back at $3.25, page-7

historical p/e is now 14.22 At $3.27 per share, the P/E is 14.22 based on 30/6/05 financials.

I have just finished reviewing the financial statements and the shareholders' presentation.

I am glad I bought more shares during recent price weakness.


Gaming Outlook
• Market has strengthened after initial soft start to FY 2006
• Average daily NMR per EGM to 27 August 2005 is $254
• 13,381 machines currently operating, in line with prospectus forecast
• Enhancements to jackpot functionality and capability
progressing on schedule for end FY 2006
• Caroline Springs construction on target for opening 2nd half of FY 2006
• 70 venues to be refurbished in FY 2006
• 8 venues completed, 7 venues underway


South African Gaming
• Western Cape rollout continuing
• 251 machines currently installed
• 54 sites
• $NMR/EGM above forecast
• Negotiating licence in KZN
• Application lodged – North West Province


Lotteries Outlook
• August Powerball jackpot
• July Superdraw – 6 more to come
• Continued focus on distribution channels
and product enhancements
• Further upgrades to existing retail network
• Enhanced Oz Lotto product launch
• Bill Express


Lotteries Licence Review
• Victorian licence expires 30 June 2007
• Registration of interest lodged July 2005
• Bidders documentation expected to be available
late in 2005
• Expect licence(s) to be awarded in 2006
• Tattersall’s strongly positioned for licence beyond
FY 2007


Gaming Licence Review
• Victorian licence expires April 2012
• Government review expected to commence late
2005/early 2006
• Announcement on structure and licences expected
2007
• Tattersall’s preparing to proactively participate in
review
• Tattersall’s well positioned


Growth
• Public listing opens new opportunities
• Proven operational experience with existing overseas businesses
• Actively assessing a number of domestic and offshore lottery and gaming opportunities
• Financial strength and capacity


Summary
• Delivered on FY 2005 prospectus forecast
• On track to achieve FY 2006 forecast
• Strong cash flow and financial position
• Solid underlying business provides
platform for growth
• Well positioned to progress growth
opportunities and licence renewals