# Translation of letter

Sarah,

I would like to discuss the following:

The plan of moving forward for ESAB is a sale of trade and partial assets from ESAB Equipment to Romar Wuxi. A business valuation will need to be established but there are losses carried forward of circa CNY 15m. Therefore even if I assume 8 times 2014 earnings (CNY 2,766k) these would be covered by losses. However practically according to Victor, this would be an excessive valuation. I have a pre-call with Victor so a realistic valuation will be discussed on our call.

Therefore I would like to consider:
i) Exactly the scope of taxation/VAT/BT on the sale of trade and partial assets.
ii) The operation of the entity post transfer and any points to consider
iii) Sale of the remaining assets of ESAB Equipment to either group or external parties and taxation to consider.
iv) Liquidation of ESAB Equipment.

Kind regards

1）对贸易与部分资产出售的税务、VAT、BT的确切范围
2）实体邮局汇款（？poster transfer）的操作和关键点考虑
3）将ESAB设备的剩余资产出售给团体或者外部机构和税收的考虑
4）清算ESAB设备