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Mejoras, adiciones, y/o modificaciones efectuadas en los Incoterms®

REGLAS PARA CUALQUIER MODO O MODOS DE TRANSPORTE

To secure payables of the company ORCO’s daughter companies ensuing from loans defined in Chapter 5.11 of this prospectus, the following pledge rights determined in Note 21 in Chapter 5.6.1 were established to bond the daughter companies’ properties. Those hedging institutes are described in detail in the following table:

Company Creditor Loan agreements, total

amount and currency of the loan

Description of the loan guarantee Americká 1, a.s. Raiffeisenbank a.s. Loan agreement of

November 2002 for EUR 7,350,000

Pledge of 100% of the “Americká 1, a.s.” company’s shares to the bank’s profit.

Future pledge right to land Pledge right to buildings

Pledge right to receivables from the insurance fulfilment

Guarantor declaration of the company’s sole shareholder Pledge right to money on bank accounts

Pledge right to receivables from loan agreements to financed real estates Pledge right to receivables from other than loan agreements to financed real estates

Cease of rights from the option agreement with Medika Americká 33, a.s. Československá

obchodní banka, a.s Term Loan Facility I Agreement amounting to CZK 117,000,000 to finance the purchase of shares of the “IPB Real a.s.” company as of 22/12/2003

Term Loan Facility I Agreement amounting to CZK 185,000,000 to finance the purchase of the receivable from the “IPB Real development, a.s.” company as of 22/12/2003

Pledge of 100% of the “Americká 33, a.s.” company’s shares to the bank’s profit

Receivable pledge agreement Agreement on the future receivable pledge

Pledge of the company Guarantor’s declaration of the company ORCO

Agreement on the future pledge of the shares of the companies “IPB Real a.s, 1.”, “Sportovní, a.s.” and

“JIHOVÝCHODNÍ MĚSTO, a.s.” Debt subordination agreement

Agreement on the future pledge of land in the cadastral area Benice and Hagibor

Americká Park, a.s. Raiffeisenbank a.s. Loan agreement of 22/12/2003 amounting to EUR 1,750,000

Pledge of 100% of the “Americká Park, a.s.” company’s shares to the bank’s profit

Future pledge right to land Pledge right to buildings

Pledge right to receivables from the insurance proceeds

Guarantor declaration of the “(ORCOAparthotel S.A.)” and the company ORCO’s sole shareholder Pledge right to money on bank loans Pledge right to receivables from loan agreements to financed real estates Pledge right to receivables from other than loan agreements to financed real estates

Cease of rights from the agreements with Medika on standing the construction and access Americká-Orco, a.s. Aareal Bank AG Loan agreement No.

30600167 – portfolio Vinohrady of 15/10/2003 for EUR 21,119,000

Agreement on the approval to the execution of the decision

Agreement on the establishment of the pledge right to real estates

Agreement on the cease of receivables and the pledge transfer of the right to rights relating from leasing agreements Agreement on subordination of the debt

Guarantor’s obligation of the company ORCO(as for the incorporation of real estate pledges into the Real Estate Cadastre)

Agreement on the cease of receivables from loan agreements

Pledge of accounts

Bond of the insurance premium Pledge of 100% of the company’s shares

Bond of accounts Anglická 26, s.r.o. Aareal Bank AG Loan agreement No.

30600167 – portfolio Vinohrady of 15/10/2003 for EUR 21,119,000

Agreement on the approval to the execution of the decision

Agreement on the establishment of the pledge right to real estates

Agreement on the cease of receivables and the pledge transfer of the right to rights relating from leasing agreements Agreement on subordination of the debt

Guarantor’s engagement of the company ORCO

Agreement on the cease of receivables from leasing agreements

Pledge of accounts

Bond of the insurance premium Pledge of 100% of the company’s business part

Belgická – Na Kozačce,

s.r.o. Aareal Bank AG Loan agreement No. 30600167 – portfolio Vinohrady of 15/10/2003 for EUR 21,119,000

Agreement on the approval to the execution of the decision

Agreement on the establishment of the pledge right to real estates

Agreement on the cease of receivables and the pledge transfer of the right to rights relating from leasing agreements Agreement on subordination of the debt

Guarantor’s engagement of the company ORCO

Agreement on the cease of receivables from leasing agreements

Pledge of accounts

Bond of the insurance premium Pledge of 100% of the company’s business part

Bond of accounts Janáčkovo nábřeží 15, s.r.o. Aareal Bank AG Loan agreement No.

20597900 of 05/09/2003Pledge right to real estates Agreement on direct execution Agreement on the cease of receivables from property administration

agreements, from leasing agreements and from guarantees

Pledge of accounts

Bond of the insurance proceeds Pledge of the business part Agreement on subordination of the debt

Agreement on the cease of receivables from purchase agreements

Agreement on the cease of the receivable from the agreement on the purchase of the business part

Pledge of tangible things Agreement on the cease of the receivable from the administration agreement

Londýnská 26, a.s. Aareal Bank AG Loan agreement No. 30600167 – portfolio Vinohrady of 15/10/2003 for EUR 21,119,000

Agreement on the approval to the execution of the decision

Agreement on the establishment of the pledge right to real estates

Agreement on the cease of receivables and the pledge transfer of the right to rights relating from leasing agreements Agreement on subordination of the debt

Guarantor’s engagement of the company ORCO

Agreement on the cease of receivables from leasing agreements

Pledge of accounts

Bond of the insurance premium Pledge of 100% of the company’s shares

Londýnská 41, s.r.o. Aareal Bank AG Loan agreement No. 30600167 – portfolio Vinohrady of 15/10/2003 for EUR 21,119,000

Agreement on the approval to the execution of the decision

Agreement on the establishment of the pledge right to real estates

Agreement on the cease of receivables and the pledge transfer of the right to rights relating from leasing agreements Agreement on subordination of the debt

Guarantor’s engagement of the company ORCO

Agreement on the cease of receivables from leasing agreements

Pledge of accounts Máchova-ORCO, a.s. Aareal Bank AG Loan agreement No.

30600167 – portfolio Vinohrady of 15/10/2003 for EUR 21,119,000

Agreement on the approval to the execution of the decision

Agreement on the establishment of the pledge right to real estates

Agreement on the cease of receivables and the pledge transfer of the right to rights relating from leasing agreements Agreement on subordination of the debt

Guarantor’s engagement of the company ORCO

Agreement on the cease of receivables from leasing agreements

Pledge of accounts

Bond of the insurance premium Pledge of 100% of the company’s shares

Bond of accounts

Agreement on subordination of the debt

Mánesova 28, a.s. Aareal Bank AG Loan agreement No. 3052741 of 02/02/2002 for EUR 2,520,000

Pledge right to real estates

Agreement on the cease of receivables from leasing agreements

Agreement on the cease of receivables from insurance proceeds

Pledge of 100% of the company’s shares

Agreement on the cease of the receivable from the agreement on the purchase of shares

Guarantor’s declaration of the company ORCO

Agreement on the cease of rights and receivables ensuing from the agreement on the use of the passage and the use of two alternative parking places

Nad Petruskou, s.r.o. Aareal Bank AG Loan agreement No. 30600167 – portfolio Vinohrady of 15/10/2003 for EUR 21,119,000

Agreement on the approval to the execution of the decision

Agreement on the establishment of the pledge right to real estates

Agreement on the cease of receivables and the pledge transfer of the right to rights relating from leasing agreements Agreement on subordination of the debt

Guarantor’s engagement of the company ORCO

Agreement on the cease of receivables from leasing agreements

Pledge of accounts

Bond of the insurance premium Bond of accounts

Oak Mill, a.s. Raiffeisenbank a.s. Loan agreement up to the amount of CZK 210,000,000 of 11/02/2004

Pledge of 100% of the company’s shares

Pledge of accounts

Pledge of receivables from the work contract

Pledge of receivables from the insurance agreement of the general supplier

Agreement on subordination of the debt

The guarantor’s engagement of the company

ORCO Hotel Development,

a.s. Aareal Bank AG Loan agreement No. 30311013 of 22/06/2001 for EUR 3,700,000

Pledge right to real estates

Agreement on the cease of receivables from leasing agreements

Agreement on the cease of receivables from advisory agreements

Agreement on the cease of receivables from the insurance agreement

Pledge of 100% of shares

Agreement on subordination of the debt

Pledge of accounts

Agreement on the cease of receivables from the purchase agreement

Agreement on the cease of rights ensuing from the rental agreement with ORCO Hotel Project

ORCO PROPERTY, a.s. CIB Bank Rt, MKB

Bank Rt. Loan agreement of 29/04/2004 for the amount of EUR 4,000,000

Pledge of 100% of shares Pledge agreement to real estates Agreement on subordination of the debt

ORCO Vinohrady, a.s. Aareal Bank AG Loan agreement No. 30600167 – portfolio Vinohrady of 15/10/2003 for the amount of EUR 21,119,000

Agreement on the approval to the execution of the decision

Agreement on the establishment of the pledge right to real estates

Agreement on the cease of receivables and the pledge transfer of the right to rights relating from leasing agreements Agreement on subordination of the debt

Guarantor’s engagement of the company ORCO

Agreement on the cease of receivables from leasing agreements

Pledge of accounts

Bond of the insurance premium Pledge of 100% of the company’s shares

Bond of accounts Pachtův palác s.r.o. Česká spořitelna,

a.s. Loan agreement No. 151/03/LCD of 09/04/2003 for the amount of CZK 10,950,000

Agreement on subordination of the debt

Agreement on the pledge of the real estate

Pledge of receivables

Pledge of receivables from insurance Pledge of receivables from the bank account

Residence Belgická, s.r.o. Česká spořitelna,

a.s. Loan agreement of 04/03/2003 for the amount of EUR 1,100,000

Agreement on subordination of the debt

Agreement on the pledge of the real estate

Agreement on the pledge transfer of the right

Pledge of receivables

Pledge of receivables from insurance Pledge of receivables from the bank account

Residence Masaryk, a.s. Česká spořitelna,

a.s. Loan agreement of 04/03/2003 for the amount of EUR 2,600,000

Agreement on subordination of the debt

Agreement on the pledge of the real estate

Agreement on the pledge transfer of the right

Pledge of receivables

Pledge of receivables from insurance Pledge of receivables from the bank account

Záhřebská 35, s.r.o. Aareal Bank AG Loan agreement No. 30600167 – portfolio Vinohrady of 15/10/2003 for the amount of EUR 21,119,000

Agreement on the approval to the execution of the decision

Agreement on establishing the pledge right to real estates

Agreement on the cease of receivables and the pledge transfer of the right to rights relating from leasing agreements Agreement on subordination of the debt

Guarantor’s engagement of the company ORCO

Agreement on the cease of receivables from leasing agreements

Pledge of accounts

Bond of the insurance premium Pledge of 100% of the company’s business part

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