Mittleman Investment Management, LLC ("Mittleman Brothers" or "we"), an SEC-registered investment advisor, through its managed accounts, and its parent company, Aimia Inc. (TSX: AIM), combined represent the 2nd largest shareholding of Village Roadshow Ltd. ("VRL" or "the Company") (ASX: VRL) with a 15.1% stake as of November 25, 2020. Mittleman Brothers today posted a presentation on its website which describes the concerns we have regarding the currently proposed takeover of Village Roadshow by BGH Capital in partnership with Village Roadshow's controlling shareholders. We believe these concerns should be addressed by the Company so that a fully informed shareholder vote can occur at the virtual meeting to be held on December 7, 2020. The current A$2.95 to A$3.00 range of best outcomes provided still appears unfairly low versus our estimate of indicative fair value which is currently A$5.24 per share and described in more detail in the presentation. We are currently evaluating the new offer and awaiting further information before we determine how we intend to vote our shares. The presentation is available at this link: http://www.mittlemanbrothers.com/wp-content/uploads/2020/11/Village-Roadshow-Beyond-COVID-19-Presentation.pdf NON-SOLICITATION This communication is not a solicitation of a proxy from any investor or shareholder. This communication is not intended to, and does not, constitute or form part of (1) any offer or invitation to purchase or otherwise acquire, subscribe for, tender, exchange, sell or otherwise dispose of any securities, (2) the solicitation of an offer or invitation to purchase or otherwise acquire, subscribe for, sell or otherwise dispose of any securities or (3) the solicitation of any vote or approval in any jurisdiction pursuant to this communication or otherwise, nor will there be any acquisition or disposition of the securities referred to in this communication in any jurisdiction in contravention of applicable law or regulation. About MITTLEMAN BROTHERS: Mittleman Brothers (i.e. Mittleman Investment Management, LLC) is an SEC-registered investment advisor that provides discretionary portfolio management for high net worth individuals and institutions. The Firm's value-oriented strategy is to invest in a concentrated portfolio of primarily common stocks, unrestricted as to market capitalization, of both domestic and international companies. The Firm pursues superior returns through long-term investments in those securities it deems to be significantly undervalued. For more information on the firm and its services, please visit our website at www.mittlemanbrothers.com or contact Evan Newman at 212.217.2340 About AIMIA: Aimia Inc. (TSX: AIM) is an investment holding company with a focus on long-term investments in public and private companies, on a global basis, through controlling or minority stakes. The company operates an investment advisory business through its wholly-owned subsidiary, Mittleman Investment Management, LLC, and owns a diversified portfolio of valuable investments including a 48.9% equity stake in PLM Premier, S.A.P.I. de C.V. (PLM), owner and operator of Club Premier, the coalition loyalty program in Mexico that operates the Aeromexico Frequent Flyer program, a 49.3% equity stake in Kognitiv, a B2B technology and services company with a collaborative commerce technology platform, a 20.0% equity stake in BIGLIFE, the operator of BIG Loyalty, one of the largest loyalty programs across Asia, a 10.85% stake in Clear Media Limited (100.HK), one of the largest outdoor advertising firms in China, as well as minority stakes in JCDecaux (DEC.FP), the global leader in outdoor advertising, and Village Roadshow (VRL.AU), a leading entertainment company in Australia. CONTACT: Christopher P. Mittleman, Chief Investment Officer, Mittleman Brothers, 105 Maxess Road, Suite 207, Melville, NY 11747, Main: +1 212-217-2340 | Direct: +1 212-217-2341 | Fax: +1 212-217-2350, info@mittlemanbrothers.com, www.mittlemanbrothers.com SOURCE: Mittleman Brothers, LLC