BERLIN, GERMANY / CHANTHABURI, THAILAND - EQS - September 6, 2019 - Inconnection with the publication of its quarterly figures, the Berlin jewelryretailer elumeo SE, which operates through its subsidiary Juwelo TV, has issueda statement on the situation of its former jewelry manufacturer and supplierPWK Jewelry Company Limited (Thailand). This statement was met with greatastonishment by the managing directors and employees of the now insolventcompany. The jewelry manufacturer PWK became insolvent because elumeo SE hadordered goods worth over 30 million euros through its subsidiary SilverlineDistribution Ltd. and paid only a small part of this amount. As a result, PWKJewelry Company Limited was unable to pay salaries, statutory severancepayments, creditors or loans. Over 600 employees lost their jobs and protested furiouslyin Bangkok and Chanthaburi.

Workers of the jewelry manufacturer PWK Jewelry Company Limited and representatives of the Ministry of Labour met the governor of the Thai province Chanthaburi. More than 600 PWK workers became unemployed after the German jewelry retailer elumeo SE ordere

Wolfgang Boyé, chairman of the board of directors of the parent companyelumeo SE, falsely claimed to the newspaper "Handelsblatt" that thePWK had sufficient funds at its disposal to pay off the workers and settledebts.

Taralatp Vrasarinnop Representative of the PWK Managing Directors:"elumeo's management is trying to cover its criminal actions with anetwork of misrepresentations, changed information and simple lies. In adesperate attempt to justify the destruction of a company and the lives of over600 people, elumeo's management is spreading false claims and false facts.

Wolfgang Boye's assertion that he cares about the fate of former PWKemployees is nothing more than a cynical, inhuman assertion. As hundreds lots ofe-mails and messages prove, the last salaries were paid at the insistence andunder the constant pressure of the PWK board members. Elumeo SE has written toPWK's directors urging them to find a way to force employees out of the companywithout having to pay their statutory severance pay."

Wolfgang Boyé, under whose leadership the listed elumeo SE began a rapideconomic downturn, repeats in the newspaper "Handelsblatt" hisobjectively false assertion that the PWK had sufficient funds to pay theworkers and creditors. Here are the facts:

1. The public prosecutor's office in Germany(file number 242 540/19) is investigating, as well as the police authorities inThailand the management of elumeo SE (Wolfgang Boye, Bernd Fischer and TomasJarmuske) for fraud, among other things. elumeo SE actively caused the economicimbalance of PWK Jewelry Limited by not paying for deliveries by PWK JewelryLimited.

2. Elumeo SE is not paying its liabilities to PWKJewelry Limited, although elumeo SE and its subsidiary Juwelo Deutschland GmbHhave unpaid jewelry in stock worth several million Euro, which was demonstrablysupplied by PWK Jewelry Company Limited.

3. The managing directors of PWK Jewelry Limitedare personally liable in Thailand for the bank loans taken by PWK JewelryLimited because elumeo SE does not settle its liabilities to PKW JewelryLimited. In addition, they are also threatened with criminal consequences(imprisonment) because of the unpaid salaries and severance payments of theworkers.

4. On 31 August 2018, elumeo SE through itssubsidiary Silverline Distribution Ltd. (Hong Kong) issued a writteninstruction not to "sell, transfer or otherwise dispose of the Company'sassets". Thus, contrary to the assertion of Wolfgang Boyé and his CFOBernd Fischer, the PWK management could not sell any assets of PWK in order toraise liquidity.

5. Around the same time elumeo stopped paymentsto PWK Jewelry Limited.

6. Wolfgang Boye claim to the newspaper"Handelsblatt" on 20.8.2019 that PWK had assets of 4.5 million EURwhich could have been liquidated to pay off the debts. The fact is, however,that PWK Jewelry Limited had no assets to pay off the accumulated debts, whichelumeo SE knew. The fixed and current assets of PWK Jewelry Limited are subjectto a lien by Siam Commercial Bank. Siam Commercial Bank has thereby secured aloan that it has granted to PWK Jewelry Limited and that PWK Jewelry Limitedhas not yet repaid. The amount of the loan clearly exceeds the value of PWKJewelry Limited. Consequently, a sale of the current assets would not havesufficed to pay the employees even independently of the instructions of elumeoSE.

7. PWK Jewelry Limited can expect a VAT refund ofEUR 1.1 million in three to five years at the earliest. This is how long theprocedure at the Thai tax office will take, which is also known to elumeo SE.That, too, could not be counted on.

8. The management of PWK Jewelry Limited hasrepeatedly submitted, in writing, proposals for restructuring and costreduction in accordance with Thai law. All proposals were ignored by themanagement of elumeo SE.

9. The managing directors of PWK weredeliberately used by the management of elumeo SE as personal guarantors for thebank loans taken out by PWK Jewelry Limited in Thailand, with the clearstatement that no other subsidiary of elumeo or its management should providesuch guarantees, but only (quote) "individual guarantees from directors ofPWK. There is no further participation or exposure such as personal guaranteesor letters of comfort from any other company of the elumeo group or collateralin any other assets of PWK (e.g. inventories, finished goods)".

All of the above facts are fully documented and are currently beinginvestigated by the Thai police and the German public prosecutor's office.