From: Gianni Serazz To: "jeffrey E." <[email protected]> Subject: Re: Can you please call me when you can? Date: Fri, 14 Aug 2015 15:36:13 +0000 They told me —105 total value, the equity was -30. Just reporting what the Fashion guys told me, unfortunately was not part of the deal, but will be of the next one :) G On Fri, Aug 14, 2015 at 5:32 PM, jeffrey E. <[email protected]> wrote: goldengate paid less than 30 On Fri, Aug 14, 2015 at 3:26 AM, Gianni Serazz Sure, here is the bridge wrote: 1-The excel is the budget as you can see from 18 months ago 2-The data communicated to you yesterday is the actual of 2015 up to today 3-The 2014 budget was forecasting 4,590 2morrow + 0,353 2day = 4,943M or sales without expenses reinvoicing to create a profit of 878'865 (all un Euros) 4-The actual for 2015 shows total invoicing without expenses of 3,703M and —4.4M with expenses reinvoiced. The profit is 438K. I am attaching the file that I do every month as usual 5-The underperformance is why I have to resctructure Italy as mentioned to bring it to its full potential and why I bought back and removed Giancarlo from leadership role that I will take. I know what to do and the root cause of it. We lost 2 of our biggest clients as they decided to move production abroad and internalize modeling. Then Giancarlo fired last year our number one director for personal reasons against my advice but promised to still deliver on the budget. Clearly these results did not materialize and that's why he agreed to step down without any fight and to become just an employee.Third the directors did not have responsibility to deliver and Giancarlo's mother problems did not allow him to be present in the company more than a couple of days per week this year. Despite all of this the company was not delivering the budget but holding on. Since July I have changed 2 directors out of 4 and now need to invest for a strong director for the 3rd table (the 4th director is per