Orco in Quadruple-Listed Share Offering

June 28, 2007

Cleary Gottlieb advised Citigroup Global Markets Limited as underwriter in the €172.5 million Regulation S offering of new shares by Orco Property Group, which closed on June 18. Orco listed the shares on the Warsaw Stock Exchange and the Budapest Stock Exchange, in addition to its existing listings on Eurolist by Euronext Paris and the Prague Stock Exchange. Orco is the only company to be listed on each of these exchanges.

Orco Property Group, a Luxembourg company, is a leading investor, developer, and asset manager in the Central European real estate market. Its property portfolio has been valued by an independent appraiser at €1.3 billion, including over 40% in the Czech Republic, 20% in Germany and about 10% each in Poland and Croatia. The company develops and invests in residential and commercial properties, and also manages The Endurance Real Estate Fund for Central Europe, which invests in residential, office, retail and hospitality properties in Central and Eastern Europe.