLOYEE DETAILS

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SCHEDULE 10 - DISCLOSED DOCUMENTS INDEX

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SCHEDULE 11 - FIXED ASSET REGISTER

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SCHEDULE 12 - AUDITED ACCOUNTS

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SCHEDULE 12 - MANAGEMENT ACCOUNTS

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SIGNING PAGE

EXECUTED as an agreement.

SIGNED for and on behalf of The           /s/ Barry C. Dunaway
J.M. Smucker Company by its duly
authorised officer in the presence of     ___________________________________
                                          Signature of officer

/s/ Adrian Clive Chin                     Barry C. Dunaway

_____________________________________     ___________________________________

Signature of witness                      Name of officer (print)

Adrian Clive Chin                         Vice President - Corporate Development

_____________________________________     ___________________________________
Name of witness (print)                   Office held

SIGNED for and on behalf of SPC           /s/ Nigel Garrard
Ardmona Limited by its duly
authorised officer in the presence of     ___________________________________
                                          Signature of officer

/s/ Monika Maedler                        Nigel Garrard

_____________________________________     ___________________________________
Signature of witness                      Name of officer (print)

Monika Maedler                            Managing Director

_____________________________________     ___________________________________
Name of witness (print)                   Office held<PAGE>
                                                                   EXHIBIT 10.11

DEED OF VARIATION - SHARE SALE AGREEMENT

relating to shares in HJF Acquisition Corporation

The J.M. Smucker Company (VENDOR)
SPC Ardmona Limited (PURCHASER)
<PAGE>
                                                                               .
                                                                               .
                                                                               .

DEED OF VARIATION - SHARE SALE AGREEMENT

<TABLE>
<S>                                                                          <C>
DETAILS                                                                       3

AGREED TERMS                                                                  4

1.       DEFINITIONS AND INTERPRETATION                                       4
1.1      Definitions                                                          4
1.2      Interpretation                                                       4
1.3      Headings                                                             4

2.       VARIATIONS TO THE AGREEMENT                                          4
2.1      Variations to clause 1.1                                             4
2.2      Variations to clause 7.6                                             5
2.3      Variations to clause 7.7                                             7
2.4      Insertion of new clause 10.11                                        8
2.5      Insertion of Warranty 8.13 of Schedule 5                             8
2.6      Confirmation                                                         8

3.       MISCELLANEOUS                                                        8
3.1      Alterations                                                          8
3.2      Assignment                                                           9
3.3      Costs                                                                9
3.4      Counterparts                                                         9
3.5      Governing law and jurisdiction                                       9

SIGNING PAGE                                                                 10
</TABLE>

<PAGE>

DETAILS

DATE                                JUNE 2004

PARTIES

Name                    The J.M. Smucker Company (a corporation incorporated in
                        the State of Ohio, United States of America)

Short form name         VENDOR

Notice details          Strawberry Lane, Orville, OH 44667-0280, United States
                        of America
                        Facsimile: + 1 330 684 3026
                        Attention: General Counsel

Name                    SPC Ardmona Limited

ABN                     68 059 317 618

Short form name         PURCHASER

Notice details          19-25 Camberwell Road, Hawthorn East, Victoria,
                        Australia, 3123
                        Facsimile: + 61 03 5822 2121
                        Attention: Managing Director and Company Secretary

BACKGROUND

A     The parties entered into a share sale agreement on 12 May 2004 under which
      the Vendor has agreed to sell, and the Purchaser has agreed to purchase,
      the Shares (AGREEMENT).

B     The parties acknowledge that Completion is scheduled to take place on 16
      June 2004.

C     The parties also acknowledge that the Purchaser will not have had the
      opportunity to properly review the Completion Accounts and the Adjustment
      Amount in accordance with clause 7.6 of the Agreement prior to Completion.

D     The parties have agreed to amend the Agreement to preserve the Purchaser's
      rights to dispute the Completion Accounts and/or the Adjustment Amount
      post Completion, on the terms of this deed.

<PAGE>

AGREED TERMS

1.    DEFINITIONS AND INTERPRETATION

1.1   DEFINITIONS

      In this deed, a term defined in the Agreement and not otherwise defined in
      this deed has the same meaning in this deed.

1.2   INTERPRETATION

      In this deed, unless the contrary intention appears:

      (a)   the singular includes the plural and vice versa;

      (b)   words importing natural persons includes bodies corporate and vice
            versa;

      (c)   reference to clauses and schedules are references to clauses and
            schedules of this deed;

      (d)   a reference to time is to Victoria, Australia time;

      (e)   a reference to any document or agreement (including this deed)
            includes that document or agreement as amended, novated,
            supplemented or replaced;

      (f)   a reference to a party to this deed or any other document or
            agreement includes that party's successors or permitted assigns;

      (g)   a rule of construction does not apply to the disadvantage of a party
            because the party was responsible for the preparation of this
            agreement or any part of it; and

      (h)   if a day on or by which an obligation must be performed or an event
            must occur is not a Business Day, the obligation must be performed
            or the event must occur on or by the next Business Day.

1.3   HEADINGS

      In this deed, headings are for convenience only and do not affect
      interpretation.

2.    VARIATIONS TO THE AGREEMENT

2.1   VARIATIONS TO CLAUSE 1.1

      (a)   The parties agree to delete the definition of "Completion Date" and
            replace it with the following definition:

            "COMPLETION DATE means 16 June 2004."

      (b)   The parties agree that the following new definitions are to be
            inserted in clause 1.1 of the Agreement:

            "ESCROW ACCOUNT" means the bank account to be established under
            clause 4.6(b).

            "ESCROW AGENT" means Baker & McKenzie Solicitors of Level 39, 525
            Collins Street, Melbourne, Victoria 3000, Australia.

            "ESCROW AMOUNT" means the total amount of $200,000, comprising:

            (i)   the Labelling Escrow Amount; and

<PAGE>

            (ii)  the Transfer Pricing Escrow Amount.

            "ESCROW BALANCE" means the balance of the Escrow Account, including
            all interest (payable under clause 4.6(g)), after deducting any bank
            charges and Taxes payable on the operation of the Escrow Account.

            "ESCROW LETTER" means a letter from the Vendor to the Purchaser and
            the Escrow Agent regarding the appointment of the Escrow Agent, as
            agreed between the parties prior to Completion.

            "INDEPENDENT EXPERT" means:

            (a)   for all disputes other than disputes relating to the Labelling
                  Issue, the Independent Accountant; and

            (b)   in the case of a dispute relating to the Labelling Issue, the
                  Queens Counsel.

            "LABELLING ESCROW AMOUNT" means the amount of $150,000.

            "LABELLING ISSUE" means the issue relating to origin labelling of
            products under the Food Standards and the Trade Practices Act (and
            related State and Territory Fair Trading Acts), other than issues
            arising from undertakings given by the Purchaser to ACCC.

            "QUEENS COUNSEL" means the Queens Counsel appointed in accordance
            with clause 7.7(d).

            "TRANSFER PRICING ISSUE" means the issue relating to the treatment
            of transfer pricing in the Completion Accounts for the supply of the
            Transition Products.

            "TRANSFER PRICING ESCROW AMOUNT" means the amount of $50,000."

2.2   VARIATIONS TO CLAUSE 4.2

      The parties agree that clause 4.2 of the Agreement is deleted and replaced
      with the following clause:

      "On the Completion Date the Purchaser must pay:

      (a)   the Escrow Amount to the Escrow Agent; and

      (b)   the Purchase Price less the Escrow Amount to the Vendor."

2.3   INSERTION OF NEW CLAUSE 4.6

      The parties agree that a new clause 4.6 is to be inserted in the Agreement
      as follows:

      "4.6  ESCROW AMOUNT

      (a)   On Completion, the Vendor and the Purchaser must sign and deliver
            the Escrow Letter to the Escrow Agent.

      (b)   The parties must direct the Escrow Agent to invest the Escrow Amount
            in an interest bearing account with a reputable financial
            institution on 24 hour call in the joint names of the Vendor and the
            Purchaser, with the Escrow Agent named as the sole signatory to the
            Escrow Account.

      (c)   Payment may only be made out of the Escrow Account:

            (i)   to the Vendor as required under clauses 4.6(d) and/or (e); or

            (ii)  to the Vendor or the Purchaser:

                  (A)   upon receipt by the Escrow Agent of a written direction
                        as to quantum and recipient(s) of the relevant payment
                        or payments to be made by the Escrow Agent (including
                        for the purpose of distributing any funds remaining in
                        the

<PAGE>

                        Escrow Account after the provisions of this clause 4.6
                        have been exhausted) signed by both of the parties; or

                  (B)   as determined by the Independent Expert under clause 7.7
                        in respect of the quantum (including interest) and
                        recipient(s) of the relevant payment or payments
                        (including for the purpose of distributing any funds
                        remaining in the Escrow Account after the provisions of
                        this clause 4.6 have been exhausted).

      (d)   Subject to clauses 4.6(c)(ii) and 4.6(e), the parties must direct
            the Escrow Agent to pay the Escrow Balance to the Vendor from the
            Escrow Account within 2 Business Days of the earlier of:

            (i)   if the Purchaser does not raise the Labelling Issue or the
                  Transfer Pricing Issue (as the case may be) as a dispute as
                  provided in clause 7.7, the Final Objection Date;

            (ii)  if the Purchaser gives the Vendor a Dispute Notice under
                  clause 7.7(a) on the basis of the Labelling Issue and/or the
                  Transfer Pricing Issue (as the case may be) and the parties
                  resolve the matter in dispute within 10 Business Days, the
                  date on which the dispute is resolved; and

            (iii) if the dispute relating to the Labelling Issue and/or the
                  Transfer Pricing Issue (as the case may be) is submitted for
                  determination to the Independent Expert(s), the date on which
                  the relevant Independent Expert issues its determination.

      (e)   If at any of the respective dates described in clause 4.6(d), one or
            the other of the Labelling Issue or the Transfer Pricing Issue
            remains outstanding, then:

            (i)   the amount that the parties must direct the Escrow Agent to
                  pay under that clause will be the Escrow Balance less the
                  Labelling Escrow Amount (if the Labelling Issue remains
                  outstanding) or the Transfer Pricing Amount (if the Transfer
                  Pricing Issue remains outstanding) (the remaining amount in
                  the Escrow Account being the Shortfall Amount); and

            (ii)  subject to clause 4.6(c)(ii), the parties must direct the
                  Escrow Agent to pay the Shortfall Amount (plus all interest
                  payable under clause 4.6(g), less any bank charges and Taxes)
                  to the Vendor from the Escrow Account within 2 Business Days
                  of the earlier of the respective dates described in clause
                  4.6(d).

      (f)   Each party agrees to direct the Escrow Agent in writing so as to
            give full effect to this agreement (including clause 4.6(g)).
            Neither the Vendor nor the Purchaser will instruct the Escrow Agent
            to deal with the Escrow Balance, the Escrow Amount, the Labelling
            Escrow Amount or the Transfer Pricing Escrow Amount other than in
            accordance with the provisions of this clause 4.6.

      (g)   The parties agree that interest on any part of the Escrow Amount is
            to be paid as follows:

            (i)   any interest accruing during the period up to and including
                  the Final Objection Date is to be paid to the Purchaser;

            (ii)  any interest accruing from the Final Objection Date up to the
                  end of the 10 Business Days following the provision of the
                  Dispute Notice under clause 7.7(b) is to be shared equally by
                  the parties if the dispute is resolved within that period; and

            (iii) if the dispute is not resolved within the period referred to
                  in clause 4.6(g), any interest accruing from the Final
                  Objection Date until determination by the Independent Expert
                  under clause 7.7(g) is to be paid in accordance with the
                  Independent Expert's determination."

<PAGE>

2.4   VARIATION TO CLAUSE 6.3(a)

      The parties to agree to amend clause 6.3(a) of the Agreement by deleting
      the reference to "amount under clause 4.1" and replacing it with "amounts
      under clause 4.2".

2.5   VARIATIONS TO CLAUSE 7.6

      The parties agree to delete the first sentence of clause 7.6 of the
      Agreement and replace it with the following clause:

      "The Purchaser has the period of 14 days after the Completion Date to
      dispute the Completion Accounts (including the Purchaser pursuing a
      dispute in relation to the Labelling Issue and/or the Transfer Pricing
      Issue) and the Adjustment Amount (the last date of that period, FINAL
      OBJECTION DATE), after which the Completion Accounts and the Adjustment
      Amount will be final and binding on the parties if the Purchaser does not
      dispute the Completion Accounts or the Adjustment Amount as provided in
      clause 7.3. If the Purchaser disputes the Completion Accounts or the
      Adjustment Amount on or before the Final Objection Date, the dispute will
      be determined in accordance with clause 7.7."

2.6   VARIATIONS TO CLAUSE 7.7

      (a)   The parties agree that clause 7.7(a) of the Agreement is amended so
            that:

            (i)   only the Purchaser is defined as the "Disputing Party"; and

            (ii)  the words "(including the Purchaser pursuing a dispute in
                  relation to the Labelling Issue and/or the Transfer Pricing
                  Issue)" are added after the words "Completion Accounts".

      (b)   The parties agree that clauses 7.7(c), 7.7(e), 7.7(f) and 7.7(g) of
            the Agreement are amended so that the words "Independent Accountant"
            are replaced with "Independent Expert" wherever those words appear
            in those clauses.

      (c)   The parties agree that clause 7.7(d) of the Agreement is deleted and
            replaced with the following clause:

            "The Queens Counsel (in the case of a dispute relating to the
            Labelling Issue) and/or the Independent Accountant (in the case of
            all other disputes) must be agreed by the Vendor and the Purchaser.
            If the Vendor and the Purchaser cannot agree within 5 Business Days
            of the other party giving the Response to the Disputing Party, then
            the relevant Independent Expert will be nominated:

            (i)   in the case of a dispute relating to the Labelling Issue, at
                  the request of either the Vendor or the Purchaser, by the
                  President of the Victorian Bar Association; and

            (ii)  in the case of all other disputes, at the request of either
                  the Vendor or the Purchaser, by the President of the Institute
                  of Chartered Accountants (Victorian Branch)."

      (d)   The parties agree that clause 7.7(h) of the Agreement is deleted and
            replaced with the following clause:

            "If the final Adjustment Amount determined in accordance with clause
            7.7(g) is:

            (i)   more than the Adjustment Account included in the Purchase
                  Price, then within 5 Business Days the Purchaser must pay an
                  amount equal to the excess to the Vendor in accordance with
                  clause 4.3; and

<PAGE>

            (ii)  less than the Adjustment Amount included in the Purchase
                  Price, then within 5 Business Days the Vendor must pay an
                  amount equal to the shortfall to the Purchaser in accordance
                  with clause 4.3."

2.7   VARIATION TO CLAUSE 7.8

      The parties agree that clause 7.8(b) of the Agreement is amended so that
      the words "Independent Accountant" are replaced with "Independent Expert".

2.8   INSERTION OF NEW CLAUSE 10.11

      The parties agree that a new clause 10.11 is to be inserted in the
      Agreement as follows:

      "From the Completion Date until the last Category A Member or Category B
      Member's benefits have been paid out of the HJF Fund:

      (a)   one nominee of the Vendor, as notified in writing to the Purchaser
            from time to time, will be permitted to attend as an observer at
            meetings of the Board of directors of HJF Superannuation Nominees;

      (b)   the observer nominated under clause 10.11(a) will be provided notice
            of any directors' meeting by the Purchaser promptly after the
            Purchaser's nominees on the Board of HJF Superannuation Nominees
            receive that notice;

      (c)   the observer nominated under clause 10.11(a) will be permitted to
            speak at such directors' meetings subject to the constitution of HJF
            Superannuation Nominees and directions of the Chairman of the
            meeting and the trust deed of the HJF Fund; and

      (d)   any matters debated, discussed or decided by the Board of directors
            of HJF Superannuation Nominees shall be kept confidential by the
            observer until the directors otherwise determine, provided always
            that the observer may inform the Vendor and its advisers of, or
            provide any copies to the Vendor of, any resolution made by the
            Board which would increase any unfunded liability of the HJF Fund
            for the purposes of clause 10.7 or expose the Vendor to provide
            indemnification under clause 12.4."

2.9   VARIATION TO WARRANTY 8.5 OF SCHEDULE 5

      The parties agree that warranty 8.5 in Schedule 5 of the Agreement is
      amended so that the words "To the Vendor's knowledge, the" are replaced
      with "The".

2.10  INSERTION OF WARRANTY 8.13 OF SCHEDULE 5

      The parties agree that a new warranty 8.13 is to be inserted in Schedule 5
      of the Agreement as follows:

      "Prior to and as at Completion there has been no breach of the governing
      rules of the HJF Fund, any award, industrial agreement, employment
      contract or applicable law, in respect of Henry Jones Food's obligation to
      make superannuation contributions in respect of a Completion Employee who
      is a Category A Member or Category B Member in the HJF Fund."

2.11  CONFIRMATION

      The parties confirm that, other than the variations in this deed, the
      provisions of the Agreement remain in full force and effect in accordance
      with their terms and continue to bind the parties.

3.    MISCELLANEOUS

3.1   ALTERATIONS

      This deed may be altered only in writing signed by each party.

<PAGE>

3.2   ASSIGNMENT

      A party may only assign this deed or a right under this deed with the
      prior written consent of the other party.

3.3   COSTS

      Each party must pay its own costs of negotiating, preparing and executing
      this deed.

3.4   COUNTERPARTS

      (a)   This deed may be executed in counterparts. All executed counterparts
            constitute one document.

      (b)   This deed is binding on the parties on exchange of duly executed
            counterparts.

3.5   GOVERNING LAW AND JURISDICTION

      This deed is governed by the law of Victoria and each party irrevocably
      and unconditionally submits to the non-exclusive jurisdiction of the
      courts of Victoria.

<PAGE>

SIGNING PAGE

EXECUTED as a deed.

EXECUTED by SPC ARDMONA LIMITED

/s/ Nigel Garrard                    /s/ Monika Maedler
---------------------------          -------------------------------------------
Signature of director                Signature of director/company secretary
                                     (Please delete as applicable)
                                     Monika Maedler

Nigel Garrard

---------------------------          -------------------------------------------
Name of director (print)             Name of director/company secretary (print)

<PAGE>

The J. M. Smucker Company

/s/ Richard K. Smucker
-------------------------------------------

Richard K. Smucker, President, Co-Chief Executive Officer, and

Chief Financial Officer

/s/ Barry C. Dunaway
-------------------------------------------

Barry C. Dunaway, Vice President - Corporate Development

State of Ohio           )

                        ) SS:

County of Wayne         )

On this 16th day of June, 2004, personally appeared before me, Richard K.
Smucker, the President, Co-Chief Executive Officer, and Chief Financial Officer
of The J. M. Smucker Company and Barry C. Dunaway, Vice President - Corporate
Development of The J. M. Smucker Company, each to me known to be the person
named in and who executed the above instrument, and acknowledged to me that each
executed the same for the uses and the purposes therein mentioned.

Date: 6-16-04           /s/ Jeannette Knudsen
                        -------------------------------------------------

                        Notary Public

                        Notary Seal        Jeannette L. Knudsen, Attorney-At-Law

                        State of Ohio      Notary Public - Sate of Ohio

                                           My Commission has no expiration date

                                           Sec. 147.03 R.C.

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