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

2. Macro data FutureBrand ranks Greece as No. 5 Country Brand in Tourism
CROATIA
MONTE-NEGRO
Currency €
HRK (EU: 2011)
Rank (arrivals/revenue)
15 / 10
18/ n/a
Top-growing tourism destination
WTTC competitiveness 24 38 61
Per Capita ($)
27,360
15,355
4.189
Arrivals 2006
16 mn
10 mn
1 mn
Rev/tourist ($)
1,073
881
n/a
Tourism Economy ($)
51.8 mn
13.7 mn
0.7 mn
10-yr growth forecast 4% 8%
11%
Coast (km)/Blue Flags
16,000 / 404
5,000 / 98
253 / 15
FutureBrand ranks Greece as No. 5 Country Brand in Tourism

3. Greece, Croatia, Cyprus, Turkey
First IPO participants have seen shares appreciate by 100% since Dec. 2005
So far raised € 400 mn ( ) – to be invested by end of 2007
Indicators
Spain, Portugal
Greece, Croatia, Cyprus, Turkey
Tourist arrivals (2004)
65 million
43 million
Tourist arrivals
+ 3%
+ 10%
Area
597,000 m2
978,000 m2
Shoreline
6,757 km
27,359 km
International airports (2004) 18 17
Number of Blue Flag beaches
669
699
Golf courses (2004)
333 20
Completed Golf Resorts (2004)
200+ (estimated) 1

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

7. Athens airport traffic
Consistently ranked among top airports worldwide

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

9. Athens 5* hotels

10. Athens 5* hotels – 2007 vs 2006

11. 5* Hotels in Greece Total 2002 : 92 with 39.337 beds

12. Major Investments CAVO SIDERO NAVARINO RESORT ATALANTI HILLS
Budget (€ mn)
1,200
2,000
Investor
Minoan
TEMES
British-American Interests Lokros
Scale (ha)
2,600
395
1,250
Project
- Hotels
- Housing
- Golf - holes
- Other 5
1,000 45
retail, marinas, theaters
4 + 4
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 UK
20.6
56.105
Sweden
59.3
18.732
Germany
5.2
11.634
Netherlands
12.1
8.048
Denmark
21.1
6.107
Norway
22.0
4.645
Other
25.581
Subtotal Europe
USA
95.0
19.537
Canada
168.0
69.532
11.681
Japan
80.0
79.276
6.342
Subtotal Long Haul
37.561
Total

14. Greece can support, on latent demand alone, 22 – 45 golf courses
How many golf courses?
Latent demand: players
Assume 4-5 rounds each (1 week)
=> rounds
With 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
Incoming tourists UK 1
USA 2 12
Sweden 3 8
Canada 4 17
Germany 5

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. Croatia
Trends

19. Hotels Performance 5* Hotels in Croatia 2001 : 7 with 3,093 beds
Source: Horwath Croatia Hotel Study

20. AB Maris & Jack Nicklaus DCI & Virtus Investments
Major Investments
Port Maricio Luxury resort
Kempinski Porto Maricio
Livka Bay Resort
Budget (€ mn)
200
207 40
Investor
AB Maris & Jack Nicklaus
AB Maris LTD
DCI & 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. Montenegro stars hotel group Imobila- Iberostar(German-Spanish)
Major Investments
Splendid Hotel
Bellevue
Hotel
Budget (€ mn) 50 30
100
Investor
Montenegro stars hotel group
Imobila- Iberostar(German-Spanish)
VEK - ZAO
Scale (ha)
n/a 60
Project
- Hotels
- Housing
- Golf
- Other
322 rooms
22 apartments
spa
232 rooms

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