Pancake House, Incorporated - Manila, Philippines

On February 15, 2000, a new investor group led by Mr. Martin P. Lorenzo entered into an Asset Purchase Agreement with SRFSC and Extrovert for the purchase of all the operating assets of the latter. On February 16, pending the final purchase, a new team of management and employees was organized to take over the company-owned outlets operated under the new management. On March 1, 2000, the new investor group incorporated Pancake House, Inc. On March 2, 2000, PHI, as the acquisition vehicle of the investor group, finalized the purchase of the operating assets.