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History:

The Ginza Project holding was founded in 2003. Within 6 years of its successful growth, the company has occupied leading positions on Russian market. The company’s main activity – restaurants of fine dining and fast-food networks. Related projects-catering services, VIP-taxi, florist boutique, design studio, bou-tique-hotel, and business aviation. The holding is headed by the partnership of Vadim Lapin and Dmitry Sergeev. Their business work was marked by the first restaurant’s opening in 2003with the name of Ginza, which afterwards gave the name to the whole holding.

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stAtistiCs:

Ginza Project holding includes:41 conceptual restaurants in Moscow, Saint Petersburg, Rostov-on-Don and New York.50 democratic Yaposha Cafes, 7 Mama Tao restaurants, Cvetochny Domik, Ginza Project Catering, VIP-taxi, Boutique-hotel, Ginza Sky, Ginza Design.The number of the company’s employees is over 5 000 people.

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Bread and bakery products are an integral part of any person’s diet. In different nationalities some or other flour goods are by all means served as a separate dish. But, perhaps, nowhere in the world does the bread play such a significant role as in Russia. In our country bread is the staff of life.Bread baking in Russia has always been considered an honorable and responsible business. Besides small bakeries, the so-called bread huts, there had been bread palaces. Such bakeries would bake bread in large quantities.At present time, when the standard of living of our people has immeasurably grown, bread still remains a necessary food product.

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Le Pain Quotidian “sales mix” %Bread 8Bakery 20Confectionery 22Drinks 15Lunch/cafe 14Chocolate/candies 1Cuisine (Menu) 18Souvenirs 1Other 1

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The latest statistical data of two leading bakeries in Russia (Wolkonsky and Le Pain Quotidien) have shown that confectionery products and baked goods are in the leading positions by sales.

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The main competitor of Paul from the point of view of quality, interior and location is Wolkonsky. Le Pain Quotidian positions itself not as a bakery, but as a restaurant where baked goods and desserts can be bought to go. “Bread and co” bakery is aimed at middle class, with lower prices and mediocre quality of products. There is also a number of local bakeries with low prices, simple interiors, average or bad quality of bakery products: Paulbakery, Our bread, and Le bread.

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Competitors / number of outletsWolkonsky: Moscow — 4, Kiev — 4, Saint-Petersburg —1Le Pain Quotidian: Moscow — 18, Saint-Petersburg — 1Bread & co: Moscow — 11

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Competitor’s sAles stAtistiC

Sales Stats Take away Eat in Ave check Daily cc Av Breads Vienoise Pastries Trait/Lunch BevBalkoncki 70% 30% 450р. 1000 16% 18% 34% 17% 15%Le pain quotidien 30% 70% 400р. хлеб & co 370р.

Sales Food cost Breads Vienoise Pastries Traiteur +Kitch Bev Average/ No packaging ActualBalkoncki 4,7% 12,0% 20,0% 30,0% 25,0% 21,0% 21-23

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Wolkonsky:— Bolshaya Sadovaya Str., 2/46— Maroseyka Str., 4/2— Zhukovka village, 69

le pAin QuotidiAn:— Bagrationovsky pr., 5 — Kamergerskiy lane, 5/6— Zubovsky parkway 5, bld. 3— Leningradskoe highway, 16a/14— Lesnaya str., ½— Lesnaya str., 5— Novinsky parkway, 7— Novoslobodskaya str., 21— Piatnitckaya str., 6/1 bld. 1— Kievskiy vokzal sq., 2

BreAd And Co:— Malaya Bronnaya str., 21/13, bld 2— Osenniy parkway, 20/1— Chistoprudniy parkway, 12/4— Ostozhenka str., 3— Tverskaya str., 17— Tverskaya-Yamskaya str., 12-14, bld 1— Studencheskaya str., 26— B. Sadovaya str., 1— Moscow area, Odintcovskiy district, Zhukova str., 67— B. Gruzinskaya str., 69— Leningradskoe highway, 16

Competitor’s loCAtion in mosCoW

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Our experience allows to draw the following conclusions regarding the strategy of Paul brand development in Russia:— Aggressive development strategy — not less than 3 shops a year in one city— Moscow and Saint-Petersburg are strategically two most important cities for coverage, therefore Paul

brand development should occur concurrently in both cities— The holding is planning to sell Paul products in restaurants, as well as leaders of the market HoReCa of

Saint-Petersburg and Moscow.

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2011 2012 2013 2014 2015

1st year 2nd year 3rd year 4th year 5th year

Moscow Petersburgh Moscow Petersburh Moscow Petersburgh Moscow Petersburgh Moscow Petersburgh Toatal 5 years

Fournil 3 1 3 2 3 3 2 1 2 1 21

Satellite 3 1 6 2 3 2 5 1 5 1 29

6 2 9 4 6 5 7 2 7 2 50

development plAn

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1. Noviy Arbat, 152. Tverskaya-Yamskaya, 253. Dubninskaya, 2254. Leninsky, 75-95. Kutuzovsky, 151-9

proposed loCAtions for pAul BAkeries

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5

3

2

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PAUL RUSSIA " Start up"  structure Finance

Shareholders  Corporate marketing 

GINZA PROJECT Legal / Location contractsDevelopment strategies / LocationsPricing/ Expenses approvals

Security

Franchise relations  "PAUL"Brand development  Russia & Other territories

COO/ General manager Business development( Sales/Growth)PAUL RUSSIA Brand profitability 

Internal controlsBudget development /Business plan

Quality control Department Production quality control & standards ( Product/service)/Brand chef

Transport Office managerDriver/car (Reception)

1st  restaurant director  Manager  Projects Manager Real estate Personnel  Head accountant PAUL Purchasing manager Future Operations managers( Future operations manager) (Project assistant to COO) Sourcing Manager (HR) Logistics and customs SPB,Territorial,Country

General accountant tax mgtProject planning( Design Sub contracting) Accountant cost accounting

Restaurant Directors Design project (PAUL architect/ Design firm) Site information package Manager recruitement Accountant salaries &benefits Purchasing manager FF&E( Quality/Service/cleanliness/ controls) Landlord contacts Empl relations Accountant Payments

Agencies Admin & benefits "Technolog" calculation cards  Purchasing manager F&BManagers Permits/ SES  Other  Tk cards

Training managersProject engineers Real eatate Agents Manager system informatiqueConstruction /Tenders/Cmeta/Contracts Recruiters POS systems

pAul russiA “stArt up” struCture

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Ginza Project Holding takes the leading place in restaurant market of Russia. The company employs only leading experts in specific industries. Personnel selection is one of the major components of our success, to which we pay a lot of attention. The company’s resources and gathered experience will serve as the necessary foundation for development of Paul brand in the new market. We believe in success of our cooperation and we are grateful to Paul for its trust.

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tHAnk you for your Attention!