Company S.C. Flaros S.A.

Flaros SA is a Romania-based company primarily engaged in the leasing of real estate property. The Company rents its own real estate properties for office and warehousing use. Additionally, the Company is involved in the manufacture of men’s and women’s footwear, harness and items of leather and leather substitutes, such as handbags and purses. It is also engaged in the intermediation in the trade of textiles, clothing, footwear and leather goods. As of December 31, 2011, SIF Oltenia SA held a 77.11% stake in Flaros SA.

Number of employees: 17