NAREK LLC

completed

_x000C_The proposed project is to develop a shopping center of some 24,000 m2 of retail space over multiple storeys on a triangular 18,000 m2 plot, bounded by three streets Tigran Mets Avenue, Khorenatsy Street and Agatangesghosi Street in downtown Yerevan. The site extends from slightly north of the former Rossia cinema complex, and includes the former cinema building, the existing building site, passes over the Zoravar Andranik subway station and is bounded in the south by a cafeteria. A schematic view of the proposed Center and its location is shown in Figure 1 (attached). Block B, formerly the lobby of the Rossia cinema will be renovated and two floors added to form a three-story building of 4,600 m2 gross built area. This work has started. Block B1 will be a five-storey building of 7,500 m2 floor area, Block S a single storey supermarket of around 1,300 m2. Plans remain to be finalized for Blocks A, the former cinema, which occupies around 4,000 m2, and Block C of around 1,500 m2. Construction has started and will proceed in phases with completion expected in early 2009.