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Australia's Breakwater Recommends Jupiters' Cash Bid

29 October 2002

TOWNSVILLE, Australia – As reported by the Dow Jones: "The independent directors of Australia's Breakwater Island Trust (Australia:BRI.AX) have Tuesday formally recommended unitholders accept a cash takeover offer from casino operator Jupiters Ltd. (Australia:JUP.AX) .

"But they have advised against an alternative offer of Jupiters shares for Breakwater Island units.

"In its Target's Statement, lodged with Australian regulators, Breakwater Island advises unitholders to accept the cash offer of 37 cents a unit promptly so that the conditions of the Jupiters offer can be met and payment be made.

"…Jupiters is seeking to buy the 52.5% of Breakwater Island Trust it doesn't already own. The trust owns the Jupiters Townsville hotel and casino complex, which is operated and managed by Jupiters Ltd…"

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