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Delisting Announcement • Nov 15, 2011

Press Release

Paris, 15 November 2011

Orco Property Group – Application filed to delist from the Budapest Stock Exchange.

Orco Property Group ("Orco") announces that it has applied to delist all of its 17,053,866 ordinary shares (ISIN: LU0122624777, the "Shares") from the regulated market of the Budapest Stock Exchange (the "BSE") on 15 November 2011.

The Shares have been listed on the BSE since 2007. Orco has applied to delist the Shares (technically known as "translisting" pursuant to the amended regulations of the BSE, whereby the shares are delisted from the BSE while still being traded on at least another regulated market) due to low trading volumes and in order to reduce costs related to the listing and reporting.

Subject to the completion of the delisting procedure, the Shares are expected to be delisted from the BSE on 1 December 2011.

The Shares will remain listed on the regulated markets of NYSE Euronext Paris, Prague Stock Exchange, and Warsaw Stock Exchange.

For more information, visit www.orcogroup.com