Repeat the Mantra, page-3

Strong emphasis on industry tailwinds: Presentation commentary was positive around traditional domestic hotel supply growth (to remain 1-3%; with new build rooms roughly half that needed to support projected tourism growth LT), China inbound tourism (growth in expenditure starting to outpace visitor numbers, with free independent travellers willing to spend $150-200 on a hotel room), discount airfares, and increased flights to Qld.  Corporate still middle of the road: The corporate market has not moved much; however, MTR commented that with Sydney and Melbourne at ~90% occupancy it doesn't need a strong corporate market to move rates. Darwin and Brisbane are soft with Perth expected to be flat.  Resorts looking solid: MTR believe that TNQ and the Gold Coast will have a record summer, with a number of movie crews filling out the Gold Coast (longstay) and providing additional visibility over the key summer period.  Business tracking well: FY16 earnings guidance was retained (EBITDA $88.5-90.5m) and management commented the business is tracking well