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Crown LimitedCrown LimitedAnnual General MeetingAnnual General Meeting

28th October 200928th October 2009Mr. James Packer, Executive ChairmanMr. James Packer, Executive Chairman

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9.9x

8.4x 8.3x

7.1x

4.8x 4.6x

2.8x2.4x 2.4x 2.3x

1.6x1.2x

0.9x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

10.0x

11.0x

Las VegasSands

MGM Mirage² Harrah'sEnt ert ainment ³

Boyd⁴ Amerist ar Wynn Resort s Penn Rank SunInt ernat ional

Sky Cit y⁵ Tabcorp Tat t s Group Crown

Net

deb

t : E

BITD

A

“Crown has one of the strongest balance sheets of all gaming companies in the world.”

Notes:1 Net debt as at 30 June 2009 unless otherwise noted: LTM EBITDA from 30 June 2008 to 30 June 20092 MGM LTM EBITDA adjusted for sale of Treasure Island3 Harrah’s Entertainment represents the consolidated entity4 Boyd includes earnings and share of net debt from 50% JV interest in Borgata5 Sky City net debt is as at 19 August 2009, as per company presentation on 19 August 2009

Source: UBS and Company filings

Global Gaming Operators

Gearing Levels - Net Debt / EBITDA (LTM)

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Crown Limited’s Share Price Performance

28 October 2008 – 21 October 2009

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3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09

AU

D $

Crown S&P/ASX 200 (rebased)

37.9%

27.5%

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Total Shareholder Return Build up

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Total shareholder return to PBL shareholders since 27 December 2005 is 4.1%

Source: UBS IRESS as at 21 October 2009

Note:1 Total return includes dividends and distributions assuming they are not reinvested in the relevant shares but rather at the prevailing cash rate at the time.

This methodology is consistent with CPH’s behaviour

0.382.19

3.00

3.03

8.69

16.61 17.29

–

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

20.00

22.00

PBLshareholding(27-Dec-05)

CWNshareholding

CMHshareholding

PBL demergerconsideration

Cumulativedividendsreceived

Interestearned

Totalshareholder

value

A$/s

hare

TSR: +4.1%

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Crown / CMH Shareholder Return Outperformance

Source: UBS IRESS and Datastream as at 21 October 2009 SLIDE 4

4.1%

(10.8%)

(32.1%)

(33.4%)

21.8%

(25.5%)

36.1%

(67.5%)

(59.3%)

(26.4%)

(90%) (60%) (30%) 0% 30% 60%Notes:

1. All share prices indexed to 1 as at close on 27-Dec-05. Total return includes dividends and distributions assuming they are not reinvested in the relevant shares but rather at theprevailing cash rate at the time. This methodology is consistent with CPH’s behaviour.

2. Crown / CMH assumes PBL share held until demerger and post demerger includes Crown and CMH shares

Total Shareholder Return

LVS

MGM

Wynn

Tabcorp

News Corp

WAN

Fairfax

Ten

Seven

Crown / CMH

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Crown Melbourne Normalised EBITDA

Normalised EBITDA before Crown ownership

Normalised EBITDA after Crown ownership

150

200

250

300

350

400

450

500

FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09

Nor

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ised

EB

ITD

A (A

UD

$ m

illio

n)

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Burswood Normalised EBITDA

Normalised EBITDA before Crown ownership

Normalised EBITDA after Crown ownership

50

70

90

110

130

150

170

190

210

230

250

FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09

Nor

mal

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EB

ITD

A (A

UD

$ m

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Singapore Casino Integrated Resorts

[Integrated casino resorts will] “make Singapore a centre for tourism, business and conventions, and attract hundreds of thousands more tourists each year. There will be spin-offs to the rest of the economy.”

Ministerial Statement by Singapore Prime Minister Lee Hsien Loong (18 April 2005)

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Australian Casinos are an Asian Tourism Driver

Source: Tourism Research Australia’s International Visitors Survey

Propensity of International Tourists to Visit Casinos, 2008

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49%

39%36%

34%30%

26% 26% 26%23% 23%

0%

10%

20%

30%

40%

50%

60%

Taiw

an

Kore

a

Chi

na

Hon

g Ko

ng

Indi

a

Mal

aysi

a

Sing

apor

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Indo

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Oth

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Hong Kong & Macau

Australia

China

Indonesia

MalaysiaThailand

Taiwan

Crown’s Marketing Network

Crown’s Marketing Network

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Australian International Program Play Turnover Share

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Crown

75%

Others

25%

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Installed Base of Gaming Machines in Australia

Other Gaming Machines,

97.86%

Crown and Burswood

Gaming Machines,

2.14%

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20

22

24

26

28

30

32

34

36

2004 2005 2006 2007 2008 2009

Turn

over

(AU

D $

bill

ion)

Crown Melbourne and Burswood Program Play Turnover

Strong growth despite global financial crisis and recent Macau casino openings

Global Financial Crisis

Macau Casino Openings

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Social Responsibility

• ...“Crown Melbourne’s responsible gambling program is among the best in the world…”

VCGR, Fourth Review of Casino Operator and License June 2008

• Responsible Gambling Program– “World first” initiatives

• Crown Melbourne Customer Support Centre• Play Safe limits

– Staff training– Active self exclusion program

• Anti Money Laundering– Dedicated resources– Data analysis– Compliance program– Co-operation with law enforcement

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Partnering Community Organisations

Koala (Kids Oncology and Leukaemia Action) Foundation

Alannah and Madeline Foundation

Make-A-Wish FoundationOpen Family Australia

Challenge Blue Ribbon Foundation

The Salvation Army Youth Focus The Amanda Young Foundation

National Breast Cancer Foundation

Juvenile Diabetes Research FoundationRonald McDonald House Charities Australia

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Crown Melbourne Regeneration

Crown Southbank Site 1993 – Urban Regeneration Opportunity

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Crown Melbourne Regeneration

Vision Realised

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Crown LimitedCrown LimitedAnnual General MeetingAnnual General Meeting

28th October 200928th October 2009Mr. James Packer, Executive ChairmanMr. James Packer, Executive Chairman

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