Vbase Client & Media Statement —Christchurch Town Hall & Convention Centre closed until end 2012

Vbase venues host 1800 events annually and bring between $60-100 million of visitor spending into Christchurch every year. The reinstatement of Christchurch Convention Centre, Christchurch Town Hall, AMI Stadium and CBS Canterbury Arena is critical to economic recovery as it will bring visitors back to Christchurch. The many entertainment events the venues host will raise spirits by giving our community something to look forward to in these challenging times.

Vbase has replacement value insurance for all venues and operating equipment as well as business interruption insurance. Consultants and insurers are working closely with Vbase in developing a full understanding of the status of the venues and the work needed to bring them back to life.

Detailed assessments of Christchurch Town Hall and Christchurch Convention Centre are continuing however it is now clear, due to the extent of damage, that it will take up to a further four months to complete full and final assessments and determine the best way forward.

Christchurch Town Hall has suffered significant damage from liquefaction and differential settlement. The full extent of the damage and likely repair will not be known until end August 2011.

Christchurch Convention Centre has also suffered substantial damage. Structural engineering and other assessment was suspended last week while the building is made safe. This process will delay further investigation by up to six weeks and result in a similar timeline to the Town Hall.

As investigation continues the full extent of damage to both venues is emerging and they are now expected to remain closed until at least end 2012.

AMI Stadium repairs are underway. Work required to level the Deans Stand is a priority and a contract will be awarded in early June. Work on rebuilding the playing surface has commenced and will be completed by the end of the year. As previously advised AMI Stadium is expected to reopen in February 2012 in time for Super Rugby and the South African cricket tour of New Zealand. AMI Stadium conference and function facilities will reopen at the same time.

CBS Canterbury Arena has been back in business since late March hosting a range of events including The Mercury Energy Tactix, Wiggles, Andre Rieu and Disturbed. Vbase is grateful for the support of entertainment promoters and artists who are continuing to bring shows to our city, giving the people of Christchurch something to look forward to during these very challenging times.