Tabcorp Holdings LimitedABN 66 063 780 709

2011/12Full Year Results Presentation

9 August 2012

2

Strong EBIT growth in challenging market conditions

Key FY12 outcomes

Completed demerger separation

Awarded new Victorian Wagering and Betting Licence

Launched new Victorian Keno licence

Refinanced FY13 debt maturities

Launched Premier Gateway International (Isle of Man)

Well positioned for FY13 new Victorian gambling industry structure

Transition out of Victorian Tabaret business progressing well

Tabcorp Gaming Solutions ready for launch

A successful year

3

NPAT from continuing operations $340.0m, up 12.7%1

Reflects underlying earnings growth

Benefited from lower interest expense following demerger

EBITDA from continuing operations $725.2m, up 5.6%1

EBIT from continuing operations $591.7m, up 5.2%1

EPS from continuing operations 47.6 cents, up 4.6%1

Reflects NPAT growth

Impacted by capital management activities in FY11 and FY12

Full year dividend of 24 cents per share, fully franked

50.9% of NPAT

FY12 financial results – continuing operations

1 Prior year comparative from continuing operations excludes impairment of $358.0m

4

EBIT $591.7m, up 5.2%1

Revenues $3,038.5m

Variable contribution $1,141.3m

Operating expenses $416.1m

EBITDA $725.2m

Business performance (EBIT)

Wagering $242.2m

Media & International $57.1m

Gaming $244.1m

Keno $48.3m

Solid revenue growth across Wagering, Media & International and Keno

Operating expenses include start up costs for Victorian Keno and TGS

FY12 financial results – continuing operations

1 Prior year comparative from continuing operations excludes impairment of $358.0m

up

up

up

up

up

up

up

down

3.1%

5.4%

5.2%

5.6%1

10.0%1

8.1%

1.1%

1.0%

5

Business results

1 Variable contribution is non-IFRS financial information and has not been audited or reviewed in accordance with Australian Auditing Standards2 Prior year comparative from continuing operations excludes impairment of $358.0m3 Revenues and expenses do not aggregate to Group total due to intercompany eliminations between Wagering and Media and International businesses4 Total group capex includes $12m of unallocated corporate capex. This is apportioned within segment reporting in the statutory accounts

Wagering Change Media Change Gaming Change Keno Change Group3 Change

$m on pcp & Int'l on pcp on pcp on pcp on pcp

Revenues 1,637.4 4.4% 190.2 6.1% 1,078.9 0.1% 183.1 8.0% 3,038.5 3.1%

Variable contribution1 593.3 7.7% 179.1 6.5% 318.0 0.5% 102.0 7.6% 1,141.3 5.4%

Operating expenses (279.8) 6.2% (113.4) 4.6% (35.4) (3.5%) (38.6) 12.9% (416.1) 5.2%

EBITDA 313.5 9.0% 65.7 9.9% 282.6 1.1% 63.4 4.6% 725.2 5.6%

D&A (71.3) 5.9% (8.6) 22.9% (38.5) 0.8% (15.1) 28.0% (133.5) 7.4%

EBIT 242.2 10.0%2 57.1 8.1% 244.1 1.1% 48.3 (1.0%) 591.7 5.2%2

EBIT/Revenue (%) 14.8% 0.8% 30.0% 0.5% 22.6% 0.2% 26.4% (2.4%) 19.5% 0.4%2

Capex4 63.2 8.2% 16.0 52.4% 28.2 38.9% 30.2 108.3% 149.6 26.1%

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Wagering: KPIs

Fixed Odds delivered strong growth of 41.5%

Growth offsetting declines in totalisator revenues

Trackside growth continues in both NSW and Vic

Luxbet achieved revenue growth of 34.8%, driven by improved yield and strong 2H turnover

Retail NSW growth driven by

Fixed Odds racing and Trackside full year benefit

Fixed Odds sports expanded product offering

Online turnover growth of 14.5%

Self service turnover continues to grow

Expenses driven by

Investment in technology to expand Trackside, Fixed Odds and self service terminals

Increased costs for promotional and sponsorship activities due to competition

Increased contributions to the Racing Industry

$m 1H12 Change 2H12 Change FY12 ChangeRevenues by product

Totalisator Vic 325.1 (5.5%) 286.0 (1.2%) 611.1 (3.6%)

Totalisator NSW 384.3 (7.2%) 335.4 (5.3%) 719.7 (6.3%)

Fixed Odds 152.3 39.5% 169.1 43.3% 321.4 41.5%

Trackside 41.8 95.3% 40.5 43.1% 82.3 65.6%

Luxbet 12.3 28.1% 15.6 40.5% 27.9 34.8%

Turnover by distribution

Retail Vic 1,598.6 0.9% 1,449.2 1.0% 3,047.8 0.9%

Retail NSW 2,023.5 6.6% 1,887.5 6.3% 3,911.0 6.5%

Online 1,081.3 15.1% 1,077.9 13.8% 2,159.2 14.5%

Call Centre 429.8 (7.7%) 395.8 (5.9%) 825.6 (6.8%)

Oncourse 446.9 (7.5%) 391.2 (4.8%) 838.1 (6.3%)

Luxbet 266.6 (17.6%) 305.6 29.9% 572.2 2.5%

Retail

Self service turnover Vic 47.7% 5.0% 51.2% 5.6% 49.4% 5.1%

Self service turnover NSW 28.7% 12.1% 35.3% 12.2% 31.9% 12.7%

Racing Industry contributions

Victoria (incl. Gaming) 173.0 (0.5%) 151.2 1.8% 324.2 0.6%

New South Wales 126.3 1.4% 112.3 0.7% 238.6 1.0%

Race fields 18.3 8.3% 19.7 11.3% 38.0 10.0%

Note: Victorian revenue includes JV partner 25% interest, NSW represents 100% of revenue

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Wagering highlights

New Victorian Wagering and Betting licence

Transition activities on track

Retail

Expansion program increased the network size by 186 sites

Retail growth achieved in challenging market conditions

Online

New tab.com.au website launched

Streaming vision on iPads/iPhones via apps

New account openings up 21% on prior period

Customer loyalty

Over 92,000 members, up 22% on prior period

Super Multi Fixed Odds product launched

Launched Premier Gateway International (Isle of Man)

WA and ACT pooling arrangements agreed

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Media & International

Revenue growth due to subscription revenue and increased export

Expenses driven by outside broadcast TV production, rights fees and digital investments

International growth

Export to 31 countries

Racing World Australia extended coverage into 14 million UK homes

Media rights retained including:

Tasmanian thoroughbreds

South Australian thoroughbreds

Continued focus on securing NSW and Vic thoroughbred media rights

$m FY12 FY11 Change

Revenues 190.2 179.3 6.1%

Operating expenses (113.4) (108.4) 4.6%

EBITDA 65.7 59.8 9.9%

EBIT 57.1 52.8 8.1%

Broadcast Rights and Racing Industry contributions from International business

51.9 48.7 6.6%

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Gaming: KPIs

Victorian Tabaret

Managing transition for end of licence in August 2012. Operating expenses well controlled.

Goodwill write-off expected to be $47m in 1H13

Tabcorp Gaming Solutions

On track for 16 August 2012 launch

Sign-ups over 8,500 EGMs

Diamond Rewards loyalty launched with over 100 live venues

Expected EBITDA approximately $55m per annum from August 2012

Start up expenses $8m in FY12

Note: Statistics relate to Vic Tabaret onlyVic Tabaret revenues and expenses are net of 25% allocation to JV partner

$m FY12 FY11 ChangeRevenues 1,078.9 1,077.4 0.1%

Operating expenses (35.4) (36.7) (3.5%)

EBITDA 282.6 279.6 1.1%

EBIT 244.1 241.4 1.1%

Venues (period end) 255 263 (3.0%)

EGMs (average) 13,107 13,303 (1.5%)

NMR/EGM/Day ($) 298.1 294.2 1.3%

Market Share (average) 53.3% 53.9% (0.6%)

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Keno: KPIs

Strong performance

Qld revenues up 6.9%

NSW revenues up 7.6%

Expenses driven by

Start up costs $4m for new Victorian Keno

Continued focus on advertising and promotions

NSW hotel expansion nearing conclusion with 761 live venues, up 74 on prior year

Victorian Keno successfully launched in April 2012

Over 600 venues live

Over 700 venues signed up to date

1 Ticket count and average ticket size prior year restated due to change in Qld Keno Bonus reporting methodology

$m FY12 FY11 Change

Revenues 183.1 169.6 8.0%

Operating expenses (38.6) (34.2) 12.9%

EBITDA 63.4 60.6 4.6%

EBIT 48.3 48.8 (1.0%)

Venues (Qld, NSW) 2,833 2,735 3.6%

Ticket Count (m) (Qld, NSW) 1 94.6 92.0 2.8%

Avg ticket size ($) (Qld, NSW) 1 10.4 10.1 3.0%

Self service turnover - NSW 11.0% 6.1% 4.9%

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Capital expenditure and investments

Major capex projectsCapex trend

Major capex projects in FY12

New Victorian Keno roll out

TGS loyalty system and EGMs

New tab.com.au website

Venue expansion

Trackside NSW

Outside broadcast infrastructure

FY13 D&A expense ~ $150m - $160m

121139

150

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FY09 FY10 FY11 FY12Wagering Media & Int'l Gaming Keno Corporate

Key focus in FY13

Continuing investment in Wagering multi-channel strategy

TGS business roll out

Expansion of Keno

Final Trackside NSW instalment of $75m, paid in July 2012

12

Key capital features

Refinancing of FY13 maturities completed

Gross Debt/EBITDA 1.7x (includes Victorian Tabaret earnings)

FY13 average interest rate expected to be approximately 8.25% p.a.

FY13 target dividend payout 80% of NPAT

Excluding expected write-off of Gaming goodwill in 1H13

250

450

400 400400

150

284

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500

600

700

800

900

1,000

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19+

$m

Draw n bank facility Medium term notes Tabcorp Retail Bonds

Tabcorp Subordinated Notes 12 month bridge facility US Private Placement

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Summary

A successful year

EBIT $591.7m, up 5.2%1

Solid revenue growth across Wagering, Media and International and Keno

Operating expenses well managed

Full year dividend of 24 cents per share, fully franked

50.9% of NPAT

Transition plans on track for new Victorian Wagering and Betting Licence and Victorian Tabaret

Refinancing of FY13 debt maturities completed

Investment plans on track

Launched Premier Gateway International (Isle of Man)

Tabcorp Gaming Solutions sign-ups over 8,500 EGMs

Successfully launched new Victorian Keno1 Prior year comparative from continuing operations excludes impairment of $358.0m

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Appendices

1. Group results

2. Wagering: Financial data

3. Wagering: Revenues by state and product

4. Gaming: Financial data

5. Keno: Financial data

6. Balance sheet

7. Cashflow

8. FY13 financial reporting considerations

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1. Group results

$m FY12 FY11 Changeon pcp

Revenues 3,038.5 2,947.5 3.1%

Government taxes & levies (892.8) (887.5) 0.6%

Operating commissions (544.2) (523.0) 4.1%

Racing industry fees (460.2) (454.5) 1.3%

Variable contribution 1,141.3 1,082.5 5.4%

Operating expenses (416.1) (395.7) 5.2%

EBITDA before impairment 725.2 686.8 5.6%

D&A (133.5) (124.3) 7.4%

EBIT before impairment 591.7 562.5 5.2%

Interest (94.7) (134.4) (29.5%)

Tax expense (157.0) (126.5) 24.1%

NPAT from continuing operations before impairment 340.0 301.6 12.7%

Impairment - (358.0) (100.0%)

NPAT from discontinued operations - 591.2 (100.0%)

NPAT 340.0 534.8 (36.4%)

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2. Wagering: Financial data

Note: Victorian revenue and expenses are net of 25% allocation to JV partnerNSW represents 100% of revenue and expenses with an incentive fee equivalent to 25% of profits included in ‘Taxes, levies, commissions and fees’

$m FY12 FY11 Change

Totalisator - Vic 464.3 481.5 (3.6%)

Totalisator - NSW 719.7 768.2 (6.3%)

Fixed Odds 289.3 204.0 41.8%

Trackside 70.1 39.5 77.5%

Luxbet 27.9 20.7 34.8%

Other 66.1 55.2 19.7%

Revenues 1,637.4 1,569.1 4.4%

Taxes, levies, commissions and fees (1,044.1) (1,018.1) 2.6%

Operating expenses (279.8) (263.5) 6.2%

EBITDA before impairment 313.5 287.5 9.0%

D&A (71.3) (67.3) 5.9%

EBIT before impairment 242.2 220.2 10.0%

EBIT before impairment/Revenue 14.8% 14.0% 0.8%

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3. Wagering: Revenue by state and product

Note: Victorian revenue is net of 25% allocation to JV partner, NSW represents 100% of revenue

NSW Change Vic Change Total Change

$m FY12 on pcp FY12 on pcp FY12 on pcp

Thoroughbred 468.7 (7.9%) 304.8 (4.1%) 773.5 (6.5%)Harness 91.4 (8.8%) 65.8 (6.3%) 157.2 (7.7%)Greyhound 159.6 0.4% 93.7 0.3% 253.3 0.3%Totalisator 719.7 (6.3%) 464.3 (3.6%) 1,184.0 (5.3%)

Fixed Odds 289.3 41.8%Trackside 70.1 77.5%Luxbet 27.9 34.8%Other 66.1 19.7%

Revenue 719.7 (6.3%) 464.3 (3.6%) 1,637.4 4.4%

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4. Gaming: Financial data

Note: Vic Tabaret revenues and expenses are net of 25% allocation to JV partner

$m FY12 FY11 Change

Victorian network - Hotel 708.5 704.3 0.6%

Victorian network - Clubs 364.1 367.2 (0.8%)

Total Victorian EGMs 1,072.6 1,071.5 0.1%

Other revenue 6.3 5.9 6.8%

Revenues 1,078.9 1,077.4 0.1%

Taxes, levies, commissions and fees (760.9) (761.1) (0.0%)

Operating expenses (35.4) (36.7) (3.5%)

EBITDA 282.6 279.6 1.1%

D&A (38.5) (38.2) 0.8%

EBIT 244.1 241.4 1.1%

EBIT/Revenue 22.6% 22.4% 0.2%

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5. Keno: Financial data

$m FY12 FY11 Change

Keno 153.4 141.5 8.4%

Other revenue 29.7 28.1 5.7%

Revenues 183.1 169.6 8.0%

Taxes, levies, commissions and fees (81.1) (74.8) 8.4%

Operating expenses (38.6) (34.2) 12.9%

EBITDA 63.4 60.6 4.6%

D&A (15.1) (11.8) 28.0%

EBIT 48.3 48.8 (1.0%)

EBIT/Revenue 26.4% 28.8% (2.4%)

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6. Balance Sheet

As at As at Change$m 30 Jun 12 30 Jun 11 on pcpTotal current assets 228.2 250.9 (9.0%)Licences 814.8 430.2 89.4%Other intangible assets 1,803.2 1,805.7 (0.1%)Property, plant and equipment 313.3 280.5 11.7%Other non current assets 89.5 71.2 25.7%Total assets 3,249.0 2,838.5 14.5%Total liabilities 1,843.2 1,627.6 13.2%Shareholders’ funds 1,405.8 1,210.9 16.1%Net debt 1,072.6 817.9 31.1%Shares on issue (m) 730.1 688.0 6.1%

RatiosGross debt / EBITDA (x) 1.7EBIT/Net interest (x) 6.2Net debt / Equity (%) 76.3

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7. Cashflow

Actual$m FY12Net operating flows 788.7Net interest payments (104.9)Income tax paid (158.3)Payments for PP&E and licences (631.0)Sub-total (105.5)Dividends paid (111.4)Payment of restructuring costs for demerger (34.7)Others (4.6)

Net debt at beginning of period 817.9Non cash movements (1.5)

Net debt at end of period 1,072.6

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8. FY13 financial reporting considerations

(a) FY13 comparative financial results

(b) Wagering: Pro-forma impact of new Victorian licence terms

(c) Wagering: Other information

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8. (a) FY13 comparative financial results

Notes:

1. FY12 corporate and IT costs of $17.3m, comprising expenses of $16.1m and D&A of $1.2m, have been re-allocated to Wagering $13.2m, Media and International $2.0m and Keno $2.1m based on proportionate EBITDA in FY12

2. FY12 Gaming segment results represent the start-up of the new Tabcorp Gaming Solutions business, which commences on 16 August 2012

* Revenues and expenses do not aggregate to Group total due to intercompany eliminations between Wagering and Media and International businesses

6 months ended 31 December 2011 12 months ended 30 June 2012

$m Wagering Media & Int'l Gaming Keno Total* Wagering Media &

Int'l Gaming Keno Total*

Revenues 850.1 93.9 2.7 92.4 1,014.2 1,637.4 190.2 5.3 183.1 1,965.0

Taxes, levies, commissions and fees (542.6) (5.5) (0.3) (40.7) (589.3) (1,044.1) (11.1) (0.4) (81.1) (1,136.7)

Operating expenses (143.8) (57.1) (3.8) (19.7) (199.3) (292.1) (115.3) (7.9) (40.6) (404.9)

EBITDA 163.7 31.3 (1.4) 32.0 225.6 301.2 63.8 (3.0) 61.4 423.4

D&A (37.0) (3.9) (0.5) (6.7) (48.1) (72.2) (8.7) (1.0) (15.3) (97.2)

EBIT 126.7 27.4 (1.9) 25.3 177.4 229.0 55.1 (4.0) 46.1 326.2

Interest (42.6) (94.7)

Tax (40.5) (71.9)

NPAT continuing operations 94.4 159.6

NPAT discontinued operations 94.9 180.4

Group reported NPAT 189.3 340.0

The Victorian Gaming licence expires on 15 August 2012. Earnings from the Victorian Gaming business will be reported as “discontinued operations” in the FY13 accounts, and FY12 will be presented on a comparable basis. “Discontinued operations” will not include allocated corporate and IT costs which are regarded as continuing. These costs have been re-allocated to the Wagering, Media & International and Keno segments to assist in the comparability of results to be reported in FY13. Set out below are the restated comparatives for FY13 reporting.

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8. (b) Wagering: Pro-forma impact of new Vic licence termsThe terms of the new Victorian Wagering & Betting Licence and associated arrangements with the Victorian racing industry which commence on 16 August 2012 are significantly different from the current arrangements. To assist investors in understanding the impact of these changes, pro-forma adjustments have been made to the earnings of the Wagering segment as if the new terms had applied in FY12. The FY12 pro-forma does not represent a forecast of FY13 results.

Notes:

1. Minimum Performance Obligation: FY12 pro-forma includes an expense of $2.0m assuming the FY13 MPO of $337m had applied

2. Race fields expense increases by $9.0m in the FY12 pro-forma due to

Current arrangements: Race fields fees on non-Victorian product effectively borne by the Victorian racing industry, other than for an amount of $7.1m in FY12

New arrangements: The new Victorian Joint Venture will bear race fields fees on non-Victorian product. In FY12, these fees were $32.2m. Therefore, FY12 pro-forma includes Tabcorp’s share of $16.1m (being 50% of the $32.2m).

Wagering$m

FY12 Restated

Comparative

New Vic Wagering Licence

FY12Pro-forma

Revenue 1,637.4 (199.4) 1,438.0

Taxes, commissions and fees (1,044.1) 123.4 (920.7)

Operating expenses (292.1) 29.3 (262.8)

EBITDA 301.2 (46.7) 254.5

D&A (72.2) (32.1) (104.3)

EBIT 229.0 (78.8) 150.2

Racing Industry Contributions

Vic 324.2 12.8 337.0

Race fields 38.0 9.0 47.0

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8. (c) Wagering: Other information

Race fields expenses

Race fields expenses will increase from 15 August 2012. Had the increase applied in FY12, additional race fields expense of $23m would have been incurred.

This would have been in addition to the FY12 pro-forma amount of $47m shown on Appendix 8.(b), which includes an amount for the new Victorian Joint Venture.

GST refund:

On 24 July 2012 Tabcorp announced the ATO had allowed a claim for refunds of GST paid by Tabcorp’s Victorian and NSW wagering businesses in respect of wagering turnover derived from overseas based customers, and that a gain of $14.3m NPAT will be recorded in FY13. The refunds relate to GST paid between May 2006 and March 2010.

Tabcorp intends to record the EBIT benefit of $20.4m as an “Unallocated item” for segment reporting in FY13

Set out below is information that will be relevant to Wagering segment earnings in FY13

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Disclaimer

This Presentation contains summary information about the current activities of Tabcorp Holdings Limited and its subsidiaries (Tabcorp Group). It should be read in conjunction with Tabcorp Group’s other periodic and continuous disclosure announcements lodged withthe Australian Securities Exchange (ASX), which are available at www.asx.com.au. No member of the Tabcorp Group gives any warranties in relation to the statements or information contained in this Presentation. The information contained in this Presentation is of a general nature and has been prepared by Tabcorp in good faith and with due care but no representation or warranty, express or implied, is provided in relation to the accuracy or completeness of the information.This Presentation is for information purposes only and is not a prospectus, product disclosure statement or other disclosure or offering document under Australian or any other law. This Presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase any security and neither this presentation nor anything contained in it shall form the basis of any contract or commitment. This Presentation is not a recommendation to acquire Tabcorp shares. The information provided in this Presentation is not financial product advice and has been prepared without taking into account any recipient's investment objectives, financial circumstances or particular needs, and should not be considered to be comprehensive or to comprise all the information which recipient may require in order to make an investment decision regarding Tabcorp shares.All dollar values are in Australian dollars (A$) unless otherwise stated. Neither Tabcorp nor any other person warrants or guarantees the future performance of Tabcorp shares or any return on any investment made in Tabcorp Shares. This Presentation may contain certain 'forward-looking statements'. The words 'anticipate', 'believe', 'expect', 'project', 'forecast', 'estimate', 'likely', 'intend', 'should', 'could', 'may', 'target', 'plan' and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, financial position and performance are also forward-looking statements. Any forecasts or other forward looking statements contained in this Presentation are subject to known andunknown risks and uncertainties and may involve significant elements of subjective judgement and assumptions as to future eventswhich may or may not be correct. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Tabcorp, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differmaterially from these statements. You are cautioned not to place undue reliance on forward looking statements. Except as required by law or regulation (including the ASX Listing Rules), Tabcorp undertakes no obligation to update these forward-looking statements.Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

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