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Major Shareholding Notification • Oct 3, 2011

Announcement of Orco Property Group Shareholding notification

Paris – 3 October 2011.

Orco Property Group (the "Company") has been notified by a letter received on 30 September 2011 by Axa Investment Managers S.A., a holding company of the AXA group, according to which Axa Investment Managers S.A., has crossed down the threshold of 5% of the total voting rights of the Company.

As of September 22, 2011, Axa Investment Managers S.A. indirectly holds 748,303 shares of the Company (ISIN Code LU0122624777), entitling it to 4.39% of the total voting rights in the Company, through its affiliates:

• Axa Investment Managers UK Ltd which holds 728,303 voting rights representing 4.27% of the voting rights of the Company; and
• Axa Investment Managers Paris which holds 20.000 voting rights representing 0.12% of the voting rights of the Company.

The change in the holding of the voting rights by Axa Investment Managers S.A. has been notified further to the capital increase of the Company dated 22 September 2011. The share capital of the Company amounts to 69,920,850.60 euros represented by 17,053,866 shares of the Company.

AXA Investment Managers S.A. is a holding company of the AXA group, holding managing companies and investment services providers providing managing services for third parties. All the managing companies and investment services providers, affiliates of AXA Investment Managers S.A., for which this notification has been executed, act independently from any other entity of the AXA group, under the conditions set out by article 11 of the law dated 11 January 2008.

For more information, visit our shareholder corner on www.orcogroup.com,