1. Asia Pacific Roars! The Latest Spa Research Data And Predictions Panel Leader: Ingo Schweder, Managing Director, Spatality Inc. Panelists: Jeff Matthews - Mandara Spa Joy Menzies - Chiva-Som Shirin Navab - Spatality Samir Patel - Taj Hotels & Resorts

2. Yoriko Soma President Spa Finder Japan & Shirin Navab Regional Director Japan & Central Europe Spatality 19 th of May 2008

5. Mandarin Oriental Tokyo Roppongi Hills Spa & Fitness Zaboo Spa Onsen

6. Hotel Westin Tokyo Four Season Tokyo St. Gregory Spa Four Season Tokyo

7. Grand Hyatt Nagomi Windsor Hotel Toya Hotel Conrad Tokyo Hotel PenninsulaRitz Carlton Tokyo

8. Source: MKI, Spa Finder Japan estimation, industry interview

9. Source: Nippon Spa Association

10. Strengths: - Onsen Culture - High GDP -Omotenashi - traditional Japanese concept of hospitality Weaknesses: -High construction costs and rents -High salaries -International Marketing -English Language Opportunities: -Chinese discovering Japan as holiday destination -Growing Consumer awarness for Beauty & Wellness Products Threats: -High Spa Service Prices -Shortage of qualified therapists outside Tokyo -Lack of industry training

11. Source: ISPA

12. Source: Nippon Spa Association

13. Shirin Navab Regional Director Central Europe & Japan Unter den Linden 28a 10117 Berlin, Germany Email: shirin.navab@gmail.com www.spatality.com Yoriko Soma President Spa Finder Japan River Point Tower 1001 1-11-6 Tsukuda, Chuo-ku Tokyo 104-0051, Japan Email: yoriko_somajp@yahoo.co.jp www.spafinder.com