<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:</td><td>Monday, December 1, 2014 4:13 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>FHS</td></tr></table>

The proposed transaction perimeter takes place at th= PPL Press Limited (PPL) Group level. This Group includes a Swiss subsidia=y, FHS Limited, which acts as a service company for the current owner and =ills his consulting services to the main trading company. This subsidiary will be carved out of the Group unde= a transaction and the net assets will be excluded from the completion bal=nce sheet at closing. Net assets are currently estimated by management c. =t but NWC at Jun-12 was (E49k).

FHS costs relate to FHS Service SAGL ("FHS"=), a legal entity incorporated in Switzerland. FHS is a subsidiary of the =roup and is used primarily as a vehicle for Richard Schlagman to recharge =is office services to PPL. Management have represented that the on-going PPL business can trade without any of the se=vices provided by FHS (other than one designer, the cost of which is inclu=ed before EBITDA) and therefore these costs are considered exceptional

Richard Joslin

CFO

Elysium Management LLC

445 Park Ave

Ste. 1401

New York, NY 10022