CpiFim — Capital/Financing Update 2012

Aug 29, 2012

Press Release

Paris August 29, 2012

Orco Property Group - CSSF approval of prospectuses for bond restructuring

Orco Property Group ("OPG") announces that on 29 August 2012, the Commission de surveillance du secteur financier (the "CSSF") in Luxembourg approved two OPG prospectuses, which were the final conditions for implementation of the OPG bond restructuring.

One prospectus is for the admission to trading of 64,577,483 new ordinary shares to be issued by OPG (the "New Shares") in a mandatory exchange for 89.9% of its bonds.

A second prospectus is for the offer and admission to trading of up to EUR 75,200,000 of new notes to be issued by OPG (the "New Notes") in a voluntary exchange offer for the remaining bonds issued by OPG and its subsidiary Orco Germany S.A. ("OG").

Below is an indicative timetable for these transactions:

3 September	Issuance of New Shares and commencement of listing procedures on the regulated markets of NYSE Euronext in Paris, Prague Stock Exchange and Warsaw Stock Exchange
6 September	Commencement of the exchange offer for New Notes
24 September at 5 pm	Revocation deadline for the exchange offer
27 September at 5 pm	Instruction deadline for the exchange offer
1 October	Announcement of exchange offer results
4 October	Issuance of New Notes and listing on the Luxembourg Stock Exchange

The second and final payment of 7,848,073 new OPG shares on the convertible bonds issued by OPG (the "OCA") in the context of the OG bond restructuring is scheduled for 28 September 2012, subject to CSSF approval.

The prospectuses with the terms of these transactions are available on the OPG website: www.orcogroup.com