After eight years as managing director and chief executive officer of TABCORP Holdings Limited, Ross Wilson has announced that he will leave the company at the end of August 2002.

Mr Wilson informed the TABCORP Board he would not be renewing his contract which expires on 30 June 2002. He has agreed to stay on until after the company's full year results announcement.

TABCORP chairman, Michael Robinson, said "Ross Wilson joined TABCORP in 1994 at the time of the company’s formation and public listing. From this time he has overseen the cultural and physical changes which have transformed the former Victorian government owned TAB into one of Australia's top 50 public companies and a leader in the Australian leisure and entertainment industry."

"These changes have included diversification into the Sydney casino market with the successful acquisition of Star City, generating growth from what was regarded as a mature wagering business and making the responsible service of gambling a priority within the company."

Mr Robinson noted that while TABCORP shareholders have been significant beneficiaries throughout the period, enjoying uninterrupted earnings and dividend growth, more than one million Victorians every year are able to enjoy improved leisure facilities resulting from more customer friendly TAB and gaming venues.

"There have been an enormous number of achievements under Ross' leadership. He has however, been outstanding in establishing an incredibly efficient, well managed company by attracting and developing highly motivated, dedicated staff."

"On behalf of my fellow directors, I would like to thank Ross and extend to him our warmest wishes for his future," Mr Robinson added.

Commenting on his decision, Mr Wilson said it was the right time for a change. "The company is in good shape financially and well positioned for the future. I'm very proud of what we’ve been able to achieve - for shareholders, our business partners, our employees and the community."

"My time at TABCORP has been both challenging and immensely satisfying. I've been supported by a great Board and have worked with a first class team of executives and employees, all of whom I would like to thank."

BACKGROUND

• Ross Wilson joined TABCORP in June 1994.
• Revenues have increased from $622.1m for the proforma full 1994/95 financial year to $977m in the first half of the 2001/02 year. (NB This is not a seasonal business).
• Profit after taxation has increased from $68.5m for the proforma full 1994/95 financial year to $128.1m in the first half of the 2001/02 year.
• EPS has grown from 22.8 cents per share for the proforma full 1994/95 financial year to 34.4 cents per share in the first half of the 2001/02 year.
• DPS has grown from 14.5 cents per share for the full 1994/95 financial year to 31 cents per share in the first half of the 2001/02 year. (Fully franked each year).
• Star City was acquired for $1,674 million in October 1999.
• Return on shareholders funds has increased from 10% in 1994/95 to 20.3% annualised, after absorbing the acquisition of Star City.
• Star City’s potential is being realised, and profit volatility has been substantially reduced following the decision to suspend international rebate play.
• The benefits of business diversification are evident. For first half 2001/02, Star City contributed 35% of PBIT pre goodwill; gaming 51% and wagering 14%.
• Number of employees has grown from 2,415 to 5,554.
• Australian Gaming Council formed with TABCORP as founding member and Ross Wilson as chairman.
• Mr Wilson is a member of the Business Council of Australia, the Council of Swinburne University of Technology and is chairman of the Capital Campaign Committee for the MS Society.