THE HOME OF BETTING William Hill PLC corporate presentation September 2016

William Hill, the official betting partner of the Australian Open, is the first bookmaker to sponsor a Grand Slam tennis tournament. The1 image shows Andy Murray in the final against the tournament’s ultimate winner, Novak Djokovic. Disclaimer

This presentation has been prepared by William Hill PLC (“William Hill”). This presentation includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "plans", "goal", "target", "aim", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this presentation and the information incorporated by reference into this presentation, and include statements regarding the intentions, beliefs or current expectations of the directors, William Hill or the Group concerning, amongst other things, the results of operations, financial condition, liquidity, prospects, growth, strategies and dividend policy of William Hill and the industry in which it operates.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond William Hill's ability to control or predict. Forward-looking statements are not guarantees of future performance and hence may prove to be erroneous. The Group's actual results of operations, financial condition, liquidity, dividend policy and the development of the industry in which it operates may differ materially from the impression created by the forward-looking statements contained in this presentation and/or the information incorporated by reference into this presentation. In addition, even if the results of operations, financial condition, liquidity and dividend policy of the Group and the development of the industry in which it operates are consistent with the forward-looking statements contained in this presentation and/or the information incorporated by reference into this presentation, those results or developments may not be indicative of results or developments in subsequent periods.

Other than in accordance with its legal or regulatory obligations (including under the Listing Rules, the Disclosure and Transparency Rules and the Prospectus Rules), William Hill does not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.

2 2015 overview

• Good progress on strategic priorities

– Proprietary SSBT in-shop, preparing for EURO 2016 roll-out – Online Trafalgar mobile front-end is live, platform for rapid innovation – Australian business exited 2015 with encouraging growth after brand launch

• Operating profit of £291.4m, +2% excluding c£87m of additional UK gambling duties

• Strong cash generation: operating cash flow £300.9m, net debt for covenant purposes down to £488.2m

• Dividend payout ratio increased to c50% of adjusted EPS, full-year dividend +2.5%

• Up to £200m capital return via share buyback to shareholders

3 Numbers are presented on a pre-exceptional basis. Definitions are provided in the glossary at the back of the presentation. William Hill at a glance

• One of the world’s leading multi-channel betting and gaming companies • Scale operation with highly cash generative Retail business funding growth investment • c16,000 employees in nine countries • A balanced business: 53% betting and 47% gaming • Successful multi-channel model: 59% land-based and 41% digital • UK-focused with increasing international reach: 85% UK and 15% international

Revenue by geography Revenue by business segment Revenue by product type

2% 2% 1% 3%4% 6% 6%

47% 53% 35% 56%

85%

Retail Online Betting Gaming UK Australia US Italy and Spain Telephone William Hill Australia Other William Hill US

4 Note: Pie charts show 2015 full-year position Our strategic priorities

• Expansion of total betting population – 6.49 million in 20101 – 8.12 million in Q1 20152 OMNI-CHANNEL • Structural trends in multi-channel usage – 24% increase in number of Retail’s regular customers using online since Q3 2014 – 70% of spend is by Retail customers with online operators – Omni-channel customers spend, on average, 1.8 times what a single channel customer spends INTERNATIONAL William Hill Retail’s regular customers

Q3 14 23% 77%

Q3 15 28% 72% TECHNOLOGY 13%

William Hill Retail + William Hill Online

Sources: 1. TGI 2009 (April 2009 – March 2010), TGI 2010 (January 2010 – December 2010) 5 2. Kantar Market Sizing tracker Q1’14– Q1’ 15 , (16.7% of UK adult population 18+ of 47,800,000) Our strategic priorities

Top ten gambling markets by gross win (2013, £bn)1

OMNI-CHANNEL • Leverage existing capabilities in other markets • Focus on five regulated markets • Flexible enough to exploit opportunities • Consider complementary gambling skill sets

INTERNATIONAL

TECHNOLOGY

215 32 142 226 180 449 106 116 212 153 Gross win per capita (£)

6 1. H2GC Global Gambling Data (February 2014); population data (Wikipedia) Our strategic priorities

• Blend of in-house / bespoke platforms and third-party expertise OMNI-CHANNEL • Strong product differentiation through Trading and gaming platforms • Rapid innovation by controlling front-end (Trafalgar) • Ten-year agreement with OpenBet focused on new back-end platform within three years, £80m investment in NYX / OpenBet

INTERNATIONAL William Hill is the only operator to have developed a proprietary SSBT. This gives us a leading product range and increased flexibility without paying a revenue share

TECHNOLOGY Through Project Trafalgar, we have taken control of our ‘front-end’ customer interfaces (desktop, mobile web, iOS and Android apps). This enables daily releases and rapid innovation.

7 UK Retail

• Largest business segment, representing 56% of revenue • Market leader with 2,371 LBOs1, equivalent to 26% market share2 • 48% betting (OTC) and 52% gaming (machine) • £889.5m net revenue and £171.4m operating profit in 2015 • Resilient, cash-generative business

Delivering revenue growth against challenging economic backdrop Leader in UK retail bookmaking Evolving product mix (gross win)

907.0 911.4 889.5

Other, 46% 52% 837.9 12% William Hill, 4% 3% 5% Betfred, 26% 10% 4% 12% 8% 783.1 789.7 16% 11% 25% 20% Ladbrokes, Coral, 25% 2010 2015 21% Horse racing Football Greyhounds Virtual 2010 2011 2012 2013 2014 2015 Other Gaming

1. Licensed betting offices 8 2. Gambling Commission Industry Statistics April 2010-March 2015 Online

• c1,300 employees across seven countries, 35% of Group revenue • Market leader with 15% market share by revenue in the UK1 • 48% betting (Sportsbook) and 52% gaming (casino, bingo, poker) • £550.7m net revenue and £126.5m operating profit in 2015 • Well-positioned under UK Point of Consumption Tax change

UK betting market share UK gaming market share Net revenue growth

12% 15% 550.7 3% 22% 527.4 446.3 7% 35% 9% 406.7 321.3 8% 8% 18% 251.5

11% 7% 4% 6% 4% 4% 18% 2% 4% 4% Bet365 Betfair William Hill Gala Coral 2010 2011 2012 2013 2014 2015 SkyBet 888 William Hill Paddy Power Paddy Power Rank SkyBet Ladbrokes Ladbrokes Betfair Gala Coral Non-reporting operators Bwin.Party 32Red Bet365 Non-reporting operators

9 1. Gambling Compliance Industry Statistics, April 2010-March 2015. Note this market share data was published in October 2015, prior to the merger of Paddy Power Betfair in 2016 Italy and Spain

• Mobile already generating 47% of net revenue • Strengthening brand awareness: No. 2 in both Italy and Spain • Strong market share gains • Italy profitable at end 2015, Spain to follow thereafter

Italy online sports market share by turnover2 Spain online sports market share by turnover3

Others 9%

Paddy Power 6% Other 7% Bwin Group Sportium 5% 8%

Snai 5% Bet365 47% William Hill Bet365 46% Sisal 5% 19%

Lottomatica 6% Eurobet 8% Bwin 20%

William Hill 9%

1. Agimeg and AAMS, July 2015 10 2. DGOJ, company estimates William Hill Australia

• Attractive growth market with high per capita spend on gambling • Online betting projected to grow at 14% CAGR over next few years • Structural growth drivers in core areas of expertise – fixed odds, sports betting, mobile • Established through acquisition of Sportingbet, Centrebet, tomwaterhouse.com • Rebranding as William Hill • A$198.4m net revenue and A$26.6m operating profit in 2015 • Potential for long-term regulatory expansion in gaming and further development in online in-play

Online is growing as a proportion of overall betting1 The market is consolidating Clear strategy for a competitive market

100% 9% Trading 25% 80% 18% 34% 34% 14% 21% External User 60% 10% 14% strategy experience 13% 21% 40% 19% 59% 6% 6% 43% 20% 26% 27%

0% People Brand 2006/07 2012/13 2011 2013

TAB On course Telephone Internet Tabcorp Tatts Sportsbet William Hill Other

11 1. NSW and Victoria thoroughbred turnover, Australian Racing Board Fact Book William Hill US

• Land-based sports books and mobile offering in Nevada, with B2B opportunities • Exclusive risk manager for Delaware state lottery • Full gaming licence, well-positioned to exploit growth opportunities • Strong performance since integration • $50.9m net revenue and $14.0m operating profit in 2015

Nevada sports handle1 growth Nevada sports book market share

$4bn 18%

$3bn 54%

$2bn 82%

$1bn 46%

$0bn No. of books Market handle (turnover) 2003 2005 2007 2009 2011 2013 Other William Hill

12 1. Handle is defined as the total amounts wagered. Data from UNLV Center for Gaming Research March 2013 Strong free cash flow and solid balance sheet

Strong cash generation (£m) Diversified sources of debt funding (£m)

2020 375 350

2019 540 375 350

189.4 2018 540 375 350 131.9 95.2 125.0 2017 540 375 350 99.4 21.6 107.2 2016 38.5 540 375 300 350 74.6 67.5 116.8 31.0 82.8 2015 540 375 300 27.0 65.0 53.9 17.4 34.6 104.0 108.4 2014 540 375 300 71.1 87.1 35.1 52.3 60.9 17.5 0 500 1000 1500 2009 2010 2011 2012 2013 2014 2015 Revolving credit facility 4.25% bond Dividends Capex Non controlling interests Deleverage 7.125% bond 4.875% bond

Around 2.5x dividend cover Net debt/EBITDA 1.3x vs covenant of 3.5x

13 1. Capital expenditure net of disposals Regulatory update

Responsible Gambling • £50 journey implemented, algorithms applied to identify possible harmful behaviour, national self-exclusion trial UK: gaming machines • Triennial Review expected to start in the autumn

UK: funding for horseracing • 55th Levy Scheme: 10.75% rolled forward for Retail • Government policy to introduce ‘racing right’ UK: Scotland Bill • Scotland Bill at report stage. Grants powers to Scottish Government to regulate machine numbers for new LBOs UK: 4th Money Laundering • Passed by European Parliament in June, may bring LBOs Directive under its auspices for the first time. Impact on LBOs to be finalised during 2016 • Gambling Commission consultation on LCCP measures Russia • Proposed legislation for payment blocking of online gambling companies without a land-based licence

Australia • Review of Interactive Gambling Act: report submitted to Government on 18 Dec 2015, awaiting Government response

US • En Banc in New Jersey case heard on 17 Feb 2016

14 Compelling investment proposition

Market leading UK multi-channel betting and gaming business

Capitalising on fast-growing digital opportunity

Further diversification through international expansion

Strong free cash flow and balance sheet

15