GPT GROUP — Regulatory Filings 2003

Oct 23, 2003

Gavin P Herholdt Company Secretary

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

24 October 2003

Companies Announcement Office Australian Stock Exchange

Takeover Offer by 21st Century for Hamilton Island Limited

The Board of Directors of Hamilton Island Limited ("Hamilton Island") has been advised that 21st Century Resorts Holdings Pty Limited ("21st Century") intends to make an on-market unconditional cash takeover offer for all the ordinary shares in Hamilton Island at \$3.20 per share.

A substantial shareholder notice has also been received from 21st Century disclosing that it has acquired a 19.55% stake in the shares of Hamilton Island.

This new offer follows closely on the heels of the recently announced off-market unconditional cash offer of \$3.13 per share by GPT/Vovages, and confirms the competitive tension that exists for ownership of the company.

Shareholders in Hamilton Island do not need to do anything at this time. The Board will evaluate the new offer and make a full recommendation to shareholders in due course.

For further information please contact:

Trevor Loewensohn J.P. Morgan Australia Limited Phone: (02) 9220 7903

Regards

Gavin Herholdt Company Secretary Hamilton Island Limited

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Hamilton Island Limited ACN 061 868 077