MP BabyBoom

1



¨ ¨




¨ ˜
























.XSXMÇF Z QDV]\P H VNOHSLH ¨ ]( ]*




0DV] QDMZLÛNV]\ Z\EµU SURGXNWµZ JZDUDQFMH QDMQLľV]HM FHQ\

RUD] ERQ\ UDEDWRZH L OLF]QH SURPRFMH

1



¨ ¨




¨ ˜











































.XSXMÇF Z QDV]\P H VNOHSLH ¨ ]( ]*




0DV] QDMZLÛNV]\ Z\EµU SURGXNWµZ JZDUDQFMH QDMQLľV]HM FHQ\
RUD] ERQ\ UDEDWRZH L OLF]QH SURPRFMH










WHO H PDLO VNOHS#EDE\ERRP QHW SO



.XSRQ UDEDWRZ\ ZDľQ\ GR

35=('6=.2/( Ȃ UDEDWX QD ZV]\VWNLH ]DPµZLHQLD
:\V\ĄND 3RF]WÇ 3ROVNÇ JUDWLV SU]\ ]DPµZLHQLX ]D SRQDG ]Ą



'S 8] M 8[SNI TV^]NéGMI ^EWēYKYNIGMI RE TMéORI HIOSVEGNI





8LI 5MRO 5VIX^IP PXS QMINWGI ^VSH^SRI ^ TEWNM HS TETMIVY M VéG^RIKS X[SV^IRME []NÒXOS[]GL TVSNIOX¾[ X[SV^SRI ^SWXEēS ^ Q]ĮPÒ
S TMéOR]GL HIOSVEGNEGL RE [W^IPOMI [EŏRI HPE ;EW SOE^NI GLV^GMREGL TV^]NéGMEGL ^ SOE^NM VSG^OY 2EPIĕWX[E SWMIQREWXOEGL
M OEŏH]GL MRR]GL YVSH^MREGL SFGLSH^SR]GL ^EV¾[RS TV^I^ H^MIGM NEO M HSVSWē]GL [IWIPEGL TV^]NéGMEGL FEF] WLS[IV [MIG^SVEGL
TERMIĕWOMGL M OEŏH]GL MRR]GL 7éG^RMI X[SV^SRI KMVPERH] ^ RETMWEQM XSTTIV] HS HIOSVEGNM XSVX¾[ W^G^IK¾PRMI XI
TIVWSREPM^S[ERI QRMINW^I XSTTIV] ^[ERI V¾[RMIŏ TMOEQM HS FEFIG^IO VéG^RMI QEPS[ERI ^E[MIW^OM HS TVI^IRX¾[ TYHIēIG^OE
RE YTSQMROM M MRRI ;W^]WXOS []GLSH^ÒGI WTSH VÒO 2MWW 2 HFENÒGIN S OEŏH] HIXEP










ŎLjLjŢƉ:› ~ b I Ɖ~ %j… F



,[EVERXYNIQ] ŏI ^EV¾[RS 8] NEO M 8[SM RENFPMŏWM
FéH^MIGMI ^EGL[]GIRM





























>ENV^]N HS REW E FéH^MI REQ FEVH^S QMēS TSOE^EÔ (M XS GS QEQ] HS ^ESJIVS[ERME []FMIV^ GSĮ HPE
WMIFMI E [][SēEW^ Y REW YĮQMIGL








[[[ XLITMROTVIX^IP GSQ

-IPPS%8LI5MRO5VIX^IP GSQ
8IP

'S 8] M 8[SNI TV^]NéGMI ^EWēYKYNIGMI RE TMéORI HIOSVEGNI





8LI 5MRO 5VIX^IP PXS QMINWGI ^VSH^SRI ^ TEWNM HS TETMIVY M VéG^RIKS X[SV^IRME []NÒXOS[]GL TVSNIOX¾[ X[SV^SRI ^SWXEēS ^ Q]ĮPÒ
S TMéOR]GL HIOSVEGNEGL RE [W^IPOMI [EŏRI HPE ;EW SOE^NI GLV^GMREGL TV^]NéGMEGL ^ SOE^NM VSG^OY 2EPIĕWX[E SWMIQREWXOEGL
M OEŏH]GL MRR]GL YVSH^MREGL SFGLSH^SR]GL ^EV¾[RS TV^I^ H^MIGM NEO M HSVSWē]GL [IWIPEGL TV^]NéGMEGL FEF] WLS[IV [MIG^SVEGL
TERMIĕWOMGL M OEŏH]GL MRR]GL 7éG^RMI X[SV^SRI KMVPERH] ^ RETMWEQM XSTTIV] HS HIOSVEGNM XSVX¾[ W^G^IK¾PRMI XI
TIVWSREPM^S[ERI QRMINW^I XSTTIV] ^[ERI V¾[RMIŏ TMOEQM HS FEFIG^IO VéG^RMI QEPS[ERI ^E[MIW^OM HS TVI^IRX¾[ TYHIēIG^OE
RE YTSQMROM M MRRI ;W^]WXOS []GLSH^ÒGI WTSH VÒO 2MWW 2 HFENÒGIN S OEŏH] HIXEP










ŎLjLjŢƉ:› ~ b I Ɖ~ %j… F



,[EVERXYNIQ] ŏI ^EV¾[RS 8] NEO M 8[SM RENFPMŏWM
FéH^MIGMI ^EGL[]GIRM





























>ENV^]N HS REW E FéH^MI REQ FEVH^S QMēS TSOE^EÔ (M XS GS QEQ] HS ^ESJIVS[ERME []FMIV^ GSĮ HPE
WMIFMI E [][SēEW^ Y REW YĮQMIGL








[[[ XLITMROTVIX^IP GSQ

-IPPS%8LI5MRO5VIX^IP GSQ
8IP

/DOND 0HWRR WR VNOHS LQWHUQHWRZ\ Z NWµU\P ]QDMG]LHV] ÐSLÃFH ODONL ] XV]NDPL L SLÇNQH
R]GRE\ GR G]LHFLÇF\FK SRNRLNµZ 3R]QDM QDV]H QLHWX]LQNRZH SURGXNW\ L RGZLHGÕ QDV
QD ZZZ ODONDPHWRR SO

-HVWHÐP\ 2ĆFMDOQ\P '\VWU\EXWRUHP RU\JLQDOQ\FK ODOHN 0HWRR



35202&-$




.2$/$ &0 3/86 /$/.$ = 86=.$0, : %,$É(- 68.,(1&(


3URPRF\MQ\ SDNLHW /DOND NRDOD FP ] LPLHQLHP SOXV QDV] EHVWVHOOHU ODOND ] XV]NDPL Z ELDÊHM

VXNLHQFH ] LPLHQLHP

1D ODONDFK ] LPLHQLHP QD ×\F]HQLH XPLHV]F]DP\ GRZROQ\ QDSLV : W\P FHOX Z RNLHQNX QDOH×\ ZSLVDÅ LPLÇ RUD]
Z\EUDÅ NRORU F]FLRQNL L LQIRUPDFMÇ QD MDNLHM ODOFH NWµUH LPLÇ PDP\ XPLHÐFLÅ 1S .RDOD =RVLD 8V]DWND 0DU\VLD
&]DV RF]HNLZDQLD QD ODONÇ ] LPLHQLHP WR RN GQL URERF]H ]DPµZLHÌ Z\V\ÊDP\ MX× QD GUXJL G]LHÌ

/DOHF]NL ĆUP\ 0HWRR VÃ RU\JLQDOQH L SRVLDGDMÃ V\PERO &( FR R]QDF]D ×H SURGXNW MHVW ]JRGQ\ ] SRGVWDZRZ\PL
Z\PDJDQLDPL ]GURZLD EH]SLHF]HÌVWZD L ÐURGRZLVND \PDJDQLDPL ]GURZLD EH]SLHF]HÌVWZD L ÐURGRZLVND
Z

3/1






























::: /$/.$0(722 3/




8OLFD :LHU]ELFND D _ 5DGRP :RMHZµG]WZR PD]RZLHFNLH 7HOHIRQ _ H PDLO KHOOR#ODONDPHWRR SO

/DOND 0HWRR WR VNOHS LQWHUQHWRZ\ Z NWµU\P ]QDMG]LHV] ÐSLÃFH ODONL ] XV]NDPL L SLÇNQH
R]GRE\ GR G]LHFLÇF\FK SRNRLNµZ 3R]QDM QDV]H QLHWX]LQNRZH SURGXNW\ L RGZLHGÕ QDV
QD ZZZ ODONDPHWRR SO

-HVWHÐP\ 2ĆFMDOQ\P '\VWU\EXWRUHP RU\JLQDOQ\FK ODOHN 0HWRR



35202&-$




.2$/$ &0 3/86 /$/.$ = 86=.$0, : %,$É(- 68.,(1&(


3URPRF\MQ\ SDNLHW /DOND NRDOD FP ] LPLHQLHP SOXV QDV] EHVWVHOOHU ODOND ] XV]NDPL Z ELDÊHM

VXNLHQFH ] LPLHQLHP

1D ODONDFK ] LPLHQLHP QD ×\F]HQLH XPLHV]F]DP\ GRZROQ\ QDSLV : W\P FHOX Z RNLHQNX QDOH×\ ZSLVDÅ LPLÇ RUD]
Z\EUDÅ NRORU F]FLRQNL L LQIRUPDFMÇ QD MDNLHM ODOFH NWµUH LPLÇ PDP\ XPLHÐFLÅ 1S .RDOD =RVLD 8V]DWND 0DU\VLD
&]DV RF]HNLZDQLD QD ODONÇ ] LPLHQLHP WR RN GQL URERF]H ]DPµZLHÌ Z\V\ÊDP\ MX× QD GUXJL G]LHÌ

/DOHF]NL ĆUP\ 0HWRR VÃ RU\JLQDOQH L SRVLDGDMÃ V\PERO &( FR R]QDF]D ×H SURGXNW MHVW ]JRGQ\ ] SRGVWDZRZ\PL
Z\PDJDQLDPL ]GURZLD EH]SLHF]HÌVWZD L ÐURGRZLVND \PDJDQLDPL ]GURZLD EH]SLHF]HÌVWZD L ÐURGRZLVND
Z

3/1






























::: /$/.$0(722 3/




8OLFD :LHU]ELFND D _ 5DGRP :RMHZµG]WZR PD]RZLHFNLH 7HOHIRQ _ H PDLO KHOOR#ODONDPHWRR SO

7TIGNEPM^YNIQ] WMʚ [ WTV^IHE˵] []WSOMIN NEOS˒GM EVX]OYɹ[ W^OSPR]GL >ESTEXVYNIQ]
TV^IHW^OSPE M W^OS] RE XIVIRMI GEIKS OVENY
+[EVERXYNIQ] EXVEOG]NRI GIR] W^]FOʈ HSWXE[ʚ SVE^ W^IVSOM EWSVX]QIRX TVSHYOXɹ[
W^OSPR]GL VIRSQS[ER]GL TVSHYGIRXɹ[ %WXVE &EQFMRS *MSVIPPS 7X 1ENI[WOM (IVJSVQ
; REW^]Q WOPITMI OYTMW^ FPSOM XIGLRMG^RI M V]WYROS[I JEVF] OVIHOM OPINI FMFY] TʚH^PI
XSVRMWXV] TMɹVRMOM M [MIPI MRR]GL
4V^] HY˵]GL ^EQɹ[MIRMEGL TVSTSRYNIQ] EXVEOG]NRI VEFEX] SVE^ TVI^IRX]
2
2MI GMI G^IOEN [INH˳ RE WXVSRʚ [[[ FMYV[E TP M ^VɹF ^EOYT] NY˵ H^M˒



7TIGNEPRE SJIVXE HPE W^Oɸ M TV^IW^OSPM


/E˵HE W^OSE M TV^IHW^OSPI OXɹVI Y REW ^VSFM ^EOYT] QS˵I PMG^]ʊ RE
HSHEXOS[] VEFEX [ []WSOSˑGM E˴

7/328%/89. 7-ʘ > 2%1- &= >=7/%ʈ 7;ɝ. -2(=;-(9%02= /3(
RMI HSX]G^] XS[EVɹ[ SFNʚX]GL TVSQSGNʈ






































8IP /SQ

[[[ FMYV[E TP


FMYVS$FMYV[E TP

7TIGNEPM^YNIQ] WMʚ [ WTV^IHE˵] []WSOMIN NEOS˒GM EVX]OYɹ[ W^OSPR]GL >ESTEXVYNIQ]
TV^IHW^OSPE M W^OS] RE XIVIRMI GEIKS OVENY
+[EVERXYNIQ] EXVEOG]NRI GIR] W^]FOʈ HSWXE[ʚ SVE^ W^IVSOM EWSVX]QIRX TVSHYOXɹ[
W^OSPR]GL VIRSQS[ER]GL TVSHYGIRXɹ[ %WXVE &EQFMRS *MSVIPPS 7X 1ENI[WOM (IVJSVQ
; REW^]Q WOPITMI OYTMW^ FPSOM XIGLRMG^RI M V]WYROS[I JEVF] OVIHOM OPINI FMFY] TʚH^PI
XSVRMWXV] TMɹVRMOM M [MIPI MRR]GL
4V^] HY˵]GL ^EQɹ[MIRMEGL TVSTSRYNIQ] EXVEOG]NRI VEFEX] SVE^ TVI^IRX]
2
2MI GMI G^IOEN [INH˳ RE WXVSRʚ [[[ FMYV[E TP M ^VɹF ^EOYT] NY˵ H^M˒



7TIGNEPRE SJIVXE HPE W^Oɸ M TV^IW^OSPM


/E˵HE W^OSE M TV^IHW^OSPI OXɹVI Y REW ^VSFM ^EOYT] QS˵I PMG^]ʊ RE
HSHEXOS[] VEFEX [ []WSOSˑGM E˴

7/328%/89. 7-ʘ > 2%1- &= >=7/%ʈ 7;ɝ. -2(=;-(9%02= /3(
RMI HSX]G^] XS[EVɹ[ SFNʚX]GL TVSQSGNʈ






































8IP /SQ

[[[ FMYV[E TP


FMYVS$FMYV[E TP

(VMQ(VMQ XS TS˒GMIP RMI^[]OE

9NʚXE [ TMʚOR]GL OSPIOGNEGL /E˵HE REW^E OSPIOGNE NIWX TSHW^]XE QEV^IRMEQM % OXS
7X[SV^SRE HPE 1E]GL 0YH^M TV^]RENQRMIN VE^ RMI TVEKRʈ [^RMI˒ʊ WMʚ HS GLQYV# .I˒PM
^IGLGIGMI ;EW^I (^MIGM [XYPSRI [ QMʚOOMI NEO SFSOM
;]QEV^SRE NEOS˒ʊ OSQJSVX NEO ^I WRY OSHIVOM QSKʈ ˒RMʊ S TSHRMIFR]GL TSHVɹ˵EGL M [MIPOMGL
TMʚORS M FI^TMIG^IʿWX[S XS [W^]WXOS GS TV^]KSHEGL /XS [MI QS˵I M ;] HSʈG^]GMIŷ

XV^IFE [MIH^MIʊ S (VMQ(VMQ








> QEV^Iʾ ^FYH^SR]GL TSˑVɸH ˑ[MEXE
H^MIGM MGL RMIWOVʙTS[ERIN VEHSˑGM

M [VSH^SRIN [MEV] [ XS ˴I [W^]WXOS NIWX
QS˴PM[I ^VSH^MS WMʙ (VMQ(VMQ














; PIWMI TSHSFRMI NEO [ H^MIGMʚG]Q TSOSNY H^MINʈ WMʚ
VS^QEMXI WTVE[] 2E SKɹ XEO [E˵RI ˵I GE] TSOɹN

[TVE[MENʈ [ TSVYW^IRMI 4SHSFRMI NIWX M XY
TV^]NV^]NGMI WMʚ Y[E˵RMI 0I˒R]Q 7TVE[SQ PIOOM
[MIXV^]O YRSWM PM˒GMI TXEOM ^ G^YS˒GMʈ TSH˒TMI[YNʈ
M WOEG^ʈ QMʚH^] KEʈ^OEQM























[[[ HVMQHVMQ TP



WOPIT$HVMQHVMQ TP

(VMQ(VMQ XS TS˒GMIP RMI^[]OE

9NʚXE [ TMʚOR]GL OSPIOGNEGL /E˵HE REW^E OSPIOGNE NIWX TSHW^]XE QEV^IRMEQM % OXS
7X[SV^SRE HPE 1E]GL 0YH^M TV^]RENQRMIN VE^ RMI TVEKRʈ [^RMI˒ʊ WMʚ HS GLQYV# .I˒PM
^IGLGIGMI ;EW^I (^MIGM [XYPSRI [ QMʚOOMI NEO SFSOM
;]QEV^SRE NEOS˒ʊ OSQJSVX NEO ^I WRY OSHIVOM QSKʈ ˒RMʊ S TSHRMIFR]GL TSHVɹ˵EGL M [MIPOMGL
TMʚORS M FI^TMIG^IʿWX[S XS [W^]WXOS GS TV^]KSHEGL /XS [MI QS˵I M ;] HSʈG^]GMIŷ

XV^IFE [MIH^MIʊ S (VMQ(VMQ








> QEV^Iʾ ^FYH^SR]GL TSˑVɸH ˑ[MEXE
H^MIGM MGL RMIWOVʙTS[ERIN VEHSˑGM

M [VSH^SRIN [MEV] [ XS ˴I [W^]WXOS NIWX
QS˴PM[I ^VSH^MS WMʙ (VMQ(VMQ














; PIWMI TSHSFRMI NEO [ H^MIGMʚG]Q TSOSNY H^MINʈ WMʚ
VS^QEMXI WTVE[] 2E SKɹ XEO [E˵RI ˵I GE] TSOɹN

[TVE[MENʈ [ TSVYW^IRMI 4SHSFRMI NIWX M XY
TV^]NV^]NGMI WMʚ Y[E˵RMI 0I˒R]Q 7TVE[SQ PIOOM
[MIXV^]O YRSWM PM˒GMI TXEOM ^ G^YS˒GMʈ TSH˒TMI[YNʈ
M WOEG^ʈ QMʚH^] KEʈ^OEQM























[[[ HVMQHVMQ TP



WOPIT$HVMQHVMQ TP

ZZZ SROHVLH WR\V FRP




3URGXFHQW SODVWLNRZ\FK ZDGHU#SROHVLH WR\V SO

XO 6DGRZD %LDÊD 3RGODVND
]DEDZHN G]LHFLÇF\FK :ÊDG\VÊDZ 0LFNLHZLF]

$QWRQL 6]\GÊRZVNL
6222 ì33 3ROHVLHë MHGHQ ] QDMZLÇNV]\FK Z (XURSLH SURGXFHQWµZ ]DEDZHN ] WZRU]\ZD L DUW\NXʵZ GOD
JRVSRGDUVWZD GRPRZHJR 1DV]H WRZDU\ VÃ GDZQR ]QDQH SR]D JUDQLFDPL UHSXEOLNL ,FK Z\VRNÃ MDNRÐÅ
L QRZRF]HVQH Z]RUQLFWZR GRFHQLOL QDE\ZF\ Z NUDMDFK SR FDÊ\P ÐZLHFLH
1D VWURQDFK NDWDORJX 3DÌVWZR PDFLH PR×OLZRÐÅ ]DSR]QDQLD VLÇ ] RIHUWÃ QDV]HJR SU]HGVLÇELRUVWZD
6Ã WR SODVWLNRZH ]DEDZNL GOD G]LHFL L ]HVWDZ\ JLHU URZHU\ G]LHFLÇFH L TXDG\ WRZDU\ GOD DNW\ZQHJR
Z\SRF]\QNX RUD] ZLHOH LQQ\FK DUW\NXʵZ GOD VSÇG]DQLD ZROQHJR F]DVX 3DÌVWZD URG]LQ\
6222 ì33 222 ì33 3ROHVLHë UHDOL]XMH GRVWDZ\ QD WHUHQLH 3ROVNL L LQQ\FK NUDMµZ =DSUDV]DP\ GR ZVSµÊSUDF\ QRZ\FK
6
SDUWQHUµZ L G\VWU\EXWRUµZ





























































=DSUDV]DP\ GR

RGZLHG]HQLD QDV]HM VWURQ\

ZZZ SROHVLH WR\V FRP




3URGXFHQW SODVWLNRZ\FK ZDGHU#SROHVLH WR\V SO

XO 6DGRZD %LDÊD 3RGODVND
]DEDZHN G]LHFLÇF\FK :ÊDG\VÊDZ 0LFNLHZLF]

$QWRQL 6]\GÊRZVNL
6222 ì33 3ROHVLHë MHGHQ ] QDMZLÇNV]\FK Z (XURSLH SURGXFHQWµZ ]DEDZHN ] WZRU]\ZD L DUW\NXʵZ GOD
JRVSRGDUVWZD GRPRZHJR 1DV]H WRZDU\ VÃ GDZQR ]QDQH SR]D JUDQLFDPL UHSXEOLNL ,FK Z\VRNÃ MDNRÐÅ
L QRZRF]HVQH Z]RUQLFWZR GRFHQLOL QDE\ZF\ Z NUDMDFK SR FDÊ\P ÐZLHFLH
1D VWURQDFK NDWDORJX 3DÌVWZR PDFLH PR×OLZRÐÅ ]DSR]QDQLD VLÇ ] RIHUWÃ QDV]HJR SU]HGVLÇELRUVWZD
6Ã WR SODVWLNRZH ]DEDZNL GOD G]LHFL L ]HVWDZ\ JLHU URZHU\ G]LHFLÇFH L TXDG\ WRZDU\ GOD DNW\ZQHJR
Z\SRF]\QNX RUD] ZLHOH LQQ\FK DUW\NXʵZ GOD VSÇG]DQLD ZROQHJR F]DVX 3DÌVWZD URG]LQ\
6222 ì33 222 ì33 3ROHVLHë UHDOL]XMH GRVWDZ\ QD WHUHQLH 3ROVNL L LQQ\FK NUDMµZ =DSUDV]DP\ GR ZVSµÊSUDF\ QRZ\FK
6
SDUWQHUµZ L G\VWU\EXWRUµZ





























































=DSUDV]DP\ GR

RGZLHG]HQLD QDV]HM VWURQ\

1RQND KDQGPDGH WR PDUND NWµUD SRZVWDÊD ] SDVML GR UÇNRG]LHÊD Z W\P URNX 2G WHJR F]DVX V]\MÇ Z\FLQDP SLRUÇ VNOHMDP SUDVXMÇ

D ZV]\VWNR SR WR DE\ G]LHFLDF]NL PLDÊ\ IDMQH ]DEDZNL HGXNDF\MQH L JDG×HW\ Z VZRLFK SRNRLNDFK 0RLPL ćDJRZ\PL DUW\NXÊDPL Và NVLÃ×HF]NL
HGXNDF\MQH 4XLHW %RRN DXWRUVNL 4XLHW %DJ LPLRQD ] ĆOFX RUD] QDPLRW\ 7LSL 7ZRU]Ç QD LQG\ZLGXDOQH ]DPµZLHQLD FR R]QDF]D ×H

]DPµZLRQ\ X PQLH SURGXNW EÇG]LH ]URELRQ\ VSHFMDOQLH GOD &LHELH L ZHGÊXJ 7ZRLFK SRWU]HE L JXVWµZ
ZZZ IDFHERRN FRP QRQNDKDQGPDGH
=DSUDV]DP\
QRQND KDQGPDGH#JPDLO FRP




GR QDV]HJR VNOHSX






ZZZ SO GDZDQGD FRP VKRS 1RQND+DQGPDGH

1RQND KDQGPDGH WR PDUND NWµUD SRZVWDÊD ] SDVML GR UÇNRG]LHÊD Z W\P URNX 2G WHJR F]DVX V]\MÇ Z\FLQDP SLRUÇ VNOHMDP SUDVXMÇ

D ZV]\VWNR SR WR DE\ G]LHFLDF]NL PLDÊ\ IDMQH ]DEDZNL HGXNDF\MQH L JDG×HW\ Z VZRLFK SRNRLNDFK 0RLPL ćDJRZ\PL DUW\NXÊDPL Và NVLÃ×HF]NL
HGXNDF\MQH 4XLHW %RRN DXWRUVNL 4XLHW %DJ LPLRQD ] ĆOFX RUD] QDPLRW\ 7LSL 7ZRU]Ç QD LQG\ZLGXDOQH ]DPµZLHQLD FR R]QDF]D ×H

]DPµZLRQ\ X PQLH SURGXNW EÇG]LH ]URELRQ\ VSHFMDOQLH GOD &LHELH L ZHGÊXJ 7ZRLFK SRWU]HE L JXVWµZ
ZZZ IDFHERRN FRP QRQNDKDQGPDGH
=DSUDV]DP\
QRQND KDQGPDGH#JPDLO FRP




GR QDV]HJR VNOHSX






ZZZ SO GDZDQGD FRP VKRS 1RQND+DQGPDGH

0,*27.$ WR SURMHNW\ Z\NRQDQH ] QDMZLÇNV]à VWDUDQQRÐFLà L GEDÊRÐFLà R V]F]HJµÊ\ :V]\VWNLH SURGXNW\ Z\NRQDQH

Và ] QDMOHSV]\FK MDNRÐFLRZR PDWHULDʵZ Z SHÊQL EH]SLHF]Q\FK GOD G]LHFL SRVLDGDMÃF\FK DWHVW 2HNR 7H[ RU\JLQDOQ\ SRODU
PLQN\ ĆUP\ 6KDQQRQ )DEULFV G]LÇNL Z\VRNLHM MDNRÐFL QLH RGNV]WDÊFD VLÇ SR SUDQLX L FDÊ\ F]DV SR]RVWDMH Z\MÃWNRZR
SXV]\VW\ 7ZRMH G]LHFNR ]DNRFKD VLÇ Z LGHDOQHM PLÇNNRÐFL SRODUNX PLQN\ RUD] GHOLNDWQHM EDZHÊQLH SUHPLXP





































3URGXFHQW ʵ×HF]ND ĆUPD 3$&<*$ 0(%/(
























7HO

ZZZ PLJRWND FRP SO


PLJRWNDPLQN\#JPDLO FRP

0,*27.$ WR SURMHNW\ Z\NRQDQH ] QDMZLÇNV]à VWDUDQQRÐFLà L GEDÊRÐFLà R V]F]HJµÊ\ :V]\VWNLH SURGXNW\ Z\NRQDQH

Và ] QDMOHSV]\FK MDNRÐFLRZR PDWHULDʵZ Z SHÊQL EH]SLHF]Q\FK GOD G]LHFL SRVLDGDMÃF\FK DWHVW 2HNR 7H[ RU\JLQDOQ\ SRODU
PLQN\ ĆUP\ 6KDQQRQ )DEULFV G]LÇNL Z\VRNLHM MDNRÐFL QLH RGNV]WDÊFD VLÇ SR SUDQLX L FDÊ\ F]DV SR]RVWDMH Z\MÃWNRZR
SXV]\VW\ 7ZRMH G]LHFNR ]DNRFKD VLÇ Z LGHDOQHM PLÇNNRÐFL SRODUNX PLQN\ RUD] GHOLNDWQHM EDZHÊQLH SUHPLXP





































3URGXFHQW ʵ×HF]ND ĆUPD 3$&<*$ 0(%/(
























7HO

ZZZ PLJRWND FRP SO


PLJRWNDPLQN\#JPDLO FRP





















1$6=( 35(0,(5<



,JQDÐ .LWHN DUFKLWHNW

$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV

3U]H]DEDZQD L QLHSRNRUQD NVLÃ×ND

9Ü«ˆĂ¹« ôØãÊύ«Êô— ¼«ã—؁¹Ê R UHDOL]RZDQLX VZRLFK SDVML ZEUHZ
SU]HFLZQRÐFLRP



« Õ« ¹Ã«— «¼èÜãØÊôÃ— =É




5µ]LD 5HZHOND LQ×\QLHUND

1DV]H Z\GDZQLFWZR VSHFMDOL]XMH VLÇ Z VWDUDQQ\P GRERU]H RIHUW\ L SURSRQXMH $QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
URG]LFRP L G]LHFLRP Z\VRNLHM MDNRÐFL NVLÃ×NL ]DUµZQR ZDUWRÐFLRZH OLWHUDFNR =DEDZQD L PÃGUD RSRZLHÐÅ R

MDN L SLÇNQLH LOXVWURZDQH 7R ìSLFWXUHERRNVë å NVLÃ×NL Z NWµU\FK WHNVW L REUD] UHDOL]RZDQLX SDVML L QLH]UD×DQLX
ZVSµÊJUDMà ]H VREà WZRU]ÃF XQLNDOQà MDNRÐÅ NWµUHM QLH GDÊRE\ VLÇ RVLÃJQÃÅ EH] VLÇ QLHSRZRG]HQLDPL
KDUPRQLL PLÇG]\ QLPL 6Ã WR SXEOLNDFMH GOD Z\PDJDMÃF\FK å SRXF]DMÃFD
L MHGQRF]HÐQLH HNVF\WXMÃFD OLWHUDWXUD G]LHFLÇFD =É








7HN 1RZRF]HVQ\ MDVNLQLRZLHF

3DWULFN 0F'RQQHOO


=DEDZQ\ VSRVµE PµZLHQLD R ]QDF]HQLX Z\ÊÃF]HQLD
RWDF]DMÃF\FK QDV XU]ÃG]HÌ L FLHV]HQLD VLÇ XURNDPL

SLÇNQHJR ÐZLDWD GRRNRÊD


=É


$GD %DPELQL 1DXNRZF]\QL

$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV


=$32:,('Ô





#.LQGHUNXOND




:6=<67.,( .6,ÂÖ., '267Æ31( 1$ ::: .,1'(5.8/.$ 3/

1$6=( 35(0,(5<



,JQDÐ .LWHN DUFKLWHNW

$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV

3U]H]DEDZQD L QLHSRNRUQD NVLÃ×ND

9Ü«ˆĂ¹« ôØãÊύ«Êô— ¼«ã—؁¹Ê R UHDOL]RZDQLX VZRLFK SDVML ZEUHZ
SU]HFLZQRÐFLRP



« Õ« ¹Ã«— «¼èÜãØÊôÃ— =É




5µ]LD 5HZHOND LQ×\QLHUND

1DV]H Z\GDZQLFWZR VSHFMDOL]XMH VLÇ Z VWDUDQQ\P GRERU]H RIHUW\ L SURSRQXMH $QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
URG]LFRP L G]LHFLRP Z\VRNLHM MDNRÐFL NVLÃ×NL ]DUµZQR ZDUWRÐFLRZH OLWHUDFNR =DEDZQD L PÃGUD RSRZLHÐÅ R

MDN L SLÇNQLH LOXVWURZDQH 7R ìSLFWXUHERRNVë å NVLÃ×NL Z NWµU\FK WHNVW L REUD] UHDOL]RZDQLX SDVML L QLH]UD×DQLX
ZVSµÊJUDMà ]H VREà WZRU]ÃF XQLNDOQà MDNRÐÅ NWµUHM QLH GDÊRE\ VLÇ RVLÃJQÃÅ EH] VLÇ QLHSRZRG]HQLDPL
KDUPRQLL PLÇG]\ QLPL 6Ã WR SXEOLNDFMH GOD Z\PDJDMÃF\FK å SRXF]DMÃFD
L MHGQRF]HÐQLH HNVF\WXMÃFD OLWHUDWXUD G]LHFLÇFD =É








7HN 1RZRF]HVQ\ MDVNLQLRZLHF

3DWULFN 0F'RQQHOO


=DEDZQ\ VSRVµE PµZLHQLD R ]QDF]HQLX Z\ÊÃF]HQLD
RWDF]DMÃF\FK QDV XU]ÃG]HÌ L FLHV]HQLD VLÇ XURNDPL

SLÇNQHJR ÐZLDWD GRRNRÊD


=É


$GD %DPELQL 1DXNRZF]\QL

$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV


=$32:,('Ô





#.LQGHUNXOND




:6=<67.,( .6,ÂÖ., '267Æ31( 1$ ::: .,1'(5.8/.$ 3/







=GURZH VWRS\ 'R SURGXNFML REXZLD 0HPR VWRVR

ZDQH VĈ QDMZ\İV]HM MDNRĤFL PDWHULDã\ :LHU
G]LHFND ]FKQLD L ZHZQčWU]QD F]čĤþ EXWD Z\NRQDQD
MHVW ] QDWXUDOQ\FK PLčNNLFK VNyU NR]LFK
LGHDOQ\FK GOD VWRS\ G]LHFND 6NyU\ WH Z
VSRVyE QDWXUDOQ\ GRVWRVRZXMĈ VLč GR
0HPR WR QDMZ\İV]HM MDNRĤFL REXZLH GOD
G]LHFL Z\NRQDQH Z NODV\F]Q\P VW\OX ] VWRS\ W\P VDP\P ]ZLčNV]DMĈ NRPIRUW Xİ\W
QDWXUDOQ\FK PDWHULDãyZ SU]\MD]Q\FK VWRSLH NRZDQLD 1LHNWyUH PRGHOH Z\SRVDİRQH
G]LHFND 8QLNDWRZĈ IXQNFMč GLDJQRVW\F]QĈ ]RVWDã\ Z VSHFMDOLVW\F]QĈ SRGV]HZNč
]DSHZQLD V\VWHP PRQLWRULQJX Z SRGHV]ZLH EH]FKURPRZĈ 1DWXUDOQH PDWHULDã\ R
0HPR :\SUDFRZDQD SU]H] ODWD NRQVWUXN ZãDĤFLZRĤFLDFK KLJURVNRSLMQ\FK VSUDZLDMĈ
FMD L WHFKQRORJLD PRQWDİX EXWyZ 0HPR İH EXW RGG\FKD D VWRSD QLH XOHJD
] ]DSRFHQLX
]\VNDãD\VNDãD X]QDQLH VSHFMDOLVWyZ MDNR
VNXWHF]QD PHWRGD SURILODNW\NL L OHF]HQLD
QDMF]čVWV]\FK ZDG SRVWDZ\









8QLNDWRZ\ V\VWHP G\QDPLF]QHM NRQWUROL
VWyS G]LHFND GDMĈF\ PRİOLZRĤþ ELHİĈFHJR
PRQLWRURZDQLD VWDQX VWyS RUD] QDW\FKPLD
VWRZHM UHDNFML 6SHFMDOQ\ RGVWDZLRQ\ NV]
WDãW SRGHV]Z\ GRGDWNRZR VWDELOL]XMH VWRSč
L ]DSHZQLD SUDZLGãRZH MHM XãRİHQLH SRG 6SHFMDOQD WHFKQRORJLD PRQWDİX
F]DV FKRGX 'LDJQRVW\F]QD SRGHV]ZD 9 WHFK SROHJDMĈFD QD SUDZLGãRZ\P XVW
0HPR 2EV]DUHP GLDJQRVW\F]Q\P REXZLD DZLHQLX FKROHZNL SRGF]DV SURFHVX PRQ
0HPR MHVW MHJR SRGHV]ZD 1D MHM SRZLHU WRZDQLD EXWD 7HFKQRORJLD WD JZDUDQWXMH
]FKQL RUD] QD REFDVLH ]RVWDãR Z\RGUčEQL ]DFKRZDQLH RVL V\PHWULL Z Z\SURGXNRZ
RQ\FK V]HĤþ SRQXPHURZDQ\FK VWUHI ] Z\ DQ\P EXFLH D W\P VDP\P ZUD] ] FKDUDNW
SXNã\PL SDVNDPL ELHİQLND VWUHID QRUP\ HU\VW\F]Q\P V]W\ZQ\P ]DSLčWNLHP L Z\VRNĈ
VWUHID U\]\ND RUD] F]WHU\ VWUHI\ GXİHM G\V FKROHZNĈ ZVSRPDJD SUDZLGãRZ\ UR]ZyM
IXQNFML 3RGF]DV Xİ\WNRZDQLD SDVNL XOHJDMĈ VWyS 2EXZLH 0HPR SR]EDZLRQH MHVW FHFK
ĤFLHUDQLX G]LčNL F]HPX VWDUWH IUDJPHQW\ NRQVWUXNF\MQ\FK PRJĈF\FK ]DNãyFLþ
XPRİOLZLDMĈ V]\ENĈ L SUHF\]\MQĈ GLDJQR]č REUD] U]HF]\ZLVWHM IL]MRORJLL L SRWU]HE VWyS Z
ZDG VWyS RUD] HZHQWXDOQH GREUDQLH RNUHVLH Z]UDVWDQLD ']LčNL WHPX REXZLH
ZNãDGHN : SU]\SDGNX EUDNX NRQLHF]QRĤFL 0HPR XMDZQLD LFK SUDZLGãRZRĤþ PRUIR
VWRVRZDQLD ZNãDGHN NRU\JXMĈF\FK EXW\ ORJLF]QRF]\QQRĤFLRZĈ OXE LVWQLHMĈFH
0HPR VSHãQLDMĈ IXQNFMč SURILODNW\F]QĈ ZDG\ EĈGĮ LFK V\PSWRP\
=HVWDZ ZNãDGHN ZFKRG]ĈF\FK Z VNãDG
V\VWHPX\VWHPX 0HPR ZUD] ] ZEXGRZDQ\P Z
V 3URGXNW X]\VNDã SR]\W\ZQĈ RSLQLč
SRGHV]ZLH REFDVHP 7KRPDV·D QDGDMH Å&HQWUXP =GURZLD ']LHFNDµ
EXWRP 0HPR FKDUDNWHU REXZLD NRUHNF\M
QHJR 2GSRZLHGQLD GOD G]LHFND ZNãDGND
PRİH E\þ GREUDQD EH]SRĤUHGQLR SU]H]
URG]LFD QD SRGVWDZLH ]DãĈF]RQHM LQVWUXNFML
Xİ\WNRZDQLD 6\VWHPX 0HPR OXE ZJ ZVND
]Dę VSHFMDOLVW\




ZZZ ]GURZHEXFLNL SO