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NFPA® 25
Standard for
the Inspection, Testing, and
Maintenance of Water-Based
Fire Protection Systems
2014 Edition
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NFPA, 1 Batterymarch Park, Quincy, MA 02169-7471
An International Codes and Standards Organization
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*MVWX *PSSV 2SVXL 4EVWMTTER] 2. ,- 6SXEV] 4YQT 8IWXW 3XLIV 4YFPMGEXMSRW
1IVVMEQ;IFWXIVvW 'SPPIKMEXI (MGXMSREV] XL IHMXMSR 1IVVMEQ
;IFWXIV -RG 7TVMRKJMIPH 1% 6IJIVIRGIW JSV )\XVEGXW MR 1ERHEXSV] 7IGXMSRW
2*4% 7XERHEVH JSV 0S[ 1IHMYQ ERH ,MKL)\TERWMSR
*SEQ IHMXMSR
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW IHMXMSR
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XERHTMTI ERH ,SWI
7]WXIQW IHMXMSR
)HMXMSR
'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
0MWXIH )UYMTQIRX QEXIVMEPW SV WIVZMGIW MRGPYHIH MR E
PMWX TYFPMWLIH F] ER SVKERM^EXMSR XLEX MW EGGITXEFPI XS XLI EY
XLSVMX] LEZMRK NYVMWHMGXMSR ERH GSRGIVRIH [MXL IZEPYEXMSR SJ
TVSHYGXW SV WIVZMGIW XLEX QEMRXEMRW TIVMSHMG MRWTIGXMSR SJ
TVSHYGXMSR SJ PMWXIH IUYMTQIRX SV QEXIVMEPW SV TIVMSHMG IZEPY
EXMSR SJ WIVZMGIW ERH [LSWI PMWXMRK WXEXIW XLEX IMXLIV XLI IUYMT
QIRX QEXIVMEP SV WIVZMGI QIIXW ETTVSTVMEXI HIWMKREXIH WXER
HEVHW SV LEW FIIR XIWXIH ERH JSYRH WYMXEFPI JSV E WTIGMJMIH
TYVTSWI
7LEPP -RHMGEXIW E QERHEXSV] VIUYMVIQIRX
7LSYPH -RHMGEXIW E VIGSQQIRHEXMSR SV XLEX [LMGL MW
EHZMWIH FYX RSX VIUYMVIH
7XERHEVH % HSGYQIRX XLI QEMR XI\X SJ [LMGL GSRXEMRW
SRP] QERHEXSV] TVSZMWMSRW YWMRK XLI [SVH wWLEPPx XS MRHMGEXI
VIUYMVIQIRXW ERH [LMGL MW MR E JSVQ KIRIVEPP] WYMXEFPI JSV
QERHEXSV] VIJIVIRGI F] ERSXLIV WXERHEVH SV GSHI SV JSV EHST
XMSR MRXS PE[ 2SRQERHEXSV] TVSZMWMSRW EVI RSX XS FI GSRWMH
IVIH E TEVX SJ XLI VIUYMVIQIRXW SJ E WXERHEVH ERH WLEPP FI
PSGEXIH MR ER ETTIRHM\ ERRI\ JSSXRSXI MRJSVQEXMSREP RSXI
SV SXLIV QIERW EW TIVQMXXIH MR XLI 1ERYEP SJ 7X]PI JSV 2*4%
8IGLRMGEP 'SQQMXXII (SGYQIRXW
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
()*-2-8-327
+IRIVEP (IJMRMXMSRW
%HNYWX 8S QEMRXEMR SV VIKYPEXI [MXLMR TVIWGVMFIH PMQ
MXW F] WIXXMRK XLI STIVEXMRK GLEVEGXIVMWXMGW XS WTIGMJMIH TEVEQ
IXIVW ? A
%PEVQ 6IGIMZMRK *EGMPMX] 8LI TPEGI [LIVI EPEVQ SV WY
TIVZMWSV] WMKREPW EVI VIGIMZIH
%YXSQEXMG (IXIGXMSR )UYMTQIRX )UYMTQIRX XLEX EYXS
QEXMGEPP] HIXIGXW LIEX JPEQI TVSHYGXW SJ GSQFYWXMSR JPEQ
QEFPI KEWIW SV SXLIV GSRHMXMSRW PMOIP] XS TVSHYGI JMVI SV I\
TPSWMSR ERH GEYWI SXLIV EYXSQEXMG EGXYEXMSR SJ EPEVQ ERH
TVSXIGXMSR IUYMTQIRX
%YXSQEXMG 3TIVEXMSR 3TIVEXMSR [MXLSYX LYQER MRXIV
ZIRXMSR
%YXSQEXMG 8VERWJIV 7[MXGL 7IPJEGXMRK IUYMTQIRX JSV
XVERWJIVVMRK XLI GSRRIGXIH PSEH JVSQ SRI TS[IV WSYVGI XS
ERSXLIV TS[IV WSYVGI ? A
'PIER 8S VIQSZI HMVX WGEPI ERH HIFVMW
(IJMGMIRG] *SV XLI TYVTSWIW SJ MRWTIGXMSR XIWXMRK ERH
QEMRXIRERGI SJ [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQW E GSRHM
XMSR XLEX [MPP SV LEW XLI TSXIRXMEP XS EHZIVWIP] MQTEGX XLI TIV
JSVQERGI SJ E W]WXIQ SV TSVXMSR XLIVISJ FYX HSIW RSX VMWI XS
XLI PIZIP SJ ER MQTEMVQIRX
'VMXMGEP (IJMGMIRG] % HIJMGMIRG] XLEX MJ RSX GSV
VIGXIH GER LEZI E QEXIVMEP IJJIGX SR XLI EFMPMX] SJ XLI JMVI
TVSXIGXMSR W]WXIQ SV YRMX XS JYRGXMSR EW MRXIRHIH MR E
JMVI IZIRX
z
1SRMXSV 2S^^PI ,]HVERX % L]HVERX IUYMTTIH [MXL
E QSRMXSV RS^^PI GETEFPI SJ HIPMZIVMRK QSVI XLER KTQ
0QMR ;EPP ,]HVERX % L]HVERX QSYRXIH SR XLI SYXWMHI
SJ E [EPP SJ E FYMPHMRK JIH JVSQ MRXIVMSV TMTMRK ERH IUYMTTIH
[MXL GSRXVSP ZEPZIW PSGEXIH MRWMHI XLI FYMPHMRK XLEX RSVQEPP]
EVI OI]STIVEXIH JVSQ XLI FYMPHMRKvW I\XIVMSV
;IX &EVVIP ,]HVERX % X]TI SJ L]HVERX XLEX WSQI
XMQIW MW YWIH [LIVI XLIVI MW RS HERKIV SJ JVII^MRK [IEXLIV
)EGL SYXPIX SR E [IX FEVVIP L]HVERX MW TVSZMHIH [MXL E
ZEPZIH SYXPIX XLVIEHIH JSV JMVI LSWI ? A
*SEQ 'SRGIRXVEXI % GSRGIRXVEXIH PMUYMH JSEQMRK
EKIRX EW VIGIMZIH JVSQ XLI QERYJEGXYVIV ? A
?*SEQA (MWGLEVKI (IZMGI % HIZMGI HIWMKRIH XS HMW
GLEVKI [EXIV SV JSEQ[EXIV WSPYXMSR MR E TVIHIXIVQMRIH JM\IH
SV EHNYWXEFPI TEXXIVR )\EQTPIW MRGPYHI FYX EVI RSX PMQMXIH XS
WTVMROPIVW WTVE] RS^^PIW ERH LSWI RS^^PIW ? A
,SWI 'SRRIGXMSR % GSQFMREXMSR SJ IUYMTQIRX TVS
ZMHIH JSV GSRRIGXMSR SJ E LSWI XS XLI WXERHTMTI W]WXIQ XLEX
MRGPYHIW E LSWI ZEPZI [MXL E XLVIEHIH SYXPIX ? A
,SWI ,SYWI %R IRGPSWYVI PSGEXIH SZIV SV EHNEGIRX
XS E L]HVERX SV SXLIV [EXIV WYTTP] HIWMKRIH XS GSRXEMR XLI
RIGIWWEV] LSWI RS^^PIW LSWI [VIRGLIW KEWOIXW ERH WTERRIVW
XS FI YWIH MR JMVI JMKLXMRK MR GSRNYRGXMSR [MXL ERH XS TVSZMHI
EMH XS XLI PSGEP JMVI HITEVXQIRX
,SWI 2S^^PI % HIZMGI MRXIRHIH JSV HMWGLEVKMRK [EXIV
JSV QERYEP WYTTVIWWMSR SV I\XMRKYMWLQIRX SJ E JMVI
2SRGVMXMGEP (IJMGMIRG] % HIJMGMIRG] XLEX HSIW RSX
LEZI E QEXIVMEP IJJIGX SR XLI EFMPMX] SJ XLI JMVI TVSXIGXMSR
W]WXIQ SV YRMX XS JYRGXMSR MR E JMVI IZIRX FYX GSVVIGXMSR
MW RIIHIH XS QIIX XLI VIUYMVIQIRXW SJ XLMW WXERHEVH SV
JSV XLI TVSTIV MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI SJ
XLI W]WXIQ SV YRMX
,SWI 7XEXMSR % GSQFMREXMSR SJ E LSWI VEGO LSWI
RS^^PI LSWI ERH LSWI GSRRIGXMSR ? A
(MWGLEVKI (IZMGI % HIZMGI HIWMKRIH XS HMWGLEVKI [EXIV
SV JSEQ[EXIV WSPYXMSR MR E TVIHIXIVQMRIH JM\IH SV EHNYWX
EFPI TEXXIVR )\EQTPIW MRGPYHI FYX EVI RSX PMQMXIH XS WTVMR
OPIVW WTVE] RS^^PIW ERH LSWI RS^^PIW ? A
,SVM^SRXEP 6EGO % LSWI VEGO [LIVI XLI LSWI MW
GSRRIGXIH XS XLI ZEPZI XLIR WXEGOJSPHIH LSVM^SRXEPP] XS
XLI XST SJ XLI VEGO
(SYFPI 'LIGO :EPZI %WWIQFP] (':% 8LMW EWWIQFP]
GSRWMWXW SJ X[S MRXIVREPP] PSEHIH GLIGO ZEPZIW IMXLIV WTVMRK
PSEHIH SV MRXIVREPP] [IMKLXIH MRWXEPPIH EW E YRMX FIX[IIR X[S
XMKLXP] GPSWMRK VIWMPMIRXWIEXIH WLYXSJJ ZEPZIW EW ER EWWIQFP]
ERH JMXXMRKW [MXL TVSTIVP] PSGEXIH VIWMPMIRXWIEXIH XIWX GSGOW
7IQMEYXSQEXMG ,SWI 6EGO %WWIQFP] 8LI WEQI EW E
wGSRZIRXMSREPx TMR VEGO SV LSWI VIIP I\GITX XLEX EJXIV XLI
ZEPZI MW STIRIH E VIXEMRMRK HIZMGI LSPHW XLI LSWI ERH [EXIV
YRXMP XLI PEWX JI[ JIIX EVI VIQSZIH
(VEMR
1EMR (VEMR 8LI TVMQEV] HVEMR GSRRIGXMSR PS
GEXIH SR XLI W]WXIQ VMWIV
7IGXMSREP (VEMR % HVEMR PSGEXIH FI]SRH E WIG
XMSREP GSRXVSP ZEPZI XLEX HVEMRW SRP] E TSVXMSR SJ XLI W]WXIQ
*MVI (ITEVXQIRX 'SRRIGXMSR % GSRRIGXMSR XLVSYKL
[LMGL XLI JMVI HITEVXQIRX GER TYQT WYTTPIQIRXEP [EXIV MRXS
XLI WTVMROPIV W]WXIQ WXERHTMTI SV SXLIV W]WXIQ JYVRMWLMRK [EXIV
JSV JMVI I\XMRKYMWLQIRX XS WYTTPIQIRX I\MWXMRK [EXIV WYTTPMIW
*MVI ,]HVERX % ZEPZIH GSRRIGXMSR SR E [EXIV WYTTP]
W]WXIQ LEZMRK SRI SV QSVI SYXPIXW ERH XLEX MW YWIH XS WYTTP]
LSWI ERH JMVI HITEVXQIRX TYQTIVW [MXL [EXIV ? A
(V] &EVVIP ,]HVERX *VSWXTVSSJ ,]HVERX % X]TI SJ
L]HVERX [MXL XLI QEMR GSRXVSP ZEPZI FIPS[ XLI JVSWX PMRI
FIX[IIR XLI JSSXTMIGI ERH XLI FEVVIP
,SWI 7XSVEKI (IZMGIW
'SRZIRXMSREP 4MR 6EGO % LSWI VEGO [LIVI XLI
LSWI MW JSPHIH ZIVXMGEPP] ERH EXXEGLIH SZIV XLI TMRW
,SWI 6IIP % GMVGYPEV HIZMGI YWIH XS WXSVI LSWI
,]HVSWXEXMG 8IWX % XIWX SJ E GPSWIH TMTMRK W]WXIQ ERH
MXW EXXEGLIH ETTYVXIRERGIW GSRWMWXMRK SJ WYFNIGXMRK XLI TMTMRK
XS ER MRGVIEWIH MRXIVREP TVIWWYVI JSV E WTIGMJMIH TIVMSH SJ HY
VEXMSR XS ZIVMJ] W]WXIQ MRXIKVMX] ERH PIEO VEXIW ? A
-QTEMVQIRX % GSRHMXMSR [LIVI E JMVI TVSXIGXMSR W]W
XIQ SV YRMX SV TSVXMSR XLIVISJ MW SYX SJ SVHIV ERH XLI GSRHM
XMSR GER VIWYPX MR XLI JMVI TVSXIGXMSR W]WXIQ SV YRMX RSX JYRG
XMSRMRK MR E JMVI IZIRX
)QIVKIRG] -QTEMVQIRX % GSRHMXMSR [LIVI E [EXIV
FEWIH JMVI TVSXIGXMSR W]WXIQ SV TSVXMSR XLIVISJ MW SYX SJ
SVHIV HYI XS ER YRTPERRIH SGGYVVIRGI SV XLI MQTEMVQIRX
MW JSYRH [LMPI TIVJSVQMRK MRWTIGXMSR XIWXMRK SV QEMRXI
RERGI EGXMZMXMIW
4VITPERRIH -QTEMVQIRX % GSRHMXMSR [LIVI E [EXIV
FEWIH JMVI TVSXIGXMSR W]WXIQ SV E TSVXMSR XLIVISJ MW SYX SJ
WIVZMGI HYI XS [SVO TPERRIH MR EHZERGI WYGL EW VIZMWMSRW XS
XLI [EXIV WYTTP] SV WTVMROPIV W]WXIQ TMTMRK
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
z
-274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
-RWTIGX 7II -RWTIGXMSR
-RWTIGXMSR % ZMWYEP I\EQMREXMSR SJ E W]WXIQ SV TSV
XMSR XLIVISJ XS ZIVMJ] XLEX MX ETTIEVW XS FI MR STIVEXMRK GSRHM
XMSR ERH MW JVII SJ TL]WMGEP HEQEKI ? A
-RWTIGXMSR 8IWXMRK ERH 1EMRXIRERGI 7IVZMGI % WIVZMGI
TVSKVEQ TVSZMHIH F] E UYEPMJMIH GSRXVEGXSV SV UYEPMJMIH TVST
IVX] S[RIVvW VITVIWIRXEXMZI MR [LMGL EPP GSQTSRIRXW YRMUYI XS
XLI TVSTIVX]vW W]WXIQW EVI MRWTIGXIH ERH XIWXIH EX XLI VIUYMVIH
XMQIW ERH RIGIWWEV] QEMRXIRERGI MW TVSZMHIH
1EMRXIRERGI -R [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQW
[SVO TIVJSVQIH XS OIIT IUYMTQIRX STIVEFPI SV XS QEOI VI
TEMVW
1ERYEP 3TIVEXMSR 3TIVEXMSR SJ E W]WXIQ SV MXW GSQ
TSRIRXW XLVSYKL LYQER EGXMSR
2S^^PI
1SRMXSV 2S^^PI % TIVQERIRXP] QSYRXIH HIZMGI
WTIGMJMGEPP] HIWMKRIH [MXL E LMKL JPS[ VEXI XS TVSZMHI E JEV
VIEGLMRK WXVIEQ JSV PSGEXMSRW [LIVI PEVKI EQSYRXW SJ [EXIV
RIIH XS FI EZEMPEFPI [MXLSYX XLI HIPE] SJ PE]MRK LSWI PMRIW
;EXIV 7TVE] 2S^^PI %R STIR SV EYXSQEXMG [EXIV
HMWGLEVKI HIZMGI XLEX [LIR HMWGLEVKMRK [EXIV YRHIV TVIW
WYVI [MPP HMWXVMFYXI XLI [EXIV MR E WTIGMJMG HMVIGXMSREP TEX
XIVR
3VMJMGI 4PEXI 4VSTSVXMSRMRK 8LMW W]WXIQ YXMPM^IW ER SVM
JMGI TPEXI W XLVSYKL [LMGL TEWWIW E WTIGMJMG EQSYRX SJ JSEQ
GSRGIRXVEXI EX E WTIGMJMG TVIWWYVI HVST EGVSWW XLI SVMJMGI
TPEXI W 4IVJSVQERGI&EWIH 4VSKVEQ 1IXLSHW ERH JVIUYIRGMIW
XLEX LEZI FIIR HIQSRWXVEXIH XS HIPMZIV IUYMZEPIRX SV WYTIVMSV
PIZIPW SJ TIVJSVQERGI XLVSYKL UYERXMXEXMZI TIVJSVQERGIFEWIH
EREP]WMW
4VIWWYVI6IKYPEXMRK (IZMGI % HIZMGI HIWMKRIH JSV XLI
TYVTSWI SJ VIHYGMRK VIKYPEXMRK GSRXVSPPMRK SV VIWXVMGXMRK [E
XIV TVIWWYVI ? A
4VIWWYVI6IWXVMGXMRK (IZMGI % ZEPZI SV HIZMGI HIWMKRIH
JSV XLI TYVTSWI SJ VIHYGMRK XLI HS[RWXVIEQ [EXIV TVIWWYVI
YRHIV JPS[MRK VIWMHYEP GSRHMXMSRW SRP] ? A
4VIWWYVI :EGYYQ :IRX % ZIRXMRK HIZMGI QSYRXIH SR
EXQSWTLIVMG JSEQ GSRGIRXVEXI WXSVEKI ZIWWIPW XS EPPS[ JSV GSR
GIRXVEXI I\TERWMSR ERH GSRXVEGXMSR ERH JSV XERO FVIEXLMRK
HYVMRK GSRGIRXVEXI HMWGLEVKI SV JMPPMRK
4VSTSVXMSRIV
&PEHHIV 8ERO 4VSTSVXMSRIV % W]WXIQ XLEX MW WMQMPEV
XS E WXERHEVH TVIWWYVI TVSTSVXMSRIV I\GITX XLI JSEQ GSR
GIRXVEXI MW GSRXEMRIH MRWMHI E HMETLVEKQ FEK XLEX MW GSR
XEMRIH MRWMHI E TVIWWYVI ZIWWIP
-R0MRI &EPERGIH 4VIWWYVI 4VSTSVXMSRIV % W]WXIQ
XLEX MW WMQMPEV XS E WXERHEVH FEPERGIH TVIWWYVI W]WXIQ I\
GITX XLI TYQTIH GSRGIRXVEXI TVIWWYVI MW QEMRXEMRIH EX E
JM\IH TVIWIX ZEPYI
0MRI 4VSTSVXMSRIV % W]WXIQ XLEX YWIW E ZIRXYVM
TMGOYTX]TI HIZMGI [LIVI [EXIV TEWWMRK XLVSYKL XLI YRMX
GVIEXIW E ZEGYYQ XLIVIF] EPPS[MRK JSEQ GSRGIRXVEXI XS FI
TMGOIH YT JVSQ ER EXQSWTLIVMG WXSVEKI GSRXEMRIV
7XERHEVH &EPERGIH 4VIWWYVI 4VSTSVXMSRIV % W]WXIQ
XLEX YXMPM^IW E JSEQ GSRGIRXVEXI TYQT [LIVI JSEQ GSRGIR
)HMXMSR
XVEXI MW HVE[R JVSQ ER EXQSWTLIVMG WXSVEKI XERO MW TVIWWYV
M^IH F] XLI TYQT ERH TEWWIW FEGO XLVSYKL E HMETLVEKQ
FEPERGMRK ZEPZI XS XLI WXSVEKI XERO
7XERHEVH 4VIWWYVI 4VSTSVXMSRIV % W]WXIQ XLEX YWIW
E TVIWWYVI ZIWWIP GSRXEMRMRK JSEQ GSRGIRXVEXI [LIVI [EXIV
MW WYTTPMIH XS XLI TVSTSVXMSRIV [LMGL HMVIGXW ER EQSYRX SJ
XLI WYTTP] HS[R[EVH SRXS XLI GSRXEMRIH GSRGIRXVEXI
XLIVIF] TVIWWYVM^MRK XLI XERO
5YEPMJMIH % GSQTIXIRX ERH GETEFPI TIVWSR SV GSQ
TER] XLEX LEW QIX XLI VIUYMVIQIRXW ERH XVEMRMRK JSV E KMZIR
JMIPH EGGITXEFPI XS XLI %,. ? A
6IFYMPH 8S VIWXSVI [SVOMRK GSRHMXMSR F] VITPEGI
QIRX SV VITEMV SJ [SVR SV HEQEKIH TEVXW
6IHYGIH4VIWWYVI 4VMRGMTPI &EGOJPS[ 4VIZIRXMSR %WWIQ
FP] 64&% 8[S MRHITIRHIRXP] EGXMRK GLIGO ZEPZIW XSKIXLIV
[MXL E L]HVEYPMGEPP] STIVEXMRK QIGLERMGEPP] MRHITIRHIRX
TVIWWYVI HMJJIVIRXMEP VIPMIJ ZEPZI PSGEXIH FIX[IIR XLI GLIGO
ZEPZIW EPSRK [MXL X[S VIWMPMIRXWIEXIH WLYXSJJ ZEPZIW EPP EW ER
EWWIQFP] ERH IUYMTTIH [MXL TVSTIVP] PSGEXIH XIWX GSGOW
6IQSZI 8S TL]WMGEPP] XEOI E[E] SV IPMQMREXI
6ITEMV 6IWXSVI XS WSYRH [SVOMRK GSRHMXMSR SV XS JM\
HEQEKI
6ITPEGI 8S VIQSZI E GSQTSRIRX ERH MRWXEPP E RI[ SV
IUYMZEPIRX GSQTSRIRX
7TVMROPIV
-RWXEPPEXMSR 3VMIRXEXMSR 8LI JSPPS[MRK WTVMROPIVW
EVI HIJMRIH EGGSVHMRK XS SVMIRXEXMSR
'SRGIEPIH 7TVMROPIV % VIGIWWIH WTVMROPIV [MXL
GSZIV TPEXI ? A
*PYWL 7TVMROPIV % WTVMROPIV MR [LMGL EPP SV TEVX
SJ XLI FSH] MRGPYHMRK XLI WLERO XLVIEH MW QSYRXIH EFSZI
XLI PS[IV TPERI SJ XLI GIMPMRK ? A
4IRHIRX 7TVMROPIV % WTVMROPIV HIWMKRIH XS FI MR
WXEPPIH MR WYGL E [E] XLEX XLI [EXIV WXVIEQ MW HMVIGXIH HS[R
[EVH EKEMRWX XLI HIJPIGXSV ? A
6IGIWWIH 7TVMROPIV % WTVMROPIV MR [LMGL EPP SV
TEVX SJ XLI FSH] SXLIV XLER XLI WLERO XLVIEH MW QSYRXIH
[MXLMR E VIGIWWIH LSYWMRK ? A
7MHI[EPP 7TVMROPIV % WTVMROPIV LEZMRK WTIGMEP
HIJPIGXSVW XLEX EVI HIWMKRIH XS HMWGLEVKI QSWX SJ XLI [EXIV
E[E] JVSQ XLI RIEVF] [EPP MR E TEXXIVR VIWIQFPMRK SRI
UYEVXIV SJ E WTLIVI [MXL E WQEPP TSVXMSR SJ XLI HMWGLEVKI
HMVIGXIH EX XLI [EPP FILMRH XLI WTVMROPIV ? A
9TVMKLX 7TVMROPIV % WTVMROPIV HIWMKRIH XS FI MR
WXEPPIH MR WYGL E [E] XLEX XLI [EXIV WTVE] MW HMVIGXIH YT
[EVHW EKEMRWX XLI HIJPIGXSV ? A
'SRXVSP 1SHI 7TIGMJMG %TTPMGEXMSR '17% 7TVMROPIV
% X]TI SJ WTVE] WTVMROPIV XLEX MW GETEFPI SJ TVSHYGMRK GLEV
EGXIVMWXMG PEVKI [EXIV HVSTPIXW ERH XLEX MW PMWXIH JSV MXW GETE
FMPMX] XS TVSZMHI JMVI GSRXVSP SJ WTIGMJMG LMKLGLEPPIRKI JMVI
LE^EVHW ? A
'SVVSWMSR6IWMWXERX 7TVMROPIV % WTVMROPIV JEFVM
GEXIH [MXL GSVVSWMSRVIWMWXERX QEXIVMEP SV [MXL WTIGMEP GSEX
MRKW SV TPEXMRKW XS FI YWIH MR ER EXQSWTLIVI XLEX [SYPH
RSVQEPP] GSVVSHI WTVMROPIVW ? A
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
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(V] 7TVMROPIV % WTVMROPIV WIGYVIH MR ER I\XIRWMSR
RMTTPI XLEX LEW E WIEP EX XLI MRPIX IRH XS TVIZIRX [EXIV JVSQ
IRXIVMRK XLI RMTTPI YRXMP XLI WTVMROPIV STIVEXIW ? A
EXXEGLIH LSWI ERH RS^^PIW JSV XLI TYVTSWI SJ I\XMRKYMWLMRK E
JMVI XLIVIF] TVSXIGXMRK E FYMPHMRK SV WXVYGXYVI ERH MXW GSRXIRXW MR
EHHMXMSR XS TVSXIGXMRK XLI SGGYTERXW ? A
)EVP] 7YTTVIWWMSR *EWX6IWTSRWI )7*6 7TVMROPIV
% X]TI SJ JEWXVIWTSRWI WTVMROPIV XLEX LEW E XLIVQEP IPIQIRX
SV PIWW ERH MW PMWXIH
[MXL ER 68- SJ QIXIVWWIGSRHW
JSV MXW GETEFMPMX] XS TVSZMHI JMVI WYTTVIWWMSR SJ WTIGMJMG
LMKLGLEPPIRKI JMVI LE^EVHW ? A
%YXSQEXMG 7XERHTMTI 7]WXIQ % WXERHTMTI W]WXIQ
XLEX MW EXXEGLIH XS E [EXIV WYTTP] GETEFPI SJ WYTTP]MRK XLI
W]WXIQ HIQERH ERH XLEX VIUYMVIW RS EGXMSR SXLIV XLER
STIRMRK E LSWI ZEPZI XS TVSZMHI [EXIV EX LSWI GSRRIGXMSRW
)\XIRHIH 'SZIVEKI 7TVMROPIV % X]TI SJ WTVE] WTVMR
OPIV [MXL QE\MQYQ GSZIVEKI EVIEW EW WTIGMJMIH MR 7IGXMSRW
ERH SJ 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMR
OPIV 7]WXIQW ? A
2S^^PIW % HIZMGI JSV YWI MR ETTPMGEXMSRW VIUYMVMRK
WTIGMEP [EXIV HMWGLEVKI TEXXIVRW HMVIGXMSREP WTVE] SV SXLIV
YRYWYEP HMWGLEVKI GLEVEGXIVMWXMGW ? A
3PH7X]PI'SRZIRXMSREP 7TVMROPIV % WTVMROPIV XLEX
HMVIGXW JVSQ TIVGIRX XS TIVGIRX SJ XLI XSXEP [EXIV MRM
XMEPP] MR E HS[R[EVH HMVIGXMSR ERH XLEX MW HIWMKRIH XS FI MR
WXEPPIH [MXL XLI HIJPIGXSV IMXLIV YTVMKLX SV TIRHIRX ?
A
3TIR 7TVMROPIV % WTVMROPIV XLEX HSIW RSX LEZI EG
XYEXSVW SV LIEXVIWTSRWMZI IPIQIRXW ? A
3VREQIRXEP(IGSVEXMZI 7TVMROPIV % WTVMROPIV XLEX
LEW FIIR TEMRXIH SV TPEXIH F] XLI QERYJEGXYVIV ? A
5YMGO6IWTSRWI )EVP] 7YTTVIWWMSR 56)7 7TVMR
OPIV % X]TI SJ UYMGOVIWTSRWI WTVMROPIV XLEX LEW E XLIVQEP
SV PIWW ERH MW
IPIQIRX [MXL ER 68- SJ QIXIVWIGSRHW
PMWXIH JSV MXW GETEFMPMX] XS TVSZMHI JMVI WYTTVIWWMSR SJ WTI
GMJMG JMVI LE^EVHW ? A
5YMGO6IWTSRWI )\XIRHIH 'SZIVEKI 7TVMROPIV % X]TI
SJ UYMGOVIWTSRWI WTVMROPIV XLEX LEW E XLIVQEP IPIQIRX [MXL
SV PIWW ERH GSQTPMIW [MXL XLI
ER 68- SJ QIXIVWIGSRHW
I\XIRHIH TVSXIGXMSR EVIEW HIJMRIH MR 'LETXIV SJ 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW ? A
5YMGO6IWTSRWI 56 7TVMROPIV % X]TI SJ WTVE]
WTVMROPIV XLEX LEW E XLIVQEP IPIQIRX [MXL ER 68- SJ
SV PIWW ERH MW PMWXIH EW E UYMGO
QIXIVWIGSRHW
VIWTSRWI WTVMROPIV JSV MXW MRXIRHIH YWI ? A
6IWMHIRXMEP 7TVMROPIV % X]TI SJ JEWXVIWTSRWI
WTVMROPIV LEZMRK E XLIVQEP IPIQIRX [MXL ER 68- SJ
SV PIWW XLEX LEW FIIR WTIGMJMGEPP]
QIXIVWWIGSRHW
MRZIWXMKEXIH JSV MXW EFMPMX] XS IRLERGI WYVZMZEFMPMX] MR XLI
VSSQ SJ JMVI SVMKMR ERH XLEX MW PMWXIH JSV YWI MR XLI TVSXIG
XMSR SJ H[IPPMRK YRMXW ? A
7TIGMEP 7TVMROPIV % WTVMROPIV XLEX LEW FIIR
XIWXIH ERH PMWXIH EW TVIWGVMFIH MR SJ 2*4% 7XERHEVH
JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW ? A
7TVE] 7TVMROPIV % X]TI SJ WTVMROPIV PMWXIH JSV MXW
GETEFMPMX] XS TVSZMHI JMVI GSRXVSP JSV E [MHI VERKI SJ JMVI
LE^EVHW ? A
7XERHEVH 7TVE] 7TVMROPIV % WTVE] WTVMROPIV [MXL
QE\MQYQ GSZIVEKI EVIEW EW WTIGMJMIH MR 7IGXMSRW ERH
SJ 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]W
XIQW ? A
7XERHTMTI 7]WXIQ %R EVVERKIQIRX SJ TMTMRK ZEPZIW
LSWI GSRRIGXMSRW ERH EPPMIH IUYMTQIRX MRWXEPPIH MR E FYMPHMRK SV
WXVYGXYVI [MXL XLI LSWI GSRRIGXMSRW PSGEXIH MR WYGL E QERRIV
XLEX [EXIV GER FI HMWGLEVKIH MR WXVIEQW SV WTVE] TEXXIVRW XLVSYKL
(V] 7XERHTMTI % WXERHTMTI W]WXIQ HIWMKRIH XS
LEZI TMTMRK GSRXEMR [EXIV SRP] [LIR XLI W]WXIQ MW FIMRK
YXMPM^IH
1ERYEP 7XERHTMTI 7XERHTMTI W]WXIQ XLEX VIPMIW
I\GPYWMZIP] SR XLI JMVI HITEVXQIRX GSRRIGXMSR XS WYTTP]
XLI W]WXIQ HIQERH
;IX 7XERHTMTI 7]WXIQ % WXERHTMTI W]WXIQ LEZMRK
TMTMRK GSRXEMRMRK [EXIV EX EPP XMQIW ? A
7IQMEYXSQEXMG (V] 7XERHTMTI 7]WXIQ % WXERHTMTI W]W
XIQ TIVQERIRXP] EXXEGLIH XS E [EXIV WYTTP] XLEX MW GETEFPI SJ
WYTTP]MRK XLI W]WXIQ HIQERH EX EPP XMQIW EVVERKIH XLVSYKL
XLI YWI SJ E HIZMGI WYGL EW E HIPYKI ZEPZI ERH XLEX VIUYMVIW
EGXMZEXMSR SJ E VIQSXI GSRXVSP HIZMGI XS TVSZMHI [EXIV EX LSWI
GSRRIGXMSRW ? A
7XERHTMTI 7]WXIQ 'PEWWIW
'PEWW - 7]WXIQ % W]WXIQ XLEX TVSZMHIW MR
QQ LSWI GSRRIGXMSRW XS WYTTP] [EXIV JSV YWI F] JMVI
HITEVXQIRXW ? A
'PEWW -- 7]WXIQ % W]WXIQ XLEX TVSZMHIW MR
QQ LSWI WXEXMSRW XS WYTTP] [EXIV JSV YWI TVMQEVMP] F]
XVEMRIH TIVWSRRIP SV F] XLI JMVI HITEVXQIRX HYVMRK MRMXMEP
VIWTSRWI ? A
'PEWW --- 7]WXIQ % W]WXIQ XLEX TVSZMHIW MR
QQ LSWI WXEXMSRW XS WYTTP] [EXIV JSV YWI F] XVEMRIH TIV
WSRRIP ERH MR QQ LSWI GSRRIGXMSRW XS WYTTP] E
PEVKIV ZSPYQI SJ [EXIV JSV YWI F] JMVI HITEVXQIRXW ? A
7XVEMRIV % HIZMGI GETEFPI SJ VIQSZMRK JVSQ XLI [EXIV
EPP WSPMHW SJ WYJJMGMIRX WM^I XLEX EVI SFWXVYGXMRK [EXIV WTVE]
RS^^PIW
7YTIVZMWMSR -R [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQW E
QIERW SJ QSRMXSVMRK W]WXIQ WXEXYW ERH MRHMGEXMRK EFRSVQEP
GSRHMXMSRW
8IWX 8LI STIVEXMSR SJ E HIZMGI XS ZIVMJ] XLEX MX MW JYRG
XMSRMRK GSVVIGXP] SV XLI QIEWYVIQIRX SJ E W]WXIQ GLEVEGXIVMW
XMG XS HIXIVQMRI MJ MX QIIXW VIUYMVIQIRXW
8IWXMRK % TVSGIHYVI YWIH XS HIXIVQMRI XLI STIVE
XMSREP WXEXYW SJ E GSQTSRIRX SV W]WXIQ F] GSRHYGXMRK TIVMSHMG
TL]WMGEP GLIGOW WYGL EW [EXIVJPS[ XIWXW JMVI TYQT XIWXW EPEVQ
XIWXW ERH XVMT XIWXW SJ HV] TMTI HIPYKI SV TVIEGXMSR ZEPZIW
:EPZI 7XEXYW 8IWX *PS[MRK [EXIV XS ZIVMJ] XLEX ZEPZIW JSV
E TSVXMSR SJ XLI W]WXIQ EVI RSX GPSWIH
:EPZI 7XEXYW 8IWX 'SRRIGXMSR % TSMRX MR XLI W]WXIQ
[LIVI [EXIV MW HMWGLEVKIH JSV TYVTSWIW SJ TIVJSVQMRK E ZEPZI
WXEXYW XIWX
;EXIV 7TVE] ;EXIV MR E JSVQ LEZMRK E TVIHIXIVQMRIH
TEXXIVR TEVXMGPI WM^I ZIPSGMX] ERH HIRWMX] HMWGLEVKI JVSQ WTI
GMEPP] HIWMKRIH RS^^PIW SV HIZMGIW ? A
;EXIV 7YTTP] % WSYVGI SJ [EXIV XLEX TVSZMHIW XLI JPS[W
?KEPQMR 0QMR A ERH TVIWWYVIW ?TWM FEV A VIUYMVIH F] XLI
[EXIVFEWIH JMVI TVSXIGXMSR W]WXIQ
)HMXMSR
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1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
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;EXIVJPS[ %PEVQ (IZMGI %R EXXEGLQIRX XS E [EXIV
FEWIH JMVI TVSXIGXMSR W]WXIQ XLEX HIXIGXW ERH WMKREPW E TVIHI
XIVQMRIH [EXIVJPS[
(IPYKI *SEQ;EXIV 7TVMROPIV ERH *SEQ;EXIV 7TVE] 7]W
XIQW (IJMRMXMSRW
*SEQ;EXIV 7TVE] 7]WXIQ % WTIGMEP W]WXIQ XLEX MW TMTI
GSRRIGXIH XS E WSYVGI SJ JSEQ GSRGIRXVEXI ERH XS E [EXIV
WYTTP] 8LI W]WXIQ MW IUYMTTIH [MXL JSEQ[EXIV WTVE] RS^^PIW
JSV I\XMRKYMWLMRK EKIRX HMWGLEVKI JSEQ JSPPS[IH F] [EXIV SV
MR VIZIVWI SVHIV ERH JSV HMWXVMFYXMSR SZIV XLI EVIE XS FI TVS
XIGXIH 7]WXIQ STIVEXMSR EVVERKIQIRXW TEVEPPIP XLSWI JSV
JSEQ[EXIV WTVMROPIV W]WXIQW EW HIWGVMFIH MR XLI HIJMRMXMSR SJ
*SEQ;EXIV 7TVMROPIV 7]WXIQ ? A
*SEQ;EXIV 7TVMROPIV 7]WXIQ % WTIGMEP W]WXIQ XLEX MW
TMTIGSRRIGXIH XS E WSYVGI SJ JSEQ GSRGIRXVEXI ERH XS E [EXIV
WYTTP] 8LI W]WXIQ MW IUYMTTIH [MXL ETTVSTVMEXI HMWGLEVKI HI
ZMGIW JSV I\XMRKYMWLMRK EKIRX HMWGLEVKI ERH JSV HMWXVMFYXMSR
SZIV XLI EVIE XS FI TVSXIGXIH 8LI TMTMRK W]WXIQ MW GSRRIGXIH
XS XLI [EXIV WYTTP] XLVSYKL E GSRXVSP ZEPZI XLEX YWYEPP] MW EGXY
EXIH F] STIVEXMSR SJ EYXSQEXMG HIXIGXMSR IUYMTQIRX XLEX MW
MRWXEPPIH MR XLI WEQI EVIEW EW XLI WTVMROPIVW ;LIR XLMW ZEPZI
STIRW [EXIV JPS[W MRXS XLI TMTMRK W]WXIQ JSEQ GSRGIRXVEXI MW
MRNIGXIH MRXS XLI [EXIV ERH XLI VIWYPXMRK JSEQ WSPYXMSR HMW
GLEVKMRK XLVSYKL XLI HMWGLEVKI HIZMGIW KIRIVEXIW ERH HMWXVMF
YXIW JSEQ 9TSR I\LEYWXMSR SJ XLI JSEQ GSRGIRXVEXI WYTTP]
[EXIV HMWGLEVKI JSPPS[W ERH GSRXMRYIW YRXMP WLYX SJJ QERYEPP]
7]WXIQW GER FI YWIH JSV HMWGLEVKI SJ [EXIV JMVWX JSPPS[IH F]
HMWGLEVKI SJ JSEQ JSV E WTIGMJMIH TIVMSH ERH XLIR JSPPS[IH F]
[EXIV YRXMP QERYEPP] WLYX SJJ )\MWXMRK HIPYKI WTVMROPIV W]W
XIQW XLEX LEZI FIIR GSRZIVXIH XS XLI YWI SJ EUYISYW JMPQ
JSVQMRK JSEQ SV JMPQJSVQMRK JPYSVSTVSXIMR JSEQ EVI GPEWWM
JMIH EW JSEQ[EXIV WTVMROPIV W]WXIQW ? A
:EPZI (IJMRMXMSRW
'SRXVSP :EPZI % ZEPZI GSRXVSPPMRK JPS[ XS [EXIVFEWIH
JMVI TVSXIGXMSR W]WXIQW
(IPYKI :EPZI % [EXIV WYTTP] GSRXVSP ZEPZI MRXIRHIH XS
FI STIVEXIH F] EGXYEXMSR SJ ER EYXSQEXMG HIXIGXMSR W]WXIQ
XLEX MW MRWXEPPIH MR XLI WEQI EVIE EW XLI HMWGLEVKI HIZMGIW
,SWI :EPZI 8LI ZEPZI XS ER MRHMZMHYEP LSWI GSRRIG
XMSR ? A
4VIWWYVI 'SRXVSP :EPZI % TMPSXSTIVEXIH TVIWWYVI
VIHYGMRK ZEPZI HIWMKRIH JSV XLI TYVTSWI SJ VIHYGMRK XLI
HS[RWXVIEQ [EXIV TVIWWYVI XS E WTIGMJMG ZEPYI YRHIV FSXL JPS[
MRK VIWMHYEP ERH RSRJPS[MRK WXEXMG GSRHMXMSRW ? A
4VIWWYVI6IHYGMRK :EPZI % ZEPZI HIWMKRIH JSV XLI TYV
TSWI SJ VIHYGMRK XLI HS[RWXVIEQ [EXIV TVIWWYVI YRHIV FSXL
JPS[MRK VIWMHYEP ERH RSRJPS[MRK WXEXMG GSRHMXMSRW ? A
1EWXIV 4VIWWYVI6IHYGMRK :EPZI % TVIWWYVIVIHYGMRK
ZEPZI MRWXEPPIH XS VIKYPEXI TVIWWYVIW MR ER IRXMVI JMVI TVSXIG
XMSR W]WXIQ ERHSV WXERHTMTI W]WXIQ ^SRI
?4VIWWYVIA 6IPMIJ :EPZI % HIZMGI XLEX EPPS[W XLI HMZIV
WMSR SJ PMUYMH XS PMQMX I\GIWW TVIWWYVI MR E W]WXIQ ? A
'MVGYPEXMSR 6IPMIJ :EPZI % ZEPZI YWIH XS GSSP E
TYQT F] HMWGLEVKMRK E WQEPP UYERXMX] SJ [EXIV 8LMW ZEPZI MW
WITEVEXI JVSQ ERH MRHITIRHIRX SJ XLI QEMR VIPMIJ ZEPZI
? A
)HMXMSR
;EXIV&EWIH *MVI 4VSXIGXMSR 7]WXIQ (IJMRMXMSRW
'SQFMRIH 7XERHTMTI ERH 7TVMROPIV 7]WXIQ % W]WXIQ
[LIVI XLI [EXIV TMTMRK WIVZMGIW FSXL MR QQ SYXPIXW
JSV JMVI HITEVXQIRX YWI ERH SYXPIXW JSV EYXSQEXMG WTVMROPIVW
*MVI 4YQT % TYQT XLEX MW E TVSZMHIV SJ PMUYMH JPS[ ERH
TVIWWYVI HIHMGEXIH XS JMVI TVSXIGXMSR ? A
4VMZEXI *MVI 7IVZMGI 1EMR 4VMZEXI JMVI WIVZMGI QEMR EW
YWIH MR XLMW WXERHEVH MW XLEX TMTI ERH MXW ETTYVXIRERGIW SR
TVMZEXI TVSTIVX] FIX[IIR E WSYVGI SJ [EXIV ERH XLI FEWI SJ
XLI W]WXIQ VMWIV JSV [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQW FIX[IIR E WSYVGI SJ [EXIV ERH MRPIXW XS JSEQQEOMRK W]WXIQW
FIX[IIR E WSYVGI SJ [EXIV ERH XLI FEWI IPFS[ SJ TVMZEXI
L]HVERXW SV QSRMXSV RS^^PIW ERH YWIH EW JMVI TYQT WYG
XMSR ERH HMWGLEVKI TMTMRK FIKMRRMRK EX XLI MRPIX WMHI SJ
XLI GLIGO ZEPZI SR E KVEZMX] SV TVIWWYVI XERO ? A
7TVMROPIV 7]WXIQ % W]WXIQ XLEX GSRWMWXW SJ ER MRXI
KVEXIH RIX[SVO SJ TMTMRK HIWMKRIH MR EGGSVHERGI [MXL JMVI
TVSXIGXMSR IRKMRIIVMRK WXERHEVHW XLEX MRGPYHIW E [EXIV WYTTP]
WSYVGI E [EXIV GSRXVSP ZEPZI E [EXIVJPS[ EPEVQ ERH E HVEMR
ERH MW GSQQSRP] EGXMZEXIH F] LIEX JVSQ E JMVI HMWGLEVKMRK
[EXIV SZIV XLI JMVI EVIE 8LI TSVXMSR SJ XLI WTVMROPIV W]WXIQ
EFSZI KVSYRH MW E RIX[SVO SJ WTIGMJMGEPP] WM^IH SV L]HVEYPMGEPP]
HIWMKRIH TMTMRK MRWXEPPIH MR E FYMPHMRK WXVYGXYVI SV EVIE KIR
IVEPP] SZIVLIEH ERH XS [LMGL WTVMROPIVW EVI EXXEGLIH MR E W]W
XIQEXMG TEXXIVR 8LI W]WXIQ MW GSQQSRP] EGXMZEXIH F] LIEX
JVSQ E JMVI ERH HMWGLEVKIW [EXIV SZIV XLI JMVI EVIE ? A
%RXMJVII^I 7TVMROPIV 7]WXIQ % [IX TMTI W]WXIQ YWMRK
EYXSQEXMG WTVMROPIVW XLEX GSRXEMRW E PMUYMH WSPYXMSR XS TVI
ZIRX JVII^MRK SJ XLI W]WXIQ MRXIRHIH XS HMWGLEVKI XLI WSPY
XMSR YTSR WTVMROPIV STIVEXMSR JSPPS[IH MQQIHMEXIP] F] [E
XIV JVSQ E [EXIV WYTTP] ? A
4VIQM\IH %RXMJVII^I 7SPYXMSR % QM\XYVI SJ ER ERXM
JVII^I QEXIVMEP [MXL [EXIV XLEX MW TVITEVIH ERH JEGXSV]
QM\IH F] XLI QERYJEGXYVIV [MXL E UYEPMX] GSRXVSP TVSGI
HYVI MR TPEGI XLEX IRWYVIW XLEX XLI ERXMJVII^I WSPYXMSR
VIQEMRW LSQSKIRISYW ERH XLEX XLI GSRGIRXVEXMSR MW EW
WTIGMJMIH ? A
(IPYKI 7TVMROPIV 7]WXIQ % WTVMROPIV W]WXIQ IQTPS]
MRK STIR WTVMROPIVW SV RS^^PIW XLEX EVI EXXEGLIH XS E TMTMRK
W]WXIQ XLEX MW GSRRIGXIH XS E [EXIV WYTTP] XLVSYKL E ZEPZI
XLEX MW STIRIH F] XLI STIVEXMSR SJ E HIXIGXMSR W]WXIQ MR
WXEPPIH MR XLI WEQI EVIEW EW XLI WTVMROPIVW SV XLI RS^^PIW
;LIR XLMW ZEPZI STIRW [EXIV JPS[W MRXS XLI TMTMRK W]WXIQ
ERH HMWGLEVKIW JVSQ EPP WTVMROPIVW SV RS^^PIW EXXEGLIH
XLIVIXS ? A
(V] 4MTI 7TVMROPIV 7]WXIQ % WTVMROPIV W]WXIQ IQ
TPS]MRK EYXSQEXMG WTVMROPIVW XLEX EVI EXXEGLIH XS E TMTMRK
W]WXIQ GSRXEMRMRK EMV SV RMXVSKIR YRHIV TVIWWYVI XLI VI
PIEWI SJ [LMGL EW JVSQ XLI STIRMRK SJ E WTVMROPIV TIVQMXW
XLI [EXIV TVIWWYVI XS STIR E ZEPZI ORS[R EW E HV] TMTI
ZEPZI ERH XLI [EXIV XLIR JPS[W MRXS XLI TMTMRK W]WXIQ ERH
SYX XLI STIRIH WTVMROPIVW ? A
1EVMRI 7]WXIQ % WTVMROPIV W]WXIQ MRWXEPPIH SR E
WLMT FSEX SV SXLIV JPSEXMRK WXVYGXYVI XLEX XEOIW MXW WYTTP]
JVSQ XLI [EXIV SR [LMGL XLI ZIWWIP JPSEXW
4VIEGXMSR 7TVMROPIV 7]WXIQ % WTVMROPIV W]WXIQ IQ
TPS]MRK EYXSQEXMG WTVMROPIVW XLEX EVI EXXEGLIH XS E TMTMRK
W]WXIQ XLEX GSRXEMRW EMV XLEX QMKLX SV QMKLX RSX FI YRHIV
TVIWWYVI [MXL E WYTTPIQIRXEP HIXIGXMSR W]WXIQ MRWXEPPIH MR
XLI WEQI EVIEW EW XLI WTVMROPIVW ? A
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
+)2)6%0 6)59-6)1)287
;IX 4MTI 7TVMROPIV 7]WXIQ % WTVMROPIV W]WXIQ IQ
TPS]MRK EYXSQEXMG WTVMROPIVW EXXEGLIH XS E TMTMRK W]WXIQ
GSRXEMRMRK [EXIV ERH GSRRIGXIH XS E [EXIV WYTTP] WS XLEX
[EXIV HMWGLEVKIW MQQIHMEXIP] JVSQ WTVMROPIVW STIRIH F]
LIEX JVSQ E JMVI ? A
;EXIV 1MWX 7]WXIQ % HMWXVMFYXMSR W]WXIQ GSRRIGXIH XS E
[EXIV WYTTP] SV [EXIV ERH EXSQM^MRK QIHME WYTTPMIW XLEX MW
IUYMTTIH [MXL SRI SV QSVI RS^^PIW GETEFPI SJ HIPMZIVMRK [E
XIV QMWX MRXIRHIH XS GSRXVSP WYTTVIWW SV I\XMRKYMWL JMVIW ERH
XLEX LEW FIIR HIQSRWXVEXIH XS QIIX XLI TIVJSVQERGI VIUYMVI
QIRXW SJ MXW PMWXMRK ERH ?XLI ETTPMGEFPIA WXERHEVH ? A
;EXIV 7TVE] 7]WXIQ %R EYXSQEXMG SV QERYEPP] EGXY
EXIH JM\IH TMTI W]WXIQ GSRRIGXIH XS E [EXIV WYTTP] ERH
IUYMTTIH [MXL [EXIV WTVE] RS^^PIW HIWMKRIH XS TVSZMHI E WTI
GMJMG [EXIV HMWGLEVKI ERH HMWXVMFYXMSR SZIV XLI TVSXIGXIH WYV
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7]WXIQ'SQTSRIRX
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(MWGLEVKI HIZMGI TSWMXMSR WTVMROPIV
(MWGLEVKI HIZMGI TSWMXMSR WTVE] RS^^PI
*SEQ GSRGIRXVEXI WXVEMRIV W
(VEMREKI MR W]WXIQ EVIE
4VSTSVXMSRMRK W]WXIQ W { EPP
4MTI GSVVSWMSR
4MTI HEQEKI
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,ERKIVWWYTTSVXW
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*MVI TYQT W
;EXIV WYTTP] TMTMRK
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(IXIGXMSR W]WXIQ
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*SEQ GSRGIRXVEXI WXVEMRIV W
4VSTSVXMSRMRK W]WXIQ W { EPP
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*SEQ[EXIV WSPYXMSR
1ERYEP EGXYEXMSR HIZMGI W
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*MVI TYQT W
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;EXIV WYTTP] TMTMRK
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*SEQ GSRGIRXVEXI WEQTPIW
4VSTSVXMSRMRK W]WXIQ W WXERHEVH TVIWWYVI X]TI
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*SEQ GSRGIRXVEXI XERO { HVEMR ERH JPYWL
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7MKLX KPEWW
*SEQ GSRGIRXVEXI XERO { L]HVSWXEXMG XIWX
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*SEQ GSRGIRXVEXI XERO { GSVVSWMSR ERH TMGOYT
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*SEQ GSRGIRXVEXI TYQT W
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*SEQ GSRGIRXVEXI XERO
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*SEQ GSRGIRXVEXI TYQT W
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*SEQ GSRGIRXVEXI XERO
4VIWWYVI ZEGYYQ ZIRXW
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*MVI TYQT W
;EXIV WYTTP]
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QEMRXIRERGI EVI RSX TVSZMHIH EW XLI] HITIRH SR XLI VIWYPXW SJ XLI ZMWYEP MRWTIGXMSRW ERH STIVEXMSREP XIWXW
*SV JSEQ[EXIV W]WXIQW MR EMVGVEJX LERKEVW VIJIV XS XLI MRWTIGXMSR XIWX ERH QEMRXIRERGI VIUYMVIQIRXW SJ
2*4% 7XERHEVH SR %MVGVEJX ,ERKEVW 8EFPI 3XLIV 7]WXIQ 'SQTSRIRXW *MVI TYQTW [EXIV WXSVEKI
XEROW ERH ZEPZIW GSQQSR XS SXLIV X]TIW SJ [EXIVFEWIH JMVI
TVSXIGXMSR W]WXIQW WLEPP FI MRWTIGXIH XIWXIH ERH QEMRXEMRIH
MR EGGSVHERGI [MXL 'LETXIVW ERH VIWTIGXMZIP] ERH EW
WTIGMJMIH MR 8EFPI *SEQ;EXIV 7]WXIQW
8LMW WIGXMSR WLEPP ETTP] XS JSEQ[EXIV W]WXIQW EW
WTIGMJMIH MR 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ *SEQ;EXIV
7TVMROPIV ERH *SEQ;EXIV 7TVE] 7]WXIQW
8LMW WIGXMSR WLEPP RSX MRGPYHI W]WXIQW HIXEMPIH MR
2*4% 7XERHEVH JSV 0S[ 1IHMYQ ERH ,MKL)\TERWMSR *SEQ
*SEQ;EXIV 7]WXIQ
-J HYVMRK VSYXMRI MRWTIGXMSR ERH XIWXMRK XLI JSEQ
[EXIV W]WXIQ MW HIXIVQMRIH XS LEZI FIIR EPXIVIH SV VITPEGIH
IK IUYMTQIRX VITPEGIH VIPSGEXIH SV JSEQ GSRGIRXVEXI VI
TPEGIH MX WLEPP FI HIXIVQMRIH [LIXLIV XLI HIWMKR MRXIRX LEW
FIIR EPXIVIH ERH [LIXLIV XLI W]WXIQ STIVEXIW TVSTIVP]
1IGLERMGEP [EXIVJPS[ HIZMGIW MRGPYHMRK FYX RSX
PMQMXIH XS [EXIV QSXSV KSRKW WLEPP FI XIWXIH UYEVXIVP]
:EPZIX]TI ERH TVIWWYVI W[MXGLzX]TI [EXIVJPS[ HI
ZMGIW WLEPP FI XIWXIH WIQMERRYEPP]
;EXIVJPS[ HIZMGIW WLEPP FI MRWTIGXIH UYEVXIVP] XS
ZIVMJ] XLEX XLI] EVI JVII SJ TL]WMGEP HEQEKI
8LI MRWTIGXMSR WLEPP ZIVMJ] XLEX EPP GSQTSRIRXW MR
GPYHMRK JSEQ GSRGIRXVEXI HMWGLEVKI HIZMGIW ERH TVSTSVXMSR
MRK IUYMTQIRX EVI MRWXEPPIH MR EGGSVHERGI [MXL XLIMV PMWXMRK
3FWXVYGXMSR -RZIWXMKEXMSRW 8LI TVSGIHYVIW SYXPMRIH
MR 'LETXIV WLEPP FI JSPPS[IH [LIVI XLIVI MW E RIIH XS GSR
HYGX ER SFWXVYGXMSR MRZIWXMKEXMSR
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[MXL XLI JVIUYIRG] WTIGMJMIH MR 8EFPI (IPYKI :EPZIW (IPYKI ZEPZIW WLEPP FI MRWTIGXIH MR EG
GSVHERGI [MXL XLI TVSZMWMSRW SJ 'LETXIV %YXSQEXMG (IXIGXMSR )UYMTQIRX %YXSQEXMG HIXIGXMSR
IUYMTQIRX WLEPP FI MRWTIGXIH XIWXIH ERH QEMRXEMRIH MR EG
GSVHERGI [MXL 2*4% 2EXMSREP *MVI %PEVQ ERH 7MKREPMRK 'SHI
XS IRWYVI XLEX XLI HIXIGXSVW EVI MR TPEGI WIGYVIP] JEWXIRIH
ERH TVSXIGXIH JVSQ GSVVSWMSR [IEXLIV ERH QIGLERMGEP HEQ
EKI ERH XLEX XLI GSQQYRMGEXMSR [MVMRK GSRXVSP TERIPW SV
TRIYQEXMG XYFMRK W]WXIQ MW JYRGXMSREP
7]WXIQ 4MTMRK ERH *MXXMRKW 7]WXIQ TMTMRK ERH JMXXMRKW
WLEPP FI MRWTIGXIH JSV XLI JSPPS[MRK
1IGLERMGEP HEQEKI IK FVSOIR TMTMRK SV GVEGOIH JMXXMRKW
)\XIVREP GSRHMXMSRW IK QMWWMRK SV HEQEKIH TEMRX SV
GSEXMRKW VYWX ERH GSVVSWMSR
1MWEPMKRQIRX SV XVETTIH WIGXMSRW
0S[TSMRX HVEMRW EYXSQEXMG SV QERYEP
0SGEXMSR ERH GSRHMXMSR SJ VYFFIVKEWOIXIH JMXXMRKW
,ERKIVW ERH 7YTTSVXW ,ERKIVW ERH WYTTSVXW WLEPP
FI MRWTIGXIH JSV XLI JSPPS[MRK ERH VITEMVIH SV VITPEGIH EW
RIGIWWEV]
'SRHMXMSR IK QMWWMRK SV HEQEKIH TEMRX SV GSEXMRK
VYWX ERH GSVVSWMSR
7IGYVI EXXEGLQIRX XS WXVYGXYVEP WYTTSVXW ERH TMTMRK
(EQEKIH SV QMWWMRK LERKIVW
*SEQ;EXIV (MWGLEVKI (IZMGIW
*SEQ[EXIV HMWGLEVKI HIZMGIW WLEPP FI MRWTIGXIH ZMWY
EPP] ERH QEMRXEMRIH XS IRWYVI XLEX XLI] EVI MR TPEGI GSRXMRYI
)HMXMSR
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1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
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XS FI EMQIH SV TSMRXIH MR XLI HMVIGXMSR MRXIRHIH MR XLI W]WXIQ
HIWMKR ERH EVI JVII JVSQ I\XIVREP PSEHMRK ERH GSVVSWMSR
;LIVI GETW SV TPYKW EVI VIUYMVIH XLI MRWTIGXMSR WLEPP
GSRJMVQ XLI] EVI MR TPEGI ERH JVII XS STIVEXI EW MRXIRHIH
1MWEPMKRIH HMWGLEVKI HIZMGIW WLEPP FI EHNYWXIH
EMQIH F] ZMWYEP QIERW ERH XLI HMWGLEVKI TEXXIVRW WLEPP FI
MRWTIGXIH EX XLI RI\X WGLIHYPIH JPS[ XIWX
-RWTIGXMSR WLEPP ZIVMJ] XLEX YRPMWXIH GSQFMREXMSRW
SJ HMWGLEVKI HIZMGIW ERH JSEQ GSRGIRXVEXI LEZI RSX FIIR
WYFWXMXYXIH
;EXIV 7YTTP]
&PEHHIV 8ERO 4VSTSVXMSRIV
8LI TVIWWYVI WLEPP FI VIQSZIH FIJSVI XLI MRWTIG
XMSR XS TVIZIRX MRNYV]
8LI MRWTIGXMSR WLEPP MRGPYHI XLI JSPPS[MRK
;EXIV GSRXVSP ZEPZIW XS JSEQ GSRGIRXVEXI XERO
%R MRWTIGXMSR JSV I\XIVREP GSVVSWMSR SR JSEQ GSRGIR
XVEXI WXSVEKI XEROW
%R MRWTIGXMSR JSV XLI TVIWIRGI SJ JSEQ MR XLI [EXIV WYV
VSYRHMRK XLI FPEHHIV ERRYEP
0MRI 4VSTSVXMSRIV 8LI MRWTIGXMSR WLEPP MRGPYHI XLI
JSPPS[MRK
8LI HITIRHEFMPMX] SJ XLI [EXIV WYTTP] WLEPP FI IR
WYVIH F] VIKYPEV MRWTIGXMSR ERH QEMRXIRERGI [LIXLIV JYV
RMWLIH F] E QYRMGMTEP WSYVGI SRWMXI WXSVEKI XEROW E JMVI
TYQT SV TVMZEXI YRHIVKVSYRH TMTMRK W]WXIQW
7XVEMRIVW
:IVMJMGEXMSR XLEX TVIWWYVI ZEGYYQ ZIRX MW STIVEXMRK JVIIP]
%R MRWTIGXMSR JSV I\XIVREP GSVVSWMSR SR JSEQ GSRGIR
XVEXI WXSVEKI XEROW
;EXIV WYTTP] TMTMRK WLEPP FI QEMRXEMRIH JVII SJ MR
XIVREP SFWXVYGXMSRW
7XERHEVH &EPERGIH 4VIWWYVI 4VSTSVXMSRIV 8LI MR
WTIGXMSR WLEPP MRGPYHI XLI JSPPS[MRK
7XVEMRIVW
1EMRPMRI ERH MRHMZMHYEP HMWGLEVKI HIZMGI WXVEMRIVW
FEWOIX SV WGVIIR WLEPP FI MRWTIGXIH MR EGGSVHERGI [MXL XLI
TVSZMWMSRW SJ 'LETXIV *SEQ GSRGIRXVEXI WXVEMRIVW WLEPP FI MRWTIGXIH ZMWY
EPP] XS IRWYVI XLI FPS[HS[R ZEPZI MW GPSWIH ERH TPYKKIH
&EWOIXW SV WGVIIRW WLEPP FI VIQSZIH ERH MRWTIGXIH
EJXIV IEGL STIVEXMSR SV JPS[ XIWX
(VEMREKI 8LI EVIE FIRIEXL ERH WYVVSYRHMRK E JSEQ
[EXIV WTVE] W]WXIQ WLEPP FI MRWTIGXIH XS IRWYVI XLEX HVEMREKI JE
GMPMXMIW WYGL EW XVET WYQTW ERH HVEMREKI XVIRGLIW EVI RSX
FPSGOIH ERH VIXIRXMSR IQFEROQIRXW SV HMOIW EVI MR KSSH VITEMV
4VSTSVXMSRMRK 7]WXIQW
8LI GSQTSRIRXW SJ XLI ZEVMSYW TVSTSVXMSRMRK W]W
XIQW HIWGVMFIH MR WLEPP FI MRWTIGXIH MR EGGSVHERGI [MXL
XLI JVIUYIRG] WTIGMJMIH MR 8EFPI :EPZIW WTIGMJMIH XS FI MRWTIGXIH WLEPP FI TIVQMXXIH XS
FI STIR SV GPSWIH HITIRHMRK SR WTIGMJMG JYRGXMSRW [MXLMR
IEGL JSEQ[EXIV W]WXIQ
8LI TSWMXMSR STIR SV GPSWIH SJ ZEPZIW WLEPP FI ZIVM
JMIH MR EGGSVHERGI [MXL WTIGMJMIH STIVEXMRK GSRHMXMSRW
-RWTIGXMSR SJ XLI GSRGIRXVEXI XERO WLEPP MRGPYHI ZIVM
JMGEXMSR XLEX XLI UYERXMX] SJ JSEQ GSRGIRXVEXI WEXMWJMIW XLI VI
UYMVIQIRXW SJ XLI SVMKMREP HIWMKR
%HHMXMSREP MRWTIGXMSR VIUYMVIQIRXW WLEPP FI TIV
JSVQIH EW HIXEMPIH JSV XLI TVSTSVXMSRMRK W]WXIQW WTIGMJMIH MR
7XVEMRIVW
:IVMJMGEXMSR XLEX TVIWWYVI ZEGYYQ ZIRX MW STIVEXMRK JVIIP]
:IVMJMGEXMSR XLEX KEYKIW EVI MR KSSH STIVEXMRK GSRHMXMSR
:IVMJMGEXMSR XLEX WIRWMRK PMRI ZEPZIW EVI STIR
:IVMJMGEXMSR XLEX TS[IV MW EZEMPEFPI XS JSEQ PMUYMH TYQT
-R0MRI &EPERGIH 4VIWWYVI 4VSTSVXMSRIV 8LI MR
WTIGXMSR WLEPP MRGPYHI XLI JSPPS[MRK
7XVEMRIVW
:IVMJMGEXMSR XLEX TVIWWYVI ZEGYYQ ZIRX MW STIVEXMRK JVIIP]
:IVMJMGEXMSR XLEX KEYKIW EVI MR KSSH [SVOMRK GSRHMXMSR
:IVMJMGEXMSR XLEX WIRWMRK PMRI ZEPZIW EX TYQT YRMX ERH MR
HMZMHYEP TVSTSVXMSRIV WXEXMSRW EVI STIR
:IVMJMGEXMSR XLEX TS[IV MW EZEMPEFPI XS JSEQ PMUYMH TYQT
3VMJMGI 4PEXI 4VSTSVXMSRIV 8LI MRWTIGXMSR WLEPP MR
GPYHI XLI JSPPS[MRK
7XVEMRIVW
:IVMJMGEXMSR XLEX TVIWWYVI ZEGYYQ ZIRX MW STIVEXMRK JVIIP]
:IVMJMGEXMSR XLEX KEYKIW EVI MR KSSH [SVOMRK GSRHMXMSR
:IVMJMGEXMSR XLEX TS[IV MW EZEMPEFPI XS JSEQ PMUYMH TYQT
*SEQ 'SRGIRXVEXI 7EQTPIW 7EQTPIW WLEPP FI WYFQMX
XIH MR EGGSVHERGI [MXL XLI QERYJEGXYVIVvW VIGSQQIRHIH
WEQTPMRK TVSGIHYVIW
3TIVEXMSREP 8IWXW *VIUYIRG] SJ W]WXIQ XIWXW WLEPP FI MR
EGGSVHERGI [MXL 8EFPI 8IWX 4VITEVEXMSR 4VIGEYXMSRW WLEPP FI XEOIR XS TVI
ZIRX HEQEKI XS TVSTIVX] HYVMRK XLI XIWX
1IGLERMGEP [EXIVJPS[ HIZMGIW MRGPYHMRK FYX RSX PMQ
MXIH XS [EXIV QSXSV KSRKW WLEPP FI XIWXIH UYEVXIVP]
7XERHEVH 4VIWWYVI 4VSTSVXMSRIV
:ERIX]TI ERH TVIWWYVI W[MXGLzX]TI [EXIVJPS[ HI
ZMGIW WLEPP FI XIWXIH WIQMERRYEPP]
8LI TVIWWYVI WLEPP FI VIQSZIH FIJSVI XLI MRWTIG
XMSR XS TVIZIRX MRNYV]
;EXIVJPS[ (IZMGIW ;EXIVJPS[ HIZMGIW WLEPP FI MR
WTIGXIH UYEVXIVP] XS ZIVMJ] XLEX XLI] EVI JVII SJ TL]WMGEP HEQEKI
8LI MRWTIGXMSR WLEPP ZIVMJ] XLI JSPPS[MRK
3TIVEXMSREP 8IWX 4IVJSVQERGI
&EPP HVMT ZEPZIW EYXSQEXMG HVEMRW EVI JVII ERH STIRIH
)\XIVREP GSVVSWMSR SR JSEQ GSRGIRXVEXI WXSVEKI XEROW MW
RSX TVIWIRX
)HMXMSR
3TIVEXMSREP XIWXW WLEPP FI GSRHYGXIH XS IRWYVI XLEX
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WLSYPH FI GSRWMHIVIH JSV XLI LE^EVHW TVIWIRXIH
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% 1SRMXSV 2S^^PI 1SRMXSV RS^^PIW GER FI YWIH XS
TVSXIGX PEVKI EQSYRXW SJ GSQFYWXMFPI QEXIVMEPW EMVGVEJX XERO
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HIJPIGXSV
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ZEPZI
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XVSP 2S^^PIW %PWS %VI 4IVQMXXIH
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*IQEPI248JSEQGSRGIRXVEXIMRPIX
1EPI248
;EXIV
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WSPYXMSR
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%PXIVREXMZI %VVERKIQIRX SJ 7XERHEVH
% 7XERHEVH &EPERGIH 4VIWWYVI 4VSTSVXMSRIV ;EXIV
ERH JSEQ GSRGIRXVEXIWIRWMRK PMRIW EVI HMVIGXIH XS XLI FEPERG
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XLEX SJ XLI [EXIV TVIWWYVI 8LI X[S IUYEP TVIWWYVIW EVI JIH XS
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1SRMXSV 2S^^PIW
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% 4VSTSVXMSRIV 7II *MKYVI %
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MRK SJ [EXIV ERH PMUYMH XEOIW TPEGI EX MRHMZMHYEP TVSTSVXMSRIVW
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7II *MKYVI %
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% 7XVEMRIV 8LIVI EVI X[S X]TIW SJ WXVEMRIVW 4MTIPMRI
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HSIW RSX XSYGL XLI WTVMROPIV
% 1SWX TPEGIW YWMRK SV WXSVMRK LE^EVHSYW QEXIVMEPW LEZI
WXEXMSRW WIX YT JSV IQTPS]IIW [LIVI QEXIVMEP WEJIX] HEXE WLIIXW
17(7W EVI WXSVIH 8LI MRWTIGXSV WLSYPH FI JEQMPMEV [MXL XLI
X]TIW SJ QEXIVMEPW TVIWIRX ERH XLI ETTVSTVMEXI EGXMSRW XS XEOI
MR ER IQIVKIRG]
% %R I\EQTPI SJ E WTVMROPIV RIIHMRK VITPEGIQIRX
[SYPH FI E TIRHIRX WTVMROPIV MRWXEPPIH MR XLI YTVMKLX TSWMXMSR
SV ZMGI ZIVWE
% ;%62-2+ 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ
7XEXMSREV] 4YQTW JSV *MVI 4VSXIGXMSR MRGPYHIW IPIGXVMGEP VIUYMVI
QIRXW XLEX HMWGSYVEKI XLI MRWXEPPEXMSR SJ E HMWGSRRIGX QIERW
MR XLI TS[IV WYTTP] XS IPIGXVMG QSXSVHVMZIR JMVI TYQTW 8LMW
MW MRXIRHIH XS IRWYVI XLI EZEMPEFMPMX] SJ TS[IV XS XLI JMVI
TYQTW ;LIVI IUYMTQIRX GSRRIGXIH XS XLSWI GMVGYMXW MW WIV
ZMGIH SV QEMRXEMRIH XLI WIVZMGI TIVWSR GSYPH FI WYFNIGX XS
YRYWYEP I\TSWYVI XS IPIGXVMGEP ERH SXLIV LE^EVHW -X GSYPH FI
RIGIWWEV] XS IWXEFPMWL WTIGMEP WEJI [SVO TVEGXMGIW ERH XS YWI
WEJIKYEVHW SV TIVWSREP TVSXIGXMZI GPSXLMRK SV FSXL 7II EPWS
2*4% ) JSV EHHMXMSREP WEJIX] KYMHERGI
% 8LI TVSZMWMSRW SJ XLI WXERHEVH EVI MRXIRHIH XS ETTP] XS
VSYXMRI MRWTIGXMSRW -R XLI IZIRX SJ E JMVI E TSWXJMVI MRWTIG
XMSR WLSYPH FI QEHI SJ EPP WTVMROPIVW [MXLMR XLI JMVI EVIE -R
WMXYEXMSRW [LIVI XLI JMVI [EW UYMGOP] GSRXVSPPIH SV I\XMR
KYMWLIH F] SRI SV X[S WTVMROPIVW MX QMKLX FI RIGIWWEV] SRP] XS
VITPEGI XLI EGXMZEXIH WTVMROPIVW 'EVI WLSYPH FI XEOIR XLEX XLI
VITPEGIQIRX WTVMROPIVW EVI SJ XLI WEQI QEOI ERH QSHIP SV
XLEX XLI] LEZI GSQTEXMFPI TIVJSVQERGI GLEVEGXIVMWXMGW WII
7SSXGSZIVIH WTVMROPIVW WLSYPH FI VITPEGIH FIGEYWI
HITSWMXW GER VIWYPX MR GSVVSWMSR SJ STIVEXMRK TEVXW -R XLI
IZIRX SJ E WYFWXERXMEP JMVI WTIGMEP GSRWMHIVEXMSR WLSYPH FI
KMZIR XS VITPEGMRK XLI JMVWX VMRK SJ WTVMROPIVW WYVVSYRHMRK XLI
STIVEXIH WTVMROPIVW FIGEYWI SJ XLI TSXIRXMEP JSV I\GIWWMZI XLIV
QEP I\TSWYVI [LMGL GSYPH [IEOIR XLI VIWTSRWI QIGLERMWQW
% 8LI GSRHMXMSRW HIWGVMFIH MR XLMW WIGXMSR GER LEZI E
HIXVMQIRXEP IJJIGX SR XLI TIVJSVQERGI SJ WTVMROPIVW F] EJJIGX
MRK [EXIV HMWXVMFYXMSR TEXXIVRW MRWYPEXMRK XLIVQEP IPIQIRXW
HIPE]MRK STIVEXMSR SV SXLIV[MWI VIRHIVMRK XLI WTVMROPIV MRST
IVEFPI SV MRIJJIGXYEP
7IZIVIP] PSEHIH SV GSVVSHIH WTVMROPIVW WLSYPH FI VINIGXIH
EW TEVX SJ XLI ZMWYEP MRWTIGXMSR 7YGL WTVMROPIVW GSYPH FI EJ
JIGXIH MR XLIMV HMWXVMFYXMSR SV SXLIV TIVJSVQERGI GLEVEGXIVMW
XMGW RSX EHHVIWWIH F] VSYXMRI WEQTPI XIWXMRK 0MKLXP] PSEHIH SV
GSVVSHIH WTVMROPIVW GSYPH FI TIVQMXXIH JSV GSRXMRYIH YWI MJ
WEQTPIW EVI WIPIGXIH JSV XIWXMRK FEWIH SR [SVWXGEWI GSRHMXMSRW
ERH XLI WEQTPIW WYGGIWWJYPP] TEWW XLI XIWXW
% 7TVMROPIV SVMIRXEXMSR MRGPYHIW XLI TSWMXMSR SJ XLI
HIJPIGXSV MR VIPEXMSR XS XLI GIMPMRK WPSTI 8LI HIJPIGXSV MW KIR
IVEPP] VIUYMVIH XS FI TEVEPPIP XS XLI WPSTI SJ XLI GIMPMRK 8LI
MRWTIGXMSR WLSYPH MHIRXMJ] ER] GSVVIGXMSRW QEHI [LIVI HIJM
GMIRGMIW EVI RSXIH JSV I\EQTPI TMTI [MXL [IPHIH SYXPIXW ERH
JPI\MFPI KVSSZIH GSYTPMRKW XLEX LEZI wVSPPIHx SYX SJ TSWMXMSR
% 'SVVSWMSR JSYRH SR XLI WIEX SV FYMPX YT SR XLI
HIJPIGXSV XLEX GSYPH EJJIGX XLI WTVE] TEXXIVR SV E FYMPHYT SR
XLI STIVEXMRK IPIQIRXW XLEX GSYPH EJJIGX XLI STIVEXMSR GER
LEZI E HIXVMQIRXEP IJJIGX SR XLI TIVJSVQERGI SJ XLI WTVMROPIV
0MKLX WYVJEGI GSVVSWMSR SR XLI FSWW JVEQI EVQW ERHSV XLI
HIJPIGXSV ERHSV WYVJEGI HMWGSPSVEXMSR RSX MQTEGXMRK XLI ST
IVEXMSR SJ XLI WTVMROPIV WLSYPH RSX [EVVERX VITPEGIQIRX %
HIKVII SJ NYHKQIRX WLSYPH FI I\IVGMWIH MR XLI HIXIVQMREXMSR
SJ XLI I\XIRX PSGEXMSR ERH GLEVEGXIV SJ GSVVSWMSR XLEX [SYPH
RIGIWWMXEXI VITPEGIQIRX
% -R PMIY SJ VITPEGMRK WTVMROPIVW XLEX EVI PSEHIH
[MXL E GSEXMRK SJ HYWX MX MW TIVQMXXIH XS GPIER WTVMROPIVW [MXL
% )\EQTPIW MRGPYHI WTEGIW EFSZI GIMPMRKW [LIXLIV
XLI GIMPMRKW EVI PE]MR XMPI SV K]TWYQ FSEVH EVIEW YRHIV XLI
EXIV WXEKIW TMTI GLEWIW ERH SXLIV MREGGIWWMFPI EVIEW IZIR MJ
EGGIWW TERIPW SV LEXGLIW EVI TVSZMHIH MRXS XLI EVIEW
% 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]W
XIQW MR XLI WXSVEKI HIJMRMXMSRW HIJMRIW GPIEVERGI EW XLI HMW
XERGI JVSQ XLI XST SJ WXSVEKI XS XLI GIMPMRK WTVMROPIV HIJPIG
XSVW 3XLIV SFWXVYGXMSR VYPIW EVI MQTVEGXMGEP XS IRJSVGI YRHIV
XLMW WXERHEVH ,S[IZIV MJ SFWXVYGXMSRW XLEX QMKLX GEYWI E GSR
GIVR EVI TVIWIRX XLI S[RIV MW EHZMWIH XS LEZI ER IRKMRIIVMRK
IZEPYEXMSR TIVJSVQIH
% 8LI MR QQ GPIEVERGI VYPI KIRIVEPP] ET
TPMIW XS WXERHEVH TIRHIRX YTVMKLX ERH WMHI[EPP WTVE] WTVMR
OPIVW I\XIRHIH GSZIVEKI YTVMKLX ERH TIRHIRX WTVMROPIVW ERH
VIWMHIRXMEP WTVMROPIVW
% 8LI WTIGMEP WTVMROPIVW XLEX XLI QMRMQYQ MR
QQ GPIEVERGI VYPI KIRIVEPP] ETTPMIW XS MRGPYHIW PEVKI
HVST WTVMROPIVW '17% WTVMROPIVW ERH IEVP] WYTTVIWWMSR JEWX
VIWTSRWI )7*6 WTVMROPIVW
% 8LI TYVTSWI SJ QEMRXEMRMRK E QMRMQYQ GPIEV
ERGI MW XS IRWYVI [EXIV HMWGLEVKI MW RSX SFWXVYGXIH 8LIVI EVI
GIVXEMR MRWXEPPEXMSRW [LIVI XLMW GER FI EGLMIZIH F] SXLIV
QIERW )\EQTPIW MRGPYHI PMFVEV] WXEGOW VIGSVH WXSVEKI ERH
[LIVI WTVMROPIVW EVI MRWXEPPIH MR EMWPIW MR FIX[IIR WXSVEKI
WLIPZMRK 'PIEVERGI MW EPWS RSX RIIHIH JSV WLIPZMRK EPSRK TI
VMQIXIV [EPPW WMRGI XLMW HSIW RSX GEYWI ER SFWXVYGXMSR 2*4% EPPS[W E GPIEVERGI PIWW XLER MR QQ [LIVI JYPPWGEPI
JMVI XIWXW HIQSRWXVEXI ER EGGITXEFPI WTVMROPIV HMWGLEVKI TEX
XIVR %PWS [LIVI WYJJMGMIRX WLMIPHMRK SJ XLI WTVMROPIV WTVE]
TEXXIVR LEW VIWYPXIH MR ER MRGVIEWI MR XLI LE^EVH GPEWWMJMGEXMSR
XS )\XVE ,E^EVH +VSYT E GPIEVERGI PIWW XLER MR
QQ QMKLX FI EGGITXEFPI
% 7TVMROPIV WTVE] TEXXIVRW WLSYPH RSX FI SFWXVYGXIH
F] XIQTSVEV] SV RSRTIVQERIRX SFWXVYGXMSRW WYGL EW WMKRW
FERRIVW SV HIGSVEXMSRW ;LMPI MX MW MQTVEGXMGEP JSV ER MRWTIG
XSV XS ORS[ EPP SJ XLI ZEVMSYW SFWXVYGXMSR VYPIW JSV EPP XLI HMJ
JIVIRX X]TIW SJ WTVMROPIVW XLI MRWTIGXSV GER SFWIVZI [LIR XIQ
TSVEV] SV RSRTIVQERIRX SFWXVYGXMSRW LEZI FIIR MRWXEPPIH
XLEX GSYPH FPSGO SV SFWXVYGX E WTVMROPIVvW WTVE] TEXXIVR 8IQ
TSVEV] SV RSRTIVQERIRX SFWXVYGXMSRW XLEX ETTIEV XS FI SF
WXVYGXMSRW XS WTVMROPIV WTVE] TEXXIVRW WLSYPH FI VIQSZIH SV
VITSWMXMSRIH WS XLI] EVI RSX ER SFWXVYGXMSR
% 8LI GSRHMXMSRW HIWGVMFIH MR GER LEZI E HIXVM
QIRXEP IJJIGX SR XLI TIVJSVQERGI ERH PMJI SJ TMTI F] EJJIGXMRK
GSVVSWMSR VEXIW SV TMTI MRXIKVMX] SV SXLIV[MWI VIRHIVMRK XLI
TMTI MRIJJIGXYEP
% 7YVJEGI GSVVSWMSR RSX MQTEGXMRK XLI MRXIKVMX] SJ XLI
TMTMRK WXVIRKXL SV VEMWMRK GSRGIVR SJ TSXIRXMEP PIEOEKI WLSYPH
RSX [EVVERX XLI VITPEGIQIRX SJ TMTMRK % HIKVII SJ NYHKQIRX
WLSYPH FI I\IVGMWIH MR XLI HIXIVQMREXMSR SJ XLI I\XIRX SJ GSV
VSWMSR XLEX [SYPH RIGIWWMXEXI VITPEGIQIRX
% )\EQTPIW MRGPYHI WSQI JPSSVGIMPMRK SV VSSJ
GIMPMRK EWWIQFPMIW EVIEW YRHIV XLIEXIV WXEKIW TMTI GLEWIW
ERH SXLIV MREGGIWWMFPI EVIEW
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
z
-274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
% 8LI GSRHMXMSRW HIWGVMFIH MR XLMW WIGXMSR GER LEZI E
HIXVMQIRXEP IJJIGX SR XLI TIVJSVQERGI SJ LERKIVW ERH FVEGIW
F] EPPS[MRK JEMPYVIW MJ XLI GSQTSRIRXW FIGSQI PSSWI
% )\EQTPIW SJ LERKIVW ERH WIMWQMG FVEGIW MRWXEPPIH MR
GSRGIEPIH EVIEW MRGPYHI WSQI JPSSVGIMPMRK SV VSSJGIMPMRK
EWWIQFPMIW EVIEW YRHIV XLIEXIV WXEKIW TMTI GLEWIW ERH SXLIV
MREGGIWWMFPI EVIEW
% (YI XS XLI LMKL TVSFEFMPMX] SJ E FYMPHYT SJ I\GIWW
TVIWWYVI KVMHHIH [IX TMTI W]WXIQW WLSYPH FI TVSZMHIH [MXL E
MR QQ MR EGGSVHERGI [MXL
VIPMIJ ZEPZI RSX PIWW XLER
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW
-X MW RSVQEP XLSYKL XLEX XLI TVIWWYVI EFSZI XLI EPEVQ SV
W]WXIQ GLIGO ZEPZI MW X]TMGEPP] LMKLIV XLER XLEX SJ XLI [EXIV
WYTTP] EW E VIWYPX SJ XVETTIH TVIWWYVI WYVKIW
% 7II *MKYVI %
8LMWW]WXIQEWWLS[RSR
GSQTER]
TVMRXRS
HEXIH
JSV
EX
GSRXVEGXRS
MWHIWMKRIHXSHMWGLEVKIEXEVEXISJ
KTQTIVJX 0QMRTIVQ SJJPSSVEVIESZIVEQE\MQYQ
EVIESJ
JX Q [LIRWYTTPMIH
[MXL[EXIVEXEVEXISJ
EX
KTQ 0QMR
TWM FEV EXXLIFEWISJXLIVMWIV
,SWIWXVIEQEPPS[ERGISJ
6IJVMKIVEXIHWTEGI
,IEXIHEVIE
8[SIEWMP]VIQSZIH
WIGXMSRWSJTMTI
MR
QQ
KTQ 0QMR MWMRGPYHIHMRXLIEFSZI
*-+96) % 7EQTPI ,]HVEYPMG (IWMKR -RJSVQEXMSR 7MKR
'LIGO
ZEPZI
2SVQEPP]STIR
GSRXVSPZEPZI
4
WLSYPH FI GSRHYGXIH XS EHHVIWW YRYWYEP GSRHMXMSRW RSX EWWS
GMEXIH [MXL XLI VSYXMRI XIWX G]GPIW QERHEXIH [MXLMR XLMW WXER
HEVH (YI XS XLI REXYVI SJ RSRVSYXMRI XIWXMRK WTIGMJMG XIWXW
GERRSX FI MHIRXMJMIH MR XLMW WXERHEVH 8LI X]TI SJ XIWXW XS FI
GSRHYGXIH ERH XLI RYQFIV ERH PSGEXMSR SJ WEQTPIW XS FI WYF
QMXXIH WLSYPH FI ETTVSTVMEXI XS XLI TVSFPIQ HMWGSZIVIH SV
FIMRK MRZIWXMKEXIH ERH FEWIH SR GSRWYPXEXMSR [MXL XLI QERY
JEGXYVIV PMWXMRK EKIRG] ERH XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR
;LIVI HSGYQIRXEXMSR SJ XLI MRWXEPPEXMSR HEXI MW RSX EZEMP
EFPI XLI WXEVX HEXI JSV XLI MRWIVZMGI MRXIVZEP WLSYPH FI FEWIH
YTSR XLI WTVMROPIVvW QERYJEGXYVI HEXI
'LIGOZEPZI[MXL MR
QQ LSPIMRGPETTIV
(V]TVIEGXMSRZEPZI
1EMR
GSRXVSPZEPZI
;EXIVWYTTP]
%MV
GSQTVIWWSV
ERHXERO
4
*VII^IVEMVMRXEOI
4 %MVTVIWWYVI
4 %MVTVIWWYVI
%MVWYTTP]WSYVGI
;EXIVWYTTP]WSYVGI
2SXIW
'LIGOZEPZI[MXL MR QQ LSPIMRGPETTIVRSXVIUYMVIHMJTVMQI
[EXIVRSXYWIH
7YTTP]EMVXSFIGSRRIGXMSRXSXSTSVWMHISJW]WXIQTMTI
)EGLVIQSZEFPIEMVPMRIWLSYPHFIEQMRMQYQSJMR QQ
HMEQIXIVERHQMRMQYQSJJX Q PSRK
*-+96) % 6IJVMKIVEXSV %VIE 7TVMROPIV 7]WXIQ 9WIH
XS 1MRMQM^I 'LERGIW SJ (IZIPSTMRK -GI 4PYKW
% 8LI L]HVEYPMG HIWMKR MRJSVQEXMSR WMKR WLSYPH FI WI
GYVIH XS XLI VMWIV [MXL HYVEFPI [MVI GLEMR SV IUYMZEPIRX 7II
*MKYVI %
% 8LI MRJSVQEXMSR WMKR WLSYPH FI WIGYVIH [MXL [MVI
GLEMR SV IUYMZEPIRX XS IEGL W]WXIQ GSRXVSP ZEPZI ERXMJVII^I
PSST ERH EY\MPMEV] W]WXIQ GSRXVSP ZEPZI MRHMGEXMRK XLI MRJSV
QEXMSR VIUYMVIH F] % 8LI WTVMROPIV JMIPH WIVZMGI XIWXMRK HIWGVMFIH MR XLMW
WIGXMSR MW GSRWMHIVIH VSYXMRI XIWXMRK 2SRVSYXMRI XIWXMRK
)HMXMSR
% 7TVMROPIVW WLSYPH FI JMVWX KMZIR E ZMWYEP MRWTIGXMSR
JSV WMKRW SJ QIGLERMGEP HEQEKI GPIERMRK TEMRXMRK PIEOEKI MR
WIVZMGI SV WIZIVI PSEHMRK SV GSVVSWMSR EPP SJ [LMGL EVI GSRWMH
IVIH GEYWIW JSV MQQIHMEXI VITPEGIQIRX (IZMGIW XLEX LEZI
TEWWIH XLI ZMWYEP MRWTIGXMSR WLSYPH XLIR FI PEFSVEXSV] XIWXIH
JSV WIRWMXMZMX] ERH JYRGXMSREPMX] 8LI [EXIV[E] WLSYPH GPIEV
[LIR WIRWMXMZMX]JYRGXMSREPMX] XIWXIH EX TWM FEV SV XLI
QMRMQYQ PMWXIH STIVEXMRK TVIWWYVI JSV HV] WTVMROPIVW
8LIVQEP WIRWMXMZMX] WLSYPH FI RSX PIWW XLER XLEX TIVQMXXIH
MR TSWXGSVVSWMSR XIWXMRK SJ RI[ WTVMROPIVW SJ XLI WEQI X]TI
7TVMROPIVW XLEX LEZI FIIR MR WIVZMGI JSV E RYQFIV SJ ]IEVW
WLSYPH RSX FI I\TIGXIH XS LEZI EPP SJ XLI TIVJSVQERGI UYEPM
XMIW SJ E RI[ WTVMROPIV ,S[IZIV MJ XLIVI MW ER] UYIWXMSR EFSYX
XLIMV GSRXMRYIH WEXMWJEGXSV] TIVJSVQERGI XLI WTVMROPIVW
WLSYPH FI VITPEGIH
7II *MKYVI %
% 7TVMROPIVW HIJMRIH EW JEWX VIWTSRWI LEZI E XLIV
QEP IPIQIRX [MXL ER 68- SJ QIXIVWWIGSRHW
SV PIWW %
UYMGOVIWTSRWI WTVMROPIV VIWMHIRXMEP WTVMROPIV ERH IEVP] WYT
TVIWWMSR JEWXVIWTSRWI )7*6 WTVMROPIVW EVI I\EQTPIW SJ JEWX
VIWTSRWI WTVMROPIVW
% (YI XS WSPHIV QMKVEXMSR GEYWIH F] XLI LMKL XIQ
TIVEXYVIW XS [LMGL XLIWI HIZMGIW EVI I\TSWIH MX MW MQTSVXERX XS
XIWX XLIQ IZIV] ]IEVW &IGEYWI SJ XLMW TLIRSQIRSR XLI ST
IVEXMRK XIQTIVEXYVI GER ZEV] SZIV E [MHI VERKI
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
%22)< %
*EWXVIWTSRWI
QQFYPF
7XERHEVHVIWTSRWI
QQFYPF
*EWXVIWTSRWI
PMRO
*EWXVIWTSRWI
IPIQIRX
7XERHEVHVIWTSRWI
WSPHIVPMROWTVMROPIV
*-+96) % 7TVMROPIV 3TIVEXMRK )PIQIRX -HIRXMJMGEXMSR
% 7II % )\EQTPIW SJ XLIWI IRZMVSRQIRXW EVI TETIV QMPPW
TEGOMRK LSYWIW XERRIVMIW EPOEPM TPERXW SVKERMG JIVXMPM^IV
TPERXW JSYRHVMIW JSVKI WLSTW JYQMKEXMSR EVIEW TMGOPI ERH
ZMRIKEV [SVOW WXEFPIW WXSVEKI FEXXIV] VSSQW IPIGXVSTPEXMRK
VSSQW KEPZERM^MRK VSSQW WXIEQ VSSQW SJ EPP HIWGVMTXMSRW MR
GPYHMRK QSMWX ZETSV HV] OMPRW WEPX WXSVEKI VSSQW PSGSQSXMZI
WLIHW SV LSYWIW HVMZI[E]W EVIEW I\TSWIH XS SYXWMHI [IEXLIV
EVSYRH FPIEGLMRK IUYMTQIRX MR JPSYV QMPPW EPP TSVXMSRW SJ
GSPH WXSVEKI EVIEW ERH TSVXMSRW SJ ER] EVIE [LIVI GSVVSWMZI
ZETSVW TVIZEMP ,EVWL [EXIV IRZMVSRQIRXW MRGPYHI [EXIV WYT
TPMIW XLEX EVI GLIQMGEPP] VIEGXMZI
% ;MXLMR ER IRZMVSRQIRX WMQMPEV WMHI[EPP YTVMKLX
ERH TIRHIRX WTVMROPIVW TVSHYGIH F] XLI WEQI QERYJEGXYVIV
GSYPH FI GSRWMHIVIH TEVX SJ XLI WEQI WEQTPI FYX EHHMXMSREP
WTVMROPIVW [SYPH FI MRGPYHIH [MXLMR XLI WEQTPI MJ TVSHYGIH F]
E HMJJIVIRX QERYJEGXYVIV
% 8LI RSVQEP PMJI I\TIGXERG] SJ E KEYKI MW FIX[IIR
ERH ]IEVW % KEYKI GER FI TIVQMXXIH XS LEZI E VIEHMRK
[MXL ER IVVSV SJ • TIVGIRX SJ XLI QE\MQYQ JYPPWGEPI KEYKI
VIEHMRK *SV I\EQTPI E KEYKI LEZMRK TWM FEV QE\M
QYQ VEHMYW MRWXEPPIH SR E W]WXIQ [MXL TWM FEV RSVQEP
TVIWWYVI GER FI TIVQMXXIH MJ XLI KEYKI VIEHW JVSQ TWM XS
TWM FEV XS FEV % (EXE GSRGIVRMRK VIPMEFMPMX] SJ IPIGXVMGEP [EXIVJPS[
W[MXGLIW MRHMGEXI RS ETTVIGMEFPI GLERKI MR JEMPYVI VEXIW JSV XLSWI
XIWXIH UYEVXIVP] ERH XLSWI XIWXIH WIQMERRYEPP] 1IGLERMGEP QS
XSV KSRKW LS[IZIV LEZI EHHMXMSREP QIGLERMGEP ERH IRZMVSR
QIRXEP JEMPYVI QSHIW ERH RIIH XS FI XIWXIH QSVI SJXIR
% 3TIRMRK XLI MRWTIGXSVvW XIWX GSRRIGXMSR GER GEYWI
XLI W]WXIQ XS XVMT EGGMHIRXEPP]
z
% 7EQTPMRK JVSQ XLI XST ERH FSXXSQ SJ XLI W]WXIQ
LIPTW XS HIXIVQMRI MJ XLI WSPYXMSR LEW WIXXPIH %RXMJVII^I WSPY
XMSRW EVI LIEZMIV XLER [EXIV -J XLI ERXMJVII^I GSQTSYRH MW
WITEVEXMRK JVSQ XLI [EXIV HYI XS TSSV QM\MRK MX [MPP I\LMFMX E
LMKLIV GSRGIRXVEXMSR MR XLI PS[IV TSVXMSR SJ XLI W]WXIQ XLER
MR XLI YTTIV TSVXMSR SJ XLI W]WXIQ -J XLI GSRGIRXVEXMSR MW
EGGITXEFPI RIEV XLI XST FYX XSS PS[ RIEV XLI [EXIV GSRRIG
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7-2
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XIRHIRG] XS WLVMRO ERH EHLIVI XS XLI WTVMROPIV TVMSV XS WTVMR
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GIPPSTLERI SV TETIV
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% 'IVXEMR WTVMROPIV W]WXIQW WYGL EW XLSWI MRWXEPPIH
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GSRRIGXMSRWMHIRXMJMIHEFSZI
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MIJPS[ERHVIWMHYEPTVIWWYVI EXXLIW]WXIQGSRXVSP
ZEPZISVEXXLITYQTHMWGLEVKIJPERKI[LIVIETYQT
MWMRWXEPPIHERHEXIEGLJMVIHITEVXQIRXGSRRIGXMSR
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% 8LI L]HVEYPMGEPP] QSWX VIQSXI LSWI GSRRIGXMSRW MR
E FYMPHMRK EVI KIRIVEPP] EX E VSSJ QERMJSPH MJ TVSZMHIH SV EX
XLI XST SJ E WXEMV PIEHMRK XS XLI VSSJ -R E QYPXM^SRI W]WXIQ XLI
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WYGXMSR XERO SR LMKLIV JPSSVW
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z
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FI VYR EPP XLI [E] HS[R IEGL WXERHTMTI
% 7MRGI XLI TVIWWYVIW EX IEGL WXERHTMTI EVIRvX VI
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ZEPZI SR XLI WXERHTMTI GER FI JPS[IH XS EGLMIZI XLI EHHMXMSREP
KTQ 0QMR RIIHIH -X QMKLX FI QSVI GSRZIRMIRX
XS YWI E LSWI ZEPZI SR ER YTTIV PIZIP VEXLIV XLER XLI PS[IWX
SRI SR XLI WXERHTMTI
% -R WSQI MRWXERGIW MX MWRvX VIEWSREFPI XS EXXEGL E LSWI
XS E WXERHTMTI XS TVSZMHI XLMW EHHMXMSREP JPS[ TSMRX 8LI EYXLSVMX]
LEZMRK NYVMWHMGXMSR GER EPPS[ XLI EHHMXMSREP JPS[ FI QEHI EX
SXLIV SYXPIXW SR XLI WXERHTMTI W]WXIQ WYGL EW JVSQ ERSXLIV
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WYPXW SJ LEZMRK XLI JPS[ TSMRXW WSQI[LIVI IPWI MR XLI WXERHTMTI
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JPS[ ERH TVIWWYVI VIUYMVIH JSV JMVI HITEVXQIRX YWI [LMPI WMQYP
XERISYWP] JPS[MRK XLI JYPP W]WXIQ HIQERH
% 8LI MRXIRX SJ MW XS EWGIVXEMR [LIXLIV XLI W]WXIQ
VIXEMRW MXW MRXIKVMX] YRHIV JMVI GSRHMXMSRW 1MRMQYQ PIEOEKI I\
MWXMRK SRP] YRHIV XIWX TVIWWYVI MW RSX GEYWI JSV VITEMV
% 8LI RSVQEP PMJI I\TIGXERG] SJ E KEYKI MW FIX[IIR
ERH ]IEVW % KEYKI GER FI TIVQMXXIH XS LEZI E VIEHMRK
[MXL ER IVVSV SJ • TIVGIRX SJ XLI QE\MQYQ JYPPWGEPI KEYKI
VIEHMRK *SV I\EQTPI E KEYKI LEZMRK TWM FEV QE\M
QYQ VEHMYW MRWXEPPIH SR E W]WXIQ [MXL TWM FEV RSVQEP
TVIWWYVI GER FI TIVQMXXIH MJ XLI KEYKI VIEHW JVSQ TWM XS
TWM FEV XS FEV % 8LI VIUYMVIQIRXW MR SYXPMRI MRWTIGXMSR MRXIV
ZEPW GSRHMXMSRW XS FI MRWTIGXIH ERH GSVVIGXMZI EGXMSRW RIGIW
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% *YPP JPS[ XIWXW SJ YRHIVKVSYRH TMTMRK GER FI EGGSQ
TPMWLIH F] QIXLSHW MRGPYHMRK FYX RSX PMQMXIH XS JPS[
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GLIGO ZEPZI LEW FIIR VIQSZIH QEMR HVEMR GSRRIGXMSRW ERH
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HERGI [MXL 2*4% % 8LI MRXIRX SJ MW XS QEMRXEMR EHIUYEXI WTEGI
JSV YWI SJ L]HVERXW HYVMRK E JMVI IQIVKIRG] 8LI EQSYRX SJ
WTEGI RIIHIH HITIRHW SR XLI GSRJMKYVEXMSR EW [IPP EW XLI X]TI
ERH WM^I SJ EGGIWWSV] IUYMTQIRX WYGL EW LSWI [VIRGLIW ERH
SXLIV HIZMGIW XLEX GSYPH FI YWIH
% 4VMZEXI JMVI WIVZMGI QEMRW QMKLX RSX MRGPYHI E QEMR
HVEMR GSRRIGXMSR XLIVIJSVI SXLIV IUYMZEPIRX QIERW SJ JPS[
WYGL EW ER MRWXEPPIH JMVI L]HVERX GER FI YWIH
% % JMVI TYQT EWWIQFP] TVSZMHIW [EXIVJPS[ ERH TVIWWYVI
JSV TVMZEXI JMVI TVSXIGXMSR 8LI EWWIQFP] MRGPYHIW XLI [EXIV
WYTTP] WYGXMSR ERH HMWGLEVKI TMTMRK ERH ZEPZMRK TYQT IPIG
XVMG HMIWIP SV WXIEQ XYVFMRI HVMZIV ERH GSRXVSP ERH XLI EY\MP
MEV] IUYMTQIRX ETTYVXIRERX XLIVIXS
)HMXMSR
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1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
z
-274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
% 8]TIW SJ GIRXVMJYKEP JMVI TYQTW MRGPYHI WMRKPI ERH QYP
XMWXEKI YRMXW SJ LSVM^SRXEP SV ZIVXMGEP WLEJX HIWMKR 0MWXIH JMVI
TYQTW LEZI VEXIH GETEGMXMIW SJ KTQ XS KTQ 0QMR
XS 0QMR [MXL E RIX TVIWWYVI VERKI JVSQ ETTVS\MQEXIP]
TWM XS TWM FEV XS FEV ,SVM^SRXEP 7TPMX 'EWI 8LMW TYQT LEW E HSYFPI WYGXMSR MQ
TIPPIV [MXL ER MRFSEVH ERH SYXFSEVH FIEVMRK ERH MW YWIH
[MXL E TSWMXMZI WYGXMSR WYTTP] % ZEVMEXMSR SJ XLMW HIWMKR
GER FI QSYRXIH [MXL XLI WLEJX MR E ZIVXMGEP TPERI ?7II
*MKYVI % E A
)RH 7YGXMSR ERH :IVXMGEP -R0MRI 8LMW TYQT GER LEZI IMXLIV
E LSVM^SRXEP SV ZIVXMGEP WLEJX [MXL E WMRKPI WYGXMSR MQTIPPIV
ERH E WMRKPI FIEVMRK EX XLI HVMZI IRH ?7II *MKYVI
% F A
:IVXMGEP 7LEJX 8YVFMRI 8]TI 8LMW TYQT LEW QYPXMTPI MQTIP
PIVW ERH MW WYWTIRHIH JVSQ XLI TYQT LIEH F] E GSPYQR
TMTI XLEX EPWS WIVZIW EW E WYTTSVX JSV XLI WLEJX ERH FIEV
MRKW 8LMW TYQT MW RIGIWWEV] [LIVI E WYGXMSR PMJX MW
RIIHIH WYGL EW JVSQ ER YRHIVKVSYRH VIWIVZSMV [IPP
VMZIV SV PEOI ?7II *MKYVI % G A
% 'SRXVSPPIVW MRGPYHI EMV L]HVEYPMG SV IPIGXVMGSTIVEXIH
YRMXW 8LIWI YRMXW GER XEOI TS[IV JVSQ XLI IRIVK] WSYVGI JSV
XLIMV STIVEXMSR SV XLI TS[IV GER FI SFXEMRIH IPWI[LIVI 'SR
XVSPPIVW YWIH [MXL IPIGXVMG TS[IV WSYVGIW GER ETTP] XLI WSYVGI XS
XLI HVMZIV MR SRI EGVSWWXLIPMRI SV X[S VIHYGIH ZSPXEKI SV
GYVVIRX WXITW 'SRXVSPPIVW GER FI YWIH [MXL EYXSQEXMG ERH
QERYEP XVERWJIV W[MXGLIW XS WIPIGX XLI EZEMPEFPI IPIGXVMG TS[IV
WSYVGI [LIVI QSVI XLER SRI MW TVSZMHIH
% 7II 8EFPI % ERH *MKYVI %
% :MWYEP MRHMGEXSVW SXLIV XLER TMPSX PMKLXW GER FI
YWIH JSV XLI WEQI TYVTSWI
% 8LI TYVTSWI SJ XIWXMRK XLI TYQT EWWIQFP] MW XS IRWYVI
EYXSQEXMG SV QERYEP STIVEXMSR YTSR HIQERH ERH GSRXMRY
SYW HIPMZIV] SJ XLI VIUYMVIH W]WXIQ SYXTYX %R EHHMXMSREP TYV
TSWI MW XS HIXIGX HIJMGMIRGMIW SJ XLI TYQT EWWIQFP] RSX IZMHIRX
F] MRWTIGXMSR
% *MVI TYQT W]WXIQW WLSYPH FI HIWMKRIH WS XLEX XLI
TVIWWYVI VIPMIJ ZEPZI LEW E QMRMQYQ JPS[ XS ZIVMJ] TVIWWYVI
VIPMIJ ZEPZI MW TVSTIVP] WIX ERH STIVEXMRK EX GLYVR ERH SRP]
EPPS[W E PEVKIV JPS[ YRHIV EFRSVQEP GSRHMXMSRW MI IRKMRI
SZIVWTIIH SV JEMPYVI SJ E ZEVMEFPI WTIIH TVIWWYVI PMQMXMRK GSR
XVSP 8LI JMVI TYQT MQTEVXW QSVI IRIVK] MRXS XLI [EXIV [LIR
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TYQT MW STIVEXMRK EX GLYVR RS JPS[ 2*4% VIUYMVIW E
GMVGYPEXMSR VIPMIJ ZEPZI HS[RWXVIEQ SJ XLI TVIWWYVI VIPMIJ ZEPZI
[LIRIZIV XLI TVIWWYVI VIPMIJ ZEPZI MW TMTIH FEGO XS XLI TYQT
WYGXMSR -QTVSTIVP] MRWXEPPIH ERHSV STIVEXMRK GMVGYPEXMSR VI
PMIJ ZEPZIW GER VIWYPX MR YREGGITXEFP] LMKL [EXIV XIQTIVEXYVI
IWTIGMEPP] [LIR VIGMVGYPEXMRK XLI [EXIV XS XLI TYQT WYGXMSR
,MKL [EXIV XIQTIVEXYVIW GER EJJIGX XLI STIVEXMSR SJ E HMIWIP
IRKMRI HVMZI 1SHIVR IRKMRIW HYI XS )4% VIUYMVIQIRXW EVI
QSVI WIRWMXMZI XS GSSPMRK [EXIV XIQTIVEXYVIW
% 8LI VMWO EREP]WMW WLSYPH FI TVITEVIH ERH VI
ZMI[IH F] UYEPMJMIH TISTPI -RGVIEWIH XIWX JVIUYIRGMIW QMKLX
FI HIWMVEFPI [LIR LMKL MQTEGX PSWWIW GSYPH VIWYPX JVSQ ER
YRGSRXVSPPIH JMVI )\EQTPIW [LIVI MRGVIEWIH JMVI TYQT XIWX
JVIUYIRGMIW GER FI GSRWMHIVIH GSYPH MRGPYHI LMKL TMPIH WXSV
EKI JEGMPMXMIW ERH FYMPHMRKW [LIVI XLI TVIHSQMRERX SGGYTERG]
MW TVSXIGXIH F] ER I\XVE LE^EVH HIRWMX] WTVMROPIV W]WXIQ
8IWX JVIUYIRG] LEW FIIR E LIEZMP] HMWGYWWIH ERH VIWIEVGLIH
XSTMG JSV WIZIVEP ]IEVW ERH MW WXMPP GSRXMRYMRK XS FI VIWIEVGLIH
)HMXMSR
% WIX SJ HEXE [EW WYFQMXXIH MR F] E KVSYT SJ S[RIVW ERH
QEMRXEMRIVW SJ PEVKI RYQFIVW SJ JMVI TYQTW 8LMW HEXE [EW
TVIWIRXIH XS XLI GSQQMXXII EW MRHMGEXMRK E HIGVIEWIH XIWX JVI
UYIRG] SR IPIGXVMG JMVI TYQTW HMH RSX wWMKRMJMGERXP]x MQTEGX
wVIPMEFMPMX]x LS[IZIV wVIPMEFMPMX]x EW YWIH MR XLI HMWGYWWMSR SJ
XLI HEXE TVIWIRXEXMSR [EW EGXYEPP] XLI JEMPYVI VEXI ERH HMH RSX
XEOI MRXS EGGSYRX XLI IJJIGX SJ XIWX JVIUYIRG] SR XLI JMVI TYQT
VIPMEFMPMX] MI XLI XMQI FIX[IIR JEMPYVI ERH HMWGSZIV] SJ XLI
JEMPYVI EJJIGXW VIPMEFMPMX] 7YFWIUYIRXP] XLI 2*4% 6IWIEVGL
'SYRGMP GSQQMWWMSRIH VIWIEVGL ERH XLI VIWYPXERX w*MVI 4YQT
*MIPH (EXE 'SPPIGXMSR ERH %REP]WMW 6ITSVXx MR EZEMPEFPI
JSV HS[RPSEH EX [[[RJTESVK@*SYRHEXMSR VITSVXIH XLEX
IPIGXVMG JMVI TYQTW XIWXIH [IIOP] LEH E JEMPYVI VEXI SJ ETTVS\M
QEXIP] TIV ]IEV %WWYQMRK E JEMPYVI VEXI MRHITIRHIRX SJ
XLI XIWX JVIUYIRG] ERH EWWYQMRK XLEX SR XLI EZIVEKI XLI MQ
TEMVQIRX SGGYVW EX XLI QMHTSMRX SJ XLI XIWX MRXIVZEP XLMW JEMP
YVI VEXI TVSZMHIW ETTVS\MQEXIP] TIVGIRX VIPMEFMPMX] [MXL
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QSRXLP] XIWXMRK (MIWIP IRKMRI JMVI TYQTW XIWXIH [IIOP] LEH E
JEMPYVI VEXI SJ ETTVS\MQEXIP] TIV ]IEV %WWYQMRK E JEMPYVI
VEXI MRHITIRHIRX SJ XLI XIWX JVIUYIRG] ERH EWWYQMRK XLEX SR
XLI EZIVEKI XLI MQTEMVQIRX SGGYVW EX XLI QMHTSMRX SJ XLI XIWX
MRXIVZEP XLMW JEMPYVI VEXI TVSZMHIW ETTVS\MQEXIP] TIVGIRX
VIPMEFMPMX] [MXL [IIOP] XIWXMRK ERH ETTVS\MQEXIP] TIVGIRX
VIPMEFMPMX] [MXL QSRXLP] XIWXMRK
&EWIH SR XLMW HEXE XLI PS[IV VIPMEFMPMX] LEW RSX FIIR HIXIV
QMRIH XS FI EGGITXEFPI JSV EPP JEGMPMXMIW (IGMWMSRW XS HIGVIEWI
XIWX JVIUYIRG] QYWX FI FEWIH SR QSVI XLER GSWX WEZMRKW %
VIPMEFMPMX]VMWO EREP]WMW XS HIGVIEWI XIWX JVIUYIRG] WLSYPH XEOI
MRXS EGGSYRX XLI VMWO EWWSGMEXIH [MXL PMJI WEJIX] TVSTIVX] ZEP
YIW LE^EVHW ERH FYWMRIWW MRXIVVYTXMSR EX XLI TVSXIGXIH TVST
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PMEFMPMX] ERH FI YWIH MR E VIPMEFMPMX]VMWO EREP]WMW
% *SV TVIWWYVI VIPMIJ ZEPZI STIVEXMSR WII % *SV W]WXIQW [LIVI QYPXMTPI JMVI TYQTW EVI VI
UYMVIH XS QIIX XLI W]WXIQ HIQERH E SRIJSVSRI VIHYRHERG]
MW RSX RIGIWWEV] MI SRI FEGOYT TYQT JSV X[S SV QSVI TVM
QEV] TYQTW QIIXW XLI MRXIRX SJ XLMW WIGXMSR % 8LI VMWO EREP]WMW WLSYPH FI TVITEVIH ERH VI
ZMI[IH F] UYEPMJMIH TISTPI -RGVIEWIH XIWX JVIUYIRGMIW GER FI
HIWMVEFPI [LIR LMKL MQTEGX PSWWIW GSYPH VIWYPX JVSQ ER YRGSR
XVSPPIH JMVI )\EQTPIW [LIVI MRGVIEWIH JMVI TYQT XIWX JVIUYIR
GMIW GER FI GSRWMHIVIH GSYPH MRGPYHI LMKL TMPIH WXSVEKI JEGMPM
XMIW ERH FYMPHMRKW [LIVI XLI TVIHSQMRERX SGGYTERG] MW
TVSXIGXIH F] ER I\XVE LE^EVH HIRWMX] WTVMROPIV W]WXIQ
% %R EYXSQEXMG XMQIV EPPS[W E TIVWSR [LS LEW FIIR
MRWXVYGXIH SR [LEX XS [EXGL JSV ERH VIGSVH HYVMRK XLMW XIWX XS
QSRMXSV XLI XIWX ERH VIUYIWX EWWMWXERGI WLSYPH ER] MWWYIW EVMWI
% 7II 8EFPI %
% 1MRMQYQ JPS[ JSV E TYQT MW XLI GLYVR TVIWWYVI
% 8LI QIXLSH HIWGVMFIH MR MW RSX GSRWMH
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STIVEXIW ERH XS TVSZMHI EHIUYEXI TMTI WPSTI JSV HVEMREKI SJ [E
XIV JVSQ XLI TMTMRK EJXIV XLI [EXIV WTVE] W]WXIQ MW WLYX HS[R
,ERKIVW WLSYPH FI OITX MR KSSH VITEMV &VSOIR SV PSSWI LERKIVW
GER TYX YRHYI WXVEMR SR TMTMRK ERH JMXXMRKW GEYWI TMTI FVIEOW
ERH MRXIVJIVI [MXL TVSTIV HVEMREKI SJ XLI TMTI &VSOIR SV PSSWI
LERKIVW WLSYPH FI VITPEGIH SV VIJEWXIRIH
% 7]WXIQW RIIH MRWTIGXMSR XS IRWYVI [EXIV WTVE]
RS^^PIW IJJIGXMZIP] HMWGLEVKI [EXIV YRSFWXVYGXIH SRXS WYVJEGIW
XS FI TVSXIGXIH JVSQ VEHMERX LIEX I\TSWYVI TVSXIGXMSR SV
SRXS JPEQMRK WYVJEGIW XS I\XMRKYMWL SV GSRXVSP GSQFYWXMSR
*EGXSVW EJJIGXMRK XLI TVSTIV TPEGIQIRX SJ [EXIV WTVE] RS^^PIW
MRGPYHI XLI JSPPS[MRK
'LERKIW SV EHHMXMSRW XS XLI TVSXIGXIH EVIE XLEX SFWXVYGX
I\MWXMRK RS^^PIW SV VIUYMVI EHHMXMSREP GSZIVEKI JSV GSQ
TPMERGI
6IQSZEP SJ IUYMTQIRX JVSQ XLI TVSXIGXIH EVIE XLEX VI
WYPXW MR RS^^PI TPEGIQIRX EX I\GIWWMZI HMWXERGIW JVSQ XLI
LE^EVH
1IGLERMGEP HEQEKI SV TVIZMSYW JPS[ XIWXW XLEX LEZI
GEYWIH RS^^PIW XS FI QMWHMVIGXIH
% GLERKI MR XLI LE^EVH FIMRK TVSXIGXIH XLEX VIUYMVIW
QSVI SV HMJJIVIRX RS^^PIW XS TVSZMHI EHIUYEXI GSZIVEKI
JSV GSQTPMERGI
7TVE] RS^^PIW GER FI TIVQMXXIH XS FI TPEGIH MR ER] TSWMXMSR
RIGIWWEV] XS SFXEMR TVSTIV GSZIVEKI SJ XLI TVSXIGXIH EVIE
4SWMXMSRMRK SJ RS^^PIW [MXL VIWTIGX XS WYVJEGIW XS FI TVSXIGXIH
SV XS JMVIW XS FI GSRXVSPPIH SV I\XMRKYMWLIH WLSYPH FI KYMHIH
F] XLI TEVXMGYPEV RS^^PI HIWMKR ERH XLI GLEVEGXIV SJ [EXIV
WTVE] TVSHYGIH -R TSWMXMSRMRK RS^^PIW GEVI WLSYPH FI XEOIR
XLEX XLI [EXIV WTVE] HSIW RSX QMWW XLI XEVKIXIH WYVJEGI ERH
VIHYGI XLI IJJMGMIRG] SV GEPGYPEXIH HMWGLEVKI VEXI
% ;EXIV WYTTP] TMTMRK WLSYPH FI JVII SJ MRXIVREP SF
WXVYGXMSRW XLEX GER FI GEYWIH F] HIFVMW IK VSGOW QYH XY
FIVGPIW SV F] GPSWIH SV TEVXMEPP] GPSWIH GSRXVSP ZEPZIW 7II
'LETXIV JSV MRWTIGXMSR ERH QEMRXIRERGI VIUYMVIQIRXW
% 1EMRPMRI WXVEMRIVW WLSYPH FI VIQSZIH ERH MR
WTIGXIH JSV HEQEKIH ERH GSVVSHIH TEVXW IZIV] ]IEVW
% 8LI TVSTIVX] S[RIV SV HIWMKREXIH VITVIWIRXEXMZI
WLSYPH XEOI GEVI XS TVIZIRX HEQEKI XS IUYMTQIRX SV XLI WXVYG
XYVI HYVMRK XLI XIWX (EQEKI GSYPH FI GEYWIH F] XLI W]WXIQ
HMWGLEVKI SV F] VYRSJJ JVSQ XLI XIWX WMXI -X WLSYPH FI ZIVMJMIH
XLEX XLIVI MW EHIUYEXI ERH YRSFWXVYGXIH HVEMREKI )UYMTQIRX
WLSYPH FI VIQSZIH SV GSZIVIH EW RIGIWWEV] XS TVIZIRX HEQ
EKI 1IERW WYGL EW GYVFMRK SV WERHFEKKMRK WLSYPH FI YWIH XS
TVIZIRX IRXV] SJ XLI [EXIV
% 8IWX QIXLSHW EVI EW JSPPS[W
7SQI HIXIGXMSR GMVGYMXW GER FI TIVQMXXIH XS FI HIPMFIV
EXIP] HIWIRWMXM^IH MR SVHIV XS SZIVVMHI YRYWYEP EQFMIRX
GSRHMXMSRW -R WYGL GEWIW XLI VIWTSRWI VIUYMVIH MR
GER FI TIVQMXXIH XS FI I\GIIHIH
8IWXMRK SJ MRXIKVEXMRK XYFMRK W]WXIQW GER FI TIVQMXXIH XS
FI VIPEXIH XS XLMW XIWX F] QIERW SJ E WXERHEVH TVIWWYVI
MQTYPWI XIWX WTIGMJMIH F] XLI PMWXMRK PEFSVEXSV]
3RI QIXLSH SJ XIWXMRK LIEX HIXIGXMSR YWIW E VEHMERX LIEX
WYVJEGI EX E XIQTIVEXYVI SJ ”* ”' ERH E GETEGMX]
)HMXMSR
SJ [EXXW EX E HMWXERGI SJ MR QQ FYX RSX QSVI
XLER MR QQ JVSQ XLI RIEVIWX TEVX SJ XLI HIXIGXSV
8LMW QIXLSH SJ XIWXMRK [MXL ER IPIGXVMG XIWX WIX WLSYPH RSX
FI YWIH MR LE^EVHSYW PSGEXMSRW 3XLIV XIWX QIXLSHW GER
FI TIVQMXXIH XS FI IQTPS]IH FYX XLI VIWYPXW WLSYPH FI
SFXEMRIH YRHIV XLIWI GSRHMXMSRW
% 7TVE] RS^^PIW GER FI SJ HMJJIVIRX WM^IW ERH X]TIW
7SQI EVI QSVI WYFNIGX XS MRXIVREP SFWXVYGXMSRW XLER SXLIVW
% 7II % (MVIGXMSREPX]TI JSEQ[EXIV HMWGLEVKI HIZMGIW EVI
UYMXI SJXIR PSGEXIH MR LIEZ] XVEJJMG EVIEW ERH EVI QSVI ETX XS
FI HMWPSGEXIH GSQTEVIH XS SVHMREV] WTVMROPIV PSGEXMSRW 3J
TEVXMGYPEV GSRGIVR EVI PS[PIZIP HMWGLEVKI HIZMGIW MR PSEHMRK
VEGOW MR ERH EVSYRH PS[PIZIP XEROEKI ERH QSRMXSVQSYRXIH
HIZMGIW XLEX LEZI FIIR TYWLIH SYX SJ XLI [E] JSV GSRZIRMIRGI
-RWTIGXMSR JVIUYIRG] QMKLX LEZI XS FI MRGVIEWIH EGGSVHMRKP]
% (MWGLEVKI HIZMGIW EVI PMWXIH SV ETTVSZIH JSV TEV
XMGYPEV JSEQ GSRGIRXVEXIW
% ;EXIV WYTTP] TMTMRK WLSYPH FI JVII SJ MRXIVREP SF
WXVYGXMSRW XLEX GER FI GEYWIH F] HIFVMW IK VSGOW QYH XY
FIVGPIW SV F] GPSWIH SV TEVXMEPP] GPSWIH GSRXVSP ZEPZIW 7II
'LETXIV JSV MRWTIGXMSR ERH QEMRXIRERGI VIUYMVIQIRXW
% 4VSTSVXMSRMRK W]WXIQW QMKLX SV QMKLX RSX MRGPYHI
JSEQ GSRGIRXVEXI TYQTW -J TYQTW EVI TEVX SJ XLI TVSTSVXMSR
MRK W]WXIQ XLI HVMZIV TYQT ERH KIEV VIHYGIV WLSYPH FI MR
WTIGXIH MR EGGSVHERGI [MXL XLI QERYJEGXYVIVvW VIGSQQIRHE
XMSRW ERH XLI MRWTIGXMSR GER MRGPYHI MXIQW WYGL EW
PYFVMGEXMSR JYIP JMPXIVW SMP PIZIPW ERH GPYXGLIW
% -R WSQI GEWIW ER EHIUYEXI WYTTP] SJ JSEQ PMUYMH MW
EZEMPEFPI [MXLSYX E JYPP XERO 8LMW MW TEVXMGYPEVP] XVYI SJ JSEQ
PMUYMH WXSVIH MR RSRQIXEPPMG XEROW -J PMUYMH MW WXSVIH MR QIXEP
PMG XEROW XLI TVSTIV PMUYMH PIZIP WLSYPH FI SRILEPJ XLI HMW
XERGI MRXS XLI I\TERWMSR HSQI
% 8LI WXERHEVH TVIWWYVI TVSTSVXMSRIV MW E TVIW
WYVI ZIWWIP %PXLSYKL YRHIV RSVQEP WXERHF] GSRHMXMSRW XLMW
X]TI SJ TVSTSVXMSRMRK W]WXIQ WLSYPH RSX FI TVIWWYVM^IH WSQI
MRWXEPPEXMSRW EPPS[ JSV MREHZIVXIRX TVIWWYVM^EXMSR 4VIWWYVI
WLSYPH FI VIQSZIH FIJSVI MRWTIGXMSR
% 8LI FPEHHIV XERO TVSTSVXMSRIV MW E TVIWWYVI
ZIWWIP ;LIVI MRWTIGXMRK JSV E JYPP PMUYMH XERO XLI QERYJEGXYV
IVvW MRWXVYGXMSRW WLSYPH FI JSPPS[IH -J MRWTIGXIH MRGSVVIGXP]
XLI XERO WMKLX KEYKIW GSYPH MRHMGEXI E JYPP XERO [LIR XLI XERO
EGXYEPP] MW IQTX] SJ JSEQ PMUYMH 7SQI JSEQ PMUYMHW HYI XS
XLIMV ZMWGSWMX] QMKLX RSX MRHMGEXI XVYI PIZIPW SJ JSEQ PMUYMH MR
XLI XERO [LIVI MRWTIGXIH ZME XLI WMKLX KPEWW
'%98-32 (ITIRHMRK SR W]WXIQ GSRJMKYVEXMSR XLMW X]TI SJ
TVSTSVXMSRIV W]WXIQ QMKLX FI TVIWWYVM^IH SV RSRTVIWWYVM^IH
YRHIV RSVQEP GSRHMXMSRW 4VIWWYVI WLSYPH FI VIQSZIH FIJSVI
MRWTIGXMSR
% 7II % 7II *MKYVI %
% 7II % 7II *MKYVI %
% 7II % 7II *MKYVI %
% 7II % 7II *MKYVI %
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
z
%22)< %
% 3TIVEXMSREP XIWXW KIRIVEPP] WLSYPH FI GSQTVMWIH SJ
XLI JSPPS[MRK
% HIXIGXMSREGXYEXMSR XIWX [MXL RS JPS[ XS ZIVMJ] XLEX EPP
GSQTSRIRXW WYGL EW EYXSQEXIH ZEPZIW JSEQ ERH [EXIV
TYQTW ERH EPEVQW STIVEXI TVSTIVP]
% [EXIVSRP] JPS[ XIWX XS MRWTIGX TMTMRK GSRXMRYMX] HMW
GLEVKI TEXXIVRW TVIWWYVIW ERH PMRI JPYWLMRK
% JSEQ JPS[ XIWX XS ZIVMJ] WSPYXMSR GSRGIRXVEXMSR
6IWIXXMRK SJ W]WXIQ XS MXW RSVQEP WXERHF] GSRHMXMSR MR
GPYHMRK HVEMRMRK SJ PMRIW ERH JMPPMRK SJ JSEQ PMUYMH XERO
% 8LI TVSTIVX] S[RIV SV HIWMKREXIH VITVIWIRXEXMZI
WLSYPH XEOI GEVI XS TVIZIRX HEQEKI XS IUYMTQIRX SV XLI WXVYG
XYVI HYVMRK XLI XIWX (EQEKI GSYPH FI GEYWIH F] XLI W]WXIQ
HMWGLEVKI SV F] VYRSJJ JVSQ XLI XIWX WMXI -X WLSYPH FI ZIVMJMIH
XLEX XLIVI MW EHIUYEXI ERH YRSFWXVYGXIH HVEMREKI )UYMTQIRX
WLSYPH FI VIQSZIH SV GSZIVIH EW RIGIWWEV] XS TVIZIRX HEQ
EKI 1IERW WYGL EW GYVFMRK SV WERHFEKKMRK WLSYPH FI YWIH XS
TVIZIRX IRXV] SJ XLI JSEQ[EXIV WSPYXMSR
% %R EPXIVREXMZI QIXLSH JSV EGLMIZMRK JPS[ GER FI TIV
QMXXIH XS FI ER MRWXEPPEXMSR EW WLS[R MR *MKYVI % 8LMW
X]TI SJ XIWXMRK HSIW RSX ZIVMJ] W]WXIQ TMTI GSRHMXMSRW SV HMW
GLEVKI HIZMGI TIVJSVQERGI FYX SRP] XLI [EXIV WYTTP] JSEQ
GSRGIRXVEXI WYTTP] ERH TVSTSVXMSRMRK EGGYVEG]
% 7TIGMJMG JSEQ GSRGIRXVEXIW X]TMGEPP] EVI PMWXIH SV
ETTVSZIH [MXL WTIGMJMG WTVMROPIVW 4EVX SJ XLI ETTVSZEP ERH
PMWXMRK MW E QMRMQYQ WTVMROPIV STIVEXMRK TVIWWYVI 7TVMROPIV
STIVEXMRK TVIWWYVI EJJIGXW JSEQ UYEPMX] HMWGLEVKI TEXXIVRW
ERH JMVI I\XMRKYMWLQIRX GSRXVSP GETEFMPMXMIW (MWGLEVKI
TVIWWYVIW PIWW XLER XLMW WTIGMJMIH QMRMQYQ TVIWWYVI WLSYPH FI
GSVVIGXIH MQQIHMEXIP] XLIVIJSVI MX MW RIGIWWEV] XS XIWX YRHIV
JYPP JPS[ GSRHMXMSRW
% 8LI QEMRXIRERGI MXIQW WTIGMJMIH MR XLI FSH] SJ XLMW WXER
HEVH EVI MR EHHMXMSR XS XLI X]TMGEP MRWTIGXMSR ERH XIWX TVSGIHYVIW
MRHMGEXIH *SEQ[EXIV W]WXIQW EVI EW EVI EPP JMVI TVSXIGXMSR W]W
XIQW HIWMKRIH XS FI FEWMGEPP] QEMRXIRERGI JVII 8LIVI EVI LS[
IZIV WSQI EVIEW XLEX RIIH WTIGMEP EXXIRXMSR *SEQ GSRGIRXVEXI
WLIPJ PMJI ZEVMIW FIX[IIR PMUYMHW ERH MW EJJIGXIH F] JEGXSVW WYGL EW
LIEX GSPH HMPYXMSR GSRXEQMREXMSR ERH QER] SXLIVW %W [MXL EPP
W]WXIQW GSQQSR WIRWI HMGXEXIW XLSWI QEMRXIRERGIWIRWMXMZI EV
IEW XLEX WLSYPH FI KMZIR EXXIRXMSR 6SYXMRI XIWXMRK ERH MRWTIG
XMSR KIRIVEPP] HMGXEXI XLI RIIH JSV EHHMXMSREP QEMRXIRERGI MXIQW
8LSWI QEMRXIRERGI MXIQW WTIGMJMIH EVI OI] TVSGIHYVIW XLEX
WLSYPH FI TIVJSVQIH VSYXMRIP]
% *SEQ GSRGIRXVEXIW XIRH XS WIXXPI SYX SZIV XMQI (I
TIRHMRK SR XLI WTIGMJMG GLEVEGXIVMWXMGW SJ XLI JSEQ GSRGIRXVEXI
WIHMQIRXEXMSR EGGYQYPEXIW MR XLI FSXXSQ SJ XLI WXSVEKI ZIWWIP
8LMW WIHMQIRX GER EJJIGX TVSTSVXMSRMRK ERH JSEQ GSRGIRXVEXI
MRXIKVMX] 7SQI GSRGIRXVEXIW XIRH XS WIXXPI SYX QSVI VETMHP] XLER
SXLIVW -J XLI ERRYEP WEQTPIW MRHMGEXI I\GIWWMZI WIHMQIRX JPYWL
MRK XLI XERO GSYPH FI VIUYMVIH QSVI JVIUYIRXP]
348-32&
348-32%
'SRXVSPPIVEJXIV
WTVMROPIVZEPZI
'SRXVSPPIVFIJSVI
WTVMROPIVZEPZI
8SWTVMROPIVW
8SWTVMROPIVW
37 =ZEPZI WYTIVZMWIH
8SMWSPEXMSRZEPZI
*PS[EPEVQW[MXGL
8IWXGSRRIGXMSR
7TVMROPIVZEPZI EPEVQHV]TMTI
SVHIPYKI
'SRGIRXVEXIMWSPEXMSRZEPZI
8STPERXEPEVQW
4VSTSVXMSRIVGSRXVSPPIV
*VSQTVSTSVXMSRIV
8SMWSPEXMSRZEPZI
37 =ZEPZI WYTIVZMWIH
8STVSTSVXMSRIV
8STPERXEPEVQW
*PS[EPEVQW[MXGL
7TVMROPIVZEPZI EPEVQHV]TMTI
SVHIPYKI
8IWXGSRRIGXMSR
'SRGIRXVEXIMWSPEXMSRZEPZI
*VSQTVSTSVXMSRIV
4VSTSVXMSRIVGSRXVSPPIV
37 =ZEPZI WYTIVZMWIH
8STVSTSVXMSRIV
2SXI
(IXEMPWX]TMGEPSJ[IXTMTIWTVMROPIVW]WXIQ
[MXLFPEHHIVX]TITVSTSVXMSRIV
;EXIVWYTTP]
;EXIVWYTTP]
*-+96) % *SEQ 7]WXIQ8IWX ,IEHIV 'SQFMREXMSR
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
z
-274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
% ;LIVI L]HVSWXEXMGEPP] XIWXMRK FPEHHIV XEROW XLI
KIRIVEXMSR SJ E TVIWWYVI HMJJIVIRXMEP EGVSWW XLI HMETLVEKQ
WLSYPH RSX FI EPPS[IH 8LI QERYJEGXYVIV WLSYPH FI GSRWYPXIH
JSV WTIGMJMG TVSGIHYVIW
% -R PMIY SJ VITPEGMRK [EXIV QMWX RS^^PIW XLEX EVI
PSEHIH [MXL E GSEXMRK SJ HYWX MX MW TIVQMXXIH XS GPIER XLI
RS^^PIW [MXL GSQTVIWWIH EMV SV F] E ZEGYYQ TVSZMHIH XLEX XLI
IUYMTQIRX HSIW RSX XSYGL XLI RS^^PI
% ;EXIV QMWX RS^^PIW WLSYPH FI JMVWX KMZIR E ZMWYEP
MRWTIGXMSR JSV WMKRW SJ QIGLERMGEP HEQEKI GPIERMRK TEMRX
MRK PIEOEKI MR WIVZMGI SV WIZIVI PSEHMRK SV GSVVSWMSR EPP SJ
[LMGL EVI GEYWIW JSV MQQIHMEXI VITPEGIQIRX 2S^^PIW XLEX
LEZI TEWWIH XLI ZMWYEP MRWTIGXMSR WLSYPH FI PEFSVEXSV] XIWXIH
JSV WIRWMXMZMX] ERH JYRGXMSREPMX] 8LIVQEP WIRWMXMZMX] WLSYPH FI
RSX PIWW XLER XLEX TIVQMXXIH MR TSWXGSVVSWMSR XIWXMRK SJ RI[
[EXIV QMWX RS^^PIW SJ XLI WEQI X]TI ;EXIV QMWX RS^^PIW XLEX
LEZI FIIR MR WIVZMGI JSV E RYQFIV SJ ]IEVW WLSYPH RSX FI I\
TIGXIH XS LEZI EPP SJ XLI TIVJSVQERGI UYEPMXMIW SJ E RI[ [EXIV
QMWX RS^^PI ,S[IZIV MJ XLIVI MW ER] UYIWXMSR EFSYX XLIMV GSR
XMRYIH WEXMWJEGXSV] TIVJSVQERGI XLI [EXIV QMWX RS^^PIW WLSYPH
FI VITPEGIH
% 8LIWI IRZMVSRQIRXW MRGPYHI SYXHSSV [IEXLIV
GSRHMXMSRW ERH TSVXMSRW SJ ER] EVIE [LIVI GSVVSWMZI ZETSVW
TVIZEMP ,EVWL [EXIV IRZMVSRQIRXW MRGPYHI [EXIV WYTTPMIW XLEX
EVI GLIQMGEPP] VIEGXMZI
% ;MXLMR XLI EVIE VITVIWIRXIH F] XLI WIPIGXIH
WEQTPI [EXIV QMWX RS^^PIW SJ XLI WEQI HIWMKR TVSHYGIH F] XLI
WEQI QERYJEGXYVIV GER FI GSRWMHIVIH TEVX SJ XLI WEQI
WEQTPI FYX EHHMXMSREP [EXIV QMWX RS^^PIW [SYPH RIIH XS FI
WIPIGXIH MJ TVSHYGIH F] E HMJJIVIRX QERYJEGXYVIV
% 8LI VITVIWIRXEXMZI WEQTPI WLSYPH MRGPYHI TIV
GIRX SJ XLI [EXIV QMWX RS^^PIW MR XLI EGXMZEXIH ^SRI -J GSRXEQMRE
XMSR SJ JMPXIVW SV WXVEMRIVW MW JSYRH SR MRWTIGXMSR MX MW VIGSQ
QIRHIH XLEX EPP RS^^PIW [MXLMR XLI EGXMZEXIH ^SRI FI MRWTIGXIH
% )EGL [EXIV QMWX RS^^PI LEW YRMUYI VIUYMVIQIRXW
JSV TVSXIGXMSR ETTPMGEXMSRW ERH IRHYWI PMQMXEXMSRW
% % QMRMQYQ SJ X[S [EXIV QMWX RS^^PIW SJ IEGL X]TI
ERH XIQTIVEXYVI VEXMRK MRWXEPPIH WLSYPH FI TVSZMHIH
% 3XLIV X]TIW SJ [VIRGLIW GSYPH HEQEKI XLI [EXIV
QMWX RS^^PIW
% 8]TMGEP WERH[MGL FEKW TYVGLEWIH MR E KVSGIV]
WXSVI EVI KIRIVEPP] TPEWXMG RSX GIPPSTLERI 4PEWXMG FEKW LEZI E
XIRHIRG] XS WLVMRO ERH EHLIVI XS XLI RS^^PIW TVMSV XS RS^^PI
EGXMZEXMSR GVIEXMRK XLI TSXIRXMEP JSV HMWVYTXMSR SJ RS^^PI WTVE]
TEXXIVR &EKW TPEGIH SZIV RS^^PIW RIIH XS FI GIPPSTLERI SV
TETIV
% %PEVQ :EPZIW %PEVQ ZEPZIW EVI MRWXEPPIH MR [EXIVFEWIH
JMVI TVSXIGXMSR W]WXIQW XS WSYRH E JMVI EPEVQ [LIR E JPS[ SJ
[EXIV JVSQ XLI W]WXIQ IUYEPW SV I\GIIHW XLI JPS[ SJ E WMRKPI
HMWGLEVKI HIZMGI % VIXEVHMRK GLEQFIV [LMGL QMRMQM^IW JEPWI
EPEVQW HYI XS WYVKIW ERH JPYGXYEXMRK [EXIV WYTTP] TVIWWYVI
GER FI WYTTPMIH [MXL XLI EPEVQ ZEPZI
&EGOJPS[ 4VIZIRXMSR (IZMGIW &EGOJPS[ TVIZIRXMSR HIZMGIW EVI
YWIH XS TVIZIRX [EXIV MR E JMVI TVSXIGXMSR W]WXIQ JVSQ IRXIVMRK
XLI TYFPMG [EXIV WYTTP] HYI XS E VIZIVWI JPS[ SJ [EXIV XLIVQEP
I\TERWMSR L]HVEYPMG WLSGO FEGO TVIWWYVI SV FEGO WMTLSREKI
?7II *MKYVI % E A
&EPP :EPZIW &EPP ZEPZIW EVI QERYEPP] STIVEXIH XLVSYKL XLIMV
JYPP VERKI SJ STIR XS GPSWIH TSWMXMSRW [MXL E SRIUYEVXIV XYVR
)HMXMSR
&YXXIVJP] :EPZIW &YXXIVJP] ZEPZIW EVI [EXIV WYTTP] GSRXVSP
ZEPZIW [MXL KIEV STIVEXSVW XS EWWMWX MR STIRMRK ERH GPSWMRK
&YXXIVJP] ZEPZIW GER FI SJ XLI [EJIV SV KVSSZIHIRH X]TI ?7II
*MKYVI % F A
'LIGO :EPZIW 'LIGO ZEPZIW EPPS[ [EXIVJPS[ MR SRI HMVIGXMSR
SRP] ?7II *MKYVI % G A
('% % HSYFPI GLIGO EWWIQFP] ('% GSRWMWXW SJ X[S MRHI
TIRHIRXP] STIVEXMRK WTVMRKPSEHIH GLIGO ZEPZIW 8LI EWWIQFP]
MRGPYHIW X[S VIWMPMIRXWIEXIH MWSPEXMSR ZEPZIW ERH JSYV XIWX
GSGOW VIUYMVIH JSV XIWXMRK
('(% % HSYFPI GLIGO HIXIGXSV EWWIQFP] ('(% MW L]
HVEYPMGEPP] FEPERGIH XS MRGPYHI E QIXIVIH F]TEWW EWWIQFP] XS
HIXIGX W]WXIQ PIEOEKI 8LI QEMR ZEPZI EWWIQFP] ERH F]TEWW
EWWIQFP] EJJSVH IUYEP PIZIPW SJ FEGOJPS[ TVIZIRXMSR ERH EVI
IEGL IUYMTTIH [MXL X[S VIWMPMIRXWIEXIH MWSPEXMSR ZEPZIW ERH
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267 +EXI :EPZIW 37 = +EXI :EPZIW 2SRVMWMRK WXIQ 267
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MRK IVSWMSR GSVVSWMSR IRZMVSRQIRXEP GVEGOMRK ERH
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8EFPI % % %
*SEQ[EXIV WTVMROPIV W]WXIQW 8EFPI 8EFPI % % XS % *SVQW JSV %RRI\ &
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% %
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% %
%PEVQ % %
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*MVI TYQT VIPMIJ ,SWI 4VIEGXMSR 4VIWWYVIVIHYGMRK %
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4VMZEXI JMVI WIVZMGI QEMRW %
6IGSVHW WII 6IGSVHW
7TVMROPIVW % XS %
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% % %
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(IJMRMXMSR ;EXIV WTVE] W]WXIQW 1EVMRI WTVMROPIV W]WXIQW %
(IJMRMXMSR 1EWXIV TVIWWYVIVIHYGMRK ZEPZI %
(IJMRMXMSR 1EWXIV TVIWWYVIVIKYPEXMRK ZEPZI % XS %
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3FWXVYGXMSRW
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% XS % (
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%YXSQEXMG HIJMRMXMSR %
1ERYEP WII 1ERYEP STIVEXMSR
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% % (IJMRMXMSR 3VREQIRXEPHIGSVEXMZI WTVMROPIV HIJMRMXMSR 3[RIVSGGYTERX VIWTSRWMFMPMXMIW %
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4EMRXIH WTVMROPIVW 8EFPI % % % %
4IRHIRX WTVMROPIVW % % ( (
(IJMRMXMSR 4IVJSVQERGIFEWIH TVSKVEQ HIJMRMXMSR 4IVJSVQERGIFEWIH TVSKVEQW %
4MIVW WTVMROPIVW JSV 4MTMRK
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9RHIVKVSYRH 8EFPI % %
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4VSGIWW GLERKIW MR %
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6IHYGIHTVIWWYVI TVMRGMTPI FEGOJPS[ TVIZIRXMSR
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SV GSPH [IEXLIV
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7GSTI SJ WXERHEVH % XS %
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3FWXVYGXMSRW %
4MTMRK WII 4MTMRK
8IWXMRK WII 8IWXMRK
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1EMRXIRERGI 8EFPI 1ERYEP WXERHTMTI W]WXIQ 8EFPI % %
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7XSVEKI XEROW WII ;EXIV XEROW
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%
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% XS % % %
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4VIWWYVIVIHYGMRK %
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;EXIV WTVE] W]WXIQW 8EFPI % % % XS %
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9TVMKLX WTVMROPIVW %
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7XERHTMTI ERH LSWI W]WXIQW 8EFPI 8EFPI ;EXIV QMWX W]WXIQW ;EXIV WTVE] W]WXIQW 8EFPI ;EXIV QMWX W]WXIQW 'LET (IJMRMXMSR -RWTIGXMSR QEMRXIRERGI ERH XIWXMRK % XS % % XS %
8VEMRMRK ;EXIV WTVE] HIJMRMXMSR %
;EXIV WTVE] RS^^PIW 8EFPI 8EFPI % % %
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1ERYEP STIVEXMSRW 6IXYVR XS WIVZMGI EJXIV XIWXMRK 8IWXMRK WII 8IWXMRK
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'SQTSRIRX EGXMSR VIUYMVIQIRXW (IJMRMXMSR )QFEROQIRXWYTTSVXIH GSEXIH JEFVMG XEROW
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Submitting Public Input / Public Comment through the Electronic Submission System (e-Submission):
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1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
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.
12/12-C
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