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Massive $20 Million Expansion Planned for Wet'n'Wild Water World December 22 2004

Wet'n'Wild Water World

Warner Village Theme Parks have confirmed plans for a massive $20 million expansion of Wet�n�Wild Water World.

This unprecedented commitment for the expansion for the Wet�n�Wild Water World theme park will begin with a fantastic new children�s aquatic playground set to open September 2005. A new and improved Mammoth Falls will also be completed in September 2005, to substantially increase the capacity of this very popular attraction. Wet�n�Wild, when complete will have a replacement value in excess of $100 million, and will achieve an impregnable position as Queensland�s most popular water park. Management and owners are committed to making Wet�n�Wild one of the great water park experiences in the world.

The entire expansion program rollout for Wet�n�Wild Water World will total a massive $20 million and will be staged over the next 36 months.

The new �Kid�s Zone� area will replace the existing Buccaneer Bay and will feature multi-levels of interactive elements that will expand into the immediate surrounds to incorporate other play and activity zones. Upgrades to other slides and pools will also take place as part of the program.

The Group�s expertise in the development of world-class water parks has also resulted in detailed investigations and discussions to purchase freehold land to build a water park on the Sunshine Coast, based on the very successful Wet�n�Wild Water World formula. Further announcements will be made as negotiations progress, but in the near term this investment on the Sunshine Coast will result in another major theme park attraction. The Warner Village Theme Park Group�s history is one of building substantial quality tourism attractions supported by meticulous planning.

Sea World also proudly announces the re-opening of its own Water Park. This will also receive a substantial upgrade in 2005 with the installation of state-of-the-art water slides to complement the giant swimming and wading pools. This will continue to be at no charge to Sea World patrons.

The Theme Park management team ultimately expects to gain significant marketing, administration, ride rotation and cost synergies by having this 3 water park strategy.

Already officially recognised by the Gold Coast City Council Tourism Branch as Australia�s premiere theme park and entertainment precincts, welcoming more than three million visitations a year, this massive expansion plan further demonstrates Warner Village Theme Parks� commitment to sustaining and expanding the appeal of South East Queensland as Australia�s leading holiday location for tourists around the world.

This expansion program follows this year�s opening of the new Shark Bay at Sea World, and the relocation and re-launch of the Paradise Country Australiana park experience, both with a combined value of $20million.

Chief Executive Officer of Warner Village Theme Parks, Mr. John Menzies comments that the expansion plan will ensure the Group�s leadership of premiere theme park entertainment in Australia.

�Due to our well-established infrastructure and marketing and sales network, as well as our close relationships with the Time Warner and Village Roadshow families, Warner Village Theme Parks have the resources and ability to effectively market these expansions and exciting new attractions domestically and internationally� Mr. Menzies said.