1st part of Half Year 2014 Report

Orco Financial Information 2014 for the period of 6 months ended june 2014Including the Consolidated financial statements & Report of the Reviseur dEntreprisesPart I. Management reportPart II. Declaration letterPart III. Condensed consolidated interim financial informationPart IV. Auditors Review Report on Interim Financial Information1 Message from the managementBeginning of 2014, the Board of Directors decided to implement a number of corrective measures in order to guarantee the going concern of the Company.Among these measures, the most remarkable ones were the decision to dispose of the Zlota 44 development project, to dispose a significant number of GSGGroup shares and to downsize the executive management structure of the Company.Before the conclusion of the sale of the Zlota 44 project the Group cash capacity remained extremely tight. In order to give some action margin, GSG Groupgranted in June 2014 an unsecured short term loan of EUR 3.5 Million with an interest rate of 8. Nevertheless, over the first 8 months of 2014, the newmanagement has been successful in restructuring the financing sources of the Group. As of the publication of this report, excluding the assets held for sale,there are no bank loans in breach of covenants and the LTV, after the sale of Zlota, dropped to 50 . Such major improvement of the Group financial positionis mainly due to the below listed transactions and decisions:

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