Preface

Each venture includes risks and each project needs an

administration procedure for managing the dangers and open
opportunities represented to by every risk. This report clarifies the
key problem and ideas required in damage risk management in a
reasonable and attainable way, giving a complete approach that
is applicable to all sizes of project, quantitative analysis or a
rougher approach utilizing just qualitative analysis.
This report gives some point about Project Managers, project
groups, and staff included specifically or indirectly with project
risk management. It gives: Uniformity in project hazard activities.
Methods and instruments for venture hazard administration.
Information necessities for risk analysis information.
Direction on the best way to respond to risk.
Understanding risks make project teams more adequately.
In business everything has some measure of risk. Regardless of
what the activity, there is a component of risk that must be
examined and weighed against them. The best organizations who
can pick the right risk to take on, and the ones to avoid the risk.
Managing too little hazard frequently means that the organization
that is so conservative
and is limiting their potential for
developmenta lot of risk , in any case, and the organization is
liable to destroy at some point sooner or later along the way.
Evaluating project risk and instability advises basic leadership in
our task advancement and delivery mission. These choices
contribute to public safety and clear up project expectations.
Educated project hazard includes value on alot of levels to each
venture we deliver.
The principle is simple: a bank finances a particular asset, and get
the repaid only from the income by that asset, without get

support from the investors that own the project. that will work in a
good way for project with good identified assets with high
investment costs, and high strong cash flows , such as big
infrastructure (toll bridges, big high rise building ) and energy
project (oil company ,power plants).

Table of Contents
1. Quaestion 1 ..................................................................3
1.1. Defining project risk management..................................... 3
1.2. Analysis of project risks and mitigates the risk.................7
2. Question 2......................................................................
2.1. project financing............................................................. 14
2.2. Pre-requisites to Project Finance..................................... 18
2.3. advantages of project financing to the borrower..............19
Table of Figures
Figure 1. Mitigates the risk............................................................8
Figure 2. Risk Analysis stages......................................................11
Figure 3. Ways To Manage Risk....................................................12
Figure 4. Project risks and mitigates............................................13
Figure 5. typical project financing structure................................16
Figure 6. typical projects financing for power LY Company..........17
Figure 7. Pre-requisites to Project Finance...................................19

1- Question 1
1.1

Defining project risk management.

Before to a project start, it is fundamental that any possibility risks

are recognized and a system for managing like risks developed.
The best way to do this is by learning from past experiment even
your experiences or the risk you have been through.
in any case of the fact that this type of project you are working on
presently is not quite the same as like what you have done before,
it is probable the organization has effectively accomplished
something look like it. Think back on those tasks to understand
how they made it. Learning from the mistakes the best way to
avoid the same mistake in future, especially in business field.
Another risk identify way to use the discussing with the everyone
from the project group and asking their info. In spite of the fact
that they might not have the same way think of the task that you
do as manager, they probable have a lot of learning in their own
way due to them field of expertise. Discuss with them in some
point of possibility risk that they see improving down the line and
act on doing some useful plan for those conceivable outcomes too.
There is only yield of this operation and that is the immeasurably
essential record, which plays a most important part in how well a
venture is controlling during its enforcement.
For instance, having redundancy inside your group can confine the
harm if a team member moves on to another mission partway
through the work, and building the venture in a manner that it can
be "stopped" while waiting for more finances could keep it from
being totally wiped out by a temporary lack of funding.
Assessing the Risks With identifies which risk you will deal with
during the project, you can begin focus at each of them and
choosing what sort of risk it is. Is the risk something that would do
long-term harm to the organization on the off chance that it
happened? Generally, risks that happened in this class are of the
legitimate variety.

A venture that might place you stuck in a legal issue for some
cause is frequently one to avoid. Be that as it may, if the most
pessimistic scenario for a venture is simply losing time and a little
bit west of capital, you may choose the risks are might worth of the
possibility reward. It is joust measure and identifies the risk
management, consequently the advantages and disadvantages
must be cautiously with to both potential risk..

The meaning of the expression "risk must be understood clearly

for efficacious venture risk management. We are worried about
potential effects on venture targets, for example, cost and time. A
general meaning of "risk" in this connection is: is risk vulnerability
that matters; it can influence venture objectives right or wrong
way. The vulnerability might be about a future that could possibly
happen and the unknown magnitude of the effect on project goals
if that happens. Along these lines, a "risk" is described by its
probability of event and its uncertain impact on project targets The
sorts of risk showing up in a risk register are appeared in view
when they may happen during the life cycle of a project.
Since we've covered the key mission of risk management we have
to comprehend that there are distinctive types of risk which have
diverse effects and accordingly should be treated with in an
unexpected way. The table covers practically every risk you can
consider. For instance, if you have been working with the same
group in the same office for a long time the group environment
risk won't apply. In any case, it's great to know about the types of
risks as it help to know the things that can turn out badly. It may
appear somewhat overpowering to consider things from such a
negative side however that is the thing that risk management is
about, it's trying to work out what every one of the issues are so
you can keep away from them or manage them effectively. An
absence of risk management is the what bring you the high
probability failure of activities.

n
o

Type
of
Project Risk

explanation

. Executive Faltering, conflicting or powerless executive responsibility is a

venture's greatest risk.
Support

Scope

The type, of your evaluation, depend and management field. If

an estimate is just a speculation, that's a risk. Be sensible to the
comfortable grade of assessment.

Change
Managemen
t

A nonstop with complex change demand enable heightens the

unpredictability of your undertaking and make it stuck.

Stakeholder
s

Partners with a negative state of mind towards a venture may

purposefully take detours consistently.

Resources & Asset issues, for example, turnover and expectations to learn are
normal undertaking risks.
Team

Design

The achievability and adaptability of engineering and plan are

vital to your venture's prosperity. Soft type of quality outline is a
risk.

Technical

This type of risk that parts of your innovation pile will be soft
type of quality. However, There are many quality elements (e.g.
stability, accessibility, versatility, ease of use, security,
extensibility).

Integration

Whatever you're conveying needs to incorporate with the

procedures, frameworks, associations, society and information of
environment.

Communicat Invalid partner expectancy is a crucial undertaking risk.

ion

1
0

Requiremen
ts

In the event that requirements might not possible or

isolates from business substances, your undertaking might
failure

1
1

Decision

Late. Soft type of quality or equivocal choices are basic risks.

1
2

Feasibility

The Risk distinguishing is a important time to know the

practicality of the venture.

1
3

Procurement The procurement procedure tends to have risks.

1
4

Quality

Quality and risk administration interact with each other.

You'll suspect to have abandons in your task. In many case,
there's a risk that quality won't meet essential levels.

1
5

Authority

Venture groups frequently need authority to complete

venture work.

1
6

Approvals & Whether you might expect that routine (e.g. financial
Red Tape
approvals) might back off your undertaking include this
as a risk.

1
7

Organization Hierarchical modification (e.g. restructuring, consolidation,

al
procuration) shall throw your undertaking off track.

1
8

External

Outside forces, for example, laws, rules and markets.

1
9

Project
Managemen
t

Whether you association requests that you guide your task

administration
technique
(drop
procedures
and
documentation) you can report this as a risk.

2
0

Secondary
Risks

Secondary risks, frequently disregarded part of risks. These

the consequence from risk alleviation and exchanges.

2
1

User
Acceptance

There's dependably a chance that clients will dismiss your

item.

2
2

Commercial

In case you're building a business item for business sector

(new item advancement), there's dependably a chance the
item will be a business error.

1-2 Analysis of project risks and mitigates the risk.

The target of project risk management is to comprehend project
and customized level risk, minimize the probability of negative side
and boost the probability of positive side on project and modified
results. Project risk management is a persistent procedure that
starts during the planning stage and finishes once the project is
successfully commissioned. Development owners, project groups
and contractual regularly define and apply hazard management
activities distinctively on a project. Proprietors may utilize casual or
specially appointed practices, for example, stage gate approval,
that they translate as risk management activities contractual
workers may characterize hazard administration as following
potential change requests, and venture groups may express the
perspective that "all that we do is risk management". While these
issue help to recognize and oversee discrete components of project
risk, they don't completely depict a comprehensive approach to
project risk management. A far reaching venture hazard
administration approach ought to have the accompanying parts,
which ought to be vscalable to the specific projects size and type:

Make risk management a part of your project and make

planning.

Identify risks at a very early stage in your project.

Communicate about risk.

Clarify ownership issues.

Analysis (quantitative and qualitative) and Reaction planning.

Monitoring and control.

Figure 1. Mitigates the risk.

What is needed in order to begin the risk process?

Project
background
information
Historical
information
Past lessons
learned

specific information for the task, what is companys

may do , books and other such data will might help
to know a lot of different risks
in this way you can know risks from past experience

in this way you can know what is the past groups

might do in the event that they could do their
ventures again will might help to know a lot of
different ,
mild and oversee of risks of the
undertaking
Scope
this way you can know the many-sided quality of
statement
project and make
you contrast your teams
information and involvement with what is request
The project administrator might not know
every
Team
one of the single risks. A gathering way and the
ability to separate the risk management practice will
make the risk management handle more accurate
also appropriate,
Stakeholder Stakeholders have the ability, to recognize risks that
s
the other might not see. Their assembly helps
continue appropriate associate management,
Cost
and Top-class time and cost prerequisites distinguish
time
time also cost of the risk.
estimates
Staffing plan assist, to comprehend what assets are usable
Organization
al
policies Give an basis or institutionalization to your risk
and
exercises
templates
Stakeholder that help you to Know where and the amount of risk
risk
tolerance partners have aide to recognize the effect
tolerances
of risks and what kind of risk alleviation systems you
utilize

RISK MANAGEMENT PLANNING:

Risk management planning is the systematic procedure of
choosing how to plan, arrange, and execute hazard activities for all
the life of a project. It is planned to boost the valuable result of the
outcome and minimize the outcomes of adverse risk events.
Decide how risk management will deal with the venture and
develop the risk management plan. Consequently, risk
management ought to be changed in accordance with the size,
complexity, experience, and other, of the project .
RISK MANAGEMENT PLAN: Characterized in which way risk
procedure will be organized and perform during the venture life
cycle.
RISK IDENTIFICATION: Characterized as locate how the risks may
influence the venture and authenticate their attributes. All
stakeholders and in addition specialists from many different parts
of the organization also might be out of the organization included
in distinguishing risks. Now and again, the core group will start the
procedure and after that members will get to be involved, making
hazard identification an iterative process.
befor to a project start , it is fundamental that any possibility risks
are identified and a system for managing like risks developed. One
of the pest way to do this t is by get experience from old
experiment and how to avoided the same mistake.

in any case the fact that the sort of undertaking that you dealing
with in the ogle of an eye it is absolutely different from anything
you have done in some time lately, it is probable the organization
had formally achieved target in any event remotely similar.
Rethink on the many tape of tasks to understand how it have been
done. Does anything pop up over the way that you might be ready
for facing it in this time? Earning something from the old
experiment is the most the best ideal way to anticipate what will
happened the future, especially in business field
Communicate about project risks early and frequently. Impart is
specifically, discuss about some information and give opinions that
may reduce the probability risk , and establishment of an effective
exchange, among those charge for assessing, minimizing, and
controlling risk and who might be outcomes of those risks.
RISK ANALYSIS: The analysis stage decides the probability and
effect of every, distinguished risk and priorities risks management
consideration. Good and excellent risk analysis needs a good way
thinking also and contribution from the people who know the
region influenced through possible risk. Analysis is specifically a
two fundamental-stage:
Steps 1 Qualitative analysis for the qualitative the analysis, the
venture group appoints a advantage scale to every risk. The
advantage level ought to be adjusted to the company hazard
administration plan, risk tolerance stage and other company
targets. The vantage or advantage stages can be utilized to rack
the risk on the risk on the record and improve policy that
concentrate, on provision with a higher vantage. It is imperative to
distinguish every single possibility hazard that will demand to
continuation by the undertaking group.
Step 2 Quantitative analysis
In case of quantitative analysis, the project team allocate a most
likely cost amount for every specific risk hazard. . This amount
takes into regard the two of the possibility and probability effect
of the risk case

Figure 2.Risk Analysis stages.

Clarify Ownership Issues, Some project managers think they are

done once they have made a list of risks. Be that as it may, this is
just a beginning stage. The following stage is to clarify who is in
charge of what risk! Somebody needs to feel the heat if a danger is
not dealt with it totally right. The trick is straightforward: assign a
risk owner for every dagger that you have found. The danger
proprietor is the someone in your group that has the duty to
optimize this risk for the project. The impacts are truly positive. At
in the first place, people more often feel uncomfortable that they
are really in charge of specific risk, however on future they will act
and carry out tasks to decline dangers and improve opportunities.
Monitoring and control the final stage of risk management it is
monitoring and control. This procedure ought to be set up to track
possibility hazard, supervise the enforcement of risk plans, and
assess the adequacy of risk management strategies. Monitoring
and control ought to happen all through the task lifecycle and
enhance and guide the general risk management process. This
progression ought to:
Equip management and the risk group to make on educated
choices with respect to chance; Assess the effectiveness of risk
reaction activities; and Identify risk attributes that seem to have
changed from what was recorded in earlier identification and
analysis stages.

Risks to project execution can have serious results on the delivery,

operation, and profitability of a project. Our group implements a
formal system, demonstrated to recognize issues and land at
solutions benefiting the owner and guaranteeing venture targets
are met.
1. Avoidance: The best risk management technique of all is
avoidance or disposal, so we ought to put the most exertion into
researching this alternative wherever possible.
2. Transfer: Transfer is not generally accessible to the director as a
choice however after looking at avoidance procedures this might
be the next best decision.
3. Mitigation: Mitigation (or treating/diminishing the danger
somehow) is basically concerned with reducing the effect that a
particular risk may have.
4. Acceptance: Risk Retention or tolerance is the level of hazard
risk an organization is ready to accept so as to achieve business
goals or targets.

Figure 3 . Ways To Manage Risk.

Project risks and mitigates Project risks are typically separated between the
development and operational times of the task. Lenders are most 'at risk' amid the
development time frame (and this is regularly the period when most defaults occur).
Consequently, specific due diligence will be embraced on the strength and support
associated with the development contract.

Figure 4 . Project risks and mitigates.

2- Question 2.
Introduction:
The motivation behind this section is to give a overview of Project
Finance. This part will outline what Project Finance is, the key
elements which recognize it from other methods of financing, the
inspirations and circumstances for using it and the typical
structuring contemplations in that.
2-1 project financing.
What is Project Finance?
Project Finance can be characterized in an assortment of routes
and there is no generally received definition yet as a financing
technique, the author's definition is:
"the raising of account at a restricted Recourse basis, for the
reasons for improve the substantial capital serious framework
venture, and the reparationis an special private vehicle and
reparation of the financing through the borrower going to be
following by the inside created money streams of the task"

The venture money structure expands around the formation of the

Project Company that carrys the majority of the task's property,
thorough the greater part of its legally binding rights and
commitments. The Project Company is generally an individual
limited liability company, despite the fact that at sometimes it
might be a restricted association. Majority of situation, the justice
enthusiasm for the Project Company will be caught at least by one
medium occupancy company, generally a restricted responsibility
company, made for the aim of pledging the Project Companys
equity into the loan specialists in the consequent venture
financing.
however the limited liability company will have a
different legitimate personality, normally it won't get any business
separated of controling the value of the Project Company. This
framework takes into consideration ultimate obligation to be
include on the insolvency far Project Company scale,, and in this
way protects the Sponsor (counting equity investors in the
Sponsor) also the limited liability company from obligation to
every
Project Company's partners who contracted with
("Counterparties") or to the limited liability company's
moneylenders. To guarantee that the Project Company is dealt
with as a different legitimate corporation, it going to be important
to have administration systems at Project Company stage that are
self-supported, included
assigned officers, no less than one
autonomous executive, and inner controls and methods intended
to save a lawful corporation separate by the Sponsor also the
limited liability company.

As a general issue, all agreements associated with the

improvement, construction, proprietorship, also operation of
venture will go to be contracted by the Project Company "Project
agreement". , it is essential that the agreements let for their
allocation to Project Company as soon as the Project Company will
be built up for the reasons for seeking after undertaking financing.
These may contain a Operation and Maintenance convention("O
and M"), , and a Technology License convention("TLA"), an
Administrative Services convention("ASA") ,Let's say the TLA , ASA,
and (O and M) are contracted with Sponsor affiliated companies,
Moreover, the TLA , ASA, and (O and M) give the Project
Company's moneylenders contract
sureness out of the
understandings themselves as possible as the relating assent to
guarantee allocation. The Project Agreements might incorporate
morw then one or one at lest PPAs, which might get a salary flow
payable from an off-taker for animation payments, volume
payments, or together; an , Construction Agreement and
Engineering and Procurement ("EPC Agreement"); a Site Lease
Agreement (if the venture's property is not possessed through the
Project Company oneself); a Renewable Energy Credit Agreement
(in contry where relevant); an Interconnection Agreement (for task
connected to power grid); contracts for the arrangement of utility
administrations; contracts for the arrangement of stuff wares (on
account of befouls) and the fundamental cost and supply
supporting; contracts containing equity flip construction to use the
government tax incentives; and other Project Agreements
important or appropriate to create, build, own, or work the task.

Figure 5 typical project financing

structure.

For example, the Libyan EL . Imports wood. Mousrat iron LY. Iron
production. The two companies come to an agreement to construct
a power plant To achieve the goal of each of them. Normally, The
first step is to sign a memorandum of understanding to make the
intentions of both sides. It follows that the agreement to make a
joint mission.
Libyan EL and Mousrat iron LY made company called power LY .
And the division of quotas between them according to their
contributions .Mousrat iron LY, agreed that payment it will be
more money than the Libyan EL, and it takes 60% of the
company's shares. Libyan EL is a small company and new, and it
takes 40%. The new company has no assets.
Libyan EL and Mousrat iron LY signs up construction contract with
Al-Hayat construction to build a plant to generate electricity.

A power plant might cost a millions. To pay AL-haietConstruction,

power LY receives financing from a Alsahary bank and a ALjomhory
bank. These banks made a guarantee to AL-haiet Construction's
financier that the power LY Company can
Building and power LY receives funding from the from a Alsahary
bank and a ALjomhory bank. These banks have made to ensure the
AL-haiet construction financier that the power LY Company can
pay for the completion of construction. the payment will paid
generally as this: 15% in advance, and 5% in mid-way through the
building, and by 20% is completed , and 60% when the ownership
of power LY, who becomes the owner of the power plant .
Sponsor subscribe to 25% of the capital and is seeking to borrow
the remaining 75% of the capital required for the project money
.However, Libyan EL will subscribe 10% , Mousrat iron LY will
subscribe 15% and Alsahary bank ,a ALjomhory bank will
subscribe 37,5% each one and for build a power plant bout of
Libyan EL and Mousrat iron LY will subscribe to 50% each .

2-2 Pre-requisites to Project Finance .

Figure 6 typical projects financing for power

LY Company.

There ought to be meet a few preconditions prerequisite all

together that task financing is realizable. The venture should be
sustainable stand - alone entity, to who is expected to create every
year sufficient money to covering all possibility commitment.
Moreover, the task ought to be described by exemplary, PF
constituents. at first, development of the asset through whose
there is regularly no incomes produced. Besides, there ought to be
implicated a sort of concession convention, which give the
privilege to venture organization to construct and work the asset.
In the inversion case, a venture no one of the camases to thought
by loaning bank and their monetary counseling groups. In such
case the bank: Leverage Finance, financial consultative teams etc,
the fundamental requirements for PF venture are the
accompanying:
Sustainable economic: execution of the venture and a bank
financial accepted Whilst comfortable can be acquired from
(a) commitment detail financial due conscientiousness and
sample to stress-test the task cash flows streams of the asset
and (b)contractually decrease income risk, experienced
investors and brokers will at last look for an unmistakably
identifiable request for the projects goods or services with a
specific end goal to 'rationalize the credit'.
Transaction nature ought to be reasonable for venture finance
.
Construction period .
Ramp-up stage..
SPV (relevance of cash flow) .
Long-term operating period (e.g. concession arrangement
included) .

 Country and political stability: Even if political 'force majeure'

risk is legally conceived by the legislature (as is regular
practice in many Public Private Partnership-PPP programs),
the adequacy of that solution for Lenders/financial specialists
would be invalidated by a strategically sovereign default
confiscation/nationalization of assets being one potential
illustration. Whilst such risks can't be alleviated against in the
insurance markets, changing degrees of political risk
insurance can be gotten using financing items accessible from
multilateral and fare credit agencies.
Stakeholders interest and subsequently their involvement.
Sufficient accessible long - term financing.
Identifiable risks and adequate mitigates (hedging strategy).

Figure 7 Pre-requisites to Project

Finance

2-3 advantages of project financing to the borrower.

Despite the fact that there are numerous sort of financing options
available, most lenders require some type of security ought to the
borrow default on the loan. At the point when the borrower can't or
unwilling to gives a mechanism whereby the lender has recourse
to the project financing incorporate global construction project, for
example, Panama Canal, and the railroads and oilfields in US and
UK , all being huge capital-intensive venture with potential great
payback peri-ods . Project finance has turned into the financing
most large interchangeably, energy and public service project. A
unique purpose vehi-cle (SPV) is normally set up to undertake the
venture by going into contracts with key stakeholders who can give
the required construction, operation and other administration .the
terms 'non-recourse finance' and 'off balance finance' are
frequently utilized conversely with the term' project money;,
despite the fact that this can misleading as these terms represent
to various levels of recourse back to the project sponsors. Off
balance sheet finance implies that the finance is not gave through
loan secured against parent companys balance sheet assets, while
in non recourse finance
there are no no loan repayment
guarantees by the guardian company .
Project finance was knowed by the US Financial Standard FAS as
follows; the capitalize if significant capital undertaking in which
the lender It seems mainly to cash flows and profits task as the
origin of asset to the repayment and to the benefits of The project
as collateral for the loan. General credit for venture element more
often than not a signification factor, also no entity is an
organization another assets or in light of the fact that the Funding
without resorting directly to the owners of the facility. 'Inferable
from the complex nature of most task , it is infrequently achieve
pure project finance , and money lenders must check that the
venture will produce sufficient cash flow to service the debt and
pay for different liabilities ( for instance , running cost, taxes).The
lender
will thus need to thoroughly evaluate the projects
operating viability in extensive detail, instead of the activities and

assets of the patent company , .his is List the advantages of

project finance to the borrows.
Allows the Promoters to carry out projects without debilitating
their capacity to borrow for conventional tasks.
Limits financial risks to an undertaking to the measure of equity
invested.
Enables raising a lot more debts as lenders are certain that the
cash flows from the task won't seep other purposes company
utilize.
Provides stronger rewarding for accurate project evaluation and
risk assessment.
simplify the task To undergo a technical review and a thorough
economic.
remove the dependence on option nature of financing a project.
give the variegation of the project sponsors investments to
minimize political risk.
allow extra incentives for the lender to cooperate in an
atmosphere of troubled loan. allow to have long term credit
opportunities.
Matches specific assets with specific liabilities.
The principal advantages of project finance are that they
empower the sponsors to:
Embrace a venture that would have otherwise been
impossible and to profit by an expansive capital asset without
having to finance it .
Minimize their value contribution by utilizing project finance
secured loan to attract additional investors,,
Keep the task loan off the patent organizations balance
sheets, therefore giving more level of gearing and keeping
up a high credit rating.

 Move a portion of the risk far from the guardian company on

to the undertaking cash flow by limited recourse to the parent
companys assets.
Help the sponsor to raise loans on preferable terms than
would have been accomplished through direct borrowing.
Secure a lot of obligation for of debt for capital-intensive
project.
Conclusion
Project management is a complex action that requires a structure,
systems and procedures that are fitting to your task. This will
empower you to deal with the inevitable changes that occur
throughout a venture's lifespan in an expert way to guarantee
achievement. Every task capacity portrays the aptitude, abilities
and instruments required for your project. So much work is
currently un as projects and so few people have the fundamental
aptitudes to manage them appropriately that there is a big
demand for good project managers and that interest is increasing
constantly.

Project Finance intends to have the task off-balance sheet of the

sponsor. By doing this in support of the price of what is required as
you will be reimbursed from the incomes only the project. Any
funding for the project and accordingly requires a positive income.
And it exceedingly geared to project financing. In the capital
increase it is required that the structure could be bankable.
A project promoter looking for finance for new venture ought to
preferably look for the administrations of a financial consultant to
help with the feasibility study of the project and choose organizer
to rise the subsidizing. The project manager had a critical part to
perform during The process of fundraising success, at all not to
make sure that resources are utilized ideally to obtain financial
close.
The promoter of the project, which needs new funding to business
and prefer to search financial advisor services to assist in the
feasibility study of the project and the appointment of the loan
arrangement to raise the funding.
The project manager has a big role in making the process of
obtaining the funds successfully, not least to ensure that resources
are used optimally to complete financial closure.