The PTV vessel is projected to produce at least 60,000 lbs. of sashimi-grade tuna per month. The fish we intend to process fresh for auction are the bluefin, yellowfin and bigeye tuna weighing at least 200 lbs.

While the duration of each trip varies, the vessel is on the water at least 20 days per month. Let's assume the vessel is actively fishing tuna about half of that time, or an average of 10 days per month. If we have an average of 15 fishermen aboard, and each catches an average of two of these large tuna per day, we would average a total of 300 sashimi-grade fish per month. That would allow us to hit our target yield of at least 60,000 lbs. This tally is further supplemented by up to eight fishing crewmen.

If we maintain an average selling price of 3,500 yen per kg. (approx. $15 per lb.) throughout the year at the auction markets in Japan, we can expect an average gross revenue of $900,000 per month, or $10,800,000 per year. Based on market transactions we've observed over the past few years, this is a rather conservative price estimate.

In addition to the above revenues from sashimi-grade tuna auctions, PTV also derives revenues from other fish sales, including the smaller (100-200 lb.) tuna and other marketable species. PTV also transports cargo during its seasonal runs to and from the Marshall Islands. However, these additional revenues are not included in this pro forma, and shall be considered as supplementary to our core business.

Read more about PTV's Additional Operations.

Please note that the figures within this abbreviated pro forma are subject to extreme and unpredictable changes in both directions. Fluctuations in supply and demand at the auction markets in Japan cause severe swings in price during certain months of the year. However, we feel confident that what is shown here is a fair representation of the average annual revenues for our particular type of operation. Our quality and supply of large fish to the market is expected to remain fairly consistent throughout the year.

Projected annual income (first full year of operation):

Based on the above projections, and considering the estimated expenses of operating the vessel and bringing the fish to market, we project the following typical annual dividends would be distributed to our members (during the initial 5 year partnership formation period):

• Each Premium shareholder (1.0% of vessel share) would receive about $60,000 to $70,000.

• Each Preferred shareholder (1.07% of vessel share) would receive about $70,000 to $80,000.

• Each Special Common Shareholder would receive about $ 57,000.

• Each Common shareholder (0.22% of vessel share) would receive about $15,000 to 16,000.

PTV's actual expenses and profits breakdown is confidential and therefore not displayed on our web site. However, we will be pleased to discuss these items directly with those sport fishermen and/or investors with genuine interest in PTV membership. Please Contact Us if you are interested.

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