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FTlConsulting Report: Young v Young:
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To bo discrl$6d. In o(cass
exit anticipated 2007

Compldion scheduled for 27 or 28 Apri 2006.

ownsso% of Parasol aod is cutrenuy ln $e procass of
optbns ofover 10fl0 to lhird partiesa

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granting

KF valualion

4. rCondor

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I millions.
 

95,0tXI,000. wtrlch r,rould giva a valu€ of appm!(lmat8ly
f3,0O0,oo0 for SY's holdlng.

SY beneficially owns 600,6 of SMS

SMS

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benendauy o$ms 1 og% orcondor. fle h6s l€rltE4,txJo,o{Jo
to Condor tor il b ma ke varlous inrresunenB.

on vacallon.

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E)celentlechnology investnenl SY benefEially ohrng 22% of

MIG

MIG.

I flO,000.mo. whi.fi uould gieB avalu? of apprsrdmafery
€,E,000,00O ft rSY's holdlng. Thls ass[lmes a trad€
i saldflotaton in 20051, whera rurmbers could spiral

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Qiosks

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SY b€neficislly o'/wrs 2096 ot Qiosks
SY hasmade
invesrnents
budnes+ Tt c cur€ol rnanagement sre confidentth€y can
esblbh a bulldlng nunagement company, gsnerating an annLEl
lumover of f.l 00,000,O00 in the next Z years. Currenl proFctbns
show net 8%. SY may alard managernenl up to 20%,

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SY benefdally orxrrs 12% of Esendex.

EYil proiected at eI00.000.000+

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Exhibit 10

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SCOT YOUNG
SCHEOULE OF PRINCIPAL INVESTMENTS

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PROPERTY

Description
1

29 South Lodge,

Cqrrent Borrowings

Valuation

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Legally and beneficially owned by SY,

€2,700,000

Current KF valuation is €4,500,000

GI

Legally and beneficially owned by SY.

€3,600,000 (a further injection
oJ t400,000 will be required)

Cunent KF valuation is €7,500,000

Legally and beneficially owned by SY.

e80O,000 required to extend

Cunenl KF valuation is €4,000,000

Ownership

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2.

26 Eelgrave
Square

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27 Eaton Square,
SW1

4.

28 Eaton Sguare,

29 Eaton Squaro,

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lease
Legally and beneficially owned by SY.

9800,000 required to extend
lease

Curent KF valuation is €4,0O0,000

Legally and beneficially owned by SY.

e600,000 required to extend
leass

Current KF valuation is 02,000.000

sw1
5.

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SW1
6,

Wootton Place,
Woolton

Legally and beneficially own6d by Michelle Young,

€9,500,000

Sale price agreed - t12,50O,000
for property and €4,000,000 for
furniture, fixtures and tittings

7.

39 Chester
Terrace. NW1

Legally and beneficially owned by SY.

s2,200,000

e3,900,000

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21 Upper
Grosvanor Street

Contracts exchanged to acquire 1 00% of th€ shar€
capital of Boss Holdings Ltd, which is the long
leaseholder of this property. Complelion scheduled for 20
February 2006.

fl

1,100,000

e20,650,000

(to include acquisition of
keehold and full

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refurbiehment)

GI

23 Wilton Croscenl

Coniracts exchanged for SY lo acquire 100% of
Adamsland.

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Curr€nt KF valuation e2,200;000
allowing for a turther spend o{

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t200,000
Propertyowned by Fosse Developmenk Ltd. SY
beneficially owns 100% of Fosse.

Zero

in Marsh

t535.000

Baldwyn',s Farm,
Pebworth

Property owned by Fosse Developments Ltd. SY
beneficially owns'100% of Fosse.

Sales being agreed

81,000,000+ profit expected in Q3

12.

Star Lane, lpswich

Contracts exchanged in lhe name of Star Lane Estates
Ltd, SY benelicially owns 100% of Star Lane,

Acquisition and development
costs c. 86,000,000

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Lincoln University
Halls ol Residence

5070 beneficially owned by SY.

t1,500,000 to complele slte

s30,000,000

and 83,500,000 ot existing
borrowings

(site value with planning -lurther
details available)

c, €5,000,000

e8,500,000

10.

11

Caerphilly, Moreton

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'14.

Blunt House

Legally owned by Condor Corporate SeMces Ltd.
SY beneficially owns 100% of Condor.

15.

3467 Nonh
Moorings Way,
Miami

Property acquired in lhe name of Greenfield Horizon Ltc.
SY bene{icially owns 100% of Greenfield.

' 

Project

6.

Malair

Contracts about lo be exchanged. SY will own lOOo/" ol

this proiect.

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2006

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911,000,o00

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Valuation being undedaken by CB
Richard Ellis

Total development costs cE1 00,000,000 (es,000,000
already committed)

c. E200.000,000 plus recurring
revenue modol

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CORPORATE

Entity
1

EPOSS

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Summary of Investment
SY will own 50% of EPOSS following the proposed restructuring.

Valuatlon

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To be discussed. In excess of t7,000,000

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commifted. Large exit anticipated 2007 / 8.

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Project
Moscow

Properties owned by Parasol Participations Ltd in Moscow. SY owns S0% of Parasol
and is currently In the process of granting options of over'107o to third parties,

KF valuation available. Profits running

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SMS

SY beneficlally owns 60% of SMS.

€5,000,000, whlch would give a value of
approximately e3,00O,O0o for SY's holding.

4,

Condor

SY benelicially owns 100% of Condor, He has lent €4,000,000 to Condor for it lo
make vadous investments.

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lfformation awaited from

GD. He is cunently

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vacation.
tr10,000,000, vtrhich would give a value of
approximarely €8,000,000 for SYs holding. This
assumes a trade saley'flotation in 2006f/ where
numbers could soiral.

SY beneficially owns 127o of Esendex.

81,000,000 for SY's holding.

Qiosks

SY beneficially owns 207" of Qiosks.

Exit projected at

IIJM

5Y has made signlficant infrastructure investments in lhis business. The cunent

Cityscape

management are confident they can eetablish a building management company,
generating an annual turnover of €1 00,000,000 in the next 2 years. Current
projections show net 8%. SY may award management up to 2ool".

 t]tt-20,0oo,ooo. SY beneficially owns lQoo/o ol

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Exceflent t€chnology Inveslment. SY beneflclally owns 22% ol MlG.

MIG

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into

hundreds ot millions.

€1

(cI

00,000,000+

Cityscape.

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