Primorsky Entertainment Resorts City

Primorsky Entertainment Resorts City (PERC) is a $350 million gaming and resort development project in Russia, sited on an area with dual frontage and majestic views to the sea and an inland lake flanked by two hills.The PERC Project is currently at its development and investment stage and the Group has established certain indirect subsidiaries in Russia for the purposes of undertaking the PERC Project and will apply for a gaming permit to permit the Group (through one such Russian subsidiary) to conduct all gambling activities within the Casino Hotel Complex in "The Integrated Entertainment Zone "Primorye" Region, Russia" pursuant to the federal laws of Russia. The Group anticipates that the process of obtaining all necessary permits for the construction of PERC will be completed in about a year. Thereafter, it is envisaged that the PERC Project will be completed within four years from the date of obtaining all approvals.The PERC Project is not expected to be operational before 2018 and will be expected to be the Group's next growth catalyst. The Group believes that its participation in an exciting new casino market in a different geographical region will diversify and enhance the Group's results in the long term.

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