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Ainsworth Considers Reverse Takeover of Aristocrat

23 June 2003

AUSTRALIA – As reported by the Australia Herald Sun: “Poker machine doyen Len Ainsworth might consider a reverse takeover of the embattled gaming group he founded, Aristocrat Leisure, considering its management had `lost sight of the ball’.

“Mr Ainsworth, now chairman of Ainsworth Game Technology, said `slack management and slack directors in particular’ were to blame for Aristocrat's situation.

“Aristocrat shares soared last week to $1.35 on takeover speculation, after being previously hammered after two profit warnings and the resignation of the company's chairman, chief executive and chief financial officer.

“…But Mr Ainsworth yesterday said a reverse takeover was one option he had considered, after ruling out a straight takeover of the company he built and later sold.

“…He said his own company needs to get a bit more horsepower behind it before it could take it over on satisfactory levels. It

“…Mr Ainsworth called Aristocrat rudderless and wanted to know the `real story’ of why the company's management had `lost sight of the ball’.

“Mr Ainsworth said after some tidying up, Aristocrat could be `back on its feet’ in six to 12 months, and that his family have been taking advantage of the low share price to increase their stake…”

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