From: jeffrey E. <jeevacation@gmail.com>
Sent: Thursday, April 26, 2018 3:43 PM
To: Gianni Serazzi
Subject: Re: Call

how does debt get repaid in option 3.

On Thu, Apr 26, 2018 at 10:=7 AM, Gianni Serazzi

e:

All options in Eur

Option 1

Financing of newco (Milano) 80K equity 400K debt Ownership of 40% of newco <=iv>We will provide offices, accounting, directorship etc. all at cost This company hires head of IMG, good models will follow Pay=ack of 400K debt within 24 months, first money out

## Option 2

Financing of 2 newcos (Paris and =ilano) 160K Equity 1M debt ownership of 50% =f newco Big names hires in Miano and Paris Will work f=r free until the 1M is paid back (24 months)

Opti=n 3 Financing of 9M of a new holding 8M Debt Staged in 3 years Italian company merged day=1 (400K ebitda) Ownership 50-50 and will work for free until all=debt is repaid (- 4 years)

Thx

G

=/div>

On Th=, Apr 26, 2018 at 4:00 PM, Gianni Serazzi <█████████████████████ wrote:

On T=u, Apr 26, 2018, 3:36 PM jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gmai=.com> > wrote:

sure . number?
<=r>

On Thu, =pr 26, 2018 at 2:48 AM, Gianni Serazzi ██████████████████ e:

## Option 2 (cont.)

Ciao Jeff,
I thought about what you mentioned the oth=r day. Do you have 5 minutes to talk?

Thx

G

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