The good old days.

1. A Worldwide
Gaming
Technology &
Media Company
ValetNoir, Inc
1140 Broadway, Suite 903
New York, NY 10001
Phone (888) 623-1717
Direct (212) 461-1801
ValetNoir, Ltd.
Meadow Drove
Suite #11
Bourne
Lincolnshire PE10 0BP

2. Confidential & Proprietary 2
“Gambling revenues at US
commercial casinos rose
nearly seven per cent to a
record $32.42 billion in
2006.”
--AGA May 2007
“According to a new report,
the online gaming industry
will quadruple by 2020 and
will top €13 billion in 2010.”
--iResearch May 2007

3. Confidential & Proprietary 3
RF&B provides a global
network that automates
transactions between
Casinos and Players.
“RFB” is the status
of the most-loyal
players getting
free rooms, food and
beverage
during their stays.

4. Confidential & Proprietary 4
RF&B electronically books players into
participating properties and in exchange
receives a portion of the casino’s revenue
as a brokers fee. Casinos are regulated
like banks, so payment is prompt.
Payments continue any time the player
returns to the same property.

5. US Regulation
• Business model unaffected by the US enactment of the Unlawful
Internet Gambling Enforcement Act ("UIGEA").
• Company legally receives revenue share of play as a licensed
Independent Casino Representative with Gaming Board approvals in
the US States of Nevada, Mississippi, Louisiana, New Jersey,
Connecticut, Iowa, North Carolina; Internationally on Cruise Lines of
NCL, RCCL, Celebrity; With Canadian Government Gaming licenses
in Quebec.

6. Confidential & Proprietary 6
Company
Founded 2001
RF&B USA brand created in 2005
ValetNoir, Ltd (UK) created in 2006
New York, Las Vegas, London

7. Confidential & Proprietary 7
Management
George Nassef, President & Founder – Managing Director: American Airlines
Managing Director: SABRE,
Chief Information Officer: HotJobs.com
Kelly Michaelian, SVP Ops & Admin – GAP, HotJobs.com, Yahoo!
Jeffrey Yang, SVP & CTO –UBS/Warburg, HotJobs.com
Lisa Montalto, SVP Business Development – Biztravel.com, Terra/Lycos

8. Confidential & Proprietary 8
Our Industry Segment:
Representative-Brokered Gaming
Revenue Worldwide
($9 Billion Annually)
• 1,500 Resort Casino
Destinations Worldwide
• Over 3,000 Independent Reps
Worldwide
100%
Billions Wagered

9. Confidential & Proprietary
Target Customer
• Median age of RF&B client is
51.8 Years of Age.
• 67% are female, prefer slots to
tables and are avid travelers.
• Whales are not our market.
• Middle Tier Players offer
highest lifetime value.
9

10. Target Customer
76 Million Baby Boomers.
UK Baby Boomers hold 80% of
country’s wealth.
In 2006, the first wave of baby boomers
reached retirement age.
“Ratio of the number of people ages 65
and over to the number ages 20 to
64 is expected to grow from about
20% in 1997 to 41% in 2050.”
Confidential & Proprietary 10

11. Confidential & Proprietary
Market Overview - US
11
• 46 out of 50 US States permit legal gambling
• NV alone has 2,539 Licensed Establishments*
• Las Vegas Gaming Revenue $6.0B in 2006*
*Source: Citigroup Equity Research May, 2007 Monthly Report

12. Confidential & Proprietary 12
52,500
70,000
2007 2008 2009
$57,000
$61,000
$64,100
US Gaming Revenue (Millions)*
*Source: Global Gaming & Entertainment Outlook, PriceWaterHouseCoopers

13. Confidential & Proprietary 13
0
5000
10000
15000
20000
2007 2008 2009
$13,578
$15,866
$18,485
Asia Gaming Revenue (Millions)*
*Source: Global Gaming & Entertainment Outlook, PriceWaterHouseCoopers

14. Confidential & Proprietary 14
0
40
80
120
160
2007 2008 2009
$108
$126
$150
Latin American Gaming Revenue (Millions)*
*Source: Global Gaming & Entertainment Outlook, PriceWaterHouseCoopers

15. Confidential & Proprietary 15
2000
3000
4000
2007 2008 2009
$3,035
$3,150
$3,227
Canadian Gaming Revenue (Millions)*
*Source: Global Gaming & Entertainment Outlook, PriceWaterHouseCoopers

16. Confidential & Proprietary 16
8000
12000
16000
2007 2008 2009
$12,020
$13,161
$14,309
EMEA Gaming Revenue (Millions)*
*Source: Global Gaming & Entertainment Outlook, PriceWaterHouseCoopers

17. Confidential & Proprietary
Market Growth – Native American Casinos
($ in Billions)
*Source: Citigroup Equity Research May, 2007 Monthly Report
17
0.
6.
12.
18.
24.
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

18. Confidential & Proprietary 18
Competitors
3,000 Small Businesses
Feed Brands
regional
Lack technology
High touch
High service

19. Confidential & Proprietary 19
Problem: Industry
Our Competitors:
• Non-automated.
• Do qualification, sourcing &
reservations via phone/paper/fax.
• Do math, commissions and payout
calculations by hand.
• Cannot equate property-specific
rules, payouts, house advantage
and comp rules mentally or real-
time.
• Max out at a few hundred active
players and a handful of properties.

20. Confidential & Proprietary
Our Comp Shopper Technology*
www.rfandb.com and
www.valetnoir.co.uk
Online Booking of
Free Casino Rooms,
Click to Book,
Based on Player’s
Actual Play History 
*Proprietary technology. Patent-Pending.
20

21. Confidential & Proprietary 21
Problem: Player Perspective
Players spend all
their time at one
property brand
and cannot bridge
loyalty programs
to use comps at
other brands
without playing
there first.

22. Confidential & Proprietary 22
Revenue Sources
$, €, £, ¥

23. Recurring Revenue Model
Player Takes Trip to Property
Property Ties Player
Source to us for 18 months Property Pays
Commission
Player earns
Rewards.

24. Confidential & Proprietary 24
Calculation of Our Commissions
Formula: Bet Amount x Bets x Simultaneous Hands/Machines Played x House Advantage x Play Time
Units Dollars Hour Machines 100 Hours

25. Qualify
BookCollect
$$$
Client Booking Cycle
1. Qualify Electronically
2. Book Electronically
3. Collect for Each Trip
Payout:
18 months
Per property
Per player

26. Confidential & Proprietary 26
Company Assets
Proposed M&A will push
registered members past
1 Million mark.
Proposed M&A will bring
33% of USA land casinos
into RF&B network with
substantial growth potential
internationally.

27. Confidential & Proprietary
Membership Growth – Size of Our Database
Affiliate Marketing
Co-Registration
Referral Program
27

28. Confidential & Proprietary 28
Magazine Advertising Clients
Mandalay Bay (MGM/Mirage)
Starwood “W” Hotel & Residences
Don Julio
Casa Noble Tequila
Party Gaming
Kathy Van Zeeland
Marquis Jet
N9ne Group
Gevril Watch
Fiesta Casino, Costa Rica
Fashion Mall, Las Vegas
Havana Cigars
House of Blues
Southpoint Hotel And Casino Las Vegas
Walters Golf Las Vegas
Pinnacle Estates
Valef Yachts
Golden Platter Sports
B. Makowsky Leather
Kathy Van Zeeland Designers
Tiganello Fashions
Jewel of Russia Vodka
Sotheby’s
Coldwell Banker
MarquisJet
CLS Limo
Goldmund Sound
Ferraro’s
Playboy

29. Confidential & Proprietary 29
UK Subsidiary Advertising Clients
William Hill PLC
Roxy Palace
Carmen Media
BetRev
Partner Logic
Harrods
Victor Chandler
GamShare
Miami Paradise
Webstorm Media
888
Party Gaming
Belle Rock Entertainment
Paddy Power
Euro Gaming Ltd
Betfair Poker
MGC
Ladbrokes Ltd

30. Confidential & Proprietary
Our Systems
Connect to Casino Marketing Systems
Transmit Requests for Comps
Accept Status
Presents Online to Player
Permit N-way Comp Evaluation
Let Players See Worldwide Comp Options
Extensible to Online Gaming Opportunities
LAMPS Architecture
30

31. Confidential & Proprietary 31
United States
Harrah’s Hotel & Casino, Las Vegas Diamond Jo’s, Iowa
Harrah’s Hotel & Casino, Laughlin
Harrah’s Hotel & Casino, Reno
Harrah’s Rincon
Harrah’s Hotel & Casino, Tahoe
Harvey’s Hotel & Casino, Tahoe
Las Vegas Hilton
New York-New York Hotel & Casino
Paris Las Vegas
Rio All-Suite Hotel & Casino
Bally’s Atlantic City
Bally’s Las Vegas
Caesars Palace Atlantic City
Caesars Palace Las Vegas
Celebrity Cruise Line
Flamingo Las Vegas
Hard Rock Hotel & Casino Las Vegas
Harrah’s Casino, Louisiana Downs
Harrah’s Casino, New Orleans
Harrah’s Casino, Shreveport
Harrah’s Hotel & Casino, Atlantic City
Luxor Hotel and Casino, Las Vegas
Golden Nugget Casino, Las Vegas
Grand Tunica
Grand Biloxi
Caribbean
Atlantis, Paradise Island, Bahamas
Wyndham Aruba, Marriott Aruba
Marriott St. Kitts, St. Maarten
Crystal Palace Casino
El San Juan - Puerto Rico
El Conquistador - Puerto Rico
Canada
Casino Niagara
Niagara Fallsview Casino
Casino De Montreal
Casino Du Lac-Leamy
Casino De Charlevoix
Europe
Club Casino Loutraki - Greece
Cruise Lines
Norwegian Cruise Lines
Royal Caribbean Cruise Lines
Celebrity Cruise Lines
Current Contracts & Licenses by Region 5/1/2007

32. Historical Financial Performance ($ in 000’s)
($375.0)
$0.0
$375.0
$750.0
$1,125.0
2003-A 2004-A 2005-A 2006-A
Revenue
EBITDAO
428% CAGR

33. $-
$10,000
$20,000
$30,000
$40,000
2007 2008 2009
$6,927
$18,434
$39,120
$1,565
$6,405
$25,128
Revenue EBITDAO
Forecasted Financial Performance ($ in 000’s)

34. Confidential & Proprietary 34
Use of Proceeds
Acquisition and operational roll-up several identified competitors with:
Most-complimentary networks of casinos or mailing lists including entire family of
MGM/Mirage & Mandalay Bay Properties Worldwide, foreign casinos in South
America, Caribbean, Europe and Asia.
Extensive high-value database of players with proven play records to leverage max
database advertising value and travel value.
Good fit operationally.

35. M&A Prospects
Company Mailing List Inventory Revenue Impact
Company 1: 100,000 Nationwide +$1 Million
Company 2: 50,000 70 Additional Properties +$500,000
Company 3: 210,000 International + Canada +$1.3 Million
Company 4: 82,000 Nationwide +$350,000

36. Confidential & Proprietary
Seeking
• A lead financial firm (partner) for:
– Immediate £3 Million Private Equity Financing
– With Extensive Practice Areas in M&A.
– Solid sponsor/NOMAD practice for future LSE/AIM filing.
36