EFTA02353336.pdf

"Richard Kahn HBRK Associates Inc."

"From: Richard Kahn Sent: Wednesday, August 30, 2017 2:56 AM To: [Neale Attenborough via fwd]"

"we did actually pay $18MM for 42% of this business in 2008."

"On Aug 24, 2017, at 3:28 PM, Neale Attenborough wrote... Rich"

"Opinions, conclusions, and other information in this message that do not relate to the official business of Golden Gate Capital shall be understood to"

"Faith told me to relay to them that they would not contemplate selling to Elite for less than $100 million"

"Joel has said he believes all the cash is due to the models."

"when Elite Models in Europe contacted us with an interest in buying the company"

"We received a bona fide offer from OpenGate Capital which would have resulted in $18 million in proceeds for us"

"Faith and Joel make up the business, nothing more."

"Faith and Joel make up the business, nothing more."

"ignoring how much you paid or if some of that money was repaid directly to the former owners of Claxon"

"we have distributions from Next directly to the former shareholders of the claxon offshore entity of approx 3"