1. Australia / NZ Occupancy & ADR trends 2000 - 2004

2. Occupancy & ADR Trends

3. Outlook On the plus side Year end June 2005 international visitors up 6.3% to 5 million TFC forecast aagr growth in international visitor nights of 5.1% between 2005 – 2014 Growing popularity of capital cities for conference/convention business –Cairns Conv Centre voted World Best Congress Centre 2004 –Development of Darwin City Waterfront & Convention Centre worth $1billion Approaching overall supply and demand equilibrium after period of oversupply in many capital cities Low cost domestic airlines promoting travel to wider spectrum of the community Increased airline capacity Strong domestic hotel investment appetite – Mulpha, Eureka Emergence of India and China as strong potential source markets On the downside Fuel pricing both in regard to domestic and international travel could potentially put a break on growth in visitor nights The potential spread of Avian flu in the Asia Pacific region Softening of Japanese visitor market in Queensland market