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Legal Proceedings Report • May 13, 2009

Orco Property Group encourages all bondholders to register to preserve their rights

Paris, may,13th 2009 – The "Shareholder Corner" of Orco Property Group's website publishes new information for bondholders.

At http://www.orcogroup.com/en/shareholders-corner/messageforbondh, bondholders can find information and can register to preserve their rights in the Procedure de Sauvegarde.

This section of Orco's website notably proposes this text explaining the importance of registering and the procedure to participate in the discussion about restructuring bond debt of Orco.

Bondholders : Register to preserve your rights

Within the Procedure de Sauvegarde, opened by Paris Commercial Court last march 25th, French bondholders should register before the 25th of May 2009 in order to participate to the « Comité des obligataires » (bondholders' committee) organized under the authority of the Court administrator and the creditor's representative entitled by The Commercial Court of Paris.

Bondholders outside from France can register till July 25.

The « comité des obligataires » is the only place to discuss the debt restructuring of Orco Property Group. In this legal and transparent frame, an agreement between the company and its bondholders will be found. A majority of two-third of registered bondholders will vote on this future agreement. The Judge of Paris Commercial Court will afterwards validate and execute this agreement within the exit plan from the Procedure de Sauvegarde.

Register on Orco's Website

Procedure to register is simple and allows you to participate to the discussions about debt restructuring of Orco Property Group within the legal and transparent frame of the Procedure de Sauvegarde. Both you and the Group will see its interest preserved.

Please go on Orco Property Group's Website where a section is reserved for bondholders: http://www.orcogroup.com/en/shareholders-corner/messageforbondh, or send an email to this dedicated email address: bondholders@orcogroup.com. You can also send an email to orco@mja75.com to directly contact Valérie Leloup Thomas, the creditor's representative appointed by the Commercial Court of Paris.

Preserve your rights:

Only duly registered and declared bondholders will be entitled to be part of the agreement voted by the Bondholders' Committee and will be entitled to benefit from the reimbursement modalities, debt to equity swap or any other measure that will be adopted and validated by the Judge of the Commercial Court of Paris

More information on www.orcogroup.com