TABCORP HOLDINGS LIMITED — Capital/Financing Update 2017

Feb 1, 2017

2 February 2017

Australian Securities Exchange Companies Announcements Platform 20 Bridge Street Sydney NSW 2000

Tabcorp Holdings Limited Subordinated Notes – Intention to Redeem

We advise that Tabcorp Holdings Limited ( Tabcorp ) intends to redeem, in whole, all of the Tabcorp Subordinated Notes ( Tabcorp Notes , ASX: TAHHB) on 22 March 2017.

Tabcorp Note holders who are on the register at 7:00pm (Sydney time) on Tuesday, 14 March 2017 will be entitled to be paid on Wednesday, 22 March 2017 redemption proceeds of $100 face value per Tabcorp Note, plus the final interest payment of $1.43 per Tabcorp Note (which is the accumulated interest up to and including 21 March 2017).

Tabcorp Notes are expected to cease trading on the Australian Securities Exchange on Monday, 13 March 2017.

The above dates are set out in the table below. Please note that these dates are indicative and subject to change.

Event	Date
Last day of Tabcorp Notes trading on ASX	10 March 2017
Suspension of trading on ASX of Tabcorp Notes	13 March 2017
Record date for Tabcorp Notes redemption and final Tabcorp Notes interestpayment	14 March 2017
Tabcorp Notes redemption and payment of final interest amount	22 March 2017

Tabcorp proposes to dispatch formal redemption notices to holders of Tabcorp Notes on or around the date of this letter. Copies are attached.

For and on behalf of Tabcorp Holdings Limited

==> picture [105 x 38] intentionally omitted <==

Fiona Mead Company Secretary

Tabcorp Holdings Limited	5 Bowen Crescent Melbourne VIC Australia 3004	GPO Box 1943 Melbourne VIC Australia 3001	tabcorp.com.au ABN 66 063 780 709

2 February 2017

Dear Securityholder

Tabcorp Subordinated Notes

On behalf of Tabcorp Holdings Limited ( Tabcorp ), I am advising you of our intention to redeem all of the Tabcorp Subordinated Notes ( Notes ) on 22 March 2017.

Note holders who are on the register at 7:00pm (Sydney time) on Tuesday, 14 March 2017 will be entitled to be paid on Wednesday, 22 March 2017, redemption proceeds of $100 face value per Note, plus the final interest payment of $1.43 per Note (which is the accumulated interest up to and including 21 March 2017).

The Notes are expected to cease trading on the Australian Securities Exchange on Monday, 13 March 2017.

On behalf of the Board, I would like to thank you for your investment in the Notes and your continuing support of Tabcorp.

Yours sincerely

==> picture [85 x 49] intentionally omitted <==

Paula J Dwyer Chairman

GPO Box 1943 Melbourne VIC Australia 3001

5 Bowen Crescent Melbourne VIC Australia 3004

Tabcorp Holdings Limited

tabcorp.com.au ABN 66 063 780 709

2 February 2017

To: Holders of Tabcorp Subordinated Notes

Tabcorp Subordinated Notes: Redemption Notice

Tabcorp Holdings Limited ( Tabcorp ) gives notice of its intention to redeem, in whole, all of the notes (known as the Tabcorp Subordinated Notes) issued by Tabcorp in accordance with the terms of issue set out in Schedule 1 ( Terms ) to the Trust Deed in relation to Tabcorp Subordinated Notes between Tabcorp and Australian Executor Trustees (SA) Limited dated 14 February 2012.

Redemption of the Tabcorp Subordinated Notes will occur on 22 March 2017.

This notice is issued in accordance with clause 3.2 of the Terms.

For and on behalf of

Tabcorp Holdings Limited

==> picture [85 x 49] intentionally omitted <==

Paula J Dwyer Chairman

GPO Box 1943 Melbourne VIC Australia 3001

5 Bowen Crescent Melbourne VIC Australia 3004

Tabcorp Holdings Limited

tabcorp.com.au ABN 66 063 780 709