Crown Limited Annual General Meeting 30 October 2013

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1. F13 Year in Review

2. Recent Trading Update

3. Investment in Large Scale Tourist Attractions

4. Crown’s Employment Contribution

5. The Rising Asian Middle Class

6. Crown’s International Expansion

7. Corporate Social Responsibility

8. Conclusion

Presentation Outline

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1. F13 Year in Review

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4

Crown Limited Group Result

F13

Normalised

$m

F12

Normalised

$m

Variance

F/(U)

F13

Actual

$m

F12

Actual

$m

EBITDA 758.3 722.0 5.0% 751.9 801.3

Depreciation and amortisation (238.1) (218.3) (9.1%) (238.1) (218.3)

EBIT 520.2 503.7 3.3% 513.8 583.0

Net interest (120.4) (102.1) (17.9%) (120.4) (102.1)

Income tax (77.4) (81.8) 5.4% (75.9) (106.5)

Equity accounted - Melco Crown Entertainment 152.3 92.1 65.4% 175.0 135.8

- Betfair (1.5) 3.1 (148.4%) (1.5) 3.1

Net Profit before significant items 473.2 415.0 14.0% 491.0 513.3

Significant items

- - - (95.2) -

Net Profit after significant items 473.2 415.0 14.0% 395.8 513.3

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Crown Melbourne and Crown Perth Results Normalised F13

Australian

Resorts

$m

Variance

F/(U)

Main floor gaming 1,484.3 3.6%

VIP program play 684.6 7.8%

Non-gaming 607.4 8.1%

Total Revenue (Normalised) 2,776.3 5.6%

Gaming taxes & commissions (809.9) (4.2%)

Operating expenses (1,178.9) (5.6%)

EBITDA 787.5 6.9%

Depreciation & amortisation (234.2) (9.2%)

EBIT 553.3 5.9%

EBITDA / revenue % 28.4% 0.3%

Total revenue (actual) 2,775.4 1.3%

VIP turnover $ billion 50.7 7.8%

VIP win rate (1.35% theoretical) 1.35%

Crown Melbourne - Normalised Revenue and EBITDA Performance

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Crown Melbourne Normalised Revenue and EBITDA Performance

Normalised EBITDA Normalised Revenue

Crown Perth - Normalised Revenue and EBITDA Performance

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Crown Perth Normalised Revenue and EBITDA Performance

Normalised EBITDA Normalised Revenue

Crown Melbourne and Crown Perth VIP Turnover

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F04 F05 F06 F07 F08 F09 F10 F11 F12 F13

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Crown Aspinall’s Results Normalised F13

$m Variance

F/(U)

Total revenue 114.8 23.7%

Total expenses (81.5) (13.0%)

EBITDA 33.3 61.7%

Depreciation & amortisation (1.1) 10.2%

EBIT 32.2 65.8%

EBITDA / revenue % 29.0% 6.8%

VIP turnover (billion) 8.6 53.4%

VIP win rate1 1.33%

1. Crown Aspinall’s normalised VIP win rate based on the mix of play during the period.

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• Crown’s share of MCE’s normalised NPAT result for the full year to June 2013 was $152.3

million

• Crown’s share of MCE’s reported NPAT result for the period, before significant items, was

an equity accounted profit of $175.0 million

• The growth in MCE’s EBITDA was achieved despite an overall subdued performance in

the Macau VIP market and was attributable to strong growth in the mass market table

games segment at City of Dreams, improved group-wide rolling chip volume, together

with MCE’s committed cost control culture

Melco Crown Entertainment (MCE)

• Paid a final dividend of 19 cps, franked to 50%

• Total full year dividend of 37 cps

• Dividend policy is to pay the higher of 37cps or 65% of normalised NPAT

(excluding non-cash profits from associates) for the full year

Dividend

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2. Recent Trading Update

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• Main floor gaming revenue in line with pcp

• Non gaming revenue up 10% on pcp

• Trading impacted by:

• Refurbishment in Melbourne

• Temporary loss of car parking spaces in Perth

• General softness in consumer sentiment

• The level of VIP program play activity improved from the levels seen in the

second half of F13

• Margin improvement program continues to deliver benefits

Recent Trading Update – Australian Resorts

1 July to 27 October 2013 (17 weeks)

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3. Investment in Large Scale Tourist Attractions

Investment in Australia’s Premier Integrated Resorts

From F09 to F16 Crown will have undertaken over $2.7 billion of capital expenditure projects

324 290

231 231

126

65

66 140

232

127

91 65 63

188

171

314

0

50

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F09 F10 F11 F12 F13 F14 F15 F16

$ m

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Crown Melbourne (Actuals) Crown Perth (Actuals)

Crown Melbourne (Forecast) Crown Perth (Forecast)

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Crown Melbourne – Australia’s Premier Integrated Resort

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Crown Melbourne – Australia’s Premier Integrated Resort

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Crown Perth – A World-Class Integrated Resort

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Crown Towers Perth

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4. Crown’s Employment Contribution

Crown’s Australian Resorts are Significant Employers

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

13,000

14,000

15,000

2005 2006 2007 2008 2009 2010 2011 2012 2013

Head

co

un

t o

n-s

ite a

t C

row

n M

elb

ou

rne a

nd

C

row

n P

ert

h

Employees Tenancy Contractors

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Crown’s Contribution to Employee Development and Training

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2013 Victorian Employer of the Year

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Crown Melbourne – Australia’s Premier Integrated Resort

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5. The Rising Asian Middle Class

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The Opportunity is Asia

• Over 300 million in China alone - equal to the entire population of the USA

• By 2030 China is expected to have 1.4 billion middle class consumers compared to

365 million in the USA and 414 million in Western Europe

Source: Forbes: 2011

Growing Chinese Middle Class - Increasing Propensity to Travel

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• Outbound travel is one of the preferred leisure activities for China’s middle class with

rising spending power

10.5m 12.1 16.6

20.2

28.9 31.0 34.5

41.0 45.8 47.7

57.4

70.0

83 million

100

0

10

20

30

40

50

60

70

80

90

100

110

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2015

Mill

ion

pe

op

le

Source: China National Tourism Administration CNTA & 2015 prediction by China National Tourism Association

Size of China's outbound tourism market: 2000-2015

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Understanding What China’s Rising Middle Class Want

• 2011 McKinsey study found that the rapid

increases in wealth, and the shifting social

conventions that sanction the display of that

wealth, are driving a growing infatuation for luxury

goods

• By 2015 China will account for 20% of the

global luxury market

• They want luxury travel, hotels, world class

restaurants, high end retail and the opportunity to

gamble

Source: McKinsey & Co Mar 2011

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Understanding What China’s Rising Middle Class Want

• 83% of their nights in Sydney, Melbourne, Brisbane and Adelaide

• This all helps explain why they are attracted to luxury Integrated Resorts

• “80% of Chinese travelling outside the country for the first time head for a casino and 90% of Chinese who travel to the US visit Las Vegas”

Dr Marc Faber (Investment Analyst)

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Crown Perth – World-Class Integrated Resort

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Crown Sydney Proposal

• In July 2013, the New South Wales Government

invited Crown to move to Stage Three of the

Unsolicited Proposal process for Crown’s proposed

development and operation of a six-star hotel resort

including VIP gaming facilities at Barangaroo South

on Sydney Harbour

• The proposed Crown Sydney Hotel Resort will be

Sydney’s first six-star hotel resort

• Crown’s proposal includes 350 hotel rooms and

suites, luxury apartments, signature restaurants,

bars, luxury retail outlets, pool and spa facilities,

conference rooms and VIP gaming facilities

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6. Crown’s International Expansion

• Crown Limited has a 33.7% interest in MCE which owns and operates City of

Dreams, one of the leading integrated resorts in the world’s largest gaming market

• MCE is one of only six licensed concessionaires or sub-concessionaires in Macau

• The cost of Crown’s investment in MCE was US$0.6 billion and the market value

of Crown’s investment in MCE as at 29 October 2013 was US$6.2 billion

Melco Crown Entertainment

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0

5

10

15

20

25

30

35

40

2009 2010 2011 2012 2013 (e) 2014 (e) 2015 (e)

millio

ns o

f v

isit

ors

Visitors To Macau Visitors to Australia

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Growth in Macau Visitation

Source: Macau: actual visitor arrivals Macau DSEC, estimate 2013 to 2015 HSBC research Australia: Forecast 2012 Issue 2,

Tourism Research Australia, October 2012

0

10

20

30

40

50

60

70

2009 2010 2011 2012 2013(e) 2014(e) 2015(e)

US

$b

illio

n

VIP Mass

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Macau Gross Gaming Revenue (GGR)

Source: Actual revenue DSEC Macau, estimates Credit Suisse research

10m

Cities within 1 hour:

• Shenzhen

• Guangzhou

• Taipei

Cities within 3 hours:

• Shanghai

• Beijing

• Seoul

• Ho Chi Minh City

• Bangkok

• Manila

Cities within 4 hours:

• Singapore

• Kuala Lumpur

• Tokyo

3 hours

1 hour

4 hours

Three Billion People Live Within a 3-4 Hour Flight Radius of Macau

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• Significant transport initiatives are substantially

improving the access to Macau by decreasing

travel times :

• Wuhan, Central China, to Macau (2009):

from 14 hours down to 4 hours

• Beijing, Northern China, to Macau (2012):

from 20 hours down to 8 hours

• Guangzhou, Southern China, to Macau

(2012):

from 2.5 hours down to 1.2 hours

High Speed Rail Network Significantly Decreasing Travel Time

Source: Deutsche Bank and Credit Suisse Research

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MCE Development Pipeline – Studio City

• MCE has a 60% equity interest in Studio City – a

new integrated resort project located on Cotai in

Macau

• The project will be financed through a US$1.4 billion

senior secured facility and an US$825 million senior

note offering, as well as committed equity from

Studio City shareholders

• Studio City will be a cinematically-themed integrated

entertainment, retail and gaming resort in Cotai,

Macau.

• Studio City remains on track to open in mid-2015

[IMAGE TO BE

PROVIDED BY NAT]

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MCE Development Pipeline – City of Dreams Manila

• MCE, through a 69.3% owned subsidiary, has an

interest in a consortium to develop and operate a

casino resort in Manila, the Philippines

• City of Dreams Manila will feature six hotel towers,

including an approximately 260 room Crown Towers

hotel and other hotels with VIP and five-star luxury

rooms and high-end boutique hotel rooms, numerous

specialty restaurants and bars, gaming facilities, a

multi-level car park, as well as three separate

entertainment venues.

• The project will be financed by both debt financing

and the capital generated by the Melco Crown

Philippines public equity raising undertaken in April

2013, which raised approximately US$335 million

• The project is expected to open mid-2014

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Proposed Integrated Resort in Sri Lanka

• Crown is in detailed discussions with the Sri

Lankan Government and potential joint venture

partners regarding the development of a five-star

integrated resort in Colombo, Sri Lanka

• It is intended that the integrated resort, to be

branded “Crown Sri Lanka”, will be a “must-see”

landmark resort located on Beira Lake in the

Colombo resort district

• It is anticipated that, should it proceed, the total

project cost to the joint venture would be

approximately US$400 million

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7. Corporate Social Responsibility

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Crown’s Corporate Social Responsibility Approach

• Crown seeks to act responsibly in all of our activities

• To oversee Crown’s commitment, the Board has this

year established a Corporate Social Responsibility

(CSR) Board Committee, chaired by The Honorable

Helen Coonan

• The Board Committee will continue Crown’s efforts in

promoting CSR initiatives across the business

• Crown next month will release its first CSR report

that outlines the business-wide initiatives and

projects that are contributing to Crown’s more

sustainable path for future growth

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Crown’s Commitment to Indigenous Employment

• Crown was the first company to sign the Australian

Employment Covenant (AEC) in 2009, initially committing to

creating 300 job opportunities for Indigenous Australians

• In 2012, Crown revised its AEC commitment and increased

the number of opportunities to be provided to 2,000 by 2020

• Crown has partnered with Reconciliation Australia to help

reach the AEC goal and to create a Reconciliation Action Plan

(RAP)

• Crown’s RAP will build on the successful Indigenous

employment and mentoring programs currently in place. The

RAP will enable these programs to be more focussed on

individual support and cultural awareness

• Crown is also now a corporate partner of the National Centre

of Indigenous Excellence in Redfern, Sydney – looking to

create future career training and employment opportunities for

Crown Sydney Hotel Resort

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Crown Resorts Foundation

• The Crown Resorts Foundation, announced in September this year, will formalise Crown’s community

involvement program and aggregate the range of community initiatives already being undertaken at

Crown Melbourne and Crown Perth

• As the philanthropic arm of Crown, the Foundation will provide engaged financial support to programs

with demonstrated success in the areas of community welfare, education, health care and research,

the arts and the environment

• The Foundation is focussed on creating effective local partnerships by facilitating cooperation

between our community partners and our targeted not-for-profit organisations to deliver

unprecedented outcomes in Indigenous education and employment by utilising the strengths of all

groups involved

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Crown’s Community and Project Partners

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8. Conclusion

Crown Limited Annual General Meeting 30 October 2013

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• All information provided in this presentation is provided as of the date stated or otherwise as

of the date of the presentation.

• This presentation may include forward looking statements. Forward looking statements, by

their nature, involve inherent risks and uncertainties. Many of those risks and uncertainties

are matters which are beyond Crown’s control and could cause actual results to differ from

those predicted. Variations could either be materially positive or materially negative.

• Some information which has been included in this presentation has been provided by a third

party and Crown does not assume responsibility for the correctness or accuracy of the

information.

• This presentation has not taken into account any particular investor’s investment objectives

or other circumstances. Investors are encouraged to make an independent assessment of

Crown.

Disclaimer

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