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NOTES TO THE FINANCIAL STATEMENTS CONTINUED

NOTE 29 — EMPLOYEE BENEFITS (CONTINUED)

Management share options granted on or after 5 February 2002 with an expiry date of 30 September 2006

These options vested on 30 September 2004. Since vesting, 1,577,500 options have been exercised to acquire fully paid ordinary
shares. All outstanding options on issue under this plan were exercised during the year.

The ability to exercise these options was conditional on the Group achieving certain performance hurdles relating to increases
in operating profit (5% per annum), earnings per share (5% per annum) and the market value of the Company’s share price
(10% per annum).

The issue of options under this plan did not represent remuneration for past service.

Management share options granted on or after 5 February 2002 with an expiry date of 30 September 2008

These options vested on 30 September 2006. Since vesting, 1,236,700 options have been exercised to acquire fully paid ordinary
shares. Options on issue under this plan total 1,320,800 as at 30 June 2007 and, if not exercised, the options will expire on
30 September 2008.

The ability to exercise these options was conditional on the Group achieving certain performance hurdles relating to increases
in operating profit (5% per annum), earnings per share (5% per annum) and the market value of the Company’s share price
(10% per annum). The performance hurdles were evaluated in September 2006 and it was determined that all the relevant
applicable hurdles had been achieved.

Management share options granted prior to 5 February 2002

Options granted on 30 October 2000 were issued under rules existing at that time. These options vested on 30 October 2003.
All outstanding options on issue under this plan were exercised during the previous financial year. There are no unexercised options
from this issue at 30 June 2007. The ability to exercise these options was dependent on the Group achieving a performance
hurdle relating to increased shareholder value of 10% per annum.

Executive performance share plan

The establishment of the Executive Performance Share Plan was approved by shareholders at the 2006 Annual General Meeting.
Employees receiving awards under the Executive Performance Share Plan are those of a senior level and above (including the
Managing Director).

An employee awarded performance shares is not legally entitled to shares in the Company before the performance shares
allocated under the plan vest. However, the employee can vote and receive dividends in respect of shares allocated to them. Once
the shares have vested, they remain in the trust (refer Note 1(s)(i)) until the earlier of the employee leaving the Group, the tenth
anniversary of the date the performance shares were awarded or the Board approving an application for their release.

Award, vesting and exercise under the plan are made for no consideration.

Set out below is a summary of performance shares awarded under the plan:

Balance
at the start
of the year
Granted
during
the year
Exercised
during
the year
Expired
during
the year
Balance
at the end
of the year
Type of right Grant date Expiry date Number Number Number Number Number
The Group and
Parent Entity — 2007
Performance Shares 19 Feb 2007 30 Sept 2008 — 345,422 — — 345,422

None of the performance shares awarded under the plan vested or became exercisable during the year. There were no awards
under the plan during the 2006 financial year.

Fair value of rights granted

The assessed fair value at grant date of performance shares granted under the Executive Performance Share Plan during the year
ended 30 June 2007 was $6.39 for those shares that have earning per share hurdles and $4.63 for those shares that have total
shareholder return hurdles.

Tax exempt share plan

All Australian resident permanent employees (excluding directors) are eligible to participate in the Tax Exempt Share Plan. The Tax
Exempt Share Plan enables participating employees to make salary sacrifice contributions to purchase shares on-market on a
monthly basis. The shares in the Tax Exempt Share Plan are restricted from being traded and must be held for a minimum of three
years whilst the participant remains an employee of the Group. Trading restrictions are lifted on the cessation of employment.

Offers under the Tax Exempt Share Plan are at the discretion of the Company. All shares acquired under the Tax Exempt Share
Plan rank equally with all other ordinary shares.

The total number of shares purchased during the year by employees, under the Tax Exempt Share Plan, totalled 7,258 shares
(2006: nil).

NOTE 29 — EMPLOYEE BENEFITS (CONTINUED)

Employee share plan

At 30 June 2007, the total shares issued under the plan was 183,620. There were no shares issued during the year. The plan is
closed to new members and no offers have been made under the plan since 1998.

The market value of ordinary shares at 30 June 2007 was $6.45.

Note 26 provides details of the movement in the ordinary share capital during the year.

Superannuation

The Parent Entity and the Group contribute to several defined contribution superannuation plans – refer also to Note 1(r).
The superannuation contributions recognised as an expense in the Income Statement is detailed below:

The Group Parent Entity

2007
$’000
2006
$’000
2007
$’000
2006
$’000
Superannuation contributions recognised as an expense 5,751 5,569 264 261
NOTE 30 — COMMITMENTS AND LEASES
Capital expenditure commitments
Contracted but not provided for and payable:
Within one year 3,665 3,217 — —
Operating lease commitments — as lessee
Future minimum operating lease rentals not provided for and payable:
Within one year
Later than one year but not later than five years
Later than five years
91,999
336,986
509,560
102,509
391,147
632,078
240
594
—
118
483
595
938,545 1,125,734 834 1,196
The Group leases various properties, including cinema sites, under
operating leases. The leases typically run for periods up to 20 years,
with varying terms, escalation clauses and renewal or extension
options. The head lease in respect of the Thredbo Village and ski
area is for a longer period, being 50 years. A Group subsidiary has
exercised its option under the head lease and entered into a new
lease, on similar terms, for a further 50 years which commenced
on 29 June 2007.
A small number of leases have commitments in respect of contingent
rental payments which arise when the operating performance of a site
exceeds a pre-determined amount. Also, there are rentals which are
determined as the higher of a base rental and a fixed percentage of
a defined amount reflecting the operating performance of a site.
Contingent rental payments recognised as an expense in the period
for the Group amounted to $1,319,000 (2006: $1,429,000).
Sub-lease receivables — as lessor
Future lease receivables in relation to sub-leases of property
space under operating leases not recognised and receivable:
Within one year
Later than one year but not later than five years
Later than five years
9,551
35,306
248,796
8,612
12,091
9,496
—
—
—
—
—
—
293,653 30,199 — —