1. III. Black Swan Conference – November 2011 Company Presentation

2. T H E C O M P A N Y Name:Secret Places – Agência de Viagens Lda. Established:June 1st 2001 Incorporated in: Portugal Ownership: 99,9 % by Secrets of Iberia SGPS S.A: Secrets of Iberia SGPS S.A shareholder structure: Total shares:450.000 Capital Social:450.000 € Founders:59,50 % Shareholder 1:37,80 % Others: 2,70 % The Company

3. T H E C O M P A N Y Name: Michael Bendixen Born in San Francisco Grown up in Germany, Brazil, France and Portugal Education: Business Administration University of Cologne Career: Nixdorf Computers, Tandem and Wang Laboratories Mercedes Benz (marketing) Bertelsmann AG (until 2000) The Company

4. F O R E W O R D

5. T H E C O M P A N Y The Secretplaces Concept Secretplaces is an independent guide to some of the most beautiful and charming hotels and guesthouses independent of price or style. Our mission Provide personalised online solutions to travellers looking for something truly special.

6. Why are we uniquely placed to do this ? T H E C O M P A N Y The Secretplaces Concept

7. Our philosophy: travelling is not just about numbers. It is about experiences, culture, style. T H E C O M P A N Y The Secretplaces Concept

8. T H E C O M P A N Y The Secretplaces Concept Why are we so special?: Secretplaces combines the honest advice of a travel guide with the professional services of an online agent; - Superb selection (thousands of hotels visited to handpick only the best); - Information (in constant search of beautiful places to go); - Expertise (personal knowledge of all destinations); - Advice and Service (clients can contact us directly for help & advice).

9. T H E C O M P A N Y The Secretplaces Site The Secretplaces website

10. T H E C O M P A N Y The Secretplaces Site

11. T H E C O M P A N Y The Secretplaces Site

12. T H E C O M P A N Y The Secretplaces Site

13. T H E C O M P A N Y The Secretplaces Site

14. T H E C O M P A N Y The Secretplaces Site

15. T H E C O M P A N Y The Concept Our secret places to stay

16. T H E C O M P A N Y The Secretplaces - charming city hotels

17. T H E C O M P A N Y The Secretplaces – relaxing countryside guesthouses

18. T H E C O M P A N Y The Secretplaces – boutique hotels

19. T H E C O M P A N Y The Secretplaces – design hotels

20. T H E C O M P A N Y The Secretplaces – historic manor houses

21. T H E C O M P A N Y The Secretplaces - Authentic rural estates

22. T H E C O M P A N Y The Secretplaces Destinations Visitors % world marketRank Travel Destinations France76,8 7,2 %1 Spain52,7 5,0 %4 Italy43,6 4,1 %5 United Kingdom28,1 2,6 %6 Turkey27,0 2,5 %7 Germany26,9 2,5 %8 Austria22,0 2,1 % Greece15,0 1,2 % Morocco 9,3 0,9 % Portugal 6,9 0,6 % Total: 28,6 % Source: UNWTO (numbers of 2010)

23. M I L E S T O N E S Secretplaces Numbers Website visitors

24. M I L E S T O N E S Secretplaces Numbers - Over 1.000.000 visitors per year - Over 10.000.000 page views per year - 38 % of returning users to website

25. M I L E S T O N E S Site Numbers – Visitors 2002 -2010

26. M I L E S T O N E S Site Numbers – Clients (Oct. 2010 to Oct. 2011) Spanish speaking market31,40 % German speaking market24,35 % English speaking market23,80 % Portuguese speaking market 4,60 % Others15,85 %

27. Competitive advantage C O M P E T I T I T I V E A D V A N T A G E Competitive Advantage

28. M I L E S T O N E S Google Positioning - charming hotels, romantic hotels, boutique hotels

29. M I L E S T O N E S Google Positioning - hoteles con encanto

30. M I L E S T O N E S Google Positioning - kleine Hotels, schöne Hotels, boutique Hotels

31. M I L E S T O N E S Google Positioning – Secretplaces in Paris

32. Strictest selection criteria (1000 hotels selected out of over 4.000 visited) Secretplaces brand associated with highest levels of quality and service Highly personalized service (English, German, French, Spanish, Italian, Portuguese) Easy navigation and search In depth information High customisation of products to meet the individual clients needs Large variety of additional site features (Culture, gastronomy, history, sports, itineraries) C O M P E T I T I T I V E A D V A N T A G E Competitive advantage vs Competition

33. Member of an exclusive selection of hotels and guesthouses Access to a difficult to reach audience of discerning travellers Access to over 1.000.000 visitors per year Dedicated page with photos, descriptions, room info and reviews Posting of promotions, events and specials C O M P E T I T I T I V E A D V A N T A G E Benefits for Hotels

34. What is our revenue source ? T H E C O M P A N Y Revenue Sources

35. T H E C O M P A N Y Revenue Source 2011 2012 2013 - Commissions on-request 82 % 30 % 10 % - Fee format for small guesthouses 15 % 24 % 20 % - Commission on-line booking 2 % 36 % 60 % - Paid hotel promotion 1 % 5 % 5 % - Planned: upmarket advertisers 0 % 5 % 5 %

36. Challenges C H A L L E N G E S Challenges

37. M I L E S T O N E S Site Numbers – Value Reservations 2002 -2010

38. C H A L L E N G E S Challenges - Spanish market decline - Clients searching for “deals” or lower priced accommodations - Environmental change in hotel industry to change prices constantly - New distribution channels - Booking engine predominance: booking.com - User hotel reviews: tripadvisor.com - Format challenge: smartphones and tablets

39. F U T U R E G R O W T H O P P O R T U N I T I E S New Features What we have done

40. F U T U R E G R O W T H O P P O R T U N I T I E S New Features Brand new web-site (launched in May 2011) - 3 clicks to hotel page - new city and destination pages - “theme” and advanced search New user friendly hotel account - easy update of hotel features - on-line publication of promotions - hotel “wall” with events and specials Facebook integration & page Traveller community (on-line reviews, restaurant and cultural tips, things to do) Secretplaces travelogue (blog)

41. F U T U R E G R O W T H O P P O R T U N I T I E S New Features

42. F U T U R E G R O W T H O P P O R T U N I T I E S Future Features and Growth Opportunities The next step

43. Integrated Reservation System (2011 – 2012) - Easy to use 3 step booking process - Easy to use extranet for hotels (price and availability update) - Channel management integration - Direct link to hotel reservation systems - New hotel and client account layout Small Hotel Application (2013) - Stand-alone version for guesthouses and small hotels (10 rooms) I-Phone App Hotel Locator (2013) F U T U R E G R O W T H O P P O R T U N I T I E S Future Features and Growth Opportunities

44. New Markets - Portuguese version of site for the Brazilian internal market (2012) - New Destinations (2012 / 2013): Europe: Germany, Austria, Switzerland Latin America: Brazil, Argentina, Chile, Mexico North America: California Asia Pacific: Bali, Australia, New Zealand F U T U R E G R O W T H O P P O R T U N I T I E S Future Features and Growth Opportunities