ADDRESS CONTACT DETAILS UNIT REGISTRY Level 16 Telephone +61 2 9409 3670 c/- Link Market Services Limited 61 Lavender Street Investor Services 1800 ARDENT Level 12, 680 George Street Milsons Point NSW 2061 Fax +61 2 9409 3679 Sydney NSW 2000 AUSTRALIA www.ardentleisure.com Locked Bag A14 Sydney South NSW 1235 Telephone 1300 720 560 registrars@linkmarketservices.com.au

Ardent Leisure Group Comprising Ardent Leisure Trust ARSN 093 193 438 (Manager: Ardent Leisure Management Limited ABN 36 079 630 676, AFS Licence No. 247010) and Ardent Leisure Limited ABN 22 104 529 106

ASX RELEASE 13 June 2012 The Manager Company Notices Section ASX Limited 20 Bridge Street SYDNEY NSW 2000 Dear Sir/Madam

MORGAN STANLEY CONFERENCE PRESENTATION Please find attached for release to the market a presentation to be given by Mr Greg Shaw today at the Morgan Stanley Emerging Companies Conference. Yours faithfully Alan Shedden Company Secretary

Ardent Leisure Group is a specialist operator of leisure and entertainment assets across Australia, New Zealand and the United States. The Group operates Dreamworld, WhiteWater World, SkyPoint, d’Albora Marinas, AMF and Kingpin bowling centres and Goodlife fitness centres across Australia and New Zealand. The Group also operates the Main Event family entertainment centres in the United States. For further information on the Group’s activities please visit our website at www.ardentleisure.com.au

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Morgan Stanley 2012 Emerging Companies Conference

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Ardent Leisure Profile ― Ardent Leisure is one of Australia’s largest specialist operators of leisure and

entertainment assets.

― Occupies dominant positions in a range of affordable leisure sectors:

― Resilient earning streams from diverse affordable leisure product range which appeals to price conscious consumer.

― Strong organic growth potential through the Main Event, Health Club and Bowling platforms.

Sector Businesses Number

Theme parks Dreamworld, WhiteWater World, and SkyPoint 3

Bowling AMF and Kingpin 49

Health Clubs Goodlife Health Clubs 45

Family Entertainment Centres Main Event USA 10

Marinas D’Albora Marinas 7

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9 Months Ending 31 March 2012 Performance Update(1)

― Continuation of the strong momentum at the half year in the Main Event and Health Club divisions, similar trends in Marinas, a significant improvement in Bowling and improved trends in Theme Parks as shown below:

19.6% 18.9%

1.8% 0.1%

-8.6%

11.6%

21.6%

0.0%

6.8%

-6.2%

Main Event Health Clubs Marinas Bowling Theme Parks

HY 31 Dec 2011 EBITDA 9 mths ending 31 Mar 2012 EBITDA

(2)(3)

19.3%

(1) Based on 9 month unaudited trading (2) US$ EBITDA growth (3) Main Event achieved a 19.3% EBITDA growth rate for the 9 months ending 31 March 2012 if the impact of increased property rentals from the sale and leaseback of the Main Event

properties in Webster (in September 2011); and Frisco and Lubbock (in January 2012) are excluded. A growth rate of 11.6% was achieved with the inclusion of the increased rentals.

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US$’000 HY12 HY11 % Change

Total revenue 26,067 24,006 8.6%

EBRITDA 8,316 7,254 14.6%

Operating margin 31.9% 30.2%

Property costs (3,161)1 (2,943) 7.4%

EBITDA 5,155 4,311 19.6%

Main Event half year results

4 (1) Includes $182,000 in incremental sale and leaseback rental for Webster site

Delivered outstanding 19.6% like for like EBITDA growth

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Main Event 9 months ending 31 March 2012 Update(1)

5

― Year to date revenues of US$41.46m, up 8.5% on revenues of US$38.2m recorded in the prior corresponding period.

― Year to date EBITDA of US$9.23m, up 11.6% on EBITDA of US$8.27m recorded in the prior corresponding period.

Up 19.3% excluding the impact of increased property rentals from the sale and leaseback of the Main Event properties in Webster (in September 2011); and Frisco and Lubbock (in January 2012)).

― New site in San Antonio opened for trade on 26 April 2012. Strong opening performance.

(1) Based on 9 months unaudited trading

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Main Event Outlook

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― Exceptional trading has continued in April 2012, with revenues of US$3.8m up 7.6% on April 2011.

― Positioned to continue performing strongly:

Quality locations in highly populated metropolitan Texas markets

Broad market appeal catering to a wide range of ages and demographics

No direct competition

One of least expensive forms of out-of-home entertainment

2012 average person spend was $14.29, compared to average out-of-home ticket price of $45.83*

All inclusive “value” messaging has strong appeal in current economic environment

*MPAA research. Average out-of-home ticket price includes football game, basketball game, hockey game, baseball game and theme park

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Main Event Outlook

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― One stop leisure destination, with strong recreational appeal for young socials, families, children and Groups. Not just bowling.

Games, 33.6%

Bowling, 23.4%

Food, 19.7%

Beverage, 10.3%

Laser Tag/ Mini Golf, 11.8%

Climbing/ Misc, 1.3%

9 months ending 31 March 2012 revenue by venue

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Main Event Outlook

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― Texas has an attractive economic climate which is expected to strongly support future growth:

Population of 24 million (22 million live in Australia)

13th highest GDP in the world, if it was a country (Australia would be 16th)*.

No state income tax

Low cost of living

Affordable housing

Low unemployment relative to broader US market

― Similar market dynamics exist across US Sunbelt states

*These figures are based on the International Monetary Fund list of countries by GDP (nominal) for world GDP

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Main Event Outlook

9

― Strong growth potential through new site development:

Capable development team in place

Potential trade areas identified

Leasehold developments expected to contribute EBITDA of US$1.6m to US$1.8m on an investment of circa US$6m.

Target is to double size of portfolio within 3 years

New site in Houston has been secured

Negotiations well advanced to secure a further Houston site

Potential for Main Event to expand into adjoining Sunbelt states

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Health Clubs half year results

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$’000 HY12 HY11 % Change

Total revenue 50,806 43,447 16.9

EBRITDA (ex pre-opening cost) 19,877 16,537 20.2

Operating margin 39.1% 38.1%

Property costs (ex straight line rent)

(9,851) (8,102) (21.6)

EBITDA1 10,026 8,435 18.9

(1) Excluding pre-opening costs and straight line rent

Strong like for like performance boosted by success of bolt-on acquisitions

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Health Clubs 9 months ending 31 March 2012 Update(1)

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― Year to date revenues of $76.48m up 16.4% on revenues of $65.72m recorded in the prior corresponding period.

― Year to date EBITDA of $15.14m up 21.6% on EBITDA of $12.45m recorded in the prior corresponding period, improving on the 18.9% trend at the half year.

― The 31 March 2012 quarter was Goodlife’s strongest trading period with revenues for the quarter up 15.3% and EBITDA up 27.4%, driven by:

a 1.7% increase in constant centre revenues and 7.5% increase in constant centre EBRITDA(2).

the acquisition of 3 clubs in Melbourne at Waverley Park (December 2011), Caroline Springs and Prahran (March 2012).

(1) Based on 9 months unaudited trading (2) Earnings before property costs, interest, tax, deprecation and amortisation

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Health Clubs Outlook

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― Melbourne club acquisitions will deliver first full year earnings contribution in FY 2013.

― New development clubs at Dernancourt (SA) and Maroochydore (QLD), due to open in Q2 FY 2013.

― Additional site secured at Westlakes Shopping Centre in Adelaide, which is due to open in FY 2014.

― Refurbishments completed at Carseldine, Bardon, Balwyn and Chermside expected to drive incremental earnings.

― Will seek to make 2 bolt on acquisitions per year delivering $0.5m to $0.8m of EBITDA at EBITDA multiples of 3.5 to 4.0x.

― Targeting to open 2 to 3 new clubs per year. Expect each to deliver $0.6m to $0.7m of EBITDA once fully ramped up, on an investment of circa $2.4m to $2.6m.

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Marinas half year results

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$’000 HY12 HY11 % Change

Total revenue 11,393 11,159 2.1

EBRITDA 6,426 6,385 0.6

Operating margin 56.4% 57.2%

Property costs (1,096) (1,149) 4.6

EBITDA 5,330 5,236 1.8

Quality locations delivered consistently high occupancies with growth in berthing rates

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Marinas 9 months ending 31 March 2012 Update(1)

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― Year to date revenues of $18.1m and EBITDA of $8.57m in line with the prior corresponding period.

― Continues to enjoy consistently high occupancy levels and strong operating margins of 56.7%.

Outlook

― Strong demand and supply fundamentals, with material barriers to entry, expected to underpin future performance.

(1) Based on 9 montths unaudited trading

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Bowling half year results

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$’000 HY12 HY11 % Change

Total revenue 59,415 57,354 3.6

EBRITDA (ex pre-opening costs) 20,457 20,316 0.7

Operating margin 34.4% 35.4%

Property costs (ex straight line rent) (10,742) (10,613) 1.2

EBITDA1 9,715 9,703 0.1

(1) Excluding pre-opening costs and straight line rent

Revenue performance underpinned by product innovation and value offerings

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Bowling 9 months ending 31 March 2012 Update(1)

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― Trading trends have improved significantly since the half year:

Year to date revenues of $86.17m up 5.3% on revenues of $81.83m recorded in the prior corresponding period (up 3.6% at the half year).

Year to date EBITDA of $12.15m up 6.8% on EBITDA of $11.38m recorded in the prior corresponding period (up 0.1% at the half year).

― Improved trends underpinned by:

Constant centre revenues growing by 1.6% compared to 0.8% at the half year.

the success of the new Kingpin site at Townsville, which opened in October 2011.

― Improved constant centre performance assisted by new initiatives to achieve greater local area marketing focus at the centre level.

(1) Based on 9 months unaudited trading

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Bowling Outlook

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― April 2012 revenues of $9.8m, up 2.7% on April 2011.

― Constant centre revenue growth to be driven by product innovation, value offerings and greater focus on marketing activity within local catchments.

― AMF Macarthur in NSW will be converted to the Kingpin brand in Q1 FY 2013 to maximise corporate and young social revenue opportunities.

― Two new sites have been secured in Liverpool (opening Q2 FY 2013) and Penrith (opening Q2 FY 2013) to dominate Western Sydney market.

― New AMF centres will incorporate more contemporary food and beverage offer to drive young social market. Liverpool site will operate under the Kingpin brand.

― Negotiations well advanced for potential Kingpin site in Darwin.

― Will seek to open 2 to 4 new sites per year. Expect each to deliver EBITDA of $0.8m to $0.9m on an investment of circa $3.2m to $3.5m.

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$’000 HY12 HY11 % Change Total revenue 52,989 57,914 (8.5) EBRITDA 20,520 22,714 (9.7) Operating margin 38.7% 39.2% Property costs (743) (1,077)

(31.0)

EBITDA 19,777 21,637 (8.6)

Attendance1 1,189,739 1,492,776 (20.3)

Per capita spend ($) 44.54 38.80 14.8

Theme Parks half year results

18 (1) World Pass treated as two entries

Improved yield and strong product releases anticipated to enhance second half result

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Theme Parks 9 months ending 31 March 2012 Update(1)

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― Third quarter earnings matched the prior year, after declines were recorded in the first half.

― Year to date revenues of $76.63m were down 7.5% on revenues of $82.82m recorded in the prior corresponding period (down 8.5% at the half year).

― Year to date EBITDA of $27.81m was down 6.2% on EBITDA of $29.66m recorded in the prior corresponding period (down 8.6% at the half year).

― Despite the decline in revenue, year to date operating margins of 37.8% were higher than the 37.6% recorded in the prior corresponding period.

― Very strong trading conditions in early January helped offset the impact of consistent rainfall throughout the third quarter (668mm vs 447mm).

― SkyPoint Climb, Australia’s highest external building adventure, opened in mid January. Received very positive guest feedback since opening.

― DreamWorks Animation precinct opened at Dreamworld for the Easter holidays. (1) Based on 9 months unaudited trading

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― April 2012 revenues of $7.7m (April 2011: $8.5m) were impacted by significant wet weather (318mm of rainfall in April 2012 vs 205mm in April 2011).

― New partnership with Dreamworks will provide ongoing access to new animated content.

― Dreamworld will be the home of Big Brother, to be broadcast on the Nine Network in 2012. Expected to generate strong brand awareness and a unique point of difference.

― Ongoing investment in web and e-commerce capability to improve purchase and entry experience. Web sales now over 30% of entry sales.

Theme Parks Outlook

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Group Outlook

― Earnings expected to remain resilient due to a diversity of affordable product offerings that appeal to a price conscious consumer.

― Main Event, Health Club and Bowling businesses to drive organic growth through new developments and bolt on acquisitions.

― Retail landlords increasingly seeking leisure based businesses to drive traffic flow. Ardent Leisure well placed to secure more attractive rental and landlord contributions for Bowling, Health Clubs and Main Event divisions.

― Bolt-on acquisitions at attractive EBITDA multiples expected to be available.

― Experienced management team will continue to drive ongoing product innovation and margin improvement.

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Disclaimer This information has been prepared for general information purposes only, is not general financial product advice and has been prepared by Ardent Leisure Management Limited ABN 36 079 630 676 (ALML), without taking into account any potential investors’ personal objectives, financial situation or needs. Past performance information provided in this presentation may not be a reliable indication of future performance. Due care and attention has been exercised in the preparation of forecast information, however, forecasts, by their very nature, are subject to uncertainty and contingencies many of which are outside the control of ALML and Ardent Leisure Limited (ALL). Actual results may vary from forecasts and any variation may be materially positive or negative. ALML provides a limited $5 million guarantee to the Australian Securities and Investments Commission in respect of ALML's Corporations Act obligations as a responsible entity of a managed investment scheme. Neither ALML nor any other Ardent Leisure Group entity otherwise provides assurances in respect of the obligations of any entity within Ardent Leisure Group. The information contained herein is current as at the date of this presentation unless specified otherwise.

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