Tabcorp Holdings Limited

2011 Annual General Meeting

26 October 2011

Tabcorp Holdings Limited

2011 Annual General MeetingPaula Dwyer

Chairman

26 October 2011

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Agenda

Chairman’s address

A transformational year

Financial highlights and dividend

Investments

Industry and community contributions

Responsible gambling leadership

Board update

Conclusion

Managing Director and Chief Executive Officer’s address

Items of business and resolutions

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A transformational year

Demerger of Echo Entertainment Group

New Victorian Keno Licence (Apr 2012)

Fixed Odds Racingin NSW retail

New Victorian Wagering and Betting Licence (Aug 2012)

New Tabcorp Gaming Solutions (Aug 2012)

Trackside in NSW retail

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2011 review

Reported NPAT $534.8m, up 13.9%

Tabcorp EBIT $562.5m, up 5.2%

Casinos EBIT $347.2m, up 33.6%

Normalised NPAT $486.3m, up 1.9%

Normalised EPS 73.4 cents, down 6.4% following capital raising

Dividend 43 cents, fully franked

Payout ratio 60% of normalised NPAT

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2011 review continued

Tabcorp continuing businesses

EBIT up 5.2%

Revenues up 2.9%

Expenses up 2.0%

Balance sheet strong with Gross Debt/EBITDA1 at 1.4x

Dividend reinvestment plan

FY11 final dividend - 50.2% participation, reflecting a 2.5% discount and supported by an underwriting agreement to 50%

1. Based on Tabcorp continuing business

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Investments

• New Victorian Wagering and Betting licence• Venue refurbishments• Self service terminals• Trackside NSW• New online platform

Gaming • TGS - over 7,500 Electronic Gaming Machine sign ups

Keno • New Victorian Keno licence

Wagering

EBITDA more than $200m in FY14

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Contributions to industry and community

Income generated for racing industry exceeds $600m

$322m for Victoria

$236m for New South Wales

$49m broadcast rights and international commissions

$35m race fields fees

Gambling taxes $1.12b

State community benefit funds $78m

Community support contributions $3m

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Contributions to community

Photo courtesy of News Ltd

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Responsible gambling

Tabcorp rated as overall global gambling industry leader in the 2011 Dow Jones Sustainability Indexes annual review

100% rating in the “Promoting Responsible Gaming” category

Tabcorp is committed to delivering its products responsibly

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Our brands

Wagering

Media & International

Gaming

Keno

Tabcorp Holdings Limited

2011 Annual General MeetingDavid Attenborough

Managing Director and Chief Executive Officer

26 October 2011

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Agenda

2011 financial results

Wagering

Media and International

Gaming

Keno

Trading update

Our partners and our people

The way forward

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Revenues $2,941.9m 2.9%

Variable contribution $1,079.9m 4.4%

Expenses $393.1m 2.0%

EBITDA $686.8m 5.8%

D&A $124.3m 8.5%

EBIT $562.5m 5.2%

2011 financial results – continuing businesses

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2011 Wagering highlights

Revenues $1,569.1m 1.0%

Expenses $263.5m 0.0%

EBITDA $287.5m 4.8%

EBIT $220.2m 4.5%

Market share (est) 43.3% 0.2%

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Victorian Wagering and Betting Licence

Overview

Sole retail licence

50/50 joint venture with Victorian Racing Industry (previously 75/25)

Minimum performance obligation:

FY13 $337m and FY14 $342m

$1bn in aggregate for FY13 through FY15

Discussions in respect of the new joint venture are well advanced, documentation being finalised

Licence period12 years, commencing August 2012

At the discretion of the minister, the licence period may be extended for a further two years

EBITDA estimate $120m in FY14

Licence payment $410m expected to be paid shortly

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Spring Racing Carnival

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2011 Media and International highlights

Revenues $179.3m 9.3%

Expenses $108.4m 9.1%

EBITDA $59.8m 6.0%

EBIT $52.8m 2.7%

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2011 Gaming highlights

Casinos

Revenues $1,077.4m 3.9%

Expenses $36.7m (6.3%)

EBITDA $279.6m 6.7%

EBIT $241.4m 7.1%

Market share 53.9% 1.0%

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2011 Keno highlights

Casinos

Revenues $169.6m 7.9%

Expenses $34.2m 4.9%

EBITDA $60.6m 8.6%

EBIT $48.8m 4.7%

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Update since 30 June 2011

Medium Term Notes due October 2011 repaid using 12 month bank facility whilst longer term funding options are being assessed

First quarter FY2012 revenue growth v pcp

2.7%2.0% 2.0%

6.9%

4.7%

Group Wagering Media &International

Gaming Keno

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