Crown Resorts : Subordinated Notes II - Key Financial Ratios

As set out in the Prospectus, the Leverage Ratio and Interest Cover Ratio will be tested every six months to determine whether or not a Mandatory Deferral Event exists in respect of Crown Subordinated Notes II.

As at 31 December 2016, no Mandatory Deferral Event existed.

A Mandatory Deferral Event exists if Crown's Interest Cover Ratio in relation to a Testing Date is less than the Minimum Level (being 2.5 times) or if Crown's Leverage Ratio in relation to two consecutive Testing Dates is above the Maximum Level (being 5.0 times). A Mandatory Deferral Event will continue until Crown's Interest Cover Ratio in relation to a Testing Date is above the Minimum Level and the Leverage Ratio has not been above the Maximum Level in relation to two consecutive Testing Dates.

The Interest Cover Ratio is calculated as Normalised EBITDA1for the relevant six month period divided by Relevant Net Interest paid for the relevant six month period.

The table below shows the Interest Cover Ratio for the six month period ended 31 December 2016.

1 Normalised EBITDA is a non-IFRS measure. This measure is used to perform the calculation of the Interest Cover Ratio as required by the Terms of the Crown Subordinated Notes. Non-IFRS measures have not been subject to audit or review. Normalised EBITDA represents EBITDA which has been adjusted to exclude the impact of any variance from the Theoretical Win Rate on VIP program play, as defined in the Prospectus.

The Leverage Ratio is calculated as Relevant Gross Debt (divided by two) for the relevant six month period to Normalised EBITDA for the relevant six month period.

Relevant Gross Debt is calculated in accordance with the Terms as Adjusted Gross Debt3less the outstanding balance of Crown's debt which is ascribed Equity Credit.

The table below shows the Leverage Ratio for the six month period ended 31 December 2016.

Enquiries - Ken Barton, Chief Financial Officer, 03 9292 8824

Copies of previous media and ASX announcements issued by Crown are available at Crown's website at www.crownresorts.com.au

Not for distribution in the United States

This release does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States (as defined in Regulation S of the U.S. Securities Act of 1993, as amended ("U.S. Securities Act")). The Notes have not been, and will not be, registered under the U.S. Securities Act and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction subject to, the registration requirements of the U.S. Securities Act and any other applicable laws.

3 Adjusted Gross Debt is a non-IFRS measure. This measure is used to perform the calculation of the Leverage Ratio as required by the Terms of the Crown Subordinated Notes. Non-IFRS measures have not been subject to audit or review. Adjusted Gross Debt is calculated as total current and non-current interest bearing liabilities adjusted to remove any fair value adjustments on borrowings in hedge relationships, as defined in the Prospectus.