<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Friday, August 14, 2015 3:33 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>

goldengate paid less than 30

On Fri, Aug 14, 2015 at 3:26 AM, Gian=i Serazzi > wrote:

Sure,
here is the bridge

<=div>

1-The excel is the budget as you can see from 18 months ago =div>

2-The data communicated to you yesterday is the actual =f 2015 up to today

3-The 2014 budget was forecast=ng 4,590 2morrow + 0,353 2day = 4,943M or sales without expenses r=invoicing to create a profit of 878'865 (all un Eu=os)

4-The actual for 2015 shows total invoicing w=thout expenses of 3,703M and —4.4M with expenses reinvoiced. =he profit is 438K. I am attaching the file that I do every month as usuak=div>

5-The underperformance is why I have =o resctructure Italy as mentioned to bring it to its full pot=ntial and why I bought back and removed Giancarlo from leader=hip role that I will take. I know what to do and the root cause of it. We =ost 2 of our biggest clients as they decided to move production abroad and=internalize modeling. Then Giancarlo fired last year our numb=r one directorO=A0for personal reasons against my advice but promised to still deliver on =he budget. Clearly these results did not materialize and that's why he=agreed to step down without any fight and to become just an employee.Third=the directors did not have responsibility to deliver and Giancarlo&#=9;s mother problems did not allow him to be present in the company =ore than a couple of days per week this year. Despite all of this the comprny was not delivering the budget but holding on. Since July I have changed=2 directors out of 4 and now need to invest for a strong director for the =rd table (the 4th director is perfect).

6-The gro=th will require net working capital as we pay models, apartments, tickets =mmediately (the only agency in the world that pays immediately and has no =ank debt that I know of) but we receive the cash from clients 3.4 months a=ter. Of the 800K needed not one penny will come to my pockets, it all goes=into the companies to boost growth.

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

8-The mid-term strategy =s to leverage the italian=C2Qoperations (that has to become just perfect) and using the brand namerthat built 14 years ago and the business procedures that I created g=t the appropriate models to have successful operations in Paris, London, N= and Miami. Fashion models (that I wanted to buy with you) did the same la=nching Next models and then selling it to Goldengate Private Equity for —105M5. They did it inves=ing 8ME that came

almost entirely from their free cash flow of the </=pan>italian operations over - 4 yea=s. You might know the story in more detail than myself. If they did it I c=n for sure

<=r>
Thx=/span>

G

=br>

=br>

O= Fri, Aug 14, 2015 at 5:54 AM, Jeffrey E. <jeevacation@gmail.com8t=t; wrote:

???

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

Jeff,

here are the numbers of 2morr=w and 2day. This is the cash flow I review monthly and what I use to keep =perations under control. Cash flow is much better than accounting for this=purpuse as a properly run modeling operation does not generate long term p=yables (we pay the models immediately after teh job). I quickly put t=e lablels in english please let me know if anything is not clear. 2day was=launched a little over 1 year ago and will be cashflow positive in approx = 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 cashaw positive as you can see.

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. .

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

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 -=II rights reserved