ORCO Germany S.A. (the "Company") announces that the following meetings were held on 27 January 2012 at the Company's registered office in Luxembourg: (i) a general meeting of the holders of the â'¬ 100,100,052.00 bonds (the "OG Bonds") issued by the Company and registered under ISIN code: XS0302623953 (the "Bondholders Meeting"), and (ii) a general meeting of the holders of the warrants (the "OG Warrants") issued by the Company with the OG Bonds and registered under ISIN code: XS0302626899 (the "Warrantholders Meeting").

The Bondholders Meeting was validly constituted with approximately 73% of the total number of the OG Bonds outstanding present or represented at the meeting, being the required quorum. The Bondholders Meeting resolved by 100% of the total votes present or represented at the meeting, being the required majority, to amend and approve the terms and conditions of the substitution of all OG Bonds by bonds convertible into shares ("Obligations Convertibles en Actions", the "OCA") to be issued by Orco Property Group S.A. ("OPG"), (the "OG Conversion"), and to take all steps and actions, to enter into and perform all the transactions, documents, agreements contemplated, needed or useful in connection with the OCA and the OG Conversion.

The terms and conditions of the OCA as approved by the Bondholders Meeting will be published on the Company's website. The Bondholders Meeting also resolved by 100% of the total votes present or represented at the meeting, being the required majority, to grant power to Augustin Capital Management Ltd represented by Mr. Charles Bray, one of the representatives of the body (masse) formed by the OG Bondholders, or any other duly empowered persons to negoiate and execute all steps and actions to enter into and perform all the transactions, documents, agreements contemplated, needed or useful in connection with the OG Conversion.

The Warrantholders Meeting was validly constituted with approximately 76% of the total number of the OG Warrants outstanding present or represented at the meeting. The Warrantholders Meeting by approximately 97% of the total votes present or represented at the meeting, being the required majority, approved the amended terms of the OCA and the OG Conversion as approved by the earlier Bondholders Meeting and resolved to take all steps and actions, to enter into and perform all the transactions, documents, agreements contemplated, needed or useful in connection with the OG Conversion.

Note:

The above resolutions are subject to regulatory approvals.

For technical purposes of executing the OG Conversion on the clearing systems, the OG Bonds will be blocked (and non tradeable) beginning one business day before the OG Conversion until the completion of the OG Conversion.