REEF CASINO TRUST — AGM Information 2003

Mar 30, 2003

28 March 2003

Dear Unitholder

Annual Report & Annual General Meeting

I am pleased to enclose a copy of the Trust's annual report for the year ended 31 December 2002. I have also enclosed a copy of the news release regarding the 2002 results of the Trust that was announced on 4 March 2003.

The Board looks forward to welcoming you to the Annual General Meeting of the Trust which will be held in the Urchins Lounge, on level 2 of the Reef Hotel Casino. 35 Wharf Street, Cairns, Queensland, on 27 May 2003, at 11 am. The notice of meeting and a proxy form are enclosed.

Special Offer for Unitholders

We have arranged for free carparking in the basement carpark of the Reef Hotel Casino. If you are driving to the meeting, we will issue you with a complimentary parking voucher at the meeting. Simply present this voucher when you leave the carpark.

You may also wish to take advantage of a special accommodation rate at the Reef Hotel Casino during the annual general meeting of just \$130.00 per night, including GST. This special rate is exclusively for unitholders and is available for the nights of 26, 27 & 28 May 2003. Please mention that you are a unitholder at the time of booking. Bookings can be made by telephoning 0740 308801.

In addition, available only on the day of the meeting, you can also lunch in Pacific Flavours Brasserie for a special unitholders offer of \$15.50 per head, a saving of \$9.50. Please present this letter when availing yourselves of this buffet lunch offer.

The Board and I look forward to meeting many of you at the annual general meeting.

Yours sincerely

Ben Macdonald Chairman Reef Corporate Services Ltd Responsible entity of Reef Casino Trust

NOTICE OF ANNUAL GENERAL MEETING

REEF CASINO TRUST

Reef Corporate Services Ltd Responsible Entity

Notice is hereby given that the Annual General Meeting of Reef Casino Trust (Trust) will be held in the Urchins Lounge, Level 2 at the Reef Hotel Casino, 35 Wharf Street, Cairns, Queensland on 27th May 2003 at 11 am.

BUSINESS

• $1₁$ That the Chairman's Review be received and considered
• $2.$ That the Statement of Financial Performance and Statement of Financial Position as at 31 December 2002, and the Statement of Cash Flows for the year ended 31 December 2002, together with the Directors' Report, the Directors' Declaration and the Independent Auditors' Report to Unitholders be received and considered.
• $3.$ To re-elect The Honourable Keith De Lacy as a Director of the Responsible Entity. The Honourable Keith De Lacy retires as a Director of the Responsible Entity at the Annual General Meeting and offers himself for re-election as a Director appointed by Unitholders for another term.
• $\overline{4}$ . To re-elect Mr Julian Hercus as a Director of the Responsible Entity. Mr Julian Hercus retires as a Director of the Responsible Entity at the Annual General Meeting and offers himself for re-election as a Director appointed by Unitholders for another term.

BACKGROUND ON DIRECTOR CANDIDATES

Honourable Keith De Lacy

The Honourable Keith De Lacy resides in Cairns, Queensland. He was first appointed a director of Reef Corporate Services Limited on 1 December 1999. His current directorships include Trinity Funds Management (Chairman), Macarthur Coal Limited (Chairman), and Advance Cairns (Chairman): Director of Queensland Investment Corporation, and Securities Exchanges Guarantee Corporation. He retired from the position of Chairman of Ergon Energy Pty Ltd on 30 June 2002.

He was the Treasurer of Queensland from 1989 to 1996 and the Member for Cairns (MLA) from 1983 to 1998.

He holds an Honorary Doctor of Letters from James Cook University, a Bachelor of Arts from University of Queensland, and a Diploma of Agriculture from Gatton College.

He is a Fellow of the Australian Institute of Management, and the Australian Institute of Company Directors.

Mr Julian Hercus

Mr Julian Hercus was first appointed a director of Reef Corporate Services Limited by Unitholders on 31 October 2000. He is a consultant in aviation, marketing and tourism. He also has interests in several private and public enterprises.

He is a director of Casinos Austria International Limited and ID Tours South Pacific Pty Ltd. He is also Director and owner of Australia's Northern Territory and Outback Centre Pty Ltd.

He is a member of the Advertising Federation of Australia, Code of Practice Committee.

Previously he was Deputy Chief Executive Commercial at Qantas Airways Ltd, a position he held for four years. Over a career of 28 years at Qantas his roles included Regional Director UK & Europe. General Manager Passenger Sales & Marketing and Director of Corporate Planning.

His previous directorships include Australian Tourism Industry Association; Thomas Cook Ltd; Australia-Asia Airlines, QH Tours Ltd; Jetabout North America Inc and Australia Pacific Distribution Ltd.

Mr Hercus holds a Bachelor of Science Degree from the University of NSW and has attended the Advanced Management Program at Harvard University. He is a Fellow of the Australian Institute of Company Directors.

PROXIES OR REPRESENTATIVES

A Unitholder of the Trust who is entitled to attend and vote at the annual general meeting is entitled to appoint one person as the Unitholder's proxy to attend and vote instead of the Unitholder at the meeting.

The instrument appointing a proxy must be in writing signed by the appointer or that person's duly authorised proxy or attorney or, if the appointer is a body corporate, either under seal or otherwise executed as authorised by the constitution of the body corporate or signed by the appointer's duly authorised proxy or attorney.

A body corporate is able to authorise a representative to vote on its behalf. For corporate representatives a certificate must be executed under the common seal of that body corporate or otherwise as authorised by the body's constitution. The form required for that certificate can be obtained from the Company Secretary of the Responsible Entity.

A proxy attorney or representative need not be a Unitholder of the Trust. Proxy forms and a copy of the power of attorney or other authority (if any) under which the form is signed must be lodged at the Trust's share registry, Computershare Investor Services Pty Ltd, GPO Box 523. Brisbane Qld 4001 or at fax number 07 3229 9860, not less than 48 hours before the time for holding the meeting. A proxy form accompanies this notice of meeting.

Books Closing Date

The directors have determined, in accordance with the Constitution of the Trust that, for the purpose of voting at the meeting, units will be taken to be held by the registered holders at 11 am on 12 May 2003.

By order of the Board

Allan Tan Company Secretary Reef Corporate Services Ltd 28 March 2003

REEF CASINO TRUST

REEF CORPORATE SERVICES LTD Responsible entity

PROXY FORM

$To:$

Reef Corporate Services Limited C/- Computershare Investor Services Pty Ltd GPO Box 523 BRISBANE QLD 4001

Facsimile: 07 3229 9860

Name :
Address :
Being a Unitholder(s) of Reef Casino Trust, hereby appoint:
Name of Proxy :
Address :

or failing a nomination being made, the Chairman of the meeting as my/our proxy to vote on my/our behalf at the annual general meeting of the Reef Casino Trust to be held at 11 am on 27 May 2003, and at any adjournment thereof.

I/We direct my/our proxy to vote as indicated below.

(If you wish to indicate how your proxy is to vote, please tick the appropriate boxes below. If no directions are made, the proxy may abstain or vote at his or her discretion.)

Resolution	For	Against	Abstain
1. To re-elect Hon Keith De Lacy as a director.		$\begin{array}{cccccccccccccc} & & & & & & & & & & & & & & & & & & & & & & & & & &$
2. To re-elect Mr Julian Hercus as a director.		$ \cdot $ $ \cdot $ $ \cdot $ $ \cdot $

Signed: ....................................

Date: ........................

Please refer to completion instructions overleaf.

COMPLETION INSTRUCTIONS

To be effective, this proxy form and the power of attorney (if any) under $1¹$ which it is signed or a copy certified in accordance with section 14 of the Power of Attorney Act 1998 (Qld), must be deposited with or faxed to:

Reef Corporate Services Limited C/- Computershare Investor Services Pty Ltd GPO Box 523 BRISBANE QLD 4001 Telephone no: 07 3237 2100

07 3229 9860 Fax no:

$\overline{\phantom{a}}$

not less than 48 hours before the time for holding the meeting.

• If the Unitholder is a corporation, the proxy form should be signed under $2₁$ seal or under the hand of an officer or authorised attorney.
• $3.$ Any proxy form in which the name of the proxy is not filled in will be deemed to be given in favour of the Chairman of the meeting.