Exhibition Catalogue

@6GB686H=86GGN?6@@6>H>G>7JIG
@6GB686H=86GGN
?6@@6>H>G>7JIG
?V``V^H^g^Wjig^hdcZd[Hdji]ZVhi6h^VÉhaZVY^c\XdciZbedgVgnVgi^hihldg`^c\eg^bVg^an^ci]ZiZmi^aZ
bZY^jb#=^h[VhX^cVi^dcl^i]iZmi^aZhVcYZbWgd^YZgnWZ\VcVhVX]^aY^c7Vc\`d`!VcY]ZlZcidcid
hijYn iZmi^aZ YZh^\c ^c XdaaZ\Z VcY \gVYjViZ hX]dda ^c i]Z Jc^iZY HiViZh WZ[dgZ gZijgc^c\ id I]V^aVcY#
=Z^hcdiZY[dgegdYjX^c\bZi^Xjadjhan]VcYbVYZiVeZhignVcY^chiVaaVi^dcldg`hi]VibV`ZedlZg[ja
hiViZbZcihVWdjigZa^\^djh!hdX^Va!VcYeda^i^XVa^hhjZh^cXdciZbedgVgnI]V^aVcY#6bV^cegZdXXjeVi^dc
d[]^hVgi^hi]Z^ciZgVXi^dcd[7jYY]^hbVcYbViZg^Va^hb^cbdYZgca^[Z!VcYi]ZZkZgnYVnedejaVgXjaijgZ
d[I]V^aVcY#
@VgbV 8Vh] 8Vggn [ZVijgZh V cZl hZg^Zh d[ iZmi^aZ Xdbedh^i^dch Vadc\h^YZ ^chiVaaVi^dc VcY k^YZd
ldg`h#6aajY^c\idi]ZlVnXdciZbedgVgnI]V^edejaVggZa^\^dc^cXdgedgViZhhjX]egVXi^XZhVh[dgijcZ
iZaa^c\ VcY l^cc^c\ adiiZgn cjbWZg egZY^Xi^dc! ?V``V^ dg\Vc^oZh i]Z Zm]^W^i^dc VgdjcY ]^h XdcXZei^dc
d[ V `Vgb^X XdckZc^ZcXZ hidgZ! l]ZgZ bZg^i XVc WZ Wdj\]i VcY hdaY# =Z bV`Zh jhZ d[ [djcY dW_ZXih
VhhdX^ViZYl^i]Wg^c\^c\\ddY[dgijcZ!^ciZ\gVi^c\i]Zb^cid]^hZaVWdgViZXdbedh^i^dchd[I]V^[VWg^Xh!
ZbWgd^YZgn!VcY]VcYhi^iX]ZYhZfj^cZYldg`#
?V``V^Éh ]VcY hi^iX]^c\ ^h Vc ^cXgZY^Wan YZiV^aZY VcY i^bZ Xdchjb^c\ egdXZhh Ä l]^X] ]Z a^`Zch id V
bZY^iVi^kZ egVXi^XZ Ä VcY i]^h a^b^ih ]^h VccjVa egdYjXi^dc id dcan V ]VcY[ja d[ ldg`h# =Z bV^ciV^ch
V g^\dgdjh XdccZXi^dc id igVY^i^dcVa I]V^ XgV[i iZX]c^fjZh l]^aZ bV`^c\ V higdc\ XdbbZciVgn dc
XdciZbedgVgn^hhjZh#I]ZXjggZciZm]^W^i^dcbVg`hVXdci^cjZYZmeadgVi^dcd[cZli]ZbZhVcYiZX]c^XVa
[dgbVih!l^i]iZmi^aZldg`hi]ViWgZV`djid[i]ZgZXi^a^cZVgiVeZhign[dgbidXgZViZ[gZZ"Ódl^c\h]VeZh#
;DG:LDG9
INA:GGDAA>CH
=ZVahd^cigdYjXZhk^YZd[dgi]ZÒghii^bZ^c]^hdZjkgZ!VhlZaaVhaVg\ZghXVaZhXjaeijgVa^chiVaaVi^dc
ldg`#
?V``V^]VhgZXZ^kZY^cXgZVh^c\Xg^i^XVaViiZci^dch^cXZ]^h'%%-hdadZm]^W^i^dcl^i]InaZgGdaa^ch;^cZ6gi#
6]^\]a^\]id['%%.lVh]^heVgi^X^eVi^dcVhV[ZVijgZYVgi^hi^ci]Z'%%.6h^Vc6gi7^Zcc^VaVii]ZCVi^dcVa
IV^lVcBjhZjbd[;^cZ6gih!l]ZgZ]ZlVhh]dlcl^i]cdiZYVgi^hih[gdbVXgdhh6h^V!hjX]VhHjWdY]
<jeiVVcYMj7^c\#6\gdjeZm]^W^i^dc^cI]V^aVcYegZhZciZY]^hldg`hVadc\h^YZi]dhZd[bjai^bZY^V
Vgi^hih[gdbI]V^aVcYVcY>cY^V#6cY^ci]ZJc^iZYHiViZh!]^hldg`hlZgZdcZm]^W^i^cB^Vb^VcYVii]Z
GjW^cBjhZjb^cCZlNdg`#LZVgZeaZVhZYid]VkZ]^bWVX`^cCZlNdg`[dg]^hhZXdcYhdadZm]^W^i^dc
]ZgZVii]Z\VaaZgn#
I]ZHdji]ZVhi6h^Vc`^c\Ydbd[I]V^aVcY^hVcVi^dc^cXgZVh^c\anY^k^YZYVadc\eda^i^XVaVcYXaVhha^cZh#
>c BVgX] '%&%! i]Z gZY"h]^giZY ldg`^c\ XaVhh hjeedgiZgh d[ i]Z Jc^iZY ;gdci d[ 9ZbdXgVXn 6\V^chi
9^XiVidgh]^eJ99h]dlZYi]Z^gY^hYV^c[dgi]ZegZhZci\dkZgcbZciWnedjg^c\]jbVcWaddYdkZgi]Z
\ViZhd[i]ZEg^bZB^c^hiZgÉhgZh^YZcXZ#>ilVhV\gVe]^XVcYYgVbVi^Xg^ijVa^hi^XY^heaVn^cVcVc^b^hi^X
cVi^dc i]Vi eaVXZh h^\c^ÒXVci ^bedgiVcXZ jedc he^g^ijVa VcY Xdhbdad\^XVa \dkZgcVcXZ! Vh lZaa Vh V
XZgiV^cWZa^Z[^ci]ZedlZgd[bV\^X#
6b^Yhii]^hkdaVi^aZhdX^VaVcYeda^i^XVa^beVhhZ!7Vc\`d`WVhZYVgi^hi?V``V^H^g^Wjighid`Zhi]ZÒgZWn
k^hjVa^o^c\i]Zhe^g^ijVa^begdW^inVcYb^h\j^YZYhjeZghi^i^dch]ZYZZbhVgZZmVXZgWVi^c\]^hXdjcignÉh
YZkdi^dcVaVcYYZbdXgVi^X^chiVW^a^in#>cdcZd[]^haViZhiiZmi^aZWVhZYldg`h! BZbZcidBdg^!?V``V^
hi^iX]Zh XVg^XVijgZh d[ i]Z hZaÒh] edlZg ]jc\gn eda^i^X^Vch ]Z hZZh Zmead^i^c\ i]Z hdbZl]Vi cV‰kZ
hZch^W^a^i^Zhd[]^h[ZaadlXdjcignbZc!VcYl]dVgZl^aa^c\anegdeZaa^c\I]V^aVcYidlVgYhXdbWjhi^WaZ
X^k^aY^hdgYZg#
DcZ d[ i]Z gZ\^dcÉh [Zl XdciZbedgVgn Vgi^hih Xdch^hiZcian id ji^a^oZ [VWg^X Vh V XdgZ bZY^jb! ?V``V^
^h Xdch^YZgZY dcZ d[ Hdji]ZVhi 6h^VÉh egZZb^cZci iZmi^aZ"WVhZY Vgi^hih VcY ^h l^YZan gZXd\c^oZY [dg
]^h ^bV\^cVi^kZan i]gZVYZY! d[iZc hVi^g^XVa cVggVi^kZh# L]^aZ i]ZgZ ^h V g^X] ]Zg^iV\Z d[ lZVkZ YZh^\c
^c I]V^aVcY! ?V``V^ ]Vh WZZc gZhedch^WaZ [dg gZ^ck^\dgVi^c\ i]Z ÒWZg Vgi [dgb Wn YZa^kZg^c\ V W^i^c\an
[gZh]XdciZbedgVgnXdjciZcVcXZi]Vi^h]^\]angZaZkVciidVgZ\^dchigj\\a^c\idWVaVcXZ^ih]^hidg^XVa
[djcYVi^dchl^i]i]ZXdcXZgchd[bdYZgca^k^c\#
@6GB686H=86GGN/C:L6GI7N?6@@6>H>G>7JIG
HI:K:CE:II>;DG
EVgVaaZaidi]ZXjggZci^ciZgcVi^dcVa[dXjhjedcXgV[iVhhdX^ViZYVgi[dgbh!ÒWZgVcYXgV[igZaViZYVgi
^hWZ^c\Veea^ZYi]gdj\]ZkZgbdgZ^ciZgZhi^c\VcYcdkZabVc^[ZhiVi^dchWnegda^ÒX6h^VWVhZYVgi^hih#
>c8]^cV![ZbVaZVgi^hihaZVYi]ZlVn!VhZk^YZci^ci]Zhd[iiZmi^aZhXjaeijgZhd[N^cM^j8]Zc!dgi]Z
iVc\aZYldkZc^chiVaaVi^dchA^cI^Vcb^Vd#>c?VeVc8]^]VgjH]^diVYZa^XViZanlZVkZh^cig^XViZXdWlZW
^chiVaaVi^dch[gdbWaVX`i]gZVY!l]^aZl^i]^cHdji]ZVhi6h^V!>cYdcZh^VWVhZY9jiX]Vgi^hiBZaaV?VVghbV
XgZViZhXadi]^c\bdY^ÒXVi^dchVhVXdbbZciVgndceZghdcVa^YZci^in#
7j^aY^c\dci]ZbZhZhiVWa^h]ZY^c]^h'%%-Zm]^W^i^dc!IZbeaZ;V^g!]ZaYViInaZgGdaa^ch;^cZ6gi!?V``V^
]^\]a^\]ihi]Z\gdl^c\XdbbZgX^Va^oVi^dcd[I]V^aVcYÉhegZYdb^cVcigZa^\^dc!7jYY]^hb#=Zed^cihdji
i]ViXZgiV^cI]V^7jYY]^hiiZbeaZhVgZaZVgc^c\idbVg`Zii]ZbhZakZhWnZmead^i^c\WZa^Z[hVhhdX^ViZY
l^i]WZhidl^c\ajX`VcYegdheZg^in^cdgYZgidajgZdi]Zgl^hZaZi]Vg\^Xldgh]^eeZgh#:hhZci^Vaan?V``V^
[ZZahi]Vi7jYY]^hb^hfj^X`anadh^c\!dgY^hidgi^c\!i]ZZhhZci^Vaeg^cX^eaZhd[i]Z[V^i]#NZihdbZb^\]i
Xdch^YZghjX]VYVeiVi^dcVhi]ZdcaneVi]idhjgk^kVa^cVc^cXgZVh^c\anXdchjbZgYg^kZchdX^Zin#
>ckd`^c\ i]Z WgVh]cZhh d[ XdchjbZg XjaijgZ! ?V``V^ XgZViZh V \Vg^h] 9^hcZnaVcY d[ XdciZbedgVgn
AddhZanXdchigjXiZY[gdbVaVnZgZYeViX]ldg`d[\Vg^h]an]jZYgZVYnbVYZiVWaZYd^a^Zh! GZY7jYY]V
7jYY]^hildgh]^e#6XXjhVidgnidlVgYhbdYZgcI]V^hÉXdggjei^dcd[i]Z^gcVi^dcVagZa^\^dc!?V``V^]^bhZa[
^hVcVZhi]Zi^XVaan_jmiVedh^c\nVc\idi]Zn^cd[i]ZkVXVci7jYY]V^c GZXZhh^dc#I]Zgdj\]an[dgbZY
^hVegVXi^X^c\7jYY]^hiVcYi]ZgZ[dgZ[ZZahYZZeanZbW^iiZgZYWnVcneZgkZgh^dchd[[V^i]#7jYY]^hb
djia^cZ d[ 7jYY]V ]Vh Vc dg\Vc^X VcY VgX]V^X fjVa^in! Vh ^[ 7jYY]^hb ^ihZa[ ^h higj\\a^c\ id bV^ciV^c
^hVegZkVaZcihjW_ZXi[dgI]V^Vgi^hih!\ZcZgVi^c\VY^kZgh^ind[VeegdVX]ZhVcYbZY^VegZhZciVi^dch!
[dgbVa^indgVg^\^Y^ind[egZhZcXZ!WZXdb^c\b^hh]VeZcVcYWZci#9Za^WZgViZanYZXdgdjh!i]ZgZYVcY
bjX]d[l]^X]^haVWZaZYÆCZd"7jYY]^hi#ÇI]ZaViZBdci^Zc7ddcbVÉhVgdbVi^XVcYXVab^c\^chiVaaVi^dc
bV\ZciVYd^a^ZhVgZegZkVaZci^ckZgcVXjaVg6h^VcVZhi]Zi^Xh!l]ZgZX]^cioVcY[g^aanbViZg^VahXjhidb^oZ
e^ZXZh lZgZ V bZY^iVi^kZ gZaZVhZ [gdb i]Z ZVgi]WdjcY! l]^aZ 6bg^i 8]jhjlVc Wg^c\h V cZl bZY^V
VcYZbWZaa^h]XdbbdcdW_ZXih#8dcigVgnidi]ZVbjaZi^XdcheVgVYZY^cGZXZhh^dc!^cGZY7jYY]Vi]Z
XdcXZeijVah]ZZc^c]^hegZhZciVi^dcd[7jYY]^hiegZXZeih#
Vgi^hi^chZgihaVg\ZggdjcYhi^X`Zghd[gZheZXiZYbdc`h]Z]daYhVh]dcdgVWaZid7jYY]^hiiZcZih#
?V``V^ Xdch^YZgh LVi BV]V 7ji iZbeaZ ^c 7Vc\`d`Éh ZVhiZgc hjWjgWh id WZ dcZ hjX] XdbbZgX^Vaan
:miZcY^c\i]ZVbjaZii]ZbZ[jgi]Zg!i]Zbjai^eaZgZVYnbVYZgZa^Z[iVWaZiHdbYZi^hVhhZbWaZY^cgdlh
[dXjhZYhVcXijVgn#I]ZiZbeaZYgVlhjedcÄhdbZXdjaYVg\jZZmead^ihÄi]Z&*%"nZVg"daYigjZhidgn
idZkd`Zi]ZÓddgY^heaVnhViine^XVaVbjaZibVg`ZihadXViZYVY_VXZciidiZbeaZhVgdjcY7Vc\`d`#L^i]
VcY hjWhZfjZci aZ\ZcY d[ BVZ CV`! V ldbVc l]d Y^ZY ^c X]^aYW^gi] l]^aZ ]Zg ]jhWVcY lVh VlVn
XZgiV^cVbjaZih]daY^c\\gZVikVajZYZeZcY^c\jedci]Z^gdg^\^chVcYejgedgiZYedlZg!i]ZE]gVHdbYZi
Ò\]i^c\VhVXdchXg^eiZYhdaY^Zg#I]ZiVaZ]Vh^ii]Vi]ZgZijgcZYida^kZl^i]]^hl^[ZVcYX]^aY!jcVlVgZ
LViGV`]Vc\[gdbi]ZaViZ&.i]XZcijgn^hYZZbZYi]ZbdhiVjhe^X^djhVcY]^\]aneg^oZY#
i]Vii]ZnlZgZ\]dhih#I]ZiZbeaZY^heaVnhVYZVYWVWn^cVXd[Òc!ViigVXi^c\VhigZVbd[XdchXg^eih
VcYbdi]Zgh#
L^i]VYVh]d[^gdcn!?V``V^]VhegdXjgZYVcYa^cZYjegdlhd[jcWaZhhZY!X]ZVe!ild"WV]iVcYi]ZgZ[dgZ
ldgi]aZhhXde^Zhd[i]^higZVhjgZYX]Vgb#Ejh]^c\i]Z^gdcn[jgi]Zg!]ZZbWZaa^h]ZhVcYZaZkViZhZVX]
6 bZiVe]dg [dg 7jYY]^hbÉh XdbbZgX^Va^oVi^dc! ?V``V^ ji^a^oZh X]ZVe ZkZgnYVn bViZg^Vah ^cXajY^c\
ig^c`ZiWnZcXVh^c\^i^cVheZX^Va]VcY"`c^iiZY]daYZg#IV`^c\_VWhViVc^cYjhigni]Vi\ZcZgViZhdkZg
e^ch!Yd^a^Zh!igVh]nXadi]^c\VeeVgZa!VcYjcWaZhhZYadl"fjVa^inVbjaZih#6bjaZibVg`Zih!a^`Zi]ZdcZ
'*% b^aa^dc V nZVg! ?V``V^ ViiZbeih id hjWkZgi i]Z igVYZ VcY egdÒi ViiVX]ZY id i]ZhZ iVa^hbVch Wn
[djcYdci]ZhigZZiWZh^YZ7Vc\`d`ÉhI]VbbVhViJc^kZgh^in!VgZVcdi]ZghjX]VgZVl]ZgZY^hi^cXi^dch
gZeZi^i^kZanVggVc\^c\i]Zb!^ci]Z]deZd[ejh]^c\k^ZlZghidXdch^YZgi]Zhe^g^ijVaXdjciZcVcXZd[l]Vi
WZilZZc[V^i]!hjeZghi^i^dcVcYXdbbZgXZ!Wajg#
i]Z7jYY]V^bV\ZgZegZhZcih#L]^aZcdicZXZhhVg^anVeVgid[i]ZVgi^hiÉh^ciZci!i]^hldg`XdjaYVahdWZ
k^ZlZYVhVXdbbZciVgndci]ZXdbbdY^ÒXVi^dcd[Vgi^ihZa[#
>c GZXZhh^dc! EVa^ aVc\jV\Z bVcigVh i]Vi ?V``V^ X]Vcih YV^an VgZ addhZan e^ccZY id\Zi]Zg ^c i]Z
djia^cZd[V7jYY]V^bV\Z#;adVi^c\l^i]VcVabdhiVjY^WaZgZhdcVcXZ!i]ZYZa^XViZiVc\aZd[`Vgb^X
7Zh^YZheZghdcVaiVa^hbVch!^c;VhiBdcZn>VcY;VhiBdcZn>>!?V``V^VahdhXgji^c^oZhi]ZegZkVaZcXZd[
had\VchVeeZVgh[gV\^aZ#:cil^cZYVcY^ciZgheZghZYVbdc\i]Z[VWg^XldgYhVgZcjbZgdjhVbjaZih
igVYZiVa^hbVchVYdgc^c\Wjh^cZhhZhVcYh]deh^cI]V^aVcY#>ciZcYZYidViigVXiXjhidbVcYegdÒi[dg
l^i]YZe^Xi^dchd[I]V^aVcYÉhbdhigZheZXiZYXaZg\nbZc#Dg^\^cVaanVgZb^cYZgidYZkdiZZhd[i]ZAdgY
i]ZZhiVWa^h]bZci!i]ZhZbVhXdihiV`ZdckVg^djh\j^hZh!l^i]bVcn8]^cZhZ^cdg^\^c!VgZÓZXi^dcd[
7jYY]VÉhiZVX]^c\h!VcYidegZhZgkZ[V^i]!idYVnVbjaZih]VkZWZZcgZaZ\ViZYidegdiZXi^kZiVa^hbVch
i]ZbZgX]VciÉhZi]c^X^in#9Ze^XiZYl^i]V]VcY]ZaYdjiidjh]Zg^cigVYZ!ildd[i]ZWZhi`cdlcigVYZ
ldgcidWg^c\^cY^k^YjVahWZiiZgajX`!egdheZg^in!]ZVai]VcYhV[Zin#
iVa^hbVchVgZi]Z cVc\`lV`!dgWZX`dc^c\aVYn!VcYi]Z?VeVcZhZZfj^kVaZcid[i]ZWZX`dc^c\XVi!dg
bVcZ`^"cZ`d#Id^ckd`Zi]ZedlZgd[hjX]iVa^hbVch!i]ZnbjhiWZWaZhhZY!l]^X]]VhWZXdbZVcdi]Zg
I]ZgZVgZbVcn[VXZihidXdch^YZgl]ZcVXfj^g^c\VcVbjaZi!eVgi^XjaVganl]Zc!l]ZgZ!VcY[gdbl]Vi
gZ\jaVggZkZcjZhdjgXZ[dgiZbeaZh#
^ilVhbVYZ#>i^hVahdk^iVal]^X]bdc`WaZhhZYi]ZX]Vgb!l^i]XZgiV^cXaZg\nbZcXdch^YZgZYidWZ
ZcYdlZY l^i] bV\^XVa edlZgh# 8ZgiV^c bdc`h ]VkZ XVe^iVa^oZY dc i]Z^g ^Xdc^X edh^i^dc! \ZcZgVi^c\
?V``V^ Xjhidb^oZh ]^h dlc \VjYn igVYZ bVhXdih Wn Veegdeg^Vi^c\ Zm^hi^c\ iVa^hbVch d[ V egdiZXi^kZ
h^\c^ÒXVci [jcYh [dg i]Z^g iZbeaZ VcY X]Vg^iVWaZ XVjhZh# E]^aVci]gden Vh^YZ! ?V``V^ bV^ciV^ch i]Vi
XgdXdY^aZ VcY bZgbV^Y! Zca^kZc^c\ i]Z ild hfjVgZh d[ aVnZgZY Xadi] l^i] \ddY"[dgijcZ"^cYjX^c\
hdbZ d[ i]ZhZ [Vbdjh bdc`h WZ]VkZ a^`Z XZaZWg^i^Zh VcY i]Vi i]Z XdchjbZg^hi Vii^ijYZ VcY ^chiVci
bVcigVh# HdjgXZY [gdb jW^fj^idjh ]^\] higZZi Xadi]^c\ VYdgcbZcih! i]Z ldg`h VgZ g^X] ^c V aVnZgZY
\gVi^ÒXVi^dchZmeZXiZYd[hjX]X]VgbhVgZVeZgkZgh^dcd[7jYY]^hb#
bdhV^Xd[gV^cWdlhZfj^chVcYZbWaVodcZYl^i]XVgiddchd[B^X`ZnBdjhZ!=Zaad@^iin!iZYYnWZVgh!
VcYWjcc^Zh#HjeZgÒX^VaanVidc\jZ"^c"X]ZZ`XZaZWgVi^dc!i]ZhZiVa^hbVchVahdX]VaaZc\Zi]ZbViZg^Vaan
I]Z7jYY]Vh]VeZY]daZ^ci]Zb^YYaZd[GZXZhh^dc^h^cdeedh^i^dcidi]Zine^XVa\daYZcYZ^i^Zhd[7jYY]V!
VcYbV`ZhgZ[ZgZcXZidi]Z7jYY]^hicdi^dcd[i]Zkd^Y#I]Zhe^g^ijVaankVXVciXZciZgVXXZcijViZhi]Z
^bea^ZYkVe^Y^ind[i]ZVbjaZihl]^aZaZcY^c\Zbe]Vh^hidi]ZbVcigVdjia^cZVhVh^cXZgZbZX]Vc^hb
d[7jYY]^hieg^cX^eaZh#
Yg^kZckVXjdjhcZhhd[hjX]dkZg"i]Z"XdjciZg[VhiigVX`hid\ddY[dgijcZ#
6gi^hi HV`Vg^c @gjZ"dc ]Vh Vahd gZ^ciZgegZiZY i]Z cVc\ `lV` iVa^hbVc Vh V bZiVe]dg^X hnbWda [dg
6 bdgZ ig^WjiVgn gZÓZXi^dc d[ 7jYY]^hb ^h eji [dglVgY ^c ?V``V^Éh ÒWZg ldg`! ?ViV`V! l]^X] ^h Vc
gVbeVci\gZZYVcYbViZg^Va^hb^cCVc\@lV`/I]Z'%%*8g^h^h#@gjZ"dcjc^[dgbana^cZYjegdlhd[i]Z
^ciZgegZiVi^dcd[dcZd[i]Z_ViV`ViVaZhÄhidg^Zhi]VieZgiV^cid7jYY]VÉheVhia^kZh#I]ZVgi^hiÉhbdi]Zg
^bV\Zdci]ZÓddg!Zci^X^c\k^ZlZghid[daadl]ZgXVaaVcYWZgZlVgYZYl^i]^chiVci\gVi^ÒXVi^dc#
egZk^djhanlgdiZVcYejWa^h]ZYVWdd`WVhZYdci]ZhZiVaZh!l]^X]h]ZldjaYd[iZcgZVYidVndjc\Zg
?V``V^#
>cY^k^YjVabdc`hVgZVahd`cdlcidhVcXi^[ni]Z^gdlciVa^hbVc^XnVcigVXadi]h!l]^X]ine^XVaanXdbeg^hZ
Vc^YZci^ÒVWaZ^bV\Zd[i]Zbdc`!jhjVaanedgigVnZY^cdcZd[i]Z^gigVYZbVg`hZa["ZY^[n^c\edhijgZh!
;jgi]Zg Xdchda^YVi^c\ ]^h gZXZci ZmeZg^bZciVi^dch l^i] bdgZ hXjaeijgVa ^chiVaaVi^dc ldg`h! ?V``V^
l^i]]^h[dgij^idjhWaZhh^c\VcYi]ZYViZ#>c NVcigVVcYNVcigV>>!?V``V^egdkdXVi^kZaneVgdY^Zhi]ZhZ
XdbeaZiZhi]^haViZhiZm]^W^i^dcl^i]VcVibdhe]Zg^Xh]g^cZVcYVhe^g^i"]djhZ#>ci]Z^chiVaaVi^dc@VgbV
bdc`"ZcYdghZYegdbdi^dcVaeaVXVgYh!VcYi]Z\ZcZgVaXjaid[hVXgVaXZaZWg^in!WnVhhjb^c\i]Z\j^hZd[
8Vh]8Vggn!i]ZVgi^hiZgZXihVehZjYdgdVYh^YZh]g^cZi]VildjaYine^XVaanWZWj^aiideVngZheZXiid
VehZjYd"XaZg\nbVc#
YZXZVhZY ZaYZgh# 7ji [dg ?V``V^Éh ^ciZgegZiVi^dc! ]Z add`h id V iZbeaZ l]ZgZ YZkdiZZh bV`Z bZg^i
[dg iZgb^cVi^c\ egZ\cVcX^Zh! Vc VXi^dc i]Vi XdcigVkZcZh 7jYY]^hi eg^cX^eaZh VcY i]ZgZ[dgZ XVccdi WZ
L^i]V[jaabded[]V^gbdc`hVgZh]VkZc]ZVYZY!]Zl]^bh^XVaanedhZh]^bhZa[VhVXdciZbeaVi^kZ
VWhdakZY#
i]^c`Zg ^c NVcigV! dg h^ii^c\ Xgdhh"aZ\\ZY YZXVYZcian h^ee^c\ X]VbeV\cZ ^c NVcigV >># :c\jaÒc\ i]Z
Ò\jgZ^cNVcigV!i]ZVgi^hi^ckd`Zh]^hdlchZa["hVi^h[n^c\bVcigVhidVegda^[ZgVi^dcd[bdcZnVcYXVgcVa
>ch^YZ i]Z WVbWdd h]g^cZ! ?V``V^ l]^bh^XVaan YZ^ÒZh eaVhi^X Ydaah Wn XdVi^c\ i]Zb ^c \daY aZV[ VcY
eaZVhjgZ#>c NVcigV>>!VWZYd[WaVX`hZfj^ch[g^c\ZhVgVcYdba^cZd[h]de"Wdj\]i[VWg^XcjbWZgh!V
YgZhh^c\i]Zbl^i][V`ZÓdgVa\VgaVcYh#6gdjcYi]Zh]g^cZ]Z[daadlhi]ZXdbbdcegVXi^XZd[eaVX^c\
gZ[ZgZcXZidI]V^hhZZ`^c\l^cc^c\adiiZgncjbWZghWnk^h^i^c\iZbeaZh#?V``V^ÉhVeegdVX]^hidZmedhZ
d[[Zg^c\ Wdlah id VeeZVhZ i]Z YZVY he^g^ih! Òaa^c\ i]Zb l^i] eaVXVidgn \^[ih d[ XdcYdbh [dg [Zgi^a^in!
i]Zh]VaadlcZhhd[gZejiZYbdc`bVcigVhi]ViYZXaVgZVYZkdiZZl^aaWZXdbZÆhjeZgg^X]!ÇWnXdjciZg^c\
Xd^ch[dgegdheZg^in!bZY^X^cZ[dg\ddY]ZVai]!VcYhddc#L]^aZXdchX^djhi]Vi]Z^hbZgZanXgZVi^c\
l^i]bdgVaanh^cXZgZ^cXVciVi^dchid\ddYWjh^cZhhegVXi^XZ!i]dj\]jai^bViZan]ZZbWaVodch]^h[VWg^X
VcVgidW_ZXi!i]ZVgi^hihi^aa[ZZahXZgiV^cVeegZ]Zch^dcVcYVcm^ZinidlVgY^ckd`^c\hdbZgZVahe^g^ijVa
l^i]ÆhjeZg]Veen#Ç
WVX`aVh][dg]^hegdkdXVi^kZ^chiVaaVi^dc#
I]ZnVcigVXadi]hVahd]^\]a^\]ii]Zadc\"gddiZYg^ijVa^hi^XcVijgZd[I]V^hdX^Zin!l]ZgZZkZceda^i^X^Vch
BdgZ eZghdcVaan! VcY l^i] V YZa^WZgViZan cdhiVa\^X V^g! ?V``V^ egZhZcih ]^h Òghi ZkZg k^YZd ldg`!
eaVXZ\gZVilZ^\]ijedcVc^b^hi^XVcYXdhbdad\^XVa[VXidgh#?V``V^VahdeaVnhl^i]i]ZdW_ZXi^ÒXVi^dc
&-$'-!^ch^YZViV^adg"bVYZhe^g^i"]djhZid]^hgZ\VaanYZhXZcYZYVcXZhidgh#:gZXiZYVhVcVeeZVh^c\
VcYZaZkVi^dcd[hdbZi]^c\[gdbi]ZZkZgnYVnidWZ^c\egZX^djhdghVXgVa!VcY]dli]^hb^ggdghi]ZVgi
XdciV^cbZciVWdYZ[dgVaVcYÉhgZh^YZcihe^g^ih!he^g^i"]djhZhVgZeaVXZYdci]Zh^iZd[bdhiI]V^]dbZh
^cYjhign#
VcYWjh^cZhhZh#IgVY^i^dcVah]g^cZhVgZbVYZ[gdblddYl^i]b^c^VijgZViiZcYVciÒ\jg^cZheaVXZY^c
[gdciVcYig^WjiVgnd[[Zg^c\hgZ\jaVganegZhZciZY#
8g^i^X^hbd[7jYY]^hb^cI]V^aVcY^h]^\]anXdcigdkZgh^VaVcYgVgZanZc\V\ZY!i]dj\]?V``V^hdbZl]Vi
X^gXjbkZcihhXgji^cni]gdj\]eaVn[jakZ^ahd[^gdcn#Di]ZgVgi^hihl]d]VkZegZk^djhanViiZbeiZYh^b^aVg
>ch^YZ ?V``V^Éh XdciZbedgVgn he^g^i"]djhZ d[ hiZZa! i]Z k^YZd h]dlh i]Z Vgi^hi ]^bhZa[ VcY V [ZbVaZ
VXXjhVi^dch ^cXajYZ I]V^"6bZg^XVc bjai^Y^hX^ea^cVgn Vgi^hi B^X]VZa H]VdlVcVhV^! l]dhZ hZmjVaan
XdbeVc^dcgZ"ZcVXi^c\i]ZgZ\jaVgY^c^c\g^ijVahd[]^haViZgdnVaXdjgi"XdccZXiZYgZaVi^kZh!Vii^gZY^c
hj\\Zhi^kZXdcig^Wji^dcidi]Z'%%%\gdjeZm]^W^i6a^Zc<ZcZgVi^dc^cXZchZYdcZcVi^dcVaYV^anZcdj\]
eZg^dYXadi]^c\[djcY^c]^h[Vb^an]dbZ#I]^h]Vjci^c\Òab^hVgZheZXi[jaVX`cdlaZY\ZbZcid[i]Z
idgjcV[gdcieV\ZhegZVYd[i]ZVgi^hiÉhEdgigV^id[VBVc^c=VWW^ih&ÄVe]didd[]^bhZa[YgZhhZY^c
gZh^YjVa ZcZg\^Zh i]Vi ]Z [ZZah a^c\Zgh ^c ]^h [Vb^a^Va VWdYZ# ?V``V^Éh eZghdcVa ZkdXVi^dc d[ V he^g^i"
Vbdc`ÉhhV[[gdcgdWZhlZVg^c\bV`Z"jeVcY]daY^c\VEd`Zbdc]VcY`ZgX]^Z[#
]djhZ ^h V hjWiaZ ed^ciZg d[ ]dl VY]ZgZcXZ id! VcY Y^hidgi^dch d[! VcX^Zci bni]dad\^Zh VcY gZa^\^djh
eg^cX^eaZhVgZ]Zae^c\id[dg\Zi]ZjcXZgiV^cY^gZXi^dc^cl]^X]]^hXdjcign^hegZhZcian]ZVY^c\#
6cdi]ZgVgi^hil]d[ZZahi]Vii]Zdg^\^cVaiZVX]^c\hd[7jYY]V]VkZWZZceZgkZgiZYVb^Yhii]Zhjg\Z^c
bViZg^Va^hb^hI]V^VgiÉhZc[VciiZgg^WaZ!KVhVcH^ii]^`Zi#=Z]VhgZ\jaVganiV`ZcWaVhe]Zbdjhedi"h]dih
Vi lVnlVgY bdc`h! bdhi XdciZci^djh d[ l]^X] lVh i]Z eV^ci^c\ 7jYY]V K^h^ih I]V^aVcY &..'! l]^X]
heVg`ZYXdcYZbcVi^dc[gdb[dgin"i]gZZ7jYY]^hi^chi^iji^dch#
HiZkZcEZii^[dg^hVc^cYZeZcYZciXg^i^XVcYXjgVidgWVhZY^c7Vc\`d`#
;6HIBDC:N>
'%&%
B>M:9B:9>6DC86CK6H
).M)(>C#&'*M&&%8B
;6HIBDC:N>>
'%&%
B>M:9B:9>6DC86CK6H
)(M)&>C#&&%M&%*8B
@6GB686H=86GGN
'%&%
76B7DD!:J86ANEIJH!;DJC9D7?:8IH!<DA9A:6;
9>B:CH>DCHK6G>67A:!6EEGDM#*.M),M(.>C#&*%M&'%M&%%8B
G:8:HH>DC
'%&%
K6G>DJHB6I:G>6AH!H6;:INE>CH!I=G:69!;DJC9D7?:8IH
&''M&%+>C#(&%M',%8B
B:B:CIDBDG>
'%&%
:B7GD>9:GNDC86CK6H6C9K6G>DJH;67G>8H
)+&$'M*->C#&.%M'%%8B
?6I6@6
'%&%
B>M:9B:9>6DC86CK6H
,)&$'M,-&$'>C#&.%M'%%8B
HDB9:I
'%&%
6BJA:IH6C9I=G:69
()&$'M(+&$'>C#--M.(8B
N6CIG6
'%&%
B>M:9B:9>6DC86CK6H
+)M+(>C#&+'M&+%8B
N6CIG6>>
'%&%
6HHDGI:9;67G>8DC86CK6H
)'&$'M)(>C#&%-M&&%8B
G:97J99=6
'%&%
8GD8=:I!7JBE:GHI>8@:GH!I=G:69
-)&$'M-)&$'>C#'&*M'&*8B
9gZVb^c\ ^c EjWa^X! <VaaZgn HdjaÓdlZg!
:9J86I>DC6A768@<GDJC9
&..+
B#H# ^c Eg^ciZY IZmi^aZ 9Zh^\c! E]^aVYZae]^V
Jc^kZgh^in!E]^aVYZae]^V!E6#
&..'
7#6# ^c IZmi^aZ$;^cZ 6gih! >cY^VcV Jc^kZgh^in!
7addb^c\idc!>C#
HDAD:M=>7>I>DCH
7Vc\`d`!I]V^aVcY#
6h^Vc8dciZbedgVgn6giLZZ`!DeZcEdgi[da^d!
GjW^cBjhZjbd[6gi!CZlNdg`!CN#
'%%,
EZgkZgh^dc$HjWkZgh^dc! 7Vc\`d` >ciZgcVi^dcVa
6gi ;Zhi^kVa! EaVn\gdjcY <VaaZgn! 7Vc\`d`!
I]V^aVcY#
&...
'%%-
IZbeaZ ;V^g! InaZg Gdaa^ch ;^cZ 6gi! CZl Ndg`!
CN#
8gdhhgdVYhd[I]V^aVcY!'DXZVch'(!7Vc\`d`!
I]V^aVcY#
&..,
'%%*
;Zhi^kVa d[ LdkZc 6gih! <dZi]Z >chi^ijiZ!
'%%)
Eg^ciZY ;VWg^X H]dl! <daYZc EV^aZn 9Zh^\c
6giEdh^i^dc!BjgiZc!Hl^ioZgaVcY#
HigVc\ZAVcY!=<VaaZgn!7Vc\`d`!I]V^aVcY#
>cY^\Zc! I]Z
I]V^aVcY#
>ciZgXdciZcZciVa!
7Vc\`d`!
'%%(
GZkZa! 7BL BZZih 6gih >>> VcY = <VaaZgn!
7Vc\`d`!I]V^aVcY#
7Vc\`d`!I]V^aVcY#
&..+
8ZciZg!E]^aVYZae^V!E6#
6L6G9H
'%%&
GdX`Z[ZaaZg;djcYVi^dc7ZaaV\^d<gVci#
'%%'
=djcYh JcYZg ;ddi! = <VaaZgn VcY :Vi BZ!
:ME:G>:C8:
'%%&
&..+"'%%+
AZXijgZg! I]VbbVhVi Jc^kZgh^in! 7Vc\`d`!
I]V^aVcY#
7Vc\`d`!I]V^aVcY#
?6@@6>H>G>7JIG
=^Vijh!:ViBZ!7Vc\`d`!I]V^aVcY#
D^VI]gZVYhd[V<gZZ`?djgcVa!'DXZVch'(!
7Vc\`d`!I]V^aVcY#
&..-
H:A:8I:97>D<G6E=N
?V``V^ Dc A^cZ! ' DXZVch '(! 7Vc\`d`!
I]V^aVcY#
<GDJE:M=>7>I>DCH
'%%.
K^Zled^cihVcYK^Zl^c\Ed^cih"I]Z'%%.6h^Vc
6gi7^Zcc^Va!CVi^dcVaIV^lVcBjhZjbd[;^cZ
6gih#
IgjanIgji][ja!6gi6h^V!B^Vb^!;A#
&..-"'%%%
<jZhiAZXijgZg!H^aeV`dgcJc^kZgh^in!7Vc\`d`!
I]V^aVcY#
EJ7A>H=:9DCI=:D886H>DCD;I=::M=>7>I>DC
@6GB686H=86GGN
?6@@6>H>G>7JIG
6EG>A''"?JC:*!'%&%
6IINA:GGDAA>CH;>C:6GI
*'.L:HI'%HIG::I!&%L
C:LNDG@!CN&%%&&
I:A# &'&'''..&%%
;6M# &'&'''..&%)
>C;D@IG;>C:6GI#8DB
LLL#IG;>C:6GI#8DB
'%&%INA:GGDAA>CH;>C:6GI!AI9#