5 February 2015 To: Australian Securities Exchange Market Announcements 20 Bridge Street Sydney NSW 2000

TABCORP HALF YEAR RESULTS PRESENTATION Attached is the presentation regarding Tabcorp’s half year results ended 31 December 2014 to be presented by David Attenborough, Managing Director and Chief Executive Officer. This presentation will be webcast on Tabcorp’s website at www.tabcorp.com.au from 10.00am (Melbourne time) today. The information contained in this announcement should be read in conjunction with today’s announcement of Tabcorp’s half year results and Tabcorp’s most recent annual financial report. Kerry Willcock Executive General Manager – Corporate, Legal and Regulatory Enc.

Tabcorp Holdings Limited ACN 063 780 709 5 Bowen Crescent Melbourne Australia 3004 GPO Box 1943 Melbourne Australia 3001 Telephone 61 3 9868 2100 Facsimile 61 3 9868 2300 Website www.tabcorp.com.au

Draft version 15 (01-08-13)

Tabcorp Holdings Limited ABN 66 063 780 709

2014/15 Half Year Results Presentation

5 February 2015

2

1H15 overview

Statutory NPAT $122.4m, up 64.1%, comprising of:

NPAT before significant items $90.9m, up 21.8%

Net benefit from significant items after tax of $31.5m relating to an income tax benefit

Statutory EPS 16.0 cents per share, up 61.6%

EPS before significant items 11.9 cents per share, up 20.2%

Interim dividend 10.0 cents per share, fully franked, up 25.0% 1

FY15 target ordinary dividend payout ratio of 90% of NPAT before significant items

Special dividend of 30.0 cents per share, fully franked 1

EBITDA $261.3m, up 7.2% largely driven by strong Wagering & Media performance and continued expense discipline

ACTTAB acquisition completed

Long term agreement reached for NSW thoroughbred media rights

1 for 12 entitlement offer announced 2

Notes: 1 New shares issued through the 1 for 12 Entitlement Offer will not be entitled to the Interim Dividend or the Special Dividend 2 Refer to 5 February 2015 ASX release, ‘Tabcorp announces a special dividend and capital raising’.

3

Group Results

Note: Earnings before significant items presented to provide the most meaningful presentation of Tabcorp’s results.

Net benefit from significant items (after tax) of $31.5m relating to an income tax benefit in relation to the NSW Trackside payment (refer to 24 November 2014 media release)

$m 1H15 1H14 Change

Revenues 1,115.2 1,045.1 6.7%

Variable contribution 495.9 464.4 6.8%

Operating expenses (234.6) (220.6) 6.3%

EBITDA 261.3 243.8 7.2%

D&A (84.2) (81.8) 2.9%

EBIT 177.1 162.0 9.3%

Interest (40.2) (51.4) (21.8%)

Tax expense (46.0) (36.0) 27.8%

NPAT before significant items 90.9 74.6 21.8%

Significant items (after tax) 31.5 - n/a

Statutory NPAT 122.4 74.6 64.1%

4

Business results

Wagering & Media segments integrated. Refer to Appendix 6 for reconciliation of 1H14 comparatives

ACTTAB (Wagering and Keno) included from 14 October 2014

EBIT loss of $3.8m, with revenue of $6.7m and opex of $7.9m including $5.5m of one-off acquisition and integration costs

Note: Business results do not aggregate to Group total due to unallocated items.

Wagering Change Gaming Change Keno Change Group Change$m & Media on pcp Services on pcp on pcp on pcp

Revenues 960.7 7.8% 50.7 1.6% 103.8 (0.6%) 1,115.2 6.7%

Variable contribution 388.1 8.7% 49.9 0.0% 57.9 0.5% 495.9 6.8%

Operating expenses (195.9) 8.0% (16.1) (0.6%) (21.7) 0.9% (234.6) 6.3%

EBITDA 192.2 9.5% 33.8 0.3% 36.2 0.3% 261.3 7.2%

D&A (61.5) 6.4% (13.5) (0.7%) (9.2) (10.7%) (84.2) 2.9%

EBIT 130.7 11.0% 20.3 1.0% 27.0 4.7% 177.1 9.3%

Opex / Revenue (%) 20.4% 0.0% 31.8% (0.7%) 20.9% 0.3% 21.0% (0.1%)

EBIT / Revenue (%) 13.6% 0.4% 40.0% (0.3%) 26.0% 1.3% 15.9% 0.4%

Capex 36.9 15.3% 26.4 14.8% 5.5 (6.8%) 68.8 13.0%

5

Wagering & Media: KPIs

Total revenue growth of 6.9% reflecting Focus on customer engagement

Improved risk management

Investment in multi-channel distribution model

ACTTAB acquisition

TAB Racing revenues assisted by a successful Spring Racing Carnival

TAB Sports and Luxbet revenues assisted by expanded product and Soccer World Cup revenues of $10.3m

Media revenue growth driven by increased international vision and co-mingling

Notes: - Other turnover includes Oncourse, Premium Customers and PGI - Victorian revenue includes JV partner interest

$m 1H15 1H14 Change

Revenues by product

TAB Racing

- Totalisator 663.3 680.3 (2.5%)

- Fixed Odds 214.7 161.1 33.3%

Total TAB Racing 878.0 841.4 4.3%

TAB Sports 107.3 82.1 30.7%

Trackside 52.3 47.1 11.0%

Luxbet 26.5 19.9 33.2%

Media 86.3 81.6 5.8%

Turnover by distribution

Retail 3,438.2 3,446.7 (0.2%)

Digital 1,763.1 1,448.7 21.7%

Call Centre 286.2 326.6 (12.4%)

Other 563.8 604.6 (6.7%)

Luxbet 385.1 354.1 8.8%

Returns to the Racing Industry 410.5 387.2 6.0%

6

Maintain market leadership in wagering

Strong digital execution Digital turnover up 21.7% in 1H15 Mobile 63% of digital turnover (51% in pcp)

Continued investment in digital New HTML website launched Improved Live Match Centre Streamlined customer on-boarding process Integration between retail and digital

Expanded product Place Multi launched Launch of fixed odds Cash-Out product planned for

2H15 (subject to regulatory approval)

Strong customer engagement focus Significant increase in CRM activity and promotional offers TAB active account customers up 17% in 1H15 TAB Rewards active user base increased to 253,000 (June 2014: 218,000)

7

Wagering & Media segments integrated, reporting to COO Wagering & Media

Media content expanded Long-term agreement reached for NSW thoroughbred media rights, including digital rights Negotiations for Victorian thoroughbred media rights in progress Current expectation is that the net financial impact of the NSW and Victorian arrangements

will not be material Improved premium thoroughbred coverage on Sky Racing World Wagering day extended to 20 hours on 4 days per week

Continued disciplined, close to core international expansion Commenced pooling with Hong Kong Jockey Club New pooling agreements in place with UK and European wagering operators Australian and New Zealand vision distribution expanded in North America Increase in US product imported into Australia Creation of a focused international management role,

MD Tabcorp International, from 2H15

Media and International are key enablers of wagering

8

Gaming Services

Victoria

Approximately 8,600 EGMs

In-EGM loyalty rolled out to 68% of total EGM base

NSW

120 EGMs under contract are performing well against expectations

Additional venues under negotiation

Other revenue reflects lower interest revenue following customer repayment of loan capital

2H15 focus

Further expansion in Vic and NSW markets

Out-performance in both markets

$m 1H15 1H14 Change

Operating revenue 50.0 47.9 4.4%

Other revenue 0.7 2.0 (65.0%)

Revenues 50.7 49.9 1.6%

EBITDA 33.8 33.7 0.3%

EBIT 20.3 20.1 1.0%

9

Keno

Revenue performance impacted by equipment sales and rental in pcp, and

Qld down 0.8%, impacted by gaming regulatory changes

NSW up 3.5%

Vic down 0.9%, impacted by jackpot activity

2H15 focus

Jackpot pooling between NSW and Victoria. Queensland planned to follow in FY16

Increased marketing investment

Development of digital offering

$m 1H15 1H14 Change

Revenues 103.8 104.4 (0.6%)

EBITDA 36.2 36.1 0.3%

EBIT 27.0 25.8 4.7%

Venues 3,635 3,638 (0.1%)

Ticket Count (m) 50.5 50.7 (0.4%)

Avg ticket size ($) 11.1 10.8 2.8%

10

Capital expenditure and investments

Capex trend

FY15 D&A approximately $175m

FY15 capex up to $150m

Wagering & Media

Digital strategy

Technology enhancements

Self service and retail refurbishments

International co-mingling

Gaming Services

EGMs

NSW expansion

Keno

Product expansion

Digital strategy

Group

Relocation of Sydney office, data centre and Sky Sports Radio

Major capex projects

1H14 2H14 1H15

Keno Gaming Services Wagering & Media

61

72 69

11

Key capital features

ACTTAB acquisition funded from existing bank facilities. Undrawn bank facilities of $270m at 31 December 2014. Next maturity June 2016. Gross debt 2 / EBITDA of 2.3x FY15 target ordinary dividend payout ratio of 90% of NPAT before significant items

Debt Structure

Notes: 1 Tabcorp Subordinated Notes mature in March 2037, however illustrated above at first call date in 2017 2 Gross debt includes USPP debt at the A$ principal repayable under cross currency swaps

84127

250

400 400

150

0

100

200

300

400

500

FY15 FY16 FY17 FY18 FY19 FY20+

$mBank facilities

Tabcorp Subordinated notes

US Private Placement

1

12

Conclusion

1H15 results driven by strong Wagering & Media performance and continued expense discipline

EBITDA of $261.3m, up 7.2%

Interim dividend 10.0 cents per share, fully franked, up 25.0% 1

Special dividend of 30.0 cents per share, fully franked 1

ACTTAB acquisition completed

Long term agreement reached for NSW thoroughbred media rights

Entitlements offer announced

2

2H15 focus

Wagering & Media – Victorian thoroughbred media rights, retail / digital integration, product expansion and international co-mingling

Gaming Services – driving outperformance of TGS venues and NSW expansion

Keno – establish jackpot pooling, increase marketing investment and development of digital offering

Well positioned to drive future performance, maintain expense discipline and following the integration of ACTTAB achieve 14% ROIC

Notes: 1 New shares issued through the 1 for 12 Entitlement Offer will not be entitled to the Interim Dividend or the Special Dividend 2 Refer to 5 February 2015 ASX release, ‘Tabcorp announces a special dividend and capital raising’.

13

Appendices

1. Group results

2. Wagering: Financial data

3. Wagering: Revenues by state and product

4. Balance sheet

5. Cashflow

6. Reconciliation of 1H14 and FY14 comparatives

14

1. Group results

Note: Earnings before significant items presented to provide the most meaningful presentation of Tabcorp’s results.

$m 1H15 1H14 Change

Revenues 1,115.2 1,045.1 6.7%

Government taxes & levies (191.2) (180.5) 5.9%

Operating commissions (134.4) (132.9) 1.1%

Racing industry fees (293.7) (267.3) 9.9%

Variable contribution 495.9 464.4 6.8%

Operating expenses (234.6) (220.6) 6.3%

EBITDA 261.3 243.8 7.2%

D&A (84.2) (81.8) 2.9%

EBIT 177.1 162.0 9.3%

Interest (40.2) (51.4) (21.8%)

Tax expense (46.0) (36.0) 27.8%

NPAT before significant items 90.9 74.6 21.8%

Significant items (after tax) 31.5 - n/a

Statutory NPAT 122.4 74.6 64.1%

15

2. Wagering: Financial data

$m 1H15 1H14 ChangeRevenues 960.7 890.8 7.8%Taxes, levies, commissions and fees (572.6) (533.9) 7.2%Variable Contribution 388.1 356.9 8.7%Operating expenses (195.9) (181.4) 8.0%EBITDA 192.2 175.5 9.5%D&A (61.5) (57.8) 6.4%EBIT 130.7 117.7 11.0%

RatiosVariable Contribution / Revenue 40.4% 40.1% 0.3%Opex / Revenue 20.4% 20.4% 0.0%EBIT / Revenue 13.6% 13.2% 0.4%

Returns to the Racing IndustryVictoria 187.2 184.6 1.4%New South Wales 137.9 128.2 7.6%Race fields fees 48.4 37.7 28.4%Media & International 37.0 36.7 0.8%Total returns to the Racing Industry 410.5 387.2 6.0%

16

3. Wagering: Revenues by state and product

Notes: - NSW and ACT represents 100% of revenue - Vic includes Tabcorp’s 50% proportional share of the JV

$m NSW1H15

Changeon pcp

Vic1H15

Changeon pcp

ACT1H15

Changeon pcp 1H15 Change

on pcp

Racing 465.4 5.0% 215.5 2.2% 6.2 n/a 687.1 5.0%

Sports 67.8 38.1% 19.6 18.8% 0.3 n/a 87.7 33.7%

Trackside 23.3 15.9% 14.5 7.4% 0.0 n/a 37.8 12.5%

Luxbet 26.5 33.2%

Media 86.3 5.8%

Other 35.3 (1.9%)

Revenues 556.5 8.6% 249.6 3.6% 6.5 n/a 960.7 7.8%

17

4. Balance Sheet

Notes 1 Debt includes USPP debt at the A$ principal repayable under cross currency swaps 2 EBITDA, EBIT and net interest are last 12 months (continuing operations). EBIT excludes amortisation of the Victorian Wagering and Betting Licence

3 Gross debt excludes subordinated notes, then divided by two 4 EBITDA and net interest are last 6 months. Net interest excludes interest on subordinated notes

$m Dec 14 Jun 14 ChangeTotal current assets 196.9 181.0 8.8%Licences 704.6 726.6 (3.0%)Other intangible assets 1,940.5 1,833.9 5.8%Property, plant and equipment 315.5 312.6 0.9%Other non current assets 90.9 51.0 78.2%Total assets 3,248.4 3,105.1 4.6%Total liabilities 1,704.4 1,623.7 5.0%Shareholders’ funds 1,544.0 1,481.4 4.2%Net debt (reported) 1,074.7 967.5 11.1%Net debt (economic)1 1,016.0 944.7 7.5%Shares on issue (m) 765.7 763.0 0.4%

Ratios 1,2

Gross debt / EBITDA (x) 2.3 2.2EBIT / Net interest (x) 4.3 3.7

Subordinated notes ratios 3,4

Gross debt / EBITDA (x) 1.8 1.8EBITDA / Net interest (x) 8.2 6.5

18

5. Cashflow

Note: Health Benefit Levy relates to discontinued operations, refer to 1 July and 28 July 2014 media releases

$m 1H15 1H14 Change Net operating flows 268.8 270.7 (0.7%)Net interest payments (40.6) (52.5) (22.7%)Income tax paid (29.5) (32.8) (10.1%)Payments for PP&E and intangibles (76.7) (136.0) (43.6%)Sub-total 122.0 49.4 >100%

Dividends paid (net) (51.3) (29.8) 72.1%Health Benefit Levy (32.9) - n/aACTTAB acquisition (103.3) - n/aOthers (4.2) 25.9 (>100%)

Net cash flow (69.7) 45.5 (>100%)

Net debt at beginning of period 967.5 1,144.7 (15.5%)Non cash movements 37.5 5.7 >100%

Net debt at end of period 1,074.7 1,104.9 (2.7%)

19

6. Reconciliation of 1H14 and FY14 comparatives

Note: Eliminations relate to intercompany revenue recorded in the Media segment, from the Wagering segment

1H14 $m

Wagering (as reported)

Media & International(as reported) Eliminations

Wagering & Media (restated)

Revenues 809.2 109.9 (28.3) 890.8Taxes, levies, commissions and fees (522.8) (14.4) 3.3 (533.9)Variable contribution 286.4 95.5 (25.0) 356.9Operating expenses (145.8) (60.6) 25.0 (181.4)EBITDA 140.6 34.9 - 175.5D&A (52.8) (5.0) - (57.8)EBIT 87.8 29.9 - 117.7

FY14$m

Wagering (as reported)

Media & International(as reported) Eliminations

Wagering & Media (restated)

Revenues 1,574.7 220.4 (57.3) 1,737.8Taxes, levies, commissions and fees (1,008.5) (28.0) 6.7 (1,029.8)Variable contribution 566.2 192.4 (50.6) 708.0Operating expenses (284.0) (123.9) 50.6 (357.3)EBITDA 282.2 68.5 - 350.7D&A (106.8) (9.8) - (116.6)EBIT 175.4 58.7 - 234.1

20

Disclaimer

This Presentation contains summary information about the current activities of Tabcorp Holdings Limited (Tabcorp) and its subsidiaries (Tabcorp Group). It should be read in conjunction with the 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 recipients 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.

21 Draft version 14 (29-07-13) Draft version 14 (29-07-13)