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MACQUARIE LEISURE TRUST GROUP

Macquarie Leisure Trust Group2007 Full Year Results

August 2007

Greg Shaw, CEO Richard Johnson, CFO

2

Agenda

Goodlife

Main Event Family Entertainment Centres, USA

Group financial results for 12 months ended 30 June 2007

WhiteWater World

Future Strategy

Bowling

d’Albora Marinas

Dreamworld

Macquarie Leisure Trust Group result highlights

3

41% accumulated return to Securityholders for the year ended 30 June 2007

Revenue up 36%1, group profit up 26%, group distributable earnings up 26%2, EPS up 10%2 and DPS up 18%

Dreamworld and WhiteWater World valuation $350m as at 30 June 2007, an increase of 21% on book value

d’Albora Marinas valuation $96.8m as at 30 June 2007, an increase of 16% on book value

Acquisition of Main Event Holdings completed in August 2006 for consideration of US$45m plus earnout

Main Event delivered A$8.4m in earnings, up 24% on acquisition estimates

Announced agreement to acquire Goodlife Health Clubs for $60m subject to the assignment of leases, expected to complete in early September

Macquarie Leisure Trust Group FY07 highlights

1 From operational activities excluding revaluations and interest income2 Adjusted for unrealised gain on financial instruments, property revaluations, straight-lining of fixed rent increases, performance fee, pre-opening expenses, IFRS

depreciation and one-off due diligence costs on acquisitions not completed

4

Macquarie Leisure Trust GroupFY07 financial highlights

26%$47.9mGroup Profit

36%$247.5mRevenue 1

17.10c

19.45c

$40.6m

18%DPS

10%EPS 2

26%Group Distributable Earnings 2

Movement based on prior corresponding period 1 From operational activities excluding revaluations and interest income2 Adjusted for unrealised gain on financial instruments, property revaluations, straight-lining of fixed rent increases, performance fee, pre-opening expenses, IFRS

depreciation and one-off due diligence costs on acquisitions not completed

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Dreamworld

6

Dreamworld

(1.3)1,386,2441,368,141Attendance

6.860.2564.34Per capita spend ($)

37.1%38.1%Operating margin

8.330,99833,578Asset EBRITDA ($’000)

5.483,51888,035Total revenue ($’000)

28,099

FY06

30,724

FY07

9.3Rent to MLT ($’000)

% Change

7

Dreamworld attendance and per caps

6.860.2564.34Total

23.57.278.98*Other

1.19.309.40Merchandise

8.09.2810.02Food and beverage

4.534.4035.94Entry

% ChangeFY06($)

FY07($)

Per capita spend

(1.3)1,386,2441,368,141Total

(3.5)281,609271,822International

(1.9)537,736527,529Interstate

0.3566,899568,790Queensland

% ChangeFY06FY07Attendance

* Increase driven by income from special events

8

10

20

30

40

50

60

70

80

90

100

FY03 FY04 FY05 FY06 FY07

Revenue $m Rent

Dreamworld revenue and rental growth

9

Dreamworld operating margin trend

24%

26%

28%

30%

32%

34%

36%

38%

40%

FY03 FY04 FY05 FY06 FY07

10

Dreamworld full year highlights

Incremental revenue converted at 57% to EBRITDA

Improved per cap spend on prior year of 6.8%, including food and beverage up 8.0%

35% of WhiteWater World patrons have upgraded to the World Pass – 12% of Dreamworld patronage since opening

Dreamworld and WhiteWater World revalued to $350m, an increase of 21% on book value

Mick Doohan Motocoaster under construction and scheduled to open in September 2007

Dreamworld July 2007 revenues of $8.9m up 10.5% on July 2006

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WhiteWater World

12

WhiteWater World

2,565Rent to MLE ($’000)

2,787Net EBRITDA ($)

(1,208)Pre-opening expenses ($)

35.23Per capita spend ($)

45.8%Operating margin

3,995Asset EBRITDA ($’000)

8,714Total revenue ($’000)

247,360

FY07(7 months*)

Attendance

* All figures for the period from opening on 8 December 2006 to 30 June 2007

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WhiteWater World attendance and per caps

35.23Total

1.57Other

4.33Merchandise

5.98Food and beverage

23.35Entry

($)Per capita spend

247,360Total

20,544International

104,002Interstate

122,814Queensland

FY07(7 months*)

Attendance

* All figures for the period from opening on 8 December 2006 to 30 June 2007

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WhiteWater World full year highlights

A strong initial six months from WhiteWater World despite significant price discounting from Wet ‘n’ Wild

Strong result achieved despite unseasonably cold and wet weather in the first two weeks of January 2007

Margin contribution ahead of expectations at 45.8%

World Pass success continues with 35% of entries upgrading to the World Pass since 1 January 2007

July 2007 revenues of $0.7m

Stage 2 construction now underway ($5m spend), scheduled to open in September 2007

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D’Albora Marinas

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d’Albora Marinas revenue

9,875

56.6%

10,727

18,959

FY06

2.810,153Rent to MLE

54.2%Operating margin

2.811,030Asset EBRITDA

7.420,367Total revenue

% Change FY07$’000

Excludes the My Boatie and Sydney Boatshare businesses

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d’Albora Marinas revenue breakdown

13.219,27221,817Total d’Albora, My Boatie and Sydney Boatshare

--999Sydney Boatshare

44.1313451My Boatie

7.418,95920,367d’Albora total

10.44,8765,384Fuel & Other

2.15,3785,492Land

9.08,7059,491Berthing

% ChangeFY06FY07$’000

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d’Albora Marinas rental trend

4

5

6

7

8

9

10

11

12

FY03 FY04 FY05 FY06 FY07

$ m

illio

n

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d’Albora Marinas full year highlights

Strong revenue growth of 7.4%

Expanded Nelson Bay marina in August 2006 and opened Victoria Harbour in Melbourne’s Docklands in December 2006

24 hour fuel capability to be fully functional at Rushcutters Bay, Cabarita Point and The Spit by the end of September 2007

Margin adversely affected by additions to head office staff to underwrite future portfolio development growth ($140k)

Sydney Boatshare has sold down 73 per cent of a current fleet of eight vessels valued at $6.3m

d’Albora Marinas revalued to $96.8m an increase of 16% on previous book value

d’Albora Marinas July 2007 revenues $1.57m up 9.8% on July 2006

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Bowling

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Bowling

16,823

25.1%

19,611

78,285

FY06

20,614

27.3%

23,967

87,929

FY07

22.5Rent to MLE

Operating margin

22.2Asset EBRITDA (ex pre-opening)

12.3Total revenue

% Change$’000

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Bowling revenue breakdown

87,929

2,783

9,693

20,911

54,542

FY07

12.378,285Total

(1.2)2,817Merchandise and other

58.86,105Games

21.017,288Food and beverage

4.752,075Bowling and shoe rental

%FY06Revenue ($’000)

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(92.7)82760(93.9)1,760108Centres closed during FY07

23,967

(13,357)

1,126

4,670

31,470

EBRITDA

FY07

19,611

(14,073)

1,321

469

114

30,953

EBRITDA

FY06

22.2

(5.1)

(14.8)

895.7

1.7

Change

%

78,285

131

3,039

1,438

525

71,392

Revenue

FY06

(6.8)2,832Centres to close in FY08

Centres closed during FY06

%FY07

821.313,248New centres (acquisitions & redevelopment)

12.387,929Total

(8.4)120Corporate and regional office expenses/sales and marketing

0.371,621Constant centres

ChangeRevenue$’000

Bowling

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Bowling centre changes

193March 07Panmure

84May 07Village

FY07

944July 06Macarthur

4,670

1,730

572

1,147

EBRITDA

Total

August 06Kingpin Crown & Richmond

June 06Loganholme

March 06Garden City

New Centres$’000

EBRITDAEffective DateCentres to Close

348March 08Bankstown

778July 07Ryde

1,126Total

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2.1%9,451,6299,653,012Games

(0.5%)$5.51$5.48Average bowling & shoe price per game

1.9%$8.28$8.44Total revenue per game

10.9%$1.83$2.03Food and beverage revenue per game

(1.1%)

% Change

$0.94$0.93Other revenue per game

FY06FY07

Bowling KPIs

Excludes Kingpin

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Bowling full year highlights

Constant centres performance impacted by change in Victorian school holidays from June to July 2007. Constant centres revenue of $8.9 million in July 2007 up 9.0% compared to July 2006

Improvement in operating efficiencies resulting from structural reorganisation and acquisitions

Successful implementation of food and beverage product has delivered 10.9% growth on food and beverage revenue per game

Appointment of Jordan Rodgers as Chief Operating Officer to drive operations

Macarthur development completed in July 2006

Kingpin Crown and Kingpin Richmond acquired in August 2006 for $11.7m (including acquisition costs)

Panmure Superbowl in Auckland, New Zealand acquired in March 2007 for $1.57m

Village Bowl in Adelaide acquired in May 2007 for $1.35m

Bowling revenues in July 2007 $10.1m, up 19.3% on July 2007

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Bowling refurbishments & new developments

$4.4m pa (including Kingpin)Routine refurbishment of portfolio:

Two centres over the next 12 months ($0.3m-$0.4m)

Minor refurbishments planned for:

Four centres over the next 12 months ($0.3m-$1.0m)

Major refurbishments planned for:

Kingpin Crown – completes September 2007

Kingpin Harbourside – completes September 2007

AMF Strathfield – completes September 2007

Major developments underway at:

Hornsby – June 2007Major refurbishments completed at:

Randwick – December 2006Garden City – July 2007Moorabin – August 2007Knox – August 2007

Minor refurbishments completed at:

Macarthur – July 2006New development completed at:

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Main Event, USA

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556Pre-opening costs

20.8%Operating margin

8,395Asset EBITDA (before pre-opening costs)

40,452Total revenue

FY07(10 months*)

AU$’000

Main Event Family Entertainment Centres

* All figures for the period from acquisition on 31 August 2006 to 30 June 2007

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10040,452Total

1.8734Other

27.511,126Food and beverage

44.417,969Games/laser tag/ mini golf/ climbing

26.310,623Bowling and shoe rental

%FY07(10 months*)

AU$’000

Main Event Family Entertainment Centres

* For the period from acquisition on 31 August 2006 to 30 June 2007

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Main Event FY07 full year highlights

Main Event EBITDA performance over 10 months to 30 June 2007 24% ahead of assumptions made at acquisition (on a constant US$ basis)

Webster opened in May 2007 and has traded well ahead of expectations

Lubbock scheduled to open in late October 2007, construction on schedule

Frisco (Dallas) site announced subject to final due diligence and expected to open in July 2008

A number of further sites under consideration for calendar 2008 openings

Charlie Keegan, COO performing well - US Group CEO and CFO to be recruited to drive further US expansion

July 2007 revenues US$4.6m up 33% on prior year (constant centres up 4.8%)

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Goodlife

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Goodlife Health Clubs

MLE has agreed to acquire Goodlife Health Clubs for A$60m

Completion is expected in early September subject to assignment of leases

In FY08 Goodlife will be neutral to MLE’s EPS & DPS. In FY09 Goodlife is expected to deliver 3-5% EPS accretion and 8-10% DPS accretion1

Work on achieving operational synergies well underway including:

Utilising AMF bowling sites

Back office administration

Group purchasing

Cross promotion through Dreamworld and AMF

A number of further sites already identified

1 Assume 70% equity and 30% debt funding

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MACQUARIE LEISURE TRUST GROUP

Group financial results for the full year ended 30 June 2007

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Dreamworld56%

WhiteWater World4%

Marinas15%

Bowling15%

Main Event10%

Macquarie Leisure Trust Group Profit and asset breakdown

Theme Parks51%

Excess land3%

Marinas14%

Bowling15%

Main Event12%

Other5%

June 07 Division EBIT June 07 Total Assets

Income sources and total asset base further diversified during the period

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Group profit by division

1.9Pre-opening costs

0.3DD costs written off on acquisition not completed

13%11.913.5d’Albora Revaluation

2.12.5IFRS depreciation

(11.9)(13.5)Revaluations

(0.1)(0.7)Unrealised G/Ls on derivatives

0.6Add back: Minority interest

68%2.80.9Other income

FY07

89%(0.9)(0.1)Loss on disposal of assets

26%32.240.6Distributable group earnings

4.10.3Performance fee

(0.8)

(0.6)

(0.2)

(0.2)

2.0

Other

5.4

(2.4)

7.8

(5.7)

(0.6)

14.1

40.5

Main Event

2.0

(0.8)

2.8

0.0

(1.2)

4.0

8.7

WWW

(28%)(6.4)(8.2)Interest expense

29%48.662.511.18.532.5Division EBITDA

1.3Straight line rent expense

26%38.047.9Group earnings

(222%)(0.9)(2.9)Taxation

(11%)0.91.0Interest income

52%(6.1)(2.9)Management fees

(25%)(1.2)(1.5)Trust expenses

33%(4.0)(2.7)MLOL overhead (incl MLUSH)

18%53.850.87.87.928.5Division EBIT

75%(6.7)(11.7)(3.3)(0.6)(4.0)Depreciation

74%(12.7)(22.1)(12.8)(2.5)(1.1)Property costs

-0.0(1.9)(0.1)Pre-opening costs

41%61.386.524.011.033.6EBRITDA (excl revaluations)

36%181.6247.587.920.488.0Operating Rev before revaluations

% ChangeGrp TotalGrp TotalBowlingMarinasDreamworld$ million

FY06

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Group balance sheet

$2.50$3.30Stapled Security Price

$1.70$1.97NTA

18.7%22.6%Gearing (net debt/net tangible assets)

322.6490.4Net Assets

(135.7)(213.7)Total Liabilities

(36.1)(50.9)Other

(99.6)(162.8)Bank debt

Liabilities

458.3704.1Total Assets

2.712.44.733.0Other*

0.00.011.681.4Main Event FEC

16.374.715.3107.5Bowling

18.886.014.199.5d’Albora Marinas

5.324.23.524.6Excess land

56.9261.050.9358.1Dreamworld & WhiteWater World

Assets

%30 June 06%30 June 07Consolidated group ($ million)

* Other assets includes assets that cannot be specifically allocated to a property or business

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Capital management

Interest

Board’s objective to maintain gearing within target range of 30-35% (currently 23%), with Goodlife gearing will be approximately 31%

At 30 June 2007 the Group had 60.2% of debt fixed for approximately 4.74 years through interest rate swaps at an average fixed rate including margin of 6.25% for A$ debt and 5.62% for US$ debt

CapexMaintainable capex for FY07:

Dreamworld $6.4m*d’Albora $1.0mBowling $4.4mMain Event, USA $0.6mOther $0.4m

Total $12.8m

FY07 depreciation excluding IFRS and Sydney Boatshare $8.6m. Net cash required to fund maintainable capex $4.2m, retention required approximately 2.0 cents

* Rolling seven year average

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Foreign currency

Foreign exchange

US$ borrowings used to fund Main Event acquisition and developments resulting 98% natural hedge

FY08 US$ earnings hedged to approximately 55% through foreign exchange forward contracts @ A$1.00 = US$0.7324

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MACQUARIE LEISURE TRUST GROUP

Future strategy

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Operational strategy for the year ahead

Complete acquisition in early September 2007Convert three AMF centres at earliest opportunityIdentify further development opportunitiesIdentify further bolt-on acquisition opportunitiesMaximise group synergies in administration, purchasing and cross promotionUtilise the Macquarie network to identify further opportunities

Goodlife

Open Lubbock in October 2007Conclude Frisco and open in July 2008Identify further new development sites in Texas

Main Event , USA

Drive revenues through strategic marketing and direct salesMaximise contribution from Kingpin through Crown extension and refurbishment of Harbourside developmentFocus on customer service and staff training

Bowling Division

Increase occupancy at Victoria HarbourMaximise development potential at all marinas

d’Albora Marinas

Drive attendance and per capita spend through marketing of new Mick Doohan Motocoaster, Stage 2 of WhiteWater World and the “World Pass”Drive corporate business and interstate attendance at WhiteWater World

Dreamworld and WhiteWater World

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Investment strategy

Consolidate the Group’s position as one of the dominant asset owners and operators in key leisure markets

Pursue strategic acquisitions that are able to provide earnings growth through operational restructuring, development opportunities and hands on management

Continue to enhance portfolio diversity by asset class and geographic market with particular emphasis on offshore opportunities

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Disclaimer

IMPORTANT INFORMATION

This presentation has been prepared by Macquarie Leisure Management Limited ABN 36 079 630 676 (MLML) for general information purposes only, without taking into account any potential investors’ personal objectives, financial situation or needs. Please consider your own financial situation, objectives and needs and obtain financial, legal and/or taxation advice before making any investment decision.

Past performance information provided in this presentation is not 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 and actual results may vary from any forecasts provided.

MLML receives fees for operating the Macquarie Leisure Trust (MLE) which are calculated by reference to the value of the assets and performance of MLE. Entities within the Macquarie Bank Group may also receive fees for providing resources to MLE. For more detail on fees, see our latest annual report. To contact us, call 1300 365 585 (local call cost).

Neither MLML nor Macquarie Leisure Operations Limited ABN 22 104 529 106 (MLOL) are authorised deposit-taking institutions for the purposes of the Banking Act (Cth) 1959, and their obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL provides a limited $5 million guarantee to the Australian Securities and Investments Commission in respect of MLML's Corporations Act obligations as a responsible entity of managed investment schemes. MBL does not otherwise provide assurance in respect of their obligations.

This information contained herein is current as at the date of this presentation, unless specifically stated otherwise.

© Macquarie Group