4972

Minutes of the EOD company

Datę: 27 Marcli 2005 14.00

Veiiue: Cracow business centre Lubicz Street

Present: Hiroshi Takayama, Don Roberts, Pat Bucanon, Barry

Jones - The Chairnian, Mario Andolini, Lilian Levinsky

l.Presenting the company’s financial problems m years 2003 & 2004

The chairman sliowed cash flow and otlier financial reports in brief. We all agreed Uiat tliis very situation must be solved and tliis problem must be coped with. Last two yeats at the real estate market were extremely hard and many our competitore went banknipt. We have a decreasing number of orders and we need to stand up to tliis unless we want to say goodbye to the business.

2. Agreeing to the point of firing somebody.

After a long and passionate discussion tlie Staff simply had to agree to fire somebody. Almost all arguments against tliis point were lost just after showing losses from last year. With cold tninds we calculated that the chairman must fire two people.

3. Approaches to reaching a fair decision

3.1.    Last in- first out (LIFO): tliose arcliitects with the shortest periods of service in the company should go firsL

3.2.    VoluQtaiy redundancy: a generous severaiKe package would be offered to anyone willing to take eariy retirement.

3.3.    Selection on merit: Barry would decide which employees were least useful to the company and make tliem redundant.

3.4.    Peer selection: the employees would meet to decide which of them should leave.

4.AOB

Barry decided to cliange the paper supplier to the “Lyreco Ltd” according to tlieir offer from 25 February which was way cheaper than die previous supplier. Other members of the meeting agreed to tliis point unanimously.

Next meeting: 5 April, 11.00

Yenue: Sheraton hotel, conference room