Cocor SA Stock Bucharest S.E.

Cocor SA is a Romania-based company primarily engaged in the real estate sector. The Company is involved in the operation of shopping centers. As of December 31, 2011, the Company owned eight stores in Romania, including seven located in Bucharest and one in the city of Iasi. The Cocor Store, the Company’s shopping center, located in the center of Bucharest, offers 200 parking places and a total rentable area of 10,000 square meters. As of December 31, 2011, Cocor SA had three subsidiaries, Comturist SA, Cocor Turism SA and Cocor SPA Srl, which are involved in the provision of travel agency services, as well as in the operation of hotels, a Spa and a night club, located in Neptun, the Romanian Black Sea resort.