T H E L E A D I N G H O T E L G R O U P

I N E A S T E R N E U R O P E

SECOND ZLOTYSECOND ZLOTYSECOND ZLOTYSECOND ZLOTYBOND ISSUEBOND ISSUEBOND ISSUEBOND ISSUE

Investor PresentationInvestor PresentationInvestor PresentationInvestor Presentation

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DisclaimerThis presentation (the “Presentation”) was prepared by Orbis SA (the “Company”) with a due care. Still, it may contain certain inconsistencies or omissions. ThePresentation does not contain a complete or thorough financial analysis of the Company and does not present its standing or prospects in a comprehensive or in-depth manner.

This presentation was prepared in connection with the contemplated public offer of Bonds, addressed exclusively to investors each of whom acquires bonds of avalue of at least PLN 500,000. If the Company decides to pursue the public offer, it will be arranged on the basis of the documentation delivered by the investmentfirm acting as the offering agent, as well as on the basis of the information memorandum which does not constitute a prospectus or an information memorandumwithin the meaning of the Polish Act on Public Offerings, the Conditions Governing the Introduction of Financial Instruments to Organised Trading, and PublicCompanies dated 29 July 2005 (Dz.U. 2013.1382, j.t.) („Act on Public Offerings”).

This presentation is of solely promotional character and does not constitute: (i) an information memorandum or prospectus or within the meaning of the Act onPublic Offerings; (ii) an offer within the meaning of the Polish Civil Code dated 23 April 1964 (Dz.U. 2014.121, j.t.) or the Act on Public Offerings; (iii) the proposal toacquire bonds within the meaning of the Polish Act on Bonds dated 15 January 2015 (Dz.U. 2015.238); (iv) recommendation regarding financial instruments withinthe meaning of the Act on Public Offerings, or (v) invitation for any person to acquire the Bonds; neither will be subject to approval by Komisja NadzoruFinansowego (Polish Securities and Exchange Commission).

Risk related to the use of information presented in the Presentation is at the user himself. Anyone who intends to make an investment decision with respect to theCompany should rely on the information disclosed in the official reports of the Company, published in accordance with the laws applicable to the Company. ThisPresentation was prepared for information purposes only and does not constitute an offer to buy or to sell any financial instruments.

The Presentation may contain 'forward‐looking statements'. However, such statements cannot be treated as assurances or projections of any expected future resultsof the Company. Any statements concerning expectations of future financial results cannot be understood as guarantees that any such results will actually beachieved in future. The expectations of the Management Board are based on their current knowledge and depend on many factors due to which the actual resultsachieved by the Company may differ materially from the results presented in this document. Many of those factors are beyond the awareness and control of theCompany or the Company’s ability to foresee them.

Neither the Company, nor its directors, officers, advisors, nor representatives of any such persons are liable on account of any reason resulting from any use of thisPresentation. Additionally, no information contained in this Presentation constitutes any representation or warranty of the Company, its officers or directors,advisors or representatives of any of the above persons. The Presentation and the forward‐looking statements speak only as at the date of this Presentation. Thesemay not be indicative of results or developments in future periods. The Company does not undertake any obligation to review, to confirm or to release publicly anyrevisions to any forward‐looking statements to reflect events that occur or circumstances that arise after the date of this Presentation.

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Table of contents

Where we are 4 Back-up 29292929

Market 12 Dividend 30

Operational Performance 15 CAPEX 31

Financial Results 19 Social responsibility 34

Success Factors 23

WHERE WE ARE

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Orbis Group in numbers

No. 1hotel operator in EEhotel operator in EEhotel operator in EEhotel operator in EE

1088 brandsh o t e l s

GroupGroupGroupGroup exclusiveexclusiveexclusiveexclusivepartnerpartnerpartnerpartner

9countriesAccorHotels

guests

7m7m7m7mMaster LicenceMaster LicenceMaster LicenceMaster Licence Agreement Agreement Agreement Agreement for additional 7 countriesfor additional 7 countriesfor additional 7 countriesfor additional 7 countries

Data as of 31 March 2016

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A diversified geographical presence

91 hotels in Central Eastern Europe

10 hotels in South Eastern Europe

7 hotels in the Baltic countries

2

7

2

1

No. of hotels: 108

4

31

2

21

33

1

7

9

5

64

8

2

17

9 countries present

7 targeted countries

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Top quality hotels in key locations

SofitelSofitelSofitelSofitel

BudapestHungary

NovotelNovotelNovotelNovotel

VilniusLithuania

ibis Stylesibis Stylesibis Stylesibis Styles

RigaLatvia

NovotelNovotelNovotelNovotel

SofiaBulgaria

MGalleryMGalleryMGalleryMGallery

PragueCzech Rep.

ibisibisibisibis

SkopjeMacedonia

ibis ibis ibis ibis bbbbudgetudgetudgetudget

KatowicePoland

NovotelNovotelNovotelNovotel

BucharestRomania

MercureMercureMercureMercure

BratislavaSlovakia

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Management Board with a track-record in hospitality segment

Gilles Clavie

President, CEOStrategy, Planning

Hotel Operations

Sales, Marketing & Distribution

IreneuszWęgłowski

Marcin Szewczykowski

Vice PresidentHuman Resources

Internal Audit & Risk Management

Investor Relations

CSR

Corporate PR & Communication

Chief Financial OfficerAccounting

Financial Reporting & Consolidation

Cash Management & Bank Relations

Financial Controlling

DominikSołtysik

Director of Developmentand Asset Management

Development

& Asset Management

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no of shares % in equity no of votes % of votes

Accor S.A.Accor S.A.Accor S.A.Accor S.A. 24,276,415 52.7% 24,276,415 52.7%

AvivaAvivaAvivaAviva pensionpensionpensionpension fundfundfundfund 4,589,000 10.0% 4,589,000 10.0%

MetlifeMetlifeMetlifeMetlife pensionpensionpensionpension fundfundfundfund 3,600,000 7.8% 3,600,000 7.8%

NationaleNationaleNationaleNationale----NetherlandenNetherlandenNetherlandenNetherlandenpensionpensionpensionpension fundfundfundfund

3,448,653 7.5% 3,448,653 7.5%

OtherOtherOtherOther freefreefreefree----floatfloatfloatfloat 10,162,940 22.1% 10,162,940 22.1%

TotalTotalTotalTotal 46,077,00846,077,00846,077,00846,077,008 46,077,00846,077,00846,077,00846,077,008

A stable shareholder structure

Details of shareholder structure(02.06.2016 – Orbis General Asembly)

We are a member of mWIG40 WSE index

no of no of no of no of sharessharessharesshares////votesvotesvotesvotes

46,077,00846,077,00846,077,00846,077,00852,7%

10,0%

7,8%

7,5%

22,1%

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The current structure of the Orbis Group

Orbis Kontrakty Sp. z o.o.

Orbis CorporateSp. z o.o. **

Accor Pannonia HotelsZrt.

Accor Hotels Romania s.r.l.

Katerinska Hotel s.r.o

UAB HekonNovy Smichov Gate

a.s.

H-Development CZ a.s.

Bussiness Estate Entitya.s.

Accor Pannonia Slovakias.r.o.

Blaha Hotel Kft. *

WTCM BudapestKft. **

100%

20%

Hekon-Hotele Ekonomiczne S.A.***

100%

100%

100%

99.92%

44.42%

99.92%

100% 80% 100% 99,92% 100% 100%

SUBSIDIARIES

Orbis S.A.PARENT COMPANY

* An associate accounted for in the consolidated financial statements using the equity method** The Company excluded from consolidation, as it does not pursue business activity*** Merger process

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Five areas of shareholder value generation

Our diversified brand portfolio, ranging from economy to up-scale brands, allows us to grow on the underpenetrated markets of Eastern Europe.

We continue to improve our operations:▶ Growing RevPAR ▶ Maximising EBITDAR margin

We allocate capital to most promising markets and brands, which allows us to sustain dividend payments. We minimise WACC.

We answer the needs of our guests and build our success on talented employees. We set trends in CSR actions in the hospitality segment.

We benefit from being an exclusive partner for the Eastern Europe markets of the global AccorHotels Group.

GROWTH ACCELERATION

PORTFOLIO

P E O P L E

Support of

P E O P L E

PORTFOLIO

PERFORMANCEGROWTH

ACCELERATION

Support of

PERFORMANCE

MARKET

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0

10

20

30

40

50

60

70

80

2,0% 2,5% 3,0% 3,5% 4,0% 4,5%

We expand on high-growth potential markets

2016F GDP growth

No

. o

f r

oo

ms

per

tho

usa

nd

in

hab

itan

ts

Scale of the bubble = no. of Orbis’ hotels

Czech Republic

Latvia

Lithuania Poland

Hungary

Macedonia

Romania

Slovakia

We have potential to expand in 16 high-growth countries of the Eastern Europe

9 ATTRACTIVE COUNTRIES 9 ATTRACTIVE COUNTRIES 9 ATTRACTIVE COUNTRIES 9 ATTRACTIVE COUNTRIES WE ARE PRESENT ON:

▶ 3.1% average GDP growthforecast for 2016F and 2020F

7 PROMISING COUNTRIES7 PROMISING COUNTRIES7 PROMISING COUNTRIES7 PROMISING COUNTRIESWE WANT TO ENTER:

▶ 2.3% average GDP growth in 2016F and 3.3% average in 2020F

EU average

Bulgaria

2016 and 2020 GDP growth forecasts based on IMF April2016 report. Number of rooms includes bed rooms and establishments (hotels and other accommodation based on Eurostat data).

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International operators of hotel network in Poland

64

13

24

16

8 6 6 5 3 4 3 2 2 2 1

11 409

2 463 2 294 1 903 1 823 1 518 1 182 1 052 959 469 387 307 243 107 93

-10 000

-5 000

0

5 000

10 000

15 000

010203040506070

Number of hotels Number of roomsSource: Horwath HTL, 2015

OPERATIONAL PERFORMANCE

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We have an efficient business model

Key operating data

2013 2014 2015 1Q16*CAGR

2013-15

OccupancyOccupancyOccupancyOccupancy raterateraterate 58.4% 61.5% 69.7% 55.8% 9.2%9.2%9.2%9.2%

ARR ARR ARR ARR (PLN/room) 210.0 206.4 216.3 204.9 1.5%1.5%1.5%1.5%

RevPRevPRevPRevPARARARAR (PLN/room) 122.7 126.9 150.8 114.3 10.9%10.9%10.9%10.9%

RoomRoomRoomRoom nights soldnights soldnights soldnights sold (m)(m)(m)(m) 2.1 2.2 3.9 NA 36.5%36.5%36.5%36.5%

We measure our performance by four KPIs:We measure our performance by four KPIs:We measure our performance by four KPIs:We measure our performance by four KPIs:▶ OR OR OR OR – growth due to stronger demand for meetings & conferences and growing

number of individuals travelling around Poland during weekends▶ ARRARRARRARR – with potential growth after OR improvement▶ RevPAR RevPAR RevPAR RevPAR – depends on trends in average room rates and occupancy▶ Room nights sold Room nights sold Room nights sold Room nights sold – 2015 number is incomparable due to a scale change in operations

post AccorHotels Group transaction in January 2015

OR (occupancy rate)

rooms occupied by hotel guests vs number of rooms available

ARR (average room rate)

total room revenue/ number of room nights sold

RevPAR (revenue per available room)

room revenue / number of roomnights available

Room nights sold

OR x average number of rooms x 365 days

* 1Q results don’t fully represent the whole year performance due to seasonality effect

Seasonality: Seasonality: Seasonality: Seasonality: Naturally lower activity in hospitality business during winter months – Dec-Feb.

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A balanced customer portfolio

52.8% 47.2%

Business Leisure

WE OFFERWE OFFERWE OFFERWE OFFER

▶ High quality hotels in the centres of the most important EE cities

▶ Fast check-in/ check-out

▶ Business centre and internet access

▶ Flexible cancellation conditions

KEY NEEDSKEY NEEDSKEY NEEDSKEY NEEDS

▶ Right price-to-quality ratio

▶ Offer during weekends

▶ Hotels close to touristic areas

KEY NEEDSKEY NEEDSKEY NEEDSKEY NEEDS

▶ High quality service

▶ Offer during week days

▶ Hotels close to business districts

WE OFFERWE OFFERWE OFFERWE OFFER

▶ Hotels in the key touristic destinations

▶ Hotels in all price ranges

▶ Attractive loyalty programmes

MAXIMISING OCCUPANCY RATIOMAXIMISING OCCUPANCY RATIOMAXIMISING OCCUPANCY RATIOMAXIMISING OCCUPANCY RATIO

INCREASING RESILENCE TO INCREASING RESILENCE TO INCREASING RESILENCE TO INCREASING RESILENCE TO VARIOUS MARKET CONDITIONSVARIOUS MARKET CONDITIONSVARIOUS MARKET CONDITIONSVARIOUS MARKET CONDITIONS

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A broad Food & Beverage offer

▶ Three types of restaurants: Winestone (13), NOVO2 (19) and iBurger (20), opened also for other customers than hotel guests, developed in the midscale and economy hotels.

▶ F&B is an important revenue and earnings contributor (27% of revenues in 2015). We expect the contribution of F&B to EBITDA margin to grow in upcoming years.

198,4 203,0

338,5

0%

10%

20%

30%

40%

0

100

200

300

400

2013 2014 2015 1H16

F&B revenues (lhs axis), PLNm F&B % of group revenues (rhs axis)

Food & Beverage revenues

71,0

1Q16*

* 1Q results don’t fully represent the whole year performance due to seasonality effect

FINANCIAL RESULTS

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0

400

800

1 200

1 600

2013 2014 2015 1Q16

Poland Other countries

2015 AccorHotels Group transaction expanded our reach from 2 to 9 countries2 to 9 countries2 to 9 countries2 to 9 countries

We diversify and enhance our profitability sources

PolandPolandPolandPoland HungaryHungaryHungaryHungary Czech Rep.Czech Rep.Czech Rep.Czech Rep. OtherOtherOtherOther****

OccupancyOccupancyOccupancyOccupancy 68.2% 70.4% 75.5% 79.2%YoY growth 6.5 p.p. 3.5 p.p. 6.0 p.p. 4.5 p.p.ARRARRARRARR 208.3 229.8 225.9 245.1YoY growth -0.1% 4.4% 4.0% 5.1%RevPARRevPARRevPARRevPAR 142.0 161.7 170.5 194.1YoY growth 10.4% 9.9% 12.8% 11.4%Revenues 797.0 280.1 105.2 80.4EBITDAR 258.5 95.3 48.3 29.3EBITDAR marginEBITDAR marginEBITDAR marginEBITDAR margin 32.4% 34.0% 45.9% 36.4%

▶ High contribution of Poland should continue as: 1) we are the market leader with the best value proposition and 2) the the majority of hotels are owned, thus strongly impacting our income statement.

▶ Profitability in other CEE markets should be supported by buy-backs of hotels (from leased to owned).

▶ The scale of contribution of other countries is dependent on the franchise and management contracts signed (we take a portion of revenues of franchised and managed hotels thus their EBITDAR impact is much lower than of owned hotels).

2015 performance of key countriesSales growth and split by geographies (PLN m)

98% 63%

37%

2015 performance indicators based on owned and leased hotels

*Other countries include: Slovakia, Lithuania, Latvia, Bulgaria, Romania, Macedonia

97% 63%

65%

1Q16*

* 1Q results don’t fully represent the whole year performance due to seasonality effect

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0

300

600

900

1 200

1 500

2013 2014 2014PF 2015 1Q16

Up&Midscale Economy Other

▶ Since 2015 we focus on EBITDAR (EBITDA before rental costs) profitability level. It allows us to compare performance of hotels with different ownership structures that we have taken on following our transaction with AccorHotels Group.

▶ Our earnings are diversified between up&midscale and economy brands, which gives us advantage in economic upturns and downturns. Margins are higher in the economy segment as we have a stronger competitive advantage.

▶ We believe that our constantly improved brand portfolio and favourable industry trends are going to allow us to further expand our current high margins in both up & midscale and economy segments.

We work to drive up our profitability

18%

20%

683m683m683m683m 247m247m247m247m708m708m708m708m 1,166m1,166m1,166m1,166m 1,263m1,263m1,263m1,263m PLN mPLN mPLN mPLN m 2014 2014PF2014PF2014PF2014PF 2015 1Q16*

Up&Midscale 289.4 344.0 377.3 52.4

Economy 111.8 120.4 124.5 17.5

TotalTotalTotalTotal 329.3329.3329.3329.3 387.8387.8387.8387.8 431.4 51.4

MARGINMARGINMARGINMARGIN

Up&Midscale 29.4% 38.0% 38.3% 26.8%

Economy 44.2% 51.5% 49.3% 37.8%

TotalTotalTotalTotal 26.1%26.1%26.1%26.1% 33.3%33.3%33.3%33.3% 34.2% 20.8%

Sales growth and split by segments (PLN m)

80%

79%

+36%+36%+36%+36%CAGR 2013-15

Profitability by segments (EBITDAR)

20%

78%

Total = up&midscale + economy – consolidation exclusions

* 1Q results don’t fully represent the whole year performance due to seasonality effect

1Q16*

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We focus on cash flow generation

▶ We have a strong track record of FCFF (free cash flow to firm) generation.

▶ We focus on recurring FCFF, which excludes one-off hotel buy-backs and transaction with AccorHotels Group.

▶ Recurring FCFF allows us to develop our business and pay dividends going forward.

▶ 2015 FCFF was in the red, as we incurred the costs of the transaction (cash outflow) while benefits will be growing and will be visible in the following years.

CURRENT GROSS ASSET VALUE (GAV) CURRENT GROSS ASSET VALUE (GAV) CURRENT GROSS ASSET VALUE (GAV) CURRENT GROSS ASSET VALUE (GAV) AT EUR 686.9MAT EUR 686.9MAT EUR 686.9MAT EUR 686.9M

▶ We plan to develop our balance sheet (BS)

▶ We plan to grow value for shareholders by investing in projects with high IRR and minimising WACC

▶ We follow a simple formula: Balance Sheet size x (IRR-WACC)

PLN mPLN mPLN mPLN m 2013201320132013 2014201420142014 2015201520152015

NOPAT excl. one-offs 67 76 163

D&A 114 111 139

Organic capex (95) (104) (113)

NWC 2 15 6

FCFFFCFFFCFFFCFF recurringrecurringrecurringrecurring 89898989 98989898 195195195195

Asset disposals 43 17 48

M&A capex 0 0 (564)*

FCFFFCFFFCFFFCFF 131131131131 116116116116 (321)(321)(321)(321)

* Acquisition transaction in 2015

SUCCESS FACTORS

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Orbis presents an excellent investment opportunity

A sound business model business model business model business model in the right time of the economic cycle.

A company accelerating development accelerating development accelerating development accelerating development in the high-growth CEE and SEE markets.

A deliverable management, meeting or exceeding EBITDA targets exceeding EBITDA targets exceeding EBITDA targets exceeding EBITDA targets over the past 5 years.

I

II

III

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We want to grow organically and by M&A

We look for attractive M&A opportunities to supplement our growth:We look for attractive M&A opportunities to supplement our growth:We look for attractive M&A opportunities to supplement our growth:We look for attractive M&A opportunities to supplement our growth:▶ interest in selected hotels in the 16 countries within our reach▶ interest in whole hotel networks

We choose the best mode of growth for each marketWe choose the best mode of growth for each marketWe choose the best mode of growth for each marketWe choose the best mode of growth for each market::::▶ asset heavy in top locations▶ asset light to bring resilience

We constantly upgrade our brandWe constantly upgrade our brandWe constantly upgrade our brandWe constantly upgrade our brand portfolioportfolioportfolioportfolio::::▶ our brands fit the needs of our customers▶ our brands fit to the markets they are on

We make the most out of our organic growth opportunities:We make the most out of our organic growth opportunities:We make the most out of our organic growth opportunities:We make the most out of our organic growth opportunities:▶ a diversified portfolio of brands in all price ranges▶ development on high-growth potential markets▶ a portfolio of contracted clients due to presence in top locations

We We We We benefit from benefit from benefit from benefit from expanded geographical reach post expanded geographical reach post expanded geographical reach post expanded geographical reach post AccorHotelsAccorHotelsAccorHotelsAccorHotels GroupGroupGroupGroup deal:deal:deal:deal:▶ growth on 9 currently present markets▶ plans to use our exclusivity on 7 untapped markets

ORGANIC GROWTHORGANIC GROWTHORGANIC GROWTHORGANIC GROWTH

M&AM&AM&AM&A

BRAND PORTFOLIO BRAND PORTFOLIO BRAND PORTFOLIO BRAND PORTFOLIO IMPROVEMENTSIMPROVEMENTSIMPROVEMENTSIMPROVEMENTS

MAKING THE MOST OF MAKING THE MOST OF MAKING THE MOST OF MAKING THE MOST OF 16 COUNTRIES16 COUNTRIES16 COUNTRIES16 COUNTRIES

CHOOSINGCHOOSINGCHOOSINGCHOOSING THE RIGHT THE RIGHT THE RIGHT THE RIGHT GROWTH MODEGROWTH MODEGROWTH MODEGROWTH MODE

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We accelerate our business development

Owned Owned Owned Owned hotels in 13 cities in Eastern Europe

Focus on midscalemidscalemidscalemidscale and economy economy economy economy brands

Development of franchised and managedhotels all over the region (mmmmore ore ore ore than 200 than 200 than 200 than 200 places identifiedplaces identifiedplaces identifiedplaces identified) with all brands

target to be the

leaderin all

key places

6 cities outside Poland6 cities outside Poland6 cities outside Poland6 cities outside Poland

Prague, Budapest, Bucharest, Belgrade, Zagreb, Vilnius

7 cities7 cities7 cities7 cities in Poland in Poland in Poland in Poland

Warsaw, Cracow, Wroclaw, Gdansk, Katowice, Poznan, Szczecin

150 hotels

by the end of 2020

10-12openings

a year, including:

8888----9999 franchised franchised franchised franchised and managed managed managed managed

hotels

2222----3 owned 3 owned 3 owned 3 owned hotels

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We benefit from favourable long-term trends

Growing number of tourists coming to UE

Improved infrastructure in EE: � more highways� faster trains� broader offer of

low-cost carriers

Growing GDP across the region

+50%foreign tourists in UE since 2010

up to 480 m in 2015

+300% 4 times more

highways in Poland during last 10 years

+3.1%GDP growth in 2016 across 9 countries

Orbis is present

Decreasing timeneeded to find the best travel offers:▶ higher penetration

of smartphones▶ comprehensive

information on-line

10xin 2020, data consumption

from smartphones will be 10 times the level of 2014

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Consistent delivery of targets

ASSET HEAVYYear EBITDA guidance (PLN m)Operating EBITDA

(excl. one-offs, PLN m)% completion

2011 185 189 102%

2012 205 203 99%

2013 192 199 104%

2014 204 208 102%

2015 310-320 329 103%

▶ It is our communication strategy to announce annual guidance for EBITDA.

▶ Following the scale change of our business after AccorHotels Group transaction at the beginning of 2015, we communicate EBITDA in a range instead of a point.

▶ 2016 Forecast will be released in July 2016

BACK-UP

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We plan to continue dividend payments

▶ We have been paying consistent dividends in past years and want to continue with the payments.

▶ We are going to pay out PLN69.1m in dividends from 2015 earnings, which translates into a flat YoY PLN1.5 DPS/share.

▶ We plan to maintain PLN1.5 DPS in the future, despite outlook for investments.

▶ We aim to maximise total shareholder return: share price and dividend yield.

Dividends versus DPS DPS versus TSR

64,569,1 69,1 69,1

1,4 1,5 1,5 1,5

0

1

2

0

20

40

60

80

2013 2014 2015 2016

Dividend (PLN m), lhs axis DPS (PLN) rhs axis

1,4 1,5 1,5 1,5

12,47,7

43,4

2,5

0

10

20

30

40

50

2013 2014 2015 2016

DPS (PLN) TSR (%)

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62 64 58

140

50

100

150

2013 2014 2015 1Q16

Investments Regular capex

We consistently invest in our hotel network

Hotel capex by type (PLN m)

94m94m94m94m 112m112m112m112m 122m122m122m122m

2016 capex will2016 capex will2016 capex will2016 capex will be higher than 2015. Key elements of be higher than 2015. Key elements of be higher than 2015. Key elements of be higher than 2015. Key elements of 2016 capexcapexcapexcapex areareareare:▶ Regular capex (certainRegular capex (certainRegular capex (certainRegular capex (certain, , , , flatflatflatflat YoYYoYYoYYoY):):):): we plan to continue every-day upgrades of our hotels and IT systems. ▶ Investments (certainInvestments (certainInvestments (certainInvestments (certain, , , , upupupup YoYYoYYoYYoY):):):): finalisation of Wroclaw hotel rebranding, investments in CEE and SEE region.▶ New hotel developments (certainNew hotel developments (certainNew hotel developments (certainNew hotel developments (certain, , , , upupupup YoYYoYYoYYoY):):):): we are finalising the Mercure Cracow hotel development. ▶ Hotel buyHotel buyHotel buyHotel buy----backs (certain): backs (certain): backs (certain): backs (certain): we bought back 2 hotels in Budapest in January 2016. Other transactions may follow.▶ M&A (potentially): M&A (potentially): M&A (potentially): M&A (potentially): We continue to be on the look-out for interesting opportunities.

2015 capex by segment

Up-scale17%

Midscale69%

Economy10%

Other4%

* 1Q results don’t fully represent the whole year performance due to seasonality effect

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We effectively allocate our capital

ASSET HEAVY

OPERATING CASH FLOWMostly from owned and leased hotels

DISPOSALS OF NON-CORE ASSETSe.g. Zamosc, Lublin, non-hotel properties

HOTEL RENOVATIONSe.g. Gdynia, Gdansk (rebranded into Mercure);

Wroclaw (rebranding into ibis & Novotel)

REGULAR CAPEXe.g. technical, IT, product touch -up

NEW DEVELOPMENTSe.g. Mercure in Cracow ibis in Gdansk

ibis Styles Warsaw & Szczecin

ASSET BUY-BACKSe.g. 4 ibis in Poland, Budapest

INCREASE IN LEVERAGEe.g. debt, bonds, credit facilities

SOURCES OF CASH CAPEX SPENDING

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We shift capital to best performing assets

Optimising hotel portfolio

OWNED OWNED OWNED OWNED ► Keep Keep Keep Keep in portfolio the most cashin portfolio the most cashin portfolio the most cashin portfolio the most cash----generative hotelsgenerative hotelsgenerative hotelsgenerative hotels

► Sell or franchiseSell or franchiseSell or franchiseSell or franchise----out less profitable hotelsout less profitable hotelsout less profitable hotelsout less profitable hotels

► 2222----3 new owned 3 new owned 3 new owned 3 new owned hotelshotelshotelshotels a a a a yearyearyearyear to be to be to be to be openedopenedopenedopened/acquired /acquired /acquired /acquired in the next 5Y in the next 5Y in the next 5Y in the next 5Y

LEASEDLEASEDLEASEDLEASED► Ability Ability Ability Ability to terminate unfavourable leases at expiryto terminate unfavourable leases at expiryto terminate unfavourable leases at expiryto terminate unfavourable leases at expiry

► No new lease contracts from now on if not No new lease contracts from now on if not No new lease contracts from now on if not No new lease contracts from now on if not favourablefavourablefavourablefavourable

FRANCHISED/MANAGEDFRANCHISED/MANAGEDFRANCHISED/MANAGEDFRANCHISED/MANAGED

► Focus on development through franchiseFocus on development through franchiseFocus on development through franchiseFocus on development through franchise and and and and managementmanagementmanagementmanagement

► Identification of hotels to be franchised or Identification of hotels to be franchised or Identification of hotels to be franchised or Identification of hotels to be franchised or deflaggeddeflaggeddeflaggeddeflagged (termination of franchise)(termination of franchise)(termination of franchise)(termination of franchise)

► 8888 –––– 11110000 openings a yearopenings a yearopenings a yearopenings a year in the next 5 in the next 5 in the next 5 in the next 5 yearsyearsyearsyearsOwned Leased TOTALFranchised and managed

Optimisationof portfolio

when appropriate

Restructuring / disposals /

termination of non performing leases

Focus on development

through franchise and management

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Planet 21 - a new and bolder vision of our responsibility

Orbis Group in AccorHotels’ program Planet 21

A program structured around 4 strategic focus areas and 2 priorities

New CSR initiatives and higher standards:

The benefits for hotels

PPPPERFORMANCEERFORMANCEERFORMANCEERFORMANCE

Planet 21 enables hotels to make progress and take sustainable development to the next level

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Hotels choose the actions they want to implement

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Each hotel’s level is displayed on accorhotels.com

16 mandatory actions 16 mandatory actions 16 mandatory actions 16 mandatory actions to achieve Bronze level plus

A A A A choice of actions for hotels to pick and earn choice of actions for hotels to pick and earn choice of actions for hotels to pick and earn choice of actions for hotels to pick and earn points points points points to achieve Silver, Gold and Platinum levels

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We put people first

Lower operating costs

Attracting the best talents

Answering the needs of a growing number of guests

1

2

3

4

5

Building brand loyaltyTALENTSTALENTSTALENTSTALENTS

Care for the next generation of managers.

We put diversity as a top priority. We build on talents to encourage and let people participate in company’s success

and create a culture.

CSRCSRCSRCSR

Drive the change towards hospitality.

We care for the environment through the Plant for the Planet projects and through sustainable investments

(BREEAM certification).

GUESTSGUESTSGUESTSGUESTS

Focus on maximising the guest experience.

With the digital pulse we accompany our guests at each stage of their journey. Satisfaction comes from employees

engagement and improved services.

ACTIONS WHAT IT GIVES US

Strengthening corporate credibility

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Glossary

CEECEECEECEE Region including: Poland, Czech Republic, Slovakia, Hungary

BalticBalticBalticBaltic Region including: Lithuania and Latvia

SEESEESEESEE Region including: Bulgaria, Romania, Macedonia

UpUpUpUp----scalescalescalescale Hotels run under Sofitel, Pullman and MGallery brands

MidscaleMidscaleMidscaleMidscale Hotels run under Novotel and Mercure brands

Economy Economy Economy Economy Hotels run under ibis, ibis Styles and ibis budget brands

OwnedOwnedOwnedOwned Hotels owned by the Company, with assets visible on the

balance sheet, with revenues and costs of these hotels fully

visible in income statement.

LeasedLeasedLeasedLeased Hotels under operating leases (both fixed and variable),

whose assets are not visible on the balance sheet, but their

revenues and costs affect the income statement.

ManagedManagedManagedManaged Hotels managed by Orbis but not owned by the Company.

Not visible on the balance sheet with only the management

fee being visible in revenues.

FranchisedFranchisedFranchisedFranchised Hotels run by third parties under one of Orbis’ brands. These

are not visible on the balance sheet and only the franchise

fee is booked in revenues.

OR OR OR OR

((((occupancy occupancy occupancy occupancy

rate)rate)rate)rate)

rooms occupied by hotel guests vs number of rooms

available

ARR ARR ARR ARR ((((average average average average

room rate)room rate)room rate)room rate)

total room revenue/ number of room nights sold

RevPARRevPARRevPARRevPAR

((((revenue per revenue per revenue per revenue per

available room)available room)available room)available room)

room revenue / number of room nights available

Room nights Room nights Room nights Room nights

soldsoldsoldsold

OR x average number of rooms x 365 days

MICEMICEMICEMICE Meetings, incentives, conferences and events business line

EBITDAEBITDAEBITDAEBITDA EBIT + depreciation from cash flow statement

EBITDAREBITDAREBITDAREBITDAR EBITDA minus rental costs

NWCNWCNWCNWC Net working capital

CapexCapexCapexCapex Capital expenditures

D&AD&AD&AD&A Depreciation & Amortization

FCFFFCFFFCFFFCFF Free cash flow to firm

WACCWACCWACCWACC Weighted average cost of capital

DPSDPSDPSDPS Dividend per share

ROCEROCEROCEROCE Return on capital employed

TSRTSRTSRTSR Total shareholder return, i.e. dividend yield and gain/ loss

on the share price

GAVGAVGAVGAV Gross asset value – market value of assets established by

an independent evaluator

Orbis SAul. Bracka 16, 00-028 Warszawa

www.orbis.pl

Orbis’ strategic partner is ACCORHOTELSwww.accorhotels.com