P1247676899zHXMa

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Facts Figures

• Linstow International Ltd is a major real estate
  company of Norway, owned by Anders Wilhelmsen
  Group, the major shareholder of the worlds
  second largest cruise company, Royal Caribbean
  Cruise Lines.
• Reval Hotels predecessor was established in 1991
  as Hotel Olümpia Ltd. In 1997 the chain was
  renamed Reval Hotels.
• Reval Hotels is currently operating upscale,
  midscale, and economy class hotels in all Baltic
  countries and has following hotels in the Baltic
  region under management
• 1992 Reval Hotel Olümpia (390 rooms) -Tallinn,
  Estonia
• 1996 Reval Hotel Central (247 rooms) - Tallinn,
  Estonia
• 1997 Reval Park Hotel Casino (121 rooms) -
  Tallinn, Estonia
• 1999 Reval ExpressHotel (166 rooms)- Tallinn,
  Estonia
• 2000 Reval Hotel Latvija (382 rooms) - Riga,
  Latvia,
• 2001 Park Hotel Ridzene (95 rooms)- Riga, Latvia
• 2003 Reval Hotel Lietuva (291 rooms)- Vilnius,
  Lithuania

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Facts Figures (continued)

• In 2003 Reval Hotels market share by roomnights
  sold was 27 in Tallinn, 18 in Riga and 15 in
  Vilnius.
• Total number of hotel rooms (2004) 1692
• Total number of employees (2004) 850
• Reval Hotels turnover (2004) 43,7 Mio EUR
• Gross Operating Profit (2004) 22,3 Mio EUR

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REal VALue

• Reval Hotels competitive advantages in hotel
  development and operations
• We know our area we are the experts in the
  hospitality business in the region
• Size does matter we are big enough to have all
  necessary resources, yet small enough to be
  flexible
• Guests and Partners know us we have a
  regionally well-established brand and a good
  reputation
• Reval Hotels stands for REal VALue
• Goal-oriented development
• Flexibility
• Social responsibility
• People the key to our success
• Openness and co-operation

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Reval Hotels Development

• New Markets for Reval Hotels

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New Markets

• First priority (1-3 years)
• St. Petersburg, Russia (goal gt 700 rooms)
• Kiev, Ukraine
• Future expansion (4-6 years)
• Moscow, Russia
• Helsinki, Finland
• Gdansk, Poland
• Plans (7-10 years)
• Minsk, Belorussia
• key cities in Russia
• Eastern European capitals (Budapest, Prague,
  Bukarest, Bratislava)
• key cities in Scandinavia

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Strengthening the base

• First priority (1-3 years)
• Riga, Latvia
• Future expansion (4-6 years)
• Vilnius, Lithuania
• Tallinn, Estonia
• other cities in the Baltics as well as markets
  where a base has been created (Russia, Ukraine)
• Future expansion (7-10 years)
• other countries where a base has been created
  (Poland, Finland, Scandinavia)

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Expansion location criteria

• In the Baltic countries
• expansion of existing flagship hotels (RH
  Latvija, RH Lietuva, RH Olümpia)
• new hotels in the capitals
• hotels in the top 3 cities in the country
• In Russia
• Central Federal District cities with more than
  1,000,000 inhabitants
• In Finland and Scandinavia
• capitals
• business cities with more than 400,000
  inhabitants
• In Poland, Ukraine
• cities with more than 400,000 inhabitants

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New Markets
Kaliningrad
Gdansk
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Product preferences

• Reval Hotels are primarily concentrating on the
  operation of hotels with at least 150 guestrooms
  in the commercial capitals.
• Reval Hotels operates hotels mainly under
  management contracts and under the trademark of
  Reval Hotels.
• The strategic interests of Reval Hotels are
  focused on both business and leisure markets
  with
• Mid-scale, full service hotels
• Economy, basic service hotels

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Product preferences (continued)

• Mid-scale, full service hotels have a broad
  selection of services, such as conference center,
  fitness center with sauna, variety of food and
  beverage outlets, entertainment services
  (nightclub and/or casino).
• Hotel rooms are comfortably furbished. All
  guestrooms have air-conditioning, floor heating
  in the bathrooms, minibar, hairdryer, TV with
  Pay-TV, direct-dial telephone, and customer
  internet connection (staring from spring 2005
  also free wireless internet in all guestrooms and
  public areas).
• Room-mix consists of different room types
  twin/double, double de luxe rooms, executive
  rooms and suites.
• Current hotels in the portfolio are Reval Hotel
  Olümpia, Reval Hotel Latvija and Reval Hotel
  Lietuva.

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Product preferences (continued)

• Economy, basic service hotels are focusing on
  simplicity and efficiency. Number of services is
  limited food and beverage outlets are simple,
  consisting of a casual breakfast/all-day
  restaurant and a lobby bar. Emphasis is on fast
  service, good pricequality relation and simple,
  but attractive product.
• Hotel rooms are comfortably furbished.
• Room-mix consists mainly of twin/double
  (preferably with triple accommodation
  possibility) and some executive rooms. All
  guestrooms have cable TV, direct-dial telephone,
  internet connection, floor heating in bathrooms
  and hairdryer.
• Current hotel in portfolio Reval ExpressHotel
  in Tallinn.

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Reval Hotels

• Our Hotels Today

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Explore the Baltic states with Reval Hotels
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We are close
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Just hours by plane
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Reval Hotel Olümpia
TALLINN
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Elegant business- and conference hotel
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New restaurant will be opened in May 2005
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Reval Park Hotel Casino
TALLINN
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The only entertainment hotel in Estonia
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Reval Hotel Central
TALLINN
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Comfortable hotel in the center of Tallinn
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Reval ExpressHotel
TALLINN
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Affordable hotel close to the harbour
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RIGA
Reval Hotel Latvija
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Business- and conference hotel in the center of
Riga
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Reval Hotel Latvijas new conference center with
a hall for 1000 people and 205 new
guestrooms opening spring 2006
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RIGA
Reval Hotel Ridzene
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One of the most luxurious 5 hotels in the
Baltic states
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VILNIUS
Reval Hotel Lietuva
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Lithuanian largest business- and conference hotel
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Reval Hotels first St.Petersburg hotel opening
in 2006
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Free Wireless Internet throughout the hotel

• Spring 2005
• Hotels
• Reval Hotel Olümpia,
• Reval Hotel Central,
• Reval ExpressHotel
• Reval Hotel Latvija,
• Reval Hotel Ridzene
• Reval Hotel Lietuva
• Extra value for
• conference,
• accommodation and
• foodbeverage clients

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