GPT GROUP — M&A Activity 2003

Nov 2, 2003

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General Property Trust & Voyages Hotels and Resorts ASX Announcement

VOYAGES' RESPONSE TO INCREASED OFFER BY 21^ST CENTURY FOR HAMILTON ISLAND LIMITED

3 November 2003

Following the announcement today by 21^st Century of its increased offer for Hamilton Island Limited (HAM), General Property Trust (GPT) announces that Voyages Hotels & Resorts Pty Limited (Voyages) does not intend to increase its existing offer for HAM. In the absence of a higher offer, Voyages intends to sell its stake in HAM of 20.65% into the 21^st Century off market takeover.

Voyages' profit on the sale of its stake will be approximately \$1.75 million.

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