ROOSEVELT CHINA INVESTMENTS INKS HISTORIC DEAL WITH SAKS Contact: Theresa F. Bomba Manager of Marketing & Communications 617.574.6417 firstname.lastname@example.org Elizabeth Lampert Elizabeth Lampert PR 925-932-4420 email@example.com FOR IMMEDIATE RELEASE Boston, Mass. (April 18, 2006) –Roosevelt China Investments Corp. has entered into a licensing and consulting agreement with Saks Incorporated (NYSE: SKS) to locate and develop appropriate sites for potential Saks Fifth Avenue stores within China and Macau. Tweed Roosevelt, Chairman of Roosevelt China Investments Corp., said, “We are delighted to be working with Saks, Inc. on this important project which is very exciting and beneficial for all involved. For Saks it opens the market for the rapidly expanding high-end customer base in East Asia currently untapped by premier U. S. retailers. For China, it is consistent with its announced objective to increase consumer spending. For Shanghai, it encourages tourist traffic from all over China and the rest of the Pacific Rim countries, as well as providing a flagship attraction during the 2008 Beijing Olympics. For the United States, it creates another business in China, which will generate the return of dollars to the United States, and for Roosevelt China Investments Corp it helps fulfill its commitment to continue encouraging mutually beneficial relationships between China and the United States.” Roosevelt China Investments will own and operate the stores under the license agreement with Saks Fifth Avenue. The first Saks Fifth Avenue store tentatively is scheduled to be located in the historic Bund district of downtown Shanghai and is expected to open in 2008. Tin Tse, President of Roosevelt China Investments Corp. said: “The extraordinary growth of the economy in China created many new customers for high end merchandising. The time is ripe for a first class American retailer to establish a presence in China to meet this rapidly growing demand. Saks is the ideal store to meet this need and we are honored to partner with this premier American retailer. We were fortunate to have the sophistication of our legal counsel, Julie Frohlich and the team from Goulston & Storrs, working on this very complex deal that spanned three time zones.” In an effort to capitalize on the power of the Saks Fifth Avenue brand and to extend further its reach on a global basis, Saks opened its first international licensed store in Riyadh, Saudi Arabia in 2001 followed by its second international location in Dubai in 2004. Goulston & Storrs director, Julie Frohlich, led negotiations of the licensing arrangements. “This deal is a tremendous milestone, not only for Roosevelt China Investments and Saks, but for American retailers and their relations with China,” Frohlich said. “As one of the world’s most dynamic economies, the Chinese business community demonstrated the utmost sophistication and diplomacy in welcoming Saks Fifth Avenue to East Asia.” The Shanghai Saks Fifth Avenue store is expected to be up to approximately 300,000 square feet and cover four floors. The location will be congruent with the Saks Fifth Avenue stores in the United States in both product and service, while being sensitive to local preferences and customs. The store will include distinctive offerings from established and emerging Asian, European, and American designers and will present an enviable collection of fine designer apparel, shoes, jewelry, accessories, handbags, fragrances and cosmetics, intimate apparel, bridal, and select gift items under one roof. Saks Fifth Avenue will offer an extraordinary program of customer service and numerous in-store amenities such as luxury fitting rooms, specialty cafes, a spa, and its trademark complimentary personalized shopping service, the 5th Avenue Club. The unique store will also offer an abundant calendar of special events such as fashion shows and personal appearances by designers. About Roosevelt China Investments Corp. Roosevelt China Investments Corp. (RCIC) is a privately owned international investment company dedicated to conducting business in China. RCIC was established with the support of the Roosevelt Trust, one of the investment vehicles of the Roosevelt family. Tweed Roosevelt, great-grandson of President Theodore Roosevelt and cousin of President Franklin Roosevelt, is Chairman of RCIC. In addition, Tweed Roosevelt is also the Principal Trustee of The Roosevelt Trust and also is a Managing Director of The Roosevelt Investment Group, INC., a registered investment advisor, which currently manages approximately $1 billion in client assets. Tin Tse, President of RCIC, has had extensive experience in China and is principally responsible for this project. Julie Frohlich of Goulston & Storrs has represented RCIC in this transaction. About Goulston & Storrs Goulston & Storrs has 185 lawyers in offices in Boston, New York, London and Washington, D.C. For more information, please visit our website at .goulstonstorrs.com.
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