Company Athenee Palace SA

Athenee Palace SA is a Romania-based company primarily engaged in hotel operations. As of December 31, 2011, the Company held a 10.12% stake in Ana Hotels SA. Through its affiliated company, Athenee Palace SA is involved in the operation of hotels in Romania, including Athenee Palace Hilton and Crowne Plaza in Bucharest; Sport Hotel & Spa, Poiana Hotel and Bradul Hotel in Poiana Brasov, and Hotel Europa and Astoria in Eforie Nord. As of December 31, 2011, the Company's major shareholders were Ana Hotels SA, with a 41.58% stake in Athenee Palace SA, and Tehnofrig Palace SA, with a 19.07% stake.