Unaudited estimated preliminary results of financial year 2011

Capellen, (PresseBox) - .
2011 financial highlights:

- ORCO Germany closed 2011 with a net gain of EUR 21.3 million compared to a net gain of EUR 5.6 million in the corresponding 2010 period

- Revenues are at EUR 63.8 Million in 2011, to be compared to EUR 150.9 Million at December 2010 as the Property Investments business lines demonstrates stable revenues at a level of EUR 55.3 Million to be compared with EUR 56.7 Million (-4.0%). The development business line revenue reached a level of EUR 8.2 Million to be compared to EUR 94.2 Million in 2010 due to the missing development sales in 2011.

- Operating result decreased to EUR 55.3 Million (-11.5% year on year) mainly driven by lower valuation gains (- EUR 12.5 Million year on year).

- Interest expenses are reduced from EUR 41.0 Million down to EUR 33.0 Million thanks to asset disposal.

- Loan To Value (LTV) still stands at a critical 77,8%, slightly down from 79% last year. LTV before bonds stands at 63.2% compared to 66.4% in December 2010.

- NAV p.s. at EUR 2,33 up from EUR 1,98 year on year.

- On 1 February 2011, ORCO Immobilien GmbH, a subsidiary of ORCO Germany S.A., closed the sale of ORCO Leipziger Platz GmbH, holding the Wertheim project on Leipziger Platz in Berlin. The total purchase price for this sales transaction amounted to EUR 113.5 million, positively impacting the P&L by EUR 9.2 million. Based upon the signed sales contract additional EUR 30 million as part of the agreed total purchase price, are expected to inflow after the finalization of the project.

- Uncertain refinancing outlook for some key assets such as GSG.

- Sale of Sky expected in H2 2012.

- Full equitization of OG bonds to be validated by bondholders General Assembly on 5 April 2012.

Audited results delayed until further notice

Orco Germany is publishing today a press release on its unaudited consolidated financial information. The final audited consolidated financial information is expected to be published mid-May. While the Board of Directors expects that the Company can continue its operations for the foreseeable future, it is unable at this time to conclude on the going concern assumption for the establishment of the consolidated financial information.

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Orco Germany S.A.

ORCO Germany S.A. is a property company that is listed in the Prime Standard on the Regulated Market at Frankfurt Stock Exchange and has its registered office in Luxembourg. The ORCO Germany Group, which acts consistently under its registered name of ORCO Germany, has been operating in Germany since 2004 and concentrates on commercial property and project development.

ORCO Germany S.A. is a subsidiary of ORCO Property Group, which is one of the leading Central European property companies. The company established in 1991 is based in Luxembourg and has listings on NYSE Euronext Paris and Prague as well as on Warsaw stock exchange. The company mainly operates in the Czech Republic, Hungary, Poland, Russia, Croatia, Slovakia and Germany.

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