Ann: Response to letter to Ardent shareholders, page-35

Capex requirements going forward are certainly a bit of a concern and I have previously suggested a partnership with an International branded theme park operator would be good, as it widens the opportunity to source capex and develop the land significantly quicker than we could as a standalone business.

I had previously considered Universal to be a good fit, but what about merlin Entertainments. They have been expanding in Asiapac but only have a handful of assets in Australia. They have great experiences around theme parks within Europe (and their theming is good) but they also have exclusive worldwide rights to the Legoland resort brands. I've previously felt like the location being Coomera of the park isn't ideal for a hotel, but a small Legoland branded hotel with direct close access to 3 parks could be a game changer there where people might be willing to pay the prices of resort hotels outside of Surfers.

I truly believe ALG have a great opportunity here but that they need an International partner to support them and provide capital where they can match or beat Village.

I was up on the GC at the weekend and went to Movieworld, there are some newer additions (the Joker etc and the Flash to come) but a lot of the park is still very dated as well, so significant investment in Dreamworld would be exactly what we need to elevate it and to add a Legoland on would also be very good value IMO.

I think the announcement that they are obtaining preliminary planning approvals over the entire site could be really important as it indicates that they have plans to develop the entire site. 55 hectares is a big site area and would require a large amount of capital so there could be some big news coming for this once approvals are granted.