<table><tr><th>From:</th><th>Gianni Serazzi</th></tr><tr><td>Sent:</td><td>Friday, August 14, 2015 3:36 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Re: Can you please call me when you can?</td></tr></table>

They told me -105 total value, the equity was -30. Just re=orting what the Fashion guys told me, unfortunately was not part of the de=l, but will be of the next one :)

G

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

goldengate paid less than 30

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

Sure,
here is the bridge

1-The excel is =he budget as you can see from 18 months ago

2-The=data communicated to you yesterday is the actual of 2015 up to today =div>

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

=div>4-The actual for 2015 shows total invoicing without expenses of 3,703M=and —4.4M with expenses reinvoiced. The profit is 438K. I am =ttaching the file that I do every month as usual

=-The underperformance is why I have to resctructure Italy as mentioned to bring it to its full potential and why I bought b=ck and removed Giancarlo from leadership role that I will tak=. I know what to do and the root cause of it. We lost 2 of our biggest cli=nts as they decided to move production abroad and internalize modeling. Th=n Giancarlo fired last year our number one director for personal reasons aga=nst my advice but promised to still deliver on the budget. Clearly these r=sults did not materialize and that's why he agreed to step down withou= any fight and to become just an employee.Third the directors did not have=responsibility to deliver and Giancarlo's mother problems=did not allow him to be present in the company more than a couple of days =er week this year. Despite all of this the company was not delivering the =udget but holding on. Since July I have changed 2 directors out of 4 and n=w need to invest for a strong director for the 3rd table (the 4th director=is perfect).

6-The growth will require net workin= capital as we pay models, apartments, tickets immediately (the only agenc= in the world that pays immediately and has no bank debt that I know of) b=t we receive the cash from clients 3.4 months after. Of the 800K needed no= one penny will come to my pockets, it all goes into the companies to boos= growth.

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

8-The mid-term strategy is to leverage the italian operations (that has to=become just perfect) and using the brand name that built 14 years ag= and the business procedures that I created get the appropriate models to =ave successful operations in Paris, London, NY and Miami. Fashion models (=hat I wanted to buy with you) did the same launching Next models and then =elling it to Goldengatel>=A0Private Equity for -105M5. They did it investing 8ME that came almost en=irely from their free cash flow of the italian operations over - 4 years. You might know the story=in more detail than myself. If they did it I can for sure

Thx

G

On Fri, Aug 14, 2015 at 5:5= AM, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gmail.=om»

wrote:

## ???

Forwarded message ----------

From: G Sera

Date: Th=, Feb 27, 2014 at 7:50 AM

Subject: Re: Can you please call me when you =an?

To: Jeffrey Epstein <jeevacation@gmail.com <mailto:jeevacation@gmail.com> >

## <=iv>Jeff,

here are the numbers of 2morrow and 2day. This is the c=sh flow I review monthly and what I use to keep operations under control. =ash flow is much better than accounting for this purpuse as a properly run=modeling operation does not generate long term payables (we pay the models=immediately after teh job). I quickly put the lablels in english plea=e let me know if anything is not clear. 2day was launched a little over 1 =ear 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 there is another GM there (Mauro instea= of Giancarlo). The company was launched only 18 months ago and is cash-fl=w positive as you can see.

## G

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

## G (cont.)

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

<u>On Wed,</u> Feb 26, 2014 at 6:42 PM, G Sera =span dir="Itr"> wrote:

When you want.

Thank you for your=guidance