From: Gianni Serazzi

From: Gianni Serazzi To: "Jeffrey E." <[email protected]> Subject: Re: Date: Mon, 15 May 2017 13:06:43 +0000 Looked at the doe. Totally agree with you. If you buy into a new modeling, it's worth owning 100% of it and paying little the managers with high incentives and you do the strategy (bookers not able) If you buy an established company a low multiple of ebitda Here there's not the benefit of control and there are the high costs for mgmt (not top notch BTW) Are you coming to south of france anytime soon? Would be great to catch up. Monaco Grand Prix is in 2 weeks G On Mon, May 15, 2017 at 12:58 PM, jeffrey E. <[email protected]> wrote: not for me but seems silly to ask for money that doesnt come back for 5 years. ? thoughts? my friend asked me , I told him not a great market.. how are you , im in paris until wed. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01046503