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1/68

GFNOGGDFCLDRtrltigy loa ixibutnfono brfss-cfrair M&L

SimlrjSisilrbh `rfm thi @nolobnld Qnmis Grfup

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Gfnog Gdfcld5Rtrltigy loa ixibutnfo no brfss-cfrair M&L|2

Jiy noanogs 1

Mljnog thi mfvi5 Qhi brfss-cfrair aibnsnfo 9

L rnsi no brfss-cfrair M&L 0

Qhi nvi mftnvltnog lbtfrs

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Gfnog Gdfcld5Rtrltigy loa ixibutnfo no brfss-cfrair M&L|9

MLJNOGQHI MFPI5QHI BSFRRCFSAISAIBNRNFO

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0|Cljir & MbJiozniEuoi 3;

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Gfnog Gdfcld5Rtrltigy loa ixibutnfo no brfss-cfrair M&L|7

@nguri

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8|Cljir & MbJiozniEuoi 3;

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Gfnog Gdfcld5Rtrltigy loa ixibutnfo no brfss-cfrair M&L|>

prfxnmnty, Dltno Lmirnbl mljisup fody

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Gfnog Gdfcld5Rtrltigy loa ixibutnfo no brfss-cfrair M&L|

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Gfnog Gdfcld5Rtrltigy loa ixibutnfo no brfss-cfrair M&L|).

No L`rnbl, thi silrbh `fr l

bustfmir clsi ns arnvnoglbqunsntnfos thi pirbiptnfo

f` l grilt uotlppia bustfmirclsi blusis blpntld tf `dfw notf

thi bfotnoiot, lbbfranog tf

Cljir & MbJiozni [lrtoir loaBhlnr f` nts IMIL M&L [rlbtnbiGrfup Nois Slamndfvnb.

Novlrnlcdy, bfmplonis lri dffjnog

tf lbqunri dlrgi oumcirs f` oiwbustfmirs no tirrntfrnis thiy lri

iotirnog fr thi nrst tnmi. Qhns nsplrtnbudlrdy trui whiri thiri ns

l sngon`nblot mlrjit fppfrtuontyfo f``ir fr whiri bfmplonis

blo sucstlotnlddy nobrilsi thinrmlrjit shlri no bfuotrnis whiri

thiy lri ldrilay prisiot.

@fr ixlmpdi, thi sionfr digldbfuosid f` lo ioirgy loa

risfurbis `nrm clsia no thi BzibhSipucdnb, slys lo lbqunsntnfo

mlai no Qurjiy iolcdia l mubhspiianir mfvi tfwlra sbldi no

thi bfuotry thlo l griio`nidanovistmiot. Qhi tlrgit nrm hla

lo futstloanog bustfmir clsiwnth prf`ntlcdi rituros, sf wi

bfuda tlp thns mlrjit rlthir thlo

hlvnog tf aividfp l whfdi oiwstrubturi loa thio strnvnog tf gitl gffa bustfmir clsi, hi slys.

Glnonog lbbiss tfbustfmirs ns thi mfstnmpfrtlot mftnvltnfo `frbrfss-cfrair ailds.

Qwf f` thi mfst

sngon`nblot bhlddiogis tfl subbiss`ud aild lri thibriancndnty f` thi tlrgits`nolobnld lbbfuots loaritlnonog bustfmirs.

Sigudltfry bhlddiogis`fr subh ailds nobduaipfdntnbld notir`iriobiloa lotntrust huradis.

@nguri >5 [irbiotlgi f` ailds whiri lbbiss tf bustfmirswls thi tfp mftnvltnfo

;

% 3

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Gfnog Gdfcld5Rtrltigy loa ixibutnfo no brfss-cfrair M&L|

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Gfnog Gdfcld5Rtrltigy loa ixibutnfo no brfss-cfrair M&L|

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Gfnog Gdfcld5Rtrltigy loa ixibutnfo no brfss-cfrair M&L|

Lofthir tlbtnb, suggists thihila f` strltigy lt l Sussnlo

`nolobnld sirvnbis `nrm thltana l aild no Rircnl, ns tf

iodnst yfur fwo gfviromiotssuppfrt cy strissnog thi

nmpfrtlobi f` thi aild frafmistnb efcs loa grfwth, `fr

ixlmpdi. Wi lpprflbhia furfwo gfviromiot, thi ixibutnvi

ixpdlnos. Lbtnog ls lo lavnsfr,fur gfviromiot jipt us no`frmia

lcfut thi vlrnfus upbfmnogrudis fr rigudltnfos, loa ldsf

oigftnltia wnth thi tlrgitgfviromiot aurnog thi aild.

Qhlt strltigy ldsf wfrjia `fr lHuoglrnlo dn`i sbniobis bfmploy

afnog l aild no Nsrlid thlt wls ltfoi stlgi thriltioia cy foirfus

rigudltfry rimianis. Sigudltfryofrms wiri hngh no thi bfuotry

loa thi gfvironog cfay wls oftsuppfrtnvi f` thi lbqunsntnfo,

whnbh sdfwia afwo fur prfbissloa dfw f` thi trloslbtnfo, thi

`nrms bhni` `nolobnld f``nbir slys.Cy novfdvnog fur fwo gfviromiot

wi wiri lcdi tf prfburi lpprfvld fur gfviromiot wls suppfrtnvi

iofugh loa ldsf gunaia usthrfugh thi vlrnfus rigudltnfos.

@nguri

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Gfnog Gdfcld5Rtrltigy loa ixibutnfo no brfss-cfrair M&L|3

tf f``ir nmpfrtlot nosnghts. Loalo fpio anldfgui wnth thi tlrgit

bfmploys mlolgimiot wndd ldsfci nmpfrtlot.

No l `fringo mlrjit, wnth an``iriot

gfvirolobi rudis loa strubturis,nt wls an``nbudt tf `noa fut lcfut

shlrihfdanogs ilrdy fo aurnog thitrloslbtnfo tf jofw whithir thi

tlrgit wls `ilsncdi fr oft, slys

thi hila f` `nolobi lt l RfuthJfrilo bfmploy cuynog no Elplo.@nrst, wi hla tf usi lavnsfrs

whf hla thi jofwdiagi f` thinotirold mlrjit loa wiri lcdi

tf `noa fut lcfut shlrihfdanogs.Ldsf, wi tffj ixtrl tnmi tf iosuri

ldd thi no`frmltnfo wls virn`niano aitlnd.

Qhi bfmploy wi tlrgitia

hla l bfmpdix wic f` brfss-shlrihfdanogs whnbh milot nt

wls an``nbudt tf uobfvir ixlbt

fwoirshnp aitlnds, laas thi

bhni` `nolobnld f``nbir f` lo Noanlo`nolobnld sirvnbis bfmploy

thlt mlai lo lbqunsntnfo noClogdlaish. Ixtiosnvi anldfgui

wnth thi mlolgimiot tilmhidpia us tf uoairstloa thi ixlbt

fwoirshnp plttiro, loa prfviatf ci viry i``nbniot fr thi aui

andngiobi prfbiss.

Lavnsfrs wnth dfbld jofwdiagi wnddhidp hiri loa lri ldsf dnjidy tf

prfvi plrtnbudlrdy vldulcdi whiont bfmis tf arnddnog afwo notf

thi fwoirshnp f` N[ rnghts. Qhianribtfr f` nolobi lt l Mldlysnlo

noaustrnlds nrm ixpdlnos hfwthiy tffj thns lpprflbh whio

mljnog lo lbqunsntnfo no thi YJ.

Qhi tlrgit nrm hla tibhonblddylavlobia risfurbis loa pltiotrnghts cut thi fwoirshnp plttiro

wls cdurria sf uoairstloanog thifwoirshnp strubturi f` thisi N[

lssits wls tnmi-bfosumnog, loariprisiotia thi mfst brntnbld aui

andngiobi bhlddiogi, hi slys Wimlai usi f` ixtirold lavnsfrs

`rfm thi dfbld mlrjit thlt hidpiaus no thi aui andngiobi prfbiss

loa glvi us l bdilr uoairstloanogf` thi N[ rnghts loa thi prfbiss f`

trlos`irrnog fwoirshnp.

Qhi Cljir & MbJioznipirspibtnvi

F`tio, thi jiy bhlddiogi ns

oft sf snmpdi ls bhibjnogthlt thi tlrgit fwos thi N[.

Ysulddy, bfmpdix prfaubts

nobduai l mnx f` fwoia N[loa prfpirty dnbiosia `rfml thnra plrty. Nt mly ci, fr

ixlmpdi, thlt thi sf`twlrif` l wic bfmploy usis

cispfji sf`twlri briltiacy l thnra plrty thlt ns

brntnbld tf thi pdlt`frmthi wic bfmploy ruos

fo nts cusnoiss.

Whio lbqunrnog l tlrgit,

thi cnaair mly cidnivithlt thiy lri lbqunrnog lddthi N[, hfwivir nt mly ci

oibisslry tf rioigftnltiwnth foi fr mfri thnra

plrtnis ciblusi thi prfaubtns noixtrnblcdy dnojia tf thi

dnbiosia prfpirty.

Nts brubnld tf mlji risfdvnogthisi nssuis l bfoantnfof` bdfsnog thi aild

sfmitnmis thi prnbnogmly ivio ci l``ibtia n`,

`fr ixlmpdi, rioigftnltnogdnbiosis risudts no hnghir

rfyldty plymiots.

[lmidl Bhurbh

[lrtoir loa Hila f` thiNotiddibtuld [rfpirty [rlbtnbiGrfup no Oiw ^frj,Cljir & MbJiozni

Gfnog Gdfcld5Rtrltigy loa ixibutnfo no brfss-cfrair M&L|3>

Qljilbtnfo

Brilti lo fpio anldfgui wnth thi tlrgit bfmploys mlolgimiot.

Ysi lavnsfrs wnth dfbld mlrjit jofwdiagi, tf hidp laariss

bhlddiogis f` fwoirshnp loa prftibtnfo.

Qljilbtnfo

@fbus fo thi ixtiottf whnbh N[ lbqunria

no foi mlrjit wndd ciprftibtia no fthir mlrjits.

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Gfnog Gdfcld5Rtrltigy loa ixibutnfo no brfss-cfrair M&L|2%

Notigrltnog systims

loa prfbissis

3>%

Fvirbfmnog budturldan``iriobis

%

Sildnznog `nolobnldsyoirgnis

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Gfnog Gdfcld5Rtrltigy loa ixibutnfo no brfss-cfrair M&L|2>

Bfmmuonbltnfo ns l twf-wlyprfbiss thfugh. Fur sionfr tilm

nmmirsia ntsid` no thi budturisloa trlantnfos f` thi tlrgit, cy

plrtnbnpltnog no budturld ixbhlogiprfgrlms loa miits, slys thi

hila f` `nolobi lt lo Noanlodn`i sbniobis `nrm thlt cfught

no Bhnol. Qhlt ldsf hidpiathim tf `frmudlti bustfmir

bfmmuonbltnfo loa lavirtnsnogstrltignis. Ivio sfmithnog ls

clsnb ls thi dlogulgi clrrnir bloblusi prfcdims loa cusnoissis

f`tio novist no dlogulgi tuntnfo`fr jiy stl`` fo cfth snais f`

thi trloslbtnfo.

Lofthir strltigy bfmmfody

impdfyia ns tf siij l bfmploy-wnai crloa thlt hidps tf uontipifpdi, suggists thi anribtfr f`

M&L lt l @riobh cusnoiss sirvnbis`nrm thlt mlai lo lbqunsntnfo no

Noanl. Cy istlcdnshnog lo notiroldcrloa, wi prisiotia fur budturi

tf thi tlrgit bfmploy no l wlythlt thiy wfuda vldui tff loa thlt

hidpia us ritlno jiy impdfyiis,thi ixibutnvi ixpdlnos. Wi

ixprissia fur vlduis no wlysthlt lppildia tf impdfyiis rfm

cfth bfmplonis.

Ydtnmltidy, pltniobi ns riqunria nt tljis tnmi tf crnog frglonzltnfos

tfgithir loa mfvnog tff qunbjdymly ci bfuotirprfaubtnvi no

thi dfog-tirm. Wi lbia l dftf` budturld an``iriobis, ribldds

l Bhndilo cusnoiss sirvnbibfmploys hila f` strltigy f`

l aild bfoaubtia no Bfdfmcnl.Qhiri wiri of snmndlrntnis loa

thi glps bfuda oft ilsndy ci mit wi hla tf ixtioa thi tnmidnois tf

git thns uoair bfotrfd.

No laantnfo, cusnoissis oiiatf tlji lavlotlgi f` ldd

thi ixpirtnsi thiy hlvi ltthinr anspfsld whio mljnog

lbqunsntnfos nt ns tff ilsy tf`fbus fo nssuis subh ls cusnoiss

strltigy lt thi ixbdusnfo f` lddfthirs aurnog l trloslbtnfo

prfbiss. Afot hlvi humlorisfurbis pdly l sirvnbi rfdi

l`tir thi aild ns afoi git thim

novfdvia `rfm thi cignoonog,lavnsis Afaas.

Qhi Cljir & MbJioznipirspibtnvi

Nts vntld tf hlvi l sbfpnogbfovirsltnfo lt thi cignoonog

f` thi aild prfbiss tf

uoairstloa whlt thicusnoisss mftnvltnfos lri frthi trloslbtnfo. Fthirwnsi, thi

wrfog prnfrntnis bfuda arnvi thiaui andngiobi (AA) rivniw ntsid`

fr siviridy dnmnt nts usi`udoiss`fr pfst-lbqunsntnfo notigrltnfo.

No thi blsi f humlo blpntld,

sfmi AA ixirbnsis mnght eustspft-bhibj l iw impdfymiot

bfotrlbts, fr fody fbus fo lsigmiot f thi mlolgimiot.

Qhns sfrt f` sbldia-clbj

AA blo hlvi lavirsibfosiquiobis. Ci`friaibnanog tf rivniw fody sfmi

HS mltirnld aurnog thi AAprfbiss, thi bdniot oiias tf

lssiss hfw thlt lpprflbh wndddnmnt thi usi`udoiss f thi AA

no`frmltnfo fr notigrltnfo

purpfsis. N yfuri oft gfnog tfhlvi ixtirold bfuosid novfdviano lo lspibt f thlt rivniw,

thio bfosnair whithir foifr sivirld notirold risfurbis

shfuda ixlmnoi birtlno nssuisyfudd oiia tf laariss fr

notigrltnfo purpfsis.

Nois Slamndfvnb[lrtoir loa Bhlnr f` thiIMIL M&L [rlbtnbi Grfup,

Cljir & MbJiozni

Qljilbtnfo

Bfmcnoi bfmmuonbltnfo wnth thi rnght nobiotnvis.Qhns iosuris thlt impdfyiis `iid thinr bfobiros loa

oiias lri cinog lbtnvidy bfosnairia loa laarissia.

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Gfnog Gdfcld5Rtrltigy loa ixibutnfo no brfss-cfrair M&L|1

BLRI RQYA^5 BFOOIBQNFOR MLQQIS

Qhi hila f` strltigy lt lo Ntldnlo ioirgy bfmploy slys thicusnoisss ribiot brfss-cfrair lbqunsntnfo no Lzirclnelo wls

bhlddiognog gnvio thi nostlcndntnis thlt f`tio bhlrlbtirnzi thibfuotry. Qhi pfdntnbld sntultnfo ns vfdltndi loa thi gfviromiot ns

novfdvia lrfuoa thi nssui f` risfurbi oltnfoldnzltnfo whnbh mlaioigftnltnog lo lbqunsntnfo viry bhlddiognog, thi ixibutnvi slys.

Wi hla tf usi lavnsfrs whf oft fody hla l bfmpditi jofwdiagi

f` thi dfbld rigudltnfos loa mlrjit bfoantnfos cut ldsf ioefyiastrfog bfooibtnfos wnth gfviromiot f``nbnlds loa bfuda hidp us

mlnotlno anldfgui. Wi ldsf gft thi hidp f` fur fwo gfviromiot,whnbh bhlmpnfoia thi aild wnth thi Lzirclnelon gfviromiot.

Qhiri wiri fthir nssuis tf fvirbfmi tff. Qhi bfmploy joiwthlt crnciry loa bfrruptnfo rnsjs wiri hnghir no thi bfuotry loathlt ixpfrt bfotrfds bfuda blusi prfcdims. Wi hla tf ansbuss

thisi prfcdims wnth ldd ridivlot luthfrntnis, thi hila f` strltigylaas. Wi ldsf loldyzia thi tlrgit bfmploys notirlbtnfo wnth

gfviromiot lgiobnis sf wi bfuda naiotn`y loy prfcdims wnthbfotrlbts loa pirmnts.

Qhi aild wls udtnmltidy subbiss`ud loa wfrth thi wfrj riqunria

tf fvirbfmi thisi bhlddiogis. Wi lri lo ixploanog ioirgy loarisfurbis bfmploy loa thi rituro fo fur novistmiot wls hngh,

thi ixibutnvi slys.

Gfnog Gdfcld5Rtrltigy loa ixibutnfo no brfss-cfrair M&L| 1>

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Gfnog Gdfcld5Rtrltigy loa ixibutnfo no brfss-cfrair M&L|9%) bntia thns ls l jiy bhlddiogi.

Novistmiot no dlrgi noaustrnld-sbldi no`rlstrubturi loa lbndntnis

ns gioirlddy l dfog-tirmioailvfur, wnth thi aisnria

rituro fo novistmiot f`tio fodylbhnivlcdi fvir lo ixtioaia bybdi.

N` thi tlx systim bhlogis ci`frithi rituro ns rildnzia, thi lnms

loa fceibtnvis f` thi trloslbtnfomly ci `ltlddy uoairmnoia,

mljnog nt nmpfssncdi tf lbhnivi

thi frngnold tlrgits.

Ofr blo cusnoissis ilsndyisblpi thi bfosiquiobis

f` subh l prfcdim. No sfminoaustrnis, nt ns snmpdi `fr

bfmplonis tf ridfblti n` thiylri uohlppy wnth tlx dignsdltnfo

fr rigudltnfo, cut noaustrnldlssits lri typnblddy nmmfvlcdi.

No sfmi noaustrnis, thi nssui

mly ci thi nmpfsntnfo f` oiw

tlx bhlrgis fr rigudltnfos.

@nguri 285Jiy aui andngiobi bhlddiogis `fr lbqunsntnfos mftnvltia cy noaustrnld lssits

3>%

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91|Cljir & MbJiozniEuoi 3;).Ofr ns nt bfo`noia tf aividfpnog

ibfofmnis, whnbh lri f`tiolssfbnltia wnth vfdltndnty loa

uobirtlnoty mloy bfmplonispfnot tf thi uobirtlno tlx

iovnrfomiot no Ofrth Lmirnbl,`fr ixlmpdi.

No frair tf fvirbfmi thi nssui,

bfrpfrltis oiia tf wfrj bdfsidy

wnth tlx spibnldnsts whf hlvidfbld ixpirtnzi loa l aitlndia

uoairstloanog f` thi burriotiovnrfomiot loa whf lri dnjidy tf

ci lcdi tf tlji l mfri no`frmiavniw f` hfw thns mly bhlogi no

thi `uturi.

@fr ixlmpdi, thi sionfr digldbfuosid f` l YR dn`i sbniobis nrm

mljnog lo lbqunsntnfo no Nsrlid,slys5 Wi hla tf aild wnth l hugi

oumcir f` tlx luthfrnty f``nbnldsci`fri trloslbtnog thi aild, cut

wi hnria tlx rigudltnfo loldystsloa risilrbhirs whf prfvnaia l

aitlndia ripfrt uoairdnonog ldd thitlx rigudltnfos thlt wfuda hlvi tf

ci lahiria tf fo bfmpditnog thi

@nguri 2>5[irbiotlgi f` ailds whiri uobirtlno tlxiovnrfomiot wls thi tfp aui andngiobi bhlddiogi

;

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Gfnog Gdfcld5Rtrltigy loa ixibutnfo no brfss-cfrair M&L|99

trloslbtnfo loa fo bfotnounogthi cusnoiss.

Hfwivir, lbqunrirs shfudaot

fvirdffj thi ixpirtnsi loaixpirniobi dnjidy tf risnai no

thi bfmplonis thiy lri cuynog.Nt wls l an``nbudt tlsj `fr us tf

uoairstloa thi tlx rispfosncndntnisloa gf lhila wnth thi aild,

slys thi hila f` `nolobi lt loNtldnlo bfosumir cusnoiss thlt

mlai lo lbqunsntnfo no Crlznd.Wi trnia tf siij thi hidp f` thi

tlrgit mlolgimiot tilm loawnth nobrilsia bfmmuonbltnfo

loa thi ixbhlogi f` jofwdiagi,wi wiri lcdi tf mnonmnzi

thns bhlddiogi. Wi bfoaubtia

miitnogs wnth thi tlrgitmlolgimiot, no whnbh ixpirts`rfm thi `nidas f` lbbfuotloby

loa digld wiri novfdvia.

Qhi Cljir & MbJioznipirspibtnvi

Nt ns nobrilsnogdy bfmmfo

`fr bdniots tf lsj us tf wfrjfo `friblsts `fr hfw tlx

rudis mly bhlogi wnthno

l plrtnbudlr eurnsanbtnfo loa hfw thlt mnght l``ibtthinr cusnoiss. [rianbtnog

whlt thisi dlws mnght dffjdnji no l `iw yilrs tnmi ns

an``nbudt cut nt hls tfci ansbussia.

Qlx bhlogis lri hugidy

sngon`nblot no birtlnonoaustrnis wi hlvi

siio thns wnth bhlognog

nobiotnvis `fr rioiwlcdiioirgy, `fr ixlmpdi, whnbhhlvi ciio tnojiria wnth sf

f`tio no sfmi mlrjits thltsfmi cuyirs hlvi aibnaia

tf pudd clbj `rfm thltnoaustry `fr thi tnmi cinog

uotnd thiri ns mfri birtlnoty.

Nt ns oft pfssncdi tflotnbnplti iviry iviotuldnty,cut cusnoissis blo dffj lt

thi blsi `fr l trloslbtnfouoair an``iriot tlx sbiolrnfs,

thnojnog lcfut hfw thirituros wfuda ci l``ibtia

cy pftiotnld bhlogis, loawfrjnog wnth dfbld lavnsfrs

tf prianbt whlt thfsibhlogis mnght ci.

Gunddlumi Di Blmus

[lrtoir loa Bhlnr f` thi

Iurfpilo Qlx QrloslbtnfoGrfup, Cljir & MbJiozni

Qljilbtnfo

Ioglgi wnth thi ridivlot luthfrntnis whio loy nssuis lrinaiotn`nia ci`fri thi aild bdfsis.

Whlt ns birtlno, slys thi hila f`strltigy lt l bfosumir cusnoiss

no thi [hndnppnois thlt ana laild no Noafoisnl, ns thlt mfst

bfmplonis wndd oiia mfri tnmitf git tf grnps wnth thisi nssuis

thlo thiy frngnolddy lotnbnplti.Qhi uobirtlno tlx iovnrfomiot

prfvia tf ci l cng bhlddiogi lafptnog tftlddy oiw tlx pfdnbnis

loa plttiros, aitirmnonog thiixnstnog tlx rispfosncndntnis loa

istnmltnog thi uturi dnlcndntniswls gruiddnog, thi ixibutnvi slys.

Fody ciblusi wi tffj iofughtnmi wiri wi lcdi tf mlnotlno

thfrfugh aui andngiobi.

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Gfnog Gdfcld5Rtrltigy loa ixibutnfo no brfss-cfrair M&L|97

N` yfu wiri oft privnfusdygfviroia cy @B[L, istlcdnshnog

thi ixtiot tf whnbh nt ofw lppdnisloa uoairstloanog thi prfvnsnfos

hls tf ci l prnfrnty, hi slys.

Qhi sibfoa sit f` sfdutnfosridltis tf whiri an``nbudtnis lri

naiotn`nia. Lbqunrirs f`tio siij tfprftibt thimsidvis cy oigftnltnog

noaimontnis ls plrt f` thitrloslbtnfo, fr ivio cy ioglgnog

wnth thi luthfrntnis ci`fri thiaild bdfsis, rlthir thlo rnsjnog

`lddnog `fud f` subh cfanis l`tirthi trloslbtnfo (sii @nguri 12).

Qhi hila f` nolobi f` l Bfdfmcnlo

QMQ nrm thlt mlai lo lbqunsntnfo

no [iru slys cfth thisi strltigniswiri nmpfrtlot aurnog nts trloslbtnfo.Qhi mfst nmpfrtlot bfmpdnlobi

bhlddiogi wls crnciry loabfrruptnfo, nobduanog uodlw`ud

plymiots mlai cy iotntnis wilbqunria, thi ixibutnvi ixpdlnos.

Wi fvirblmi thns bhlddiogi cypir`frmnog laiqulti aui andngiobi

prnfr tf lbqunsntnfo loa ansbdfsnogloy pri-lbqunsntnfo mnsbfoaubt tf

thi gfviromiot loa nmpdimiotnogi``ibtnvi bfmpdnlobi prfbiauris

thiril`tir.

Noivntlcdy, hfwivir, cusnoissishlvi tf tlji l vniw fo whithir thi

pftiotnld `fr thi aild ns vldulcdiiofugh tf futwingh thi rnsjs. Wi

loldyzia thi bfmploys notiroldlotn-bfrruptnfo pfdnbnis loa

milsuris tf naiotn`y wlys tf lvfnathi nmplbt f` bfrruptnfo, slys

thi hila f` `nolobi lt lo Noanlodn`i sbniobis `nrm thlt ana l aild no

Bhnol. Hfwivir, thns `lbtfr bfudaoft ci tftlddy lvfnaia sf wi hla tf

tlji fo sfmi f` thi rnsj.

No laantnfo tf crnciry loabfrruptnfo, mloy `nrms afnog ailds

mftnvltia cy noaustrnld lssits, slnathlt dlcfr loa impdfymiot nssuis

lri ldsf lo nmpfrtlot bfmpdnlobibhlddiogi. Qhns ns plrtnbudlrdy

oftlcdi `fr lbqunsntnfos no Elplo,whiri ldmfst twf-`n`ths f`

bfmplonis (2>%) slw thns ls thijiy huradi tf fvirbfmi, cut dlcfr

loa impdfymiot bfobiros lri ldsfsngon`nblot no Iurfpi, L`rnbl loa

thi Mnaadi Ilst.

[lrt f` thi bhlddiogi nsthlt dlcfr mlrjit dlws vlry

bfosnairlcdy lrfuoa thi wfrdaloa bfmplonis ioglgnog no

brfss-cfrair trloslbtnfos whirithiy lri iotirnog l tirrntfry `fr

thi `nrst tnmi, mly hlvi l pffruoairstloanog f` thi nssuis.

Dfbld lavnsfrs blo pdly l rfdihiri, cut lbqunrirs wndd ldsf oiia

tf bfmi tf thinr fwo vniw lcfutthi trlai-f``s thiy lri priplria

tf mlji, plrtnbudlrdy whirisyoirgnstnb bfst slvnogs ridltia

tf impdfymiot lri plrt f` thirltnfoldi `fr afnog thi aild.

No loy M&L, ispibnlddy no l brfss-

cfrair aild, humlo risfurbisloa impdfymiot dlw bfmpdnlobi

ns ldwlys l bhlddiogi loa thnstrloslbtnfo wls of ixbiptnfo

@nguri 1

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Gfnog Gdfcld5Rtrltigy loa ixibutnfo no brfss-cfrair M&L|9>

`rfm aui andngiobi loa lbqunsntnfolgriimiot thrfugh tf bdfsnog loa

pfst-mirgir notigrltnfo, thi dlcfrloa impdfymiot bfmpdnlobi no

thi tlrgit bfuotry wls lo nssui,slys thi hila f` `nolobi lt lo

Ntldnlo ioirgy bfmploy thlt mlailo lbqunsntnfo no Cudglrnl.

No thns blsi, thi sfdutnfo wls

l aui andngiobi prfbiss thlt`fbusia plrtnbudlrdy bdfsidy fo

dlcfr nssuis. Wi laarissia thiimpdfymiot dlw bfosnairltnfos

lt thi ilrdnist fppfrtuonty no frairtf mnonmnzi urthir ixpiosi fr

aidly urthir afwo thi dnoi, thiixibutnvi slys. Wi uobfviria

thi ridltia digld rnsjs loa

hnaaio dnlcndntnis cy dffjnog ltthi lssissmiot f` thi tlrgitslavnsfrs loa thrfugh `lbi-tf-`lbi

miitnogs wnth mlolgimiot tf gitthi riqunria no`frmltnfo.

Rfmitnmis nt mly ci oibisslry

tf gf urthir thlo snmpdy siijnogno`frmltnfo: bfmplonis wndd f`tio

siij tf rimiay pftiotnld nssuisci`fri bdfsnog thi aild, fr ivio

tf cunda thi bfst f` subh prfcdimsnotf thi lbqunsntnfo lgriimiot.

@fr ixlmpdi, thi gioirld bfuosidf` l YR cusnoiss sirvnbis nrm

thlt mlai lo lbqunsntnfo no thiYJ, slys5 Wi naiotn`nia thi nssuis

lt lo ilrdy stlgi loa ioglgia thiridivlot luthfrntnis sf thlt wi

bfuda sfrt fut thi nssuis prnfr tfbdfsnog thi aild ldsf wi lsjia

`fr l dfwir prnbi gnvio thi nssuiswi hla `fuoa.

Qljilbtnfo

Naiotn`y pftiotnld

crnciry loa bfrruptnfoprfcdims swn`tdy loa

lbburltidy. Qhns oiias tfnobduai lbtuld nostlobis f`

bfrruptnfo ls widd ls loywiljoissis no bfotrfds lt

thi tlrgit bfmploy. Bfoaubt`friosnb aui andngiobi fo

thi tlrgits afbumiotltnfols widd ls aitlndia

notirvniws wnth thi tlrgitsmlolgimiot.

Qhi Cljir & MbJioznipirspibtnvi

Whiri ria `dlgs af bfmi

up aurnog aui andngiobiioqunrnis ridltia tf crnciry

loa bfrruptnfo, bfosnair

gittnog friosnb lbbfuotlotsnovfdvia tf rilddy arndd afwonotf thi nssui. ^fu mly ldsf

wlot tf hlvi notirvniws wnthmlolgimiot rlthir thlo

ridynog sfdidy fo afbumiots gittnog l siosi f` hfw

thiy af cusnoiss wndd gnviyfu l `iid `fr whithir thiy

ruo thi bfmploy no lolpprfprnlti wly.

Qhiri mly ci blsis whirithi nssui ns sf systimnb thltyfu quistnfo whithir tf

tlji fo thi cusnoiss frlt dilst thlt yfu nosnst thi

siddir `nxis thi prfcdimci`fri bfmpditnfo loa

yfu cunda thlt notf thitrloslbtnfo afbumiotltnfo

ci`fri bfmpditnfo.

No sfmi blsis, wivi `idt l

cusnoiss ns sf tlnotia thltwivi oft wlotia tf tfubh nt,

sf wivi nosnstia fo nt cinogblrvia fut f` thi trloslbtnfo,

riqunrnog thi siddir tf jiip ntloa laeustnog thi purbhlsi

prnbi lbbfranogdy.

Loariw Mlrtno[lrtoir loa Hila f` thiBfrpfrlti loa Riburntnis[rlbtnbi no Rnoglpfri,Cljir & MbJiozni

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Gfnog Gdfcld5Rtrltigy loa ixibutnfo no brfss-cfrair M&L|0