ORCA INVESTMENT PLC ORCA INVESTMENT PLC

ORCA INVESTMENT PLC 9 ORCA INVESTMENT PLC ) )... Sharelink Securities and Financial Services Limited,. :..... Document_Orca_Approved.doc 1

.,, ( ),,,,,, (""),, /,.,,,».. ( ).,.» Orca Investment Plc, Sharelink Securities and Financial Services Limited, : 7 2010 Document_Orca_Approved.doc 2

. ( ) ( ) 30.000 (), 3.000.000 0,01 ( ) 12.000 ( ), 1.200.000 0,01 ( ) ¹ ( ) ( ) / 1.200.000 / 0,01 ( ) 0 0 0 (1) 11,7. 2009 : 1: Orca Investment Plc,,,,,. 11,7., 30.06.2010, ( ) 10%., : Document_Orca_Approved.doc 3

. ) 30.06.2010 (277) : 13.345 : (1.335) 11.734 1. (,,.)..,,. 2. /..,. 3.,, (. /,,,, )., /,,... 4.... 5.... 6. /, /... 7. /..,. Document_Orca_Approved.doc 4

.. 9,83 9,83 9,78 9,78 31/12/2008 (1) (0,68) (0,68) 31/12/2009 (2) (0,21) (0,21) 30/06/2010 (3) (0,23) (0,23) 31/12/2009 (4) 30/06/2010 (5) 2009/ (6) (0,28) (0,28) 2009/ (6) (0,21) (0,21) 6-2010 / (7) (0,02) (0,02) 6-2010 / (7) (0,02) (0,02) (V) (8) () (8) (8) (8) : 1. 31.12.2008 2008. 31.12.2008 ( 1.000 ), 1,71 0,01).,, 31.12.2008 (117.), 171.000. 2. 31.12.2009 2009., 31.12.2009 (251.), 1.200.000. 3. 30.06.2010 30.06.2010., 30.06.2010 (277.), 1.200.000. 4. 31.12.2009, 2009, (251.), ( ), : Document_Orca_Approved.doc 5

. ) 31.12.2009 (251) : 13.391 : (1.339) 11.801. 1.200.000 ( ) 9,83 5. 30.06.2010, 30.06.2010, (277.), (), :. ) 30.06.2010 (277) : 13.345 : (1.335) 11.734. 1.200.000 ( ) 9,78 6. 2009, (189.) (144.),, 685.500. 7. 6-2010, (29.) (26.),, 1.200.000. 8. Orca Investment Plc,,,. : 1.,,. 2.. Document_Orca_Approved.doc 6

. (, ) Constantinou Bros Hotels Public Company Ltd. 1977,, A.C. Grapex (Dealers & Exporters) Limited. Paphos Stone C. Estates Limited. 1978 King s Head Development Company Limited.. Pioneer Beach Hotel King s Head Development Company Limited. 1979 A&A Constantinou Bros Limited. H. A & A Constantinou Bros Limited. 1989 Constantinou Bros Hotels Limited Constantinou Bros Hotels Public Company Limited. 86,87%. Paphos Stone C. Estates Limited, King s Head Development Company Limited, A&A Constantinou Bros Limited, Paphian Blueshore Holidays Limited, Paphian Airservices Limited, A.C. Grapex (Dealers & Exporters) Limited Constantinou Bros Asset Management Plc,. 1980 Business Administration Royal Holloway University of London. Hotel Management University of Surrey. Constantinou Bros Hotels Ltd. Constantinou Bros Asset Management Plc Constantinou Bros Developers Ltd. Document_Orca_Approved.doc 7

1983 Glion. Constantinou Bros Hotels Ltd 2007,, (SPA). Constantinou Bros Asset Management Plc Constantinou Bros Developers Ltd. 1985 Hospitality Management University of Surrey. Finance, University of Surrey. Constantinou Bros Hotels Ltd, Sales & Marketing 2008. Constantinou Bros Asset Management Plc Constantinou Bros Developers Ltd.. 12, 8048 12, 8048 12, 8048 12, 8048 : 77 8042 Marfin Popular Bank Public Co. Ltd Ernst & Young Cyprus Limited, Sharelink Securities and Financial Services Ltd 6, 22379, 1521 Document_Orca_Approved.doc 8

LLC., 284 Fortuna Court, Block B, 2 3105. 50132 3601,,,,,, : 77 8042 : 26-813060 : 26-913132 : accounts@cbh-cyprus.com : : 107924 : 31.12.1999. Document_Orca_Approved.doc 9

. (1). ) 01.01.2010-30.06.2010 2009 2008 2007 0 186 997-0 (215) (635) - ( ) 0 (29) 362 0 0 9 3 - (14) (102) (73) (40) ) / (14) (122) 292 (40) - - - - (15) (67) (61) (140) - - - 1 ) / (29) (189) 231 (179) 3 45 - - ) / (26) (144) 231 (179) ( ) (0,02) (0,21) 1,35 (1,05) 2007,. 2008, 1,0., 2009, 186. 01.01.2010 30.06.2010,. 2008 2009., 140 2007, 61 2008, 67 2009, 15 01.01.2010 30.06.2010,.. ) 01.01.2010-30.06.2010 2009 2008 2007 (Gross Profit Margin) -15,6% 36,3% (Net Profit Margin) -77,4% 23,2% 36,3% 2008, (15,6)% 2009, 2007 01.01.2010 30.06.2010,.. 23,2% 2008 (77,4)% 2009. 2009 01.01.2010 30.06.2010,,. Document_Orca_Approved.doc 10

: 1.. 2.,. (2). ) 30.06.2010 2009 2008 2007 47 45 - - : 2.495 2.449 2.534 2.617 72 100 98 15 0 0 0 0 30 0 0 0 2.644 2.594 2.632 2.632 : 12 12 2 2 (289) (263) (119) (350) (277) (251) (117) (348) - - - - 393 0 279 549 2.528 2.845 2.470 2.431 2.644 2.594 2.632 2.632 : 1.. 2.,.,.,. 31.12.2007, 31.12.2008 31.12.2009 2,6., 2,5. 2,4.,, 30.06.2010 2,4.., 550 31.12.2007, 280 31.12.2008, 0 31.12.2009 390 30.06.2010,,. 30 2010,,, 100%.. Document_Orca_Approved.doc 11

, 30 2010, ()., 10%, 11,7., ( ), 2,9.,, 19,7%. 478.408 Grachi Trading Ltd... ) 30.06.2010 2009 2008 2007 (Gearing ratio) (Gearing ratio) 0,0 0,1 / ) 1,0 0,9 1,1 1,1 (Quick Ratio) ( / ) 0,0 0,0 0,0 0,0 ( / ) ( / ) 0,5 0,1 9,1 2,7 31.12.2007, 31.12.2008, 31.12.2009 30.06.2010,. 31.12.2009 30.06.2010,, ( ). 0,1 31.12.2009 0,0 30.06.2010. 1,1 31.12.2007 31.12.2008, 0,9 31.12.2009 1,0 30.06.2010.,., 0,0 31.12.2007, 31.12.2008, 31.12.2009 30.06.2010,,,. 31.12.2007 30.06.2010, 2007 30.06.2010. 31.12.2008 0,1 Document_Orca_Approved.doc 12

31.12.2009 0,5, 2,7 9,1. (3). ) 01.01.2010-30.06.2010 2009 2008 2007 / ( ) -19-127 292-41 /() 473 144 44 467 /() 0 0 0 0 /() 75-210 -269-168 548-65 -225 299 / -518-453 -228-527 / 30-518 -453-228 (41). 2007, 292. 2008, (127). 2009 (19). 30.06.2010. 168. 2007, 269. 2008 (210). 2009. 30.06.2010 75. : 1.. 2.,. (4) 2010 2011 2010 145. 70..,.,, Document_Orca_Approved.doc 13

2010 6-2011,,,,. 6-2011,., «Konia Panorama Village», (23).,, 23.155.,.. (1),,,, ( ).,.,,,. (..). Orca Investment Plc 31.12.1999 Orca Investment Ltd 107924. Orca Investment Plc 2 2009. 2003 2007,,, 30.000.,, Konia Panorama Village 23.155.,., 153, 2005 (7), «Konia Valley» 2007. 2008, Document_Orca_Approved.doc 14

, 130..,. Orca Investment Plc, (at arm s length).,,,,., marketing,,. 2010,.,,., 1 2010, Constantinou Bros Developers Ltd, Constantinou Bros Developers Ltd. Constantinou Bros Developers Ltd Constantinou Bros Developers Ltd,,,., 1 2010 7 2010, 25 Agathocles Complex,....,.,,. :,,,,,,,,.,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,. Document_Orca_Approved.doc 15

,,. 1 2009,,. 2 2009,, Orca Investment Ltd Orca Investment Plc. 20 2010 Orca Investment Plc.. (2), 10%.. 20%,. 10%. 50% 15%. 70%,,, 70%. 15% ( ).... 15% 1%. : ) 50%, Document_Orca_Approved.doc 16

).,.,., 15%.. : ) 183, ).. 15%, " "..,.. 1999, ) 1999 2005,,.,. 17 2005 0,15%. Document_Orca_Approved.doc 17

(3) ().., (, ). 10%.,,,.,,,.,.,,., 2010,., :,, 30.000., (23), Konia Panorama Village 23.155., 130,,.. Xenios Stephanou & Associates, 2009, :,. 30.000, 2009 2.670.000. Document_Orca_Approved.doc 18

, (23). 23.155, 2009, 12.750.000., 6-2011., «Konia Panorama Village»,., 130,., 2009 420.000.,. 1] Constantinou Bros Developers Limited Constantinou Bros Developers Limited Orca Investment Plc, 1 2010, Constantinou Bros Developers Ltd, Constantinou Bros Developers Ltd. : (i) (ii) (iii) (iv) (v) (vi) Constantinou Bros Developers Ltd Constantinou Bros Developers Ltd Constantinou Bros Developers Ltd ( ) ( ) /.,, Orca Investment Plc : o,. Document_Orca_Approved.doc 19

o o Constantinou Bros Developers Ltd. Constantinou Bros Developers Ltd 24,. Orca Investment Plc Constantinou Bros Developers Ltd 125.000. 12..,,. 2] Orca Investment Plc, 1 2010,. 25. Agathocles Complex. : (i) (ii) (iii) (iv) (v) (vi) 25 Agathocles Complex... ( ) Agathocles Complex Agathocles Complex Agathocles Complex ( ) Agathocles Complex.,, Orca Investment Plc : o,. o.. Document_Orca_Approved.doc 20

o. 24, Agathocles Complex. Orca Investment Plc. 85.000. 12..,,. 3] Orca Investment Plc, 7 2010,. 25. Agathocles Complex. : (i) (ii) (iii) (iv) (v) (vi) 25 Agathocles Complex.. ( ) Agathocles Complex Agathocles Complex Agathocles Complex ( ) Agathocles Complex.,, Orca Investment Plc : o o,... Document_Orca_Approved.doc 21

o. 24, Agathocles Complex. Orca Investment Plc. 85.000. 12..,,., 77 Paphos Stone Sea Estate Ltd,, CB Holdings Plc. Paphos Stone Sea Estate Ltd, 1.196.,,, /.,. (4) 4.1. ) 01.01.2010-2009 2008 2007 30.06.2010 0 186 997-2007 30.06.2010. 2008 2009 153, «Konia Valley» 2007. Document_Orca_Approved.doc 22

(5) / ( ). (6).,..,.,. 18 36.,,.., 1 2,,,.,,,,,,..,..,.,, Document_Orca_Approved.doc 23

.,.,.,,.,.,,.,, Orca Investment Plc,.,,,,., Constantinou Bros Developers Ltd,..,. 290... :. :,,.. ( ), Document_Orca_Approved.doc 24

:..,,,,.. (1),.,,, ( ). 31.12.1999 31.12.2007,. 10.000 10.000. 1,00. 1 2008, 17.100, 10.000 1,71. 1 2009,, 1,71 0,01 ( )., 17.100, 1.710.000 0,01. 1 2009, 12.900,00., 30.000,00 3.000.000 0,01,. 31.12.1999 31.12.2007,. 1.000 1.000. 1,00. 1 2008, 1.710, 1.000 1,71. Document_Orca_Approved.doc 25

1 2009,, 1,71 0,01 ( )., 1.710, 171.000 0,01. 1 2009, 10.290,00 1.029.000 0,01., 12.000,00 1.200.000 0,01,. 02.11.2009,.,,, 120.000 0,01 :. 19.950 19.950 19.950 19.950. 19.950 19.950 300 120.000..,,,..,.. Document_Orca_Approved.doc 26

(2). ) ) (%) 1 1.080.000 90,00% 3 119.700 9,975% 0 0 0 0 0 0 5% (1) 4 1.199.700 99,975% (2) 1 300 0,025% 2% 8 1.200.000 100,00% ( ) 8 1.200.000 100,00% : 1. 5%.,, 2. 300, 0,025%, (1),. Document_Orca_Approved.doc 27

.. % 1.080.000 0 1.080.000 90,00% 19.950 0 19.950 1,66% 19.950 0 19.950 1,66% 19.950 0 19.950 1,66% 19.950 0 19.950 1,66% 19.950 0 19.950 1,66% 19.950 0 19.950 1,66% 300 0 300 0,03% 1.200.000 0 1.200.000 100,00% % Orca Investment Plc,. :. % 1.080.000 90,00% 19.950 1,66% 19.950 1,66% 19.950 1,66% 19.950 1,66%. 19.950 1,66% 19.950 1,66% 300 0,03% 1.200.000 100,00% (19.950 ).. (19.950 ), (19.950 ), (19.950 ),. (19.950 ) (19.950 )., (300 ).. Orca Investment Plc, 5% Document_Orca_Approved.doc 28

.., Orca,.., :. % 1.020.000 85,00% 19.950 1,66% 19.950 1,66% 19.950 1,66% 19.950 1,66%. 19.950 1,66% 19.950 1,66% 300 0,03% 60.000 5,00% 1.200.000 100,00% 1... 1.199.700, 99,975%.. (1),,,,..,. -, ), ) Document_Orca_Approved.doc 29

).,,.,,..,.,,. : ) :,.,,,., : -,. -. -,.. ) :.. ) :... Document_Orca_Approved.doc 30

) :,,.. ),,,,,.,,.,.,, 2010 6-2011,,,,.,,. 6-2011,., «Konia Panorama Village», (23).,, 23.155.,. 2010,,. Constantinou Bros Developers Ltd, Constantinou Bros Developers Ltd. Constantinou Bros Developers Ltd Constantinou Bros Developers Ltd,,,..,, 25 Agathocles Complex... Agathocles Complex., Document_Orca_Approved.doc 31

,,.,. Orca Investment Plc,, Orca,,. (2) ( ).,..,., 5%. ;,.,, :.,.. Orca Investment Plc. Document_Orca_Approved.doc 32

31.12.2007, 31.12.2008 31.12.2009 1.2., 1,2. 1,3.. 1,3. 30.06.2010.. 6,25% 31.12.2007..,.,.,.. : i., ii.,. iii. ( ),. iv.,,,. v.,. vi.,,,. vii..., 2,. 2009,,. 2010,,., Document_Orca_Approved.doc 33

Constantinou Bros Developers Ltd, 50. Agathocles Complex,.... : (i). (ii),. (iii),,. (Qualification on the auditors report). 2007, 2008 2009 30.06.2009 Orca Investment Plc., 31.12.2009, (251.), 30.06.2010 (277.). 31.12.2009 30.06.2010, 01.01.2009 30.12.2009. (), 31.12.2009 30.06.2010, 10% Document_Orca_Approved.doc 34

, 11,8. 11,7.. 31.12.2009 30.06.2010, :. ) 30.06.2010 31.12.2009 (277) (251) : 13.345 13.391 : (1.335) (1.339) 11.734 11.801 : (i). (ii),. (iii),,., ( qualification on the auditors report).. :. ;,.... 1 2009,,....,,. Document_Orca_Approved.doc 35

. ),, 25... ), 30 2010. ) ) ) ) ) ) ) ) ),.,.. 30 2010,,,,...,,,,,... Document_Orca_Approved.doc 36

.. ).. ( ). (.,,, Orca Investment Plc. 31.12.2009 30.06.2010 11,8. 11,8.. 31.12.2009 30.06.2010,, 10%...... (), (subordination) (,, ) Document_Orca_Approved.doc 37

,, (redemption) () * / * Orca Investment Plc.. Sharelink Securities and Financial Services Ltd Orca Investment Plc....... Document_Orca_Approved.doc 38