<table><tr><th>From:</th><th>Gianni Serazzi</th></tr><tr><td>Sent:</td><td>Sunday, August 16, 2015 7:11 AM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

I think your consideration is accurate.

On top of it you should factor in

-800k would go entirely into the company so that should be added as post mo=ey valuation -on top what is the value of new management (myself) coming in at zero sala=y? If we use market valuation that's quite an asset -I only count the cash once we have it, however we have a lawsuit going on =ith QVC the big client lost that stole our models internalizing them that =he lawyer says will pay minimum 300k and max 800k within 1 to 2 years -also please remember that it's written Ebitda but it's cash genera=ion pure and simple

Adding these aspects it brings you to the 4m post money valu=tion that I honestly believe to be a fair value if I were sitting on the o=her side of the table

Thx

G

On Aug 16, 2015 5:03 AM, "jeffrey E." =lt;jeevacation@gmail.com <mailto:jeevacation@gmail.com> >=rote:

ive looked carefully at the bad projections and the current numbers =AO only ebitda. it looks as if the value and comps only =ive it a 1.5--2.2 value . .

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