EFTA02222321.pdf

"Richard Kahn HBRK Associates Inc."

"We invested $18 million for a 42% stake in the business, implying an enterprise value of $42.9 million. ... For the record, we did actually pay $18MM "

"From: Neale Attenborough Date: August 29, 2017 at 10:50:47 PM EDT To: Richard Kahn"

"a $17 million distribution to Faith and Joel ... Faith told me to relay to them that they would not contemplate selling to Elite"

"Joel has said he believes all the cash is due to the models ... a $17 million distribution to Faith and Joel"

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

"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"

"Sent: Friday, August 25, 2017 11:5 To: Neale Attenborough ... Pretty funny Neale..."

"On Aug 24, 2017, at 3:28 PM, Neale Attcnborouuh [wrote]... Rich [replied]"

"Cc: Chris Lawler"

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

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

"information in this message that do not relate to the official business of Golden Gate Capital shall be understood to be neither given nor endorsed by"