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Flatbush Watermill reports 11.6% stake in dELiA's

Flatbush Watermill will nominate one person to the company’s Board of Directors. Flatbush Watermill will continue to have the right to nominate one member of the company’s Board of Directors for so long as it is permitted to do so under NASDAQ Rule 5640. Commencing when, and for so long as, a Director nominated by Flatbush Watermill is serving on the Board of Directors, Flatbush Watermill agrees to vote all eligible shares of Common Stock or Series B Preferred Stock it beneficially owns for the election of each Director nominated by Valinor Management at each meeting of the company’s stockholders at which the election of a Valinor Director is to be considered. Valinor Management has the right to nominate up to two Directors to the company’s Board of Directors and has nominated Seth Cohen and will nominate an additional person as Valinor Directors.