Orco Property Group - 9 months 2010 results

Key recent events:

• Zlota 44: Building permit was revalidated; works to resume in the coming months
• Vaci1: Top up (structural completion) in October 2010, according to plan
• Over Q3 2010, assets disposal for EUR 35 Million have been closed and delivered; since the beginning of Q4 2010, EUR 23 Million asset disposal have also been contracted
• In Q3 2010, recovery of EUR 12 Million of free cash upon delivery of commercial development for Peugeot, and from the restructuring of a shareholder loan on the Central European Hospitality portfolio

Quarter financial highlights

• Revenues of the quarter amount to EUR 65 Million against EUR 55 Million last year
• Decrease of operational expenses by 11% quarter on quarter and by 7% year on year
• Q3 Adjusted EBITDA at EUR 17 Million, a year on year increase of EUR 5.5 Million
• Net interest expenses of the quarter amount to EUR 23 Million compared to EUR 25 Million in Q2 2010
• Net profit at EUR 4 Million compared to a net loss of EUR 1 Million in Q3 2009