New Players Worth More Than Historical Ones: Enterprise Value of Biggest Hotel Groups & New Digital Players

2. New playersworth more thanhistoricalones… Enterprise value of the biggesthotel groups & new digital players (in billion $) 61.5 40 25.8 25 (est.) 16.5 15.9 12.5 12.5 11.8 10.5 4.2 Sources: MKG Hospitality database, Yahoo! Finance – 04/2015

3. New nations … Source: MKG Hospitality database – 04/2015

4. Who gained over the last decade? REITs & PEs are key partners for operators Bought & Sold stakes in Bought stakes in Bought real estate Bought & Sold Bought real estate Bought real estate from Bought Bought real estate Bought real estate Bought & Sold stakes in Source: MKG Hospitality database – 04/2015

5. Tourism: a major stake for the economy 10 % world GDP (7,6 Trillion $) 1 outof 11 peoplework in the tourimsindustryglobally To whomwilltheGreekTourismbelongtomorrow?

6. A pickup trend has appeared Monthly OR, ADR & RevPARyear-on-year change in Europe

7. Growth? Not everywhere 2014/2013 change in RevPAR (excl. Tax) > +5% +2% to +5% 0% to +2% -2% to 0% < -2%

8. Positive Trends in 2015 YTD RevPAR change end of August 2015 vs. 2014 > +5% +2% to +5% 0% to +2% -2% to 0% < -2%

9. What strategy ?

10. Local taxes & policiesplaya role… Change in Price & Occupancy Rate in France VAT: 5.5% VAT: 7% VAT: 10% Source : MKG Hospitality Database

11. Local taxes & policies play a role… Monthly Change in RevPARexcl. & incl. VAT in France Rise in VAT from 5.5% to 7% Rise in VAT from 7% à 10% Source : Base de Données HotelCompset

12. Local taxes & policiesplay a role… Change in ADR and Occupancy Rate in Germany VAT: 16% VAT: 19% VAT: 7% Source : MKG Hospitality Database

13. Local taxes & policiesplay a role… Monthly Change in RevPARexcl. & incl. VAT in Germany Decrease in VAT from 19% to 7% Source : MKG Hospitality Database

14. The marketsthat are key to EU hotelchains’ performances have changed Percentage of No of rooms sold among 5 largest Western European markets

16. France.fr

17. Smart data Real time process

18. C to C, new marketing approach… Client Client Client Client Client Client Destination Destination Client Client Client Client Client Client Client Client Client Client Engagement Intrusion Share, community, informed

19. Expectations related to customers’ origin & generation Despite the rise of the digital, the “product quality” remains primordial The Boomers Generation X Generation Y Generation Z FIRST EXPECTATION Europe NorthAmerica & Oceania Product Product Product Product East Asia Service Product Product Value Otheremerging countries Product Service Destination Product Service Value Service Value Product Product FIRST EXPECTATION Source : MKG Hospitality survey for FAFIH

20. Synergy

21. Coordinatetowards ONE SET VISION!