GPT GROUP — M&A Activity 2003

Nov 4, 2003

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General Property Trust & Voyages Hotels and Resorts ASX Announcement

INCREASED OFFER BY 21ST CENTURY FOR HAMILTON ISLAND LIMITED

5 November 2003

General Property Trust (GPT) and Voyages Hotels & Resorts Pty Ltd (Voyages) announced on 3 November that Voyages does not intend to increase its offer for Hamilton Island Limited (HAM) and, in the absence of a higher offer, intends to sell its 20.65% stake into the 21st Century off-market offer. GPT and Voyages confirm these intentions and advise that, given the 21st Century offer is at a higher price and unconditional and the fact that 21st Century has now served its bidder's statement in respect of its offer, Voyages will not be dispatching offers in respect of its bid announced on 22 October 2003

ENDS

Enquiries

GPT Management Ltd Nic Lyons Chief Executive Ph: 02 9237 5816

Bruce Morris, Hotel/Tourism Portfolio Manager Ph: 02 9237 5641

Voyages Hotels and Resorts Pty Limited Grant Hunt, Chief Executive Ph: 02 9339-1020