1. 1 Orbis Hotel Group Investor Presentation 1 June 2007

2. 2 Operating Results Jan-Mar 2007 Orbis Hotel Group Jan-Mar 2007Jan-Mar 2006change No of rooms10 94710 743+204 Rooms sold444 116379 19517.1% Occupancy rate45.1%39.2%5.9 pp ARR (PLN)213.6204.34.5% RevPAR (PLN)96.380.120.2% EBITDA32 21017 45784.5%

3. 3 Operating Results Jan-Mar 2007 Orbis S.A. Jan-Mar 2007Jan-Mar 2006change No of rooms 9 058 9 230 -172 Rooms sold 344 870 298 713 15,5% Occupancy rate42,3%36,0% 6,3 pp ARR (PLN)216,9205,25,7% RevPAR (PLN)91,873,824,4% EBITDA 21 022 7 012 199,8%

4. 4 Operating Results Jan-Mar 2007 Hekon S.A. Jan-Mar 2007Jan-Mar 2006change No of rooms 1 889 1 513 +376 Rooms sold 99 246 80 482 23,3% Occupancy rate58,9%59,1% -0,2 pp ARR (PLN)202,0201,10,4% RevPAR (PLN)119,0118,90,1% EBITDA 11 079 9 847 12,5%

5. Update of the Orbis Hotel Group Development Strategy 2007-2011 1 June 2007

6. 6 Development Strategy Orbis Hotel Group  Development of the Etap and Ibis hotel brands  Rebranding of the selected Orbis hotels after their refurbishment and adjustment to Accor brands’ standards Basic assumptions of the strategy: Strategic goals:  Significant development of the economy hotel segment  Restructuring of the existing hotel portrfolio  Increase of results and the Group’s value

7. 7 Macroeconomic Environment in Poland GDP growth – 6.1% in 2006 GDP growth – 6.1% in 2006 Unemployment rate decline to 14.9% in 2006 Unemployment rate decline to 14.9% in 2006 Increase of foreign investments Increase of foreign investments GDP growth 2008-2012 – 5.5-6.5% annually GDP growth 2008-2012 – 5.5-6.5% annually Source: GUS, NBP, MF, BZ WBK

8. 8 Unemployment rate (%) Source: GUS, MF, MG Inflation, GDP (%) Macroeconomic Environment

9. 9 Situation on the Tourist Market  Increase of no. of foreign tourists in Poland by 3% to 15.7 million in 2006*  Average annual growth in 2007-2010 – 4% *  Increase of average tourists spendings per 1 day of stay  Increase of no of passengers at airports by 21%*  Expansion of the low-cost airlines  Positive trend of occupancy rate and ARR in hotels  Growing interest in economy hotel segment  Expected increase of the number of domestic trips * Source: Institute of Tourism

10. 10 Euro 2012 Expected Benefits   GDP and investment activity will boost   Infrastructure improvement in Poland   Additional tourist traffic due to infrastructure development assumed

11. 11 Opportunities to Strengthen the Hotel Chain Expansion More new rooms needed to capture increased demand More new rooms needed to capture increased demand Most of new customers will look for economy hotels Chance to accelerate the Orbis Hotel Group development mainly in the economy segment

12. 12 5 – year Program Investment Budget 2007-2011 Total budget 1 421 Refurbishments 402 Development 1 019 Ibis & Etap (34) 794 Other brands (4) 225

13. 13 Budget Increase PLN m 558 Breakdown New added projects or projects changes – PLN m 395 (71%) New added projects or projects changes – PLN m 395 (71%) Increase of the construction cost – PLN m 163 (29%) Increase of the construction cost – PLN m 163 (29%) Construction costs in Poland increased by 35% over last 12 months New developments – PLN m 483 (87%) New developments – PLN m 483 (87%) Refurbishments & modernizations – PLN m 75 (13%) Refurbishments & modernizations – PLN m 75 (13%) 10 hotels and 1.7 thousand rooms more

14. 14 Changes in the Hotel Group not Affiliated with Accor Brands 9 Orbis hotels to be replaced with 13 new ones 9 Orbis hotels to be replaced with 13 new ones 5 hotels to be rebranded (Mercure, Novotel) 5 hotels to be rebranded (Mercure, Novotel) 8 hotels – potential disposals 8 hotels – potential disposals

15. 15 Future Structure of the Orbis Hotel Group 20072011 19 % hotels in economy segment 56 % hotels in economy segment 3 12 13 9 24 4 17 16 30 203 2 64 89

16. 16 Source of the Program Financing – EBITDA forecast PLN 1 421 million 47% cash flow from operating activity 24% Debt 29% Asset disposal EBITDA ( PLN million ) 285 328 361 390 20072008 200920102011 230 EBITDA forecast without potential gains on asset disposal

17. 17 New environment – opportunities and risks Opportunities Worldwide and Polish economy revival Further benefits from the EU membership Euro 2012 (simplification of the administrative procedures, infrastructure development, increase of the tourist traffic) Risks Intensification of competition Increase in construction materials&work costs Increase in prices of plots Shortage of the construction companies

18. 18 Development Projects Where we are today ? Stage of projects implementation Number of hotels Site + PB4 Site + WZ12 Site4 Identified site7

19. 19 Conclusions  Orbis Management Board keeps with the assumptions of the strategy and the development program announced in March 2005 and May 2006.  Goal: 39 new hotels (4.8 thousand rooms) instead of previousely planned 29 (3.2 thousand rooms) in the strategy May 2006  In total 89 hotels covered by the Hotel Group including 50 hotels in the economy segment  Further program adjustments following the market changes

20. Thank you for your attention