Investor Presentaiton

Tourism: a long-standing economy pillar • Arrivals and revenues in Jan-Aug 2019 reached similar levels as the respective period of 2018. • Arrivals in 2018 reached an all-time record of 4 million persons. Efforts including prolonged seasonality period, investment in capacity and better flight connectivity contributed to the increase in inbound tourism. • Revenues have increased at a lower rate than arrivals due to change in travel characteristics such as length of stay and forms of travel eg. all-inclusive packages. Geographical diversification over time Tourist arrivals and receipts 5000 4000 3000 2000 1000 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Arrivals (thsd persons) Revenues (€ mn) Seasonal diversification over time in arrivals 600.000 +54% in high season (Q2,Q3)) +102% in shoulder months (Q1,Q4) 500.000 2008 52% 8% 11% 5% 6% 18% 400.000 300.000 200.000 2018 34% 20% 7% 5% 5% 6% 24% 100.000 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec UK Russia Scandinavia Germany Greece Israel ■Others 2014 2018 Source: Cyprus Statistical Service 12

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