CpiFim

Major Shareholding Notification • Apr 20, 2010

Announcement of Orco Property Group Shareholding notification Complementary information

Paris, April 20, 2010 – On 19 April, 2010, Orco Property Group S.A. (the Company) received a second official notification from Axa Investment Managers, a holding company of the Group AXA,

following the notification dated April 14, 2010 according to which Axa Investment Managers, indirectly holds 874,835 shares of the Company (ISIN Code LU0122624777) through its affiliates, as of April 13, 2010 entitling Axa Investment Managers to 7.27% of the total voting rights in the company out of 12,033,866 voting rights in the Company further to the capital increase dated 13 April 2010 by which the share capital of the Company has been set at 49,338,850.60 euros (please refer to the press release dated 15 April 2010 – Announcement of Orco Property Group – Shareholding Notification),

and giving details on the affiliates holding the 874,835 shares of the Company, as follows:

• Axa investment Managers UK holds 704.835 voting rights of the Company representing 5.86% of the voting rights of the Company,
• Axa Investment Managers Paris holds 170,000 voting rights of the Company representing 1.41% of the voting rights of the Company.

The Company wish to clarify that further to the capital increase completed on 19 April 2010 (please refer to the press release dated 19 April 2010 - Orco Property Group S.A. – Completion of Third Round of Capital Increases), as of April 19, 2010, the corporate capital of Orco Property Group is set at 57,620,850.60 EUR represented by 14,053,866 shares without nominal value. Therefore, by indirectly holding 874,835 shares of the Company, Axa Investment Managers is entitled to 6.22% of the total voting rights in the company out of 14,053,866 voting rights in the Company and,

• Axa Investment Managers UK holds 704.835 voting rights of the Company and is entitled to 5.01% of the voting rights of the Company,
• Axa Investment Managers Paris holds 170,000 voting rights of the Company and is entitled to 1.20% of the voting rights of the Company.

For more information, please, visit: www.orcogroup.com