GPT GROUP — Regulatory Filings 2003

Mar 31, 2003

HAMILTON ISLAND EXEC

1 April 2003

HAMILTON ISLAND Groat Barrier Reef Australia

Hamilton Island Limited Hamilton Island Queensland 4803 Australia Telephone 07 4946 8051 Facsimile 07 4946 8320

Companies Announcement Office Australian Stock Exchange

Via Facsimile: 1900 999 279

STRATEGIC REVIEW UPDATE

Further to the announcement of 7 February 2003, the Board of Hamilton Island Limited wishes to advise that exclusive negotiations with General Property Trust ("GPT") and Voyages Hotels & Resorts Pty Limited ("Voyages") are continuing, and that it is expected that an agreement as to the sale of the company and its assets will be reached shortly.

The exclusivity agreement with GPT & Voyages expires on 8 April 2003. However, the Board remains confident that it will have reached agreement and be in a position to make an announcement as to the terms of the sale prior to this date.

For further queries, please contact:

Trevor Loewensohn JPMorgan

Phone: (02) 9220 1511

Regards

Gavin Herholdt Company Secretary