Transaction overview Acquisition of Gala Casinos for £205m cash consideration –8.7x 2011A 'Acquired' EBITDA (1) of £23.5m –Opportunity to unlock cost and revenue synergies of more than £1m pa Gala Casinos is the third largest casino operator in Great Britain –23 land-based operating casinos in Great Britain –Three non-operating licences Gala is retaining –Venues and associated licences in Gibraltar and Dundee –Non-operating licence for the City of Westminster (London) –Gala branded online casino activities –Central management functions (1)Based on EBITDA of £23.5m for the 12 months ended 24 September 2011 4
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