Andrea will also sit on the 'Vacation
Ownership Resorts and Golf in Europe: The Timeshare Outlook' panel
on Saturday.

I am delighted that this conference has a focus on emerging golf
markets," says Andrea. " Mainly due to the fact that golf as a sport was banned during the socialist time, most of the Central
& Eastern European
(CEE) countries have a very low level penetration of the game. Golf has only had the chance to properly develop after 1989. However, KPMG continuous research confirms that as a result of the rises in disposable income, golf is forecasted to experience continued growth in Central and Eastern Europe. This will also occur through television coverage, successful
organisation of tournaments and a greater proliferation of courses. In certain countries, like Hungary for example, where there are currently eight golf courses but many more are in the planning or construction phase, the number of golfers is expected to increase during the next 10 years at an average annual rate of
25%."

Career summary

Andrea Sartori has been working for KPMG since 1994. He is a Partner of the firm at the Budapest office and joined KPMG Hungary in 1999 in order to establish the KPMG Travel, Leisure & Tourism Group in Central and Eastern Europe and increase the profile of the firm within the hospitality, travel and tourism industries. Before joining KPMG in Central and Eastern Europe, Andrea was the manager of the KPMG Leisure & Tourism Group at the Cape Town office.

During the five years spent in South Africa and in the last fours years in CEE, Andrea has taken part in several golf related assignments.

Andrea's main areas of expertise include tourism development planning and implementation strategies; project
conceptualisation and project management of hospitality and tourism related projects, market and financial feasibility studies, valuations, operational review and business planning for hotels, resorts, golf courses and timeshare developments.

Over the past seven years, Andrea has performed consulting assignments in more than ten countries, including Italy, South Africa, Mauritius, Romania, Hungary, Czech Republic, Poland and Croatia. Andrea is often quoted in leading magazines and invited as a guest speaker to international conferences and seminars. He is also active in the International Travel, Leisure and Tourism network of KPMG as a key member of the international steering committee.

Andrea is Italian and graduated in Business Economics at the Bocconi University, Milan in 1994. He also holds an Honours Degree in Financial Management from the University of Cape Town and is an Associated General Accountant of the South African Institute of Chartered Accountants.

About KPMG's Travel, Leisure and Tourism Group in Central
& Eastern Europe

Advisory services for the
travel, leisure and tourism industry in CEE

KPMG is a global network of professional service firms providing financial advisory, assurance, tax and consulting services from more than 750 cities in 152 countries. With 2,500 staff working in fifteen countries in the CEE region, we have built strong national practices, combining local expertise with international know-how.

Being a generalist in offering professional services is no longer sufficient. The market and
KPMG's clients demand industry expertise. With this goal in mind, KPMG has structured itself into international industry groups that provide targeted knowledge gained in the client's own industry.

Tourism can play a vital role for the future development of Central
& Eastern European countries, as the industry can be an engine for economic growth, investment promotion and job creation. KPMG has
recognised this sector's enormous growth potential, and as a result it has dedicated significant resources to areas closely linked to tourism.

Established in London in 1986, the KPMG Travel, Leisure
and Tourism Group has expanded to include representation on all five continents. Since 1999,
KPMG has been represented in Central & Eastern Europe with offices in Budapest and Prague. In this region
the firm is market leader in providing advisory services in the entertainment, travel and tourism sectors.
KPMG is uniquely qualified to contribute to the success of its clients, both in the public and private sectors.

KPMG's clients range from international hotel companies to developers, from theme parks to golfing estates, from municipalities to tourism ministries, directorates and departments, and from banks to aid agencies.

The firm's areas of experience include:

• 
  

  Market and financial feasibility studies



• 
  

  Valuations



• 
  

  Operational reviews and business performance improvement



• 
  

  Transaction services



• 
  

  Operator selection and management contract negotiation



• 
  

  Tourism development strategies



• 
  

  Economic and environmental impact assessment

KPMG's Travel, Leisure and Tourism Group team
in Central & Eastern Europe is composed of highly specialised professionals with specific knowledge and expertise in advising both established golf clubs and new golf developments.
It covers the following countries in the region: Albania,
Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, the Former
Yugoslav Republic of Macedonia (FYROM), Hungary, Latvia, Moldova, Poland, Romania,
Serbia and Montenegro, Slovakia, Slovenia and Lithuania.

Further information

For
further information about the 1st European Golf Investment & Real Estate Conference & Exhibit,
scheduled to take place at the Athenaeum InterContinental Athens,
November 28th-29th, 2003, please contact Mr. Peter
Michel Heilmann, Conference Director.