Draft version 15 (01-08-13)

Tabcorp Holdings Limited ABN 66 063 780 709

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Intro & overview

1H15 results recap

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

discipline

Special dividend of 30 cents per share, fully franked

ACTTAB acquisition completed

Long term agreement reached for NSW thoroughbred media rights

3Q15 trading update

Wagering momentum remains solid, albeit with 4Q trends to be impacted by Soccer World Cup in the prior

year comparative

Keno impacted by disproportionate number of jackpots across all states

Keno jackpot pooling commenced between NSW and Vic

TGS signed new venues in NSW and extended contracts in Vic

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Key strategic priorities

Wagering & Media Lead industry transformation and enhance integration of wagering with

media

International Disciplined, close to core expansion

Gaming Services Building a sustainable and growing venue services business

Keno Improve customer experience to drive participation

Capital Optimise the use of and return on invested capital

Underpinned by the ability to attract, develop and retain talent For

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Wagering & Media

Ongoing digital

pathway

› Focus on intuitive customer design and continuing to innovate

› Launched new tab.com.au

› Vision / visualisation in Live Match Centre for major sports – NBA, NRL, AFL

Product innovation

› Focus on increased share of wallet and yield maximisation

› Cash out launched across all distribution channels – over 10,000 bets cashed

out to date with more than 60% of activity taking place on multis

› Global partnership with Unikrn to bring wagering to the eSports market

CRM and analytics

› Focus on improved use of CRM system to increase volume and effectiveness of

campaigning across all channels (incl real-time campaigning)

› Accelerate TAB Rewards loyalty program and enhance the customer value

proposition to drive better retention outcomes

Future Retail

› Focus on increased digital integration across the retail network

› Maximise the data opportunity to improve analytics capability and create shared

value for our venue and industry partners

› Pilot sites scheduled from July 2015

Maintain market leadership and drive industry transformation

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Priorities include:

Increase the integration of TAB.com.au markets, promotions and personalities in Sky’s race day coverage

Ensure the value of existing broadcast rights are being maximised through all channels

Expand the use of our broadcast assets to provide further unique and compelling customer propositions

to drive wagering activity

Maximising the reach of our media assets

2.6m Homes

5,300+ Commercial

Venues

250k+ fans across

our brands

~570,000 Weekly

Reach

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Disciplined, close to core international expansion

Co-mingling with:

Sky Racing World US

• Tabcorp office based in Kentucky

• Deliver Australian & New Zealand races to

400+ locations in the United States of America

and Canada

Premier Gateway International

• Isle of Man based pooling hub acting

as a global gateway to our NSW and

Victorian pools and is connected to

12 major global totes Unirkn

• Global partnership for

wagering on e-sports

Luxbet Europe

• Recently acquired licences to allow

bets to be taken from Great Britain

and European customers

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Gaming services

Building a sustainable and growing venue services business

New South Wales › Approximately 300 EGMs contracted

› Existing venues performing well against expectations and the market

› Two new venues signed during the quarter with revenue to commence in FY16

Drive venue

performance

› Capital to improve the quality of venues

› Latest EGMs to optimise floor

› Driving visitation via data and leading loyalty programs (300k+ members)

Victoria

› Approximately 8,600 EGMs contracted

› Successfully extended contracts from 5 years to 10 years (~80% of base now

contracted through to 2022)

› In-EGM loyalty now deployed to more than 70% of the network

Optimise resourcing

for business growth

› Ensure resourcing to meet growth and customer experience priorities

› Focus on improving the performance of the existing footprint

› New venue sign ups

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Keno

Improve the customer experience to drive participation

In-venue experience

› Develop simpler and cleaner self-service terminal experience

› Pilot first-wave of concept venues from June 2015

› Develop prototype in-venue convergence, via customer mobile devices (subject

to regulatory approval)

Product innovation › Launched jackpot pooling between NSW and VIC

› Queensland pooling to follow (subject to regulatory approval)

› Review and enhance existing product lines

Customer and brand › Broad player base with estimated 2.7m people playing the game each year

› Strong brand recognition, but low brand differentiation

› Rebrand commencing in June 2015

Win-win venue

partnerships › Improvements designed to directly influence customer participation to drive

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The new Keno brand – Fun, playful, young, social F

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Digital

Concierge

Self-Service

‘Blade’

Keno Display

Screens

Refreshed in-venue experience F

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84127

250

400 400

150

400

0

100

200

300

400

500

FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22

$m

Bank facilities

Tabcorp Subordinated notes

US Private Placement

Gross debt 2 / EBITDA of 2.3x at 31 December 2014

FY16 bank facilities refinanced and extended

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

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Balance sheet and capital management F

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Tabcorp has an attractive investment case

Portfolio of quality integrated gambling entertainment

businesses

Long dated licences

Geographic diversification

Underpinned by strong relationships with

stakeholders

Customer centric approach

Strong trusted brands

Unique multi-product / multi-channel distribution

Product and technology innovation to lead both

retail and digital channels

Driving growth from new investments

Defensive earnings profile with strong cash generating

characteristics

Licence Expiry

Wagering

NSW 2098

Victoria 2024

ACT 2064*

Luxbet (NT) Rolling renewals

Keno

NSW 2022

Queensland 2047

Victoria 2022

ACT 2064

* Sports bookmaking is 2029, with expected extensions to 2064

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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.

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