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CONTACT DETAILS REGISTRY

Level 16, 61 Lavender Street c/- Link Market Services Limited Ardent Leisure Trust Milsons Point NSW 2061 Level 12, 680 George Street ARSN 093 193 438 AUSTRALIA Sydney NSW 2000 Ardent Leisure Limited Telephone +61 2 9409 3670 Locked Bag A14 ABN 22 104 529 106 Investor Services 1800 ARDENT Sydney South NSW 1235 Ardent Leisure Management Limited Fax +61 2 9409 3670 Telephone 1300 720 560 ABN 36 079 630 676

www.ardentleisure.com.au [email protected] (AFS Licence No. 247010)

ASX RELEASE

24 September 2013

The Manager Company Notices Section ASX Limited 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

DAIWA CAPITAL MARKETS CONFERENCE

Please find attached for release to the market a presentation to be given by Greg Shaw at a Daiwa Capital Markets Australian corporate event in Tokyo.

Yours faithfully

Alan Shedden Company Secretary

Ardent Leisure Group is a specialist operator of leisure and entertainment assets across Australia, New Zealand and the United States. The Group operates Dreamworld, WhiteWater World, SkyPoint, SkyPoint Climb, d’Albora Marinas, AMF and Kingpin bowling centres and Goodlife fitness centres across Australia and New Zealand. The Group also operates the Main Event family entertainment centres in the United States. For further information on the Group’s activities please visit our website at www.ardentleisure.com.au

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Ardent Leisure Group For personal use only use personal For Contents

Group and Financial Overview Health Clubs Main Event Entertainment Theme Parks Marinas Bowling Group Financial Results For Year Ended 30 June 2013

Business Innovation to Drive Growth For personal use only use personal For

Group and Financial Overview For personal use only use personal For

3 Introduction  Ardent Leisure is one of Australia’s most successful, diversified leisure and entertainment groups.

 Owns market leading health club, theme park, bowling and marina businesses in Australia and is a leading family entertainment centre operator in the USA.

 Listed on the Australian Securities Exchange (ticker code AAD).

 Included in the S&P/ASX 200 benchmark index.

 Ardent’s strategy is to invest in businesses that have mass market appeal and occupy dominant positions in affordable, family-friendly, leisure and entertainment categories.

 Highly experienced management team with specialist operating expertise. For personal use only use personal For

 Ardent Leisure has continued to grow DPS – currently yielding 6.5% based on security price of $1.86 on 17 September 2013. 4 FY13 financial summary

FY13 FY12 Revenue1 $448.9m $390.1m 15.1%

Core earnings2 $50.3m $42.1m 19.2%

Core EPS2 13.14c 12.91c 1.8%

DPS 12.00c 11.70c 2.6%

The Group reported a statutory profit of $35.6m for the full year (prior full year $12.6m). For personal use only use personal For

Movement based on prior corresponding period (pcp) (1) From operational activities excluding property revaluations, gains on derivative financial instruments, interest income, gain on acquisition and gains on asset disposals. (2) Adjusted for unrealised gains on derivative financial instruments, property revaluations, straight-lining of fixed rent increases, pre-opening expenses, IFRS depreciation, amortisation of Health Clubs intangible assets, loss on sale of freehold land and buildings, business acquisition costs, one off early termination of interest rate swap, gain on acquisition and the tax associated with these transactions. 5  Strong performance of the Group is a reflection of high demand for affordable leisure product and the Group’s continuing earnings diversification.

Consistently driving earnings growth through portfolio diversification

FY08 EBITDA* FY13 EBITDA 11% 10%

30% 15% 17%

49%

17% 13% For personal use only use personal For 30% 8%

* EBITDA is earnings before interest, tax, depreciation and amortisation.

Health Clubs For personal use only use personal For

7 Goodlife Health Clubs

 Ardent operates 65 health clubs in Australia under the Goodlife brand, with approximately 190,000 members.

 Goodlife is Australia’s fastest growing full service health club chain.

 Market leader in the states of Queensland, Victoria and South Australia and the joint market leader in Western Australia.

 The clubs are full service gyms, ranging from 1,500 to 2,500 square metres in size, and include:

For personal use only use personal For – State of the art cardio and strength exercise equipment; – Group exercise aerobics classes; and – On-site personal training.

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11 Goodlife Health Clubs

 Ardent entered the health club industry in September 2007 with the acquisition of Goodlife Health Clubs.

 Since then, Ardent has grown the portfolio from 18 to 65 clubs through a combination of greenfield developments and bolt-on acquisitions.

 Approximately 80% of Goodlife’s revenue is generated from membership sales, c.10% from personal training, with the balance from the sale of food and beverages, supplements and merchandise.

 Goodlife’s success is underpinned by quality locations in its core markets and For personal use only use personal For industry leading sales, customer retention, human resource management and business intelligence systems.

12 Goodlife Health Clubs

 Personal training services have been a key focus to drive gym usage and support customer retention.

 Goodlife has recently restructured its personal training model from an employee to contractor based model, which has increased the penetration of personal training services and driven improved profit margins.

 Goodlife benefits from participating in an industry with mass market relevance. Health club membership is increasingly perceived as being non-discretionary, driven by:

 Increased community awareness of links between chronic illness,

For personal use only use personal For diabetes, obesity and poor diet and exercise choices.

 Increased awareness of the benefits of exercise for middle and older age demographics.

Goodlife Health Clubs  Goodlife has delivered 3 years of constant centre earnings growth.

 Bolt-on acquisitions have typically been acquired for prices of 3.5x to 4.7x EBITDA.

 New developments are expected to be developed for $1.5m to $2.5m and deliver more than a 25% EBITDA return on investment.

 The 2 most recent developments, which opened in December 2012, are both on track to exceed expectations.

 Future earnings growth is expected to be underpinned by constant centre

For personal use only use personal For growth, bolt-on acquisitions and new developments.

 A new site in the Northland shopping centre in Melbourne, Victoria is due to open in December 2013.

Goodlife Health Clubs

$’000 FY13 FY12 % Change Total revenue 140,689 102,577 37.2 EBRITDA (ex pre-opening) 60,032 40,224 49.2 Operating margin 42.7% 39.2% Property costs (ex straight line (29,703) (20,265) 46.6 rent)

EBITDA 30,329 19,959 52.0 For personal use only use personal For

15 Goodlife Health Clubs

FY13 FY12 % FY13 FY12 % $’000 Revenue Revenue Change EBRITDA EBRITDA Change Constant clubs 94,937 94,890 - 47,038 44,642 5.4

Clubs closed 615 2,450 (74.9) 98 623 (84.3)

New clubs/acquisitions 44,979 4,973 804.5 23,377 2,570 809.6

Corporate and regional 158 264 (40.2) (10,481)* (7,611) 37.7 office expenses/sales and marketing

Total 140,689 102,577 37.2 60,032 40,224 49.2 For personal use only use personal For

* Increase due to strengthening of Head Office team across finance, HR, regional Sales and Marketing to cover larger portfolio and investment in IT.

16 Family Entertainment

Centres For personal use only use personal For

17 Main Event  Ardent operates 12 family entertainment centres in Texas in the USA under the Main Event brand.

 Ranging in size from 5,000 to 7,000 square metres, the centres include:

– ten pin bowling; – more than 100 amusement games; – laser skirmish; – billiards; – quality, full service restaurant and fast food dining; – full service bar; and

For personal use only use personal For – birthday party and group function rooms.

 Some centres also include glow in the dark mini golf, gravity ropes and indoor rock climbing walls. 18

Main Event Locations

24 Million people live in th Lubbock Texas. 13 highest GDP in Dallas the world if thought of as a country*

Austin Houston For personal use only use personal For

San Antonio..

*Source: International Monetary Fund list of countries by GDP (nominal) for world GDP 19 For personal use only use personal For

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22 Main Event

 Ardent acquired Main Event in August 2006. Since then, the portfolio has grown from 6 to 12 centres through greenfield developments in Texas.

 Main Event's success is underpinned by its:

– unique mix of quality dining, bowling and attractions; – convenience as a one stop entertainment destination; – affordable price point; – broad appeal to all age groups; – limited direct competition;

For personal use only use personal For – quality locations off major freeways; – strong Texas economy; and – business friendly operating environment. 23 Main Event

 The centres are significant drivers of leisure traffic, with an average of 500,000 visits per annum.

 Around 70% of revenue is from walk-in customers. The remainder is group revenue from birthday parties, corporates, churches, sports and other community groups.

 Bowling, food and beverage and amusement games each contribute around 25% to 35% of revenue.

 Main Event has delivered 3 years of strong constant centre revenue and

For personal use only use personal For earnings growth.

 The expected development cost of each new centre is around US$6.5m to US$7.5m, with a targeted EBITDA return on investment of 30%. 24

Main Event

 Revenue, profitability and return on investment of the 3 most recent developments have all outperformed expectations and the portfolio average.

 Main Event is on track to grow the portfolio from 12 to 19 centres by FY 30 June 2015.

 New development is focused on the US Sunbelt states, which have similar characteristics to Texas.

 A new centre in Tempe in Phoenix, Arizona is expected to open in late Qtr 2,

FY 30 June 2014. For personal use only use personal For  A new site has been secured in Pharr, Texas and negotiations are well advanced on four additional sites.

25 Main Event Target Markets and Development Plan

Existing

Under Construction

Site secured

Future Potential Trade Lubbock Areas Tempe Dallas

For personal use only use personal For Austin Houston

San Antonio Pharr

26 Main Event Entertainment

US$’000 FY13 FY12 % Change Total revenue 73,543 56,659 29.8 EBRITDA 26,669 20,117 32.6 Operating margin 36.3% 35.5% Property costs (9,513) (7,322) 29.9

EBITDA* 17,156 12,795 34.1 For personal use only use personal For

* If EBITDA is normalised for sale and leaseback rentals of centres in Webster, Frisco & Lubbock, growth would be 42.1% over prior year.

27 Main Event Entertainment

US$’000 FY13 FY12 % FY13 FY12 % Revenue Revenue Change EBRITDA EBRITDA Change Constant Centres 57,576 55,108 4.5 24,178 22,834 5.9

New Centres 15,967 1,551 929.5 7,068 573 1,133.5

Corporate and (4,577)* (3,290) 39.1 regional office expenses/sales and marketing

For personal use only use personal For Total 73,543 56,659 29.8 26,669 20,117 32.6

* Higher corporate costs reflect investment in IT, HR and finance capability for portfolio expansion.

Theme Parks For personal use only use personal For

29 Theme Parks

 Ardent owns and operates the Dreamworld theme park, WhiteWater World water park and SkyPoint observation deck and adventure climb on the Queensland Gold Coast.

 The Gold Coast is Australia's most popular tourist destination.

 Dreamworld and WhiteWater World, which are co-located in the Gold Coast's theme park corridor, are Australia's largest theme park destination.

 SkyPoint is Australia’s highest beach-side observation deck, located on levels 77

and 78 of the Q1 Tower in Surfers Paradise. For personal use only use personal For  SkyPoint includes SkyPoint Climb, Australia's highest external building walk, around the crown of the Q1 Tower.

3030 Theme Parks

 Dreamworld and WhiteWater World are differentiated by uniquely providing a variety of attractions from a single location.

 The parks have broad appeal to all ages and ethnicities including:

– Thrill rides like the Claw, Giant Drop, Tower of Terror and BuzzSaw; – Unique wildlife attractions, with one of Australia's largest collection of native and exotic animals; – The Gold Coast’s only interactive tiger experience; – Children's attractions, including the DreamWorks and Wiggles precincts and rides; and

For personal use only use personal For – Live interactive shows.

 SkyPoint has strong appeal to international visitors.

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36 Theme Parks  Ardent has owned Dreamworld theme park since 1998. Since then, the theme park division has grown to include:

– the WhiteWater World water park, which Ardent designed and developed for a cost of $56 million in December 2006;

– the SkyPoint Observation Deck, which Ardent acquired in December 2009; and

– SkyPoint Climb, which Ardent designed and built in January 2012.

 Revenues are generated from the gate, food and beverage, merchandise and photographics, with the peak trading periods coinciding with the 4 Australian

school holidays. For personal use only use personal For  Attendance in recent years has been driven by value for money "unlimited" and "annual" pass ticket offers which allow entry to all three attractions for a compelling price. 3737

Theme Parks

 Ardent has continued to invest in new rides and attractions, including:

– BuzzSaw, Australia's highest inversion roller coast; and

– The DreamWorks Kung Fu Panda precinct.

 Customer experiences and value has also been enhanced by the addition of two new Tiger cubs, a new Wiggles World ride and Dreamworld's hosting of the Big Brother reality television series.

 A new attraction based on Zombies, launched in September 2013, and stage 1 For personal use only use personal For of a new Aboriginal precinct opens for the 2013 Christmas school holidays.

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Theme Parks

 Performance in recent years has been adversely impacted by:

– Abnormal wet weather;

– Soft visitor numbers to the Gold Coast due to the strong Australian dollar; and

– Competitor discounting.

 The division returned to revenue and EBITDA growth in FY 30 June 2013 and has had a strong start to the current financial year, with YTD revenues at 18

August 2013 up 5.6% on the prior corresponding period. For personal use only use personal For

 A weakening Australian dollar should benefit both domestic and international Gold Coast tourism in the current year.

3939

Theme Parks

$’000 FY13 FY12 % Change Total revenue 97,086 93,707 3.6 EBRITDA 32,211 30,485 5.7 Operating margin 33.2% 32.5% Property costs (1,761) (1,581) 11.4 EBITDA 30,450 28,904 5.3

Attendance1 1,874,951 1,736,301 8.0

For personal use only use personal For Per capita spend ($) 51.78 53.97 (4.1)

(1) Worldpass treated as one entry in FY13. Two entry treatment for FY12 reclassified for comparatives. 40

Marinas For personal use only use personal For

41 Marinas

 Ardent operates d'Albora Marinas, Australia's largest marina portfolio.

 d'Albora consists of 7 marinas in Australia's premier waterways, including 3 in Sydney Harbour.

 The marinas provide wet and dry berthing for more than 1,400 vessels and are supported by a range of on-site marine, leisure and tourist businesses.

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Prime Marina Locations For personal use only use personal For

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46 Marinas

 Ardent acquired d'Albora marinas in January 2000.

 Since then, the portfolio has grown from 4 to 7 marinas through acquisitions and the development of Victoria Harbour marina.

 The marinas are leased from various government authorities under long term lease agreements.

 Revenue is generated from the following sources:

– c. 56% from berth rents For personal use only use personal For – c. 24% from land tenant rents

– c.20% from fuel sales 47

Marinas

 d’Albora has a consistent track record of delivering strong earnings, which has been underpinned by:

– high berthing and land tenant occupancy, due to the quality of d'Albora's locations in affluent, metropolitan areas; and

– high barriers to entry for would-be competitors, due to government restrictions on waterfront usage and the high cost of land in Sydney

and Melbourne. For personal use only use personal For

48 Marinas

$’000 FY13 FY12 % Change

Total revenue 23,141 23,672 (2.2)

EBRITDA 13,034 13,256 (1.7)

Operating margin 56.3% 56.0%

Property costs (2,347) (2,587) (9.3)

EBITDA 10,687 10,669 0.2 For personal use only use personal For

Bowling For personal use only use personal For

50 Bowling

 Ardent is Australasia's dominant bowling centre operator, with 43 AMF and 6 Kingpin branded centres around Australia and 2 AMF sites in New Zealand.

 Ranging in size from 1,500 to 4,000 square metres, the centres include: – ten pin bowling; – amusement games; – laser skirmish; – food and beverage; and – birthday party and group function rooms.

 Kingpin centres are more adult oriented than AMF's, set in a darker, neon-lit

For personal use only use personal For environment and including a full service bar and pool tables.

 Kingpin in Melbourne's Crown Casino includes Galactic Circus, which is one of Australia's largest amusement arcades with more than 250 games.

AMF For personal use only use personal For

Kingpin For personal use only use personal For

Kingpin- Galactic Circus For personal use only use personal For

54 Bowling

 Ardent acquired AMF Bowling in February 2005 and Kingpin Bowling in August 2006.

 Ardent's strategy has been to develop a portfolio of affordable, multi-attraction entertainment venues, with broad appeal across all age groups.

 Bowling generates more than 50% of revenue, with food and beverage, amusement game and laser skirmish revenue key ancillaries.

 Approximately 20% of bowling revenue is from bowling leagues. For personal use only use personal For  Kingpin generates more revenue from groups and the sale of alcohol than AMF and has no league bowling.

Bowling

 The majority of revenue is generated during the 4 school holiday periods in April, July, September/ October and December/ January.

 Ardent's strategy to drive earnings growth is through a combination of:

– product innovation;

– improved value propositions across all customer segments;

– improved customer service and engagement;

– new digital and social media initiatives, including investment in e-

commerce capability to drive social bowling; and For personal use only use personal For

– tighter management of all controllable costs.

Bowling

$’000 FY13 FY12 % Change Total revenue 115,230 114,241 0.9 EBRITDA (ex pre-opening) 36,381 36,718 (0.9) Operating margin 31.6% 32.1% Property costs (ex straight line rent) (23,608) (21,893) 7.8

EBITDA 12,773 14,825 (13.8) For personal use only use personal For

57 Bowling revenue and EBRITDA

FY13 FY12 % FY13 FY12 % $’000 Revenue Revenue Change EBRITDA EBRITDA Change Constant centres 106,927 110,187 (3.0) 48,537 50,284 (3.5)

Centres closed - - - - (5) 100.0

New centres 8,107 4,001 102.6 3,168 1,602 97.8

Corporate and regional office 196 53 269.8 (15,324) (15,163) 1.1 expenses/sales and marketing

Total 115,230 114,241 0.9 36,381 36,718 (0.9) For personal use only use personal For

58 Group financial results for the year

ended 30 June 2013 For personal use only use personal For

59 FY13 FY12 $ million Theme Marinas Bowling Main Health Other Group Group % Change Parks Event Clubs Total Total

Operating revenue 97.1 23.1 115.2 72.7 140.7 0.1 448.9 390.1 15.1 Division EBRITDA1 32.2 13.0 36.4 26.4 60.0 - 168.0 140.2 19.8 Property costs2 (1.8) (2.3) (23.6) (9.4) (29.7) - (66.8) (53.4) 25.1

Division EBITDA1,2 30.4 10.7 12.8 17.0 30.3 - 101.2 86.8 16.6 Depreciation and amortisation3 (5.1) (0.7) (6.8) (4.6) (5.1) (0.3) (22.6) (20.5) 10.2

Division EBIT1,2,3 25.3 10.0 6.0 12.4 25.2 (0.3) 78.6 66.3 18.6

Corporate costs4 (11.2) (9.5) 17.9 Gain on disposal of assets4 0.3 - - Other income/expenses (including derivative gains and losses)4 0.4 0.8 (50.0) Interest income 0.2 0.4 (50.0)

Interest expense (12.3) (12.9) (4.7) For personal use only use personal For Tax4 (5.7) (3.0) 90.0

Core earnings 50.3 42.1 19.2

(1) Excludes pre-opening costs. (3) Excludes IFRS depreciation and Health Clubs intangibles amortisation. (2) Excludes straight line rent. (4) Normalised to exclude adjustments to core earnings – see slide 61.

60 Core earnings reconciliation to statutory profit $ million FY13 FY12 % Change Core earnings 50.3 42.1 19.2 Pre-opening costs (2.5) (1.1) 127.3 Straight line rent expense (1.3) (2.2) (40.9) IFRS depreciation (6.9) (6.5) 6.2 Amortisation of Health Clubs intangibles (7.8) (3.2) 143.8 Tax impact of Health Clubs intangibles amortisation 2.3 1.0 130.0 Gain on acquisition 2.6 - - Revaluations 0.1 (15.5) (106.5) Unrealised gain on derivatives 0.3 0.6 (50.0) Termination of US$ interest rate swap - (1.8) (100.0) Gain on sale of freehold properties - (0.1) (100.0) Business Acquisition costs For personal use only use personal For (1.5) (0.2) 650.0 Tax liability arising from retrospective change in tax legislation - (0.5) (100.0) Statutory profit 35.6 12.6 182.1

61 Tax expense

 Tax expense1 attributable to core earnings is comprised of the following:

$ million FY13 FY12

Theme Parks, Marinas, Bowling 2.3 2.3 Main Event 2 2.9 1.7 Health Clubs 3 5.6 2.8 Corporate 4 (5.1) (3.8) Tax on core earnings 5.7 3.0

Effective core tax rate 5 10.1% 6.6% For personal use only use personal For (1) Income tax is paid by the corporate arm of Ardent's stapled structure, being Ardent Leisure Limited and its controlled entities. Australian taxable earnings are taxed at the Australian corporate tax rate of 30% and US earnings are taxed at a corporate tax rate of 34%. (2) Main Event's tax in FY13 increased in line with its growth in profitability. (3) Ardent Leisure Limited's Australian earnings were bolstered in FY13 through its acquisition of 19 Fenix and Fitness First health clubs in October and November 2012. (4) Tax benefit from deductible corporate and debt costs arising in Ardent Leisure Limited. (4) Effective core tax rate obtained by dividing tax on core earnings by Ardent Group core earnings.

62 Consolidated group ($ million) 30 June 2013 30 June 2012 Assets Theme Parks 246.6 238.8 Excess land 2.4 2.4 Marinas 101.4 99.7 Bowling 134.2 119.0 Main Event 102.4 69.1 Health Clubs 200.3 123.5 Other 12.4 23.4 Total Assets 799.7 675.9 Liabilities Bank debt 227.6 192.9

For personal use only use personal For Other 84.8 76.3 Total Liabilities 312.4 269.2 Net Assets 487.3 406.7

63 Property valuations

Property No. of Book value1 Book value Change % Valuation Assets Pre reval $m Post reval $m change methodology $m DW/WWW 1 216.5 216.5 - - Cap rate/ DCF

2 SkyPoint 1 16.8 19.0 2.2 13.1 Cap rate/ DCF Excess land 1 2.4 2.4 - - Direct comparison Marinas 7 99.3 99.4 0.1 0.1 Cap rate/ DCF

Bowling 1 1.9 1.9 - - Vacant possession, Freehold highest and best use

Total 11 336.9 339.2 2.3 0.7 For personal use only use personal For

(1) Property values at 30 June 2012 plus 12 month capex less 12 month depreciation. (2) Includes $1.3 million revaluation increment at 31 December 2012.

64 Capital management

 During the year the Group further strengthened its balance sheet and funding capacity.

 $50m Institutional Placement and $22.2m Security Purchase Plan successfully completed at $1.28 in September/ October 2012, to fund Fenix and Fitness First Health Club acquisitions and Main Event growth strategy.  Increased and extended the Group’s debt facilities in June 2013.

For personal use only use personal For

Debt Facility Extension

 The debt facility extension resulted in the following changes:

 Increase in the number of syndicate banks from 2 to 4  Small decrease in the A$ facility from A$207m to A$200m  Increase in the US$ facility from US$67m to US$120m  Term extended for both US$ and A$ facilities to 3 and 4 years  Overall lower average margin

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66 Facility Details

 At 30 June the Group has the following bank facilities:

Facility Drawn A$m A$m A$ maturing July 2016 100.0 100.0

A$ maturing July 2017 100.0 53.0 US$ maturing July 2016 (US$90m) 98.6 76.3 US$ maturing July 2017 (US$30m) 32.9 - 331.5 229.3

only use personal For Ample debt capacity for future development and acquisition opportunities in Australia and the USA.

67 Covenants

 There are three covenants in place for the Group facility:

Covenant Group 30 June 2013 Gearing <40% 32.0% FCCR >1.75 2.1

Debt serviceability <3.25 2.5 For personal use only use personal For

68 Interest and foreign exchange

 At 30 June 2013, the Group had 52.3% of interest on debt facilities fixed through interest rate swaps.  At 30 June 2013, the weighted average rate, including margin, was 6.23% for AUD debt and 1.59% for USD debt.  US earnings are 100% unhedged and will benefit from any further

strengthening of US$. For personal use only use personal For

69 Capex

FY13 FY13 routine capex development capex $m $m - Theme Parks 7.0 1 Marinas 1.5 0.9 Bowling 6.2 9.2 Main Event 4.1 17.3 2 Health Clubs 5.4 6.5 Corporate 1.5 - Total 25.7 33.9

For personal use only use personal For Depreciation (excl IFRS) 22.6

(1) Theme Parks included one-off investment in DreamWorks precinct infrastructure of $3.4 million. (2) Main Event development capex is net of US$3.3 million landlord contributions.

Business Innovation to Drive Growth For personal use only use personal For

71 Future earnings growth will be driven by four key operational strategies: Improved understanding of the customer by greater segmentation of customers by type, spending, usage and frequency patterns – Customer enabling more relevant and more tailored product to meet customers’ individual needs.

Enhanced customer service and customer satisfaction through People “Noticeably better people and culture” by providing our staff with superior training, development, reward and recognition.

Driving increased volume through enhanced value by utilising

Volume unused capacity without impacting margin. For personal use only use personal For

Driving greater operational and process efficiencies through Efficiency leveraging group volume and greater investment in automated IT solutions for customers and staff.

72 Disclaimer

This information has been prepared for general information purposes only, is not general financial product advice and has been prepared by Ardent Leisure Management Limited ABN 36 079 630 676 (ALML), without taking into account any potential investors’ personal objectives, financial situation or needs.

Past performance information provided in this presentation may not be a reliable indication of future performance.

Due care and attention has been exercised in the preparation of forecast information, however, forecasts, by their very nature, are subject to uncertainty and contingencies many of which are outside the control of ALML and Ardent Leisure Limited (ALL). Actual results may vary from forecasts and any variation may be materially positive or negative.

ALML provides a limited $5 million guarantee to the Australian Securities and Investments Commission in respect of ALML's Corporations Act obligations as a responsible entity of managed investment schemes. Neither ALML nor any other Ardent Leisure Group entity otherwise provides assurances in respect of the obligations of any entity within Ardent Leisure Group.

The information contained herein is current as at the date of this presentation unless specified otherwise.

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