FIRST SOUTH AFRICA CORP., ACQUISITION SCHEDULE
DATE TOTAL PAYMENT ON CLOSING SECOND THIRD FOURTH PAYMENT
ACQUIRED PURCHASE PAYMENT PAYMENT
PRICE
Starpak 1/24/96 $838,545 167,709 shares N/A N/A N/A
L.S. 1/24/96 $1,900,905 380,181 shares N/A N/A N/A
Pressing
Europair 1/24/96 $1,029,206 80,000 shares N/A N/A N/A
(= $400,000) and
$629,206
Paper & 4/29/96 $380,000 $190,000 $85,000 on $85,000 on N/A
Metal 10/29/96 04/29/97
Piemans 6/03/96 $9,200,000 331,579 shares 4X pre-tax 4X pre-tax N/A
(approx.) (= $1,658,000) and profits for profits for
$3,656,000 year ended year ended
February 28, February 28,
1997 X by a 1998 X by a
factor of factor of
20% 62.5% 20%. 62.5%
cash and cash and
37.5% stock 37.5% stock
Astoria 7/01/96 $4,400,000 $1,300,000 $1.55 4X pre-tax 4X pre-tax
(approx.) 186,000 FSAH Class B million cash profits for profits for year
Shares ($930,000, at year ended ended June 30,
price of $5.00 a share) June 30, 1998 1999 X by a
X by a factor factor of 25%.
of 25%. 10% 100% shares,
cash and 90% minus the lesser
shares of the second and
third installment
FIRST SOUTH AFRICA CORP., ACQUISITION SCHEDULE(Page 2)
DATE TOTAL PAYMENT ON CLOSING SECOND THIRD FOURTH PAYMENT
ACQUIRED PURCHASE PAYMENT PAYMENT
PRICE
First Strut 7/01/96 $600,000 19,230 shares $100,000 if $125,000 if $145,000 if pre-
(approx.) (= $96,000) and pre-tax pre-tax tax profits for
$170,000 profits for profits for year ended June
eight months year ended 30, 1999 is
ended June June 30, 1998 greater than
30, 1997 is is greater than $320,000
greater than $190,000
$81,000
Alfapac 11/10/96 $300,000 $300,000 to settle all N/A N/A N/A
(approx.) creditor claims
Seemanns 11/1/96 $5,300,000 258,065 shares 5.5X pre-tax 4X pre-tax N/A
(approx.) (= $1,333,000) and profits for profits for
$1,900,000 the eight year ended
months June 30, 1998
ended June X by a factor
30, 1997 X of 20%. 60%
by a factor cash and 40%
of 20%. shares
60% cash
and 40%
shares
Gull Foods 1/1/97 $9,000,000 $3,110,000 and 4X pre-tax 4X pre-tax 4X pre-tax
(approx.) 245,000 shares (= profits for profits for profits for year
$1,347,500). year ended year ended ended June 30,
$890,000 (approx.) by June 30, June 30, 1999 2000 X by a
September 30, 1997 1998 X by a X by a factor factor of 16%.
factor of of 16%. 50% 50% cash and
16%. 50% cash and 50% 50% shares
cash and shares
50% shares
FIRST SOUTH AFRICA CORP., ACQUISITION SCHEDULE(Page 3)
DATE TOTAL PAYMENT ON CLOSING SECOND THIRD FOURTH PAYMENT
ACQUIRED PURCHASE PAYMENT PAYMENT
PRICE
Pakmatic 4/1/97 $1,228,000 $962,000 $88,666 $88,666 $88,666
(approx.)
Fifers 7/1/97* $2.1 $1.6 million in cash and $106,000 $106,000 $106,000
Bakery* million 26,000 shares (= escalated if escalated if escalated if
includes $220,000) profits profits exceed profits exceed
assumption exceed certain goals certain goals
of certain goals
$425,000
debt
* Subject to a Letter of Intent. Acquisition has not been consummated as of
September 26, 1997.