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Kokari LtdStelios Koutsivitis Executive Director

Kokari LtdCompany Profile

Kokari is a hospitality investment and management company specializing in hotel development and management in South Eastern Europe. Kokari owns and manages Sheraton Sofia , a Luxury Collection Hotel and Metropol Palace in Belgrade , a Luxury Collection Hotel . Both properties are within the Starwood family. Our management team has managed many other 5 star properties in Greece , in the past , as well King George Palace form 2003 till 2010.

As a dedicated operator of luxury 5 star and 4 star hotels, Kokari offers a “total management solution” to hotel owners, companies or investors.

Company Profile

We seek to capitalize on hospitality real estate investment opportunities in Greece and South Eastern Europe, acquiring or managing and operating properties , rebranding and moving them to the upper scale segment , cooperating with international hospitality chains and supreme brands.

Topics

Global Tourism Market Overview Real Estate Funds investing in

Hospitality Case of Greece

International Tourism Growth

Global Market size in 2013 : 1 billion euros

Tourism arrivals

Tourism by destination

International Tourism by region of destination

International Tourism flow by destination

Real Estate Fundraising

Geographical Target of Real Estate Funds

Real Estate Funds IRR

Real Estate Yields in Southern Europe

Performance per Sector of Real Estate Funds

Niche Industrial Retail Office Residential Hotel0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

50% 48%

32%26% 26%

11%

31%28%

16% 26% 29%

44%

6% 12%

32%33%

20% 17%

13% 12%21%

15%25% 28%

US-Focused Closed-End Private Real Estate Funds by Strategy (2000 - 2010 Vintage Funds)

Bottom QuartileThird QuartileSecond QuartileTop Quartile

Prop

ortio

n of

Fun

ds

Revenue Growth in Hospitality

2012

NPLs of Corporate Sector

30

Greece

Funds investing in Hospitality

Contribution to GDP: 17% [WTTC] Contribution to Employment: 18,3% of total

employment [WTTC] International Tourism Receipts: 11bn.€ [BoG] International Tourist Arrivals: 17million MarketShare: 1,5%World,3%Europe

Greek Tourism Market

Significant Tourism flow Limited supply of luxury infrastructure Recently formed framework and national plan

regarding real estate planning, infrastructure and foreign investments

Limited supply of international operators-brands Large coastal land sites with residential

development potential to accommodate demand from Europe, Russia, Middle East.

Greek Tourism Market

Tourism products/services that have increasing demand from the European consumer are under-utilized (cruise, sailing, medical, culture, golf, city breaks, vacation homes, etc.)

Large source markets like Russia, China, US are not or very little tapped. • Significant room for growth in all major drivers (no. of visitors, avg. stay, avg. spend, capital investment) • Investments in PPP projects (marinas, ports, airports, seaplanes, etc.) • According to McKinsey, in 5 and 10 years tourism demand could exceed E50 and E65bn respectively, from E40bn today

Opportunity

Opportunity

Debt market remain quite constrained , creating difficulty for leveraged borrowers needing to refinance Continued distress materializes

Active Opportunistic Equity Capital and Private Equity Debt funds to fill the gap

Government develops attractive Legislative framework , showing strong will to boost and attract Foreign Direct Investments.

Greece has improved its fiscal account and is expected to restart economic growth.

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Thanks

Kokari LtdStelios Koutsivitis Executive Director