@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
@ICIPBH LB^AKPIEC
Nkst Vrbjtijks Cui`k
Pbnhk dg Jdetkets Kxkjutivk Zullbry
:
Smbt is @icitbh Lbraktiec4
7
@icitbh Lbraktiec & Pmk LLD
22
@icitbh Lbraktiec ^dhks Lbtrix
2=
@icitbh Lbraktiec Lbturity Ld`kh
>6
@icitbh Lbraktiec Hbe`sjbpk
>:
Bebhyst Ndttdl Hiek
:;
Bjtide Vhbe
:7
Bndut @klbe` Lktrij
07
K]KJ[PIWK Z[LLB^Y
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
Kxkjutivk Zullbry It mbs nkke sbi` tmbt ‘Bhh Lbraktiec is @icitbh Lbraktiec,“ be` witm cdd` rkbsde! Ie tmk hbst `kjb`k (dr hkss), tmk lbraktiec kevirdelket mbs nkke
Pmis rkpdrt jdvkrs?
trbesgdrlk`. Lbraktiec mbs ldvk` grdl be kevirdelket ie wmijm trb`itidebh lbraktiec,
Jdetket Lbraktiec
nrija be` ldrtbr stdrkgrdets, be` @icitbh Lbraktiec dptides bhh jdlpktk` gdr tmk tilk, bttketide, be` rksdurjks dg tmk lbraktiec `kpbrtlket td dek ie wmijm @icitbh Lbraktiec rkices suprklk ‚ witm be djjbsidebh ed` ie tmk `irkjtide dg tmk stdrkgrdet, dr trb`itidebh lbraktiec (`irkjt lbih,
Zdjibh Lk`ib Lbraktiec
priet b`vkrtisiec, ktj.). Dek dg tmk nicckst jmbhhkecks dg @icitbh Lbraktiec is tmk spkk` bt wmijm it mbs tbake dvkr tmk lbraktiec drcbeizbtide, dgtke ie be b` mdj, uejddr-
Ldnihk Lbraktiec
`iebtk` gbsmide. @klbe` Lktrij’s rkskbrjm mbs jdesistkethy smdwe tmbt @icitbh Lbraktiec mbs b vkry siceifljbet be` pdsitivk ilpbjt de tmk drcbeizbtides tmbt brk
Wi`kd Lbraktiec
klphdyiec it wmke tmky `d sd ny gdhhdwiec nkst prbjtijks be` prdjkssks ie b jddr`iebtk`, mdhistij bpprdbjm. Ie tmis Nkst Vrbjtijks ^kpdrt de @icitbh Lbraktiec wk wihh jdvkr tmk @i citbh
Vunhij ^khbtides
Lbraktiec hbe`sjbpk ie six `istiejt jbtkcdriks.
Bjtide Vhbe
:
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
K]KJ[PIWK Z[LLB^Y
0
Sk prksket gdur ld`khs td kebnhk Ld`kre Lbraktkrs td tbak b mdhistij bpprdbjm td @icitbh Lbraktiec.Pmksk Lbraktiec. Pmksk gdur ld`khs brk?
Pmk Ld`kre Lbraktiec @kpbrtlket Ztrujturk, Ztrujturk , wmijm
Pmk @icitbh Lbraktiec Lbturity Ld`kh, Ld`kh, wmijm smdws tmk
dstkrs b hdda bt tmk aky guejtides ekk`k` td guhhy b``rkss
pbtmwby be drcbeizbtide smduh` tbak td lbturk ie its usk
@icitbh Lbraktiec ieitibtivks bjrdss tmk drcbeizbtide.
dg @icitbh Lbraktiec grdl B` Mdj td Sdrh` Jhbss. @ICIPBHLB^AKPIEC Lbturity Ld`kh ZPBCK0 ZPBCK: ZPBCK> -
@icitbh Lbraktiec
WIKS ^KZD[^JK
Driketbtide
Hkb`krsmip
P h htgrl
ZPBCK2 -
Ed`kflek` strbtkcydrprdjkss gdr @icitbhLbraktiecdr `icitbhprdpkrtiks
@dksedtskk`istkrkejknktwkke @icitbhbe` Prb`itidebhLbraktiec
m j v h l et et 1 i et t h r l i h , J et e t e j i h r t ie 1 l i h r vi
i
@kflek`strbtkcybe`prdjk sskskxist sskskxist gdr@icitbhLbraktieciepdjaktsietmk drcbeizbtide
@kflek`,ietkcrbtk `strbtkcybe` `strbtkcybe` prdjksskskxis tgdr@icitbhLbraktiec bjrdssbeKetkrprisk
@kflek`, ietkcrbtk` strbtkcygdr@icitbh Lbraktieckxists bjrdss be Ketkrprisk1 Jblpbices brktrbjak` be` lkbsurk` nykstkjtivkekssdgkecbcklketbe` jdevkrside
WIKS ^KZD[^JK
Wikws `icitbhbs ekw lbraktiec jmbeekh1 Bhhdjbtks nu`ckt&stbst rksdurjks
^kjdceizk stmbt@icitbhLbraktiecisdleistmbt@icitbhLbraktiecisdleijmbeekhbe`tmkakyjdlpdek etiebu`ietiebu`ikejkkecbcklk e ettd`rivkprkgkrkejk& ttd`rivkprkgkrkejk& hdybhty1Hdectkrljdllitlket1Sihhiec pbrtijipbet1^ksdu rjksgdrcrdwtm rjksgdrcrdwtm
Vhbtgdrls tmbtpkrgdrl spkjiflj guejt i e i mt j r i e t t h , h ji t i e e r
Vhbtgdrls jdeekjtk` tdkbjmdtmkri.k. J e t et e l e t t J e t et r te i t jihHitee i I i et r t i e t e t r r i J e yt l
Wikws @icitbhLbraktiecbs aky jdlpdeketiejustdlkrkecbcklketstrbtkcybe` prilbrygdjus gdrlbraktiectkbl1 Drcbeizbtide bhicek`be`lkbsurk`brdue` @icitbhLbraktiec’s jdetrinutide td rkvkeuk
[tihizksjdlprkmkesivk,ke`-td-ke` systkl ietkcrbtide dgbhh@icitbh r t ei r h t h t r l im t ti m t i e t r t i et e t r r i J , e tm r h jy y t l
Pmk Lbraktiec Drcbeizbtide Lbturity Ld`kh, Ld`kh, wmijm
Pmk @icitbh Lbraktiec ^dhks Lbtrix, Lbtrix, wmijm micmhicmts tmk
smdws tmk prdcrksside be` pbtmwby b lbraktiec `kpbrt-
rdhks, rkspdesinihitiks, prdjkssks, tkjmedhdcy, jdetket,
lket smduh` tbak td lbturk grdl b Jdst Jketkr td b Sdrh`
be` lktrijs gdr kstkjtivk @icitbh Lbraktiec strbtkciks.
Jhbss Drcbeizbtide, rkspdesinhk gdr, be` lkbsurk` de, `riviec sbhks be` rkvkeuk. SD^H@ JHBZZ LB^AKPIEC D^CBEI_BPIDE Lbturity Ld`kh
WIKS ^KZD[^JK HKWKH0 HKWKH: -
Sdrh`Jhbss Lbraktiec Drcbeizbtide
Driketbtide
Hkb`krsmip
Ztbec
HKWKH> HKWKH 2 -
Wkryrkbjtivk ,dpkrbtidebh,edt ,dpkrbtidebh,edt strbtkcij,edphbe
Edskeidrhkb`krsmipie Lbraktiec,pdssinhybLbebckr
Iegdrlbhrdhks&rkspdesinihitiks, edodn`ksjriptide
u M j
t
i t ,
e i e i
Ztihhrkbjtivk ,sdlkjblpbicephbe ,sdlkjblpbicephbe eiec,edstrbtkci jphbe
@irkjtdrdgLbraktiec,witm VrdokjtdrVrdcrblLbebckrs
Nbsijodn`ksjriptidesiephbjk nut rbrkhyup`btk`
l h u u jm t r
t m
i t g r itit l , t j.
Sdraie cgrdlbstrbtkcijlbraktiec cgrdlbstrbtkcijlbraktiec phbebe`jblpbicephb es es
WV,@irkjtdrdgLbraktiec, VrdcrblLbebckrs
Odn`ksjriptides&pkrgdrlbejk rkvikws`dekrkcuhbrhy
u j
t r
e
jr jr
i t e t t
u ei ou titig
Lbraktiecphbebhi cek`witmbe` `rivksnusiekss phbeeiec
WIKS ^KZD[^JK JLD,WVs,@irkjtdrs,Lbebckrs be`VrdcrblLbebckrs
JLDjdlpkesbtidetik` td rkvkeuk&lbraktiec pkrgdrlbejk
u t ei i j ee ee j t t r v eu eu r tm t r t
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
K]KJ[PIWK Z[LLB^Y
;
Dur cdbh is td kebnhk tmk Ld`kre Lbraktiec Drcbeizbtide (LLD) td jrkbtk
Dur Zdhutides skjtide jdvkrs tmk @icitbh Lbraktiec systkls, vke`drs, be`
b mdhistij, ke`-td-ke`, ketkrprisk-hkvkh bpprdbjm td @icitbh Lbraktiec.
bpphijbtides grdl tmk flvk @icitbh Lbraktiec guejtides? Jdetket Lbraktiec,
Mkrk brk sdlk dg tmk micmhicmts? Pmk `kptm be` nrkb`tm dg @icitbh Lbraktiec mbs jrkbtk` b jdlpkhhiec ekk` witmie tmk LLD td cbie jdetrdh dg it. @icitbh Lbraktiec mbs kvdhvk` ie gdur stbcks, kxtkrebhhy be` ietkrebhhy. Kxtkrebhhy, wk mbvk skke tmk justdlkr kxpkrikejk lbturk grdl lbss `isphby be` nrdb`jbst td micmhy pkrsdebhizk` rkbh-tilk kxpkrikejks.
Zdjibh Lk`ib Lbraktiec, Ldnihk Lbraktiec, Wi`kd Lbraktiec, be` Vunhij ^khbtides. Kbjm dg tmksk jbtkcdriks is jdvkrk` ie ldrk `ktbih ie dur @icitbh Lbraktiec Zdhutide Ztu`y Zkriks. B``itidebhhy, @icitbh Lbraktiec tkbls ekk` td kvbhubtk be` ietkcrbtk tmkir bpprdbjm td wknsitks, hbe`iec pbcks be` lijrdsitks, dehiek b`vkrtisiec be` ZKD, jrkbtivk `ksice skrvijks, be` virtubh kvkets.
Ietkrebhhy, wk mbvk skke tkjmedhdciks lbturk grdl b` mdj pdiet sdhutides td guhhy ietkcrbtk`, ke`-td-ke` systkls jdeekjtk` bjrdss tmk Ketkrprisk, bt kvkry tdujmpdiet be` `khivkry jmbeekh.
@klbe` Lktrij’s aky rkjdllke`btide grdl tmis rkpdrt is tmbt @icitbh Lbraktiec jbe lbak b siceifljbet be` pdsitivk ilpbjt de drcbeizbtides tmbt brk klphdyiec it, wmke tmky `d sd ny gdhhdwiec nkst prbjtijks be` prdjkssks mdhistijbhhy ietkcrbtk` bjrdss tmk flvk aky jbtkcdriks histk` bndvk. Sk dstkr tmis Nkst Vrbjtijks ^kpdrt td kebnhk ydur drcbeizbtide td lbak ydur @icitbh Lbraktiec guejtide tmk nkst tmbt it jbe nk.
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
SMBP IZ @ICIPBH LB^AKPIEC4
Smbt is @icitbh Lbraktiec4 @klbe` Lktrij `kfleks @icitbh Lbraktiec bs?
Pmk strbtkciks, prdjkssks, tddhs, be` tkjmedhdciks tmbt suppdrt tmk `kvkhdplket, `kphdylket, lbebcklket, be` lkbsurklket dg `icitbh khklkets usk` gdr lbraktiec be` b`vkrtisiec.
@icitbh Lbraktiec is, bt its ldst nbsij, tmk usk dg khkjtrdeij lkbes td prksket b jdlpbey, prd`ujt, be` skrvijks td justdlkrs, prdspkjtivk nuykrs, be` tmk lbraktphbjk. Pmk tkrl @icitbh Lbraktiec is sd nrdb` tmbt it mbs bhldst hdst bhh jdetkxtubh lkbeiec. Pmk purpdsk dg tmis rkpdrt is td put b sdhi` grblkwdra brdue` @icitbh Lbraktiec sd tmbt Ld`kre Lbraktiec Drcbeizbtides jbe lkbsurk tmkir prdcrkss be` sujjkss ie bjmikviec tmkir @icitbh Lbraktiec cdbhs. Nrdb`hy, @icitbh Lbraktiec iejhu`ks tmk jrkbtide be` `istrinutide dg lbraktiec tmrducm sdgtwbrk, tmk Ietkrekt, be` Zdjibh Lk`ib. It bhsd jdvkrs tmk prd`ujtide dg `djulkets ny khkjtrdeij lkbes sujm bs `icitbh prietiec. Ziejk virtubhhy
Ndttdl-hiek
bhh `djulkets td`by brk `ksicek` ie sdgtwbrk sujm bs B`dnk Vmdtdsmdp dr Ie@ksice be` prietk` de `icitbh prietkrs, it is kbsy td skk wmy wk sby bhh
@icitbh Lbraktiec `rivks rkvkeuk ny jrkbtiec b ueiquk be`
lbraktiec is @icitbh Lbraktiec.
lkldrbnhk `icitbh kxpkrikejk gdr tmk justdlkr dr prdspkjt.
7
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
SMBP IZ @ICIPBH LB^AKPIEC4
Lbraktiec’s gdjus de @icitbh Lbraktiec jdetieuks td crdw bs ldrk drcbeizbtides hkbre mdw td usk `icitbh rksdurjks gdr wknsitk trbj, `klbe`
GIC[^K 2? VK^JKEPBCK DG LB^AKPIEC N[@CKP BHHDJB BHH DJBPK@ PK@ PD @ICI @ICIPB PBH H
ckekrbtide, jdetket lbraktiec, dehiek b`vkrtisiec, be` ldnihk/vi`kd lbraktiec `kvkhdplket. Pmk ldst sdpmistijbtk` lbraktkrs rkbhizk tmbt tmk vbhuk dg @icitbh
7%
Lbraktiec is edt oust gdr hkb` ckekrbtide be` eurturiec, b`vkrtisiec, be`
@de’t aedw
0%
Ldrk tmbe =;%
jdetket lbraktiec.
Edek
Pmk truk pdwkr rksts ie jrkbtiec `icitbh kxpkrikejks tmbt jbe `rivk nrbe` kquity, jrkbtk hbstiec rkhbtidesmips, be` `irkjthy ilpbjt sbhks, rkvkeuks, be` prdflts.
26% 72 td =;%
@klbe` Lktrij’s @icitbh Lbraktiec Hbe`sjbpk Nkejmlbra ^kpdrt kxbl^kpdrt kxbliek` tmk lbodr gbjtdrs `riviec @icitbh Kxpkrikejks iejhu`iec nu`ckts,
=%
jrkbtide pridritiks, phbtgdrls, sdpmistijbtide dg `icitbh kxpkrikejks,
07 td 76%
>=% 2 td 2;%
bpprdbjmks, be` lkbsurklkets.
2=% 27 td :6%
@ICIPBH LB^AKPIEC HBE@ZJBVK Nkejmlbra ^kpdrt
2>% :2 td 0;%
WIKS ^KZD[^JK
3
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
SMBP IZ @ICIPBH LB^AKPIEC4
Mkrk brk sdlk jdejhusides grdl tmk rkpdrt? ;=% dg stu`y pbrtijipbets brk bhhdjbtiec hkss tmbe mbhg dg tmkir nu`ckts
GIC[^K >? @ICIPBH K]VK^IKEJK J^KBPIDE V^ID^IPY
td `icitbh lbraktiec, wmijm hkbvks rddl gdr crdwtm. Ykt, lbraktkrs mbvk hdec ue`krstdd` tmbt tmk `icitbh lbraktiec `dhhbr cdks gbrtmkr
=%
tmbe tmk trb`itidebh lbraktiec `dhhbr, sd tmk nu`ckt gdr `icitbh ieitib-
Hdw
tivks `de’t `irkjthy ie`ijbtk tmkir ilpbjt (Gicurk (Gicurk 2). 2).
:% Wkry hdw
;9% dg stu`y pbrtijipbets rbtk` tmk jrkbtide dg `icitbh kxpkrikejks kitmkr ‘micm“ dr ‘vkry micm“ bs b lbrakti ec pridrity (Gicurk (Gicurk >). >).
>0%
B rkhbtidesmip rkhbtidesmip kxists nktwkke phbjiec b micm micm pridrity pridrity de `icitbh `icitbh kxpkrikejk lbraktiec be` rkvkeuk crdwtm. 37% crdwtm. 37% dg stu`y pbrtijipbets tmbt rkpdrtk` rkvkeuk crdwtm ie tmk ldst rkjket flsjbh ykbr bh sd put b micm pridrity de `icitbh kxpkrikejk jrkbtide. Gdr drcbeizbtides tmbt rkpdrtk` `kjhieiec rkvkeuk crdwtm, dehy 7% rkpdrtk` tmbt `icitbh kxpkrikejk jrkbtide wbs b micm pridrity. Pmk ldrk sdpmistijbtk` dr b`vbejk` tmk `icitbh kxpkrikejk, tmk ldrk lbceiflk` tmk kstkjt is de nrbe` pkrjkptide? 92% dg stu`y pbrtijipbets tmbt brk `kphdyiec sdpmistijbtk` `icitbh kxpkrikejks rkpdrt tmbt tmksk kstdrts mbvk b gbvdrbnhk ieukejk de nrbe` nrbe` pkrjkptide. Bt tmk nbsij hkvkh dg sdpmistijbtide, dehy ;6% dg pbrtijipbets rkpdrt tmis gbvdrbnhk ilpbjt. Gdr drcbeizbtides ie wmijm sdpmistijbtide is b`vbejk` ie tmk jrkbtide dg `icitbh kxpkrikejks, =:% brk bhsd kxpkrikejiec rkvkeuk crdwtm. Oust 7% be` 22% dg drcbeizbtides, rkspkjtivkhy, tmbt brk bhsd `kphdyiec b`vbejk` dr ldrk sdpmistijbtk` `icitbh kxpkrikejks brk ie bt dr `kjhieiec rkvkeuk crdwtm situbtides.
Wkry micm
:6% :6 % Ld`krbtk
:;% :; % Micm
=
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
SMBP IZ @ICIPBH LB^AKPIEC4
9
Pmk nkekflts dg kstkjtivk @icitbh Lbraktiec spbe bjrdss tmk LLD, tdujmiec skvkrbh rdhks be` `kpbrtlkets, iejhu`iec Zkeidr Lbebcklket, Ztrbtkcij Jdllueijbtides, @klbe` Ckekrbtide, Jdetket Lbraktiec, Jdllueity, Zdjibh Lk`ib, Vunhij ^khbtides, Vrd`ujt Lbraktiec, be` Justdlkr Kxpkrikejk. Mkrk brk sdlk dg tmk tdp nkekflts wk mbvk dnskrvk` ie b jdlprkmkesivk hdda bt @icitbh Lbraktiec. Ldrk nkekflts, `irkjthy rkhbtk` td kbjm jbtkcdry, brk gdue` ie tmk rkspkjtivk sdhutide stu`iks. 2 >
Jrkbtks tmk nkst `icitbh kxpkrikejk td kxpkrikejk td `rivk kecbcklket. witm justdlkrs be` Jrkbtks be decdiec, rkbh-tilk rkhbtidesmip rkhbtidesmip witm prdspkjts.
:
@rivks nrbe` pkrjkptide bjrdss pkrjkptide bjrdss bhh jmbeekhs be` tdujm pdiets.
0
bt tmk ricmt bu`iVrdvi`ks tbrcktk`, pkrsdebhizk`, hdjbhizk` jdetket jdetket bt kejk bt tmk ricmt tilk.
;
Iejrkbsks jdevkrside rbtks bjrdss rbtks bjrdss bhh lk`ib jmbeekhs.
7
Vrdvi`ks b jdesistket justdlkr kxpkrikejk ny kxpkrikejk ny prdvi`iec jdetket gdr
9
grdl wkn. 26
=
Iejrkbsks wknsitk be` nhdc trbj be` ZKD.
22
Ztbys jdeekjtk` td tmk justdlkr bs tmky ldvk grdl VJ td pmdek td tbnhkt be` nbja.
2>
Vrdvi`ks nkttkr justdlkr skrvijk ny skrvijk ny mbe`hiec prdnhkls be` jdlphbiets quijahy be` pkrsdebhhy usiec sdjibh histkeiec.
2:
Cbies prd`ujt aedwhk`ck gdr guturk prd`ujts be` skrvijks ny skrvijks ny hkbreiec wmbt justdlkrs brk bsaiec gdr de sdjibh ektwdras.
20
Hkbres wmd mbs tmk ieukejk be` jhdut ie vbridus sdjibh jdllueitiks be` tiks be` `kvkhdps `kkpkr rkhbtidesmips witm tmkl.
Jdhhkjts ldrk rkhkvbet be` bjjurbtk justdlkr `btb bjrdss `btb bjrdss luhtiphk tdujm pdiets.
Ckts be ietkcrbtk` vikw dg tmk justdlkr’s tdtbh kxpkrikejk tmbt kxpkrikejk tmbt is edt grbclketk` ny tmk `kvijk be` sdgtwbrk tmky brk usiec.
b spkjiflj nuykr pkrsdeb bt b tbrcktk` stbck ie tmk nuykr’s odureky. odureky. 3
Vrdvi`ks b ebtivk ldnihk justdlkr kxpkrikejk, kxpkrikejk , edt dek rk-`ksicek`
2;
[sks vi`kd td prdvi`k jdhhbtkrbh gdr sdjibh lbraktiec, lbraktiec, kembejk jdetket ieitibtivks, be` prd`ujk ldrk rkbhistij justdlkr kxpkrikejks.
SMBP IZ @ICIPBH LB^AKPIEC4
@kspitk tmk nkekflts nkiec bjmikvk` ny tmdsk `diec @icitbh Lbraktiec wkhh, sdlk lbraktiec drcbeizbtides jdetieuk td strucchk witm tmk trbesitide grdl trb`itidebh td @icitbh Lbraktiec. Edt surprisiechy, surprisiechy, tmk twd aky nbrrikrs td klnrbjiec @icitbh Lbraktiec brk k`ujbtide be` rksdurjks. rksdurjks. Lbraktiec drcbeizbtides bhrkb`y strktjmk` gdr tilk be` ldeky brk rkhujtbet td tbak de ldrk rkspdesinihity dr klnrbjk jmbeck. Lujm dg tmis is `rivke ny Zkeidr Lbebcklket hkb`krsmip.
Zkeidr Lbebcklket tmbt `isjduets dr vikws @icitbh Lbraktiec bs oust bedtmkr jmbeekh dptide `d edt kxpke` tmk rksdurjks td jrkbtk kecbciec `icitbh kxpkrikejks, wmihk tmdsk tmbt skk `icitbh bs tmk prilbry lbraktiec jmbeekh skk siceifljbet rkvkeuk cbies.
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
26
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
@ICIPBH LB^AKPIEC & PMK LLD
22
@icitbh Lbraktiec & Pmk LLD Pmk wi`k vbrikty dg @icitbh Lbraktiec dppdrtueitiks mbs jrkbtk` b jdlpkh-
Dur @icitbh Lbraktiec Zdhutide Ztu`iks jbe nk nkst `ksjrink` bs gdhhdws?
hiec ekk` witmie tmk LLD td cbie jdetrdh dg @icitbh Lbraktiec. Ie ldst jdlpbeiks, @icitbh Lbraktiec mbs crdwe drcbeijbhhy witm lbey ie`kpke`ket ieitibtivks jrdppiec up td b``rkss dek lbraktiec ekk` bgtkr bedtmkr.
Dur Jdetket Lbraktiec Zdhutide Ztu`y hddas bt tmk rbeck dg jdetket phbtgdrls. Sk kxbliek tmk hbe`sjbpk, vke`drs be` sdhutides gdr tmk tmrkk gdue`btide phbtgdrls ‚ Skn Jdetket Lbebcklket
[ehiak tmk `bys dg ydrk wmke bhh jdlputkrs be` systkls wkrk ue`kr tmk
(SJL), Jdetket Lbraktiec (JLZ), be` Jdetket @istrinu-
jdetrdh dg IP `kpbrtlkets, @icitbh Lbraktiec’s nu`ckts, tddhs, be` tkjm-
tide (J@Z).
edhdciks brk sprkb` bjrdss tmk drcbeizbtide be` ‘ie tmk jhdu`.“
Pmksk phbtgdrls be` tddhskts prdvi`k tmk strujturk tmbt
Pmk jmbhhkeck witm tmbt bpprdbjm is tmbt tmk sujjkss rbtk dg @icitbh
jdetket lbraktkrs ekk` td jrkbtk rkhkvbet be` pkrsdebh-
Lbraktiec ieitibtivks brk hilitk` wmke tmky `d edt iejhu`k ketkrprisk
izk` jdetket gdr kbjm dg tmkir ie`ivi`ubh bu`ikejks.
`btb ietkcrbtide witm kxistiec J^L, ZGB, be` Lbraktiec Butdlbtide systkls. Pd b``rkss tmbt jmbhhkeck gdr tmk LLD, tmis rkpdrt, jdlniek` witm dur Zdhutide Ztu`y Zkriks, kxbliek tmk prilbry phbtgdrls gdr flvk `icit bh guej-
JDEPKEP LB^AKPIEC Zdhutide Ztu`y
tides ‚ Jdetket Lbraktiec, Zdjibh Lk`ib Lbraktiec, Ldnihk Lbraktiec, Wi`kd Lbraktiec, be` Vunhij ^khbtides. Iesicmts, Hbe`sjbpk, & Wke`dr Bebhysis
WIKS ^KZD[^JK
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
@ICIPBH LB^AKPIEC & PMK LLD
2>
Dur Zdjibh Lk`ib Lbraktiec Zdhutide Ztu`y kxblieks Zdjibh Lk`ib strbtkciks be` prdjkssks de gdur aky phbt-
Dur Wi`kd Dur Wi`kd Lbraktiec Zdhutide Ztu`y kxblieks tmk hbe`Ztu`y kxblieks
gdrls ‚ Zdjibh Histkeiec, Zdjibh Kecbcklket, Zdjibh Kxpk-
prd`ujtide, be` lbraktiec.
rikejk, Zdjibh Bebhytijs, be` tmk lbodr Zdjibh Ektwdras.
sjbpk, vke`drs, be` sdhutides gdr vi`kd `kvkhdplket,
Sk kvbhubtk tmk prilbry vi`kd mdstiec be` smbriec phbtgdrls tmbt kebnhk lbraktkrs td prdvi`k iegdrlbtide, k`ujbtide, b`vijk, be`/dr ketkrtbielket td tmkir tbrckt
ZDJIBH LK@IB LB^AKPIEC
bu`ikejks. WIKS ^KZD[^JK
Zdhutide Ztu`y
Iesicmts, Hbe`sjbpk, & Wke`dr Bebhysis
WI@K WI @KD D LB^AKPIEC Zdhutide Ztu`y
WIKS ^KZD[^JK
Dur Ldnihk Lbraktiec Zdhutide Ztu`y is `ksicek` td prdvi`k b sdhi` ue`krstbe`iec dg tmk jurrket Ldnihk Iesicmts, Hbe`sjbpk, & Wke`dr Bebhysis
Lbraktiec kevirdelket. Sk kxbliek tmk hbe`sjbpk, vke`drs, be` sdhutides gdr twd jbtkcdriks dg Ldnihk Lbraktiec ‚ Ldnihk Bpphijbtide @kvkhdplket (LB@V) be` Ldnihk Jdetket @kvkhdplket & Lbebcklket (LJ@V) ‚ td kebnhk lbraktkrs td iejdrpdrbtk ldnihk witmie tmkir nrdb`kr @icitbh Lbraktiec Ztrbtkcy.
LDNIHK LB^AKPIEC Zdhutide Ztu`y
Dur Vunhij ^khbtides Zdhutide Ztu`y prdvi`ks iesicmts be` bebhysis td mkhp lbraktkrs ue`krstbe` tmk sdhutides bvbihbnhk td mkhp tmk ld`kre V^ prbjtitidekr.
V[NHIJ ^KHBPIDEZ
WIKS ^KZD[^JK
Zdhutide Ztu`y
Iesicmts, Hbe`sjbpk, & Wke`dr Bebhysis Iesicmts, Hbe`sjbpk, & Wke`dr Bebhysis
WIKS ^KZD[^JK
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
@ICIPBH LB^AKPIEC & PMK LLD
2:
@klbe` Lktrij `kfleks tmk Ld`kre Lbraktiec Drcbeizbtide (LLD) bs
Bs tmk drcbeizbtide prdcrkssks ie lbturity tmrducm Hkvkh > (Ekutrbh)
`riviec tmk rkvkeuk dg tmk j dlpbey tmrducm tmk bjquisitide, kecbcklket,
be` Hkvkh : (Jdetrinutdr), it is bnhk td prdvi`k kvi`kejk gdr its iejrkbsiec
`kvkhdplket, be` lbietkebejk dg hdec-tkrl, jdst kstkjtivk rkhbtidesmips
rkvkeuk jdetrinutide tmrducm lktrijs tmbt oustigy lbraktiec spke` be`
witm justdlkrs.
stbst rksdurjks.
Ie nrikg, tmk LLD mbs rkspdesinihity gdr sustbiek` rkvkeuk ckekrbtide,
Bt Hkvkh 0 (Vrdflt Jketkr) tmk drcbeizbtide mbs strdec kxkjutivk lbebck-
Zbhks Kebnhklket, be` butmdrity dvkr bhh dg tmk prdjkssks, tkjmedhdciks,
lket suppdrt. It is hk` ny be kxkjutivk bnhk td td guhhy stbst be` rksdurjk
tddhs, be` tbhket tmbt suppdrt tmk ‘justdlkr ueivkrsk.“ ueivkrsk.“ Pmbt ekw
tmk drcbeizbtide gdr sujjkss.
rkspdesinihity gdr rkvkeuk ckekrbtide is b aky `rivkr gdr @icitbh Lbraktiec td jrkbtk nkttkr `icitbh kxpkrikejks wmijm wihh rksuht ie nkttkr hkb`s, ldrk sbhks dppdrtueitiks, be` sustbiebnhk justdlkr rkhbtidesmips. Bs @klbe` Lktrij’s Sdrh` Jhbss Lbraktiec Drcbeizbtide Lbturity Ld`kh smdws (ekxt pbck), tmk ldrk lbturk tmk drcbeizbtide, tmk ldrk it jdetrinutks td tmk dvkrbhh rkvkeuk pijturk. @klbe` Lktrij’s Sdrh` Jhbss Lbraktiec Drcbeizbtide Lbturity Ld`kh kxblieks skvke lbraktiec jdlpdekets bjrdss gdur stbcks, ihhustrbtiec jdllde dr nkst prbjtijks bt kbjm stbck. Bt Hkvkh 2, tmk lbraktiec drcbeizbtide is vikwk` bs b Jdst Jketkr,
Lktrijs sujm bs Justdlkr Higktilk Wbhuk (JHW), Nrbe` Kquity lkbsurklkets, be` Justdlkr Jdst td Bjquirk prdvi`k qubetitbtivk suppdrt gdr lbraktiec’s rdhk. Edt surprisiechy, dur stu`iks smdw tmbt ldrk lbturk drcbeizbtides, wmijm bhsd mbvk b ldrk jddr`iebtk` bpprdbjm td @icitbh Lbraktiec, rkbp tmk nkekflts. Bs edtk` ie dur @icitbh Lbraktiec Hbe`sjbpk Nkejmlbra Ztu`y , ;9% dg tmk pbrtijipbets rbtk` tmk jrkbtide dg `icitbh kxpkrikejk micm dr vkry micm.
prilbrihy rkspdesinhk gdr sbhks suppdrt witm gkw rksdurjks be` ed wby td
Kqubhhy ilpdrtbet, 37% dg tmk stu`y pbrtijipbets rkpdrtiec rkvkeuk crdwtm ie
kstkjtivkhy smdw its jdetrinutide td rkvkeuk.
tmk ldst rkjket flsjbh ykbr put b micm pridrity de `icitbh kxpkrikejk jrkbtide.
Gdr b ldrk `ktbihk` hdda bt tmk LLD, phkbsk `dwehdb` dur Mdw-Pd Mdw-Pd Cui`k? Pmk Ld`kre Lbraktiec Drcbeizbtide. Drcbeizbtide .
WIKS ^KZD[^JK
SD^H@ JHBZZ LB^AKPIEC D^CBEI_B D^CBEI_BPIDE PIDE Lbturity Ld`kh HKWKH 0 HKWKH : -
Sdrh` Jhbss Lbraktiec Drcbeizbtide
Driketbtide
Hkb`krsmip
Ztbec
Nu`ckt
HKWKH > HKWKH 2 -
Wkry rkbjtivk, dpkrbtidebh, edt strbtkcij, ed phbe
Ed skeidr hkb`krsmip ie Lbraktiec, pdssinhy b Lbebckr
Iegdrlbh rdhks & rkspdesinihitiks, rkspdesinihitiks, ed odn `ksjriptides
Ed nu`ckt kxists, spke`iec is B` Mdj
Ztihh rkbjtivk, sdlk jblpbice phbeeiec, ed strbtkcij phbe
@irkjtdr dg Lbraktiec, witm Vrdokjt dr Vrdcrbl Lbebckrs
Nbsij odn `ksjriptides ie phbjk nut rbrkhy up`btk`
B slbhh nu`ckt kxists gdr itkls sujm bs trb`k smdws, ktj.
Sdraiec grdl b strbtkcij lbraktiec phbe be` jblpbice phbes
WV, @irkjtdr dg Lbraktiec, Vrdcrbl Lbebckrs
Odn `ksjriptides & pkrgdrlbejk rkvikws `dek rkcuhbrhy
B nu`ckt kxists be` nusiekss jbsks brk jrkbtk` td oustigy spke`
Lbraktiec phbe bhicek` witm be` `rivks nusiekss phbeeiec
JLD, WVs, @irkjtdrs, Lbebckrs be` Vrdcrbl Lbebckrs
JLD jdlpkesbtide tik` td rkvkeuk & lbraktiec pkrgdrlbejk
Nu`cktiec is jdeekjtk` td rkvkeuk crdwtm tbrckts
SD^H@ JHBZZ LB^AKPIEC D^CBEI_B D^CBEI_BPIDE PIDE Lbturity Ld`kh Sdrh` Jhbss Lbraktiec Drcbeizbtide
Vrdjkssks
Zystkls
Lktrijs
Kxkjutivk Vkrspkjtivk dg Lbraktiec
HKWKH 2 -
Ed prdjkssks, bjtivitiks `dek b` mdj, rkbjtivk ie ebturk
Lieilbh lbraktiec tkjmedhdcy ie phbjk
Ed lktrijs dr b gdjus de b`vkrtisiec? #ilprkssides, #b`s
Jdst-jketkr, edt b strbtkcij guejtide
HKWKH > -
Bjtivitiks brk rkpkbtbnhk be` sdlk prdjkssks brk `kflek`
Hkcbjy justdlkr `btbnbsk dr J^L systkl, klbih lbraktiec
Vkrbtidebh lktrijs sujm bs dpke rbtks, jhija-tmrus, rkcistrbtides
Jdst-jketkr, sbhks suppdrt guejtide
HKWKH : -
Bhh prdjkssks brk `kflek` be` sdlk lkbsurklket ie phbjk
J^L, lbraktiec butdlbtide, witm sdlk ietkcrbtide.
HKWKH 0 -
Bhh prdjkssks brk `kflek`, lkbsurk`, lbebck`, be` dptilizk`
Bhh systkls guhhy ietkcrbtk`, bebhytijs & nusiekss ietkhhickejk
Jdst pkr hkb` (JVH), rkekwbh rbtk %, #sbhks qubhiflk` hkb`s jrkbtk`
Justdlkr higktilk vbhuk (JHW), nrbe` kquity, jdst td bjquirk, ^DI
Jdst-jketkr, Jdst-jketkr, bsmks dg nrihhibejk
Zdurjk dg rkvkeuk, strbtkcij guejtide
Sbet td rbtk ydur drcbeizbtide’s Sdrh` Jhbss Lbraktiec lbturity witm be ietkrbjtivk tddh4 @dwehdb` dur Sdrh` Jhbss Lbraktiec Bssksslket be` ckt stbrtk` td`by!
WIKS ^KZD[^JK
@ICIPBH LB^AKPIEC & PMK LLD
Bs edtk` kbrhikr, rkspdesinihity gdr tmk vbridus khklkets dg @icitbh Lbraktiec spbes tmk drcbeizbtide. Gicurk : (de : (de tmk ekxt pbck) smdws be drc jmbrt gdr b li`-hkvkh td ketkrprisk sizk Ld`kre Lbraktiec Drcbeizbtide. Bhh rdhks brk ilpdrtbet mkrk. Ig tmk jdlpbey `dks edt mbvk mkb`jduet gdr kbjm rdhk, tmk guejtides jbe stihh nk mbe`hk` tmrducm lbraktiec bjtivitiks.
Sitmie tmis strujturk, `icitbh lbraktiec rkspdesinihitiks brk smbrk` ny tmk JLD, WV dg @klbe` Ckekrbtide, Jdetket Lbraktiec Lbebckr, Kvket Lbraktiec Lbebckr, WV dg Ztrbtkcij Jdllueijbtides, Jdllueity be` Zdjibh Lk`ib Lbebckrs, Vunhij ^khbtides Lbebckr, Vrd`ujt Lbraktiec be` Justdlkr Kxpkrikejk Lbebcklket Pkbl.
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
27
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
@ICIPBH LB^AKPIEC & PMK LLD
GIC[^K :? LD@K^E LB^AKPIEC @KVB^PLKEP ZP^[JP[^K
JLD Justdlkr B`visdry Jduejih
WV @klbe` Ckekrbtide
WV Ztrbtkcij Jdllueijbtides
Justdlkr Kxpkrikejk (J]) Lbebcklket Pkbl
WV Vrd`ujt @kvkhdplket
WV Justdlkr Zujjkss
WV Zbhks Kebnhklket
Jdetket Lbraktiec Lbebckr(s)
Jdllueity & Zdjibh Lk`ib Lbebckr
Lbrakt Bebhyst(s)
@irkjtdr, Vrdgkssidebh Zkrvijks
Lbraktiec Dpkrbtides Lbebckr
Kvket Lbraktiec Lbebckr(s)
Vunhij/Bebhyst/ Ievkstdr ^khbtides Lbebckr
Vrd`ujt Lbebckr(s)
Vrdgkssidebh Zkrvijks Jdesuhtbet(s)
Hkb` Rubhifljbtide Zpkjibhist
Lbraktiec Vrdcrbl Lbebckr(s)
Jrkbtivk @irkjtdr
Vrd`ujt Lbraktiec Lbebckr(s)
Justdlkr Zujjkss Lbebckr(s)
Iesi`k Zbhks ^kp(s)
Bckejy Vrdokjt Lbebckr(s)
Vrd`ujt @kvkhdplket Keciekkr(s)
Justdlkr Zuppdrt Pkjmeijibe(s)
Crbpmij @ksicekr
J^L/Lbraktiec Butdlbtide Zystkls B`lieistrbtdr
23
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
@ICIPBH LB^AKPIEC ^DHKZ LBP^I]
2=
@icitbh Lbraktiec ^dhks Lbtrix Ldnihk Lbraktiec Dur @icitbh Lbraktiec ^dhks Lbtrix (ekxt pbck) prdvi`ks be bt-b-chbejk
Ldnihk Lbraktiec prdjkssks, tkjmedhdciks, be` phbtgdrls
vikw dg tmk aky jdlpdekets dg @icitbh Lbraktiec? rdhks, rkspdesinihitiks,
brk usk` prilbrihy ny Vrd`ujt Lbraktiec, wmijm is rkspde-
prdjkssks, tkjmedhdcy, jdetket, be` lktrijs. Kbjm dg dur six tkjmedhdcy/
sinhk gdr tmk `kvkhdplket be` `kphdylket dg ldnihk
vke`dr jbtkcdriks is rkprksketk` ie tmk @icitbh Lbraktiec ^dhks Lbtrix,
bpps. Pmbt sbi`, skvkrbh dtmkr rdhks jdetrinutk td jdetket
bs gdhhdws?
`kvkhdplket gdr tmksk bpps, iejhu`iec Ztrbtkcij Jdllueijbtides,
Jdetket Lbraktiec @rivke ny tmk Jdetket Lbraktiec Lbebckr, Jdetket
@klbe`
Ckekrbtide,
Jdetket
Lbraktiec,
Jdllueity be` Zdjibh Lk`ib, be` Justdlkr Kxpkrikejk.
Lbraktiec prdjkssks, tkjmedhdciks, be` SJL phbtgdrls
Wi`kd Lbraktiec
brk usk` ny Zkeidr Lbebcklket, Ztrbtkcij Jdlluei-
Wi`kd Lbraktiec prdjkssks be` tkjmedhdciks brk usk`
jbtides, Jdllueity be` Zdjibh Lk`ib Lbebckrs, Vunhij
prilbrihy ny Jdetket Lbraktiec. Mdwkvkr, skvkrbh dtmkr
^khbtides, be` Vrd`ujt Lbraktiec. Pmk jdllde lktrijs
rdhks jdetrinutk td vi`kd jdetket, iejhu`iec Ztrbtkcij
gdr Jdetket Lbraktiec iejhu`k Jdetket Wikws, Hieas
Jdllueijbtides, @klbe` Ckekrbtide, Jdllueity, Zdjibh
Kbrek`, Jdetket Jdevkrside, be` Jdetket Vunhismk`.
Lk`ib, be` Justdlkr Kxpkrikejk.
Zdjibh Lk`ib
Vunhij ^khbtides
@rivke ny tmk Jdllueity be` Zdjibh Lk`ib Lbebckr,
@rivke ny tmk Vunhij ^khbtides Lbebckr, Vunhij ^khbtides
Zdjibh Lk`ib prdjkssks, tkjmedhdciks, be` phbtgdrls brk
prdjkssks, tkjmedhdciks, be` phbtgdrls brk usk` prilbrihy
usk` ny Ztrbtkcij Jdllueijbtides, Jdetket Lbraktiec,
ny Vunhij ^khbtides be` Ztrbtkcij Jdllueijbtides td jrkbtk
Jdllueity be` Zdjibh Lk`ib, be` Justdlkr Kxpkri-
rkhbtidesmips witm kxtkrebh lk`ib, nhdcckrs, be` ieukejkrs
kejk. Pmk jdllde lktrijs gdr Zdjibh Lk`ib iejhu`k [skr
gdr ekws stdriks be` dtmkr kbrek` lk`ib dppdrtueitiks.
Kecbcklket, Zketilket Bebhysis, be` Jblpbice ^DI.
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
@ICIPBH LB^AKPIEC ^DHKZ LBP^I]
^DHKZ
Zkeidr Lbebcklket
Ztrbtkcij Jdllueijbtides
@klbe` Ckekrbtide
Jdetket Lbraktiec
Jdllueity & Zdjibh Lk`ib
Vunhij ^khbtides
^KZVDEZINIHIPIKZ
Lbraktiec
Justdlkr Kxpkrikejk
PKJMEDHDCY
JDEPKEP
LKP^IJZ
^kvkeuk Bjjduetbnihity
Nu`cktiec & Vhbeeiec
SJL
Ztbec & Jmbeekh Lbebcklket Lbebcklket
^kvikws & Jdbjmiec
Lbraktiec Butdlbtide
Pmducmt Hkb`krsmip Nhdc Skniebr Vrksketbtides
^kpdrtiec td JKD/Ndbr`
^kjruitlket & ^ktketide
J^L
Jdegkrkejk Akyedtks
Nrbe` Ztrbtkcy @icitbh
Lbraktiec Nu`ckt
SJL
@btb Zmkkts, Smitkpbpkrs
Lbraktiec Ztrbtkcy Zdjibh
Bckejy Lbebcklket
Ldnihk Lbraktiec Ztrbtkcy
Jdllueijbtides Lbebcklket
Jdetket Lbraktiec Vhbtgdrls Zdjibh Lk`ib Vhbtgdrls
Jbsk Ztu`iks/Pkstildeibhs Jdlpktitivk Bebhysis
Lbraktiec Butdlbtide/Klbih Butdlbtide/Klbih @icitbh Bsskt Lbebcklket Lbebcklket Kvket/Zurvky Lbebcklket
Klbih Jblpbices
SJL, Nhdcciec Vhbtgdrls, LB Jdetket Latc & @istrinutide Wi`kd Lbraktiec Vhbtgdrls
kNddas, Brtijhks
Jdetket Wikws, Hieas Kbrek` Jdetket Jdevkrside
Wi`kds
Jdetket Vunhismk`
Justdlkr Higktilk Wbhuk, EVZ ^kture de Justdlkr (^DJ) Lbrakt Zmbrk, Vrdfltbnihity Nrbe` Kquity Jdetket [sbck
B`vkrtisiec/Zpdesdrsmip
Iendue`/Dutndue` Lbraktiec
Hkb` Ckekrbtide
Zbhks Dppdrtueity Lbebcklket
Prb`ksmdws
Skn Jdetket Lbebcklket Jdetket Lbraktiec
Jblpbice Bebhysis
Jdetket @istrinutide
Jdetket Zjdriec
Dehiek Jdllueity Lbebcklket
Jdllueity @kvkhdplket Zdjibh Jmbeekh Lbebcklket
SJL
Vdsts, Pwkkts, Vmdtds
[skr Kecbcklket
Zdjibh Histkeiec
Zdjibh Lk`ib Vhbtgdrls
Gdruls, Jmbts, Jdllkets
Zketilket Bebhysis
Zdjibh Kecbcklket
Zdjibh ^kputbtide Lbebcklket
Zdjibh Jmbeekhs & Ektwdras
Brtijhks, Jdllueity Ekws
Jblpbice ^DI
Ieukejkr I`ketifljbtide
Lk`ib Jdetbjt @btbnbsk
Kxtkrebh Jdllueijbtides Jdllueijbtides Lk`ib ^khbtides
Jdetket Jrkbtide
^khbtidesmip ^khbtidesmip Juhtivbtide Jdetket Jrkbtide/@istrinutide
Skniebrs Sknsitk be` Nhdcs
Ekws Jdetket/Vrkss ^khkbsks Ekws @istrinutide & Ldeitdriec Pmducmt Hkb`krsmip Jdetket ^ijm Zdjibh Lk`ib Lk`ib Jdetket Bebhytijs & ^kpdrtiec
Vrd`ujt Hbuejm Ekw Vrd`ujt @kvkhdplket @kvkhdplket Ldnihk Bpp @kvkhdplket Vrd`ujt Vdsitideiec Wi`kd Vrd`ujtide/@kvkhdplket Vrd`ujtide/@kvkhdplket Jdlpktitivk Bebhysis
SJL
Ietkrbjtivk Kxpkrikejk Justdlkr Zbtisgbjtide Justdlkr B`vdjbjy
Justdlkr Vrdflhk Lbebcklket Lbebcklket Justdlkr Zuppdrt, Pwittkr Zurvky & Zdjibh Jmbeekhs
Justdlkr Kxpkrikejk Justdlkr Odureky Lbppiec Justdlkr Vkrsdeb Jrkbtide
B`vkrtisiec/ZKD
^kvkeuk ny Jmbeekh
Hkb` Ckekrbtide & Kvkets
Bebhyst ^khbtides
Vrd`ujt
V^DJKZZKZ
29
Ldnihk @kvkhdplket Vhbtgdrls Wi`kd Vrd`ujtide Vhbtgdrls
Jblpbice ^DI, Klbih Lktrijs Lbraktiec Rubhiflk` Hkb`s Jdetrinutide td Vipkhiek
Lketides/Ilprkssides Bu`ikejk Crdwtm & Kecbcklket Zketilket Bebhysis Bvc. ^kvkeuk Vkr [skr
Ekw Gkbturks/I`kbs gdr ^&@ Cblifljbtide
Bvc. Dr`kr Wbhuk
Jdlpktitivk Bebhysis
Jdevkrside ^btk, ^kekwbh ^btk
Nuykr Vkrsdebs
Justdlkr Zbtisgbjtide Ie`kx Justdlkr Higktilk Wbhuk
Justdlkr Odureky Lbp Vrdpdsbhs, Vrksketbtides
Ekt Vrdldtkr Zjdrk (EVZ)
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K >6
@ICIPBH LB^AKPIEC LBP[^IPY LD@KH
@icitbh Lbraktiec Lbturity Ld`kh Dur @icitbh Lbraktiec Lbturity Ld`kh (pbck :3-:=) ihhustrbtks skvke aky
Pmk ldvk grdl Ztbck 2 (B` Mdj) td Ztbck 0 (Sdrh`-Jhbss) is jmbrbjtkrizk`
jdlpdekets. Pmksk brk?
ny tmk gdhhdwiec nkst prbjtijks?
Driketbtide Driketbtide ‚ tmk pdsturk tmk drcbeizbtide tbaks tdwbr` tmk `isjiphiek dg @icitbh Lbraktiec be` its ilpdrtbejk td tmk drcbeizbtide gdr lbraktiec, sbhks, be` rkvkeuk ckekrbtide. Hkb`krsmip Hkb`krsmip ‚ tmk vikw dg kxkjutivk/skeidr lbebcklket tdwbr` tmk rdhk @icitbh Lbraktiec phbys ie `riviec sbhks, rkvkeuk, be` prdflts, be`
Hkvkh dg Jdllitlket Pmk strkectm dg tmk jdllitlket be` tmk gdjus de kxjkhhkejk ie @icitbh Lbraktiec ieitibtivks be` jblpbices `rivks dtmkr nkst prbjtijks.
Vhbeeiec
its iemkrket vbhuk td tmk jdlpbey.
Sdrh` Jhbss @icitbh Lbraktkrs jrkbtk strbtkciks, cdbhs, be` AVIs gdr kvkry pdiet dg tmkir @icitbh Lbraktiec kstdrt.
Pddhs be` Vhbtgdrls ‚ Vhbtgdrls ‚ usk` td jrkbtk, `kphdy, lbebck, be` lkbsurk @icitbh Lbraktiec ieitibtivks be` jblpbices.
Vrdjkssks
@klbe` Ckekrbtide ‚ Ckekrbtide ‚ mdw wkhh tmk drcbeizbtide pkrgdrls ie tmis jdrk
Sdrh` Jhbss @icitbh Lbraktkrs `kvkhdp lkbsurbnhk prdjkssks gdr kbjm pmbsk td kesurk prdcrkss be` sujjkss.
bttrinutk dg @icitbh Lbraktiec. @icitbh Kxpkrikejk Kxpkrikejk ‚ mdw wkhh tmk drcbeizbtide pkrgdrls ie tmis gbst klkrciec brkb dg @icitbh Lbraktiec. Nu`ckt/Ztbst ‚ mdw wkhh @icitbh Lbraktiec is rksdurjk` witm tilk, tbhket, tddhs, ldeky, be` butmdrity. Lktrijs ‚ Lktrijs ‚ mdw @icitbh Lbraktiec ieitibtivks be` jblpbices brk trbjak`, lkbsurk`, lbebck`, be` rkpdrtk`.
^ksdurjks Sdrh` Jhbss Drcbeizbtides kesurk tmbt sujiket rksdurjks (tilk, tbhket, tddhs, ldeky) kxist gdr kbjm ieitibtivk, jblpbice, be` pmbsk dg tmkir phbe.
Lbebcklket Sdrh` Jhbss jdlpbeiks kstkjtivkhy lbebck tmk jmbeck, prdcrkss, be` rksuhts dg @icitbh Lbraktiec kstdrts.
@ICIPBH LB^AKPIEC Lbturity Ld`kh ZPBCK 0 ZPBCK : ZPBCK > -
@icitbh Lbraktiec
Driketbtide
Hkb`krsmip
Pddhs & Vhbtgdrls
ZPBCK 2 -
Ed `kflek` strbtkcy dr prdjkss gdr @icitbh Lbraktiec dr `icitbh prdpkrtiks
@dks edt skk `istkrkejk nktwkke @icitbh be` Prb`itidebh Prb`itidebh Lbraktiec
B` mdj `kvkhdplket1 Vdiet tddhs gdr Klbih, Jdetket, be` Zdjibh Lk`ib Lbraktiec1 Ed ldnihk dr vi`kd bpps
@kflek` strbtkcy be` prdjkssks kxist gdr @icitbh Lbraktiec ie pdjakts ie tmk drcbeizbtide
@kflek`, ietkcrbtk` strbtkcy be` prdjkssks kxist gdr @icitbh Lbraktiec bjrdss be Ketkrprisk
Wikws `icitbh bs ekw lbraktiec jmbeekh1 Bhhdjbtks nu`ckt & stbst rksdurjks
^kjdceizks tmbt @icitbh Lbraktiec is dleijmbeekh be` tmk aky jdlpdeket ie bu`ikejk kecbcklket td `rivk prkgkrkejk & hdybhty1 Hdec tkrl jdllitlket1 Sihhiec pbrtijipbet1 ^ksdurjks gdr crdwtm
Vhbtgdrls tmbt pkrgdrl spkjiflj guejtides witm jddr`iebtk` tddhs, bpphijbtides, be` wdradws
Vhbtgdrls jdeekjtk` td kbjm dtmkr i.k. Skn Jdetket Lbebcklket td Jdetket Lbraktiec td Zdjibh Histkeiec BVI ietkcrbtide td Ketkrprisk J^L be` LB systkls
@kflek`, ietkcrbtk` strbtkcy gdr @icitbh Lbraktiec kxists bjrdss be Ketkrprisk1 Jblpbices brk trbjak` be` lkbsurk` ny kstkjtivkekss dg kecbcklket be` jdevkrside
Wikws @icitbh Lbraktiec bs aky jdlpdeket ie justdlkr kecbcklket strbtkcy be` prilbry gdjus gdr lbraktiec tkbl1 Drcbeizbtide bhicek` be` lkbsurk` brdue` @icitbh Lbraktiec’s jdetrinutide td rkvkeuk
[tihizks jdlprkmkesivk, ke`-td-ke` systkl ietkcrbtide dg bhh @icitbh Lbraktiec rkhbtk` phbtgdrls witm ticmt ietkcrbtide td Ketkrprisk J^L, LB, be` dtmkr hkcbjy K^V systkls
@ICIPBH LB^AKPIEC Lbturity Ld`kh @icitbh Lbraktiec
@klbe` Ckekrbtide
@icitbh Kxpkrikejk
Nu`ckt & Ztbst
Lktrijs
ZPBCK 2 -
ZPBCK > -
^khiks de wknsitk hbe`iec pbcks witm hilitk` jdetket tbrcktiec1 Jdlpbey prdflhk de Zdjibh Lk`ib ektwdraiec sitks1 Zdjibh pdstiec is spdrb`ij be` b` mdj1 Hbja dg bu`ikejk bwbrkekss1 bwbrkekss1 Dek-wby `ibhdc
Dstkrs rijm lk`ib jdetket, Zdjibh Ektwdras, nhdcs, Siais (Skn >.6)1 Crdwiec sunsjrinkr hists gdr Klbih1 Zdjibh justdlkr & bu`ikejk bwbrkekss1 Ldsthy dek-wby `ibhdc
Ed gdjus de jrkbtiec `icitbh kxpkrikejk
Bhhdjbtk` nu`ckt gdr @icitbh Lbraktiec is hkss tmbe 2;%1 Ztbst is jdetrbjtk` dr jddr`iebtdr rdhk
Ed gdrlbh lkbsurklkets ie phbjk
ZPBCK : -
ZPBCK 0 -
Jdevkrckejk dg jdetket, sdjibh, ldnihk, be` vi`kd kxpkrikejks td jrkbtk guhh `icitbh kxpkrikejks gdr jdevkrside be` sbhks dppdrtueitiks1 Pruk sdjibh `ibhdc1 ^kjdceitide dg prkgkrrk` bu`ikejk
Vkrsdebhizk` & hdjbhizk` jdetket `khivkrk` td pkrsdebh `kvijks ie rkbhtilk tmrducm justdl jdetket be` bpps1 Ebtivk ldnihk dptilizk`1 Vrdbjtivk sdjibh histkeiec witm rkhibnhk gkk`nbja1 Guhhy bhicek` witm sbhks gdr kebnhklket
Hitthk bwbrkekss1 @icitbh kxpkrikejk djjurs bs be bgtkrtmducmt, edt tmk `riviec gdrjk nkmie` b @icitbh Lbraktiec ieitibtivk1 Zdpmistijbtide dg `icitbh kxpkrikejk jrkbtk` is hdw witm lieilbh nrbe` ilpbjt
Jrkbtide dg `icitbh kxpkrikejk is b pridrity gdr lbraktiec tkbls be` nbsk` de `ktbihk` odureky lbppiec1 Zdpmistijbtk` `icitbh kxpkrikejk bhicek` td nuykr kecbcklket kxpkrikejks be` lkbsurk` de rkvkeuk ilpbjt
Bhicelket be` `khivkry dg `icitbh kxpkrikejks kxpkrikejks nbsk` de pkrsdeb kxpkjtbtides1 @kflek` jrdss-guejtidebhhy td kesurk tdujmpdiet jdesistkejy1 Zdpmistijbtide dg `icitbh kxpkrikejk jrkbtk` is vkry b`vbejk` be` `rivks nkmbvidr
Nu`ckt bhhdjbtk`1 @kflek` rdhks be` rkspdesinihitiks1 rkspdesinihitiks1 ^ksdurjks up td 0;% dg tdtbh lbraktiec nu`ckt
Nu`ckt witm nusiekss jbsk td oustigy spke`1 @k`ijbtk` lbraktiec rdhks gdr @icitbh Lbraktiec1 ^ksdurjks up td 76% dg lbraktiec nu`ckt
Nu`ckt jdeekjtk` td lbraktiec cdbhs1 Drcbeizbtide bhicek` gdr lbxilul ilpbjt dg @icitbh Lbraktiec1 ^ksdurjks dg 76 td =;% dr ldrk dg lbraktiec nu`ckt
Bebhytijs td ldeitdr be` trbja bpp pkrgdrlbejk hiak R^ jd`ks, ZLZ, wkn trbj ny `kvijk, be` ldnihk b`s
Sbet td nkcie iejrkbsiec ydur drcbeizbtide’s @icitbh Lbraktiec lbturity4 @dwehdb` dur @icitbh Lbraktiec @icitbh Lbraktiec Grblkwdra be` Grblkwdra be` ckt stbrtk` td`by!
@bsmndbr` ldeitdrs bpp pkrgdrlbejk, `kvijk usbck & hdjbtide, be` uskr kecbcklket ny jdetket bsskt
Ketkrprisk-wi`k `bsmndbr` witm visubh rkprksketbtide dg uskr bjquisitide be` kecbcklket ny nkmbvidr, kxpkrikejk, nrbe` rkbjm, ktj.
WIKS ^KZD[^JK
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
@ICIPBH LB^AKPIEC HBE@ZJBVK
>:
@icitbh Lbraktiec Hbe`sjbpk Smihk khkjtrdeij lbraktiec mbs nkke brdue` gdr `kjb`ks ie sdlk gdrl dr
Ietkrebhhy, wk mbvk skke tddhs be` tkjmedhdciks lbturk grdl b` mdj
bedtmkr, bedtmkr, @icitbh Lbraktiec bs wk aedw it td`by trbjks its rddts td tmk nirtm dg
pdiet sdhutides td guhhy ietkcrbtk`, ke`-td-ke` systkls jdeekjtk` bjrdss
tmk wkn. @icitbh Lbraktiec mbs kvdhvk` ie gdur stbcks, kxtkrebhhy be` ietkr-
tmk Ketkrprisk, bs gdhhdws?
ebhhy. Kxtkrebhhy wk mbvk skke tmk justdlkr kxpkrikejk lbturk grdl lbss `isphby be` nrdb`jbst td pkrsdebhizk`, rkbh-tilk kxpkrikejks, bs gdhhdws? @isphby ‚ Skn pbcks (Skn 2.6) Jdeekjtide ‚ ^ijm lk`ib jdetket, sdjibh ektwdras, nhdcs, Siais (Skn >.6)
B` mdj ‚ mdj ‚ Vdiet tddhs usk` ny tkbls be` `kpbrtlkets Jddr`iebtk` ‚ Jddr`iebtk` ‚ Vhbtgdrls tmbt pkrgdrl spkjiflj guejtides witm jddr`iebtk` tddhs, bpphijbtides, be` wdradws Jdeekjtk` Jdeekjtk` ‚ Vhbtgdrls jdeekjtk` td kbjm dtmkr i.k. Skn Jdetket
Kecbcklket ‚ Kecbcklket ‚ Jdevkrckejk dg jdetket, sdjibh, ldnihk, be` vi`kd kxpk-
Lbebcklket td Jdetket Lbraktiec td Zdjibh Hist keiec BVI ietkcrbtide
rikejks td jrkbtk `icitbh kxpkrikejks
td ketkrprisk J^L be` LB systkls
Vkrsdebhizbtide Vkrsdebhizbtide ‚ Vkrsdebhizk` be` hdjbhizk` jdetket, `khivkrk` td
Ietkcrbtk` Ietkcrbtk` ‚ Jdlprkmkesivk, ke`-td-ke` systkl ietkcrbtide dg bhh
pkrsdebh `kvijks ie rkbh-tilk tmrducm justdl jdetket be` lbraktiec
@icitbh Lbraktiec rkhbtk` phbtgdrls witm ticmt ietkcrbtide td ketkrprisk
bpps
J^L, LB, be` dtmkr hkcbjy K^V systkls.
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
@ICIPBH LB^AKPIEC HBE@ZJBVK
>0
Gicurk 0 smdws 0 smdws tmk tilkhiek dg sdlk dg tmk lbodr lihkstdeks, vke`drs, be` trke`s tmbt mbvk nrducmt us tmk @icitbh Lbraktiec kevirdelket wk aedw td`by.
GIC[^K 0? @ICIPBH LB^AKPIEC PILKHIEK
299: Pmk wkn is ndre be`
>66:
tmk flrst wkn pbck rkhkbsk` ny JK^E
>622->62=
YduPunk
@icitbh Lbraktiec
hbuejmks.
Jdevkrckejk
>667
Hieak`Ie
Bprih :6, 299:.
>66;
hbuejmks. Pwittkr hbuejmks & flrst Wi`kd Lbraktiec phbtgdrls nkjdlk bvbihbnhk.
Gbjkndda
Ztbegdr` crb`ubtks jrkbtk ‘Okrry be` @bvi`’s Cui`k td tmk
Cddchk hbuejmks
Sdrh` Si`k Skn.“
& Bprild (LB
Blbzde is hbuejmk` ie
systkl) bppkbrs
Zkbtthk.
299= 2990
iVb` ietrd`ujk`
hbuejmks.
>626
>660
iVmdek ietrd`ujk`.
>663
@ICIPBH LB^AKPIEC HBE@ZJBVK
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
>;
Pmk Sdrh` Si`k Skn
Lbraktiec Butdlbtide
299:? 299:? Pmk wkn is ndre be` tmk flrst wkn pbck rkhkbsk` ny JK^E Bprih :6, 299:.
299=? 299=? Bprild, flrst Ketkrprisk Lbraktiec Butdlbtide, bppkbrs.
2990? 2990? Zd lbey wkn pbcks brk hbuejmk` ie dek ykbr tmbt twd Ztbegdr` crb`ubtks jrkbtk ‘Okrry be` @bvi`’s Cui`k td tmk Sdrh` Si`k Skn.“ Ie Bprih, tmk Cui`k is rkeblk` be` rk-hbuejmk` bs Ybmdd. Bhsd ie tmis ykbr, Blbzde, dek dg tmk flrst hbrck kjdllkrjk sitks, is hbuejmk` ie Zkbtthk.
2999? 2999? Zihvkrpdp, Lie`Lbtrix, Khdqub bppkbr be` kxtke` Lbraktiec Butdlbtide spbjk. >667->669? >667->669? Lbraktd, Munspdt, Vbrb`dt, Bjt-De, be` skjde` wbvk Lbraktiec Butdlbtide vke`drs, bppkbr.
299;? 299;? Pmk flrst Skn Jdetket Lbebcklket Zystkls bppkbr bs kxtke`k` `djulket lbebcklket systkls. 2993? 2993? Pmk flrst nhdc sitks brk hbuejmk`.
Zdjibh Lk`ib, Zdjibh Zmbriec, Ldnihk, Wi`kd
299=? 299=? Cddchk is hbuejmk`.
>66>? >66>? Grike`stkr, sdjibh ektwdraiec sitk, is hbuejmk`.
2999 ‚ >660? >660? Skn >.6 bppkbrs witm rijm lk`ib jdetket (vi`kd, iegdcrbpmijs, MPLH;) jdlniek` witm sdjibh ektwdras be` wiais. Pmis nkjdlks tmk stbe`br` phbtgdrl gdr @icitbh Lbraktiec.
>66:? >66:? Hieak`Ie is hbuejmk`.
>662 ‚ >66:? >66:? @rupbh & Sdr`prkss brk hbuejmk`. >66=? >66=? Nricmtait (edw Mddtsuitk) is hbuejmk`.
>660? >660? Gbjkndda is hbuejmk`. Zdjibh smbriec nkcies witm B``Pmis (>660). Bhsd, Lijrdsdgt rkhkbsks Ziechk Zice-De Ketkrprisk Zkjurity gdr Skn Bpphijbtides (Lijrdsdgt® BZV. EKP) >66;? >66;? YduPunk is hbuejmk` be` tmk Wi`kd Lbraktiec hbe` rusm nkcies. Bhsd, ZmbrkPmis is hbuejmk` be` b`vbejks sdjibh smbriec. >667? >667? Pwittkr hbuejmks be` Wi`kd Lbraktiec phbtgdrls bppkbr. >663? >663? Pmk iVmdek is ietrd`ujk` be` ldnihk bpps nkcie. >626? >626? Pmk iVb` is ietrd`ujk`.
@ICIPBH LB^AKPIEC HBE@ZJBVK
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
>7
@icitbh Lbraktiec Jdevkrckejk
Jdetket Lbraktiec Hbe`sjbpk
>622 ‚ >620? >620? Jdevkrckejk dg jdetket lbraktiec, sdjibh
Sk mbvk `ivi`k` tmk Jdetket Lbraktiec vke`dr hbe`sjbpk
jmbeekhs, wkn, be` ldnihk & vi`kd `kvkhdplket phbt-
ietd twd prilbry jbtkcdriks. Pmky brk?
gdrls kebnhk truhy pkrsdebhizk`, hdjbhizk` `icitbh kxpkrikejks gdr kbjm jdesulkr be` justdlkr ie rkbh tilk.
‚ tmksk phbtgdrls Skn Jdetket Lbebcklket (SJL) (SJL) ‚ prdvi`k tmk iegrbstrujturk be` guejtidebhity gdr jdetket jrkbtide be` `khivkry bjrdss `icitbh jmbeekhs (wkn, nhdcs, skbrjm, sdjibh). Pmky typijbhhy ietkcrbtk witm aky ietkrebh J^L be` LB systkls.
Vhbyiec Gikh`
Jdetket Lbraktiec be` @istrinutide (JLZ/J@Z) ‚ tmksk phbtgdrls prdvi`k tmk jrkbtide, drcbeizb-
Bs edtk` bndvk, dur bebhysis dg tmk @icitbh Lbraktiec
tide, lbebcklket, `istrinutide, be` lkbsurklket dg
hbe`sjbpk ie`ijbtks tmbt it is jdlprisk` dg tke `istiejt
jdetket bjrdss bhh `kvijk typks be` jmbeekhs.
jbtkcdriks. Dg tmksk, wk mbvk prd`ujk` ie-`kptm sdhutide stu`iks gdr flvk ‚ Jdetket Lbraktiec, Zdjibh Lk`ib Lbraktiec, Ldnihk Lbraktiec, Wi`kd Lbraktiec, be` Vunhij ^khbtides. Kbjm stu`y hddas bt tmk nkekflts, trke`s, vke`dr hbe`sjbpk, be` ilphklketbtide strbtkciks tmbt ilpbjt tmbt jbtkcdry. Mkrk wk sullbrizk kbjm hbe`sjbpk. Bhh tmk dg @icitbh Lbraktiec Zdhutide Ztu`iks iejhu`k lujm ldrk `ktbihk` iegdrlbtide de kbjm hbe`sjbpk be` jbe nk `dwehdb`k` grdl tmk @klbe` Lktrij wknsitk.
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
@ICIPBH LB^AKPIEC HBE@ZJBVK
Bs tmk Jdetket Lbraktiec hbe`sjbpk kvdhvks, @klbe` Lktrij kxpkjts td skk tmk gdhhdwiec trke`s tbak smbpk witmie tmk Skn Jdetket Lbebcklket be` Jdetket Lbraktiec be` @istrinutide Vhbt gdrls? @kkpkr iesicmts be` bebhytijs bebhytijs td kebnhk lbraktkrs td vikw be` rkspde` td uskr kecbcklket witm rkhkvbet jdetket. Picmtkr ietkcrbtide nktwkke jdetket lbraktiec be` ketkrprisk systkls gdr systkls gdr b mdhistij j ustdlkr vikw. ^ijmkr jdetket be` lk`ib b`s tmbt b`s tmbt iejrkbsk uskr kecbcklket. Ldrk pkrsdebhizk` kxpkrikejks witm rijm lk`ib be` lk`ib be` rkhkvbet jdetket tmrducm tmk ietkcrbtide dg uskr sdjibh prdflhks. Iejrkbsiec nhke` dg dwek`, kbrek`, be` pbi` lk`ib td lk`ib td jrkbtk micmkr hkvkh dg ‘trustk` jdetket.“
Gdr dur jdlphktk bebhysis de tmis skclket, `dwehdb` dur Jdetket Lbraktiec Zdhutide Ztu`y.
JDEPKEP LB^AKPIEC Zdhutide Ztu`y
Iesicmts, Hbe`sjbpk, & Wke`dr Bebhysis
WIKS ^KZD[^JK
>3
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
@ICIPBH LB^AKPIEC HBE@ZJBVK
>=
Sk mbvk `ivi`k` tmk Zdjibh Lk`ib Lbrakti ec vke`dr hbe`sjbpk ietd flvk jbtkcdriks. Pmky brk?
Zdjibh Histkeiec Vhbtgdrls
Zdjibh Kecbcklket Vhbtgdrls
Pmksk brk phbtgdrls be` bpps tmbt gdjus de sdjibh ldei-
Pmksk phbtgdrls gdjus de bpps tmbt `kkpke tmk kecbck-
tdriec/rkspdesk. Pmksk phbtgdrls ldeitdr jdevkrsb-
lket nktwkke tmk jdlpbey be` tmk justdlkr. Smihk
tides bjrdss sdjibh ektwdras gdr lketides dg b jdlpbey/
ldst dg tmksk phbtgdrls dstkr b ldeitdriec jdlpdeket,
nrbe` td jdhhkjt dpieides dg be` kxpkrikejks witm tmbt
tmky prdvi`k b `kkpkr hkvkh dg kecbcklket vib bpps gdr
jdlpbey, nrbe`, dr prd`ujt.
iejrkbsiec kbsk be` spkk` dg sdjibh smbriec, `kvkhdpiec dehiek jdllueitiks, jdetket jrkbtide & punhismiec, be`/dr cblifljbtide.
Zdjibh Bebhytijs Vhbtgdrls Pmksk brk phbtgdrls tmbt gdjus de tmk jdhhkjtide, lkbsurklket, be` nkejmlbraiec dg sdjibh bjtivity, nkmbvidr, nkmbvidr, dpieide, be` kldtide bjrdss sdjibh ektwdras be` lk`ib typks (dwek`, kbrek`, be` pbi` sdjibh lk`ib). Ldst bebhytijs phbtgdrls jrkbtk `ktbihk` be` ie`ivi`ubh justdlkr prdflhks.
Zdjibh Kxpkrikejk Vhbtgdrls Pmksk phbtgdrls gdjus de jmbeciec tmk kxpkrikejk tmk justdlkr mbs witm tmk jdlpbey dr nrbe`. Zdjibh Kxpkrikejk phbtgdrls usubhhy iejhu`k jdlpdekets dg ndtm ldeitdriec be` kecbcklket1 mdwkvkr, tmky cd b stkp gurtmkr witm guejtidebhity tmbt jmbecks tmk wby tmk justdlkr ietkrbjts witm b jdlpbey. Pmksk sdhutides skrvk td kxtke` tmk
Zdjibh Ektwdras Pmksk brk tmk sdjibh kevirdelkets ie wmijm sdjibh ietkrbjtide be` jdllkrjk tbak phbjk. Ie tmis stu`y, wk hdda bt tmk lbodr sdjibh ektwdras gdr N>N be` N>J nusiekss bjtivity, sujm bs Gbjkndda, Pwittkr, Hieak`Ie, Cddchk+ be` YduPunk. @klbe` Lktrij prdvi`ks b guhh histiec dg Zdjibh Zdjibh Ektwdras ie dur Pdp Zdjib Zdji bh Lk`ib Zitks @btbnbsk be` Zdjibh Lk`ib Jmbeekh Lbp.
rkbjm dg b nrbe` `kkpkr ietd tmk justdlkr’s kevirdelket.
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
@ICIPBH LB^AKPIEC HBE@ZJBVK
Pmk kvdhutide dg tmk Zdjibh Lk`ib Lbraktiec hbe`sjbpk wihh jdetieuk de tmk sblk trbokjtdry tmbt wk skk it djjurriec td`by witm ldrk kecbcklket, nkttkr kxpkrikejks, be` ticmtkr ietkcrbtide bjrdss sdjibh ektwdras. Pmbt trke`, phus nkttkr be` `kkpkr bebhytijs be` trbjaiec systkls, wihh kebnhk lbraktkrs td gurtmkr rkflek tmk rkhbtidesmip nktwkke jdlpbeiks be` tmkir justdlkrs ie sdjibh lk`ib. @icitbh jblpbices wihh rkhy de sdjibh ektwdras be` jmbeekhs td `istrinutk` micmkr qubhity, ldrk illkrsivk jdetket, be` `icitbh kxpkrikejks tmbt iejrkbsk jdevkrside rbtks be` `rivk micmkr rkvkeuk. Pmk sdjibh jdeekjtide wihh jdetieuk td ldvk grdl b trbesbjtidebh rkhbtidesmip nktwkke lbraktkr be` justdlkr td b ‘jirjhk dg pkkrs“ witm tmk nuykr ‘dweiec“ bs lujm dg tmk dutjdlk bs lbraktiec.
Gdr dur jdlphktk bebhysis de tmis skclket, `dwehdb` dur Zdjibh Lk`ib Lbraktiec Zdhutide Ztu`y.
ZDJIBH LK@IB LB^AKPIEC Zdhutide Ztu`y
Iesicmts, Hbe`sjbpk, & Wke`dr Bebhysis
WIKS ^KZD[^JK
>9
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K :6
@ICIPBH LB^AKPIEC HBE@ZJBVK
Sk mbvk `ivi`k` tmk Ldnihk Lbraktiec vke`dr hbe`sjbpk ietd twd prilbry jbtkcdriks. Pmky brk?
Ldnihk Bpphijbtide @kvkhdplket (LB@V) Pmksk brk phbtgdrls be` bpphijbtides tmbt gdjus de tmk
Ldnihk Jdetket @kvkhdplket & Lbebcklket (LJ@V)
iegrbstrujturk be` tddhs ekk`k` td `ksice, nuih`, tkst,
Pmksk phbtgdrls gdjus de tmk `khivkry dg jdetket bjrdss
`kphdy, be` lbebck ldnihk bpphijbtides.
ldnihk `kvijks td prdvi`k be dptilizk` kxpkrikejk.
Vhbtgdrl guejtidebhity rbecks grdl tmdsk tmbt dehy suppdrt
Aky guejtidebhity iejhu`ks jdetket punhismiec be` prkske-
ebtivk bpps td tmdsk tmbt prdvi`k ebtivk, Skn/MPLH;
tbtide1 ietkcrbtide dg `btb, skrvijks, be` bpphijbtides1 bs
be` mynri` bpps, be` BVIs gdr ketkrprisk ietkcrbtide.
wkhh bs kecbcklket prdcrbls hiak pbylket be` ldnihk
Sk iejhu`k` phbtgdrls usk` td dptilizk kxistiec Sknsitks
lkssbciec jblpbices.
ie tmis jbt kcdry.
Gdr dur jdlphktk bebhysis de tmis skclket, `dwehdb` dur Ldnihk Lbraktiec Zdhutide Ztu`y.
LDNIHK LB^AKPIEC Zdhutide Ztu`y
Iesicmts, Hbe`sjbpk, & Wke`dr Bebhysis
WIKS ^KZD[^JK
@ICIPBH LB^AKPIEC HBE@ZJBVK
@klbe` Lktrij kxpkjts tmk Ldnihk Lbraktiec hbe`sjbpk td jdetieuk td crdw rbpi`hy gdr tmk gdrkskkbnhk guturk. @klbe` Lktrij kxpkjts td skk tmk gdhhdwiec trke`s tbak smbpk gdr bpphijbtide `kvkhdplket be` ldnihk jdetket phbtgdrls? Nkttkr lbebcklket dg bpphijbtides be` `kvijks `kvijks bjrdss tmk ketkrprisk be` tmrducm bhh jmbeekhs. @kkpkr iesicmts be` bebhytijs bebhytijs td kebnhk lbraktkrs td vikw be` rkspde` td ldnihk bpp kecbcklket. Picmtkr ietkcrbtide nktwkke ldnihk bpps be` ketkrprisk systkls gdr b ldrk mdhistij justdlkr vikw. ^ijmkr jdetket be` lk`ib b`s tmbt b`s tmbt iejrkbsk uskr kecbcklket. Ldnihk bs tmk ‘spkbr pdiet“ ‚ pdiet“ ‚ tmk flrst jdeekjtide b prdspkjt mbs witm tmk jdlpbey, prd`ujt, dr skrvijk be`, bs sujm, `kfleks tmkir de-cdiec rkhbtidesmip witm tmk jdlpbey.
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
:2
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
@ICIPBH LB^AKPIEC HBE@ZJBVK
Wi`kd Lbraktiec vke`drs gbhh ietd gdur lbie tikrs, nbsk` de tmkir guejtide-
;
bhity ie tmk gdhhdwiec six jbtkcdriks?
:>
Wi`kd Ldektizbtide Ldektizbtide ‚ vi`kds prdvi`k be brrby dg nkekflts, bs lketidek` prkvidushy, tmbt wihh, uhtilbtkhy, iejrkbsk be drcbeizbtide’s ndttdl hiek. Mdwkvkr, ckekrbtiec rkvkeuk `irkjthy grdl
2
Wi`kd Mdstiec & Ztrkbliec Ztrkbliec ‚ tmk vi`kd mdstiec & strkbliec jdlpdeket dg tmksk phbtgdrls jketkrs brdue` tmk jbpbjity dg sdhutides td uphdb`, `dwehdb`, vikw, be` prdjkss vi`kd flhks .
vi`kds mbs nkjdlk jketrbh td Wi`kd Lbraktiec. 7
‚ lktrijs brk be ietkcrbh pbrt dg ilphklketiec bey Wi`kd Bebhytijs Bebhytijs ‚ tkjmedhdcy ie dr`kr td i`ketigy be` prdvk ^DI.
>
Wi`kd Jdetket Lbebcklket Lbebcklket ‚ vi`kd jdetket lbebcklket ievdhvks bhh dg tmk bjtivitiks tmbt suppdrt tmk stdrbck, drcbeizbtide, be` ld`ifljbtide dg vi`kd jdetket.
:
jdetieuk td crdw rb`ijbhhy bldec Ketkrprisks be` ZLNs. J^L vi`kd
Wi`kd @istrinutide & Zmbriec ‚ Zmbriec ‚ tmk lbeekr ie wmijm vi`kds brk
smbriec, sdjibh sketilket be` smbriec bebhytijs, vi`kd bsskt td ^DI
`istrinutk` be` smbrk` jbe nk jritijbh td tmk sujjkss dg b vi`kd’s
lktrijs, be` vi`kd lbppiec td tmk sbhks jyjhk brk skvkrbh gkbturks tmbt
pkrgdrlbejk. Pmis jdlpdeket dg Wi`kd Lbraktiec gdjusks mkbvihy
wihh edtbnhy jmbeck tmk Wi`kd Lbraktiec spkjtrul ie tmk ekbr guturk.
de tmk `khivkry dg vi`kd jdetket. 0
@klbe` Lktrij kxpkjts Lktrij kxpkjts tmbt tmk ekk` be` `ksirk gdr vi`kd jdetket wihh
Wi`kd Dptilizbtide Dptilizbtide ‚ dptiliziec vi`kds is b jritijbh guejtide dg
Bs tmk lbrakt nkcies td sbturbtk witm jbtkcdry-spkjiflj vke`drs, @klbe` Lktrij nkhikvks jdesulkrs wihh jdetieuk td crbvitbtk tdwbr` vke`drs
Wi`kd Lbraktiec tmbt is dgtke dvkrhddak` ny lbey drcbeizbtides.
tmbt dstkr ldrk jdlprkmkesivk, ke`‚td-ke` sdhutides rbtmkr tmbe eijmk
Wi`kd dptilizbtide kesurks tmbt ydur vi`kd jdetket is ckttiec
sdhutides.
blphk trbj grdl tmk prdpkr bu`ikejk.
Gdr dur jdlphktk bebhysis de tmis skclket, `dwehdb` dur Wi`kd Wi`kd Lbraktiec Zdhutide Ztu`y .
WI@K WI @KD D LB^AKPIEC Zdhutide Ztu`y
Iesicmts, Hbe`sjbpk, & Wke`dr Bebhysis
WIKS ^KZD[^JK
@ICIPBH LB^AKPIEC HBE@ZJBVK
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
::
Wke`drs bjrdss tmk V^ Zdhutides Hbe`sjbpk gbhh ietd gdur tikrs nbsk` de tmk gkbturks be` guejtidebhity dg tmkir dstkriecs?
Nbsij Bt tmk nbsij hkvkh, pdiet sdhutides prdvi`k tbrcktk` guejtidebhity, jdlldehy b lk`ib/ieukejkr jdetbjt sdhutide hiak Jrdw`nuih`kr, dr ekws `istrinutide sujm bs V^.jdl. Pmkrk is rbrkhy ietkcrbtide witm jdlphklketbry V^ sdhutides dr guejtides.
Jdlprkmkesivk Pmk hbrckst crdup dg vke`drs gbhh ietd tmis tikr, wmijm iejhu`ks sdhutides tmbt prdvi`k tmk prilbry gkbturks dg b V^ sdhutide, iejhu`iec lk`ib jdetbjt `btbnbsk & lbebcklket, ldeitdriec, `istrinutide, be` lkbsurklkets & bebhytijs. Pmksk brkbs dg guejtidebhity brk edt ietkcrbtk`, dr mbvk oust nbsij ietkcrbtide witm kbjm dtmkr. Ie dtmkr jbsks, guejtidebhity is prdvi`k` tmrducm pbrtekrsmips witm dtmkr sdhutide prdvi`krs.
Ztbe`br` Zkjde` tikr vke`drs hiak Nuhh`dc Lk`ib’s Lk`ib Vrd dr
Juttiec K`ck
Nusiekss Sirk nue`hk luhtiphk V^ guejtides, sujm bs b lk`ib jdetbjt `btbnbsk witm b ekws `istrinutide guejtide. Zdlk stbe`br` dstkriecs brk dptilizk` gdr b spkjiflj vkrtijbh.
Pmk ldst b`vbejk` tikr is djjupik` ny vke`drs hiak LbraktSirk`, V^ Ekwswirk, be` Jiside tmbt prdvi`k b guhh suitk dg V^ guejtidebhity, iejhu`iec b lk`ib jdetbjt `btbnbsk & jdetbjt lbebcklket, dehiek be` trb`itidebh lk`ib ldeitdriec, ekws `istrinutide, be` lkbsurklkets & bebhytijs witm rkpdrtiec. Pmksk guejtides brk edt dehy prksket ie tmk sdhutide suitk, nut brk ietkcrbtk` td b ld`krbtk dr micm `kcrkk.
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
@ICIPBH LB^AKPIEC HBE@ZJBVK
Pmk lk`ib be` V^ ie`ustry ndtm jdetieuk td crbpphk witm tmk ekw rkbhity tmbt kvkrydek is nkjdliec b punhismkr. punhismkr. Pmk jurrket jrdp dg V^ tddhs mbs bhwbys nkke mkhpguh bt skjuriec kbrek` lk`ib phbjklkets, be` it is stihh ilpdrtbet td `d sd. Smkrk tmk tddhs brk hkss kstkjtivk is ie i`ketigyiec be` rkbjmiec tmk nrdb`kr spkjtrul dg ieukejkrs wmdsk eblks lby edt bppkbr de b lbstmkb`, nut mbvk nuiht be ilprkssivk gdhhdwiec tmrducm sdjibh lk`ib dr ny nhdcciec. V^ sdhutide prdvi`krs lust jdetieuk td `kvkhdp wbys gdr tmkir uskrs td i`ketigy be` ldeitdr tmk ieukejkrs tmbt lbttkr td tmkl.
Gdr dur jdlphktk bebhysis de tmis skclket, `dwehdb` dur Vunhij ^khbtides Zdhutide Ztu`y .
V[NHIJ ^KHBPIDEZ Zdhutide Ztu`y
Iesicmts, Hbe`sjbpk, & Wke`dr Bebhysis
WIKS ^KZD[^JK
:0
BEBHYZP NDPPDL HIEK
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
@icitbh Lbraktiec is jmbeciec tmk wby jdlpbeiks `d nusiekss.
Jdlpbeiks skbrjmiec gdr ekw wbys td `khivkr tmkir
Smihk b`dptide rbtks bldec jdlpbeiks be` ie`ustriks vbriks,
lkssbck be` iejrkbsk nrbe` rkjdceitide, bs wkhh bs drcb-
ldst lbraktiec `kpbrtlkets mbvk nkcue td `kvdtk b pdrtide dg
eizbtides hddaiec td ilprdvk tmk sujjkss dg tmkir jurrket
tmkir nu`ckt td @icitbh Lbraktiec.
vi`kd lbraktiec prdcrbl’s pkrgdrlbejk, pkrgdrlbejk, smduh` jdesi`kr
@klbe` Lktrij’s bebhysis dg @icitbh Lbraktiec ie tmis rkpdrt be` jdlpbeide sdhutide stu`iks dstkrs tmk gdhhdwiec aky jdejhusides?
rkskbrjmiec be` ilphklketiec b Wi`kd Lbraktiec phbtgdrl. Lbey jdlpbeiks tmbt mbvk nkke `icitbh lbraktkrs gdr ykbrs stihh strbie bgtkr iejrklketbh ilprdvklkets ie jhijas be` jhi ja-
Jdetket is Aiec be` Jdetkxt is Jritijbh. Bs Jritijbh. Bs jdetket lbraktiec
tmru rbtks ny twkbaiec klbih jdpy mkrk dr MPLH jd`k tmkrk.
kvdhvks, uskrs be` justdlkrs wihh nkjdlk hkss tdhkrbtk dg
Ny jrkbtiec rijm `icitbh kxpkrikejks iestkb` dg jmbsiec
jdetket tmbt is edt `irkjthy rkhkvbet td tmkir ekk`s be` tmk
jhijas, lbraktkrs jbe nrkba bwby grdl tmk pbja.
stbck dg tmkir nuyiec odureky. Pmk ricmt Jdetket Lbraktiec strbtkcy, jdlniek` witm tmk ricmt phbtgdrl be` tddhs, wihh kesurk tmbt tmk Ld`kre Lbraktiec Drcbeizbtide usks its jdetket gdr dptilul sujjkss.
@klbe` Lktrij’s aky rkjdllke`btide grdl tmis rkpdrt
Gdr lbey justdlkrs, tmkir ldnihk `kvijk wihh `kflek tmk
is tmbt tmbt @icitbh Lbraktiec jbe lbak b siceifljbet
wby tmbt tmky rkhbtk td ydur jdlpbey, prd`ujt, dr skrvijk.
be` pdsitivk ilpbjt de tmk drcbeizbtides tmbt brk
Jrkbtiec b pdsitivk ldnihk kxpkrikejk is jrujibh ie akkpiec
klphdyiec it wmke tmky `d sd ny gdhhdwiec nkst prbj-
justdlkrs kecbck`.
tijks be` prdjkssks tmbt brk mdhistijbhhy ietkcrbtk`.
Zdjibh Lk`ib Lbraktiec wihh nkjdlk tmk prilbry kecbcklket keciek gdr justdlkrs kvbhubtiec dr jmddsiec prd`ujts be` skrvijks.
:;
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K :7
@ICIPBH LB^AKPIEC
@ I C I PB H
L B ^ A K P I E C
B J P I D E V H B E
Gdhhdw tmis silphk, stkp-ny-stkp, lktmd`dhdcy td `kvkhdp b @icitbh Lbraktiec phbe tmbt iejrkbsks sbhks, nuih`s justdlkr iesicmts, be` crdws nrbe` bwbrkekss.
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
BJPIDE VHBE
Bhice Bhice
@isjdvkr Mdw Pd Bhice Ydur Zbhks be` Lbraktiec Kstdrts
@kflek rkquirklkets gdr Lbraktiec be` Zbhks Bhicelket witm dur Zbhks & Lbraktiec Bhicelket Pddh Pddh td kesurk bhh bjtivitiks brk vibnhk bjrdss tmk drcbeizbtide.
WIKS ^KZD[^JK
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
BJPIDE VHBE
Nuih`
Lbak Pmk Jbsk Gdr @icitbh Lbraktiec Pd Aky Ztbakmdh`krs
Nuih` b Nusiekss Jbsk gdr ydur @icitbh Lbraktiec ieitibtivks witm dur Nusiekss Jbsk Pklphbtk.
WIKS ^KZD[^JK
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
BJPIDE VHBE
[e`krstbe` Bhh ^kquirk` @icitbh Lbraktiec ^dhks be` ^kspdesinihitiks Drcbeizk Drcbeizk mdw ydur jdlpbey wihh strujturk tmk @icitbh Lbraktiec guejtide. [sk dur @icitbh Lbraktiec ^dhks Lbtrix Lbtrix td stbe`br`izk rdhks & rkspdesinihitiks gdr @icitbh Lbraktiec.
WIKS ^KZD[^JK
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K 06
BJPIDE VHBE
Vhbe Ydur @icitbh Lbraktiec Vrdcrbls Ie B`vbejk
@kvkhdp b sdhi` 2>-2= ldetm phbe gdr ydur @icitbh Lbraktiec prdcrbls witm?
Zkt Dnokjtivks
Jdetket Lbraktiec Ztrbtkcy Zjdrkjbr` Zdjibh Lk`ib Ztrbtkcy Zjdrkjbr` Ldnihk Lbraktiec Ztrbtkcy Zjdrkjbr` Wi`kd Lbraktiec Ztrbtkcy Zjdrkjbr` Zjdrkjbr` Vunhij ^khbtides Ztrbtkcy Zjdrkjbr`
WIKS ^KZD[^JK
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
BJPIDE VHBE
^kvikw Vdtketibh @icitbh Lbraktiec Wke`drs Nkcie tmk prdjkss dg skhkjtiec b vke`dr td bssist ydu ie ydur @icitbh Lbraktiec ieitibtivks. ^kvikw tmk ^GV tklphbtks ie kbjm dg tmk @icitbh Lbraktiec Zdhutide Ztu`iks bs tmkrk brk lbey sdhutides td jmddsk grdl `uriec tmis prdjkss.
^kskbrjm
Jdetket Lbraktiec Zdhutide Ztu`y Zdjibh Lk`ib Lbraktiec Zdhutide Ztu`y Wi`kd Lbraktiec Zdhutide Ztu`y Ldnihk Lbraktiec Zdhutide Ztu`y Vunhij ^khbtides Zdhutide Ztu`y
WIKS SKNZIPK
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
BJPIDE VHBE
@isjdvkr Aky @icitbh Lbraktiec Wke`drs I`ketigy tmk aky phbykrs ie tmk lbrakt. Sk mbvk bhrkb`y nkcue tmis prdjkss gdr ydu ny rkskbrjmiec b luhtitu`k dg qubhity vke`drs. Ydu jbe tbak b hdda bt tmk vke`drs wk mbvk rkvikwk` witm Jdetket Lbraktiec Wke`drs Lbtrix Zdjibh Lk`ib Wke`drs Lbtrix Ldnihk Lbraktiec Wke`drs Lbtrix Wi`kd Wi`kd Lbrakti Lbraktiec ec Wke`d Wke`drs rs Lbtri Lbtrix x
I`ketigy
Vunhij ^khbtides Wke`drs Lbtrix
WIKS ^KZD[^JK
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
BJPIDE VHBE
Kesurk Ydu Mbvk b Ztrdec Lbraktiec Jdllueijbtides Ztrbtkcy
@kvkhdp be ilphklketbtide strbtkcy be` jdllueijbtide phbe td rdhh-dut tmk ieitibtivk bjrdss t mk drcbeizbtide be` tmrducm ydur jmbeekhs. [sk dur LbrJdl Vhbyndda td Vhbyndda td jrkbtk ydur phbe.
LB^AKPIEC JDLL[EIJBPIDEZ VHBE Vhbyndda & Pddhait
WIKS ^KZD[^JK
Vhbe
i
i
r r
i
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
BJPIDE VHBE
Prbie Ydur Pkbl de @icitbh Lbraktiec Nkst Vrbjtijks
@kvkhdp be k`ujbtide/trbieiec phbe gdr bhh bstkjtk` pkrsdeekh? lbraktiec, prd`ujt `kvkhdplket, dpkrbtides, be` sbhks.
@ICIPBH LB^AKPIEC
Prbieiec Jdursks
Prbie
ZPB^P HKB^EIEC
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
BJPIDE VHBE
Prbja be` Lkbsurk Aky @icitbh Lbraktiec Lktrijs
Lkbsurk tmk sujjkss dg ydur @icitbh Lbraktiec sdhutides ilphklketbtide be` guejtide witm Jdetket Lbraktiec Lktrijs @bsmndbr` Zdjibh Lk`ib Lktrijs @bsmndbr` Ldnihk Lbraktiec Lktrijs @bsmndbr` Wi`kd Lbraktiec Lktrijs @bsmndbr` @bsmndbr` Vunhij ^khbtides Lktrijs @bsmndbr`
WIKS ^KZD[^JK
Lkbsurk
BND[P @KLBE@ LKP^IJ
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K 07
@klbe` Lktrij Lktrij prdvi`ks Bcihk Lbraktiec sdgtwbrk pdwkrk` ny 2,666+ prbjtijbh tddhs be` rksdurjks td mkhp dur lklnkrs jdlphktk tmkir wdra gbstkr be` witm ldrk jdefl`kejk. Dur jdllueity dg 2>;,666+ chdnbh lklnkrs is jdlpdsk` dg JKDs be` nusiekss dwekrs, lbraktiec jdesuhtbets be` bckejiks, lbraktiec kxkjutivks be` lbebckrs, be` prdgkssidebhs wmd spkjibhizk ie? prd`ujt lbebcklket, lbraktiec dpkrbtides, sbhks kebnhklket, justdlkr kecbcklket, `klbe` ckekrbtide, jdetket lbraktiec, prdokjt lbebcklket, bjjduet-nbsk` lbraktiec, be` dtmkr `isjiphieks. Pd hkbre ldrk bndut @klbe` Lktrij, sice up gdr b grkk lklnkrsmip bt www.`klbe`lktrij.jdl
WIKS SKNZIPK
@ICIPBH LB^AKPIEC NKZP V^BJPIJKZ C[I@K
© @klbe` Lktrij ^kskbrjm Jdrpdrbtide. Bhh ^icmts ^kskrvk`.
www.`klbe`lktrij.jdl
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