GPT GROUP — M&A Activity 2003

Nov 2, 2003

Gavin P Herholdt Company Secretary

Phone: 61 7 4946 8050 Fax: 61 7 4946 8320

Companies Announcement Office Australian Stock Exchange 20 Bridge Street SYDNEY NSW 2000

New and increased Takeover Offer by 21^st Century GPT announces it will not increase its offer Hamilton Island Board recommends acceptance of 21^st Century Offer in the absence of a superior

offer

21st Century Resorts Holdings Pty Limited ("21st Century") has today announced that it intends to make an off-market unconditional cash takeover offer for all the ordinary shares in Hamilton Island at \$3.25 per share. The off-market offer will increase to \$3.32 per share in the event 21^st Century obtains a relevant interest in 90% of the shares in Hamilton Island.

The off-market offer will run concurrently with 21^st Century's existing on-market offer announced last week, which has also been increased to \$3.25 per share, and which will also increase to \$3.32 in the event that 21^st Century obtains a relevant interest in 90% of the shares in Hamilton Island

Following this announcement Voyages Hotels & Resorts Pty Limited ("Voyages") announced that it will not be increasing its existing offer for Hamilton Island of \$3.13 per share, and that it intends to accept the 21^st Century offer in the absence of a superior offer

The Board has also received an updated Independent Expert's report from Deloitte Corporate Finance Pty Limited ascribing a value of \$2.58 to \$3.15 per Hamilton Island share on a standalone basis and concluding that the offer is fair and reasonable.

In the context of Vovages' decision not to increase its offer and the extensive process undertaken during the strategic review the Board considers it unlikely that there will be further higher offers for Hamilton Island.

Accordingly the Board of Hamilton Island recommends unanimously that shareholders accept the Off- Market offer from 21^st Century in the absence of a superior offer

Shareholders should receive the formal 21^st Century offer document together with the formal response statement and Independent Expert's report by the end of this week. This document will include the acceptance form which shareholders should use to accept the 21^st Century offer. The sooner shareholders accept the offer the sooner 21^st Century can achieve its 90% holding which will trigger the increase in the offer from \$3.25 to \$3.32 per Hamilton Island share.

Mr Michael Butler Chairman of Hamilton Island said:

"The Board is delighted that this long process is now drawing to a conclusion with a successful result for the Shareholders and other stakeholders".

Regards

Michael Butler Chairman Hamilton Island Limited

For further information please contact:

Trevor Loewensohn J.P. Morgan Australia Limited Phone: (02) 9220 7923