SUMMARYA method is described for production of the extracellular haemolytic growth-product of Bacillus cereus. The lytic substance, called ' cereolysin ', can be purified by fractional precipitation with ammonium sulphate, densitygradient electrophoresis and gel filtration. The purified material is a labile protein of molecular weight about 52,000. It has a very high order of haemolytic activity, is lethal for mice, and resembles streptolysin 0 in being inhibited by cholesterol, but differs from streptolysin 0 in other respects.