Ann: Approach from Village Roadshow Corporation P, page-8

re: Ann: Approach from Village Roadshow Corpo... Share Price down from over $3 two years ago to $0.80 for the ord and $0.50 for the preference shares. They announced on the 11th May that Financing had been concluded and declared an interin Dividend.

Just for the half year they achieved $139M EBITDA and $90M operating cash flow. then only forecast on Commsec for 2009 is earnings of 23.1 cents per share with a forecast of 27.1 cents per share in 2009.

Share price was very undervalued and still is. I expect that the privatisation option is an opportunistic attempt to take advantage of the low share price before it rerates further towards what it is valued at. The profitability of the company will also increase significantly with a recovery in the world economies with films and tourism highly leveraged to an upturn in the world economy.

It remains to be seen whether they will be able to raise the finance to take it private but no doubt they know that they are getting a bargin even at $2 a share.

Regards

SP