Company Overview Aristocrat Leisure Limited - September 2021

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Company Overview Aristocrat Leisure Limited - September 2021
Aristocrat Leisure Limited
September 2021

Company
Overview
Company Overview Aristocrat Leisure Limited - September 2021
AGENDA
 1   Company Overview

 2   Our Leaders

 3   Sustainability

 4   Aristocrat Gaming

 5   Aristocrat Digital

 6   Financial Summary

                          2
Company Overview Aristocrat Leisure Limited - September 2021
Company Overview Aristocrat Leisure Limited - September 2021
BRINGING JOY TO LIFE THROUGH
        THE POWER OF PLAY
        From humble beginnings, Aristocrat has grown to be a Global Gaming Content and Technology company

            Diversified business                 S&P/ASX            Leading games &        Growing                   Growing revenue &    A$2.2b
                                                   20
            with global scale                                       portfolio across         Market Share            strong margins       1H21 Revenue
            & operations                                            multiple platforms

                                                   Index
                                                                                                 Top                                        >   80%
                                                                                           Performing Games                              Recurring Revenue

           Successful execution
                                                   Global
                                                                                            A$230b
                                                                                                                1
                                                                                                                                         A$750m
           of strategy &
           commitment to
                                               Growth               Large, growing
                                                                    markets with above-   Addressable Markets
                                                                                                                     Strong cash
                                                                                                                     generation,           1H21 EBITDA
                                                Investment          category, organic                                balance sheet
           innovation
                                             Design & Development   growth                Diversified IP Portfolio
                                                                                           & Strong Franchises
                                                                                                                     & liquidity            >A$2b
                                                11-12% of Sales                                                                                 Liquidity

Financial highlights based on 1H21 results
1. Management estimate                                                                                                                                      4
Company Overview Aristocrat Leisure Limited - September 2021
A LEADER IN A VIBRANT, SUSTAINABLE INDUSTRY
Our Mission is the Bring Joy to Life through The Power of Play, creating Long-term Sustainable Value for all Stakeholders

                                                          OUR MISSION
                              Bringing Joy to Life through the Power of Play
                                                          OUR VALUES

                                                         SUSTAINABILITY
        Delivering a vibrant and sustainable industry for all our stakeholders for the long-term

           BUSINESS OPERATIONS                       PRODUCT RESPONSIBILITY                     PEOPLE AND COMMUNITY

              GOVERNANCE                             RESPONSIBLE GAMEPLAY                               TALENT
                CLIMATE                                  DATA SECURITY                                INCLUSION
           CIRCULAR ECONOMY                          RESPONSIBLE SOURCING                             WELLBEING
                                                         ETHICAL DESIGN                              COMMUNITY
                                                                                                                            5
Company Overview Aristocrat Leisure Limited - September 2021
PROVEN GROWTH STRATEGY
Investing to Accelerate Growth, Innovation, Diversification and Business Resilience

Building Momentum and Resilience                                                      Strong Portfolio Growth
                                                                                                                           +18%
                                                                                                                               CAGR
                                                                                      Reported                             4,397   4,139
                                                                                      Revenue                      3,584
                                                                                      A$m
                                                                                                           2,454
                                                                                                   2,129

                                                                                                   FY16    FY17    FY18    FY19    FY20

                                                                                      Sustained Investment (Design & Development)

                                                                                      % of
                                                                                      revenue       12%     11%     12%    12%     11%

                                                                                                           500     498
                                                                                      D&D
                                                                                                   414
                                                                                      Investment                           266
                                                                                      A$m                                          243

                                                                                                   FY18    FY19    FY20    1H20    1H21

                                                                                                                                      6
Company Overview Aristocrat Leisure Limited - September 2021
OUR HISTORY & TRANSFORMATION OVER TIME
       Powerful Combination of Successful Organic Development and Accretive M&A - ~US$3b in acquisitions over the last 7 years

           1                                                       2                                     3                             Growth, Scale & Diversification
                    WORLD-CLASS GAMING                                  GROWTH OF DIGITAL INTO TOP           ORGANIC GROWTH INTO
                     BUSINESS OF SCALE                                     5 GLOBAL PUBLISHER2                ADJACENT SEGMENTS

                                                                                                                                                                                            +29%
                                                                                                                                                                                                 CAGR
                                                                               Development of 3 world-

                                                                                                                                             $188m
                        Land-based Supplier of                                                                   Diverse portfolio,

                                                                                                                                                                                                $1b
                         the Year 2019 - 20211                                      class games in             resilient performance
                                                                                        3 years
                                                                                                                                                                                           >
                                                                                                                                             EBITDA FY13                                 EBITDA FY20

                                                                                  Social casual
                                                                                    games                                              Total Shareholder Returns
                                                                                                                                                                                             +71%
                                                                                                                                       200                                           3 years to Sep-21
                                                                                                                                       150

                                                                                                                                       100

                                2012                                                                                                    50
                                                                                                                                        10/04/2018
                                                                                                                                          Oct-18   04/04/2019 10/03/2019 04/02/2020 10/01/2020 04/01/2021 09/30/2021
                                                                                                                                                                                                           Sep-21

                                                                                                                                                            Aristocrat          ASX 100 Accum Index

1. Global Gaming Awards
2. Tier 1 western markets (United States, United Kingdom, Canada, France, Germany, Australia)                                                                                                                    7
Company Overview Aristocrat Leisure Limited - September 2021
GLOBAL OPERATIONS AND SCALE
       Diversification Geographically and Operationally by Segment Increases Business Resilience; Significant Global Scale

                                                                                             Revenue by Segment
                                                                                                                                                    Gaming
                                                                                                                                                     46%
                                                                                               Gaming
                                                                                               Americas
                                                                                                                                              36%
                                                                                               ANZ
                                                                                               International Class III         A$2.2b
                                                                                                                         54%
                                                                                               Digital 1                       1H21

                                                                                                                                        9%

                                                                                             Revenue by Strategic segment
                                                                                                                                                    Gaming
                                                                                               Gaming                                                46%
                                                                                               Gaming Operations
                                                                                                                                         26%
                                                                                               Outright Sales & Other

                                                                                               Digital
                                                                                                         1
                                                                                                                               A$2.2b
                                                                                                                         54%
                                                                                                                                1H21
                > 6,500                  84                        328
                                                                  licenced
                                                                                                                                             20%
                employees              countries                jurisdictions
Revenue split based on 1H21 results
1. Free to play mobile games                                                                                                                            8
Company Overview Aristocrat Leisure Limited - September 2021
INVESTMENT HIGHLIGHTS
Delivering High-Quality, Profitable Growth in a Responsible and Sustained Manner

 1    Proven growth strategy, strong execution track record and commitment to sustained investment in innovation

 2    Investing in organic growth opportunities in new and adjacent segments; appetite to accelerate growth through M&A

 3    Large global addressable markets – over $230b - with strong growth fundamentals

 4    Diversified, with large, leading businesses of global scale

 5    Leading and diversified game portfolio, top performing games, owned IP & strong franchises; >22 studios globally building the pipeline

 6    Strong margins and profitable growth – demonstrated ability to expand market share via innovation and commercial execution

 7    Strong cash flow generation and financial profile - balance sheet and liquidity underpin investment in growth strategy

                                                                                                                                               9
Company Overview Aristocrat Leisure Limited - September 2021
Our Leaders
EXPERIENCED LEADERSHIP TEAM & BOARD
           Talented Team of Operators and Innovators, Board with Deep Industry Experience

     Executive Steering Committee                                                                                             Highly Experienced Board

                       US                                US                            UK                            AUS                                            AUS                             US

                     2009                               2013                          2019                          2006
  Trevor Croker                    Julie Cameron-Doe             Mike Lang                     Mitchell Bowen                                Neil Chatfield                    Trevor Croker
  CEO & Managing Director          Chief Financial Officer       CEO – Aristocrat Digital      CEO – Aristocrat Gaming &                     Chairman                          CEO & Managing Director
                                                                                               Chief Transformation Officer

                                    AUS                               AUS                              US                                        AUS                               AUS                        AUS
                                   2019                               2011                            2021
               Natalie Toohey                   Christie Roser                   Andy Hendrickson                             Kathleen Conlon                 Philippe Etienne            Arlene Tansey
               Chief Corporate Affairs          Chief People & Culture           Chief Technology Officer                     Non-Executive Director          Non-Executive Director      Non-Executive Director
               Officer                          Officer

                                    US                                US                               US                                                            US                                 US
Location
                                   2019                               2020                            2017                                   Sylvia Summers Couder             Pat Ramsey
Year joined    Dan Yang                         Chris Hill                       James Alvarez                                               Non-Executive Director            Non-Executive Director
Aristocrat     Chief Strategy Officer           Chief Legal Officer              Chief Information Officer
                                                                                                                                                                                                         11
Sustainability
SUSTAINABILITY PROGRESS AND PRIORITIES
Material Issues assessment completed, with input from a wide range of stakeholders. Insights will be applied to refine priorities
going forward with comprehensive FY21 disclosures to be published in December

                            Digital player empowerment initiatives
     RESPONSIBLE
                            Innovations to offer more choice in Gaming
      GAMEPLAY
                            Refreshed marketing standards and ongoing compulsory staff training

                            Ongoing investments and progress in cybersecurity
      CORPORATE
                            Independent member of the Board’s Risk & Compliance Committee appointed
     GOVERNANCE
                            Anti-Bribery & Corruption training delivered to over 400 key staff, and gaming distribution partners

                            New ‘People First’ policies and leadership training, plus further wellbeing benefits for employees including employee assistance fund
  EMPLOYEE RELATIONS,       Global Diversity & Inclusion (D&I) engagement and activation
         D&I
                            Global Health, Safety & Environment (HSE) steering committee established, along with improved incident management process and training

                            Comprehensive Modern Slavery disclosures
   ETHICAL SOURCING
                            Rollout of compulsory all-staff Modern Slavery training

       ENERGY &             Ongoing work to meet Task Force on Climate-related Financial Disclosures (TCFD) response commitments
     ENVIRONMENT            Identification of GHG emission data gaps and setting of reporting boundaries, to support more detailed future disclosures

                                                                                                                                                                     13
ARISTOCRAT GAMING – OVERVIEW
         Strong Exposure to the US Consumer; Leader in North American Gaming Operations, Australia & North America Outright Sales;
         Strong Diversified Game Portfolio and Technology partner

                    A$1.0b
                    1H21 Revenue                           14%
                                                                                                        A$488m                                       13%
                                                                                                                                                                                                        47.1%
                                                                                                                                                                                                        1H21 Margin
                                                                                                        1H21 Segment Profit                                                                                                               0.7 pts

                                                                                                                                                Leader in North American Gaming Operations

                                                                                                        Revenue
                                                                                                                                                        50,554                               America’s Most
                                                                                                                                                                                            Anticipated Games                            US$55 1
                                                                                                                                                         Gaming Ops.                        Cashman BingoTM                         Market-leading FPD
                                                                                                                                                        Installed units                      & Buffalo LinkTM                        in North America

                                                                                                 78% Americas
                                                                                                                                                Leading player in Outright Sales
                                                                                                 20% ANZ
                                                                                                  2% International Class III
                                                                                                                                                        12,058                              US$17,310 (NA)                           Best Overall
                                                                                                                                                        1H21 Outright                       A$20,129 (ANZ)                          Supplier of Slot
                                                                                                                                                           Sales                            Market-leading ASP                             Content2

                                                                                                       Revenue                                  Strong, diversified portfolio & platform

                                                                                                                                                                                                      12
                                                                                                                                                    17 out of 25 top
                                                                                                                                                    premium leased                                                                      3,200+
                                                                                                 56% Gaming Ops                                                                                                                           Employees
                                                                                                 44% Outright Sales & Other                             games3                                  Global Studios

% change is year on year – see latest results announcement for full details. Details above are rounded numbers for the half year ended 31 March 2021. “ASP” means Average Sales Price. “FPD” means Fee Per Day.
1. Fee per day has been adjusted to exclude the number of days machines were not operating due to COVID-19 social distancing measures and casino closures and therefore reflects the underlying performance of the business. Unadjusted FPD is US$47.29   15
2. North America 2020 EKG Slot Awards                                                                                       3. Average performance per Eilers’ Game Performance reports in the 6 months to March 2021
ARISTOCRAT GAMING – SEGMENTS
       Leader in North American Gaming Operations; Leading Player in Outright Sales across Several Major Global Markets

                                                                                          44%                                                                56%
                                                      Outright Sales                                            Gaming Operations
                                                                                          Revenue                                                            Revenue

                                     Outright Sale of Class III Electronic Gaming Machine               Installed base of Class II & Class III on gaming floors
      REVENUE
                                   (“EGMs”), Game Conversions and Casino Management                      Fixed-fee or % of daily winnings of installed units
      MODEL
                                                            systems
                                                                                                                       Aristocrat-owned units                                         Games of chance based off bingo
                                                        Non-recurring revenue                                            Recurring revenue                             Class II     Machine results are determined by a
                                                                                                                                                                        Gaming     central computer server, which must be
                                               Consistently growing category share                                Leading category share position                                           located on Tribal Lands
      MARKET &
      COMPETITIVE                               Leading Average Selling Price (ASP)                 Growing installed base and market share - Class II & Class III
      LANDSCAPE                           Market driven by replacements and net new                              Leading average Fee Per Day (FPD)
                                                venue openings & expansions                                        Broad customer diversification
                                      5 players represent large proportion of US and ANZ                          Leading games (by performance)
                                     Targeting new US adjacent segments - Aristocrat has                  Competitors: IGT, SciGames, Everi, AGS, Konami
                                      presence in 93% of US (incl. VLT, Washington CDS)                                    (and others)
                                Competitors: IGT, SciGames, Everi, AGS, Konami, IT, Bluberi,                                                                                          Games of change based off poker
                                           Castle Hill, Ainsworth (and others)                                                                                         Class III
                                                                                                                                                                        Gaming     Machines use random number generator
                                                                                                                                                                                   software programs to determine results

      REGIONS                                 Americas – US, Canada, South America                                         North America
                                                   ANZ - Australia & New Zealand
                                      International - Asia Pacific, Europe and South Africa

Revenue split based on 1H21 results; Outright Sales includes Other (Systems)
                                                                                                                                                                                                                    16
ARISTOCRAT GAMING – PORTFOLIO
 Expanding the Aristocrat Universe; Extending the Brands, Every Game Counts

   Top Premium Leased Games                    Top Outright Sales Titles                    Leading Cabinets

                                                                                                                    Mars X
                                                                                                                    Portrait

                                                                              Helix +               Mars X

Leading Licenced Titles

                                                                                                               Neptune
                                                                                        Edge X                 Double

                                                                                                                    17
ARISTOCRAT GAMING – PERFORMANCE
       Results Reflects Impact of COVID-19 in 2H20; Strong Recovery in Americas and ANZ in 1H21 with Strong Customer Value
       Proposition, Top Performing Games and Hardware

                                                       Revenue                                                                      Revenue – By Segment
   A$m                                                                                                      A$m
                                                                                                                                                                                       Americas
                                                                                                                                                                                       ANZ
                                                  CAGR: -12%
                                                                                                                                  1,948                                                International

                                       2,609                                                                      1,580
               2,245                                                                                                                               1,368
                                                                                                 -14% yoy
                                                                                                                                                                     1,267
                                                               1,780                     1,609
                                                                                                                                                                                 810
                                                                                                  1,036               455             456
                                                                                                                                            205        281              284        209
                                                                                                                         211                                   131
               FY18                    FY19                     FY20                     LTM      1H21               FY18            FY19             FY20              LTM        1H21

                                     Segment Profit & Margin                                                                              Profit – By Segment
   A$m                                                                                                      A$m
                                                                                                                                                                                       Americas
              52%                       53%                     34%                      33%       47%
                                                                                                                                                                                       ANZ
                                                                                                                                                                                       International
                                                  CAGR: -27%
                                                                                                                                  1,073
                                       1,381                                                                       859
               1,170                                                                             -13% yoy
                                                                                                                                                    517               479
                                                                611                                                                                                              412
                                                                                         538       488                207             214
                                                                                                                            103                           59                67         85
                                                                                                                                              94               34
               FY18                    FY19                     FY20                     LTM      1H21               FY18            FY19             FY20               LTM       1H21
As reported. Segment Profit is after D&A, before D&D. Year on year change is from 1H20
                                                                                                                                                                                                18
ARISTOCRAT GAMING – PERFORMANCE METRICS
       Growing Gaming Operations Installed Base, Market Share & Industry-leading Fee Per Day; Share Gains in reduced Outright Sales
       markets, Leading Games and Hardware maintained Industry-Leading Sale Prices, International markets largely closed

                                           Gaming Operations                                                                       Outright Sales - ANZ
   Fee
                                                                                                             Avg
   per           49.79                          50.46                         51.01              54.69               20.5         21.3           20.8              20.1
                                                                                                             Sale
   Day
                                                                                                             Price
   $US
                                           CAGR: +6%                                                         $Ak                         CAGR: -20%
                                                                                                 50,554
                                                                              49,668
   Units                                        48,218                                                               14,079     13,425
                                                                                                                                                                +6% yoy
                 44,378                                                                                      Units                              7,818   8,168
                                                                                                                                                                 6,062

                   FY18                          FY19                          FY20              1H21                FY18        FY19           FY20    LTM      1H21

                                    Outright Sales - Americas                                                                 Outright Sales - International
   Avg
   Sale        18.7                      18.1                    17.2                                17.3
   Price                                                                                                                                 CAGR: -50%
   $USk                                           CAGR: -16%
                                                                                                                     6,018       5,664
                                      17,262
              13,318                                                                              -15% yoy
                                                                                                                                                                -89% yoy
   Units                                                                                                     Units                              3,009
                                                               9,589                     8,620
                                                                                                   5,433                                                1,077     252

               FY18                    FY19                     FY20                     LTM       1H21               FY18       FY19            FY20   LTM      1H21
As reported. Segment Profit is after D&A, before D&D. Year on year change is from 1H20
                                                                                                                                                                           19
ARISTOCRAT DIGITAL – OVERVIEW
        Top 5 Global Games Publisher1 with Strong & Diversified Portfolio; Exposed to High Growth Segments, Strong Profitable Growth
        from Continued Portfolio Diversification, targeted investment in LiveOps, Features & Content and User Acquisition

              US$899m
               1H21 Bookings                                  29%
                                                                                                    US$301m                                                                                                   33.6%
                                                                                                                                                                                                              1H21 Margin
                                                                                                    1H21 Segment Profit                                   52%                                                                                     5.2 pts

                                                                                                                                                    Above-category growth

                                                                                                          Revenue
                                                                                                                                                              >28%                                      6.7m                                               9
                                                                                                                                                          1H21 vs 1H20
                                                                                                                                                                                                             DAU                                 Evergreen Titles
                                                                                                                                                         Bookings Growth

                                                                                                                                                    Strengthening & diversified portfolio with increasing monetisation
                                                                                                   49% Social Casino
                                                                                                   34% Strategy/RPG
                                                                                                   17% Social Casual
                                                                                                                                                                 72c                                 $439m                                        $230m
                                                                                                                                                                                                 1H21 Social Casino                           1H21 RAID: Shadow
                                                                                                                                                           1H21 ABPDAU
                                                                                                                                                                                                     Bookings                                 LegendsTM Bookings

                                                                                                          Revenue                                   Significant organic investment drives growth & strong platform

                                                                                                                                                            $252m                                          10                                     2,500+
                                                                                                    Top 9 games = 91% of Bookings                      1H21 User Acquisition
                                                                                                                                                                                                     Global Studios                                  Employees
                                                                                                    Other                                                28% of Revenue

% change is year on year – see latest results announcement for full details. All figures in USD unless otherwise stated. Details above are rounded for the half year ended 31 March 2021. “DAU” is daily active users. “ABPDAU” is average bookings per daily active user
1. Tier 1 western markets (United States, United Kingdom, Canada, France, Germany, Australia)                                                                                                                                                                               21
ARISTOCRAT DIGITAL – MARKET SEGMENTATION BY GENRE
                Digital offers access to a fast growing and large total addressable market (TAM) of US$78 billion (worldwide); providing
                significant growth opportunities in further diversification within core and new segments (including Asia)
                              Social Casino                                          Casual                                 RPG                              Strategy                      Action                    Simulation

                         $5.2b +35% growth YoY1                            $11.3b +31% growth YoY                  $13.2b +1% growth YoY             $7.5b +22% growth YoY       $6.5b +20% growth YoY          $5.1b +42% growth YoY

                                                                                                    Cards
                          Social                                                                                                                                                                    Shooter
                                                                                                                              CCG                                               Survival
                                                                                                                                                          Report Based                                              Casual Sim
                                                                           Match 3                        Dice

                                         Collectables                                                                                                                                          Tower
                                                                                                                                                                                              Defence
                       Bolt On
                        Meta                                                                      Solitaire        CCG –
                                                                                                                   Casual                                                      Battle Card
                                                                                                                                                                                                                        Racing
                                                                                                                                                                                                    Dungeon
                                              Missions                                                                                                      Build & Battle                          Crawler
                                                                        Blast            Bubble
                             Content-
                              Driven                                                                      Time                  MMO
                                               Real
                                                                                                          Mgmt
                                              World                                                                                                                             Battle Royale                        Sandbox
                                              Comps                                      HOPA
                             IP
                                                                                                        PvP                                              Hero Driven                                 Fighting
                                                                       Merge                           Social
                        Narrative                                                                                  Augmented
                                              Poker
                       Progression                                                                                   Reality
                                                                                        Line
                                                                                        Match
                                                                                                           Words                                                                   MOBA / Arena                         Sports
                                                                     Hyper                                                        Action                         Strategy
                           Bingo
                                                                     Casual                 Interactive                           RPG                            Casual
                                                                                              Fiction
                                             Casino Table
                                               Games

Investable games       Cashman Casino, Lightning Link                              EverMerge                       RAID: Shadow Legends                Vikings: War of Clans   Mech Arena: Robot Showdown

         Source: App Annie, E&K Reports and Newzoo – Total addressable market is for CY20 (CY21 forecast: $90bn)            Genres Aristocrat is currently active in                                                              22
         1. Mobile only, based on management proprietary segmentation
ARISTOCRAT DIGITAL – SEGMENTS
       Exposed to Fast Growing Genres within Large, Growing Free-to-Play Gaming Segment across Mobile and Console (Plarium Play)
       platforms
                                                                                                   49%                                                            34%                                                             17%
                                                     Social Casino
                                                                                                   Revenue
                                                                                                                    Strategy, RPG & Action
                                                                                                                                                                  Revenue
                                                                                                                                                                                          Social Casual                           Revenue

                                                               US$5.2b                                            Strategy US$7.5b | RPG $13.2b | Action $6.5b                                   US$11.3b
     MARKET SIZE
     & GROWTH                                            +35% yoy growth                                                 +22% | +1% | +20% yoy growth                                        +31% yoy growth

     KEY FEATURES                         Finite segment, greater longevity in games                                   Players’ main form of entertainment                              Broad demographic appeal
                                               Recurring revenue stream (in-app)                                     Strong engagement, long length of play                        Significant Daily Active Users (“DAUs”)
                                                      Higher margin potential                                            Superior monetisation (in-app)                          Lower monetisation per user (advertising)

     DEMOGRAPHIC                              Male and Female, aged 35-65 years                                              Male aged 18-35 years                                       Female aged 35-44 years

     PLATFORM                                                   Mobile                                                  Mobile, Plarium Play (PC Console)                                         Mobile

                                A top Social Casino slots position (#2 overall Social Casino)                            Leading C-RPG player with RAID                               #2 in the Casual Merge segment
     COMPETITIVE                      Competitors: Playtika, SciPlay, DoubleDown, Bole                       Competitors: Supercell, Com2Us, Epic Games (and others)        Competitors: Zynga, King, Rovio, Playrix (and others)
     POSITION &                                         (and others)
     KEY GAMES

     BRANDS &
     KEY STUDIOS

Revenue split based on 1H21 results. Source: App Annie, E&K Reports, and Newzoo; Current TAM is for CY20
                                                                                                                                                                                                                             23
ARISTOCRAT DIGITAL – PORTFOLIO
       Diversified Portfolio across New, Scaling and Franchise titles, Exposure to High Yielding Mid-Core Genre, New Genres with Owned
       IP and Social Casino Slot Content leveraged from World Class Design Studios across Aristocrat

                                                                                                                                                                Bookings by game – 1H21

                                                                                                                                                                     US$899m

              Social Casino                             Strategy, RPG & Action                                           Social Casual

                                                                         In Soft         New
             4 Years             3 Years                 2 Years        Launch          Launch                  < 1 Year        < 1 Year        < 1 Year

             6 Years            4 Years                         5 Years           7 Years                               3 Years          4 Years

             9 Years             8 Years                 9 Years         8 Years         8 Years                        8 Years           6 Years

                                                        Top 100 Highest Grossing Mobile Games in the US1   Former Top 100 Highest Grossing Mobile Games in the US1
1. Source: Sensor Tower. Twelve months to August 2021
                                                                                                                                                                                      24
ARISTOCRAT DIGITAL – PERFORMANCE & METRICS
       Focused Growth Strategy by Leveraging Scale and Delivering Top Games, while Maximising Efficiencies

                                            Bookings & Revenue                                                                                     User Acquisition (UA) Spend
  US$m
                                                                                                                               % of       25%        26%            28%            28%       28%
                                                                                                                               Rev
                                            CAGR: +26%
                                                                                   1,814      1,809                                                   CAGR: +32%
                                                          1,612      1,609                                     +29% yoy        US$m
                                  1,228     1,252                                                                                                                                  499     +25% yoy
                                                                                                                                                                    449
         1,014      1,009                                                                                    899         896                         328
                                                                                                                                          251                                                252

               FY18                     FY19                    FY20                     LTM                     1H21                     FY18       FY19           FY20           LTM      1H21

                                        Segment Profit & Margin                                                                           Daily Active Users & Average Bookings Per User1
  US$m
              33%                       30%                     31%                      33%                          34%      DAU          8.1              7.5            6.7            6.7
                                                                                                                               millions

                                                                                                                                                                                         +44% yoy
                                          CAGR: +27%                                                                                                  CAGR: +21%
                                                                                                                               ABPDAU
                                                                                                                               US$                                                       $0.72
                                                                                                               +52% yoy
                                                                                          599                                                                              $0.59
                                                                 495
                                        370                                                                                                $0.40            $0.41
                331                                                                                                301

               FY18                     FY19                    FY20                     LTM                     1H21                       FY18            FY19           FY20           1H21
As reported. Segment Profit is after D&A, before D&D. Year on year change is from 1H20
1. DAU is Daily Active Users in millions at period end, and ABPDAU is Average Bookings Per Daily Active User in US$                                                                                   25
1H21 FINANCIAL HIGHLIGHTS
       Profit Growth from Margin Expansion across Digital and key Gaming Segments after Sustained Market-Leading Investments.
       Balance Sheet Strength and Enhanced Liquidity with Strong Normalised Operating Cash Flow

                               Normalised                                                      EBITDA           NPATA1          Operating
                               EBITDA                                                          Margin1                          Cash Flow1

                A$750m                                                                       33.7%            A$412m         A$425m
                             Up 6%                                                            Up 2.3 points      Up 12%         Down 31%

                                                                                               Interim           Net debt2      Net debt/
                                                                                               Dividend                         EBITDA

                                                                                             A15.0c           A$1.3b            1.2x
                                                                                                1H20: nil      Down 41%       Down from 1.4x

Year-on-year change to 31 March 2021 reported results
1.   Normalised
2.   Credit Ratings: Standard & Poor’s BB+ (stable); Moody’s Investor Service Ba1 (stable)                                                     27
1H21 RESULTS SUMMARY
12% NPATA growth with margin expansion across Digital and key Gaming Segments after sustained market-leading investments.
Balance sheet strength and enhanced liquidity with strong normalised operating cash flow of $425 million

Aristocrat Gaming
   Strong recovery in Gaming driven by market-leading products across key US and ANZ markets; Americas and ANZ segment revenue up in
    constant currency
   North America: Increased Gaming Operations installed base now 50,554 units (Class III up 5.4%, Class II up 1.7%), while maintaining
    market-leading Fee Per Day (adjusted US$55); Grew Outright Sales share whilst holding strong Average Sales Price despite capital-constrained
    market conditions
   ANZ: Market leadership extended through continued product performance and strengthened customer support
Aristocrat Digital
   Outstanding growth driven by portfolio performance and strong demand, growing market share in Social Casino genre, and impressive
    profitable growth and scaling of world-class games in RPG and casual merge segments
   Digital revenues and bookings up 29% driven by continued scaling of recently launched games and ongoing investment in portfolio and Live
    Ops, features and new content; ABPDAU increased 44% to US$0.72
   Profit up 52% and margin up 5.2pts after increased User Acquisition (UA) investment and strategic rebasing of Big Fish in FY20
Balance Sheet and Cash Flow
   Liquidity of over $2 billion at 31 March 2021
   Normalised operating cash flow of $425 million reflecting strong cash generating fundamentals and strategic investment in working capital
   Balance sheet leverage improved to 1.2x

                                                                                                                                                28
CAPITAL INVESTMENT PRIORITIES, BALANCE SHEET AND LIQUIDITY
    Aristocrat’s capital allocation priorities support our long-term growth strategy, while maximising shareholder returns

                         Investment Priorities                                                     Key Metrics

                                                                                                         1H21                1H20

1     Organic Capital Investment                                       D&D Investment                   A$243m           A$266m
                                                                       - as % of revenue                  11%                 12%
      Invest in existing business to drive growth, with strategic
      prioritisation (e.g. D&D, UA, Gaming Operations capex)           UA Investment                    US$252m          US$203m
                                                                       - as % of Digital revenue          28%                 29%

                                                                       Total Capex                      A$103m           A$152m

2     Inorganic Capital Investment                                                                     31 Mar 21         30 Sep 20

      Utilise balance sheet to pursue M&A opportunities, according     Total Debt                      A$3,058m          A$3,243m
      to our rigorous acquisition criteria
                                                                       Net Debt                        A$1,330m          A$1,568m

                                                                       Net Debt / EBITDA                 1.2x                 1.4x
3     Capital Returns
                                                                       Interest Cover                    9.5x                 8.8x
      Discretionary dividend policy, with periodic review, currently
      prioritising liquidity over debt reduction                       Liquidity                        >A$2bn               ~A$2bn

                                                                                                                                      29
DISCLAIMER
This document and any oral presentation accompanying it has been prepared in good faith, however, no express or implied representation or warranty is given as to the accuracy or completeness of the information in this
document, in any accompanying presentation or in any other written or oral communication transmitted or made available to any investor or potential investor (collectively, the “Other Materials”). Nothing in this document, in any
accompanying presentation or in any Other Materials is, or shall be relied upon as, a promise or representation. All statutory representations and warranties are excluded, and any liability in negligence is excluded, in both cases
to the fullest extent permitted by law. No responsibility is assumed for any reliance on this document or the accompanying presentation or any Other Materials.

Without limiting the above, this document, any accompanying presentation and any Other Materials may contain forecasts, forward looking statements or statements as to future affairs which are based on estimates, assumptions
and expectations of Aristocrat Leisure Limited or its subsidiaries (collectively, the “Company”) (some or all of which may not be satisfied or may not occur) that, while used in good faith, necessarily involve (i) subjective judgments;
(ii) inherent uncertainties; and (iii) significant contingencies, many of which are beyond the Company’s control or reflect future business decisions which are subject to change. Any forecast or financial information presented in this
presentation any accompanying presentation and any Other Materials must not be taken as a representation as to future matters.

Therefore, there can be no assurance that such forecasts, forward looking statements or statements as to future affairs will be realised or that the Company's actual or future results, or subsequent forecasts, will not vary
significantly from such forecasts, forward looking statements and statements as to future affairs. The actual results may vary from the anticipated results and such variations may be material. Any and all forecasts and financial
information in this document, in any accompanying presentation and in any Other Materials are not, and shall not be relied upon as, a promise or representation as to future matters. The Company’s results may be affected by
factors including, but not limited to, the risks and uncertainties in competitive developments, regulatory actions, litigation and investigations, business development transactions, economic condition, pandemics and changes in
laws and regulations. The Company accepts no responsibility or liability in relation to the accuracy or completeness of any forecasts, forward looking statements or statements as to future affairs, or whether they are achievable.
The Company does not assume any obligation to revise or update this document, any accompanying presentation, any Other Materials or any of the estimates, assumptions or expectations underlying such forecasts, forward
looking statements and statements as to future affairs. No representations or warranties are made as to the accuracy or reasonableness of such estimates, assumptions or expectations or the forecasts, forward looking
statements or statements as to future affairs based thereon. Certain data included herein has been obtained from alternative external sources and as such may be inconsistent given differing underlying assumptions and sources.
We have not independently verified information from these external sources.

Disclosures in this document, the accompanying presentation or any Other Materials are not investment advice and are not intended to be relied upon as advice to investors or potential investors and do not take into account the
investment objectives, financial situation or needs of any particular investor. These should be considered, with independent professional advice when deciding if an investment is appropriate. The information contained in this
document (including tables) has not been audited in accordance with the Australian Auditing Standards.

This document remains the property of the Company and the Company reserves the right to require the return of this document (and any copies or extracts hereof) at any time. The receipt of this document by any investor or
potential investor shall constitute such investor’s or potential investor’s acceptance of the foregoing terms and conditions. For additional information concerning the Company, please see the Company’s announcements released
on the Australian Securities Exchange (ASX:ALL).

For further information, contact:                          Financial                  Rohan Gallagher, General Manager, Investor Relations                    Linda Assatoury, Senior Director, Investor Relations
                                                                                      +61 421 051 416                                                         +61 402 283 769
                                                                                      rohan.gallagher@aristocrat.com                                          linda.assatoury@aristocrat.com

                                                           Media                      Natalie Toohey, Chief Corporate Affairs Officer
                                                                                      +61 409 239 459
                                                                                      natalie.toohey@aristocrat.com
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