Mr Jonathan Sweeney, Joint Managing Director of Trust Company of Australia announced that a meeting of unit holders is being called for 21 June 2000 to consider both the appointment of Hotel Capital Partners and the transition of the trust to a managed investment scheme.

Stephen Burt, Managing Director of Hotel Capital Partners commented � Tourism & Leisure Trust presently lacks size but it is our intention to grow the trust and subject to unit holder approval we have a strategy and deals in mind that we believe will deliver much improved results for the trust and unitholders.

Mr Burt added, � Hotel stocks in Australia have under performed the market over recent years but we are of the view that a number of factors are coming together that will enhance the operating environment for hotels in Australia. This includes the international exposure of the Sydney Olympics, the progressive deregulation of the domestic airline industry, the continuing recovery of the Asian economies and an Australian dollar price that encourages international visitation but discourages overseas travel by Australians.

Mr Burt also believes that the implementation of a new investment strategy for the trust will be critical to its ongoing success. He noted � Australian and Asian investors tell me that they want to invest in the hotel industry but they want to see a hotel investment vehicle with a portfolio that offers diversity of the key attributes of location, hotel class and hotel operators.  They also want the vehicle to be independent of any hotel operator and this is what we intend to deliver with Tourism and Leisure Trust.�