REEF CASINO TRUST — Earnings Release 2005

Feb 23, 2005

Press Release

24 February 2005

Reef Casino Trust Full year operating profit up 21% to \$13.4 million Increases final distribution to 8 cents per unit

The Reef Casino Trust (RCT) is pleased to announce a net operating profit of \$13.4 million for the financial year ended 31 December 2004. This result is \$2.3 million or 21% better than the previous year's net profit of \$11.1 million.

Earnings per unit on an operating basis rose from 22.3 cents in 2003 to 27.0 cents in 2004.

Mr Ben Macdonald, Chairman of the Trust said, "The strong growth in net operating profit is due to increased rental income which, in turn, was generated by strong growth in revenues recorded by the Reef Hotel Casino complex in Cairns".

The Directors of the Trust are also pleased to announce a final distribution of 8 cents per unit on a tax deferred basis to be paid on 29 March 2005. The interim distribution paid to unitholders in September 2004 was 7.25 cents per unit, making the total distribution for the 2004 financial year 15.25 cents. This is an increase of 15% over 2003's total distribution.

Three major factors contributed to the Reef Casino Trust's total bottom-line profit of \$41.9 million for the financial year ended 31 December 2004.

These were: ¢, 13.4 million Net Operating Profit Revaluation of the Trust's property as at 30 June 2004 25.9 million Cash settlement of the Trust's construction litigation 2.6 million $\bullet$ \$41.9 million

REEF CASINO TRUST

ABN 90 324 877 Managed by Reef Corporate Services Limited - ABW 66 057 599 621
Level 15 Waterfront Place, i Eagle Street, Brisbane QLD 4000, PO Box 7897 Waterfront Place, Brisbane QLD 4000
Telephone : 97 3232 3100 Pacsimile : 07 3232 311

The two "non-operating" items are of a capital nature and are non distributable. The carrying value of the investment property at 31 December 2004 was \$136 million.

Mr Macdonald said, "Reef Hotel Casino management's initiatives and strong marketing promotions payed the way for a 9% increase in visitors to the complex compared to 2003 with revenues across the complex rising from the 2003 level by almost 8%".

"Not only did gaming operations once again post steady growth, the Reef Hotel Casino's philosophy of providing patrons with high quality service, attractive surroundings and ambience, excellent choices of food and beverage facilities, entertainment and other attractions all within the Reef Hotel Casino complex, contributed to its success."

Mr Macdonald concluded, "Our continuing objective is to build on the asset value of the Reef Hotel Casino. The operator of the Reef Hotel Casino continues to strengthen the reputation of the complex as the "must see must visit" major attraction in Cairns and Far North Queensland."

Both the Trust and the operator share a positive outlook.

• ENDS -

For further information:

Allan Tan Chief Executive Officer Reef Hotel Casino Tel: 07 4030 8888 Fax: 07 4030 8794 Email: atan@casinosaustria.com.au

Peter Hook Director of Communications Accor Asia Pacific Tel: 02 9280 9888 Fax: 02 9280 9898 Email: peter.hook@accor.com

REEF CASINO TRUST ABN 90 324 877 Managed by Reef Corporate Services Limited - ABN 66 057 599 621
Level 15 Waterfront Place, 1 Eagle Street, Brisbane QLD 4000, PO Box 7897 Waterfront Place, Brisbane QLD 4000
Telephone : 07 3232 3100 Pacsimile : 07 3232 311