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1 18 November 2015 Lasseters Corporation Ltd (ASX:LAS) Signs agreement to Acquire Cambodian Company Gereta Investment Co. Ltd, for access to online and land based casino and gambling licence. Lasseters Corporation Ltd. (LAS or the Company) is pleased to announce that on Tuesday November 17 th 2015 it executed a binding conditional share sale and purchase agreement (Acquisition Agreement) with Ms Li Jingru (Vendor) the sole shareholder of Gereta Investment Co. Ltd Co. 2234E/2015, a company incorporated in Cambodia (Gereta) pursuant to which the Company proposes to acquire all of the issued shares in Gereta from the Vendor in consideration for cash and the issue of the Shares the subject of LAS shareholder approval at a soon to be announced shareholder meeting. Also on Tuesday, 17 th November 2015, Gereta entered into a binding conditional service agreement (Service Agreement) with Bao Jia Li Intl. Co Ltd (BJL) pursuant to which BJL would provide certain services and content to Gereta conditional upon completion of the Acquisition Agreement. The rationale behind the purchase is that Gereta has been given approval in principle by the Government of Cambodia for a licence to operate an online gambling and gaming business as well as a land based casino. The Company believes that expertise of it and its JV partners in the online gambling area, combined with the low costs of operating in Cambodia and proximity to the fast growing lucrative markets of Asia will give it significant competitive advantages over other operators. Transaction Summary Under the terms of the Acquisition Agreement, the Company has agreed to acquire all of the issued capital of Gereta from the Vendor. The consideration payable to the Vendor under the Acquisition Agreement is: $2.1 million cash at completion; and the issue of 42,000,000 fully paid ordinary shares on a post consolidation basis. The Acquisition Agreement is subject to a number of conditions precedent, principal among them are: Shareholder approval of: the change to the nature and scale of the Company s activities; the consolidation of the issued capital of the Company; the issue of shares pursuant to the Capital Raising; the issue of shares to the Vendor; the change of the Company s name to Tefei International Ltd the Company being satisfied with the results of its due diligence; the Company successfully completing the Capital Raising; the Company receiving confirmation from the ASX that it will re-admit the Company to the official list of the ASX and terminate the suspension from quotation; 1

2 the Vendor entering into any Restriction Agreement required by ASX; the Service Agreement being unconditional (other than for completion of the Acquisition Agreement); the Company having successfully and duly incorporated and registered a wholly-owned subsidiary in Cambodia for the purpose of holding the shares in Gereta; Gereta obtaining a valid casino licence and any and all necessary licence, approval, permit and/or authorization in the favour of and under the name of Gereta in order for Gereta to lawfully operate a gaming business in Cambodia; all necessary registration and approvals having been obtained for the sale and purchase of the shares in Gereta from the relevant governmental authorities in Cambodia; and no event has occurred that may have a material adverse affect on Gereta. The Acquisition Agreement also contains a number of standard terms and conditions, including representations and warranties from each party considered standard for an agreement of this nature. Under the terms of the Service Agreement, subject to completion of the Acquisition Agreement, BJL will provide access to third party content providers and a technology platform to permit Gereta to operate an online gambling operation from Cambodia. Gereta is obliged to pay an upfront commitment fee of USD250,000 and a monthly service fee based on the monthly gross win of the online gambling operation. The minimum monthly service fee is USD20,000 if the monthly gross win is less than USD500,000. Otherwise, the monthly service fee is 5% of the monthly gross win where the gross win is between USD500,000 and USD1,000,000; 4% of the monthly gross win where the gross win is between USD1,000,000 and USD1,500,000; and 3% if the gross win exceeds $1,500,000. Capital Raising As part of the transaction, and in order to satisfy the requirements to re-list on the ASX, the Company will conduct a capital raising. The capital raising will be conducted pursuant to a prospectus and will seek to raise a minimum of $5 million and a maximum of $7.5 million at $0.02 per share (on the basis of a 4 to 1 consolidation being applied), subject to ASX approval. Subject to ASX and shareholder approval, it is expected that the capital raising will include a 9 for 1 entitlement offer to existing shareholders of the Company to raise up to approximately $7,000,000 as well as a general offer to raise an additional $500,000 (plus any shortfall from the entitlement offer). Kings Knight Capital Limited, the majority owner of the Company, intends to take up its full entitlement. Change of Activities The acquisition of Gereta will result in a change in the Company s nature and scale of activities which will require shareholder approval under Chapter 11 of the ASX Listing Rules. The Company will also be required to re-comply with Chapters 1 and 2 of the ASX Listing Rules. The Company will despatch to shareholders a notice of meeting seeking the relevant approvals to undertake the process. The notice of meeting will contain detailed information relating to the acquisition. 2

3 Share Consolidation As part of the transaction, and subject to shareholder approval, the Company proposes to undertake a consolidation of its capital at a ratio of 4 to 1. Name Change As part of the transaction, and subject to shareholder approval, the Company will change its name to Tefei International Ltd. Indicative Capital Structure The indicative capital structure of the Company following completion of the transaction and its reinstatement to trading on ASX is set out below: Shares Minimum Subscription 1 Maximum Subscription 2 Current issued capital (prior to Consolidation) 155,801, ,801,484 Estimated issued capital following the proposed 38,950,371 38,950,371 Consolidation 3 Proposed issue of shares to Vendor 3 42,000,000 42,000,000 Proposed issue pursuant to the Capital Raising ,000, ,000,000 Total estimate on completion of the matters contemplated by 330,950, ,950,371 the Acquisition Resolutions on a post-consolidation basis 3 Note 1: Assumes the minimum subscription amount of $5,000,000 under the Capital Raising is raised and 250,000,000 Shares are subscribed. Note 2: Assumes the minimum subscription amount of $7,500,000 under the Capital Raising is raised and 375,000,000 Shares are subscribed. Note 3: Assumes a consolidation of capital at a ratio of 4 to 1. 3

4 Indicative Timetable An indicative timetable for the completion of the transaction and associated corporate actions is set out below: Event Indicative Dates Announcement of the transaction 18 November 2015 Notice of Meeting sent to Shareholders 23 November 2015 Shareholder Meeting 23 December 2015 Prospectus lodged with ASIC 24 December 2015 Prospectus released to market 5 January 2016 Prospectus offer closes 26 February 2016 Completion of transaction 1 March 2016 Reinstatement to trading on the ASX 4 March 2016 The timetable is indicative only and may be varied by the Company. Shareholders should note that the Company s shares will continue to be suspended from trading and will remain suspended until such time as the Company has re-satisfied Chapters 1 and 2 of the ASX Listing Rules. The Company has also assumed (and sought in principle advice from ASX) that ASX will grant the Company a short extension of the time for its automatic removal as a long-term suspended entity pursuant to paragraph 3.4 of ASX Guidance Note 33. Full details of the planned capital raising, share consolidation, and other matters associated with the transaction will be contained in the forthcoming Notice of Meeting to shareholders. 4

5 Further Information: Corporate Advisor: Company Secretary Novus Capital Ltd. Company Matters Pty Ltd Gavan Farley Mark Langan About Lasseters Corporation Ltd The Company is a public company that was admitted to the Official List of the ASX on 1 June 2000 but its shares have been suspended from trading since 9 September Prior to the suspension of trading in its shares in 2008, the Company operated two online casinos (Lasseters Online and AusVegas) as well as an online sportsbook to tap into the internet-based sports betting market worldwide.. It ceased taking new bets in October 2008 and these businesses were sold in October Since then the Company has not traded but has been seeking suitable partners by way of new equity and assets in order for trading in its shares to recommence. On 18 August 2015, the Company announced that it had entered into a bid implementation agreement with Kings Knight Capital Limited (KKC) pursuant to which KKC would offer to acquire all of the issued shares of the Company by way of an off-market takeover bid. KKC completed its takeover bid on 01 October 2015 and now holds 64.44% of the Company s Shares as of 30 September