Architects Palmer & Turner Engaged for Saks Fifth Avenue Bund Flagship Store in Shanghai.

NEW YORK -- New Huangpu Group, the general developer for Shanghai's Bund's "Wai Tan Yuan" project and Roosevelt Sino Retailers LLC (a subsidiary of Roosevelt China Investments Corp.), the exclusive licensee of Saks Fifth Avenue in China, announced the signing of Palmer & Turner as architects for the exterior renovation and redesign of the future Saks flagship store. New Huangpu Group entered into a service agreement with Palmer & Turner Consultants (Shanghai) Ltd. to execute the exterior design and refurbishment portion of the development. Mr. Tse, President and Director of Roosevelt China Investments Corp. (RCI) who attended the signing ceremony said: "The signing of this agreement with the world-renowned Palmer & Turner is a major step forward toward our goal of opening a Saks Fifth Avenue flagship store in Shanghai. Progress continues to be on schedule."

Palmer & Turner Group (P&T) was established in 1868, as a small architectural firm in Hong Kong by William Sallway. A partnership was later formed with the addition of Clement Palmer and Arthur Turner, and the company was finally incorporated as Palmer & Turner in 1891. P&T's history in Shanghai dates back to 1911 when the company established its first branch in China. Since then, P&T has designed a series of landmark buildings on the Bund which still stand today including: the Hong Kong and Shanghai Bank Corporation Building, the Peace Hotel, and the Broadway Building. As one of the world's largest Architectural FIRMS, P&T has a world-wide staff of over 1,000 people. Mr. Lui, Director of Palmer & Turner said: "P&T is proud to accept the appointment by New Huang Pu Group in association with Roosevelt China Investments Corporation to redesign the Yi Feng Building, for the Saks Fifth Ave Department Store. Through this prestigious project, P&T is dedicated to continue its contribution to the architecture of Shanghai for the next century."

On September 20th 2006, Roosevelt China Investments Corp. and New Huangpu Group signed a long-term lease agreement for the Yi Feng Building on the Bund in Shanghai, which will house the first Saks Fifth Avenue store in East Asia.

RCI is progressing on-track and expects, with the cooperation of New Huang Pu Group, to open the Saks store on-schedule in 2009. RCI remains fully confident in China's high-end retail market and expects to open a breathtaking Saks Fifth Avenue flagship store on Shanghai's world famous Bund.