DAVID ATTENBOROUGH - MANAGING DIRECTOR AND CEO, TABCORP AMERICAN CHAMBER OF COMMERCE - BUSINESS BRIEFING Grand Hyatt, Melbourne Friday 16 March 2012

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1 DAVID ATTENBOROUGH - MANAGING DIRECTOR AND CEO, TABCORP AMERICAN CHAMBER OF COMMERCE - BUSINESS BRIEFING Grand Hyatt, Melbourne Friday 16 March 2012 Thank you Ray (MC), and good afternoon everyone. I would like to extend my thanks to the American Chamber of Commerce for inviting me to address this Business Briefing today and to you, the audience, for supporting this forum. I propose to briefly take you through Tabcorp s history, business structure, performance, and involvement in the USA, before giving an overview of the Australian gambling market and discussing some of the hot topics that are subject of much debate. I will also briefly touch on the experience of running a large wagering operation in South Africa. But before I start it s probably useful to outline my background in gambling. MY BACKGROUND I started in the gambling industry in 1990 with the UK bookmaker Ladbrokes and spent 12 years in various positions within their wagering and casino businesses, both in the UK and Africa. By 2003 I had joined South Africa s listed wagering company Phumelela, which was very similar to Tabcorp in that it ran the country s largest tote betting business, the largest fixed odds bookmaker and a racing broadcasting business similar to our Sky Racing. However, unlike Tabcorp, it also owned the racecourses and ran the horse racing industry. My experience as CEO of Phumelela made me well suited for Tabcorp, who wanted its wagering businesses to be more closely aligned with the Australian racing industry. I joined Tabcorp in April 2010 as Managing Director of the Wagering division. In October 2010 we announced our intention to demerge the Casinos division and in June 2011 when this was successfully completed, I stepped up to become CEO of Tabcorp. It s certainly been a transformational time for Tabcorp with the completion of the demerger and the securing of the new Victorian wagering and Keno licences. It s also been an extraordinary year for me personally having been granted the privilege of leading one of the world s largest commercial gambling organisations and an iconic Australian company. TABCORP In understanding the history of Tabcorp you need to go back 50 years, when illegal bookmaking was rife in Victoria. The government of the day rightly recognised that by legalising off-course betting they could better control this activity, improve integrity in racing and ensure this illegal betting money was channelled back into the sport. So, in 1961, the Victorian TAB was created. Tabcorp was formed 33 years later, in 1994, following the Kennett Government s privatisation of the then Totalisator Agency Board. This also coincided with the introduction of electronic gaming machines, or pokies, into the Victorian market. Page 1 of 9

2 Over the following years, Tabcorp made a number of substantial acquisitions. These included casino assets in Sydney and Queensland, and the NSW TAB in In 2011, following the demerger, Tabcorp s Casinos business was separately listed as Echo Entertainment Group. Today, Tabcorp is Australia s largest wagering, racing media, gaming and Keno operator. We employ some 3,000 people and are an ASX100 company with a market capitalisation of around $2 billion and annual revenues of more than $2.9 billion. We have around 140,000 shareholders of which some 40,000 are Victorian. As well as online, telephone and other channels, we distribute our products through 4,300 venues across the eastern seaboard. This gives us the second largest retail presence in Australia after Australia Post. Tabcorp s wagering business, which operates the iconic TAB brands in Victoria and NSW and the national brands, TAB Sportsbet and Luxbet, is the Australian wagering market leader, with over 43per cent share of the market. Tabcorp also owns and operates the leading racing TV broadcaster Sky Racing, and NSW racing and sports radio station, Sky Sports Radio. Sky Racing broadcasts 82,000 races a year into hotels, clubs and TABs across Australia and to viewers in 2.4 million homes. This business also distributes Australian racing to 29 countries, including the USA. Tabcorp is Australia s largest operator of Keno, the social lottery game operated in more than 2,800 hotels and clubs across the eastern seaboard. In less than a month, we will begin operating the new Victorian Keno licence across 700 new venues. Tabcorp also currently operates Tabaret gaming in hotels and clubs across Victoria, although this will change later this year when the industry moves to a new structure. From August, Victorian gaming machines will be operated by clubs and hotels themselves, although Tabcorp will be a substantial player in that market through our new business, Tabcorp Gaming Solutions, which will help hotels and clubs manage their gaming offer. Last month, Tabcorp released its half year results. All of our businesses grew revenue, earnings and margins, delivering growth in Tabcorp s EBIT of 5.6 per cent to around $317 million. This was particularly pleasing, given the tough trading environment, which was marked by economic uncertainty, strong competition and a weak retail sector. The strong performance was driven by our targeted investments in our NSW retail wagering and Keno businesses, the successful rollout of the new Sky Racing 2 channel, strong growth in online wagering and expansion of Keno in Queensland. Page 2 of 9

3 GAMBLING MARKET IN AUSTRALIA Gambling, in its various forms, has long been part of Australian life. Australian horse racing recently celebrated 200 years since the staging of the first race meeting in Sydney and Australians have been involved in lotteries since the 19 th century. More recently, the landscape has changed with the advent of casinos and gaming machines. As well as being a popular leisure pursuit, gambling is also big business. According to the Productivity Commission, in 2009 seven in ten Australians participated in some form of gambling and it made up more than 3 per cent of total household consumption expenditure. Total Australian annual gambling revenue, excluding casinos, is more than $17 billion. The legalisation of gambling in Australia has delivered a higher level of integrity and stronger responsible gambling outcomes. It s also been a major revenue stream for government. And as a voluntary tax, it s a most efficient means of taxation. For the first half of this financial year, Tabcorp s businesses paid gambling taxes of over $580 million and $41 million in contributions to State Community Benefit Funds. Add in the $85 million in income taxes paid and you can see that a company like Tabcorp makes a substantial contribution to government receipts. As we all know, the nation comes to a collective pause on the first Tuesday in November to celebrate the running of the Melbourne Cup. For our business, the Melbourne Cup is the flagship event. Our betting system processes 56 million transactions on the day and last year $145 million was bet with us on the ten races at Flemington. There isn t a tote operator anywhere in the world that processes the volume of bets that Tabcorp does in a period like the Spring Racing Carnival. And while for many years people have predicted the demise of betting in favour of casino and electronic games, its growth continues year after year with a compound annual growth rate of 5.4 per cent since Now, in Black Caviar, we have a new equine hero that is taking racing to a new Australian audience and renewing interest in the sport. Having won every one of her 19 races, her name now comes up in conversations which include turf legends such as Carbine and Phar Lap. The racing industry is a substantial employer and driver of economic activity. It would not exist without wagering, and wagering operators would be substantially smaller without it. We share a symbiotic relationship, and it s worked well in Australia. The NSW and Victorian racing industries are largely funded through the proceeds of wagering with Tabcorp. In the first half of this financial year alone, Tabcorp s businesses generated more than $340 million for thoroughbred, harness and greyhound racing, ensuring a well-funded and vibrant industry that is one of the world s leaders. Page 3 of 9

4 TABCORP S U.S. LINKS And now to the USA. As we have outlined, Tabcorp is a substantial business in a substantial market. But, of course, we don t only operate within this nation s shores. And it is quite interesting to look at the many links we have with the United States, noting that one of the forum s objectives is to promote trade between the two nations. Across our businesses, Tabcorp conducts a healthy level of commerce with the US. Firstly, 11 per cent of our issued capital is in the USA, largely in Boston, San Francisco, Chicago, Philadelphia and New York City. Also, in terms of our capital management, we have long been an issuer in the US private placement market and this market continues to play a part in Tabcorp s capital management strategy. I ve just returned from an investor roadshow in the UK and the US. Not surprisingly, in these interesting economic times, a recurring theme was around the sustainability of earnings and, in particular, a need to understand the sustainability of the Australian racing industry given the UK and the US industries are in decline. In my view, there are three key drivers of a successful Australian racing industry. Firstly, it s part of the fabric of the Australian community with government very much engaged in ensuring its future. Secondly, it s extremely well funded, primarily by strong state-based TAB businesses. And thirdly, it s well supported by the growth in sports betting, which rather than detracting from racing, has attracted a whole new generation into our betting outlets. Tabcorp s media and international business also exports Australian and New Zealand racing overseas, co-ordinating the delivery of racing vision and wagering information to 29 countries. This allows Australian and New Zealand racing to be seen and bet on around the world. One of our long-standing markets is the American market, which we have been involved in for approximately 15 years. The business is conducted through a Kentucky-based agent So you can be at Sunray Park and Casino in New Mexico or the Evansville OTB in Indiana right now and be betting on today s race meeting from Swan Hill. In fact, races from two Australian venues go into some 25 US states each day. For some time, we have also broadcast and offered wagering on the US flagship races such as the Kentucky Derby and the Breeders Cup. We recently introduced regular US harness racing to our schedule which comes from the famous Meadowlands track in New Jersey and it s now part of our Friday and Sunday lunchtime program. Page 4 of 9

5 US sport is also a very appealing product among our customers. In FY11, our turnover on American football, basketball, ice hockey and baseball was $180 million. Of all the sport that we bet on, and that includes AFL, NRL, soccer and tennis, US sport makes up about 15 per cent of our turnover. We also work closely with the large Maryland-based wagering technology provider Amtote, which provides us with our fixed odds betting system. Amtote also supplies the software used in an operation we have a joint interest in on the Isle of Man. So as is evident, Tabcorp has a significant link to the USA across a range of our operations, and it is a connection we will continue to cultivate. THE SOUTH AFRICAN EXPERIENCE I mentioned earlier my previous role was CEO of the leading South African wagering operator Phumelela. In many ways I found the role more difficult than my current role as CEO of Tabcorp. Why? Well, Phumelela faced what many companies in South Africa faced - the challenges of health, security and education. While the statistics do vary, South Africa has the world s largest HIV epidemic according to UNAIDS, with an estimated 5.6 million HIV-positive people. It is a terrible epidemic, which is prevalent among more than 10 per cent of the population. As CEO I undertook a public HIV test to send a message to the workforce about the importance of testing. This was part of a program we ran that raised awareness and provided confidential voluntary testing and counselling. However, the stigma of AIDS and the fear it engenders meant that many of the workforce remained untested. South Africa s security issues are well known to the world. It is a country that deals with a high level of serious crime and for a business that operated retail venues across seven provinces that created a special set of challenges. To meet those challenges, we installed security screens, CCTV and closed venues early at around 9.30pm. However, often the greatest impact was on staff members travelling home after dark. Finally, the other significant difference between running a business in South Africa and Australia is the level of education. With over 80 per cent of Phumelela s 1,500- strong workforce from disadvantaged backgrounds, their access to good education had often been limited and literacy and numeracy levels were less than optimal. This is improving, but education remains a major priority for the South African government. In contrast, Australia has no major health issues of the South African magnitude, security is excellent and the Australian workforce is the product of a well-developed education system. It s a workforce that has a high level of capability, enabling management to give a greater degree of autonomy and empowerment to their staff. Page 5 of 9

6 AUSTRALIAN REGULATORY ENVIRONMENT So Australia is a great place to run a business when contrasted to South Africa, but certainly not perfect. If you look at the broader picture, Australia has a productivity challenge that the Federal Government itself acknowledges. And one of the biggest impediments I have seen to productivity since arriving in Australia has been the inconsistencies and duplication caused by interstate rivalry. If Australia were a company, there is no doubt that management would move to eliminate these rivalries and realise synergies. Inconsistent domestic regulatory environments, rules, taxes and duplication can make doing business more expensive and complicated. It s also a wasteful distraction. Our industry is riddled with these inconsistencies. They are confusing for business and for consumers. Here s an example. Let s say, you want to have a bet on who ll win the Federal election. Well, if you re in Victoria you can go to your local TAB and we ll take your bet. If you re in NSW, however, and you go to your local TAB, you ll be knocked back because election betting is not permitted. But, of course, a NSW resident can simply pull out their iphone and place the bet they want through a Victorian TAB account or with a Northern Territory-based bookmaker. You tell me, does that make sense? There are also significant differences in consumer protection and harm minimisation measures across the states and territories. It means that there are different responsible gambling messages, pre-commitment tools and credit betting policies that apply across the country. Yet the consumer, particularly the one betting online, does not think state-based and can access any wagering operator through an account, regardless of which state they re in. They can easily sidestep any state s special rules with their iphone. For a company like Tabcorp that operates nationally through licences in a number of states this patchwork regulatory environment makes life cumbersome and acts as a drag on the business. A national or standardised approach would provide business with greater freedom to focus on innovation and creating value. It would allow business and government alike to be more productive. Of course, I am not advocating we do away with the states but Australia has to increasingly think along national lines in what is effectively a global market. The geographic barriers are being eroded day by day by the online world. NATIONAL GAMBLING DEBATE This leads me to the current national discussion that is taking place around gambling in Australia. Gambling is possibly the most heavily regulated industry in Australia and is subject to intense scrutiny. Page 6 of 9

7 Tabcorp leads the world in the operation of responsible and sustainable gambling businesses. In 2011, the Dow Jones Sustainability Index once again recognised Tabcorp as the overall global leader in the gambling industry and as a world leader in the promotion of responsible gambling. We have held that ranking for around 10 years. It is a responsibility we take very seriously. We should also remember that while problem gambling remains an issue for the community, the vast majority of our customers enjoy our products responsibly and have no problem with their gambling. So how we do see the current debate on gambling? Firstly, from August this year Tabcorp will no longer operate gaming machines so the proposal for mandatory pre-commitment for gaming machine play was of no direct consequence to us. That said, Tabcorp supports a voluntary pre-commitment scheme as proposed by the Victorian Government. We see a voluntary scheme as a beneficial self-help tool for players rather than the proposed mandatory scheme. A mandatory system is untrialled and unproven. In any case, a voluntary scheme supported by industry would still give Australia one of the strongest responsible gambling frameworks in the world among those countries with a large gaming industry. The other issue that is being discussed nationally relates to sports betting advertising and online betting. Before delving into the topic, there are couple of points I would like to highlight. Firstly, there is a perception in some quarters that sports betting is an exploding, new phenomenon. But sports betting has been around for decades. In fact, the Victorian TAB was betting on VFL football as early as Sure, sports betting is growing rapidly at 14 per cent CAGR since 2006 and is increasingly popular and high profile - but it is not new. Secondly, advertising of wagering opened up in 2008 when laws were challenged that prevented betting companies from advertising outside the state or territory they were licensed in. So, for a company like Betfair, which is licensed in Tasmania, the breakdown in these laws meant they could advertise across the country. It was this which has driven the spate of advertising which continues today. The Federal Government is currently looking at a range of related areas such as the broadcasting of odds during live events, the provision of credit betting and the provision of live betting over the Internet. At the heart of Tabcorp s position on these matters is the creation of nationally consistent rules, which provide a level playing field for all participants. Page 7 of 9

8 But once made, these regulations have to be enforced. The Interactive Gambling Act, for example, currently prohibits online betting on an event after the event has begun. We refer to this as live betting. Despite this prohibition, a number of wagering operators have offered live online betting to Australian customers. We are not aware of any of these operators being prosecuted for breaching the IGA. Whereas operators, such as Tabcorp who comply with the law, are disadvantaged because some competitors ignore the prohibition, without consequence. The bottom line is sport will always be bet on and you can t prohibit it, particularly in an era where money freely flows around the world. So you need to regulate it well, work with the sporting bodies to maximise integrity and deliver the betting product responsibly. THE FUTURE FOR TABCORP So where to from here? I must say I am very excited about the next phase of Tabcorp. Underpinning what Tabcorp will be in the next decade is a company that continues to be closely connected with the communities in which it serves. We have more than 2600 TAB agencies, hotels and clubs across the two states and are strongly linked with local communities and our customers. We continue to invest in the network to make our TABs relevant to people who enjoy their racing and sport and give them the best possible entertainment experience. We are able to do that in Victoria, following our Victorian wagering licence being renewed last year. We have long moved away from the era of TABs as smokey places hidden in back lanes. The modern TAB is part of the high street experience and I would defy anyone to find a better wagering retail business around the world. Next month, we will extend our Keno operations into Victoria, after we were awarded the new licence by the Victorian Government last year. We are committed to being a sustainable operation. By that, we are saying that we want to be in this business for the long-term. Sustainable means being part of the communities in which we operate. We do this by supporting campaigns such as Go The Pink Dog, which raises awareness for breast cancer research, and The Great Chase, which links greyhound racing with disability services groups. Sustainable also means sharing a very substantial part of the benefits of our operations with the racing industry and other stakeholders. This has allowed our racing industries to be widely acknowledged as among the world s best. This is the type of business we want to be. Our other big focus will continue to be on innovation. We were the first company in the world to offer tote betting through iphones. Now, we have had more than 410,000 downloads of our app across iphone, ipad and Android devices. Page 8 of 9

9 We re also launching a new wagering website and we own and operate the best selfservice wagering technology in the world. We have some 3,700 of what we call Easy Bet Terminals in our TAB network, and these make placing bets by yourself easy for our customers. Through Tabcorp Gaming Solutions we ve created a $50 million EBITDA business that only started a few years ago with a blank sheet of paper. Looking ahead, we will continue to develop the business by investing in new technology, by strengthening our retail footprint and by giving our customers access to the best products and services in the market. And, at the heart of our growth strategy, will be a commitment to creating the best possible experience for our customers and working with our stakeholders to share the benefits. Thank you for your time and thank you once again to the American Chamber of Commerce for the invitation. It truly was a pleasure to address you and I am now happy to take your questions. Page 9 of 9

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