Orco Property Group: 2009 consolidated financial statements (unaudited) “ORCO in shift towards profitability”

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Please visit our website www.orcogroup.com in order to view the complete press release

Press release on 2009 consolidated financial statements (unaudited)

“ORCO in shift towards profitability”

Consolidated key figures 2009

16% decrease of revenues to EUR 251 mln Stable revenues from Group assets in H2 compared to H1; 13% decrease YoYSharp decrease YoY in development revenues, hospitality revenues and Endurance Fund management fees 437 residential units sold vs 764 units in 2008. Backlog of 1,139 units vs 1,832 units

Ongoing costs reduction plan : operational expenses decrease by 21% YoY Headcount decrease 27%Effective containment plan for hospitality assets with costs decreasing by 33%

Adjusted EBITDA increases to EUR 30 mln (+34% YoY)Most EBITDA growth on H2 (EUR 18.5 mln vs 11.5 mln H1)Decrease in revenues more than compensated by cost reduction plan

Assets sold for EUR 66.6 mln in 2009, just EUR 0.6 mln below valuationEUR 46.6 mln in Germany FYEUR 40,3 mln in H1 vs 26,3 mln in H2

Operating result improvement (incl valuation adjustments)Net operating gain of EUR 6 mln in H2 vs Net loss of 260 mln in H1 Net operating loss of EUR 254 mln FY 2009 with valuation adjustments of 250 mlnLimited impact from real estate valuation adjustments in H2

Net loss of EUR 250,6 mln in 2009 Net loss of EUR 51 mln in H2 Net financial result of EUR -52 mln in H2 incl -18 mln of bonds interests

Real estate portfolio values stable in H2 at EUR 1.81 bnValues down by EUR 232 mln, - 12% YoY Over the last 2 years, an overall decrease of values of more than 30%...…and a valuation decrease of 40% of Investment Properties excl Berlin GSG despite an increase of rental income Commercial Investment Properties sharply down in H1, rental properties up at same perimeter in H2 but mostly offset by decreases on hotelsDevelopments sharply down in H1, recovering partly in H2 Reversionary potential is estimated at 27%

NAV decreases in H2 to 8.2 EUR per share (without re-evaluation of debt at fair value) NAV decreases by EUR 6.8 p.s. compared to End June (EUR 15 p.s.) mostly due to negative financial result over H2NAV does not include any discount on bonds debtNAV of Orco Germany S.A. increases from EUR 1.61 to 1.73 p.s. while OPG is set to convert its EUR 17.6 mln shareholder loan at EUR 1.6 p.s.

Key events 2009 – early 2010

‘Procédure de sauvegarde’ opened in March 2009 and extended until 25 June 2010

The draft ‘plan de sauvegarde’ including a rescheduling of OPG SA debts was circularized to creditors on 30th March 2010

More than EUR 350 mln of loans and credit lines renegotiated in 2009

Completion and opening of key projects : Sky Office, H2 Office, Paris Department Store, 3 healthcare assets in Germany, Mokotowska, and Peugeot show room in Warsaw, etc.

Resuming of works of Vaci in Budapest and Klonowa Aleja in Warsaw

New developments green-lighted : Americka 11 and Mostecka in Prague

Sales initiated in Q4 2009 closed in Q1 2010 : Helberger, WasserStr and Geness str. (part of GSG) in Germany

Bubny: LOI for sale of 2has of land was signed, conditional to modification of urban master plan which is ongoing

Zlota : Appeal court cleared the zoning permit. Decision on Building Permit - which remains suspended - expected by mid 2010. Construction pre-tender launched

Outlook for 2010

General Assembly to be held by end of April Scheduled increase of stake in Orco Germany to 65% by end of MayJudgment on the plan de sauvegarde to take place by June end2nd phase of restructuring program (Orco Germany, new business lines, cost saving plan) to be implemented by June end, leading to further increase of operational performance Slow but continuing improvement of outlook in most market in which the Company operates Accelerated asset sales, particularly in Germany

Consolidated balance sheet

Consolidated financial statements

Real estate portfolio valuation

Net asset value

ORCO Property Group

Please refer to www.orcogroup.com for the annual report for the full unaudited 2009 consolidated statements, and for a full analysis, to the management report on the unaudited 2009 consolidated financial statements.


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