Investor Presentaiton

Key Objectives The proposed framework has been developed in the context of the following key objectives 1 Support an independently sustainable and competitive racing industry The transaction should enable the racing industry to be independently sustainable and competitive with minimal residual risks for the State • The industry should expect to receive at least the equivalent level of funding from the TAB - the "no worse off" principle 2 Optimise value for both the State and the racing industry . Transaction should realise optimal value, with the sales proceeds to be shared between the State and the racing industry 3 Ensure the integrity of racing and wagering activities in WA are maintained Wagering licence and regulatory framework must provide appropriate oversight of wagering activities in Western Australia Racing integrity and governance arrangements must ensure proper oversight and management of all racing codes Conduct a fair and robust process • Transaction process should meet appropriate probity and accountability standards Consultation Forums | Future of the Western Australian TAB 4

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