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KFC (Bermuda) Limited Reports Year End Earnings

Hamilton, Bermuda, 19 March, 1999 - KFC (Bermuda) Limited today reported earnings for the year ended 31st January 1999 of $293,605 or .24¢ per share compared with a profit of $69,439 last year - after deduction of extraordinary expenses of $231,182 (in conjunction with the closing of Burnaby Street in October 1997 and other steps taken to return the Company to profitability).

Sales this year amounted to $3,079,558 compared with $2,967,181 last year including Burnaby Street sales of $170,690 in the first half of last year.

Current assets at 31st January 1999 including cash in the bank of $146,550 amounted to $189,431 compared with current assets of $377,198 and cash of $334,090 at this time last year. Liabilities at 31st January 1999 amounted to $179,655 compared with liabilities of $800,214 and a bank loan of $377,818 a year ago. Shareholders will be pleased to note the bank loan has now been fully repaid.

Fixed assets and leasehold improvements after provision for depreciation and obsolescence amounted to $1,369,152 at 31st January 1999 compared with $1,499,574 a year ago.

Shareholders equity as at 31st January 199 amounted to $1,376,928 or $2.13 per share compared with $1,076,558 or $1.67 per share a year ago.