GPT GROUP — Regulatory Filings 2003

Feb 6, 2003

HAMILTON ISLAND EXEC

7 February 2003

HAMILTON ISLAND Great Barrier Reef Australia

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

Companies Announcement Office Australian Stock Exchange

Via Facsimile: 1300 300 021

STRATEGIC REVIEW UPDATE

Following previous announcements and Hamilton Island Limited's (Hamilton Island) desire to keep the market informed, the Board today announced that it has entered into exclusive negotiations with General Property Trust and Voyages Hotels & Resorts with the objective of reaching an agreement for the sale of the company and its assets.

Mr Michael Butler, Chairman of Hamilton Island said "We have an advanced set of terms and conditions which we believe form the basis for progressing to a conclusive transaction. Of course, there are still a number of matters to be resolved before we can be confident that a transaction can be put to Hamilton Island shareholders for consideration".

"We expect to have more definitive agreements in mid to late March and will make further announcements to shareholders at that time."

For further queries, please contact:

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Trevor Loewensohn JPMorgan Phone: 02 9220 1511

Yours

Gavin Herholdt Company Secretary