REEF CASINO TRUST — M&A Activity 2014

Nov 23, 2014

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22 November 2014

The Manager Company Announcements Office Australian Securities Exchange

Dear Sir / Madam

Notice of status of defeating conditions received in relation to proposed takeover of Reef Casino Trust by Aquis

Reef Casino Trust ARSN 093 156 293 ( RCT ) refers to the offer ( Offer ) made by Aquis Casino Acquisitions Pty Ltd ACN 166 108 701 ( Aquis ) under an off market takeover bid for all the units in RCT. The Offer is contained in Aquis’ Bidder’s Statement dated 21 March 2014 as amended ( Bidder’s Statement ).

RCT has received a notice ( Notice ) from Aquis on 21 November 2014 for the purposes of section 630(3) of the Corporations Act 2001 (Cth). The Notice states that:

1. as stated in the notices dated 22 August and 19 September, the conditions in each of paragraphs 9.7(e) and 9.7(f) of the Bidder’s Statement have been fulfilled and accordingly the Offer is now free of those conditions;

2. so far as Aquis knows, the conditions set out in paragraphs 9.7(a), (b), (c), (d), (g), (h), (i), (j), (k), (l), (m), (n) and (o) of the Bidder’s Statement have not been fulfilled and, accordingly, the Offer remains subject to those conditions; and

3. as at the date of the Notice, Aquis’ voting power in RCT is 82.8%.

The Offer closes on 28 November 2014.

RCT will continue to keep the market informed as required by the ASX Listing Rules.

Yours sincerely

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Allan Tan Executive Director Reef Corporate Services Limited Responsible Entity, Reef Casino Trust

Enquiries / further information

For further information please contact: Keith DeLacy Independent Director +61 7 3211 3000

REEF CASINO TRUST ARSN 093 156 293

Registered Office Level 1 Mercure Hotel 85-87 North Quay Brisbane QLD 4000 PO Box 12072 George Street Brisbane QLD 4003 Telephone: +61 7 3211 3000 Facsimile: +61 7 3211 4777

Addressing for invoicing Reef Hotel Casino 35-41 Wharf Street Cairns QLD 4870 PO Box 7320 Cairns QLD 4870 Telephone: +61 7 4030 8888 Facsimile: +61 7 4030 8831

Responsible Entity - Reef Corporate Services Limited ABN 66 057 599 621, AFSL 246699