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® THIS IS FASHION™

STO MEMORANDUM

Version 1.041 25-09-2018

ThisIsFashion.tv

Amsterdam

+31-6-52478753

sander@thisisfashion.tv

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Disclaimer TIF Holding (Modelboard Holding BV) has compiled this document for the purpose of evaluating a possible financing, strategic partnership or other transaction involving TIF Holding, This Is Fashion and TIF holding are registered trademarks. Acceptance of delivery of this document by a recipient constitutes acceptance of the terms and conditions set out in this disclaimer. The sole purpose of this document is to inform the recipient about the ideas This Is Fashion has regarding an STO (Security Token Offering) and directions that could be taken to attract investments via the crypto market. This document has not been registered or approved in any jurisdiction. However, much effort has been taken to make sure that the information, valuation, and forecasts are accurate with the information we have available today. This document is still in DRAFT although the chapters 1 to 9 are as accurate as possible, the tokenization chapter (10) is not finished yet. Because of our objective to be fully AFM compliant matter in this document is subject to change. The valuation invested amount and the discount, however, will never be changed after a PRE-STO sale. The first 100K raised will be used to ensure compliance, do the legal footwork and restructure the companies, and create the foundation for our tokenized shares. All contracts, bylaws, and information applicable to this process will be open sourced under MIT 2.0 license, so other entrepreneurs can lower their costs when they want to run the same type of fundraiser. Under no circumstances should the recipient of this document contact shareholders, employees, customers, and suppliers of This Is Fashion without prior written consent from This Is Fashion. Any communication or inquiry concerning this document or any need for further information concerning this document or the process should be referred exclusively to:

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A Preface by Chris

'It was in March 2018 at one of Europe’s top media conferences, The Digital Innovators’ Summit, in Berlin that I met an interesting entrepreneur, Sander Kooger. He talked me through his idea for This Is Fashion. The project sounded ambitious and it sounded exciting. As I had spent more than 25 years in international magazine publishing, I could see immediately that his business idea was capturing a real need for both the consumer and media owner.

For the consumer the sheer depth and breadth this one-stop fashion platform promises together with its ease of use is just so enticing. From the media owner’s point of view This Is Fashion is a simple partnership and a no-risk source of new revenue. In particular it opens up the potential to monetise a brand’s content archive, offering an extremely lucrative high-margin return. A win-win for everyone involved.

“A win-win for everyone

involved.”

And so I offered to help Sander, to meet the key people in the fashion magazine world of New York, Paris, London and Milan. It’s a journey that has started well, and one that I’m sure will have a wonderful conclusion.'

Chris Llewellyn Advisor This Is Fashion Former CEO FIPP the network for global media Link to original document

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Table of Contents 1 Executive Summary .......................................... 4

1.1 The Challenge ............................................. 4

1.2 Our Solution ................................................. 4

1.3 The Opportunity .......................................... 5

1.4 One More Thing! .......................................... 5

2 The Market ........................................................ 6

2.1 Target Market .............................................. 6

2.2 Market Facts ............................................... 7

2.3 Positioning .................................................. 9

2.4 Competition Strategy .................................. 9

2.5 SWOT Analysis .......................................... 10

2.6 Market Strategy ......................................... 10

2.7 Market Size – Top Down (Rev) ................ 11

2.8 Market Size – Top Down (Audience) ....... 11

3 Product ........................................................... 12

3.1 Form Factor ............................................... 12

3.2 Functionality .............................................. 12

3.3 Features ..................................................... 13

3.4 Intellectual Property .................................. 14

3.5 Road Map .................................................. 14

4 Revenue Models ............................................. 15

4.1 B2B Subscriptions .................................... 15

4.2 B2C Subscriptions .................................... 16

4.3 Average Revenue Per Unit (ARPU) ........... 17

4.4 Lifetime Value ........................................... 17

5 Sales Strategy ................................................. 18

5.1 Short-Term Strategy (1-year) .................... 18

5.2 Long-Term Strategy (5-year) .................... 18

6 The Team ........................................................ 19

STO Advisors ..................................................... 19

TIF Advisors ...................................................... 19

The TIF Team .................................................... 20

7 Partners .......................................................... 21

8 Finance ........................................................... 22

8.1 Overview .................................................... 22

8.2 Profit and Loss .......................................... 24

9 Valuation of TIF-Holding ............................... 25f

9.1 Valuation report summary ........................ 25

9.2 Equidam Report ........................................ 26

9.2.1 Methods and Weights ......................... 27

9.3 Financial breakdown and valuation ......... 35

9.4 Financial Background ............................... 36

10 How we tokenized our stock ......................... 36

10.1.1 Corporate Structure ............................. 37

10.1.2 Differences With a Traditional IPO ..... 38

10.1.3 Regulations Market Authority ............. 38

10.2 STO Token Distribution ............................ 39

10.3 Token value ............................................... 40

10.3.1 (Pre)STO............................................... 40

10.3.2 STO ....................................................... 40

10.4 Publicly Tradeable .................................... 40

10.5 Cap table ................................................... 41

10.6 Dilution Table ............................................ 41

10.7 Exit Strategy .............................................. 42

10.7.1 Exit waterfall ........................................ 42

10.7.2 ROI (Preliminary) ................................. 43

10.8 Acquiring TIFstock .................................... 43

10.9 TIFstock Sell-off by Personnel ................. 43

10.9.1 TIF-stock Insider Trading Policy ......... 43

10.10 Dividend Policy .................................... 43

10.11 Shareholder Voting and Meetings ..... 44

10.12 Preferred Shareholder discounts ....... 44

10.13 Preferred shareholder Notice ............. 44

10.14 Tender Offers ...................................... 44

10.15 Use of Proceeds .................................. 45

11 Investment Risk .............................................. 45

12 APPENDIX: Sources and Assumptions ......... 46

12.1 Finance ...................................................... 46

12.1.1 Global assumptions ............................ 46

12.1.2 Consumer assumptions: ..................... 46

12.1.3 B2B assumptions ................................ 47

12.2 Sources and Reports: ............................... 47

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1 Executive Summary

1.1 The Challenge For a fashion professional, lover and devotee, it is difficult to find and access all the information in existing fashion media. Online information is scattered over a variety of sources and offline media is even more inaccessible. To make matters worse; It’s almost impossible and, incredibly expensive to receive foreign magazines at home. Fashion lovers worldwide ask themselves:” Why is it so difficult to access everything fashion in one place?” A strange question considering the magazine media market for women's interest accounts for a total of 145 billion Dollars in annual revenue. As any enthusiast can tell you, the fashion world moves quickly. Professionals and lovers alike need a convenient way to stay up to date. With international content, thorough search algorithms and a memory for your tastes, This Is Fashion is a well of news and inspiration that can fit into your pocket. Moreover, hundreds of years of fashion history are deteriorating away from the public eye. Located in archives and private collections across the globe, there is no digital back-up to save them. The desired public, wherever they

are in the world, deserve access to these documents and images. This Is Fashion sees a world in where accessing this well of information is easy and affordable. Whether you are looking for the latest edition of Vogue, a hard-to-find documentary, a passage in a specific book, new or vintage magazines, or the latest Chanel runway show. This Is Fashion will present the most comprehensive digital library in existence. Designed to get all Fashion needs, to be fulfilled!

1.2 Our Solution

“Our platform is designed to untangle and compress all fashion content into one convenient library. “

Accessible to everyone in the 3 trillion-dollar global fashion industry, whenever and wherever. Our platform will stream the desired content to viewers directly to their mobile phone, tablet, computer, or any internet-enabled device like a smart TV. With an estimation of 2,987 international monthly and quarterly fashion magazines, countless fashion series, 1,431 fashion inspired movies and documentaries, 96,881 fashion books, 1,470,000 catwalks, and 3200 pattern books, and an estimate of women’s interest’s holding 47 percent of the global print and media market We know there is enough content to fill our library. Not only are we working out deals to add and monetize content to our library, we work on preserving this heritage as well. For users that need access to more than casual browsing, we offer a specialized search engine

capable of deep searching and usable for endless research. From researching styles to academic history, our search engine will make sure they do not get misplaced in the world of fashion.

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1.3 The Opportunity In today’s 308 billion dollars annual print market, we see that the sales and readerships of fashion “institutes” like Vogue, Elle, and Harper’s Bazaar have dropped over 42% in the last seven years. It’s true that publishers are working hard to switch to digital models. But, up until now, they did not succeed in bridging the financial gap that the lost readership in print created. We have the opportunity to bring the content of these institutes in this vast market directly into their clientele’s hands. Seizing a sizable portion of the global print market in the process. The demand on the publisher side is there. Deals with Marie Claire and Nylon have already been closed. They believe we can get readerships up to par again. Most of all, introduce hybrid revenue models that help these institutes raise their revenue. This is Fashions solution allows a struggling market to recover and find new prospects, much like iTunes did with the music industry in the Napster age.

This Is Fashion helps sustain the print market as well as the video production and streaming market. We do so by using innovative new print and film advertising methods and monetization streams, including revenue sharing with premium content producers. Looking at the big successes of Media or Video-On-Demand initiatives like Hulu, Netflix, and Magzter, we see a market trend of consumers looking for more value for their money. Why pay for an immense number of subscriptions and search all over the web for fashion films, books, magazines, or even design patterns? We provide an ultra-convenient solution to content-hungry consumers priced at about 1,5 to 2 magazines.

1.4 One More Thing! This Is formula1, This Is Football, This Is Cooking, This Is Yoga, This Is Everything! To enlarge our upside potential, our technology is scalable into multiple niches. As soon as our proof of concept is fully running we will license or scale our tech into different niches.

“SIT BACK, RELAX, AND ENJOY ALL FASHION CONTENT. ANYTIME, ANYWHERE ON ANY DEVICE”

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2 The Market

2.1 Target Market The print and media market is vast. It is also a highly competitive and fragmented market. The latter is our strength. We combine all media in a particular niche into one single outlet starting with fashion, serving both publisher and reader. The total addressable market for print media alone is roughly 308 billion dollars worldwide where women’s interests account for roughly 47 percent of that market. That leaves us with a service available market of about 145 billion dollars. For millions of consumers, fashion students, and professionals, this platform designates a place to search, browse, and understand all things fashion from past to present. For fashion publishers and video producers, we are the “new outlet.” By offering a revenue

share, we are a welcome add-on to their income and monetization models. For print, in particular, we offer the means to reconnect with lost readership and impactful millennials, adding new advertisement revenue models in our wake. In the future, we will enable users to translate foreign magazines, books, and editorials in their own native language. The objective, for now, is that every fashion magazine can fit right on your tablet and into your Birkin bag.

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2.2 Market Facts

1. MAGAZINES VS NETFLIX SPEND IS 4:1 There has been a huge trend in online content, from magazines to Netflix. Recent studies show that magazine media has hit its peak. In 2015, UK consumers spent £1.2 billion on magazine media. Print accounts for 54% of reach, mobile 31%, and digital 39%. During this same time, Netflix consumers spent £316 million on media. This shows that magazine media is consistently staying ahead of the media game with consumers spending 4x the amount on magazines as a whole than spending money on Netflix. For us this is an indicator that the market is healthy and offers an opportunity for growth. Source: FIPP Magnetic media

2. DIGITAL GAINS DO NOT FIX PRINT LOSS It is clear that digital platforms are becoming the new wave of popularity amongst most individuals including millennials and boomers. Although a handful of millennials are switching to the digital versions, 89% of them still read print magazines and newspapers regularly. Boomers, on the other hand, seem to have switched entirely to digital. More than half of Canadians born 1946 to 1965 reported reading newspapers and magazines on digital devices. In spite of the fact that some publications are going strictly digital and seeing a rapid increase in weekday audiences, the digital gains are not affecting the drop-in revenue on print. Many of the country’s publications that were national newspaper related saw losses in print that drove down their overall reach, leaving gains in digital. Source: Media in Canada

3. TOP PRINT ADVERTISERS INCLUDE Advertisements hold a strong place in the life of a magazine. The primary function of advertising is to persuade people to buy something whether its the newest Chanel dress from FW18 or makeup removal towelettes from L’Oreal. Universally, magazines run on ads. The top print advertisers include Chanel, Christian Dior, Louis Vuitton, L'Oréal, and Unilever. Source: ABC statistics

4. WOMEN’S INTERESTS HOLD 47% OF MARKET Women hold a high percentage of readership power in the magazine market. 47% of all UK print circulation is “Women’s Interests” category. 84% of women consume magazine media each month. Without women readership, the magazine market would be at an all-time low. Source: FIPP Magnetic media

5. ADULTS READERSHIP HOLD 71% OF MARKET Adults also hold a high percentage of readership power in the magazine market. 71% of all UK adults still read print magazines every month. Ultimately, adults earn a higher income than teenagers which is a huge reason why adult readership is so high. It is proven that without adult readership, the magazine market would be at an all-time low. Source: FIPP Magnetic report

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6. SHIFT IN REACH TO DIGITAL Digital magazine readership growth is expanding by the second. Releases of new devices and further adoption of digital magazines has led digital content to grow at a steady pace. Publishers are beyond excited to see the steady growth emerging. From 2012 to 2013, there was a 200% average growth in readers of digital publishing apps. Mobile browsing, reading, viewing, social media, and shopping are all becoming “normal” over the past few years. Source: Adobe Systems

7. FASTEST GROWTH BY CIRCULATION The sectors showing the most growth by circulation include lifestyle interests, men’s lifestyle, and children's magazines. All of these magazines have something in common. Lifestyle interests seem to be the most trending of all magazines. The lifestyle component allows you to disperse over a large percentage of the population, in order to reach a variety of consumers and readers. Lifestyle magazines allow you to cover everything from fashion, tourism, health and fitness, culture, decorating, and leisure. This drives the consumer in, leaving a higher percentage of people wanting to buy it. Source: Magnetic

8. GLOBAL FASHION MARKET The total worldwide fashion market is over 3 trillion dollars in size. It accounts for 2 percent of the world’s Gross Domestic Product (GDP). Subindustries such as womenswear, menswear, luxury goods, children’s wear, sports footwear, and bridal wear all hold a very high value in the fashion industry. New technologies such as online shopping have influenced more than half of all retail transactions. Without it, the fashion industry would be stagnant. The economic events that have recently taken place worldwide like Brexit, terrorist attacks and the volatility of the Chinese stock market have significantly affected the fashion industry. Having learned from these impactful events, the fashion industry has gained knowledge to make their empire rise, yet again. 40% of industry executives expect their industry to improve in the next few years. Source: FashionUnited.com Source: Mckinsey

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2.3 Positioning

This Is Fashion is an OTT platform that serves both video AND print media. Our research and competitor analysis show this is a strong USP. Another major difference with our competition is that we operate in a niche and dive in deep in terms of content. This challenged the search capabilities the platform needs for proper operation. We built an intelligent search engine to accompany our application. Giving our users the power to find whatever they are looking for.

2.4 Competition Strategy Although This Is Fashion has some big competition, we have a big advantage. Competing companies like Netflix, Hulu, Amazon Prime, Blendle, Issuu, Magzter, and M2M.tv, etc. only compete on 50 percent of our proposition. None of the platforms offers both print and video content. Another big advantage is our niche strategy, the targeting of our platforms on specific interest groups combined with a very deep archive ensures relevance to that group. The market has a place for a platform that is targeted at a strict niche. That is where ‘This Is Fashion’ fits in. Our platform and sales model are built in such a way that portrays our unique advantages:

• We are the only platform combining both print and video.

• This is a highly lucrative, but also competitive and well-funded market.

• Niche Market.

• International Subscriptions.

• Historical Library.

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2.5 SWOT Analysis

2.6 Market Strategy This Is Fashion is driven by 5 pillars of marketing. Our first pillar is our invitation system. During the start of the project, we will limit the number of users that are able to get in. This is done for two reasons; we need to make sure we can scale fast enough without running into technical difficulties. We also need a solid preferably connected group of early adopters, ensuring we can manage and direct the external communication elevating the status of our brand.

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when we reach a stable user base we will leverage our users to accelerate our growth. We do this by incentivizing invitations making them a bit less exclusive but with a higher conversion rate Other strategies that will be used include our influencer network. Giveaways to bloggers and designers and digital advertising. To make sure the money spent on an advertisement we are optimizing the technology behind our platform

as well. To do so we use the lessons learned that got Modelboard magazine up as one of the highest ranking online magazines in terms of SEO and content sharing.

2.7 Market Size – Top Down (Rev)

*FIPP and Statistia

2.8 Market Size – Top Down (Audience)

TAM 1.2B

SAM 468M

SOM 750K

in 36 months

* Facebook marketing

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3 Product This Is Fashion is a subscription-based, Media-On-Demand platform that delivers all fashion films, series, books, and magazines directly to your device of choice, through a convenient app. The app is powered by a global file distribution network to ensure fast media load times and an A.I. search engine called Artificial Neural Networked Archive, or A.N.N.A. for short. A.N.N.A. brings a few unique features to our app that include, the ability to search content within printed magazines, books and films.

3.1 Form Factor TIF is packaged as an app and website, accessible with any browser or any device. Depending on the type of subscription, users are granted access to the specific content within their subscriptions. The app is simple to use and in constant development.

3.2 Functionality Our major function is the ability to stream both filmed and printed content to any device, and our specialty is to do so in a user-friendly way. User feedback and behavior is monitored to improve our interfaces and to test new features for success. Our secondary functions enable our content suppliers to get an insight into how users experience offline content. All the actions users take are carefully monitored, along with ML and AI algorithms as well as our own simpler algorithms. The data is then presented to our

clientele. This enables them to use lean development tactics on their content. They will have direct insights into what works and what doesn’t. Ultimately, they can then improve and take their content to the next level.

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3.3 Features The TIF front-end systems runs the client side. There is no special infrastructure. Simple web servers are needed to deliver our experience. Built using React.JS, combined with an isomorphic boilerplate, will be rendered in both the server and client side. This ensures optimum User Experience and compatibility. The TIF back-end is a scalable system that is hosted within our own SAAS platform. It includes:

• Custom technology for magazine ingestion

• Global replicated storage

• A CDN (Content Delivery Network)

• AI search clusters

• Databases

• API back-end servers

• Media streaming services

• DRM cloud

Streaming (user side)

• Streaming video

• Streaming 3D 360 degrees VR video

• Streaming printed books

• Streaming printed magazines

• Recommendations based on behavior

• A.N.N.A. search

• Buy directly off the catwalk

• Translate magazines into a specific language

Content Supplier Side

• Analytics (Deployed)

• Reader insights (Smart analytics on user behavior in magazines) (In progress)

• Geolocation rights management (Deployed)

• Revenue share for premium content

• Extra advertisement models/shared revenue

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3.4 Intellectual Property Most of the mission-critical technologies are developed in-house. Our revenue models opened the opportunity to patent some of these technologies. This is fashion only aims to patent technologies that give us a competitive advantage. All non-crucial improvements/iterations on existing technologies will be open-sourced in accordance with the licenses applicable to the module/ codebase.

• Hybrid off/online print advertisement models

• Print advertisement reactivation

• The TIF brand names and logos

• Media-on-demand platform

• Video player technology

• Reader technology

• Search engine algorithms

• Recommendation engine

• User data and usage history

• User tracking algorithms

• TIF Video productions and licenses

3.5 Road Map

High-level Road-map

Feature Road-map

This Is Fashion relies heavily on user metrics-driven development. Our priorities are scheduled for our user's needs. To minimize waste and maximize the impact of changes and extra features, the usage is monitored 24 hours a day, 7 days a week. This ensures our engineers are delivering improvements in the “Just-In-Time” manner and are always able to shift priorities if our users have other needs than our initial vision. Deployments of new features are done following the AGILE doctrine. The Agile

movement seeks alternatives to traditional project management. Agile approaches help teams respond to unpredictability through incremental, iterative work cadences and empirical feedback. Agile methodologies are an alternative to the waterfall method or traditional sequential development.

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4 Revenue Models This Is fashion handles a monthly subscription-based revenue model. Multiple, tailored-to-perfection models are available to ensure every fashionista gets what they want.

4.1 B2B Subscriptions Schools and businesses have special needs. Designers and students, for example, need an all-access pass to everything regardless of geolocation. We see it as our mission to help. Therefore, we have a special subscription-type for these business-based clients making all content we are allowed to share available.

Business Premium €45/month Available only to those registered as a company or working for a company in fashion. Verification is needed to be able to apply for this subscription.

• Extended search capabilities

• All videos

• Catwalks

• Local magazines

• Books

• Patterns

• Lookbooks

• Translation options

• 360-degree video (catwalks)

• Resumable on any device

Education €7.50/month Available only when you are registered as a student enrolled in a fashion institute. Verification is needed to be able to apply for this subscription.

• Extended search capabilities

• All videos

• Catwalks

• All magazines

• All Books

• Patterns

• Lookbooks

• Translation options

• 360-degree video (catwalks)

• Resumable on any device

Advertisement Below models aside, This Is Fashion is an outlet for all major brands, magazines, and influencers. This translates into a position where high percentages of the following of those brands will convert into followers of This Is Fashion itself. Influence on the fashion market is hard to put into numbers. That said, most of the current budget spent on advertisement goes into influencer adverting and affiliation.

1. Buy directly from the catwalk

This is fashion will launch a model that allows our users to buy garments and accessories directly from the catwalk. Users click the buy button which, then redirects you to the designated page of the purchase

2. Print Hybrids This revenue model is proprietary and will only be disclosed after signing an NDA.

3. Print Reactivation

This revenue model is proprietary and will only be disclosed after signing an NDA.

4. Video Advertisements Pre-rolled advertisements with narrow targeting options.

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Film and Series Production (Future) This Is Fashion is a platform that delivers content for all video and print owners worldwide. In the future, this enables us to produce our own documentaries and make “This Is Fashion ORIGINALS.”

Big Data (Future) Our users will generate a massive database filled with user actions and content data. All the data is already being monitored and used for product improvements and user-driven decision making. Later, a special analytics team will develop a portal to do data experiments on our data with machine learning algorithms. This will give trend and market forecasters an edge they need to excel. The data will be kept private and will only be available via our own toolset. Another need for press agencies is trying to gauge the impact of their brands in the print media. We can give them insights into the key metrics they are looking for.

4.2 B2C Subscriptions Our user subscriptions come in three flavours. The premium subscriptions are paid up-front and charged per-month of usage.

Free Free-to-read users can access a free-content library. Without a registration, users are not able to read the content of our library. Users are later tempted to upgrade to subscription services.

Basic B*tch €15,00/month A term often used in fashion for someone having basic needs. This subscription gives access to all:

• Local magazines

• Premium video restricted to locale

• Books

• Patterns

• Lookbooks

• Full HD video options

• Basic search capabilities

Front Row €25,00/month This is the most elaborate and luxurious consumer revenue model. This subscription gives access to all:

• All international magazines

• Premium video global (when possible)

• Books

• Patterns

• Lookbooks

• 4k Video options

• Translation options

• Basic search Capabilities

• Resumable on any device

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4.3 Average Revenue Per Unit (ARPU)

4.4 Lifetime Value

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5 Sales Strategy

5.1 Short-Term Strategy (1-year) We will focus primarily in the first years on the development of the platform. Key in this is to develop the platform and app to an acceptable functional level for consumers besides the introduction of the 4 basis subscriptions and the introduction of B2B services later on. Consumer experience is regarded key and their feedback will be used to improve the product and service we offer. Platform and app We will Go Live with an minimal functional app and platform and introduce it together with the ‘front row’ subscription. International editions will mainly be offered and free content such as brand material. Expansion and development In our current strategy we foresee that we can finance all planned changes with the revenues and annual share issues. Credit will be primarily used for cash flow reasons and kept to minimum. Education: Our short-term sales goals are mainly educational instances. These are an average of 5,500 students per account and are ideal to develop into early stage revenue. TIF has a network in these instances, and for the majority of the estimated 4,000 fashion schools with a total number of 900,000 students, we initially plan to contact. Early adopters / Beta: The fashion world roams full of influencers, bloggers, and creatives. Our primary target is to engage this group. To do so we have a few tricks up our sleeves:

• indiegogo campaign

• Invitation system (Invite only for consumers)

• Blogger contests (Brand Awareness, Leads)

• Sweepstakes (Brand Awareness, Leads)

• Offline events - fashion weeks

• Collaboration with magazines & press exposure

• Launch party

• Collaboration with influencer agencies

5.2 Long-Term Strategy (5-year) Our long-term strategy is built on retention of our short-term clientele while adding consumers in large numbers to the mix. To be able to reach this goal the following strategies are in place. These strategies will come into play as soon as our premium-content milestone is reached.

• Turn the invitation system in unlimited referral discounts

• Online advertising campaigns

• Collaborations with web shops

• Blogger contests

• Giveaways

• Collaborative video production

• Produce unique video content

• Expand the #SavingFashion library

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6 The Team The This Is Fashion team consists of a strong core of passionate and enthusiastic young professionals. We have one common goal: “Build TIF and make it an amazing success.” In doing so, grow both personally and professionally. The development process requires a maximum of expertise and experience, so we divided This Is Fashion into departments of close-knit, cross-functional teams with a unique vision.

From IT development to legal, design to communication, every professional involved is similarly focused, dedicated and share a hunger for growth.

Attorney at law

Ruud de Kleijn MSC.

Founder Liqwith

Rob Verheul

Founder ByeLeX

Herman Vissia PHD.

Lawyer

Michael Mc Nutt

Cyber Security

Bert Heitink

Ex CEO FIPP

Chris Llewellyn

STO Advisors

TIF Advisors

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Founder

Sander Kooger

Communication Global

Juliet Broersen

CTO

Ina Simic MSC.

Devops / Sec

Tim de Boer

Front to back Dev

Nikolai Selic

Producer / Video

Tamara Lichtenberg

Camera

Diego Ospina Melo

Photographer/ Vogue

Kay Sukumar

The TIF Team

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7 Partners

Advanced negotiations

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8 Finance The only calculated revenue models for prognosis are our subscriptions models. These models have a monthly recurring revenue. All other business models are not included in this preliminary model. The assumptions being made are noted in the appendix.

8.1 Overview

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8.2 Profit and Loss In the following table the projections for the coming 5 years are projected. We are already working on the development of the platform, app content, etc. and the costs we have made are in 2019 included as expenses only. Go Live is planned for mid-2019 so the revenues cover only a few months of revenues.

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9 Valuation of TIF-Holding This Is Fashion is a spin-off from Modelboard magazine a well-established online magazine, founded 7 years ago that operated in the online Fashion media market. Our network and access to PR, Brands, Designers, and publications are inherited from our adventures running Modelboard.

“TIF took years to develop and build to the point where we are now.”

This is fashion itself started out as an idea 2,5 years ago and has been developed into a business supported by the industry accompanied by a strong team specialized in both Technologies and fashion media. We gained industry support when the Federation of International Print Publisher invited us to pitch at the Digital Innovator Summit hosted in Berlin Germany. They offered us to share ideas with the International Committee, chaired by major

publishers like Mondadori, Lagardére, Marie Claire and Time Inc. We are very proud that we have been able to so without any external debt at all, making this a healthy proposition. During the next years, our focus will be expanding our proposition globally, grow our content library and our user base. We aim to be the biggest outlet in fashion broadcasting by the year 2024.

9.1 Valuation report summary We used multiple sources, techniques and validation methods to answer the question as to what TIF holding is worth in its current state. Because we are a Pre-Revenue start-up there is no definite answer to the question. We do have a report based on the quality of our entrepreneurial team, market size, opportunity size and our projected sales. According to Equidam and after evaluation with our advisors, we set the value for TIF-Holding at 10M euro. This is lower than the attached report and we did so because of one important reason. If the anticipated climb in revenue, a delayed or even a faster start would impact our outcome exponentially. Because of the short term nature of these projections we need the headroom to make sure we will reach such expectations. The entire valuation report can be downloaded here

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9.2 Equidam Report

• The outstanding debt is to the founders of the project. We only handle a required annual interest Payment terms as flexible, and early payback is possible without a penalty fee.

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9.2.1 Methods and Weights

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9.2.1.1 Scorecard Method

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9.2.1.2 Check-List Method

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9.2.1.3 Financial Forecasts

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9.2.1.4 VC Method

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9.2.1.5 DCF with LTG

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9.2.1.6 DCF with Multiples

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9.3 Financial breakdown and valuation This Is Fashion chose to keep the financial projections as conservative as possible, ensuring the headroom and flexibility needed for a start-up. In our models we only focus on our subscription services, leaving out the advertisement models, direct sales, big data and analytics, and income generated by advertorials via our social media channels. Because the latter models are extremely difficult to accurately value we leave this up to your imagination.

Item Ownership %

SaaS turnover per year

One-off value

Value Streaming app tech 100% 3.500.000

Value SaaS Models 100% 9.155.051 4.000.000

Value advertisement models (future) 100% 0

Value Licences 100%

2.000.000

This Is Fashion network 100% 0

Content production and licensing (Future)

100% 0

Modelboard network ** 100% 500.000

Horizontal new niches ?

Total valuation 10.000.000

* All other technologies and revenue models in this White Paper – however promising - are prudently valued at zero as we anticipate, but cannot guarantee, successful market introduction. however, we believe that it can be easily valued at upwards of EUR 5 million. Which leads to a realistic total value of EUR 15 million. ** The Modelboard network is a previous startup from our founder. He donated the assets and network built in 6.5 years to this Is Fashion. The value here lies in the network itself that is filled with writers, fashion creatives, and a PR network etc. Plus It is a media outlet that we can utilize to expand our brand as rapid as possible.

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9.4 Financial Background The financial report of This Is Fashion can be obtained on request. In general, we can state that This Is Fashion has invested significantly in current technologies and content licenses for the past 5 years. Starting our with Modelboard Magazine and transferring into TIF holding. The very moment that these technologies reach the market, there will be an instant positive effect on the results, since the investments have been booked in the past financial years. There is a little pressure on the cash flow but positive developments tell us that this pressure will be shifted to marketing and growth in the

second half of 2019. The annual results show a slight loss for a longer period but this was caused by the preliminary investments in as yet inactivated product development. The ratios below show that This Is Fashion can be considered a healthy enterprise

10 How we tokenized our stock The TIFstock token is not a crypto coin! It is an official corporate share represented by a token and automated with a smart contract. Regular coins have no substance or asset’s to underpin the value. This STO has been designed to solve that problem. Just like any start-up, This Is Fashion will have to prove her value in the future. That said, every single TIFstock token represents a real share of this innovative company with promising perspectives, Normal applicable rights for shareholders and could be a good hedge against the volatile crypto market. . The underlying asset is a share of the company. Each share entitles the owner to receive dividends and to attend the annual shareholder’s meetings. This Is Fashion has chosen the Ethereum Blockchain for the issue of ERC20 tokens. Although This Is Fashion is limited by Dutch law to selling tokens of no more than an equivalent of EUR 5 million in value, we will only sell a maximum of EUR 1 million in tokens (TIFstock), since that is all the investment needed at this time.

With regard to the valuation described in the next chapter, a total of 12.000.000 shares will be brought into circulation. 10% extra tokens will be issued to the public with the intention of accumulating EUR ~1 Million for further development of the company. Leaving room for upcoming funding series. The current shares/tokens are in possession of the founders and existing shareholders of This Is Fashion.

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10.1.1 Corporate Structure To protect the investment, assets and liabilities are separated within our corporate structure to ensure the opportunity to restart. We do not expect it but if a disaster strikes we want to ensure we have the capabilities to reboot against minimal costs. An added benefit is that the structure also gives us the opportunity to deploy the platform and tech in other niches either through a partnership or fully owned by TIF Holding B.V.

FIG. Organizational structure

The current time we work out of TIF Holding (Modelboard Holding B.V.) and her daughter This Is Fashion (Modelboard Magazine B.V.) (This Is Fashion) Directly after the PRE-STO the Trust Office Foundation (STAK) will be registered to hold the Certified shares of TIF Holding. The statute’s (Bylaws and deed of incorporation) for these entities will be made publicly available on our GitHub repository. The function of the Trust Office Foundation (STAK) is to hold the certified shares and manage the shareholders register. By Dutch law, we are obligated to keep track of who ones what share when. In the classical situation, a notary would verify the process of share transfers at a hefty cost. Because of the

utilization of blockchain technology that role is no longer needed. The blockchain keeps track of the register. It keeps track of who is whitelisted to buy shares, and which shareholder currently owns what share. Everything is built as an “Effect” in compliance with Dutch regulatory demands. Our DAPP (Decentralized APPlication) is deployed by the foundation to ensure all token holders are tooled so they can receive dividends, vote, attend meetings and trade internally until listing on a public exchange had been completed. Other shareholder processes like Tender offers will be automated via the DAPP in the near future.

TIFstock Trust Office Foundation (STAK)

Certified TIF Holding shares are held here. Within this Trust Office Foundation, blockchain technology is added on top of the certified shares to act as notary for shareholders register

keeping. The foundation (Stichting Administratie Kantoor) gives investors the ability to trade. Keeps transaction costs down due to notary elimination.

TIF Holding

The value for This Is Fashion is held here, The Modelboard Holding B.V. (LTD) owns 100% of the This Is Fashion (Modelboard Magazine B.V.) shares, the Intelectual propperty, Code,

Licences, Technologie, shares for This Is Fashion and in the future the shares/ or licences for other patnerships and or subsidiaries leveraging the same technology..

It acts as protection agianst disaster scenarios in our daughter companies.

This Is FashionSales, Personel, and all other liabilities are

held here. Assets created here are held by the Holding.

This Is Sports?Example of a possible future daughter

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10.1.2 Differences With a Traditional IPO Our funding method differs from a regular start-up investment in several ways. The biggest advantage is that we are publicly tradeable sooner than any traditional start-up investment would be. This ensures the investment in This Is Fashion is easily liquidated to reinvest in another project. In the figure below a visual representation of classical and Tokenized investments is illustrated.

STO

Traditional Seed to IPO

Figure: Token VS Traditional funding

10.1.3 Regulations Market Authority Although our local market authority AFM has announced this investment falls outside AFM supervision, see disclaimer, we are following the AFM guideline as much as possible to be more future proof. Due to the reason that our shares will be publicly tradable, which is for many governments a new and emerging market to get funding, we want to make sure our effort will be regarded fully compliant and legal even

ISTO•Seeding round (private)

A

•Series A (Private)

•Public listing!

B•Series B (Public)

C•Series C (Public)

D•Series D (Public)

E•Series E (Public)

F•Series E (Public)

G•Series G (Public)

Seed•Seeding round (Private)

A•Series A (Private)

B•Series B (Private)

C•Series C (Private)

D•Series D (Private)

E•Series E (Private)

F•Series E (Private)

IPO•Initial Public Offering (Private)

Public Trading Possible Internal Trade Only

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when the authorities are imposing new regulations. Therefor we employ the current market rules on this procedure comparing to an IPO when applicable.

10.2 STO Token Distribution Initially, tokens are distributed based on the number of shares that existing shareholders have in TIF Holding (Modelboard Holding B.V.). This entity generates a starting total of 12.000.000 shares in the authorized capital stock. The first 3 years after funding, a maximum of 20 % for the of the existing tokens pool can be issued annually as new shares. For TIF holding this ensures ensuring sure we have access to capital to grow aggressively and expand our organization international. If we need more growth capital a shareholder vote will be triggered to vote about the issuing of more stock.

After the first 3 years, a maximum of 10% for the of all tokens can be put on the market, limiting dilution of shareholders. Ownership of TIFstock carries numerous rights, as stated in the Bylaws (Deed of Incorporation) of TIF Holding B.V. And can be verified via this GitHub link. As soon as they are ready.

12.000.000

1.200.000 2.640.000

3.168.000

3.801.600

2.280.960

2.509.056

Token Distribution

Founders STO Series A Series B

Series C Series D Series E

Total current supply 12.000.000 TIFstock Tokens held by existing shareholders. Newley issued tokens will be added to the pool. Newley issued TIFstock Tokens:

• STO 10 % = 1.200.000

• Series A 20% = 2.640.000 • Series B 20% = 3.168.000

• Series C 20% = 3.801.600

• Series D 10% = 2.280.960 • Series E 10% = 2.509.056

Total tokens after rounds:

• STO 10 % = 13.200.000

• Series A 20% = 15.840.000

• Series B 20% = 19.008.000 • Series C 20% = 22.809.600

• Series D 10% = 25.090.560

• Series E 10% = 27.599.616

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10.3 Token value TIF Holding currently holds a 10 million-euro pre-money valuation, divided by a total of 12.000.000 tokens, the deducted value of one token has been determined to be EUR 0,83 (83 Eurocents), resulting in a total Post money valuation of the company at EUR 11.000.000,00. After the insertion of 1.200.000 new issued shares/tokens.

10.3.1 (Pre)STO In the pre-STO, only investors invited by the management of This Is Fashion are allowed to participate. The minimum value of investment during the pre-STO is EUR 100. A tiered bonus scheme is applicable for all pre-STO participants; the pre-STO price will be EUR 0.8333 (83 Eurocents) per token. Tokens can be purchased via fiat or Ethers or Bitcoins, calculated to Euro using the moment's exchange rate. The value of a token in Ethers or Bitcoins depends on the price of the Ether or Bitcoin at the time of purchase. For Friends, Family, and fools we run capped discounts at 20% of the token price.

10.3.2 STO During the STO everybody, except US citizens can participate. We will not handle a minimum investment amount. Our fundraiser is designed to enable everyone to participate. A tiered discount is applicable for all larger STO participants. Token STO price is EUR 0,8333 (83 Eurocents) per token. Tokens can be purchased with Fiat, Ethers or Bitcoins during the STO, calculated by actual value in euros in accordance with the exchange rate of the moment. The value of a token in Ethers or Bitcoins depends on the price of the Ether or Bitcoin at the time of purchase.

# Tokens

From Till Discount Price per token

0 900 0% € 0,8333

901 31.502 5% € 0,7916

31.503 132.013 10% € 0,7499

132.014 346.040 15% € 0,7083

346.041 720.046 20% € 0,6666

720.047 Max 25% € 0,6249

10.4 Publicly Tradeable We are aiming to publicly list our tokens on multiple regulated exchanges. In order to accomplish this objective, we need to be able to comply with the regulatory organs in the jurisdictions where we will be listed. This automatically implies that some terms might change in order to be able to list our tokens on public exchanges. TIFstock aims to be listed at least one Dutch and one Singapore’s exchange in her first 2 years.

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10.5 Cap table The cap table shows the current share distribution for our founders and advisors. They represent the initial shares/token pool. New Shares/Tokens will be added to this pool. TIF holding currently has 1200 shares. This will be restructured into 12.000.000 shares and the shares will be notarized during the restructuring activities.

Shareholders Percentage Shares Token

Sander Kooger 99% 11.880.000 11.880.000

Chris Llewellyn ( not notarized yet) 1% 120.000 120.000

Pre STO Totals 100% 12.000.000 12.000.000

10.6 Dilution Table The dilution table shows the initial expansion plan for capital in return for newly issued shares. TIF holding aims to run a funding/acceleration series every year to gain more capital. With each series, the additional funds will be inserted as newly issued shares against the valuation of the company at that moment in time. The table reflects the situation for the shareholders who forfeit on their pro-rata rights.

Investment round To Place Before Token Placed Founders Investors

ICO (STO) 10% 12.000.000 1.200.000 90,91% 9,09%

1st Year (Series A) 20,00% 13.200.000 2.640.000 75,76% 24,24%

2nd Year (Series B) 20,00% 15.840.000 3.168.000 63,13% 36,87%

3rd Year (Series C) 20,00% 19.008.000 3.801.600 52,61% 47,39%

4th Year (Series D) 10,00% 22.809.600 2.280.960 47,83% 52,17%

5th Year (Series E) 10,00% 25.090.560 2.509.056 43,48% 56,52%

6th Year (Series F) 10,00% 27.599.616 2.759.962 39,53% 60,47%

7th Year (Series G) 10,00% 30.359.578 3.035.958 35,93% 64,07%

8th Year (Series H) 10,00% 33.395.535 3.339.554 32,67% 67,33%

9th Year (Series I) 10,00% 36.735.089 3.673.509 29,70% 70,30%

10th Year (Series J) 10,00% 40.408.598 4.040.860 27,00% 73,00%

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10.7 Exit Strategy The goal for TIF holding is to make the Tokens/Shares publicly tradable as soon as possible. Creating an easy exit strategy for investors, while minimizing the chances for an investor lock-in. Because of the process that we use to tokenize our shares, it is also possible to sell shares to any party that passes our AML* and KYC** checks. As soon as we are listed on the regulated Security Token Exchanges our shares will be publicly tradeable in full.

10.7.1 Exit waterfall The below figure is a conservative estimate of how a future exit may look like in terms of value with TIF stock. Please bear in mind that these are projections and do not represent real-world performance. The projections are based on our financial overview and models. To keep the estimates conservative, we excluded all revenue models and potential subsidiaries from these numbers. The pre-money valuations are calculated on our yearly revenue x6 (MRM), the post-money valuation = pre-money + new issued capital.

Investment round To issue Amount IC Equity

Founders Equity Investors

Post-money valuation**

Share price

STO (ICO) 10,00% 12.000.000 90,91% 9,09% €11.000.000 €0,91

1st Year (Series A) 20,00% 13.200.000 75,76% 24,24% €16.271.381 €1,18

2nd Year (Series B) 20,00% 15.840.000 63,13% 36,87% €60.939.253 €3,40

3rd Year (Series C) 20,00% 19.008.000 52,61% 47,39% €161.774.662 €7,66

4th Year (Series D) 10,00% 22.809.600 47,83% 52,17% €376.005.858 €15,68

5th Year (Series E) 10,00% 25.090.560 43,48% 56,52% €755.043.356 €28,78

6th Year (Series F) 10,00% 27.599.616 39,53% 60,47% €1.496.056.738 €51,89

* Percentage may vary due to the results in three phases. ** Only STO is calculated on a pre-money valuation basis. Other post-money amounts are calculated on projected revenue X 6. Calculations are based on our pre revenue projections. Amounts in euros will be re-evaluated each round based on actual metrics of that year, and are subject to change based on performance, market movement and new revenue models.

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10.7.2 ROI (Preliminary) Table below show some ROI calculated on the share prices shown in the table of paragraph 10.7.1 . The share prices are based on future projections and are not actual figures, therefor no rights can be derived from them. The projections we have set up are very conservative and based on the available marketing reports and other available reliable market data.

Return Series

A avg*

Series B

avg* Series

C avg*

Series D

avg* Series

E avg*

Series F

avg*

ETO** 1,4X 43% 4,0X 102% 8,7X 190% 18,1X 352% 32,9X 559% 59,2X 887%

Series A 2,8X 182% 6,1X 204% 12,6X 321% 23,0X 475% 41,4X 727%

Series B 2,2X 115% 4,5X 124% 8,1X 171% 14,6X 266%

Series C 2,1X 108% 3,8X 89% 6,8X 127%

Series D 1,8X 82% 3,3X 64%

Series E 1,8X 80%

Avg* = average annual return ETO* = Equity Token Offering e.g. ‘STO’

10.8 Acquiring TIFstock TIFstock Tokens will be issued during our crowd sale or STO. The sale will last six weeks from the 14th February 2018 to 30th October 2018. TIFstock can be bought via a secured crowd sale platform that as stated on the official website for this token – tifstock.io.

10.9 TIFstock Sell-off by Personnel TIFstock may be freely sold and traded after the token gets listed on a crypto exchange. However, an exception will be made for shareholders with a share larger than 5% of the total amount of stock issued before the STO. They may sell only 10% of their total shares in the first year after the STO, the second and third year only 20% of their shares. The fourth year they are free to sell off all their remaining shares.

10.9.1 TIF-stock Insider Trading Policy This Is Fashion will keep an insider trading register. Key management, personnel, Advisors, and others that have access to privileged business information will not be allowed to trade before that information becomes public. The register will be kept from the moment our shares are publicly tradable. Implementation will be in compliance with the countries where TIFstock is tradeable on exchanges.

10.10 Dividend Policy After 3 years of operations with positive cash flow, This Is Fashion is aiming to pay out 15% Dividend annually on the reported free cash flow to its shareholders. The rest of the net profits will be used for further business development and investments in fundamental research. The total dividend for a certain

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year has to be approved during the annual shareholders meeting. This Is Fashion will pay the obligatory 15% of Dutch dividend taxes prior to the pay-out of the dividend to the shareholders.

10.11 Shareholder Voting and Meetings Investors will be notified via their Ethereum wallet when a shareholder meeting takes place. Meetings will be accessible in person or, digital via video broadcast. During the meetings, each share gives one vote of the total sum of shares. Voting will be done via our shareholders Decentralized APPlication.

10.12 Preferred Shareholder discounts Shareholders that hold more than 1 (One) percent of the total supply of TIFstock acquired during the first Token Offering, shall have the added privilege to buy shares in the Proceeding with a 10 percent discount. This privilege is only valid for tokens acquired directly from This Is Fashion.

10.13 Preferred shareholder Notice Shareholders that hold more than 1 (One) percent of the total supply of TIFstock acquired during the first Token Offering, shall have the added privilege to buy shares in the Proceeding with a preference over other shareholders. Shares/tokens will be offered t qualifying shareholders before they are offered to the general public.

10.14 Tender Offers As soon as this is fashion is publicly listed we will implement the possibility to communicate tender offers in our DAPP. Tender offers will be designed to work in full compliance with the trading rules as explained in the Dutch WFT (Wet Financieel Toezicht) and incorporated in such a way that we are fully AFM compliant. https://www.ibanet.org/Document/Default.aspx?DocumentUid=8E6BF591-D567-4594-BC81-00E0BA83AF39

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10.15 Use of Proceeds The funding raised through the STO will be used to accelerate sales and development of the online platform. Pending on the success of the STO, the distribution of funds will mainly go towards marketing, advertising, development, and key personnel such as senior sales representatives, marketing professionals, and project managers.

11 Investment Risk Early-stage start-up investing is a high-risk activity, and a maximum of 10%, or less, of one’s assets should be invested in this way. Investments in start-ups can result in high profits as well as losses up to the full amount invested. Also, past performance is not indicative of future returns. Normally start-up investments are illiquid, and often take 4-6 years to generate realized returns, if any. This is fashion’s aim is to make her shares publicly tradeable in an early stage, however as this has never been done before, there is also an inherent risk here. In the case where public trading is impossible because of changes in regulation, you will only be able to trade with other TIFstock approved investors. Actual participation in investments and access to information regarding TIFstock available investment opportunities are restricted to those

who successfully submit the onboarding investor due to diligence documentation, as required under international anti-money-laundering laws and applicable to the personal circumstances of the investor. Particular restrictions may apply to US citizens or residents. TIFstock does not provide investment advice or make recommendations in any way. Any decisions to invest must be taken solely by the investor; TIFstock shall in no event be liable for any damages or losses except to the extent permitted by law.

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12 APPENDIX: Sources and Assumptions

12.1 Finance Because our endeavor is pre-revenue we need to work with a number of researched assumptions to build our model. To do so we researched several factors

12.1.1 Global assumptions

12.1.1.1 Personnel overhead costs 25 percent on top of the gross wage is calculated as taxes etc. for employers. In compliance with Dutch law. http://www.digitale-ondernemer.nl/a/4/Loonkosten-Wat-zijn-voor-de-Werkgever-de-loonkosten-van-een-Werknemer/

12.1.1.2 Average cost per seat Average cost per seat in the Netherlands is €9000 Per employee per year. Because ae are small this cost could easily go up a bit. We are compensating by handling the same price per seat for NL and UKR seats.

12.1.2 Consumer assumptions:

12.1.2.1 Customer Acquisition Costs To model our Customer Acquisition Costs for online advertisement, we examined Hulu Netflix and Amazon Prime. CAC averaged between 20 and 30 dollars per client. Bearing in mind Netflix and the other players are working in an over-saturated market and looking back to Netflix in their early years we estimate our CAC between 10 and 20 euros in a conservative scenario. In our model, we used ~15 as the average for the first 5 years. http://www.forbes.com/sites/markrogowsky/2013/04/23/netflix-behind-the-numbers-looking-up-but-how-much/#52dd20f6289e Things, however, get a lot less transparent as in the beginning a service is cool before it turns into a commodity. Early adopters are more likely to join sooner and therefore cheaper in the acquisition.

12.1.2.2 Average Churn rate Standard OTT metrics show us Netflix had a current churn rate of 5%, Hulu and Amazon prime score higher in the 6% and 7% rates. This Is Fashion we have estimated a yearly churn rate of 10% which is a conservative scenario. In our own opinion, the strength that we are a niche will bring this number down a bit to 5%.

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http://www.multichannel.com/news/content/netflix-has-lowest-churn-rate-among-ott-services-study/404142 http://www.broadbandtvnews.com/2017/02/02/ott-churn-rate-in-us-homes-is-19/

12.1.2.3 Organic growth Organic growth is hard to predict. There are a number of methods in place to assure organic growth but it is impossible to know how they will perform in reality therefore we kept this growth to a minimum in our user growth analysis. Methods:

• Invitation and guestless system

• Content available for SEO

• Content sharable via social networks

12.1.3 B2B assumptions

12.1.3.1 Account manager targets We assess an account manager should be able to sell 1000 Student accounts per month. This assumption is based on the fact that the average number of students per institution is 5500. As an account manager is able to close 1 institute a month this is a very conservative guess.

12.1.3.2 5 Year penetration Edu accounts Our sales projections are based on field research that has shown 30% of schools anticipate to use our product with their students if ready. 10 Percent would buy instantly if available. 20 Percent was uncertain and wants to see a fully loaded version first. To create a conservative scenario, we assume 10 percent will buy within 5 years.

12.2 Sources and Reports: Equidam Valuation report - https://github.com/tifstock/TIfstock-Documents/blob/master/Valuation%20reports/This_Is_Fashion_Valuation_Report.pdf