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Cup Village Investment Attracts Huge Dividend

Statement made by Peter Kiely, Chairman, America's Cup Village Limited

The America's Cup Economic Impact Report confirms that developing the Cup Village was the best infrastructure investment the region has ever made.

On the basis of the economic activity and jobs created alone, the region and country received a handsome dividend on the $23.5 million invested by Infrastructure Auckland, through America's Cup Village Limited.

In addition there are other major benefits such as the international advertising exposure, the creation of an inner city residential community and the transformation of a once derelict area into the entertainment heart of the City.

It is impossible to place dollar values on these. The good news for the region is that the huge investment return is not a one off. It will all be repeated in 2003 when the America's Cup is again defended, and also in a more modest way in 2002 when competitors in the Volvo Ocean Race stop over.

This report makes it very clear that it is wrong to think of developing the Cup Village as a "cost". It was an investment in setting up an event, and that event has well and truly rewarded its shareholders, which in this case is the region and the country.

We are particularly pleased that the report has been able to put a value on the substantial contribution the super yachts ( $118 million ) and international and business visitors ( $184 million ) made to the economy.

Without the Cup Village the super yachts would not have visited this country, and without the super yachts a key attraction for visitors would have been missing.

The super yacht fleet will be a major feature of the 2003 event, and all indications are that a larger flotilla will assemble in the Cup Village than for the last event.

Currently, we have a representative at the Genoa Boat Show promoting our marina facilities and he reports a level of interest way beyond our expectations.

On that basis, the country and region can expect another huge dividend from its investment in the Village.

What the Economic Impact Report vindicates is the vision and courage of those who agreed to create a base for the America's Cup regatta. Without Infrastructure Auckland's investment there would have been no Cup Village and land based event. Without the Village there would have been a much lower payback for the country and the region from the America's Cup regatta. And no repeat in 2003.

For further information please contact: Peter Kiely Chairman, ACVL Tel: 0-9-366 5110 or 025 715 111

Issued on behalf of ACVL by Network Communications Dennis Lynch Network Communications Tel: 0-9-379 3154

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