Mantra Group Limited (ASX Code: MTR)

ABN 69 137 639 395

2015 Annual General Meeting

25 November 2015

Chairman’s Address

Peter Bush

Good Morning, I’m Peter Bush, Chairman of the Mantra Group and I welcome you all to the Annual General Meeting of the Company. I am pleased to stand here today and report that FY15 has been another important and successful year for the Mantra Group delivering total revenue of $498.8 million representing a significant 9.7% increase on FY14. NPAT was $36.2 million, up $36.5 million on FY2014 and EBITDAI of $73.1 million up 19.2% on FY14. A result above the IPO prospectus forecast and at the top end of the updated guidance range announced on 1 May 2015. At 30 June 2015, Mantra Group’s shares were trading at $3.42 per share - an increase of approximately 90% since listing on 20 June 2014 – just over a year ago! At the time of writing, the share price was $4.51 which represents a further increase of approximately 32% since 30 June 2015. This reflects the strength of the Mantra Group business in market. The result reflects the commitment of the Executive Team and the ongoing focus on acquisitions in delivery of the financial results and the strategic objectives of the business. Solid performances in each of the operating segments as well as an ongoing Management focus on cost control, improved strategies and efficiencies in key areas of the business all contributed to the ‘above forecast’ performance. In the CBD segment, new properties and higher occupancy and average room rates driven by major sporting and entertainment events in key CBD destinations contributed to the 15.3% and 10.3% Year-On-Year increase in revenue and EBITDAI respectively. The Resorts segment performed ahead of last year delivering revenue of $181.8 million and EBITDAI of $23.5 million as a result of consistent leisure demand in all key regions assisted by additional capacity of domestic low cost carriers into key leisure destinations. Fees from new properties under management coupled with growth in booking volume through Mantra’s centralised channels delivered Year-On-Year increases in revenue of 13.3% and EBITDAI of 18.2% in Central Revenue and Distribution. With a heightened focus on acquisitions and in line with Mantra’s growth strategy, in FY15 Mantra Group added 11 properties to its growing portfolio - across each of its 3 brands in key destinations.

  

In March 2015, Mantra Group completed a successful capital raise of approximately $56.7 million, well supported by existing and new investors, demonstrating that our Shareholders have confidence in the Mantra Group business. This additional capital was primarily used to fund the highly profiled Outrigger and Soul acquisitions which settled in July 2015. Following the release of the HY15 results, Mantra Group’s major Shareholders, EV Hospitality and UBS Australia Holdings sold 25 per cent of their shareholding and, following the release of all voluntary escrowed shares in August, EV and UBS disposed of the balance of their shareholding – these share trades were well supported by existing and quality new Shareholders. In September 2015, Mantra Group realised another milestone – its elevation into the ASX Top 200 index - a significant achievement and a great benefit in this much sought after Index. As forecast, the company delivered an Interim dividend of 5 cents per share and a Final dividend of 5 cents per share. To ensure adequate available capital for future acquisitions, in September 2015 Mantra Group increased its existing finance facility by $40 million at favourable rates bringing the total loan facility to $190 million. The increase was supported by existing financiers, again demonstrating the support for the Mantra Group business. The additional capacity together with positive cashflow and ongoing strong cash generation places the Mantra Group in a good position to continue to grow the core business and deliver on its development strategy. Since the beginning of this financial year, Mantra Group has acquired 9 new properties adding more than 2,800 hotel rooms and apartments to its offering - worthy of note are: Increasing its already prominent position on the Gold Coast, Mantra Group secured the

acquisition of Mantra Towers of Chevron - an important acquisition in a popular tourist destination. In addition, the upcoming Commonwealth Games in 2018 is expected to enhance the Gold Coast’s position in the region for future growth.

BreakFree on Collins in Melbourne joined the portfolio in July 2015. Peppers Waymouth, Adelaide, the first Peppers branded hotel in Adelaide opened in October

bringing with it the brand’s rich history of fine food and wine. The most recent acquisition, Mantra on Mary, Brisbane’s 8th property opened under the Mantra

brand on 2 November 2015. Mantra Group is on schedule to achieve yet another milestone - the opening of Peppers Docklands, Melbourne in January 2016 – Melbourne’s first Peppers branded property. Mantra Group’s comprehensive refurbishment program aimed at delivering ongoing quality room inventory in line with updated market trends included the refurbishment of a number of key restaurants and public areas throughout its portfolio delivering guest service expectation in line with brand standard. Mantra Group’s expertise, management skills and best in market systems continue to demonstrate that under our brands, properties are continuously performing better.

  

Key strategic initiatives in our commitment to drive growth and deliver Shareholder value in FY16 include: an ongoing increased focus and emphasis on portfolio growth and development delivering room

inventory in key destinations; exploring opportunities and models which will enable Mantra Group to potentially capitalise on

diversified asset acquisition opportunities; driving its targeted refurbishment program to deliver ongoing quality room inventory; providing

consistent and ongoing improved service via service excellence programs; optimise distribution channels as well as increase mobile capability, social media and website

optimisation; progress strategies to ensure Mantra Group is well positioned to optimise and capitalise on the

forecast increase in the inbound tourism market primarily from China and other Asian Countries. Additional appointments in senior positions complement the existing strengths in both the Acquisitions and Development and Digital Teams. These important factors aligned with Management’s discipline in cost management and performance improvement is expected to continue to drive Shareholder value. I am confident that Mantra Group is well positioned to capitalise on additional expansion opportunities and on the forecast tourism growth in our region, with the aim of increasing Shareholder value. I thank our Owners, loyal Guests, Investors and all stakeholders for their support of the Mantra Group during FY2015. I also thank my fellow non-Executive Directors, Bob East, the Executive Team and the broader Mantra Group Team Members for their focus and commitment during the year. I look forward to another successful year ahead and one in which the current development momentum is expected to continue to deliver growth opportunities and Shareholder value into FY16 and beyond!

  

CEO Presentation

Bob East

I am delighted as the CEO of the Mantra Group to welcome you all to the Annual General Meeting of the Company and thank you for your attendance today. Mantra Group has had another successful year, delivering on its financial forecast and with an increased focus on growth and development, the Business has delivered strategically aligned properties in key destinations. Mantra Group continues to perform very well on the back of the ongoing performance of the accommodation industry in our region. The results are pleasing on a number of fronts and the effort and contribution of all Team Members has and continues to position the business well for future growth and success. The presentation that follows will provide more colour in relation to market conditions and the anticipated performance in domestic and international traveller patterns as well as the importance of the emerging Asian middle/consuming class and the impact this is expected to have on the Australian accommodation market. It is worth noting that Australian hotel operators are well placed to experience the greatest opportunity that we have ever experienced as Australia holds the enviable position of being the #1 destination to visit for aspiring High Net Worth Individuals and the proximity of the Asian market to Australia supports the increase in demand into the Australian accommodation sector. Mantra Group now boasts 126 properties across Australia, New Zealand and Asia. We couldn’t be more pleased with the performance of the Teams and the progress of the business as we continue to grow our portfolio in strategic locations. YTD for FY16, the Business successfully acquired and integrated into our portfolio a number of significant properties in key target locations adding over 2,800 rooms to our growing portfolio. Another 7 properties have been secured and scheduled to join the portfolio in FY16 and FY17 - the presentation that follows will provide some insight into these acquisitions. A focus on improved training and induction programs has enabled the transition of acquired properties, systems and product delivery to be executed with maximum efficiency and effectiveness. I particularly mention the Outrigger, Soul, Chevron Renaissance, Adelaide Waymouth and M on Mary acquisitions - all large scale projects which transitioned as planned, on schedule and have met or exceeded expectations as a result of operating under the Mantra Group brand. Our 3 brand approach continues to deliver good results for our properties. We have strengthened all three brands by the addition of larger and well located properties. Mantra Group now boasts 70 Mantra branded properties, 31 Peppers branded properties and 25 BreakFree branded properties. Our Peppers CBD strategy is well underway and we expect over time to have a Pepper’s CBD property in every State capital. The Mantra brand has gained the most traction in market and is likely to continue to be our largest growing brand. The Group’s balance sheet and cashflow remains strong and debt is at prudent levels placing the Business in a good position to capitalise on new opportunities as they arise.

  

With 4 months of trading completed we remain very pleased with progress and are comfortable to reaffirm our guidance for FY16 EBITDAI to be between $84m to $87m - before accounting for transaction costs associated with acquisitions. I would like to take this opportunity to thank our passionate Team members, our ever increasing guests, our property owners and of course our Shareholders. I also thank the Board for their support during the year. Mantra Group is well placed to take advantage of trends we see developing and I look forward to the year ahead in which the Business is expected to increase its portfolio and continue to grow Shareholder value.

Mantra

Group

AGM

25 November 2015

IMPORTANT NOTICE AND DISCLAIMER

2

Important notice and disclaimer

This document is a presentation of general background information about the activities of Mantra Group Limited (Mantra Group) current at the date of the presentation, (25 November 2015). The information contained in this presentation is of general background and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice, when deciding if an investment is appropriate.

Mantra, its related bodies corporate and any of their respective officers, directors and employees (Mantra Parties), do not warrant the accuracy or reliability of this information, and disclaim any responsibility and liability flowing from the use of this information by any party. To the maximum extent permitted by law, the Mantra Parties do not accept any liability to any person, organisation or entity for any loss or damage suffered as a result of reliance on this document.

Forward looking statements

This document contains certain forward looking statements and comments about future events, including Mantra’s expectations about the performance of its businesses.

Forward looking statements can generally be identified by the use of forward looking words such as, ‘expect’, ‘anticipate’, ‘likely’, ‘intend’, ‘should’, ‘could’, ‘may’, ‘predict’, ‘plan’, ‘propose’, ‘will’, ‘believe’, ‘forecast’, ‘estimate’, ‘target’ and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance on, future earnings or financial position or performance are also forward looking statements.

Forward looking statements involve inherent risks and uncertainties, both general and specific, and there is a risk that such predictions, forecasts, projections and other forward looking statements will not be achieved. Forward looking statements are provided as a general guide only, and should not be relied on as an indication or guarantee of future performance. Forward looking statements involve known and unknown risks, uncertainty and other factors which can cause Mantra’s actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward looking statements and many of these factors are outside the control of Mantra. As such, undue reliance should not be placed on any forward looking statement. Past performance is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward looking statements, forecast financial information or other forecast. Nothing contained in this presentation nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Mantra.

Non-IFRS financial information

Mantra uses certain measures to manage and report on its business that are not recognised under Australian Accounting Standards. These measures are referred to as non-IFRS financial information. Mantra considers that this non-IFRS financial information is important to assist in evaluating Mantra’s performance. The information is presented to assist in making appropriate comparisons with current periods and to assess the operating performance of the business. All non-IFRS financial information is reconciled to IFRS financial information.

All dollar values are in Australian dollars (A$) unless otherwise stated.

Market

DEMAND

Overnight trips up 5% to 83.2 million for YE

June 2015

International arrivals up 6.9% to 7.23

million for YE September 2015

Source: Tourism Australia

SUPPLY: 1-3% GROWTH

0

20,000

40,000

60,000

80,000

100,000

120,000FY

00FY

01FY

02FY

03FY

04FY

05FY

06FY

07FY

08FY

09FY

10FY

11FY

12FY

13FY

14FY

15F

FY16

FFY

17F

FY18

FFY

19F

FY20

FFY

21F

FY22

F

(rooms) Hotel rooms

Hotel rooms across major Australian cities

Source: Dransfield (CLSA, The next wave, December 2014)

Asia’s middle

class 500m to

3.2b in 2030

Emerging

middleclass

two-thirds larger

within five years

Source: PwC, Australia’s Jobs Future

SUPPLY – ASIA PACIFIC PIPELINE

0 50,000 100,000150,000200,000250,000300,000350,000

China | 297,403 | 60.0%

Indonesia | 66,674 | 13.5%

India | 52,231 | 10.5%

Malaysia | 22,564 | 4.6%

Australia | 14,902 | 3.0%

Thailand | 14,561 | 2.9%

South Korea | 11,570 | 2.3%

Vietnam | 11,113 | 2.2%

Singapore | 4,519 | 0.9%

Total of 495,537 rooms in the pipeline for the listed regions

Source: STR, April 2015

CHINA – OUTBOUND TOURISM

0

5

10

15

20

25

020406080

100120140160180200220

05A 07A 09A 11A 13A 15CL 17CL 19CL

Outbound tourists Growth (RHS) (%)

Cagr 15%

Cagr 11%

(m)

• Outbound tourists to increase from 83m in 2012 to 200m in 2020

• Australia is placed 15th (competing with Europe and US)

Source: CLSA, ‘The next wave’, December 2014

No. 1

destination for

Asian HNWI for

aspiration to

travel

Source: Hurun Report Chinese Luxury Consumer Survey 2014

AUSTRALIA’S TOURISM MARKET 2003

Source: ABS Overseas Arrival Data (Deloitte Access Economics)

AUSTRALIA’S TOURISM MARKET 2033

Source: ABS Overseas Arrival Data (Deloitte Access Economics)

0

5

10

15

20

25

DEMAND

Forecast contribution to growth in inbound arrivals into

Australia over the next 10 years

0

5

10

15

20

25

Source: Tourism Research Australia, Tourism Forecasts, Autumn 2014

Mantra

Group

Highlights

14

HIGHLIGHTS

15

HIGHLIGHTS

FY2015 results exceeded 2015 full year Prospectus forecast and were at the top end of May 2015 market guidance

statement

• Total revenue of $498.8m, up 9.7% on FY2014.

• NPAT was $36.2m, up $36.5m on FY2014. NPATA was $38.9m, up $36.5m on FY2014.

• EBITDAI of $73.1m, up 19.2% on FY2014. EBITDAI margin also up from 13.5% to 14.7% for

FY2015.

• Total revenue, NPAT, NPATA and EBITDAI were all ahead of 2015 prospectus forecasts of

$490.9m, $32.6m, $35.3m and $69.5m respectively.

• Basic EPS of 14.2 cents per share, compared to basic EPS of (0.3) cents per share for FY2014.

NPATA basic EPS of 15.3 cents per share, compared to NPATA basic EPS of 1.9 cents per share

for FY2014.

• Final dividend of 5 cents per share fully franked was paid on 6 October 2015, bringing total

dividend for the year to 10 cents per share. Record date for final dividend was 3 September 2015.

• Eleven properties added in FY15 and nine further properties added since July 2015 including the

four ex-Outrigger properties and the transition of Soul to an MLR property on 1 July 2015. 16

HIGHLIGHTS

PEPPERS

MANTRA

BREAKFREE

YEAR ON YEAR RESULTS OVERVIEW

20

• Business performed strongly in FY2015. • Revenue, EBITDAI, NPAT and NPATA all

performed ahead of the same period last year and ahead of prospectus forecast • Operating revenue increased by 9.7%

to $498.6m in FY2015 from $454.7m in FY2014

• EBITDAI increased by $11.8m or 19.2% in FY2015 from $61.3m in FY2014.

• EBITDAI margin increased from 13.5% to 14.7% for the year.

• Strong revenue growth driven principally by property acquisitions in the CBD segment as well as strong performance by CRD.

• Strong growth in EBITDAI driven principally from organic growth and margin expansion in the portfolio.

• Eleven new properties were added in FY2015. Like for like increase in revenue and EBITDAI was $15.5m and $8.2m respectively.

FY2015

($m)

FY2014

($m)

Change

($m)

Change

(%)

Operating Revenue 498.6 454.7 43.9 9.7

Other income 0.2 - 0.2 n/c

Total operating expenses (425.7) (393.4) 32.3 8.2

EBITDAI1 73.1 61.3 11.8 19.2

Impairment (net reversal) - 1.1 (1.1) (100)

Depreciation (8.6) (8.2) 0.4 4.9

Amortisation (excluding amortisation of lease rights) (5.9) (5.5) 0.4 7.3

EBITA 58.6 48.7 9.9 20.3

Amortisation of lease rights (3.8) (3.8) - -

EBIT 54.8 44.9 9.9 22.0

Net finance costs (3.9) (45.3) (41.4) (91.4)

Profit before tax 50.9 (0.4) 51.3 n/c

Tax (expense) / credit (14.7) 0.1 14.8 n/c

NPAT 36.2 (0.3) 36.5 n/c

NPATA 38.9 2.4 36.5 n/c

1. EBITDAI – Earnings Before Interest, Taxation, Depreciation, Amortisation and Impairment

COMMENTS

REVENUE AND EBITDAI BY SEGMENT

21

• Strong CBD revenue growth of $36.1m or 15.3% to $272.3m compared to FY2014 revenue

• Like for like revenue growth of $8.4m (3.6%), with new properties contributing $27.7m to revenue in the period.

• Solid Resorts revenue growth of 2.5% to $181.8m compared to FY2014 revenue.

• Resorts EBITDAI of $23.5m is 4.0% or $0.9m ahead of FY2014 EBITDAI.

• CRD segment results were driven by an increase in revenue from higher booking volumes through central channels and increased management fees from new properties under management.

• A saving in costs associated with last year’s IPO benefited the results of the Corporate segment.

Operating Revenue

FY2015

($m)

FY2014

($m)

Change

($m)

Change

(%)

CBD 272.3 236.2 36.1 15.3

Resorts 181.8 177.3 4.5 2.5

Central Revenue and Distribution 41.8 36.9 4.9 13.3

Corporate 2.7 4.3 (1.6) (37.2)

Total 498.6 454.7 43.9 9.7

EBITDAI 1. FY2015

($m)

FY2014

($m)

Change

($m)

Change

(%)

CBD 47.3 42.9 4.4 10.3

Resorts 23.5 22.6 0.9 4.0

Central Revenue and Distribution 29.9 25.3 4.6 18.2

Corporate (27.6) (29.5) 1.9 6.4

Total 73.1 61.3 11.8 19.2

1. EBITDAI – Earnings Before Interest, Taxation, Depreciation, Amortisation and Impairment

COMMENTS

EBITDAI $47.3m 10.3%

Statement

FY15 CBD HIGHLIGHTS YOY

22

Like for like revenue 3.6%

Statement

Rooms available 12.7%

Statement

Occupancy 84.5% 0.5%

Statement

ARR $176.2 1.0%

Statement

FY15 RESORTS HIGHLIGHTS YOY

23

Revenue 2.5%

Statement

Occupancy 69.5% 5.9%

Statement

ARR $151.62

Statement

EBITDAI $23.5m 4%

Statement

FY15 NEW PROPERTIES

24

Eleven new properties added in FY15

Mantra Midtown, Brisbane Mantra Terrace, Brisbane Peppers Gallery, Canberra

BreakFree on Clarence, Sydney Mantra on Edward, Brisbane BreakFree on Cashel, Christchurch

FY15 NEW PROPERTIES

25

Eleven new properties added in FY15

Mantra Bell City, Melbourne BreakFree Bell City, Melbourne Mantra Sakala, Nusa Dua

Mantra Charles Hotel, Launceston Mantra Collins Hotel, Hobart

STATUTORY CASH FLOW

26

• Cashflow for the Group for FY15 continued to be strong.

• Operating cash inflows increased by $33.7m to $59.1m in FY15 as a result of both a reduction in interest payments under the new loan agreements entered into in June 2014 and strong trading results.

• Net cash outflow from investing activities increased from $29.2m to $44.7m, an increase of $15.5m. This resulted from the acquisition of eleven properties in FY15 (FY14: eight).

• Net cash inflow from financing activities increased by $31.7m to $38.9m. This increase was principally as a result of the issue of securities completed in March and April 2015. The funds have been used to purchase further properties.

FY2015

Actual

($m)

FY2014

Actual

($m)

Change

($m)

Cash flows from operating

activities

Receipts from customers 541.3 495.8 45.5

Payments to suppliers (469.7) (426.4) (43.3)

71.6 69.4 2.2

Net interest and tax payments (12.5) (44.0) 31.5

Net cash inflow from operating

activities 59.1 25.4 33.7

Net cash (outflow) from

investing activities (44.7) (29.2) (15.5)

Net cash inflow from financing

activities 38.9 7.2 31.7

Net increase in cash and cash

equivalents 53.3 3.4 49.9

COMMENTS

BALANCE SHEET AND CREDIT METRICS

27

Statutory balance sheet 30 Jun-15

Actual

($m)

Cash and cash equivalents 85.1

Other current assets 49.1

Current assets 134.2

PPE 100.3

Intangible assets 364.2

Other non-current assets 2.7

Total non-current assets 467.2

Total assets 601.4

Trade and other payables 44.3

Other 45.1

Total current liabilities 89.4

Borrowings 105.4

Other non-current liabilities 69.2

Total non-current liabilities 174.6

Total liabilities 264.0

Net assets 337.4

Credit metrics Adjusted*

Borrowings ($m) 105.4 105.4

Cash and cash equivalents ($m) 85.1 30.9

Net total indebtedness ($m) 20.3 74.5

Net debt /FY2015 LTM EBITDA 0.3x 1.0x

FY2015 LTM EBITDA/LTM Net finance cost 18.7x 18.7x

*Cash balance adjusted for cash draw downs completed for post balance date acquisitions

• Very strong balance sheet and cash position. • Cash position high at 30 June in anticipation

of the settlement of the acquisition of the Outrigger and Soul transactions on 1 July 2015.

• Excluding the cash required to fund these transactions, the cash balance would have been approximately $30.9m.

• Well within debt covenants under banking facilities.

• Strong balance sheet leaves the Group in a good position to take advantage of growth opportunities, which may include hotel acquisitions.

COMMENTS

Peppers Cradle Mountain Lodge, Cradle Mountain

Growth and outlook

Growth expected across the CBD, Resorts and CRD segments.

Expectations for 2016 excludes:

Impact of any additional conditional or uncontracted properties as at reporting date

Any transaction costs associated with FY2016 acquisitions

Transaction costs associated with Outrigger and Soul, which completed on 1 July 2015.

FY16 OUTLOOK

29

Mantra Group expects FY16 EBITDAI, NPAT and NPATA to be between $84m - $87m, $40m - $42m and $42.5m - $45m

respectively:

NEW PROPERTIES FY16

30

Property: BreakFree on Collins Location: Melbourne, VIC Model: HMR Rooms: 95 Opened: July 2015

NEW PROPERTIES FY16

31

Property: Mantra on View Location: Surfers Paradise, QLD Model: MLR Rooms: 411 Opened: July 2015

NEW PROPERTIES FY16

32

Property: Mantra Twin Towns Location: Coolangatta, QLD Model: MLR Rooms: 464 Opened: July 2015

NEW PROPERTIES FY16

33

Property: Peppers Noosa Location: Noosa, QLD Model: MLR Rooms: 198 Opened: July 2015

NEW PROPERTIES FY16

34

Property: Mantra Boathouse Apartments Location: Airlie Beach, QLD Model: MA Rooms: 56 Opened: July 2015

NEW PROPERTIES FY16

35

Property: Peppers Soul Location: Surfers Paradise, QLD Model: MLR Rooms: 288 Opened: July 2015 Previously managed by Mantra Group under a Management Agreement

NEW PROPERTIES FY16

36

Property: Peppers Waymouth Hotel Location: Adelaide, SA Model: Lease Rooms: 202 Opened: September 2015

NEW PROPERTIES FY16

37

Property: Chevron Renaissance Location: Surfers Paradise, QLD Model: MLR Rooms: 711 Opened: September 2015

NEW PROPERTIES FY16

38

Property: M on Mary Location: Brisbane, QLD Model: MLR Rooms: 374 Opened: November 2016

PROPERTIES SCHEDULED TO ENTER PORTFOLIO

39

Property: Peppers Suarga Location: Padang Padang, Bali Model: MA Rooms: 48 Opening: H1FY2016

PROPERTIES SCHEDULED TO ENTER PORTFOLIO

40

Property: Peppers Docklands Location: Melbourne, VIC Model: Lease Rooms: 87 Opening: H2FY2016

PROPERTIES SCHEDULED TO ENTER PORTFOLIO

41

Property: Hotel Richmont by Mantra Location: Brisbane, QLD Model: MA Rooms: 110 Opening: H2FY2016

PROPERTIES SCHEDULED TO ENTER PORTFOLIO

42

Property: Peppers King Square Location: Perth, WA Model: HMR Rooms: 120 Opening: H2FY2016

PROPERTIES SCHEDULED TO ENTER PORTFOLIO

43

Property: Mantra Hideaway Villas Location: Pecatu, Bali Model: MA Rooms: 30 Opening: H1FY2017

PROPERTIES SCHEDULED TO ENTER PORTFOLIO

44

Property: Mantra Northbourne Avenue Location: Canberra, ACT Model: LEASE Rooms: 176 Opening: H1FY2017

PROPERTIES SCHEDULED TO ENTER PORTFOLIO

45

Property: Tribe Location: West Perth, WA Model: HMR Rooms: 120 Opening: H1FY2017