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Orbis Shareholders
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Orbis Group
Orbis SA Hekon 100 UAB Hekon 100
Orbis Transport 98.30
PBP Orbis 95.08
Hotels
Inward bound tourism
Hertz Rent-a-Car
Outward bound tourism
Hertz Lease
Ticketing
International bus lines
The financial results of Orbis SA, Hekon Hotele
Ekonomiczne SA, UAB Hekon, PBP Orbis Group and
Orbis Transport Group are fully consolidated in
the Orbis Group financial statements. Orbis
S.A. has also a 33 share stake in the Orbis
Casino company which is consolidated by equity
method. Orbis Casino operates 9 casinos and 3
slot machine salons, all of them except for 1
casino, are located in Orbis S.A. hotels
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Orbis Hotel Group
63 hotels in Poland and 1 in Lithuania 30 cities
with 10 883 rooms and about 4 500 employees
Orbis
50 hotels
9 311 rooms
29 cities
Hekon
10 hotels
1 513 rooms
7 cities
Novotel Vilnius
Hotels under management contracts
Sofitel Wroclaw
Mercure Fryderyk Chopin Warsaw
Ibis Stare Miasto Warsaw
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Orbis Hotel Group Strategy Update 2006-2010
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Strategy Fundamentals

• The Orbis Hotel Group Development Strategy
  announced in March 2005 was based on three basic
  assumptions
• Re-branding of selected Orbis Hotels after
  comprehensive renovations
• Introduction of the Etap brand to the Polish
  market
• Continuation of development of the Ibis brand
• Strategic goals
• Strong expansion in the economy hotel segment
• Restructuring and repositioning of the existing
  hotel portfolio

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Demand and Supply Trends
New competitors hotel Hilton Warsaw, Qubus
(Lódz, Kraków, Kielce) System (Cracow, Warsaw,
Wroclaw, Poznan) Campanile (Lódz) Sheraton
(Poznan, Sopot) Radisson SAS Gdansk Park Inn Lódz
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Guidelines for Strategy Adjustment announced May
2006

• Time horizon extension up to 2010
• More new hotels, less conversions
• Possibility to build new hotels on ORBIS plots
• Opportunities for selling some properties as real
  estates
• Review of schedules of project implementation
  (lengthy administrative procedures)
• Growing safety security requirements
• 10 increase of the construction price index in
  2005
• First ETAP hotel opened in 14th August in
  Czestochowa, planed ETAP opening in Warsaw in IV
  Quarter 2006

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Development and Refurbishment Programme 2006-2010
Target 83 hotels with 13,600 rooms 55 of
hotels in the economy segment
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Future Structure of the Hotel Group
2005
2010
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4
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16
13
14
9
23
32 1
21
13 hotels in the economy segment
55 hotels in the economy segment
5 additional hotels with not defined brand yet
1 Including 4 hotel branches closed in 2005.
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Projects under Preparation
1st New ETAP Hotel Opening XII 2006
1st ETAP Hotel opened in August 2006
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Sources of financingEBITDA projections
863 mln PLN
38 From operating cash flows
386
358
299
35 Debt
252
191
27 Sale of assets
2006
2007
2008
2009
2010
EBITDA (mln PLN)
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Conclusions

• Orbis Management Board keeps with and strengthens
  development fundamentals announced in March 2005
  
• 33 new hotels (3,600 rooms) instead of previously
  planned 21 (2,000 rooms) - new product of a
  better quality to be delivered to the market
• 55 of hotels in the economy segment at the end
  of 2010
• Larger funds to be appropriated for key markets

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Orbis Group results - 2 Quarter 2006
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Orbis Group Results in 2 Quarter 2006

• EBIT of Orbis Hotels Group (Orbis SA and Hekon)
  reached in 2Q 2006 33,2 mln PLN and EBITDA 61,8
  mln PLN. For the 1-2 quarters EBIT reached 20,6
  mln PLN and EBITDA 77,8 mln PLN
• Results were affected by discontinuance of
  operations of 6 hotels since a second half of
  2005
• Exchange rate PLN/EURO had negative impact
  (exchange rate increased by o 4,5 yoy) on hotel
  revenues, inbound tourism and rent a car
• Consolidated financial report for the first half
  of 2006 will be disclosed 28 September.

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Orbis Group Results in 2 Quarter 2006

• Occupancy rate in economic hotel segment
  increased by 6,1pp, what confirms correct
  direction of strategy
• Decreased occupancy rate in middle and up-scale
  hotel segment by 3pp, except the Sofitel brand
  (1,1pp)
• Revenue per available room (RevPAR) has
  increased by 2,4 in Orbis SA i 10,1 in Hekon SA
• Significant decrease in German tourist groups
  arrivals to Poland main Orbis Hotel Group
  incoming market

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Employment in Orbis SA
Employment optimization process
1,14
11676
1,02
0,81
10471
0,71
8382
0,62
7594
0,54
6439
0,47
5616
0,44
0,43
4952
4560
4054
1993
1995
2000
2001
2002
2003
2004
2005
II Q 2006
Staff per room ratio
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Orbis Hotel Group operating results 2 Q 2006
Results of the Orbis and Hekon hotels June
2006 share in the number of rooms sold
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Orbis Hotel Group operating results 1-2 Q 2006
Results of the Orbis and Hekon hotels June
2006 share in the number of rooms sold
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Orbis SA operating results 2 Q 2006
June 2006 i 2005 share in the number of
rooms sold
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Orbis SA operating results 1-2 Q 2006
June 2006 i 2005 share in the number of
rooms sold
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Hekon SA operating results 2 Q 2006
June 2006 i 2005 share in the number of
rooms sold
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Hekon SA operating results 1-2 Q 2006
June 2006 i 2005 share in the number of
rooms sold
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Operating results by brands 2 Q 2006
73,5
64,6
58,3
57,5
57,1
52,4
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Orbis Group in 2 Quarter 2006
Orbis Group in 1-2 Quartes 2006

• Decreased revenues from sales of Orbis Group
  come mainly from Orbis Hotel Group influence.
  Main reasons of decrease are lower inbound
  tourism - mainly German tourist groups (because
  of World Cup in Germany), Easter Holidays which
  took place in 2 Quarter, what had impact on lower
  demand on services offered by up-scale hotel
  brands.

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2 Quarter 2006 Orbis Group financial results
in PLN m
2,7
24,0
50,7
25,0
42,8
31,3 (11,6 )
15,9 (11,7 )
1,5 ( 4,0 )
9,7 (16,4)
1,0 (71,5,5)
41,6 (10,5)
3,6 (6.0 )
67,7 (-2,1)
53,7 (1,7 )
158,2 (-8,4)
Orbis Transport Group
Orbis SA
Hekon
PBP Orbis Group(Orbis Travel)
UABHekon
Sales
X
EBITDA margin
EBITDA
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1-2 Quarters 2006 Orbis Group financial results
in PLN m
46,5
18,6
10,7
27,4
25,8 (15,7 )
13,5 (-6,8)
(-2,9) ( -84,4 )
0,6 (273,3)
5,6 (16.3 )
74,6 (4,2)
74,4 (0,2)
55,4 (14,2 )
78,9 (1,7 )
270,9 (-4,6)
Orbis Transport Group
Orbis SA
Hekon
PBP Orbis Group(Orbis Travel)
UABHekon
Sales
X
EBITDA margin
EBITDA
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Thank youContact usOrbis Investor
RelationsMaksymilian Pawlowskitel. 48 22 829
38 03pawlowski.m_at_orbis.plwww.orbis.pl/ir