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Unitab May Increase Tab Bid

8 April 2004

AUSTRALIA – As reported by the Bloomberg: "Unitab Ltd., Australia's third-biggest gaming company, may increase its A$2 billion (US$1.5 billion) bid for Tab Ltd., topping Tabcorp Holdings Ltd.'s offer, Chief Executive Dick McIlwain said. Tab shares rose to a record.

"Unitab will `look at the value of the bid,' McIlwain said in a phone interview. Both bids value Tab shares at about A$4.50 each.

"…The prospect of a higher offer comes after a report commissioned by the New South Wales government said Unitab's offer doesn't financially disadvantage the state's racing industry, a condition placed on bidders. NSW Racing, which controls the state's horse and greyhound racing, favors Tabcorp's A$2 billion bid, which includes increased funding for the industry.

"…Tab shares rose 8 cents, or 1.7 percent to A$4.74 at the 2 p.m. close of trading in Sydney, the biggest gain since Unitab made its offer on Dec. 19. The stock exchange closed early for the Easter holidays…"

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