INFORMATION MEMORANDUM Radisson SAS at Disneyland Resort Paris on golf Disneyland September 2006

Prepared by: Jones Lang LaSalle Hotels 22 Hanover Square London W1A 2BN Tel: Fax: +44 20 7493 6040 +44 20 7399 5694

SOMMAIRE
INTRODUCTION .................................................................................................................... 2 INVESTMENT HIGHLIGHTS.................................................................................................... 3 Brand-new hotel, with elegant architecture ............................................................................ 3 Full-service, four-star international hotel, nestled on a golf course............................................. 3 High-potential location ........................................................................................................ 4 Individual style .................................................................................................................. 4 Secure revenues and scope for increase in operating income .................................................... 4 HOTEL ENVIRONMENT........................................................................................................... 5 Background, Marne-la-Valle ............................................................................................... 5 Val dEurope ...................................................................................................................... 6 Neighbouring sites of tourist interest..................................................................................... 7 ACCESS ................................................................................................................................. 8 HOTEL ................................................................................................................................... 9 Location............................................................................................................................ 9 Description.......................................................................................................................10 Lobby ..............................................................................................................................10 Restaurant facilities ...........................................................................................................11 Conference and reception facilities .......................................................................................12 Leisure activities ...............................................................................................................13 Rooms and suites..............................................................................................................14 Back office .......................................................................................................................15 TECHNICAL DESCRIPTION OF BUILDING ............................................................................ 16 OWNERSHIP STRUCTURE AND LEGAL CONSIDERATIONS.................................................... 17 Owner companies..............................................................................................................17 Management contract ........................................................................................................17 Radisson SAS ...................................................................................................................17 HOTEL MARKET ................................................................................................................... 18 Hotel supply .....................................................................................................................18 Performance of seminar-oriented hotels on outskirts of Paris ...................................................19 Performance of Paris four-star hotels ...................................................................................19 Other tourist information ....................................................................................................20 ADDITIONAL INFORMATION ............................................................................................... 21

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INTRODUCTION
Jones Lang LaSalle Hotels has been exclusively appointed by Orion Holding Belgium III (a company managed by Orion Capital Managers) to seek a purchaser and conduct the sale of the Radisson SAS hotel at Disneyland Resort Paris. This four-star hotel stands on the Disneyland golfcourse, at 5 minutes from the two theme parks and the Val dEurope business hub and shopping centre, 35 km east of Paris. It has 250 rooms and suites, two restaurants, a bar, 700 sq. m. of conference facilities, fitness centre and an outdoor car park for 260 vehicles. The hotel is new (opened in 2005), and built on a plot owned by the company Orionis, in the middle of the Disneyland golfcourse. It is operated by the Radisson SAS hotel chain under a management contract signed on 12 June 2003, with duration up to 31 December 2025. Orion Holding Belgium III wishes to sell its shares in Socit Anonyme Simplifie Orionis (which owns the premises of the Radisson Disney Hotel) and in Socit Anonyme Simplifie Orionis II (which owns the hotel business). This opens a unique opportunity for an investor to acquire a modern, prestige, full-service hotel with guaranteed income, at the heart of a fast-expanding business and commercial district.

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INVESTMENT HIGHLIGHTS Brand-new hotel, with elegant architecture

The Radisson hotel was designed by the architect Demetri Porphyrios, drawing inspiration from the architectural style of French farms of the 18th and 19th centuries. The result is a very refined and elegant building. Other projects in Mr Porphyrioss portfolio include the auditorium of Magdalen College Oxford, the New Whitman College at Princeton, and the Rocco Forte groups Villa Kennedy in Frankfurt, for which he won the MIPIM award in 2006. The hotel was built in 2005, opened in December 2005, and is still covered by its initial ten-year construction industry warranty.

Full-service, four-star international hotel, nestled on a golf course

The Radisson hotel addresses international tourism, business and leisure markets, meeting the demanding requirements of todays customers with quality services, large rooms (30 square metres minimum), contemporary design, varied restaurant cuisine, 700 square metres of bright modular reception and conference facilities, up-to-the-minute equipment in rooms and facilities, very pleasant common areas, and a refreshingly different parkland environment, since the hotel stands on a golf course.

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High-potential location

The hotel is located a few minutes away from the Val dEurope business hub, the new Arlington business park, and the Disney theme parks. It stands on golf links, offering ideally convenient access to a splendid 27-hole course. Charles de Gaulle Airport is just 10 minutes away by TGV high-speed train, and Orly Airport is readily accessible. The hotel is just a few minutes from Marne-la-Valle / Chessy railway station, which connects to main French cities and European capitals.

Disneyland Resort Paris

Val de France, hotel zone

RER station TGV station

R T

Val dEurope, business hub,

Radisson SAS, golf Disneyland

Individual style

The French style of Radisson SAS at Disneyland Resort Paris differs radically from that of the Disney park hotels, some of which adopt a strong thematic approach based on the children-oriented Disney environment. The highly contemporary interior design, and the surrounding golfcourse, are ideally matched to the expectations of the hotels target customers, namely businesspeople attending seminars, and families seeking quiet, refined accommodation close to the Disney theme parks. This guest mix ensures good week-round occupancy rates. The size and layout of the various hotel areas lends great operational flexibility and ensures quality reception facilities for a varied clientele (leisure, seminar, golf, business).

Secure revenues and scope for increase in operating income

The Radisson management contract guarantees the purchaser secure income. (See page 17) In addition, the hotel offers considerable scope for further development: 1) Additional surface area of 3,500 square metres suitable for building 50-unit tourism complex (conditional upon agreement from operator) 2) Two currently vacant shops measuring 30 square metres each, for rental to outside operator 3) Growth prospects of Val dEurope business hub

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HOTEL ENVIRONMENT Background, Marne-la-Valle

Marne-la-Valle has grown into a major economic centre in the eastern part of the greater Paris region. It is a new town, construction of which began in the late sixties under the impetus of a wide-reaching French government programme aimed at absorbing high population growth. Development started to take off in the eighties, with improved communication links (A4 motorway in 1976 and RER line A rail link in 1977). A major boost came in 1987, through signature of an agreement with Euro Disney. Further development followed in 1994, with a TGV high-speed-train link putting Marne-la-Valle within direct reach of major European Marnela-Valle is one of the major conurbations in the greater Paris region, covering a total surface area of 15,000 hectares across three dpartements (Seine Saint Denis, Seine et Marne and Val de Marne) and 26 communes. Its population has grown by 250% over the last thirty years, from 103,000 in 1975 to over 265,000 by 2005. Marne-la-Valle is split into four urban districts: Porte de Paris, Val Maubue, Val de Bussy, and Val dEurope. The Val dEurope district houses the Disney theme parks and the Radisson SAS hotel at Disneyland Resort Paris.

Valle village Val dEurope

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Val dEurope

Town center of Val dEurope

The Disney leisure complex was the starting point for an extensive Val dEurope development project. Over a period of just a few years, Val dEurope would grow into a vibrant economic hub, constantly growing in importance, largely thanks to an exceptional infrastructure network: Europes leading tourist destination: Disneyland Resort Paris draws close to 12.5 million visitors per year. It comprises two theme parks Disneyland (opened in 1992) and Walt Disney Studios (opened in 2002), seven hotels, of varying styles (from New England to a wild-west frontier village) (see list of hotels page 18), and Disney Village, a shopping and entertainment complex including a Gaumont multiplex cinema. Number-one congress and convention centre in greater Paris region, with 12,000 square metres of facilities hosting 1,200 congresses each year.

Number-two hotel hub in greater Paris region, after Paris itself. Shopping centre measuring 130,000 square metres, including Valle Village, a shopping village unique in France, where big names in fashion, accessories and tableware offer collections at discount prices year-round. Fast-expanding business centre, including international business park developed by Arlington, with 15,000 square metres of office space completed already. With its attractive tax conditions, community-sensitive urban planning and excellent transport facilities, Val dEurope has become a highly credible siting alternative in the greater Paris region, attracting many companies across a broad business spectrum (KPMG, Socit Gnrale, BNP Paribas, the Walt Disney Company France, Socotec, etc.).

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Neighbouring sites of tourist interest

As well as the Disney theme parks, other sites within easy reach of the hotel include medieval towns such as Provins (56 km), the castles of Vaux le Vicomte (46 km) and of Fontainebleau (70 km), Fontainebleau Forest, the Domaine de Ferrires (13 km), Rentilly Park (15 km), and Champs sur Marne (25 km). The Champagne region, and its capital Reims are also readily accessible, at an hours drive away and 30 minutes by TGV (the East line will open in June 2007). .

Castle of Vaux le Vicomte

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ACCESS
Marne-la-Valle enjoys highly convenient access by rail, road and air. At Marne-la-Valles TGV high-speed-train station, in the immediate vicinity of the Disney park, 55 high-speed trains stop per day, including the Thalys train that puts Brussels one and a half hours away and Amsterdam two and a half hours away, and the Eurostar that links Marne-la-Valle with London in under three hours. Roissy Airport is ten minutes away by TGV. And by 2008, Chessy / Marne-la-Valle will be the largest connecting station in France, with direct access to the whole of the French railway network. The station also accommodates RER line A, for direct access to central Paris (Chtelet les Halles station) in 40 minutes. The RER line runs all day from 06:00 to 01:00. The hotel is five minutes away from the RER and TGV stations. By car, it takes 35 minutes to reach Paris city centre via the A4 motorway, which comes in from Nancy and Metz to the east. The A4 also links up to the A86 motorway, which bypasses Paris to join the west-bound A10 and the south-bound A6. Pariss two main international airports, Roissy and Orly, are both 40 minutes away by car.

Radisson SAS at Disneyland Resort

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HOTEL
Club House

Radisson Hotel

Marriott vacation Aerial view of site, during works

Location
The hotel stands in the middle of the Disneyland golf course, 500 metres from the club house with easy access by foot or with a golf car. It enjoys fast, straightforward access from the A4 motorway. With its magnificent parkland surroundings, the hotel makes a highly attractive alternative to the Disney park hotels, in their more urban setting. This is only hotel in Val dEurope to enjoy this kind of environment.

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Description

The hotel has a total inside surface area of 17,600 square metres and stands in grounds measuring 43,331 square metres. It has a basement, ground floor and three floors of rooms. The building is U-shaped, with a garden in the middle. The ground floor of the west wing houses the business facilities and restaurant areas, and the east wing the leisure facilities. The hotel has a large landscaped car park for 260 vehicles.

The hotel floor assignment is as follows:

Level Basement Description Service areas: boiler room, building management system, air conditioning units, electric generator. Laundry room, storerooms, cellars, cold storage units, cloakrooms. Massage and care rooms Reception area and lobby, bar/lounge Le Chardon Bar, with large fireplace, Pamplemousse restaurant, Birdie restaurant, 12 modular conference rooms, two shops, swimming pool, fitness centre, massage room, wellness centre, childrens play room. 8 bedrooms Offices, kitchen, personnel cafeteria 82 rooms 78 rooms

Ground floor

First and second floors Third floor

Hotel decoration throughout is by the Studio Desseins firm. It stands out from the other Val dEurope hotels in adopting a contemporary design, being theme-free, better suited to business customers.

Lobby
The hotel has a vast and very bright lobby, which opens onto a patio with a vegetable garden below. This a warm, welcoming area, with a huge fireplace, large comfortable sofas in orange, brown and cream shades, and access to the Chardon bar, which opens onto the lobby. The contemporary design provides a fine example of the decorators skill in achieving a highly successful blend of convivial atmosphere and refined styling.

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Restaurant facilities
The hotel has two restaurants in different styles: the Pamplemousse and the Birdie.

The Pamplemousse offers refined, original cuisine and tasteful, stylish dcor, with shades of green and dark wood bringing an exotic touch. The design emphasis in on elegance and uncluttered refinement, with parquet flooring, small square tables, green benches and wooden panelling. The restaurant measures 220 square metres and can seat 88 people. The menu of the day is priced at 30.

The Birdie restaurant, alongside the conference rooms, is larger, measuring 430 square metres. This restaurant is open to guests for morning breakfast and to seminar groups at lunch and dinner. The atmosphere is livelier, with features such as orange chairs, and very bright, with large bay windows looking onto the garden and patio, where guests can take lunch in the open air. The Birdie has bowed benches and modular partitions for delimiting private areas, a feature that is very useful for accommodating a mixture of different customer categories (individual guests on leisure stays, and business groups). The Birdie restaurant can seat up to 212 people.

There is a 120 square metre buffet area opening onto both restaurants. This area, which adjoins the kitchen, affords a great deal of functionality and flexibility in management of the hotel restaurant areas.

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The Chardon Bar forms an important feature of the hotel lobby area, and offers light, simple meals, cocktails, and a broad selection of Scotch whiskies, of great appeal to golf enthusiasts. The bar has capacity for 46 people. Because the Marriott Vacation Club complex located opposite the Radisson does not yet have its own restaurant facilities, its guests are offered special incentive prices at the Radisson.

Conference and reception facilities

The Radisson Disney hotel has 600 square metres of highly functional conference facilities, split into twelve modular rooms measuring 30 to 300 square metres. The Paris reception room accommodates up to 300 people. All conference facilities are located in the west wing on the ground floor. Decoration is discreet, with furniture in light-coloured wood, evocative of the Scandinavian origins of the hotel management. The hotel has a special seminar entrance to the west wing, and a reception area of 100 square metres, ideal for accommodating delegates during break times. In fine weather, delegates can take breaks or enjoy cocktails on the patio, with views onto the golf course. All reception facilities are spacious, comfortable and fitted with modern equipment. They are air-conditioned and daylight-illuminated.

Room Reception area Paris 1 modular reception room Paris 2 modular reception room Paris 3 modular reception room Paris 1-2-3 reception room Marseille board room Lyon conference room Rome conference room Berlin conference room Brussels conference room Nice 1 modular conference room Nice 2 modular conference room Nice 3 modular conference room Nice 1-2-3 conference rooms Bordeaux board room Total

Floor area (square metres) 100 105 89 98 296 51 35 32 32 31 26 28 27 81 34 692

Capacity with theatre-type seating 100 80 90 300 35 35 35 35 20 20 20 80

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Leisure activities
Guests at the Radisson hotel enjoy preferential rates on green fee at the 27-hole Disneyland golf course, the entrance to which is 500 metres from the hotel. The course is suitable for players of all abilities, from amateur to professional. There are three nine-hole courses starting and ending in front of the clubhouse, which means varied combinations can be set. The Radisson bar and restaurants offer a pleasant alternative to the clubhouse restaurant.

The hotel has a wellness and fitness centre, with covered, heated swimming pool opening onto an outside patio than converts into a solarium in summer, a sauna, a hammam, a gym and a health centre run in partnership with the laboratoires Dr N.G. Payot, offering a variety of massage techniques (shiatsu, volcanic pebbles, special back massage) and beauty care. These facilities are warm and welcoming, with a dcor emphasis on wood and textiles. A staircase accesses other personnel care rooms on the floor below.

Alongside the fitness centre, theres a childrens play area, much appreciated by parents for keeping the kids occupied during long dinners or when its too wet for them to go outside. The lobby also includes two 30 square metre shops, currently vacant. The property includes four hectares of landscaped garden, with a childrens play area, ping-pong tables and a ptanque area. Like the hotel, the grounds are designed to appeal to both of the hotels main customer categories: families and delegates at business seminars. A shuttle shared with the Marriott Vacation complex takes just five minutes to drive guests to the Disney parks or the Val dEurope shopping centre, with its 118 shops, hypermarket, garden centre and giant aquarium.

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Rooms and suites

The hotel has a total of 250 rooms, junior suites and suites, on four floors (ground to third).

Categories

Number of rooms 148 59 20 5 9 8 1

Surface area Square meters 30 30 30 30 51 66 90

Standard rooms Family rooms Business class rooms Disabled rooms Junior suite Suites Presidential Suite

All rooms are decorated in contemporary style consistent with that of the restaurant areas and lobby on the ground floor. There are two different colour schemes: red-brown-blue, with original chequered headboard; and orange-brown with headboard in pale wood, and single photo frame (see photos alongside).

Rooms are very comfortable and very well equipped, with WiFi and broadband internet access, air-conditioning with individual temperature control, LCD flat-screen television, and a strongbox that will contain a laptop computer. All rooms enjoy magnificent views onto the golf course.

Bathrooms are bright, uncluttered, and decorated in a cream colour scheme with dark wood fittings. They have double washbasins and bath. Addressing the need for accommodation flexibility, arising from its varied customer mix, the hotel has 59 family rooms (for 4 people) with convertible sofa bed. The business class rooms have the same size and furniture as the family rooms, but with different services, including bathrobe, expresso coffee machine and daily press delivery. Over a hundred of the rooms have connecting doors. And six of the standard rooms can be readily converted into sub-commission rooms, with fold-up bed and modular desk. The junior suites and suites measure 50 to 90 square metres, and feature a living-room area with sofas, armchairs and tables. Dcor is consistent with the hotels prevailing contemporary design.

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Back office
Offices and kitchen are vast and bright, with numerous and spacious storage areas, including pantry and luggage areas. There is even a cloakroom with large lockers for golf bags. Access ways throughout the property are wide. The hotel is highly functional and well designed, making it a very pleasant working environment.

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TECHNICAL DESCRIPTION OF BUILDING

Building: The building was completed in November 2005. The walls are in rendered reinforced concrete, with a stone-lined base and white concrete sills, frames, mouldings and cornice features. Roof: The roof structure is in wood, with dormer window frames in hardwood panelling. The roof covering is in terracotta tiles and plain zinc. Architectural style: Without being an exact copy, the architecture is overtly inspired by that of rural French farm properties of the 18th and 19th centuries. Building units form a U-shape and communicate via a passageway running round the central yard. Heating and air conditioning: The hotel is heated by a 2250 kW gas boiler plant located in the basement of the building. The boiler plant is made up of three 750 kW boilers and a 1000 kW flue heat reclaim unit. This plant also provides bathroom hot water throughout the hotel and heats the swimming pool. Air conditioning is driven by two 770 kW generators, with water condenser, in the basement, plus two dry-cooler units on the roof. Heating throughout the hotel is by means of hot water batteries in the air supply units, or fan convectors, or electric convectors. Air conditioning for the hotel rooms is by means of ceiling-mounted fan convectors with four-pipe supply. All rooms have individual air conditioning controls.

Door locks: Hotel rooms are accessed by magnetic cards (Onity system, HT24W/HT28 smart). Lifts: The hotel has six Otis lifts (for 13 people) and two goods lifts (1000 kg and 1025 kg). Telephone system: PABX Alcatel Omni PCX Enterprise Mobile 200 & base DECT sets Teledex PEARL phone sets in rooms Alcatel POPC 4059 switchboard Temporis 25 standard phone sets Multi-line phone sets (16 and 8 keys) WiFi system and terminals Property management system: OPERA/FIDELIO et MICROS OPERA Xpress PMS version 3.0. Oracle database. Opra sales and banquet management

Micros 9700 point-of-sale terminals and stock management system

Fire protection system: The lobby, main restaurant and all thoroughfares accessible to the public are covered by mechanical smoke extraction systems. Ground-floor areas open to the public are covered by natural smoke extraction through the bay windows. The fire protection system meets A-category specifications, with fire detection in all areas (except for the swimming pool area), including bedrooms. The system includes a signalling board, pipes, fire detectors, break glass alarm triggers, alarm repeaters, centralized fire safeguard unit, and remote fire safeguard units. CCTV: Lobby access, service access to the kitchen, emergency exits and parking exits are monitored by CCTV, with monitors at the reception desk and administration office.

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OWNERSHIP STRUCTURE AND LEGAL CONSIDERATIONS Owner companies

The hotel ownership structure is as follows: SAS Orionis owns the premises of the Radisson SAS hotel at Disneyland Resort Paris, and SAS Orionis II owns and runs the business of the Radisson SAS hotel at Disneyland Resort Paris.

Management contract
Orionis signed a management contract with the company Rezidor SAS Hospitality on 12 June 2003, to run for a period of 20 years from the hotel opening date, in December 2005. Throughout this period, the management company undertakes to pay the hotel owner the higher of two amounts: (i) annual guaranteed AGOP (adjusted gross operating profit); or (ii) 23% of overall revenues, capped at 116% of annual guaranteed AGOP

The annual guaranteed AGOP is set as follows: First year: Second year: Third year: Fourth year: Fifth and subsequent years: 3,700,000 3,700,000 4,000,000 4,250,000 Fourth-year profit plus 75% of variation in consumer price index.

The guaranteed income is subject to a cap, applying if the aggregate amount of shortfalls defined as the difference between the annual guaranteed AGOP and 25% of annual revenues, exceeds 9,000,000, which appears highly improbable. If the cap amount is reached, there is no longer an annual guaranteed AGOP to owner. The annual variable income payable to owner shall then be 25% of the total revenue. Operator charges a management fee equal to the AGOP less the revenue payable to owner, which is the higher between annual guaranteed AGOP and annual variable income. The reserve fund amounts to 1st year: 1%, 2nd year: 2%, 3rd year: 3% and 4th year and thereafter: 4%. The reserve fund is included in the calculation of the AGOP and thus is not to be paid by the owner. To reap the fullest possible benefit from the hotels potential, the owner has an option, during the first five years, to switch from the guaranteed-revenue arrangement to a classic management contract, with base fee set at 3% of revenues, plus an incentive fee set at 10% of GOP.

Radisson SAS
Radisson SAS Hotels & Resorts, a member of the Rezidor SAS Hospitality group, currently manages a total of 133 hotels in Europe, the Middle East and Africa, and 39 further projects are under development. More information on Radisson is available on the www.radissonsas.com website. Rezidor SAS Hospitality is a fast-growing hospitality management company whose management portfolio currently extends to 248 hotels in 47 different countries, with a total of 50,000 rooms already operational or under development. The company targets a portfolio of 700 hotels, across all brands, by 2012. Rezidor SAS manages the following Carlson brands in Europe, the Middle East and Africa: Radisson, Park Inn, Regent and Country Inn. Rezidor SAS Hospitality is a wholly-owned subsidiary of the Stockholm-based SAS Group. SAS is partly owned by the governments of the three Scandinavian countries. Rezidor SAS Hospitality has its head office in Brussels. More information on Rezidor SAS and its hotel chains is available on the website www.rezidor.com.

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HOTEL MARKET Hotel supply

There are 17 hotels and hotel complexes in Val dEurope, totalling 8,420 rooms. Upmarket establishments account for 29% of the hotels and hotel complexes in this district. At Disneyland Resort Paris, there are six hotels and a ranch, totalling close to 5,800 rooms. These establishments were built ready for opening of the first theme park in 1992. All are managed by Euro Disney SCA, and feature a strong US theme. At Val dEurope there are also a number of Disney partner hotels, which add a further 2,660 rooms to the resorts accommodation capacity. These two- to four-star establishments were built from 2001 onwards, to increase the accommodation capacity. They are managed by partner organizations working in close liaison with Disneyland Resort Paris (DRP). Most are located at the Val de France site, the new hotel district of Disneyland Resort Paris. The Radisson SAS hotel is one such partner hotel, with bookings taken through the same network. (See www.disneylandparis.com.) Of the hotels listed below (three- and four-star hotels in Val dEurope), only the Newport Bay and New York hotels have a congress centre. These are Radissons main rivals in this sector, offering 5,000 and 5,500 square metres of modular conference facilities respectively. The great advantage of the Radisson hotel over these rivals is its unique golf course environment.

o o o o o o o o o o o o o

Disneyland Hotel, 496 rooms. New York Hotel, 565 rooms. Newport Bay Club Hotel, 1093 rooms. Sequoia Lodge, 1011 rooms. Cheyenne Hotel, 1000 rooms. Santa Fe Hotel, 1000 rooms. Davy Crocket Ranch, 595 rooms. Vienna International Dream Castle Hotel Paris (castle theme), 400 rooms. Holiday Inn (circus theme), 396 rooms. Explorers MyTravel Hotel (exploration theme), 396 rooms. Kyriad Hotel (French countryside theme), 300 rooms. Elyses Val d'Europe Hotel (Haussmann hotel theme), 152 rooms. Marriott Vacation Club (opposite Radisson Hotel), 96 villas (Marriott wishes to extend this development to 180/190 villas managed on a time-share basis).

Disneyland golf course

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Performance of seminar-oriented hotels on outskirts of Paris

Because one of the markets addressed by the Radisson hotel is the business tourism market (with residential seminars accounting for about 50% of income), we include the following information on 2003-2005 performance, in terms of occupancy rates and average prices, across a selection of 5 wellknown hotels on the seminar and conference market in the Paris region. The New York and Newport Bay hotels are not included, since we do not have access to their statistics.

2003 Number of rooms Occupancy rates in % Average Daily Rates in (VAT incl.) RevPar (VAT incl.) 897 53,3 154,1 82,1

2004 894 54,5 152,6 83,2 1,2 -1,0 1,3

2005 894 61,9 143,3 88,7 7,4 -6,1 6,7

YTD 0606 775 65,0 146,3 95,0 1,3 0,4 2,4

COMPETITIVE MARKET

Evol. Occupancy rates in pt Evol Average Daily Rates (%) Evol RevPar (%) Source: Hotel Benchmark Survey - MKG

Sample: Dolce Chantilly, Chteau Htel Mont Royal, Chteau Montvillargenne, Manoir de Gressy, Hilton Roissy

Performance of Paris four-star hotels

For comparison purposes, we also include performance data for four-star hotels in Paris in 1996.

Paris Quality Hotel Trading 300

(2005 values)

250 200 150 100 50 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
ARR () Yield () Occupancy

90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

Source: Hotel Benchmark Survey - Deloitte

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Occupancy

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Other tourist information PARIS: TOURIST FIGURES 2000 Arrivals (thousands) Domestic International Total Change 5,127 8,899 14,026 5,918 8,828 5,841 8,993 +0.6% 10,540 22,444 -0.7% 5,840 8,134 -5.8% 10,483 20,396 -6.4% 6,445 8,747 +8.7% 11,053 20,525 +2.3% 6,386 9,014 +1.4% 11,152 22,512 +6.6% 14.9% 3.5% 7% 24.6% 1.29% 9.8% 2001 2002 2003 2004 2005 Average 2000-05

14,746 14,834 13,975 15,192 15,400

-3.1% 5.1% Overnight stays (thousands) Domestic International Total Change

Source: ORTIF

9,708 21,744 31,452 1%

10,841 22,383 5.6%

33,224 32,984 30,879 31,578 33,664

Paris: Airport arrivals

90 000 80 000 Arrivals (000's) 70 000 60 000 50 000 40 000 30 000 20 000 10 000 0
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

International
Source : ADP (Aroports De Paris)

Domestic

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ADDITIONAL INFORMATION
For further information, please contact Jones Lang LaSalle Hotels. The present document was prepared in August 2006. Jones Lang LaSalle Hotels, acting on its own account and on behalf of the Owner which has commissioned Jones Lang LaSalle Hotels to act as its agent declares that (1) documents have been drafted for general information purposes only with potential purchasers in mind, and as such shall in no way be deemed a formal offer or in the nature of a contractual engagement; (2) any and all descriptions, measurements, quality assessments and references to the necessary consent or other authorisation procedures required for the operation and occupation of the premises and any and all other items of information are given for illustrative purposes only and in good faith and as such, although there is no reason to consider such information as being inaccurate, potential purchasers are requested not to place the same reliance on the aforementioned elements as they would for factual representations, and to check each such elements by undertaking their own enquiries, measurements, inspections and any and all other appropriate procedures; (3) no employee of Jones Lang LaSalle Hotels is authorised to certify or to give any guarantee or warranty of whatsoever kind in respect to the building and facilities here presented. Marketing managed by Jones Lang LaSalle Hotels:

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Representative of owner: Orion Capital Managers:

Contacts Alexandra Mercier 58/60 avenue de la Grande Arme 75017 Paris Tel : +33 (0) 1 40 55 18 58 Mob : +33 (0) 6 83 84 71 Fax : +33 (0) 1 40 55 18 68 Email : alexandra.mercier@eu.jll.com

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