MEMORANDUM OF UNDERSTANDING THE PARTIES Mr. Giancarlo Galati, born on in , co-owner and CEO of 2morrowmodel SRL and other model agencies, domiciled in from now on the "Operating Investor" Ms. , born on

MEMORANDUM OF UNDERSTANDING THE PARTIES Mr. Giancarlo Galati, born on in , co-owner and CEO of 2morrowmodel SRL and other model agencies, domiciled in from now on the "Operating Investor" Ms. born on

of the proceedings shall be English. LIST OF ANNEXES Annex 1: Business plan for first year, Paris office SIGNATURES Paris, April 2014 Ms. Mr. Giancarlo Galati EFTA_R1_02205672 EFTA02721492 Annex 1: nmorrow Business plan lst year presentation France Only EFTA_R1_02205673 EFTA02721493 OVERVIEW ',s