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Dr. Aris Ikkos, ISHC Customer Satisfaction Survey Attica Hotels Athens-Attica Hotel Association January 2013

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International Setting

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Economic crisis Athens

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Economic crisis Barcelona

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Economic crisis Rome

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% change YTD Dec 2012/2011 Source: GBR Consulting, Smith Travel Research The Mediterranean cities of Athens, Lisbon, Madrid and Milan show dropping occupancy and room rate levels comparing Year-to-date December 2012 with 2011. Athens clearly shows the highest drops, especially on occupancy. The city of Barcelona is showing increasing occupancy levels as well as ARRs.

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Athens compared to 4 main Mediterranean competitors YTD Dec 2012 & 2011 Source: GBR Consulting, Smith Travel Research Occupancy (%) RR RevPAR

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YTD Dec 2012: Occupancy & ARR levels Athens and Thessaloniki show very low occupancy levels and ARRs compared to other European cities.

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Greece - Attica

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Hotel industry performance in Greece change YTD December 2012 / 2011 in % Source: GBR Consulting OCC: -13.4% ARR: -7.8% Athens is experiencing a very difficult year, while also the hoteliers in the category other cities suffer losses compared to last year, especially in terms of room rates. The resort hotels overall perform on par with last year, with regional differences.

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Room Revenue YTD Dec (x 1 mn ) 5*4*3* Source: GBR Consulting On basis of 28 operating hotel the period 2007-2012 5*: 12, 4*: 10, 3* & 2*: 6 -47.4 mn (-37%) -9.9 mn (-34%) -5.8 mn (-58%) More specifically, the 5 star hotels lost 37% of revenue in 2012 compared to 2007, the 4 star segment 34% and the 3 star segment an astonishing 58%.

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International Tourist Arrivals at main airports 20122011 % change Thessaloniki1,314,2311,251,4335.0% Crete (Iraklio & Chania)2,825,5722,818,3680.3% Dodecanese (Rhodes & Kos)2,274,2352,403,099-6.8% Ionian Islands (Corfu, Zakinthos, Aktio & Kefalonia)1,573,7581,530,3472.8% Cyclades (Mykonos & Santorini)340,264333,1132.2% Other airports293,998311,050-5.5% Total excluding Athens8,758,6298,830,218-0.8% Athens2,552,8182,871,524-11.1% Total11,311,44711,701,742-3.3% In Greece per region, YTD, Dec. Athens, YTD, Dec. Overall, international tourist arrivals have stabilised in Greece, with the exception of Athens, where international arrivals declined almost 11% comparing 2012 with 2011. -927,000 arrivals (-27%) Source: SETE

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Tourist profile and Customer Satisfaction

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Attica Tourist Satisfaction Survey Method: Questionnaire Sample: 2012: ~1,500 questionnaires, collected July November 2012 2011: ~1,200 questionnaires, collected July September 2011 2010: ~1,700 questionnaires, collected June September 2010 2009: ~2,000 questionnaires, collected July September 2009 With the support of: From Athens Hotel Association Members, 2* to 5* hotels Presented results by major source country of Athens are based on the weighted average of 4 years questionnaire results with the exception of the following items: crisis influence (2012 only) social media (2012 & 2011 only) pick up as a transportation option (2012 & 2011 only) Sample (number of questionnaires over 4 years): USA 1,358, France 325, Italy 176, United Kingdom 417, Germany 220, Australia 346, Spain 232, Cyprus 309, Canada 289 and Greece 487.

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Arrivals & Overnights by major source countries at hotel like accommodation in Attica (2010) Other Asia Average length of stay: 2.2 nights 2 nights line Source: Hellenic Statistical Authority

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Fastest growing source countries Comparing arrival data 2010 2005 for Attica, Brazil, Argentina, China and Russia show the highest growth rates of +187%, +157%, +105% and +45% respectively. The market share of these four countries has grown from 3.4% in 2005 to 6.0% in 2010. Source: Hellenic Statistical Authority

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Crisis influence per source country Overall, 37% of respondents indicated that they paid special attention to the Greek economic crisis during preparation. Americans, Australians and British paid most attention. However, respondents are those that did decide in the end to travel to Athens. About 56% did not pay any special attention. Did you pay any special attention to the Greek economic crisis during the preparation of your trip to Athens?

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Crisis influence per source country Did you have any worries that developments in Greece could impact your trip? Overall, 26% of respondents indicated that the developments in Greece could impact their trip to Athens. The Australians, Americans, Canadians and British were most worried. About 66% indicated that they had no such worries.

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Perception of safety in the city Rating on a scale of 1 10 on Safety in the City (1 = totally inadequate; 10 = excellent) Greece Cyprus It becomes clear from the above graph that the perception of safety is consistently much lower rated by the Greeks and Cypriots, namely below the mark of 5.5, while the foreigners with the exception of the Italians in 2010 and 2011 rate it above and often well above the mark of 6.

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Overall assessment - recommendation The Greeks are very negative in their overall assessment of Athens compared to the major foreign source markets with a mark of 6.8. As a result, 89% would recommend Athens, which is again the lowest percentage compared to the major foreign source markets.

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Expenditure Total expenditure per day () Value for Money

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Social media usage 79%68%86%89%83%91%81%89%88%72% 22%19%18%19%25%21%37%30%25%22% 18%11%21%14%30%23%20%25%13%35% Percentage of travellers using social media in general Percentage of usage of three main social media platforms by nationality

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Seasonality Preference for a particular month to visit Athens per nationality JanFebMarAprMayJunJulAugSepOctNovDec

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Age profile Biggest group of travellers < 1818 - 3031 - 50>50

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Forecast Athenian Hoteliers for Q1 2013

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Forecast Athenian Hoteliers for 2013 as a whole

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Dr. Aris Ikkos, ISHC Customer Satisfaction Survey Attica Hotels Athens-Attica Hotel Association January 2013