GPT GROUP — Regulatory Filings 2003

Jun 10, 2003

General Property Trust ASX Announcement and Media Release

GPT AND VOYAGES INCREASE OFFER FOR HAMILTON ISLAND

11 June 2003

GPT Management Limited (GPTML) as responsible entity of General Property Trust (GPT) and Vovages Hotels & Resorts Pty Limited (Vovages) have increased their offer for Hamilton Island Limited (HAM) to \$2.83 cash per share and today entered into a preliminary agreement with HAM under which HAM will propose a new Scheme of Arrangement to HAM shareholders.

The Board of HAM has indicated that the revised Voyages offer is in the best interests of HAM shareholders and has informed GPTML and Vovages that, subject to the findings of an Independent Expert Report, the independent directors intend to recommend the Scheme in the absence of a superior offer.

Under the Scheme, Voyages will acquire all the shares in HAM. Immediately on completion of the Scheme, GPT will acquire the leasehold title of the resort and grant a sub lease of the resort to Voyages. A special purpose company (SPC) owned jointly by GPT and Lend Lease will acquire the leasehold title over all future residential development land and Dent Island.

HAM has 45.018 million shares on issue, therefore the Voyages offer of \$2.83 per share equates to a payment of \$127.4 million. Voyages will acquire HAM with its current debt (estimated to be approximately \$60 million). GPT's and Voyages' investment in Hamilton Island Resort is therefore estimated to be \$186 - 188 million, including costs.

Michael O'Brien, Fund Manager of GPT said the offer represents excellent value for HAM shareholders, while also delivering attractive returns to GPT's unitholders through an opportunity to expand the Trust's Hotel/Tourism Portfolio in line with its strategy.

Bruce Morris, GPT's Hotel/Tourism Portfolio Manager said Hamilton Island is an attractive asset for GPT.

"We believe GPT and Vovages are the best placed of the potential buvers of this asset to maximise savings due to our unique position of being able to combine two of Australia's largest resorts - Ayers Rock Resort and Hamilton Island. This is, in part, reflected in our increased price."

"Also unique to GPT is the ability to drive stronger visitation to both assets by packaging Ayers Rock Resort and Hamilton Island" Mr Morris said.

On successful completion, GPT's Hotel/Tourism Portfolio will have a value in excess of \$650 million and will represent approximately 10% of GPT's total property assets.

GPT intends to debt fund its investment in Hamilton Island through existing lines of credit and expects to achieve an initial yield on its investment in the Resort of approximately 10%.

Implementation of the Scheme is dependent on a number of conditions precedent, including no material adverse changes to HAM or its business, regulatory approvals, no market disruption, entry into agreements with the holders of options for the cancellation of those options and no prescribed occurrences. The Scheme must also be approved by HAM shareholders and the court.

It is now proposed that GPT, Voyages and HAM will enter into an Implementation Agreement on terms satisfactory to each party.

Completion is anticipated to occur in September 2003.

ENDS

Enquiries

GPT Management Ltd Michael O'Brien, Fund Manager Ph: 02 9236 6235 Mb: 0417 691 028

Bruce Morris, Hotel/Tourism Portfolio Manager Ph: 02 9237 5641 Mb: 0439 905 013