- Strong trading performance from Cinema Exhibition and Theme Parks

- Completion of capital management program

- Sale of Greece and Czech Republic businesses

- EBITDA / FINANCIAL PERFORMANCE

- DEBT / CASH

- CAPITAL MANAGEMENT

Operating Result Excl Material Items

Reported EBITDA Excl Material Items

HFY2010 $’m

HFY2009 $’m

HFY2010 $’m

HFY2009 $’m

THEME PARKS:GOLD COAST 20.1 15.0 42.5 40.0

THEME PARKS:US WATER PARKS 0.5 (0.5) 3.6 0.2

ATTRACTIONS 4.6 4.3 9.8 8.9

FILM DISTRIBUTION 25.5 28.1 32.7 37.7

CINEMA EXHIBITION:AUST/SING 19.3 13.9 26.8 21.2

CINEMA EXH’N:GOLD CLASS USA (4.3) (3.6) (4.3) (3.6)

RADIO:AUSTEREO 39.3 39.9 49.4 51.3

CORPORATE/OTHER (30.2) (27.7) (22.6) (21.0)

REPORTED RESULTS $74.8 $69.4 $137.9 $134.7

DEBT AND INTEREST COVER BY DIVISION (December 2009)

Debt/EBITDA (times)

EBITDA/Interest (times)

THEME PARKS:GOLD COAST 3.4 4.7

ATTRACTIONS: SYDNEY ATTRACTIONS GROUP 3.1 4.3

FILM DISTRIBUTION 2.0 6.1

CINEMA EXHIBITION:AUSTRALIA 2.4 6.4

RADIO:AUSTEREO 2.6 6.7

TOTAL VRL GROUP 4.0 3.7

TOTAL VRL GROUP (excluding finance leases) 4.0 3.8

ON BALANCE SHEET DEBT - CURRENT December 2009 $’m

THEME PARKS $25.5

FILM DISTRIBUTION $7.3

CINEMA EXHIBITION $19.2

RADIO:AUSTEREO $0.0

CORPORATE/OTHER $0.1

Total Current Debt on Balance sheet $52.1

ON BALANCE SHEET DEBT – NON CURRENT December 2009 $’m

THEME PARKS $294.4

ATTRACTIONS $58.0

FILM DISTRIBUTION $94.9

CINEMA EXHIBITION $78.8

RADIO:AUSTEREO $223.1

CORPORATE/OTHER $160.3

Total Non - Current Debt on Balance sheet $909.5

Note 1. Prior period has been restated to reflect discontinued operations

Note 2. US Water parks debt is a long term lease which is designated as a finance lease under IFRS

Facility ExpiryTotal Debt Drawn ($m)

Dec 2009

Total Debt Drawn ($m) Jun 20091

On Balance SheetTHEME PARKS:GOLD COAST 2nd half 2011 $303.3 $303.8

THEME PARKS:US WATER PARKS (note 2) 1st half 2029 $16.6 $18.4

ATTRACTIONS:SYDNEY ATTRACTONS GROUP 2nd half 2012 $58.0 $60.3

FILM DISTRIBUTION 1st half 2011 $102.2 $109.7

CINEMA EXHIBITION:AUSTRALIA 2nd half 2012 $98.0 $45.0

RADIO:AUSTEREO 2nd half 2011 $223.1 $220.1

CORPORATE 2nd half 2012 $160.4 $200.4

TOTAL ON BALANCE SHEET DEBT $961.6 $957.7Less: Cash on Hand $(104.7) $(68.4)

Net Debt on balance sheet $856.9 $889.3

Off Balance Sheet Net DebtFilm Production and Music (reflects 41% ownership) $464.5 $464.6

Cinema Exhibition (Gold Class USA & Singapore) (ownership %) $10.9 $7.1

TOTAL NET DEBT $1,332.3 $1,361.0

Note 1: Excludes discontinued operations and material items, based upon weighted average of ordinary and preference shares, prior periods have been restated.

Note 2: Excludes discontinued operations and material items, prior periods have been restated.

CAPITAL ANALYSIS 31 December 2009

30 June 2009

31 December 2008

ORDINARY SHARES (#’m) 114.2 126.9 126.9

PREFERENCE SHARES (#’m) 52.7 97.7 97.8

TOTAL EARNINGS PER SHARE (cents) (note 1) 19.68 (HY) 24.91 (FY) 14.83 (HY)

NET OPERATING PROFIT ($’m) (note 2) $41.6 (HY) $56.0 (FY) $33.4 (HY)

EQUITY (Excl Minority Interest) ($’m) $522.4 $589.0 $629.1

EBITDA $’m

Movement in Working

Capital $’m

Interest/ Tax $’m

Operating Cashflow

$’m

Capital Expenditure

$’m

Free Cashflow

$’m

THEME PARKS $42.5 $6.9 $(9.0) $40.4 $(9.9) $30.5

THEME PARKS:US WATER PARKS $3.6 $(1.4) $(0.9) $1.3 $(5.6) $(4.3)

ATTRACTIONS $9.8 $(0.2) $(2.3) $7.3 $(5.1) $2.2

FILM DISTRIBUTION $32.7 $6.9 $(3.5) $36.1 $(0.3) $35.8

CINEMA EXHIBITION $22.5 $15.0 $(1.9) $35.6 $(4.9) $30.7

RADIO:AUSTEREO $49.4 $(8.6) $(15.2) $25.6 $(9.9) $15.7

CORPORATE/OTHER $(22.6) $(2.2) $(5.1) $(29.9) $(1.6) $(31.5)

TOTAL $137.9 $16.4 $(37.9) $116.4 $(37.3) $79.1

RESULTS ANALYSISFor the half year ended 31 December

PTD 2010(m)

PTD 2009(m)

TOTAL ATTENDANCE 2.2 1.9

SALES REVENUE $142.2 $136.5

OTHER REVENUE $0.3 $0.6

TOTAL EXPENSES $100.0 $97.2

EBITDA $42.5 $39.9

DEPRECIATION AND AMORTISATION $13.3 $12.4

INTEREST (NET) $9.1 $12.4

NET PROFIT BEFORE TAX $20.1 $15.1

TOTAL CAPEX $9.9 $8.5

Attendance numbers – season passes- Queensland VIP - Endless Summer Pass (interstate)

Targeted marketing campaigns- Hollywood Stunt Driver show - Wet’n’Wild

Focus on in-park spending

Reductions in labour hours

New ‘Aqua Loop’ at Wet’n’Wild in calendar 2010

RESULTS ANALYSISFor the half year ended 31 December

PTD 2010(m)

PTD 2009(m)

TOTAL ATTENDANCE 0.4 0.2

SALES REVENUE $14.0 $7.8

OTHER REVENUE $0.3 $0.0

TOTAL EXPENSES $10.7 $7.6

EBITDA $3.6 $0.2

DEPRECIATION AND AMORTISATION $2.2 $0.7

INTEREST (NET) $0.9 $0.0

NET PROFIT BEFORE TAX $0.5 $(0.5)

TOTAL CAPEX $5.6 $15.5

WET’N’WILD HAWAII- Decline in tour market - Introduction of season pass- Focus on core domestic market

WET’N’WILD PHOENIX- Opened to public 1 July 2009- Seasonal park currently closed will

re-open in March 2010

OTHER OPPORTUNITIES- Australia- Asia- USA

RESULTS ANALYSISFor the half year ended 31 December

PTD 2010(m)

PTD 2009(m)

TOTAL ATTENDANCE 1.3 1.3

SALES REVENUE $29.4 $27.6

OTHER REVENUE $1.1 $0.7

TOTAL EXPENSES $20.7 $19.4

EBITDA $9.8 $8.9

DEPRECIATION AND AMORTISATION $2.9 $2.4

INTEREST (NET) $2.3 $2.2

NET PROFIT BEFORE TAX $4.6 $4.3

TOTAL CAPEX $5.1 $3.6

Impacted by decline in international tourists

New attractions and promotions in 2009/10- Spongebob Squarepants- Deadly n Dangerous holiday program- Crocodile exhibit at Sydney Wildlife World

Kelly Tarlton’s performed in line with expectations

RESULTS ANALYSISFor the half year ended 31 December

PTD 2010(m)

PTD 2009(m)

SALES REVENUE $222.0 $244.4

OTHER REVENUE $0.8 $0.5

TOTAL EXPENSES $190.1 $207.2

EBITDA $32.7 $37.7

DEPRECIATION AND AMORTISATION $3.7 $6.2

INTEREST (NET) $3.5 $3.4

NET PROFIT BEFORE TAX $25.5 $28.1

Theatrical EBITDA up 12% on prior periodFY2010 strong titles

- Harry Potter And The Half Blood Prince- Sherlock Holmes- My Sister’s Keeper

Improved gross marginsIncrease in revenues 4%

Entertainment EBITDA down 15% on prior periodDecrease in revenues 10.6%Drop in back catalogue salesDrop in gross marginsLeading supplier to the DVD market

- 15.9% share of total market- 37% share of Children’s category

Roadshow Television continues to exceed expectations

RESULTS ANALYSISFor the half year ended 31 December

PTD 2010(m)

PTD 2009(m)

TOTAL ADMISSIONS 18.5 17.2

SALES REVENUE $118.1 $101.8

OTHER REVENUE $7.6 $7.4

TOTAL EXPENSES $101.5 $89.8

EBITDA $24.2 $19.4

Share of associates profits (losses) – Singapore $2.6 $1.8

Share of associates profits (losses) – Gold Class USA $(4.3) $(3.6)

EBITDA $22.5 $17.6

DEPRECIATION AND AMORTISATION $5.6 $5.7

INTEREST (NET) $1.9 $1.6

NET PROFIT BEFORE TAX $15.0 $10.3

TOTAL CAPEX (excludes associates) $4.9 $2.1

Strong performance from Australian circuit from good product- Harry Potter And The Half Blood Prince- Avatar- New Moon

Total admissions up 7.6% to 18.5 million for the period- Australian circuit up 8%- Singapore circuit up 4%

3D digital projector rollout- 18 3D films expected to be released over the next 12 months- Alice In Wonderland, Toy Story 3

US Gold Class sites- South Barrington, Illinois - Redmond, Washington

US Gold Class opened in the period - Bolingbrook, Illinois- Pasadena, California

Pasadena trading profitably

US Gold Class intends to open 2 new sites

RESULTS ANALYSISFor the half year ended 31 December

PTD 2010(m)

PTD 2009(m)

SALES REVENUE $128.5 $132.8

OTHER INCOME $3.6 $0.8

TOTAL EXPENSES $82.7 $82.3

EBITDA $49.4 $51.3

DEPRECIATION AND AMORTISATION $3.9 $3.5

INTEREST (NET) $6.2 $7.9

NET PROFIT BEFORE TAX $39.3 $39.9

TOTAL CAPEX $9.9 $12.5Note: Capex includes intangibles of $4.7m (Digital Spectrum)

Ownership percentage - 52.52% unchanged

Small decline in total revenue to $128.5 m

Net Profit consistent with prior period

Control of 27.1% of national digital spectrum

Today Network maintained FM leadership - Key breakfast time zone four out of 5 capital cities- Drive zone in all capital cities

Triple M Network- Re-build in Melbourne and Sydney- Solid performance in Brisbane, Adelaide and

number one in Perth

The Austereo results announcement can be found at www.austereo.com.au

Investment- Village Roadshow Pictures and

Concord Music- Ownership percentage – 40.9%- Equity accounted not consolidated

FY2010 Films produced in partnership with Warner Bros. - Sherlock Holmes- Where The Wild Things Are

2010 Films currently being produced - Sex And The City 2- Guardian’s Of Ga’hoole- Cats And Dogs 2- Happy Feet 2

Film Finance Facility- US$900 million- Until 30 September 2010- New financing being negotiated