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Reef Casino May Results Hit by Players' Wins

14 June 2002

BRISBANE, Australia –- As reported by the Australia Associated Press: "Gaming and luxury hotel group Reef Casino Trust today announced its results were better than budget in the first quarter of 2002.

"`The results were better than expected in the first quarter of 2002 but May's results were negatively impacted by wins by premium players. We anticipate that June's results will be close to budget,' according to Reef Casino Tan chief financial officer Allan Tan.

" `We estimate that the distribution for the six months ended 30 June 2002 is likely to be around six cents per unit on a tax deferred basis, compared with six months ended 30 June 2001 of six cents.'

"…Reef units last closed at $1.55 (US$0.87) yesterday."

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