1. Dr. Aris Ikkos SE European Markets GREECE – CROATIA - MONTENEGRO

2. Macro data GREECECROATIA MONTE- NEGRO Currency HRK (EU: 2011) Rank (arrivals/revenue) 15 / 1018/ n/a Top-growing tourism destination WTTC competitiveness 243861 Per Capita 2007 ($) 27,36015,3554.189 Arrivals 2006 16 mn10 mn1 mn Rev/tourist ($) 1,073 881n/a Tourism Economy ($) 51.8 mn13.7 mn0.7 mn 10-yr growth forecast 4%8%11% Coast (km)/Blue Flags 16,000 / 4045,000 / 98253 / 15 FutureBrand ranks Greece as No. 5 Country Brand in Tourism

3. First IPO participants have seen shares appreciate by 100% since Dec. 2005 So far raised 400 mn (100 + 300) – to be invested by end of 2007 IndicatorsSpain, Portugal Greece, Croatia, Cyprus, Turkey Tourist arrivals (2004)65 million43 million Tourist arrivals 2003 - 2005+ 3%+ 10% Area597,000 m2978,000 m2 Shoreline6,757 km27,359 km International airports (2004)1817 Number of Blue Flag beaches669699 Golf courses (2004)33320 Completed Golf Resorts (2004)200+ (estimated)1

4. Holiday Homes The Case for Athens 5* Hotels and Resorts Greece

7. Athens airport traffic Consistently ranked among top airports worldwide

8. The case of Athens : a modern city with things to do Planned Conference Centre main auditorium : ~ 3.000 pax - can be split into 2 of 2.000 and 1.000 pax 2 auxiliary auditoria : 450 pax each break out rooms : total capacity 2.100 pax covered lobby / exhibition area : 10.500 sq. m. In excess of 1 bn invested in hotel renovations for 2004 Olympics

9. Athens 5* hotels

10. Athens 5* hotels – 2007 vs 2006

11. 5* Hotels in Greece Total 92 39.337 2002 : 92 with 39.337 beds 2005 : 155 with 56.888 beds 2007 : 179 with 64.913 beds

12. Major Investments CAVO SIDERO NAVARINO RESORT ATALANTI HILLS Budget ( mn) 1,200325 + 5752,000 Investor MinoanTEMESBritish-American Interests Lokros Scale (ha) 2,6003951,250 Project - Hotels - Housing - Golf - holes - Other 5 1,000 45 retail, marinas, theaters 4 + 4 320 + 160 36 + 18 Conference center, spas 3 5,000 54 100 ha biological plantations

13. Latent Golf Tourism Demand Main Countries (2005) Players per 000 population Incoming tourists to Greece (2005) Latent demand for golf tourism UK20.62.718.72156.105 Sweden59.3316.04218.732 Germany5.22.241.94211.634 Netherlands12.1666.2878.048 Denmark21.1288.8586.107 Norway22.0210.8474.645 Other25.581 Subtotal Europe130.852 USA95.0205.65619.537 Canada168.069.53211.681 Japan80.079.2766.342 Subtotal Long Haul37.561 Total168.413

14. How many golf courses? Latent demand: 170.000 players Assume 4-5 rounds each (1 week) => 680.000 - 850.000 rounds With 20.000 - 30.000 rounds required per course to make it viable Greece can support, on latent demand alone, 22 – 45 golf courses

15. Significant niche markets Main Countries (2005) Ranking Latent demand Ranking Incoming tourists UK11 USA212 Sweden38 Canada417 Germany52

16. The Brands Existing Entering

17. Greece - Investment considerations Mature Destination - currency risk - Long Term A Corporate tax rate : 25% Government / EU subsidies –Cash Grants : 35% or higher –Wage subsidy for employment created –Tax allowance of up to 100% Biggest obstacle: Red Tape, but … … new Master Plan for Tourism & Real Estate Development is expected to cut through a lot of it

18. Trends Croatia

19. Hotels Performance 5* Hotels in Croatia2001 : 7 with 3,093 beds 2004 : 11 with 3,219 beds 2007 : 13 with 5,050 beds Source: Horwath Croatia Hotel Study

20. Major Investments Port Maricio Luxury resort Kempinski Porto Maricio Livka Bay Resort Budget ( mn) 20020740 Investor AB Maris & Jack Nicklaus AB Maris LTDDCI & Virtus Investments Scale (ha) n/a 56 Project - Hotel -rooms - Housing - Golf - holes - Other 460 18 350 berth marina 250 462 units 18 holes 38 berth marina 80 160 berth marina

21. Montenegro Trends

22. Hotels Performance Source: Horwath Croatia Hotel Study

23. Number of Hotels *Since 1989 categorization of hotels (especially 1* and 2*)

24. Seasonality

25. Major Investments Splendid HotelBellevueHotel Budget ( mn) 5030100 Investor Montenegro stars hotel group Imobila- Iberostar(Germ an-Spanish) VEK - ZAO Scale (ha) n/a 60 Project - Hotels - Housing - Golf - Other 322 rooms 22 apartments spa 232 rooms n/a

26. Dr. Aris Ikkos a.ikkos@gbrconsulting.gr Voukourestiou 31 106 73 Athens www.gbrconsulting.gr/tourism