<table><tr><th>From:</th><th>Gianni Serazzi</th></tr><tr><td>Sent:</td><td>Friday, March 6, 2015 11:18 AM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>Financing for Fashion</td></tr></table>

9m request (very hard to negotiate below this level)<=div>

2m from their bank (no need to keep it for worki=g capital)

with bank strong support (they =ave no bank debt now) 3m using the invoices as collateral <=iv>3m as 2x ebitda collateral

lm earnout

<=iv>

I can add 200-300K ebitda easily (current owner and CE= 79 years old)

If you and me and them agree on =he deal then before going we should pay another 10K in due diligence on nu=bers (I spent 2k for initial DD to get to these numbers) <=div> Thx G