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Aristocrat Leisure Rating Raised

12 October 2004

AUSTRALIA – As reported by the Australia Associated Press: "Standard & Poor's has raised its corporate credit rating on Australia's Aristocrat Leisure Ltd to BB, from BB-minus, reflecting an improved performance in Aristocrat's US operations, greater control over working capital, and restoration of a conservative financial profile.

"The outlook is positive.

"The rating on Aristocrat reflects the company's leading position in the Australian gaming equipment market, and an increasingly diversified business profile by geographic region.

"…'Growth in the US business is a key driver of the improvement, with the installed base of participation games increasing to 4,051 from 2,755 in the six months to June 30, 2004, and providing a stable source of cash flow,' Standard & Poor's Corporate & Infrastructure Ratings credit analyst Andrew Lally said…"

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