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RÉGIMEN CARGA GRUPAJE

The following companies are included in the consolidation unit of ORCO: Orco Budapest Rt

Registration No.: 01-10-044052

with the registered office at Révay utca 10, H-1065 Budapest, Hungary ORCO Project Management, s.r.o.

IČ: 430 02 676

with the registered office at Anglická 26, 120 00 Prague 2 Londynska 39, s.r.o.

IČ: 453 10 92,1

with the registered office at Anglická 26, 120 00 Prague 2 Americka 33, a.s.

IČ: 250 50 931

with the registered office at Anglická 26, 120 00 Prague 2 Americka 1, a.s.

IČ: 250 50 923

with the registered office at Anglická 26, 120 00 Prague 2 MÁCHOVA – ORCO, a.s.

IČ: 630 80 281

with the registered office at Anglická 26, 120 00 Prague 2 AMERICKÁ – ORCO, a.s.

IČ: 630 79 461

with the registered office at Anglická 26, 120 00 Prague 2 ORCO PROPERTY, a.s.

IČ: 256 14 363

with the registered office at Anglická 26, 120 00 Prague 2 Záhřebská 35, s.r.o.

IČ: 458 08 155

Anglicka 26, s.r.o. IČ: 458 08 147

with the registered office at Anglická 26, 120 00 Prague 2 Belgicka – Na Kozacce, s.r.o.

IČ: 612 47 553

with the registered office at Anglická 26, 120 00 Prague 2 Londynska 41, s.r.o.

IČ: 496 84 132

with the registered office at Anglická 26, 120 00 Prague 2 ORCO Property Management, a.s.

IČ: 261 30 653

with the registered office at Anglická 26, 120 00 Prague 2 Nad Petruskou, s.r.o.

IČ: 614 98 041

with the registered office at Anglická 26, 120 00 Prague 2 ORCO Prague, a.s.

IČ: 261 78 699

with the registered office at Anglická 26, 120 00 Prague 2 Londynska 26, a.s.

IČ: 256 15 670

with the registered office at Anglická 26, 120 00 Prague 2 ORCO Vinohrady, a.s.

IČ: 261 78 672

with the registered office at Anglická 26, 120 00 Prague 2 Mánesova 28, a.s.

IČ: 630 80 184

with the registered office at Anglická 26, 120 00 Prague 2 Orco Revay Rt

with the registered office at Révay utca 10, H-1065 Budapest, Hungary Orco Vagyonkeselo Kft

Registration No.: 01-09-685351

with the registered office at Révay utca 10, H-1065 Budapest, Hungary Vinohrady S.a.r.l.

with the registered office at 40, rue la Pérouse, F-75116 Paris, France Orco Warsaw Sp. z.o.o.

with the registered office at Nám. Dabrowskiego 1, 00-057 Warsaw, Poland ORCO HOTEL GROUP S.A.

Duchy of Luxemburg ORCOAparthotel S.A.

with the registered office at 8, boulevard Emmanuel Servais, L-2535 Luxembourg, the Grand- Duchy of Luxemburg

MaMaison Résidences S.A.

with the registered office at 8, boulevard Emmanuel Servais, L-2535 Luxembourg, the Grand- Duchy of Luxemburg

Orco Hotel Rt

with the registered office at Révay utca 10, H-1065 Budapest, Hungary RESIDENCE MASARYK, a.s.

IČ: 261 31 978

with the registered office at Anglická 26, 120 00 Prague 2 Residence Izabella Rt

Registration No.: 01-10-044274

with the registered office at Révay utca 10, H-1065 Budapest, Hungary Izabella 62-64 Kft

Registration No.: 01-09-691954

with the registered office at Révay utca 10, H-1065 Budapest, Hungary ORCO Project Szervezö Rt

Registration No.: 01-10-044298

with the registered office at Révay utca 10, H-1065 Budapest, Hungary Révay 10 Kft

Registration No.: 01-09-078332

with the registered office at Révay utca 10, H-1065 Budapest, Hungary ORCO PROPERTY START, a.s.

IČ: 261 30 548

with the registered office at Anglická 26, 120 00 Prague 2 Residence Belgicka, s.r.o.

IČ: 257 45 832

with the registered office at Anglická 26, 120 00 Prague 2 Pachtův Palác s.r.o.

IČ: 148 89 871

with the registered office at Anglická 26, 120 00 Prague 2 ORCO HOTEL MANAGEMENT, s.r.o.

IČ: 630 73 030

with the registered office at Anglická 26, 120 00 Prague 2 ORCO Hotel Development, a.s.

IČ: 261 82 157

Janáčkovo nábřeží 15, s.r.o. IČ: 256 01 041

with the registered office at Anglická 26, 120 00 Prague 2 ORCO Hotel Project, a.s.

IČ: 261 82 149

with the registered office at Anglická 26, 120 00 Prague 2 MMR Management, s.r.o.

IČ: 271 13 876

with the registered office at Anglická 26, 120 00 Prague 2 MaMaison Bratislava, s.r.o.

IČO: 35 830 476

with the registered office at Zelená 10, Bratislava, Slovak Republic Orco Hotel Management Kft

Registration No.: 01-09-728706

with the registered office at Révay utca 10, H-1065 Budapest, Hungary Americka Park, a.s.

IČ: 270 79 481

with the registered office at Anglická 26, 120 00 Prague 2 IPB Real a.s.

IČ: 002 58 610

with the registered office at Anglická 26, 120 00 Prague 2 IPB Real, s.r.o.

IČ: 636 76 761

with the registered office at Anglická 26, 120 00 Prague 2 IPB Real development a.s.

IČ: 251 02 168

with the registered office at Anglická 26, 120 00 Prague 2 NOVÉ MEDLÁNKY, a.s.

IČ: 256 90 655

with the registered office at Anglická 26, 120 00 Prague 2 1. Sportovní a.s.

IČ: 261 41 124

with the registered office at Anglická 26, 120 00 Prague 2 IPB Real reality, a.s.

IČ: 251 24 501

with the registered office at Anglická 26, 120 00 Prague 2 JIHOVÝCHODNÍ MĚSTO a.s.

IČ: 251 19 257

ORCO Hotel Project Sp. z.o.o.

with the registered office at Nám. Dabrowskiego 1, 00-057 Warsaw, Poland ORCO Poland Sp. z.o.o.

with the registered office at Nám. Dabrowskiego 1, 00-057 Warsaw, Poland ORCO Hotel Development Sp. z.o.o.

with the registered office at Nám. Dabrowskiego 1, 00-057 Warsaw, Poland

The proportion decisive for the consolidation of the above-mentions entities is, in accordance with § 9 para. 11 letter c) of the Decree, included in note 2 in Chapters 5.1.1 and 5.6.1 hereof. With the following exceptions, the company ORCO holds 100 % of shares or business shares in the mentioned companies:

Company Aggregate share of third parties (in %)

ORCO PROPERTY, a.s. IČ: 25614363

with the registered office at Anglická 26, 120 00 Prague 2

50

KOSIC S.a.r.l.

with the registered office at 7, Parc d'Activité Syrdall, L-5365 Munsbach, the Grand-Duchy of Luxemburg

50

The Endurance Fund Management Company S.A. with the registered office at 8, boulevard Emmanuel Servais, L-2535 Luxembourg, the Grand-Duchy of Luxemburg

50

5.40* ORCO HOTEL GROUP S.A.

with the registered office at 8, boulevard Emmanuel Servais, L-2535 Luxembourg, the Grand-Duchy of Luxemburg

* With respect to the fact that in the course of November 2004 the company ORCO increased its share in the company ORCO HOTEL GROUP S.A. from 73.50 % to 94.60 %, the share of third parties in the company ORCO HOTEL GROUP S.A. was only 5.4 %. MaMaison Résidences S.A.

with the registered office at 8, boulevard Emmanuel Servais, L-2535 Luxembourg, the Grand-Duchy of Luxemburg

Except for the following companies: ORCO Slovakia, s.r.o.

IČO: 35 907 088

with the registered office at Zelená 10, Bratislava, Slovak Republic ORCO Development, s.r.o.

IČO: 35 907 002

with the registered office at Zelená 10, Bratislava, Slovak Republic and ORCO Estates, s.r.o.

IČO: 35 909 315

with the registered office at Zelená 10, Bratislava, Slovak Republic, ORCO DEVELOPMENT, a.s.

IČ: 271 78 919

with the registered office at Anglická 26, 120 00 Prague 2, ORCO REALITY, a.s.

IČ: 271 78 897

with the registered office at Anglická 26, 120 00 Prague 2, ORCO INVESTMENT, a.s.

IČ: 271 78 927

with the registered office at Anglická 26, 120 00 Prague 2, ORCO Strategy, a.s.

IČ: 270 91 929

with the registered office at Anglická 26, 120 00 Prague 2, Oak Mill, a.s.

IČ: 271 06 799

with the registered office at Anglická 26, 120 00 Prague 2, ORCO ALFA, s.r.o.

IČ: 271 59 523

with the registered office at Anglická 26, 120 00 Prague 2, ORCO ESTATE, s.r.o.

IČ: 271 59 523

with the registered office at Anglická 26, 120 00 Prague 2, ORCO TRADE, s.r.o.

IČ: 271 59 272

with the registered office at Anglická 26, 120 00 Prague 2, Košík Development, s.r.o.

IČ: 271 05 652

ORCO Investment Kft

with the registered office at Révay utca 10, H-1065 Budapest, Hungary ORCO Development Kft

with the registered office at Révay utca 10, H-1065 Budapest, Hungary, and ORCO Hungary Kft

with the registered office at Révay utca 10, H-1065 Budapest, Hungary,

that have been established and entered in the business register only after the financial statements execution, and therefore could not be included in the consolidation, there are no companies belonging to the group of the company ORCO not included in the consolidation in accordance with the above-mentioned rules.

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