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Tabcorp Investor Day

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Tabcorp Investor Day TABCORP INVESTOR DAY 25 OCTOBER 2018 AGENDA Welcome & Introductions 9.30am Group Overview – David Attenborough 9:30 – 10:00 am CFO Overview – Damien Johnston 10:00 – 10:30 am Lotteries & Keno – Sue van der Merwe 10:30 – 11:15 am Morning Tea 11:15 – 11:30 am Gaming Services – Frank Makryllos 11:30 – 12 noon Wagering & Media – Adam Rytenskild 12:00 – 1:00 pm Lunch 1.00 – 1.30 pm 2 WELCOME AND INTRODUCTIONS David Attenborough Damien Johnston Sue van der Merwe Frank Makryllos Adam Rytenskild MANAGING DIRECTOR & MANAGING DIRECTOR MANAGING DIRECTOR MANAGING DIRECTOR CHIEF FINANCIAL OFFICER CHIEF EXECUTIVE OFFICER LOTTERIES & KENO GAMING SERVICES WAGERING & MEDIA Merryl Dooley Clinton Lollback Mandy Ross Ben Simons CHIEF PEOPLE OFFICER CHIEF RISK OFFICER CHIEF INFORMATION OFFICER CHIEF STRATEGY OFFICER 3 GROUP OVERVIEW DAVID ATTENBOROUGH TABCORP IS AUSTRALIA’S LEADING DIVERSIFIED GAMBLING ENTERTAINMENT GROUP TABCORP— KEY METRICS (FY18 PRO -FORMA) 1 OVERVIEW ~$5.1B ~$1.0B Gaming Services 6% • Tabcorp completed its combination with Tatts Group 15% in December 2017, creating a world-class gambling entertainment group Lotteries & Keno 46% • We operate a diversified set of market-leading 40% businesses, under a series of long-dated government- issued licences and authorisations • Group employs approximately 5,000 people • We operate an extensive network of retail venues Wagering & Media 48% 45% across Australia Revenue EBITDA Note: 5 (1) Business unit EBITDA allocation excludes intercompany eliminations and unallocated items OUR BUSINESS HAS GLOBAL SCALE 7 6 5 4 3 2 ANNUAL REVENUE (A$ BILLIONS) (A$ REVENUE ANNUAL 1 0 IGT GVC / Tabcorp Scientific Bet365 Paddy Power Stars / William Hill Intralot Unibet Ladbrokes Games / Sportsbet BetEasy (ex. AUS) Australian Wagering Australian Lotteries & Keno Australian Gaming Services1 International/Other Source: All total revenue LTM June 2018 per Bloomberg other than GVC and Stars Group (Bloomberg Dec 18 consensus forecast) and Bet365 (March 17 reported). Australian wagering per company segment reporting and Tabcorp estimates. 6 (1) Australian Gaming Services excludes EGM manufacturing and sales. IGT and Scientific Games Australian gaming systems supply included in International/Other THE AUSTRALIAN MARKET IS LARGE AND GROWING AUSTRALIAN GAMBLING EXPENDITURE BY PRODUCT SEGMENT $23.6B $23.7B $22.7B 0.3 0.4 $21.2B $20.7B 0.3 2.2 2.0 CAGR FY12-17 $19.4B 0.3 0.3 2.0 0.3 2.0 TOTAL 4.1% 2.2 3.9 4.4 1.8 3.6 KENO 4.6% 3.4 3.2 3.0 LOTTERIES 2.5% 5.2 4.8 5.2 WAGERING 7.7% 4.4 3.7 4.1 CASINO 5.3% EGMs 2.7% Keno Lotteries Wagering 11.6 12.1 12.1 10.6 10.8 11.1 Casino EGM’s FY12 FY13 FY14 FY15 FY16 FY17 Source: Australian Gambling Statistics 34rd Ed. 2018 7 Note: Based on Tabcorp estimates, segment FY12-18 CAGR Keno 4.1%, Lotteries 3.1% & Wagering 7.3% WE HAVE LEADERSHIP POSITIONS IN EACH OF OUR CORE MARKETS LOTTERIES & KENO WAGERING & MEDIA GAMING SERVICES SHARE OF TABCORP REVENUE1 46% 48% 6% Currently provide services to ~85% 2 Approximately 84% Approximately 57% DOMESTIC MARKET SHARE of gaming machines nationally 720K active account wagering customers, Relationships with >3,500 CUSTOMERS 3M registered players Sky available in 2.6M households. venues nationally 550M Lotteries and Keno tickets FY18 TRANSACTIONS 1.1B bets taken N/A sold Notes: 8 (1) Share of Tabcorp revenues based on FY18 pro-forma results (Wagering & Media including Ubet) (2) Market share for Wagering & Media includes (Ubet) OUR BUSINESS HAS A NATIONAL FOOTPRINT QUEENSLAND NORTHERN TERRITORY 908 1,029 899 34,000 1002 NEW SOUTH WALES 60 21 1,300 62 WESTERN AUSTRALIA 2,110 1,815 1,336 94,000 2,347 ACT 422 2,400 47 39 48 130 58 LEGEND VICTORIA WAGERING MEDIA LOTTERY KENO GAMING SOUTH AUSTRALIA TASMANIA (venues) (venues) (outlets) (outlets) SERVICES 807 601 805 17,900 845 (EGMs supported) 361 615 615 10,000 369 140 82 2,400 150 9 Note: Venue numbers reflected as at 30 June 2018 WE ARE A VALUED PARTNER FOR GOVERNMENTS, INDUSTRY, RETAIL VENUES AND COMMUNITIES INDUSTRY & GOVERNMENT COMMUNITY ~$2B Federal • Voluntary community contributions of $1.9M in FY18 Taxes • Partnerships with charities including National Jockey Trust & Prostate Cancer Foundation ~$1B • Corporate drought relief package of $600K State • Additional $500K contribution from unclaimed ~$0.7B Wagering / Lotteries lotteries prizes Taxes • Supports the 50-50 Foundation’s Play for Purpose charity lottery, which provides cost-effective fundraising to some of Australia’s most valuable community Commissions to Racing & sports State & Federal organisations local business industry payments Govt taxes Notes: All figures include 100% of VICTAB JV 10 Pro-forma including Tatts from 1 July 2017 OUR BUSINESS IS DIVERSIFIED ACROSS GEOGRAPHIES AND PRODUCTS AND SECURED BY LONG - DATED LICENCES TABCORP LICENCE / AUTHORISATION PORTFOLIO 2100 2098 2097 2072 2064 2062 2064 2052 2050 2052 2050 2047 2035 2032 2032 2028 2027 2024 2020 2022 2021 LICENCES EXPIRY SA SA SA NT NT NT VIC VIC VIC TAS TAS ACT ACT QLD QLD QLD QLD NSW NSW NSW NSW 1 2 2 GAMING WAGERING LOTTERIES KENO SERVICES Notes: 1 Tasmania lotteries operate under renewable five-year permits linked to long-dated Queensland and Victorian licences 11 2 Indefinite rolling renewal capability REGULATORY CHANGES ARE SUPPORTING A MORE SUSTAINABLE INDUSTRY AND POSITIVE GROWTH OUTLOOK REGULATORY REFORM HAS CREATED A BETTER REGULATED AND MORE SUSTAINABLE GAMBLING INDUSTRY SYNTHETIC POINT OF CONSUMER PROTECTIONS ADVERTISING RESTRICTIONS LOTTERIES BAN CONSUMPTION TAXES • Synthetic lotteries are products • Wagering point of consumption • Amendments to Australia's • From March 2018, new restrictions where customers bet on the (POC) taxes are levied based on gambling legislation have been prohibited gambling advertising outcome of a lottery rather than the location of the customer introduced or proposed to improve during live television, radio buying a ticket and directly consumer protection and online sports broadcasts participating in the draw • Introduced in SA in July 2017. between 5:00am and 8:30pm • These include prohibitions on Queensland’s POCT regime Live broadcasts of racing events • Betting on the outcome of a lottery wagering operators offering online commenced 1 October 2018. NSW, and the advertising of lotteries or Keno draw will be prohibited in-play betting, credit and certain Victoria, the ACT and WA have are exempt following amendments to the announced a POCT on wagering forms of inducements Interactive Gambling Act passed by revenues from 1 January 2019 • The prohibition of wagering the Federal Senate in June 2018. • Tabcorp is working with advertising on roads, public The ban comes into effect on 9 transport and associated January 2019 governments and the racing industry to ensure the significant infrastructure in Victoria has fees and taxes already paid under been implemented its state wagering licences are recognised, in line with the principles announced 12 WE ARE MOBILISING ACROSS THE GROUP WITH CLARITY OF PURPOSE AND A STRATEGIC FOCUS VISION THE TRUSTED GAMBLING ENTERTAINMENT COMPANY PURPOSE EXCITEMENT WITH INTEGRITY STRATEGIC PILLARS SUPERB BRILLIANT COLLABORATIVE CUSTOMER LED EXPERIENCES EXECUTION PARTNERSHIIPS We understand our customers, engage We leverage the powerful combination We take pride in simply and efficiently We love winning with our partners with them personally and create of our venues, digital and live event delivering with excellence through aligning our interests and deep products they love channels to deliver amazing collaboration experiences OUR FOUNDATIONS OUTSTANDING PEOPLE AND TEAMS COMMITMENT TO COMMUNITY AND INTEGRITY LEADING TECHNOLOGY AND INNOVATION We are the best place to work, and we We are trusted by governments, regulators We create value through our unique unlock the potential of our people to deliver and our communities to grow responsible combination of thought leadership and superb customer experiences gambling sustainably delivery excellence 13 IMPROVING OPERATING ENVIRONMENT MEANS EACH BUSINESS IS WELL POSITIONED FOR LONG - TERM GROWTH LOTTERIES AND KENO GAMING SERVICES WAGERING AND MEDIA • Well established category and business • Role as government-licensed monitor partially • Category remains highly competitive underpins stability of earnings mitigates inherent category regulatory risk • Introduction of POCT addresses inconsistencies • Ban on synthetic lottery and Keno betting from • Unique opportunity to be services partner of • Reforms to online in-play betting on sport, the January 2019 enhances regulatory certainty choice for gaming venues with a technology offer of credit by operators and advertising laws • Positive early results from recent Powerball game platform that connects suppliers, regulators and create a more sustainable industry changes venues • Tabcorp’s unique combination of assets creates • Focused on unlocking further upside from • Combination of MAX, TGS and eBET creates an opportunity to develop a differentiated modernising and evolving retail footprint opportunity to consolidate and refresh branding customer experience and service proposition • Digital continues to support increased • New Victorian EGM licensing regime (to 2032) • Focus on driving integration and brand migration engagement with new customer segments provides clarity to market participants - focus on from UBET to TAB and delivering superb managing extension of key TGS partnerships in experience and products across all states • Keno to benefit from scale and expertise from the near term integration with Lotteries
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