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Rob/Hunter:
Hope you both and well and enjoying the long holiday weekend. Just a quick note to update you as to our progress and timing.

As you recall, we had completed 2 months of significant diligence with a very prominent Nigerian group that had strong political influence. Late in the process, Yum decided to remove the investor group from our investor list which was problematic as they served as an anchor (10m+ check). Er felt comfortable with the group given we had done a pre red flags check with the commercial services group at the Embassy.

We regrouped with our lawyers, did more leg work and was able to convince yum to add this group back pending full DD clearance with is almost finished. The book remains strong and in that time, Kase Lawal's group expressed interest in the business. We've spent time with them in Houston and in SA and think they are potentially a great investor as well. We are in the DD process with them and Yum is beginning KYC on them this week. We will close in June.

While we finalize the investors post final KYC (which required us to write a healthy check to Yum) we have on boarded two new gentlemen, both executive Africans to head up Development and our Nigerian opps. Yum is extremely fired up and new data points point to our numbers being conservative, which have led with all along.

Final term sheets are almost concluded with our lawyers and anchor and then we will work quickly with Akin to turn on all offshore structures for investors and the business. The team will train here stateside in June with late Aug/early Sept serving as the grand launch of Pizza Hut Africa!

It's been a very long road dealing with investors and managing an imperfect process that is called Africa. We gain further conviction in the power and scope of the business, especially after we meet folks like Dr. Lawal who see the opportunity as a local through the eyes of institutional Wall St guys.

Your help has been so very critical and are happy to have you on the team. As we formalize the final documentation and board structure, we should absolutely sit down and talk process/time commitments etc. We see tremendous white space and a chance to morph into supply chain and the vertical food chain that compliments our Marathon Yum business - very much inline with out past convos.

Let's sync up calendars as we move into the slower summer months and chat next steps. Enjoy the holiday weekend....
All the best,
Matthew Bradshaw and John Murphy