30 December 2002

BY FACSIMILE:  1300 300 021

Company Announcements Office
The Australian Stock Exchange Limited

CONTACT:

Stephanie Daveson  (07) 3228 9493
Email:  Stephanie_Daveson@corrs.com.au


OUR REFERENCE: SD

JUPITERS LIMITED  - TAKEOVER BID FOR BREAKWATER ISLAND TRUST

On behalf of Jupiters Limited ("JUPITERS"), we give notice pursuant to Listing
Rule 3.3 that at 7.00 p.m. on 27 December 2002, the end of the offer period for
Jupiters' takeover bid for Breakwater Island Trust ("BREAKWATER"):

- -     Jupiters Limited and its associates have a relevant interest in 94.2% of
the units in Breakwater, being 135,379,808 units; and
- -     Compulsory acquisition of the remainder of the units will proceed.

Section 7.4(e) of Jupiters' Bidder's Statement dated 29 October 2002 provides
that if an acceptance form is returned by post, it will be deemed to be received
in time if the envelope in which it is sent is post-marked before the expiry of
the offer period (even if it is received after that date).  Accordingly,
Jupiters may accept acceptance forms after the end of the offer period which may
increase its relevant interest in Breakwater units. Jupiters intends to make an
announcement in relation to its relevant interest in Breakwater units if it
receives any  such acceptances.

Further, as Jupiters will proceed to compulsorily acquire the remaining
Breakwater units, it must allow unitholders who did not accept the offer prior
to the end of the offer period to accept either the cash or share alternative
outlined in the Bidder's Statement.  Accordingly, Jupiters intends to make a
further announcement in relation to its relevant interest in Breakwater units if
it receives any acceptances for the share alternative as part of the compulsory
acquisition  process.

Yours faithfully
CORRS CHAMBERS WESTGARTH



STEPHANIE DAVESON
Senior Associate