<table><tr><th>From:</th><th>Gianni Serazzi</th><th></th></tr><tr><td>Sent:</td><td>Friday, August 14, 2015 3:43 PM</td><td></td></tr><tr><td>To:</td><td>jeffrey E.</td><td></td></tr><tr><td>Subject:</td><td>Re: Can you please call me when you</td><td>can?</td></tr></table>

Then I was given false data. The only data I trust is the =ne of my companies

G

On Fri, Aug 14, 2015 at 5:40 PM, jeffrey E. <jeevacat=on@gmail.com <mailto:jeevacation@gmail.com» wrote:

not close

On Fri, Aug 14, 2015 =t 11:36 AM, Gianni Seraz wrote: =blockquote class="gmail_quote" style="margin:0 0 .8ex;border-left:lp= #ccc solid;padding-left:lex"> They told me - 105 total val=e, the equity was —30. Just reporting what the Fashion guys told me, unfor=unately was not part of the deal, but will be of the next one :)

## G<=div>

On Fri, Aug =4, 2015 at 5:32 PM, jeffrey E. <jeevacation@gmail.com <mailto:jee=acation@gmail.com» =rote:

goldengate paid l=ss than 30

On Fri, Aug 14, 2015 at 3:26 AM, Gianni Serazzi

## wrote:

Sure,
here is the bridge

1-The excel =s the budget as you can see from 18 months ago

2-=he data communicated to you yesterday is the actual of 2015 up to today

3-The 2014 budget was forecasting 4,590 2morrow + 0,=53 2day = 4,943M or sales without expenses reinvoicing to c=eate a profit of 878'865 (all un Euros)

4-The actual for 2015 shows total invoicing without expenses of 3,7=3M and '4.4M with expenses reinvoiced. The profit is 438K. I =m attaching the file that I do every month as usual

5-The underperformance is why I have to resctructure<=span> Italy as mentioned to bring it to its full potential and why I bough= back and removed Giancarlo from leadership role that I will =ake. I know what to do and the root cause of it. We lost 2 of our biggest =lients as they decided to move production abroad and internalize

## wrote: (cont.)

modeling.=Then Giancarlo fired last year our number one director for personal reasons =gainst my advice but promised to still deliver on the budget. Clearly thes= results did not materialize and that's why he agreed to step down wit=out any fight and to become just an employee.Third the directors did not h=ve responsibility to deliver and Giancarlo's mother probl=ms did not allow him to be present in the company more than a couple of da=s per week this year. Despite all of this the company was not delivering t=e budget but holding on. Since July I have changed 2 directors out of 4 an= now need to invest for a strong director for the 3rd table (the 4th direc=or is perfect).

6-The growth will require net wor=ing capital as we pay models, apartments, tickets immediately (the only ag=ncy in the world that pays immediately and has no bank debt that I know of= but we receive the cash from clients 3-4 months after. Of the 800K needed=not one penny will come to my pockets, it all goes into the companies to b=ost growth.

7-The companies will also pay consult=ng fees every year. I will like that someone from your side audits these n=mbers as well so that you can get 20% of these net fees as well. It's =ery simple and clear to do so.

8-The mid-term strategy is to leverage the =/span>italian operations (that has=to become just perfect) and using the brand name that built 14 years=ago and the business procedures that I created get the appropriate models =o have successful operations in Paris, London, NY and Miami. Fashion model= (that I wanted to buy with you) did the same launching Next models and th=n selling it to <=pan>Goldengate=C2*Private Equity for —105M5. They did it investing 8ME that came almost=entirely from their free cash flow of the italian operations over —4 years. You might know the st=ry in more detail than myself. If they did it I can for sure

<iv>
Thx
G
=div>

=div>

On Fri, Aug 14, 2015 at 5:=4 AM, Jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gmail=com> > wrote:

## ???

Forwarded message From: G Sera Date: T=u, Feb 27, 2014 at 7:50 AM Subject: Re: Can you please call me when you=can? To: Jeffrey Epstein <jeevacation@gmail.com <mailto:jeevacation@gmailcom> >

=div>Jeff,

## ??? (cont.)

here are the numbers of 2morrow and 2day. This is the =ash flow I review monthly and what I use to keep operations under control.=Cash flow is much better than accounting for this purpuse as a properly ru= modeling operation does not generate long term payables (we pay the model= immediately after teh job). I quickly put the lablels in english ple=se let me know if anything is not clear. 2day was launched a little over 1=year ago and will be cashflow positive in approx 6 months.

I then am sending a second file for NologoMGMT (forme= Future). This is separate because cash-fl=w there positive is another as you GM can there see. (Mauro instea= of Giancarlo). The company was launched only 18 months ago and is

G

On Thu, Feb 27, 2014 at 11:51AM, Jeffrey Epstein <jeevacation@gmail.com <mailto:jeevacation@gmail.com» wrote:

can you send me the numbers=for 2 morrow 2day etc. .

<mail



On Wed, Feb 26, 2014 at 6:42 PM, G Sera =span dir="ltr"> wrote:

When you want.

Thank you for your=guidance

G

On Wednesday, February 26, 2014, =effrey Epstein <jeevacation@gmail.com <mailto:jeevacation@gmail.com> > wrote:

Talk this weekend

On Wednesday, February 26, 2014, = Sera C wrote:

I agree but they ask me to commit to a 3 year time. I am sure they will put=some good money behind the commitment but that's nt the point. The low risk solution for me is to take position and keep the re=t on the side, but you are very smart and experienced and I value your inp=t. I never like to feel like I have to do anything, even if it's a great o=portunity and a step up. I am built like that.

I very =uch appreciate your thoughts.

G

## ??? (cont.)

wrote:

what would you Ike to do. Q=A0 why not take the new position , at least for awhile. „ no downs=de, otherwise present me a biz plan

On Wed, Feb 26, 2014 at 4:18 PM, G Sera <█████████████████ wrote:

Thank you

Thank you
Gianni

******************=******************

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Unauthorized use, di=closure or copying of this communication or any part thereof is strictl= prohibited and may be unlawful. If you have received this communication in error, p=ease notify us immediately by return e-mail or by e-mail to jeevacat=on@gmail.com, and destroy this communication and all copies thereof, including all attachm=nts. copyright -all rights reserved

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**********

The information contained in this communication is confi=ential, may be attorney-client privileged, may constitute inside inform=tion, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein

Unau=horized use, disclosure or copying of this communication or any part th=reof is strictly prohibited and may be unlawful. If you have received t=is communication in error, please notify us immediately by return e-mail or=by e-mail to jeevacation@gmail.com, and

4

## ??? (cont.)

destroy this communicati=n and all copies thereof, including all attachments. copyright -all rights reserved

********

The information contained in this c=mmunication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the a=dressee. It is the property of Jeffrey Epstein

Unauthorized use, di=closure or copying of this communication or any part thereof is strictl= prohibited and may be unlawful. If you have received this communication in error, p=ease notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, =nd destroy this communication and all copies thereof, including all attachm=nts. copyright -all rights reserved

=C2�>>

please note

The in=ormation contained in this communication is confidential, may be attorn=y-client privileged, may constitute inside information, and is intended=only for the use of the addressee. It is the property of JEE<=pan>

Unauthorized use, disclosure or copying of this communication o= any part thereof is strictly prohibited and may be unlawful. If you ha=e received this communication in error, please notify us immediately by=br>return e-mail or by e-mail to

jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and
destroy this communicat=on and all copies thereof,
including all attachments. copyright -all ri=hts reserved

## ??? (cont.)

=C2

please note

The informat=on contained in this communication is confidential, may be attorney-cli=nt privileged, may constitute inside information, and is intended only =or the use of the addressee. It is the property of JEE

Unauthoriz=d use, disclosure or copying of this communication or any part thereof =s strictly prohibited and may be unlawful. If you have received this

return e-mail o= by e-mail to j=evacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies =hereof,

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chiv>

=C2

please note

The informat=on contained in this communication is confidential, may be attorney-cli=nt privileged, may constitute inside information, and is intended only =or the use of the addressee. It is the property of JEE

Unauthoriz=d use, disclosure or copying of this communication or any part thereof =s strictly prohibited and may be unlawful. If you have received this

return e-mail o= by e-mail to j=evacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies =hereof,

including all attachments. copyright -all rights reserved
</=iv>