EVT LIMITED — AGM Information 2003

Oct 22, 2003

MANAGING DIRECTOR'S ADDRESS TO THE ANNUAL GENERAL MEETING OF SHAREHOLDERS THURSDAY 23 OCTOBER 2003

Ladies and Gentlemen,

At the Annual General Meeting last year I spoke of the diversity of the Amalgamated Holdings Group and that each of our businesses are experiences - some escapism. others pure relaxation and fun.

So that we may more clearly link these experiences and drive greater cross-utilisation across our customer base, we have adopted the linking mechanism "ANOTHER AHL EXPERIENCE" and this is the theme of this year's Annual Report.

It is also this diversity which provides a relatively stable environment for Group earnings and this was again the case this past year.

The continuing downturn in international tourism and the impact this has had on our hotels & resorts and attractions businesses was again offset by a strong performance in domestic exhibition and further strengthened by a very successful 2002 ski season at Thredbo.

With admissions growth of 3.7%, domestic box office set a new record of \$235 million.

This was driven by the standout success of Lord of the Rings - The Two Towers, which grossed in excess of \$45 million box office and strongly supported by Harry Potter and the Chamber of Secrets at \$37 million and Matrix Reloaded at \$33 million.

The level of screen advertising income was affected by the renegotiated contract with Val Morgan, however this was largely offset by the increase in earnings through taking our shareholding in the Australian Theatres Joint Venture to 50%.

The performance of our German circuit was however disappointing, with admissions declining by 10.7% over the prior year.

The recessed German economy is the major contributing factor to the decline in admissions, however there is some optimism that confidence, and in turn growth, will begin to show from late 2003.

The company Kieft & Kieft Filmtheater GmbH, in which our company holds a 50% interest, recently acquired in joint venture with Loews Cinemas, the Ufa Cinema Operations. The combined circuit is now the dominant exhibitor in Germany with some 80 cinema sites and almost 600 screens.

Our other international territories being Holland and the United Arab Emirates performed well.

Atlab completed another successful year underpinned by continuing strong demand for multiple copy release printing for the major studios and this more than offset the decline in local post production.

Filmlab performed satisfactorily with processor and Colourmaster sales to Eastern Europe and Asia.

With distribution rights to the three highest grossing films for the year and the unexpected success of My Big Fat Greek Wedding, Roadshow Distributors in which we hold a 50% interest, enjoyed a highly successful year. Strong DVD sales also made a significant contribution.

The Val Morgan screen advertising business in which we hold a 33.3% interest performed well, producing a modest profit for the first 6 months of ownership by the major exhibitors.

With the threat of terrorism continuing to affect international tourism, compounded by the influence of the outbreak of the SARS virus, the level of international visitor arrivals to Australia suffered a further decline. This was particularly evident in the first half of 2003.

The impact of this was felt by Rydges Hotels & Resorts, which recorded a decline in occupancy of 3.5 percentage points and the attraction businesses of Matilda Cruises and Featherdale Wildlife Park both suffering a similar decline in earnings.

In order to reduce this impact, these businesses placed a strong focus on the domestic market.

With the very successful 2002 ski season, Thredbo produced a very strong result and this more than compensated for the impact of the summer bushfires.

With the success of Cabaret, the State Theatre produced a solid result with our catering arm, BlueRock, showing some improvement over the prior year.

Moving forward to the results achieved for the first guarter of this current year, I am pleased to report that profit before tax was \$13.2 million, an increase of 43.5% over the prior year comparable period. This excluded the capital profit in the prior year due to the sale of a 50% interest in Atlab and as such is on a like for like basis.

Driven by domestic exhibition, a very successful 2003 ski season, and the early stages of recovery in the tourism sector, the result was an encouraging indicator for our forward earnings outlook. I do however urge shareholders not to annualise this result as it does include the excellent seasonal result achieved by Thredbo and the ongoing interest cost savings achieved from the second quarter in the prior year.

The outstanding success of Finding Nemo was the primary factor in achieving an 8% growth in admissions and consequent earnings strength within our domestic cinema circuit.

With a growth in skier days of 2.4% over the very successful 2002 ski season. Thredbo achieved an excellent result for the quarter, growing earnings by 7% over the prior year.

Most encouraging was the improved performance of the Hotel Group, with a lift in average room rate and an increased focus on operating costs, leading to a growth in earnings of some 35%.

With a number of films being released on used prints, the level of multiple release printing suffered a decline in volume, and this led to softened earnings within Atlab.

Of concern however, was the again disappointing performance of our German circuit. The impact of the faltering German economy was compounded by the very hot conditions experienced over summer.

As we have stated previously, we remain optimistic that with a strong film line up and an improving economy, that a recovery will begin to occur from late 2003.

I can assure shareholders that achieving a turnaround of the performance of this investment continues to be the key focus for the company.

As the Chairman mentioned, much has been achieved in this past year in terms of the restructuring of our investments and the reduction in Group debt. This has assisted greatly in creating a solid platform on which the company can continue to focus on growing sustainable future earnings.

Thank you for the opportunity to speak with you today.

David C. Seargeant Managing Director