REEF CASINO TRUST — Director's Dealing 2006

May 18, 2006

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 30/9/2001.

Name of entity	Reef Casino Trust
JABN	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	Michael Issenberg
Date of last notice	5 April 2006

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 / Direct
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Mr Issenberg has an interest in 1,000 unitsheld indirectly by his children/spouse.Mr Issenberg has a direct interest in 220,000units.
Date of change	17 May 2006
No. of securities held prior to change	201,000
Class	Ordinary
Number acquired	20,000
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-eash, provide details and estimatedvaluation	$70,400
No. of securities held after change	220,000 direct1,000 indirect

+ See chapter 19 for defined terms.

Rule 3.19A.2

Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back-	On-market trade

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

+ See chapter 19 for defined terms.