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## (b) Investments in associates – detailed information: Village Roadshow Entertainment Group Limited (“VREG”): 

(i) Nature of Relationship and ownership percentage: 

The VRL group is the largest shareholder in Village Roadshow Entertainment Group Limited (“VREG”), with 47.12% (2013: 47.63%) of the ordinary shares of VREG. 

The VRL group also holds dividend bearing non-voting redeemable equity shares (“redeemable equity shares”), which are scheduled to be redeemed by 2018 and can be converted into ordinary shares upon an Initial Public Offering of VREG. The redeemable amount, including accrued dividends as at 30 June 2014 is approximately USD 126.9 million. Partial redemption of the redeemable equity shares is currently not anticipated to commence in the short term. The redeemable equity shares are subordinated to VREG’s securitised film financing and mezzanine debt in the event of default or poor film performance. 

