NFPA 704:2012 Standard System for the Identification of the Hazards of Materials for Emergency Response

Publisher: NFPA. Publish Date: 2012. Pages: 27. Language: English. Format: PDF. Document Scope. This standard shall addr

623 22 1MB

English Pages [27]

Report DMCA / Copyright

DOWNLOAD PDF FILE

Recommend Papers

NFPA 704:2012 Standard System for the Identification of the Hazards of Materials for Emergency Response

  • Commentary
  • 1827610
  • 0 0 0
  • Like this paper and download? You can publish your own PDF file online for free in a few minutes! Sign Up
File loading please wait...
Citation preview

'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

NFPA 704 ®

Standard System for the Identification of the Hazards of Materials for Emergency Response

2012 Edition

'YWXSQIV-(

 NFPA, 1 Batterymarch Park, Quincy, MA 02169-7471 An International Codes and Standards Organization

'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

IMPORTANT NOTICES AND DISCLAIMERS CONCERNING NFPA® DOCUMENTS NOTICE AND DISCLAIMER OF LIABILITY CONCERNING THE USE OF NFPA DOCUMENTS NFPA® codes, standards, recommended practices, and guides (“NFPA Documents”), of which the document contained herein is one, are developed through a consensus standards development process approved by the American National Standards Institute. This process brings together volunteers representing varied viewpoints and interests to achieve consensus on fire and other safety issues. While the NFPA administers the process and establishes rules to promote fairness in the development of consensus, it does not independently test, evaluate, or verify the accuracy of any information or the soundness of any judgments contained in NFPA Documents. The NFPA disclaims liability for any personal injury, property or other damages of any nature whatsoever, whether special, indirect, consequential or compensatory, directly or indirectly resulting from the publication, use of, or reliance on NFPA Documents. The NFPA also makes no guaranty or warranty as to the accuracy or completeness of any information published herein. In issuing and making NFPA Documents available, the NFPA is not undertaking to render professional or other services for or on behalf of any person or entity. Nor is the NFPA undertaking to perform any duty owed by any person or entity to someone else. Anyone using this document should rely on his or her own independent judgment or, as appropriate, seek the advice of a competent professional in determining the exercise of reasonable care in any given circumstances. The NFPA has no power, nor does it undertake, to police or enforce compliance with the contents of NFPA Documents. Nor does the NFPA list, certify, test, or inspect products, designs, or installations for compliance with this document. Any certification or other statement of compliance with the requirements of this document shall not be attributable to the NFPA and is solely the responsibility of the certifier or maker of the statement.

'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

IMPORTANT NOTICES AND DISCLAIMERS CONCERNING NFPA DOCUMENTS ADDITIONAL NOTICES AND DISCLAIMERS Updating of NFPA Documents Users of NFPA codes, standards, recommended practices, and guides (“NFPA Documents”) should be aware that these documents may be superseded at any time by the issuance of new editions or may be amended from time to time through the issuance of Tentative Interim Amendments. An official NFPA Document at any point in time consists of the current edition of the document together with any Tentative Interim Amendments and any Errata then in effect. In order to determine whether a given document is the current edition and whether it has been amended through the issuance of Tentative Interim Amendments or corrected through the issuance of Errata, consult appropriate NFPA publications such as the National Fire Codes® Subscription Service, visit the NFPA website at www.nfpa.org, or contact the NFPA at the address listed below.

Interpretations of NFPA Documents A statement, written or oral, that is not processed in accordance with Section 6 of the Regulations Governing Committee Projects shall not be considered the official position of NFPA or any of its Committees and shall not be considered to be, nor be relied upon as, a Formal Interpretation.

Patents The NFPA does not take any position with respect to the validity of any patent rights referenced in, related to, or asserted in connection with an NFPA Document. The users of NFPA Documents bear the sole responsibility for determining the validity of any such patent rights, as well as the risk of infringement of such rights, and the NFPA disclaims liability for the infringement of any patent resulting from the use of or reliance on NFPA Documents. NFPA adheres to the policy of the American National Standards Institute (ANSI) regarding the inclusion of patents in American National Standards (“the ANSI Patent Policy”), and hereby gives the following notice pursuant to that policy: NOTICE: The user’s attention is called to the possibility that compliance with an NFPA Document may require use of an invention covered by patent rights. NFPA takes no position as to the validity of any such patent rights or as to whether such patent rights constitute or include essential patent claims under the ANSI Patent Policy. If, in connection with the ANSI Patent Policy, a patent holder has filed a statement of willingness to grant licenses under these rights on reasonable and nondiscriminatory terms and conditions to applicants desiring to obtain such a license, copies of such filed statements can be obtained, on request, from NFPA. For further information, contact the NFPA at the address listed below.

Law and Regulations Users of NFPA Documents should consult applicable federal, state, and local laws and regulations. NFPA does not, by the publication of its codes, standards, recommended practices, and guides, intend to urge action that is not in compliance with applicable laws, and these documents may not be construed as doing so.

Copyrights NFPA Documents are copyrighted by the NFPA. They are made available for a wide variety of both public and private uses. These include both use, by reference, in laws and regulations, and use in private self-regulation, standardization, and the promotion of safe practices and methods. By making these documents available for use and adoption by public authorities and private users, the NFPA does not waive any rights in copyright to these documents. Use of NFPA Documents for regulatory purposes should be accomplished through adoption by reference. The term “adoption by reference” means the citing of title, edition, and publishing information only. Any deletions, additions, and changes desired by the adopting authority should be noted separately in the adopting instrument. In order to assist NFPA in following the uses made of its documents, adopting authorities are requested to notify the NFPA (Attention: Secretary, Standards Council) in writing of such use. For technical assistance and questions concerning adoption of NFPA Documents, contact NFPA at the address below.

For Further Information All questions or other communications relating to NFPA Documents and all requests for information on NFPA procedures governing its codes and standards development process, including information on the procedures for requesting Formal Interpretations, for proposing Tentative Interim Amendments, and for proposing revisions to NFPA documents during regular revision cycles, should be sent to NFPA headquarters, addressed to the attention of the Secretary, Standards Council, NFPA, 1 Batterymarch Park, P.O. Box 9101, Quincy, MA 02 69; email: [email protected] For more information about NFPA, visit the NFPA website at www.nfpa.org.

'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

'ST]VMKLX   2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR  %PP 6MKLXW 6IWIVZIH

2*4%  7XERHEVH 7]WXIQ JSV XLI

-HIRXMJMGEXMSR SJ XLI ,E^EVHW SJ 1EXIVMEPW JSV )QIVKIRG] 6IWTSRWI  )HMXMSR 8LMW IHMXMSR SJ 2*4%  7XERHEVH 7]WXIQ JSV XLI -HIRXMJMGEXMSR SJ XLI ,E^EVHW SJ 1EXIVMEPW JSV )QIVKIRG] 6IWTSRWI [EW TVITEVIH F] XLI 8IGLRMGEP 'SQQMXXII SR 'PEWWMJMGEXMSR ERH 4VSTIVXMIW SJ ,E^EVHSYW 'LIQMGEP (EXE ERH EGXIH SR F] 2*4% EX MXW .YRI %WWSGMEXMSR 8IGLRMGEP 1IIXMRK LIPH .YRI z  MR &SWXSR 1% -X [EW MWWYIH F] XLI 7XERHEVHW 'SYRGMP SR %YKYWX   [MXL ER IJJIGXMZI HEXI SJ %YKYWX   ERH WYTIVWIHIW EPP TVIZMSYW IHMXMSRW 8LMW IHMXMSR SJ 2*4%  [EW ETTVSZIH EW ER %QIVMGER 2EXMSREP 7XERHEVH SR %YKYWX  

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

2*4% ERH 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR EVI VIKMWXIVIH XVEHIQEVOW SJ XLI 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR 5YMRG] 1EWWEGLYWIXXW 

'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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

/IRRIXL ( 0I[MW )ZSRMO (IKYWWE 'SVTSVEXMSR %0 ?9A 6IT 2*4% -RHYWXVMEP *MVI 4VSXIGXMSR 7IGXMSR (EZMH * 4IXIVWSR 1EHMWSR ;MWGSRWMR *MVI (ITEVXQIRX ;- ?)A ;MPPMEQ . 7EXXIVJMIPH --- ,]HVSKIR 7EJIX] 00'6SHI

%WWSGMEXIW 00' 6- ?-A .EQIW 3 :MKIVYWX .V 7LE[ +VSYT -RG 21 ?7)A (EZMH & ;IGLWPIV 8LI (S[ 'LIQMGEP 'SQTER] 8< ?1A  2SRZSXMRK

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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

z

'328)287

'SRXIRXW 'LETXIV  %HQMRMWXVEXMSR   7GSTI   4YVTSWI   %TTPMGEXMSR   6IXVSEGXMZMX]   )UYMZEPIRG] 

z z z z z z

     

'LETXIV  6IJIVIRGIH 4YFPMGEXMSRW   +IRIVEP   2*4% 4YFPMGEXMSRW   3XLIV 4YFPMGEXMSRW   6IJIVIRGIW JSV )\XVEGXW MR 1ERHEXSV] 7IGXMSRW 

z z z z

   

'LETXIV  (IJMRMXMSRW   +IRIVEP   2*4% 3JJMGMEP (IJMRMXMSRW   +IRIVEP (IJMRMXMSRW 

z z z z

   

'LETXIV  +IRIVEP   (IWGVMTXMSR   %WWMKRQIRX SJ 6EXMRKW   0SGEXMSR SJ 7MKRW 

z z z z

   

'LETXIV  *PEQQEFMPMX] ,E^EVHW   +IRIVEP   (IKVIIW SJ ,E^EVH   %IVSWSPW 

z  z  z  z

'LETXIV  -RWXEFMPMX] ,E^EVHW  z  +IRIVEP  z  (IKVIIW SJ ,E^EVH  z 'LETXIV  7TIGMEP ,E^EVHW  z  +IRIVEP  z  7]QFSPW  z 'LETXIV 

z  

'LETXIV  ,IEPXL ,E^EVHW  z   +IRIVEP  z   (IKVIIW SJ ,E^EVH  z 

-HIRXMJMGEXMSR SJ 1EXIVMEPW F] ,E^EVH 6EXMRK 7]WXIQ  z 7]QFSP %VVERKIQIRX  z

%RRI\ % )\TPEREXSV] 1EXIVMEP  z %RRI\ &

,IEPXL ,E^EVH 6EXMRK  z

%RRI\ '

*PEQQEFMPMX]  z

%RRI\ (

'SQFYWXMFPI (YWXW  z

%RRI\ )

-RWXEFMPMX] 8LIVQEP ,E^EVH )ZEPYEXMSR 8IGLRMUYIW  z

%RRI\ *

;EXIV 6IEGXMZMX] -HIRXMJMGEXMSR 'VMXIVME  z

%RRI\ +

-RJSVQEXMSREP 6IJIVIRGIW  z

-RHI\  z

 )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)

2*4% 

MP] HIGMHI [LIXLIV XS IZEGYEXI XLI EVIE SV XS GSQQIRGI IQIV KIRG] GSRXVSP TVSGIHYVIW

7XERHEVH 7]WXIQ JSV XLI

 8LMW W]WXIQ EPWS WLEPP TVSZMHI XLSWI TIVWSRRIP [MXL MRJSV QEXMSR XS EWWMWX MR WIPIGXMRK JMVIJMKLXMRK XEGXMGW ERH IQIVKIRG] TVSGIHYVIW

-HIRXMJMGEXMSR SJ XLI ,E^EVHW SJ 1EXIVMEPW JSV )QIVKIRG] 6IWTSRWI  )HMXMSR -14368%28 238) 8LMW 2*4% HSGYQIRX MW QEHI EZEMPEFPI JSV YWI WYFNIGX XS MQTSVXERX RSXMGIW ERH PIKEP HMWGPEMQIVW 8LIWI RSXMGIW ERH HMWGPEMQIVW ETTIEV MR EPP TYFPMGEXMSRW GSRXEMRMRK XLMW HSGYQIRX ERH QE] FI JSYRH YRHIV XLI LIEHMRK w-QTSVXERX 2SXMGIW ERH (MW GPEMQIVW 'SRGIVRMRK 2*4% (SGYQIRXWx 8LI] GER EPWS FI SFXEMRIH SR VIUYIWX JVSQ 2*4% SV ZMI[IH EX [[[RJTESVKHMWGPEMQIVW 238-') %R EWXIVMWO  JSPPS[MRK XLI RYQFIV SV PIXXIV HIWMKREXMRK E TEVEKVETL MRHMGEXIW XLEX I\TPEREXSV] QEXIVMEP SR XLI TEVEKVETL GER FI JSYRH MR %RRI\ % 'LERKIW SXLIV XLER IHMXSVMEP EVI MRHMGEXIH F] E ZIVXMGEP VYPI FIWMHI XLI TEVEKVETL XEFPI SV JMKYVI MR [LMGL XLI GLERKI SGGYVVIH 8LIWI VYPIW EVI MRGPYHIH EW ER EMH XS XLI YWIV MR MHIRXMJ]MRK GLERKIW JVSQ XLI TVIZMSYW IHMXMSR ;LIVI SRI SV QSVI GSQTPIXI TEVEKVETLW LEZI FIIR HIPIXIH XLI HI PIXMSR MW MRHMGEXIH F] E FYPPIX c FIX[IIR XLI TEVEKVETLW XLEX VIQEMR % VIJIVIRGI MR FVEGOIXW ? A JSPPS[MRK E WIGXMSR SV TEVEKVETL MRHMGEXIW QEXIVMEP XLEX LEW FIIR I\XVEGXIH JVSQ ERSXLIV 2*4% HSGYQIRX %W ER EMH XS XLI YWIV XLI GSQTPIXI XMXPI ERH IHMXMSR SJ XLI WSYVGI HSGYQIRXW JSV I\XVEGXW MR QERHEXSV] WIGXMSRW SJ XLI HSGYQIRX EVI KMZIR MR 'LETXIV  ERH XLSWI JSV I\XVEGXW MR MRJSVQEXMSREP WIGXMSRW EVI KMZIR MR %RRI\ + )\XVEGXIH XI\X QE] FI IHMXIH JSV GSRWMWXIRG] ERH WX]PI ERH QE] MRGPYHI XLI VIZMWMSR SJ MRXIVREP TEVEKVETL VIJIVIRGIW ERH SXLIV VIJIV IRGIW EW ETTVSTVMEXI 6IUYIWXW JSV MRXIVTVIXEXMSRW SV VIZMWMSRW SJ I\XVEGXIH XI\X WLEPP FI WIRX XS XLI XIGLRMGEP GSQQMXXII VI WTSRWMFPI JSV XLI WSYVGI HSGYQIRX -RJSVQEXMSR SR VIJIVIRGIH TYFPMGEXMSRW GER FI JSYRH MR 'LETXIV  ERH %RRI\ +

'LETXIV 

%HQMRMWXVEXMSR

 7GSTI 8LMW WXERHEVH WLEPP EHHVIWW XLI LIEPXL JPEQQEFMPMX] MRWXEFMPMX] ERH VIPEXIH LE^EVHW XLEX EVI TVIWIRXIH F] WLSVXXIVQ EGYXI I\TSWYVI XS E QEXIVMEP YRHIV GSRHMXMSRW SJ JMVI WTMPP SV WMQMPEV IQIVKIRGMIW  4YVTSWI  8LMW WXERHEVH WLEPP TVSZMHI E WMQTPI VIEHMP] VIGSK RM^IH ERH IEWMP] YRHIVWXSSH W]WXIQ SJ QEVOMRKW XLEX TVSZMHIW E KIRIVEP MHIE SJ XLI LE^EVHW SJ E QEXIVMEP ERH XLI WIZIVMX] SJ XLIWI LE^EVHW EW XLI] VIPEXI XS IQIVKIRG] VIWTSRWI

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

 )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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

 )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

z

,)%08, ,%>%6(7

8EFPI 

'SRXMRYIH

(IKVII SJ ,E^EVH

'VMXIVME

 { 1EXIVMEPW XLEX YRHIV IQIVKIRG] +EWIW [LSWI 0' JSV EGYXI MRLEPEXMSR XS\MGMX] MW KVIEXIV XLER  TTQ FYX PIWW XLER SV GSRHMXMSRW GER GEYWI WIVMSYW SV IUYEP XS  TTQ TIVQERIRX MRNYV] %R] PMUYMH [LSWI WEXYVEXIH ZETSV GSRGIRXVEXMSR EX ”' ”* MW IUYEP XS SV KVIEXIV XLER 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 HIKVII SJ LE^EVH  (YWXW ERH QMWXW [LSWI 0' JSV EGYXI MRLEPEXMSR XS\MGMX] MW KVIEXIV XLER  QK0 FYX PIWW XLER SV IUYEP XS  QK0 1EXIVMEPW [LSWI 0( JSV EGYXI HIVQEP XS\MGMX] MW KVIEXIV XLER  QKOK FYX PIWW XLER SV IUYEP XS  QKOK 1EXIVMEPW XLEX EVI GSVVSWMZI XS XLI VIWTMVEXSV] XVEGX 1EXIVMEPW XLEX EVI GSVVSWMZI XS XLI I]I SV GEYWI MVVIZIVWMFPI GSVRIEP STEGMX] 1EXIVMEPW XLEX EVI GSVVSWMZI XS WOMR 'V]SKIRMG JPYMHW XLEX GEYWI JVSWXFMXI ERH MVVIZIVWMFPI XMWWYI HEQEKI 'SQTVIWWIH PMUYIJMIH KEWIW [MXL FSMPMRK TSMRXW EX SV FIPS[ 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

z

-()28-*-'%8-32 3* 8,) ,%>%6(7 3* 1%8)6-%07 *36 )1)6+)2'= 6)74327)

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  { 0MUYMHW ERH WSPMHW MRGPYHMRK JMRIP] EFSZI ”' ”* ERH XLSWI PMUYMHW LEZMRK E JPEWL TSMRX EX SV EFSZI HMZMHIH WYWTIRHIH WSPMHW XLEX GER FI MKRMXIH ”' ”* ERH FIPS[ ”' ”* MI 'PEWW -& ERH 'PEWW -' PMUYMHW YRHIV EPQSWX EPP EQFMIRX XIQTIVEXYVI GSRHMXMSRW 1EXIVMEPW MR XLMW HIKVII TVSHYGI LE^EVHSYW EXQSWTLIVIW [MXL EMV YRHIV EPQSWX *MRIP] HMZMHIH WSPMHW X]TMGEPP] PIWW XLER  QMGVSQIXIVW ™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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

z

*0%11%&-0-8= ,%>%6(7

8EFPI 

'SRXMRYIH (IKVII SJ ,E^EVH

 {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

'VMXIVME 0MUYMHW LEZMRK E JPEWL TSMRX EX SV EFSZI ”' ”* ERH FIPS[ ”' ”* MI 'PEWW -- ERH 'PEWW ---% PMUYMHW *MRIP] HMZMHIH WSPMHW PIWW XLER  ™Q  QIWL XLEX TVIWIRX ER SVHMREV] VMWO SJ JSVQMRK ER MKRMXMFPI HYWX GPSYH 7SPMH QEXIVMEPW MR E JPEOI JMFVSYW SV WLVIHHIH JSVQ XLEX FYVR VETMHP] ERH GVIEXI JPEWL JMVI LE^EVHW WYGL EW GSXXSR WMWEP ERH LIQT 7SPMHW ERH WIQMWSPMHW XLEX VIEHMP] KMZI SJJ JPEQQEFPI ZETSVW 7SPMHW GSRXEMRMRK KVIEXIV XLER  TIVGIRX F] [IMKLX SJ E JPEQQEFPI SV GSQFYWXMFPI WSPZIRX EVI VEXIH F] XLI GPSWIH GYT JPEWL TSMRX SJ XLI WSPZIRX

1EXIVMEPW XLEX [MPP FYVR MR EMV [LIR I\TSWIH XS E XIQTIVEXYVI SJ ”'  { 1EXIVMEPW XLEX QYWX FI TVILIEXIH FIJSVI ”* JSV E TIVMSH SJ  QMRYXIW MR EGGSVHERGI [MXL %781 (  MKRMXMSR GER SGGYV 1EXIVMEPW MR XLMW HIKVII 7XERHEVH 8IWX 1IXLSH JSV XLI (MWGVMQMREXMSR &IX[IIR *PEQQEFMPMX] 6EXMRKW SJ * !  VIUYMVI GSRWMHIVEFPI TVILIEXMRK YRHIV EPP ERH * !  EQFMIRX XIQTIVEXYVI GSRHMXMSRW FIJSVI MKRMXMSR ERH GSQFYWXMSR GER SGGYV 1EXIVMEPW 0MUYMHW WSPMHW ERH WIQMWSPMHW LEZMRK E JPEWL TSMRX EX SV EFSZI ”' ”* MR XLMW HIKVII EPWS MRGPYHI JMRIP] HMZMHIH MI 'PEWW ---& PMUYMHW WYWTIRHIH WSPMHW XLEX HS RSX VIUYMVI LIEXMRK FIJSVI MKRMXMSR GER SGGYV 7II %RRI\ ( JSV QSVI MRJSVQEXMSR SR VEROMRK SJ GSQFYWXMFPI 0MUYMHW [MXL E JPEWL TSMRX KVIEXIV XLER ”' ”* XLEX HS RSX WYWXEMR GSQFYWXMSR [LIR XIWXIH YWMRK XLI w1IXLSH SJ 8IWXMRK JSV 7YWXEMRIH HYWXW 'SQFYWXMFMPMX]x TIV  '*6  %TTIRHM\ , SV XLI 92 TYFPMGEXMSRW 6IGSQQIRHEXMSRW SR XLI 8VERWTSVX SJ (ERKIVSYW +SSHW 1SHIP 6IKYPEXMSRW ERH 1ERYEP SJ 8IWXW ERH 'VMXIVME 0MUYMHW [MXL E JPEWL TSMRX KVIEXIV XLER ”' ”* MR E [EXIVQMWGMFPI WSPYXMSR SV HMWTIVWMSR [MXL E [EXIV RSRGSQFYWXMFPI PMUYMHWSPMH GSRXIRX SJ QSVI XLER  TIVGIRX F] [IMKLX 0MUYMHW XLEX LEZI RS JMVI TSMRX [LIR XIWXIH F] %781 (  7XERHEVH 8IWX 1IXLSH JSV *PEWL ERH *MVI 4SMRXW F] 'PIZIPERH 3TIR 'YT YT XS XLI FSMPMRK TSMRX SJ XLI PMUYMH SV YT XS E XIQTIVEXYVI EX [LMGL XLI WEQTPI FIMRK XIWXIH WLS[W ER SFZMSYW TL]WMGEP GLERKI 'SQFYWXMFPI TIPPIXW TS[HIVW SV KVERYPIW KVIEXIV XLER  ™Q  QIWL *MRIP] HMZMHIH WSPMHW PIWW XLER  ™Q  QIWL XLEX EVI RSRI\TPSWMFPI MR EMV EX EQFMIRX GSRHMXMSRW WYGL EW PS[ ZSPEXMPI GEVFSR FPEGO ERH TSP]ZMR]PGLPSVMHI 4:' 1SWX SVHMREV] GSQFYWXMFPI QEXIVMEPW 7SPMHW GSRXEMRMRK KVIEXIV XLER  TIVGIRX F] [IMKLX SJ E JPEQQEFPI SV GSQFYWXMFPI WSPZIRX EVI VEXIH F] XLI GPSWIH GYT JPEWL TSMRX SJ XLI WSPZIRX  { 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

z

-()28-*-'%8-32 3* 8,) ,%>%6(7 3* 1%8)6-%07 *36 )1)6+)2'= 6)74327)

 %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'

1EXIVMEPW XLEX LEZI ER MRWXERXERISYW TS[IV HIRWMX] TVSHYGX SJ LIEX SJ VIEGXMSR ERH  { 1EXIVMEPW XLEX MR XLIQWIPZIW EVI VIEGXMSR VEXI EX ”' ”* EX SV EFSZI  ;Q0 ERH FIPS[  ;Q0 RSVQEPP] WXEFPI FYX XLEX GER FIGSQI YRWXEFPI EX IPIZEXIH XIQTIVEXYVIW ERH 1EXIVMEPW XLEX I\LMFMX ER I\SXLIVQ EX XIQTIVEXYVIW KVIEXIV XLER ”' ”* FYX PIWW TVIWWYVIW XLER SV IUYEP XS ”' ”* [LIR XIWXIH F] HMJJIVIRXMEP WGERRMRK GEPSVMQIXV]  { 1EXIVMEPW XLEX MR XLIQWIPZIW EVI RSVQEPP] WXEFPI IZIR YRHIV JMVI GSRHMXMSRW

1EXIVMEPW XLEX LEZI ER MRWXERXERISYW TS[IV HIRWMX] TVSHYGX SJ LIEX SJ VIEGXMSR ERH VIEGXMSR VEXI EX ”' ”* FIPS[  ;Q0 1EXIVMEPW XLEX I\LMFMX ER I\SXLIVQ EX XIQTIVEXYVIW KVIEXIV XLER ”' ”* FYX PIWW XLER SV IUYEP XS ”' ”* [LIR XIWXIH F] HMJJIVIRXMEP WGERRMRK GEPSVMQIXV] 1EXIVMEPW XLEX HS RSX I\LMFMX ER I\SXLIVQ EX XIQTIVEXYVIW PIWW XLER SV IUYEP XS ”' ”* [LIR XIWXIH F] HMJJIVIRXMEP WGERRMRK GEPSVMQIXV]

 )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* 1%8)6-%07 &= ,%>%6( 6%8-2+ 7=78)1

 7]QFSPW 7TIGMEP LE^EVHW WLEPP FI VITVIWIRXIH F] E WTEXMEP EV VERKIQIRX HIRSXIH F] W]QFSPW EP[E]W EX XLI WM\ SvGPSGO TSWMXMSR  1EXIVMEPW XLEX VIEGX ZMSPIRXP] SV I\TPSWMZIP] [MXL [EXIV MI [EXIV VIEGXMZMX] VEXMRK  SV  WLEPP FI MHIRXMJMIH F] XLI PIXXIV w;x [MXL E LSVM^SRXEP PMRI XLVSYKL XLI GIRXIV ; 

 1EXIVMEPW XLEX EVI WMQTPI EWTL]\MERX KEWIW WLEPP FI TIVQMX XIH XS FI MHIRXMJMIH [MXL XLI PIXXIVW w7%x ERH WLEPP FI PMQMXIH XS XLI JSPPS[MRK KEWIW RMXVSKIR LIPMYQ RISR EVKSR OV]TXSR ERH \IRSR

 1EXIVMEPW XLEX TSWWIWW S\MHM^MRK TVSTIVXMIW WLEPP FI MHIRXMJMIH F] XLI PIXXIVW w3%6(7 3* 1%8)6-%07 *36 )1)6+)2'= 6)74327)

%VVERKIQIRXERHSVHIVSJLE^EVHVEXMRKW STXMSREPJSVQSJETTPMGEXMSR (MWXERGIEX[LMGLLE^EVH 1MRMQYQWM^ISJLE^EVH VEXMRKWEVIPIKMFPI VEXMRKWVIUYMVIH Q Q Q Q Q

JX JX JX JX JX

QQ QQ QQ QQ QQ

MR MR MR MR MR

2SXI8LMWWLS[WXLIGSVVIGXWTEXMEPEVVERKIQIRX ERHSVHIVSJLE^EVHVEXMRKWYWIHJSVMHIRXMJMGEXMSRSJ QEXIVMEPWF]LE^EVH

   ; 3