Investor Centre

Entitlement Offer 2010

On the 18 October 2010, Tabcorp announced that it would raise approximately $430 million through a fully underwritten accelerated renounceable entitlement offer ("Entitlement Offer").

Under the Entitlement Offer, eligible shareholders were offered the opportunity to acquire new Tabcorp shares ("New Shares") at $6.25 each on the basis of 1 New Share for every 9 existing ordinary shares held at the Record Date of 21 October 2010.

As the Entitlement Offer was renounceable, New Shares equal in number to those attributable to:

• any entitlements not taken up by eligible shareholders; and
• entitlements which would otherwise have been available to Ineligible Shareholders,

were sold via two separate bookbuild processes. These processes were undertaken in respect of each of the institutional and retail components of the Entitlement Offer.

Proceeds from the sale of New Shares in excess of the $6.25 offer price (net of any withholding tax) under the bookbuild conducted in respect of the institutional and retail components of the Entitlement Offer were paid proportionately to renouncing and ineligible institutional and retail shareholders as follows:

• The Institutional Bookbuild clearing price was $7.30 per share. This represented $1.05 above the $6.25 offer price.
• The Retail Bookbuild clearing price was $7.15 per share. This represented $0.90 above the $6.25 offer price.

Summary of key dates