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Disclaimer This Presentation contains summary information about the current activities of Tabcorp

Holdings Limited and its subsidiaries (Tabcorp Group). It should be read in conjunction with Tabcorp Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au.

No member of the Tabcorp Group gives any warranties in relation to the statements or information contained in this Presentation. The information contained in this Presentation is of a general nature and has been prepared by Tabcorp in good faith and with due care but no representation or warranty, express or implied, is provided in relation to the accuracy or completeness of the information.

This Presentation is for information purposes only and is not a prospectus, product disclosure statement or other disclosure or offering document under Australian or any other law. This Presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase any security and neither this presentation nor anything contained in it shall form the basis of any contract or commitment.

This Presentation is not a recommendation to acquire Tabcorp shares. The information provided in this Presentation is not financial product advice and has been prepared without taking into account any recipient's investment objectives, financial circumstances or particular needs, and should not be considered to be comprehensive or to comprise all the information which recipient may require in order to make an investment decision regarding Tabcorp shares.

All dollar values are in Australian dollars (A$) unless otherwise stated.

Neither Tabcorp nor any other person warrants or guarantees the future performance of Tabcorp shares or any return on any investment made in Tabcorp Shares. This Presentation may contain certain 'forward-looking statements'. The words 'anticipate', 'believe', 'expect', 'project', 'forecast', 'estimate', 'likely', 'intend', 'should', 'could', 'may', 'target', 'plan' and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, financial position and performance are also forward-looking statements. Any forecasts or other forward looking statements contained in this Presentation are subject to known and unknown risks and uncertainties and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Tabcorp, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. You are cautioned not to place undue reliance on forward looking statements. Except as required by law or regulation (including the ASX Listing Rules), Tabcorp undertakes no obligation to update these forward-looking statements.

Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

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Contents 1 About Tabcorp 4

1.1 Overview - Australia’s gambling and entertainment market 4 1.2 Group history 5 1.3 Profile of the Tabcorp Group 7

2 Tabcorp businesses 9 2.1 Wagering 9 2.2 Media and International 12 2.3 Gaming 13 2.4 Keno 14

3 Responsible Gambling 15 3.1 Tabcorp’s Commitment 15 3.2 Tabcorp’s Responsible Gambling Credentials 15 3.3 Tabcorp’s Responsible Gambling Program 15 3.4 Responsible Gambling Codes 17

4 Key financials, statistics and KPI 18

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1 About Tabcorp Tabcorp is one of Australia's leading wagering, gaming and entertainment groups and one of Australia's top 100 ASX listed companies by market capitalisation.

In the financial year ended 30 June 2012, the Tabcorp Group generated revenue of $3,038.5 million, EBITDA of $725.2 million and EBIT of $591.7 million. Post mid-August 2012, the business structure, financial profile and financial position of the Tabcorp Group will change due to, among other things, the expiry of the current Victorian Wagering Licence, the commencement of the Victorian Wagering and Betting Licence, the expiry of the Victorian Gaming Licence and a change in the regulatory regime in relation to the operation of EGMs in Victoria. Additional financial information regarding the nature and impact of these changes was provided in the Tabcorp Subordinated Notes Prospectus dated 22 February 2012.

The Tabcorp Group operates Wagering, Media and International, Gaming and Keno businesses.

1.1 Overview - Australia’s gambling and entertainment market1

The Australian gambling market is large, mature and has delivered consistent growth, with a compound rate of 2.4 per cent over the last five years (FY07-FY12). This reflects a similar growth in the disposable income of households (HDI). Future medium-term growth is expected to be around the same rate.

At $20.7 billion of gambling expenditure annually, Australia is among the largest gambling markets globally.

The sector can be broken into four major product categories:

• Gaming is the largest category, with annual spend in excess of $10.7 billion in FY12, generated by some 198,000 electronic gaming machines (EGMs) across most states and territories;

• Casinos is the second largest category, with annual spend of approximately $4.0 billion, generated through 13 casinos located throughout Australia. Collectively, the casinos operate approximately 1,200 tables and 12,000 EGMs;

• The Wagering category has an annual spend of $3.2 billion which is generated largely through 4,500 retail outlets, and increasingly through telephone-betting, the Internet and other access channels;

• Six lotteries operators generate an annual spend of $2.6 billion (includes Keno).

1 Sources: Various sources including GBGC, 2009 Australian Commission Report, expenditure / spend refers to revenue

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1.2 Group history

Tabcorp has grown significantly since the privatisation of the government-owned Victoria Totalisator Agency Board in 1994. It is among the top listed companies in Australia with a market capitalisation of around $2.1 billion.

Tabcorp listed on the Australian Stock Exchange (now the Australian Securities Exchange) in 1994 as part of the first major public offering by the Victorian State Government of a statutory body. The Company acquired the businesses formerly conducted by the Victorian TAB for a total of $77.8 million and acquired licences to conduct wagering and gaming in Victoria for $597.2 million.

Since its inception, Tabcorp has pursued a strategy of consolidating the Australian market place. In 1999, Tabcorp acquired Star City hotel and casino, in Sydney and the Jupiters Group in 2003, with hotel and casino complexes in Brisbane, the Gold Coast and Townsville. Tabcorp completed the acquisition of Tab Limited in 2004, the New South Wales TAB wagering operations and racing Media company. In 2008 Tabcorp entered the Northern Territory corporate bookmaker market, with the launch of Luxbet.com.

In October 2010 Tabcorp announced a demerger of the Casinos division to create two independent companies. The demerger was completed in June 2011.

In March 2011, the Victorian Government issued the Victorian Keno Licence to a member of the Tabcorp Group. The licence authorises the licensee to operate Keno in Victoria, with Tabcorp launching the rejuvenated Keno game into Victorian venues in April 2012. The current Victorian Wagering Licence expires in August 2012. In December 2011, the Victorian Government issued the new Victorian Wagering and Betting Licence to a member of the Tabcorp Group. The Victorian Wagering and Betting Licence authorises the licensee to offer on-course and off-course wagering and betting on thoroughbred, harness and greyhound racing and approved sporting and other events from August 2012. The licence also allows for the offering of approved simulated racing games and the operation of a betting exchange.

The Victorian Gaming Licence also expires in August 2012. Victorian gaming operator licences will no longer be held by the two current operators – Tabcorp and Tatts Group Limited. Instead, licensed club and hotel venue operators will own and/or operate EGMs, and conduct gaming in Victoria. Tabcorp has responded to this new industry structure by introducing an EGM supply, and specialised consulting and support service for the new operators of EGMs – Tabcorp Gaming Solutions (TGS).

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In addition to the Victorian Keno Licence, the Victorian Wagering and Betting Licence and TGS, the Tabcorp Group operates significant businesses. In particular, members of the Tabcorp Group:

• hold the long term NSW Wagering Licences;

• hold Keno licences in New South Wales and Queensland;

• operate in Australia through the TAB, TAB Sportsbet and Luxbet brands; and

• operate Sky Racing and Sky Sports Radio.

As a consequence, the Tabcorp Group is diversified across multiple products and locations.

Recent financial performance

In FY12, the Tabcorp Group's Wagering, Media and International, Gaming and Keno businesses generated NPAT of $340.0m and EPS of 47.6 cents. Tabcorp has returned a full year dividend of 24 cents per share, equating to a pay out ratio of 50.9%.

Wagering achieved strong revenue growth of 4.4% predominantly driven by fixed odds, Trackside and Luxbet. Growth at the variable contribution line is 7.7%, which has been achieved through growth in higher margin products, such as Trackside and fixed odds.

Media & International revenue growth of 6.1% is primarily due to subscription revenue and increased export.

Victorian Gaming revenue growth was 0.1% for FY12, with the current licence ceasing in August 2012. Tabcorp Gaming Solutions (TGS) will commence operations upon the cessation of the licence, with over 8,500 EGMs signed up.

Keno has delivered strong revenue growth of 8.0% on the prior year, however significant start up costs incurred for Victorian Keno has resulted in a decrease in EBIT of (1.0%).

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1.3 Profile of the Tabcorp Group

The Tabcorp Group conducts a unique combination of gambling activities, as follows:

Wagering • Totalisator wagering based in Victoria and NSW under the TAB brand

• Fixed odds betting based under the TAB Sportsbet and Luxbet brands

• Operates Trackside, a computer simulated racing product, in Victoria and NSW, and licenses the product overseas

• 2,800 outlets (approx.)

• 300,000 wagering accounts (approx.)

• Wagering and pooling services in the Isle of Man via Premier Gateway International incorporated joint venture

Media and International

• Broadcasts thoroughbred, harness and greyhound racing on three subscription television channels plus digital media

• 5,400 commercial outlets (approx.)

• Operates Sky Sports Radio

• Export of Australian racing to 31 countries

Gaming

• From mid-August 2012, TGS is scheduled to commence operations, providing full EGM supply and service and maintenance support

Keno

• Operates Keno in NSW, Queensland and Victoria, with 3,500 outlets (approx.)

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The group has a number of valuable aspects of the business:

• Brands: Tabcorp has an impressive portfolio of highly recognised brands, including: TAB, TAB Sportsbet, Luxbet, Trackside, Sky Racing, TGS, and Keno. Each of these brands maintains a leadership position in their respective markets. The group continues to invest in these brands to further expand its customer franchise and strengthen customer loyalty.

• Customers: Tabcorp Wagering and Keno brands service an estimated 2.7 million customers located throughout the eastern seaboard. Sky Racing and Sky Sports Radio reaches an audience of just over 3 million per week with tailored racing and sports content.

• Loyalty: Managing a business of this size and nature is an important task requiring advanced marketing and customer management capabilities. To this end, Tabcorp has increased its resources and capabilities in areas such as customer relationship management, customer analytics, customer tracking and loyalty, consumer research and satisfaction surveys.

Tabcorp has customer databases holding information that covers our significant customer base. These databases are used to direct permission-based communications that include special offers, venue promotions and product news.

• Multiple Channels: Tabcorp has focused on retail expansion in all states whilst investing in the retail customer experience. Additionally, Wagering, Keno and Gaming venues also undergo refurbishment to improve the quality and range of facilities available to our customers. Examples of this include the investment into NSW and Victorian retail wagering network in FY12 (including refurbishment, upgrades, new venues and self service terminals etc).

Tabcorp is also investing in new technologies for our customers as we launched our new internet wagering website in FY12, continued our leadership in mobile wagering innovation, integrated Sky Racing vision into various devices, invested in new digital interfaces for customers (e.g. IPTV) and accelerated our social media presence (Twitter, Facebook etc)

• Employees: The engagement and loyalty of employees in a service industry is of paramount importance to create sustainable competitive differentiation and maximise the value from customer strategies. Tabcorp is proactively engaging and investing in its employees and is focused on leadership development and talent retention.

• Reputation: The DJSI has awarded Tabcorp a score of 100% for the promotion of responsible gambling for the last 5 consecutive years. Recently, we were also rated second globally in the FTSE4Good ESG ratings Travel and Leisure category.

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2 Tabcorp businesses 2.1 Wagering

The wagering division operates totalisator wagering in Victoria and New South Wales and fixed odds betting on sports and racing operated under the TAB Sportsbet and Luxbet brands. The Luxbet brand is a national online racing and sports bookmaker business based in the Northern Territory.

Wagers are sold to customers:

• in Victoria through a TAB branded retail network of approximately 680 agencies, licensed venues and kiosks;

• in New South Wales through a TAB branded retail network of approximately 2,100 agencies, licensed venues and kiosks;

• via telephone betting accounts, through Tabcorp’s call centre, and interactively through touch tone and speech recognition systems;

• via the internet through on-line betting systems and mobile devices, with more than 550,000 application downloads across iPhone, iPad and Android devices;

• via pay TV through the TAB Active interactive wagering service; and

• at Victorian and New South Wales race tracks.

Off-course retail wagering is the principal form of wagering in Victoria and New South Wales, representing approximately 61% of the turnover of the entire Tabcorp wagering business for FY12, including Luxbet. The wagering businesses currently compete with bookmakers in Victoria and New South Wales and other interstate and international wagering operators who accept wagers over the telephone or internet (such as corporate bookmakers based in the Northern Territory) as well as betting exchanges. The NSW and Victorian TAB businesses also have arrangements in place with Australia Post outlets across Australia for new customer ID verification for account opening, and account deposits and withdrawals.

TAB Victoria

Pursuant to the Victorian Wagering Licence (until 15 August 2012), the Victorian Wagering and Betting licence (from 16 August 2012) and the Gambling Regulation Act, in Victoria the Tabcorp Group conducts:

• off-course totalisator and fixed odds betting on thoroughbred, harness and greyhound racing in Australia and selected international events;

• on-course totalisator and fixed odds betting on thoroughbred, harness and greyhound racing at race tracks in Victoria;

• totalisator and fixed odds betting on approved sporting events (e.g. AFL matches) and fixed odds betting on approved non-sporting events (e.g. elections) in Australia and selected international events;

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• the Trackside product in approximately 670 Victorian retail agencies and hotels; and

• the co-mingling of wagering pools with various domestic and international operators.

TAB Victoria deploys advanced retail technology and is a leading operator of self-service retail technology, with approximately 49% of retail turnover in Victoria generated through EBTs.

TAB NSW

Pursuant to the NSW Wagering Licences, the Tabcorp Group conducts:

• off-course totalisator and fixed odds betting on thoroughbred, harness and greyhound racing in Australia and on selected international events;

• on-course totalisator and fixed odds betting on thoroughbred, harness and greyhound racing at race tracks in New South Wales and, in addition, provides totalisator-related services to a limited number of Queensland racing clubs;

• totalisator and fixed odds betting on approved sporting events (e.g. NRL matches) and fixed odds betting on approved non-sporting events (e.g. reality TV shows) in Australia and selected international events; and

• the Trackside product in approximately 1,800 NSW retail agencies and licensed venues.

A comprehensive suite of betting products and options is available through totalisator and fixed odds betting. Retail turnover in NSW through self-service EBTs is approximately 32% of total retail turnover, and is growing rapidly.

Tab’s NSW Off-Course Totalisator Licence is exclusive until 22 June 2013. The NSW Wagering Licences expire on 6 March 2097.

Fixed odds (TAB Fixed Odds and Luxbet)

Fixed odds betting on sports, racing and non-sporting events and contingencies under the Tabcorp Group’s Victorian, New South Wales and Northern Territory wagering licences and approvals generated $317.2 million of revenue in FY12 for the Tabcorp group.

TAB Sportsbet revenue has more than doubled since 2009 driven primarily by fixed odds racing. Fixed odds sports betting continues to grow due to a combination of increased product, increased live betting and expansion of the multi product.

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Luxbet Pty Ltd (Luxbet), a wholly owned subsidiary of Tabcorp, was granted a licence in September 2008 to conduct business as a racing and sports bookmaker in the Northern Territory. The licence expires on 30 June 2015. Luxbet offers online fixed odds betting and tote odds betting on racing, and a comprehensive suite of licensed fixed odds sporting and non-sporting event offerings. Luxbet’s service is conducted through internet and telephone betting.

Trackside

Trackside is a computer simulated racing product which complements the Tabcorp Group’s traditional wagering product offering. Trackside is offered in TAB retail venues throughout Victoria and New South Wales. Trackside produced revenue of $70.1 million in FY12. The Tabcorp Group obtained NSW Government approvals to operate Trackside in New South Wales effective from 31 December 2010 and commenced the roll-out of the Trackside product into New South Wales on 10 January 2011. As at 30 June 2012, Trackside has been rolled out into approximately 1,800 venues in New South Wales. The Tabcorp Group also licences Trackside in a number of overseas jurisdictions.

Premier Gateway International Limited

In April 2011, Tabcorp announced that a subsidiary of Tabcorp had entered into an incorporated joint venture with Phumelela Gold Enterprises, a South African joint venture between Phumelela Gaming and Leisure Limited and Gold Circle (Pty) Limited. The joint venture company, Premier Gateway International Limited, provides international wagering and pooling services from the Isle of Man.

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2.2 Media and International

Sky Channel, a wholly-owned subsidiary of Tabcorp, broadcasts three channels to pay TV subscribers in approximately 2.4 million homes across Australia. Sky Racing broadcasts thoroughbred, harness and greyhound racing to approximately 5,400 commercial outlets, such as hotels, clubs and TAB outlets, across Australia. The three Sky Racing channels (Sky Racing1, Sky Racing2 and Sky Racing World) provide coverage of over 85,000 races per year.

Sky Sports Radio is one of the leading radio broadcasters of racing in Australia with a commercial station in Sydney and an extensive narrowcast network throughout New South Wales. Sky Sports Radio has been broadcasting for more than 80 years in the Sydney region with transmissions incorporating the three codes of racing (thoroughbred, harness and greyhound). A comprehensive TAB betting information service complements live broadcasts.

The Tabcorp Group also has an advertising and sponsorship arrangement with Radio Sport National, a radio station in Victoria, through which the Tabcorp Group's Victorian wagering business’ odds, editorial and advertising are broadcast.

Sky Racing’s International division manages the export of Australian racing to 31 countries on a daily basis including vision, form guides and wagering data. The biggest export markets are New Zealand, Singapore, the United Kingdom, the United States and Sri Lanka.

By the operation of reciprocal arrangements, Sky Racing’s International division is also responsible for all imported racing content and co-mingling of wagering pools with various international operators which at this stage include New Zealand, South Africa, Singapore and Premier Gateway International in the Isle of Man.

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2.3 Gaming

The Tabcorp Group’s gaming business primarily consists of the activities conducted in Victoria under the Victorian Gaming Licence which expires in August 2012. The Victorian Gaming Licence authorises the Tabcorp Group (as one of two authorised licensed participants) to operate EGMs in licensed clubs and hotels in Victoria.

Upon the expiry of the Victorian Gaming Licence in August 2012, gaming operator licences will no longer be held by the two current operators. Instead, licensed club and hotel venue operators will own and/or operate EGMs and conduct gaming in Victoria.

The Tabcorp Group has responded by introducing a supply and specialised consulting and support service for the new operators of EGMs – TGS. TGS will supply EGMs and provide servicing support, commercial assistance, business development, marketing advice and training to commercial users of EGMs in Victoria.

TGS is currently contracted in respect of over 8,500 EGMs in Victoria. Approximately 70% of the signed EGMs are contracted for a 10 year term, with no termination option. Approximately 30% of signed EGMs have a 10 year term, with a 30 day termination option at the election of the customer at year 5, requiring 12 months notice (effectively a 6 year contract). At 30 June 2012 approximately $60m had been loaned to TGS customers to assist them in paying the Victorian Government for their gaming machine entitlements and for certain key TGS clients to facilitate business expansion.

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2.4 Keno

Tabcorp operates Keno in Victoria, New South Wales and Queensland. The Keno business has expanded successfully in NSW and Queensland. Previously, the Tabcorp Group’s Club Keno business operated in Victoria under the Victorian Gaming Licence through a joint venture with Tatts Group Limited, with the authorisation to conduct Club Keno under the Victorian Gaming Licence which expired in April 2012.

The Victorian Government undertook a licensing process for the grant of a Victorian Keno Licence and, on 25 March 2011, issued the Victorian Keno Licence to a subsidiary of Tabcorp. The Victorian Keno Licence is for a period of 10 years, and commenced operations in April 2012. The new Victorian Keno Licence authorises the licensee to conduct and distribute approved Keno games (which may include simulated racing games) in certain hotels, clubs and wagering outlets in Victoria. There are now over 600 live Victorian Keno venues.

Revenue from Keno in FY12 was $183.1 million across approximately 3,500 outlets.

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3 Responsible Gambling The responsible service of our products is key to Tabcorp’s operating philosophy and corporate values. Through its Responsible Gambling program and initiatives, Tabcorp delivers on its commitment to providing high standards of customer care.

3.1 Tabcorp’s Commitment

Tabcorp aims to be an industry leader in the responsible delivery of gambling products and support for customers. We believe the formation of long-term relationships with our customers provides the basis of operating a sustainable business.

The company focuses on maximising customer enjoyment of our products, games and facilities, whilst minimising the potential harm that can arise from gambling for some individuals. This approach to corporate responsibility is imperative to enable the company to:

• Safeguard the long-term viability and integrity of the provision of gambling products

• Reduce the likelihood that people will develop gambling related problems

• Provide an appropriate level of confidence, transparency and surety in its operations for government, regulators, consumers and the wider community

• Provide an industry of choice for employees

3.2 Tabcorp’s Responsible Gambling Credentials

Dow Jones Sustainability Index (DJSI) has awarded Tabcorp 100% for the promotion of responsible gambling in for the last 5 consecutive years. Tabcorp is also one of only 34 Australian companies included in the FTSE4Good Index. The FTSE4Good Index rates company sustainability practices, including those relating to governance, human rights, stakeholder issues, environment, workplace practices, customer and supply chain issues.

3.3 Tabcorp’s Responsible Gambling Program

In development of its programs and processes, Tabcorp examined best practice across Australia and abroad, consulting widely with its employees, problem gambling counselling services, community groups, governments and expert researchers. The result of this process has seen the adoption by Tabcorp of a responsible gambling framework through which the company aims to provide gambling environments that are supportive to customers and where the potential for harm is minimised.

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The framework, based on a social health approach, separates the actions and focus for the company into three succinct areas as depicted below (Exhibit 1).

Key initiatives as part of Tabcorp’s Responsible Gambling program and framework fall into three groups: primary prevention initiatives, secondary prevention initiatives and safety net initiatives.

Exhibit 1

3. Safetynet

initiatives

2. Secondary prevention initiatives

1. Primary prevention initiatives

Measures aimed at people who already indicate they have a problem with gambling

Measures aimed to reduce problem gambling behaviours at gambling facilities

Measures aimed to reduce problem gambling targeted at the broader community- focus on informed choice

Primary Prevention Initiatives

Tabcorp provides a range of written and electronic information to help inform customers and the wider community of the nature of its products, including information on the operation of games and the likely chances of winning/losing. Tabcorp has been an active participant in Responsible Gambling Awareness Weeks in Victoria, Queensland and New South Wales.

Secondary Prevention Initiatives

Tabcorp has introduced responsible gambling codes for each of its operational divisions, to create a culture of customer care.

Tabcorp employs responsible gambling managers to oversee the implementation of Tabcorp’s responsible gambling program and compliance with the responsible gambling codes.

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Safety Net Initiatives

Tabcorp facilitates information workshops between staff in its gaming venues and local problem gambling services. These sessions strengthen venue staff knowledge related to problem gambling and build stronger links with service providers.

The company also provides ongoing funding for self-exclusion programs that assist people with gambling related problems to abstain from participation.

Tabcorp also supports problem gambling counselling services by displaying material about their services in its outlets and venues, and through regular liaison with representatives of the support service providers.

3.4 Responsible Gambling Codes

Tabcorp was one of the first Australian gambling companies to launch a voluntary group-wide Responsible Code of Practice in 2001. The Code was revised in 2006.

In 2008, Tabcorp decided to phase out its group-wide Code in favour of introducing a different code for each of its divisions. This was in response to the move by many Australian state governments towards mandated responsible gambling codes with varying requirements.

The evolution from a group-wide Code to individual codes has enabled Tabcorp to comply, where relevant, with specific requirements of State governments. Further, the codes that apply to each of Tabcorp's divisions/businesses are specific to that business’s operations, and consequently, more responsive to an individual’s circumstances. This initiative has enabled Tabcorp to retain its responsible gambling leadership status through the provision of specific codes dealing with customer care. The codes can be downloaded from Tabcorp’s website.

Tabcorp’s group-wide Responsible Gambling Committee, and ultimately the Board’s Risk and Compliance Committee, will continue to ensure that each business within the Tabcorp Group operates within the framework of a responsible gambling code and that customer care initiatives are as consistent as practically possible.

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4 Key financials, statistics and KPI

4.1 5 Year Summary of P&L$ million

Profit and Loss 2012 2011 2010 1 2009 1 2008 1

Revenue 3,039 2,948 4,220 4,211 3,993

Government taxes and levies 893 888 1,165 1,137 1,075Operating commissions 544 523 501 495 451Racing industry fees 460 455 454 431 377

Total RI fees, taxes and commissions 1,897 1,865 2,119 2,063 1,903

Other operating expenses 416 396 1,103 1,076 1,014

EBITDA - pre impairment 725 687 998 1,073 1,075

Depreciation & Amortisation 134 124 204 177 141Impairment 2 0 358 0 0 708

PBIT 592 205 794 895 226

Net interest expenses 95 134 154 153 159

PBT 497 70 640 742 67

Income Tax 157 127 171 220 232

NPAT from continuing operations 340 -56 470 522 -165

NPAT from continuing operations - pre impairment 340 302 470 522 542

Discontinued NPAT 3 0 591 0 0 0

NPAT 340 535 470 522 -165

1. Includes the Casinos business, which has now been demerged2. 2011 impairment relates to Wagering goodwill and 2008 impairment relates to Victorian Wagering and Gaming Licences, Wagering goodwill and Property Plant and Equipment3. Discountinued NPAT relates to the demerger of the Casinos business

Financial year ending

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4.2 5 Year Summary of Balance Sheet$ million

Blance Sheet 2012 2011 20101 20091 20081

Cash and Deposits 151 147 262 291 173Other current assets 77 104 119 112 105

Total current assets 228 251 381 403 278

Property, plant and equipment 313 281 1,763 1,566 1,499Licences 815 430 653 688 724Other Intangibles 1,803 1,806 3,628 3,642 3,507Other non-current assets 90 71 34 40 114

Total non-current assets 3,021 2,588 6,077 5,936 5,844

Total assets 3,249 2,839 6,458 6,339 6,122

Current interest bearing liabilities 0 450 175 0 0Other current liabilities 490 502 671 697 560Non-current interest bearing liabilities 1,224 515 1,817 2,041 2,270Other non-current liabilities 129 160 340 325 521

Total liabilities 1,843 1,628 3,003 3,063 3,351

Shareholders' funds 1,406 1,211 3,455 3,277 2,771

Net debt position 1,073 818 1,730 1,750 2,097

1. Includes the Casinos business, which has now been demerged

Financial year ending

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4.3 Financial KPI Trends

KPIs 1 Metric 2012 2011 2010 2 2009 2 2008 2

NPAT - pre impairment $m 340 302 470 522 542NPAT $m 340 -56 470 522 -165

EPS - pre impairment c 48 46 77 93 103Basic EPS c 48 -9 77 93 -31

Dividends per share4 c 24 43 55 65 94

Operating cash flow to EBITDA3 % 109% 89% 103% 98% 92%

Dividend payout ratio - pre impairment 4,5 % 51% 61% 70% 73% 101%

ROE pre impairment % 26% 10% 14% 18% 17%ROE actual % 26% -2% 14% 18% -5%

NPAT/revenue % 11% -2% 11% 12% -4%PBIT/revenue % 19% 7% 19% 21% 6%EBITDA/revenue % 24% 23% 24% 25% 27%

Net debt/equity % 76% 68% 50% 53% 76%PBIT / net interest x 6 2 5 6 1 Gross debt/EBITDA x 2 1 2 2 2 Current ratio % 47% 26% 45% 58% 50%

Share price at 30 June $ 2.93 3.29 6.33 7.16 9.81PE ratio on EPS (pre impairment) x 6.2 7.2 8.2 7.7 9.5

No shares at year end m 730 688 613 604 525Market cap $m 2,139 2,264 3,878 4,323 5,150

Staff numbers (Headcount) 2,436 2,413 10,569 10,372 10,650

1. Above KPIs are based on continuing operations unless otherwise stated2. Includes the Casinos business, which has now been demerged3. Calculation of 2011 cash flow statistics include the Casinos business, which has now been demerged, as 2011 cash flow statement was not prepared on a continuing operations basis4. 2011 dividend payment includes the Casinos business, which has now been demerged. 5. 2008 - 2011 dividend payout ratios are based on normalised NPAT including the Casinos business which has now been demerged

Financial year ending

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4.4 Wagering: Revenue by Product$ million

Code Geography 12 11 10 09 08

Thoroughbred Vic 305 318 336 338 319Harness Vic 66 70 76 74 69Greyhounds Vic 94 93 85 85 89

Totalisator Vic 464 482 497 498 477

Thoroughbred NSW 469 509 554 547 504Harness NSW 91 100 107 105 91Greyhounds NSW 160 159 148 144 147

Totalisator NSW 720 768 809 795 742

Thoroughbred Total 774 827 890 885 823Harness Total 157 170 182 179 160Greyhound Total 253 252 233 229 235

Totalisator Total 1,184 1,250 1,305 1,293 1,219

Fixed odds Total 289 204 154 105 89Trackside Total 70 39 27 24 22Luxbet 28 21 12 4 0Other Total 66 55 64 59 47

Total Revenue Total 1,637 1,569 1,561 1,485 1,377

Financial year ending

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4.5 Wagering: Racing ActivityNumber of race meetings wagered on

Code Race Geography 12 11 10 09 08

ThoroughbredMetro Vic 110 113 113 112 110Country Vic 403 389 375 367 374Local origin Vic 513 502 488 479 484

Interstate Vic 3,600 3,530 2,770 2,383 1,864 Total Vic 4,113 4,032 3,258 2,862 2,348

HarnessMetro Vic 91 101 74 52 52Country Vic 412 408 230 457 446Local origin Vic 503 509 504 509 498

Interstate Vic 1,613 1,642 1,508 1,274 1,070 Total Vic 2,116 2,151 2,012 1,783 1,568

GreyhoundMetro Vic 204 207 169 156 156Country Vic 731 717 627 615 620Local origin Vic 935 924 796 771 776Interstate Vic 2,502 2,373 1,965 1,835 1,810 Total Vic 3,437 3,297 2,761 2,606 2,586

Total Racing Vic 9666 9480 8,031 7,251 6,502

ThoroughbredMetro NSW 108 122 122 114 84Country NSW 537 492 453 445 336Local origin NSW 645 614 575 559 420

Interstate NSW 3,468 3,418 2,683 2,303 1,928 Total NSW 4,113 4,032 3,258 2,862 2,348

HarnessMetro NSW 122 127 129 130 59Country NSW 370 341 325 313 243Local origin NSW 492 468 454 443 302

Interstate NSW 1,624 1,683 1,558 1,340 1,266 Total NSW 2,116 2,151 2,012 1,783 1,568

GreyhoundMetro NSW 106 106 104 106 104Country NSW 738 734 577 525 528Local origin NSW 844 840 681 631 632

Interstate NSW 2,593 2,457 2,080 1,975 1,954 Total NSW 3,437 3,297 2,761 2,606 2,586

Total Racing NSW 9,666 9,480 8,031 7,251 6,502

Financial year ending

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4.6 Wagering: Media Race Meeting Coverage

12 11 10 09 08

Meeting CoverageThoroughbreds 2,165 2,118 2,005 1,958 1,740

Harness 1,812 1,789 1,750 1,683 1,450

Greyhounds 3,014 2,889 2,560 2,465 2,430

International 2,592 2,610 1,799 1,220 942

Total 9,583 9,406 8,114 7,326 6,562

Race CoverageThoroughbreds 16,627 16,398 15,903 15,702 14,204

Harness 14,523 14,440 14,503 13,874 12,098

Greyhounds 32,515 31,031 27,182 26,159 25,790

International 23,003 23,266 15,929 10,960 8,628

Total 86,668 85,135 73,517 66,695 60,720

ExportAustralian meetings exported 6,991 6,796 6,315 6,106 5,620

Australian races exported 63,665 61,869 57,588 55,735 52,092

Number of countries exported to 31 31 29 29 29

Financial year ending

24

4.7 Keno: Key KPIs

12 11 10 09 08

Keno

Venues Queensland 1,077 1,059 1,047 1,022 1,018 Terminals Queensland 1,500 1,465 1,362 1,277 1,167

Venues NSW 1,756 1,680 1,586 1,561 1,183 Terminals NSW 2,838 2,795 2,449 2,008 1,489

Venues Vic 624 137 137 142 140 Terminals Vic 1,144 151 151 157 166

Financial year ending