Document:

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                                                                   EXHIBIT 10.28

TRUST DEED

RELATING TO

Capital Notes

GOODMAN FINANCE LIMITED

as Issuer of the Capital Notes

AND

BURNS, PHILP & COMPANY LIMITED

as Guarantor and Issuer of Ordinary Shares in Redemption of Capital Notes

AND

THE NEW ZEALAND GUARDIAN TRUST COMPANY LIMITED

as Trustee

DATE 30 April 2003

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CONTENTS

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<S>                                                                                            <C>
1.     INTERPRETATION.....................................................................       1

       1.1        Definitions.............................................................       1
       1.2        Interpretation..........................................................       9
       1.3        Miscellaneous...........................................................      10
       1.4        Definitions in Conditions...............................................      11
       1.5        Non-Business Days.......................................................      11
       1.6        Changes in GAAP.........................................................      11

2.     ISSUE AND CONSTITUTION OF CAPITAL NOTES............................................      11

       2.1        Constitution of Capital Notes...........................................      11
       2.2        Further issue...........................................................      11
       2.3        Conditions of issue.....................................................      12
       2.4        Deed and Conditions binding.............................................      12
       2.5        Payment of Issue Price..................................................      12
       2.6        Form of Capital Notes and Holding Certificates..........................      12
       2.7        Covenant to observe the Deed and Conditions.............................      13
       2.8        Noteholder absolute owner...............................................      14
       2.9        Cancellation on redemption .............................................      14
       2.10       Validity of issued Capital Notes........................................      14
       2.11       Payment of brokerage or commission - issue at discount or premium.......      14
       2.12       Unclaimed payments......................................................      14
       2.13       Reinstatement...........................................................      15
       2.14       Further issues..........................................................      15

3.     SUBORDINATION AND STATUS OF CAPITAL NOTES..........................................      15

       3.1        Status and subordination................................................      15
       3.2        Subordinated contingent debt............................................      15
       3.3        Other indebtedness permitted............................................      16
       3.4        No subordination of Trustee's entitlement...............................      16
       3.5        Trust...................................................................      16
       3.6        No Set-off..............................................................      16
       3.7        Contracts (Privity) Act 1982............................................      16
       3.8        Enforcement by Trustee..................................................      17
       3.9        Distribution on Liquidation.............................................      17
       3.10       Reliance on Liquidator..................................................      18
       3.11       Termination of trusts...................................................      18
       3.12       Permitted payments and receipts.........................................      18
       3.13       Permitted proceedings...................................................      18
       3.14       Commencement of Liquidation.............................................      19
       3.15       Interest payable following Commencement of Liquidation..................      19
       3.16       Permitted payments......................................................      19

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4.     THE REGISTER.......................................................................      19

       4.1        Establish and maintain Register.........................................      19
       4.2        Details on Register.....................................................      19
       4.3        Inspection of Register..................................................      20
       4.4        Change in details.......................................................      20
       4.5        Recognition of transmission of Capital Notes............................      20
       4.6        Registration of transmission of Capital Notes...........................      20
       4.7        Joint Noteholders.......................................................      20
       4.8        Register conclusive.....................................................      21
       4.9        Conflict between Register and Holding Certificates......................      21

5.     WARRANTIES AND COVENANTS...........................................................      21

       5.1        Representations and warranties..........................................      21
       5.2        Company covenants.......................................................      22
       5.3        Financial Covenant......................................................      24
       5.4        BPC Covenants...........................................................      24
       5.5        Accounts and reports of directors.......................................      25
       5.6        Nature of Company's Accounts............................................      27
       5.7        Auditors................................................................      27

6.     TRUSTEE'S POWER TO REMEDY AND WAIVE................................................      27

       6.1        Trustee may remedy......................................................      27
       6.2        Waiver by Trustee.......................................................      27

7.     APPOINTMENT OF AND POWERS AND DISCRETIONS OF TRUSTEE...............................      27

       7.1        Appointment.............................................................      27
       7.2        Powers..................................................................      27
       7.3        Discretion to consult Noteholders.......................................      30
       7.4        Trustee's right to be indemnified.......................................      30
       7.5        Trustee may concur in modification......................................      30
       7.6        Fiduciary relationship..................................................      31

8.     MEETINGS OF NOTEHOLDERS............................................................      32

       8.1        Regulations of meetings.................................................      32
       8.2        Represent Noteholders...................................................      32

9.     INDEMNITY OF TRUSTEE...............................................................      32

10.    RETIREMENT, REMOVAL AND NEW APPOINTMENT OF TRUSTEE.................................      32

       10.1       Retirement of Trustee...................................................      32
       10.2       Appointment of new Trustee..............................................      33

11.    TRUSTEE'S REMUNERATION AND EXPENSES................................................      33

       11.1       Basic remuneration......................................................      33
       11.2       Expenses................................................................      33
       11.3       Liability not terminated................................................      34
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12.    DISCLOSURE OF INFORMATION..........................................................      34

13.    NOTICES............................................................................      34

14.    DISCHARGE OF DEED..................................................................      35

15.    INVALIDITY.........................................................................      35

16.    GOVERNING LAW AND JURISDICTION.....................................................      35

       16.1       Governing Law...........................................................      35
       16.2       Jurisdiction............................................................      36
       16.3       Process Agent...........................................................      36

SCHEDULE 1:  FORM OF CAPITAL NOTE HOLDING CERTIFICATE.....................................      38

SCHEDULE 2:  CONDITIONS OF THE CAPITAL NOTES..............................................      42

SCHEDULE 3:  MEETING OF NOTEHOLDERS.......................................................      58

SCHEDULE 4: EXISTING JOINT VENTURES.......................................................      66
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This TRUST DEED is made on 30 April

BETWEEN              (1)    GOODMAN FINANCE LIMITED (the COMPANY)

AND                  (2)    BURNS, PHILP & COMPANY LIMITED (ABN 65 000 000 359)
                            (BPC)

AND                  (3)    THE NEW ZEALAND GUARDIAN TRUST COMPANY LIMITED
                            (the TRUSTEE)

INTRODUCTION

(A)      The Company will issue Capital Notes constituted under this Deed.

(B)      BPC, and certain of its subsidiaries, have agreed to guarantee all
         indebtedness of the Company under this Deed. BPC has further agreed to
         provide for the issue of shares of BPC in redemption of the Capital
         Notes in the circumstances described in this Deed.

(C)      The Securities Act 1978 and Securities Regulations 1983 require the
         appointment of a trustee in respect of the Capital Notes and the
         execution by the Company, BPC and the Trustee of a trust deed.

(D)      The Trustee has agreed to act as trustee on behalf of the Noteholders
         in accordance with this Deed.

(E)      The Capital Notes are unsecured, subordinated indebtedness of the
         Company. The claims of the Noteholders will, in any liquidation,
         bankruptcy, reorganisation, insolvency, receivership or similar
         proceeding for the benefit of creditors of the Company, rank ahead of
         shareholders of the Company, but behind the claims of all other
         creditors of the Company, other than creditors who have agreed to rank
         subordinate to the obligations of the Company under the Capital Notes,
         or pari passu with such obligations.

IT IS AGREED

1.       INTERPRETATION

1.1      DEFINITIONS

         In this Deed, unless the context otherwise requires:

         ACCRUED INTEREST has the meaning set out in the Conditions;

         APPROVED CHARTERED ACCOUNTANT means KPMG or any other firm of chartered
         accountants acceptable to the Trustee which, for the avoidance of
         doubt, shall be deemed to include any accountant which has been
         approved by the Facility Agent to act in the equivalent role under the
         Senior Facility Agreements;

         ASSOCIATE means:

         (a)      each Existing Joint Venture; and

         (b)      any other corporation, partnership, joint venture, trust or
                  other entity that BPC is required by GAAP to recognise in its
                  accounts on an equity accounting basis;

         A$ means the lawful currency of Australia;

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         AUDITORS means the auditors for the time being appointed by the
         Company;

         AUSTRALIAN STOCK EXCHANGE means the Australian Stock Exchange or any
         alternative or substitute market for Ordinary Shares or other
         arrangement in Australia on or through which Ordinary Shares may be
         freely traded and which is generally regarded as the principal market
         or arrangement for the trading of Ordinary Shares in Australia;

         BUSINESS DAY means a day (other than a Saturday or Sunday) on which
         banks generally are open for business in Auckland and Sydney;

         CALCULATION DATE means each Quarter Date in each year commencing with
         the Quarter Date falling on 30 September 2003;

         CAPITAL NOTES means the unsecured, subordinated capital notes in an
         aggregate Principal Amount not exceeding $250,000,000, constituted by
         this Deed and which are for the time being outstanding and includes the
         relevant Conditions applicable to such capital notes but, unless the
         context requires otherwise, does not include any Further Capital Notes;

         COMMENCEMENT OF LIQUIDATION means the commencement of Liquidation under
         section 241(5) or section 317 of the Companies Act 1993, as the case
         may be, or under any similar legislation under which the Company, BPC
         or any of its Subsidiaries will cease to be duly incorporated or to
         validly exist or the date on which a statutory manager is appointed to
         the Company, BPC or any of its Subsidiaries under the Corporations
         (Investigations and Management) Act 1989 and includes any analogous
         proceedings in any other jurisdiction;

         CONDITIONS means the terms and conditions (including, where
         appropriate, New Conditions) from time to time applicable to the
         Capital Notes in the form set out in Schedule 2 (as modified from time
         to time in accordance with this Deed);

         COST SAVINGS means:

         (a)      an initial amount of A$50,000,000 in respect of the
                  acquisition of shares in Goodman Fielder Limited and an
                  initial amount of A$8,000,000 in respect of the acquisition of
                  the Fleischmann business unit from Kraft Foods International
                  Inc., as each such amount is reduced on each Calculation Date
                  by the total annualised realised cost savings achieved in the
                  quarter ending on that Calculation Date from the integration
                  of Goodman Fielder Limited and the Fleischmann business unit
                  into the Group, which realised cost savings and reductions
                  have been verified by an Approved Chartered Accountant and a
                  copy of that review has been delivered to the Trustee,
                  provided that:

                  (i)      the amount in respect of the acquisition of shares in
                           Goodman Fielder Limited and integration of Goodman
                           Fielder Limited into the Group, shall reduce to zero
                           by the date which is 12 months after Goodman Fielder
                           Limited becomes a wholly-owned Subsidiary of BPC; and

                  (ii)     the amount in respect of the acquisition and
                           integration of the Fleischmann business unit into the
                           Group, shall reduce to zero on the date which is 12
                           months after the earlier of the date BPC receives all
                           Brazilian anti-trust approvals required in relation
                           to the acquisition of the Fleischmann business unit
                           and 30 June 2003; and

         (b)      in relation to any acquisition (other than an acquisition
                  referred to in paragraph (a)), an amount in respect of a cost
                  saving plan (including the amount, time frame and anticipated
                  milestone dates for any cost savings) agreed between BPC and
                  the Trustee in relation to that acquisition;

         DEEDS OF GUARANTEE means each deed of guarantee entered into by
         Subsidiaries of BPC in support of the Company's obligations under this
         Deed (including, without limitation, in respect of the Capital Notes)
         and DEED OF GUARANTEE means each of them;

                                                                               2

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         EBIT means for the Group for a period, an amount equal to the
         consolidated net profit after tax of the Group for the period that
         would be disclosed by consolidated financial statements of the Group if
         they were prepared in accordance with GAAP as at the last day of that
         period, after:

         (a)      deducting an amount equal to:

                  (i)      profits relating to unrealised revaluations included
                           in consolidated net profit after tax;

                  (ii)     profits realised on the sale or other disposition of
                           any asset not manufactured or acquired for disposal
                           in the ordinary course of ordinary business or which
                           is unusual in nature; and

                  (iii)    unrealised exchange gains included in consolidated
                           net profit after tax; and

         (b)      adding back an amount equal to:

                  (i)      the provision for income tax and other taxation (if
                           any) levied in Australia or anywhere else on or by
                           reference to income or profits relating to that
                           period;

                  (ii)     the Net Interest Expense for that period;

                  (iii)    losses realised on the sale or other disposition of
                           any asset not manufactured or acquired for disposal
                           in the ordinary course of ordinary business or which
                           is unusual in nature (including as a result of
                           revaluations), to the extent that those losses have
                           been charged against that profit;

                  (iv)     unrealised exchange losses relating to that period;

                  (v)      any Restructuring Costs;

                  (vi)     any incremental annualised realised cost savings
                           relating to that period that have been reviewed and
                           verified by an Approved Chartered Accountant
                           (provided that in relation to cost savings described
                           in sub-paragraphs (a)(i) and (ii) of the definition
                           of Cost Savings, such incremental annualised realised
                           cost savings shall reduce to zero with effect from
                           the applicable date in sub-paragraph (a)(i) and (ii)
                           respectively); and

                  (vii)    outside equity interests relating to that period.

         For the purposes of calculating EBIT for any Subsidiary or business
         acquired in any period, provided such EBIT has been verified by an
         Approved Chartered Accountant and a copy of that review is delivered to
         the Trustee, EBIT will be adjusted to take into account the effects of
         any acquisitions made during the period. The adjustments will be made
         on the basis that the acquired Subsidiary or business had been acquired
         on the first day of the period and the EBIT for that acquired
         Subsidiary or business for the whole of the period was included in the
         EBIT of the Group for that period.

         EBITDA means for the Group for a period, the sum of:

         (a)      EBIT for the Group for that period; and

         (b)      depreciation and amortisation on fixed and other assets
                  (including goodwill) of the Group on a consolidated basis
                  during that period;

         that would be disclosed by consolidated financial statements of the
         Group if they were prepared in accordance with GAAP as at the last day
         of that period.

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         ELECTION DATE has the meaning set out in the Conditions;

         EVENT OF DEFAULT means, in relation to a Senior Creditor Agreement:

         (a)      if that term is defined in the Senior Creditor Agreement, the
                  meaning given to that term;

         (b)      if there is no such definition in that Senior Creditor
                  Agreement, a default, event or circumstance which occurs under
                  that Senior Creditor Agreement which results in the
                  indebtedness of a Group Member to that Senior Creditor being
                  accelerated in accordance with its terms;

         EXISTING JOINT VENTURE means a joint venture described in Schedule 4 to
         this Deed;

         EXISTING SENIOR LOAN AGREEMENTS means:

         (a)      the senior funding agreement dated 2 August 2001 made between
                  BPC, the entities listed in schedule 1 to that agreement,
                  Credit Suisse First Boston, Melbourne Branch, The
                  Toronto-Dominion Bank and the financial institutions listed in
                  schedule 2 to that agreement, as amended;

         (b)      the term loan facility agreement dated 2 August 2001 made
                  between BPC, the entities listed in schedule 1 to that
                  agreement, Credit Suisse First Boston, Melbourne Branch and
                  the financial institutions listed in schedule 2 to that
                  agreement; and

         (c)      the revolving loan facility agreement dated 2 August 2001 made
                  between BPC, the entities listed in schedule 1 to that
                  agreement, Credit Suisse First Boston, Melbourne Branch and
                  the financial institutions listed in schedule 2 to that
                  agreement;

         EXTRAORDINARY RESOLUTION means a resolution passed at a meeting of the
         Noteholders duly convened and held by a majority consisting of not less
         than three-quarters of the votes cast on that resolution or, if a poll
         is required, by not less than three-quarters of the votes cast on the
         poll;

         FACILITY AGENT means Credit Suisse First Boston, Melbourne Branch;

         FURTHER CAPITAL NOTES means capital notes evidencing indebtedness of
         the Company constituted by a Supplemental Deed in accordance with
         clause 2.2 or the amount of such capital notes for the time being
         outstanding or, as the context may require, a specific number of such
         capital notes;

         GAAP means:

         (a)      in relation to the Company, generally accepted accounting
                  practice as such term is defined in section 3 of the Financial
                  Reporting Act 1993; and

         (b)      in relation to BPC or the Group means, generally accepted
                  accounting principles in Australia consistently applied;

         GROUP means BPC, the Subsidiaries and the Associates of BPC from time
         to time;

         GROUP MEMBER means BPC and any Subsidiary of BPC from time to time;

         GUARANTOR means each of BPC and each wholly owned Subsidiary of BPC
         incorporated in Australia, New Zealand or the United States which has
         gross revenues from non-Group Members of greater than A$10,000,000 (or
         equivalent) in a financial year as disclosed in its most recent annual
         accounts and includes any new guarantor which accedes to any Deed of
         Guarantee in accordance with the terms of the relevant Deed of
         Guarantee (in each case to

                                                                               4

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         the extent not subsequently released in accordance with the terms of
         the relevant Deed of Guarantee);

         HOLDING CERTIFICATE means a holding certificate issued by the Company
         in, or substantially in, the form set out in Schedule 1 setting out the
         information required under Rules 11.2.1 and 11.2.5 of the Listing Rules
         and having a summary of the Conditions endorsed on, or attached to,
         that holding certificate and any holding certificate, acknowledgement,
         receipt or other written evidence issued in replacement of, or
         substitution for, any such holding certificate;

         INSOLVENCY EVENT means, in respect of a person:

         (a)      an order being made, or the person passing a resolution, for
                  its winding up, dissolution or deregistration;

         (b)      an application being made to a court for an order for
                  protection from creditors or for its reorganisation, winding
                  up, dissolution or deregistration, unless the application is
                  withdrawn or dismissed within 5 Business Days;

         (c)      an administrator, statutory manager, liquidator or analogous
                  person being appointed to the person;

         (d)      that person enters into a scheme of arrangement, composition
                  with, or assignment for the benefit of, its creditors (or any
                  class of them) or proposes a moratorium in relation to its
                  creditors (or any class of them);

         (e)      (i)      the person resolving to appoint a controller or
                           analogous person to the person or any of the person's
                           property;

                  (ii)     an application being made to a court for an order to
                           appoint a controller, provisional liquidator, trustee
                           for creditors or in bankruptcy or analogous person to
                           the person or any of the person's property, unless
                           the application is withdrawn or dismissed within 5
                           Business Days; or

                  (iii)    an appointment of the kind referred to in
                           subparagraph (ii) being made (whether or not
                           following a resolution or application);

         (f)      the holder of a security interest taking possession of any of
                  the person's property;

         (g)      the person being taken under section 458F(1) of the
                  Corporations Act 2001 or section 287 of the Companies Act 1993
                  (as applicable) to have failed to comply with a statutory
                  demand;

         (h)      the person:

                  (i)      suspending payment of its debts, ceasing (or
                           threatening to cease) to carry on all or a material
                           part of its business, stating that it is unable to
                           pay its debts as they fall due or being or becoming
                           otherwise insolvent; or

                  (ii)     being taken by applicable law to be (or if a court
                           would be entitled or required to presume that the
                           person is) unable to pay its debts as they fall due
                           or otherwise insolvent;

         (i)      the process of any court or authority being invoked against
                  the person or any of its property to enforce any judgment or
                  order for the payment of money or the recovery of any
                  property;

                                                                               5

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         (j)      the person taking any step that could result in the person
                  becoming an insolvent under administration (as defined in
                  section 9 of the Corporations Act 2001);

         (k)      the person taking any step toward entering into a compromise
                  or arrangement with, or assignment for the benefit of, any of
                  its members or creditors; or

         (l)      any analogous event in any relevant jurisdiction;

         INTEREST DATE has the meaning set out in the Conditions;

         INTEREST RATE has the meaning set out in the Conditions;

         ISSUE PRICE means, in relation to a Capital Note and from time to time,
         the price determined by the Company for the issue of that Capital Note
         which may be set at a premium or discount to the Principal Amount of
         the Capital Note and may differ in respect of different Capital Notes;

         LIQUIDATION means, in relation to the Company, BPC or any of its
         Subsidiaries, either:

         (a)      the process of liquidation provided for in Part XVI of the
                  Companies Act 1993; or

         (b)      any analogous procedure following which the Company, BPC or
                  any of its Subsidiaries, as the case may be, will cease to
                  validly exist, or be duly incorporated, except for the
                  purposes of, and followed by, a reconstruction or an
                  amalgamation (not including or arising out of insolvency) of
                  the Company, BPC or any of its Subsidiaries provided that,
                  upon such reconstruction or amalgamation, the successor to the
                  Company, BPC or any of its Subsidiaries assumes the
                  obligations of the Company, BPC or any of its Subsidiaries
                  under this Deed and the terms of the Capital Notes, and that
                  the form of the restructuring or amalgamation has been
                  approved by Extraordinary Resolution; or

         (c)      its becoming subject to statutory management under the
                  Corporations (Investigation and Management) Act 1989;

         LIQUIDATION AMOUNT has the meaning set out in the Conditions;

         LIQUIDATOR means, in relation to the Company, any official in whom
         management of the Company may become vested for the purposes of
         liquidating its assets and repaying its debts and administering to the
         eventual cessation of its business and shall include a statutory
         manager;

         LISTING RULES means:

         (a)      in relation to the Company, the listing rules of the New
                  Zealand Stock Exchange in force from time to time; and

         (b)      in relation to BPC, the listing rules of the Australian Stock
                  Exchange in force from time to time;

         LTM EBITDA means, for a period, the aggregate EBITDA for that period
         plus Cost Savings for that period;

         NET INTEREST EXPENSE means for the Group for a period, Total Interest
         Expense for the Group for that period less interest income of the Group
         over that period, calculated on a consolidated basis in accordance with
         GAAP;

         NET TOTAL DEBT means, on any day, the Total Debt on that day less the
         sum of the amount of cash held on that day by:

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         (a)      BPC; or

         (b)      any other Group Member, to the extent that there is no legal,
                  contractual or other restriction on the ability of BPC to
                  readily procure that the cash is transferred to BPC or a
                  Guarantor;

         NEW CONDITIONS has the meaning set out in the Conditions;

         NEW ZEALAND STOCK EXCHANGE means the New Zealand Stock Exchange or any
         alternative or substitute market for Ordinary Shares or other
         arrangement in New Zealand on or through which Ordinary Shares may be
         freely traded and which is generally regarded as the principal market
         or arrangement for the trading of Ordinary Shares in New Zealand;

         NOTEHOLDER means, at any time, in relation to a Capital Note, the
         person named in the Register as the holder of the Capital Note;

         ORDINARY SHARES means fully paid ordinary shares in BPC of the class on
         issue at the date of this Deed or the shares which result if such
         ordinary shares in BPC are at any time subdivided, consolidated or
         reclassified after the date of this Deed;

         POTENTIAL EVENT OF DEFAULT means, in relation to a Senior Creditor
         Agreement:

         (a)      if that term is defined in the Senior Creditor Agreement, the
                  meaning given to that term;

         (b)      if there is no such definition in that Senior Creditor
                  Agreement, an event or circumstance which with the passage of
                  time, or the giving of notice or both would become an Event of
                  Default;

         PRINCIPAL AMOUNT means, in relation to a Capital Note, the principal
         amount of such Capital Note as recorded in the Register;

         PROXY CLOSING TIME means 48 hours before the time appointed for
         commencement of the relevant meeting of Noteholders or the taking of a
         poll of Noteholders;

         QUARTER DATE means 31 March, 30 June, 30 September and 31 December in
         each year;

         QUARTER PERIOD means a period from a Quarter Date and ending on the
         next Quarter Date;

         REGISTER means the register of Capital Notes to be established and
         maintained in accordance with this Deed;

         REGISTRAR means the person appointed by the Company to maintain the
         Register;

         RESTRUCTURING COSTS means, in respect of any period, costs and expenses
         incurred by the Group during that period in relation to restructuring
         (including, for the avoidance of doubt, all costs and expenses relating
         to redundancy, closure and make good costs, asset relocation costs not
         capable of capitalisation, consultant fees and asset write downs)
         provided such costs have been verified by an Approved Chartered
         Accountant and a copy of that review has been delivered to the Trustee;

         SENIOR CREDITOR AGREEMENT means any agreement or document governing the
         terms of any indebtedness of a Group Member to a Senior Creditor;

         SENIOR CREDITORS has the meaning set out in the Conditions;

                                                                               7

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         SENIOR FACILITY AGREEMENTS means each of the financing arrangements
         entered into by BPC and various subsidiaries of BPC in February and
         March 2003 in connection with the funding of the acquisition of Goodman
         Fielder Limited;

         SUBSIDIARY means in relation to an entity, another entity which is:

         (a)      a subsidiary of the first within the meaning of Part 1.2
                  Division 6 of the Corporations Act (Cwlth) or;

         (b)      a subsidiary of the first within the meaning of section 5 of
                  the Companies Act 1993; or

         (c)      a subsidiary of or otherwise controlled by the first within
                  the meaning of any approved accounting standard;

         SUPPLEMENTAL DEED means a deed supplemental to this Deed under which
         any Further Capital Notes are constituted;

         TOTAL DEBT means, on any date, the gross amount of all financing
         liabilities of the Group on that date (including for the avoidance of
         doubt, the liabilities in relation to the Capital Notes and any other
         financing liabilities that rank pari passu with or ahead of the Capital
         Notes), calculated on a consolidated basis in accordance with GAAP,
         including:

         (a)      the redemption amount of all debt instruments;

         (b)      the principal amount of all finance leases and hire purchase
                  agreements;

         (c)      the redemption amount of all redeemable shares issued by a
                  Group Member; and

         (d)      all other liabilities that are required by GAAP to be treated
                  as financing liabilities;

         TOTAL INTEREST EXPENSE means for the Group for a period, the gross
         amount of all interest and financing costs incurred by the Group over
         that period, calculated on a consolidated basis in accordance with
         GAAP, after taking into account all realised losses and profits on
         foreign currency borrowings and financing transactions (other than
         amounts transferred to foreign currency translation reserves),
         including:

         (a)      the amount of all discounts and similar allowances on the
                  issue or disposal of debt instruments;

         (b)      all finance charges under finance leases and hire purchase
                  agreements;

         (c)      the amount of all dividends paid or payable on redeemable
                  shares issued by any Group Member; and

         (d)      all other expenses and amounts that are required by GAAP to be
                  treated as an interest or financing cost other than
                  amortisation of loan establishment costs,

         but excluding:

         (e)      interest and financing costs on money borrowed or raised to
                  acquire, develop or improve fixed assets, to the extent that
                  they have been capitalised in the accounts of the Group; and

         (f)      interest and financing costs on the redeemed USD100,000,000
                  aggregate amount of 5 1/2 Guaranteed Subordinated Convertible
                  Bonds issued by Burns Philp Treasury (Europe) BV and the
                  redeemed USD100,000,000 aggregate amount of Conversion Bonds
                  issued by BPC;

                                                                               8

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         (g)      the make whole premium on existing financial accommodation of
                  Goodman Fielder Limited;

         (h)      any realised costs of closing out a Treasury Transaction that
                  are incurred in connection with the refinancing of the
                  Existing Senior Loan Agreements or any acquisition of a
                  Subsidiary or business after 4 March 2003;

         (i)      any dividends paid during the period on the converting
                  preference shares issued by BPC prior to the date of this Deed
                  (up to conversion); and

         (j)      any non-cash items included in interest in the most recent
                  statement of the financial performance of the Group;

         TRANCHE means either the Five Year Notes, the Eight Year Notes or both
         of them as the case may be;

         TREASURY TRANSACTION means any foreign exchange agreement, currency or
         interest purchase agreement, interest rate swap, cap or collar
         agreement, currency swap agreement, currency and interest rate future
         or option contract and other similar agreement (whether entered into
         before, on or after the date of this agreement); and

         UNPAID INTEREST has the meaning set out in the Conditions.

1.2      INTERPRETATION

         Except to the extent that the context otherwise requires, any reference
         in this Deed (including in the Conditions) to:

         BORROWED MONEY means any indebtedness for or in respect of money
         borrowed or raised by whatever means (including acceptances, deposits,
         finance leases, debt factoring with recourse and the issue of
         redeemable preference shares) or for the deferred purchase price of
         assets and services (other than assets or services supplied in the
         ordinary course of business on normal trade terms);

         the CAPITAL NOTES shall be interpreted as a reference to all Capital
         Notes or, as the context may require, to each Tranche of Capital Notes;

         a CLAUSE or SCHEDULE is a reference to a clause of, or the schedule to,
         this Deed;

         a COMPANY means any company or body corporate wherever incorporated or
         domiciled and, where the context so permits, includes an individual;

         INDEBTEDNESS includes any obligation (whether present or future, actual
         or contingent, secured or unsecured, as principal or surety or
         otherwise) for the payment or repayment of money;

         LAW means all laws, statutes, regulations and ordinances of New Zealand
         and all judgments, decrees, injunctions, writs and orders of any New
         Zealand court;

         FINANCIAL STATEMENTS includes statements of financial position,
         financial performance, movements in equity and cashflows, and the notes
         relating to any such statements, and CONSOLIDATED FINANCIAL STATEMENTS
         has a corresponding meaning;

         MONTH means calendar month;

         a NOTEHOLDER or the NOTEHOLDERS shall be interpreted as a reference to
         all Noteholders or, as the context may require, the holders of a
         particular Tranche of Capital Notes;

                                                                               9

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         OUTSTANDING means, in relation to Capital Notes, all the Capital Notes
         as from time to time have been issued in accordance with this Deed
         other than:

         (a)      those which have been repaid or redeemed in accordance with
                  this Deed and the relevant Conditions; and

         (b)      those which have been purchased and surrendered for
                  cancellation and in respect of which notice of cancellation
                  has been given to the Registrar;

         PERSON includes an individual, firm, company, corporation or
         unincorporated body of persons, organisation or trust, and any state or
         government agency, in each case whether or not having a separate legal
         personality;

         TAX includes any present or future tax, levy, impost, duty, rate,
         charge, fee, deduction or withholding of any nature and whatever
         called, imposed or levied by any government or governmental agency; and

         WRITTEN and IN WRITING includes all means of reproducing words in a
         tangible and permanently visible form.

1.3      MISCELLANEOUS

         (a)      DEFINITIONS IN COMPANIES ACT 1993 AND SECURITIES ACT 1978

                  Except where otherwise expressly provided in this Deed, words
                  defined in the Companies Act 1993 or the Securities Act 1978
                  have the same meanings in this Deed.

         (b)      HEADINGS

                  The introduction to, and each heading in this Deed, is
                  inserted for convenience only and is to be ignored in
                  construing this Deed.

         (c)      PLURAL, SINGULAR AND GENDER REFERENCES

                  Unless the context otherwise requires, words denoting the
                  singular number only are to include the plural and vice versa
                  and words denoting any gender are to include all genders.

         (d)      REFERENCES TO LEGISLATION

                  References to any legislation or to any provision of any
                  legislation are deemed to be references to that legislation or
                  provision as from time to time amended, re-enacted or
                  substituted.

         (e)      MODIFIED, NOVATED, SUPPLEMENTED, VARIED AND REPLACED DOCUMENT

                  References to any document (however described) will include
                  references to such document as modified, novated,
                  supplemented, varied or replaced from time to time.

         (f)      SCHEDULES

                  Each schedule has the same form and effect as if set out in
                  the body of this Deed.

         (g)      REFERENCES TO TIME

                  Anything which may be done at any time may also be done from
                  time to time.

                                                                              10

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1.4      DEFINITIONS IN CONDITIONS

         Words and expressions defined in the Conditions and not otherwise
         defined in this Deed have the same meanings where used in this Deed
         unless the context otherwise requires.

1.5      NON-BUSINESS DAYS

         Anything which is required by this Deed or the Conditions to be done
         on, or as of, a day which is not a Business Day is to be done on, or as
         of, the next Business Day.

1.6      CHANGES IN GAAP

         The parties acknowledge that changes in GAAP after the date of this
         Deed may make the operation of clauses 5.3, 5.5 and 5.6, the defined
         terms in clause 1.1, or another clause in this Deed that refers to
         GAAP, inappropriate. If the Company or the Trustee considers that this
         has occurred and notifies the other of them to that effect (the
         NOTIFICATION DATE), the Company and the Trustee agree to make
         appropriate amendments to the affected clause or definition. If the
         Company and the Trustee fail to agree on the appropriate amendments to
         the affected clause or definition within 20 Business Days of the
         Notification Date, then the Company's compliance with such affected
         clause or definition shall be determined on the basis of GAAP in effect
         immediately before the relevant change in GAAP became effective, until
         such notification is withdrawn or such clause or definition is amended
         in a manner satisfactory to the Company and the Trustee.

2.       ISSUE AND CONSTITUTION OF CAPITAL NOTES

2.1      CONSTITUTION OF CAPITAL NOTES

         The Company may, from time to time, constitute and issue Capital Notes
         in accordance with this Deed.

2.2      FURTHER ISSUE

         With the consent of the Trustee, the Company may, from time to time,
         without the consent of the Noteholders create and issue Further Capital
         Notes, subject to this Deed, either:

         (a)      RANKING PARI PASSU WITH CAPITAL NOTES

                  on the same terms as the initial offer of Capital Notes in all
                  respects (or in all respects except for the Interest Rate,
                  Interest Dates and the Election Date) so as to form a single
                  issue with the Capital Notes; or

         (b)      ON OTHER TERMS

                  upon such other terms as to interest rates or payment dates,
                  redemption, ranking (whether in Liquidation or otherwise),
                  premium, discount and otherwise as the Company may determine
                  at the time of issue.

           Any Further Capital Notes are to be constituted by a Supplemental
           Deed executed by the Company, BPC and the Trustee in a form agreed by
           them. The consent of the Trustee shall not be required in relation to
           any issue of capital notes which are not subject to this Deed.

                                                                              11

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2.3      CONDITIONS OF ISSUE

         Each Capital Note is to be issued subject to the Conditions in
         accordance with this Deed. The conditions applicable to Further Capital
         Notes are to be in the form set out or referred to in the relevant
         Supplemental Deed.

2.4      DEED AND CONDITIONS BINDING

         This Deed and the Conditions are binding on the Company, BPC, the
         Trustee, the Noteholders and all persons claiming through or under them
         respectively and the Capital Notes are to be held subject to this Deed
         and the Conditions and, in relation to the initial issue of Capital
         Notes, each Deed of Guarantee.

2.5    PAYMENT OF ISSUE PRICE

         (a)      PAYMENT ON APPLICATION

                  Each applicant for Capital Notes must pay to the Company, upon
                  application, the Issue Price for the Capital Notes set out in
                  his or her application for Capital Notes.

         (b)      ISSUE OF CAPITAL NOTES

                  Following receipt of the Issue Price for Capital Notes,
                  subject to acceptance of that application by the Company in
                  full or in part, the Company must issue that Noteholder with
                  the appropriate Principal Amount of Capital Notes for which
                  the application is accepted as soon as practicable after the
                  date on which it received payment of the Issue Price.

         (c)      CLEARED FUNDS

                  The Company is not obliged to pay Accrued Interest to a
                  Noteholder (or the Trustee on its behalf) under this Deed
                  unless and until the Noteholder has paid in full and in
                  cleared funds the Issue Price for the Capital Notes issued to
                  him or her. The Company may also (but need not) forfeit any
                  Capital Notes issued to a Noteholder if that Noteholder does
                  not pay the Issue Price in full and cleared funds for the
                  relevant Capital Notes. Any Capital Notes forfeited under this
                  clause may be cancelled or transferred by the Company to any
                  person or persons.

2.6      FORM OF CAPITAL NOTES AND HOLDING CERTIFICATES

         Capital Notes will be issued in uncertificated book entry form in a
         minimum denomination of $5000 for each Tranche (and thereafter in
         multiples of $1000 for each Tranche) by entry of the details specified
         in clause 4.2 on the Register. The Company may issue to each initial
         Noteholder, and to each subsequent Noteholder within five Business Days
         after he or she is transferred a Capital Note in accordance with this
         Deed, a Holding Certificate in respect of his or her Capital Notes.

         Each Holding Certificate must:

         (a)      be and remain subject to the Conditions applicable from time
                  to time;

         (b)      have endorsed on it a summary of the relevant Conditions as at
                  the date of issue; and

         (c)      be numbered sequentially and be transferable on registration
                  of the relevant details on the Register as set out in the
                  Conditions.

                                                                              12

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         Subject to the Conditions, the Company may, upon such terms (if any)
         that it determines, issue to a Noteholder:

         (d)      SUBSTITUTE HOLDING CERTIFICATE

                  a new Holding Certificate in substitution for one issued in an
                  incorrect form, or for an incorrect principal amount of
                  Capital Notes, or otherwise containing incorrect terms or
                  Conditions;

         (e)      MULTIPLE HOLDING CERTIFICATES

                  several new Holding Certificates in substitution for a single
                  Holding Certificate and vice versa;

         (f)      SUBSTITUTION IN PART a new Holding Certificate in part
                  substitution for a Holding Certificate where some (but not
                  all) of the Capital Notes represented by the latter Holding
                  Certificate are cancelled, redeemed, redeemed by the issue of
                  Ordinary Shares or transferred, or the subject of a
                  transmission, in accordance with this Deed and the Conditions;
                  and

         (g)      NEW CONDITIONS

                  a new Holding Certificate where the Noteholder of a Capital
                  Note has, or is deemed to have, accepted the New Conditions
                  offered by the Company in relation to that Capital Note as
                  soon as practicable following the relevant Election Date.

2.7      COVENANT TO OBSERVE THE DEED AND CONDITIONS

         (a)      INDEBTEDNESS

                  The Company acknowledges its indebtedness to each Noteholder,
                  and to the Trustee on behalf of the Noteholders, in relation
                  to the payment or repayment of the Principal Amount of, and
                  interest and any other amount payable under, each Capital Note
                  upon and subject to this Deed. The Company covenants to pay
                  all amounts in relation to the Capital Notes to, or as
                  directed by, the Trustee.

         (b)      COMPLIANCE

                  Each of the Company and BPC covenants with the Trustee that it
                  will comply with, perform and observe all the provisions of
                  this Deed and the Conditions.

         (c)      PAYMENT IN SATISFACTION OF OBLIGATIONS

                  Each payment in respect of the Capital Notes duly made to the
                  Noteholders or the Trustee, and every issue of Ordinary Shares
                  in redemption of the Capital Notes duly made in accordance
                  with the Conditions, will be in satisfaction, to the extent of
                  the amount paid, of the relevant obligation of the Company to
                  the Noteholders and the Trustee under this Deed.

         (d)      BENEFIT OF COVENANTS

                  The Trustee is to take and hold the benefit of the covenants
                  given to it by the Company and BPC under this Deed, and those
                  of the Guarantors under the Deeds of Guarantee, in respect of
                  the Capital Notes (other than those covenants intended to be
                  for the benefit of the Trustee for its own account) for the
                  Noteholders generally.

                                                                              13

<PAGE>

2.8      NOTEHOLDER ABSOLUTE OWNER

         Subject to clause 4.5, each of the Company, BPC and the Trustee is,
         notwithstanding any notice to the contrary, entitled to treat the
         Noteholder of any Capital Note as its absolute and beneficial owner and
         is not required to recognise any trust or equity or security interest
         affecting such ownership (except as required by law or order of any
         competent court).

2.9      CANCELLATION ON REDEMPTION (BY WAY OF PAYMENT OF CASH OR ISSUE OF
         ORDINARY SHARES) OR PURCHASE

         Each Capital Note which is redeemed by the issue of an Ordinary Share
         or for cash in accordance with this Deed and the Conditions is and will
         be deemed to be cancelled, and neither the Company, BPC nor the Trustee
         will have any further liabilities or obligations in respect of that
         Capital Note or the relevant Noteholder. Each of BPC and its
         Subsidiaries may, subject to and in accordance with the Listing Rules
         and BPC's or the relevant Subsidiary's constitutional documents, at any
         time purchase a Capital Note for its own account. Each Capital Note so
         purchased by BPC or a wholly owned Subsidiary of BPC will be cancelled
         and neither the Company, BPC nor the Trustee will have any further
         liabilities or obligations in respect of that Capital Note or the
         relevant Noteholder.

2.10     VALIDITY OF ISSUED CAPITAL NOTES

         Neither the Trustee nor any person named as a Noteholder in any Holding
         Certificate in relation to any Capital Note need be concerned or
         obliged to enquire whether any Capital Note purporting to be evidenced
         by the Register or a Holding Certificate has been issued in accordance
         with this Deed, the Listing Rules or the Company's constitution. Each
         Capital Note issued for valuable consideration will be deemed to be
         validly issued and constituted by this Deed notwithstanding that the
         issue of such Capital Note was in breach of any provision of this Deed,
         but without prejudice to the Trustee's rights under or in accordance
         with this Deed against the Company in respect of any such breach.

2.11     PAYMENT OF BROKERAGE OR COMMISSION - ISSUE AT DISCOUNT OR PREMIUM

         The Company or BPC may pay a commission, procuration, application or
         issue fee or brokerage to any person or company in respect of
         subscribing for, underwriting the issue of, or obtaining subscriptions
         for the Capital Notes, and the Company may issue any Capital Note or
         Further Capital Note at a discount or premium to its Principal Amount.

2.12     UNCLAIMED PAYMENTS

         Any payment made by the Company, BPC or the Trustee to any Noteholder
         at its address last entered in the Register which is returned unclaimed
         and remains unclaimed by the person entitled to it during the 12 month
         period thereafter, must (unless the Company has in the interim received
         notice of a change of address to be entered in the Register and made
         payment to the Noteholder at this changed address) be held by the
         Company in a separate bank account (such bank account to be held with a
         bank, and on terms, as the Trustee shall reasonably require) for the
         Noteholder concerned without any liability to invest or pay interest on
         that amount. Unless otherwise required by law, any money not so claimed
         within a period of six years from the original date of payment may be
         retained by the Company or BPC together with accrued interest (if any),
         but less any deductions required by law and the Company or BPC, as the
         case may be, and the Trustee will have no further liability in respect
         of the amount concerned.

2.13     REINSTATEMENT

         If any payment made to the Trustee or to any Noteholder by or on behalf
         of the Company or BPC is avoided by law, such payment will be deemed
         not to have discharged or affected the liability of the Company or BPC,
         as the case may be, in respect of which that payment was

                                                                              14

<PAGE>

         made. In this circumstance, the Trustee, the Noteholder and the Company
         or BPC, as the case may be, will each be restored to the position in
         which it would have been, and will be entitled to exercise all the
         rights which each would have had, if such payment had not been made.

2.14     FURTHER ISSUES

         The Company may at any time prior to 1 January 2025, and by one or more
         issues, issue up to 2,000,000,000 of any class of ordinary, preferred
         or deferred shares without requiring the consent of the Trustee or the
         Noteholders.

3.       SUBORDINATION AND STATUS OF CAPITAL NOTES

3.1      STATUS AND SUBORDINATION

         Each Capital Note is the direct, unsecured, subordinated obligation of
         the Company and ranks equally without any preference with all other
         Capital Notes. In any distribution of assets by the Company in
         Liquidation (including by way of exercise of rights of set-off) or in
         any bankruptcy, reorganisation, insolvency, receivership or similar
         proceeding for the benefit of creditors, the rights of the Trustee and
         the Noteholders to the Principal Amounts of, and interest on, the
         Capital Notes, are to be subordinated to all moneys payable by the
         Company to Senior Creditors, so that in any such distribution or
         proceeding no payment will be made on account of the Principal Amount
         of, or interest on, the Capital Notes to the Trustee or the Noteholders
         until the Senior Creditors have been paid in full. The Trustee agrees,
         and, by purchasing a Capital Note, each Noteholder will be deemed to
         agree that:

         (a)      AGREEMENT TO ACCEPT LOWER PRIORITY

                  in accordance with section 313(3) of the Companies Act 1993,
                  he or she is accepting a lower priority in respect of the debt
                  represented by such Capital Note than that which it would
                  otherwise have under section 313; and

         (b)      DEED TO TAKE EFFECT IN ACCORDANCE WITH ITS TERMS

                  nothing in section 313 of the Companies Act 1993 will prevent
                  this Deed from having effect in accordance with its terms.

3.2      SUBORDINATED CONTINGENT DEBT

         In Liquidation, or in any bankruptcy, reorganisation, insolvency,
         receivership or similar proceeding for the benefit of creditors,
         neither the Trustee nor any Noteholder is entitled to prove for, or
         vote in respect of, the Principal Amount of nor interest on any Capital
         Note except as a debt which is subject to, and contingent upon, prior
         payment of the Senior Creditors in full.

3.3      OTHER INDEBTEDNESS PERMITTED

         Subject to clause 5, nothing in this Deed, prior to the Commencement of
         Liquidation of the Company or BPC, in any way restricts the right of
         the Company or BPC to incur indebtedness or issue obligations ranking
         in priority to, or pari passu with, or subordinate to, the indebtedness
         and obligations of the Company or BPC in respect of any Capital Notes.
         If any modification to this Deed or the Conditions, or any other
         documentation, consent or acknowledgement is necessary to give effect
         to such ranking, the Trustee must (at the Company's cost) execute any
         document reasonably required by the Company to give effect to this
         clause (which must be in a form and substance reasonably acceptable to
         the Trustee), and any such modification, consent or acknowledgement
         will be on behalf of, and bind, the Noteholders.

                                                                              15

<PAGE>

3.4      NO SUBORDINATION OF TRUSTEE'S ENTITLEMENT

         Nothing in this Deed or the Conditions subordinates or otherwise
         affects or prejudices, or defers in priority of payment, the payment of
         the costs, charges, expenses, liabilities, indemnified amounts,
         remuneration or other moneys payable to the Trustee (or any officer,
         employee or agent of the Trustee in its personal capacity (other than
         as a holder of Capital Notes)) as provided for, or referred to, in this
         Deed, all of which will be payable to the Trustee at the time and in
         the manner provided by this Deed.

3.5      TRUST

         Any payment or distribution, whether voluntarily or in any other
         circumstances, received by a Noteholder from or on account of the
         Company (including by way of credit, set off or otherwise but excluding
         any amount received under a Deed of Guarantee) or from the Liquidator
         or any receiver, manager or statutory manager of the Company in breach
         of this clause 3 is to be held by the relevant Noteholder in trust for,
         and to the order of, the Senior Creditors according to their respective
         rights and interests. The trust hereby created will, subject to clause
         3.11, be for a term expiring on the earlier of the date on which all
         Senior Creditors have been paid in full or the date on which the
         Liquidator determines that the Company has no further assets with which
         to satisfy the claims of the creditors. Insofar as the trusts may be a
         security interest for the purposes of the Personal Property Securities
         Act 1999, the Trustee shall have no obligation whatsoever to register a
         financing statement in respect of that security interest under that Act
         or otherwise comply with that Act.

3.6      NO SET-OFF

         No Noteholder may set off against any amounts due in respect of any
         Capital Note held by that Noteholder, any amount held by that
         Noteholder to the credit of the Company, whether in an account, in cash
         or otherwise, nor any advances to, or debts of, the Company, nor any
         other amount owing by the Noteholder to the Company on any account
         whatsoever, nor may any Noteholder effect any reduction of the amount
         due to that Noteholder in relation to a Capital Note by merger of
         accounts or lien or the exercise of any other right, in all such cases,
         the effect of which set-off, merger, lien or exercise of such right is
         or may be to reduce the amount due in relation to that Capital Note in
         breach of this clause 3.

3.7      CONTRACTS (PRIVITY) ACT 1982

         (a)      BENEFIT OF SENIOR CREDITORS

                  For the purposes of the Contracts (Privity) Act 1982, but
                  subject to (b) below, this clause 3 is intended to confer a
                  benefit upon the Senior Creditors and to be enforceable by the
                  Senior Creditors directly.

         (b)      AMENDMENTS BINDING ON SENIOR CREDITORS

                  For the purposes of section 6 of the Contracts (Privity) Act
                  1982, it is agreed that any amendments made to this Deed in
                  accordance with clause 7.5 of this Deed shall be binding upon
                  the Senior Creditors whether or not they have consented to
                  such amendment.

3.8      ENFORCEMENT BY TRUSTEE

         (a)      ENFORCEMENT BY TRUSTEE ONLY

                  Subject to this clause 3, only the Trustee may enforce the
                  provisions of the Capital Notes, this Deed or any Deed of
                  Guarantee, and no Noteholder is entitled to proceed directly
                  against the Company, BPC, or any Guarantor as the case may be,
                  unless the

                                                                              16

<PAGE>

                  Company or BPC is in breach of this Deed and the Trustee fails
                  to act (to the extent that it is able under this Deed) with
                  respect to that breach in a reasonable time.

         (b)      CLAIMS BY NOTEHOLDERS

                  No Noteholder may claim or prove in the Liquidation of the
                  Company or any Guarantor for any amount owing to him or her
                  under any Capital Note, this Deed or any Deed of Guarantee to
                  the extent that the Trustee has claimed or proved for, or has
                  determined to claim or prove for, such amount in such
                  Liquidation on behalf of such Noteholder, and any claim or
                  proof made contrary to this clause must be withdrawn by such
                  Noteholder.

         (c)      ENFORCEMENT BY NOTEHOLDERS

                  No Noteholder may proceed against the Company, BPC, any
                  Guarantor, or the Trustee for the enforcement or performance
                  of any provision of this Deed, the Conditions or any Deed of
                  Guarantee that is solely for the benefit of the Trustee.

3.9      DISTRIBUTION ON LIQUIDATION

         Other than any amounts received by the Trustee under a Deed of
         Guarantee which will be applied in accordance with the terms of that
         Deed of Guarantee, any amount received by the Trustee under or in
         respect of this Deed or the Capital Notes in Liquidation or upon the
         Commencement of Liquidation and not paid to the Liquidator, or received
         by the Trustee in any bankruptcy, reorganisation, insolvency,
         receivership, or similar proceeding for the benefit of creditors, must
         be applied, and pending such application must be held by the Trustee
         upon trust to be applied, subject to any direction made by any court
         and except as required by law:

         (a)      TRUSTEE'S EXPENSES

                  first, in payment or retention of all costs, charges, expenses
                  and liabilities incurred and payments made by or on behalf of
                  the Trustee (or any officer, employee or agent of the Trustee)
                  and of all remuneration, indemnified amounts and other moneys
                  payable to the Trustee (or any officer, employee or agent of
                  the Trustee) as provided or referred to in this Deed or the
                  Deeds of Guarantee;

         (b)      SENIOR CREDITOR'S INDEBTEDNESS

                  secondly, in payment to the Company to be held by it upon
                  trust, and immediately deposited in a separate account (the
                  name of which indicates the terms of trust on which the
                  account is held), to apply the same in or towards the
                  discharge of all moneys payable by the Company to Senior
                  Creditors according to their respective rights and interests;

         (c)      NOTEHOLDER'S INDEBTEDNESS

                  thirdly, subject to the indebtedness of the Company to Senior
                  Creditors having been paid or satisfied or provided for in
                  full, in or towards payment to each Noteholder, pari passu in
                  proportion to the Principal Amounts of the Capital Notes held
                  by him or her, of the aggregate Liquidation Amount and any
                  interest payable in accordance with clause 3.15; and

         (d)      SURPLUS TO COMPANY

                  fourthly, in payment of the surplus (if any) of such moneys to
                  the Company, or to such other person as may otherwise be
                  lawfully entitled to those moneys.

                                                                              17

<PAGE>

3.10     RELIANCE ON LIQUIDATOR

         Following the Commencement of Liquidation, the Trustee will be entitled
         and is authorised to call for and to accept as conclusive evidence a
         certificate from the Liquidator for the time being regarding the amount
         of indebtedness to Senior Creditors which has not been satisfied or
         otherwise provided for and the Trustee shall be entitled to rely upon a
         statement in writing from the Liquidator to the effect that all such
         indebtedness has been satisfied or discharged.

3.11     TERMINATION OF TRUSTS

         The trusts contained in this Deed in favour of the Trustee and the
         Senior Creditors terminate on the date which is 80 years after the date
         of execution of this Deed, except to the extent that any interests
         under such trusts have vested at that date and without affecting the
         contractual rights and obligations of the Company and the Trustee under
         this Deed. Any amounts which would, but for this clause, have been held
         on trust for the Senior Creditors will be held on trust for the Company
         absolutely.

3.12     PERMITTED PAYMENTS AND RECEIPTS

         Subject to clause 3.16, until the Commencement of Liquidation, or the
         commencement of any bankruptcy, reorganisation, insolvency,
         receivership or similar proceeding for the benefit of creditors, the
         Company is entitled to pay, and a Noteholder or the Trustee or any
         other person on behalf of a Noteholder is entitled to receive payment
         from or on behalf of the Company of, any amount payable in respect of
         the Principal Amount of, or interest on, the Capital Notes or other
         amount payable in respect of the Capital Notes and the Trustee is
         entitled to pay any amounts to or for the benefit of the Noteholders or
         any other person on behalf of any Noteholders. The payment and receipt
         in compliance with the foregoing of any such amount will not constitute
         a breach of, or be subject to, clause 3.1 and such payment is to be
         received free of any obligation on the recipient of that payment to
         refund or return the same, or to hold the same in trust, in accordance
         with this Deed.

3.13     PERMITTED PROCEEDINGS

         Nothing in this Deed or the Deeds of Guarantee excludes, limits, defers
         or otherwise affects:

         (a)      PROCEEDINGS SEEKING DIRECTIONS FROM COURT

                  the right of the Trustee to seek directions from a court in
                  accordance with the Securities Act 1978 or to take any other
                  proceedings seeking the directions of, or guidance by, any
                  court or other authority as to the performance of its
                  functions and duties hereunder or otherwise in relation to
                  this Deed; or

         (b)      PROCEEDINGS SEEKING DECLARATORY JUDGMENT

                  any proceedings taken by the Trustee or any Noteholder at any
                  time seeking a judgment or order declaratory of the rights or
                  obligations of any Noteholder or any party to this Deed; or

         (c)      OTHER PROCEEDINGS

                  the right of the Trustee or a Noteholder, in the circumstances
                  expressly permitted by this Deed and the Conditions, to take
                  any action permitted by this Deed.

3.14     COMMENCEMENT OF LIQUIDATION

         Upon the Commencement of Liquidation of the Company, and subject to
         this clause 3, the Capital Notes will cease to be capable of being
         redeemed by the issue of Ordinary Shares

                                                                              18

<PAGE>

         and the Principal Amount of the Capital Notes, together with all
         Accrued Interest and Unpaid Interest in respect of that amount, will
         become repayable and each Capital Note will be due to be redeemed for
         an amount equal to the Liquidation Amount of the Capital Note.

3.15     INTEREST PAYABLE FOLLOWING COMMENCEMENT OF LIQUIDATION

         Upon the Commencement of Liquidation of the Company, interest on the
         Capital Notes will cease to accrue. Nothing in this Deed limits the
         application of section 311 of the Companies Act 1993, and the Trustee
         and each Noteholder may, notwithstanding any provision in this Deed,
         claim for interest payable thereunder.

3.16     PERMITTED PAYMENTS

         The Company must not make any payment under this Deed if:

         (a)      an Insolvency Event in relation to any Group Member has
                  occurred, or if any such Insolvency Event would occur as a
                  result of the payment being made; or

         (b)      an Event of Default or Potential Event of Default under a
                  Senior Creditor Agreement has occurred or if such an Event of
                  Default or Potential Event of Default would occur as a result
                  of the payment being made.

4.       THE REGISTER

4.1      ESTABLISH AND MAINTAIN REGISTER

         The Company shall appoint a Registrar and cause the Registrar to
         establish and maintain the Register in accordance with this Deed and
         all relevant legal requirements.

4.2      DETAILS ON REGISTER

         The Register must show:

         (a)      NAME AND ADDRESS

                  the name and address of each person registered as a
                  Noteholder;

         (b)      ALLOTMENT DATE

                  the allotment date of each Capital Note;

         (c)      OTHER DETAILS

                  the Tranche, Principal Amount, Interest Rate, Interest Dates
                  and Election Date applicable to each Capital Note;

         (d)      TRANSFERS

                  details of all transfers of the Capital Notes, including the
                  date of registration of each transfer;

         (e)      CANCELLATION

                  all cancellations of Capital Notes; and

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         (f)      OTHER INFORMATION

                  such other information as may be required by law or by the
                  Trustee.

4.3      INSPECTION OF REGISTER

         Each of the Company, BPC and the Trustee may at any reasonable time
         inspect the Register and take copies of, and extracts from, the
         Register without payment of any fee. Each Noteholder may, at such times
         determined by the Registrar, inspect the Register in relation to the
         Notes held by that Noteholder and, upon payment of any reasonable fee
         stipulated by the Registrar, take a copy of the relevant section of the
         Register.

4.4      CHANGE IN DETAILS

         Any change of name or address of any Noteholder or any change in any
         other information required to be inserted in the Register in relation
         to any Noteholder must immediately be notified to the Registrar in
         writing by the Noteholder, or, if a joint holding, by all the joint
         Noteholders and, following such notice, the Register must be altered
         accordingly.

4.5      RECOGNITION OF TRANSMISSION OF CAPITAL NOTES

         Each executor or administrator of a deceased Noteholder (not being one
         of several joint Noteholders) and, in the case of the death of one or
         more of several joint Noteholders, each survivor of a joint Noteholder,
         is the only person recognised by the Company as having any title to the
         relevant Capital Note.

4.6      REGISTRATION OF TRANSMISSION OF CAPITAL NOTES

         Each person becoming entitled to a Capital Note on the death or
         bankruptcy of a Noteholder, upon producing evidence to the satisfaction
         of the Company of his or her entitlement to that Capital Note may be
         registered as the Noteholder. The Company may retain any amount payable
         upon the Capital Note to which any person is so entitled until that
         person is so registered or duly transfers the Capital Note.

4.7      JOINT NOTEHOLDERS

         The joint Noteholders of a Capital Note are entitled to only one
         Holding Certificate in relation to their joint holding. This Holding
         Certificate is, except where the joint Noteholders otherwise direct, to
         be issued to the joint Noteholder whose name appears first in the
         Register in relation to that joint holding.

4.8      REGISTER CONCLUSIVE

         Each of the Trustee, the Company and BPC is:

         (a)      RELY ON REGISTER

                  entitled to rely upon the entries in the Register as
                  constituting the sole and conclusive record of each Capital
                  Note and Holding Certificate (if any) and as to the person
                  entitled to the Capital Note, notwithstanding any discrepancy
                  between the Register and a Holding Certificate;

         (b)      NO ENQUIRIES

                  not obliged to make further enquiry as to the status in
                  relation to this Deed, or ownership, of any securities or
                  indebtedness of the Company, or of any claim, entitlement or
                  interest, not so entered in the Register;

                                                                              20

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         (c)      CORRECT REGISTER

                  to have the power, in its absolute discretion, to authorise
                  the correction of the Register upon being satisfied that the
                  Register or a Holding Certificate is incorrect, and, in the
                  case of the Trustee, to be deemed to have accepted trusteeship
                  in respect of Capital Notes and on behalf of the Noteholders
                  of any such Capital Notes as shown by the Register or a
                  Holding Certificate so corrected as from the date of
                  correction;

         (d)      TRUSTEE NOT LIABLE

                  in the case of the Trustee, not liable to the Company, BPC or
                  any Noteholder or former Noteholder for relying on the
                  Register or for accepting in good faith as valid any detail
                  recorded on the Register subsequently found to be forged,
                  irregular or not authentic; and

         (e)      COMPANY AND BPC NOT LIABLE

                  in the case of the Company and BPC, not liable to the Trustee
                  or any Noteholder or former Noteholder for relying on the
                  Register or for accepting in good faith as valid any detail
                  recorded on the Register subsequently found to be forged,
                  irregular or not authentic.

4.9      CONFLICT BETWEEN REGISTER AND HOLDING CERTIFICATES

         In the event of any conflict between the Holding Certificate for a
         Capital Note and the particulars recorded in the Register in respect of
         that Capital Note, the Register is to prevail.

5.       WARRANTIES AND COVENANTS

5.1      REPRESENTATIONS AND WARRANTIES

         Each of the Company and BPC represents and warrants to the Trustee on
         the date of this Deed and on the date of issue of the Capital Notes
         that:

         (a)      INCORPORATION

                  it is a company duly incorporated under the laws of its
                  jurisdiction of incorporation;

         (b)      POWER

                  it has power to enter into this Deed, issue the Capital Notes
                  (in the case of the Company) and perform its obligations under
                  this Deed and the Capital Notes;

         (c)      CONSENTS AND AUTHORISATION

                  it has all the necessary consents and has taken all necessary
                  corporate and other action to authorise the execution and
                  performance of this Deed and the Capital Notes;

         (d)      OBLIGATIONS LEGALLY BINDING

                  its obligations under this Deed and the Capital Notes are
                  legally binding and enforceable, subject to general equitable
                  principles and to bankruptcy, insolvency or similar laws
                  affecting creditors generally; and

                                                                              21

<PAGE>

         (e)      NO BREACH OF AGREEMENT, LAWS ETC.

                  the execution and performance of this Deed by it and the
                  performance by it of its obligations under the Capital Notes
                  will not constitute a breach under any law or regulation by
                  which it is bound, including, without limitation, its
                  constitutional documents and the applicable Listing Rules.

5.2      COMPANY COVENANTS

         The Company covenants with the Trustee and each Noteholder that it
         will:

         (a)      NOTIFY TRUSTEE OF NON-PAYMENT

                  promptly notify the Trustee if the Company intends not to, or
                  fails to, make a payment of interest on the Capital Notes when
                  due (and to the extent that the Company has determined that it
                  will not make a payment of interest at any time before the
                  relevant Interest Date, it will notify the Trustee promptly
                  after making that determination);

         (b)      GIVE TRUSTEE NOTICES

                  send a copy to the Trustee of each notice given by it to
                  Noteholders generally;

         (c)      ADVISE TRUSTEE

                  advise the Trustee as soon as reasonably practicable of each
                  decision by the Company to redeem (whether by payment of cash
                  or issue of Ordinary Shares) or compulsorily purchase a
                  Capital Note under Condition 4;

         (d)      QUOTATION OF CAPITAL NOTES AND PROVIDE INFORMATION

                  use reasonable endeavours to ensure that the Capital Notes
                  are, upon their issue, quoted on the New Zealand Stock
                  Exchange and that such quotation is maintained;

         (e)      ANNUAL REPORT

                  send to the Trustee a copy of each annual and semi-annual
                  report which it (or any person on its behalf) sends to
                  Noteholders in accordance with Rule 10.5 of the Listing Rules,
                  at the same time as those reports are distributed;

         (f)      CONDUCT BUSINESS

                  conduct its affairs in a proper and businesslike manner;

         (g)      INFORMATION

                  whenever so requested, give to the Trustee such information as
                  may reasonably be required for the purposes of the discharge
                  of the duties, trusts and powers vested in the Trustee under
                  this Deed or imposed upon it by law;

         (h)      COMPLIANCE WITH LEGISLATION ETC.

                  at all times comply with the Securities Act 1978, Securities
                  Regulations 1983, Companies Act 1993, Financial Reporting Act
                  1993, the Listing Rules and all applicable laws;

                                                                              22

<PAGE>

         (i)      OFFERING DOCUMENTS

                  not issue an investment statement or prospectus in respect of
                  the issue of Capital Notes (or Further Capital Notes which are
                  constituted pursuant to this Deed) without prior notice to the
                  Trustee, and not include any statement in any such prospectus
                  or investment statement, or any Advertisement (as defined in
                  the Securities Act 1978) for the Capital Notes, concerning the
                  Trustee, without the prior consent of the Trustee;

         (j)      NOTEHOLDER RIGHTS

                  in relation to the Capital Notes, comply with the provisions
                  of sections 116 and 117 of the Companies Act 1993 on the basis
                  that:

                  (i)      references in those sections to "shares" are deemed
                           to be references to the Capital Notes, and references
                           to "holders of shares" and "shareholders" are deemed
                           to be modified accordingly;

                  (ii)     the references to pre-emptive rights under section 45
                           of that Act are deemed to be deleted from those
                           sections;

                  (iii)    the reference in section 117 to a "special
                           resolution" is deemed to be a reference to an
                           Extraordinary Resolution;

                  (iv)     the references in section 117 to the "constitution"
                           are deemed to be references to this Deed; and

                  (v)      the Company will not be required to comply with those
                           sections in relation to actions that affect the
                           rights attached to the Capital Notes if this Deed or
                           the Conditions (or, in relation to Further Capital
                           Notes, those Further Capital Notes were issued on
                           terms which) expressly permitted the action in
                           question to be taken without the prior approval of
                           Noteholders, and those terms, in each case, have been
                           disclosed clearly in the offering document (if any)
                           in accordance with which those Capital Notes were
                           offered,

                  provided that section 118 of the Companies Act 1993 will not,
                  by virtue of this clause, be deemed to apply to any Capital
                  Note. Further, the issue of Further Capital Notes which rank
                  behind, equally with, or in priority to, the Capital Notes,
                  whether as to voting rights, distributions or otherwise, or
                  the issue of further Ordinary Shares, is deemed not to be an
                  action affecting the rights attaching to the Capital Notes for
                  the purposes of this clause.

5.3      FINANCIAL COVENANT

         BPC undertakes to ensure that, while any Capital Note remains
         outstanding:

         (a)      it will not incur; and

         (b)      it will procure that none of its Subsidiaries will incur,

                  any indebtedness for borrowed money ranking pari passu with,
                  or in priority to, the obligations of the relevant entity
                  under the Capital Notes or a Deed of Guarantee, as the case
                  may be, if incurring that indebtedness would result in the
                  ratio of Net Total Debt to LTM EBITDA exceeding:

         (c)      during the period from the date of this Deed until 31 December
                  2004, 5.00:1; and

         (d)      at all times thereafter 4.75:1.

                                                                              23

<PAGE>

         When calculating the ratio of Net Total Debt to LTM EBITDA under this
         clause 5.3 on any test date:

                  (i)      during the period from the date of this Deed until
                           the date falling 12 months after the date on which
                           Goodman Fielder Limited and its subsidiaries form
                           part of the Group for the purpose of preparing
                           consolidated financial statements, LTM EBITDA shall
                           be determined in relation to the Group by reference
                           to the 12 month period ending on the test date and on
                           a pro forma basis as if Goodman Fielder Limited and
                           its subsidiaries had formed part of the Group since
                           30 April 2002; and

                  (ii)     at any time after the end of the period described in
                           (i) above, LTM EBITDA shall be determined in relation
                           to the Group by reference to the 12 month period
                           ending on the test date.

         This clause is not intended to, and shall not in any way, restrict the
         refinancing of any indebtedness for borrowed money existing at the date
         of this Deed, drawings made by BPC or any Subsidiary under a revolving
         facility in the ordinary course of business or any indebtedness
         incurred between Group Members.

5.4      BPC COVENANTS

         BPC covenants with the Trustee:

         (a)      NO PAYMENT OF DIVIDENDS OR DISTRIBUTIONS

                  at any time while either:

                  (i)      the ratio in clause 5.3 is not complied with if it
                           were then tested, or would not be so complied with if
                           BPC made a payment of the kind described in this
                           clause 5.4(a); or

                  (ii)     any amount of principal or interest payable on the
                           Capital Notes has fallen due and remains unpaid
                           (including where interest has been suspended in
                           accordance with the Conditions),

                  not to pay any dividend on, or make any other distribution in
                  respect of, or pay any interest on:

                  (iii)    any of its shares, indebtedness or other securities
                           ranking, in its liquidation, pari passu with or
                           behind its obligations under the relevant Deed of
                           Guarantee; or

                  (iv)     any indebtedness owed to a related company; and

                  not to acquire, redeem, or repay, or assist any person to
                  acquire, redeem or repay any of its indebtedness, shares or
                  other securities ranking, in liquidation, pari passu with or
                  behind its obligations under the relevant Deed of Guarantee;

         (b)      to forward to the Trustee, communications sent to holders of
                  Ordinary Shares generally, at the same time as those
                  communications are distributed to such holders of Ordinary
                  Shares;

         (c)      to issue Ordinary Shares on redemption of Capital Notes in
                  accordance with the Conditions and otherwise comply with the
                  obligations expressed to be assumed by it in the Conditions;
                  and

         (d)      use its reasonable endeavours to ensure that Ordinary Shares
                  issued on the redemption of Capital Notes are, upon their
                  issue, entitled to be quoted on the

                                                                              24

<PAGE>

                  Australian Stock Exchange and the New Zealand Stock Exchange
                  and that such quotation is maintained.

5.5      ACCOUNTS AND REPORTS OF DIRECTORS

         The Company covenants with the Trustee that, while any Capital Notes
         are outstanding, the Company will, no later than three months after the
         end of each of its or BPC's financial years and financial half-years as
         the case may be, deliver to the Trustee the reports and other
         information referred to in sub-paragraphs (a), (b)(i) and (b)(ii) and,
         if applicable, (c) below and send to each Noteholder the information
         referred to in sub-paragraphs (b)(i) and, in relation to each full
         financial year only, (b)(ii) below:

         (a)      DIRECTORS' REPORT

                  a report signed by two directors on behalf of the board of
                  directors of the Company, and a director and the Chief
                  Financial Officer of BPC on behalf of the board of BPC,
                  stating to the best of their knowledge and belief having made
                  due enquiry, during the immediately preceding financial year
                  or half-year (as the case may be):

                  (i)      whether any matter has arisen relating to the Company
                           or BPC and its Subsidiaries which would adversely
                           affect the ability of the Company or BPC, as the case
                           may be, to perform its obligations under this Deed
                           and the Capital Notes and, if so, details of that
                           matter;

                  (ii)     that each of the Company and BPC has duly observed,
                           performed and complied in all respects with its
                           obligations under this Deed and the Conditions (and,
                           if not, details of the contravention);

                  (iii)    whether any Capital Notes have been redeemed (by
                           payment of cash or issue of Ordinary Shares),
                           cancelled or purchased by the Company, BPC or any of
                           its Subsidiaries and, if so, details of the
                           redemption, cancellation or purchase;

                  (iv)     that all interest due on the Capital Notes has been
                           paid, or, if any interest has been deferred, in
                           accordance with the provisions of this Deed, the
                           amount of interest deferred;

                  (v)      that each of the Company, BPC and each Guarantor has
                           remained solvent;

                  (vi)     that the financial covenant specified in clause 5.3
                           was complied with at all times during the relevant
                           period (together with such supporting information as
                           is reasonably necessary to demonstrate the
                           calculation of that covenant);

                  (vii)    that the covenant specified in clause 7 of each of
                           the Deeds of Guarantee was complied with at all times
                           during the relevant period; and

                           (A)      the names of each of the companies referred
                                    to in the financial statements delivered
                                    pursuant to clause 5.5(b) which guarantees
                                    the obligations of the Company under the
                                    Capital Notes; and

                           (B)      the value of the net tangible assets of each
                                    such company determined for the preceding
                                    financial half year or year, as the case may
                                    be, by reference to the relevant financial
                                    statements.

         (b)      COMPANY'S ACCOUNTS

                  to the extent not provided pursuant to clause 5.2(e) (or, in
                  relation to Noteholders, Rule 10.5 of the Listing Rules), a
                  copy of:

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<PAGE>

                  (i)      the consolidated financial statements for the
                           Company; and

                  (ii)     the consolidated financial statements for BPC and its
                           Subsidiaries (including financial statements for BPC
                           only),

                  in each case for the preceding financial year or half-year (as
                  the case may be) and, in the case of half-year statements
                  provided pursuant to (ii) above, those statements will be in
                  the form provided by BPC to the Australian Stock Exchange in
                  accordance with BPC's reporting obligations under the Listing
                  Rules;

         (c)      AUDITOR'S REPORT

                  at the same time as the audited annual consolidated financial
                  statements for BPC and its Subsidiaries are provided in
                  accordance with clause 5.5(b), a separate report by the
                  Auditors (addressed to the Trustee) stating:

                  (i)      whether, in the course of performing their duties as
                           Auditors, they have become aware of any non-payment
                           by the Company of any interest under Capital Notes
                           (including any interest suspended in accordance with
                           the Conditions);

                  (ii)     the aggregate Principal Amount of Capital Notes on
                           issue and outstanding;

                  (iii)    whether the Register has been maintained in
                           accordance with the requirements of this Deed;

                  (iv)     whether in the performance of their duties as
                           Auditors they have become aware of any matter which,
                           in their opinion, is relevant to the exercise or
                           performance of the powers or duties conferred or
                           imposed on the Trustee by this Deed or the Securities
                           Act 1978, and if so giving particulars thereof;

                  (v)      whether their audit has disclosed any matter, and if
                           so giving particulars thereof, calling in their
                           opinion for further investigation by the Trustee in
                           the interests of the Noteholders; and

                  (vi)     that they have perused the reports given by the
                           directors of the Company pursuant to clause 5.5(a)
                           since the last report by the Auditor (or the date of
                           this Deed, whichever is later) and that, so far as
                           matters which they have observed in the performance
                           of their duties as Auditors are concerned, nothing
                           has come to their attention to show that the
                           statements made in such reports by the directors are
                           not correct.

5.6      NATURE OF COMPANY'S ACCOUNTS

         Each of BPC and the Company undertakes to ensure that any financial
         statements delivered by it pursuant to clause 5.2(e) or 5.5(b) will be
         prepared in accordance with GAAP, and audited in the case of financial
         statements for a financial year.

5.7      AUDITORS

         In the terms of engagement of the Auditors, the Company shall procure
         that the Auditors shall:

         (a)      acknowledge the obligations imposed on an auditor under the
                  Securities Act 1978; and

         (b)      carry out the audit of the financial statements referred to in
                  clause 5.6 in accordance with GAAP.

                                                                              26

<PAGE>

6.       TRUSTEE'S POWER TO REMEDY AND WAIVE

6.1      TRUSTEE MAY REMEDY

         If the Company fails to pay any moneys due and payable under this Deed
         then, without prejudice to any other rights and remedies of the
         Trustee, the Trustee may (at its sole discretion) pay any such moneys.
         All moneys so paid by the Trustee will be payable by the Company, as
         applicable, to the Trustee upon demand in writing, together with all
         costs, charges or expenses properly incurred by the Trustee in that
         payment.

6.2      WAIVER BY TRUSTEE

         Subject to any direction or request given by the Noteholders, the
         Trustee may from time to time by notice in writing to the Company waive
         in part or in whole, for a specified period or completely, and on such
         terms and conditions (if any) as it deems expedient, any breach or
         anticipated breach by the Company or BPC of any of the provisions of
         this Deed or the Conditions, provided the Trustee is satisfied that the
         interests of the Noteholders will not be materially prejudiced as a
         result. Any such waiver will be binding on all Noteholders but will not
         affect the rights of the Trustee and the Noteholders in respect of any
         other breach. Notwithstanding anything in this Deed or otherwise
         contained or implied or any rule of law to the contrary, the Trustee
         will not be deemed to have given any such waiver unless the waiver is
         given by the Trustee in writing.

7.       APPOINTMENT OF AND POWERS AND DISCRETIONS OF TRUSTEE

7.1      APPOINTMENT

         The Company hereby appoints the Trustee, and the Trustee accepts
         appointment, as trustee for the Noteholders in respect of the Capital
         Notes, with the rights, powers, duties and obligations set out in this
         Deed and in the Conditions.

7.2      POWERS

         In addition to the powers, authorities and discretions which may be
         vested in trustees by law relating to trustees, and to facilitate the
         discharge of its duties under this Deed, it is expressly declared that:

         (a)      ACT ON ADVICE

                  the Trustee may, subject to the provisions of this Deed,
                  without liability for loss, obtain, accept and act on, or
                  decline and elect not to accept and act on:

                  (i)      the opinion or advice of, or any information obtained
                           from, any barrister, solicitor, valuer, stockbroker,
                           financial adviser, auditor, chartered accountant or
                           other expert, even though it may subsequently be
                           found to contain some error or not be authentic;

                  (ii)     a certificate or report signed by any two directors
                           or senior officers, of the Company as to any fact or
                           matter prima facie within their knowledge as
                           sufficient evidence of that fact or matter; and

                  (iii)    the statements contained in any certificate or report
                           given in accordance with this Deed as conclusive
                           evidence of the facts stated in that certificate or
                           report;

                                                                              27

<PAGE>

         (b)      RESOLUTION OF NOTEHOLDERS

                  the Trustee will not be liable to the Company or BPC, nor any
                  Noteholder for acting or relying upon any resolution
                  purporting to have been passed at any meeting of the
                  Noteholders in respect of which a proper record has been made
                  and which the Trustee believes to have been properly passed,
                  even though it afterwards appears that such resolution is not
                  binding or valid by reason of a defect in the convening of the
                  meeting or in the proceedings conducted at the meeting or for
                  any other reason;

         (c)      PROCEEDS OF CAPITAL NOTES AND DELIVERY OF HOLDING CERTIFICATES
                  AND ORDINARY SHARES

                  the Trustee will not be liable to the Company nor BPC, nor any
                  Noteholder for the receipt or application by the Company of
                  the Issue Price or be bound to see to the application of those
                  proceeds or for the delivery of Holding Certificates or
                  letters of allotment or certificates representing the Ordinary
                  Shares (if issued) to the persons entitled to them;

         (d)      BREACH OF DEED OR CAPITAL NOTES

                  except to the extent it is obligated to do so by law, the
                  Trustee will not be bound to take steps to ascertain whether
                  or not the Company or BPC has committed any breach of the
                  provisions of this Deed or any of the Capital Notes (and shall
                  be entitled to assume without enquiry that no such breach is
                  occurring or has occurred) unless:

                  (i)      the Trustee has become aware that, or has received
                           specific advice that, a breach has, or appears to
                           have, occurred or threatens to occur, from the
                           directors of the Company, BPC or the Auditors; or

                  (ii)     the Trustee has received notice of the Commencement
                           of Liquidation;

         (e)      DUTY OF CARE

                  the Trustee will not be liable to the Company, BPC or the
                  Noteholders unless the Trustee has acted in gross negligence,
                  fraudulently, dishonestly or in wilful breach of trust or any
                  law or has otherwise failed to show the degree of care and
                  diligence required of it having regard to the powers,
                  authorities and discretions conferred or imposed upon it by
                  this Deed or by any applicable law;

         (f)      EXERCISE OF TRUSTS, POWERS, AUTHORITIES, DISCRETIONS AND
                  RESPONSIBILITIES

                  except as otherwise expressly provided in this Deed, the
                  Trustee as regards all trusts, powers, authorities,
                  discretions and responsibilities vested in it by this Deed,
                  will have absolute discretion as to their exercise or
                  non-exercise and as to the commencement, modification,
                  discontinuance, compromise or conduct of any action,
                  proceeding or claim and, provided it acts in good faith, it
                  will not be responsible for any loss, damage, cost or expense
                  that may result from the exercise or non-exercise of such;

         (g)      POWER TO DELEGATE

                  the Trustee may, whenever it thinks it expedient in the
                  interests of the Noteholders to do so:

                  (i)      delegate at any time to any person any of the trusts,
                           powers, authorities, discretions or responsibilities
                           vested in the Trustee by this Deed which cannot
                           conveniently be exercised by it or through its
                           employees upon such terms and conditions (including
                           the power to sub-delegate) as the Trustee may
                           reasonably

                                                                              28

<PAGE>

                           think fit (provided that the Trustee shall remain
                           liable for the actions of any delegate);

                  (ii)     authorise such person as it thinks fit to act as its
                           representative at any meeting; and

                  (iii)    apply to the court at any time for directions in
                           relation to any matter or for an order that the
                           powers and trusts contained in this Deed be exercised
                           under the direction of the court, or, subject to
                           clause 7.4, consent to, approve or oppose any
                           application to court by the Company or by or at the
                           instance of any Noteholder;

         (h)      CONSENTS

                  any consent given by the Trustee for the purposes of this Deed
                  may be given on such terms and conditions (if any) as the
                  Trustee reasonably thinks fit;

         (i)      POWER TO REMEDY BREACH

                  the Trustee's powers to remedy any breach of this Deed are
                  subject to any other provision of this Deed which is
                  inconsistent with the exercise of such powers;

         (j)      DUTIES TO COMPANY

                  the Trustee has no duties and responsibilities under this
                  Deed, other than under clause 3.9, to any Noteholder which is
                  BPC or any of its Subsidiaries;

         (k)      POWER TO INVEST

                  any moneys held by the Trustee and subject to the trusts
                  constituted or to be constituted under this Deed may, at the
                  discretion of the Trustee, be invested in the name of the
                  Trustee or its nominee in any investments it considers fit
                  with power to vary or transpose such investments for others of
                  a like nature and deal with or dispose of such investments
                  (less any customary fees and expenses incurred in connection
                  with such investments), and all income from such investments
                  will belong to the person in respect of whom such moneys are
                  held by the Trustee;

         (l)      LISTING RULES

                  subject to compliance by the Trustee with its obligations
                  under the Securities Regulations 1983, the Trustee shall not
                  be required to monitor compliance by the Company, BPC or any
                  other party with the Listing Rules and, in the absence of
                  notice to the contrary from the Company, BPC or the Australian
                  Stock Exchange or New Zealand Stock Exchange, shall be
                  entitled to assume that each of the Company and BPC is so
                  complying. In the event of non-compliance with any Listing
                  Rule, the Trustee, in determining the action to be taken or
                  not taken by it, shall be entitled to have regard to the
                  actions of the Australian Stock Exchange or New Zealand Stock
                  Exchange, as the case may be, in relation to that
                  non-compliance by the Company or BPC, as the case may be;

         (m)      MATERIALITY

                  the Trustee may determine whether or not a failure by the
                  Company or BPC to perform any obligation under the provisions
                  of the Conditions or this Deed is in its opinion capable of
                  remedy or is materially prejudicial to the interests of the
                  Noteholders and any such determination shall be conclusive and
                  binding upon the Noteholders; and

                                                                              29

<PAGE>

         (n)      DUTY TO CONSULT

                  unless the Trustee considers it is impractical or undesirable
                  to do so, the Trustee will consult with the Company before
                  seeking the advice or opinion of any of the persons listed in
                  clause 7.2(a)(i).

7.3      DISCRETION TO CONSULT NOTEHOLDERS

         Subject to clause 12, following any breach of this Deed (or any Deed of
         Guarantee) by the Company or BPC (or any Guarantor) or the occurrence
         of any circumstances which may result in such a breach which the
         Trustee reasonably considers may be materially prejudicial to the
         interests of the Noteholders, the Trustee may, in its absolute
         discretion:

         (a)      report to the Noteholders, or any of them, the circumstances
                  and nature of such breach and any other information concerning
                  the Company, BPC (or the relevant Guarantor) which the Trustee
                  has received under or in relation to this Deed or the Capital
                  Notes and which it reasonably considers to be material to the
                  Noteholders or any of them; and

         (b)      invite the Noteholders or any of them to indicate to the
                  Trustee their preferences as to any exercise or non-exercise
                  of the Trustee's powers under this Deed, any Deed of Guarantee
                  or the Capital Notes or as to any action or omission to act by
                  the Trustee in relation to the breach.

         Any such report may be given in such manner as is considered by the
         Trustee to be practicable and expedient in all the circumstances.

7.4      TRUSTEE'S RIGHT TO BE INDEMNIFIED

         The Trustee may decline to take any action or exercise any power or
         discretion or comply with or implement any direction or request given
         in accordance with this Deed whether or not it is otherwise bound to so
         act unless and until the Trustee and each of its officers, employees or
         agents are first indemnified and/or secured by the Noteholders to its
         satisfaction against all actions, proceedings, claims and demands to
         which any of them may be rendered liable and all costs, charges,
         losses, damages and expenses which it or they may incur by so doing.

7.5      TRUSTEE MAY CONCUR IN MODIFICATION

         The Trustee may, without the consent of the Noteholders, concur with
         the Company and BPC in making any modification or addition to this
         Deed, each Deed of Guarantee or the Conditions:

         (a)      MANIFEST ERROR OR OF TECHNICAL NATURE

                  if:

                  (i)      it is made to correct a manifest error; or

                  (ii)     it is made to comply with law or any applicable
                           Listing Rules; or

                  (iii)    it is of a formal or technical nature; or

                  (iv)     it is convenient for the purpose of obtaining or
                           maintaining any quotation of the Capital Notes on the
                           New Zealand Stock Exchange; or

                  (v)      it is necessary pursuant to the operation of clause
                           1.6;

                                                                              30

<PAGE>

         (b)      AUTHORISED BY EXTRAORDINARY RESOLUTION

                  if it is authorised by an Extraordinary Resolution; or

         (c)      NO PREJUDICE TO NOTEHOLDERS

                  if the Trustee is of the opinion that it is not, and is not
                  likely to become, materially prejudicial to the interest of
                  the Noteholders generally.

         Any such modification or addition will be binding on all Noteholders.
         No such modification or addition will be effective unless it is in
         writing signed by the Company, BPC and the Trustee. In addition, the
         Trustee may:

                  (i)      without requiring the consent of the Noteholders,
                           execute a deed of release pursuant to clause 8 of
                           each Deed of Guarantee in relation to any Guarantor
                           other than BPC provided the Trustee has received, in
                           a form satisfactory to it, all relevant certificates
                           and documents required to be delivered to the Trustee
                           under that clause; and

                  (ii)     execute a deed of release in relation to any other
                           Guarantor (including BPC) if either:

                           (A)      execution of that release has been
                                    authorised by an Extraordinary Resolution;
                                    or

                           (B)      the Trustee is of the opinion that execution
                                    of that release would not be, and is not
                                    likely to become, materially prejudicial to
                                    the interest of the Noteholders generally.

7.6      FIDUCIARY RELATIONSHIP

         The Trustee may not be a Noteholder on its own account. However,
         nothing in this Deed prohibits the Trustee or its holding company or
         any of their Subsidiaries or their officers or shareholders (all for
         the purposes of this clause, where the context permits, being included
         in the expression the Trustee) from being a Noteholder in any trustee,
         agency, nominee or other representative capacity, or from being a
         creditor or shareholder of, or having any other interest in, BPC or of
         any of its Subsidiaries or from acting in any other fiduciary,
         contractual, agency or representative capacity for a Noteholder or BPC
         or any of its Subsidiaries without breach of any obligations
         established by this Deed or otherwise imposed or implied by law arising
         out of any such relationship. The Trustee may enter into any
         transaction with BPC or any of its Subsidiaries in the ordinary course
         of business and will not be accountable to the Noteholders for any
         profits arising from such transactions.

8.       MEETINGS OF NOTEHOLDERS

8.1      REGULATIONS OF MEETINGS

         Each meeting of Noteholders is to be convened and held in accordance
         with Schedule 3.

8.2      REPRESENT NOTEHOLDERS

         The Trustee may, of its volition or in accordance with any directions
         or in accordance with an Extraordinary Resolution, represent
         Noteholders in any investigation, negotiation, action, transaction,
         matter or proceedings affecting the interests of Noteholders.

                                                                              31

<PAGE>

9.       INDEMNITY OF TRUSTEE

         Without prejudice to the right of indemnity by law given to trustees,
         the Trustee and each of its officers, employees, attorneys or agents
         are entitled to be indemnified by the Company and out of any moneys it
         holds upon the trusts of this Deed, on an unsubordinated basis, in
         respect of all liabilities and expenses incurred by it or any of them
         in the performance or exercise or attempted or purported performance or
         exercise of any of the trusts, powers, authorities or discretions
         conferred on the Trustee or any of them by this Deed and against all
         actions, proceedings, costs, losses, claims and demands in respect of
         any matter or thing done or omitted in any way relating to this Deed
         other than liabilities, expenses, actions, proceedings, costs, losses,
         claims or demands arising out of:

         (a)      FRAUD, BAD FAITH OR DISHONESTY

                  fraud, gross negligence, wilful breach of trust or law or
                  dishonesty on the part of the Trustee or any of its officers,
                  employees, attorneys or agents; or

         (b)      BREACH OF DUTY OF CARE

                  any failure by the Trustee to show the degree of care and
                  diligence required of the Trustee having regard to the powers,
                  authorities and discretions conferred on the Trustee by this
                  Deed,

         and the Trustee may retain and pay out of any moneys it holds upon the
         trusts of this Deed, all sums necessary to effect and satisfy that
         indemnity, together with the remuneration and reimbursements of the
         Trustee as provided for in this Deed.

10.      RETIREMENT, REMOVAL AND NEW APPOINTMENT OF TRUSTEE

10.1     RETIREMENT OF TRUSTEE

         Subject to section 48(2) of the Securities Act 1978:

         (a)      RETIREMENT BY TRUSTEE

                  the Trustee may retire at any time without assigning any
                  reason upon giving 90 days' notice (or such lesser period of
                  notice as the Company may agree) in writing to the Company,
                  subject to the due appointment of a new trustee and the
                  transfer to such new trustee of all moneys and investments
                  held by the Trustee under this Deed;

         (b)      REMOVAL BY COMPANY

                  the Company may at any time without assigning any reason upon
                  giving at least 90 days' notice in writing to the Trustee (or
                  such lesser period of notice as the Trustee may agree), remove
                  the Trustee (including any new trustee appointed upon the
                  retirement or removal of any previous Trustee); and

         (c)      EXTRAORDINARY RESOLUTION

                  the Noteholders may by way of an Extraordinary Resolution
                  remove the Trustee.

                                                                              32

<PAGE>

10.2     APPOINTMENT OF NEW TRUSTEE

         (a)      APPOINTMENT BY THE COMPANY SUBJECT TO APPROVAL BY NOTEHOLDERS

                  The power to appoint a new trustee or trustees of this Deed is
                  vested in the Noteholders by way of an Extraordinary
                  Resolution and in the Company, but no new trustee may be
                  appointed by the Company unless such appointment is first
                  approved by an Extraordinary Resolution. Upon the Trustee
                  notifying the Company that it wishes to retire, or upon the
                  Company wishing to appoint a new trustee, the Company must
                  promptly call a meeting of the Noteholders for the purposes of
                  approving an appointment of a new trustee and, if such
                  approval is given, the Company may exercise its power of
                  appointment.

         (b)      APPOINTMENT BY NOTEHOLDERS

                  If the Company, within 60 days of receiving notice of the
                  Trustee's intention to retire, fails to call a meeting of the
                  Noteholders in accordance with clause 10.2(a) or to exercise
                  the power vested in it under that clause to appoint a new
                  trustee or new trustees, in either case, the Noteholders may
                  by Extraordinary Resolution exercise such power to the
                  exclusion of the Company.

         (c)      NOTIFICATION OF NEW TRUSTEE

                  The Company must notify all Noteholders of the identity of any
                  new trustee appointed as soon as reasonably possible following
                  such appointment.

11.      TRUSTEE'S REMUNERATION AND EXPENSES

11.1     BASIC REMUNERATION

         The Company will pay to the Trustee remuneration for its services as
         Trustee in accordance with the terms of any current agreement contained
         in letters exchanged between the Company and the Trustee.

11.2     EXPENSES

         The Company will also pay all costs, charges, taxes or duties
         (including legal expenses) properly incurred by or on behalf of the
         Trustee in connection with:

         (a)      PREPARATION, EXECUTION AND MODIFICATION OF DEED

                  the preparation, execution and modification (and release when
                  applicable) of this Deed (including any Supplemental Deed);

         (b)      EXERCISE OF POWERS

                  any proper exercise by the Trustee of any power or discretion
                  conferred on the Trustee or upon any Noteholders by this Deed
                  or in respect of the Capital Notes, or the performance of its
                  duties;

         (c)      BREACH BY COMPANY

                  any breach, default or non-compliance by the Company, BPC or
                  any of its Subsidiaries of or with any obligation under this
                  Deed, any Deed of Guarantee or the Capital Notes;

                                                                              33

<PAGE>

         (d)      MEETINGS OF NOTEHOLDERS

                  the convening and holding of any meeting of Noteholders and
                  carrying out of any directions or resolutions of such a
                  meeting; and

         (e)      OTHER MATTERS

                  any other matters dealt with in the agreement referred to in
                  clause 11.1.

11.3     LIABILITY NOT TERMINATED

         The remuneration and payments payable under this clause 11 will
         continue to be payable until the trusts of this Deed are finally wound
         up (whether or not the Company is in Liquidation or the trusts of this
         Deed are in course of administration by or under the direction of the
         court).

12.      DISCLOSURE OF INFORMATION

         Notwithstanding any other provision of this Deed, neither the Company
         nor BPC is required to provide any information to a Noteholder where:

         (a)      it would be unlawful to do so; or

         (b)      the information is confidential; or

         (c)      in the reasonable opinion of the Company or BPC, as the case
                  may be, the information is commercially sensitive,

         but may be required, in accordance with this Deed, to provide such
         information to the Trustee. The Company may require that the Trustee
         undertakes to keep such information confidential (including as against
         Noteholders) and the Trustee shall be entitled to, and shall, give and
         honour that undertaking unless the Trustee has legal advice that to do
         so would prevent the Trustee fulfilling its duty to Noteholders.

13.      NOTICES

         Each notice to be given in accordance with this Deed will be deemed
         effective if made in writing, delivered or posted by pre-paid mail or
         sent by telex or facsimile addressed to:

         (a)      in the case of the Company:

                  Goodman  Finance Limited
                  C/- Burns, Philp & Company Limited
                  Level 23, 56 Pitt Street
                  Sydney NSW 2000
                  Australia

                  Attention:     Helen Golding, Company Secretary and Group
                                 Legal Counsel
                  Fax no.:       61 (02) 9247 3272

                                                                              34

<PAGE>

         (b)      in the case of BPC:

                  Burns, Philp & Company Limited
                  C/- Burns, Philp & Company Limited
                  Level 23, 56 Pitt Street
                  Sydney NSW 2000
                  Australia

                  Attention:     Helen Golding, Company Secretary and Group
                                 Legal Counsel
                  Fax no.:       61 (02) 9247 3272

         (c)      in the case of the Trustee:

                  The New Zealand Guardian Trust Company Limited
                  Level 7
                  Royal & SunAlliance Centre
                  48 Shortland Street
                  PO Box 1934
                  Auckland

                  Attention:     Chief Manager - Corporate Trusts
                  Fax no.:       (09) 377 7477

         (d)      in the case of a Noteholder, the address of such Noteholder
                  last entered in the Register,

         or, in the case of (a), (b) or (c) above, such other address as the
         Company, BPC or the Trustee may from time to time in writing nominate
         to the others. Each notice will be deemed to be given, in the case of
         personal delivery, when delivered, and in the case of post, two
         Business Days after the date of posting. If sent by telex or facsimile,
         notices will be deemed to be given when sent or, if sent on other than
         a Business Day or after 5 p.m. on any Business Day, the next Business
         Day.

14.      DISCHARGE OF DEED

         The Trustee will, upon being reasonably satisfied that no moneys are
         actually or contingently owing under this Deed or any Capital Note,
         execute a discharge of this Deed whenever requested by the Company so
         to do, but any such discharge will be without prejudice to any
         indemnity given by the Company in favour of the Trustee or any
         unremedied breach or unperformed obligation under this Deed.

15.      INVALIDITY

         If any provision of this Deed or the Capital Notes is invalid, void,
         illegal or unenforceable the validity, existence, legality and
         enforceability of the remaining provisions will not be affected,
         prejudiced or impaired to the maximum extent permitted under law.

16.      GOVERNING LAW AND JURISDICTION

16.1     GOVERNING LAW

         This Deed is governed by the laws of New Zealand.

                                                                              35

<PAGE>

16.2     JURISDICTION

         (a)      In New Zealand: Each of the parties irrevocably and
                  unconditionally agrees that the courts of New Zealand shall
                  have jurisdiction to hear and determine each suit, action or
                  proceeding ("proceedings"), and to settle disputes, which may
                  arise out of or in connection with this Deed and for those
                  purposes irrevocably submits to the jurisdiction of those
                  courts.

         (b)      Other Jurisdictions: This submission to jurisdiction does not
                  (and is not to be construed to) limit the rights of the
                  Trustee to take proceedings against the Company or BPC in
                  another court of competent jurisdiction nor is the taking of
                  proceedings in one or more jurisdictions to preclude the
                  taking of proceedings in another jurisdiction, whether
                  concurrently or not.

16.3     PROCESS AGENT

         BPC irrevocably agrees that the process by which any suit, action or
         proceeding in New Zealand is begun may be served on it by being
         delivered to the Company at its registered office for the time being
         without prejudice to any other lawful means of service.

EXECUTION

EXECUTED as a deed

SIGNED for and on behalf of
GOODMAN FINANCE LIMITED by its
attorney in the presence of:

                                                 /s/ Gavin MacDonald
                                                ________________________________
                                                Attorney

                                                        Gavin MacDonald
                                                ________________________________
                                                Print Name
/s/ Sarah Kristen McEwan
__________________________________
Witness Signature

Sarah Kristen McEwan
__________________________________
Print Name

            Solicitor
__________________________________
Occupation

Auckland, New Zealand
__________________________________
Address

                                                                              36

<PAGE>

SIGNED SEALED AND DELIVERED FOR
BURNS, PHILP & COMPANY LIMITED
by its attorney in the presence of:

                                                /s/ Gavin MacDonald
                                                ________________________________
                                                Attorney

                                                    Gavin MacDonald
                                                ________________________________
                                                Print Name
/s/ Sarah Kristen McEwan
__________________________________
Witness Signature

Sarah Kristen McEwan
__________________________________
Print Name

           Solicitor
__________________________________
Occupation

Auckland, New Zealand
__________________________________
Address

EXECUTED under the name and seal
of THE NEW ZEALAND GUARDIAN
TRUST COMPANY LIMITED by:

/s/ James Douglas                               /s/ Michael Knowles
__________________________________              ________________________________
Authorised Signatory                            Authorised Signatory

Witness to both signatures

/s/ Karen Anne Donald
__________________________________
Signature

Karen Anne Donald
__________________________________
Name

Administrator, Personal Client Services
__________________________________
Occupation

Remuera, New Zealand
__________________________________
Address

                                                                              37

<PAGE>

SCHEDULE 1: FORM OF CAPITAL NOTE HOLDING CERTIFICATE

THIS CERTIFICATE IS NOT A DOCUMENT OF TITLE AND DOES NOT EVIDENCE OWNERSHIP OF
CAPITAL NOTES. OWNERSHIP IS DETERMINED SOLELY BY REFERENCE TO THE REGISTER OF
CAPITAL NOTES.

Certificate No:                                           Election Date:

Holder No:

GOODMAN FINANCE LIMITED CAPITAL NOTE CERTIFICATE
[THE PERSON NAMED BELOW IS THE HOLDER OF [FIVE/EIGHT] YEAR CAPITAL NOTES HAVING
A PRINCIPAL AMOUNT OF [$  ]

Noteholder:                          ___________________________________________
                                     Name

                                     ___________________________________________
                                     Address

Goodman Finance Limited (the COMPANY) certifies that the abovenamed Noteholder
is registered for the term expiring on the first Election Date as the holder of
unsecured, subordinated capital notes having the Principal Amount stated above.
The Capital Notes are issued by the Company under a Trust Deed dated    April
2003 made between the Company, Burns, Philp & Company Limited and The New
Zealand Guardian Trust Company Limited, as trustee for the Noteholders (the
TRUST DEED).

The total principal amount of unsecured, subordinated capital notes of the class
comprised in the Certificate issued or to be issued by the Company is    .

The Capital Notes are constituted under the Trust Deed and are issued with the
benefit of, and subject to the terms and conditions of, the Trust Deed and the
Conditions set out therein. The Capital Notes are also issued with the benefit
of each Deed of Guarantee. Words and expressions defined in the Trust Deed
(including the Conditions) and not otherwise defined in this Certificate have
the same meanings where used in this Certificate.

DATED     20

Signed by GOODMAN FINANCE LIMITED
by:

__________________________________
Director

                                                                              38

<PAGE>

                              SUMMARY OF CONDITIONS

PLEASE NOTE THAT THIS IS A SUMMARY ONLY OF THE CONDITIONS ATTACHING TO THE
CAPITAL NOTES. THE CONDITIONS AND ALL OTHER PROVISIONS RELATING TO THE CAPITAL
NOTES ARE SET OUT IN FULL IN THE TRUST DEED.

INTEREST ON THE CAPITAL NOTES

Subject to the Conditions, interest on the Capital Notes will be paid at a rate
of [ ]% per annum and will accrue from the date of allotment. Interest will be
paid on [    ], [    ], [    ] and [    ] in each year with the first payment
due on [    ].

[NOTE: THE ABOVE INFORMATION WILL BE AMENDED AS NECESSARY TO REFLECT THE DETAILS
OF THE RELEVANT CAPITAL NOTE]

PRINCIPAL UNDERTAKINGS

The Company's principal undertakings to the Trustee on behalf of Noteholders
under the Trust Deed are:

(a)      topay interest on the Capital Notes comprised in this Certificate in
         accordance with Condition 3, but subject to Condition 2.2 and subject
         to the Company's right to suspend the payment of interest in the
         circumstances described in Condition 3.2;

(b)      in Liquidation of the Company and upon Commencement of Liquidation of
         the Company, to redeem the Capital Notes by payment of the Liquidation
         Amount in accordance with Condition 2.2; and

(c)      prior to the Election Date to provide written notice to each Noteholder
         specifying:

         (i)      the proportion (if any) of the outstanding Capital Notes to be
                  compulsorily redeemed or purchased in accordance with
                  Conditions 4.3(c) and (d); and

         (ii)     the new conditions as to Interest Rate, Interest Dates,
                  Election Date and otherwise.

ELECTION PROCEDURE

Not later than the date falling 13 Business Days before and including the
Election Date, the Noteholder must elect:

(a)      the Capital Notes in respect of which the Noteholder accepts the new
         conditions ; and

(b)      the Capital Notes in relation to which the Noteholder does not accept
         the new conditions and which the Noteholder wishes to have redeemed in
         accordance with Condition 4.3 on the Election Date.

No later than 10 Business Days before and including the Election Date the
Company (at its discretion) may elect, to redeem (by way of payment of cash or
by the issue of Ordinary Shares by BPC) or purchase (by way of payment of cash
by itself or a Subsidiary of BPC) all, or any part, of the Capital Notes. Where
Capital Notes are to be redeemed by payment in cash, the Noteholder will receive
an amount equal to the Principal Amount and Accrued Interest and Unpaid Interest
then owing (or the corresponding proportion). The Company's election may be made
irrespective of any election made by a Noteholder. The Ordinary Shares to be
issued on the redemption of those Capital Notes will be issued in accordance
with a formula based on the Principal Amount and Accrued Interest and Unpaid
Interest then owing and the New Zealand Dollar Equivalent of the amount which is
determined by the Company to be 95% of the weighted average sale price of an
Ordinary Share sold on the Australian Stock Exchange during the period of 10
Business Days immediately prior to the Election Date.

Noteholders may also be entitled to require the Company to purchase or redeem
Capital Notes where a general offer to purchase shares in BPC is made and a
person or persons become entitled to

                                                                              39

<PAGE>

acquire all of the shares in the Company or exercise all of the votes attaching
to Ordinary Shares. These rights are set out in Condition 4.5.

LIMITED RIGHTS OF REDEMPTION BY NOTEHOLDERS

Each Capital Note has no fixed maturity or redemption date and the only rights
of redemption prior to the Commencement of Liquidation are as summarised above.

The only right of the Trustee or a Noteholder to require redemption of the
Capital Notes prior to the Election Date is on the Commencement of Liquidation
of the Company, being where a liquidator or statutory manager is appointed to
the Company or the Company is otherwise dissolved or removed from the register
of companies.

EARLY REDEMPTION BY COMPANY

The Company may, at any time after 5 May 2004, upon 45 days' notice to a
Noteholder redeem all or any portion of the Capital Notes. If the Company
redeems a portion of the Capital Notes only, it will do so on a pro rata basis.

NO REMEDY FOR BREACH

Each of the Company and BPC has provided limited representations, warranties and
covenants in the Trust Deed. The Trustee and Noteholders have no remedies
against the Company, BPC or any Guarantor for a breach of any representation,
warranty or covenant contained in the Trust Deed, the Conditions or any Deed of
Guarantee except remedies provided at law.

TRANSFERS

The Capital Notes may be transferred in minimum Principal Amounts of $1,000 or
such lesser amount as the Company may from time to time permit, provided that,
following any such transfer, the transferee holds Capital Notes with a minimum
Principal Amount of $5,000 per Tranche.

Transfers of Capital Notes may be effected by:

-        a written instrument of transfer in any usual or common form signed by
         the Transferor and the Transferee; or

-        means of the FASTER system operated by the New Zealand Stock Exchange;
         or

-        any other method of transfer of marketable securities which is not
         contrary to any law and which may be operated in accordance with any
         listing rules, and which is approved by the Company.

In the circumstances specified in Condition 5.12, the Company has the power to
compulsorily acquire and sell the Capital Notes held by a Noteholder.

                                                                              40

<PAGE>

NOTICES

The Company is obliged to send to the Noteholder certain notices and other
information at the Noteholder's address recorded in the Register of Capital
Notes. These notices are important and the Noteholder is advised to notify the
Registrar promptly of a change of address.

GUARANTEE

The Company's obligations in respect of the Capital Notes are guaranteed on an
unsecured, subordinated basis by BPC and certain Subsidiaries of BPC.

SUBORDINATION

The Trust Deed and the Conditions and each Deed of Guarantee contain provisions
which defer in priority payments on the Capital Notes and under the relevant
Deed of Guarantee and otherwise limit the rights of the Noteholders, and the
Trustee on their behalf, in a manner consistent with the unsecured, subordinated
nature of the indebtedness under the Capital Notes and the Deeds of Guarantee.
The duties and liabilities of the Trustee are limited accordingly. The
Noteholder is deemed to be aware of, and to have accepted and agreed to be bound
by, such provisions and all other terms and conditions of the Trust Deed and the
Conditions and each Deed of Guarantee.

REGISTER

The Register is the sole and conclusive record of each Capital Note and as to
the person entitled to the Capital Note. Accordingly, this Certificate is not an
instrument of title and does not give to the Noteholder any rights independent
from the rights contained in the Trust Deed or the Conditions and is conditional
upon the terms and conditions set out in the Trust Deed and the Conditions.

The Registrar for the Capital Notes is Computershare Investor Services Limited,
Private Bag 92119, Auckland.

Copies of the Trust Deed and the Deeds of Guarantee may be obtained free of
charge at the registered office of the Company or, inspected upon payment of a
fee, at the Companies Office, Business and Registries Branch, 3 Kingston Street,
Auckland.

PAYMENTS

All payments will be made to Noteholders net of any taxes which are required to
be deducted at law.

                                                                              41

<PAGE>

SCHEDULE 2: CONDITIONS OF THE CAPITAL NOTES

1.       DEED

1.1      DEED BINDING

         The statements in these Conditions are subject to the detailed
         provisions of the trust deed dated 30 April 2003 (the DEED) between
         Goodman Finance Limited, Burns, Philp & Company Limited and The New
         Zealand Guardian Trust Company Limited, as trustee.

1.2      NOTICE OF DEED

         Noteholders are entitled to the benefit of, are bound by, and are
         deemed to have notice of, the Deed.

1.3      DEFINITIONS

         In these Conditions, terms and expressions defined in the Deed and not
         otherwise defined in these Conditions have the same meanings where used
         in these Conditions. In addition:

         ACCRUED INTEREST means all interest on the Principal Amount of the
         Capital Notes which has accrued and is payable in accordance with these
         Conditions, other than any such interest which comes within the
         definition of "Unpaid Interest";

         CASH REDEMPTION DATE means the date on which a Capital Note is, or is
         to be, redeemed or purchased for cash by BPC or any wholly owned
         Subsidiary of BPC;

         CLOSING DATE means the date on which the Company declares the initial
         offer of Capital Notes to be closed;

         EIGHT YEAR NOTE means each Capital Note which is designated as an Eight
         Year Capital Note when issued by the Company;

         ELECTION DATE means:

         (a)      in respect of a Five Year Note, 15 December 2008 and each
                  subsequent New Election Date; and

         (b)      in respect of an Eight Year Note, 15 November 2011 and each
                  subsequent New Election Date;

         ELECTION RECORD DATE means the date which is 33 Business Days before
         the Election Date;

         FINAL INTEREST DATE means the first to occur of the Share Redemption
         Date, the Cash Redemption Date or the Liquidation Redemption Date;

         FIVE YEAR NOTE means each Capital Note which is designated as a Five
         Year Capital Note when issued by the Company;

         HIGH YIELD NOTES means:

         (a)      the 10 3/4% senior subordinated notes due 2011 issued by Burns
                  Philp Capital Pty Limited (BURNS PHILP CAPITAL) and Burns
                  Philp Capital (U.S.) Inc. (BPCUS and together with Burns Philp
                  Capital, the ISSUERS), and guaranteed on a senior

                                                                              42

<PAGE>

                  subordinated basis by BPC and certain of its subsidiaries,
                  pursuant to an indenture dated February 20, 2003, among the
                  Issuers, BPC, the Subsidiary Guarantors from time to time
                  party thereto, and Wells Fargo Bank, as trustee; and

         (b)      the 9 3/4% senior subordinated notes due 2012 issued by Burns
                  Philp Capital and guaranteed on a senior subordinated basis by
                  BPC and certain of its subsidiaries, pursuant to an indenture
                  dated June 21, 2002 among Burns Philp Capital, BPC, the
                  Subsidiary Guarantors from time to time party thereto, and The
                  Bank of New York, a New York banking corporation, as trustee.

         INTEREST DATE means:

         (a)      in respect of each Five Year Note, 15 December 2003 and each
                  15 March, 15 June, 15 September and 15 December thereafter
                  until the Final Interest Date; and

         (b)      in respect of each Eight Year Note, 15 November 2003 and each
                  15 February, 15 May, 15 August and 15 November thereafter
                  until the Final Interest Date,

         or, in each case, such other date determined by the Company pursuant to
         Condition 4.1(a) or 4.5, as the case may be;

         INTEREST PERIOD means the period from and including one Interest Date
         to, but excluding, the next Interest Date, provided that the first
         Interest Period will be deemed to be a period from and including the
         date of allotment for a Capital Note to, but excluding:

         (a)      in the case of each Five Year Note, 15 December 2003; and

         (b)      in the case of each Eight Year Note, 15 November 2003;

         INTEREST RATE means, in respect of a Capital Note and the period from
         allotment to the first Election Date, the rate of interest payable on
         that Capital Note as set out in the Rate Card that applies to that
         Capital Note at the date of allotment of that Capital Note, unless the
         Company increases the rate applicable to Capital Notes of that Tranche,
         in which case the rate in respect of that Capital Note will be that
         higher rate and, in respect of the period after the first Election Date
         the rate determined by the Company in accordance with Condition 4.1(a)
         or 4.5, as the case may be;

         ISSUERS has the meaning set out above in the definition of High Yield
         Notes;

         LEAD MANAGER means First NZ Capital Securities;

         LIQUIDATION AMOUNT means the Principal Amount of a Capital Note plus
         all Accrued Interest and Unpaid Interest in respect of that amount;

         LIQUIDATION REDEMPTION DATE means, in the event of Liquidation of the
         Company, the date on which the Capital Note is redeemed by payment of
         the Liquidation Amount;

         NEW CONDITIONS means the new conditions as to Interest Rate, Interest
         Dates, Election Date, financial covenants and each other modification
         to the Conditions to apply to a Tranche of Capital Notes following the
         Election Date;

         NEW ELECTION DATE means the Election Date that will apply to a Tranche
         of Capital Notes following the initial Election Date, as specified in
         the New Conditions;

         NOTIFICATION DATE means the date which is 20 Business Days after the
         Election Record Date;

         OPENING DATE means 5 May 2003;

                                                                              43

<PAGE>

         ORGANISING BROKER means First NZ Capital Securities;

         RATE CARD means the card distributed with the Investment Statement
         relating to the Capital Notes which sets out the Interest Rates
         applicable to each Tranche of Capital Notes and each subsequent card
         issued in place of the previous card in accordance with Condition 3.1;

         RECORD DATE means a Friday which is also a day on which the New Zealand
         Stock Exchange is open for trading (or the previous day if the New
         Zealand Stock Exchange is not open for trading on such Friday), not
         less than seven Business Days prior to the relevant Interest Date, such
         Record Date being notified to the New Zealand Stock Exchange at least
         10 Business Days prior to the relevant Record Date, or within such
         lesser period as is approved by the New Zealand Stock Exchange;

         SENIOR CREDITORS means:

         (a)      in relation to the Company, all creditors of the Company other
                  than:

                  (i)      holders of Capital Notes; and

                  (ii)     creditors who have agreed to rank subordinate to the
                           obligations of the Company under the Capital Notes,
                           or pari passu with such obligations; and

         (b)      in relation to any Guarantor, all creditors of that Guarantor
                  other than:

                  (i)      the beneficiaries of the Deed of Guarantee to which
                           that Guarantor is party; and

                  (ii)     creditors who have agreed to rank subordinate to the
                           obligations of the Guarantor under the relevant Deed
                           of Guarantee, or pari passu with such obligations,

         and, for the avoidance of doubt, includes the holders of the High Yield
         Notes and the holders of any other notes or other debt instruments
         issued from time to time on substantially the same terms as, or ranking
         pari passu with, the High Yield Notes;

         SHARE REDEMPTION DATE means the date upon which a Capital Note is, or
         is to be, redeemed by the issue of Ordinary Shares;

         SWAP RATE means, on any date in relation to a specified term (TERM),
         the bank swap mid rate for that Term as quoted at 11.00am (or such
         other time as the Company and the Lead Manager agree and, in any event,
         before 12:00 midday) on that date on Reuters-FISSWAP page (or its
         successor page) or if no such rate is quoted for a period that
         corresponds to that Term (plus or minus 10 days) then the rate shall be
         the linearly interpolated rate falling between two quoted rates at that
         time, which corresponds to that Term, (as determined by the Lead
         Manager (whose determination shall be final, except in the case of
         manifest error)) or, if no rates are quoted on Reuters-FISSWAP page (or
         its successor page) on that day, then the rate which the Lead Manager
         reasonably determines, after consultation in good faith with the
         Company, to be the nearest practicable equivalent after consulting with
         two banks or financial institutions previously approved by the Company
         which generally quote rates on Reuters-FISSWAP page (or its successor
         page);

         UNPAID INTEREST means, on any date and in respect of any Capital Note,
         the aggregate of:

         (a)      all interest which was not paid on its due date and remains
                  unpaid (whether due to suspension pursuant to Condition 3.2(a)
                  or otherwise); and

         (b)      all interest on interest which was not paid on its due date
                  (whether due to a suspension pursuant to Condition 3.2(a) or
                  otherwise) and which has accrued in accordance with Condition
                  3.2(b) and remains unpaid.

                                                                              44

<PAGE>

2.       STATUS AND SUBORDINATION OF THE CAPITAL NOTES

2.1      STATUS

         The Capital Notes constitute unsecured subordinated obligations of the
         Company and rank pari passu and without priority or preference among
         themselves. The Company's obligations in respect of the Capital Notes
         are guaranteed on a subordinated basis by BPC and certain Subsidiaries
         of BPC on the terms set out in the Deeds of Guarantee. None of the
         Company's directors, the directors of BPC and its Subsidiaries, the
         Trustee, the Organising Broker, the directors of any promoter or any
         other person other than the Guarantors guarantee the Company's
         obligations under the Deed and the Capital Notes in any way.

2.2      SUBORDINATION

         The obligations of the Company to the Noteholder under, and the rights
         of the Noteholder (or the Trustee on behalf of the Noteholder) against
         the Company in respect of, the Principal Amount of, and Accrued
         Interest and Unpaid Interest on, the Capital Notes are subordinated in
         point of priority and right of payment to, and rank behind, the claims
         of the Senior Creditors in Liquidation and in bankruptcy,
         reorganisation, insolvency, receivership or similar proceedings for the
         benefit of creditors. In addition, in Liquidation and upon the
         Commencement of Liquidation the claims of the Noteholder against the
         Company under and in respect of the Capital Notes in such Liquidation
         are subject to clause 3.15 of the Deed, limited to the Liquidation
         Amount. Payment of any amount due in respect of the Capital Notes is
         not permitted if the conditions described in clause 3.16 of the Trust
         Deed are not satisfied.

2.3      RELEVANT PROVISIONS OF DEED

         The Deed contains provisions restricting the remedies of the Trustee
         and the Noteholder in relation to the Capital Notes and providing that
         the Trustee and the Noteholder must hold on trust various amounts in
         favour of the Trustee and Senior Creditors. In the event of any
         conflict between the Deed and these Conditions, the Deed is to prevail.

3.       INTEREST

3.1      INTEREST RATE AND CALCULATION OF INTEREST

         Each Capital Note bears interest on the Principal Amount at the
         Interest Rate. Prior to the Closing Date, the Company will from time to
         time advise any change in the Interest Rate applicable to the Capital
         Notes. Such details will be notified by general announcement to the New
         Zealand Stock Exchange and will also be notified to investors by
         distribution of replacement Rate Cards. Following any such
         announcement, such Interest Rate shall apply until any further
         announcement is made by the Company. The Interest Rate applying with
         effect from the date of allotment in relation to a Capital Note will be
         specified in the Holding Certificate (if any) provided to each
         Noteholder pursuant to this Deed.

         Interest will be calculated on the Principal Amount of a Capital Note
         and will accrue daily from the date of allotment of the Capital Note on
         the basis of a 365-day year (subject to Condition 3.2). Interest will
         cease to accrue on each Capital Note on the earliest of:

         (a)      the Share Redemption Date;

         (b)      the Cash Redemption Date; and

         (c)      the Commencement of Liquidation of the Company (but without
                  prejudice to clause 3.15).

                                                                              45

<PAGE>

3.2      INTEREST AND UNPAID INTEREST

         (a)      ACCRUED INTEREST AND SUSPENSION OF INTEREST

                  Accrued Interest accrued during each Interest Period (and any
                  Unpaid Interest) is payable on the Interest Date falling at
                  the end of that Interest Period. The amount of interest
                  payable on a Capital Note on each Interest Date (other than
                  the first Interest Date) shall be determined as follows:

                  Interest Payment = Principal Amount of Capital Note x Interest
                                     --------------------------------     Rate
                                             4

                  The amount of interest payable on a Capital Note on the
                  initial Interest Date shall be determined as follows:

                                                           Days elapsed between
                                                           date of allotment
                                                           and initial
                                                           Interest Date
                  Interest = Principal Amount x [Interes x --------------------]
                  Payment     of Capital Note     Rate            365

                  The Company may at any time on or prior to an Interest Date
                  elect to suspend payment of any amount of Accrued Interest (or
                  Unpaid Interest) or any part of such interest on the relevant
                  Interest Date if the Board of the Company believes on
                  reasonable grounds that:

                  (i)      the Company, BPC, either Issuer, or any Guarantor has
                           breached, or making the payment of interest, or such
                           part of the interest (as the case may be), would, or
                           would be likely to, result in the Company, BPC,
                           either Issuer, or any Guarantor breaching the
                           solvency test set out in section 4 of the Companies
                           Act 1993 or any analogous provision in any other
                           jurisdiction; or

                  (ii)     the Company, BPC, either Issuer, or any Guarantor has
                           breached, or the payment of interest, or such part of
                           the interest (as the case may be), would, or would be
                           likely to, result in the Company, BPC, either Issuer,
                           or any Guarantor breaching any covenant, warranty or
                           undertaking it has given to a Senior Creditor; or

                  (iii)    the Company, has breached, or the payment of the
                           interest, or such part of the interest (as the case
                           may be), would, or would be likely to, result in the
                           Company breaching any other legal obligation.

                  The Company may make such election to suspend in respect of
                  either Tranche of Capital Notes or both in its absolute
                  discretion. The Company will, if it is obliged to do so
                  pursuant to clause 3.16 of this Deed, suspend the payment of
                  any amount of Accrued Interest (or Unpaid Interest) on the
                  relevant Interest Date.

         (b)      UNPAID INTEREST

                  All interest which is not paid on its due date (whether due to
                  a suspension pursuant to Condition 3.2(a) or otherwise) will,
                  so long as it remains unpaid, bear interest at the Interest
                  Rate, accruing daily and compounded on each subsequent
                  Interest Date. All such Unpaid Interest will fall due for
                  payment on the subsequent Interest Date. The Company may, at
                  its option and upon giving not more than 14 nor less than
                  seven days' notice to Noteholders, or holders of the relevant
                  Tranche of Capital Notes, as the case may be, (which notice
                  may be accompanied by a post-dated cheque), pay all or part of
                  such Unpaid Interest. If part only is paid, it must be paid on
                  a pro rata basis across all Capital Notes or the relevant
                  Tranche of Capital Notes, as the case may be. Unpaid Interest
                  relating to any Interest Period may not be paid before the
                  Unpaid

                                                                              46

<PAGE>

                  Interest relating to any earlier Interest Period has been
                  paid. All Unpaid Interest will become due and payable in and
                  upon the Commencement of Liquidation of the Company, but
                  subject to Clause 3 of the Deed and Condition 2.2.

         (c)      NOTICE TO TRUSTEE

                  The Company covenants with the Trustee and each Noteholder
                  that it will promptly notify the Trustee if the Company will
                  not make a payment of interest on the Capital Notes when due
                  in accordance with Condition 3.2(a), including if it intends
                  to suspend payment of any interest in accordance with that
                  clause.

         If the Company has elected to suspend payment of interest in accordance
         with this Condition, the Company is not obliged to pay that interest on
         the relevant Interest Date, and BPC has covenanted in the Deed not to
         pay any dividend on, or make any distribution in respect of, its shares
         (or take certain other actions) while any such interest remains unpaid.
         Any non-payment of interest on an Interest Date will not give rise to
         any right to accelerate payment of any amount due under a Capital Note
         and, in addition, if the Company has elected to suspend payment of
         Accrued Interest (or Unpaid Interest) on any Interest Date, non-payment
         of interest on that Interest Date does not constitute a default by the
         Company for any purpose.

3.3      PAYMENTS

         All payments in relation to a Capital Note may be satisfied by:

         (a)      POST

                  mailing cheques to the addresses of; or

         (b)      DIRECT CREDIT

                  direct credit to any bank account nominated in writing (prior
                  to the Record Date) of,

                  in the case of any payment of Accrued Interest in relation to
                  the initial Interest Period, the subscriber of the Capital
                  Note, and in all other cases, the Noteholder entered in the
                  Register on the Record Date. Such mailing or direct credit
                  will occur prior to 5 p.m. on the relevant Interest Date (or,
                  if that date is not a Business Day, the next Business Day
                  after that date) or other date on which payment is required to
                  be made.

3.4      WITHHOLDING TAX

         (a)      DEDUCTION FOR WITHHOLDING TAXES

                  Subject to Condition 3.4(b), all payments or credits to, or to
                  the account of, Noteholders (including payments of, and
                  credits in respect of, interest) will be made net of any tax
                  in respect thereof required by law to be withheld, deducted or
                  paid by the Company, except to the extent that the Company is
                  satisfied that the Noteholder is exempt from any such tax or
                  is a person in respect of whom any such withholding, deduction
                  or payment is not required to be made. Any Noteholder claiming
                  any such exemption or to be such a person must provide the
                  Company with such evidence as the Company may from time to
                  time require to satisfy itself in respect of the validity of
                  that claim.

         (b)      APPROVED ISSUER LEVY

                  Noteholders to whom such is relevant may in writing request
                  the Company to advise the basis, if any, upon which the
                  Company, at no cost to itself, is prepared from time to time
                  to deduct and pay the approved issuer levy (within the meaning
                  of section 86F of

                                                                              47

<PAGE>

                  the Stamp and Cheque Duties Act 1971) as an alternative to the
                  exercise by the Company of its rights as referred to in
                  Condition 3.4(a). The Company may make such arrangements with
                  those Noteholders to pay the levy as it sees fit.

         (c)      TAXATION INDEMNITY FROM NOTEHOLDER

                  If, in relation to any Capital Note, the Trustee, the Company
                  or BPC becomes liable to make any payment of, or on account
                  of, tax payable by the Noteholder on or in relation to any
                  Capital Notes, the Trustee, the Company and BPC are all
                  indemnified by the Noteholder and the personal representatives
                  or successor of that Noteholder (and, as concerns the Trustee,
                  also by the Company) in respect of any such liability, and any
                  moneys paid by the Trustee, the Company or BPC in respect of
                  any such liability may be recovered by action from such
                  Noteholder and the personal representatives or successor of
                  such Noteholder (as the case may be) as a debt due to the
                  Trustee, the Company or BPC, as the case may be. Nothing in
                  this Condition prejudices or affects any other right or remedy
                  of the Trustee, the Company or BPC.

4.       ELECTION TO RETAIN OR REDEEM CAPITAL NOTES

4.1      ELECTION NOTICE

         In relation to each Tranche, the Company must give to each holder of
         Capital Notes constituting that Tranche (and send a copy to the
         Trustee) not later than three Business Days after the Election Record
         Date for that Tranche a notice (an ELECTION NOTICE) specifying:

         (a)      NEW CONDITIONS

                  if applicable, the New Conditions (which, for the avoidance of
                  doubt, may be a continuation of the then existing Conditions,
                  other than the Election Date); and

         (b)      REDEEM CAPITAL NOTES

                  the proportion of Capital Notes which shall be compulsorily
                  redeemed or purchased in accordance with Conditions 4.3(c) and
                  (d).

4.2      NOTEHOLDER'S ELECTION TO RETAIN OR REDEEM

         Unless the Company has given notice under Condition 4.1(b) that it will
         redeem or it, BPC or any of its Subsidiaries will purchase all Capital
         Notes in a particular Tranche on the Election Date, each holder of
         Capital Notes constituting the relevant Tranche must complete and sign
         the Election Notice and return it to the Company not later than the
         Notification Date and must indicate in the Election Notice, in relation
         to the proportion of Capital Notes he or she holds which will not be
         compulsorily redeemed or purchased by the Company, either or both of:

         (a)      RETAIN CAPITAL NOTES

                  the Capital Notes in respect of which the Noteholder accepts
                  the New Conditions with effect from the Election Date; and

         (b)      REDEEM CAPITAL NOTES

                  the Capital Notes in relation to which the Noteholder does not
                  accept the New Conditions and which, as a result, the
                  Noteholder wishes to have redeemed in accordance with
                  Condition 4.3(b) on the Election Date.

                                                                              48

<PAGE>

         If, in relation to a Capital Note:

         (c)      NO ELECTION NOTICE RECEIVED

                  the Company does not receive a properly completed Election
                  Notice from the Noteholder on or before the Notification Date;
                  or

         (d)      NO ELECTION INDICATED

                  to the extent that the Company receives an Election Notice,
                  the Election Notice does not indicate whether or not the
                  Noteholder elects to request redemption of all or part of the
                  Capital Notes; or

         (e)      DENOMINATION AND MULTIPLES OF CAPITAL NOTES

                  to the extent that the Company receives an Election Notice,
                  implementation of the election made by the Noteholder would
                  result in him or her remaining a Noteholder of Capital Notes
                  with a Principal Amount of less than $5,000 per Tranche,

         the Noteholder will be deemed to have accepted the New Conditions in
         respect of, in the case of (c) and (e) above, all such Capital Notes
         and, in the case of (d) above, such number of such Capital Notes in
         respect of which no such indication has been given.

4.3      REDEMPTION (BY WAY OF PAYMENT OF CASH OR ISSUE OF ORDINARY SHARES) OR
         PURCHASE ON ELECTION DATES

         (a)      COMPANY OPTION TO REDEEM

                  No later than 10 Business Days before and including the
                  Election Date for a Tranche of Capital Notes, the Company may
                  elect that either:

                  (i)      it redeems, or that BPC or a Subsidiary of BPC
                           purchases, for cash; or

                  (ii)     it redeems by BPC issuing Ordinary Shares in
                           accordance with Condition 4.4,

                  some or all of the Capital Notes of that Tranche held by a
                  Noteholder irrespective of any election made by that
                  Noteholder under Condition 4.2 (including if no election is
                  made as contemplated by Condition 4.2(c) or (d)) by giving
                  notice in writing of such election to Noteholders of the
                  relevant Tranche.

         (b)      REDEMPTION OR PURCHASE FOR CASH

                  If the Company elects that it will redeem, or that BPC or a
                  Subsidiary of BPC will purchase, for cash some or all of the
                  Capital Notes in a particular Tranche, the Company must
                  promptly notify Noteholders of that Tranche that such
                  redemption or purchase of the Capital Notes for cash will
                  occur on the Election Date, and such redemption or purchase
                  for cash will be at the price calculated in accordance with
                  Condition 4.3(d).

         (c)      PART REDEMPTION OR PURCHASE

                  (i)      If the Company elects to exercise its rights under
                           Condition 4.1 to redeem or purchase some but not all
                           of the Capital Notes in a particular Tranche then any
                           such redemption or purchase must be made on a pro
                           rata basis across all Capital Notes in the relevant
                           Tranche.

                                                                              49

<PAGE>

                  (ii)     If following the receipt of Election Notices in
                           relation to Capital Notes of a particular Tranche
                           pursuant to Condition 4.2, the Company elects to
                           exercise its right under Condition 4.3(a) to redeem
                           or purchase, or to redeem by procuring that BPC issue
                           Ordinary Shares, some but not all of the Capital
                           Notes, then the particular Capital Notes redeemed or
                           purchased shall be determined on the following basis:

                           (A)      if as a result of exercising its right to
                                    redeem some of the Capital Notes by BPC
                                    issuing Ordinary Shares, the Company intends
                                    to redeem or purchase for cash Capital Notes
                                    having a Principal Amount which, in
                                    aggregate, is equal to or less than the
                                    aggregate Principal Amount of Capital Notes
                                    which Noteholders elected to redeem under
                                    Condition 4.2(b), such redemption or
                                    purchase shall be made by:

                                    (i)      if the Company elects that some of
                                             the Capital Notes are to be
                                             redeemed or purchased for cash, by
                                             redeeming for cash on a pro rata
                                             basis across those Capital Notes
                                             which Noteholders elected to redeem
                                             under Condition 4.2(b);

                                    (ii)     redeeming the balance of the
                                             Capital Notes which Noteholders
                                             elected to redeem under Condition
                                             4.2(b) by BPC issuing Ordinary
                                             Shares; and

                                    (iii)    if further Capital Notes are to be
                                             redeemed by the issue of Ordinary
                                             Shares, redeeming on a pro rata
                                             basis across remaining Noteholders;
                                             and

                           (B)      if the Company elects to redeem or purchase
                                    for cash Capital Notes having a Principal
                                    Amount which, in aggregate, exceeds the
                                    aggregate Principal Amount of Capital Notes
                                    which Noteholders elected to redeem under
                                    Condition 4.2(b), such redemption or
                                    purchase shall be made by first, redeeming
                                    all Capital Notes which Noteholders elected
                                    to redeem under Condition 4.2(b) and,
                                    secondly, redeeming on a pro rata basis
                                    across all remaining Capital Notes of the
                                    relevant Tranche.

                  In making any redemption or purchase, the Company shall be
                  entitled to adjust the number of Capital Notes to be redeemed
                  in relation to any particular Noteholder to ensure each
                  Noteholder maintains a Minimum Holding of Capital Notes in the
                  relevant Tranche.

         (d)      CALCULATION OF REDEMPTION OR PURCHASE AMOUNT

                  For the purposes of Conditions 4.1, 4.3(b) and 4.5, the
                  redemption or purchase price, as the case may be, payable for
                  the Capital Notes will be the amount equal to the aggregate
                  of:

                  (i)      the Principal Amount of the Capital Notes to be
                           redeemed or purchased; and

                  (ii)     the Accrued Interest and Unpaid Interest in respect
                           of such Capital Notes.

         (e)      REDEMPTION AT REQUEST OF NOTEHOLDER

                  Subject to Condition 4.3(a), the Company will redeem, or
                  procure that BPC or a Subsidiary of BPC will purchase, for
                  cash all Capital Notes in relation to which a Noteholder has
                  requested redemption under Condition 4.2(b). Such redemption
                  or purchase for cash will occur on the Election Date and at
                  the price calculated in accordance with Condition 4.3 (d).

                                                                              50

<PAGE>

4.4      REDEMPTION OF CAPITAL NOTES BY THE ISSUE OF ORDINARY SHARES

         (a)      BPC undertakes to effect redemption of those Capital Notes of
                  the relevant Tranche which were the subject of a notice under
                  Condition 4.3(a)(ii), by issuing to the relevant Noteholder on
                  the Election Date such number (fractions being rounded down to
                  the nearest whole number) of Ordinary Shares as have an
                  aggregate Value equal to the aggregate as at the Election Date
                  (less any withholdings or deductions required by law) of the
                  Principal Amounts of, and Accrued Interest and Unpaid Interest
                  on, any Capital Notes which are held by the Noteholder which
                  the Company has elected to redeem by BPC issuing Ordinary
                  Shares.

                  In these Conditions:

                  (i)      VALUE means the New Zealand Dollar Equivalent of the
                           amount which is determined by the Company to be 95
                           per cent. of the weighted average sale prices of an
                           Ordinary Share of BPC sold on the Australian Stock
                           Exchange during the period of 10 Business Days
                           immediately prior to the Election Date on which
                           Ordinary Shares were bought and sold (and adjusted to
                           eliminate the effect of any dividend entitlement,
                           share buyback, consolidation or similar transaction
                           reflected in such price to which the Noteholder would
                           not be entitled), or, if no Ordinary Share of BPC was
                           sold on the Australian Stock Exchange during that
                           period, the last sale price of an Ordinary Share of
                           BPC sold on the Australian Stock Exchange prior to
                           such period.

                  (ii)     NEW ZEALAND DOLLAR EQUIVALENT means at any date, and
                           in relation to an amount denominated in Australian
                           Dollars, the amount in New Zealand Dollars which is
                           equal to that amount calculated at the spot rate of
                           exchange for those currencies quoted to the Company
                           by its bankers for value on the relevant date.

                  Each Ordinary Share issued in accordance with this Condition
                  will rank pari passu with the Ordinary Shares of BPC then on
                  issue, except that such Ordinary Shares will not carry any
                  rights to any dividend or other distribution declared or paid
                  or made on such Ordinary Shares by reference to a record date
                  prior to the Election Date. Letters of allotment or
                  certificates in respect of Ordinary Shares so issued will be
                  posted to the relevant Noteholders on, or as soon as
                  practicable after, the Election Date.

         (b)      ALTERNATIVES TO REDEMPTION BY THE ISSUE OF ORDINARY SHARES

                  If, at any time, BPC is unable lawfully to issue Ordinary
                  Shares to Noteholders in redemption of Capital Notes in
                  accordance with these Conditions, or the Ordinary Shares of
                  BPC cease to be eligible to be quoted on the Australian Stock
                  Exchange, the Capital Notes will be unaffected and continue to
                  exist on their then terms (including as to Interest Rate)
                  until the Election Date. If on the Election Record Date, BPC
                  remains unable to issue Ordinary Shares, or its Ordinary
                  Shares remain ineligible to be quoted, and the Trustee is not
                  satisfied that such Ordinary Shares will become eligible to be
                  so quoted within 30 days, all rights of redemption by way of
                  the issue of Ordinary Shares will be suspended and the Company
                  is to elect (such election to be notified to Noteholders
                  within the same time periods applicable to Election Notices
                  under Condition 4.1), whether the Capital Notes or any
                  proportion of the Capital Notes will be compulsorily redeemed
                  in accordance with Condition 4.3 or be deemed to be rolled
                  over on the following terms:

                  (i)      the Interest Rate to apply to the Capital Notes from
                           the Election Date to the Replacement Election Date
                           (as determined in Condition 4.4(b)(ii)) will be the
                           Swap Rate as at the Election Date for a period of two
                           years plus a margin of 5 per cent per annum; and

                  (ii)     the Election Date will be replaced by a new Election
                           Date selected by the Company (which must be a date
                           which is not more than two years from the

                                                                              51

<PAGE>

                           Election Date (or if that date is not a Business Day,
                           the next Business Day after that date) (the
                           Replacement Election Date)).

                  If, on the Replacement Election Date, BPC is unable lawfully
                  to issue Ordinary Shares to Noteholders in redemption of
                  Capital Notes in accordance with these Conditions or the
                  Ordinary Shares of BPC cease to be eligible to be quoted on
                  the Australian Stock Exchange, this Condition 4.4(b) will
                  apply again with the necessary modifications.

4.5      COMPULSORY REDEMPTION

         If as a result of a general offer to purchase made to some or all
         holders of the Ordinary Shares, any person, whether acting alone or in
         concert with any other person:

         (a)      is, or is entitled to become, the holder (absolutely or
                  beneficially and whether directly or indirectly) of all
                  Ordinary Shares; or

         (b)      has or will have the right to cast all votes on a poll at a
                  general meeting of BPC on a matter on which holders of
                  Ordinary Shares are entitled to vote,

         but no offer is made to Noteholders to purchase all of the Capital
         Notes of the relevant Tranche, then the Company must prior to the next
         Election Date for a Tranche, give notice to all Noteholders of the
         relevant Tranche within the same time period applicable to Election
         Notices under Condition 4.1. The Company, BPC or any of its
         Subsidiaries shall offer to redeem or purchase all Capital Notes of the
         relevant Tranche on that next Election Date (and such redemption or
         purchase must occur on that Election Date at the price calculated in
         accordance with Condition 4.3(d)). The Company may also, in addition,
         offer New Conditions in respect of the relevant Capital Notes to apply
         as from that next Election Date. If New Conditions are offered, each
         Noteholder of the relevant Tranche must then make an election within
         the same time period applicable to Election Notices delivered under
         Condition 4.1. If no New Conditions are offered or a Noteholder elects
         that the Company redeems or purchases (or procures the purchase of) his
         or her Capital Notes, such redemption or purchase must occur on that
         Election Date at the price calculated in accordance with Condition
         4.3(d). If a Noteholder elects to accept the New Conditions, those New
         Conditions will apply from the next Election Date. If New Conditions
         are offered and a Noteholder does not make an election, the Noteholder
         will be deemed to have accepted the New Conditions in respect of such
         number of Capital Notes in respect of which no election is made.

4.6      SHARE REGISTER

         All Ordinary Shares issued upon the redemption of Capital Notes will be
         validly issued and be entered on the Ordinary Share register of BPC.

4.7      SURRENDER OF HOLDING CERTIFICATES ON REDEMPTION BY THE ISSUE OF
         ORDINARY SHARES

         (a)      REDEMPTION BY THE ISSUE OF ORDINARY SHARES AND NEW
                  CERTIFICATES

                  Every Noteholder must, if and to the extent so required by the
                  Company as a condition precedent to:

                  (i)      the issue of Ordinary Shares in redemption of Capital
                           Notes, surrender the Holding Certificate (if any) and
                           provide the holder and FASTER identification numbers
                           in respect of such Capital Notes to the Company; and

                  (ii)     the issue of a new certificate in accordance with
                           Clause 2.6 of the Deed, surrender the existing
                           Holding Certificate (if any) and, if necessary,
                           provide the holder and FASTER identification numbers
                           to the Company or the Registrar.

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         (b)      PURCHASE OR REDEMPTION (BY WAY OF PAYMENT OF CASH OR ISSUE OF
                  ORDINARY SHARES)

                  Every Noteholder must immediately surrender to the Company, or
                  the Registrar, the Holding Certificate (if any) and provide
                  the holder and FASTER identification numbers in respect of
                  such Capital Notes to be purchased or redeemed pursuant to
                  Conditions 4.3 to 4.5.

         (c)      CANCELLATION OF HOLDING CERTIFICATE NOT SURRENDERED

                  The Registrar is entitled, at the option of the Company, to
                  cancel, or to enter the Company in the Register as the
                  Noteholder of, and issue a substitute Holding Certificate
                  (together with holder and FASTER identification numbers) for,
                  any Capital Notes relating to the Holding Certificate (if any)
                  not so surrendered.

4.8      CAPITAL NOTES HELD BY SUBSIDIARIES

         Notwithstanding these Conditions, this Condition 4 (other than
         Condition 4.9) will not apply to any Capital Note already held by BPC
         or a wholly owned Subsidiary of BPC on the Notification Date.

4.9      CANCELLATION ON REDEMPTION (BY WAY OF PAYMENT OF CASH OR ISSUE OF
         ORDINARY SHARES) OR PURCHASE

         Each Capital Note which is redeemed by the issue of an Ordinary Share
         or otherwise redeemed in accordance with the Conditions is and will be
         deemed to be cancelled, and neither the Company, BPC, nor the Trustee
         will have any further liabilities or obligations in respect of that
         Capital Note or the relevant Noteholder. Each of BPC and its
         Subsidiaries may at any time purchase a Capital Note for its own
         account. Each Capital Note so purchased by BPC or a wholly owned
         Subsidiary of BPC will be cancelled and neither the Company, BPC nor
         the Trustee will have any further liabilities or obligations in respect
         of that Capital Note or the relevant Noteholder.

4.10     CALL OPTION

         The Company may at any time after the first anniversary of the Opening
         Date upon giving Noteholders 45 days' written notice, require
         redemption of all or any portion of all of the Capital Notes. If the
         Company proposes to redeem any portion of the Capital Notes, such
         redemption must be made on a pro rata basis across all Noteholders. The
         Company further agrees that if a pro-rata redemption would result in a
         Noteholder holding:

         (a)      less than a Minimum Holding in relation to a Tranche of
                  Capital Notes, then the Company will redeem all Capital Notes
                  of the relevant Tranche held by that Noteholder; or

         (b)      Capital Notes of a Tranche in a Principal Amount other than
                  $5000 and integral multiples of $1000 thereafter, the Company
                  shall redeem such number of Capital Notes of the relevant
                  Tranche which will result in the Noteholder's holding being
                  reduced to a Principal Amount of the nearest of $5000 and
                  integral multiples of $1000 thereafter; and,

         in each case such redemptions shall be made at the same time, and at
         the same price, at which the Company exercises its rights under this
         call option.

         If the Company exercises its right to redeem all or any portion of the
         Capital Notes pursuant to this Condition, the redemption price paid to
         Noteholders for each Capital Note shall be determined as follows:

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         (c)      in relation to Five Year Notes:

                  (i)      if redeemed prior to the second anniversary of the
                           Opening Date, 103% of the Principal Amount of the
                           Capital Note and all Accrued Interest and Unpaid
                           Interest in relation to that Capital Note determined
                           at the redemption date;

                  (ii)     if redeemed prior to the third anniversary but on or
                           after the second anniversary of the Opening Date,
                           102% of the Principal Amount of the Capital Note and
                           all Accrued Interest and Unpaid Interest in relation
                           to that Capital Note determined at the redemption
                           date;

                  (iii)    if redeemed prior to the fourth anniversary but on or
                           after the third anniversary of the Opening Date, 101%
                           of the Principal Amount of the Capital Note and all
                           Accrued Interest and Unpaid Interest in relation to
                           that Capital Note determined at the redemption date;

                  (iv)     if redeemed prior to 15 December 2008 but on or after
                           the fourth anniversary of the Opening Date, 100% of
                           the Principal Amount of the Capital Note and all
                           Accrued Interest and Unpaid Interest in relation to
                           that Capital Note determined at the redemption date;

         (d)      in relation to Eight Year Notes:

                  (i)      if redeemed prior to the second anniversary of the
                           Opening Date, 106% of the Principal Amount of the
                           Capital Note and all Accrued Interest and Unpaid
                           Interest in relation to that Capital Note determined
                           at the redemption date;

                  (ii)     if redeemed prior to the third anniversary but on or
                           after the second anniversary of the Opening Date,
                           105% of the Principal Amount of the Capital Note and
                           all Accrued Interest and Unpaid Interest in relation
                           to that Capital Note determined at the redemption
                           date;

                  (iii)    if redeemed prior to the fourth anniversary but on or
                           after the third anniversary of the Opening Date, 104%
                           of the Principal Amount of the Capital Note and all
                           Accrued Interest and Unpaid Interest in relation to
                           that Capital Note determined at the redemption date;

                  (iv)     if redeemed prior to the fifth anniversary but on or
                           after the fourth anniversary of the Opening Date,
                           103% of the Principal Amount of the Capital Note and
                           all Accrued Interest and Unpaid Interest in relation
                           to that Capital Note determined at the redemption
                           date;

                  (v)      if redeemed prior to the sixth anniversary but on or
                           after the fifth anniversary of the Opening Date, 102%
                           of the Principal Amount of the Capital Note and all
                           Accrued Interest and Unpaid Interest in relation to
                           that Capital Note determined at the redemption date;

                  (vi)     if redeemed prior to the seventh anniversary but on
                           or after the sixth anniversary of the Opening Date,
                           101% of the Principal Amount of the Capital Note and
                           all Accrued Interest and Unpaid Interest in relation
                           to that Capital Note determined at the redemption
                           date; and

                  (vii)    if redeemed prior to 15 November 2011 but on or after
                           the seventh anniversary of the Opening Date, 100% of
                           the Principal Amount of the Capital Note and all
                           Accrued Interest and Unpaid Interest in relation to
                           that Capital Note determined at the redemption date.

                                                                              54

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5.       TRANSFERS AND REPLACEMENTS OF CAPITAL NOTES

5.1      TRANSFERS

         Capital Notes may be transferred in minimum Principal Amounts of $1,000
         per Tranche or such lesser amount as the Company may from time to time
         permit subject to this Condition 5, provided that, following any such
         transfer, the transferee holds Five Year Capital Notes and Eight Year
         Capital Notes, in each case with a minimum Principal Amount of $5,000
         (the MINIMUM HOLDING).

5.2      FORM OF TRANSFER

         Subject to these Conditions and the Deed, a Noteholder may transfer any
         Capital Note held by him or her by:

         (a)      WRITTEN INSTRUMENT

                  a written instrument of transfer in the usual or common form
                  signed by the transferor and the transferee; or

         (b)      FASTER SYSTEM

                  means of the FASTER system operated by the New Zealand Stock
                  Exchange; or

         (c)      OTHER METHOD

                  any other method of transfer of marketable securities which is
                  not contrary to any law and which may be operated in
                  accordance with any Listing Rules, and which is approved by
                  the Company.

5.3      REGISTRATION PROCESS

         (a)      TRANSFERS OTHER THAN THROUGH FASTER

                  The following provisions apply to instruments of transfer
                  other than any transfer under Condition 5.2(b):

                  (i)      the instrument of transfer must be left at the
                           Registry accompanied by the Holding Certificate (if
                           any) in respect of the Capital Notes to be
                           transferred or such other evidence as the Registrar
                           or the Trustee requires to prove the transferor's
                           title to, or right to transfer, the Capital Notes
                           including the relevant holder and FASTER
                           identification number, together with evidence that
                           any applicable duties and taxes required to be paid
                           by any relevant legislation in order for the Capital
                           Notes to be transferred have been paid; and

                  (ii)     on registration of a transfer of a Capital Note, the
                           Holding Certificate (if any) evidencing that Capital
                           Note will be cancelled and replaced.

         (b)      FEES

                  The Company will direct the Registrar not to charge a fee to
                  any Noteholder for:

                  (i)      registering transfers of Capital Notes; or

                  (ii)     splitting Holding Certificates in relation to Capital
                           Notes; or

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                  (iii)    issuing Holding Certificates (where bound to do so)
                           and transmission receipts in relation to Capital
                           Notes; or

                  (iv)     using holder or FASTER identification numbers in
                           relation to Noteholders; or

                  (v)      effecting conversions between sub-registers (if any)
                           of the Register; or

                  (vi)     noting transfer forms in relation to Capital Notes,

                  except in the case where Holding Certificates, or any
                  information necessary to effect a transfer of Capital Notes
                  are issued to replace a lost or destroyed Holding Certificate.

5.4      TRANSFERS MUST BE REGISTERED

         Subject to this Condition 5, the Company must direct the Registrar not
         to refuse to register or fail to register or give effect to, a transfer
         of Capital Notes.

5.5      REFUSAL TO REGISTER TRANSFERS

         The Company may direct the Registrar to refuse to register any transfer
         of Capital Notes where these Conditions, the Deed, any Listing Rules or
         any applicable legislation permits, or requires the Company to do so.

5.6      NOTICE OF REFUSAL TO REGISTER

         Where registration of a transfer of Capital Notes is refused under
         Condition 5.5, the Company must direct the Registrar to give written
         notice of the refusal and the precise reasons for the refusal to the
         party lodging the transfer, if any, within five Business Days after the
         date on which the transfer was lodged. The failure to give such a
         notice will not invalidate the decision not to register.

5.7      RETENTION OF TRANSFERS

         The Company is to direct the Registrar to retain all instruments of
         transfer of Capital Notes which are registered, but any instrument of
         transfer of Capital Notes the registration of which was declined or
         refused (except on the ground of suspected fraud) is to be returned to
         the party lodging the transfer.

5.8      POWERS OF ATTORNEY

         Any power of attorney granted by a Noteholder empowering the donee to
         deal with, or transfer Capital Notes, which is lodged, produced or
         exhibited to the Registrar will be deemed to continue and remain in
         full force and effect as between the Company, the Trustee, the
         Registrar and the grantor of that power, and may be acted on, until
         express notice in writing that it has been revoked or notice of the
         death of the grantor has been received at the Registry.

5.9      TRANSMISSION BY OPERATION OF LAW

         Any person becoming entitled to any Capital Note by operation of law
         (including the death or bankruptcy of any Noteholder) may, upon
         producing such evidence of entitlement as is acceptable to the Company,
         obtain registration as the Noteholder of such Capital Note or execute a
         transfer of such Capital Note. This provision includes any case where a
         person becomes entitled as a survivor or persons registered as joint
         Noteholders.

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<PAGE>

5.10     REPLACEMENT OF HOLDING CERTIFICATES

         If any Holding Certificate is lost, stolen, mutilated, defaced or
         destroyed, it may be replaced at the office of the Registrar upon
         payment by the claimant of the fees and expenses incurred in connection
         with such replacement and on such terms as to evidence and indemnity as
         the Company and the Registrar may require. Mutilated or defaced Holding
         Certificates must be surrendered before replacements will be issued.
         The Registrar may decline to register any transfer unless the relevant
         Holding Certificate is produced, but may in its discretion dispense
         with production of the Holding Certificate subject to production
         instead of such indemnity or declaration of loss as it may require.

5.11     NOTICES

         All notices given by Noteholders in accordance with these Conditions
         will be irrevocable.

5.12     SALE OF LESS THAN MINIMUM HOLDING

         The board of the Company may at any time give notice to any Noteholder
         holding less than a Minimum Holding of Capital Notes that if at the
         expiration of three months after the date the notice is given the
         Noteholder still holds Capital Notes which are less than a Minimum
         Holding, the Board may exercise the power of sale of those Capital
         Notes set out in this Condition 5.12. If that power of sale becomes
         exercisable:

         (a)      the Board may arrange for the sale of those Capital Notes
                  through the New Zealand Stock Exchange or in some other manner
                  approved by the New Zealand Stock Exchange;

         (b)      the Noteholder shall be deemed to have authorised the Company
                  to act on the Noteholder's behalf and to execute all necessary
                  documents for the purposes of that sale;

         (c)      the Company shall account to the Noteholder for the net
                  proceeds of sale of the Capital Notes (after deduction of
                  reasonable sale expenses), which shall be held on trust for
                  the Noteholder by the Company and paid to the Noteholder on
                  surrender of any Holding Certificates for the Capital Notes
                  sold; and

         (d)      the title of a purchaser of any notes sold pursuant to this
                  Condition 5.12 shall not be affected by any irregularity or
                  invalidity in the exercise of the power of sale or the sale
                  itself.

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SCHEDULE 3: MEETING OF NOTEHOLDERS

1.       CONVENING MEETINGS

         (a)      REQUEST FOR MEETING

                  The Company or the Trustee at any time may, and the Company
                  upon a request in writing by the Trustee or by Noteholders
                  holding together not less than 10 per cent. of the aggregate
                  Principal Amount of the Capital Notes must, convene a meeting
                  of the Noteholders. Whenever the Company or the Trustee
                  convenes any such meeting it must give notice to the other, to
                  the New Zealand Stock Exchange (at any time while the Capital
                  Notes are quoted) and to the Noteholders.

         (b)      PLACE FOR MEETINGS

                  Meetings will be held in Auckland, or such other place as the
                  Trustee approves.

         (c)      NATURE OF BUSINESS

                  Any request by Noteholders holding together not less than 10
                  per cent. of the aggregate Principal Amount of the Capital
                  Notes to convene a meeting must state the nature of the
                  business proposed to be dealt with at the meeting.

2.       NOTICE TO NOTEHOLDERS

         Notice must be given to every Noteholder entered in the Register at the
         close of business 14 days prior to the date of despatch of the notice
         by ordinary post to the address last entered in the Register.

3.       NOTICE OF MEETING

         (a)      NOTICE PERIOD

                  At least 14 days' notice (excluding the day on which the
                  notice is given and including the day on which the meeting is
                  held) specifying the day, time and place of meeting must be
                  given. Such notice need not contain the agenda of the meeting,
                  nor specify the terms of the resolutions to be proposed
                  (except in the case of a resolution to be passed as an
                  Extraordinary Resolution where the text of the proposed
                  resolution must be set out), but must indicate the general
                  nature of the business to be transacted at the meeting.

         (b)      WAIVER OF NOTICE PERIOD

                  Notwithstanding that it is called by shorter notice than that
                  specified in this clause, a meeting will be deemed to have
                  been duly called if it is so agreed by Noteholders having a
                  right to attend and vote at the meeting, and together holding
                  not less than 75 per cent. of the aggregate Principal Amount
                  of the Capital Notes concerned (unless otherwise required by
                  law, including clause 3 of the fifth schedule to the
                  Securities Regulations 1983).

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<PAGE>

         (c)      ACCIDENTAL OMISSION

                  The accidental omission to give notice to, or the non-receipt
                  of notice by, any person entitled to notice (including the New
                  Zealand Stock Exchange, but not the Company or the Trustee)
                  will not invalidate the proceedings of any meeting.

4.       CHAIRPERSON

         A person (who may, but need not, be a Noteholder) nominated in writing
         by the Trustee will be entitled to chair every such meeting, but if no
         such nomination is made, or if at any meeting the person nominated is
         not present within 15 minutes after the time appointed for the holding
         of such meeting, the Noteholders present must choose one of their
         number to chair the meeting.

5.       QUORUM

         At any such meeting two or more Noteholders present in person or by
         proxy and holding or representing not less than 25 per cent. of the
         aggregate Principal Amount of the Capital Notes will form a quorum for
         the transaction of business, and no business (other than the choosing
         of chairperson) may be transacted at any meeting unless the requisite
         quorum is present at the commencement of business.

6.       LACK OF QUORUM AND ADJOURNMENT

         (a)      ADJOURNMENT FOR LACK OF QUORUM

                  If, within 30 minutes after the time appointed for any such
                  meeting, a quorum is not present the meeting will stand
                  adjourned for such period, not being less than 14 days, as may
                  be appointed by the Chairperson. At least seven days' notice
                  (excluding the day in which notice is given and including the
                  day in which the adjourned meeting is held) specifying the
                  day, time and place of the adjourned meeting must be given. At
                  such adjourned meeting two or more persons present in person
                  or by proxy holding Capital Notes (whatever the number of
                  Capital Notes so held or represented) will form a quorum and
                  have the power to pass any resolution and to decide upon all
                  matters which could properly have been dealt with at the
                  meeting from which the adjournment took place (including the
                  passing of an Extraordinary Resolution) had a quorum been
                  present at such meeting.

         (b)      BUSINESS AT ADJOURNED MEETING

                  In addition to paragraph (a) above, the Chairperson may with
                  the consent of (and will if directed by) any meeting adjourn
                  the same from time to time and from place to place, but no
                  business may be transacted at any adjourned meeting except
                  business which might lawfully have been transacted at the
                  meeting from which the adjournment took place.

         (c)      NOTICE OF ADJOURNED MEETING

                  It is not necessary to give notice of any adjourned meeting
                  except that notice of any meeting adjourned through lack of a
                  quorum must be given in the same manner as notice of an
                  original meeting (except in relation to the period of notice)
                  and such notice must state the quorum required at such
                  adjourned meeting.

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<PAGE>

7.       ATTENDANCE AND VOTING AT MEETINGS

         (a)      ATTENDANCE AT MEETINGS

                  Other than the Trustee, the Company and their representatives
                  (who may attend but may not vote (except in the case of the
                  Trustee where it is acting on behalf of a Noteholder)), no
                  person will be entitled to attend and vote at any meeting of
                  the Noteholders or to join with others in requesting the
                  convening of any such meeting unless he or she is a person
                  registered as Noteholder on the Register or is a
                  representative of such person.

                  In this clause, a representative of a Noteholder means:

                  (i)      in the case of a Noteholder being an individual a
                           person appointed by an instrument by way of proxy or
                           by power of attorney (in either case, in a form
                           satisfactory to the Trustee);

                  (ii)     in the case of a Noteholder being a corporation
                           either:

                           (A)      a person appointed by an instrument by way
                                    of proxy or by power of attorney; or

                           (B)      a person authorised pursuant to clause 10 of
                                    the First Schedule to the Companies Act 1993
                                    or in the case of a corporation sole a
                                    person authorised pursuant to its
                                    constitution; or

                  (iii)    a person upon whom the ownership of a Noteholder's
                           Capital Note has devolved by reason of his being a
                           legal representative or an assignee in bankruptcy or
                           liquidator of the Noteholder, or such person's
                           representative appointed or authorised under (i) or
                           (ii) above.

         (b)      VOTING AT MEETINGS

                  At a meeting, the persons registered as Noteholders in the
                  Register at the Proxy Closing Time will be exclusively
                  entitled to vote in respect of Capital Notes recorded in their
                  name, in person or by representative. For the purpose of
                  establishing voting entitlements at a meeting, the Register
                  will be closed as of close of business on the Business Day
                  immediately preceding the day on which the Proxy Closing Time
                  falls and will remain closed until after the relevant meeting
                  has been closed or adjourned.

         (c)      NOTEHOLDER'S REPRESENTATIONS

                  The Trustee, or any of its officers or employees, may be
                  appointed a representative of a Noteholder.

         (d)      TRUSTEE MUST ATTEND MEETINGS

                  To be validly constituted, the Trustee must be present at
                  every meeting convened in accordance with this Schedule.

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8.       PROXIES

         (a)      IN WRITING

                  The instrument appointing a proxy must be in writing signed by
                  the appointor or the appointor's attorney, or if the appointor
                  is a corporation either under seal or signed on its behalf by
                  an officer, attorney, director or other person who has actual
                  authority to appoint a proxy on behalf of such corporation.

         (b)      RIGHT TO SPEAK

                  A person appointed to act as a proxy need not be a Noteholder
                  and a proxy of a Noteholder has the right to speak at the
                  meeting.

         (c)      INSTRUMENT OF APPOINTMENT

                  The instrument appointing a proxy and the power of attorney or
                  other authority (if any) under which it is signed or a copy of
                  such power or authority certified in such manner as the
                  Trustee approves must be deposited at such place as (or a
                  facsimile copy of such proxy and power of attorney must be
                  received at such facsimile number as) the Trustee or the
                  Company with the approval of the Trustee may in the notice
                  convening the meeting direct or (if no such place is
                  appointed) at the registered office of the Company not later
                  than the Proxy Closing Time.

                  A proxy form shall be sent with each notice of meeting of
                  Noteholders and:

                  (i)      shall, so far as the subject matter and form of the
                           resolutions reasonably permit provide for 2-way
                           voting on all resolutions, enabling the Noteholders
                           to instruct the proxy as to the casting of the vote;
                           and

                  (ii)     shall not be sent with any name or office (e.g.
                           chairperson or directors of the Company) filled in as
                           proxy holders. So far as is practicable, resolutions
                           shall be formed in a manner which facilitates 2-way
                           voting instructions for proxy holders.

         (d)      FORM OF INSTRUMENT OF APPOINTMENT

                  An instrument of proxy may be in any usual or common form or
                  in such other form as the Trustee approves and may make
                  provision for directions to be given by the appointor to vote
                  in favour of or against any proposed resolution.

         (e)      VALIDITY OF PROXY

                  A proxy will, unless it states otherwise, be valid for any
                  adjournment of the meeting as well as for the meeting to which
                  it relates and need not be witnessed. Notwithstanding any
                  provision contained in an instrument of proxy, no instrument
                  of proxy will be valid after the expiration of 12 months from
                  the date of its execution, although this provision does not
                  apply to the appointment of an attorney or representative
                  otherwise than by an instrument of proxy.

         (f)      APPOINTMENT OF CHAIRPERSON

                  An instrument of proxy in favour of:

                  (i)      the chairperson of the Company; or

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                  (ii)     the chairperson of the meeting, or "the Chairperson",

                  (however expressed) will be valid and effectual as though it
                  were in favour of a named person and will in the case of
                  paragraph (i) above constitute the person holding the office
                  of the chairperson of the Company and in the case of paragraph
                  (ii) above the person who chairs the meeting for which the
                  proxy is used (whether an adjournment or not) the lawful proxy
                  of the appointor.

9.       RIGHTS OF REPRESENTATIVES

         A representative of a Noteholder will have the right to speak at the
         meeting and to demand or join in demanding a poll and will (except and
         to the extent to which the representative is specifically directed to
         vote for or against any proposal) have power generally to act at the
         meeting for the Noteholder concerned.

10.      VOTING PROCEDURE AND POLLS

         (a)      VOTING ON RESOLUTIONS

                  A resolution put to the vote of a meeting will be decided on a
                  show of hands unless a poll is (before or on the declaration
                  of the result of the show of hands) demanded by the
                  chairperson or the Trustee or by one or more Noteholders
                  holding or representing not less than five per cent. of the
                  aggregate Principal Amount of the Capital Notes. Unless a poll
                  is so demanded a declaration by the chairperson that a
                  resolution has been carried or carried unanimously or by a
                  particular majority or lost will be conclusive evidence of the
                  fact without proof of the number or proportion of the votes
                  recorded in favour of or against such resolution.

         (b)      NOTEHOLDERS' ENTITLEMENT TO VOTES

                  On a show of hands each person present at the meeting and
                  entitled to vote (whether personally, by proxy or as a
                  representative) will have one vote only. On a poll every
                  Noteholder who is present in person, by proxy or by a
                  representative will have one vote for each dollar of the
                  Principal Amount of every Capital Note held by the Noteholder.

         (c)      CONDUCT OF POLL

                  If a poll is required, it will be taken in such manner as the
                  chairperson may direct and the result of such poll will be
                  deemed to be the resolution of the meeting at which the poll
                  was required.

         (d)      CASTING VOTE

                  In the case of an equality of votes whether on a show of hands
                  or on a poll, the chairperson of the meeting at which the show
                  of hands takes place or at which the poll is demanded will be
                  entitled to a casting vote in addition to the votes (if any)
                  to which the chairperson may be entitled as a Noteholder or on
                  behalf of Noteholders.

         (e)      TIMING OF POLL

                  A poll demanded on the election of a chairperson or on a
                  question of adjournment must be taken forthwith. A poll
                  demanded on any other question must be taken either
                  immediately or at such time (not being more than 30 days from
                  the date of the meeting) and place as the chairperson may
                  direct. The result of such poll will be

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<PAGE>

                  deemed to be the resolution of the meeting at which the poll
                  was demanded. No notice need be given of a poll.

         (f)      CONTINUANCE OF MEETING FOLLOWING POLL

                  The demand for a poll will not prevent the continuance of a
                  meeting for the transaction of business other than the
                  question on which the poll has been demanded.

         (g)      VOTING ON POLL

                  On a poll, votes may be given either personally or by
                  representative, and a person entitled to more than one vote
                  need not use all such votes or cast all such votes in the same
                  way.

         (h)      JOINT NOTEHOLDERS

                  In the case of joint Noteholders, the vote of the senior who
                  tenders a vote, whether in person or by representative, will
                  be accepted to the exclusion of the votes of the other joint
                  Noteholders, and for this purpose seniority will be determined
                  by the order in which the names stand in the Register in
                  respect of the joint holding.

         (i)      VALIDITY OF VOTES CAST

                  A vote given in accordance with the terms of an instrument of
                  proxy or power of attorney or other form will be valid
                  notwithstanding the previous death, insanity or (in the case
                  of a corporation) liquidation of the principal or revocation
                  of the proxy or power of attorney or other form of appointment
                  or the authority under which the proxy was executed or the
                  transfer of the Capital Notes in respect of which the vote is
                  given provided that no intimation in writing of such death,
                  insanity, liquidation, revocation or transfer is received by
                  the Trustee or the Company at its registered office before the
                  commencement of the meeting or adjourned meeting at which the
                  proxy is used.

         (j)      RESOLUTION BINDING ON NOTEHOLDERS

                  A resolution passed at a meeting of the Noteholders duly
                  convened and held in accordance with this Deed will be binding
                  upon all the Noteholders whether present or not at such
                  meeting.

11.      EXTRAORDINARY RESOLUTIONS

         A meeting of the Noteholders, in addition to the powers expressed in
         this Deed, but without prejudice to any powers conferred on the Trustee
         by this Deed, has the following powers exercisable by Extraordinary
         Resolution namely:

         (a)      SANCTION PROPOSAL IN RESPECT OF THE DEED OR CAPITAL NOTES

                  to sanction, either unconditionally or conditionally, any
                  proposal by the Company for any modification, abrogation,
                  novation, variation of, or arrangement in respect of, the
                  rights of the Noteholders against it arising under this Deed,
                  the Capital Notes or any Deed of Guarantee;

                                                                              63

<PAGE>

         (b)      ASSENT TO MODIFICATION OF HOLDING CERTIFICATES, THE CONDITIONS
                  OR THE DEED

                  to assent to any proposal for modification of the Holding
                  Certificates (if any), the Conditions, this Deed or any Deed
                  of Guarantee which is proposed by the Company;

         (c)      AUTHORISE EXECUTION OF DOCUMENTS

                  to authorise any person or persons to concur in and execute
                  all such documents and do all such acts and things as may be
                  necessary to carry out and give effect to any Extraordinary
                  Resolution;

         (d)      DISCHARGE LIABILITY

                  subject to section 62 of the Securities Act 1978, to discharge
                  or exonerate any person or persons from any liability in
                  respect of any act or omission for which such person or
                  persons may have become responsible under this Deed, the
                  Capital Notes or any Deed of Guarantee;

         (e)      AUTHORISE, DIRECT OR SANCTION

                  to give any authority, direction or sanction or approval which
                  under the provisions of this Deed, the Capital Notes or any
                  Deed of Guarantee is required to be given by Extraordinary
                  Resolution;

         (f)      REMOVE TRUSTEE

                  to request the removal of the Trustee and to approve the
                  appointment of a new trustee;

         (g)      APPOINT COMMITTEE OF NOTEHOLDERS

                  to appoint any persons (whether or not Noteholders) as a
                  committee or committees to represent the interest of the
                  Noteholders and to confer upon such committee or committees
                  any powers or discretions which the Noteholders could
                  themselves exercise by Extraordinary Resolution; and

         (h)      DIRECT OR REQUEST TRUSTEE

                  to direct or request the Trustee to take such action or do
                  such things as the Trustee may lawfully do under this Deed or
                  any Deed of Guarantee and to authorise the Trustee to deduct
                  its costs and expenses from any amount received by the Trustee
                  on account of Noteholders, to the extent such additional
                  authority may be required.

         An Extraordinary Resolution or ordinary resolution passed in accordance
         with this Schedule 3 will be binding upon all the Noteholders and each
         of the Noteholders and the Trustee (subject to the provisions of the
         Trustee's indemnity contained in this Deed) will be bound to give
         effect to that resolution accordingly and the passing of any such
         Extraordinary Resolution or ordinary resolution will, as between the
         Noteholders and the Trustee, be conclusive evidence that the
         circumstances justify the passing thereof.

                                                                              64

<PAGE>

12.      MINUTES

         Minutes of all resolutions and proceedings at every meeting of
         Noteholders must be made and duly entered in records to be from time to
         time maintained for that purpose at the expense of the Company by the
         Trustee. Any such minutes signed by the chairperson of the meeting at
         which such resolutions were passed or proceedings transacted, or by the
         chairperson of the next succeeding meeting of the Noteholders, will be
         prima facie evidence of the matters recorded in them. Until the
         contrary is proved, every meeting whose proceedings have been so
         minuted and signed will be deemed to have been duly held and convened
         and all resolutions passed or proceedings transacted to have been duly
         passed and transacted. Copies of all minutes must be given by the
         Trustee to the Company as soon as possible after each meeting.

13.      CLASS MEETINGS

         If and whenever the Company has issued and has outstanding any Capital
         Notes which are not identical (other than for Interest Rates, Interest
         Dates and Election Dates) and do not form one single series (and for
         this purpose the Five Year Notes and Eight Year Notes may, but need
         not, form a separate series) then those Capital Notes which are in all
         respects so identical will be deemed to constitute a separate series of
         the Capital Notes and the foregoing provisions of this Schedule will
         have effect subject to the following modifications:

         (a)      MEETINGS OF SEPARATE CLASS OF NOTEHOLDERS

                  a resolution which in the opinion of the Trustee affects one
                  series only of the Capital Notes will be deemed to have been
                  duly passed if passed at a separate meeting of the Noteholders
                  of Capital Notes of that series;

         (b)      SINGLE MEETING OF NOTEHOLDERS

                  a resolution which in the opinion of the Trustee affects more
                  than one series of the Capital Notes, but does not give rise
                  to a conflict of interest between the Noteholders of Capital
                  Notes of any of the series so affected will be deemed to have
                  been duly passed if passed at a single meeting of the
                  Noteholders of the Capital Notes of all series so affected;

         (c)      SEPARATE MEETINGS OF EACH CLASS OF NOTEHOLDERS

                  a resolution which in the opinion of the Trustee affects more
                  than one series of the Capital Notes and gives or may give
                  rise to a conflict of interest between the Noteholders of the
                  Capital Notes of one series or group of series so affected and
                  the Noteholders of the Capital Notes of another series or
                  group so affected will be deemed to have been duly passed only
                  if in lieu of being passed at a single meeting of the
                  Noteholders of the Capital Notes of all such series it will be
                  duly passed at separate meetings of the Noteholders of the
                  Capital Notes of each series or group of series so affected;
                  and

         (d)      PROCEDURE AT MEETINGS

                  to all such meetings under this clause all the preceding
                  provisions of this Schedule will mutatis mutandis apply as
                  though references therein to Capital Notes and Noteholders
                  were references to the Capital Notes of the series or group of
                  series in question and to the Noteholders of such Capital
                  Notes respectively.

                                                                              65

<PAGE>

14.      GROUP MEETINGS

14.1     A meeting of the Noteholders in an Interest Group (as defined in the
         Companies Act 1993 and as modified in clause 5.2(j) of this Deed) may
         be called by the Trustee or the Company at any time, and shall be
         called on the written request of holders of Capital Notes carrying
         together not less than 5% of the voting rights entitled to be exercised
         on any of the questions to be considered at the meeting of the group in
         question. All the provisions of this Deed relating to meetings of
         Noteholders apply, with all necessary modifications, to a meeting of an
         Interest Group except that:

         (a)      the necessary quorum is two or more Noteholders in the group
                  present in person or by proxy or representative, or, if there
                  is only one Noteholder in the group, that Noteholder present
                  in person or by proxy or representative;

         (b)      if the Company so elects, one meeting may be held of
                  Noteholders constituting more than one group, so long as
                  voting at that meeting is by way of a poll, and proper
                  arrangements are made to distinguish between the votes of
                  members of each group; and

         (c)      any Noteholder in the group, present in person or by proxy or
                  representative, may demand a poll.

                                                                              66

<PAGE>

SCHEDULE 4: EXISTING JOINT VENTURES

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
JOINT VENTURE                                      JURISDICTION OF INCORPORATION
--------------------------------------------------------------------------------
<S>                                                <C>
Fresh Start Bakeries Australia Pty Limited         Australia
--------------------------------------------------------------------------------
Levaduras Collico SA                               Chile
--------------------------------------------------------------------------------
Meishan-Mauri Yeast Co Ltd                         China
--------------------------------------------------------------------------------
Gelec                                              Ecuador
--------------------------------------------------------------------------------
P.T. Indo Fermex                                   Indonesia
--------------------------------------------------------------------------------
P.T. Jaya Fermex                                   Indonesia
--------------------------------------------------------------------------------
P.T. Sama Indah                                    Indonesia
--------------------------------------------------------------------------------
P.T. Sinar Meadow International Ltd                Indonesia
--------------------------------------------------------------------------------
Ardigillan                                         Ireland
--------------------------------------------------------------------------------
Greenoge                                           Ireland
--------------------------------------------------------------------------------
Gulistan                                           Ireland
--------------------------------------------------------------------------------
Killeek                                            Ireland
--------------------------------------------------------------------------------
Kingswinford Ltd                                   Ireland
--------------------------------------------------------------------------------
Kinter International Ltd                           Ireland
--------------------------------------------------------------------------------
Knaresboro Ltd                                     Ireland
--------------------------------------------------------------------------------
Knowsley Ltd                                       Ireland
--------------------------------------------------------------------------------
Proofex Products Company                           Ireland
--------------------------------------------------------------------------------
Yeast Products Limited                             Ireland
--------------------------------------------------------------------------------
Mauri Fermentation (Malaysia) Sdn Bhd              Malaysia
--------------------------------------------------------------------------------
Mauri Fermentation Pakistan (Private) Ltd          Pakistan
--------------------------------------------------------------------------------
Pilmico-Mauri Food Corporation                     Philippines
--------------------------------------------------------------------------------
Kombinat Pischevikh Produktov                      Russia
--------------------------------------------------------------------------------
Mauri Products Ltd                                 UK
--------------------------------------------------------------------------------
</TABLE>

                                                                              67<PAGE>

                                                                   EXHIBIT 10.29

                                                                  EXECUTION COPY

================================================================================

                                 US$270,000,000

                                CREDIT AGREEMENT

                         dated as of February 20, 2003,

                as amended and restated as of February 26, 2003,

                                      among

                         BURNS, PHILP & COMPANY LIMITED,

                                BURNS PHILP INC.,

                            THE LENDERS NAMED HEREIN

                                       and

                           CREDIT SUISSE FIRST BOSTON,

                             as Administrative Agent

                             -----------------------

                           CREDIT SUISSE FIRST BOSTON,

                               as Sole Bookrunner

                                       and

                               Sole Lead Arranger

================================================================================
                                                        [CS&M Ref. No. 5865-171]

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
                                                                                                   Page
<S>                                                                                                <C>

                                    ARTICLE I

                                   Definitions

SECTION 1.01. Defined Terms .................................................................        1
SECTION 1.02. Terms Generally ...............................................................       28

                                   ARTICLE II

                                  The Credits

SECTION 2.01. Commitments ...................................................................       29
SECTION 2.02. Loans .........................................................................       29
SECTION 2.03. Borrowing Procedure ...........................................................       30
SECTION 2.04. Evidence of Debt; Repayment of Loans ..........................................       31
SECTION 2.05. Fees ..........................................................................       31
SECTION 2.06. Interest on Loans .............................................................       32
SECTION 2.07. Default Interest ..............................................................       32
SECTION 2.08. Alternate Rate of Interest ....................................................       32
SECTION 2.09. Termination and Reduction of Commitments ......................................       33
SECTION 2.10. Conversion and Continuation of Borrowings .....................................       33
SECTION 2.11. Repayment of Borrowings .......................................................       34
SECTION 2.12. Optional Prepayments ..........................................................       35
SECTION 2.13. Mandatory Prepayments .........................................................       36
SECTION 2.14. Reserve Requirements; Change in Circumstances .................................       38
SECTION 2.15. Change in Legality ............................................................       39
SECTION 2.16. Indemnity .....................................................................       39
SECTION 2.17. Pro Rata Treatment ............................................................       40
SECTION 2.18. Sharing of Setoffs ............................................................       40
SECTION 2.19. Payments ......................................................................       40
SECTION 2.20. Taxes .........................................................................       41
SECTION 2.21. Assignment of Commitments Under Certain Circumstances; Duty to
     Mitigate ...............................................................................       41
SECTION 2.22. Incremental Commitments .......................................................       42

                                   ARTICLE III

                         Representations and Warranties
</TABLE>

                                      -i-

<PAGE>

<TABLE>
<S>                                                                                                 <C>
SECTION 3.01. Legal Representations and Warranties ..........................................       43
SECTION 3.02. Additional Representations and Warranties by Parent ...........................       45
SECTION 3.03. U.S.-Specific Representations and Warranties ..................................       46
SECTION 3.04. Reliance on Representations and Warranties ....................................       47
SECTION 3.05. No Representations to the Group Parties .......................................       47

                                   ARTICLE IV

                              Conditions of Lending

                                   ARTICLE V

                              Affirmative Covenants

SECTION 5.01. General Covenants .............................................................       51
SECTION 5.02. Reports and Information .......................................................       53
SECTION 5.03. Hedging Arrangements ..........................................................       55
SECTION 5.04. New Group Security Providers ..................................................       55
SECTION 5.05. Excluded Subsidiaries .........................................................       56
SECTION 5.06. Offer Covenants ...............................................................       57
SECTION 5.07. Permitted Asset Disposals to Non-Group Members ................................       58
SECTION 5.08. Permitted Asset Disposals to Group Members ....................................       59
SECTION 5.09. Permitted Business Acquisitions ...............................................       60
SECTION 5.10. Investment Account ............................................................       61
SECTION 5.11. Application of Repayment Amounts ..............................................       62
SECTION 5.12. Use of Proceeds ...............................................................       62
SECTION 5.13. Supplemental Securities .......................................................       62

                                   ARTICLE VI

                               Negative Covenants

SECTION 6.01. Financial Indebtedness ........................................................       63
SECTION 6.02. Encumbrances ..................................................................       67
SECTION 6.03. Disposal of Property ..........................................................       67
SECTION 6.04. Restricted Payments ...........................................................       67
SECTION 6.05. Capital Expenditures ..........................................................       68
SECTION 6.06. Mergers .......................................................................       68
SECTION 6.07. Organization ..................................................................       69
SECTION 6.08. Interest on Capital Notes .....................................................       69
SECTION 6.09. Fixed Charge Coverage Ratio ...................................................       69
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                                                 <C>
SECTION 6.10. Leverage Ratio ................................................................       69
SECTION 6.11. Interest Coverage Ratio .......................................................       70
SECTION 6.12. Senior Interest Coverage Ratio ................................................       70
SECTION 6.13. Investments, Loans and Advances ...............................................       70
SECTION 6.14. Transactions with Affiliates ..................................................       72

                                   ARTICLE VII

                                Events of Default

                                  ARTICLE VIII

                            The Administrative Agent

                                   ARTICLE IX

                                  Miscellaneous

SECTION 9.01. Notices .......................................................................       79
SECTION 9.02. Survival of Agreement .........................................................       79
SECTION 9.03. Binding Effect ................................................................       79
SECTION 9.04. Successors and Assigns ........................................................       79
SECTION 9.05. Expenses; Indemnity ...........................................................       83
SECTION 9.06. Right of Setoff ...............................................................       84
SECTION 9.07. Applicable Law ................................................................       84
SECTION 9.08. Waivers; Amendment ............................................................       84
SECTION 9.09. Interest Rate Limitation ......................................................       85
SECTION 9.10. Entire Agreement ..............................................................       85
SECTION 9.11. WAIVER OF JURY TRIAL ..........................................................       86
SECTION 9.12. Severability ..................................................................       86
SECTION 9.13. Counterparts ..................................................................       86
SECTION 9.14. Headings ......................................................................       86
SECTION 9.15. Jurisdiction; Consent to Service of Process ...................................       86
SECTION 9.16. Judgment Currency .............................................................       87
SECTION 9.17. Confidentiality ...............................................................       88
SECTION 9.18. Undertaking to Pay the Administrative Agent ...................................       89
SECTION 9.19.  Obligations to Rank as Priority 1 Debenture Stockholder's Debt ...............       89
SECTION 9.20. Administrative Agent to Hold Payment Undertaking and Debenture
Stock on Trust ..............................................................................       89
</TABLE>

                                      -iii-

<PAGE>

<TABLE>
<S>                <C>
Schedule 1         Group Structure Chart
Schedule 2         Lenders and Commitments
Schedule 3         Local Counsel
Schedule 4         New Security Documents
Schedule 5         Existing Encumbrances
Schedule 6         Existing Joint Ventures
Schedule 7         Existing Treasury Transactions
Schedule 8         Existing Financial Indebtedness
Schedule 9         Excluded Assets
Schedule 10        Disclosures for the Purposes of Section 3.01 and Section 3.02
Schedule 11        IA Withdrawal Request
Schedule 12        Existing Investments
Schedule 13        Existing Transactions with Affiliates

Exhibit A          Form of Administrative Questionnaire
Exhibit B          Form of Assignment and Acceptance
Exhibit C          Form of Borrowing Request
Exhibit D          Perfection Certificate
Exhibit E          Pledge Agreement
</TABLE>

                                      -iv-

<PAGE>

                                           CREDIT AGREEMENT dated as of February
                                    20, 2003, as amended and restated as of
                                    February 26, 2003, among BURNS PHILP INC., a
                                    Delaware corporation (the "Borrower"),
                                    BURNS, PHILP & COMPANY LIMITED (ABN 65 000
                                    000 359), a corporation organized under the
                                    laws of the Commonwealth of Australia
                                    ("Parent"), the Lenders (as defined in
                                    Article I) and CREDIT SUISSE FIRST BOSTON, a
                                    bank organized under the laws of
                                    Switzerland, acting through its Cayman
                                    Islands branch, as administrative agent (in
                                    such capacity, the "Administrative Agent")
                                    for the Lenders.

         The parties hereto agree as follows:

                                    ARTICLE I

                                   Definitions

         SECTION 1.01. Defined Terms. As used in this Agreement, the following
terms shall have the meanings specified below:

         "ABR", when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, are bearing interest
at a rate determined by reference to the Alternate Base Rate.

         "Acquisition" shall mean the acquisition of Goodman Fielder pursuant
to, and following the completion of, the Offer and, if made, the Options Offer,
pursuant to which Goodman Fielder becomes a Subsidiary.

         "Acquisition-Related Cost Savings" shall mean (a) an initial amount of
A$50,000,000 in respect of the Acquisition and an initial amount of A$8,000,000
in respect of the acquisition of the Fleischmann business unit from Kraft Foods
International Inc., as each such amount is reduced on each Calculation Date by
the annualized realized cost savings achieved in the quarter ending on that
Calculation Date from the integration of Goodman Fielder and the Fleischmann
business unit into the Group, which realized cost savings and reductions have
been verified by a firm of chartered accountants acceptable to the
Administrative Agent (acting reasonably) (and a copy of that review has been
delivered to the Administrative Agent), provided that (i) the amount in respect
of the Acquisition and integration of Goodman Fielder into the Group shall
reduce to zero by the date which is twelve months after Goodman Fielder becomes
a Wholly-Owned Subsidiary and (ii) the amount in respect of the acquisition and
integration of the Fleischmann business unit into the Group shall reduce to zero
on the date which is twelve months after the earlier of the date Parent receives
all Brazilian anti-trust approvals required in relation to the acquisition of
the Fleischmann business unit and June 30, 2003, and (b) in relation to any
acquisition (other than an acquisition referred to in the preceding clause (a)),
an amount in respect of a cost saving plan (including the amount, time frame and
anticipated milestone dates for any cost savings) agreed between Parent and the
Administrative Agent (acting reasonably) in relation to that acquisition.

<PAGE>

                                                                               2

         "Adjusted LIBO Rate" shall mean, with respect to any Eurodollar
Borrowing for any Interest Period, an interest rate per annum equal to the
product of (a) the LIBO Rate in effect for such Interest Period and (b)
Statutory Reserves.

         "Administrative Agent Fees" shall have the meaning assigned to such
term in Section 2.05(a).

         "Administrative Questionnaire" shall mean an administrative
questionnaire in the form of Exhibit A, or such other form as may be supplied
from time to time by the Administrative Agent.

         "Affiliate" shall mean, when used with respect to a specified person,
another person that directly, or indirectly through one or more intermediaries,
Controls or is Controlled by or is under common Control with the person
specified; provided, however, that, for purposes of Section 6.14, the term
"Affiliate" shall also include any person that directly or indirectly owns 10%
or more of the class of Equity Interests of the person specified or that is an
officer or director of the person specified.

         "Agreed Hedging Program" shall mean Parent's interest rate and foreign
exchange risk management program for Group Members as agreed by Parent and the
Administrative Agent from time to time.

         "Alternate Base Rate" shall mean, for any day, a rate per annum equal
to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal
Funds Effective Rate in effect on such day plus 1/2 of 1% and (c) 3.50%. Any
change in the Alternate Base Rate due to a change in the Prime Rate or the
Federal Funds Effective Rate shall be effective on the effective date of such
change in the Prime Rate or the Federal Funds Effective Rate, respectively.

         "Applicable Percentage" shall mean, with respect to any Eurodollar
Loan, 4.50%, or with respect to any ABR Loan, 3.50%.

         "Assignment and Acceptance" shall mean an assignment and acceptance
entered into by a Lender and an assignee, and accepted by the Administrative
Agent, in the form of Exhibit B or such other form as shall be approved by the
Administrative Agent.

         "Associate" shall mean (a) each Existing Joint Venture and (b) any
other corporation, partnership, joint venture, trust or other entity that Parent
is required by GAAP to recognize in its Financial Statements on an equity
accounting basis.

         "Associate Limit" shall mean the aggregate of (a) A$40,000,000 and (b)
5% of EBITDA of the Group for the period of 12 months ending on the most recent
June 30 or December 31.

         "AUD Cash Rate" shall mean, on any day, the rate quoted on that day as
the official cash rate target shown on the Reuters monitor system page "RBA 27".

         "August 2003 Options" shall mean the share options of Parent
exercisable in August 2003.

         "Australia" shall mean the Commonwealth of Australia.

<PAGE>

                                                                               3

         "Australian dollars", "AUD" or "A$" shall mean the lawful money of
Australia.

         "Australian Facilities" shall mean the Australian Term Facility and the
Revolving Credit Facility.

         "Australian Term Facility" shall mean the A$1,300,000,000 multicurrency
term debenture facility made pursuant to the Term A Facility Agreement.

         "Authorization" shall mean (a) an authorization, permit, license,
consent, declaration, exemption, notarization, approval or waiver, however it is
described, and (b) in relation to anything that will be prohibited or restricted
by law if a Government Agency acts in any way within a specified period, the
expiry of that period without that action being taken, including any renewal or
amendment.

         "Banking Day" shall mean, in relation to a place, a day (other than a
Saturday, Sunday or public holiday) on which banks are open for general banking
business and for dealings in foreign exchange and foreign currency deposits in
that place.

         "Bid Documents" shall mean, subject to paragraph (m) of Article IV, the
offer document by BPC1 pursuant to which the Offer was made.

         "Board" shall mean the Board of Governors of the Federal Reserve System
of the United States.

         "Borrower's Portion of Equity Proceeds" shall mean, at any date of
determination, the Net Cash Proceeds of Equity Issuances occurring after the
Closing Date and on or prior to such date of determination that (a) were not,
are not or will not be required to be applied to the prepayment of Term Debt as
described in Section 2.13(b) and (b) have not been utilized on or prior to the
date of determination (i) to make an investment, loan or advance pursuant to
Section 6.13(o) or (ii) to finance Permitted Acquisitions pursuant to Section
5.09(a).

         "Borrower's Portion of Free Cash Flow" shall mean, at any date of
determination, the amount of Free Cash Flow for the preceding calendar year of
Parent (commencing with the calendar year ending December 31, 2003) that (a) was
not or is not required to be applied to the prepayment of Term Debt as described
in Section 2.13(e) and (b) has not been utilized on or prior to the date of
determination (i) to make an investment, loan or advance pursuant to Section
6.13(o) or (ii) to make Restricted Payments pursuant to the first proviso to
Section 6.04.

         "Borrowing" shall mean Loans of the same Type made, converted or
continued on the same date and, in the case of Eurodollar Loans, as to which a
single Interest Period is in effect.

         "Borrowing Request" shall mean a request by the Borrower in accordance
with the terms of Section 2.03.

         "BPC1" shall mean BPC1 Pty Limited (ABN 45 101 665 918), a corporation
organized under the laws of the Commonwealth of Australia and a Wholly-Owned
Subsidiary.

<PAGE>

                                                                               4

         "Bridge Debentures" shall mean the Financial Indebtedness incurred
under the Bridge Facilities.

         "Bridge Facilities" shall mean the bridge facilities made pursuant to
the Bridge Senior Funding Agreement, the Bridge Term Facility Agreement and the
Bridge Revolving Facility Agreement.

         "Bridge Revolving Facility Agreement" shall mean the bridge revolving
facility agreement to be entered into among Parent, each borrower party thereto,
Credit Suisse First Boston (Melbourne Branch) and the subscribers party thereto.

         "Bridge Senior Funding Agreement" shall mean the bridge senior funding
agreement to be entered into among Parent, each borrower party thereto, Credit
Suisse First Boston (Melbourne Branch) and the subscribers party thereto.

         "Bridge Term Facility Agreement" shall mean the bridge term facility
agreement to be entered into among Parent, each borrower party thereto, Credit
Suisse First Boston (Melbourne Branch) and the subscribers party thereto.

         "Bridge Term Tranche B Debentures" shall mean Financial Indebtedness
incurred pursuant to drawings made under "Tranche B" as defined in the Bridge
Term Facility Agreement.

         "Burns Philp Capital" shall mean Burns Philp Capital Pty Limited (ACN
100 768 803), a corporation organized under the laws of the Commonwealth of
Australia and a Wholly-Owned Subsidiary.

         "Business Day" shall mean any day other than a Saturday, Sunday or day
on which banks in New York City or Sydney are authorized or required by law to
close; provided, however, that when used in connection with a Eurodollar Loan,
the term "Business Day" shall also exclude any day on which banks are not open
for dealings in dollar deposits in the London interbank market.

         "Calculation Date" shall mean each Quarter Date each year commencing on
the first Quarter Date to occur after Goodman Fielder has been a Wholly-Owned
Subsidiary for one full Quarter Period or, if earlier, September 30, 2003.

         "Capex" shall mean actual expenditure by a Group Member for equipment,
fixed assets, real property or improvements, or for replacements or
substitutions therefor or additions thereto, that would be treated as capital
expenditure by GAAP.

         "Capital Lease Obligations" of any person shall mean the obligations of
such person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a
combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such person under GAAP,
and the amount of such obligations shall be the capitalized amount thereof
determined in accordance with GAAP.

         "Capital Securities" shall mean, with respect to any person, any
securities, including notes and Equity Interests, (a) which would rank junior to
the New Subordinated Notes in any bankruptcy of the obligor on such securities,
(b) which do not require any redemption,

<PAGE>

                                                                               5

repayment, repurchase or other payment of the principal amount thereof by the
obligor on such securities except for redemption, repayments, repurchases or
other payments that, at the sole option of such obligor, can be made in Equity
Interests (other than mandatorily redeemable Equity Interests) of such person or
an Affiliate of such person, (c) the terms of which permit the suspension of
cash interest thereon on terms no less favorable to the Lenders than those
contained in the NZ Holdings Capital Notes Trust Deed and (d) which are not
convertible or exchangeable at the option of the holder for Financial
Indebtedness or cash; provided, however, that the obligor's obligation with
respect to such securities are not Guaranteed by any person (other than
Guarantees by one or more Group Security Providers, which Guarantees are
subordinated in right of payment to such Group Security Providers' Guarantees in
respect of the Loans) or secured by any Encumbrance.

         "Cash Restructuring Costs" shall mean Restructuring Costs expended in
cash.

         A "Change in Control" shall mean any of the following events:

         (a) if at any time none of Mr. Graeme Hart (or, in the event of his
incompetence or death, his estate, heirs, executor, administrator, committee or
other personal representative), any of his immediate family members (the "Hart
Family") or any entity controlled directly or indirectly by a member or members
of the Hart Family or any trust for the benefit of a member of the Hart Family
(collectively, the "Permitted Holders") (i) has, or together have, a beneficial
interest (directly or indirectly) in Parent, calculated on a fully diluted
basis, of at least 35% of the issued share capital of Parent and (ii) is, or
together are, the single largest shareholder, or group of shareholders, in
Parent on a fully diluted basis;

         (b) individuals who on the Closing Date constituted the board of
directors of Parent (together with any new directors (i) appointed or nominated
by one or more Permitted Holders or (ii) whose election by such board of
directors of Parent or whose nomination for election by the shareholders of
Parent, was approved by a vote of a majority of the directors of Parent then
still in office who were either directors on the Closing Date or whose election
or nomination for election was previously so approved) cease for any reason to
constitute a majority of the board of directors of Parent then in office; or

         (c) Parent shall cease to own directly, or indirectly through one or
more Wholly-Owned Subsidiaries, beneficially and of record, 100% of the issued
and outstanding Equity Interests of the Borrower.

         "Change in Law" shall mean (a) the adoption of any law, rule or
regulation after the date of this Agreement, (b) any change in any law, rule or
regulation or in the interpretation or application thereof by any Government
Agency after the date of this Agreement or (c) compliance by any Lender (or, for
purposes of Section 2.14, by any lending office of such Lender or by such
Lender's holding company, if any) with any request, guideline or directive
(whether or not having the force of law, except that, if it does not have the
force of law, it must be one with which responsible banks or financial
institutions would comply) of any Government Agency made or issued after the
date of this Agreement.

         "Closing Date" shall mean the date that the Loans are made hereunder,
following satisfaction or waiver of the conditions precedent specified in
Article IV.

         "Code" shall mean the United States Internal Revenue Code of 1986, as
amended.

<PAGE>

                                                                               6

         "Commitment" shall mean, with respect to each Lender, the commitment of
such Lender to make a Loan hereunder as set forth in Schedule 2, or in the
Assignment and Acceptance pursuant to which such Lender assumed its Commitment,
as applicable, as the same may be (a) reduced from time to time pursuant to
Section 2.09 and (b) reduced or increased from time to time pursuant to
assignments by or to such Lender pursuant to Section 9.04. Unless the context
shall otherwise require, after the effectiveness of any Incremental Commitment,
the term "Commitment" shall include such Incremental Commitment.

         "Commitment Fees" shall have the meaning assigned to such term in
Section 2.05(b).

         "Confidential Information Memorandum" shall mean the Confidential
Information Memorandum of Parent and the Borrower dated January 2003.

         "Consolidated Cash" on any day shall mean the consolidated cash
(including cash held in an Investment Account) on Parent's consolidated balance
sheet on such day and held by Parent or any Group Member in accounts located in
Australia, Canada, The Netherlands, New Zealand or the United States up to
US$50,000,000 in the aggregate.

         "Control" shall mean the possession, directly or indirectly, of the
power to direct or cause the direction of the management or policies of a
person, whether through the ownership of voting securities, by contract or
otherwise, and the terms "Controlling" and "Controlled" shall have meanings
correlative thereto.

         "Control Date" shall mean the date on which individuals appointed or
nominated by Parent or its Affiliates (other than Goodman Fielder and its
Affiliates immediately prior to such date) constitute a majority of the board of
directors of Goodman Fielder.

         "Controller" shall mean, in relation to a person's property (a) a
receiver or receiver and manager of that property or (b) anyone else who
(whether or not as agent for the person) is in possession, or has control, of
that property to enforce an Encumbrance.

         "Converting Preference Shares" shall mean the converting preference
shares issued by Parent prior to the date of this Agreement.

         "Co-Trustee" shall mean JPMorgan Chase Bank.

         "date of this Agreement" shall mean February 26, 2003.

         "Deed of Debenture Trust" shall mean the debenture trust deed to be
entered into among Parent, the entities listed in Schedule 1 to that deed, the
party named as security trustee in that deed and the other parties named
therein.

         "Deed of Guarantee and Indemnity" shall mean the Deed of Guarantee and
Indemnity dated July 28, 1998, among the guarantors party thereto and Chase
Securities Australia Limited.

         "Default" shall mean any event or condition which upon notice, lapse of
time or both would constitute an Event of Default.

         "Early Maturity Date" shall mean September 15, 2008, or, if such date
is not a

<PAGE>

                                                                               7

Business Day, the next preceding Business Day.

         An "Early Maturity Date Event" shall occur if the NZ Holdings Capital
Notes have been issued and if prior to the Early Maturity Date Parent shall not
have (a) refinanced the NZ Holdings Capital Notes with the proceeds of Equity
Interests or new subordinated indebtedness in accordance with Section
6.01(a)(xv) and/or (b) irrevocably agreed in writing with the Administrative
Agent for the benefit of the Lenders that, at the maturity of the NZ Holdings
Capital Notes, Parent will (i) extend, renew or refinance the NZ Holdings
Capital Notes in accordance with the terms thereof and with Section 6.01(a)(xv)
and/or (ii) redeem the NZ Holdings Capital Notes in accordance with the terms
thereof in exchange solely for ordinary shares of Parent (and Parent shall have
obtained all necessary shareholder, stock exchange and other approvals and
authorizations therefor).

         "EBIT" shall mean, for the Group for a period, an amount equal to the
consolidated net profit after tax of the Group for the period that would be
disclosed by consolidated Financial Statements of the Group if they were
prepared in accordance with GAAP as at the last day of that period, after (a)
deducting an amount equal to (i) profits relating to unrealized revaluations
included in consolidated net profit after tax, (ii) profits realized on the sale
or other disposition of any asset not manufactured or acquired for disposal in
the ordinary course of ordinary business or unusual in nature and (iii)
unrealized exchange gains included in consolidated net profit after tax and (b)
adding back an amount equal to (i) the provision for income tax and other
taxation (if any) levied in Australia or anywhere else on or by reference to
income or profits relating to that period, (ii) the Net Interest Expense for
that period, (iii) losses realized on the sale or other disposition of any asset
not manufactured or acquired for disposal in the ordinary course of ordinary
business or unusual in nature (including as a result of revaluations), to the
extent that those losses have been charged against that profit, (iv) unrealized
exchange losses relating to that period, (v) any Restructuring Costs, (vi) any
annualized realized cost savings relating to that period that have been reviewed
by a firm of chartered accountants acceptable to the Administrative Agent
(acting reasonably) (and a copy of that review has been delivered in accordance
with Section 5.02(c)) and (vii) profit or loss attributable to outside equity
interests (as shown in the profit and loss statement forming part of the
consolidated Financial Statements of the Group) relating to that period, less
the aggregate amount of dividends paid in respect of outside equity interests
during such period. For the purposes of calculating EBIT for any Subsidiary or
business acquired in any period, provided such EBIT has been verified by a firm
of chartered accountants acceptable to the Administrative Agent (acting
reasonably) and a copy of that review has been delivered to the Administrative
Agent, EBIT will be adjusted to take into account the effects of any
acquisitions made during the period. The adjustments will be made on the basis
that the acquired Subsidiary or business had been acquired on the first day of
the period and the EBIT for that acquired Subsidiary or business for the whole
of the period was included in the EBIT of the Group for that period.

         "EBITDA" shall mean for the Group for a period, the sum of (a) EBIT for
the Group for that period and (b) depreciation and amortization on fixed and
other assets (including goodwill) of the Group on a consolidated basis during
that period, that would be disclosed by consolidated Financial Statements of the
Group if they were prepared in accordance with GAAP as at the last day of that
period.

         "Eligible Purpose" shall mean each of the following purposes: (a) to
refinance the financial accommodation that is governed by the Existing Senior
Loan Agreements, (b) to finance the cash consideration payable under the Offer
or any Options Offer or in connection

<PAGE>

                                                                               8

with the Acquisition, (c) to refinance any financial accommodation of Goodman
Fielder or its subsidiaries once Goodman Fielder is a Wholly-Owned Subsidiary,
(d) to refinance any financial accommodation of Goodman Fielder or its
subsidiaries once Goodman Fielder is a Subsidiary but before Goodman Fielder
becomes a Wholly-Owned Subsidiary, to the extent such financial accommodation
must be refinanced to ensure that the obligor thereon is not in default of its
obligations under the document governing that financial accommodation or the
maturity date for that financial accommodation has occurred or to ensure that
the Group is not in default of its obligations under any financing arrangements,
(e) to pay any transaction costs relating to the Acquisition, all debt, asset
sales and related transaction costs (including all legal fees, brokerage fees,
accounting fees and other advisory fees), (f) to fund the working capital
requirements of the Group, (g) to make inter-company loans to Goodman Fielder
and its subsidiaries once Goodman Fielder is a Subsidiary or to other Group
Members for any of the purposes referred to in clauses (e) and (f) above and (h)
to repay the Bridge Facilities.

         "Employee Benefit Plan" shall mean any "employee benefit plan", as
defined in Section 3(3) of ERISA, or any "plan" as defined in Section 4975(e)(1)
of the Code (other than a multiemployer plan within the meaning of Section 3(37)
of ERISA) which is subject to ERISA or the Code.

         "Encumbrance" shall mean a mortgage, charge, pledge, lien,
hypothecation, title retention or deferred purchase price arrangement, a right
of set-off or right to withhold payment of a deposit or other money, a notice
under Section 255 of the Income Tax Assessment Act of 1936 of Australia or any
similar legislation, or an agreement to create any of them or to allow any of
them to exist.

         "Environmental Law" shall mean any statute, law, regulation, binding
agreement or other requirement (if the requirement has the force of law)
promulgated or entered into by a Government Agency (a) relating to the use,
storage, handling, transportation, treatment, release or disposal of waste,
dangerous goods, petroleum products or by-products or hazardous or toxic
materials, (b) relating to occupational health and safety or (c) which has as
one of its purposes or effects the protection of the environment.

         "Environmental Liability" shall mean all liabilities, obligations,
damages, losses, claims, actions, suits, judgments, orders, fines, penalties,
fees, expenses and costs (including administrative oversight costs, natural
resource damages and remediation costs), whether contingent or otherwise,
arising out of or relating to (a) compliance or non-compliance with any
Environmental Law, (b) the generation, use, storage, handling, transportation,
treatment, release or disposal of, or exposure to, any waste, dangerous goods,
petroleum products or by-products, or hazardous or toxic materials or (c) any
contract, agreement or other consensual arrangement pursuant to which liability
is assumed or imposed with respect to any of the foregoing.

         "Equity Interests" shall mean shares of capital stock, partnership
interests, membership interests in a limited liability company, beneficial
interests in a trust or other equity interests in any person, or any obligations
convertible into or exchangeable for, or giving any person a right, option or
warrant to acquire such equity interests or such convertible or exchangeable
obligations.

         "Equity Issuance" shall mean any issuance or sale by Parent or any
Subsidiary of any Equity Interests, except (a) any issuance or sale to Parent or
any Subsidiary, (b) any issuance

<PAGE>

                                                                               9

of directors' qualifying shares, (c) sales or issuances of ordinary shares, or
options to purchase ordinary shares, to management or employees of Parent or any
Subsidiary under any employee share option, share purchase plan or other
employee benefit plan in existence from time to time or (d) any issuance to the
extent the Net Cash Proceeds therefrom are used to repay NZ Holdings Capital
Notes Bridge Loans.

         "ERISA" shall mean the United States Employee Retirement Income
Security Act of 1974, as amended.

         "ERISA Affiliate" shall mean Parent, the Borrower and any person that
is a member of a controlled group of corporations, or of a group of trades or
businesses under common control, within the meaning of Section 414(b) or 414(c)
of the Code, which, in either case, includes the Borrower or Parent or, solely
for purposes of liability under Section 412 of the Code or Section 302 of ERISA,
a group of trades or businesses which, together with the Borrower or Parent, as
the case may be, is treated as a single employer under Section 414(n) or 414(o)
of the Code.

         "Euro" shall mean the lawful currency of the member states of the
European Union that adopted a single currency in accordance with the Treaty
establishing the European Community, as amended by the Treaty on European Union.

         "Eurodollar", when used in reference to any Loan or Borrowing, refers
to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Adjusted LIBO Rate.

         "Event of Default " shall have the meaning assigned to such term in
Article VII.

         "Excluded Asset" shall mean an asset listed in Schedule 9.

         "Excluded Subsidiary" shall have the meaning assigned to such term in
Section 5.05.

         "Excluded Taxes" shall mean, with respect to the Administrative Agent,
any Lender or any other recipient of any payment to be made by or on account of
any obligation of the Borrower hereunder, (a) income, franchise or similar taxes
imposed on (or measured by) its net income by the United States or by the
jurisdiction under the laws of which such recipient is organized or in which its
principal office is located (or, in the case of any Lender, in which its
applicable lending office is located), (b) any branch profits taxes imposed by
the United States or any similar tax imposed by any other jurisdiction described
in clause (a) above and (c) in the case of a Foreign Lender (other than as an
assignee pursuant to a request by the Borrower under Section 2.21(a)), any
withholding tax that (i) is imposed on amounts payable to such Foreign Lender at
the time such Foreign Lender becomes a party to this Agreement (or designates a
new lending office), except to the extent that such Foreign Lender (or its
assignor, if any) was entitled, at the time of designation of a new lending
office (or assignment), to receive additional amounts from the Borrower with
respect to such withholding tax pursuant to Section 2.20(a) or (ii) is
attributable to such Foreign Lender's failure to comply with Section 2.20(e).

         "Existing Encumbrance" shall mean an Encumbrance described in Schedule
5.

         "Existing Joint Venture" shall mean a joint venture described in
Schedule 6 and in the Group Structure Chart.

<PAGE>

                                                                              10

         "Existing Senior Loan Agreement" shall mean (a) the senior funding
agreement dated August 2, 2001, among Parent, the entities listed in Schedule 1
to that agreement, Credit Suisse First Boston, Melbourne Branch, The
Toronto-Dominion Bank and the financial institutions listed in Schedule 2 to
that agreement, as amended, (b) the term loan facility agreement dated August 2,
2001, among Parent, the entities listed in Schedule 1 to that agreement, Credit
Suisse First Boston, Melbourne Branch and the financial institutions listed in
Schedule 2 to that agreement and (c) the revolving loan facility agreement dated
August 2, 2001, among Parent, the entities listed in Schedule 1 to that
agreement, Credit Suisse First Boston, Melbourne Branch and the financial
institutions listed in Schedule 2 to that agreement.

         "Existing Treasury Transaction" shall mean a Treasury Transaction that
a Group Member is a party to as at the date of this Agreement, as described in
Schedule 7.

         "Facility" shall mean the senior secured credit facility documented by
this Agreement.

         "Federal Funds Effective Rate" shall mean, for any day, the weighted
average of the rates on overnight Federal funds transactions with members of the
Federal Reserve System arranged by Federal funds brokers, as published on the
next succeeding Business Day by the Federal Reserve Bank of New York, or, if
such rate is not so published for any day that is a Business Day, the average of
the quotations for the day for such transactions received by the Administrative
Agent from three Federal funds brokers of recognized standing selected by it.

         "Fee Letter" shall mean the Fee Letter dated December 12, 2002, among
Parent, the Borrower and the Administrative Agent.

         "Fees" shall mean the Commitment Fees and the Administrative Agent
Fees.

         "Financial Indebtedness" shall mean an obligation (whether present or
future, actual or contingent) to pay or deliver any money or commodity under or
in respect of any financial accommodation including under or in respect of any
(a) money borrowed or raised, (b) redeemable or repurchasable share or stock,
(c) bill of exchange, promissory note or other financial instrument (whether or
not transferable or negotiable), (d) put option or buyback or discounting
arrangement in respect of any property, (e) lease, license or other arrangement
in respect of any property entered into primarily to raise finance or to finance
the acquisition of that property (other than a lease, license or arrangement
which may be accounted for as an operating lease under applicable generally
accepted accounting principles), (f) hire purchase arrangement in respect of any
property, (g) deferral of a payment obligation for any property or service
entered into in the ordinary course of ordinary business, where the payment
obligation is deferred for more than 180 days and the deferral of the payment
obligation is structured to achieve the same or similar commercial effect to
financial accommodation by way of money borrowed or raised, (h) interest or
currency swap or hedge arrangement, financial option, futures contract or
analogous transaction that is structured to achieve the same or a similar
commercial effect to financial accommodation by way of money borrowed or raised,
(i) reimbursement obligations under any letter of credit, letter of guaranty or
similar arrangement or (j) arrangement which achieves the same or a similar
commercial effect as or to any of the above, and any Guarantee of Financial
Indebtedness of another person.

<PAGE>

                                                                              11

         "Financial Officer" of any person shall mean the chief financial
officer, principal accounting officer or treasurer of such person.

         "Financial Quarter" shall mean a period of three calendar months ending
on September 30, December 31 or March 31.

         "Financial Statements" shall mean, for a period, a profit and loss
statement and statement of cashflows for that period, and a balance sheet at the
end of that period, together with any notes to them and any statement or report
(including any directors' declaration and any auditors' report) that is required
by applicable law to be prepared in relation to them.

         "Financial Year" shall mean a period of 12 calendar months ending on
June 30.

         "Fixed Charge Coverage Ratio" shall mean, for a period, the ratio of
(a) EBITDA for that period less the sum of (i) Capex during that period, (ii)
Tax paid in respect of that period and (iii) for any period commencing after
December 31, 2002, net increases in the working capital of the Group in that
period (other than any net increases that arise as a result of or in connection
with the unwind of any debtor securitization of Goodman Fielder or its
subsidiaries), plus any net decreases in the working capital of the Group in
that period, to (b) the sum of (i) the principal amount of Funding Portions and
Paid Up Amount of Term Debentures that fall due for payment under clause 8.3 of
the Term A Facility Agreement, the principal amount of any Loans that fall due
for payment under Section 2.11 and any other scheduled repayments of principal,
or amounts in the nature of principal, in respect of the Financial Indebtedness
of the Group (excluding Financial Indebtedness of one Group Member to another
Group Member) over that period (excluding any amounts which fall due for payment
under those clauses as a result of the Transactions) and (ii) Net Interest
Expense over that period, but excluding (A) interest, the payment of which is
suspended under the NZ Holdings Capital Notes Bridge Facility, the NZ Holdings
Capital Notes or the NZDF Capital Notes under and in accordance with Section
6.08 and (B) capitalized interest, calculated for the Group on a consolidated
basis. Solely for purposes of determining the Fixed Charge Coverage Ratio for
the period of 12 months ending on the first and second Calculation Dates, the
amount of Tax, principal and Net Interest Expense described above for any such
period shall be deemed to be (a) in respect of the period ended on the first
Calculation Date, the amount of Tax, principal and Net Interest Expense,
respectively, for the six months ended on such date, multiplied by 2, and (b) in
respect of the period ended or the second Calculation Date, the amount of Tax,
principal and Net Interest Expense, respectively, for the nine months ended on
such date, multiplied by 4/3.

         "Foreign Lender" shall mean any Lender that is organized under the laws
of a jurisdiction other than that in which the Borrower is located. For purposes
of this definition, the United States, each State thereof and the District of
Columbia shall be deemed to constitute a single jurisdiction.

         "Foreign Pension Plan" shall mean any plan, fund (including any
superannuation fund) or other similar program established or maintained outside
the United States by Parent or any Subsidiary primarily for the benefit of
employees residing outside the United States of Parent or any Subsidiary which
plan, fund or other similar program provides for retirement income for such
employees in contemplation of retirement or provides for payments to be made to
such employees upon termination of employment, and which plan is not subject to
ERISA or the Code.

<PAGE>

                                                                              12

         "Free Cash Flow" shall mean, for a period, the sum (excluding
double-counting) of (a) for the Group (i) the sum of (A) EBIT for the Group for
the period, (B) the aggregate of depreciation and amortization for the Group in
respect of intangible assets, prepaid slotting fees, tangible fixed assets, real
property and plant and equipment for the period, (C) an amount equal to the net
proceeds of sale or other disposal actually received by the Group of any fixed
assets or businesses sold during the period where the net proceeds of sale or
disposal were not paid into an Investment Account or applied in prepayment of
outstanding Funding Portions to reduce the Paid Up Amount of Term Debentures
under clause 8.2(a) of the Term A Facility Agreement, prepayment of Loans in
accordance with Section 2.13 or prepayment of TLB Tranche 2 Loans in accordance
with Section 2.13 of the TLB Tranche 2 Credit Agreement (excluding assets
disposed of in accordance with Section 5.07(c) or 5.08), (D) any decrease in
working capital of the Group in the period as disclosed in the most recent
consolidated statement of cashflows of the Group as changes in trade debtors,
inventories and trade creditors and (E) without double-counting, cash receipts
that the Group received over the period in respect of unusual items and
extraordinary items as reported in the Financial Statements, less (ii) the sum
of (A) equity accounted EBIT for the Group for the period in connection with
Associates, (B) profit or loss on the sale of noncurrent assets (as shown on the
balance sheet forming part of the consolidated Financial Statements of the
Group) over the period, (C) amounts that the Group paid over the period for
increases in share capital of Majority-Owned Subsidiaries and Associates, (D)
Net Interest Expense for the Group for the period (including in respect of the
NZ Holdings Capital Notes Bridge Facility, the NZ Holdings Capital Notes and the
NZDF Capital Notes but excluding interest the payment of which is suspended
under the NZ Holdings Capital Notes Bridge Facility, the NZ Holdings Capital
Notes or the NZDF Capital Notes under and in accordance with Section 6.08), (E)
prepaid slotting payments paid by the Group over the period, (F) tax expenses
that the Group accrued over the period, (G) an amount equal to all Capex that
the Group actually expended over the period, (H) without double counting, cash
expenditure that the Group incurred over the period in respect of unusual items
and extraordinary items as reported in the Financial Statements, (I) amounts
that the Group transferred over the period to Associates for capital expenditure
or other set up costs, (J) (1) any voluntary repayment over the period of
Funding Portions by a reduction in the Paid Up Amount of the Term Debentures
under the Term A Facility Agreement, or any voluntary repayment of the Loans in
accordance with Section 2.12 or voluntary repayment of the TLB Tranche 2 Loans
in accordance with Section 2.12 of the TLB Tranche 2 Credit Agreement, (2) any
mandatory repayment over the period of Funding Portions by a reduction in the
Paid Up Amount of the Term Debentures under the Term A Facility Agreement, or
any mandatory repayment over the period of the Loans in accordance with Section
2.13 or mandatory repayment over the period of the TLB Tranche 2 Loans in
accordance with Section 2.13 of the TLB Tranche 2 Credit Agreement, (K) any
dividends paid over the period on the Converting Preference Shares (up to
conversion), (L) any Cash Restructuring Costs, (M) any increase in working
capital of the Group in the period as disclosed in the most recent consolidated
cash flows of the Group as changes in trade debtors, inventories and trade
creditors, (N) establishment and up front fees payable to financiers that are
incurred in connection with the Transactions up to a maximum amount of
A$20,000,000 and any other fees incurred in connection with the Transactions
(including legal fees, accounting fees and other advisory fees), (O) any costs,
fees and expenses incurred by Goodman Fielder and its subsidiaries and payable
by the Group incurred in connection with Goodman Fielder's defense of the Offer
or any Options Offer, (P) the amount paid in cash equal to the net payments for
the purchase or acquisition of a business by any Group Member, whether by way of
acquisition of shares or net assets, to the extent that it is funded from
existing cash resources of the Group (excluding cash proceeds raised in
connection with such purchase or acquisition) and (Q) any annualized

<PAGE>

                                                                              13

unrealized cost savings relating to that period (to the extent included in EBIT)
that (1) have been verified by a firm of chartered accountants acceptable to the
Administrative Agent (acting reasonably) and (2) are acceptable to the
Administrative Agent (acting reasonably), plus (b) the greater of (i) 50% of the
Group's share (determined by reference to its proportionate ownership interest
in the Associate) of the net profit after tax of each Associate for the period,
determined in accordance with GAAP, and (ii) the amount of dividends or cash
distributions that Associates actually pay to Group Members over the period
(after allowing for amounts that have been taken into account under clause
(b)(i) in previous periods).

         "Funding Portion" has the same meaning as in the Term A Facility
Agreement or Revolving Facility Agreement, as the case may be.

         "GAAP" shall mean generally accepted accounting principles in
Australia, applied on a consistent basis.

         "Gelatin Disposal" shall mean the disposal by Parent, Goodman Fielder
or a subsidiary of Goodman Fielder of the remaining Leiner Davis Gelatin
business and the joint venture interest in the Ecuadorian gelatin business of
Goodman Fielder.

         "Gelatin Proceeds" shall mean the Net Disposal Proceeds received with
respect to the Gelatin Disposal.

         "GF Program Receivables" shall mean all trade or debtor receivables and
related contract rights originated and owned by Goodman Fielder or any of its
subsidiaries and sold pursuant to the GF Receivables Program.

         "GF Receivables Program" shall mean the sale of, or transfer of
interests in, GF Program Receivables pursuant to customary off-balance sheet
securitization transactions.

         "GMF Notes" shall mean the guaranteed senior notes due 2011 issued by a
subsidiary of Goodman Fielder in an aggregate principal amount of
US$200,000,000.

         "Goodman Fielder" shall mean Goodman Fielder Limited (ABN 44 000 003
958), a corporation organized under the laws of the Commonwealth of Australia.

         "Government Agency" shall mean (a) a government or government
department or other body, (b) a governmental, semi-governmental or judicial
person or (c) a person (whether autonomous or not) who is charged with the
administration of a law under statute or the rules of any stock exchange.

         "Granting Lender" shall have the meaning assigned to such term in
Section 9.04(i).

         "Group" shall mean Parent, the Subsidiaries and the Associates from
time to time.

         "Group Member" shall mean Parent and any Subsidiary from time to time.

         "Group Party" shall mean a Group Member that is a party to a
Transaction Document.

         "Group Security Provider" shall mean a Group Member that is a grantor
of a

<PAGE>

                                                                              14

Security.

         "Group Structure Chart" shall mean the document attached as Schedule 1,
that shows the structure of the Group and incorporates a list of the Group
Members and other details relating to them.

         "Guarantee" shall mean a guarantee, indemnity, letter of credit,
performance bond, acceptance or endorsement, or other undertaking or obligation
(a) to provide funds (including by the purchase of property), or otherwise to
make property available, in or to enable payment or discharge of, (b) to
indemnify against the consequences of default in the payment of or (c) otherwise
to be responsible for, an obligation (whether or not it involves the payment of
money), or otherwise to be responsible for the solvency or financial condition,
of any other person.

         "Guarantor" shall mean each person listed in Item 1 of Schedule 1 to
the Deed of Guarantee and Indemnity, and each other person that is or becomes a
"Guarantor" or "New Guarantor" for purposes of the Deed of Guarantee and
Indemnity.

         "IA Withdrawal Request" shall mean a notice in substantially the form
set out in Schedule 11.

         "Incremental Commitment" shall mean the commitment of any Lender
established pursuant to Section 2.22 to make Incremental Loans to the Borrower.

         "Incremental Lender" shall mean a Lender with an Incremental Commitment
or an outstanding Incremental Loan.

         "Incremental Loan Amount" shall mean, at any time, the excess, if any,
of (a) US$100,000,000 over (b) the aggregate amount of all Incremental
Commitments established prior to such time pursuant to Section 2.22.

         "Incremental Loan Assumption Agreement" shall mean an Incremental Loan
Assumption Agreement in form and substance reasonably satisfactory to the
Administrative Agent, Parent and the Borrower, among Parent, the Borrower, the
Administrative Agent and one or more Incremental Lenders.

         "Incremental Loan Maturity Date" shall mean the final maturity date of
any Incremental Loan, as set forth in the applicable Incremental Loan Assumption
Agreement.

         "Incremental Loan Repayment Date" shall mean each date regularly
scheduled for the payment of principal of any Incremental Loan, as set forth in
the applicable Incremental Loan Assumption Agreement.

         "Incremental Loans" shall mean term loans made by one or more Lenders
to the Borrower pursuant to Section 2.01(b). Incremental Loans may be made in
the form of additional Loans, or to the extent permitted by Section 2.22 and
provided for in the relevant Incremental Loan Assumption Agreement, Other Loans.

         "Indemnified Taxes" shall mean Taxes other than Excluded Taxes.

<PAGE>

                                                                              15

         "Insolvency Event" shall mean, in respect of a person, (a) an order
being made, or the person passing a resolution, for its winding up, dissolution
or deregistration, (b) an application being made to a court for an order for
protection from creditors or for its reorganization, winding up, dissolution or
deregistration, unless the application is withdrawn or dismissed within five
Business Days, (c) an administrator or analogous person being appointed to the
person, (d) (i) the person resolving to appoint a Controller or analogous person
to the person or any of the person's property, (ii) an application being made to
a court for an order to appoint a Controller, provisional liquidator, trustee
for creditors or in bankruptcy or analogous person to the person or any of the
person's property, unless the application is withdrawn or dismissed within five
Business Days, or (iii) an appointment of the kind referred to in clause (d)(ii)
being made (whether or not following a resolution or application), (e) the
holder of a Security Interest taking possession of any of the person's property,
(f) the person being taken under Section 459F(1) of the Corporations Act 2001 of
Australia to have failed to comply with a statutory demand, (g) the person (i)
suspending payment of its debts, ceasing (or threatening to cease) to carry on
all or a material part of its business, stating that it is unable to pay its
debts or being or becoming otherwise insolvent or (ii) being taken by applicable
law to be (or if a court would be entitled or required to presume that the
person is) unable to pay its debts or otherwise insolvent, (h) the process of
any court or authority being invoked against the person or any of its property
to enforce any judgment or order for the payment of money or the recovery of any
property, unless the person is able, within five Business Days, to satisfy the
Administrative Agent that there is no substantial basis for the judgment or
order in respect of which the process was invoked, (i) the person taking any
step that could result in the person becoming an insolvent under administration
(as defined in Section 9 of the Corporations Act 2001 of Australia), (j) the
person taking any step toward entering into a compromise or arrangement with, or
assignment for the benefit of, any of its members or creditors or (k) any
analogous event in any relevant jurisdiction, unless this takes place as part of
a solvent reconstruction, amalgamation, merger or consolidation that is
permitted by Section 6.06; provided, however, that the term "Insolvency Event"
shall not include any U.S. Insolvency Event.

         "Intercreditor Agreement" shall mean the agreement to be entered into
among the Administrative Agent, the facility agent party to the Senior Funding
Agreement, the administrative agent party to the TLB Tranche 2 Credit Agreement,
the facility agent party to the Bridge Senior Funding Agreement, Rabo Australia
Limited, HSBC Bank Australia Limited and the Security Trustee.

         "Interest Coverage Ratio" shall mean, for a period, the ratio of EBITDA
for the Group for the period to Net Interest Expense for the Group for the
period.

         "Interest Payment Date" shall mean (a) with respect to any ABR Loan,
the last Business Day of each March, June, September and December, and (b) with
respect to any Eurodollar Loan, the last day of the Interest Period applicable
to the Borrowing of which such Loan is a part and, in the case of a Eurodollar
Borrowing with an Interest Period of more than three months' duration, each day
that would have been an Interest Payment Date had successive Interest Periods of
three months' duration been applicable to such Borrowing and, in addition, the
date of any prepayment of a Eurodollar Borrowing or conversion of a Eurodollar
Borrowing to an ABR Borrowing.

         "Interest Period" shall mean, with respect to any Eurodollar Borrowing,
the period commencing on the date of such Borrowing and ending on the
numerically corresponding day (or, if there is no numerically corresponding day,
on the last day) in the calendar month

<PAGE>

                                                                              16

that is one, two, three or six months thereafter, as the Borrower may elect;
provided, however, that if any Interest Period would end on a day other than a
Business Day, such Interest Period shall be extended to the next succeeding
Business Day unless such next succeeding Business Day would fall in the next
calendar month, in which case such Interest Period shall end on the next
preceding Business Day. Interest shall accrue from and including the first day
of an Interest Period to but excluding the last day of such Interest Period. For
purposes hereof, the date of a Borrowing initially shall be the date on which
such Borrowing is made and thereafter shall be the effective date of the most
recent conversion or continuation of such Borrowing.

         "Interest Suspension Financial Covenants", as used in Section 6.08,
shall mean:

         (a) the Leverage Ratio for each period of 12 months that ends on a
Calculation Date that occurs in a period set out in the following table must not
be more than the amount set out in the following table opposite that period:

<TABLE>
<CAPTION>
                Period                                Ratio
                ------                                -----
<S>                                                <C>
Closing Date through December 31, 2003             4.80 to 1.00
January 1, 2004 through June 30, 2004              4.65 to 1.00
July 1, 2004 through December 31, 2004             4.15 to 1.00
January 1, 2005 through June 30, 2005              3.90 to 1.00
July 1, 2005 through December 31, 2005             3.65 to 1.00
January 1, 2006 through June 30, 2006              3.40 to 1.00
Thereafter                                         3.15 to 1.00
</TABLE>

         (b) the Interest Coverage Ratio for each period of 12 months that ends
on a Calculation Date that occurs in a period set out in the following table
must not be less than the amount set out in the following table opposite that
period:

<TABLE>
<CAPTION>
                Period                                Ratio
                ------                                -----
<S>                                                <C>
Closing Date through December 31, 2003             2.20 to 1.00
January 1, 2004 through June 30, 2004              2.35 to 1.00
July 1, 2004 through June 30, 2005                 2.60 to 1.00
July 1, 2005 through June 30, 2006                 2.85 to 1.00
Thereafter                                         3.10 to 1.00
</TABLE>

         (c) the Fixed Charge Coverage Ratio for each period of 12 months that
ends on a Calculation Date that occurs in a period set out in the following
table must not be less than the amount set out in the following table opposite
that period:

<TABLE>
<CAPTION>
                Period                                Ratio
                ------                                -----
<S>                                                <C>
Closing Date through December 31, 2004             1.10 to 1.00
Thereafter                                         1.20 to 1.00
</TABLE>

<PAGE>

                                                                              17

         "Investment Account" shall have the meaning assigned to such term in
Section 5.10(a).

         "Lenders" shall mean (a) the persons listed in Schedule 2 (other than
any such person that has ceased to be a party hereto pursuant to an Assignment
and Acceptance) and (b) any person that has become a party hereto pursuant to an
Assignment and Acceptance.

         "Leverage Ratio" shall mean, for a period, the ratio of Net Total Debt
of the Group (excluding the principal amount of the outstanding NZ Holdings
Capital Notes Bridge Loans and the principal amount of all outstanding Capital
Securities) on the last day of that period to LTM EBITDA of the Group for that
period.

         "LIBO Rate" shall mean, with respect to any Eurodollar Borrowing for
any Interest Period, the rate per annum determined by the Administrative Agent
at approximately 11:00 a.m. (London time) on the date that is two Business Days
prior to the beginning of such Interest Period by reference to the British
Bankers' Association Interest Settlement Rates for deposits in U.S. dollars (as
set forth by any service selected by the Administrative Agent which has been
nominated by the British Bankers' Association as an authorized information
vendor for the purpose of displaying such rates) for a period equal to such
Interest Period; provided that, to the extent that an interest rate is not
ascertainable pursuant to the foregoing provisions of this definition the "LIBO
Rate" shall be the interest rate per annum determined by the Administrative
Agent to be the average of the rates per annum at which deposits in U.S. dollars
are offered for such Interest Period to major banks in the London interbank
market in London, England by the Administrative Agent at approximately 11:00
a.m. (London time) on the date that is two Business Days prior to the beginning
of such Interest Period; provided further that, if the LIBO Rate determined as
provided above with respect to any Borrowing for any Interest Period would be
less than 2.50% per annum, then the "LIBO Rate" with respect to such Borrowing
for such Interest Period shall be deemed to be 2.50% per annum.

         "Liquidation" shall mean liquidation, winding up, merger,
deregistration, dissolution or amalgamation or other analogous procedure under
any relevant law applicable to corporate reorganization that results in the
affected entity ceasing to exist.

         "Loans" shall mean the Loans made by the Lenders to the Borrower
pursuant to this Agreement. Each Loan shall be a Eurodollar Loan or an ABR Loan.
Unless the context shall otherwise require, the term "Loans" shall include any
Incremental Loans.

         "LTM EBITDA" shall mean, for a period, the aggregate of EBITDA for that
period plus Acquisition-Related Cost Savings for that period.

         "Majority-Owned Subsidiary" shall mean a Subsidiary that is not a
Wholly-Owned Subsidiary.

         "Material Adverse Effect" shall mean a material adverse effect in the
reasonable opinion of the Required Lenders on (a) the business, property or
financial condition of the Group (taken as a whole) or (b) the ability of any
Group Member to perform any of its obligations under the Transaction Documents.

         "Maturity Date" shall mean the sixth anniversary of the Closing Date
or, if an Early Maturity Date Event occurs, the Early Maturity Date.

<PAGE>

                                                                              18

         "Net Cash Proceeds" shall mean, with respect to any debt issuance or
Equity Issuance, the cash proceeds thereof, net of underwriting commissions or
placement fees and any other fees and expenses directly incurred in connection
therewith.

         "Net Disposal Proceeds" shall mean the aggregate of the proceeds
received by a Group Member from any person as part of, or in connection with,
the disposal of property of a Group Member, including (without double counting)
any amount by which any of those proceeds are used to reduce or discharge any
loan made by a Group Member to another Group Member less (a) direct costs
relating to the relevant disposal (including filing and registration fees,
investment banking fees, brokers fees, sales commissions or severance payments,
adjustments to pension, insurance, superannuation or similar arrangements (in
each case properly incurred on an arm's-length basis) and properly incurred
legal, accounting and other professional advisers' fees), (b) taxes paid or
reasonably estimated to be payable as a result thereof (after taking into
account any available tax credits or deductions relating to the disposal in
question) and (c) any amount required to repay or discharge any Financial
Indebtedness of the Group Member which is, or whose assets are, being disposed
of, where such repayment or discharge is not otherwise prohibited by the terms
of this Agreement.

         "Net Interest Expense" shall mean, for the Group for a period, Total
Interest Expense for the Group for that period less interest income of the Group
over that period, calculated on a consolidated basis in accordance with GAAP.
Solely for purposes of determining the Interest Coverage Ratio for the period of
12 months ending on the first and second Calculation Dates, the Net Interest
Expense for any such period shall be deemed to be (a) in respect of the period
ended on the first Calculation Date, the Net Interest Expense for the 6 months
ended on such date, multiplied by 2, and (b) in respect of the period ended on
the second Calculation Date, the Net Interest Expense for the 9 months ended on
such date, multiplied by 4/3.

         "Net Priority 1 Debt" shall mean, on any day, (a) the Priority 1 Debt
on that day less (b) the amount of cash held on that day by (i) Parent or (ii)
any other Group Member, to the extent that there is no legal, contractual or
other restriction on the ability of Parent to readily procure that the cash is
transferred to Parent or a Group Security Provider in such a way that the cash
would (if so transferred) be subject to a Security, other than cash held in an
Investment Account.

         "Net Senior Debt" shall mean, on any day, Net Total Debt less any
component of Net Total Debt the payment of which is subordinated to the
liabilities owed to the Lenders under the Transaction Documents (and the terms
of such subordination are no less favorable to the Lenders than those contained
in the New Subordinated Note Documents).

         "Net Total Debt" shall mean, on any day, the Total Debt on that day
less the sum of Consolidated Cash on that day, to the extent that there is no
legal, contractual or other restriction on the ability of Parent to readily
procure that the cash is transferred to Parent or a Group Security Provider in
such a way that the cash would (if so transferred) be subject to a Security.

         "New Security Document" shall mean each document listed in Schedule 4.

         "New Subordinated Note Documents" shall mean the indenture under which
New Subordinated Notes are issued and all other instruments, agreements and
other documents

<PAGE>

                                                                              19

evidencing or governing the New Subordinated Notes or providing for any
Guarantee or other right in respect thereof.

         "New Subordinated Notes" shall mean the 10.75% Senior Subordinated
Notes due 2011 issued by Burns Philp Capital and Burns Philp Capital (U.S.) Inc.

         "New Transaction Documents" shall mean (a) this Agreement, (b) the Deed
of Debenture Trust, (c) the U.S. Master Debenture, (d) each New Security
Document, (e) the Security Trustee Agreement, (f) the Intercreditor Agreement,
(g) any Incremental Loan Assumption Agreement, (h) the Pledge Agreement, (i) any
other document that Parent and the Administrative Agent agree in writing to be a
New Transaction Document for purposes of this Agreement and (j) any other
document that amends, supplements, replaces or novates any of the above.

         "New Zealand dollars" or "NZ$" shall mean the lawful money of New
Zealand.

         "NZDF" shall mean New Zealand Dairy Foods Holdings Limited (AK
1197309), a corporation organized under the laws of New Zealand.

         "NZDF Acquisition" shall mean the acquisition by Parent or a
Wholly-Owned Subsidiary of all the Equity Interests or all or substantially all
the assets of NZDF and its subsidiaries in accordance with Section 5.09(f).

         "NZDF Capital Notes" shall mean the NZDF Capital Notes Due 2007 and the
NZDF Capital Notes Due 2012.

         "NZDF Capital Notes Due 2007" shall mean the unsecured, subordinated
capital notes due 2007 issued by NZDF.

         "NZDF Capital Notes Due 2012" shall mean the unsecured, subordinated
capital notes due 2012 issued by NZDF.

         "NZ Capital Notes Trust Deed" shall mean the trust deed dated August
22, 2002, between NZDF and The New Zealand Guardian Trust Company Limited, as
trustee, and the schedules thereto.

         "NZ Holdings Capital Notes" shall mean (a) the unsecured, subordinated
capital notes due 2008 or 2011 to be issued by Burns Philp Finance New Zealand
Limited pursuant to the NZ Holdings Capital Notes Trust Deed or (b) any other
unsecured, subordinated capital notes to be issued by a Group Member so long as
(i) such capital notes require no payment of principal prior to December 15,
2008, (ii) the terms of such capital notes permit the suspension of cash
interests thereon on terms no less favorable to the Lenders than those contained
in the NZ Holdings Capital Notes Trust Deed and (iii) the subordination
provisions thereof are no less favorable to the Lenders than those contained in
the NZ Holdings Capital Notes Trust Deed.

         "NZ Holdings Capital Notes Bridge Facility" shall mean the
NZ$250,000,000 unsecured, subordinated bridge facility made pursuant to the NZ
Holdings Capital Notes Bridge Facility Agreement.

<PAGE>

                                                                              20

         "NZ Holdings Capital Notes Bridge Facility Agreement" shall mean the
subordinated bridge facility agreement dated January 16, 2003, among BPC1,
Parent and Credit Suisse First Boston (Melbourne Branch).

         "NZ Holdings Capital Notes Bridge Loans" shall mean the Financial
Indebtedness incurred by BPC1 under the NZ Holdings Capital Notes Bridge
Facility Agreement.

         "NZ Holdings Capital Notes Trust Deed" shall mean the trust deed
referred to in the summary terms and conditions (attached as Schedule 1 to the
NZ Holdings Capital Notes Underwriting Agreement).

         "NZ Holdings Capital Notes Underwriting Agreement" shall mean the
agreement dated December 12, 2002, among First NZ Capital Securities (as
underwriter, co-lead manager and organizing broker), Burns Philp Finance New
Zealand Limited, Parent, BPC1 and any other party that accedes to that agreement
as an underwriter or co-lead manager.

         "Obligation Currency" shall have the meaning assigned to such term in
Section 9.16.

         "Offer" shall mean the offer made by BPC1 pursuant to the Bid
Documents, to purchase all the ordinary shares of Goodman Fielder for A$1.85 per
share in cash, as the same may be amended, supplemented or otherwise modified
from time to time as permitted hereby.

         "Options Offer" shall mean any offer which may be made by BPC1 to
acquire or procure the cancellation of all share options in Goodman Fielder as
the same may be amended, supplemented or otherwise modified from time to time as
permitted hereby.

         "Other Loans" shall have the meaning assigned to such term in Section
2.22(a).

         "Other Taxes" shall mean any and all stamp or documentary taxes or any
other excise or property taxes, charges or similar levies arising from any
payment made under any New Transaction Document or from the execution, delivery
or enforcement of, or otherwise with respect to, any New Transaction Document.

         "Paid Up Amount" has the same meaning as in the Term A Facility
Agreement or the Revolving Facility Agreement.

         "Perfection Certificate" shall mean the Perfection Certificate of the
Borrower, substantially in the form of Exhibit D.

         "Permitted Acquisition" shall have the meaning assigned to such term in
Section 5.09(i).

         "Permitted Asset Disposal" shall have the meaning assigned to such term
in Section 5.07(d).

         "Permitted Encumbrance" shall mean (a) an Encumbrance (if any) created
under a Transaction Document, (b) an Existing Encumbrance, where the principal
amount secured does not increase, and the time for payment of that amount is not
extended, beyond the amount and time identified in Schedule 5, (c) a lien that
arises by operation of law in the ordinary course of the ordinary business of
the Group, where the amount secured is not

<PAGE>

                                                                              21

overdue or is being diligently contested in good faith, (d) a setoff arrangement
entered into as part of normal banking arrangements or in the ordinary course of
day-to-day trading or arising by operation of law, (e) an intra-Group
cross-guarantee arrangement entered into in order to obtain class order relief
from the Australian Securities and Investments Commission, (f) a title retention
arrangement entered into with a supplier in the ordinary course of ordinary
business, (g) a deferred payment obligation for any property or service entered
into in the ordinary course of ordinary business, where the payment obligation
is deferred for not more than 180 days and the deferral of the payment
obligation is structured to achieve the same or a similar commercial effect to
financial accommodation by way of money borrowed or raised, (h) an Encumbrance
given by a Group Member in favor of (i) Parent, (ii) a Wholly-Owned Subsidiary
or (iii) a Majority-Owned Subsidiary in which Parent has an effective
proportionate ownership interest that is at least as great as its effective
proportionate ownership interest in the Group Member that gives the Encumbrance,
(i) an Encumbrance that is permitted under Section 6.01, (j) any Encumbrance on
GF Program Receivables granted in accordance with the GF Receivables Program and
(k) any other Encumbrance that the Administrative Agent (acting on the
instructions of the Required Lenders) approves before it arises, where the
principal amount secured does not increase and the time for payment of that
amount is not extended beyond the amount and time approved.

         "Permitted Group Asset Disposal" shall have the meaning assigned to
such term in Section 5.08(c).

         "Permitted Investments" shall mean:

                  (a) (i) direct obligations of the United States, Australia,
         New Zealand, or any member state of the European Union, (ii) direct
         obligations of any other state or country in which any Subsidiary has
         operations or (iii) direct obligations of any Government Agency of any
         of the foregoing or obligations guaranteed by any of the foregoing or
         any Government Agency thereof;

                  (b) investments in demand and time deposit accounts,
         certificates of deposit and money market deposits maturing within one
         year of the date of acquisition thereof and overnight bank deposits, in
         each case with or issued by a bank or trust company which is organized
         under the laws of the United States, any state thereof or any foreign
         country recognized by the United States, which bank or trust company,
         if organized under the laws of Australia, shall be authorized to carry
         on banking business under the Banking Act of 1959 of Australia, and
         which bank or trust company has capital, surplus and undivided profits
         aggregating in excess of US$50,000,000 (or the equivalent thereof) and
         whose outstanding debt (or that of its parent) is rated "A" (or such
         similar equivalent rating) or higher by at least one nationally
         recognized statistical rating organization (as defined in Rule 436
         under the U.S. Securities Act of 1933) or any money-market fund
         sponsored by a registered broker dealer or mutual fund distributor;

                  (c) repurchase obligations with a term of not more than 30
         days for underlying securities of the types described in clause (a)
         above entered into with a bank meeting the qualifications described in
         clause (b) above;

                  (d) investments in commercial paper, maturing not more than
         270 days after the date of acquisition, issued by a corporation (other
         than an Affiliate of Parent) organized and in existence under the laws
         of the United States or any foreign country

<PAGE>

                                                                              22

         recognized by the United States with a rating at the time as of which
         any investment therein is made of "A-1" (or higher) according to
         Standard and Poor's Ratings Service or "P-1" (or higher) according to
         Moody's Investors Service, Inc.; and

                  (e) investments in securities with maturities of 270 days or
         less from the date of acquisition issued or fully guaranteed by any
         state, commonwealth or territory of the United States or Australia, or
         by any political subdivision or taxing authority thereof, and rated at
         least "A-2" by Standard & Poor's Ratings Service or "P-2" by Moody's
         Investors Service, Inc.

         "Permitted Subordinated Debt" shall have the meaning assigned to such
term in Section 6.01(a)(xiv).

         "person" shall mean any natural person, corporation, business trust,
joint venture, association, company, limited liability company, partnership,
Government Agency or other entity.

         "Pledge Agreement" shall mean the pledge agreement to be entered into
by the Borrower and the Administrative Agent substantially in the form of
Exhibit E.

         "Prepayment Leverage Ratio" shall mean, for a period, the ratio of
Total Debt of the Group (excluding the principal amount of the outstanding NZ
Holdings Capital Notes Bridge Loans and the principal amount of all outstanding
Capital Securities) on the last day of that period to LTM EBITDA of the Group
for that period.

         "Prime Rate" shall mean the rate of interest per annum determined from
time to time by Credit Suisse First Boston as its prime rate in effect at its
principal office in New York City and notified to the Borrower.

         "Priority 1 Debt" has the same meaning as Priority 1 Debenture
Stockholders' Debt in the Security Trust Deed.

         "Pro Forma LTM EBITDA" shall mean LTM EBITDA for the Group for the
latest 12-month period occurring prior to the Closing Date for which Financial
Statements of Parent have been made available to the Administrative Agent,
adjusted to give effect to the Acquisition as if it had occurred at the
beginning of such period; provided that (a) in determining LTM EBITDA, the
latest 12-month performance of Goodman Fielder shall be based on the period
covered by the most recent publicly available Financial Statements of Goodman
Fielder (even if such period is a different 12-month period than covered by the
most recent Financial Statements of Parent) and (b) all pro forma adjustments
(other than the Acquisition-Related Cost Savings) shall have been certified by a
Financial Officer of Parent as having been prepared in good faith and based on
reasonable assumptions.

         "Quarter Date" shall mean each March 31, June 30, September 30 and
December 31.

         "Quarter Period" shall mean a period from a Quarter Date, and ending on
the next Quarter Date.

         "Register" shall have the meaning assigned to such term in Section
9.04(d).

<PAGE>

                                                                              23

         "Regulation U" shall mean Regulation U of the Board as from time to
time in effect and all official rulings and interpretations thereunder or
thereof.

         "Regulation X" shall mean Regulation X of the Board as from time to
time in effect and all official rulings and interpretations thereunder or
thereof.

         "Related Fund" shall mean, with respect to any Lender that is a fund
that invests in bank loans, any other fund that invests in bank loans and is
advised or managed by the same investment advisor as such Lender or by an
Affiliate of such investment advisor.

         "Related Parties" shall mean, with respect to any specified person,
such person's Affiliates and the respective directors, officers, employees,
agents and advisors of such person and such person's Affiliates.

         "Repayment Amount" shall mean an amount that has become a Repayment
Amount under Section 5.07(b), pending application under Section 5.11.

         "Repayment Date" shall have the meaning assigned to such term in
Section 2.11(a). Unless the context shall otherwise require, the term "Repayment
Date" shall include any Incremental Loan Repayment Date.

         "Responsible Officer" of any person shall mean any executive officer or
Financial Officer of such person and any other officer or similar official
thereof responsible for the administration of the obligations of such person in
respect of this Agreement.

         "Required Lenders" shall mean, at any time, Lenders having Commitments
(or, if the Commitments have terminated, Loans) representing more than 50% of
the Total Commitment (or if the Commitments have terminated, the aggregate
amount of Loans outstanding) at such time.

         "Restricted Payment" shall have the meaning assigned to such term in
Section 6.04.

         "Restructuring Costs" shall mean, in respect of any period,
non-recurring costs and expenses incurred by the Group during that period in
relation to restructuring (including, for the avoidance of doubt, all costs and
expenses relating to redundancy, closure and make- good costs, asset relocation
costs not capable of capitalization, consultant fees and asset write-downs),
provided that such costs shall have been verified by a firm of chartered
accountants acceptable to the Administrative Agent (acting reasonably) (and a
copy of that review has been delivered to the Administrative Agent).

         "Revolving Credit Facility" shall mean the A$100,000,000 revolving
credit facility to be made available to Parent and certain other Group Parties
under the Revolving Facility Agreement.

         "Revolving Facility Agreement" shall mean the Revolving Facility
Agreement dated January 16, 2003, among Parent, each borrower party thereto,
Credit Suisse First Boston (Melbourne Branch) and certain subscribers party
thereto.

         "Security" shall mean each Encumbrance, Guarantee or undertaking that
the Security Trustee holds, or that is to be granted to the Security Trustee, in
its capacity as trustee of the Security Trust and any other trust for the
benefit of, among others, the Lenders, other than

<PAGE>

                                                                              24

an Encumbrance, Guarantee or undertaking that has been released with the consent
of the Administrative Agent.

         "Security Document" shall mean the Security Trust Deed, each Security
and each other "Transaction Document" as defined in the Security Trust Deed.

         "Security Interest" shall mean an Encumbrance that secures the payment
of money or the performance of an obligation, or any other interest or
arrangement of any kind that gives a creditor priority over other creditors in
relation to any property.

         "Security Trust" shall mean the trust established under the Security
Trust Deed.

         "Security Trust Deed" shall mean the Security Trust Deed dated July 28,
1998, between Parent and Chase Securities Australia Limited.

         "Security Trustee" shall mean the "Trustee" from time to time under the
Security Trust Deed, including any co-trustee or separate trustee appointed
under clause 3.19 of that document.

         "Security Trustee Agreement" shall mean the Security Trustee Agreement
to be entered into among Parent, the Administrative Agent, the party named as
security trustee in that document and the other parties thereto.

         "Senior Funding Agreement" shall mean the TLA Senior Funding Agreement
dated January 16, 2003, among Parent, each borrower party thereto, Credit Suisse
First Boston (Melbourne Branch) and the subscriber parties thereto.

         "Senior Interest Coverage Ratio" shall mean, for a period, the ratio of
EBITDA for the Group for the period to Senior Net Interest Expense for the Group
for the period.

         "Senior Leverage Ratio" shall mean, for a period, the ratio of Net
Senior Debt of the Group on the last day of that period to EBITDA of the Group
for that period.

         "Senior Net Interest Expense" shall mean, for the Group for a period,
the Total Interest Expense (less the gross amount of all interest and financing
costs incurred by the Group over that period, calculated on a consolidated basis
in accordance with GAAP, after taking into account all realized losses and
profits on foreign currency borrowings and financing transactions (other than
amounts transferred to foreign currency translation reserves) in respect of
Financial Indebtedness other than the Financial Indebtedness incurred under the
Term A Facility Agreement, the Revolving Facility Agreement, the TLB Tranche 2
Credit Agreement, this Agreement and any Treasury Transactions entered into to
manage interest costs under those agreements) for the Group for that period less
interest income of the Group over that period, calculated on a consolidated
basis in accordance with GAAP.

         "SPC" shall have the meaning assigned to such term in Section 9.04(i).

         "Spot Rate" shall mean, on any day, the rate determined by the
Administrative Agent, in accordance with its usual practice and in the interbank
market selected by it, to be the rate

<PAGE>

                                                                              25

at which it is able to purchase one currency by payment in another currency
(whether directly or through one or more intermediate currencies) at or about
11:00 a.m. (local time in the place of that market) (a) in the case of Euro, two
TARGET Business Days before that day, and (b) in the case of any other currency,
two Banking Days (in the place of that market) before that day, for delivery on
that day.

         "Statutory Reserves" shall mean a fraction (expressed as a decimal),
the numerator of which is the number one and the denominator of which is the
number one minus the aggregate of the maximum reserve percentages (including any
marginal, special, emergency or supplemental reserves) expressed as a decimal
established by the Board and any other banking authority, domestic or foreign,
to which the Administrative Agent or any Lender (including any branch,
Affiliate, or other fronting office making or holding a Loan) is subject for
Eurocurrency Liabilities (as defined in Regulation D of the Board). Eurodollar
Loans shall be deemed to constitute Eurocurrency Liabilities (as defined in
Regulation D of the Board) and to be subject to such reserve requirements
without benefit of or credit for proration, exemptions or offsets that may be
available from time to time to any Lender under such Regulation D. Statutory
Reserves shall be adjusted automatically on and as of the effective date of any
change in any reserve percentage.

         "Subordinated Note Documents" shall mean the indenture dated as of June
21, 2002, among Burns Philp Capital, Parent, the subsidiary guarantors (as
defined therein) from time to time and The Bank of New York, and all other
instruments, agreements and other documents evidencing or governing the
Subordinated Notes or providing for any Guarantee or other right in respect
thereof.

         "Subordinated Notes" shall mean the 9.75% Senior Subordinated Notes due
July 15, 2012 issued by Burns Philp Capital.

         "Subsidiary" shall mean (a) a corporation, partnership, joint venture,
trust or other entity of or which (or in which) (i) (in the case of a
corporation) (A) more than 50% of the issued and outstanding voting share
capital, (B) more than 50% of the issued and outstanding share capital
(excluding any part of that issued share capital that carries no right to
participate beyond a specified amount in a distribution of either profits or
capital) or (C) the power to appoint or control the appointment of more than 50%
of the board of directors (irrespective of whether, at the time, share capital
of any other class or classes of such corporation has or might have voting power
upon the occurrence of any contingency), (ii) (in the case of a partnership or
joint venture not being a corporation) more than 50% of the interest in the
capital or profits of such partnership or joint venture or (iii) (in the case of
a trust or estate) more than 50% of the beneficial interest in such trust or
estate, is at the time directly or indirectly owned or controlled by Parent, by
Parent and one or more other Subsidiaries or by one or more other Subsidiaries
or (b) any other entity that Parent or another Subsidiary "controls" for the
purposes of Section 50AA of the Corporations Act 2001 of Australia.

         "Subsidiary Limit" shall mean the aggregate of (a) A$80,000,000 and (b)
5% of EBITDA of the Group for the period of 12 months ending on the most recent
June 30 or December 31.

         "Supplemental Securities" shall mean (a) new security documents, on
substantially the same terms as the existing Security Documents, from each
Subsidiary incorporated in Germany and in any other jurisdiction where a new
security document is reasonably required

<PAGE>

                                                                              26

to ensure that the Facility is secured by the same assets and on substantially
the same terms as the Existing Senior Loan Agreement and (b) any acknowledgments
or confirmations reasonably required by the Administrative Agent from any of the
Subsidiaries to ensure that the Facility is secured by the same assets and on
substantially the same terms as the Existing Senior Loan Agreement.

         "Swap Counterparty" shall have the meaning assigned to such term in
Section 9.18(a).

         "TARGET Business Day" shall mean a day on which the TARGET System is
operating.

         "TARGET System" shall mean the Trans-European Automated Real-Time Gross
Settlement Express Transfer (TARGET) System or any successor system.

         "Taxes" shall mean any and all taxes, levies, imposts, duties, charges,
deductions or withholdings imposed by any Government Agency.

         "Term A Facility Agreement" shall mean the Term A Facility Agreement
dated January 16, 2003, among Parent, each borrower party thereto, Credit Suisse
First Boston (Melbourne Branch) and the subscriber parties thereto.

         "Term A Subscriber" shall mean each person who is (a) a Subscriber
(under and as defined in the Term A Facility Agreement) or (b) a Subscriber
(under and as defined in the Revolving Facility Agreement).

         "Term A Subscriber Affiliate" shall mean, in respect of a Term A
Subscriber, a related body corporate that it has nominated in accordance with
clause 1.4 of the Senior Funding Agreement.

         "Term Debenture" has the same meaning as in the Deed of Debenture
Trust.

         "Term Debt" shall mean, at any time, the sum of the outstanding (a)
Loans (including any Incremental Loans) hereunder, (b) TLB Tranche 2 Loans and
(c) Paid Up Amount of all Term Debentures under the Term A Facility Agreement.

         "TLB Tranche 2 Credit Agreement" shall mean the credit agreement dated
as of February 20, 2003, among Parent, the Borrower, the administrative agent
party thereto and the lenders party thereto.

         "TLB Tranche 2 Lender" shall mean each person who is a Lender under and
as defined in the TLB Tranche 2 Credit Agreement.

         "TLB Tranche 2 Loans" shall mean the loans made pursuant to the TLB
Tranche 2 Credit Agreement.

         "TLB Tranche 2 Pledge Agreement" shall mean the pledge agreement
entered into by the Borrower and the administrative agent party to the TLB
Tranche 2 Credit Agreement substantially in the form of Exhibit E to the TLB
Tranche 2 Credit Agreement.

<PAGE>

                                                                              27

         "Total Commitment" shall mean, at any time, the aggregate amount of the
Commitments, as in effect at such time. The initial Total Commitment is
US$270,000,000.

         "Total Debt" shall mean, on any date, the gross amount of all financing
liabilities of the Group on that date, calculated on a consolidated basis in
accordance with GAAP, including (a) the redemption amount of all debt
instruments, (b) the principal amount of all finance leases and hire purchase
agreements, (c) the redemption amount of all redeemable shares issued by a Group
Member and (d) all other liabilities that are required by GAAP to be treated as
financing liabilities, but excluding letters of credit, except to the extent of
any unreimbursed drawings thereunder.

         "Total Interest Expense" shall mean, for the Group for a period, the
gross amount of all interest and financing costs incurred by the Group over that
period, calculated on a consolidated basis in accordance with GAAP, after taking
into account all realized losses and profits on foreign currency borrowings and
financing transactions (other than amounts transferred to foreign currency
translation reserves), including (a) the amount of all discounts and similar
allowances on the issue or disposal of debt instruments, (b) all finance charges
under finance leases and hire purchase agreements, (c) the amount of all
dividends paid or payable on redeemable shares issued by any Group Member and
(d) all other expenses and amounts that are required by GAAP to be treated as an
interest or financing cost other than amortization of loan establishment costs,
but excluding interest and financing costs on money borrowed or raised to
acquire, develop or improve fixed assets, to the extent that they have been
capitalized in the accounts of the Group and excluding (i) interest and
financing costs on the redeemed US$100,000,000 aggregate amount of 5 1/2%
Guaranteed Subordinated Convertible Bonds issued by Burns Philp Treasury
(Europe) BV and the redeemed US$100,000,000 aggregate amount of Conversion Bonds
issued by Parent, (ii) the make- whole premium on existing financial
accommodation of Goodman Fielder or any amounts paid by any other Group Member
in respect of such amount, (iii) any realized costs of closing out a Treasury
Transaction that is incurred in connection with the refinancing of the Existing
Senior Loan Agreements or any acquisition of a Subsidiary or business after the
date of this Agreement, (iv) any dividends paid over the period on the
Converting Preference Shares (up to conversion) and (v) any noncash items
included in interest in the most recent Financial Statements of the Group.

         "Total Senior Debt" shall mean, on any day, Total Debt less any
component of Total Debt the payment of which is subordinated to the liabilities
owed to the Lenders under the Transaction Documents on terms no less favorable
to the Lenders than those contained in the New Subordinated Note Documents.

         "Transaction Documents" shall mean (a) each New Transaction Document,
(b) each other Security Document, (c) any document or agreement that Parent and
the Administrative Agent agree in writing is to be a Transaction Document for
the purposes of this Agreement and (d) any document or agreement that amends,
supplements, replaces or novates any of the above.

         "Transactions" shall mean (a) refinancing the financial accommodation
that is governed by the Existing Senior Loan Agreements, (b) the Acquisition and
the financing therefor (including the execution and delivery of the New
Transaction Documents, the borrowing hereunder and the issue of the Term
Debentures), (c) refinancing any financial accommodation of Goodman Fielder or
its subsidiaries once it is a Wholly-Owned Subsidiary, (d) refinancing any
financial accommodation of Goodman Fielder or its

<PAGE>

                                                                              28

subsidiaries once Goodman Fielder is a Subsidiary but before Goodman Fielder
becomes a Wholly-Owned Subsidiary, to the extent such financial accommodation
must be refinanced to ensure that the obligor is not in default of its
obligations under the document governing that financial accommodation or the
maturity date for that financial accommodation has occurred, (e) the borrowing
under the NZ Holdings Capital Notes Bridge Facility, (f) the borrowing under the
Bridge Facilities, (g) the issuance of the NZ Holdings Capital Notes and the New
Subordinated Notes and (h) the payment of any transaction costs relating to the
Acquisition, all debt, asset sales and related transaction costs.

         "Treasury Transaction" shall mean any foreign exchange agreement,
currency or interest purchase, interest rate swap, cap or collar agreement,
currency swap agreement, currency and interest rate future or option contract
and other similar agreement (whether entered into before, on or after the date
of this Agreement).

         "Type", when used in respect of any Loan or Borrowing, shall refer to
the Rate by reference to which interest on such Loan or on the Loans comprising
such Borrowing is determined. For purposes hereof, the term "Rate" shall include
the Adjusted LIBO Rate and the Alternate Base Rate.

         "United States" shall mean the United States of America (including the
District of Columbia), its territories, possessions and other areas subject to
the jurisdiction of the United States of America.

         "U.S. dollars" or "US$" shall mean lawful money of the United States.

         "U.S. Insolvency Event" shall mean any event described in paragraph (s)
or (t) of Article VII.

         "U.S. Master Debenture" shall have the meaning assigned to such term in
the Deed of Debenture Trust.

         "US Obligor" shall mean a Group Party that is incorporated or organized
under the laws of the United States or a State thereof.

         "Wholly-Owned Subsidiary" shall mean a company the entire issued share
capital of which (other than directors' qualifying shares) is beneficially owned
by Parent (either directly or indirectly through other Wholly-Owned
Subsidiaries).

         SECTION 1.02. Terms Generally. The definitions in Section 1.01 shall
apply equally to both the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. Unless the context requires otherwise, (a)
any definition of or reference to any agreement, instrument or other document
herein shall be construed as referring to such agreement, instrument or other
document as from time to time amended, supplemented or otherwise modified
(subject to any restrictions on such amendments, supplements or modifications
set forth herein) and (b) any reference herein to any person shall be construed
to include such person's successors and assigns. The words "include", "includes"
and "including" shall be deemed to be followed by the phrase "without
limitation". The word "will" shall be construed to have the same meaning and
effect as the word "shall", and the words "asset" and "property" shall be
construed as having the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash,

<PAGE>

                                                                              29

securities, accounts and contract rights. All references herein to Articles,
Sections, Exhibits and Schedules shall be deemed references to Articles and
Sections of, and Exhibits and Schedules to, this Agreement unless the context
shall otherwise require. Except as otherwise expressly provided herein, all
terms of an accounting or financial nature shall be construed in accordance with
GAAP, as in effect from time to time; provided, however, that if Parent or the
Borrower notifies the Administrative Agent that Parent and the Borrower wish to
amend any covenant in Article VI or any related definition or other financial
term used herein to eliminate the effect of any change in GAAP occurring after
the date of this Agreement on the operation of such covenant (or if the
Administrative Agent notifies Parent or the Borrower that the Required Lenders
wish to amend Article VI or any related definition or other financial term used
herein for such purpose), then Parent and the Borrower's compliance with such
covenant shall be determined on the basis of GAAP in effect immediately before
the relevant change in GAAP became effective, until either such notice is
withdrawn or such covenant is amended in a manner satisfactory to Parent and the
Borrower and the Required Lenders.

                                   ARTICLE II

                                   The Credits

         SECTION 2.01. Commitments. (a) Subject to the terms and conditions and
relying upon the representations and warranties herein set forth, each Lender
agrees, severally and not jointly, to make a Loan to the Borrower on the Closing
Date, in an aggregate principal amount not to exceed such Lender's Commitment.
Amounts repaid or prepaid in respect of the Loans may not be reborrowed.

         (b) Subject to the terms and conditions and relying upon the
representations and warranties herein set forth, each Lender agrees, severally
and not jointly, if such Lender has so committed pursuant to Section 2.22, to
make Incremental Loans to the Borrower, in an aggregate principal amount not to
exceed its Incremental Commitment and otherwise on the terms and subject to the
conditions set forth in any Incremental Loan Assumption Agreement to which such
Lender may become a party. Amounts paid or prepaid in respect of Incremental
Loans may bot be reborrowed.

         SECTION 2.02. Loans. (a) Each Loan shall be made as part of a Borrowing
consisting of Loans made by the Lenders ratably in accordance with their
respective Commitments (or Incremental Commitments, as applicable); provided,
however, that the failure of any Lender to make any Loan shall not in itself
relieve any other Lender of its obligation to lend hereunder (it being
understood, however, that no Lender shall be responsible for the failure of any
other Lender to make any Loan required to be made by such other Lender);
provided further that unless and until a Lender assigns a Loan to an Affiliate
in accordance with Section 9.04, such Lender shall be deemed to have made such
Loan for all purposes hereof (and the Borrower shall not have increased
obligations hereunder as a result of such Affiliate funding such Loan).

         (b) Subject to Sections 2.08 and 2.15, each Borrowing shall be
comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request
pursuant to Section 2.03. Each Lender may at its option make any Eurodollar Loan
by causing any domestic or foreign branch or Affiliate of such Lender to make
such Loan; provided that any exercise of such option shall not affect the
obligation of the Borrower to repay such Loan in accordance with

<PAGE>

                                                                              30

the terms of this Agreement. Borrowings of more than one Type may be outstanding
at the same time; provided, however, that the Borrower shall not be entitled to
request any Borrowing that, if made, would result in more than six Eurodollar
Borrowings outstanding hereunder at any time. For purposes of the foregoing,
Borrowings having different Interest Periods, regardless of whether they
commence on the same date, shall be considered separate Borrowings.

         (c) Each Lender shall make each Loan to be made by it hereunder on the
Closing Date by wire transfer of immediately available funds to such account in
New York City as the Administrative Agent may designate not later than 11:00
a.m., New York City time, and the Administrative Agent shall promptly credit the
amounts so received to an account in the name of the Borrower and designated by
the Borrower in the Borrowing Request or, if a Borrowing shall not occur on such
date because any condition precedent herein specified shall not have been met,
return the amounts so received to the respective Lenders.

         (d) Unless the Administrative Agent shall have received notice from a
Lender prior to the date of the Borrowing hereunder that such Lender will not
make available to the Administrative Agent such Lender's portion of such
Borrowing, the Administrative Agent may assume that such Lender has made such
portion available to the Administrative Agent on the date of such Borrowing in
accordance with paragraph (c) above and the Administrative Agent may, in
reliance upon such assumption, make available to the Borrower on such date a
corresponding amount. If the Administrative Agent shall have so made funds
available then, to the extent that such Lender shall not have made such portion
available to the Administrative Agent, such Lender and the Borrower severally
agree to repay to the Administrative Agent forthwith on demand such
corresponding amount together with interest thereon, for each day from the date
such amount is made available to the Borrower until the date such amount is
repaid to the Administrative Agent at (i) in the case of the Borrower, the
interest rate applicable at the time to the Loans comprising such Borrowing, and
(ii) in the case of such Lender, a rate determined by the Administrative Agent
to represent its cost of overnight or short-term funds (which determination
shall be conclusive absent manifest error). If such Lender shall repay to the
Administrative Agent such corresponding amount, such amount shall constitute
such Lender's Loan as part of such Borrowing for purposes of this Agreement.

         SECTION 2.03. Borrowing Procedure. In order to request the Borrowing to
be made on the Closing Date, the Borrower shall notify the Administrative Agent
of such request by telephone (a) in the case of a Eurodollar Borrowing, not
later than 11:00 a.m., New York City time, three Business Days before the
proposed Borrowing, and (b) in the case of an ABR Borrowing, not later than
11:00 a.m., New York City time, one Business Day before the proposed Borrowing.
The Borrowing Request shall be irrevocable, shall be confirmed promptly by hand
delivery or telecopy to the Administrative Agent of a written Borrowing Request
substantially in the form of Exhibit C or such other form as shall be acceptable
to the Administrative Agent and shall specify the following information: (i)
whether the Borrowing then being requested is to be a Eurodollar Borrowing or an
ABR Borrowing, (ii) the date of such Borrowing (which shall be a Business Day),
(iii) the number and location of the account to which funds are to be disbursed
(which shall be an account that complies with the requirements of Section
2.02(c)), (iv) the amount of such Borrowing and (v) if such Borrowing is to be a
Eurodollar Borrowing, the Interest Period with respect thereto; provided,
however, that, notwithstanding any contrary specification in the Borrowing
Request, each requested Borrowing shall comply with the requirements set forth
in Section 2.02. If no election as to the Type of Borrowing is specified in any
such notice,

<PAGE>

                                                                              31

then the requested Borrowing shall be an ABR Borrowing. If no Interest Period
with respect to any Eurodollar Borrowing is specified in any such notice, then
the Borrower shall be deemed to have selected an Interest Period of one month's
duration. The Administrative Agent shall promptly advise the Lenders of any
notice given pursuant to this Section 2.03 (and the contents thereof), and of
each Lender's portion of the requested Borrowing.

         SECTION 2.04. Evidence of Debt; Repayment of Loans. (a) The Borrower
hereby unconditionally promises to pay to the Administrative Agent for the
account of each Lender the principal amount of each Loan of such Lender as
provided in Section 2.11.

         (b) Each Lender shall maintain in accordance with its usual practice an
account or accounts evidencing the indebtedness of the Borrower to such Lender
resulting from each Loan made by such Lender from time to time, including the
amounts of principal and interest payable and paid to such Lender from time to
time under this Agreement.

         (c) The Administrative Agent shall maintain accounts in which it will
record (i) the amount of each Loan made hereunder, the Type thereof and the
Interest Period applicable thereto, (ii) the amount of any principal or interest
due and payable or to become due and payable from the Borrower to each Lender
hereunder and (iii) the amount of any sum received by the Administrative Agent
hereunder from the Borrower and each Lender's share thereof.

         (d) The entries made in the accounts maintained pursuant to paragraphs
(b) and (c) above shall be prima facie evidence of the existence and amounts of
the obligations therein recorded; provided, however, that the failure of any
Lender or the Administrative Agent to maintain such accounts or any error
therein shall not in any manner affect the obligations of the Borrower to repay
the Loans in accordance with their terms.

         (e) Any Lender may request that Loans made by it hereunder be evidenced
by a promissory note. In such event, the Borrower shall execute and deliver to
such Lender a promissory note payable to such Lender and its registered assigns
and in a form and substance reasonably acceptable to the Administrative Agent
and the Borrower. Notwithstanding any other provision of this Agreement, in the
event any Lender shall request and receive such a promissory note, the interests
represented by such note shall at all times (including after any assignment of
all or part of such interests pursuant to Section 9.04) be represented by one or
more promissory notes payable to the payee named therein or its registered
assigns.

         SECTION 2.05. Fees. (a) The Borrower agrees to pay to the
Administrative Agent, for its own account, the administrative fees separately
agreed to in writing from time to time by the Borrower and the Administrative
Agent (the "Administrative Agent Fees").

         (b) The Borrower agrees to pay to each Lender, through the
Administrative Agent, on the last Business Day of each month and on the date on
which the Commitment of such Lender shall expire or be terminated as provided
herein, a commitment fee (the "Commitment Fees") equal to the per annum
percentage set forth below on the amount of the Commitment (other than any
Incremental Commitment) of such Lender during the preceding month (or shorter
period commencing with the date of this Agreement or ending with the date on
which the Commitment of such Lender shall expire or be terminated). All
Commitment Fees shall be calculated on the basis of the actual number of days
elapsed (including the first day but excluding the last day) in a year of 360
days. The Commitment

<PAGE>

                                                                              32

Fees due to each Lender shall commence to accrue on the date of this Agreement
and shall cease to accrue on the date on which the Commitment of such Lender
shall expire or be terminated as provided herein; provided, however, that, if
the date of this Agreement shall be the Closing Date, then no such Commitment
Fees shall be payable. The Commitment Fees payable during the period commencing
and including the date of this Agreement and ending on and including March 31,
2003 shall equal 0.50% per annum. The Commitment Fees payable during the period
commencing and including April 1, 2003 and ending on and excluding the date on
which the Commitments are terminated shall equal 4.50% per annum.

         (c) All Fees shall be paid on the dates due, in immediately available
funds, to the Administrative Agent for distribution, if and as appropriate,
among the Lenders. Once paid, none of the Fees shall be refundable under any
circumstances. All fees hereunder shall be payable in U.S. dollars.

         SECTION 2.06. Interest on Loans. (a) Subject to the provisions of
Section 2.07, the Loans comprising each ABR Borrowing shall bear interest
(computed on the basis of the actual number of days elapsed over a year of 365
or 366 days, as the case may be, when the Alternate Base Rate is determined by
reference to the Prime Rate and over a year of 360 days at all other times) at a
rate per annum equal to the Alternate Base Rate plus the Applicable Percentage.

         (b) Subject to the provisions of Section 2.07, the Loans comprising
each Eurodollar Borrowing shall bear interest (computed on the basis of the
actual number of days elapsed over a year of 360 days) at a rate per annum equal
to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing
plus the Applicable Percentage.

         (c) Interest on each Loan shall be payable on the Interest Payment
Dates applicable to such Loan except as otherwise provided in this Agreement.
The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest
Period or day within an Interest Period, as the case may be, shall be determined
by the Administrative Agent, and such determination shall be conclusive absent
manifest error.

         SECTION 2.07. Default Interest. If the Borrower shall default in the
payment of the principal of or interest on any Loan or of any other amount
becoming due hereunder, by acceleration or otherwise, the Borrower shall on
demand from time to time pay interest, to the extent permitted by law, on such
defaulted amount to but excluding the date of actual payment (after as well as
before judgment), (a) in the case of overdue principal, at the rate otherwise
applicable to such Loan pursuant to Section 2.06 plus 2.00% per annum, and (b)
in all other cases, at a rate per annum (computed on the basis of the actual
number of days elapsed over a year of 365 or 366 days, as the case may be, when
determined by reference to the Prime Rate and over a year of 360 days at all
other times) equal to the rate that would be applicable to an ABR Loan plus
2.00%.

         SECTION 2.08. Alternate Rate of Interest. In the event, and on each
occasion, that on the day two Business Days prior to the commencement of any
Interest Period for a Eurodollar Borrowing the Administrative Agent shall have
determined that dollar deposits in the principal amounts of the Loans comprising
such Borrowing are not generally available in the London interbank market, or
that reasonable means do not exist for ascertaining the Adjusted LIBO Rate, or
the Administrative Agent shall have been informed by the Required Lenders that
the rates at which such dollar deposits are being offered will not adequately
and fairly reflect the cost to the Required Lenders of making or maintaining
their or its

<PAGE>

                                                                              33

Eurodollar Loan during such Interest Period, the Administrative Agent shall, as
soon as practicable thereafter, give written or telecopy notice of such
determination to the Borrower and the Lenders. In the event of any such
determination, until the Administrative Agent shall have advised the Borrower
and the Lenders that the circumstances giving rise to such notice no longer
exist, (i) any request by the Borrower for a Eurodollar Borrowing pursuant to
Section 2.03 shall be deemed to be a request for an ABR Borrowing and (ii) any
request by the Borrower to convert an ABR Borrowing to a Eurodollar Borrowing
pursuant to Section 2.10 shall be of no force and effect and shall be denied by
the Administrative Agent. Each determination by the Administrative Agent under
this Section 2.08 shall be conclusive absent manifest error.

         SECTION 2.09. Termination and Reduction of Commitments. (a) The
Commitments (other than any Incremental Commitments) shall automatically
terminate after the making of the Loans on the Closing Date; provided, however,
that the Commitments (other than any Incremental Commitments) shall terminate at
5:00 p.m. New York City time, on June 30, 2003, if the Closing Date shall not
have occurred by such time. Any Incremental Commitment shall terminate as
provided in the applicable Incremental Loan Assumption Agreement.

         (b) Upon at least three Business Days' prior irrevocable written or
telecopy notice (or telephone notice promptly confirmed by written or telecopy
notice) to the Administrative Agent, the Borrower may at any time in whole
permanently terminate, or from time to time in part permanently reduce, the
Commitments; provided, however, that each partial reduction of the Commitments
shall be in an integral multiple of US$1,000,000 and in a minimum amount of
US$10,000,000.

         (c) Each reduction in the Commitments hereunder shall be made ratably
among the Lenders in accordance with their respective Commitments.

         SECTION 2.10. Conversion and Continuation of Borrowings. The Borrower
shall have the right at any time upon prior irrevocable written or telecopy
notice (or telephone notice promptly confirmed by written or telecopy notice) to
the Administrative Agent (a) not later than 11:00 a.m., New York City time, one
Business Day prior to conversion, to convert any Eurodollar Borrowing into an
ABR Borrowing, (b) not later than 11:00 a.m., New York City time, three Business
Days prior to conversion or continuation, to convert any ABR Borrowing into a
Eurodollar Borrowing or to continue any Eurodollar Borrowing as a Eurodollar
Borrowing for an additional Interest Period, and (c) not later than 11:00 a.m.,
New York City time, three Business Days prior to conversion, to convert the
Interest Period with respect to any Eurodollar Borrowing to another permissible
Interest Period, subject in each case to the following:

                  (i) each conversion or continuation shall be made pro rata
         among the Lenders in accordance with the respective principal amounts
         of the Loans comprising the converted or continued Borrowing;

                   (ii) if less than all the outstanding principal amount of any
         Borrowing shall be converted or continued, then each resulting
         Borrowing shall satisfy the limitations specified in Sections 2.02(a)
         and 2.02(b) regarding the principal amount and maximum number of
         Borrowings of the relevant Type;

<PAGE>

                                                                              34

                  (iii) each conversion shall be effected by each Lender and the
         Administrative Agent by recording for the account of such Lender the
         new Loan of such Lender resulting from such conversion and reducing the
         Loan (or portion thereof) of such Lender being converted by an
         equivalent principal amount; accrued interest on any Eurodollar Loan
         (or portion thereof) being converted shall be paid by the Borrower at
         the time of conversion;

                  (iv) if any Eurodollar Borrowing is converted at a time other
         than the end of the Interest Period applicable thereto, the Borrower
         shall pay, within 10 Business Days after demand, any amounts due to the
         Lenders pursuant to Section 2.16;

                  (v) any portion of a Borrowing maturing or required to be
         repaid in less than one month may not be converted into or continued as
         a Eurodollar Borrowing;

                  (vi) any portion of a Eurodollar Borrowing that cannot be
         converted into or continued as a Eurodollar Borrowing by reason of the
         immediately preceding clause shall be automatically converted at the
         end of the Interest Period in effect for such Borrowing into an ABR
         Borrowing;

                  (vii) no Interest Period may be selected for any Eurodollar
         Borrowing that would end later than a Repayment Date occurring on or
         after the first day of such Interest Period if, after giving effect to
         such selection, the aggregate outstanding amount of (A) the Eurodollar
         Borrowings with Interest Periods ending on or prior to such Repayment
         Date and (B) the ABR Borrowings would not be at least equal to the
         principal amount of Borrowings to be paid on such Repayment Date; and

                  (viii) upon notice to the Borrower from the Administrative
         Agent given at the request of the Required Lenders, after the
         occurrence and during the continuance of an Event of Default or
         Default, no outstanding Loan may be converted into, or continued as, a
         Eurodollar Loan and, unless repaid, each Eurodollar Borrowing shall be
         converted into an ABR Borrowing at the end of the Interest Period
         applicable thereto.

         Each notice pursuant to this Section 2.10 shall be irrevocable and
shall refer to this Agreement and specify (A) the identity and amount of the
Borrowing that the Borrower requests be converted or continued, (B) whether such
Borrowing is to be converted to or continued as a Eurodollar Borrowing or an ABR
Borrowing, (C) if such notice requests a conversion, the date of such conversion
(which shall be a Business Day) and (D) if such Borrowing is to be converted to
or continued as a Eurodollar Borrowing, the Interest Period with respect
thereto. If no Interest Period is specified in any such notice with respect to
any conversion to or continuation as a Eurodollar Borrowing, the Borrower shall
be deemed to have selected an Interest Period of one month's duration. The
Administrative Agent shall advise the Lenders of any notice given pursuant to
this Section 2.10 and of each Lender's portion of any converted or continued
Borrowing. If the Borrower shall not have given notice in accordance with this
Section 2.10 to continue any Eurodollar Borrowing into a subsequent Interest
Period (and shall not otherwise have given notice in accordance with this
Section 2.10 to convert such Borrowing), such Borrowing shall, at the end of the
Interest Period applicable thereto (unless repaid pursuant to the terms hereof),
automatically be converted into an ABR Borrowing.

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                                                                              35

         SECTION 2.11. Repayment of Borrowings. (a) The Borrower shall pay to
the Administrative Agent, for the account of the Lenders, on (i) the last
Business Day of each March, June, September and December occurring prior to the
Maturity Date, commencing on the first such date to occur after the Closing
Date, a principal amount of the Loans (as adjusted from time to time pursuant to
Sections 2.11(b), 2.12 and 2.13(g)) equal to 0.25% of the aggregate principal
amount of the Loans made on the Closing Date, and (ii) the Maturity Date, the
remaining outstanding principal amount of the Loans, together in each case with
accrued and unpaid interest on the principal amount to be paid to but excluding
the date of such payment (each date on which principal of the Loans is required
to be repaid under this Section 2.11(a) being referred to herein as a "Repayment
Date").

         (b) In the event and on each occasion that any Commitments shall be
reduced or shall expire or terminate other than as a result of the making of a
Loan, the installments payable on each Repayment Date shall be reduced pro rata
by an aggregate amount equal to the amount of such reduction, expiration or
termination.

         (c) To the extent not previously paid, all Loans shall be due and
payable on the Maturity Date, together with accrued and unpaid interest on the
principal amount to be paid to but excluding the date of payment.

         (d) The Borrower shall pay to the Administrative Agent, for the account
of the Lenders, on each Incremental Loan Repayment Date, a principal amount of
the Other Loans (as adjusted from time to time pursuant to Sections 2.12(c) and
2.13(g)) equal to the amount set forth in the applicable Incremental Loan
Assumption Agreement, together in each case with accrued and unpaid interest on
the principal amount to be paid to, but excluding, the date of such payment.

         (e) All repayments pursuant to this Section 2.11 shall be subject to
Section 2.16, but shall otherwise be without premium or penalty.

         SECTION 2.12. Optional Prepayments. (a) The Borrower shall have the
right at any time and from time to time to prepay any Borrowing, in whole or in
part, upon at least three Business Days' prior written or telecopy notice (or
telephone notice promptly confirmed by written or telecopy notice) in the case
of Eurodollar Loans, or at least one Business Day's prior written or telecopy
notice (or telephone notice promptly confirmed by written or telecopy notice) in
the case of ABR Loans, to the Administrative Agent before 11:00 a.m., New York
City time; provided, however, that (i) each partial prepayment shall be in
respect of a principal amount of the Loans that is an integral multiple of
US$1,000,000 and not less than US$5,000,000, (ii) in respect of each optional
prepayment of the Loans made on or prior to the first anniversary of the Closing
Date, the Borrower shall pay to the Lenders a premium at the time of such
prepayment in an amount equal to 2% of the aggregate principal amount of the
Loans to be prepaid and (iii) in respect of each optional prepayment made after
the first anniversary of the Closing Date but on or prior to the second
anniversary of the Closing Date, the Borrower shall pay to the Lenders a premium
at the time of such prepayment in an amount equal to 1% of the aggregate
principal amount of the Loans to be prepaid.

         (b) Optional prepayments of the Loans shall be applied pro rata against
the remaining scheduled installments of principal due in respect of the Loans
under Section 2.11.

<PAGE>

                                                                              36

         (c) Each notice of prepayment shall specify the prepayment date and the
principal amount of each Borrowing (or portion thereof) to be prepaid, shall be
irrevocable and shall commit the Borrower to prepay such Borrowing by the amount
stated therein on the date stated therein. All prepayments under this Section
2.12 shall be subject to Section 2.16 but, except as provided in paragraph (a)
above, otherwise without premium or penalty. All prepayments under this Section
2.12 (other than prepayment of an ABR Loan that does not occur in connection
with, or as a result of, the prepayment in full of the Loans) shall be
accompanied by accrued and unpaid interest on the principal amount to be prepaid
to but excluding the date of payment.

         SECTION 2.13. Mandatory Prepayments. (a) Not later than the third
Business Day following the completion of any Permitted Asset Disposal (excluding
those under Section 5.07(c)), the Borrower shall prepay Term Debt in accordance
with Section 2.13(g) by an amount equal to 100% of the Net Disposal Proceeds
received with respect thereto; provided, however, that (i) the Net Disposal
Proceeds received with respect to any Permitted Asset Disposal that are
deposited into an Investment Account pursuant to Section 5.07(b) shall not be
required to be so applied and (ii) up to US$75,000,000 of the Gelatin Proceeds
shall not be required to be so applied.

         (b) In the event and on each occasion that an Equity Issuance occurs
(other than (i) one or more Equity Issuances the Net Cash Proceeds of which (A)
do not exceed US$100,000,000 in the aggregate and (B) are used to finance (1)
the Transactions on or prior to the consummation of the Transactions or (2) the
NZDF Acquisition prior to the first anniversary of the Closing Date and (ii) the
exercise of the August 2003 Options), the Borrower shall, substantially
simultaneously with (and in any event not later than the third Business Day next
following) the occurrence of such Equity Issuance, prepay Term Debt in
accordance with Section 2.13(g) by an amount equal to 50% of the Net Cash
Proceeds therefrom; provided, however, that (A) such amount shall be reduced to
25% if the Prepayment Leverage Ratio after giving effect to such Equity Issuance
and the use of the proceeds thereof is less than 3.25 to 1.00 but equal to or
greater than 3.00 to 1.00 and (B) no such Net Cash Proceeds shall be required to
be so applied if the Prepayment Leverage Ratio after giving effect to such
Equity Issuance is less than 3.00 to 1.00; provided further that the Borrower
may elect, by written notice to the Administrative Agent on or prior to the date
of the receipt thereof, to use such Net Cash Proceeds within 90 days of the
receipt thereof to finance Permitted Acquisitions, subject to Section 5.09(a)
(it being understood that any Net Cash Proceeds not so used within such 90-day
period shall be immediately applied thereafter pursuant to this paragraph).

         (c) In the event that any Group Member shall receive Net Cash Proceeds
from the issuance or other disposition of Financial Indebtedness for money
borrowed of any Group Member (other than Financial Indebtedness for money
borrowed permitted pursuant to Section 6.01), the Borrower shall, substantially
simultaneously with (and in any event not later than the third Business Day next
following) the receipt of such Net Cash Proceeds by such Group Member, prepay
Term Debt in accordance with Section 2.13(g) by an amount equal to 100% of such
Net Cash Proceeds.

         (d) In the event that any Group Member shall receive Net Cash Proceeds
from the issuance or other disposition of Permitted Subordinated Debt, the
Borrower shall, substantially simultaneously with (and in any event not later
than the third Business Day next following) the receipt of such Net Cash
Proceeds by such Group Member, prepay Term Debt in accordance with Section
2.13(g) by an amount equal to 100% of such Net Cash

<PAGE>

                                                                              37

Proceeds; provided, however, that (i) such amount shall be reduced to 50% if the
Prepayment Leverage Ratio after giving effect to such issuance or other
disposition and the use of the proceeds thereof is less than 3.25 to 1.00 but
equal to or greater than 2.50 to 1.00 and (ii) no such Net Cash Proceeds shall
be required to be so applied if the Prepayment Leverage Ratio after giving
effect to such issuance or other disposition is less than 2.50 to 1.00.

         (e) No later than 60 days after the end of each calendar year,
commencing with the calendar year ending on December 31, 2003, the Borrower
shall prepay Term Debt in accordance with Section 2.13(g) in an aggregate
principal amount equal to (i) 100% of Free Cash Flow for the calendar year then
ended if the Senior Leverage Ratio at the end of such calendar year shall have
been equal to or greater than 3.01 to 1.00, (ii) 75% of Free Cash Flow for the
calendar year then ended if the Senior Leverage Ratio at the end of such
calendar year shall have been less than 3.01 to 1.00 but equal to or greater
than 2.76 to 1.00, (iii) 50% of Free Cash Flow for the calendar year then ended
if the Senior Leverage Ratio at the end of such calendar year shall have been
less than 2.76 to 1.00 but equal to or greater than 2.51 to 1.00 and (iv) 25% of
Free Cash Flow for the calendar year then ended if the Senior Leverage Ratio at
the end of such calendar year shall have been less than 2.51 to 1.00 but equal
to or greater than 2.01 to 1.00. No Free Cash Flow for a calendar year shall be
required to be so applied if the Senior Leverage Ratio at the end of such
calendar year shall have been less than 2.01 to 1.00.

         (f) In the event that any Group Member shall receive proceeds of an
insurance claim as a result of the loss, damage or destruction of any property
of the Group, and the aggregate amount of such proceeds that the Group has
received over the then current Financial Year exceeds A$10,000,000 (calculated,
to the extent that proceeds are received in currencies other than Australian
dollars, at the Spot Rate on the date of receipt), the Borrower shall,
substantially simultaneously with (and in any event not later than the third
Business Day next following) the receipt of such proceeds by such Group Member,
prepay Term Debt in accordance with Section 2.13(g) by an amount equal to 100%
of such proceeds, except to the extent that (i) a Group Member has already
applied funds from other sources or (ii) such proceeds are applied within 180
days (or if Parent can demonstrate to the reasonable satisfaction of the
Administrative Agent that the proceeds will be so applied within a longer
period, such longer period agreed to by the Administrative Agent) after receipt,
in each case towards reinstatement or replacement of the lost, damaged or
destroyed property, or to meet a liability in respect of which such proceeds
were received.

         (g) Mandatory prepayments of Term Debt pursuant to this Section 2.13
shall be allocated pro rata among the Loans (including the Incremental Loans),
the TLB Tranche 2 Loans and the Term Debentures (as determined by the facility
agent party to the Senior Funding Agreement) and, in respect of the portion of
such prepayment allocated to the Loans (including the Incremental Loans) and
subject to paragraph (i) below, shall be applied pro rata against the remaining
scheduled installments of principal due in respect of the Loans under Section
2.11 and the remaining installments of principal due in respect of the
Incremental Loans.

         (h) The Borrower shall deliver to the Administrative Agent, at the time
of each prepayment required under this Section 2.13, (i) a certificate signed by
a Financial Officer of the Borrower setting forth in reasonable detail the
calculation of the amount of such prepayment and (ii) to the extent practicable,
at least three days' prior written notice of such prepayment. Each notice of
prepayment shall specify the prepayment date and the principal amount of each
Loan (or portion thereof) to be prepaid. All prepayments of Borrowings

<PAGE>

                                                                              38

under this Section 2.13 shall be subject to Section 2.16, but shall otherwise be
without premium or penalty.

         (i) So long as (i) any Term Debentures or TLB Tranche 2 Loans remain
outstanding and (ii) any mandatory prepayment required under this Section 2.13
would also be required to be used to prepay Term Debentures under clause 8.2 of
the Term A Facility Agreement or TLB Tranche 2 Loans under Section 2.13 of the
TLB Tranche 2 Credit Agreement, any Lender or, to the extent so provided in the
applicable Incremental Loan Assumption Agreement, any Incremental Lender, may
elect, by notice to the Administrative Agent in writing no later than 3:00 p.m.,
New York City time, at least two Business Days prior to any prepayment of Loans
or Incremental Loans required to be made by the Borrower for the account of such
Lender pursuant to this Section 2.13, to cause all or a portion of such
prepayment to be applied instead to prepay pro rata the Paid Up Amount of Term
Debentures in accordance with the terms of the Term A Facility Agreement and the
TLB Tranche 2 Loans in accordance with the terms of the TLB Tranche 2 Credit
Agreement.

         SECTION 2.14. Reserve Requirements; Change in Circumstances. (a)
Notwithstanding any other provision of this Agreement but subject to Section
2.14(d), if any Change in Law shall impose, modify or deem applicable any
reserve, special deposit or similar requirement against assets of, deposits with
or for the account of or credit extended by any Lender (except any such reserve
requirement which is reflected in the Adjusted LIBO Rate) or shall impose on
such Lender or the London interbank market any other condition affecting this
Agreement or Eurodollar Loans made by such Lender, and the result of any of the
foregoing shall be to increase the cost to such Lender of making or maintaining
any Eurodollar Loan or to reduce the amount of any sum received or receivable by
such Lender hereunder (whether of principal, interest or otherwise) by an amount
deemed by such Lender to be material, then the Borrower will pay to such Lender
such additional amount or amounts as will compensate such Lender for such
additional costs incurred or reduction suffered.

         (b) If any Lender shall have determined that any Change in Law
regarding capital adequacy has or would have the effect of reducing the rate of
return on such Lender's capital or on the capital of such Lender's holding
company, if any, as a consequence of this Agreement or the Loans made by such
Lender pursuant hereto to a level below that which such Lender or such Lender's
holding company could have achieved but for such Change in Law (taking into
consideration such Lender's policies and the policies of such Lender's holding
company with respect to capital adequacy) by an amount deemed by such Lender to
be material, then from time to time the Borrower shall pay to such Lender such
additional amount or amounts as will compensate such Lender or such Lender's
holding company for any such reduction suffered.

         (c) A certificate of a Lender setting forth the calculations in
reasonable detail of the amount or amounts necessary to compensate such Lender
or its holding company, as applicable, as specified in paragraph (a) or (b)
above shall be delivered to the Borrower and shall be conclusive absent manifest
error. The Borrower shall pay such Lender the amount shown as due on any such
certificate delivered by it within 10 days after its receipt of the same.

         (d) Failure or delay on the part of any Lender to demand compensation
for any increased costs or reduction in amounts received or receivable or
reduction in return on capital shall not constitute a waiver of such Lender's
right to demand such compensation; provided that the Borrower shall not be under
any obligation to compensate any Lender

<PAGE>

                                                                              39

under paragraph (a) or (b) above with respect to increased costs or reductions
with respect to any period prior to the date that is 120 days prior to such
request if such Lender knew or could reasonably have been expected to know of
the circumstances giving rise to such increased costs or reductions and of the
fact that such circumstances would result in a claim for increased compensation
by reason of such increased costs or reductions; provided further that the
foregoing limitation shall not apply to any increased costs or reductions
arising out of the retroactive application of any Change in Law within such
120-day period. The protection of this Section 2.14 shall be available to each
Lender regardless of any possible contention of the invalidity or
inapplicability of the Change in Law that shall have occurred or been imposed.

         SECTION 2.15. Change in Legality. (a) Notwithstanding any other
provision of this Agreement, if any Change in Law shall make it unlawful for any
Lender to make or maintain any Eurodollar Loan or to give effect to its
obligations as contemplated hereby with respect to any Eurodollar Loan, then, by
written notice to the Borrower and to the Administrative Agent:

                  (i) such Lender may declare that Eurodollar Loans will not
         thereafter (for the duration of such unlawfulness) be made by such
         Lender hereunder (or be continued for additional Interest Periods and
         ABR Loans will not thereafter (for such duration) be converted into
         Eurodollar Loans), whereupon any request for a Eurodollar Borrowing (or
         to convert an ABR Borrowing to a Eurodollar Borrowing or to continue a
         Eurodollar Borrowing for an additional Interest Period) shall, as to
         such Lender only, be deemed a request for an ABR Loan (or a request to
         continue an ABR Loan as such for or to convert a Eurodollar Loan into
         an ABR Loan, as the case may be), unless such declaration shall be
         subsequently withdrawn; and

                  (ii) such Lender may require that all outstanding Eurodollar
         Loans made by it be converted to ABR Loans, in which event all such
         Eurodollar Loans shall be automatically converted to ABR Loans as of
         the effective date of such notice as provided in paragraph (b) below.

In the event any Lender shall exercise its rights under (i) or (ii) above, all
payments and prepayments of principal that would otherwise have been applied to
repay the Eurodollar Loans that would have been made by such Lender or the
converted Eurodollar Loans of such Lender shall instead be applied to repay the
ABR Loans made by such Lender in lieu of, or resulting from the conversion of,
such Eurodollar Loans.

         (b) For purposes of this Section 2.15, a notice to the Borrower by any
Lender shall be effective as to each Eurodollar Loan made by such Lender, if
lawful, on the last day of the Interest Period then applicable to such
Eurodollar Loan; in all other cases such notice shall be effective on the date
of receipt by the Borrower.

         SECTION 2.16. Indemnity. The Borrower shall indemnify each Lender
against any loss or expense that such Lender may sustain or incur as a
consequence of (a) any event, other than a default by such Lender in the
performance of its obligations hereunder, which results in (i) such Lender
receiving or being deemed to receive any amount on account of the principal of
any Eurodollar Loan prior to the end of the Interest Period in effect therefor,
(ii) the conversion of any Eurodollar Loan to an ABR Loan, or the conversion of
the Interest Period with respect to any Eurodollar Loan, in each case other than
on the last day of the Interest Period in effect therefor, or (iii) any
Eurodollar Loan to be made by such Lender

<PAGE>

                                                                              40

(including any Eurodollar Loan to be made pursuant to a conversion or
continuation under Section 2.10) not being made after notice of such Loan shall
have been given by the Borrower hereunder (any of the events referred to in this
clause (a) being called a "Breakage Event") or (b) any default in the making of
any payment or prepayment required to be made hereunder. In the case of any
Breakage Event, such loss shall be limited to an amount equal to the excess, as
reasonably determined by such Lender, of (i) its cost of obtaining funds for the
Eurodollar Loan that is the subject of such Breakage Event for the period from
the date of such Breakage Event to the last day of the Interest Period in effect
(or that would have been in effect) for such Loan over (ii) the amount of
interest likely to be realized by such Lender in redeploying the funds released
or not utilized by reason of such Breakage Event for such period. A certificate
of any Lender setting forth any amount or amounts which such Lender is entitled
to receive pursuant to this Section 2.16 shall be delivered to the Borrower and
shall be conclusive absent manifest error.

         SECTION 2.17. Pro Rata Treatment. Except as required under Section
2.13(i) and Section 2.15, each Borrowing, each payment or prepayment of
principal of or premium on any Borrowing, each payment of interest on the Loans,
each reduction of the Commitments and each conversion of any Borrowing to or
continuation of any Borrowing as a Borrowing of any Type shall be allocated pro
rata among the Lenders in accordance with their respective Commitments (or, if
such Commitments shall have expired or been terminated, in accordance with the
respective principal amounts of their outstanding Loans). Each Lender agrees
that in computing such Lender's portion of any Borrowing to be made hereunder,
the Administrative Agent may, in its discretion, round each Lender's percentage
of such Borrowing to the next higher or lower whole dollar amount.

         SECTION 2.18. Sharing of Setoffs. Each Lender agrees that if it shall,
through the exercise of a right of banker's lien, setoff or counterclaim against
the Borrower or any other Group Party, or pursuant to a secured claim under
Section 506 of Title 11 of the United States Code or other Security Interest
arising from, or in lieu of, such secured claim, received by such Lender under
any applicable bankruptcy, insolvency or other similar law or otherwise, or by
any other means, obtain payment (voluntary or involuntary) in respect of any
Loan or Loans as a result of which the unpaid principal portion of its Loans
shall be proportionately less than the unpaid principal portion of the Loans of
any other Lender, it shall be deemed simultaneously to have purchased from such
other Lender at face value, and shall promptly pay to such other Lender the
purchase price for, a participation in the Loans of such other Lender, so that
the aggregate unpaid principal amount of the Loans and participations in the
Loans held by each Lender shall be in the same proportion to the aggregate
unpaid principal amount of all Loans then outstanding as the principal amount of
its Loans prior to such exercise of banker's lien, setoff or counterclaim or
other event was to the principal amount of all Loans outstanding prior to such
exercise of banker's lien, setoff or counterclaim or other event; provided,
however, that if any such purchase or purchases or adjustments shall be made
pursuant to this Section 2.18 and the payment giving rise thereto shall
thereafter be recovered, such purchase or purchases or adjustments shall be
rescinded to the extent of such recovery and the purchase price or prices or
adjustment restored without interest. The Borrower and Parent expressly consent
to the foregoing arrangements and agree that any Lender holding a participation
in a Loan deemed to have been so purchased may exercise any and all rights of
banker's lien, setoff or counterclaim with respect to any and all moneys owing
by the Borrower and Parent to such Lender by reason thereof as fully as if such
Lender had made a Loan directly to the Borrower in the amount of such
participation.

<PAGE>

                                                                              41

         SECTION 2.19. Payments. (a) The Borrower shall make each payment
(including principal of or interest on any Borrowing or any Fees or other
amounts) hereunder not later than 12:00 (noon), New York City time, on the date
when due in immediately available U.S. dollars, without setoff, defense or
counterclaim. Each such payment shall be made to the Administrative Agent at its
offices at Eleven Madison Avenue, New York, NY 10010 or as otherwise instructed
by the Administrative Agent.

         (b) Except as otherwise expressly provided herein, whenever any payment
(including principal of or interest on any Borrowing or any Fees or other
amounts) hereunder shall become due, or otherwise would occur, on a day that is
not a Business Day, such payment may be made on the next succeeding Business
Day, and such extension of time shall in such case be included in the
computation of interest or Fees, if applicable.

         SECTION 2.20. Taxes. (a) Any and all payments by or on account of any
obligation of the Borrower (including any and all payments by any other Group
Party on account of any obligation of the Borrower) hereunder shall be made free
and clear of and without deduction for any Indemnified Taxes or Other Taxes;
provided that if the Borrower or any such Group Party shall be required to
deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum
payable shall be increased as necessary so that after making all required
deductions (including deductions applicable to additional sums payable under
this Section 2.20) the Administrative Agent or such Lender (as the case may be)
receives an amount equal to the sum it would have received had no such
deductions been made, (ii) the Borrower or such Group Party shall make such
deductions and (iii) the Borrower or such Group Party shall pay the full amount
deducted to the relevant Government Agency in accordance with applicable law.

         (b) In addition, the Borrower shall pay any Other Taxes to the relevant
Government Agency in accordance with applicable law.

         (c) The Borrower shall indemnify the Administrative Agent and each
Lender, within 10 days after written demand therefor, for the full amount of any
Indemnified Taxes or Other Taxes paid by the Administrative Agent or such
Lender, as the case may be, on or with respect to any payment by or on account
of any obligation of the Borrower hereunder (including Indemnified Taxes or
Other Taxes imposed or asserted on or attributable to amounts payable under this
Section 2.20) and any penalties, interest and reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes or
Other Taxes were correctly or legally imposed or asserted by the relevant
Government Agency. A certificate as to the amount of such payment or liability
delivered to the Borrower by a Lender, or by the Administrative Agent on its
behalf or on behalf of a Lender, shall be conclusive absent manifest error.

         (d) As soon as practicable after any payment of Indemnified Taxes or
Other Taxes by the Borrower or any other Group Party to a Government Agency, the
Borrower shall deliver to the Administrative Agent the original or a certified
copy of a receipt issued by such Government Agency evidencing such payment, a
copy of the return reporting such payment or other evidence of such payment
reasonably satisfactory to the Administrative Agent.

         (e) Any Foreign Lender that is entitled to an exemption from or
reduction of withholding tax under the law of the jurisdiction in which the
Borrower is located, or any treaty to which such jurisdiction is a party, with
respect to payments under this Agreement

<PAGE>

                                                                              42

shall deliver to the Borrower (with a copy to the Administrative Agent), at the
time or times prescribed by applicable law, such properly completed and executed
documentation prescribed by applicable law or reasonably requested by the
Borrower as will permit such payments to be made without withholding or at a
reduced rate.

         SECTION 2.21. Assignment of Commitments Under Certain Circumstances;
Duty to Mitigate. (a) In the event (i) any Lender delivers a certificate
requesting compensation pursuant to Section 2.14, (ii) any Lender delivers a
notice described in Section 2.15, (iii) the Borrower is required to pay any
additional amount to any Lender or any Government Agency on account of any
Lender pursuant to Section 2.20 or (iv) any Lender refuses to consent to any
amendment, waiver or other modification of any Transaction Document requested by
the Borrower that requires the consent of a greater percentage of the Lenders
than the Required Lenders and such amendment, waiver or other modification is
consented to by the Required Lenders, the Borrower may, at its sole expense and
effort (including with respect to the processing and recordation fee referred to
in Section 9.04(b)), upon notice to such Lender and the Administrative Agent,
require such Lender to transfer and assign, without recourse (in accordance with
and subject to the restrictions contained in Section 9.04), all of its
interests, rights and obligations under this Agreement to an assignee that shall
assume such assigned obligations (which assignee may be another Lender, if a
Lender accepts such assignment); provided that (A) such assignment shall not
conflict with any law, rule or regulation or order of any court or other
Government Agency having jurisdiction, (B) the Borrower shall have received the
prior written consent of the Administrative Agent, which consent shall not
unreasonably be withheld, and (C) the Borrower or such assignee shall have paid
to the affected Lender in immediately available funds an amount equal to the sum
of the principal of and interest accrued to the date of such payment on the
outstanding Loans of such Lender, respectively, plus all Fees and other amounts
accrued for the account of such Lender hereunder (including any amounts under
Section 2.14, Section 2.16 and Section 2.20); provided further that, if prior to
any such transfer and assignment the circumstances or event that resulted in
such Lender's claim for compensation under Section 2.14 or notice under Section
2.15 or the amounts paid pursuant to Section 2.20, as the case may be, cease to
cause such Lender to suffer increased costs or reductions in amounts received or
receivable or reduction in return on capital, or cease to have the consequences
specified in Section 2.15, or cease to result in amounts being payable under
Section 2.20, as the case may be (including as a result of any action taken by
such Lender pursuant to paragraph (b) below), or if such Lender shall waive its
right to claim further compensation under Section 2.14 in respect of such
circumstances or event or shall withdraw its notice under Section 2.15 or shall
waive its right to further payments under Section 2.20 in respect of such
circumstances or event or shall consent to the proposed amendment, waiver,
consent or other modification, as the case may be, then such Lender shall not
thereafter be required to make any such transfer and assignment hereunder.

         (b) If (i) any Lender shall request compensation under Section 2.14,
(ii) any Lender delivers a notice described in Section 2.15 or (iii) the
Borrower is required to pay any additional amount or indemnity payment to any
Lender or any Government Agency on account of any Lender, pursuant to Section
2.20, then such Lender shall use reasonable efforts (which shall not require
such Lender to incur an unreimbursed loss or unreimbursed cost or expense or
otherwise take any action inconsistent with its internal policies or legal or
regulatory restrictions or suffer any disadvantage or burden deemed by it to be
significant) (A) to file any certificate or document reasonably requested in
writing by the Borrower or (B) to assign its rights and delegate and transfer
its obligations hereunder to another of its offices, branches or Affiliates, if
such filing or assignment would reduce its claims for

<PAGE>

                                                                              43

compensation under Section 2.14 or enable it to withdraw its notice pursuant to
Section 2.15 or would reduce amounts payable pursuant to Section 2.20, as the
case may be, in the future.

         SECTION 2.22. Incremental Commitments. (a) The Borrower may, from time
to time in connection with the financing of a Permitted Acquisition (which shall
include all related fees and expenses thereof), by written notice to the
Administrative Agent, request Incremental Commitments in an amount not to exceed
the Incremental Loan Amount from one or more Incremental Lenders, which may
include any existing Lender; provided that each Incremental Lender, if not
already a Lender or an Affiliate of a Lender hereunder, shall be subject to the
approval of the Administrative Agent (which approval shall not be unreasonably
withheld). Such notice shall set forth (i) the amount of the Incremental
Commitments being requested (which shall be in minimum increments of
US$5,000,000 and a minimum amount of US$10,000,000 or equal to the remaining
Incremental Loan Amount), (ii) the date on which such Incremental Commitments
are requested to become effective (which shall not be less than 10 Business Days
nor more than 60 calendar days after the date of such notice), (iii) whether
such Incremental Commitments are to be Commitments or commitments to make term
loans with terms different from the Loans ("Other Loans") and (iv) a description
in detail reasonably satisfactory to the Administrative Agent of the related
Permitted Acquisition.

         (b) The Borrower and each Incremental Lender shall execute and deliver
to the Administrative Agent an Incremental Loan Assumption Agreement and such
other documentation as the Administrative Agent shall reasonably specify to
evidence the Incremental Commitment of such Incremental Lender. Each Incremental
Loan Assumption Agreement shall specify the terms of the Incremental Loans to be
made thereunder; provided that, without the prior written consent of the
Required Lenders, (i) the initial yield in respect of any Incremental Loans (as
conclusively determined by the Administrative Agent at the time of the execution
and delivery of an Incremental Loan Assumption Agreement) shall not exceed by
more than 25 basis points the then current yield on the Loans, (ii) the final
maturity date of any Other Loans shall be no earlier than the Maturity Date and
(iii) the average life to maturity of any Other Loans shall be no shorter than
the average life to maturity of the Loans. The Administrative Agent shall
promptly notify each Lender as to the effectiveness of each Incremental Loan
Assumption Agreement. Each of the parties hereto hereby agrees that, upon the
effectiveness of any Incremental Loan Assumption Agreement, this Agreement shall
be deemed amended to the extent (but only to the extent) necessary to reflect
the existence and terms of the Incremental Commitment evidenced thereby. Any
such deemed amendment may be memorialized in writing by the Administrative Agent
with the Borrower's consent (not to be unreasonably withheld) and furnished to
the other parties hereto.

         (c) Notwithstanding the foregoing, no Incremental Commitment shall
become effective under this Section 2.22 unless (i) on the date of such
effectiveness, the conditions set forth in paragraphs (b) and (c) of Article IV
shall be satisfied and the Administrative Agent shall have received a
certificate to that effect dated such date and executed by a Financial Officer
of the Borrower and (ii) the Administrative Agent shall have received (with
sufficient copies for each of the Incremental Lenders) closing certificates and
documentation reasonably specified by the Administrative Agent.

<PAGE>

                                                                              44

                                   ARTICLE III

                         Representations and Warranties

         SECTION 3.01. Legal Representations and Warranties. Parent represents
and warrants to the Administrative Agent and each of the Lenders, in respect of
itself and separately in respect of the Borrower and each other Subsidiary, as
of the date of this Agreement, and as of the Closing Date, that, except as
disclosed in Schedule 10 or as contemplated by Section 5.05:

                  (a) (status) it (i) is a corporation duly established (and, in
         the case of a corporation incorporated in the United States, validly
         existing and in good standing), under the laws of its country and
         (where relevant) state, province, canton, territory or similar
         political subdivision of its place of incorporation and (ii) is duly
         qualified or licensed and (where the concept has a technical meaning)
         in good standing as a foreign corporation (or other entity) in each
         other jurisdiction in which it owns or leases property or in which the
         conduct of its business requires it so to qualify or be licensed;

                  (b) (power) it has full legal capacity and power to (i) own or
         lease and operate its property and to carry on its business and (ii)
         enter into the Transaction Documents and to carry out the transactions
         that they contemplate;

                  (c) (authority) it has taken all corporate or other action
         that is necessary to authorize its entry into the Transaction Documents
         and its carrying out the transactions that they contemplate;

                  (d) (Authorizations) it holds each Authorization that is
         necessary to (i) enable it to properly execute the Transaction
         Documents and to carry out the transactions that they contemplate, (ii)
         ensure that each Transaction Document is legal, valid, binding and
         admissible in evidence or (iii) enable it to properly carry on its
         business, and it is complying with any conditions to which any of these
         Authorizations is subject;

                  (e) (documents effective) each Transaction Document to which
         it is expressed to be a party constitutes its legal, valid and binding
         obligations, enforceable against it in accordance with its terms
         (except to the extent limited by equitable principles and laws
         affecting creditors' rights generally) subject to any necessary
         stamping or registration referred to in paragraph (h) below;

                  (f) (ranking) its payment obligations under each Transaction
         Document with respect to its rights against collateral secured under
         the Securities rank ahead of all its unsecured and unsubordinated
         payment obligations (whether present or future, actual or contingent),
         other than obligations that are mandatorily preferred by law, and the
         Loans constitute "Designated Senior Indebtedness" under and as defined
         in the Subordinated Note Documents and the New Subordinated Note
         Documents;

                  (g) (no contravention) neither its execution of the
         Transaction Documents nor the carrying out by it of the transactions
         that they contemplate, does or will (i) contravene any law to which it
         or any of its property is subject or any order of any Government Agency
         that is binding on it or any of its property, (ii) contravene any

<PAGE>

                                                                              45

         Authorization, (iii) contravene any undertaking or instrument binding
         on it or any of its property, (iv) contravene its constitution or (v)
         require it to make any payment or delivery in respect of any Financial
         Indebtedness before it would otherwise be obliged to do so;

                  (h) (no filings or Taxes) it is not necessary or desirable, to
         ensure that any Transaction Document is legal, valid, binding or
         admissible in evidence, that any Transaction Document or any other
         document be filed or registered with any Government Agency (other than
         any filings that are to be made in connection with the contemplated
         execution of Securities in The Netherlands or other filings disclosed
         in the legal opinions referred to in Article IV on or around the
         Closing Date), or that any Taxes be paid;

                  (i) (effectiveness of the Securities) each Security to which
         it is expressed to be a party constitutes a valid perfected
         first-priority Security Interest in accordance with its terms over the
         property to which it is expressed to apply;

                  (j) (corporate benefit) it benefits from entering into the
         Transaction Documents;

                  (k) (no trust) it has not entered and is not entering into any
         Transaction Document as trustee of any trust or settlement;

                  (l) (ownership of assets) it is the legal and beneficial owner
         of the property identified as belonging to it in the most recent
         Financial Statements provided to the Administrative Agent;

                  (m) (no Insolvency Event) no Insolvency Event has occurred and
         is continuing in relation to it;

                  (n) (no Encumbrance) none of its property is subject to an
         Encumbrance other than a Permitted Encumbrance;

                  (o) (no Controller) no Controller is currently appointed in
         relation to any of its property;

                  (p) (no litigation) no litigation, arbitration, mediation,
         conciliation or administrative proceedings are taking place, pending,
         or to the knowledge of any of its officers after due inquiry,
         threatened which, if adversely decided, could have a Material Adverse
         Effect;

                  (q) (environmental compliance) it is in full compliance in all
         material respects with all Environmental Laws applicable to it, its
         business or its property; and

                  (r) (no Environmental Liabilities) it (i) has not become
         subject to any Environmental Liability, (ii) has not received notice of
         any claim with respect to any Environmental Liability and (iii) knows
         of no basis for any Environmental Liability, in each case where such
         Environmental Liability could have a Material Adverse Effect.

<PAGE>

                                                                              46

         SECTION 3.02. Additional Representations and Warranties by Parent.
Parent also represents and warrants to the Administrative Agent and each of the
Lenders, as of the date of this Agreement and as of the Closing Date that,
except as described in Schedule 10:

                 (a) (Group structure) the Group Structure Chart as at the date
         of this Agreement is a complete and accurate description of all
         entities that are Group Members and of the ownership relationships
         between them, so that (for example) (i) it includes full details of the
         jurisdiction in which each Group Member is incorporated, (ii) in the
         case of any Group Member that is not a Wholly-Owned Subsidiary, it
         accurately describes the percentage of its ordinary issued share
         capital (rounded to the nearest 5%) which, at the date of this
         Agreement, is beneficially owned by Parent or any other Group Member
         and (iii) it accurately describes any equity instruments or
         entitlements to equity instruments that any Group Member has issued as
         at the date of this Agreement to any person who is not a Group Member;

                  (b) (Financial Statements) (i) the most recent Financial
         Statements that it has given to the Administrative Agent have been
         prepared in accordance with the laws of Australia and (unless
         inconsistent with those laws) GAAP, (ii) the most recent Financial
         Statements that it has given to the Administrative Agent give a true
         and fair view of the financial condition of it and the Group as at the
         date to which they are made up and of the results of operations of it
         and the Group for the period that they cover (it being understood that
         the Financial Statements provided pursuant to Section 5.02(b) need not
         qualify as "true and fair" for the purposes of GAAP) and (iii) there
         has been no change since the date of the most recent Financial
         Statements that it has given to the Administrative Agent that could
         have a Material Adverse Effect;

                  (c) (information memorandum and other information) (i) the
         contents of the Confidential Information Memorandum and any other
         written information and reports that it has given to the Administrative
         Agent (whether before or after this Agreement was executed) in
         connection with any Transaction Document (but not information in
         connection with Goodman Fielder and its subsidiaries prior to Goodman
         Fielder becoming a Wholly-Owned Subsidiary), are true, complete and
         accurate in all material respects and not misleading in any material
         respect (including by omission), subject to any qualifications in them
         and except to the extent that the information or report has been
         superseded by later written information or a later written report
         provided to the Administrative Agent by Parent, (ii) any forecasts and
         projections (but not projections in connection with Goodman Fielder and
         its subsidiaries prior to Goodman Fielder becoming a Wholly-Owned
         Subsidiary and not extrapolations) in them, taken in context and
         subject to the detailed terms of the relevant information or report
         have been prepared in good faith based upon what Parent believes to be
         reasonable assumptions (it being understood that such forecasts and
         projections are subject to significant uncertainties and contingencies,
         many of which are beyond Parent's control and Parent can give no
         assurance that the forecasts and projections will be realized) and
         (iii) any opinions in them (other than opinions prepared by external
         advisers), taken in context and subject to the detailed terms of the
         relevant information or report, are fair and reasonable and were formed
         after due inquiry and consideration by appropriate officers, as at the
         date of this Agreement or, if given later, when given;

                  (d) (disclosure of relevant information) it has disclosed to
         the Administrative Agent and each Lender all the information that such
         parties have requested as being

<PAGE>

                                                                              47

         material to an assessment by that party of the risks that party assumes
         by entering into any Transaction Document; and

                  (e) (no default or Change in Control) no (i) Event of Default,
         (ii) Default or (iii) Change in Control, has occurred and is
         continuing, and no Group Party is in breach of any other document or
         agreement in a manner that could have a Material Adverse Effect.

         SECTION 3.03. U.S.-Specific Representations and Warranties. Parent and
each US Obligor represents and warrants to the Administrative Agent and each of
the Lenders that:

                  (a) none of the ERISA Affiliates has incurred (i) any
         unsatisfied "accumulated funding deficiency" within the meaning of
         Section 412 of the Code, and Section 302 of ERISA, whether or not
         waived, with respect to an Employee Benefit Plan, (ii) any unsatisfied
         liability to the Pension Benefit Guaranty Corporation established under
         ERISA (other than for Pension Benefit Guaranty Corporation insurance
         premiums payable in the ordinary course), or under Title IV of ERISA,
         in connection with any Employee Benefit Plan terminated, established or
         maintained by it or (iii) any unsatisfied withdrawal liability in
         connection with a complete or partial withdrawal from a multiemployer
         plan within the meaning of section 3(37) of ERISA, or expects to
         withdraw from such a plan, nor has the Borrower or any of its
         subsidiaries had any tax or penalty assessed against it by the United
         States Internal Revenue Service or United States Department of Labor
         for any alleged violation under Section 4975 of the Code or Section 404
         or 406 of ERISA;

                  (b) none of the Borrower, any of its subsidiaries or any Group
         Member is a party in interest (as defined in Section 3(14) of ERISA) or
         a disqualified person (as defined in Section 4975(e)(2) of the Code)
         with respect to any Employee Benefit Plan, other than an Employee
         Benefit Plan sponsored by the Borrower or another member of the
         Borrower or any other entity treated as a single employer with respect
         to the Borrower under Section 414(b), (c), (m) or (o) of the Code for
         the benefit of the employees of the Borrower, such other entities or
         Nutrition 21, Inc.;

                  (c) each Employee Benefit Plan and Foreign Pension Plan has
         been maintained in substantial compliance with its terms and with the
         requirements of any and all applicable laws, statutes, rules,
         regulations and orders, including those which must be complied with to
         obtain the most favorable tax advantages, and has been maintained in
         good standing with applicable regulatory authorities and the level of
         plan assets in each Employee Benefit Plan exceeds the liabilities under
         each such Plan that is subject to Section 412 of the Code or Section
         302 of ERISA (based on the assumptions used to fund such Plan), as of
         the date of the most recent Financial Statements reflecting those
         amounts;

                  (d) no part of the proceeds of any Loan will be used, whether
         directly or indirectly, and whether immediately, incidentally or
         ultimately, for any purpose that entails a violation of, or that is
         inconsistent with, the provisions of the Regulations of the Board of
         Governors of the Federal Reserve System of the United States, including
         Regulation U or X; and

                   (e) neither Parent nor any of the Subsidiaries is (i) an
         "investment company" as defined in, or subject to regulation under, the
         United States Investment Company

<PAGE>

                                                                              48

         Act of 1940 or (ii) a "holding company" as defined in, or subject to
         regulation under, the United States Public Utility Holding Company Act
         1935.

         SECTION 3.04. Reliance on Representations and Warranties. Each Group
Party acknowledges that the other parties have executed the New Transaction
Documents and agreed to take part in the transactions that the New Transaction
Documents contemplate in reliance on the representations and warranties that are
made in this Article III.

         SECTION 3.05. No Representations to the Group Parties. Each Group Party
acknowledges that it has not relied and will not rely on any representation,
statement or promise made by or on behalf of any other party in deciding to
enter into any Transaction Document or to exercise any right or perform any
obligation under any Transaction Document.

                                   ARTICLE IV

                              Conditions of Lending

         The obligations of the Lenders to make the Loans hereunder shall not
become effective until the date on which each of the following conditions is
satisfied:

                  (a) The Administrative Agent shall have received a Borrowing
         Request as required by Section 2.03.

                  (b) The representations and warranties set forth in Article
         III shall be true and correct in all material respects on and as of the
         date of such Borrowing with the same effect as though made on and as of
         such date, except to the extent such representations and warranties
         expressly relate to an earlier date.

                  (c) At the time of and immediately after such Borrowing, no
         Event of Default or Default shall have occurred and be continuing.

                  (d) The Administrative Agent (or its counsel) shall have
         received from each party hereto either (i) a counterpart of this
         Agreement signed on behalf of such party or (ii) written evidence
         satisfactory to the Administrative Agent (which may include telecopy
         transmission of a signed signature page of this Agreement) that such
         party has signed a counterpart of this Agreement.

                  (e) The Administrative Agent shall have received, on behalf of
         itself and the Lenders, a favorable written opinion of (i) Dewey
         Ballantine LLP, U.S. counsel for Parent and the Borrower, (ii)
         Freehills, Australian counsel for Parent, and (iii) each local counsel
         reasonably acceptable to the Administrative Agent in each of the
         jurisdictions listed in Schedule 3 (except where any Supplemental
         Security required in that jurisdiction has not been provided), in each
         case (A) dated the Closing Date, (B) addressed to the Administrative
         Agent and the Lenders and (C) in form and substance reasonably
         acceptable to the Administrative Agent, and Parent and the Borrower
         hereby request such counsel to deliver such opinions.

                  (f) The Administrative Agent shall have received (i) a copy of
         the certificate or articles of incorporation or the constitution or
         other organizational documents,

<PAGE>

                                                                              49

         including all amendments thereto, of each Group Party that is to
         execute a New Transaction Document, certified as of a recent date by
         the Responsible Officer of such Group Party or, in the case of a US
         Obligor, by the Secretary of State of the state of its organization,
         and a certificate as to the good standing of each Group Party as of a
         recent date, from such Secretary of State; (ii) a certificate of the
         Secretary or Assistant Secretary of each Group Party or Parent dated
         the Closing Date and certifying (A) that attached thereto is a true and
         complete copy of the by-laws of such Group Party as in effect on the
         Closing Date and at all times since a date prior to the date of the
         resolutions described in clause (B) below, if such Group Party has
         by-laws, (B) that attached thereto is a true and complete copy of
         resolutions duly adopted by the Board of Directors or shareholders of
         such Group Party authorizing the execution, delivery and performance of
         the New Transaction Documents (other than the Supplemental Securities)
         to which such person is a party and, in the case of the Borrower, the
         borrowings hereunder, and that such resolutions have not been modified,
         rescinded or amended and are in full force and effect, (C) that the
         certificate or articles of incorporation or the constitution or other
         organizational documents of such Group Party have not been amended
         since the date of the last amendment thereto (including as shown on the
         certificate of good standing furnished pursuant to clause (i) above, if
         applicable) and (D) as to the incumbency and specimen signature of each
         officer or attorney in fact executing any New Transaction Document or
         any other document delivered in connection herewith on behalf of such
         Group Party (other than the Supplemental Securities); and (iii) a
         certificate of another officer as to the incumbency and specimen
         signature of the Secretary or Assistant Secretary executing the
         certificate pursuant to clause (ii) above.

                  (g) The Administrative Agent shall have received a
         certificate, dated the Closing Date and signed by a Responsible Officer
         of Parent and the Borrower, confirming compliance with the conditions
         precedent set forth in paragraphs (b) and (c) of this Article IV.

                  (h) The Administrative Agent shall have received all Fees and
         other amounts due and payable on or prior to the Closing Date,
         including, to the extent invoiced, reimbursement or payment of all
         out-of-pocket expenses required to be reimbursed or paid by the
         Borrower hereunder or under any other Transaction Document.

                  (i) The Administrative Agent shall have received a Perfection
         Certificate with respect to each Group Security Provider that is
         incorporated or organized under the laws of the United States or a
         State thereof, dated the Closing Date and duly executed by a
         Responsible Officer of Parent and the Borrower.

                  (j) Each of the New Security Documents (other than a
         Supplemental Security), in form and substance satisfactory to the
         Administrative Agent, shall have been, if applicable, duly executed by
         the parties thereto and delivered to the Security Trustee and shall be
         in full force and effect.

                  (k) The Administrative Agent shall have received a certificate
         of currency from a reputable insurance broker in relation to the
         Group's global insurance policy confirming that that policy complies
         with Section 5.01(j).

                  (l) BPC1 shall have (i) a relevant interest in at least 90%
         (by number) (disregarding any relevant interests that Parent has in
         shares of Goodman Fielder

<PAGE>

                                                                              50

         merely because of the operation of Section 608(3) of the Corporations
         Act 2001 of Australia) of the ordinary shares of Goodman Fielder and
         (b) acquired at least 75% (by number) of the ordinary shares of Goodman
         Fielder that BPC1 offered to acquire pursuant to the Offer (whether
         such interests were acquired under the Offer or otherwise).

                  (m) Evidence that the Offer has not been amended or varied
         since first issue of the Offer without the prior written consent of the
         Required Lenders; provided that such consent is not required (i) unless
         the amendment or variation would result in (A) the bid price for each
         share of Goodman Fielder under the Offer being an amount which, when
         multiplied by the aggregate number of all shares being bid for by BPC1
         would exceed the total commitment of the Facility, the Australian Term
         Facility, the NZ Holdings Capital Notes Bridge Facility and all other
         committed sources of funding (other than the Revolving Credit Facility)
         to enable the acquisition of all of the shares of Goodman Fielder or
         (B) any condition of the Offer that is also a condition to funding
         under the Australian Facilities or the Facility being waived, or (ii)
         without limiting paragraph (l) of this Article IV, for BPC1 to drop its
         condition of the Offer with respect to having a relevant interest in at
         least 90% of the ordinary shares of Goodman Fielder.

                  (n) Parent and the Subsidiaries shall not, before BPC1
         acquires all of the issued shares of Goodman Fielder, have consented
         to, approved or agreed to the payment or declaration of any dividends
         by Goodman Fielder or the making of any distributions by Goodman
         Fielder to its shareholders without the prior written consent of the
         Administrative Agent, acting on the instructions of the Required
         Lenders.

                  (o) After giving pro forma effect to the Acquisition and the
         financing therefor (including with respect to any reduction in the
         amount of any senior debt to be used to finance the Transactions), on
         the Closing Date (i) the ratio of Total Debt to Pro Forma LTM EBITDA
         shall not exceed 4.50 to 1.00 and (ii) the ratio of Total Senior Debt
         to Pro Forma LTM EBITDA shall not exceed 3.00 to 1.00.

                  (p) Substantially contemporaneous with, or prior to, the
         Borrowing to be made on the Closing Date, (i) each of the Senior
         Funding Agreement, the Term A Facility Agreement, the Revolving
         Facility Agreement, the New Subordinated Note Documents, the NZ
         Holdings Capital Notes Bridge Facility Agreement and the TLB Tranche 2
         Credit Agreement shall have become effective and (ii) Parent shall use
         or shall have used at least (A) A$650,000,000 in cash on hand at Parent
         (the "Closing Date Cash on Hand") and (B) A$50,000,000 in proceeds from
         the exercise of share options of Parent held by Rank Group Limited on
         December 12, 2002 (the "Rank Proceeds") to finance a portion of the
         Acquisition and (iii) Parent and the Subsidiaries shall have borrowed
         or shall be entitled to issue debentures or borrow thereunder, as the
         case may be, and shall have issued or shall be entitled to issue New
         Subordinated Notes in aggregate amounts, when combined with the Closing
         Date Cash on Hand, the Rank Proceeds and the proceeds of the Facility,
         sufficient to finance the consummation of the Transactions.

                  (q) The Lenders shall have received (i) audited consolidated
         balance sheets and related statements of income, stockholders' equity
         and cash flows of Parent for the 2000, 2001 and 2002 Financial Years,
         in each case reconciled to U.S. GAAP, and

<PAGE>

                                                                              51

         (ii) unaudited consolidated balance sheets and related statements of
         income, stockholders' equity and cash flows of Parent for (A) each
         subsequent Financial Quarter ended 45 days before the Closing Date and
         (B) each fiscal month after the most recent 2003 Financial Quarter for
         which Financial Statements were received by the Lenders as described
         above and ended 30 days before the Closing Date.

                  (r) The Lenders shall have received pro forma consolidated
         balance sheets and related pro forma consolidated statements of income,
         and cash flows of Parent as of and for the 12 months ended June 30,
         2002 and, if the historical Financial Statements for the period are
         available, December 31, 2002, prepared after giving effect to the
         Transactions as if the Transactions had occurred as of such dates (in
         the case of each such balance sheet) or at the beginning of such
         periods (in the case of such other Financial Statements).

                  (s) All approvals or consents that are required by law, or by
         any public authority, as are necessary to permit (i) the Offer or any
         Options Offer (if any) to be lawfully made to and accepted by Goodman
         Fielder's shareholders and (ii) the Transactions and the other
         transactions contemplated hereby, are granted, given, made or obtained
         on an unconditional basis, remain in full force and effect in all
         respects, and do not become subject to any notice, intimation or
         indication of intention to revoke, suspend, restrict, modify or not
         renew the same.

                  (t) There shall be no litigation, governmental, administrative
         or judicial action, actual or threatened, that could reasonably be
         expected to restrain or prevent the Transactions or the other
         transactions contemplated hereby (other than a determination by the
         Australian Securities and Investments Commission or the Australian
         Takeovers Panel in exercise of the powers and discretions conferred by
         Chapter 6 of the Corporations Act 2001 of Australia).

                  (u) The Lenders shall have received pro forma projections for
         Parent and the Subsidiaries on a consolidated basis, reasonably
         satisfactory to the Administrative Agent, for the period from and
         including the Closing Date to and including June 30, 2009, presented on
         a quarterly basis for the first 12 months of such period and on a
         yearly basis thereafter.

                                    ARTICLE V

                              Affirmative Covenants

         Parent covenants and agrees with each Lender that so long as this
Agreement shall remain in effect and until the Commitments have been terminated
and the principal of and interest on each Loan, all Fees and all other expenses
or amounts payable hereunder shall have been paid in full, unless the Required
Lenders shall otherwise consent in writing, that:

         SECTION 5.01. General Covenants. Parent shall:

                  (a) (maintain status) maintain, and ensure that each
         Subsidiary maintains, its corporate existence except, in the case of an
         Excluded Subsidiary, to the extent that it is Liquidated in accordance
         with Section 5.05;

<PAGE>

                                                                              52

                  (b) (comply with law) comply with, and ensure that each
         Subsidiary complies with, all applicable law including by paying when
         due all Taxes for which it or any of its property is assessed or liable
         (except to the extent that these are being diligently contested in good
         faith and by appropriate proceedings and it or the relevant Subsidiary
         has made adequate reserves for them);

                  (c) (environmental compliance) either (i) comply, and ensure
         that each Subsidiary complies, in all material respects with all
         Environmental Laws applicable to it, its business or its property
         including (at its cost) obtaining all necessary Authorizations for the
         conduct of its business or (ii) be working in accordance with an
         approved plan with applicable Government Agencies to remedy any non-
         compliance with clause (i);

                  (d) (prospective environmental issues) undertake action in
         accordance with sound business practices to address any actual or
         prospective environmental issue in relation to a Group Member, its
         business or property to ensure that it does not develop into a breach
         of an Environmental Law;

                  (e) (keep books) keep, and ensure that each Subsidiary keeps,
         proper books of account recording its activities, and permit the
         Administrative Agent or its representatives on request to examine and
         take copies of them;

                  (f) (hold Authorizations) obtain and maintain, and ensure that
         each Subsidiary obtains and maintains, each Authorization that is
         necessary to (i) enable it to properly execute the Transaction
         Documents and to carry out the transactions that they contemplate, (ii)
         ensure that each Transaction Document is legal, valid, binding and
         admissible in evidence or (iii) enable it to properly carry on its
         business, and must comply with any conditions to which any of these
         Authorizations is subject except, in the case of an Excluded
         Subsidiary, to the extent that it is Liquidated in accordance with
         Section 5.05;

                  (g) (keep documents effective) ensure that each Transaction
         Document to which a Group Member is expressed to be a party remains the
         legal, valid and binding obligation of that Group Member, enforceable
         against it in accordance with its terms (except to the extent limited
         by equitable principles and laws affecting creditors' rights
         generally);

                  (h) (no contravention) ensure that neither the execution by a
         Group Member of the Transaction Documents nor the carrying out by any
         Group Member of the transactions that the Transaction Documents
         contemplate (i) contravenes any law to which a Group Member or any of
         its property is subject or any order of any Government Agency that is
         binding on a Group Member or any of its property, (ii) contravenes any
         Authorization, (iii) contravenes any undertaking or instrument binding
         on any Group Member or any of its property, (iv) contravenes the
         constitution of any Group Member or (v) requires any Group Member to
         make any payment or delivery in respect of any Financial Indebtedness
         before it would otherwise be obliged to do so;

                  (i) (keep Securities effective) ensure that each Security
         constitutes a valid perfected first-priority Security Interest in
         accordance with its terms over the property to which it is expressed to
         apply;

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                                                                              53

                  (j) (insurance) keep, and ensure that each Subsidiary keeps,
         its property and business insured (i) against the risks and in the
         amounts that are prudent or usual for a person conducting a business
         similar to the relevant entity, with sound and reputable insurers or
         (ii) as the Administrative Agent reasonably requires, and must provide
         the Administrative Agent on each anniversary of the date of this
         Agreement, or otherwise on request, with details of the insurance,
         evidence that it is in full effect and evidence that all premiums have
         been paid, by providing the Administrative Agent on request with a
         certificate of currency from a reputable insurance broker in relation
         to the Group's global insurance policies, together with a report from
         that insurance broker confirming that those policies comply with the
         requirements of this paragraph;

                  (k) (no administrator) not appoint, and ensure that no
         Subsidiary appoints, an administrator or other insolvency official
         without at least one Business Day's prior notice to the Administrative
         Agent, except, in the case of an Excluded Subsidiary, as part of a
         Liquidation in accordance with Section 5.05;

                  (l) (permitted use of funds) ensure that the Borrower applies
         all Loans made to it solely for the purposes specified in this
         Agreement;

                  (m) (terms of Associate arrangements) (i) use its best
         endeavors, to the extent that the relevant contractual arrangements
         permit it to do so, to prevent its Associates from incurring Financial
         Indebtedness or acquiring businesses or companies other than as
         contemplated by Section 5.09(g) and (ii) if it or a Group Member
         proposes to acquire an Associate after the date of this Agreement (A)
         use its best endeavors in the negotiation of the contractual
         arrangements regarding the Associate, in a manner that is commercially
         realistic in the context of that Associate and the Group's proposed
         investment in it, to ensure that it is able to prevent that Associate
         from incurring Financial Indebtedness or acquiring businesses or
         companies other than as contemplated by Section 5.09(g) or (B) to the
         extent that it is not able to exercise the control contemplated by
         clause (A) in relation to Financial Indebtedness of the Associate,
         ensure that there is no recourse (including by way of Guarantee) to any
         Group Member in relation to that Financial Indebtedness.

         SECTION 5.02. Reports and Information. Parent shall give the
Administrative Agent, for distribution to each Lender:

                  (a) (annual Financial Statements) as soon as possible (and in
         any event within 90 days) after the end of each Financial Year, a set
         of its audited Financial Statements (consolidated and unconsolidated)
         for that Financial Year, prepared in accordance with the laws of
         Australia and (except where inconsistent with those laws) GAAP and in
         any event within 180 days reconciled to generally accepted accounting
         principles in the United States;

                  (b) (quarterly Financial Statements) (i) as soon as possible
         (and in any event within 45 days) after the end of each Financial
         Quarter, a set of its unaudited consolidated Financial Statements for
         that Financial Quarter, prepared in accordance with the laws of
         Australia and (except where inconsistent with those laws) GAAP, and
         certified by a director or the principal accounting officer of Parent
         as giving a true and fair view of the Group for that Financial Quarter,
         and (ii) as soon as possible (and in any event within 45 days) after
         the end of each Financial Quarter and

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                                                                              54

         Financial Year, a set of unaudited consolidated Financial Statements of
         the Borrower for that Financial Quarter or Financial Year, as the case
         may be, prepared in accordance with the laws of Australia and (except
         where inconsistent with those laws) GAAP, and certified by a director
         or the principal accounting officer of the Borrower as giving a true
         and fair view of the Borrower for that Financial Quarter or Financial
         Year, as the case may be (but, in each case, without requiring Parent
         or the Borrower, as the case may be, to include the notes or
         disclosures that GAAP would otherwise require to be provided with those
         Financial Statements in order for the Financial Statements to qualify
         as "true and fair" for the purposes of GAAP);

                  (c) (compliance certificates) at the same time as it gives the
         Administrative Agent any Financial Statements under paragraph (a) or
         (b), a certificate that (i) sets out each of the Fixed Charge Coverage
         Ratio, the Leverage Ratio, the Senior Leverage Ratio, the Interest
         Coverage Ratio and the Senior Interest Coverage Ratio for the period of
         12 months that ends on the day to which those Financial Statements are
         prepared, together with such details as are required to demonstrate the
         calculation of those ratios, (ii) sets out the amount of Capex that
         each Group Member expended over the relevant period or that each Group
         Member entered into an unconditional contractual commitment over the
         relevant period, with a person who is not a Group Member, to expend as
         Capex over the period of 6 months following the end of the period,
         (iii) includes the review by a firm of chartered accountants acceptable
         to the Administrative Agent (acting reasonably) of any annualized
         realized cost savings (other than Acquisition-Related Cost Savings)
         achieved in the applicable period and included in the calculation of
         EBIT for such period and (iv) (A) in the case of a certificate that is
         given at the same time as Financial Statements under paragraph (a), is
         certified as correct by the accounting firm that audited those
         Financial Statements, and (B) in the case of a certificate that is
         given at the same time as Financial Statements under paragraph (b), is
         certified as correct by a director or the principal accounting officer
         of Parent;

                  (d) (copy of reports) copies of all periodic and other reports
         and other materials filed by Parent, the Borrower or any other
         Subsidiary with the Securities and Exchange Commission, or any
         Government Agency succeeding to any or all of the functions of said
         Commission, or with any securities exchange, or distributed to its
         shareholders, as the case may be, at the same time that it gives it to
         them or it;

                  (e) (notice of default or Change in Control) as soon as it
         becomes aware that an Event of Default, Default or Change in Control
         has occurred, full details of that Event of Default, Default or Change
         in Control;

                  (f) (notice of litigation) full details of any litigation,
         arbitration, mediation, conciliation or administrative proceeding which
         involves a claim exceeding A$20,000,000 (or its equivalent in any other
         currency) or which, if adversely decided, could have a Material Adverse
         Effect, as soon as the proceedings are commenced or threatened;

                  (g) (other information) promptly on request (and in any event
         within five Business Days) any other information relating to the
         financial condition, business, property and affairs of itself or any
         Group Member (including copies of internal management reports, budgets
         and forecasts) that the Administrative Agent reasonably requests; and

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                                                                              55

                  (h) (Goodman Fielder information) as soon as practicable
         following Parent obtaining access to the books and records and
         financial information of Goodman Fielder and in any event within 90
         days of Goodman Fielder becoming a Wholly-Owned Subsidiary, an update
         to the due diligence reports prepared by KPMG in respect of the Group
         dated May 28, 2001 and the update due diligence report on Directors'
         Projections addressed to and capable of being relied upon by the
         Administrative Agent and the Lenders, the scope of such update to be as
         reasonably required by the Administrative Agent after consultation with
         Parent and to include the financial results of the Group for the period
         ended December 31, 2002, together with five years of financial
         projections which take into account the acquisition of Goodman Fielder
         and its subsidiaries.

         SECTION 5.03. Hedging Arrangements. (a) Parent shall ensure that Group
Members have entered or enter into Treasury Transactions in accordance with the
Agreed Hedging Program in relation to the interest rate exposure of Group
Members from after December 20, 2002, in respect of not less than 50% (or 75% in
respect of so much of the Total Debt as is denominated in U.S. dollars if at any
time after December 20, 2002 the one-month LIBO Rate increases by 0.50% per
annum or more from the rate prevailing as at December 20, 2002 or 75% in respect
of so much of the Total Debt as is denominated in Australian dollars if at any
time after December 20, 2002, the AUD Cash Rate increases by 0.50% per annum or
more from the rate prevailing as at December 20, 2002) of the Total Debt, on
terms reasonably satisfactory to the Administrative Agent.

         (b) Parent shall ensure that Group Members enter into Treasury
Transactions in accordance with the Agreed Hedging Program in relation to the
Borrower's foreign exchange exposure in relation to the Facility, on terms
reasonably satisfactory to the Administrative Agent.

         (c) Parent shall ensure that no Group Member enters into a Treasury
Transaction except in accordance with this Section 5.03 or to hedge foreign
exchange exposures that arise from asset purchases by the Group Member. Without
limiting this, Parent shall ensure that no Group Member enters into a Treasury
Transaction for speculative purposes.

         SECTION 5.04. New Group Security Providers. (a) Parent shall ensure, if
an entity that is not a Group Member becomes a Group Member and has, or has
completed the acquisition of, total assets of A$2,000,000 or more, that (i) the
entity promptly becomes a Group Security Provider by executing such Securities
and other documents as the Administrative Agent reasonably requires, consistent
with the laws of the relevant jurisdiction, except to the extent that Parent
demonstrates to the reasonable satisfaction of the Administrative Agent that it
is not reasonably practicable or too expensive to do so (having regard to the
value of the assets involved) and (ii) it or the entity provides the
Administrative Agent with such evidence and information (such as legal opinions)
in relation to its execution of those documents, and within such period, as the
Administrative Agent reasonably requires; provided that (A) Parent must use its
reasonable efforts to ensure that Goodman Fielder and each of its subsidiaries
become Wholly-Owned Subsidiaries as promptly as practicable following the
Control Date, (B) Parent must ensure that Goodman Fielder and each of its
subsidiaries incorporated in Australia or the United States satisfy the
obligations in clauses (i) and (ii) within 90 days of Goodman Fielder becoming a
Wholly-Owned Subsidiary and (C) Parent must satisfy the obligations in clause
(i) and (ii) within 90 days from the date of this Agreement in relation to any
Group Member which has acquired or acquires any assets or shares comprised in
the acquisition of the Fleischmann business

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                                                                              56

unit from Kraft Foods International Inc. Notwithstanding the foregoing, or any
other provision of any Transaction Document, (1) no more than 65% of the voting
Equity Interests of any "controlled foreign corporation" within the meaning of
Section 957 of the Code (a "Controlled Foreign Corporation") shall be pledged to
secure the obligations of a "United States Person" within the meaning of Section
957 of the Code (a "United States Person") under any Transaction Document and
(2) no Controlled Foreign Corporation shall be required to become a Group
Security Provider or otherwise to Guarantee the obligations of any United States
Person under any Transaction Document; provided, however, that Parent shall not
create or acquire any entity that would be a Controlled Foreign Corporation of a
United States Person from and after its creation or acquisition, other than
Controlled Foreign Corporations of a United States Person that exist at the time
of the direct or indirect acquisition of such United States Person by a Group
Member.

         (b) If it is or becomes reasonably practicable for any Group Member
that has total assets of A$2,000,000 or more, consistent with the laws of the
relevant jurisdiction, to execute in favor of the Security Trustee a Security
that it has not already given to the Security Trustee, Parent shall ensure,
promptly after request from the Administrative Agent or after Parent otherwise
becomes aware that it can be so done, that (i) the entity executes that
Security, or any other document, as the Administrative Agent requires and (ii)
it or the entity provides the Administrative Agent with such evidence and
information (such as legal opinions) in relation to its execution of those
documents, and in such period, as the Administrative Agent reasonably requires;
provided that no such Security need be given if the Administrative Agent
determines (acting reasonably) that the cost of obtaining the same is excessive
relative to the benefit anticipated to be provided thereby.

         (c) If (i) a Group Member or other entity is required to become a Group
Security Provider under this Section 5.04 and (ii) that Group Member or other
entity is an obligor in relation to any Financial Indebtedness (other than such
Financial Indebtedness permitted under this Agreement), Parent shall ensure, by
the time that Group Member or entity is required to become a Group Security
Provider, that its obligations in relation to such Financial Indebtedness are
released, or that they are either unsecured obligations or secured under the
Securities as Priority 2 Debenture Stockholder's Debt, Priority 3 Debenture
Stockholder's Debt or Priority 4 Debenture Stockholder's Debt (each as defined
in the Security Trust Deed) and that (in any such case) the granting by that
Group Security Provider of its Securities is not a breach of the terms of such
Financial Indebtedness.

         SECTION 5.05. Excluded Subsidiaries. (a) Parent may procure the
Liquidation of any Subsidiary (other than the Borrower) if (i) Parent determines
that such Liquidation is in the best interests of the Group, (ii) the effect of
such Liquidation will not be adverse to the rights and interests of the Lenders
in any material respect and (iii) such Liquidation is accomplished in accordance
with this Section 5.05 (any Subsidiary to be so liquidated being referred to
herein as an "Excluded Subsidiary").

         (b) Parent shall ensure that (i) the Liquidation of any Excluded
Subsidiary is conducted as a solvent Liquidation (in relation to any obligation
owed by the Excluded Subsidiary to any person other than a Group Member), (ii)
the Liquidation process (once commenced) is pursued and completed diligently and
(iii) any property of the Excluded Subsidiary is distributed to Parent or
another Subsidiary in which Parent has at least the same effective ownership
interest as it has in the Excluded Subsidiary (and which, if the Excluded
Subsidiary was a Group Security Provider, must also be or become a Group

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                                                                              57

Security Provider), or is otherwise dealt with in accordance with Section 5.07,
5.08, 5.09, 5.10 or 5.11.

         (c) The representations and warranties in Section 3.01(a), (b)(i),
(d)(iii), (e), (m) and (o) do not apply in relation to an Excluded Subsidiary to
the extent that the representation and warranty would be incorrect because the
Excluded Subsidiary is in the process of being Liquidated in accordance with
paragraph (b).

         (d) The release of any Security by an Excluded Subsidiary which is
required in order to permit or is necessary as a consequence of the Liquidation
is taken to have been permitted for all relevant purposes under each Transaction
Document.

         SECTION 5.06. Offer Covenants. (a) Parent shall procure BPC1 to (i)
immediately upon satisfying the requirements of Section 661A(1) or 661A(3) of
the Corporations Act (whichever occurs earlier), promptly give the
Administrative Agent notice of satisfying those requirements and that BPC1 does
not extend the offer period for the Offer after that time without the consent of
the Administrative Agent, (ii) exercise any and all rights which it has under
Part 6A.1 of the Corporations Act to compulsorily acquire all ordinary shares in
Goodman Fielder (including, without limitation, any Goodman Fielder ordinary
shares issued within six weeks of the closing of the Offer as a result of the
exercise of Goodman Fielder share options) so that, in all events, BPC1 lodges a
compulsory acquisition notice with the Australian Securities and Investments
Commission pursuant to Section 661B(1) of the Corporations Act no later than
five Business Days after the closing of the Offer, (iii) if the Offer becomes or
is declared unconditional, promptly give to the Administrative Agent a copy of
the notification by BPC1 under the Corporations Act that the Offer is
unconditional, and (iv) promptly give the Administrative Agent notice of the
waiver or satisfaction of any condition in the Offer.

         (b) If, during or at the closing of the Offer, BPC1 has not satisfied
the requirements of Section 661A(1) or 661A(3) of the Corporations Act in
relation to Goodman Fielder ordinary shares, but at any time after the closing
of the Offer BPC1 becomes a "90% holder" of Goodman Fielder ordinary shares
within the meaning of Section 664A(1) and (2) of the Corporations Act, Parent
shall procure BPC1 immediately upon BPC1 becoming a "90% holder" of Goodman
Fielder ordinary shares to exercise any and all rights which it has under Part
6A.2 of the Corporations Act to compulsorily acquire any ordinary shares in
Goodman Fielder so that, in all events, BPC1 lodges a compulsory acquisition
notice with the Australian Securities and Investments Commission pursuant to
Section 664C(2)(a) of the Corporations Act no later than five Business Days
after becoming a "90% holder" of Goodman Fielder ordinary shares.

         (c) Prior to making the Options Offer, Parent shall procure BPC1 to use
all reasonable endeavors to obtain a modification of Chapters 6 and 6A of the
Corporations Act from the Australian Securities and Investments Commission so
that all Goodman Fielder share options are treated as a single class of
securities for the purposes of the Options Offer.

         (d) (i) Immediately upon satisfying the requirements of Section 661A(1)
or 661A(3) of the Corporations Act (whichever occurs earlier), Parent shall
procure BPC1 to (A) in relation to the share options, promptly give the
Administrative Agent notice of satisfying those requirements and that BPC1 does
not extend the offer period for the Options Offer after that time without the
consent of the Administrative Agent and (B) exercise any and all rights which it
has under Part 6A.1 of the Corporations Act to compulsorily acquire or

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                                                                              58

compulsorily procure the cancellation of all share options in Goodman Fielder so
that, in all events, BPC1 lodges a compulsory acquisition notice with the
Australian Securities and Investments Commission pursuant to Section 661B(1) of
the Corporations Act no later than five Business Days after the closing of the
Options Offer, (ii) if the Options Offer becomes or is declared unconditional,
Parent shall procure BPC1 to promptly give to the Administrative Agent a copy of
the notification by BPC1 under the Corporations Act that the Options Offer is
unconditional, and (iii) Parent shall procure BPC1 to promptly give the
Administrative Agent notice of the waiver or satisfaction of any condition in
the Options Offer.

         (e) If, during or at the close of the Options Offer, BPC1 has not
satisfied the requirements of Section 661A(1) or 661A(3) of the Corporations Act
in relation to Goodman Fielder share options, but at any time after the closing
of the Options Offer BPC1 becomes a "90% holder" of Goodman Fielder share
options within the meaning of Section 664A(1) and (2) of the Corporations Act,
Parent shall procure BPC1 immediately upon BPC1 becoming a "90% holder" of
Goodman Fielder share options to exercise any and all rights which it has under
Part 6A.2 of the Corporations Act to compulsorily acquire any Goodman Fielder
share options so that, in all events, BPC1 lodges a compulsory acquisition
notice with the Australian Securities and Investments Commission pursuant to
Section 664C(2)(a) of the Corporations Act no later than five Business Days
after becoming a "90% holder" of Goodman Fielder share options.

         (f) If BPC1 receives a request for a statement of the names and
addresses of the remaining holders of Goodman Fielder ordinary shares or share
options pursuant to Section 661D(1) or 664C(1)(c)(i) of the Corporations Act as
the case may be, Parent shall procure BPC1 immediately to provide such written
statement to the person who requested it.

         (g) If court proceedings are commenced to object to the compulsory
acquisition of Goodman Fielder ordinary shares or share options pursuant to Part
6A.1 or Part 6A.2 of the Corporations Act, Parent shall procure BPC1 to use all
reasonable endeavors to expedite such court proceedings and to ensure that the
court finally determines such proceedings as soon as possible.

         (h) Parent shall procure BPC1 to complete the compulsory acquisition of
any Goodman Fielder ordinary shares pursuant to Section 666B of the Corporations
Act or share options pursuant to the Corporations Act immediately upon becoming
entitled to do so pursuant to Part 6A.1 or Part 6A.2 of the Corporations Act, as
the case may be.

         (i) In this Section 5.06, all references to the Corporations Act are
references to the Corporations Act 2001 of Australia and include all statutes,
regulations, proclamations, ordinances, by-laws and declarations of any
Government Agency modifying, varying, consolidating or replacing it, including
in relation to its application to BPC1, the Offer and any Options Offer, and are
to be taken to be subject to any exemption granted to Parent or BPC1 (as the
case may be) from compliance with it.

         SECTION 5.07. Permitted Asset Disposals to Non-Group Members. (a)
Subject to paragraph (c), Parent shall ensure that a Group Member only disposes
of property to a person other than a Group Member (i) if the disposal is made on
an arm's-length basis and (ii) to the extent that the Net Disposal Proceeds are
(A) in cash and are not (1) the first US$75,000,000 of the Gelatin Proceeds or
(2) proceeds from dispositions of Excluded

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                                                                              59

Assets, if they are dealt with in accordance with paragraph (b), or (B) not in
cash, if the property acquired as consideration for the disposal (1) is either
(x) promissory notes or debt securities not exceeding A$15,000,000 in the
aggregate (in relation to all disposals permitted by this clause (B)) at any
time or (y) a business or company that principally conducts the manufacturing,
processing or distribution of food ingredients, consumer branded food products
or non-alcoholic beverages and (2) otherwise complies (and that Parent complies)
with Section 5.09(a)(ii), (b), (c), (d) and (e).

         (b) If a Group Member disposes of property (other than Excluded Assets
and other than with respect to the first US$75,000,000 of the Gelatin Proceeds)
and paragraph (a)(ii)(A) applies, (i) Parent shall ensure that an amount equal
to 25% of the instalment of Net Disposal Proceeds is immediately on receipt
thereof used to prepay Term Debt pursuant to Section 2.13(g) and (ii) Parent
must ensure that an amount equal to 75% of the instalment of Net Disposal
Proceeds is deposited immediately on receipt thereof into an Investment Account,
on the basis that it will become a "Repayment Amount" to the extent that it is
not reinvested in accordance with Section 5.09 within 182 days (or, if a Group
Member has entered within 182 days into an agreement with a person who is not a
Group Member to purchase property in accordance with Section 5.09, within a
further period of 90 days immediately after expiry of that period); provided,
however, that (A) the amount of Net Disposal Proceeds deposited into the
Investment Account pursuant to this paragraph (b) shall not exceed
US$100,000,000 (or its equivalent, calculated at the Spot Rate) at any time and
(B) any Net Disposal Proceeds in excess of US$100,000,000 (or its equivalent,
calculated at the Spot Rate) shall be applied pursuant to Section 2.13(a)
(without giving effect to the proviso thereto).

         (c) Notwithstanding paragraphs (a) and (b), a Group Member may dispose
of (i) trading stock or obsolete or surplus assets on an arm's-length basis in a
transaction that is entered into in the ordinary course of the ordinary business
of the Group, without the proceeds of the disposal being required to be dealt
with in accordance with paragraphs (a) and (b), (ii) other property on an
arm's-length basis, if the aggregate arm's-length value of all such property
that is disposed of by Group Members in the then current Financial Year is less
than A$20,000,000 (or its equivalent, calculated at the Spot Rate at the time of
the disposal) or (iii) GF Program Receivables pursuant to the GF Receivables
Program in an aggregate outstanding amount at any time not in excess of
A$50,000,000, without the proceeds of the disposal being required to be dealt
with in accordance with paragraphs (a) and (b).

         (d) Any disposal permitted by, and made pursuant to, this Section 5.07
(including, for the avoidance of doubt, the Gelatin Disposal) is a "Permitted
Asset Disposal".

         SECTION 5.08. Permitted Asset Disposals to Group Members. (a) Subject
to paragraph (b), Parent shall ensure that a Group Member only disposes of
property to another Group Member on the following basis: (i) Parent or a
Wholly-Owned Subsidiary may only dispose of property to Parent or a Wholly-Owned
Subsidiary, (ii) a Group Security Provider may only dispose of property that is
subject to a Security to another Group Security Provider, and only if the
property as acquired by the second Group Security Provider will be subject to a
Security that is satisfactory to the Administrative Agent and (iii) a Majority-
Owned Subsidiary may only transfer property to Parent, a Wholly-Owned Subsidiary
or another Majority-Owned Subsidiary in which Parent has at least the same
effective ownership interest.

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                                                                              60

         (b) A Group Member may also dispose of property to another Group Member
(i) in a transaction that is permitted under Section 6.02, 6.03, 6.04, 6.06 or
6.13, (ii) if the property is trading stock or obsolete or surplus assets and
the disposal is made on an arm's-length basis in a transaction that is entered
into in the ordinary course of the ordinary business of the Group or (iii) in
accordance with Section 5.05.

         (c) Any disposal permitted by, and made pursuant to, this Section 5.08
is a "Permitted Group Asset Disposal".

         SECTION 5.09. Permitted Business Acquisitions. (a) Parent shall ensure
that a Group Member only acquires an interest in a business or company if (i)
the business or company principally conducts the manufacturing, processing or
distribution of food ingredients, consumer branded food products or
non-alcoholic beverages, (ii) the ratio of (A) Net Priority 1 Debt as at the end
of the previous Financial Quarter or as at the end of the previous Financial
Year (whichever day is more recent) to (B) the consolidated EBITDA of the Group
and the acquired business or company over the period of 12 months ending on the
last day of the previous Financial Quarter or on the last day of the previous
Financial Year (whichever day is more recent) does not exceed 2.75 to 1.00 and
(iii) the consideration payable in connection with all such acquisitions
(including the aggregate amount of all Financial Indebtedness issued to the
seller or assumed or repaid in connection therewith (including pursuant to the
second further proviso to Section 6.04) but excluding any consideration payable
(A) solely in the form of ordinary Equity Interests of Parent or (B) in cash to
the extent constituting Net Cash Proceeds referred to in the second proviso to
Section 2.13(b) and to the extent such cash is so used within 90 days of the
Equity Issuance which gave rise thereto) shall not exceed US$100,000,000 (or its
equivalent) in any Financial Year or US$300,000,000 (or its equivalent) in the
aggregate over the life of the Facility.

         (b) As soon as reasonably practicable after a Group Member makes an
acquisition of a type described in paragraph (a), but no later than 30 days
after the acquisition (unless otherwise agreed between Parent and the
Administrative Agent), Parent shall provide the Administrative Agent with (i)
such due diligence reports in relation to the acquisition as it may have
obtained from accounting, legal, technical, engineering, environmental and other
professional advisers (which must be reputable and industry-recognized in their
respective areas of expertise) and (ii) the terms of engagement and scope of
those reports.

         (c) As soon as reasonably practicable after a Group Member makes an
acquisition of a type described in paragraph (a), but no later than 30 days
after the acquisition, Parent shall provide the Administrative Agent with a
certificate, signed by a director or the principal accounting officer of Parent,
that sets out (i) the ratio referred to in clause (a)(ii) together with such
details as are required to demonstrate the calculation of the ratio and (ii)
details of the business strategy for the acquired business or company for the
current and next two full Financial Years, together with an analysis of the
anticipated impact of the acquisition on the Fixed Charge Coverage Ratios,
Leverage Ratios, Interest Coverage Ratios and Senior Interest Coverage Ratios
for the Group for each of those periods.

         (d) Within five days after a Group Member makes an acquisition of a
type described in paragraph (a), Parent shall provide the Administrative Agent
with a certificate, signed by a director of Parent on behalf of the board of
Parent, stating that the board has (i) approved the acquisition and (ii)
confirmed that the proposed acquisition will not give rise to an Event of
Default or Default.

<PAGE>

                                                                              61

         (e) If a Group Member acquires an interest in a business or company
that has total assets of A$2,000,000 or more, Parent shall ensure that the Group
Member that acquires the interest, or (at the option of the Administrative
Agent) each Group Member that holds shares or other ownership interests in that
Group Member (i) executes such Securities and other documents as the
Administrative Agent reasonably requires, consistent with the laws of the
relevant jurisdiction, except to the extent that Parent demonstrates to the
reasonable satisfaction of the Administrative Agent that it is not reasonably
practicable or that the cost of executing the same is excessive relative to the
benefit anticipated to be provided thereby, and (ii) provides the Administrative
Agent with such evidence and information (such as legal opinions) in relation to
its execution of those documents, as the Administrative Agent reasonably
requires, promptly after the acquisition is completed.

         (f) Parent may also permit a Group Member (i) to acquire without regard
to clause (a)(ii) but subject to clause (a)(iii), a business or company that
principally conducts the manufacturing, processing or distribution of food
ingredients, consumer branded food products or non-alcoholic beverages if the
arm's-length acquisition cost is less than A$30,000,000 (or its equivalent) and
none of the acquisition cost is funded by a withdrawal from an Investment
Account, and (ii) to consummate on an arm's-length basis the NZDF Acquisition
without regard to clause (a)(ii) or (a)(iii) so long as (A) Parent receives and
furnishes to the Lenders the report of an independent expert who must be
reputable and industry recognized as to the fairness and reasonableness of the
transaction to the shareholders of Parent (other than Rank Group Limited and its
associates) (which may take the form of any such report that is required to be
prepared under the Australian Stock Exchange Listing Rules or the Corporations
Act 2001 of Australia), (B) after giving pro forma effect thereto (including the
financing therefor), (1) the Leverage Ratio as of the end of the previous
Financial Year or Financial Quarter (whichever is more recent) would be at least
0.50 to 1.00 less than the maximum permitted Leverage Ratio at such time
pursuant to Section 6.10, (2) each of the (x) Leverage Ratio and (y) Senior
Leverage Ratio as of the end of the previous Financial Year or Financial Quarter
(whichever is more recent) would be no higher than the actual Leverage Ratio and
Senior Leverage Ratio, respectively, as of such date (without giving such pro
forma effect) and (3) the sum of (x) consolidated cash on Parent's consolidated
balance sheet on such day and held by Parent or any Group Member in accounts
located in Australia, Canada, The Netherlands, New Zealand or the United States,
to the extent that there is no legal, contractual or other restriction on the
ability of Parent to readily procure that the cash is transferred to Parent or a
Group Security Provider in such a way that the cash would (if so transferred) be
subject to a Security, other than cash held in an Investment Account, and (y)
the unused commitments under the Revolving Credit Facility shall exceed
A$100,000,000, (C) no Event of Default or Default shall have occurred and be
continuing or result therefrom and (D) the consummation of the NZDF Acquisition
(including the financing therefor and the incurrence of indebtedness as a result
of or in connection therewith) shall not give rise to any obligation to
repurchase or offer to repurchase, event of default, default or other similar
event under any indenture or similar instrument governing Financial Indebtedness
of any Group Member that is subordinated in right of payment to the Loans.

         (g) Parent shall ensure that no Group Member or (to the extent within
Parent's control) Associate acquires a business or company that does not
principally conduct the manufacturing, processing or distribution of food
ingredients, consumer branded food products or non-alcoholic beverages.

<PAGE>

                                                                              62

         (h) Notwithstanding the foregoing provisions of this Section 5.09, the
Acquisition shall be permitted hereunder.

         (i) Any acquisition permitted by, and made pursuant to, this Section
5.09 is a "Permitted Acquisition".

         SECTION 5.10. Investment Account. (a) Parent shall (i) procure that one
or more Group Security Providers establish one or more accounts denominated in
Australian dollars, Canadian dollars, Euro, New Zealand dollars or United States
dollars with the Co-Trustee or one or more Lenders or Term A Subscribers (but
with no more than four Lenders in aggregate) on the Co-Trustee's or the relevant
Lender's or Term A Subscriber's usual market terms for accounts of that nature,
each entitled "Burns Philp - Investment Account" and (ii) ensure that each of
those accounts is the subject of a valid and perfected first-priority Security
in favor of the Security Trustee (on such terms as the Administrative Agent
reasonably requires), supported by such other documentation and opinions as the
Administrative Agent reasonably requires, before a deposit is required to be
made into the account under this Agreement (each such account is an "Investment
Account").

         (b) Each Investment Account shall be established under the control of
the Security Trustee, and in the name and for the account of the relevant Group
Security Provider but on the basis that it is subject to this Section 5.10.

         (c) Parent must ensure that each Investment Account is maintained in
order, and ensure that it remains in credit, at all times.

         (d) Interest that accrues on an Investment Account is to be paid in
accordance with the terms of the relevant Investment Account to such other
account as Parent directs.

         (e) A Group Security Provider, by giving an appropriately completed IA
Withdrawal Request to the Administrative Agent and the Security Trustee at least
three Business Days before the proposed withdrawal date, may require the
Security Trustee to permit it to withdraw money standing to the credit of its
Investment Account (other than a Repayment Amount) if (i) no Event of Default or
Default has occurred and is continuing and (ii) (A) it or another Group Security
Provider immediately applies the withdrawn amount towards consideration for a
Permitted Acquisition or (B) it or another Group Security Provider has applied
an amount equal to the withdrawn amount, funded from other sources, within the
previous 90 days towards consideration for a Permitted Acquisition, in each case
in accordance with Section 5.09(a).

         (f) An amount standing to the credit of an Investment Account may only
be withdrawn in accordance with this Section 5.10.

         SECTION 5.11. Application of Repayment Amounts. Parent shall ensure
that any amount that has become a Repayment Amount under Section 5.07(b)(ii)
shall be used to prepay Term Debt pursuant to Section 2.13(g).

         SECTION 5.12. Use of Proceeds. Parent shall ensure that the proceeds of
the Loans only be used for an Eligible Purpose.

         SECTION 5.13. Supplemental Securities. To the extent that the
Administrative Agent has not received on or before the Closing Date the
Supplemental Securities together

<PAGE>

                                                                              63

with such evidence and information (such as legal opinions) in relation to the
execution of the Supplemental Securities as the Administrative Agent reasonably
requires, Parent must ensure that the Supplemental Securities are executed by
the relevant Group Security Provider and the evidence and information provided
to the Administrative Agent, in form and substance satisfactory to the
Administrative Agent (acting reasonably), as soon as reasonably practicable and
in any event within 90 days of the Closing Date.

                                   ARTICLE VI

                               Negative Covenants

         Parent covenants and agrees with each Lender that, so long as this
Agreement shall remain in effect and until the Commitments have been terminated
and the principal of and interest on each Loan, all Fees and all other expenses
or amounts payable hereunder have been paid in full, unless the Required Lenders
shall otherwise consent in writing, Parent shall not:

         SECTION 6.01. Financial Indebtedness. Incur Financial Indebtedness, and
Parent shall ensure that no Subsidiary or (if the matter is within Parent's
control) Associate incurs Financial Indebtedness, other than:

                  (a) in the case of itself and the Subsidiaries:

                           (i) Existing Treasury Transactions (which may be
                  secured under the Securities as Priority 1 Debt);

                           (ii) Treasury Transactions entered into with a Lender
                  or its Affiliates or a Term A Subscriber or a Term A
                  Subscriber Affiliate or with a TLB Tranche 2 Lender or its
                  Affiliates (which may be secured under the Securities as
                  Priority 1 Debt) and unsecured Treasury Transactions entered
                  into with any other person;

                           (iii) working capital facilities entered into by one
                  or more Group Security Providers with financial institutions
                  (which may be secured as Priority 1 Debt if the financial
                  institutions first enter into an intercreditor agreement with
                  the Administrative Agent on terms reasonably satisfactory to
                  the Administrative Agent) as long as the aggregate principal
                  amount of Financial Indebtedness outstanding under such
                  working capital facilities does not exceed A$40,000,000 on any
                  date;

                           (iv) Financial Indebtedness existing on the date of
                  this Agreement and set forth in Schedule 8;

                           (v) Financial Indebtedness consisting of Loans
                  (including Incremental Loans) hereunder and the guarantees
                  thereof under the other Transaction Documents (which may be
                  secured under the Securities as Priority 1 Debt);

                           (vi) (A) Financial Indebtedness that is provided by a
                  Group Member to a Group Security Provider, or by a Group
                  Member (the "First Group Member") to another Group Member in
                  which Parent's direct or indirect proportionate ownership
                  interest is the same or greater than Parent's direct or
                  indirect proportionate ownership in the First Group Member, or

<PAGE>

                                                                              64

                  (B) Financial Indebtedness that is provided by a Group
                  Security Provider to Goodman Fielder or any wholly-owned
                  subsidiary of Goodman Fielder after Goodman Fielder has become
                  a Subsidiary but before Goodman Fielder has become a Group
                  Security Provider;

                           (vii) Financial Indebtedness incurred under (A) the
                  Term A Facility Agreement in an aggregate principal amount not
                  to exceed A$1,300,000,000 (which may be secured under the
                  Securities as Priority 1 Debt) or (B) the Revolving Facility
                  Agreement in an aggregate principal amount not to exceed
                  A$100,000,000 at any time outstanding (which may be secured
                  under the Securities as Priority 1 Debt);

                           (viii) the New Subordinated Notes in an aggregate
                  principal amount of up to US$210,000,000;

                           (ix) NZ Holdings Capital Notes Bridge Loans in an
                  aggregate principal amount up to NZ$250,000,000 and NZ
                  Holdings Capital Notes in an aggregate principal amount up to
                  NZ$300,000,000; provided that the aggregate amount of
                  Financial Indebtedness permitted by this Section 6.01(a)(ix)
                  shall not exceed NZ$300,000,000 at any time outstanding;

                           (x) Financial Indebtedness of Parent or any
                  Subsidiary incurred to finance the acquisition, construction
                  or improvement of any fixed or capital assets, and extensions,
                  renewals and replacements of any such Financial Indebtedness
                  that do not increase the outstanding principal amount thereof;
                  provided that (A) such Financial Indebtedness is incurred
                  prior to or within 90 days after such acquisition or the
                  completion of such construction or improvement and (B) the
                  aggregate principal amount of Financial Indebtedness permitted
                  by this Section 6.01(a)(x), when combined with the aggregate
                  principal amount of all Capital Lease Obligations incurred
                  pursuant to Section 6.01(a)(xi), shall not exceed
                  US$35,000,000 at any time outstanding;

                           (xi) Capital Lease Obligations in an aggregate
                  principal amount, when combined with the aggregate principal
                  amount of all Financial Indebtedness incurred pursuant to
                  Section 6.01(a)(x), not in excess of US$35,000,000 at any time
                  outstanding;

                           (xii) Financial Indebtedness of any person (other
                  than Goodman Fielder and its subsidiaries) that becomes a
                  Subsidiary after the date of this Agreement; provided that (A)
                  such Financial Indebtedness exists at the time such person
                  becomes a Subsidiary and is not created in contemplation of or
                  in connection with such person becoming a Subsidiary, (B) such
                  Financial Indebtedness is not secured by any Encumbrance other
                  than Encumbrances existing at the time (and not created in
                  contemplation of) the acquisition of such person and (C) the
                  aggregate principal amount of Financial Indebtedness permitted
                  by this Section 6.01(a)(xii), when combined with the aggregate
                  principal amount of all Financial Indebtedness incurred
                  pursuant to Section 6.01(a)(xiii), shall not exceed
                  US$100,000,000 in any Financial Year and US$300,000,000 in the
                  aggregate over the life of the Facility;

<PAGE>

                                                                              65

                           (xiii) unsecured Financial Indebtedness incurred in
                  connection with a Permitted Acquisition in an aggregate
                  principal amount, when combined with the aggregate principal
                  amount of all Financial Indebtedness incurred pursuant to
                  Section 6.01(a)(xii), not in excess of US$100,000,000 in any
                  Financial Year and US$300,000,000 in the aggregate over the
                  life of the Facility;

                           (xiv) unsecured Financial Indebtedness of any Group
                  Security Provider that is subordinated in right of payment to
                  the Loans so long as (A) such Financial Indebtedness requires
                  no scheduled payments of principal prior to the first
                  anniversary of the Maturity Date, (B) the covenants in such
                  Financial Indebtedness do not require the issuer thereof to
                  maintain any specified financial performance or ratios (other
                  than debt incurrence tests or other financial ratios that are
                  required to be met as a condition to taking specified actions
                  thereunder) and (C) the subordination provisions thereof shall
                  be no less favorable to the Lenders than those of the New
                  Subordinated Notes ("Permitted Subordinated Debt");

                           (xv) any extensions, refinancings, renewals or
                  replacements of Financial Indebtedness incurred pursuant to
                  clause (iv), (viii), (ix), (x), (xi), (xii), (xiii), (xviii),
                  (xix) and (xxv) to the extent the principal amount of such
                  Financial Indebtedness is not increased, neither the final
                  maturity nor the weighted average life to maturity of such
                  Financial Indebtedness is decreased, such Financial
                  Indebtedness, if subordinated to the Loans and other
                  obligations under the Transaction Documents, remains so
                  subordinated on terms no less favorable to the Lenders and the
                  original obligors in respect of such Financial Indebtedness
                  remain the only obligors thereon (it being understood that any
                  extensions, refinancings, renewals or replacements of
                  Financial Indebtedness incurred pursuant to clause (xxv) may
                  be secured under the Securities as Priority 1 Debt);

                           (xvi) Financial Indebtedness entered into by a Group
                  Member that is not a Group Security Provider as long as (A)
                  the sum of all such Group Member's FI x POI (where FI for each
                  such Group Member is the aggregate principal amount of all
                  such Financial Indebtedness of the Group Member and POI for
                  each such Group Member is Parent's direct or indirect
                  proportionate ownership interest in the Group Member) does not
                  exceed the Subsidiary Limit at any time and (B) the Financial
                  Indebtedness is either unsecured or only secured over assets
                  of the relevant Group Member;

                           (xvii) Financial Indebtedness of Goodman Fielder or
                  any of its subsidiaries incurred pursuant to the GF
                  Receivables Program in an amount not to exceed A$50,000,000 in
                  the aggregate to any time outstanding;

                           (xviii) Financial Indebtedness of Goodman Fielder or
                  any of its subsidiaries that (A) exists on the Control Date
                  and (B) does not exceed US$50,000,000 from and after the later
                  of the date that is 75 days after (1) the Control Date and (2)
                  the Closing Date;

                           (xix) NZDF Capital Notes outstanding at the time of
                  the NZDF Acquisition in an aggregate principal amount up to
                  NZ$150,000,000;

<PAGE>

                                                                              66

                           (xx) Bridge Debentures (which may be secured under
                  the Securities as Priority 1 Debt) and, if the Bridge Term
                  Tranche B Debentures are not incurred, any Financial
                  Indebtedness provided to Goodman Fielder or a subsidiary of
                  Goodman Fielder to fund the repayment, prepayment or
                  redemption of the GMF Notes or any other Financial
                  Indebtedness of Goodman Fielder or any subsidiaries of Goodman
                  Fielder not to exceed US$50,000,000 (the "GMF Facility")
                  (which may be secured under the Securities as Priority 1
                  Debt); provided that the entire outstanding principal amount
                  thereof must be repaid on or prior to the Closing Date (other
                  than the Bridge Term Tranche B Debentures or, if the Bridge
                  Term Tranche B Debentures are not incurred, the GMF Facility
                  which, in each case, must be repaid within 90 days of Goodman
                  Fielder becoming a Wholly-Owned Subsidiary);

                           (xxi) Financial Indebtedness incurred under the
                  Existing Senior Loan Agreement (which may be secured under the
                  Securities as Priority 1 Debt); provided that the entire
                  outstanding principal amount thereof must be repaid on or
                  prior to the Closing Date;

                           (xxii) obligations (A) in respect of performance,
                  bid, appeal or surety bonds and completion guarantees, (B) for
                  or in connection with pledges, deposits or payments in
                  connection with or to secure statutory, regulatory or similar
                  obligations, including obligations under health, safety or
                  environmental obligations and (C) in respect of worker's
                  compensation obligations, employee benefit obligations,
                  property, casualty or liability insurance and self-insurance,
                  in each of cases (A) through (C), where the requirement or
                  request to incur such obligation arises in the ordinary course
                  of business and to the extent such obligation constitutes
                  Financial Indebtedness;

                           (xxiii) Financial Indebtedness arising from the
                  honoring by a bank or other financial institution of a check,
                  draft or similar instrument drawn against insufficient funds
                  in the ordinary course of business; provided that such
                  Financial Indebtedness is extinguished within five Business
                  Days of Parent or any Subsidiary receiving notice of its
                  incurrence;

                           (xxiv) Guarantees by Parent or any Subsidiary of any
                  Financial Indebtedness of Parent or any Subsidiary permitted
                  to be incurred pursuant to this Section 6.01(a);

                           (xxv) Financial Indebtedness incurred under the TLB
                  Tranche 2 Credit Agreement in an aggregate principal amount
                  not to exceed US$65,000,000 (which may be secured under the
                  TLB Tranche 2 Pledge Agreement and under the Securities as
                  Priority 1 Debt); and

                           (xxvi) additional unsecured Financial Indebtedness in
                  an aggregate principal amount not to exceed US$40,000,000 at
                  any time outstanding.

                  (b) in the case of Associates, any Financial Indebtedness as
         long as the sum of all Associates' FI x POI (where FI for each
         Associate is the aggregate principal amount of all such Financial
         Indebtedness of the Associate and POI for each

<PAGE>

                                                                              67

         Associate is Parent's direct or indirect proportionate ownership
         interest in the Associate) does not exceed the Associate Limit at any
         time.

         Notwithstanding the foregoing provisions of this Section 6.01, Parent
shall not incur Financial Indebtedness, and shall ensure that no Subsidiary or
(if the matter is within Parent's control) Associate incurs Financial
Indebtedness, the incurrence of which would give rise (following the expiration
of any grace or cure period, if applicable) to any obligation to repurchase or
offer to repurchase, event of default, default or other similar event under any
indenture or similar instrument governing Financial Indebtedness of such person
subordinated in right of payment to the Loans (an "Incurrence Default");
provided, however, that Parent shall have a period of 30 days from the date of
any Incurrence Default to rectify, remedy or remove such Incurrence Default.

         Except as otherwise expressly provided in clauses (i), (ii), (iii),
(v), (vii), (xv), (xx), (xxi) and (xxv) of paragraph (a) above, Parent shall not
secure, and shall ensure that no Subsidiary or (if the matter is within Parent's
control) Associate secures, any Financial Indebtedness permitted under this
Agreement or otherwise under the Securities as Priority 1 Debt.

         SECTION 6.02. Encumbrances. Create or permit to exist, and shall ensure
that no Subsidiary creates or permits to exist, any Encumbrance over any of its
property, other than a Permitted Encumbrance.

         SECTION 6.03. Disposal of Property. Dispose of, declare a trust over or
otherwise create an interest in, and must ensure that no Subsidiary disposes of,
declares a trust over or otherwise creates an interest in, any of its property
except (a) as permitted by Sections 6.02, 6.04 or 6.06, (b) Parent or any
Subsidiary may make Permitted Asset Disposals, (c) Parent or any Subsidiary may
make Permitted Group Asset Disposals or (d) in the case of Excluded
Subsidiaries, as contemplated by Section 5.05.

         SECTION 6.04. Restricted Payments. And shall ensure that the
Subsidiaries do not, (a) declare or pay any dividend, return any capital to its
shareholders, make any distribution of assets, share capital, obligations or
securities (or, to the extent they represent a distribution in lieu of a
dividend, warrants, rights or options) to any of its shareholders in their
capacity as such, purchase, redeem, retire, defease, exchange or otherwise
acquire for value all or any part of its issued share capital or any warrants,
rights or options to acquire any of its issued share capital (whether or not on
issue at the date of this Agreement), or (b) (i) make any distribution, whether
in cash, property, securities or a combination thereof, other than regular
scheduled payments of principal and interest as and when due (to the extent not
prohibited by applicable subordination provisions), in respect of, or (ii) pay,
or offer or commit to pay, or directly or indirectly redeem, repurchase, retire
or otherwise acquire for consideration, or set apart any sum for the aforesaid
purposes, any Financial Indebtedness that is subordinated in right of payment to
the Loans (each of the foregoing, a "Restricted Payment"), unless (A) no Event
of Default or Default has occurred which is continuing immediately prior to the
Restricted Payment and the Restricted Payment will not result in the occurrence
of an Event of Default or Default, (B) there is no breach of Section 6.09 and
(C) either (1) the Restricted Payment is made to Parent or a Wholly-Owned
Subsidiary (or, in the case of a Restricted Payment by a Subsidiary that is not
a Wholly-Owned Subsidiary, to all its owners pro rata in accordance with their
respective ownership interests), (2) in the case of an Excluded Subsidiary, to
the extent that it is Liquidated in accordance with Section 5.05, (3) the
Restricted Payment is made by Parent on Converting Preference Shares in an
amount

<PAGE>

                                                                              68

not to exceed A$19,000,000 in any Financial Year or (4) the Restricted Payment
is made in an amount not to exceed US$25,000,000 (or its equivalent) in the
aggregate over the life of the Facility; provided, however, that, from and after
September 30, 2003, Restricted Payments shall be permitted, without regard to
clause (C)(4) but subject to clauses (A) and (B) above and to the first further
proviso below, up to an aggregate amount in each Financial Year equal to (x) 25%
of Free Cash Flow from the immediately preceding Financial Year, if the Senior
Leverage Ratio on the immediately preceding Calculation Date was less than or
equal to 2.75 to 1.00 but greater than 2.50 to 1.00, or (y) 50% of Free Cash
Flow from the immediately preceding Financial Year, if the Senior Leverage Ratio
on the immediately preceding Calculation Date was less than or equal to 2.50 to
1.00 (it being understood that the amount in clause (C)(4) shall not be deemed
to include any Restricted Payments made pursuant to this proviso) (the "Free
Cash Flow Restricted Payments"); provided further that notwithstanding the
foregoing, Parent shall not, and shall ensure that the Subsidiaries do not, make
Restricted Payments if such payments would cause the sum of (x) the Free Cash
Flow Restricted Payments and (y) the Restricted Payments made with all or a
portion of the amount in clause (C)(4) to exceed A$60,000,000 in any Financial
Year; provided further that notwithstanding the foregoing, Parent or a
Subsidiary may (I) repay any Financial Indebtedness of an entity acquired
pursuant to Section 5.09 within 60 days of the consummation of such Permitted
Acquisition, (II) make payments in respect of Financial Indebtedness that is
subordinated in right of payment to the Loans solely with Equity Interests or in
kind, (III) refinance Financial Indebtedness pursuant to Section 6.01(a)(xv) and
(IV) repay NZ Holdings Capital Notes Bridge Loans in whole or in part with the
proceeds from the exercise of the August 2003 Options.

         SECTION 6.05. Capital Expenditures. Incur Capex at any time, and shall
ensure that no Subsidiary incurs Capex at any time, if this would cause the
aggregate amount of Capex incurred by Group Members in a Financial Year to
exceed the greater of (a) 20% of EBITDA for the Group for that Financial Year
and (b) the amount set out for that Financial Year below:

<TABLE>
<CAPTION>
Financial Year ended                    Amount
--------------------                    ------
<S>                                 <C>
   June 30, 2003                    A$100,000,000
   June 30, 2004                    A$170,000,000
   June 30, 2005                    A$150,000,000
   June 30, 2006                    A$130,000,000
   June 30, 2007                    A$120,000,000
   June 30, 2008                    A$120,000,000
</TABLE>

calculated, in the case of expenditures incurred in currencies other than
Australian dollars, at the Spot Rate at the time the expenditure is incurred.
The amount of permitted Capex set out above in respect of any Financial Year
shall be increased by the amount of unused permitted Capex for the immediately
preceding Financial Year (without giving effect to this sentence) up to an
amount that is 75% of the permitted Capex for such immediately preceding
Financial Year.

         SECTION 6.06. Mergers. And shall ensure that the Subsidiaries do not,
participate in any merger, demerger, amalgamation or reconstruction, except (i)
in favor of Parent or a Wholly-Owned Subsidiary (or, in the case of a merger,
demerger, amalgamation or reconstruction involving a Majority-Owned Subsidiary,
in such a way that the effective indirect ownership interest of Parent in that
Majority-Owned Subsidiary or its assets (as

<PAGE>

                                                                              69

appropriate) is not reduced) or (ii) in the case of an Excluded Subsidiary, to
the extent that it is Liquidated in accordance with Section 5.05.

         SECTION 6.07. Organization. Amend, and shall ensure that no Subsidiary
amends, its constitution, charter, by-laws or other constituent documents (i) in
a manner that would change its jurisdiction of incorporation or organization or
(ii) otherwise in any respect that would materially adversely affect the
interests of the Lenders, in either case, without the consent of the
Administrative Agent (acting on the instructions of the Required Lenders).

         SECTION 6.08. Interest on Capital Notes. Pay, and shall ensure that no
Subsidiary pays, any interest (in whole or in part) under the NZ Holdings
Capital Notes Bridge Facility or any other Capital Securities and must suspend,
and must ensure that any Subsidiary suspends, the payment of any such interest
in accordance with the provisions of the NZ Holdings Capital Notes Bridge
Facility Agreement or the relevant documentation for such Capital Securities (as
applicable) (i) in the case of Capital Securities only, prior to the date on
which the calculation of the Interest Suspension Financial Covenants for the
first Calculation Date has been delivered to the Administrative Agent, and (ii)
if at any time there is a breach of any of the Interest Suspension Financial
Covenants and for so long as that breach continues.

         SECTION 6.09. Fixed Charge Coverage Ratio. Permit the Fixed Charge
Coverage Ratio for each period of 12 months that ends on a Calculation Date that
occurs in a period set out in the following table to be less than the amount set
out below:

<TABLE>
<CAPTION>
                 Period                               Ratio
                 ------                               -----
<S>                                               <C>
Closing Date through December 31, 2004            1.10 to 1.00
Thereafter                                        1.20 to 1.00
</TABLE>

         SECTION 6.10. Leverage Ratio. Permit the Leverage Ratio for each period
of 12 months that ends on a Calculation Date that occurs in a period set out in
the following table to be more than the amount set out below:

<TABLE>
<CAPTION>
                 Period                               Ratio
                 ------                               -----
<S>                                               <C>
Closing Date through December 31, 2003            4.90 to 1.00
January 1, 2004 through June 30, 2004             4.75 to 1.00
July 1, 2004 through December 31, 2004            4.25 to 1.00
January 1, 2005 through June 30, 2005             4.00 to 1.00
July 1, 2005 through December 31, 2005            3.75 to 1.00
January 1, 2006 through June 30, 2006             3.50 to 1.00
Thereafter                                        3.25 to 1.00
</TABLE>

<PAGE>

                                                                              70

         SECTION 6.11. Interest Coverage Ratio. Permit the Interest Coverage
Ratio for each period of 12 months that ends on a Calculation Date that occurs
in a period set out in the following table to be less than the amount set out
below:

<TABLE>
<CAPTION>
                 Period                               Ratio
                 ------                               -----
<S>                                               <C>
Closing Date through December 31, 2003            2.10 to 1.00
January 1, 2004 through June 30, 2004             2.25 to 1.00
July 1, 2004 through June 30, 2005                2.50 to 1.00
July 1, 2005 through June 30, 2006                2.75 to 1.00
Thereafter                                        3.00 to 1.00
</TABLE>

         SECTION 6.12. Senior Interest Coverage Ratio. Permit the Senior
Interest Coverage Ratio for each period of 12 months that ends on a Calculation
Date that occurs in a period set out in the following table to be less than the
amount set out below:

<TABLE>
<CAPTION>
                 Period                               Ratio
                 ------                               -----
<S>                                               <C>
Closing Date through December 31, 2003            3.75 to 1.00
January 1, 2004 through June 30, 2004             4.00 to 1.00
July 1, 2004 through December 31, 2004            4.25 to 1.00
January 1, 2005 through June 30, 2005             4.50 to 1.00
Thereafter                                        4.75 to 1.00
</TABLE>

         SECTION 6.13. Investments, Loans and Advances. And shall ensure that
the Subsidiaries do not, purchase, hold or acquire any Equity Interests,
evidences of indebtedness or other securities of, make or permit to exist any
loans or advances to, or make or permit to exist any investment or any other
interest in, any other person, except:

                  (a) (i) investments by Parent, the Borrower and the other
         Subsidiaries existing on the date of this Agreement (and, in the case
         of investments in non-Group Members, set forth in Schedule 12) and (ii)
         additional investments by Parent, the Borrower and the other
         Subsidiaries in the Equity Interests of the Borrower and the other
         Subsidiaries; provided that (A) any such Equity Interests held by a
         Group Security Provider shall be subject to a Security and (B) the
         aggregate amount of investments by Group Security Providers in, and
         loans and advances by Group Security Providers to, Subsidiaries that
         are not Group Security Providers (net of the aggregate amount of any
         dividends, distributions or loan repayments received by Group Security
         Providers from Subsidiaries that are not Group Security Providers)
         shall not exceed US$25,000,000 in any Financial Year;

                  (b) Permitted Investments;

                  (c) loans or advances made by Parent or the Borrower to any
         Subsidiary and made by any Subsidiary to Parent, the Borrower or any
         other Subsidiary; provided that (i) any such loans and advances made by
         a Group Security Provider shall be subject to a Security and (ii) the
         amount of such loans and advances made by Group Security Providers to
         Subsidiaries that are not Group Security Providers shall be subject to
         the limitation set forth in paragraph (a) above;

<PAGE>

                                                                              71

                  (d) investments received in connection with the bankruptcy or
         reorganization of, or settlement of delinquent accounts and disputes
         with, customers and suppliers, in each case in the ordinary course of
         business;

                  (e) Group Members may make loans and advances in the ordinary
         course of business to their respective employees so long as the
         aggregate principal amount thereof at any time outstanding (determined
         without regard to any write-downs or write-offs of such loans and
         advances) shall not exceed US$5,000,000;

                  (f) Group Members may enter into Hedging Arrangements pursuant
         to Section 5.03;

                  (g) Group Members may make Permitted Acquisitions (including
         the repayment, refinancing, purchase or repurchase of debt of the
         acquired entity pursuant to Section 5.09, Section 6.01(a)(xv) and
         Section 6.04);

                  (h) investments in, and loans and advances to, Associates by
         Group Members so long as the aggregate amount invested, loaned or
         advanced pursuant to this paragraph (h) (determined without regard to
         any write-downs or write-offs of such investments, loans and advances
         and net of the aggregate amount of any dividends, distributions or loan
         repayments received by Group members from Associates) does not exceed
         US$25,000,000 in any Financial Year;

                  (i) investments in receivables owing to Parent or any
         Subsidiary if created or acquired in the ordinary course of business
         and payable or dischargeable in accordance with customary trade terms;
         provided that such trade terms may include such concessionary trade
         terms as Parent or any such Subsidiary deems reasonable under the
         circumstances;

                  (j) investments in payroll, travel and similar advances to
         cover matters that are expected at the time of such advances ultimately
         to be treated as expenses for accounting purposes and that are made in
         the ordinary course of business;

                  (k) investments in any person to the extent such investments
         represent the non-cash portion of the consideration received for a
         Permitted Asset Disposal made pursuant to Section 5.07;

                  (l) investments in any person to the extent such investments
         consist of prepaid expenses, negotiable instruments held for collection
         and lease, utility and workers' compensation, performance and other
         similar deposits made in the ordinary course of business by Parent or
         any Subsidiary;

                  (m) investments in any person to the extent such investments
         consist of Parent or a Subsidiary funding a benefit plan for employees
         of Parent and the Subsidiaries;

                  (n) in addition to investments permitted by paragraphs (a)
         through (m) above, additional investments, loans and advances by Group
         Members so long as the aggregate amount invested, loaned or advanced
         pursuant to this paragraph (n) (determined without regard to any
         write-downs or write-offs of such investments,

<PAGE>

                                                                              72

         loans and advances) does not exceed US$20,000,000 in the aggregate at
         any time outstanding; and

                  (o) in addition to investments permitted by paragraphs (a)
         through (n) above, additional investments, loans and advances by Group
         Members so long as the amounts invested, loaned or advanced pursuant to
         this paragraph (o) (determined without regard to any write-downs or
         write-offs of such investments, loans and advances) in any Financial
         Year do not exceed the sum of the Borrower's Portion of Free Cash Flow
         and the Borrower's Portion of Equity Proceeds.

         SECTION 6.14. Transactions with Affiliates. And shall ensure that the
Subsidiaries do not, enter into or permit to exist any transaction (including
the purchase, sale, lease or exchange of any property, employee compensation
arrangements or the rendering of any service) with, or for the benefit of, any
Affiliate of Parent (an "Affiliate Transaction") unless the terms of the
Affiliate Transaction are no less favorable to Parent or such Subsidiary than
those that could be obtained at the time of the Affiliate Transaction in
arm's-length dealings with a person who is not an Affiliate; provided, however,
that the provisions of this Section 6.14 shall not prohibit (a) any Restricted
Payment permitted by Section 6.04; (b) any investment, loan or advance, in each
case permitted to be made pursuant to Section 6.01 or Section 6.13; (c) any
issuance of securities, or other payments, awards or grants in cash, securities
or otherwise pursuant to, or the funding of, employment arrangements, share
options and share ownership plans approved by the board of directors of Parent;
(d) the payment of reasonable and customary directors' fees, indemnification and
similar arrangements, employee salaries, bonuses or employment agreements,
consulting agreements, compensation or employee benefit arrangements and
incentive arrangements with any officer, director or employee of Parent or any
other Group Member entered into in the ordinary course of business; (e) any
transaction with or among Group Security Providers; (f) the issuance or sale of
any Equity Interests of Parent, including pursuant to share options; (g) any
financial advisory, investment banking, commercial banking, corporate trust,
insurance, institutional fund management and similar financial or ancillary
services provided by any person in the ordinary course of business and on
commercially reasonable terms; (h) any transaction with or among Group Members
or Associates entered into in the ordinary course of business that the board of
directors of Parent determines to be in the best interest of the Group; and (i)
any agreement or arrangement in effect on the Closing Date and described in
Schedule 13, as the same may be amended, modified or replaced from time to time
(provided that the amended, modified or replaced agreement or arrangement is not
less favorable in any material respect to Parent and the Subsidiaries than that
in effect on the Closing Date).

                                   ARTICLE VII

                                Events of Default

         Each of these events or circumstances is an "Event of Default":

                  (a) (non-payment of principal) if the Borrower fails to pay
         any amount of principal of any Loan that is due and payable when it is
         due (whether on a Repayment Date, the date fixed for prepayment
         thereof, the acceleration thereof or otherwise);

<PAGE>

                                                                              73

                  (b) (non-payment of other amounts) if a Group Party fails to
         pay any amount hereunder other than principal of any Loan that is due
         and payable within two Business Days of its due date;

                  (c) (other obligations) if a Group Party fails to comply with
         any of its obligations under any Transaction Document (other than a
         failure referred to elsewhere in this Article or a failure to comply
         with Section 5.01(f)) and (i) the Administrative Agent (acting at the
         direction of the Required Lenders) reasonably considers that the
         failure cannot be remedied or (ii) the Administrative Agent (acting at
         the direction of the Required Lenders) reasonably considers that the
         failure can be remedied, and the failure is not remedied within 15
         Business Days after notice thereof by the Administrative Agent to
         Parent;

                  (d) (misrepresentation) if any representation, warranty or
         statement made by, any Group Member in or in connection with any
         Transaction Document (other than under Section 3.01(d)) is untrue or
         misleading (whether by omission or otherwise) in any material respect
         when so made or repeated;

                  (e) (Insolvency Event) if an Insolvency Event occurs in
         respect of a Group Party or any other Subsidiary, other than a
         Liquidation of an Excluded Subsidiary in accordance with Section 5.05;

                  (f) (maintenance of capital) if Parent passes a resolution (i)
         to permit the giving of financial assistance, whether directly or
         indirectly, for the purpose of, or in connection with, an acquisition
         or proposed acquisition by a person of shares or of any right or
         interest in shares in it or in any holding company of it, (ii) for the
         reduction of its share capital (including the purchase of its shares
         but excluding a redemption of redeemable shares) except as permitted
         under this Agreement or (iii) to limit its ability to make calls on its
         uncalled share capital, without the consent of the Administrative
         Agent;

                  (g) (Material Adverse Effect) if an event or a change occurs
         or a series of events or changes occur which have or is or are likely
         to have a Material Adverse Effect (excluding any event or change that
         may arise as a consequence of the announcement or consummation of the
         Offer or any Options Offer or the financing for the Offer or any
         Options Offer);

                  (h) (cross-default) if (i) any Financial Indebtedness of any
         Group Member in an amount exceeding A$40,000,000 (or its equivalent)
         becomes due for payment or delivery (other than at the option of the
         relevant Group Member) before the stated maturity of that Financial
         Indebtedness as a result of a default or event of default (however
         described) (except in the case of the Existing Senior Loan Agreements
         or any Financial Indebtedness of Goodman Fielder or any of its
         subsidiaries prior to Goodman Fielder becoming a Wholly-Owned
         Subsidiary so long as such Financial Indebtedness of Goodman Fielder or
         such subsidiary is repaid promptly after the Control Date), (ii) an
         agreement by any person with any Group Member to provide or underwrite
         financial accommodation in an amount exceeding A$40,000,000 (or its
         equivalent), or to acquire or assume any risk in respect of Financial
         Indebtedness in an amount exceeding A$40,000,000 (or its equivalent),
         is prematurely terminated as a result of a default or event of default
         (however described) (except in the case of the Existing Senior Loan
         Agreements or

<PAGE>

                                                                              74

         any Financial Indebtedness of Goodman Fielder or any of its
         subsidiaries prior to Goodman Fielder becoming a Wholly-Owned
         Subsidiary) or (iii) any money or commodity owing or deliverable by any
         Group Member in respect of any Financial Indebtedness in an amount
         exceeding A$40,000,000 (or its equivalent) is not paid or delivered
         when due for payment or delivery (having regard to any applicable grace
         period) (except in the case of the Existing Senior Loan Agreements or
         any Financial Indebtedness of Goodman Fielder or any of its
         subsidiaries prior to Goodman Fielder becoming a Wholly-Owned
         Subsidiary);

                  (i) (creation of Encumbrances) if any Group Member creates or
         permits to exist any Encumbrance over any of its property, other than a
         Permitted Encumbrance;

                  (j) (enforcement of Encumbrances) if any Encumbrance over
         property of a Group Member that secures an amount in excess of
         A$20,000,000 becomes enforceable;

                  (k) (compulsory acquisition) if all or a material part of the
         property of a Group Member is compulsorily acquired by any Government
         Agency or a Group Member sells or divests itself of all or a material
         part of its property because it is required to do so by a binding order
         from a Government Agency, and the Group Member does not receive
         compensation for the acquisition, sale or disposal that is acceptable
         to the Administrative Agent;

                  (l) (inability to perform) if a Group Member ceases for any
         reason to be able lawfully to carry out all the transactions that any
         Transaction Document contemplates may be carried out by it, unless
         arrangements satisfactory to the Administrative Agent to replace the
         relevant provision are not agreed and implemented to the satisfaction
         of the Administrative Agent within 20 Business Days (or, if Parent
         demonstrates to the satisfaction of the Administrative Agent within
         that period that it is diligently pursuing a replacement of the
         relevant provision and that the relevant provision will be able to be
         replaced as required within such longer period as the Administrative
         Agent may approve, that longer period);

                  (m) (Security void) if (i) all or any material provision of
         any Security or any other Security Document is or becomes void,
         voidable, illegal or unenforceable or of limited force (other than
         because of equitable principles or laws affecting creditors' rights
         generally) or (ii) a Security is not or ceases to be a valid, perfected
         first-priority Security Interest in accordance with its terms over the
         property to which it is expressed to apply, or a Group Member claims
         this to be the case, unless the Administrative Agent determines in any
         such case that the affected provision is not material to the Lenders'
         overall security position;

                  (n) (other Transaction Documents void) if all or any material
         provision of any Transaction Document other than a Security is or
         becomes void, voidable, illegal or unenforceable or of limited force
         (other than because of equitable principles or laws affecting
         creditors' rights generally), or a Group Member claims this to be the
         case, unless arrangements satisfactory to the Administrative Agent to
         replace that provision are not agreed and implemented to the
         satisfaction of the Administrative Agent within 20 Business Days (or,
         if Parent demonstrates to the

<PAGE>

                                                                              75

         satisfaction of the Administrative Agent within that period that it is
         diligently pursuing a replacement of the relevant provision and that
         the relevant provision will be able to be replaced as required within
         such longer period as the Administrative Agent may approve, that longer
         period);

                  (o) (Financial Indebtedness) if Parent or a Subsidiary incurs
         Financial Indebtedness in breach of Section 6.01;

                  (p) (loss of material Authorizations) if a Group Member ceases
         to hold (i) an Authorization that is necessary to enable it to properly
         execute the Transaction Documents and to carry out the transactions
         that they contemplate and to ensure that each Transaction Document is
         legal, valid, binding and admissible in evidence or (ii) any material
         Authorization that is necessary to enable it to properly carry on its
         business and this has a Material Adverse Effect, and if the
         Administrative Agent reasonably considers that the cessation can be
         remedied, the cessation is not remedied within 15 Business Days after
         the Administrative Agent requires Parent to remedy it;

                  (q) (environmental breach) if a Group Member breaches an
         Environmental Law that is applicable to it, its business or its
         property in a manner that has a Material Adverse Effect;

                  (r) (Change in Control) if a Change in Control occurs which is
         not rectified or remedied within 30 days so as to remove the Change in
         Control;

                  (s) (involuntary U.S. proceeding) an involuntary proceeding
         shall be commenced or an involuntary petition shall be filed seeking
         (i) liquidation, reorganization or other relief in respect of Parent or
         any Subsidiary or its debts, or of a substantial part of its assets,
         under any United States Federal or state bankruptcy, insolvency,
         receivership or similar law now or hereafter in effect (a "US
         Insolvency Law") or (ii) the appointment of a receiver, trustee,
         custodian, sequestrator, conservator or similar official for Parent or
         any Subsidiary or for a substantial part of its assets under any US
         Insolvency Law, and, in any such case, such proceeding or petition
         shall continue undismissed for 60 days or an order or decree approving
         or ordering any of the foregoing shall be entered; and

                  (t) (voluntary U.S. proceeding) Parent or any Subsidiary shall
         (i) voluntarily commence any proceeding or file any petition seeking
         liquidation, reorganization or other relief under any US Insolvency
         Law, (ii) consent to the institution of, or fail to contest in a timely
         and appropriate manner, any proceeding or petition described in
         paragraph (s) above, (iii) apply for or consent to the appointment of a
         receiver, trustee, custodian, sequestrator, conservator or similar
         official for Parent or any Subsidiary or for a substantial part of its
         assets under any US Insolvency Law, (iv) file an answer admitting the
         material allegations of a petition filed against it in any such
         proceeding or (v) take any action for the purpose of effecting any of
         the foregoing.

         In case of the happening of an Event of Default, then, and in every
such event (other than a U.S. Insolvency Event with respect to Parent or the
Borrower), and at any time thereafter during the continuance of such event, the
Administrative Agent may, and at the request of the Required Lenders shall, by
notice to the Borrower, take either or both of the

<PAGE>

                                                                              76

following actions, at the same or different times: (i) terminate forthwith the
Commitments and (ii) declare the Loans then outstanding to be forthwith due and
payable in whole or in part, whereupon the principal of the Loans so declared to
be due and payable, together with accrued interest thereon and any unpaid
accrued Fees and all other liabilities of the Borrower accrued hereunder, shall
become forthwith due and payable, without presentment, demand, protest or any
other notice of any kind, all of which are hereby expressly waived by the
Borrower, anything contained herein to the contrary notwithstanding; and
immediately upon the occurrence of a U.S. Insolvency Event with respect to
Parent or the Borrower, the Commitments shall automatically terminate and the
principal of the Loans then outstanding, together with accrued interest thereon
and any unpaid accrued Fees and all other liabilities of the Borrower accrued
hereunder, shall automatically become due and payable, without presentment,
demand, protest or any other notice of any kind, all of which are hereby
expressly waived by the Borrower, anything contained herein to the contrary
notwithstanding.

         Notwithstanding the foregoing, no Event of Default or Default will
occur if (i) Parent breaches Section 4.11 of the indenture dated as of June 21,
2002, governing the Subordinated Notes (the "Indenture"), as a result of Parent
failing to cause Goodman Fielder or any of its subsidiaries to provide a
Guaranty Agreement (as defined in the Indenture) at the time that BPC1 acquires
more than 50% of the ordinary shares of Goodman Fielder or any of its
subsidiaries or (ii) an Event of Default (under and as defined in the Indenture)
occurs under Section 6.01(6) thereof as a result of any Indebtedness (as defined
in the Indenture) of Goodman Fielder or any of its subsidiaries that is
outstanding at the time that BPC1 acquires more than 50% of the ordinary shares
of Goodman Fielder or any of its subsidiaries being unpaid or accelerated prior
to the Control Date, in each case unless and until the Trustee (as defined in
the Indenture) (or the Holders (as defined in the Indenture) of at least 25% in
principal amount of the Securities (as defined in the Indenture)) declares the
principal of, and accrued but unpaid interest on, the Securities (as defined in
the Indenture) to be due and payable.

                                  ARTICLE VIII

                            The Administrative Agent

         Each of the Lenders hereby irrevocably appoints the Administrative
Agent its agent and authorizes the Administrative Agent to take such actions on
its behalf and to exercise such powers as are delegated to the Administrative
Agent by the terms of the Transaction Documents, together with such actions and
powers as are reasonably incidental thereto. Without limiting the generality of
the foregoing, the Administrative Agent is hereby expressly authorized to
instruct the Security Trustee with respect to any and all documents (including
releases) and actions that it may take with respect to the Securities and the
rights of the parties secured thereunder with respect thereto, as contemplated
by and in accordance with the provisions of this Agreement and the Transaction
Documents.

         The bank serving as the Administrative Agent hereunder shall have the
same rights and powers in its capacity as a Lender as any other Lender and may
exercise the same as though it were not the Administrative Agent, and such bank
and its Affiliates may accept deposits from, lend money to and generally engage
in any kind of business with Parent, the

<PAGE>

                                                                              77

Borrower or any Subsidiary or other Affiliate thereof as if it were not the
Administrative Agent hereunder.

         The Administrative Agent shall not have any duties or obligations
except those expressly set forth in the Transaction Documents. Without limiting
the generality of the foregoing, (a) the Administrative Agent shall not be
subject to any fiduciary or other implied duties, regardless of whether a
Default has occurred and is continuing, (b) the Administrative Agent shall not
have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby
that the Administrative Agent is required to exercise in writing by the Required
Lenders (or such other number or percentage of the Lenders as shall be necessary
under the circumstances as provided in Section 9.08), and (c) except as
expressly set forth in the Transaction Documents, the Administrative Agent shall
not have any duty to disclose, and shall not be liable for the failure to
disclose, any information relating to Parent, the Borrower or any of the
Subsidiaries that is communicated to or obtained by the bank serving as
Administrative Agent or any of its Affiliates in any capacity. The
Administrative Agent shall not be liable for any action taken or not taken by it
with the consent or at the request of the Required Lenders (or such other number
or percentage of the Lenders as shall be necessary under the circumstances as
provided in Section 9.08) or in the absence of its own gross negligence or
wilful misconduct. The Administrative Agent shall not be deemed to have
knowledge of any Default unless and until written notice thereof is given to the
Administrative Agent by Parent, the Borrower or a Lender, and the Administrative
Agent (acting in its capacity as such) shall not be responsible for or have any
duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with any Transaction Document, (ii) the contents of any
certificate, report or other document delivered thereunder or in connection
therewith, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth in any Transaction Document by
any party other than itself, (iv) the validity, enforceability, effectiveness or
genuineness of any Transaction Document or any other agreement, instrument or
document, or (v) the satisfaction of any condition set forth in Article IV or
elsewhere in any Transaction Document, other than to confirm receipt of items
expressly required to be delivered to the Administrative Agent.

         The Administrative Agent shall be entitled to rely upon, and shall not
incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing believed by it to be genuine
and to have been signed or sent by the proper person. The Administrative Agent
may also rely upon any statement made to it orally or by telephone and believed
by it to have been made by the proper person, and shall not incur any liability
for relying thereon. The Administrative Agent may consult with legal counsel
(who may be counsel for the Borrower), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it
in accordance with the advice of any such counsel, accountants or experts.

         The Administrative Agent may perform any and all its duties and
exercise its rights and powers by or through any one or more sub-agents
appointed by it. The Administrative Agent and any such sub-agent may perform any
and all its duties and exercise its rights and powers by or through their
respective Related Parties. The exculpatory provisions of the preceding
paragraphs shall apply to any such sub-agent and to the Related Parties of the
Administrative Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the Commitments as well as
activities as Administrative Agent.

<PAGE>

                                                                              78

         Subject to the appointment and acceptance of a successor Administrative
Agent as provided below, the Administrative Agent may resign at any time by
notifying the Lenders and the Borrower. Upon any such resignation, the Required
Lenders shall have the right, with the consent of the Borrower (which consent
shall not be unreasonably withheld or delayed), to appoint a successor;
provided, however, that the consent of the Borrower shall not be required to any
such appointment during the continuance of any Event of Default. If no successor
shall have been so appointed by the Required Lenders and shall have accepted
such appointment within 30 days after the retiring Administrative Agent gives
notice of its resignation, then the retiring Administrative Agent may, with the
consent of Parent (which consent shall not be unreasonably withheld or delayed),
on behalf of the Lenders, appoint a successor Administrative Agent which shall
be a bank with an office in New York, New York, or an Affiliate of any such
bank; provided, however, that the consent of Parent shall not be required to any
such appointment during the continuance of any Event of Default. Upon the
acceptance of its appointment as Administrative Agent hereunder by a successor,
such successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent, and the retiring
Administrative Agent shall be discharged from its duties and obligations
hereunder. The fees payable by the Borrower to a successor Administrative Agent
shall be the same as those payable to its predecessor unless otherwise agreed
between the Borrower and such successor. After the Administrative Agent's
resignation hereunder, the provisions of this Article and Section 9.05 shall
continue in effect for the benefit of such retiring Administrative Agent, its
sub-agents and their respective Related Parties in respect of any actions taken
or omitted to be taken by any of them while acting as Administrative Agent.

         Each Lender agrees for the benefit of the Security Trustee that any
instruction that the Administrative Agent gives the Security Trustee in relation
to the Security Trust Deed, the Deed of Debenture Trust or any other Security
Document will be taken, to the extent necessary, to have been given by the
Required Lenders, and that the Security Trustee may assume this to be the case
without enquiry. Each Lender acknowledges that the Administrative Agent will
hold the benefit of the promise in this paragraph on trust for the Security
Trustee.

         The Administrative Agent will direct the Security Trustee in accordance
with clause 3.3 of the Security Trust Deed to waive the requirement that Parent
comply with its obligations under the last sentence of clause 3.22 of the
Security Trust Deed during the term of this Agreement. The Administrative Agent
may however require Parent to produce an opinion of counsel of the type referred
to in the last sentence of clause 3.22 of the Security Trust Deed in relation to
a particular jurisdiction at any time if it reasonably considers it necessary to
do so.

         Each Lender acknowledges that it has, independently and without
reliance upon the Administrative Agent or any other Lender and based on such
documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement. Each Lender also
acknowledges that it will, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and
information as it shall from time to time deem appropriate, continue to make its
own decisions in taking or not taking action under or based upon this Agreement
or any other Transaction Document, any related agreement or any document
furnished hereunder or thereunder.

<PAGE>

                                                                              79

                                   ARTICLE IX

                                  Miscellaneous

         SECTION 9.01. Notices. Notices and other communications provided for
herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by telecopy, as follows:

                  (a) if to the Borrower or Parent, to it at Level 23, 56 Pitt
         Street, Sydney, NSW, 2000, Australia, Attention of Helen Golding,
         Company Secretary and General Counsel (Telecopy No. +61-2-9247-3272);

                  (b) if to the Administrative Agent, to Credit Suisse First
         Boston, Eleven Madison Avenue, New York, NY 10010, Attention of Agency
         Services (Telecopy No. +1-212-325-8304); and

                  (c) if to a Lender, to it at its address (or telecopy number)
         set forth in Schedule 2 or in the Assignment and Acceptance pursuant to
         which such Lender shall have become a party hereto.

All notices and other communications given to any party hereto in accordance
with the provisions of this Agreement shall be regarded as given and received
(i) if it is delivered or sent by fax (A) by 5:00 p.m. (local time in the place
of receipt) on a Business Day, on that day, or (B) after 5:00 p.m. (local time
in the place of receipt) on a Business Day or on a day that is not a Business
Day, on the next Business Day, and (ii) if it is sent by mail, on actual
receipt.

         SECTION 9.02. Survival of Agreement. All covenants, agreements,
representations and warranties made by the Borrower or Parent herein and in the
certificates or other instruments prepared or delivered in connection with or
pursuant to this Agreement or any other Transaction Document shall be considered
to have been relied upon by the Lenders and shall survive the making by the
Lenders of the Loans, regardless of any investigation made by the Lenders or on
their behalf, and shall continue in full force and effect as long as the
principal of or any accrued interest on any Loan or any Fee or any other amount
payable under this Agreement or any other Transaction Document is outstanding
and unpaid and so long as the Commitments have not been terminated. The
provisions of Sections 2.14, 2.16, 2.20 and 9.05 shall remain operative and in
full force and effect regardless of the expiration of the term of this
Agreement, the consummation of the transactions contemplated hereby, the
repayment of any of the Loans, the expiration of the Commitments, the invalidity
or unenforceability of any term or provision of this Agreement or any other
Transaction Document, or any investigation made by or on behalf of the
Administrative Agent or any Lender.

         SECTION 9.03. Binding Effect. This Agreement shall become effective
when it shall have been executed by the Borrower, Parent and the Administrative
Agent and when the Administrative Agent shall have received counterparts hereof
which, when taken together, bear the signatures of each of the other parties
hereto.

         SECTION 9.04. Successors and Assigns. (a) Whenever in this Agreement
any of the parties hereto is referred to, such reference shall be deemed to
include the permitted successors and assigns of such party; and all covenants,
promises and agreements by or on

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behalf of the Borrower, Parent, the Administrative Agent or the Lenders that are
contained in this Agreement shall bind and inure to the benefit of their
respective successors and assigns.

          (b) Each Lender may assign to one or more assignees all or a portion
of its interests, rights and obligations under this Agreement (including all or
a portion of its Commitment and the Loans at the time owing to it); provided,
however, that (i) except in the case of an assignment to a Lender or an
Affiliate or Related Fund of a Lender, (A) the Borrower and the Administrative
Agent must give their prior written consent to such assignment (which consent
shall not be unreasonably withheld); provided, however, that the consent of the
Borrower shall not be required to any such assignment during the continuance of
any Event of Default and (B) the amount of the Commitment or Loan of the
assigning Lender subject to each such assignment (determined as of the date the
Assignment and Acceptance with respect to such assignment is delivered to the
Administrative Agent) shall not be less than US$1,000,000 (or, if less, the
entire remaining amount of such Lender's Commitment or Loan), (ii) the parties
to each such assignment shall either (A) execute and deliver to the
Administrative Agent an Assignment and Acceptance, together with a processing
and recordation fee of US$3,500, or (B) electronically execute and deliver to
the Administrative Agent an Assignment and Acceptance via an electronic
settlement system acceptable to the Administrative Agent (which initially shall
be ClearPar, LLC but shall also include any such other electronic settlement
system as may be notified by the Administrative Agent from time to time) and
(iii) the assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire and the applicable tax
forms. Upon acceptance and recording pursuant to paragraph (e) of this Section
9.04, from and after the effective date specified in each Assignment and
Acceptance, (A) the assignee thereunder shall be a party hereto and, to the
extent of the interest assigned by such Assignment and Acceptance, have the
rights and obligations of a Lender under this Agreement and (B) the assigning
Lender thereunder shall, to the extent of the interest assigned by such
Assignment and Acceptance, be released from its obligations under this Agreement
(and, in the case of an Assignment and Acceptance covering all or the remaining
portion of an assigning Lender's rights and obligations under this Agreement,
such Lender shall cease to be a party hereto but shall continue to be entitled
to the benefits of Sections 2.14, 2.16, 2.20 and 9.05, as well as to any Fees
accrued for its account and not yet paid). Notwithstanding the foregoing, no
assignee, which as of the date of any assignment to it pursuant to this Section
9.04(b) would be entitled to receive any greater payment under Section 2.14,
2.16 or 2.20 than the assigning Lender would have been entitled to receive as of
such date under such Sections with respect to the rights assigned, shall be
entitled to receive such greater payments unless the Borrower has consented in
writing to the assignment and agreed in writing to waive the benefit of this
sentence.

          (c) By executing and delivering an Assignment and Acceptance, the
assigning Lender thereunder and the assignee thereunder shall be deemed to
confirm to and agree with each other and the other parties hereto as follows:
(i) such assigning Lender warrants that it is the legal and beneficial owner of
the interest being assigned thereby free and clear of any adverse claim and that
its Commitment and the outstanding balance of its Loans, without giving effect
to assignments thereof which have not become effective, are as set forth in such
Assignment and Acceptance; (ii) except as set forth in (i) above, such assigning
Lender makes no representation or warranty and assumes no responsibility with
respect to any statements, warranties or representations made in or in
connection with this Agreement, or the execution, legality, validity,
enforceability, genuineness, sufficiency or

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value of this Agreement, any other Transaction Document or any other instrument
or document furnished pursuant hereto, or the financial condition of the
Borrower or any Subsidiary or the performance or observance by the Borrower or
any Subsidiary of any of its obligations under this Agreement, any other
Transaction Document or any other instrument or document furnished pursuant
hereto; (iii) such assignee represents and warrants that it is legally
authorized to enter into such Assignment and Acceptance; (iv) such assignee
confirms that it has received a copy of this Agreement, together with copies of
the most recent Financial Statements referred to in Section 3.02(b) or delivered
pursuant to Section 5.02 and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into
such Assignment and Acceptance; (v) such assignee will independently and without
reliance upon the Administrative Agent, such assigning Lender or any other
Lender and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking
action under this Agreement; (vi) such assignee appoints and authorizes the
Administrative Agent to take such action as agent on its behalf and to exercise
such powers under this Agreement as are delegated to the Administrative Agent by
the terms hereof, together with such powers as are reasonably incidental
thereto; and (vii) such assignee agrees that it will perform in accordance with
their terms all the obligations which by the terms of this Agreement are
required to be performed by it as a Lender.

         (d) The Administrative Agent, acting for this purpose as an agent of
the Borrower, shall maintain at one of its offices in The City of New York a
copy of each Assignment and Acceptance delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitment of,
and principal amount of the Loans owing to, each Lender pursuant to the terms
hereof from time to time (the "Register"). The entries in the Register shall be
conclusive and the Borrower, the Administrative Agent and the Lenders may treat
each person whose name is recorded in the Register pursuant to the terms hereof
as a Lender hereunder for all purposes of this Agreement, notwithstanding notice
to the contrary. The Register shall be available for inspection by the Borrower
and any Lender, at any reasonable time and from time to time upon reasonable
prior notice.

         (e) Upon its receipt of a duly completed Assignment and Acceptance
executed by an assigning Lender and an assignee, an Administrative Questionnaire
completed in respect of the assignee (unless the assignee shall already be a
Lender hereunder), the processing and recordation fee required by paragraph (b)
above (if any), the applicable tax forms completed in respect of the assignee
(unless the assignee shall already be a Lender hereunder) and, if required, the
written consent of the Borrower and the Administrative Agent to such assignment,
the Administrative Agent shall (i) accept such Assignment and Acceptance and
(ii) record the information contained therein in the Register. No assignment
shall be effective unless it has been recorded in the Register as provided in
this paragraph (e).

         (f) Each Lender may without the consent of the Borrower or the
Administrative Agent sell participations to one or more banks or other entities
in all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitment and the Loans owing to it);
provided, however, that (i) such Lender's obligations under this Agreement shall
remain unchanged, (ii) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations, (iii) the participating
banks or other entities shall be entitled to the benefit of the cost protection
provisions contained in Sections 2.14, 2.16 and 2.20 to the same extent as if
they were Lenders (but, with respect

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to any particular participant, to no greater extent than the Lender that sold
the participation to such participant) and (iv) the Borrower, the Administrative
Agent and the Lenders shall continue to deal solely and directly with such
Lender in connection with such Lender's rights and obligations under this
Agreement, and such Lender shall retain the sole right to enforce the
obligations of the Borrower relating to the Loans and to approve any amendment,
modification or waiver of any provision of this Agreement (other than
amendments, modifications or waivers decreasing any fees payable hereunder or
the amount of principal of or the rate at which interest is payable on the
Loans, extending any scheduled principal payment date or date fixed for the
payment of interest on the Loans, increasing or extending the Commitments or
releasing any Guarantor or all or substantially all of the Securities). All
amounts payable by the Borrower to any Lender hereunder in respect of any Loan
and the applicability of the costs protection provisions contained in Section
2.14, 2.16 and 2.20 shall be determined as if such Lender had not sold or agreed
to sell any participation in such Loan, and as if such Lender were funding the
participated portion of such Loan the same way that it is funding the portion of
such Loan in which no participation has been sold.

         (g) Any Lender or participant may, in connection with any assignment or
participation or proposed assignment or participation pursuant to this Section
9.04, disclose to the assignee or participant or proposed assignee or
participant any information relating to the Borrower furnished to such Lender by
or on behalf of the Borrower; provided that, prior to any such disclosure of
information, each such assignee or participant or proposed assignee or
participant shall execute an agreement whereby such assignee or participant
shall agree (subject to customary exceptions) to preserve the confidentiality of
such confidential information on terms no less restrictive than those applicable
to the Lenders pursuant to Section 9.17.

         (h) Any Lender may (without the consent of the Borrower or the
Administrative Agent) at any time assign all or any portion of its rights under
this Agreement to secure extensions of credit to such Lender or in support of
obligations owed by such Lender (including, if such Lender is a fund that
invests in bank loans, to a trustee for holders of obligations owed, or
securities issued, by such fund); provided that no such assignment shall release
a Lender from any of its obligations hereunder or substitute any such assignee
for such Lender as a party hereto and any foreclosure or exercise of remedies by
such assignee or trustee shall be subject to the provisions of this Section 9.04
regarding assignments in all respects.

         (i) Notwithstanding anything to the contrary contained herein, any
Lender (a "Granting Lender") may grant to a special purpose funding vehicle (an
"SPC"), identified as such in writing from time to time by the Granting Lender
to the Administrative Agent and the Borrower, the option to provide to the
Borrower all or any part of any Loan that such Granting Lender would otherwise
be obligated to make to the Borrower pursuant to this Agreement; provided that
(i) nothing herein shall constitute a commitment by any SPC to make any Loan and
(ii) if an SPC elects not to exercise such option or otherwise fails to provide
all or any part of such Loan, the Granting Lender shall be obligated to make
such Loan pursuant to the terms hereof. The making of a Loan by an SPC hereunder
shall utilize the Commitment of the Granting Lender to the same extent, and as
if, such Loan were made by such Granting Lender. Each party hereto hereby agrees
that no SPC shall be liable for any indemnity or similar payment obligation
under this Agreement (all liability for which shall remain with the Granting
Lender as if it had made such Loan itself). In furtherance of the foregoing,
each party hereto hereby agrees (which agreement shall survive the

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termination of this Agreement) that, prior to the date that is one year and one
day after the payment in full of all outstanding commercial paper or other
senior indebtedness of any SPC, it will not institute against, or join any other
person in instituting against, such SPC any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under the laws of the United
States or any State thereof. In addition, notwithstanding anything to the
contrary contained in this Section 9.04, any SPC may (i) with notice to, but
without the prior written consent of, the Borrower and the Administrative Agent
and without paying any processing fee therefor, assign all or a portion of its
interests in any Loans to the Granting Lender or to any financial institutions
(consented to by the Borrower and Administrative Agent) providing liquidity
and/or credit support to or for the account of such SPC to support the funding
or maintenance of Loans and (ii) disclose on a confidential basis any non-public
information relating to its Loans to any rating agency, commercial paper dealer
or provider of any surety, guarantee or credit or liquidity enhancement to such
SPC. Notwithstanding the foregoing, no SPC, which as of the date of any granting
to it pursuant to this Section 9.04(i) would be entitled to receive any greater
payment under Section 2.14, 2.16 or 2.20 than the Granting Lender would have
been entitled to receive as of such date under such Sections with respect to the
rights granted, shall be entitled to receive such greater payments unless the
Borrower has consented in writing to the granting and agreed in writing to waive
the benefit of this sentence.

         (j) Neither Parent nor the Borrower shall assign or delegate any of its
rights or duties hereunder without the prior written consent of the
Administrative Agent and each Lender, and any attempted assignment without such
consent shall be null and void.

         SECTION 9.05. Expenses; Indemnity. (a) The Borrower and Parent agree,
jointly and severally, to pay all reasonable out-of-pocket expenses incurred by
the Administrative Agent in connection with the syndication of the Commitments
and the preparation and administration of this Agreement and the other
Transaction Documents or in connection with any amendments, modifications or
waivers of the provisions hereof or thereof (whether or not the transactions
hereby or thereby contemplated shall be consummated) or incurred by the
Administrative Agent or any Lender in connection with the enforcement or
protection of its rights in connection with this Agreement and the other
Transaction Documents or in connection with the Loans made issued hereunder,
including the reasonable fees, charges and disbursements of Cravath, Swaine &
Moore, counsel for the Administrative Agent and, in connection with any such
enforcement or protection, the reasonable fees, charges and disbursements of any
other counsel for the Administrative Agent or any Lender.

         (b) The Borrower and Parent agree, jointly and severally, to indemnify
the Administrative Agent, each Lender and each Related Party of any of the
foregoing persons (each such person being called an "Indemnitee") against, and
to hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related expenses, including reasonable counsel fees, charges and
disbursements, incurred by or asserted against any Indemnitee arising out of, in
any way connected with, or as a result of (i) the execution or delivery of this
Agreement or any other Transaction Document or any agreement or instrument
contemplated thereby, the performance by the parties thereto of their respective
obligations thereunder or the consummation of the Transactions and the other
transactions contemplated thereby, (ii) the use of the proceeds of the Loans,
(iii) any claim, litigation, investigation or proceeding relating to any of the
foregoing, whether or not any Indemnitee is a party thereto or (iv) any actual
or alleged presence or release of hazardous or environmentally sensitive
materials on any property owned or operated by

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                                                                              84

Parent, the Borrower or any of the other Subsidiaries, or any Environmental
Liability related in any way to Parent, the Borrower or any of the other
Subsidiaries; provided that such indemnity shall not, as to any Indemnitee, be
available to the extent that such losses, claims, damages, liabilities or
related expenses are determined by a court of competent jurisdiction by final
and nonappealable judgment to have resulted from the bad faith, gross negligence
or wilful misconduct of such Indemnitee.

         (c) To the extent that Parent and the Borrower fail to pay any amount
required to be paid by them to the Administrative Agent under paragraph (a) or
(b) of this Section, each Lender severally agrees to pay to the Administrative
Agent such Lender's pro rata share (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought) of such unpaid
amount; provided that the unreimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or
asserted against the Administrative Agent in its capacity as such. For purposes
hereof, a Lender's "pro rata share" shall be determined based upon its share of
the outstanding Loans.

         (d) To the extent permitted by applicable law, neither Parent nor the
Borrower shall assert, and each hereby waives, any claim against any Indemnitee,
on any theory of liability, for indirect or consequential damages (as opposed to
direct or actual damages) arising out of, in connection with, or as a result of,
this Agreement or any agreement or instrument contemplated hereby, the
Transactions, any Loan or the use of the proceeds thereof.

         (e) The provisions of this Section 9.05 shall remain operative and in
full force and effect regardless of the expiration of the term of this
Agreement, the consummation of the transactions contemplated hereby, the
repayment of any of the Loans, the expiration of the Commitments, the invalidity
or unenforceability of any term or provision of this Agreement or any other
Transaction Document, or any investigation made by or on behalf of the
Administrative Agent or any Lender. All amounts due under this Section 9.05
shall be payable on written demand therefor.

         SECTION 9.06. Right of Setoff. If an Event of Default shall have
occurred and be continuing, each Lender is hereby authorized at any time and
from time to time, except to the extent prohibited by law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final)
at any time held and other indebtedness at any time owing by such Lender to or
for the credit or the account of any Group Member against any of and all the
obligations for moneys owing by any Group Member under this Agreement or the
other Transaction Documents to such Lender. The rights of each Lender under this
Section 9.06 are in addition to other rights and remedies (including other
rights of setoff) which such Lender may have.

         SECTION 9.07. Applicable Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

         SECTION 9.08. Waivers; Amendment. (a) No failure or delay of the
Administrative Agent or any Lender in exercising any power or right hereunder or
under any other Transaction Document shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other
right or power. The rights and remedies of the Administrative Agent and the
Lenders hereunder and under the other Transaction Documents are cumulative and

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                                                                              85

are not exclusive of any rights or remedies that they would otherwise have. No
waiver of any provision of this Agreement or any other Transaction Document or
consent to any departure by the Borrower or any other Group Party therefrom
shall in any event be effective unless the same shall be permitted by paragraph
(b) below, and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given. No notice or demand on
the Borrower or Parent in any case shall entitle the Borrower or Parent to any
other or further notice or demand in similar or other circumstances.

         (b) Neither this Agreement nor any provision hereof may be waived,
amended or modified except pursuant to an agreement or agreements in writing
entered into by the Borrower, Parent and the Required Lenders; provided,
however, that no such agreement shall (i) decrease the principal amount of, or
extend the maturity of or any scheduled principal payment date or date for the
payment of any interest on any Loan, or waive or excuse any such payment or any
part thereof, or decrease the rate of interest on any Loan, without the prior
written consent of each Lender affected thereby, (ii) increase or extend the
Commitment or decrease or extend the date for payment of the fees of any Lender
without the prior written consent of such Lender, (iii) amend or modify the pro
rata requirements of Section 2.17, the provisions of Section 9.04(j) or release
any Guarantor or all or substantially all of the Securities, without the prior
written consent of each Lender, (iv) reduce the percentage contained in the
definition of the term "Required Lenders" (it being understood that with the
consent of the Required Lenders, additional extensions of credit pursuant to
this Agreement may be included in the determination of the Required Lenders on
substantially the same basis as the Commitments on the date of this Agreement)
or (v) modify the protections afforded to an SPC pursuant to the provisions of
Section 9.04(i) without the written consent of such SPC; provided further that
no such agreement shall amend, modify or otherwise affect the rights or duties
of the Administrative Agent hereunder or under any other Transaction Document
without the prior written consent of the Administrative Agent.

         SECTION 9.09. Interest Rate Limitation. Notwithstanding anything herein
to the contrary, if at any time the interest rate applicable to any Loan,
together with all fees, charges and other amounts which are treated as interest
on such Loan under applicable law (collectively the "Charges"), shall exceed the
maximum lawful rate (the "Maximum Rate") which may be contracted for, charged,
taken, received or reserved by the Lender holding such Loan in accordance with
applicable law, the rate of interest payable in respect of such Loan hereunder,
together with all Charges payable in respect thereof, shall be limited to the
Maximum Rate and, to the extent lawful, the interest and Charges that would have
been payable in respect of such Loan but were not payable as a result of the
operation of this Section 9.09 shall be cumulated and the interest and Charges
payable to such Lender in respect of other Loans or periods shall be increased
(but not above the Maximum Rate therefor) until such cumulated amount, together
with interest thereon at the Federal Funds Effective Rate to the date of
repayment, shall have been received by such Lender.

         SECTION 9.10. Entire Agreement. This Agreement, the Fee Letter and the
other Transaction Documents constitute the entire contract between the parties
relative to the Loans and Borrowings hereunder. Any other previous agreement
among the parties with respect to the subject matter hereof is superseded by
this Agreement and the other Transaction Documents. Nothing in this Agreement or
in the other Transaction Documents, expressed or implied, is intended to confer
upon any person (other than the parties hereto and thereto, their respective
successors and assigns permitted hereunder and, to the extent

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                                                                              86

expressly contemplated hereby, the Related Parties of each of the Administrative
Agent and the Lenders) any rights, remedies, obligations or liabilities under or
by reason of this Agreement or the other Transaction Documents.

         SECTION 9.11. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF,
UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER TRANSACTION
DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS, AS
APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN
THIS SECTION 9.11.

         SECTION 9.12. Severability. In the event any one or more of the
provisions contained in this Agreement should be held invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein and therein shall not in any way be
affected or impaired thereby (it being understood that the invalidity of a
particular provision in a particular jurisdiction shall not in and of itself
affect the validity of such provision in any other jurisdiction). The parties
shall endeavor in good-faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable
provisions.

         SECTION 9.13. Counterparts. This Agreement may be executed in
counterparts (and by different parties hereto on different counterparts), each
of which shall constitute an original but all of which when taken together shall
constitute a single contract, and shall become effective as provided in Section
9.03. Delivery of an executed signature page to this Agreement by facsimile
transmission shall be as effective as delivery of a manually signed counterpart
of this Agreement.

         SECTION 9.14. Headings. Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of this
Agreement and are not to affect the construction of, or to be taken into
consideration in interpreting, this Agreement.

         SECTION 9.15. Jurisdiction; Consent to Service of Process. (a) Each of
Parent and the Borrower hereby irrevocably and unconditionally submits, for
itself and its property, to the nonexclusive jurisdiction of any New York State
court or Federal court of the United States sitting in New York City, and any
appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement, or for recognition or enforcement of any judgment,
and each of the parties hereto hereby irrevocably and unconditionally agrees
that all claims in respect of any such action or proceeding may be heard and
determined in such New York State or, to the extent permitted by law, in such
Federal court. Each of the parties hereto agrees that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Agreement shall affect

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                                                                              87

any right that the Administrative Agent or any Lender may otherwise have to
bring any action or proceeding relating to this Agreement against the Borrower,
Parent or their respective properties in the courts of any jurisdiction.

         (b) Each of Parent and the Borrower hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do
so, any objection which it may now or hereafter have to the laying of venue of
any suit, action or proceeding arising out of or relating to this Agreement in
any New York State or Federal court. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such
court.

         (c) Subject to paragraph (d), each party to this Agreement irrevocably
consents to service of process in the manner provided for notices in Section
9.01. Nothing in this Agreement will affect the right of any party to this
Agreement to serve process in any other manner permitted by law.

         (d) Parent irrevocably designates, appoints and empowers CT Corporation
System ("CT Corporation"), with offices at 111 Eighth Avenue, 13th Floor, New
York, New York 10011, as its designee, appointee and authorized agent to receive
for and on its behalf service (i) of any and all legal process, summons, notices
and documents that may be served in any action, suit or proceeding brought
against it with respect to its obligations, liabilities or any other matter
arising out of or in connection with this Agreement and the other New
Transaction Documents and (ii) that may be made on such designee, appointee and
authorized agent in accordance with legal procedures prescribed for such courts,
and it being understood that the designation and appointment of CT Corporation
as such authorized agent shall become effective immediately without any further
action on its part. Parent represents to the Administrative Agent and the
Lenders that it has notified CT Corporation of such designation and appointment
and that CT Corporation has accepted the same, and that CT Corporation has been
paid its full fee for such designation, appointment and related services through
the date that is one year from the date of this Agreement. Parent agrees that,
to the extent permitted by law, service of process upon CT Corporation (or its
successors as agent for service of process) and written notice of said service
to Parent pursuant to Section 9.01 of this Agreement, shall be deemed in every
respect effective service of process upon it in any such suit or proceeding. If
for any reason such designee, appointee and agent hereunder shall cease to be
available to act as such, Parent agrees to designate a new designee, appointee
and agent in The City of New York, New York on the terms and for the purposes of
this Section 9.15(d) reasonably satisfactory to the Administrative Agent. Parent
further hereby irrevocably consents and agrees to the service of any and all
legal process, summons, notices and documents in any such action, suit or
proceeding against it by serving a copy thereof upon the relevant agent for
service of process referred to in this Section 9.15(d) (whether or not the
appointment of such agent shall for any reason prove to be ineffective or such
agent shall accept or acknowledge such service) and by mailing copies thereof by
registered or certified air mail, postage prepaid, to it at its address
specified in or designated pursuant to Section 9.01. Parent agrees that the
failure of any such designee, appointee and agent to give any notice of such
service to it shall not impair or affect in any way the validity of such service
or any judgment rendered in any action or proceeding based thereon. Nothing
herein shall in any way be deemed to limit the ability of the Administrative
Agent to serve any such legal process, summons, notices and documents in any
other manner permitted by applicable law.

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                                                                              88

         SECTION 9.16. Judgment Currency. (a) The obligations of the Borrower
and the other Group Parties hereunder to make payments in U.S. dollars (the
"Obligation Currency") shall not be discharged or satisfied by any tender or
recovery pursuant to any judgment expressed in or converted into any currency
other than the Obligation Currency, except to the extent that such tender or
recovery results in the effective receipt by the Administrative Agent or a
Lender of the full amount of the Obligation Currency expressed to be payable to
the Administrative Agent or such Lender under this Agreement or the other New
Transaction Documents. If, for the purpose of obtaining or enforcing judgment
against the Borrower or any other Group Party or in any court or in any
jurisdiction, it becomes necessary to convert into or from any currency other
than the Obligation Currency (such other currency being hereinafter referred to
as the "Judgment Currency") an amount due in the Obligation Currency, the
conversion shall be made at the Spot Rate as of the day on which the judgment is
given (the "Judgment Currency Conversion Date").

         (b) If there is a change in the rate of exchange prevailing between the
Judgment Currency Conversion Date and the date of actual payment of the amount
due, the Borrower covenants and agrees to pay, or cause to be paid, as a
separate obligation and notwithstanding any judgment, such additional amounts,
if any (but in any event not a lesser amount), as may be necessary to ensure
that the amount paid in the Judgment Currency, when converted at the rate of
exchange prevailing on the date of payment, will produce the amount of the
Obligation Currency which could have been purchased with the amount of Judgment
Currency stipulated in the judgment or judicial award at the rate of exchange
prevailing on the Judgment Currency Conversion Date.

         SECTION 9.17. Confidentiality. Each of the Administrative Agent and the
Lenders agrees to maintain the confidentiality of the Information (as defined
below), except that Information may be disclosed (a) to its and its Affiliates'
officers, directors, employees and agents, including accountants, legal counsel
and other advisors (it being understood that the persons to whom such disclosure
is made will be informed of the confidential nature of such Information and
instructed to keep such Information confidential), (b) to the extent requested
by any regulatory authority or quasi-regulatory authority (such as the National
Association of Insurance Commissioners), (c) to the extent required by
applicable laws or regulations or by any subpoena or similar legal process, (d)
in connection with the exercise of any remedies hereunder or under the other
Transaction Documents or any suit, action or proceeding relating to the
enforcement of its rights hereunder or thereunder, (e) subject to an agreement
containing provisions substantially the same as those of this Section 9.17, to
(i) any actual or prospective assignee of or participant in any of its rights or
obligations under this Agreement and the other Transaction Documents or (ii) any
actual or prospective counterparty (or its advisors) to any swap or derivative
transaction relating to the Borrower or any Subsidiary or any of their
respective obligations, (f) with the consent of the Borrower or (g) to the
extent such Information becomes publicly available other than as a result of a
breach of this Section 9.17, (h) to the extent the disclosure is expressly
permitted by any Transaction Document or (i) to the extent any disclosure is
made in the Bid Documents or in any offer document for the New Subordinated
Notes or NZ Holdings Capital Notes. For the purposes of this Section 9.17,
"Information" shall mean all information received from the Borrower or Parent
and related to the Borrower or Parent or their business, other than any such
information that was available to the Administrative Agent or any Lender on a
nonconfidential basis prior to its disclosure by the Borrower or Parent;
provided that, in the case of Information received from the Borrower or Parent
after the date of this Agreement, such information is clearly identified at the
time of delivery as confidential. Any person required to maintain the
confidentiality of Information as provided in this Section 9.17 shall

<PAGE>

                                                                              89

be considered to have complied with its obligation to do so if such person has
exercised the same degree of care to maintain the confidentiality of such
Information as such person would accord its own confidential information.

         SECTION 9.18. Undertaking to Pay the Administrative Agent. (a) Without
limiting any other provision of this Agreement but subject to paragraph (b)
below, Parent undertakes as a primary obligation to pay to the Administrative
Agent an amount equal to each amount (as used in this Section 9.18, an
"Underlying Amount") that it or the Borrower is liable to pay to the
Administrative Agent, a Lender or an Affiliate of a Lender from time to time
under this Agreement or a Treasury Transaction with a Lender or an Affiliate of
a Lender (whether or not it remains a Lender or an Affiliate of a Lender) (a
"Swap Counterparty"), at the time and in the currency at and in which the
Underlying Amount is so payable.

         (b) The undertaking in paragraph (a) will be taken to be satisfied in
relation to an Underlying Amount if that Underlying Amount is actually and
irrevocably paid in accordance with the terms for its payment.

         SECTION 9.19. Obligations to Rank as Priority 1 Debenture Stockholder's
Debt. Parent acknowledges that it is a condition to any Loan being made
hereunder that (a) Parent issue Priority 1 Debenture Stock (as defined in the
Security Trust Deed) to the Administrative Agent and (b) Parent nominate this
Agreement as a "Priority 1 Transaction Document" for the purposes of the
Security Trust Deed.

         SECTION 9.20. Administrative Agent to Hold Payment Undertaking and
Debenture Stock on Trust. (a) The Administrative Agent declares that it holds
the benefit of Parent's undertaking in Section 9.18, together with the Priority
1 Debenture Stock that is issued to it as contemplated by Section 9.19, on trust
for itself, the Lenders and the Swap Counterparties from time to time.

         (b) The trust established under paragraph (a) commences on the date of
this Agreement and ends (unless it is terminated earlier by the Administrative
Agent with the consent of all Lenders and of all Swap Counterparties of which it
is notified under paragraph (c)) on the day before the 21st anniversary of the
date of this Agreement.

         (c) Each Lender must notify the Administrative Agent if it enters into
a Treasury Transaction with Parent or the Borrower, giving the Administrative
Agent sufficient details of the transaction to enable it to manage its rights
and obligations under this clause.

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective authorized officers as of the day and year
first above written.

                                  BURNS PHILP INC.,

                                      by: /s/ Helen Golding
                                          ____________________________
                                          Name: Helen Golding
                                          Title: Officer & Attorney

                                  BURNS, PHILP & COMPANY LIMITED,

                                      by: /s/ Helen Golding
                                          ____________________________
                                          Name: Helen Golding
                                          Title: Attorney

                                  CREDIT SUISSE FIRST BOSTON, acting through
                                  its Cayman Islands branch, individually and as
                                  Administrative Agent,

                                      by: /s/ Joseph J. Adipietro
                                          ____________________________
                                          Name: Joseph J. Adipietro
                                          Title: Director

                                      by: /s/ Christopher Lally
                                          ____________________________
                                          Name: Christopher Lally
                                          Title: Vice President

<PAGE>

             [SIGNATURE PAGE TO THE US$270,000,000 BURNS PHILP INC.
                                CREDIT AGREEMENT]

                   Name of Lender:  ____________________________________________

                                by  ____________________________________________
                                    Name:
                                    Title:

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