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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
ough <neale@goldengatec=p.com> Subj=ct: RE: Next Date: September 6, 2017 at 4:16:=7 PM EDT To: aspan>Richard Kahn < <mailto Cc: Chris Lawler >, Tyler Shean < <mailto:tshean@goldengatecap.=om> > > > > > <=pan style="font-size:11ptfont-family:Calibri,sans-seritcolor:rgb(31,73=125)">l do not agree to yo
$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)
From: =/b>Neale Attenborough < Subject: =/b>RE: Next Date: =/b>September 6, 2017 at 3:51:06 PM =DT To: =/b>Richard Kahn < Cc: Chris Lawler < >, Tyler Shean < What are the specific actions you refer to =s Paris, Milan and New York, with case numbers and a summary of the =ases. From: Richard Kahn [mailt
$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)
From: =/b>Richard Kahn < Subject: =/b>Re: Next Date: =/b>September 5, 2017 at 10:02:30 =M EDT To: =/b>Neale Attenborough < Cc: Chris Lawler < >, Tyler Shean < When can I expect your term sheet with =etails that we discussed explaining exactly what entity will be selling =hat... I would assume your offe
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
Cel Begin fo=warded message: From: Ri=hard Kahn > Date: August 29, 2017 at 10:48:17 PM EDT To:</=> Neale Attenborough < > Cc: Chris Lawler », Tyler Shean <=a href="mailto >=br>Subject: Re: Next Did heather send dial in number. Please advise. Thank you= <mailto Richard Kahn HBRK Associates Inc. 5
Entities connected to both Wilhelmina and Tyler Shean

Jeffrey Epstein
PERSON
Richard Kahn
PERSONChris Lawler
PERSONNeale Attenborough
PERSONFaith
PERSON
Marc Rich
PERSONTTM EBITDA
ORGANIZATIONElite Models
ORGANIZATION
Elite
PERSONOpenGate Capital
ORGANIZATION
Milan
LOCATIONTyler Shears
PERSONHBRK Associates
ORGANIZATIONAttenborough
PERSON