www.merlinentertainments.bizThis brochure is for your information only and is not to be distributed, copied, transmitted or otherwise forwarded, in whole or in part, to any other person.

AdvertisementThis is an advertisement and not a prospectus. Potential investors should not apply for or buy any shares in Merlin Entertainments plc except on the basis of the information

in the prospectus published by Merlin Entertainments plc. Copies of the prospectus will, following publication, be available from: www.merlinentertainments.biz

54m# 2012 Annual visitors

£1,074m 2012 Revenue

£346m 2012 EBITDA

99*Attractions + 8 hotels & 3 holiday villages

22Countries across 4 continents

c.22,000 Employees

(peak season)

Resort Theme Parks

- Resort destination theme parks in densely populated European markets

- 6 parks and 1 waterpark, 5 hotels and 1 holiday village

- Increasingly with onsite accommodation

- Leading national theme parks offering one to three day visits – 10.5 million visitors in 2012

Legoland Parks

- Compelling and unrivalled proposition to families

- 6 LEGOLAND Parks, 3 hotels and 2 holiday villages

- Increasingly with onsite accommodation

- 2 new parks in Florida and Malaysia since 2011 with further roll out potential

- 10.5 million visitors in 2012#

Midway Attractions

- 86 Attractions – leading brands

- “Chainable”, low capex city centre or resort based

- Primarily indoor visitor attractions with up to two hour dwell time

- Long track record of successful new unit developments

- 33.0 million visitors in 2012#

Europe’s leading and the world’s second largest visitor attraction operator, running iconic global and local brands, throughout the world.

Global leader in branded, location-based family entertainment; No. 1 in Europe and No. 2 worldwide

Owner and operator of a unique portfolio of iconic branded visitor attractions

Emphasis on “fun learning”

Proven growth strategy

Diversified across geographies, demographics and against weather

Track record of consistent long-term growth, highlighting the resilience of Merlin’s business model

Progressive dividend policy

The Three Pillars of Our Portfolio

*As at September 2013, #Includes joint ventures and management contracts

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Our Strategy

Proven & Sustainable Growth Strategy

1. Growth Of Existing Estate Via Planned Investment Cycles

- Continual phased investment in new rides, shows and themed areas at all 99 attractions

- Driving volumes, pricing and guest satisfaction

- E.g. a new 14-looping roller coaster ‘The Smiler’ at Alton Towers in 2013

2. Strategic Synergies

- Maximising the marketing, product and cost synergies available as a result of the Merlin’s scale and range of iconic brands

- E.g. Merlin Annual Pass, national promotions with strategic partners, procurement and product development cost savings

3. Resort Destination Positioning

- Continuing to develop the positioning of our theme parks as short break destinations

- Extending catchment area and driving new revenue streams and additional spend

- E.g. a new fully themed 250-room LEGOLAND Hotel opened at LEGOLAND California in 2013

4. Roll-Out Of Midway Attractions

- Merlin has 5 core chainable Midway brands

- Since the start of 2010, 23 new Midway attractions have been opened in 10 countries

- 100 further potential roll out locations identified, targeting an average of 6-7 openings per annum

5. Legoland Park Development

- In the last 2 years Merlin has opened new LEGOLAND parks, in Florida and Malaysia

- Potential for up to 20 LEGOLAND Park sites worldwide. Merlin intends to open a new LEGOLAND Park on average every two to three years

6. Strategic Acquisitions

- Targeted strategic acquisitions

- Adding new brands, expanding into new geographies and supporting strategic growth

- E.g. Merlin acquired Living and Leisure Australia in 2012 adding 10 new sites to the growing portfolio of Midway Attractions in Asia-Pacific and created clusters of attractions in Shanghai and Bangkok

To create a high growth, high return, family entertainment company based on strong brands and a global portfolio that is naturally balanced against the impact of external factors.

Geography (%)

26

4020

14 UK

Continental Europe

North America

AsiaPac

Weather (%)

40

60

Based on 2012 revenue

Indoor

Outdoor

Long Term, Robust GrowthUnique Portfolio - Natural Hedge

2000

25 28 30 36 44 77

190

484

662

769 801

946

1,074

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

1. Currency as reported. Non-December year ends calendarised. Includes acquisitions as annotated on the chart2. Acquisition of Sydney Attraction Group in 2011 and Living and Leisure Australia in 2012

LLA2

2012

sag2 2011

tussauds2007

gardaland2006

legoland2005

Merlin Group Revenue 2000 – 2012 (£m)¹

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Merlin’s Growth Story: Case Studies

PROVEN TRACK RECORD OF ROLLING OUT NEW LEGOLAND PARKS - LEGOLAND, FLORIDA 2011

Background Merlin acquired the original LEGOLAND parks in 2005 and, as part of the acquisition, owns the exclusive global license to operate and develop the LEGOLAND brand. Since 2005, Merlin has invested in and developed the original parks at the same time as adding two new parks (Florida and Malaysia). The success to date is reflected in the strong growth achieved, with the underlying EBITDA of the original four parks having doubled since acquisition.

Project Example

In January 2010, Merlin acquired the Cypress Gardens theme park site for c.$25m and over the following 20 months invested c$100m to redevelop the site. The total investment of $125m was approximately 50% of the cost of a greenfield development.

Result LEGOLAND Florida opened to visitors on 15th October 2011, on time and on budget. Since opening, the park has performed ahead of expectations, with high customer satisfaction levels and it is on track to deliver the expected 20% ROIC.

Further Development

It is Merlin’s intention to open a new LEGOLAND Park every two to three years; with plans underway to open LEGOLAND Dubai and potentially to develop parks in both Japan and South Korea.

CONTINUED ROLL-OUT OF MIDWAY ATTRACTIONS - MADAME TUSSAUDS, SYDNEY 2012

Background Merlin has five core Midway brands (Madame Tussauds, LEGOLAND Discovery Centres, The Dungeons, The Eye and SEALIFE). Since 2008, Merlin has opened, acquired or re-branded 47 new attractions in 14 different countries. As the estate grows, the focus is increasingly moving to clustering attractions together to realise cost and marketing synergies.

Project Example

In January 2011 Merlin acquired Sydney Attractions Group, which added six new attractions. As part of the redevelopment of the Sydney cluster, located in the tourist hub of Darling Harbour, Merlin created space for Madame Tussauds Sydney, which was launched in April 2012.

Result Madame Tussauds Sydney opened ahead of schedule, with first year visitors and revenue well in excess of expectations and is on track to deliver a 20% ROIC.

Further Development

Merlin has identified over 100 locations in over 60 cities with the potential to establish new Midway Attractions. Plans are underway to open Madame Tussauds in Beijing and San Francisco, and for a new LEGOLAND Discovery Centre in Boston, all in 2014.

DESTINATION POSITIONING AND PARKS AS RESORTS - LEGOLAND WINDSOR HOTEL, 2012

Background As part of Merlin’s growth strategy it has been developing its parks into multi-day destinations by expanding on-site themed accommodation. This enables Merlin to take advantage of the trend towards short breaks, thereby increasing the catchment area and driving additional spend.

Project Example

Merlin opened a £18.5m 150 room LEGO-themed hotel and conference centre at LEGOLAND Windsor in March 2012.

Result The themed accommodation has formed an integral part of the customer experience and in the first year, peak season occupancy was c.97%, delivering revenues well in excess of expectation, and helping the park deliver another year of strong growth.

Further Development

Merlin opened a 34 room “Knight’s Castle” hotel at LEGOLAND Deutschland at the start of the 2013 season, with a further 68 rooms under construction. In addition, Merlin opened a 250 room hotel at LEGOLAND California in April 2013.

Merlin Magic Making - Unique in-house creative and production resource

- Merlin Magic Making is the creative and production resource at the heart of everything that Merlin delivers

- The 300+ strong team is responsible for everything from finding new attractions, to producing the wax figures for Madame Tussauds, to designing and building new rollercoasters

- In 2012, Merlin Magic Making teams delivered 29 major projects, in 9 countries, costing in excess of £120m

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Management Team & Board

Highly experienced and committed management team with a combined tenure of over 100 years*

Sir John Sunderland - Non-Executive Chairman

Appointed in December 2009, Sir John Sunderland is the former Chairman and Chief Executive of Cadbury Schweppes plc and was President of the CBI from 2004 until 2006. He is currently a non-executive director of Barclays Bank plc and an adviser to CVC Capital Partners.

Nick Varney - Chief Executive Officer

Appointed Chief Executive Officer in 1999, Nick Varney has more than 22 years of experience in the visitor attractions industry. In 1999 he led the buyout of Vardon Attractions to form Merlin.

Andrew Carr - Chief Financial Officer

Appointed Chief Financial Officer in 1999. Andrew played a key role in the management buyout of Vardon Attractions to form Merlin. Before joining Vardon he was a head of a regional corporate finance department at KPMG.

* Senior management

Risk Factors- Past performance of Merlin is not a reliable guide as to future performance.

- Prices of, and any dividends paid on, shares may go down as well as up and in the worst case you could lose all of your investment.

- Economic conditions beyond Merlin’s control could have an adverse effect on the financial performance of Merlin through a decrease in visitor numbers and consumer spending.

- Terrorist activities, natural disasters and significant power outages may adversely affect the financial performance of Merlin through a decrease in visitor numbers.

- Unfavourable and extreme weather conditions could cause a reduction in visitor numbers which may adversely affect the financial performance of Merlin.

- Merlin may not generate the desired returns from its roll-out of Midway Attractions and LEGOLAND Parks and its development of new resort hotels.

- Immediately following admission to trading, there will be three shareholders who are each expected to own a significant percentage of the shares in Merlin. As a result they will be able to exert a significant degree of influence over the outcome of certain matters to be considered by the shareholders.

Investment Highlights

Global leader in branded, location-based family entertainment; No. 1 in Europe and No. 2 worldwide

Owner and operator of a unique portfolio of iconic branded visitor attractions

Emphasis on “fun learning”

Proven growth strategy

Diversified across geographies, demographics and against weather

Track record of consistent long-term growth, highlighting the resilience of Merlin’s business model

Progressive dividend policy

Total Revenue (£m)

200

400

600

800

1,000

1,200

0

2008

662

2009

769

2010

801

2012

1,074

2011

946

Total revenue CAGR +12.9%

EBITDA (£m)

0

50

100

150

200

250

300

350

2008

203

2009

236

2010

256

2012

346

2011

305

Total EBITDA CAGR +14.3%

This advertisement is issued by and is the sole responsibility of Merlin Entertainments plc (“Merlin”) and has been approved solely for the purposes of section 21 of the Financial Services and Markets Act 2000 by Goldman Sachs

International (“Goldman Sachs”) and Barclays Bank PLC (“Barclays”). Each of Goldman Sachs, whose registered office is Peterborough Court, 133 Fleet Street, London EC4A 2BB and Barclays, whose registered office is 1 Churchill Place,

London E14 5HP, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Goldman Sachs and Barclays are acting exclusively for Merlin

and for no-one else in relation to or in connection with the offer of the shares in Merlin and will not be responsible to anyone other than Merlin for providing protections afforded to clients of Goldman Sachs or Barclays and are

not providing, and will not provide, advice in relation to the offer or any matter referred to in this advertisement. This advertisement does not constitute an offer or recommendation to apply for or purchase any shares of Merlin. This advertisement is not for distribution or publication in any jurisdiction outside the UK, the Channel Islands or the Isle of Man. Merlin market positioning is based on the AECOM/Themed Entertainment Association Global Attendance Report 2012. Any prospective investor is recommended to consult an independent financial adviser.