asx announcement deferred trading

SUBJECT: Commencement of Trading on Deferred Settlement Basis Post Reconstruction of Capital

The Directors of EMT are pleased to advise that following the approval at a General Meeting by shareholders yesterday of the Reconstruction of the Company’s Capital on a 1 for 25 basis, commencing as of today the securities in the Company will be trading on a Deferred Settlement Basis under the code “ETCDA” until 20 May 2005, when the details of new holdings on a Consolidated Basis will be dispatched to shareholders.

Trading under the original code “ETC” will recommence on Monday 23 May 2005.

Yours Faithfully
Peter Dykes
Executive Chairman
Entertainment Media & Telecoms