From the administrators' statement

| refer you to Appendix A of this report for a detailed background history of the Company prepared by Mr Anthony Ward, a director of the Company

The Company had sold its digital photo processing business to Albumprinter B V (“AP” or “Albumpninter’) on 24 January 2011 Further information on the sale ts set out in the notes to the EOS attached at Appendix D Please note that AP is an unconnected company

We are informed that the directors’ intention was that, following the sale to AP, the Company would continue to produce the standard photo pnnting and photo gifts work on behalf of AP However, we are informed that the volume of sales achieved in February and March of 2011 was well below the level required to enable the Company to meet its overheads

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Grunwick Processing Laboratories Limited (00833692)

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