ALE owns or have an interest in around 90 pubs located throughout the five mainland states of Australia

For most of the pubs in the portfolio the lease terms comprise:

• Initial term of 25 years with four 10 year options for ALH to renew.
• Annual rent reviews linked to CPI.
• Market rent review at the end of the 15th year and the resulting market rent cannot be more than 10% above or below the previous rent.
• ALH is responsible for all of the outgoings, insurance, maintenance and repairs in respect of the pubs other than in limited circumstances.
• ALH owns certain plant, furniture, equipment, gaming and liquor licenses and goodwill
• ALH has certain development rights (subject to ALE's approval) over the properties during the term of the lease.

For further details refer to the 2003 Initial Offer Documents.