PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidating Balance Sheets
as of March 31, 2011
(In Thousands)

						Business &
		PFSweb				Retail Connect				Eliminations				Consolidated
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	14,034			$	4,796			$	—			$	18,830
Restricted cash			138				809				—				947
Accounts receivable, net			20,179				21,488				(331	)			41,336
Inventories, net			—				32,511				—				32,511
Other receivables			—				13,732				—				13,732
Prepaid expenses and other current assets			2,151				1,650				—				3,801
Total current assets			36,502				74,986				(331	)			111,157
PROPERTY AND EQUIPMENT, net			9,303				129				—				9,432
RECEIVABLE/INVESTMENT IN AFFILIATES			14,960				—				(14,960	)			—
OTHER ASSETS			1,903				177				—				2,080
Total assets			62,668				75,292				(15,291	)			122,669
LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and capital lease obligations		$	8,781			$	11,623			$	—			$	20,404
Trade accounts payable			5,123				41,906				(331	)			46,698
Accrued expenses			14,703				7,589				—				22,292
Total current liabilities			28,607				61,118				(331	)			89,394
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion			1,179				70				—				1,249
PAYABLE TO AFFILIATES			—				22,745				(22,745	)			—
OTHER LIABILITIES			3,991				—				—				3,991
Total liabilities			33,777				83,933				(23,076	)			94,634
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Common stock			12				19				(19	)			12
Capital contributions			—				1,000				(1,000	)			—
Additional paid-in capital			101,602				28,059				(28,059	)			101,602
Retained earnings (accumulated deficit)			(74,766	)			(40,314	)			39,465				(75,615	)
Accumulated other comprehensive income			2,128				2,595				(2,602	)			2,121
Treasury stock			(85	)			—				—				(85	)
Total shareholders’ equity			28,891				(8,641	)			7,785				28,035
Total liabilities and shareholders’ equity		$	62,668			$	75,292			$	(15,291	)		$	122,669