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Level 16, Telephone +61 2 9409 3608 (temporary) c/- Link Market Services Limited 61 Lavender Street, Investor Services +61 2 9409 3608 (temporary) Level 12, 680 George Street Milsons Point, NSW 2061 Fax +61 2 9929 9488 Sydney NSW 2000 AUSTRALIA www.ardentleisure.com.au Locked Bag A14 Sydney South NSW 1235 Telephone 1300 720 560 [email protected]

ASX RELEASE

10 November 2009

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

Dear Sir / Madam

ARDENT LEISURE ACQUIRES Q DECK OBSERVATION DECK ON THE GOLD COAST

Ardent Leisure Group (ASX: AAD)(the Group) today advises that it has reached agreement to acquire the real estate and business of Q Deck - Australia’s highest beachside observation tower on levels 77 and 78 of the Q1 building, in Surfers Paradise, Gold Coast for $13.3 million.

Established in 2005, Q deck is forecast to generate EBITDA of $2 million in the 2010 financial year before the benefit of marketing and management synergies delivered by the Group. The acquisition is expected to be earnings accretive and will be funded by debt with post acquisition group gearing levels forecast to be approximately 30% upon completion of contracted asset sales.

Commenting on the acquisition, Ardent Leisure Group Chairman, Mr. Neil Balnaves said “The Group is ideally positioned to drive incremental patronage and improved margins through the established management expertise and existing marketing, sales and distribution strength of our Gold Coast businesses, Dreamworld and WhiteWater World.”

Q Deck observation deck is a unique attraction in the heart of Surfers Paradise providing spectacular 360 degree views over the Gold Coast beaches and Hinterland. The Q Deck asset comprises the top two levels of the Q1 building including the observation deck, café and bar on level 77 and a function facility on level 78. In addition, the asset incorporates a dedicated high speed lift, ground floor retail premises and 51 basement car parks.

Q Deck currently attracts approximately 250,000 patrons annually with low penetration into the interstate and international markets.

Group Chief Executive Officer, Mr. Greg Shaw, advised: “We are delighted with this addition to the Group and believe that we are well placed to grow attendance through cross promotion with our

Ardent Leisure Group Comprising Ardent Leisure Trust ARSN 093 193 438 (Manager: Ardent Leisure Management Limited ABN 36 079 630 676, AFS Licence No. 247010) and Ardent Leisure Limited ABN 22 104 529 106

Dreamworld and WhiteWater World assets which currently record over 1.9 million combined annual visitors. Q Deck is an attraction that has broad appeal to our existing clients and provides a cost effective up-selling and value add option to our current ticket types.

In addition, Ardent currently operates one of the largest attraction ticket booking services on the Gold Coast, Australian Tour Desk, with a member base of over 350 accommodation complexes and stand alone tour desks. Australian Tour Desk is currently the number one reseller of Dreamworld and WhiteWater World tickets and represents an immediate distribution platform to assist in the promotion of Q Deck to Gold Coast holidaymakers.”

Q Deck will be integrated into the Dreamworld business and directly benefit from the Group’s established expertise in food and beverage, retail, photography and special event management.

Attached to this announcement is a presentation providing further details on the acquisition.

Yours faithfully

Alan Shedden Company Secretary

For further information, please contact:

Greg Shaw Richard Johnson Chief Executive Officer Chief Financial Officer Phone: +61 (0)2 9409 3671 Phone: +61 (0)2 9409 3672 Mobile: +61 (0)419 727 152 Mobile: +61 (0)407 880 181

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, 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

Ardent Leisure Group Comprising Ardent Leisure Trust ARSN 093 193 438 (Manager: Ardent Leisure Management Limited ABN 36 079 630 676, AFS Licence No. 247010) and Ardent Leisure Limited ABN 22 104 529 106

Q Deck Acquisition

1 Executive summary

― Agreement has been reached to acquire the real estate and business of Q Deck – Australia’s highest beachside observation tower on levels 77 and 78 of the Q1 Building in Surfers Paradise, Gold Coast for $13.3 million ― Q Deck assets include the level 77 Observation Deck, level 78 function room, high speed dedicated lift and ground floor retail site ― Q Deck FY10 EBITDA forecast of $2.0 million expected to deliver approximately 2% EPS accretion* before the benefit of marketing and cost synergies ― Ardent Leisure ideally positioned to deliver operational upside through management and marketing synergies with Dreamworld/WhiteWater World ― To be funded by debt with post acquisition group gearing levels forecast to be approximately 30% upon completion of contracted asset sales

* Based on full year Q Deck earnings impact on FY10 analyst consensus 2 Q1 Building – Australia’s tallest residential tower

3 The Q Deck asset

― Q Deck owns and occupies levels 77 and 78 of Australia’s tallest residential tower, the Q1 Building on the Gold Coast ― Q Deck boasts spectacular 360 degree views over the Gold Coast’s beaches, Gold Coast Hinterland and Broadwater ― Q Deck real property comprises:

Level 77 observation deck, café and bar – approx 968sqm

Level 78 function room – approx 630sqm

One high speed lift able to travel from level 1 to level 77 in approximately 43 seconds and an adjoining service lift

Ground floor retail shop – approx 98sqm

Ground floor area (including pavement area) adjoining the above mentioned retail shop, comprising the entrance and office space – approx 435sqm

51 basement car parks and basement storage

4 Q Deck – Observation Deck, Bar and Cafe

5 Q Deck – financial analysis

Acquisition Price $13.3 million Transaction price including costs $14.1 million

Q Deck FY10 forecast Attendance 252,000 Revenue $6.4m EBITDA $2.0m EBITDA margin 31.0% EBITDA return on investment 14.2%

― Q Deck FY10 EBITDA forecast of $2.0 million expected to deliver approximately 2% EPS accretion* before the benefit of marketing and cost synergies ― Existing patronage of 250,000 in FY09 represents low market penetration particularly from interstate (21.4% of patronage) and Asian (13.6% of patronage) markets

* Based on full year Q Deck earnings impact on FY10 analyst consensus 6 Q Deck – opportunity/strategic fit

― Q Deck appeals to a broad range of domestic and international patrons as a unique and spectacular opportunity to view the Gold Coast

― The Q Deck attraction is conveniently located in Surfers Paradise and is affordable to all market segments (Adults $19, Children $11)

― Q Deck provides unique special event function venue for groups staying on the Gold Coast and South East Queensland residents

― Ardent Leisure is ideally positioned to drive patronage, average spend and improve operating margins through its position as one of the largest leisure operators in South East Queensland

7 The Q Deck opportunity/strategic fit

― Ardent Leisure’s marketing and management synergies include: Q Deck provides an opportunity to leverage Dreamworld/WhiteWater World marketing spend with cost-effective up-sell/value add opportunity – Dreamworld/WhiteWater World currently attract over 1.9 million combined visitations annually

Q Deck will be marketed to broader Ardent Leisure customer base in South East Queensland, including:

. Over 60,000 Goodlife Health Club members . Approximately 40,000 Dreamworld/WhiteWater World season pass holders . Growing database of AMF loyalty members in South East Queensland Dreamworld/WhiteWater World have established relationships with all major domestic/international travel agents and tour wholesalers servicing Gold Coast destination

Q Deck provides an opportunity to utilise Ardent’s ‘Australian Tour Desk’ (ATD) business to maximise distribution to existing client base of 350 accommodation complexes and standalone tour desks on the Gold Coast

Dreamworld management has established expertise in food and beverage, retail, photographics and special events

Q Deck will benefit from existing group procurement supply agreements in place across broader Ardent Leisure portfolio

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