1H19 EARNINGS GUIDANCE

1H19 Earnings Guidance SKYCITY has had a strong finish to the half-year period to 31 December 2018 and expects to report better-than-expected growth in normalised earnings for the period. This growth is primarily due to a favourable performance in Auckland and strong growth in the International Business. SKYCITY currently expects normalised EBITDA in 1H19 to be around $189m (up around 10% on 1H18(1)) and normalised NPAT in 1H19 to be around $97 million (up around 11% on 1H18(1)). The expected reported results for 1H19 differ from the expected normalised results primarily due an adjustment for the actual win rate in the International Business. The actual win rate was 0.98% in 1H19, which was below the theoretical win rate of 1.35%, and compares to an actual win rate of 1.70% in 1H18. Reported EBITDA in 1H19 is expected to be around $165 million and reported NPAT in 1H19 is expected to be around $82 million. These expected earnings results remain subject to audit review and SKYCITY Board approval. Reflecting the expected performance in 1H19, SKYCITY now expects that earnings for the full year to 30 June 2019 will be slightly ahead of the previous guidance for modest growth in normalised EBITDA. However, earnings growth in 2H19 will be harder to achieve given the improved performance achieved in 2H18. Further details will be provided when SKYCITY announces its interim results on 13 February 2019. (1) Note that the 1H18 normalised results reported on 9 February 2018 were adjusted for corrections to the calculation of International Business turnover, as announced to the NZX and ASX on 1 May 2018. For more information, contact: Ben Kay GM, Corporate Development & Investor Relations DDI: +64 9 363 6067 Email: ben.kay@skycity.co.nz End CA:00329901 For:SKC Type:MKTUPDTE Time:2019-01-29 09:04:52