Aristocrat Acquisition of VGT Presentation

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES. Acquisition risks 39 Acquisition accounting In accounting for the acquisition, Aristocrat will need to perform a fair value assessment of all of the assets, liabilities and contingent liabilities of VGT, which will include the identification and valuation of identifiable intangible assets. The fair value estimates contained in the pro-forma balance sheet are management's preliminary best estimates and are subject to change when the detailed fair value assessment is performed. As a result, the combined group's depreciation and amortisation charges may differ from the depreciation and amortisation charges of Aristocrat and VGT as separate businesses, which may have an adverse impact on the financial position and performance of the combined group. Loss of key staff It is possible that there will be some unintended loss of key staff leading up to and following the VGT acquisition by Aristocrat. Loss of key customers There is a risk of disruptions in the supply of products or in customer service levels during the integration, including as a result of key VGT personnel who have long standing relationships with VGT's customers, which could result in the loss of some or all of VGT's key customers. VGT's future earnings Aristocrat has undertaken financial and business analysis of VGT in order to determine its attractiveness to the Company and whether to pursue the acquisition. To the extent that the actual results achieved by VGT are weaker than those anticipated, there is a risk that the profitability and future earnings of the operations of the combined group may differ (including in a materially adverse way) from the current performance as reflected in this presentation. For example, the following matters may have a negative impact on VGT's future earnings: Any inability to secure and protect its key intellectual property rights A deterioration in customer renewal rates Failure to secure new business Increase in raw material costs General economic conditions in North America; and Changes to accounting practices ARISTOCRAT

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