CpiFim — Capital/Financing Update 2009

Jun 30, 2009

Press release

Orco Property Group: details of negotiations with the bondholders

Paris, June 23, 2009. - As announced in a press release dated June 22, 2009, Orco Property Group has undertaken the required bond restructuring within the legal framework of the procédure de sauvegarde (court protection from creditors).

Last June 24, Jean-François Ott and Nicolas Tommasini met the representatives of certain bondholders, which account for some 60% of the nominal value of the Group's bonds. This meeting was held on the initiative of Mr. Leguernevé, court administrator.

This meeting with the bondholders' representatives took place in a constructive atmosphere and enabled the Orco Property Group directors to point out the main features of the Group restructuring, both operationally and financially.

During the sauvegarde proceedings, Orco Property Group plans to hold a general meeting of bondholders in September, the details of which will be given later.

For more information, please, contact:

Paris Nicolas Tommasini, Tel : +33 1 40 67 67 00, ntommasini@orcogroup.com

Prague Petra Zdenkova, Tel : + 420 226 502 226, pzdenkova@orcogroup.com