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English Pages 15 [99] Year 2016
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)RXVERX )QTPS]IV 8LI TIVWSR W SV SVKERM^EXMSR VIWTSRWMFPIJSVTIVWSRRIPYRHIVXLIMVIQTPS][LSQEOIIRXV] MRXSEGSRdRIHWTEGI )RXV] 7II'SRdRIH7TEGI)RXV] )RXV] 7YTIVZMWSV 8LI TIVWSR W VIWTSRWMFPI JSV SZIVc WIIMRKIRXV]STIVEXMSRWJSVEKMZIRGSRdRIHWTEGI )RXV]8]TI 6IWGYI )RXV] 6IWGYI 6IQSZEP SJ )RXVERX W JSVVIWGYIVIUYMVMRKIRXV]MRXSEGSRdRIHWTEGI )\TPSWMSRTVSSJ 6IJIVVMRKXS ETTEVEXYW IRGPSWIH MR E GEWIXLEXMWGETEFPISJ[MXLWXERHMRKERI\TPSWMSRSJEWTIGMdIH KEW SV ZETSV XLEX QMKLX SGGYV [MXLMR MX ERH SJ TVIZIRXMRK XLI MKRMXMSRSJEWTIGMdIHKEWSVZETSVWYVVSYRHMRKXLIIRGPSWYVI F] WTEVOW eEWLIWSVI\TPSWMSR SJ XLI KEWSV ZETSV [MXLMRERH XLEXSTIVEXIWEXWYGLERI\XIVREPXIQTIVEXYVIXLEXEWYVVSYRHc MRK eEQQEFPI EXQSWTLIVI [MPP RSX FI MKRMXIH XLIVIF] ? A *EPP %VVIWX % W]WXIQ MRXIRHIH XS WXST E [SVOIVgW JEPP FIJSVIXLI[SVOIVLMXWXLIWYVJEGIFIPS[ *EPP 6IWXVEMR % TIVWSREP JEPP TVSXIGXMSR W]WXIQ XS TVIZIRX E [SVOIV JVSQ XVEZIPMRK XS ER IHKI JVSQ [LMGL XLI [SVOIVGSYPHJEPP +EW 1SRMXSV % HMVIGXVIEHMRK TSVXEFPI MRWXVYQIRX HIWMKRIH XS HIXIGX LE^EVHSYW KEWIW ERH ZETSVW MRGPYHMRK FYX RSX PMQMXIH XS S\]KIR GSQFYWXMFPI KEW ERH E ZEVMIX]SJ XS\MG KEWGSQTSRIRXWSV:3'W +EW 8IWXIV 5YEPMdIHTIVWSR W VIWTSRWMFPI JSVSTIVEXc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c RIRXIWWIRXMEPGLEVEGXIVMWXMGSVEXXVMFYXISJXLIWTEGI -RXVSHYGIH ,E^EVHW ,E^EVHW RSX RSVQEPP] EWWSGMc EXIH [MXL XLI WTEGIgW TYVTSWISV TVSGIWWIW FYX EVIFVSYKLX MRXS XLI WTEGI SV EHNSMRMRK EVIE W HIPMFIVEXIP] SV MREHZIVc XIRXP]
,E^EVHSYW%XQSWTLIVI %R]EXQSWTLIVIXLEXMWS\]KIR IRVMGLIHSVS\]KIRHIdGMIRXGSRXEMRWEXS\MGSVGSRXEQMRERX MWTSXIRXMEPP]eEQQEFPISVI\TPSWMZISVMWMQQIHMEXIP]HERKIVc SYWXSPMJIERHLIEPXL ,MKL %RKPI 6IJIVW XS ER IRZMVSRQIRX MR [LMGL XLI PSEH MW TVIHSQMRERXP] WYTTSVXIH F] XLI VSTI VIWGYI W]WXIQ ?A ,SX;SVO %R]EGXMZMX]XLEXGVIEXIWEWSYVGISJMKRMXMSR MRGPYHMRK FYX RSX PMQMXIH XS [IPHMRK GYXXMRK STIR eEQIW JVMGXMSREP LIEX SV WTEVOW WQSOMRK ERH STIVEXMSR SJ MRXIVREP GSQFYWXMSRIRKMRIW -(0, -QQIHMEXIP]HERKIVSYWXSPMJISVLIEPXL -RGMHIRX 1EREKIQIRX 7]WXIQ -17 % W]WXIQ XLEX HIdRIWXLIVSPIWERHVIWTSRWMFMPMXMIWXSFIEWWYQIHF]VIWTSRHc IVW ERH XLI WXERHEVH STIVEXMRK TVSGIHYVIW XS FI YWIH MR XLI QEREKIQIRX ERH HMVIGXMSR SJ IQIVKIRG] MRGMHIRXW ERH SXLIV JYRGXMSRW?A -RIVX+EW %RSRVIEGXMZIRSReEQQEFPIRSRGSVVSWMZI KEWWYGLEWEVKSRSVRMXVSKIR -RIVXMRK 8LIHMWTPEGIQIRXSJKEWSVZETSVWERHS\]KIR EMV YWMRK ERMRIVX KEWXSIPMQMREXI XLI TSWWMFMPMX] SJE TSXIRc XMEPP]eEQQEFPIEXQSWTLIVIMREGSRdRIHWTEGI -RXVMRWMGEPP]7EJI %WETTPMIHXSIUYMTQIRXERH[MVMRK IUYMTQIRXERH[MVMRKXLEXEVIMRGETEFPISJVIPIEWMRKWYJdGMIRX IPIGXVMGEP IRIVK] YRHIV RSVQEP SV EFRSVQEP GSRHMXMSRW XS GEYWI MKRMXMSR SJ E WTIGMdG LE^EVHSYW EXQSWTLIVMG QM\XYVI ?A .SF,E^EVH %REP]WMW .,% %WEJIX]QEREKIQIRXVMWO EWWIWWQIRX 6% XIGLRMUYI XLEX MW YWIH XS HIdRI ERH GSRXVSP XLIEGXYEPSVTSXIRXMEPLE^EVHWEWWSGMEXIH[MXLER]TVSGIWWNSF SVTVSGIHYVI 0SGOSYX %QIXLSHJSVOIITMRKIUYMTQIRXJVSQFIMRK WIXMRQSXMSRERHIRHERKIVMRK[SVOIVW WIIEPWS8EKSYX ?A 0S[IV )\TPSWMZI 0MQMX 0)0 8LI PS[IWX ZSPYQI GSRGIRXVEXMSR SJ E GSQFYWXMFPI KEW SV ZETSV XLEX [LIR QM\IH [MXLEMV[MPPMKRMXIGVIEXMRKE dVISVI\TPSWMSR EPWSORS[REW PS[IVeEQQEFPIPMQMXSV0*0 1EMRXIRERGI 8LI VSYXMRI VIGYVVMRK [SVO VIUYMVIH XS OIIT E JEGMPMX] IK TPERX FYMPHMRK WXVYGXYVI KVSYRH JEGMPMX] YXMPMX] W]WXIQ SV SXLIV VIEP TVSTIVX] SV IUYMTQIRX MR WYGL GSRHMXMSRXLEXMXGERFIGSRXMRYSYWP]YXMPM^IHEXMXWSVMKMREPSV HIWMKRIHGETEGMX]ERHIJdGMIRG]JSVMXWMRXIRHIHTYVTSWI
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1EREKIQIRXSJ'LERKI 13' %W]WXIQYWIHXSIZEPc YEXIERHEHHVIWWXLIMQTEGXWSJGLERKIW 2SRIRXV] 6IWGYI 6IXVMIZEP 6IQSZEP SJ )RXVERX W JSVVIWGYIRSXVIUYMVMRKIRXV]MRXSEGSRdRIHWTEGI 3GGYTEXMSREP )\TSWYVI 0MQMX 3)0 8LI QE\MQYQ EQSYRX SJ E LE^EVHSYW QEXIVMEP XLEX E [SVOIV WLSYPH FI I\TSWIHXSJSVEKMZIRTIVMSHSJXMQIEPWSORS[REWTIVQMWWMc FPI I\TSWYVI PMQMX 4)0 37,% VIGSQQIRHIH I\TSWYVI PMQMX 6)0 2-37, ERH XLVIWLSPH PMQMX ZEPYI 80: %'+-, 3[RIV3TIVEXSV 8LI TIVWSR W SV SVKERM^EXMSR VIWTSRWMFPIJSVEPPGSRdRIHWTEGIW[MXLMREKMZIRJEGMPMX] 4EXMIRX4EGOEKMRK 8LITVSGIWWSJWIGYVMRKEWYFNIGXMR EXVERWJIVHIZMGI[MXLVIKEVHXSI\MWXMRKERHTSXIRXMEPMRNYVMIW MPPRIWWWSEWXSEZSMHJYVXLIVLEVQHYVMRKQSZIQIRX 4IEO :EPYI 8LI LMKLIWX QIEWYVIH GSRGIRXVEXMSR SJ GSQFYWXMFPISVXS\MGKEWGSQTSRIRXWERHXLIPS[IWXQIEWYVIH PIZIPSJS\]KIREWHIXIGXIHF]EKEWQSRMXSV 4IVMSHMG 3GGYVVMRK SV VIGYVVMRK EX VIKYPEV TVIHIXIVc QMRIHSVWTIGMdIHMRXIVZEPW 4IVQMX 6IUYMVIH 'SRcRIH 7TEGI 4IVQMX 7TEGI % GSRdRIHWTEGIXLEXLEWSRISVQSVISJXLIJSPPS[MRKGLEVEGXIVc MWXMGW GSRXEMRWSVLEWXLITSXIRXMEPXSGSRXEMRELE^EVHSYW EXQSWTLIVI GSRXEMRW E QEXIVMEP XLEX LEW XLI TSXIRXMEP JSV IRKYPdRK ER )RXVERX LEW ER MRXIVREP GSRdKYVEXMSR WYGL XLEX ER )RXVERX GSYPH FI XVETTIH SV EWTL]\MEXIH F] MR[EVHP] GSRZIVKMRK[EPPWSVF]EeSSVXLEXWPSTIWHS[R[EVHERHXETIVW XSEWQEPPIVGVSWWWIGXMSRSV GSRXEMRWER]SXLIVVIGSKRM^IH WIVMSYWWEJIX]SVLIEPXLLE^EVH 4IVWSREP4VSXIGXMZI)UYMTQIRX 44) %PPGPSXLMRKERH SXLIV HIZMGIW [SVR F] E [SVOIV XS TVSXIGX EKEMRWX [SVOTPEGI LE^EVHW 441 4EVXWTIVQMPPMSR 4VI-RGMHIRX 6IWGYI %GXMSR 4PER 6IWGYI TVITPER JSV TSXIRXMEPGSRdRIHWTEGIIQIVKIRGMIW 4VIZIRXMSR XLVSYKL (IWMKR 4X( % GSRGITX XLEX WXYHc MIWXLIWEJIX]MQTEGXWHYVMRKXLIMRMXMEPHIWMKRTLEWIERHWIIOW XS IPMQMREXI LE^EVHW ERH VIHYGI VMWOW VEXLIV XLER VIP]MRK SR VIEGXMZILE^EVHMWSPEXMSRERHGSRXVSPETTVSEGLIW 5YEPMcIH 4IVWSR % TIVWSR [LS F] TSWWIWWMSR SJ E VIGSKRM^IH HIKVII GIVXMdGEXI TVSJIWWMSREP WXERHMRK SV WOMPP ERH[LSF]ORS[PIHKIXVEMRMRKERHI\TIVMIRGILEWHIQSRc WXVEXIHXLIEFMPMX]XSHIEP[MXLTVSFPIQWVIPEXMRKXSETEVXMGYPEV WYFNIGXQEXXIVXLI[SVOSVXLITVSNIGX?A 6IWGYI %XXIRHERX % TIVWSR [LS MW UYEPMdIH XS FI WXEXMSRIHSYXWMHIEGSRdRIHWTEGIXSQSRMXSVVIWGYI)RXVERXW WYQQSREWWMWXERGIERHTIVJSVQRSRIRXV]VIWGYIW
6IXVMIZEP 7II2SRIRXV]6IWGYI 6IXVMIZEP )UYMTQIRX 0MJI WEJIX] GSQTSRIRXW XLEX GER MRGPYHIFYXEVIRSXPMQMXIHXSLEVRIWWIWVSTIWTYPPI]WGEFPI [MRGLIWERHTSVXEFPIERGLSVWXLEXGERFIEWWIQFPIHXSGVIEXI EVIXVMIZEPW]WXIQ 6IXVMIZEP0MRIW 7II6IXVMIZEP7]WXIQ 6IXVMIZEP 7]WXIQ 'SQFMREXMSRW SJ VIWGYI IUYMTQIRX YWIHJSVRSRIRXV] I\XIVREP VIWGYISJTIVWSRWJVSQGSRdRIH WTEGIW?A 6MWO 8LI TVSFEFMPMX] XLEX E WYFWXERGI SV WMXYEXMSR [MPP TVSHYGI LEVQ YRHIV WTIGMdIH GSRHMXMSRW 6MWO MW E GSQFMREc XMSRSJX[SJEGXSVW XLITVSFEFMPMX]XLEXEREHZIVWIIZIRX[MPP SGGYV ERH XLI WIZIVMX] SJ XLI GSRWIUYIRGIW SJXLI EHZIVWI IZIRX 6MWO%WWIWWQIRX %TVSGIWWJSVW]WXIQEXMGEPP]IZEPYEXMRK VMWO XLEX GSRWMHIVW XLI WIZIVMX] SJ GSRWIUYIRGIW ERH XLI PMOIPMc LSSHXLEXXLIEHZIVWIIZIRX[MPPSGGYV 6STI 6IWGYI 8LI YWI SJ W]WXIQW GSQTVMWIH SJ VSTI VIWGYIIUYMTQIRX[LMGLGERMRGPYHIPMJIWEJIX]VSTIPMJIWEJIX] LEVRIWWIW ERH EY\MPMEV] IUYMTQIRX ERH ER ETTVSTVMEXI ERGLSVW]WXIQXSVIQSZIETIVWSRJVSQERYRXIREFPITSWMXMSR 7EJIX] 3JcGIV % QIQFIV SJ XLI GSQQERH WXEJJ VIWTSRWMFPI JSV QSRMXSVMRK ERH EWWIWWMRK WEJIX] LE^EVHW SV YRWEJI WMXYEXMSRW ERH JSV HIZIPSTMRK QIEWYVIW JSV IRWYVMRK TIVWSRRIPWEJIX]?A 7IPJ'SRXEMRIH&VIEXLMRK%TTEVEXYW 7'&% %VIWTMVEc XSV[SVRF]XLIYWIVXLEXWYTTPMIWEVIWTMVEFPIEXQSWTLIVIXLEX MW IMXLIV GEVVMIH MR SV KIRIVEXIH F] XLI ETTEVEXYW ERH XLEX MW MRHITIRHIRXSJXLIEQFMIRXIRZMVSRQIRX 7TER 'EPMFVEXMSR 8LI EHNYWXQIRX SJ XLIKEW QSRMXSVgW WIRWSV VIWTSRWI XS QEXGL XLI HIWMVIH ZEPYI GSQTEVIH XS E ORS[RXVEGIEFPIGSRGIRXVEXMSRSJXIWXKEW 7XERHEVH 3TIVEXMRK 4VSGIHYVIW 734 % [VMXXIR SVKERM^EXMSREP HMVIGXMZI XLEX IWXEFPMWLIW SV TVIWGVMFIW WTIGMdG STIVEXMSREPSVEHQMRMWXVEXMZIQIXLSHWXSFIJSPPS[IHVSYXMRIP] JSVXLITIVJSVQERGISJHIWMKREXIHSTIVEXMSRWSVEGXMSRW 7XERHF] ;SVOIV 4IVWSR EWWMKRIH XS TIVJSVQ [SVO MR WYTTSVXSJGSRdRIHWTEGISTIVEXMSRW 7YTTPMIH %MV 6IWTMVEXSV 7%6 % VIWTMVEXSV [SVR F] XLIYWIVXLEXWYTTPMIWEVIWTMVEFPIEXQSWTLIVIXLEXMWKIRIVEXIH F]EVIQSXIWSYVGIERHGSRRIGXIHZMEELSWIPMRI 8EKSYX % QIXLSH SJ XEKKMRK PEFIPMRK SV SXLIV[MWI QEVOMRK ER MWSPEXMSR HIZMGI HYVMRK LE^EVH EFEXIQIRX STIVEc XMSRW XS TVIZIRX EGGMHIRXEP VIQSZEP SJ XLI HIZMGI 7II EPWS 0SGOSYX ?A
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:ETSV ERH +EW *VIIMRK 8LI VIQSZEP SJ eEQQEFPI SV XS\MG ZETSVW ERH KEWIW JVSQ E XERO F] HMWTPEGIQIRX SV XLI VIHYGXMSRSJXLITIVGIRXEKISJZETSVWERHKEWIWMRXLIXEROXS EWEJIPIZIPF]HMPYXMSR[MXLJVIWLEMV
6IWGYI 4PER 7II 4VI-RGMHIRX 6IWGYI %GXMSR 4PER
:IRXMPEXMSR 8LIGLERKMRKSJEMV[MXLMREGSQTEVXQIRX F]REXYVEPSVTS[IVIHQIERW?A
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:IRXMPEXMSR7TIGMEPMWX 4IVWSRVIWTSRWMFPIJSVHIXIVQMRc MRKZIRXMPEXMSRRIIHWXSGSQTP][MXLTIVQMXVIUYMVIQIRXW
6IWGYIV %TIVWSRXLEXTIVJSVQWGSRdRIHWTEGIVIWGYI
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%VI PEVKI IRSYKL ERH WS GSRdKYVIH XLEX E TIVWSR GER FSHMP]IRXIVERHTIVJSVQEWWMKRIH[SVO ,EZIPMQMXIH SV VIWXVMGXIH QIERW JSV IRXV] ERH I\MX %R] WTEGIXLEXVIUYMVIWEPEHHIVXSEGGIWWSVVIUYMVIWE[SVOIV XSGVE[PSVGSRXSVXLMWSVLIVFSH]XSIRXIVSVI\MXGSYPH FI GSRWMHIVIH E GSRdRIH WTEGI 2SRWXERHEVH WXEMVGEWIW WYGLEWWTMVEPWXEMVWSVWLMTWgPEHHIVWGSYPHEPWSFIGSRWMHc IVIHXSLEZIPMQMXIHEGGIWWSVVIWXVMGXIHQIERWSJIKVIWW 3JXIR XLIWI WTEGIW EVI PSGEXIH FIPS[ KVEHI SV VIUYMVI HIWGIRXMRXSEWTEGI8LIVIEVIEPWSGSRdRIHWTEGIWWYGL EW[EXIVXEROW,:%'W]WXIQWERH[MRHXYVFMRIWXLEXEVI X]TMGEPP] PSGEXIH EFSZIKVSYRH3XLIVWTEGIW F]ZMVXYI SJ XLI HMWXERGI E [SVOIV [SYPH LEZI XS XVEZIP XS I\MX XLI WTEGI MR ER IQIVKIRG] QE] FI GSRWMHIVIH XS LEZI PMQMc XIHQIERWSJI\MX %VI RSX HIWMKRIH JSV GSRXMRYSYW LYQER SGGYTERG] 8LIWIEVIWTEGIW[LIVIIQTPS]IIW[SYPHRSXRSVQEPP]FI EWWMKRIH JSV [SVO 8LI] EVI WTEGIW [LIVI E HIWO GSQTYXIVSVTLSRI [SYPHRSX FI TPEGIHFYX XLEXQMKLX RIIH XS FI IRXIVIH JSV RSRVSYXMRI MRWTIGXMSR QEMRXIc RERGI SV VITEMV [SVO 9XMPMX] ZEYPXW GVE[P WTEGIW XEROW ERH FIPS[KVEHI WXVYGXYVIW EVI I\EQTPIW SJ WTEGIW XLEX X]TMGEPP] EVI RSX HIWMKRIH JSV GSRXMRYSYW LYQER SGGYc TERG]
7MKRW 'SRdRIH WTEGIW WLSYPH LEZI TSWXIH WMKRW XEKW SV PEFIPWHIRSXMRKXLIQEWGSRdRIHWTEGIWERHTVSLMFMXMRKYREYc XLSVM^IH IRXV] -R JEGMPMXMIW [MXL WMQMPEV VIGSKRM^EFPI SV QYPXMc TPI GSRdRIH WTEGIW WYGL EW WXSVEKI XERO JEGMPMXMIW SV [SVOTPEGIW[MXLQYPXMTPIQERLSPIW XLI3[RIV3TIVEXSVQE]
GLSSWIXSMHIRXMJ]WYGLWTEGIW[MXLJEGMPMX]WMKREKIERHSVMHIRc XMJ]XLIWTEGIWMRXLIMV[VMXXIRGSRdRIHWTEGITVSKVEQWMRPMIY SJ MRHMZMHYEP WMKRW SV PEFIPW 7MKRW XEKW SV PEFIPW WLSYPH LEZI [SVHMRKWMQMPEVXSXLIJSPPS[MRK (%2+)6e'32*-2)(74%') (3238)28)6;-8,398%98,36->%8-32 7IGYVMRK 'SRcRIH 7TEGIW %PP GSRdRIH WTEGIW WLSYPH FI PSGOIHYTKYEVHIHTVSXIGXIH SVFEVVMGEHIHXS KYEVHEKEMRWX YREYXLSVM^IHIRXV] -HIRXMcGEXMSRSJ7TEGIWJSV2SRJEGMPMX]4IVWSRRIP 3[RIV3TIVEXSVW WLSYPH MRJSVQ EPP MRHMZMHYEPW [SVOMRK MR SV EVSYRH GSRdRIH WTEGIW SJ XLI TSXIRXMEPP] LE^EVHSYW REXYVI SJ GSRdRIH WTEGIW SR XLIMV TVSTIVX] VIKEVHPIWW SJ [LIXLIVSVRSXXLI]EVIIQTPS]IIW )QTPS]IVW WIRHMRK IQTPS]IIW XS E PSGEXMSR [LIVI MX MW VIEWSREFP] ERXMGMTEXIH XLEX XLI] QE] [SVO MR SV EVSYRH GSRdRIHWTEGIW WLSYPH QEOIWYVI XLSWI IQTPS]IIW ORS[LS[ XSMHIRXMJ]GSRdRIHWTEGIWERHEVIE[EVISJXLILE^EVHWEWWSGMc EXIH[MXLXLIQ 'LETXIV+IRIVEP +IRIVEP 6IUYMVIQIRXW 8LI XIVQW GSRcRIH WTEGI RSR TIVQMXVIUYMVIH GSRcRIH WTEGI ERH TIVQMXVIUYMVIH GSRcRIH WTEGI QE] GEYWI GSRJYWMSR EQSRK IQTPS]IVW ERH [SVOIVW 8S QMRMc QM^I WYGL GSRJYWMSR XLMW KYMHI YWIW SRP] XLI XIVQ GSRcRIH WTEGI ERH QEOIW TVSZMWMSRW JSV MHIRXMJ]MRK ERH IZEPYEXMRK XLI LE^EVHW SJ EPP GSRdRIH WTEGIW VIUYMVMRK TIVQMXW JSV IRXV] MJ LE^EVHWEVIMHIRXMdIH %PP GSRdRIH WTEGIW LEZI XLI TSXIRXMEP XS FI ER 37,% HIdRIH TIVQMXVIUYMVIH GSRdRIH WTEGI HITIRHMRK SR XLI [SVO XS FI TIVJSVQIH ERH XLI MRLIVIRX TSXIRXMEP SV MRXVSc HYGIH LE^EVHW MR XLI WTEGI EX XLI XMQI SJ IRXV] ;LMPI XLI TVSGIHYVIW VIUYMVIH XS WEJIP] IRXIV E GSRdRIH WTEGI ZEV] [MHIP] XLI WEQI FEWMG IZEPYEXMSR SJ XLI LE^EVHW [MXLMR XLSWI WTEGIW WLSYPH FI TIVJSVQIH TVMSV XS ERH HYVMRK IRXV] %PP GSRdRIH WTEGIW WLSYPH FI IZEPYEXIH MR EGGSVHERGI [MXL XLI KYMHIPMRIW MR 'LETXIVW ERH ERH EPP LE^EVHW JSYRH WLSYPH FIIPMQMREXIHGSRXVSPPIHSVQMXMKEXIHMREGGSVHERGI[MXLXLI KYMHIPMRIWMR'LETXIVWERH 8EFPI WLS[W XLI XIVQMRSPSK] YWIH MR GSQQSRP] VIJIVIRGIH GSRdRIH WTEGI IRXV] HSGYQIRXW WYGL EW '*6 %27-%77) > %4- ERH %4- ERH LS[ XLI XIVQW VIPEXIXS XLSWI KMZIR MR XLMW KYMHI 3XLIV NYVMWc HMGXMSRW ERH GSYRXVMIW QE] LEZI HMJJIVIRX HIdRMXMSRW ERH VIUYMVIQIRXWMREHHMXMSRXSXLSWITVSZMHIHMRXLIXEFPI 'SRcRIH 7TEGI 4VSKVEQ % [VMXXIR GSRdRIH WTEGI TVSKVEQ WLSYPH FI HIZIPSTIHF] 3[RIVW3TIVEXSVW JSVIZIV] JEGMPMX]XLEXLEWSRISVQSVIGSRdRIHWTEGIWERHF]IQTPS]IVW ERH GSRXVEGXSVWWYFGSRXVEGXSVW IRKEKIH MR GSRdRIH WTEGI STIVEXMSRW+YMHERGISRHIZIPSTMRK[VMXXIRTVSKVEQWMWTVSZMc HIHMR'LETXIV 'SRcRIH7TEGI)ZEPYEXMSR 4VI)RXV])ZEPYEXMSR %PPGSRdRIHWTEGIWWLSYPHFIIZEPc YEXIH TVMSV XS IRXV] 'LETXIVW ERH TVSZMHI EHHMXMSREP MRJSVQEXMSR
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK
7%*)'32*-2)(74%'))286=%2(;36/
8EFPI 8IVQMRSPSK]JSV'SRcRIH7TEGI)RXV]MR:EVMSYW7XERHEVHWERH(SGYQIRXW 7XERHEVHSV(SGYQIRX
8IVQ9WIH
8IVQ9WIHMR2*4%
'SQQIRXW
'*6
'SRdRIHWTEGI
'SRdRIHWTEGI
2*4%YWIWXLIWEQI HIdRMXMSREW37,%JSVE GSRdRIHWTEGI
'*6
4IVQMXVIUYMVIH GSRdRIHWTEGI
'SRdRIHWTEGI
2*4%HSIWRSXHMWXMRKYMWL FIX[IIRTIVQMXVIUYMVIH GSRdRIHWTEGIWERHGSRdRIH WTEGIW%PPGSRdRIHWTEGIW[MXL LE^EVHWRIIHTIVQMXWJSVIRXV]
%27-%77)>
2SRTIVQMXGSRdRIH WTEGI
'SRdRIHWTEGI
%PPGSRdRIHWTEGIWRIIHTVI IRXV]IZEPYEXMSRTVMSVXSIRXV] -JRSLE^EVHWEVIMHIRXMdIHERH RSLE^EVHW[MPPFIMRXVSHYGIH XLIRRSTIVQMX[MPPFIVIUYMVIH
'*6
6IGPEWWMdGEXMSR HS[RKVEHIH IRXV]
'SRdRIHWTEGIIRXV]
2SXHIdRIHMR2*4%% GSRdRIHWTEGI[MXLLE^EVHW XLEXLEZIFIIRIPMQMREXIHEJXIV XLITVIIRXV]IZEPYEXMSR[MPPRSX VIUYMVIETIVQMX
'*6
%PXIVREXITVSGIHYVIW IRXV]
'SRdRIHWTEGIIRXV]
2SXHIdRIHMR2*4%% GSRdRIHWTEGI[LIVIEPP LE^EVHWLEZIFIIRIZEPYEXIH ERHXLISRP]LE^EVHMWE TSXIRXMEPP]LE^EVHSYW EXQSWTLIVIXLEXMWFIMRK GSRXVSPPIH[MXLIJJIGXMZI ZIRXMPEXMSR[SYPHFIMWWYIHE TIVQMXJSVIRXV]XLEXGSRXEMRW VIWXVMGXMSRWVIUYMVMRK ZIRXMPEXMSRERHGSRXMRYSYW QSRMXSVMRK
%4-ERH
2SRGSRdRIHWTEGI E GSRdRIHWTEGIXLEXMW RSPSRKIVEGSRdRIH WTEGIHYIXS VIGSRdKYVEXMSR
2SRI
-JEWTEGIHSIWRSXQIIXEPPXLI WTIGMdGEXMSRWJSVEGSRdRIH WTEGIXLIRMXMWRSXEGSRdRIH WTEGIERH2*4%HSIWRSX ETTP]
2*4%
2SRGSRdRIHWTEGI JSV TYVTSWIWSJXERO IRXV]GPIERMRKSV VITEMVEWTEGIXLEX TVIZMSYWP][EWE GSRdRIHWTEGIFYXRS PSRKIVQIIXWER]SJ XLIVIUYMVIQIRXWJSVE GSRdRIHWTEGISVE TIVQMXVIUYMVIH GSRdRIHWTEGIWYGL EWEXERO[MXLEPEVKI HSSVWLIIXGYXMRXS XLIWMHI
2SRI
-JEWTEGIHSIWRSXQIIXEPPXLI WTIGMdGEXMSRWJSVEGSRdRIH WTEGIXLIRMXMWRSXEGSRdRIH WTEGIERH2*4%HSIWRSX ETTP]
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK
-()28-*-'%8-32%2():%09%8-323*,%>%6(7-2%2(%6392('32*-2)(74%')7
4IVQMX %TIVQMXWLSYPHFIMWWYIHF]XLI)RXV]7YTIVZMc WSV JSV EPP GSRdRIH WTEGIW [MXL LE^EVHW MHIRXMdIH MR EGGSVHc ERGI[MXL'LETXIV )RXV] 'SRHMXMSRW )RXV] MRXS GSRdRIH WTEGIW F] EWWMKRIH UYEPMdIH )RXVERXW WLSYPH FI TIVQMXXIH SRP] EJXIV XLI )RXV] 7YTIVZMWSV LEW MRHMGEXIH XLEX EGGITXEFPI IRXV] GSRHMXMSRW WII 7IGXMSRERH LEZIFIIRQIXERHEJXIVETVIIRXV]IZEPYEc XMSRLEWFIIRTIVJSVQIHERHTIVQMXMWWYIHMJETTPMGEFPI &EWMG6IUYMVIQIRXWERH'SRWMHIVEXMSRW 4VMSVXSIRXIVMRK EGSRdRIHWTEGIXLIJSPPS[MRKWLSYPHFIMHIRXMdIHERHIZEPYc EXIH %PP MRLIVIRX TSXIRXMEP MRXVSHYGIH ERH EHNEGIRX LE^EVHW SJ XLI GSRdRIH WTEGI WLSYPH FI ERXMGMTEXIH MHIRXMdIH ERH IZEPYEXIH MR EGGSVHERGI [MXL E [VMXXIR GSRdRIHWTEGIIRXV]TVSKVEQERHKYMHERGITVSZMHIHMR 'LETXIVWERH %PP LE^EVHW WLSYPHFIIPMQMREXIH GSRXVSPPIH SV QMXMKEc XIHMREGGSVHERGI[MXL'LETXIVWERH %REYXLSVM^IH)RXV]7YTIVZMWSVUYEPMdIHMREGGSVHERGI [MXL'LETXIVWLSYPHFIEWWMKRIHXSSZIVWIIXLI[SVO 3RP] EYXLSVM^IH )RXVERXW UYEPMdIH MR EGGSVHERGI [MXL 'LETXIVWLSYPHFIEWWMKRIHXSIRXIVXLIWTEGI %R %XXIRHERX UYEPMdIH MR EGGSVHERGI [MXL 'LETXIV WLSYPHFIEWWMKRIHJSVTIVQMXIRXVMIW -JEXQSWTLIVMGQSRMXSVMRKMWVIUYMVIHEKEWXIWXIVUYEPMc dIHMREGGSVHERGI[MXL'LETXIVWLSYPHFIEWWMKRIH -J ZIRXMPEXMSR MW VIUYMVIH E :IRXMPEXMSR 7TIGMEPMWX UYEPMc dIHMREGGSVHERGI[MXL'LETXIVWLSYPHFIEWWMKRIH -JIRIVK]WSYVGIWEVIVIUYMVIHXSFIMWSPEXIHSVGSRXVSPc PIH ER -WSPEXMSR 7TIGMEPMWX UYEPMdIH MR EGGSVHERGI [MXL 'LETXIVWLSYPHFIEWWMKRIH -JVIUYMVIHUYEPMdIH6IWGYIVWERHSVWIVZMGIWEW[IPPEW ETTVSTVMEXI VIWGYI IUYMTQIRX WLSYPH FI EZEMPEFPI MR EGGSVHERGI[MXL'LETXIV %R] SXLIV VIUYMVIH TIVQMXW MRGPYHMRK FYX RSX PMQMXIH XSLSX[SVOEVIMWWYIH % TVIIRXV] IZEPYEXMSR ERHSV GSRdRIH WTEGI IRXV] TIVQMXWLSYPHFIMWWYIHERHWMKRIHF]XLI)RXV]7YTIVc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c XMSRWGLERKIXLITIVQMXWLSYPHFIGERGIPPIHSTIVEXMSRW GIEWIH ERH XLI )RXVERX WLSYPH MQQIHMEXIP] ZEGEXI XLI WTEGI 6SPIW ERH 6IWTSRWMFMPMXMIW )ZIV] [SVOTPEGI XLEX LEW SRI SV QSVI GSRdRIH WTEGIW XLEX GER FI IRXIVIH EW MHIRXMdIH MR 'LETXIV WLSYPH LEZI TIVWSRRIP EWWMKRIH XS TIVJSVQ XLI VIWTSRWMFMPMXMIWSJXLIJSPPS[MRKVSPIWEWETTPMGEFPI-XMWEGGITXEc FPIJSVSRITIVWSRXSLSPHQSVIXLERSRISJXLIJSPPS[MRKTSWMc XMSRW EW PSRK EW XLI] EVI XVEMRIH UYEPMdIH ERH EYXLSVM^IH XS JYPdPPXLEXVSPIERH MX[MPPRSXEHZIVWIP]EJJIGXXLI WEJIX]SJXLI IRXV]
)RXVERX %XXIRHERX )RXV]7YTIVZMWSV +EW8IWXIV :IRXMPEXMSR7TIGMEPMWX 6IWGYIV GSYPHFI%XXIRHERXJSVRSRIRXV]VIWGYI 6IWGYIXIEQSVVIWGYIWIVZMGI 7XERHF];SVOIV -WSPEXMSR7TIGMEPMWX
8VEMRMRK+YMHIPMRIW 3[RIVW3TIVEXSVW ERH )RXVERX )QTPS]IVW WLSYPH IRWYVI XLEX XLIMV IQTPS]IIW ERH GSRXVEGXSVWWYFGSRXVEGXSV IQTPS]IIW [LS [SVO MR ERH EVSYRH GSRdRIH WTEGIW LEZI XLI RIGIWWEV] E[EVIRIWW YRHIVWXERHMRK ORS[PIHKI ERH WOMPPW XS WEJIP]TIVJSVQXLIMVHYXMIWMREGGSVHERGI[MXL'LETXIV 3[RIVW3TIVEXSVW ERH )RXVERX )QTPS]IVW WLSYPH IRWYVI XLEX EPP IQTPS]IIW IRKEKIH MR GSRdRIH WTEGI STIVEc XMSRWLEZIFIIRIHYGEXIHXVEMRIHERHSVUYEPMdIHEWJSPPS[W
&IJSVIFIKMRRMRKMRMXMEP[SVOERHSVHYX]EWWMKRQIRXW &IJSVI EWWMKRQIRX XS E HMJJIVIRX X]TI SJ [SVO SV HYX] SXLIVXLERMRMXMEPP]EWWMKRIH ;LIRIZIV E GLERKI SGGYVW MR STIVEXMSRW IUYMTQIRX QEXIVMEPW TVSGIHYVIW KYMHIPMRIW [SVO EWWMKRQIRX SV HYXMIWXLEXGVIEXIWSVLEWXLITSXIRXMEPXSGVIEXIELE^EVH JSV [LMGL XLI IQTPS]IILEW RSX FIIR TVIZMSYWP] XVEMRIH IHYGEXIHSVUYEPMdIH ;LIRIZIV ER 3[RIV3TIVEXSV ERH )RXVERX )QTPS]IV LEWVIEWSRXSFIPMIZIERIQTPS]IIVIUYMVIWVIXVEMRMRKSV EHHMXMSREP IHYGEXMSRHYIXS MREHIUYEGMIW MR XLIIQTPS]c IIgW TIVJSVQERGI SV WOMPP SV FIGEYWI XLI IQTPS]II HIZMc EXIW JVSQ XLI GSRdRIH WTEGI TVSKVEQ TIVQMX VIUYMVIQIRXWSVTVSGIHYVIW
8VEMRMRK :IVMcGEXMSR 3[RIVW3TIVEXSVW ERH )RXVERX )QTPS]IVW WLSYPH ZIVMJ] MR [VMXMRK XLEX XLIMV IQTPS]IIW ERH GSRXVEGXSVWYFGSRXVEGXSV IQTPS]IIW [LS [SVO MR ERH EVSYRH GSRdRIH WTEGIW LEZI FIIR XVEMRIH IHYGEXIH SV UYEPMdIH EW VIUYMVIH 8LI ZIVMdGEXMSR WLSYPH GSRXEMR XLI REQIW SJ XLI IQTPS]IIW XLI QIERW YWIH XS HIXIVQMRI XLEX XLI IQTPS]IIW YRHIVWXERHXLIWTIGMdGVIUYMVIQIRXWSJXLIXVEMRMRKSV[SVOXS FITIVJSVQIHXLIWMKREXYVIREQISVMRMXMEPWSJXLIXVEMRIV W IHYGEXSV W SV UYEPMdIV W XLI WTIGMdG WYFNIGXW ERH GSRXIRX ERH XLI HEXI W XLI XVEMRMRK IHYGEXMSR SV UYEPMdGEXMSR [EW GSQTPIXIHMREGGSVHERGI[MXL'LETXIV 'LETXIV-HIRXMcGEXMSRERH)ZEPYEXMSRSJ,E^EVHW-RERH %VSYRH'SRcRIH7TEGIW +IRIVEP 8LI TYVTSWI SJ XLMW GLETXIV MW XS TVSZMHI MRJSVc QEXMSR SR LS[ XS ERXMGMTEXI MHIRXMJ] IZEPYEXI ERH TVMSVMXM^I XLILE^EVHWJSV[SVOMRKMRERHEVSYRHGSRdRIHWTEGIW ;SVOMRERHEVSYRHGSRdRIHWTEGIWMWKIRIVEPP]LE^EVHc SYW ERH GSRHMXMSRW QE] GLERKI WMKRMdGERXP] [MXL PMXXPI SV RS [EVRMRK6IWIEVGL ORS[PIHKIERH TVITPERRMRKEVIRIGIWWEV] XSIRWYVIXLEXGSRdRIHWTEGIWEVIGSVVIGXP]MHIRXMdIHERHXLEX GLIQMGEP TL]WMGEP EXQSWTLIVMG XS\MG ERH SXLIV TSXIRXMEP LE^EVHW EVI MHIRXMdIH ERH IZEPYEXIH 3RGI LE^EVHW EVI IZEPYc EXIHQIEWYVIWXSIPMQMREXIGSRXVSPSVQMXMKEXIVMWOWWLSYPHFI HIZIPSTIH ERH MQTPIQIRXIH -HIRXMdGEXMSR ERH IZEPYEXMSR WLSYPHGSRXMRYIXLVSYKLSYXXLI[SVOTIVMSH
3[RIV3TIVEXSVERHSV)RXVERX)QTPS]IV
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK
7%*)'32*-2)(74%'))286=%2(;36/
;SVOIVW QE] FIGSQI UYMXI JEQMPMEV [MXL XLI WTEGI W MR [LMGLXLI]STIVEXI0MOI[MWI[SVOQE]FIVSYXMRIERHVITIXMc XMZI ERH GSQTPEGIRG] QE] IRWYI [MXL GSRXMRYEP YRIZIRXJYP IRXVMIW ;LMPI ORS[PIHKI SJ XLI WTEGI ERH IUYMTQIRX GER FI LIPTJYP[LIRTVITPERRMRK[SVOMXHSIWRSXPIWWIRXLIZMKMPERGI RIIHIHXSIRXIV[SVOMRERHI\MXEGSRdRIHWTEGIWEJIP])EGL IRXV]WLSYPHFIGSRWMHIVIHERMRHMZMHYEPERHYRVIPEXIHIZIRX 8LI WTEGIgW LMWXSV] ERH TVMSV YWI WLSYPH FI GSRWMHIVIH MR ERXMGMTEXMSRSJLE^EVHW -HIRXMJ]MRKLE^EVHWMREVSYRHEGSRdRIHWTEGIMWEXLVII WXEKITVSGIWWEWJSPPS[W
8LIERXMGMTEXMSRSVTVITPERWXEKIWXEVXW[MXLVIGSKRM^MRK ERH YRHIVWXERHMRK EGXYEP ERH TSXIRXMEP LE^EVHW ERH MHIRXMJ]MRK VIWSYVGIW XLEX QMKLX FI RIIHIH XS [SVO MR ERHEVSYRHGSRdRIHWTEGIW 8LI LE^EVH MHIRXMdGEXMSR WXEKI GSRdVQW ERXMGMTEXIH LE^EVHWERHVIGSKRM^IWEHHMXMSREPTSXIRXMEPLE^EVHW 8LI LE^EVH IZEPYEXMSR WXEKI HIXIVQMRIW XLI VMWO SJ IEGL LE^EVH MHIRXMdIH ERH XLI VIGSQQIRHIH IPMQMREXMSR GSRXVSPERHSVQMXMKEXMSRQIEWYVIW
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0MQMXIH EGGIWW MRXS XLI WTEGI 7TEGIW JSV [LMGL PEHHIVW SV WGEJJSPHMRK EVI RIIHIH XS VIEGL XLI TSVXEP XS IRXIV ERH I\MXXLIWTEGISVXSTIVJSVQ[SVOXLIVIMREVIGSRWMHIVIH XS LEZI PMQMXIH EGGIWW )PIZEXIH WTEGIW VIUYMVI HMJJIVIRX GSRWMHIVEXMSRWJSVIRXV]ERHVIWGYIXLERXLSWIXLEXEVIEX KVSYRHPIZIPMRGPYHMRKJEPPTVSXIGXMSR 7M^I ERH WLETI SJ XLI TSVXEP 8LI VIWXVMGXMZI REXYVI SJ WSQI TSVXEPWQEOIWEGGIWW[MXLGIVXEMRX]TIWSJ44)HMJdGYPXSV MQTSWWMFPI SV VIUYMVIW )RXVERXW XS GSRXSVX XLIMV FSHMIW [LMPIIRXIVMRKSVI\MXMRK%RIPIZEXIHSTIRYRTVSXIGXIH IHKISVTSVXEPQE]GVIEXIEJEPPLE^EVH 7M^IERHWLETISJXLIWTEGIZIWWIP-R[EVHP]GSRZIVKMRK[EPPW SV E JYRRIPWLETIH HMWGLEVKI GER IRXVET ER )RXVERX GSRKIWXIH SV HEVO WTEGIW GER MRLMFMX QSFMPMX] SV GVIEXI WPMTXVMTERHJEPPLE^EVHW 4VSHYGXWSV TVSGIWWIW MRXLI WTEGI 'LIQMGEPW XLIVQEPWXVIWW RSMWI WXIEQ TVIWWYVM^EXMSR QIGLERMGEP IUYMTQIRX STIVEXMSRWERHSXLIVEGXMZMXMIWEWWSGMEXIH[MXLXLIYWISJ XLIWTEGIGERGVIEXILE^EVHW(MWXYVFMRKTVSHYGXVIWMHYI HYVMRK IRXV] SV [SVO GER VIPIEWI E GSRXEQMRERX XLEX TVSHYGIWELE^EVHRSXHIXIGXIHHYVMRKTVIIRXV]XIWXMRK *M\IH IUYMTQIRX [MXLMR XLI WTEGI 4MTMRK W]WXIQW GSRHYMXW HYGXW QEGLMRIV] TVIWWYVM^IH PMRIW ERH dVI WYTTVIWWMSR W]WXIQW WLSYPH FI IZEPYEXIH JSV TSXIRXMEP LE^EVHW ERH PSGOIH SYXXEKKIH SYX XIWXIH KEWJVIIH ERHSV MRIVXIH MJRIIHIHXSVIHYGIXLIVMWO 7XVYGXYVIW7XVYGXYVEPMRXIKVMX]WLSYPHFIIZEPYEXIHTVMSVXS YWI -XIQW XLEX EVI WYWGITXMFPI XS HIKVEHEXMSR ERH TL]WMc GEPHEQEKIMRGPYHIFYXEVIRSXPMQMXIHXSd\IHPEHHIVW eSSVWTMTIWERGLSVTSMRXWERHWYTTSVXW
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7SYVGIWSYXWMHIXLIWTEGIZMEERMPPTPEGIHWYTTP]EMV HYGX F 'SRXEQMREXIH EMV HVE[R JVSQ MRXIVREP GSQFYWXMSR IRKMRII\LEYWX G 3\]KIRHIdGMIRX EMV HVE[R JVSQ ERSXLIV WTEGI SV WSYVGISVJVSQERMRIVXEXQSWTLIVI H 4VSHYGX SJJKEWWMRK GETXYVIH F] JSVGIH ZIRXMPEXMSR ERHGSRXEQMREXIHEHNEGIRXEVIEW 'LIQMGEP LE^EVHW 4VSHYGXW YWIH MR GPIERMRK EFEXMRK TEMRXMRKSVGSEXMRKRIIHXSFIGLIGOIHJSVVIEGXMZMX][MXL SXLIV GLIQMGEPW XLEX QMKLX FI TVIWIRX 'LIQMGEPW QE] TVSHYGI LE^EVHSYW ZETSVW SV KEWIW ERHSV HMWTPEGI SV GSRWYQIS\]KIRHYIXSXLIREXYVISJXLIGSRdRIHWTEGI %TTPMGEXMSRERHHV]MRKSJeEQQEFPITEMRXWGERGEYWIER I\TPSWMZIEXQSWTLIVI 'SQTVIWWIH KEW LE^EVHW 'SQTVIWWIHKEW YWIH JSV [IPHMRK GYXXMRK MRIVXMRK LSX [SVO SV dVI WYTTVIWWMSR W]WXIQW TSWI E LE^EVH HYI XS XLIMV GSRXIRXW IK XS\MG SV eEQc QEFPIKEWIW XLIMVEFMPMX]XSHMWTPEGISVIRVMGLXLIEXQSWc TLIVMG S\]KIR GSRXIRX IK GEVFSR HMS\MHI dVI I\XMRKYMWLMRK W]WXIQW ERH XLIMV TSXIRXMEP XS FIGSQI E TVSNIGXMPIMJHEQEKIH'SQTVIWWIHKEWLSWIWZEPZIWERH VIKYPEXSVW WLSYPH FI XLSVSYKLP] MRWTIGXIH IZEPYEXIH ERHPIEOGLIGOIHTVMSVXSFIMRKFVSYKLXMRXSE GSRdRIH WTEGI (YI XS XLI MRLIVIRX VMWOW GSQTVIWWIH KEW G]PMRc HIVWI\GITXFVIEXLMRKEMVG]PMRHIVWWLSYPHRSXRSVQEPP] FIMRXVSHYGIHMRXSGSRdRIHWTEGIW ,SX [SVO ,SX [SVO WYGL EW [IPHMRK GYXXMRK KVMRHMRK HVMPPMRK ERH FYVRMRK GER TVSHYGI LE^EVHSYW EXQSWc TLIVIW ERH eEQQEFPI GSRHMXMSRW ,E^EVHW GER MRGPYHIc [IPHMRKJYQIWVIPIEWISJKEWIWHITPIXMSRSVIRVMGLQIRX SJXLIWTEGIgWS\]KIRGSRXIRXSVXLITVSHYGXMSRMKRMXMSR WSYVGIW )PIGXVMGEPLE^EVHW)PIGXVMGEPIUYMTQIRXXLEXMWRSXPS[ZSPXc EKISVMRXVMRWMGEPP]WEJIPMKLXMRKTS[IVXSSPWERHI\XIRc WMSR GSVHW GER TVSHYGI IPIGXVMGEP WLSGO XVMT LE^EVHW ERHMKRMXMSRWSYVGIW%HHMXMSREPGSRWMHIVEXMSRWLSYPHFI KMZIRXSYRI\TIGXIHWSYVGIWSJIPIGXVMGEPIRIVK]MKRMXMSR WSYVGIW WYGL EW WXEXMG IPIGXVMG HMWGLEVKI XLEX QE] FI KIRIVEXIH F] XLI YWI SJ EMVPMRIWTVIWWYVI PMRIW SV IZIR I\LEYWX JERW +*'- WLSYPH FI GSRWMHIVIH [LIR YWMRK %' TS[IV 7PMT XVMT ERH JEPP LE^EVHW 0EHHIVW SV WGEJJSPHMRK YWIH XS VIEGL TSVXEPW KEMR IRXV] SV EGGIWW MRWMHI XLI WTEGI GER TVSHYGIWPMTXVMTJEPPERHIRXERKPIQIRXLE^EVHW)UYMTc QIRX GEFPIW LSWIW XSSPW ZIRXMPEXMSR HYGXW ERH SXLIV MXIQW FVSYKLX MRXS XLI WTEGI QE] GVIEXI WPMT XVMT ERH IRXERKPIQIRXLE^EVHW )HMXMSR
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Information on the NFPA Standards Development Process I. Applicable Regulations. The primary rules governing the processing of NFPA standards (codes, standards, recommended practices, and guides) are the NFPA Regulations Governing the Development of NFPA Standards (Regs). Other applicable rules include NFPA Bylaws, NFPA Technical Meeting Convention Rules, NFPA Guide for the Conduct of Participants in the NFPA Standards Development Process, and the NFPA Regulations Governing Petitions to the Board of Directors from Decisions of the Standards Council. Most of these rules and regulations are contained in the NFPA Standards Directory. For copies of the Directory, contact Codes and Standards Administration at NFPA Headquarters; all these documents are also available on the NFPA website at “www.nfpa.org.” The following is general information on the NFPA process. All participants, however, should refer to the actual rules and regulations for a full understanding of this process and for the criteria that govern participation. II. Technical Committee Report. The Technical Committee Report is defined as “the Report of the responsible Committee(s), in accordance with the Regulations, in preparation of a new or revised NFPA Standard.” The Technical Committee Report is in two parts and consists of the First Draft Report and the Second Draft Report. (See Regs at 1.4) III. Step 1: First Draft Report. The First Draft Report is defined as “Part one of the Technical Committee Report, which documents the Input Stage.” The First Draft Report consists of the First Draft, Public Input, Committee Input, Committee and Correlating Committee Statements, Correlating Input, Correlating Notes, and Ballot Statements. (See Regs at 4.2.5.2 and Section 4.3) Any objection to an action in the First Draft Report must be raised through the filing of an appropriate Comment for consideration in the Second Draft Report or the objection will be considered resolved. [See Regs at 4.3.1(b)] IV. Step 2: Second Draft Report. The Second Draft Report is defined as “Part two of the Technical Committee Report, which documents the Comment Stage." The Second Draft Report consists of the Second Draft, Public Comments with corresponding Committee Actions and Committee Statements, Correlating Notes and their respective Committee Statements, Committee Comments, Correlating Revisions, and Ballot Statements. (See Regs at Section 4.2.5.2 and 4.4) The First Draft Report and the Second Draft Report together constitute the Technical Committee Report. Any outstanding objection following the Second Draft Report must be raised through an appropriate Amending Motion at the Association Technical Meeting or the objection will be considered resolved. [See Regs at 4.4.1(b)] V. Step 3a: Action at Association Technical Meeting. Following the publication of the Second Draft Report, there is a period during which those wishing to make proper Amending Motions on the Technical Committee Reports must signal their intention by submitting a Notice of Intent to Make a Motion. (See Regs at 4.5.2) Standards that receive notice of proper Amending Motions (Certified Amending Motions) will be presented for action at the annual June Association Technical Meeting. At the meeting, the NFPA membership can consider and act on these Certified Amending Motions as well as Follow-up Amending Motions, that is, motions that become necessary as a result of a previous successful Amending Motion. (See 4.5.3.2 through 4.5.3.6 and Table1, Columns 1-3 of Regs for a summary of the available Amending Motions and who may make them.) Any outstanding objection following action at an Association Technical Meeting (and any further Technical Committee consideration following successful Amending Motions, see Regs at 4.5.3.7 through 4.6.5.3) must be raised through an appeal to the Standards Council or it will be considered to be resolved. VI. Step 3b: Documents Forwarded Directly to the Council. Where no Notice of Intent to Make a Motion (NITMAM) is received and certified in accordance with the Technical Meeting Convention Rules, the standard is forwarded directly to the Standards Council for action on issuance. Objections are deemed to be resolved for these documents. (See Regs at 4.5.2.5) VII. Step 4a: Council Appeals. Anyone can appeal to the Standards Council concerning procedural or substantive matters related to the development, content, or issuance of any document of the Association or on matters within the purview of the authority of the Council, as established by the Bylaws and as determined by the Board of Directors. Such appeals must be in written form and filed with the Secretary of the Standards Council (See Regs at 1.6). Time constraints for filing an appeal must be in accordance with 1.6.2 of the Regs. Objections are deemed to be resolved if not pursued at this level. VIII. Step 4b: Document Issuance. The Standards Council is the issuer of all documents (see Article 8 of Bylaws). The Council acts on the issuance of a document presented for action at an Association Technical Meeting within 75 days from the date of the recommendation from the Association Technical Meeting, unless this period is extended by the Council (See Regs at 4.7.2). For documents forwarded directly to the Standards Council, the Council acts on the issuance of the document at its next scheduled meeting, or at such other meeting as the Council may determine (See Regs at 4.5.2.5 and 4.7.4). IX. Petitions to the Board of Directors. The Standards Council has been delegated the responsibility for the administration of the codes and standards development process and the issuance of documents. However, where extraordinary circumstances requiring the intervention of the Board of Directors exist, the Board of Directors may take any action necessary to fulfill its obligations to preserve the integrity of the codes and standards development process and to protect the interests of the Association. The rules for petitioning the Board of Directors can be found in the Regulations Governing Petitions to the Board of Directors from Decisions of the Standards Council and in 1.7 of the Regs. X. For More Information. The program for the Association Technical Meeting (as well as the NFPA website as information becomes available) should be consulted for the date on which each report scheduled for consideration at the meeting will be presented. For copies of the First Draft Report and Second Draft Report as well as more information on NFPA rules and for up-to-date information on schedules and deadlines for processing NFPA documents, check the NFPA website (www.nfpa.org/aboutthecodes) or contact NFPA Codes & Standards Administration at (617) 984-7246. 12/15-C