INVESTMENT PROPOSAL

€800,000 RETURN ON INVESTMENT MINIMUM OF 8.5% €68,000 CONTRACTORS CYT €200,000 FURTHER INVESTMENTS WORKING CAPITAL €250,000 ENTERTAINMENTS LTD €200,000 PIZZA FACTORY CO. LTD. €50,000 PENTERTAINMENTS LTD €270,000 PIZZA FACTORY CO. LTD. €80,000 COCTAIL AREA €15,000 ROOF TERRACE €150,000 FUEGO QAWRA €70,000 ADVERTISING CAMPAIGN €35,000 REFURBISHMENT ST. JULIAN’S €20,000 3 rd BARROW €20,000 2 NEW OUTLETS €40,000 CURRENT SALES €2,260,000 EXPECTED NEW SALES AFTER INVESTMENT €3,400,000

Investment proposal Investment of €800,000 acquiring 33% shares in Entertainments Ltd and Pizza Factory Co. Ltd. Currently operating:  ENTERTAINMENTS LTD  Canas Y Tapas – 180 seater Spanish franchise restaurant situated in St. Julians  Fuego Qawra – Popular Fuego Nightclub in Qawra.  PIZZA FACTORY CO. LTD  3 Pizza Factory take away outlets, Currently located in St. Julian’s, B’kara and B’Bugia  HOT SAUSAGE BARROWS  A British Franchise serving specially prepared sausages in buns, Currently located: Barrow 1 in St. Georges Barrow  Barrow 2 in St. Julian’s main junction The lastest investment of over €850,000 was recently done in CANAS Y TAPAS which is only 9 months old. A Guaranteed annual return of 8.5% on investment will be paid.

Part of the sum invested will enable the company to overcome the current cash-flow situation as €250,000 will be used as working capital. A further €200,000 will be used to pay off the final capital investment in the restaurant. The balance of €350,000 will be used as capital investment as follows:  ENTERTAINMENTS LTD  Canas Y Tapas: Further development of the area around the cocktail bar to be turned into a relaxation zone for the later hours after the restaurant closes. The venue also has a roof terrace which can be developed into a featured cocktail bar. Tapas can be served on the roof terrace along with cocktails, wines and drinks. An advertising campaign will be launched to establish a clientele for lunches and other bigger groups like conventions and meetings..  Further development in Fuego Qawra – possibility of another Spanish Food franchise in a couple of years time. Immediate development: refurbishing of the inside to give it a more Pub/Fuego like theme and turning the outside area into Pizza/Beer garden.  PIZZA FACTORY CO. LTD  Do a full Refurbishment of the St. Julian’s outlet and installing new ovens and other Pizza preparation equipment. Developing the unused area of B’Bugia outlet and turning it into a pizza diner which would specialize in special pizza combos for families. Set up of a pizza base production center, within our own warehouses. Opening of at least one or two more outlets in strategic areas.  Import and set up two more Hot Sausage Barrows in indentified areas in Malta.  Current sales with existing outlets reaching €2,260,000  Estimated sales after investments €3,400,000

The Combined Companies Balance Sheet at Today’s Market Values Non-Current Assets Property Qawra125,000 Birkirkara195,000 Plant & Equipment1,400,000 _________ 1,720,000 _________ Intangible Asset Goodwill Value1,800,000 _________ Current Assets Stocks75,000 _________ Total Assets3,595,000 _________ ________ Current Liabilities Creditors845,000 Bank overdraft250,000 _________ 1,095,000 _________ Non-Current Liabilities Bank Loans1,225,000 _________ Total Liabilities2,320,000 _________

INVESTMENT OF € ,00 SPLIT ENTERTAINMENTS LTDPIZZA FACTORY CO. LTD. € ,00 -WORKING CAPITAL , ,00 € ,00 -PAY CONTRACTORS CYT € ,00 - FURTHER INVESTMENTS , ,00 COCTAIL AREA , ,00 REFURBISHMENT ST. JULIAN'S ROOF TERRACE , ,003rd BARROW FUEGO QAWRA , ,00 2 NEW PIZZA FACTORY OUTLETS ADVERTSING CAMPAIGN ,00 EXPECTED INCREASE IN CURRENT SALESSALES AFTER INVESTMENTNEW SALES TOTAL , , ,00 RETURN ON INVESTMENT MINIMUM OF 8.5% ,00

LTD ENTERTAINEMENT Consolidated workings for period Trading, Profit & Loss Account Year Year Year Workings€€ €€ €€ SALES (taken from year 1 workings) (taken from year 2 workings) (taken from year 3 workings) COST OF SALES OPENING STOCK PURCHASES CLOSING STOCK GROSS PROFIT GP MARGIN OF 78% GP MARGIN OF 78% GP MARGIN OF 78% OPERATING EXPENSES (figures taken from year 1 workings) (figures taken from year 2 workings) (figures taken from year 3 workings) WAGES CONSUMABLES WATER & ELECTRICITY COMMUNICATION COSTS OFFICE EXPENSES MARKETING REPAIRS & MAINTENANCE INSURANCE & LICENCES RENT/ROYALTIES BANK CHARGES MV EXPENSES VAT PROFIT BEFORE COST OF CAPITAL COSTS OF CAPITAL NET PROFIT

Trading, Profit & Loss Account Year Year YEARS Workings€€ €€€ € %Ratio SALES (taken from year 4 workings) (taken from year 5 workings) %sales % COST OF SALES OPENING STOCK PURCHASES CLOSING STOCK % cost of sales GROSS PROFIT GP MARGIN OF 78% GP MARGIN OF 78% % GP Margin OPERATING EXPENSES (figures taken from year 4 workings) (figures taken from year 5 workings) WAGES CONSUMABLES WATER & ELECTRICITY COMMUNICATION COSTS OFFICE EXPENSES MARKETING REPAIRS & MAINTENANCE RENT/ROYALTIES INSURANCE & LICENCES BANK CHARGES MV EXPENSES VAT PROFIT BEFORE COST OF CAPITAL %P Margin COSTS OF CAPITAL NET PROFIT % NP Margin

PIZZA FACTORY CO. LTD. Consolidated workings for period Trading, Profit & Loss Account Year Year Year Workings€€ €€ €€ SALES (taken from year 1 workings) (taken from year 2 workings) (taken from year 3 workings) COST OF SALES OPENING STOCK PURCHASES CLOSING STOCK GROSS PROFIT GP MARGIN OF 76% GP MARGIN OF 75% GP MARGIN OF 74% OPERATING EXPENSES (figures taken from year 1 workings) (figures taken from year 2 workings) (figures taken from year 3 workings) WAGES CONSUMABLES WATER & ELECTRICITY COMMUNICATION COSTS OFFICE EXPENSES MARKETING REPAIRS & MAINTENANCE INSURANCE & LICENCES BANK CHARGES MV EXPENSES VAT PROFIT BEFORE COST OF CAPITAL COSTS OF CAPITAL RENT NET PROFIT

Trading, Profit & Loss Account Year Year YEARSTotals Workings€€ €€€€%Ratio SALES (taken from year 4 workings) (taken from year 5 workings) %sales % COST OF SALES OPENING STOCK PURCHASES CLOSING STOCK %cost of sales GROSS PROFIT GP MARGIN OF 74% GP MARGIN OF 74% %GP Margin OPERATING EXPENSES (figures taken from year 4 workings) (figures taken from year 5 workings) WAGES CONSUMABLES WATER & ELECTRICITY COMMUNICATION COSTS OFFICE EXPENSES MARKETING REPAIRS & MAINTENANCE INSURANCE & LICENCES BANK CHARGES MV EXPENSES VAT PROFIT BEFORE COST OF CAPITAL %P Margin COSTS OF CAPITAL RENT NET PROFIT %NP Margin