Aristocrat Leisure FY2025 Q1 Earnings Release

Half – Year
2025 Results
Investor Presentation
14 May 2025
Bringing joy to life through the power of play

Positive Group
Result
Successful portfolio realignment
& positioning for
growth
Revenue
$3.0bn +9%
Diversification supporting a solid
outcome, with strong
2H25 expected
Segment Profit
$1.5bn +12%
Disciplined cost management
continuing to drive
operating leverage
NPATA
$733m +6%
Supported by inclusion of
NeoGames & resilient operating
performance
Cash returned to
shareholders
$533m
through dividends &
on -market share buy -backs
Outlook
NPATA growth in FY25 1
Effective execution providing
confidence in future performance
& market share gains
HY25 result highlights
2
Period -on-period change to 31 March 2025 . All figures in AUD unless otherwise stated . Refer to the Review of Operations for definitions and explanations of line items.
The normalised result and key performance metrics for the six months ended 31 March 2025 present the continuing business and exclude signifi cant items and discontinued operations following the divestment of Plarium. The comparative periods in financial year 2024 have been restated to exclude Plarium in accordance wit h relevant accounting standards and to provide a consistent basis for comparison, unless otherwise stated.
This page contains forward looking statements and statements of expectation. Please refer to the disclaimer on page 37
1. Aristocrat expects to deliver NPATA growth over the full year to 30 September 2025 on a constant currency basis, for its cont inuing operations excluding Plarium

Strategy
Overview
Half -Year 2025 Results

Proven growth strategy
4
Investing, Innovating
& Protecting IP
• Create & protect the world’s greatest
gaming content & brands
• Unleash & support extraordinary talent
• Invest in D&D, UA & Capex to sustain
innovation & product leadership
• Robust technology & distribution
platforms for speed & efficiency
• Market share growth wherever we
play, including online RMG
• Target organic growth & scale in
attractive adjacencies
• M&A investment to accelerate growth
• Leverage content across multiple
channels, reaching more customers &
players
Differentiating
Enablers
• Leading financial fundamentals
• Outstanding people & engagement
• Deep customer partnerships
• Exceptional commercialisation
capabilities
• Compliance culture with Responsible
Gameplay leadership
Growing &
Distributing
Delivering superior, long -term profit growth
Strategy Overview | HY25 Results
Aristocrat is a global entertainment and gaming content creation leader, powered by technology

1.8 2.4 2.5 2.6 2.7 2.6
0.9
2.6 1.7 2.2 2.8 3.5 3.6
1.9
FY19 FY20 FY21 FY22 FY23 FY24 HY25
Aristocrat Gaming Product Madness/Pixel United Aristocrat Interactive
65% 75%
Recurring Revenue %
Building on a track record of financial performance
Consistent growth underpinned by operational breadth and strong execution
4.4 4.1 4.7
5.6 6.3 6.6
3.0
FY19 FY20 FY21 FY22 FY23 FY24 HY25
Revenue 1 (A$bn )
+8% CAGR
Revenue diversification 1,2 (A$bn )
NPATA 1 (A$bn )
118.0
56.0
120.0
150.2
189.6
226.9
105.6
FY19 FY20 FY21 FY22 FY23 FY24 HY25
EPS 1 (A$ cents)
+14% CAGR
+9% YoY
5
+3% YoY
1. FY19 to FY24 as previously reported (including Plarium) 2. FY19 to FY21 Customer Experience Solutions/Anaxi revenue included in Gaming as previously reported Strategy Overview | HY25 Results
0.9
0.5
0.9
1.1
1.3
1.6
0.7
FY19 FY20 FY21 FY22 FY23 FY24 HY25
+6% YoY
+12 % CAGR

Making progress in Sustainability
Our ambition: To uphold high standards of governance and responsibility, to positively impact our people,
customers and communities
66 2024 Sustainability Report available at www.aristocrat.com Strategy Overview | HY25 Results
Empowering
Safer Play
Operational
Sustainability & Climate
Good Governance &
Responsible Business
People &
Community
• Significant growth in number
of Flexiplay enabled machines
in NSW
• Further ESP awareness
activities offered for staff and
other stakeholders
• Three -year partnerships signed
with treatment facilities in key
jurisdictions
• Rollout of updated HSE
training for all staff
• Global employee engagement
score in the top 5% of
Technology sector
• Released 2024 Modern Slavery
Statement
• Governance uplift to prepare
for mandatory climate
disclosures
• Cybersecurity Awareness
campaign rolled out globally
• Significant progress in climate –
related risks and opportunities
assessment, and assurance
readiness
• Further streamlining of data
collection processes to support
reporting and assurance
STRATEGIC PILLARS
HY25 HIGHLIGHTS

Group Results
& Financial
Summary
Half -Year 2025 Results

o Revenue up 9% (5% in constant currency), benefiting from the inclusion of
NeoGames and the strong US dollar, with market share gains across the
portfolio
o North America Gaming Operations achieved growth of ~2,500 net units,
increasing market share of the installed base to over 42% 1
o Product Madness revenue growth driven by market outperformance in
Social Casino franchises, with bookings growth of 4%, compared to a Social
Slots market decline of 6% 2
o Interactive revenue benefited from the inclusion of NeoGames for six
months, with organic growth in iLottery and continued scaling of Content
across strategic regions
o Benefits from FY24 cost initiatives positively impacted HY25, with ongoing
cost management across the Group
o ~$15 million uplift in legal costs in HY25, which includes legal costs
incurred in taking proactive steps to defend Aristocrat’s intellectual property
o EBITDA up 13%, reflecting margin expansion across the Group from positive
mix, operating leverage and continued cost optimisation
o Increase in the effective tax rate primarily relates to changes in the regional
earnings mix and acquisition related transitional changes
o The Directors have authorised an interim unfranked dividend of 44 cents per
share for the period ended 31 March 2025
8
Group results summary
Revenue growth across all segments, with operating leverage supporting profit performance
8 Group Results & Financial Summary | HY25 Results 1. Eilers Gaming Supplier KPI Model 4Q24 and internal analysis across the five largest participants in North America 2. Sensor Tower data, public company reports and Aristocrat estimates
Note : Refer to the Review of Operations for definitions and explanations of line items
A$ million
Six months to
31 March 2025
Six months to
31 March 2024
Change
%
Normalised results
Operating revenue 3,034.5 2,790.9  8.7
EBITDA 1,248.5 1,107.1  12.8
EBITDA margin 41.1% 39.7%  1.4 pts
EBITA 1,052.3 945.3  11.3
NPAT 664.9 664.1  0.1
NPATA 732.6 694.0  5.6
Earnings per share (fully diluted) 105.6c 103.0c  2.5
EPSA (fully diluted) 116.3c 107.7c  8.0
Interim dividend per share 44.0c 36.0c  22.2
Reported results from continuing operations
Revenue 3,034.5 2,790.9  8.7
Profit after tax 511.0 652.1  (21.6)
NPATA 578.7 682.0  (15.1)
Balance sheet and cash flow
Net working capital / revenue from continuing operations 7.8% 7.0% 0.8 pts
Operating cash flow 772.6 656.2 17.7
Closing net debt / (cash) 425.2 (365.8) n/a
Net debt / (cash) to EBITDA 0.2x (0.1)x (0.3)x

Profit reconciliation
Increased contribution from Interactive, cost optimisation and positive FX offset by increased legal costs
and higher tax
NPATA BRIDGE ( A$m )1
9
NPATA HY24 694.0
Aristocrat Gaming (6.0)
Product Madness 24.8
Aristocrat Interactive 58.6
Corporate Costs & Other (13.6)
Group D&D Expenses (10.4)
Net Interest (31.6)
Foreign Exchange 16.8
NPATA HY25 732.6
NPATA HY24 NPATA HY25
9 1. Movements above are reported on a constant currency basis and are tax effected at the prior year effective tax rate. Numbers hav e been normalised to exclude significant items and discontinued operations outlined in the Review of Operations Group Results & Financial Summary | HY25 Results

Cash flow
Strong cash generation; Operating cash flow of $773m
o Increase in operating cash flow reflecting continued growth
o Other significant items included adjustments related to the gain on sale
of Plarium, impairment and costs associated with the restructure of Big
Fish, and NeoGames integration costs
o Other cash and non -cash movements related to NeoGames acquisition
and discontinued operations of Plarium
o Capex driven by investment to support continued growth in the North
America Gaming Operations installed base
o Acquisitions and divestments largely driven by the sale of Plarium in
February 2025 (net of Plarium cash)
o $533 million returned to shareholders through dividends and on -market
share buy -backs in HY25
o Prior $1.85 billion on -market share buy -back program completed , new
up to $750 million on -market share buy -back program authorised
o Repayment in full of US$250 million Term Loan B debt facility
1010 Note : Refer to the Review of Operations for definitions and explanations of line items Group Results & Financial Summary | HY25 Results
A$ million
Six months to
31 March 2025
Six months to
31 March 2024 Change %
EBITDA 1,248.5 1,107.1 12.8
Change in net working capital (255.4) (246.6) (3.6)
Interest and tax (318.8) (333.9) 4.5
Other significant items (cash and non -cash) 252.0 (7.3) n/a
Other cash and non -cash movements (153.7) 136.9 n/a
Operating cash flow 772.6 656.2 17.7
Capex (230.9) (247.6) 6.7
Acquisitions and divestments 880.8 6.0 n/a
Investing cash flow 649.9 (241.6) n/a
Dividends and cash returned to shareholders (533.3) (827.7) 35.6
Repayments of borrowings (454.3) (50.5) n/a
Other financing activities (24.6) (24.1) (2.1)
Financing cash flow (1,012.2) (902.3) (12.2)
Net increase / (decrease) in cash 410.3 (487.7) n/a

Capital allocation framework, balance sheet and liquidity
Capital allocation framework supports Aristocrat’s long -term growth strategy and maximises shareholder
returns
o Free cash flow funds growth investment (organic and inorganic)
o Cash returns to shareholders via:
• Dividends (discretionary dividend policy with periodic review)
• On -market share buy -back dependent on leverage profile and market conditions
o Targeting net debt leverage ratio of 1.0 – 2.0x over the medium -term. Given strong
operating cash flow generation, balance sheet gearing in the target leverage range
is unlikely without material strategic M&A, which remains a key focus
Portfolio growth and performance
Strong balance sheet to provide full strategic optionality
Free cash flow
Capex / growth
capabilities User Acquisition
On -market share
buy -back Dividends
Investment drives future growth
11
Medium -term debt leverage
KEY METRICS
HY25 HY24
D&D Investment
as % of revenue
$402m
13.3%
$374m
13.4%
UA Investment
as % of Product Madness revenue
US$100m
17.6%
US$91m
16.1%
Total Capex 1 $231m $248m
31 March 2025 31 March 2024
Total Debt $1,858m $2,260m
Net Debt / (Cash) $425m ($366m)
Net Debt / (Cash) to EBITDA 0.2x (0.1)x
Liquidity $2.2bn $3.4bn
Cash returned to shareholders $533m $828m
11 Group Results & Financial Summary | HY25 Results 1. Capex largely driven by investment to support continued growth in the North America Gaming Operations installed base
Design &
Development
Inorganic growth /
M&A

Fully funding strategic organic growth
Ongoing high levels of investment to support growth, with discipline across D&D and UA to optimise returns
12
324 398 374 385 402
157
126 137 131 159
173
280 248 246 231
1H23 2H23 1H24 2H24 1H25
D&D UA Capex
12
Note : UA Spend has been converted to A$m based on reporting currency
1. Restated to exclude Plarium from Revenue, D&D and UA
25%
Group Results & Financial Summary | HY25 Results
654
804 759 762 792
27% 26% 26%
Investment Spend 1 (A$m )
Total spend as a % of revenue 1
29%

185 207 204 206 206
97
124 120 102 108
42
67 50 77 88
1H23 2H23 1H24 2H24 1H25
Aristocrat Gaming Product Madness Aristocrat Interactive
Design & Development investment
Industry -leading D&D investment maintained, with disciplined approach
1313
12.4%
Group Results & Financial Summary | HY25 Results
398 385
324
374
402
13.4% 14.5% 13.4% 13.3%
D&D spend 1 (A$m )
D&D as a % of revenue 1
1. Restated to exclude Plarium

Operational
Performance
Half -Year 2025 Results

Aristocrat Gaming
o Revenue growth of ~2% driven by expansion of Gaming Operations footprint,
supported by depth and strength of the portfolio
o Margin expansion due to favourable mix and operating leverage
o Highly anticipated Baron TM Upright cabinet launched in the US in October 2024
and in ANZ in April 2025. Baron TM Portrait released in the US in April 2025
Gaming Operations (North America):
o Total installed base 73,603 units after ~2,500 net additions, growing market
share to over 42% 1
o Maintained market -leading FPD, which decreased 5% across the expanded
footprint due to product and channel mix
o Launches of Phoenix Link TM and House of the Dragon TM, along with continued
demand for Buffalo Ultimate Stampede TM, Dragon Link TM, and Lightning Dollar
Link TM drove positive momentum in the period
Outright Sales:
o Total revenue decreased 5% due to the timing of unit sales
o Clear revenue leadership was maintained in North America, given the
combination of strong ASPs and 28% 1 ship share
o Units were down 3%, with strong growth in adjacencies partly offsetting a
10% reduction in core units
o Adjacencies units increased 31%, driven by continued expansion into Quebec
VLT and Georgia COAM, and entry into HHR in Alabama
o RoW excl. ANZ units down 19%, with the PCP benefiting from new openings
and expansions in Asia. ASP increased 4%, driven by product mix
o Ship share in ANZ declined to 30% 2 largely driven by timing relating to the
highly anticipated launch of the Baron TM cabinet & new games in 2H25
15
Growth driven by continued share gains in Gaming Operations and operational leverage
15 1. Eilers Gaming Supplier KPI Model 4Q24 and internal analysis across the five largest participants in North America
2. Based on NSW regulator data, QLD Max Gaming data and internal analysis for HY25 Operational Performance | HY25 Results
Summary Profit or Loss
Six months to
31 March 2025
Six months to
31 March 2024 Change %
Aristocrat Gaming
Revenue A$m 1,869.9 1,826.1  2.4
EBITDA A$m 1,186.9 1,120.6  5.9
Profit A$m 1,031.9 1,001.5  3.0
Profit Margin % 55.2 54.8  0.4 pts
North America
Revenue US$m 963.8 950.2  1.4
Profit US$m 560.0 539.3  3.8
Profit Margin % 58.1 56.8  1.3 pts
Rest of World
Revenue A$m 341.2 376.7  (9.4)
Profit A$m 143.7 179.3  (19.9)
Profit Margin % 42.1 47.6  (5.5) pts
North America
Outright Sales
Units
ASP US$
Units
ASP A$
ANZ
Outright Sales
HY25 HY24
5,71
2
6,06
2
HY25 HY24
11,417 2,814
4,033 11,766
20,532 21,082 21,867 23,910
North America
Gaming Operations
Units
FPD US$
HY25 HY24
73,603 67,212
52.73 55.50

Gaming Operations Fee Per Day reconciliation
Market leading FPD impacted by product and channel mix, with revenue growth outpacing US GGR growth
o North America Gaming Operations revenue growth
continues to outpace Slot GGR across the US 1
o Product mix – reduced proportion of multi -site progressive
(MSP) games across the installed base, which yield higher
variable fees than fixed -price single -site progressive (SSP)
games
o Channel mix – strong participation in 2H24 openings and
expansions with customers in lower FPD participation
markets and properties (mainly Class II)
o Pricing – slight headwind from higher promotional activity in
response to market opportunities
o 2H25 – anticipate a sequential improvement in FPD over the
second half of FY25
HY24 HY25
$55.50
$52.73
Product
Mix
Channel
Mix
Pricing Other
16 Operational Performance | HY25 Results
Average installed base
~65,600
~72,400
Fee per day reconciliation
+10.3%
-5.0%
This page contains forward looking statements and statements of expectation . Please refer to the disclaimer on page 37
1. Based on Eilers Total US Gaming Revenue for December Quarter 2024 and Aristocrat estimates

Aristocrat Gaming – Macro risk in the US
US gaming has shown resilience through economic cycles; manageable exposure to tariffs
17
Change in US casino gaming revenue 1 and outright sales of EGMs 2
Operational Performance | HY25 Results
o Resilient and diversified global supply cha in
o Single supplier and regional dependencies have
reduced significantly since COVID
o Flexible global manufacturing capability with
four integration centres providing options
o Additional mitigation initiatives identified and
ready to deploy throughout supply chain
1. Eilers historical Gaming Revenue Brief
2. Eilers historical Total Slot Demand, 2012 and 2013 includes last mass -replacement cycle from government -operated Canadian VLT m arkets
Aristocrat is well prepared for a
range of tariff scenarios
46
116
11% 9% 8% 6% -1% -3% 1% 3% 4% 1% 1% 4% 2% 4% 4% 4%
-31%
71%
10% 8% 5%
Total US Gaming Revenue (US$bn) YoY % chg. in US Gaming Revenue
3%
-22%
-1% -6% 0%
-28%
-13% 8%
37%
20%
-34%
-8%
5%
4%
10% 7%
-52%
49% 47%
4% 1%
YoY % chg. in North America market unit sales

Product Madness
18
o A transformational period for Product Madness, with a refreshed
leadership team, mission, vision and strategy
o Product Madness Social Casino franchises outperformed the market, with
bookings growth of 4% compared to a Social Slots market decline of 6% 1,
demonstrating effective player engagement and resilience
o Social Casino performance supported by successful investment in Live
Ops, features and new slot content, and effective UA investment
o Margin expansion reflects operational efficiency and an increase in direct
to consumer sales, resulting in lower overhead and platform costs
o Continued success of key franchises Lightning Link TM and Heart of Vegas TM
o UA spend increased from 16% to 18% of revenue with targeted
investment to support bookings growth and the soft launch of the new
National Football League (NFL) themed game
o Direct to consumer revenue increased from 6% to 13% of Social Casino
revenue
UA Spend
US$m
% of revenue
DAU (period end) 2 ABPDAU 3
202.5 252.2
HY25 HY24
Millions
HY25 HY24
US$
0.50
0.72
HY25 HY24
100.0 90.5
2.1
2.4
1.47
1.24
17.6% 16.1%
Momentum in Social Casino with margin improvement; ranked #1 in Social Slots with 21% market share 1
18
1. Sensor Tower data, public company reports and Aristocrat estimates
2. Daily Active Users (DAU)
3. Average Bookings Per Daily Active User (ABPDAU) Operational Performance | HY25 Results
Summary Profit or Loss
Six months to
31 March 2025
Six months to
31 March 2024 Change %
Product Madness
Bookings US$m 569.8 560.8  1.6
Revenue US$m 569.6 561.0  1.5
EBITDA US$m 249.4 230.0  8.4
Depreciation and Amortisation US$m (5.1) (6.6)  (22.7)
Profit US$m 244.3 223.4  9.4
Profit Margin % 42.9 39.8  3.1 pts
Amortisation of acquired intangibles US$m (4.8) (4.8)  0.0
Profit after amort of acq. Intangibles US$m 239.5 218.6  9.6
1.4
0.7
1.4
1.0
Social Casino
Social Casual

Scalable global presence in attractive adjacent businesses
19
iLottery Content Platforms
Best in class
iLottery solutions
US iLottery leader 1
Complete offering of technology, platforms, games
& services
Creation, distribution &
aggregation of content
Content creation
Distribution of content to 210+ operators
Aggregation of over 15,300 games
Systems infrastructure
supporting high value segments
Land -based casino systems
Full -service technology & managed services provider
for iGaming & OSB in regulated markets
35%
HY25
Revenue 2
1. Eilers US iLottery Tracker 4Q24 Report
2. iLottery includes its share of NeoPollard Interactive Joint Venture (NPI JV) revenues
3. 2025e TAMS per H2 Gambling Capital Global All Product Summary Report as at 31 March 2025
US$21bn
Global iLottery TAM (2025e )3
US$31bn
Global iCasino Slots TAM (2025e )3
US$106bn
Global iCasino Slots & OSB TAM (2025e) 3
20%
HY25
Revenue 2
45%
HY25
Revenue 2
Operational Performance | HY25 Results

42.4
36.2
76.2 66.4 97.7 100.8
Content
Aristocrat Interactive
Strong overall profit result with the inclusion of NeoGames; Interactive continues to accelerate
20
o Total revenue and profit growth reflects the inclusion of NeoGames,
and the continued scaling of Content
iLottery:
o iLottery segment remains a market leader in the US 5, with 68% share of
gross wager
o Strong growth in North Carolina and Virginia through the NPI JV
Content:
o Growth driven by strength in Aggregation and launches with major
operators in the US, Canada and UK, including the release of top
Aristocrat land -based titles
o Live with >150 major online RMG operators across >175
countries/territories and three US states, with ~90% 6 US market access
o Mo Mummy Mighty Pyramid TM ranked as #3 slot game, with Aristocrat
ranked in the top ten overall suppliers by GGR 7
o Continued growth globally driven by Aggregation with 15,300+ games
aggregated and a ~10% increase in aggregation partners
Platforms:
o Continued to expand in the US and ANZ, with growth in recurring
revenue offsetting the impact of higher hardware sales in the PCP
HY24
20
1. Reported Revenue excludes share of the NPI JV revenues
2. Profit includes share of profit from the NPI JV
3. HY24 proformas as disclosed at the June 2024 Investor Day . HY25 actual reported
4. iLottery revenue includes share of NPI JV revenue
Operational Performance | HY25 Results
Summary Profit or Loss
Six months to
31 March 2025
Six months to
31 March 2024 Change %
Aristocrat Interactive
Reported Revenue 1 US$m 166.7 71.9  131.8
Total Revenue (incl. share of NPI JV revenue) US$m 216.3 71.9  200.8
EBITDA US$m 73.6 20.4  260.8
Depreciation and Amortisation US$m (1.7) (0.4)  325.0
Profit 2 US$m 71.9 20.0  259.5
Profit Margin as a % of Total Revenue % 33.2 27.8  5.4 pts
Amortisation of acquired intangibles US$m (33.6) (4.6)  630.4
Profit after amort of acq. intangibles US$m 38.3 15.4  148.7
Proforma Revenue 3 (US$m )
iLottery 4 Platforms
5. Eilers US iLottery Tracker 4Q24 Report
6. Eilers All States Premium Online Casino By Brand – April 2025
7. Eilers U.S. Online Game Performance Report – April 2025
HY25 HY24 HY25 HY24 HY25

Outlook
Half -Year 2025 Results

Outlook
2222 Outlook | HY25 Results
Aristocrat expects to deliver NPATA growth over the full year to 30 September 2025 on a constant
currency basis, for its continuing operations excluding Plarium, reflecting:
Continued market share gains from Aristocrat Gaming, with
strong revenue and profit growth in 2H25, based on current
economic conditions in key geographies
Accelerating performance at Aristocrat Interactive toward our
FY29 US$1 billion Revenue Target 1 through further scaling of
content to support broader market access in North America
and Europe
Disciplined execution in Product Madness with a focus on
market share and investment efficiency
Note: Additional detail for FY25 modelling inputs is included in the first page of the Appendices
This page contains forward looking statements and statements of expectation. Please refer to the disclaimer on page 37
1. Revenue Target includes Interactive’s share of revenues from the NPI JV

Q&A
Half -Year 2025 Results

Half -Year 2025 Results
Appendices

FY25 modelling inputs
2525 Appendices | HY25 Results
Operating items:
• D&D investment expected to be in the range of 12.5 – 13.5% of revenue, returning to
11 – 12% over the medium -term
• Product Madness UA spend expected to be in the range of 18 – 21% of revenue
Non -operating items:
• Net Interest Expense to include interest paid on US dollar borrowings, hedging costs,
hedging benefits and other finance fees, with an all -in rate of approximately 6 – 7% of
US dollar borrowings
• Amortisation of acquired intangibles – Circa US$100 million pre -tax relating to assets
previously acquired (including the NeoGames acquisition)
• Income Tax Expense – Normalised ETR of approximately 26 – 28% reflective of
regional earnings mix and acquisition -related transitional changes, which are
expected to moderate over time

A$ million Six months to 31 March 2025 Six months to 31 March 2024
Statutory profit before tax as reported in the financial statements 775.2 889.8
Add back interest 53.3 8.4
Add back/(less) net loss/(gain) from significant items before tax excluding discontinued operations 136.6 7.3
Profit before interest and tax (EBIT) 965.1 905.5
Add back depreciation and amortisation 283.4 201.6
EBITDA 1,248.5 1,107.1
Six months to 31 March 2025 Six months to 31 March 2024
A$ million Before tax After tax Before tax After tax
NeoGames integration costs and tax expense arising from the acquisition (11.0) (26.7) (7.3) (6.2)
Impairment of assets and costs associated with the Big Fish restructure (125.6) (109.1) – –
Gain on sale of Plarium net of transaction costs 388.6 388.6 – –
Changes in deferred tax asset relating to the Group structure changes in a prior period – (18.1) – (5.8)
Net gain/(loss) from significant items 252.0 234.7 (7.3) (12.0)
Group results summary
26
EBITDA Reconciliation
Group performance: Normalised results are statutory profit (before and after tax), excluding the impact of certain significant items and discontinued operations detailed above
1. Segment profit throughout this report is stated before amortisation of acquired intangibles. Amortisation of acquired intangibles arises from acquisitions of controlled entities and joint ventures
2. Average of monthly exchange rates only. No weighting applied 26 Appendices | HY25 Results
Foreign exchange rates
A$ million Six months to 31 March 2025 Six months to 31 March 2024
Profit after tax from continuing operations 511.0 652.1
Profit after tax from discontinued operations 459.3 59.2
Statutory profit as reported in the financial statements 970.3 711.3
Amortisation of acquired intangibles (tax effected) 67.7 29.9
Reported profit after tax before amortisation of acquired intangibles (reported NPATA) 1,038.0 741.2
Net loss/(gain) from significant items after tax (234.7) 12.0
(Less) net profit from discontinued operations after tax (70.7) (59.2)
Normalised profit after tax before amortisation of acquired intangibles (normalised NPATA) 732.6 694.0
A$ 31 Mar 2025 30 Sep 2024 31 Mar 2024 1H25 Average 2 1H24 Average 2
USD 0.6250 0.6917 0.6520 0.6325 0.6559
Reported Currency
Reported
Currency
Constant
Currency
A$ million Six months to 31 March 2025 Six months to 31 March 2024 Variance % Variance %
Segment revenue
Gaming 1,869.9 1,826.1 2.4 (1.2)
Product Madness 901.0 855.4 5.3 1.6
Interactive 263.6 109.4 141.0 135.3
Total segment revenue 3,034.5 2,790.9 8.7 5.0
Segment profit 1
Gaming 1,031.9 1,001.5 3.0 (0.8)
Product Madness 386.6 340.7 13.5 9.8
Interactive 113.6 30.3 274.9 261.4
Total segment profit 1,532.1 1,372.5 11.6 7.6
Unallocated expenses
Group D&D expense (402.4) (373.6) (7.7) (3.8)
Corporate, foreign exchange and other (77.4) (53.6) (44.4) (37.7)
Total unallocated expenses (479.8) (427.2) (12.3) (8.0)
EBIT before amortisation of acq. intangibles (EBITA) 1,052.3 945.3 11.3 7.5
Amortisation of acquired intangibles 1 (87.2) (39.8) (119.1) (111.1)
EBIT 965.1 905.5 6.6 2.9
Interest income 26.6 70.2 (62.1) (63.2)
Interest expense (79.9) (78.6) (1.7) 2.2
Profit before tax 911.8 897.1 1.6 (1.8)
Income tax (246.9) (233.0) (6.0) (2.3)
Net profit after tax (NPAT) 664.9 664.1 0.1 (3.3)
Amortisation of acquired intangibles after tax 1 67.7 29.9 126.4 118.1
Net profit after tax and before amortisation of acq. intangibles (NPATA) 732.6 694.0 5.6 1.9
Group Performance Reconciliation of statutory profit to NPATA
Significant Items

Group results summary – FY24 results from continuing operations
27
The financial information presented for FY24 has been restated, on an unaudited basis, to reflect the continuing business and exclude discontinued operations following the divestment of Plarium .
1. Segment profit throughout this report is stated before amortisation of acquired intangibles. Amortisation of acquired intangibles arises from acquisitions of controlled entities and joint ventures
27 Appendices | HY25 Results
Reported
Currency
A$ million 2024
Segment revenue
Gaming 3,628.6
Product Madness 1,709.1
Interactive 335.7
Total segment revenue 5,673.4
Segment profit 1
Gaming 2,021.6
Product Madness 699.8
Interactive 104.4
Total segment profit 2,825.8
Unallocated expenses
Group D&D expense (758.7)
Corporate, foreign exchange and other (127.1)
Total unallocated expenses (885.8)
EBIT before amortisation of acq. intangibles (EBITA) 1,940.0
Amortisation of acquired intangibles 1 (108.1)
EBIT 1,831.9
Interest income 96.4
Interest expense (156.4)
Profit before tax 1,771.9
Income tax (472.5)
Net profit after tax (NPAT) 1,299.4
Amortisation of acquired intangibles after tax 1 82.6
Net profit after tax and before amortisation of acq. intangibles (NPATA) 1,382.0
FY24 Group performance from continuing operations
A$ million 2024
Statutory profit before tax as reported in the financial statements 1,726.6
(Less) profit before tax from discontinued operations (161.0)
Statutory profit before tax excluding discontinued operations 1,565.6
Add back interest 60.0
Add back net loss from significant items before tax 206.3
Profit before interest and tax (EBIT) 1,831.9
Add back depreciation and amortisation 442.5
EBITDA 2,274.4
2024
A$ million Before tax After tax
Transaction and integration costs (44.8) (40.3)
Impairment of goodwill in Big Fish (161.5) (161.5)
Changes in deferred tax asset relating to the Group structure changes in a prior period – 53.2
Net loss from significant items (206.3) (148.6)
EBITDA Reconciliation
A$ million 2024
Profit after tax from continuing operations 1,150.8
Profit after tax from discontinued operations 152.6
Statutory profit as reported in the financial statements 1,303.4
Amortisation of acquired intangibles (tax effected) 82.6
Reported profit after tax before amortisation of acquired intangibles (reported NPATA) 1,386.0
Add net loss from significant items after tax 148.6
(Less) net profit from discontinued operations after tax (152.6)
Normalised profit after tax before amortisation of acquired intangibles (normalised NPATA) 1,382.0
Reconciliation of statutory profit to NPATA
Significant Items

28
Aristocrat Gaming
Appendices | HY25 Results
Aristocrat Gaming ( A$m ) North America (US$m) Rest of World (A$m)
Summary of Performance 31 March 2025 31 March 2024 31 March 2025 31 March 2024 31 March 2025 31 March 2024
Revenue 1,869.9 1,826.1 963.8 950.2 341.2 376.7
EBITDA 1,186.9 1,120.6 653.5 612.8 150.9 186.2
Depreciation and Amortisation (155.0) (119.1) (93.5) (73.5) (7.2) (6.9)
Profit 1,031.9 1,001.5 560.0 539.3 143.7 179.3
Profit Margin % 55.2 54.8 58.1 56.8 42.1 47.6
Amortisation of acquired intangibles (26.4) (25.5) (16.7) (16.7) – –
Profit after amortisation of acquired intangibles 1,005.5 976.0 543.3 522.6 143.7 179.3
Other Operational Metrics
D&D expense (206.4) (203.6)
Gaming Operations
Revenue 1,096.6 1,015.7 693.6 666.2
Class III Premium Units 43,510 39,677 43,510 39,677
Class II Units 30,093 27,535 30,093 27,535
Total units Units 73,603 67,212 73,603 67,212
Total average fee per day US$/unit 52.73 55.50 52.73 55.50
Outright Sales & Other
Revenue 773.3 810.4 270.2 284.0 341.2 376.7
Revenue – ANZ only 153.1 189.4
Units Units 17,195 19,452 11,417 11,766 5,778 7,686
North America excluding Adjacencies Units 8,716 9,700
North America Adjacencies Units 2,701 2,066
RoW excluding ANZ Units 2,964 3,653
ANZ Units 2,814 4,033
ASP $/unit
North America US$/unit 20,532 21,082
RoW excluding ANZ US$/unit 22,118 21,320
ANZ A$/unit 21,867 23,910

Product Madness (including FY24 results from continuing operations)
2929 Appendices | HY25 Results
Product Madness ( US$m )
Summary of Performance 31 March 2025 31 March 2024
30 September
2024 2
Bookings 569.8 560.8 1,129.7
Revenue 569.6 561.0 1,130.3
EBITDA 249.4 230.0 475.3
Depreciation and Amortisation (5.1) (6.6) (12.6)
Profit 244.3 223.4 462.7
Profit Margin % 42.9 39.8 40.9
Amortisation of acquired intangibles (4.8) (4.8) (9.5)
Profit after amortisation of acquired intangibles 239.5 218.6 453.2
Other Operational Metrics
D&D expense (67.2) (78.8) (150.7)
UA spend (100.0) (90.5) (177.5)
% of Revenue 17.6 16.1 15.7
Off -platform & Direct to Consumer Revenues 1
Product Madness Revenue 68.6 27.3 70.8
% of Social Casino Revenue 13.3 5.5 7.0
Active Users
DAU by genre (period end): Millions 2.1 2.4 2.1
Social Casino 1.4 1.4 1.3
Social Casual 0.7 1.0 0.8
ABPDAU US$ 1.47 1.24 1.31
Product Madness ( US$m )
Bookings 31 March 2025 31 March 2024
30 September
2024 2
Bookings by Genre
Social Casino 518.0 496.3 1,008.2
Social Casual 51.8 64.5 121.5
Total 569.8 560.8 1,129.7
Bookings by Game
Lightning Link TM 169.1 152.6 319.8
Cashman Casino TM 120.1 119.9 240.0
Heart of Vegas TM 87.5 81.0 166.5
Big Fish Casino TM 81.4 85.9 168.1
Jackpot Magic Slots TM 46.8 48.8 95.4
Gummy Drop! TM 21.9 24.1 47.9
EverMerge TM 14.7 22.0 39.3
Mighty Fu Casino TM 12.6 8.1 18.4
Other Games 15.7 18.4 34.3
Total 569.8 560.8 1,129.7
1. In App revenues generated outside the core digital ecosystem (e.g. Apple, Google, Meta, Amazon). The consumer must leave the core platform and make their In -App Purchase “off -platform” using a third -party website and payment option
2. The financial information presented for FY24 has been restated, on an unaudited basis, to reflect the continuing business and exclude discontinued operations following the divestment of Plarium .

Aristocrat Interactive
3030 Appendices | HY25 Results
Interactive (US$m)
Summary of Performance 31 March 2025 31 March 2024
Reported Revenue 1 166.7 71.9
Total Revenue (incl. share of NPI JV revenue) 216.3 71.9
EBITDA 73.6 20.4
Depreciation and Amortisation (1.7) (0.4)
Profit 2 71.9 20.0
Profit Margin as a % of Total Revenue % 33.2 27.8
Amortisation of acquired intangibles (33.6) (4.6)
Profit after amortisation of acquired intangibles 38.3 15.4
Other Operational Metrics
D&D expense (55.9) (32.8)
Interactive (US$m)
Summary of Performance 31 March 2025 31 March 2024
Revenue
iLottery 26.6 –
Content 42.4 9.9
Platforms 97.7 62.0
Total Revenue (excl. share of NPI JV revenue) 166.7 71.9
iLottery share of NPI JV revenue 49.6 –
Total Revenue (incl. share of NPI JV revenue) 216.3 71.9
Profit
Profit (excl. share of NPI JV profit) 42.0 20.0
Share of NPI JV profit 29.9 –
Total Profit 71.9 20.0
1. Reported Revenue excludes share of the NPI JV revenues
2. Profit includes share of profit from the NPI JV

Investment proposition
Established and trusted industry leader with proven ability to deliver sustainable, long -term profit growth
Relationships with customers & regulators
Content library & global studio network
World -class content that resonates across all three verticals
TAM US$291bn 1
Defensive Growth
Cash flow conversion, balance sheet optionality supporting investment
High
Quality,
Sustainable
NPATA
Growth
TAM US$ 8bn 2
Stable Growth
TAM US$ 141 bn 1
High Growth
#1 Gaming Ops 3
Top 3 Game Sales 3
#1 Social Slots 4
Building out DTC
#1 iLottery 5
Scaling in iGaming
Premiumisation
of the casino floor Profit optimisation “Build & Buy” delivered
Adjacencies growth
Share gains
Leverage content
through Social Slots
Share gains
Market legalisation
Core Strengths
Large & Growing Markets
Growth Opportunities
Competitive Advantages
Content & Creativity
Financial Strength
Leadership & Scale
Execution Track Record
3131
1. 2025 e TAMS per H2 Gambling Capital Global All Product Summary Report as at 31/03/25. Gaming TAM excludes Lotteries ; Interactive TAM excludes offshore
2. Social Casino Segment – Sensor Tower data for the 12 months ended 31 March 2025 In-App Advertising (IAA), Web versions and direct to consumer spend not included
3. Eilers Fantini Slot Survey – 1Q25
4. Sensor Tower data, public company reports and Aristocrat estimates
5. Eilers US iLottery Tracker 4Q24 Report
This page contains forward looking statements and statements of expectation .
Please refer to the disclaimer on page 37 Strategy Overview | HY25 Results

Aristocrat Gaming – Overview
A leader in North America Gaming Operations with market -leading FPD; Strong diversified game portfolio
A$1.9bn
HY25 Revenue
A$1.0 bn
HY2 5 Profit
3.0% 55.2 %
HY25 Margin
0.4 pts 2.4%
1
Largest footprint in North America Gaming Operations
73,603
Gaming Operations
installed units
US$52.73
market -leading
FPD in North America 1
#1 overall supplier
1.4x
house performance 2
17,195
HY25 Outright Sales
NA – US$20,532
ANZ – A$21,867
RoW excl. ANZ – US$22,118
strong ASP maintained
Industry Supplier
of the year
land -based 3
20 Out Of 25
Top Premium Leased
games 4
12
global studios
~3,300
employees
A global leader in Outright Sales
Strong, diversified portfolio & platform
3232
% change is period -on-period. Details above are rounded numbers for the six months ended 31 March 2025
1. Eilers Gaming Supplier KPIs – 4Q24 Report
2. Average theoretical win index vs house (> 1,000 units), April 2025 Eilers Game Performance Database
3. Global Gaming Awards 2024
4. Average performance per Eilers Game Performance reports for the 12 months to March 2025 (April 2025 report)
North America 82 %
Rest of World 18%
Revenue
Revenue
Gaming Operations 59%
Outright Sales 41%
Appendices | HY25 Results

Product Madness – Overview
Global publisher with strong & diversified portfolio; Exposed to attractive segments and market -leading share in Social Slots;
Targeted investment in Live Ops, features, content and UA to drive long -term, profitable growth
3333
Maintaining leadership in Social Slots
21%
Social Slots
market share 1
4,500+
Live Ops in Social Casino
3.5x higher than FY20
US$1.47
HY25
ABPDAU
2.1m
HY25 DAU
13.3%
Direct to consumer
revenues
US$100m
HY25 user acquisition
17.6% of revenue
11
global studios
~1,100
employees
Portfolio focused on Social Slots, which continues to scale
Continuing to invest while focusing on returns
% change is period on period . All figures in US$ unless otherwise stated . Details above are rounded numbers for the six months ended 31 March 2025
1. Sensor Tower data, public company reports and Aristocrat estimates
US$570m
HY25 Revenue
US$244m
HY25 Profit
9.4% 42.9 %
HY25 Margin
3.1 pts 1.5 %
Social Casino 91%
Social Casual 9%
Bookings
Bookings
Top 11 games 97%
Other 3%
Appendices | HY25 Results
US$518m
HY25 Social Casino
bookings

Aristocrat Interactive – Overview
3434
iLottery remains the market leader in the US
#1
performance in US 2
~68%
wager market share in US 2
31
customers globally
40
unique games launched
in HY25
210+
aggregation operators
15,300+
games aggregated 3
~76%
Platforms
recurring revenues
4
global studios
~2,000
employees
Ongoing success of Aristocrat land -based titles in Content
Platforms continues to expand in US and ANZ
% change is period on period . All figures in US$ unless otherwise stated . Details above are rounded numbers for the six months ended 31 March 2025 1. Total Revenue includes our share of the NPI JV revenues, and Profit includes our share of profits from the NPI JV 2. Eilers US iLottery Tracker 4Q24 Report 3. Includes proprietary and 3rd party content ; excludes games with less than €100 in bets
US$ 216 m
HY25 Total Revenue 1
US$72m
HY25 Profit 1
259.5 % 33.2 %
HY25 Margin 1
5.4 pts 200.8 %
iLottery 35%
Content 20%
Platforms 45 %
Revenue 1
Profit 1 US$m
71.9
20.0
HY25 HY24
+260%
Content and technology solutions provider for online RMG and land -based casino systems;
Strong momentum across all areas of the business, with the integration of NeoGames progressing well
Appendices | HY25 Results

Glossary of terms
35
Adjacencies Established, regulated markets outside traditional markets where Aristocrat
competes to take share by bringing innovation in games and technology
ANZ Australia and New Zealand
ASP Average Selling Price (Outright Sales)
COAM Coin Operated Amusement Machine
CDS
Central Determination System. A collection of secured computers located at a
casino that randomises the electronic scratch ticket outcomes (wins/losses)
of a game and delivers them in a predetermined order to the player terminals
on the casino floor
Class II Games of chance based off bingo
Class III Games of chance based off poker, using random number generator software
programs to determine results
EGM Electronic Gaming Machine
FPD Fee Per Day. The amount Aristocrat receives per day for Gaming Operations
EGMs. Often expressed as an average fee per day
Gaming Operations Continued operation and maintenance of leased land -based gaming machines
GGR Gross Gaming Revenues. The difference between gaming wins and losses
before the deduction of casino operating costs and expenses
HHR Historical Horse Racing
MSP / SSP Multi site progressive / Single site progressive
North America US and Canada
NYL New York Lottery
Outright Sales The outright sale of an EGM
Rest of World Markets outside North America (includes ANZ, EMEA, Asia Pacific & LATAM )
Stepper A slot machine with a mechanical reel
Video A slot machine with a video reel
VLT Video Lottery Terminals
Washington CDS Washington (State) Central Determination System
ABPDAU Average bookings per Daily Active User. Total bookings in each period, divided by
the number of days in that period, divided by the DAU during the period
Bookings Amount paid by customers
DAU Daily Active Users or number of individuals who played during a particular day.
‘Active’ means a player had at least one game session during the day
Features Added elements of the game to attract, engage and retain users
IDFA
Identifier for Advertisers on iOS (Apple). Used to measure marketing campaigns,
value ads, find new app users, and segment users, or aggregate access to ads
(Google equivalent is GAID, Google Ad Identifier)
Live Ops
Live game operations. A layer of gameplay which sits on top of the base core
game and is time limited. They usually do not impact the outcomes of the core
game. These can be one -time contests, tournaments, bonuses or social club
events
LTV Lifetime Value. The value of a player over the lifetime of the game
Mobile Mobile Device
Direct to Consumer
and Off -platform
(DTC)
In App revenues generated outside the core digital ecosystem (e.g. Apple,
Google, Meta, Amazon). The consumer must leave the core platform and make
their In -App Purchase “off -platform” using a third -party website and payment
option
Product Madness Aristocrat’s Social Casino business
Social Casino
Social digital casino style games that give players initial free access to content
through downloads. Monetisation typically generated from in -app purchases
and/or advertising revenues
Social Casual
Social digital entertainment style games that give players initial free access to
content through downloads. Monetisation typically generated from in -app
purchases and/or advertising revenues
UA User Acquisition (Digital Marketing Investments)
Mobile Gaming Gaming
Appendices | HY25 Results

Glossary of terms
36
Amortisation of
acquired intangibles
Amortisation of acquired intangibles arises from acquisitions of controlled
entities and joint ventures
Capex Capital expenditure
D&A Depreciation and amortisation
D&D Design & Development investment
Discontinued
operations
Discontinued operations refers to the 2024 and 2025 results of Plarium and
the 2025 gain on sale net of transaction costs
EBITDA Earnings Before Interest, Tax, Depreciation and Amortisation and Significant
Items
EPS Earnings Per Share
EPSA Earnings Per Share before amortisation of acquired intangibles
ESG Environmental, Social, and Governance
ESP Empowering Safer Play
Normalised ETR Effective Tax Rate before significant items
FX Foreign Exchange
JV Joint Venture
M&A Mergers and Acquisitions
NPAT Net Profit After Tax
NPATA Net Profit After Tax before amortisation of acquired intangibles (excludes
significant items)
PCP Prior corresponding period
Recurring Revenue
Predictable, stable components of a company’s revenue. For Aristocrat,
includes for example, Gaming Operations, Social Free -to-Play revenues, and
online RMG
RG Responsible Gameplay. A core Aristocrat policy and commitment encouraging
players to make good gaming decisions
SG&A Selling, General and Administrative expenses
TAM Total Addressable Market
Financial & Other
Aristocrat Interactive Aristocrat’s online RMG business
B2B Business -to-Business. That is, business activities carried out between two or
more companies without consumer contact
B2C Business -to-Consumer. That is, businesses carried out with the direct
consumer
CXS
Customer Experience Solutions. A business -to-business software platform
providing casino operators with a customer experience management solution
for players
iGaming
Online gaming; a component of the online RMG business. Ability for a
customer to play their favourite slots/poker or bingo game online, for real
money
iLottery Online lottery, part of online RMG, where individuals can buy state or other
lottery tickets online
LIVE Casino Ability to play online casino games, in real time and with real live dealers, to
imitate experience of actual casino attendance
OSB Online Sports Betting. Individual wages on the outcome of racing games and
sports events (including digital games and horse racing)
PAM
Player Account Management system. iGaming technology platform managing
all aspects of player interaction, including tracking, monitoring,
communication and compliance
RMG
Real Money Gaming. Refers to gaming online, including OSB, iGaming (table
games, poker/slots, bingo), LIVE casino. Excludes casino -based gaming and
Social Free to play casino games
White Label A non -branded system available for B2B customers to provide services to
their customers (end -consumers)
Online Real Money Gaming
Appendices | HY25 Results

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.
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 conditions, 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). Investors
James Coghill
General Manager, Investor Relations
+61 439 957 674
james.coghill@aristocrat.com
Media
Peter Brookes
Senior Managing Director
+61 407 911 389
peter.brookes@sodali.com
For further information, contact:
Disclaimer
37