PRESS RELEASE

ORCO PROPERTY GROUP TO OPPOSE AN ACTION FILED BY KINGSTOWN PARTNERS, KINGSTOWN PARTNERS II AND KTOWN

Luxembourg, 20 January 2015

Orco Property Group, S.A. ("the Company") announces that on 20 January 2015 it was served with a summons containing legal action of the three companies namely Kingstown Partners Master Ltd. of the Cayman Islands, Kingstown Partners II, LP of Delaware and Ktown LP of Delaware (together referred to as "Kingstown"), claiming to be former shareholders of the Company. The action was filed with the "Tribunal dArrondissement de et a Luxembourg" and seeks a condemnation of the Company, CPI Property Group  and certain members of the Companys board of directors as jointly and severally liable to pay damages in the amount of EUR 14,485,111.13 and compensation for moral damage in the amount of EUR 5,000,000. According to Kingstowns allegation the claimed damage has arisen as a consequence of inter alia alleged violation of the Companys minority shareholders rights.   

Management of the Company will take all available legal actions to oppose these allegations in order to protect the corporate interest as well as the interest of its shareholders. 

For more information visit www.orcogroup.com

To oppose anN action filed by Kingstown Partners, Kingstown Partners a:
http://hugin.info/143527/R/1888459/668300.pdf


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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Orco Property Group via Globenewswire
HUG#1888459