Year 2008

Profit & loss account (all in '000€)	Q1	Q2	HY1	Q3	FNM	Q4	Year
Net stakes	22,158	28,770	50,928	23,061	73,988	26,376	100,364
Net Gaming Revenue	3,836	4,553	8,389	3,357	11,476	4,349	16,094
Other operating income	206	57	262	27	289	62	351
Operating expenses	(652)	(822)	(1,474)	(556)	(2,030)	(1,586)	(3,617)
Administrative and other expenses/income	(3,057)	(3,170)	(6,227)	(3,543)	(9,771)	(5,607)	(15,378)
EBITDA before share benefit charge	333	617	950	(715)	234	(2,784)*	(2,549)
Share benefit charge	(49)	(49)	(98)	(49)	(146)	(62)	(208)
EBITDA	284	568	852	(764)	88	(2,845)	(2,757)
Depreciation and amortisation	(282)	(151)	(433)	(225)	(658)	(598)	(1,256)
EBIT	2	417	419	(989)	(570)	(3,443)	(4,013)
Finance income/expenses	8	39	48	(328)	(281)	225	(55)
Profit/(Loss)/before taxes	10	457	467	(1,317)	850	(3,218)	(4,068)
Taxes	(244)	(194)	(438)	81	(357)	145	(212)
Profit/(Loss) after taxes	(234)	263	29	(1,236)	(1,208)	(3,073)	(4,280)

Attributable to
-Equity holders of the parent	(96)	397	301	(925)	(624)	(2,725)	(3,349)
-Minority interest	(137)	(135)	(272)	(312)	(584)	(347)	(931)

*EBITDA contains impairment charges of €1,917,500 for the year

Balance sheet (all in '000€)	Q1		Q2		Q3		Q4
Non-current assets
Property, plant & equipment	2,294		2,134		2,541		1,924
Goodwill	18,556		18,556		18,499		17,618
Other intangible assets	310		300		57		-
Others	222		248		222		305
Current assets	3,597		4,551		4,986		3,842
Cash & cash equivalents	10,080		9,525		9,193		8,182
Total assets	35,059		35,314		35,499		31,871

Equity	34,357		34,357		34,357		29,497
Retained earnings	(11,746)		(11,406)		(12,370)		(9,879)
Reserves	5,449		5,499		5,547		5,309
Minority interest	(165)		(299)		(611)		(958)
Current liabilities	5,914		5,914		5,833		4,093
Long term liabilities	1,250		1,250		2,743		3,809
Total equity and liabilities	35,059		35,314		35,499		31,871


Cash flow statement (all in '000€)	Q1		Q2		Q3		Q4
Adjusted operating cash flow	185		491		(739)		(3,089)
(Increase)/decrease in net working capital	2,485		(930)		(443)		917
Net cash used in investing acivities	(150)		18		333		(958)
Free cash flow	2,520		(421)		(849)		(3,130)
Net cash generated from financing activities	(137)		(134)		1,181		4,141
Cash at beginning of period	7,697		10,080		9,525		9,193
Net cash movement	2,383		(555)		(332)		(1,011)
Cash at end of period	10,080		9,525		9,193		8,182

DISCLAIMER: This page contains unaudited pro forma financial information for Betbull Plc and its subsidiaries (the "Group") for the period ending 30 June 2008. The information has been prepared for illustrative purposes only and is derived from the unaudited [interim] accounts of the Group for the period ended 30 June 2008. As a result of its nature the pro forma financial information addresses a hypothetical situation and therefore does not represent the Group's actual financial position or results. Copies of the Group's annual audited consolidated accounts and interim accounts are available from the News - Reports - Annual Reports section of this web-site.