“The island resort destination of Samui has experienced growing pains in its emerging tourism surge.
First half 2009 tourist arrivals were down 23%, attributed mainly to political concerns. While the second
half experienced uplift, it was unable to claw back hotel performance to 2008 levels.

Discounting on the back of a shift to regional markets has created volatile trading conditions with
gradual market recovery expected in 2010. However a resonating lack of international airlift and tourism
attractions are dwarfing the needed movement into a broader hospitality market.

With 541 internationally managed rooms opening in the next 15 months the outlook is upbeat.”

Bill Barnett, Managing Director C9 Hotelworks