Ann: Update on BGH Transaction, page-2

WARNING - this wording is misleading.

Remember that Scheme A needs around 90% of retail holders to vote YES (no chance).

Prices of $2.34 for Scheme A and $2.22 for Scheme B INCLUDE the $0.12 theme park upswing.

The parties to the Implementation Agreement have agreed on a Cash Consideration of
$2.32 per VRL Share under the Structure A Scheme and $2.22 per VRL Share under the
Structure B Scheme. Warner Bros. Movie World and Sea World theme parks have been
open to the public for some time and while this would most likely result in the Theme Park
Uplift Event being triggered on 13 November 2020, the parties to the Implementation
Agreed have agreed to lock in the uplift of $0.12 per Share today.