<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Friday, August 14, 2015 3:40 PM</td></tr><tr><td>To:</td><td>Gianni Serazzi</td></tr><tr><td>Subject:</td><td>Re: Can you please call me when you can?</td></tr></table>

not close

On Fri, Aug 14, 2015 at 11:36 AM, Gianni Serazzi <████████████████████████████████████████████> wrote:

They told me - 105 total value, the equity was —30. Just report=ng what the Fashion guys told me, unfortunately was not part of the deal, =ut will be of the next one :)

G

On Fri, Aug 14, 2015 at 5:32 PM, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gmail.com> > wrote:

goldengate paid less than 30

## wrote:

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

Sure,
here is the bridge

1-The excel is the budget as you can see from 18 =onths ago

2-The data communicated to you yesterda= is the actual of 2015 up to today

3-The 2014 bud=et was forecasting 4,590 2morrow + 0,353 2day = 4,943M or sales without =xpenses reinvoicing to create a profit of 878'865 (all un Euros)

4-The actual for 2015 shows t=tal invoicing without expenses of 3,703M and - 4.4M with expenses rei=voiced. The profit is 438K. I am attaching the file that I do every=month as usual

5-The underperformanceresctructure Italy as mentioned to bring it=to its full potential and why I bought back and removed Giancarlo from leadership role that I will take. I know what to do and the root =ause of it. We lost 2 of our biggest clients as they decided to move produ=tion abroad and internalize modeling. Then Giancarlo fired la=t year our number one dire=tor for personal reasons against my advice but promised to sti=l deliver on the budget. Clearly these results did not materialize and tha='s why he agreed to step down without any fight and to become just an =mployee.Third the directors did not have responsibility to deliver and Giancarlo's mother problems did not allow him to be present i= the company more than a couple of days per week this year. Despite all of=this the company was not delivering the budget but holding on. Since July = have changed 2 directors out of 4 and now need to invest for a strong dir=ctor for the 3rd table (the 4th director is perfect).

## wrote: (cont.)

=div>6-The growth will require net working capital as we pay models, apartm=nts, tickets immediately (the only agency in the world that pays immediate=y and has no bank debt that I know of) but we receive the cash from client= 3-4 months after. Of the 800K needed not one penny will come to my pocket=, it all goes into the companies to boost growth.

=div>

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

Thx

G

On Fri, Aug 14, 2015 at 5:54 AM, jeffrey E. &l=;jeevacation@gm=il.com <mailto:jeevacation@gmail.com» wrote:

???

Forwarded mess=:e From: G Sera < Date: Thu, Feb 27, 2014 at 7:50 AM Subjec=: Re: Can you please call me when you can? To: Jeffrey Epstein <jeevacation@gmail.co=>

Jeff,

here are the num=ers of 2morrow and 2day. This is the cash flow I review monthly and what l=use to keep operations under control. Cash flow is much better than accoun=ing for this purpuse as a properly run modeling operation does not generat= long term payables (we pay the models immediately after teh job). I =uickly put the lablels in english please let me know if anything is not cl=ar. 2day was launched a little over 1 year ago and will be cashflow positi=e 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

## wrote: (cont.)

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. .

<mailt

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

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, = Ser 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

O= Wednesday, February 26, 2014, Jeffrey Epstein <jeevacation@gmail.co=>.

wrote:

what would you Ike to do. =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:

## wrote: (cont.)

Thank you

Thank you
Gianni

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

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The information contained in this c=mmunication is confidential, may be attorney-dient 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 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 destroy this communicati=n and all copies thereof, including all attachments. copyright -all rights reserved

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## wrote: (cont.)

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

=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

## wrote: (cont.)

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>

please =ote

The information contained in this communication is confiden=ial, may be attorney-client privileged, may constitute inside informati=n, and is intended only for the use of the addressee. It is the propert= of JEE Unauthorized use, disclosure or copying of this communica=ion or any part thereof is strictly prohibited and may be unlawful. If =ou have received this communication in error, please notify us immediat=ly by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail=com> , and destroy this comm=nication and all copies thereof, including all attachments. copyright -=11 rights reserved