S. Robert Davis - Page 5




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          Davis formed two corporations--one for residential construction             
          and sales and the other for commercial development and leasing.             
               During the 1960's, Mr. Davis' corporation that engaged in              
          the commercial development and leasing business was extremely               
          successful and grew substantially.  In 1965, he formed a new                
          corporation, S. Robert Davis & Co., Inc. (Davis Co.), to conduct            
          business as a developer and builder of real estate projects.                
               Since the 1960's, apart from his real estate activities, Mr.           
          Davis has started and promoted various companies.  In the 1960's,           
          Mr. Davis acquired Kentucky Fried Chicken (KFC) franchises in               
          Manhattan and Westchester County, New York.                                 
               In 1968, Mr. Davis and three other individuals formed                  
          National Diversified Corp. (National Diversified).  Mr. Davis was           
          elected chief executive officer (CEO).  KFC was National                    
          Diversified's first national account.                                       
               In 1969, National Diversified changed its name to National             
          Fast Food Corp.  National Fast Food Corp. formed a wholly owned             
          subsidiary named Arthur Treacher's Fish & Chips (Arthur                     
          Treacher's).  Arthur Treacher's grew from an entity owning one              
          restaurant to an entity owning more than 700 restaurants.  Mr.              
          Davis was an employee and the chairman of Arthur Treacher's.                
               In the early 1970's, National Fast Food Corp. changed its              
          name to NFF Corp.  In 1971, NFF Corp. purchased the stock of Lake           
          Hamilton Citrus Co. (LHCC).  LHCC owned large citrus groves in              





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