EVT LIMITED — AGM Information 2008

Oct 23, 2008

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CHAIRMAN'S ADDRESS TO THE ANNUAL GENERAL MEETING OF SHAREHOLDERS FRIDAY 24 OCTOBER 2008

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 2008. 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 released to the market and forwarded to those shareholders who have requested it.

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 Group matters relevant to this forum.

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 21% to $99.4 million. The normalised result, being profit before individually significant items, discontinued operations, minority interest and income tax, was $75.6 million, an increase of 15%. The year’s result has benefited from the strengthening in the international cinema exhibition business and an improvement of the earnings from the hotels and resorts and Thredbo businesses.

The Board has been pleased with the performance of the year under review. The results of the 2008 financial year continue to demonstrate that your Company is a collection of sound businesses with a good management team that is 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 19 cents per share which, when combined with the interim dividend, makes a total distribution of 30 cents per share and is an increase of 7% over the prior year’s total dividend of 28 cents. 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 longerterm continuity of earnings for both shareholders and the Group.

The net tangible asset value per share, which has been adjusted using the independent valuations of land and buildings disclosed within the 2008 Annual Report, was approximately $6.82 at 30 June 2008 compared to $6.49 at 30 June 2007. The total net debt was $8.6 million with available financing facilities totalling in excess of $250 million.

The share price was $4.87 at 30 June 2008 compared to $6.45 at 30 June 2007 and this is largely a reflection of the market volatility and global economic uncertainty.

I would like to comment briefly on the economic uncertainty and the impacts to the Group. The Board carefully monitors domestic and international economic environments and, whilst the current uncertainty within the global economy has created cause for concern, there is considerable comfort in acknowledging that the Group is in the enviable position of minimal net debt, having existing debt financing facilities with terms out until 2012 and businesses that continue to perform strongly.

In the next year economic and consumer trends will be carefully tracked and monitored and the Group will react rapidly to any adverse changes in consumer spending in an effort to minimise major profit impacts.

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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On a positive note it is envisaged that the current market turmoil may provide rare buying opportunities, particularly within the hotel segment, and the Group will consider all suitable opportunities if and when they arise.

Shareholders would also be aware that the Group has continued to rationalise and restructure businesses. The recent significant changes include the sale of the Group’s 50% interests in both the Roadshow and Atlab groups. Whilst both these businesses had long been associated with the Group the opportunity to divest was considered advantageous and in line with the longer term Group strategy. The Managing Director will comment on the more detailed aspects of these transactions.

Turning now to corporate governance matters 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.

As noted at the last Annual General Meeting, the Group’s only area of non-compliance with the ASX’s Corporate Governance Principles and Recommendations is 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.

At previous shareholders’ meetings, shareholders have raised concerns regarding environmental issues. The Group’s Environmental Committee has been assigned the task to set targets and develop strategies to help reduce the Group’s energy and water consumption and to assist the Group with any regulatory obligations. The focus on environmental sustainability will undoubtedly continue to grow in coming years and with this increased focus will come additional reporting and disclosure requirements. I can assure shareholders that the Group always seeks a pro-active role in meeting its environmental obligations, monitoring and, where possible, minimising its environmental impact.

I would now like to comment on the structure of the Board.

Shareholders are aware that, due to additional commitments, Mr John O’Neill resigned from the Board in October 2007 and in February 2008 Mr Richard Newton joined the Board. The appointment was recommended by the Nomination and Remuneration Committee and we welcome Richard to the Board.

There have also been some changes at the executive level and the Managing Director will comment on those changes within his address.

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.

As previously stated we will also be closely monitoring the businesses in the light of the current world economic uncertainty.

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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I would like to take this opportunity to acknowledge the efforts of the Managing Director, Mr David Seargeant who recently celebrated his 20[th] anniversary with the Group. Mr Seargeant’s efforts were recently recognised in a special Board minute.

Mr Seargeant joined AHL in February 1988 as chief executive of the hotel division. On joining the Company, Mr Seargeant brought with him his own unique vision for a hotel group of the future. It would contain a unique culture within the staff, mixed with a particular style of product that had not yet been seen. This mix was aimed at satisfying the needs of both staff and also the guests.

The period of development for Rydges Hotels & Resorts has not been an easy one. The development plan had to accommodate the needs of its parent Company, Amalgamated Holdings Limited, particularly in a financing sense and be undertaken in a way that recognised the fast changing needs of the hospitality industry.

Mr Seargeant has accepted all the challenges presented before him. He was appointed to the position of executive director in mid-2000 and in that role was responsible for the revitalisation of the Greater Union Cinema business and the restructuring of the Greater Union group. In 2001 he was appointed Managing Director and has since continued to restructure and strengthen the core businesses of AHL.

On behalf of my fellow directors and the employees of the Group, I would like to thank David for his considerable contribution over the last 20 years and I look forward to his involvement with the Group for many years to come.

Thank you David.

I would also 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 the executive 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 24 OCTOBER 2008

Good Morning Ladies and Gentlemen,

I am pleased to report on our performance over the past year, a year in which we not only achieved a very solid result, but importantly laid further foundations for the future strength and growth of our Company.

Profit before individually significant items, discontinued operations and tax increased by some 15% over that of the prior year and this was driven primarily by the improved performance of our International Exhibition businesses in both Germany and the Middle East, increased demand within the Hotels & Resorts segment and a strong 2007 season at Thredbo.

In Exhibition, our domestic box office increased by over 3% on a same-screen basis over the prior year and this was driven by both Harry Potter and The Simpsons Movie , each achieving over $30 million at the Australian box office. These films were supported by the successful releases of Indiana Jones , Sex and the City , I Am Legend and The Bourne Ultimatum .

Merchandising revenue again showed strong growth with a 9% increase and this was driven primarily by the continuing success of our Gold Class concept. Total revenue for Gold Class was up by 35%.

We further grew our competitive advantage in the on-line space with an increase of 33% in customers booking tickets on-line. All of our major city cinemas now offer reserved seating when booking on-line.

We also undertook a major refurbishment of our George Street cinema complex including the inclusion of two giant 20 metre G-Max screens and four Gold Class auditoria.

Overall earnings for Domestic Exhibition were slightly down due to the prior comparable period including several asset sales and a write-back in provisioning.

During the year, we closed two cinema sites – our 3-screen site in Canberra, which is currently being redeveloped as a seven-level commercial office and will be retained by the Company as an investment property, and our drive-in at Bass Hill which has just received council DA for a residential sub-division.

Earnings from our 50% interest in the Village managed circuit in Victoria grew by 37% due to a similar increase in box office to that of our managed circuit and the closure of loss-making sites at Waverly Gardens and Dandenong.

In Germany, the cinema circuit again showed an improvement over the prior year and this was due to a further reduction in the level of operating costs including cinema lease rental and the growth in revenue achieved through the ‘Red Carpet’ event business.

Box office was assisted by the success of several locally produced films including Keinohrhasen and Die Welle .

Our circuit in the Middle East again performed exceptionally well with growth in box office of 17% over the prior year with our site in the Mall of the Emirates also achieving over 1.3 million admissions.

Much progress in this past year has been made in developing a financial model that will enable the roll-out of digital cinema across our circuit.

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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Together with our fellow major exhibitors, we have formed a joint venture to formulate and implement the conversion to digital of each of our circuits with a 3-year time frame. Negotiations with equipment suppliers and the major studios are well advanced and we are hopeful of being able to commence this digital roll-out in early 2009.

The digitisation of our circuit will enable us to enter the new and exciting world of 3D on a much bigger scale. We have already experienced the heightened demand for 3D through the release of Hanna Montana and very recently Journey to the Centre of the Earth . Some twelve major titles are scheduled for release in 3D in the second half of 2009.

Through digital, we are also able to enter the new and unexplored area of alternate content. On a small scale recently we achieved great success with the Opera series and further live concerts and live sporting events are being planned for 2009 and beyond in conjunction with our wide digital roll-out.

Rydges Hotels & Resorts produced a very strong result increasing normalised profit by 23% on the prior year. Occupancy for the Group owned hotels was 74.7%, up 2.2 percentage points, with this relatively strong demand enabling a strengthening in yield with growth in the average room rate of 6%. Demand was particularly strong in the major Australian mainland cities. New Zealand and regional Australia were however at best flat or declining when compared to the prior year.

The launch of the Rydges PriorityGUEST program proved extremely successful with some 140,000 members joining in the first year and the level of bookings made on-line now exceeding 20% of all bookings. The Group recently launched Events at Rydges enabling customers to create and book tailored meetings, conferences and events on-line.

The Rydges Rejuvenation program continued with a focus on the roll-out of the Rydges Dream Bed, LCD flat screen televisions with our leading edge media hub concept and the launch of the new breakfast concept, Rydges Rise . Also completed during the year was the major refurbishment of Rydges Melbourne with works to the exterior and entry, new foyer and a new restaurant and bar concept.

Since the last shareholders meeting the Group has been successful in gaining new hotel operating agreements for hotels in Kalgoorlie, Brighton, Adelaide, Doha and Fiji. With this growth and the emergence of new demand drivers, we are currently in development of two new brands. The first is for entry into the 4.5 star boutique space for both hotels & resorts and this will be branded QT Hotels . The second, and positioned for the younger emerging technology-driven business traveller and located in suburban business park areas, will be branded Abode by Rydges .

Thredbo produced a particularly pleasing result given the at times, very poor natural snow conditions. This result was due in large part to our extensive artificial snowmaking infrastructure and the level of automation of our snowmaking enabling us to produce a record level of artificial snow.

This enabled us to increase our share of the national market by 3.2 percentage points. The solid result was further assisted by the strong management of operating costs and the effective maximisation of yield-perskier through lessons, ski hire and Thredboland.

Stage 3 of our snowmaking was completed for the 2008 season and this covered the area from Ramshead lift to Kareela via the World Cup Run.

We are currently seeking to identify and appoint a world-class urban designer to undertake conceptual design and planning for a 20-year master plan with an appointment expected in the last quarter of this year. Our design briefing is to create a world-class ski resort that will ensure that Thredbo builds on its reputation as Australia’s best alpine resort, ensuring that we will continue to generate a greater premium on our property development and leasing activities.

I would now like to take this opportunity to comment on some of the significant transactions that occurred

during the year and since the 30[th] of June 2008.

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 continued to restructure our existing businesses and dispose of non-core assets. Our 33% interest in a 10-screen multiplex at Enschede in the Netherlands was sold during the year realising a profit before income tax of $6.7 million.

In addition, and as highlighted at the last Annual General Meeting, the Group sold its 50% interest in Roadshow Distributors Pty Limited in August 2007. The sale delivered cash proceeds of $95 million as well as extinguishing $34 million of associated loans. The profit on the sale before income tax was $64 million.

More recently, in September 2008, we sold our 50% interest in the Atlab group to our partner in that business, Deluxe. Whilst the sale will deliver cash of $1.5 million there will be no material profit or loss from the sale as the sale price was equivalent to the Group’s carrying value of that business.

Whilst both the Roadshow and Atlab businesses had long been associated with the Group the opportunity to realise these assets was considered to be of a greater consolidated benefit to the Group over the longer term and is in line with our policy of disposing of assets determined to be non-core.

In September 2008 the Group acquired the Gold Coast International Hotel at a cost of $56.5 million. The purchase again highlights our growing focus on the hotel property sector and our willingness to acquire property when appropriate opportunities arise that complement our existing asset portfolio, and which add value to the income earning capacity of the Group. Shareholders will recall that the Group purchased the Cronulla and Bankstown hotels in May 2007.

An essential element in all our growth plans for our cinemas, hotels & resorts and Thredbo is to develop a very powerful competitive advantage in food and beverage. We believe that we can gain this edge if we can be truly innovative and create new and exciting food and beverage experiences across all of our current and future brands.

To drive our focus on this important area, we have recently appointed Kevin Kobishop as Corporate Director of Food & Beverage. Kevin has extensive expertise in the U.S. market, much of this gained as Director of Food & Beverage with the U.S. chain Wyndham Hotels.

It is also critical to build on the competitive advantage we have created through technology innovation. To further build on the success of our on-line booking sites, loyalty program Rydges PriorityGUEST and soon to be launched cinema loyalty program Cinebuzz.

For all that we have achieved this past year – to the senior executive team and all our valued employees, I would like to express my appreciation for their highly valued contribution.

Turning now to the current year and the results achieved for the first three months of the year, I am pleased to report that the profit before tax was $31.2 million. There were no individually significant items to report in the first three months of the current year. On a like-for-like basis, and after excluding discontinued operations from the prior year, this represents an increase of 5.1% over the first three months of the prior year. Reduced net interest costs of $1.5 million was the major contributing factor in this increased first quarter result from continuing operations.

As in previous years it is not appropriate to annualise this result as the first quarter does include earnings attributable to the 2008 Thredbo ski season.

Trading to the end of September 2008 has benefited from a strong film line-up, including The Dark Knight Mamma Mia and Wall-E and, for the hotels, continuing growth in both occupancy and average room rate.

The result from Thredbo, has been particularly pleasing, where good natural snow conditions supplemented by snowmaking, resulted in over 380,000 skier days.

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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With a high degree of volatility in world economies, it is difficult to comment with any high level of confidence on the outlook for the remainder of the year. Our film line-up is however strong with the highly anticipated Baz Luhrman production Australia and the latest Bond film Quantum of Solace opening late November and with negligible new supply affecting the Hotels & Resorts sector, we believe we are well placed with our strong balance sheet and low level of debt to trade through these unpredictable times.

Thank you for your support and 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