REEF CASINO TRUST — M&A Activity 2014

Mar 19, 2014

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ASX Announcement Update in relation to Aquis takeover offer

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Reef Corporate Services Limited ABN 66 057 599 621, in its capacity as responsible entity of the Reef Casino Trust ARSN 093 156 293 ( RCT ), refers to its previous announcements dated 24 February 2014 and 13 March 2014 regarding the takeover offer by Aquis Casino Acquisitions Pty Ltd (ACN 166 108 701) ( Aquis ) for all of the ordinary units in RCT ( Offer ).

RCT wishes to advise that following a request for clarification made by ASIC, its two largest unitholders, Casinos Austria International and Accor, who collectively have a relevant interest in more than 70% of the units in RCT, wish to clarify their intentions in relation to the Offer.

Casinos Austria International and Accor remain supportive of the Offer, and have confirmed that:

• (a) they intend to accept the Offer in respect of all of their RCT units within two weeks of the Offer opening, in the absence of a superior proposal; and

• (b) once they accept the Offer, they will not exercise any withdrawal rights[1] if the Offer period is extended because of the non-satisfaction of the gaming regulatory approval or minimum acceptances conditions at the time the Offer is scheduled to close, subject to there being no superior proposal at any time while the withdrawal right is available. Casinos Austria International and Accor do not waive any other withdrawal rights that might arise in connection with the Offer.

The terms of the proposed Offer remain unchanged. If the Offer proceeds, and is successfully completed, unitholders will receive $4.354 cash per unit.

As at the date of this announcement, no superior proposal has emerged.

Next steps

Aquis intends to send its Bidder’s Statement to RCT unitholders shortly. Following that, RCT will provide unitholders with its detailed recommendation in its Target’s Statement, to be sent to unitholders shortly after the Bidder’s Statement. The Target’s Statement will include an independent expert’s report.

RCT will keep unitholders informed of any material developments as the transaction progresses.

Enquiries / further information

For further information please contact:

Keith DeLacy Independent Director +61 7 3211 3000

• 1 For example, under the Corporations Act 2001 (Cwlth), a withdrawal right may arise if the Offer is subject to a defeating condition and Aquis varies the Offer in a way that postpones the end of the Offer period for more than one month.

REEF CASINO TRUST

ARSN 093 156 293

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

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