EVT LIMITED — AGM Information 2007

Nov 29, 2007

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CHAIRMAN'S ADDRESS TO THE ANNUAL GENERAL MEETING OF SHAREHOLDERS FRIDAY 30 NOVEMBER 2007

Ladies and Gentlemen,

It is a pleasure to welcome you to the State Theatre Building for this Annual General Meeting of shareholders and to present to you the financial statements for the Company and Group for the year ended 30 June 2007. These financial statements, together with other related reports and statements and the Managing Director’s Review of Operations by Division, are contained within the Annual Report, which has been forwarded to shareholders.

My comments on the year are contained within the Chairman’s Review included within the Annual Report however I will take this opportunity to highlight certain matters pertaining to the results and operations of the Group.

In reviewing the financial highlights it is pleasing to be able to report that the Group’s profit for the year attributable to members increased by 38% to $82.2 million. The normalised result, being profit before individually significant items and income tax, was $81.9 million, an increase of 11.2%. The year’s result has benefited from the strengthening in the international cinema exhibition business, an improvement of the earnings from Thredbo and an up-lift in the contribution from the property division. The net tangible asset value of the Group at 30 June 2007 was $3.86 per share compared to $3.54 at 30 June 2006 and the share price was $6.45 at 30 June 2007 compared to $4.87 at 30 June 2006.

The Board has been pleased with the performance of the year under review. The results of the 2007 financial year continue to demonstrate that your Company is a collection of sound businesses with good management teams that are ably led by the Managing Director.

As a result of the increase in profit, the Board was able to approve a final dividend for the year of 18 cents per share which, when combined with the interim dividend, makes a total distribution of 28 cents per share and is an increase of 17% over the prior year’s total dividend. The Board strives to maintain a dividend policy that is mindful of the needs and expectations of shareholders, but which also endeavours to ensure the longer-term continuity of earnings for both shareholders and the Group.

The Board continues to maintain focus on the level of franking credits available to shareholders. The alternative strategies that are available to distribute the Group’s franking credits are constantly under review and considered in conjunction with the Group’s business plans and future growth strategies. The Board has considered each alternative strategy to distribute these franking credits yet, at this point, no definitive strategy has all the elements to ensure fair and equitable treatment to both the Company and its different classes of shareholders whilst, at the same time, taking into consideration the Group’s cashflow, strategic planning and borrowing commitments.

The Managing Director will comment on the more detailed operational aspects of the businesses, however I would like to make specific mention of some activities.

Amalgamated Holdings Limited ABN 51 000 005 103 49 Market Street Sydney NSW 2000 GPO Box 1609 Sydney NSW 2001 Australia TEL (+612) 9373 6600 FAX (+612) 9373 6534

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The Group continues to restructure businesses and dispose of non-core assets. During the year the Group sold Pier 26 Bar and ticketing facility, the Filmlab Systems International business, and the shareholding in Village Roadshow Limited. These investments were considered to be non-core assets and profits on the sale totalled approximately $22.4 million.

The property portfolio continues to increase in significance in terms of its asset value and income earning capacity for the Group. The Group again added to the property portfolio with the purchase of additional freehold hotel properties at Bankstown and Cronulla. The Group aims to maximise the available returns from the existing property portfolio both through enhanced management and, where appropriate, development. Going forward the Group will continue to build the portfolio when suitable opportunities present themselves . The Group’s total property portfolio is extensive and includes properties throughout Australia and New Zealand, the portfolio has a current market value that is in excess of $760 million.

In March 2007, the Group signed a new 50-year Head Lease of Kosciuszko Thredbo. In committing to this 50-year custodial tenure, the Group has accepted responsibilities entrusted to it in maintaining this unique alpine area for current and future generations to enjoy. The Group is currently undertaking a review of the development strategies and future capital requirements to ensure that Kosciuszko Thredbo continues to maintain the mantle as Australia’s premier year-round alpine resort.

Since the end of the year, the Group has announced the sale of its 50% interest in Roadshow Distributors Pty Limited. The Group has been associated with this business for over 30 years, however the opportunity to divest this business interest has positioned the Group in a financially sound position where it can now focus on its core operating businesses and future development strategies.

I commend to shareholders, the Corporate Governance Statement that is included in the Annual Report. From a corporate governance perspective, I am pleased to say that the Company has continued to meet all disclosure and regulatory requirements and I can assure shareholders that the Board, and Committees of the Board, remain committed to providing the highest possible standard of disclosure and maintaining best practice.

A review of the Corporate Governance Principles and Recommendations has been recently been undertaken by the ASX Corporate Governance Council. These revisions apply to the first financial year commencing on or after 1 January 2008. The Group has compared the revisions to the existing practices of the Group and the only area of non-compliance is again the recommendation that: The Chair should be an independent director. The recommendations suggest that where the chair is not independent it is beneficial to appoint a lead independent director. The Board’s appointed lead independent director is Mr Tony Clark who was appointed such in July 2006. The lead independent director’s role is to chair any meetings of the independent directors and to takeover the role of the chairman when the chairman is unable to act in that capacity as a result of the lack of independence.

The year has seen changes in the executive ranks and, since the conclusion of the financial year, changes at the Board level. Shareholders would be aware that Mr John O’Neill joined the Board as a Director in December 2006. John was subsequently appointed managing director and chief executive officer of Australian Rugby Union Limited in June 2007. John’s role at the Australian Rugby Union Limited considerably increased his business commitments and impacted his available time and, as a result, John tendered his resignation as a Director of AHL in October 2007. The Board thanks John for his contribution and effort during his tenure and wish him well with his future. The Nomination and Remuneration Committee is currently evaluating potential Board candidates and a recommendation regarding the Board composition will be made in due course.

Amalgamated Holdings Limited ABN 51 000 005 103 49 Market Street Sydney NSW 2000 GPO Box 1609 Sydney NSW 2001 Australia TEL (+612) 9373 6600 FAX (+612) 9373 6534

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Within the executive ranks, there have been several changes:

• Mr Mathew Duff was appointed Director Commercial on 1[st] November 2006. Mathew was an internal appointment and previously held senior finance positions within Greater Union and the corporate area of the Group;

• Mr Ross Entwistle was appointed Managing Director of Entertainment on 13[th] November 2006. Ross was previously managing director of Sony Pictures Releasing (Australia) and has significant experience in distribution and exhibition; and

• Mr Norman Arundel was appointed Managing Director Rydges Hotels and Resorts on 28[th] January 2007. Norman was previously general manager – hotel operations for Accor Hotels Australia and brings with him extensive experience within the hotel industry.

At previous shareholders’ meetings, shareholders have raised concerns regarding environmental issues, business practices and the Group’s response to general environmental concerns. The Group is aware of the concerns and is taking a pro-active role in monitoring and, where possible, minimising its environmental impact. The Managing Director will comment further on the Group’s environmental initiatives.

Ladies and gentlemen, as I have mentioned previously, the business segments in which the Group operates are at times volatile and always subject to varying degrees of change. Your Board and management continue to focus on addressing all issues and will do their best to appropriately structure the businesses to ensure the Group can optimise its earnings and also secure the best possible position to take advantage of long term changes as they may occur.

We are also committed to identifying opportunities to enhance our existing businesses and enable future growth and expansion.

I would like to stress that, as a Group, we have an enviable collection of businesses, assets and employees and as long as we stay close to our shareholders and customers and respect their needs in what is a fast changing world, we should remain a progressive and profitable Company and continue to add to our long and proud history.

I would like to take this opportunity to thank you the shareholders for your continued and on-going support, my co-Directors for their efforts during the year, and also to thank Mr Seargeant and his management team for their collective and personal efforts.

I will now ask Mr Seargeant to present his Review of the Operations of the Group. Thank you.

Alan Rydge AHL Chairman

Amalgamated Holdings Limited ABN 51 000 005 103

49 Market Street Sydney NSW 2000 GPO Box 1609 Sydney NSW 2001 Australia TEL (+612) 9373 6600 FAX (+612) 9373 6534

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MANAGING DIRECTOR'S ADDRESS TO THE ANNUAL GENERAL MEETING OF SHAREHOLDERS FRIDAY 30 NOVEMBER 2007

Ladies and Gentlemen,

I am pleased to report on what has been a record year with profit after tax increasing by 38% over the prior year. The year’s result was driven primarily by increased earnings from our cinema circuits in Germany and the Middle East, Thredbo and our property portfolio.

A detailed overview of each business has been included within the 2007 Annual Report however I will comment briefly on each of the main businesses.

Within Australian exhibition, a softening in admissions was offset by growth in the average admission price. The Group continued to benefit from the success of the Gold Class concept and more recently, our giant screen concept G-Max. In addition, our expanded merchandising offer and a number of marketing initiatives have further driven revenue growth.

The top five grossing films for the year all achieved in excess of $30 million at the Box Office. Casino Royale; Happy Feet; Shrek the Third; and the two Pirates of the Caribbean movies, Dead Man’s Chest and At World’s End.

Revenues from our Gold Class sites increased by 36.3% on the prior comparable year. Ten locations in the circuit now offer Gold Class on 28 screens and further expansion is planned for the 2008 year. During this past year, new Gold Class screens were added to Innaloo and Macquarie, and two new screens were added at Southport. In addition, the Gold Class facilities at Chermside, Mt Gravatt and Indooroopilly were substantially refurbished.

Within international exhibition, the Group’s German circuit achieved an improved result over the prior year. On a same screen basis, box office increased by 2.5% and this, together with the reduction in operating costs and the strengthened level of merchandising sales, drove the turnaround.

The films that did well in Germany were almost a parallel to those that performed well in the Australian market. In addition, the German box office was supported by Das Parfum, Mr. Bean’s Holiday and a documentary on the German National Football Team’s World Cup 2006.

The Middle East cinema business continued to perform very strongly. Box Office was ahead of the prior year by 30%. The significant growth in the circuit’s earnings was principally driven by the continuing success of the Mall of the Emirates, which opened in November 2005 and this site continues to trade well ahead of expectations.

Rydges Hotels & Resorts achieved a strong full year result, with growth in average room rate of 9% and revenue per available room growth of 7.2%. Earnings for the Group’s owned hotels increased by 8.9% and net income from the hotel management company increased by 4.2%.

During the year, Rydges successfully secured operating agreements for the management of Rydges World Square, Rydges Gladstone, Rydges Townsville and Rydges Sabaya Resort Port Douglas.

Amalgamated Holdings Limited ABN 51 000 005 103 49 Market Street Sydney NSW 2000 GPO Box 1609 Sydney NSW 2001 Australia TEL (+612) 9373 6600 FAX (+612) 9373 6534

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The revitalisation program of owned hotels is nearing completion with the introduction of the Rydges Dream bed, new bed linen, LCD television screens and the commencement of the rollout of the new breakfast concept. The current year will see a focus on the hotel food and beverage operations. The first of these will open at Rydges Melbourne in December.

The Hotel group continues to place a strong focus on the online booking of accommodation. The Best Rate Guarantee, easy to use website and the recently launched Rydges PriorityGUEST program are all contributing to the growth in online bookings, which totalled some 15% of total rooms sold compared to 9% in the prior year.

Thredbo achieved a very creditable result in a season where the level of natural snowfall was one of the lowest recorded. Artificial snowmaking greatly assisted in improving market share, however we did experience an overall 4% decline in skier numbers. The snowmaking was greatly increased due to the automation of existing snowmaking systems.

Kosciuszko Thredbo Pty Limited has executed a new Head Lease for a further term of 50 years and is now in the process of finalising new leases with all sub lessees.

The 50% owned Atlab group experienced an overall decline in earnings from the previous year. Good returns from the production of feature film and trailer prints were offset by declining profits from negative processing and post production services. There is no doubt that the decline reflects the further deterioration of local film production activity during the past year.

Towards the end of the year Atlab commenced construction of a new digital facility within the Sydney laboratory which will provide telecine transfers, high definition dailies and video mastering services to the Australian market.

The 100% owned Image and Sound Technology and Filmlab both performed well.

I would like to take this opportunity to comment on some of the significant transactions that occurred during the year and since 30 June 2007.

In May 2007, the Group acquired two hotels at a combined cost of $46 million. The purchase of these hotels, at Cronulla and Bankstown, highlights the Group’s willingness to acquire property holdings when opportunities arise that complement the existing asset portfolio and add value to the income earning capacity of the Group.

However, the Group is not reluctant to sell assets when an asset is considered non-core, or where realisation can be of a greater consolidated benefit to the Group. During the year the Group disposed of the Pier 26 Bar and ticketing facility, Filmlab Systems International and sold its direct investment in Village Roadshow Limited (“VRL”).

Subsequent to 30 June 2007, the Company has announced the sale of the Group’s 50% shareholding in Roadshow Distributors Pty Limited (“Roadshow”) to VRL, our joint venture partner in Roadshow. The sale of Roadshow allows the Group to fully focus its investment strategy on its core businesses, and those businesses which are directly controlled and managed.

Whilst the historical shareholding connections with VRL have now been eliminated the Group still maintains a strong strategic relationship with VRL through our joint venture cinema interests operating some 38 multiplex sites comprising 433 screens.

Amalgamated Holdings Limited ABN 51 000 005 103 49 Market Street Sydney NSW 2000 GPO Box 1609 Sydney NSW 2001 Australia TEL (+612) 9373 6600 FAX (+612) 9373 6534

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The proceeds of the Roadshow sale have been utilised in the short term to repay Group debt and will, in the medium term, fund property development activities. These property development activities include the potential hotel redevelopment at Thredbo, the Gowings and State Theatre buildings and the selected redevelopment of certain owned redundant cinema sites and the retention of these as investment properties.

To the senior executive team and all our valued employees, I would like to express my appreciation for their contribution to the strong result achieved this past year.

Shareholders have, in the past, raised issues regarding the environment and the Group’s impact thereon. As a Group we acknowledge that we have an obligation to our shareholders and the general community to operate in a way that promotes sustainability, mitigates our environmental impact and footprint and encourages ongoing and sustainable business practices.

For many years the Thredbo business has, due to the environmentally sensitive area in which it operates, been actively addressing environmental concerns within that business.

Recently management has increased its environmental focus on all businesses and an environmental committee has been formed to assist in this process. This committee has the task of addressing the environmental issues facing the entire Group and, where possible, setting reduction targets and integrating environmental considerations into general business practices. There is little doubt that current and future legislative requirements will increase the focus on environmental considerations and implement significant reporting obligations.

Turning now to the current year and the results achieved for the first four months of the year, I am pleased to report that profit before tax and individually significant items was $36.2 million. On a like-for-like basis, this represented an increase of 20.2% over the first four months of the prior year comparable period. This percentage increase includes a negative impact of $3.6 million, before individually significant items, from the loss of earnings due to the disposal of our interest in Roadshow Distributors Pty Limited. This impact has been partly offset by reduced net interest costs of $1.9 million.

I do however advise shareholders not to annualise this result as the first four months does include earnings attributable to the 2007 Thredbo ski season.

The Group will report a pre-tax profit of $64.4 million on the sale of Roadshow Distributors Pty Limited. This profit will be recorded as an individually significant item in the 2007/08 financial statements.

Trading to the end of October 2007 has benefited from a strong film line-up, including Harry Potter and the Order of the Phoenix , The Simpsons Movie and The Bourne Ultimatum and, for the hotels, continuing growth in occupancy and average room rate.

The result from Thredbo, has been particularly pleasing, where good natural snow conditions supplemented by snowmaking, resulted in over 400,000 skier days ranking the season as the 4[th] best of all time.

The outlook for the remainder of the year is encouraging with a good film line-up over the Christmas holiday period and a continuing positive trading environment for our hotels and resorts.

Thank you for your support and also your interest in attending this morning.

David Seargeant AHL Managing Director

Amalgamated Holdings Limited ABN 51 000 005 103 49 Market Street Sydney NSW 2000 GPO Box 1609 Sydney NSW 2001 Australia TEL (+612) 9373 6600 FAX (+612) 9373 6534