Skills Gap Article Example | Topics and Well Written Essays - 500 words

Aptitudes Gap - Article Example The work power is enduring a lot. In any case, Murphy (2014) shows that the answer for abilities hole lies in the possession of the whole society. In the occasion that preparation programs are concocted, the aptitudes emergency will be explained a lot. Moreover, serious wages can be paid to the laborers as a method of persuading them. The administration can likewise interface up with junior colleges in an undertaking to give them reserves that can help make a gifted workforce for the current day requesting market (Murphy, 2014). Preceding finishing their investigations, school studies can be caught up in the market so as they can accomplish the normal abilities before getting completely assimilated. These understudies will likewise be granted with the correct abilities that are expected of their vocations. Murphy (2014) contends that a great deal of vocation manufacturers are careful about the current aptitudes hole. The insights of these vocation developers remain at 80% however 50% of these experts couldn't care less much about the current issue (Murphy, 2014). A great deal of managers have come about to being finicky while recruiting representatives. The business guidelines have ascended with the expectation of getting the best people for the correct sort of work. With the numerous prerequisites accumulating on the work areas of numerous supervisors, the aptitudes hole is probably going to increment with the day (Murphy, 2014). In any case, with loads of managers neglecting to make due with a lesser applicant, the way toward recruiting is likewise prone to get increasingly entangled with the day. The rationale of the aptitudes hole is without a doubt genuine. Indeed, even with numerous business people thinking about the reality as a dream, it is obvious that a ton should be finished in regards to the issue (Murphy, 2014). It is suggested that organizations take the start of overcoming any barrier that exists in the work power. Rather than aggregating of the ineptitude of the representatives, the supervisors may select to recruit laborers at that point start preparing programs that will enable the laborers to have any kind of effect in the work showcase

Introduction to the Major Laws of Physics

Prologue to the Major Laws of Physics Throughout the years, one thing researchers have found is that nature is commonly more mind boggling than we give it acknowledgment for. The laws of material science are viewed as major, albeit a considerable lot of them allude to glorified or hypothetical frameworks that are difficult to recreate in reality. Like different fields of science, new laws of material science expand on or alter existing laws and hypothetical research. Albert Einsteinsâ theory of relativity, which he created in the mid 1900s, expands on the hypotheses originally grew over 200 years sooner by Sir Isaac Newton. Law of Universal Gravitation Sir Isaac Newtons notable work in material science was first distributed in 1687 in his book The Mathematical Principles of Natural Philosophy, regularly known as The Principia. In it, he sketched out hypotheses about gravity and of movement. His physical law of gravity expresses that an article draws in another item in direct extent to their consolidated mass and conversely identified with the square of the separation between them. Three Laws of Motion Newtonsâ three laws of movement, likewise found in The Principia, administer how the movement of physical articles change. They characterize the principal connection between the quickening of an item and the powers following up on it. First Rule: An item will stay very still or in aâ uniform condition of movement except if that state is changed by an outer force. Second Rule: Force is equal to the change inâ momentumâ (mass times speed) after some time. At the end of the day, the pace of progress is straightforwardly relative to the measure of power applied. Third Rule: For each activity in nature there is an equivalent and inverse reaction.â Together, these three rules that Newton sketched out structure the premise of old style mechanics, which portrays how bodies carry on genuinely affected by outside powers. Preservation of Mass and Energy Albert Einstein presented his well known condition E mc2 in a 1905 diary accommodation titled, On the Electrodynamics of Moving Bodies. The paper introduced his hypothesis of exceptional relativity, in light of two proposes: Standard of Relativity: The laws of material science are the equivalent for all inertial reference frames. Principle of Constancy of the Speed of Light: Light consistently spreads through a vacuum at a distinct speed, which is autonomous of the condition of movement of the emanating body. The primary standard just says that the laws of material science apply similarly to everybody in all circumstances. The subsequent standard is the more significant one. It specifies that theâ speed of lightâ in a vacuum is consistent. In contrast to every other type of movement, it isn't estimated diversely for spectators in various inertial casings of reference. Laws of Thermodynamics Theâ laws of thermodynamicsâ are really explicit appearances of the law of protection of mass-vitality as it identifies with thermodynamic procedures. The field was first investigated during the 1650s by Otto von Guerickeâ in Germany and Robert Boyle and Robert Hookeâ in Britain. Each of the three researchers utilized vacuum siphons, which von Guericke spearheaded, to contemplate the standards ofâ pressure,â temperature, andâ volume. The Zeroeth Law of Thermodynamicsâ makes the idea of temperature possible.The First Law of Thermodynamicsâ demonstrates the connection between inside vitality, included warmth, and work inside a system.The Second Law of Thermodynamicsâ relates to the normal progression of warmth inside aâ closed system.The Third Law of Thermodynamicsâ states that it is difficult to make aâ thermodynamic processâ that is consummately proficient. Electrostatic Laws Two laws of material science oversee the connection between electrically charged particles and their capacity to make electrostatic forceâ and electrostatic fields.â Coulombs Law is named for Charles-Augustin Coulomb, a French analyst working during the 1700s. The power between two point charges is legitimately relative to the size of each charge andâ inversely corresponding to the square of the separation between their focuses. In the event that the articles have a similar charge, positive or negative, they will repulse one another. In the event that they have inverse charges, they will pull in each other.Gausss Law is named for Carl Friedrich Gauss, a German mathematicianâ who worked in the mid nineteenth century. This law states thatâ the net progression of an electric field through a shut surface is corresponding to the encased electric charge. Gauss proposed comparable laws identifying with attraction and electromagnetism all in all. Past Basic Physics In the domain of relativity and quantum mechanics, researchers have discovered that these laws despite everything apply, in spite of the fact that their translation requires some refinement to be applied, bringing about fields, for example, quantum hardware and quantum gravity.

Use Google To Embed MP3 Files On Your Blog

Use Google To Embed MP3 Files On Your Blog Make Money Online Queries? Struggling To Get Traffic To Your Blog? Sign Up On (HBB) Forum Now!Use Google To Embed MP3 Files On Your BlogUpdated On 18/06/2011Author : Pradeep KumarTopic : GoogleShort URL : http://hbb.me/Y7uk7d CONNECT WITH HBB ON SOCIAL MEDIA Follow @HellBoundBlogIf you are running a Music blog or having lots of podcasts, then this tip will be useful for you. You can use Google Audio Player for embedding MP3 files on your website or blog. You can practically embed this anywhere, though sometimes IE wont be comfortable with this unfortunately. This player has volume controls and surprisingly, no Google branding. People hardly guess that it is powered by Google.Embedding MP3 Files Using GoogleThis is the code you should be using,embed type=application/x-shockwave-flash src=http://www.google.com/reader/ui/3523697345-audio-player.swf quality=best flashvars=audioUrl=MP3link width=500 height=27/embedIn the above code, instead of MP3link use the Audio file URL. You can cha nge the width as you like, but keeping the height as 27 is recommended. You can the demo player below.Audio : The Rapture / Sister Saviour (Blackstrobe Remix) under CCThis is perhaps one of the easiest ways for adding audio files on websites.READInserting Image Feature Of Gmail

The Effects Of Tobacco On The American Society On One...

ABSTRACT This paper focuses on the use of tobacco and the impact on the American society on one hand, and the Saudi Arabian society, on the other hand. Also, it is extremely important to follow the changes of the using on all types of tobacco during past years until 2010. Then the paper will have the future assuming of the numbers of smokers in the United States of America and Saudi Arabia as well as the problem solving and the recommendations. There are some a verity of differences in using tobacco between countries, culture, genders, states, ages, and the level of education. It is important to mention the main diseases that could cause by smoking in any kind tobacco especially for pregnant women and how smoking will affect pregnant women during pregnancy and their babies. Problem solving is always the main goal of each dilemma. The paper there will be explanations of how the U.S. are dealing will this issue by creating plans in the future to decrease the number of the smokers. Also, Saudi Arabia are having many free solutions to smokers to quit as long as they want to stop smoking. Keywords: smoke, user, tobacco, disease, United States, Saudi Arabia. INTRODUCTION: There exist a lot of smokers in all the word whether they are in North America, South America, Europe, or any other continents. Asia, for example, has one of the largest markets for tobacco use in the world. Smokers in Chinese use approximately fifty thousand cigarettes per second (Goldschein and Johnson,Show MoreRelatedUnited Arab of Emirates Country Notebook18844 Words   |  76 Pagesaspects of its culture with neighboring Arab countries and the larger Arab culture. II- Geographical Setting: A- Location The UAE is situated in the Southeast of the Arabian Peninsula in Western Asia on the Persian Gulf , is bordered on the north by the Persian Gulf and Iran , on the East by Oman , and on the South and West by Saudi Arabia sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, Iran. The UAE covers 32,278 square miles (83,600 square kilometers). The Seven Emirates vary greatly inRead MoreUnited Arab of Emirates Country Notebook18844 Words   |  76 Pagesaspects of its culture with neighboring Arab countries and the larger Arab culture. II- Geographical Setting: A- Location The UAE is situated in the Southeast of the Arabian Peninsula in Western Asia on the Persian Gulf , is bordered on the north by the Persian Gulf and Iran , on the East by Oman , and on the South and West by Saudi Arabia sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, Iran. The UAE covers 32,278 square miles (83,600 square kilometers). The Seven Emirates vary greatly inRead MoreCase Studies67624 Words   |  271 Pageslearned passively, and then, having learned should apply knowledge’.3 In contrast to this philosophy, the case analysis method is based on principles that were elaborated upon by John Dewey: Only by wrestling with the conditions of this problem at hand, seeking and finding his own way out, does [the student] think ... If he cannot devise his own solution (not, of course, in isolation, but in correspondence with the teacher and other pupils) and find his own way out he will not learn, not even ifRead MoreUAE Consumer Lifestyle Analysis42818 Words   |  1 72 Pages43 Shopping for Alcoholic Beverages 43 Table 49 Consumer Expenditure on Alcoholic Beverages and Tobacco (Current Value): 2005-2009 44 Table 50 Consumer Expenditure on Alcoholic Beverages and Tobacco (Constant 2009 Value): 2005-2009 44 Table 51 Consumer Expenditure on Alcoholic Beverages and Tobacco (Constant 2009 Value): 2010-2020 44 Smoking 44 Smoking Habits 44 Shopping for Cigarettes and Tobacco 45 Table 52 Smoking Prevalence: 2005-2009 45 Personal Appearance 45 Shopping for Toiletries andRead MoreThe Walt Disney Company and Disney Management25371 Words   |  102 Pageshamburgers and les milkshakes. Staying overnight was out of the question for many because hotel rooms were so high priced. For example, prices ranged from $110 to $380 a night at the Newport Bay Club, the largest of EuroDisney’s six new hotels and one of the biggest in Europe. In comparison, a room in a top hotel in Paris cost between $340 and $380 a night. Financial losses became so massive at EuroDisney that the president had to structure a rescue package to put EuroDisney back on ï ¬ rm ï ¬ nancialRead MoreInternational Management67196 Words   |  269 Pagesthe chapter topic. An end-of-book feature is a series of Skill-Building and Experiential Exercises for aspiring international managers. These in-class exercises represent the various parts of the text (culture, strategy, and behavior) and provide hands-on experience. A new dimension of the eighth edition o f International Management is the all-new chapter-opening discussions called â€Å"The World of International Management† (WIM) based on very recent, relevant news stories to grab readers’ interest andRead MoreSources of Ethics20199 Words   |  81 PagesNuffield Council on Bioethics: 39 The European Union’s: 43 2.22- GENETICAL BEHAVIOR: 44 2.23- ETHICS OF BEHAVIOR HAS A BIOLOGICAL BASIS? 47 Behavioural Ethics And Genetics Study: 48 Implications of Behavioural Genetics Research In Society: 50 How the genes influence behaviour and ethics: 52 2.3- PHILOSOPHICAL: 55 2.31- Contribution Of In Ethics By The Source Of Philosophical Systems: 55 2.32- Contribution of Aristotle: 57 2.33- Contributions By Other Important Philosophers:Read MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 PagesGerda Lerner, Fireweed: A Political Autobiography Allida M. Black, ed., Modern American Queer History Eric Sandweiss, St. Louis: The Evolution of an American Urban Landscape Sam Wineburg, Historical Thinking and Other Unnatural Acts: Charting the Future of Teaching the Past Sharon Hartman Strom, Political Woman: Florence Luscomb and the Legacy of Radical Reform Michael Adas, ed., Agricultural and Pastoral Societies in Ancient and Classical History Jack Metzgar, Striking Steel: Solidarity Remembered Read MoreManagement Course: Mba−10 General Management215330 Words   |  862 Pagesand political churning, how will these driving factors be influenced by the brutally competitive global economy in which organizations do not have any particular geographic identity or travel under any particular national passport? What will be the effect of the rapid gyrations in markets that emphasize the difficulties that accounting practices face in determining true performance costs and that forecasting programs confront in establishing the economic determinants of corporate planning? In additionRead MoreMarketing Mistakes and Successes175322 Words   |  702 Pagesnumber of you have asked that I identify which cases would be appropriate for the traditional coverage of topics as organized in typical marketing texts. With most cases it is not possible to truly compartmentalize the mistake or success to merely one topic. The patterns of success or failure tend to be more pervasive. Still, I think you will find the following classification of cases by subject matter to be helpful. I thank those of you who made this and other suggestions. Classification of

Social Responsibility in the Workplace - 687 Words

Task: Write a brief essay responding to the given statement (suggested length of 2–3 pages) in which you: A. Evaluate Company Q’s current attitude toward social responsibility. B. Recommend three actions that Company Q could take to improve the company’s attitude toward social responsibility. C. When you use sources, include all in-text citations and references in APA format. A business exists because of relationships between employees, customers, shareholders or investors, suppliers, and managers who develop strategies to attain success. Social Responsibility is an organization’s obligation to maximize its positive impact on a community and stakeholders and to minimize its negative impact (Ferrell, 2009). Company Q’s†¦show more content†¦The consumers want healthy and organic products. Company Q is now offering very restricted amounts of these products at a higher margin. Healthier food at a lower price could very well help increase revenue in those high crime areas and save the stores. Company Q’s handling of outdated food is ridiculous. They are worried about employees taking expired food and are actually throwing the food away as a remedy to this issue. What kind of employees are they hiring if their major concern is them possibly eating expired food? Company Q can’t sell the outdated products but they can donate it. Getting together with local food banks and shelters within the community and donating the food would be a big step Company Q could take towards being socially responsible. They can set up a specific time and date for food banks or shelters to pick up the outdated food, thus restricting the exposure of the goods to employees while having positive results. The company would then be providing food to the disadvantaged while establishing a reputation for helping within the community. Having a positive impact in the community may bring more customers thus increasing profit for Company Q. Company Q should look at the actions of larger grocers and perhaps offer an incentives program to its customers. They can start a discount/reward card to loyal customers. People love saving money. Implementing a rewards program will make repeatShow MoreRelatedThe Social Responsibility Of The Workplace2398 Words   |  10 Pagescorporate social responsibility (CSR) as â€Å"the social responsibility of business encompassing the economic, legal, ethical, and discretionary expectations that society has of these organizations at a given point in time.† (Crane, 5) Interesting enough, there has been an abrupt growth of firm’s engagement in CSR within all industries. This is the result of growing requests from the civil society demanding firms, of all sizes, to legitimize their practices. (Crane, 4) More importantly, workplace issuesRead MoreThe Workforce Of Today Is Made Up Of Individuals From Diverse Backgrounds1668 Words   |  7 Pagesemphasis on skills such as communication, teamwork, and social responsibility (Schuele Madison, 2010). The principal argument in this essay is that social responsibility, communication, and teamwork significantly contribute to citizenship in the workplace. The paper evaluates the extent to which social responsibility, communication, and teamwork are important skills in the current or future workplace. Communication as an important attribute of workplace citizenship In the current business environmentRead MoreEssential Attributes in Nursing1220 Words   |  5 Pagesand communities. In a nursing good workplace citizenship needs an understanding and maintaining a good relationship between patients and health professional to deliver quality health care and services. In the context of nursing, communication, teamwork and social responsibility is the main graduates attributes that are essential in workplace citizenship because it promotes a healthy relationship between health professionals, patients and improve the nursing workplace. Communication is the exchangingRead MoreBusiness Ethics and Social Responsibility Essay1471 Words   |  6 PagesEthics in the workplace help the organization to grow and prosper. They bring about leadership, work culture and literacy. Ethic are beliefs about what’s right or wrong and good or bad based on individual’s values and morals, plus a behavior social context. Ethical behavior conforms to individual beliefs and social norms about what’s right and good. Unethical behavior conforms to individual beliefs and social norms about what’s wrong or bad. Business ethics refers to ethical or unethical behaviorRead MoreEssay on Health and Social Care960 Words   |  4 Pageslegislation is implemented in the health and social care workplace 1.1 Review systems, policies and procedures for communicating information on health and social care workplace in accordance with legislative requirements. 1.2 Assess the responsibilities in a specific health and social care work place for the management of health and safety in relation to organizational structure. 1.3 Analyse health and safety priorities appropriate for a specific health and social care work place LO2. UnderstandRead MoreUnderstand how health and safety legislation is implemented in the health and social care workplace1565 Words   |  7 PagesTitle Pearson BTEC Level 4 HND Diploma In Health and Social Care Student Name Unit 3: Health and Safety in the Health and Social Care Workplace Assessor name: Christine Pratt Date of Issue Completion date 27/01/2014 18/04/2014 Student No. Submitted on Assignment title Learning Outcome Learning outcome Assessment criteria LO1 Understand 1.1 how health and safety legislation is implemented in the health and social care workplace 1.2 1.3 In this assessment you will Task have the opportunityRead Moreï » ¿CASE STUDY 1 for LO1 Essay1018 Words   |  5 PagesStaffordshire Combined Healthcare NHS Trust The board found itself facing service improvement targets. Using new corporate and clinical guidance, it set about taking a whole systems approach to managing corporate risk, giving one of its director’s responsibility for the leadership of health and safety for the first time. Health and safety was also made a key item on the board agenda. This has resulted in a much better integrated health and safety management system that increases the opportunity to identifyRead Morehealth and safety in the health and social care workplace1112 Words   |  5 Pages 1. How Health and Safety legislation is implemented in the workplace ( Learning Outcome 1) 2. The ways in which health and safety requirements impact on customers and the work of practitioners, staff, visitors and clients in the health and social care workplace (Learning Outcome 2) 3. The monitoring and review of health and safety policies in the health and social care workplace (Learning Outcome 3) Read MoreThe Nursing And Midwifery Board Of Australia1468 Words   |  6 PagesThe Social Media Policy (2008) provides a framework for nursing professionals to follow regarding the use of social media in the workplace and in a personal setting. Confidentiality must be upheld and breaches in privacy of the patient are taken very seriously with large repercussions for the nursing staff that are found accountable. There are several policies that guide the use of social media in the medical profession as well as laws, both state and commonwealth that guide the use of social mediaRead MoreCsr Audit : Brico Devices Essay883 Words   |  4 PagesCSR Audit – BRICO Devices Executive Summary This report evaluates Brico Devices’ Corporate Social Responsibility performance. In particular, it explores the governance of corporate responsibility, which relates to structures and processes through which the company controls and directs its efforts towards sustainability. In order to assess the organization’s impact on society and evaluate its responsibilities, the following key areas must be considered. i. Supply side relationships ii. Environmental

A Case Study - 845 Words

Early September, I noticed, my son, Johnny (four at the time) had a small and hard lump behind both ears. The lumps were about the size of a pea. After a call to his doctor, I was assured it was normal and were enlarged lymph nodes probably caused by a virus. About a month and a half later, Johnny had developed two more lumps on his neck along with a fever. I took him to the urgent care and was again told it was probably a virus. He was given antibiotics just in case it was bacterial. Over the next month, which puts us in December, Johnny had developed two more smaller lumps and a very large lump on his neck. He also developed two large lumps on the top of his head. He was running a fever again. He had been running fevers on and†¦show more content†¦His primary doctor knew something was not right. She told us we were going to start working down a list to try and get this figured out. We were to start at the hematologist/oncologist then onto infectious disease and so on. The first week in January we had an appointment with the hematologist/oncologist. As we were telling the nurse the symptoms, she was looking at us as if to say, â€Å"I am so sorry.† My husband and I retold the doctor exactly what Johnny had been going through. The hem/onc doctor said, â€Å"Please do not worry yourselves, it is very rare for a child to have cancer.† By this time Johnny had been running a fever every two weeks and the lumps were getting bigger. She did blood tests and everything came back normal. The hem/onc doctor called the following week to check in on Johnny. I let her know he was running a fever again. She then told us to bring him back in. He was retested and was found to have significantly low red blood cells(hemoglobin) and platelets and his white blood count was very high, which was concerning. Johnny was immediately scheduled to see a surgeon to have the lumps biopsied. During the biopsy, the surgeon came out to tell us that our fears were real and that the lumps were cancerous tumors. He told us he thought it was Lymphoma, but the hem/onc doctor would be able to tell us for sure. We were completely devastated!! My baby had cancer! We were told that the lumps, boneShow MoreRelatedCase Studies : A Case Study Approach Essay1157 Words   |  5 PagesA case study is a specific instance that is frequently designed to illustrate a more general principle (Nisbet and Watt, 1984). Hitchock and Hughes (1995) further suggest that the case study approach is particula rly valuable when the researcher has little control over evens. Case studies strives to portray ‘what it like’ to be a particular situation, to catch up reality and ‘thick description’ (Geertz, 1973) of participants’ lives experiences of, thoughts about and feelings for a situation. TheyRead MoreCase Study887 Words   |  4 PagesCHAPTER I INTRODUCTION 1.1 Reasons choose the case 1.2 The Problems The problems of this case are: 1. How would you characterize Lincoln Electric’s strategy? In this context, what is the nature of Lincoln’s business and upon what bases does this company compete? 2. What are the most important elements of Lincoln’s overall approach to organization and control that help explain why this company is so successful? How well do Lincoln’s organization and control mechanismsRead MoreBusiness Case Study : Business Case Studies997 Words   |  4 PagesWriting Business Case Studies How to Write Business Case Studies The objective of this part of the course is to use your case study to help you solve real company problems and to make the learning more relevant to your experience. The Business Case Study you are being asked to start today will provide information for yourself and the class to permit constructive feedback. You will have to use all of your research, writing and analytical skills to write your Company Case Study. You must give enoughRead MoreCase Studies67624 Words   |  271 PagesCase Studies C-1 INTRODUCTION Preparing an effective case analysis C-3 CASE 1 CASE 2 CASE 3 CASE 4 CASE 5 CASE 6 CASE 7 ABB in China, 1998 C-16 Ansett Airlines and Air New Zealand: A flight to oblivion? C-31 BP–Mobil and the restructuring of the oil refining industry C-44 Compaq in crisis C-67 Gillette and the men’s wet-shaving market C-76 Incat Tasmania’s race for international success: Blue Riband strategies C-95 Kiwi Travel International Airlines Ltd C-105 CASE 8 Beefing up the beeflessRead MoreCase Study148348 Words   |  594 Pages978-0-273-73552-6 (web) All rights reserved. Permission is hereby given for the material in this publication to be reproduced for OHP transparencies and student handouts, without express permission of the Publishers, for educational purposes only. In all other cases, no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without either the prior written permission of the Publishers orRead MoreCase Studies13817 Words   |  56 PagesCASE STUDY #1 A Job Search Dilemma Eric, a second-semester senior, is looking for a job. Anxious about finding work in the worst economy in decades, he sends out scores of resumes for a wide variety of positions. The first call he gets is for a position that doesnt really interest him, but he figures he should be open to every opportunity. He schedules an interview, which he aces. In fact, the recruiter offers Eric the job on the spot. He would like Eric to start as soon as possible. Should EricRead MoreCase Study 8985 Words   |  4 PagesCase Study 8 Based on the January through June 2010 cash budget, what is the maximum monthly loss during the six-month planning period? What is the maximum cumulative borrowing balance? (For purposes of this question, disregard any interest payments on short-term bank loans or interest received from investing surplus funds.) Maximum monthly loss is in June: -$60,750. The maximum cumulative borrowing balance is $99,000 in February. What does the monthly cash budget reveal that indicatesRead MoreCase Study : The Angel 1089 Words   |  5 Pages Case Study #1 The Angel, 1997 Susan Meeks, an alias, woke to what she thought was the middle of the afternoon. A bright yellowish light was shining through the west window of her travel trailer. An other world being was in the room and was as tall as the ceiling of the trailer. She went to the bathroom where she washed her face with cold water and stayed in there long enough to smoke a cigarette. When she went back to the bedroom the being was still there. The being showed her futureRead MoreThe Case Study Of The Company1468 Words   |  6 PagesOverview of Case Study In the case study by Spector titled, Transferring Innovation Across National Boundaries, (Spector, 2012) company named Minnesota Biolabs (MB) provided laboratories with a quality test for contamination of injectable medications. This test required the use of live rabbits that led to the rabbit’s death after the test. The company was headquartered in Minneapolis, however they were organized with four, somewhat independent, national units in Europe and Japan, each run by aRead MoreLaw of Case Studies1514 Words   |  7 PagesZulfatah Arif SCM-019741 Work Psychology in Communication, Writing and Reporting COM 2153 Mr Haji Adenan Case Studies An Unmotivated Building Inspector Case Study By: Zulfatah Arif 1) Review the motivation theories discussed in this chapter. How would each one describe and explain the problems with Simon Lucas’s motivation? The theories that would be relevant to the problems with Simon Lucas’ motivation would be the McClelland’s Need Theory and Herzberg’s Two-Factor Theory.

Contemporary Society Task

Question: Discuss about theContemporary Society Task. Answer: Contemporary Society Inequalities in Women Gender relations have been characterised through inequality that has historical roots in gender roles within the society. The productive and reproductive roles sharing among men and women have led to the description of women as lesser sex which makes men dominant. This has described men as the head of society and thus having privileges over women. Socialization processes and religion have been used t suppress women an issue that feminists have deeply contested. Religion is one of the institutions in the society that cannot be done away with[1]. Different religions have different understanding and teachings that they base on the position of women in society. However Islamic religion has been on the spotlight on how the ideologies that are based in Islam have been used to oppress the rights of women and their place in society. This religion has made men dominate the Islamic world with women having very few privileges that they can use to exercise their rights and freedoms. The religion dictates the way a woman should carry herself around and defines the place that she holds in society. According to Islam women belong to men and are deemed inferior thus have no authority over women[2]. Rreligion has defined the place of women through misinterpretation of scripture verses that have continued to influence the life of women. She argues that Islamic laws are made by men and thus the result is a male dominated law that promotes the rights of men while suppressing women. These laws and scriptures are used by men to gain popular support and in defence to ensure political, social and economic disempowerment of women. Haram and Aib have been used inappropriately to challenge women and proof the domination of men. Murabit therefore argues that there are women leaders who have overcome all the odds and managed to climb the ladder in society. The presenter therefore argues that promoting rights of women through using alternative means can help women reclaim their position in society. Through using religious scriptures to speak to people in mosques, schools and all public places can help change the society and how they view and treat women. The Libyan revolution of 2011 led a cultural shift that led to the involvement of women in decision making. Therefore women must not remain silent but fight for the promotion of rights of women through caging liberal and conservative views that the Islamic society has on women Where to Train the World are Doctors? Cuba The change of Havana campus from a military centre to a medical training centre changed the world of medicine around the world today over 123 countries in the world are sending their students to learn in this university. Lack of access to resources and infrastructure keep poor students who have dreams away from being part of the world. However the involvement of opportunities for poor indigenous people has changed the society and led to the improvement of local facilities[3]. Training is a key element that ensures professional are able to execute responsibilities that their professionals for. Today the world has a shortage of medical staff and caregivers all with the US being one of the countries that has a shortage of healthcare staff. Many countries have developed healthcare reforms aimed at achieving universal healthcare for all. However they have failed to put appropriate infrastructure that can see the transition and effectiveness of these reforms. Gail reed in Ted talk suggests that there are many graduate in medical filed who are not practising medicine in the public sector because governments have not made the public sector better for the doctor to work[4]. Many doctors find it difficult to work in the public sector despite the fact that it is the place where poor people get treated. Statistics show that half the numbers of graduates are in the public sector, a quarter in the private sector and the remaining quarter while the rest work abroad. Cuba is one of the countries that have the best training for the doctors in the whole word. Training for a duct in Cuba is based on using minimal resources to achieve results. In Cuba the training has moved from the ivory tower to rural villages where community based learning takes place. Students treat the whole course differently relating it to the mind and body in the context of their families and culture. Majority of the doctors are in the public sector with initiatives in improving the public through prevention of diseases. Further graduate doctors share their knowledge with nurses rather than replacing them, where nurses also become aware of the whole medical process[5]. To improve the society, doctors need to be accommodated in society through being given a chance to practice their skills. Governments have to support the doctor through providing infrastructure that can improve society. Protecting the Ocean The world is suffering from drastic ecological challenges that are as a result of activities that human beings engage in. this activities generate a lot of wastes that end up in the oceans and threaten the only ecological zone that exists. Adrian Midwood argues that people have to take steps to make change in the world today or sit here and regret not having taken a step. Adrian Midwood has come up with a small company aimed at providing ocean certified activities that protect the ocean. They create jobs through cleaning up the ocean and islands by ensuring that plastics are separated from entering the ocean. Through the company they have involved the community by creating solidified acid clothing that enables achieving 85% less energy efficiencies, 60% less sulphur dioxide in the atmosphere and 90% less water[6]. The world uses plastics as a major packaging elements which are disposed off into the atmosphere and ending up in oceans. This plastics cannot decompose and thus when they reach the ocean, they will stay there forever. Many businesses have not taken up the initiative of a plastic free environment but rather massively participating in plastic pollution. This threat however can be controlled through proper disposals and recycling of the materials. Midwood has started the company that not only recycles plastics but also creates awareness on how the population should approach the pollution issues. Therefore the world has to take steps that will ensure that people are able to take the choices they want that will change the world and explore the way that can be used to protect the environment[7]. Globalization and Changing of Boundaries The world state boundaries began with 50 countries before territories were established to create over 200coutries that exist. Today countries have grouped themselves in regions that are used to define strategic benefits. Europe has developed the EU which ensures that countries that fall within Europe are enjoying privileges like the Euro and free markets within the region. Therefore borders in countries are being used as an advantage based on the resources that a country has. Countries that have oil and major minerals protect their boundaries to ensure the resources remain in the country[8]. Today the borders that exist in the word mean nothing due to globalization. Borders are based on distribution geography. However, religion, culture, resources and technology interact to shape the world. Globalization is a force that has led to trans-planetary connections between countries and regions of the worlds. Jan Aart Scholte argues that the state has lost its territorial boundary due to increased globalization with nations answering to responsibilities that are beyond their territories. Countries that are dominating the world today like China, Pakistan exist because of the resources that exist within the country[9]. Today countries are identifying themselves with regions depending n what they want to achieve. Europe Is putting its money where its mouth is and thus countries that are in the EU are there because of the economic benefits that they derive from the EU. However, countries like Croatia, Serbia, Bosnia and Russia are not part of the EU but part of the sphere within force. They are using regional advantages like the Euro to transact only. Therefore borders are going to change and new countries born. Asia is one of the areas that this will start. Rebels in Pakistan and Afghanistan can change the region and lead to a new country that will control resources. In Africa Sudan has three wars that may change the country and lead into three countries. In the arctic sea bed circle there is a race for green energy between Canada, Russia, USA, and Greenland. Therefore geopolitics will change the world since the world defines the changes to achieve equilibrium. Therefore focussing on cross borders c hanges and infrastructure lines will change the world and form new lines that will lead to development of new countries. Therefore globalization has defined the world and made territorial boundaries unnecessary for the world. Countries and regions are splitting and forming global boundaries that are based on resources that exist within the territories. This means that more countries are going to develop with the fight for resources and the need to control interests in the world[10]. References Almurabit, Alaa. What my religion says about women. Prod. Tedwomen. may 2015. retrived from https://www.ted.com/talks/alaa_murabit_what_my_religion_really_says_about_women Arvanitakis, James. Sociologic Analysing Everyday Life and Culture. London: Oxfrd university press, 2015. Khanna, Parag. Mapping the future of countries. 2016. retrived from https://www.ted.com/talks/parag_khanna_maps_the_future_of_countries Midwood, Adrian. "Beyond the Coastlines." you tube. 2015. retrived from https://youtu.be/Nvw0reB1gpI Reed, Gail. Where to train the world's doctors in Cuba. 2016. retrived from https://www.ted.com/talks/gail_reed_where_to_train_the_world_s_doctors_cuba

3 words role Essays - Oral Literature, Vocal Music, Circus

3 words role Fear, Sadness, and stress: These are the three words that describe what the animals are experienced in circus. Flash back: going to the circus with my parents having innocent look, How many of you ladies and gentlemen remember back in the day when you was a I was little kid as I did going to the circus with my family, watching the monkey acting silly with the clown, the next show you the tigers and the lion jumping in between fire rings, hearing that beautiful circus music, every body laughing, the overall attitude is entertaining. How many of you ladies and gentleman remember that moments beautiful moments ? yeah it is absolutely ** Relate to the audience but sadly that's not the reality the reality is sooo far from what our innocent thoughts have seen, reality is something bad, ugly, and I strongly believe that we as human being it is our duty to prevent the sufferings these animals and to speak on behalf of these voiceless creatures. Through this presentation I will share with you the reality of animal circus and what is happening in the dark corners of the circus A life far removed from home Relate to myself by using studying abroad and thanksgiving example Even though I know when I will I will see my family again, I know when I will have my next meal, and I am not stuck in a captive place I still feel bored and missing my family. What life are we putting these animals into ? some may say they don't have feelings, I wish that was the case. But unfortunately, according to psychology today Beaten into submission

Role of Stakeholder Paper Example

Role of Stakeholder Paper Example Role of Stakeholder Paper – Research Paper Example Role of Stakeholder Introduction The term stakeholders refers to persons or groups who rely on an organization to attain their goals while the organization depend on them for support and other aspects such as governance. These include people who are likely to benefit from company’s operations hence work towards the success of the company. Stakeholders thus include persons who play part in the running of a company (shareholders and employees) in addition to other persons who may be concerned in the company’s activities but do not own it. Generally, stakeholders are all entities who influence or are affected by the operations and decisions of an organization. Stakeholders are the individuals or groups that share the benefits and risks of a company. They are thus and are affected by management decisions. However, some stakeholder may not be in support of the companies decisions depending on the effect such decisions may have on them. The stakeholders are thus crucial and i nfluence the management of a company. This paper focuses on the role of stakeholders in implementing a quality management process. The chief stakeholders in any business include managers, shareholders, company employees, government, communities, clients, trade unions, and other companies or organizations. Employees are important contributors in decision making thus their opinions are crucial in running of a company or business (Jackson, Sawyers, Jackson, Sawyers, & Jenkins, 2008). Trade union’s role in implementation of quality management in a company since they influence company decisions regarding employees security, compensation as well as the recruitment process. Shareholders are the most important component of a company and play a crucial role in implementation of management process since they are interested in the welfare of the company in which they have invested. They also partake in making of some company decisions. Customers or clients are another important stakeholder who determines how a company should be managed. This is because customers influence management aspects pertaining to quality, ethics, as well as organizational values. For example, a food processing industry will have to include the major customers in management aspects regarding the quality to ensure that the product made meet their needs. The government is a critical stakeholder in any organization, which influence different managerial aspects hence management. The government regulates features such as taxation and company legislation hence the quality of management (Jackson, Sawyers, & Jenkins, 2008). Other organizations are also important entities that affect the management of a company. They could be the competitors or the distributors. A good example of an organization where other organization are important stakeholders is a manufacturing company where the retailers involved in distributing company’s product and thus influence management decisions (Foster, 2012; Jackson, Sawyers, & Jenkins, 2008). References Foster, T. (2012). Managing Quality: Integrating the Supply Chain. New York: Pearson Education, Limited. Jackson, S., Sawyers, R., & Jenkins, G. (2008). Managerial Accounting: A Focus on Ethical Decision Making. Stamford: Cengage Learning.

Blindness in the workforce and and its associated challenges Research Paper

Blindness in the workforce and and its associated challenges - Research Paper Example finition for visual impairment was explicitly qualified as â€Å"difficulty or inability to see words and letters in ordinary newspaper print even when wearing glasses or contact lenses† (The Lighthouse International, 201, par. 3). A collection of other statistics on employment of visually imparied persons are summarized below: Likewise, the average annual earnings of visually impaired people were noted to be lower by as much as 33% when compared with those earned by workers without disabilities ($22,106 versus $32,870) (The Lighthouse International, 2012, par. 5). These figures reveals that visually impaired and legally blind people exhibit lower employment rates and average annual incomes despite laws that protect them from being discriminated and prejudiced in the work setting. The study conducted by Malakpa (2007) has noted different impediments to employment and the challenges met by visually impaired and legally blind people are likewise discussed by Stephens (2007), Papakonstantinou and Papadopoulos (2010), and McCarthy (2003) in separate discourses. The impediments that were noted by Malakpa (2007) for blind and visually impaired people include employers’ fears and doubts on hiring them and the lack of understanding for appropriate support to be accorded to them (Papakonstantinou & Papadopoulos, 2010). As emphasized by Stephens (2007), â€Å"the lack of information employers have about adaptive and assistive technologies and techniques†¦(indicated) that employers ‘feared blindness’† (p. 22). On the points of views of the visually impaired, Malakpa (2007) averred that â€Å"job acquisition for the blind and visually impaired is impeded frequently by a lack of knowledge regarding prospects, possibilities, training options, and procedures for search and application† (p. 55). Thus, impediments are eminent from both the perspectives of the blind applicants and those of the potential employers in terms of accuracy and availability of information that would

Calculation Assignment Example | Topics and Well Written Essays - 1000 words

Calculation - Assignment Example The calculations are shown below The incremental revenue is the increased amount of revenue, which is solely linked to the additional revenue generated from the installation of the New ATM machines. The installation is subject to increase in revenue by $300,000 at the end of the first year of installation. Therefore, the amount of $300,000 is shown in year 1. The revenues have shown a constant growth rate of 5% from second year onwards. Therefore, the increased amount of revenues has been incorporated while calculating the cash flows of the project. Therefore, the increase in the Net working capital is subject to the cash outflow. In other words, purchase of inventory increases the current assets and also increases the net working capital of the organization but the increase in inventory requires cash outflow. On the other hand, the reduction in net working capital implies the increase in the cash inflow. The reason is that the increase in current liability implies increase in short term borrowing. The increase in short term borrowing is subject to reduction in net working capital but increase in cash inflow. Therefore, the reduction in net working capital increases the cash inflows, which is then added to the incremental revenues. The net working capital has shown the increasing trend with a constant growth rate of 6%. The incorporation of the growth rate of net working capital increases its value and reduces the incremental revenues by such increased amounts of net working capital. The annual maintenance cost is $10,000 at the beginning of the project and shows the increasing trend with constant growth rate of 5% each year. The incremental cost is then subtracted from the incremental revenues each

Changes to Assist in Immigration Integration

Changes to Assist in Immigration Integration To what extent will recent and proposed changes to the immigration system assist in successful integration of new immigrants? UK Immigration law has recently seen a metamorphic transition. The new Immigration Rules are now in full swing. It is inevitable that any system that is introduced for the first time will either be very beneficial in the successful integration of new immigrants or will have devastating consequences. The introduction of the Points Based System (PBS) for new immigrants seeking to work, train or study in the UK replaces the approximate 80 routes of doing either of the above under the present regime. These Immigration categories have now been streamlined into one single immigration system. Adopting the single system provides clarity in the law and secures a carefully controlled integration of new immigrants. The system is much more straightforward in application. New immigrants can easily ascertain whether they meet the necessary criteria for a particular visa, which will save them time and prevent wastage of costs. The PBS is divided into 5 Tiers. Tier 1 (General) took effect from June 2008.[1]. Tiers 2 5 have been in force since November 2008. Tier 3 has been temporarily suspended and Tier 4 aims to be incorporated by March 2009. Under each Tier, any prospective immigrant would need to score points in order to attain entry clearance. The points have been set by the Migration Advisory Committee. Instrumental to the PBS is the involvement of sponsorship[2]. Another change is the requirement of the entry clearance and the knowledge of the English Language. The objective of Tier 1 is aimed at Highly Skilled Workers (HSW) and the Post Study Work (PSW) schemes, which replaces the former Highly Skilled Migrant Programme, (HSMP) the International Graduates Scheme, (IGS) The Fresh Talent Working in Scotland Scheme and the rules for business-people and innovators, investors, writers, composers and artists[3]. This Tier has been formed in line with bringing in the, â€Å"brightest and the best†[4]. This is good news for some workers, particularly those that do wish to enter on the PSW. The PSW allows a new worker to remain in the country for a period of 2 years and will benefit from good quality training. Employers were previously reluctant to invest in resource training of new recruits who were required to leave the country after 12 months. The process under the old HSMP scheme and the new HSW scheme is very different. Points are given on a sliding scale against requirements such as a degree qualification. The new immigrant needs a score of 75 points or more in order to qualify on the scheme and additional 10 points for the knowledge of English. There is also requirement for those that apply outside the UK; that they must have a bank balance of  £2,800 and those within the UK must have  £800. The purpose is to ensure that the new immigrant is able to support him/herself up until the first salary is received and not be dependant upon Government resources. This minimum financial requirement may appear to be a hindrance for those residing outside the UK. Tier 1 was questioned where foreign Doctors are concerned in the BAPIO[5] case. The House of Lords held that the Department of Health guidance defeated a legitimate expectation held by Doctors in training on the previous HSMP that they would not be prevented from undertaking work. Tier 1 states that a doctor will not be able to undertake employment as a doctor in training up until entry clearance is granted. This is therefore, another procedural obstacle for a UK Immigrant. Tier 2 applies to skilled workers with a job offer and replaces the concept of work permits completely. A skilled foreign worker will obtain 50[6] points and this will depend upon factors such as the person already being in skilled work as well as having an earning capacity of  £24,000 or having a recognised qualification. One way for an immigrant to earn 50 points immediately will be if the UK employer in can show that they cannot fill the required skilled post with a British worker and that the job vacancy has been advertised in the UK. This leads onto the employer passing the Resident Labour Market Test, which refers to the job being in shortage occupation. Tier 2 does not include overseas qualified nurses and midwifes, ground staff of overseas owned airlines, exchange teachers, and language assistants. The list includes a wide range of professionals in the cross section of society, which does not help with the integration of new immigrants with these qualifications. In R v SSHD[7] the Judge raised a concern with the new law regarding highly skilled migrants and those immigrants who have already obtained entry clearance and have not secured a job will constitute as racial discrimination. The Home Office has incorporated the judgement. The previous rules will apply to those UK immigrants who have been adversely affected by the change in law. This is good news for those immigrants that fall under this category. Alongside Tier 2 is the requirement of the certificate of sponsorship which has to be issued to the prospective employer. Prior to this, the Company will have to firstly be registered with the UK Border Agency so that it can obtain a sponsorship license. Skilled workers will be discouraged from coming to the UK and if an organisation is called into question, if faces losing its license and any immigrant working would be required to leave the country within a period of 28 or 60 days. The procedure of carrying out this process is set to cause serious delay to the recruitment of key immigrants and employers will risk losing access to a pool of talent on an international level. Tier 4 only applies to students as overseas ‘adults’. The immigrant must pass a maintenance test and produce supporting documents such as educational qualifications. The long term plan for Autumn 2009 is the emergence of the an IT system to support the student visa route. Whether the overseas ‘adult’ option excludes a section of student is yet to be decided. Tier 5 is currently in existence where temporarily workers wish to come to the UK for primarily non-economic reasons. UK Immigrant must be awarded 30 points and savings of at least  £800. This again may be difficult for some workers who only essentially work on a ’temporary’ basis. The actual criteria to meet has not considerably changed but what has reformed is the legal process. This will have a negative affect on those immigrants that will want to appeal against the decisions and the Asylum Immigration Tribunal(AIT). The Government has produced a consultation paper[8], which proposes to revise the scope for Judicial Review, which will have the prevent the applicant’s right to appeal to the High Court, following a decision of the AIT. The law could deter new immigrants from applying and discriminates against highly skilled individuals who hold the qualifications but not the job to go with it or the financial standing . The law has already been ’tweaked’ in its initial stages that could open up the floodgates for UK immigrants to question other areas of the new law. BIBLIOGRAPHY Books 1. Clayton, G (2008) Immigration and Asylum Law (3rd Edition) Oxford University Press, Oxford 2.Jackson, D Warr, G, Cole, J.0., Middleton, J (2008) Immigration Law and Practice, (4th Edition) Tottel Publishing Journals/Articles Home Office Border Immigration Agency, (2008) The Path to Citizenship: next steps in reforming the Immigration System Home Office Border Immigration Agency (2008) Students under the Points Tier System -(Tier 4)- Implementation Plan Home Office UK Border Agency, Consultation: Immigration Appeals, Fair Decisions; Faster Justice, August 2008 Berry, M (2007) Are your employees eligible to work in the UK?-EEF, the manufacturers organisation Broadway House Tothill Street London Websites http://www.bia.homeoffice.gov.uk/ http://www.oup.com/uk/orc/bin/9780199238668/ -updates on Clayton, G (2008) Immigration on Asylum Law (3rd Edition) Oxford University Press, Oxford Legislation Immigration Rules Border Immigration Agency 2007 Case Law R (on the application of BAPIO Action Ltd another) v SSHD and another [2008] UKHL 27 R(on the application of HSMP Forum Ltd v SSHD [2008] EWHC 004 (Admin) Footnotes [1] Application and requirement methods set out HC321 [2] Tier 1 is exempt from this requirement. Under Tier 5, Youth Mobility, the Government will take the role of a sponsor. [3] Rule HC 607 [4] Home Office Border Immigration Agency, The Path to Citizenship: next steps in reforming the Immigration System, February 2008 [5] R (on the application of BAPIO Action Ltd another) v SSHD and another [2008] UKHL 27 [6] Immigration Rules -Appendix A [7] R(on the application of HSMP Forum Ltd v SSHD [2008] EWHC 004 (Admin) [8] Home Office UK Border Agency, Consultation: Immigration Appeals, Fair Decisions; Faster Justice, August 2008

Sexual Harassment Essay -- Social Issues Violence Crime Essays

Sexual Harassment Unwelcome sexual behavior has been a serious problem in our society for many years. We need to focus more on this problem, because a lot of men still don’t take it seriously, it happens, because they don’t know the real definition of sexual harassment. Men and women explain in differently. When 1200 men and women were asked if they would consider sexual proposition flattering 68% of men said they would, and only 17% of the women agreed. At the same time 63% of women would be insulted by it and only 15% of men. The major question today is: What should be considered sexual assault? Many people believe that the seriousness of it is evident, however there are some that disagree, they disagree of what sexual harassment is. What is sexual harassment? –Unwelcome sexual behavior, but another may not unwelcome what is unwelcome by one. People have been arguing on what should be considered sexual harassment and finely came up with a definition for it. Its requests for sexual favors, suggestive looks, and sexual remarks, deliberate touching, pressure for dates, letters and calls, actual or attempted rape (Verbal and physical conduct that creates an intimidating, hostile or offensive working environment). A lot of people feel that categorizing everything from rape to â€Å"looks† as unwelcome sexual behavior makes all of as victims. Should it always be considered an illegal harassment, when a man makes an obscene comment to a woman on the street, when behavior which one woman takes as harassment, could be seen by another as a non-threatening joke. Many believe that legal definition of sexual harassment threatens the freedom of speech; one man’s vulgarity is another mans lyric, and many of the cases are simp... ... to believe it is acceptable to abuse and harass female. To reduce unwelcome sexual behavior men must reexamine their attitudes towards it. We have to establish strong, clear sexual harassment policies in the work places where the majority are men. Women must report all incidents out of fear that their lives and careers would be harmed. Now days law covers any remark or behavior that a â€Å" reasonable women† would find to be threatening. Is that enough? Does it really protect women? Some say yes, and some say no, but as sexual harassment continuous to happened in our society something has to be done. Bibliography. Violent relationships. Texas: Information plus, 1999. Wekeseer c. and Swisher K. Sexual harassment. San Diego, CA: Greenhaven Press, 1992. Black, Beryl. Coping with sexual harassment. New York: The Rosen Publishing Group, INK. , 1996. Sexual Harassment Essay -- Social Issues Violence Crime Essays Sexual Harassment Unwelcome sexual behavior has been a serious problem in our society for many years. We need to focus more on this problem, because a lot of men still don’t take it seriously, it happens, because they don’t know the real definition of sexual harassment. Men and women explain in differently. When 1200 men and women were asked if they would consider sexual proposition flattering 68% of men said they would, and only 17% of the women agreed. At the same time 63% of women would be insulted by it and only 15% of men. The major question today is: What should be considered sexual assault? Many people believe that the seriousness of it is evident, however there are some that disagree, they disagree of what sexual harassment is. What is sexual harassment? –Unwelcome sexual behavior, but another may not unwelcome what is unwelcome by one. People have been arguing on what should be considered sexual harassment and finely came up with a definition for it. Its requests for sexual favors, suggestive looks, and sexual remarks, deliberate touching, pressure for dates, letters and calls, actual or attempted rape (Verbal and physical conduct that creates an intimidating, hostile or offensive working environment). A lot of people feel that categorizing everything from rape to â€Å"looks† as unwelcome sexual behavior makes all of as victims. Should it always be considered an illegal harassment, when a man makes an obscene comment to a woman on the street, when behavior which one woman takes as harassment, could be seen by another as a non-threatening joke. Many believe that legal definition of sexual harassment threatens the freedom of speech; one man’s vulgarity is another mans lyric, and many of the cases are simp... ... to believe it is acceptable to abuse and harass female. To reduce unwelcome sexual behavior men must reexamine their attitudes towards it. We have to establish strong, clear sexual harassment policies in the work places where the majority are men. Women must report all incidents out of fear that their lives and careers would be harmed. Now days law covers any remark or behavior that a â€Å" reasonable women† would find to be threatening. Is that enough? Does it really protect women? Some say yes, and some say no, but as sexual harassment continuous to happened in our society something has to be done. Bibliography. Violent relationships. Texas: Information plus, 1999. Wekeseer c. and Swisher K. Sexual harassment. San Diego, CA: Greenhaven Press, 1992. Black, Beryl. Coping with sexual harassment. New York: The Rosen Publishing Group, INK. , 1996.

Global Chemical Industry

www. moodys. com Rating Methodology Table of Contents: Summary About the Rated Universe About This Rating Methodology The Key Rating Factors Assumptions and Limitations and Rating Considerations That are not Covered in the Grid Conclusion: Summary of the GridIndicated Rating Outcomes Appendix A: Global Chemcial Industry Methodology Factor Grid Appendix B: Methodology GridIndicated Ratings Appendix C: Observations and Outliers for Grid Mapping Appendix D: Chemical Industry Overview Appendix E: Key Rating Issues over the Intermediate Term 1 3 5 8Corporate Finance December 2009 Moody’s Global Global Chemical Industry Summary This rating methodology explains Moody’s approach to assessing credit risk for global chemical companies. This document replaces a previous publication from February 2006. The grid for the rating methodology is substantially unchanged from the 2006 publication, with minor updates to provide greater clarity regarding application of the grid. We also hav e provided a clearer explanation of how ratings in the chemical industry are derived.This publication is intended to provide a reference tool that can be used when evaluating credit profiles within the global chemical industry, helping issuers, investors, and other interested market participants understand how key qualitative and quantitative risk characteristics are likely to affect rating outcomes. This methodology does not include an exhaustive treatment of all factors that are reflected in Moody’s ratings but should enable the reader to understand the qualitative considerations and financial ratios that are most important for ratings in this sector.This report includes a detailed rating grid and illustrative mapping of each rated company in a representative sample of companies against the factors in the grid. The purpose of the rating grid is to provide a reference tool that can be used to approximate credit profiles within the chemical industry sector. The grid provides summarized guidance for the factors that are generally most important in assigning ratings to chemical companies. The grid is a summary that does not include every rating consideration, and our illustrative mapping uses historical results while our ratings methodology also considers forward-looking expectations.As a result, the grid-indicated rating is not expected to match the actual rating of each company. 17 18 19 20 21 26 27 Analyst Contacts: New York 1. 212. 553. 1653 William Reed Vice President -Senior Credit Officer John Rogers Senior Vice President James Wilkins Vice President -Senior Analyst Steven Wood Senior Vice President Tokyo 81. 35408. 4100 Noriko Kosaka Vice President -Senior Analyst Analyst Contacts continued on last page Rating Methodology Moody’s Global Corporate Finance Global Chemical IndustryThe grid contains five key factors that are important in our assessments for ratings in the global chemical sector: 1. Business Profile 2. Size & Stability 3. Cost P osition 4. Leverage / Financial Policies 5. Financial Strength Each of these factors also encompasses a number of sub-factors or metrics, which we explain in detail. Since an issuer’s scoring on a particular grid factor often will not match its overall rating, in the Appendix we include a brief discussion of â€Å"outliers† – companies whose grid-indicated rating for a specific factor differs significantly from the actual rating.This rating methodology is not intended to be an exhaustive discussion of all factors that Moody’s analysts consider in ratings in this sector. We note that our analysis for ratings in this sector covers factors that are common across all industries (such as ownership, management, liquidity, legal structure in the corporate organization, and corporate governance) as well as factors that can be meaningful on a company specific basis. Our ratings consider qualitative considerations and factors that do not lend themselves to a transp arent presentation in a grid format.The grid represents a compromise between greater complexity, which would result in grid-indicated ratings that map more closely to actual ratings, and simplicity, which enhances a transparent presentation of the factors that are most important for ratings in this sector most of the time. Because this methodology applies globally, it is necessarily general in some respects and is not intended to be an exhaustive and country-specific discussion of all factors that Moody’s analysts consider in every rating.Moody’s rating approach considers country-specific differences and at the same time allows for qualitative evaluation of these factors as well as other factors that cannot be easily presented in grid format. Highlights of this report include: ? ? ? An overview of our rated universe. A description of the key factors that drive rating quality. Comments on the rating methodology’s assumptions and limitations, including a discussio n on other rating considerations that are not included in the grid.The Appendices show the rating grid criteria on one page (Appendix A), tables that illustrate the application of the methodology grid to 20 representative rated chemical companies (Appendix B) with explanatory comments on some of the more significant differences between the grid-implied rating and our actual rating (Appendix C), a brief industry overview (Appendix D), and a discussion of key rating issues for the chemical sector over the intermediate term (Appendix E). 2 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate FinanceGlobal Chemical Industry About the Rated Universe Moody's rates 107 companies globally in the chemicals and allied industries. In the aggregate, these issuers have approximately $230 billion of rated debt. Our definition of the chemical industry includes a variety of related industrie s, such as: ? ? ? ? ? ? ? ? ? ? ? ? Commodity organic and inorganic chemicals ? Specialty chemicals ? Plastics, resins and elastomers ? Fertilizers, agricultural chemicals and seeds ? Industrial gases ? Architectural and industrial coatings ? Flavors and fragrances ? Other food ingredients ? Pharmaceutical intermediates ?Organometallics ? Specialty materials produced from refinery by-products ? Specialty materials that are used in composites ? These companies develop and produce a wide variety of products including basic chemicals, specialty materials, and industrial gases. Products range from true commodities to highly customized products used in technically demanding applications. The rated universe is spread throughout the world with the highest concentrations in the Americas (68), Europe (24) and Middle East/Asia (15). Companies range in size from as large as $40 billion in revenues to as small as $100 million.Some may be multinational with numerous manufacturing locations aroun d the globe, while others may operate a single facility with domestic customers only. The highly volatile nature of the industry as well as fairly high levels of business risk make it increasingly difficult for all but a select few companies who are extremely large and diversified to achieve and maintain a Aa rating. Ratings of A3 or above are generally limited to larger companies or to smaller specialty companies that exhibit uncommon stability in financial performance and relatively low business risk.The Corporate Family Rating (CFR) or senior unsecured ratings of the covered issuers range from Aa2 to Caa2 with a concentration in the Baa, Ba and B rating categories. The median rating for chemical companies is Ba1. The vast majority of companies – 81 out of 107, approximately 76%, are in the Baa (27), Ba (26), and B (28) range because of the cyclical nature of the industry and our view of the industry’s moderate to high business risk. 3 December 2009 ? Rating Methodol ogy ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate FinanceGlobal Chemical Industry Exhibit 1: Global Chemical Rating Distribution 2009 and 2006 Chemical Industry Ratings Distribution 25 Number of Issuers 20 15 10 5 0 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 Ratings 2009 – 107 com panies 2006 – 111 com panies B1 B2 B3 Caa1 Caa2 Caa3 Over the last ten years, in Europe and in the US, a growing number of speculative grade names have been added to the rated universe. This is attributable in part to incumbents' recent strategic efforts to focus on their core businesses by selling non-core assets as well as to a growing interest from private equity sponsors.For the purpose of this methodology we have identified 20 representative issuers out of the companies that we rate globally. These issuers represent both investment grade and speculative grade issuers. The criteria used to select the 20 focu sed on the larger, in terms of revenues, well-known issuers. For this reason the proportion of investment grade to non-investment grade issuers represented is higher than it is in the rated universe. 4 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate FinanceGlobal Chemical Industry Exhibit 2 Global Chemical Rating Methodology Representative Sample Company Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Shin-Etsu Chemical Company Ltd BASF (SE) E. I. du Pont de Nemours and Company Kaneka Corporation Teijin Limited Bayer AG Akzo Nobel N. V. Potash Corporation of Saskatchewan Inc. Rating Aa3 A1 A2 A2 A3 A3 Baa1 Baa1 Baa1 Baa2 Baa2 Baa3 Ba1 Ba2 Ba3 Ba3 B1 B1 B1 B3 Outlook Stable Stable Negative Stable Negative Stable Negative Stable Stable Stable Stable Negative Stable Positive Stable Stable Stable Stable Positive NegativeApprox Debt millions $189 $21,347 $7,545 $293 $ 2,143 $20,215 $5,233 $3,082 $2,716 $1,441 $1,971 $23,073 $4,456 $3,390 $3,156 $1,217 $1,904 $4,681 $423 $3,451 LG Chem, Ltd. Eastman Chemical Company Yara International ASA The Dow Chemical Company Braskem SA Celanese Corporation Nalco Company ISP Chemco LLC NOVA Chemicals Company Huntsman Corporation PolyOne Corp Hexion Specialty Chemicals Inc. About This Rating Methodology This report explains the rating methodology for chemical companies in six sections, which are summarized as follows: 1.Identification of Key Rating Factors The grid in this rating methodology focuses on five key rating factors. These five broad factors are further broken down into eleven sub-factors that are equally weighted. 5 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate Finance Global Chemical Industry Factor Weighting Sub-Factor Weighting Rating Factor Relevant Sub-factor Operational Diversity Product Diversity Geographic Diversity Factor 1: Business Profile 9. 09%Commodity/Specialty Market Shares Raw Material Access Government Impact Revenues 9. 09% 9. 09% 9. 09% 9. 09% 9. 09% 9. 09% 9. 09% 9. 09% 9. 09% 9. 09% Factor 2: Size & Stability 27. 27% Divisions of Equal Size Stability of EBITDA Factor 3: Cost Position 18. 18% EBITDA Margin (5 yr Avg. ) ROA – EBIT / Avg. Assets (5 yr Avg. ) Factor 4: Leverage / Financial Policies 18. 18% Current Debt / Capital* Debt / EBITDA (5 yr Avg. )* EBITDA/ Interest Expense Factor 5: Financial Strength 27. 27% Retained Cash Flow/Debt (5 yr Avg. )* Free Cash Flow (FCF) /Debt (5 yr Avg. * *Where appropriate net adjusted debt may be used (see discussion of Cash Balances and Net Debt Considerations) 2. Measurement of the Key Rating Factors We explain below how the sub-factors for each factor are calculated. We also explain the rationale for using specific rating metrics, and the ways in which we apply them during the rating process. Mu ch of the information used in assessing performance for the sub-factors is found in or calculated using the company’s financial statements; others are derived from observations or stimates by Moody’s analysts. Moody’s ratings are forward-looking and incorporate our expectations of future financial and operating performance. We use both historical and projected financial results in the methodology and the rating process. Historical results help us to understand patterns and trends for a company’s performance as well as for peer comparison. While the rating process includes both historical and anticipated results, this document makes use of historical data only to illustrate the application of the rating methodology.Specifically, unless otherwise stated, the mapping examples in this report use reported financials for the last three audited fiscal years. All of the quantitative credit metrics incorporate Moody’s standard adjustments to income statemen t, cash flow statement and balance sheet amounts for, among others, off-balance sheet accounts, receivable securitization programs, under-funded pension obligations, and recurring operating leases. Note: For definitions of Moody's most common ratio terms please see Moody’s Basic Definitions for Credit Statistics, User’s Guide which can be found at www. oodys. com in the Research and Ratings directory, in the Special Reports subdirectory (07 June 2007, document #78480/SP4467). 3. Mapping Factors to the Rating Categories After identifying the measurements for each factor, the potential outcomes for each of the 11 sub-factors are mapped to a broad Moody’s rating category. (Aaa, Aa, A, Baa, Ba, B, Caa, Ca). 6 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate Finance Global Chemical Industry 4.Mapping Issuers to the Grid and Discussion of Grid Outliers In t his section (Appendix C) we provide tables showing how each company maps to grid-indicated ratings for each rating sub-factor and factor. The weighted average of the sub-factor ratings produces a grid-indicated rating for each factor. We highlight companies whose grid-indicated performance on a specific sub-factor is two or more broad rating categories higher or lower than its actual rating and discuss general reasons for such positive outliers and negative outliers for a particular factor or sub-factor. . Assumptions and Limitations and Rating Considerations That are not Included in the Grid This section discusses limitations in the use of the grid to map against actual ratings, additional factors that are not included in the grid that can be important in determining ratings, and limitations and key assumptions that pertain to the overall rating methodology. 6. Determining the Overall Grid-Indicated Rating To determine the overall rating, we convert each of the 11 factor ratings in to a numeric value based upon the scale below.Aaa 6 Aa 5 A 4 Baa 3 Ba 2 B 1 Caa 0 Ca -1 The numerical score for each factor is weighted equally with the results then summed, and divided by 11, to produce a total factor score. The total factor score is then mapped back to an alphanumeric rating based on the ranges in the table below. Grid-Indicated Rating Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 B1 B2 B3 Caa1 Caa2 Caa3 Ca Total Factor Score X ? 5. 50 5. 17 ? X ; 5. 50 4. 83 ? X ; 5. 17 4. 50 ? X ; 4. 83 4. 17 ? X ; 4. 50 3. 83 ? X ; 4. 17 3. 0 ? X ; 3. 83 3. 17 ? X ; 3. 50 2. 83 ? X ; 3. 17 2. 50 ? X ; 2. 83 2. 17 ? X ; 2. 50 1. 83 ? X ; 2. 17 1. 50 ? X ; 1. 83 1. 17 ? X ; 1. 5 0. 83 ? X ; 1. 17 0. 50 ? X ; 0. 83 0. 33 ? X ; 0. 50 0. 17 ? X ; 0. 33 0. 0 ? X ; 0. 17 x ; 0. 0 7 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate Finance Global Chemical Industry For e xample, an issuer with a composite weighted factor score of 1. 5 would have a Ba2 grid-indicated rating. We used a similar procedure to derive the grid-indicating ratings in the tables embedded in the discussion of each of the five broad rating factors. The Key Rating Factors Moody’s analysis of chemical companies focuses on five broad factors: ? ? ? ? ? Business Profile Size & Stability Cost Position Leverage / Financial Policies Financial Strength Factor 1: Business Profile (9. 09% weight) Why It Matters Business Profile is an important indicator of credit quality.The chemical team at Moody's looks at seven factors and aggregates them into a single score which is then mapped to a specific rating. The first three factors focus on diversity. Diversity, whether it be operational, product, or geographic, is a key component of business position that, can help mitigate the volatility in financial performance characteristic of the chemical sector. 1. Operational Diversity Single s ite locations, as an indicator of operational diversity, can expose a company to the prospect of unanticipated down times.We note that this factor is extremely important. Where a company operates a single site, the risk of that single site failing is deemed to have such a catastrophic impact on the business model that even the prospect of site insurance or business interruption insurance will not provide sufficient mitigation against the potential effects of a fundamental failure of the site. 2. Diverse Product Lines Diverse product lines can help stem volatility in cash flows to the extent that different products can have varied pricing dynamics. 3. Geographic DiversityGeographic diversity can also be beneficial as a company with multiple plant sites can still be negatively affected by both economic and weather related events. 4. Commodity Versus Value Added Products In the chemical sector commodity players are typically more volatile in terms of cash flow generation whereas the va lue added producers often produce more stable cash flows. At times, today's value added producers can become more commodity-like in their cash flow generating capabilities, so we will carefully assess where a product or group of products may be in its life cycle. 5.Market Share or Unique Competitive Advantage Large market share suggests a sustainable business position with the proven ability to weather the volatile market conditions in the chemical cycle. In some instances companies with large market shares will adjust their production volumes to help balance the supply and demand dynamics in the markets served as a means to stabilize product pricing. Market share that is protected by patent and unique licensing restrictions can also be a strong, positive contributor to stable cash flows and performance. 8 December 2009 ? Rating Methodology ?Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate Finance Global Che mical Industry 6. Exposure to Volatile Raw Materials Raw material exposures greater than 33% in terms of cost of goods sold, for example, can often result in dramatic swings in cash flow. This is especially true in times of supply/demand imbalances, which can create shortages in raw materials and exaggerate raw material price movements. Companies with the ability and foresight to locate their production facilities in areas of the world where they can benefit from long term fixed riced raw materials have a distinct advantage over companies that are subject to the vagaries of the raw material spot markets. 7. Impact of Government Regulation The final factor we assess is the positive or negative impact of government regulation. This factor addresses the positive or negative role that government regulation or policy may have on an individual company or sector of the chemical industry. For many companies, the impact of government regulation may be neutral. For some sectors, such as the e thanol sector in the U. S. the very existence of the sector is a function of government legislated policy. In still other instances, the government has sought to ban the use of certain products – such as MTBE – in some markets. This factor is also extremely important and we will, as explained below, overweight it when assessing companies for whom government regulations/mandates are, essentially, the sole driver for the business model. How We Measure it for the Grid The 7 Business Profile criteria are merged into an assessment score, as follows: Business Profile Assessment Score This score is made up of seven criteria.To each we assign a discrete numerical value. The values across the criteria range from (-2) to 2 with many coming in at 0 or 1. Moody's analysts may use a modifier of 0. 5 across the seven criteria to refine the score relative to other companies in the industry. These values are totaled into a score which is then mapped to a rating category in the followi ng manner: Aaa Aa A Baa Ba B Caa Ca = = = = = = = = > 6. 0 > 4. 5 to < 6. 0 > 3. 5 to < 4. 5 > 2. 5 to < 3. 5 > 1. 5 to < 2. 5 > 0. 5 to < 1. 5 > – 0. 5 to < 0. 5 < – 0. 5 ?Operational diversity – We count the number of discrete operating plants that have a globally competitive scale. A (-2) is assigned for 1 or 2 plants, a 0 is assigned for 2 – 8 plants and a 1 is assigned if there are greater than 8 large manufacturing locations. This is one of three factors with a negative score given the importance we assign to operational diversity. A sole site simply leaves the company with too many eggs in one basket. Product diversity – We assign a 0 if a majority of cash flow is generated from 1-2 key product lines and a 1 if a company relies on 3 or more product lines or product categories.Geographic diversity – We assign a 0 if a majority of the production assets are primarily in a single geographic region and assign a 1 if production assets are i n multiple regions Commodity versus value added products – We assign a 0 if a majority of sales are primarily commodity products and assign a 1 if we view products as adding distinct unique additional value. Quantitative factors such as stability of EBITDA and EBITDA margins are used later as another component in the measurement of this important factor. ? ? ? 9 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical IndustryRating Methodology Moody’s Global Corporate Finance Global Chemical Industry ? Market share – We assign a 0 if a market share is inconsequential relative to the next three largest competitors and assign a 1 if a sector or company has large share or few real competitors. We would assign a 2 if the company has a unique competitive advantage (patents, know-how, etc. ) that could reduce competition significantly. Market share assessments are driven by the definition of the markets served. Definitions should be wide enough to represent legitimate alternative products.Raw material access – We assign a (-1) or (-2) if we estimate exposure to volatile raw material costs at greater than 33% of costs of goods sold. We assign a 0 if exposure to volatile raw materials costs is from 10% to 33% of costs of good sold. We assign a 1 if the exposure to raw materials is less than 10% and a 2 if the company has a material, demonstrable, long-lived feedstock advantage. Given the importance of raw material inputs to ultimate cash flows this metric is vitally important. It is one of three metrics with a possible negative value. Given the importance of this metric, the value can go as high as 2.Impact of governmental regulations or policies – For companies subject to significant government regulations or sensitive to changes in government policies, we assign a score reflecting the positive or negative impact of these regulations/policies on the companies' long term financial perform ance. Most of the companies in this industry will score a 0. Ethanol producers in the US would be assigned a (-1) because of their reliance on government regulation to create demand for the product. Companies that would be positively affected over the long term by government regulations could be assigned a 1. ? The importance of the business profile score is highlighted by the fact that, in certain cases, it can outweigh all other factors in the methodology, materially lowering ratings. The two most prominent examples are: operations limited to a single site and a business model whose success is highly or solely dependent on government actions or policies. Factor 1: Business Profile (9. 09%) Weight a) Business Position Assessment 9. 09% Aaa ? 6. 0 Aa 4. 5 – 6. 0 A 3. 5 – 4. 5 Baa 2. 5 – 3. 5 Ba 1. 5 – 2. 5 B 0. 5 – 1. 5 Caa – 0. 5 – 0. 5 Ca ; – 0. 5A chart that illustrates grid mapping results for Factor 1 and a discussion of o utliers for companies in the sample is included in Appendix C. Factor 2: Size & Stability (27. 27% weight) Why It Matters This factor includes discrete quantitative measures that attempt to measure size, diversity and the stability of a business model. Large revenues combined with large divisions as well as a long history of stable performance suggest sustainable business positions that have been and will be able to demonstrably weather the vagaries of capital and economic cycles. SizeSize can suggest the ability to benefit from much needed economies of scale both in production and access to raw materials on a preferred basis. In addition, size suggests the ability to service large customers globally — an important attribute as many customers step up efforts to reduce the number of their suppliers. Size also tends to favor the companies that sovereigns, government related entities, and other large companies choose as their joint venture partners or technology suppliers of che micals that add important value added properties to customer’s products. Number of DivisionsThe presence of multiple large divisions typically signals a balanced diversified product portfolio and, by extension, more stable cash flows. Companies with high product concentration may exhibit more volatile cash flows and may be more vulnerable to one time events that can be damaging to credit quality. Multiple divisions also provide for discrete assets that can be sold as necessary to provide alternate liquidity. Larger companies 10 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate FinanceGlobal Chemical Industry with many divisions can, for example, sell weaker performing or non-core segments, with the sale proceeds providing funding for debt reduction or growth in other segments. Stability of Business Model (Stability of EBITDA) Given the diversity of this industry, we attempt to gauge the likely level of volatility in earnings and cash flow. Companies with elevated levels of volatility in earnings and cash flow will require better liquidity and more robust financial metrics, on average, to compensate for uncertainty over the magnitude and duration of potential downturns.We analyze the volatility of EBITDA over a long period of time (7-10 years, when the data is available) to get an estimation of the expected volatility of the company relative to its peers in the industry. While there are many problems associated with the use of EBITDA as a measure of either profitability or cash flow, EBITDA is typically less affected by extraordinary items, fluctuations in working capital, and capital spending on new capacity than other measures of cash flow. It also allows us to remove the potential impact from differences in capital intensity across the industry.To the extent that a company's EBITDA may contain unusual items, or items that we judge to be one- time, the reported data may be adjusted to improve the quality of the analysis and hence get a better view of the true volatility of the company relative to its peers in the industry. When companies have completed a transformational acquisition or divestiture, or if seven years of data is otherwise unavailable, we estimate this metric based on a comparison to other rated companies and attempt to adjust for differences in product or geographic mix, as well as the impact of feedstock advantages or disadvantages.A transforming transaction is typically defined as the acquisition or divestiture of assets that comprise more that 1/3 of the pre-transaction EBITDA. While we measure the past 7-10 years of data, we would emphasize that our ratings are a forward view informed by historical volatility. To the extent we believe that future performance might deviate from historical patterns, we will modify this factor. How We Measure it for the Grid Size Measured by Revenues We use the most recen t annual revenues or latest 12 month reported revenues.The current year's revenues obviously can be either understated or overstated subject to where the company is in the commodity price cycle. While the commodity price cycle may be different for various companies, this metric measures all companies, by and large, at the same point in the economic cycle. For companies whose revenues are on the border between two ratings categories, the analyst would consider the point in the commodity price cycle at which the measurement is taken and the estimate of future revenues. Divisions with Revenues of Equal Relative SizeThis factor can be captured from financial statements. We use the segment information found in the most recent quarterly report on a latest four quarter basis. We are attempting again to capture both diversity as well as scale. The analyst may adjust segment revenues manually to adjust for non-ordinary items or non-public segment information provided by management. For compa nies whose divisional revenues are volatile and subject to cycles, the analyst would again consider the point in the pricing cycle at which the measurement is taken.Our focus is to measure diversity of revenue streams. For a company with $1 billion in revenues – if all revenues come from a sole division/product it would map to a B. If there were four discrete divisions with $250 million in revenues each (essentially equal in size) it would map to a Baa. For a company with $10 billion in revenues with four discrete divisions/products, if two divisions had $3 billion in revenues each and 2 divisions had $2 billion in revenues each – it would still be judged to be relatively diverse and equate to a Baa. 1 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate Finance Global Chemical Industry Stability of EBITDA This factor is measured by the normalized standard error of the company's EBITDA as determined by a least squares regression on seven to ten years of data. We utilize standard error rather than standard deviation as it is much better at differentiating between commodity and specialty chemical companies.Standard deviation is a static measure that cannot clearly differentiate between a stable company growing over time and a commodity company whose volatility is induced by changes in its cash margins. Standard error is a statistical measure of the difference between the company's actual performance versus a theoretical line drawn through the data (hence normal growth in EBITDA over 7-10 years should not have a negative impact on this metric). The normalized standard error is obtained by dividing the standard error obtained from a linear regression by the average EBITDA over the period analyzed.This allows us to compare the standard error of large companies to much smaller companies This measurement is designed to capture two types of stabil ity: For smaller companies – The stability of business or businesses relative to other companies in the industry. The absolute size of a company is not considered. For larger companies – A very large or diverse commodity company may exhibit more stability based on the number of businesses in its portfolio, especially if the earnings of their individual businesses are not correlated (i. e. , all businesses don't go into a downturn or upturn at the same time).In statistical terms, if the covariance of the company’s businesses is low, the company's performance should be more stable although it may be an inherently cyclical commodity chemical business. Companies with a normalized standardized error above 40% (which maps to the Caa category) are most common for companies with very low or negative EBITDA at the bottom of a downturn. Factor 2: Size & Stability (27. 27%) Weight a) Revenue (Billions of US$) b) # of Divisions of Equal Size c) Stability of EBITDA 9. 09% 9. 09% 9. 09% Aaa ? $50 8 ; 2% Aa $20 – $50 6 to 7 2% – 6% A $10 – $20 5 6% – 12%Baa $5 – $10 4 12% – 20% Ba $1 – $5 2 or 3 20% – 30% B $. 2 – $1 1 or 2 30% – 40% Caa $. 1 – $. 2 1 40% – 60% Ca ; $. 1 0. 5 ? 60. 0% A chart that illustrates grid mapping results for Factor 2 and a discussion of outliers for companies in the sample is included in Appendix C. Factor 3: Cost Position (18. 18% weight) Why It Matters Relative cost position is a critical success factor for a chemical company because, in a downturn, (either cyclical or economic) prices often decline to the point where only companies with first and second quartile cash costs generate meaningful cash flow.Operating cost positions are a function of criteria that include size, access to low cost raw material inputs, location of assets, labor rates, and capital invested. Further, with low levels of financial leverage, low cost producers are typicall y better positioned to outperform competitors. Low cost producers, with low leverage, are better able to survive in a downturn and are also better positioned to grow when opportunities arise. A company's cash costs and its position on the industry cost curve, as well as the overall shape of the industry cost curve, are all valuable information.However, true cash cost curve data, while useful, is often proprietary or may be the property of various consultants and difficult to verify. 12 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate Finance Global Chemical Industry Comparisons across the wide variety of commodity and specialty chemical companies make it difficult to rely on relative or absolute costs for ranking companies. We use two measures in addition to information provided by companies to assess cost positions: ? ?EBITDA Margin Return on Average Assets How We Measur e it for the Grid EBITDA Margin This factor is used in part to gauge the quality of the pricing power a company has and is likely to achieve. It is measured using EBITDA, which includes recurring â€Å"other† income and excludes non-recurring â€Å"other† income and one time charges. This factor, along with several others, is an important measure of a company's profitability in multiple economic scenarios. We use the past three years' actual results along with our expectation for the next two years, and to consider the average as well as the high and low points.For illustrative purposes the measurement used in the company examples herein is based on an average of the past three years' EBITDA margin. The choice of EBITDA, versus EBIT, is driven in part by the many and varied depreciation polices used globally and the need for comparability between regions. Nonetheless, we recognize the weaknesses of EBITDA, discussed below, and analysts within regions will also evaluate EBIT margins as well. Another reason for the use of EBITDA is the aterial difference in capital intensity within sub-sectors of the chemical industry. The capital intensity of a large commodity company can be very different from a smaller specialty player. The use of EBITDA – as opposed to EBIT – has a disadvantage in that EBITDA fails to address the capital intensity of the chemical industry effectively. Clearly an important indicator of a company's ability to generate operating profit should be assessed after the costs of plant maintenance and capacity expansion, as represented by its annual depreciation charges.Experience indicates that while a chemical company's capital spending often swings with major projects, it will generally need to spend its depreciation over time as it maintains and develops new facilities. We attempt to capture the effect of this capital intensity in our use of free cash flow metrics in the financial strength rating factor discussion. Retu rn on Average Assets This is a strong measure of a company's ability to generate a consistent and meaningful return from its asset base. This metric specifically takes into account the capital intensive nature of the industry.This is also a five-year average measurement using the past three years of actual results along with our expectation for the next two years. We use total assets, less cash and short term investments rather than tangible assets to provide a more meaningful measure for the universe of speculative grade companies. Factor 3: Cost Position (18. 18%) Weight a) EBITDA Margin b) ROA – EBIT / Assets 9. 09% 9. 09% Aaa ? 30% ? 25% Aa 20% – 30% 15% – 25% A 15% – 20% 10% – 15% Baa 10% – 15% 7% – 10% Ba 8% – 10% 4% – 7% B 4% – 8% 2% – 4% Caa 1% – 4% 0. 5% – 2% Ca < 1% < 0. 5%A chart that illustrates grid mapping results for Factor 3 and a discussion of outliers for companies in the sam ple is included in Appendix C. 13 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate Finance Global Chemical Industry Factor 4: Leverage / Financial Policies (18. 18% weight) Why It Matters Management's willingness to enhance shareholder value via debt financed acquisitions and/or share repurchases, is likely to increase credit risk. The chemical industry is particularly vulnerable given its volatile nature.We learn about financial policies through a discussion with management that includes hypothetical scenarios. Such meetings often examine management's willingness to stretch its balance sheet and/or financial flexibility. The hypothetical situations often relate to acquisitions or share repurchase appetites. Concerning acquisitions, discussions often focus on size and on the combination of debt and/or equity that will be used to fund a growth initiative. Another key conce rn is management's approach to managing financial flexibility through a range of cycles.Specifically we look for an approach that emphasizes preparedness for lean times such that strong cash flows, when available, are used to reduce debt. Measurement of leverage and financial policies is based on two different estimates of leverage: current debt to capitalization, and debt to EBITDA. We believe that the amount of leverage with which management operates is a choice and a direct result of a company's financial strategy. Issuers, particularly those in the investment grade and high Ba rating categories, often actively manage to these ratios.Certainly these ratios, especially debt to EBITDA, are used by providers of capital in the form of specific covenant tests. Debt to capital is a simple way to compare the capital structure of companies operating within an industry, and managements often claim to manage to it. This metric is also a way to assess management's willingness to grow via de bt financed acquisitions. The debt to EBITDA ratio is a measure that balances the debt to capitalization ratio with a measurement of a company's ability to generate EBITDA both in times of peak pricing and in times of stress.We believe these two metrics provide insight into the company's financial policies, including its tolerance for debt and the ability of the company to ride out the highs and low of a cycle. How We Measure it for the Grid Debt to Capital This factor can be easily captured from financial statements using the most recent annual or quarterly debt and equity balances (incorporating our standard adjustments). There are certainly situations where this metric becomes less useful — particularly in the case of LBOs or spinouts wherein book equity is low or nonexistent. In these instances this metric could be given reduced weight.In the event that a company's book equity is extremely low and the stock is publicly traded, the analyst may use the market capital of the company in place of book equity in this ratio. While market capital has its own weaknesses and can be very volatile, this approach can be of some value. Debt to EBITDA For this measure we use a five-year average of the annual debt and EBITDA balances as shown on the financial statements. We look back three years and use estimates to make assumptions for two years going forward. Factor 4: Leverage / Financial Policies (18. 18%) * Weight a) Current Debt / Capital b) Debt / EBITDA 9. 09% 9. 09% Aaa lt; 15% < . 5x Aa 15% – 25% . 5x – 1. 5x A 25% – 35% 1. 5x – 2. 25x Baa 35% – 50% 2. 25x – 3x Ba 50% – 70% 3x – 4x B 70% – 80% 4x – 6x Caa 80% – 95% 6x – 8x Ca ? 95% ? 8x * Where appropriate net adjusted debt may be used (see discussion of Cash Balances and Net Debt Considerations) 14 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodo logy Moody’s Global Corporate Finance Global Chemical Industry A chart that illustrates grid mapping results for Factor 4 and a discussion of outliers for companies in the sample is included in Appendix C. Factor 5: Financial Strength (27. 7% weight) Why It Matters The three key indicators of financial strength are 1) Interest Coverage, 2) Retained Cash Flow to Debt, and 3) Free Cash Flow to Debt. All of these metrics are averaged over five-year periods to address the volatile nature of the industry. Interest coverage: Interest coverage can be particularly meaningful for speculative grade companies. This is especially true if the interest rate environment is in a period of change — such as the migration from lower rates to higher rates — and an issuer is facing the need to refinance debt that is nearing maturity. It is a less important metric for higher-rated companies.The remaining two metrics are useful across the rating spectrum and relate to the amount of ca sh flow available to cover varied scenarios of both operating needs and financing needs. ? ? Operating needs include major items such as working capital and capital spending. Financing needs refers to the impact of dividends and the â€Å"free† cash then available to service debt. As discussed above, the use of EBITDA (as opposed to EBIT) in the interest coverage ratio is important for companies in the chemical industry and the decision to use it is a function of the need to make the ratio more comparable globally.Retained Cash Flow and Free Cash Flow: The cash flow metrics we use measure two different levels of cash flow: retained cash flow and free cash flow and their ratio to total adjusted debt. Retained cash flow is a broader measure of financial flexibility than free cash flow as it excludes the potential ‘noise' created by changes in working capital and unusual capital spending programs. This is a helpful measure given the volatility and the variation in capital intensity within the chemical sector.As with other factors in which debt is involved we can look at these cash flow metrics in two ways — as a percentage of both debt and of net debt (net of cash balances). We use net debt for companies at which it is either a stated, long-lived policy to hold material cash balances or for which there may be unique scenarios such as recent asset sales whereby cash may be earmarked for use in debt reduction efforts. In some specific instances we may use a net debt denominator for the free cash flow metric as well. A more detailed discussion of our views on cash balances appears below.Free cash flow is, in many instances, one of the most important and reliable measures of financial strength and flexibility. This metric reflects a company's primary source of liquidity as it directly speaks to management's ability to service its debt burden after considering both its operating and financial commitments to shareholders. In this metric we often ide ntify where capital spending programs may be extraordinarily large and/or risky. At times, programs can have a direct impact on ratings because of the size of expenditure that may be involved as well as the risks of executing the program on time and on budget.If, for example, a large amount of capital is spent on new greenfield capacity and we believe that such capacity is being added at a time when product prices are low (i. e. , there is a lack of an adequate return on capital) the ratings may be negatively affected. There is also the risk that anticipated operating cash cost benefits upon project completion are different than expected. 15 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate Finance Global Chemical Industry How We Measure it for the GridInterest coverage This metric is a straightforward look at EBITDA (adjusted for non-recurring other income and one-time ch arges) to gross interest expense (including capitalized interest). This is a five-year measure. Cash Flow to Debt ? Retained Cash Flow to Debt – Defined as funds from operations (FFO) minus dividends, as a percentage of total debt. This is a five-year measure. Free Cash Flow to Debt – Defined as cash flow from operations (by its nature operating cash flow is determined after taking into account working capital) minus capital spending and dividends, as a percentage of total debt.This is a five-year measure. ? Cash Balances and Net Debt Considerations Typically, analysts approach the use of cash balances and the use of cash in â€Å"net debt† calculations in a conservative fashion. As a general rule we would not typically consider cash on the balance sheet as a true offset to adjusted total debt in for the purpose of ratio analysis. Reasons that we would not look at cash on the balance sheet as fungible for the debt include concern that: ? the cash is easily used for other purposes and debt reduction is only counted hen debt is permanently reduced in some instances cash is actually needed to fund the day-to-day operations of the issuer the cash is â€Å"stranded' overseas and subject to material taxes such that the true cash balance is materially lower than represented in the financial statements there may be other claims on the cash for restructuring efforts or legacy liabilities. ? ? ? There are, however, examples where our analysis for chemical companies incorporates cash balances as providing a measure of offset to adjusted total debt balances. Exceptions to the above analytical approach, for which we give credit for cash balances include: ? he specific refunding of near term debt maturities wherein management borrows in advance to prefund a near term maturity. cash is held temporarily for legal, tax or other purposes and the company has publicly stated its intention to reduce debt once the temporary period has ended. ? Other instances, typically only for large companies, include situations in which management has a history of maintaining material levels of cash on the balance sheet, it has publicly stated its intention not to pursue largedebt financed acquisitions or share repurchases, and cash is accessible without meaningful loss to taxes.In Europe and Latin America, we also generally observe that companies are more willing to maintain higher cash balances that may sometimes be linked to tax considerations or more broadly reflect a more conservative style of financial policies. Considering only gross debt may not reflect the real financial strength of these companies and we may prefer in this case to focus on net debt. In these cases, however, we capture the expectation that these cash balances can be liquidated at least at book value and without tax costs.Factor 5: Financial Strength (27. 27%) * Weight a) EBITDA / Interest Expense b) Retained Cash Flow / Debt c) Free Cash Flow / Debt 9. 09% 9. 09% 9. 09% Aaa ? 20x ? 65% ? 40% Aa 15x – 20x 45% – 65% 25% – 40% A 10x – 15x 30% – 45% 15% – 25% Baa 5x – 10x 20% – 30% 8% – 15% Ba 2x – 5x 10% – 20% 4% – 8% B 1x – 2x 5% – 10% . 5% – 4% Caa 0. 5x – 1x 1% – 5% 0% – . 5% Ca ; 0. 5x ; 1% ; 0% * Where appropriate net adjusted debt may be used (see discussion Cash Balances and Net Debt Considerations) 16 December 2009 ? Rating Methodology ?Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate Finance Global Chemical Industry A chart that illustrates grid mapping results for Factor 5 and a discussion of outliers for companies in the sample is included in Appendix C. Assumptions, Limitations and Rating Considerations not Covered in the Grid The rating methodology grid incorporates a trade-off between simplicity that enhances transparency and greater complexity that would enable the grid to map more closely to actual ratings.The five rating factors in the grid do not constitute an exhaustive treatment of all of the considerations that are important for ratings of global chemical companies. In choosing metrics for this rating methodology grid, we did not include certain important factors that are common to all companies in any industry, such as the quality and experience of management, assessments of corporate governance and the quality of financial reporting and information disclosure.The assessment of these factors can be highly subjective and ranking them by rating category in a grid would, in some cases, suggest too much precision in the relative ranking of particular issuers against all other issuers that are rated in various industry sectors. Ratings may include additional factors that are difficult to quantify or that only have a meaningful effect in differentiating credit quality in some cases. Such factors include regulatory and l itigation risk as well as changes in end use demand such that today’s specialty chemical becomes tomorrow’s commodity.While these are important considerations, it is not possible to precisely express these in the rating methodology grid without making the grid excessively complex and less transparent. Ratings may also reflect circumstances in which the weighting of a particular factor or qualitative issue will be different from the weighting or outcome suggested by the grid. For example, the importance of the business profile score is highlighted by the fact that, in certain cases, it can outweigh all other factors in the methodology materially, lowering ratings significantly. The three most prominent examples are: ? ? operations limited to a single site, and a business model whose success is highly dependent on government actions or policies. a company with significant litigation related to either environmental or product liability issues. This variation in weighting as a rating consideration can also apply to factors that we chose not to attempt to represent in the grid. For example, liquidity is a rating consideration that can sometimes be critical to ratings and under other circumstances may not have a substantial impact in discriminating between two issuers with a similar credit profile.Ratings can be heavily affected by extremely weak liquidity that magnifies default risk. However, two identical companies might be rated the same if their only differentiating feature is that one has a good liquidity position while the other has an extremely good liquidity position. This illustrates some of the limitations for using grid-indicated ratings to predict rating outcomes. Another consideration is the increase in pension underfunding that occurred at the end of 2008 as a result of large declines in the global equity markets.Increased pension fund liability is unlikely to be the sole driver of ratings downgrades where issuers have adequate liquidity, sufficient resources to alleviate their funding deficiency over time and financial metric contraction is modest for their rating category and the metric contraction is expected to only temporarily deviate. In evaluating the impact of an issuer’s pension liability on ratings, the analyst will consider the magnitude of the shortfall, the ability of the company to reduce the shortfall over time using internal sources and committed external sources of capital, and the plans for doing so.Issuers with higher ratings are likely to avoid a downgrade solely resulting from the increased pension liability if there is a clearly articulated plan for reducing the liability and we believe there are resources available to meet the plan without putting the core business and financial profile at risk. Issuers with speculative grade ratings and those at the lower end of investment grade rating levels are at greater risk of ratings transition because of higher potential exposure to liquidity is sues and weaker perceived capability of eradicating the funding liability without weakening the company’s financial or business position. 7 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate Finance Global Chemical Industry In addition, our ratings incorporate expectations for future performance, while the financial information that is used to illustrate the mapping in the grid is historical in practice we look at a combination of prior years and future years; usually three years of history and two years looking forward. In some cases, our expectations for future performance may be informed by confidential information that we cannot publish.In other cases, we estimate future results based upon past performance, industry trends, demand and price outlook, competitor actions and other factors. In either case, predicting the future is subject to the risk of substantial i naccuracy. Assumptions that can cause our forward looking expectations to be incorrect include unanticipated changes in any of the following: the macroeconomic environment and general financial market conditions, industry competition, new technology, regulatory actions, and changes in environmental regulation. Conclusion: Summary of the Grid-Indicated Rating OutcomesThe methodology grid-indicated ratings based on last twelve month financial data as of the quarter end closest to September, 30, 2009 map to current assigned ratings as follows (see Appendix B for the details): ? ? 8 companies map to their assigned rating 10 companies have a grid-indicated rating that is one or two alpha-numeric notches from the assigned rating 2 companies have a grid-indicated rating that is three notches from their assigned rating ? Overall, the framework indicates that there are an even number of companies whose grid-indicated rating is below their actual rating (6) than above their actual rating (6). This can be attributed to a variety of factors including: (a) willingness to look through periods of stronger or weaker activity where appropriate; (b) grid metrics do not capture our expectation of lower raw material costs and their benefit to margins and (c) liquidity concerns such as generating cash from working capital in a downturn are not fully captured by the grid. 18 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody's Global Corporate Finance Global Chemical IndustryAppendix A: Global Chemical Industry Methodology Factor Grid Weight Factor 1: Business Profile a) Business Position Assessment Factor 2: Size & Stability a) Revenue (Billions of US$) b) # of Divisions of Equal Size c) Stability of EBITDA Factor 3: Cost Position a) EBITDA Margin b) ROA – EBIT / Assets Factor 4: Leverage / Financial Policies * a) Current Debt / Capital b) Debt / EBITDA Factor 5: Financial Strength * a) EBIT DA / Interest Expense b) Retained Cash Flow / Debt c) Free Cash Flow / Debt 9. 09% 9. 09% 27. 28% 9. 09% 9. 09% 9. 09% 18. 19% 9. 09% 9. 09% 18. 9% 9. 09% 9. 09% 27. 28% 9. 09% 9. 09% 9. 09% ? 20. 0x ? 65. 0% ? 40. 0% 15. 0x – 20. 0x 45. 0% – 65. 0% 25. 0% – 40. 0% 10. 0x – 15. 0x 30. 0% – 45. 0% 15. 0% – 25. 0% 5. 0x – 10. 0x 20. 0% – 30. 0% 8. 0% – 15. 0% 2. 0x – 5. 0x 10. 0% – 20. 0% 4. 0% – 8. 0% 1. 0x – 2. 0x 5. 0% – 10. 0% 0. 5% – 4. 0% 0. 5 – 1. 0x 1. 0% – 5. 0% 0. 0 – 0. 5% < 0. 5x < 1. 0% < 0. 0% < 15. 0% < 0. 50x 15. 0% – 25. 0% 0. 50x – 1. 50x 25. 0% – 35. 0% 1. 50x – 2. 25x 35. 0% – 50. 0% 2. 25x – 3. 00x 50. 0% – 70. 0% 3. 00x – 4. 00x 70. 0% – 80. 0% 4. 00x – 6. 00x 80. 0% – 95. % 6. 00 – 8. 00x ? 95. 0% ? 8. 00x ? 30. 0% ? 25. 0% 20. 0% – 30. 0% 15. 0% â €“ 25. 0% 15. 0% – 20. 0% 10. 0% – 15. 0% 10. 0% – 15. 0% 7. 0% – 10. 0% 8. 0% – 10. 0% 4. 0% – 7. 0% 4. 0% – 8. 0% 2. 0% – 4. 0% 1. 0% – 4. 0% 0. 5% – 2. 0% < 1. 0% < 0. 5% ? $50. 0 8 > 2. 0% $20. 0 – $50. 0 6 to 7 2. 0% – 6. 0% $10. 0 – $20. 0 5 6. 0% – 12. 0% $5. 0 – $10. 0 4 12. 0% – 20. 0% $1. 0 – $5. 0 2 or 3 20. 0% – 30. 0% $0. 2 – 1. 0 1 or 2 30. 0% – 40. 0% $0. 1 – $0. 2 1 40. 0% – 60. 0% < $0. 1 0. 5 ? 60. 0% ? 6. 0 4. 5 – 6. 0 3. 5 – 4. 5 2. 5 – 3. 5 1. 5 – 2. 5 0. – 1. 5 0. 5 – 0. 5 < – 0. 5 Aaa Aa A Baa Ba B Caa Ca * Where appropriate net adjusted debt may be used (see discussion Cash Balances and Net Debt Considerations) 19 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody's Global Corporate Finance Global Chemical Industry Appendix B: Methodology Grid-Implied Ratings Overall Grid Implied Rating Issuer Moody's Rating Business Profile Size & Stability # of Divisions of Equal Size Baa Aa Aa Aa Aa A A B A Baa Ba Aa Ba B Ba B Caa Ba B Ba Cost PositionLeverage / Financial Policies EBITDA/ Interest Expense (3 Yr) Avg Aaa A A Aaa A Ba Baa Aaa A Baa A A B Ba B Ba B Ba B Ca Financial Strength Retained Cash Flow/ Debt (3 Yr Avg) Aaa A Baa A Ba Ba Ba Aaa A Baa Baa Baa B Ba B Ca Ba Ba Ba Caa Free Cash Flow/ Debt (3 Yr Avg) Ca Baa Ba Ca Ca Ba Ba Aa B B Ba Ba Ca Ba Ba Ca Ba Ca Ba Ca Business Position Assessment Shin-Etsu Chemical Company Ltd BASF (SE) E. I. du Pont de Nemours and Company Revenue (Billions of US$) A Aaa Aa Ba Baa Aa Aa Baa A Baa A Aaa Baa Baa Ba Ba Baa A Ba Baa Stability of EBITDA Baa A Baa Ba Baa A Aa Ca Baa Ba Ba Baa Ba Ba A Baa Ca Ba Ba BaEBITDA Margin % (3 Year Avg) Aaa A A Baa Baa A Baa Aaa Baa A Baa Baa A Aa A A Baa Ba B Ba ROA – EBIT / Assets (3 Yr Avg) A A A Ba Ba Ba Ba Aaa A A A A Baa A Baa A Baa Ba Ba Ba Current Debt/Capital Aaa Baa Ba A Ba Baa Baa Baa Baa Ba Ba Ba B Caa Caa Caa Ba B Caa Ca Debt/ EBITDA (3 Yr Avg) Aaa Aa Baa A Ba Ba Ba Aa A Baa Baa Baa Ba Ba B B B B B Ca Aa3 A1 A2 A2 A3 A3 Baa1 Baa1 Baa1 Baa2 Baa2 Baa3 Ba1 Ba2 Ba3 Ba3 B1 B1 B1 B3 A1 A1 A3 Baa1 Baa3 Baa1 Baa1 A2 Baa1 Baa2 Baa2 A3 Ba3 Ba1 Ba1 Ba3 B1 Ba3 B1 B2 Aa Aa Aa A Aa Aa A A Ba A Baa Aa B Baa A Baa Ca Baa B Baa Kaneka Corporation Teijin Limited Bayer AG Akzo Nobel N.V. Potash Corporation of Saskatchewan LG Chem, Ltd. Eastman Chemical Company Yara International ASA Dow Chemical Company (The) Braskem SA Celanese Corporation Nalco Company ISP Chemco LLC NOVA Chemicals Corporation Huntsman Corporation PolyOne Corporation Hexion Specialty Chemicals Inc. Positive Outlier Negative Outlier For illustrative purposes most financial metrics used the last three full fiscal years of reported data FYs 2006, 2007 and 2008 20 December 2009 ? Rating Methodology ? M oody’s Global Corporate Finance – Global Chemical Industry Rating MethodologyMoody's Global Corporate Finance Global Chemical Industry Appendix C: Observations and Outliers for Grid Mapping Factor 1 – Business Profile The majority of positive outliers for business profile are associated with companies whose financial strength, financial policy measures or liquidity are weakly positioned, providing offsets that are more consistent with the overall ratings. Factor 1: Business Profile Issuer Shin-Etsu Chemical Company Ltd BASF (SE) E. I. du Pont de Nemours and Company Kaneka Corporation Teijin Limited Bayer AG Akzo Nobel N. V. Potash Corporation of Saskatchewan Inc.LG Chem, Ltd. Eastman Chemical Company Yara International ASA Dow Chemical Company (The) Braskem SA Celanese Corporation Nalco Company ISP Chemco LLC NOVA Chemicals Corporation Huntsman Corporation PolyOne Corporation Hexion Specialty Chemicals Inc. Positive Outlier Rating Aa3 A1 A2 A2 A3 A3 Baa1 Baa1 Ba a1 Baa2 Baa2 Baa3 Ba1 Ba2 Ba3 Ba3 B1 B1 B1 B3 Business Position Assessment Aa Aa Aa A Aa Aa A A Ba A Baa Aa B Baa A Baa Ca Baa B Baa Negative Outlier 21 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating MethodologyMoody's Global Corporate Finance Global Chemical Industry Factor 2 – Size & Stability Here the majority of positive outliers for revenue are associated with companies whose financial strength, financial policy measures or liquidity are relatively weakly positioned, providing offsets that are more consistent with the overall ratings. The negative outliers are largely related to the stability of EBITDA metric and reflect the volatility of cash flows in certain companies and sectors due to unprecedented high raw material prices and the significant global economic downturn in 2008.Factor 2: Size & Stability Revenue (Billions of US$) A Aaa Aa Ba Baa Aa Aa Baa A Baa A Aaa Baa Baa Ba Ba Baa A Ba Baa Issuer Shin-Etsu Chemical Company Ltd BASF (SE) E. I. du Pont de Nemours and Company Rating Aa3 A1 A2 A2 A3 A3 Baa1 Baa1 Baa1 Baa2 Baa2 Baa3 Ba1 Ba2 Ba3 Ba3 B1 B1 B1 B3 # of Divisions of Equal Size Baa Aa Aa Aa Aa A A B A Baa Ba Aa Ba B Ba B Caa Ba B Ba Stability of EBITDA Baa A Baa Ba Baa A Aa Ca Baa Ba Ba Baa Ba Ba A Baa Ca Ba Ba Ba Kaneka Corporation Teijin Limited Bayer AG Akzo Nobel N. V. Potash Corporation of Saskatchewan Inc. LG Chem, Ltd.Eastman Chemical Company Yara International ASA Dow Chemical Company (The) Braskem SA Celanese Corporation Nalco Company ISP Chemco LLC NOVA Chemicals Corporation Huntsman Corporation PolyOne Corporation Hexion Specialty Chemicals Inc. Positive Outlier Negative Outlier 22 December 2009 ? Rating