Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) (No. 58) Regulations 2005

These Regulations may be cited as the Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) (No. 58) Regulations 2005 and shall come into operation on 14th December 2005.

In these Regulations, unless the context otherwise requires —“Notes” means —

the 7-year fixed rate guaranteed senior notes due December 2012 for a principal amount of up to US$500 million; and

the 5-year floating rate guaranteed senior notes due December 2010 for a principal amount of up to US$500 million,issued by Galaxy Entertainment Finance Company Limited and unconditionally and irrevocably guaranteed by Galaxy Casino, S.A. and certain subsidiaries of Galaxy Casino, S.A.;“securities” has the same meaning as in section 239(1) of the Act;“stabilising action” means an action taken in Singapore or elsewhere by Merrill Lynch (Singapore) Pte. Ltd. and Morgan Stanley & Co. International Limited or any of their related corporations, to buy, or to offer or agree to buy, any of the Notes in order to stabilise or maintain the market price of the Notes in Singapore or elsewhere.

Sections 197 and 198 of the Act shall not apply to any stabilising action taken in respect of any of the Notes, within 30 days from the date of issue of the Notes, with —

an institutional investor; (b)a relevant person as defined in section 275(2) of the Act; or

a person who acquires the Notes as principal, if the consideration for the acquisition is not less than $200,000 (or its equivalent in a foreign currency) for each transaction, whether such amount is paid for in cash or by exchange of securities or other assets.