Bringing More to the TableTM

During this presentation and the Q&A session, we may be making forward-looking statements that reflect certain risks and uncertainties associated with Shuffle Master’s business.

The forward-looking statement paragraph that appears in our most recently filed 8-K, 10-K and 10-Q filings with the Securities and Exchange Commission more specifically describe those risks and uncertainties and we urge you to read those filings carefully.

This presentation reflects reclassifications for discontinued operations and segment realignment.

Forward Looking Statement

♠ Company Overview

♠ Product Overview

♠ Financial Highlights

♠ Investment Considerations

♠ Question & Answer

Today’s Presentation

Company Overview

Table MasterProprietary

TableGames

Utility Products Category

Table Game Pit

Entertainment Products Category

ShufflersIntelligent

TableSystems

RouletteChip

Sorters

Company Overview

Domestic* Foreign TotalEstimated Total Table Games:

Blackjack 10,400 8,500 18,900Proprietary Games(1) 6,000 1,400 7,400Pai Gow Poker 500 500 1,000Baccarat 900 4,000 4,900Live Poker Tables 3,200 2,000 5,200Other 500 100 600

Total Card Based Games 21,500 16,500 38,000Roulette Games 1,600 7,200 8,800

Total Table Games 23,100 23,700 46,800* North America, South America, Caribbean and cruise ships

(1) Includes Blackjack, Pai Gow Poker and other side-bet games

Source: Company estimates, various gaming industry analyst reports and other industry resources

Worldwide Table Market

Entertainment Products Overview

Live Games

Entertainment Products Category

Electronic Games

Merchandising Opportunities

Game Tournaments

Table Master

“For Fun”Devices

Live Tournaments

Rapid Roulette

Current Entertainment Products

♠ Proprietary table games are patent-protected, newly-developed games

♠ Segment is growing in popularity ♦ Number of games has quadrupled

in the past 10 years♦ Games appeal to casinos because

of their increased revenue potential♦ Entice players with their exciting,

fast paced content

♠ Currently offer 3 of the top 5 titles

♠ Generate revenue by collecting royalties from intellectual property

Proprietary Table Games

Diverse Selection

Popular Side Bets

1,0011,270 1,527 1,732

3,233

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2000 2001 2002 2003 2004 10/31/2005

3,681Games

Installed

Installed Proprietary Games

Parallel Game and Shuffler Growth

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

1992 1994 1996 1998 2000 2002 2004

Specialty Shufflers Specialty Games

BG Series Introduced

Let It Ride Created

Ace Shuffler Released & Three

Card Poker AcquiredLive Stakes Poker Craze

Begins

♠ An electronic, five-player platform targeting lower stakes live games

♠ Broaden distribution channel for our entertainment content

♠ Currently features our popular proprietary titles like Three Card Poker® and Let It Ride Bonus™

♠ Current installed base of 102 units

♠ Expand penetration into areas where live games are not allowed:♦ Racinos♦ Arcades♦ Video Lottery Terminals

Table Master™

Live Games

Entertainment Products Category

Electronic Games

Internet Gaming

Merchandising Opportunities

WirelessGaming

Game Tournaments

Table Master

“For Fun”Game Sites

“For Fun”Devices

In-Casino Wireless

Live Tournaments

Rapid Roulette

“For Real”Game Sites

Board and PC Game Versions

Mobile Telephones

Televised Tournaments

New, More Intricate Content

BrandedGame

Merchandise

Internet Game

Tournaments

New Device

Development

Existing Offerings Products Driving Future Growth

Future Growth Opportunities

Utility Products Overview

Intelligent Table System

Intelligent Shoes

Automatic Shufflers

Utility ProductsCategory

Other Utility Products

Roulette Chip Sorters

Optical Card Recognition

MD2 Workstation

Easy Chipper & Chip Tree

Multi-Shift Drop Box

Current Utility Products

Automatic Card Shufflers

♠ First shufflers began being used in 1992

♠ Shuffle Master instrumental in introducing technology to the pit

♠ Shufflers enhance game speed, productivity and security

♠ Have driven the expansion of the specialty table game market

♠ Ample room for increased market penetration

Shuffler Replacement Cycle

♠ Mechanical replication of hand shuffling

♠ Hybrid between hand shuffle replication & computer generated shuffle

♠ Computer controlled♠ Features data gathering

& communication

6,6638,193

9,47511,090

15,289

02,0004,0006,0008,000

10,00012,00014,00016,00018,00020,000

2000 2001 2002 2003 2004 10/31/2005

18,589Shufflers

Placed

Installed Shufflers

♠ Easy Chipper®

♦ Next-generation device featuring patented color reading system; maximizes roulette game play and reduces labor costs

♦ First product released by CARD since May 2004 acquisition

♦ New product category: worldwide roulette market exceeds 8,000 tables

♦ Faster and more efficient than similar products

♦ Features Intelligent Chip Tree that tracks chip volume and value

Roulette Chip Sorters

♠ Two Intelligent Shoe versions

♠ Both use optical card recognition to read the rank and suit of each card dealt

♠ Work with any type of playing cards

♠ IS-B: Premium model that includes automated card delivery and interfaces with attractive display to post baccarat game results

♠ IS-T: Lower price-point model that mimics a traditional shoe

Intelligent Shoes

♠ Recently announced a worldwide product integration with IGT and Progressive Gaming

♠ Partnership will create a comprehensive, automated table game management solution using complementary capabilities, technologies and resources♦ SHFL will provide shufflers, card reading

shoes and bet-present sensing technology♦ IGT will provide back-end table

management systems♦ PGIC will provide RFID bet and payoff

recognition and chip tracking

♠ Agreed to sell IGT an equal ownership interest in bet recognition patents for an initial payment of $10.5 million, with a $4.9 million future payment due in 2007

Intelligent Table System™

Intelligent Table System

Intelligent Shoes

AutomatedBloodhound

Additional ITS Product

Developments

Automatic Shufflers

Utility ProductsCategory

Other Utility Products

Roulette Chip Sorters

Optical Card Recognition

MD2 Workstation

Easy Chipper & Chip Tree

Next Generation Shufflers

Multi-Shift Drop Box

Next Generation

Chip Sorters

New Product

Development

Existing Offerings Products Driving Future Growth

Future Growth Opportunities

Worldwide Distribution

Canada5%

Other1%

Other N.America 2%

Australasia8%

Europe7%

United States77%

FY 2005 Revenue = $114 million

Diversified Business

Financial Highlights

Fiscal ‘05 Fiscal ‘04 Variance

Total Revenue $ 113,588

Income fromOperations $ 45,784 $ 36,242 26%

$84,7835 34%

EBITDA $ 56,950 $ 41,972 36%

Net Income $ 29,537 $ 24,144 22%

EPS – Fully Diluted $ 0.81 $ 0.60 34%

(All amounts shown in thousands, except per share amounts)

Fiscal 2005 vs. Fiscal 2004(From continuing operations)

10/31/05 10/31/04

Total Cash & Investments $ 34,088

Total Debt $ 162,659 $157,980

Total Equity $ 13,757 $ 14,729

$ 47,038

Working Capital $ 57,991 $ 65,671

(All amounts shown in thousands)

Balance Sheet Statistics

65%

35%

65%

35%

59%

41%

57%

43%

60%

40%

0

20

40

60

80

100

120

($ M

illio

ns)

2001 2002 2003 2004 2005

Utility Products Entertainment Products

$43.2$48.7

$58.4

$113.6

5-year CAGR = 24%(2001 – 2005)

$84.8

Total Revenue (From continuing operations)

0.30 0.360.45

0.60

0.81

1.00 - 1.05

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

2001 2002 2003 2004 2005 2006Guidance

Earnings per Diluted Share(From continuing operations)

5-year CAGR = 24%(2001 – 2005)

♠ Share Repurchases♦ Fiscal 2005: Repurchased 1.5 million shares for

approximately $38.6 million

♦ Remaining authorization totaled $8.8 million

♦ Total authorizations of $110 million over the past three years

Recent Share Repurchases

♠ Ameranth Wireless, Inc.: Worldwide strategic alliance to promote and distribute Ameranth’s poker-room management products including Deck Mate interface

♠ Casino Solutions, S.A.C.: Distribution agreement to enhance product penetration and service throughout South America

♠ Machines Games Automatics, S.A. (MGA): Exclusive Spanish distribution agreement for Table Master♦ Agreement covers modified arcade market platform♦ Product will be debuted at Madrid trade show in September♦ Anticipated first year revenue: $5 million

Recent Strategic Partnerships

Investment Considerations

♠ Table game trends remain favorable

♠ Leading market share within our core businesses

♠ Strength of our intellectual property portfolio and related high margin products

♠ Continued investment in R&D

♠ Strong balance sheet and cash flow generation

♠ Consistency in the growth of our earnings

♠ Seasoned management team

Investment Considerations

Why invest in Shuffle Master?

The 20th Century Casino

The 21st Century Casino

Question & Answer