4. We invested $18 million for a 42% stake in the business, implying an enterprise value of $42.9 million. 5. We received a bona fide offer from OpenGate Capital which would have resulted in $18 million in proceeds for us (and in fact a $17 million distribution to Faith and Joel), and while they were, as you

> Jean Luc, the business is losing money. I don't see you us even close to an 8 million dollar valuation. Andrew Nikou Founder & Managing Partner OpenGate Capital, LLC 1999 Avenue of the Stars I Suite 1830 Los Angeles I CA I 90067 A Save a tree. Please only print this e-mail if it is genuinely required. Fro

l. Lets talk next week. Would this assume that the new company does not take on the IRS liability? Andrew Andrew Nikou Founder & Managing Partner OpenGate Capital, LLC 1999 Avenue of the Stars I Suite 1830 Los Angeles I CA 190067 Save a tree. Please only print this e-mail if it is genuinely required. From:

now, however, we always keep the options open for the future. 3 — Yes I will call you very soon. Andrew Andrew Nikou Founder & Managing Partner OpenGate Capital, LLC 1999 Avenue of the Stars I Suite 1830 Los Angeles I CA I 90067 +1 +1 +1 He +3, nch Mobile Save a tree. Please only print this e-mail if

53:28 -0700 To: Jean Luc Brunel< Subject: RE: <no subject> Hey Jean Luc, Lets chat soon? Best, Andrew Andrew Nikou Founder & Managing Partner OpenGate Capital, LLC 1999 Avenue of the Stars I Suite 1830 Los Angeles I CAI 90067 aUS ce Fax Mobile French Mobile Save a tree. Please anis pia, Ibis e-mail if

> Jean Luc, the business is losing money. I don't see you us even close to an 8 million dollar valuation. Andrew Nikou Founder & Managing Partner OpenGate Capital, LLC 1999 Avenue of the Stars I Suite 1830 Los Angeles I CA I 90067 Fax Fax US Mobile French Mobile ,,„A Save a tree. Please only print this e

4. We invested $18 million for a 42% stake in the business, implying an enterprise value of $42.9 million. 5. We received a bona fide offer from OpenGate Capital which would have resulted in $18 million in proceeds for us (and in fact a $17 million distribution to Faith and Joel), and while they were, as you

4. We invested $18 million for a 42% stake in the business, implying an enterprise value of $42.9 million. 5. We received a bona fide offer from OpenGate Capital which would have resulted in $18 million in proceeds for us (and in fact a $17 million distribution to Faith and Joel), and while they were, as you

4. We invested $18 million for a 42% stake in the business, implying an enterprise value of $42.9 million. 5. We received a bona fide offer from OpenGate Capital which would have resulted in $18 million in proceeds for us (and in fact a $17 million distribution to Faith and Joel), and while they were, as you

4. We invested $18 million for a 42% stake in the business, implying an enterprise value of $42.9 million. 5. We received a bona fide offer from OpenGate Capital which would have resulted in $18 million in proceeds for us (and in fact a $17 million distribution to Faith and Joel), and while they were, as you

4. We invested $18 million for a 42% stake in the business, implying an enterprise value of $42.9 million. 5. We received a bona fide offer from OpenGate Capital which would have resulted in $18 million in proceeds for us (and in fact a $17 million distribution to Faith and Joel), and while they were, as you

now, however, we always keep the options open for the future. 3 — Yes I will call you very soon. Andrew Andrew Nikou Founder & Managing Partner OpenGate Capital, LLC 1999 Avenue of the Stars I Suite 1830 Los Angeles I CA I 90067 Fax Office I Fax US Mobile I French Mobile Ili; Save a tree. Please only

u Date: Fri 6 Nov 2009 08-53-28 -0700 To: Subject: RE: <no subject> Hey Lets chat soon? Best, Andrew Andrew Nikou Founder & Managing Partner OpenGate Capital, LLC 1999 Avenue of the Stars I Suite 1830 Los Angeles I CA 190067 +1 310 432 7000 I Office "> Fax US Mobile French Mobile A Sae. tree. Pleas

no subject> the business is losing money. I don't see you us even close to an 8 million dollar valuation. Andrew Nikou Founder & Managing Partner OpenGate Capital, LLC 1999 Avenue of the Stars I Suite 1830 Los Angeles I CA 190067 +1 310 432 7000 I Office +1 310 868 2813 Fax US Mobile French Mobile A Save

. We invested $18 million for a 42% stake in the business, implying an enterprise value of $42.9 million. 5. We received a bona fide offer from OpenGate Capital which would have resulted in $18 million in proceeds for us (and in fact a $17 million distribution to Faith and Joel), and while they were, as y

o subject> Forgot to ask, what did r=l(blond girl) think of me? what is the idea? I tried calling you now Andrew Nikou Founder & Managing Partner OpenGate Capital, LLC 1999 Avenue of the Stars Suite 1830 Los Angeles I CAI 90067 b-A Save a tree. Please only print this e-mail if it is genuinely required. Fro

r now, however, we always keep the options open for the future. 3 —Yes I will call you very soon. Andrew Andrew Nikou Founder & Managing Partner OpenGate Capital, LLC 1999 Avenue of the Stars I Suite 1830 Los Angeles I CAI 90067 +1 310 432 7000 I Office +1 310 868 2813 Fax Mobile French Mobile h-A Save

n Luc Brunel<[email protected]> Subject: RE: <no subject> Nice, welcome home, let me know, talk soon! Andrew Nikou Founder & Managing Partner OpenGate Capital, LLC 1999 Avenue of the Stars Suite 1830 Los Angeles 1 CA 1 90067 +1 310 432 7000 1 Office +1 310 868 2813 1 Fax US Mobile is French Mobile ip

:53:28 -0700 To: Jean Luc Brunel Subject: RE: <no subject> Hey Jean Luc, Lets chat soon? Best, Andrew Andrew Nikou Founder & Managing Partner OpenGate Capital. LLC 1999 Avenue of the Stars Suite 1830 Los Angeles I CA 90067 +1 310 432 7000 l Office +1 310 868 2813 l Fax +1 310 600 7842 l US Mobile +33

9/28/09 1:33 PM, "Andrew Nikou" > wrote: Hi jean luc, when did you say you will be in nyc again? thanks Andrew Nikou Founder & Managing Partner OpenGate Capital, LLC 1999 Avenue of the Stars I Suite 1830 Los Angeles I CA I 90067 e Mobile French Mobile EFTA_R1_01510999 EFTA02438006 irlA Save a tree. P