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Bffbitcvb 65 Ybi`lks8 N Ytuky `l tab Bffbitcvblbss `f

Nkvbrtcsbmblts cl [bjbi`m & Obvbrngb Ybit`rs cl Onlgjnkbsa.

Jcnln Nlwnr>

, Mk. Lnzmus Yandco?

Nostrnit@vbr tab jnst 65 ybnrs nkvbrtcsbmblts tar`uga dlcttclg cll`vntc`ls anvb mnkb

scglcfcinlt cmpnit cl tab i`lsumbrs mclk mnp. Ct cs quctb jcdbjy cl tab ngb `f

gj`onjczntc`l tant tab nkvbrtcsclg clkustry ans dcidbk `ff t` n grbnt m`mbltum clOnlgjnkbsa ns wbjj. No`vb tab jclb (N[J) cs tab lnmb `f tab gnmb f`r nkvbrtcsbmblts

abrb. Out tab iruicnj qubstc`l jbfts us wcta N[J cs wabtabr tab cltblkbk

i`mmulcintc`l nlk mbssngb tar`uga nrb cl syli `r l`t. [acs rbsbnria cs nl bff`rt

t` gbt clt` tab kbbp fnibts `f nkvbrtcsclg nlk cts cmpnit `l tab i`lsumbrs mbltnj fcjtbr.[ab bff`rt cs bxpj`rntcvb cl mnllbr nlk ct ans i`vbrbk 2 ijustbrs wcta ;>7 rbsp`lkblts

cl t`tnj fr`m kcffbrblt nrbns `f Kandn mbgn icty. Wb anvb trcbk t` dl`id bnia nlk

bvbry nspbits tant nrb bvbltfuj nlk w`rta nlnjyzclg cl irbntclg i`rrbjntc`l obtwbbl

puriansclg obanvc`r nlk `tabr cmpnitfuj vnrcnojbs cl tw` kcffbrblt sbit`rs (Obvbrngb& [bjbi`m). Blk `f tab kny want n ornlk i`mmulcintbs cl 65 sbi`lks jnst f`rbvbr cl

tab i`lsumbrs mclk cf ct mntiabs tab jntblt lbbks. [rnlsjntclg nks clt` gr`wclg

sbjjclg lumobrs `f ornlks nrb mbnlt t` ob tab ujtcmntb g`nj `f nl bffbitcvb nkvbrtcsclg.Nlk bffbitcvb nkvbrtcsbmblt pnys `ff bnia sbi`lk ct sa`winsbs `l ncr. Wb stukcbk tab

bffbitcvblbss `f nkvbrtcsbmblt wcta n vcbw t` gbttclg n gjcmpsb `f grbnt ncrtcmb f`r

ornlks. Cl n rnpckjy ianlgclg nlk irbntcvb mnrdbt pjnib wb f`ulk `ut qunjctntcvbcltrcguclg clscgats tant mnttbr m`st f`r bvbry sbi`lk.

Dbyw`rks8[@MN, IKF, N[J, O[J, Mnri`m, Nkvbrtcsbmblt Bffbitcvblbss, Niiurniy

Nssbssmblt, I`lsumbrs Ubribptc`l, J`ynjty.

Cltr`kuitc`lJntb 15s cl Onlgjnkbsa, i`lsumbrcsm cs stcjj n kcstnlt mnttbr out pb`pjb nrb gbttclgusbk t` taclgs `f nkvbrtcsbmblts. [aclgs i`llbit tab mclk nlk mndb i`lsumbrs t` ouy

n taclg cs hust nl nit `f irbntcvb nlk bffbitcvb nkvbrtcsbmblt iyijb. Onttcr _nhnUacjcps nlk @jympci Onttbry hclgjb wns aummbk cl bvbry i`rlbr `f tab i`ultry

bvbl ta`uga tabrb wns n scglcfcinlt sa`rtngb `f mbkcums `f i`mmulcintc`l. Wb

kbfclb tabm No`vb tab Jclb (N[J) nlk ct cs tab mbkcum `f i`mmulcintc`l f`rmnssbs l`w. [`kny `l tab `tabr anlk, tab pnib nlk prcib cs quctb kcffbrblt ybt

irbntcvcty nlk `rcgclnjcty mnttbr bqunjjy ns ct wns usbk t`. O`ta N[J nlk Obj`w tabJclb (O[J) nrb usbk ns mbkcums t` intia nlk i`mmulcintb4 bxp`surb cl kcffbrblt[bjb-mbkcn nssbrts n kcsruptc`l cl mclk ns wb inl ob bvbrm`rb irctcinj t` gbt clt`

irbntcvb s`jutc`ls nt `ur anlks. [ab qubstc`l `f bffbitcvblbss cl tacs clkustry cs prbttyscmpjb, `ovc`us nlk wckb sp`dbl nr`ulk. Out t` nlswbr tacs nlk t` nii`mm`kntb `ur

jbnrlclg cl tacs intia tab fcsa m`mbltum nrb scmpjy n mnttbr `f rbsbnria. J``dclg

onid cl 15s `r 35s, ct ans obbl `osbrvbk tant Onlgjnkbsa ans m`vbk n j`t fr`m tabrb

>Jbiturbr, Yia``j `f Ousclbss, Nasnlujjna Rlcvbrscty `f Yicblib nlk [bial`j`gy, Kandn

?MYi. cl Bi l`mcis nlk Ousclbss Nkmclcstrntc`l, Ijnss `f ?5>9, I`pblangbl Ousclbss Yia``j,Kblmnrd. MON cl Mnrdbtclg, Ijnss `f ?5>?, Mbjo`urlb Ousclbss Yia``j, Mbjo`urlb, Nustrnjcn

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nlk gnclbk scglcfcinlt gr`wta cl tacs sbit`r. Wb anvb iujtcvntbk lbw taclgs cl k`clg

nkvbrtcsbmblts c.b. i`llbit n i`lsumbr, tbjjclg n st`ry nlk taus njj`w tabm t` mndbtrncj `r rbtrcnj `f tab pr`kuits taby anvb obbl bxp`sbk t`. Wb lbbk t` sbb tab

m`mbltum obaclk tab siblb nlk must rbvbnj tab fnits `f bffbitcvb nkvbrtcsbmblts.

Jctbrnturb _bvcbw[` clirbnsb tab nwnrblbss nm`lg tab p`tbltcnj iust`mbrs nlk t` rbtncl tab bxcstclgiust`mbrs, bltbrprcsbs i`mmulcintb wcta tabcr vnjunojb iust`mbrs tar`uga

nkvbrtcsbmblt. Mnrdbtclg i`mmulcintc`l (Mnri`m) cs n sbt `f mbkcn nlk mbssngbsbmpj`ybk t` i`mmulcintb wcta tab tnrgbt mnrdbt. [abrb nrb tw` gr`ups cl mnrdbtclg

i`mmulcintc`l- O[J (Obj`w tab Jclb) mnrdbtclg i`mmulcintc`l nlk N[J (No`vb

tab Jclb) mnrdbtclg i`mmulcintc`l. Wabl tab tnrgbt gr`up cs vbry jnrgb cl lumobrnlk kcffciujt t` ckbltcfy, O[J cs usbk ns uli`lvbltc`lnj ornlk oucjkclg strntbgcbs (suia

ns kcrbit mncj nlk prcltbk mbkcn). @l tab `tabr anlk, N[J usbs i`lvbltc`lnji`mmulcintc`l tar`uga mbkcn suia ns tbjbvcsc`l, iclbmn, rnkc`, prclt, wbo onllbrs

nlk wbo sbnria blgclbs (Vnn nlk brl, ?5>>). Y`rib & Kbwctz t`jk tant fcrms pnyanvb nks clijukbk `l or`nkinst [V nlk _nkc`, `l inojb [V, cl lbwspnpbrs nlkmngnzclbs, `utk``rs, `l Cltbrlbt onllbrs nlk sbnria nks, `r cl tab ybjj`w pngbs. [acs

intbg`ry cs `ftbl rbfbrrbk t` ns no`vb tab jclb `r mbnsurbk mbkcn spblkclg.

L`w-n-knys nkvbrtcsclg ans obi`mb n iruicnj pnrt nm`lg i`mpbtct`rs t` sustncl cl tab

mnrdbt pjnib. Kurclg tab jnst `f tab >7taibltury, tab clvbltc`l `f tab prcltclg prbss

cltr`kuibk tab lbwspnpbr nlk ijnsscfcbk nkvbrtcsclg. Cl tab ?5taibltury, tab gr`wta `f

rnkc` nlk tbjbvcsc`l mnkb n scglcfcinlt sacft cl tab w`rjk `f tab nkvbrtcsbmblt (Y`rib

& Kbwctz, ?557). [ab snmb _bsbnria M`l`grnpa `f tab Urcltclg Ibltbr nt _C[rbprbsblts tant m`st `f tab Nmbrcinl nkujts `vbr tab ngb `f >1 ybnrs spblt tabcr

71.95% `f mbkcn tcmbs wcta [V, rnkc`, nlk mngnzclbs nlk o``ds.

N lbw stuky fr`m COM I`rp`rntc`l i`lfcrms tant [ab tbia nlk fnsac`l-f`rwnrki`lsumbr sbgmblt wcjj jbnk us t` n w`rjk `f pjntf`rm-ngl`stci i`ltblt, fjuck m`ocjcty`f mbkcn bxpbrcblibs, clkcvckunjczbk prciclg siabmbs nlk nl blk t` tab trnkctc`lnj

i`libpt `f rbjbnsb wclk`ws.Nt prbsblt, tab vcbwbrs nrb m`rb frngmbltbk, ns tabrb

nrb n jnrgb lumobr `f fcrms cl tab snmb clkustry `ffbrclg mujtcpjb pr`kuits t` tabs`icbty. M`rb`vbr, wcta tab clvbltc`l `f sntbjjctb, vnrc`us ianllbjs nrb nvncjnojb t`

pb`pjb. Rlkbr tab i`mpjbx, kylnmci nlk ianlgclg blvcr`lmblt, ct cs kcffciujt t`j`intb nlk nttrnit tab tnrgbt iust`mbrs nlk i`mmulcintb tab pr`kuit ianrnitbrcstcis.

F`r tant, tab i`mpbtct`rs nrb f`ribk t` i`mpbtb `l tab onscs `f cll`vntcvb ckbns (COM,

?557) rntabr tanl `l trnkctc`lnj `lb.

Yia`jnrs rbprbsblt tant, nkvbrtcsbrs, oy usclg tab nut`oc`grnpacinj rbfbrblibs, pjny `ff

i`lsumbrs mbm`rcbs nlk bm`tc`ls. Yuia rbfbrbliclg inl clfjublib i`lsumbrs t`f`ius m`rb `l tab fbbjclgs rbmclkbk oy tabcr rbi`jjbitbk mbm`rcbs nlk jbss `l

rntc`lnj pr`kuit clf`rmntc`l (Yuhnl, Obttmnl & Onumgnrtlbr, >339). @vbr tab jnstfbw ybnrs ct ans obbl `osbrvbk tant GU (Grnmbbl Ua`lb), OnlgjnJcld nlk Icty Ibjj

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nrb abnvcjy blgngbk wcta kbvbj`pclg bm`tc`lnjjy krcvbl Nks. Bvbl cf wb i`lsckbr

_`oc, tab sbi`lk jnrgbst pjnybr9cl [bjbi`m sbit`rs cl Onlgjnkbsa Mnrdbt, wb sbbtabm rbvcvclg tabcr ornlk nlk i`rp`rntb cmngb wcta kcssbmclntclg bm`tc`lnj nlk

trnkctc`lnj Nks. Ct sbbmbk t` ob vbry muia bffbitcvb i`mpnrbk t` cts `rcgclnj lnmbNdtbj. A`wbvbr, cl insb `f obvbrngb wb sbb n kcffbrblt pnttbrl `f Nks i`libltrntclg`l aum`r

;nlk j`ftclbss.

Irbntcvcty & trutafujlbss nrb tab jbnst sicbltcfci out m`st cmp`rtnlt irctbrcn `f tab

nkvbrtcsbmblt. N sbnria `f tab jbnkclg h`urlnjs `f tab fcbjk,H`urlnj `f Nkvbrtcsclg nlktab H`urlnj `f Nkvbrtcsclg _bsbnria (Xcldanl nlk Jbcga, >333), sa`ws tant l`t `lbnrtcijb ans obbl puojcsabk tant jclds tabsb tw` tbrms `r i`libpts. Wctacl tab

nkvbrtcsclg clkustry, a`wbvbr, tabrb cs n s`mbwant kcffbrblt vcbw, `lb tant bstnojcsabsn str`lg i`rrbjntc`l obtwbbl truta, irbntcvcty, nlk i`mmulcintc`l nlk truta cs

fulknmbltnj cl irbntclg nkvbrtcsbmblt (Bnrjb, ?5>>). ClOrnlks nlk Ornlkclg, Ijcft`l

(?559) bxpnlks `l tacs i`libpt. [ab ornlk must ob trub t` ctsbjf nlk dbbp tab

pr`mcsbs ct mndbs (p. 19).

[aclgs gbt trcidy wabl i`mpnlcbs lbbk t` kbnj wcta o`ta blks. Mnlngbmblt lbbks t`

j``d nftbr tab inmpncgl nlk cts bffbitcvblbsso`ta `l nlk `ff tab pctia. Ns ct ans obbl

`osbrvbk cl lumbr`us stukcbs tant i`lsumbrs nlk tabcr cltbrnitc`ls wcta tab ornlk cfmntiabs trujy, scglcfcinlt puriansclg clickblib `iiur. [absb nrb tab bvckblib `f

irbntcvb, tncj`r-mnkb nlk bffbitcvb nkvbrtcsclg. (Brkbm bt nj, ?55;, p>3;). Yuiabxnmpjbs nrb hust cl fr`lt `f `ur bybs cl Onlgjnkbsa- Wnjt`l n i`mpnly ctsbjf ansobbl cl tab mnrdbt nlk mnkb trub i`llbitc`l wcta cts i`lsumbr p`rtrnyclg trub

Onlgjnkbsac pr`kuit cmngb tar`uga cmngb onsbk nkvbrtcsbmblts. [ab rbsujt csbvbltunjjy mclk strcdclg sclib tab i`mpnly ans rbgcstbrbk n grbnt k`uojb-kcgct gr`wta

cl tab jnst 2 ybnrs. Wabl wb tnjd no`ut Nk bffbitcvblbss lbibssnrcjy `lb taclg i`mbs

clt` bffbit, IKF (I`lsumbr Kcsp`sctc`l Fullbj)ct cs. Ct ans obbl usclg cl tab FMIGw`rjk sclib 65s, `rcgclnjjy clctcntbk oy U&G nlk tabl lurturbk oy Rlcjbvbr ns wbjj.IKF tnjds no`ut tab p`sscojb i`llbitc`l wcta tab I`lsumbr Jcfb iyijb m`vbmblt, tabnm`ult `f ianlgbs nppbnr cl I`lsumbr ia`cib trnlsjntbk clt` lumobrs tant nrb

iruicnjjy cmp`rtnlt t` strntbgci kbicsc`l mndclg (Ocbanj bt nj, >33?, p?9 & Kbsapnlk

bt nj, >33;, p26-27).

Ns n mnttbr `f fnit, wb nrb tryclg t` j``d nt tab i`mmbricnjs nlk tabcr bffbitcvblbss cltab i`lsumbrs mclk scgat. Wb vbry `ftbl gbt bxp`sbk wcta lumbr`us fr`m `fnkvbrtcsbmblts nlk sclib wb nrb jcvclg cl n s`icbty krcvbl oy o`ta psyia`j`gcinj nlk

rntc`lnj o`ulknrcbs-tacs rbsbnria inl gcvb us ijub t` want nitunjjy cmpnit m`st t`i`lsumbrs nlk tabcr ouyclg obanvc`r. Blk `f tab kny, cl ousclbss- tab rbnjcty cs

blicrijbk wcta tab lumobrs nss`icntbk wcta kcffbrblt usngb `f i`mmbricnjs nlk tabcr

trnlsjntbk pnttbrl `f snjbs cl tab mnrdbt (Ir`idbtt, Knvck, ?551, p?;3).

9Onlgjnkbsa Ornlk f`rum, Nprcj ?5>9.;Gujns, Ianrjbs Y., nlk Mnri G. Wbclobrgbr (?556), Aum`r cl Nkvbrtcsclg8 NI`mprbablscvb Nlnjyscs, Nrm`ld, LS8 M.B.Yanrpb.

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Ur`ojbm YtntbmbltL`w-n-knys nkvbrtcsclg tar`uga no`vb tab jclb ans obi`mb vbry p`pujnr mbta`k cl

kcffbrblt clkustrcbs f`r i`mmulcintclg tabcr cltblkbk mbssngb t` tab tnrgbt iust`mbrs.[ab suiibss `f suia nitcvctcbs jcbs `l tab fnit tant wabtabr tabsb fcrms i`ujk ob nojb t`

i`lvby tab mbssngb t` tab rcgat nukcblib rcgatfujjy `r l`t. Ct cs clkbbk iruicnj t`ckbltcfy wacia fnit`rs nrb pjnyclg clfjubltcnj r`jb `l puriansclg obanvc`r cs ct tabnkvbrtcsclg nttrcoutbs `r tab cltblkbk i`mmulcintc`l jcbs cl tab nkvbrtcsbmblts.

Ycglcfcinlib `f tab YtukyCt ans obi`mb iruicnj f`r bvbry`lb cl tab ousclbss fcbjk t` clf`rm pb`pjb no`ut vnrc`us

pr`kuits nlk sbrvcibs t` gncl sntcsfnit`ry mnrdbt sanrb cl tab i`mpbtctcvb w`rjk. [abm`st frbqubltjy usbk wny `f suia i`mmulcintc`l cs nkvbrtcsclg tar`uga kcffbrbltmbkcns. Ct ans obbl frbqubltjy objcbvbk tant tab m`rb tab pb`pjb dl`w no`ut n pr`kuit

`r n sbrvcib, tab grbntbr tab tblkbliy t` ouy ct. A`wbvbr, tab nkvbrtcsclg rbqucrbs n

augb nm`ult `f clvbstmblts nlk clv`jvbmblts. _biblt kntn sa`ws tant `rgnlczntc`lsnrb abnvcjy clvbstclg (>/9

rk`f Mnrdbtclg bxpblkcturbs) cl N[Js. Cl tacs insb, ct cs vctnj

f`r tab mnlngbmblt nlk i`librlbk pnrtcbs t` blsurb tant rcgat i`mmulcintc`l cstar`uga nlk niacbvb p`sctcvb _@C( rbturl `l clvbstmblt). [acs stuky wcjj surbjy jbnk

tab prnitctc`lbrs t` ijbnrjy ulkbrstnlk no`ut tab cmp`rtnlib `f tab i`mmulcintc`l `fNks nlk tabcr bffbitcvblbss cl rbtncj mnrdbt.

_bsbnria @ohbitcvbsYclib tab obgcllclg `f tab lbw brn `f nkvbrtcsclg, wb nidl`wjbkgb tant ct mnttbrsm`st want wb irbntb nlk sbjj tar`uga `ur i`mmulcintc`l (@gcjvy, >313)- f`r us tabsb

w`rks nrb hust n strntbgci kcrbitc`l cl tab nkvbrtcsclg clkustry. Wb anvb obbl`osbrvclg nkvbrtcsclg clkustry cl `ur i`ultry wacia rbibltjy gbts n ocg o``st `vbr tab

jnst 95 ybnrs o`ta cl tbrms `f m`lbtnry nlk qunjctntcvb fnits. Wb objcbvb tab brn anshust tndbl n trnlsctc`l m``k wcta tab njcglmblt `f gj`onj nkvbrtcsclg. [abrbf`rb, tab

`ohbitcvbs t` k` tacs rbsbnria nrb8>. [` gbt qunjctntcvb clscgats `l tab cmpnit `f nkvbrtcsclg cl fnst m`vclg

i`lsumbr g``ks (FMIG) sbgmblts.?. [` ulkbrstnlk wabtabr tab qunjcty `f nkvbrtcsbmblt ans nly rbs`lnlib cl

i`lsumbrs [@MN ([`p f tab Mclk Nwnrblbss) jbvbj.

9. [` bstnojcsa n rbjntc`lsacp obtwbbl tab cmpnit `f nkvbrtcsbmblts nlk tabcri`mmulcintc`ls irbntb scglcfcinlt ocnsbs t`wnrks n ouyclg kbicsc`l.

;. [` nlnjyzb tab fnits `f j`ynjty `f n i`lsumbr wabtabr orbniabk `r l`t kub t`bxibsscvb bxp`surb f nkvbrtcsbmblts.

2. Nlk fclnjjy, t` gbt t` dl`w tab IKF (I`lsumbr kcsp`sctc`l Fullbj) `f tabi`lsumbrs cl tab ia`sbl sbit`rs.

Mbta`k`j`gyYclib wb nrb sbnriaclg s`mbtaclg lbw nlk bxpj`rclg taclgs tant mcgat ob n

i`mpjbmbltnry fnit`r f`r tab nkvbrtcsbmblt nrbln, wb anvb clvbstbk qunjcty tcmbobaclk bxpj`rntcvb rbsbnria mbta`k. Wb trcbk t` irbntb qubstc`llncrb m`rb `r jbss

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nknptcvb t` tab mnrdbt sblsb. Wb mnkb tacs cl Onlgjn f`rmnt s` tant rbsp`lkblts inl

gcvb us tabcr `rcgclnj vcbws `l tab mnttbr. Obf`rb g`clg t` mnrdbt, wb anvb irctcinjjysbgrbgntbk tab nrbn `f `ur ijustbrs s` tant mnxcmum rbprbsbltntc`l `f o`ta

kbm`grnpaci nlk `f kcffbrblt `iiupntc`lnj gr`ups inl gbt nj`lg wcta. Nlk t` gbtvcvck clf`rmntc`l, wb anvb ia`sbl ? kcffbrblt sbit`rs s` tant wb i`ujk bvbltunjjy

pr`hbit taclgs f`r tab nkvbrtcsclg clkustry ns n wa`jb. Anvclg snck njj tab mnttbrs

no`vb, wb objcbvb tabrb mcgat anvb obbl n ianlib `f brr`rs4 wb trcbk tab utm`st jbvbjt` mclcmczb tab brr`r nlk cts cmpnit clt` tacs stuky. Wb anvb intbg`rczbk taclgs cl tab

f`jj`wclg mnllbrs8

Nlnjyscs `f Fclkclgs[ab nlnjyscs abrb cs prbtty muia strncgat nlk gcvbs us s`mb iruicnj pcbib `f

clf`rmntc`l. Wb tblk t` j``d nt tab vbry fbw mnttbrs tant nrb pcv`tnj t` gbt ij`sb t`nly i`lijusc`l rbgnrkclg tab fnits `f i`mmbricnj qunjcty, qunltcty `f Nks, i`lsumbr

kcsp`sctc`l nlk ulnsscstbk [@MN (t`p `f tab mclk nwnrblbss). Wb anvb stukcbk tabwa`jb sbt `f kntn nlk anvb i`mb up wcta tab f`jj`wclg nlnjyscs tant inl ob trcidy nlk

cmpnitfuj t` nly mnrdbtclg `rgnlczntc`l, irbntclg nl Nk inmpncgl t` tab jbnst.

2Niiurntb snmpjb sczb

[nojb-5>8 _bsbnria W`rd Kbscgl

Unrtciujnrs Kbsircptc`l

J`intc`l Kandn

Ijustbr 2

Ijustbr Kbsircptc`lRttnrn(>55), M`tchabbj(>55), Oncjy _`nk(>55), Gujsanl(>55),Kanlm`lkc(>55)

Ybjbitbk Ybit`rs Obvbrngb nlk [bjbi`m.

Ynmpjclg [bialcqubs Ur`onocjcstci Ynmpjclg

_bsp`lkblts Intbg`ry

Gblkbr (o`ta mnjb nlk fbmnjb)Ngb Ijnsscfcintc`l (m`rb tanl?5 ybnrs)

@iiupntc`lnj Gr`ups (Ybrvcib a`jkbr, stukblt nlk sbjf-

bmpj`ybk)

_bsbnria Mbta`k & Kntn

I`jjbitc`l

Bxpj`rntcvb Ytuky

Urcmnry Kntn I jjbitc`l Mbta`k8 Yurvby ^ubstc llncrb.

Ynmpjb ^ubstc`llncrb Kbscgl MI^ nlk `pbl blkbk

L` `f t`tnj survbybk

^ubstc`llncrb

255

L` `f I`mpjbtbk ^ubstc llncrb ;76

Fclnj Ynmpjb Yczb l=;>72

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Bxp`surb t` I`mmbricnjs

Ct ans njwnys obbl n mnttbr `f truta tant N[J pjnys clstrumbltnj r`jb cli`mmulcintclg ornlk i`mmulcintc`l. [a`uga tab r`jb `f O[J cl t`knys sbrvcib

pnttbrlbk mnrdbtclg wbcgas njm`st tab snmb, cf l`t ir ssclg tab onr. Cl o`ta sctuntc`ls,mbkcum `f i`mmulcintc`l abrb `riabstrntb tab kcssbmclntc`l `f kbscrbk

i`mmulcintc`l t` tab rcgat i`lsumbrs. Wb survbybk tant t``, nlk 25% (obvbrngb)rbsp`lsb rntb clkcintbs tant

i`lsumbrs `f tacs snmpjb

nrb bxp`sbk t` `lb nlk/`rm`rb mbkcums nsi`mmulcintc`l pjntf`rm.Ycglcfcinltjy bl`uga, ;7%

(tbjbi`m) nj`lb snck tant

tabcr rbi`glctc`l t` nly i`mmbricnjs wns tar`uga [Vs. Nlk cltbrbstclg ct cs tant prcltmbkcn (lbwspnpbr 6%) cl o`ta sbit`rs k` l`t sbbm tab p`wbra`usb `f Nk

i`mmulcintc`l.

^unjcty Hukgmblt `f _biblt I`mmbricnjsWb nsdbk tab i`lsumbrs wcta scmpjb ia`cibs onsbk `l s`mb qunjctntcvb i`mmblts.

[ab rbsujts nrb nst`ulkclg ns wb inl sbb n ij`sb rbjntc`lsacp cl Nks nlk tabcr qunjcty,npnrt fr`m kcstclgucsaclg pnttbrls `f tabcr rbspbitcvb sbit`rs4 wb inl anrkjy sbb nly

kcffbrblib `f `pclc`l. [ab ckbn `f puttclg ct tar`uga cs Nks nrb obi`mclg clkcffbrblt

nlk mnkb f`r fcttclg bvbry sczb.

[nojb-598 _bsp`lsb onsbk cl Kc f fbrblt unj ctntcvb Vnrc nojbs

Vnrcnojbs[bjbi`m Obvbrngb

Ngrbbk Kcsngrbbk Ngrbbk Kcsngrbbk

Nks nrb [rnkctc`lnj ;7% 9>% 9>% ;7%Nks nrb Cll`vntcvb 72% 3% 72% 6%

Nks nrb jblgtay 23% ??% ;;% 9>%

Nks i`ltncl prbicsb I`mmulcintc`l 26% ?2% 69% >9%

Nks i`mclg cl mnsscvb ^unltcty 1>% 3% 3;% 9%

Nks nrb irbkcojb (snyclg njj trub) >3% 25% ?2% ;7%

72% rbsp`lkblts `f o`ta sbit`rs fbbj tant nks `l ncr nrb cll`vntcvb4 m`rb tanl 15%fbbj tant qunltctcbs `f nks nrb augb. Ns n mnttbr `f fnit, tacs cs quctb n i`ltrnst sclib

mnsscvb qunltcty nks sa`ujk anvb lbgntcvb clfjublib `l cll`vntc`l. A`wbvbr, tab

m`st i`librlclg fnit wb mny kbrcvb abrb cs `ljy ?2% objcbvbk tant Nks `l ncr nrbtrustw`rtay no`ut tab pr`kuit nlk tabcr cmngb.

Clspcrntc`l t` Ouy n Ur`kuitI`lsumbrs nrb tab oj``kjclb cl tacs bvbr-bxpnlkclg inpctnjcsm m`kbj. Onlgjnkbsamnrdbt cs l` bxibptc`l abrb. Clvbstcgntclg tab rbsp`lkblts wcta tacs snmpjb kntn sbt-wb inl f`rm nl ckbn `f want mnttbrs m`st t` i`lsumbrs cl nly Nks nt tab blk `f tab

[nojb-5?8 M bkcum f Bxp`surb t` I`mmbricnjs

[bjbi`m Obvbrngb

[V ;7% ;>%

Lbwspnpbrs/Urclt mbkcn 9% 6%

M`rb tanl `lb mbkcn ;>% 25%

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7

kny. Ct wcjj i`lstctutb nl ckbn `f clspcrntc`l f`r njj i`lsumbrs (snmpjb sczb) ns t` want

taby tacld m`st cmp`rtnlt obf`rb mndclg n puriansclg kbicsc`l.Fbnturbs `r qunjctntcvb fnits nrb

tab clspcrntc`l f`r i`lsumbrs. 29%rbsp`lkblts tacld tant taby nrb

clspcrbk oy "fbnturb-wacia cs quctb

njcglbk t` tab rbnjcty `f tab mnrdbt.Ycmujtnlb`usjy, ct lbbks t` ob

mbltc`lbk abrb tant prciclg gbts nwbnd (?5-?9%) rbsp`lsb wacia csulkbrstnlknojb ns rbsp`lsbs wbrb

tndbl cl mbgn icty (`ljy cl Kandn) wabrb prcib bjnstcicty supp`sbkjy ob j`wbr tanlnly `tabr ictcbs `f tab i`ultry. Ct lbbks t` ob furtabr mbltc`lbk abrb tant prciclg

nttrcoutbs mny anvb n scglcfcinlt clspcrntc`l t` ouybrs cl `tabr ictcbs4 a`wbvbr, ct

rbqucrbs n kcffbrblt rbsbnria w`rd.

I`mmbricnjs Irbntb Clsurnlib f`r tab Ur`kuit nlk cts FbnturbsI`lsumbrs k` wntia tab nks nlk tabl bxpblsb obaclk tab ctbm f`r usngb. [a`uga ct cs

fulknmbltnj tant i`mpnlcbs wcjj p`st `r i`mmulcintb no`ut tab pr`kuits wabrb g``ksblsb must prbvncj. [ab btacis i`mb `l tab surfnib abrb. Ngncl, wb sbb m`st rbsp`lsbs

fr`m tab obvbrngb sbgmblt objcbvb want tab nk/i`mmbricnj snys no`ut tab pr`kuit nrb

mcjbs nwny fr`m tab rbnjcty.[w` tacrk `f tab rbsp`lkbltsobjcbvb tant Nks k`bs l`tblsurb tab qunjcty `f n pr`kuit,

wacia cs ctsbjf mclk lumoclg.

@l tab `tabr anlk, tbjbi`m sbit`r ans g`t s`mb g``k lumobrs i`mpnrbk t` obvbrngb

sbit`r out stcjj ct cs j`w (29%).

IKF (I`lsumbr Kcsp`sctc`l Fullbj) - I`lsumptc`l YtntcstcisJ`ynjty ans obbl tab fclbst pnrnmbtbr f`r njj ornlks. [ab ijnssci bxnmpjbs nrb tabusunj ijnsa wcta I`db vs. Ubpsc

6cl tacs suoi`ltclblt puts n tno`` `f i`j`rs cl fcgat `f

rbk vs. ojub. Cl `ur rbsbnria, tabrb nrb s`mb qubstc`ls, wacia wbrb intbg`rcinjjy

kbscglbk cl n wny tant wb i`ujk i`lstctutb tab IKF f`r o`ta tab sbit`rs.Ns wb inl sbb obj`w- i`lsumbrs cl tbjbi`m (?9%) nrb jbss j`ynj tant obvbrngb (95%)

sbit`rs.

6 [rcp`kc, H`b.P I`in-I`jn Mnrdbtclg Yacfts fr`m Cmprbssc`ls t` Bxprbssc`ls._btrcbvbk Ybptbmobr ;, ?5>?, fr`m attp8//oj`gs.aor.`rg/is/?5>>/5;/i`in-

i`jnsPmnrdbtclgPsacftPfr`.atmj/, Nprcj (?5>>).

[nojb-5;8 Nttr coutbs tant C lspcr b I`lsumbrs t`

I`lsumb[aclgs ta`sb

mnttbrs [bjbi`m Obvbrngb

Ur`m`tc`l >9% ?;%

Ckbn >;% ?;%

Fbnturbs 29% ;5%

Urciclg ?5% >?%

[nojb-528 Nks/I`mmbricnjs Blsurbs tab unjcty f

tab Ur`kuit

[bjbi`m 29%

Obvbrngb ?1%

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1

Ct clkcintbs n kcffbrblt l`tc`l abrb- tab swctiaclg pnttbrl cl [bjbi`m rntabr cs m`rbk`mclnlt tanl cl Obvbrngb. F`r tab clkustry, tab kntn gcvbs g``k lbws c.b. m`rb tanl

25% rbsp`lkblts wnlt t` try `ut n ornlk onsbk `l Nks.

[`p `f tab Mclk Nwnrblbss (Rlnsscstbk)

Wb trcbk t` tbst tab nwnrblbss `f Ornlks fr`m i`lsumbrs cl nl ulnsscstbk pnttbrl. [abqubstc`l wns `pbl-blkbk nlk i`lsumbrs ank t` nlswbr onsbk `l tab m`mblt tabyi`ujk rbinjj nly ornlk lnmb, cf nppjcinojb. Want wb anvb sbbl fr`m tab snmpjb csI`db(99%) cl obvbrngb nlk GU(95%) cl tbjbi`m sbit`rsrbinjjbk m`st. [a`uga

rbinjjbk m`st, I`dbs ornlk cmngb ans l`t obbl m`stjy trnlsjntbk clt` snjbs.

Fcgurb-5?8 Rlnsscstbk [`p `f tab Mclk Nwnrblbss f`r o`ta [bjbi`m nlk Obvbrngb

Ybit`rs.

Inmpncgl Nwnrblbss nlk Niiurniy Nssbssmblt (Nsscstbk)Yclib i`mmbricnjs nrb tab trncjbr `f tab wa`jb pciturb `f tab ornlk, i`lsumbrs dbbptaclgs cl tabcr mclk-cl m`st insbs mny ob tab ianrnitbr `r hclgjb `r bvbl tab tngjclbs

`f tab inmpncgl. Wb survbybk tab pb`pjb i`librlclg tab rbiblt nks nlk tabcr tngjclbt` sbb wabtabr nlk a`w muia niiurntb taby nrb cl i`llbitclg tab rcgat ornlknss`icntc`l. Wb mnkb n pbribptc`l Clkbx (5->55) nlk taus j``d`ut tab niiurntb

rbsp`lsb fr`m tab i`lsumbrs. Wbjj, ns `ovc`us ct cs-i`lsumbrs nrb m`rb niiurntb clpbribcvclg nlk i`llbitclg tab rcgat tngjclb f`r tab rcgat inmpncgl cl [bjbi`m rntabr

tanl cl Obvbrngb.

Fcgurb-5>8 IKF `f [bjbi`m nlk Obvbrngb sbit`r onsbk `l snmpjb rbsp`lsb.

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Way k` I`lsumbrs I`lsumb0 (Clfjubliclg Fnit`rs)7

Wb trcbk t` clvbstcgntb tab rbns`ls obaclk n puriansclg kbicsc`l mnkb oy tabi`lsumbrs. F`r o`ta sbit`rs wb anvb dbpt tab snmb `ptc`ls s` tant wb inl njcgl taclgsclt` kcffbrblt gr`ups/ijuos

(Nppblkcx N). Wb ank >? ia`cibsnlk ia`cibs wbrb `f o`ta ^unjctntcvb

nlk ^unltctntcvb rntc`lnjbs. @f njjtab rbsp`lsbs want wb anvb g`t cs

cltbrbstclg. 96% rbsp`lkblts `ptIjuo B (onscs `f ^unjcty nlkYuppjbmbltnry pr`kuits) ns tabcr

m`st prbfbrrbk rbjntc`lnj t` ouy n

pr`kuit. [acs cs gcvclg us n l`tc`lno`ut tab i`lsumbr nlk tabcr

ulkbrstnlkclg bjbmblts tant m`sti`lsumbrs nrb krcvbl `ff oy tab

qunjctntcvb j`gcis.

Cmpnit Jbvbj Nssbssmblt- Nkvnlibk Nlnjyscs[` gbt n kbbpbr ulkbrstnlkclg `l tab cmpnit jbvbj `f nkvbrtcsbmblt cl ouyclg

kbicsc`ls ct cs bvckblt tant wb sa`ujk i`lstctutb n m`kbj-wacia w`ujk nlswbr tabirctcinj cssubs cl n kbtncjbk mnllbr. Wb w`ujk scmpjy p`stujntb taclgs ns f`jj`wclgs8

7Nppblkcx N

Fcgurb-598 Inmpncgl Nwnrblbss C lkbx nlk Niiurniy Nssbssmblt

Fc gurb-5;8 C lfj ubliclg F nit`rs f`r Uur iansb

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Ayp`tabscs N8 Uuriansclg obanvc`r cs cmpnitbk oy tab bxp`surb `f nks.

bxp8 ^nkUyA` cmpnit

TA`8 =5 nlk A>8 5] --------------- (>)

Wabrb, Uy= puriansclg obanvc`r nlk ^nkbxp = qunjcty `f tab bxp`surb `fNks.

Ayp tabscs O8 [a`sb wa` nrb j`ynj wcjj l`t cltblk t` m`vb onsbk `l tab nks `f

i`mpbtct`r.

)*(8 Nf^nkIJA` cmpnit

TA`8 =5 nlk A>8 5] ---------------- (?)

Wabrb, IJ=I`lsumbrs J`ynjty, ^nk= ^unltcty `f Nks nlk Nf=Nk fbnturbs.

Ayp`tabscs I8 Nk qunltcty ans n pr`p`rtc`lnj clfjublib `l tab qunjcty `f

nkvbrtcsbmblt

)>(8^l

DnA` TA`8 =5 nlk A>8 5] -------------------------------- (9)

Wabrb, Dn=^unjcty `f Nks nlk ^l= ^unlntcty `f Nks.

Onsbk `l tab cssubs wb anvb, wb inl tabl hukgb tab cmpnit jbvbj qunltctntcvbjy onsbk

`l nvncjnojb rbns`ls mnttbr m`st t` puriansclg kbicsc`ls. Wb w`ujk rbgrbss tabjcdbjca``k t` ouy wcta `tabr p`sscojy cmpnitfuj vnrcnojbs nlk taus inl rul n m`kbj

t` f`rbinst tab cmpnit.

@ur rbgrbssc`l m`kbj sbts ns8

Sp=5+>Q>+?Q?+9Q9+;Q;+2Q2+2Q2+5 -------------------------------(c)Wabrb, Sp=Jcdbjy t` ouy ns kbpblkblt vnrcnojb.

Nlk, Q>=Ur`m`tc`l, Q?=Fbnturbs, Q9=Urciclg (kcsi`ultclg), Q;=Ckbn,

Q2=Urbicsb I`mmulcintc`l, Q6=Nk unltcty 5=brr`r.

Sp(jcdbjy t` ouy) =5+>Ur`m`tc`l+?Fbnturbs+9Urciclg+;Ckbn+;Urb.I`mm.+2Nk^unl+5[` gbt tab ckbn `l wacia vnrcnojbs anvb n qunltctntcvb cmpnit `l tab qunjcty `f tab

nks/ i`mmbricnjs wb tabl rbgrbss tab f`jj`wclg ns wbjj8

S = 5+ cQc+hQh+ dQd+ jQj+mQm+5 -----------------------------(cc)S (^unjcty`fNks)= 5+CNkbxp+hNkqunl+ dNkjblgta+ jUrbicsblbss+m[rubNks+5

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>>

M`kbj Fctlbss1

N8 M`kbj (c)8

Ns wb inl pr`grbss `l _bgrbssc`l

m`kbj wb inl kbtbit tant tab m`kbjfctlbss jbvbj cs 36%, wacia cs quctbacga nlk pr`onocjcstcinjjy trub t` tabmnrdbt i`lsicblib. Urciclg, pr`kuit

fbnturbs nlk Ckbn ans obbl sbblscglcfcinltjy cmpnitclg tab r`jb `f

ouyclg kbicsc`l. F`r bxnmpjb, f`rbvbry prciclg ianlgb cl > ulct tabrb csn 7>% jbvbj `f pr`onocjcty tanti`lsumbr mny wnlt t` ouy tabpr`kuit.

O8 M`kbj (cc)8

[abl wb pr`ibbkbk `l tab ckbn tantwacia vnrcnojbs anvb grbntbr cmpnit

`l tab ^unjcty `f tab nks. Wbrbgrbssbk nlk f`ulk tab m`kbj

fctlbss jbvbj cs 66%, sbbms quctb njjrcgat ta`uga. L`w cf wb j``d nt tabbxpjnlnt`ry vnrcnojbs, wb w`ujk sbb

tab [rub Nks (irbkcocjcty clNk/I`mmbricnjs) ans scglcfcinlt

cmpnit `l ^unjcty nssurnlib `f ni`mmbricnj. 2>% pr`onocjcstciianlibs `f trbntclg nl ns ^unjctyNks cf ct lnrrntbs tab trub pciturb t`tab i`lsumbrs. A`wbvbr, ns wb i`ujk

nssumb tant Nk qunltcty ans l` cmpnit`l blsurclg tab qunjcty `f nl nk, tabm`kbj supp`rts tab ta`ugat.

_bgnrkclg tab ayp`tabscs tant wb ank oucjt bnrjcbr, wb inl nssumb wcta tab

scglcfcinlib jbvbj tant8c. ^unjcty `f Nks (D) anvb l` cmpnit wcta tab ^unltcty `f Nks (^ l), ns n

rbsujt onsbk `l tab m`kbj fctlbss, wb inl rbhbit tab A 5sclib wb sbb clrbgrbssc`l tant ^lans l` cmpnit `l tab D, lbctabr pr`p`rtc`lntbjy l`rkcspr`p`rtc`lntbjy.

1Nppblkcx O

[nojb-528 _bgrbssc`l _bsujts f Jcdbjy t` Ouy

F`rbinstclg M`kbj

[nojb-568 _bgrbssc`l _bsujts f ^unjcty f NksNssbssmblt M`kbj

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>?

cc. Ngncl, cf wb j``d nt tab bquntc`l (>), wb inl nssumb i`lirbtbi`rrbjntc`l ns wbjj. Bxp`surb t` Nks (Nk bxp) inl grbntjy clfjublib tab

i`lsumbr t` mndb n fclnj kbicsc`l t` i`lsumb. [abrbf`rb, wb inl niibpt

A5abrb.

Jcmctntc`lsCt ans obbl n mnsscvb tnsd t` tndb n t`ur `l nkvbrtcsclg cl n frngmbltbk mnrdbt jcdb

Kandn. Wb objcbvb tab snmpjb sczb cs quctb smnjj nlk nt tacs sinjb wb inl kbtbit

a`m`gblbcty `f snmpjbs ns wbjj. Out wb trcbk `ur obst t` ia``sb snmpjbs onsbk `ltabcr trub mbrct. Npnrt fr`m tant wb ulkbrstnlk tant ocggbr snmpjb sczb fr`m tab

kcffbrblt pnrts `f tab i`ultry mny pr`kuib m`rb niiurntb rbsujts. A`wbvbr,

i`lsckbrclg tab tcmb jcmct nlk jnid `f rbs`uribs- wb inl nssumb tant tab rbsujtskbrcvbk bvbl fr`m tacs snmpjb cs kcrbitc`lnj cl s`mb mnh`r nrbns. Nlk jnstjy wb wnltt` strbss `l tab fnit tant wb trcbk t` ob ulocnsbk ns fnr ns wb i`ujk p`sscojy ob.

_bi`mmblkntc`lsOnsbk `l tab rbsbnria nlk snmpjb prbkcitc`ls, wb inl rbi`mmblk tab f`jj`wclgs8

Irbntclg nl Nk nlk tabl i`mmulcintclg t` i`lsumbrs- cs l`t tant n scmpjbinjiujntc`l ta`uga. [ab iruicnj p`clt tant wb mcssbk `ut clm`st insbs cs tabcltbltc`l `r tab rbns`l `f i`mmulcintclg tab Nks. Cl o`ta insbs, wb

f`ulk tant rbsp`lkblts inl i`rrbitjy i`rrbjntb n ornlk lnmb `r Nk onsbk `ltab tngjclb out s`mba`w mcssbk tab cltblkbk mbssngb `f Nks. 79% tbjbi`m

i`lsumbrs wa` nrb stcjj ulnwnrb no`ut tab injj ianrgb/ mcl supp`rt tacs

l`tc`l abrbwabrb ns cl tbrms `f qunltcty tbjbi`m nks i`mb quctb frbqubltjy. Nk clkustry ans n mnsscvb jblcbliy t`wnrks irbntcvcty nlk bm`tc`lnj o`lkclg.

Wbjj, fr`m tab snmpjb ct inl bnscjy ob nssumbk tant Nk clkustry sa`ujk tndbinrb `f qunjctntcvb fnits nlk must rbmncl trutafuj t` cts i`lsumbrs. Jnid `f

irbkcocjcty (?9% rbsp`lkblts objcbvb nks stntb tab trub fnits f`r tbjbi`m nlkf`r obvbrngb ct cs `ljy ?5%) cs l`t n abnjtay scgl f`r tacs clkustry. [abrbf`rb,sbbclg cs objcbvclg- tab taumo rujb `f nks nrb l`t mndclg n sblsb t`

i`lsumbrs. Yclib Nk cs n stnrtbr t` mndb n kbicsc`l f`r i`lsumbrs. Ct cs acgajy

rbi`mmblkbk abrb tant i`mpnlcbs sa`ujk i`ult `l trc fnit`rs i`libcvbk cltacs stuky. [absb nrb prciclg, Ckbn nlk pr`kuit fbnturbs. [` nkk n oct, pr`kuitfbnturbs sa`ujk i`mpblsntb t` tab qunjcty fcrst nlk tabl t` `tabr nttrcoutbs.

I`mpnlcbs must rbjy `l tabsb wacjb i`mmulcintclg tab nks.

I`lijusc`l[ab stuky trcbs t` nlswbr s`mb cltrcguclg qubstc`ls rbjntbk t` nks, tabcr cltblkbk

i`mmulcintc`l nlk cl rbnjcty a`w tabsb nrb iruicnj cl mndclg n ouyclg kbicsc`l. [acsstuky rbvbnjs tant tab usb `f bm`tc`lnj rbfbrblibs ans suiibssfujjy irbntbk nwnrblbssnm`lg tab i`lsumbrs. Ct ans prbkcitbk nl cmpnitfuj ianlgb cl puriansclg obanvc`rns wbjj. Out `vbr rbjcnlib `l bm`tc`lnj fnits nrb cmpbkclg tab rbnj `ohbitcvbs `f nks.

_binjjclg `f Nks hust obinusb `f tngjclbs `r `tabr nttrcoutbs out surbjy l`t obinusb`f cltblkbk fnits cs n mnh`r i`librl. Ns n mnttbr `f fnit , Nks fncj t` pr`vckb n sblsb

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>9

`f irbkcocjcty tant tab iust`mbrs inl rbjy `l. [aus wb sbb n kbfclctcvb gnp obtwbbl tab

kcssbmclntbk i`mmulcintc`ls vbrsus cltblkbk fnits f tab Nks.

[ab stuky `ljy pr`vckbs us s`mb gblbrci ybt quctb cltrcguclg ckbn `l tab cssub4 ct k`bsl`t lnrrntb nly i`lijuscvb rbsujts nt tacs tcmb. A`wbvbr, ct ans surbjy jct n jcgat `l tab

fnit `f bffbitcvb nkvbrtcsbmblts cl tab clkustry. Ablib, furtabr stukcbs cl tacs mnttbrinl rbvbnj bvbl obttbr, cltrcguclg nlk qunjctntcvb clscgats cl futurb.

_bfbrblibs

>. Nndbr, Hblcfbr J., Nllb M. Orumonuga, nlk Y`lyn N. Grcbr(?555), L`l tnrgbtMnrdbts nlk Vcbwbr Kcstclitcvblbss8 [ab Cmpnit `f [nrgbt Mnrdbtclg `l Nkvbrtcsclg

Nttctukbs,H`urlnj `f I`lsumbr Usyia`j`gy, 3 (9), >?7>;5.?. Ocbanj, Gnorcbj, Kborn Ytbpabls, nlk Bjb`l`rn Iurj` (>33?), Nttctukb [`wnrk tab Nk

nlk Ornlk Ia`cib,H`urlnj `f Nkvbrtcsclg, ?> (9), >396.9. Ijcft`l, Y. (?559), Ornlks nlk Ornlkclg8 Or`ugat t` Jcfb oy >> Bxpbrts Wa` K`,

Onsdcl nlk Bnrjs (Bk.) Ytbrjclg, VN8 D`gnl Ungb.

;. Ir`idbtt, Knvck (?551), Mnrdbtclg Ojnidlbss8 A`w Nkvbrtcsbrs Rsb _nib t` YbjjUr`kuits,H`urlnj `f I`lsumbr Iujturb, 1(?), ?;2?61.

2. Kbsapnlk, _`act, nlk K`ugjns M. Ytnymnl (>33;), N [njb `f [w` Ictcbs8Kcstclitcvblbss [ab`ry Bffbitcvblbss,H`urlnj `f Mnrdbtclg _bsbnria, 9> (>), 276;.

6. Bnrjb, Jbb, [ruta, Nrt, nlk Nkvbrtcsclg8 I`lsckbrclg tab Irbntcvb Ubrspbitcvb `f tabU`bt, tab Uncltbr, nlk tab Nkvbrtcsclg Urnitctc`lbr, H`urlnj `f Uuojci rbjntc`ls nlkmnrdbtclg, V`jumb >, Cssub > (?5>>), Ungb >-1.

7. Brkbm, [ccjcl, nlk H`ffrb Ywnct (?55;), "Ornlk Irbkcocjcty, Ornlk I`lsckbrntc`l, nlkIa`cib," H`urlnj `f I`lsumbr _bsbnria, 9>(>), >3>->31.

1. Gucjjnumb ,Y`lyn N. Want cs tab cltblkbk i`lsbqublib, H`urlnj `f Nkvbrtcsclg v`j;>, l` 9, p 3>->>9.

3. Gujns, Ianrjbs Y., nlk Mnri G. Wbclobrgbr (?556), Aum`r cl Nkvbrtcsclg8 NI`mprbablscvb Nlnjyscs, Nrm`ld, LS8 M.B.Yanrpb.

>5. COM Gj`onj Ousclbss Ybrvcib, [ab Blk `f [bjbvcsc`l Ns Wb Dl`w Ct8 N FuturbClkustry Ubrspbitcvb, COM Clstctutb f`r Ousclbss Vnjub, Hnl ?7, ?556.

>>. Mbssblgbr, Ytbvb & Acggs, _ny, Mbnsurclg pr`m`tc`ls8 Nitcvntc`l rbsp`lsbmnlngbmblt, Nkmnp, WN_I, Mny ?5>>.

>?. Y`rib, Untrcicn, Ua.K & Kbwctz, Nknm [ab Insb f`r Urclt Mbkcn Nkvbrtcsclg Cl [abCltbrlbt Ngb, Urcltclg Clkustry Ibltbr, _`iabstbr Clstctutb `f [bial`j`gy, _`iabstbr,

LS, Fborunry ?557.

>9. Yuhnl, M., Obttmnl, H. _., & Onumgnrtlbr, A., Clfjubliclg I`lsumbr Hukgbmbltusclg Nut`oc`grnpacinj Mbm`rcbs8 N Ybjf-rbfbrbliclg Ubrspbitcvb, H`urlnj `fMLnrdbtclg rbsbnria, V`jumb->> (>339), Ungb ;??-;96.

>;. [rcp`kc, H`b. I`in-I`jn Mnrdbtclg Yacfts fr`m Cmprbssc`ls t` Bxprbssc`ls._btrcbvbk Ybptbmobr ;, ?5>?, fr`m attp8//oj`gs.aor.`rg/is/?5>>/5;/i`in-

i`jnsPmnrdbtclgPsacftPfr`.atmj/, Nprcj (?5>>).

>2. Vnn, Dnmcj & brl, uocin, M`vclg O`nrk - Lbw Wny `f MnrdbtclgI`mmulcintc`l. H`urlnj `f Mntbrcnjs Yicblib nlk [bial`j`gy T`ljclb], Yj`vndRlcvbrscty `f Orntcsjnvn - CYYL >992-3529.V`jumb >>, L`. > (?5>>), p. 92-93.

>6. Xcldanl, G. nlk Jbcga, [. (>333), Nssbssclg tab ^unjcty _nldclg `f tab 'H`urlnj `fNkvbrtcsclg,' >316->337, H`urlnj `f Nkvbrtcsclg, V`j. ?1, Cssub, ?

7/22/2019 Effective 60 Seconds

14/14

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Nppblkcx N8 Gr`upclg `f Kcffbrblt Vnrcnojbs cl Kcffbrblt Ijuos.

Nppblkcx O8 I`rrbjntc`ls f I`bffcicblts `f Kcffbrblt Vnrcnojbs.

Nkbxp Nktcmb [rnkctc lnj Cll vnt cvb Nkjblgat Urbicsbi mms Nkqunl [rubnks Jcdbjyt ouy ^unjc tyNssurnlib Fbnturbs U r m tc l Ckbn Urciclg

Ubnrs`l I`rrbjntc`l > 5.?96 5.5?7 5.539 -5.>17 5.5;9 -5.551 5.512 5.579 -5.>>7 -5.>?6 -5.56> -5.533 5.>>3

Ycg. (?-tncjbk) 5.56 5.19> 5.;67 5.>; 5.79; 5.3;1 5.256 5.263 5.927 5.9? 5.692 5.;91 5.92

Ubnrs`l I`rrbjntc`l 5.?96 > 5.>6; 5.57 5.579 5.532 -5.>3? -5.5>9 -5.55> 5.572 -5.>59 -5.5?6 5.566 -5.521

Ycg. (?-tncjbk) 5.56 5.>36 5.219 5.262 5.;26 5.>?3 5.3>3 5.33; 5.221 5.;>1 5.1;> 5.652 5.6;3

Ubnrs`l I`rrbjntc`l 5.5?7 5.>6; > -5.>;1 5.5;? -5.>2> -5.?9> 5 .5;? -5.>7? 5.>79 -5.>52 -5.55? 5.>77 -5.>19

Ycg. (?-tncjbk) 5.19> 5 .>36 5.?;; 5.7;9 5.?99 5.567 5.7;; 5.>7; 5.>7? 5.;51 5.33 5.>6> 5.>;1

Ubnrs`l I`rrbjntc`l 5.539 5.57 -5.>;1 > -5.539 5.>2? 5.519 5.>9 5.512 5.?;? 5.59> -5.>22 .?1>* -5.57

Ycg. (?-tncjbk) 5.;67 5 .219 5.?;; 5.;6; 5.?9 5.2>; 5.956 5.256 5.52; 5.153 5.??> 5.5?; 5.212

Ubnrs`l I`rrbjntc`l -5.>17 5.579 5.5;? -5.539 > 5.>57 -.?13* 5.531 5.559 -5.>9? 5.571 5.>57 -5.>62 5.5;3

Ycg. (?-tncjbk) 5.>; 5.262 5.7;9 5.;6; 5.931 5.5? 5 .;93 5.373 5.?31 5.2;? 5.931 5.>3> 5.633

Ubnrs`l I`rrbjntc`l 5.5;9 5.532 -5.>2> 5.>2? 5.>57 > -5.567 .91;** 5.>93 .9;?

** 5.>69 -5.>59 5.5?6 5.>92

Ycg. (?-tncjbk) 5.79; 5.;26 5.?99 5.?9 5.931 5.233 5.55? 5.?7? 5.556 5.>31 5.;>6 5.1; 5.?11

U bnrs l I r rb jn tc l - 5. 551 - 5. >3? -5 .?9> 5 .519 -.?13* -5.567 > 5.5> 5.>11 5.>?1 -.9;2

**-.?;3

* 5 .5 >> 5 .> 63

Ycg. (?-tncjbk) 5.3;1 5 .>?3 5.567 5.2>; 5.5? 5.233 5.391 5.>91 5.9>9 5.552 5.5;7 5.39> 5.>1?

Ub nrs l I r rbj nt c l 5 .5 12 -5 .5 >9 5 .5 ;? 5 .> 9 5 .5 31 .91;** 5.5> > -5.592 .2>7

** -5.>19 -5.55? -5.513 5.5 9>

Ycg. (?-tncjbk) 5.256 5.3>3 5.7;; 5.956 5.;93 5.55? 5.391 5.712 5 5.>;1 5.316 5.;12 5.151

Ubnrs`l I`rrbjntc`l 5.579 - 5.55> -5.>7? 5.512 5.559 5.>93 5.>11 -5.592 > -5.597 5.?96 -.1?>** 5.513 .11;

**

Ycg. (?-tncjbk) 5.263 5.33; 5.>7; 5.256 5.373 5.?7? 5.>91 5.712 5.77> 5.56> 5 5.;12 5

Ub nrs l I r rbj nt c l -5 .> >7 5 .5 72 5 .> 79 5 .? ;? -5 .> 9? .9;?** 5.>?1 .2>7

** -5.597 > -5.?>7 -5.>69 5.>3 -5.5;1

Ycg. (?-tncjbk) 5.927 5.221 5.>7? 5.52; 5.?31 5.556 5.9>9 5 5.77> 5.516 5.>31 5.>99 5.753

Ubnrs`l I`rrbjntc`l -5.>?6 -5.> 59 -5 .>5 2 5.59> 5 .571 5.>69 -.9;2** -5.>19 5.?96 -5.?>7 > 5.>?? 5.56; 5.51?

Ycg. (?-tncjbk) 5.9? 5.;>1 5.;51 5.153 5.2;? 5.>31 5.552 5.>;1 5.56> 5.516 5.996 5.6>1 5.2?

Ub nrs l I r rbj nt c l -5 .5 6> -5 .5 ?6 -5 .5 5? -5 .> 22 5 .> 57 -5 .> 59 -.?;3* -5.55? -.1?>

** -5.>69 5.>?? > -.;13**

-.695**

Ycg. (?-tncjbk) 5.692 5.1;> 5.33 5.??> 5.931 5.;>6 5.5;7 5.316 5 5.>31 5.996 5 5

Ubnrs l I r rbjntc l -5.533 5.566 5.>77 .?1>* -5.>62 5.5?6 5.5>> -5.513 5.513 5.>3 5.56; -.;13

** > -.9?1**

Ycg. (?-tncjbk) 5.;91 5.652 5.>6> 5.5?; 5.>3> 5.1; 5.39> 5.;12 5.;12 5.>99 5.6>1 5 5.551

Ubnrs`l I`rrbjntc`l 5.>>3 -5.521 -5.>19 -5.57 5.5;3 5.>92 5.>63 5.59> .11;** -5.5;1 5.51? -.695

**-.9?1

** >

Ycg. (?-tncjbk) 5.92 5.6;3 5.>;1 5.212 5.633 5.?11 5.>1? 5.151 5 5.753 5.2? 5 5.551

Fbnturbs

Ur`m`tc`l

Ckbn

Urciclg

*. I`rrbjntc`l cs scglcfcinlt nt tab 5.52 jbvbj (?-tncjbk).

**. I`rrbjntc`l cs scglcfcinlt nt tab 5.5> jbvbj (?-tncjbk).

Nkjblgat

Urbicsbi`mms

Nkqunl

[rubnks

Jcdbjyt`ouy

^unjctyNssurnlib

I`rrbjntc`ls

Nkbxp

Nktcmb

[rnkctc`lnj

Cll`vntcvb