This year the Lamda agency has had catastropic results. The past six months especially have been the (1)period in its history. The (2), John Lamda, opened the agency’s first office in 1968 in Madision Avenue with his brother Mark. John dealt (3) the clients and Mark worked on the creative side. The (4) of employees increased to 5,000 ten years ago, working in 35 offices (5)_. John Lamda takes up the story: “One day Mark and I had a big argument about a client and he left the agency. He took a lot of clients with him. We haven’t spoken to each other (6)__. The Lamda agency has gone (7)_____ever since. Employee numbers have fallen to around 50 today. Over (8)__ten years, John has closed all the (9)_except the one in New York. As John Lamda freely admitted when I spoke him yesterday: ‘Mark’s new agency has done very well over the last ten years. He has run some (10)____ campaigns. He’s doing so well. I have regretted our argument ever since that terrible day ten years ago. For many of us, work is still a place where we go each day. However, the whole concept of work and leisure is changing, and for an (1)___ number of people around the world, work is (2) a place to go but something they do. A substantial (3) of companies have (4) introduced a flexible working policy. This gives their staff a much greater degree of choice about (5) and where they work. It also (6) them to achieve a balance (7) their personal and business lives. People with parental responsibilites, (8) _ example, value flexibility enormously. Many companies now offer parents the options to become “homeworkers” (9) __ finish work early afternoon to spend the rest of the day with (10) _ children, and do the rest of their work when the children are asleep. In our (1). martkets it has been another excellent years. Pre-tax profits are up by £23 million, and the forecast (2) the next quarter is equally good. Profits from abroad are down because of a recession in Japan. However, our performance overall has been good, and the earnings (3) share have increased to 26.4p and the dividend will be increased to 4.3p per share, which will please our shareholders. We plan to issue new shares in order to finance expansion in Asia. We also plan to increase our investment in plant and equipment before (4) ____the Chinese market. We are particularly pleased (5) our performance in France and Germany (6) profits have increased. As a result of using a new distributor, our costs fell giving us a gross of 40 percent on our main product line. We will use any extra cash to (7) ___ the level of our debt. Our performance in Italy should improve (8) __ following the bankruptcy of our biggest competitor. However, we should not become too (9) __ with our share price as economic conditions (10) ____ uncertain and the revenues will continue to reflect this. Share prices will not rise in the short term.