The Lottery Corporation has reached agreement with the Victorian State Government (State) in relation to a 40-year extension of the Public Lottery Licence, following a period of exclusive, bilateral negotiations (Victorian Licence Extension).

The Lottery Corporation, through subsidiary Tattersall’s Sweeps Pty Ltd (Tatts), has held a Public Lottery
Licence in Victoria since 1954. Historically, the licence has been offered on 10-year terms and was set to
expire on 30 June 2028.

Under the terms of the extension, the Public Lottery Licence is extended to 30 June 2068, securing The Lottery Corporation’s position as the long-term exclusive provider of commercial lotteries in Victoria and better aligning the licence term with the Company’s other long-dated major state-based licences.

The Company will pay an upfront premium for the Victorian Licence Extension of $1,145 million to the State(Premium Payment).

This Premium Payment reflects valuation and return parameters which are consistentwith the Company’s prior long-term lottery licence acquisitions and implies a high single digit EBITDA multiple.

The Lottery Corporation Managing Director and CEO, Wayne Pickup said: “The Lottery Corporation is
delighted to have agreed an extension of the Public Lottery Licence with the State, securing our future in
Victoria through to 2068. The 40-year extension strengthens our national licence portfolio and will help shape the next chapter of the Company’s growth.

The longer term extension also significantly lowers the risk profile of the business and secures our position as the national lottery operator, with our next major lottery licence renewal now not until 2050.