DUFF &PHELPS

Our ref: FDW/PXH/RBH/SQB/VOK01 1/1362827/03

IsYU[.1At1its]

When telephoning please ask for

Sandrpan Bhowrnik

e-mail

Sandipan Bhowrnik@ctuffandphelps corn

Direct Line

020 7535 1186

15 February 2012

Dear Sirs

refer to my appointment as Joint Administrator of the Company together with my partner, Geoffrey Bouchier, on 16 August 2010.

In accordance with Section 246B of the Act and Rule 12A.12 of the Insolvency Rules 1986, as amended (’the Rules"), I give notice that the following documents are available to view and download at the following address:

Web Address www.duffandphelps.com/uk-restructurinq/creditor-quides.

The report can be found under Insolvency Appointments and is titled "Viking Office Supplies (UK) Limited (In Administration)" - Final Report to Creditors. This document will be available at the above address for not less than three months from the date of this letter.

You may request a hard copy of the documents, in writing at the above address, or by contacting Sandipan Bhowmik on the details above. A copy will be sent within five business days of the receipt of your request to the address to which this letter is sent, unless in your request you notify us of an alternative address, No fee will be charged for supplying the report.

Should you have any queries in relation to this matter please contact Sandipan Bhowmik.

Y of

plies (UK) Limited

Paul Williams Joint Administrator

The affairs, business and property of the Company are being managed by the Joint Administrators, Paul Williams and Geoffrey Bouchier, who act as agents for the Company and without personal liability. They are both licensed bythe Insolvency Practitioners Association.

Duff & Phelps Ltd. ’r +44 (0)20 7487 7240 Duff & Phelps Ltd. Registered in Licensed Insolvency Practitioners acting as 43-45 Portman Square F +44 (0)20 7487 7299 England. Company registration number office holders act without personal liability and London W1 SLY w.duffandphelps,co.uk 05568550. Registered office: 32 unless otherwise stated are authorised by the United Kingdom Threadneedle Street, London EC2R 8AY Insolvency Practitioners Association

Viking Office Supplies (UK) Limited Final Report to Creditors

15 February 2012

Viking Office Supplies (UK) Limited (In Administration)

Final Progress Report of the Joint Administrators For the period from 16 August 2010 to 15 February 2012 Pursuant to Rule 2.110 of the Insolvency Rules 1986 as amended

15 February 2012

DUFF&PHELPS

Viking Office Supplies (UK) Limited Final Report to Creditors

15 February 2012

Names of Joint Administrators: Paul David Williams

Geoffrey Wayne Bouchier

Date of Appointment: 16 August 2010

Date of Report: 15 February 2012

Appointed By: Bibby Financial Services Limited 2nd Floor, The Woodlands 1 Francis Way, Grove Park Leicester LE9 1 S

Court Reference High Court of Justice Chancery Division Companies Court London Court Number: 6663 of 2010

Duff and Phelps Ltd. 43-45 Portman Square London W1 6LY

DUFF &PHELPS

Viking Office Supplies (UK) Limited Final Report to Creditors

15 February 2012

CONTENTS

1. Introduction

2. Background

3. Overview of the Administration

4. Investigations

5. Dividend Prospects! Prescribed Part

6. Joint Administrators’ Time Charged and Expenses Incurred

7. End of Administration

APPENDICES

1. Statutory Information

2. Joint Administrators’ Final Receipts and Payments Account

3. Joint Administrators’ Time Costs

4. Joint Administrators’ Proposals

5. Form 2.35b - Notice of Move from Administration to Dissolution

DUFF &PHELPS

Viking Office Supplies (UK) Limited Final Report to Creditors

15 February 2012

1. INTRODUCTION

1.1 Together with my partner, Geoffrey Wayne Bouchier, I was appointed Joint Administrator of Viking Office Supplies (UK) Limited (’the Company") on 16 August 2010 ("the Appointment Date") by Bibby Financial Services Limited ("Bibby"), the holder of a qualifying floating charge under Paragraph 14 of Schedule Bi to the Insolvency Act 1986, as amended ("the Act").

1.2 In accordance with Paragraph 100(2) of Schedule Bi to the Act, the functions of the Joint Administrators are being exercised jointly and severally.

1.3 The purpose of this report is to provide creditors with a final account of the progress of the Administration, in accordance with Rule 2.110 of the Insolvency Rules 1986, as amended ("the Rules").

1.4 This report should be read in conjunction with my previous reports, copies of which are available on request.

2. BACKGROUND

2.1 Statutory information on the Company and a summary of its financial position is included within Appendix 1. Further details on the background of the Company can be found in my previous reports to creditors.

2.2 As advised in the our Statement of Proposals, we must perform our functions with the purpose of achieving one of the following hierarchical objectives:

Rescuing the Company as a going concern; or

� Achieving a better result for the Company’s creditors as a whole than would be likely if the Company were wound up (without first being in Administration); or

� Realising property in order to make a distribution to one or more secured or preferential creditors.

2.3 We were unable to achieve the first objective as the liabilities of the Company made it impossible to sell the shares in the Company.

2.4 As the Company was sold on a going concern basis, we believe that the second objective was achieved as asset realisations were higher than in a Liquidation scenario.

3. OVERVIEW OF THE ADMINISTRATION

3.1 The manner in which the affairs and business of the Company have been managed since our last report are outlined below.

Sale of the Business and Assets

3.2 The business and assets of the Company were sold to The Stationery Store (Retail) Limited ("SS(R)") on 16 August 2010, shortly after our appointment, for a total consideration of £50,000.

DUFF&PHELPS

Viking Office Supplies (UK) Limited Final Report to Creditors

15 February 2012

3.3 Sale consideration of £10,000 was paid on completion. The remaining £40,000 was due in four instalments as outlined below:

Date £ On or Before 16 September 2010 10,000 On or Before 16 October 2010 10,000 On or Before 16 November 2010 10,000 On or Before 16 December 2010 10,000 Total 40,000

3.4 Since completion, a further amount of £19,754 has been received into the Administration estate and the balance of £20,246 plus interest and charges remains outstanding. SS(R) has now ceased to trade.

3.5 Steve Withers a director of SS(R) provided a personal guarantee in respect of the deferred consideration.

3.6 It was discussed in our last report to creditors that we would be seeking an extension of the Administration for a period of twelve months in order to recover the outstanding balance due to the Company under the terms of Mr Withers’ personal guarantee.

3.7 We have since been made aware that a bankruptcy petition has been served against Mr Withers.

3.8 Mr Withers has advised that he will allow the bankruptcy petition to proceed. Accordingly we do not anticipate that there will be any recoveries from the bankruptcy estate of Mr Withers and there would appear to be no benefit in extending the.

3.9 Our application to extend the administration has therefore been withdrawn.

3.10 In any event, any recoveries from the estate of Mr Withers would be solely used to discharge the outstanding expenses of the Administration which are detailed in section 5 of this report. Even if the outstanding balance was recovered in full from Mr Withers, there would be insufficient funds to pay a distribution to any class of creditor.

3.11 The debt due to the Company from Mr Withers has been assigned to Duff & Phelps Ltd. (’Duff & Phelps") for a nominal sum. If there are any future recoveries from the bankruptcy estate of Mr Withers these will be used to discharge a proportion of the outstanding expenses detailed in section 5 of this report

4. INVESTIGATIONS

4.1 We submitted our report on the directors’ conduct to the Department for Business, Innovation and Skills on 1 February 2011.

4.2 The contents of this report are confidential, and we therefore cannot provide any further information.

DUFF&PHELPS

Viking Office Supplies (UK) Limited Final Report to Creditors

15 February 2012

5. DIVIDEND PROSPECTS I PRESCRIBED PART

Secured Creditor

Bibby Financial Services Limited

5.1 In consideration for the monies advanced under a book debt factoring agreement the Company granted Bibby a mortgage debenture dated 24 August 2007, which confers fixed and floating charges over all of the assets of the Company.

5.2 At the Appointment Date, the Company’s indebtedness to Bibby was approximately £228,000. This liability was transferred to SS(R) under the terms of the sale agreement. SS(R) also provided a guarantee on Bibby’s indebtedness to Desk-Link UK Limited.

5.3 Bibby have confirmed that based on current estimates, there will be insufficient asset realisations to repay Bibby’s indebtedness in full.

Preferential Creditors

5.4 Although the directors’ Statement of Affairs ("SOA") estimated preferential claims to be £10,000, a claim has yet to be submitted by the Redundancy Payments Office.

5.5 There have been insufficient asset realisations to pay a distribution to preferential creditors of the Company.

Prescribed Part

5.7 Pursuant to Section 176A of the Act where a floating charge is created after 15 September 2003 a Prescribed Part of the Company’s net property shall be made available to non-preferential unsecured creditors.

5.8 The Prescribed Part is calculated as a percentage of net property as follows:-

Net property less than £10,000: 50% of net property. Net property greater than £10,000: 50% up to £10,000, plus 20% thereafter to a

maximum of £600,000.

5.9 The maximum value of the ring-fenced proportion of the funds is known as the "Prescribed Part" is £600,000.

5.10 Although the Prescribed Part applies, there are insufficient funds to enable a dividend to non- preferential unsecured creditors from the Prescribed Part.

Non-Preferential Unsecured Creditors

5.11 According to the directors’ SOA, non-preferential unsecured creditors are estimated to be £1,113,212. We have received claims to date totalling £403,490.

5.12 There are insufficient realisations to enable a distribution to the non-preferential unsecured creditors.

6. JOINT ADMINISTRATORS’ TIME CHARGED AND EXPENSES INCURRED

6.1 The time costs incurred in the period by Duff and Phelps. are as analysed at Appendix 3. For the period 16 August 2010 to 12 February 2012 the time costs total £97,414. Remuneration totalling £20,999 has been drawn.

DUFF&PHELPS

Viking Office Supplies (UK) Limited Final Report to Creditors

15 February 2012

6.2 Information regarding the fees of Administrators called "A Creditors’ Guide to Administrators’ Fees" can be found at our website at www.duffandphelps.com/uk-restructuring/creditor -ciuides . Should you require a copy, please contact this office.

6.3 Our agents have incurred the following expenses in dealing with the Administration of the Company:

Company Role Costs Amount Incurred () Paid ()

Hilco Appraisal Valuation of the Company’s chattel 5,922 Nil (Europe) Limited assets and stock.

Michelmores Solicitors - Preparing the sale of 18,118 7,221 LLP business contract, assistance with

placing the Company into Administration, preparation of the winding up petition against Mr Withers and other matters in respect of the petition.

Total Data Storage of the Company’s books and 393 393 Management records.

Courts Advertising of the meeting of creditors 76 76 Advertising and members and the Joint Liquidators’ Limited appointment, as per statutory

requirements.

Accurate Mailing Postage and fees in relation to sending 2,739 2,739 Services Limited out of statutory reports to creditors

Storeys SSP Commission on rates refund 918 918 Limited

Menzies LLP Assistance in the preparation of 275 275 corporation tax returns

6.4 In accordance with Rule 2.48A of the Rules, secured creditors or non-preferential unsecured creditors (with the concurrence of at least 5% in value of unsecured creditors) may make a request in writing to the us for further information about the remuneration or expenses set out in this progress report. This should be done within 21 days receipt of this report, after which the Joint Administrators have 14 days to respond.

6.5 In addition to the above, any secured creditor or any non-preferential unsecured creditor (with either the support of at least 10% in value of the non-preferential unsecured creditors or with the permission of the Court), may apply to the Court on the grounds that the remuneration or basis fixed for our remuneration or the expenses incurred by the us are considered to be excessive. In accordance with Rule 2.109 of the Rules, this application must be made no later than 8 weeks after receipt of this progress report, where the charging of the remuneration or the incurring of expenses in question occurs.

7. END OF ADMINISTRATION

7.1 In accordance with the our proposals, a copy of which is attached at Appendix 4, the we will now be giving notice to the Registrar of Companies to the effect that the Company has no property which might permit a distribution to unsecured non-preferential creditors, at which stage the Administration will come to an end.

DUFF &PHELPS

Viking Office Supplies (UK) Limited Final Report to Creditors

15 February 2012

7.2 The Company will be dissolved within three months following the registration of the Notice with Companies House.

7.3 Attached, at Appendix 5, is Form 2.35B - Notice of Move to Dissolution, which will be filed at Companies House to effect the dissolution.

7.4 If you require further information or assistance, please do not hesitate to contact Sandipan Bhowm iko-thi&office.

Paul David Williams Joint Administrator

The affairs, business and property of the Company are being managed by the Joint Administrators, Paul Williams and Geoffrey Bouchier, who act as agents for the Company and without personal liability. They are both licensed by the Insolvency Practitioners Association.

DUFF &PHELPS

Viking Office Supplies (UK) Limited Final Report to Creditors

15 February 2012

APPENDIX I

Statutory Information

DUFF &PHELPS

Viking Office Supplies (UK) Limited Final Report to Creditors

15 February 2012

STATUTORY INFORMATION

Date of incorporation 6 October 2006

Registered number 05958337

Company directors Mrs Claire Alison Withers and Mr Steven Withers

Company secretary Mrs Claire Alison Withers

Shareholders Mrs Claire Alison Withers holds 500 of 1000 £1 ordinary shares Mr Steven Withers holds 500 of 1000 £1 ordinary shares

Trading addresses Crossfield Road Shire House Lichfield Birmingham Road Staffordshire Lichfield WS136RJ WS149BW

Registered office Current: Formerly:

43-45 Portman Square Shire House London Birmingham Road Wi H 6LY Lichfield

WS14 9BW

Any other trading names Al (UK)

Financial information Year Ended Year Ended Year Ended 31 March 2010 31 March 2009 31 March 2008 (Management) (Audited) (Audited)

£ £ £

Turnover 3,122,063 3,229,850 2,260,664

Gross Profit 1,168,136 1,100,068 1,013,006

Retained profit/(loss) (89,435) (173,156) 1,237 for the year prior to disposal of assets

Profit on disposal of business 368,807 - -

Retained Profit (including 279,372 (173,156) 1,237 asset disposal)

DUFF&PHELPS

Viking Office Supplies (UK) Limited Final Report to Creditors

15 February 2012

APPENDIX 2

Joint Administrators’ Final Receipts and Payments Account

DUFF&PHELPS

Viking Office Supplies (UK) Limited (In Administration)

Joint Administrators’ Receipts and Payments Account for the period 16 August 2010 to 15 February 2012

Statement of Affairs Estimated to Realise

£

FLOATING ASSET REALISATIONS

5000000 Sale Consideration (Stock, Chattel Assets and Intangible Assets)

Licence Fee

- Assignment of Steven Withers’ Personal Guarantee

- Bank Interest Gross

Rates Refund

- Sundry Receipts

50,000.00

COST OF REALISATIONS - FLOATING

Pre-Insolvency Remuneration

Joint Administrators’ Remuneration

Accountants’ Fees

Legal Fees

Legal Disbursements

Rent

Storage Costs

Statutory Advertising

Stationery & Postage

Bank Charges

Commission re: Rate Refund

BALANCE OF THE ESTATE

l8 January 2Ol2 to

15 February 2012

£

1.00

0.03

530.00

531.03

(4,999.06)

(275.00)

(475.00)

(237.19)

(656.18)

(5.00)

(6,647.43)

l6 August 2OlO to 15 February 2012

£

29,573,61

5,000.00

1.00

7.81

4,588.00

540.00

39,710.42

(231.54)

(20,999.06)

(550.00)

(7,171.41)

(712.00)

(5,000.00)

(630.08)

(75.60)

(3,394.69)

(28.44)

(917.60)

(39,710.42)

0.00

Viking Office Supplies (UK) Limited Final Report to Creditors

15 February 2012

APPENDIX 3

Joint Administrators’ Time Costs

DUFF&PHELPS

VIKING OFFICE SUPPLIES (UK) LIMITED (IN ADMINISTRATION)

Analysis of Joint Administrators time costs for the period 16 August 2010 to 12 February 2012

Classification of Work Hours Total Time Av hourly

Function Hours Cost Ruts Partner Manager Senior Assistant Support

£ £

Administration and Planning Statutory matters (Meetings, Reports and Notices) 1.60 10.30 55.60 33.70 101.20 22,903.00 226.31

Strategy planning & control 0.30 5.60 20.20 9.00 35.10 8,369.00 238.43

Case review and Case Diary management 0.40 6.90 14.90 7.80 30.00 7,710.00 257.00

Dealings with Directors and Management 2.60 4.20 12.40 1.70 20.90 6,468.00 309.47

Cashiering & accounting 0.80 1.50 10.90 13.40 0.20 26.80 5,666.50 211.44

Statement of affairs 0.10 3.60 3.10 6.80 1,175.50 172.87

IFS setup & maintenance 0.20 0.30 8.70 9.20 1014.00 110.22

TexCompliance/Plannieg 0.10 1.70 2.40 4.20 704.50 167.74

Insurance 0.80 2.30 3.10 406.00 130.97

Investigations CODA, reports & Communication 0.20 2.40 23.20 26.20 52.00 9,813.00 188.71

Financial review and investigations (S238/239 etc) 0.50 3.70 4.20 1,079.50 257.02

Realisation of Assets Freehold and Leasehold Property 0.20 4.90 19.10 10.50 34.70 7,726.50 222.67

Sale of business 0.70 7.90 1.80 10.40 2,445.00 235.10

Book debts 0.80 1.80 4.30 6.90 1,176.00 170.43

Other Intangible Assets 1.10 1.10 260.00 236.36

Other Tangible Assets 0.70 0.70 164.00 234.29

Stock and Work In Progress 0.10 0.10 10.00 100.00

Trading Trading - Retention of Title, Claims handling 1.90 1.90 418.00 220.00

Trading - Employees 0.50 0.50 50.00 100.00

Creditors Communications with Creditors/Employees 0.20 3.70 21.20 24.70 49.80 9535.50 191.48

Non Pref Creditors/Employee claims handling 0.10 21.80 26.80 48.70 7,683.50 157.77

Secured Creditors 1.70 7.60 9.30 1,182.00 127.10

Non Pref Creditor claims adjudication and dint’s 0.40 8.50 8.90 992.00 111.46

Pref claims adjudication and distribution 0.70 0.60 0.20 1.50 438.50 292.33

Creditors committee 0.80 0.80 24.00 30.00

Total Hours 1 7.301 41.701 225.50 193.30 1.00 468.80 207.79

Total Fees Claimed () 3,678.50 16,542.50 56,744.50 20,418.50 30.00 97,414.00 1 1

Category 2 Disbursements:

There are no category 2 disbursements for this case to date,

Viking Office Supplies (UK) Limited Final Report to Creditors

15 February 2012

APPENDIX 4

Joint Administrators’ Proposals

DUFF &PHELPS

Joint Administrators’ Proposals

� That the Joint Administrators continue the Administration to deal with such outstanding matters in relation to the Company as the Joint Administrators consider necessary until such time as the Administration ceases to have effect.

� That the Joint Administrators do all such other things and generally exercise all of their powers as contained in Schedule 1 of the Act, as they, in their sole and absolute discretion consider desirable or expedient in order to achieve the purpose of the Administration.

� That the Joint Administrators, once all outstanding matters have been satisfactorily completed, take the necessary steps to give notice under Paragraph 84 of Schedule Bi of the Act to the Registrar of Companies to the effect that the Company has no property which might permit a dividend to its creditors, at which stage the Administration will cease.

� That the Joint Administrators, in the event that they form the view that a dividend can be made to non-preferential unsecured creditors, take the necessary steps to put the Company into CVL. It is proposed that the Joint Administrators, currently Paul David Williams and Geoffrey Wayne Bouchier of MCR would act as Joint Liquidators should the Company be placed into CVL. In accordance with Paragraph 83(7) of Schedule Bi to the Act and Rule 2.11 7A(2)(b) of the Rules the creditors may nominate a different person as the proposed liquidator, provided such nomination is made before these proposals are approved.

� That the Joint Administrators be discharged from all liability pursuant to paragraph 98 of Schedule Bi to the Act, upon filing the end of the Administration or their appointment otherwise ceasing.

Viking Office Supplies (UK) Limited Final Report to Creditors

15 February 2012

APPENDIX 5

Form 2.3513 - Notice of Move From Administration to Dissolution

DUFF&PHELPS

Rule 2.118

Form 2.3513 The Insolvency Act 1986 Notice of move from administration to dissolution 2.3513

Name of Company Company number

Viking Office Supplies (UK) Limited 05958337

In the High Court of Justice Chancery Division Companies Court London

For court use only

6663 of 2010

I name of

(a) Insert full name(s) and

We (a) Paul David Williams and Geoffrey Wayne Bouchier of Duff & Phelps Ltd., 43-45 address(es) of administrators

Portman Square, London, W1 6LY,

(b) Insert name and address of having been appointed Administrator(s) of (b) Viking Office Supplies (UK) Limited the registered office of company 43-45 Portman Square, London, WI H 6LY, ("the company")

(c) Insert date of appointment On (c) 16 August 2010 by (d) Bibby Financial Services Limited

(d) Insert name of appointor

hereby give notice that the provisions of paragraph 84(1) of Schedule BI to the Insolvency Act 1986 apply.

I attach to this e a copy of the final progress report.

Signed Joint Administrator

Dated SI2_1J_o’i

Contact Details:

Duff & Phelps Ltd. You do not have to give any 43-45 Portman Square Contact information in the box London opposite but if you do, it will help Wi H 6LY Companies House to contact you

if there is a query on the form. Tel: 020 7487 7240 The contact information that you

give will be visible to searches of

the public record

When you have Completed and signed this form please send it to the Registrar of Companies at:

Companies House, Crown Way, Cardiff CFI4 3tJZ DX 33050 Cardiff