Members of the P&F Compensation Committee
Kenneth Scheriff
Jeffrey Franklin

(and Board of Directors)


-- via e-mail --

January 6, 2012

Gentlemen:

I received no response to my previous e-mail, which is totally unacceptable.

I believe the actions of the compensation committee, regarding the rehiring of
Mr. Horowitz, while reflecting a contract that is improved from the past, are
still wholly inappropriate, specific to the base salary, and do not reconcile
with any of the reasonable peer groups that have been indicated by parties that
are actually arms length from the CEO, including two of your three largest
outside shareholders, as well as the work of independent advisory firm Proxy
Governance.

Based upon an increase in my position in P&F to 8.1%, from the previous 7.0%
reported, I will be filing a 13D amendment on Monday.  I would like an answer
IMMEDIATELY on whether or not the board has decided that it intends to release
the peer group companies used in the compensation analysis.  Such decision will
be deterministic in how I handle my public response to the compensation
committee's, and board's, action...assuming you respond in time to have an
effect, either way.

I presume you've already made your decision.  I'm disappointed...and disgusted
that you do not see fit to show appropriate accountability, clarity, and
openness, that would allow your outside shareholders, and the corporate
governance space, to make their own determination on the legitimacy of the work
that was done....something that is ABSOLUTELY NECESSARY, considering past
"cronyism" on previous P&F compensation committees.

If THIS compensation committee is unwilling to subject its work to reasonable
scrutiny, then it, and the board, will called to task  for that specific
betrayal.

I DEMAND YOU STATE YOUR INTENTIONS TO RELEASE THE PEER GROUP UTILIZED IN THE
OUTSIDE COMPENSATION REVIEW.

Please respond promptly.

Timothy Stabosz