The Tyranny of the Male Preserve

TLDR: In this article, a two-year ethnographic study of boxing is used to argue that the notion of the male preserve is still a useful conceptual, theoretical and political device especially when considered as produced by the tyranny of gender power through the dramatic representation and reification of behaviours symbolically linked to patriarchal narrations of manhood.

Abstract: Within this paper I draw on short vignettes and quotes taken from a two-year ethnographic study of boxing to think through the continuing academic merit of the notion of the male preserve. This is an important task due to evidence of shifts in social patterns of gender that have developed since the idea was first proposed in the 1970s. In aligning theoretical contributions from Lefebvre and Butler to discussions of the male preserve, we are able to add nuance to our understanding of how such social spaces are engrained with and produced by the lingering grasp of patriarchal narratives. In particular, by situating the male preserve within shifting social processes, whereby certain men’s power is increasingly undermined, I highlight the production of space within which narratives connecting men to violence, aggression and physical power can be consumed, performed and reified in a relatively unrestricted form. This specific case study contributes to gender theory as an illustration of a way in which we might explore and understand social enclaves where certain people are able to lay claim to space and power. As such, I argue that the notion of the male preserve is still a useful conceptual, theoretical and political device especially when considered as produced by the tyranny of gender power through the dramatic representation and reification of behaviours symbolically linked to patriarchal narrations of manhood.

Full text

!
"!
!
"#$!"%&'((%!)*!+#$!,'-$!.&$/$&0$!
!
1#&2/+)3#$&!45!,'++#$6/7!8(20$&/2+%!)*!9&2:#+)(!
!
!
;</+&'=+!
!
#$%&$'! %&$(! )*)+,! -! .,*/! 0'! (&0 ,%! 1$2' +%%+(! *' .! 340%+(! %*5+'! 6,07 ! *! %/ 089+*,!
+%&'02,*)&$:! (%4.9! 06! ;0<$'2! %0! %&$'5! %&, 042 &! %&+! :0'%$'4$' 2! * :*. +7 $:! 7+,$%! 06! %&+!
'0%$0'! 06!%&+!7*=+!),+(+,1+>!?&$(!$(!* ' !$7)0 , %* '% !%*(5!.4+!%0!+1$.+':+!06!(&$6%(!$'!(0:$*=!
)*%%+,'(!06!2+'.+,!%&*%!&*1+!.+1+=0)+.!($':+!%&+!$.+*!/ * (!6$,(%!),0 ) 0 (+ . !$'!%&+!"@ AB ( >!
-'!*=$2'$'2!%&+0,+%$:*=!:0'%,$;4%$0'(!6,07! C +6+ ; 1,+! *'.! D4%=+,!%0! .$(:4(($0'(!06!%&+!7 * =+!
),+(+,1+E!/+!*,+!*; =+!%0!*..!'4*':+!%0!04,! 4'.+,(%*'.$'2! 06!&0/!(4:&!(0:$*=!()*:+(!*,+!
+'2,*$'+.! /$%&! *'.! ),0.4:+.! ;9! %&+! =$'2+,$'2! 2,*()! 06! )*%,$*,:&*=! '*,,*%$1+(>! -'!
)*,%$:4=*,E! ;9! ($%4*%$'2! %& +! 7*=+! ) ,+(+,1 +! /$%&$'! (& $6%$'2! (0:$*=! ),0:+ ((+(E! /&+,+;9 !
:+,%*$'! 7+'F(! )0/+,! $(! $':,+*($'2=9! 4'.+,7$'+.E! -! &$2&=$2&%! %&+! ),0.4:%$0'! 06! ()*:+!
/$%&$'!/ & $:& !'*,,*%$1+(! :0''+:%$'2! 7+'!%0!1$0=+':+E!*22,+(($0'! *'.!)&9($:*=! )0/+,!:*'!
;+!:0'(47+.E!)+,60,7+.! *'.!,+$6$+.!$'!*!,+=*%$1+=9!4',+(%,$:%+.!60,7>!?&$(!()+:$6$:!:*(+!
(%4.9!:0' %,$;4%+(! %0!2+'.+,! %&+0 ,9! *(!*'! $==4(%,*%$0'! 06! *!/*9! $'!/&$:&! / +!7$2&%! +<)=0,+ !
*'.!4'.+,(%*'.!(0:$*=!+':=*1+(!/&+,+!:+,%*$'!)+0)=+!*,+!*;=+!%0!=*9!:=*$7!%0!()*:+!*'.!
)0/+,>!G(!(4:&E!-!*,24+!%& *%!%&+!'0%$0' !06!%&+!7 * =+!),+(+,1+!$( !(%$==!*!4(+64=!:0':+) %4 * =E!
%&+0,+%$:*=!*'.!)0 =$%$:*=!.+1$:+!+()+:$*==9!/ &+'!:0'($.+,+.!*(!),0.4:+.!;9!%&+!%9 ,*' '9 !
06! 2+'.+,! )0/+,! %&,042&! %&+! .,*7*%$:! ,+),+( +'%* %$0'! *' .! ,+$6$:*%$0' ! 06! ;+&* 1$04 ,(!
(97;0=$:*==9!=$'5+.!%0!)*%,$*,:&*=!'*,,*%$0'(!06!7*'&00.>!!
!
>$%6)&?/@!A$(?$&7!.)6$&7!,$(7!9)?2$/7!B3'=$7!9)C2(:7!4$2*2='+2)(7!D+#():&'3#%!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
?&$(! $(! )*)+,! $(! 60,%&:07$'2! $'! H+'.+,! *'.! I0:$+%9! J&%%)KLL2*(>(*2+)4;>:07LM! *'.!
(&04=.!;+!)4;=$(&+.!0'=$'+!$'!+*,=9!NB"O!

!
N!
!
P,*/$'2!0'!.*%*! :0==+:%+.! .4,$'2!*'!+%&'02,*)&$:! (%4.9!/$%&$'! *!;0<$'2E!/+ $2 & % !
=$6%$'2! *'.! 7$<+.! 7*,%$*=! *,%(! 297 E! -! %&$'5! %&,042&! %&+ ! :0'%$'4$'2! *:*.+7$:! 7+,$%! 0 6!
:0'($.+,$'2!()0,%!*(!*! 7*=+!),+(+,1+>!Q9!*$7!$(!%0!),01$.+!*!70,+!'4 *':+.!2,*()!06!&0/ !
(0:$*=! +':=*1+(! +<)=$:$%=9! 7*,5+.! ;9! %&+! =$'2+,$'2! 2,*()! 06! )*%,$*,:&*=! (0:$*=! ,+=*%$0'(!
*,+! +7;+..+.! /$%&! *'.! ),0.4:+.! ;9! $.+* (! *; 0 4 % ! 2+' . + ,>! ?&$(! ()+: $6$:! :*(+! (%4.9!
:0'%,$;4%+(!%0!2+'.+,!%&+0,9!*(!*'!$==4(%,*%$0'!06!*!/*9!$'!/ &$:&!/+!7$2&%!+<)=0,+!*'.!
4'.+,(%*'.!()*:+(!/&+,+!:+,%*$'!)+0)=+!*,+! *;=+! %0!=*9! :=*$7! %0! ()*:+!*'.! )0/+,! / $%&$'!
=*%+! 70. +,' ! # + (%+ ,' ! (0: $+%9 >! ?&+! *'*=9($(! ;,$'2(! %02+%&+,! C+6+;1,+F(! J"@@"M! *' . !
D4%=+,F(! JR"@@ST! NB""M! :077$%7 +' %(! %0! 4'.+,7 $'$'2 ! %& +! *;(%,*:%E! :0':+) %4* =!
(+)*,*%$0'! 06! (0 :$*=! ) 0/ +,! 6,07! %&+! ;0.$+(! *'.! ()*:+(! 06! +1+,9.*9 ! =$6+>! U0 ==0/$'2!
U04:*4=%! J"@VB M! -! /$==! : =*$7 ! %&*%! %&+! %9,*''9! 06! 2+'.+,+.! )0/+,! JP0*'! NB"BME! $' ! %&+!
60,7!06! '*,,*%$1+(! *' .!,+),+(+'%*%$0'(!*;04%!;0<$'2 E!1$0=+':+ !*'.!7 +' E!$(!,+$6$+ . !/$%&$'!
,04%$'+! +<)+,$+':+(! $' ( $.+ ! %&+! 7*=+! ),+(+,1+>! ?0! ),01$.+! (07+! :0'%+<%E! -! ;+ 2 $' ! ;9!
+<)=0,$'2!%&+!%&+0,+%$:*=!;*:52,04' .!06!%&+!7*=+!),+(+,1+>!
!
"#$!,'-$!.&$/$&0$!
!
U0,%98%/0!9+*,(!*2 0!W+ '' +%&!I &+* ,.!*' .!X ,$:!P4 '' $'2!) 4; =$(&+.!0'+!06!%&+! 6$,(%!
(0:$0=02$:*=!,+(+*,:&!*,%$:=+(! *;04%!()0,%!$' !/&$:&!2+'.+,!/*(!+<)=$:$%=9!+<)=0,+.!*(!%&+!
:+'%,*=! %&+7+>! !"#$%&'()$*+&($,-$,$!).#$/0$1 ,+#$23#-#34#! JI&+*,.! *'.! P4''$'2!"@ASM!
34$%+! *(%4%+=9! )=*:+.! %&+$,! *::04'%! 06! ,42;9! (4;:4=%4,+(! /$%&$'! &$(%0,$:*==9! (&$6%$'2!
)*%%+,'(!06!2+'.+,!*'.! ()0,%! $'!X'2=*'.>!G,04'.! %&$(!%$7+E!%&,042&! *!()+:$6$:!60:4(! 0,!$'!
.+.$:*%+.!(+:%$0'(E!0%&+,!/0,5(!*=(0!;+2*'!%0!.+:0'(%,4:%!%&+!),+1$04(=9!*((47+.!*'.!
*::+)%+.! $'+34*=$+(! $'! () 0,%! JD 04 %$=+,! *'. ! I*'! H$0 1*' '$! "@V SY! Z0: &! "@ASY! I*;0! *'.!
[4'60=*! "@VBME! *'.! *..+.! %&+0,+%$:*=! JP4'' $'2! "@VOY! #$==$(! "@VNM! *'.! )0=$%$:*=!
J?&+;+,2+! "@V\ M! /+$2& %! %0 ! %&+! $' $%$* =! +7 )$,$:*=! +<)=0,*%$0'(>!?&+!'0%$0'!06! ()0,%! *(! *!
7*=+! ),+(+,1+! 34$:5=9! 2*$'+.! :0':+)%4*=! )4,:&*(+! *'.! ;+:*7+! (07+%&$'2! 06! *'!
*:*.+7$:! 0,%&0.0<9>! -'! &$2&=$2&%$'2! %& +! 2+'.+,+. ! . $7 +' ($0' (! 0 6! %&+! & $(%0,$:*=!
.+1+=0)7+'%E!$.+0=02$+(E!)*,%$:$)*%$0'!=+1 +=(!*'.! *.7 $'$(%,*%$0'!06!()0,%E!%& +(+!( :&0 =*,(!
+66+:%$1+=9! .+70'(%*%+.! %&*%! (4 :&! (0:$*=! +':=*1+(! ),01$.+.! ].,*7 *%$:! (97;0=$:! ),006^!
JQ+(('+,!"@@BK!NB_M!06!&+%+,0(+<4*=!7 +'F(!)&9($:*=! *'.!)(9:&0=02$:*=!(4)+,$0,$%9!01+,!
/07+'! *'.! ^0%&+,^! J,+*.! +66+7$'*%+E! 2* 9M! 7 +' >! G'.! *(! (4:&E! %&+(+! 2+'.+,+.! ()*:+(!
/+,+!:,4:$*=!+=+7+'%(!$'!%&+!,+* ,%$: 4 =* %$0 ' E!,+$% +, *% $0 '!* ' . !,+$6$: * %$0 ' !06!( 0: $* =!)0 /+,>!!
!
`+%!/$%&$'!*!,+:+'%=9!,+)4;=$(&+.!1*,$*%$0'!06!%&+!7*=+!),+(+,1+!*,%$:=+E!P4''$'2!
JNBBVM! *:5'0/ =+. 2+(! $'! %&+! )0(%8(:,$)%! %&*%! %&+! :4=%4,*=! *'.! *:*.+7 $:! =*'.(:*)+! &*(!
:&*'2+.!($':+!%&+!6$,(%!60,*9(!$'%0!%&+!*,+*>!-'.++ .E!%&+!0,$2$'*=!/0,5!$'!)*,%!),+.$:%+.!
(4:&!*!.+1+=0)7+'%K!
!
-%! *))+*,(! =$5+ =9! %& *%E! /$%&! %&+! $':, +*( $'2! +7*':$) *%$0' ! 06! /07+' ! * '. ! %&+ !
*=%+,$'2!60:4(!06!7*,,$*2+!*'.!6*7$=9!=$6+E! %&+!0=.8(%9=+!,42;9!) =*9+,!/$==! ; +:07 +!
a4(%! *'! &$(%0,$:*=! :4,$0 ( $%9 >! G==! %&+! ($2'(! (++7! %0 ! $'.$: *% +! %&*% ! &+! $(! 2,*.4*== 9!
;+$'2!,+)=*:+.!;9!*!74:&!7 0,+!,+(%,*$'+.!70.+=E! 0'+!/ &0!$(!70,+!^:0' 60,7$(%^!
/$%&! ,+()+:%! %0! %&+! .07$'*'%! (0:$*=! (%*'.*,.(! *'.! 74:&! 70,+! (+,$04(! *'.!
.+.$:*%+.!%0!&$(!*)),0*:&!%0!%&+!2*7+!JI&+*,.!*'.!P4''$'2!"@ASK!N"M>!
!
P4''$'2F(! J"@VOK! VSM! =* %+, ! /0,5! .$.! 74:&! %0! %&+0,%$:*==9! *'.! +7 )$,$:*==9! ($%4*%+! %&+!
7*=+! ),+(+,1+E!+() + : $* == 9 !$%(!:0''+ : %$ 0 ' !%0!1$0=+':+E!&+,+!&+!*,24+(!%&*%!]7 0 .+,' !()0,%!
+7+,2+.! *(!)*,%! 06!*! b:$1$=$($'2F!%,*'(60,7* %$0'! 0'+!*()+:%! 06!/ &$:&! /*(!*'!+34*=$($'2!
(&$6%E!&0/+1+,!(=$2&%E!$'!%&+!;*=*':+!06!)0/ +,!;+%/++'!%&+!(+<+(>^!c0'%$'4$'2!%&$(!60:4(!
0'! (&$6%$'2! (0:$*=! ),0:+((+(E! /+! :*'! (++! %&*%! %&+!),0:++.$'2! 9+*,(!&*1+! ,+(4=%+.!$'! *'!
0;1$04(! +7)$,$:*=! :&*==+'2+! %0! :=*$7(! %&*%! ^()0,%^! ,+),+(+'%(! *! :=+*,8:4%! ()*:+!
+<:=4($1+=9!,+( +,1 +. ! 60,!: +,%*$'! 7+'>!?*5+E!60,!+<*7)=+E!%&+!701+7+'%!06!/07+'!$'%0!

!
S!
),+1$04(=9! ),+(47+.! 7*=+! ()0,%(! JD,9(0'! "@@BY! c*4./+==E! NBBSY! c&*' ' 0 '! *'.!
Q*%%&+/(! NB"\*Y! U $+ =. ( ! NBBVY! d*,* . $(! NB"NM E! *'.! %&+! $':,+*(+.! *::+)%*':+! 06! 2*9!
*%&=+%+(! /$%&$'!*!1*,$+%9! 06! (+%%$'2(! JG'. +,(0 '! N BB\ Y! c&*''0'! *'.! Q*%%&+/(! NB"\;M>!
I4:&! +1$.+':+! :04=.! =+*.! (:&0=*,(! *'.! %&+! )4;=$:! *=$5+! %0! (422+(%! %&*%! %&+! ),$':$)=+(!
4)0'!/&$:&!%&+!7*=+!),+(+,1+!/*(!0,$2$'*==9!),0)0(+.!&*1+!=*,2+=9!;++'!4'.+,7$'+.>!!
!!
U4,%&+,70,+E! %&$(! $(! )*,%! 06! *! ;,0*.+,! ),0:+((! $'! /& $:&! 7 01+ 7 +'%(! %0/ *,. !
+34*=$%9! &* 1+! :&*==+'2+.! )* %%+,'(! 06! 2+'.+,! %&*%! $.+0=02$:*==9! 6,*7+! :+,%*$'! 7+'! *(!
)0/+,64=E!/&+,+;9!:&*'2+(! $'! %&+! $'(%$%4%$0'*=! 0,2*'$e*%$0'! 06! )0=$%$:(E! +.4:*%$0'E! %&+!
/0,5)=*:+E!201+,'*':+E!,+=$2$0'E!7 +.$*E!*'.!%&+!6*7 $=9 !&*1+ !+,0.+ .!*((47)%$0'(!*;04 %!
%&+! =+2$%$7*:9! 06! %&+ ! %,*.$%$0'*=! )*%,$*,:&*=! 0,.+,! JG%5$'(0' ! NB""Y! U*=4.$! NBBBY!
Q*:-''+(E! "@@VY! Q:P0/+==! NBBSY! Q+,:&*'%! "@VSY! Q0,,$(E! "@@BM>! ? &$(! ;,+*5. 0/ '! 06!
70.+,'! :4=%4,*=! $'(%$%4%$0'(! :0'(%$%4%$1+! 06! 7*=+! ),$1$=+2+! &*(! )+'+%,*%+.E! ()=$'%+,+.E!
*'.! 6,*:%4,+.! (%0,$+(! %&*%! &*.! %,*.$%$0'*==9! $7 ; 4 + . ! ;0.$+(E! $.+'%$%$+(E! *'.! (0:$*=!
(%,*%$6$:*%$0'(! /$%&! () +:$6$:! 60,7 (! 06! 2+'.+,+. ! ($2'$6$:*':+! JG%5 $'(0' ! NB""M>! -%! /0 4=. !
*))+*,E!%&+'E!%&*%!=*%+!70.+,'$%9!&*(!(++'!(&$6%(!/$%&$'!%&+!;,0* .E!2+'. +,+. !=*'. (:*) +!
06!(0:$+%9E!*'.!*=(0!()+:$6$:*==9!/$%&$'!()*:+(!%&*%!&*1+!%,*.$%$0'*==9! ;++'!:&*,*:%+,$(+.!
*(!7*=+!),+(+,1+(>!!
!
! D0<$'2E!/ $%&!$%(!-./3560!,00%(!$'!06%+'!;,4%*=E!;4%!^2+'%=+7*'=9^!:07;*%!JP0/'$'2!
NB"BY!I&+*,.!"@@AM!&*(!'0%!;++'!+<:=4.+.!6,07!%&$(!),0:+((>!?&+!^7*'=9!*,%^E!/&$:&!&*(!
*!=0'2 !&$(%0 ,9 !06!6+7 * =+!$'1 0=1 +7+'%!JZ*, 2, +* 1+ (!"@ @ AY!f+' ' $' 2 ( !NB " \ ME!(%$==!0::4)$+(!*!
:+'%,*=!)0($%$0'!*(!* !.9'*7$:!($2'$6$+,!06!06%+'!1*=0,$e+.!'*,,*%$0'(!06!7 *'=$'+((E!7 +'F(!
$.+'%$%$+( ! *'.! 7*=+ ! ;0. $+( ! JD0. . 9! NBB @ Y! c&*' . =+, ! "@@O Y! Z+$(5 * ' +' ! NB" NY! f+66+,(0 ' !
"@@OY! g *%+(! "@VAY! Q*%%&+/(! NB"_E! NB "\Y! I42.+'! "@@OY! #*:34*' %! NBB_Y! #00./ *,.!
NBBOE!!!NB"NM>!G(!P0/'$'2!JNB"BK!S_VM!(422+(%(E!+$2 & %+ +' %& 8:+'%4,9!X'2=$(&7+'!'++.+.!
]($%4*%$0'(! $'! /&$:&! %0! 6$'.E! &0'+! *' .! .+7 0' (%,*%+! %&+$,! :04,* 2+! *' .! (+=68 :0 '%,0=>! G(!
1$0=+':+!,+:+.+.!6,07!%&+!(%,++%(!*'.!/*(!($2'$6$:*'%=9!,+.4:+.!$'!.*$=9!=$6+E!$%!/*(!$'!%&+!
;0<$'2!*:*.+7$+(!*'.!%&+!'+%/0,5!06!$'60,7*=!;04%(!*'.!60,7*=!) ,$e+! 6$2&%(!%&*%! 7+'!
604'.!%& $(!0) ) 0 ,%4 ' $%9 >^!
!
! ?&+! :4=%4,*=! ,+($.4+! 06! %&$(! &$(%0,$:*=! .+1+=0)7 +' %! (%$==! . $(:4,($1+=9! )*%%+,'(!
:0'%+7)0,*,9! +<)+ ,$+':+(! 06! ; 0<$'2!$'!$7) 0,%*'%! / *9(>! ? &$(! $( !+()+ : $*== 9!%&+ !:*(+!/& + '!
'*,,*%$1+(!*;04%!2+'.+,!*,+!:07;$'+.!/ $%&!'0%$0'(!*;04%!%&+!/ 0,5$'2!:=*((+(! J.+!H *,$(!
NBBBY! U4=%0'! NB""Y! Z +$(5*'+'! NB"NY! f+66+,(0'! "@@OY! [&0.+(! NB""Y! I42.+'! "@@OY!
#*:34*'%! NBB_Y! #00./*,.! NBBOM>! Z 0/ +1+ ,E! *'! +1+ ,8$':,+*($' 2! ;0. 9 ! 06! /0,5 !
&$2&=$2&%(!%&+!/*9(!$'!/&$:&!/07+'!*,+!0::4)9$'2!(4 :&!()*:+(!Jc&*''0'!*'.!Q*%%&+/(!
NB"\*Y! Z*=;+,%! "@@AY!Z+$(5*'+'!NB"NY!C*66+,%9!*'.!Q:W*9!NBB_Y!C++! NBB@Y! Q+''+((0'!
NBBBY!d*,*.$(!NB"NY!1*'!-'2+'!NB""Y! 1*'!-'2+'! *'.!W01*:(!NB"SY!#00./*,.!NB"NM!*'.!
%&+!:0 7 ) =+<$%9!06!7+'F(!$.+'%$6$:*%$0'(!/$%&!%&+!()0,%!J.+!H*,$(!NBBBY!#00./*,.!NBBOY!
Q*%%&+/(!NB"_M>!? &+! ,+:+'%! $':=4($0'! 06! /07 +'F(! ;0<$'2! $'! %&+! NB"N! g=97)$:! H*7 +(!
J#00./ *,. ! NB"_ME! %&+!;,0 *. ! *::+)%*':+! J*%!=+*(%!/$%&$'! 7+.$*! ,+)0,%*2+M!06!%&+! 6$,(%!
0)+'=9!2*9!;0<+,!g,=*'.0!c,4eE!*'.!;0<+,(!(4:&!*(!G'%&0'9!g2020!*'.!C45+!c*7);+==!
)0($'2! $'! 2*9! 7*2*e$'+(E! ),01$.+! 64,%&+,! +1$.+':+! ),0;=+7*%$e$'2! *'9! ( $7)=$(%$:! =$'5!
;+%/++'! (%+,+0%9 )$:*=! '0%$0'(! 06! 7+'! *'.! ;0<$'2Y! (4:&! +1$.+': + ! (4))0,%(! .+! H*,$(F!!
JNBBBK! VAM! *,247+'%! %&*%! 2+'.+,! ,+=*%$0'(! $'! ;0<$'2! ]*,+! &$(%0,$:*==9! .$1+,(+! *'.!
*:%$1+=9! '+20%$*%+.! *'.! $'%+,),+%+.E! /$%&! ($2'$6$:*'%! 1*,$*%$0'(! $'! (4;a+:%$1+!
+<)+,$+':+(>^!!
!
! #&+'!%*5+'!%02+%&+,E!%&+(+!),+:++.$'2!:077+'%(!(422+(%!%&*%!*'9! +<:=4($1+!
0,! +((+'%$*=! =$'5! ; +%/++'! J&+%+,0(+ <4 * =M! 7+' ! *'.! ;0<$'2 ! J*'.! 7*=+! ) ,+(+,1+ (! 70,+!
;,0*.=9M!:*''0%!;+! *((47 +. ! 0,65$,77 /8.+6>![ *%&+,E!*(!P4''$'2! J"@VOK!VS!+7)&*($(!$' !%&+!
0,$2$'*=M!(422 +(%(E!(&$6%$'2!)*%%+,'(! 06!2+'.+,!7$2&%!:0'%,$;4%+! %0! %&+! 7*5$'2! 06!]:+,%*$'!
()&+,+(! 06! (97 ; 0=$:! +<),+(($0'(! 06! 8,7"6-8/9^! -'.+ +. E! /+! 7 $2& %! +<)+ :%! *'!

!
_!
+'%,+':&7+'%! $'%0! )+,60,7*':+(! 06! 1$0=+':+E! *22,+(($0'! *'.! )&9($:*=! )0/+,! $'! %&+(+ !
(0:$*=!+':=*1+(! JQ*%%&+/(E!NB"_M>!I4:&!($%+(E!/&+,+ ! 0'+!7$2&%! (%$==!,+*(0'*; =9!(422+(%!
%&*%!%&+!7 * a0,$%9!06!]/07 +'!.0!'0%!1+'%4,+!$'%0!/$%&!2,+*%!24(%0^!JG%5$'(0' !NB"" K!OSME!
'0!=0'2+,E!01+,%=9!*%! =+*(%E!$'(%$%4%$0'*==9!+<:=4.+! /07 +'! *'.! 2*9!7+'Y! $'(%+*.E!%&+9!:*'!
'0/! 70,+! *)),0),$*%+=9! ;+! 4'.+,(%00.! *(! -)8(/ +67$ -., 7#-! /&+,+! $':, +* ($' 2 =9 !
4'.+,7$'.!'*,,*%$0'(!06!7*'&00.!JG%5$'(0'!NB""Y!Q*:-''+(!"@@VM!:*'!:0'%$'4+!%0!;+!
),*:%$:+.>! G(! (4:&E! %&+! +<$(%+':+! 06! *! )42$=$(%$:! 7*=+! ),+(+,1+! $(! .+)+'. + '% ! 4)0'! %&+!
'*,,*%$1+(!=$1+.!04%!/$%&$'!(4:&!()*:+(!J.+! H*,$(! NBB BY! Q*%%&+/(!NB"_Y!1*'!-'2+'!N B" "Y!
#00./*,.! NBBOM!*'.!%&+(+!+':=*1+(!*,+!%&+7 (+=1+ (!=$*;=+!%0 !;+!* 66+:%+. !;9!:& *' 2+( !$'!
;,0*.+,!:4=%4,*=!:0'%+<%(! JP4''$'2! "@VOY! ?&+;+,2+!"@V\Y!#$==$(!"@VNM>! H$1+'! (&$6%$'2!
(0:$*=!)*%%+,'(!*'.!%&+!%$7 +!%&*%!&*(!) *((+ .!($':+!(:&0=*,(!6$,(%!.+1+=0) +.!%&+!'0%$0'!06!
%&+! 7*=+! ),+(+,1+E! -! *,24+! %&*%! 7 0,+ ! ,+:+ '%! %&+ 0,+ %$:*=! :0' %,$; 4%$0' (! :* '! &+ =)! 4( ! %0!
.+1+=0)!04,!4'.+,(%*'.$'2!06!%&+!:0'%$'4+.!),0.4:%$0'!*' .!7 *$' %*$'+ ':+ !06!(4:& !()* :+>!
!
"#$!.&)?E=+2)(!)*!B3'=$!'(?!9)?2$/!
!
U0==0/$'2!C+6+;1,+!J"@@"M!*' .!Q*((+9!J"@@_E!NBB\ME!()*:+!$(!4 '.+,(%00 .!&+,+!
*(! ),0.4:+.! ;9! (0:$*=! ,+=*%$0'(! ,*%&+,! %&*'! ($7 )=9! *! ($%+! 60,! %&+7E! %&*%! $(E! (0:$*=!
),0:+((+(E! $'%+ , * : %$0'(! *'.! .$( : 0 4 , ( + ( ! (&*)+! *'.! 6,*7 + ! %&+! 1 +,9! '* %4,+! 0 6! ()*:+>!
U4,%&+,70,+E! ()*:+(! *,+! :0'($.+,+.! *(! 64'. * 7 + '%*==9! (0:$*=! *'.! )0=$%$:*=! $'!'*%4,+! $'!
%&*%!%&+9!*,+!), 0.4 :+. !/$%&$'!4'+34*=!)0/+,!,+=*%$0'(E!/&+ , + ; 9 !%&+!)0/ + , 64 = !*,+!*;=+!
%0! =*9 ! :=*$7! %0! ()*:+! 70,+ ! +*($=9! %&*'! %&+! ,+=*%$1+=9! )0/+,=+((! *'.! %&$(! ),0:+((!
,+$'60,:+(! (4:& ! $'+34*=$%9>! I)0,%$'2! ()*:+(E! %&+'E! 7 $ 2 & %! ,+ * (0'*;=9 ! ;+ ! :0 ' ( $. + , + . ! *(!
($%+(!/&+,+!. $(:04,(+(!(&*)+.!;9!2+'.+,+.!)0/ +,!;+:07 +!:365$+,3'#!4)0'!%&+!;0.$+(E!
*:%$0'(E!+<)+,$+':+(E!6++=$'2(!*'.!(%0,$+(!/ &$:&!7 *5+!4)!+1+,9.*9!=$6+!Jc*4./+==!NBBSY!
Q*%%&+/(! NB"_Y! 1*'! -'2+' ! NB" "Y! # *$%%! NB BV M E! * ' . ! $7)0,% * ' % =9 E! %& $ (! ) , 0 : + ( ( ! $(!
),0.4:%$1+!06!(4:&!(0:$*=!+':=*1+(!JC+6+;1,+!"@@"Y!Q*((+9 !"@@ _E!NBB\M>!-6!/+!* ::+ )%!%& $(!
)0$'%E! /+! :*'! :0'($.+,! 7*=+! ),+(+,1+(! *(! ),0.4:+.! %&,04 2&! %&+! ,+$6$:*%$0'! 06! (0:$*=!
)0/+,>!?&+!60==0/$'2!;,$+6!%&+0,+%$:*=!.$(:4(($0'!;,0*.+'(!%&+(+!)0$'%(>!
!
C+6+;1,+!J"@@"M!;,+*5(!.0/'!%&+!*;(%,*:%!(+)*,*%$0'!06!()*:+(!6,07!(0:$+%9!%0!
%&$'5! )*( %! * '9 ! ($7)=$(%$:! '0%$0'! 06! ),+8(0:$*=! () *:+>! -'.++. E! &+! * , 2 4 + ( ! %&*%! ()*:+ ! $(!
),0.4:+.! ;9!*'.! +7 ;+..+.!/$%&$'!(0:$*=!,+=*%$0'(!06!)0/+,>! Z+!(422+(%(!%& *%E!]()*:+! $(!
*!(0:$*=!7 0,)&0=029K!$%!$(!%0!=$1+.!+<)+,$+':+!/ &*%!60,7!$%(+=6!$(!%0!%&+!=$1$'2!0,2*'$(7E!
*'.! a4(%! *(! $'%$7*%+=9! ;04 '.! 4)! /$%&! 64':%$0'! *'.! (%,4:%4,+^! J" @@"K! @_M>! U04:*4=%!
J"@V_K!N_OM!($7$=*,=9!(%*%+(E!] $ %!$(!(0 7 +/ & *%!*,;$%,*,9!%0!%,9!%0!.$((0:$*%+!%&+!+66+:%$1+!
),*:%$:+! 06! 6,++.07! ;9! )+0)=+E! %&+! ),*:%$:+! 06! (0:$*=! ,+=*%$0'(E! *'.! %&+! ()*%$*=!
.$(%,$;4%$0'(! $'! /&$:&! %&+9! 6$'.! %&+7(+=1+(>! -6! %&+9! *,+! (+)*,*%+.E! %&+9! ;+:07+!
$7)0( ($; =+ !%0!4'.+,(%*'.>^!X:&0$'2!%&$(! $'%+,%/$'$'2! 06!%&+!(0:$*=! *'.!%&+!()*%$*=!/$%&$'!
&+,!.$(:4(($0'!06!7*%+,$*=$%9E!D4%=+,!JR"@@ST!NB""K!@M! /,$%+(E!]%&+,+!$(! '0! ) ,$(0'! ),$0,! %0!
$%(!7 * %+ ,$* =$e *% $0 'h!? &+ !),$(0' !:07+ ( !%0!; + !0'=9!/$%&$' !%&+!6$+=.!0 6!)0/ + ,!,+=*%$0' ( !;4%!
70,+!()+:$6$:*==9E!0'=9!%0!%&+!+<%+'%!%&*%!$%!$(!$'1+(%+.!0,!(*%4,*%+.!/ $%&!(4:&!,+=*%$0'(E!
%&*%!(4:&!(*%4,*%$0'!$(!$%(+=6! 60,7 * %$1+!06!$%(!1+,9!; +$' 2>^!!I)*:+(! :*'!%&+'!;+!:0'($.+,+.!
*(! ),0.4:+.! *'.! 7*$'%*$'+.! ;9!)0/+,! ,*%&+,! %&*'! ($7)=9!*(! ($%+(! /&+,+! $'%+,*:%$0' (!
;+%/++'!:+,%*$'!)+0)=+!7$2&%!+<),+((E!2*$'!0,!=0(+!)0/+,>!!!
!
! I4:&!*'!4'.+,(%*'.$'2!06!()*:+!*'. !)0/ +,!*=(0!,+(0'*%+(!/$%&!D4%=+,F(! JR"@@ ST!
NB""M!*%%+7)%(!%0!.$((0=1+!%&+!* ;(%,* :%$0'!0 6!7 *%+,$*=!*' .!(0 :$*==9!:0 '(%,4 :%+.!; 0. $+(>!
-'! ;/<6#-$ !",5$ 1,55#3$ (&+! /+*1+(! *! )*%&! ;+%/++'! '0%$0'(! 06! *! ),+8(0 :$*=! ;0.9! *'.!
.+%+,7$'$(%$:! 4(+! 06! (0 :$*=! :0'(%,4:%$0'! %0! ;,$'2! %&+! )&9($:* =! ;0.9! $'%0! ;+$'2>! ! -'!
,+:0'($.+,$' 2!(0:$* =!:0'(%, 4 :% $0' !*(!%&+!60,7*%$1 +!),0:+ ((!06!7*%+,$* =$%9E!/&+ ,+ !;0.$+( !
*,+!7*.+!%0!7*%%+,!$'!%&*%!%&+9!*,+!2 $1+' !:4=%4,*=!7+*'$'2!,=<!)&9($:*=!60,7! %&,042&!
$%+,*%$1+!(0 :$* =!) +, 60, 7 * ' :+ (E!D 4%=+,!&$2 & =$ 2 & %( !%& + !' + : + ( ( * ,9 !$' % + ,% /$'$'2!0 6!%&+ !(0:$*=!
*'.!;$0=02$:*=>!I&+!*,24+(! %&*%!;0.$+(!(&04=.!'0%!; +!: 0'($.+,+. !($7)=9!*(!($%+(!60,!%&+!

!
\!
$'(:,$)%$0 ' ! 06! :4=%4 ,* =! %+<%(! ; 4 %! ,*%&+,! % &* %! %&+9! * ,+ ! 2 $1 +' ! %&+! $==4 ($0 ' ! 0 6! *! 6$<+.!
;$0=02$:*=!+((+':+!%&,042&!%&+!,+)+%$%$1+!)+,60,7*':+!06!(0:$*==9!:0.+.!'*,,*%$1+(>!Z+,+E!
4'+34*=! (0:$*=! ,+=*%$0'(! / &$:&! 24$.+! $.+*(! *;04%! %&+! ;0.9! *,+! (%*;$=$e+.! *'.! ,+$6$+.!
/$%&$'! %&+! $%+,*%$1+! )+,60,7*':+! 06! (0:$*=! (:,$)%(! ?&4(E! C+6+ ; 1 , + ! J" @ @ "M! *'.! D 4 % =+ , !
JNB""!R"@@STM!;0 %&!%&+0 ,$e+ !() *:+!*'. !%&+!;0.9!*(!$'(+ ) * ,* ; =+ !6,07!(0:$*=!)0/+,>!
!
P0*'! JNB"BM! .,*/(! *%%+'%$0'! %0! %&$(! ),0:+((! ;9! .+(:,$;$'2! %&+! %9,*' '9 ! %&*%!
:+,%*$'!()*:+(!0::4)9!/$%&$'!&+,!=$6+>!G(!*!%,*'(2+ '.+,+.!/07*'E!(&+!&*(!%0!'+2 0%$*%+!
%&+!%+'($0'!;+ %/ ++' !&+, !%,*' ($%$0'$'2 !;0 .9 !*' .!%&+ !&+%+ ,0' 0,7 * %$1+!0 ,.+,$' 2!0 6!()* :+(!
(4:&!*(!)4;=$:!%,*'()0,%E!:=*((,007(!*'.!)4;=$:!%0$=+%(>!Z+,!),010:*%$1+!4(+!06!%&+!%+,7 !
^%9,*''9 ^ ! &*(! *! )0=$%$:*=! 70%$1*%$0'! %&*%! 60,:+(! ,+*.+,(! %0! :0'6,0'%! %&+! 0)),+(($1+!
'*%4,+!06!2+'.+,+.!)0/+,>!U0==0/$'2!U04:*4=%!J"@VBK!S@ME!-!/04=.!*,24+!%& *%!)0/ + ,!$(!
%9,*''$:*=! .4+!%0! $%(! ]:*)$==*,9! 60,7! 06! +<$(%+':+E! %&+! )0$'%! /&+,+ ! R$%T! ,+*:&+(! $'%0! %&+!
1+,9! 2,*$'!06!$'.$1$.4*=(E! %04:&+(!%&+$,! ;0.$+(! *'.! $'(+,%(! $%(+=6!$'%0! %&+$,! *:%$0'(!*'.!
*%%$%4.+(E!%&+$,!.$(:04,(+(E!=+*,'$'2!),0:+((+(E!*'.!+1+,9.*9!=$1+(>^!?&+!)+,1*($1+!'*%4,+!
06! (4:&! )0/+,! $(! '0%! 0'=9! +7;+..+.! *'.! /+*1+.! /$%&$'! %&+! ^ (%4 66! 06! =$6+^! ;4%! *=(0!
;+:07+(!7*'$6+(%!%&,042&!,+$%+,*%+.!)+,60,7*':+ (!/$%&$'!(0:$*=!()*:+(>!G%%+7)%$' 2 !%0!
)0=$%$:*==9!*'.!%&+0,+%$:*==9!2,*()!%&+!%9,*''9!06!2+'.+,!%&+'E!,+34$,+(!4 (!%0!:0' ($.+,!%& +!
60,7*%$1 +! *'.! :0'(%$%4%$' 2 ! + 66+ :%( ! 06! )0/+,! $'! ;0%&! ;0.$=9! *'.! ()*%$*=! 60,7>! I%*%+ . !
.$66+,+'%=9E! %&+! 7* =+! ),+(+,1+! *'.! 0%&+,! (0: $*=! ()*:+(! *,+! ),0.4:+.E! $'! )*,%E! %&,042&!
0)),+(($1+! )0/+,!,+=*%$0'(!,+$6$+.!%&,042 &!;0.$=9!) +,60,7 *':+ (>!I0!/&$=+!%&+!+7)$,$:*=!
/0,=.!+<)=0,+.!&+,+!$(!.$66+,+'%!%0!%&*%!.+(:,$;+.!;9!P0*'!JNB"BME!-!+7)=09!%&+!'0%$0'!
06!%9,*''$:*=!)0/+,!%0!&+=)!.,*/!*%%+'%$0'!%0!4'+34*=!(0:$*=!)0/+,>!
!
"#$!"%&'((%!)*!+#$!,'-$!.&$/$&0$!
!
c0'($.+,$'2! %&$(! %&+0,+%$:*=! 6,*7$'2E! P4''$'2! *'.! I&+*,.F(! J"@ASM! /0,5!
.+%*$=$'2! %&+! 7*=+! ),+(+,1+! :*'! ;+! ,+*.! *(! 0'+! 06! %&+! 6$,(%! )0=$%$:*==9! 0,$+'%*%+.!
+<)=0,*%$0'(! 0 6! ()0,%! *(! *! ()*:+! 60,! %&+! ,+$%+,*%$0'! *'.! ,+$6$:*%$0'! 06! .,*7*%$:!
,+),+(+'%*%$0'( !06! 7+'F(!)0/+,E!*'.!/$%&!$%!%&+!:0'%$'4*%$0'!06!/&*%!D4%=+,!J"@@BM!:*==(!
%&+! &+%+,0(+<4*=! 7*%,$<>! #$% & $'! (4: & ! *'! +':=*1+! %&+! *))*,+'%! )*,*.0<+(! 06! 2+'.+,!
JC0,;+,! "@@ _M! %& *%! 7$2&%! :&*,*:%+,$e+! 7 +'F(! 4'.+,(%*'.$'2(! 06! %&+7(+=1+(! *'.! %&+$,!
;0.$+(! /$%&$'! =*%+! 70.+,'$%9! :*'! ;+! ,+),+(+'%+.! *(! :0 77 0' 8(+' (+E! 7*%%+ ,80686*:%!
0'%0=02$:*=! ,+*=$%$+(! J G %5 $' (0 ' ! N B " "Y! P4''$'2! "@VOY! Q*%%&+/(! NB"_Y! #$==$(! " @ V N M>!
-'.++.E! ;0<$'2! &*(! ;++'! 0'+! 06! 5"#! :4=%4,*=! ()*:+(! /$%&$'! /&$:&! %&+! (97 ;0=$:!
,+),+(+'%*%$0'(! +1$.+':+.! *'.! ) ,+.$:%+.! ;9! P 4''$'2! J"@VOM! &*1+! ;++'! 60,2+.>!
#00./*,.! JNBBOK! @"M! '+*%=9! .+%*$=(! %&+! a4':%$0'! *%! /&$:&! (0:$*=! '* ,,*%$1+ (! *' .!
$.+'%$6$:*%$0'(!7++%!/$%&$'!%&+!()0,%K!!
!
d+,(0'*=! (%0,$+(! %0=.! $'! %&+! 297! +=$.+! /$%&! )4;=$:! ,+),+(+'%*%$0'(! +<),+((+.!
%&,042&! 7 + .$*!(%0,$+(!* '. ! %&+ ! $7 *2 +(!*'.! 7 9 %&0=0 29!/&$:&!)+,7+* %+(!%&+!() 0,%!
*%! *==! =+1+=(! >! >! >! ! ?&+! 79%&(! *'.! =+2+'.(! 06! ;0<$'2! ),01$.+! ;0%&! (%*;$=$%9! *'.!
+<:$%+7+'%!$'!:,+*%$'2!*!(+'(+!06!=0:*%$0'!*(!/+==!*(!(+:4,$%9>!!
!
G(! (4:&E! %&+! (97;0=$(7! +7;+..+.! / $%&$'! (%0,$+(! *;04 %! ;0<$'2! *'.! ;0<$'2! 297(!
),01$.+(!.$(:4,($1+!%00=(!6,07!/&$:&!)+0)=+!:*'!*%%+7)%!%0!7*5+!(+'(+!06!%&+7(+=1+(!
/$%&$'! $':,+*($'2=9! 6,*27+'%+.! =*%+! 70.+,'! /0,=.(>! Z+,+E! .+()$%+! /07+'F(! 2,0/$'2!
$':=4($0' !$'! % & +!()0, %E!%&+!() +:%* :=+!06!; 0<$' 2!,+7*$'(!&+*1$=9!:0.+. ! ;9!'*,,*%$1+(!*;04%!
7+'!*'.!7*'&00.>!-7 ) 0, %*' %=9E!%&$(!.$(:4 ,($1+ !:0''+:%$0'!%0!$. + *( !*;04 %!*!)*%,$*,:&*=!
(%0,9! 06! 7*'&00.! 7+*'(! %&*%! (4:&!()*:+(!:*'!066+,! %&+! ),07$(+! 06!(%*;$=$%9! %0! )+0)=+!
=$1$'2!/$%& $'!% &+ !6=4 $.$%9 E!4' :+ ,%* $' %9!* ' . !)( 9:&$:!$'(+:4,$%9!06!=*%+!70.+,'!(0:$*=!/0,=.(!
/&+,+! '0%$0'(! *;04%! 2+'.+,E! $'! )*, %$:4 = *,E! *,+! 4'.+,20$'2! ,*)$.! :&*'2+! J#00./ *,. !
NBBOY!Q*%%&+/(!NB"_M>!I)0,%$'2!()*:+(E!*'.!$%!$(!*,24+.!&+,+E!;0<$'2!$'!)*,%$:4=*,E!:*'!
;+!:0'($.+,+.!*(!($%+(!),0.4:+.!;9!%&+!)+,60,7*':+!06!;+&*1$0,(!%&*%!*,+!(97;0=$:*==9!