Proposed resolution (April, 2013):
Change _N4885_6.7.5.5.4 [basic.stc.dynamic.safety] paragraph 4 as follows:
Alternatively, an implementation may have strict pointer safety, in which case a pointer value referring to an object with dynamic storage duration that is not a safely-derived pointer value is an invalid pointer value unless the referenced complete objectis of dynamic storage duration andhas previously been declared reachable (_N4885_.20.10.5 [util.dynamic.safety]). [Note:...