REEF CASINO TRUST — Earnings Release 2003

Feb 23, 2004

Press Release

24 February 2004

Reef Casino Trust full year profit up 33% to $11.1 million Declares final distribution of 7.25 cents per unit

The Reef Casino Trust (RCT) is pleased to announce a net profit of $11.1 million for the financial year ended 31 December 2003. This result is $2.7 million or 33% better than the previous year's net profit of $8.4 million.

Earnings per unit rose from 16.8 cents in 2002 to 22.3 cents in 2003.

Mr Ben Macdonald, Chairman of the Trust said, "This excellent result was achieved despite difficult trading conditions for the leisure and tourism industry in the first half of the year. The result demonstrates the ability of the Reef Hotel Casino to adapt to changing trading conditions".

The Directors of the Trust are also pleased to announce a final distribution of 7.25 cents per unit on a tax deferred basis. As the interim distribution was 6 cents per unit, the total distribution for the 2003 financial year is 13.25 cents, up 8% on the previous year's distribution.

Total Trust rental income grew by 18% over the previous year and was underpinned by growth in Reef Hotel Casino operating revenues of 7%. Gaming operations in particular posted strong growth and this can be attributed to the upgrading of gaming machines, in house promotions and an effective VIP services department. Accommodation, food and beverage and other non gaming revenues also increased and reflected the wide range of choices offered to patrons.

Commenting on the outlook for the Trust Mr Macdonald said, "The Directors expect that the Trust will continue to perform well during 2004. Already, the first two months of the year are on budget. Positive factors in 2004 include the opening of the Cairns Rainforest Dome located on the complex's rooftop (featuring a wildlife experience including a saltwater crocodile, koalas and other native Australian animals), a new casino bar, new signage at Cairns International Airport, new exterior lighting and the possibility of new flights by Australian Airlines from Asian cities."

Mr Macdonald concluded, "Our continuing objective is to build on the Reef Hotel Casino's reputation as the "must see must visit" major attraction in Cairns and Far North Queensland."

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For further information:

Allan Tan Chief Financial Officer and Company Secretary Reef Corporate Services Limited Responsible entity of Reef Casino Trust Tel: 07 3232 3100 Fax: 07 3232 3111 Email: atan@casinosaustria.com.au

Peter Hook Accor Asia Pacific Tel: 02 9367 0860 Fax: 02 9367 0896 Email: hook peter@accor-hotels.com