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February 2016

TRASTOR REICCorporate Presentation

A Member of Piraeus Bank Group

2

Disclaimer

This presentation has been produced and issued by TRASTOR REIC (hereinafter ”TRASTOR”) with the assistance of Piraeus Bank S.A. (majority shareholder of Trastor; hereinafter “PB”) has approved the contents of thispresentation. The information contained in this presentation is confidential and is solely for the use of the intended recipient in connection with the purpose of this presentation. It is intended for information purposes onlyand may not be reproduced, edited, copied or amended in any way by its intended recipient, and may not be given, announced or notified to any third party, without the prior written consent of TRASTOR. The materialcontained in this presentation should be read taking into consideration and in conjunction with the oral presentation and explanations provided by TRASTOR. Any potential investor, prior to entering into any transactionshould independently determine the economic risks and merits, as well as the legal, tax and accounting characterizations and consequences of any such transaction. The material contained herein (including thesupplementary oral information and explanations) may include unpublished price sensitive information, the misuse of which may result in criminal and/or civil proceedings. By attending this presentation the intendedrecipients acknowledge and agree to comply with the content of this disclaimer.

The material contained herein (including the supplementary oral information and explanations), is not intended to provide the sole basis for evaluations, should not be viewed as or considered as a recommendation withrespect to, any transaction or any other matter and does not constitute an offer to sell or a solicitation of an offer to buy any security, commodity or instrument or related derivative, nor does it constitute an offer orcommitment to lend, syndicate or arrange a financing, underwrite or purchase or act as an agent or advisor or in any other capacity with respect to any transaction, or to commit capital, or to participate in any tradingstrategies, and does not constitute legal, regulatory, accounting or tax advice nor does it constitute a warranty as to the fitness for a particular purpose. TRASTOR has based this presentation on information obtained fromsources it believes to be reliable but which it has not independently verified; TRASTOR and PB make no guarantee, representation or warranty and accept no responsibility or liability as to its accuracy or completeness.Expressions of opinion are those of TRASTOR only and are subject to change without notice. As such, no duty of care or otherwise is owed by TRASTOR or PB or any of their connected persons or any other person in relationto this presentation.

The information contained in this presentation (inclusive of oral remarks and explanations) is based on historic data as well as estimates of the future development of the market. In relation with the historical business andfinancial data provided, TRASTOR has assumed and relied upon, without independent verification, the fact that this information has been gathered in an appropriate and acceptable way based on uninterruptedly applicablestandards and portrays with precision and completeness the true and fair business and financial status of the companies (in all respects) on the date they refer to. With respect to the future performance of the companiesTRASTOR has assumed that all financial and other forecasts provided, have been prepared on a basis reflecting the best currently available estimates and judgments of the management of the companies, at that date.TRASTOR has based its estimates on analysis which it has worked out with due care and accuracy. TRASTOR is not responsible for any monetary loss afflicted by any person or entity who acts or refrains from acting as a resultof material in this presentation.

Some of the statements included in this presentation (inclusive of oral remarks and explanations) may constitute forward-looking statements. These forward-looking statements are not a guarantee of future performanceand involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, includingwithout limitation: general economic, market and political conditions, including the performance of financial markets, interest rate fluctuations; volatility in the securities markets; exposure to contingent liabilities;investment losses and defaults; fluctuations in foreign currency exchange rates and foreign securities markets; the impact of changing regulation or accounting practices; adverse litigation results and changes in tax laws.TRASTOR or PB do not intend, and are under no obligation, to update any particular forward-looking statement included in this presentation.

TRASTOR and PB reserve the right to alter this presentation as it sees fit, without notice to the recipient. The recipient should not rely upon it or use it to form the basis for any decision, contract, commitment or actionwhatsoever, with respect to any proposed transaction or otherwise. TRASTOR and PB disclaim any liability which may be based on this presentation, any errors and/or omissions herein from TRASTOR does not make anyrepresentation or warranty, express or implied, that any transaction has been or may be effected on the terms or in the manner stated in this presentation, or as to the achievement or reasonableness of future projections,management targets, estimates, prospects or returns, if any. Furthermore, TRASTOR and PB will not accept any liability, responsibility or obligation (whether direct or indirect, in contract, tort or otherwise) in relation tothese matters .The provision of this presentation: (i) does not place TRASTOR and PB under any obligation to provide any further information or to update this presentation or any additional information or to correct anyinaccuracies in any such information which may become apparent; and (ii) does not place TRASTOR and PB under any obligation to review the financial condition or affairs of the relevant companies or advise the recipient inrespect of any information about the companies. Past performance does not guarantee or predict future performance.

In providing services TRASTOR and other companies of Piraeus Bank Group, may confront cases of conflict of interest in relation to the information presented herein. To this regard, we further note that: a) TRASTOR and/orother companies of Piraeus Bank Group may have provided or may currently or in the future provide financial, consulting and financing services to the companies and/or any of their subsidiaries and received or will receiveremuneration for the rendering of such services and b) in their ordinary course of business of TRASTOR and/or any of the other companies of the group may, at any time, trade bonds or shares or loans, and therefore, holdlong or short positions in such securities, of the companies and/or its affiliates, either for their own account or for the account of their customers.

The distribution of this presentation in certain jurisdictions may be restricted by law and, accordingly, recipients of this presentation represent that they are able to receive this presentation without contravention of anyunfulfilled registration requirements or other legal restrictions in the jurisdiction in which they reside or conduct business. This presentation is directed only at relevant persons and must not be acted on or relied on bypersons who are not relevant persons. Any investment or investment activity to which this presentation relates is available only to relevant persons and will be engaged in only with relevant persons. Any person consideringany action: (i) may not rely on this presentation in determining any course of action in relation to the companies or otherwise; and (ii) must seek its own independent financial, legal tax and accounting advice. TRASTOR andPB disclaim any liability which may be based on this presentation or any other written or oral information provided in connection therewith and any errors therein and/or omissions therefrom.

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15

20

25

30

35

40

45

50

55

60

10

20

30

40

50

60

70

80

90

100

110

2010 2011 2012 2013 2014 2015

Property Fair Values NAV Market Cap (31/12)

Trastor at a Glance

#25Properties

4.2€mnGross RentalIncome

61,624sqmGross Leasable Area

8.8 yearsWALT

63.1€mnPortfolio Fair Value

5.0%Overall Vacancy

6.6%Blended Gross Income Yield

15.1%Discount to NAV

5.3€mnDebt

8.4%LTV

(1) 31.12.2015 consolidated accounts, not yet audited(2) During 2011 two assets were sold

('000 €) 2010 2011 2012 2013 2014 2015

P&L

Number of Properties 26 24 25 25 25 25

WALT (in years) 8.3 7.3 6.3 5.3 4.3 8.75

Rental Revenue(2) 7,724 6,013 4,894 4,395 4,249 4,178

Blended Gross Income Yield 7.94% 7.65% 6.17% 5.78% 5.68% 6.62%

Investment Properties 97,242 78,556 79,316 75,979 74,820 63,053

NAV 101,561 95,468 85,834 78,820 72,788 63,405

FFO 5,206 3,349 2,930 1,861 2,352 2,008

Debt 8,500 7,438 7,800 7,533 7,766 5,282

Key Figures(1) as of 31.12.2015

Revenue, EBITDA, FFO Property Values, NAV, Market Cap

(€m

n)

(€m

n)

1

2

3

4

5

6

7

8

9

2010 2011 2012 2013 2014 2015

Rental Revenue EBITDA (clean) (1) FFO(rhs)

4

20

30

40

50

60

70

80

90

Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-1520

40

60

80

100

120

140

160

180

Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15

Stock Data Information

31.12.2015Price: € 0.98

Stock Price Market Cap.

Total Return

01.01.2015 – 31.12.2015

Source: Bloomberg, Trastor’s Published and Audited Consolidated Financial Statements (IFRS)

31.12.2015Market Cap: € 53.8mn

01.01.2015 – 31.12.2015

Premium | Discount to NAV

(€m

n)

(€m

n)

-30%

-10%

10%

30%

50%

70%

2010 2011 2012 2013 2014 2015

31.12.2015Total Return: -2.2%

-80%

-60%

-40%

-20%

0%

2010 2011 2012 2013 2014 2015

31.12.2015Discount: 15.1%

01.01.2010 – 31.12.2015 01.01.2010 – 31.12.2015

PB assumed control

23.03.2015Price: € 1.34

End of Public Offer

16.10.2015Price: € 1.34

5

Spiros KarakostasAsset & Portfolio Manager

• 15 years of experience - Joined Trastor in 2011• Qualifications: Civil Engineer (Un. of Thessaly), MSc. in

Computational Mechanics (NTUA), MBA (ALBA Business School), Candidate Ph.D., Advanced Genetic Optimization (Un. of

Thessaly)

George TheodoropoulosRisk & Compliance Officer

• 10 years of experience - Joined Trastor in 2015• Qualifications: Diploma in Property Valuation, BSc (Hons)

Management & Systems, Cass Business School, Executive Committee – ULI Greece

Thanos KougioumtzelisTechnical Officer

• 16 years’ experience - Joined Trastor in 2012• Qualifications: MSc in Refrigeration and Air Conditioning (UCL),

BEng in Mechanical Engineering (Hons)(Sussex University)

Tassos KazinosChief Executive Officer

• 22 years of experience – Joined Trastor in 2015• Qualifications: MBA, Harvard Business School, B.Sc (Economics),

London School of Economics

George FilopoulosInvestment Manager

• 11 years experience – Joined Trastor in 2015• Qualifications: Executive Certificates, Harvard GSD, MSc Real

Estate Economics & Finance, London School of Economics, BSc Economics, Panteion University

Yota AndreouBusiness Development & Corporate Strategy Manager

• 11 years experience: Joined Trastor in 2015• Qualifications: MRICS, Royal Institution of Chartered

Surveyors, MSc Statistics Real Estate (AUEB), BSc Applied Mathematics (NTUA)

Aikaterini ManiatiInternal Audit Officer

• 12 years’ auditing experience - Appointed to Trastor in 2015• Qualifications: MSc Applied Economics & Finance in Strategic

Decisions (AUEB), BSc in Statistics & Insurance Science (UNIPI)

Anna ParisiInvestor Relations

• 15 years’ experience – Joined Trastor in 2009• Qualifications: University of Toronto (UofT), BA (Hons)

Environmental Studies and Environment & Resource Management

Panagiotis AntonopoulosAccountant

• 8 years experience: Joined Trastor in 2015• Qualifications: MBA Degree in Finance, Hertfordshire University,

Economic Science, Piraeus University

Management Team

Ioannis LetsiosChief Accountant

• 35 years of experience – Joined Trastor in 2015• Qualifications: Economic Science, Piraeus University

6

Organizational Chart

Board of Directors

CEO

Finance Department

Accounting Department

Investor Relations

Corporate Accouchements

Investment Management

Negotiations

Analyses

Structuring

Execution

Divestments

Asset & Portfolio Management

Portfolio Strategy

Leases

Collections &Insurance

Business Development &Corporate Strategy

Corporate Strategy

Marketing

New Business Development

Investment Committee

Remuneration – Nomination Committee

Audit Committee

BoD Secretary

Legal Department Internal Auditor

Disposals

Risk & Compliance Officer

Technical due diligence

Facilities Management

Repairs &Maintenance

Energy Efficiency & Sustainability

Technical DivisionPortfolio

Management

Public Relations

7

Corporate Governance

Committee Main Responsibilities

InvestmentCommittee

▪ Reviews, analyzes, and approves new investment recommendations (and divestments) made by management

▪ Recommends new investments to the Board of Directors

▪ Approves commercial terms for new leases and major changes to existing ones

▪ Monitors the Company's business plan implementation

Audit Committee ▪ Monitors and evaluates the Company’s internal control and risk management systems

▪ Supervises the Internal Auditor and Risk & Compliance Officer

▪ Examines the interim and annual financial results of the Company and the work of the Company’s auditor

Remuneration & Nomination Committee

▪ Designs, monitors, and reviews the Company’s remuneration policy

▪ Assesses BoD members and recommends new candidates to the AGM of shareholders

▪ Appraises key management and recommends new appointments

▪ Experienced Board of Directors with proven real estate, finance, and government experience

▪ Majority of non-executive directors, two of which are independent

▪ Investment Committee, Audit Committee, and Remuneration & Nomination Committee

▪ Detailed Corporate Internal Regulation and adherence to Piraeus Bank’s internal audit, risk & compliance code

Strong Corporate GovernanceBoard of Directors

Dimitrios Georgakopoulos Chairman, Non-Executive

Tassos G. Kazinos CEO/CFO, Executive

George Papaioannou Non-Executive

Georgios Konstantakopoulos Non-Executive

Dimitrios Voukas Non-Executive

Ioannis Matsis Independent Non-Executive

Dimitrios Goumas Independent Non-Executive

Investment Committee

Tassos G. Kazinos President

George Papaioannou Member

Dimitrios Voukas Member

Ioannis Matsis Member

Audit Committee

Dimitrios Goumas President

Ioannis Matsis Member

Georgios Konstantakopoulos Member

Remuneration & Nomination Committee (1)

Dimitrios Georgakopoulos Member

Tassos G. Kazinos Member

Dimitrios Voukas Member

(1) Composition of Committee will change to comply with the new Corporate Internal Regulation

8

Portfolio Overview

Portfolio Breakdown by region

Western Macedonia

No. of Assets 1

GLA (sq.m) 190

% MV 1%

Epirus / Ionian

No. of Assets 3

GLA (sq.m) 667

% MV 2%

Northern Macedonia & Thrace

No. of Assets 1

GLA (sq.m) 11,369

% MV 16%

Thessaloniki

No. of Assets 1

GLA (sq.m) 2,207

% MV 8%

Thessaly

No. of Assets 6

GLA (sq.m) 2,870

% MV 9%

Western Greece

No. of Assets 4

GLA (sq.m) 1,607

% MV 7%

Attica

No. of Assets 7

GLA (sq.m) 39,974

% MV 53%

Crete

No. of Assets 2

GLA (sq.m) 1,106

% MV 4%

22%

54%

9%

4%11%

Retail Office Mixed Use Parking Gas Stations

53%

9%

38%

Athens Thessaloniki Rest of Greece

Income Breakdown by(1):

Tenant

Location

Asset

52%

10%

38%

Piraeus Bank Hellenic Fuels Other

(1) Run-rate 2016

9

Lease Maturity

▪ Longer maturity with guaranteed lease duration

▪ Higher occupancy rate

▪ Better diversification of tenant mix

4%

19%

77%

t <3 Yr

3Yr < t < 8 Yr

t > 8 Yr

0% 20% 40% 60% 80%

69.1%

17.7%

13.2%

t <3 Yr

3Yr < t < 8 Yr

t > 8 Yr

0% 20% 40% 60% 80%

Lease Maturity 2015 – Up to 31.12.2015 Lease Maturity – With effect from 01.01.2016

10

Investment Strategy

Asset Level Analysis & Repositioning Focused Investments

Disciplined Deal Structuring

Local & Regulatory Knowledge

PartnershipsBank

Relationships

▪ Investments based on proprietary research and deal flow, focused on Hotels, Grade A Office Buildings, Prime Retail, Hypermarkets, andLogistics with large corporate tenants, with liquid features, and room for medium-term cap-rate compression

▪ Identify, and create opportunities by tapping into Piraeus Bank and business partner relationships. Avoid competitive processes in favourof direct dealings. Exploit information asymmetries and discover untapped potential to unlock hidden value

▪ Disciplined deal structuring around pre-defined total return, dividend yield, and leverage ratio target

▪ Collaborative thinking with creditor banks for creative win-win solutions. Combine transaction structuring with insightful local knowledge tounlock deals

▪ Partnerships with large corporates to structure transactions that facilitate their capital release plans and support their expansion strategy

▪ Knowledge of regulatory environment, zoning and permitting framework, to take advantage of available repositioning and re-developmentoptions

Negotiation

Investment Strategy

11

Selection Criteria

▪ Re-geared rentals ▪ Guarantee lease duration▪ Minimum guaranteed indexation

Due Diligence

▪ Areas of low lease roll-over ▪ Visibility▪ Accessibility

▪ Size / Leasable area▪ Building condition▪ Environmental & Energy Efficiency

▪ Existing Leverage ▪ Loan terms

▪ Legal Due Diligence▪ Technical Due Diligence▪ Environmental issues▪ Valuation

▪ Domestic / Multinational AAA▪ Financial strength

12

APPENDIX

13

8%7.7% 7.5%

7.0% 6.8% 7%

7.8%

8.5%8.8%

9%8.8% 8.6% 8.5%

7%6.5%

6%5.5%

5%

6%

7%7.3%

7.8%8%

7.7% 7.6 7.5%

9.0% 8.8% 8.7% 8.5%8.3%

9.0%9.5%

10.2%

11%

12%

11.3% 11.2%11.1%

4%

6%

8%

10%

12%

14%

Office Retail Industrial

Greek Commercial Real Estate Market

The Greek Commercial Real Estate Market

▪ The Greek real estate market peaked in Q4, 2008. Due to the economic crisis and for five

consecutive years demand declined sharply leading to a massive relocation of business

activity towards secondary areas in order to reduce operating expenses. By 2014 the above

trend seemed to have come to an end with rents bottoming-out. However, political and

financial instability acted as impediment to expansion plans and thus rental growth

▪ Since the peak, rents and property prices have dropped on average more than 50% across

all real estate sectors with the retail segment being hit the most while yields have surged

between 220-400 bps

▪ Currently, prime yields range between 180bps-290bps above their lows and 70bps-120bps

above their ten year average offering significant room for capital appreciation especially if

rental growth gains momentum in the near future

▪ Elevated yields and limited access to financing have created a polarized market dominated

by institutional equity-based investors for whom security of income and medium-term capital

appreciation are of primary concern

▪ That is why, since 2013, Greek REICs account for more than 60.0% of the total transaction

volume. Total investment volume in 2015 reached c. €141mn. 48% of which representing

direct investments by Greek REICs at yields ranging between 7.7.% - 9.5%

▪ In terms of asset type (since 2013) the office sector accounts for most of the transaction

volume (43.0% cumulatively) while recent evidence of capital flows show an emerging

preference towards the retail sector

122 146

56

363

33 5

131

78 75 40

20 8.5

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015

€1.1 bn Invested since 2013

€642 mn from REICs

14

-25%

-15%

-5%

5%

15%

2008 2009 2010 2011 2012 2013 2014 2015 2016 (f)

Yield Appreciation Total Return

Office Market Highlights

Office Market

▪ Rental values down by 45%

▪ Yields shifted from 6.8% to 9.0% (2013)

▪ Capital values dropped cumulatively c. 55%

▪ Tenants’ relocation slowing down

▪ Demand increasingly shifts back towards main axisareas

▪ Signs of rental growth is evidenced at Class A/B+buildings

Outlook

▪ Landlords will continue to offer concessions to securetenancy albeit with much lower incentives

▪ Lack of Class A new supply and credit contractionimpacting new development leads demand to absorbcurrent stock of Class B premises

▪ Cap rate compression by 10bps and neutral rentalgrowth are expected to drive values up by 1.5% at theend of the year

Since 2008

Current Trends

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

2008 2009 2010 2011 2012 2013 2014 2015 2016 (f)

ERV Impact Yield Impact Capital Value

2016 (F)Total Return: 10%

Capital Value Evolution (YoY)

Return Evolution (YoY)

15

▪ Increasing demand for prime stores while vacancy will

remain high at secondary submarkets

▪ Low prices raise acquisition interest for own-use

▪ Values are expected to increase by 2.9% annually

driven both by 1.3% moderate rental growth and cap

rate compression by 5-10bps

Retail Market Highlights

-40%

-30%

-20%

-10%

0%

10%

2008 2009 2010 2011 2012 2013 2014 2015 2016 (f)


-35%

-25%

-15%

-5%

5%

15%

2008 2009 2010 2011 2012 2013 2014 2015 2016 (f)


Retail Market



▪ Capital values dropped cumulatively c. 65%

▪ Tenant mix of traditional high streets has been alteredwith much space being absorbed by F&B chains

▪ Prime mid-sized bank branches are released onto themarket.

▪ Multinationals shift back to high streets at largediscounts offering turnover rents

Outlook

Since 2008

Current Trends



2016 (F)Total Return: 10.5%

16

-20%

-15%

-10%

-5%

0%

5%

10%

15%

2008 2009 2010 2011 2012 2013 2014 2015 2016 (f)


-20%

-15%

-10%

-5%

0%

5%

10%

2008 2009 2010 2011 2012 2013 2014 2015 2016 (f)


▪ Low replacement costs continue to favor acquisitions

for own use vs leasing

▪ Development represents only built to suit projects

▪ Capital appreciation of 0.8% is expected driven mainly

by cap rate compression of at least 5-10bps since

current stock trades highly infrequently

Industrial Market Highlights

Industrial Market



▪ Capital values dropped cumulatively 54%

▪ The market shows the most healthy fundamentalswith extremely low stock of large modern facilities

▪ Demand stems from 3PL, supermarket chains, toysand pharmaceutical sectors

▪ Warehouses of less than 3,000 sq.m are out of marketand offered for less than € 1/sq.m/month

Outlook

Since 2008

Current Trends

2016 (F)Total Return: 11.9%



17

Investment Considerations

Global Destination: With a strong cultural heritage, Greece is the 15th most visited destinationglobally with a 1.4% share of international receipts. It ranks 5th in the Mediterranean regionwhich receives one third of worldwide international arrivals (306mn) and 26% (€ 190bn) ofglobal tourism receipts

1

Natural Competitive Advantage: Greece enjoys more than 300 days per year of sunshine, has6,000 islands out of which 227 are inhabited, and is located within 3 hours flight from mostEuropean cities (739mn people). It has a 15,147 km coastline, the longest in theMediterranean and the 10th largest in the world

2

Resilient Export Industry: Despite a GDP contraction between 2008-2015 and a politicallyturbulent environment, international tourist arrivals hit record high with more than 22 mnvisitors in 2014, expected to reach 25 mn visitors in 2015

3

Important Sector: Tourism is vital to the Greek economy whose direct contributes more than7.0% of GDP and accounts for c 9.5% of the country’s employment. As a result, the sector is apriority for government subsidies and EU grants

5

Growth Prospects: Since 2003, Greece doubled its international arrivals which are expected toreach 30 mn in the next few years. In a recent survey, 92% of tourists said that they wouldrevisit Greece, and 96% said they would “recommend” Greece as a holiday destination

4

18

Greece ranking in key tourism metrics

Spain

France

Italy

Cyprus

Turkey

Croatia

Egypt

Greece

3

1

5

>50

6

23

29

15

2

3

5

>50

11

30

40

18 (prev 19)

5.2%

4.4%

4.9%

7.8%

2.3%

13.3%

5.1%

9.4%

1

2

8

36

44

33

83

31 (prev 32)

5.2%

4.8%

3.8%

0.3%

2.4%

0.8%

0.5%

1.4%

12.8%

10.9%

8.9%

0.6%

5.8%

1.9%

1.2%

3.5%

CountryWorld Rank in Arrivals

World Rank in Intern. Receipts

Direct Contribution to Employment

Rank in Tourism Competitiveness

World Market Share (inter. receipts)

EU Market Share (inter. receipts)

Greece is the 15th most visited destination globally with a 1.4% market share and ranks favorably amongst its main competitors

Source: Word Tourism Organization (UNWTO); World Economic Forum; WTTC for 2014

19Source: SETE; Bank of Greece; Civil Aviation Authority; WTTC

International Arrivals (main airports) -Seasonality

Arrivals (mn) Shares (%)

Greek tourism remains resilient

International Arrivals by Country

Travel & Tourism Direct Contribution to GDPLeisure vs. Business Spending,

11.2%Germany

Other countries5.1%

5.7%

6.6%

UK

62.0%France

Italy

Russia

9.5%

5.8 %

94.2%Business spending

Leisure spending

0.2 0.2 0.20.7

1.6

2.3

2.9 2.9

2.1

1.0

0.3 0.3

0%

5%

10%

15%

20%

25%

0

1

2

3

4

%, 2014

2014mn, %, 2014

International Arrivals vs. Real GDP (2005 prices)

12.5 11.7

14.4 15.2 16.2 15.914.9 15.0

16.4 15.517.9

22.0

25.0

100

120

140

160

180

200

220

240

260

0

5

10

15

20

25

03 04 05 06 07 08 09 10 11 12 13 14 15

Lhs: International Arrivals mn; Rhs: GDP €bn, 2003-2015*

20

1.011.07

1.57

1.93

2.604.93

0.94

0.58

0.18 0.140.25 0.21

0.31

ThessalonikiHeraklion KefaloniaAthens Santorini SkiathosChania Mykonos

0.12

Kos Zakynthos

0.08

AktioRhodes Corfu Samos Kavala

International flight arrivals

Source: Civil Aviation Authority

Note 1: Top-15 airports including only foreign passengers

Heraklion and Chania are the major cities of Crete

Heraklion

Rhodes

Thessaloniki

Athens

Corfu

Zakynthos

Santorini Kos

Chania

Kefalonia

Aktio

Mykonos

Samos

Kavala

Skiathos

Crete, Rhodes, Kos, and Corfu accounting for c. 7.5 million arrivals in 2014

mn, 2014

21

Hotels breakdown

Source: Hellenic Chamber of Hotels

5*4%1*

15%

2*

43%

3*25%

4*14%

Summary breakdown

Upscale hotels (4*-5*) account for 18% of total

Rooms breakdown

Beds breakdown

Category

Total

Hotels

9,706

Beds per hotel

80

37

53

77

149

1,449

4,143

2,405

1,314

395

Rooms per hotel

42

19

28

40

77

154 313

1*

27,864

2*

117,402

3*

96,331

4*

101,214

5*

60,981

40% of total is 5* and 4*

2* 1*

53,306

220,712

3*

185,170

4*

196,233

5*

123,697

41% of total is 5* and 4*

Greek Hotels by Category

Total404k rooms

Total780k rooms

Hotels by category, 2015 Rooms by category, 2015

Hotels by category, 2015 Beds by category, 2015

22Source: Hellenic Chamber of Hotels

Only ~20% of Greek 5* category hotels are branded

5* category hotels breakdown by major brands

316

395

61National

International

Total

18

Others

Greek 5* hotels breakdown

Units

23

0.6 0.7 0.70.8 0.8

0.60.5

0.70.6

0.91.0

0%

5%

10%

15%

20%

25%

30%

35%

40%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Greek hotel companies financials

Total Revenue of Greek Hotel Companies

Net Profit (after tax) of Greek Hotel Companies

EBITDA of Greek Hotel Companies

Source: Hellastat; Team Analysis, Includes all companies with reported revenues

YoY Change

% Margin

Revenues for 2014 have returned to (pre-crisis) levels as revenues from international arrivals have fully compensated for decreases in domestic tourism. In 2014, net profit has turned positive for the first time since 2008, while EBITDA has hit record high

Bank Debt to EBITDA of Greek Hotel Companies

4.6x 4.4x5.5x 5.1x

6.2x

7.9x

10.0x

7.3x8.5x

6.0x5.3x

0

2

4

6

8

10

12

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

-17-59

-8

7637

-226

-424 -419-365

-87

69

-15%

-10%

-5%

0%

5%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

2.52.7

3.03.2

3.43.1 3.0

3.22.8

3.13.4

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

0

1

1

2

2

3

3

4

4

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

€bn – Margin in %, 2004 - 2014 % Margin€bn – YoY change, 2004 - 2014

€mn – Margin in %, 2004 - 2014

24

31.12.2015 Balance Sheet

GROUP COMPANY

31.12.2015 31.12.2014 31.12.2015 31.12.2014

ASSETS

Non-Current Assets

Tangible Assets 37,018 53,844 37,018 53,844

Intangible Assets 1,509 2,265 1,509 2,265

Investment Property 63,053,000 74,820,000 56,300,000 64,890,000

Investment in Subsidiaries 0 0 1,073,138 2,273,437

Receivables from affiliated companies 0 2,503,626 0 2,503,626

Other Receivables 3,076,468 83,166 3,062,570 69,956

66,167,996 77,462,903 60,474,236 69,793,131

Current Assets

Trade receivables 198,226 452,945 134,367 416,459

Other receivables 86,891 188,658 713,752 216,757

Cash and cash equivalents 2,862,586 3,418,819 2,625,322 3,178,172

3,147,704 4,060,423 3,473,442 3,811,389

TOTAL ASSETS 69,315,701 81,523,327 63,947,679 73,604,520

EQUITY & LIABILITIES

EQUITY

Equity and Investor reserves

Share Capital 62,023,711 62,023,711 62,023,711 62,023,711

Share Premium 163,190 163,190 163,190 163,190

Reserves 2,959,588 2,959,588 2,959,588 2,959,588

Retained Earnings (1,741,219) 7,641,063 (1,741,219) 7,641,063

Total Equity 63,405,270 72,787,554 63,405,270 72,787,554

LIABILITIES

Non-Current Liabilities

Retirement Benefit Obligations 3,678 20,205 3,678 20,205

Long term Loans 5,229,250 7,095,375 0 0

Other non-current Liabilities 133,396 290,227 96,796 253,627

5,366,324 7,405,807 100,474 273,832

Current Liabilities

Suppliers and other Liabilities 456,496 615,282 410,997 504,537

Loans 53,003 670,320 0 0

Taxes payable 34,605 44,362 30,935 38,596

544,105 1,329,965 441,933 543,133

Total Liabilities 5,910,430 8,735,772 542,408 816,966

TOTAL EQUITY & LIABILITIES 69,315,701 81,523,327 63,947,679 73,604,520

Note: 2015 accounts not yet audited

25

31.12.2015 Income Statement

GROUP COMPANY

01.01.-31.12.2015 01.01.-31.12.2014 01.01.-31.12.2015 01.01.-31.12.2014Rental Income 4,178,358 4,249,354 3,936,704 3,980,367(Losses) from Fair ValueAdjustments of Investments (11,926,233) (1,159,007) (8,594,799) (1,097,578)

Other Income 114,467 33,332 87,136 36,332Total Operating Income (7,633,407) 3,123,680 (4,572,959) 2,919,121

Property Operating expenses (1,084,399) (939,818) (1,015,252) (896,105)Personnel Expenses (89,143) (88,335) (89,143) (88,335)Other Operating Expenses (441,590) (554,266) (424,020) (538,321)Discounting of long term receivable (236,513) (2,252,773) (236,513) (2,252,773)Depreciation (22,320) (26,808) (22,320) (26,808)Total Operating Expenses (1,873,967) (3,862,001) (1,787,250) (3,802,343)

Interest Income 453,227 83,005 453,219 83,001Financial Expenses (345,675) (339,068) (942) (861)Impairment of investments in subsidiaries 0 0 (3,500,299) (205,284)Profit /(Loss) before tax (9,399,823) (994,384) (9,408,232) (1,006,366)Income Tax 17,540 (92,070) 25,948 (80,089)Profit / (Loss) after tax (9,382,283) (1,086,455) (9,382,283) (1,086,455)

Other comprehensive Income

Items that may not be subsequently reclassified to profit or loss

Actuarial profit / (loss) 0 (6,016) 0 (6,016)

Total comprehensive income / (losses) after tax (9,382,283) (1,092,471) (9,382,283) (1,092,471)

Profit / (Loss) after tax attributed to :- Company’s Shareholders (9,382,283) (1,086,455) (9,382,283) (1,086,455)- Minority Shareholders 0 0 0 0

(9,382,283) (1,086,455) (9,382,283) (1,086,455)

Total comprehensive income / (loss) after tax distributed to :- Company’s Shareholders (9,382,283) (1,092,471) (9,382,283) (1,092,471)- Minority Shareholders 0 0 0 0

(9,382,283) (1,092,471) (9,382,283) (1,092,471)

Earnings / (Losses) per share attributable to shareholders (in €)Basic & Diluted (0.1709) (0.0198)


26

31.12.2015 Cash Flow Statement

GROUP COMPANY

01.01.2015 -31.12.2015 01.01.2014 -31.12.2014 01.01.2015 -31.12.2015 01.01.2014 -31.12.2014Cash Flows from Operating Activities(Losses)/profits before tax (9,399,823) (994,384) (9,408,232) (1,006,366)Plus / minus adjustments for :Depreciation 22,320 26,808 22,320 26,808Impairment of investments in subsidiaries 0 0 3,500,299 205,284Recovered discounting of long term receivables 236,513 2,252,773 236,513 2,252,773Provisions (16,527) 52,375 (16,527) 43,246Losses from investment property adjustment to fair values 11,926,233 1,159,007 8,594,799 1,097,578Gains from sale of tangible and intangible fixed assets

(1,005) 0 (1,005) 0

Interest Income (81,810) (83,005) (81,802) (83,001)Interest & related expenses 345,675 339,068 942 861Plus / minus adjustments for changes in working capital accounts or relating to operating activities:Increase / (decrease) in receivables (369,702) 45,151 (940,404) 37,481Increase / (decrease) in liabilities (excluding banks)

(224,072) 296,940 (158,826) 214,692

Less :Interest & similar expenses paid (345,675) (121,289) (942) (861)Tax paid (83,760) (545,307) (73,256) (531,774)Total inflows from operating activities 2,008,364 2,428,137 1,673,879 2,256,722

Cash flows from investing activitiesPurchase of tangible and intangible fixed assets (4,843) (7,139) (4,843) (7,139)Sale of tangible and intangible fixed assets 1,110 0 1,110 0Investment property additions (159,233) 0 (4,799) 0Subsidiary capital increase 0 0 (2,300,000) 0Interest Income received 81,810 80,870 81,802 80,866Total inflows from investing activities (81,155) 73,731 (2,226,729) 73,727

Cash flows from financing activitiesLoan Payment (2,483,441) 0 0 0Dividends paid 0 (4,934,175) 0 (4,934,175)Total (outflows) from financing activities (2,483,441) (4,934,175) 0 (4,934,175)

Net increase / (decrease) in cash and cash equivalents (556,233) (2,432,307) (552,849) (2,603,725)

Cash and cash equivalents at beginning of period 3,418,819 5,851,126 3,178,172 5,781,898Cash and cash equivalents at end of period 2,862,586 3,418,819 2,625,322 3,178,172


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