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BHEF@J BF== HDAC@H;JC
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F111-095 Listing Pt. 1.qxp_Layout 1 02/10/2017 14:04 Page 30
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F111-095 Listing Pt. 1.qxp_Layout 1 02/10/2017 14:04 Page 31
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##$ H6HL;H 9 GMKHDKJD EKA> ;IMF CFJLAIBA >EKMND G BKJN CLEBAH K=L8N K G BKJN GFK>ND GMNNE =KGN: FNI<FM 2# CA: EKMNJ JN>KIJG *#+ ( *%+ ## H6HL;H 9H KJCF ML>>ND: =N8NEEND ND<ND ;KEE AIJJLJ ;IMF GMN>>ND >NKCF <EKGG DNMKIEND =LJDNJ: FNI<FM CA *&+ ( *'++ ### H6HL;H 9H MK=EN EKA> ;IMF AKJ=EN N@@NCM G BKJN =KGN KHD CLEBAH =NEL; CFJLAN @IMMIH< KHD KJCFND DNMKIEND DLAND L>K BN <EKGG GFKDN: FNI<FM # CA *"+ ( *''+ ##) 'NHN .KEI BN 9 K<BNJIMNG >KMMNJH <EKGG =L;E: CIJCK 2 # : L@ GFKEEL; CIJCBEKJ GNCMILH ML K MK>NJND =LJDNJ ;IMF JNEIN@ ALBEDND L8NJEK>>IH< DKIGING K=L8N MFN GM?EIGND GMNAG ML MFN =KGN: KCID AKJ6ND ' .9.*S ! -'9 ,!: DIKANMNJ #CA: +&" *'$+ ( *')+
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F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:08 Page 78
9JM "NCL
##%
##" ##& ##!
##% LLEN LMMNJ? 9 2 5G Y! >KMMNJH GFK>N 5 8KGN FKHD >KIHMND =? IEDK KA>MLH: IA>JNGGND KHD >JIHMND AKJ6G: FNI<FM 2 CA *.. +7'97!" *#+ ( *%+
##! ,KJMNJ: +MK=ENJ KHD 9DKAG LLEN LMMNJ? 9 2 5G ,- >KMMNJH GFK>N 5 JND =LDIND 8KGN FKHD >KIHMND =? 9HHN KMCFKJD: FNI<FM 2 CA *.. +7'97!" *'++ ( *')+
##" ,KJMNJ: +MK=ENJ KHD 9DKAG LLEN LMMNJ? 9 2 5G ,- >KMMNJH GFK>N JND =LDIND 8KGN FKHD >KIHMND =? 'BMF K8NEN?: FNI<FM 2 CA *.. +7'97!" *%+ ( *&+
#)+ ,KJMNJ +MK=ENJ KHD 9DKAG LLEN LMMNJ? 9 2 5G !MJBGCKH GFK>N 8KGN DNCLJKMND IH MFN * >KMMNJH FKHD >KIHMND =? ?JMEN 3LHD: IA>JNGGND KHD >KIHMND AKJ6G: FNI<FM 25CA *.. +7'97!" *)+ ( *&+
##& ,KJMNJ: +MK=ENJ KHD 9DKAG LLEN LMMNJ? 9 2 5G ,- >KMMNJH GFK>N JND =LDIND 8KGN FKHD >KIHMND =? !IENNH JK<HNEE: FNI<FM CA *.. +7'97!" *&+ ( *'$+
#)+ #)'
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#)' ,KJMNJ +MK=ENJ KHD 9DKAG LLEN LMMNJ? 9 2 5G !MJBGCKH GFK>N 8KGN DNCLJKMND IH MFN ' >KMMNJH FKHD >KIHMND =? KJ$LJIN ,J?NJ: IA>JNGGND KHD >KIHMND AKJ6G: FNI<FM 25CA *.. +7'97!" *)+ ( *&+
#) ,KJMNJ: +MK=ENJ KHD 9DKAG LLEN LMMNJ? 9 2 5G >KMMNJH GFK>N 5 JND =LDIND 8KGN FKHD >KIHMND =? 'BMF K8NEN?: IA>JNGGND KHD >KIHMND AKJ6G: GMK>EN JN>KIJND: FNI<FM 2CA *#+ ( *%+ #)# ,KJMNJ: +MK=ENJ KHD 9DKAG LLEN LMMNJ? 9 2 5G !3 >KMMNJH GFK>N 2 JND =LDIND 8KGN FKHD >KIHMND =? 9HHN KMCFKJD: IA>JNGGND KHD >KIHMND AKJ6G: FNI<FM #CA +&" *.. +7'97!" *)+ ( *&+
#)$ ,KJMNJ: +MK=ENJ KHD 9DKAG LLEN LMMNJ? 9 2 5G >KMMNJH GFK>N JND =LDIND 8KGN FKHD >KIHMND =? ,EKJICN NKMF: IA>JNGGND KHD >KIHMND AKJ6G: FNI<FM #CA *)+ ( *&+
#)#
F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 79
9JM "NCL
#%' KEKDIH ,FIHK: ! B<FNG V ,L 9 2 5G 9JM "NCL CL@@NN GNM CLA>JIGIH< CL@@NN >LM: FLM ;KMNJ >LM: AIE6 $B<: GB<KJ =L;E: GI/ CB>G KHD GKBCNJG KEE DNCLJKMND ;IMF K <IEM KHD NHKANE ,FIHLIGNJIN >KMMNJH K<KIHGM K =EBN <JLBHD: IAIMKMIH< ,KJEMLH KJN: >BCN >JIHMND AKJ6G 0 M?1 *#+ ( *%+
#)) #)) ,KJMNJ: +MK=ENJ KHD 9DKAG LLEN LMMNJ? 9 2 5G 4 >KMMNJH GFK>N 2 JND =LDIND @LLMND CLA>LJM FKHD >KIHMND =? 'BMF K8NEN?: IA>JNGGND KHD >KIHMND AKJ6G: DIKANMNJ CA *.. +7'97!" *%+ ( *&+ #)% LLEN LMMNJ? 9 2 5G 47 >KMMNJH GFK>N 8KGN FKHD >KIHMND =? 9HHN KMCFKJD: IA>JNGGND KHD >KIHMND AKJ6G: FNI<FM CA +&" *.. +7'97!" *')+ ( *$++
#)% #)" .NGEIN KJJKDIHN 'L?KE "LBEMLH *JIGF ,LEENNH : IGGBND 2 ML 2 : >KIHMND KHD >JIHMND AKJ6G: FNI<FM 2 CA +&" *.. +7'97!" *#++ ( *%++ #)& *GM8KH WLAKJLA? 3IAIHI 9 2 5G EKA> ;LJ6ND <EKGG @I<BJN L@ K @NAKEN HBDN IH ;FIMN KML> K @LLMND G>FNJICKE =KGN ;IMF ;J?MFNH KANMF?GM MJKIEG: BHAKJ6ND: FNI<FM 2 CA *.. +7'97!" *&+ ( *'$+
#)! !JIC +EKMNJ +FNEEN? 9 2 5G 9JM "NCL 4L<BN GFK>N MJIL DNCLJKMND IH MFN 0 JNNH1 3ELC6G >KMMNJH ;IMF GIE8NJ EBGMJN DNMKIEIH<: >JIHMND AKJ6G: >KMMNJH 22 0 1 *.. +7'97!" *'%+ ( *$++ #%+ !JIC +EKMNJ +FNEEN? 9 2 5G 9JM "NCL 4L<BN GFK>N MJIL DNCLJKMND IH MFN 0 JNNH1 3ELC6G >KMMNJH ;IMF GIE8NJ EBGMJN DNMKIEIH<: >JIHMND AKJ6G: >KMMNJH 22 0 1 *'%+ ( *$++ #)&
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F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 80
9JM "NCL
#%) #%$ KEKDIH ,FIHK: ! B<FNG V ,L 9 2 5G 9JM "NCL >KJM GKHD;ICF GNM CLA>JIGIH< @LBJ 2 CA >EKMNG: @LBJ CA >EKMNG: K CK6N >EKMN KHD K GKHD;ICF >EKMN: KEE DNCLJKMND ;IMF K <IEM KHD NHKANE ,FIHLIGNJIN >KMMNJH K<KIHGM K =EBN <JLBHD: IAIMKMIH< ,KJEMLH KJN: >BCN >JIHMND AKJ6G 0 M?1 *#+ ( *%+
#"+ #% +FNEEN? 9 2 5G >KJM MNKGNM CLA>JIGIH< GI/ CB>G: GKBCNJG: GIDN >EKMNG: AIE6 $B<: GB<KJ =L;E KHD K CK6N >EKMN: KEE DNCLJKMND ;IMF K ?NEEL; KHD <JN? <NLANMJIC DNMKIE: >JIHMND AKJ6G 0 M?1 *&+ ( *'$+
#%# ,FKJELMMN 'FNKD ,JL;H "BCKE 9 EKJ<N 2 5G 9JM "NCL MB=NEIHND CFKJ<NJ DNCLJKMND IH MFN 'FLDIKH >KMMNJH ;IMF LJKH<N KHD ?NEEL; @EL;NJG KHD EIHNKJ @LEIK<N: >JIHMND AKJ6: MB=NEIHND GI<HKMBJN: DIKANMNJ ##CA *'++ ( *')+
#%& ,E?HN -KJ BFKJGLH YLFH KEGF KEGF 9 GBIMN L@ WNHDKE >KMMNJH CBM CJ?GMKE MBA=ENJG CLA>JIGIH< GI/ 22CA MKEE: GI/ CA: GI/ CA KHD GI/ CA: KEE ;IMF NH<JK8ND GI<HKMBJNG: GN8NJKE ;IMF KCID KEGF GMKA>G 0 #1 *')+ ( *$++
#%) "KIG? K6NI< YLHNG ND<;LLD 9 2 5G -KIJ?EKHD .BGMJN @LLMND =L;E DNCLJKMND IH MFN .NK>@JL<<IH< !E8NG >KMMNJH K<KIHGM K HI<FM G6? ;IMF <IEM GMKJG: >JIHMND LJMEKHD 4KGN AKJ6: >KMMNJH R# : DIKANMNJ 25CA *.. +7'97!" *#++ ( *%++
#%! 7 .NALH 0 NGMLH +B>NJ KJN1 9H NKJE? 5MF ,NHMBJ? NGBAK KJN 8KGN L@ FI<F GFLBEDNJND @JLA DNCLJKMND ;IMF K =JL;H KHD LJKH<N >NNE <EK N ;IMF KH IHCIGND GCJLEE >KMMNJH: FNI<FM # CA *'$+ ( *'&+
#%% YBGM 9HDNJGNH @LJ NLJ< YNHGNH 9 ALDNJH FKEEAKJ6ND GIE8NJ DNGGNJM G>LLH IH MFN 9CKDIK 3EL6 >KMMNJH: ENH<MF 2 CA: GMKA>ND +MNJEIH< +IE8NJ: 2 2 ## NLJ< YNHGNH AKJ6G: .LHDLH IA>LJM AKJ6G @LJ 2 : NLJ< YNHGNH .MD *#+ ( *%+
#"'
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#%" +KDENJ 9 2 5G MNK>LM ALDNEEND KG K <JNNH JKCIH< CKJ ;IMF GIE8NJ EBGMJN MJIAG: DNMKIEIH< KHD W7# HBA=NJ >EKMN: IA>JNGGND AKJ6G: ENH<MF CA +&" *%+ ( *&+
#"+ ?LMM 9 >KIJ L@ 2 5G =LL6 NHDG IH MFN @LJA L@ GNKMND CFIA>KH NNG ;IMF NHKANEEND DNCLJKMILH JKIGND ML K =KHDND =KGN: >JIHMND AKJ6G *.. +7'97!" *'++ ( *')+ #"' +K=IHL 9 2 5G @I<BJN MIMEND .P*DLEN ALDNEEND KG K GNAI CEKD @NAKEN IH GNKMND >LGN JNGMIH< LH K G BKJN CBGFILH: >IC6ND LBM IH K <JKDBKMND L>KENGCNHCN: NH<JK8ND GI<HKMBJN ML MFN =KGN: FNI<FM 2 CA *.. +7'97!" * ++ ( *)++
F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 81
9JM "NCL
#"&
#"!
#"$ IE6IH<MLHG 'L?KE .KHCKGMJIKH 9 2 5G =BE=LBG 8KGN DNCLJKMND ;IMF K @KIHM >KMMNJH K<KIHGM MFN <JN? <JLBHD: IA>JNGGND AKJ6G: MB=NEIHND Y' KHD ML MFN =KGN: FNI<FM #CA *)+ ( *&+
#"# 'NHN .KEI BN 9 ,KAKJNM 8KGN: HBA=NJ 2525: DNGI<HND CIJCK 2 : MFN L8LID CENKJ <EKGG =LD? ;IMF =KHDG L@ @IGF K<KIHGM K =EBN <JLBHD: NH<JK8ND ' .KEI BN -JKHCN L 2525: FNI<FM 2 CA * ++ ( *)++
#"" WNIMF BJJK? +MN8NHG V IEEIKAG 9 EKJ<N 2 5G CENKJ CJ?GMKE <EKGG 8KGN L@ @LLMND GENN8N @LJA ;IMF GEICN CBM DNCLJKMILH ML =KGN KHD B>>NJ JIA: KCID AKJ6ND: FNI<FM 2CA *$++ ( * ++
#&+ H6HL;H 9 2 5G 9JM "NCL JNCMKH<BEKJ 8NE8NMNNH ;KEE FKH<IH< ;IMF K <NLANMJIC DNGI<H IH MLHNG L@ =JL;H KHD <JN? ;IMF K MKGGNEEND MJIA ND<N: 2 5CA ;IDN / CA ELH< *)+ ( *&+
#" IE6IH<MLHG 'L?KE .KHCKGMJIKH 7;L GFK>N 5 8KGNG L@ GFLBEDNJND @LJA: MFN @IJGM DNCLJKMND IH K ALMMEN =EBN: MFN GNCLHD IH <JNNH: =LMF ;IMF IA>JNGGND AKJ6G: FNI<FM CA 0 1 *)+ ( *&+
#") ,FKJELMMN 'FNKD ,JL;H "BCKE 9 2 5G 9JM "NCL GFK>N 2# M;IH FKHDEND 8KGN DNCLJKMND IH MFN 'FLDIKH >KMMNJH: >JIHMND AKJ6: MB=NEIHND GI<HKMBJN: FNI<FM 2 CA *#+ ( *%+
#"& H6HL;H 9 >KIJ L@ 2 5G 9JM "NCL CFNHIEEN CBJMKIHG IH =EKC6 KHD <LED ;IMF K @ELJKE KHD MJNEEIG >KMMNJH: EIHND: K>>JL/IAKMNE? 2 CA ;IDN / CA DJL> *.. +7'97!" *%+ ( *&+
#&' ' .KEI BN 9 2 5G 9JM "NCL L>KENGCNHM <EKGG >L;DNJ =L/ CL8NJ IH MFN +IJNHNG DNGI<H: ALBEDND ' .KEI BN AKJ6: DIKANMNJ CA +&" *%+ ( *&+
#"% IEEIKA +KEMNJ ?CLC6 IE6IH<MLHG 'L?KE .KHCKGMJIKH 9 GFK>N 22 =KEBGMNJ 8KGN DNCLJKMND ;IMF K K=GMJKCM >KIHMND >KMMNJH K<KIHGM KH LJKH<N >NNE <JLBHD: >KIHMND ALHL<JKA: IA>JNGGND AKJ6G: FNI<FM CA *'++ ( *')+
#"! H6HL;H 9 >KIJ L@ 2 5G CFNHIEEN CBJMKIHG LJ ;KEE FKH<IH<G IH JND ;IMF K @KIHM @ELJKE DNGI<H: K>>JL/IAKMNE? ##CA ;IDN / 2#CA DJL> *.. +7'97!" *)+ ( *&+
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F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 82
9JM "NCL
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#&"
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#&) IE6IH<MLHG 'L?KE .KHCKGMJIKH 9 GFK>N 8KGN L@ EL=ND @LJA ;IMF K <KJEIC HNC6: MFN ;FLEN DNCLJKMND IH K GMJNK6 KHD ALMMEND MLHKE =EBN <EK N: IA>JNGGND AKJ6G: FNI<FM CA: JNGMLJND *.. +7'97!" *$)+ ( * ++
#&%
#&% 4IMKGCL>N *HDBGMJING .MD 9 ;FIMN =K6NEIMN CELC6 ;IMF MFJNN AKGMND GKIEIH< GFI> KBMLAKMILH K=L8N CIJCBEKJ DIKE: FNI<FM CA *.. +7'97!" *$++ ( * ++ #&" WKJE !HG 9 2 5G CLHMIHNHMKE CLAICKE @I<BJN ALDNEEND KG K GENN>IH< AKH FK8IH< =NNH K;L6NH =? K =B< LH FIG =KC6 KHD =? FIG @LLM: FN FLEDIH< FIG GEI>>NJ KEL@M ML G;KM GKID =B<: >JIHMND ;IHDAIEE AKJ6: FNI<FM 5CA *.. +7'97!" *'++ ( *')+ #&& JLHCN 9 GMBDIL >LMMNJ? ALDNE L@ M;L DL8NG GMLLD LH K JNCMKH<BEKJ >EIHMF: MFN ;FLEN ;IMF >IH6 KHD =JL;H G>LH<N DNCLJKMILH: GI<HND ML MFN @JLHM JI<FM CLJHNJ: ENH<MF # CA * ++ ( *)++ #&! H6HL;H 9 2 5G EKDING AKHICBJN GNM IH FKHD >KIHMND >EKGMIC ALDNEEND KG K EKD? MNHHIG >EK?NJ =N@LJN K HNM GBG>NHDND ;IMF AKHICBJN MLLEG: BHAKJ6ND *%+ ( *&+
F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 83
9JM "NCL
#!+ !JIC +EKMNJ +FNEEN? 9 2 5G 9JM "NCL 'N<NHM GFK>N CL@@NN GNM CLA>JIGIH< CL@@NN >LM: @I8N CB>G KHD GKBCNJG: AIE6 $B< KHD K GB<KJ =L;E: NKCF DNCLJKMND ;IMF =EKC6 KHD <LED EIHNKJ =KHDIH<: >JIHMND AKJ6: >LM FNI<FM 2 CA *&+ ( *'$+
#!" +BGIN ,LL>NJ 9 2 5G WNGMJNE GFK>N MNMN K MNMN =JNK6@KGM GNM DNCLJKMND IH MFN "JNGDNH +>JK? >KMMNJH CLA>JIGIH< CL@@NN >LM: MNK>LM: FLM ;KMNJ >LM: M;L CB>G KHD GKBCNJG: AIE6 $B<: GB<KJ =L;E: CJBNM GNM: AB@@IH DIGF KHD CL8NJ: GFKEEL; =L;E KHD M;L GIDN >EKMNG: KEE ;IMF ,JL;H LJ6G >JIHMND AKJ6G 0 M?1 *'++ ( *')+
#!' H6HL;H 9 2 5G 9JM "NCL @EL;NJ $B< DNCLJKMND ;IMF =EBN: ?NEEL; KHD =JL;H =JBGF GMJL6NG L8NJ K ALMMEND <JNNH <JLBHD: >LGGI=E? 3NG;IC6: BHAKJ6ND: FNI<FM 2 CA * + ( *)+ #!$ H6HL;H 9 ;KEHBM 8NHNNJND X9EKJA ,ELC6 CK=IHNM: ;IMF <EK ND DLB=EN DLLJG NHCELGIH< M;L IHMNJHKE <EKGG GFNE8NG K=L8N K GMN>>ND =KGN: FNI<FM 2 CA: ;IDMF 2 #CA KHD DN>MF #CA: +&" *.. +7'97!" *'++ ( *')+ #! ,LJHNEIG "N .LJA .NNJDKA 9 2 5G X LJAKKE * <EKGG GBIMN CLA>JIGIH< K CLHICKE @LJA DNCKHMNJ: @LBJ JND ;IHNG: @LBJ ;FIMN ;IHNG: @LBJ GFNJJ? KHD K GIAIEKJ GM?EN =L==IH GMNAAND <EKGG: KEE >IC6ND LBM IH K >KEN <LED ML MFN CENKJ CJ?GMKE <JLBHD: KCID AKJ6ND: DNCKHMNJ FNI<FM 2CA *&+ ( *'$+
#!) 7FLAKG N== V +LHG 9 >KJM GBIMN L@ CENKJ CJ?GMKE <EKGG CLA>JIGIH< @I@MNNH ;IHN <EKGGNG: M;NE8N ICN >EKMNG: NEN8NH DNGGNJM =L;EG: NEN8NH ;KMNJ <EKGGNG: NI<FM CLC6MKIE <EKGGNG: @I8N EI BNBJ <EKGGNG KHD M;L CFKA>K<HN <EKGGNG KEE ;IMF =KGKE ALBEDIH< =NEL; K =LJDNJ L@ CBM GM?EIGND =NJJING L>>LGIH< KH NH<JK8ND =BMMNJ@E?: KCID AKJ6G 0 #1 *$++ ( * ++
#!$
#!% 3 "LJMN ,EKJK "LDL 3BJ<HNJ 02 5 2 1 9 2 5G 9JM "NCL @I<BJKE IEEBGMJKMILH IH >NH KHD IH6 DN>ICMIH< K EKD? KHD FNJ KMMNHDKHM: BHGI<HND: @JKAND: IAK<N 2CA / 2 CA *')+ ( *$++
#!& YLFH 3BMENJ 9 Y IE6IHGLH 7KFIMI 'N<KMMK 9 EKJ<N 8KGN L@ @LLMND G BKJN =KEBGMNJ @LJA FKHD >KIHMND ;IMF K GM?EIGND CLKGMKE EKHDGCK>N ;IMF GKIEIH< =LKMG KM GNK ;IMF GIE8NJ EBGMJN DNMKIE: FKHD >KIHMND GI<HKMBJN ML MFN =LD?: >JIHMND KHD >KIHMND AKJ6G ML MFN =KGN: FNI<FM CA *.. +7'97!" * ++ ( *)++
#!# N== ,LJ=NMM 9 >KJM GBIMN L@ CENKJ CJ?GMKE <EKGG CLA>JIGIH< K @LLMND >IMCFNJ ;IMF KH K>>EIND FKHDEN: @I8N ;IHN <EKGGNG: @LBJ GFNJJ?: MFJNN CLC6MKIE: K GIH<EN MBA=ENJ KHD K GIH<EN CFKA>K<HN <EKGG: KEE CBM ;IMF K GMI@@ ENK@ DNCLJKMILH: KCID AKJ6ND: >IMCFNJ FNI<FM CA 02 1 *&+ ( *'$+
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F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 84
Art Deco
500
499 Unknown - A 1930s Art Deco Bakelite dressing table set comprising one large and two small trinket boxes on a conforming tray, all in black with butterscotch fluted bodies and handles, unmarked, tray 43cm x 18cm. £80 - £120
84
500 In the manner of Josef Lorenzl - A large 1930s Art Deco bronze and ivory figure modelled as a fashionable young lady in walking pose with split skirt and patterned blouse with a Borzoi by her side mounted to an oval stepped green and black onyx base, unsigned, height 39cm. ILLUSTRATED. £2000 - £3000
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F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 101
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
%$% %$# +8NH KEA 8IGM JJN@LJG 9 +CKHDIHK8IKH <EKGG 8KGN L@ GENHDNJ GENN8N @LJA FNK8IE? CKGND IH CJ?GMKE L8NJ MFN DNN> >N;MNJ <JLBHD: NH<JK8ND GI<HKMBJN: FNI<FM CA *)+ ( *&+ %$) *H<N=LJ< .BHDIH JJN@LJG 9 >LGM ;KJ <EKGG 7JIE=? 8KGN L@ @LLMND L8LID @LJA JIGIH< ML K GENHDNJ HNC6 KHD K ;IDN @EKJND JIA IH K <JKDBKMND LEI8N <JNNH: NH<JK8ND GI<HKMBJN: FNI<FM CA *.. +7'97!" *$$+ ( *$)+ %$% +8NH KEA 8IGM JJN@LJG 9 EKJ<N BHI BN WJK6K <EKGG 8KGN: CIJCK 2 : L@ CLA>JNGGND MK>NJIH< @LJA IHMNJHKEE? DNCLJKMND ;IMF K CLHMJLEEND KIJ =B==EN ANGF ML MFN =KGN ;IMFIH MFN >KEN L>KENGCNHM CLJN KEE CKGND IH CENKJ CJ?GMKE: WJK6K J : NH<JK8ND GI<HKMBJN: FNI<FM 2CA 3 7FNJN IG KH NH<JK8IH< ML MFN =KGN ;FICF IG K DNDICKMILH @JLA LMFNH=BJ< ,IM? ,LBHCIE ;FICF IG DKMND 2 2 *.. +7'97!" *#++ ( *%++
%$" %$" 4IC6N .IHDGMJKHD WLGMK 9 EKJ<N >LGM ;KJ <EKGG ,LELJKDL 8KGN L@ CLA>JNGGND L8LID @LJA: IHMNJHKEE? DNCLJKMND ;IMF K M;L MLHN =EBN JN>NKM MJIKH<BEKJ >KMMNJH CKGND IH CENKJ CJ?GMKE: NH<JK8ND GI<HKMBJN: FNI<FM CA *.. +7'97!" *#)+ ( *))+ %$& 4IC6N .IHDGMJKHD WLGMK 9 >LGM ;KJ CENKJ CJ?GMKE <EKGG H 7FN 7IENG DNCKHMNJ: MK>NJND @LJA =NEL; K >IEEKJ @LJA GML>>NJ NH<JK8ND ;IMF K GM?EIGND CKM: NH<JK8ND GI<HKMBJN: FNI<FM CA *.. +7'97!" *')+ ( *$)+
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F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 102
LGM KJ
%$! %$! 4IC6N .IHDGMJKHD WLGMK 9 >LGM ;KJ <EKGG HI6K 8KGN: MFN CENKJ CJ?GMKE GENN8N @LLM =NEL; K ;IDN GENN8N @LJA =L;E IHMNJHKEE? DNCLJKMND ;IMF KH K=GMJKCM <NLANMJIC <JID >KMMNJH IH =BJHM JND KHD KA=NJ FNK8IE? CKGND IH CENKJ CJ?GMKE: *W9 2 2 : NH<JK8ND GI<HKMBJN: FNI<FM 2 CA *.. +7'97!" *%++ ( *&++
% + 4IC6N .IHDGMJKHD WLGMK 9 >LGM ;KJ <EKGG 8KGN L@ CLA>JNGGND DJK;H @LJA ;IMF KH KG?AANMJIC IHMNJHKE >INJCND GNCMILH: MFN =EKC6 CLJN CKGND IH CENKJ CJ?GMKE: NH<JK8ND GI<HKMBJN: FNI<FM CA *.. +7'97!" *$)+ ( * ++
% $
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
% +
;12
%
F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 103
LGM KJ
% &
% & KHG EGNH @LJ -JNA 'L$EN 9 MNK6 DIHIH< MK=EN: ML<NMFNJ ;IMF @LBJ =EKC6 8IH?E B>FLEGMNJND CFKIJG: +&" 0 1
% ) % )3 !EI K=NMF .NKJ? X+MKHEN?8IEEN : LIE LH =LKJD: GI<HND KHD DKMND 2 KHD =NKJIH< +LBMFKA>MLH 9JM +LCINM? EK=NE 8NJGL: @JKAND: 2 2CA / CA *.. +7'97!" *&+ ( *'$+ % % LBE ,KDL8IBG @LJ ,KDL 9 "KHIGF MNK6 ALDBEKJ ;KEE ALBHMIH< X'L?KE +?GMNA *'++ ( *')+ % " 'L=NJM NKE @LJ +MK>ENG 9 U.KDDNJK/U MNK6 ALDBEKJ ;KEE G?GMNA: CLA>JIGIH< DLB=EN DLLJ CK=IHNM: =KH6 L@ MFJNN DJK;NJG KHD M;L GFNE8NG: =NKJIH< EK=NE ML MFN CK=IHNM: FNI<FM 55CA: ;IDMF #CA KHD DN>MF # CA *'++ ( *')+
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F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 104
LGM KJ
%#' BHHNE ?AKH BBMKJ$KJ8I LMG$L 9 >LGM ;KJ <EKGG 8KGN L@ GENHDNJ L8LID @LJA MFN IHMNJHKE KA=NJ CLJN NHCKGND IH K CLHMJLEEND KIJ =B==EN ANGF KEE FNK8IE? CKGND IH CENKJ CJ?GMKE: NH<JK8ND GI<HKMBJN: FNI<FM # CA *.. +7'97!" *'$+ ( *')+ %#$ BHHKJ ?EBHD +MJLA=NJ< 9H L8LID CJ?GMKE <EKGG 8KGN IHMNJHKEE? DNCLJKMND ;IMF KJINE JIH<G ;IMFIH MFN FNK8IE? CKGND =LD? KEE IH K >KEN =EBN MIHM: NH<JK8ND GI<HKMBJN: FNI<FM 2 CA *'++ ( *')+ %#'
%# H6HL;H 9 2 5G +;NDIGF =LMMEN 8KGN <EK ND IH CNEKDLH <JNNH ;IMF 8NJMICKE DKJ6NJ <JNNH =KHDIH< ;IMF K CJK BNEBJN N@@NCM: IA>JNGGND +;NDNH +.: FNI<FM #2CA *.. +7'97!" *%+ ( *&+ %## 4IC6N .IHDGMJKHD WLGMK 9 >LGM ;KJ <EKGG 8KGN L@ G BKJN @KCNMND @LJA: MFN CLHICKE K>NJMBJN GBJJLBHDND =? ;J?MFNH KANMF?GM MJKIEG KEE CKGND IH CENKJ CJ?GMKE: NH<JK8ND GI<HKMBJN: FNI<FM 2 CA *&+ ( *'$+
%#)
%#) 3 9HDJN IHKB/ 0-JNHCF +CFLLE: 2 2 1 LJMJKIM L@ K ;LAKH ;NKJIH< K ;FIMN $KC6NM: MFJNN BKJMNJ ENH<MF: LIE LH CKH8KG: GI<HND: @JKAND: 22 CA / CA *.. +7'97!" *)++ ( *"++
%#
;13
%#% 3 9HDJN IHKB/ 0-JNHCF +CFLLE: 2 2 1 LJMJKIM L@ K ;LAKH ;IMF =EKC6 FKIJ ;NKJIH< K =EBN =ELBGN: =BGM ENH<MF: LIE LH CKH8KG: GI<HND KHD DKMND X : =NKJG X KEENJIN KBJICN KJHINJ: KJIG EK=NE 8NJGL: @JKAND: CA / #CA *.. +7'97!" *)++ ( *"++
%#%
F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 105
LGM KJ
%#" -JINDNHGJNICF BHDNJM;KGGNJ 09BGMJIKH +CFLLE: 2 5551 X LLD LJHIH< ,IM? 3ENNDIH< 7L;H : GCJNNH >JIHM >JIHMND IH MNH CLELBJG: GI<HND IH IH6 KHD HBA=NJND &25:555: >B=EIGFND =? BIDNCCK: 4NHICN 2 : @JKAND: CA / CA *&+ ( *'$+ %#& 7FNLDLJ .KHD=NJ< 'L?KE ,L>NHFK<NH 9 EKJ<N @I<BJIHN X7FN 'LC6 KHD MFN K8N @LJAND KG KH NA=JKCIH< CLB>EN: >JIHMND AKJ6 ;IMF DKMN CLDN @LJ 2 2 : FNI<FM # CA *.. +7'97!" *#++ ( *%++
%#! 'L=NJM NJIMK<N @LJ 9JCFIN +FIHN 9 X3JID<N@LJD JLGN;LLD 8NHNNJND GIDN=LKJD: ;IMF K >KIJ L@ CNHMJKE DLLJG @EKH6ND =? K JI==ND >KHNE DLLJ ML NIMFNJ GIDN: NHCELGIH< M;L IHHNJ DJK;NJG ML MFN EN@M FKHD GIDN: ;IMF K 8NHNNJND =KC6 >KHNE KHD JKIGND ML >EKIH =ELC6 EN<G: FNI<FM CA: ;IDMF 2#CA KHD DN>MF # CA: +&" 9JMICEN 25 7JKHGKCMILH .ICNHCN IH >EKCN *.. +7'97!" * ++ ( *)++ %)+ *H MFN AKHHNJ L@ 7JN8LJ ,FIHH @LJ LJDLH 'BGGNEE -BJHIMBJN 9 JLGN;LLD 8NHNNJND M;IH >NDNGMKE DNG6 ;IMF @ELKMIH< ML>: @IMMND ;IMF @LBJ DJK;NJG ;IMF @KCNMND JLGN;LLD FKHDENG: JKIGND ML MK>NJND =NNCF EN<G: FNI<FM CA: ;IDMF 2# CA KHD DN>MF CA: +&" 9JMICEN 25 7JKHGKCMILH .ICNHCN IH >EKCN *.. +7'97!" *$++ ( * ++
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LGM KJ
%)'
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
%)$ H6HL;H 9 >KIJ L@ =EKC6 ENKMFNJ KJACFKIJG ;IMF ELLGN GNKM CBGFILHG L8NJ AKFL<KH? GMJNMCFNJ @JKANG KHD =EKC6 >EKGMIC NEEI>MICKE @NNM: FNI<FM #CA: ;IDMF CA KHD DN>MF CA: +&" 0 1 3 7FNGN CFKIJG KJN L@@NJND @LJ GKEN KG ;LJ6G L@ KJM *M AK? HLM CLA>E? ;IMF MFN -BJHIMBJN KHD -BJHIGFIH<G 0-IJN1 +K@NM? 'N<BEKMILHG 2 KHD @LJ MFIG JNKGLH GFLBED HLM =N BGND IH K >JI8KMN D;NEEIH< *$++ ( * ++
%)'
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%) IEG .KHD=NJ< JJN@LJG 9 >KIJ L@ EKJ<N >LGM ;KJ <EKGG "BG6 8KGNG L@ CLA>JNGGND MK>NJIH< @LJA: MFN DNN> LEI8N CLJN FNK8IE? CKGND IH CENKJ CJ?GMKE: NH<JK8ND GI<HKMBJNG: FNI<FM 2 CA *&+ ( *'$+ %)# KBE WNDNE8 -E?<G@LJG 9 >LGM ;KJ ,L BIEEN KHMK 'K? <EKGG =L;E MFN GM?EIGND MKIE ML K JKIGND CNHMJKE ;NEE @EKH6ND =? >BEEND ;IH<G IH KANMF?GM L8NJ L>KE KEE CKGND IH CENKJ CJ?GMKE: DKMND 2 : NH<JK8ND GI<HKMBJN: ;IDMF CA *#+ ( *%+
F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:50 Page 107
97;? <=
#9/>=;? ><21>? 9,>=:- #'? &!& ) &! ?)? 3865=>:?8:?<? <=5>: ;>.0>=<?9:?/9<=5-?0<8:;>5?48=4< &! )&! -?1:+=<.>5-?& 4.? & 4.?<679?;3=>>?9;3>=7?/$?;3> 7<.>?3<:5?<:5?<?0<:>6?/$? >::$ 9,>=:*? *
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9=59:?#177>66?"1=:8;1=>?)?':?9(<6 58:8:2?9=?/9<=5=99.?;</6>- ,8;3?< 6997>?7.9%>5?26<77?;90?9(>= ;<0>=>5?+<4>;>5?6>27-?,85;3 & 4.*
9=59:?#177>66?"1=:8;1=>?)?' 48=416<=?58:8:2?9=?4>:;=>?;</6>?9: +<4>;>5?;<0>=>5?6>27- ,8;3?<?6997> 7.9%>5?26<77?;90-?3>823;? 4. <:5?58<.>;>=?& 4.*
';;=8/1;>5?;9? 9=59:?#177>66 "1=:8;1=>?)?"91=?90>:?<=.43<8=7?9= 2=910?43<8=7- ,8;3?.<=99: 103967;>=$*? * * *? 3>7>?43<8=7?<=>?9++>=>5?+9= 7<6>?<7?,9=%7?9+?<=;*? 3>$?.<$?:9; 49.06$?,8;3?;3>?"1=:8;1=>?<:5 "1=:8738:27? "8=> ? <+>;$ #>216<;89:7?&! ?<:5?+9=?;387 =><79:?739165?:9;?/>?17>5?8:?< 0=8(<;>?5,>668:2*
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9=59:?#177>66?"1=:8;1=>?)? '?48=416<=?58:8:2?9=?4>:;=>?;</6>58<.>;>=?! 4.*
843<>6? <==87?)? 76>?9+? 823;?)? '? 823;74<0>?0<;;>=:? 9668090 26<77?(<7>?9+?49.0=>77>5?9(985 +9=.?/>69,?<?76>:5>=?5=<,:?:>4% 5>49=<;>5?,8;3?,3806<73?0>;=96 8=85>74>:;?;=<867?/>69,?786(>=>5 8=85>74>:;?100>=- >:2=<(>5 782:<;1=>-? 843<>6? <==87?
:26<:5-?3>823;? * 4.* #' *
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58:<?)?'?6<=2>?26<77?(<7>?9+ 9=2<:84?76>>(>?+9=.?;9?<?76>:5>= 5=<,:?:>4%?5>49=<;>5?,8;3?/61> <:5?/=9,:?;=<867?<66?4<7>5?8:?46><= 4=$7;<6- 9=828:<6?6</>6?<:5?>:2=<(>5 782:<;1=>-?3>823;? 4.*
<::<?<:5? 9=2>:? 8; >6?+9=? >9=2 >:7>:?)?'? <:873? ;>=68:2?786(>= </7;=<4;?/=9943?5>782:>5?<7?< 7;$687>5?+8/16<?/=9943?,8;3 ;=9./9:>?46<70- 6>:2;3? 4.-?097; &! ? >:7>:?.<=%7-?7;<.0>5 ! -? >:.<=%-?5>782:?:1./>= -? ?8:? -?8:?/61>? >9=2 >:7>:?/9
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F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 108
LGM KJ
%"' !JHNGM 9 3E?MF @LJ *8KH 7KJJKHM 9 2 5G FKEEAKJ6ND GIE8NJ K=GMJKCM =JLLCF JNMKIEND =? *8KH 7KJJKHM: 3IJAIH<FKA 2 : @KCGIAIEN GI<HKMBJN KHD GMKA>ND *8KH 7KJJKHM *#+ ( *%+
%%& KHG KHGNH 9 2 5G "KHIGF +MNJEIH< GIE8NJ KHD =EKC6 NHKANE HNC6EKCN DNGI<HND K @I8N CBJ8ND NELH<KMND EIH6G ;IMF MJIKH<BEKJ =EKC6 NHKANEEND CNHMJKE >KHNE KHD CFKIH EIH6 ML<<EN CEKG>: ENH<MF # CA: GMKA>ND + ;IMF @KCGIAIEN GI<HKMBJN "NHAKJ6 DNGI<H HBA=NJ 2 N *.. +7'97!" *'$+ ( *'&+
%"$ H6HL;H 9 2 5G "KHIGF +MNJEIH< GIE8NJ HNC6EKCN IH MFN AKHHNJ L@ +INJG=LE @LJAND L@ M;NHM? LHN >IHCFND ENK@ GFK>ND >KHNEG MNJAIHKMIH< IH K ML<<EN @KGMNHIH<: ENH<MF #5CA: GMKA>ND +MNJEIH< +: "NHAKJ6 *.. +7'97!" *'++ ( *')+
%%! H6HL;H 9 2 5G FKEEAKJ6ND GIE8NJ KHD =KHDND K<KMN MNKJDJL> GFK>ND >NHDKHM: MFN CLEEKJ GNM K<KMN CK=LCFLH ML K DLB=EN GIE8NJ ALBHM KHD GBG>NHDND @JLA K >NHDKHM =KEN: 3IJAIH<FKA 2 : *)+ ( *&+
%" H6HL;H 9 2 5G LJ;N<IKH GIE8NJ <IEM KHD <BIEELCFN NHKANE >KHNE GFK>ND >NHDKHM: =EKC6 CJLGG FKMCF K=GMJKCM DNGI<H K<KIHGM KH I8LJ? NHKANE <JLBHD ML K GIE8NJ <IEM =KC6: ENH<MF # #CA: GMKA>ND LJ;K?: +MNJEIH<: G - " *.. +7'97!" *#+ ( *%+
%"+ H6HL;H 9 2 5G FKEEAKJ6ND GIE8NJ >NHDKHM L@ CIJCBEKJ LBMEIHN ;IMF K=GMJKCM >INJCND DNGI<H GBG>NHDND @JLA JI<ID L8KE ELL> KHD CFKIH: .LHDLH 2 : ,* ! *)+ ( *&+
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;10
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F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 109
LGM KJ
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%&# NL@@JN? 3K/MNJ FIMN@JIKJG 9 7N/MBJND JKH<N <EKGG GFLBEDNJND 8KGN IH *HDI<L: >KMMNJH : FNI<FM #CA *.. +7'97!" *'++ ( *')+ %&) NL@@JN? 3K/MNJ FIMN@JIKJG 9 <JLB> L@ 7N/MBJND JKH<N WIH<@IGFNJ 3EBN <EKGG CLA>JIGIH< K EKJ<N 3KJ6 8KGN: KH 9 MNC 8KGN: K 7JK@@IC .I<FM 8KGN KHD K KIEFNKD 8KGN: MKEENGM #CA 0#1 *')+ ( *$++
%&% NL@@JN? 3K/MNJ FIMN@JIKJG 9 <JLB> L@ 7N/MBJND JKH<N 7KH<NJIHN <EKGG CLA>JIGIH< K +BH=BJGM 8KGN: K 4LECKHL 8KGN KHD K L=IEN FLHN 8KGN: MKEENGM 2 CA 0 1 *')+ ( *$++
%&& NL@@JN? 3K/MNJ FIMN@JIKJG 9 7N/MBJND JKH<N <EKGG "JBH6NH 3JIC6EK?NJ IH IEEL;: >KMMNJH : ML<NMFNJ ;IMF KH *HDI<L 7LMNA 8KGN: >KMMNJH 2: FNI<FM CA 0 1 *.. +7'97!" *$++ ( * ++
%&" NL@@JN? 3K/MNJ FIMN@JIKJG 9 <JLB> 7N/MBJND JKH<N <EKGG CLA>JIGIH< K N;MNJ "JBH6NH 3JIC6EK?NJ: KH 9B=NJ<IHN 4LECKHL 8KGN KHD K +K<N JNNH HILH 8KGN: MKEENGM 2CA 0 1 *')+ ( *$++
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F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 110
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%!) LLAI 3KC6FKBGNH +LFLEA 9 >LGM ;KJ JNEIN@ ALBEDND JNCMKH<BEKJ ;KEE >EK BN DNCLJKMND ;IMF @LBJ GM?EIGND JBHHIH< =IJD IH K >KEN <JNNH <EK N L8NJ MFN CIHHKALH <JLBHD: LJI<IHKE EK=NE KHD IA>JNGGND AKJ6G: ENH<MF 5CA: ML<NMFNJ ;IMF K @BJMFNJ N/KA>EN =? MFN GKAN KJMIGM JNEIN@ ALBEDND ;IMF K <IJE ;IMF K @EL;NJ IH FNJ FKIJ L8NJ MFN ALMMEND JND <JLBHD: FNI<FM CA *%+ ( *&+ %!% ILMJ 3KJL WHK=GMJB> 9 >LGM ;KJ JNEIN@ ALBEDND ;KEE >EK BN L@ G BKJN @LJA DNCLJKMND ;IMF K GM?EIGND GMK< IH KH L>KE <EK N L8NJ MFN MNJJKCLMMK <JLBHD: LJI<IHKE EK=NE KHD ALBEDND AKJ6: DIKANMNJ 2 CA *.. +7'97!" *#+ ( *%+
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"'& "'' KDNEKHD 9 EKJ<N >LGM ;KJ CENKJ CJ?GMKE <EKGG MFN =ELC6 @LLM ;IMF >JIHMIN CBM >KHNEG JIGIH< ML MFN GENN8N @LJA =LD? NH<JK8ND ;IMF KH K=GMJKCM CJLGG >KMMNJH IH K GKMIH @IHIGF: BHAKJ6ND: FNI<FM CA *&+ ( *'$+
"') 9MMJI=BMND ML ,LEIH NE=LBJHN KHD 9E=NJM KEEKA 3NG;IC6 9 >LGM ;KJ MJI @LLMND =L;E DNCLJKMND IH <JNNH KHD =EKC6 ML<NMFNJ ;IMF K AKMCFIH< GFK>N 2# & =LKM GFK>ND 8KGN: ENH<MF CA 0 1 *)+ ( *&+
"'$ +8NH KEA 8IGM JJN@LJG 9 >LGM ;KJ +NENHK <EKGG 8KGN L@ GENHDNJ ;KIGMND @LJA IH K >KEN AIE6? L>KENGCNHCN: NH<JK8ND GI<HKMBJN: FNI<FM CA *%+ ( *&+
"'% ,LEIH NE=LBJHN 3NG;IC6 9 >LGM ;KJ GFK>N 2 8KGN ;IMF =NK6ND EI> DNCLJKMND ;IMF K EI<FM =JL;H EIHNKJ >KMMNJH L8NJ K CFLCLEKMN =JL;H <JLBHD: IA>JNGGND AKJ6 KELH<GIDN >JIHMND GI<HKMBJN: FNI<FM 2 CA *)+ ( *&+
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F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 113
LGM KJ
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"$& 'ICFKJD LBH< @LJ NJJL; 9GGLCIKMNG 9 DIHIH< MK=EN KHD @LBJ CFKIJG 7FN CFJLAIBA >EKMND @EKMMNHND GMNNE MK=EN =KGN L@ CKHMND FN/K<LHKE @LJA ;IMF K CIJCBEKJ <EKGG ML>: FNI<FM 2CA KHD DIKANMNJ 25 CA: ML<NMFNJ ;IMF @LBJ CFKIJG ;IMF <JN? CELMF B>FLEGMNJ? K=L8N CLH@LJAIH< @JKANG 0 1
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3 7FN CFKIJG IH MFIG ELM KJN L@@NJND @LJ GKEN KG ;LJ6G L@ KJM 7FN? AK? HLM CLA>E? ;IMF MFN -BJHIMBJN KHD -BJHIGFIH<G 0-IJN1 +K@NM? 'N<BEKMILHG 2 KHD @LJ MFIG JNKGLH GFLBED HLM =N BGND IH K >JI8KMN D;NEEIH< *.. +7'97!" *$)+ ( * )+
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"$! -I<EI DI +KH<BIHNMI @LJ ,FIK8KJI: *MKEIKH 9H L>NH KJACFKIJ ;IMF >INJCND ML> JKIE ML MFN MK>NJND =KC6 L8NJ K ;L8NH <JKGG GNKM: IH K EKMNJ =EKC6 >KIHMND @IHIGF: GMKA>ND ML JNKJ *)+ ( *&+
3 7FIG ;KG >JLDBCND KG K CLJ>LJKMN <I@M ML K >JI8KMN =KH6 G NA>EL?NNG KHD 8KEBND CEINHMG *$++ ( * ++
" *H MFN AKHHNJ L@ +N<BGL 9 >LGM ;KJ *MKEIKH BJKHL <EKGG 8KGN L@ GFLBEDNJND @EBMND @LJA =NEL; K @EKJND HNC6 ;IMF K>>EIND =KGKE K8NHMBJIHN MNKJG ML MFN KA=NJ <JLBHD: BHAKJ6ND: FNI<FM CA *')+ ( *$++ " # *H MFN AKHHNJ L@ ,KJEL +CKJ>K @LJ 4NHIHI 9 >LGM ;KJ <EKGG $KJ KHD CL8NJ L@ G;LEENH @LJA =NEL; MFN FKHDEND EID DNCLJKMND ;IMF K ,LJJLGL GM?EN @IHIGF ML MFN <JNNH <JLBHD: BHAKJ6ND: FNI<FM #CA *')+ ( *$++ " ) *H MFN AKHHNJ L@ LJDLH 'BGGNEE 9 GNM L@ @I8N AKFL<KH? DIHIH< CFKIJG ;IMF MK>NJND =KJ =KC6G: ML IHCEBDN @LBJ GIDN CFKIJG KHD K GIH<EN CKJ8NJ 0 1 3 7FNGN CFKIJG KJN L@@NJND @LJ GKEN KG ;LJ6G L@ KJM 7FN? AK? HLM CLA>E? ;IMF MFN -BJHIMBJN KHD -BJHIGFIH<G 0-IJN1 +K@NM? 'N<BEKMILHG 2 KHD @LJ MFIG JNKGLH GFLBED HLM =N BGND IH K >JI8KMN D;NEEIH< *)+ ( *&+
"$&
) ) ( #) ( & )% ) )& $ #& ()% ) ) ) )) )) %!#) ' (")3 &$$) ()# ( !)!%)' )'""&!&% '$) (() ) $('#()#(() )!' $() % &"(")% ) ' ()
;;.
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" % 3$LJH NC6GMJLA BBMKJ$KJ8I 9 EKJ<N L8KE <EKGG >EK BN IHMNJHKEE? DNCLJKMND ;IMF K =EBN KHD <JNNH ELL> >KMMNJH ;IMFIH MFN CENKJ CJ?GMKE <JLBHD GKM ;IMFIH K ;JLB<FM IJLH GMKHD: NH<JK8ND GI<HKMBJN: >EK BN ;IDMF #5CA *%++ ( *&++
"#' *JNHN +MN8NHG N== ,LJ=NMM 9 EKJ<N >LGM ;KJ CENKJ CJ?GMKE <EKGG 8KGN L@ L8LID @LJA ;IMF EKJ<N >JIHMIN >KHNEG K=L8N K AIMJN CBM ;K8N EIHN =LD?: JKIGND ML K >NMKE ND<ND @LLM ;IMF JKDIKE GMKJ CBM =KGN: FNI<FM CA *.. +7'97!" *$++ ( * ++
" " "NGALHD ,ENH BJ>F? -LBJ 2 5G FKEEAKJ6ND GIE8NJ =NK6NJG LJ FI<F =KEEG NKCF L@ >EKIH C?EIHCJICKE @LJA ;IMF MN/MBJND =KHD ML MFN CLEEKJ: FNI<FM 22 CA: ;NI<FM L .LHDLH 2 "NGALHD ,ENH BJ>F? 0#1 *.. +7'97!" * ++ ( *#++
" "
" ! K/ 4NJ=LN6NM KKGMJICFM 9 EKJ<N >LGM ;KJ "BMCF <EKGG 8KGN L@ @EKJND MJI @JLA IHMNJHKEE? DNCLJKMND ;IMF JKHDLA IHMNJHKE CIMJLH KHD CIHHKALH ;FI>EKGF EIHNG ;IMFIH MFN FNK8? CENKJ CJ?GMKE =LD?: NH<JK8ND GI<HKMBJN: FNI<FM CA *&+ ( *'$+
" & LBE W$KNJFLEA @LJ ! WLED ,FJIGMNHGNH 9 "KHIGF @LEDIH< GMLLE ;IMF @EKMMNHND GMNNE @JKAN: GMKA>ND: ;IMF JNCMKH<BEKJ CKH8KG GEIH< GNKM 0MFN GNKM KG @LBHD1 *.. +7'97!" *')+ ( *$++
" &
;;3
"#+ NJ .BM6NH LEAN<KKJD 9 >LGM ;KJ 3NK6 <EKGG 8KGN L@ L8LID @LJA ML K GENHDNJ HNC6 KHD >BEEND JIA IH K >KEN =EBN MIHM: ML<NMFNJ ;IMF K GAKEE IHBNM 8KGN IH >N;MNJ KHD K "BG6 8KGN DNGI<HND =? IEG .KHD=NJ< L@ CLA>JNGGND <EL=N KHD GFK@M @LJA: MFN IHMNJHKE >N;MNJ CLJN FNK8IE? CKGND IH CENKJ CJ?GMKE: NH<JK8ND GI<HKMBJN: FNI<FM 2 CA 0 1 *%+ ( *&+
"#$ *JNHN +MN8NHG N== ,LJ=NMM 9 EKJ<N >LGM ;KJ CENKJ CJ?GMKE <EKGG 8KGN L@ L8LID @LJA ;IMF EKJ<N >JIHMIN >KHNEG K=L8N K AIMJN CBM ;K8N EIHN =LD?: JKIGND ML K >NMKE ND<ND @LLM ;IMF JKDIKE GMKJ CBM =KGN: FNI<FM CA +&" *')+ ( *$++ "# 3 -JKH6 KJMIH 02 2 55 1 X7FN 7KEAKD<N +IGMNJG : K ;LLDCBM >JIHM GI<HND: MIMEND KHD HBA=NJND # L@ 5 IH >NHCIE: >EKMN #5CA / CA: @JKAND *$++ ( * ++
"#'
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LGM KJ
"#"
"## "## 3 -JKH6 KJMIH 02 2 55 1 U KN BJJK?U: K CLELBJND CL>>NJ >EKMN NMCFIH<: GI<HND: MIMEND KHD HBA=NJND L@ 5 IH >NHCIE: >EKMN CA / CA: @JKAND *.. +7'97!" *$++ ( * ++
"#% 3 -JKH6 KJMIH 02 2 55 1 X7FN 9E=NJMIHK 'KGCF "KHCNJG : K CLELBJND CL>>NJ >EKMN NMCFIH<: GI<HND: MIMEND KHD HBA=NJND L@ 5 IH >NHCIE: >EKMN CA / CA: @JKAND *'++ ( *')+
"#) 3 -JKH6 KJMIH 02 2 55 1 XYNKH KJEL; : K CLELBJND CL>>NJ >EKMN NMCFIH<: GI<HND: MIMEND KHD HBA=NJND 5 L@ IH >NHCIE: >EKMN #5CA / #CA: @JKAND *.. +7'97!" *$++ ( * ++
"#" 3 -JKH6 KJMIH 02 2 55 1 XYNKH KJEL; IH K +KMIH L;H : K CLELBJND CL>>NJ >EKMN NMCFIH<: GI<HND: MIMEND KHD HBA=NJND 2 L@ 255 IH >NHCIE: >EKMN ## CA / CA: @JKAND *.. +7'97!" * ++ ( *)++ "#)
) ) ( #) ( & )% ) )& $ #& ()% ) ) ) )) )) %!#) ' (")3 &$$) ()# ( !)!%)' )'""&!&% '$) (() ) $('#()#(() )!' $() % &"(")% ) ' ()
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LGM KJ
"#&
"#& 3 -JKH6 KJMIH 02 2 55 1 U.?K DN BMMIU: K CLELBJND CL>>NJ >EKMN NMCFIH<: GI<HND: MIMEND KHD HBA=NJND L@ #5 IH >NHCIE: >EKMN # CA / CA: @JKAND *.. +7'97!" *$++ ( * ++ "#! 3 -JKH6 KJMIH 02 2 55 1 U LJAK 7KEAKD<NU: K CLELBJND CL>>NJ >EKMN NMCFIH<: GI<HND: MIMEND KHD HBA=NJND #5 L@ 255 IH >NHCIE: >EKMN # CA / 5CA: @JKAND *.. +7'97!" *$++ ( * ++
;;!
"#! ")+ 3 -JKH6 KJMIH 02 2 55 1 XSBNNH L@ +FN=K: K ;LLDCBM: GI<HND KHD MIMEND: >EKMN CA / 2 CA: @JKAND *&+ ( *'$+ ")' LLEN LMMNJ? 9 2 5G M;L MLHN =JNK6@KGM GNM CLA>JIGIH< MNK>LM @LJ LHN: MNKCB>: GB<KJ =L;E KHD AIE6 $B< KEE IH >IH6 KHD ALMMEND <JN?: >JIHMND AKJ6G: MJK? DIKANMNJ CA * + ( *)+
")$ ICFKNE .NKCF NEEKHD LMMNJ? 9 GMBDIL >LMMNJ? CL@@NN GNM CLA>JIGIH< CL@@NN >LM: FLM ;KMNJ $B< KHD GI/ CB>G KHD GKBCNJG: KEE DNCLJKMND IH K ALMMEND =EKC6 =JL;H <EK N ;IMF DL8N <JN? G>NC6EIH<: IA>JNGGND GNKE AKJ6 0 M?1 *#+ ( *%+
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LGM KJ
") ") IBEIL 'KDI 94! 9 EKJ<N 8KGN L@ GFLBEDNJND L8LID @LJA JKIGND ML MFJNN =KEE @NNM DNCLJKMND ;IMF CLELBJND NHKANEG KHD <LED K8NHMBJIHN L8NJ MFN =EKC6 <JLBHD: FNI<FM CA *.. +7'97!" *&+ ( *'$+ ")# 3 NJMJBDN NJANG 02 52 2 1 X7FN NKM ,BMMNJG: L : ;LLDCBM >JIHMND IH CLELBJG: GI<HND KHD DKMND 2 IH >NHCIE: @JKAND: # CA / CA *.. +7'97!" *$++ ( * ++
")# ")% NMNJ K?;KJD @LJ !8KHG 04KHGLH1 9 M;IH GNCMILH ALDBEKJ CLC6MKIE CK=IHNM: ;IMF JLGN;LLD 8NHNNJND DLLJ >KHNEG: ML IHCEBDN K @KEE @JLHM DJIH6G CK=IHNM KHD K DLB=EN DLLJ CK=IHNM GNCMILH ;IMF K>>EIND =JKGG FKHDENG: JKIGND ML =EKC6 >EKGMIC CLKMND JLD GB>>LJMG: FNI<FM 2 CA: ;IDMF CA KHD DN>MF # CA 9JMICEN 25 MJKHGKCMILH EICNHCN IH >EKCN *'$+ ( *')+
")" .N=BG -BJHIMBJN 9H LK6 8NHNNJND CFNGM L@ GI/ DJK;NJG K=L8N G>EK?ND @NNM: FNI<FM 22#CA KHD ;IDMF CA *)+ ( *&+
")! YLFH 9DKAG LLEN LMMNJ? 9 2 5G -JNN@LJA ' , >KMMNJH GFK>N 2# CBCBA=NJ DIGF: >JIHMND KHD >KIHMND AKJ6G: ENH<MF #2CA *#+ ( *%+
")& *H MFN AKHHNJ L@ !8KHG 04KHGLH1 9 AKFL<KH? =LL6CKGN CK=IHNM: ;IMF GEIDIH< <EK ND DLLJG K=L8N K DLB=EN DLLJ CB>=KLJD ML MFN =KGN: FNI<FM 2# CA: ;IDMF 2CA KHD DN>MF CA *&+ ( *'$+
")) NMNJ K?;KJD @LJ !8KHG 04KHGLH1 9 GIDN=LKJD ;IMF JLGN;LLD 8NHNNJND >KHNEG: @IMMND ;IMF K CNHMJKE =KH6 L@ MFJNN DJK;NJG @EKH6ND =? K GIH<EN CB>=LKJD KM NIMFNJ GIDN: =JKGG FKHDENG: JKIGND ML MK>NJND EN<G: FNI<FM CA: ;IDMF 2 CA KHD DN>MF 2CA: +&" 9JMICEN 25 MJKHGKCMILH EICNHCN IH >EKCN *.. +7'97!" *'$+ ( *')+
"))
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;;,
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LGM KJ
"% "K8ID .K;JNHCN +IE8NJ;KJN 9 2 5G FKEEAKJ6ND GIE8NJ MFJNN >INCN CKHDNEK=JK KHD AKMCFIH< D;KJ@ CKHDNEGMIC6G: NKCF ;IMF >EKIH DLAND CIJCBEKJ @LLM =NEL; CLHN GFK>ND GB>>LJM ;IMF JI==ND CLEEKJ KHD >EKIH NELH<KMND GCLHCNG: FNI<FM 2 CA: 3IJAIH<FKA 2 : "K8ID .K;JNHCN +IE8NJ;KJN 0 1 *%+ ( *!+ "%# H6HL;H 9 >LGM ;KJ "KHIGF GMBDIL >LMMNJ? =L;E L@ JLBHDND G BKJN @LJA DNCLJKMND ;IMF K FKHD >KIHMND GM?EIGND @EL;NJ IH =EKC6 KHD ?NEEL;: IHDIGMIHCME? GI<HND: #CA G *%+ ( *&+ "%+
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
"%'
;;0
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
"%! "%& 96GNE LEAGNH 9 2 5G LJ;N<IKH GIE8NJ <IEM KHD I8LJ? <BIEELCFN NHKANE =JLLCF DNGI<HND KG KH LJCFID: GMKA>ND LJ;K? +MNJEIH<: + KHD AK6NJG AKJ6 @LJ 96GNE LEAGNH: K "K8ID 9HDNJGNH =EBN <BIEELCFN NHKANEEND ENK@ =JLLCF KHD K GIAIEKJ >KIJ L@ CEI> NKJJIH<G: GMKA>ND 0#1 *&+ ( *'$+ "%! 96GNE LEAGNH 9 2 5G LJ;N<IKH GIE8NJ <IEM KHD NHKANE JLGN >NHDKHM KHD AKMCFIH< CEI> NKJJIH<G: GMKA>ND KDN IH LJ;K? +MNJEIH<: + ;IMF AK6NJG AKJ6 *.. +7'97!" *'++ ( *')+
""+ ""+ NLJ< YNHGNH 9 "KHIGF +MNJEIH< GIE8NJ L8KE L>NH;LJ6 =JLLCF ;IMF @LEIKMN FKJN=NEE DNCLJKMILH ML NKCF MNJAIHKE: ENH<MF # CA DNGI<H HBA=NJ 2#2: "NHAKJ6 + GMKA>ND ;IMF >LGM 2 # YNHGNH AKJ6G KHD .LHDLH IA>LJM AKJ6G @LJ 2 *.. +7'97!" *&+ ( *'$+
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LGM KJ
"") +KA NJAKH 9 EKJ<N GMBDIL <EKGG 8KGN L@ L8LID @LJA ;IMF HKJJL; CLEEKJ HNC6: IHMNJHKEE? DNCLJKMND ;IMF LCFJN L/IDN GMJI>NG KHD G>LMG ;IMF IHMNJHKE JKHDLA KIJ =B==EN DNCLJKMILH: NH<JK8ND GI<HKMBJN KHD DKMND 2 : FNI<FM 5CA * ++ ( *)++
""'
""' INEG !JI6 -JLA 7;L "KHIGF +MNJEIH< GIE8NJ =JLLCFNG NKCF L@ @LEIKMN DNCLJKMILH: =LMF GMKA>ND +MNJEIH<: "NHAKJ6: ! -JLA: 0 1 *.. +7'97!" *&+ ( *'$+ ""$ NLJ< YNHGNH 9 "KHIGF +MNJEIH< GIE8NJ =JLLCF DNGI<HND ;IMF GM?EIGND @EL;NJFNKDG ;IMFIH KH L8KE L>NH;LJ6 GNMMIH<: HBA=NJ #: GMKA>ND +MNJEIH<: "NHAKJ6 ;IMF >LGM 2 # YNHGNH AKJ6G: KHD KHLMFNJ =KJ =JLLCF: DNGI<H HBA=NJ : GMKA>ND ;IMF >LGM 2 # YNHGNH AKJ6G KHD 0 1 *'$+ ( *'&+ "" H6HL;H 9 2 5G FKEEAKJ6ND GIE8NJ GMNJEIH< GIE8NJ @IGF =JLLCF 3IJAIH<FKA 2 : 7 . LMM .MD KHD KH GIE8NJ GMLHN GNM =L; =JLLCF: >LGGI=E? LJ;N<IKH: GMKA>ND 0 1 *&+ ( *'$+ ""# H6HL;H 9 2 5G +;NDIGF GIE8NJ KHD JFLDLHIMN =JLLCF L@ NEI>MICKE LBMEIHN ;IF MN/MBJND GBJ@KCN KHD CNHMJKE CLEEKJ GNM JFLDLHIMN: GMKA>ND AKJ6G @LJ +;NDNH 2 .. *#+ ( *%+
""% YLFH +CLMM IEMLH NKD LMMNJ? 9 >LGM ;KJ GMBDIL >LMMNJ? JNCMKH<BEKJ DIGF DNCLJKMND ;IMF K FKHD >KIHMND GEICND K>>EN K<KIHGM K ;FIMN <JLBHD: >KIHMND KHD IHCIGND AKJ6G ENH<MF CA *%+ ( *&+
"""
""" NMNJ KEE NKEG 9 >KIJ L@ 2 5G 7I8LEI >KMMNJH CLMMLH >JIHMND CBJMKIHG: EIHND: K>>JL/IAKMNE? 22 CA ;IDN / 5#CA DJL> KHD 225CA / 5#CA *.. +7'97!" *#+ ( *%+ ""& NMNJ KEE NKEG 9 >KIJ L@ 2 5G 7I8LEI >KMMNJH CLMMLH >JIHMND CBJMKIHG: EIHND: K>>JL/IAKMNE? 5CA ;IDN / 55CA DJL> KHD 225CA / 55CA *.. +7'97!" *#+ ( *%+ ""! 3KJ=KJK 3JL;H NKEG 9 GIH<EN 2 5G +;NNMCLJH >KMMNJH CBJMKIH @LJAND @JLA M;L >KHNEG GN;H ML<NMFNJ: EIHND: K>>JL/IAKMNE? 2 5CA ;IDN / 2 CA DJL> +&" *.. +7'97!" *)+ ( *&+
""&
"&+ ,FKJENG LJMLH 7;L =BE=LBG MFNJALG @EKG6G NKCF ;IMF K >KJM CFJLAN @IHIGF KHD CLH@LJAIH< GML>>NJG: FNI<FM 5CA 0 1 *)+ ( *&+
""! ) ) ( #) ( & )% ) )& $ #& ()% ) ) ) )) )) %!#) ' (")3 &$$) ()# ( !)!%)' )'""&!&% '$) (() ) $('#()#(() )!' $() % &"(")% ) ' ()
;;-
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LGM KJ
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
"&! ,JL;H "N8LH -INEDIH<G 9 CLEENCMILH L@ 2 5G 6IMCFNH GMLJK<N $KJG NKCF DNCLJKMND ;IMF K G>JK? L@ LJKH<N KHD ?NEEL; @EL;NJG ;IMF =EKC6 GCJI>M K=L8N: CLA>JIGIH< MNK: GB<KJ: GKEM: GBEMKHKG: @ELBJ: =IGCBIMG: JICN: D @JBIM: CL@@NN: = CJBA=G: G J @ELBJ: =IGCBIMG: @ELBJ: CL@@NN: GB<KJ KHD M;L =EKH6 N/KA>ENG 02 1 *)+ ( *&+ "&'
"!+
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
;21
"&" "&& B? +?DNHFKA KHD 3NKMJICN 3LEMLH LLEN LMMNJ? 9H 9MEKHMIG 8KGN L@ <EL=N KHD GFK@M @LJA: MFN =LD? ;IMF CKJ8ND >KMMNJHND =KHDG <EK ND IH ;FIMN: =JL;H KHD <JNNH: IA>JNGGND AKJ6G: FNI<FM CA *$++ ( * ++
"!+ LLEN LMMNJ? 9 GFK>N "NE>FIG CFKJ<NJ DNCLJKMND ;IMF K CNHMJKE GM?EIGND K=GMJKCM JLBHDNE ;IMF K =JI<FM JND ;K8? =LJDNJ K<KIHGM K =EKC6 KHD <JNNH <JLBHD: >JIHMND AKJ6: DIKANMNJ CA *.. +7'97!" *%+ ( *&+
F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 121
LGM KJ
"!" NL@@JN? 3K/MNJ FIMN@JIKJG 9 7N/MBJND JKH<N LL> 8KGN IH 7KH<NJIHN: >KMMNJH 5: FNI<FM CA: ML<NMFNJ ;IMF K 3KJ6 =L;E IH 7KH<NJIHN: >KMMNJH : DIKANMNJ 5CA 0 1 *')+ ( *$++
"!) LHIMLH 9 >KIJ L@ >LGM ;KJ EKA> =KGNG NKCF L@ CLA>JNGGND @LJA <EK ND IH KH LEI8N <JNNH ;IMF =JL;H =KHDIH< KHD DLM >KMMNJHG: FNI<FM CA *#+ ( *%+ "!% NL@@JN? 3K/MNJ FIMN@JIKJG 9 7N/MBJND JKH<N 3KH$L 8KGN EKA> =KGN IH WIH<@IGFNJ 3EBN: LJI<IHKE EK=NE: FNI<FM CA
"!& 96GNE LEAGNH 9 >KIJ L@ LJ;N<IKH GIE8NJ <IEM KHD NHKANE <NHMENAKH G CB@@EIH6G L@ GFK>ND L8KE LBMEIHN NKCF DN>ICMIH< K GKAI LH FIG GENI<F ;IMF K JNIHDNNJ IH K GHL;? EKHDGCK>N ;IMF GBHGNM =NFIHD: GMKA>ND AKJ6G @LJ 96GNE LEAGNH: + KHD 0 1 *#+ ( *%+
3 7FIG IG K 8KJIKMILH L@ MFN >KMMNJH 2 8KGN 7FN >INCN ;KG AKDN KG K >JLMLM?>N IH MFN @KCMLJ? ;FICF HN8NJ AKDN IM ML MFN >JLDBCMILH GMK<N *'$++ ( *')++
"! "!' *H MFN AKHHNJ L@ -JKMNEEI 7LGL 9 EKJ<N 2 5G *MKEIKH <EKGG GCBE>MBJN ;IMF K EKJ<N DICFLJIC N<< CBM ;IMF MFJNN JKHDLA L8KE >JIHMIN >KHNEG: ALBHMND ML K GAL6ND <JN? KH<END C?EIHDJICKE CLEBAH: BHGI<HND: FNI<FM #CA *)++ ( *&++ "!$ YKHN IECFJIGM 9 EKJ<N GMBDIL <EKGG =L;E ;IMF K CIJCBEKJ @LLM JIGIH< ML K ;IDN JLEEND JIA: IHMNJHKEE? DNCLJKMND ;IMF K MLHKE CIHHKALH ML JND G;IJE: GI<HND KHD DKMND #: ;IDMF #5CA *')+ ( *$++
"! 9@MNJ 9EN/KHDJN +KAL6F8KEL8 02 # 2 21 ,LELBJ EIMFL<JK>F >LGMNJ .LH< .I8N MFN WLAGLAL CA / #5CA: @JKAND ;IMF MFJNN @BJMFNJ GIAIEKJ N/KA>ENG: +&" 0#1 *.. +7'97!" *%+ ( *&+ "!# 9GGLJMND -LBJ >INCNG L@ >LGM ;KJ GMBDIL >LMMNJ? CLA>JIGIH< K @EKJND 8KGN =? 9EKH 3K/MNJ "K@@LDIE -KJA: -EKGF 4IEEK<N: K =EKC6 <EK ND =L;E IA>JNGGND !': KH L8LID 8KGN =? .LBIGN "KJ=? KHD K GAKEE GCBE>MBJKE @LJA ;IMF MJNNG KHD GM?EIGND =IJDG =? ,FKJENG +MLHN 0#1 *&+ ( *'$+
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&+ &+ !JEIH< 7LJ8IMG @LJ +LJL +MLEN@K=JI6 +I/ MNK6 EKDDDNJ=KC6 DIHIH< CFKIJG ;IMF =EKC6 8IH?E B>FLEGMNJND GNKMG: GMKA>ND X KDN IH "NHAKJ6 KHD KEGL =NKJIH< X+LJL +MLEN KHD X"KHIGF -BJHIMBJNAK6NJG ,LHMJLE EK=NEG ML MFN @JKANG 0 1
&+) &+# LHLJ ,BJMIG 7JLI6K 9 C?EIHDNJ 8KGN DNCLJKMND ;IMF K EL;NJ =KHD L@ DIGCG IH ;FIMN ;IMF ABGMKJD KHD =EBN =KHDIH< L8NJ K =EBN ;KGF <JLBHD: >KIHMND AKJ6G 7JLI6K !H<EKHD: FNI<FM 5CA *)+ ( *&+
&+) H6HL;H 9 ;KEHBM 8NHNNJND DJIH6G CK=IHNM: MFN B>JI<FM GNCMILH ;IMF K CNHMJKE @KEE @JLHM GNJ8IH< GFNE@ @EKH6ND =? K <EKGG CK=IHNM KM NIMFNJ GIDN: K=L8N K G;N>M @JLHMND =KGN GNCMILH ;IMF MFJNN DJK;NJG @EKH6ND =? M;L CB>=LKJDG KHD JKIGND ML G>EK?ND EN<G: FNI<FM 2 CA KHD ;IDMF 2#5CA: +&" *.. +7'97!" *)+ ( *&+
3 7FNGN CFKIJG KJN L@@NJND @LJ GKEN KG ;LJ6G L@ KJM 7FN? AK? HLM CLA>E? ;IMF MFN -BJHIMBJN KHD -BJHIGFIH<G 0-IJN1 +K@NM? 'N<BEKMILHG 2 KHD @LJ MFIG JNKGLH GFLBED HLM =N BGND IH K >JI8KMN D;NEEIH< *.. +7'97!" *')+ ( *$++
&+% EKH 9 MNK6 GIDN=LKJD: ALDNE HBA=NJ #5 : @IMMND ;IMF KH KJJKH<NANHM L@ @LBJ CNHMJKE DJK;NJG: K GIH<EN KHD K DLB=EN CB>=LKJD: K=L8N MK>NJND EN<G BHIMND =? K GMJNMCFNJ @JKAN: FNI<FM CA KHD ;IDMF 5 CA *.. +7'97!" *'++ ( *')+
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F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 125
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&' 7LH? LJJIG LLEN +MBDIL 9 GNM L@ MFJNN IH DBGM >JNGGND MIENG DNCLJKMND ;IMF K GKEALH: >KIHMND ALHL<JKA ML MFN JN8NJGN L@ MFN FNKD KELH<GIDN 7 5 5 0 1 *.. +7'97!" *'++ ( *')+
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&') LJHGNK LMMNJ? 7FJNN >LGM ;KJ BJKAIC JNCMKH<BEKJ >EK BNG NKCF ;IMF KH K>>EIND CLELBJND <EK N @I<BJN CLA>JIGIH< K EILH: CKM KHD K ANJAKID: NKCF ;IMF GIE8NJ @LIE EK=NEG: NKCF 5CA / 25CA *.. +7'97!" *')+ ( *$++
&'" WNHHNMF ,EKJ6 9 @LBJ IH DBGM >JNGGND MIEN >KHNE DNCLJKMND ;IMF K =JI<FME? <EK ND =BMMNJ@E?: >KIHMND LHML V' YLFHGLH =EKH6G 0#1 *)+ ( *&+
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&$# 3 'ICFKJD +AIMF ,3! 02 2 52 1 ,LEEK<N ;IMF @LEDND CLJHNJ: NMCFIH< AI/ND ANDIK: GI<HND KHD DKMND U : HBA=NJND & : 2CA / 2 CA *&+ ( *'$+
&'& 7I=LJ 'NICF "NH=? 9 2 5G 7I<L KJN ,EL;H CJBNM GNM: NKCF >INCN DNCLJKMND ;IMF K G<JKI@@ML @KCN: >JIHMND AKJ6 ML MJK? 0#1 *.. +7'97!" *'$+ ( *'&+ &'! ICFKNE KJJIG *GEN L@ I<FM 9H 9 BJNHN >KMMNJH <EKGG -IGF 8KGN L@ CLA>JNGGND L8LID @LJA =NEL; MFN GENHDNJ DJK;H HNC6 CKGND IH CENKJ CJ?GMKE KJLBHD MFN KANMF?GM CLJN DNCLJKMND ;IMF <LED KHD GIE8NJ: LJI<IHKE EK=NE: FNI<FM 2 CA *.. +7'97!" *'++ ( *')+
&$) *H MFN AKHHNJ L@ NJNDN; -BJHIMBJN 9 EI<FM LK6 8NHNNJND CFNGM L@ MFJNN DJK;NJG ;IMF CIJCBEKJ FKHDENG KHD MK>NJND =NNCF EN<G: FNI<FM CA KHD ;IDMF CA *)+ ( *&+ &'&
&$+ !JIC 'K8IEILBG 02 5 2 # 1 9H IEEBGMJKMND =LL6 >EKMN DN>ICMIH< MFN LL>NJ V ,L: ,LKCF 3BIEDNJG MK6NH @JLA 7FN I<F +MJNNM: @IJGM >B=EIGFND =? >B=EIGFND ,BJ;NH JNGG IH 2 : EIMFL<JK>F >JIHMND IH CLELBJG: CA / 2# CA: @JKAND KHD <EK ND *)+ ( *&+
&$" LJDLH 'BGGNEE -BJHIMBJN 9 HNGM L@ MFJNN MNK6 CL@@NN MK=ENG: ;IMF GMN>>ND JNCMKH<BEKJ ML>G: MFN EKJ<NGM MK=EN ANGBJIH< # CA FI<F KHD CA ;IDN KHD =NKJIH< K CL>>NJ MJKDN EK=NE 0 1 *)+ ( *&+
&$' !JIC 'K8IEILBG 02 5 2 # 1 9H IEEBGMJKMND =LL6 >EKMN DN>ICMIH< K/MLH V FIM@INED MK6NH @JLA MFN I<F +MJNNM: @IJGM >B=EIGFND =? >B=EIGFND ,BJ;NH JNGG IH 2 : EIMFL<JK>F >JIHMND IH CLELBJG: CA / 2# CA: @JKAND KHD <EK ND *)+ ( *&+
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&$$ WKJNH 3JL;H LLEN LMMNJ? 9 EKJ<N MJKIE GFKEEL; DIGF @LJA CFKJ<NJ FKHD >KIHMND ;IMF KH K=GMJKCM DNGI<H L@ >KMMNJHND >KHNEG IH AI/ND CLELBJG: >JIHMND KHD >KIHMND AKJ6G ;IMF 7'9*. KHD DKMN @LJ 2 : ;IDMF #2CA *')+ ( *$++ &$ H6HL;H: >JL=K=E? "KHIGF 7FJNN =NKMNH CL>>NJ EI<FM @IMMIH<G L@ C?EIHDJICKE @LJA: FNI<FM 5CA 0N/CEBDIH< MFN FKH<IH< CFKIHG1 *'++ ( *')+
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F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 127
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& '3 IE=NJM V NLJ<N X"IJM? LJDG ICMBJNG : KH N/FI=IMILH >LGMNJ @LJ MFN +NJ>NHMIHN KEENJ?: YBHN 2 +N>MNA=NJ: 55 : GI<HND IH IH6 =? =LMF KJMIGMG: BH@JKAND: CA / CA *&+ ( *'$+
& 3 9EKH JNNH 02 55 1 X3EKC6 KHD 'ND : NMCFIH<: GI<HND KHD DKMND X IH >NHCIE: KHD HBA=NJND # & 5: @JKAND: #CA / CA KEGL LHN LMFNJ NMCFIH< =? YLFH C.NKH 0 1 *'++ ( *')+
& + !AAK 3LGGLHG LLJCJL@M LMMNJ? 9 =L/ND SBNNHG ,FLICN >KMMNJH 8KGN: IA>JNGGND AKJ6G: DKMND 555: FNI<FM 2 CA *'$+ ( *')+
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& #3 3NJHKJD NKDL;G: '9 02 2 55 1 X3ELHDN LAKH : IH6 KHD CJK?LH: GI<HND ;IMF IHIMIKEG KHD DKMND X : @JKAND: 2CA / 2#CA *.. +7'97!" *')+ ( *$++
& )3 3NJHKJD NKDL;G: '9 02 2 55 1 XSBKJMNM FNKD GMBDING : IH6 KHD CJK?LH: DKMND X : K GNM L@ @LBJ DJK;IH<G: @JKAND: NKCF CA / CA *.. +7'97!" *'&+ ( *$$+ & %3 "K8ID 'NA@J?: 3!: '9 03 2 # 1 X,EKHC? KHD ,KJLEIHN : NMCFIH<: GI<HND IH >NHCIE: >B=EIGFND 2 : =NKJG 3LFBH KEENJ?: NHEN? LH 7FKANG: @JKAND: ##CA / CA *'++ ( *')+
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&)' 3 9@MNJ "K8ID LC6HN? 2GM 3JIMIGF *HMNJHKMILHKE JIHM 3INHHKEN: 3JKD@LJD ,IM? 9JM KEENJ?: JD L8NA=NJ 2 2 MF YKHBKJ? 2 EIMFL<JK>FIC >LGMNJ: BH@JKAND: CA / 2CA KEGL K LAAK<N IJL: 'I8NJGIDN +MBDILG: KAANJGAIMF >LGMNJ 0 1 *$)+ ( * )+
&)" W$NEE !H<AKH WLGMK 3LDK 9 EKJ<N CLHMNA>LJKJ? 7;IGMNJ <EKGG 8KGN L@ @LLMND CLHICKE @LJA DNCLJKMND ;IMF K ;J?MFNH ALMMEND >KENMMN L@ L>KE: CIHHKALH KHD JND L8NJ MFN CENKJ CJ?GMKE <JLBHD: NH<JK8ND GI<HKMBJN: =L/ND: FNI<FM CA *&+ ( *'$+
&)$ 3 LJAKH +MN8NHG: '9 02 2 1 X+MLHNFNH<N : NMCFIH< ;IMF K BKMIHM: GI<HND IH >NHCIE KHD DKMND X #: KJMIGM G >JLL@: BH@JKAND: # CA / # CA *$)+ ( * ++
&)& *H MFN AKHHNJ L@ "IHL KJMNHG 9 >LGM ;KJ *MKEIKH BJKHL <EKGG =IJD ;IMF L>KE AN
K @IEI<JKHK DNCLJKMILH IH L>KE ML MFN CJNGM KHD CIHHKALH KHD GK>>FIJN ML MFN G>JNKD ;IH<G KEE CKGND IH CENKJ CJ?GMKE ;IMF K>>EIND DNMKIEIH< ML MFN N?NG KHD <LED K8NHMBJIHN JBHHIH< MFJLB<F MFN =NK6: BHAKJ6ND: FNI<FM CA *&+ ( *'$+
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
;.1
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
&%$ H6HL;H 9 CLHMNA>LJKJ? ;KEE ALBHMND GCBE>MBJN @LJAND KG K @ELC6 L@ =IJDG IH @EI<FM: ;IDMF 25 CA: ML<NMFNJ ;IMF K GIAIEKJ N/KA>EN @LJAND KG GKIEIH< =LKMG ;IMF NHKANEEND GKIEG IH K <JKDBKMND MLHKE LJKH<N *%+ ( *&+
&%& KJALJIH +>BH;IC6NJ 9 LJ;N<IKH ALBEDND JNGIH CKHMIEN8NJ CL@@NN MK=EN L@ MK>NJND XJBH;K? @LJA: GLAN DKAK<N: ;IMF ALBEDND GI<HKMBJN: FNI<FM CA KHD ;IDMF 2 CA *'++ ( *')+
&% H6HL;H 9 EKJ<N CLHMNA>LJKJ? <EKGG GEBA> ;LJ6 =L;E L@ DNN> @LJA ;IMF K G BKJN @LEDND JIA: CLHGMJBCMND L@ JN>NKM EKMMICN @LJA GMJKHDG KEE IH K DNN> <JN? @IHIGF: BHAKJ6ND: DIKANMNJ CA *'++ ( *')+
&%! WNH L +KE8IKMI 9 CLHMNA>LJKJ? 4NHNMI <EKGG 8KGN L@ L8LID @LJA ;IMF CLA>JNGGND HNC6: DNCLJKMND ;IMF KH L>K BN $KDN <JNNH GMJI>N L8NJ MJKHGEBCNHM <JNNH <JLBHD: NH<JK8ND AKJ6: CLA>ENMN ;IMF LJI<IHKE >KC6IH<: FNI<FM 5CA *'++ ( *')+
&%# +NI6L 9 2 5G YK>KHNGN <NHMENAKH G <LED >EKMND 5 5525 NAL "IKJ? DI<IMKE .," ;JIGM ;KMCF: JNCMKH<BEKJ DIKE ;IMF CKHMND CLJHNJG: @LBJ >BGF =BMMLHG ML IHMN<JKMND =JKCNENM GMJK>: HL 6N?=LKJD LJ =L/ *)+ ( *&+
&"+ 9HH KFEGMJLA WLGMK 3LDK 9 CLHMNA>LJKJ? 9JMIGMG ,LEENCMILH 8K <EKGG N<<: MFN CNHMJKE ;FIMN CLJN DNCLJKMND ;IMF KANMF?GM =KHDG KHD FNK8IE? CKGND IH CENKJ CJ?GMKE: LJI<IHKE EK=NE KHD NH<JK8ND GI<HKMBJN: ENH<MF 2# CA
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
F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 131
,LHMNA>LJKJ?
&"& &"! 9JHN YLFKHGNH 9 2 5G "KHIGF +MNJEIH< GIE8NJ =JKCNENM @LJAND L@ GN8NH L=ELH< EIH6G ;IMF GIH<EN FLL> EIH6 KHD 7 =KJ CEKG>: ENH<MF 5CA: GMKA>ND +: "NHAKJ6: AK6NJG AKJ6 KHD .LHDLH IA>LJM AKJ6G @LJ 2 *"+ ( *'++
&"" &" 'LHKED +MNHHNMM IEEGLH ND<;LLD 9 <JLB> L@ EKMNJ 5MF ,NHMBJ? CKHDENGMIC6G CLA>JIGIH< L@ K >KIJ L@ ML>K 3JKHCKGMNJ CKHDEN GMIC6G: K GIAIEKJ EKJ<NJ N/KA>EN KHD K EKJ<N KANMF?GM +KHDJIH<FKA N/KA>EN: MKEENGM #CA 0#1 *)+ ( *&+ &"# !J;IH !IGCF 9 GMBDIL <EKGG 8KGN L@ G BKJN GENN8N @LJA ML K HKJJL; G BKM HNC6 KHD @EKJND JIA: IHMNJHKEE? DNCLJKMND ;IMF JN>NKM LJ<KHIC G>LMMIH< L8NJ IJIDNGCNHM ;KGF <JLBHD KEE CKGND IH CENKJ CJ?GMKE: KCID AKJ6ND: FNI<FM 2 CA *)+ ( *&+
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
&"& NHHIH< WL>>NE @LJ NLJ< YNHGNH 9 2 5G "KHIGF +MNJEIH< GIE8NJ >NHDKHM L@ @JNN @LJA KALN=IC GBG>NHDND @JLA KH NELH<KMND CBJ= EIH6 CFKIH DNGI<H GMKA>ND ;IMF MFN AK6NJG AKJ6 + L8NJ "NHAKJ6 KHD DNGI<H HBA=NJ 2 : IA>LJM AKJ6G @LJ .LHDLH 2 : NLJ< YNHGNH *.. +7'97!" *')+ ( *$++
&&+ NLJ< YNHGNH 9 2 5G "KHIGF +MNJEIH< GIE8NJ EIH6 =JKCNENM @LJAND L@ @I8N CJNGCNHM GFK>ND EIH6G ENH<MF 2 CA: GMKA>ND + K=L8N "NHAKJ6 HBA=NJ 2 : .LHDLH IA>LJM AKJ6G @LJ 2 *.. +7'97!" *'++ ( *')+ &&' NLJ<N YNHGNH 9 2 5G "KHIGF +MNJEIH< GIE8NJ 2 CBJ= EIH6 CFKIH ;IMF 7 =KJ KHD =LEM JIH< CEKG>: GMKA>ND NLJ< YNHGNH AKJ6G KHD .LHDLH IA>LJM AKJ6 @LJ 2 *#+ ( *%+
&&+
) ) ( #) ( & )% ) )& $ #& ()% ) ) ) )) )) %!#) ' (")3 &$$) ()# ( !)!%)' )'""&!&% '$) (() ) $('#()#(() )!' $() % &"(")% ) ' ()
;.;
F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 132
,LHMNA>LJKJ?
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
&&$
&&%
&&% 3L= ,JLL6G 9 EKJ<N GMBDIL <EKGG *HCKEAL DNCKHMNJ L@ CLA>JNGGND <EL=N KHD GFK@M @LJA: MFN AK<NHMK =L;E IHMNJHKEE? DNCLJKMND ;IMF JN>NKM MJKIEIH< =NEL; MFN =EBN B>>NJ KHD HNC6 JIGIH< ML K CENKJ CJ?GMKE GML>>NJ ;IMF K>>EIND =EBN MJKIEIH<: NH<JK8ND GI<HKMBJN: FNI<FM CA *.. +7'97!" *&+ ( *'$+
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
&&"
;.2
&&&
F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 133
,LHMNA>LJKJ?
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
&&! &! 'ICFKJD LEDIH< 6JK 9 GMBDIL <EKGG 8KGN L@ FI<F GFLBEDNJND @LJA ML K GFLJM CLEEKJ HNC6 ;IMF GM?EIGND @EL;NJG =NM;NNH <JNNH IJIDNGCNHM ALMMEIH< L8NJ MFN DNN> =EBN IJIDNGCNHM <JLBHD: NH<JK8ND GI<HKMBJN: FNI<FM 2CA *'++ ( *')+ &!# 'ICFKJD LEDIH< 6JK 9 GMBDIL <EKGG 8KGN L@ CLA>JNGGND GENN8N @LJA ;IMF M;L GM?EIGND JND @EL;NJG KALH<GM ALMMEND <JNNH ENK8NG L8NJ MFN >KEN =EBN <JLBHD KEE IH KH IJIDNGCNHM @IHIGF: DKMND 525: NH<JK8ND GI<HKMBJN: FNI<FM 2 CA *.. +7'97!" *'$+ ( *')+
&!+
&!$
&!) 'ICFKJD LEDIH< 6JK 9 GMBDIL <EKGG GCNHM =LMMEN L@ @LLMND CLHICKE @LJA =NEL; K G>IJN GML>>NJ DNCLJKMND ;IMF GM?EIGND =ELGGLA MJNNG L8NJ MFN >BEEND ELL> <JLBHD KEE IH KH IJIDNGCNHM @IHIGF: DKMND 55 : NH<JK8ND GI<HKMBJN: FNI<FM CA *&+ ( *'$+
&!#
) ) ( #) ( & )% ) )& $ #& ()% ) ) ) )) )) %!#) ' (")3 &$$) ()# ( !)!%)' )'""&!&% '$) (() ) $('#()#(() )!' $() % &"(")% ) ' ()
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F111-095 Listing Pt. 2.qxp_Layout 1 02/10/2017 14:09 Page 134
,LHMNA>LJKJ?
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
&!%
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Project4_Layout 1 02/10/2017 15:24 Page 2
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