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NFPA 704 ®
Standard System for the Identification of the Hazards of Materials for Emergency Response
2012 Edition
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NFPA, 1 Batterymarch Park, Quincy, MA 02169-7471 An International Codes and Standards Organization
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
8LI SFNIGXMZIW SJ XLI W]WXIQ WLEPP FI EW JSPPS[W 8S TVSZMHI ER ETTVSTVMEXI WMKREP SV EPIVX ERH SRXLIWTSX MRJSVQEXMSR XS WEJIKYEVH XLI PMZIW SJ FSXL TYFPMG ERH TVM ZEXI IQIVKIRG] VIWTSRWI TIVWSRRIP 8S EWWMWX MR TPERRMRK JSV IJJIGXMZI JMVI ERH IQIVKIRG] GSR XVSP STIVEXMSRW MRGPYHMRK GPIERYT 8S EWWMWX EPP HIWMKREXIH TIVWSRRIP IRKMRIIVW ERH TPERX ERH WEJIX] TIVWSRRIP MR IZEPYEXMRK LE^EVHW 8LMW W]WXIQ WLEPP TVSZMHI FEWMG MRJSVQEXMSR XS JMVI JMKLXMRK IQIVKIRG] ERH SXLIV TIVWSRRIP IREFPMRK XLIQ XS IEW
)HMXMSR
'LETXIV
6IJIVIRGIH 4YFPMGEXMSRW
+IRIVEP 8LI HSGYQIRXW SV TSVXMSRW XLIVISJ PMWXIH MR XLMW GLETXIV EVI VIJIVIRGIH [MXLMR XLMW WXERHEVH ERH WLEPP FI GSR WMHIVIH TEVX SJ XLI VIUYMVIQIRXW SJ XLMW HSGYQIRX 2*4% 4YFPMGEXMSRW 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR &EXXIV]QEVGL 4EVO 5YMRG] 1% 2*4% 2EXMSREP )PIGXVMGEP 'SHI IHMXMSR 2*4% )\TPSWMZI 1EXIVMEPW 'SHI IHMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR%YKYWXXS(%6%0,%2(%7%,JSVHIWMKREXIH YWIV112SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP%GGIWW WYFWGVMTXMSRI\TMVIWSR
z
+)2)6%0
3XLIV 4YFPMGEXMSRW
c
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w1IXLSH JSV (IXIV QMRMRK *PEQQEFPI ERH )\XVIQIP] *PEQQEFPI 'SRXIRXW SJ 7IPJ4VIWWYVM^IH 'SRXEMRIVWx 4EVX 8MXPI 'SHI SJ *IHIVEP 6IKYPEXMSRW w1IXLSH SJ 8IWXMRK JSV 7YWXEMRIH 'SQFYWXMFMPMX]x 4EVX %TTIRHM\ , 3XLIV 4YFPMGEXMSRW 1IVVMEQ;IFWXIVvW 'SPPIKMEXI (MGXMSREV] XL IHMXMSR 1IVVMEQ ;IFWXIV -RG 7TVMRKJMIPH 1% 6IJIVIRGIW JSV )\XVEGXW MR 1ERHEXSV] 7IGXMSRW 2*4% *MVI 'SHI IHMXMSR 2*4% *PEQQEFPI ERH 'SQFYWXMFPI 0MUYMHW 'SHI IHMXMSR 2*4% 'SQTVIWWIH +EWIW ERH 'V]SKIRMG *PYMHW 'SHI IHMXMSR
'LETXIV
(IJMRMXMSRW
+IRIVEP 8LI HIJMRMXMSRW GSRXEMRIH MR XLMW GLETXIV WLEPP ETTP] XS XLI XIVQW YWIH MR XLMW WXERHEVH ;LIVI XIVQW EVI RSX HIJMRIH MR XLMW GLETXIV SV [MXLMR ERSXLIV GLETXIV XLI] WLEPP FI HIJMRIH YWMRK XLIMV SVHMREVMP] EGGITXIH QIERMRKW [MXLMR XLI GSRXI\X MR [LMGL XLI] EVI YWIH 1IVVMEQ;IFWXIVvW 'SPPIKMEXI (MGXMSREV] XL IHMXMSR WLEPP FI XLI WSYVGI JSV XLI SVHMREVMP] EGGITXIH QIERMRK 2*4% 3JJMGMEP (IJMRMXMSRW
*MVI 4SMRX 8LI PS[IWX XIQTIVEXYVI EX [LMGL E PMUYMH [MPP MKRMXI ERH EGLMIZI WYWXEMRIH FYVRMRK [LIR I\TSWIH XS E XIWX JPEQI MR EGGSVHERGI [MXL %781 ( 7XERHEVH 8IWX 1IXLSH JSV *PEWL ERH *MVI 4SMRXW F] 'PIZIPERH 3TIR 'YT 8IWXIV ? A *PEWL 4SMRX 8LI QMRMQYQ XIQTIVEXYVI EX [LMGL E PMU YMH SV E WSPMH IQMXW ZETSV WYJJMGMIRX XS JSVQ ER MKRMXMFPI QM\ XYVI [MXL EMV RIEV XLI WYVJEGI SJ XLI PMUYMH SV XLI WSPMH *VSWXFMXI *VSWXFMXI MW E PSGEPM^IH GSRHMXMSR XLEX SGGYVW [LIR XLI PE]IVW SJ XLI WOMR ERH HIITIV XMWWYI JVII^I 1EXIVMEPW 7XEFPI 1EXIVMEPW 8LSWI QEXIVMEPW XLEX RSVQEPP] LEZI XLI GETEGMX] XS VIWMWX GLERKIW MR XLIMV GLIQMGEP GSQTSWMXMSR HIWTMXI I\TSWYVI XS EMV [EXIV ERH LIEX EW IRGSYRXIVIH MR JMVI IQIVKIRGMIW 9RWXEFPI 1EXIVMEPW % QEXIVMEP XLEX MR XLI TYVI WXEXI SV EW GSQQIVGMEPP] TVSHYGIH [MPP ZMKSVSYWP] TSP]QIVM^I HI GSQTSWI SV GSRHIRWI FIGSQI WIPJVIEGXMZI SV SXLIV[MWI YR HIVKS E ZMSPIRX GLIQMGEP GLERKI YRHIV GSRHMXMSRW SJ WLSGO TVIWWYVI SV XIQTIVEXYVI 7MQTPI %WTL]\MERX +EW % KEW XLEX HSIW RSX TVSZMHI WYJ JMGMIRX S\]KIR XS WYTTSVX PMJI ERH XLEX LEW RSRI SJ XLI SXLIV TL]WMGEP SV LIEPXL LE^EVHW ? A
'LETXIV +IRIVEP (IWGVMTXMSR 8LMW W]WXIQ SJ QEVOMRKW WLEPP MHIRXMJ] XLI LE^EVHW SJ E QEXIVMEP MR XIVQW SJ XLI JSPPS[MRK XLVII TVMRGMTEP GEXIKSVMIW ,IEPXL *PEQQEFMPMX] -RWXEFMPMX] 8LI W]WXIQ WLEPP MRHMGEXI XLI HIKVII SJ WIZIVMX] F] E RYQIVMGEP VEXMRK XLEX VERKIW JVSQ MRHMGEXMRK WIZIVI LE^EVH XS MRHMGEXMRK QMRMQEP LE^EVH 8LI MRJSVQEXMSR WLEPP FI TVIWIRXIH F] E WTEXMEP EVVERKI QIRX SJ RYQIVMGEP VEXMRKW [MXL XLI LIEPXL VEXMRK EP[E]W EX XLI RMRI SvGPSGO TSWMXMSR XLI JPEQQEFMPMX] VEXMRK EP[E]W EX XLI X[IPZI SvGPSGO TSWMXMSR ERH XLI MRWXEFMPMX] VEXMRK EP[E]W EX XLI XLVII SvGPSGO TSWMXMSR )EGL VEXMRK WLEPP FI PSGEXIH MR E WUYEVISRTSMRX JMIPH GSQQSRP] VIJIVVIH XS EW E HMEQSRH IEGL SJ [LMGL MW EW WMKRIH E GSPSV EW JSPPS[W
%TTVSZIH %GGITXEFPI XS XLI EYXLSVMX] LEZMRK NYVMW HMGXMSR
&PYI JSV LIEPXL LE^EVH 6IH JSV JPEQQEFMPMX] LE^EVH =IPPS[ JSV MRWXEFMPMX] LE^EVH
%YXLSVMX] ,EZMRK .YVMWHMGXMSR %,. %R SVKERM^EXMSR SJJMGI SV MRHMZMHYEP VIWTSRWMFPI JSV IRJSVGMRK XLI VIUYMVIQIRXW SJ E GSHI SV WXERHEVH SV JSV ETTVSZMRK IUYMTQIRX QEXIVMEPW ER MRWXEPPEXMSR SV E TVSGIHYVI
%PXIVREXMZIP] XLI WUYEVISRTSMRX JMIPH WLEPP FI TIVQMX XIH XS FI ER] GSRZIRMIRX GSRXVEWXMRK GSPSV ERH XLI RYQFIVW XLIQWIPZIW WLEPP FI TIVQMXXIH XS FI GSPSVIH 7II *MKYVI E XLVSYKL *MKYVI G JSV I\EQTPIW SJ XLI WTEXMEP EVVERKIQIRXW
7LEPP -RHMGEXIW E QERHEXSV] VIUYMVIQIRX
8LI JSYVXL UYEHVERX EX XLI WM\ SvGPSGO TSWMXMSR WLEPP FI VIWIVZIH JSV MRHMGEXMRK WTIGMEP LE^EVHW ERH WLEPP FI MR EG GSVHERGI [MXL 'LETXIV 2S WTIGMEP GSPSV MW EWWSGMEXIH [MXL XLMW UYEHVERX
+IRIVEP (IJMRMXMSRW &SMPMRK 4SMRX 8LI XIQTIVEXYVI EX [LMGL XLI ZETSV TVIW WYVI SJ E PMUYMH IUYEPW XLI WYVVSYRHMRK EXQSWTLIVMG TVIWWYVI ? A 'V]SKIRMG *PYMH % JPYMH [MXL E FSMPMRK TSMRX PS[IV XLER n* n' EX ER EFWSPYXI TVIWWYVI SJ TWM O4E ? A
%WWMKRQIRX SJ 6EXMRKW 8LI LE^EVH IZEPYEXMSR VIUYMVIH XS HIXIVQMRI XLI GSVVIGX LE^EVH VEXMRKW JSV E WTIGMJMG QEXIVMEP WLEPP FI TIVJSVQIH F] TIV WSRW [LS EVI XIGLRMGEPP] GSQTIXIRX ERH I\TIVMIRGIH MR XLI MR XIVTVIXEXMSR SJ XLI LE^EVH GVMXIVME WIX JSVXL MR XLMW WXERHEVH
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR%YKYWXXS(%6%0,%2(%7%,JSVHIWMKREXIH YWIV112SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP%GGIWW WYFWGVMTXMSRI\TMVIWSR
z
-()28-*-'%8-32 3* 8,) ,%>%6(7 3* 1%8)6-%07 *36 )1)6+)2'= 6)74327)
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z-RHMZMHYEP 'SQFMRIH 1IXLSH % WMRKPI WMKR WLEPP FI YWIH XS WYQQEVM^I XLI VEXMRKW ZME XLI 'SQTSWMXI 1IXLSH JSV FYMPHMRKW SV SXLIV EVIEW GSRXEMRMRK RYQIV SYW GLIQMGEPW 7MKRW FEWIH SR XLI -RHMZMHYEP 1IXLSH WLEPP FI YWIH JSV VSSQW SV WQEPPIV EVIEW [MXLMR XLI FYMPHMRK GSRXEMRMRK WQEPP RYQFIVW SJ GLIQMGEPW ;LIR QM\XYVIW SJ GLIQMGEPW EVI FIMRK VEXIH EGXYEP HEXE SR XLI QM\XYVI MXWIPJ WLEPP FI YWIH XS SFXEMR XLI VEXMRKW JSV LIEPXL JPEQQEFMPMX] ERH MRWXEFMPMX] 0SGEXMSR SJ 7MKRW 7MKRW WLEPP FI MR PSGEXMSRW ETTVSZIH F] XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR ERH EW E QMRMQYQ WLEPP FI TSWXIH EX XLI JSPPS[MRK PSGEXMSRW 8[S I\XIVMSV [EPPW SV IRGPSWYVIW GSRXEMRMRK E QIERW SJ EGGIWW XS E FYMPHMRK SV JEGMPMX]
)EGL EGGIWW XS E VSSQ SV EVIE )EGL TVMRGMTEP QIERW SJ EGGIWW XS ER I\XIVMSV WXSVEKI EVIE
'LETXIV
,IEPXL ,E^EVHW
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
8EFPI (IKVIIW SJ ,IEPXL ,E^EVHW (IKVII SJ ,E^EVH
'VMXIVME
{ 1EXIVMEPW XLEX YRHIV IQIVKIRG] +EWIW [LSWI 0' JSV EGYXI MRLEPEXMSR XS\MGMX] MW PIWW XLER SV IUYEP XS TEVXW TIV GSRHMXMSRW GER FI PIXLEP QMPPMSR TTQ %R] PMUYMH [LSWI WEXYVEXIH ZETSV GSRGIRXVEXMSR EX ' * MW IUYEP XS SV KVIEXIV XLER XMQIW MXW 0' JSV EGYXI MRLEPEXMSR XS\MGMX] MJ MXW 0' MW PIWW XLER SV IUYEP XS TTQ (YWXW ERH QMWXW [LSWI 0' JSV EGYXI MRLEPEXMSR XS\MGMX] MW PIWW XLER SV IUYEP XS QMPPMKVEQ TIV PMXIV QK0 1EXIVMEPW [LSWI 0( JSV EGYXI HIVQEP XS\MGMX] MW PIWW XLER SV IUYEP XS QMPPMKVEQW TIV OMPSKVEQ QKOK 1EXIVMEPW [LSWI 0(
)HMXMSR
JSV EGYXI SVEP XS\MGMX] MW PIWW XLER SV IUYEP XS QKOK
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR%YKYWXXS(%6%0,%2(%7%,JSVHIWMKREXIH YWIV112SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP%GGIWW WYFWGVMTXMSRI\TMVIWSR
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8EFPI
'SRXMRYIH
(IKVII SJ ,E^EVH
'VMXIVME
{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n' n* XLEX GEYWI JVSWXFMXI ERH MVVIZIVWMFPI XMWWYI HEQEKI 1EXIVMEPW [LSWI 0( XS QKOK
JSV EGYXI SVEP XS\MGMX] MW KVIEXIV XLER QKOK FYX PIWW XLER SV IUYEP
{ 1EXIVMEPW XLEX YRHIV IQIVKIRG] +EWIW [LSWI 0' JSV EGYXI MRLEPEXMSR XS\MGMX] MW KVIEXIV XLER TTQ FYX PIWW XLER SV IUYEP XS TTQ GSRHMXMSRW GER GEYWI XIQTSVEV] MRGETEGMXEXMSR SV VIWMHYEP MRNYV] %R] PMUYMH [LSWI WEXYVEXIH ZETSV GSRGIRXVEXMSR EX ' * MW IUYEP XS SV KVIEXIV XLER SRIJMJXL MXW 0' JSV EGYXI MRLEPEXMSR XS\MGMX] MJ MXW 0' MW PIWW XLER SV IUYEP XS TTQ ERH XLEX HSIW RSX QIIX XLI GVMXIVME JSV IMXLIV HIKVII SJ LE^EVH SV HIKVII SJ LE^EVH (YWXW ERH QMWXW [LSWI 0' SV IUYEP XS QK0
JSV EGYXI MRLEPEXMSR XS\MGMX] MW KVIEXIV XLER QK0 FYX PIWW XLER
1EXIVMEPW [LSWI 0( JSV EGYXI HIVQEP XS\MGMX] MW KVIEXIV XLER QKOK FYX PIWW XLER SV IUYEP XS QKOK 'SQTVIWWIH PMUYIJMIH KEWIW [MXL FSMPMRK TSMRXW FIX[IIR n' n* ERH n' n* XLEX GER GEYWI WIZIVI XMWWYI HEQEKI SR GSRXEGX HITIRHMRK SR HYVEXMSR SJ I\TSWYVI 1EXIVMEPW XLEX EVI VIWTMVEXSV] MVVMXERXW 1EXIVMEPW XLEX GEYWI WIZIVI FYX VIZIVWMFPI MVVMXEXMSR XS XLI I]IW SV PEGVMQEXSVW 1EXIVMEPW XLEX EVI TVMQEV] WOMR MVVMXERXW SV WIRWMXM^IVW 1EXIVMEPW [LSWI 0( QKOK { 1EXIVMEPW XLEX YRHIV IQIVKIRG] GSRHMXMSRW GER GEYWI WMKRMJMGERX MVVMXEXMSR
JSV EGYXI SVEP XS\MGMX] MW KVIEXIV XLER QKOK FYX PIWW XLER SV IUYEP XS
+EWIW ERH ZETSVW [LSWI 0' JSV EGYXI MRLEPEXMSR XS\MGMX] MW KVIEXIV XLER TTQ FYX PIWW XLER SV IUYEP XS TTQ (YWXW ERH QMWXW [LSWI 0' SV IUYEP XS QK0
JSV EGYXI MRLEPEXMSR XS\MGMX] MW KVIEXIV XLER QK0 FYX PIWW XLER
1EXIVMEPW [LSWI 0( JSV EGYXI HIVQEP XS\MGMX] MW KVIEXIV XLER QKOK FYX PIWW XLER SV IUYEP XS QKOK 1EXIVMEPW XLEX GEYWI WPMKLX XS QSHIVEXI MVVMXEXMSR XS XLI VIWTMVEXSV] XVEGX I]IW ERH WOMR 1EXIVMEPW [LSWI 0( XS QKOK
JSV EGYXI SVEP XS\MGMX] MW KVIEXIV XLER QKOK FYX PIWW XLER SV IUYEP GSRXMRYIW
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR%YKYWXXS(%6%0,%2(%7%,JSVHIWMKREXIH YWIV112SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP%GGIWW WYFWGVMTXMSRI\TMVIWSR
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8EFPI
'SRXMRYIH
(IKVII SJ ,E^EVH
'VMXIVME
{ 1EXIVMEPW XLEX YRHIV IQIVKIRG] +EWIW ERH ZETSVW [LSWI 0' JSV EGYXI MRLEPEXMSR XS\MGMX] MW KVIEXIV XLER TTQ GSRHMXMSRW [SYPH SJJIV RS LE^EVH (YWXW ERH QMWXW [LSWI 0' JSV EGYXI MRLEPEXMSR XS\MGMX] MW KVIEXIV XLER QK0 FI]SRH XLEX SJ SVHMREV] GSQFYWXMFPI QEXIVMEPW 1EXIVMEPW [LSWI 0( JSV EGYXI HIVQEP XS\MGMX] MW KVIEXIV XLER QKOK 1EXIVMEPW [LSWI 0(
JSV EGYXI SVEP XS\MGMX] MW KVIEXIV XLER QKOK
1EXIVMEPW XLEX EVI IWWIRXMEPP] RSRMVVMXEXMRK XS XLI VIWTMVEXSV] XVEGX I]IW ERH WOMR *SV IEGL HIKVII SJ LE^EVH XLI GVMXIVME EVI PMWXIH MR E TVMSVMX] SVHIV FEWIH SR XLI PMOIPMLSSH SJ I\TSWYVI 7II 7IGXMSR & JSV HIJMRMXMSRW SJ 0' ERH 0(
'LETXIV
*PEQQEFMPMX] ,E^EVHW
+IRIVEP 8LMW GLETXIV WLEPP EHHVIWW XLI HIKVII SJ WYWGITXMFMPMX] SJ QEXIVMEPW XS FYVRMRK
&IGEYWI QER] QEXIVMEPW [MPP FYVR YRHIV SRI WIX SJ GSRHM XMSRW FYX [MPP RSX FYVR YRHIV SXLIVW XLI JSVQ SV GSRHMXMSR SJ XLI QEXIVMEP WLEPP FI GSRWMHIVIH EPSRK [MXL MXW MRLIVIRX TVSTIVXMIW (IKVIIW SJ ,E^EVH 8LI HIKVIIW SJ JPEQQEFMPMX] LE^EVH WLEPP FI VEROIH EGGSVHMRK XS XLI WYWGITXMFMPMX] SJ QEXIVMEPW XS FYVRMRK HIXEMPIH MR 8EFPI
8EFPI (IKVIIW SJ *PEQQEFMPMX] ,E^EVHW (IKVII SJ ,E^EVH
'VMXIVME
{ 1EXIVMEPW XLEX VETMHP] SV GSQTPIXIP] *PEQQEFPI KEWIW ZETSVM^I EX EXQSWTLIVMG TVIWWYVI ERH RSVQEP *PEQQEFPI GV]SKIRMG QEXIVMEPW EQFMIRX XIQTIVEXYVI SV XLEX EVI VIEHMP] HMWTIVWIH MR EMV ERH FYVR VIEHMP] %R] PMUYMH SV KEWISYW QEXIVMEP XLEX MW PMUYMH [LMPI YRHIV TVIWWYVI ERH LEW E JPEWL TSMRX FIPS[ ' * ERH E FSMPMRK TSMRX FIPS[ ' * MI 'PEWW -% PMUYMHW 1EXIVMEPW XLEX MKRMXI WTSRXERISYWP] [LIR I\TSWIH XS EMV 7SPMHW GSRXEMRMRK KVIEXIV XLER TIVGIRX F] [IMKLX SJ E JPEQQEFPI SV GSQFYWXMFPI WSPZIRX EVI VEXIH F] XLI GPSWIH GYT JPEWL TSMRX SJ XLI WSPZIRX 0MUYMHW LEZMRK E JPEWL TSMRX FIPS[ ' * ERH E FSMPMRK TSMRX EX SV {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
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR%YKYWXXS(%6%0,%2(%7%,JSVHIWMKREXIH YWIV112SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP%GGIWW WYFWGVMTXMSRI\TMVIWSR
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8EFPI
'SRXMRYIH (IKVII SJ ,E^EVH
{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
1EXIVMEPW XLEX [MPP FYVR MR EMV [LIR I\TSWIH XS E XIQTIVEXYVI SJ ' {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w1IXLSH SJ 8IWXMRK JSV 7YWXEMRIH HYWXW 'SQFYWXMFMPMX]x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{ 1EXIVMEPW XLEX [MPP RSX FYVR YRHIV X]TMGEP JMVI GSRHMXMSRW MRGPYHMRK MRXVMRWMGEPP] RSRGSQFYWXMFPI QEXIVMEPW WYGL EW GSRGVIXI WXSRI ERH WERH
1EXIVMEPW XLEX [MPP RSX FYVR MR EMV [LIR I\TSWIH XS E XIQTIVEXYVI SJ ' * JSV E TIVMSH SJ QMRYXIW MR EGGSVHERGI [MXL %781 ( 7XERHEVH 8IWX 1IXLSH JSV XLI (MWGVMQMREXMSR &IX[IIR *PEQQEFMPMX] 6EXMRKW SJ * ! ERH * !
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR%YKYWXXS(%6%0,%2(%7%,JSVHIWMKREXIH YWIV112SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP%GGIWW WYFWGVMTXMSRI\TMVIWSR
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%IVSWSPW %IVSWSP TVSHYGXW WLEPP FI VEXIH FEWIH SR XLI JPEWL TSMRX SV FSMPMRK TSMRX SJ XLI GSRXIRXW SJ XLI GSRXEMRIV SV XLI VIWYPXW SJ XLI JPEQI TVSNIGXMSR XIWX EW HIJMRIH F] %781 ( 7XERHEVH 8IWX 1IXLSHW JSV *PEQQEFMPMX] SJ %IVSWSP 4VSHYGXW SV '*6 w1IXLSH JSV (IXIVQMRMRK *PEQQEFPI ERH )\XVIQIP] *PEQQEFPI 'SRXIRXW SJ 7IPJ4VIWWYVM^IH 'SRXEMR IVWx [LMGLIZIV MW XLI LMKLIV HIKVII SJ LE^EVH %R EIVSWSP QEXIVMEP LEZMRK E JPEQI TVSNIGXMSR SJ QQ MR SV QSVI [LIR XIWXIH MR EGGSVHERGI [MXL %781 ( 7XERHEVH 8IWX 1IXLSHW JSV *PEQQEFMPMX] SJ %IVSWSP 4VSHYGXW SV '*6 w1IXLSH JSV (IXIVQMRMRK *PEQQEFPI ERH )\XVIQIP] *PEQQEFPI 'SRXIRXW SJ 7IPJ4VIWWYVM^IH 'SRXEMRIVWx WLEPP FI VEROIH EX E HIKVII LE^EVH SJ EX PIEWX
'LETXIV
-RWXEFMPMX] ,E^EVHW
c
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
+IRIVEP
c
8LMW GLETXIV WLEPP EHHVIWW XLI HIKVII SJ LE^EVH HYI XS VIEGXMSR [MXL EQFMIRX EMV PMKLX SV FSXL ERH XLI HIKVII SJ MRXVMRWMG WYWGITXMFMPMX] SJ QEXIVMEPW XS VIPIEWI IRIVK] F] WIPJ VIEGXMSR SV TSP]QIVM^EXMSR
+IRIVEP
6IEGXMSR [MXL EQFMIRX EMV WLEPP MRGPYHI XLI EFMPMX] XS JSVQ LE^EVHSYW TIVS\MHIW ERH XLI EFMPMX] XS KIRIVEXI WYJJM GMIRX VIPIEWI SJ IRIVK] XS GEYWI E LE^EVH
8LMW GLETXIV WLEPP EHHVIWW [EXIV VIEGXMZMX] ERH S\MHM^MRK TVSTIVXMIW SJ XLI QEXIVMEPW XLEX GEYWI WTIGMEP TVSFPIQW SV VI UYMVI WTIGMEP JMVIJMKLXMRK XIGLRMUYIW
;EXIV VIEGXMZMX] WLEPP FI EWWIWWIH MR EGGSVHERGI [MXL 'LETXIV
7TIGMEP LE^EVH W]QFSPW WLEPP FI WLS[R MR XLI JSYVXL WTEGI SJ XLI WMKR SV MQQIHMEXIP] EFSZI SV FIPS[ XLI IRXMVI WMKR
'LETXIV
7TIGMEP ,E^EVHW
8EFPI (IKVIIW SJ -RWXEFMPMX] ,E^EVHW (IKVII SJ ,E^EVH
'VMXIVME
{ 1EXIVMEPW XLEX MR XLIQWIPZIW EVI VIEHMP] GETEFPI SJ HIXSREXMSR SV I\TPSWMZI HIGSQTSWMXMSR SV I\TPSWMZI VIEGXMSR EX RSVQEP XIQTIVEXYVIW ERH TVIWWYVIW
1EXIVMEPW XLEX EVI WIRWMXMZI XS PSGEPM^IH XLIVQEP SV QIGLERMGEP WLSGO EX RSVQEP XIQTIVEXYVIW ERH TVIWWYVIW
{ 1EXIVMEPW XLEX MR XLIQWIPZIW EVI GETEFPI SJ HIXSREXMSR SV I\TPSWMZI HIGSQTSWMXMSR SV I\TPSWMZI VIEGXMSR FYX XLEX VIUYMVI E WXVSRK MRMXMEXMRK WSYVGI SV QYWX FI LIEXIH YRHIV GSRJMRIQIRX FIJSVI MRMXMEXMSR
1EXIVMEPW XLEX LEZI ER MRWXERXERISYW TS[IV HIRWMX] TVSHYGX SJ LIEX SJ VIEGXMSR ERH VIEGXMSR VEXI EX ' * EX SV EFSZI ;Q0 ERH FIPS[ ;Q0
{ 1EXIVMEPW XLEX VIEHMP] YRHIVKS ZMSPIRX GLIQMGEP GLERKI EX IPIZEXIH XIQTIVEXYVIW ERH TVIWWYVIW
1EXIVMEPW XLEX LEZI ER MRWXERXERISYW TS[IV HIRWMX] TVSHYGX SJ LIEX SJ VIEGXMSR ERH VIEGXMSR VEXI EX ' * SJ ;Q0 SV KVIEXIV
1EXIVMEPW XLEX EVI WIRWMXMZI XS XLIVQEP SV QIGLERMGEP WLSGO EX IPIZEXIH XIQTIVEXYVIW ERH TVIWWYVIW 1EXIVMEPW XLEX LEZI ER MRWXERXERISYW TS[IV HIRWMX] TVSHYGX SJ LIEX SJ VIEGXMSR ERH VIEGXMSR VEXI EX ' * EX SV EFSZI ;Q0 ERH FIPS[ ;Q0 1EXIVMEPW XLEX I\LMFMX ER I\SXLIVQ EX XIQTIVEXYVIW PIWW XLER SV IUYEP XS ' * [LIR XIWXIH F] HMJJIVIRXMEP WGERRMRK GEPSVMQIXV] (7'
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