ORCO Germany S.A.: Bondholders meeting held on 29 May 2012

Orco Germany bondholders meeting held on 29 May 2012

Paris, 31 May 2012 - The general meetings of the holders of ORCO Germany S.A. ('OG') bonds registered under ISIN code XS0302623953 (the 'OG Bonds') was held in Luxembourg on 29 May 2012 with approximately 92% of the total number of the OG Bonds outstanding present or represented, constituting a valid quorum.

The general meeting approved the sole resolution by a vote of 100% of the votes cast. As such the payment date of the interest on the OG Bonds, that was originally due on 30 May 2012, is now aligned to the new maturity of the OG Bonds and is amended as follows:

A. to 31 December 2012, with immediate effect;

B. by exception to paragraph A above and provided that Orco Property Group S.A. decides to repay the Second Payment Amount under the OCA in cash in immediately available funds, in such case the outstanding OG Bonds shall immediately mature at the date of such repayment and be repayable by OPG at a price of EUR 872.04 per one OG Bond, which sum shall be deemed to include this amended interest payment;

C. to 30 May 2050 with effect as of the date of the issuance of the OG New Notes Consideration by Orco Property Group S.A.

As a consequence thereof, the interest on the OG Bonds shall not be paid on 30 May 2012.