TABCORP HOLDINGS LIMITED ANNUAL GENERAL MEETING 17 OCTOBER 2018

CHAIRMAN’S ADDRESS 2

EBITDA CONTRIBUTION BY BUSINESS UNIT 1, 2 A W OR LD - C LASS, D IVER SIFIED GAMBLIN G EN TERTAIN MEN T GR OU P Tabcorp is now one of the largest publicly listed, diversified gambling entertainment businesses in the world. 45% 40% 15% WAGERING & MEDIA LOTTERIES & KENO GAMING SERVICES WAGERING LOTTERIES GAMING & MEDIA & KENO SERVICES • Annualised revenues in excess of $5bn • Australia’s biggest retail footprint • 3 million+ registered customers Notes Pro- forma EBITDA, which includes adjustments to Tabcorp’s reported results to permit investors to examine the financial performa nce of 1 3 the combined group as if the Tatts combination had been in place for the full year. 2 Business results do not aggregate to Group total due to unallocated items.

THE TABCORP-TATTS COMBINATION We are on track to deliver the integration benefits $130m+ $50m $78m $19m $50m $5m $80m $8m $59m $45m $2m $6m 2H18 FY19 FY20 FY21 EBITDA - Cost Synergies EBITDA - Revenue Synergies 4

GROUP RESULTS 1,2 Change $m FY18 FY17 on pcp Revenues 3,828.7 2,229.6 71.7% Variable contribution 1,489.9 1,006.3 48.1% Operating expenses (753.5) (502.2) 50.1% EBITDA before significant items 736.4 504.1 46.1% D&A (248.6) (178.7) 39.2% EBIT before significant items 487.8 325.4 49.9% Interest (118.6) (68.3) 73.6% Tax expense (123.0) (78.2) 57.4% NPAT before significant items 246.2 178.9 37.6% Significant items (after tax) 3 (217.5) (199.7) 8.9% Statutory NPAT 28.7 (20.8) >100.0% Notes: 1. Results include Tatts Group from 14 December 2017 2. Sun Bets was treated as a significant item in FY17 3. Significant items expense (after tax) of $217.5m comprise Tatts Group combination $114.6m, Sun Bets exit $90.5m, and Luxbet closure $12.4m 6

TABC OR P’S BU SIN ESSES C R EATE VALU E FOR ITS STAKEH OLD ER S The combined Tabcorp- Tatts business underpins Australia’s vibrant racing industry and is a large taxpayer. A$917 MILLION A$1.1+ BILLION A$594 MILLION In racing industry funding (FY18). In gambling taxes and GST (FY18). In venue partner commissions (FY18). 7

DROUGHT RELIEF SUPPORT TO FARMERS AND COMMUNITIES ACROSS QUEENSLAND AND NSW 8

POSITIVE D EVELOPMEN TS IN AU STR ALIAN GAMBLIN G R EGU LATION • Tabcorp has welcomed recent developments which create a better regulated and more sustainable gambling industry o Legislation to ban synthetic lotteries and Keno products effective from January 2019 o South Australia and Queensland have introduced a Point of Consumption tax on wagering, with other states to follow o Legislative amendments introduced in August 2017 clarify that online betting on live sport is illegal o The offering of credit to bet by wagering operators prohibited since February 2018 o New restrictions on gambling advertising during sports commenced in March 2018 9

BOARD UPDATE • Tabcorp welcomed Harry Boon as a Non-Executive Director in December 2017 • Elmer Funke Kupper retires from the Board of Tabcorp today • Board Committees have been restructured to focus on key business priorities • New diversity targets established: o At least 40% female non-executive directors by end of FY23 o At least 40% of senior leadership roles filled by females by end of FY21 10

A COMPANY-DEFINING YEAR 12

MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER’S ADDRESS 13

GR OU P R ESU LTS 1,2 Change $m FY18 FY17 on pcp Revenues 3,828.7 2,229.6 71.7% Variable contribution 1,489.9 1,006.3 48.1% Operating expenses (753.5) (502.2) 50.1% EBITDA before significant items 736.4 504.1 46.1% D&A (248.6) (178.7) 39.2% EBIT before significant items 487.8 325.4 49.9% Interest (118.6) (68.3) 73.6% Tax expense (123.0) (78.2) 57.4% NPAT before significant items 246.2 178.9 37.6% Significant items (after tax) 3 (217.5) (199.7) 8.9% Statutory NPAT 28.7 (20.8) >100.0% Notes: 1. Results include Tatts Group from 14 December 2017 2. Sun Bets was treated as a significant item in FY17 3. Significant items expense (after tax) of $217.5m comprise Tatts Group combination $114.6m, Sun Bets exit $90.5m, and Luxbet closure $12.4m

LOTTERIES & KENO Business Results FY18 in review Revenue • Powerball game change launched April 2018 $1,390.7m • Sales growth in retail network • Up | >100% Strong digital performance o Digital sales up 27.8% EBITDA • Digital share of Keno sales 3.8%, up from 0.7% in the pcp $255.6m • Keno Mega Millions launched in Queensland in March 2018 Up | >100% 15

WAGERING & MEDIA Business Results FY18 in review Revenue • Strong digital and fixed odds performance in TAB $2,186.1m • 720,000-plus active account Up | 16.7% customers, supported by Soccer World Cup campaign and venue sign-ups EBITDA • TAB performance relative to UBET highlights improvement opportunity $396.9m • Sun Bets ceased trading in July 2018 Up | 13.4% 16

GAMING SERVICES Business Results FY18 in review Revenue • New NSW monitoring licence commenced December 2017 $249.7m • New Victorian gaming arrangements now provide Up | 73.5% industry certainty to 2032 (previously 2022) EBITDA • TGS is seeking to transition existing Victorian customers to $121.8m longer term contracts beyond 2022 Up | 48.4% 17

INTEGRATION ON TRACK Corporate Wagering & Media • Fixed odds trading system integration to drive improved risk • Board and senior leadership changes implemented management and productivity • New management structures implemented across group • UBET Fixed Odds and Tote markets expansion underway including • Corporate functions consolidated introduction of higher-yielding products • Back office integration in progress • UBET brand change to TAB across retail & digital commencing end • Procurement contract re-negotiations underway 1H19, with enhancements including vision, form, and flexi-betting • Corporate systems consolidation on track • Property rationalisation commenced Lotteries & Keno Technology • Keno SA brand alignment and game enhancements planned FY20 • Core technology functional consolidation • Combined marketing team occurring across FY19/FY20, including removal of duplication and the re-negotiation of commercial Gaming Services contracts including insourcing where appropriate • Dandenong call centre consolidated in 2H18 • Data centre consolidation 2H20 • Combined sales team • Wagering host systems consolidation 2H20 • Co-location of field services underway 18

BUILDING A HIGH PERFORMANCE CULTURE 19

Rachel Osborne Talent Acquisition Advisor THIS IS WHAT TRUST FEELS LIKE All for one

Craig McSorley Head of Technical Services QLD THIS IS WHAT ASKING FOR HELP LOOKS LIKE All for one

FY19 PRIORITIES • Deliver expected benefits from the combination with Tatts L O T T E R I E S • Continue to execute on growth opportunities across all & businesses K E N O o Enhance digital capability and improve consistency of customer digital experience o Deepen integration of digital technology into retail network W A G E R I N G & o Deploy new products across all markets for all businesses M E D I A • Ongoing investment to maintain the highest levels of risk management and regulatory compliance • Maintain discipline with operating expenses, capital expenditure and balance sheet management G A M I N G S E R V I C E S 22

TABCORP HOLDINGS LIMITED ANNUAL GENERAL MEETING 17 OCTOBER 2018 - PowerPoint PPT Presentation

TABCORP HOLDINGS LIMITED ANNUAL GENERAL MEETING 17 OCTOBER 2018 CHAIRMANS ADDRESS 2 EBITDA CONTRIBUTION BY BUSINESS UNIT 1, 2 A W OR LD - C LASS, D IVER SIFIED GAMBLIN G EN TERTAIN MEN T GR OU P Tabcorp is now one of the largest publicly

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