Crown Limited (Australia)Acquisition of Cannery

Casino Resorts, LLC (USA)

Briefing Pack1

Cannery Casino Resorts, LLC (“CCR”)

The Meadows (Pittsburgh)The Meadows (Pittsburgh)

Rampart Casino

(Las Vegas)

Rampart Casino

(Las Vegas)

Cannery Casino and Hotel (Las

Vegas)

Cannery Casino and Hotel (Las

Vegas)

Eastside Cannery

(Las Vegas)

Eastside Cannery

(Las Vegas)

58%* 42%**

* Millennium Gaming is owned equally by Bill Paulos and Bill Wortman

** Entities managed by Oaktree Capital Management, L.P.2

Cannery Casino Resorts, LLC

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Nevada Pennsylvania

Las Vegas Market

Cannery

East Side Cannery

Rampart

Boulder Hwy

Summerlin

Las Vegas Strip

Nellis Air Force Base

Speedway

Henderson 4

Pennsylvania Market

Philadelphia

Pittsburgh

The Meadows•

•

Harrisburg•

Erie•

•Wilkes-Barre

Category 1 casinos (open) Category 2 casinos (open)Category 1 casinos (proposed) Category 2 casinos (proposed)

Pennsylvania

OH

WV

NY

NJMD

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Cannery Casino Resorts, LLC

• Formed in 2001 – has achieved rapid growth in operating scale

• Operates conveniently located casinos catering to ‘locals’ customers: – gaming offering closely matched to customer preferences – attractive non-gaming amenities at reasonable prices– attentive customer service in a friendly, casual

atmosphere– innovative, focussed promotional programs and offers

• Strong management team with significant skills and experience in the gaming industry– E.g. New York New York, Excalibur and Luxor casinos in Las

Vegas

• Proven development experience and track record of delivering projects on time and on budget

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Cannery Casino and Hotel – North Las Vegas, Nevada

• Serves mid-market neighbourhood of North Las Vegas

– Ranked the fastest growing ‘large city’ in the USA in July 2007

– Forecast population annual growth of 6.7% between 2006 – 2020

– The North Las Vegas market has recorded consistently strong growth in recent years, over 10% p.a. from 2003 to 2006

• Near-new property, recently extended to cater to strong demand

• Has grown share of North Las Vegas market every year since opening in 2003

• Property facilities:– 1,967 slots and 21 tables – 200 hotel rooms– 2,000 parking spaces– Sports book, bingo hall, poker room– 14 screen cinema complex– 2 bars and 5 restaurants

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Rampart Casino – Las Vegas, Nevada

• Operated under lease within the 541 room JW Marriot Resort at Summerlin, west Las Vegas

• Attractive market:– Above average income per capita

and population growth– Limited competition – served by

only 3 significant properties –Red Rock, Sun Coast and Rampart

– Relatively under serviced market• Property facilities:

– 1,230 slots and 26 tables– Race and sports book– Three restaurants and a range of

bars– Part of JW Marriott Resort

• Current lease expires 2012

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Eastside Cannery – Las Vegas, Nevada

• Currently under construction and expected to open in Sep 2008 – will replace existing Nevada Palace

Casino

• Located on the Boulder Hwy in east Las Vegas – Increasingly busy arterial road

benefiting from new residential development and connection with new Hoover Dam bypass

– Significant $1bn+ market – First new, modern and branded casino

on ‘Boulder Strip’ in over 10 years

• Phase I expected to comprise:– 2,000 slots and 26 tables– 314 room hotel– 135 seat race and sports book– 6 bars and 5 restaurants

• Significant excess land available for expansion if customer demand warrants

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The Meadows – Pittsburgh, Pennsylvania

• CCR secured one of only 7 Category 1 slot licences in Pennsylvania, and one of only 2 in the Pittsburgh area

• Temporary facility opened June 2007 - contains 1,816 slots at existing harness racing facility

• Permanent facility targeted to open April 2009, containing:– At least 3,150 slots (Note: license permits up to 5,000 slots)– 200 room hotel and luxury spa– A lounge, cabaret and theatre– Range of specialty restaurants and bars, 250-seat food court – Sports bar with simulcast centre– Conference and Convention facilities

• Estimated creation of up to 1,200 local jobs • As the first property in the Pittsburgh area (only one for next 2

years), The Meadows has an important first-mover advantage –customer loyalty

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The Meadows – Temporary Facility

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The Meadows – Permanent Facility

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Crown Limited

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Melbourne, Australia

100% owned

Melbourne, Australia

100% owned

1. Subject to US gaming regulatory approval

Miami & Las Vegas, USA

19.6% owned

Miami & Las Vegas, USA

19.6% owned

Macau, 37.9% owned

Macau, 37.9% owned

UK, 50% owned

UK, 50% owned

Perth, Australia

100% owned

Perth, Australia

100% owned

Canada, 50% owned

Canada, 50% owned

Las Vegas and

Pittsburgh1

Las Vegas and

Pittsburgh1

LVTI

Las Vegas, USA 37.5%

owned

Las Vegas, USA 37.5%

owned

Australia/ New Zealand 50% owned

Australia/ New Zealand 50% owned

Crown Limited

• Crown is listed on the Australian Stock exchange with a market capitalisation of approx A$9.5bn (US$8.4bn)

• Businesses and investments are in the gaming industry• Crown wholly owns and operates two of the largest gaming

and entertainment complexes in Australia– Crown Entertainment Complex in Melbourne – Burswood Entertainment Complex in Perth

• Crown owns international gaming businesses and investments which complement these Australian businesses

• Crown employs over 10,000 people in its Australian businesses

• Crown and its key employees are licensed in multiple international jurisdictions

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Acquisition Summary

• Acquisition of 100% of CCR for US$1,752m (plus acquisition costs) on a cash and debt free basis utilising Crown’s existing cash reserves

• Acquired on a post-construction capex basis– CCR vendors responsible for entire costs of construction

completion, and facility opening for both Eastside Cannery and The Meadows permanent casino

– Vendors have proven track record of on time on budget developments

• Completion and payment occurs when Crown is licensed in both Nevada and Pennsylvania (anticipated to be at least 12 months)

• The purchase price is subject to adjustment for early/late gaming regulatory approvals and construction cost overruns/timing delays

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Impact on Crown Limited

• Estimated to be immediately EPS accretive for Crown post completion

• Significant uplift in cash flows expected once new projects are online

• Post completion of the transaction, Crown will have a solid balance sheet and strong cash flows:– Investment grade debt profile and credit ratios– Further leverage capacity based upon consolidation of

100% of the CCR cash flows– Increased geographic diversity of earnings

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Strategic Rationale

• CCR has operations in attractive “locals” markets with limits to new competition in the form of limited numbers of licences and planning / zoning restrictions

• Delivers Crown high quality new or near new facilities without exposure to construction risk and with comparatively low ongoing Capex requirements

• CCR has an attractive long-term growth profile, which will be enhanced by Crown’s proven track record of successfully operating large casinos

• Provides an ideal entry into the US locals casino industry

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Supplementary Information

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Las Vegas Market

• Lowest gaming tax rate in the USA• Stable and transparent regulatory regime • High barriers to entry - Neighbourhood Casino Act limits

future development of new casino properties• CY2006 total ‘locals’ gaming revenue of US$3.3b• Strong historic locals gaming growth rate (CY1992-2006

CAGR: 9%)• Per capita personal income growth similar over same period• Population has grown at a CAGR of >5% over the last 15

years - more than 5x the national average• Population forecast to grow at CAGR of 4.6% (2006-2010)

– almost 3.5x the national average• Employment growth of ~2.7% over next four years • Key indicators expected to remain strong over the long

term

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Pittsburgh Area Market

• Large locals market – est. population within 50 miles of The Meadows is 2.8m and within 100 miles is 6.4m

• Newly established industry with good growth prospects

• Income growth expected to be between 3% and 5% p.a. between 2006 and 2010

• Actual state-wide gaming win has exceeded initial Government estimates on a per machine basis

• Restricted number of competitors – most of which are located in Eastern Pennsylvania (~300 miles from Pittsburgh)

• When complete, there will only be 4 gaming facilities within 100miles of The Meadows incl. 2 within West Virginia (downtown Pittsburgh competitor opening later than expected)

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