Investor Presentaiton

Proposed Contractual Model The contractual model provides greater certainty for both parties and removes the racing industry's exposure to the operator's operating costs and capital expenditure Illustrative Contractual Model State PRA Grants licence pursuant to enabling legislation Racing Program Operator Racing Distribution PRA ProductCo Agreement RDA product fee set as a percentage of gross margin Key Terms of Racing Distribution Agreement (RDA) Funding Arrangements Racing Program Management and Governance • • • Obligation on the operator to pay the RDA Product Fee to the Racing Industry RDA product fee to be set as a percentage of gross margin (or gross wagering revenue) generated from the TAB Obligation on both parties to agree an annual racing program Obligation on the Racing Industry to optimise the racing calendar for wagering, while allowing for some country / picnic racing Obligation on the operator to offer wagering on all races on the calendar Operator responsible for the day-to-day operations of TAB and has full operational flexibility Operator to consult with Racing Industry on certain matters or decisions Contracts Bidder entity PRA entity Contractual Protections Consultation Forums | Future of the Western Australian TAB • Operator to regularly report to the Racing Industry Obligations on the operator to provide certain protections to the Racing Industry (e.g. minimum funding guarantee, act in the best interests of TAB, no licence arbitrage) 9

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