Kindergarten Handbook - Edinburgh Steiner School

Kindergarten Handbook - Edinburgh Steiner School

Edinburgh Steiner School
Kindergarten Handbook
60 Spylaw Road Edinburgh EH10 5BR
T: 0131 337 3410 F: 0131 538 6066
E: [email protected]
www.edinburghsteinerschool.org.uk
!
!"#$%#$&'
"#$%&'#!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!)!
*#%+,&-!./!01&2+!+3#!*%3&&$!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!4!
5-+6&72%+,&-!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!4!
83#!8629+##9!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!:!
83#!;&$$#<#!&=!8#>%3#69!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!:!
83#!?>-><#'#-+!@6&2A!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!:!
*#%+,&-!B/!01&2+!+3#!C,-7#6<>6+#-!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!D!
E>6+-#693,A9!F,+3!E>6#-+9G@2>67,>-9!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!D!
E>6#-+9G@2>67,>-9H!IJ#-,-<9!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!.K!
0<#!@6&2A9!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!..!
*+>==!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!..!
86>-9,+,&-!+&!;$>99!.!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!..!
86>-9,+,&-!+&!E6,'>6L!*%3&&$!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!.B!
83#!I>6$L!M#>69!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!.)!
E>6#-+!N!8&77$#6!@6&2A!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!.)!
*#%+,&-!)/!C,-7#6<>6+#-!O,=#!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!.4!
E$>L!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!.4!
5',+>+,&-!>-7!IP>'A$#!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!.4!
Q3L+3'!>-7!Q#A#+,+,&-!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!.R!
M#>6$L!Q3L+3'!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!.D!
S#9+,J>$9!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!.T!
83#!;L%$#!&=!+3#!M#>6!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!BK!
02+2'-!=#9+,J>$9!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!BK!
?,%3>#$'>9!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!BK!
O>-+#6-!S#9+,J>$U!?>6+,-'>9!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!BK!
;36,9+'>9!?>6V#+!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!B.!
",-+#6!=#9+,J>$9!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!BB!
07J#-+!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!BB!
*+!W,%3&$>9!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!BB!
;36,9+'>9!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!BB!
*A6,-<!=#9+,J>$9!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!B)!
I>9+#6!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!B)!
"3,+92-!!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!B4!
*2''#6!=#9+,J>$9!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!BR!
*+!X&3-H9U!?,792''#6!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!BR!
O#>J,-<!S#9+,J>$!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!BR!
*#%+,&-!4/!83#!C,-7#6<>6+#-!Y>L!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!B:!
Z6,-<,-<!>-7!;&$$#%+,-<!;3,$76#-!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!B:!
E2-%+2>$,+L!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!B:!
Y6#99!;&7#!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!BD!
"3>+!+&!Z6,-<!+&!C,-7#6<>6+#-!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!BD!
S&&7!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!BT!
8&L9!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!BT!
W#F!E>6#-+9G@2>67,>-9!>-7!*#++$,-<!5-!W#F!;3,$76#-!((((((((((((((((((((((((((((((((((((((((((((!BT!
0=+#6-&&-!;>6#!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!)K!
;$>99!;&-J#-&69!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!)K!
5$$-#99!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!)K!
0%%,7#-+9!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!).!
*#%+,&-!R/!07',99,&-!E&$,%,#9!>-7!E6&%#726#9!(((((((((((((((((((((((((((((((((((((((((((((((((!)B!
86,>$!E#6,&79!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!)B!
07',99,&-!+&!;$>99!.!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!)B!
O#>J#!&=!019#-%#!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!))!
O#>J,-<!W&+,%#!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!))!
;&''2-,%>+,&-!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!))!
0AA&,-+'#-+9!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!)4!
S,->-%,>$!?>++#69!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!)4!
;3>-<#!&=!0776#99!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!)4!
E>6#-+9G@2>67,>-9[!Q#9A&-9,1,$,+L!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!)4!
0++#-7>-%#!>-7!019#-%#!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!)4!
;3,$7!E6&+#%+,&-!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!)4!
;&-=,7#-+,>$,+L!E&$,%L!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!)R!
I\2>$!]AA&6+2-,+,#9!*+>+#'#-+!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!)R!
S26+3#6!Q#>7,-<!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!)R!
!
!
!
!
!!
!
'
'
'
'
B!
'
(%)*"+%'
'
"#!>6#!7#$,<3+#7!+&!F#$%&'#!L&2!>-7!L&26!%3,$7G%3,$76#-!+&!+3#!I7,-126<3!*+#,-#6!*%3&&$!
C,-7#6<>6+#-(!
!
^#6#!L&26!%3,$7!F,$$!=,-7!>!9>=#!>-7!%>6,-<!#-J,6&-'#-+!,-!F3,%3!+&!A>99!=6&'!+3#!\2,#+!
3#>6+!&=!+3#!3&'#!+&!+3#!16&>7!&A#-!9A>%#9!&=!+3#!9%3&&$!>-7!$,=#!+&!%&'#(!
!
"#!#-7#>J&26!+&!&==#6!L&2!>-7!L&26!%3,$7!>!F>6'U!#'16>%,-<U!'2$+,%2$+26>$!%&''2-,+L!
>-7!'>-L!-#F!=6,#-79(!"#$%&'#_!
!
"#U!+3#!C,-7#6<>6+#-!+#>%3#69!>+!+3#!I7,-126<3!*+#,-#6!*%3&&$U!F>6'$L!,-J,+#!L&2!+&!
A>6+,%,A>+#!,-!>!A>6+-#693,A!+3>+!F,$$!92AA&6+!+3#!7#J#$&A'#-+>$!`&26-#L!&=!L&26!%3,$7!
726,-<!+3#!=,69+!9#J#-!L#>69!&=!3,9!&6!3#6!$,=#(!83,9!3>-71&&V!,9!,-+#-7#7!+&!&==#6!9A#%,=,%!
,-=&6'>+,&-!+3>+!F,$$!$,-V!A>6#-+9G<2>67,>-9!+&!+3#!F&6V!&=!+3#!+#>%3#69(!
!
E$#>9#!V##A!+3,9!1&&V!=&6!6#=#6#-%#!>-7!29#!,+!>9!>!'#>-9!&=!92AA&6+,-<!+3#!#PA#6,#-%#!
L&26!%3,$7!F,$$!3>J#!,-!+3#!C,-7#6<>6+#-(!5+!,9!3&A#7!+3>+!+3#!,-=&6'>+,&-!3#6#,-!F,$$!
A6&J,7#!>!J>$2>1$#!1>%V<6&2-7!+&!3#$A!=&9+#6!>!9+6&-<!A>6#-+G<2>67,>-a+#>%3#6!
A>6+-#693,A!>-7!+3#6#1L!92AA&6+!>!92%%#99=2$!#PA#6,#-%#!=&6!L&26!%3,$7(!
!
!
!
!
)!
,%*$-"#'./'01"2$'$3%',*3"")'
4#$5"62*$-"#'
'
5-!+3#!#>6$L!.TKK9U!+3#!029+6,>-!A3,$&9&A3#6!>-7!#72%>+&6!Q27&$=!*+#,-#6!F,93#7!+&!%6#>+#!
>!-#F!=&6'!&=!#72%>+,&-!+3>+!F&2$7!3#$A!A2A,$9!>%3,#J#!%$>6,+L!&=!+3&2<3+U!9#-9,+,J,+L!&=!
=##$,-<!>-7!9+6#-<+3!&=!F,$$(!0=+#6!$,9+#-,-<!+&!3,9!$#%+26#9U!+3#!F&6V#69!>+!+3#!">$7&6=a
09+&6,>!=>%+&6L!,-!*+2++<>6+!>9V#7!3,'!+&!=&6'!>!9%3&&$!=&6!+3#,6!%3,$76#-!>-7U!,-!.T.TU!+3#!
=,69+!*+#,-#6G">$7&6=!*%3&&$!F>9!=&2-7#7(!8&7>LU!=6&'!+3#!=>J#$>9!,-!*>&!E>2$&!+&!+3#!
J,$$><#9!&=!W#A>$U!+3#6#!>6#!F#$$!&J#6!.UKKK!9%3&&$9!>-7!.UDKK!I>6$L!M#>69!%#-+6#9!,-!&J#6!
bK!%&2-+6,#9U!9#6J,-<!%3,$76#-!=6&'!1,6+3!+&!.D!L#>69!&=!><#(!
!
8#>%3,-<!,-!>!*+#,-#6!*%3&&$!,9!1>9#7!&-!Q27&$=!*+#,-#6H9!,-9,<3+!,-+&!$,=#!,-!<#-#6>$!>-7!
+3#!->+26#!&=!+3#!32'>-!1#,-<!,-!A>6+,%2$>6(!^,9!A3,$&9&A3L!,9!%>$$#7!0-+36&A&9&A3L(!
!
83#!#72%>+,&->$!>9A#%+9!&=!+3,9!A3,$&9&A3L!9A6,-<!=6&'!>-!2-7#69+>-7,-<!&=!+36##!9#J#-a
L#>6!%L%$#9!&=!7#J#$&A'#-+/!=6&'!1,6+3!+&!9#J#-c!=6&'!9#J#-!+&!=&26+##-c!>-7!=6&'!
=&26+##-!+&!+F#-+La&-#(!0+!#>%3!9+><#U!+3#!#72%>+,&-!,9!7#9,<-#7!+&!F&6V!F,+3!+3#!
2-=&$7,-<!>1,$,+,#9!>-7!%3>-<,-<!-##79!&=!+3#!%3,$7(!83#9#!9+><#9!%&--#%+!F,+3!+3#!
7#J#$&A'#-+!&=!+3#!>$$a6&2-7!32'>-!\2>$,+,#9!&=!+3,-V,-<U!=##$,-<!>-7!F,$$,-<(!5-!+3#!=,69+!
A3>9#U!+3#!>%+,J#!&6!7-))'>9A#%+!A6#7&',->+#9U!,-!+3#!9#%&-7U!+3#!>==#%+,J#!&6!8%%)-#9!
>9A#%+!,9!7&',->-+U!>-7!,-!+3#!+3,67U!+3#!%&<-,+,J#!&6!$3-#:-#9'>9A#%+!%&'#9!+&!+3#!=&6#(!
!
0!%#-+6>$!>,'!&=!*+#,-#6!#72%>+,&-!,9!+&!7#J#$&AU!3>6'&-,9#!>-7!2-,+#!+3#!=>%2$+,#9!&=!
+3&2<3+U!=##$,-<!>-7!>%+,&-!,-!+3#!%3,$7U!9&!+3>+!+3#!=&2-7>+,&-9!'>L!1#!$>,7!=&6!'#-+>$!
>7>A+>1,$,+LU!,-,+,>+,J#!>-7!'&6>$!9+6#-<+3!,-!>72$+!$,=#(!83#!%3,$7!,9!9##-!+&!3>J#!A3L9,%>$U!
#'&+,&->$!>-7!9A,6,+2>$!-##79!>9!F#$$!>9!,-+#$$#%+2>$!&-#9(!83#!+#>%3,-<!>-7!%266,%2$2'!
+&<#+3#6!9##V!+&!-&26,93!>$$!+3#9#!>9A#%+9(!
!
*+#,-#6!C,-7#6<>6+#-9!>7&A+!+3#!9>'#!
>AA6&>%3!+&!I>6$L!M#>69!#72%>+,&-!>9!'>-L!
&+3#6!I26&A#>-!%&2-+6,#9!F3#6#!%3,$76#-!
9+>6+!=&6'>$!$#>6-,-<!726,-<!+3#,6!9#J#-+3!
L#>6(!]26!>AA6&>%3!&=!-&+!=&6%,-<!=&6'>$!
$#>6-,-<!,9!1&6-!&2+!&=!>!7#9,6#!+&!A6&+#%+!
+3#!=>%2$+,#9!&=!=##$,-<!>-7!F,$$,-<!F3,%3!
>6#!9&!&=+#-!'>6<,->$,9#7!,-!+3#!6293!+&!
'##+!#>6$L!,-+#$$#%+2>$!>++>,-'#-+!+>6<#+9(!!
!
83#!%>6#=2$$L!9+62%+26#7!#-J,6&-'#-+!,9!
7#9,<-#7!+&!=&9+#6!A#69&->$!>-7!9&%,>$!
$#>6-,-<(!Y26,-<!+3#9#!L#>69!F#!+#>%3!1L!
#P>'A$#U!>-7!$#>6-,-<!,9!,-+#<6>+#7!6>+3#6!
+3>-!921`#%+a1>9#7(!!
!
!
!
!
4!
]26!%266,%2$2'!>,'9!+&!>7>A+!,+9#$=!+&!+3#!%3,$7(!83#!%3,$76#-!,-!&26!C,-7#6<>6+#-!>6#!<,J#-!
+,'#!+&!2-=&$7!>+!+3#,6!&F-!A>%#(!M&2-<!%3,$76#-!>6#!<,=+#7!A$>L#69!>-7!,',+>+&69(!83#9#!
%6#>+,J#!=>%2$+,#9U!F3,%3!>AA#>6!93&6+$L!>=+#6!1,6+3!>-7!6#%#7#!>+!>6&2-7!+3#!><#!&=!9#J#-U!
>6#!+3#!%3,$7H9!A#69&->$!A#7><&<2#9(!83#!*+#,-#6G">$7&6=!+#>%3#6!%&&A#6>+#9!>-7!F&6V9!
F,+3!+3#9#!A&F#6=2$!#72%>+,&->$!=&6%#9(!
!
!
I>%3!7>L!9&'#!+,'#!,9!7#7,%>+#7!
+&!%6#>+,J#!=6##!A$>L(!*+27,#9!
7#'&-9+6>+#!+3>+!<&&7!A$>L#69!
93&F!'&6#!#'A>+3L!+&F>679!
&+3#69!>-7!3>J#!$#99!><<6#99,&-c!
>6#!>1$#!+&!9##!+3,-<9!=6&'!+3#!
A#69A#%+,J#!&=!+3#!&+3#6U!>-7!
#P3,1,+!=#F#6!9,<-9!&=!=#>6U!
9>7-#99!>-7!=>+,<2#(!!
!
!
!
E$>L!>$9&!9+6#-<+3#-9!+3#!,'><,->+,&-(!836&2<3!A$>LU!%3,$76#-!>6#!>1$#!+&!#P#6%,9#!>-7!
%&-9&$,7>+#!+3#,6!>1,$,+L!+&!2-7#69+>-7!>-7!+&!+3,-VU!>9!F#$$!>9!+&!7#J#$&A!>-7!9+6#-<+3#-!
+3#,6!%&-%#-+6>+,&-(!!;6#>+,J#!A$>L!92AA&6+9!A3L9,%>$U!#'&+,&->$!>-7!9&%,>$!7#J#$&A'#-+!
>-7!>$$&F9!%3,$76#-!+&!$#>6-!+36&2<3!,-J#9+,<>+,&-U!#PA$&6>+,&-!>-7!7,9%&J#6L(!5+!
#-%&26><#9!%3,$76#-!+&!1#%&'#!,-J#-+,J#!>-7!>7>A+>1$#(!
!
!
"#!>6#!>!%&''2-,+L!&=!d7&#69H!>-7!&26!F&6V!
,9!>!%&'1,->+,&-!&=!A6>%+,%>$!>-7!>6+,9+,%!
>%+,J,+L(!"#!<>67#-U!%$#>-U!%&&V!>-7!F#!1>V#!
&26!&F-!16#>7!+&<#+3#6!+3>+!F#!93>6#!>-7!
#>+!>+!'#>$!+,'#9(!;3,$76#-!$&J#!+&!3#$A!>-7U!
+36&2<3!+3,9!+3#L!7#J#$&A!>!F,7#!6>-<#!&=!
'&+&6!9V,$$9U!92%3!>9!7#P+#6,+L!>-7!3>-7a#L#!
%&&67,->+,&-(!83#!A6#9#-%#!&=!>!F&6V,-<!
>72$+!%6#>+#9!>-!>+'&9A3#6#!+3>+!3#$A9!+3#!
%3,$76#-!+&!1#%&'#!,-7#A#-7#-+$L!>%+,J#(!8&!
9##!>-!>72$+!F&6V,-<!F,+3!+3#,6!3>-79U!7&,-<!
9&'#+3,-<!F3#6#!9V,$$U!%&-%#-+6>+,&-!>-7!
A#69#J#6>-%#!>6#!>$$!7#'>-7#7U!,9!>!
F&-7#6=2$!#P>'A$#!+&!+3#!#J#6aF>+%3=2$!
%3,$7!>-7!#P#6%,9#9!+3#!929+>,-#7!>AA$,%>+,&-!
&=!F,$$!A&F#6(!0$$!+3>+!+3#!>72$+9!7&U!12+!>$9&!
3&F!+3#L!7&!,+U!3&F!+3#L!3>-7$#!+3#,6!+&&$9!
>-7!'>+#6,>$9U!#J#-!+3#,6!<#9+26#9!>-7!1&7L!
$>-<2><#U!>6#!>$$!6#<,9+#6#7!>-7!,-+#6->$,9#7!
1L!+3#!%3,$7(!
R!
!
!
5-!+3#!C,-7#6<>6+#-U!%3,$76#-!'>V#!6#>$!
+3,-<9!=6&'!6#>$!'>+#6,>$9!+3>+!3>J#!>!
'#>-,-<=2$!>AA$,%>+,&-!,-!+3#!F&6$7!
+3#L!V-&F(!5-!+3,9!F>LU!+3#!%3,$76#-!
>%\2,6#!+3#!1>9,9!=&6!9&%,>$!>-7!
>%>7#',%!9V,$$9!>+!+3#,6!&F-!A>%#(!
I72%>+,&-!>+!+3,9!9+><#!,9!>1&2+!
,-9+,$$,-<!,-!%3,$76#-!>!<#-2,-#!=##$,-<!
&=!F&6+3!>-7!+3#!1#$,#=!+3>+!+3#L!%>-!
92%%##7(!*+#,-#6!#72%>+,&-!>776#99#9!
+3#!F3&$#!%3,$7e3#>7U!3#>6+!>-7!
3>-79e>-7!A6&J,7#9!+3#!1#9+!A&99,1$#!
1#<,--,-<!=&6!L&26!%3,$7!+&!<6&F!+&!3,9!
&6!3#6!=2$$!A&+#-+,>$!,-!>!F>L!+3>+!
A6&+#%+9!+3#!F&-7#6!>-7!7#$,<3+!&=!
#>6$L!%3,$73&&7(!
!!
!
!
83#!%$>996&&'9!>6#!7#9,<-#7!>6&2-7!+3#!%3,$7U!F,+3!1#>2+,=2$!%&$&269!>-7!->+26>$!
'>+#6,>$9(!"#!29#!3,<3!\2>$,+L!A,<'#-+!A>,-+9!>-7!%6>L&-9!>-7!F#!1>V#!F,+3!&6<>-,%!
F3&$#!=&&7U!F3#-#J#6!A&99,1$#(!
!
83#!9+6&-<!63L+3'!&=!+3#!7>LU!>-7!+3#!6#A#+,+,&-!+3>+!#>%3!F##V!16,-<9U!%>66,#9!F,+3!,+!>-!
,-12,$+!7,9%,A$,-#(!83,9!%6#>+#9!>!9>=#!>-7!9#%26#!#-J,6&-'#-+!=&6!+3#!%3,$7!+3>+!#->1$#9!
'&6#!#==#%+,J#!$#>6-,-<!>-7!>$9&!6#72%#9!+3#!-##7!=&6!>77,+,&->$!7,9%,A$,-#(!]26!>,'!,9!+&!
12,$7!>!16,7<#!1#+F##-!3&'#!>-7!9%3&&$!1L!%6#>+,-<!>!9>=#U!F>6'!>-7!$&J,-<!
#-J,6&-'#-+(!
!
!
b!
'
;3%';52&$%%&''
'
83#!$#<>$U!=,->-%,>$!>-7!#'A$&L'#-+!'>++#69!&=!+3#!9%3&&$!>6#!+3#!6#9A&-9,1,$,+L!&=!+3#!
8629+##9U!F3&!>6#!292>$$L!A6#9#-+!&6!=&6'#6!A>6#-+9G<2>67,>-9(!83#!9%3&&$!,9!%&-9+,+2+#7!
2-7#6!83#!?#'&6>-72'!>-7!06+,%$#9!&=!099&%,>+,&-!F3,%3!#9+>1$,93#7!+3#!9%3&&$!>9!>!
d$,',+#7!+629+H!,-!.T4:(!83#!9%3&&$!,9!+3#6#=&6#!>!%&'A>-L!$,',+#7!1L!<2>6>-+##!>-7!+3#!
8629+##9!>6#!,+9!7,6#%+&69(!83#!9%3&&$!,9!>$9&!>!6#<,9+#6#7!%3>6,+L!>-7!,9!921`#%+!+&!+3#!
A6&J,9,&-9!&=!+3#!;3>6,+,#9!>-7!8629+##!5-J#9+'#-+!f*%&+$>-7g!0%+!BKKR!,-%$27,-<!
92A#6J,9,&-!1L!+3#!]==,%#!&=!+3#!*%&++,93!Q#<2$>+&6!f]*;Qg(!8&!9+>-7!>9!>!8629+##U!>-L!
'#'1#6!&=!+3#!+629+!%>-!1#!-&',->+#7!>-7!#$#%+#7!>+!+3#!8629+!0@?(!83#!8629+!,9!&A#-!
+&!>-L&-#!F3&!3>9!+3#!F#$=>6#!&=!+3#!9%3&&$!>+!3#>6+(!
;3%'!"))%9%'"8';%<*3%5&''
!
83#!I7,-126<3!*+#,-#6!*%3&&$!7&#9!-&+!3>J#!>!3,#6>6%3,%>$!9+62%+26#!>-7!7&#9!-&+!3>J#!>!
3#>7!+#>%3#6(!83#!A&$,%La'>V,-<!1&7L!&=!+3,9!9%3&&$!,9!%>$$#7!+3#!;&$$#<#!&=!8#>%3#69!&6!
d;&$$#<#H!=&6!93&6+(!0$$!+3#!,'A&6+>-+!A#7><&<,%>$!7#%,9,&-9!,-J&$J,-<!+3#!9%3&&$!>6#!
=,->$,9#7!1L!;&$$#<#(!Y#%,9,&-9!>6#!6#>%3#7!1L!%&-9#-929(!;&$$#<#!,9!6#9A&-9,1$#!=&6!
>7',99,&-9U!'>,-+>,-,-<!9+>-7>679!,-!+3#!%266,%2$2'!>-7!>$$!&+3#6!>6#>9!6#$>+,-<!+&!
$#>6-,-<!>-7!+#>%3,-<(!;&$$#<#!,9!'>7#!2A!&=!+#>%3#69!F3&!3>J#!1##-!>+!+3#!9%3&&$!=&6!>+!
$#>9+!>!L#>6!>-7!3>J#!93&F-!+3#,6!%&'',+'#-+!>-7!7#7,%>+,&-!+&!+3#!A3,$&9&A3,%>$!
A6,-%,A$#9!&=!+3#!9%3&&$(!83,9!9+62%+26#!,9!>7&A+#7!1L!+3#!'>`&6,+L!&=!*+#,-#6!9%3&&$9!
+36&2<3&2+!+3#!hC!>-7!>16&>7!>-7!3>9!>!-2'1#6!&=!1#-#=,+9!,-%$27,-<!92AA&6+!=6&'!+3#!
F3&$#!+#>%3,-<!1&7L!=&6!>$$!'>`&6!7#%,9,&-9(!!
!
83#6#!>6#!>!-2'1#6!&=!921!<6&2A9!&=!;&$$#<#!F,+3!6#9A&-9,1,$,+L!=&6!92%3!+3,-<9!>9!
?>,-+#->-%#U!*+>==!Y#J#$&A'#-+U!S#9+,J>$9!>-7!5'A6&J#'#-+(!!
!
;&$$#<#!'##+9!#>%3!832697>L!#J#-,-<!726,-<!+#6'!+,'#!+&!7#>$!F,+3!+3#!'>-L!A6>%+,%>$!
7#+>,$9!&=!9%3&&$!$,=#U!+&!9+27L!+&<#+3#6!>-7!+&!93>6#!+3#!6#F>679!>-7!>-L!%3>$$#-<#9!&=!
+3#,6!F&6V(!]-#!>=+#6-&&-!#>%3!F##V!+3#6#!,9!>!'##+,-<!=&6!>$$!+#>%3#69U!F3#-!1&+3!
A#7><&<,%>$!>-7!>7',-,9+6>+,J#!+&A,%9!>6#!7,9%299#7(!83#!+>9V9!,-J&$J#7!,-!+3#!62--,-<!&=!
+3#!9%3&&$!>6#!93>6#7!1L!+3#!+#>%3,-<!1&7L!>9!>!F3&$#(!
;3%'=<#<9%+%#$'>5"2?'
!
Y>L!+&!7>L!62--,-<!&=!+3#!9%3&&$!,9!7#$#<>+#7!+&!+3#!?>-><#'#-+!@6&2A@'836##!'#'1#69!
&=!;&$$#<#!9#6J#!,-!6&+>+,&-!>9!+3#!?>-><#'#-+!@6&2A(!5+!,9!+3#!+>9V!&=!+3,9!<6&2A!+&!
A6#A>6#!+3#!;&$$#<#!0<#-7>!>-7!9##!+3>+!7#%,9,&-9!+>V#-!1L!;&$$#<#!>6#!,'A$#'#-+#7(!
83#!?>-><#'#-+!@6&2A!>$9&!7#>$9!F,+3!7>La+&a7>L!'>++#69!>-7!3&$79!>-!&J#6J,#F!&=!+3#!
J>6,&29!<6&2A9!F,+3,-!+3#!9%3&&$(!?>-><#'#-+!'#'1#69!3>J#!7,==#6#-+!A&6+=&$,&!
6#9A&-9,1,$,+,#9(!
'
!
:!
,%*$-"#'A/'01"2$'$3%'B-#6%59<5$%#'
i"3#-!,-J&$J#7!,-!A$>LU!%3,$76#-[9!%&-%#-+6>+,&-!>-7!>AA$,%>+,&-!+&!+3#!+>9V!>6#!'2%3!
<6#>+#6!+3>-!,-!>%>7#',%>$$La7,6#%+#7!>%+,J,+,#9!%&-+6,J#7!1L!+3#!+#>%3#6!"#
#
*2#!E>$'#6U!02+3&6!&=!$%&'(#)*'+,*%%,!!
83#!I7,-126<3!*+#,-#6!*%3&&$!F>9!=&2-7#7!,-!.T)T(!5+!,9!>!%&a#72%>+,&->$!9%3&&$!=6&'!
C,-7#6<>6+#-!+&!;$>99!.B!f><#!)!+&!.Dg!>-7!3>9!A$>%#9!=&6!>1&2+!)RK!A2A,$9(!83#!
C,-7#6<>6+#-!,9!A26A&9#a12,$+!>-7!F>9!7#9,<-#7!1L!",$=6#7!Z&3'!,-!.TDT(!5+9!93>A#!
6#',-79!29!&=!>!9,++,-<!3#-!F3,%3!93#$+#69!3#6!%3,%V9!f+3#!;$>99#9g!2-7#6!3#6!F,-<9(!!!
!
5+!,9!>!12,$7,-<!&=!>6%3,+#%+26>$!,-+#6#9+!F3,%3!,9!&=+#-!,-%$27#7!,-!+3#!>--2>$!I7,-126<3!
Y&&69!]A#-!!7>L(!5+!3&29#9!=&26!6&&'9U!#>%3!9#$=a%&-+>,-#7!F,+3!>!V,+%3#-!>-7!+F&!
+&,$#+9(!83#!6&&'9!>6#!7#%&6>+#7!,-!9&=+!A>9+#$!%&$&269(!83,9!,9!+&!>%V-&F$#7<#!+3>+!,-!
+3#9#!#>6$L!L#>69!+3#!%3,$7H9!%&-9%,&29-#99!93&2$7!-&+!1#!A6#'>+26#$L!>F>V#-#7!1L!
#P+#6->$!9+,'2$,(!
!
83#!<>67#-!,9!>!2-,\2#!9A>%#!F3#6#!F#!#-7#>J&26!+&!%>6#!=&6!>-7!A6&+#%+!->+26#!>9!'2%3!
>9!+3#!%3,$76#-(!]%%>9,&->$$L!F#!3&$7!>!"&6V!Y>L!=&6!A>6#-+9G<2>67,>-9!+&!%&'#!>-7!3#$A!
'>,-+>,-!+3,9!J>$2>1$#!6#9&26%#('
'
8&7>L!,+!,9!F,7#$L!6#%&<-,9#7!+3>+!+3#!=,69+!9#J#-!L#>69!&=!$,=#!>6#!&=!+3#!2+'&9+!
,'A&6+>-%#!=&6!+3#!7#J#$&A'#-+!&=!+3#!3#>$+3L!>72$+(!C)<D!,9!>$9&!<>,-,-<!6#%&<-,+,&-!>9!
1#,-<!+3#!+62#!F&6V!&=!%3,$73&&7(!"#!>6#!%&'',++#7!+&!%6#>+,-<!>-!#-J,6&-'#-+!+3>+!
92AA&6+9!,'><,->+,J#!A$>L(!
!
Q&&'9!>6#!#\2,AA#7!F,+3!1>9V#+9!&=!F&&7U!=,6!%&-#9U!93#$$9U!9+&-#9U!1$>-V#+9!>-7!
%&$&26#7!%$&+39!F3,%3!A6&J,7#!>-!&A#-!,-J,+>+,&-!=&6!,'><,->+,J#!A$>L(!83#!->+26>$!&1`#%+9!
,-!+3#!6&&'!#-%&26><#!%6#>+,J,+L!>-7!=$#P,1,$,+L!>9!+3#L!>6#!+6>-9=&6'#7!1L!%3,$76#-!,-+&!
3&29#9U!%>69U!'&-#LU!=&&7!&6!>-L!&=!+3#!#PA#6,#-%#9!&=!+3#,6!#J#6L7>L!$,J#9(!5+!,9!&26!F,93!
+&!A6&J,7#!>-!#-J,6&-'#-+!+3>+!,9!9>=#U!9#%26#!>-7!F&6+3L!&=!,',+>+,&-c!>-!#-J,6&-'#-+!
+3>+!3#$A9!92AA&6+!+3#!%3,$76#-H9!+>9V!&=!12,$7,-<!3#>$+3L!1&7,#9(!
!
D!
C<5$#%5&3-?&'7-$3'C<5%#$&E>2<56-<#&'
'
"#!1#$,#J#!+3>+!F>+%3,-<!%3,$76#-!<6&F,-<!2A!,9!>-!3&-&26!>-7!3#$A,-<!,-!+3#,6!
7#J#$&A'#-+!,9!>!A6,J,$#<#(!"#!>6#!<6>+#=2$!=&6!+3#!%&-=,7#-%#!L&2!93&F!1L!#-+629+,-<!
L&26!%3,$7!+&!29(!
!
"#!$,J#!,-!>!'>+#6,>$,9+,%!><#!+3>+!7&#9!-&+!->+26>$$L!92AA&6+!=>',$,#9!>-7!L&2-<!%3,$76#-(!
"#!F&2$7!$,V#!+&!3#$A!L&2!>9!>!A>6#-+G<2>67,>-!+&!#->1$#!L&26!%3,$7!+&!=2$=,$!+3#,6!
A&+#-+,>$(!
"#!9##!L&26!6&$#!,-!+3#!
C,-7#6<>6+#-!>9!1#,-<!,-!
A>6+-#693,A!F,+3!L&26!%3,$7H9!
+#>%3#6(!0!9+6&-<!>-7!92AA&6+,J#!
9&%,>$!#-J,6&-'#-+U!A6&J,7#7!1L!
+#>%3#69!>-7!A>6#-+9G<2>67,>-9!
F&6V,-<!+&<#+3#6U!>-7!1L!>!
3#>$+3L!9%3&&$!%&''2-,+LU!F,$$!
92AA&6+!+3#!#72%>+,&->$!F&6V(!
!
E>6#-+9G<2>67,>-9!3>J#!+3#!6,<3+!
+&!#-%&2-+#6!>!%>6,-<!
#-J,6&-'#-+!,-!+3#!C,-7#6<>6+#-U!
>!A$>%#!F3#6#!+3#,6!%3,$76#-!%>-!
1#!9>=#!>-7!7#J#$&A!>+!+3#,6!&F-!
A>%#(!83#L!>6#!>$9&!#-+,+$#7!+&!
#PA#%+!#P%#$$#-%#!,-!+3#!#72%>+,&-!
,+!A6&J,7#9(!
!
83#!+#>%3#69!>6#!3>AAL!+&!'##+!A>6#-+G<2>67,>-9!+&!+>$V!>1&2+!+3#,6!%3,$76#-H9!
7#J#$&A'#-+U!>-7!'&9+!+#>%3#69!>6#!>J>,$>1$#!=&6!%&-92$+>+,&-!1L!+#$#A3&-#!>=+#6!9%3&&$!
3&269(!E$#>9#!+>$V!+&!L&26!%3,$7H9!+#>%3#6!+&!=,-7!&2+!3&F!93#!A6#=#69!+&!1#!%&-+>%+#7!>-7!
F3#-(!
!
5-!+3#!%$&>V6&&'!&=!#>%3!%$>996&&'!+3#6#!,9!>!-&+,%#!1&>67!+3>+!%&-+>,-9!>!%&AL!&=!+3#!
5'A6&J#'#-+!E$>-!>-7!>$9&!+3#!'&9+!6#%#-+!I72%>+,&-!*%&+$>-7!>-7!;>6#!5-9A#%+&6>+#!
6#A&6+9U!>9!F#$$!>9!>!1&P!=&6!92<<#9+,&-9!>-7!%&''#-+9(!
!
E>6#-+9G<2>67,>-9!>6#!F#$%&'#!+&!16,-<!92<<#9+,&-9U!%&''#-+9!>-7!,7#>9(!!83#9#!%>-!1#!
<,J#-!+&!L&26!%3,$7H9!+#>%3#6U!A2+!,-!+3#!92<<#9+,&-!1&P!&6!<,J#-!+&!+3#!?>-><#'#-+!
@6&2A!J,>!+3#!*%3&&$!]==,%#(!
!
5+!,9!,'A&6+>-+!+&!V-&F!+3>+!L&26!92AA&6+!>-7!%&&A#6>+,&-!%>-!1#!%>$$#7!2A&-(!*+#,-#6!
#72%>+,&-!,9!>!%3&,%#!+3>+!F,$$!7#'>-7!L&26!>%+,J#!A>6+,%,A>+,&-!+&!#-926#!>!9>+,9=>%+&6L!
&2+%&'#(!"#!F&2$7!$,V#!+&!F&6V!F,+3!L&2!+&!16,-<!>1&2+!+3,9!&2+%&'#(!
!
!
!
T!
",+3!+3#!%3&,%#!&=!*+#,-#6!#72%>+,&-!L&2!F,$$!1#!#-%&26><#7!+&!',-,',9#!L&26!%3,$76#-H9!
#PA&926#!+&!+#$#J,9,&-!>-7!%&'A2+#69U!&6!#J#-!+&!&',+!,+(!M&2!F,$$!>$9&!1#!#PA#%+#7!+&!
'>V#!9A>%#!,-!L&26!$,=#!+&!+3,-V!>1&2+!%3,$7!7#J#$&A'#-+!>-7!3&F!+&!1#9+!92AA&6+!,+(!M&2!
F,$$!1#!#-%&26><#7!+&!#9+>1$,93!63L+3'!,-!L&26!3&'#U!F,+3!=>',$L!'#>$9!>-7!9+62%+26#7!
1#7+,'#!6&2+,-#9(!;3&&9,-<!&2+7&&6!>%+,J,+,#9!>-7!-2+6,+,&29!=&&7!F,$$!>$9&!&A+,',9#!+3#!
1#-#=,%,>$!#==#%+!&=!&26!A#7><&<L(!
!
8&<#+3#6!F#!%>-!A6&'&+#!>-7!1#!>7J&%>+#9!&=!3#>$+3L!%3,$7!7#J#$&A'#-+!,-!>!+,'#!&=+#-!
-#<$,<#-+!&=U!&6!3>j>67&29!+&U!%3,$76#-(!
!
5+!,9!#PA#%+#7!+3>+!A>6#-+9G<2>67,>-9!F,$$!3#$A!A6&J,7#!2-,-+#662A+#7!>-7!A2-%+2>$!
>++#-7>-%#!>+!9%3&&$(!83#!63L+3'!&=!7>,$LU!F##V$L!>-7!9#>9&->$!%L%$#9!,9!,'A&6+>-+!+&!+3#!
F#$$1#,-<!&=!+3#!%3,$7(!E>6#-+9G<2>67,>-9!>6#!>9V#7!+&!>66>-<#!+3#,6!3&$,7>L9!+&!%&,-%,7#!
F,+3!+3#!9%3&&$!3&$,7>L9!>-7!>J&,7!,-+#662A+,&-9!+&!+3#,6!%3,$76#-H9!#72%>+,&-!F3#-#J#6!
A&99,1$#(!!E>6#-+9G<2>67,>-9!93&2$7!,-=&6'!+3#!+#>%3#6!&=!>-L!%3>-<#9!,-!3&'#!$,=#!+3>+!
'>L!>==#%+!+3#!%3,$7H9!1#3>J,&26U!=&6!#P>'A$#!>19#-%#9U!9#6,&29!,$$-#99!,-!+3#!=>',$LU!+3#!
-##7!=&6!'#7,%>+,&-U!&6!&+3#6!92%3!,-=&6'>+,&-(!E>6#-+9G<2>67,>-9!'29+!-&+,=L!+3#!9%3&&$!
&=!>!%3>-<#!,-!+3#,6!%3,$7H9!'#7,%>$!%,6%2'9+>-%#9!1L!%&'A$#+,-<!&6!2A7>+,-<!+3#!
'#7,%>$G#'#6<#-%L!%&-+>%+!,-=&6'>+,&-!=&6'!>J>,$>1$#!=6&'!+3#!*%3&&$!]==,%#(!
C<5%#$&E>2<56-<#&F'GH%#-#9&''
!
E>6#-+9G@2>67,>-9H!#J#-,-<9!>6#!292>$$L!3#$7!+F,%#!>!L#>6U!,-!+3#!02+2'-!>-7!*2''#6!
8#6'9(!Y26,-<!+3#!*A6,-<!8#6'!F#!&==#6!,-7,J,72>$!%&-92$+>+,&-9!&6!3&'#!J,9,+9(!
!
83#9#!#J#-,-<9!+>V#!+3#!=&6'!&=!>!+>$VG7,9%299,&-!&-!>9A#%+9!&=!L&26!%3,$7H9!#72%>+,&-U!
F,+3!+&A,%9!92%3!>9/!%6#>+,J#!A$>Lc!I26L+3'Lc!'&J#'#-+!>-7!+3#!7#J#$&A'#-+!&=!+3#!
L&2-<!%3,$7c!A2AA#+6L!>-7!9+&6L+#$$,-<c!&6!>-L!&+3#6!>9A#%+!&=!*+#,-#6!#72%>+,&-(!!
!
*&'#+,'#9!+3#L!>$9&!&==#6!>-!&AA&6+2-,+L!+&!#PA#6,#-%#!+3#!#72%>+,&-!F,+3!3>-79a&-!
>%+,J,+,#9!$,V#!A>,-+,-<U!1>V,-<!>-7!9#>9&->$!%6>=+9(!!
!
83#9#!#J#-,-<9!A6&J,7#!>-!&AA&6+2-,+L!+&!+>$V!+&!&+3#6!A>6#-+9G<2>67,>-9!>-7!+3#!
+#>%3#6(!"#!9+6&-<$L!6#%&''#-7!+3>+!L&2!>++#-7!+3#'!>-7!F#!$&&V!=&6F>67!+&!9##,-<!
L&2!+3#6#(!
!
"#!$,V#!+&!J,9,+!#>%3!%3,$7!>+!3&'#!9&&-!>=+#6!+3#L!9+>6+!f+36##!+&!=&26!L#>69!&$7g(!83#!
3&'#!J,9,+9!>6#!7#9,<-#7!+&!16&>7#-!+3#!+#>%3#6H9!#PA#6,#-%#!&=!L&26!%3,$7(!83#L!>6#!
,-=&6'>$!J,9,+9!>-7!7&!-&+!6#\2,6#!>-L!9A#%,>$!A6#A>6>+,&-(!83#!+#>%3#6!,9!$&&V,-<!+&!16,7<#!
+3#!#PA#6,#-%#9!&=!3&'#!>-7!C,-7#6<>6+#-!=&6!+3#!%3,$7(!
!!
83#!,-7,J,72>$!%&-92$+>+,&-9!&==#6!A>6#-+9G<2>67,>-9!>-!&AA&6+2-,+L!+&!+>$V!,-!'&6#!7#A+3!
F,+3!L&26!%3,$7H9!+#>%3#6(!Y26,-<!+3#9#!'##+,-<9U!+3#!+#>%3#6!F,$$!+>$V!+&!L&2!>1&2+!L&26!
%3,$7H9!7#J#$&A'#-+(!83,9!,9!>-!&AA&6+2-,+L!-&+!&-$L!+&!>9V!\2#9+,&-9!>-7!#PA6#99!J,#F9!
12+!=&6!A>6#-+9G<2>67,>-9!>-7!+#>%3#69!+&!7#%,7#!+3#!1#9+!F>L!+3#L!%>-!F&6V!+&<#+3#6!,-!
+3#!,-+#6#9+9!&=!+3#!%3,$7(!
.K!
09%'>5"2?&'
!
83#!%3,$76#-!>6#!>7',++#7!=6&'!+36##!L#>69!&=!><#!>-7!F#$%&'#7!,-+&!>!<6&2A!&=!%3,$76#-!
F,+3!>!',P+26#!&=!><#9(!E6&J,7,-<!+3#L!>6#!6#>7LU!%3,$76#-!'>V#!+3#!+6>-9,+,&-!+&!;$>99!.!,-!
+3#!L#>6!>=+#6!+3#,6!9,P+3!1,6+37>L(!!
,$<88'
!
]26!+#>%3#69!>6#!>$$!\2>$,=,#7!*+#,-#6G">$7&6=!C,-7#6<>6+#-!+#>%3#69!>-7!>6#!6#<,9+#6#7!
A6>%+,+,&-#69!F,+3!+3#!*%&++,93!*&%,>$!*#6J,%#9!;&2-%,$(!]26!+#>%3#69!>$9&!3>J#!&+3#6!
9A#%,>$,9+!+6>,-,-<(!83#L!%&-+,-2#!+3#,6!A6&=#99,&->$!7#J#$&A'#-+!+36&2<3!>++#-7>-%#!>+!
%&-=#6#-%#9!>-7!%&269#9!&-!#>6$L!%3,$73&&7!>-7!%3,$7!7#J#$&A'#-+U!>9!F#$$!>9!>+!
F&6V93&A9!=&6!&+3#6!921`#%+9!,-%$27,-<!=,69+!>,7U!3#>$+3!>-7!9>=#+LU!#\2>$!&AA&6+2-,+,#9U!
%3,$7!A6&+#%+,&-!>-7!>77,+,&->$!-##79(!
!
83#!C,-7#6<>6+#-!,9!>!6#9A#%+#7!%#-+6#!=&6!#>6$L!L#>69!#72%>+,&-!>-7!F#!&=+#-!F#$%&'#!
#>6$L!L#>69!6#A6#9#-+>+,J#!=6&'!,-9+,+2+,&-9!1&+3!>+!3&'#!>-7!>16&>7(!!
!
"#!>$9&!3>J#!+6>,-##9!F3&!7&!+3#,6!A6>%+,%>$!>99,<-'#-+!F,+3!29!=6&'!+3#!I7,-126<3!
*+#,-#6!*%3&&$!8#>%3#6!86>,-,-<!5-9+,+2+#!>-7!83#!O&-7&-!">$7&6=!8#>%3#6!86>,-,-<!
*#',->6!F3,%3!-&F!62-9!,-!1&+3!O&-7&-!>-7!M&6V(!!
!
..!
'
;5<#&-$-"#'$"'!)<&&'.''
!
83#!%3,$76#-!F3&!9+>L!,-!+3#!C,-7#6<>6+#-!2-+,$!#-+6L!+&!;$>99!.!f>=+#6!+3#,6!9,P+3!1,6+37>Lg!
1#%&'#!=>',$,>6!F,+3!+3#!9%3&&$H9!$,=#!>-7!63L+3'9!1L!A>6+,%,A>+,-<!,-!+3#!F,7#6!9%3&&$!
%&''2-,+L(!83#!&AA&6+2-,+L!+&!1#!A6#9#-+!>+!=#9+,J>$9U!A#6=&6'>-%#9U!+3#!;36,9+'>9!
?>6V#+U!+3#!S6,7>L!?>6V#+!>-7!&+3#6!9%3&&$!#J#-+9!>-7!%&''#'&6>+,&-9!>$$!%&-+6,12+#!
+&!'>V,-<!+3,9!+6>-9,+,&-!>!`&L=2$!>-7!>-+,%,A>+#7!#PA#6,#-%#(!!
!
5-!+3#,6!$>9+!+#6'!>+!C,-7#6<>6+#-U!+3#!&$7#6!%3,$76#-!F,$$!=&6'!>!d+6>-9,+,&-!<6&2AH(!83,9!
<6&2A!F,$$!'##+!&-%#!#J#6L!F##V!726,-<!+3#!92''#6!+#6'!>-7!F,$$!F&6V!+&<#+3#6!+&!
7#J#$&A!>!9+6&-<!9&%,>$!1&-7(!Y#A#-7,-<!&-!+3#!<6&2A!&=!%3,$76#-!<&,-<!+&!;$>99!.U!+3#9#!
9&%,>$!9V,$$9!F,$$!1#!7#J#$&A#7!,-!7,==#6#-+!F>L9(!
!
!
'
;5<#&-$-"#'$"'C5-+<5D',*3"")''
!
]26!A>6#-+9G<2>67,>-9!+#-7!+&!$#>J#!+3#,6!%3,$76#-!,-!+3#!C,-7#6<>6+#-!=&6!>-!>77,+,&->$!
L#>6!,=!9#-7,-<!+3#'!+&!'>,-9+6#>'!#72%>+,&-(!"#!&==#6!9%3&&$9!+3#!&AA&6+2-,+L!+&!J,9,+!
+3#!C,-7#6<>6+#-!>-7!'##+!+3#!%3,$7!1#=&6#!+3#L!$#>J#U!'>V,-<!+3,9!+6>-9,+,&-!#>9,#6!=&6!
1&+3!9,7#9(!"#!>$9&!<,J#!+3#!A>6#-+9G<2>67,>-9!>!6#A&6+!+&!A>99!&-!+&!+3#,6!%3,$7H9!-#F!
9%3&&$!,=!+3#L!F,93(!83#!6#A&6+!F,$$!3#$A!+3#!%3,$7H9!+#>%3#6!+&!V-&F!3,'!&6!3#6!1#++#6!
1#=&6#!+3#L!9+>6+!9%3&&$(!
.B!
'
;3%'G<5)D'I%<5&''
I72%>+,&-!,-!+3#!#>6$L!L#>69!>+!+3#!I7,-126<3!*+#,-#6!*%3&&$!3>9!9#J#6>$!%&'A&-#-+9/!
• E>6#-+!N!8&77$#6!<6&2A!
• E$>L<6&2A!
• C,-7#6<>6+#-!!
!
!3-)6F&'C)<D'-&'G&&%#$-<)''
!
i5=!F#!F>+%3!>!L&2-<!%3,$7!>+!A$>L!F#!%>-!9##!+3>+!,+!,9!+36&2<3!%&-9+>-+!9#-9&6L!G!
A3L9,%>$!,-+#6>%+,&-!F,+3!+3#!#-J,6&-'#-+!+3>+!93#!%&'#9!+&!V-&F!3#69#$=U!+3#!F&6$7!
>-7!F3>+!=$&F9!1#+F##-!+3#'(!
!
i?&J#'#-+!>-7!A$>L!9+,'2$>+#!3#>$+3L!16>,-!7#J#$&A'#-+(!
'
i;3,$76#-!<6>9A!#'&+,&->$!%&-+#-+!+36&2<3!A$>L(k!
!
*3>6,=>!]AA#-3#,'#6U!-./0.1#%1#2/34*!!
C<5%#$'J';"66)%5'>5"2?''
!
]26!E>6#-+!N!8&77$#6!@6&2A!>,'9!+&!A6&J,7#!>!'##+,-<!A$>%#!F3#6#!%3,$76#-!>-7!>72$+9!
%>-!1#!3>AAL!A$>L,-<U!#>+,-<!>-7!7&,-<!%6>=+9!+&<#+3#6(!I>%3!9#99,&-!,9!9+62%+26#7U!
=&$$&F,-<!>!%#6+>,-!63L+3'(!
!
I>%3!9#99,&-!$>9+9!=&6!>6&2-7!+F&!3&269!>-7!1#<,-9!F,+3!16#>7!&6!1,9%2,+!1>V,-<!&6!F,+3!>!
9,'A$#U!9#>9&->$U!%6>=+!>%+,J,+L(!83#6#!,9!>!93>6#7!9->%V!&=!3&'#'>7#!16#>7!>-7!`>'!+3>+!
+3#!%3,$76#-!3#$A!+&!A6#A>6#!F,+3!<6#>+!#-+329,>9'(!0$$!>6#!+3#-!,-J,+#7!+&!A>6+,%,A>+#!,-!
9,'A$#!=,-<#6!63L'#9!>-7!%,6%$#!<>'#9(!0!93&6+!F>$V!>6&2-7!+3#!9%3&&$!<>67#-9!'>L!
=&$$&F!1#=&6#!6#+26-,-<!=&6!>!9+&6LU!9&-<9!>-7!9&'#!=62,+U!6&2-7,-<!&==!F,+3!>!<&&71L#!
9&-<(!
!
@6>-7A>6#-+9U!%>6#69U!A>6#-+9U!
<2>67,>-9!>-7!=6,#-79!>6#!>$$!
F#$%&'#!+&!>%%&'A>-L!+3#!
%3,$76#-(!"#!F#$%&'#!2A!+&!-,-#!
+&77$#69!>+!#>%3!9#99,&-(!S&6!'&6#!
,-=&6'>+,&-!&-!+3#!7>L9!>-7!+,'#9U!
=##9!>-7!A$>%#9!>J>,$>1$#U!A$#>9#!
+#$#A3&-#!+3#!*%3&&$!]==,%#!&-!
K.).!)):!)4.K(!
'
.)!
'
,%*$-"#'K/'B-#6%59<5$%#'L-8%'
C)<D'
'
E$>L!,9!>+!+3#!3#>6+!&=!%3,$73&&7(!83#!C,-7#6<>6+#-!,9!>!3>J#-!=&6!+3,9!F3#6#!%3,$76#-!%>-!
A$>L!,'><,->+,J#$L!>-7!%6#>+,J#$L!+&!=6##$L!7#J#$&A!F,+3,-!+3#,6!&F-!F&6$7(!
!
5-!C,-7#6<>6+#-U!+3#6#!,9!>!1>$>-%#!1#+F##-!=6##!A$>L!>-7!+3#!93>6,-<!&=!>%+,J,+,#9(!
836&2<3!=#9+,J>$9!>-7!9A#%,>$!&%%>9,&-9!+3#!#PA#6,#-%#!&=!F&-7#6!,9!-26+26#7U!>9!,9!+3#!
%3,$76#-H9!`&L!>-7!#-+329,>9'!=&6!9,'A$#!+>9V9(!
!
!
!
'
4+-$<$-"#'<#6'GM<+?)%''
!
!
C,-7#6<>6+#-!$,=#!,9!129L(!;3,$76#-!>-7!+#>%3#69!+&<#+3#6!>6#!>$F>L9!#-<><#7!,-!
'#>-,-<=2$!F&6V!F,+3!7>,$L!+>9V9!&=!A6#A>6,-<!=&&7U!%>6,-<!=&6!+3#!%$>996&&'!>-7!+3#!
<>67#-U!'#-7,-<U!%6>=+,-<!>-7!%$#>-,-<(!83#9#!'&J#'#-+a1>9#7!>%+,J,+,#9!&==#6!6#>$!
&AA&6+2-,+,#9!=&6!+3#!L&2-<!%3,$7!+&!$#>6-!9V,$$9!>-7!#-<><#!+36&2<3!,',+>+,&-(!5-!+3,9!F>LU!
+3#!>%+,J#!&6!F,$$!>9A#%+!,9!#P#6%,9#7!>-7!+3#!L&2-<!%3,$7!>19&619!>$$!+3>+!C,-7#6<>6+#-!$,=#!
&==#69(!!
!
09!OL--#!]$7=,#$7!9>L9!,-!53..#4%#6./31/!i+3#!+#>%3#6!1#%&'#9!>!9&26%#!&=!V-&F$#7<#!>-7!
2-7#69+>-7,-<!&=!+3#!F&6$7U!&=!J&%>12$>6LU!%$#>6!9A##%3U!%&-+6&$!&=!'&J#'#-+U!
,'><,->+,&-U!$,9+#-,-<!9V,$$9U!A3&-&$&<,%>$!>F>6#-#99e>$$!+36&2<3!+3#!%$#>6!>-7!%&-9%,&29!
#P>'A$#!+3>+!93#!A6#9#-+9(!83#9#!9V,$$9!$>L!>!9&$,7!=&2-7>+,&-!=&6!$,+#6>%L!>-7!-2'#6>%L!>+!
>!$>+#6!9+><#(k!
.4!
#
Y26,-<!+3#!'&6-,-<U!F#!#-<><#!,-!A26A&9#=2$!'&J#'#-+!F&6+3L!&=!,',+>+,&-!#;#6+>,-!
'&'#-+9!,-!+3#!7>L!&=!>!*+#,-#6!C,-7#6<>6+#-!6#<2$>6$L!,-J&$J#!,',+>+,&-!>-7!+3#9#!
'&'#-+9!F,$$!1#!6#A#>+#7!&-!>!6#<2$>6!1>9,9(!83#6#!,9!+329!>!63L+3',%>$U!6#A#+,+,J#!
#$#'#-+!,-!+3#!C,-7#6<>6+#-!#PA#6,#-%#(!!
!
.R!
'
N3D$3+'<#6'N%?%$-$-"#''
''
Q3L+3'!>-7!6#A#+,+,&-U!+&<#+3#6!F,+3!#P>'A$#!>-7!,',+>+,&-U!>6#!+3#!1>9,9!&=!#>6$L!
$#>6-,-<(!
!
0!63L+3',%>$!$,=#!=2$$!&=!>!3#>$+3L!16#>+3,-<!\2>$,+L!%>-!1#!J#6L!+3#6>A#2+,%(!5+!>$9&!%6#>+#9!
9+6&-<!3>1,+9U!'>V,-<!,-9+62%+,&-!>-7!7,6#%+,&-!2--#%#99>6L(!
!
83#!9#>9&-9!&=!+3#!L#>6!>6#!>-!,'A&6+>-+!63L+3',%!#$#'#-+!,-!+3#!C,-7#6<>6+#-(!0$$!+3#!
>%+,J,+,#9e%,6%$#!+,'#U!9+&6LU!%6>=+9U!7&'#9+,%!F&6VeF,$$!3>J#!>!%&--#%+,&-!F,+3!F3>+!,9!
3>AA#-,-<!&2+9,7#!,-!->+26#(!83#!%#$#16>+,&-!&=!=#9+,J>$9!,9!>$9&!>-!,'A&6+>-+!63L+3',%>$!
A>6+!&=!C,-7#6<>6+#-!$,=#(!
!
0!9+6&-<!>-7!$,J#$L!63L+3'!3#$A9!<,J#!+3#!%3,$76#-!>!7##A!9#-9#!&=!9#%26,+L(!!
!
i"#!>6#!>$$!1&6-!+&!>!F&6$7!&=!63L+3'9(!83#9#!2-%&-9%,&29U!%&9',%!63L+3'9!%>-!
92AA&6+!29/!+3#!9#J#-!7>L9!&=!+3#!F##VU!+3#!6,9,-<!>-7!9#++,-<!&=!+3#!92-U!+3#!A3>9#9!
&=!+3#!'&&-U!+3#!%3>-<,-<!&=!+3#!9#>9&-9(!"#!7&-H+!3>J#!+&!7&!>-L+3,-<!+&!%6#>+#!
+3#9#!63L+3'9(!83#L!>6#!>!<,=+!+&!29!>9!F#!F&6V!+&!%6#>+#!63L+3'9!=&6!&26!%3,$76#-(!
"3#-!F#!A6&J,7#!92AA&6+,-<!63L+3'9!>+!3&'#!>-7!>+!9%3&&$U!F#!3#$A!&26!%3,$76#-!
%&--#%+!,-!>!9+6&-<#6!F>L!F,+3!63L+3'9!&=!->+26#(k!
!
Z>61>6>!E>++#69&-!>-7!E>'#$>!Z6>7$#L!7.8%1,#4*.#9/'1:%;#73',<.##
!
!
!"#$%&'()*(+,'(-#.&/(0,/+,$!
(
D(4RaT(BK!
!!!!!!!!7>,$L!>%+,J,+LU!#(<(!16#>7!1>V,-<!
!
T(BKa.K(.K! !!!!!!!!%6#>+,J#!A$>L!
!
.K(.Ra.K(4R! !!!!!!!!+,7L!2AU!+&,$#+U!6#9+U!%,6%$#!+,'#!
!
..(KRa..()K! !!!!!!!!9->%V!+,'#!
!!
..(4Ka.B(BK! !!!!!!!!&2+7&&6!A$>L!
!
.B(BKa.B(4K! !!!!!!!!A6#A>6>+,&-!=&6!9+&6L!+,'#G9+&6L!+,'#G<&&71L#!!
!
(
.b!
(
!"#$%&'()*(+,'(1''2&/(0,/+,$(
'
="#6<D'
''''''''''
'
C<-#$-#9/';3,$76#-!#PA#6,#-%#!$,<3+!6>7,>+,-<!+36&2<3!+3#!%&$&26U!+3#!A>,-+!16293!<$,7,-<!
&-!+3#!A><#(!83#!#'A3>9,9!,9!,-!+3#!#PA#6,#-%#!>-7!+3#!7&,-<!6>+3#6!+3>-!+3#!6#92$+(!
(
;2%&6<D'
'
'
O5%<6'1<:-#9/'",+3'+3,9!>%+,J,+L!+3#!%3,$76#-!>6#!,-J&$J#7!,-!+3#!A6#A>6>+,&-!&=!+3#,6!7>,$L!
9->%Vc!+3#L!3>J#!>-!&AA&6+2-,+L!+&!'&7#$!F,+3!+3#!F>6'!7&2<3!>-7!+3#L!>$9&!7,9%&J#6!
A6&%#99e+3#!<6,-7,-<!&=!+3#!<6>,-U!',P,-<!>-7!V-#>7,-<(!83#L!>$9&!3>J#!>!'#>-,-<=2$!
#PA#6,#-%#!&=!9%,#-%#!>-7!+#%3-&$&<L!f+3#!<6,-7#69U!'#>926,-<U!F#,<3,-<g('
'
(%6#%&6<D'
'
'
!"":-#9/'5-!+3#!F,-+#6U!+3#!%3,$76#-!F,$$!1#!,-J&$J#7!F,+3!9&2A!'>V,-<!>-7!,-!+3#!92''#6U!
>2+2'-!>-7!9A6,-<!F,+3!+3#!%&&V,-<!&=!%62'1$#9U!=62,+!9>$>79!>-7!A,jj>9(!
!
;325&6<D''''''
'
O%%&7<M'*5<D"#'65<7-#9EG25D$3+D/'83#!%3,$7!%>-!#PA#6,#-%#!+3#!'&6#!=&6',-<!\2>$,+L!
&=!76>F,-<!29,-<!%6>L&-9(!0$$!C,-7#6<>6+#-!%$>99#9!&==#6!I26L+3'L!&-%#!>!F##V(!I26L+3'L!
,9!>!=&6'!&=!#PA6#99,J#!'&J#'#-+!+3>+!3#$A9!F,+3!1>$>-%#U!%&a&67,->+,&-!>-7!
%&-%#-+6>+,&-(!
'
P5-6<D'''''''''''''''''
'
><56%#-#9'"5'*)%<#-#9/'ZL!9F##A,-<U!729+,-<U!A&$,93,-<U!1#>+,-<!+3#!%293,&-9!>-7!
9%6211,-<!+3#!9+>,69!&6!+3#!=$&&69U!+3#!%3,$7!%&'#9!+&!$#>6-!>1&2+!%>6,-<!=&6!>-7!6#9A#%+,-<!
+3#,6!#-J,6&-'#-+@'!
'
Y26,-<!%6#>+,J#!A$>L!+,'#U!+3#6#!,9!>$9&!>-!&AA&6+2-,+L!+&!7&!%6>=+9!>-7!3>-7F&6VU!>$$!
6#$>+#7!+&!+3#!9#>9&-9!>-7!+3#!%#$#16>+,&-!&=!9#>9&->$!=#9+,J>$9(! (
'
'
'
.:!
I%<5)D'N3D$3+''
!
0!9#>9&->$!<>67#-!&6!9+&6L!<>67#-!F3,%3!%3>-<#9!+36&2<3!+3#!L#>6!<,J#9!+3#!%3,$76#-!
7,6#%+!%&-+>%+!F,+3!9#>9&->$!%3>-<#9!>-7!3#$A9!+3#'!+&!'>V#!>!%&--#%+,&-!F,+3!+3#!
A>99,-<!&=!+,'#U!+36&2<3!+3#!L#>6H9!%L%$#(!
!
*#>9&->$!>%+,J,+,#9!$,V#!<>67#-,-<U!A$>-+,-<!12$19!>-7!3>6J#9+,-<!3#619!>-7!J#<#+>1$#9!=&6!
9&2Aa'>V,-<!3>J#!>!%$#>6!63L+3',%>$!>-7!6#>9926,-<$L!6#A#+,+,J#!\2>$,+LU!6#+26-,-<!#>%3!
L#>6!>-7!%6#>+,-<!'2%3!$&J#7!+6>7,+,&-9(!
!
.D!
!
83#!%#$#16>+,&-!&=!+3#!=#9+,J>$9!,9!>-!,'A&6+>-+!A>6+!&=!C,-7#6<>6+#-!$,=#!>-7!
A>6#-+9G<2>67,>-9!>6#!F>6'$L!,-J,+#7!+&!=2$$L!A>6+,%,A>+#!,-!3#$A,-<!29!=&9+#6!>!'&&7!&=!
F&-7#6!>-7!6#J#6#-%#(!
!
Q3L+3'!3>9!+3#!A&+#-+,>$!+&!92AA&6+!<&&7!3#>$+3!>-7!A6#9#6J#!+3#!9+6#-<+3!&=!%3,$76#-H9!
$,=#!=&6%#9!+329!<,J,-<!+3#!%3,$76#-!>!3#>$+3L!1&7L!,-!F3,%3!+&!3&29#!+3#,6!F,$$!=&6%#9(!
!
Q3L+3'!3>9!>-!&67#6,-<!A&+#-+,>$!+3>+!<6>72>$$L!<2,7#9!+3#!%3,$7H9!'&J#'#-+!>-7!
%&-+>,-9!3,9!&6!3#6!#-#6<L!+329!&67#6,-<!,'A2$9,J#!1#3>J,&26(!
P%&$-H<)&''
!
S#9+,J>$9U!+&<#+3#6!F,+3!+3#!9#>9&-9U!=&6'!+3#!63L+3'!&=!+3#!L#>6(!83#L!>6#!>$9&!>-!
&AA&6+2-,+L!=&6!L&2-<!%3,$76#-!+&!#PA#6,#-%#!+3#!#'16>%#!&=!+3#!F,7#6!9%3&&$U!F,+3!
F3&'!+3#L!93>6#!'>-L!&=!+3#!=#9+,J>$9(!5+!<,J#9!>!%3>-%#!+&!#PA#6,#-%#!+3#!=##$!&=!
1#$&-<,-<!+&!+3#!16&>7#6!%&''2-,+L!,-!F3,%3!+3#L!>6#!%>6#7!=&6(!
!
S#9+,J>$9!>6,9#!=6&'!J#6L!>-%,#-+!+,'#9!F3#-!9#>9&-9!F#6#!9,<-,=,%>-+!,-!A#&A$#H9!7>,$L!
$,J#9(!83#!A>6+,%,A>+,&-!&=!A>6#-+9G<2>67,>-9!,9!#99#-+,>$!+&!+3#!92%%#99=2$!%6#>+,&-!&=!>!
=#9+,J#!'&&7(!
!
i;#$#16>+,-<!+3#!=#9+,J>$9!>+!3&'#!%>-!>$9&!7#$,<3+!L&26!%3,$76#-(!"3#-!+3#L!9##!L&2!
A6#A>6,-<!=&6!>!%#6+>,-!3&$,7>L!>-7!+>V,-<!&2+!=>',$,>6!7#%&6>+,&-9U!%3,$76#-!>6#!=,$$#7!
F,+3!'#'&6,#9!&=!+3#!%#$#16>+,&-!=6&'!$>9+!L#>6(!83#9#!3&$,7>L!%#$#16>+,&-9!<,J#!
+3#'!%&-=,7#-%#!+3>+!F&-7#6=2$U!9A#%,>$!+,'#9!>$$!%&'#!6&2-7!><>,-(k!!
!
Z>61>6>!E>+#69&-!>-7!E>'#$>!Z6>7$#LU#7.8%1,#4*.#9/'1:%;#73',<.!!!
!
83#!I7,-126<3!*+#,-#6!*%3&&$!,9!>-!>-!,-+#6->+,&->$!>-7!'2$+,%2$+26>$!%&''2-,+L!>-7!F#!
&=+#-!3>J#!%3,$76#-!F3&!%&''#'&6>+#!&+3#6!=#9+,J>$9!6#$>+#7!+&!7,==#6#-+!6#$,<,&-9!>-7!
%2$+26#9(!"#!#-7#>J&26!+&!,-%$27#!'2$+,%2$+26>$G=>,+3!=#9+,J>$9!,-!&26!9%3&&$!$,=#!F3#-#J#6!
>AA6&A6,>+#(!83#!=#9+,J>$9!,-!C,-7#6<>6+#-!%#$#16>+#!+3#![2-,J#69>$!32'>-[!>-7!F#!3&A#!
+3>+!>$$!&26!=>',$,#9!F,$$!%&--#%+!F,+3!9&'#!#$#'#-+9!&=!+3#!=#9+,J>$9!,-!+3#,6!&F-!F>L(!
!
83#!L#>6$L!63L+3'!&=!+3#!=#9+,J>$9!>-7!+3#!F>L!F#!%&''#'&6>+#!+3#'!16,-<!>!F&-7#6=2$!
&AA&6+2-,+L!=&6!6#J#6#-%#(!;>6#!,9!+>V#-!+&!A6#A>6#!+3#!+>1$#U!+3#!=&&7U!=$&F#69!>-7!
7#%&6>+,&-9!=&6!#>%3!&=!+3#9#!9A#%,>$!&%%>9,&-9(!
!
83#!+#>%3#69!>-7!+3#!%3,$76#-!&=+#-!%$#>-!+3#!6&&'U!F>93!>-7!,6&-!J#,$9!>-7!+>1$#%$&+39U!
A6#A>6#!=$&F#69U!J#69#9!>-7!9A#%,>$!9+&6,#9(!5-!+3,9!F>LU!F,+3!%>6#=2$!F&6VU!+3#6#!,9!>-!
>+'&9A3#6#!&=!F&-7#6!+3>+!16,-<9!6#J#6#-%#(!!
!
.T!
'
;3%'!D*)%'"8'$3%'I%<5'
!
02+2'-!,9!+3#!+,'#!>=+#6!3>6J#9+U!>!+,'#!&=!<6#>+!>12-7>-%#!,-!->+26#(!"#!+6L!+&!16,-<!
9&'#!&=!+3,9!A$#-+,=2$-#99!>-7!<#-#6&9,+L!+&!&26!>2+2'-!=#9+,J>$9(!
!
5-!>!+#'A#6>+#!%$,'>+#!92%3!>9!&269U!'&9+!F,-+#6!=#9+,J>$9!%#$#16>+#!+3#!6#+26-!&=!+3#!$,<3+!
+&!+3#!%L%$#!&=!+3#!L#>6(!!
!
5-!9A6,-<U!F#!%#$#16>+#!+3#!6#+26-!&=!$,=#(!5+!,9!>!+,'#!=2$$!&=!->+26>$!`&L!>-7!7#$,<3+(!5+!,9!
726,-<!+3#!9A6,-<!+3>+!F#!%#$#16>+#!+3#!=#9+,J>$!&=!I>9+#6(!!
!
5-!+3#!92''#6!+,'#U!&26!9#-9#9!>6#!1>+3#7!,-!$,<3+!>-7!F#!6#>%3!&2+!,-+&!+3#!F&6$7U!
$&9,-<!&269#$J#9!,-!+3#!$,<3+!>-7!F>6'+3!&=!+3#!->+26>$!F&6$7(!!
!
Autumn festivals
Michaelmas
!
*+!?,%3>#$!,9!+3#!06%3>-<#$!&=!$,<3+!F3&!<2,7#9!29!&-!&26!F>L!>-7!<,J#9!29!%&26><#!+&!
+>%V$#!7,==,%2$+!+>9V9(!0+!+3,9!+,'#!&=!+3#!L#>6U!+3#!%3,$76#-!>$9&!3>J#!+3#!A,%+26#!&=!?&+3#6!
I>6+3!F3&!6#%#,J#9!+3#!=62,+9!&=!+3#!#>6+3!>-7!#-=&$79!+3#!9$##A,-<!9##79!,-+&!3#6!2-+,$!
-#F!$,=#!>F>V#-9!,-!+3#!9A6,-<(!
!
83#!%3,$76#-!>6#!,-J,+#7!+&!16,-<!=62,+!>-7!J#<#+>1$#9U!%&-V#69U!1#>2+,=2$!$#>J#9!>-7!9##79!
+3>+!+3#L!3>J#!=&2-7!,-!->+26#!>9!>!A6#9#-+!=&6!?&+3#6!I>6+3(!"#!F,$$!+6>-9=&6'!+3#!
&==#6,-<9!&=!=62,+9!>-7!J#<#+>1$#9!,-+&!9&2A9U!%62'1$#9U!`>'9!>-7!`#$$,#9(!
!
83#!=#9+,J>$!%&$&26!,9!6#7!>-7U!>9!>!=##$,-<!&=!2-,+LU!F#!>9V!+3#!%3,$76#-!+&!F#>6!9&'#+3,-<!
6#7(!
Lantern Festival, Martinmas
!
?>6+,-!F>9!>!9&$7,#6!F3&U!9##,-<!>!1#<<>6!&-#!%&$7U!7>6V!-,<3+U!%2+!3,9!%$&>V!,-!3>$=!>-7!
<>J#!&-#!3>$=!+&!+3#!1#<<>6(!83#!$#<#-7!+#$$9!&=!3&F!?>6+,-!$>+#6!3>7!>!76#>'!,-!F3,%3!3#!
6#%&<-,9#7!+3#!1#<<>6!>9!;36,9+(!]-!+3#!I>6+3U!+3#!F>6'+3!&=!+3#!32'>-!3#>6+!>-7U!,-!+3#!
3#>J#-9U!+3#!$,<3+!&=!+3#!9+>69!>-7!'&&-!16,<3+#-!+3#!#>6$L!#J#-,-<9(!"#!'>V#!$>-+#6-9!
F3,%3!',<3+!1#!7#%&6>+#7!F,+3!3#>J#-$L!'&+,=9!&=!+3#!92-U!'&&-!>-7!9+>69(!
!
"#!+6>7,+,&->$$L!%#$#16>+#!?>6+,-'>9!,-!W&J#'1#6!F,+3!>!$>-+#6-!F>$V!>6&2-7!+3#!9%3&&$!
<6&2-79(!83,9!292>$$L!+>V#9!A$>%#!,-!+3#!$>+#!>=+#6-&&-!>-7!F#!>9V!+3#!%3,$76#-!+&!76#99!
F>6'$L(!0!9,'A$#!>-7!9>=#!$>-+#6-!=&6!L&2-<#6!9,1$,-<9!>-7!A>6#-+9G<2>67,>-9!!%>-!1#!
16&2<3+!=6&'!3&'#(!83#!F>$V!,9!292>$$L!=&$$&F#7!1L!3&+!%&%&>!>-7!1,9%2,+9(!0$$!>6#!
F#$%&'#(!
BK!
Christmas Market
!
0$+3&2<3!+3#!;36,9+'>9!?>6V#+!,-!
$>+#!W&J#'1#6!,9!-&+!>!=#9+,J>$U!
F#!3>J#!,-%$27#7!,+!3#6#!1#%>29#!
,+!,9!92%3!>!F&-7#6=2$!&AA&6+2-,+L!
+&!#PA#6,#-%#!+3#!9%3&&$H9!F,7#6!
%&''2-,+L(!
!
83#!>--2>$!;36,9+'>9!?>6V#+!,9!>!
J,+>$!=2-7a6>,9,-<!>-7!9&%,>$!#J#-+!
,-!+3#!9%3&&$!%>$#-7>6(!I>%3!L#>6!
+3#!A>6#-+9G<2>67,>-9!&=!;$>99!4!
+>V#!&-!,+9!&J#6>$$!&6<>-,9>+,&-!
12+!+3#!F3&$#!9%3&&$!%&''2-,+L!
,9!,-J&$J#7!,-!+3#!A6&72%+,&-!&=!
<&&79U!%6>=+9!>-7!+6#>+9!+&!9#$$!,-!
Photo Credit: Sabrina Durling-Jones, Parent.
+3#!'>6V#+(!
!
Y26,-<!+3#!;36,9+'>9!?>6V#+U!F3,%3!+>V#9!A$>%#!&-!>!*>+267>L!1#=&6#!07J#-+U!+3#!F3&$#!
9%3&&$!,9!+6>-9=&6'#7(!83#6#!>6#!'>-L!1#>2+,=2$!>-7!2-292>$!+3,-<9!=&6!9>$#e7&$$9!&=!>$$!
9,j#9U!A&++#6LU!F&&7F&6VU!76,#7!=$&F#69U!1>V#7!<&&79U!A6#9#6J#9U!>-7!'2%3!'&6#(!
!
83#6#!,9!=&&7!9#6J#7!,-!9#J#6>$!%>=#9U!%6>=+!>%+,J,+,#9!=&6!+3#!%3,$76#-!>-7!=&6!+3#!L&2-<#6!
%3,$76#-U!A2AA#+!93&F9U!'29,%!>-7!>!9A#%,>$!<6&++&(!5+!,9!>!129L!7>L!F3,%3!6#<2$>6$L!6>,9#9!
'&-#L!+&!1#!9A#-+!&-!J,+>$!6#9&26%#9!F3,%3!+3#!9%3&&$!F&2$7!-&+!&+3#6F,9#!1#!>1$#!+&!
>==&67(!
!
83#!A>6#-+G<2>67,>-!1&7L!,9!#J#6a%3>-<,-<U!12+!9V,$$9!=&6!+3#!'>V,-<!&=!+6>7,+,&->$!,+#'9!
=&6!+3#!?>6V#+!>6#!A>99#7!&-!>-7!-#F!,7#>9!>6#!,-%&6A&6>+#7!>9!A#&A$#!%&'#!>-7!<&(!
S>',$,#9!-#F!+&!+3#!9%3&&$!>6#!>$F>L9!F#$%&'#!+&!`&,-!+3#!<6&2A9!'>V,-<!<&&79!=&6!+3#!
;36,9+'>9!?>6V#+(!5+!,9!>!<&&7!F>L!+&!'##+!&+3#6!=>',$,#9!F,+3!%3,$76#-!,-!7,==#6#-+!
;$>99#9!2A!>-7!7&F-!+3#!9%3&&$(!
!
C,-7#6<>6+#-!A>6#-+9G<2>67,>-9!>$&-<!F,+3!;$>99!;&-J#-&69l!&6<>-,9#!+3#!#J#-+9!
3>AA#-,-<!,-!+3#!C,-7#6<>6+#-!12,$7,-<(!5-!+3#!A>9+U!#J#-+9!3>J#!,-%$27#7!>!d<-&'#!
<6&++&HU!dC,-<!",-+#6H9!E>$>%#HU!d@,-<#616#>7!O>7LHU!9+&6L+#$$,-<U!9,-<>$&-<!>-7!d83#!E&%V#+!
O>7L(H!83#9#!>6#!`29+!>!=#F!#P>'A$#9!&=!A>9+!>%+,J,+,#9(!W#F!,7#>9!>6#!>$F>L9!F#$%&'#_!
!
l!IJ#6L!L#>6U!>-7!,-!#J#6L!;$>99!+36&2<3&2+!+3#!9%3&&$U!&-#!&6!+F&!A>6#-+9G<2>67,>-9!
J&$2-+##6!+&!>%+!>9!;$>99!;&-J#-&69(!83#!;&-J#-&69!=&6'!>-!,'A&6+>-+!9&%,>$!$,-V!
1#+F##-!+3#!+#>%3#6!>-7!+3#!=>',$,#9!&=!+3#!A2A,$9!,-!+3#!;$>99(!83#L!>6#!6#9A&-9,1$#!=&6!
%&-+>%+,-<!>-7!F#$%&',-<!-#F!A>6#-+9!>-7!>99,9+,-<!F,+3!+3#!&6<>-,9>+,&-!&=!;$>99!
>%+,J,+,#9!92%3!>9!=2-76>,9,-<(!
B.!
Winter festivals
06H%#$'
!
07J#-+!,9!+3#!A#6,&7!,-%$27,-<!+3#!=&26!*2-7>L9!1#=&6#!;36,9+'>9(!07J#-+!,9!>!+,'#!&=!
A6#A>6>+,&-!>-7!F#!%#$#16>+#!,+9!1#<,--,-<!F,+3!>-!07J#-+!@>67#-(!"#!A6#A>6#!>!9A,6>$!
&=!<6##-#6L!>-7!7,'!+3#!$,<3+9!6#>7L!=&6!+3#!%3,$76#-!+&!%&'#!F,+3!+3#,6!=>',$,#9(!83#6#!,9!
9&=+!'29,%!,-!+3#!1>%V<6&2-7!>-7!+3#!'&&7!,9!9#+!=&6!+3#!#J#-,-<!F,+3!>!9+&6L(!I>%3!%3,$7!
+3#-!%>66,#9!>-!>AA$#!F,+3!>!%>-7$#!,-!,+9!%#-+6#!>-7!F>$V9!>$&-<!+3#!9A,6>$!A>++#6-!+&!>!
$>6<#!%>-7$#!,-!+3#!%#-+6#(!0=+#6!$,<3+,-<!+3#,6!&F-!%>-7$#U!#>%3!%3,$7!F>$V9!&2+!&=!+3#!
9A,6>$!A$>%,-<!+3#!>AA$#!9+>-7,-<!9&'#F3#6#!>$&-<!+3#!F>L(!@6>72>$$L!+3#!F3&$#!<>67#-!
<$&F9!'&6#!>-7!'&6#!9+6&-<$L!>-7!>!'&&7!&=!7##A!6#J#6#-%#!,9!%6#>+#7(!83,9!<,J#9!>!+62#!
A,%+26#!&=!+3#!9A,6,+!&=!07J#-+(!0$$!>6#!J#6L!F#$%&'#!+&!>++#-7(!
!
!
i07J#-+!,9!>!+,'#!&=!A6#A>6>+,&-c!=&6!%3,$76#-!,-!A>6+,%2$>6U!,+!,9!>!+,'#!&=!`&L=2$!
>-+,%,A>+,&-!$&&V,-<!+&F>679!,+9!=2$=,$'#-+!>+!;36,9+'>9(k!!
!
Z6,<,++#!Z>6jU!5.=4'0/+=#;'4*#)*'+,3.1!
!
",+3!+3#!#PA#6,#-%#!&=!+3#!07J#-+!@>67#-!>-7!+3#-!+36&2<3!+3#!7>,$L!$,<3+,-<!&=!>-!
07J#-+!F6#>+3U!+3#!%3,$76#-!=##$!+3#!<6>72>$!9+6#-<+3#-,-<!&=!+3#!$,<3+!>9!;36,9+'>9!
>AA6&>%3#9!>-7!+3#!,--#6!'&&7!&=!`&L!>-7!>-+,%,A>+,&-!<6&F9(!
!
0+!3&'#U!+3#!%3,$76#-!%>-!1#!,-J&$J#7!,-!%6#>+,-<!1#>2+,=2$!7#%&6>+,&-9!=&6!+3#!=#9+,J>$!+&!
%&'#!&6!A6#A>6,-<!$,++$#!<,=+9!=&6!&+3#69(!*A#%,>$!'#'&6,#9!%>-!>6,9#!=&6!+3#!=>',$L!,-!+3#!
3>AAL!A6#A>6>+,&-!=&6!;36,9+'>9(!!
!
?#>-F3,$#U!,-!+3#!C,-7#6<>6+#-U!F#!129L!&269#$J#9!F,+3!+3#!'>V,-<!&=!<,=+9!=&6!=>',$,#9!
>-7!=6,#-79(!!
,$'Q-*3")<&'''
!
Y26,-<!07J#-+U!F#!%#$#16>+#!*+!W,%3&$>9H!Y>L(!5=!F#!>6#!$2%VL!3#!'>L!J,9,+!+3#!
C,-7#6<>6+#-!,-!+3#!-,<3+!>-7!$#>J#!9&'#+3,-<!,-9,7#!&26!9$,AA#69_!83,9!=#9+,J>$!'>L!>$9&!
1#!%#$#16>+#7!>+!3&'#!>-7!'>-L!A>6#-+9G<2>67,>-9!$#>J#!-2+9U!>!'>-7>6,-!>-7!9&'#!
3&-#L!%>V#9!,-9,7#!+3#,6!%3,$76#-H9!93&#9!+&!1#!7,9%&J#6#7!,-!+3#!'&6-,-<(!
!35-&$+<&''
!
83#!7>L9!>6&2-7!+3#!F,-+#6!9&$9+,%#e-&F!+3#!+,'#!F3#-!F#!%#$#16>+#!;36,9+'>9e3>7!
<6#>+!,'A&6+>-%#!,-!'>-L!A6#a;36,9+,>-!6#$,<,&-9(!Y26,-<!+3,9!+,'#U!+3#!J,%+&6L!&=!$,<3+!
&J#6!7>6V-#99!F>9!>$F>L9!%#$#16>+#7U!=&6!#P>'A$#!,-!+3#!I<LA+,>-U!8#2+&-,%U!X#F,93U!
;#$+,%U!Q&'>-!>-7!?,+36>,%!6#$,<,&-9(!
!
BB!
0$+3&2<3!+3#!;36,9+'>9!=#9+,J>$!3>AA#-9!726,-<!+3#!9%3&&$!3&$,7>L9!>-7!,9!-&+!%#$#16>+#7!
,-!+3#!C,-7#6<>6+#-U!F#!7&!A#6=&6'!>!->+,J,+L!A$>L!F,+3!+3#!%3,$76#-!F3,%3!,9!A6#9#-+#7!+&!
+3#!A>6#-+9G<2>67,>-9!`29+!1#=&6#!+3#!3&$,7>L9(!
!
5+!,9!3>67!-&F>7>L9!F,+3!9&!'2%3!'>+#6,>$,9+,%!A6#9926#!>6&2-7!+3,9!9A#%,>$!+,'#!&=!L#>6(!
"#!#-%&26><#!A>6#-+9G<2>67,>-9!>-7!%3,$76#-!+&!9#>6%3!=&6!F3>+!,9!-&+!'>+#6,>$!,-!+3#!
;36,9+'>9!=#9+,J>$(!83#!'>V,-<!&=!<,=+9U!$,<3+,-<!&=!%>-7$#9U!A6#A>6>+,&-!>-7!93>6,-<!&=!
=#9+,J#!=&&7U!9,-<,-<!>-7!6#2-,+,-<!F,+3!=>',$L!>-7!=6,#-79!>6#!>$$!>9A#%+9!&=!;36,9+'>9!+3>+!
F,$$!$,J#!,-!+3#!%3,$76#-H9!'#'&6L!=&6!#J#6!>-7!16,-<!F,+3!+3#'!#-726,-<!9A,6,+2>$!6>+3#6!
+3>-!'>+#6,>$!\2>$,+,#9!=&6!+3,9!%#$#16>+,&-!,-!L#>69!+&!%&'#(!!
!
i83#!,'><#!&=!$,<3+!1#,-<!1&6-!,-!+3#!',79+!&=!&2+#6!7>6V-#99!F,$$!-&26,93!&26!%3,$7H9!
9&2$!=&6!>!$,=#+,'#(k!
!
*3>6,==>!]AA#-3#,'#6U!-./0.1#%1#2/34*!
!
Spring festivals
''
^>J,-<!9A#-+!'>-L!F,-+#6!'&-+39!,-!+3#!<>67#-U!F>+%3,-<!+3#!=62,+9!>-7!=$&F#69!
7,9>AA#>6!=&6!+3#,6!F,-+#6[9!6#9+U!+3#6#!,9!'2%3!#P%,+#'#-+!>9!+3#!=,69+!9,<-9!&=!9A6,-<!
#'#6<#!>-7!+3#!<>67#-![F>V#9!2A[(!"#!F#$%&'#!1>%V!+3#!9-&F76&A9U!%6&%29!>-7!
7>==&7,$9!>=+#6!+3#,6!$&-<!F,-+#6!9$##A!>-7!+3>-V!?&+3#6!I>6+3!=&6!%>6,-<!=&6!+3#'!+36&2<3!
+3#!F,-+#6(!h-$,V#!+3#!F,-+#6!+#6'U!>!9#>9&-!&=!'>-L!=#9+,J>$9U!+3#!9A6,-<!+#6'!12,$79!2A!
+&!+3#!'>,-!=#9+,J>$!&=!I>9+#6U!=&$$&F#7!1L!"3,+92-(!
G<&$%5'
83#!#P>%+!7>+#!&=!I>9+#6!,9!7#+#6',-#7!1L!+3#!+,',-<!&=!+3#!*A6,-<!I\2,-&P!>-7!>9!92%3!
%3>-<#9!#>%3!L#>6(!83#!F&67!I>9+#6!%&'#9!=6&'!+3#!0-<$&a*>P&-!->'#!I&9+6>#U!>!A6#a
;36,9+,>-!<&77#99!9L'1&$,9,-<!6#1,6+3U!=#6+,$,+L!>-7!9A6,-<(!!
!
E6#A>6>+,&-!=&6!I>9+#6!+>V#9!A$>%#!+36&2<3!'>-L!J>6,#7!>%+,J,+,#9!+3>+!%>-!,-%$27#!9&F,-<!
9##79!>-7!A$>-+,-<!12$19U!1>V,-<!16#>7U!7#%&6>+,-<!#<<9U!3#>6,-<!&=!+3#!I>9+#6!^>6#!F3&!
3,7#9!#<<9!=&6!29U!%6#>+,-<!7#%&6>+,&-9!=&6!+3#!I>9+#6!@>67#-!&6!'>V,-<!>!=#9+,J>$!+>1$#(!
!
83#!C,-7#6<>6+#-!%3,$76#-!#><#6$L!>F>,+!+3#!O&F#6!*%3&&$!%3,$76#-!A>6>7,-<!+36&2<3!+3#!
<>67#-!>9!+3#L!%#$#16>+#!+3#!I>9+#6!=#9+,J>$!>-7!+3#!>66,J>$!&=!9A6,-<(!83#L!F>+%3!>9!+3#!
&$7#6!%3,$76#-!A>6>7#!>6&2-7!+3#!9%3&&$!<6&2-79!3&$7,-<!>!1>--#6!,-!+3#!93>A#!&=!>!%6&99U!
1#>6,-<!>!1>V#7!%&%V#6#$!&-!+3#!+&AU!7#%&6>+#7!F,+3!<>6$>-79!&=!76,#7!=62,+!>-7!%&$&26=2$!
6,11&-9(!83#!%3,$76#-!>-7!+#>%3#69!93>6#!,-!+3#!9,-<,-<!F,+3!`&L!>-7!#P%,+#'#-+(!!
B)!
!
!
!
!i83#!>-%,#-+!9L'1&$9!&=!3>6#!>-7!#<<U!1&+3!V-&F-!>9!9,<-9!&=!+3#!6#+26-!&=!$,=#!>=+#6!
",-+#6U!%>66L!+&7>L!+3#!;36,9+,>-!>99&%,>+,&-!F,+3!+3#!Q#9266#%+,&-!&=!;36,9+(!"3#-!
F#!#P%3>-<#!I>9+#6!#<<9!>9!<,=+9!F#!>6#!6#a#->%+,-<!>-!>-%,#-+!F,97&'e+3>+!F3,%3!
>AA#>69!+&!1#!9+,$$!>-7!7#>7!,-!=>%+!%&-+>,-9!-#F!$,=#(k!!
!
Y,>->!;>6#L!>-7!X27L!O>6<#U!5.=4'0/+=>#5/?'+8#/1,#5%%,#
!
(3-$&2#''
!
"3,+!*2-7>L!,9!+3#!%326%3!7>L!&=!E#-+#%&9+U!6#%>$$,-<!+3#!'>-,=#9+>+,&-!&=!+3#!^&$L!*A,6,+!
+&!+3#!0A&9+$#9(!83#!F&67!"3,+92-U!'#>-,-<!iF3,+#!92-Uk!%&'#9!=6&'!+3#!*2-7>L!
+6>7,+,&-!9+,$$!A6>%+,9#7!,-!6#'&+#!%6&=+9!>-7!=>6'9!&=!A>,-+,-<GF3,+#!F>93,-<!12,$7,-<9U!
9A6,-<!%$#>-,-<!>-7!&=!6#%#,J,-<!9&'#!-#F!fF3,+#g!%$&+3#9!+&!F#>6!+&!%326%3(!83#!
L&2-<#9+!&-#9!F>,+#7!=&6!+3#!&$7#9+!%,+,j#-!&=!+3#!J,$$><#!+&!9A#>V!F,9#$L!+&!+3#'!&-!
"3,+#!*2-7>L(!
!!
5-!+3#!C,-7#6<>6+#-U!"3,+92-U!>9!F,+3!>$$!+3#!&+3#6!=#9+,J>$9U!16,-<9!-&+!&-$L!+3#!9A,6,+2>$!
\2>$,+L!&=!+3#!=#9+,J>$!12+!>$9&!>!9+6&-<!9#>9&->$!#$#'#-+(!"3,+92-!3>AA#-9!>+!+3#!#-7!&=!
9A6,-<(!!83#6#!,9!>!=6#93-#99!,-!+3#!>,6U!=$&F#69!>6#!9+6&-<!>-7!J,+>$!>-7!F#!9##!,-!->+26#!>$$!
>6&2-7!29!$,=#!>-7!J,<&26(!5+!,9!F,+3!J,<&26!+3>+!F#!29#!+3#!+#-!7>L9!1#+F##-!09%#-9,&-!
>-7!"3,+92-!+&!A6#A>6#!&26!6&&'9!+&!6#%#,J#!+3#!&-%&',-<!=#9+,J>$!&=!"3,+92-(!!
!
"#!9A6,-<!%$#>-!+3#!6&&'U!F>93!J#,$9!>-7!7&$$9H!%$&+3#9U!1#>+!+3#!729+!&2+!&=!%293,&-9!>-7!
A&$,93!%3>,69!>-7!=$&&69(!"#!&A#-!7&&69!>-7!F,-7&F9!>-7!6#%#,J#!+3#!$,<3+!>-7!=6#93-#99!
&=!+3#!9#>9&-!,-+&!&26!%$>996&&'9(!"#!+3#-!A6#A>6#!<,=+9!&=!=&&7!+&!93>6#!F,+3!+3#!&+3#6!
%$>99#9(!"3,+#!16#>7!,9!1>V#7U!&=+#-!,-!+3#!93>A#!&=!>!7>,9LU!+3#!9'>$$!=$&F#6!+3>+!$&&V9!2A!
+&!+3#!3#>J#-9!F,+3!<&$7!,-!,+9!%#-+6#(!]-#!;$>99!'>V#9!12++#6U!>-&+3#6!A6#A>6#9!=62,+U!
#$7#6=$&F#6!`2,%#!&6!$#'&->7#(!"#!A6#A>6#!>!6,-<+,'#!F,+3!+3#!,'><#!&=!>!7&J#%&+#!>-7!
+3#!%3,$76#-!A$>L!>+!1#,-<!7&J#9U!=$L,-<!9&!3,<3!+3#-!6#9+,-<!><>,-!1>%V!7&F-!,-!+3#,6!
7&J#%&+!3&'#(!"#!'>V#!A>A#6!&6!F&&$!7&J#9!+&!7#%&6>+#!+3#!C,-7#6<>6+#-!>-7!3&'#!&=!
#>%3!%3,$7(!!
!
]-!+3#!7>L!&=!+3#!=#9+,J>$!F#!,6&-!>!F3,+#!+>1$#%$&+3!>-7!9#+!+3#!=#>9+!+>1$#!F,+3!+3#!
%3,$76#-(!]=+#-!F#!%#$#16>+#!+3#!'>-L!$>-<2><#9!+3>+!>6#!93>6#7!,-!+3#!C,-7#6<>6+#-!>-7!
&26!=#9+,J>$!J#69#!%>-!1#!+&$7!,-!>9!'>-L!>9!=&26!&6!=,J#!7,==#6#-+!$>-<2><#9_!83,9!,9!>!
1#>2+,=2$!=#9+,J>$U!=6#93!>-7!16,<3+U!+3>+!%#$#16>+#9!+3#!,-7,J,72>$!F,+3,-!+3#,6!%&''2-,+L(!
5+!+62$L!,9!>!=#9+,J>$!=&6!&26!+,'#9!>-7!F#!>9V!+3#!%3,$76#-!+&!F#>6!9&'#+3,-<!F3,+#!>-7!
16,-<!F3,+#!>-7!L#$$&F!=$&F#69!+&!6#>$$L!=##$!&269#$J#9!+&<#+3#6!,-!>!<6&2A(!
B4!
Summer festivals
,$'R"3#F&S'=-6&2++%5''
!
83,9!=#9+,J>$!,-!+3#!C,-7#6<>6+#-!%>-!+>V#!'>-L!=&6'9(!83#!#$#'#-+!+3>+!6#'>,-9!+3#!9>'#!
#>%3!L#>6!,9!+3>+!F#!%#$#16>+#!*+!X&3-H9!Y>L!&2+9,7#U!9266&2-7#7!1L!->+26#U!,-!fF#!3&A#_g!
+3#!F>6'!92-93,-#!&=!',792''#6(!*&'#+,'#9!F#!3>J#!&2+9,7#!<>'#9!,-!+3#!<>67#-!&6!
F#!9,-<!92''#6!9&-<9!>6&2-7!>!1&-=,6#(!5-!+3#!A>9+U!F#!3>J#!3>7!&2+,-<9!F,+3!>$$!&26!
=>',$,#9U!>!1>61#%2#!&-!+3#!1#>%3!&6!>!F>$V(!M&2!F,$$!1#!,-=&6'#7!1#=&6#!+3#!=#9+,J>$!3&F!
F#!,-+#-7!+&!%#$#16>+#!>-7!F#!>6#!>$F>L9!&A#-!+&!-#F!92<<#9+,&-9(!!
Leaving Festival
8&!'>6V!+3#!#-7!&=!+3#!L#>6!>-7!+&!9>L!<&&71L#!+&!+3#!&$7#6!%3,$76#-!#'1>6V,-<!&-!+3#!
-#P+!9+><#!&=!+3#,6!$#>6-,-<!`&26-#LU!F#!`&,-!F,+3!=>',$L!>-7!=6,#-79!+&!%#$#16>+#!+3#!
+6>-9,+,&-9!>3#>7(!83#!-#F!;$>99!]-#!+#>%3#6!,9!,-J&$J#7!,-!+3#!=#9+,J>$!>-7!F#$%&'#9!+3#!
%3,$76#-!>9!+3#L!$#>J#!C,-7#6<>6+#-!>-7!#-+#6!+3#!O&F#6!*%3&&$(!;3,$76#-!+3>+!$#>J#!+&!<&!
+&!A>9+26#9!-#F!>6#!>$9&!F>6'$L!>%V-&F$#7<#7(!0$$!+3#!%3,$76#-!A>6+,%,A>+#!,-!+3#!O#>J,-<!
S#9+,J>$!>-7!#J#6L!A>6#-+G<2>67,>-!,9!,-J,+#7!+&!>++#-7!+3,9!%#$#16>+,&-!&-!+3#!$>9+!7>L!&=!
+3#!92''#6!+#6'(!!
!
O-5$36<D&'
'
5-!+3#!C,-7#6<>6+#-U!1,6+37>L9!>6#!%&-9,7#6#7!+&!1#!J#6L!9A#%,>$!>-7!>6#!%#$#16>+#7!>9!
,-7,J,72>$!=#9+,J>$9!,-!+3#,6!&F-!6,<3+(!E>6#-+9G<2>67,>-9!>6#!,-J,+#7!+&!16,-<!>!%>V#!&6!
93>6#!>!9A#%,>$!9+&6L!>-7!%#$#16>+,&-(!I>%3!+#>%3#6!F,$$!%#$#16>+#!+3#!%3,$7H9!1,6+37>L!,-!>!
7,==#6#-+!F>LU!F,+3!=&26U!=,J#U!>-7!9,P!L#>6!&$7!%#$#16>+,&-9!+>V,-<!>!7,==#6#-+!=&6'(!E$#>9#!
>9V!L&26!%3,$7H9!+#>%3#6!3&F!+3#L!F&2$7!$,V#!+&!93>6#!+3,9!J#6L!9A#%,>$!#J#-+!F,+3!L&2!>-7!
L&26!%3,$7(!!
!
P"25$3'O-5$36<D/'83#!%#$#16>+,&-!&=!>!=&26+3!1,6+37>L!,9!>$F>L9!J#6L!9,'A$#!9&!>9!-&+!+&!
&J#6F3#$'!+3#!%3,$7(!*&'#!&=!+3#!+#>%3#69!F,$$!1>V#!+3#!1,6+37>L!%>V#!F,+3!+3#!%3,$76#-U!
&+3#69!F,$$!>9V!+3#!A>6#-+9G<2>67,>-9!+&!16,-<!>!9,'A$#!%>V#!F,+3!=62,+!,-9+#>7!&=!,%,-<(!0!
1#>2+,=2$!+>1$#%$&+3!,9!,6&-#7!>-7!+3#!+>1$#!=&6!+3#!9->%V!,9!$>,7!%>6#=2$$L!F,+3!9A#%,>$!
7#%&6>+,&-9(!83#6#!F,$$!1#!>!<&$7#-!J#,$!%&J#6,-<!+3#!%3,$7H9!%3>,6!>-7!>!$,++$#!J>9#!&=!
=$&F#69U!%>-7$#9!>-7!>!1,6+37>L!%6&F-!F>,+,-<!>+!+3#,6!A$>%#(!0!1,6+37>L!J#69#!F,$$!1#!92-<!
&6!9A#%,>$!9+&6L!+&$7(!
!
P-8$3'O-5$36<D/'I>%3!+#>%3#6!A6#A>6#9!>!9A#%,>$!A2AA#+!A$>L!+3>+!+#$$9!&=!+3#!%3,$7[9!
`&26-#L!+&!+3#,6!=>',$L!=6&'!+3#!3#,<3+9!&=!^#>J#-(!83#!A>6#-+9G<2>67,>-9!>6#!,-J,+#7!+&!
%&'#!+&!9##!+3#!A2AA#+!A$>L!F,+3!+3#,6!%3,$7!>-7!+3,9!&=+#-!3>AA#-9!#,+3#6!>+!+3#!
1#<,--,-<!&6!#-7!&=!+3#!'&6-,-<(!E>6#-+9G<2>67,>-9!>6#!>9V#7!+&!16,-<!>!9,'A$#!%>V#!F,+3!
=62,+!,-9+#>7!&=!,%,-<!F3,%3!+3#!1,6+37>L!%3,$7!93>6#9!F,+3!+3#,6!=6,#-79!>+!9->%V!+,'#(!
0<>,-U!>9!F,+3!+3#!=&26+3!1,6+37>L!%#$#16>+,&-U!+3#!+>1$#!,9!$>,7!1#>2+,=2$$L!>-7!+3#6#!F,$$!
1#!>!<&$7#-!J#,$!%&J#6,-<!+3#!%3,$7H9!%3>,6(!;>-7$#9U!=$&F#69!>-7!>!1,6+37>L!%6&F-!>F>,+!
+3#'!>+!+3#,6!A$>%#('
BR!
!
,-M$3'O-5$36<D/'5-!+3#!C,-7#6<>6+#-U!F#!%#$#16>+#!>!9,P!L#>6!&$7[9!1,6+37>L!F,+3!+3#!%3,$7!
>%+,J#$L!A>6+,%,A>+,-<!,-!+3#!1,6+37>L!9+&6L(!"#!,-J,+#!A>6#-+9G<2>67,>-9!+&!93>6#!,-!+3,9!
%#$#16>+,&-!&=!+3#,6!%3,$7H9!=,69+!9,P!L#>69!&-!+3#!#>6+3(!5-!>7J>-%#!&=!+3#!1,6+37>LU!F#!>9V!
A>6#-+9G<2>67,>-9!+&!<,J#!29!>!16,#=!F6,++#-!7#9%6,A+,&-!&=!+3#!%3,$7[9!1,&<6>A3L!+&!7>+#(!
]=+#-!7#+>,$9!,-%$27#!'>`&6!',$#9+&-#9!>-7!>%3,#J#'#-+9U!>66,J>$!&=!9,1$,-<9U!9,<-,=,%>-+!
6#$>+,&-93,A9!&6!3&$,7>L9!#-`&L#7!>9!>!=>',$L(!*&'#+,'#9!+3#6#!F,$$!1#!,'A&6+>-+!#J#-+9!
&6!%3>-<#9!,-!+3#!%3,$7[9!$,=#!+3>+!-##7!9#-9,+,J#$L!#'16>%,-<!>-7!F#!F&6V!J#6L!%$&9#$L!
F,+3!+3#!A>6#-+9G<2>67,>-9!+&!<,J#!>!F>6'!>-7!+>-<,1$#!A,%+26#!&=!+3#!%3,$7!%&',-<!+&!+3#!
#>6+3!>-7!=$&26,93,-<!9266&2-7#7!1L!+3#,6!$&J,-<!=>',$L!>-7!3#$A#69(!09!F,+3!A6#J,&29!
1,6+37>L9U!F#!$>L!>!1#>2+,=2$!9->%V!+>1$#!>-7!>9V!+3#!A>6#-+9G<2>67,>-9!+&!16,-<!>!9,'A$#!
%>V#!F,+3!=62,+!,-9+#>7!&=!,%,-<!+&!1#!93>6#7!F,+3!+3#,6!=6,#-79!>-7!+#>%3#69(!'
!!
i83#!%3,$7H9!1#9+a$&J#7!L#>6$L!=#9+,J>$!,9U!&=!%&269#U!3#6!&F-!1,6+37>L(!"#!%>-!V,-7$#!
+3#!'><,%!>-7!F&-7#6!&=!+3#!&%%>9,&-!1L!6#'#'1#6,-<!+3#!=,69+!'&'#-+!F#!$&&V#7!
,-+&!+3,9!16>-7!-#F!=>%#!>-7!%>2<3+!>!<$,''#6,-<!&=!3#6!9&2$(k!!
!
*3>6,==>!]AA#-3#,'#6U!-./0.1#%1#2/34*#
#
'
Bb!
'
,%*$-"#'T/';3%'B-#6%59<5$%#'U<D'
O5-#9-#9'<#6'!"))%*$-#9'!3-)65%#''
'
83#!C,-7#6<>6+#-!'&6-,-<!1#<,-9!>+!D(4R>'!
>-7!#-79!>+!.B(4KA'(!!
!
83#!+#>%3#69!'##+!=,69+!+3,-<!,-!+3#!'&6-,-<!
+&!9>L!>!J#69#!+&<#+3#6!>-7!,+!,9!&-$L!>=+#6!
+3>+!'&'#-+!+3>+!F#!>6#!>J>,$>1$#!+&!
F#$%&'#!L&26!%3,$7!,-+&!+3#!%$>996&&'(!83,9!
,9!292>$$L!=6&'!D(4K>'!&-F>679(!"#!>9V!
+3>+!>$$!%3,$76#-!>6#!>%%&'A>-,#7!1L!>-!
>72$+!+&!+3#!%$&>V6&&'!+&!%3>-<#!,-+&!+3#,6!
,-7&&6!93&#9!>-7!3>-<!2A!+3#,6!%&>+(!!
!
;3,$76#-!%>-!+3#-!1#!16&2<3+!+&!+3#!7&&6!&=!
+3#!C,-7#6<>6+#-!6&&'!1L!+3#!
A>6#-+G<2>67,>-!=&6!>!9'&&+3!+6>-9,+,&-!
,-+&!+3#!6&&'(!"#!=##$!,+!,9!,'A&6+>-+!+&!
<6##+!#>%3!%3,$7!>+!+3#!1#<,--,-<!&=!+3#!7>L!
>-7!>$9&!+&!9>L![<&&71L#[!%>6#=2$$L!+&!#>%3!
%3,$7!1#=&6#!+3#L!+6>-9,+,&-!1>%V!+&!+3#,6!
A>6#-+G<2>67,>-U!%>6#6!&6!+&!&26!0=+#6-&&-!
;>6#!9#99,&-9(!!
!
;3,$76#-!'29+!1#!%&$$#%+#7!1L!>!A>6#-+G<2>67,>-!&6!>!->'#7!A#69&-!F,+3!A>6#-+G<2>67,>-!
%&-9#-+!fA6#=#6>1$L!F6,++#-g!>+!.B(4KA'(!5-!+3#!%>9#!&=!>!7#$>LU!A$#>9#!%&-+>%+!+3#!*%3&&$!
]==,%#(!!
!
"#!>9V!A>6#-+9G<2>67,>-9!+&!F>,+!&2+9,7#!+3#,6!%3,$7[9!%$&>V6&&'!>-7!F#!F,$$!$#+!+3#'!
%&'#!+&!L&2!F3#-!+3#L!>6#!6#>7L!,-!+3#,6!%&>+9!>-7!93&#9(!5=!%3,$76#-!>6#!9+>L,-<!=&6!
0=+#6-&&-!;>6#U!+3#L!F,$$!1#!<6##+#7!1L!+3#!0=+#6-&&-!;>6#!9+>==!>+!.B(4KA'(!!
!
5=!L&2!-##7!+&!9A#>V!+&!L&26!%3,$7[9!+#>%3#6!>+!+3#!1#<,--,-<!&6!#-7!&=!+3#!'&6-,-<U!
A$#>9#!3>-7!+3#!+#>%3#6!>!-&+#!&6!F>,+!2-+,$!+3#!$>9+!%3,$7!3>9!1##-!%&$$#%+#7!>+!.B(4KA'(!
0AA&,-+'#-+9!%>-!+3#-!1#!'>7#!&6!>!16,#=!7,9%299,&-!#-+#6#7!,-+&!,=!>AA6&A6,>+#(!M&26!
%3,$7[9!+#>%3#6!',<3+!>$9&!%&''2-,%>+#!>!A,%+26#!&=!+3#!%3,$7[9!7>L!>+!+3,9!+,'#U!#9A#%,>$$L!
>6&2-7!9#++$,-<a,-!A#6,&79(!
C2#*$2<)-$D''
'
"3#-!%3,$76#-!>66,J#!$>+#!+&!C,-7#6<>6+#-U!+3#L!%>-!=,-7!9#++$,-<!,-!+&!+3#!#9+>1$,93#7!
<6&2A!&6!>%+,J,+L!7,==,%2$+(!83#!63L+3'!&=!+3#!7>L!,9!7,962A+#7!=&6!>$$!+3#!%3,$76#-U!+329!
,-+#<6>+,-<!,-+&!+3#!>%+,J,+,#9!,9!'&6#!%3>$$#-<,-<(!E>6#-+9G<2>67,>-9!>6#!+3#6#=&6#!
6#\2#9+#7!+&!'>V#!#J#6L!#==&6+!+&!#-926#!+3#,6!%3,$76#-!>66,J#!>+!C,-7#6<>6+#-!&-!+,'#(!
B:!
;3>$$#-<#9!%>-!>$9&!>6,9#!F3#-!A>6#-+9G<2>67,>-9!&6!%>6#69!>6#!$>+#!+&!%&$$#%+!+3#,6!
%3,$76#-(!5+!%>-!1#!2A9#++,-<!=&6!L&2-<!%3,$76#-!+&!1#!$#=+!1#3,-7!>=+#6!+3#,6!=6,#-79!3>J#!
>$6#>7L!<&-#!3&'#!&6!,=!+3#6#!,9!2-%#6+>,-+L!>1&2+!F3&!F,$$!%&$$#%+!+3#'(!83#!+#>%3#69!
%>-!1#!%6#>+,J#!>-7!9#-9,+,J#!,=!7#$>L9!>6#!,-#J,+>1$#U!12+!F#!6#>$$L!>AA6#%,>+#!L&26!
%&-9%,&29-#99!F,+3!+,'#V##A,-<(!!
Z#=&6#!>-7!>=+#6!C,-7#6<>6+#-U!F3#-!A>6#-+9G<2>67,>-9!>6#!9+,$$!A6#9#-+U!%3,$76#-!6#'>,-!
+3#!6#9A&-9,1,$,+L!&=!+3#,6!A>6#-+9G<2>67,>-9(!
U5%&&'!"6%''
'
"#!>6#!A>6+!&=!+3#!F,7#6!9%3&&$!>-7!>9V!L&2!+&!1#!>F>6#!&=!9&'#!<#-#6>$!62$#9!+3>+!>AA$L!
+&!>$$!A2A,$9U!,-%$27,-<!+3#!C,-7#6<>6+#-(!
E,%+26#9U!%>6+&&-9!>-7!9$&<>-9!&-!%$&+3,-<!>6#!-&+!>$$&F#7(!E>++#6-9!>6#!A#6',99>1$#(!"#!
>9V!A>6#-+9G<2>67,>-9!>+!>$$!+,'#9!+&!76#99!+3#,6!%3,$76#-!,-!A6>%+,%>$!F>6'!%$&+3#9!+3>+!
>6#!>AA6&A6,>+#!+&!+3#!9#>9&-9!>-7!+&!+3#!F#>6!>-7!+#>6!&=!C,-7#6<>6+#-!$,=#(!"3#6#J#6!
A&99,1$#U!A$#>9#!76#99!L&26!%3,$76#-!,-!->+26>$!=,16#9(!">6''>-7!F>+#6A6&&=!%&>+9!>-7!
F#$$,-<+&-!1&&+9!>-7!92AA&6+,J#!93&#9!>6#!-#%#99>6L!=&6!&2+7&&6!F&6V!>-7!A$>L(!!
09!=&6!>$$!%3,$76#-!,-!+3#!O&F#6!*%3&&$U!`#F#$$#6L!>-7!'>V#2A!,9!-&+!A#6',++#7U!,-%$27,-<!
->,$!J>6-,93(!*+27!#>66,-<9!'>L!1#!F&6-!,=!L&26!%3,$7!3>9!A,#6%#7!#>69(!!
!
"#!6#%&''#-7!+3>+!%3,$76#-!F#>6!3>+9!1&+3!,-!F,-+#6!>-7!92''#6!>-7!+3>+!<&&7!
F>+#6A6&&=9!6#'>,-!,-!+3#!C,-7#6<>6+#-!>9!F#!#-`&L!+3#!<>67#-!,-!>$$!F#>+3#6(!@$&J#9!>6#!
,'A&6+>-+!,-!+3#!F,-+#6!>-7!>!92-3>+!,-!+3#!92''#6(!E$#>9#!16,-<!>!9A>6#!9#+!&=!%$&+3#9!
>-7!2-7#6F#>6U!,-%$27,-<!9&%V9U!+&!9+>L!,-!L&26!%3,$7[9!1><!>+!C,-7#6<>6+#-(!!!
!
"#!>9V!+3>+!>$$!%$&+3#9!>-7!93&#9!1#!%$#>6$L!'>6V#7!F,+3!L&26!%3,$7H9!->'#(!
(3<$'$"'O5-#9'$"'B-#6%59<5$%#''
0))'D%<5/'
• *$,AA#69U!A$,'9&$#9!&6!9&=+!,-7&&6!93&#9!fA$#>9#!'>V#!926#!+3#!9&$#9!3>J#!>!<&&7!
<6,Ag!
• ">+#6A6&&=!%$&+3,-<!
• "#$$,-<+&-!1&&+9!
• ">6'!%>67,<>-!&6!9F#>+#6!
• *A>6#!9#+!&=!%$&+3#9!>-7!2-7#6F#>6!
'
(-#$%5/'
• ">6'!&2+7&&6!%$&+3#9!
• ">6'!3>+!
• E>,6!&=!<$&J#9!
!
,2++%5/'
• *2-3>+!
• *2-9%6##-!f$>1#$$#7!F,+3!L&26!%3,$7[9!->'#g!
BD!
P""6'
'
"#!#-7#>J&26!+&!92AA$L!=&&7!
F3,%3!,9!F3&$#9&'#!>-7!
-2+6,+,&29!#J#6L!7>L(!!
"#!1>V#!&6<>-,%!F3&$#'#>$!
16#>7!>-7!9#6J#!,+!F,+3!
3&'#'>7#!`>'!&6!92-=$&F#6!
9A6#>7U!%&&V!&6<>-,%!16&F-!
6,%#U!'>V#!9&2A!&6!=62,+!
%62'1$#9!&-!%&&V,-<!7>L!F,+3!
J#<#+>1$#9!>-7!=62,+!16&2<3+!
1L!+3#!%3,$76#-!=6&'!+3#,6!
3&'#9(!!!
!
!
5+!,9!J#6L!-,%#!F3#-!+3#!%3,$76#-!16,-<!>!J#<#+>1$#!&6!>!A,#%#!&=!=62,+!+&!93>6#!F,+3!+3#,6!
=6,#-79!>+!9->%V!+,'#!>-7!,+!%>-!3#$A!%6#>+#!>!+>-<,1$#!16,7<#!1#+F##-!3&'#!>-7!
C,-7#6<>6+#-!$,=#!=&6!+3#!L&2-<!%3,$7(!!
!
5=!L&26!%3,$7!3>9!9A#%,>$!7,#+>6L!-##79U!A$#>9#!,-=&6'!+3#!+#>%3#6(!5=!L&26!%3,$7!3>9!>-L!
=&&7!>$$#6<,#9!A$#>9#!$#+!+3#!+#>%3#6!V-&F!,-!F6,+,-<(!!83#!9%3&&$!3>9!>!A&$,%L!>-7!A6&+&%&$!
&-!9#6,&29!=&&7!>$$#6<,#9!F3,%3!%>-!1#!=&2-7!&-!+3#!9%3&&$!F#19,+#!
fFFF(#7,-126<39+#,-#69%3&&$(&6<(2Vg!&6!A,%V#7!2A!=6&'!+3#!*%3&&$!]==,%#(!]26!
C,-7#6<>6+#-!&A#6>+#9!>!-2+!=6##!#-J,6&-'#-+(!!
;"D&'
'
8&L9!=6&'!3&'#!93&2$7!-&+!1#!16&2<3+!+&!C,-7#6<>6+#-!F,+3&2+!+3#!A#6',99,&-!&=!+3#!
+#>%3#6(!"#!#-7#>J&26!+&!A6&J,7#!>-!#-J,6&-'#-+!+3>+!>$$&F9!=6##!,'><,->+,&-!+&!
7#J#$&A!>-7!F#!%&-9,7#6!9&'#!+&L9!+&!1#!'&6#!92AA&6+,J#!&=!+3,9!+3>-!&+3#69(!0$$!+3#!A$>L!
'>+#6,>$9!,-!+3#!C,-7#6<>6+#-!>6#!%&-9%,&29$L!9#$#%+#7!1L!+3#!+#>%3#6!=&6!+3#,6![&A#-a
#-7#7[!A&99,1,$,+,#9(!"#!3>J#!=&2-7!+3>+!9&'#!9A#%,>$!+&L9!=6&'!3&'#!%>-!9#6J#!+&!
7,9'>-+$#!%6#>+,J#!A$>L!>-7!7,9+261!+3#!=$&F!&=!9&%,>$!,-+#6>%+,&-!F,+3,-!<6&2A!A$>L(!^&'#!
+&L9!>6#!&=+#-!J#6L!A6#%,&29!>-7!+3#L!%>-!#>9,$L!1#!$#=+!1#3,-7!>-7!$&9+!F3,%3!%>29#9!
7,9+6#99!+&!+3#!%3,$7(!E$#>9#!$#>J#!3&'#!+&L9!>+!3&'#_!
Q%7'C<5%#$&E>2<56-<#&'<#6',%$$)-#9'4#'Q%7'!3-)65%#''
!
5-!&26!C,-7#6<>6+#-U!A>6#-+9G<2>67,>-9!>6#!F#$%&'#!+&!9+>L!F,+3!+3#!%3,$7!=&6!>!9#++$,-<!,-!
A#6,&7(!83,9!%>-!1#!>-L+3,-<!=6&'!&-#!3&26!+&!>!=#F!7>L9U!7#A#-7,-<!&-!+3#!-##79!&=!+3#!
%3,$7(!83,9!,9!>-!,'A&6+>-+!+6>-9,+,&-!=&6!+3#!%3,$7!>-7!-##79!+&!1#!'>-><#7!%>6#=2$$L(!
E$#>9#!%&-92$+!7,6#%+$L!F,+3!L&26!%3,$7H9!+#>%3#6!A6,&6!+&!+3#!><6##7!9+>6+!7>+#(!
BT!
'
08$%5#""#'!<5%''
83#!9%3&&$!&==#69!0=+#6-&&-!;>6#!=&6!+3#!%3,$76#-!F3&!-##7!+&!9+>L!$>+#6!+3>-!.B(4KA'(!!5=!
-#F!A>6#-+9G<2>67,>-9!F&2$7!$,V#!+&!'>V#!29#!&=!+3#9#!>=+#6-&&-!9#99,&-9U!F#!>9V!+3>+!
+3#L!#-6&$$!+3#,6!%3,$76#-!,-+&!0=+#6-&&-!;>6#!&-$L!F3#-!+3#L!>6#!9#++$#7!,-+&!+3#,6!
'&6-,-<!6&2+,-#!,-!C,-7#6<>6+#-(!!
E$>%#9!>6#!$,',+#7!9&!+3,9!=>%,$,+L!'29+!1#!1&&V#7!,-!>7J>-%#!>-7!,9!%3>6<#7!9#A>6>+#$L(!!
0=+#6-&&-!;>6#!1#<,-9!F,+3!+,'#!,-!+3#!<>67#-!=&$$&F#7!1L!>!6#$>P#7!A>%V#7!$2-%3!=6&'!
3&'#U!+,7L,-<!2AU!>!6#9+=2$!>%+,J,+L!&6!9+&6L!>-7!&2+7&&6!A$>L(!
!
E,%Va2A!+,'#!=6&'!0=+#6-&&-!;>6#!,9!=$#P,1$#U!F,+3!J>6L,-<!%3>6<#9!7#A#-7,-<!&-!3&F!$&-<!
L&26!%3,$7!9+>L9(!E$#>9#!%&-+>%+!+3#!*%3&&$!]==,%#!=&6!=26+3#6!7#+>,$9!>-7!>!1&&V,-<!=&6'(!!
#
!)<&&'!"#H%#"5&'
''
I>%3!;$>99!F,$$!%3&&9#!&-#!&6!+F&!A>6#-+9G<2>67,>-9!+&!1#!+3#!;$>99!;&-J#-&69(!83#,6!`&1!
,9!+&!$,>,9#!1#+F##-!A>6#-+9G<2>67,>-9!>-7!+#>%3#69U!<,J#!92AA&6+!+&!-#F!=>',$,#9!>-7!
3#$A!+3#!+#>%3#6!F3#-!6#\2,6#7(!;&-J#-&69!',<3+!>$9&!&6<>-,9#!9&%,>$!#J#-+9!=&6!+3#!%$>99!
>-7!1#!,-J&$J#7!,-!=2-7a6>,9,-<U!,-%$27,-<!+3#!;36,9+'>9!?>6V#+(!
!
C<5%#$&F'L-15<5D''
!
]26!C,-7#6<>6+#-!A>6#-+9!&A#6>+#!>!$,16>6L!F3,%3!,9!3#$7!>+!A,%V!2A!+,'#!&-!9#$#%+#7!7>L9(!
83#!'&1,$#!$,16>6L!A6&J,7#9!1&&V9!=&6!1&+3!%3,$76#-!>-7!+3#,6!A>6#-+9!+&!1&66&F!>-7!
#-`&L(!E$#>9#!>9V!L&26!%3,$7H9!+#>%3#6!=&6!'&6#!,-=&6'>+,&-!>-7!+3#!$>+#9+!+,'#9(!!
4))#%&&'
5$$-#99#9!,-!L&2-<!%3,$76#-!%>-!'>-,=#9+U!#9%>$>+#!>-7!A>99!\2,%V$L!&J#6!+3#!%&269#!&=!>!
=#F!3&269(!5=!>!%3,$7!,9!,$$!+3#-!+3#!1#9+!A$>%#!=&6!+3#'!,9!>$F>L9!>+!3&'#(!E$#>9#!7&!-&+!
16,-<!L&26!%3,$7!+&!C,-7#6<>6+#-!,=!+3#L!>AA#>6!&6!>6#!=##$,-<!2-F#$$(!5+!,9!#99#-+,>$!+&!
,-=&6'!+3#!+#>%3#6!,=!L&26!%3,$7!3>9!1##-!2-F#$$(!83#!+#>%3#69!>6#!6#9A&-9,1$#!=&6!>$$!+3#!
%3,$76#-!>-7!+3#,6!&F-!3#>$+3!>-7!F#!>9V!L&2!+&!6#9A#%+!+3,9(!
!
M&26!%3,$7!,9!-&+!>$$&F#7!+&!>++#-7!9%3&&$!,=!+3#L!>6#!%>66L,-<!>!%&-+><,&29!
,-=#%+,&-G,$$-#99!92%3!>9!621#$$>U!%3,%V#-A&PU!,'A#+,<&U!3#>7$,%#U!9,%V-#99!&6!7,>663&#>(!
"3#6#!>AA6&A6,>+#U!A$#>9#!9##V!>7J,%#!=6&'!L&26!7&%+&6!+&!1#!926#!+3>+!L&26!%3,$7!,9!-&!
$&-<#6!%&-+><,&29!1#=&6#!16,-<,-<!3,'!&6!3#6!1>%V!+&!+3#!C,-7#6<>6+#-(!
!
0$$&F!)b!3&269!+&!A>99!>=+#6!>!3,<3!+#'A#6>+26#U!7,>663&#>!&6!J&',+,-<!3>J#!>1>+#7!
1#=&6#!%&',-<!1>%V!+&!C,-7#6<>6+#-(!5=!L&26!%3,$7!3>9!>!6>93!&6!9A&+9U!A$#>9#!9##V!'#7,%>$!
>7J,%#!1#=&6#!%&',-<!1>%V!+&!C,-7#6<>6+#-(!5=!,-!7&21+U!A$#>9#!%3#%V!F,+3!+3#!+#>%3#6(!
)K!
5=!L&26!%3,$7!3>9!3#>7$,%#U!A$#>9#!,-=&6'!+3#!+#>%3#6!>9!9&&-!>9!A&99,1$#!>-7!V##A!+3#!
%3,$7!>+!3&'#!2-+,$!>$$!+3#!$,%#!>-7!#<<9!3>J#!1##-!6#'&J#7(!
0**-6%#$&''
'
?,-&6!>%%,7#-+9!>6#!7#>$+!F,+3!,-!+3#!C,-7#6<>6+#-!>-7!3&'#&A>+3,%!6#'#7,#9!'>L!1#!
<,J#-!F,+3!+3#!A#6',99,&-!&=!+3#!A>6#-+9G<2>67,>-9(!0$$!>%%,7#-+9!>-7!,-%,7#-+9!>6#!
6#%&67#7!,-!>!1&&V!>-7!+3#!A>6#-+9G<2>67,>-9!>6#!,-=&6'#7!>-7!>9V#7!+&!9,<-!+3#!#-+6L!,-!
+3#!0%%,7#-+!Z&&V(!0$$!C,-7#6<>6+#-!+#>%3#69!>6#!+6>,-#7!=,69+a>,7#69!>-7!+3#!9%3&&$!3>9!
'>-L!=,69+a>,7#69!&-!9,+#(!5-!+3#!%>9#!&=!#'#6<#-%LU!L&2!F,$$!1#!,-=&6'#7!,''#7,>+#$L!>-7!
>7J,9#7!F3#+3#6!L&2!>6#!6#\2,6#7!+&!>++#-7!+&!L&26!%3,$7!>+!9%3&&$!&6!#$9#F3#6#(!E$#>9#!
'>V#!926#!+3>+!L&2!2A7>+#!+3#!9%3&&$!,=!L&26!#'#6<#-%L!%&-+>%+!-2'1#6!&6!'&1,$#!
+#$#A3&-#!-2'1#6!%3>-<#9(!!
'
).!
'
,%*$-"#'V/'06+-&&-"#'C")-*-%&'<#6'C5"*%625%&'
;5-<)'C%5-"6&'
!
0+!+3#!,-,+,>$!'##+,-<U!,+!,9!%$#>6$L!9+>+#7!+3>+!#J#6L!%3,$7!,9!&-!>!+#6'H9!86,>$!E#6,&7(!5+!,9!
>$9&!'>7#!%$#>6!+3>+!%&''2-,%>+,&-!1#+F##-!+3#!A>6#-+9G<2>67,>-9!>-7!+#>%3#6!,9!J,+>$(!
!
5=U!#,+3#6!1#=&6#!&6!726,-<!+3#!+6,>$!A#6,&7U!,+!1#%&'#9!%$#>6!+3>+!+3#!%3,$7!3>9!>77,+,&->$!
9&%,>$U!#'&+,&->$U!A3L9,%>$!&6!#72%>+,&->$!6#\2,6#'#-+9U!A>6#-+9G<2>67,>-9!>6#!+&$7!+3>+!
+3#L!F,$$!6#%#,J#!>!$#++#6!&2+$,-,-<!+3#!9%3&&$H9!%&-7,+,&-9!&=!>%%#A+>-%#(!"3#-!-#%#99>6LU!
,+!,9!9+>+#7!+3>+!+3#!%3,$7[9!A$>%#!,-!+3#!9#++,-<!F,$$!1#!2-7#6!%&-+,-2>$!6#J,#F(!5=!+3#!9%3&&$!
,9!-&+!>1$#!+&!=2$$L!'##+!+3#!%3,$7H9!-##79!+3#-!+3#L!'>L!1#!>9V#7!+&!$#>J#!1#=&6#!+3#!86,>$!
E#6,&7!3>9!#-7#7(!5+!,9!-&+#7U!F3#-!>AA6&A6,>+#U!+3>+!93&2$7!+3#!%3,$7!A>99!+3#!86,>$!
E#6,&7U!,+!,9!-&+!>2+&'>+,%!+3>+!3#!&6!93#!F,$$!%&-+,-2#!&-!+&!;$>99!.(!5-!92%3!%>9#9U!6#<2$>6!
%&-+>%+!F,+3!+3#!A>6#-+9G<2>67,>-9!F,$$!&%%26U!V##A,-<!+3#'!,-=&6'#7!&=!+3#!A6&<6#99!&=!
+3#,6!%3,$7(!
!
5=!+3#!C,-7#6<>6+#-!+#>%3#6!3>9!%&-%#6-9!>1&2+!>!%3,$7H9!-##79!726,-<!f>-7!>=+#6g!+3#!86,>$!
E#6,&7!+3#-!,+!,9!,-!+3#!1#9+!,-+#6#9+9!&=!+3#!%3,$7!+3>+!+3#9#!>6#!>776#99#7!\2,%V$L(!83#!
=&$$&F,-<!A6&%#726#!F,$$!+3#6#=&6#!1#!=&$$&F#7/!
!
.(!;&-%#6-9!>6#!6>,9#7!>+!+3#!C,-7#6<>6+#-!+#>%3#69H!'##+,-<!9&!+3>+!+3#!%3,$7H9!-##79!
'>L!1#!6#J,#F#7!,-!7#A+3!>-7!+3#!&A,-,&-!&=!%&$$#><2#9!9&2<3+(!
B(!;&-%#6-9!>1&2+!+3#!%3,$7!>-7!3&F!+3#!A>6#-+9G<2>67,>-9!%>-!1#9+!92AA&6+!+3#!+#>%3#6U!
>6#!+3#-!93>6#7!F,+3!+3#!A>6#-+9G<2>67,>-9(!
)(!5=!,+!,9!=#$+!+3>+!92AA&6+!1L!+3#!A>6#-+9G<2>67,>-9!3>9!-&+!1##-!9>+,9=>%+&6Lc!&6!,=!F#!
%>--&+!'##+!+3#!%3,$7H9!9A#%,=,%!-##79U!;&$$#<#!F,$$!1#!,-=&6'#7(
4(!0!'##+,-<!,9!>66>-<#7!1#+F##-!+3#!A>6#-+9G<2>67,>-9U!+3#!%3,$7H9!+#>%3#6!>-7!>!
;&$$#<#!'#'1#6!f,-!'&9+!,-9+>-%#9U!>-&+3#6!C,-7#6<>6+#-!+#>%3#6g(!0+!+3,9!'##+,-<!>!=2$$!
A,%+26#!&=!+3#!%3,$7!F,$$!1#!93>6#7(!!0=+#6!+3#!'##+,-<U!>!$#++#6!F,$$!1#!9#-+!&2+$,-,-<!+3#!
A&,-+9!6>,9#7(!;&$$#<#!F,$$!1#!,-=&6'#7!&=!+3#!&2+%&'#!>-7!>!=,->$!7#%,9,&-!F,$$!1#!'>7#!
>1&2+!F3#+3#6!+3#!9%3&&$!%>-!A6&J,7#!+3#!1#9+!92AA&6+!=&6!+3#!%3,$7(!
06+-&&-"#'$"'!)<&&'.'
!
•
•
•
]-%#!>!F##VU!726,-<!+3#!92''#6!+#6'!+3#!&$7#9+!%3,$76#-!,-!C,-7#6<>6+#-!F,$$!
>++#-7!>!9#A>6>+#!<6&2A!%>$$#7!+3#!86>-9,+,&-!@6&2AU!$#>7!1L!&-#!&=!+3#!
C,-7#6<>6+#-!+#>%3#69(!Y26,-<!+3#,6!+,'#!+&<#+3#6U!+3#!86>-9,+,&-!@6&2A!%3,$76#-!
F,$$!%6#>+#!>!9&%,>$!1&-7!>-7U!>9!'2%3!>9!A&99,1$#U!A6#A>6#!=&6!+3#!-#P+!9+><#!,-!
+3#,6!9%3&&$!$,=#(!
0$$!%3,$76#-!,-!+3#!86>-9,+,&-!@6&2A!F,$$!9##!+3#!O#>6-,-<!*2AA&6+!8#>%3#6!F3&!F,$$!
>99#99!+3#,6!7#J#$&A'#-+!>-7!6#>7,-#99!=&6!;$>99!]-#(!
07',99,&-!+&!;$>99!]-#!F,$$!7#A#-7!&-!+3#!%3,$7H9!6#>7,-#99!>-7!7#J#$&A'#-+>$!
9+><#(!I>%3!>7',99,&-!F,$$!1#!%&-9,7#6#7!,-7,J,72>$$L(!!
)B!
L%<H%'"8'01&%#*%''
!
5=!L&26!%3,$7!-##79!+&!',99!>!7>L!&6!A>6+!&=!>!7>L!>+!9%3&&$!=&6!9&'#!#J#-+!F3,%3!%>--&+!
1#!>66>-<#7!&2+9,7#!9%3&&$!3&269U!>!F6,++#-!-&+#!93&2$7!1#!9#-+!,-!>7J>-%#!+&!+3#!
+#>%3#6!>-7!+3#!*%3&&$!]==,%#(!5=!L&26!%3,$7!-##79!+&!1#!&==!9%3&&$!=&6!'&6#!+3>-!>!7>L!=&6!
>-L!6#>9&-!&+3#6!+3>-!3#>$+3!&6!1#6#>J#'#-+U!>!$#>J#!&=!>19#-%#!'29+!1#!&1+>,-#7!,-!
F6,+,-<!=6&'!+3#!;&$$#<#!&=!8#>%3#69!>+!$#>9+!+F&!F##V9!A6,&6!+&!+3#!7>+#!=&6!F3,%3!,+!,9!
6#\2#9+#7(!
L%<H-#9'Q"$-*%''
!
S&$$&F,-<!>!92%%#99=2$!86,>$!E#6,&7U!A>6#-+9G<2>67,>-9!>6#!6#\2,6#7!+&!<,J#!&-#!=2$$!+#6'H9!
-&+,%#!,=!+3#L!F,93!+&!F,+376>F!+3#,6!%3,$7!=6&'!C,-7#6<>6+#-(!83#!-&+,%#!93&2$7!1#!
>776#99#7!+&!+3#!*%3&&$!Z269>6(!5=!92%3!-&+,%#!,9!-&+!<,J#-!+3#-!+3#!=##9!=&6!+3#!+#6'!
=&$$&F,-<!+3#!7>+#!&=!F,+376>F>$!F,$$!9+,$$!1#!A>L>1$#(!E$#>9#!-&+#!+3>+!,=!>!%3,$7!,9!
F,+376>F-!726,-<!>!+#6'U!+3#!=##9!=&6!+3>+!+#6'!>6#!9+,$$!72#(!
!"++2#-*<$-"#''
'
0+!+3#!1#<,--,-<!&=!#>%3!+#6'U!>-!#J#-+9!93##+!$,9+,-<!+3#!A$>--#7!>%+,J,+,#9!=&6!+3#!+#6'!
,9!9#-+!+&!>$$!A>6#-+9G<2>67,>-9(!83,9!,-%$27#9!7>+#9!=&6!A>6#-+9G<2>67,>-9H!#J#-,-<9(!!!
!
83#!9%3&&$!-#F9$#++#6e+3#!82#97>L!W&+,%#e,9!7,9+6,12+#7!726,-<!+#6'!+,'#!J,>!#'>,$!&6!
>!A>A#6!%&AL!f,=!6#\2#9+#7g!J,>!+3#!L&2-<#9+!%3,$7!,-!#>%3!=>',$L(!5-!+3#!82#97>L!W&+,%#U!
L&2!F,$$!=,-7!7#+>,$9!&=!9%3&&$!#J#-+9!>-7!%&''2-,+L!$,=#(!M&2!'>L!%&-+>%+!+3#!*%3&&$!
]==,%#!+&!921',+!,+#'9!=&6!+3#!82#97>L!W&+,%#!1#=&6#!.K()K>'!&-!+3#!A6#J,&29!S6,7>L(!
!
Y,6#%+!%&''2-,%>+,&-!1#+F##-!A>6#-+9G<2>67,>-9!>-7!+3#!+#>%3#6!,9!J#6L!,'A&6+>-+!=&6!
7#J#$&A,-<!>!92AA&6+,J#!A>6+-#693,A!>6&2-7!#>%3!%3,$7!>-7!'>,-+>,-,-<!+3#!#+3&9!&=!+3#!
C,-7#6<>6+#-(!*3&2$7!L&2!3>J#!>-L!%&-%#6-9!>1&2+!L&26!%3,$7U!L&2!>6#!F#$%&'#!>-7!
#-%&26><#7!+&!9A#>V!F,+3!+3#!+#>%3#6U!#,+3#6!1L!+#$#A3&-#!&6!,-!A#69&-(!M&2!%>-!>$9&!
7,9%299!L&26!%&-%#6-9!F,+3!+3#!;$>99!;&-J#-&6f9g(!
!
5=!L&26!%&-%#6-!<&#9!1#L&-7!+3#!6#>$'!&=!+3#!C,-7#6<>6+#-!+#>%3#6G%&-J#-&6U!&6!L&2!>6#!
-&+!>1$#!+&!6>,9#!+3#!'>++#6!F,+3!+3#'U!L&2!93&2$7!+3#-!%&-+>%+!>!'#'1#6!&=!+3#!9%3&&$H9!
?>-><#'#-+!@6&2A(!M&2!%>-!7&!+3,9!,-!F6,+,-<U!'##+,-<!7,6#%+$LU!&6!$#>J#!>!$#++#6!J,>!>-!
>-&-L'&29!1&P!>+!+3#!#-+6>-%#!+&!"&&7$>-79(!0$+#6->+,J#$L!L&2!'>L!6#\2#9+!>!;&$$#<#!
>AA&,-+'#-+!>+!F3,%3!+F&!;&$$#<#!'#'1#69!>6#!292>$$L!A6#9#-+(!!!
))!
'
0??"-#$+%#$&''
;$#>6!%&''2-,%>+,&-!1#+F##-!A>6#-+9G<2>67,>-9!>-7!+3#!+#>%3#6!,9!#99#-+,>$!,-!
7#J#$&A,-<!>!92AA&6+,J#!A>6+-#693,A!>6&2-7!#>%3!%3,$7(!83#!+#>%3#69!>6#!>$F>L9!3>AAL!+&!
>-9F#6!\2#9+,&-9U!7,9%299!%&-%#6-9!&6!6#%#,J#!92<<#9+,&-9!>1&2+!+3#!%3,$76#-[9!
#PA#6,#-%#!&=!C,-7#6<>6+#-(!8#>%3#69!%>-!1#!+#$#A3&-#7!>+!3&'#!,-!+3#!#J#-,-<!>+!
%#6+>,-!+,'#9(!E$#>9#!>9V!L&26!+#>%3#6!=&6!3#6!>J>,$>1,$,+L(!0=+#6-&&-!>AA&,-+'#-+9!%>-!
>$9&!1#!9%3#72$#7(!"#!+6L!+&!>J&,7!$#-<+3L!%&''2-,%>+,&-!>+!76&A!&==!+,'#!>9!+3#!+#>%3#6!
,9!+3#6#!=&6!+3#!%3,$76#-!>-7!%&-J#69>+,&-!F,+3!A>6#-+9G<2>67,>-9!,9!>!7,9+6>%+,&-!=&6!1&+3!
+3#!%3,$76#-!>-7!+3#!+#>%3#6(!5=!L&2!3>J#!9&'#+3,-<!26<#-+!+&!93>6#!F,+3!+3#!+#>%3#6U!
92%3!>9!,$$-#99!&6!,=!L&26!%3,$7!,9!<&,-<!3&'#!F,+3!>-&+3#6!A#69&-U!>!\2,%V!F&67!&6!>!
F6,++#-!-&+#!,9!92==,%,#-+(!
P-#<#*-<)'=<$$%5&''
'
83#!Z269>6!93&2$7!1#!%&-+>%+#7!>1&2+!>$$!=,->-%,>$!'>++#69(!83#!*%3&&$!]==,%#!,9!&A#-!
=6&'!D(.R>'!+&!4()KA'!726,-<!+#6'!+,'#(!S&6!>77,+,&->$!#-\2,6,#9!>6&2-7!=2-7,-<U!A$#>9#!
'>V#!>-!>AA&,-+'#-+!F,+3!+3#!*%3&&$!]==,%#!>9!,-7,%>+#7(!!
!3<#9%'"8'0665%&&''
'
E$#>9#!#-926#!+3>+!+3#!*%3&&$!]==,%#!3>9!%266#-+!%&-+>%+!,-=&6'>+,&-!=&6!
A>6#-+9G<2>67,>-9!>-7!&+3#6!%>6#69!6#9A&-9,1$#!=&6!L&26!%3,$7(!"#!6#\2,6#!3&'#U!F&6V!
>-7!#'#6<#-%L!%&-+>%+!+#$#A3&-#!-2'1#69(!0!=&6'!,9!>J>,$>1$#!=&6!+3,9!A26A&9#(!
C<5%#$&E>2<56-<#&F'N%&?"#&-1-)-$D''
!
83#!*%3&&$!-##79!+&!1#!>F>6#!&=!%3>-<#9!,-!+3#!9+>+29!1#+F##-!A>6#-+9G<2>67,>-9!>-7!
F3&!,9!6#9A&-9,1$#!&-!>!7>La+&a7>L!1>9,9!=&6!+3#!%3,$76#-!6#<,9+#6#7!,-!+3#!9%3&&$(!"#!
+3#6#=&6#!>9V!+3>+!L&2!,-=&6'!+3#!+#>%3#6!&=!>-L!%3>-<#9!,-!+3#!3&'#!9,+2>+,&-!&=!+3#!
%3,$7(!
0$$%#6<#*%'<#6'01&%#*%''
!
E$#>9#!%&-+>%+!+3#!*%3&&$!]==,%#!fK.).!)):!)4.Kg!,=!L&26!%3,$7!,9!2->1$#!+&!>++#-7!
C,-7#6<>6+#-!&6!,=!L&2!F,$$!1#!$>+#!=&6!>-L!6#>9&-(!M&2!%>-!$#>J#!>!'#99><#!&-!+3#!>-9F#6!
A3&-#!1#=&6#!9%3&&$!3&269(!
!3-)6'C5"$%*$-"#''
'
83#!9%3&&$H9!A&$,%,#9!&-!%3,$7!A6&+#%+,&-!=&$$&F!+3#!<2,7#$,-#9!,992#7!1L!+3#!;,+L!&=!
I7,-126<3!;&2-%,$!>-7!+3&9#!A21$,93#7!1L!*;5*!f*%&++,93!;&2-%,$!=&6!5-7#A#-7#-+!
*%3&&$9g(!83#9#!<2,7#$,-#9!>6#!>J>,$>1$#!>-7!'>L!1#!J,#F#7!,-!+3#!*%3&&$!]==,%#U!>$&-<!
)4!
F,+3!&+3#6!9%3&&$!A&$,%,#9(!M&2!>6#!>$9&!#-+,+$#7!+&!%&-92$+!+3#!A&$,%,#9!=&$7#6!,-!+3#!
A>6#-+9G<2>67,>-9!$,16>6L(!!
!
83#!9%3&&$!3>9!>!%3,$7!A6&+#%+,&-!%&a&67,->+&6!>-7!7#A2+,#9!>-7!+3#L!>7J,9#!9+>==!>-7!
+3&9#!F,+3!%&-%#6-9!&-!>AA6&A6,>+#!%&269#9!&=!>%+,&-(!E$#>9#!#-\2,6#!>+!+3#!*%3&&$!]==,%#!
,=!L&2!F,93!+&!V-&F!F3&!3&$79!+3#9#!6&$#9!>+!A6#9#-+(!E>6#-+9G<2>67,>-9!F,+3!>!%&-%#6-!
=&6!+3#!F#$=>6#!&=!>-L!A2A,$!%>-!%&-+>%+!>-L!'#'1#6!&=!9+>==!>1&2+!+3#!%&-%#6-(!5+!,9!
,'A&6+>-+!+&!>66>-<#!>-!>AA&,-+'#-+!6>+3#6!+3>-!+6L,-<!+&!7,9%299!+3#!'>++#6!&-!+3#!
+#$#A3&-#!&6!J,>!#'>,$(!
!
0$$!>$$#<>+,&-9!16&2<3+!+&!+3#!9%3&&$H9!>++#-+,&-!>6#!+>V#-!9#6,&29$L!>-7!7#>$+!F,+3!
%&-=,7#-+,>$$L(!!
!"#8-6%#$-<)-$D'C")-*D''
'
83#!A&$,%L!&=!+3#!9%3&&$!,9!+&!F&6V!,-!A>6+-#693,A!F,+3!A>6#-+9G<2>67,>-9!,-!&67#6!+&!
A6&'&+#!+3#!F#$=>6#!&=!+3#!%3,$76#-(!83#!9%3&&$!>,'9!+&!12,$7!2A!6#$>+,&-93,A9!&=!+629+!
F,+3!+3#!%3,$76#-(!;3,$76#-!>-7!A>6#-+9G<2>67,>-9!93&2$7!=##$!>1$#!+&!6>,9#!F,+3!+3#!
9%3&&$!>-L!%&-%#6-9!>1&2+!9>=#+L!>-7!F#$=>6#!,-!+3#!V-&F$#7<#!+3>+!+3#9#!F,$$!1#!7#>$+!
F,+3!9#-9,+,J#$L(!
GW2<)'X??"5$2#-$-%&',$<$%+%#$''
'
83#!I7,-126<3!*+#,-#6!C,-7#6<>6+#-!6#%&<-,9#9!>-7!3>9!6#<>67!=&6!+3#!%3,$7H9!6#$,<,&29!
1>%V<6&2-7U!#+3-,%!&6,<,-9U!>-7!%2$+26>$!>-7!$,-<2,9+,%!1>%V<6&2-7U!9&!+3>+!#>%3!%3,$7!,9!
J>$2#7!>9!>-!,-7,J,72>$!F,+3&2+!6>%,>$!&6!<#-7#6!A6#`27,%#(!
!
P25$3%5'N%<6-#9''
!
83#!*%3&&$!F#19,+#!>+!FFF(#7,-126<39+#,-#69%3&&$(&6<(2V!&==#69!J#6L!29#=2$!,-=&6'>+,&-!
>-7!$,-V9!+&!&+3#6!9,+#9!>1&2+!*+#,-#6!I72%>+,&-('
G<5)D'I%<5&'G62*<$-"#'
!
$*.#2,@(/4'%1#%A#4*.#)*'+,#'1#4*.#6'<*4#%A#B14*3%C%=%C*8!1L!*+#,-#6U!Q(!N!07>'9U!@(!>-7!
?(!f+6>-9$>+&69g!.TKT!fQ27&$=!*+#,-#6!E6#99g!
6'A.;/8=D#E%3F'1<#;'4*#A/?'+8#G@.=4'%1=>#/#C/3.14=H#/14*%+%<8#1L!Y>JLU!@(!N!m&&69U!Z(!
.TD)!f^>F+3&6-!E6#99g!
I4.'1.3#2,@(/4'%1#'1#4*.%38#/1,#C3/(4'(.!1L!;3,$79U!@(!.TT.!fS$&6,9!Z&&V9g!
53..#4%#6./31D#J143%,@('1<#I4.'1.3KE/+,%3A#./3+8#(*'+,*%%,#.,@(/4'%1!1L!]$7=,#$7U!O(!BKK.!
f^>F+3&6-!E6#99U!*+6&27g!
$*.#E.++#7/+/1(.,#)*'+,D#L%0.?.14#/1,#./3+8#+./31'1<!1L!@&77>67U!*(!N!Q&F$,-<U!?(!BKK4!
f^>F+3&6-!E6#99U!*+6&27g!
$%&'(#)*'+,*%%,D#-%;#4*.#?%,.31#;%3+,#'=#,/?/<'1<#%@3#(*'+,3.1#/1,#;*/4#;.#(/1#,%#
/:%@4#'4!1L!E>$'#6U!*(!BKK:!f]6,&-U!O&-7&-g!
M%@#/3.#8%@3#)*'+,H=#5'3=4#$./(*.3!1L!Z>$7F,-U!Q(!.TDT!f;#$#9+,>$!06+9U!Z#6V#$#L!;>$,=(g!
5.=4'0/+=>#5/?'+8#/1,#5%%,!1L!;>6#LU!Y(!N!O>6<#U!X(!BKK.!f^>F+3&6-!E6#99U!Z>+3g!
B++#M./3#9%@1,!1L!Y62,++U!0(U!SL-#9U!;(!N!Q&F$,-<U!?(!.TTR!f^>F+3&6-!E6#99U!@$&2%#9+#6g!
)R!
7.8%1,#4*.#9/'1:%;#73',<.#1L!E>++#69&-U!Z(!N!Z6>7$#LU!E(!N!Q,&67>-!X(!BKKK!fE#6=#%+!
E>A#61>%Vg!
-./0.1#%1#2/34*D#B#-/1,:%%F#A%3#N/3.14=#%A#M%@1<#)*'+,3.1#1L!]AA#-3#,'#6U!*(!N!@6&99U!
*(!BKKb!f*+#,-#61&&V9g!!
$%&'(#)*'+,*%%,D#-%;#$*.#L%,.31#E%3+,#J=#O/?/<'1<#P@3#)*'+,3.1#B1,#E*/4#E.#)/1#O%#
B:%@4#J4#1L!E>$'#6U!*(!BKKb!f]6,&-!Z&&V9g!!
E%3F#/1,#N+/8#'1#2/3+8#)*'+,*%%,!1L!X>==V#U!S(!.TT:!fS$&6,9!Z&&V9g!!
,$"*:-&$&'
E6&J,7#7!+3#L!>6#!,-!A6,-+!+3#9#!>-7!&+3#6!1&&V9!%>-!1#!1&2<3+!&6!&67#6#7!=6&'!!
- ^#$,&9!S&2-+>,-U!:!@6>99'>6V#+U!I7,-126<3!fK.).!BBT!:DD4g!!
- 83#!?2$1#66L!Z293U!::!?&6-,-<9,7#!Q&>7U!I7,-126<3!I^.K!40M!fK.).!44:!R.4Rg
- 83#!E>6#-+9H!O,16>6L!A6&J,7#9!>-!>77,+,&->$!6#9&26%#!=&6!=26+3#6!6#>7,-<!!
!
!
)b!
Edinburgh Steiner School
Kindergarten Handbook
60 Spylaw Road Edinburgh EH10 5BR
T: 0131 337 3410 F: 0131 538 6066
E: [email protected]
www.edinburghsteinerschool.org.uk