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look at value. 6. One other note that is relevant to us, is =hat when Elite Models in Europe contacted us with an interest in buying =he company, Faith told me to relay to them that they would not =ontemplate selling to Elite for less than $100 million (which at the =ime was a +10x synergy-adjusted
$13.1 Million. 3. The past three comparable transactions for =ompanies in this market average an enterprise value at —10x multiple of =BITDA a. Wilhelmina: 7x (average meaningful trading =ultiple since 2010) b. Creative Artists Agency: 10x (TPG =cquisition, 2014) c. IMG: 13x (WME acquisition, =013)
inding it difficult to get to more than a 15 million total valu= for Next ( not including liabilities). The 18 million dollar bid that you=mentioned Faith said was hardly legitimate. I think further review =f the accounting tax etc. is probably a waste of all our time. As yo= rightly said, what you ini
llion. 3.<=span> 4) The past three comparable transactions for c=mpanies in this market average an enterprise value at -10x multiple of EBI=DA a. Wilhelmina: 7x (av=rage meaningful trading multiple since 2010) b.<=pan style="font-size:7pt;color:rgb(31,73,125)"> 40 Creative Artists Agency: 10x (TPG acqui
look at value. 6. One other note that is relevant to us, is =hat when Elite Models in Europe contacted us with an interest in buying =he company, Faith told me to relay to them that they would not =ontemplate selling to Elite for less than $100 million (which at the =ime was a +10x synergy-adjusted
$13.1 Million. 3. The past three comparable transactions for =ompanies in this market average an enterprise value at —10x multiple of =BITDA a. Wilhelmina: 7x (average meaningful trading =ultiple since 2010) b. Creative Artists Agency: 10x (TPG =cquisition, 2014) c. IMG: 13x (WME acquisition, =013)
look at value. 6. One other note that is relevant to us, is =hat when Elite Models in Europe contacted us with an interest in buying =he company, Faith told me to relay to them that they would not =ontemplate selling to Elite for less than $100 million (which at the =ime was a +10x synergy-adjusted
$13.1 Million. 3. The past three comparable transactions for =ompanies in this market average an enterprise value at - 10x multiple of =BITDA a. Wilhelmina: 7x (average meaningful trading =ultiple since 2010) b. Creative Artists Agency: 10x (TPG =cquisition, 2014) c. IMG: 13x (WME acquisition, 2013)
ook at value. 6. = One other note t=at is relevant to us, is that when Elite Models in Europe contacted us with=an interest in buying the company, Faith told me to relay to them that they would not contemplate selling to Elite for less t=an $100 million (which at the time was a +10x synergy-adjusted
llion. 3. = The past three c=mparable transactions for companies in this market average an enterprise va=ue at - 10x multiple of EBITDA a. =nbsp; Wilhelmina: 7x (=verage meaningful trading multiple since 2010) b. =nbsp; Creative Artist= Agency: 10x (TPG acquisition, 2014) c. =nbsp; IMG: 13x (WME a=quisi
ook at value. 6. = One other note t=at is relevant to us, is that when Elite Models in Europe contacted us with=an interest in buying the company, Faith told me to relay to them that they would not contemplate selling to Elite for less than $100=million (which at the time was a +10x synergy-adjusted
illion. 3. = The past three c=mparable transactions for companies in this market average an enterprise va=ue at —10x multiple of EBITDA a. =nbsp; Wilhelmina: 7x (=verage meaningful trading multiple since 2010) b. =nbsp; Creative Artist= Agency: 10x (TPG acquisition, 2014) c. =nbsp; IMG: 13x (WME a=quisi
Entities connected to both Faith and Wilhelmina

Jeffrey Epstein
PERSON
Richard Kahn
PERSONNeale Attenborough
PERSON
Marc Rich
PERSONChris Lawler
PERSONElite Models
ORGANIZATIONTTM EBITDA
ORGANIZATION
Elite
PERSONTyler Shean
PERSONOpenGate Capital
ORGANIZATIONHBRK Associates
ORGANIZATION
Lesley Groff
PERSON
Milan
LOCATIONAttenborough
PERSONmore.&nb
ORGANIZATIONjoels =ngoing equity
ORGANIZATIONTyler Shears
PERSONCreative Artist= Agency
ORGANIZATIONEquity Value
ORGANIZATION