CpiFim

Report Publication Announcement • Sep 12, 2011

Declaration Letter Interim Financial Reports as at 30 June 2011

Persons responsible for the Interim Financial Reports $1.1$

Mr. Jean François OTT, managing director of Orco Property Group, with professional address at 25 rue Balzac, F-75406 Paris Cedex 08;

Mr. Nicolas TOMMASINI, director of Orco Property Group, with professional address at 25 rue Balzac, F-75406 Paris Cedex 08;

Tel: +33 (0) 1 40 67 67 05 Fax: $+33(0)$ 1 40 67 67 01 Email: jfott@orcogroup.com $ntommasini@orcogroup.com$

Acting as directors of ORCO PROPERTY GROUP, société anonyme, with registered office at 42, rue de la Vallée, L-2661 Luxembourg, RCS Luxembourg B 44.996 (hereafter « ORCO PROPERTY GROUP »).

$1.2$ Directors' responsibilities statement by the person responsible for Interim Financial Reports

The directors confirm that, to the best of each person's knowledge:

The condensed consolidated interim financial information prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the European Union, gives a true and fair view of the assets, liabilities, financial position and profit of ORCO PROPERTY GROUP S.A. and its subsidiaries included in the consolidation taken as a whole, and the management report includes a fair review of the development and performance of the business and the position of ORCO PROPERTY GROUP S.A. and the subsidiaries included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

Approved by the Board of Directors and signed on its behalf by Mr. Jean François OTT and Mr. Nicolas TOMMASINI.

Paris, 10 September 2011

Jean-François OTT Managing Director ORGO PROPERTY GROUP

NICOLASTOMMASINI Director ORCO PROPERTY GROUP

ORCO PROPERTY GROUP Société anonyme 42, rue de la Vallée L-2661 Luxembourg RCS Luxembourg B 44.996 TVA LU 16712774 tél: 00 352 26 47 67 1 fax: 00 352 26 47 67 67 www.orcogroup.com