Contents - Tung Lok Restaurants 2000 Ltd

• In May, we opened Imperium, a 50/50 joint-venturewith a seating capacity of 650, which has provedto be a choice location for banquets.• In August, we launched our Regal Club, a byinvitation-onlyclub for the top 1,000 executives inSingapore. This recognition programme and theaccompanying personalised service have beenwell received by patrons.• My Humble House, a fine dining restaurant in TheEsplanade – Theatres on the Bay – was openedin October and was an immediate success. Thisoutlet now ranks alongside Club Chinois and Jadeat The Fullerton among our high-end outlets.During the financial year, the Company issued 20,000,000new shares of $0.025 each at a premium of $0.087 pershare for cash pursuant to the Placement Agreement withChip Lian Investments Pte Ltd to subscribe for ordinaryshares in the Company. The ordinary shares issued inconnection with the Placement Agreement, ranked paripassu in all respects with the existing issued and fully paidupshares. The net proceeds of $2.17m were used forworking capital.OUTLOOK AND PROSPECTSOur strategy going forward is to improve service levelsand customer loyalty in order to increase revenues, whileat the same time continuing with ongoing efforts to improveoperational efficiency. We will also continue to developmanagement contracts in Singapore and overseas as aform of expansion with minimal risk without incurring capitalexpenditure.APPRECIATIONThroughout this challenging year, we have receivedinvaluable support from shareholders, customers, businessassociates, management and staff. On behalf of the Boardof Directors, I would like to extend my sincere appreciationto all of you. I look forward to your continuing support.EVENT SUBSEQUENT TO THE YEAR ENDOn January 25, 2003, the Company announced that it hassecured new management contracts to operate restaurantsit does not own in Singapore and Indonesia.Zhou YingnanChairmanMay 2, 2003 3