1. All leasing bids will be rated base on a score from 5 to 1 computed as an average of the following notes A, B, C, D weighted by 50%, 12.5%, 12.5% respectively 25%:

2. The final rating of the tenant bid is: Final Rating = 0.5*A + 0.125*B + 0.125*C + 0.25*D

3. All leasing bids with a final rating below 3 will be considered unsuitable for the Cocor Luxury Project.

4. Top-brands retailers that are not currently present on the Romanian market will be automatically qualified for locations in the Cocor Luxury Store if they offer at least the reference rent proposed by the owner. If two competing offers receive equal ratings, note A is the decisive factor.

5. First client per location will have the first refusal right for the best rated tenant offer and the possibility to improve his rating to equal the best obtained for the location.

General Arrangement Plan

Floor Finishes Plan

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General Arrangement Plan

Floor Finishes Plan

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General Arrangement Plan

Floor Finishes Plan

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General Arrangement Plan

Floor Finishes Plan

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General Arrangement Plan

Floor Finishes Plan

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General Arrangement Plan

Floor Finishes Plan

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General Arrangement Plan

Floor Finishes Plan

Cocor Luxury Store will re-open in the Spring of 2010 with a concept inspired by Hyundai Department Store Seoul: a department store with brands as tenants with a high level of interior and exterior finishing becoming a pledge for luxurious multinational brands. Its target is represented by customer with disposable incomes over 2.500 euros per month. Interior design was commissioned to JHP Design UK, company awarded in 2008 for ‘Best UK Retail Interior” www.jhp-design.com . They also have successfully redesigned the Hyundai Department Store in 2007.

Cocor SA committed EUR 18 mil investments approved by shareholders, for overhaul, 250 cars parking with direct access to each floor, media facade and GLA extension with 30% to 9500 sqm from a total of 25000 sqm building space.

Basement-Interior design, Gifts & Home; 1045 RA

G. Floor –Jewelries Gallery, Cosmetics & Fragrances, Accessories Collection; 1066 RA

1st floor- Women Designer Collections, Contemporary Accessories, Shoes Salon; 1086 RA

2nd Floor-Women Contemporary Fashion Collections, Cocor Club for Women-Fashion advice, Wedding Services; 1088 RA

3rd Floor-Women Classic and Modern Sportswear, Beauty Center & Day Spa; 1781 RA

4th Floor-Men Clothing, Outwear Collections, Formalwear, Accessories and Furnishings, Men’s Shoes, Designer and Contemporary Sportswear, Denim Collections, luxury restaurant; 1691 RA

5th Floor- Teens and Children Collections, and Vision Club: event spotlight, lounge bar, boutique night club . 1825 RA

RA = Rentable Area in sqm

Total RA= 9570 RA

The total build area of Cocor luxury will be about 24.000 sqm out of them more then 10.000 sqm will represent retail area. A brand rating system based on Luxury Institute NY www.luxuryinstitute.com luxury consumer survey will be applied to select tenants based on brands value. This will ensure a 4 and 5-star client mix in Cocor Luxury Store. Whatever the market evolution will be, the location and brand unity will ensure the overall store stability. Cocor will host multilevel mono-brands belonging to international networks that are listed in the top of exquisite, prestigious and scale luxury brands: watches, jewelers, diamonds, accessories, clothing and shoes.

About 60% of the new tenants will represent exquisite and prestigious luxury, and the rest of 40% will be represented by scale luxury, 60% of the targeted brands will be new entries on the Romanian market.

In its backyard, Cocor will build 250 parking spaces which will offer valet parking services, in a 7 level building.

Cocor will have the second largest media façade in Europe capable of playing HD quality videos and will offer to its tenant brands the benefits of a 50% rate card discount for advertisements played on it. As seen in the façade pictures each floor will have its 15sqm double-sided LED Screen where floor tenants can signal their offer and ad campaigns. The 2 larger screens, the branding banner on the second floor, together with LED glass façade will display in concert advertising campaigns and non commercial content.

Architectural planning and decorations will observe the international standards in order to meet all the prerequisites of the targeted brands.

By the simple scrutiny of the number of luxury cars and villas, most of the companies who paid any interest at all in the Romanian market concluded that it has great potential. As analysts say, what Bucharest lacks so far is a destination for luxury. Bucharest doesn’t have a Fifth Avenue, neither a Bond Street nor a Montaigne Avenue.

The prime retail avenues in Bucharest are concentrated on 2 Boulevards: Calea Victoriei and Magheru-Bratianu. The latter is especially well positioned in terms of traffic as it runs as a North-South axis between two very crowded squares: Roman Square and Union Square. Currently, Magheru – Bratianu Bvd is the top rent high-street location, because of high traffic, both pedestrian and automotive, as well as the tenant mix but it is lacking parking spaces.

Retail areas such as Calea Dorobanti or Calea Victoriei with average rents of 130 euro/sqm/month do not fit the requirements of luxury companies neither in terms of privacy and exclusivity nor as accessibility, parking, visibility, fashionable vicinity is concerned.

There are only 5 commercial centers in Bucharest: Unirea Shopping Center, Bucharest Mall, Plaza Romania, City Mall and Jollie Ville. Other projects in the pipeline which are being developed: Colosseum, Cotroceni Park, Baneasa Business Center, Bucharest Plaza, Liberty Mall, Esplanada.

Bucharest historical center is cut in two by Bratianu Avenue and is being reconstructed today in keeping with the old fashion architecture. It will become the location that can attract high end brands and tourists. A Luxury Department Store close to the historical center seems to be the only way for Bucharest to become a reference point in the international luxury industry, according to many luxury retailers.

Romania is the second largest market in Central and Eastern Europe with 22 millions consumers and a new member the European Union since 2007.

Romanian born billionaires listed in Forbes doubled in last 2 years, luxury car sales growth has double digit figures, luxury real estate reached Older Europe pricing, and last, but not least, Romanians Latin driven appetite for status and high-end brands is fuelled by the real estate boom which created a new social class of estate owners with net worth between 1 and 3 million euros.

Over 130000 registered entrepreneurs earn over 4000 euro per month.

Romanian GDP registered steady growth rates, with the highest value of 8.4% in 2004, and 7.7% in 2007.

Total foreign direct investments in Romania reached EUR 30.9 billion at the end of 2006, and a record high of EUR 9 billion in 2007. Romania has over 18 million mobile subscribers.

Romania has implemented most European Union Directives that protects copyrights. An important issue for luxury brands is the Copyright Law enforcement, and a strong argument for Romania is that Louis Vuitton, Gucci were involved in several civil and criminal lawsuits since 2003 against counterfeiting practices and due to justice reform they started to win the most important cases.

Bucharest,, once known as “Little Paris”, has over 2 million inhabitants and while Romanian GDP/capita is estimated at 8000 euros, in Bucharest GDP/capital is estimated over 12000 euros. European Regional Growth Index (E-REGI) published annually by Jones Lang LaSalle put Bucharest as expected to produce the highest output growth ever in next 5 years. In 2007 Bucharest ranks 25 from top 91 European cities based on E-REGI up by 33 positions since 2006 entrance in the top.

Nowadays the commercial centers total GLA is low by comparison to other European cities: currently Bucharest has just 0.08 sqm/capital retail space whereas Warsaw has 0.83 sqm/capita. Bucharest accounts for over 30% of the total retail turnover of Romania High end brands are being commercialized especially in hotels’ retail areas, targeting the tourists rather than the general public. The prime retail area in Bucharest counts approximately 45,000 sqm of space.

International fashion retailers:

LVMH, Zara, Marks & Spencer, Debenhams, Promod, Mango, Intersport, Kenvelo, Nike, Terranova, Esprit, Puma, Diesel, Lacoste, Tommy Hilfiger, Peek & Cloppenburg.

Cocor will bring a fresh supply on the retail market in fall 2009 earmarked to luxury brands with high chances to shift the location perceptions. On this still transitional market, Cocor Luxury Store has the opportunity to become a leader on the high-end brand market and shift the interest of brands to the historical center of Bucharest. Despite the recent market turmoil, our project become stronger in October 2008, with the 22 mil euros credit investment committed by BCR the largest Romanian bank part of Erste Group.

The luxury goods market is growing steadily despite the meltdown of financial markets. There’s a theory on Wall Street: When women’s hemlines go up, so do stocks. Well, the hemlines were falling at New York’s Fashion Week in September 2007, predicting the dramatic stock market fall and financial turmoil that followed. Longer dresses require more fabric, and that means higher price tags and women will still pay them.

According to analysts, given the increase in the number of global millionaires and line extensions that bring high-end labels to the hand of mass customers, future growth is the natural trend for luxury fashion houses that innovate. Growth will also be fuelled by the numerous countries worldwide whose expenditure for luxury fashion outweighs both salary and available luxury options. As brands become global, it is necessary for them to remain flexible. This means they need to have a greater command of different cultures worldwide, high level of costumer services and the ability to meet different definitions of luxury all over the world.

A new luxury brands trend in BRIC countries (Brazil, Russia, India and China) is to leave the 5-star hotels retail spaces and relocate to specialized department stores to give greater access to the local consumer.