Tabcorp Holdings Limited

2012 Annual General Meeting

31 October 2012

ABN 66 063 780 709

Tabcorp Holdings Limited

2012 Annual General Meeting

Paula DwyerChairman

31 October 2012

ABN 66 063 780 709

3

Agenda

� Chairman’s address

� 2012: A successful year

� Financial highlights

� Capital management and capital investment

� Market leadership

� Industry partnerships and contributions

� Sustainability and Tabcorp in the community

� Board update

� Supreme Court proceedings

� The future

� Managing Director and Chief Executive Officer’s address

� Items of business and resolutions

4

2012 review

� A successful year – operationally and financially

� Demerger implemented and separation completed

� Transition to new Victorian gambling industry structure well executed

� Seamless transition to new Victorian Wagering and Betting Licence

� Smooth transition out of Victorian Tabaret

� Well executed start up of Tabcorp Gaming Solutions (TGS)

� Successful launch of new Victorian Keno business

� Tabcorp is well positioned for the future, with leadership in our key markets

5

2012 review – financial highlights

� Revenues, $3,038.5m, up 3.1%

� EBIT $591.7m, up 5.2%1

� NPAT from continuing operations $340.0m, up 12.7%1

� EPS from continuing operations 47.6 cents, up 4.6%1

� Dividend 24 cents, fully franked

� Payout ratio 50.9% of NPAT

1 Prior year comparative from continuing operations excludes impairment of $358.0m

6

Capital structure

Tabcorp has a well diversified debt structure

150

284

250211

400 400

0

100

200

300

400

500

600

700

800

900

FY13 FY14 FY15 FY16 FY17 FY18 FY19+

$m

Bank facilities Medium Term notes (May 2014)

Tabcorp Retail bonds (May 2014) Tabcorp Subordinated notes

US Private Placement

1. Tabcorp Subordinated Notes mature in March 2037, however illustrated at the first call date in 2017.

7

-

50

100

150

200

FY11 FY12

$m

Growth BAU

Capex

Capex Spend - Growth vs BAU Major capex projects

� Major capex projects in FY12

� New Victorian Keno roll out

� TGS loyalty system and EGMs

� New tab.com.au website

� Venue expansion

� Trackside NSW

� Outside broadcast infrastructure

� Key focus in FY13

� Continuing investment in wagering

multi-channel strategy

� TGS business roll out

� Keno expansion

� Growth capex:

� FY11: Trackside and TGS

� FY12: Victorian Keno, Trackside and TGS

Tabcorp invested significant capital into new investments in FY12

119

150

8

Market leading businesses

Tabcorp has a unique multi-product, multi-channel gambling entertainment business

Note: Above statistics are as at 30 September 2012 unless otherwise stated, rounded

% of Revenue and % of EBITDA based on FY12 results, excluding Victorian Tabaret, and TGS expected EBITDA of approximately $55m p.a. from August 2012

Product Brands Licence expiry % EBITDA Retail / Live events Digital / Account International

WageringNSW 2097Victoria 2024

NSW 2,130 outletsVictoria 720 outlets

270 racecourses with oncourse wagering facilities

InternetMobile devicesInteractive TV

Phone

Co-mingling with four jurisdictions

NSW 2097Victoria 2024

63%NSW 2,000 outlets Victoria 700 outlets

NT 2015Internet

Mobile devicesPhone

KenoNSW 2022

Queensland 2022Victoria 2022

13%Queensland 1,090 outlets

NSW 1,770 outletsVictoria 650 outlets

TGS n/a 11%8,500+ EGMs contracted

170 outlets

Media n/a 13%5,400 commercial outlets

Broadcasting from 230 Australian racetracks

InternetMobile devices

Pay TV

Exporting to 31 countries

% of Revenue 80% 19% 1%

Channels

9

Australia’s most trusted Wagering brand

Positioning the new TAB brand as contemporary, fresh and relevant for today’s customers

10

Contributions to racing industry and the community

� Income generated for Australian racing industry exceeded $650m in FY12

� $324m for Victoria

� $239m for New South Wales

� $52m broadcast rights and international commissions

� $38m race fields fees

� Gambling taxes $1.12b

11

Responsible gambling leadership

� Tabcorp rated as overall global gambling industry leader in the 2012 Dow Jones Sustainability Indexes annual review

� 100% rating in the “Promoting Responsible Gaming” category; sixth year running

� Responsible gambling is core to Tabcorp’s philosophy and values

12

Board update

13

Entitlement to refund in relation to the Victorian Gaming Licence and the Victorian Wagering Licence

14

The future

� Tabcorp’s businesses are trading well in

their respective markets

� A future growth strategy based on:

� Market-leading distribution

channels

� Market-leading brands and

products

� Long-dated licences

� Strong government, industry

and partner relationships

Tabcorp Holdings Limited

2012 Annual General Meeting

David AttenboroughManaging Director and Chief Executive Officer

31 October 2012

ABN 66 063 780 709

16

Agenda

� Overview

� Wagering

� Media and International

� Gaming

� Keno

� Trading update

� Our partners and our people

� The way forward

17

Revenues $1,637.4m 4.4%

Expenses $279.8m 6.2%

EBITDA $313.5m 9.0%

EBIT $242.2m 10.0%

2012 Wagering highlights

18

Wagering: KPIs

� Fixed Odds strong growth of 41.5%

� Growth offsetting decline in totalisator revenue

� Trackside growth continues in NSW and Victoria

� Improved Luxbet yield and strong 2H turnover

� Online turnover growth of 14.5%, excluding Luxbet

�New account openings up 21% on prior period

� Customer loyalty: over 92,000 members, up 22%

� Launched Premier Gateway International (Isle of Man)

� WA and ACT pooling arrangements agreed

19

Revenues $190.2m 6.1%

Expenses $113.4m 4.6%

EBITDA $65.7m 9.9%

EBIT $57.1m 8.1%

2012 Media and International highlights

20

Revenues $1,078.9m 0.1%

Expenses $35.4m (3.5%)

EBITDA $282.6m 1.1%

EBIT $244.1m 1.1%

2012 Gaming highlights

21

Revenues $183.1m 8.0%

Expenses $38.6m 12.9%

EBITDA $63.4m 4.6%

EBIT $48.3m (1.0%)2012 Keno highlights

2012 Keno highlights

22

1Q13 Trading Update

Tabcorp’s revenue growth continued into 1Q13. Wagering declined due to change in Victorian Licence terms

Revenue ($m) 1Q13 1Q12 Change

Wagering 384.6 394.1 (2.4%)

Media & International 49.5 46.6 6.2%

TGS 13.1 1.1 >100%

Keno 53.9 45.8 17.7%

Total - continuing operations 488.9 475.2 2.9%

Victorian Tabaret - discontinued operations 130.2 284.1 (54.2%)

23

Tabcorp’s people

24

Tabcorp in the community

25