ORPEA

Earnings Release • Apr 30, 2014

STRONG SALES GROWTH IN Q1 2014: UP 11.3% TO €428.1 MILLION

2014 SALES TARGET CONFIRMED AT €1,930 MILLION

Puteaux, 30 April 2014

ORPEA, a leading European player in Long‐Term Care (nursing homes), Post‐Acute Care and Psychiatric Care, has today announced its sales for the first quarter to 31st March, 2014.

In €m	Q1 2014	Q1 2013	Var.
France	359.8	320.3	+12.3%
% of total sales	84%	83%
International	68.2	64.2	+6.3%
% of total sales	16%	17%
Belgium	40.7	39.0
Spain*	12.3	12.6
Italy	9.7	9.0
Switzerland	5.5	3.7
Total sales	428.1	384.5	+11.3%
Organic growth 1			+6.7%

* For remember, 3 facilities were closed in Spain.

First‐quarter sales did not include any contribution from Senevita in Switzerland, which will be consolidated from 1 April, or from Silver Care in Germany, which will be consolidated from 1 July.

¹ Organic growth reflects the following factors: 1. the growth in sales (in period n vs. period n‐1) of existing facilities as a result of changes in their occupancy rates and daily rates, 2. the growth in sales (in period n vs. period n‐1) of restructured facilities or those with capacity increased during period n or n‐1, and 3. sales generated in period n by facilities set up in period n or n‐1. Organic growth includes the improvement in sales recorded at recently‐acquired facilities by comparison with the previous equivalent period.

Yves Le Masne, ORPEA's Chief Executive Officer, commented: "ORPEA posted another upbeat quarter with brisk sales growth of 11.3%, exceeding the level of fullyear growth initially forecast ahead of the acquisitions (10%).

This performance was driven by selective acquisitions and strong organic growth running at 6.7%, generated by the appeal of ORPEA facilities, as demonstrated by the rapid rampup in facilities opened over the past 12 months. In line with its programme, ORPEA opened six new facilities during the first quarter alone, adding 614 highquality beds.

In addition, since the beginning of the year, ORPEA also accelerated its growth momentum outside France, by making two strategically important acquisitions: Senevita in Switzerland and Silver Care in Germany representing a total of 8,250 additional beds. These deals will significantly enhance topline growth in 2014 and also boost the Group's expansion potential outside France without any compromise on its profitability targets.

Thanks to this fresh impetus, ORPEA expects growth of 20% in its 2014 sales to €1,930 million, combined with healthy margins and a tightly controlled debt burden."

Next press release: H1 2014 sales 16 July 2014 before the market opens

About ORPEA (www.orpea‐corp.com)

Listed on Euronext Paris since April 2002 and a member of the Deferred Settlement Service, ORPEA is a European leader in integrated Long‐Term Care and Post‐Acute Care. The Group had a unique network of 521 healthcare facilities, with 51,259 beds (42,630 of them operational), including:

• 31,871 beds in France at (3,979 beds under refurbishment or construction) at 345 facilities
• 19,388 beds in the rest of Europe (Germany, Spain, Belgium, Italy and Switzerland) at 176 facilities (4,650 beds under refurbishment or construction)

Listed in Euronext Paris Compartment A, a Euronext Group market Member of the CAC Mid 60, MSCI Small Cap Europe and SBF 120 indices ‐ Member of the SRD ISIN: FR0000184798‐ Reuters: ORP.PA ‐ Bloomberg: ORP FP

Investor Relations:

ORPEA

Yves Le Masne Steve Grobet CEO Investor Relations Tel.: +33 (0)1 47 75 74 66 s.grobet@orpea.net

NewCap. Dusan Oresansky / Emmanuel Huynh Tel.: +33 (0)1 44 71 94 94 orpea@newcap.fr

Media Relations:

NewCap. Dusan Oresansky / Nicolas Merigeau Tel.: +33 (0)1 44 71 94 94 orpea@newcap.fr