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Skycity Offers Extension On Capital Notes

MEDIA RELEASE
FOR IMMEDIATE RELEASE
1 April 2005

Skycity Offers Extension On Capital Notes

SKYCITY Entertainment Group today advised the New Zealand Exchange that its Capital Notes, which were issued in 2000, mature on 15 May 2005. Existing noteholders will be offered the opportunity to extend for a further term of five years (from 16 May 2005 to 15 May 2010) at an interest rate of 8.0%, or can elect to have their notes repaid.

The interest rate of 8.0% for the extended term has been set at a margin over the five-year interest swap rate.

Under the terms of the Trust Deed (2000), capital noteholders are entitled to retain all or part of their capital notes beyond the election date of 16 May 2005 on the new conditions and/or elect to convert all or part of their capital notes on 16 May 2005 into fully paid SKYCITY ordinary shares. SKYCITY intends to exercise its right under the Trust Deed to purchase, for cash, any capital notes that holders have elected to convert into ordinary shares. The purchase price will be the principal amount of the note plus accrued interest.

SKYCITY’s Managing Director, Evan Davies, said he was confident that many noteholders would respond favourably to the opportunity to reinvest.

“The notes have been well regarded by investors and provide an uncomplicated, flexible funding source for SKYCITY. We’re confident the offer to extend the investment term will be well received by existing noteholders,” said Mr Davies.

Noteholders have until 27 April 2005 to advise their election. The extension of the note term for a further five years is available to existing noteholders only. The extension does not represent the issue of a new security by SKYCITY.

ENDS

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