REEF CASINO TRUST — Director's Dealing 2005

Sep 21, 2005

Rule 3, 19.4.2

Appendix 3Y

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced $30\dot{\bar{\partial}}/2001.$

Name of entity	REEF CASINO TRUST
IABN	90 464 324 877

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	JULIAN HERCUS
Date of last notice	02/09/2005

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	INDIRECT
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevant interest.	Mr Hercus has an interest in 240,000 unitsheld indirectly by Julian Hercus & AssociatesPty Ltd , of which MrHercus is a member.
Date of change	20/09/2005
No. of securities held prior to change	228,000
Class	ORDINARY
Number acquired	12,000
Number disposed	NII.
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	$36,000
No. of securities held after change	240,000
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buv-back	ON-MARKET TRADE

+ See chapter 19 for defined terms.

Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	N/A
Nature of interest
Name of registered holder
(if issued securities)
Date of change
No. and class of securities to which
interest related prior to changeNote: Details are only required for a contract in relation towhich the interest has changed
Interest acquired
Interest disposed
Value/ConsiderationNote: If consideration is non-cash, provide details and anestimated valuation
Interest after change

+ See chapter 19 for defined terms.