ASX / MEDIA RELEASE FOR IMMEDIATE RELEASE 12 December 2007

CROWN AGREES TO ACQUIRE CANNERY CASINO RESORTS

MELBOURNE: Crown Limited (ASX: CWN) announced today that it had signed an agreement to acquire 100% of the equity interests in Cannery Casino Resorts LLC (“CCR”) on a cash and debt free basis for US$1,752 million plus acquisition costs (estimated to be approximately US$49.6 million)

CCR currently operates four casinos in Nevada and Western Pennsylvania in the USA, catering to local and regional customers:

° The Cannery Hotel and Casino in North Las Vegas, Nevada ° Nevada Palace Casino on the Boulder Strip in East Las Vegas, Nevada ° Rampart Casino in Summerlin (West Las Vegas), Nevada (operated under a management contract) ° The Meadows Racetrack & Casino (temporary facility) located in Pittsburgh, Pennsylvania

CCR is also developing two casino/hotel complexes which are expected to be completed or substantially completed prior to financial close of the acquisition:

° East Side Cannery in East Las Vegas, Nevada with an expected completion date of September 2008 (which will replace the existing Nevada Palace) ° The Meadows Racetrack & Casino permanent facility with an expected completion date of April 2009 (which will replace the existing temporary facility)

At completion of these two construction projects, CCR will operate approximately 8,400 slots and 75 tables and over 720 hotel rooms throughout its properties.

CCR is owned by Millennium Gaming Inc (58%), which is a joint venture between Bill Paulos and Bill Wortman, and entities managed by Oaktree Capital Management, LP through affiliates (42%).

The Executive Chairman of Crown, Mr James Packer, said “CCR’s existing shareholders – Bill Paulos, Bill Wortman and Oaktree - have created first class locals properties located in markets with attractive, long term growth prospects. Crown’s skills and experience in operating successful locals casinos will enable us to grow the CCR business further.”

CCR’s joint CEO and part owner, Mr Bill Paulos, said, “Crown is a world class operator. We absolutely believe that Crown’s acquisition of Cannery Casino Resorts is a great fit for our company and the future of our employees."

Transaction completion and financial close will not occur until Crown has received all of the necessary gaming

For personal use only use personal For approvals required to own and operate the casinos within the CCR portfolio. This includes approvals from the Nevada Gaming Commission, Pennsylvania Gaming Control Board and the Pennsylvania Harness Racing Commission. It is estimated that this process will take at least 12 months.

Accordingly finalisation of the acquisition of CCR is expected to occur after all construction on East Side Cannery is complete and The Meadows permanent facility is close to completion. The vendors are responsible for finalisation of the construction of East Side Cannery and The Meadows permanent facility and

G:\Crown Limited\Legal\COMPANY SECRETARIAL\Crown Limited\ASX Announcements\ASX Cannery Acquisition Announcement (12-12-07).doc the purchase price paid by Crown will be reduced to the extent that there is any construction capital expenditure remaining to be spent at completion. The purchase price is also subject to an adjustment dependant on the actual timing of the receipt of the necessary gaming approvals.

Crown’s CEO, Mr Rowen Craigie said, “The acquisition of CCR is strategically and financially compelling for Crown. CCR provides Crown with an entry point into the US industry via a well managed and successful company.”

“CCR presents Crown with high quality new or near new facilities without exposure to construction risk and without high capital expenditure requirements,” Mr Craigie said

On completion, the acquisition will be funded from Crown’s existing cash reserves and is expected to be accretive to Crown’s earnings per share.

Macquarie Securities (USA) and Global Leisure Partners, LLP acted as financial advisers and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal adviser to Crown in this transaction.

ENDS

ATTACHMENT:

Briefing Pack

MEDIA ENQUIRIES:

Gary O’Neill (Crown) – (+613) 9292 7268 or 0401 144 692 (mobile)

Tom Willer (CCR) – (+1 702) 856-5112

COPIES OF RELEASES

Copies of previous media and ASX announcements issued by Crown are available at Crown’s website at www.crownlimited.com.

For personal use only use personal For

G:\Crown Limited\Legal\COMPANY SECRETARIAL\Crown Limited\ASX Announcements\ASX Cannery Acquisition Announcement (12-12-07).doc Crown Limited (Australia) Acquisition of Cannery

Casino Resorts, LLC (USA) For personal use only use personal For Briefing Pack

1 Cannery Casino Resorts, LLC (“CCR”)

58%* 42%**

CanneryCannery RampartRampart EastsideEastside CasinoCasino andand TheThe MeadowsMeadows CasinoCasino CanneryCannery HotelHotel (Las(Las (Pittsburgh)(Pittsburgh) (Las(Las Vegas)Vegas) (Las(Las Vegas)Vegas)

Vegas)Vegas) For personal use only use personal For

* Millennium Gaming is owned equally by Bill Paulos and Bill Wortman 2 ** Entities managed by Oaktree Capital Management, L.P. Cannery Casino Resorts, LLC

Nevada Pennsylvania For personal use only use personal For

3 Las Vegas Market

Speedway

Nellis Air Force Base Cannery

Summerlin

Rampart

Las Vegas Strip East Side Cannery

Boulder

Hwy For personal use only use personal For

Henderson 4 Pennsylvania Market

NY • Erie

Pennsylvania

Wilkes-Barre OH •

• Pittsburgh

The Meadows Harrisburg• • Philadelphia NJ

WV MD For personal use only use personal For

Category 1 casinos (open) Category 1 casinos (proposed) Category 2 casinos (open) Category 2 casinos (proposed)

5 Cannery Casino Resorts, LLC

• Formed in 2001 – has achieved rapid growth in operating scale • Operates conveniently located casinos catering to ‘locals’ customers: – gaming offering closely matched to customer preferences – attractive non-gaming amenities at reasonable prices – attentive customer service in a friendly, casual atmosphere – innovative, focussed promotional programs and offers • Strong management team with significant skills and experience in the gaming industry – E.g. New York New York, Excalibur and Luxor casinos in Las

Vegas For personal use only use personal For • Proven development experience and track record of delivering projects on time and on budget 6 Cannery Casino and Hotel – North Las Vegas, Nevada

• Serves mid-market neighbourhood of North Las Vegas – Ranked the fastest growing ‘large city’ in the USA in July 2007 – Forecast population annual growth of 6.7% between 2006 – 2020 – The North Las Vegas market has recorded consistently strong growth in recent years, over 10% p.a. from 2003 to 2006 • Near-new property, recently extended to cater to strong demand • Has grown share of North Las Vegas market every year since opening in 2003 • Property facilities: – 1,967 slots and 21 tables – 200 hotel rooms – 2,000 parking spaces – Sports book, bingo hall, poker room – 14 screen cinema complex

– 2 bars and 5 restaurants For personal use only use personal For

7 Rampart Casino – Las Vegas, Nevada

• Operated under lease within the 541 room JW Marriot Resort at Summerlin, west Las Vegas • Attractive market: – Above average income per capita and population growth – Limited competition – served by only 3 significant properties – Red Rock, Sun Coast and Rampart – Relatively under serviced market • Property facilities: – 1,230 slots and 26 tables – Race and sports book – Three restaurants and a range of bars – Part of JW Marriott Resort For personal use only use personal For • Current lease expires 2012

8 – Las Vegas, Nevada

• Currently under construction and expected to open in Sep 2008 – will replace existing Nevada Palace Casino • Located on the Boulder Hwy in east Las Vegas – Increasingly busy arterial road benefiting from new residential development and connection with new Hoover Dam bypass – Significant $1bn+ market – First new, modern and branded casino on ‘Boulder Strip’ in over 10 years • Phase I expected to comprise: – 2,000 slots and 26 tables – 314 room hotel – 135 seat race and sports book – 6 bars and 5 restaurants

For personal use only use personal For • Significant excess land available for expansion if customer demand warrants

9 The Meadows – Pittsburgh, Pennsylvania

• CCR secured one of only 7 Category 1 slot licences in Pennsylvania, and one of only 2 in the Pittsburgh area • Temporary facility opened June 2007 - contains 1,816 slots at existing harness racing facility • Permanent facility targeted to open April 2009, containing: – At least 3,150 slots (Note: license permits up to 5,000 slots) – 200 room hotel and luxury spa – A lounge, cabaret and theatre – Range of specialty restaurants and bars, 250-seat food court – Sports bar with simulcast centre – Conference and Convention facilities • Estimated creation of up to 1,200 local jobs

For personal use only use personal For • As the first property in the Pittsburgh area (only one for next 2 years), The Meadows has an important first-mover advantage – customer loyalty 10

The Meadows – Temporary Facility For personal use only use personal For

11

The Meadows – Permanent Facility For personal use only use personal For

12 Crown Limited

Melbourne,Melbourne, Perth,Perth, MiamiMiami && LasLas Macau,Macau, LasLas Vegas,Vegas, Australia/Australia/ LasLas VegasVegas AustraliaAustralia AustraliaAustralia UK,UK, 50%50% Canada,Canada, Vegas,Vegas, USAUSA 37.9%37.9% USAUSA 37.5%37.5% NewNew ZealandZealand andand 100%100% 100%100% ownedowned 50%50% ownedowned 19.6%19.6% ownedowned ownedowned 50%50% ownedowned PittsburghPittsburgh11 ownedowned ownedowned ownedowned

LVTI

For personal use only use personal For 1. Subject to US gaming regulatory approval

13 Crown Limited

• Crown is listed on the Australian Stock exchange with a market capitalisation of approx A$9.5bn (US$8.4bn) • Businesses and investments are in the gaming industry • Crown wholly owns and operates two of the largest gaming and entertainment complexes in Australia – Crown Entertainment Complex in Melbourne – Burswood Entertainment Complex in Perth • Crown owns international gaming businesses and investments which complement these Australian businesses • Crown employs over 10,000 people in its Australian businesses • Crown and its key employees are licensed in multiple

international jurisdictions For personal use only use personal For

14 Acquisition Summary

• Acquisition of 100% of CCR for US$1,752m (plus acquisition costs) on a cash and debt free basis utilising Crown’s existing cash reserves • Acquired on a post-construction capex basis – CCR vendors responsible for entire costs of construction completion, and facility opening for both Eastside Cannery and The Meadows permanent casino – Vendors have proven track record of on time on budget developments • Completion and payment occurs when Crown is licensed in both Nevada and Pennsylvania (anticipated to be at least 12 months) • The purchase price is subject to adjustment for early/late

For personal use only use personal For gaming regulatory approvals and construction cost overruns/timing delays

15 Impact on Crown Limited

• Estimated to be immediately EPS accretive for Crown post completion • Significant uplift in cash flows expected once new projects are online • Post completion of the transaction, Crown will have a solid balance sheet and strong cash flows: – Investment grade debt profile and credit ratios – Further leverage capacity based upon consolidation of 100% of the CCR cash flows

– Increased geographic diversity of earnings For personal use only use personal For

16 Strategic Rationale

• CCR has operations in attractive “locals” markets with limits to new competition in the form of limited numbers of licences and planning / zoning restrictions

• Delivers Crown high quality new or near new facilities without exposure to construction risk and with comparatively low ongoing Capex requirements

• CCR has an attractive long-term growth profile, which will be enhanced by Crown’s proven track record of successfully operating large casinos

• Provides an ideal entry into the US locals casino industry For personal use only use personal For

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Supplementary Information For personal use only use personal For

18 Las Vegas Market

• Lowest gaming tax rate in the USA • Stable and transparent regulatory regime • High barriers to entry - Neighbourhood Casino Act limits future development of new casino properties • CY2006 total ‘locals’ gaming revenue of US$3.3b • Strong historic locals gaming growth rate (CY1992-2006 CAGR: 9%) • Per capita personal income growth similar over same period • Population has grown at a CAGR of >5% over the last 15 years - more than 5x the national average • Population forecast to grow at CAGR of 4.6% (2006-2010) – almost 3.5x the national average • Employment growth of ~2.7% over next four years • Key indicators expected to remain strong over the long

term For personal use only use personal For

19 Pittsburgh Area Market

• Large locals market – est. population within 50 miles of The Meadows is 2.8m and within 100 miles is 6.4m

• Newly established industry with good growth prospects

• Income growth expected to be between 3% and 5% p.a. between 2006 and 2010

• Actual state-wide gaming win has exceeded initial Government estimates on a per machine basis

• Restricted number of competitors – most of which are located in Eastern Pennsylvania (~300 miles from Pittsburgh)

• When complete, there will only be 4 gaming facilities within 100 miles of The Meadows incl. 2 within West Virginia (downtown

For personal use only use personal For Pittsburgh competitor opening later than expected)

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