12 September 2003 The Manager – Company Announcements Australian Stock Exchange Limited Exchange Centre Level 6 20 Bridge Street Sydney NSW 2000 Dear Sir Betcorp Limited announces the redemption of US$15 million of Convertible Redeemable Notes Betcorp Limited (“Betcorp” or “Company”) today announced the early redemption of US$15 million in redeemable convertible notes (“Notes”), plus accrued interest, held by the vendor of the World Wide TeleSports (“WWTS”) business, WWTS Inc. The Notes, which accrued interest at the rate of 8% per annum, were used to partially finance the purchase of WWTS from WWTS Inc. in January 2003. Following the redemption on 11 September 2003, there is a balance of US$2.2 million in redeemable convertible notes outstanding. The redemption proceeds were funded by a combination of new equity raised by Betcorp in July 2003 (approximately A$20 million net of costs) and an advance provided by the National Australia Bank of US$3.2 million. The Betcorp Board decided to redeem the Notes early to improve cash flow management and provide Betcorp with complete access to the cash flow generated by the WWTS business and its cash balances. Importantly, the redemption will allow the Company to optimally manage its businesses and to put in place strategic initiatives to the benefit of the entire group. The Company intends to redeem the balance of the notes (US$2.2 million) as soon as possible utilizing available cash reserves held within the WWTS business. The remaining notes are redeemable at any time until 23 January 2005 at the option of Betcorp.
Dividend Policy The Betcorp Board has previously advised an intention not to pay dividends in 2003 consistent with restrictions placed on the Company under the terms of the Notes. The Company now anticipates declaring a dividend based on the full year results to 31 December 2003 once all outstanding notes have been redeemed. Yours faithfully Richard Barker Chief Executive Officer