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re: asx announcement text The Directors of Aristocrat Leisure Limited have considered the results of a comprehensive review by the
Company’s senior management of its global financial position.

The Board has also reviewed the operating results for the first four months of the financial year. Revenue
and profit levels for the first six months of the year will be less than previously expected.

It is now anticipated that on a global basis revenues will be down by approximately 15 to 20% and a loss
of A$32-37 million after tax is anticipated (including $28m after tax of one-off items; these do not include
anyy provision for payments to the former CEO and CFO).

The Company still expects to pay an interim dividend, however, it is likely to be at a reduced level
compared to the previous corresponding period.

The company’s acting CEO, David Crew, said that despite the difficulties experienced in the first half of
this year, Aristocrat remained confident about the profit outlook for the second half of 2003.

“We did expect some challenges in the first half of 2003, following recent senior management changes. In
our review of the business we have been rigorous in challenging previous forecasts,” he said.

AUSTRALIA

In Australia, Aristocrat’s revenue and profits have been affected by an unexpectedly strong downturn in gaming revenues, which has impacted negatively on some customers’ buying programs. The company has increased its market share within Australia, and continues to generate good profits on stable gross
profit margins. However, the reduced industry spending is expected to lead to revenues some 20-25%
below the previous corresponding period and profit 30-35% below the previous corresponding period.

Key factors identified include the effect of harm minimisation policies (including smoking bans and
restricted trading hours in gaming venues) and a general economic downturn, coupled with a decline in
tourism associated with security concerns following recent international events.

The company has also been affected by delays in receiving regulatory approvals for new games and
products. However, there has already been an improvement in the flow of approvals in the June quarter, which Aristocrat expects will have a positive effect in the second half of 2003. New concepts (Jackpot Deluxe and Dollar Storm in NSW, Lucky Devils in NSW and Victoria and Mt Cashman in Queensland)
and games (King of the Nile, Wild Ways, Thai Princess, Atlantis) are expected to drive improved revenue
performance in the second half compared to the first half.

AMERICAS

The results of the recent review, together with problems previously announced in South America, will have a significant impact on the financial results for the Americas as a whole. The company now expects total
revenue for the fmt half of 2003 to be about 40% less than for the corresponding period last year, resulting
in 3 segment contribution loss of A$30-40 million.

This sepent contribution loss includes one offcharges totalling A$41.8 million before tax, comprising
adjustments previously announced in relation to the South American operations (A$24.2 million before
tax), as well as further provisions for inventory and debtors totalling A$15.0 million before tax, and non-
recurring charges of A$2.6 million before tax.

The Board has reviewed the carrying value of the CDS goodwill and at this time does not anticipate any
writedown. This will continue to be evaluated on an ongoing basis.

A major contributor to the decline against the previous corresponding period is the fact that no contribution
is expected from South America, which contributed A$37.5 million revenue and A$11.4 million segment
contribution profit for the first half of last year.

Mr Creary said sales forecasts for North America had been reviewed and adjusted to reflect more realistic
projcctions than were previously adopted.

He said the United States remained a key market for Aristocrat and the company was now underraking a
consolidation and rebuilding program, including a reduction in inventories and outstanding debtors.

Mr Creary said the United States is expected to lift in the second half of this year. The company has
refocussed its sales teams in the US to take maximum advantage of the recent product approvals and the
outstanding performance of some of Aristocrat's newly released games. MKVI games are performing well
and achieving strong acceptance, and the number of units on participation increased by 34% to 1,538
during the four months to 30 April.

OTHER MARKETS

In addition, Aristocrat is continuing to perform well in other global markets.

Europe
The growth evidenced in Europe last year has continued in the current half, and strong revenue
and profit growth are forecast for the current half and full year.

New Zealand
Revenue is expected to rise by about 30% in the first half to June 30, with modest growth expected for the full year.

South Africa
Aristocrat is the first company to receive regulatory approml to participate in trials for the
Limited Payout Market, which is expected to fully open later this year. Strong revenue and local
contribution profit growth during the first half of the year is expected to be more moderate for the full year.

Japan
Unit sales and revenue continue to show good growth. However, changing product mix and higher agents' commissions compared to the previous corresponding period will result in local contribution profit
remaining flat. Demand for the company's Kyojin No Hoshi game remains strong.

Mr Creay said Aristocrat remained a sound and solid company. It was now time to consolidate and move
forward to what is expected to be a much stronger second half for 2003.

EXECUTIVE AND NON-EXECUTIVE APPOINTMENTS

As previously announced, the Board has engaged the executive search firm Russell Reynolds Associates to
assist in the appointment of a new CEO, CEO and up to three new non-executive directors. The search is
well underway and a number of candidates have been identified for each of the positions. A further update
will be provided by the end of June.