Philangles 362 catalogue

Page 1

AUCTION NUMBER 362 l AUCTION DATE 23RD JULY 2018

Lot 1277 This auction features a fascinating lot of Royal Air Force and Victoria Cross winners covers and cards.

International Postage Stamp & Postal History Auctioneers

Lot 2480 With certificate Featuring the second part of a fascinating lot of military mails including Victoria Cross recipients autographed covers, Australia postal history with POW camps, India postage stamps, a vast accumulation of Great Britain offered as boxed lots and so much more. Items can be viewed on our website.

POSTAGE STAMPS OF THE WORLD CARSON HOUSE 44 LEGH STREET WARRINGTON CHESHIRE WA1 1UJ ENGLAND TELEPHONE 01925 231151 • FACSIMILE 01925 232204 EMAIL philangles@btinternet.com Printed in England by PARDY & SON LTD 1 Parkside, Christchurch Road, Ringwood, Hampshire

Estd 1990

WWW.PHILANGLES.CO.UK

AUCTION NUMBER 362 l AUCTION DATE 23RD JULY 2018

Philangles 362 Covers.qxp_Layout 1 19/06/2018 15:16 Page 1

Estd 1990

Philangles 362 Covers.qxp_Layout 1 19/06/2018 15:16 Page 2

16 416

WE BUY STAMP COLLECTIONS 72

25

479

417

We provide a specialised service from initial point of contact to swift payment for all your stamps and postal history.

455

Contact Simon Carson or Chris Knight today to arrange an expert valuation. Telephone 01925 231151.

459

457 418

Philangles Ltd | Carson House | 44 Legh Street Warrington | Cheshire | WA1 1UJ www.philangles.co.uk 01925 231151 or email philangles@btinternet.com

Philangles 362 Plates 19pgs.qxp 19/06/2018 15:15 Page 1

45

55

54

89

101

234

235

243

Philangles 362 Plates 19pgs.qxp 19/06/2018 15:15 Page 2

355 252

367 359

369 368

376 375

377

396

Philangles 362 Plates 19pgs.qxp 19/06/2018 15:15 Page 3

403

410

421 413

433

451

452

612

Philangles 362 Plates 19pgs.qxp 19/06/2018 15:15 Page 4

508

509

567

789

800

826

591

827

639

841

1151

905

Philangles 362 Plates 19pgs.qxp 19/06/2018 15:15 Page 5

865

919

1310

976

992

1196

1240

Philangles 362 Plates 19pgs.qxp 19/06/2018 15:15 Page 6

1103

1186

1045

1289

1277

1299 1290

1293

1311

Philangles 362 Plates 19pgs.qxp 19/06/2018 15:15 Page 7

1319

1325

1356

1363

1354

1399

1479

1348

Philangles 362 Plates 19pgs.qxp 19/06/2018 15:15 Page 8

1349

1247

1312

1500

1420

1508

1526

Philangles 362 Plates 19pgs.qxp 19/06/2018 15:15 Page 9

1408

1461

1463

1409

1509

1365

1510

1513

Philangles 362 Plates 19pgs.qxp 19/06/2018 15:15 Page 10

1511

1611

1597

1580

1612

Philangles 362 Plates 19pgs.qxp 19/06/2018 15:15 Page 11

1520

1525

1527

1534

1736

1544 1543

1539

1646

Philangles 362 Plates 19pgs.qxp 19/06/2018 15:15 Page 12

1623

1613

1633

—— 1632 ——

—— 1627 ——

1625

1680 1720

Philangles 362 Plates 19pgs.qxp 19/06/2018 15:15 Page 13

1729

1653

1655

1817

1818

Philangles 362 Plates 19pgs.qxp 19/06/2018 15:15 Page 14

1545

1546

1642

1739

1930 1897

1898

1931

Philangles 362 Plates 19pgs.qxp 19/06/2018 15:16 Page 15

1740

1883

1885 1896

1978

1884

2010

2028

2012

2163

2030

2102 2038

2029

Philangles 362 Plates 19pgs.qxp 19/06/2018 15:16 Page 16

1932

1933

1936

1965

1970

1972

2676

Philangles 362 Plates 19pgs.qxp 19/06/2018 15:16 Page 17

2166

2443

2167

2388 2474 2406

—— 2405 ——

2407

2164

2475

2476 2414

Philangles 362 Plates 19pgs.qxp 19/06/2018 15:16 Page 18

2362

2367

2369

2547

2488

2611

2659

Philangles 362 Plates 19pgs.qxp 19/06/2018 15:16 Page 19

2477

2478

2481

2479

2480

2495

2538

2539

2549

2609

2541

2636

2542

2637

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 1

POSTAGE STAMPS OF THE WORLD { 2/' 3$*(6 ZLWK D YDOXDEOH UDQJH RI $]RUHV Â’ 1DYLJDWRU WR U FKLHIO\ )8 6W $QWKRQ\ U

Â’ $,50$,/6 &=(&.26/29$.,$ ERWK 4 RYHUSULQW VHWV SHUI DQG LPSHUI IUHVK PLQW 6* &DW

Â… Â… Â… ^3KRWR` )8 FÂ… 9DVF GD *DPD VHW RI )8 5HSXEOLFD RYSWV $1 ,17(5(67,1* $&&808/$7,21 RI PDQ\ V RI VWDPSV VHWV VKHHWOHWV ZLWK PXFK 80 DOO UHODWHG WR SRVWDJH GXHV $ ILQH UDQJH RI VWDPSV Â… Â… 3RODU DQG $QWDUFWLFD QRWLQJ $XVWUDOLDQ $QWDUFWLF 7HUULWRU\ VHWV Â’ 3$5,6 3+,/$7(/,& (;+,%,7,21 5D\PRQG WR )DONODQG ,VODQGV 6RXWK *HRUJLD ZLWK PDQ\ 4(,, RYSWV WR 3RLQFDUH SRUWUDLW ODEHOV DV LPSHUI VKHHWOHWV RI LQ IRXU GLII S %$7 S :KDOH SODWH EORFN RI ZLWK YDULHW\ Â… 0DS DV FRORXUV VXSHUE DQG PRVW XQXVXDO HDUO\ H[KLE LWHPV 80 SDLU IRUHLJQ LVVXHV DQG PRUH $ YHU\ GLYHUVH ORW RI Â… Â… VWDPSV Â… Â… 3$5,6 3+,/$7(/,& (;+,%,7,21 5D\PRQG { $1'255$ WR <XJRVODYLD (XURSHDQ FRXQWULHV 3RLQFDUH VXSHUE VXQNHQ GLH SURRI RI WKH F LQ OLJKW UHG EURZQ Â’ DOO GLIIHUHQW FROOHFWLRQ LQ WZR DOEXPV JRRG VSUHDG RI FRXQWULHV RQ WKLFN SDSHU [ PP VXSHUE VKRZ SLHFH VWDPSV Â… Â… Â… Â… { $XVWUDOLD FROOHFWLRQ RI VWDPSV ZLWK PDQ\ .*9 $,50$,/ IOLJKW FRYHUV ZLWK H[WHQVLYH VHWV UDQGRPO\ VRUWHG RQ SDJHV VHHQ VLOYHU MXELOHH VHW 4 GHWDLOV 0DUFK G IUDQNLQJ VHQW WR +RQJ .RQJ ZLWK /RQGRQ )6 PLQW .*9, WR Â… )8 $ JRRG UDQJH RI VWDPSV FKLHIO\ ILQH DLUPDLO FGV )HE VHW WR 1LJHULD HQGRUVHG ILUVW RIILFLDO IOLJKW XVHG Â… Â… (QJODQG 1LJHULD 2FW VHQW WR 1LJHULD DQG WKHQ UHGLUHFWHG EDFN $8675$/,$ 2OG 3DFNHW DQG 6WRFNFDUGV ZLWK WR WKH 8. 0DU LOOXVWU FRYHU VHQW WR 0DOPR DQG UHWXUQHG EDFN WR EHWWHU SLFNLQJV VHHQ .*9, FRLO VWULSV UREHV WR Â… PLQW URR V WKH 8. $Q LQWHUHVWLQJ JURXS RI FRYHUV Â… Â… PLQW QDYLJDWRUV WR F 6WXDUW SHD PLVVLQJ FRORXU 80 &2521$7,21 2PQLEXV FRPPRQZHDOWK LVVXH 0DQ\ V RI VWDPSV WKDW QHHG VRUWLQJ Â… Â… D UHPDUNDEOH FROOHFWLRQ RI GLIIHUHQW VHWV HDFK DV EORFNV RI $872*5$3+ 0,/,7$5< /25' IRXU RQ UHJLVWHUHG FRYHUV WR 8. ZLWK PDQ\ EHWWHU WHUULWRULHV LQF &20%(50(5( ODUJH SLHFH ZLWK &RPEHUPHUH +RQJ .RQJ DQG $IULFD 5DUHO\ VHHQ DV EORFNV RI IRXU RQ FRYHU VLJQDWXUH DQG GDWHG &DOFXWWD WK 6HSWHPEHU SOXV &DW $SSUR[ Â… DV XVHG VWDPSV Â… Â… SULQWHG SRUWUDLW SULQWHG F LQ IXOO PLOLWDU\ XQLIRUP Â’ 6,/9(5 :('',1* ORZ YDOXHV DV FRUQHU Â… Â… EORFNV RI ZLWK EORFNV KDYLQJ SODWH QXPEHU HDFK EORFN $872*5$3+6 %5,7,6+ GLIIHUHQW IUHVK PLQW Â… Â… 0,/,7$5< ),*85(6 LQF -RKQ &KDWKDP *HRUJH &DGDJDQ 6LU &203$& VRXYHQLU IROGHU ZLWK *% )LML 1HZ +HQU\ +DUGLQJH +HQU\ 3DJHW &KDUOHV *UH\ )UDQFLV *UHQIHOG =HDODQG DQG $XVWUDOLD SURGXFHG E\ 3KLODUW LOOXVWUDWHG FDUGV ZLWK 6LU 1HYLOOH /\WWHOWRQ 6LU )UDQFLV /OR\G 6LU -DPHV :LOOFRFNV VWDPSV Â… Â… DQG /RUG /RYDW 6LPRQ )UDVHU :LOO ORRN JUHDW ZULWWHQ XS ZLWK 2)),&,$/ 7&&% <HDUV RI (QJOLVK &RXQWU\ GHWDLOV DERXW HDFK SHUVRQ VLJQDWXUHV RQ SLHFHV &ULFNHW LQF &KHOPVIRUG 7KH 2YDO 6XVVH[ +RYH DQG SRVWPDUNV Â… Â… IURP &ULFNHW WRZQV DQG FLWLHV LQ D VSHFLDO DOEXP FRYHUV ZLWK $872*5$3+6 D SDJH IURP DQ DXWRJUDSK )', FDQFHOV 3URGXFHG DV D VHW IRU WKH 7&&% ERRN VLJQHG RQ RQH VLGH E\ 5RGHULFN /HDUR\G 9& RQ WKH RWKHU Â… Â… VLGH E\ DFWRU %LOO 0D\QDUG LQ D ILQH SDLU RI $11,9(56$5< RI ' '$< /DQGLQJV LQWHUHVWLQJ VLJQDWXUHV Â… Â… FROOHFWLRQ LQ FRYHUV FDUGV ZLWK EHLQJ VLJQHG LQF 3LSHU $872*5$3+6 0,/,7$5< 0DMRU *HQHUDO %LOO 0LOOLQ +HQU\ %URZQ 0HOY\Q 6DXWHU -RKQ *RUPDQ ZLWK *HRUJH $QVRQ DQG 6LU (GZDUG 3DJHW PDQ\ DGGLWLRQ LWHPV QHHGV VRUWLQJ Â… Â… ERWK PHQ ZHUH &RPPDQGHU LQ &KLHI WR ,QGLD DQG ERWK IRXJKW 63,7),5(6 LOOXVWUDWHG FRYHUV VLJQHG LQ WKH 1$32/(21,& :$56 DXWRJUDSK RQ ODUJH SLHFHV 4 LQF 'X[IRUG VSLWILUHV VLJQHG E\ ZLQJ FRPPDQGHU Â… Â…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Â… Â… &RPPLVVLRQ RI ,QGLD HQFORVLQJ WKH DXWRJUDSKV DQG WKHUH 6LJQHG 5$) FRYHUV ZLWK 5$) FLWDWLRQV Â… Â… ^3KRWR` 4 DQQLYHUVDU\ P V DWWDFKHG QRWH WK DQQLY *XWHUVORK $9,$7,21 SRVWFDUG RI &DSW 6LU 5RVV 6PLWK VLJQHG E\ IRXU SLORWV )DUQERURXJK DLU VKRZ VLJQHG E\ ZKR IOHZ IURP (QJODQG WR $XVWUDOLD SURGXFHG WR SURPRWH KLV 7KH 5HG $UURZV WHDP WK DQQLY 5R\DO 1DYDO $LU VHUYLFH WZR KRXU VKRZ FOHDUO\ VLJQHG RQ IURQW FDUG URXJKO\ IROGHG VLJQHG /RUG $EERH +D\ Â… Â… FOHDU RI VLJQDWXUH Â… Â… $)5,&$1 &RPPRQZHDOWK DHURJUDPPHV IURP %$+5$,1 LOOXVWUDWHG )'& V XQDGGUHVVHG LQF %HFKXDQDODQG %RWVZDQD 6ZD]LODQG %DVXWRODQG /HVRWKR &RQFRUGH 06 DQG VWDPSV 3RVWDO 6HUYLFH $O 6RXWKHUQ DQG 1RUWKHUQ 5KRGHVLD XQXVHG LQF V RYSWV +L -UDK :LOGOLIH 3DUN %LFHQWHQDU\ $ JRRG ORW RI V 1HZ &XUUHQF\ $ YHU\ ILQH FROOHFWLRQ RI FRYHUV Â… Â… Â… Â… { %$5%$'26 6($/ 2) &2/21< HDUO\ LVVXHV { $,5 VWDPSV RI )UDQFH FDW Â… ZLWK LVVXHV Â’ RQ VWRFN SDJHV LQF G YLROHW DQG JUHHQ 6SHFLPHQ RYSW Â’ IURP WR ZLWK ODWHU \HDUV EHLQJ 80 QRWH WR G RYSW 6SHFLPHQ óG EORFN RI 80 LQWHUHVWLQJ ORW FKLHIO\ Â’ IU )8 VHW WR I )8 ZLWK LVVXHV IURP WR ILQH XVHG ZLWK EHWWHU Â… Â… 80 $ JRRG FROOHFWLRQ RI VWDPSV Â… Â… %$5%$'26 YHU\ LQWHUHVWLQJ FROOHFWLRQ ZLWK $LUFUDIW %RPEHUV LOOXVWUDWHG FRYHUV ZLWK PDQ\ EHWWHU LWHPV VLOYHU MXELOHH G òG DQG òG DV PDQ\ VLJQHG LQF 5$) %RPEHU 6HULHV % WR /DQFDVWHU EORFNV RI ZLWK )', FDQFHOV 7HUFHQWHQDU\ EORFN RI %RPEHU FRYHUV DQG SSF V 9XOFDQ %RPEHU FRYHUV $ YHU\ )8 VSHFLPHQ RYSW FÂ… .*9, FRURQDWLRQ VHW SHUIRUDWHG LQWHUHVWLQJ ORW ZLWK RYHU EHLQJ VLJQHG Â… Â… VSHFLPHQ FÂ… $VVHPEO\ VHW DV FRUQHU EORFNV RI $,50$,/6 %R[ FRQWDLQLQJ RYHU GLIIHUHQW ZLWK UHTXLVLWLRQ QXPEHUV 9)8 9LFWRU\ DV SODWH EORFN RI 4 IORZQ FRYHUV V FDUULHG DURXQG WKH ZRUOG E\ /XIWKDQVD VLOYHU ZHGGLQJ VHW RQ )' FRYHU $ UHDO ROG WLPH PDQ\ EHWWHU H[RWLF RULJLQV %DUJDLQ Â… Â… FROOHFWLRQ IHZ VWDPSV Â… Â…

www.philangles.co.uk – Place your bids online. Immediate and secure.

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 2

{ %$5%$'26 VWRFN SDJHV ZLWK -XELOHHV Â’ 1HOVRQ QRWH .LQJVWRQ 5HOLHI )XQG EON RI LQY RYSW

RQH PLVVLQJ VWRS DIWHU G 80 ZLWK LVVXHV WR RYHU VWDPSV PLQW RU )8 JRRG IRU VWXG\ Â… Â… Â’ %,5'6 *UHDW %ULWDLQ LQ D FRPSOHWH VKHHW Â’ 6* QRQ SKRV IUHVK 80 Â… Â… Â’ %LUGV 6LHUUD /HRQH GHILQLWLYH DV LPSHUIHG Â’ FRORXU WULDOV JXPPHG SDSHU DQG 80 $ YHU\ LPSUHVVLYH

JURXS Â… Â… Â’ %,5'6 FRORXUIXO FROOHFWLRQ RI %LUGV ZLWK Â’ 06 VKHHWOHWV DQG VWDPSV VKRZLQJ PDQ\ GLIIHUHQW VSHFLHV

%5,7,6+ &20021:($/7+ 683(5 6257(5 &$5721 JUHDW ORRNLQJ PL[HG ORW ZLWK VWDPSV VHWV RQ 6WRFN FDUGV +DJQHUV $OEXP 3DJHV RU LQ %R[HV :H VHH DOO PLQW XQOHVV VWDWHG .*9, )LML WR V G .*9, $VFHQVLRQ WR V %,27 %LUGV WR 5 5KRGHVLD DQG 1\DVDODQG GHILQ VHWV XVHIXO PRGHUQ )DONODQG ,VODQGV DQG *LEUDOWDU 6W +HOHQD .*9, GHILQV VHW GHILQV VHW XVHIXO 3DSXD /DNDWRLV 3DNLVWDQ U 6HUYLFH RYSW XVHG % & $ .(9,, WR V .*9, %0$ 7ULSROLWDQLD RYSWV VHW %DKDPDV 7HUFHQW 6HW 6 5KRGHVLD 6 - 6HW DQG VR PXFK PRUH +RXUV RI VRUWLQJ SOHDVXUH LQ KHUH HQRUPRXV FDWDORJXH YDOXH IHZ V Â… Â… %5,7,6+ &20021:($/7+ YDULHWLHV LQ SDFNHWV RU RQ VWRFNFDUGV LQF LPSHUIV ZPN YDULHWLHV QRWH %DQJODGHVK .KXOQDSH[ GRXEOH RYSW RQ )'& DQ LQWHUHVWLQJ JURXS LQ ERRNOHWV ZLWK YDULHWLHV FKLHIO\ 80 Â… Â…

IURP DURXQG WKH ZRUOG DOO 80 Â… Â… Â’ %,5'6 21 67$036 0LGGOH (DVW FRXQWULHV Â’ ZLWK PD\ EHWWHU DQG KLJK FDW VHWV FKLHIO\ 80 V DOO GLII Â’ YHU\ KLJK &9 $EX 'KDEL )DOFRQ VHW $MPDQ VFDUFH PLQW

%5,7,6+ 1257+ $0(5,&$1 &DQDGD LQF UHJLRQDOV LVVXHV ZLWK PDQ\ 49 KHDGV LQF -XELOHH F XVHG 4XHEHF F PLQW 3HDFH VHW 80 H[WHQVLYH UDQJH RI 4(,, FKLHIO\ )8 RYHU VWDPSV ROG WLPH FROOHFWLRQ FKLHIO\ VRUWHG ZLWK PDQ\ KLJK YDOXHV Â… Â…

VHWV )XMHULD VHWV ,UDT VHW RI SOXV RIILFLDOV 3DOHVWLQH VHW 6\ULD VH WHQDQW VHWV 2PDQ VKHHW RI %LUGV DQG PDQ\ PRUH ([WHQVLYH ORW Â… Â… Â’ %,5'6 21 67$036 2) $8675$/$6,$ ILQH Â’ FROOHFWLRQ RI V RI PLQW VWDPSV LQ DQ DOEXP $XVWUDOLD LQF Â’ VHWV 0DOD\VLD WR 6LQJDSRUH WR

%5,7,6+ 52<$/ 1$9< FROOHFWLRQ LQF 9LFWRULD

&URVV VLJQDWXUHV SLHFH VLJQHG E\ *RUGRQ &DPSEHOO 9& OHWWHU VLJQHG E\ *RUGRQ &DPSEHOO OHWWHU VLJQHG E\ 9LFWRU &UXWFKOH\ &DSW 6WDQQLQJ 5 % 6WDQQDUG 9& VLJQHG FRYHU -RKQ .HQQHDOO\ VLJQHG FRYHU &PGU /HZLV .LQJ VLJQHG FRYHU $ 5 &XWOHU 9& VLJQHG FRYHU ,DQ )UDVHU 9& 7KRPDV *RXOG 9& VLJQHG FRYHUV 1HZERURXJK DQG %LOOLH 6WHSKHQV VLJQHG FRYHU &KDUOHV 1HZPDQ 9& VLJQHG FRYHU $ YHU\ JRRG FROOHFWLRQ RI VLJQHG LWHPV ZLWK PDQ\ DGGLWLRQDO LWHPV LQ YROXPHV Â… Â…

2VDND 06 1HZ *XLQHD %LUG PLQW UDQJH DQG 31* VHW WR 1RUIRONV RYSW 6SHFLPHQ HWF Â… Â… Â’ %22./(7 3$1(6 RI HDUO\ 4(,, (PSLUH 0LQW

XQXVXDO ORW RI PRVWO\ GLII SDQHV RI IRXU ZLWK VHOYHGJH LQF 6RORPRQV 7ULVWDQ 1\DVDODQG .XZDLW LVVXHV QRW FRPPRQ Â… Â… { %5,7,6+ &20021:($/7+ 7ZR %R[ /RW RI Â’ FROOHFWLRQV DQG DFFXPXODWLRQV IURP %HFKXDQDODQG )LML

%5,7,6+ 52<$/ 1$9< FROOHFWLRQ RI

$QWLJXD 6W 9LQFHQW &\SUXV 'RPLQLFD *X\DQD %DUEDGRV .87 %HOL]H 7KH *DPELD &RFRV .HHOLQJ ,VODQG D ZLGH UDQJLQJ DQG ODUJH FROOHFWLRQ RI 1HZ =HDODQG DOO FRQWDLQ HDUO\ WR PRGHUQ LVVXHV PLQW RU XVHG ORW DOVR LQFO 6RPH RPQLEXV LVVXHV QRWH 56: VHWV IURP $QWLJXD *LOEHUW DQG (OOLFH ,VODQG DQG 6W /XFLD +XJH FDWDORJXH YDOXH PDQ\ V Â… Â…

FRYHUV LQ ILYH YROXPHV ZLWK FRYHUV VLJQHG LQF FRYHUV VLJQHG E\ VDLORUV LQ ::,, PXOWLSOH VLJQHG FRYHUV D YHU\ JRRG ORW ILOOLQJ D ODUJH FDUWRQ ZLWK DGGLWLRQDO LWHPV $ YHU\ ILQH FROOHFWLRQ Â… Â… ^3KRWR` Â’ %:, ZLWK PDQ\ XVHIXO VHWV DQG KLJK YDOXHV WR Â’ Â… )LQH FROOHFWLRQ RI RYHU GLII LVVXHV PXFK 0 80 $QWLJXD Â’ -XELOHH VHW :HGGLQJ WR %DKDPDV .*9 WR

%ULWLVK &RPPRQZHDOWK 9DOXDEOH VRUWHU FDUWRQ -XELOHH VHW .*9, WR Â… GLII VHW WR Â… %HUPXGD ZH VHH DQ DFFXPXODWLRQ RI PRUH PRGHUQ LVVXHV LQ 80 EORFNV Â… :HGGLQJ WR Â… $UPV 0RQWVHUUDW .*9, VHW WR Â… HWF RI &RURQDWLRQ ILQH XVHG VHWV .*9, &DQDGD LQ FRQWURO &OHDQ DQG ILQH ORW Â… Â… EORFNV XVHIXO 6ZD]LODQG QRWH 56: PLQW 4(,, GHILQV Â’ &$5721 RI (PSLUH *LOEHUWV DQG .LULEDWL EHLQJ DQG FRPPHPV LQ VHWV 6 : $ /DUJH :DUV 6HW D PLQG Â’ WKH EDODQFH RI D YHU\ ODUJH VWXG\ V RI LWHPV RQ FDUGV DQG ERJJOLQJ DUUD\ RI V V ,UHODQG XVHG PXVW EH XVHIXO SDJHV LQF GHILQV DV %UDGEXU\ SODWH EORFNV JXWWHU SDLUV VLJQHG ZRUWK H[WUDFWLQJ VWRFN FDUGV ZLWK EHWWHU QRWH ILQH XVHG 49 E\ GHVLJQHU FRYHUV ZLWK EHWWHU IUDQNLQJV DQG VPDOOHU FDQFHOV &DQDGD 1HZ =HDODQG LPSHUI .*9, G G DQG G QLFH 49 GHILQ VHWV DV 80 EORFNV DQG PXFK PRUH ([FHOOHQW 5HYHQXH SLHFH IURP 3HQDQJ DQG PXFK PRUH IHZ TXDOLW\ Â… Â… V Â… Â… &(17(1$5< 2) %5,7,6+ &,1(0$ VLJQHG { %5,7,6+ &20021:($/7+ $IULFDQ FRXQWULHV LOOXVWUDWHG )'& V ,DQ &DUPLFKDHO DQG /HVOLH 3KLOLSV D ILQH SDLU 6RXWKHUQ 5KRGHVLD $GPLUDOV WR .*9 RI FRYHUV Â… Â… KHDGV WR .*9, GHILQ VHW 4(,, GHILQ VHW RI 5KRG DQG 1\DV GHILQ WR Â… ZLWK VKDGHV &/($5287 &$5721 2) *% LQFUHGLEO\ ORZ GHILQ VHW RI 1\DV GHILQ VHW Â… .87 .*9, WR HVWLPDWH 7ZR ER[HV ZLWK V RI GLII )'& ZLWK PRGHUQ ER[ D YHU\ JRRG VHOHFWLRQ RI VWDPSV RQ ROG DOEXP RI SULVWLQH SKT VHWV WR IRXU &RUJL PRGHOV DV QHZ LQ ER[HV SDJHV Â… Â… RI *32 YHKLFOHV Â… Â… %5,7,6+ &20021:($/7+ FDUWRQ ZLWK HDUO\ &2/266$/ &2//(&7256 FOHDURXW LQ D ODUJH *LEUDOWDU 49 RYSWV WR F LQF F ZLWK VKRUW WR FDUWRQ ZH VHH D VXEVWDQWLDO 9DWLFDQ &LW\ DOO GLIIHUHQW FKLHIO\ 80 &\SUXV (GZDUG VHW WR SL XVHG .*9 Â… 6* )8 ROG FROOHFWLRQ WR YHU\ PRGHUQ FDW Â… DQ ROG FROOHFWLRQ RI DOEXP SDJHV RI 1HZIRXQGODQG VWF Â… ZLWK VWUHQJWK LQ FLJDUHWWH FDUGV LQ DOEXPV D VROLG FROOHFWLRQ RI 3LWFDLUQ ,VODQG WR VHWV DOEXP RI 6W +HOHQD 4(,, VHWV LQF WKH RGG QRWLQJ :HGGLQJ DQG PXFK PRUH 9DVW QXPEHUV WR ZPN YDULHW\ QRWH 5RZODQG +LOO S DQG S ZPN WR ULJKW FOHDU Â… Â… RI FURZQ KXJH FDW YDOXH Â… Â… &2/266$/ /27 RI *UHDW %ULWDLQ RQ D PRXQWDLQ RI VWRFNFDUGV FDUGV ZKHUH WKH FROOHFWRU Viewing MXVW KRDUGHG HYHU\WKLQJ PLQW DQG XVHG VSRWWLQJ 49 WR Clients can view at our offices (GZDUGV WR .*9 ZPN YDULHWLHV 6HDKRUVHV .*9, Monday - Friday 10am - 5pm Â… PLQW H[WHQVLYH 4(,, ZLWK &DVWOHV WR Â… 80 PDQ\ GHILQV Please telephone to arrange an appointment. ZLWK GLII SULQWLQJV PDVVHV RI FRPPHP VHWV LQF 80 9DVW We are located in Warrington Town Centre ORW Â… Â…

Selling? – Contact Simon Carson today for professional advice on how to sell your stamps/covers. PTS and ASDA registered. Integrity assured.

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 3

Â’ &2/266$/ 7:2 &$5721 LQWDFW ORW RI Â’ $OGHUQH\ *XHUQVH\ ,VOH RI 0DQ DQG -HUVH\ ZLWK YHU\

(03,5( RQ ROG SDJHV 0XVFDW ERWK .*9, RYSW VHWV PLQW 9RRUWUHNNHU VHW ,UHODQG V PLQW VXSHUE XVHG $XVWUDOLD LQF %ULGJH VHW .LQJVIRUG 6PLWK 9LFWRULD $1=$& 0DFDWKUXU +RQJ .RQJ &HQWHQDU\ VHW 0 %DKDPDV /DQGIDOO VHW WR Â… 1RUWKHUQ 5KRGHVLD .*9 LVVXHV HWF *RRG ORW V Â… Â…

FRPSUHKHQVLYH FROOHFWLRQV IRU HDFK 80 WR DERXW V RI VWDPSV ZLWK PXFK DGGLWLRQDO ,VOH RI 0DQ LQF \HDU ERRNV FRVW Â… VSHFLDO SUHVHQWDWLRQ SDFNV DQG PRUH 7KH ORW IHDWXUHV PDQ\ H[WUDV VXFK DV SDQHV WDNHQ IURP SUHVWLJH ERRNOHWV YHU\ JRRG -HUVH\ SRVWDJH GXHV LQF VHW HWF HWF (17(57$,1(56 VLJQHG LOOXVWUDWHG )'& V $ SRZHUIXO LQWDFW FROOHFWLRQ ZLWK KXJH RULJLQDO SXUFKDVH SULFH %DUU\ 1RUPDQ 5R\ +XGG 5XWK 0DGRF 3DXOLQH 4XLUNH 5REHUW DQG FDWDORJXH YDOXH Â… Â… /LQGVD\ 5LFKDUG %ULHUV DQG *HRIIUH\ 3DOPHU $ VXSHUE UDQJH &20021:($/7+ $1' *% FRPPHPRUDWLYH RI HQWHUWDLQHUV VLJQHG FRYHUV Â… Â… FRYHUV QRW )'& V FKLHIO\ PLOLWDU\ DQQLYHUVDU\ RYHU FRYHUV (8523($1 35( 67$03 3267$/ +,6725< ZLWK PDQ\ VLJQHG WKH FROOHFWRU GLG QRW JHW DURXQG WR VRUWLQJ QLFH JURXS RI ILYH HQWLUHV LQF 0DUVHLOOH WR *UHHFH FRYHU WKHP RXW LQWR WKH UHODWLYH DOEXPV $ YHU\ JRRG UDQJH RI FRYHUV ZLWK 7RULQR FDFKHW FRYHU WR 7XULQ ZLWK 1L]]D 0RQI ILOOLQJ D ODUJH FDUWRQ Â… Â… ,QWHUHVWLQJ ORW Â… Â… &21&25'( LOOXVWUDWHG FRYHU VLJQHG E\

{ (;7(16,9( :25/' :,'( FROOHFWLRQ RQ PDQ\ Â’ V RI SDJHV ZLWK RYHU VWDPSV QRW PXFK GXSOLFDWLRQ

%ULDQ 7UXEVKDZ SOXV WKUHH SSF V DQG V FRYHUV VPDOO EXW XVHIXO ORW RI FRYHUV FDUG Â… Â… ^3KRWR`

VRUWHG E\ FRXQWU\ ZLWK HDUO\ WR PRUH PRGHUQ LVVXHV ZLWK PDQ\ GLIIHUHQW FRXQWULHV LQF (XURSHDQ 0LGGOH (DVW 1RUWK $PHULFD $VLD KXJH YDULHW\ RI LVVXHV ILOOLQJ D ODUJH FDUWRQ Â… Â…

&21&25'( FROOHFWLRQ RI FRYHUV FDUGV 4 ZLWK D IHZ EHLQJ VLJQHG LQF LOOXVWUDWHG FRYHU VLJQHG E\

%ULDQ 7UXEVKDZ DQG -RKQ &RFKUDQH FRYHU VLJQHG 33 %DNHU 5 /RFNHUW ' $FNRU\ VWDPS H[KLE S 06 VLJQHG 5 *ORYHU DQQLYHUVDU\ FRYHUV VLJQHG E\ -RKQ &RRN D VPDOO VHOHFWLRQ ZLWK EHWWHU VLJQHG FRYHUV Â… Â… ^3KRWR`

Â’ )$&( 9$/8( Â… VXSHUE FROOHFWLRQ LQ WZR

SULQWHG DOEXPV ZLWK VHWV IURP WR H[WHQVLYH FROOHFWLRQ RI -HUVH\ LQF 06 DQG SUHVWLJH ERRNOHW SDQHV ZLWK KLJK YDOXHV WR Â… RXWVWDQGLQJ TXDOLW\ YHU\ FRPSOHWH IRU SHULRG Â… Â…

&29(56 $1' 3267$/ +,6725< 6XSHU

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òG ZUDSSHU ZLWK IRXU LPSUHVVLRQV RI VWDPS WZR LQYHUWHG )LML 0RQH\ 2UGHU %ULWLVK +RQGXUDV G ELVHFW RQ ODUJH SLHFH DQG VR PXFK PRUH +RXUV RI VRUWLQJ SOHDVXUH HVW Â… Â…

Â’ )DONODQG ,V 'HS DQG %$7 FROOHFWLRQ RI VHWV Â’ FKLHIO\ HDUO\ V ZLWK FRPSOHWH VHWV LQF 06 DQG GHILQLWLYH

VHWV 2YHU VWDPSV 06 YHU\ JRRG FROOHFWLRQ IRU WKLV SHULRG IUHVK XQPRXQWHG PLQW ZLWK KLJK YDOXHV WR Â… Â… Â… { )$/./$1' ,6/$1'6 49 WR .*9 Â’ FROOHFWLRQ KRDUG ZLWK EHWWHU SLFNLQJV 49 PLQW QR ZPN

6* (GZDUG DQG .*9 ZLWK VKDGHV DQG SULQWLQJV WKDW QHHGV FKHFNLQJ LQF PLQW WR XVHIXO UDQJH DQG KLJKO\ FDW VWDPSV Â… Â… Â’ )$/./$1' ,6/$1'6 VWRFN SDJHV ZLWK

.*9, HDUO\ 4(,, IUHVK PLQW QRWH GHILQV WR G 838 VHW GHILQV WR G GHILQ VHW RI 1HZ &XUUHQF\ VHW RI FRPPHP VHWV LQF 5DGLR ))+ 5HG &URVV %DWWOH RI )DONODQGV ,78 &R RS &KXUFKLOO DQG +XPDQ 5LJKWV $ YHU\ JRRG UDQJH RI VWDPSV HDFK GLIIHUHQW Â… Â…

&29(56 0$,1/< PLOLWDU\ DQQLYHUVDU\ LQF '

'$< 9( '$< PLOLWDU\ FRDW RI DUPV ZLWK PDQ\ VLJQHG FRYHUV $ YHU\ JRRG FROOHFWLRQ RI FRYHUV IURP WKH %ULWLVK &RPPRQZHDOWK DQG (XURSH RYHU FRYHUV LQ D ODUJH FDUWRQ Â… Â… Â’ &5,0($1 :$5 WZR YROXPHV ZLWK GHWDLOV DERXW 9LFWRULD &URVV ZLQQHUV LQF D IHZ VLJQDWXUHV OHWWHU VLJQHG E\ 6LU *HUDOG *UDKDP 9& VPDOO HQY VLJQHG E\ /LHXW &RO /R\G /LQGVD\ ZLWK PRGHUQ DQQLYHUVDU\ FRYHUV FDUGV $Q LQWHUHVWLQJ ORW Â… Â…

&<3586 8VHIXO EDODQFH QRWH ROG SDJH ZLWK (GZDUG WR SL DQG .*9 WR SL PLQW VLOYHU MXELOHH VHW PLQW VLOYHU ZHGGLQJ VHW /00 GHILQ Â… VXSHUE XVHG Â… Â…

)$/./$1' 67 +(/(1$ $6&(16,21 DQG 7ULVWDQ GD &XQKD FROOHFWLRQ ZLWK PDQ\ VHWV QRWH )DONODQG GHILQV WR .*9 :DU 7D[ WR (GZDUG WR G PRGHUQ VHWV WR Â… 'HSHQGHQFH 0DS VHWV $VFHQVLRQ ZLWK PRGHUQ VHWV WR Â… GHILQ VHW %LUG VHW 6W +HOHQD 6LOYHU :HGGLQJ VHW GHILQ VHW %DGJH WR QRWH G ZLWK FOHIW URFN YDULHW\ $ JRRG UDQJH RI VWDPSV FKLHIO\ PLQW Â… Â…

),(/' 0$56+$// DQG +,*+ 5$1.,1*

2)),&(56 VLJQDWXUH FROOHFWLRQ LOOXVWU FRYHUV VLJQHG E\ 0DM *HQ - :HVW OHWWHU DQG LOOXVWU FRYHU VLJQHG E\ )LHOG 0DUVKDOO -DPHV &DVVHOV WZR SLHFHV RI WKLQ FDUG VLJQHG E\ *HQHUDO ,VPD\ LOOXVWU FRYHU VLJQHG E\ ) 0DUVKDOO & $XFKLQOHFN LOOXVWU FRYHU DQG SLHFH ZLWK ) 0DUVKDOO )UDQFLV )HVWLQJ LOOXVWU FRYHU VLJQHG ) 0DUVKDOO 5LFKDUG +XOO LOOXVWU FRYHUV VLJQHG E\ *HRIIUH\ %DNHU $ YHU\ LQWHUHVWLQJ FROOHFWLRQ RI VLJQHG LWHPV VXSHUE VWXG\ LWHP Â… Â… ^3KRWR`

'(921 $/%80 DQG ORRVH SDFNHWV ZLWK .*9, HDUO\ 4(,, LVVXHV ZLWK PXFK PLQW VHHQ 0DOGLYHV &KXUFKLOO VHW RI DV LPSHUI EONV RI 80 +RQJ .RQJ &R RSHUDWLRQ ZLWK %URNHQ /HDYHV DQG PLVVLQJ ,Q &R RS ZLWKLQ D EON RI 80 ZLWK PDQ\ VHWV DQG KLJK YDOXHV $ ILQH UDQJH RI VWDPSV V Â… Â… '81.5,. /,77/( 6+,36 FROOHFWLRQ RI

FRYHUV FDUGV FKLHIO\ $QQLYHUVDU\ ZLWK EHLQJ VLJQHG LQF ),(/' 0$56+$// WKH 9LVFRXQW 0RQWJRPHU\ 5 $QQDUG 9& /RUG &DPPHURQ D ILQH FROOHFWLRQ ZLWK DGGLWLRQDO RI $ODPHLQ LOOXVWUDWHG FRYHUV VLJQHG OWG WR VLJQHG LWHPV SKRWRV QHZVSDSHU FOLSV D YHU\ ILQH VHOHFWLRQ QHHGV E\ /RUG +DUGLQJ 6LU (GJDU :LOOLDPV 0DM *HQ * 3 % 5REHUWV VRUWLQJ Â… Â… 7(% +RZDUWK 0DM ) - .HHEOH 6LU 5LFKDUG 2 %ULHQ /W &RO &3 { ($67 $)5,&$ .87 DQG =DQ]LEDU FROOHFWLRQ RQ 'DZQD\ $ ILQH FROOHFWLRQ RI VLJQDWXUHV Â… Â… Â’ SDJHV ZLWK EHWWHU SLFNLQJV 8JDQGD 49 U DQG U 6* { ),1( 86(' 6RXWK $IULFD 9RRUWUHNNHU VHWV PLQW .87 .*9 Â… DQG Â… ILVFDOO\ FDQFHOOHG 6* DQG DV SDLUV +XJXHQRW VHW DV SDLUV DQG :DU (IIRUW .87 6LOYHU :HGGLQJ VHW PLQW SLFWRULDO GHILQ VHW XQLWV &KLHIO\ ZLWK ILQH FGV FDQFHOV LWHPV Â… Â… PLQW =DQ]LEDU GHILQ VHW PLQW 6LOYHU :HGGLQJ VHW PLQW FRPPHPRUDWLYH ZLWK KLJK YDOXHV $ JRRG UDQJH RI Credit Cards VWDPSV Â… Â… The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 4

*2/) *5(* 1250$1 VLJQHG SDLU RI ),567 '$< &29(56 $LWXWDNL DSSHDUV LOOXVWUDWHG )'& V *ROI %ULWLVK 2SHQ DQG &HQWHQDU\ RI WKH ODUJHO\ FRPSOHWH WR QRWH %LUGV GHILQV VHW +XUULFDQH )LUVW 2SHQ &KDPSLRQVKLS SOD\HG LQ WKH 8. ERWK VLJQHG D ILQH 5HOLHI VHW 2+06 RYHUSULQWV RQ WZR FRYHUV FRYHUV XQDGGUHVVHG VWF Â… FRYHUV Â… Â… SDLU RI FRYHUV Â… Â… ),567 '$< &29(56 $XVWUDOLD

PDJQLILFHQW ORW RI FOHDQ DQG XQDGGUHVVHG )'& V PDQ\ PRGHUQ VHWV GHILQLWLYHV WR PLQLDWXUH VKHHWV HWF 67& Â… DSSUR[ Â… Â… ),567 '$< &29(56 &DQDGD DOO

*5($7 %5,7$,1 FRORVVDO FDUWRQ ORW ZLWK RYHU GLIIHUHQW SUHVHQWDWLRQ SDFNV WR DERXW DOO ZLWK D GLIIHUHQW 80 VHW IURP ILQH SUH GHFLPDO SDFNV WR UDWKHU PRGHUQ D VWDFN RI SKT FDUGV LQF VFDUFH SUH GHFLPDO LVVXHV ,QFUHGLEOH YDOXH WR FOHDU Â… Â… *5($7 %5,7$,1 &RPHG\ VLJQHG LOOXVWUDWHG

GLIIHUHQW DFFXPXODWLRQ LQF GHILQV FRLOV ERRNOHW SDQHV DQG FRPPHPRUDWLYH VWDPSV FOHDQ DQG XQDGGUHVVHG DSSUR[ Â… Â…

)'& V VLJQHG E\ 5RQQLH %DUNHU *HRUJH &ROH DQG 3KLOLS 0DGRF $ ILQH WULR RI FRYHUV Â… Â…

),567 '$< &29(56 +XQJDU\

*5($7 %5,7$,1 PDFKLQV NLORZDUH RII SDSHU D ODUJH FDUWRQ ZLWK PDQ\ V ZLWK UHJRQDOV WRWDOO\ XQFKHFNHG ILQH XVHG DQ\WKLQJ FRXOG EH LQ KHUH Â… Â…

FROOHFWLRQ LQ D ER[ DSSHDU WR EH DOO GLIIHUHQW ZLWK QHDW W\SHG DGGUHVVHV VRPH PLQLDWXUH VKHHW )'& V IHZ PD[L FDUGV DQG VRPH HDUOLHU FRYHUV DUH UHJLVWHUHG DSSUR[ Â… Â… ),567 '$< &29(56 1HZ =HDODQG DOO

GLIIHUHQW FROOHFWLRQ ILQH DQG XQDGGUHVVHG QRWH D QXPEHU RI KLJK YDOXHV DQG PLQLDWXUH VKHHWV DSSUR[ Â… Â…

Â’ *5($7 %5,7$,1 UHWDLO SULFH Â… SUHVWLJH Â’ ERRNOHWV ZLWK ERRNOHWV WR QRWH +HULWDJH )7 /RQGRQ

/LIH %HDWUL[ 3RWWHU :LOGLQJV 3URILOH LQ 3ULQW 6SHFLDO E\ 'HVLJQ 3HUIHFW &RURQDWLRQ $ ILQH FROOHFWLRQ Â… Â…

*5($7 %5,7$,1 9$/8$%/( &$5721 RI V ZKHUH WKH FROOHFWRU VRUWHG FKLHIO\ 4(,, ERRNOHW SDQHV ERRNOHWV DQG GHILQV RQ VWRFN FDUGV :LOGLQJV WR PDFKLQV ZLWK YDOXHV WR Â… VSRWWHG WKLV ORW IHDWXUHV PDQ\ ILQH ERRNOHWV SOXV 35(67,*( 67$03 %22./(76 WR IHDWXULQJ PDFKLQV RQO\ IRXQG LQ WKHVH LVVXHV DQG PXFK PRUH 2ULJLQDO ORW ZLWK KXJH YDOXH Â… Â…

),567 '$< &29(56 6ZLW]HUODQG

FROOHFWLRQ LQ FRYHU DOEXPV FOHDQ DQG ILQH ZLWK QHDW W\SHG DGGUHVVHV LQF DGGLWLRQDO LWHPV VXFK DV PD[L FDUGV DQG FRPPHPRUDWLYH IOLJKW FRYHUV VWDPSV DORQH FDW Â… RYHU FRYHUV Â… Â… ),567 '$< &29(56 :HVW *HUPDQ\

ILQH FRQGLWLRQ FRYHUV YDVW PDMRULW\ XQDGGUHVVHG Â… Â… 4 ),567 )/,*+7 &29(56 SULFHG WR VHOO

Â… D ILQH VHOHFWLRQ ZLWK SULQWHG RU W\SHG DGGUHVVHV FKLHIO\ LOOXVWUDWHG FRYHUV Â… Â… 4 ),567 )/,*+7 &29(56 SULFHG WR VHOO Â…

LOOXVWUDWHG ZLWK QHDW W\SHG DGGUHVVHV V SHULRG FRYHUV EDUJDLQ Â… Â…

*5($7 %5,7$,1 ::, 5$) UHODWHG 9& ZLQQHU FROOHFWLRQ LQF LOOXVWU HQY VLJQHG 0U 5 & 1HZPDQ 5)& LOOXVWU SDJH RI /W &RO : $ %LVKRS 9& VLJQHG E\ KLP SSF VLJQHG %LOO 5HLG 9& LOOXVWU HQY VLJQHG E\ (GJDU 3HUFLYDO SSF VLJQHG E\ )HOL[ :HVW 9& LOOXVWU FRYHU LQF )HOL[ :HVW 5R\ :LONLQVRQ .HQ +XJKHV $ODQ (DVW 'DYLG &KHFNHWWV 3 + &KDPSQLVV 5LFKDUG -RKQV $ YHU\ JRRG FROOHFWLRQ LQ YROXPHV ZLWK VLJQHG FRYHUV PDQ\ DGGLWLRQDO LWHPV Â… Â… *5($7 %5,7$,1 ::,, 5$) UHODWHG LOOXVWUDWHG

),6+(6 ZLWK HUURUV LQ FRPSOHWH VKHHWV 6XPPHU ,VOH òS RQ G LQF GRXEOH RYSW DOELQR RYSWV RIIVHW RQ WKH UHYHUVH LQY RYSW $ YHU\ JRRG ORW RI VKHHWV Â… Â… { )/$*6 21 67$036 )DEXORXV WKUHH YROXPH Â’ FROOHFWLRQ ZLWK LVVXHV IURP DURXQG WKH ZRUOG DOO QHDWO\ ODLG RXW Â’ DQG ZULWWHQ XS ZH VHH %ROLYLD VHW 9HQH]XHOD VHW Â’

FRYHUV LQF LOOXVWUDWHG 'DPEXVWHUV VLJQHG E\ 5LFKDUG 7RGG SSF RI /DQFDVWHU VLJQHG E\ 6LU +XJKLH (GZDUGV 9& SSF VLJQHG E\ +XJKLH (GZDUGV FRYHU VLJQHG E\ / + %DYH\VWRFN SSF VLJQHG E\ 1RUPDQ -DFNVRQ 9& LOOXVWU FRYHU VLJQHG E\ 1RUPDQ -DFNVRQ 9& SSF VLJQHG E\ -RKQ &UXLFNVKDQN 9& SSF VLJQHG E\ /HRQDUG 7UHQW 9& SLHFHV VLJQHG E\ $UWKXU &DQQRQ IRXU YROXPHV ZLWK VLJQHG FRYHUV DQG PDQ\ H[WUD LWHPV V RI LWHPV Â… Â…

)227%$// $872*5$3+(' &29(56

*5((&( KDQG SDLQWHG VWDPSV WKUHH DFWXDO VL]H ILQH SDLQWLQJV RI O +HUPHV +HDG O SRVWDJH GXH DQG O VWDWLRQHU\ FXW RXW Â… Â…

86$ 6WDUV DQG 6WULSHV VKHHW IURP %XUPD 0LQLDWXUH 6KHHW IHZ &KLQD LVVXHV =DLUH VHW (ULWUHD VHW *RRG ORRNLQJ ORW PXFK LV 80 DSSUR[ Â… Â… GLIIHUHQW YHU\ ILQH LQF %REE\ &KDUOWRQ 'DYLG 6SHHGLH 3DW -HQQLQJV .HYLQ .HHJDQ HWF $OO GXULQJ :RUOG &XS &DPSDLJQV Â… Â…

Â’ +21* .21* %22./(76 &ROOHFWLRQ Â’ 4(,, LVVXHV LQ SUHVWLJH W\SH QRWH PDS %DQN

7UDPZD\ 1HZ <HDU ERRNOHWV $ ILQH UDQJH &DW

Â’ )5$1&( $1' $662&,$7(' 7(55,725,(6 Â… Â… Â… Â’ UHPDUNDEOH ORW RI V LVVXHV 80 LQFOXGLQJ SDLUV DQG +29(5&5$)7 FRYHU FDUULHG RQ 0LGGOH

VWULSV DSSUR[ VWDPSV ZLWK PDQ\ EHWWHU KLJK YDOXHV DQG NH\ (DVW 6DOHV 7RXU $O %LG WR %DKUDLQ OHJ ZLWK VSHFLDO VHWV VWDPSV DLU VHW [ 6* FDW Â… )UHQFK FDFKHW Â… Â… &RORQLHV LQF &DPHURRQ WR IU YHU\ JRRG 5HXQLRQ RYSWV ZLWK +29(50$,/ D ILQH FROOHFWLRQ RI FRYHUV YDOXHV WR IU RQ DLUPDLO KLJK YDOXHV 0RQDFR ZLWK JRRG PDLQO\ V LQF +RYHUFUDIW WULDOV D IHZ VLJQHG SOXV D FRPPHPV HWF $Q RULJLQDO ORW Â… Â… VHOHFWLRQ RI 5R\DO &RUSV RI WUDQVSRUW DOO KRXVHG LQ RQH ODUJH Â’ )5(6+ 0,17 QHDWO\ SUHVHQWHG RQ DOEXP YROXPH RYHU FRYHUV $ YHU\ ILQH DQG LQWHUHVWLQJ ORW IRU SDJHV 8PP $O 2ZDLQ JRRG LQ WKHPDWLF FRQWHQW LQF PLOLWDU\ VWXG\ Â… Â… ^3KRWR` VSDFH PRYLHV LQVHFWV VSRUW WUDQVSRUW LQF LPSHUIV 2YHU { ,6/( 2) 0$1 DOEXP ZLWK VHWV ERWK 80 DQG VWDPSV DQG 06 Â… Â… Â’ YHU\ ILQH XVHG VXSHUE FROOHFWLRQ LQF GHILQLWLYHV DQG KLJK YDOXH Â’ WR Â… ERWK SRVWDJH GXH VHWV KLJKO\ FDWDORJXHG VXSHUE *(25*( &5266 :LQQHUV D VXSHUE FROOHFWLRQ LQ IRXU YROXPHV ZLWK PDQ\ EHWWHU VLJQHG LWHPV VHHQ $OEHUW TXDOLW\ WR ORRNV YHU\ FRPSOHWH Â… Â… 0HGRZV LQF 6LJQHG OHWWHU PXOWLSOH VLJQHG *& FRYHU :LOOLDP ,6/( 2) 0$1 H[WHQVLYH FROOHFWLRQ RI *RRG -DPHV 5HHYHV (\QRQ +DZNLQV *RUGRQ %DVWLDQ 4 DHURJUDPPHV ZLWK HDFK EHLQJ GLIIHUHQW DQG XQXVHG ZLWK PDQ\ 'DSKQH 3HDUVRQ ZLWK PDQ\ OHWWHUV VLJQHG E\ 'DSKQH 3HDUVRQ VSHFLDO DQQLY W\SHV FRYHUV Â… Â… DQG 'RXJODV %DGHU :LOOLDP 6\OYHVWHU $ 0 +RGJH $ -$0$,&$ 672&. &$5'6 ZLWK XVHIXO UDQJH IURP 49 WR 4(,, VHHQ .*9, KLJK YDOXHV WR Â… HDUO\ 4(,, WR Â… 6LOYHU -XELOHH VHW )8 $ JRRG VHOHFWLRQ Â… Â…

7ROOHPDFKH ( %RQRU 7DKD ,GULV (GZDUG 2PDUD 'RURWK\ 7KRPDV WR QDPH D IHZ IURP WKLV YDVW FROOHFWLRQ RI RYHU VLJQHG LWHPV Â… Â… ^3KRWR`

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 5

-($1 %$77(1 VLJQHG LOOXVWUDWHG FRYHU

Â’ .*9, 620$/,/$1' 3URWHFWRUDWH GHILQ

WK $QQLYHUVDU\ RI WKH ILUVW IOLJKW WR $XVWUDOLD 5$) FRYHU Â… Â… Â’ -(56(< 8102817(' 0,17 FROOHFWLRQ ZLWK Â’ PDQ\ FRPSOHWH VHWV LQF 06 ZLWK D IDFH YDOXH RYHU Â… ZLWK

VHW WR U 838 VHW RI 1HZ &XUUHQF\ VHW WR U 9LFWRU\ ZLWK ERWK D $ JRRG ORW RI VWDPSV PDLQO\ PLQW &RURQDWLRQ DQG U )8 Â… Â… .*9, 6RXWK :HVW $IULFD RQ ROG SDJHV LQF &RPSRVLWH SDLUV ,QF 9RRUWUHNNHU VHW RI PLQW 838 FRPSRVLWH SDLUV PLQW DQG ILQH XVHG :DU HIIRUW òG ODUJH EORFN RI 80 9LFWRU\ ODUJH EORFNV XVHIXO JURXS ZLWK SODWH QXPEHUV RGG YDULHW\ LWHPV 0XFK PLQW LQF 80 Â… Â…

YDOXHV WR Â… DQG VHWV IURP WR YDOXH LQ PRGHUQ VHWV Â… Â… .(11(7+ :2/67(1+2/0( 6LJQHG FRYHUV

IDPHG IRU WKH :RUOG &XS )LQDO &RPPHQWDU\ WKH\ WKLQN LWV DOO RYHU LW LV QRZ VXSHUE VLJQHG RQ :RUOG &XS 0LOOHQQLXP LOOXVWUDWHG )'& Â… Â…

Â’ .*9, 6RXWK :HVW $IULFD VHWV LQF

+XJXHQRWV ZDU HIIRUW UHGXFHG VL]H ZDU HIIRUW 9LFWRU\ 6LOYHU :HGGLQJ 5R\DO 9LVLW 838 $ ILQH ORW RI VHWV IUHVK PLQW Â… Â…

Â’ .*9 *,/%(57 ,6/$1'6 LVVXHV WR G IUHVK

PLQW GLII VWDPSV Â… Â…

Â’ .*9 6RXWK $IULFD LQF ELOLQJXDO SDLUV WR :DU { .*9, 6RXWK :HVW $IULFD ZLWK ELOLQJXDO SDLUV LQF (IIRUW ODUJH DQG VPDOO IRUPDW D JRRG UDQJH RI XQLWV PDLQO\ Â’ 9RRUWUHNNHU VHW +XJHQRWH VHW )8 :DU (IIRUW VHWV ODUJH DQG

PLQW DQG KLJKO\ FDWDORJXHG Â… Â…

VPDOO IRUPDW $ JRRG ORW RI XQLWV PDLQO\ PLQW Â… Â…

Â’ .*9, )$/./$1' ,6/$1' '(3(1'(1&,(6

Â’

Â’

Â’

Â’ Â’

Â’

Â’

Â’

Â’

Â’

Â’

Â’ .*9, 6W +HOHQD &RURQDWLRQ VHW GHILQLWLYH

FRPSUHKHQVLYH PLQW FROOHFWLRQ LQF ERWK 0DS VHWV ZLWK G VHW LQF ERWK G 9LFWRU\ 6LOYHU :HGGLQJ 838 VHWV PLQW FDW RFKUH FRORXU YDULHW\ EURNHQ DUFV RYSW VHWV DOO LQF G Â… Â… Â… EODFN FHQWUH YDULHWLHV Â… Â… Â’ .*9, 6W .LWWV 1HYLV FROOHFWLRQ RQ VWRFN SDJHV .*9, %$+$0$6 YHU\ IUHVK PLQW FROOHFWLRQ ZLWK GHILQLWLYHV WR ZLWK VKDGHV LQF JUH\ JUHHQ YDOXHV WR Â… QRWH GHILQV WR Â… LQF [ S FDW Â… &RURQDWLRQ VHW 6LOYHU :HGGLQJ VHW 838 VHW RI 7HUFHQWHQDU\ WR Â… H[ 838 VHW VWDPSV 7HUFHQWHQDU\ VHW RI 8QLYHUVLW\ GHILQ VHW WR $ Â… Â… JRRG ORW RI VWDPSV PLQW Â… Â… .*9, ROG SULQWHG SDJHV 1HZ =HDODQG ZLWK .*9, 6W 9LQFHQW FROOHFWLRQ RQ VWRFN SDJHV LQF PDQ\ VHWV LQF 3HDFH GHILQV WR &HQWHQDU\ +HDOWK 6LOYHU :HGGLQJ VHW 80 GHILQLWLYHV WR 1HZ /LIH ,QVXUDQFH $ JRRG ORW RI VWDPSV PLQW Â… Â… &XUUHQF\ VHW RI $ JRRG ORW RI VWDPSV PLQW HDFK GLIIHUHQW Â… Â… .*9, ROG SULQWHG SDJHV ZLWK &DQDGD GHILQLWLYHV Â’ .*9, 7ULSROLWDQLD RYSW VHW RI %$ WR LQF GHILQV GHILQV FRLO VWDPSV FRPPHPRUDWLYHV DLUV H[SUHVV $ JRRG ORW RI VWDPSV RYSW VHW RI %$ VHW RI FDW Â… PLQW Â… Â… Â… Â… Â’ .*9, XQPRXQWHG PLQW 6RXWK :HVW $IULFD YHU\ .*9, ROG SULQWHG SDJHV ZLWK 3DNLVWDQ Â’ FRPSOHWH LQ FRPPHPRUDWLYH VHWV DQG GHILQV ZLWK DGGLWLRQDO LQF RYSWV WR U GHILQ ZLWK YDOXHV WR U :DU (IIRUW VKDGHV ZLWK XSSHU VKDGLQJ PLVVLQJ òG ZLWK UHGUDZQ VHW RI FDW Â… $ JRRG ORW RI VWDPSV VKDGLQJ PLVVLQJ 9LFWRU\ ZLWK EDUEHG ZLUH YDULHW\ 7HUFHQWHQDU\ PLQW Â… Â… G ZLWK OLQH WKURXJK VDLO $ YHU\ ILQH FROOHFWLRQ RQ KLQJOHVV .*9, 3,7&$,51 GHILQLWLYH VHW RI DOEXP SDJHV FDW Â… Â… Â… 9LFWRU\ VHW RI DQG 838 VHW RI PLQW FDW Â… Â… Â… .,1* (':$5' 9,, RQ KDJQHU SDJHV *% LQF òG DQG G F\O QXPEHU VLQJOHV G ZLWK VKDGHV $ .*9, 6DUDZDN FROOHFWLRQ RQ VWRFN SDJHV VXSHUE G 0RURFFR $JHQFLHV EORFN RI VXSHUE XVHG $ YHU\ GHILQ VHW WR H[ &HQWHQDU\ VHW RI [ &URZQ JRRG VHOHFWLRQ RI LWHPV VWUHQJWK LQ *% Â… Â… &RORQ\ VHW RI 838 %0$ RYSWV F WR F $ ILQH /(21$5' &+(6+,5( 9& 2QH YROXPH VHOHFWLRQ RI VWDPSV FDW Â… Â… Â… GHGLFDWHG WR ::,, 5$) 3LORW ZLWK VLJQHG FRYHUV E\ /HRQDUG .*9, 6$5$:$. PLQW %0$ RYSWV WR &KHVKLUV 9& ZLWK ORWV RI DGGLWLRQ LWHPV LQF 3KRWR V 1HZVSDSHU &HQWHQDU\ VHW &URZQ &RORQ\ VHW RI &OLSSLQJV $ YHU\ ILQH FROOHFWLRQ WKDW WRRN \HDUV WR FROOHFW 6LOYHU :HGGLQJ 838 SLFWRULDO GHILQ VHW RI $ Â… Â… ILQH FROOHFWLRQ RI VWDPSV FDW Â… Â… Â… /,7(5$785( %LOOLJV KDQG ERRN *UHDW %ULWDLQ .*9, 6H\FKHOOHV SLFWRULDO GHILQLWLYHV DQG WKH (PSLUH LQ (XURSH 3DUWV , DQG ,, YROXPH LQ YHU\ ZLWK VKDGHV DQG GLIIHUHQW SDSHU W\SHV LQF F VODWH EOXH U ILQH FRQGLWLRQ Â… Â… \HOORZ JUHHQ U ERWK &RURQDWLRQ 6LOYHU :HGGLQJ 9LFWRU\ $ /,7(5$785( %LOOLJV 3KLODWHOLF KDQGERRNV 9RO JRRG ORW RI VWDPSV PLQW ZLWK D KLJK FDW YDOXH LQ WKH LVVXHV Â… Â… DQG 7KH (PSLUH LQ $XVWUDODVLD SDUWV , ,, DQG ,, ,Q YHU\ JRRG FRQGLWLRQ Â… Â… .*9, 6LHUUD /HRQH GHILQLWLYH VHW RI /,7(5$785( %/$&. *2/' E\ .HQQHWK - &RURQDWLRQ 6LOYHU :HGGLQJ 9LFWRU\ 838 VHWV PLQW FDW Â… Â… Â… .XW] VLJQHG DQG OLPLWHG WR MXVW FRSLHV $ YHU\ LQWHUHVWLQJ UHDG ZLWK PDQ\ LPDJHV RI LQWHUHVWLQJ SRVWDO KLVWRU\ .*9, 6LQJDSRUH FROOHFWLRQ SHUI VHW RI SDJHV Â… Â… SHUI ò [ F WR F DQG 838 VHW RI FDW /,7(5$785( %/,1'0$1 6 0$,/ +RZ WKH Â… PLQW $ JRRG UDQJH RI VWDPSV Â… Â… %OLQG KDYH EHHQ VHUYHG E\ WKH 3RVW E\ *DYLQ )U\HU VLJQHG ,Q .*9, 6RPDOLD DQG 6RPDOLODQG 3URWHFWRUDWH YHU\ JRRG FRQGLWLRQ ZLWK GXVW MDFNHW $ KLVWRU\ RI VSHFLDO SRVWDO ($) RYSWV %0$ RYSWV %$ RYSWV GHILQ VHW GHILQ UDWHV IRU WKH EOLQG $Q LQWHUHVWLQJ WLWOH ZLWK PDQ\ LPDJHV VHW 6LOYHU :HGGLQJ 838 VHW VXUFK WR $ Â… Â… YHU\ ILQH FROOHFWLRQ RI VWDPSV IUHVK PLQW HDFK /LWHUDWXUH &DQDGD 7KH 6TXDUHG &LUFOH GLIIHUHQW Â… Â… 3RVWPDUNV RI &DQDGD E\ %ULWLVK 1RUWK $PHULFD 6RFLHW\ .*9, 6RPDOLD %ULWLVK 2FFXSDWLRQ ($) RYSW VHW 6WDPSV RI %ULWLVK 1RUWK $PHULFD E\ ) -DUUHWW ZLWK ' - 7KH RI %0$ RYSW VHW RI %$ RYSW VHW FDW Â… IUHVK 3RVWDJH 6WDPSV DQG 3RVWDO +LVWRU\ RI &DQDGD E\ : 6 %RJJV Â… Â… ZLWK ' - DOO LQ ILQH FRQGLWLRQ Â… Â…

If we can be of any assistance please do not hesitate to contact us. Thank you

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 6

/,7(5$785( ',( )(55$5< $8&7,21(1

0('$/6 D PRVW LQWHUHVWLQJ HDUO\ ORW %RHU :DU 49 PHGDO ZLWK 'ULHIRQWHLQ 3DDUGHEHUJ DQG 5HOLHI RI .LPEHUOH\ EDUV $ YHU\ JRRG 7(03(5$1&( JURXS ZLWK 7RWDO $EVWLQHQFH ,QGLD :DWFK DQG %H 6REHU DOO ,QGLD LVVXHV $UP\ 7HPSHUDQFH ,QGLD EOXH HQDPHO LVVXH HWF &RQGLWLRQ IDLU WR JRRG DZDUGHG WR RQH VROGLHU WKDW VHUYHG LQ 6RXWK $IULFD DQG ,QGLD Â… Â…

V )HUUDU\ VWDPS DXFWLRQ UHSULQW LQ *HUPDQ SXEOLVKHU - (UKDGW $ ILQH DQG VFDUFH WLWOH LQ JRRG FRQGLWLRQ Â… Â… /,7(5$785( )520 7+( :,1*(' +((/6

RI 0HUFXU\ E\ =DYHQ 0 6HURQ VW HGLWLRQ LQ YHU\ JRRG FRQGLWLRQ SDJHV ZLWK PDQ\ LOOXVWUDWLRQV $ IDVFLQDWLQJ UHDG Â… Â…

Â’ 0,''/( ($67 %$+5$,1 )LQH PLQW FROOHFWLRQ

LQ /LJKWKRXVH 6WRFN ERRN &DW Â… ZLWK GLII VWDPSV LQF ZHGGLQJ U .*9, WR U 6FRXWV DV SODWH EORFNV PDQ\ 4(,, RYSWV WR U WR U WR G H[WHQVLYH FRPPHP VHWV 1LFH ORW Â… Â…

/,7(5$785( +,6725< 2)

7(/(&20081,&$7,216 RQ 6WDPSV E\ - ) 5RVV 9RO WR VHOGRP VHHQ VHW RI YHU\ JRRG FRQGLWLRQ Â… Â… /,7(5$785( LQWHUHVWLQJ JURXS RI WLWOHV UHODWLQJ WR *2/' DQG LWV SRVWDO KLVWRU\ LQF /HWWHUV RI *ROG E\ -HVVH / &REXUQ 3RVWDO +LVWRU\ RI WKH .ORQGLNH *ROG 5XVK *ROG )LHOGV D &HQWHQDU\ 3RUWUDLW E\ 3 -RKQVRQ 7KH .ORQGLNH 4XHVW D 3KRWRJUDSKLF (VVD\ E\ 3 %HUWRQ 2I .DXUL DQG *ROG E\ * /DZVRQ 9HU\ LQWHUHVWLQJ ORW RI WLWOHV Â… Â…

Â’ 0,''/( ($67 2YHUSULQWV RQ 4(,, LVVXHV PLQW

FRPPHP VHWV GHILQLWLYH LQF KLJK YDOXH FDVWOHV 6RXWK $UDELDQ IHG GHILQLWLYHV 7UXFLDO 6WDWH GHILQLWLYHV $GHQ GHILQLWLYH V WR RYHU VWDPSV IUHVK PLQW Â… Â… 0,/,7$5< FRPPHPRUDWLYH FRYHUV LQ ILYH ODUJH

YROXPHV V RI FRYHUV ZLWK VSHFLDO FDQFHOV LOOXVWUDWHG FRPPHPRUDWLYH FRYHUV HYHQ VHHQ PRGHUQ VLJQHG FRYHUV LQ QHHG RI VRUWLQJ LQ D ODUJH FDUWRQ Â… Â…

/,7(5$785( LQWHUHVWLQJ OLEUDU\ LQF $

%RXTXHW RI 3KLODWHOLF $UWLFOHV 3KLODWHOLF 3RUWUDLWV $QQDOV RI WKH 0,/,7$5< 6,*1(' LOOXVWUDWHG )'& V +LOO 3RVWDJH 6WDPS E\ ' 5RVH VLJQHG +RZ WR 3UHSDUH 6WDPS 5HLG 9& -RKQQLH -RKQVRQ 5RODQG %HDPRQW -RKQ +RZDUG ([KLELWV %RODIIL ,QWHUQDWLRQDO &RULQSKLOD 6WDPS 9HUD /\QQ )UDQN :RRWRQ *RUGRQ 0LWFKHOO ' +DQQD\ -RKQ $XFWLRQ WKH &LKDQJLU &ROOHFWLRQ $ YHU\ LQWHUHVWLQJ JURXS RI &XUWLVV 3HWHU ,]DUG /HZLQ $ VXSHUE JURXS RI FRYHUV ZLWK WLWOHV KRXUV RI UHDGLQJ DQG PDQ\ IDFWV KHDY\ VFDUFH FRYHUV ZLWKLQ Â… Â… Â… Â… /,7(5$785( ./21',.( *2/' &HQWHQQLDO

HGLWLRQ E\ .HQQHWK - .XW] VLJQHG $ YHU\ LQWHUHVWLQJ UHDG DERXW LWV WRZQV DQG SRVWDO KLVWRU\ ZLWK GXVW MDFNHW SDJHV LQ YHU\ JRRG FRQGLWLRQ Â… Â… /,7(5$785( 2386&8/80, DQ $QWKRORJ\ RI

3KLODWHOLF DQG +LVWRULFDO 3DSHUV E\ 536& LQ JRRG FRQGLWLRQ SDJHV Â… Â… /,7(5$785( 5266,7(5 3RVWDO +LVWRU\

-RXUQDOV 9ROV WR WR LQ YHU\ ILQH FRQGLWLRQ $ YHU\ LQWHUHVWLQJ JURXS ZLWK D JRRG UHDG WR EH KDG Â… Â…

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Â… Â…

/,7(5$785( 7KH 6WDPSV DQG 3RVWDO +LVWRU\ Â’ 0RURFFR $JHQFLHV 6SDQLVK &XUUHQF\ RQ D

RI *DPELD E\ :HVW $IULFD 6WXG\ &LUFOH HGLWHG E\ - $QGUHZ LQ JRRG FRQGLWLRQ Â… Â…

VWRFN SDJH (GZDUG V WR SL RQ S RQ D PLQW VHOHFWLRQ RI VWDPSV Â… Â…

/,7(5$785( &DQDGLDQ 3RVWDO +LVWRU\

02725 &$56 VLJQHG LOOXVWUDWHG )'& V

UHIHUHQFH ERRNV LQF ERWK 7UDQVSRUWDWLRQ 3RVWPDUNV E\ 7 3 * 6KDZ 0DLO E\ 5DLO DQG $ +LVWRU\ RI 532 V ERWK E\ / ) *LOODP %1$ 7UDQVDWODQWLF 6WDPSOHVV 0DLO - & $UQHOO FROOHFWLRQ ERRNV Â… Â…

&ODVVLF &DUV 1LJHO 0DQVHOO /RUG 0RQWDJX 6SHHG 'RQDOG :DOHV .HQ 1RUULV )LQD &DPSEHOO $ VXSHUE JURXS RI FRYHUV Â… Â…

0$/7$ &5$00(' RQ ROG DOEXP SDJHV H[WHQVLYH FROOHFWLRQ ZLWK EHWWHU SLFNLQJV VHHQ LVVXHV WR SRVWDJH GXHV WR PLQW .*9 VHOI JRYHUQPHQW .*9, GHILQV WR LQF VHOI JRYHUQPHQW 4(,, SUH GHFLPDOV WR Â… GHFLPDOV WR Â… 2YHU VWDPSV FRYHULQJ PDQ\ \HDUV DQG 06 Â… Â… 0$5,7,0( FROOHFWLRQ RI FRYHUV FKLHIO\ %ULWLVK

1DY\ ZLWK PDQ\ DGGLWLRQDO LWHPV QRW FRXQWHG ZLWK RYHU FRYHUV LQF VLJQHG ZLWK PXOWLSOH VLJQHG IURP SHUVRQ ZKR VHUYHG LQ ::,, KRXVHG LQ YROXPHV $ YHU\ LQWHUHVWLQJ ORW ZLWK PDQ\ EHWWHU FRYHUV Â… Â…

02817%$77(1 LQWHUHVWLQJ JURXS LQF ODUJH SLHFH VLJQHG /RXLV 0RXQWEDWWHQ 0RXQWEDWWHQ VWDWXH XQYHLOLQJ FRYHUV 0RXQWEDWWHQ PXUGHUHG SULQWHG FDUG ZLWK (GLQEXUJK 7DWWRR VSHFLDO FDQFHO 0DULWLPH +HULWDJH VLJQHG E\ &RXQWHVV 0RXQWEDWWHQ QG VLJQHG E\ WKH )LUVW 6HD /RUG 9- $QQLYHUVDU\ FRYHU VLJQHG &RXQWHVV 0RXQWEDWWHQ SLFWRULDO FDUG VLJQHG E\ 6LU 5RQDOG %URFNPDQ 0RXQWEDWWHQ V FRQILGDQW DQG XVKHU WR WKH 4XHHQ LWHPV Â… Â… 1$7,21$/ 75867 VLJQHG LOOXVWUDWHG )'& V

+XJK 6FXOO\ 6LU 'DYLG $WWHQERURXJK 6LU $QJXV 6WLUOLQJ 5LFKDUG 5DQVRPH $ ILQH JURXS RI FRYHUV Â… Â…

0$56+$// RI WKH 5$) VLJQHG FRYHUV Â’ 1$858 RQ ROG ,PSHULDO SDJH .*9 LVVXHV 4 VHHQ FRYHUV VLJQHG E\ /DG\ +DUULV . % /DWWRQ /DG\ 'RXJODV

PLQW LQF RYSW VHW WR )UHLJKWHU LQF WRS YDOXH Â… Â…

*URXS &DSW -RKQ 6OHVVRU 6LU :LOOLDP 'LFNVRQ 6LU 'HUPRW %R\OH /DG\ 3LNH /RUG (OZRUWK\ 6LU -RKQ 1 *UDQG\ /DG\ +XPSKHU\ 6LU 0LFKDHO %HHWKDP WR QDPH MXVW D IHZ IURP WKLV ILQH FROOHFWLRQ Â… Â… 0$85,7,86 WR RQ ROG ,PSHULDO SDJHV RYHU GLII ILQH VWDPSV ZLWK 49 DQG YDOXHV WR U F QLFH ORW 0 DQG )8 Â… Â…

Credit Cards

1(9(5 +,1*(' 0,17 )DONODQG ,V DQG 'HSHQGHQFH LVVXHV LQ D /LJKWKRXVH DOEXP FDW Â… ZLWK PDQ\ FRPSOHWH VHWV LQF 'HSHQGHQFH RYSW VHWV 1HZ &XUUHQF\ VHWV H[WHQVLYH 4(,, H[WHQVLYH WR RYHU VWDPSV 06 ZLWK PRGHUQ KLJK YDOXHV WR Â… Â… Â…

PHILANGLES

The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.

Established in 1990, internationally recognised dealers, full members of PTS (London), ASDA (New York).

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 7

Â’ 1(: $*( TXDOLW\ SULQWHG DOEXP ZLWK Â’ DGGLWLRQDO SDJHV IRU &\SUXV 4(,, ZLWK WKH YHU\ Â’ H[WHQVLYH DQG KLJKO\ FDW FROOHFWLRQ RI PLQW 80 V WR

2)),&( 6:((3,1*6 D ODUJH FDUWRQ ZLWK VWDPSV FRYHUV FDUGV ZLWK ILQH XVHG PLQW DQG 80 V RI LWHPV ZLWK EHWWHU WR EH IRXQG Â… Â…

Â… FÂ… RYSW HW WR Â… FÂ… WR Â… FÂ… 06 LQF 6FRXWV FÂ… 7XUNLVK &\SUXV LQF ILUVW VHW DQG PXFK PRUH $ VXEVWDQWLDO FROOHFWLRQ Â… Â…

2)),&( 6:((3,1*6 LQ D FDUWRQ VWDPSV FRYHUV VHYHUDO FROOHFWLRQV 5XPPDJH Â… Â… Â’ 2/' 3$*(6 ZLWK IUHVK PLQW HDUO\ 4(,, LVVXHV

{ 1(: $*( VSHFLDO SULQWHG HPSLUH DOEXP IRU Â’ 7RQJD ZLWK WKH VXEVWDQWLDO PLQW FROOHFWLRQ RI V Â’ SOXV D IXUWKHU SDFNHW RI XQWRXFKHG QHZ LVVXHV YHU\ Â’

*LOEHUW DQG (OOLFH GHILQV WR 1HZ =HDODQG GHILQV WR 7RQJD GHILQV WR $ YHU\ JRRG ORW RI VWDPSV Â… Â…

FRPSUHKHQVLYH ZLWK HDUO\ RYSW VHWV WR Â… RYSWV LQF LPSHUIV H[WHQVLYH VKDSH VHWV ZLWK %DQDQDV ER[HUV RLO DQG PDQ\ PRUH $ VSOHQGLG ORW RI VWDPSV Â… Â…

Â’ 1(: $*( VXSHUE ER[HG (PSLUH SULQWHG DOEXP Â’ IRU $XVWUDOLD ZLWK D VXEVWDQWLDO FROOHFWLRQ RI 0 80 Â’ PDQ\ EHWWHU DQG KLJK &9 1DYLJDWRUV WR Â… ZLWK

DGGLWLRQDO SULQWLQJV 6RLO JXWWHU SDLU )DPRXV $XVVLHV ERRNOHW SDQHV &KULVWPDV SDQH RI VSHFLDO ZKLWH SDSHUV LQF 3DLQWLQJV WR DQG PXFK PRUH ZLWK VHWV WR HWF V Â… Â…

2/' 7,0( UDQGRP ORW LQ D FDUWRQ VHHQ YDULHWLHV LQF *XDWHPDOD ([WHULRU RYSW LQF PLQW F ZLWK GRXEOH RYSW RQH EODFN RQH UHG KLJK YDOXHV $ YHU\ JRRG PL[WXUH WKDW ZLOO QHHG FDUHIXO VRUWLQJ ZLWK PDQ\ V RI VWDPSV IURP DURXQG WKH ZRUOG Â… Â… 2/<03,& *$0(6 WR H[WHQVLYH FROOHFWLRQ DOO SULVWLQH V QRWLQJ PXFK 6HRXO LQF PDQ\ VKHHWOHWV RI VWDPSV %DUFHORQD ZLWK PDQ\ 80 VWDPSV DQG D SOD\DEOH SLFWRULDO UHFRUG RQ )'& *RRG VHOHFWLRQ Â… Â…

Â’ 1(: $*( VXSHUE (PSLUH ER[HG SULQWHG DOEXP Â’ IRU *UHDW %ULWDLQ ZLWK WKH VXEVWDQWLDO 0 80 FROOHFWLRQ 2/<03,& *$0(6 VLJQHG LOOXVWUDWHG )'& V Â’ RI V ZLWK PDQ\ H[WUDV 7XGRU :LOGLQJ VHW ZPN

VLJQHG -RQDWKDQ (GZDUGV 5LFKDUG 0HDGH DQG 6WHYHQ 5HGJUDYH D ILQH JURXS RI FRYHUV Â… Â…

VLGHZD\V VHWV JUDSKLWH VHW DOO SKRV FRPPHP VHWV LQF /LIHERDW DQG 5HG &URVV &DVWOHV WR Â… SKRV YDULHWLHV G &KULVWPDV PLVSHUI D UDQJH RI SKRVSKRU RPLWWHG YDULHWLHV ERRNOHW SDQHV SRVWDJH GXHV LQF YDOXHV WR Â… VRPH LQWHUHVWLQJ YDULHWLHV DQG ERRNOHWV UHJLRQDO DQG PRUH 2ULJLQDO DQG JRRG ORW Â… Â…

21/< SURGXFHG E\ :DGGLQJWRQV %HUPXGD &RDWV RI $UPV 3DUWV , DQG ,, IRU VSHFLDO SUHVHQWDWLRQ DW 0'&& PHHWLQJ 2FW QXPEHU RI Â… Â… 23(5$7,21 7+856'$< VLJQHG FRYHU

Â’ 1(: $*( VXSHUE (PSLUH ER[HG SULQWHG DOEXP Â’ IRU *UHQDGD ZLWK WKH VXEVWDQWLDO FROOHFWLRQ RI 0 80 Â’ KLJKO\ FRPSOHWH LQF GHILQ VHWV WR :LOGOLIH WR

FROOHFWLRQ E\ YDULRXV 0DMRUV %ULJDGLHUV 3LORWV HWF DQG WKUHH VLJQHG E\ 'DPH 9HUD /\QQ &OHDQ DQG ILQH FRYHUV Â… Â…

Â’ 1(: $*( VXSHUE (PSLUH SULQWHG DOEXP IRU 6W

3$&,),& ,6/$1'6 $XVWUDOLD 1HZ =HDODQG FROOHFWLRQ LQ DOEXPV ORRVH SDJHV ZLWK LVVXHV WR $ YHU\ ILQH FROOHFWLRQ RI VWDPSV 06 DQG FRYHUV VHHQ PDQ\ KLJK YDOXHV DV PDQ\ DUH DV FRPSOHWH VHWV ZLWK PXFK PLQW LQF 80 +XJH FDWDORJXH YDOXH ILOOLQJ D ODUJH FDUWRQ $ YHU\ JRRG ORW Â… Â…

DLUPDLO RYSWV WR ,QGHSHQGHQFH WR *UHQDGLQHV VHWV Â’ 3DFLILF ,VODQG FROOHFWLRQ ZLWK YDULHWLHV QRWH 7XYDOX &\FORQH 5HOLHI )XQG F GRXEOH RYSW QG ZLWK DQG 06 6SOHQGLG LQWDFW FROOHFWLRQ Â… Â… LQY RYSWV 7UDLQ /HDGHUV RI WKH :RUOG F LPSHUI EORFN RI Â’ 1(: $*( VXSHUE (PSLUH SULQWHG DOEXP IRU 2IILFLDO RYSW WR 1RUIRON V VH WHQDQW &KULVWPDV 6HWV Â’ 0DOWD ZLWK DGGLWLRQDO SDJHV FRPSUHKHQVLYH FROOHFWLRQ Â’ V 0 80 WR Â… GHILQ VHW ZLWK JOD]HG SDSHUV 6RORPRQ ,V 3LWFDLUQ ,V $ YHU\ ILQH FROOHFWLRQ RI PDQ\ VHWV IURP WKH V ZLWK PDQ\ 06 VXSHUE TXDOLW\ XQPRXQWHG WR Â… ERWK SRVWDJH GXHV LQF VHW DQG PXFK PLQW Â… Â… PRUH Â… Â… 9LQFHQW 4(,, LVVXHV ZLWK WKH PRVW FRPSUHKHQVLYH 0 80 FROOHFWLRQ RI V GHILQ VHW GHILQ VHW WR %LUGV ZLWK YDULHWLHV %LUG KLJK YDOXH RYSWV YDULRXV 06 H[WHQVLYH *UHQDGLQHV LQF 6KHOOV WR RYSW 6SHFLPHQ 6SOHQGLG DQG VXEVWDQWLDO ORW Â… Â…

3$&,),&6 *,/%(57 ,6/$1'6 IUHVK PLQW FROOHFWLRQ ZLWK EHWWHU RQ SDJHV GLII LQF 3LQH VHW .*9 WR :HGGLQJ Â… RWKHUV WR 1LFH ORW Â… Â…

Â’ 1(: ,668(6 LQ JODVVLQH ZLWK VHWV PXFK Â’ LGHQWLILHG *UHQDGD *UHQDGLQHV LQF 06 RYSWV ORRNV WR EH

V V LVVXHV IHZ VWDPSV 80 Â… Â…

Â’ 3$*(6 ZLWK FKLHIO\ PLQW .*9, LQF )DONODQG 1(: =($/$1' H[FHOOHQW 6FRWW SULQWHG DOEXP Â’ IRU WR ZLWK D FROOHFWLRQ RI V ZLWK SDJHV IRU RWKHU Â’ 'HSHQGHQFH RYSWHG VHWV 'HSHQGHQFH 0DS ZLWK PDUN E\ 'HJ OLVWHG LQ +HLMW] RQ WKH G )DONODQG ,V 506 )LW]UR\ 7HUULWRULHV 9LFWRU\ VHW PLQW WR $UPV WR 8 G ZLWK VWRS DW WKH HQG RI )LW]UR\ 80 8VHIXO ORW RI JRRG UDQJH RI RIILFLDO RYSWV 8 ZLWK YDOXHV WR 8VHIXO VWDPSV Â… Â… IRXQGDWLRQ Â… Â… 3$,5 2) 2/' 029$/($) DOEXPV ZLWK D Â’ 1(: =($/$1' 06 IUHVK 80 GLII YDOXDEOH FROOHFWLRQ RI (PSLUH PXFK LV ILQH XVHG QRWLQJ Â’ LQF KLJKO\ FDW %LUG +HDOWK 06 LQF 6HDELUGV DQG PDQ\ RPQLEXV DOPRVW FRPSOHWH XVHG FROOHFWLRQV RI &RURQDWLRQ PRUH ([FHOOHQW ORW Â… Â… 9LFWRU\ DQG 838 SOXV PDQ\ 6LOYHU -XELOHH { 1,*(5,$ FROOHFWLRQ RQ ROG SDJHV IURP .*9 VHWV )8 WRWDOO\ XQSLFNHG RULJLQDO ORW VHYHUDO DOO GLIIHUHQW Â’ WR 4(,, ZLWK EHWWHU SLFNLQJV .*9 ILQH XVHG WR .*9, VWDPSV DOVR LQFOXGLQJ $GHQ WR U $XVWUDOLD $,) GHILQV ZLWK DQ H[WHQVLYH VHOHFWLRQ RI SHUI W\SHV PXFK VHW %DKUDLQ GHILQ VHW 0 &\SUXV WR Â… )8 *LEUDOWDU PLQW 6LOYHU :HGGLQJ PLQW 838 PLQW $ YHU\ JRRG UDQJH WR Â… )8 +RQJ .RQJ .*9, WR .87 WR Â… )8 0DOWD RI VWDPSV Â… Â… VHWV 6RXWK $IULFD G &RPHW IODZ )8 7RQJD 1250$1 :,6'20 &KULVWPDV VLJQHG WR Â… 7ULVWDQ WR DQG PXFK PRUH FKLHIO\ )8 $ YHU\ JRRG RULJLQDO LQWDFW FROOHFWLRQ Â… Â… LOOXVWUDWHG )'& LQ YHU\ ILQH FRQGLWLRQ Â… Â… 3($. 35$&7,&( VLJQHG LOOXVWUDWHG )'& V 0HGLFDO 'LVFRYHULHV VLJQHG E\ 6LPRQ 6KHSKHUG .HYLQ PDLQO\ FRYHUV IURP +06 (QGXUDQFH ZLWK FDFKHW LQ RQH YROXPH :KDWOH\ DQG $PDQGD %XUWRQ $ ILQH WULR RI FRYHUV RYHU FRYHUV FDUGV SOXV D JURXS RI FRYHUV IRU WKH Â… Â… DQQLYHUVDULHV RI WKH %DWWOH RI 5LYHU 3ODWH ZLWK PXOWLSOH VLJQHG { 3(5),16 RI $XVWUDOLD ZLWK HDUO\ 5RR V DQG FRYHUV ZLWK )DONODQG ,VODQG IUDQNLQJV VHHQ VLJQHG FRYHU .*9 KHDGV D ILQH FROOHFWLRQ ZLWK PDQ\ GLIIHUHQW OHWWHUV LQF 5H[ +XQW 3HWHU 6FRWW 9LYLDQ )XFKV $ VXSHUE ORW QHHGV LQWHUHVWLQJ ORW FKLHIO\ ILQH XVHG Â… Â… VRUWLQJ Â… Â…

1257+ $7/$17,& FRYHU FDUG FROOHFWLRQ

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 8

{ 3(5),16 RQ HDUO\ *UHHFH D VFDUFH JURXS RI

Â’ 5HPDUNDEOH ORW RI HPSLUH QHZ LVVXHV 80 LQ Â’ SDFNHWV FLUFD WR DERXW ZLWK V PDQ\ EORFNV DQG

ZLWK D YDULHW\ RI OHWWHUV ILQH XVHG Â… Â…

SULVWLQH TXDOLW\ QHYHU WRXFKHG VSRWWHG $XVWUDOLD LQF 6WDPS ERRNOHWV 3DSXD 1HZ *XLQHD VWDPS ERRNOHWV %$7 6FLHQFH 6HW LQ EORFNV 1DYLJDWRUV LQF Â… EORFN 5RVV 'HSHQGHQFLHV GHILQ VHWV LQ F\OLQGHU EORFNV RI ZLWK GLIIHUHQW SODWH QXPEHUV *LEUDOWDU EORFNV %:, &DQDGD .*9, ERRNOHW SDQHV )DONODQG EORFNV DQG PXFK PRUH 2I H[FHSWLRQDO TXDOLW\ Â… Â…

{ 3(5),16 RQ HDUO\ LVVXHV RI $XVWULD ZLWK

D YHU\ JRRG UDQJH RI OHWWHUV LQF IDQF\ W\SHV ILQH XVHG Â… Â… 3(5),16 RQ HDUO\ /X[HPERXUJ D ILQH VHOHFWLRQ ZLWK D YDULHW\ RI OHWWHUV FKLHIO\ ILQH XVHG Â… Â… Â’ 3+,/$7(/,& (;+,%,7,21 YLJQHWWHV )UHQFK LQF

3DULV LQF *ROG 0HGDO ODEHO 3DQSH[ /\RQ 3DULV LQF JXWWHU SDLU YHU\ LQWHUHVWLQJ JURXS RI LWHPV FKLHIO\ IUHVK PLQW QHDWO\ W\SHG XS RQ SDJHV Â… Â…

5(9(18(6 2) %:, DQG RWKHU EDFN RI ERRN LWHPV LWHPV %U *XLDQD ZLWK HDUO\ ODUJH 5HYHQXH W\SHV DQG YDOXHV WR /HHZDUGV 49 5HYV WR $QWLJXD 49 WR PLQW JRRG 6W 9LQFHQW 49 XVHG LQF G RQ KDOI G Â… Â…

5(9(18(6 2) &52$7,$ FROOHFWLRQ RI GLII FLUFD ::,, SHULRG LQF PLQW VHWV 1DWLRQDO 'HIHQFH YLJQHWWHV 0LODQR F DQG F QG 0LODQ VHW RI SOXV $UPV WR N 0 % SURYLVLRQDO RYSWV HWF *RRG ORW VFDQ DQ LPSHUI SURRI EORFN RI 7RULQR 1DSROL DGYLVHG Â… Â… *HQRYD 7ULHVWH QHDWO\ W\SHG XS RQ SDJHV 52%(57 %8516 VLJQHG LOOXVWUDWHG LWHPV Â… Â… )'& V VLJQHG E\ 1RUPDQ ,URQV DQG 6LU 'DYLG 6WHHO $ ILQH 3+,/$7/(,& (;+,%,7,216 H[WHQVLYH SDLU RI FRYHUV Â… Â… FROOHFWLRQ W\SHG XS RQ SDJHV ZLWK LWHPV IURP WR ZLWK VWDPSV ODEHOV VKHHWOHWV FRYHUV DQG DGGLWLRQDO PDWHULDO IRUP Â’ 52'(176 21 67$036 ZRQGHUIXO WKHPDWLF Â’ PDQ\ GLIIHUHQW VKRZV 6XSHUE W\SHG XS ZLWK GHWDLOV 2YHU FROOHFWLRQ RI V RI 80 ZRUOGZLGH VWDPSV LWHPV Â… Â… GLVSOD\HG WR D KLJK VWDQGDUG LQ )* DOEXP PDQ\ EHWWHU LVVXHV LQF KLJK FDW 06 QRWLQJ .RUHD 3KLOLSSLQHV +RQJ .RQJ 3,7&$,51 LQWHUHVWLQJ UDQJH ZLWK PDQ\ VHWV LQF IDFH YDOXH VKHHW PDQ\ VTXLUUHO VWDPSV $ UHPDUNDEOH ORW ZLWK +LJK YDOXH GHILQ V WR KLJK YDOXH FRPPHP V WR DQG PDQ\ PDQ\ LQWHUHVWLQJ VWDPSV Â… Â… DV EORFNV RI ZLWK F\OLQGHU QXPEHUV RU WUDIILF OLJKWV LQF *XWWHU SDLUV PDQ\ V RI VWDPSV FKLHIO\ 80 DQG PLQW YHU\ XVHIXO LQ 5211,( %$5.(5 VLJQHG *UHHWLQJV PRGHUQ SHULRG EORFNV Â… Â… LOOXVWUDWHG )'& VFDUFH Â… Â… Â’ 3,7&$,51 ,6/$1' FRPSUHKHQVLYH Â’ 528$' ,6/$1' S RQ F DV D Â’ 0 80 FROOHFWLRQ PDQ\ V DV FRPSOHWH VHWV DQG Â’ FRPSOHWH VKHHW WZR KDOI V ZLWK JXWWHU SDLUV F\OLQGHU JXWWHU Â’ EHWWHU YDOXHV Â… Â… SDLUV FDW (XURV HDFK PLQ FDW (XURV 6* 0DXU\ 3/(17< 72 6257 7+528*+ LQ WKLV HVWDWH 80 9HU\ UDUH LQ ODUJH EORFNV Â… Â… EDODQFH FDUWRQ RI V RI LWHPV *RRG YDULHW\ RI ROG 52<$/ 6+$.(63($5( VLJQHG LOOXVWUDWHG FRPPRQZHDOWK FRYHUV FDUGV ZLWK VRPH LQWHUHVWLQJ IUDQNLQJV )'& V *OREH 7KHDWUH VLJQHG E\ 'DPH 0DJJLH 6PLWK DQ $OEXP FUDPPHG IXOO RI ROG SRVWFDUGV SDJHV DQG 'DPH -XGL 'HQFK (PPD )LHOGLQJ $GULDQ 1REOH /XF\ VWRFNVKHHWV ZLWK VWDPSV &KHDS DW HVWLPDWH DV WKHUH LV VR :K\EURZ DQG 'HVPRQG %DUULW $ VXSHUE JURXS RI PXFK NLW Â… Â… FRYHUV Â… Â… { 32578*8(6( *8,1($ ROG WLPH FROOHFWLRQ RQ Â’ ROG SDJHV ZLWK HDUO\ &URZQV WR U 9DVFR GD *DPD VHWV 52<$/ 7285 DQG 9LVLW 4XHHQ DQG 3ULQFH 3KLOLS -XELOHH 7RXU DURXQG WKH &RPPRQZHDOWK $ JRRG VHOHFWLRQ VWF Â… RI VWDPSV Â… Â… FROOHFWLRQ RI 5$) 7RXU FRYHUV DOO VLJQHG $ ILQH 3267$/ +,6725< +06 &$'086 FROOHFWLRQ RI LOOXVWUDWHG FRYHUV Â… Â… :HVW ,QGLHV ZDUVKLS OHWWHU IURP D VHUYLQJ VHDPDQ $ 58*%< VLJQHG LOOXVWUDWHG )'& V UHPDUNDEOH FROOHFWLRQ RI OHWWHUV IURP YDULRXV ORFDWLRQV RQH 5XJE\ /HDJXH :RUOG &XS VLJQHG 6KDXQ (GZDUGV 0DUWLQ ZLWK RULJLQDO FRYHU G SRVWHG RQ DUULYDO LQ WKH 8. -DPDLFD 2IILDK 5XJE\ :RUOG &XS VLJQHG E\ 6FRWW DQG *DYLQ FRPPHQWV WKLV LV D ZUHWFKHG SODFH %HUPXGD $QWLJXD +DVWLQJV QG VLJQHG E\ 5RJHU 8WWOHU $ ILQH JURXS RI 'RPLQLFD WR QDPH D IHZ SODFHV IDVFLQDWLQJ FROOHFWLRQ FRYHUV Â… Â… Â… Â… Â’ 3+,/$7(/,& (;+,%,7,216 RI ,WDO\ HDUO\

Â’ 6$$5 ROG DOEXP SDJHV ZLWK PDQ\ VHWV IURP Â’ LWHPV ZLWK HDUO\ PDWHULDO LQF )UHQFK &ROV $XVWULDQ /HYDQW LQF Â’ WR LQF GHILQ VHW RI PLQW FÂ… +HXVV VHWV D JRRG UDQJH RI FRPPHPRUDWLYHV QRWH 3R LQ -DIID %XUPD ,QGLDQ $JHQF\ LWHPV 6LQJDSRUH )ORRG 5HOLHI )XQG +RUVH 'D\ 5HG &URVV &UDVK &DFKHW RQ $XVWUDOLDQ $LU OHWWHU 7DLZDQ HDUO\ IUDQNLQJV 5HOLHI )XQG FÂ… 80 /RFDO 9LHZV 6HW RI 80 ZLWK HWF Â… Â… PDQ\ VHWV 80 D YHU\ ILQH FROOHFWLRQ RI VWDPSV 3267$/ 67$7,21(5< .*9, DLUOHWWHUV Â… Â… VXSHUE XQXVHG GLII ZLWK %U *XLDQD %HUPXGD *UHQDGD 6&287,1* YLJQHWWHV ODEHOV PXVW EH RYHU 7ULQLGDG ([FHOOHQW TXDOLW\ Â… Â… LWHPV IRUP HDUO\ V WR PRUH PRGHUQ LVVXHV RQ V 5$) VLJQHG LOOXVWUDWHG FRYHUV RI WKH V ZLWK RI SDJHV VXSHUE FROOHFWLRQ WKDW QHHGV VRUWLQJ DQG SXWWLQJ LQ EHWWHU LQF $ FGUH 'RQDOGVRQ /XLJL 4XHVWD 5 + 0F,QWRVK DOO DOEXPV $ ZRUOG ZLGH FROOHFWLRQ RQ WKH SRSXODU WKHPH )LOOLQJ ZHDWKHU PDF - & .HOO\ 5RJHUV 6 'DYLHV 3HWHU /H D FDUWRQ Â… Â… &KHPLQDQW 'H 6PHW $OI *DWZDUG WR QDPH MXVW D IHZ IURP WKLV Â’ 6&2876 $OO ,QGLD 6FRXWV -DPERUHH FROOHFWLRQ RI VLJQHG FRYHUV Â… Â… URFNHW GHVSDWFK URVH UHG ODEHO XQXVXDO LWHP Â… Â… 5$5( :,//,$0 :,//,$06 9& V { 6,(55$ /(21( ROG SDJHV ZLWK LVVXHV IURP &HUWLILFDWH RI 6HUYLFH LQ DQG GLVFKDUJH IURP 5R\DO 1DY\ Â’ WR PRUH PRGHUQ FKLHIO\ VRUWHG E\ \HDU VHHQ .*9, 5HVHUYH )RUFH 59 G ZLWK QRWH $XWKRULW\ $GPLUDOW\ /HWWHU &: SDUWLFLSDWHG LQ D EDOORW IRU WKH DZDUG RI WKH òG VFDUOHW PLQW D JHQHUDO VHOHFWLRQ RI VWDPSV 9,&725,$ &5266 WR RQH RI 6KLS V &RPSDQ\ RI +06 3DUJXVW Â… Â… -XQH 6XEVHTXHQWO\ DZDUGHG WR KLP VLJQHG 6LJQHG E\ WKH GHVLJQHU 3LWFDLUQ ,V )ORZHU Â… Â… GHILQ VHW RQ WKUHH FRYHUV HDFK VLJQHG E\ 6XH :LOOLDPV Â… Â… 3267$/ +,6725< :ULWWHQ XS RQ SDJHV

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 9

6,*1(' FRYHUV 2O\PSLF *DPHV 'DYLG

7+( +,6725,& 0$5&+ 2) 3,3(5 %,//

0,//,1 ' '$< VLJQHG LOOXVWUDWHG FRYHUV VLJQHG E\ 3LSHU %LOO 0LOOLQ DQG /RUG /RYDW -RKQ 6PLWK 5LFKDUG 7RGG 7RG 6ZHHQH\ *HRII %DUNZD\ DQG ( 7DSSHQGHQ DQG ILQDOO\ :DOO\ 3DUU $ ILQH VHOHFWLRQ RI VLJQDWXUHV FRYHUV ZLWK )UHQFK RU *XHUQVH\ IUDQNLQJ DQG PDLQO\ OWG WR FRYHUV Â… Â…

%URRPH 6WHYH %DFNOH\ &KULV %RDUGPDQ $ODQ :HOOV FRYHUV Â… Â… 6,*1(' ,//8675$7(' )'& 6 RI WKH ODWH

V QRWH 1DWKDQLHO 3DUNHU *HUDOGLQH &KDSOLQ .HLWK 0LFKHOO 3DXO -HVVRQ ,DQ %DQQHQ 7LPRWK\ :HVW /RUG .LQJ 3HWH *RVV 7HQQ\VRQ /DG\ $QWRQLD )UDVHU 6LU 5RELQ .QRZ -RKQVWRQ &ODUH )UDQFLV 7RQ\ %XOOLPRUH $ VXSHUE FROOHFWLRQ ZLWK EHWWHU FRYHUV PL[HG LQ DQG D EDUJDLQ SULFH Â… Â…

7KH 6HFRQG :RUOG :DU FROOHFWLRQ RI

6LON FRYHUV E\ %HQKDP ZLWK PDQ\ VSHFLDO FRPPHPRUDWLYH FDQFHOV D YHU\ ILQH FROOHFWLRQ WKDW FRVW D VPDOO IRUWXQH RQ QHZ LVVXH $ YHU\ ILQH FROOHFWLRQ RI GLIIHUHQW FRYHUV Â… Â…

6,*1(' 0,//(1,80 PLQLDWXUH VKHHWV

LOOXVWUDWHG )'& V 7RWDO (FOLSVH 6LU $UQROG :ROIHQGDOH +HDWKHU &RXSHU 7LPHNHHSHUV &ROLQ %DNHU 5LFKDUG :KLWHOH\ Â’ 8102817(' 0,17 %ULWLVK &RPPRQZHDOWK Â’ ZLWK PDQ\ FRPSOHWH VHWV QRWH %RRNOHWV 06 ZLWK KLJK YDOXHV $ YHU\ ILQH JURXS RI FRYHUV Â… Â… WR Â… ZLWK EHWWHU WR EH IRXQG XVHIXO LQ V LVVXHV $ IHZ 6,5 +8*+,( ,':$/ (':$5'6 9& VLJQHG VWDPSV VXSHUE TXDOLW\ Â… Â… LOOXVWUDWHG FRYHU WK $QQLYHUVDU\ RI 4DQWDV 5$) FRYHU Â… Â… 6,5 -2+1 *,(/*8' VLJQHG 3ROLFH

LOOXVWUDWHG )'& ZLWK VSHFLDO WK $QQLYHUVDU\ RI 6LU -RKQ *LHOJXG DW %ODFNSRRO VSHFLDO )'& FDQFHO VFDUFH Â… Â… { 6287+(51 5+2'(6,$ FROOHFWLRQ RQ Â’ ROG SDJHV GHILQV ZLWK YDOV WR G JRRG XVHG .*9,

GHILQ VHW PLQW DQG )8 6LOYHU -XELOHH VHW PLQW DQG )DOO VHWV PLQW DQG )8 &HQWHQDU\ VHW PLQW DQG )8 2FFXSDWLRQ RI 0DWDEHOHODQG FRUQHU EORFN RI ZLWK OLQH XQGHU 6DGGOHEDJ SRVLWLRQDO EON YDULHW\ 80 $ JRRG ORW RI VWDPSV Â… Â…

9$67 &2//(&7256 &/($5287 /27 LQ D FDUWRQ DOEXPV V RI VWDPSV LQFOXGLQJ *% XVHIXO UHJLRQDO VSHFLDO PDFKLQV LQWDFW 5R\DOW\ FROOHFWLRQV IXOO RI 80 &RPPRQZHDOWK WKDW FRVW D IRUWXQH RQ QHZ LVVXH ZLWK H[WHQVLYH 4XHHQ 0RWKHU 4XHHQ WK %LUWKGD\ ZLWK LPSHUI YDULHWLHV :LOGLQJV ZLWK YDULHWLHV 3ULQFH :LOOLDP FROOHFWLRQ ZLWK PDQ\ 80 06 DQG PXFK PRUH $ PDVVLYH DPRXQW RI SKLODWHOLF PDWHULDO Â… Â… 9,&725,$ &5266 LQWHUHVWLQJ FROOHFWLRQ LQ VL[

YROXPHV ZLWK LOOXVWUDWHG FRYHUV PDQ\ VLJQHG E\ 9& ZLQQHUV LQ 0LOWRQ *UHJJ 8. &RXOVRQ 0LWFKHOO 9& :LOOLDP 0F1DOO\ 9& 'XGOH\ -RKQVRQ 9& %UHWW &ORXWPDQ 9& 5REHUW &DLQ 9& +HQU\ .LQJ DQG 8UEDQ 'UHZ 5LFKDUG %XUWRQ 9& *HRUJH (DUGOH\ 9& (UQHVW 6PLWK 9& )UHG 7LOVWRQ 9& (GZDUG &KDSPDQ WR QDPH MXVW D IHZ IURP WKLV YHU\ ILQH FROOHFWLRQ ZLWK PDQ\ DGGLWLRQDO DQG VLJQHG LWHPV $ JRRG VWXG\ FROOHFWLRQ Â… Â…

63(&,0(1 RYHUSULQWV RQ SRVWDO VWDWLRQHU\ G

49 )DONODQG FDUG %ULWLVK (DVW $IULFD òD 49 %ULWLVK &HQWUDO $IULFD (GZDUG òG .HQ\D DQG 8JDQGD F .*9 FDUG DOO ILQH FRQGLWLRQ Â… Â… 635,1*7,0( VLJQHG LOOXVWUDWHG )'& V

9,&725,$ &5266 6(59,&( RI 7KDQNLQJ IRU WKH /LIH RI &KDUOHV +D]OLWW 8SKDP 9& DQG %DU VLJQHG E\ 3DW 3RUWHRXV 9& 3KLOLS *DUGQHU 9& DQG 5RG /HDUR\G 9& $ YHU\ ILQH LWHP Â… Â… ^3KRWR`

-RKQQ\ 0RUULV -RKQ *DUUROG D ILQH SDLU RI FRYHUV Â… Â… Â’ 6W +HOHQD 7ULVWDQ GD &XQKD 6HWV XQPRXQWHG Â’ PLQW ODWH V HDUO\ V ZLWK VHWV DQG 06

9,&725,$ &5266 6(59,&( RI 7KDQNVJLYLQJ

Â… Â…

IRU WKH OLIH DQG ZRUN RI 3HWW\ 2IILFHU 7KRPDV 1DW *RXOG 9& VLJQHG E\ ,DQ )UDVHU 9& $ YHU\ ILQH LWHP Â… Â…

67$03 &(17(1$5,(6 +XQJDU\ WK

DQQLYHUVDU\ RI ILUVW SRVWDJH $ YHU\ JRRG SRVWDO KLVWRU\ ORW 9,&725,$ &5266 ::,, FROOHFWLRQ LQ HLJKW GLIIHUHQW LWHPV FRYHUV FDUGV VSHFLDO 3HQQ\ %ODFN YROXPHV FKLHIO\ VLJQHG LOOXVWUDWHG FRYHUV FDUGV VHHQ SUHVHQWDWLRQ VKHHWV PDQ\ GLIIHUHQW VWDPS XVDJHV ZLWK OHWWHUV DQG FDUGV DOVR VLJQHG E\ (UYLQH $QGUHZV (ULF :LOVRQ GLIIHUHQW SLFWRULDO FDQFHOV HDUO\ 0HWHU ,PSUHVVLRQV HWF ZLOO -RKQ +RQWRQ &KDUOHV 8SKDP 3DW 3RUWHRXV $UWKXU &XWOHU PDNH D JUHDW GLVSOD\ 9HU\ ILQH Â… Â… -DPHV *RUGRQ 3KLOLS *DUGHQHU 4XHQWLQ 6P\WKH +HQU\ 67$036 21 67$036 ,WDOLDQ 6WDPS )RRWH 9LFWRU %XOOHU &KDUOHV 0HUULWW MXVW D IHZ QDPHV IRUP WKLV YDVW FROOHFWLRQ RI VLJQHG LWHPV ZLWK PDQ\ DGGLWLRQDO &HQWHQDU\ LVVXHV RQ PD[L FDUGV )'& V RU 3KLODWHOLF ([KLELWLRQ LWHPV VXSHUE IRU VWXG\ ILOOLQJ WZR ODUJH FDUWRQV FDUGV $WWUDFWLYH JURXS FDW (XURV LWHPV Â… Â… ^3KRWR` Â… Â… 9,&725< LQ (8523( DQG

68%0$5,1( FROOHFWLRQ RI FRYHUV ZLWK

EHLQJ VLJQHG ZLWK PDQ\ DGGLWLRQDO LWHPV SKRWR HWF +06 5HQRZQ LOOXVWUDWHG FRYHU ZLWK &DUULHG RQ ILUVW SDWURO ZLWK &O\GH 6XEPDULQH EDVH FGV /DXQFKLQJ RI +06 5HSXOHV LOOXVWU FRYHUV ZLWK %DUURZ LQ )XUQHVV FGV /DXQFK RI 3RODULV 7HVW )LUH FRYHUV ZLWK .HQQHG\ 6SDFH &HQWHU &DSH &DQDYHUDO RU 3DWULFN $LU )RUFH %DVH FGV +06 5HYHQJH ODXQFK GDWH HQY ZLWK +06 5HYHQJH FDFKHW VLJQHG E\ WKH &GU $ YHU\ JRRG FROOHFWLRQ LQ WZR YROXPHV ZLOO PDNH D VXSHUE GLVSOD\ LWHP Â… Â… ^3KRWR`

FROOHFWLRQ RI LOOXVWUDWHG FRYHUV LQF FRYHU ZLWK &KXUFKLOO &'6 6SLWILUH FRYHUV VLJQHG 3DXO 'D\ *RUGRQ 0LWFKHOO 9HUD /\QQ WK $QQLYHUVDU\ VLJQHG )'& 'DYLG +DQQH\ WK $QQLYHUVDU\ )'& 9LFWRU\ &RLQ FRYHU VLJQHG :LQVWRQ &KXUFKLOO 03 D YHU\ JRRG FROOHFWLRQ KRXVHG LQ WZR YROXPHV Â… Â… :$7(5/2: 3ULQWHUV ,03(5) 3522)6 RI 5KRGHVLD DQG 1\DVDODQG GHILQV LQ 80 PXOWLSOHV VFDUFH ZLWK VHFXULW\ SXQFWXUHV LWHPV LQF G EORFN G òG EORFN G òG EORFN YDULRXV SDLUV ([FHOOHQW IRU HQKDQFLQJ D FROOHFWLRQ Â… Â…

68%0$5,1(5 9& FROOHFWLRQ LQ WKUHH YROXPHV FROOHFWLRQ LOOXVWU FRYHU VLJQHG E\ 5HLQKDUW 5HFKH 7R RXU JDOODQW DGYHUVDU\ OHWWHU VLJQHG E\ 6LU 5RJHU .H\HV 3HWHU Â’ :$7(50$5. YDULHWLHV 5R\DO %DE\ 5REHUWV 9& 7KRPDV *RXOG 9& ,DQ )UDVHU 9& $QWKRQ\ 0LHUV Â’ JXWWHU SDLU VHW IRU &DQRXDQ 0XVWLTXH %HTXLD 8QLRQ ,VODQG 9& 3DXO &KDSPDQ *RGIUH\ 3ODFH 9& 57/ -RQHV 7RP DQG 0D\UHDX ZLWK ZPN LQYHUWHG 80 VHWV PLQ FDW -HQQHU PXOWLSOH VLJQHG FRYHUV VLJQHG E\ *RGIUH\ 3ODFH Â… Â… Â… 5REHUW $LWNHQ -RKQ /RULPHU 5LFKDUG .HQGDO $UQROG :LOVRQ :,/'/,)( IDEXORXV WKHPDWLF FROOHFWLRQ RI WKH (UQHVW 3DJH MXVW WR QDPH D IHZ IURP WKLV FROOHFWLRQ RI

0XVWHOLGDH IDPLO\ PDGH XS RI RWWHUV EDGJHUV VWRDWV VLJQHG LWHPV ZLWK PXFK DGGLWLRQDO LQIRUPDWLRQ ZHDVHOV SOXV OHVVHU NQRZQ DQLPDOV VXFK DV ]R]LOODV Â… Â… ^3KRWR` ZROYHULQHV DQG UDWHOV ODUJHU JURXSV IXUWKHU VHSDUDWHG VXFK DV ULYHU RWWHU JLDQW RWWHU FODZOHVV RWWHU HWF 0RVWO\ ILQH 80 ORYHO\ ORW DSSUR[ VWDPSV 06 Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 10

:,/'/,)( VLJQHG LOOXVWUDWHG )'& V

,1',$1 49 RQH $QQD VXUFKDUJHG FDUG XVHG LQ

:LOGIRZO DQG :HWODQGV -RDQQD 7UROORSH 3KLOLSSD 6FRWW (QGDQJHUHG 6SHFLHV 'DYLG %HOODP\ DQG -XOLDQ 3HWWLIHU $ ILQH JURXS RI FRYHUV Â… Â…

$'(1 WR +ROODQG ORQJ 'XWFK PHVVDJH VFDUFH VPDOO IDXOWV SRVWFDUG XVHG LQ $GHQ IUDQNHG *% G WLHG SDTXHERW KV LOOXVWUDWHG HQYHORSH IUDQNHG [ G WLHG $GHQ FDPS FGV LWHPV RI SRVWDO KLVWRU\ Â… Â…

:,1':$5' $1' %$5%$'26 FROOHFWLRQ RQ $775$&7,9( UHJLVWHUHG FRYHU WR *HUPDQ\ SDJHV ZLWK EHWWHU SLFNLQJV LQF 'RPLQLFD 49 G 6* PLQW IUDQNHG (GZDUG òD SDLU D WLHG $GHQ &DPS FGV DUULYDO %DUEDGRV 6LWWLQJ %ULWDQQLDV WR 6HDO RI &RORQ\ WR EDFNVWDPS Â… Â… LQF òG JUHHQ ZLWK UH FXW WRS OLQHV *UHQDGD ,QWHUSH[ F GRXEOH RYSW XQSULFHG PLQW 7RDG ZLWK GRXEOH RYSW PLQW Â’ òD WR U 'KRZV FRPSOHWH 6* PLQW FDW V RI VWDPSV ZLWK VHWV DQG KLJK YDOXHV PXFK PLQW Â… VWDPSV Â… Â… Â… Â… 5(*,67(5(' D HQYHORSH VL]H [ Â’ :,16721 &+85&+,// H[WHQVLYH ZRUOG PP XSUDWHG ZLWK D òD FHQVRU ODEHO PXOWL FDQFHOOHG WR ZLGH VHWV LQF WKH PRUH XQXVXDO 6RXWK $UDELD 6WDWHV %RPED\ HQGRUVHG $' DGYLFH RI GHOLYHU\ YHU\ XQXVXDO &RPPRQZHDOWK RPQLEXV +RQGXUDV 6KDUMDK LQF 06 .KRU Â… Â… )DNNDQ LQF 06 $ YHU\ JRRG FROOHFWLRQ RI VWDPSV 06 IUHVK PLQW Â… Â… { 6HL\XQ 6HW 9)8 6* Â… Â… :,16721 &+85&+,// RPQLEXV

LOOXVWUDWHG )'& V LQF *% ZLWK )', %ODQGRQ FDQFHO +RQJ .RQJ )DONODQG ,V $VFHQVLRQ SOXV D IHZ ZRUOG LVVXHV LQF 0DOL Â’ $/%,12 29(535,17 (5525 6+ RQ 5 6* $ )LQH PLQW 9HU\ UDUH H[ 0XUUD\ 3D\QH +HUP ,V *DERQ %UD]LO $ JRRG ORW RI FRYHUV Â… Â… Â… Â… Â’ &RPSOHWH VKHHW RI 6WDWH RI +DGKUDPDXW F :25/' :$5 7:2 2XWVWDQGLQJ FROOHFWLRQ RI Â’ ZLWK UHTXLVLWLRQ QXPEHU DW WRS DQG 'H /D 5XH DQG SODWH %ULWLVK +LJK 5DQNLQJ 2IILFH V VLJQDWXUHV LQF 0RQWJRPHU\ RI QXPEHU DW WKH ERWWRP RI WKH VKHHW 6* IUHVK 80 $ODPHLQ 6LU (GPXQG ,URQVLGH 6LU 0LOHV 'HPSVH\ $OH[DQGHU Â… Â… RI 7UXQLQ +DUROG $OH[DQGHU /RUG :DYHOO 6LU $ODQ %URRNH 6LU -RKQ 'LOO 6LU &DPHURQ 1LFKROVRQ *HQHUDO $UWKXU 3HUFLYDO 6LU Â’ &RPSOHWH VKHHW RI VWDWH RI +DGKUDPDXW F :LOOLDP 6OLP 6LU *HUDOG 7HPSOHU %ULDQ +RUURFNV 6LU 5LFKDUG Â’ 6* ZLWK 'H /D 5XH LPSULQW DQG SODWH QXPEHU $ D IRRW

&RQQRU 0DM *HQ QHLO 'RXJODV DQG 6LU )UDQFLV *XLQJDQG $ IUHVK 80 Â… Â… YHU\ JRRG ORW RI VLJQHG LWHPV LQ RQH ODUJH YROXPH Â’ 4(,, F FRPSOHWH VKHHW RI SODWH ZLWK 'H Â… Â… ^3KRWR` Â’ /D 5XH LPSULQW DW IRRW 6* )UHVK 80 &DW Â… DV VLQJOH :5(&. 0$,/ 3DOHVWLQH WR /RQGRQ ZLWK VWDPSV Â… Â… 4 '$0$*(' %< 6($ :$7(5 YLROHW ER[HG FDFKHW VWDPS JRQH Â’ 4(,, F FRPSOHWH VKHHW RI 6* ZLWK 'H *32 IRXQG RSHQ ODEHO H[ &RXUWLHU IOLJKW Â… Â… Â’ /D 5XH LPSULQW DQG SODWH QXPEHU DW IRRW IUHVK 80 &DW =(33(/,1 $QQLYHUVDU\ VLJQHG LOOXVWUDWHG Â… DV VLQJOH VWDPSV Â… Â… FRYHUV 2VNDU 5RVFK 2VNDU )LQN SOXV SDVVDJH E\ EDOORRQ { &(</21 86(' ,1 $'(1 G 6* F ZLWK SDUW VLHJH RI 3DULV /HR 'LFNLQVRQ Â… Â… $' RI $GHQ FDQFHO H[ 3HDUVRQ Â… Â… 4 =(33(/,1 0$,/ WK 2FWREHU UHJLVWHUHG )25&(6 0$,/ $ UDQJH RI $LU /HWWHUV SRVWFDUG WR %UD]LO IUDQNHG 0RURFFR $JHQFLHV 6SDQLVK &XUUHQF\ F RQ G [ F RQ G SDLU DQG S RQ V SPNG HQGRUVHG )RUFHV 0DLO ZLWK )32 &'6 ,QF DQG PDLQO\ UHJG /DUDFKH YDULRXV WUDQVLW DQG DUULYDO PDUNV SOXV VSHFLDO ZLWK D YDULHW\ RI *% VWDPSV JRRG ORW RI FRYHUV

(XURSD 6XGDPHULND =HSSHOLQ FDFKHW 6FDUFH LWHP Â… Â… Â… Â…

$'(1 48$,7,

4 =(33(/,1 0$,/ &KULVWPDV IOLJKW FRYHU

Â’ 'HILQV 6HW 6* 80 Â… Â…

IUDQNHG ZLWK 0RURFFR $JHQFLHV 6SDQLVK &XUUHQF\ F RQ G F RQ G DQG S RQ V SPNG %ULWLVK 3RVW 2IILFH 7DQJLHU DQG DGGUHVVHG WR %UD]LO 6SHFLDO &KULVWPDV )OLJKW FDFKHW %HUOLQ $/*(5,$ WUDQVLW DQG DUULYDO FGV SPNV RQ UHYHUVH 6FDUFH FRYHU Â… Â… Â’ ) ) :DU 2USKDQV )XQG 6* D ILQH Â’ 80 Â… Â… $%8 '+$%, )$/&21 VHW RQ LOOXVWUDWHG )'& ZLWK QHDW W\SHG

DGGUHVV 6* VHOGRP VHHQ RQ FRYHU Â… Â… Â’ 6+$,.+ =$,' 685&+$5*( I RQ I 6* Â’ IUHVK 80 VFDUFH 80 Â… Â…

(35(89( '( /8;( D YHU\ ILQH FROOHFWLRQ RI GLIIHUHQW ZLWK HDFK FDUG KDYLQJ DQ LPSHUIRUDWH VWDPS DIIL[HG VHHQ 0LQHUDOV VHW 6LOYHU -HZHOOHU\ VHW ,QVHFW VHW :RUOG &XS VHW 'DQFH VHW )ORZHUV VHW %XWWHUIOLHV VHW ZLWK PDQ\ VHWV $ ILQH DQG VHOGRP VHHQ FROOHFWLRQ Â… Â… (35(89( '( /8;( D ILQH FROOHFWLRQ RI HDFK LPSHUIRUDWHG VWDPS DIIL[HG LQ 0RVTXH &DUYLQJV 3URWHVW )ORZHUV 6FRUSLRQV /LJKWKRXVHV 6HD VKHOOV $ JRRG ORW VHOGRP VHHQ Â… Â…

'20( 2) 7+( 52&. -HUXVDOHP VHW RQ

LOOXVWUDWHG )'& 6* ZLWKRXW DGGUHVV Â… Â… { 3529,6,21$/ 8$( RYHUSULQW I VWULS RI

SOXV D VLQJOH RQ D SLHFH 6* VHOGRP VHHQ LQ VWULSV ILQH XVHG ZLWK FGV $EX 'KDEL FDQFHO Â… Â… { 8$( SHULRG 6FDUFH FRPELQDWLRQ SLHFH IUDQNHG

[ I DQG VWULS I RYSWV 6* ZLWK SDLU I 6* FDQFHOOHG $EX 'KDEL DJHQF\ FGV Â… Â…

(35(89( '( /8;( D ILQH FROOHFWLRQ RI FDUGV ZLWK LPSHUIRUDWHG VWDPS DIIL[HG -HZHOOHU\ VHW 7UHHV :LOGOLIH &DYH 3DLQWLQJV 7UDGLWLRQDO $UWV 0HGLFLQDO 3ODQWV 1DWXUH 3URWHFWLRQ 0XVKURRPV $ YHU\ ILQH FROOHFWLRQ VHOGRP VHHQ Â… Â…

$1*2/$

$'(1

Â’ 2/' 672&. 3$*(6 ZLWK .LQJ &DUORV LVVXHV Â’ LQF U VKHHWOHW RI U VKHHWOHW RI ZLWK Â’ $QJROD LPSULQW ZLWK YDOXHV WR U RYSWV U

,1:$5' &29(5 WR SRVW RIILFH $GHQ H[ 8.

IUDQNHG /LODF *UHHQ G G WLHG (GLQEXUJK GXSOH[ WD[HG 9$/8( 2) 67$036 '(),&(1&< YLROHW ER[HG FDFKHW RYHUODQG SRVWDJH FGV DQG $GHQ DUULYDO EDFNVWDPS $ UDUH LQVWUXFWLRQDO PDUN 6PDOO FRUQHU IDXOW Â… Â…

GLIIHUHQW $ ILQH VHOHFWLRQ RI VWDPSV FKLHIO\ PLQW LQ 80 Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 11

{ 2/' 7,0( FROOHFWLRQ RI 3RUWXJXHVH &RORQLHV Â’ LVVXHV RQ ROG SDJHV V FURZQV WR U .LQJ /XLV WR

U .LQJ &DUORV WR U LQ 5HSXEOLF RYSWV HDFK GLIIHUHQW 9DVFR GD *DPD VHWV SRVWDJH GXH D JRRG UDQJH 67& Â… RI VWDPSV Â… Â…

$1*8,//$ Â’ (;7(16,9( PLQW FROOHFWLRQ ZLWK EHWWHU VHWV

GHILQ VHW ,QGHSHQGHQFH RYSW VHW WR 21/< /,67(' LQ 6* WR F SLFWRULDO GHILQ VHW RI H[WHQVLYH FROOHFWLRQ RI VHWV LQF WKHLU 06 FDW Â… TXDOLW\ FROOHFWLRQ Â… Â… { ),1( 86(' 9HU\ H[WHQVLYH

FROOHFWLRQ LQ DQ DOEXP PDQ\ V FRPSOHWH VHWV WKURXJKRXW DOVR LQFOXGHV D ILQH JURXS RI LQGHSHQGHQFH RYSWV òF WR F YHU\ JRRG VWDPSV RQO\ LVVXHG DW WKH LVODQG ILUVW SLFWRULDO VHW WR PDQ\ GHILQ VHWV RYSWV DV SDLUV ZLWK YDULHWLHV PDQ\ 06 5DUHO\ RIIHUHG XVHG WKH FRQGLWLRQ LV H[FHSWLRQDO Â… Â…

$17$5&7,&$

Â’ ($5/< 4(,, LVVXHV GHILQLWLYH VHW WR Â’ ZLWK VKDGHV YHU\ IUHVK PLQW JOD]HG SDSHUV Â’ 80 $ JRRG VHOHFWLRQ RI VWDPSV Â… Â…

2/' 3$*(6 ZLWK EHWWHU SLFNLQJV PLQW FDW Â… 6LOYHU -XELOHH GHILQ VHW RI SOXV òG ODNH EURZQ DQG G PDURRQ 6LOYHU :HGGLQJ 838 *RRG ORW RI VWDPSV Â… Â…

$5*(17,1$ Â’ 1$7,21$/ $17+(0 SDLU RI 06 IUHVK 80 UDUH Â’ VKHHWV 6* 06 D E Â… Â…

&2/285 75,$/6 V LVVXHV 6DQ 0DUWLQ 'HUJXL DQG &HOPDQ DV EORFNV RI YHU\ LQWHUHVWLQJ JURXS WKDW ZLOO HQKDQFH D FROOHFWLRQ DOO RQ WKLQ SDSHU ZLWKRXW JXP $V SURGXFHG QHYHU EHHQ KLQJHG Â… Â… &2/285 75,$/6 3UHVLGHQW LVVXH LQ EORFNV RI LQ D ILQH DUUD\ RI FRORXUV DQG YDOXHV WR S WKHVH EORFNV KDYH QHYHU EHHQ KLQJHG RQ XQJXPPHG SDSHU EORFNV Â… Â…

Â’ 1(9(5 +,1*(' 0,17 PXVW EH FLUFD Â’ VWDPSV PRGHUQ WR PLGGOH SHULRG ZLWK PDQ\ EORFNV RI PXVW FROOHFWLRQ RI V RI LWHPV FRYHUV FDUGV DQG UHODWHG VWDPSV FDW Â… Â… Â… KRXVHG LQ ILYH YROXPHV RQH DOEXP LV GHGLFDWHG WR 3RODU H[SHGLWLRQ FRYHUV V ZLWK VKLS FDFKHWV FRYHUV $58%$ LQF VFDUFH 6SDQLVK ([SHG LWHPV PXFK )DONODQG DQG Â’ &RPSOHWH VWDPS FROOHFWLRQ IUHVK 80 &DW $VFHQVLRQ ZLWK FDFKHWV LWHPV DQG PDQ\ VWDPS VHWV 9HU\ Â’ Â… RYHU GLIIHUHQW VWDPSV 6XSHUE &DULEEHDQ GLYHUVH ORW WKH ORW IHDWXUHV FRYHUV Â… Â… LVVXHV Â… Â…

&2035(+(16,9( DQG ZHOO GLVSOD\HG

$17,*8$

Â’ 49 WR G PLQW $UPV (GZDUG VHW WR

6* PLQW Â… Â… Â’ òG WR V G ZPN &URZQ && 6HDO RI WKH &RORQ\

6* 9)0 Â… Â… Â’ $506 GHILQV ZPN &URZQ && VHW 6*

PLQW G DQG V VRPH OLJKW WRQLQJ FDW Â… Â… Â… Â’ $506 GHILQV ZPN PXOW &URZQ &$ VHW 6*

ILQH PLQW Â… Â… Â’ 6($/ 2) 7+( &2/21< ZPN 0XOW &URZQ &$

GHILQV VHW SOXV òG EOXH VKDGH 6* D PLQW Â… Â… Â’ V JUH\ JUHHQ DQG YLROHW .*9 SRUWUDLW 6*

ILQH PLQW Â… Â… Â’ .*9 GHILQV ZPN PXOWL &URZQ &$ 6* ILQH

PLQW Â… Â… Â’ .*9, LVVXHV FRPSOHWH LQF EDVLF VHW RI GHILQV

6* ILQH PLQW FDW Â… Â… Â… /2&$//< SRVWHG FRYHU IUDQNHG .*9, V ROLYH

JUHHQ 6* -RKQVRQV 3RLQW FGV SPN Â… Â…

$6&(16,21 { *% 86(' ,1 $6&(16,21 49 òG 6*=

ILQH XVHG RQ SLHFH ZLWK D ILQH $VFHQVLRQ &'6 Â… Â… { *% 86(' ,1 $6&(16,21 49 G ZLWK D YHU\

ILQH $VFHQVLRQ &'6 6* = RQ SLHFH Â… Â… { *% 86(' ,1 $6&(16,21 49 òG 6* =

YHUW SDLU RQ D SLHFH ZLWK YHU\ ILQH $VFHQVLRQ &'6 FDQFHO DFURVV WZR VWDPSV 6FDUFH Â… Â… *% 86(' ,1 SRVWFDUG WR 1RUZLFK ZLWK 49

SHQQ\ OLODF WLHG $VFHQVLRQ FGV = XQXVXDOO\ RYHU VWUXFN ZLWK 1RUZLFK GXSOH[ ,QWHUHVWLQJ LWHP Â… Â… { *% 86(' ,1 $6&(16,21 (GZDUG G +RUL]

3DLU ZLWK ILQH $VFHQVLRQ &'6 FDQFHO 6* = RQ SLHFH Â… Â… { *% 86(' ,1 $6&(16,21 (GZDUG G YHUW SDLU

6* = ZLWK D ILQH $VFHQVLRQ &'6 FDQFHO RQ SLHFH Â… Â… { *% 86(' ,1 $6&(16,21 (GZDUG G *UHHQ

DQG 5HG RQ SLHFH ZLWK D YHU\ ILQH $VFHQVLRQ &'6 FDQFHO 6* = 6XSHUE Â… Â… { *% 86(' ,1 0DFNHQQDO òG RQ SLHFH DQG G

HDFK ZLWK QHDW FGV FDQFHOV VFDUFH 6* = D E Â… Â…

{ *% 86(' ,1 $6&(16,21 (GZDUG G %OXH 3,&785( SRVWFDUG IUDQNHG 4(,, F [ VFDUFH

2$7 )6 FDFKHW DSSOLHG RQZDUG DLU WUDQVPLVVLRQ Â… Â…

*UHHQ DQG 5HG RQ SLHFH ZLWK D YHU\ ILQH $VFHQVLRQ FGV 6* = 4XDOLW\ Â… Â…

{ *% 86(' ,1 $6&(16,21 .*9 G VWULS RI Â’ F 8 6 ,QGHSHQGHQFH %LFHQWHQDU\ EORFN RI ZLWK YHU\ ILQH $VFHQVLRQ &'6 RQ SLHFH 6* = E VHOGRP VHHQ Â’ ZLWK VL[ ,PSHUIRUDWH 6WDPSV LQ EORFN 6* D 80

SDSHUZRUN DFFRPSDQLHV VKRZLQJ LQYRLFH IRU Â… LQ Â… Â…

DV D PXOWLSOH Â… Â…

{ *% 86(' ,1 0DFNHQQHO G DV ILQH XVHG

YHUWLFDO VWULS RI HDFK ZLWK FRGH % FGV $ VFDUFH PXOWLSOH 6* $OEXP 3DJHV ZLWK D XVHIXO UDQJH RI LVVXHV = Â… Â… IURP 49 G G ZLWK ILQH $R FDQFHOV òG ZLWK SODWH QXPEHUV DQG PLQW .*9 WR 4(,, GHILQV { *% 86(' ,1 $6&(16,21 .*9 G ZLWK D YHU\ WR GHILQV WR 1DYLJDWRU V WR ILQH $VFHQVLRQ &'6 6* = VXSHUE VWULNH Â… Â… ZLWK LVVXHV WR FKLHIO\ IUHVK PLQW RYHU { *% 86(' ,1 $6&(16,21 .*9 G VFDUFH RQ VWDPSV Â… Â… SLHFH ZLWK D YHU\ ILQH $VFHQVLRQ &'6 6* = 6XSHUE Â’ %$5%8'$ .*9 RYSWG GHILQV VHW 6* TXDOLW\ Â… Â… 9)0 Â… Â…

www.philangles.co.uk – Place your bids online. Immediate and secure.

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 12

{ *% 86(' ,1 $6&(16,21 .*9 G DQG òG RQ Â’ (5525 G EODFN DQG VFDUOHW ZLWK PRXQWDLQHHU

IODZ 6* FD YHU\ IUHVK OLJKWO\ PRXQWHG PLQW Â… Â…

SLHFH ZLWK D YHU\ ILQH $VFHQVLRQ &'6 FDQFHO 6* = $ ILQH SLHFH Â… Â… { *% 86(' ,1 $6&(16,21 .*9 SLHFH ZLWK òG

G [ DQG òG 6* = ZLWK YHU\ ILQH $VFHQVLRQ &'6 FDQFHO DQG UHJG /DEHO QHDU E\ Â… Â… { %$'*( 6HW RI ILQH XVHG LQF òG G òG

G XVHG LQ 6W +HOHQD VWDPSV VHOGRP VHH XVHG LQ 6W +HOHQD Â… Â…

Â’ (5525 VFDUFH G EODFN DQG GHHS FDUPLQH

ZLWK '$9,7 )/$: IUHVK OLJKWO\ PRXQWHG PLQW 6* FD SHUI $ YHU\ ILQH VWDPS Â… Â… { 9$5,(7< .*9 òG '$9,7 )/$: EODFN DQG

5RVH &DUPLQH 6* GD ILQH XVHG Â… Â… ::,, PXOWL IUDQNHG FHQVRUHG FRYHU ZLWK

{ )LUVW RYHUSULQWHG VHW RI 6* ILQH

FRQWHQWV WR 8. VWDPS G UDWH PXOWL FDQFHOOHG ZLWK SKRWR &KULVWPDV FDUG LQVLGH DQG 3DVVHG ;; &URZQ ER[HG FHQVRU FDFKHW 9HU\ ILQH Â… Â…

XVHG Â… Â… { *% 86(' ,1 $6&(16,21 .*9 RQ SLHFH

ZLWK D VXSHUE $VFHQVLRQ &'6 6* = 6XSHUE TXDOLW\ Â… Â… { *% 86(' ,1 $6&(16,21 .*9 G RQ SLHFH

&(1625(' UHJLVWHUHG FRYHU WR 7KH &DVWOH 6W

+HOHQD VWDPS G UDWH VWDPSV XQFDQFHOOHG FHQVRU FDFKHW DQG DUULYDO FGV )DXOWV WKRXJK XQXVXDO Â… Â… 5(0$5.$%/( FHQVRUHG UHJLVWHUHG FRYHU WR

ZLWK D YHU\ ILQH $VFHQVLRQ &'6 6* = 4XDOLW\ Â… Â… { *% 86(' ,1 .*9 $V D ILQH XVHG VWULS RI

DSSHDUV FRPPHUFLDO XVDJH WZR QHDW FGV PLQRU LPSHUIHFWLRQV 5DUH PXOWLSOH 6*= Â… Â… { 29(535,17 6HW RI ZLWK ILQH $VFHQVLRQ &'6

FDQFHOV 6* Â… Â… Â’ 3/$7( &251(5 òG EORFN RI SODWH ZLWK Â’ WKH VWDPSV EHLQJ 80 6* Â… Â…

8. ZLWK .*9, G DQG KLJK YDOXH FRPELQDWLRQ HDFK ZLWK QHDW $VFHQVLRQ FGV DQG ZLWK FHQVRU ;; &URZQ ER[HG KV RQ UHYHUVH 5DUH FRPELQDWLRQ DQG XVDJH RI KLJK YDOXH Â… Â… { 4(,, 9(5< ),1( 86(' &ROOHFWLRQ LQF

3LFWRULDO VHW RI %LUG VHW RI DQG FRPPHPRUDWLYH IURP ))+ WR 81(6&2 D ILQH FROOHFWLRQ RI VWDPSV Â… Â… Â’ 0RVW FRPSUHKHQVLYH FROOHFWLRQ RI 80 LQFOXGLQJ Â’ GHILQ VHW %LUGV WR Â… $UPV DQG 06 6HWV

{ %$'*( WRS YDOXH DV UDUH SRVWDO XVHG EORFN

ZLWK 9$5,(7,(6 IODZ EHORZ ULJKW VFUROO DQG GDPDJH WR SRVWDJH HWF $ WULIOHG VRLOHG WKRXJK D YHU\ VFDUFH PXOWLSOH 6* Â… Â… Â’ %$'*( RI 6W +HOHQD VHW RI LQF G JUH\

EODFN DQG EULJKW EOXH JUHHQ 6* E IUHVK PLQW ZLWK PLQRU YDULHWLHV KLJKOLJKWHG RQ D SDJH 6* Â… Â… Â’ &/()7 52&. 9$5,(7< FRUQHU PDUJLQDO

6SDFH WR Â… 0XFK DGGLWLRQDO PDWHULDO TXDOLW\ Â… Â… Â’ 0,17 $1' 86(' &2//(&7,21 LQFO 0LQW VHWV

RI DQG GHILQV %LUGV GHILQV VHW LQ F\OLQGHU EORFNV RI FRPPHPV ODUJHO\ FRPSOHWH IURP )UHHGRP )URP +XQJHU WR 5RZODQG +LOO PDQ\ VHWV LQ F\O %ORFNV RI DOVR LQFO 0RVW PLQLDWXUH VKHHWV LQFO 5R\DO 1DYDO &UHVWV WK 6HULHV FDW Â… IHZ V Â… Â… &(1625(' (19(/23( ZLWK *% .*9 G

IUHVK PLQW 6* F Â… Â… Â’ 9$5,(7< %$'*( òG ZLWK EURNHQ PDLQ PDVW

6* D 80 Â… Â…

IUDQNLQJ ZLWK D ILQH $VFHQVLRQ &'6 FDQFHO DQG ODUJH RQH OLQH FHQVRUHG KDQGVWDPS 6* = Â… Â… ($5/< 3,&785( 3267&$5'6 ZLWK (GZDUG

G *% ZLWK $VFHQVLRQ FDQFHOV SSF RI IURP WKH *UHHQ 0RXQWDLQ YLHZ RI WKH 5DPSV QG FDUG 7XUWOH 7XUQHUV DQG 7XUWOHV D VFDUFH D ILQH SDLU RI SLFWXUH SRVWFDUGV ZLWK 6* = Â… Â…

Â’ 9$5,(7< %$'*( òG ZLWK WRUQ IODJ 6* E

PLQW Â… Â… Â’ 9$5,(7< %$'*( G ZLWK WRUQ IODJ 6* E

Â’ 8102817(' 0,17 FROOHFWLRQ RI PDLQO\ V Â’ VHWV LQF )ORZHUV GHILQ VHW RI SOXV S FURZQ WR WKH OHIW DQG

IUHVK PLQW Â… Â… { .*9 SLFWRULDO GHILQLWLYHV VHW 6* 9)8

LPSULQWHG VHW RI RYHU VWDPSV 06 XVHIXO ORW IRU WKLV SHULRG Â… Â…

Â… Â… { .*9 SLFWRULDO VHW 9)8 RQ ODUJH SLHFH 6*

Â… Â… { .*9 3LFWRULDO VHW RI DQG

::,, FRPPHUFLDO FHQVRUHG FRYHU WR 8. ZLWK

G VLQJOH IUDQNLQJ DQG W\SH ,,, ER[HG ;; FHQVRU FDFKHW FRUUHFW XVDJH Â… Â…

$8675$/,$

6 -XELOHH VHW RI ILQH XVHG Â… Â…

Â’ 2)),&,$/6 V HPHUDOG GLH ,, 6*

Â’ 0,17 &ROOHFWLRQ RQ ROG DOEXP SDJHV LQF .*9

VHW RI FÂ… 6LOYHU -XELOHH VHW .*9, GHILQ V ZLWK DGGLWLRQDO SHUI W\SHV DQG EORFNV ZLWK YDOXHV WR 6LOYHU :HGGLQJ VHW 838 VHW LQ EORFNV RI 4(,, GHILQ VHW RI %LUG VHW RI $ JRRG UDQJH RI VWDPSV Â… Â…

ILQH PLQW Â… Â… Â’ 3267$*( '8(6 PDJQLILFHQW DVVHPEO\ RI

GXHV FDW RYHU Â… ZLWK VKDGHV ZPN YDULHWLHV UDUH SHUI ZLWK YDOXHV IURP òG WR PLQW ZLWK PDQ\ EHWWHU LQF SHUI òG G G G G DQG G LQF òG ZLWK ZPN LQY 6* ' ERWK VKDGHV ' 6HOGRP VHHQ ZLWK VXFK VSHFLDOLVW VKDGHV DQG SULQWLQJV PLQW Â… Â…

{ .*9, ),1( 86(' 3LFWRULDO WR

LQF 'LIIHUHQW SHUI W\SH DQG VKDGH ZLWK ERWK 6 :HGGLQJ 838 D ILQH FROOHFWLRQ RI VWDPSV ILQH WR YHU\ ILQH XVHG Â… Â…

.*9 3HQQ\ SLFWRULDO SRVWDO FDUG VXSHUE XVHG

&72 DW )UHPDQWOH +* Â… Â… ^3KRWR`

Â’ (5525 òG EODFN DQG YHUPLOOLRQ '$9,7

{ 2)),&,$/6 5RR V ODUJH 26 ILQH XVHG òG WR

LQF G 'LH , ,, $ VFDUFH JURXS 6* 2 2 FDW Â… Â… Â…

)/$: S 6* ED PLQW Â… Â… Â’ (5525 òG EODFN DQG YHUPLOOLRQ '$9,7

{ 2)),&,$/6 5RR V VPDOO 26 SHUIV FKLHIO\ ILQH

)/$: 6* D PLQW FDW Â… Â… Â…

XVHG FDW Â… ZLWK YDOXHV WR QRWH òG PLQW òG 6* 2 6* 2 SOXV ODUJH 26 6* 2 $ ILQH VHOHFWLRQ RI VWDPSV Â… Â…

VISIT www.philangles.co.uk.

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 13

{ 522 6 ILQH XVHG VWXG\ ZLWK VKDGHV LQY ZPNV 35,621(5 2) :$5 )5(( /(77(5 7\SH +

LQ 9LROHW RQ 32: HQYHORSH WR %HUOLQ ZLWK RULJLQDO OHWWHU LQVLGH WZR GLIIHUHQW FHQVRU FDFKHWV DQG 32: +6 Â… Â… ^3KRWR`

GLIIHUHQW GLHV 67& Â… ZLWK YDOXHV IURP òG WR ILUVW ZDWHUPDUN VWDPSV Â… Â… 8QXVXDO XVH RI *% XQLIRUP 3HQQ\

3RVWDJH LOOXVWUDWHG HQYHORSH ZLWK G 5RR DIIL[HG ZLWK 6\GQH\ 35,621(5 2) :$5 /(77(5 )5(( 0DXYH PDFKLQH FDQFHO FDQF IRXU ZHHNV DIWHU LVVXH WR 8. )DXOWV DQG +6 7\SH + RQ YHU\ ILQH HQYHORSH 32: +6 /LYHUSRRO &'6 IR[LQJ EXW VWLOO D UHPDUNDEOH XVDJH Â… Â… ^3KRWR` DQG VXSHUE /LYHUSRRO &DPS $XWRJUDSK FHQVRU FDFKHW 9HU\ VFDUFH Â… Â… ^3KRWR` { 9$5,(7< SHQQ\ 5RR ZLWK H[WUD ,VODQG WZR 63(&7$&8/$5 SLFWRULDO HQYHORSH GHSLFWLQJ 7DVPDQLD V %UXVGHQ :KLWH ( G ILQH XVHG Â… Â… VWHDP WUDLQ DQG FDUULDJHV IRU ILUVW RYHUODQG PDLO VHQW WR .$1*$5226 XVHG RQ QHDW FRYHUV $XVWUDOLDQ ,PSHULDO )RUFHV LQ )UDQFH IUDQNHG òG VPDOO IDXOWV SHQQ\ RQ FRYHU ZLWK 8QFODLPHG DW 3UHVWRQ ER[HG KV DOVR WZR RWKHU LWHPV LQF VSOHQGLG LOOXVWUDWHG HQYHORSH VXSHUE UHJG FRYHU WR 86$ ZLWK VWDPS òG UDWH FKRLFH Â… Â… ^3KRWR` DGYHUWLVLQJ FRYHU ZLWK òG 0RWRU &\FOH DGYHUW HQY HWF { 3(5),16 .*9 KHDGV ZLWK 26 SHUILQV 26 $Q LQWHUHVWLQJ JURXS Â… Â… 16: DQG 7 SHUILQV ZLWK YDOXHV WR G ZLWK PXFK ILQH XVHG { 26 16: SHUILQV HWF DOO )8 ILQH VHOHFWLRQ RI ZLWK GLIIHUHQW SULQWLQJV DQG VKDGHV VWDPSV Â… Â… RQ SDJHV LQF 5RR V WR 5RR G \HOORZ 26 SHUILQV XVHG RQ FRYHUV DQG RWKHU .*9 KHDG ZLWK 3(5),1 ,19(57(' RWKHU .*9 KHDGV JRRG LQWHUHVWLQJ 2+06 FRYHUV LWHPV ZULWWHQ XS RQ SDJHV DQ ORW Â… Â… H[FHOOHQW DQG VFDUFH JURXS LQF G 5RR 26 16: XVDJH .*9 KHDG JRRG IRU VWXG\ òG JUHHQ ZLWK PDQ\ 2+06 HQYHORSHV ZLWK ODUJH DGYHUWV SULQWHG RQ UHYHUVH GLIIHUHQW VKDGHV DQG PDQ\ PLQRU YDULHWLHV LQF ZPN LQY 26 XQXVXDO GLII XVDJHV RI 2+06 HQYV LQF UHJG IORZQ SHUILQV ZLWK YDOXHV WR G FKLHIO\ ILQH XVHG VHOHFWLRQ RI 2+06 LWHP ZLWK RULJLQDO HQFORVXUH 9HU\ ILQH VWDPSV Â… Â… Â… Â… { .*9 KHDG HOHFWUR RQH JUHHQ òG D JRRG VWXG\ Â’ .*9 KHDG òG RUDQJH HOHFWUR SODWH VHYHQ LQ D Â’ LQF PLQW DQG XVHG ZLWK PDQ\ PLQRU IODZV LGHQWLILHG $ Â’ ODUJH EORFN RI WRS OHIW SDQH ZLWK ZPN LQYHUWHG VFDUFH LQ VFDUFH ORW RI %: Â… Â… VXFK D ODUJH EORFN YHU\ JRRG IRU VWXG\ 80 Â… Â… { 2)),&,$/6 5RR V VHFRQG ZPN ILQH XVHG JURXS Â’ .*9 KHDG òG RUDQJH HOHFWUR VHYHQ LQ D ODUJH Â’ EORFN RI ZPN LQYHUWHG JRRG IRU VWXG\ ZLWK DOO WKH NQRZQ G G G DQG 6* 2 FDW Â… Â… Â… YDULHWLHV RQ WKHVH VWDPSV SOXV EORFN RI ZPN XSULJKW 80 Â… Â… { 2)),&,$/6 5RR V WKLUG ZPN VWXG\ RQ SDJHV ZLWK YDOXHV WR ZLWK VKDGHV DQG GLHV FKLHIO\ ILQH XVHG G 522 G 6* RQ D SDJH ZLWK PLQRU YDULHWLHV RQH PLQW òG G G G DQG LGHQWLILHG LQF IUDPH EUHDNV LQ GLIIHUHQW SRVLWLRQV $Q EHWZHHQ 6* 2 2 QRWH DQG FWR XVHG LQWHUHVWLQJ JURXS Â… Â… VWDPSV Â… Â… Â’ G WR Â… JUH\ URRV ZPN QDUURZ FURZQ 6* 35,621(5 2) :$5 /(77(5 )5(( G DQG V PLQRU IDXOWV Â… ILQH PLQW &DW Â… +DQGVWDPS LQ *UHHQ 7\SH + RQ ILQH 32: HQY WR Â… Â… 6ZLW]HUODQG GDWHG &'6 DQG FHQVRUHG FDFKHW 9HU\ ILQH Â’ òG VFDUOHW JXWWHU EORFN RI ORZHU PDUJLQ Â… Â… ^3KRWR` ZLWKRXW LPSULQW 6* PLQW FRXSOH RI OLJKW DJH PDUNV 35,621(5 2) :$5 /(77(5 )5(( 9LROHW Â… Â… +6 7\SH + RQ 3HQQ\ 5RR 3RVWFDUG H[ *HUPDQ Â’ G ROLYH \HOORZ JXWWHU EORFN RI ORZHU PDUJLQ &RQFHQWUDWLRQ &DPS WR 86$ 6SHFLDO 32: FDFKHW DQG GRXEOH ZLWKRXW LPSULQW 6* 9)0 Â… Â… FHQVRUHG 6PDOO FRUQHU IDXOW 536 FHUW 5DUH Â… Â… ^3KRWR` Â’ .*9 KHDGV G WR òG ZLWK VKDGHV DQG 35,621(5 2) :$5 /(77(5 %R[HG +6 7\SH

YDULHWLHV LQ òG +DOH 3HQFH WKLQ 56/ FXUYHG DW OHIW QR ZPN G DQG òG $ JRRG ORW RI VWDPSV PLQW + RQ 32: HQYHORSH +DQGVWDPSHG ZLWK SDVVHG E\ FHQVRU Â… Â… GDWHG &'6 DGGUHVVHV WR *HUPDQ\ )LQH DQG UDUH Â… Â… ^3KRWR` G JUHHQ DLUPDLO DQG .LQJVIRUG 6PLWKV 35,621(5 2) :$5 OHWWHU IUHH SULQWHG IOLJKWV VHW XVHG RQ WZR UHJG FRYHUV DLUPDLOHG WR (QJODQG HQYHORSHV HDFK ZLWK 3 LPSUHVVHG RQH WR $XVWULD VRLOHG FRYHUV Â… Â… RWKHU H[FHSWLRQDO ZULWWHQ IURP 7ULDO %D\ WR %HUOLQ ZLWK RULJLQDO Â’ G G DQG V LQ -RKQ $VK *XWWHU ,PSULQW 3DLUV FRQFHQWUDWLRQ FDPS SULQWHG OHWWHUKHDG OHWWHU ERWK PXOWL ZPN PXOWL FURZQ RYHU $ 6* JRRG WR ILQH PLQW VPDOO FHQVRUHG VFDUFH Â… Â… SHUI IDXOW RQ V SDLUV Â… Â…

Â’ 522 6 WKLUG ZDWHUPDUN ZLWK YDULHWLHV LQF òG

LQGLJR ZLWK KHDY\ :$ FRDVWOLQH FDW G LQY ZPN ZPN VLGHZD\V ZLWK GLIIHUHQW GLHV $ JRRG VHOHFWLRQ EHWZHHQ 6* HDFK VHHPV WR EH GLIIHUHQW FDW Â… Â… Â…

{ 522 6 ILQH XVHG ZLWK VKDGHV G G

DQG $ JRRG VWXG\ LWHP 6* FDW Â… Â… Â… :(67(1 $8675$/,$ òG DQG 6WXUW VHW

HDFK RQ ILQH )'& 6* )'& Â… Â…

Â’ 5RRV 6FDUFH VHFRQG ZDWHUPDUN G WR V

FRPSOHWH SOXV G EULJKW EOXH VKDGH 6* D JRRG WR ILQH PLQW FDW Â… Â… Â…

$,50$,/ )/2:1 &29(56 2) .*9 ZLWK 4 VRPH UHPDUNDEOH VWDPS XVDJHV DQG GLII IOLJKWV RULJLQDO

Â’ V JUH\ DQG \HOORZ QDUURZ FURZQ ZPN 6*

9)0 Â… Â… $1 (;&(37,21$/ : $XVWUDOLD 2+06 UHJG

FRYHU IUDQNHG G 5RR SHUI ODUJH 26 6* 2 FDQF DW 3(57+ YDULRXV SPNV DQG FDFKHWV LQF 1RW .QRZQ E\ &DUULHU DQG XQFODLPHG Â… Â…

FROOHFWLRQ RI FRYHUV GHWDLOHG RQ SDJHV DOO GLII LQF $$6 OWG ODEHO RQ 3HUWK WR $GHODLGH IOLJKW 3RUW 'DUZLQ VWDJH IOLJKW ZLWK VWDPS G UDWH %DWDYLD IOLJKW ZLWK G UDWH YDULRXV &KULVWPDV IOLJKWV ZLWK PDQ\ GLII VWDPS XVDJHV G 26 . 6PLWK RQ UHJG IORZQ FRYHU 1= $XVWUDOLD FRPER FRYHUV DQG PDQ\ PRUH 9HU\ JRRG FROOHFWLRQ Â… Â… Â’ V JUH\ DQG \HOORZ URR ZPN PXOWL FURZQ RYHU

www.philangles.co.uk

$ 6* 9)0 Â… Â…

place your bids online. Immediate and secure.

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 14

AUSTRALIA Â’ $6+ LPSULQWHG EORFN RI 5RR %: = 1 7:2 683(5% DGYHUWLVLQJ FRYHUV )8 LQF

FHQVRUHG WR -DYD ZLWK IXOO SDQHO )ORXU 0LOOV DGYHUW ZLWK VXSHU 6LIWHG 6HOI 5DLVLQJ )ORXU ODEHO Â… Â… ^3KRWR`

RYHU 1 IUHVK PLQW Â… Â…

{ 2)),&,$/6 RYSWV 26 FKLHIO\ ILQH XVHG DLUV Â’ .*9, G SXUSOH ZLWK YHU\ VFDUFH FRLO MRLQ SDLU .*9 KHDGV G 5RR %ULGJH G DQG G /\UH ELUG HDFK Â’ ZLWK LQYHUWHG ZPN FRLO MRLQW ZLWK XSULJKW ZPN EORFN RI ZLWK GLIIHUHQW Â… Â… Â’ WKH FHQWUDO VWDPS VKRZLQJ WKH PHGDO IODZ -RKQ $VK LPSULQWV Â’ G WR V URRV WZR GLVWLQFW VKDGHV RI G ZPN LQF JXWWHU EONV ZLWK SLSV WZR OLQH DQG RQH JXWWHUV WKLQ SDSHU $

& RI $ 6* 9)0 Â… Â…

VFDUFH JURXS RI LWHPV Â… Â… 0267 81868$/ ZDUWLPH UHJG FRYHU WR 86$

.RRNDEXUUD G 6* QLFHO\ XVHG RQ 5HJ G

IUDQNHG 6RXWK $XVWUDOLD 49 G ORQJ W\SH 6* WLHG

&UHPRUQH 16: FGV ZLWK 5HG &URVV SDWULRWLF ODEHO 0DQ\ EDFNVWDPSV Â… Â…

)'& WR 8. 7HOHJUDSK 2IILFH *HHORQJ &'6 ZLWK PDWFKLQJ ODEHO DQG /LEUDU\ +6 )LYH EDFNVWDPSV 6XSHUE Â… Â… ^3KRWR`

3$5$&+87( PDLO WR 0RUQLQJWRQ ,VODQG ZLWK 4 VSHFLDO JUHHQ ODEHO FDFKHWV DQG VLJQHG E\ &RPPDQGHU $Q

Â’ .*9, òG VSHFLDOLVW FROOHFWLRQ ZLWK LPSULQWHG

$VK DQG 0F&UDFNHQ EORFNV RI QRWH òG *UHHQ $XWKRULW\ ZLWK FUDFNHG SODWH 6WDWH WZR VFDUFH OHIW SDQH LPSULQWV D VFDUFH ORW RI LWHPV &KLHIO\ PLQW Â… Â…

LQWHUHVWLQJ FRYHU VPDOO EOHPLVKHV Â… Â… ^3KRWR` { %&2) òG 6*- XVHG JURXS RI LQF PLQRU

YDULHWLHV VPDOO GRW DIWHU % PLV VKDSH ) VWULSV RI EORFN 8VHIXO Â… Â…

678'< 2) +(50(6 ZLWK VKDGHV YDULHWLHV LPSULQWHG $VK DQG 0F&UDFNHQ ULJKW KDQG SDQH RI ZLWK PLQRU YDULHWLHV OLVWHG LQ %: 80 DLUPDLO VHQW FRYHUV YHU\ LQWHUHVWLQJ JURXS RI LWHPV ZLWK D KLJK FDW YDOXH Â… Â…

{ %&2) RYSW VHW )8 7KH LV WKH WKLQ SDSHU

YDULHW\ 6* - D Â… Â…

$,50$,/ 3267$/ +,6725< LWHPV GHWDLOHG 4 RQ SDJHV LQF 0DF5REHUWVRQ $LU 5DFH PXOWL IUDQNHG FRYHU

{ )22' 3$5&(/ ODEHOV G DQG G .*9,

VWDWLRQHU\ FXW RXWV FXW VTXDUH )8 ZLWK ODUJH PDUJLQV ILQH DQG VFDUFH Â… Â… ^3KRWR` DQG SLFWRULDO FDUG 0F*UHJRU DQG :DONHU 5DFH FRYHU ZLWK )22' 3$5&(/ /$%(/ G 0\HU LPSULQW )8 *% DQG $XVWUDOLDQ FRPELQDWLRQ 6\GQH\ WR &DQEHUUD IURP .LQJ ,VODQG 7DVPDQLD XQXVXDO RULJLQ WR /HH RQ 6ROHQW IOLJKW IOLJKW WR 1HZ *XLQHD DQG RWKHU FRYHUV VRLOHG UHSDLUHG VSOLW DW ULJKW LURQHG RXW FUHDVLQJ YHU\ JRRG IRU Â… Â… WKLV UDUH LWHP Â… Â… ^3KRWR` $1=$& D ILQH VHOHFWLRQ RI SODWH QXPEHU EORFNV )22' 3$5&(/ /$%(/ G 0\HU LPSULQW )8 G SODWH DOO IRXU SO DOO IRXU SO OHIW WRS DQG ERWK ERWWRP IURP 0HOERXUQH WR &DPEULGJHVKLUH YHU\ VPDOO SRUWLRQ PLVVLQJ FRUQHUV 80 G $VK LPSULQWHG EORFN RI PLQW LPSULQWHG 6( FRUQHU LURQHG RXW FUHDVLQJ VRLOHG WKRXJK VWLOO YHU\ JRRG SDLU PLQW LWHPV FKLHIO\ 80 Â… Â… VFDUFH Â… Â… ^3KRWR` Â’ &(17(1$5< RI 6RXWK $XVWUDOLD VHW LQ JXWWHU 3$5&(/ /$%(/6 LQF IRUP 33 ZLWK ILYH SDLUV 6* 9)0 SDLUV Â… Â… VWDPS G UDWH DQG WZR 6DQLWRULXP +HDOWK )RRG SLFWRULDO ODUJH 6&,3,2 :5(&. 0$,/ ZUHFN FRYHU WR 8. ODEHOV ZLWK YDULRXV VWDPSV LQF $UPV VLQJOH IUDQNLQJ Â… Â… IUDQNHG 6$ &HQWHQDU\ IORDWHG RII '$0$*(' %< :$7(5 &DFKHW HQGRUVHG IURP %ULWLVK 'UXJ +RXVHV FDFKHW %&2) XQXVXDO UHJG FRYHU EHLQJ D UHXVHG DQG IRUZDUGHG WR 8. *32 IRXQG RSHQ ODEHO RQ UHYHUVH òG 9RQ 0XHOOHU )'& 6* RULJLQDOO\ VHQW WR %&2) RQ Â… Â… UHYHUVH G G %&2) IUDQNLQJ UHJG DW )32 VHQW EDFN .*9, G 6* RQ YHU\ ILQH LOOXVWU )'&

Â… Â… ^3KRWR`

WR $XVWUDOLD 5HVHDOLQJ WDSH D EDVH 5HPDUNDEOH XVDJH Â… Â…

%&2) VHW RQ ILQH FRYHU WR $XVWUDOLD WLHG $32 48((1 G VSHFLDOLVW FROOHFWLRQ ZLWK LPSULQWHG FGV FKRLFH 6* - Â… Â… ^3KRWR` EORFNV JXWWHU SDLU LPSULQWHG EORFNV WKLQ SDSHU FRLO SDLU ZLWK ODUJH KROHV FRLO JXWWHU EORFN RI VFDUFH ODWHU 5HG %URZQ ZLWK ,035(66,9( PXOWLSOH IUDQNHG DLU FRYHU ZLWK JXWWHU SDLUV FRLO MRLQW SDLUV 6* DQG FKLHIO\ PLQW 4 VWDPSV RI GLII FRXQWULHV DIIL[HG *% $XVWUDOLD DQG 6RXWK LWHPV VXSHUE ORW Â… Â… $IULFD 6SHFWDFXODU PXOWLSOH VWRS FRYHU Â… Â… Â’ .*9, V V DQG Â… -RKQ $VK LPSULQW FRUQHU Â’ &203/(7( ILQH PLQW XQPRXQWHG PLQW Â’ SDLUV 6* KLQJHG RQ PDUJLQV VWDPSV 80 SDLUV Â’ FROOHFWLRQ LQ D SULQWHG DOEXP LQF F RQ ZKLWH SDSHU 6* Â’ D 1DYLJDWRUV VHW GHILQV VHW Â… Â… Â’ òG DQG G S [ G FRLO SDLUV 6* Â’ E D E òG 9)0 G DQG G 80 SDLUV Â’ Â… Â… .*9, LQWHUHVWLQJ VHOHFWLRQ RI EHWWHU

&KULVWPDV VH WHQDQW EORFN RI ,GHDO IRU FRQWLQXDWLRQ DSSUR[ Â… Â… 1DYLJDWRUV 6HW RI LOOXVWUDWHG ILUVW GD\ FRYHUV

6* FOHDQ DQG XQDGGUHVVHG Â… Â… FRYHUV FDUGV VXSHUE PXOWL LOOXVWU HQY WR 0DOD\D Â’ -$3$1(6( $$7 SUHVHQWDWLRQ SDFN VWLOO VHDOHG 16: H[KLE LWHPV LQF VSHFWDFXODU VWDPS IUDQNLQJ ZLWK VSHFLDO Â’ VHYHQ VHD VWDPSV OLVWHG DV 3$,- VFDUFH VWLOO VHDOHG FDQFHOV DQG PD[L FDUGV 9)8 ZLWK VWDPS RQ REYHUVH LQF òG Â… Â… 2QH 3RXQG -LPP\ &KRLFH Â… Â… &2,/ /($'(56 IRU WKH IORUDO LVVXHV VFDUFH Â’ .$1*$522 òG 6XSHUE VSHFLDOLVW FROOHFWLRQ Â’ RQ SDJHV LQF $VK DQG 0F&UDFNHQ LPSULQWHG EORFNV FRLO EORFNV JURXS RI IRXU GLII OHDGHUV IRU F F DQG F LVVXHV Â’ RI LQF SULQWHG VN\ UHWRXFKHG OLQH E\ NDQJDURRV HDU VFDUFH Â… Â… FRLO OHDGHUV D ODUJH EORFN RI QR ZPN ZLWK VHYHUDO Â’ 63(&,$/,6(' GHILQLWLYH FROOHFWLRQ ZLWK 6QS Â’ LVVXHV ZLWK FRQWUROV VWULSV :LOGOLIH 6QS &DPEHF )ORZHU 6QS YDULHWLHV D VXSHUE UDQJH RI òG 5RR ZLWK PDQ\ EHWWHU LWHPV WKDW DUH UDUHO\ VHHQ LWHPV FKLHIO\ PLQW Â… Â… $XVSULQW JXWWHUV ZLWK ODEHOV LQ EHWZHHQ YHU\ LQWHUHVWLQJ ORW LQ D 6HYHQ 6HDV DOEXP RYHU LWHPV 80 PDQ\ V RI VWDPSV &$/,)251,$ &OLSSHU :DUWLPH FDFKHW FRYHUV VXSHUE FROOHFWLRQ DOO ZLWK FRQWURO SODWH PDUNLQJV IUHVK ZLWK G G UDWHV RQH ZLWK FHQVRU ODEHO ILQH 80 Â… Â… Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 15

{ $// ',))(5(17 PLQW DQG XVHG FROOHFWLRQ Â’ LQFOXGHV D IHZ SDJHV RI VWDWHV VWUHQJWK LQ .*9 5RR V DQG

/,7(5$785( 7+( 3267$/ +,6725< RI WKH

$XVWUDOLDQ $UP\ GXULQJ ::,, E\ 3 &ROODV ,Q YHU\ JRRG FRQGLWLRQ ZLWK LWV GXVW MDFNHW Â… Â…

KHDGV ZH VHH 5RR V WR V LQF D IHZ PLQW H[DPSOHV 6LOYHU -XELOHH VHW .*9, GHILQV WR Â… YDOXH WKHQ XVHIXO UDQJH RI V VWF Â… RYHU VWDPSV Â… Â…

/,7(5$785( 7+( &+$30$1 &ROOHFWLRQ RI

{ $8675$/,$ GLVRUJDQLVHG FROOHFWLRQ RI PDQ\ Â’ V RQ ROG SDJHV VHHQ HDUO\ 5RR V .*9 KHDGV .*9, WR Â…

PRGHUQ VHWV WR V PLQW $Q]DF VHW PLQW 1HZ 6RXWK :DOHV VHW PLQW PRGHUQ WR $ UHDO PL[HG XS FROOHFWLRQ WKDW QHHGV VRUWLQJ Â… Â…

$XVWUDOLDQ &RPPRQZHDOWK 6WDPSV DQ LPSRUWDQW VWXG\ DLG /WG WR ZLWK PDWFKLQJ 06 VXSHUE SLHFH RI OLWHUDWXUH LQ YHU\ ILQH FRQGLWLRQ ZLWK VXSSOHPHQW Â… Â… Â’ 2)),&,$/6 V /\UHELUG RYSWG 26 LQ

ILQH -RKQ $VK LPSULQW EORFN RI 6* 2 9)0 Â… Â…

%,* $8675$/,$ 4(,, WR VXEVWDQWLDO Â’ 2)),&,$/6 G RUDQJH GLH ,, 6* ILQH FROOHFWLRQ RI V QHDWO\ DQQRWDWHG LQ VL[ DOEXPV ZLWK ORWV RI PLQW VPDOO FUHDVH EDUHO\ GHWUDFWV Â… Â… LQWHUHVWLQJ DGGLWLRQDO PDWHULDO DQG YDULHWLHV 1RWH HDUO\ DXWRWURQ JXWWHU EORFNV FRQVWDQW PLQRU YDULHWLHV LQ SRVLWLRQDO { 2/' 7,0( KRDUG ZLWK EHWWHU KLJK YDOXHV 5RR EORFNV VRLO GLII JXWWHU SDLUV QHHGOH LQ WKXPE YDULHW\ Â… DQG Â… 6SHFLPHQ RYSWV 5REHV Â… PLQW PDQ\ Â… FRLOV ZLWK 0,66,1* &2/285 (55256 RQ F WZR GLII )8 5RR V ZLWK DQG Â… XVHG HDUO\ DLUV DQG FRPPHPV &KULVWPDV EORFN RI GLII 3LRQHHU /LIH SODWH YDULHWLHV RIILFLDOV $ YHU\ JRRG PL[WXUH FKLHIO\ ILQH XVHG F *HPVWRQH YDOXH RPLWWHG 80 H[WHQVLYH ODWHU LVVXHV Â… Â… ZLWK KLJK YDOXHV DQG PXFK DGGLWLRQDO PDWHULDO 2ULJLQDO { 3(5),16 H[WHQVLYH FROOHFWLRQ RQ SDJHV VRUWHG FROOHFWRUV ORW Â… Â… ZLWK D YHU\ JRRG YDULHW\ RI OHWWHUV PDLQO\ RQ V LQF D IHZ &29(56 &KLHIO\ FRPPHPRUDWLYH LQF .*9 KHDGV Â… Â… $QQLYHUVDU\ RI WKH 5R\DO $XVWUDOLDQ 1DY\ %LFHQWHQDU\ { 5(0$5.$%/( FROOHFWLRQ RI .*9 G KHDGV 6XEPDULQH 0DLGHQ 9R\DJH $Q]XN )32 FROOHFWHG E\ GDWH FDQFHOODWLRQV EHWZHHQ $XJXVW WR 6LQJDSRUH WKUHH FRYHUV 8OWUD IO\LQJ PDFKLQH IOLJKW 'HFHPEHU ZLWK PDQ\ VXSHUE FGV FDQFHOV DFURVV $XVWUDOLD WZR FRYHUV ERWK VLJQHG $ ILQH ORW RI XQFKHFNHG IRU SULQWLQJV VKDGHV VXSHUE VWXG\ FRYHUV Â… Â… Â… Â… Â’ (;7(16,9( FROOHFWLRQ RI VHWV LQF KLJK YDOXHV Â’ WR ZLWK D IDFH YDOXH RI ZLWK LVVXHV IURP WR Â’ 63(&,0(16 7KLUG ZDWHUPDUN QDUURZ FURZQ V Â… DQG Â… URRV RYSWG 63(&,0(1 LQF 06 D IHZ ERRNOHWV QRWH $XVLSH[ ERRNOHWV GHILQ 6* V V VKRUW SHUI RQ Â… WLQ\ JXP WKLQ RQ V RWKHUZLVH VHWV KXJH FDW YDOXH ORRNV YHU\ FRPSOHWH IRU SHULRG V RI ILQH DQG IUHVK JRRG ORRNHUV &DW Â… Â… Â… VWDPSV 80 Â… Â… )LHOG 0DUVKDOO :LOOLDP 6OLP *RYHUQRU *HQHUDO

RI $XVWUDOLD VLJQHG FRYHU VFDUFH VLJQHG 6OLP )0 RQ 5HFRQTXHVW RI %XUPD &DPSDLJQ LOOXVWUDWHG FRYHU Â… Â… ^3KRWR` { .*9 KHDGV ZLWK RIILFLDO SHUILQV LQF 26

26 16: DQG 7 ZLWK YDOXHV WR G LQF PDQ\ VKDGHV $ JRRG ORW RI VWDPSV ILQH XVHG Â… Â… .*9 3267$/ +,6725< ZLWK PXFK LQWHUHVWLQJ

Â’ 63(&,0(16 V Â… DQG Â… URRV

RYSWG 63(&,0(1 6* V V 9)0 Â… Â… 7+( 3267$/ 67$7,21(5< &$5'6 2) .*9 UHPDUNDEOH VWXG\ RQ SDJHV LWHPV PDMRULW\ DUH WKH UR\DOW\ SRUWUDLW FDUGV ILQH XVHG LQFOXGHV WKH ILUVW IXOO IDFH FDUG .DQJDURR G FDUG H[WHQVLYH UR\DOW\ SRUWUDLW FDUGV ZLWK GLII W\SHV DQG XVDJHV 3ULQFH RI :DOHV (GZDUG WK FDUGV WZR PLQW .*9 SRUWUDLW FDUGV LQ GLII FRORXUV G FDUG )8 XSUDWHG FDUG òG RQ G FDUG G FDUG FWR DQG PXFK PRUH 2IIHUHG LQWDFW FRQGLWLRQ LV JHQHUDOO\ ILQH \HDUV RI FROOHFWLQJ KHUH 6RPH VFDQV DGYLVHG Â… Â… ^3KRWR`

DQG XQXVXDO GLVSOD\HG RQ SDJHV LWHPV SRVWDJH GXHV RQ FDUGV 9LFWRULD &HQW G RQ QLFH FRYHU WR *HUPDQ\ )LHOG 3RVW 2IILFH 1R FGV YDULRXV KHDG IUDQNLQJV &HQW 6RXWK $XVWUDOLD VHW RQ FRYHU &DEOH PXOWL IUDQNHG FRYHU XQXVXDO FRYHU ZLWK òG KHDG PDGH XS IURP WZR GLII 9,&725,$ &5266 ZLQQHU :LOOLDP -R\QW VWDPSV Â… Â… VLJQDWXUH RQ 5R\DO 0DULQHV LOOXVWUDWHG FRYHU DORQJ ZLWK +HQU\ 7DQGD\ ERWK PHQ ZRQ WKHLU 9& LQ Â’ .*9, G VSHFLDOLVHG VWXG\ QRWH LPSULQWHG Â… Â… ^3KRWR` EORFNV SHUI :$ EON ZKLWH IDFH ZLWKLQ D EORFN RI WKLQ SDSHU GRXEOH SHUI VLQJOH D YHU\ LQWHUHVWLQJ FROOHFWLRQ RI 6* ::,, 3267$/ +,6725< IRXU DLUPDLOHG FRYHUV EURZQ LWHPV FKLHIO\ IUHVK PLQW Â… Â… HDFK IUDQNHG G DQG FHQVRUHG Â… Â… Â’ .*9, 9(5< )5(6+ PLQW FROOHFWLRQ FDW Â… $8675$/,$1 $17$5 7(55 QRWH GHILQLWLYH G ZLWK VKDGHV DQG W\SHV LQF ZKLWH ZDWWOHV òG G G FRLO SDLUV ZLWK PDQ\ VKDGHV DQG YDOXHV WR Â’ '(),16 VHW LQ EORFNV RI 6* ILQH 80 FDW $ YHU\ XVHIXO FROOHFWLRQ RI VWDPSV Â… Â… Â’ Â… EORFNV Â… Â… /,7(5$785( D YHU\ JRRG UDQJH RI WLWOHV LQF 0DLO 5REEHULHV DQG %XVKUDQJHUV E\ % 3HDUFH $8675,$ $XVWUDOLD 3RVW 'HOLYHULQJ 0RUH 7KDQ (YHU E\ 0 +XQWHU 7KH Â’ 6W $QGUHZV FURVV VWDPS ODEHO LQ \HOORZ $Q]DF 7UDGLWLRQ E\ +HULWDJH LQ 6WDPSV 7KH $XVWUDOLDQ PLQW 0LQRU VRLOLQJ YHU\ VFDUFH ZLWK 2* &DW Â… WKHVH 3KLODWHOLVW KDUG EDFN 7KH .HYLQ 1HOVRQ &ROOHFWLRQ ODEHOV ZHUH SULQWHG DORQJVLGH FODVVLF VWDPSV WR EDODQFH WKH 6RWKHE\ V 7KH &ROOHFWLRQ RI 6LU *DZDLQH %DLOOLH $ ILQH ORW RI VKHHW WR HYHQ VWDPS QXPEHUV 6HOGRP IRXQG WLWOHV Â… Â… Â… Â… ^3KRWR` /,7(5$785( $8675$/,$1 ,03(5,$/ { (;7(16,9( $8675,$ &ROOHFWLRQ RQ SDJHV )25&(6 3RVWDO +LVWRU\ E\ %RE (PHU\ SOXV Â’ ZLWK EHWWHU SLFNLQJ FKDULW\ VHWV $LU VHWV LQ RYSW VHW RI VXSSOHPHQW D YHU\ ILQH SDLU RI OLWHUDWXUH UHDGV ERWK ZLWK GXVW $LU VHW RI $LU VHW RI 6NLLQJ VHW PLQW MDFNHWV Â… Â… :LQWHU UHOLHI IXQG RYSWV VNLLQJ VHW PLQW ZLWK EDFN RI WKH /,7(5$785( +,6725< 2) 7+(

$8675$/,$1 0LOLWDU\ 3RVWDO 6HUYLFHV E\ 3URXG LQ JRRG FRQGLWLRQ ZLWK LWV GXVW MDFNHW Â… Â… /,7(5$785( 7+( 0$; )$&725 WKH 0D[

ERRN SRVWDJH GXH QHZVSDSHU VWDPSV $XVWULD PLOLWDU\ SRVW D JRRG UDQJH RI VWDPSV ZLWK PDQ\ VHWV HDFK VWDPS GLIIHUHQW Â… Â… Â’ 2&&83$7,21 +LWOHU KHDG KLJK YDOXHV Â’ UP WR UP VHW 80 2GG JXP VSRW WKRXJK YHU\ IUHVK HOXVLYH

6WHUQ 0\ /LIH DV D 6WDPS 'HDOHU VLJQHG YHU\ JRRG FRQGLWLRQ Â… Â…

VWDPSV 6* FDW Â… Â… Â… ^3KRWR`

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 16

Â’ 2&&83$7,21 +LWOHU +HDG RYSWV IUHVK 80 Â’ LQF XQLVVXHG SI VWDU RYSW VHW RI IRXU *RRG JURXS

Â’ .*9, 5(48,6,7,21 %/2&.6 RI IRXU 80 Â’ VHOHFWLRQ RI VL[ FRUQHU EORFNV ZLWK YDOXHV WR G DWWU

Â… Â…

Â… Â…

Â’ 2FFXSDWLRQ +LWOHU +HDG XQLVVXHG VHW RI IRU KLJK Â’ YDOXHV UP WR UP IUHVK 80 UP JXP WRQHG VSRWV 6FDUFH

672&. &$5'6 ZLWK XVHIXO SLFNLQJV 49 WR PLQW VWDLUFDVH G G DQG )8 6LOYHU -XELOHH VHW )8 4(,, GHILQ VHW WR Â… 80 XVHIXO ORW Â… Â…

VHW 1HWWR Â… Â… ^3KRWR` Â’ 9(57,&$/ RYSW WR UP 0D\ VHW RI Â’ 6* UP UP UP RYSW óPP DQG U DQG U RYSW

:$5 7$; ,PSUHVVLYH JURXS RI IRXU

FRYHUV UHJ G VKRZLQJ YDULRXV :DU 7D[ VWDPS XVDJHV FRPELQDWLRQV LQF G 6* ILYH H[DPSOHV LQF %ORFN RI RQ FRYHU WR &DQDGD ILYH VWDPS FRPELQDWLRQ HWF *RRG JURXS Â… Â…

òPP ERWK H[SHUWLVHG RQ WKH UHYHUVH VWDPSV 80 &DW Â… Â… Â… Â’ '$92 $OEXP ZLWK D VXSHUE UDQJH RI LVVXHV Â’ ZLWK PDQ\ EHWWHU VHWV LQF 'HILQLWLYHV VHHQ VWDPS GD\ V Â’ &RVWXPH F Â… 3ULVRQHU RI :DU )XQG FÂ…

3OHELVFLWH FÂ… $LU %LUGV FÂ… RYHU VWDPSV PV FKLHIO\ IUHVK PLQW VHHQ VRPH 80 &DW 9DOXH RYHU Â… H[WHQVLYH FROOHFWLRQ ZKHUH RQO\ WKH PLQW KDYH EHHQ YDOXHG Â… Â… Â’ DQG 3URYLQFLDO &RVWXPHV GHILQV

%$+$:$/385 Â’ 3LFWRULDO GHILQV VHW 6* 9)0 RU 80

&DW Â… Â… Â…

%$+5$,1 Â’ .*9, RYHUSULQW VHW RI 6* PLQW U

ZPN LQY FDW RYHU Â… Â… Â…

VHW 0L 6* 9)0 Â… Â… $1 (;&(37,21$/ *5283 RI 9LFWRULDQ (UD +DQG 3DLQWHG 6WDPSV H[HFXWHG WR WKH KLJKHVW RI VWDQGDUGV RI $XVWULDQ &ODVVLFV LQF PHUFXU\ +HDG 1HZVSDSHU 6WDPSV ZKLVNHUV WR NU &LUFD V 7HQ GLIIHUHQW Â… Â…

Â’ .*9, 6HW WR U IUHVK PLQW 6* &DW

Â… $ ILQH H[DPSOH RI WKLV NH\ VHW Â… Â… ^3KRWR` Â’ .*9, U 6* DV ILQH 80 FRUQHU EORFN RI Â’ VL[ Â… Â…

4 ),567 )/,*+7 &29(56 %($ 7ULGHQW

Â’ .*9, ZKLWH EDFNJURXQG VHW RSWHG %DKUDLQ 6* ILUVW IOLJKW FDFKHW RQ HQY WR 8. ILUVW IOLJKW :LHQ WR Â’ D WRQHG RWKHUZLVH ILQH 80 EORFNV RI IRXU FDW Â… 6LQJDSRUH ZLWK VSHFLDO IOLJKW FDQFHO :LHQ 6LQJDSRUH EORFNV Â… Â… 6DEHQD VSHFLDO IOLJKW FDQFV RQ DLU HQY DQ LQWHUHVWLQJ JURXS RI Â’ 68/7$1 LVVXHV ORFDO LVVXHV FRYHUV FKLHIO\ HDUO\ V SOXV FRYHUV XQXVHG Â’ Â… Â… GHILQ VHW WR U YDOXHV U WR U 80 GHILQ VHW WR U WRS Â’ YDOXHV U WR U 80 Â… Â…

%$+$0$6

{ 6,/9(5 -8%,/(( VHW 6* 9)8

3/$,1 FRYHU IUDQNHG ZLWK ORFDO SRVW òD

FDUPLQH 6* / WLHG E\ %DKUDLQ FGV Â… Â…

Â… Â…

Â’ &200(025$7,9(6 DOPRVW FRPSOHWH UXQ Â’ 2/' 3$*(6 ZLWK EHWWHU SLFNLQJV LQF GHILQ Â’ IURP 7UDGH )DLU VHW WR :RUOG +HDOWK 'D\ VHW DOO 80

VHW ZLWK DGGLWLRQDO VKDGHV &ROXPEXV VHW ZLWK DGGLWLRQDO VKDGHV GHILQ VHW WR Â… 6LOYHU :HGGLQJ 838 $ JRRG ORW RI VWDPSV DV VHWV FDW Â… PLQW Â… Â…

VWDPSV Â… Â… ,//8675$7(' )'& 6 HDFK ZLWK QHDW W\SHG

Â’ (5525 LQ D SRVLWLRQDO EORFN RI VL[ VHOGRP Â’ VHHQ DV VXFK G VFDUOHW ZLWK VKRUW 7 6* ED VWDPSV IUHVK

XQPRXQWHG MXVW KLQJHG LQ WKH WRS PDUJLQ VFDUFH 80 Â… Â…

DGGUHVVHV 7UDGH )DLU -XELOHH $UDE &LWLHV $UFKDHRORJ\ )LUVW )OLJKW DQG ,QWHUQDWLRQDO (GXFDWLRQ Â… Â… Â’ 6$7(/,77( ($57+ 67$7,21 I DQG I LQ Â’ F\O EORFNV RI 6* 80 VRPH VSOLW SHUIV RQ I FDW

Â… EORFNV Â… Â…

Â’ (5525 .*9, G VFDUOHW VKRUW 7 6* ED Â’ XQPRXQWHG PLQW Â… Â…

Â’ .*9, 9$5,(7< ' 6+257 7 6* %$ ILQH

PLQW Â… Â…

Â’ ),567 *8/) $9,$7,21 VHW LQ FRUQHU EORFNV RI Â’ I DQG I DUH F\OLQGHU EORFNV 6* 80

EORFNV Â… Â… Â’ ,17(51$7,21$/ ('8&$7,21 <($5 VHW LQ Â’ F\OLQGHU D EORFNV RI 6* 80 EORFNV Â… Â…

Â’ 4(,, GHILQV VHW 6* 80 Â’ Â… Â…

{ ),1( 86(' DQG VXSHULRU TXDOLW\

Â’ (':$5' RQ ROG SDJHV 6WDLUFDVH VHW RI

GHILQV ZLWK YDOXHV WR GHILQ VHW RI FDW Â… VWDPSV PLQW Â… Â…

FRPSOHWH VHWV GLIIHUHQW LVVXHV .*9 WR U WR U LQF W\SHV RI U &DVWOHV WR U ZLWK GLIIHUHQW W\SHV WR RU WR RU FRPPHPV LQF U ZHGGLQJ ORFDO SRVWV HWF ([FHSWLRQDO ORW Â… Â…

Â’ (55256 $1' 9$5,(7,(6 LQF { .*9, 29(535,17 )25*(5,(6 ZLWK IRUJHG Â’ 6KDNHVSHDUH ZPN LQY FÂ… 6FRXWLQJ F ZPN WR WKH OHIW %DKUDLQ FGV PRVW XQXVXDO ORW RI VWDPSV ,QGLDQ W\SHV WR U

FÂ… &RPPRQZHDOWK PHHW F RYSW LQF FÂ… DLU F DQG F ZPN WR WKH ULJKW FÂ… $ ILQH VHOHFWLRQ RI HUURUV YDULHWLHV 80 Â… Â…

{ ,03(5,$/ 35,17(' 3$*(6 :KHUH HYHU\ Â’ VSDFH LV ILOOHG GLII 6WDPSV 0LQW RU 8VHG

FRORVVDO &9 ZLWK PDQ\ VRXQG DQG LPSRUWDQW VWDPSV FODVVLF ILUVW LVVXHV G 6* G 6* DQG G 6* DOO )8 G 6* DQG G 6* ERWK IUHVK PLQW IRXU SHQFH RYSW )8 6* { LQF DQG Â… 6* PLQW 6WDLUFDVH VHWV (GZDUGV WR Â… XVHG .*9 LQF Â… 6* 80 :DU 7D[ LQF Â… 6* XVHG KLJK YDOXHV PLQW -XELOHH VHW 9HU\ FRPSUHKHQVLYH ZLWK PDQ\ NH\ VWDPSV WR H[WUDFW Â… Â…

LQF %RJXV LQYHUWHG RYHUSULQWV *% U RQ 1HYHU VHHQ WKHVH EHIRUH Â… Â… 2/' 35,17(' 3$*(6 ZLWK D JRRG VHOHFWLRQ LQF RYSW .*9, GHILQV WR U WKH U 80 PLQW *% RYSW FRPPHP 4(,, GHILQV LQF &DVWOHV ZLWK D FDW RYHU Â… $ JRRG UDQJH RI VWDPSV Â… Â… 3267$/ $*(1&< ,668(6 .*9, 4(,, ZLWK %$+5$,1 FDQFHOV FGV UHJLVWHUHG HWF ILQH DVVHPEO\ RQ SDJHV VWDPSV LQF 2O\PSLFV VHW DV EORFNV RI ZLWK FRPSOHWH FGV :HGGLQJ U ILQH ORW RI 4(,, &DVWOH KLJK YDOXH EORFNV U ZLWK YDULRXV FDQFHOV $Q LQWHUHVWLQJ FDQFHOODWLRQ FROOHFWLRQ Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 17

60$// 6($+256( LVVXHV 6* D JRRG UDQJH LQF IUHVK PLQW VHW 6SHFLPHQ RYSW QXPHURXV VKDGHV ZLWK YDOXHV WR DQG D VPDOO JURXS RI XVHG JRRG IRU VWXG\ VWDPSV Â… Â…

%$1*/$'(6+ ($5/< $(52*5$00(6 ZLWK GLIIHUHQW 4 %DQJODGHVK KDQG VWDPSV :RUOG 6WDPS /RQGRQ

VSHFLDO FDQFHO RQ FRYHUV XQXVHG FLUFD V SDSHU ELUG W\SH Â’ 6($/ GHILQV VHW 6* 9)0 ZLWK GLIIHUHQW YDOXHV XQXVHG $ JRRG ORW RI FRYHUV Â… Â… XQXVHG Â… Â… 3$.,67$1 HDUO\ %$1*/$'(6+ RYHUSULQWHG

Â’ 6($+256(6 GHILQLWLYHV 6* D YHU\ Â’ JRRG FROOHFWLRQ FKLHIO\ PLQW ZLWK VRPHZKDW VSHFLDOLVHG LQF Â’ PDQ\ EORFNV RI QRWH G DQG G ZLWK UHTXLVLWLRQ QXPEHUV

SRVWDO KLVWRU\ UHJG HQYHORSHV SRVWDO UHSO\ FDUGV HQYHORSHV LQF DLUPDLO HQYV DOO XQXVHG Â… Â…

òG EULJKW XOWUDPDULQH 6* D DQG 6* DE DQG ZLWK D JRRG VHOHFWLRQ RI VKDGHV YHU\ ILQH FROOHFWLRQ EORFNV DQG VWDPSV Â… Â…

%$5%$'26 Â’ $/%80 SDJHV ZLWK XVHIXO SLFNLQJV 6LWWLQJ Â’ %ULWDQQLD V WR VHDO RI FRORQ\ LVVXHV ZLWK YDOXHV WR Â’ PLQW D JRRG UDQJH RI 4(,, FRPPHP V ZLWK VHWV PXFK ILQH

Â’ V EODFN RQ HPHUDOG SHUI ò [ ò 6* D Â’ EORFN RI IRXU KLQJHG RQ WRS SDLU ORZHU SDLU 80 Â’ Â… Â…

XVHG PDQ\ V WKDW QHHG VRUWLQJ Â… Â… Â’ G GHHS EOXH ZKLWH SDSHU QR ZPN LPSHUI

$// 9$/8(6 WR V SOXV V G XVHG RQ WZR

FRUQHU PDUJ SDLU 6* ILQH PLQW Â… Â… { G SDOH URVH UHG DQG V EODFN QR ZPN LPSHUIV

UHJG FRYHUV SPNV 6* D DWWUDFWLYH Â… Â… Â’ %$'*( (5525 G FXUYHG OLQH DW WRS ULJKW 6*

6* JRRG XVHG PDUJLQV FDW Â… Â… Â…

E PLQW Â… Â…

Â’ G EURZQ SXUSOH ZPN VPDOO VWDU %ULWDQQLD 6*

Â’ 9DULHW\ òG PDUN RQ FHQWUDO RUQDPHQW 6* $ Â’ IUHVK 80 ZLWKLQ PDUJLQDO VWULS RI ILYH Â… Â…

XQXVHG FDW Â… Â… Â… Â’ G RUDQJH YHUPLOLRQ ZPN ODUJH 6WDU LPSHUI

{ G EOXH YHUWLFDO OLQH RYHU KRUVHV KHDG 6*

EORFN RI 6* E XQXVHG PDUJLQ MXVW WRXFKHV DW ORZHU OHIW RWKHUZLVH D ORYHO\ EORFN ZLWK FOHDU PDUJLQV Â… Â…

FD 9)8 Â… Â…

Â’ G FKURPH \HOORZ ZPN &URZQ && SHUI 6*

ILQH PLQW Â… Â…

Â’ G EODFN S ò [ FXUYHG OLQH DW WRS ULJKW

YDULHW\ EORFN RI 6* E 80 IHZ WRQH VSRWV FDW Â… Â… Â…

Â’ 49 ZPN &URZQ &$ GHILQV VHW ZLWK DGGLWLRQDO

Â’ 9DULHWLHV 9LFWRU\ ZLWK WZR IODJV RQ WXJ ZLWKLQ D Â’ EORFN RI 6* D DQG FRPSOHWH VKHHW RI WKH G VKRZLQJ NLWH

OLVWHG VKDGHV LQF JRRG òG GHHS EOXH G GHHS SXUSOH 6* PLQW FDW Â… Â… Â… Â’ 49 òG WR V LQF WZR VKDGHV RI G 6*

IORZ U SODWH $ IUHVK 80 Â… Â… { %URNHQ ( YDULHW\ RQH 3HQQ\ RYSW 9)8

PLQW FDW Â… Â… Â… { 49 ZPN &URZQ &$ GHILQV VHW 6* JRRG

6* ' Â… Â… Â’ (5525 ZLWKLQ D SRVLWLRQDO EORFN G RQ G ZLWK Â’ EURNHQ ( ZLWKLQ D EORFN RI 6* G XQPRXQWHG PLQW

WR ILQH XVHG FDW Â… Â… Â… Â’ G DQG V G ZPN &URZQ &$ ZLWK 6SHFLPHQ

Â… Â…

RYSWV G DGGLWLRQDOO\ KDQGVWDPSHG 8OWUDPDULQH 6* V V PLQW Â… Â…

Â’ .*9, 'HILQLWLYH VHW WR LQF ,PSULQWHG Â’ EORFNV SODWH EORFNV RI VLQJOH SODWH QXPEHUV UHTXLVLWLRQ Â’ QXPEHUV ZLWK PXFK 80 ZRXOG PDNH D JUHDW GLVSOD\ EORFNV

Â’ 6($/ 2) &2/21< ZPN &URZQ &$ VHW 6*

PLQW Â… Â…

DQG VLQJOHV Â… Â…

67$03/(66 HQYHORSH ZLWK 3DLG DW %DUEDGRV

PDUN %DUEDGRV ERRWKHHO FDQFHO DORQJVLGH DJH VSRWV EXW D VFDUFH FRYHU Â… Â…

.*9, GHILQLWLYHV ZLWK VKDGHV ZLWK PDQ\ LGHQWLILHG E\ GDWH RI LVVXH VWDPSV FKLHIO\ IUHVK PLQW ZLWK VKDGHV DQG YDOXHV WR Â… Â… { .*9, ILQH XVHG GHILQLWLYH FKLHIO\ DV EORFNV RI

Â’ ',$021' -8%,/(( VHW RYSWG 63(&,0(1

LQF 3ODWH EORFNV LPSULQWHG EORFNV 1RWH YHU\ ILQH XVHG EORFN EORFNV Â… Â…

6* V V PLQW FDW Â… Â… Â… Â’ .*9 VHW 6* 2937 VSHFLPHQ

Â’ 4(,, GHILQLWLYH VHW RI 6* IUHVK Â’ 80 Â… Â…

IUHVK PLQW UDWKHU FKRLFH Â… Â… ^3KRWR` { 7RS YDOXH 6* ZLWK FOHDU GDWHG

Â’ 4(,, GHILQLWLYHV VSHFLDOLVW FROOHFWLRQ RI 6* Â’ DQG 6* ZLWK EORFNV SODWH QXPEHUV UHTXLVLWLRQ Â’ QXPEHUV VKDGHV LQF VFDUFH VKDGHV LPSULQWHG EORFNV PXFK

SDUFHO SRVW FGV JRRG VWDPS Â… Â… ^3KRWR` Â’ %$'*( 6(7 DV VFDUFH EORFNV RI ZLWK Â’ GLIIHUHQW VKDGHV QRWH óG ZPN LQY G WKUHH VKDGHV G LQF Â’ JUH\ EODFN VXSHUE IUHVK 80 EORFN UDUH DV VXFK D VXSHUE

VRUWHG E\ GDWHV QRWH PDUJLQDO EORFN RI ZLWK F\O QXPEHU F ZLWK F\O QXPEHU VXSHUE FROOHFWLRQ V WKDW ZLOO PDNH D VXSHUE GLVSOD\ LWHP Â… Â…

UDQJH RI %ORFNV PLQW DQG KLJKO\ FDW DV VXFK Â… Â… Â’ %$'*( 2) 7+( &2/21< ZLWK D VXSHUE UDQJH

RI VKDGHV RQ WR DQG LQF ERWK VKDGHV 6* D 6XSHUE IRU VWXG\ PLQW Â… Â… Â’ 9,&725< VHW JRRG IRU VWXG\ ZLWK VKDGH WZR Â’ FRPSOHWH VHWV SOXV DGGLWLRQDO LQF [ D PLQW ORW RI Â’ VWDPSV 0LQW FDW Â… Â… Â…

Â’ 2/' 3$*(6 ZLWK EHWWHU SLFNLQJV 9LFWRU\

WR 6LOYHU -XELOHH VHW 6LOYHU :HGGLQJ 838 GHILQ VHW WR $ JRRG ORW RI VWDPSV VWF Â… PLQW Â… Â…

,03(5,$/ 35,17(' 3$*(6 :KHUH HYHU\ VSDFH %DU 2QH LV ILOOHG GLIIHUHQW VWDPSV PLQW RU )8 FRORVVDO &9 ZLWK PDQ\ VRXQG DQG LPSRUWDQW LVVXHV YHU\ JRRG VHOHFWLRQ RI %ULWDQQLD &ODVVLFV LPSHUIV ZLWK IXOO PDUJLQV SHUIRUDWHG LVVXHV LQF 0LQW 6* FÂ… 49 LQF PLQW DOO VHDKRUVH VHWV WR G 1HOVRQ VHW PLQW KLJK YDOXHV PLQW VHDKRUVHV WR ERWK PLQW VHWV VLOYHU MXELOHH HWF 2IIHUHG LQWDFW DQG KLJKO\ UHFRPPHQGHG Â… Â…

PHILANGLES

Established in 1990, internationally recognised dealers, full members of PTS (London), ASDA (New York).

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 18

.*9 UHJLVWHUHG OHWWHUV LQF ODUJH VL]H +

Â’ G WR G OLODF DQG EODFN XQDSSURSULDWHG GLHV

6* PLQW FDW Â… Â… Â…

G ZLWK 6SHFLPHQ RYSW òG VPDOO VL]H XQXVHG G XVHG ZLWK òG G òG VWDPSV VHQW WR WKH 8QLWHG 6WDWHV SOXV G SRVWDO FDUG XQXVHG Â… Â…

Â’ 685&+$5*( VHW RI 6* FDW Â…

QRWH YHUW JXP FUHDVH VR UHIOHFWHG LQ WKH SULFH PLQW G VFDUFH H[SHUWLVHG RQ WKH UHYHUVH WKLV DORQH FDW Â… Â… Â…

0(7(5 0$,/ FHQVRU DLUPDLO FRYHU WR

$UJHQWLQD DQG SLFWRULDO PHWHU LPSUHVVLRQ RQ FRYHU WR (QJODQG Â… Â…

Â’ 0,17 &2//(&7,21 LQF %ULWLVK %HFK

Â’ 2/' 3$*(6 ZLWK HDUO\ LVVXHV VHDO WR

G -XELOHH WR G VHQW VHW RI 1HOVRQ WR G D KLJKO\ FDW ORW RI VWDPSV PLQW Â… Â… 3RVWDO +LVWRU\ .*9 6HDO RI WKH &RORQ\ LQF

6XSHUE HQY :LWK óG WR G PXOWLSOH IUDQNHG HQYHORSH 9HU\ ILQH XVHG 2+06 FRYHUV HQYHORSH WR 8. ZLWK ODUJH 2FHDQ 0DLO FDFKHW DQG SDTXHERW KDQGVWDPS FDQFHOOLQJ WKH VWDPSV $ YHU\ JRRG JURXS RI FRYHUV Â… Â… Â’ 4(,, YHU\ IUHVK PLQW GHILQV WR ZLWK

VKDGHV )(' VHW 'HHS +DUERXU VHW 6FRXW VHW VWDPSV FDW Â… Â… Â…

XSZDUG RYSWV RQ &RJK *% RYSWV VHW %HFK 3URWHFWRUDWH G RQ G ILQH XVHG *% RYSWV VHW .(9,, EDVLF VHW .*9 ZPN 5R\DO &\SKHU EDVLF VHW RI SOXV V VKDGH ZPN EORFN F\SKHU PRVW YDOXHV LQF ERWK G .*9 GHILQV VHW WKHQ FRPSOHWH WR QRWH DGGLWLRQDO .*9, òG DQG òG VKDGHV DGGLWLRQDO VXUFKDUJH W\SHV ODWHU LVVXHV JHQHUDOO\ YHU\ ILQH PLQW FDW Â… Â… Â… Â’ V G FKRFRODWH EURZQ DQG V URVH FDUPLQH

%: SULQWHG 6* YHU\ ILQH PLQW Â… Â… Â’ V G GHHS VHSLD EURZQ :DWHUORZ SULQWLQJ 6*

Â’ 63(&,0(1 &RURQDWLRQ KDQGVWDPSHG

9)0 Â… Â…

6SHFLPHQ LQ YLROHW 6* PLQW WRQHG JXP RQO\ D IHZ SUHSDUHG ORFDOO\ 9HU\ VFDUFH Â… Â…

Â’ V EULJKW FDUPLQH '/5 SULQWLQJ 6*

Â’ 63(&,0(1 F RQ F KDQGVWDPSHG Â’ 6SHFLPHQ DV 6* SUHSDUHG ORFDO GLVWULEXWLRQ ILQH

PLQW Â… Â… Â’ V URVH FDUPLQH :DWHUORZ SULQWLQJ 6* 9)0

80 Â… Â… Â’ 63(&,0(16 VPDOO IRUPDW 6HDO RYSWG

GHILQV VHW 6* V V 9)0 Â… Â…

ORYHO\ VWDPS Â… Â… Â’ 9$5,(7< G 6LOYHU -XELOHH ZLWK /LJKWQLQJ

&RQGXFWRU 6* F Â… Â…

Â’ 63(&,0(16 7HUFHQWHQDU\ VHW SHUILQ

6SHFLPHQ 6* V V PLQW VRPH PLQRU WRQLQJ Â… Â…

Â’ 5 RQ V EODFN DQG UHG EURZQ W\SH ,

Â’ 63(&,0(16 GHILQV VHW QHZ ZDWHUPDUN Â’ HDFK KDQGVWDPSHG 6SHFLPHQ DV 6* RQH RI VL[ VHWV

SUHSDUHG IRU GLVWULEXWLRQ RQ WKH LVODQG YHU\ UDUH H[ (GPXQG %D\OH\ 80 VRPH WRQLQJ Â… Â…

VXUFKDUJH 6* YHU\ ILQH PLQW 536/ FHUWLILFDWH DFFRPSDQLHV Â… Â… 3267$/ 67$7,21(5< .*9, UHJG HQYHORSH

ZLWK 6SHFLPHQ RYSW FOHDQ DQG ILQH Â… Â…

Â’ 63(&,0(16 +RUVH UDFLQJ VHW Â’ KDQGVWDPSHG 6SHFLPHQ DV 6* ILQH 80

3267$/ 67$7,21(5< 49 G SRVWFDUG G

ZUDSSHU DQG G UHJG HQYHORSH DOO %ULWLVK %HFKXDQDODQG LWHPV HDFK KDQGVWDPSHG 6SHFLPHQ LWHPV Â… Â…

Â… Â… Â’ 63(&,0(16 +RUVH 5DFLQJ 6HW Â’ KDQGVWDPSHG 6SHFLPHQ DV 6* ILQH 80

3267$/ 67$7,21(5< %ULWLVK %HFKXDQDODQG

PLQW 49 VWDWLRQHU\ LQFO G SRVWFDUGV RQ *% DQG &2*+ òG RQ G SRVWFDUG G G SRVW DQG UHSO\ FDUG òG ZUDSSHUV RQ *% DQG &2*+ LWHPV Â… Â…

Â… Â… 672&. &$5'6 ZLWK XVHIXO SLFNLQJV VHHQ .*9, EDGJH WR )8 VWDPSV ZLWK D JRRG YDULHW\ RI VWDPSV Â… Â…

%(/*,$1 &21*2

:DU 7D[ 6SHFLPHQ RYSW VKRZLQJ GDPDJH YDOXH WDEOHW SODWH EORFN RI EORFN RI EORFN RI D ILQH JURXS RI FKLHIO\ 80 Â… Â…

%$6872/$1'

{ ),1( 86(' SLFWRULDOV ZLWK YDOXHV WR IU ZLWK D

YDULHW\ RI GLIIHUHQW WRZQ FDQFHOV LQF 0DWDGL /HRSROGYLOOH %DQDQD /XNXQIX $ JRRG VHOHFWLRQ RI VWDPSV Â… Â…

%(/*,80

Â’ .*9, GHILQV VHW 6* 9)0 FDW Â…

{ )LUVW LVVXH F %OXH D JURXS RI IRXU

Â… Â…

KDQGSLFNHG 9)8 HDFK ZLWK IRXU IXOO PDUJLQV DQG GLIIHUHQW QXPHUDO SPNV $ ILQH JURXS DVN IRU VFDQV Â… Â…

Â’ 7 *8,'(/,1(6 ZLWKLQ .*9, PDUJLQDO EORFNV Â’ G SODWH EORFN 5 LQYHUWHG 7 òG EORFN ZLWK 7 DQG

{ .,1* $/%(57 KLJK YDOXH VKHHWOHWV IU WR

IU YDOXHV &RE 09 )0 ZLWK VSHFLDO YLROHW FDFKHW DW WKH ERWWRP RI WKH VKHHW DQG VKHHW QXPEHU DW WKH WRS FDW RYHU (XURV Â… Â…

G EORFN LQYHUWHG 7 DW 5 $OO 80 6FDUFH EORFNV Â… Â…

%$780

%(508'$

Â’ 5XVVLDQ VWDPS KDQGVWDPSHG U RQ N DQG Â’ U RQ N 6* DQG &DW Â… 80 Â… Â…

3529,6,21$/ 7KUHH 3HQFH RQ 6* IUHVK XQXVHG UDUH VWDPS 536 &HUW &DW Â… Â… Â… ^3KRWR`

%(&+8$1$/$1' { 0LOLWDU\ 7HOHJUDSKV G YHU\ ILQH XVHG 6* 07

Â’ G RQ V JUHHQ 6* PLQW Â… Â…

&DW Â… Â… Â… Â’ V G EODFN DQG FDUPLQH RQ SDOH EOXH %UHDN LQ Â’ V JUHHQ %ULWLVK %HFKXDQDODQG RYSW 6* PLQW

6FUROO YDULHW\ 6* D PLQW Â… Â…

OLJKW YHUWLFDO FUHDVH FDW Â… Â… Â…

Â’ (5525 VKDGLQJ RPLWWHG IURP WRS ULJKW Â’ V JUHHQ DQG EODFN XQDSSURSULDWHG GLH 6*

VFUROO 6* GE FDW Â… IUHVK PLQW $ YHU\ VFDUFH VWDPS Â… Â…

PLQW FUHDVHG FDW Â… Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 19

Â’ (5525 G EODFN UHG GHHS EOXH ZLWK EURNHQ 5HYHQXHV $ PRVW DWWUDFWLYH SLHFH IUDQNHG SDLU

Â… UHYHQXHV % ZLWK SRVWDJH VWDPS QHDWO\ HQGRUVHG Â… Â… ^3KRWR`

ORZHU VFUROO 6* EH IUHVK PLQW Â… Â… { .*9, +,*+ 9$/8( ZLWK FHUWLILFDWH G 6*

9$5,(7< RQ ILUVW GD\ FRYHU ZLWK D

G VXSHUE XVHG Â… Â…

DFFRPSDQ\LQJ OHWWHU QHZ FXUUHQF\ RYSW VHW ZLWK F RQ G ZLWK LQYHUWHG ZPN LVVXHG DW :DUZLFN ZKHUH WKLV HUURU LV UHFRUGHG 9HU\ VFDUFH RQ FRYHU Â… Â…

Â’ .*9, +,*+ 9$/8(6 RQ D VWRFN FDUG ZLWK

GLIIHUHQW VKDGHV S LQF 6* D ILQH DQG IUHVK PLQW FROOHFWLRQ RI VWDPSV ZLWK D JRRG YDULHW\ RI VKDGHV QHHGV FKHFNLQJ IRU DOO WKH IODZV NQRZQ RQ WKLV LVVXH Â… Â… { .*9, +,*+ 9$/8(6 OLQH SHUI DQG

ILQH XVHG Â… Â… { .*9, +,*+ 9$/8(6 SHUI G ZLWK VSXU

RQ WRS RI OHIW VFUROO G Â… ILQH XVHG Â… Â…

21/< SURGXFHG &RDW RI $UPV SDUWV , DQG ,, SURGXFHG E\ :DGGLQJWRQ IRU VSHFLDO SUHVHQWDWLRQ DW 0'&& PHHWLQJ 2FW QXPEHUHG RI Â… Â… { $/%80 3$*(6 ZLWK PDQ\ V RI VWDPSV ZLWK Â’ EHWWHU SLFNLQJV 0DXYH G 6* PLQW 6* XQXVHG

.*9, GHILQV WR 3LFWRULDO 6HW PLQW D JRRG VHOHFWLRQ RI 4(,, LVVXHV ZLWK VHWV QHHGV VRUWLQJ Â… Â… { ,03(5,$/ 35,17(' 3$*(6 :KHUH HYHU\ Â’ VSDFH %DU 2QH LV ILOOHG GLIIHUHQW VWDPSV PLQW

{ .*9, +,*+ 9$/8(6 SHUI VW SULQWLQJ

G G DQG Â… ILQH XVHG Â… Â…

RU )X PDQ\ NH\ VWDPSV DQG KLJK &9 WR 7KUHH 3HQFH RQ G 6* ZLWK 536 &HUW 6WDWLQJ IRUJHG RYSW G RQ 21( 3(11< RYSWV XVHG 6* QRW JXDUDQWHHG 49 WR .*9 VHW WR Â… PLQW 7HUFHQW VHWV LQF G )8 -XELOHH DQG 3LFWRULDO VHW PLQW +XJH &9 DQG PDQ\ XVHIXO SLFNLQJV Â… Â…

{ 672&.&$5' ZLWK .*9, KLJK YDOXHV SO

G ZLWK VKDGH DQG IODZV KLJKO\ FDWDORJXHG ILQH XVHG Â… Â… { 9$5,(7< .*9, SXUSOH DQG EOXH GHHS EOXH

Â’ .*9 +,*+ 9$/8(6 PXOWL FURZQ

ZLWK EURNHQ ORZHU ULJKW VFUROO 6* FH ILQH XVHG Â… Â…

G VFULSW G DQG HDFK GLIIHUHQW PLQW Â… Â…

{ 9$5,(7< .*9, ZLWK EURNHQ ORZHU VFUROO DW

Â’ 2/' 3$*( ZLWK FKLHIO\ 'U\ 'RFN LVVXHV

ULJKW 6* EH ILQH XVHG VFDUFH Â… Â…

:DU 7D[ 49 G PLQW Â… Â…

Â’ 9(5< 5$5( DV D SDLU RI (55256 ZLWK Â’ EURNHQ WRS ULJKW VFUROO WKH QH[W VWDPS ZLWK EURNHQ ORZHU ULJKW

Â’ 4(,, HDUO\ \HDUV YHU\ IUHVK PLQW LQF GHILQ

VFUROO VHOGRP VHHQ DV VLQJOH YHU\ UDUHO\ VHHQ DV D SDLU 6* EG EH FDW Â… DV VLQJOHV 8QPRXQWHG PLQW DV ZHOO Â… Â… Â’ { Â… GHHS UHGGLVK SXUSOH DQG EODFN RQ SDOH UHG 6* F YHU\ ILQH XVHG Â… Â…

VHW WR Â… VHW RI FDW Â… $ JRRG ORW RI VWDPSV TXDOLW\ Â… Â…

{ Â… SDOH SXUSOH DQG EODFN RQ SDOH UHG 6* E

YHU\ FRPSOHWH LQF 1HZ &XUUHQF\ GHILQ VHW DLUPDLO VHW 7DOO 6KLSV VHW VXSHUE TXDOLW\ VWDPSV 06 Â… Â…

ILQH XVHG Â… Â… V %OXLVK *UHHQ DQG 'HHS 5HG RQ *UHHQ 6* D 9)0 Â… Â…

48((1 9,&725,$ YHU\ IUHVK ILUVW KLQJHG PLQW ZLWK YDOXHV WR FDW Â… ORYHO\ TXDOLW\ Â… Â…

{ 683(5% XVHG 4(,, WR 67& Â…

Â’ :$5 7$; ILQH VHOHFWLRQ RI 0 80 Â’ PXOWLSOHV RI WKH G RYSWV EORFNV LQF $WWUDFWLYH EORFNV RI

Â’ V JUHHQ DQG GHHS ODNH RQ SDOH HPHUDOG 6*

ILQH PLQW QLFH H[DPSOH FDW Â… Â… Â…

ILIWHHQ DQG D ILQH EORFN RI WZHOYH RI WKH 6* LVVXH Â… Â… ::,, FHQVRUHG PDLO H[ %HUPXGD WR 1RUWK

Â’ V *UHHQ DQG 'HHS /DNH RQ 3DOH (PHUDOG

6* ILQH PLQW FDW Â… Â… Â… Â’ ),1( 0,17 &2//(&7,21 .*9, KLJK YDOXHV LQF

$PHULFD FRYHUV ZLWK PDQ\ GLII FHQVRU FDFKHWV DQG ODEHOV IRU VWXG\ LQF 5R\DO 1DYDO +RVSLWDO òG VLQJOH IUDQNLQJV LWHP H[ +LQVRQV ,VODQG EOXH FHQVRU ODEHOV DQG PXFK PRUH 2ULJLQDO FROOHFWLRQ Â… Â…

V RUGLQDU\ SDSHU 6* F 6* G VKDGHV S 6* ::,, &(1625(' 0$,/6 RYHUVHDV RULJLQV H I V G DOO 6* OLVWHG H[FHSW IRU UDUH ILQH SHUI V RUG LQF ,& HQGRUVHG ODEHOV FRYHUV LQF UHJG H[ 3HUX 6ZHGHQ SDSHU 6* H S 6* I VKDGHV V JUHHQ DQG ,WDO\ HWF $OO PXOWL IUDQNHG PDQ\ SRVWDO PDUNLQJV GHHS OLODF 6* EOXLVK JUHHQ DQG GHHS UHG 6* D Â… Â… S 6* H 6* I V G FKDON\ SDSHU 6* D RUG SDSHU 6* F S 6* H Â… 6* E F DQG S 6* %2(5 :$5 G *RRG ORW LGHDO IRU H[SDQVLRQ FDW Â… 9HU\ VFDUFH 32: UHJLVWHUHG HQY 7UDQVYDDO VWDPSV Â… Â… VHQW WR 'HDGZRRG &DPS 6W +HOHQD 0XOWL IUDQNHG FDQFHOOHG Â’ 3HUI KLJK YDOXHV DOO YDOXHV LQFO %RWK V G ZLWK 3RWFKHIVWURRP &'6 ZLWK SDVVHG E\ FHQVRU FDFKHW RQ WKH VKDGHV V RQ RUGLQDU\ SDSHU ERWK V VKDGHV 6* H F UHYHUVH Â… Â… G I H I H H YIP FDW Â… %2/,9,$ Â… Â… Â’ .*9, RUGLQDU\ SDSHU YDULHW\ 6* F IUHVK

PLQW %3$ FHUW $ YHU\ UDUH SULQWLQJ FDW Â… Â… Â…

+(/,2 9$8*,5$5' RXWVWDQGLQJ ZDWHU FRORXU HQKDQFHG SDLU RI WRXFDQV ZLWK E LPDJH DW WRS OHIW $ VXSHUE LWHP WR HQKDQFH \RXU FROOHFWLRQ Â… Â…

Â’ :DWHUORZ SULQWHUV SURRIV JURXS RI VL[ +(/,2 9$8*,5$5' RXWVWDQGLQJ ZDWHU FRORXU GLIIHUHQW ZLWK DUFKLYDO RYSWV PRVW XQXVXDO Â… Â… HQKDQFHG ZKLWH WDLOHG WURSLF ELUG ZLWK òG LPDJH DW WKH WRS OHIW $ VXSHUE LWHP WR HQKDQFH \RXU FROOHFWLRQ Â… Â… %5 $17$5&7,& 7(55 Â’ G ILUVW VHWWOHPHQW GUDE JUH\ SULQWHG GRXEOH Â’ 0,17 &2//(&7,21 FDW Â… LQF GHILQ Â’ SUHYLRXVO\ OLVWHG LQ 6* (OL]DEHWKDQ DV 6* HD ILQH 80 VHW RI 1HZ &XUUHQF\ VHW RI GHILQ VHW RI

Â… Â…

&KXUFKLOO VHW RI 7UHDW\ VHW RI $ YHU\ ILQH FROOHFWLRQ RI VHWV Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 20

Â’ (;7(16,9( FROOHFWLRQ QHYHU KLQJHG PLQW FDW Â’ Â… LQF GHILQ VHWV FRPPHPRUDWLYH LQF &KXUFKLOO 06 DQG

{ ,QWHUHVWLQJ ROG SDJHV ZLWK D ILQH VHOHFWLRQ RI Â’ 49 S RQ òG VWXG\ ZLWK GDPDJH RU UHWRXFKHG OHWWHUV

&RURQDWLRQ VKHHWOHW $ YHU\ ILQH FROOHFWLRQ RI VWDPSV HDFK GLIIHUHQW Â… Â… Â’ 75($7< VHW DQG ([SORUHUV WR Â… IUHVK Â’ 80 Â… Â…

49 SL RQ G RQH PLQW (GZDUG SL RQ G VHDKRUVH V D JRRG ROG WLPH ORW VWDPSV PXFK ILQH XVHG Â… Â… Â’ 9(5< )5(6+ ILUVW KLQJHG PLQW 49 S

{ &DW Â… 80 FROOHFWLRQ ZLWK PXFK DGGLWLRQDO Â’ PDWHULDO LQ WZR DOEXPV ZLWK LVVXHV WR $Q H[WHQVLYH ORW Â’ ZLWK PDQ\ JRRG VHWV DGGLWLRQDO VHWV RQ FRYHU VXSSOHPHQWDU\

PDWHULDO LQFOXGLQJ SRVWFDUGV GHSLFWLQJ WKH UHJLRQ *RRG ORW Â… Â…

S DQG SL (GZDUG WR SL WR SL DQG SL TXDOLW\ Â… Â…

%5 2&& ,7$/ &2/ 4 (5,75($ $LUPDLOHG FRYHU WR /RQGRQ

IUDQNHG ZLWK F RQ G % 0$ (ULWUHD RYSW 6*( OLJKW VWULNH RI $VPDUD FGV Â… Â…

%5 *8,$1$ Â’ 2/' 3$*(6 ZLWK D KLJKO\ FDWDORJXHG UDQJH RI

VWDPSV PLQW VXUFKV LQF ODUJH YDULHW\ GHILQV F WR F ZLWK ERWK F 6LOYHU -XELOHH VHW GHILQV ZLWK SHUI YDULHWLHV DQG VKDGHV 6LOYHU :HGGLQJ $ JRRG ORW RI VWDPSV IUHVK PLQW Â… Â…

0LOLWDU\ &RUUHVSRQGHQFH ILQH VPDOO HQYHORSH DGGUHVVHG WR *% %DWWHU\ %ULWLVK $UP\ (J\SW IUDQNHG F 7DOO 6KLS WLHG QHDW &'6 )LQH Â… Â… ^3KRWR` Â’ .*9 VHWV PLQW VWDPSV WR WR

DQG -XELOHH VHW 6* &DW Â… Â… Â…

Â’ 3267$*( '8(6 VHW RYSWG %0$

<URSROLWDQLD 6* 7' PLQW Â… Â…

%5 62/2021 ,6 { .*9 GHILQ VHW RI ERWK G DQG GHILQV

ZLWK YDOXHV WR ILQH XVHG ZLWK WKH EHLQJ 9)8 6* DQG 6* Â… Â… { .*9 '(),1,7,9(6 WR Â… ZLWK VKDGHV 6*

LQF ERWK W\SHV DQG Â… YHU\ ILQH XVHG Â… Â… { .*9 ZPN VFULSW &$ GHILQV VHW WR V 6*

YHU\ ILQH XVHG Â… Â…

Â’ 63(&,0(1 SHUIRUDWHG 6LOYHU -XELOHH VHW RI

6* V V PLQW Â… Â… .*9 F UDWH UHJ G FRYHU WR %HUPXGD IUDQNHG

F SOXV F VWULS RI IRXU $LUPDLO FGV DQG RWKHU FDQFHOV YLD 0LDPL 8QXVXDO Â… Â…

{ (;7(16,9( FROOHFWLRQ ZKHUH WKH PLQW DORQH Â’ FDWV Â… PDQ\ FRPSOHWH VHWV LQF GHILQLWLYHV DOVR PDQ\ VHWV )8 RU RQ )'& V QRW YDOXHG RXWVWDQGLQJ TXDOLW\ YHU\ FRPSOHWH

IRU WKH SHULRG 2YHU VWDPSV DQG )'& V DQG 06 $ YHU\ ILQH FROOHFWLRQ YHU\ KLJK FDW YDOXH Â… Â… Â’ 2/' 3$*(6 ZLWK EHWWHU GHILQ VHW RI

Â’ 3267$/ 67$7,21(5< $(52*5$00(6 Â’ IUHVK XQXVHG ORW RI GLII LQF HDUO\ :DWHUIDOO DGYHUW W\SHV

VXUFKDUJH LVVXHV DQG SHUIRUDWHG VWDPS LVVXHV Â… Â…

%5 +21'85$6

GHILQ VHW RI QHZ ZDWHU PDUN VHW RI GHILQ VHW RI SOXV D UDQJH RI FRPPHP VHWV $ JRRG ORW RI VWDPSV IUHVK PLQW Â… Â… Â’ 4(,, GHILQV VHW 6* 80 Â’ Â… Â…

Â’ 49 ZPN &URZQ && S ò G 6* G 6*

DQG 6* FDW Â… PLQW Â… Â… Â’ 49 ZPN &$ G \HOORZ 6* PLQW IUHVK

FRORXU Â… Â… Â’ 685&+$5*( F RQ G 6* IUHVK PLQW

Â… Â…

0267 ,17(5(67,1* &2//(&7,21 RI VWDPSV HWF RQ KDJQHUV DQG SDJHV ZLWK EHWWHU LWHPV GHILQV 9)8 ZHGGLQJ PLQW 4(,, WR Â… 9)8 EORFN ZPN VHW 9)8 PXOWL IUDQNHG 5HJ G FRYHU WR 8. LQF G PDQ\ RWKHU VHWV RYHU VWDPSV PXFK LV 9)8 Â… Â…

%5 9,5*,1 ,6

Â’ 685&+$5*(6 F RQ G 6* F RQ G 6* Â’ V EODFN DQG URVH FDUPLQH RQ WRQHG SDSHU

F RQ G 6* DQG WZR RQ F RQ 6* PLQW SOXV F RQ G 6* XQXVHG Â… Â…

GRXEOHG LQQHU IUDPH YDULHW\ 6* Â… Â… Â’ G \HOORZ JUHHQ G EOXH JUHHQ G ODNH UHG G

Â’ (5525 %HYHQXH IRU 5HYHQXH RQ F 6*

ODNH EURZQ V EODFN DQG URVH FDUPLQH RQ ZKLWH DQG WRQHG SDSHUV DOO QR ZPN SHUI 6* PLQW XQXVHG FDW Â… Â… Â…

D IUHVK PLQW Â… Â… Â’ 6,/9(5 -8%,/(( (5525 F ZLWK H[WUD

IODJVWDII ZLWKLQ D EORFN RI 6* D PLQW Â… Â…

{ ERWK òG ,16&,37,21 9$5,(,(6 IX RQ D

4 3267$/ 67$7,21$5< ZLWK YHU\ JRRG FRQWHQW

LWHPV LQF .*9 5HJ G HQY RYSW VSHFLPHQ 49 3RVWDO &DUGV H[FHOOHQW ORW RI $LU OHWWHUV ZLWK VPDOO RIILFH FDQFHOV 9HU\ ILQH Â… Â…

SLHFH HDFK ZLWK QHDW $ GXSOH[ SRVWPDUNV $ Y VFDUFH FRPELQDWLRQ SLHFH 6* D E Â… Â… ^3KRWR` { 3UH 3ULQWLQJ SDSHU FUHDVH RQ FW /HJLVODWLYH

FRXQFLO 6* 9)8 PRVW XQXVXDO YDULHW\ Â… Â…

%5 , 2 7

%5$=,/

Â’ $ ),1( 5$1*( RI VHWV FDW RYHU Â… LQF

{ %8//6(<( U 6* )8 ZLWK JLDQW PDUJLQV

SLFWRULDO VHW RI 6* DQG 6* VHW RI DQG %$+,$ VWUDLJKW OLQH FDQFHO Â… Â… 5HVHUYH VHW 5R\DO 6RFLHW\ &RUDOV %LUGV $ YHU\ { %8//6(<( U FOHDU LPSUHVVLRQ RQ WKLFN SDSHU JRRG FROOHFWLRQ QHDWO\ SUHVHQWHG Â… Â… 6* 9)8 ZLWK JRRG PDUJLQV VXSHUE FODVVLF %5 /(9$17 Â… Â… Â’ 9(5< 6&$5&( FRPSOHWH VHW RI %ULWLVK )LHOG %581(, 2IILFH LQ 6DORQLFD 6* 6 ZLWK G G G DQG G KDYLQJ 536 Â’ /DEXDQ &URZQ LVVXHV RYSWG VXUFKDUJHG YDOXHV FHUWLILFDWHV JHQXLQH Â… Â… WR RQ F 6* PRVWO\ ILQH PLQW Â… Â…

If we can be of any assistance please do not hesitate to contact us. Thank you

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 21

Â’ /$%8$1 RYHUSULQWV VHW 6* ILQH PLQW

{ 49 F 6* DV VXSHUE XVHG YHUWLFDO VWULS RI

WKUHH Â… Â…

Â… Â… Â’ &2/2856 FKDQJHG ZPN PXOW &URZQ &$ VHW

6* JRRG WR ILQH PLQW Â… Â…

%850$ Â’ 2)),&,$/ RYHUSULQWHG VHW RI 6* 2 IUHVK

PLQW FDW Â… Â… Â… Â’ -$3$1(6( 2&&83$7,21 6KDQ 6WDWHV Â’ LVVXHV VHW OHVV F LQ EORFNV RI 6* M M 80

Â… Â…

&$0%2',$ Â’ 1(9(5 +,1*(' PLQW LQF PLQLDWXUH VKHHWV

GHILQLWLYH VHW SOXV WKH PLQLDWXUH VKHHWV 6* 06 D DLU VHW RI GHILQ VHW RI VHFRQG &RURQDWLRQ VHW $ ILQH FROOHFWLRQ RI VWDPSV 06 +LJK FDW YDOXH LQ WKH HDUO\ LVVXHV Â… Â… Â’ $,5 VHW RI .LQQDU 6* IUHVK PLQW

Â… Â…

{ 49 F 6* ZLWK LQFUHGLEOH VRFNHG RQ QRVH

,521 &5266 FDQFHOODWLRQ Â… Â… 635,1*%$&. DOEXP ZLWK D QLFHO\ SUHVHQWHG FROOHFWLRQ RI VWDPSV PDLQ VWUHQJWK LQ PLQW 4(,, LVVXHV KDYH VHHQ EHWWHU VHWV LQF .*9 GHILQV WR )8 .*9, WR )8 4(,, WR PLQW $ XVHIXO FROOHFWLRQ RI VWDPSV Â… Â…

49 F URVH UHG 6* IUHVK XQXVHG IDEXORXV FRORXU Â… Â… { 6+$9,1* 1,&. 9$5,(7< F ODUJH TXHHQ 9)8

VXSHUE 8QLWUDGH YLL Â… Â… { /$5*( 48((16 H[WHQVLYH FROOHFWLRQ ZLWK

PDQ\ LWHPV RQ SXUFKDVH FDUGV VWDPSV PXFK LV ILQH XVHG DQG PRVW LQWHUHVWLQJ KXJH &9 LQF YDULHWLHV òF ZKLWH EXQ F WKLQ SDSHU F ZPN * F ZLWK VXSHUE 3$,' FDQFHO F ELVHFW RQ SLHFH òF ZPN YHU\ JRRG VHOHFWLRQ RI F ZLWK VKDGHV GHHS EOXH SULQWLQJ F VLQJOH ZLWK KXJH PDUJLQV DW EDVH $ PRVW XVHIXO DVVHPEO\ Â… Â…

Â’ /$5*( 48((1 F PLQW SDUW 2* 6* E FDW Â’ &2035(+(16,9( PLQW FROOHFWLRQ RQ

Â… UDUHO\ RIIHUHG PLQW 8 D Â… Â… <YHUW SDJHV VXEVWDQWLDOO\ FRPSOHWH DQG YHU\ ILQH VHOGRP RIIHUHG LVVXHV PDQ\ V LQF ILUVW GHILQ VHW GHILQ { 60$// 48((16 F XVHG VWXG\ RQ SDJHV VHW FRPSUHKHQVLYH FRPPHPV DLUPDLOV VHWV GLII 06 HWF VWDPSV ILQH TXDOLW\ ZLWK VKDGHV LPSHUI VLQJOH D JRRG +LJKO\ UHFRPPHQGHG Â… Â… VHOHFWLRQ RI PLQRU YDULHWLHV LQF GLVWLQFWLYH UH HQWULHV SRVWPDUNV &$1$'$ HWF 2ULJLQDO ORW Â… Â…

Â’ %($9(5 G 6* IUHVK PLQW PDUJLQV

YLEUDQW FRORXU IDEXORXV DSSHDUDQFH 2* WZR OLJKW YHUWLFDO FUHDVHV FDW Â… Â… Â… (17,5( H[WHQVLYH FRQWHQWV H[ 1HZ &DUOLVOH

{ 60$// 48((16 F H[WHQVLYH DQG GHWDLOHG

XVHG VWXG\ RQ SDJHV ILQH VWDPSV ZLWK GHWDLOHG SULQWLQJV VKDGHV DQLOLQH YDULHWLHV JURVVO\ PLVSHUI VLQJOH UHVXOWLQJ LQ YDOXH RPLWWHG SODWH GRWV FDQFHOODWLRQ VWXG\ LQF IDQF\ DQG FRORXUHG W\SHV Â… Â…

FGV WR 4XHEHF IUDQNHG G LPSHUI %HDYHU ZLWK SHQ ; FDQFHO Â’ 6PDOO 4XHHQV PLQW VHOHFWLRQ &DW Â… 1LFH XVDJH FDW Â… RQ FRYHU Â… Â… ZLWK LQWHUHVWLQJ YDULHWLHV F 6* XQXVHG VWULS RI ZLWK SDUW (19(/23( IUDQNHG G LPSHUI %HDYHU ZLWK ; LPSULQW F LQF 3UH SULQWLQJ YDULHW\ F LQF JURVVO\ PLVSHUI SHQ FDQFHO LQN VPHDUV WKRXJK XQXVXDOO\ ZLWK WZR F F LQF $ IUHVK XQXVHG SDLU $WWUDFWLYH JURXS ZLWK PDQ\ (/*,1),(/' FGV RQH ZLWK EDFNZDUGV GDWH DQG RWKHU ZLWK IUHVK VRPH IDXOWV 5HTXHVW VFDQV Â… Â… FRUUHFWHG LPSUHVVLRQ 6W 0DU\V DUULYDO FGV UDWHG Â… RQ FRYHU Â… Â… (19(/23( IUDQNHG G LPSHUI EHDYHU 6*

Â’

Â’

{

Â’

Â’

Â’ 6PDOO 4XHHQ 0LQW 6HW RI òF WR F SULQWLQJV

XQFKHFNHG RI JRRG DSSHDUDQFH PLQW &9 Â… Â… Â…

WLHG 6WDQVWHDG FGV VWDPS FRUQHU IDXOW QLFHO\ XVHG WR 0RQWUHDO 60$// 48((16 XVHG RQ FRYHUV LWHPV LQ FDW Â… RQ FRYHU Â… Â… ZDOOHWV FKLHIO\ SXUFKDVHG IRU D UHDVRQ LQF F VLQJOH XVH RQ F EURZQ WR SDOH 3ULQFH $OEHUW 6* 6FRWW DGYHUWLVLQJ HQY F PDUJLQDO VWULS RQ FRYHU F SDUW LPSULQW E IUHVK PLQW ZLWK JXP DFFRPSDQLHG E\ FHUWLILFDWH VWDWHV VWULS RI RQ YHU\ ILQH FRYHU F UHJLVWHUHG VWDPS ZLWK F

8QXVHG SHUIRUDWHG [ EXW UHJXPPHG FDW 4XHHQ F SDLU F RQ F HQY 5HJLVWHUHG F RQ Â… Â… Â… DGYHUWLVLQJ HQYHORSH F VLQJOH XVH RQ UHJLVWHUHG HQY F VLQJOH XVH HWF $Q RULJLQDO ORW :LWK EHWWHU LWHPV %($9(5 F 6* IUHVK XQXVHG VWDWHG WR EH Â… Â… SRVLWLRQ VWDWH UH HQWU\ " YHU\ IUHVK PLQW FDW Â… Â… Â… $GYHUWLVLQJ HQYHORSH GHSLFWLQJ FKLFNHQ OHDSLQJ IURP D EURNHQ VKHOO WR FKDVH DQ LQVHFW IUDQNHG F VPDOO %($9(5 F 8QLWUDGH 6* LQWHUHVWLQJ 4XHHQ ZLWK +DPLOWRQ 'XSOH[ $ VXSHUE FRYHU XVHG JURXS RI ZLWK YDULHWLHV LQF LPSULQW LQ PDUJLQ RI VWDPS Â… Â… PLVSHUI SUH SULQWLQJ SDSHU FUHDVH D MXPER PDUJLQ XVHG VLQJOH DQG PXFK HOVH 6RPH IDXOWV WKRXJK PRVW VRXQG KLJK 6PDOO 4XHHQ òF 6* VPDOO VWXG\ LQF )UHVK &9 Â… Â… PLQW SODWH PDUJLQDO EORFN RI VXSHUE SDLU DQG VLQJOH VKRZLQJ XQXVXDO RIIVHW PLQW JXWWHU SDLU X LLL PLQW VWULS RI &$57,(5 F IUHVK XQXVHG YLYLG FRORXU HWF KLJK YDOXH Â… Â… 8QLWUDGH 6* FDW Â… DV PLQW VXSHUE FODVVLF Â… Â… { :LGRZ F DV IDEXORXV XVHG SDLU ZLWK FHQWUDO FRPSOHWH )5('(5,&7,21 1% RYDO FDQFHO 6XSHUE LWHP /$5*( 48((1 òF 6* IUHVK XQXVHG 6* 8 Â… Â… VXSHUE FRORXU FROOHFWRU SDLG Â… IRU WKLV VWDPS Â… Â… { :,'2: +LJK YDOXH JURXS XVHG F LQF SUH FDQFHO F LQF SUH FDQFHO DQG VWDPSHG WR RUGHU ZLWK IXOO 49 òF 6* PLQW SDUW RJ H[FHOOHQW FRORXU 2* 8QXVXDO 6* Â… Â… $ JRRG H[DPSOH RI WKLV FODVVLF FDW Â… Â… Â…

{ 49 F JURXS 6* ILYH XVHG VLQJOHV RQH

Â’ 6PDOO 4XHHQ F IUHVK PLQW PDUJLQDO SDLU

6* &DW Â… Â… Â… PLVSHUI DW ULJKW XVHG PXOWLSOH RQ SLHFH ZLWK PDQXVFULSW 3$,' ( IODZ DOVR WZR XVHG VLQJOHV RQ FRYHUV DQG D FROOHFWDEOH DGYHUWLVLQJ LOOXVWUDWHG HQYHORSH IRU òG LPSHUI 6* PL[HG WKRXJK FDW Â… Â… Â… JUDQLWH PLOOV FORWKH PDQXIDFWXUHUV ZLWK F VPDOO TXHHQ FDQF 6W +\DFLQWK VTXDUHG FLUFOH 0RVW DWWU Â… Â…

www.philangles.co.uk – Place your bids online. Immediate and secure.

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 22

{ -XELOHH QLFHO\ XVHG ZLWK 5 RYDO

{ (GZDUG F DQG F ERWK )8 HDFK VKRZLQJ PDMRU

SUH SULQWLQJ SDSHU FUHDVHV 6SHFWDFXODU X Â… Â…

6* Â… Â… { -XELOHH 6* QLFH FGV XVHG

Â’ (GZDUG F ERRNOHW SDQH RI VL[ ZLWK VHOYHGJH

Â… Â…

PLQW 9HU\ VFDUFH 6* D &DW Â… LQWHUOHDYLQJ DIIL[HG DQG PLQRU EOHPLVKHV Â… Â…

Â’ -XELOHH PLQW 6* RQH VKRUW SHUI DW WRS

Â’ (GZDUG F DV IUHVK PLQW PDUJLQDO EORFN

VPDOO JXP WKLQ DQG KHDY\ KLQJH 6FDUFH KLJK YDOXH &DW Â… Â… Â…

VKRZLQJ SODWH 1R 6* &DW Â… Â… Â…

{ -XELOHH ZLWK 6TXDUHG &LUFOH SPN )8 VPDOO

KLQJH WKLQ 6* Â… Â…

{ (GZDUG 6HW RI DV XVHG EORFNV RI IRXU D UDUH

VHW RI XVHG EORFNV LQF F LPSHUI EORFN F ZLWK YHU\ ILQH ER[HG FDQFHO F EORFN LV UDUH RQH XQLW GDPDJHG 6* EORFNV &DW Â… Â… Â…

{ -XELOHH 9)8 ZLWK ORFDO W\SH FGV

([FHSWLRQDO FRORXU 6* Â… Â…

6SHFWDFXODU / 6FKHSS 0RQNH\ PXOWLFRORXUHG LOOXVWUDWHG DGYHUWLVLQJ HQYHORSH IUDQNHG F QXPHUDO 6* WLHG WLHG 5 RYDO FDQFHO $VVXPHG 3KLODWHOLF 6* 5DWHG RQ 7RURQWR PDFKLQH ([KLELWLRQ LWHP Â… Â… FRYHU Â… Â… { (':$5' ,668( 6* H[WHQVLYH -XELOHH F RQ VXSHUE 'RPLQLRQ &RUVHW FROOHFWLRQ LQ D EODFN VWRFNERRN ZLWK LQWHUHVWLQJ DQG XQXVXDO 0DQXIDFWXUHUV LOOXVWUDWHG HQYHORSH WLHG 4XHEHF 'XSOH[ LWHPV LQFOXGHG F XP EORFN RI FÂ… YDULRXV F VWULSV 6* Â… Â… ZLWK SODWH QXPEHUV F JURVVO\ PLVSHUI PLQW F XP EORFN RI ZLWK H[SHULPHQWDO SUH FDQFHO F LPSHUI SODWH EORFN RI XVHG -XELOHH F 6* ZLWK VPDOO 4XHHQ F QLFHO\ YHU\ VFDUFH LQWHUHVWLQJ XVDJHV RQ FRYHUV FDUGV LQF VLQJOH F XVHG RQ UHGLUHFWHG UHJLVWHUHG FRYHU H[ &DOHGRQLD PDQ\ RQ UHJ G FRYHU F PDMRU UH HQWU\ F SDLU IX F XVHG LQF SRVWPDUNV Â… Â… 0LVSHUI YDULHW\ $Q LQWHUHVWLQJ DVVHPEO\ VRPH V Â’ -8%,/(( )5(6+ 0,17 6(7 òF WR F ZLWK Â… Â… H[WUDV 6* FDW Â… LQF òF F F Â’ (GZDUG PLQW FROOHFWLRQ LQF 9HU\ ILQH DQG IUHVK H[FHOOHQW TXDOLW\ Â… Â… ZLWK VKDGHV VWDPSV FDW Â… H[FHOOHQW GHILQ UDQJH WR -XELOHH LVVXHV RQ FRYHU LWHPV F F 6* DQG D UDQJH RI 4XHEHF 3LFWRULDO YDOXHV WR F H[DPSOHV XVHG RQ HQYHORSH VXSHUE F VLQJOH IUDQNLQJ $ ILQH RULJLQDO JURXS Â… Â… WLHG 0RQFWRQ FGV F XVHG RQ HQYHORSH FDQFHOOHG LQ F 4XHEHF òF F 6* XVHG RQ F FRPELQDWLRQ RQ VXSHUE 0RQWUHDO H[KLELWLRQ LOOXVWUDWHG UHJLVWHUHG FRYHU WR 1RYD 6FRWLD ,QWHUHVWLQJ HQYHORSH IDXOWV F VLQJOH IUDQNLQJ HWF $Q LQWHUHVWLQJ FDQFHOODWLRQV Â… Â… JURXS Â… Â… Â’ 4XHEHF òF GRXEOH SHUIRUDWLRQ HUURU ILQH PLQW Â’ -XELOHH PLQW VHW òF WR 6* ZLWK 8QXVXDO DQG XQOLVWHG 6* Â… Â… H[WUDV &DW Â… VWDPSV òF F YHU\ QLFH F F -XELOHH F RQ VPDOO QHDW HQYHORSH XQXVXDOO\

F VRLOHG $Q DWWUDFWLYH VHW 5HTXHVW VFDQ IRU FRORXU Â… Â…

Â’ 4XHEHF òF PDMRU UH HQWU\ 6* D IUHVK XP Â’ ZLWKLQ D PLQW EORFN Â… Â…

{ -XELOHH XVHG FROOHFWLRQ RI ZLWK H[WUDV &DW

Â… òF WR H[ LQF F SUH FDQFHOV F EORFN ZLWK FRPSOHWH IODJ FDQFHO F F F DQG KLJK YDOXHV ZLWK UROOHU FDQFHOV 0DQ\ VRXQG DQG DWWUDFWLYH *RRG JURXS Â… Â… Â’ 0DSOH /HDI F 6* DV IUHVK PLQW EORFN

0RVW DWWUDFWLYH &DW Â… Â… Â… Â’ 0DSOH /HDI 6HW 6* PLQW ZLWK VHYHQ H[WUD

4XHEHF F F FRPELQDWLRQ XVHG RQ

UHJLVWHUHG FRYHU H[ +DPLOWRQ WR 2ZHQ VRXQG 8QXVXDO Â… Â… 48(%(& ,668( 6* VWXG\ EDVLF VWDPSV &DW Â… PLQW VHW LQF $ YHU\ QLFH F WRS YDOXH XVHG LQF òF PDMRU UH HQWU\ 6* D F +DLUOLQHV F LPSHUI DW EDVH XVHG VHW LQF 6XSHUE F DQG F $ SRSXODU LVVXH Â… Â…

VKDGHV LQF òF VWULS RI WKH JURXS RI LV FDW Â… .H\ F Â’ $'0,5$/ F UHG EORFN RI IRXU JURVVO\ F H[FHOOHQW IUHVKQHVV Â… Â… PLVSHUIRUDWHG IUHVK 0 80 D VSHFWDFXODU GLDJRQDO VKLIW 49 0$3/( /($) $1' 180(5$/ ,668( 8 Â… Â… 6* DQG H[WHQVLYH FROOHFWLRQ RQ SDJHV ZLWK { $'0,5$/ %22./(7 SDQHV 9)8 DQG UDUH YDULHWLHV XQXVXDO HWF %DVLF VWDPSV FDW Â… LQF PLQW WKXV )LQH ORW RI VL[ GLIIHUHQW LQF F ZHW SULQWLQJ 8 F F GU\ WR F F PDUJLQDO VWULS RI 80 F SUH SULQWLQJ SDSHU FUHDVH SULQWLQJ I PLVFXW F SDQH 8 D HWF 8QSULFHG )8 F & )/$: )8 X Y 0DMRU UH HQWULHV F PLVSHUI òF XVHG Â… Â… 6* VXSHUE XVHG EORFN F RYSW 6* 80 FRUQHU EORFN { $'0,5$/ F PDUJLQDO VWULS RI )8 ZLWK

DQG PXFK PRUH *RRG YDULHW\ RI LQWHUHVWLQJ PDWHULDO Â… Â…

/$7+(:25. LQ PDUJLQ 8 E VFDUFH XVHG Â… Â…

Â’ 0DSOH /HDI F 6* DV IUHVK PLQW SDLU &DW

{ $'0,5$/ F VSHFWDFXODU XVHG SODWH QR

Â… Â… Â…

FRUQHU EORFN RI WHQ ZLWK FRPSOHWH UROOHU FDQFHO UHWDLQLQJ IXOO 2* 8 D FDW DV D PLQW EORFN DQG XQSULFHG XVHG Â… Â…

{ %RRNOHW SDQH RI VL[ H[ VHOYHGJH XVHG RQ

UHJLVWHUHG SLHFH H[ 7RURQWR XQSULFHG DQG UDUH XVHG 8 E 6* D &DW Â… DV PLQW Â… Â…

Â’ .*9 F *5266/< 0,63(5)25$7('

9$5,(7,(6 GLII ILQH 0 PRW XQXVXDO 8 YDU Â… Â…

{ %RRNOHW SDQH RI VL[ XVHG ZLWKLQ SHULRG ZLWK

VHOYHGJH UHLQIRUFHG XQSULFHG DQG YHU\ UDUH XVHG X E 6* D &DW Â… DV PLQW Â… Â…

Â’ 63(&,$/ '(/,9(5< FRPSOHWH IUHVK PLQW 6*

6 VWDPSV FDW Â… Â… Â…

Â’ %RRNOHW 3DQH RI VL[ ZLWK VHOYHGJH F 49

6* ED ILQH PLQW VPDOO JXP VWDLQLQJ DW ULJKW $ VFDUFH LQWDFW Â’ :$5 7$; F ZLWK DGGLWLRQDO ,1/$1' 5(9(18( RYHUSULQW DV IUHVK PLQW EORFN $ UDUH PXOWLSOH 805 EL Â… Â…

SDQH &DW Â… Â… Â…

Selling? – Contact Simon Carson today for professional advice on how to sell your stamps/covers. PTS and ASDA registered. Integrity assured.

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 23

Â’ :$5 7$; F F 6* 805 DV

{ 7+( .*9 ,668( 6* XVHG FROOHFWLRQ

ZLWK PXFK DGGLWLRQDO DQG XQXVXDO ZLWK EORFNV YDULHWLHV HWF 1RWH F DV VXSHUE XVHG EORFN RI ZLWK &DOJDU\ FGV FÂ… F RQ UHJG FRYHU F ERRNOHW SDQH 9)8 F ZLWK 2+06 SHUILQV F PDQ RQ PDVW YDULHW\ VXSHUE FGV XVHG VSOLW SHUI SODWH EORFN XVHG FÂ… F FRLO SDLU RQ FRYHU FÂ… F FRLO VWULS RI RWKHU FRLOV 7HUULILF YDULHW\ Â… Â…

LPSUHVVLYH PLQW VWULS RI ZLWK SODWH QR LQ PDUJLQ FDW Â… Â… Â… Â’ :$5 7$; F F %URZQ 'LH IUHVK PLQW

6* Â… Â… Â’ :$5 7$; F F &RLO 3DLU 6HW IUHVK PLQW

6* FDW Â… Â… Â… Â’ :$5 7$; &2,/ 675,3 RI F F EURZQ GLH

6* IUHVK 0 FDW Â… Â… Â… Â’ .*9 VHWV IUHVK PLQW DQG YHU\ ILQH RQ ROG SDJHV

FDW Â… LQF &RQIHGHUDWLRQ GHILQ VHW ZLWK FRLOV 6* FRPPHP LVVXHV LQF -XELOHH GHILQ VHW ZLWK FRLOV 6* 6SOHQGLG Â… Â…

{ .*9 GHILQV 6* ILQH XVHG FDW

Â… Â… Â… { %/8(126( F SODWH EORFN RI IRXU 9)8

VSHFWDFXODU DQG UDUH F FDW PLQW XQSULFHG XVHG 6* &DQDGD V LFRQLF GHVLJQ Â… Â… { %/8(126( F 6* DV VXSHUE XVHG EORFN

Â’ &2,/ 3$,5 ZLWK FRLO HQG WZR EODQN ODEHOV F

$GPLUDO ILQH 0 6* 8 VFDUFH LWHP Â… Â…

$ UDUH PXOWLSOH Â… Â… { .*9 F &KXUFK DV SODWH EORFN )8 UDUH LQ

XVHG FRQGLWLRQ 8 FDW SULFHG DV PLQW RQO\ 6* Â… Â…

{ $'0,5$/ PDUJLQDO EORFN )8 ZLWK

/$7+(:25. LQ RXWHU PDUJLQ $ VSHFWDFXODU DQG UDUH WRS YDOXH VPDOO JXP VWDLQLQJ DIIHFWLQJ XSSHU SDLU 9HU\ UDUH XVHG Â… Â…

Â’ .*9 GHILQ VHW LQF VHYHUDO EORFNV FRLOV DQG FRLO

VWULSV 6* FDW FÂ… Â… Â…

Â’ $'0,5$/ ERRNOHW SDQHV ILQH PLQW GLII LQF F Â’ .*9 SLFWRULDO VHW RI PLQW 6*

3$1( 2) 6,; 6* DE 7KH JURXS FDWV Â… Â… Â…

FDW Â… Â… Â…

VFDUFH F ZLWK FRLO MRLQ VXSHUE VHW RI VWULSV 6* FDW Â… Â… Â…

3DUOLDPHQW WRS YDOXH H[FHSWLRQDO 6* FDW Â… Â… Â…

{ 3$57 3$5&(/ 7$* IUDQNHG VWULS RI Â’ $'0,5$/ FRLO VWULSV RI IRXU VHW RI IUHVK PLQW

Â’ $'0,5$/ LVVXH PLQW ZLWK PDQ\ DGGLWLRQDO

VKDGHV SULQWLQJV QHDWO\ SUHVHQWHG RQ SDJHV F WR 6* FDW Â… 6SOHQGLG ORW Â… Â… Â’ $'0,5$/ F LPSHUI EORFN RI HLJKW IUHVK 80 D Â’ VXSHUE PXOWLSOH 6* Â… Â… 1257+(51 $,5 6(59,&( F QLFHO\ XVHG RQ 4 FRYHU ZLWK FDFKHW &/ Â… Â…

Â’ 63(&7$&8/$5 0,63(5)25$7(' (55256 Â’ IUHVK 80 F 6* E JURVVO\ PLVSHUI F 6* D JURVVO\

PLVSHUI ZLWK WZR SRUWLRQV RI VWDPSV DQG F EOXH WDOO VWDPS VWDWHG RQO\ UHFRUGHG $ UDUH WULR RI HUURUV Â… Â… { .*9 GHILQV )8 ZLWK VSHFLDOLVHG PDWHULDO DQG

PXFK LQWHUHVWLQJ 6* LVVXH LQF XVHG SODWH EORFNV F KLJK YDOXHV DV )8 EORFNV RI IRXU FRLO VWULSV F ERRNOHW SDQH 9)8 6* D DQG PXFK PRUH *RRG ORW Â… Â…

Â’ 3529,6,21$/ F RQ F 6* DV VFDUFH Â’ FRUQHU EORFN LPSHUI RXWHU HGJHV IUHVK 80 FDW Â… Â’ .*9 '(),1 ,668( 6* VSHFLDOLVHG Â’ FROOHFWLRQ RI PLQW PXFK YHU\ ILQH 80 FDW DERXW Â… LQF Â… Â… Â’ YDULRXV ERRNOHW SDQHV LQF EODFN ODEHO W\SHV D FRPSOHWH ERRNOHW

&21)('(5$7,21 VHOHFWHG LWHPV 6* F LQF SODWH EORFNV 9)8 QRWLQJ D VXSHUE F EORFN RI DOVR F 9)8 EORFN VHYHUDO 2+06 SHUILQV F RXWVWDQGLQJ XVHG EORFN F FRUQHU VWULS RI EULOOLDQW 80 9DOXDEOH ORW TW\ FKLHIO\ XVHG Â… Â…

F DQG F SODWH EORFN RI F WRS YDOXH DV EORFN FRLO SDLUV F FRLO OHDGHU SDLU 4XDOLW\ ORW TW\ Â… Â… { .*9 GHILQ LVVXH 6* VSHFLDOLVHG )8

Â’ &21)('(5$7,21 F YHUWLFDO SDLU LPSHUI KRUL] Â’ F F IUHVK 80 XQXVXDO Â… Â…

FROOHFWLRQ ZLWK H[WUDV QRWLQJ XVHG ERRNOHW SDQHV VFDUFH F DQG F SODWH EORFNV 9)8 F VXSHUE XVHG EORFN FRLO SDLUV LQF OLQH SDLUV F UH HQWU\ DQG PXFK PRUH ([FHOOHQW ORW RI XVHG Â… Â…

{ +(5,7$*( F SODWH EORFN RI F SODWH EORFN Â’ 3RVWDJH GXH F 6* ' DV IUHVK 80 RI VL[ DQG F EORFN DOO 9)8 6* F $ ILQH VHW RI Â’ PDUJLQDO EORFN &KRLFH &DW Â… Â… Â…

EORFNV Â… Â…

&200(0 ,668(6 ZLWK LQWHUHVWLQJ DQG XQXVXDO 6* WR LQF XVDJHV RQ FRYHUV VXSHUE XVHG EORFNV XVHG SODWH EORFNV F 6* PLQW SODWH EORFN &DUWLHU F VXSHUE XVHG EORFN VFDUIDFH YDULHW\ )8 HWF ([FHOOHQW JURXS TW\ Â… Â…

+,6725,&$/ ,668( 6* VHOHFWHG DQG KLJKO\ FDW LVVXHV RQ SDJHV LQF F 80 SODWH EORFN RI F LPSHUI RXWHU HGJHV F RQ DLUPDLO FRYHU WR 3XHUWR 5LFR F 80 SODWH EORFN *RRG JURXS Â… Â…

$,50$,/ F 6:2//(1 %5($67 9$5,(7< F L Â’ &$57,(5 F %855 21 6+28/'(5 9$5,(7< QLFHO\ XVHG RQ IOLJKW FRYHU :LQQLSHJ WR 5HJLQD VFDUFH RQ Â’ 80 ZLWKLQ VWULS RI F L Â… Â… FRYHU DOVR DQRWKHU IOLJKW FRYHU 2+06 SHUILQ XVHG EORFN HWF Â… Â… Â’ &$57,(5 F +$,5/,1( )520 +$1' %ULWLVK &ROXPELD $LUZD\V F XVHG RQ VHFRQG 9$5,(7,(6 F LLL SODWH EORFN ZLWK SRVLWLRQ QR DQG 4 GD\ RI VHUYLFH RQ 2%9(56( RI IOLJKW FRYHU H[ 9DQFRXYHU WR PDUJLQDO SDLU ERWK VKRZLQJ GLIIHUHQW VWDWHV RI WKLV VXEWOH YDULHW\ 9LFWRULD XSUDWHG ZLWK F 4XHEHF QHDWO\ FDQFHOOHG &/ Â… Â… Â… Â… { .*9 ,668( 6* XVHG VWXG\ ZLWK PXFK .*9 F RUDQJH LPSHUI SODWH SURRI SDLU IUHVK LQWHUHVWLQJ DQG XVHIXO LQF F DLUPDLOV RQ VHOHFWHG FRYHUV .*9 XQXVHG DV LVVXHG 6* & Â… Â… XVHG PXOWLSOHV LQF F SODWH EORFN F ERRNOHW SDQH ZLWK ODEHOV 9)8 F 3ROLFHPDQ ERXOGHU YDULHW\ F 2+06 EORFN Â’ .*9 'HILQ 6HW LQF &RLOV IUHVK XPP 9HU\ ILQH FRLO VWDPSV VSHFLDO GHOLYHU\ F XVHG RQ FRYHU DQG PRUH 6* FDW Â… Â… Â… Â… Â…

www.philangles.co.uk – Place your bids online. Immediate and secure.

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 24

Â’ .*9, &2,/ 6WDPSV RI IRXU VHW IUHVK 80 Â’ 6* FÂ… Â… Â…

Â’ .*9, LVVXHV FKLHIO\ 80 ZLWK SODWH EORFNV Â’ LQWHUHVWLQJ HWF F 2LO :HOO SODWH EORFN

)LVKHUPDQ SODWH EORFN 6* 80 ; RIILFLDOV LQF )LVKHUPDQ PLQW 7RWHP 3ROH * RYSW DV SODWH EORFN HWF ([FHOOHQW VHOHFWLRQ Â… Â…

Â’ 63(&7$&8/$5 2))6(7 F .*9, 6* Â’ PDUJLQDO EORFN RI ZLWK DOPRVW FRPSOHWH LPSUHVVLRQ

Â… Â…

Â’ 2+06 FRPSOHWH VHWV IUHVK 80 * RYSW WR Â’ )LVKHUPDQ VHYHUDO PLVSODFHG RYSW YDULHWLHV VSHFLDO

81868$/ H[KLELWLRQ FRYHU IUDQNHG F

0DS F DLU SOXV F UHJG H[ 7RURQWR ZLWK H[KLE ODEHO RQ UHYHUVH Â… Â…

GHOLYHU\ HWF 1LFH ORW FDW DERXW Â… Â… Â…

$ 9(5< *22' ORW RI DHURJUDPPHV LQF .*9, 4 )RUFH OHWWHUV XQXVHG DQG ILQH XVHG .*9, ZLWK D YDULHW\ RI { .*9, ),567 '(),1 6(7 6* H[WHQVLYH

VWXG\ RI XVHG ZLWK PXFK LQWHUHVWLQJ DQG XQXVXDO LQ D VWRFN ERRN ZLWK XVHG SODWH EORFNV UDUH LQWHUHVWLQJ FRYHUV LQF [ F RQ IOLJKW FRYHU WR 0DOD\D F 2+06 EORFN RI ZLWK %52.(1 6 YDULHW\ SDLG [ 6* RQ UHJLVWHUHG FHQVRUHG FRYHU F SODWH EORFNV XVHG 2+06 SHUILQV WR F SODWH EORFN RXWVWDQGLQJ XVHG SDLG 9HU\ JRRG RULJLQDO ORW Â… Â…

Â’ 68%67$17,$/ &2//(&7,21 2) 0,17 Â’ +RXVHG LQ TXDOLW\ DOEXPV KLJK OHYHO RI EDVLF FRPSOHWHQHVV Â’ WKH EHWWHU VHWV FDW Â… DORQH PDQ\ V DOO GLIIHUHQW ZLWK

IUDQNLQJV PRGHUQ SLFWRULDO W\SH $Q LQWHUHVWLQJ JURXS WKDW QHHGV ZULWLQJ XS RYHU FRYHUV PXFK XQXVHG Â… Â… ,03(5,$/ 3$*(6 ZLWK WKH VXEVWDQWLDOO\ FRPSOHWH &DQDGD FROOHFWLRQ ZLWK GLII LVVXHV 0 RU 8 +XJH &9 PL[HG FRQGLWLRQ FODVVLF LPSHUIV LQF òG 6* XVHG ZLWK 536 FHUW G &DUWLHU SHUIRUDWHG SHQFH òG G &HQWV WR F JRRG ORW RI /DUJH 4XHHQV -XELOHH VHW LQF PLQW DQG DUH JRRG XVHG WKH LV D YHU\ GDQJHURXV IRUJHU\ 49 DQG (GZDUG VHWV 4XHEHF VHW PLQW .*9 LQF FRLOV :DU 7D[ VHW 0 DOO .*9 VHWV WR F UHJLVWUDWLRQ VWDPS VSHFLDO GHOLYHU\ DQG PRUH 0DQ\ NH\ VWDPSV Â… Â…

JRRG KLJKOLJKWV 4(,, RQZDUGV LV 80 QRWH WR &RLO 6HWV WR 3HDFH WR )LVKHUPDQ 4(,, VSHFLDOLVHG GHILQV ZLWK GLIIHUHQW SDSHUV DQG SKRV LVVXHV $QLPDO GHILQV ZLWK VSHFLDOLVHG SULQWLQJV +LJKO\ Â’ .*9, IUHVK PLQW FROOHFWLRQ RQ SDJHV GHILQ UHFRPPHQGHG RULJLQDO FROOHFWLRQV ORW Â… Â… WR FRLO VWDPSV VSHFLDO GHOLYHU\ F F LQ EORFNV RI { 63(&,$/ '(/,9(5< LVVXHV ILQH XVHG ZLWK VWDPSV Â… Â… LQWHUHVWLQJ LWHPV F 6* SODWH EORFN F RYSW 6* 6 4(,, 7+( 68%67$17,$/ ),9( 92/80( PLVSHUI VLQJOH F DLUPDLO DV VFDUFH XVHG FRUQHU EORFN TW\ FROOHFWLRQ RI V IRUPHG E\ D VSHFLDOLVW FROOHFWRU ZLWK PXFK QLFH ORW Â… Â… DGGLWLRQDO PDWHULDO LQF YDULHWLHV EORFNV ERRNOHWV HWF ([FHOOHQW Â’ 63(&,$/ '(/,9(5< .*9, IUHVK 0 LQF 80 TXDOLW\ ZLWK 80 DQG )8 WKURXJKRXW ERRNOHW SDQHV Â’ ZLWK SODWH EORFNV HWF VWDPSV LQF F 6* 6 SODWH EORFN F SODWH EORFN * RYSWV ERRNOHW SDQHV LQ FHOORSKDQH Â’ SDLU RI F 6 *5266/< 0,63(5)25$7(' RWKHU ILQH DQG SUHFDQFHOV LQYHUWHG 6HDZD\ IRUJHU\ GHILQ VWXG\ KLJKO\ FDW LWHPV *RRG ORW Â… Â… ZLWK SUHFDQFHO SODWH EORFNV H[SRUW EORFN )8 F *HHVH VLJQHG E\ GHVLJQHU GHILQV LQF F SULQWHG RQ JXP { :$5 ())257 LVVXH H[WHQVLYH XVHG VWXG\ LQ D VLGH ERRNOHW SDQHV ZKLWH SDSHUV YDULHWLHV LVVXHV WR DERXW VWRFN ERRN ZLWK PXFK DGGLWLRQDO LQWHUHVWLQJ PDWHULDO V ZLWK PDQ\ KLJK YDOXH GHILQV 2IIHUHG LQWDFW H[FHOOHQW XVHG SODWH EORFNV SUH FDQFHO SODWH EORFNV F SDVWH XS FRLO SDLU ORW Â… Â… VFDUFH ERRNOHW SDQHV XVDJHV RQ FRYHUV LQF ERRNOHW SDQHV { 5(9(18(6 2) &$1$'$ 9HU\ JRRG ORW RQ ROG 2+06 SHUILQV WR F 2+06 DV UDUH SODWH EORFN RI )8 F SODWH EORFNV VXSHUE XVHG EORFNV WZR GLII HWF SDJHV GLII LWHPV XQXVXDOO\ YHU\ ILQH TXDOLW\ %LOO VWDPS <HDUV RI FROOHFWLQJ KHUH Â… Â… IUHVK PLQW :LGRZ :HHG 6HW WR (OHFWULF *DV HWF ODZ VWDPSV F F DQG PRUH $Q Â’ .*9, :DU (IIRUW VHW ERWK DLUPDLOV DQG WKUHH RULJLQDO ORW Â… Â… Â’ 6SHFLDO 'HOLYHU\ VWDPSV 6* 6 ILQH 80 Â’ 67$03 %22./(76 2) &$1$'$ ([WHQVLYH Â… Â… Â’ FROOHFWLRQ RI DOO GLIIHUHQW LQF .*9 F ERRNOHW ZLWK RYSW LQ &,9,/,$1 ,17(510(17 &$03 DW EDVH (QJOLVK VHYHUDO .*9, LVVXHV H[WHQVLYH 4(,, ZLWK HDUO\ W\SHV 3RVW 2IILFH 2WWDZD VFDUFH ORW RI OHWWHUVKHHWV DQG 3RVWDO DQG KLJK YDOXH PRGHUQ $ YHU\ JRRG FROOHFWLRQ &DUG DOO VHQW EDFN WR VDPH *HUPDQ $GGUHVV VKRZLQJ D YDULHW\ Â… Â… RI FHQVRUV 32: &'6 7ZR ZLWK VWDPSV ILQH $ JRRG JURXS Â… Â… &$3( 2) *22' +23( { .*9, ),1( 86(' ZLWK ORWV RI LQWHUHVWLQJ H[WUDV { G GHHS URVH UHG 6* E 9)8 ZLWK OLJKW FLUFXODU

{

Â’ Â’ Â’ Â’ Â’

LQF VFDUFH XVHG SODWH EORFNV GHILQ LVVXH ZLWK FRLO VWULSV SRVWPDUN SRVVLEOH ILVFDO FHUWLILFDWH DFFRPSDQLHV WKUHH HYHQ F FRLO OHDGHU RI ILYH ODEHOV DQG VWDPSV ERRNOHW SDQHV XVHG PDUJLQV FDW Â… ORYHO\ ORRNHU Â… Â… F 2LO :HOO 6* SODWH EORFNV IURP DOO IRXU FRUQHUV RI WKH VKHHW )LVKHUPDQ 6* DV VXSHUE XVHG SODWH EORFN { G SDOH URVH OLODF RQ ZKLWH SDSHU 6* XVHG WKUHH ODUJH PDUJLQV FDW Â… Â… Â… * RYSWV DQG PRUH $Q XQXVXDO ORW VHYHUDO VWDPSV Â… Â… { 75,$1*/( 6* VRXQG )8 ZLWK IXOO 2+06 6* 2 DV D YHU\ VFDUFH XVHG PDUJLQV 3) FHUW TXDOLILHV VPDOO FRUQHU FUHDVH DQG PLQXWH EORFN Â… Â… WKLQ $ JRRG H[DPSOH RI WKLV WRS YDOXH FDW Â… Â… Â… 2+06 .*9, RYSW VHWV ILQH 80 6* { 75,$1*/( G 6* )8 ZLWK FRORVVDO DQG FDW Â… Â… Â… PDUJLQV Â… Â… .*9, GHILQLWLYH LVVXH 6* F HWF 6XEVWDQWLDO VWXG\ RI PLQW PXFK 80 ZLWK SODWH EORFNV QRWLQJ { 7ULDQJOH G VSHFWDFXODU XVHG SDLU ZLWK FRORVVDO PDUJLQV QHDWO\ FDQFHOOHG 6* F YHU\ PLQRU LPSHUIHFWLRQ RQH VFDUFH F SODWH EORFN F VLQJOH JURVVO\ PLVSHUIRUDWHG ZRXOG H[SHFW RI D VWDPS RI WKLV DJH 5HPDUNDEOH VWDSOHG DQG VWLWFKHG ERRNOHW SDQHV FRLO VWULSV LQF FRLO OHDGHUV DSSHDUDQFH Â… Â… * RYSWV LQF SODWH EORFNV 0DUYHOORXV DVVHPEO\ ZLWK PXFK Â’ 75,$1*/( G SDLU PDUJLQDO PLQW ZLWK 2* XQXVXDO Â… Â… WRXFKLQJ DW RQH SRLQW DQG FUHDVH 9HU\ IUHVK DQG VXSHUE Credit Cards FRORXU 6* FDW Â… Â… Â… The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 25

{ 75,$1*/( G 9)8 ZLWK JRRG ODUJH PDUJLQV

{ ,03(5,$/ 3$*(6 ZLWK WKH VXEVWDQWLDOO\ Â’ FRPSOHWH FROOHFWLRQ FKLHIO\ PLQW ZLWK GLII LVVXHV

6* Â… Â… { 5(9(18(6 FROOHFWLRQ RI GLII RQ ROG SDJHV

DOO XVHG JRRG YDULHW\ RI SULQWLQJV DQG DOO GLII ZLWK 49 WR DQG Â… (GZDUGV òG % DQG RWKHUV WR Â… Â… Â’ 6,77,1* +23( FDW Â… òG G G G

DQG WRS YDOXH DOO PLQW Â… Â… Â’ 1(: &2/285 FDW Â… òG òG G G DQG

VFDUFH PLQW Â… Â…

0DQ\ NH\ KLJK YDOXHV ERWK (GZDUG VHWV VHW RYSW 6SHFLPHQ òG RQ G ERWK òG G SURYLVLRQDOV 6* (GZDUG WR .*9 WR ZLWK GLII SULQWLQJV .*9 VHW WR ERWK &HQWHQDU\ WR 6* ORZ YDOXHV DUH XVHG SLFWRULDO VHW DQG -XELOHH VHW +XJH &9 DQG RIIHUHG LQWDFW Â… Â… Â’ 0,17 *5283 LQF òG DQG G YDULRXV ZDU

VWDPS RYSWV &HQWHQDU\ WR V 6LOYHU -XELOHH VHW JRRG WR ILQH PLQW FDW Â… Â… Â… Â’ 8QPRXQWHG PLQW FROOHFWLRQ RI VHWV LQF 06 Â’ PDLQO\ ODWH V WR LVVXHV LQF 'HILQV LQF )ORUD

Â’ $ *22' 6(/(&7,21 RQ DQ ROG DOEXP SDJH

QRWH 6LWWLQJ +RSHV WR (GZDUG WR $ JRRG ORW RI GLIIHUHQW VWDPSV Â… Â… Â’ 0$)(.,1* %HVLHJHG %HFKXDQDODQG G RQ G

6* 0,17 VFDUFH FDW Â… Â… Â… ^3KRWR`

DQG )DXQD ZLWK LPSULQW DQG ZLWKRXW LPSULQW %LUG 6HW &KULVWPDV 6HW D YHU\ JRRG FROOHFWLRQ RI VWDPSV 06 6KHHWOHWV 6XSHUE 4XDOLW\ Â… Â…

&(</21 { 2)),&,$/6 49 VHW WR U F ZLWK WKH U

{ 0$)(.,1* 6,(*( G RQ òG YHUPLOLRQ

F KDYLQJ XSULJKW ZPN VHW RI DQG (GZDUG VHW RI ILQH XVHG Â… Â…

%HFKXDQDODQG 3URWHFWRUDWH RYSW 6* 9)8 Â… Â…

Â’ (GZDUG 21 6(59,&( RYSW VHW IUHVK PLQW 6*

{ 0$)(.,1* 6,(*( G RQ òG YHUPLOLRQ

R &DW Â… Â… Â…

%HFK 3URWHFWRUDWH RQ *% 6* 9)8 RQ SLHFH ZLWK IXOO FGV SPN Â… Â… { 0$)(.,1* 6,(*( G GHHS EOXH RQ EOXH

PP GHVLJQ %DGHQ 3RZHOO 6* YHUWLFDO FUHDVH WKURXJK VWDPS RWKHUZLVH 9)8 RQ SLHFH FDW Â… Â… Â…

{ (':$5' ZLWK EHWWHU SLFNLQJV FKLHIO\ ILQH XVHG

WR U H[ F WR U VHW ZLWK YDOV WR U Â… Â… 3267$/ +,6725< F RQ FRYHU ZLWK 7

{ 0$)(.,1* 6,(*( G RQ G FDUPLQH

PDUN HQY ZLWK F VLQJOH IUDQNLQJ 6* W\SH , H[KLE VHW RQ HQY ZLWK ILQH 0DGXONHOH FGV &RURQDWLRQ F VLQJOH IUDQNLQJ ZLWK 0RHDWXZD )', FGV 5R\DO 9LVLW F VWULS RI IURP WKH ERWWRP RI WKH VKHHW ZLWK 7KRPDV 'H /D 5XH LPSULQW $Q LQWHUHVWLQJ JURXS RI FRYHUV Â… Â…

&DSH RI *RRG +RSH 6* 9)8 RQ SLHFH Â… Â… { 0$)(.,1* 6,(*( G RQ òG JUHHQ &RJK

LVVXH 6* 9)8 Â… Â…

{ 2/' 3$*( ZLWK FODVVLFV WULDQJOHV LQF VRXQG { '(),1,7,9(6 .*9 VHW RI SOXV H[WUD F F Â’ XVHG G 6LWWLQJ +RSHV òG WR $ XVHIXO JURXS RI S .*9, GHILQLWLYHV ZLWK D YDULHW\ RI SHUI W\SHV DQG U SRVWDO

VWDPSV Â… Â…

ILVFDO ILQH XVHG HDFK GLIIHUHQW Â… Â…

&$<0$1 ,6

&+,1$

Â’ G RQ V VDOPRQ DQG JUHHQ 6* ILQH

Â’ 285 *5($7 7($&+(5 0DR 7VH 7XQJ 6* Â’ 80 Â… Â…

PLQW Â… Â… Â’ .(9,, ZPN PXOWL &URZQ &$ GHILQV VHW 6*

ILQH PLQW Â… Â… Â’ .(9,, GHILQV VHW 6* ILQH PLQW

Â… Â… Â’ .*9 ZPN PXOWL &URZQ &$ GHILQV VHW ZLWK

DGGLWLRQDO FRORXUHG SDSHUV RI G DQG V 6* E D E ILQH PLQW Â… Â…

$1 (;7(16,9( 67$03 FROOHFWLRQ LQ DQ DOEXP VWDPSV PV VWUHQJWK LQ PLQW ZLWK PDQ\ V RYSWV V FRPPHPV XVHG QRWLQJ PRXQWDLQHHULQJ VHW V 8P VHWV LQF IORZHUV 06 ELUG VHWV FDYH 06 RXWODZ RI WKH 0DUVKDOOV VKHHW 25&+,'6 VKHHW ODWHU LVVXHV QLFH UDQJH RI 7DLZDQ HWF RULJLQDO ORW Â… Â…

&+5,670$6 ,6

$6 ),1( 86(' VHWV FDWDORJXHG Â… VXSHUE Â’ .*9 :KLWH EDFN 6* % DV YHU\ ILQH PLQW

FROOHFWLRQ RI GLIIHUHQW XQDGGUHVVHG )'& V ZLWK PDQ\ FRPSOHWH VHWV ZLWK VSHFLDO FDQFHOV EDUJDLQ Â… Â…

SODWH QXPEHU PDUJLQDO VLQJOH Â… Â… ^3KRWR` { $66(0%/< 2) -867,&(6 DQG 9HVWU\

&22. ,6

&HQWHQDU\ VHW WR V 6* YHU\ ILQH XVHG Â… Â…

Â’ 3267$/ ),6&$/ WRS YDOXH Â… 6* ZPN Â’ XSULJKW 80 FDW Â… Â… Â…

Â’ .*9 SLFWRULDO GHILQV VHW 6* 9)0

Â… Â… 4(,, GHILQ VHW RI RQ PDWFKLQJ SDLU RI )'&

(OXVLYH Â… Â… +(/,2 9$8*,5$5' RXWVWDQGLQJ ZDWHU FRORXU HQKDQFHG GROSKLQ ILVK 0DKL 0DKL ZLWK LPDJH DW WRS ULJKW $ VXSHUE LWHP WR HQKDQFH \RXU FROOHFWLRQ Â… Â…

✉

Used Mint Postal History

✈ ✱✱ &

(;7(16,9( FROOHFWLRQ FDW RYHU Â… ZLWK EHWWHU VHWV LQ 6HD 6KHOOV VHW &RRN VHW LQF 06 $PHULFDQ 5HYROXWLRQ VHW LQF 06 $ YHU\ JRRG FROOHFWLRQ RI VWDPSV 06 DQG FRYHUV QHDWO\ SUHVHQWHG FRYHUV YDOXHG DV ILQH XVHG VHWV PDLQO\ PLQW LQF 80 Â… Â… Â’ $,87$., $ PRVW FRPSUHKHQVLYH Â’ FROOHFWLRQ RI 80 LQF 2+06 DQG 06 LQ D YHU\ ZHOO ILOOHG

Key to symbols in this catalogue ✱

Â’ 3267$/ ),6&$/ WRS YDOXH Â… ZPN LQY 6* Â’ Z 80 FDW Â… Â… Â…

Airmail Unmounted mint Literature

$OEXP V ZLWK NH\ GHILQ VHWV HWF 9HU\ KLJKO\ FDWDORJXHG DQG DQ H[FHSWLRQDO FROOHFWLRQ Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 26

Â’ ($5/< &/$66,& IUHVK ILUVW KLQJHG PLQW RQ DQ { ),1( 86(' DQG YHU\ H[WHQVLYH FROOHFWLRQ RI

ROG SDJH 4XHHQ WR G DQG 7HUQ WR ZLWK GLIIHUHQW SULQWLQJV $ JRRG VHOHFWLRQ RI WKHVH HDUO\ FODVVLFV Â… Â… Â’ ($5/< ,668(6 RQ DOEXP SDJHV VW LVVXHV G

òG DQG òG 4XHHQ :KLWH 7HUQ ZLWK LVVXHV IURP WR $ JRRG ORW RI VWDPSV Â… Â…

&<3586

PDQ\ V GLIIHUHQW VXEVWDQWLDOO\ FRPSOHWH LQ RULJLQDO 6FKDXEHN SULQWHG DOEXP 0DQ\ KLJKOLJKWV 6FRXW SRVW VHW 6* DOO FDVWOH VHWV LQF + UHG LPSHUI DLU RYSWV ERWK SHUI DQG LPSHUI 2O\PSLF RYSW VHW RQ SLHFH ZLWK VSHFLDO FDQFHOV JDPHV RYSWV VHW PDQ\ 06 LQF %UDWLVODYD VKHHW KLJKO\ UHFRPPHQGHG RULJLQDO FROOHFWLRQ ZLWK YHU\ KLJK &9 Â… Â… Â’ 6&+$8%(. TXDOLW\ KLQJOHVV DOEXP ZLWK Â’ VXEVWDQWLDOO\ FRPSOHWH IUHVK 1+0 80 ZLWK V RI

Â’ G 6DJH *UHHQ S *% RYSW 6*

9)0 Â… Â…

GLIIHUHQW VWDPSV DQG PDQ\ DWWUDFWLYH DQG KLJKO\ FDW VHWV RI VWDPSV Â… Â…

Â’ *% 29(535,176 SHQQ\ SO KDOI SHQQ\

'$1,6+ :(67 ,1',(6

SODWH 6* DQG PLQW Â… Â…

Â’ 7KH 5R\DO 0DLO 6WHDP 3DFNHW &R F 5HG )ODJ

{ 685&+$5*( SDUDV RQ G 6* SODWH

6WDPS $ FRUQHU PDUJLQDO H[DPSOH IUHVK PLQW Â… Â… ^3KRWR`

/HWWHUV 4' ILQH XVHG H[SHUWLVHG RQ WKH UHYHUVH Â… Â…

'(10$5.

Â’ ò RQ ò SL (PHUDOG *UHHQ ZPN FURZQ &$

Â’ 7DUS ,QWHUQPHQW &DPS /DEHOV SURGXFHG IRU Â’ $XVWULDQ 3 2 : 6 DZDLWLQJ WULDO WRS PDUJLQ VWULS RI ILQH

6* Â… Â… Â’ 49 QHZ FRORXUV SL WR SL IUHVK 0 LQF 80

80 Â… Â…

6* Â… Â… ^3KRWR` Â’ (':$5' KLJK YDOXHV PLQW SL SL SL

DQG SL 6* NH\ VWDPSV Â… Â… ^3KRWR` Â’ SL DQG SL ôSL DQG òSL SODWH QXPEHU

$1 (;&(37,21$/ *5283 RI F V +DQG SDLQWHG 6WDPSV LVVXHG VL]H H[HFXWHG WR WKH KLJKHVW RI VWDQGDUGV WDNHQ IURP D 9LFWRULDQ $OEXP GLIIHUHQW LQF VN ILUVW LVVXH 6SDQGUHOV RIILFLDOV DQG +ROWH /RFDO 3RVW ([KLELWLRQ TXDOLW\ Â… Â…

VLQJOHV 6* JRRG WR YHU\ ILQH PLQW { ),1( 86(' ZLWK PDQ\ VXSHUE &'6 VWDPSV DQG H[WHQVLYH PRGHUQ VHWV ERRNOHW SDQHV PV HWF Â… Â… 7KH PRGHUQ PDWHULDO LV VR HOXVLYH SDFNHG ZLWK VHWV { 7+ $11,9(56$5< RI %ULWLVK 5XOH FRPSOHWH ([FHSWLRQDO ORW VWDPSV PV HWF KXJH FY VHW 6* ILQH XVHG Â… Â… Â… Â… Â’ .*9, FRPPHPRUDWLYH VHWV 6*

.20081,67,6. 9$/*)21' ODEHO WLHG WR

9)0 FDW Â… Â… Â…

JUHHWLQJV SRVWFDUG PDFKLQH FDQFHOV WLHV ODEHO UDUH RQ FRYHU DV FRPPXQLVW RUJDQLVDWLRQV ZHUH LOOHJDO GXULQJ WKH ZDU DQG PHPEHUVKLS RU SURPRWLRQ ZRXOG ODQG \RX LQ SULVRQ Â… Â…

Â’ .*9, GHILQLWLYHV VHW DGGLWLRQDO SHUI RI SL DQG

VKDGH RI SL 6* ILQH PLQW FDW Â… Â… Â…

{ /RFDO 3RVW D JRRG UDQJH RI PLQW RU ILQH XVHG Â’ IURP $DOERUJ 9LERUJ DQG 6YHQERUJ ZLWK YDOXH WR DUH FKLHIO\

Â’ &2521$7,21 òSL FRPSOHWH VKHHW ZLWK Â’ UHTXLVLWLRQ QXPEHU SO ZLWK %UDGEXU\ LPSULQW 6* YHU\

SHUI LVVXHV Â… Â…

IUHVK 80 Â… Â… Â’ &2521$7,21 LQ D FRPSOHWH VKHHW RI YHU\ Â’ IUHVK SO ZLWK %UDGEXU\ LPSULQW 6* Â… Â…

{ 4(,, GHILQLWLYH VHWV ILQH XVHG VHW RI

SOXV P \HOORZ ROLYH RYSW VHW RI VHW RI DQG VHW RI ILQH TXDOLW\ FROOHFWLRQ Â… Â…

'20,1,&$ { (GZDUG .*9 UDQJH RQ VWRFNFDUGV (GZDUG

5RVHDX IURP WKH VHD ZLWK YDOXHV WR .*9 GHILQV ZLWK YDOXHV WR ZLWK ERWK W\SHV RI WKH DQG 6 -XELOHH VHW D JRRG UDQJH RI VWDPSV &DW Â… Â… Â… 9,(: òG HQYHORSH XSUDWHG ZLWK òG G

{ 5(9(18(6 *URXS RQ D VWRFN Â’ FDUG LQFO 49 SL DQG SL .(9,, SL DQG SL .*9 SL DQG Â’ òSL P WR P 80 Â… Â…

YLHZV QHDWO\ FDQFHOOHG WKLPEOH &'6 WR *HUPDQ\ $UULYDO &'6 6R DWWUDFWLYH Â… Â… { Â… EODFN DQG SXUSOH RQ UHG ZPN 0&$ 6*

&<5(1$,&$ 08/7, )5$1.(' DLUPDLOHG SRVWFDUG WR %ULWLVK

9)8 Â… Â…

&DPHURRQV [ P RUDQJH \HOORZ DQG P EOXH WLHG E\ %HQJKD]L FGV SPNV UH GLUHFWHG XSRQ DUULYDO YDULRXV WUDQVLW DQG DUULYDO PDUNV Â… Â…

{ %ORFNV RI )RXU 80 F 6* F 6* Â’ DQG WRS YDOXH 6* 9HU\ ILQH &DW Â… Â’ Â… Â…

&=(&+26/29$.,$

{ %ORFNV RI )RXU 9)8 F WR WRS YDOXH 6*

&DW Â… &KRLFH EORFNV Â… Â…

Â’ 2O\PSLFV RYSW VHW IUHVK PLQW

6* Â… Â…

Â’ )5(6+ ),567 +,1*(' PLQW 49 ZLWK YDOXHV WR

òG 5RVHDX DQG (GZDUG VHW RI Â… Â…

Â’ 2/' 7,0( FROOHFWLRQ RQ SULQWHG SDJHV ZLWK Â’ PDQ\ EHWWHU FRPPHPRUDWLYH VHWV RI WKH V LQF 6SRUW Â’ &RVWXPHV 0XVKURRPV )UHLJKW 6HUYLFH SOXV 06 QRWH

,03(5,$/ 3$*(6 WKDW LQFOXGH .*9 VHW WR Â… IUHVK PLQW 6* DQG -XELOHH VHW Â… Â…

$QQLY VKHHW 3KLODWHOLF ([KLE VKHHWV SHUI DQG LPSHUI VXSHUE FROOHFWLRQ RI VWDPSV 06 FKLHIO\ PLQW EXW LQF 80 DV ZHOO &DW RYHU Â… Â… Â…

Â’ 4(,, HDUO\ \HDUV IUHVK PLQW GHILQV WR

LQF ERWK F VKDGHV GHILQ VHW RI $ YHU\ JRRG ORW RI VWDPSV FDW Â… Â… Â…

Viewing

Clients can view at our offices Monday - Friday 10am - 5pm Please telephone to arrange an appointment. We are located in Warrington Town Centre

PHILANGLES

Established in 1990, internationally recognised dealers, full members of PTS (London), ASDA (New York).

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 27

{ G JUH\ EODFN ZPN &URZQ &$ VLGHZD\V 6*

(&8$'25 Â’ òV RQ F EOXH DLUPDLO 6FDGWD LVVXH 6FRWW Â’ & 80 EORFN RI Â… Â… 4

Â’ V RQ F JUH\ DLUPDLO 6FDGWD LVVXH 6FRWW Â’ & Â… Â… 4

JRRG XVHG ZLWK FRUN FDQFHOV WZR H[DPSOHV Â… Â… { G SDOH JUH\ EODFN ZPN &URZQ &$ VLGHZD\V

UHYHUVHG 6* [ JRRG XVHG ZLWK FRUN FDQFHO Â… Â… { 49 G EURZQ VKDGHV 6* D XVHG ORW RI

VKRZLQJ YDULRXV VKDGHV DQG FDQFHOODWLRQV LQF ER[HG ), DQG FKHTXHU ERDUG PLQ &9 Â… 5HTXHVW VFDQ Â… Â…

Â’ V RQ F EURZQ DLUPDLO 6FDGWD LVVXH 6FRWW Â’ & 80 EORFN RI Â… Â… 4

:$7(50$5. 5(9(56(' G 6* [ IUHVK XQXVHG Â… Â…

Â’ F RQ F JUHHQ DLUPDLO 6FDGWD LVVXH 6FRWW Â’ & 80 EORFN RI Â… Â… 4

Â’ V RQ F JUH\ RYHUSULQWHG 5 DLUPDLO Â’ UHJLVWUDWLRQ VWDPS 6FRWW &) 80 Â… Â… 4

{ 49 òG D XVHG DVVHPEO\ RI PDQ\ GLII

VKDGHV DQG FDQFHOODWLRQV VRPH ZLWK SULQWHUV OHWWHUV ZPNV VHOGRP RIIHUHG LQ VXFK QXPEHUV EHWZHHQ 6* E Â… Â… { òG JUHHQ ZPN &URZQ &$ UHYHUVHG 6* D[

XVHG ZLWK FRUN FDQFHO FDW Â… Â… Â…

(*<37

{ G SDOH UHG ZPN &URZQ &$ ZLWK SDUWV RI RXWHU

5LHVWHU (VVD\ GHSLFWV 6WDU %LUG DQG 6SKLQ[ OLQHV JXLGH OLQH DQG &URZQ $JHQWV SRUWLRQV RI ZDWHUPDUN 6* LQ GLIIHUHQW FRORXUV %URZQ *UHHQ DQG 5HG ZLWK YHU\ ODUJH JRRG WR ILQH XVHG Â… Â… PDUJLQV DOO DURXQG HDFK RQH RQ XQJXPPHG SDSHU { G UHGGLVK FKHVWQXW JURXS RI H[DPSOHV ZLWK Â… Â… YDULRXV FRUN FDQFHOV DQG ), EDUUHG RYDO 6* XVHG &RYHU IURP &DLUR WR $OH[DQGULD S 6SKLQ[ DQG Â… Â… 3\UDPLG IUDQNLQJ WLHG E\ VLQJOH ULQJ YLFH UHJDO SRVW RIILFH FGV { G UHGGLVK FKHVWQXW ZPN &URZQ &$ ZLWK SDUW RI DUULYHG PDUN RQ UHYHUVH Â… Â… SDSHU PDNHUV QDPH YLVLEOH LQ ZPN 6* XVHG ZLWK FRUN ),567 )/,*+7 IURP &DLUR WR &DQHD *UHHFH 4 ZLWK P DLU VWDPS DQG VSHFLDO JLYH \HDU OHWWHU ZLQJV ODEHO ZLWK

,PSHULDO $LUZD\V KV Â… Â…

FDQFHO Â… Â… { òG GHHS XOWUDPDULQH ZPN &URZQ &$ UHYHUVHG

6* F[ ILQH XVHG FGV SPN Â… Â…

Â’ $YLDWLRQ VHW IUHVK 80 6* Â’ Â… Â… 4

{ G EURZQLVK EODFN ZPN &URZQ &$ UHYHUVHG 6*

JRRG WR ILQH XVHG VPDOO WKLQ FDW Â… Â… Â…

Â’ ,QWHUQDWLRQDO $LU &RQJUHVV VHW RI 6* { G RUDQJH \HOORZ DQG G \HOORZ VKDGHV 6*

IUHVK PLQW Â… Â…

Â’ %5,7,6+ 1$9< ::,, SDWULRWLF ODEHOV D Â’ FRPSOHWH VKHHW RI ODEHOV D UDUH FRPSOHWH VKHHW 80

Â… Â… ^3KRWR`

(5,75($

[ JRRG WR ILQH XVHG H[DPSOHV LQ WRWDO FDW Â… Â… Â… { 49 G FODUHW 6* WZR FGV XVHG H[DPSOHV

ZLWK FRQWUDVWLQJ VKDGHV PLQ &9 Â… Â… Â… { 49 G RUDQJH EURZQ :0. 5(9(56(' 6*

D XVHG JURXS RI VKRZLQJ D YDULHW\ RI VKDGHV DQG $1 ,17(5(67,1* 2/'7,0( &2//(&7,21 RQ FDQFHOODWLRQV FGV DQG GXSOH[ PLQ &9 Â… Â… Â… SDJHV EHWWHU LWHPV FDW Â… LQF HDUO\ ,WDOLDQ RYSWV WR O O RUDQJH IUHVK PLQW VFDUFH O 9)8 { 49 òG 35866,$1 %/8( )8 ZLWK ) , 'XSOH[ 6RPDOLD RYSWV WR F 0 +RO\ <HDU VHW 6W 6* Â… Â… )UDQFLV VHW H[KLELWLRQ SRVWDJH DQG DLU VHW DQG PXFK { 49 D XVHG JURXS RI ILYH YDULRXV SPNV DQG PRUH &KLHIO\ PLQW Â… Â… VKDGHV 6* PLQ &9 Â… Â… Â…

(6721,$

{ 49 G D XVHG JURXS RI YDULRXV VKDGHV 6*

Â’ &RPSOHWH VXSHUE 80 LQ /X[XU\ %R[HG 'DYR Â’ $OEXP ZLWK RYHU GLIIHUHQW LVVXHV DQG VKHHWOHWV VWF

PLQ &9 Â… Â… Â…

Â… ([FHSWLRQDO Â… Â…

{ V G GHHS EOXH ZPN &URZQ && 6* VXSHUE

)$/./$1' ,6

XVHG Â… Â…

{ G FODUHW QR ZDWHUPDUN 6* ILQH XVHG

{ )$/./$1' XVHG LQ 6287+ *(25*,$ (GZDUG

FHUWLILFDWH DFFRPSDQLHV Â… Â…

òG G DQG G ZLWK YHU\ ILQH 6RXWK *HRUJLD FGV 6* = RQ SLHFHV Â… Â…

{ V ELVWUH EURZQ QR ZPN 6* 9)8 LPSHUI DW

{ 1(: ,6/$1' &DQFHOODWLRQ (GZDUG òG DQG G

EDVH Â… Â… { G EOXH JUHHQ QR ZPN 6* WKUHH VWDPSV ZLWK

FRUN QXPHUDO RU FGV SRVWPDUNV Â… Â…

.*9 G [ HDFK ZLWK GRXEOH ULQJ W\SH ,, +(,-7= 1 FDQFHOV 6FDUFH Â… Â… { :$5 7$; D UDUH SLHFH ZLWK òG [ G :DU

7D[ RYSWV ZLWK VXSHUE '(&(37,21 ,6/$1' 6287+ 6+(7/$1' FGV 0DU $ VFDUFH FDQFHOODWLRQ Â… Â…

{ G GXOO FODUHW ZPN LQYHUWHG DQG UHYHUVHG 6*

\ JRRG WR ILQH XVHG Â… Â…

{ G EURZQLVK FODUHW ZPN VLGHZD\V UHYHUVHG 6* { )$/./$1' 86(' LQ 6287+ *(25*,$ .*9

[ JRRG WR ILQH XVHG Â… Â…

{ G SDOH FODUHW ZPN &URZQ &$ VLGHZD\V 6*

JRRG XVHG FRUN FDQFHO Â… Â…

G EURZQ RUDQJH RQ SLHFH ZLWK YHU\ ILQH 6RXWK *HRUJLD FGV 6* = G $ ILQH DQG VFDUFH IUDQNLQJ Â… Â… Â’ .*9 ZPN 6FULSW &$ GHILQV VHW SOXV VKDGHV RI

ORZ YDOXHV 6* 9)0 Â… Â…

If we can be of any assistance please do not hesitate to contact us. Thank you

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 28

{ )$/./$1' +,*+ 9$/8(6 XVHG LQ 6287+

Â’ 9,&725< G FURZQ IODZ DQG UH HQWU\ YDULHW\

6* D PLQW Â… Â…

*(25*,$ .*9 ZLWK VXSHUE 6RXWK *HRUJLD FGV 6* = RXWVWDQGLQJ VXSHUE VWULNH Â… Â… { )$/./$1' 86(' LQ 6287+ *(25*,$ .*9

RQ SLHFH ZLWK YHU\ ILQH 6RXWK *HRUJLD FGV 6* = E YHU\ ILQH SLHFH H[ &HFLO 1HLOG Â… Â… { )$/./$1' +,*+ 9$/8( XVHG LQ 6287+

*(25*,$ RQ SLHFH ZLWK YHU\ ILQH 6RXWK *HRUJLD FGV 6* = VFDUFH Â… Â… { )$/./$1' 86(' LQ 6287+ 6+(7/$1'6

+(/,2 9$8*,5$5' RXWVWDQGLQJ ZDWHU FRORXU HQKDQFHG XSODQG JRRVH ZLWK G LPDJH DW WRS OHIW $ VXSHUE LWHP WR HQKDQFH \RXU FROOHFWLRQ Â… Â… Â’ +,*+ 9$/8( EORFN RI GXOO EOXH DQG \HOORZ Â’ EURZQ 6* F YHU\ IUHVK XQPRXQWHG PLQW VHOGRP VHHQ LQ

EORFNV 80 VFDUFH DV VXFK Â… Â… { '(),1,7,9( VHW RI 6* ILQH

XVHG Â… Â…

.*9 G 6* = VXSHUE XVHG RQ SLHFH ZLWK VXSHUE 6RXWK 6KHWODQG FGV VFDUFH Â… Â…

Â’ .*9 VHW RI H[ G DV 80 EORFNV RI IRXU $Q Â’ H[FHSWLRQDO JURXS RI PXOWLSOHV 6* &DW Â…

{ )2; %2< &DQFHOODWLRQ RQ .*9 G 6*

EORFN RI RQ SLHFH ZLWK VXSHUE VWULNH RI )R[ %R\ Â… Â…

Â… Â… ^3KRWR` Â’ 8102817(' 0,17 &2//(&7,21 6WRFN Â’ ERRN IXOO RI EHWWHU VHWV VWUHQJWK LQ ODWHU GHILQLWLYHV DQG

{ )$/./$1' :DOH DQG 3HQJXLQV XVHG LQ

6287+ *(25*,$ SLHFH ZLWK òG G [ 6* = DQG VXSHUE G EORFN RI ZLWK YHU\ ILQH VLQJOH FGV FDQFHO 6* = VHOGRP VHHQ LQ EORFNV Â… Â… Â’ .*9 3HQJXLQ DQG :KDOH GHILQV WR V G DQG

V OLQH SHUI 6* V XQXVHG RWKHUV PRVWO\ ILQH PLQW FDW Â… Â… Â… { :+$/( DQG 3(1*8,1 86(' LQ 6287+

6+(7/$1'6 RQ SLHFHV ZLWK VXSHUE FGV FDQFHO 6* = RXWVWDQGLQJ SDLU Â… Â…

FRPPHPRUDWLYH LVVXHV ZH QRWH 6DLOLQJ 6KLSV GHILQV :LOGOLIH 6KHHWOHW (QGDQJHUHG 6SHFLHV )LUH 6HUYLFH 5DUH 9LVLWLQJ %LUGV GHILQV 6WDPS ([KLELWLRQV 5R\DO 9LVLW Â… 5R\DO 1DY\ &RQQHFWLRQV ODUJHO\ FRPSOHWH WR *ROGHQ -XELOHH FDW Â… DSSUR[ VWDPSV PV VKHHWOHWV Â… Â… Â’ %,5' GHILQ VHW IUHVK 80 SOXV '/5 SULQWLQJV Â’ òG G DQG G 6* Â… Â… Â’ 5$',2 LQYHUWHG ZDWHUPDUN 6* Z IUHVK Â’ 80 Â… Â…

Â’ &HQWHQDU\ KLJK YDOXH IUHVK PLQW

6* Â… Â… ^3KRWR`

Â’ V &KXUFKLOO &RPPHPRUDWLRQ ZDWHUPDUN Â’ LQYHUWHG EORFN RI 6* Z ILQH 80 OHIW PDUJLQDO

{ )$/./$1' FRPPHPRUDWLYH XVHG LQ 6287+

*(25*,$ &HQWHQDU\ òG G òG G DQG G 6* = DQG = 6LOYHU -XELOHH VHW LQF G òG G LQ YHUW SDLU ZLWK VXSHUE FGV FDQFHO DFURVV ERWK VWDPSV 6* = 2XWVWDQGLQJ VWULNHV Â… Â…

Â… Â… { &+85&+,// ,19(57(' :$7(50$5. 6*

Z DV 9)8 EORFN D UDUH PXOWLSOH Â… Â…

+,*+ 9$/8( RQ QHDW UHJG FRYHU XVHG LQ

Â’ &+85&+,// LQYHUWHG ZPN G IUHVK 80 Â’ 6* Z Z Â… Â…

6RXWK *HRUJLD 6* = ZLWK VXSHUE VWULNH DQG SULQWHG DGGUHVV VHQW WR WKH 8. $ VFDUFH FRYHU Â… Â…

Â’ *5283 RI LQYHUWHG ZDWHUPDUNV ZPN YDULHWLHV Â’ IURP G &KXUFKLOO G 66 *UHDW %ULWDLQ S

9(5< 81868$/ XVDJH 3HQQ\ 3RVW

-XELOHH SRVWDJH FDUG ZLWK .*9 -XELOHH òG DQG G DWWDFKHG ZLWK )LUVW 'D\ RI ,VVXH )DONODQG ,VODQGV FGV FDQFHO VHQW WR WKH 8. Â… Â…

3DVVHULQHV DOO ILQH 80 Â… Â…

(19(/23( ZLWK G :+$/( DQG 3(1*8,16

EORFN RI 6* ZLWK VXSHUE )R[ %D\ FGV FDQFHO LQ WKH PLGGOH RI WKH EORFN VHQW WR WKH 8. RXWVWDQGLQJ FRYHU Â… Â…

Â’ )/2:(5 GHILQ VHW 80 6* Â’ Â… Â…

Â’ 6287+ *(25*,$ 'HFLPDO RYSW VHW IUHVK 80 Â’ 6* D Â… Â…

Â’ 63(&,0(1 SHUIRUDWHG &RURQDWLRQ VHW RI 6* Â’ +(5$/',& $506 VHW DV *877(5 3$,56 Â’ IUHVK 80 6* + Â… Â… V V D VFDUFH VHW Â… Â…

{ )$/./$1' FRPPHPRUDWLYH XVHG LQ 6287+

Â’ 6,/9(5 -8%,/(( VHW DV JXWWHU SDLUV IUHVK 80 *(25*,$ .*9, &RURQDWLRQ VHW DQG SLFWRULDO ZLWK YDOXHV Â’ VFDUFH 6* Â… Â… WR G LQF G ERWK G G DV SDLUV D YHU\ ILQH FROOHFWLRQ RI Â’ '2/3+,1 S ZPN WR ULJKW YDULHW\ IUHVK 80 FDQFHOODWLRQV RI 6RXWK *HRUJLD VXSHUE TXDOLW\ Â’ 6* Z Â… Â… Â… Â…

Â’ )$/./$1' $1' '(3(1'(1&,(6 FROOHFWLRQ

H[WHQVLYH ZLWK WKH PLQW FDW Â… ZLWK PDQ\ EHWWHU VHWV DQG WKH RGG YDULHW\ SLFWRULDO VHW RI 6LOYHU :HGGLQJ 80 SLFWRULDO VHW RI òG FRUQHU EORFN VKRZLQJ 7 DQG + IODZ 6* DF 80 )ORZHU GHILQLWLYH VHWV 'HSHQGHQFH RYSW VHWV ERWK 0DS VHWV LQF WKLQ PDS GRW RQ 7 YDULHW\ SLFWRULDO VHW LQF ERWK Â… YDOXHV GHFLPDO FXUUHQF\ VHW $ YHU\ JRRG FROOHFWLRQ RI VHWV $ TXDOLW\ FROOHFWLRQ Â… Â…

Â’ )$50 $1,0$/6 S S ZDWHUPDUN WR ULJKW Â’ YDULHWLHV IUHVK 80 6* Z Z Â… Â…

Â’ 52<$/ :('',1* S S LQYHUWHG ZPN Â’ YDULHWLHV 80 6* Z Â… Â… Â’ 0$3 Â… ZDWHUPDUN WR ULJKW YDULHW\ 80 6* Â’ Z Â… Â…

Â’ 5(%8,/',1* )81' Â… Â… ZPN &URZQ WR Â’ ULJKW RI &$ 6* Z Â… Â…

{ 2/' 3$*(6 ZLWK EHWWHU SLFNLQJV .*9, Â’ GHILQV WR G PLQW 4(,, %LUG GHILQ VHW RI IUHVK PLQW

WKLQ DQG WKLFN PDS VHWV LQF G ZLWK GRW RQ 7 YDULHW\ FÂ… 'HSHQGHQFH VKLS VHW RI IUHVK PLQW $ JRRG UDQJH RI VWDPSV FKLHIO\ IUHVK PLQW FDW Â… Â… Â… .*9, KLJK YDOXHV RQ FRYHU V G V V DQG

Â’ S /OR\GV WK $QQLY ZPN LQYHUWHG 6* Z Â’ ILQH 80 Â… Â…

Â’ %22./(76 LQF UDUH 9LVLWLQJ Â… HDFK WLHG E\ 6RXWK 2UNQH\V YLROHW FDQFHOV OLVWHG DV Â’ %LUGV Â… DQG Â… ENOWV 6* 6% ILQH 6* = FOHDQ DQG ILQH Â… Â… Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 29

{ &$1&(//$7,216 .*9 LVVXHV FDQFHOOHG DW

Â’ V EODFN DQG SXUSOH 0DS WKLFN DQG FRDUVH

FRUQHU PDUJ VWULS RI ZLWK F\O D PDUNLQJ 6RXWK 3RNH IODZ RQ ILUVW VWDPS 6* * F KLQJHG RQ QRQ YDULHW\ VWDPSV YDU LV ILQH 80 Â… Â…

6RXWK 6KHWODQGV LWHPV PRVWO\ ZLWK JRRG &'6 VWULNHV ZLWK LVVXHV WR òG $OO = OLVWHG QXPEHUV +LJK &9 Â… Â… { &$1&(//$7,216 .*9, G ),'

Â’ 0$3 WKLQ DQG FOHDU SULQWLQJV DOO YDOXHV ZLWK GRW

LQ 7 YDULHW\ GRHV QRW H[LVW RQ òG 6* * E * D 9)0 Â… Â…

ZHGGLQJ XVHG RQ SLHFH ZLWK JRRG VWULNH 6RXWK *HRUJLD &'6 6*= * =" Â… Â…

{ )2; %2< &DQFHOODWLRQV .*9 &HQWHQDU\ { 4(,, VKLSV GHILQV VHW 6* * 9)8 V RQ

SLHFH ZLWK +RSH %D\ FGV Â… Â… òG DQG G SDLUV G 6LOYHU -XELOHH G òG G 4(,, ))+ FRUQHU F\O EORFN RI ZLWK VXSHUE )R[ %R\ &'6 Â’ '(),1,7,9( VHW RI DV FHQWUDO LPSULQWHG 6KDNHVSHDUH RQ (QY V ZLWK VXSHUE )R[ %R\ &'6 )ORZHUV 6HW WR Â… RQ SLHFHV ZLWK VXSHUE &'6 FDQFHOV D Â’ JXWWHU SDLUV LQF F\O QXPEHUV DQG WUDIILF OLJKWV DW WKH HQG PDUJLQV JXWWHU SDLUV SOXV SODQWV DW FHQWUDO JXWWHU SDLUV YHU\ ILQH FROOHFWLRQ RI LWHPV Â… Â… DV ZHOO Â… Â… 2/' 35,17(' 3$*(6 ZLWK LVVXHV IURP { )$/./$1' 86(' ,1 6287+ *(25*,$ WR ZLWK LVVXHV IURP KHUH RQ VWRFN SDJHV WR ZLWK (GZDUG G 6* DQG .*9 G G RQ SLHFH ZLWK YHU\ ILQH PDQ\ EHWWHU VHWV FDW Â… LQF GHILQV WR Â… PLQW 6RXWK *HRUJLD &'6 6* D ILQH JURXS Â… Â… 6LOYHU :HGGLQJ PLQW GHILQV PLQW %LUG GHILQV PLQW VXSHUE FROOHFWLRQ RI FRPPHP VHWV ZLWK WKH RGG YDULHW\ { )$/./$1' XVHG LQ 6287+ 6+(7/$1'6 .*9 ERRNOHWV YHU\ FRPSOHWH ZLWK VWDPSV 06 FKLHIO\ òG 6* = RQ SLHFH ZLWK VXSHUE YLROHW 6RXWK 6KHWODQG 80 $ ILQH FROOHFWLRQ Â… Â… FGV Â… Â… { 683(5% XVHG ZLWK PDQ\ FRPSOHWH VHWV IURP Â’ *5$+$0/$1' .*9, RYSWV VHW LQ WR VWF Â… YHU\ FRPSOHWH LQ FRPPHPRUDWLYH VHWV Â’ FRUQHU PDUJLQDO EORFNV RI 6* $ ILQH 80 EORFNV QRWH 1HZ &XUUHQF\ GHILQ VHW RI 6KLSV WR Â… 2Q Â… Â… SULQWHG SDJHV Â… Â…

)$52( ,6

Â’ 8102817(' 0,17 6(76 67& Â… ZLWK Â’ EHWWHU VHWV LQF 0DULQH /LIH 6HW RI 3HQJXLQ 6HWV ,//8675$7(' )'& V ZLWKRXW DGGUHVVHV

GLIIHUHQW FRYHUV ZLWK VSHFLDO FDQFHOV VXSHUE FROOHFWLRQ ZLWK YDOXH LQ PRGHUQ VHWV Â… Â…

5R\DO 9LVLW 5R\DO 1DY\ &RQQHFWLRQ D JRRG VHOHFWLRQ IURP WR ZLWK VWDPSV DQG 06 6KHHWOHWV 4XDOLW\ Â… Â…

{

{

{

{

Â’ Â’ Â’ Â’

Â’ Â’

%22./(7 3$1(6 2Q XQDGGUHVVHG )'& V ZLWK FKLHIO\ SRVW ZLWK D KLJK FDW YDOXH LQ PRGHUQ LVVXHV 9(5< ,17(5(67,1* SKRWR DOEXP FLUFD V FRYHUV Â… Â… ZLWK D VXSHUE UDQJH RI UHDO SKRWR FDUGV RU SKRWRV IURP DURXQG WKH LVODQGV LQF EDVH FDPSV LFH EXUJV VKLSV DW VHD ),-, ODQGVFDSHV LQF PRXQWDLQ VFHQHV GLII LPDJHV Â’ .(9,, YHU\ ILQH PLQW JURXS LQFO :PN FURZQ &$ Â… Â… òG WR V FRPSOHWH òG DQG G G 6* )$/./$1' ,6 '(3 9)0 ILQH DQG IUHVK Â… Â… )$/./$1' .*9 XVHG LQ 6287+ 6+(7/$1' { .*9 Â… RYSW 5 IRU UHYHQXH 9)8 RQ SLHFH òG DQG G SDLU RQ SLHFH ZLWK YHU\ ILQH 6RXWK 6KHWODQGV FGV VPDOO FUHDVH Â… Â… 6* = $ VFDUFH FDQFHOODWLRQ Â… Â… $ ),1( &2//(&7,21 ZLWK HDFK EHLQJ GLIIHUHQW )$/./$1' XVHG LQ 6287+ 6+(7/$1'6 .*9 4 LQF .*9, XQXVHG SOXV WZR XVHG 4(,, ZLWK VL[ XVHG LQF òG RQ SLHFH ZLWK VXSHUE 6RXWK 6KHWODQGV FGV 6* = VSHFLDO &RURQDWLRQ IOLJKW FRYHU VHOGRP VHHQ IURP WKHVH RXWVWDQGLQJ SLHFH Â… Â… LVODQGV Â… Â… )$/./$1' :+$/( DQG 3(1*8,1 òG G Â’ .*9, IUHVK PLQW GHILQLWLYHV ZLWK VKDGHV òG ZLWK VXSHUE 6RXWK 6KHWODQG FGV 6* = RQ DQG GLIIHUHQW GLHV WR 838 VHW TXDOLW\ SLHFHV ZLWK FRPSOHWH FDQFHOV Â… Â… VWDPSV Â… Â… 29(535,17 VHWV FDQFHOOHG DW GLII EDVHV FDQFV ),1/$1' *UDKDPODQG FDQF DW 3RUW /RFNUR\ DQG 6WRQLQJWRQ ,V 6RXWK 6KHWODQG FDQFHOOHG DW 'HFHSWLRQ ,V 6RXWK 2UNQH\ ,V FDQFHOOHG { U òU U 5XVVLDQ $UPV ZLWK FLUFOHV DGGHG DW &DSH *HGGHV W\SH & DQG ,, DOO YHU\ ILQH XVHG VHWV 0, ILQH XVHG Â… Â… Â… Â… Â’ 1(: ,668( &2//(&7,21 RI RYHU 2/' 35,17(' 3$*(6 ZLWK EHWWHU SLFNLQJV PLQW RU 80 LQF RYSW VHWV WKLFN PDS VHW LQF JDS Â’ GLIIHUHQW VWDPSV LQ VXSHUE 80 FRQGLWLRQ TXDOLW\ Â… Â… LQ WK SDUDOOHO LQ SDLUV WKLQ PDS VHW 6KLS VHW GHILQ VHW ZLWK DQG ZLWKRXW LPSULQW &DW RYHU Â… Â… Â… { ),1( 86(' DQG VXEVWDQWLDO /LJKWKRXVH KLQJOHVV DOEXP ZLWK D FROOHFWLRQ PDQ\ V DOO 0$36 .*9, VSHFLDOLVHG PLQW FROOHFWLRQ RQ GLIIHUHQW DQG H[FHOOHQW TXDOLW\ QRWLQJ KLJK FDW 5HG &URVV DQG SDJHV YDULRXV PLQW VHWV WKLFN WKLQ PDSV LQF G RFKUH VHW RI $QWL 7% VHWV RI V PN =HSSHOLQ RYSW ODWHU GHILQV SDLUV WR ZLWK JDS YDULHW\ YDULHW\ EUHDN LQ JDS ZLWK ZLWK ERRNOHW SDQHV XVHG PLOLWDU\ VWDPSV SDUFHO SRVW VWDPSV VLQJOHV WR : LQ :HVW RQ YDULHW\ WKLQ PDSV òG SODWH HWF ([FHOOHQW ORW Â… Â… EORFN RI VL[ RWKHUV ZLWK GLII SULQWLQJV DQG PRUH VWDPSV Â… Â… { 2/' 6&277 3$*(6 IRU LVVXHV IURP WR Â’ ZLWK EHWWHU SLFNLQJV $UPV WR P 0DXYH DQG 63(&,0(1 SHUIRUDWHG 9LFWRU\ VHW RI 6* WR P FKLHIO\ )8 D JRRG YDULHW\ RI ODLQ GHILQLWLYHV * V YHU\ OLJKWO\ PLQW Â… Â… ,QGHSHQGHQFH 6HW PLQW 3DUFHO 3RVW WR PN D 9(5< 6&$5&( 7KLFN 0DS 63(&,0(1 VHW RI JRRG ORW RI VWDPSV DQG 06 ZLWK PXFK PLQW IURP 6* * V V PLQW Â… Â… V Â… Â… Â’ 67$03 %22./(76 FROOHFWLRQ RI Â’ GLIIHUHQW YHU\ ILQH ZLWK JRRG /LRQ LVVXHV ZLWK EODQN VH WHQDQW

Â’ òG 0DS WKLFN DQG FRDUVH FHQWUH SODWH HUURU

UXEEHG $ LQ $OH[DQGHU 6* * +HLMW] S VXSHUE PLQW SDLU Â… Â…

ODEHOV Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 30

Â’ <HDU VHW SDFNV FDW NU FKLHIO\ IURP Â’ WR SOXV SDFN $ ILQH FROOHFWLRQ RI GLIIHUHQW

7ULR RI UHJLVWHUHG FRYHUV ZLWK 1LFH +RWHO 'H

9LOOH VHTXHQWLDO QXPEHUHG UHJLVWUDWLRQ ODEHOV HDFK IUDQNHG ZLWK $PHULFDQ /HJLRQ 6HW SOXV DGGLWLRQDO IUDQNLQJV RI :DU 2USKDQ 6LQNLQJ )XQG VXUFKDUJHV 1LFH JURXS FRYHUV Â… Â…

SDFNV Â… Â…

),80(

Â’ 1HZ &XUUHQF\ 6HW LQF H[SUHVV DQG QHZVSDSHU Â’ IU SDOH XOWUDPDULQH W\SH , /D 5RFKHOOH <YHUW

VWDPSV IUHVK PLQW 6* &DW Â… Â… Â…

E 9)0 Â… Â…

{ ),1( 86(' &ROOHFWLRQ RI VWDPSV LQF Â’ IU EURZQ W\SH , 3RLQW GX *DUG <YHUW D

4 Â’ Â’ 4

+XQJDULDQ RYSW VHW WR NU VFDUFH &KDUOHV DQG :DU &KDULW\ ILQH PLQW Â… Â… 6HWV RI HWF $ VFDUFH DQG KLJKO\ FDWDORJXHG DVVHPEO\ Â… Â… Â’ %DQNQRWH )5 IUHVK PLQW ZLWK PDUJLQ DW 4 ERWWRP VKRZLQJ ODWKH ZRUN 6* &DW Â… )5 &2/ )6$7 Â… Â… ^3KRWR` $,50$,/ FRYHU WR (QJODQG IUDQNHG I Â’ 1$7,21$/ 5(/,() )81' VKHHWOHW 6* 6DWHOOLWH LVVXH <U $UFKLSHO .HUJXHOHQ SPNV Â… Â… SOXV ODEHOV VWDPSV 80 Â… Â… )UHVK 80 ORW RI VL[ HDUO\ VWDPSV LQF Â’ $LUPDLOV 6HW SOXV I 3DULV LVVXH <YHUW $LUPDLOV IU 3HQJXLQ $LUV WR IU 3HQJXLQ 1LFH JURXS YIP Â… Â… &DW Â… Â… Â… ^3KRWR` Â’ 67$03 &(17(1$5< I 6* D YHU\ IUHVK Â’ 80 Â… Â…

)5 &2/ ,1' &+,1$ Â’ 3267$*( '8(6 F WR I VHW RI

LPSHUI DQG RYHUSULQWHG 6SHFLPHQ DIIL[HG WR 3RVW 2IILFH $GPLQLVWUDWLRQ DUFKLYH VKHHW IUDJPHQW HQGRUVHG /D 6HULH ,QGRFKLQD &RPSOHWD :RQGHUIXO LWHP ILQH FRQGLWLRQ Â… Â…

Â’ 632576 VHW <YHUW 80 Â’ Â… Â…

5HOLHI )XQG &KDULW\ 6HW <Y YIP Â… Â…

)5 &2/ 0$'$*$6&$5 3DULV 6WDPS ([KLELWLRQ F 2UDQJH SRVW FDUG

IUDQNHG ZLWK RQ F $QMRXDQ 6WDPS 'LHJR 6XDUH] FGV Â… Â…

)5 &2/ 0252&&2 { F F 5HG &URVV VXUFKDUJH ZLWKRXW

3URWHFWRUDW )UDQFDLV RYSW <YHUW 9)8 RQ VPDOO SLHFH Â… Â… { /2&$/ 32676 JURXS RI HDUO\ LVVXHV LQF Â’ 7DQJHU )H] FRPSOHWH VHW 7DQJHU HO .VDU F DQG F XVHG

0D]DJXP 0DUUDNHVK F XVHG DQG F PLQW DQG PRUH &DW (XURV VWDPSV Â… Â… { /2&$/6 0D]DJDQ D 0DUUDNHFK F RQ

F UHG EODFN VXUFK <YHUW D ILQH XVHG EORFN RI Â… Â…

$ PRVW LQWHUHVWLQJ DQG YDOXDEOH ROG WLPH VWDPS /RW LQFOXGLQJ DQ ROG XVHG DFFXPXODWLRQ LQ DQ H[HUFLVH ERRN PDQ\ V LQF F F ZLWK )8 PDUJLQ VWDPSV PDQ\ 1DSROHRQ LPSHUIV IRU SPNV %RUGHDX[ SULQWLQJV SHDFH LVVXHV ZLWK D YHU\ JRRG UDQJH LWHPV RQ FDUGV LQF :DU 2USKDQV WR F PLQW 0HUVRQ IU IU DQG IU PLQW IU H[KLE 0LQW EHWWHU VHWV LQF &KDULWLHV D VHOHFWLRQ RI 5HG &URVV ERRNOHWV DQG PRUH $Q H[FHOOHQW VHOHFWLRQ Â… Â… &5$6+ 0$,/ EXUQHG HQYHORSH QR

VWDPS FDFKHW DSSOLHG DQG UHDGV &2855,(5 '(7(5,25( 68,7( $&&,'(17 $(523267$/( '8 Â… Â… Â’ (66$< %2<6 +($' LQ UHG DQG LQ EOXH RQ FDUG

Â… Â…

{ /2&$/6 VPDOO JURXS LQF 0RJDGRU D Â’ 0DUUDNHFK ZLWK F RQ F FDUPLQH XVHG F DQG

Â’ 2/' 7,0( FROOHFWLRQ ZLWK LVVXHV WR ZLWK

F PLQW 7HWRXDQ D &KHFKRXDQ F DQG I PLQW RU XQXVHG FDW (XURV Â… Â… Â’ 0RVW ([WHQVLYH &ROOHFWLRQ FKLHIO\ 80 IRU Â’ YHU\ FRPSUHKHQVLYH ZLWK GLIIHUHQW VWDPSV DQG

06 PDQ\ EHWWHU GHILQ VHWV UDUH G RYSWV WKLV &DWV Â… DORQH DQG PXFK PRUH +LJKO\ UHFRPPHQGHG Â… Â…

KLJK YDOXHV GHILQV VHWV LQF &KDULW\ 6WDPS &HQWHQDU\ 80 5HOLHI )XQG VHW D YHU\ JRRG UDQJH RI VWDPSV ZLWK D KLJK FDW YDOXH FKLHIO\ PLQW Â… Â…

)5(1&+ &2/21,(6 { *$%21 D PRVW LQWHUHVWLQJ FROOHFWLRQ RI V 4 LQ WZR DOEXPV ZLWK LVVXHV WR YHU\ PDQ\ V PXFK LV

SRVWDOO\ XVHG DQG XQXVXDOO\ FRPSOLPHQWHG E\ LQWHUHVWLQJ VWDPS XVDJHV RQ FRYHU 6WDPSV LQF RYSWV WR IU PLQW YHU\ JRRG ORW RI SRVWDJH GXHV ZLWK PLQW PXOWLSOHV DQG EORFNV WR IU VXSHUE EORFN RI DLUV WR IU 5HG &URVV ERRNOHW RXWZDUG FRYHU ZLWK 6ZLVV SRVWDJH VWDPSV XVHG DV SRVWDJH GXHV PRGHUQ LVVXHV JHQXLQHO\ SRVWDO XVHG DQG PXFK PRUH *RRG ORW Â… Â…

)5$1&( Â’ F WR F &HUHV KHDGV <YHUW XQXVHG FDW

(XURV Â… Â… Â’ F RUDQJH RQ \HOORZ W\SH ,, <YHUW PLQW

KRUL]RQWDO FUHDVH Â… Â…

{ *8,1($ D YHU\ H[WHQVLYH WKUHH YROXPH FROOHFWLRQ RI PDQ\ V FKLHIO\ XVHG ZLWK LVVXHV WR DERXW Â’ F EURZQ PDJQLILFHQW FRUQHU IROG RYHU YDULHW\ Â’ WRS ULJKW FRUQHU PDUJLQDO VLQJOH ZLWK SHUIRUDWLRQV LQ PDUJLQV XQXVXDOO\ FRPSOLPHQWHG ZLWK FRPPHUFLDO XVDJHV RQ FRYHUV

6* ILQH 80 Â… Â… 3DULV 3KLODWHOLF ([KLELWLRQ 3RVWFDUGV JURXS RI

LWHPV LQFO 0LOLWDU\ PXOWL FRORXUHG FDUG IUDQNHG ZLWK F H[KLELWLRQ VWDPS SOXV H[KLELWLRQ SRVWFDUGV IUDQNHG F ZLWK VSHFLDO FDQFHOV Â… Â…

ZLWK PDQ\ LQWHUHVWLQJ XVDJHV DQG PXOWLSOH IUDQNLQJV PDQ\ LQWHUHVWLQJ SRVWPDUNV DQG PXOWLSOH XVDJHV HWF 5DUHO\ RIIHUHG DV JHQXLQH XVHG $ YHU\ JRRG ORW RI UDUHO\ VHHQ PDWHULDO FRYHUV DORQH Â… Â…

Â’ 2/' 672&. 3$*(6 ZLWK D ILQH VHOHFWLRQ RI Â’ PLQW LQF 80 ZLWK KLJK YDOXH DLUV *X\DQH I I DQG I Â’ IU IU DQG IU SOXV IU 0HUVRQ KLJK Â’ VWDPSV Â… Â…

YDOXHV <YHUW JRRG WR ILQH PLQW Â… Â…

Selling? – Contact Simon Carson today for professional advice on how to sell your stamps/covers. PTS and ASDA registered. Integrity assured.

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 31

{ &$0(5281 GLDJRQDO RYSWV )8 LQFOXGLQJ 7:2 672&. %22.6 ZLWK D JRRG VWDPS ORW FDQFHOODWLRQ LQWHUHVW VWDPSV DOO YDOXHV UHSUHVHQWHG 6* V RI LVVXHV H[WHQVLYH '$+20(< ZLWK WUHH FOLPELQJ LVVXHV . LQFOXGLQJ 9,.725,$ FGV FDQFHOV SI ZLWK VKLS FGV HWF WR IU )8 PDQ\ FRPSOHWH VHWV LQF )8 IU /LQFROQ VKHHWOHW RI WHQ PDQ\ LPSHUI SHUI 06 80 %(1,1 ZLWK DLUPDLO 7KLV FROOHFWRU HQMR\HG ILQGLQJ PDQ\ GLII SRVWPDUNV ([FHOOHQW LVVXHV 0$'$*$6&$5 HWF /RWV RI GLIIHUHQW VWDPSV TXDOLW\ Â… Â… Â… Â… { &$0(5281 <DFKWV ILQH XVHG YDULRXV { 833(5 92/7$ D PRVW LQWHUHVWLQJ ORW LQ WZR RIILFH FGV LQWHUHVW VWDPSV LQF KLJK YDOXHV PN 'XDOD DOEXPV PDQ\ V RI VWDPSV FKLHIO\ ),1( 86(' XQXVXDOO\ PN .ULEL DQG PN -DXQGH $Q LQWHUHVWLQJ ORW RI SPNV Â… Â… DFFRPSDQLHG ZLWK PDQ\ FRYHUV VKRZLQJ JHQXLQH FRPPHUFLDO XVDJHV LQFOXGLQJ PXOWL VWDPSHG DQG D YDULHW\ RI FDQFHOV ZLWK { &$52/,1( ,6/$1' <DFKWV VHW WR SI ODWHU %85.,1$ )$62 XVDJHV WR DERXW 5DUHO\ RIIHUHG )8 6* FKLHIO\ FDQFHOOHG DW 3RQDSH SI RQ SLHFH ZLWK PDWHULDO Â… Â… <DS FGV DOVR D VHOHFWLRQ RI &DPHURXQ <DFKWV WR SI

YDULRXVO\ FDQFHOOHG Â… Â…

)8-(,5$

{ &+,1$ (DJOH RYSWV )8 WKH GLIIHUHQW

Â’ $ *22' &2//(&7,21 2) 6(76 ZLWK PXFK

$QJOHV RI RYHUSULQWV FROOHFWLRQ RQ SDJH DUUDQJHG E\ W\SH LQF ERWK SI SI SI GHJUHHV SI ERWK ([FHOOHQW JURXS VWDPSV EHWZHHQ 6* Â… Â…

7KHPDWLF FRQWHQW :LOGOLIH 6SDFH $UW 7UDQVSRUW 3HRSOH IUHVK PLQW VWDPSV PV VKHHWOHWV 1HDWO\ SUHVHQWHG RQ $OEXP 3DJHV Â… Â…

{ &+,1$ &KLQHVH FXUUHQF\ RYSWV )8

*$0%,$ { (0%266(' 49 G SDOH EURZQ G GHHS EOXH

DQG G EOXH 6* D JRRG PDUJLQV DOO URXQG ILQH XVHG Â… Â… { (0%266(' VFDUFH VKDGH G SDOH EOXH QR

ZLWK D JRRG YDULHW\ RI GLII RIILFH FDQFHOV YHU\ ILQH FROOHFWLRQ RI VWDPSV RQ SDJHV KLJK YDOXHV LQF òG ZPN GLII FDQFHOV G ZPN GLII FGV LQF +DQNRZ òG ZPN DQG òG ZPN FDQF 7LHQWVLQ EHWZHHQ 6* Â… Â… { *(50$1 ($67 $)5,&$ <DFKWV ZLWK

ZPN 6* YHU\ ILQH UHG *DPELD 3DLG FDQFHO ZLWK %3$ FHUW SXUFKDVHG IURP 6WDQOH\ *LEERQV ILQH XVHG Â… Â…

LQWHUHVWLQJ FGV FDQFHOODWLRQV YDULRXV RIILFHV LQF òK .LORVVD SDLU K /LQGL K ODWH XVH DW /LQGL U 7DERUD DQG U 7DERUD VFDUFH VWDPSV Â… Â…

{ (0%266(' ZDWHUPDUNHG VHW RI 6* DOO

{ *(50$1 ($67 $)5,&$ VXUFKDUJH

ZLWK JRRG PDUJLQV DOO URXQG DQG YHU\ ILQH UHG 3DLG FDQFHOV Â… Â…

LVVXHV 6* SULQWLQJV ILQH XVHG FROOHFWLRQ D UDQJH RI GLIIHUHQW RIILFH FGV FDQFHOV LQF SI ZLWK FRPSOHWH 6HHSRVW FGV DOO YDOXHV UHSUHVHQWHG ZLWK H[WUDV 9HU\ JRRG JURXS Â… Â…

{ :$7(50$5. ,19(57(' G EURZQ 6* D

YHU\ ILQH XVHG ZLWK JRRG PDUJLQV DOO URXQG Â… Â…

{ :$7(50$5. LQYHUWHG 49 G (0%266(' 6* { *(50$1 ($67 $)5,&$ <DFKWV ZLWK

Z ZLWK YHU\ ILQH *DPELD 3DLG FGV LQ UHG DQG JRRG PDUJLQV DOO URXQG Â… Â…

Â’ G EURZQ DQG XOWUDPDULQH ZPN &URZQ &$

GHQWHG IUDPH YDULHW\ 6* D ILQH PLQW Â… Â…

{ *(50$1 ($67 $)5,&$ <DFKWV )8

DOO YDOXHV UHSUHVHQWHG YDULRXV SULQWLQJV ZLWK FDQFHOODWLRQ LQWHUHVW YDOXHV LQF K QR ZPN 6* U 'DU (V 6DODP U 3DQJDQL DQG U 0XDQVD 9DOXDEOH JURXS VHH ZHEVLWH Â… Â…

Â’ G JUH\ DQG EODFN ZPN 0&$ GHQWHG IUDPH

YDULHW\ 6* D 9)0 Â… Â…

Â’

{ Â’

{

{

SRVWPDUN LQWHUHVW VWDPSV 3HVD YDOXHV WR S 6* ZLWK VXSHUE 7DQJD FGV PDUJLQDO FRS\ VWDPSV LQF òK %DKQSRVW DQG òK 0RPER Â… Â…

V 6LOYHU -XELOHH H[WUD IODJVWDII YDULHW\ IURP VHFRQG SULQWLQJ ZLWK WKH YDULHW\ SDUWLDOO\ HUDVHG VHH IRRWQRWH LQ { .,$876&+28 ILQH XVHG SPN LQWHUHVW FROOHFWLRQ RQ D SDJH VWDPSV LQF òG KLJK 6* 6* D ILQH PLQW LQ FRUQHU PDUJLQDO EORFN RI YDOXH 6* ZLWK FRPSOHWH 7VLQJWDX FGV F ZLWK %DKQSRVW Â… Â… FGV VFDUFH F F MRLQHG SDLU ZLWK 6HHSRVW RYDO 6XSHULRU ,03(5,$/ 3$*(6 ZLWK DQ LQWHUHVWLQJ VHOHFWLRQ TXDOLW\ Â… Â… RI HDUO\ LVVXHV WR DERXW ZLWK GLII VWDPSV LQF (GZDUGV WR 0 VHW WR 1 6* -XELOHH { 0$56+$// ,6/$1'6 GLDJRQDO RYSWV RQ (DJOHV DOO ILQH XVHG ZLWK -$/8,7 FGV FDQFHOV VRPH VHW KLJK &9 XVHIXO SLFNLQJV Â… Â… RQ SLHFHV H[FHSWLRQDO JURXS RI ZLWK DOO YDOXHV UHSUHVHQWHG 2/' 3$*( ZLWK PLQW 49 QRWH HPERVVHG SI WR SI 6* * HWF Â… Â… WR òG WR 6* DQG { 6$02$ ILQH XVHG VHOHFWLRQ VWDPSV LQF Â… Â… VFDUFH *HUPDQ XVHG LQ FRPELQDWLRQ SLHFH IUDQNHG SI SI *(5 &2/6 0$56+$// ,6 SI (DJOHV HDFK ZLWK $3,$ FGV SI <DFKW ZLWK )LML FGV DQG PN 6* * )8 Â… Â… SI WR SI RYSWG 0DUVKDOO ,QVHOQ 0L SI SI SI DQG SI PLQW XQXVHG SI DQG SI ILQH XVHG { 6287+ :(67 $)5,&$ GLDJRQDO PLQLPXP FDW (XURV Â… Â… RYSWV )8 LQF D IDEXORXV UHMRLQHG VWULS RI WKH VHW RI ILYH H[ SI 6* ZLWK 6ZDNRSPXQG FGV FDQFHO LQWHUHVW *(5 &2/6 6$02$ 4XDOLW\ Â… Â… P JUHHQLVK EODFN DQG FDUPLQH 0L VXSHUE { 6287+ :(67 $)5,&$ WKH <DFKWV XVHG RQ VPDOO SLHFH ZLWK $SLD FGV SPNV ILQH XVHG ZLWK FDQFHOODWLRQ LQWHUHVW VWDPSV VXSHULRU TXDOLW\ Â… Â… QR ZPNV WR SI 6* YDULRXV FGV SPNV PN *(50$1 &2/21,(6 2WJLZHQJR :LQGKXN FGV PN SHUI IDXOW PN :LQGKXN DQG PN 6* 6ZDNRSPXQG 9DOXDEOH ORW SU (DJOH 6* )8 Â… Â… Â… Â… { 72*2 ILQH XVHG RYSWV RQ (DJOHV ZLWK

{ PN <DFKW 6* )8 Â… Â…

YDOXHV WR SI QRWLQJ .OHLQ 3RSR DQG /RPH SPNV Â… Â…

www.philangles.co.uk – Place your bids online. Immediate and secure.

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 32

{ 86(' ,1 &+,1$ 6+$1*+$, SLHFHV DOO HDUO\ *HUPDQ VWDPSV ZLWK 6KDQJKDL FDQFHOV LQF SDLU PN

Â’ 35,9$7( 32676 YHU\ LQWHUHVWLQJ VHOHFWLRQ

ZLWK PDQ\ EHWWHU VHWV QRWH 0XKOKHLP QXPHUDO VSHFLPHQ VHW SHUI DQG LPSHUI 6WUDVVEXUJ ZLWK YHU\ JRRG SURYLVLRQDO RYSWV :LHVEDGHQ QXPHUDO VHW RI WR SI YHU\ VFDUFH =HLW]HU SI RYHU GLIIHUHQW FKLHIO\ IUHVK PLQW Â… Â…

SI PDXYH = SDLU SI RQ SLHFH SI SI FRPELQDWLRQ SLHFH DOVR FRYHU WR )UDQNIXUW ZLWK VLQJXODU XVH RI SI = 9DOXDEOH ORW 6FDQ DGYLVHG RU YLHZ RQOLQH *RRG TXDOLW\ Â… Â… { 86(' ,1 &+,1$ SLHFHV PXOWL IUDQNHG

{ 35,9$7( 32676 D ILQH VHOHFWLRQ RI HDFK Â’ GLIIHUHQW LQF 0DLQ] 0DJGHEXUJ .DUOVUXKH .OHG .ROQ /HLS]LI

LQF ILYH VWDPS FRPELQDWLRQ PDNLQJ PN SI PXOWL FDQF DW 6KDQJKDL [ SI RQ SLHFH ZLWK 6KDQJKDL FGV SDLU SI ZLWK FRPSOHWH 6KDQJKDL SDLU SI 7LHQWVLQ FRYHU IUDQNHG SI ZLWK FRPSOHWH +DQNDX FGV UDWHG 55 $ YHU\ YDOXDEOH JURXS VFDQ DGYLVHG LWHPV Â… Â…

FKLHIO\ PLQW ZLWK H[SUHVV W\SH $UPV 1XPHUDOV DQG 3LFWRULDO YHU\ LQWHUHVWLQJ DQG KLJKO\ FDW /RW Â… Â… { 5(9(18(6 6WHPSHOPDUNH LVVXHV LQF Â’ QR ZDWHUPDUN XVHG YDOXHV SI WR P ZDWHUPDUNHG YDOXHV

{ <$&+76 RI YDULRXV WHUULWRULHV ILQH XVHG RQ D

SI WR P DQG PLQW P P DQG P Â… Â… SDJH ZLWK FGV FDQFHOODWLRQ LQWHUHVW VWDPSV $ JRRG { 5(9(18(6 * DQG + $QJVWHOOWHQ QXPEHU ZLWK UHDGDEOH SPNV DQG PDQ\ GLIIHUHQW Â… Â… UHYHQXHV LQ VXSHUE FDQFHOOHG EORFNV RI ZLWK 0XQLFK SPNV Â… Â… *(50$1 67$7(6 $Q H[FHSWLRQDO DQG XQLTXH JURXS RI GLIIHUHQW +DQG SDLQWHG 6WDPSV RU 3RVWDO 6WDWLRQHU\ ,PSUHVVLRQV WDNHQ IURP D &RQWHPSRUDU\ 9LFWRULDQ $OEXP H[HFXWHG WR WKH KLJKHVW RI VWDQGDUGV DQG GHWDLO RI H[KLELWLRQ TXDOLW\ LQ VXSHUE ZDWHUFRORXUV 5HTXHVW D VFDQ WR IXOO\ DSSUHFLDWH WKLV { UHPDUNDEOH ORW Â… Â…

*(50$1< &RYHU WR &]HFKRVORYDNLD SI IUDQNLQJ ZLWK IXOO

VWULNH RI 6HH SRVW FGV Â… Â… Â’ $,50$,/ )25(5811(56 %LUG 6HW RI IUHVK 4 PLQW 0L

QRW FRPPRQ Â… Â… ([SUHVV SRVWHG FRYHU ZLWK +LWOHU XQVHUH

+RIIQXQJ ODEHO WLHG E\ (VVHQ FGV Â… Â…

5(9(18(6 YHU\ LQWHUHVWLQJ JURXS ZLWK D IHZ H[SHUWLVHG QRWH V 6WHPSHOPDUNH VKLHOG YDOXHV WR PLOOLRQ PDUNV 80 IOLJKW 0DUJRUHWHQ D YHU\ JRRG ORW RI LWHPV VHOGRP RIIHUHG PXFK PLQW LQF 80 Â… Â… 5866,$1 %$/7,& 3529,1&(6 SI DQG SI WK $UP\ 0L ILQH XVHG Â… Â…

Â’ 5866,$1 %$/7,& 3529,1&(6 N RQ

SI WK $UP\ 0L PLQW VFDUFH VWDPS Â… Â… { :25/' :$5 , 2FFXSDWLRQ :HVWHUQ

&RPPDQG FDQFHOODWLRQV %HOJLXP DQG 1RUWKHUQ )UDQFH ZLWK KLJK YDOXHV I F RQ P DQG I RQ P [ DQG [ KROHV ZLWK PDQ\ VXSHUE VWULNHV RQ SLHFH ZLWK IXOO FDQFHOV VWDPSV 6FDUFH FROOHFWLRQ Â… Â…

*(50$1< $//,(' =21(6

6RYLHW =RQH /HLS]LJ )DLU SI SI SI ,//8675$7(' SRVWDO FDUGV HDFK GLIIHUHQW

DQG SI RQ SDLQ FRYHU HDFK VWDPS ZLWK /HLS]LJ Q FGV SPNV Â… Â…

ZLWK D JRRG YDULHW\ RI YLHZV HDFK XQXVHG Â… Â… /8)7:$))( 08/7,3/( 6,*1(' :: 5$) 4 LOOXVWUDWHG FRYHUV ZLWK PDQ\ KDYLQJ ILYH RU PRUH

VLJQDWXUHV VHHQ PDQ\ RI WKHVH FRYHUV UHWDLOLQJ DW Â… VHHQ $GROI *DOODQG +DQV +LSSHOH $OIUHG .HOOHU .DUO .HQQHO (ULFK +DUWPDQQ D YHU\ ILQH FROOHFWLRQ ZLWK PDQ\ FRYHU QRW VHHQ IRU PDQ\ \HDUV Â… Â… ^3KRWR` $Q H[FHSWLRQDO JURXS RI VL[ KDQG SDLQWHG VWDPSV WDNHQ IURP D 9LFWRULDQ $OEXP IURP HDJOHV PN òJU RYSW $ UHPDUNDEOH DQG XQLTXH JURXS RI H[KLELWLRQ TXDOLW\ Â… Â… %(/*,$1 2&&83$7,21 I F RQ P

XVHG RQ UHJG FRYHU WR /XEHFN /XWWLFK 5DLOZD\ FGV SPNV ILQH LWHP Â… Â…

7KXULQJLD SI WR SI LPSHUIV RQ SODLQ

FRYHU HDFK ZLWK (UIXUW FGV 6WDPSV FDW (XURV XVHG Â… Â…

:(67 6$;21< 5HOLHI )XQG 6HW RQ WZR FRYHUV ZLWK :XU]HQ FGV SPNV SOXV 'UHVGHQ 6KRZ FRYHU ZLWK SI DQG SI 'UHVGHQ RYSWV DQG VSHFLDO VKRZ FDQFHO FRYHUV Â… Â…

*(50$1< %(5/,1 Â’ 838 VHW RI IUHVK 80 FDW Â… 6* % Â’ VFDUFH 80 Â… Â…

*(50$1< ($67

Â’ %5$816&+:(,*(5 5(9(18(6 WD[ Â’ VWDPSV LQ WHWH EHFKH SDLUV YDOXHV IURP P WR P ILQH 80

SDLUV Â… Â… Â’ 35,9$7( 3267 %RFNXP ([SUHVV 6HW RI

SHUI DQG LPSHUI 0L SI 0L 1XPHUDO $ VFDUFH JURXS RI PLQW Â… Â… { 35,9$7( 3267 %UHPHQ LQF Â’ LPSHUI SRVWDJH GXHV %UHVODX LQF 6FDUFH òSI

Â’ SI /HLS]LJ IDLU ZLWK YHUWLFDO Â’ PLVSHUIRUDWLRQ YDULHW\ ILQH 80 Â… Â…

{ 32575$,76 ZPN SRVWKRUQV YDOXHV WR SI

HDFK LGHQWLILHG E\ 0LFKHO VSHFLDOLVHG FDWDORJXH QXPEHUV LQFOXGHV SI 0L YD ;, SI 0L YD[L SI 0L YD[L DOO ILQH XVHG FDW (XURV Â… Â… Â’ &20326,7( VH WHQDQWV WDNHQ IURP WKH .DUO Â’ 0DU[ LPSHUI VKHHWV ZLWK KRUL] RU YHUWLFDO VH WHQDQWV VHOGRP

)8 &DVVHO &KHPQLW] RYSWV VFDUFH D JRRG ORW Â… Â…

VHHQ LQ WKLV IRUPDW SDLU VWULSV IUHVK 80 6*( Â… Â…

35,9$7( 3267 D ILQH VHOHFWLRQ $OWRQD $XJVEXUJ SI DQG SI PLQW %DGHQ NU PLQW EORFN RI VFDUFH JURXS RI FKLHIO\ IUHVK PLQW Â… Â…

Â’ &20326,7( VH WHQDQW V WDNHQ IURP WKH Â’ PLQLDWXUH VKHHW .DUO 0DU[ ZLWK VH WHQDQW SDLUV KRUL] RU

YHUWLFDO VHOGRP VHHQ LQ WKLV IRUPDW 6*( SHUIRUDWHG )UHVK 80 Â… Â… RI VWDPSV PLQW ZLWK YDOXHV WR PDUNV LQF 0HUFXU\ WR SI Â’ ),9( <($5 3/$1 SURSDJDQGD IRUJHULHV SHUI $UPV GLIIHUHQW SULQWLQJ WR PN V 1XPHUDOV SHUI DQG LPSHUI WR Â’ ò [ ò ILQH 80 PDUJLQDO SDLU H[SHUWLVHG 6FKOHJHO SI YHU\ JRRG ORW RI VWDPSV PLQW Â… Â… Â… Â…

Â’ 35,9$7( 3267 RI (VVHQ D YHU\ ILQH FROOHFWLRQ

Â’ ),9( <($5 3/$1 UHGUDZQ GHILQV VHW 0L Â’ 80 Â… Â…

PHILANGLES

Established in 1990, internationally recognised dealers, full members of PTS (London), ASDA (New York).

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 33

{ .$5/ 0$5; LPSHUIRUDWH PLQLDWXUH VKHHWV 0L

{ *% XVHG LQ *LEUDOWDU KLJK YDOXH SO ZLWK

EORFN E E ILQH XVHG FDQFHOOHG WR RUGHU Â… Â… Â’ .$5/ 0$5; PLQLDWXUH VKHHWV LPSHUI 0L EORFN Â’ E E ILQH 80 Â… Â… { .$5/ 0$5; SHUI PLQLDWXUH VKHHWV 0L EORFN

IRUJHG $ FDQFHO ZLWK 536 FHUW WKH SODWH ZDV QHYHU VHQW WR *LEUDOWDU = Â… Â… { *% XVHG LQ *LEUDOWDU G 6* = SO ZLWK

$ FDQFHOV JRRG IRU UHFRQVWUXFWLRQ HDFK GLIIHUHQW Â… Â… { *% XVHG LQ *LEUDOWDU G 6* = SODWH

D D ILQH XVHG FDQFHOOHG WR RUGHU Â… Â… Â’ (1*(/6 &20326,7( DQG VLQJOH LPSHUIRUDWHG Â’ WDNHQ IURP WKH PLQLDWXUH VKHHW LPSHUI VLQJOHV DQG

FRPSRVLWH VH WHQDQWV 6*( IUHVK 80 VHOGRP VHHQ LQ WKLV IRUPDW Â… Â…

ZLWK $ FDQFHO RI *LEUDOWDU JRRG IRU SODWH UHFRQVWUXFWLRQ HDFK GLIIHUHQW Â… Â… { *% XVHG LQ *LEUDOWDU G EXII 6* = SO ILQH

XVHG ZLWK D JRRG $ FDQFHO RI *LEUDOWDU Â… Â… { *% XVHG LQ *LEUDOWDU G EXII 6* = SODWH

*(50$1< :(67

ZLWK ILQH $ FDQFHOV JRRG IRU SODWH UHFRQVWUXFWLRQ HDFK GLIIHUHQW DQG KLJK FDW YDOXH Â… Â… FROOHFWLRQ RI PDQ\ V DOO GLIIHUHQW IRU WKH SHULRG WR { *% XVHG LQ *LEUDOWDU G JUH\ 6* = SO YHU\ FRPSUHKHQVLYH EHWWHU LWHPV DORQH FDW Â… 7KH ZLWK $ FDQFHO LQF D SLHFH ZLWK G 6* = DQG D SDLU RI G FROOHFWRU WRRN JUHDW FDUH WR VHOHFW PRVW VWDPSV ZLWK &'6 $ ILQH JURXS HDFK GLIIHUHQW JRRG IRU SODWLQJ UHFRQVWUXFWLRQ FDW FDQFHOV Â… Â… Â… Â… Â…

{ ),1( 86(' DQG QLFHO\ SUHVHQWHG YROXPH

*(50$1< =21(6

{ *% XVHG LQ *LEUDOWDU G JUH\ 6* = SODWH

Â’ %5,7,6+ $1' $0(5,&$1 =21( D ILQH 80 Â’ FROOHFWLRQ RQ $OEXP 3DJHV LQF +DQRYHU ([KLELWLRQ 6HW

SODWH ZLWK ILQH $ FDQFHOV RI *LEUDOWDU HDFK GLIIHUHQW Â… Â…

LQF 6FDUFH 06 SRVW KRUQ RYSWV %XLOGLQJV XQFKHFNHG IRU SULQWLQJV ZLWK D FDW YDOXH RI Â… D ILQH FROOHFWLRQ RI VWDPSV PV Â… Â…

{ *% XVHG LQ *LEUDOWDU òG URV\ PDXYH JRRG IRU

SODWLQJ DV HDFK VWDPS LV GLIIHUHQW SO SO SO SO SO SO SO SO SO SO SO SO DQG SO 6* = ZLWK ILQH UHDGDEOH $ FDQFHOV Â… Â…

*+$1$

Â’ *5266/< PLVSODFHG S RQ QHZ FXUUHQF\ { *% XVHG LQ *LEUDOWDU G FKHVWQXW SO ZLWK Â’ RYSW DV FRPSOHWH VKHHW RI VKRZLQJ VKLIW WR OHIW RYSW

ILQH $ FDQFHOV RI *LEUDOWDU JRRG IRU SODWH UHFRQVWUXFWLRQ 6* = Â… Â…

H[WHQGLQJ WR PDUJLQ 6* Â… Â…

*,%5$/7$5

{ *% XVHG LQ *LEUDOWDU òG EOXH = SO SO

{ *% XVHG LQ *LEUDOWDU JUHHQ 6* = ZLWK D

SO = SO SO SO ZLWK ILQH UHDGDEOH $ FDQFHOV HDFK GLIIHUHQW JRRG IRU SODWLQJ Â… Â…

$ FDQFHO RI *LEUDOWDU Â… Â… { *% XVHG LQ *LEUDOWDU G 6* = ERWK ZLWK

{ 5(9(18(6 DOO GLII DQG )8 YDOXHV WR

ILQH $ FDQFHO GLIIHUHQW VKDGHV Â… Â…

S DQG G DQG XQXVXDOO\ ILQH TXDOLW\ Â… Â…

{ *% XVHG LQ *LEUDOWDU G SODWHV ZLWK ILQH

Â’ 6SDQLVK &XUUHQF\ DOO YDOXHV WR F

$ FDQFHO LQF D SDLU RQ SLHFH SO D ILQH VHOHFWLRQ Â… Â… { *% XVHG LQ *LEUDOWDU òG URV\ PDXYH SO

SO DQG SO DOO ILQH XVHG ZLWK $ FDQFHOV HDFK GLIIHUHQW JRRG IRU SODWLQJ 6* = Â… Â… { *% XVHG LQ *LEUDOWDU G SODWH 6* = ZLWK

ILQH $ FDQFHOV RI *LEUDOWDU HDFK GLIIHUHQW JRRG IRU SODWH UHFRQVWUXFWLRQ Â… Â…

VWHUOLQJ UH LVVXH VHW 6* G IDXOW RWKHUV 9)0 &DW Â… Â… Â… 5(*,67(5(' FRYHU WR /RQGRQ IUDQNHG ZLWK

F FDUPLQH DQG F XOWUDPDULQH ERWK LQ SDLUV F UDWH 6* FOHDU VWULNHV RI RYDO UHJG SPN DUULYHG GD\V ODWHU LQ /RQGRQ Â… Â… $ PRVW VSHFWDFXODU 49 VHYHQ VWDPS

FRPELQDWLRQ UHJLVWHUHG FRYHU WR 8. IUDQNHG òG WR VHW 6* D PDUYHOORXV PXOWL FRORXUHG FRYHU KLJKHU YDOXHV DUH KDLU OLQHV 6* = SODWH ZLWK KDLUOLQHV 6* = SODWH UDUH RQ FRYHU Â… Â… ^3KRWR` LQF D SDLU RQ SLHFH DQG WZR ZLWK LQYHUWHG ZDWHUPDUNV 6* Â’ V GXOO 3XUSOH DQG *UHHQ ZPN FURZQ &$ = SO HDFK ZLWK $ FDQFHO RI *LEUDOWDU $ ILQH 6* 9)0 Â… Â… VHOHFWLRQ Â… Â…

{ *% XVHG LQ *LEUDOWDU G SO ZLWKRXW

{ *% XVHG LQ *LEUDOWDU JUHHQ SO 6* Â’ .(9,, ZPN FURZQ &$ òG WR V FRPSOHWH

= SO 6* = DQG SO 6* = ZLWK $ FDQFHOV RI *LEUDOWDU HDFK GLIIHUHQW FDW Â… Â… Â…

6* 9)0 Â… Â…

Â’ òG WR V ZPN PXOW FURZQ &$ RUGLQDU\ SDSHU { *% XVHG LQ *LEUDOWDU ZLWK ZPN LQYHUWHG YDULHW\

6* 9)0 Â… Â…

G 6* = ILQH XVHG ZLWK D ILQH $ FDQFHO SO ILQH FRORXU Â… Â…

4 $,50$,/(' FRYHU WR *LEUDOWDU HQGRUVHG 9LD

{ *% XVHG LQ *LEUDOWDU G SODWH ZLWK $

DLUPDLO WR %RUGHDX[ IUDQNHG òG DQG G SDLU 38& ORZ YDOXHV YDULRXV DUULYDO DQG WUDQVLW PDUNV RQ UHYHUVH Â… Â…

FDQFHOV 6* = JRRG IRU UHFRQVWUXFWLRQ HDFK GLIIHUHQW Â… Â…

Â’ .*9, SLFWRULDO GHILQLWLYH VHW RI 6*

{ *% XVHG LQ *LEUDOWDU G 6* = SODWH

PLQW Â… Â… ZLWK $ FDQFHO JRRG IRU UHFRQVWUXFWLRQ HDFK GLIIHUHQW Â… Â… Â’ .*9, '(),1,7,9(6 ([WHQVLYH FROOHFWLRQ EHWZHHQ 6* ZLWK SHUI WR SHUI ò WR Â… { *% XVHG LQ *LEUDOWDU G UHG EURZQ 6* = DQG SHUI WR PLQW &DW Â… Â… Â… ZLWK D ILQH $ FDQFHO RI *LEUDOWDU VFDUFH ZLWK D IHZ WULPPHG SHUIV DW ULJKW FDW Â… Â… Â… Â’ 3LFWRULDO GHILQLWLYHV ZLWK VKDGHV DQG G PDURRQ ZLWK PDMRU UH HQWU\ 6* D ZLWK LVVXHV EHWZHHQ 6* { *% XVHG LQ *LEUDOWDU G 6* = SO ZLWK VWDPSV PLQW Â… Â…

$ FDQFHOV HDFK GLIIHUHQW Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 34

Â’ 4(,, (;7(16,9( FROOHFWLRQ ZLWK PDQ\ Â’ FRPSOHWH LQF 06 KLJK YDOXH GHILQLWLYH V VWDPSV SOXV

Â’ G EODFN SODWH D 5, 6* XQXVHG VOLJKWO\

WRQHG DQG FUHDVH DW WRS IRXU PDUJLQV FDW Â… Â… Â…

06 6KHHWOHWV VXSHUE FROOHFWLRQ RI PRGHUQ LVVXHV Â… Â… Â’ S )ORZHU GHILQLWLYH ZDWHUPDUN LQYHUWHG 6* Â’ EZ ILQH 80 Â… Â…

{ G EOXH VWULS RI %, WR %. 6* ILQH XVHG

ZLWK WKUHH EROG VWULNHV RI 'XUVOH\ 0; PDUJLQV WRXFK DW EDVH DQG IDU ULJKW OHIW KDQG VWDPS KDV FOHDU PDUJLQV OLJKW FUHDVH GRZQ FHQWUH VWDPS FDW Â… Â… Â…

7+( 0$/7$ &2192<6 LOOXVWUDWHG FRYHUV

{ G UHG 6* P 9)8 ZLWK LQ 0DOWHVH &URVV ZLWK 5R\DO 1DY\ &UHVWV IUDQNLQJV DQG HDFK FRYHU VLJQHG LQF + IRXU PDUJLQV Â… Â… &UD\IRUG $ - 9LQFHQW ' :DOOLQJ 3 +HDSV %HUNHOH\ 0RLU - +XEEDUG WR QDPH D IHZ RI WKHVH OLPLWHG LVVXHG FRYHUV { %ODFN 3ODWH 3HQQ\ 5HG 3ODWH % ILQH XVHG IRXU Â… Â… PDUJLQV ZLWK 0DOWHVH &URVV 4XDOLW\ VWDPS 6* Â… Â… *5($7 %5,7$,1 XVHG LQ *LEUDOWDU ZLWK * GXSOH[ G = G = SDLU = ZLWK ILQH UHDGDEOH { 6&$5&( 6KDGH G 2UDQJH %URZQ SO IRXU FDQFHOV Â… Â… PDUJLQV ZLWK FDQFHO RI 1HZSRUW :DOHV DQ H[FHOOHQW

H[DPSOH RI WKLV VFDUFH VKDGH )LQH XVHG Â… Â… .$%( DOEXP ZLWK D FROOHFWLRQ KDYLQJ D FDWDORJXH YDOXH RI RYHU Â… ZLWK PDQ\ KLJK YDOXHV QRWH 49 { G GXOO OLODF HPERVVHG 6* JRRG WR ILQH VHW WR 1RY VHW WR VXUFK VHW WR F XVHG PDUJLQV MXVW WRXFK WZR VLGHV JRRG ORRNHU FDW (GZDUG WR SOXV Â… 6SHFLPHQ RYSW VHW WR Â… Â… Â… VHW WR .*9 VHW WR Â… .*9 SODWH Â… { 3267$/ ),6&$/6 *RRG ORW RI ODUJH IRUPDW UHSDLUHG .*9, WR Â… LQF GHILQV DQG 6LOYHU W\SHV RQ SDJHV LQF *HQXLQH SRVWDO XVHG H[DPSOHV GLG VSRW :HGGLQJ 2YHU VWDPSV IURP WR 6XEVWDQWLDO LQYHUWHG ZPN YDULHWLHV 0DQXVFULSW XVDJHV $OO HDUO\ SULQWLQJV FROOHFWLRQ ZLWK PDQ\ KLJK YDOXH VWDPSV $ UHDO ROG WLPHU ZLWK YHU\ KLJK &9 IRU SRVWDO XVDJHV DORQH Â… Â… W\SLFDO PL[HG FRQGLWLRQ Â… Â… { G %OXH 6* D VHOHFW )8 TXDOLW\ VWDPS *,/%(57 (//,&( ,6 Â… Â… Â’ (':$5' 29(535,17 VHW DQG 3DQGDQXV { G RQ DQ ROG SDJH VPDOO JDUWHU LQF VOLJKW 3LQH VHW 6* IUHVK PLQW VWDPSV Â… Â… EOXHG SDSHU 6* D PHGLXP JDUWHU WKLQ ZKLWH SDSHU Â’ &52:1 &2/21< LVVXHV DV VHWV SDOH FDUPLQH ODUJH JDUWHU LQF URVH FDUPLQH LQY ZPN URVH .*9 WR 6* 6LOYHU -XELOHH VHW RI SDLU $ JRRG ORW EHWZHHQ 6* D VRXQG XVHG SLFWRULDO GHILQLWLYHV ZLWK VKDGH DQG DGGLWLRQDO SHUI W\SHV Â… Â… 6LOYHU :HGGLQJ 4(,, GHILQ VHW RI GHILQ VHW { :$7(50$5. HPEOHPV G GHHS OLODF SDLU RI $ ILQH DQG YHU\ XVHIXO ORW RI VWDPSV IUHVK PLQW SDOH OLODF LQF D]XUH SDSHU GHHS JUHHQ JUHHQ DQG SDOH Â… Â… JUHHQ LQF RQH ZLWK WKH ZPN DW WKH WRS RI WKH VWDPSV VRXQG 2/' 3$*(6 ZLWK D JRRG PLQW UDQJH LQF XVHG Â… Â… 6LOYHU -XELOHH GHILQV WR ZLWK GLII SHUIV { 9$5,(7< G ODUJH JDUWHU ZPN LQYHUWHG VRXQG 6LOYHU :HGGLQJ 838 GHILQV ZLWK VKDGHV FDW XVHG 6* D :L Â… Â… Â… Â… Â… { .*9, 6HW 9)8 6* Â… Â… { 3(11< 5(' FROOHFWLRQ RI GLIIHUHQW SODWH

QXPEHUV ZLWK EHWWHU LQF VRXQG XVHG Â… Â…

Â’ )LQH PLQW FROOHFWLRQ RI LPSULQW VWULSV F\OLQGHU

EORFNV RU VWULSV LQFOXGHV GHILQLWLYHV VHW LQ LPSULQWV RU F\OV VLPLODU IRU VXUFKDUJHV DQG GHILQV VHWV DOVR FRPPHP VHWV LQ VLPLODU VWULSV RQ EORFNV *RRG FOHDQ ORW FDW Â… Â… Â…

*2/' &2$67

{ 3(11< 5(' FRPSOHWH VHW RI QXPEHUV H[

ILQH WR JRRG XVHG ZLWK D IHZ DGGLWLRQDO LQF SODWH 80 SODWH ZPN LQY SO ZPN LQY SO ZPN LQY $ ILQH ORW RI VWDPSV Â… Â… { 3(11< 5(' SODWH UHFRQVWUXFWLRQ

VRXQG WR JRRG XVHG FDW Â… Â… Â…

Â’ 49 ZPN FURZQ &$ VHW ZLWK DGGLWLRQDO VKDGHV

RI òG G G òG G DQG G 6* D YHU\ ILQH PLQW Â… Â…

{ 3(11< 5(' SODWH QXPEHUV RQ UHFRQVWUXFWLRQ

SDJH JRRG WR VRXQG XVHG HDFK GLIIHUHQW Â… Â…

)25&(6 0$,/ WR $XVWUDOLD VWDPSOHVV FRYHU

{ 3(11< 5(' SODWHV WR H[ FKLHIO\ ILQH

ZLWK VROH .80$6, FGV 8QXVXDO Â… Â…

WR VRXQG XVHG Â… Â…

Â’ .*9, 3LFWRULDO GHILQV VHW 6* ILQH 80 Â’ Â… Â…

*5($7 %5,7$,1 $,50$,/6

{ 3(11< 5(' ZLWK GLIIHUHQW SODWH QXPEHUV

JRRG WR VRXQG XVHG Â… Â… Â’ G ODNH UHG SO EORFN RI 6* KLQJHG RQ

Â’ %($ %ULWLVK (XURSHDQ $LUZD\V 7KH Â’ HDUO\ \HDUV 3RVWDO +LVWRU\ FROOHFWLRQ GLVSOD\HG WR D KLJK VWDQGDUG LQ DQ $OEXP FRYHUV SOXV VL[ PLQW VWDPSV DQG Â’ Â’ RWKHU PDWHULDO IOLJKW WR %HOIDVW 9LD 1RUWKROW $LUSRUW ZLWK FDFKHW .HQVLQJWRQ $LU 6WDWLRQ &DFKHW 72 Â’

%( 3267(' 21 $55,9$/ &DFKHWV VXSHUE PXOWL IUDQNHG %($ $LU VWDPSV RQ $LU OHWWHU DQG PXFK PRUH Â… Â…

WRS SDLU ORZHU SDLU ILQH 80 JRRG FRQWDLQLQJ D YHU\ ILQH EORFN Â… Â… G UHG SO EORFN RI ,$ WR -& 6* KLQJHG RQ RQH VWDPS RQO\ ILYH H[DPSOHV RQH ILQH XQPRXQWHG PLQW RQO\ VXUIDFH IDXOW RQ RQH VWDPS ZHOO FHQWUHG IRU WKHVH Â… Â…

Â’ G GHHS EOXH SODWH 6* RQH VOLJKWO\ VKRUW Â’ SHUI DW EDVH RWKHUZLVH ILQH 80 Â… Â…

*5($7 %5,7$,1 % 48((1 9,&725,$ Â’ G EODFN *. SODWH 6* XQXVHG IRXU PDUJLQV

FORVH DW ULJKW FDW Â… JRRG ORRNHU Â… Â…

Â’ &,5&8/$5 '(/,9(5< &203$1,(6

(GLQEXUJK DQG /HLWK óG LPSHUI 6* &' DV ILQH DQG HOXVLYH EORFN RI FDW Â… Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 35

{ '(),1,7,9(6 VHW 6* FKLHIO\ VRXQG Â’ XVHG QRWH òG EORFN RI PLQW G SDOH URVH RQH PLQW G

(',1%85*+ DQG /HLWK FLUFXODU GHOLYHU\ G \HOORZ ELVWUH 6* &' ODUJH EORFN RI LQVFU 6W $QGUHZ 6TXDUH FDW Â… Â… Â… Â’ &,5&8/$5 '(/,9(5< &203$1,(6 /RQGRQ

GHHS URVH LQF SDLU G LQF SDLU $ JRRG JURXS RI VWDPSV Â… Â…

DQG 0HW óG LPSHUI 6* &' DV PDUJLQDO EORFN RI WHQ XQXVHG Â’ òG JUHHQ DQG òG YHQHWLDQ UHG ERWK RYSWG FDW Â… 6PDOO IDXOWV EXW D VFDUFH PXOWLSOH Â… Â… 6SHFLPHQ 6* V V PLQW Â… Â…

Â’ &,5&8/$5 '(/,9(5< &203$1,(6 /RQGRQ Â’ DQG 0HW óG SHUI 6* &' DV D JHQHUDOO\ ILQH 80 FRUQHU EORFN Â’ G URVH SODWH ZPN &URZQ 6* WLQ\

SDSHU LQFOXVLRQ DW WRS RI IUDPH RWKHUZLVH YHU\ ILQH PLQW FDW Â… Â… Â…

FDW Â… $ ILQH PXOWLSOH Â… Â…

Â’ /21'21 &,5&8/$5 '(/,9(5< FRPSDQ\ SLQ Â’ SHUI ò GHHS EOXH 6* &' LQ D ODUJH EORFN RI RQH Â’ *URXS RI ORZ YDOXHV LQFO G 9HQHWLDQ 5HG G

/LODF òG VODWH EOXH òG /LODF 6* ILQH PLQW &DW Â… Â… Â…

VWDPS PLQW 80 FDW Â… Â… Â…

Â’ &,5&8/$5 '(/,9(5< &203$1,(6 /RQGRQ Â’ óG HUURU RI FRORXU FODUHW LVVXHG LQ JUHHQ DV PLQW VWULS RI IRXU Â’ G OLODF GLH , GRWV 6* X 80 YHU\ OLJKW Â’ KRUL]RQWDO FUHDVH Â… Â…

$SSHDUV 80 RQH XQLW VPDOO WRQH DUHD YHU\ XQXVXDO 6* &' D FDW Â… Â… Â… ^3KRWR`

Â’ G SDOH OLODF 'LH , GRWV 6* 9)0 Â… Â… 0HWURSROLWDQ óG ZLWK ZPN DV VFDUFH PDUJLQDO XQXVHG EORFN RI VL[ VKRZLQJ ODUJH SDUW ZPN 6* &' FDW Â… Â… Â… Â’ /LODF DQG *UHHQ PLQW JURXS òG òG G òG G DQG G EHWZHHQ 6* &DW Â… IDLU RQO\ Â’ &,5&8/$5 '(/,9(5< &203$1,(6 1DWLRQDO FROOHFWDEOH PLQW H[DPSOHV Â… Â… Â’ G $UPV 6* &' DV D UDUH PLQW LQF 80 EORFN RI [ Â’ &,5&8/$5 '(/,9(5< &203$1,(6

Â’ FKLHIO\ ILQH FDW Â… Â… Â…

{ V SDOH XOWUDPDULQH 6* D ILQH XVHG RYDO

UHJG SPN FDW Â… JRRG ORRNHU Â… Â…

(',1%85*+ DQG /(,7+ FLUFXODU GHOLYHU\ óG LQVFU (OGHU 6WUHHW ODUJH EORFN RI LPSHUI 6* &' FDW Â… Â… Â…

Â’ V G OLODF ZKLWH SDSHU 6* PLQW OLJKW

WRQLQJ FDW Â… Â… Â…

{ +,*+ 9$/8(6 SO SO DQG ZPN

Â’ V G /LODF RQ :KLWH SDSHU 6* YHU\ ILQH

0DOWHVH &URVV VRXQG XVHG Â… Â…

PLQW RQO\ KLQJHG RQFH ORYHO\ IUHVK H[DPSOH Â… Â…

Â’ 0(75232/,7$1 FLUFXODU GHOLYHU\ FRPSDQ\ Â’ ODUJH EORFN RI ZLWK VL[ VKRZLQJ 0IWURSOLWDQ IRU 0HWURSROLWDQ Â’ V FULPVRQ 6* VXSHUE 80 Â’ Â… Â… YDULHW\ 6* &' 80 FDW Â… Â… Â… { G URVH SO ZPN VSUD\ 6* XVHG ZLWK

Â’ V FULPVRQ ZKLWH SDSHU 6* PLQW VRPH

FGV Â… Â…

OLJKW WRQLQJ FDW Â… Â… Â…

{ V JUHHQLVK JUH\ ZPN 0DOWHVH &URVV 6* Â’ G GXOO *UHHQ 6* PLQW &DW Â…

JRRG XVHG ZLWK /RQGRQ FGV DSSHDUV WR KDYH EHHQ UHSDLUHG FDW Â… Â… Â…

Â… Â… { -8%,/(( VHW WR Â… ZLWK DGGLWLRQDO VKDGHV òG

Â’ V SDOH URVH SODWH 6* RI ORYHO\

òG G òG G G òG G G DSSHDUDQFH DQG ILQH PLQW 536/ FHUW DFFRPSDQLHV VWDWHV KDV G G JUHHQ $ JRRG UDQJH RI VWDPSV EHHQ FOHDQHG RI DQ REOLWHUDWLRQ GHVSLWH PXFK FKHFNLQJ RQ RXU VRXQG WR ILQH XVHG Â… Â… SDUW ZH FDQQRW VHH DQ\ VXFK PDUNV RU HYLGHQFH RI FOHDQLQJ FDW Â… Â… Â… { Â… JUHHQ 6* ILQH XVHG RYDO UHJG SPN { òG EDQWDPV SODWHV 6* SUHVVHG RXW YHUWLFDO FUHDVH FDW Â… Â… Â… DOO 9)8 ZLWK FGV SPNV ILQH TXDOLW\ Â… Â… Â’ òG SXUSOH RQ EOXH 6* EORFN RI KLQJHG Â’ RQ RQH VWDPS RWKHUV ILQH 80 Â… Â… Â’ òG EDQWDPV SODWHV 6* Â’ DOO PLQW XQXVHG FDW Â… Â… Â… Â’ 49 -XELOHH 6HW 6* ILQH PLQW

Â’ òG URVH SODWH EDQWDP 6* VXSHUE 80 Â’ H[DPSOH IURP ORZHU PDUJLQ ZLWK òG SHU ODEHO

&DW Â… Â… Â…

LQVFULSWLRQ Â… Â… { òG URVH UHG SO 6* JRRG XVHG ZLWK FOHDU

VWULNH RI QXPHUDO FDW Â… Â… Â… Â’ òG URVH UHG SODWH 6* 9)0

Â… Â… Â’ òG URVH UHG SODWH EDQWDP LQ EORFN RI [ Â’ ZLWK WZR FRPSOHWH LPSUHVVLRQV RI KDOI SHQQ\ ZPN DORQJ HDFK

URZ 6* KLQJHG RQ RQH VWDPS RQO\ RWKHUV ILQH 80 FDW Â… Â… Â…

-8%,/(( 0RVW XQXVXDO XVDJH RI òG 6*

RQ &DQDGLDQ &RYHU IRU 5XVVHOO +RWHO 2WWDZD IODQNHG RQ HLWKHU VLGH E\ &DQDGD F F VPDOO 4XHHQV DOO WLHG E\ 0RQWUHDO 'XSOH[HV WR 'XEOLQ ZLWK DUULYDO &'6 RQ UHYHUVH 5HPDUNDEOH Â… Â… ^3KRWR` V JUHHQ DQG FDUPLQH -XELOHH LVVXH 6* ILQH 80 ORZHU PDUJLQDO H[DPSOH Â… Â… &2//(*( 67$036 2) 2;)25' $1'

&$0%5,'*( &XPPLQJV UDUH HDUO\ UHIHUHQFH ERRN ZLWK H[WHQVLYH LOOXVWUDWLRQV SOXV &ROOHJH 6WDPSV /LVWHU DQG WZR &KULVWLHV FDWDORJXHV IHDWXULQJ WKHVH HOXVLYH LVVXHV ERRNV Â… Â…

{ +$/) 3(11< VHOHFWLRQ RI FKLHIO\ )8 RQO\

SODWH QRW KHUH LQF SO DV D SDLU DQG SODWH DQG PLQW PLQ UHWDLO Â… Â… Â… { ),1( XVHG OLQH HQJUDYHG SHQQ\ UHGV WZR { 49 G GHHS FKHVWQXW SDOH EXII SO SO SHQQ\ EOXHV LQF RQH ZLWK ILQH 1HZFDVWOH RQ 7\QH FGV òG SO JUH\ SO VRXQG WR ILQH XVHG 6* QXPEHUV EHWZHHQ DQG òG SO ZLWK ILQH FGV Â… Â… Â… Â… Â’ G URVH SODWH ZPN VSUD\ 6* PLQW RGG

WRQHG SHUI FDW Â… Â… Â…

www.philangles.co.uk

place your bids online. Immediate and secure.

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 36

*5($7 %5,7$,1 4XHHQ 9LFWRULD VWDPS SDLQWLQJV ORYHO\ JURXS RI WZHOYH VWDPS VL]HG KDQG SDLQWHG LWHPV HDFK ZHOO H[HFXWHG LQ FRORXUV FORVH WR LVVXHG VWDPSV LQFOXGHV 3HQQ\ %ODFN KDOI SHQQ\ EDQWDP YDULRXV VXUIDFH SULQWHG LVVXHV IURP òG WR V YDOXHV DOVR V V DQG Â… KLJK YDOXHV /RYHO\ DGGLWLRQ WR \RXU FROOHFWLRQ Â… Â… /,1( (1*5$9(' ,QWHUHVWLQJ 6KPHDU RQ KDJQHU SDJHV ZLWK PRVWO\ VRXQG XVHG VWDPSV VWDUWV ZLWK DQ 3HQQ\ %ODFN ZKLFK DSSHDUV 0,17 ZLWK PDUJLQV UHEDFNHG UHSDLUHG HWF LPSHUI 3HQQ\ 5HGV LQF XQXVXDO PLVVLQJ WRS YDULHW\ 2) 3HQQ\ 6WDUV PDQ\ DQG D JRRG YDULHW\ RI 3HQQ\ 3ODWHV 8QXVXDOO\ PDQ\ KDYH ,ULVK FDQFHOV $Q RULJLQDO FROOHFWRUV ORW Â… Â… /,7(5$785( %ULWLVK 3RVWDJH 6WDPS RI WK

&HQWXU\ 5REVRQ /RZH +% SS '- DV QHZ .H\ ERRN Â… Â…

Â’ *5$3+,7( OLQH ERRNOHW 6* 0 J VFDUFH Â’ ILQH Â… Â… Â’ *5$3+,7( OLQH ERRNOHW 6* + J ILQH Â’ VFDUFH Â… Â… Â’ $ ),1( 6(/(&7,21 RI ERRNOHWV ZLWK EHWWHU Â’ LQF $SU 6HSW -XO\ 6DOPRQ FRYHUV $

JRRG JURXS RI ERRNOHWV Â… Â… Â’ 129(0%(5 SKRVSKRU ERRNOHW 6* 0 S Â’ ILQH Â… Â… Â’ 3+263+25 ERRNOHW 0DUFK 6* + S ILQH Â’ VFDUFH Â… Â…

Â’ 4(,, ERRNOHW ZLWKRXW GDWH 6* ; VFDUFH Â’ ILQH Â… Â…

Â’ $35,/ ERRNOHW 6* ; VFDUFH ILQH Â’ /21'21 $1' ',675,&76 &LUFXODU 'HOLYHU\ Â’ &R óG FODUHW HUURU RI FRORXU 6* 6SHF &' D 80 Â’ Â… Â…

Â… Â…

Â’ 3+263+25 EDQG ERRNOHW 6* 1 S VFDUFH Â’ ILQH Â… Â…

Â’ /21'21 $1' ',675,&76 &LUFXODU 'HOLYHU\ Â’ &R óG \HOORZ JUHHQ KRUL] VWULS RI 6* 6SHF &' Â’ KLQJHG RQ RQH VWDPS RWKHUV 80 Â… Â…

{ 0$/7(6( &5266 &$1&(/6 /DWH 8VH G

Â’ 129(0%(5 ERRNOHW ZLWKRXW SKRVSKRU Â’ EDQGV 6* + ILQH Â… Â…

UHG 6WDUV DQG G UHG SODWH QXPEHU 6WDUV UHSDLUHG ZLWK 0; RQ EOXH SODWH QXPEHU 0; LQ EODFN 8QXVXDO LWHPV Â… Â…

Â’ 3+263+25 ERRNOHW 0D\ 6* + ILQH Â’ VFDUFH Â… Â…

9,&725,$ &5266 F UHOLHIV SRUWUD\LQJ YDULRXV GHHGV RI YDORXU 9LFWRULD &URVV ZLQQHUV &ULPHD %DODFODYD /XFNQRZ ,QGLD 0XWLQ\ %DWWOH RI 7HE SOXV UHSULQWV VHW RI LQ WKH RULJLQDO IROGHU Â… Â… ^3KRWR`

*5($7 %5,7$,1 %22./(76

)2/'(' %22./(76 (;7(16,9( &ROOHFWLRQ IURP S WR Â… ZLWK HDFK EHLQJ LGHQWLILHG $ YHU\ JRRG FROOHFWLRQ RI ERRNOHWV 8QFKHFNHG IRU WKH YDULHWLHV NQRZQ RQ WKHVH LVVXHV Â… Â… Â’ )ROGHG %RRNOHWV IURP Â… WR Â… Â’ XQFKHFNHG IRU WKH YDULHWLHV NQRZQ RQ WKHVH LVVXHV ,QF 7KH

ILUVW JUHHWLQJ ERRNOHW Â… Â…

Â’ .*9 38& ERRNOHW HGLWLRQ QXPEHU 6* Â’ %% ILQH VFDUFH Â… Â… Â’ .*9 ERRNOHW ZLWK SKRWRJUDYXUH LVVXHV 6* Â’ %% HGLWLRQ QXPEHU 6* % ILQH VFDUFH Â… Â…

Â’ 02'(51 VHOI DGKHVLYHV ERRNOHW FROOHFWLRQ 80 Â’ ZLWK VW ERRNOHWV DQG QG ERRNOHWV SOXV ZRUOGZLGH

DQG (XURSHDQ ZLWK D IDFH YDOXH RYHU Â… 80 LQF ERRNOHW RI DQG $ JRRG VHOHFWLRQ KXJH FDW YDOXH Â… Â… Â’ 3+263+25 ERRNOHWV $XJXVW 6* Â’ 0 S DQG 1RY 6* 0 S ERWK ILQH Â… Â…

Â’ %22./(7 G VFDUFH 6* ) 6HSW 335 Â’ PP ILQH FRQGLWLRQ Â… Â…

*5($7 %5,7$,1 & (':$5' 9,,

Â’ &20326,7( G ERRNOHW 6HSW 333 PP Â’ 6* ) ILQH VFDUFH Â… Â…

Â’ ,03(5) SURRI G GHHS JUHHQ RQ WKLQ FDUG Â’ XQXVXDO Â… Â…

Â’ &20326,7( ERRNOHWV ZLWK 0D\ 6* + Â’ òG SDQHV ZLWK F\O QXPEHUV - QR GRW DQG -XO\ ERRNOHW { V EULJKW FDUPLQH 6* 9)8 ZLWK OLJKW DQG

ERWK ILQH Â… Â…

FOHDU RYDO GDWHG SPN Â… Â…

Â’ $ 6(/(&7,21 RI ERRNOHWV 1RY Â’ '(),1,7,9(6 WR ZLWK DGGLWLRQDO YDOXHV Â’ -DQ 6HSW DQG 1RY -DQ DQG 1RY -DQ DQG 1RY

FKLHIO\ ILQH WKH 1RY ZLWK QRWDWLRQ DERXW PL[HG ZPN SDQHV ERRNOHWV Â… Â… Â’ 0$5&+ ERRNOHW 6* + ZLWK G òG DQG Â’ G SDQHV ZLWK LQY ZPNV G SDQH FDW Â… ILQH VFDUFH

Â… Â… Â’ 4(,, ERRNOHWV G HDFK GLIIHUHQW 6* ) Â’ DQG ) ILQH Â… Â…

XQFKHFNHG IRU SULQWLQJV òG G òG G òG G G JUHHQ DQG EURZQ RUDQJH G G G LQF GHHS JUH\ G G DQG ZLWK D JRRG YDULHW\ RI VKDGHV PLQW 6WDWHG WR EH 'H /D 5XH SULQWLQJV PLQW Â… Â…

Â’ *5283 RI PLQW .(9,, LVVXHV LQF 'H /D 5XH

SULQWLQJV YDOXHV WR G G SHUI DQG SHUI [ +DUULVRQ SULQWLQJV G S [ 6RPHUVHW +RXVH G DQG G PRVWO\ ILQH PLQW FDW Â… Â… Â…

Â’ -8/< ERRNOHW 6* + ZLWK G òG DQG Â’ òG SDQHV ZLWK LQY ZPNV ILQH VFDUFH Â… Â…

Â’ òG \HOORZLVK JUHHQ DQG G VFDUOHW FRQWURO

Â’ $ 6(/(&7,21 RI G ERRNOHWV LQF 2FW Â’ 'HF )HE $XJ ZLWK JUDSKLWH OLQHV )HE ZLWK

F : + 6PLWK òG 1HZVZUDSSHU WR RUGHU

SKRV -XO\ ERRNOHW ZLWK EDQGV DQG QG ZLWKRXW SKRV EDQGV Â… Â…

VLQJOHV DWWUDFWLYH IUHVK PLQW UDQJH DOO GLIIHUHQW Â… Â… W\SH XSUDWHG ZLWK VWDPS ZLWK )60 FDQFHOV DGGUHVVHG WR +06 6SDUWLDWH ; )OHHW IROGV HWF WKRXJK D PRVW XQXVXDO XVDJH Â… Â…

Â’ 6(/(&7,21 RI ILYH ERRNOHWV 1RY 'HF Â’ -DQ 1RY DQG 0DUFK DOO ILQH { '/5 6* 6XSHUE XVHG ZLWK FULVS

Â… Â…

*XHUQVH\ &'6 *HP Â… Â…

Â’ *5$3+,7( OLQH ERRNOHW 2FW 6* 0 J Â’ VFDUFH ERRNOHW ILQH Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:14 Page 37

Â’ +$55,621 SULQWLQJV JURXS LQF òG G G Â’ DQG G DOO SHUI EHWZHHQ 6* ILQH 80

Â… Â… Â’ V GHHS JUHHQ DQG VFDUOHW 6RPHUVHW +RXVH

SULQWLQJ 6* 9)0 Â… Â… Â’ '/5 KLJKO\ FDWDORJXH JURXS ZLWK YDOXHV WR G Â’ LQF G 80 EORFN RI G ZLWK GLIIHUHQW VKDGHV $ ILQH ORW RI Â’ VWDPSV PLQW Â… Â…

{ '/5 VWRFN SDJHV ZLWK G ZLWK GLIIHUHQW VKDGHV

DOO ZLWK FGV FDQFHOV ILQH XVHG Â… Â… Â…

*5($7 %5,7$,1 ' *(25*( 9

%22./(7 V EODFN RQ RUDQJH FRYHU HGLWLRQ VWLWFKHG H[DPSOH 6* %% HPSW\ EXW FRPSOHWH LQWHUOHDYLQJ LGHDO IRU GLVSOD\ Â… Â… %22./(76 V EODFN RQ RUDQJH FRYHU HGLWLRQ WZR H[DPSOHV RQH VWDSOHG RWKHU VWLWFKHG 6* %% ERWK HPSW\ EXW FRPSOHWH LQWHUOHDYLQJ LGHDO IRU GLVSOD\ ENOWV Â… Â… %22./(76 V EODFN RQ RUDQJH FRYHU HGLWLRQ WZR H[DPSOHV RQH VWDSOHG RWKHU VWLWFKHG ZLWK GDUNHU FRYHUV 6* %% ERWK HPSW\ ZLWKRXW VWDPSV EXW FRPSOHWH LQWHUOHDYLQJ LGHDO IRU GLVSOD\ ENOWV Â… Â… 3$5&(/ 7$* Â… IUDQNLQJ WHQ V

Â’ G QR ZDWHUPDUN YDULHW\ 6* VSHF 1 D ILQH Â’ 80 FRUQHU PDUJLQDO H[DPSOH Â… Â…

6HDKRUVHV %: SULQWLQJ DIIL[HG WR WDJ DQG IROGHG RYHU DW HGJHV /RQGRQ FDQFHOV DSSOLHG Â… Â…

Â’ G \HOORZ EURZQ QR ZDWHUPDUN YDULHW\ 6* D Â’ ILQH 80 OHIW PDUJLQDO H[DPSOH UDUH VWDPS Â… Â…

3$5&(/ 7$* WDJ ZLWK HLJKW V

6HDKRUVHV %: SULQWLQJ DIIL[HG /RQGRQ FGV SRVWPDUNV VWDPSV ZLWK IDXOWV DQG WDJ VOLJKWO\ WULPPHG Â… Â… 3$5&(/ 7$* WDJ ZLWK VHYHQ V

Â’ G UHGGLVK SXUSOH SHUI 4 DQG 5

6HDKRUVHV %: SULQWLQJ DIIL[HG /RQGRQ $X FGV SPNV VRPH IDXOWV DQG VXQGU\ SPNV RQ RQH VLGH RI WDJ Â… Â…

FRQWURO VLQJOHV 6* D PLQW Â… Â… Â’ .*9 ZPN 5R\DO &\SKHU GHILQV QR G ROLYH

JUHHQ LQ FRQWURO VLQJOHV G DJDWH VSOLW 6* PRVWO\ ILQH 3$5&(/ 7$* ZLWK UHPDUNDEOH IUDQNLQJ .*9 PLQW Â… Â… %UDGEXU\ :LONLQVRQ 6HDKRUVHV V [ V DQG V G DIIL[HG Â’ òG EULJKW JUHHQ ZPN PXOWLSOH 5R\DO F\SKHU WR WDJ DQG FDQFHOOHG /RQGRQ 63 WZR V ZLWK KROHV IRU Â’ YHUWLFDO SDLU ZLWK FRLO MRLQ 6* OLJKWO\ KLQJHG RQ WRS SDLU VWULQJ WR SDVV WKURXJK DQG RWKHU IDXOWV Â… Â… Â’ RQO\ ORZHU VWDPS 80 VFDUFH .*9 VWDPS Â… Â… 5(0$5.$%/( SDLU RI SDUFHO WDJV WKH XOWLPDWH { V GHHS EOXH VHDKRUVH 'H /D 5XH SULQWLQJ 6*

IHZ EOXQW SHUIV DW WRS RWKHUZLVH ILQH XVHG 536/ FHUWLILFDWH DFFRPSDQLHV Â… Â…

JHQXLQH XVH RI KLJK YDOXHV" 2+06 WDJV DGGUHVVHG

)RUHLJQ 1HZV DQG IUDQNHG .*9 V [ V G [ V [ G DQG G VWDPSV ZLWK PLQRU IDXOWV WZR V G KDYH VWULQJ WKURXJK $Q DPD]LQJ SLHFH ZRUWK\ RI GLVSOD\ Â… Â…

.*9 6,*1$785( 2Q KHDGHG SDSHU IURP %XFNLQJKDP 3DODFH GDWHG 6HSW WK 7KH .LQJ GHVFULELQJ Â’ ::,, 3URSDJDQGD IRUJHU\ òG &RURQDWLRQ KLV VLQFHUHVW UHJUHW WKDW WKH GHDWK RI DFWLQJ &DSWDLQ 7KRPDV Â’ 6665 %ULWDQQLD ZLWK .*9 DQG 6WDOLQ 7HKHUDQ DW 5LYHUGDOH &RO\HU )HUJXVVRQ GHSULYHG PH RI WKH SULGH RI WKH IRRW RI WKH VWDPS 80 Â… Â… SHUVRQDOO\ FRQIHUULQJ XSRQ KLP WKH 9,&725,$ &5266 VLJQHG E\ WKH .LQJ 9HU\ VFDUFH Â… Â… ^3KRWR` { 6($+256(6 %5$'%85< :,/.,1621 G

DQG JRRG WR ILQH XVHG Â… Â… { &RPPHPRUDWLYHV HPSLUH H[KLELWLRQ VHWV PLQW Â’ DQG )8 LQF VPDOO SHUIV VLOYHU MXELOHH ERRNOHW

SDQHV RI ZLWK W\SH ,, DQG W\SH ,,, W\SHV DQG WKH VHW RI DV FRUQHU EORFNV RI IUHVK PLQW SOXV WKH VHW RI ZLWK ILUVW GD\ RI LVVXHV FDQFHOV LWHPV Â… Â… Â’ .*9 ZPN EORFN F\SKHU VHW 6* ILQH 80 Â’ LQF ERWK G Â… Â…

:(0%/(< VHW XVHG RQ FRYHU DGGUHVVHG WR

6XH] FDQFHOOHG ZLWK QHDW VORJDQ SRVWPDUN HQY KDV IODS PLVVLQJ Â… Â…

*5($7 %5,7$,1 ( (':$5' 9,,,

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Â… Â…

*5($7 %5,7$,1 (;+,%,7,216

Â’ òG 38& EORFN RI H[ ERRNOHW SDQH ZLWK Â’ &DQFHOOHG RYSWV DQG SXQFK KROHV 6* VSHF 1&RP X KLQJHG Â’ RQ WRS SDLU ORZHU SDLU 80 FDW Â… Â… Â…

,17(51$7,21$/ ([KLELWLRQ IDFVLPLOH RI D 0XOUHDG\ HQYHORSH XVHG ZLWK VRXYHQLU ODEHO RQ WKH UHYHUVH SOXV WKUHH VRXYHQLU ODEHO LQ GLIIHUHQW FRORXUV 80 Â… Â…

$LUPDLO )OLJKW WR 6RXWK $IULFD ZLWK FDFKHW IRU 4 &DSH 7RZQ WR -R %XUJ 6WDJH IUDQNHG 38& VHW RI WR òG

3+,/$7(/,& (;+,%,7,21 6RXWKDPSWRQ IRXU

PRVW DWWUDFWLYH Â… Â… Â’ 38& òG %RRNOHW SDQH RI VL[ ZPN LQYHUWHG ILQH Â’ 80 6* FZ Â… Â… ^3KRWR`

LOOXVWUDWHG FRYHUV ZLWK GLIIHUHQW IUDQNLQJV DQG HDFK FRYHU D GLIIHUHQW FRORXU Â… Â…

*5($7 %5,7$,1 ) *(25*( 9,

Â’ %22./(7 SDQHV RI òG DQG G ZLWK FHQWUDO Â’ G DQG òG ZPN VLGHZD\V òG G DQG òG ERRNOHW SDQHV RI Â’ DUURZ PDUNLQJV ZPN VLGHZD\V òG SDQH 80 VFDUFH 6* DE DE Â… Â…

Â’ 3+272*5$985( ZLWK GLIIHUHQW IRUPDWV òG

ZPN LQY $QG FDVK FDVK DGYHUWLVLQJ SDQH RI òG HDFK PLQW D JRRG ORW RI VWDPSV SDQHV Â… Â… Â’ &RPPHPRUDWLYH DV F\OLQGHU EORFNV RI RU PRUH LQF G YLFWRU\ VKLQ\ LQN &\O QR GRW VLOYHU 3$5&(/ 7$* ZLWK VSHFWDFXODU EORFN RI ZHGGLQJ Â… EORFN RI 2O\PSLF G F\O QRW GRW ZLWK WZR DQG EORFN RI WRJHWKHU ZLWK VLQJOH PDNLQJ Â… UDWH YDULHWLHV 838 G F\O ( 3 F\O S D KLJK FDW ZLWK QHDW /RQGRQ FGV 6* H[FHSWLRQDO LWHP *URXS RI F\O EORFNV PLQW Â… Â… Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 38

Â’ 9$5,(7,(6 IRXU EORFNV LQF &RURQDWLRQ Â’ 9$5,(7< 5(728&+(' )25(+($' Â’ 3HDUO LQ 2UE YDU G 3HDFH 6HYHQ %HUULHV IODZ DQG JDVK Â’ òG GHILQ LQ F\OLQGHU EORFN QR GRW IUHVK 80 6*

LQ IRUHKHDG /LEHUDWLRQ òG EURNHQ FURZQ OLVWHG LQ 6* FDW RU 6* 6SHFLDOLVHG EORFNV Â… Â…

Â… Â… )'& IRU .*9, ORZ YDOXHV ZLWK KDQG SDLQWHG

Â’ G DQG òG SDLU ZLWK FDQFHOOHG RYSW DQG

SDQHO GHSLFWLQJ 6W *HRUJH DQG 'UDJRQ &OHDU GDWHV 0RVW DSSHDOLQJ Â… Â…

SXQFKHG H[ ERRNOHWV VHQW WR DGYHUWLVHUV DV 6* PLQW Â… Â…

Â’ )(67,9$/ KLJK YDOXHV VHW 6* 80 Â’ Â… Â… Â’ .*9, GHILQV ZPN LQYHUWHG OLJKW FRORXUV Â’ ZPN VLGHZD\V QHZ FRORXUV ZPN LQYHUWHG DOO LQ ILQH Â’ PLQW RU 80 VHWV Â… Â… +DQG SDLQWHG &RYHU IRU /DVW 'D\ 2I ,VVXH

IUDQNHG VL[ GLIIHUHQW .*9, LVVXHV ZLWK LPDJHV RI D .QLJKW DQG )HVWLYDO RI %ULWDLQ HPEOHP 0RVW XQXVXDO Â… Â…

Â’ .*9, GHILQV ZPN VLGHZD\V VHW 6* D D Â’ ILQH 80 Â… Â…

+DQG SDLQWHG )'/ IRU .*9, ORZ YDOXHV QHDWO\ FDQFHOOHG ZLWK GHWDLOHG LPDJH RI 67 *HRUJH DQG 'UDJRQ XSSHU OHIW 9HU\ DWWUDFWLYH Â… Â… ^3KRWR`

Â’ .*9, GHILQV DQG FRPPHPV QR KLJK YDOXHV Â’ EHWZHHQ 6* 80 Â… Â…

+DQG SDLQWHG /DVW 'D\ &RYHU EHDULQJ GLIIHUHQW .*9, LVVXHV WR QHDWO\ FDQFHOOHG 0D\ ZLWK IHVWLYDO ZPN VHW RI LQY ZPN VHW RI OLJKW FRORXU VHW LQF V ZD\ VHW RI RI %ULWDLQ DQG .QLJKW LPDJH 8QXVXDO Â… Â… ^3KRWR` DQG LQY VHW RI QHZ FRORXUV VHW LQF V ZD\ VHW RI DQG LQY +DQG SDLQWHG /DVW 'D\ &RYHU GHSLFWLQJ VHW RI $UPV VHW RI 6LOYHU :HGGLQJ )HVWLYDO RI %ULWDLQ LPDJH DQG .QLJKW ZLWK .*9, ORZ YDOXH VHW )HVWLYDO KLJK YDOXH VHW FRPPHPRUDWLYH VHWV VWDPSV 8QXVXDO Â… Â… Â… Â… Â’ /,*+7 FRORXU LQF ERRNOHWV 6* %' ,&( +2&.(< &/8% VKHHWOHWV :HPEOH\ Â’ DQG SDLU IURP ERRNOHWV SOXV FRORXU FKDQJH VHW RI òG 0RQDUFKV DQG :HPEOH\ /LRQV VKHHWOHWV RI ZLWK RULJLQDO ERRNOHW SDQH RI ZPN LQY 6* 4% D $ ILQH UDQJH RI IROGHUV Â… Â… LWHPV 80 Â… Â… $UPV KLJK YDOXHV VHW RI IUHVK PLQW SOXV 7ZR LQWHUHVWLQJ FRYHUV HDFK HQGRUVHG 3DUFHO XOWUD PDULQH EORFN RI )8 DQG WKH VHW ILQH XVHG 3RVW ERWK ZLWK SRVWDJH GXHV DQG LOOHJDO XVH RI &KDULW\ 6WDPSV Â… Â… WLHG ZLWK SRVWDO FDQFHO HWF Â… Â… ^3KRWR` $UPV KLJK YDOXH VHW RI IUHVK 80 9HU\ ILQH Â’ $'9(57,6,1* ERRNOHW SDQHV òG WZR ODEHOV 6* F Â… Â… DQG IRXU VWDPSV ZLWK VHQG \RXU JRRG ZLVKHV E\ JUHHWLQJV WHOHJUDP 6* 4% D RQH SDQH ZLWK XSULJKW ZPN QG .*9, KLJK YDOXHV VHW 6* E ILQH 80 ZLWK LQY ZPN PLQW Â… Â… Â… Â…

Â’ .*9, PLQW FROOHFWLRQ LQF GHILQV ZLWK V ZD\

Â’ Â’ Â’ Â’

Â’ %22./(7 3$1(6 RI VL[ GDUN FRORXUV &+5,670$6 '$< 0$5&21,*5$0 IURP .*9, Â’ òG G DQG òG PLQW òG G PLQW òG G òG WR %ULWLVK 0HUFKDQW DQG )LVKLQJ 9HVVHOV VWDUWV 7KH IROORZLQJ Â’ 80 G SDQH RI ZLWK 6KRUWK DQG ,Q :HHN DGYHUW DQG

PHVVDJH KDV EHHQ UHFHLYHG IURP +0 WKH .LQJ DQG HQGV

*HRUJH 5 $ YHU\ VFDUFH SLHFH RI HDUO\ ::,, KLVWRU\ Â… Â…

PLQLPXP LQODQG SULQWHG SDSHU UDWH 80 ERWK ZPN LQY SDQHV PLQW LQF 80 Â… Â…

Â’ .*9, %RRNOHW SDQH RI VFDUFH G RUDQJH ZPN

LQYHUWHG DQG SHUIHG 6*4% D IUHVK PLQW Â… Â…

%22./(76 V G EODFN RQ JUHHQ FRYHU HGLWLRQ 6* %' UHDVRQDEOH H[DPSOH VRPH DGKHVLRQ EHWZHHQ SDQHV DQG LQWHUOHDYLQJ FDW Â… Â… Â…

Â’ G SDOH YLROHW FRLO MRLQ VWULS RI 6* WLQ\ Â’ KLQJHG PDUN RQ RQH VWDPS RWKHUV 80 Â… Â… Â’

%22./(76 V G EODFN RQ JUHHQ FRYHU HGLWLRQ 6* %' UHDVRQDEOH H[DPSOH VRPH SDQHV VKRZ VLJQV RI DGKHVLRQ FDW Â… Â… Â…

.*9, òG QHZ 3DOH 5HG %URZQ )LUVW 'D\ RI

)LHOG 0DUVKDO 9LVFRXQW 0RQWJRPHU\ RI $ODPHLQ VLJQDWXUH RQ &RXQW\ %RURXJK RI 'DUOLQJWRQ XQYHLOLQJ RI WKH 9LFWRU\ 3DQHO LQ WKH HQWUDQFH KDOO RI WKH SXEOLF OLEUDU\ SUHVHQWDWLRQ GRFXPHQW 2UGHU RI 3URFHHGLQJV VLJQHG 0RQWJRPHU\ RI $ODPHLQ )LHOG 0DUVKDO 9HU\ VFDUFH Â… Â… ^3KRWR`

LVVXH ZLWK VXSHUE )32 &'6 FDQFHO RQ D SLFWXUH SRVWFDUG RI WKH :KLWOH\ %RPEHU D VFDUFH )LUVW 'D\ RI LVVXH FDUG Â… Â… ^3KRWR` Â’ G 9LFWRU\ 6HYHQ %HUULHV YDULHW\ LQ PDUJLQDO Â’ EORFN RI 6* D ILQH 80 Â… Â…

*5($7 %5,7$,1 * (/,=$%(7+ ,,

Â’ ' 2O\PSLF *DPHV &URZQ IODZ LQ F\OLQGHU Â’ QR GRW EORFN RI 6* D ILQH 80 Â… Â…

67 1$=$,5( 5DLG LOOXVWUDWHG FRYHU VLJQHG E\ 5

5\GHU 9& : /RYHJURYH & * 0 DQG *HUPDQ &RPPDQGHU 'RQLW] D VFDUFH FRYHU RQ UHYHUVH /WG WR RQO\ Â… Â… ^3KRWR`

Â’ G 2O\PSLF *DPHV FURZQ IODZ LQ FRUQHU Â’ PDUJLQDO EORFN RI 6* D ILQH 80 Â… Â…

&2521$7,21 VHW LOOXVWUDWHG ILUVW GD\ FRYHU

Â’ G 2O\PSLF *DPHV &URZQ IODZ LQ SDLU ZLWK Â’ QRUPDO 6* D 80 Â… Â…

:LQGVRU %HUNV FGV SPNV DQG UHJLVWHUHG ZLWK :LQGVRU ODEHO Â… Â…

Â’ 2/<03,& 9DULHWLHV LQ F\OLQGHU EORFNV 80 Â’ òG (DU /REH IODZ DQG G UHWRXFKHG FURZQ VFDUFH

OLVWHG Â… Â…

&RURQDWLRQ 6HWV RQ LOOXVWUDWHG )'& 6*

JURXS RI VL[ )'& V DOO ZLWK VHWV DQG GLIIHUHQW LOOXVWUDWHG SDQHOV DQG FDQFHOV LQF VORJDQV &DW Â… Â… Â…

Â’ 4(,, ERRNOHW G 6* * ILQH DOO SDQHV ZLWK LQY { (5525 /DNH LQ $VLD òG 838 YHU\ ILQH XVHG Â’ ZPNV Â… Â…

6* D XQSULFHG LQ 6* D FDW Â… DV PLQW Â… Â…

Â’ &$67/( :DWHUORZ VHW 6* PLQW Â’ 9$5,(7< UHWRXFKHG IRUHKHDG òG Â… Â… Â’ GHILQ LQ F\OLQGHU EORFN QR GRW IUHVK 80 6*

Â… Â…

Selling? – Contact Simon Carson today for professional advice on how to sell your stamps/covers. PTS and ASDA registered. Integrity assured.

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 39

Â’ :,/',1* G FRPSOHWH VKHHW ZLWK YDULHWLHV VSRW Â’ V %ULWLVK 3DLQWLQJV HPERVVLQJ RPLWWHG 6* Â’ RQ ( 5 DQG VSRW RQ GDIIRGLO 5 F\O QR GRW 6* Â’ HF ILQH 80 Â… Â…

FDW Â… 6HOGRP VHHQ DV D FRPSOHWH VKHHW Â… Â… Â’ &$67/( KLJK YDOXHV :DWHUORZ SULQWLQJ VHW 6* Â’ ILQH 80 PDUJLQDO H[DPSOHV Â… Â… ,17(5(67,1* &2//(&7,21 2I 5$) UHODWHG

Â’ &203/(7( 6+((7 ZLWK D YDULHW\ &RQFRUGH Â’ G ZLWK 2LO 6OLFN IODZ 5 QR GRW VKHHW IUHVK 80

Â… Â… Â’ G DQG V $QQLYHUVDULHV DQG V G Â’ &KULVWPDV DOO ZLWK HPERVVLQJ RPLWWHG 6* HE HH

HF Â… Â…

FRYHUV LQF 0HJDWRQ 7ULDO 2+06 (QY %DWWOH RI %ULWDLQ VHW ZLWK +XOODYLQJWRQ 5$) )', &'6 %2% LOOXVWU HQY :LWK G G G ZLWK %LJJLQ +LOO '&6 G EORFN RI SOXV G SDLU G G RQ WZR LOOXVWU FRYHU ZLWK :DGGLQWRQ 5$) )', &'6 $QQLYHUVDU\ LOOXVWU FRYHUV LQF EORFN RI ZLWK +DZNLQJ ( )', &'6 VHW ZLWK :LQGVRU &DVWOH &'6 FRYHUV ZLWK 'LJE\ $HURGURPH )', &'6 $ ILQH ORW RI FRYHUV RGG VLJQHG Â… Â…

/25' 02817%$77(1 RI %XUPD VLJQHG 6W

0DZJDQ 5$) LOOXVWUDWHG FRYHU VLJQHG 0RXQWEDWWHQ RI %XUPD D VFDUFH FRYHU Â… Â… ^3KRWR` Â’ S <HOORZ 2UDQJH DQG %ODFN EORFN RI Â’ SKRVSKRU VKLIWHG OHDYHV RQH ZLGH EDQG DW ULJKW 6* VSHFLDO

X 80 Â… Â…

Â’ *5$3+,7( OLQH ERRNOHW SDQHV RI ZLWK ZPN Â’ XSULJKW G òG VFDUFH DQG òG ZLWK LPSHUI VHOYHGJH 6*

Â’ 0DFKLQ 9DULHW\ òS 2QH %URDG %DQG ILQH 80 Â’ 6* 8 F Â… Â…

6% 6% DQG 6% 80 Â… Â…

Â’ 683(5% XQPRXQWHG PLQW FROOHFWLRQ LQ Â’ *5$3+,7( /,1( VHW RI 80 DQG LQYHUWHG ZPN Â’ KLQJOHVV 'DYR SULQWHG DOEXPV HDFK DOEXP FRPSOHWH LQF Â’ VHW RI PLQW 6* Â… Â… ERRNOHW VWDPSV 6 $ ERRNOHW VWDPSV 06 GHILQV ODWWHU DOEXP Â’

ZLWK 3UHVWLJH FROOHFWLRQ +XJH FDWDORJXH YDOXH LQ YHU\ PRGHUQ VHWV Â… Â…

Â’ 9$5,(7< :LOGLQJ G ODUJH YHUWLFDO VWULS RI Â’ ZLWK SDSHU MRLQW HIIHFWLQJ WZR VWDPSV 6* YDU IUHVK

+$55,621 $1' 621 IROGHU ZLWK %%& VWDPSV DWWDFKHG LQVLGH ZLWK GHWDLOV Â… Â…

80 Â… Â… { HUURU RI ZDWHUPDUN G JUDSKLWH OLQH 6*

52<$/ (1*,1((56 VLJQHG FRYHUV

D )8 Â… Â… ^3KRWR` $ ),1( 6(/(&7,21 RI LOOXVWUDWHG )'& V

ZLWK PDQ\ EHWWHU FRYHUV LQF $QQLYHUVDU\ %)36 )RUFHV FRYHU FÂ… &KULVWPDV +06 +HUPHV FÂ… ,QYHVWLWXUH %)36 FÂ… &RWWDJH %ULWLVK )OHHW 0DLO FGV 6LQJDSRUH 'LFNHQV %ULWLVK )OHHW 0DLO FGV DQG *DPH %ULWLVK )OHHW 0DLO FGV $ YHU\ ILQH FROOHFWLRQ Â… Â… ^3KRWR` Â’ )RUWK 5RDG EULGJH SUHVHQWDWLRQ SDFN LQ Â’ H[FHSWLRQDO XQZDUSHG FRQGLWLRQ ZLWK FHOORSKDQH 6XSHUE 6*

'LDPRQG -XELOHH VLJQHG 0DM 5H\QROGV (O $ODPHQ VLJQHG /LHXW &RO 6WDJJ 0RQWH &DVVLQR VLJQHG 0DM 'DQLHOO 0DM /RZ &RO 1HOVRQ 0DM *DEEHWW /LHXW %RVWRQ DOO WRRN SDUW &URVVLQJ RI WKH ,UUDZDGG\ VLJQHG E\ &RO :ULJKW %ULJ : %RJJV %ULJ + *UHHQZRRG &RO $ 0XUU\ &RO + 0DFGRQDOG $ YHU\ JRRG ORW Â… Â… $// 29(5 3+263+25 S RQ LOOXVWUDWHG

XQDGGUHVVHG )'& VFDUFH Â… Â… %RRNOHW 3DQHV S DQG òS ZLWK EODQN ODEHOV

HDFK RQ D VXSHUE XQDGGUHVVHG )'& FDQFHO DW :LQGVRU 6FDUFH Â… Â…

Â… Â… ^3KRWR`

Â’ %$77/( 2) %5,7$,1 FRPSOHWH VKHHW ZLWK WZR Â’ YDULHWLHV GDPDJH ZLQJ DQG GDPDJH WDLO IUHVK 80 %RRNOHW 3DQHV S DQG òS ZLWK EODQN ODEHOV

GRW VKHHW Â… Â… ,78 )'& JURXS 6* ZLWK 3KRV 1RQ

3KRV DOO ZLWK GLIIHUHQW FDQFHOV SDQHOV HWF $ ILQH JURXS Â… Â…

XVHG WRJHWKHU RQ RQH LOOXVWU XQDGGUHVVHG )'& 6XSHUE DQG VFDUFH Â… Â…

&5,&.(7 VHW RQ VXSHUE LOOXVWU XQDGGU )'& ZLWK

VSHFLDO +HDGLQJOH\ SPN DQG DXWRJUDSKHG E\ *(2))5(< %2<&277 Â… Â…

Â’ &$67/(6 ZLWK SODWH EORFNV RI SODWH SDLUV Â’ DQG VLQJOHV FKLHIO\ IUHVK 80 DQG YHU\ ILQH LQF FRUQHU EORFNV )'& IRU WKH S DOO RYHU SKRVSKRU VXSHUE Â’ RI ZLWK YDOXHV WR DOO ZLWK GLII SODWH QXPEHUV YDULRXV XQDGGUHVVHG DW 6RXWKDPSWRQ Â… Â…

VLQJOHV WR ZLWK GLII SODWHV RWKHUV WR Â… $ JRRG ORW RI KLJK Â’ ,1,*2 -21(6 3+4 FDUG LQ RXWVWDQGLQJ YDOXHV VWDPSV Â… Â… Â’ XQXVHG FRQGLWLRQ UHWDLO Â… Â… Â… Â’ G %DWWOH RI +DVWLQJV VH WHQDQW VWULS RI 6* Â’ F HDFK ZLWK ELVWUH RPLWWHG KLQJHG RQ RQH VWDPS RWKHUV 7+( ),567 QLQH 3+4 FDUGV LQ RXWVWDQGLQJ Â’ 80 Â… Â… FRQGLWLRQ XVHG RQ ILUVW GD\ RI LVVXH ,QLJR -RQHV &ULFNHW )LUH (QJLQH 7UHH HWF VXSHUE Â… Â… 5REHUW %XUQV LVVXH 6* FROOHFWLRQ RI Â’ 6DLOLQJ LVVXH 6* ([FHSWLRQDO GLIIHUHQW )'& LQF FDQFHOOHG DW GLIIHUHQW 6FRWWLVK WRZQV DVVRFLDWHG ZLWK %XUQV 3KRV DQG QRQ SKRV +LJKO\ UDWHG DQG Â’ VSHFLDOLVHG VWXG\ RI 80 LQ DQ $OEXP ZLWK HUURUV DQG YDULHWLHV FKLHIO\ YHU\ ILQH Â… Â… LQF 7UDIILF /LJKW 3DLUV QXPHURXV F\OLQGHU EORFNV %ODFN NQRWV LQ PDUJLQV GXH WR IDXOW\ HQJUDYHG SULQWLQJ 63 %ODFN &RORXU :HVWPLQVWHU $EEH\ 6SHFLDO )'& FROOHFWLRQ RPLWWHG VFDUFH ZHDN SULQWLQJV S GRXEOH SHUIRUDWLRQ HUURU JURXS RI 1LQH FKRLFH FRYHUV DOO FDQFHOOHG DW GLIIHUHQW RIILFHV S YDULHWLHV LQF SDUW PLVVLQJ FRORXUV VSOHQGLG VWXG\ LWHPV DQG RU GLIIHUHQW LOOXVWU SDQHOV SKRV QRQ SKRV W\SHG LQF %ORFNV Â… Â… DGGUHVV Â… Â… 526(6 D UDUH )'& IUDQNHG JXWWHU VWULS RI IRXU :RUOG &XS )RRWEDOO 6HW RQ )'& FDQFHOOHG DW òS */$0,6 ZLWK */$0,6 )25)$5 FGV KLJK &9 :HPEOH\ DQG VLJQHG E\ WKH ODWH JUHDW %REE\ 0RRUH SULVWLQH Â… Â… (QJODQG V &DSWDLQ LQ ZRQGHUIXO FRQGLWLRQ DQG VLJQHG RQ WKH +HDGV RI *HQW S LVVXH 6* VSHFLDOLVHG GD\ RI LVVXH ([WUHPHO\ UDUH Â… Â… ^3KRWR` FROOHFWLRQ RI GLIIHUHQW )'& DOO YHU\ ILQH /DEHO RU 7\SHG ZLWK '(),1,7,9( )'& &2//(&7,21 GLII LQF GLIIHUHQW FDQFHOODWLRQV LQF VSHFLDO PDFKLQH SLFWRULDO FDQFHOV FRLO VWULSV ERRNOHW SDQHV WR Â… RWKHU KLJK YDOXHV DQG GLIIHUHQW SDQHOV 9HU\ KLJK &9 Â… Â… SRVWDJH GXHV VHW WR Â… HWF 9HU\ ILQH Â… Â… Â’ G EULJKW UHGGLVK SXUSOH SKRVSKRU RPLWWHG LQ Â’ FRUQHU EORFN RI 6* H\ ILQH 80 FDW Â… Â… Â…

www.philangles.co.uk

place your bids online. Immediate and secure.

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 40

+LJK YDOXHV Â… Â… Â… HDFK DV 7UDIILF /LJKW

%5,7,6+ $50< LOOXVWUDWHG )'& V LQF /RUG

/HUFHVWHU +RVSLWDO VLJQHG E\ 5RELQ &DUQHLJLH RQ WKH UHYHUVH WKLV FRYHU QR 6SHFLPHQ %ULWLVK )RUFH 32 VLJQHG E\ 0 -DFNVRQ 5R\DO 0LOLWDU\ $FDGHP\ 6DQGKXUVW ZLWK VSHFLDO FDQFHO VLJQHG *HQ * &RRSHU Â… Â…

EORFNV RI IRXU RQ VLQJOH XQDGGUHVVHG )'& 6XSHUE DQG XQXVXDO Â… Â… +,*+ 9$/8(6 7R Â… RQ )'& V

XQDGGUHVVHG LQF VSHFWDFXODU Â… WR Â… $V *877(5 3$,56 RQ { %22./(76 ),1( 86(' ZLWK )LUVW 'D\ RI 21( )'& YDOXHV WR Â… DV JXWWHUV RQ VLQJOH FRYHUV LVVXHV FDQFHOV FDW Â… DV ILQH XVHG VLQJOH VWDPSV &KRLFH Â… Â… ERRNOHWV Â… Â… Â’ 0$&+,1 KLJK YDOXHV VHW LQ JXWWHU SDLUV 6* Â’ E I 80 FRXSOH OLJKWO\ KLQJHG SDLUV &20326(56 7KH 6XH 5\GHU )RXQGDWLRQ 6WDJHQKRH 3DUN KRPH RI $UWKXU 6XOOLYDQ LOOXVWUDWHG )'& ZLWK Â… Â… VSHFLDO FDQFHO VLJQHG E\ 5<'(5 RI :$56$: 6XH 5\GHU $ &KULVWPDV 6HW 6* DQ H[WHQVLYH DQG VFDUFH VLJQHG FRYHU Â… Â… YDOXDEOH FROOHFWLRQ RI GLIIHUHQW )'& DOO SULVWLQH FRQGLWLRQ ZLWK PDQ\ GLIIHUHQW HQYHORSHV DQG VSHFLDO FDQFHOV 9HU\ KLJK Â’ (55256 21 35(6(17$7,21 3$&.6 Â’ )DPRXV 7UDLQV DQG ,QVHFWV HDFK ZLWK WKH LQIRUPDWLRQ VKHHWV &9 DQG D FRPSUHKHQVLYH ORW Â… Â… KDYLQJ PLVSODFHG RU VKLIWHG FRORXUV 1RUPDO WR FRPSDUH UDWKHU { (QHUJ\ LVVXH 6* $ VSHFLDOLVHG VXEVWDQWLDO VKLIW RQ WKH 7UDLQV Â… Â… FROOHFWLRQ RI GLIIHUHQW LOOXVWU )'& DOO SULVWLQH ZLWK PDQ\ 6$)(7< DW 6($ LOOXVWUDWHG )'&V ZLWK

GLIIHUHQW VSHFLDO FDQFHOV DQG YHU\ KLJKO\ FDWDORJXHG Â… Â… +RUVH LVVXH 6* YDOXDEOH FROOHFWLRQ RI

GLIIHUHQW )'& DOO IUDQNHG FRPSOHWH VHWV VPDOO ODEHO DGGUHVVHV DQG DOO ZLWK GLIIHUHQW VSHFLDO FDQFHODWLRQV 9HU\ KLJK &9 Â… Â…

6$)(7< $7 6($ $,5 6($ 5(6&8( &DFKHW DQG &'6 FDQFHOV LQ $LUSRUW 3UHVWZLFN /HXFKDUV /LQGKROPH 5$) )LQQLQJOH\ 5$) 6W $WKDQ PDLQ VLWH 6W $WKDQ 5$) 9DOOH\ 5$) $ YHU\ JRRG ORW Â… Â… 52<$/ $,5 )25&( LOOXVWUDWHG )'& V

{ +RUVHV ,VVXH 6* $ VSHFLDOLVHG VHW RI 3KLODUW )'& DOO ZLWK GLIIHUHQW SLFWRULDO VSHFLDO )'&

FDQFHOODWLRQV FKRLFH Â… Â… /25' 02817%$77(1 RI %XUPD VLJQHG +06

+LEHULQD 5$) LOOXVWUDWHG FRYHU VLJQHG 0RXQWEDWWHQ RI %XUPD SOXV 0DMRU - 6DPVRQ $ VFDUFH FRYHU Â… Â… ^3KRWR`

ZLWK PDQ\ 5$) FDPS FGV FDQFHOV LQF &ROWLVKDOO 1HZWRQ 6ZLQGHUE\ +HPVZHOO 6FDPSWRQ 'LJE\ $HURGURPH +RQQLQJWRQ FDPS %LJJLQ +LOO &RVIRUG FDPS $OFRQEXU\ 'X[IRUG SOXV D VHOHFWLRQ RI 33& UHODWLQJ WR WKH 5$) D YHU\ JRRG FROOHFWLRQ IRU WKLV RQH LVVXH HDFK GLIIHUHQW Â… Â… ^3KRWR` 52<$/ $,5 )25&( 9LFWRULD &URVV VLJQHG

LOOXVWUDWHG FRYHUV &RWVZROG :LQJV DSSHDO VLJQHG 1RUPDQ & -DFNVRQ 9& 5)'& FRYHU VLJQHG E\ %LOO 5HLG 9& DQG $LU 9LFH 0DUVKDOO '&7 %HQQHWW Â… Â…

{ 0$&+,1 LPSHUI SDLU S 9)8 PRVW XQXVXDO WR

ILQG VXFK HUURUV XVHG 6* ; D Â… Â… ^3KRWR`

$8675$/,$1 %LFHQWHQDU\ LOOXVWUDWHG )'&V

6,; ',)) )'& FDQFHOOHG ZLWK +2/< ,6/$1'

FGV 6FDUFH DQG SULVWLQH SURGXFHG E\ 6WXDUW DQG HDFK OLPLWHG WR SURGXFHG Â… Â… $ 683(5% &2//(&7,21 RI XQDGGUHVVHG

LOOXVWUDWHG )'& V ZLWK VSHFLDO FDQFHOV FKLHIO\ SRVW RIILFH DOWHUQDWLYH FDQFHOV VXSHUE TXDOLW\ ZLWK FRYHUV FDW XSWR Â… VHHQ Â… KLJK YDOXH &DVWOHV KLJK YDOXH PDFKLQV ERRNOHW SDQHV LQF SUHVWLJH 6XSHUE FROOHFWLRQ RI FRYHUV Â… Â…

LQF $P\ -RKQVRQ 4XHHQ RI WKH $LU E\ %UDGEXU\ FÂ… 0RUWRQ LQ &OHYHODQG FGV 3RUWVPRXWK &'6 5$) IORZQ FRYHU ZLWK &RWWHVPRUH &'6 /WG WR $ YHU\ JRRG ORW RI ILUVW GD\ FRYHUV Â… Â… ^3KRWR` Â’ (5525 2) &2/285 S 4XHVWD EODFNLVK Â’ ROLYH IUHVK 80 0&& FDW %4)3 $E Â… Â… *$//$17(5< LOOXVWUDWHG )'& V ZLWK EHWWHU

/RQGRQ /DQGPDUNV LVVXH 6*

VSHFLDOLVHG DQG YHU\ ILQH FROOHFWLRQ RI GLIIHUHQW )'& DOO ZLWK GLIIHUHQW VSHFLDO FDQFHOV LQF PDQ\ VFDUFH GLIIHUHQW HQYHORSHV HWF 9HU\ KLJK &9 DQG D FRPSUHKHQVLYH ORW Â… Â… <HDU RI WKH 'LVDEOHG 7KH /HRQDUG &KHVKLUH

FDQFHOV LQF /LYHUSRRO 'LVWLQJXLVKHG 6HUYLFH RQ WKH 6HDV 5$) &ROWLVKDOO %2% %XUHDX VLJQHG E\ ::,, (VFDSHU ' 3RULFH RQO\ FGV LQF &KXUFKLOO +DZNLQV ,PPLQJKDP DQG 5$) )LQQLQJOH\ $LU 6KRZ VORJDQ FDQFHO QR ZULWWHQ DGGUHVVHV Â… Â… *$//$175< LOOXVWUDWHG )'& V ZLWK EHWWHU

)RXQGDWLRQ LOOXVWUDWHG )'& VLJQHG E\ /(21$5' &+(6+,5( 9& $ VFDUFH VLJQHG FRYHU Â… Â…

FDQFHOV 5$) 6FDPSWRQ ZLWK 6FDPSWRQ 5$) FGV VLJQHG DQG OWG WR %LJJLQ +LOO FGV VLJQHG DQG OWG WR %DGHQ 3RZHOO +RXVH VSHFLDO FDQFHO +DYHULQJ FRYHU 6RXWKDPSWRQ FGV +DZNLQJH VSHFLDO FDQFHO WKUHH RQ GLIIHUHQW FRYHUV $ YHU\ ILQH FROOHFWLRQ Â… Â…

5)'& VHULHV RI LOOXVWUDWHG ILUVW GD\ FRYHUV E\

WKH IRUFHV DOO VLJQHG IURP 5)'& WR 5)'& LQF )DPRXV 7UDLQV VLJQHG E\ 1HYLOOH 'XNH +DOOH\ V &RPHW VLJQHG E\ 3DWULFN 0RRUH *UHHWLQJ ,YRU %URRP *DOODQWU\ VLJQHG E\ /25' 1(:%2528*+ 0LFN\ :\QQ 6LJQHG 5DE /HDUR\G 9& WR QDPH MXVW D IHZ IURP WKLV VXSHUE FROOHFWLRQ LOOXVWUDWHG FRYHU VLJQHG DV 0LFN\ :\QQ 1HZERURXJK SOXV HDFK GLIIHUHQW Â… Â… ^3KRWR` VLJQHG OHWWHUKHDG &ROGLW] $VVRFLDWLRQ $ ILQH LWHP WR JR ZLWK D Â’ 0DFKLQ 9DULHW\ òS òS 6H VFDUFH FRYHU Â… Â… Â’ 7HQQDQW EORFN òS RQH ZLWK PLVVLQJ EDQG DW ULJKW DQG Â’ &$67/( KLJK YDOXHV VHW QR Â… LQ JXWWHU SDLUV RWKHU ZLWK PLVVLQJ EDQG DW OHIW 80 6FDUFH 6* 8 Â’ 6* 80 SDLUV Â… Â… Â… Â… 2O\PSLF *DPHV %DUFHORQD D SULVWLQH VHW RI 0$5,7,0( +(5,7$*( ILUVW GD\ FRYHU %ULWLVK 0HGDO :LQQHUV VLJQHG FRYHUV ZLWK DXWRJUDSKHG FROOHFWLRQ HDFK GLIIHUHQW LQF %ULWDQQLD V 0DULWLPH +HULWDJH FRYHUV LQF PXOWLSOH VLJQHG PDQ\ IDPRXV DWKOHWHV DUH 'DUWPRXWK %51& RIILFLDO FRYHU 3HUX +RYHUFUDIW %) 36 IHDWXUHG $ VFDUFH JURXS Â… Â… )RUFHV RIILFLDO FRYHU /HLFHVWHU 6HD &DGHW RIILFLDO FRYHU VLJQHG FGV FDQFHOV LQF 1DYDO %DUUDFNV 3RUWVPRXWK 'RFN\DUG 0DUD 2O\PSLF *DPHV $WODQWD WKH UDUH FRPSOHWH VHW =LRQ )ORWWD $ YHU\ ILQH FROOHFWLRQ QR ZULWWHQ DGGUHVVHV RI *ROG 0HGDO 0HGDOOLRQ &RYHUV ZLWK WKH PDMRULW\ TXDOLW\ Â… Â… ^3KRWR` DXWRJUDSKHG E\ %ULWLVK 0HGDO :LQQHU LQ VXSHUE FRQGLWLRQ )DPRXV $WKOHWHV +HUH PXOWL IUDQNHG VSHFLDO SPNV HWF 9HU\ Â’ 3267$*( '8( Â… F\OLQGHU EORFN RI ZLWK Â’ WRWDO VKHHW YDOXH LPSULQW 6* 80 Â… Â… IHZ VHWV SUHSDUHG Â… Â…

If we can be of any assistance please do not hesitate to contact us. Thank you

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 41

Â’ &$67/( KLJK YDOXHV (QVFKHGH SULQWLQJV LQ Â’ F\OLQGHU D EORFNV RI 6* ILQH 80 EORFNV

Â’ ',126$856 VKHHWOHWV RI ZLWK LPSULQWV Â’ WUDIILF OLJKWV F\O QXPEHUV 6* VHOGRP VHHQ DV

Â… Â…

VKHHWOHWV Â… Â…

Â’ 0LQLDWXUH 6KHHWV 8QPRXQWHG PLQW FROOHFWLRQ 2FW ERRNOHW SDQHV òS òS ZLWK Â’ DOO GLIIHUHQW UDQJH DSSHDUV ODUJHO\ FRPSOHWH IRU WKH SHULRG EODQN ODEHOV HDFK RQ VXSHUE LOOXVWU )'& FDQF DW :LQGVRU

VFDUFH Â… Â…

IURP 7RWDO (FOLSVH 06 WR FODVVLF /RFRV RI :DOHV DSSUR[ Â… Â… Â’ &+5,670$6 60,/(5 6+((76 IUHVK 80 6* Â’ / NH\ HDUO\ VKHHWV Â… Â…

48((1 027+(5 PLQLDWXUH VKHHWV RQ

)'& V &RORQHO LQ &KLHI ZLWK %ULWLVK )RUFHV DQG 3V FDQFHOV DOO VLJQHG E\ PLOLWDU\ RIILFHUV Â… Â… Â’ QG &KULVWPDV LPSHUI SDLU 6* E ILQH Â’ XQXVHG VHOI DGKHVLYH Â… Â… Â’ QG &KULVWPDV LPSHUIRUDWH JXWWHU EORFN RI 6* Â’ E ILQH XQXVHG VHOI DGKHVLYH Â… Â…

Â’ Â… GHHS EOXH JUHHQ PDFKLQ F\OLQGHU ', QR GRW Â’ EORFN RI ZLWK PLVVLQJ Â… LQ YDOXH 6* < D ILQH 80

Â… Â… Â’ 60,/(5 6+((7 FROOHFWLRQ ZLWK D IDFH Â’ YDOXH RYHU Â… LQF 2O\PSLF $ YHU\ ILQH FROOHFWLRQ

Â’ &DVWOH KLJK YDOXH VHWV QR 6* Â’ 80 Â… Â…

$ 025( 81868$/ VHOHFWLRQ RI 4(,, RGGLWLHV RQ VWRFN SDJHV VSRWWLQJ SRVWDO IRUJHU\ S PDFKLQ SRVWDO XVHG PLQRU HUURUV DQG PLVVLQJ SKRV Â… &DVWOH 6* DV LPSUHVVLYH XVHG EORFN RI S VDLOLQJ URVH FRORXU RPLWWHG VFRUHV Â… Â… $&&808/$7,21 ,1 $ %2; LQF PLQW FROOQ LQ D VWRFN ERRN ZLWK VHYHUDO PLQRU YDULHWLHV WKURXJKRXW VRPH LQYHUWHG ZPN HWF )LQH XVHG FROOHFWLRQ RQ DOEXP SDJHV SOXV )'&V VRPH SUHVHQWDWLRQ SDFNV JUHDW ORW IRU D VRUW IHZ V Â… Â… %$77/( 2) %5,7$,1 PXOWLSOH VLJQHG %DWWOH RI

%ULWDLQ SLORWV :KLWH %RZPDQ &OHUNH -RQHV 'URELQVNL 0F*XJDQ /OHZHOO\Q MXVW D IHZ RI WKH QDPHV RQ WKHVH FRYHUV VLJQHG E\ SLORWV Â… Â… ^3KRWR` Â’ %22./(7 V EODFN RQ EXII FRYHU Â’ FRPSRVLWH ERRNOHW ZLWK WZR SDJHV RI LQWHUOHDYLQJ DGGHG 6*

80 Â… Â…

+ ILQH GDWHG 6HSWHPEHU Â… Â…

&/(2 /$1( DQG -2+1 '$1.:257+ MD]] PXVLFLDQV DXWRJUDSKHG )'& IUDQNHG PXVLF VHW ZLWK VSHFLDO 6WDEOHV FDQFHOV $ VFDUFH VLJQHG FRYHU Â… Â…

Â’ %22./(7 V EODFN RQ JUHHQ FRYHU QR Â’ GDWH RQ UHYHUVH 6* ; ILQH 80 ERRNOHW Â… Â…

Â’ %5,7,6+ $50< 81,)2506 FRPSOHWH VKHHWV Â’ RI ZLWK JXWWHU SDLUV DQG WUDIILF JXWWHU SDLUV 6*

VHOGRP VHHQ LQ FRPSOHWH VKHHW 80 UHWDLO DV VHW Â… Â… Â…

Â’ %22./(7 V EODFN RQ JUHHQ FRYHU Â’ 2FWREHU RQ UHYHUVH 6* ; ILQH DQG FRPSOHWH 80

ERRNOHW Â… Â… %22./(7 3$1( LOOXVWUDWHG )'& V

Â’ 4(,, 'LDPRQG :HGGLQJ VKHHWOHWV VW DQG Â’ S VKHHWV RI 6* UHWDLO Â… DV VHWV 80

)ODJV DQG (QVLJQV VLJQHG E\ $GP (VVHQKLJK +RQJ .RQJ RQH VLJQHG E\ 5HDU $GP *UHHQLQJ 3ULQFH RI :DOHV WK %LUWKGD\ VLJQHG 0 'UXPPRQG 4XHHQV WK %LUWKGD\ VLJQHG 5HDU $GP *UHHULQJ XVHIXO ORW Â… Â…

Â… Â… Â’ ,16(&7 VKHHWOHW RI 6* VHOGRP Â’ VHHQ DV D VKHHWOHW 80 Â… Â… Â’ /(67 :( )25*(7 VKHHWOHW RI 6* Â’ 80 VHOGRP VHHQ Â… Â…

Â’ 52<$/ 0$,/ &200(025$7,9( 6+((76 Â’ VLPLODU WR 6PLOHU VKHHWV SULVWLQH FROOHFWLRQ RI GLII VKHHWV

Â’ %22./(76 JURXS RI ERRNOHWV ZLWK Â’ YDULHWLHV QRWH S ZLWK SKRVSKRU RPLWWHG SDQH ZLWK F\O

QXPEHUV [ QG FODVV 6KLHOG DQG : F\O QXPEHU [ VW SKRVSKRU LQVHUWHG [ VW JROG ZLWK EULJKW SKRVSKRU EDQG F\O QXPEHU RQ ORZ SRVLWLRQ Â… Â… %5,$1 758%6+$: 9$)$ 9LFNHU 9&,

LOOXVWUDWHG FRYHU VLJQHG E\ %ULDQ 7UXEVKDZ Â… Â…

80 HDFK OLPLWHG WR SULQW UXQV RI XQLWV VHOGRP RIIHUHG FRVW Â… Â… Â…

%5,7,6+ 1$9< 0$5,7,0( FRYHUV ZLWK PDQ\

Â’ 60,/(5 6+((76 LQ SULVWLQH FRQGLWLRQ Â’ GLIIHUHQW EHLQJ EHWWHU ODWHU LVVXHV QRWLQJ WKH 'DPEXVWHUV DOO

80 Â… Â… Â’ 3267 $1' *2 ILUVW SDFN UHWDLO Â… DOVR %LUGV Â’ QR DQG 8QLRQ )ODJ SDFNV Â… Â…

FRPPHPRUDWLYH FRYHUV IRU GLIIHUHQW DQQLYHUVDULHV +06 VKLSV ZLWK ORW RI PHGDO ZLQQHUV IURP WKH 6HFRQG :RUOG :DU VLJQHG FRYHU DQG DGGLWLRQDO LWHPV $ YHU\ ILQH FROOHFWLRQ RI FRYHUV ZLWK EHLQJ VLJQHG $ YHU\ JRRG ORW IRU VWXG\ Â… Â… &2&./(6+(// +(52 %LOO 6SDUNV VLJQHG

Â’ *% 2O\PSLFV VKHHWOHW RI IUHVK Â’ XQPRXQWHG PLQW Â… Â…

5R\DO 1DY\ LOOXVWUDWHG FRYHU 516& DOVR VLJQHG E\ 5 3 5DLNHV D ILQH DQG VFDUFH FRYHU Â… Â…

&2//(&7,21 2) %(77(5 )'& 6 LQF 2/<03,& *$0(6 7KH VHW RI ZLQQHUV %LUGV 4XHHQ 6FKRRO 5KHLQGDKOHP VLJQHG E\ *OHQGD VKHHWOHWV RI VL[ HDFK RQ )'& SOXV UHODWHG VLJQHG FRLQ FRYHUV -DFNVRQ &KULVWPDV +06 %ULOOLDQW FÂ… )LVKLQJ SUHVWLJH ERRNOHW SDFN DQG )'& :H FKHFNHG 6* UHWDLO DW VLJQHG E\ 0LFKDHO )LVK 6DIHW\ DW 6HD $SSOHGRUH FÂ… Â… DOO SULVWLQH DV QHZ FRQGLWLRQ Â… Â… 9LFWRULD 51 (TXLSPHQW RIILFLDO FRYHU FÂ… QR ZULWWHQ 2/<03,& *$0(6 7KH VHW RI VKHHWOHWV RI DGGUHVVHV Â… Â… ^3KRWR` VL[ HDFK RQ %XFNLQJKDP )'& ZLWK VLJQHG E\ WKH *ROG &2//(&7,21 2) %(77(5 ,//8675$7(' 0HGDO :LQQHUV IHDWXUHG RQ WKH VWDPSV (QQLV DQG :LJJLQV )'& 6 6LOYHU :HGGLQJ 5R\DO /DQFHUV FÂ… ZHUH FRQWUDFWXDOO\ XQDEOH WR VLJQ WKHVH FRYHUV DV QHZ &ULFNHW ,EUD FÂ… 5R\DO :HGGLQJ 5R\DO (QJLQHHUV FÂ… FRQGLWLRQ RQO\ D KDQGIXO RI VXFK VHWV ZHUH SUHSDUHG UHWDLO 5DLOZD\ 5R\DO (QJLQHHUV FÂ… 6LOYHU -XELOHH DSSUR[ Â… Â… Â… VORJDQ FDQFHO 5HYLHZ RI )OHHW FÂ… +RUVH 5R\DO ,ULVK 2/<03,& VKHHWV ZLWK WKH FRPSOHWH VHW 5DQJHUV FÂ… D YHU\ JRRG ORW RI FRYHUV VPDOO ODEHO RU UHWDLOV DW Â… IUHVK 80 Â… Â… SULQWHG DGGUHVVHV RQH KDQG ZULWWHQ EXW KDYH RQO\ VHHQ WKLV FRYHU ZLWK KDQG ZULWWHQ DGGUHVV DV LW LV WKH VFDUFH 6LOYHU Â’ 2O\PSLFV VKHHWOHWV RI IUHVK XQPRXQWHG -XELOHH VORJDQ FRYHU Â… Â… ^3KRWR` Â’ PLQW Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 42

&5,&.(7 *% VXSHUE )'& FRYHU ZLWK

72:(5 2) /21'21 VLJQDWXUH FROOHFWLRQ LQF

0DM *HQ : 5DHEXUQ .HHSHU RI WKH -HZHO +RXVH RQ +LVWRULF %XLOGLQJ )'& 6LOYHU :HGGLQJ VLJQHG E\ 0DM *HQ 5DHEXUQ 6WDPS ([KLE S RQ LOOXVWU FRYHU ZLWK &RQVWDEOHV 2IILFH 7RZHU RI /RQGRQ VLJQHG E\ 0DM *HQ 0DF/HHOODQ LOOXVWU FRYHU VLJQHG E\ IRXU <HRPDQ $ JRRG ORW RI LWHPV Â… Â…

+HDGLQJOH\ VSHFLDO FDQFHO DXWRJUDSKHG E\ *(2))5(< %2<&277 FKRLFH Â… Â… &5,&.(7 *% VXSHUE LOOXVWU )'& ZLWK

6XVVH[ FOXE VSHFLDO FDQFHOV DXWRJUDSKHG E\ -2+1 612: FKRLFH Â… Â…

Â’ +,*+ 9$/8( FROOHFWLRQ WR ZLWK Â’ HDFK LWHP LGHQWLILHG V KLJK YDOXHV LQF GLIIHUHQW W\SHV QRWH Â’ 9$5,(7,(6 2Q HDUO\ FRPPHPRUDWLYHV FKLHIO\ Â’ UHWRXFKHV LQF 326% ò UHWRXFKHG IRUHKHDG G &(37 (DU

S F\O D EON RI S F\O EON RI Â… F\O D EON RI Â… Â… WUDIILF OLJKW JXWWHU SDLUV Â… EON RI 80 $ ILQH FROOHFWLRQ RI LWHPV &KLHIO\ 80 KLJK FDW YDOXH Â… Â…

IODZ )RUWK 5RDG %ULGJH LQ H[WUD ZDYH ZKLWH GRW EHWZHHQ DQG G UHWRXFKHG VN\ PLVVLQJ EDFN WR WKH 4(,, &URZQ DQ LQWHUHVWLQJ ORW RI LWHPV 80 Â… Â…

SRVWDJH GXHV SDFN SDFNV Â… Â…

DQG - 7 GRW DQG QR GRW FDW Â… 6W (GZDUG FURZQ ZPN V IUHVK PLQW SDQHV Â… Â…

Â’ :,/',1* %22./(7 SDQHV ZLWK F\OLQGHU Â’ +,*+ 9$/8( 3UHVHQWDWLRQ 3DFNV UHWDLO Â… QXPEHUV òG SDQHV RI -6 GRW DQG QR GRW M GRW DQG QR GRW Â’ &DVWOH SDFN KLJK YDOXH PDFKLQ V SDFN D DQG { .,/2:$5( $SSUR[ NJ LQ D ODUJH ER[ ORDGV

RI :LOGLQJV QRWKLQJ PXFK DIWHU V Â… Â…

Â’ :,/',1* %22./(76 DQG ERRNOHW SDQHV LQF Â’ ERRNOHWV XQSULFHG FRYHUV SULQWHG FRYHUV SDQHV RI

SDQH RI ZLWK ODEHOV SDFN \RXU SDUFHO SRVW HDUO\ 0D\ ERRNOHW SKRV $XJ DQG )HE ERRNOHWV $ JRRG ORW RI LWHPV 80 Â… Â…

Â’ 0,63(5)25$7(' S WK $QQLYHUVDU\ RI Â’ WKH 3HQQ\ %ODFN 6* YDU 80 Â… Â…

Â’ 2/<03,& $1' 3$5$/<03,& VKHHWOHWV Â’ :,/',1* &2//(&7,21 V V LVVXHV Â’ FRPSOHWH VHW IRU ERWK JDPHV Â… Â… Â’ ZLWK WKH EDVLF VHWV ZLWK DGGLWLRQDO ZPNV W\SHV LQY V ZD\V Â’ QRWH òG SRVLWLRQDO EORFN RI VKRZLQJ E IRU G YDULHW\ 2/<03,& *$0(6 $WODQWD %ULWLVK 0HGDO

Â’ Â’

Â’ Â’

G ZLWK 7 LQ WKH PDUJLQ EORFN RI $ JRRG ORW RI VWDPSV :LQQHUV 7KH VFDUFH VHW RI VLJQHG FRYHUV )DPRXV 1DPHV IUHVK PLQW LQF 80 Â… Â… +HUH LQF D VFDUFH 5RJHU %DQQLVWHU VLJQHG FRYHU PXOWLSOH Â’ :,/',1* 9$5,(7,(6 RQ ROG DOEXP SDJHV G VLJQDWXUHV HWF 1RW RIWHQ VHHQ Â… Â… EORFN RI ZLWK SKDQWRP 5 DQG ODWHU UHWRXFKHG G FRLO VWULS 35(67,*( 67$03 %22./(76 FRQWDLQLQJ ZLWK GRW EHIRUH G OLJKW UHG EURZQ G ZLWK GRW RYHU URVH WKRVH WULFN\ GHILQ LVVXHV RQO\ IRXQG RQ WKHVH ERRNOHWV GLII VWHP QG ZLWK WDGSROH IODZ LQWHUHVWLQJ JURXS RI YDULHWLHV LQF :HGJZRRG ZLWK òS VLGHEDQG D 3HUIHFW &RURQDWLRQ OLVWHG LQ *% 4(,, VSHFLDOLVW FDW Â… Â… 5RDOG 'DKO )RRWEDOO +HURHV 1DY\ DQG *UHDW :DU { :,/',1*6 D ODUJH VWRFN ERRN ZLWK PDQ\ Â… Â… V FKLHIO\ ILQH XVHG DQG VRUWHG E\ LVVXHV XQFKHFNHG IRU 35(67,*( 67$03 %22./(76 LQ SHUIHFW DV YDULHWLHV VHHQ ZPN LQYV V ZD\V ZPNV GLIIHUHQW SULQWLQJV QHZ FRQGLWLRQ GLIIHUHQW ZLWK VWUHQJWK LQ YHU\ PRGHUQ KXJH &DVWOH WR Â… D VHOHFWLRQ RI RYSWV LQF *DV %RDUG &RUSRUDWLRQ UHWDLO YDOXH DQG )9 LQF .HHSLQJ WKH )ODPH $OLYH DQG $HULDO $ ILQH VHOHFWLRQ RI SHUILQV Â… Â… 3RVW WKHVH WZR UHWDLO Â… Â… Â… 48((1 (/,=$%(7+ 6,*1$785( 2Q 5HYLHZ RI +ROGHUV RI WKH 9LFWRULD &URVV LQ +\GH 3DUN WK -XQH VLJQHG E\ 4XHHQ (OL]DEHWK D YHU\ VFDUFH GRFXPHQW Â… Â… ^3KRWR`

Â’ 5HJLRQDOV LQF 0RGHUQ 3LFWRULDO W\SH ZLWK Â’ YDOXHV S HDFK VHHQ WR EH GLIIHUHQW RYHU VWDPSV

80 Â… Â… Â’ 5(*,21$/6 ZLWK PRGHUQ SLFWRULDO W\SHV ZLWK Â’ YDOXHV WR Â… VHHQ WKH RGG 06 HDUO\ :LOGLQJV VXSHUE

TXDOLW\ ZLWK EHWWHU LQF 6FRWODQG S DQG :DOHV S DOO IUHVK 80 2YHU VWDPSV H[WHQVLYH FROOHFWLRQ Â… Â…

52<$/ 0$,/ 60,/(5 6+((7 DOEXP ZLWK D IDFH YDOXH RI Â… D JRRG VHOHFWLRQ RI GLIIHUHQW 6PLOHU VKHHWV IURP WR 80 VXSHUE TXDOLW\ Â… Â… Â’ 60,/(5 VKHHWV OHWWHU IURP WKH IURQW ZRUOG FXS Â’ &RQFRUGH PDFKLQ *ORULRXV 6FRWODQG *ORULRXV 1RUWKHUQ

,UHODQG %HLMLQJ $ JRRG VHOHFWLRQ UHWDLO Â… Â… Â… 63(&,$/ 23(5$7,9(6 6LJQHG FRYHUV

LQF 2'(77( +$//2:6 *& 3DW 2 OHDU\ ZLWK PDQ\ DGGLWLRQDO LWHPV D YHU\ JRRG FROOHFWLRQ LQ RQH ODUJH YROXPH Â… Â… Â’ 63(&,$/,67 FROOHFWLRQ RI PDFKLQV ZLWK Â’ YDOXHV WR Â… HDFK VHHP WR EH GLIIHUHQW LQF ERRNOHW VWDPSV

ERRWV ODEHOV 0DWKHZV SDOOHW 6 $ ZLWK GLIIHUHQW SULQWLQJV $Q H[WHQVLYH FROOHFWLRQ 80 Â… Â… Â’ 63(&7$&7$5 0,63(5)25$7(' :DOHV G Â’ EORFN RI ZLWK WKH SHUIRUDWLRQ PRYHG WR WKH ULJKW VLGH RI

*5($7 %5,7$,1 + 0,;(' &2//16

0LQW PDMRULW\ 80 YDOXDEOH FROOHFWLRQ RI PDQ\ V LQ WZR DOEXPV SOXV IRXU IXUWKHU DOEXPV 0DQ\ FRPSOHWH VHWV -XELOHHV WR ERWK FDW Â… (GZDUG 6HW WR FDW Â… WR WR %RWK (PSLUH 6HWV WR .*9, VHWV LQF 6LGHZD\V ,QYHUWV Â… IHVWLYDO WR Â… :LOGLQJV ZLWK 7XGRU 6HW FÂ… ,QY 6LGHZD\V ZPN 6HWV *UDSKLWH DQG 3KRV *UDSKLWH 6HWV FÂ… %RWK &DVWOH 6HWV FÂ… (YHU\ &RPPHP 6HW LQF $OO 3KRV 6HWV H[WHQVLYH UHJLRQDOV DQG PRUH V H[FHOOHQW TXDOLW\ DQG KXJH &9 $ YHU\ JRRG RULJLQDO ORW Â… Â… &+$5/(6 ',&.(16 &HQWHQDU\ VKHHWOHW RI [ G ODEHOV VHOGRP VHHQ DV D VKHHWOHW Â… Â… Â’ 1(9(5 +,1*(' PLQW DV EORFNV RI *% DQG Â’ ,VODQGV ZLWK YDOXHV WR Â… ZLWK VHWV VHHQ WUDIILF OLJKWV SODWH

QXPEHUV UHTXLVLWLRQ QXPEHUV $ ILQH ORW RI EORFNV YHU\ XVHIXO FROOHFWLRQ Â… Â… &$1&(//$7,21 &2//(&7,21 LQ DQ DOEXP ZLWK FRQFHQWUDWLRQ LQ VRXWKHUQ FRXQWLHV PDQ\ V RI LWHPV PXFK RI DQ HDUOLHU QDWXUH VRPH SRVWDO KLVWRU\ LQF SRVWFDUGV 6XUUH\ LQF -XELOHH ZLWK FULVS *XLOGIRUG FGV FRYHU ZLWK :LQGVRU GXSOH[ :LOWVKLUH LQF 6DOLVEXU\ DQG 6ZLQGRQ 2[IRUG LQF VSHFWDFXODU EORFN RI SHQQ\ OLODFV ZLWK 2[IRUG SPNV HWF 5HDOO\ JRRG ROG ORW RI SRVWPDUNV Â… Â… Â’ 1(: ,668( 0$7(5,$/ RI V VWLOO LQ Â’ RULJLQDO SDFNHWV VXSHUE 80 PDQ\ EORFNV DQG UDQGRP QRWLQJ

ZLOGLQJ JUDSKLWHV ERRNOHW SDQHV Â… FRRN ERRNOHW Â… :HGJZRRG ERRNOHW SDFNHW IXOO RI SRVWDJH GXH LQF %ORFNV HWF 2ULJLQDO ORW V Â… Â…

SRVWDJH 6* : YDU 80 Â… Â…

Credit Cards

3267$*( '8(6 FKLHIO\ LVVXHV LQ ODUJH EORFNV LQF Â… Â… DQG Â… FKLHIO\ 80 D IHZ GXHV Â… Â…

The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 43

{ 683(5,25 0,;785( RQ SDSHU VHHQ .*9,

8186(' SRVWDO FDUGV OHWWHU FDUGV QHZVSDSHU ZUDSSHUV LQF VDPSOH VKHHW $ JRRG ORW RI FRYHUV KLJK YDOXHV LQF )HVWLYDO Â… PDQ\ LQF ODUJH SLHFH ZLWK DQG Â… ILQH XVHG 4(,, &DVWOH KLJK YDOXHV VHHQ 'H OD Â… Â… 5XH )8 $ YHU\ JRRG UDQJH RI LVVXHV ZLWK PXFK ILQH XVHG $,5(< 1($9( 5$) $ELQJGRQ LOOXVWUDWHG RU YHU\ ILQH XVHG 0DQ\ V RI SLHFHV ZLWK PDQ\ PXOWLSOH FRYHU VLJQHG E\ $LUH\ 1HDYH 6DP -RQHV 5W 5HY (ULF .QHOO IUDQNLQJV Â… Â… * &DSW 7KRPVRQ DQG 6 /HDGHU -% *UDWWRQ D YHU\ ILQH DQG VFDUFH FRYHU Â… Â… ^3KRWR` *5($7 %5,7$,1 , 3267$/ +,6725<

$,50$,/ %($ 6HUYLFH &RYHUV IUDQNHG &+(6+,5( DQ HQWLUH VKRZLQJ D JRRG VWULNH RI 4 FRPSDQ\ $LUPDLO VWDPSV HWF FROOHFWLRQ RI ILQH

WKH ER[HG $/75,1&+$0 33 HDUO\ XVDJH Â… Â…

/$1&$6+,5( ILQH HQWLUH H[WHQVLYH FRQWHQWV

ZULWWHQ DW &KRUOWRQ VKRZLQJ D ILQH VWULNH RI WKH VFDUFH $5':,&. 0$1&+ 5 RYDO 0DQFKHVWHU FGV HWF Â… Â… 08/5($'< FDULFDWXUH QR 5HMHFWHG GHVLJQV

IRU WKH SRVWDJH HQYHORSH 'HUDHGHPDHNHU UHSULQW FOHDQ DQG ILQH Â… Â… 08/5($'< FDULFDWXUH QR 5HMHFWHG GHVLJQV

IRU WKH SRVWDJH HQYHORSH 'HFDHGHPDHNHU UHSULQW FOHDQ DQG ILQH Â… Â… 08/5($'< FDULFDWXUH QR 5HMHFWHG GHVLJQV

IRU WKH SRVWDJH HQYHORSH 'HUDHGHPDHNHU UHSULQW FOHDQ DQG ILQH Â… Â… 08/5($'< FDULFDWXUH QR 5HMHFWHG GHVLJQV

IRU WKH SRVWDJH HQYHORSH 'HUDHGHPDHNHU UHSULQW FOHDQ DQG ILQH Â… Â…

FRYHUV LQ DQ $OEXP LQF +HOLFRSWHU IORZQ PDQ\ PXOWLSOH IUDQNLQJV RI %($ LVVXHV IRU GLIIHUHQW URXWHV HWF 9HU\ ILQH Â… Â… $/%(57 &5266 *& :LQQHUV D ILQH FROOHFWLRQ RI VLJQHG LWHPV LQF ( : .HYLQ :DOWRQ $UWKXU %XWVRQ 3KLOLS 0D\ -RVHSK /\QFK 'DYLG :HVWHUQ .HQ )DUURZ $OIUHG /RZH 0DUJDUHW 9DXJKDQ 3XUYHV D YHU\ ILQH FROOHFWLRQ RI LWHPV PDQ\ VLJQHG FRYHUV DQG FDUGV ZLWK PDQ\ DGGLWLRQDO LWHPV LQ RQH ODUJH YROXPH Â… Â… ^3KRWR` $1 ,17(5(67,1* /27 RI V FRYHUV PXFK

PLOLWDU\ FRQWHQWV ZLWK DFWLYLW\ LQ ,UDT 0DOD\D (J\SW ZLWK PDQ\ GLII )32 FDQFHOV G G IUDQNLQJ PDNLQJ DLU UDWH WR 86$ IRUHLJQ SRVWDJH GXHV RQ XQGHUSDLG FRYHUV HWF GLII LWHPV DOO ILQH Â… Â… $11,9(56$5< RI WKH 5R\DO )OHHW $X[LOLDU\

WK ZLWK KRPH FRYHUV DQG SLFWXUHV RI VRPH RI WKH YHVVHOV LQF /25' &$5',*$1 (DUO RI &DUGLJDQ /HWWHU 6LU /DQFHORW 6LU 7ULVWUDP 6LU *DODKDG 6LU %HOLYHUH 6LU VLJQHG E\ /RUG &DUGLJDQ ZKR OHDG WKH FKDUJH RI WKH OLJKW 3HUFLYDOH WR QDPH D IHZ RI WKLV FROOHFWLRQ RI EULJDGH WR &RO :\OGH DFFHSWLQJ ZLWK JUHDW SOHDVXUH \RXU NLQG FRYHUV SSFV Â… Â… LQYLWDWLRQ WR :RROZLFK RQ 7KXUVGD\ GDWHG WK -XQH $77$&. 21 7,53,7= 1RUZHJLDQ 9HU\ VFDUFH Â… Â… ^3KRWR` IUDQNLQJ SOXV *% ' '$< S ZLWK VSHFLDO FDQFHO WKUHH 60$// (19(/23(6 IUDQNHG G UHG EURZQ RQ FRYHUV VLJQHG E\ *HRUJH *UHHQ 5RQDOG +XPSKUH\V ,DQ EOXHG SDSHU PDUJLQV /LVNHDUG FGV RQ IURQW 0LQLQJ 2IILFH 5REHUWVRQ DOO LQYROYHG LQ WKH DWWDFN OWG WR FRYHUV ZD[ VHDO RQ UHYHUVH Â… Â… Â… Â… 5(*,67(5(' HQWLUH IRUP /RQGRQ WR ($5/< 0$,/ DQG /(77(56 LWHPV LQF 0DFFOHVILHOG IUDQNHG G [ JRRG VWULNH RI XQIUDPHG OHWWHU ZULWWHQ DW 'HYRQVKLUH 6TXDUH HQWLUH ZULWWHQ RYDO 5HJLVWHUHG *32 SRVWPDUN 0DFFOHVILHOG IURP WK UHJ G RI 'UDJRRQV WR 0LQLVWHU RI :DU ZLWK DUULYDO PDUN DORQJVLGH ILQH ZD[ VHDO RQ UHYHUVH WUDQVODWLRQ 3HQQ\ %ODFN RQ VPDOO ZUDSSHU HWF Â… Â… Â… Â… 5(*,67(5(' HQWLUH IURP /RQGRQ WR )$,5(< 6:25'),6+ FROOHFWLRQ LQ RQH YROXPH 0DFFOHVILHOG IUDQNHG G OLODF DQG G VWDUV SRVWHG PDLQO\ UHODWHG WR /W &GU (XJHQH (VPRQGHV DWWDFN DJDLQVW WKH FOHDU 0DFF DUULYDO PDUN DQG ILQH ZD[ VHDO RQ *HUPDQ VKLSV 6FKDUQKRUVW DQG *QHLVHQDX ZLWK VLJQHG FRYHUV UHYHUVH Â… Â… LQF FRYHUV RQH VLJQHG E\ *HUPDQV QG VLJQHG E\ %ULWLVK SHUVRQDO LQF $GROI *DOODQG .DUO +RIIPDQQ *HUKDUG 5(*,67(5(' HQWLUH IURP /RQGRQ WR 6FKRSIHO 7RP *OHDYHV 'RQ %XQFH * ) 6PLWK &RPPDQGHU 0DFFOHVILHOG IUDQNHG G DQG G SDOH OLODF QHDW LWHP )DQQLQJ 6LU 0DUN 3L]H\ ZLWK VLJQHG FRYHUV FDUGV DQG PDQ\ ZLWK ILQH ZD[ VHDO RQ UHYHUVH Â… Â… DGGLWLRQDO LWHPV SKRWR HWF $ YHU\ ILQH FROOHFWLRQ G SO 6* XVHG RQ FRYHU 6XQGHUODQG Â… Â… WK )HEUXDU\ FDQFHO QLFH OHDS \HDU SPN Â… Â… 4 ),567 )/,*+7 &29(56 JURXS RI FRYHUV LQF WKUHH SUH SDLG HQYV LQVFULEHG /RQGRQ /LYHUSRRO 5(*,67(5(' &29(56 WR )UDQFH RQH ZLWK *ODVJRZ /LYHUSRRO DQG 3O\PRXWK /LYHUSRRO WZR FRYHUV VLQJOH òG -XELOHH IUDQNLQJ RWKHU ZLWK -XELOHH òG YHUPLOLRQ IORZQ RQ .LUNZDOO ,QYHUQHVV DQG ,QYHUQHVV 2UNQH\ DQG òG IUDQNLQJ RQ G UHG VWDWLRQHU\ HQY ZLWK /RQGRQ DOVR %ULWLVK ,QGXVWULHV )DLU %LUPLQJKDP WR /RQGRQ DOVR 3KLODWHOLF ([KLELWLRQ ODEHO RQ UHYHUVH FRYHUV Â… Â… XQXVHG SRVWFDUG IRU %,) LQ %LUPLQJKDP LWHPV 2+06 UHJLVWHUHG HQYHORSH SUH SULQWHG 7KH Â… Â… &OHUN LQ &KDUJH 3RVWDO 7HOHJUDSK 2IILFH RYDO UHJG .*9 8186(' UHJLVWHUHG OHWWHU HQYHORSHV ZLWK FDQFHO XQXVXDO SRVWDO KLVWRU\ LWHP Â… Â… GLIIHUHQW VL]HV YDOXHV GRXEOH UDWHG RQH IRU WKH &LUFD 3HQ DQG ,QN 'UDZQ &RYHU RI 3RQ\ DQG VSHFLDOLVW FRYHUV Â… Â… 7UDS 5LGHUV ZLWK KDW EORZQ DZD\ HWF 8QXVHG $ ILQH .*9, )/,*+7 &29(56 ILUVW DLUPDLO 3HUWK (GZDUGLDQ SHULRG HQYHORSH Â… Â… 4 WR /RQGRQ LOOXVWU HQY ZLWK 1RUWK (DVWHUQ $LUZD\V /WG FDFKHW 0$1&+(67(5 &+5,670$6 &5266 FDQFHO DLUJUDSK LOOXVWU &KULVWPDV FHQVRUHG DLU OHWWHU FDUG RQ SRVWFDUG RI :LOPVORZ &KHVKLUH QLFH FOHDU VWULNH ILUVW WUDQVDWODQWLF IOLJKW HQGRUVHG 1RUWK $WODQWLF $LU Â… Â… 6HUYLFH VWDPS H[KLELWLRQ VSHFLDO ODEHOV RQ DQ LOOXVWU 5$,/:$< *:5 3DGGLQJWRQ G SDUFHO ODEHO FRYHU HQY WR 6RXWK :HVW $IULFD ZLWK ODUJH (QJODQG 6 RQ UHYHUVH RI FRYHU WR %LUPLQJKDP IUDQNHG òG IXOO\ HQGRUVHG $IULFD )LUVW (PSLUH $LUPDLO DW 2UGLQDU\ 3RVWDJH 5DWH LQ JUHHQ RI UDLOZD\ PDLO RULJLQDO FRQWHQWV HWF Â… Â… $Q LQWHUHVWLQJ ORW ZLWK GHWDLOV Â… Â… ,QWHUQPHQW &DPS /HWWHUVKHHWV ERWK .*9, 8186(' ,QODQG 7HOHJUDP IRUP LQ FHQVRUHG &DPS % DW <RUN DQG RWKHU &DPS % URXWHG WKURXJK YHU\ ILQH FRQGLWLRQ VFDUFH XQXVHG Â… Â… /LYHUSRRO ILQH Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 44

/RUG %DGHQ 3RZHOO VLJQDWXUH RQ D VPDOO OHWWHU

*5($7 %5,7$,1 / 3267&$5'6

ZLWK GHWDLO DERXW WKH QDPH RI DQ RSHUDWLRQ ZLWK HQYHORSH WR 0UV 9DXJKDQ SOXV 7HOHJUDSK IRUP WHOO 0UV 9DXJKDQ KLV SURSRVH RI D YLVLW WR 'ROJHOO\ QH[W PRUQLQJ WR LQVSHFW D VKRRWLQJ IRUPV GDWHG WK $XJXVW 6FDUFH Â… Â… 4(,, SUH GHFLPDO IRUFHV FRYHUV XQXVHG IRUFHV

RYHUVHDV UHJG OHWWHU DQG G VL]H * )RUFH SULQWHG SDSHU OHWWHU VKHHWV òG RQH \HOORZ QG ZKLWH SRVWDO FDUGV òG RQH \HOORZ QG ZKLWH FRYHUV Â… Â… Â’ Â’ 732 5$,/:$< FRYHUV V FDUWRQ FRQWDLQLQJ RYHU GLIIHUHQW FRYHUV ZLWK D VXSHUE UDQJH RI GLII FGV FDQFHOV XS GRZQ VHFWRUV GLII UHJLRQDO OLQHV VXUH WR Â’ Â’ LQFOXGH UDUH YDULDQWV DQG VXUSULVHV :LOO PDNH DQ H[FHOOHQW VWXG\ Â… Â…

$ ),1( &2//(&7,21 2) 3,&785( 3267&$5'6 RI GLIIHUHQW YLHZV IURP DURXQG /RQGRQ ZLWK PDQ\ SUH V ZLWK PDQ\ XQXVHG LPDJHV RI WKH 6HUSHQWLQH +\GH 3DUN 7RZHU %ULGJH 3HWHU 3DQ :HVWPLQVWHU $EEH\ 5RWWHQ 5RZ D YHU\ LQWHUHVWLQJ ORW RI 33& Â… Â…

*5($7 %5,7$,1 /2&$/6 &2521$7,21 DLU S LQ D FRPSOHWH VKHHW RI IUHVK 80 VHOGRP VHHQ DV D FRPSOHWH VKHHW Â… Â… /81'< &RURQDWLRQ LQFRPSOHWH VKHHWV RI VWDPSV òS DQG S YHU\ IUHVK 80 VHOGRP VHHQ LQ FRPSOHWH VKHHWV Â… Â…

Â’ (55256 6XPPHU ,VOH 0DFNHUHO òS RQ G DV Â’ VKHHWOHWV RI LQF VPDOO òS RYSW DOELQR RYSW LQYHUWHG DQG SRVWFDUGV RI 6KLSV HWF 1HZVSDSHU IURQW DGGUHVVHG WR DOELQR RYSW $ ILQH ORW RI VKHHWOHWV Â… Â… +06 -XQR ZLWK FDUG LWHPV 5H +06 ,URQ 'XNH LQF &HQVRUHG WZR FDUGV H[ +06 0DUOERURXJK ZLWK FHQVRU FDFKHWV Â’ (55256 6XPPHU ,VOHV òS RQ G VKHHWOHW ZLWK Â’ LQYHUWHG RYSW DQG DOELQR RYSW PRVW XQXVXDO VKHHWOHW RI DQG GXPE FDQFHOV HWF LWHPV Â… Â… Â… Â… Â’ ::,, &HQVRUHG (QYHORSH ZLWK Â’ SDVVHG 7UDYHOOHUV &HQVRUVKLS ER[HG FDFKHW ZLWK G *5($7 %5,7$,1 0 *8(516(< FKDUJHG +6 DQG G G SRVWDJH GXHV HQGRUVHG RQ WKH UHYHUVH 7KH 0DVWHU 6 6 0RXQW +HOLNRQ VHQW WR WKH 8. Â… Â… 5(7851 )520 '-,%287, VLJQHG LOOXVWUDWHG FRYHUV XQVLJQHG LQF $UWKXU 0DUVKDOO 6LPRQ 6FDGGDQ ::,, )25&(6 ,1 ,&(/$1' $Q LPSRUWDQW 3HWHU :KLWH $ ILQH ORW Â… Â… 1DYDO *URXS VDPH FRUUHVSRQGHQFH DGGUHVVHV WR YDULRXV 6KLSV VWDWLRQHG DW ,FHODQG RU ERXQG WR WKH ,VODQG LQF ' '$< $QQLYHUVDU\ 06 RQ LOOXVWUDWHG )'& RQH VLJQHG E\ %LOO 5HLG 9& Â… Â… òG 5HJ G (QY 7R +06 %DOGXU DW 5H\NMDYLN RIILFLDOO\ VHDOHG ODEHO RQ FRYHU WR VDPH 6KLS FRYHU WR +06 6N\UDFN LWHPV (;7(16,9( FROOHFWLRQ RI DHURJUDPPHV LQF URXWHG WKURXJK *32 HWF RULJLQDO ORW WKDW ZLOO PDNH DQ 4 QHZ YDOXH RYSWV XSUDWHG LQF XSUDWHG ZLWK SRVWDJH VWDPSV LQWHUHVWLQJ GLVSOD\ Â… Â… DQQLY SLFWRULDOV FKLHIO\ XQXVHG FRYHUV Â… Â… ::, 1$9$/ *5283 'HWDLOHG RQ SDJHV ZLWK

*5($7 %5,7$,1 N ,6/( 2) 0$1

*5($7 %5,7$,1 0 2)),&,$/6

32: OHWWHU VKHHW VHQW IURP &DPS

.QRFNDORH ZLWK ODUJH FHQVRU ODEHO WR 86$ ILQH Â… Â… ^3KRWR` 32: LQZDUG PDLO XQXVXDO FHQVRUHG FRYHU H[

*HUPDQ\ RULJLQDOO\ WR 5XVKHQ &DPS WKHQ UHGLUHFWHG WR +DOLID[ PDQ\ HQGRUVHPHQWV ODEHOV HWF Â… Â… Â’ òS ZLWK ERUGHU LQ JUH\ EURZQ 6* D 80 ZLWK Â’ QRUPDO IRU FRPSDULVRQ Â… Â…

(6&$3( )520 &2/',7= LOOXVWUDWHG

FRYHUV OWG WR MXVW VLJQHG E\ 6LU -RKQ 3XPSKUH\ /RUG &DPSEHOO -RKQ )HUJXVVRQ )UDQFH (GZDUGV DOO UHVLGHQWV RI &ROGLW] Â… Â… Â’ 675,.( 0$,/ /$%(/6 SULYDWH FRXULHU Â’ VWDPSV YDULRXV GHVLJQV LQF /HJV RI 0DQ RXWOLQH RI LVODQG DQG

WZR ZLWK PRWRUF\FOH LQ 77 5DFH DOO 80 LWHPV Â… Â…

*5($7 %5,7$,1 . 86(' $%52$' )LQH HQWLUH ZLWK 49 òG 3ODWH WLHG ZLWK YHU\

ILQH $ 0DOWD GXSOH[ 6* = Â… Â… { %5,7,6+ *8,$1$ *HRUJHWRZQ G

Â’ $50< 2)),&,$/ 49 ERWK òG DQG G /LODF

.(9,, G SDOH GXOO 3XUSOH 6* ILQH PLQW FDW Â… Â… Â…

*5($7 %5,7$,1 0,/,7$5< $872*5$3+ /,(87(1$17 *(1(5$/ 5LFKDUG *UHQYLOOH OHWWHU GDWHG WK -XO\ VLJQHG E\ *UHQYLOOH WR 6LU DERXW WKH RUGHU IURP WKH FRPPLWWHH RQ SXEOLF RIILFHV KH LV DW ORVV WR XQGHUVWDQG H[WUDFW ZKLFK \RX KDYH VHQW KH DGGV WKDW , DP &RORQHO RI WKH UG 5HJW ,QIDQWU\ DQG KROG RI WKH 5DQJHVKLS RI /LWWOH 3DUN :LQGVRU IRU WKH WHUP RI P\ OLIH $Q LQWHUHVWLQJ OHWWHU Â… Â… $872*5$3+ :$5 2)),&( KHDGHG OHWWHU

GDWHG 1RY WK 0LOLWDU\ VHFXULW\ ZLOO NLQGO\ GHDO ZLWK WKLV VLJQHG E\ /RUG :ROVHOH\ DQVZHUHG LQ FRQIRUPLW ZLWK ,UHODQG VKLS VLJQHG :1 YHU\ LQWHUHVWLQJ Â… Â… 5R\DO $UWLOOHU\ $VVRFLDWLRQ 6RXYHQLU 3URJUDPPH VLJQHG E\ WKUHH 9& ZLQQHUV &KDUOHV 6WRQH )UHGULFN /XNH DQG %DUUHOO SOXV 6WDQOH\ +DOORZD\ $FWRU LQVLGH SDJH VLJQHG E\ $ODQ %URRNH )0 SUHVLGHQW RI WKH DVVRFLDWLRQ $ YHU\ VFDUFH SURJUDPPH VLJQHG Â… Â… ^3KRWR` $77$&. 21 7+( 7,53,7= VHW RI VL[ WK

OLODF ZLWK $ QXPHUDO FDQFHO 6* = IHZ WULPPHG SHUIV DW EDVH FDW Â… Â… Â… { -$0$,&$ .LQJVWRQ G OLODF 6* =

ILQH XVHG $ SPN Â… Â…

$QQLYHUVDU\ VLJQHG FRYHUV * &ODUN ( 6\NHV ) 7XUQEXOO 5 'H /RUH\ 9 )DQFRXUW DQG $ 7KRPVRQ DOO LQYROYHG LQ WKH DWWDFN DQG OLPLWHG WR FRYHUV Â… Â… ' '$< WK $QQLYHUVDU\ LOOXVWUDWHG )'& V ZLWK

*5($7 %5,7$,1 / -(56(< Â’ (;7(16,9( FROOHFWLRQ RI VHWV ZLWK PDQ\ Â’ KDYLQJ WKHLU 06 ZLWK D IDFH YDOXH RYHU Â… D VXSHUE UDQJH RI

VWDPSV 06 ZLWK KLJK YDOXHV Â… Â… 63(&,$/ LOOXVWUDWHG FRYHUV VLJQHG

$QQLYHUVDU\ RI 9( 'D\ OWG WR NQRZ PRUH WKDQ VLJQHG E\ /LHXW 6WHLQ /LHXW -RKQ +RJJDUG 3HWW\ 2IILFHU -RKQ :LONHQV &DSW /RFNZRRG /LHXW 0LFN\ 3DUU Â… Â…

VSHFLDO FDQFHOV LQF RQH VLJQHG E\ -RKQQLH -RKQVRQ SOXV KRPHPDGH FRYHUV DOVR ZLWK VSHFLDO FDQFHOV HDFK FRYHU LV GLIIHUHQW Â… Â… ' '$< D ILQH FROOHFWLRQ RI FRYHUV IRU WKH

DQQLYHUVDU\ RI WKH ODQGLQJV LQF PXOWLSOH VLJQHG E\ SHUVRQ LQYROYHG LQ WKH ODQGLQJ VHHQ %LOO 5HLG 9& 3DW 3RUWHRXV 9& 3LSHU %LOO 0LOOLQ ,UYLQH $QGUHZV 9& DQG PDQ\ RWKHU PHGDO ZLQQHUV IURP ::,, $ IDVFLQDWLQJ ORW Â… Â…

www.philangles.co.uk – Place your bids online. Immediate and secure.

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 45

' '$< LOOXVWUDWHG )'& V VLJQHG E\ /W &RO

-2+1 0F$8/$< 6LJQHG OHWWHU ZLWK SKRWRJUDSKLF OHWWHU VLJQHG E\ -RKQ 0F$XOD\ 9& ZLWK VPDOO W\SHG ELRJUDSK\ SKRWR VKRZ KLP KROGLQJ D ZUHDWK DW D SROLFH IXQHUDO 6FDUFH Â… Â…

2WZD\ 0DM - +RZDUG &RO 3 +LOWRQ RQ 1RUPDQG\ 9HWHUDQV $VVRFLDWLRQ FRYHU Â… Â…

$/%(57 &5266 *& :LQQHUV D YHU\ ILQH FROOHFWLRQ LQF VLJQHG FRYHUV FDUGV HWF LQF -DFN &KDOPHUV 6 ) /LJKWKRXVH &OXE QLQWK DQQXDO GLQQHU FDUG *LEEV - )DLUFORXJK 5HJLQDOG $UP\WDJH 'LFN 2OLYHU :LOOLDP 1RYHPEHU VLJQHG E\ &RO $ & 1HZPDQ 9& PRVW XQXVXDO 0F$ORQH\ $ 0LOHV MXVW D IHZ QDPH VLJQHG LWHPV IURP WKLV DQG VFDUFH ZRQ KLV 9& IRU WKH UDLG RQ 6W 1D]DLUH FROOHFWLRQ RI SOXV DGGLWLRQDO LWHPV D YHU\ ILQH Â… Â… ^3KRWR` FROOHFWLRQ Â… Â… /25' .,7&+(1(5 RI .KDUWRXP VLJQDWXUH RQ SLHFH <RXU REHGLHQW VHUYDQW *HQHUDO &RPPDQGHU LQ &KLHI LQ $57+85 0$57,1 /($.( 9& VLJQDWXUH ZLWK ,QGLD D VFDUFH VLJQDWXUH E\ /RUG .LWFKHQHU Â… Â… )32 + FGV GDWHG GRXEOH 9& ZLQQHU VFDUFH Â… Â… /25' 52%(576 $ YROXPH RI FRYHUV 33& V $872*5$3+ )LHOG 0DUVKDOO 6LU (GPXQG $OOHQE\ SULQWHG LPDJH F VLJQHG $//(1%< )0 D VFDUFH VLJQDWXUH Â… Â…

DQG /HWWHUV &KLHIO\ DERXW (DUO 5REHUWV 9& LQF HDUO\ 93&V OHWWHU VLJQHG E\ 5REHUWV *UDQG +RWHO OHWWHUKHDG SDSHU WR D &DSW ZLWK SOHDVXUH WR GLQH ZLWK \RX RQ 7KXUVGD\ VLJQHG 5REHUWV SULQWHG OHWWHU VLJQHG 5REHUWV $ YHU\ LQWHUHVWLQJ FROOHFWLRQ LWHPV ZLWK DGGLWLRQDO LPDJHV DQG QHZVSDSHU FOLSSLQJV Â… Â…

$872*5$3+6 0,/,7$5< ),*85(6 SLHFH VLJQHG E\ 6LU *DUQHW :DOVHOH\ OHWWHU VLJQHG E\ 0DMRU *HQ 0HWKXHQ OHWWHU VLJQHG E\ 0DMRU *HQ $OOHQE\ ODUJH SLHFH /8)7:$)) VLJQHG 5$) LOOXVWUDWHG VLJQHG E\ 6LU -DPHV 2XWUDP SLHFH VLJQHG E\ 6LU 6PLWK 4 ZLWK HDFK FRYHU EHLQJ PXOWLSOH VLJQHG D VFDUFH FROOHFWLRQ RI 'RUULHQ ODUJH SLHFH VLJQHG E\ 6LU )UDQFLV :LQJDWH OHWWHU VLJQHG E\ /RUG 5DJODQ -RKQ 0DQQHUV 0DUTXLV RI FRYHUV PDQ\ UHWDLO RYHU Â… VHHQ $OIUHG .HOOHU (ULFK *UDQE\ ODUJH SLHFH VLJQHG *UDQE\ OHWWHU VLJQHG E\ +DUWPDQQ )UHLGULFK .DUO 0XOOHU -RVHI .DPPKXEHU $GROI (DUO &DGRJDQ $ YHU\ LQWHUHVWLQJ PLOLWDU\ RIILFHUV *DOODQG WR QDPH MXVW D IHZ $ YHU\ ILQH FROOHFWLRQ RI VLJQHG FROOHFWLRQ RI VLJQHG LWHPV YHU\ VFDUFH FROOHFWLRQ FKLHIO\ SUH FRYHUV Â… Â… ^3KRWR` :RUOG :DU 2QH D VXSHUE FROOHFWLRQ WKDW QHHGV ZULWLQJ XS QRW 0,/,7$5< &200(025$7,9( FRYHUV FDUGV FRXQWHG PRGHUQ FRYHUV VLJQHG E\ IDPLO\ PHPEHUV ZLWK FROOHFWLRQ ZLWK PDQ\ VLJQHG FRYHUV IRU GLIIHUHQW DFKLHYHPHQWV KLVWRULFDO LQWHUHVW $ FROOHFWLRQ WKDW ZLOO JLOO PDQ\ KRXUV RI DQG DQQLYHUVDULHV LQ IRXU YROXPHV RYHU FRYHUV FKLHIO\ UHVHDUFK LQ WR WKH PDMRU ILJXUHV RI %ULWLVK PLOLWDU\ KLVWRU\ ZLWK VLJQHG $ YHU\ JRRG UDQJH RI FRYHUV WKDW QHHG VRUWLQJ LQ D PXFK DGGLWLRQDO LWHPV $ VXSHUE FROOHFWLRQ Â… Â… ODUJH FDUWRQ Â… Â… ^3KRWR` 0,/,7$5< 6,*1(' LOOXVWUDWHG FRYHUV ZLWK &2&./(6+(// +(526 VLJQHG FRYHUV 7KH D JRRG UDQJH RI PLOLWDU\ VLJQDWXUHV LQF ) 0DUVKDOO *LEEV *HQ 5HWXUQ RI WKH &RFNOHVKHOO +HUR VLJQHG %ORQGLH +DVOHU QG 7X]R %ULJ &XUWLV 0DM *HQ &R[ ) 0DUVKDOO ,QJH *HQ 0RUJ VLJQHG %LOO 6SDUNV $ YHU\ VFDUFH SDLU RI FRYHUV %ULJG 3HDUVRQ %ULJG +LOO 0DM *HQ :DGH &RO 3RUWHRXV 9& /W Â… Â… ^3KRWR` &RO :LOVRQ 0DM /RFNZRRG *HQ *XWKULH 3LSHU %LOO 0LOOLQ 0DM &200(025$7,9( DQG 0$5,7,0( FRYHUV LQ *HQ 0DUWLQ %ULJG &URRN /RXLV 9DYDOOL 7RG 6ZHHQH\ 5LFKDUG ILYH YROXPHV PDQ\ 5R\DO 1DYDO FRPPHPRUDWLYHV ZLWK 7RGG 0DM -RKQ +RZDUG /W &RO 2WZD\ $ VXSHUE FROOHFWLRQ VLJQHG LQF 9& DQG *& $ YHU\ ILQH FROOHFWLRQ ZLWK PDQ\ ZLWK PDQ\ EHWWHU VLJQDWXUHV LQ D ODUJH FDUWRQ ZLWK PDQ\ DGGLWLRQDO LWHPV Â… Â… DGGLWLRQDO LWHPV QHHGV D JRRG VRUW YHU\ JRRG IRU VWXG\ DV PDQ\ ::,, UHODWHG FRYHUV PDQ\ PXOWLSOH VLJQHG $ YHU\ JRRG 23(5$7,21 1HSWXQH ' 'D\ LOOXVWUDWHG ORW RI FRYHUV Â… Â… ^3KRWR` FRYHUV VLJQHG E\ &DSW +XWWRQ 6LU + 6PHGOH\ $GP &DVVLGL '8.( 2) :(//,1*721 ODUJH SLHFH .*,9 0DM 'DQ )OXQGHU WR QDPH D IHZ Â… Â… +LV 0DMHVW\ &RPPDQG )DUQERXJK /RUG VLJQHG LQ WKH PDUJLQ 52<$/ 0$5,1(6 FROOHFWLRQ RI LOOXVWUDWHG E\ :HOOLQJWRQ 'XNH Â… Â… ^3KRWR` FRYHUV FDUGV ZLWK PDQ\ VLJQHG LQF 6LU 6WHZDUW 3ULQJOH 6LU -HUHP\ 0RRUH 6LU -RKQ :HVWDOO 0DM *HQ - / 0RXOWRQ '& (':$5' 0('$/ *& :LQQHU FROOHFWLRQ RI FRYHUV DQG FDUGV ZLWK PDQ\ DGGLWLRQDO LWHPV VHHQ $UWKXU $OH[QGLD - 'D\ * -DFNVRQ %RE +HSSHU ) / +DUULV 5 <D[OH\ 6LU 3DWULFN :DOO 9LYLDQ 'XQQ WR QDPH MXVW D IHZ IURP WKLV 7KRPDV 3KLOLS <DWHV 5LFKDUG 'DNHU (UQHVW $OOSRUW )UDQN FROOHFWLRQ RI FRYHUV FDUGV Â… Â… 6\NHV 7KRPDV 7KRPDV *HRUJH %HDPDQ %HQ -RQHV LQF KLV ,GHQWLW\ &DUG D YHU\ JRRG ORW ZLWK PDQ\ DGGLWLRQDO LWHPV 52<$/ 1$9< D YHU\ LQWHUHVWLQJ FROOHFWLRQ ZLWK Â… Â… OHWWHUV VLJQHG FRYHUV PDLQO\ IURP KLJK UDQNLQJ RIILFHUV LQF 6LU *(25*( &5266 :LQQHUV WZR YROXPHV ZLWK VLJQHG FRYHUV FDUGV HWF )'& V ZLWK PDQ\ VLJQHG 5HXQLRQ RI WKH 9& DQG *& $VVRFLDWLRQ VSHFLDO FDQFHO RQ DQ HQY VLJQHG E\ QLQH *& ZLQQHUV 4XHHQ 0RWKHU )'& VLJQHG E\ VL[ ZLQQHUV KRPHPDGH FRYHU VLJQHG 9& ZLQQHUV (ULF :LOVRQ ,DQ )UDVHU SOXV *9 ZLQQHUV OHWWHUV IURP %XFNLQJKDP 3DODFH )LUH 6HUYLFH LOOXVWU )'& VLJQHG E\ +DUU\ (UULQJWRQ RYHU VLJQHG LWHPV SOXV PXFK PRUH LQIRUPDWLRQ $ VXSHUE ORW Â… Â… ^3KRWR`

5LFKDUG -DQYLQ &DSW +RRFK :LOOLDPVRQ &DSW 5RJHU /HZLV &RPPDQGHU ) 6ZDQWRQ 6LU .HQQHWK &URVV $GPLUDO 'RXJODV 3DUNHU 5HDU DGPLUDO 5 % 6WXUGHH &DSW %HUQDUG 0DF,QWU\ &DSW *HRUJH 3KLOOLSV $ YHU\ LQWHUHVWLQJ ORW RI VLJQHG LWHPV ZLOO PDNH D JUHDW ::,, GLVSOD\ $ YHU\ ILQH FROOHFWLRQ Â… Â… ^3KRWR`

+06 +$:.( ,QN DQG :DWHU &RORXU RI LW V LQFK *XQ RQ WKH XSSHU GHFN PRXQWLQJ GUDZQ DQG SDLQWHG E\ + 3HHO 5LWFKLH WKRXJKW WR EH WKH ILUVW 1DYDO 9& RI :RUOG :DU 2QH VLJQHG E\ WKH + 3HHO 5LWFKLH KLPVHOI RQ UHYHUVH GUDZQ LQ $XJXVW Â… Â… ^3KRWR`

6,*1$785(6 DQ LQWHUHVWLQJ FROOHFWLRQ PDLQO\ VLJQDWXUHV RQ SLHFHV +RQRXUDEOH $UWLOOHU\ &RPSDQ\ QG %DWWDOLRQ GLQQHU PHQX VLJQHG E\ PHPEHUV ::, VLJQHG LQF - 0DOODQ $ - 6WDUOLQJ &RO 0DFOHRG 5LFKDUG /DF\ -LPP\ 3DJH 0DM 0RWW $UFKLH %RZHUV %RHU :DU %LOO %LOKDP %RHU :DU SHQFLO GUDZLQJ RI /LHXW *HQ 6WRSIRUG $ YHU\ LQWHUHVWLQJ ORW RI VLJQHG LWHPV JUHDW IRU VWXG\ Â… Â… ^3KRWR`

+286( 2) /25'6 KHDGHG SDSHU D OHWWHU IURP /RUG 0LFKHDO &DUYHU DQG FRPPHQW RQ KRZ KH GRHVQ¶W UHPHPEHU DERXW ' 'D\ LWVHOI DV KH ZDV VDLOLQJ IURP )HOL[VWRZH WR 1RUPDQG\ EXW RQ ' $ VFDUFH OHWWHU Â… Â…

63(&,$/ 23(5$7,216 (;(&87,9( 2QH YROXPH MXVW IRU 2'(77( +$//2:(6 *& ZLWK VLJQHG FRYHUV DQG DGGLWLRQDO VLJQHG LWHPV D VXSHUE ORW GHGLFDWHG WR WKLV ZDUWLPH KHURLQ ZLWK PDQ\ VRUW DIWHU FRYHUV Â… Â… ^3KRWR`

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 46

9,&725,$ &5266 $1' *HRUJH &URVV $VVRFLDWLRQ 'LQQHU 7DEOH 3ODQ DQG OLVW RI JXHVWV VLJQHG E\ UHFHSWLRQV +DPLOWRQ -HUUDUG 5RVV :RRG 'DYLHV 5LPPHU +DLQH DQG 0HOOLVK $ YHU\ VFDUFH LWHP IURP WKH PHHW DW 7KH 0DVLRQ +RXVH Â… Â… 9,&725,$ &5266 DQG *(25*( &5266

9,&725,$ &5266 :,11(56 WZR YROXPHV

ZLWK GHWDLOV DERXW 9& ZLQQHUV LQ ZLWK D IHZ VLJQHG LWHPV LQF 0DQVLRQ +RXVH 'RQFDVWHU PHQX VLJQHG E\ &RUSRUDO *HRUJH :\DWW OHWWHU VLJQHG &KDUOHV &KDUOHV *DUIRUWK +RUVH %ULJDGH LOOXVWU FRYHU VLJQHG E\ + & 'ULYHU QG FRYHU VLJQHG )UHGULFN /XNH ZKLWH FDUG VLJQHG E\ *HRUJH 'RUUHOO FDUG VLJQHG E\ 0DMRU - + 6 'LPPHU LOOXVWU FRYHUV VLJQHG E\ 6LU 3KLOLS 1HDPH $ YHU\ LQWHUHVWLQJ ORW Â… Â…

VLJQHG LOOXVWUDWHG FRYHUV 3 1RUWRQ *& 7DVNHU :DNLQV 9& (ULF :LOVRQ 9& ,DQ )UDVHU 9& :LOOLDP 6SHDNPDQ 3LWW 9& &KULVWRSKHU )LQQH\ *& 0DUN 'RQDOGVRQ 9& 9,17$*( $1' )/<,1* $662&$7,21 9$)$ :LOOLDP $SLDWD 9& .LP +XJKHV *& DQG %HQ 5REHUW 6PLWK 9& $ YHU\ ILQH FROOHFWLRQ RI WHQ FRYHUV FROOHFWLRQ RI VLJQHG FRYHU D YHU\ ILQH FROOHFWLRQ IURP Â… Â… 9$)$2 WR HDFK FRYHU LV GLIIHUHQW D YHU\ ILQH FROOHFWLRQ Â… Â… ^3KRWR` 9,&725,$ &5266 %URRNOHW 9& FDUGV 6LJQHG E\ 9LFWRULD &URVV :LQQHUV -RKQ .HQQHDOO 3KLOLS *DUGQHU -RKQ +LQWRQ -RKQ %DVNH\ILHOG 7DVNHU :DWNLQV &KDUOHV 8SKDP 5LFKDUG $QQDQG 3DWULFN 3RUWHRXV DQG (ULF :LOVRQ D YHU\ ILQH JURXS RI VLJQHG FDUGV Â… Â…

:,/)5(' (':$5'6 9& 3LHFH RI WKLFN SDSHU ZLWK :LOIUHG (GZDUGV 9& &DSW .LQJV RZQ <RUNVKLUH / , ZDV DZDUGHG WKH 9& LQ /DQJHPDUFN %HOJLXP 6FDUFH Â… Â…

9,&725,$ &5266 )LHOG 0DUVKDOO *RUW VLJQDWXUH RQ ODUJH SLHFH GDWHG ; &RPPDQGHU LQ &KLHI %() VFDUFH Â… Â…

:,//,$0 :,//,$06 9& &RQWLQXRXV &HUWLILFDWH RI 'LVFKDUJH VLJQHG E\ :LOOLDP :LOOLDPV JLYHQ <HDU RI %LUWK +HLJKW (\HV +DLU DQG &RPSOH[LRQ 3ODFH RI %LUWK DQG 7DWWRR 'LVWLQJXLVKLQJ PDUNV UHSRUW VWDPSV YHU\ JRRG ZHQW RQ WR ZLQ WKH 9& LQ RQ +06 3DUJXVW Â… Â…

9,&725,$ &5266 VLJQHG FRYHUV LQF 3DW

3RUWHRXV (ULF :LOVRQ (GZDUG .HQQD 7DVNHU :DWNLQV .HLWK (OOLRWW -RKQ &UXLFNVKDQN (UQHVW 6PLWK %LOO 6SHDNPDQ :LOO $SLDWD $ YHU\ ILQH FROOHFWLRQ Â… Â… 9,&725,$ &5266 :LOOLDP 5HLG 9& %LOO

*5($7 %5,7$,1 2 &+$11(/ ,6 Â’ òG /LEHUDWLRQ %URNHQ :KHHO YDULHW\ LQ FRUQHU Â’ PDUJLQDO EORFN RI 6* & D ILQH 80 Â… Â…

FROOHFWLRQ RI VLJQHG FRYHUV DQG OHWWHUV D YHU\ ILQH VHOHFWLRQ RI VLJQHG FRYHUV FDUGV ZLWK WZR EHLQJ MRLQW VLJQHG ZLWK -RKQ *5($7 %5,7$,1 3267&$5'6 &UXLFNVKDQN DQG -DPHV 7DLW D OHWWHU DERXW 2SHUDWLRQ 7D[DEOH &2//(&7,21 2) :25/' :$5 21( DQG WZR WK WK -XQH XVHG WR SXW WKH *HUPDQV RI WKH ' 'D\ ODQGLQJV SLFWXUH SRVWFDUGV LQF +06 &DPSHUGRZQ F XQXVHG /RX $Q LQWHUHVWLQJ JURXS RI LWHPV ZLWK DGGLWLRQDO LWHPV $GP 5DE\ ZRQ WKH 9& XQXVHG &DSW $OEHUW %DOO 9& PHPRULDO Â… Â… ZLWK EL SODQHV IO\LQJ DERYH XQXVHG 7XFNV ::, FDUGV $ YHU\ 9,&725,$ &5266 :,11(56 FROOHFWLRQ LQ LQWHUHVWLQJ FROOHFWLRQ RI FDUGV Â… Â… ^3KRWR` WZR YROXPHV ZLWK PDQ\ GHWDLOV DQG VLJQHG LWHPV LQF FRYHU /,(87 :,//,$0 /(()( 52%,1621 9& UHDO VLJQHG E\ (GJDU 0\OHV DQG ( 7 &KDSPDQ ERWK 9& FRYHU SKRWR W\SH SSF V LQF SLFWXUH RI WKH =HSSHOLQ ZUHFN FXSV VLJQHG E\ ( 0\OHV FRYHU VLJQHG E\ 5HY $ + 3URFWHU SLHFH EHLQJ SUHVHQWHG WR =HSSHOLQ KHURHV D SLFWXUH RI KLV 9& $ ILQH VLJQHG E\ $ 'H :LDUW FRYHU VLJQHG E\ 7 9HDOH - 'DYLHV XQXVHG 5RWDU\ SKRWRJUDSKLF VHULHV Â… Â… ^3KRWR` FRYHU VLJQHG E\ $ +LOO SOXV OHWWHU SLHFH VLJQHG E\ 3DXO %HQQHW FRYHU VLJQHG E\ + : /HZLV FRYHU DQG OHWWHU VLJQHG E\ 7 4 :25/' :$5 21( F 9LFWRULD &URVV $GODP $ YHU\ JRRG FROOHFWLRQ RI VLJQHG LWHPV PDQ\ ZLQQHU SRVWFDUG E\ --. 6KDPURFN VHULHV LQF 3ULYDWH +HQU\ LOOXVWUDWHG FRYHUV IHZ LWHPV Â… Â… ^3KRWR` .HQQ\ &KDSOLQ 0HOOLVK -RKQ &RUQZHOO $ YHU\ ILQH VHOHFWLRQ HDFK XQXVHG Â… Â… ^3KRWR` 9,&725,$ &5266 :,11(56 FROOHFWLRQ LQ WKUHH YROXPHV ZLWK PDQ\ GHWDLOV DQG VLJQHG LWHPV =(33(/,1 EHLQJ EURXJKW GRZQ LQ IODPHV LQF FRYHUV VLJQHG E\ &\ULO %DVVHWW FRYHU VLJQHG E\ 'DYLG FROOHFWLRQ RI SSF V F XQXVHG SOXV )ULJKW )XOQHVV 5RVVODXGHU OHWWHU VLJQHG E\ $UWKXU 9LFNHUV OHWWHU IURP $UWKXU =HSSHOLQ KHURHV SSF D VFDUFH DQG ILQH FROOHFWLRQ )OHPLQJ 6DQGHV FRQWHQW DERXW RWKHU 9& ZLQQHUV FRYHU VLJQHG XQXVHG Â… Â… ^3KRWR` E\ &KDUOHV 9LFNHUV FRYHU DQG FDUG VLJQHG E\ -DFNLH 6\PWK *5($7 %5,7$,1 7 ,6/$1'6 6LU -RKQ 6PLWK FRYHU VLJQHG E\ -RKQ ( *ULPVKDZ FRYHUV VLJQHG E\ *HRUJH 5RXSHOO $ YHU\ ILQH FROOHFWLRQ RI VLJQHG Â’ /81'< DLUPDLO : SULQWHG RQ 4 JXPPHG VLGH DQG GRXEOH SULQW YDULHWLHV PLQW 8QXVXDO LWHPV PDLQO\ LOOXVWUDWHG FRYHUV V RI LWHPV Â… Â… Â… Â… 9,&725,$ &5266 :,11(56 Â’ /81'< DLUPDLO òG ILQH ORW RI FROOHFWLRQ LQ WKUHH YROXPHV ZLWK VLJQHG LWHPV FRYHU VLJQHG E\ Â’ PXOWLSOHV LWHPV LQF EORFN EURNHQ FURZQ YDULHWLHV EORFN 4 -RKQ 0R\QH\ OHWWHU VLJQHG E\ /HZLV (YDQV OHWWHU VLJQHG E\ EORFN ZLWK ZLSHU EODGH IODZ 6FDUFH JURXS +DUU\ &RYHUGDOH SSF VLJQHG E\ * 5 3HDUNHV FRYHU VLJQHG E\ Â… Â… *HRUJH 3HDUNHV SSF RI 5:) &DPS VLJQHG -RKQ 5XVVHOO Â’ /81'< DLUPDLO òG 80 EORFN FRYHU DQG OHWWHU VLQJHG E\ +DUFXV 6WUDFKDQ FRYHU DQG FDUG Â’ VKRZLQJ WUDQVIHU VHWWLQJV DQG PLQRU YDULHWLHV VFDUFH VLJQHG E\ &\ULO *RXUOH\ $ YHU\ JRRG FROOHFWLRQ RI LWHPV 4 PXOWLSOH Â… Â… FRYHUV PDLQO\ LOOXVWUDWHG ZLWK V RI LWHPV Â… Â… /81'< FRYHU H[ $XVWUDOLD ZLWK /XQG\ òG 9,&725,$ &5266 ZLQQHUV FROOHFWLRQ LQ òG DLU ERWK WLHG ER[HG KV IR[HG FRYHU H[ :DJJD WKUHH YROXPHV ZLWK VLJQHG LWHPV LQF OHWWHU DQG FRYH VLJQHG E\ :DJJD $XVWUDOLD WR 0 & +DUPDQ .LQJ RI /XQG\ /XQG\ ,VODQG -DPHV $QJHOO FRYHU DQG FDUG VLJQHG )UDQN 5REHUWV OHWWHU WZR XQXVXDO FRYHUV Â… Â… VLJQHG E\ 5 * 0DVWHUV OHWWHU VLJQHG E\ $UWKXU 3RXOWHU SLHFH { /81'< VWDPS ERRNOHW FDQFHOOHG )', RQO\ VLJQHG E\ +HZ &ODUN .HQQHG\ OHWWHU VLJQHG E\ 'DYLG SUHSDUHG % Â… Â… 0DFLQW\UH FRYHU VLJQHG E\ &KDUOHV 5XWKHUIRUG SOXV OHWWHU DQG SSF 9LFWRULD &URVV 6HUYLFH RI &RPPHPRUDWLRQ VLJQHG *5((&( E\ :LOOLDP -R\QW SLHFH VLJQHG E\ 7KRPDV 'LQHVHQ D 'DQH $Q LQWHUHVWLQJ ORW RI VLJQHG LWHPV ZLWK LOOXVWUDWHG Â’ %5,7,6+ 2&&83$7,21 ,RQLDQ ,VODQG VHW RI FRYHUV Â… Â… 6* PLQW WRS YDOXH ZLWK H[SHUW KV RQ WKH UHYHUVH Â… Â…

VISIT www.philangles.co.uk.

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 47

{ &ODVVLF VPDOO +HUPHV +HDGV 6* )8 { ),1( 86(' VXEVWDQWLDOO\ FRPSOHWH LQ DQG EDVLF FRPSOHWH VHW RI GLIIHUHQW VWDPSV &DW Â… LQF D D SULQWHG $OEXP RYHU GLIIHUHQW LVVXHV ZLWK QXPHURXV NH\

ILQH H[DPSOH RI WKH HOXVLYH / 3DOH 2FKUH 6* / 6* P HWF 1LFH ORW Â… Â… { 2O\PSLF *DPHV '5 6* VXSHUE XVHG ZLWK

FHQWUDO &'6 Â… Â…

VHWV DQG KLJK &9 GHILQ VHW ,QGHSHQGHQFH 6HW ,RQLDQ ,V 6HW 6W 3DXO 6HW DQG PXFK HOVH VROLG ORW Â… Â… *5((. $'0,1,675$7,21 SRVWDJH GXHV

PRVW YDOXHV WR O RQ SKLODWHOLF FRYHU HDFK QHDWO\ FDQFHOOHG E\

0LW\DKQK FGV SRVWPDUNV Â… Â… ERWK JHQXLQH ILQH PLQW ODUJH SDUW 2* WKHVH HOXVLYH VWDPSV DUH { 3267$*( '8(6 D JRRG XVHG ORW RI VHOGRP RIIHUHG '5 ZLWK H[SHUW +6 6* &DW GLIIHUHQW LVVXHV &DW Â… ZLWK ILUVW LVVXH WR G DQG Â… Â… Â… WR / (OXVLYH Â… Â… 3,&785( SRVWFDUGV IURP 8. DOO SRVWHG WR *5((1/$1' &UHWH HDFK ZLWK D *UHHN WUDQVLW DUULYDO PDUN RQ UHYHUVH { 3RODU %HDU 3DUFHO 3RVW LVVXHV RUH WR RUH FDUGV Â… Â… FRPSOHWH SOXV NU SHUI ó PL D D D FDQFHOOHG WR Â’ 6RFLDO )XQG RYSW VHW RI ILQH PLQW H[ UDUH RUGHU Â… Â… / RQ / LQFOXGHV WKH NH\ / DQG / ZLWK H[SHUW +DQGVWDPSV RQ UHYHUVH 6* & Â… Â… *5(1$'$ Â’ 2/<03,& *$0(6 '5 DQG '5 7RS YDOXHV

{ 7+( 5(92/87,21 RYHUSULQW VHW RI WHQ ILQH

&/$66,& 49 6* IUHVK XQXVHG FDW Â… Â… Â…

XVHG 6* FDW Â… Â… Â…

Â’ %$77/( 2) 1$9$5,12 VHW RI VL[ ILQH 80 6* Â’ 63(&,0(1 RYSW RQ SDLU VSOLW 6* RQO\ Â’ FDW Â… Â… Â…

),567 )/,*+7 $WKHQV WR 1DSOHV ,WDO\ D 4 PXOWLSOH IUDQNHG FRYHU ZLWK WUDQVLW PDUNV RQ WKH UHYHUVH

Â… Â…

WZR VKHHWV SUHSDUHG ZLWK WKLV XQXVXDO ODUJH IRUPDW RYSW 6DPXHO W\SH *5 PLQW UDUH FDW Â… DV QRUPDOV Â… Â…

{ $ 9(5< *22' DQG KLJKO\ FDW JURXS RI 49

LVVXHV FDW Â… DOO YHU\ VRXQG òG òG G PRVW DUH )8 6* LVVXH Â… Â…

),567 )/,*+7 $WKHQV WR 9LHQQD PXOWLSOH 4 IUDQNHG FRYHU ZLWK :LHQ DUULYDO PDUN RQ WKH IURQW DQG DLUPDLO

{ 267$*( IRU 3267$*( YDULHW\ òG )8 6*

FDFKHW Â… Â… 4 )LUVW )OLJKW &RYHU RQO\ IORZQ $WKHQV WR 6LPL

F Â… Â… ^3KRWR`

ZLWK WKUHH IUDQNLQJ FRPELQDWLRQ LQF $LU VWDPS DQG VSHFLDO IOLJKW Â’ 7(7( %(&+( SDLU 49 G 6* D 80 WULDQJOH FDFKHW FDQFHOOLQJ WZR RI WKH VWDPSV 6FDUFH Â’ VFDUFH Â… Â… Â… Â… Â’ .(9,, ò WR 6 ZPN FURZQ &$ 6J YIP )/,*+7 &29(56 $WKHQV WR &DSHWRZQ 4 VSHFWDFXODU PXOWLSOH IUDQNLQJV RQ HDFK FRYHU ZLWK DLUPDLO Â… Â… FDFKHW DQG WUDQVLW PDUNV RQ WKH UHYHUVH KRZHYHU SDUW RI WKH :$5 7$; *URXS RI WKUHH PXOWL DGGUHVV KDV EHHQ UHPRYHG IURP HDFK FRYHU Â… Â… VWDPSHG :DU 7D[ FRYHUV ORFDO UHJLVWHUHG IUDQNHG EORFN Â’ O JUHHQ DLUPDLO IDEXORXV SUH SULQWLQJ SDSHU G 6* SOXV G EORFN SOXV VLQJOH RI G 6* DQG FUHDVH UXQV DFURVV ZLGWK RI VWDPS 0L 6* 9)0 FRYHU WR &DQDGD ZLWK YHU\ ODWH XVH RI 6* Â… Â… Â… Â… Â’ $HURHVSUHVVR VHW RI IUHVK 80 6* &DW *5,48$/$1' Â’ Â… Â… Â… 4 { 5(9(18(6 49 HQJUDYHG LVVXH VHOHFWLRQ RI GLII YDOXHV DOO JHQXLQHO\ XVHG UDUH PDMRULW\ VHHQ DUH PLQW { $LUPDLO VHW )8 6* &KRLFH &DW LQFOXGHV Â… DQG Â… ODUJHO\ ILQH EHWZHHQ 4 Â… Â… Â… % Â… Â… Â’ $WKHQV 6WDGLXP '5 VLQJOH LVVXH 6* $ *8$7(0$/$ Â’ IUHVK 80 &DW Â… Â… Â… +(/,2 9$8*,5$5' RXWVWDQGLQJ ZDWHU FRORXU HQKDQFHG 4XHW]DO ZLWK F LPDJH DW WKH WRS ULJKW $ VXSHUE Â’ 32/,6+ SULQWLQJV G G KLJK YDOXHV IUHVK Â’ 80 6* D D FDW Â… Â… Â… LWHP WR HQKDQFH \RXU FROOHFWLRQ Â… Â…

*8<$1$

Â’ 9$5,(7< ' RQ ' RYHUSULQW LQ %/8( Â’ IUHVK 80 6* $ &DW Â… Â… Â… { F <HOORZ *UHHQ ZPN VFULSW &$ GRXEOHG RYSW

RQ SLHFH ZLWK DGGLWLRQDO VWDPS ZLWK VKLIWHG RYSW 6* F 9)8 Â… Â…

Â’ 5HFRQVWUXFWLRQ 6HW IUHVK 80 6* &DW Â’ Â… Â… Â…

+$:$,,

Â’ $,5 67$03 9$5,(7,(6 :LQGV G GRXEOH Â’ 3RUWUDLWV 6HW RI 6* PLQW D VFDUFH HDUO\

LPSUHVVLRQ G EORFN RI ZLWK VXSHUE RIIVHW RQ WKH UHYHUVH G EOXLVK JUHHQ ZLWK LQWHUHVWLQJ SULQWLQJ YDULHW\ G RQ G RYSW LQYHUWHG $ ILQH VHOHFWLRQ RI YDULHWLHV RQ WKLV SRSXODU LVVXH PLQW Â… Â…

Â’ &5(7( 3URYLVLRQDO *RYHUQPHQW

LVVXHV FKLHIO\ IUHVK PLQW RQ ROG SDJHV GLIIHUHQW LVVXHV &DW Â… LQF 3LFWRULDO 6HW 6* RYSWV WR G LQF 7KH VFDUFH ' FDW Â… DORQH 'XH 6HW HWF (OXVLYH LVVXHV UHTXHVW VFDQV Â… Â…

VHW 0LQW &DW Â… Â… Â… Â’ .,1* .$/$.$8$ 6HW RI 6*

PLQW Â… Â… Â’ 3RUWUDLWV VHOHFWLRQ RI ILYH PLQW &DW Â… PLQW

F F F F DQG F IUHVK PLQW Â… Â…

+(/,*2/$1' Â’ +$1'3$,17(' VWDPSV IURP D 9LFWRULDQ DOEXP

H[HFXWHG WR D UHPDUNDEOH VWDQGDUG LWHPV 49 DQG $UPV ZLWK YDOXHV WR SI 7KH GHWDLO LV H[FHSWLRQDO Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 48

{ 6WDPS H[KLELWLRQ 06 9)8 0L EORFN

+21* .21*

Â… Â…

Â’ 0,17 *5283 LQF ZPN &URZQ && F SDOH

EOXH F F DQG F JUH\ JUHHQ F RQ F 6* F WR F PRVWO\ ILQH PLQW FDW Â… Â… Â…

Â’ &KDLQ %ULGJH 06 VXSHUE /00 7KH NH\ VKHHW

6* 06 $ Â… Â… ^3KRWR` Â’ 838 06 LPSHUI IUHVK /00 D NH\ VKHHW 6* 06

Â’ F RQ F *UH\ *UHHQ VOLJKW GRXEOLQJ RI

0L EORFN % &DW Â… Â… Â… ^3KRWR`

&KLQHVH FKDUDFWHU 6* PLQW IDXOWV FHUWLILFDWH DFFRPSDQLHV Â… Â…

Â’ 6WDPS &HQWHQDU\ 6HW RI WKUHH 06 IUHVK 80 Â’ 6* 06 $ 0L % &DW Â… Â… Â…

Â’ (5525 ZLWKLQ D SRVLWLRQDO EORFN RI .*9 F Â’ EURZQ ZLWK EURNHQ FURZQ DW ULJKW 6* E XQPRXQWHG

^3KRWR`

PLQW Â… Â…

Â’ ),1( 8102817(' 0,17 &2//(&7,21 ,Q D Â’ 6,/9(5 -8%,/(( VHW 6* 9)0 Â’ SULQWHG DOEXP DQG FRPSOHWH IRU WKH SHULRG IRU VHWV DQG

Â… Â…

PLQLDWXUH VKHHWV 6WF Â… FOHDQ DQG ILQH PDQ\ V Â… Â…

9LFWRU\ 6HW RQ DWWUDFWLYH LOOXVWU )'&

,&(/$1'

8QDGGUHVVHG &KRLFH 6* Â… Â… Â’ 52<$/ 6,/9(5 :('',1* VHW 6* ILQH Â’ 80 Â… Â… Â’ $11,*21, 6* 80 WRS FRUQHU SDLU 80 Â’ VKRZLQJ DQ XQXVXDO '28%/( 3(5)25$7,21 HUURU

Â… Â… ^3KRWR` Â’ ([WHQVLYH FROOHFWLRQ RQ OLJKWKRXVH SDJHV Â’ XQPRXQWHG PLQW 1RWH GHILQLWLYH WR LQF W\SH DQG

,, LPSULQWV PLQLDWXUH VKHHW ZLWK YDOXHV WR FRPPHPRUDWLYH VHWV LQF 06 $ YHU\ ILQH FROOHFWLRQ RI VWDPSV 06 XQPRXQWHG PLQW Â… Â… Â’ &203/(7( 6+((76 HGXFDWLRQ LQF WUDIILF OLJKW Â’ JXWWHU SDLUV SODWH EORFNV FDW Â… DV VLQJOH VHWV ZLWKRXW

SUHPLXP IRU WKH JXWWHU SDLU DQG SODWH EORFNV 6* 80 Â… Â… Â’ &203/(7( 6+((76 LQF 3ODWH EORFN DQG Â’ WUDIILF OLJKW JXWWHU SDLUV DQQLYHUVDU\ RI +RQJ .RQJ 3RVW 2IILFH

FDW Â… DV VLQJOH VHW ZLWKRXW SUHPLXP IRU JXWWHU SDLUV DQG SODWH EORFNV 6* 80 Â… Â…

$0(5,&$1 3267 2)),&(6 RI WKH DUPHG

IRUFHV FROOHFWLRQ RI $PHULFDQ PLOLWDU\ PDLOV ZLWK D YDULHW\ RI GLII $32 FDQFHOV DW OHDVW DUH QRQ SKLODWHOLF PDLOV $ VFDUFH DQG DWWUDFWLYH RULJLQDO FROOHFWRUV DVVHPEO\ Â… Â… 3RVW ::,, 0LOLWDU\ 3RVWDO +LVWRU\ 0DUYHOORXV

FROOHFWLRQ RI LWHPV RI 3RVWDO +LVWRU\ ZULWWHQ XS ZLWK PXFK LQIRUPDWLRQ RQ SDJHV ZLWK WZR FRYHUV ZLWK FRQWHQWV DQG REVHUYDWLRQV UHODWLQJ WR 1DYDO ([HUFLVHV $ VFDUFH FRYHU 5H 7KH &RG :DUV 5R\DO 9LVLWV 3RVW :DTU ([HUFLVHV DQG ([SHGLWLRQV 0DQ\ 86$ 0LOLWDU\ 8QLWV $ JRRG SHUFHQWDJH DUH QRQ 3KLODWHOLF RULJLQDO ORW GLVSOD\HG WR D KLJK VWDQGDUG Â… Â… ::,, $0(5,&$1 $32 3267$/ +,6725<

VHOHFWHG FRYHUV ZLWK FROOHFWRUV QRWHV ZLWK YDULRXV $PHULFDQ XVDJHV LQF $32 QDYDO FHQVRU H[ 86 0DULQHV VFDUFH FRYHU H[ 86$ VROGLHU SDVVHG WKURXJK %ULWLVK FHQVRU VFDUFH $PHULFDQ W\SH FDQFHOV DQG FHQVRUV *RRG DVVHPEO\ Â… Â… ::,, &(1625(' 0$,/ D VXEVWDQWLDO

Â’ &203/(7( 6+((76 LQF 3ODWH EORFNV DQG Â’ JXWWHU 3DLUV ODQGPDUN VHW FDW Â… DV VHWV ZLWK SUHPLXP IRU

JXWWHU SDLUV DQG SODWH EORFNV 6* 80 Â… Â… Â’ &203/(7( 6+((76 7KH \HDU RI WKH UDP ZLWK Â’ WUDIILF OLJKW JXWWHU SDLU DQG SODWH EORFNV FDW Â… DV VLQJOH

VHWV ZLWKRXW SUHPLXP IRU JXWWHU SDLUV DQG SODWH EORFNV 6* 80 Â… Â…

FROOHFWLRQ RI GLII FHQVRUHG FRYHUV ZLWK FLYLOLDQ FHQVRUV ZLWK LQWHUHVWLQJ VWDPS XVDJHV LQF IRXU VWDPS FRPELQDWLRQ UHJLVWHUHG WR 8. LQZDUG FHQVRUHG FRYHUV H[ 8. VWDPS FRPELQDWLRQ ZLWK $PHULFDQ FHQVRU VFDUFH ,FHODQGLF PHWHU PDLO FHQVRUHG EHWWHU IUDQNLQJV 121 &(1625(' FRYHU WR 6ZHGHQ WULDQJXODU FHQVRUV YHU\ UDUH SURYLVLRQDO KDQGVWDPS FHQVRU ODEHO XQUHFRUGHG DQG PXFK PRUH $ YHU\ JRRG FROOHFWRUV DVVHPEO\ Â… Â…

Â’ &203/(7( 6+((76 7UDQVSRUW VHW ZLWK JXWWHU Â’ SDLU SODWH EORFNV FDW Â… DV VLQJOH VHWV 6* ZLWKRXW SUHPLXP ::,, PLOLWDU\ SRVWDO KLVWRU\ DQG RWKHU

IRU SODWH EORFNV 6* 80 Â… Â… Â’ &203/(7( 6+((76 LQF 7UDIILF /LJKW *XWWHU Â’ 3DLUV 7KH <HDU RI 7KH 0RQNH\ 6* &DW Â… DV VLQJOH

VHWV ZLWKRXW SUHPLXP IRU JXWWHU SDLUV 80 Â… Â… Â’ 9HU\ H[WHQVLYH FROOHFWLRQ RI QHZ LVVXHV KLJKO\ Â’ FRPSOHWH ZLWK VHWV VKHHWOHWV DQG PRUH +XJK &9 YHU\ PDQ\

LQWHUHVWLQJ LWHPV IURP D FROOHFWRU LQF D YHU\ ILQH VHOHFWLRQ RI GLII $PHULFDQ SDWULRWLF HQYHORSHV DOO FDQFHOOHG DW $32 D JURXS RI SKRWRV RI FLUFD 9 PDLO DLUJUDSK IURP $32 FHQVRUHG FRYHU WR (72 86 DQG $PHULFDQ 32 LQ 8. DGGU WR ,FHODQG *RRG ORW Â… Â…

,1' 67 1$7 +<'(5

VKHHWOHWV QRWLQJ DWWUDFWLRQV SRVWDJH GXHV DOSKDEHW Â’ 3/$7( 3522)6 D WR D EORFNV RI VKHHWOHWV 1HZ <HDU JROG VLOYHU VKHHWOHWV ZLWK [ VWDPSV ZLWK ODUJH PDUJLQV DW RQH VLGH EDFNJURXQG EHKLQG 3RVWDJH LQ 'LVQH\ VKHHW ELUG GHILQV WR SOXV VKHHWOHWV WR FRORXU UDWKHU WKDQ ZKLWH RI LVVXHG VWDPSV ILQH DQG PXFK PRUH PDQ\ V YHU\ FRPSUHKHQVLYH EORFNV Â… Â… Â… Â…

,1' 67 1$7 ,'$5

%$1.127( VLJQHG &ODUNH VRPH FUHDVLQJ SOXV +HOO EDQNQRWHV DV XVHG LQ UHOLJLRXV FHUHPRQLHV Â’ 67$03 %22./(7 5 FRQWDLQLQJ [ D 6* DV SDQHV RI IRXU YHU\ VFDUFH 8VXDO UXVW VWDLQLQJ ZLWK YDOXHV WR 0 Â… Â… WKRXJK JRRG FRQGLWLRQ Â… Â… .*9, F RQ FRYHU WR 8. HQGRUVHG )RUFHV $LU ,1' 67 1$7 ,1'25( 0DLO DQG RYDO &DPS &RPPDQGDQW FDFKHW RQ IURQW Â… Â… Â’ &203/(7( VKHHW òD /DNH 6* VKHHW RI

Â’ FDW Â… DV VLQJOH VWDPSV 80 YHU\ VFDUFH LQ D FRPSOHWH

{ .*9, ),1( 86(' GLIIHUHQW LQF RULJLQDO

SULQWLQJ GHILQ FHQWHQDU\ DQG 838 VHWV 0DQ\ &'6 XVHG Â… Â…

VKHHW Â… Â…

,1',$

+81*$5<

{ 6&,1'( '$:. òG ZKLWH 6* 6 )8 RQ

{ '(),1,7,9(6 VHW 0L 6* ILQH

IUDJPHQW 536 FHUW FDW Â… Â… Â… ^3KRWR`

XVHG Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 49

INDIA { $ 49 FROOHFWLRQ RI SRVWDJH VWDPSV XVHG

,1',$ 0817,1< 9LFWRULD &URVV

DUWLFOHV DQG FRYHUV OHWWHUV HWF LQ WZR YROXPHV LQF D OHWWHU VLJQHG E\ 6LU +HQU\ 7RPEV SLHFH VLJQHG E\ 6LW -DPHV +LOOV SSF VLJQHG *HQHUDO 6LU 'LJKWRQ 5RE\Q DQG 6LU $ 'DYLGVRQ ZKLWH FDUG VLJQHG E\ )LHOG 0DUVKDOO %UDPKDOO DQG OHWWHUV VLJQHG E\ /LHXWHQDQW (YHO\Q :RRG PRGHUQ SSF VLJQHG E\ (ULF :LOVRQ 7DVNHU :DWNLQV - .HQQHDOO\ $Q LQWHUHVWLQJ ORW Â… Â… ^3KRWR`

ZULWWHQ XS RQ SDJHV VWDPSV òD EOXH LPSHUI ZLWK GLII GLHV DQG FRORXUV D LPSHUI D EL FRORXU LQF FXW VTXDUH YDULRXV GLHV HWF D JUHHQ D RQ FRYHU WR 8. WR D D SRVWDJH RYSW 2+06 WR U RQ &RURQDWLRQ FDUG SRVWDO VHUYLFH RYSWV WR U DQG RWKHU EDFN RI WKH ERRN $Q RULJLQDO FROOHFWLRQ Â… Â…

{ 49 D IRXUWK SULQWLQJ ILQH XVHG IRXU PDUJLQV FXW ,17(5(67,1* /27 RI PDWHULDO LQ DQ DOEXP

IURP DQ HOGHUO\ ORFDO FROOHFWRU RYHU FRYHUV FDUGV ZLWK D JRRG VHOHFWLRQ RI ::,, FHQVRUHG D FRYHU VLJQHG E\ ,QGLUD *DQGKL DLUOHWWHU VWXG\ %RHLQJ LOOXVWUDWHG IOLJKW FRYHUV *RRG TXDOLW\ Â… Â…

VTXDUH 5LFKWHU H[SHUW KV RQ UHYHUVH $ PRVW DWWU H[DPSOH PLQRU LPSHUIHFWLRQV 6* Â… Â… ^3KRWR` { &() RYSW VHWV )8 49 6* & &

(GZDUG 6* & & Â… Â…

{ .(9,, SRVWDO KLVWRU\ RQ SDJHV LWHPV LQF $//$+$%$' 63(&,$/ ),567 $(5,$/ 3267

{ .(9,, LVVXHV ILQH XVHG WR U 6*

2+06 WR U 6* 2 VHYHUDO H[WUDV KLJKO\ FDWDORJXHG Â… Â… ^3KRWR`

3,&725,$/ &$1&(/ RQ UHGLUHFWHG FRYHU VFDUFH &RURQDWLRQ VSHFLDO SPN FRYHU DQG VXQGU\ Â… Â…

&2521$7,21 'XUEDU WZR IROGHUV PXOWL

IUDQNHG (GZDUG RU .*9 LVVXHV ZLWK VSHFLDO PRQRJUDP FDQFHOV DQG D VXSHUE PXOWL FRORXUHG FDUG XVHG ZLWK VSHFLDO VORJDQ Â… Â… { .*9 86(' 67$03 &2//(&7,21 RQ ROG

48((1 9,&725,$ FROOHFWLRQ RI

FRYHUV FDUGV VWDWLRQHU\ ZULWWHQ XS RQ SDJHV LWHPV LQF ILQH HDUO\ VWDWLRQHU\ D JURXS RI FRYHUV WR %DWK 6RPHUVHW PXOWL IUDQNHG 9LFWRULDQ LVVXHV YDULRXV IUDQNHG FRYHUV WR 8. VROGLHU HQYHORSHV XQXVHG HWF $ JRRG FROOHFWRUV ORW Â… Â…

SDJHV VWDPSV WR U LQF SV YDULHW\ LQ SDLU ZLWK QRUPDO LQY RYSW RIILFLDOV D WHWH EHFKH EORFN 48(77$ ($57+ 48$.( FRYHU SRVWHG E\ WR U RIILFLDO VHW WR U HWF Â… Â… &RORQHO 0RQWJRPHU\ ZLWK D OHWWHU IURP KLV VRQ FRQILUPLQJ WKDW LW ZDV ZULWWHQ E\ 0RQWJRPHU\ ZLWK 4XHWWD (DUWK 4XDNH 3RVWDJH .*9 SRVWDO KLVWRU\ LQWHUHVWLQJ ORW RQ SDJHV )UHH KDQGVWDPS VFDUFH Â… Â… ^3KRWR` LWHPV LQF PDQ\ DLUPDLO FRYHUV LQF ,PSHULDO $LUZD\V ODUJH SLFWRULDO HQY PXOWL IUDQNHG FRYHU ZLWK %ULWLVK SRVWDJH 48(77$ ($57+48$.( 6LJQH *HRUJH &URVV GXHV JRRG UDQJH RI LQWHUQDO IOLJKWV HWF 2ULJLQDO ORW &RYHUV &DUGV HWF LQ RQH ODUJH YROXPH ZLWK DGGLWLRQDO LWHPV LQF Â… Â… SKRWR FDUGV ZLWK LWHPV VLJQHG E\ $ /XQJOH\ *& ) $OOHQ *& 5 6SRRUV *& 1DQGODO 7KDSD *& RYHU VLJQHG LWHPV ZLWK { ,() .*9 RYSW LVVXHV JRRG ORW RQ SDJHV LQ WKH PDQ\ DGGLWLRQ LWHP UHODWLQJ WR WKH 4XHWWD (DUWKTXDNH VHW XVHG RQ VKHHW ZLWK EDVH RIILFH % SPNV 1HZ <HDUV JUHHWLQJ Â… Â… FDUG PXOWL IUDQNHG DQG FDQF DW )32 WZR VFDUFH PXOWL IUDQNHG FRYHUV XVHG DW )32 6DPEXUX .HQ\D DQG )32 5($/ 3+272 W\SH SLFWXUH SRVWFDUGV LQF 0RVKL 7DQJDQ\LND TW\ Â… Â… FDUG ZLWK *DQGKL DQG &DOHQGDU 'U 3UDVDG 0DXODQD $EXONDODP $]DG ILQH XVHG Â… Â… &/$1'(67,1( RU WULDO VHUYLFH RYSWV RQ .*9 KLJK YDOXHV IUHVK XQXVHG U RQ U DQG U RQ U YHU\ IUHVK 9,&725,$ &5266 :,11(56 VLJQDWXUH DQG XQXVXDO Â… Â… ^3KRWR` FROOHFWLRQ RQ SLHFHV RU VSHFLDO LOOXVWUDWHG FRYHUV LQF ,VKDU 6LQJK 3UHPLQGUD 6 %KDFDW 3DUNDVK 6LQJK *LDQ 6LQJK &/$1'(67,1( RU WULDO VHUYLFH RYSWV RQ .*9 -HPDGDU +DLGHU 1DPGHR -DKRR %KDQGDUL 5DP 8PUDR KLJK YDOXHV XQXVHG U RQ U U RQ U GLII W\SHV YHU\ 6LQJK D VXSHUE FROOHFWLRQ RI VLJQHG LWHPV DOO E\ ,QGLDQ 9& IUHVK DQG XQXVXDO Â… Â… ^3KRWR` ZLQQHUV ZLWK PDQ\ H[WUD LWHPV ILOOLQJ D ORQJ YROXPH { 7(7( %(&+( JXWWHU EORFN RI SDLUV D 6* Â… Â… D 9)8 VSHFWDFXODU PXOWLSOH Â… Â…

,1'21(6,$

{ .*9, DQ H[WHQVLYH FROOHFWLRQ RQ SDJHV PDQ\ Â’ 1(: &855(1&< ZLWK YDOXHV IURP V WR U LQWHUHVWLQJ FRYHUV ZLWK ::,, FHQVRUVKLS DQG DLUPDLOV Â’ XQFKHFNHG IRU WKHLU SULQWLQJ IUHVK 80 PLQ FDW Â…

VWDPSV DUH )8 LQF VHW WR U 6* RIILFLDOV WR U HWF Â… Â…

Â… Â…

{ ,19(57(' :$7(50$5. òD W\SR 6* FZ

DV D )8 VWULS RI VL[ $ UDUH PXOWLSOH Â… Â…

,5$1 { +$1'67$03 ZLWK FRQWURO LQF SHUI VKDGHV

SULQWLQJV YDULHWLHV LQF GRXEOH SULQWLQJ RQ WKH IURQW DQG EDFN GRXEOH SULQWHG $ ILQH VHOHFWLRQ RI VWDPSV 6* FKLHIO\ )8 Â… Â…

Â’ *$1'+, WRS YDOXH U 6* PLQW

Â… Â…

{ $+0(' 0LUD RQ ROG SDJH ILQH XVHG ZLWK YDOXHV

Â’ 5$-$67$1 U )ORRG 5HOLHI VWDPS FRUQHU IROG Â’ RYHU PLVSHUIRUDWLRQ YDULHW\ ILQH 80 Â… Â…

WR NU 6* ZLWK VKDGHV Â… Â…

Â’ ,19(57(' &(175( &RURQDWLRQ FK 6* Â’ :(67 %(1*$/ S )ORRG 5HOLHI VWDPS FRUQHU Â’ DV VKHHWOHW RI ILYH DOO ZLWK LQYHUWHG FHQWUHV ZLWK FRUUHFW VWDPSV Â’ IROG RYHU PLVSHUIRUDWLRQ YDULHW\ ILQH 80 Â… Â…

SULQWHG RQ WKH UHYHUVH 3URGXFHG IRU FROOHFWRUV 9HU\ XQXVXDO Â… Â… ^3KRWR`

$1 2/'7,0( 75$',7,21$/ &2//(&7,21 2) 6 RQ SDJHV ZLWK LVVXHV WR .*9 VHW WR U )8 1HZ 'HOL DQG VLOYHU MXELOHH VHWV PLQW VHW LQF U U )8 *DQGKL 6HW IUHVK PLQW GHILQ VHW )8 5HSXEOLF VHW PLQW $]DG KLQG LVVXHV WR D PLQW 0DQ\ PLQW VHWV WR 2ULJLQDO ORW Â… Â…

Â’ ,19(57(' &(175( &RURQDWLRQ FK 6* Â’ DV D VKHHWOHW RI ILYH DOO ZLWK LQYHUWHG FHQWUHV 5HYHUVH KDV WKH

VWDPSV SULQWHG FRUUHFWO\ 9HU\ XQXVXDO Â… Â…

),1( $1' (;7(16,9( FROOHFWLRQ RI 4 DHURJUDPPHV ZLWK VXSHUE UDQJH RI GLIIHUHQW W\SHV XQXVHG LQF

SLFWRULDOV DGYHUWV D YHU\ LQWHUHVWLQJ ORW RI FRYHUV Â… Â…

,19(57(' &(175( &RURQDWLRQ FK 6* DV D VKHHWOHW RI ILYH ZLWK DOO KDYLQJ LQYHUWHG FHQWUHV WKH UHYHUVH KDV WKH VWDPSV SULQWHG FRUUHFWO\ 9HU\ XQXVXDO LWHP Â… Â… ^3KRWR`

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 50

Â’ ,19(57(' &(175( &RURQDWLRQ FK DV Â’ VKHHWOHW RI ILYH DOO ZLWK LQYHUWHG FHQWUHV 5HYHUVH KDV WKH

{ 86(' &2//(&7,21 DOO GLIIHUHQW LQ DQ DOEXP

VWDPSV SULQWHG FRUUHFWO\ 3URGXFHG IRU FROOHFWRUV DQG QRW RIWHQ VHHQ 6* Â… Â…

LQF GHILQV WR V GHILQV VHW (DVWHU 5LVLQJ RYSWV DLUPDLOV VHW +RO\ <HDU VHW *XLQQHVV VHW DQG PXFK PRUH &RQWLQXHV ZLWK GHFHQW UXQV WR IHZ V Â… Â…

Â’ ,19(57(' &(175( &RURQDWLRQ FK 6* Â’ DV D VKHHWOHW RI ILYH DOO ZLWK LQYHUWHG FHQWUHV 7KH UHYHUVH KDV 2+06 UHYLVHG VPDOO HQYHORSH IRU SRVW RIILFH

ZLWK G .*9 6* UHJG H[ 'XEOLQ WRJHWKHU ZLWK D PDWFKHG FRYHU ZLWKRXW XVH RI VWDPSV ZLWK SUHFHGLQJ UHJG QXPEHU H[FHSWLRQDO SDLU Â… Â…

WKH VWDPSV SULQWHG FRUUHFWO\ 9HU\ XQXVXDO Â… Â… Â’ ,19(57(' &(175( &RURQDWLRQ FK 6* Â’ DV VKHHWOHW RI ILYH DOO ZLWK LQYHUWHG FHQWUHV 5HYHUVH KDV WKH

2+06 UHYLVHG VPDOO HQYHORSH IRU SRVW RIILFH

VWDPSV SULQWHG FRUUHFWO\ 3URGXFHG IRU FROOHFWRUV 9HU\ XQXVXDO Â… Â…

ZLWK G .*9 6* UHJG H[ 'XEOLQ VXSHUE XVDJH VLQJOH IUDQNLQJ Â… Â…

,03(5,$/ $,5:$<6 (QGRUVHG IOLJKW FRYHU 4 ZLWK %RXFKLU %XVKLUH UHJLVWHUHG +6 DQG VSHFLDO FDFKHW ZLWK

4 $LUPDLO JURXS RI FRYHUV LQFO %HOIDVW WR

DQ LPSUHVVLYH VWDPS FRPELQDWLRQ LQF DLU RYSWV Â… Â… $'9(17 72 32:(5 6HW RI 6* QLFHO\

XVHG RQ 2+06 HQYHORSH DGGUHVVHG WR WKH %ULWLVK (PEDVV\ $WWUDFWLYH DQG XQXVXDO Â… Â…

/LYHUSRRO E\ )O\LQJ %RDW SOXV UHWXUQ IOLJKW IURP /LYHUSRRO ([WHQVLRQ )OLJKW WR ,QGLD )LUVW 'LUHFW )OLJKW WR ,QGLD ,PSHULDO $LUZD\V )OLJKW )OLJKW WR ,UDT *HQHUDOO\ FOHDQ DQG ILQH FRYHUV Â… Â… $LUPDLO )OLJKWV WR *HUPDQ\ ILQH WULR RI FRYHUV WR 4 GLIIHUHQW ORFDWLRQV DOO ZLWK VSHFLDO FDFKHWV DQG IUDQNLQJV

,5$4 4 *% DLUPDLOHG SRVWFDUG WR ,UDT /RQGRQ )6 $LU

0DLO FGV Â… Â… ,17(5(67,1* PL[WXUH FKLHIO\ V SHULRG LQF FRPPHPRUDWLYH VHWV LQ RULJLQDO SDFNHWV 80 KRPH PDGH FDUGV ZLWK ILQH XVHG LOOXVWUDWHG )'& V D JRRG ROG WLPH ORW IHZ VWDPSV Â… Â… Â’ 2%/,*$725< 7$; I RQ I I RQ G

I GHHS EURZQ I ODNH DQG VDPH ZLWK UH HQWU\ 6* 7 D ILQH PLQW Â… Â…

Â… Â… 3267$/ +,6725< WR RYHUVHDV GHVWLQDWLRQV

ZLWK PXFK LQWHUHVWLQJ DQG XQXVXDO LWHPV G UDWH WR $XVWUDOLD òG UDWH WR (J\SW UDUH XVH RI G UHJG HQY ZLWK G WR 'XWFK :HVW ,QGLHV G UDWH WR -DYD òG DLU UDWH WR 7DQJDQ\LND G 1HZPDQ RQ FRYHU WR 7UDQVYDDO VFDUFH KH[DJRQDO FDQFHOV S UDWH WR %ROLYLD DQG PDQ\ PRUH Â… Â… { 9DULHW\ PDOIRUPHG LQ )DWKHU 0DWWKHZV

G )8 RQ SLHFH 0: & % Â… Â… ^3KRWR`

Â’ 5(38%/,& I JUH\ EOXH VWULS RI ZLWK ::,, FHQVRUHG PDLOV G UDWH WR Â’ OLQH RI RYSW WUDQVSRVHG 6* D 80 YDU DW OHIW ,QGLD 5(',5(&7(' WR &H\ORQ GRXEOH FHQVRU WR

Â… Â…

$UJHQWLQD DQG WR 86$ Â… Â…

Â’ 5(38%/,& DOPRVW FRPSOHWH 3DLU RI SODLQ FRYHUV EHDULQJ G RUDQJH DQG G Â’ RYHUSULQWV RQ SRVWDJH LVVXHV 6* PLVVLQJ I LQGLJR 6* EOXH (DVWHU 5LVLQJ RYSWV 6* ERWK FDQFHOOHG ZLWK FOHDU Â’ D PRVWO\ 80 Â… Â…

),567 '$< SPN Â… Â…

$1*(/ $,50$,/ 67$036 XVHG RQ RYHUVHDV

81&/$,0(' 0$,/ WKUHH FRYHUV HDFK

DGGUHVVHG WR D GLIIHUHQW SRVWPDVWHU VHQW YLD DLUPDLO DOO UHWXUQHG WR VHQGHU YDULRXV SRVWDO PDUNLQJV DSSOLHG RQH FRYHU ZLWK 6\ULD SRVWDJH GXHV DSSOLHG ,QWHUHVWLQJ /RW FRYHUV Â… Â…

FRYHUV LQF S WR *HUPDQ\ VL[ VWDPS G UDWH WR 86$ G RQ SRVWFDUG WR 6ZHGHQ YHU\ HDUO\ XVH G WR &DQDGD WR 6RXWKHUQ 5KRGHVLD DQG PRUH $Q LQWHUHVWLQJ JURXS RI FRYHUV Â… Â… { $1 7RVWDO ,UHODQG DW KRPH VHW LQ EORFNV RI 6*

,5(/$1'

9)8 EORFNV Â… Â…

&29(5 ZLWK 49 G 6* RQ VPDOO HQY ZLWK

'XEOLQ GXSOH[ VHQW WR 0RQNVWRZQ ILQH &RUN FGV RQ WKH UHYHUVH Â… Â…

Â’ &200(025$7,9(6 LQ EORFNV RI LQF Â’ &DWKROLF 8QLYHUVLW\ $GPLUDO :LOOLDP %URZQ )DWKHU

)25(,*1 %,// G 5HYHQXH VWDPS RQ FRYHU

:DGGLQJ *XLQQHVV %UHZHU\ DQG (XURSD VHWV DOO ILQH XQPRXQWHG PLQW FDW Â… EORFNV Â… Â…

WLHG :,&./2: GXSOH[ FDQFHO WR 8. &RQWUDU\ WR UHJXODWLRQ XVDJH 8QXVXDO IDXOWV Â… Â…

Â’ 5$1*( RI ILQH 80 FRPPHPRUDWLYHV PRVWO\ LQ Â’ FRPSOHWH VHWV QRWH &DWKROLF 8QL $GPLUDO :LOOLDP

,1:$5' 0$,/6 WR ,UHODQG FRYHUV FDUGV

H[ $XVWULD UHJLVWHUHG H[ (J\SW 7DQJDQ\LND WR F UDWH H[ %ROLYLD HWF Â… Â…

%URZQ )DWKHU :DGGLQJ *XLQQHVV %UHZHU\ DQG (XURSD LVVXHV VWDPSV Â… Â…

3267$/ +,6725< *URXS RI LWHPV RI *% 29376 )5(( 67$7( LVVXH 6* FRYHUV FDUGV VRPH SRVWHG VWDWLRQHU\ LWHPV QRWH UHPDUNDEOH XVHG ORW RI V LQ D YHU\ ROG FOXE ERRN VXLWDEOH IRU 7HPSHUDQFH 6HW LQ EORFNV RI RQ UHJLVWHUHG H[SUHVV )'& WR VWXG\ òG G òG G òG ,QGLD DLUPDLOHG FRYHUV WR 9DWLFDQ &LW\ ILUVW LVVXH RI G G G G PL[HG FRQG OHWWHU FDUG $LU OHWWHU ZLWK YHU\ LQWHUHVWLQJ W\SHG FRQWHQWV PDQ\ VRXQG UDUHO\ RIIHUHG LQ XVHG TXDQWLW\ PLQ &9 LWHPV Â… Â… Â… Â… Â… Â’ 3522) 'ROODUG W\SH RYHUSULQW SURRI { *% 29376 5,$/7$5 G D UHPDUNDEOH XVHG LPSUHVVLRQ LQ EODFN SULQWHG RQ WKLQ ZKLWH SDSHU LQ D EORFN RI ORW RI RYHU VWDPSV LQ DQ HDUO\ FOXE ERRN H[FHOOHQW IRU Â… Â… VSHFLDOLVW VWXG\ SRVWPDUNV IHZ SHUILQV Â… Â… Â’ 5(9(18(6 3HWW\ 6HVVLRQV G JUHHQ G { *% 29376 WKH òG YDOXH UHPDUNDEOH XVHG ORW

URVH V G OLODF HDFK RYSWG 6SHFLPHQ DQG DIIL[HG WR SLHFH IURP DUFKLYH VKHHW Â… Â…

LQ DQ ROG FOXE ERRNOHW 5LDOWDU 6DRUVWDW WRWDOO\ XQFKHFNHG IRU YDULHWLHV SRVWPDUNV HWF 2YHU VWDPSV Â… Â… { *% 29376 WKH G 5,$/7$5 LVVXHV 2OG FOXE

ERRN FRQWDLQLQJ RYHU VWDPSV VXLWDEOH IRU VSHFLDOLVW VWXG\ RI RYSWV SPNV VRPH SHUILQV VSRWWHG SOXV òG UDUHO\ RIIHUHG LQ VXFK QXPEHUV VWDPSV Â… Â…

Â’ 6WDPS ERRNOHWV ZLWK G SDQH ZPN Â’ LQYHUWHG 6* Z 6) 6% 6* 6% ERWK LQ

ILQH FRQGLWLRQ Â… Â…

www.philangles.co.uk

place your bids online. Immediate and secure.

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 51

,7 &2/6 &+,1$

,7 &2/6 620$/,$

Â’ 7,(176,1 SRVWDJH GXHV F RQ F DQG

Â’ 5(' &5266 VHW 6DVVRQH 6 9)0 FDW

(XURV Â… Â…

F RQ F 6DVVRQH ILQH PLQW FDW (XURV Â… Â…

Â’ 0217(&$66,12 VHW 6DVVRQH 6 Â’ ILQH 80 Â… Â…

,7 &2/6 ($67 $)5,&$ Â’ 0,/,7$5< IUDQN FDUPLQH DLUPDLO VWDPS LVVXHG Â’ IRU $GGLV $EDED 0LOLWDU\ $LU 6KRZ FRUQHU PDUJLQDO EORFN RI

,7 &2/6 75,3

ZLWK LQVFULSWLRQV 6DVVRQH XQPRXQWHG PLQW FDW (XURV Â’ 7+,5' 1$7,21$/ '()(1&( VHW 6DVVRQH DSSUR[ Â… Â… Â… 6 PLQW FDW (XURV Â… Â… Â’ 0,/,7$5< IUDQN \HOORZ JUHHQ DLUPDLO VWDPS Â’ LVVXHG IRU $GGLV $EDED 0LOLWDU\ $LU 6KRZ FRUQHU PDUJLQDO Â’ $1 2/' 7,0( &2//(&7,21 RQ SDJHV EHWWHU LWHPV FDW Â… ZLWK PLQW VHWV GDWLQJ IURP WKH V LQF 9LUJLO EORFN RI ZLWK LQVFULSWLRQV LPSHUIRUDWH KRUL]RQWDOO\ 6DVVRQH DLUV 6W $QWKRQ\ VHW 0RQWHFDVVLQR VHW D QR JXP DV LVVXHG FUHDVHG DFURVV ORZHU SDLU FDW &RORQLDO SRVWDJH DQG DLU VHW RI DLUPDLO DQG H[SUHVV LVVXHV (XURV DSSUR[ Â… Â… Â… 5HFRPPHQGHG Â… Â…

,7 &2/6 (5,75($

Â’ ,03(5)25,7( 9(57,&$/ (5525 F RQ F

SDLU IUHVK PLQW 6DVVRQH L Â… Â… Â’ F RQ D SDLU ZLWK (ULWUHD DQG EDUV

,7 32 &5(7( { &203/(7( LVVXHV 6DVVRQH SOXV F Â’ ([SUHVV VWDPS PRVWO\ PLQW LQF ILQH PLQW F EURZQ

FDUPLQH DQG O XOWUDPDULQH DQG UHG FDW (XURV Â… Â…

PLVSODFHG GLDJRQDOO\ 6DVVRQH HD YIP Â… Â…

{ /$ &$1($ FRPSOHWH EDVLF LVVXHV Â’ PL[HG PLQW DQG XVHG LQF F O DQG O XVHG SOXV

Â’ F RQ D <HOORZ ZLWK YHUWLFDO VKLIW RI YDOXH Â’ XSZDUGV 6DVVRQH I ILQH 80 Â… Â… Â’ F RQ D EURZQ RUDQJH SDLU ZLWK (ULWUHD DQG

VXUFKDUJH RYHUODSSLQJ REOLWHUDWLQJ EDUV VKLIWHG 6DVVRQH RD 9)0 FDW (XURV Â… Â…

F ([SUHVV VWDPS XVHG 6DVVRQH FDW (XURV VWDPSV Â… Â…

,7 32 /(9$17

Â’ F RQ E EURZQ (OHSKDQW RQH ZLWK VXUFKDUJH Â’ VKLIWHG WR OHIW UHDGV F UDWKHU WR F RWKHU ZLWK REOLWHUDWLQJ Â’ EDUV VKLIWHG GRZQ RYHU QDPH 6DVVRQH J P 80 9)0

Â… Â…

*(1(5$/ ,668(6 F OLODF DQG O VFDUOHW 6DVVRQH ERWK XVHG O ZLWK FDQFHO FDW (XURV Â… Â…

,7$/,$1 &2/6 (17,5( WR /LYRUQR IURP ,WDOLDQ 3RVW 2IILFH LQ

Â’ F UHG EURZQ LQ EORFN RI IRXU (ULWUHD RYSW Â’ VKLIWHG WR ULJKW 6DVVRQH G 80 Â… Â…

(J\SW IUDQNHG ZLWK F FDUPLQH SDLU 6DVVRQH D &UHGLW /\RQQDLV $OH[DQGULH DQG 9LD %ULQGLVL FDFKHWV RQ IURQW SRVWPDUN VWDPSV ZLWK QXPHUDO DUULYDO PDUN RQ UHYHUVH Â… Â…

Â’ F RQ D (ULWUHD VKLIWHG XS LQWR VXUFKDUJH Â’ 6DVVRQH ILQH 80 Â… Â…

Â’ (5,75($ RYSWHG GHILQV 6DVVRQH 6

9)0 Â… Â…

{ $(*($1 ,6/$1'6 F EOXH DQG F

YLROHW XVHG RQ VPDOO EODQN FRYHU 6DVVRQH FDQFHOOHG E\ ODUJH FLUFXODU YLROHW /HURV SPN Â… Â…

Â’ $(*($1 ,6/$1'6 F RUDQJH QR +(/,2 9$8*,5$5' RXWVWDQGLQJ ZDWHU FRORXU ZDWHUPDUN 9LFWRU (PPDQXHO LVVXH IRU HDFK RI WKH LVODQGV HQKDQFH EOXH VKDUN KDPPHUKHDG VKDUN DQG EDODQFH ILVK ZLWK RYHUSULQWHG ILQH PLQW FDW (XURV Â… Â… F LPDJH DW WRS ULJKW $ VXSHUE LWHP WR HQKDQFH \RXU FROOHFWLRQ Â… Â… Â’ ($67 $)5,&$ UDUH PLOLWDU\ IUDPH VWDPS Â’ LQ FDUPLQH IRU OHWWHUV RYHUVHDV IUHVK 80 6DVVRQH &DW Â’ 3267$*( '8(6 F UHG DQG RUDQJH 4 (XUR Â… Â… Â… ^3KRWR` YDOXH DQG RYHUSULQW LQYHUWHG 6DVVRQH D 9)0 FDW (XURV Â… Â… { *(1(5$/ ,668(6 )RRWEDOO :RUOG &XS

SRVWDJH VHW 6DVVRQH 6 6* XVHG GRXEWIXO SRVWPDUNV FDW (XURV Â… Â…

,7 &2/6 /(9$17 { %(1*$6, SL RQ F EOXH 6DVVRQH

Â’ 2/'7,0( 0,17 &2//(&7,21 RQ SDJHV RI

9)8 Â… Â…

,WDOLDQ VWDPSV RYSW IRU XVH LQ 9HQH]LD *LXOLD LQF /LUH SRVWDJH GXH FDW Â… DORQH Â… Â…

{ &2167$17,123/( SL RQ O DQG SL

RQ O VXUFKDUJHV 6DVVRQH 9)8 FDW (XURV Â… Â… Â’ &2167$17,123/( VXUFKDUJHV VHW

9(1(=,$ *,8/,$ F *UHHQ GRXEOH RYHUSULQW YDULHW\ 6DVVRQH E YIX Â… Â… { 9(1(=,$ *,8/,$ F 2UDQJH

6DVVRQH ILQH PLQW FDW (XURV Â… Â…

GRXEOH RYHUSULQW YDULHW\ VDVVRQH E YIX Â… Â…

,7 &2/6 /,%<$

,7$/,$1 67$7(6

Â’ 6,;7+ 75,32/, )$,5 DLUPDLOV VHW RI

6DVVRQH $ $ 6 ILQH PLQW FDW (XURV Â… Â… Â’ (;35(66 F RQ F ZLWK VXUFKDUJH Â’ VSOLW DFURVV VWDPS DW WRS DQG WR RQ O ZLWK WULPPHG Â’ LQ VXUFKDUJH 6DVVRQH F 80 RU 9)0 FDW

(XURV Â… Â… Â’ 3267$*( '8(6 O FDUPLQH DQG EOXH Â’ /LELD RYSW LQ FHQWUH SOXV H[DPSOH ZLWK VOLJKW GRXEOLQJ RI RYSW Â’ 6DVVRQH H 80 9)0 Â… Â…

$1 (;&(37,21$/ *5283 RI +DQG 3DLQWHG 6WDPSV WDNHQ IURP $ 9LFWRULDQ $OEXP GLIIHUHQW LVVXHV H[HFXWHG WR WKH KLJKHVW RI VWDQGDUGV VXSHUEO\ GURZQ ZLWK 7XVFDQ\ /LRQ 3DSDO 6WDWHV 6DQ 0DULQR F 6LFLO\ ò JU 8QLTXH Â… Â… $1 (;&(37,21$/ *5283 RI +DQG 3ULQWHG 6WDPSV WDNHQ IURP $ 9LFWRULDQ $OEXP GLIIHUHQW LVVXHV H[HFXWHG WR WKH KLJKHVW RI VWDQGDUGV LQF &ODVVLF V RQ &RORXUHG 3DSHUV ZLWK 0RGHQD 3DUPD HWF 6XSHUE $GGLWLRQV Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 52

,7$/<

-$0$,&$

3$5&(/ 7$* 0DWHULDO [ PP

Â’ G 3DOH %OXH DQG G 'HHS a5RVH ZPN

&DPSLRQH 6HQ]D 9DORUH IUDQNHG [ F $UPV $W 7RULQR DGGUHVVHG WR DQ $VEHVWRV &RPSDQ\ LQ %UDGIRUG (QJODQG YHU\ XQXVXDO Â… Â… { Â’ F UHG ZLWK 6DJJLR RYSW 6SHFLPHQ 6DVVRQH 9)0 Â… Â…

3LQHDSSOH 6* D ILQH PLQW G OHIW PDUJLQ FXW VWUDLJKW Â… Â…

G EOXH ZPN &URZQ && S ODUJH 6ODVK YDULHW\ SUREDEO\ FDXVHG E\ D SDSHU LQWUXVLRQ 6* 9)8 JUHDW LWHP Â… Â…

Â’ 'HHS 5RVH ZPN FURZQ && KRUL]RQWDO SDLU

Â’ %DOER 7U\SWLFK VWULSV %RWK IUHVK PLQW ZLWK 4 %RUJ 3LORW RYSWV 6* Â… Â… ^3KRWR`

6* D PLQW FUHDVHG DQG WLHG SHUIV FDW Â… Â… Â…

Â’ G JUH\ DQG FDUPLQH 6HU HW IRU 6HUYLHW YDULHW\ $LUPDLO )OLJKW FRYHU IURP ,UHODQG WR 5RPH XVLQJ Â’ RQ KRUL]RQWDO VWULS RI 6* D 9)0 YDU 80 Â… Â… 4 DQ LQWHUHVWLQJ )ODJ HQYHORSH HDUO\ ODEHO G UDWH $UULYDO Â’

FDQFHO Â… Â…

Â’ 28767$1',1* TXDOLW\ IUHVK PLQW

{ O EURZQ &HQW RI 5RPDQ 5HSXEOLF YHUWLFDO

SDLU 0L 6* E ILQH XVHG Â… Â… $1 (;&(37,21$/ *5283 RI +DQG 3DLQWHG 6WDPSV WDNHQ IURP D 9LFWRULDQ DOEXP GLIIHUHQW GHVLJQV H[HFXWHG WR WKH KLJKHVW RI VWDQGDUGV LQF V LPSHUIV F F %OXH 3RVWDJH GXHV 6WDWLRQHU\ LPSUHVVLRQV HWF 5HPDUNDEOH Â… Â… Â’ &$03,21( $UPV GHILQV SHUI ò VHW Â’ 6DVVRQH D D VHW 6 VXSHUE 80 FDW (XURV

Â… Â…

GHILQLWLYHV H[WHQVLYH FROOHFWLRQ ZLWK GLIIHUHQW SHUI W\SHV DQG VKDGHV 6LOYHU :HGGLQJ 838 VHW DV SODWH EORFNV GHILQ VHW WR Â… ,QGHSHQGHQFH RYSW VHW RI SOXV D ILQH UDQJH RI FRPPHPRUDWLYHV VHWV VWDPSV Â… Â… { ),1( 86(' &2//(&7,21 ODUJHO\ FRPSOHWH IRU

WKH SHULRG LQF .*9, VHW WR Â… 56: VHW 4(,, GHILQV WR Â… ,QGHSHQGHQFH GHILQV VHW WR Â… ODWHU 4(,, VHWV FRPSOHWH QHDWO\ ODLG RXW LQ DQ DOEXP VHOGRP RIIHUHG 9)8 JRRG ORW VWDPSV Â… Â…

Â’ G ,QGHSHQGHQFH %XJOHU DQG 0DS 6* +(/,2 9$8*,5$5' RXWVWDQGLQJ ZDWHU FRORXU Â’ JURVVO\ PLVSHUIRUDWHG VLQJOH ILQH 80 Â… Â… HQKDQFHG EOXH ILQ WXQD ZLWK WKH LPDJH RI O ,VWULD DW WKH ERWWRP OHIW $ VXSHUE LWHP WR HQKDQFH \RXU FROOHFWLRQ Â’ 1(9(5 +,1*(' 0,17 DV EORFNV RI LQF Â… Â… Â’ GHFLPDO FXUUHQF\ WR &KULVWPDV 1DWLRQDO +HURV Â’ ,675,$ ORFDO SRVW VHW RYHUSULQWHG EORFNV Â… Â… Â’ 6DVVRQH ILQH 80 FDW (XURV Â… Â… %$&. 2) 7+( %22. VHOHFWLRQ 49 SRVWDO ILVFDOV LQF SRVWDO XVHG WHOHJUDSK VWDPSV 5HYHQXHV ,7$/,$1 0$5,7,0( )DVFLQDWLQJ GHWDLOHG ORW RI LQF HPERVVHG W\SHV RYSWG SRVWPDUNV Â… Â… LWHPV ZLWK PDQ\ DGGLWLRQDO LQ D ELQGHU ZLWK 5R\DO 1DYDO

&DUGV &DUGV GHSLFWLQJ QDPHG YHVVHOV WZR ::,, SRVWFDUGV ZLWK 5 1DYH &'6 SPNV FROOHFWLRQ RI YLJQHWWHV VHYHUDO LQWHUHVWLQJ FRYHUV HWF 0XFK FDUH WDNHQ DW DVVHPEOLQJ WKLV VWXG\ Â… Â… ^3KRWR`

&2//(&7,21 RI HDUO\ LVVXHV RQ SDJHV 0 8 GLG VSRW G :$7(50$5. ,19(57(' 0 6* DZ .*9 LQF ZDU VWDPS RYSWV HWF Â… Â… Â’ .*9 PLQW VHOHFWLRQ FDW Â… SLFWRULDOV

{ ,7$/,$1 2&&83$7,21 RI 5KRGHV ILQH XVHG

ZLWK VKDGHV G òG G G LQF EOXH SDOH GXOO RUDQJH 6* D IUHVK PLQW Â… Â…

ZLWK EHWWHU LQF )DVFLVW 0DUFK XVHG LQ 5KRGHV 6* FÂ… DLU VHW 6* :DU 9LFWLPV F WR F RQ ODUJH SLHFHV ZLWK )', FGV $ ILQH VHOHFWLRQ RI VWDPSV Â… Â…

Â’ .*9, YHU\ IUHVK ZLWK GHILQLWLYHV WR Â… ZLWK

VKDGHV DQG GLIIHUHQW SHUI W\SHV 838 VHW 1HZ &RQVWLWXWLRQ VHW 6FRXW VHW $ JRRG FROOHFWLRQ RI VWDPSV Â… Â…

,7$/,$1 6+,33,1* ([WHQVLYH FROOHFWLRQ RI

ROG SRVWFDUGV DQG RWKHU PDWHULDO GLVSOD\HG WR D KLJK VWDQGDUG LQ D ELQGHU ZLWK FRSLRXV QRWHV DQG LOOXVWUDWLRQV ZLWK PDQ\ ROGHU FDUGV LQF /OR\G 7ULHVWLQR LWHPV DQG DOO GLIIHUHQW QDPHG VKLSV *RRG ORW Â… Â…

{ 4(,, GHILQLWLYHV VHW RI DQG VHW RI

YHU\ ILQH WR ILQH XVHG Â… Â… Â’ :$5 7$; $ PRVW YDOXDEOH FKLHIO\

520( )$//6 72 7+( $//,(6 LOOXVWUDWHG

PLQW FROOHFWLRQ KLJKOLJKWHG ZLWK PDQ\ YDULHWLHV SODWH EORFNV HWF $UUDQJHG RQ SDJHV DQG FDUGV FROOHFWHG RYHU PDQ\ \HDUV ZH VSRWWHG PDQ\ G FRQVWDQW SODWH YDULHWLHV QRWLQJ ,:$5 òG G XVHG FRPELQDWLRQ SLHFH ZLWK òG QR VWRS YDULHW\ òG PLVSODFHG RYSW SDLU G GURSSHG $ òG LQYHUWHG ZPN )8 DQG PDQ\ PRUH VWDPSV Â… Â…

FRYHUV IURP WKH 0DUVKDOO ,VODQGV VLJQHG E\ SHUVRQDO WKDW WRRN SDUW &DSW : $ (LOORW 6DOHUQR /DQGLQJV 0DM 7KRPDV 6W $XE\Q .LQJV 5LIOHV 0DM *HQ 5D\PRQG /HXFKRUV :HOVK *XDUGV 0DM *HQ -RKQ 'RXJODV :LWKHUV %ULJDGLHU -RKQ 0DFNHQ]LH 6LFLO\ DQG ,WDO\ FDPSDLJQV DQG 0DM *HQ +HQU\ /DVFHOOHV $ ILQH VHW RI FRYHUV RQO\ RI HDFK ZDV LVVXHG VLJQHG YHU\ VFDUFH VHW RI VL[ FRYHUV Â… Â… ^3KRWR`

-25'$1 Â’ 86()8/ JURXS RI ILQH PLQW LVVXHV LQF DQG

Â’ 75,(67( =RQH $ ,WDOLDQ VHFWRU IUHVK 80 Â’ FROOHFWLRQ RI GLIIHUHQW 9* RYSWV WR / )77

RYSWV &HQWHQDU\ 6HW VDVV ([SUHVV VHWV )LQH ORW Â… Â… ^3KRWR`

,7$/< $8675,$1 7(55 { F UHG EURZQ 9HQH]LD 7ULGHQWLQD RYSW LQYHUWHG

6DVVRQH DD 9)8 FDW (XURV Â… Â… { 6(7 RYSWG 9HQH]LD 7ULGHQWLQD 6DVVRQH

ILQH XVHG FDW (XURV Â… Â… { 9(1(=,$ *,8/,$ F JUHHQ GRXEOH

RYHUSULQW 6DVVRQH E 9)8 FDW (XURV Â… Â…

(PLU GHILQ VHWV 2EOLJDWRU\ 7D[ PRVW YDOXHV WR Â…3 VXUFKDUJHV PRVW YDOXHV WR G RQ Â…3 LVVXHV PRVW YDOXHV WR I RQ P 2EOLJDWRU\ 7D[ VXUFKDUJHV VWF Â… Â… Â… Â’ I SXUSOH DQG UHG EURZQ G EURZQ ODNH DQG Â’ GHHS ROLYH GHILQLWLYH KLJK YDOXHV 6* Â… Â… Â’ .,1* +866(,1 GHILQLWLYHV VHW 6* ILQH Â’ 80 Â… Â…

2OG 3DJHV ZLWK LVVXHV WR LQF -RUGDQ RYSWHG IRU 3DOHVWLQH VPDOO EXW XVHIXO JURXS RI VWDPSV DOVR 7UXFLDO 6WDWHV VHW RI 80 Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 53

Â’ U 'HHS 9LROHW ZPN FURZQ FF 6*

.,5,%$7,

9)0 Â… Â…

Â’ ),1( 0,17 FROOHFWLRQ LQ DQ DOEXP IXOO RI

FRPSOHWH VHWV LQF GHILQLWLYHV FRPPHPRUDWLYHV DQG PLQLDWXUH VKHHWV VWF Â… DSSUR[ VWDPSV 06 Â… Â…

Â’ U &DUPLQH ZPN FURZQ FF 6* 9)0

Â… Â…

{ .(9,, òD WRS D ZPN &URZQ &$ 6* JRRG Â’ $1 (;7(16,9( /27 RI QHZ LVVXH PDWHULDO LQ D Â’ ER[ XP 0DQ\ V ZLWK SDFNHWV IXOO RI VHWV VSHFLPHQ RYSW WR ILQH XVHG FDW Â… Â… Â…

VHWV ERXJKW GLUHFWO\ IURP WKH 32 ZLWK GHILQ VHWV WR ILUVW GHILQ Â’ (':$5' òD WR U 6* VHW RI VHW DV JXWWHU SDLUV WR DQG PXFK PRUH $Q LQWHUHVWLQJ PLQW Â… Â… ORW Â… Â… Â’ (;7(16,9( FROOHFWLRQ RI VHWV IURP Â’ ,QGHSHQGHQFH WR LQF GHILQLWLYH 06 DQG D IHZ ERRNOHWV

67$03 %22./(7 U F 6*6% ZLWK RQH SDQH RI VL[ F UHPDLQLQJ $OO LQWHUOHDYLQJ DGYHUWV HWF FUHDVLQJ EXW D YHU\ UDUH H[DPSOH RI WKLV ILUVW ERRNOHW &DW Â… Â… Â…

RYHU VWDPSV 06 VXSHUE TXDOLW\ IUHVK 80 Â… Â… Â’ 8QPRXQWHG PLQW FROOHFWLRQ FKLHIO\ V V Â’ VHWV ZLWK YDOXHV WR LQF 'LIIHUHQW GHILQ VHWV PDQ\

{ V EULJKW EOXH 6* 9)8 Â… Â…

FRPPHPRUDWLYH VHWV 06 6KHHWOHWV 2IILFLDOV 3RVWDJH GXHV D { F WR V .*9 GHILQV 6* F PLQW RWKHUV YHU\ ILQH FROOHFWLRQ IURP WKLV SHULRG Â… Â… JRRG WR ILQH XVHG Â… Â…

.25($ 6287+

Â’ ),567 $11,9(56$5< RI 5HYROXWLRQ LQVFULEHG Â’ 9$5,(7< 6LOYHU -XELOHH OLQH WKURXJK RI Â’ LQ (QJOLVK VHW RI PLQLDWXUH VKHHWV ZLWK 3RVWDJH FRUUHFWHG 6* O PLQW Â… Â…

6* 06 D ILQH 80 Â… Â… Â’ 1(: &855(1&< GHILQLWLYHV VHW QR ZDWHUPDUN

6* PLQW FDW Â… Â… Â… Â’ Z ERWWOH JUHHQ %HOO RI .LQJ .\RQJGRN ZLWK Â’ ZPN 6* 80 Â… Â…

{ .*9 SLFWRULDO GHILQLWLYHV VHW 6* ILQH

XVHG Â… Â… Â’ (5525 F .*9, 'KRZ ZLWK 523( 127 Â’ -2,1(' 72 6$,/ 5 ZLWKLQ D SRVLWLRQDO EORFN RI 6*

D 80 Â… VHOGRP VHHQ LQ D SRVLWLRQDO EORFN

Â… Â… Â’ Z \HOORZ EURZQ 6LND 'HHU ZLWK ZPN 6* Â’ 80 Â… Â… Â’ .*9, GHILQLWLYHV YHU\ IUHVK PLQW ZLWK YDOXHV WR Â’ '(),16 6(7 ZLWK 0LQLVWU\ RI &RPPXQLFDWLRQV

ZPN 6* ILQH PLQW FDW Â… Â… Â… Â’ 0,1,$785( 6+((7 FROOHFWLRQ ZLWK D Â’ FDWDORJXH YDOXH RYHU Â… ZLWK EHWWHU 3ODQWV

XQFKHFNHG IRU SHUI W\SHV VWDPSV Â… Â… Â’ .*9, 9$5,(7< F 0RXQWDLQ UHWRXFK 6* D Â’ IUHVK 80 ZLWKLQ EORFN Â… Â… Â’ 9DULHW\ F UHWRXFKHG YDOXH WDEOHW 6* $'

.RUHDQ :DU 2O\PSLFV )DLU\ DOO IUHVK 80 Â… Â…

IUHVK 80 LQ SODWH PDUJLQDO EORFN Â… Â…

Â’ 8102817(' &2//(&7,21 RI GLIIHUHQW Â’ LVVXHV DV FRPSOHWH VHWV YHU\ ILQH PDWHULDO Â… Â…

5R\DO 6LOYHU :HGGLQJ 6HW RQ UHJG FRYHU

6* )LUVW 'D\ &DQFHOV (QWHEEH 8JDQGD Â… Â… { 4(,, GHILQLWLYH VHWV VHW RI VHW RI

.25($1 &/8% FROOHFWLRQ RI LOOXVWUDWHG

FRYHUV 7KH 0LGGOHVH[ 5HJLPHQW DOO VLJQHG LQF &RO $PDQ %ULJDGLHU 5 *Z\Q 0DM & / /DZUHQFH 0DM % 5HHG &RO - 1 6KLSVWHU ZLWK PDWFKLQJ UHI QXPEHUV RQ WKH UHYHUVH VFDUFH JURXS RI FRYHUV Â… Â…

.87

DQG .HQ\D :LOGOLIH VHW RI )LQH WR YHU\ ILQH XVHG Â… Â… { 5(9(18( XVDJH RI .*9 KLJK YDOXHV RQ SLHFH

VWDPSV YDOXHV WR U LQF U U FRPELQDWLRQ SLHFH ZLWK FRPSOHWH EDQN RYDO U U 8JDQGD 5HYHQXH RYSW HWF *RRG JURXS UHTXHVW VFDQ Â… Â…

Â’ 681%8567 DQG &URZQ VHW RI 6*

/$%8$1

DV OLVWHG LQ 6* DV WKH VHW LQF VFDUFH U JUH\ SOXV VHW RI Â’ F EOXH ZPN &$ RYHU ; FURZQ WZR H[DPSOHV 6* PLQW FDW Â… Â… Â… ZLWK ZPN VLGHZD\V XSZDUGV DQG GRZQZDUGV 6* XQXVHG Â’ )5(6+ 0,17 VHOHFWLRQ RQ ROG SDJHV QRWH IDXOWV FDW Â… Â… Â… &URZQ WR U %ULWLVK (DVW $IULFD RYSWV (GZDUGV WR Â’ F EOXH ZPN &URZQ && 6* PLQW U òD WR D ORYHO\ TXDOLW\ VWDPSV KLJKO\ Â… Â… FDWDORJXHG Â… Â… { 0RPEDVD 3URYLVLRQDOV ò $QQD RQ D

{ F FDUPLQH ZPN &URZQ && UHYHUVHG 6*

YHUPLOLRQ $ ' LQLWLDOV 6* ILQH XVHG UDUH VWDPS Â… Â…

JRRG XVHG Â… Â…

Â’ òD WR D FRPSOHWH ZPN FURZQ &$ 6*

{ F FDUPLQH ZPN &URZQ && 6* XVHG

Â… Â…

ILQH PLQW Â… Â…

Â’ F RQ F FDUPLQH 6* ILQH PLQW { ò RQ D DQG ò RQ D DOO WKUHH W\SHV RI HDFK

Â… Â…

YDOXH 6* YHU\ ILQH XVHG Â… Â…

Â’ F RQ F FDUPLQH 6* W\SH 7 VXUFKDUJH 6* { %5,7,6+ ($67 $)5,&$ RYHUSULQWV RQ =DQ]LEDU

PLQW Â… Â…

ZPN VLQJOH URVHWWH 6* 9)8 Â… Â…

Â’ F DPEHU ZPN &URZQ &$ EORFN RI ZLWK Â’ U 'HHS 9LROHW ZPN FURZQ && 6* YHU\ ILQH Â’ PDUJLQV RQ VLGHV 6* VWDPSV ILQH 80 KLQJHG RQ PLQW Â… Â…

PDUJLQ Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 54

Â’ F RQ F FDUPLQH 6* W\SH 7 DQG 7

{ G WR G H[ G ZPN &URZQ &$ 6*

VXUFKDUJHV 6* PLQW IDXOWV FDW Â… Â… Â…

XVHG Â… Â…

Â’ F RQ F FDUPLQH 6* W\SH 7 VXUFKDUJH 6* Â’ .(9,, òG WR V ZPN FURZQ &$ 6* 9)0

Â… Â…

PLQW Â… Â…

Â’ 49 F ZLWK VKDGHV DQG RQH ZLWK ZPN UHYHUVHG Â’ 3$*(6 ZLWK XVHIXO SLFNLQJV LQF 49 GHILQ

VHW WR 6* PLQW 49 DQG (GZDUG VWDPSV Â… Â…

F GHHS YLROHW PDXYH F ZLWK WZR PLQW ZPN UHYHUVHG PDLQO\ ILQH PLQW VWDPSV Â… Â… Â’ 685&+$5*(6 F RQ F 6* DQG 6*

63(5$7, 3KRWRJUDSKLF )RUJHULHV 49 G DQG VKRZLQJ D YDULHW\ RI FDQFHOV 6FDUFH JURXS Â… Â…

IUHVK PLQW Â… Â…

Â’ F URVH UHG ZPN &URZQ &$ VKHHWOHW RI WHQ 6* /$26 Â’ KLQJHG RQ PDUJLQ DW WRS VWDPSV 80 Â… Â… Â’ Â’ &2035(+(16,9( PLQW FROOHFWLRQ RQ

Â’ 49 ZPN &URZQ &$ GHILQV VHW ZLWK DGGLWLRQDO F

DQG F OLVWHG VKDGHV 6* [ D E PLQW FDW Â… Â… Â… Â’ F RQ F PDXYH ZPN &URZQ &$ VKHHWOHW RI

6* ILQH PLQW Â… Â… Â’ F RQ F PDXYH VPDOO PLQW JURXS LQF EORFN RI

WZR H[DPSOHV ZLWK LQYHUWHG VXUFKDUJH SOXV LQWHUHVWLQJ H[DPSOH ZLWK SDUW RI &HQWV RPLWWHG 6* D JRRG WR ILQH PLQW LWHPV Â… Â…

<YHUW SDJHV VXEVWDQWLDOO\ FRPSOHWH DQG YHU\ ILQH LQF VFDUFH -XELOHH VHW ZLWK S WRS YDOXH %XGGKD VHW (OHSKDQWV GLII 06 HWF $Q H[FHOOHQW PDQ\ V Â… Â… )5(6+ XQPRXQWHG PLQW ZLWK EHWWHU VHWV QRWH ILUVW GHILQ VHW /DRWLDQ :RPHQ 838 %XGGKD DQG VFDUFH *ROGHQ -XELOHH VHW 6XSHUE UDQJH RI VWDPSV DV VHWV Â… Â…

/$79,$ { $,5 &+$5,7< VHWV SHUI DQG LPSHUI 6*

Â’ F RQ F RFKUH 6* ILQH PLQW

D E ILQH XVHG VWDPSV Â… Â…

Â… Â…

{ $17, 7% VXUFKDUJHG VHW RI 6*

Â’ F RQ F RFKUH 6* W\SH 7 VXUFKDUJH 6*

VXSHUE XVHG QRWH V RQ V 6* WZR GLIIHUHQW VKDGHV VWDPSV Â… Â…

YHU\ ILQH PLQW KRUL]RQWDO SDLU Â… Â…

{ $,5 &+$5,7< 3LRQHHUV RI $YLDWLRQ LPSHUI VHW

{ F RQ F RFKUH F RQ F JUH\ VXUFKDUJHV

RI 6* E E YHU\ ILQH XVHG Â… Â…

6* XVHG Â… Â…

{ $,5 &+$5,7< 3LRQHHUV RI $YLDWLRQ SHUI VHW RI

{ F RQ F JUH\ 6* W\SH VXUFKDUJH 6*

6* D D YHU\ ILQH XVHG Â… Â…

JRRG XVHG Â… Â…

{ $,5 VHW LPSHUI 6* E E ILQH XVHG Â’ 49 F WR F ZLWK D VWXG\ RI VKDGHV 6*

Â… Â…

LQF F %URZQ EXII D JRRG ORW RI VWDPSV PLQW Â… Â…

{ $,5 VHW RI SHUI 6* D D ILQH XVHG

Â’ 6KHHWOHW RI 7HQ F 6* '/5 SULQWLQJ Â’ VWDPSV IUHVK 80 KLQJHG LQ RXWHU PDUJLQV $ UDUH LQWDFW

Â… Â…

VKHHWOHW Â… Â… ^3KRWR`

{ 0,/,7,$ 0DLQWHQDQFH )XQG VHWV SHUI DQG LPSHUI 6* E ILQH XVHG VWDPSV Â… Â… 6KHHWOHW RI 7HQ F 6* VWDPSV IUHVK 80 LQF YDULHW\ 1R GRW LQ XSSHU OHIW 6* E SULQWHUV FURVV LQ { $,5 &+$5,7< VHW ZRXQGHG /DWYLDQ DLUPHQ PDUJLQ 6FDUFH '/5 LWHP Â… Â… ^3KRWR` IXQG LPSHUI 6* D D YHU\ ILQH XVHG Â… Â… { 685&+$5*(6 RQ VFDUOHW FRPSOHWH VHW 6* 9)8 FHQWUDO FGV SPNV Â… Â… { $,5 &+$5,7< VHW ZRXQGHG /DWYLDQ DLUPHQ

IXQG SHUI 6* D D YHU\ ILQH XVHG Â… Â…

Â’ 685&+$5*(6 RQ VFDUOHW 1RUWK %RUQHR

FRPSOHWH VHW 6* ILQH PLQW Â… Â…

{ $,5 :281'(' /DWYLDQ $LUPHQ )XQG SHUI VHW

685&+$5*(6 RQ 6* QRWH VHW RI PLQW 6SHFLPHQ RYSW VHW RI F RQ SRVWDOO\ XVHG $ ILQH ORW RI VWDPSV FKLHIO\ PLQW Â… Â…

{ $,5 :281'(' /DWYLDQ DLUPHQ IXQG LPSHUI VHW

{ /$%8$1 RYSWG VHW 6* ILQH XVHG ZLWK

RI 6* $ $ YHU\ ILQH XVHG VFDUFH VHW Â… Â… RI 6* E E ILQH XVHG Â… Â… { $,5 :281'(' /DWYLDQ $LUPHQ )XQG LPSHUI

FHQWUDO FGV SPNV Â… Â…

VHW RI 6* % % YHU\ ILQH XVHG VFDUFH Â… Â…

08/7,3/( IUDQNLQJ FRYHU FRORXUIXO

FRPELQDWLRQ RI F F DQG F SLFWRULDO GHILQV ZLWK WKUHH Â’ ,1'(3(1'$17 5(38%/,& VHWV $UPV Â’ VXUFK LQF UHSULQWV /LEHUW\ 2O\PSLF /LEHUW\ VXUFK DQG H[DPSOHV RI HDFK DSSOLHG 6* UHJG HQY ZLWK /DEXDQ &KULVWPDV $ IUHVK 80 FROOHFWLRQ RI VWDPSV Â… Â… FGV SPNV DUFKHG 5HJLVWHUHG FDFKHW DQG YDULRXV SRVWDO PDUNLQJV Â… Â… 3$5&(/ &$5'6 RI WKH V RYHU GLII ZLWK PDQ\ GLII WRZQ DQG YLOODJH FGV FDQFHOODWLRQV DQG D ZLGH 63(&,0(1 RYHUSULQW VHW RI 6* V V UDQJH RI XVDJHV RI WKH &RDW RI $UPV LVVXHV ([FHOOHQW VHOGRP VHHQ DV D FRPSOHWH VHW Â… Â… ORW Â… Â… Â’ FODUHW DQG RUDQJH OLQH WKURXJK % YDULHW\ 6* 3267$/ +,6725< SUH VWDPS OHWWHU E PLQW Â… Â… 5LJD WR /HP]DO ZLWK ODUJH .3 5LJD FDQFHO XVHG RI RIILFLDO

/$*26 Â’ V *UHHQ DQG %URZQ ZPN FURZQ &$ 6*

*RRG WR ILQH PLQW Â… Â…

FRUUHVSRQGHQFH OHWWHU WR /RQGRQ ZLWK 3 LQ DQ RYDO FKDUJH DW G UDWH HQWLUH ZLWK VPDOO 5LJD FGV FLUFXODU WR :ROPDU ZLWK .3 5LJD RIILFLDO KV ZLWK DGGLWLRQDO PDWHULDO IRXU LWHPV LQWHUHVWLQJ ORW Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 55

Â’ <HDUERRN ZLWK WKH VWDPSV KDYLQJ D Â’ FDWDORJXH YDOXH RYHU Â… DQG

ZLWK PDQ\ VHWV LQ 06 $ ILQH VHOHFWLRQ Â… Â…

/(%$121 { 672&. 3$*(6 ZLWK VWDPSV KLJKO\ Â’ FDWDORJXHG ZLWK )UHQFK &RORQLHV RYSWV LVVXHV HDUO\ DLUV LQF

0$&$8 { 3529,625,2 RYSWV DQG VXUFKDUJHV LQF òD RQ

òU QHZVSDSHU VWDPS WKHQ D RQ U EODFN WR D RQ U EOXH FRPSOHWH DOO LQ KRUL]RQWDO SDLUV 6* 1 9)8 FDW Â… SDLUV Â… Â… Â’ <($5 %22.6 LQ SULVWLQH XQRSHQHG Â’ FRQGLWLRQ PDQ\ 80 VHWV Â… Â…

RYSWV QRWH DLU VHW RI PLQW DLU 06 PLQW 3UHVLGHQW UHWXUQ VHW RI PLQW $ YHU\ JRRG ORW FKLHIO\ PLQW Â… Â… Â’ 672&. 3$*(6 ZLWK EHWWHU SLFNLQJV LQF Â’ DLU %XWWHUIOLHV WR S %XWWHUIOLHV VXUFK LQF S RQ S

EORFN RI S RQ S EON RI LQWHUHVWLQJ ORW ZLWK PDQ\ EHWWHU KLJK YDOXHV IUHVK 80 &KLHIO\ V HDUO\ V LVVXHV Â… Â…

Â’ &$7 Â… VHYHQ GLII VKHHWOHWV IUHVK Â’ 80 LQF VFDUFH 6QDNHV DQG )LVK WKH VKHHWOHWV DUH

VHOGRP VHHQ LQ FROOHFWLRQV Â… Â… Â’ &$7 Â… \HDU FROOHFWLRQV IUHVK 80 Â’ VWDPSV DQG 06 LQF 'U 6XQ <DW 6HQ SULVWLQH

Â… Â…

0$'$*$6&$5

/((:$5' ,6 Â’ .(9,, ZPN FURZQ &$ GHILQV VHW 6* 9)0

Â… Â… Â’ (5525 G VFDUOHW ZLWK ', IODZ 6* D YHU\

OLJKWO\ PRXQWHG PLQW Â… Â… Â’ (5525 G EURNHQ ( LQ /HHZDUGV 6* DE

IUHVK PLQW VFDUFH Â… Â… Â’ (5525 WRS YDOXH Â… ZLWK EURNHQ ORZHU ULJKW

&855(1&< 67$03 DSSUR[ [ PP WRNHQ ZLWK F VWDPS RQ RQH VLGH SLFWXUH RI =HEX DQG LQVFULSWLRQ FUHDVHG DQG ZLWK D JOD]H RYHU ERWK VLGHV VLPLODU H[DPSOH UHDOLVHG FKI LQ 0DLVRQ 3DORPER 'HF DXFWLRQ LQ 6ZLW]HUODQG Â… Â…

0$/$:, Â’ 3URYLVLRQDO RYHUSULQW . RQ 7 DV SODWH Â’ FRUQHU EORFN ZLWK . RPLWWHG HUURU RQ HDFK XQLW UDUH $

QHZ GLVFRYHU\ IURP D QHZ LVVXH VHUYLFH 1RUPDO VWDPS WR FRPSDUH Â… Â…

VFUROO 6* DH IUHVK PLQW YHU\ VFDUFH Â… Â…

Â’ 3URYLVLRQDO RYHUSULQW . RQ 7 DV SODWH Â’ 9$5,(7< Â… ZLWK GDPDJH WR WRS VFUROO OLVWHG LQ Â’ FRUQHU EORFN ZLWK . 20,77(' (5525 RQ HDFK XQLW

WKH .*9, /DUJH .H\ 7\SH E\ ( <HQGDOO 6* YDU PLQW Â… Â…

672&. &$5'6 ZLWK FKLHIO\ .*9, LVVXHV ZLWK GHILQV WR Â… LQF Â… FKLHIO\ IUHVK PLQW GHILQV WR Â… PLQW VWDPSV Â… Â…

/,(&+7(167(,1

UDUH $ QHZ GLVFRYHU\ IURP D QHZ LVVXH VHUYLFH 1RUPDO VWDPS WR FRPSDUH Â… Â… Â’ 3URYLVLRQDO RYHUSULQW . RQ 7 DV 80 SODWH Â’ FRUQHU EORFN ZLWK RYHUSULQW LQYHUWHG HUURU UDUH UHFHQWO\

GLVFRYHUHG IURP D QHZ LVVXH VHUYLFH SRVVLEO\ WKH RQO\ SODWH ERFN DYDLODEOH 5DUH Â… Â…

{ 32575$,76 VHW RI 6* YHU\ ILQH XVHG Â’ 3URYLVLRQDO RYHUSULQW VHW RI IRXU HDFK YDOXH ZLWK Â’ 29(535,17 ,19(57(' IUHVK 80 5HFHQWO\ GLVFRYHUHG IURP FDW Â… Â… Â…

D QHZ LVVXH VHUYLFH 7R EH OLVWHG LQ 6* Â… Â…

{ (8523$ 6* YHU\ ILQH XVHG

0$/$< 67 )06

Â… Â…

{ (OHSKDQWV 6* 9)8 6XSHUE FRORXU

/,7+8$1,$

Â… Â…

Â’ 0,17 &2//(&7,21 RQ SDJHV ZLWK EHWWHU VHWV

Â’

Â’

{

Â’ Â’

0$/$< 67 -2+25( LQF 1DWLRQDO $VVHPEO\ DLUV 8QLRQ RI 0HPHO 'HDWK RI *UDQG 'XNH 2O\PSLDG )XQG VHW 6FRXW DQG *XLGHV Â’ ),1( 0,17 JURXS LQF 49 F RQ RYSW VHW DLU RYSW VHW RI DLU VHW $ YHU\ ILQH F RQ F ZPN VLQJOH URVHWWH F WR FROOHFWLRQ RI VWDPSV HDFK GLIIHUHQW Â… Â… Â… Â… 1(: &855(1&< PLQW ZLWK EHWWHU VWDPSV LQF 0$/$< 67 .('$+ F RQ D 6* FÂ… F RQ D 6* FÂ… DLUV VHW RI Â’ 68/7$1 VHW RI 6* IUHVK FRORXU $ YHU\ JRRG FROOHFWLRQ RI VWDPSV Â… Â… PLQW Â… Â… ,03(5)25$7(' VHWV IUHVK PLQW LQF ,QGHSHQGHQFH $XVUD 3RUWUDLWV DLU &KLOG :HOIDUH LQF DLUV /,7(5$785( .HGDK DQG 3HUOLV FDW Â… VWDPSV Â… Â… +ROOH\ VLJQHG FRS\ +% SS D QHZ (VVHQWLDO SKLODWHOLF LQIRUPDWLRQ Â… Â… ),1( 86(' RQ D VWRFN SDJH FKLHIO\ V LVVXHV LQF DLU VHW RI ,QGHSHQGHQFH DLU VHW RI 0$/$< 67 .(/$1 2USKDQV )XQG VWDPSV 06 Â… Â… { F WR 6XOWDQ ,VPDLO GHILQV 6* ILQH /8;(0%285* XVHG Â… Â… (XURSD 6HW IUHVK 80 6* &DW Â… Â… Â… 0$/$< 67 3(5$. { 21( &(17 3(5$. RQ F UDQJH RI GLIIHUHQW

Â’ (XURSD 6HW IUHVK 80 6* &DW Â’ Â… Â… Â…

W\SHV LQF 6* E 6* JRRG XVHG Â… Â…

(XURSD 6HW RQ LOOXVWU )'& H[WUHPHO\ ILQH

0$/$< 67 6$%$+ Â’ ,03(5) 3$,5 F &RIIHH 6* YDU RQ VWDPS Â’ ZPN SDSHU IUHVK 80 Â… Â…

Â… Â… $1 (;&(37,21$/ 75,2 RI +DQG SDLQWHG 6WDPSV GDWLQJ IURP DERXW V WDNHQ IURP D 9LFWRULDQ $OEXP LQF )LUVW LVVXH F 8QLTXH Â… Â…

Credit Cards

The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 56

Â’ '$0$*(' 9$/8( 7$%/(7 G 6* D

0$/$< 67 6(/$1*

IUHVK PLQW Â… Â…

Â’ 7\SH ZLWK VWRS F RYSW ILQH PLQW

6* Â… Â… ^3KRWR`

Â’ %52.(1 &5266 9$5,(7< òG EODFN 6*

Â’ 7\SH F RYSW DV VXSHUE 80 PDUJLQDO EORFN Â’ *HP 6* Â… Â… ^3KRWR` Â’ W\SH F 2937 PLQW 6*

Â… Â… ^3KRWR` Â’ .*9, SHULRG 0RVTXH F F F F

6XOWDQ 6XOWDQ VHW RI 838 VHW RI FDW Â… PDLQO\ IUHVK PLQW VWDPSV Â… Â…

0$/$< 67 675$,76

E ILQH PLQW Â… Â… *(25*( &5266 :LQQHUV UHODWHG WR ::,, 8QFRQTXHUHG ,VOHV ZLWK RYHU VLJQHG LWHPV VHHQ WHOHJUDSK IURP WKLV SHULRG WR FUHZ PHPEHUV RQ ERDUG WKH 2KLR VLJQHG FRYHUV LQF - 7HPSOHWRQ &RWLOO &DSW 0DVRQ - 'XFNZRUWK : &OXII - 5 )RUEHV + :DONHU - *UHVRQ WR QDPH MXVW D IHZ IURP WKLV WZR YROXPH FROOHFWLRQ ZLWK PDQ\ DGGLWLRQDO LWHPV RXWVWDQGLQJ FROOHFWLRQ GHGLFDWHG WR 0DOWD ::,, +LVWRU\ Â… Â… { .*9, ILQH XVHG GHILQLWLYH VHWV VHW RI

Â’ F EURZQ F \HOORZ EURZQ ZPN &URZQ && 6*

D PLQW FDW Â… Â… Â…

DQG RYSW VHW RI Â… Â… 0$/7$ 3267$*( 3$,' óG 1HJDWLYH 6HDO

Â’ :0. &52:1 &$ GHILQV VHW SOXV VKDGHV 6*

D E D D PLQW VRPH IDXOWV FDW Â… Â… Â…

&LUFD RQ D SDLU RI ORFDO 1HZVZUDSSHUV 9HU\ XQXVXDO Â… Â… { 4(,, GHILQLWLYH VHWV VHW RI DQG VHW

Â’ F RQ F EOXH VXUFK RQ UHG 6* ILQH

RI ILQH XVHG Â… Â…

PLQW Â… Â…

0$85,7$1,$

Â’ .(9,, F WR F F WR ZPN 0XOW &URZQ &$

2/' $/%80 3$*(6 ZLWK PDQ\ KLJK YDOXHV QRWH 'U %DLOH\ I I I VHW WR I VXUFK WR I D YDOXDEOH FROOHFWLRQ RI VWDPSV FKLHIO\ PLQW Â… Â…

6* OLJKWO\ WRQHG DW HGJHV RWKHUZLVH 9)0 Â… Â… { SXUSOH DQG EOXH RQ EOXH ZPN 6FULSW &$

6* E ILQH XVHG 6LQJDSRUH FGV Â… Â…

0$85,7,86

Â’ .*9, GHILQLWLYH VHW RI LQF 'LH ,, VHW RI VL[ DQG { 49 3267 3$,' G UHG EOXLVK SDSHU 6* ILQH

'LH , VHW RI PLQW FDW Â… Â… Â…

XVHG FDW Â… Â… Â…

{ 5(9(18(6 49 VHOHFWLRQ RQ ROG SDJHV

WDOO EOXH W\SHV WR VPDOO IRUPDWV WR *RRG FRQGLWLRQ Â… Â…

{ G UHG RQ EOXLVK ZRUQ LPSUHVVLRQ 6* FOHDU

VWULNH RI 3DLG FDQFHO IRXU ODUJH PDUJLQV Â… Â… { 2/' 7,0( &2//(&7,21 RQ SDJHV ZLWK LVVXHV Â’ PDLQO\ WR ZLWK PDQ\ EHWWHU LWHPV G PLQW SDLU DQG

0$/$< 67 75(1** Â’ ,PSHUI SURRI SDLU F 6* RQ FRXUVH EXII Â’ SDSHU ILQH $36 FHUW Â… Â…

VLQJOH UHSDLUHG EXW QRW LVVXHG UHG EURZQ DQG EOXH PLQW UHLVVXHG G 6* D XVHG G $UPV 6LOYHU -XELOHH VHW 6LOYHU :HGGLQJ VHW PLQW 838 VHW PLQW GHILQV WR U 0 GHILQ WR U 0 %LUGV LQF F HUURU RI FRORXU $ ILQH FROOHFWLRQ RI VWDPSV ZLWK VWUHQJWK LQ PLQW LVVXHV Â… Â…

0$/$<$

$1 2/'7,0( FROOHFWLRQ 49 .*9 RI VWDPSV RQ SDJHV PDQ\ KLJK FDW VWDPSV 0 8 49 ILUVW RYSWV òF F F F 6* FDW Â… PLQW 49 LVVXHV { %5,7$11,$ VHW RI ZLWK WKH G DQG ERWK ZLWK ILQH % FDQFHOV 6* WKH G H[SHUWLVHG RQ WKH WR F 0 SURYLVLRQDO RYSWV )8 49 VHW PLQW 6* UHYHUVH Â… Â… F RQH F 6* PLQW EORFN (GZDUG F PLQW EORFN /DEXDQ RYSWV LQF F 6* 9)8 6* { 48((1 9,&725,$ ZPN && WR ZLWK VKDGHV 9)8 (GZDUGV WR 0 VHW WR 0 6* 0DQ\ HDFK GLIIHUHQW LQF G ZPN LQYHUWHG 6* Z ERWK RQO\ JRRG DQG KLJK &9 ORWV PL[HG FRQGLWLRQ WKRXJK PXFK LV ILQH PLVVLQJ WKH G FKLHIO\ ZLWK ILQH % FDQFHOV Â… Â… *RRG RULJLQDO ORW Â… Â… Â’ 685&+$5*(' ORFDOO\ VHW RI 6* 0$/$<$1 67 6(/$1* SOXV F RQ F ZLWK GRXEOH RYSW RQH LQYHUWHG 6* F IUHVK PLQW Â… Â… Â’ 49 F 2937V ZLWK GLII W\SHV RI 2937 Â’ .*9 '(),1,7,9(6 WR U ZLWK DGGLWLRQDO PLQW GLII 6* *RRG WR Y ILQH RQH ZLWK SODWH QXPEHU Â… Â… ^3KRWR` VKDGHV DQG 'LH ,, V LQF F U U LQF 6* $ YHU\ JRRG UDQJH EHWZHHQ 6* G IUHVK PLQW HDFK 0$/7$ GLIIHUHQW Â… Â… $ VSHFWDFXODU UHJLVWHUHG FRYHU WR 3DULV ZLWK Â’ .*9 '(),1,7,9( VHW WR U ZLWK DGGLWLRQDO GLHV VLQJOH XVH RI WKH 6KLSZUHFN 6* QHDWO\ WLHG 9DOHWWD DQG VKDGHV 6* SOXV F PDUJLQDO EORFN RI DOO &'6 ([FHSWLRQDO DQG UDUH Â… Â… ^3KRWR` IUHVK PLQW Â… Â… 3RVWDJH 'XH ILQH XVDJH RI YHU\ ILUVW òG Â’ 9$5,(7< F ZLWK OLQH E\ VFHSWUH 6* E LPSHUI 6* ' WLHG E\ 9DOHWWD &'6 RQ ORFDO FRYHU WKDW¶V PLQW Â… Â… IUDQNHG MXVW D óG 0HOLWD LVVXH 9HU\ VFDUFH Â… Â… ^3KRWR` Â’ .*9, '(),1,7,9(6 WR U ZLWK DGGLWLRQDO Â’ G %ODFN RQ <HOORZ 3RVWDJH RYHUSULQW

VKDGH DQG SHUIV LQF F F F F SHUI [ U GUDE 6* ORYHO\ TXDOLW\ IUHVK PLQW HDFK GLIIHUHQW Â… Â…

,19(57(' 6* D VXSHUE PLQW Â… Â…

Â’ 9$5,(7< 6LOYHU -XELOHH G SRVLWLRQDO EORFN ZLWK Â’ H[WUD IODJVWDII ZLWKLQ WKH EORFN 6* D XQPRXQWHG PLQW Â’ 9$5,(7< F VOLFHG 6 UHGGLVK OLODF DQG UHG 6*

FD PLQW Â… Â…

Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 57

{ 4(,, GHILQLWLYHV VHW RI DQG %LUG

Â’ ,035,17 3/$7( %/2&.6 RI 6L[ IUHVK 80 F Â’ WR F WKH VHW RI EORFNV IUHVK 80 &KRLFH 6*

VHW RI ILQH WR YHU\ ILQH XVHG Â… Â…

Â… Â… 9$5,(7< &RURQDWLRQ OLQH E\ ULJKW VLGH RI Â’ 1(: ,668(6 LQ GHVSDWFK JODVVLQH 80 ZLWK VFHSWUH 6* E PLQW Â… Â… Â’ PXFK LGHQWLILHG VHHQ 6SHFLPHQ RYSWV RGG YDULHW\ LQF ZPN YDULHWLHV $ IHZ VWDPSV Â… Â…

0(;,&2

Â’ '(),1,7,9(6 XQFKHFNHG IRU SULQWLQJV YDOXHV

WR F PLQW IUHVK DSSHDUDQFH Â… Â… Â’ &2167,787,21$/,67 0RQRJUDP RYSWV IUHVK

PLQW RQ D SDJH GLIIHUHQW LVVXHV FDW Â… VHH QRWHV EHORZ 6* &7 YDOXH V WR S SRVWDJH GXHV DQG PRUH 6* &7 &7 6HOGRP RIIHUHG Â… Â…

Â’ 9HU\ ILQH FROOHFWLRQ RI VHWV XQPRXQWHG PLQW LQF Â’ VXUFK HUURU F RQ F 6* F RQ F 6* E

,QDXJXUDO )LJKW RYSW VHW RQ FRYHU VLJQHG E\ WKH 3LORW VHH IRRWQRWH EHORZ 6* 06 ZLWK KLJK YDOXHV WR 2IILFLDOV VXSHUE UDQJH RI FRPPHPRUDWLYH DQG GHILQLWLYH VHWV ODWH V LVVXHV ZLWK ZPN YDULHWLHV PL[HG LQ 2YHU VWDPSV 06 6KHHWOHWV Â… Â…

0252&&2

Â’ &219(17,21,67 LVVXHV 9LOOD =DSDWD

PRQRJUDPV RQ LVVXHV WR S LQF SRVWDJH GXHV VHHQ YDOXHV WR F ZLWK LQY RYSWV $ IUHVK PLQW FROOHFWLRQ RI VWDPSV Â… Â…

+(/,2 9$8*,5$5' RXWVWDQGLQJ ZDWHU FRORXUHG HQKDQFHG VWRUN ZLWK IU DLU LPDJH WRS OHIW $ EHDXWLIXO LWHP WR HQKDQFH \RXU FROOHFWLRQ Â… Â…

Â’ 81,9(56,7< SRVWDJH VHW RI WHQ EULOOLDQW 80 Â’ 1(9(5 +,1*(' 0,17 LQF DQG Â’ 1+0 H[WUHPHO\ UDUH LQ WKLV TXDOLW\ 6FRWW FDW Â’ GHILQ VHWV H[WHQVLYH FRPPHP VHWV RYHU VWDPSV YHU\

Â… QHYHU KLQJHG Â… Â…

IUHVK Â… Â…

021$&2

0252&&2 $*(1&,(6

Â’ 35,1&( $/%(57 %ORFN RI FKLHIO\ 80 RQH Â’ VWDPS PLQW 6* VHOGRP VHHQ LQ EORFNV Â… Â… Â’

Â’ 6* 49 RYSW VHW ILQH PLQW Â… Â… Â’ 0,17 8102817(' 0,17 DFFXPXODWLRQ Â’ PRVWO\ LQ FRPSOHWH VHWV LQF 49 *LEUDOWDU RYSWV PLQW Â’ .*9, VHW 9)0 6SDQLVK &XUUHQF\ EORFN F\SKHU

Â’ 67$',80 ) *UHHQ 6* PLQW

Â… Â…

VHW 80 7DQJLHU RYSWV DOO 80 DQG LQF .*9 VHW 6LOYHU -XELOHH VHW 56: VHW KLJK YDOXHV DQG 4(,, VHWV VWDPSV Â… Â…

$&&(66,21 RI 3ULQFH 5DLQHU SHUI VHW RI ,PSHUI 6HW RI DQG )8 VHW RI SOXV F PLQLDWXUH VKHHW ILQH XVHG Â… Â…

02176(55$7 Â’ 0,17 DQG XVHG FROOHFWLRQ LQ DQ DOEXP VPDOO

UDQJH WR 0 8 .*9 WR V PLQW 6- VHW 0 .*9, PLQW VHW ZLWK SHUIV 4(,, GHILQV 0 VHW ZLWK DGGLWLRQDO LQVFULSWLRQV LVVXHV WR WKHQ ODWHU )LVK DQG %LUGV GHILQV VHWV IHZ V Â… Â… Â’ G EOXH ZPN FURZQ FF SHUI 6* ILQH

PLQW Â… Â… 0RVW DWWUDFWLYH UHJLVWHUHG FRYHU WR *HUPDQ\

&2//(&7,21 :,7+ %(77(5 9$/8(6 RQ ROG SDJHV PXFK LV )8 GLIIHUHQW LVVXHV YHU\ JRRG UDQJH RI (GZDUGV WR 6HDKRUVHV )UHQFK &XUUHQF\ 6HW IX -XELOHH HWF 1LFH FOHDQ ORW DQG DOO GLIIHUHQW Â… Â… *,%5$/7$5 86(' ,1 JURXS RI 49 SRVWDO

VWDWLRQHU\ LWHPV DOO XQXVHG EXW HDFK FDQFHOOHG E\ IDYRXU ZLWK

7DQJLHU FGV SPNV DSSOLHG LQF F F F SRVWFDUGV VDPH IRU SRVW DQG UHSO\ FDUGV F DQG F ZUDSSHUV SOXV F UHJG HQYHORSH 8QXVXDO ORW LWHPV Â… Â… Â’ 63$1,6+ &855(1&< S RQ G WR

ZLWK VLQJOH G GHYLFH IUDQNLQJ 6* WLHG &'6 &KRLFH UDWHG Â… RQ FRYHU Â… Â… ^3KRWR`

S RQ V .(9,, VXUFKDUJHV 6* 9)0 Â… Â…

'HYLFH IUDQNLQJV $ FKRLFH PDWFKHG SDLU RI

02=$0%,48( VPDOO UHJLVWHUHG FRYHUV ZLWK G òG G DQG òG G G IUDQNLQJV HDFK VWDPS ZLWK D QHDW 0RQWVHUUDW &'6 QXPHURXV $LUPDLO IORZQ FRYHU /RXUHQFR 0DUTXHV WR WUDQVLW DQG DUULYDO EDFNVWDPSV 6* LVVXH DQG UDWHG Â… 4 /RQGRQ FDUULHG E\ ,PSHULDO $LUZD\V /RQGRQ 7HUPLQXV FDFKHW RQ FRYHU Â… Â… ^3KRWR` RQ EDFN H F UDWH HWF Â… Â… 0RVW DWWUDFWLYH SHWLWH UHJLVWHUHG FRYHU WR +(/,&2 9$8*,5$5' RXWVWDQGLQJ ZDWHUFRORXU *HUPDQ\ ZLWK G GHYLFH FRPELQDWLRQ 6* QHDWO\ HQKDQFH SHQQDQW FRUDO ILVK ORQJ ILQH EDQQHU ILVK ZLWK LPDJH FDQFHOOHG WUDQVLW DQG DUULYDO %6 UDWHG Â… RQ FRYHU RI H DW WRS OHIW $ VXSHUE LWHP WR HQKDQFH \RXU Â… Â… ^3KRWR` FROOHFWLRQ Â… Â… 5$5( 86( 2) /((:$5'6 òG ('9,, +(/,2 9$8*,5$5' RXWVWDQGLQJ ZDWHU FRORXU VWDWLRQHU\ HQYHORSH ZLWK QHDW 0RQWVHUUDW &'6 9HU\ HQKDQFH IO\LQJ JXUQDUG KHOPHW JXUQDUG ZLWK H LPDJH DW WRS ILQH Â… Â… ^3KRWR` ULJKW $ VXSHUE LWHP WR HQKDQFH \RXU FROOHFWLRQ Â… Â… 6XSHUE UHJLVWHUHG FRYHU IUDQNHG G G 6* Â’ 2/' 672&. 3$*(6 ZLWK HDUO\ .LQJ &DUORV Â’ LVVXHV LQF EORFNV QRWH U EON RI U RQ U 6* EON QHDW &'6 DQG DUULYDO FDQFHOV &KRLFH Â… Â… Â’ RI ZLWK YDOXHV WR U VWDPSV XQFKHFNHG FKLHIO\ PLQW Â’ V 5HG DQG *UHHQ RQ <HOORZ RYSWHG LQF 80 Â… Â… 63(&,0(1 6* V PLQW Â… Â… { 2/' 7,0( FROOHFWLRQ RQ ROG SDJHV FKLHIO\ Â’ 3RUWXJXHVH &RORQLH LVVXHV ZLWK HDUO\ FURZQV WR U .LQJ $ GHOLJKWIXO JURXS RI 6L[ &RYHUV &DUGV HDFK &DUORV ZLWK GLIIHUHQW SULQWLQJ 9DVFR GD *DPD VHWV ZLWK D GLIIHUHQW .*9 VLQJOH IUDQNLQJ ZLWK G òG G G G &RPSDQ\ RI 0R]DPELTXH 4XHOLPDQH 7HWH =DPEH]L DQG G 6* WKLV JURXS LV UDWHG Â… RQ FRYHU 9HU\ ([WHQVLYH FROOHFWLRQ RI VWDPSV Â… Â… ILQH Â… Â… ^3KRWR` $LUPDLO )OLJKW &RYHUV ERWK ZLWK 0RQWVHUUDW 4 )OLJKW &DFKHWV LQF RULJLQDOO\ IORZQ WR 6W /XFLD DQG UHGLUHFWHG

EDFN WR 0RQWVHUUDW DQG RWKHU IORZQ WR 86$ Â… Â…

086&$7 Â’ .*9, RYSW VHWV SRVWDJH DQG RIILFLDOV 6*

DQG 2 PLQW Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 58

NEPAL 1$7$/ { (':$5' +,*+ 9$/8(6 )LQH XVHG

Â… 6* Â… Â…

78/%$+$'85 381 9& *XUNKD :HOIDUH $SSHDO LOOXVWUDWHG FRYHU VLJQHG E\ 7XOEDKDGXU 3XQ 9& $ VFDUFH FRYHU Â… Â… ^3KRWR` 78/%$+$'85 381 9& *XUNKD ZHOIDUH DSSHDO

{ (':$5' ILQH XVHG QRWH VHW WR Â’ 6* Â… VSHFLPHQ RYSW VHW WR G

VLJQHG 7XOEDKDGXU 3XQ 9& D VFDUFH FRYHU Â… Â… 9,&725,$ &5266 :,11(5 RQH YROXPH

6* G DQG G ILQH XVHG DQG G WR G PLQW DQG RIILFLDOV WR G 6*2 2 $ JRRG UDQJH RI VWDPSV ZLWK D FDW 9DOXH Â… Â… Â… { (':$5' +,*+ 9$/8(6 DQG

6* ILQH XVHG Â… Â… %2(5 :$5 SDWULRWLF LOOXVWUDWHG SRVWFDUG

DGGUHVVHG WR 0DGUDV ,QGLD UHGLUHFWHG RQ DUULYDO YDULRXV WUDQVLW PDUNV JRRG GHVWLQDWLRQ Â… Â…

FUDPPHG ZLWK GHWDLO DERXW *85.+$ 9& LQF 9& ZLQQHU FRYHUV FDUGV QHZVSDSHU DUWLFOHV $ YHU\ JRRG FROOHFWLRQ RI VLJQHG *XUNKD 9& LWHPV ZRXOG GR ZLWK EHLQJ ZULWWHQ XS DV D VWXG\ DV HDFK 9& KDV KLV RZQ VWRU\ WR WHOO QHYHU VHHQ VR PDQ\ *XUNKD 9& ZLQQHUV VLJQDWXUHV * .DOH /DPD 3XQ 5DL 7KDSD *XUXQJ $ VXSHUE FROOHFWLRQ Â… Â… ^3KRWR`

1(7+(5/$1'6

%2(5 :$5 SDWULRWLF SRVWFDUG IHDWXULQJ

Â’ 48((1 -8/,$1$ KLJK YDOXHV GHILQV VHW 0L

FDULFDWXUH RI %RHU OHDGHU DFURVV IURP LOOXVWUDWLRQ RI %ULWLVK WURRSV FOHDU VWULNH RI )LHOG 3RVW 2IILFH FGV 6WDPSV QRW SURFXUDEOH LQ PDQXVFULSW LQWHUHVWLQJ PHVVDJH W\SHG WUDQVFULSWLRQ DFFRPSDQLHV Â… Â…

9)0 J 80 EXW KDV JXP VNLS FDW (XURV Â… Â…

{ 48((1 9,&725,$ 6HOHFWLRQ RQ SDJHV LQF Â’ (DUO\ FKDORQ V KLJK YDOXH 5RVH ZLWK H[SHUW VWDPS

6SHFWDFXODU SDUFHO UHFHLSW FDUG XVHG WR 6RXWK $IULFD ZLWK D YDULHW\ RI DWWDFKHG ODEHOV DQG KLJK YDOXH JXOO DLUPDLO VWDPSV JOG SOXV F JOG DQG ò JOG ZLWK QHDW =ZLMQGUHFKW FGV D VFDUFH LWHP ZLWK VXFK KLJK YDOXHV DIIL[HG Â… Â…

RQ WKH UHYHUVH PLQW òG %OXH *UHHQ D VPDOO EXW XVHIXO JURXS RI VWDPSV Â… Â… V FRYHUV ZLWK D FDWDORJXH YDOXH RI (XURV LOOXVWUDWHG )'& V LQF FKLHIO\ FKDULWLHV LQF &KLOGUHQ )XQG 1(3$/ 5HG &URVV )ORRG 9LFWLPV PDQ\ ZLWK VSHFLDO )', FDQFHOV %+$1%+$*7$ *8581* 9& 1DWLRQDO $UP\ FRYHUV Â… Â… 0XVHXP LOOXVWUDWHG FRYHU VLJQHG E\ %KDQEKDJWD *XUXQJ 9& $1 (;&(37,21$/ *5283 RI +DQG 3DLQWHG $ VFDUFH FRYHU Â… Â… 6WDPSV WDNHQ IURP $ 9LFWRULDQ $OEXP GLIIHUHQW LVVXHV LQF *DQMD /DPD 9& 6LJQHG *XUNKD :HOIDUH F ILUVW LVVXH F JO F E FRORXU $SSHDO LOOXVWUDWHG FRYHU VLJQHG E\ *DQMD /DPD $ ([HFXWHG WR WKH KLJKHVW RI VWDQGDUGV RI H[KLELWLRQ VFDUFH VLJQHG FRYHU Â… Â… TXDOLW\ Â… Â… *$1-8 /$0$ 9& DQG 78/%$+$'85 381 9& $51+(0 $11,9(56$5< VLJQHG FRYHUV LQF GRXEOH VLJQHG LOOXVWUDWHG FRYHU E\ ERWK PHQ VFDUFH 0DM *HQ 5R\ ( 8UTXKDUW *HQ -RKQ :LQWKURS *HQ -RKQ Â… Â… +DFNHWW 0DM *HQ -RKQ )URVW &DSW $QGUHZ :LOVRQ /HZLV *$1-8 /$0$ 9& 7KH %ULJDGH RI *XUNKDV *ROGHQ *HRIIUH\ 3RZHOO 0DM *HQ $ - 'HDQH 'UXPPRXG LOOXVWUDWHG FRYHU VLJQHG E\ *DQMX /DPD LQ $ VFDUFH PXOWLSOH VLJQHG FRYHU E\ $ - 'HDQH 'UXPPRXG ,DQ 7ROHU FRYHU Â… Â… 3DWULFN GH %XUJK DQG - / :DGG\ 0DM *HQ $OODQ $GDLU $ YHU\ ILQH FROOHFWLRQ RI VLJQHG FRYHUV SOXV /W *HQ )UHGHULFN *85.+$ 9& VLJQHG FDUG ZLWK QHZVSDSHU %URZQLQJ RQ SLHFH Â… Â… DUWLFOH VLJQHG E\ ILYH 9& ZLQQHUV /LPEX *KDOH 5DL /DPD DQG *XUXQJ $ YHU\ VFDUFH VLJQHG E\ ILYH 9& LWHP 1(9,6 Â… Â… ^3KRWR` 3ODWH 3URRIV RI G G ILUVW LVVXHV +$9,/'$5 *$-( *+$/( 9& 6LJQHG LPSHUI RQ WKLFN FDUG XQXVXDO Â… Â… ^3KRWR` *XUNKD :HOIDUH $SSHDO LOOXVWUDWHG FRYHU VLJQHG E\ *DMH *KDOH 9& $ VFDUFH FRYHU Â… Â… ^3KRWR` Â’ G YHUPLOOLRQ UHG SHUI UHWRXFK RQ VWDPS QR /$&++,0$1 *8581* 9& 1DWLRQDO $UP\ ZLWK WRS RI KLOO UHGUDZQ 6* L PLQW Â… Â… 0XVHXP FRYHU VLJQHG E\ /DFKKLPDQ *XUXQJ 9& $ VFDUFH Â’ G FKHVWQXW DQG V SDOH YLROHW RYSWG 6SHFLPHQ FRYHU Â… Â… 6* V V PLQW Â… Â… 1$,. $*$16,1* 5$, 9& *XUNKD ZHOIDUH DSSHDO LOOXVWUDWHG FRYHU VLJQHG E\ 1DLN $JDQVLQJ 5DL 9& $ Â’ 49 ZPN &URZQ &$ GHILQV LQF òG G OLODF VFDUFH FRYHU Â… Â… PDXYH ERWK G GXOO URVH DQG FDUPLQH VKDGHV ERWK òG G 5$0%$+$'85 /,0%8 9& LQDXJXUDWLRQ RI JUH\ VKDGHV G FKHVWQXW DQG V EHWZHHQ 6* PLQW Â… Â… *XUNKD GLUHFW IOLJKW LOOXVWUDWHG FRYHU VLJQHG E\ 5DPEDKDGDU /LPED 9& $ VFDUFH FRYHU Â… Â… { 49 ZPN FURZQ &$ JURXS LQF òG G OLODF { 7+( 0267 (;7(16,9( FROOHFWLRQ KRXVHG RQ PDXYH ELVHFW WLHG WR VPDOO SLHFH G FDUPLQH òG ERWK SDJHV LQ ILOH ER[HV H[KLELWHG PDQ\ WLPHV DURXQG UHJLRQDO FRORXUV G JUH\ 6* D D JRRG WR ILQH XVHG Â… Â… %ULWLVK VWDPS FOXEV ZLWK D FRPSUHKHQVLYH UHSUHVHQWDWLRQ RI VWDPSV DQG SRVWDO KLVWRU\ GLVSOD\HG LQF D FKURQRORJLFDO ZD\ { *% 86(' ,1 G UHG VWDUV 6* = ZLWK V RI VHOHFWHG LWHPV ,QGLD XVHG LQ ZLWK ILQH FRYHU OLJKW DQG FOHDU $ QXPHUDO SPN FDW Â… Â… Â… SRVWDO FDUGV XQXVHG GLII YHU\ JRRG UDQJH RI FODVVLF LPSHUI VWDPSV IURP LVVXHV PXOWLSOH XVDJHV RQ { *% 86(' ,1 G OLODF QR FRUQHU FRYHUV LPSHUIV ZLWK SDLUV 0RXQW (YHUHVW OHWWHUV 6* = EROG VWULNH RI $ QXPHUDO SPN ([SHGLWLRQ ODEHO XVHG RQ FDUG 0DNDOX ([SHGLWLRQ ODEHO Â… Â… RQ FRYHU PDQ\ FRYHUV FDUGV VWDPSV $Q H[WHQVLYH UDQJH RI Â’ 3267$/ ),6&$/6 G EULJKW UHG DQG G DXWRJUDSKHG PRXQWDLQHHULQJ FRYHUV FRPSUHKHQVLYH VWDPS URVH 6* ) PLQW XQXVHG FDW Â… Â… Â… LVVXHV WR GHILQ VHW RQ )'& VFDUFH &URZQ VHW RQ )'& GHILQ VHW HDFK YDOXH RQ VHSDUDWH )'& { 3267$/ ),6&$/6 G URVH DQG G EOXH VXSSOHPHQWDU\ PDWHULDO ZLWK SRVWFDUGV FRYHUV DQG PRUH 9HU\ 6* ) ) ILQH XVHG Â… Â… JRRG ORW DVVHPEOHG RYHU PDQ\ \HDUV Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 59

Â’ 3267$/ ),6&$/6 G EOXH DQG G JUHHQ Â’ 49 VLGHIDFH LVVXHV SHUI [ ò G DQG G

6* ) ILQH PLQW Â… Â… Â’ 3267$/ ),6&$/6 G JUHHQ ZLWK Â’ 5HYHQXH RYSW OHIW PDUJ EORFN RI 6* ) JXP ZULQNOH RQ D

FRXSOH RI VWDPSV RWKHUZLVH ILQH 80 Â… Â… 3522)6 G JUHHQ G RUDQJH V GXOO ODNH LPSHUIRUDWH RQ FDUG FOHDQ DQG IUHVK ILQH ORRNLQJ LWHPV Â… Â…

G WR V 6* PLQW FDW Â… Â… Â… { ),567 SLFWRULDOV DQ H[FHOOHQW FROOHFWLRQ RI

VWDPSV ILQH XVHG ZLWK DGGLWLRQDO VKDGHV WR WR ILVFDOO\ XVHG RQZDUGV D YHU\ JRRG UDQJH JRRG IRU VWXG\ DQG KLJKO\ FDW Â… Â… 3$*(6 ZLWK LQWHUHVWLQJ LWHPV òG :DWHUORZ DQG 6RQV SURRI òG WZR GLIIHUHQW VKDGHV òG /DNH :DNLWLSX EOXH EON RI PLQW GHHS EOXH EON RI ILQH XVHG LWHPV Â… Â…

1(: %5816:,&. Â’ F EURZQ SXUSOH SODWH SURRI RYSWG VSHFLPHQ

Â’ 1HZ =HDODQG ([KLELWLRQ VHW 6* 9)0

8QLWUDGH S LY W\SH F ILQH XQXVHG Â… Â…

ILUVW KLQJHG ILQH DQG IUHVK Â… Â…

Â’ 6* 49 & RXWVWDQGLQJ 80 Â… Â… Â’

Â’ 2IILFLDO RYSWV IUHVK PLQW òG WR EHWZHHQ

&29(5 WR 3ULQFH (GZDUG ,VODQG IUDQNHG F

2 &DW Â… LQF YHU\ ILQH ELUGV G G DQG Â… Â… ^3KRWR`

\HOORZ JUHHQ [ 6* HQY ZLWK IDXOWV UHDVRQDEOH DSSHDUDQFH Â… Â…

{ 7+5(( 92/80( FROOHFWLRQ RQ SULQWHG SDJHV Â’ ORRNV D ELW XQWLG\ EXW SOHQW\ WR ZRUN ZLWK ZH VHH Â’ .(9,, WR V PLQW 4(,, GHILQV PRVWO\ PLQW VHW XVHIXO Â’

1(: *8,1($ Â’ /$.$72, KRUL]RQWDO ZPN WR 6* YHUWLFDO

WR G 6* SOXV òG WKLQ SDSHU PLQW FDW Â… Â… Â… Â’ /$.$72, YHU\ IUHVK PLQW òG WR 6* ILQH

TXDOLW\ ILUVW KLQJH Â… Â…

.*9, YROXPH RI DSSHDUV FRPSOHWH XQPRXQWHG PLQW ODWHU LVVXHV LQ WKLUG YRO IDLUO\ VSDUVH DQG XVHG Â… Â…

Â’ 2IILFLDO RYSW 6* 2 IUHVK PLQW &DW

Â… Â… Â… ^3KRWR`

Â’ ,QYHUWHG :DWHUPDUN G 6* : )8 { 723 9$/8( %XOROR *ROGPLQH Â… YHU\ ILQH XVHG Â’ Â… Â…

ZLWK FDQFHO DFURVV WKH WRS OHIW FRUQHU 6* TXDOLW\ Â… Â…

{ +$*1(5 3$*( ZLWK HDUO\ LVVXHV FDW Â… Â’ 9LOODJH ZLWK YDOV WR %LUG RI 3DUDGLVH WR PLQW

RYSWHG DLU WR ILQH XVHG $ ILQH VHOHFWLRQ RI VWDPSV Â… Â…

{ 3ODWH %ORFN RI 0RXQW (JPRQW PLQW ORZHU Â’ SDLU 1+ 6* &3 / ' Â… Â… 3,7& 5DGLR &RPPXQLFDWLRQ FRYHU IUDQNHG G

.LZL 3LWFDLUQ ,VODQG 1= 3RVWDO $JHQF\ FGV Â… Â…

1(: 6287+ :$/(6

Â’ .*9, $UPV Â… 6* ) PLQW

Â… Â…

Â’ 2)),&,$/6 ZLWK GLIIHUHQW SHUI W\SHV DQG

VKDGHV G WR 6* 2 2 EE PLQW FDW Â… Â… Â…

Â’ .*9, $UPV Â… WRS YDOXH ZLWK ZPN LQYHUWHG 6*

{ 3RVWDJH 'XH WRS YDOXH )8 6*'

Â… Â…

) Z PLQW Â… Â… Â’ .*9, $UPV SRVWDO ILVFDO Â… ZLWK ZPN LQYHUWHG

6* ) Z OLJKWO\ PRXQWHG PLQW Â… Â…

Â’ 3$*( ZLWK D PLQW FROOHFWLRQ ZLWK YDOXHV IURP

G WR LGHQWLILHG ZLWK VKDGHV DQG GLIIHUHQW SHUIV EHWZHHQ 6* Â’ .*9, $UPV SRVWDO ILVFDO Â… ZLWK ZPN LQYHUWHG D QRWH G GHHS GXOO EOXH EON RI DQG XOWUDPDULQH EON RI 6* ) Z PLQW Â… Â… D YHU\ ILQH JURXS RI VWDPSV FDW Â… Â… Â… Â’ .*9, $UPV SRVWDO ILVFDO ZLWK ZPN LQYHUWHG Â’ 49 PLQW ZLWK GLIIHUHQW SHUIV DQG VKDGHV ZLWK 6* ) Z OLJKWO\ PRXQWHG PLQW Â… Â… YDOXHV IURP òG WR G LQF G 6* D E FDW Â… VWDPSV Â… Â…

Â’ .*9, $UPV SRVWDO ILVFDO ZLWK ZPN LQYHUWHG +(/,2 9$8*,5$5' RXWVWDQGLQJ ZDWHU FRORXU 6* ) Z PLQW Â… Â… HQKDQFHG O\UH ELUG ZLWK G LPDJH DW WRS OHIW $ VXSHUE LWHP WR Â’ .*9, $UPV VFDUFH KLJK YDOXH SRVWDO ILVFDO HQKDQFH \RXU FROOHFWLRQ Â… Â… Â… 6* ) OLJKWO\ PRXQWHG PLQW D VFDUFH VWDPS IURP WKLV ),1( 72 *22' XVHG ROG WLPH FROOHFWLRQ LVVXH FDW Â… Â… Â… GLIIHUHQW QRWH 'LDGHQ LPSHUIV G G 6*

&RLQ KLJK YDOXHV ERWK GLIIHUHQW LQF G VXSHUE XVHG Â’ 3RVWDO ILVFDO KLJK YDOXHV 80 G 6*) ZLWK GLIIHUHQW SULQWLQJV LQF ZPN LQYWHG 26 RYSWV WR UDLOZD\ Â’ G LQY ZPN 6*) DQG ) $WWUDFWLYH WULR VPDOO JXP VWDPSV WR KLJK FDWDORJXHG FROOHFWLRQ ZLWK PXFK RI VSRWV RQ WKH G Â… Â… LQWHUHVW Â… Â… Â’ /LJKWKRXVH /LIH ,QVXUDQFH LVVXHV 80 0LQW LQ Â’ SDFNHWV ZLWK EORFNV DQG PXFK XVHIXO òG *UHHQ 6*/ Â’ 2)),&,$/6 òG XOWUDPDULQH òG RQ Â’ DV EORFN LVVXHV VXUFK ZLWK PDQ\ SODWH G WR òG RQ V òG *UH\ SOXV S DQG S H[DPSOHV 6* D E PRVWO\ ILQH PLQW EORFNV 6* / Â… Â… Â… Â… +(/,2 9$8*,5$5' RXWVWDQGLQJ ZDWHU FRORXU Â’ 3267$*( '8(6 òG WR V JUHHQ DOO

HQKDQFHG .LZL ZLWK G .LZL LPDJH DW WRS OHIW $ VXSHUE LWHP WR HQKDQFH \RXU FROOHFWLRQ Â… Â…

RYHUSULQWHG 6SHFLPHQ 6* ' V ' V PLQW XQXVHG Â… Â…

1(: =($/$1' { $GVRQV DGYHUWV RQ G FKLHIO\ DQG G YDOXHV D

JRRG VHOHFWLRQ RI RQ +DJQHUV YDULRXV FRPSDQLHV SULQWLQJV XQFKHFNHG PDQ\ DUH ILQH RFFDVLRQDO IDXOWV 5HTXHVW VFDQV Â… Â…

+(/,2 9$8*,5$5' RXWVWDQGLQJ ZDWHU FRORXU HQKDQFHG VZRUG ILVK ZLWK G LPDJH DW WRS OHIW $ VXSHUE LWHP WR HQKDQFH \RXU FROOHFWLRQ Â… Â… Â’ 9$5,(7< &DQWHUEXU\ G GDUN EOXH RIIVHW RQ WKH Â’ UHYHUVH 80 6* &3 D =

Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 60

Â’ 3RVWDO )LVFDO Â… 6*) 80 Â’ Â… Â… ^3KRWR`

Â’ '(),1,7,9( LVVXHV 6* PRVW Â’ H[WHQVLYH FROOHFWLRQ RI V LQ DQ DOEXP FKLHIO\ 80 PDQ\ Â’ EORFNV DQG VSHFLDOLVW YDULHWLHV F WLPEHU WZR VLQJOHV VKRZLQJ

Â’ 3RVWDO )LVFDO Â… 6* ) IUHVK 8P Â’ Â… Â… ^3KRWR`

PDMRU FRORXU GLVSODFHPHQWV F LQYHUWHG ZPN EORFN PDQ\ EORFNV ZLWK PDUJLQDO LQVFULSWLRQV F = IODZ LQ EORFN F )LVK JRRG UDQJH RI W\SHV LQF H[WUD SLQ F FRUQHU EORFN ZLWK VN\ UHWRXFK F EORFNV F EORFN ZLWK YDULHW\ DQG PRUH 9HU\ H[WHQVLYH Â… Â…

Â’ 3RVWDO ILVFDO Â… 6* ) Z IUHVK 80 Â’ Â… Â… ^3KRWR`

Â’ &2817(5 &2,/ 3$,5 G 1R ERWK VWDPSV Â’ FOHDUO\ GLIIHUHQW VKDGHV XQXVXDO 80 6* Â… Â… { 86(' &2//(&7,21 VPDOO DOEXP ZLWK WLJKWO\

Â’ Â’ Â’ Â’ Â’

Â’ $ VXEVWDQWLDO ORW RI SODWH EORFNV RI RWKHU Â’ PXOWLSOHV YDULHWLHV FRXQWHU FRLO SDLUV DQG PRUH $OO GHILQ

LVVXHV DOO IUHVK 80 QRWH F YHLQV RPLWWHG PDQ\ F F DQG F FRXQWHU FRLO SDLUV ZLWK PDQ\ GLIIHUHQW QXPEHUV F SDLU ZLWK PDMRU <HOORZ VKLIW F %ODFN FRORXU VKLIW RYSW LVVXHV HWF :LOO PDNH D ILQH GLVSOD\ VWDPSV Â… Â…

SDFNHG SDJHV ZH VHH GHILQV VHW SRVWDO ILVFDOV Â… SLQN DQG GHILQV VHW SOXV VHYHUDO KLJK YDOXHV LQ PXOWLSOHV QRWH 9)8 EORFN RI *UHDW YDOXH ORW HVW Â’ 0RVW H[WHQVLYH ORW RI FRPPHP F\OLQGHU EORFNV Â’ LQ SDFNHWV DOO 80 DV VHWV LQF 9DULRXV GLIIHUHQW F\OLQGHU VWDPSV Â… Â… QXPEHUV &RRN 06 IRU SODWLQJ Â… 6HWV V RI &2817(5 &2,/ SDLU XQPRXQWHG PLQW G WR G VWDPSV ([FHSWLRQDO QHZ LVVXH TXDOLW\ Â… Â… ZLWK D GLIIHUHQW SDLUV LQF G DQG G ZLWK ERWK W\SHV RI LQ $ YHU\ ILQH FROOHFWLRQ QHDWO\ GLVSOD\HG RQ SULQWHG Â’ %XWWHUIO\ F %OXH RPLWWHG 'RWV RQ :LQJ Â’ 6* F IUHVK 80 Â… Â… SDJHV Â… Â… V EODFN DQG FDUPLQH UHG FRXQWHU FRLO Â’ %XWWHUIO\ F %OXH RPLWWHG 'RWV RQ :LQJV QXPEHUHG JXWWHU SDLUV QR WR WR DQG 6* ILQH Â’ 6* F )UHVK 80 Â… Â… 80 SDLUV Â… Â…

{ $506 KLJK YDOXH FRPELQDWLRQ SLHFH ZLWK Â…

Â’ &2817(5 &2,/ 3$,5 F $UPV QXPEHU Â’ ZLWK HUURU ERWK VWDPSV ZPN VLGHZD\V LQYHUWHG &3 3FRLO $ ;

RYSW DQG 4(,, G ZLWK FHQWUDO :HOOLQJWRQ DLUPDLO FGV ([FHSWLRQDO SRVWDO XVDJH RI 6* ) DQG ) Â… Â…

SHQFLO QRWDWLRQV RQ JXP VLGH WR LQGHQWLI\ HUURU 6HOGRP VHHQ Â… Â…

Â’ (5525 4(,, GHILQLWLYH ZLWK GRXEOH FHQWUH Â’ RQH SULQWHG DOELQR EOXUUHG FHQWUH &3 1 D \ 80

Â’ (55256 F 0RWK LVVXH &3 3 LWHPV 80 Â’ PDMRU EOXH VKLIWV GLII EORFN ZLWK GDUN JUHHQ YHLQV FRORXU

Â… Â…

VKLIW DQG F RQ F YHLQV VKLIW SDLG &3 HUURUV Â… Â…

4XHHQ RQ +RUVH KLJK YDOXHV DQG

QLFHO\ XVHG RQ XQDGGUHVVHG )'& FDQFHOOHG DW 0LOWRQ 6* Â… Â… Â’ 4XHHQ RQ +RUVHEDFN G WR WRS YDOXHV Â’ HDFK DV D LPSULQW SODWH QXPEHU EORFN RI IRXU IUHVK PLQW ORZHU Â’ WZR XQLWV 80 IRXU EORFNV 6FDUFH 6* G

81,48( SXUFKDVHG IURP &3 F 0DRUL SDLU ZLWK FRQIHWWL W\SH IODZ FDXVHG E\ WKH SDSHU FXUOLQJ DQG WKH EURZQ SODWH QRWH WRXFKLQJ WKH EURZQ UROOHU EXW IDOOLQJ EDFN EHIRUH WKH EODFN ZDV SULQWHG SDLG &3 3 E 80 Â… Â…

Â… Â… ^3KRWR` Â’ %877(5)/,(6 GHILQLWLYH VWXG\ ZLWK SODWH Â’ EORFNV EOXLVK JXP F SDLU ZLWK ZPN LQYHUWHG 6* DZ Â’ &2817(5 &2,/ SDLU FUHDP SDSHUV G G Â’ G ZLWK D JRRG UDQJH RI QXPEHUV IUHVK 80 80 F SODWH EON RI ZLWK ZPN LQYHUWHG ERRNOHW SDQHV $ YHU\ ILQH FROOHFWLRQ RI òF F DQG F DOO 80 LWHPV Â… Â…

Â… Â…

Â’ &2817(5 &2,/ 3$,56 G G G Â’ G ZKLWH SDSHU LVVXHV D JRRG VHOHFWLRQ IUHVK 80 KRUL] Â’ (5525 F RQ òF %XWWHUIO\ VXUFKDUJH GRXEOH Â’ RQH DOELQR 80 FS S % Â… Â…

SDLUV Â… Â…

Â’ G EOXLVK JUHHQ FRXQWHU FRLO QXPEHUHG JXWWHU Â’ SDLUV QR WR FRPSOHWH 6* ILQH 80 SDLUV

Â’ $506 F GHILQ 6* YDULHWLHV 80 Â’ ZLWK VLOYHU DUPV RIIVHW GHHS EOXH RIIVHW PLVVLQJ UHG DQG RWKHU

Â… Â…

RIIVHW /LVWHG &3 Â… Â…

Â’ G SXUSOH ODUJHU ILJXUHV RI YDOXH LPSHUI SDLU Â’ 6* YDU ILQH 80 Â… Â…

Â’ (5525 F EXWWHUIO\ EOXH VSRWV RQ ZLQJV Â’ RPLWWHG IUHVK 80 6* F &3 3 & < Â… Â…

Â’ (5525 G )LVK PDMRU FRORXU VKLIW EURZQ Â’ UHVXOWLQJ LQ WZR VDOPRQ &3 2 D VSHFWDFXODU Â… Â…

Â’ (5525 F 0RWK $SSOH *UHHQ FRORXU 20,77(' Â’ 6* I IUHVK 80 WRJHWKHU ZLWK QRUPDO &3 3 & <

Â… Â…

Â’ %ORRGVWDLQHG )LQJHU YDULHW\ G +HDOWK 80 Â’ ZLWKLQ SRVLWLRQDO EORFN RI 6* D Â… Â…

Â’ (5525 F 0RWK SXUSOH EURZQ FRORXU RPLWWHG Â’ IUHVK 80 VSHFWDFXODU 6* % &3 3 & ; Â… Â…

Â’ 9$5,(7< +HDOWK G G EORRGVWDLQHG ILQJHU Â’ ZLWK D SRVLWLRQDO EORFN RI 6* D VHOGRP VHHQ LQ D

Â’ (5525 F 2O\PSLF 5RZHUV ZLWK GRXEOH JROG Â’ &3 6 D 6* YDU VFDUFH 80 Â… Â…

SRVLWLRQDO EORFN 80 Â… Â… '(),1,7,9( VHW RQ UHJG HQYHORSH ZLWK

Â’ (55256 F $UPV GHILQ 6LOYHU FRORXU Â’ RIIVHW DQG 0LVSHUIRUDWHG ERWK IUHVK 80 &3 3 % 3 8

'LUHFWRU *HQHUDO *32 :1 UHJG ODEHO DQG VSHFLDO FDQFHO Â… Â… Â’ (5525 ò& )ORZHU PDUJLQDO EORFN VL[ OHIW Â’ WZR XQLWV VKRZLQJ VSHFWDFXODU 75,3/( 3(5)25$7,216 &S

RG D Â… Â…

Â… Â… Â’ 027+ F HUURU 3853/( &2/285 20,77(' Â’ IUHVK 80 YHU\ VSHFWDFXODU 6* E Â… Â…

Â’ 6,/9(5 &2/285 20,77(' (5525 F $UWV Â’ (5525 òG .RZKDL YHUW LPSHUI SDLU &3 2' D Â’ IUHVK 80 6* D Â… Â… Â’ 9 VFDUFH FDW Â… Â…

PHILANGLES

Â’ (UURU F %DVNHWEDOO XQVXUIDFHG SDSHU IUHVK Â’ 80 &3 V D = Â… Â…

Established in 1990, internationally recognised dealers, full members of PTS (London), ASDA (New York).

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 61

Â’ 1HZ =HDODQG 'D\ 06 DOO ZLWK SODWH Â’ YDULHWLHV 6* 06 -XELOHH 06 GLIIHUHQW SODWHV

Â’ 0DRUL SHUVRQDOLWLHV SODWH EORFNV IUHVK 80 &S Â’ 3$ EORFNV LQF /RQJ W\SH LPSULQWV ZLWK DOO YDOXHV

DQG IODZV 06 Â… Â…

UHSUHVHQWHG DQG DOO GLIIHUHQW Â… Â…

Â’ (5525 F )RUHVW 'DUN %OXH FRORXU RPLWWHG Â’ IUHVK 80 WRJHWKHU ZLWK QRUPDO FS VV D 6* D

Â’ 9$5,(7< F 0DRUL ZLWK JUHHQ RIIVHW RQ WKH Â’ UHYHUVH &3 3$ D ]

IUHVK 80 6* YDU VFDUFH FDW

Â… Â…

Â… Â…

Â’ (5525 F 5RVH LPSHUI SDLU IUHVK 80 &3 3$ Â’ $ H[ &3 H[FHSWLRQDO &DW Â… Â…

Â’ (5525 F &KULVWPDV %OXH DQG <HOORZ RIIVHW Â’ RQ UHYHUVH 6SHFWDFXODU FS VF D 80

Â… Â…

Â’ (5525 F 1HZ 3O\PRXWK VKLS PDUJLQDO Â’ EORFN JURVVO\ PLVSHUIRUDWHG VSHFWDFXODU ([ FS SDLG

Â’ (5525 F 0LQHUDO ZLWK WZR FRORXU RIIVHW Â’ 6SHFWDFXODU H[ FS SE]E Â… Â…

V Â… Â… Â’ (5525 F 5RVH LPSHUI PDUJLQDO SDLU IUHVK Â’ 80 &3 3$ % \ Â… Â…

Â’ 0$3 67$03 F &3 3$ LQWHUHVWLQJ ORW LQ Â’ SDFNHWV ZLWK SODWH EORFNV RI VKRZLQJ GLII F\OLQGHUV RWKHU

Â’ 9$5,(7< F 1HZ 3O\PRXWK &HQWHQDU\ SDLU Â’ PLVVHG SHUIHG FXWWLQJ WKH WRS RI 1HZ =HDODQG DQG F 6*

YDULHW\ 80 Â… Â… Â’ ,PSHUI SDLU F 4XHHQ IUHVK 80 PDUJLQDO 3$ Â’ $ ] Â… Â…

VLQJOHV ZLWK QRWHV RI FRQVWDQW YDULHWLHV TW\ SRSXODU LVVXH Â… Â… Â’ (5525 +HULWDJH F ZLWK YLROHW EOXH RPLWWHG Â’ IDFH YDOXH F 6* D VFDUFH 80 Â… Â…

Â’ (5525 7KHUPDO :RQGHUV PDUJLQDO Â’ EORFN PLVSHUIRUDWHG &3 VV $ IRRWQRWH 6* 3DLG

Â’ 0LVSHUIRUDWHG EORFN F 4XHHQ IUHVK 80 Â’ ([WUHPHO\ ILQH 3$ % < Â… Â…

Â… Â… Â’ (5525 VFHQLF VNLHV PDMRU òPP Â’ VLOYHU FRORXU VKLIW RQO\ RQH VKHHW RI IRXQG &3 66 =

Â’ 4(,, F GHILQ DQG F RQ F SURYLVLRQDO Â’ H[WHQVLYH VSHFLDOLVHG FROOHFWLRQ RI 80 PDQ\ GLIIHUHQW SODWH

Â… Â… Â’ (5525 FDU ZLWK PDMRU SHUIRUDWLRQ VKLIW Â’ IUHVK 80 &3 6 = Â… Â…

EORFNV ZLWK VFDUFHU FRPELQDWLRQV F JURVVO\ PLVSHUI F RYSWV LQF 2IIVHWV ([FHSWLRQDO 80 Â… Â… Â’ 'HILQLWLYH SODWH EORFNV IUHVK 80 GLIIHUHQW Â’ &3 LQF $UWHIDFW LVVXHV DQG IUXLWV PLGGOH YDOXHV $ YHU\

JRRG VHOHFWLRQ Â… Â… Â’ (5525 F 6KHOO ZLWK VXSHUE YLROHW RIIVHW RQ Â’ UHYHUVH IUDPH YDOXH HWF FS SD D SDLG

Â… Â…

Â’ (5525 VFHQLF UHIOHFWLRQV 0$-25 Â’ 3(5)25$7,21 6+,)7 '(/(7,1* 6.< DV 80 SDLU

VSHFWDFXODU DQG UDUH &3 66 $ = FDW Â… Â… Â’ (5525 6HD .D\DNLQJ 80 SDLU ZLWK Â’ 0$-25 3(5)25$7,21 6+,)7 H[ FS 6SHFWDFXODU VV D

&DW RQO\ RQH VKHHW IRXQG Â… Â…

Â’ (5525 F 6KHOO ZLWK VXSHUE YLROHW RIIVHW RQ Â’ (0(5*(1&< & 3529,6,21$/ 6KHHWOHWV RI Â’ UHYHUVH )5$0( 9$/8( (7& FS SD D SDLG Â’ )DVVRQ DQG 5DIODWDF SULQWLQJV Â… Â…

Â… Â…

Â’ 6+(// F VSHFWDFXODU RIIVHW RI UHG Â’ FRORXU RQ UHYHUVH VKHOO IUHVK 80 &33$ $8

Â’ (5525 0LVSODFHG /DPLQDWH F 2O\PSLF Â’ *DPHV 80 ZLWK QRUPDO WR FRPSDUH &3 H[SHUWLVHG ODEHO

Â… Â…

8QXVXDO 6* Â… Â… ^3KRWR`

Â’ 6+(// '(),1 (55256 $Q LQWHUHVWLQJ JURXS Â’ (5525 F 2O\PSLFV PLVSODFHG ODPLQDWH Â’ DOO 80 H[ &3 LWHPV F PDMRU FKHVWQXW FRORXU RIIVHW 3$ $ Â’ GHFDSLWDWLQJ MXPSHU IUHVK 80 &3 H[SHUWLVLQJ 6 $ =

Â… Â…

< RWKHU RIIVHWV LQF F <HOORZ Â… Â… Â’ 6KHOO GHILQ SODWH EORFNV IUHVK 80 GLIIHUHQW Â’ &DW ZLWK GLIIHUHQW $VWHUL[ W\SHV WRS YDOXH GLIIHUHQW

Â’ 9$5,(7< +HDOWK F F VHOI DGKHVLYH ZLWK Â’ XQFXW GLH EOLQG SHUI EORFN RI VL[ 6* YDU &37 F

DOVR F PDMRU RIIVHW &DW WRWDO &3 Â… Â…

XQPRXQWHG Â… Â…

Â’ (5525 F 4XHHQ PDMRU VKLIW RI PDJHQWD Â’ IDFH IUHVK 80 &3 3$ % 6 DOVR D FRUQHU EORFN RI IRXU ZLWK

GRXEOH SHUIRUDWLRQ HUURU 80 HUURUV Â… Â… Â’ (5525 F RQ F 2UDQJH FRORXU RPLWWHG Â’ IUHVK 80 WRJHWKHU ZLWK QRUPDO WR FRPSOHWH &3 3$ $ H[

&3 &DW Â… Â… Â’ (5525 F RQ F VXUFKDUJH GRXEOH RQH Â’ DOELQR IUHVK 80 &3 3$ $ : Â… Â…

Â’ (5525 PLVVLQJ FRORXU F RQ F \HOORZ Â’ FRORXU RPLWWHG IUHVK 80 VFDUFH &3 3$ $ =

Â… Â… Â’ (5525 VXUFKDUJH F GRXEOH RYSW &3 3$ D Â’ 9 FDW 80 Â… Â… Â’ (55256 4(,, F RQ F GHILQ 3$ $ Â’ LWHPV DOO H[ &3 VLQJOH ZLWK PDMRU VKLIW RI PDJHQWD EORFN RI

VKRZLQJ VKLIW RI \HOORZ DQG UHG DQG VLQJOH ZLWK PLVSODFHG RYSW &RVW Â… Â… Â’ 4(,, F RQ F HUURU VXUFKDUJH GRXEOH RQH Â’ $OELQR IUHVK 80 3$ $ : Â… Â…

$ ),1( FROOHFWLRQ RI DHURJUDPPHV ZLWK PDQ\ 4 SLFWRULDO W\SHV FRYHULQJ PDQ\ \HDUV H[WHQVLYH ORW RI FRYHUV

XQXVHG Â… Â… $ PRVW LQWHUHVWLQJ ORW LQ DQ $OEXP PDQ\ V ZLWK DWWHQWLRQ GUDZQ WR SLFWRULDO LVVXH 6* ZLWK D GHJUHH RI VSHFLDOLVDWLRQ 0 8 òG PLQW FRUQHU EORFNV ZLWK 6WDON WR )ORZHU YDULHW\ PDQ\ UH HQWULHV WKURXJKRXW G XVHG YDULHWLHV EURNHQ IUDPH PDQ\ FRRN ZLWK PLQW EORFN RI DQG QXPHURXV UH HQWULHV ,19(57(' :0.6 LQF G G WKHQ RWKHU PDWHULDO LQF 49 WDOO ILVFDOV WR Â… XVHG JRRG ORW RI OLJKWKRXVH VWDPSV RIILFLDOV LQF VHW PLQW 4(,, 6HW WR PLQW DQG PXFK PRUH $ YHU\ JRRG ORW Â… Â… $ VWRFNERRN IXOO RI 4(,, PDWHULDO 80 DQG XVHG ZLWK YDULHWLHV FRLO LWHPV F FRORXU VKLIW 80 6NL F GRXEOH EORFN 80 VRPH LQYHUWHG ZPNV HWF $Q LQWHUHVWLQJ UDQGRP ORW Â… Â… $/%80 WKDW LV SDFNHG IXOO RI SRVWDJH VWDPSV ZLWK LVVXHV WR 7KRXVDQGV 4XHHQ RQ +RUVH VHW 0 WR Â… *H\VHU 0 WR *H\VHU 0 H[WHQVLYH 4(,, VHWV 9)8 PDQ\ 06 DQG KLJK YDOXHV LQWHUQDWLRQDO XQLYHUVDO PDLO KLJK YDOXHV XVHG KXJH &9 ZLWK PDQ\ PRGHUQ DQG IXOO RI VHWV Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 62

Â’ $Q H[WHQVLYH ORW RI QHZ LVVXH PDWHULDO 80 LQ Â’ JODVVLQH SDFNHWV DSSHDUV V PDQ\ ZLWK RULJLQDO LQYRLFHV

{ 3$*(6 ZLWK XVHIXO SLFNLQJ &KDORQV ZLWK Â’ YDOXHV WR 49 WR ZLWK GLIIHUHQW SULQWLQJV SLFWRULDOV

WR DQG WR XQFKHFNHG IRU SULQWLQJV .*9, LVVXHV WR OHIW LQVLGH 7KH FROOHFWRU QHYHU SXW DQ\WKLQJ LQ KLV $OEXPV MXVW FRQVWDQWO\ ERXJKW IURP NQRZQ GHDOHUV KXJH FRVW QRWLQJ %LUG DQG H[WHQVLYH UDQJH RI 4(,, LVVXHV FKLHIO\ VRUWHG E\ LVVXHV KLJK YDOXH SODWH EORFNV WR ZLWK GLIIHUHQW .LZL SODWH PDUNLQJV RYHU VWDPSV FKLHIO\ ILQH XVHG XQFKHFNHG SDFNHW RI F PDS SODWH EORFNV DOO GLII SDFNHWV IXOO RI VHWV Â… Â… 06 DQG UHODWHG ERRNOHWV PDQ\ SDFNHWV KDYH QHYHU EHHQ Â’ 3/$7( 3522)6 G JUHHQ òG VFDUOHW WRXFKHG 7KLV LV DQ RULJLQDO DQG UDUHO\ VHHQ W\SH RI ORW KXJH Â’ DQG G EOXH .*9, GHILQV LPSHUIRUDWH SURRIV LQ LVVXHG FRORXUV FRVW LQLWLDOO\ ZLWK PDQ\ EHWWHU VHWV Â… Â… RQ JXPPHG DQG ZDWHUPDUNHG SDSHU DV 6* DOO ILQH &RLO /HDGHUV DQG FRLO HQGV GHILQLWLYHV 80 G DQG òG LQ SDLUV G LQ EORFN RI IRXU LWHPV òF WR F ZLWK RQH VWDPS DWWDFKHG WR HDFK GLIIHUHQW Â… Â… VHOGRP VHHQ RQ WKHVH LVVXHV Â… Â… 3267$/ +,6725< V V ZLGH UDQJLQJ

Â’ &2817(5 &2,/ 3$,56 V G %ODFN Â’ DQG %ULJKW %OXH QXPEHUV FRPSOHWH 6* E XP

SDLUV Â… Â… Â’ &2817(5 &2,/ 3$,56 G %URZQ DQG Â’ OLJKW *UHHQ QXPEHUV FRPSOHWH 6* ILQH 80

SDLUV Â… Â… Â’ &2817(5 &2,/ 3$,56 G EURZQ RQ

ZKLWH SDSHU VHW RI PHPEHUV FRPSOHWH &DPSEHOO 3DWHUVRQ 1& G 930 JXWWHU SDLUV Â… Â… Â’ &2817(5 &2,/ 3$,56 G EOXLVK Â’ *UHHQ QXPEHUV WR FRPSOHWH 6* 80 SDLUV

Â… Â…

DQG YDULHG FROOHFWLRQ QHDWO\ ODLG RXW LQ DQ DOEXP LQFOXGHV SRVWFDUGV ZLWK OHWWHU FDUULHUV PDUNV YDULRXV LWHPV RI SRVWDO VWDWLRQHU\ XQIUDQNHG FRYHU ZLWK G SRVWDJH GXH Y 0DULQH 3RVW 2IILFH PDUNV RQ FRYHU FRYHUV ZLWK 3DUOLDPHQW %XLOGLQJV PDUNV YDULRXV 2+06 FRYHUV FRXSOH RI FRPPHUFLDO FRYHUV RQH ZLWK QLFH 7KRPSVRQ %URWKHUV DGYHUW YDULRXV 3RVWDJH 3DLG PDUNV WZR ::,, FHQVRUHG LWHPV ZLWK )32 RU $32 PDUNV XQXVXDO ORW ZHOO ZRUWK IXUWKHU LQVSHFWLRQ LWHPV FRYHUV Â… Â… { 5(9(18(6 49 FKLHIO\ SRVWDO ILVFDOV ILVFDOO\

XVHG ZLWK YDOXHV WR Â… ZLWK D JRRG UDQJH RI GLIIHUHQW YDOXHV IURP ZLWK GLIIHUHQW SULQWLQJV XVHG Â… Â… Â’ 6FHQLF 'HILQLWLYHV ZLWK YDOXHV WR ERRNOHWV Â’ F\O SDQHV 6 $ FKLHIO\ WR RQ SDJHV D YHU\ ILQH

Â’ &2817(5 &2,/ 3$,56 G 3XUSOH Â’ QXPEHUV 6* 80 SDLUV

VWXG\ RI LWHPV 80 )DFH YDOXH RI RYHU Â… Â…

Â… Â… Â’ &2817(5 &2,/ 3$,56 G &KHVWQXW Â’ QXPEHUV 6* 80 SDLUV

Â… Â…

Â’ 6&(1,& ,668(6 LQF YDULHWLHV F SDLU Â’ ZLWK 2UDQJH FRORXU VKLIW F ZLWK 5HG RIIVHW

VSHFWDFXODU YDULRXV SODWH EORFNV PLQRU YDULHWLHV

Â’ &2817(5 &2,/ SDLUV RI 4(,, HDUO\ GHILQLWLYHV Â… Â… Â’ ZLWK YDOXHV WR G ZLWK D JRRG UDQJH RI QXPEHUV PLQW LQF 80 Â’ 67$03 %22./(76 2) 1(: =($/$1' 1HZ Â’ SOXV FRLO MRLQW SDLUV ZLWK SDLUV IURP G WR G $ JRRG ORW RI Â’ LVVXH ORW DOO SULVWLQH LQ SDFNHWV ZLWK IDFH YDOXHV WR

LWHPV Â… Â…

Â’ &RXQWHU &RLOV RI 4(,, VPDOO ILJXUHV WR G DQG

ODUJH ILJXUHV WR G HDFK SDLU ZLWK D GLIIHUHQW QXPEHUV SDLUV Â… Â…

PRVW LQ WKH WR UDQJH LQF %XQGOHV GLUHFW IURP WKH 32 SXUFKDVHG WKURXJKRXW WKH V $V SXUFKDVHG +XJH IDFH YDOXH Â… Â…

Â’ 7+( %$/$1&( /27 RI WKLV UHPDUNDEOH 1= ORW Â’ KRXVHG LQ SDFNHWV DV UHFHLYHG IURP GHDOHU PDQ\ LQWHUHVWLQJ { ),1( 86(' PXFK SUH GHFLPDO LVVXHV LQF EHWWHU

PLQRU YDULHWLHV IURP V VKDGHV HWF DOO ZLWK QRWDWLRQV RQ WKH SDFNHWV GHWDLOLQJ FRQWHQWV DOO 80 SDFNHWV $Q LQWHUHVWLQJ ORW Â… Â…

9LFWRU\ VHW GHILQV WR .*9, GHILQV WR GHILQ VHW $ JRRG ORW RI VWDPSV Â… Â… Â’ +HDOWK LVVXHV LQ D ER[ ZLWK PDQ\ 80 EORFNV Â’ DQG FROOHFWRUV QRWDWLRQV RQ FDUGV ZLWK PLQRU SODWH YDULHWLHV

9,&725,$ &5266 :,11(5 6JW + - /DXUHQW

VLJQHG LOOXVWUDWHG $UPLVWLFH 'D\ $QQLY FRYHU VLJQHG E\ 6JW + - /DXUHQW ZLWK /HVV :H )RUJHW DQG 7UHQWKDP &DPS FDQFHOV $ YHU\ ILQH FRYHU Â… Â…

H[WHQVLYH SODWH EORFNV 06 LQF 0XOWLSOH 06 IRU SODWLQJ HWF 0DQ\ V SHULRG Â… Â… { .*9 .*9, &ROOHFWLRQ RQ 'DYR SDJHV

H[WHQVLYH GHILQV YLFWRU\ VHW RI PLQW $GPLUDOV 1(:)281'/$1' WR GHILQV WR ILQH XVHG $ JRRG ORW RI VWDPSV { +,*+/< FDWDORJXHG FROOHFWLRQ RQ ROG DOEXP ZLWK EHWWHU KLJK YDOXHV Â… Â… SDJHV ZLWK YDOXHV WR F FDW Â… $ JRRG UDQJH RI VKDGHV .*9, 9$5,(7,(6 RQ +HDOWK LVVXHV LQ 80 DQG SULQWLQJV PL[HG FRQGLWLRQ VWDPSV FKLHIO\ ILQH EORFNV DQG FROOHFWRUV QRWHV PDQ\ UH HQWULHV RQ VROLGHU XVHG Â… Â… LVVXH LQ EORFNV 6* G PLVVLQJ GRW 6* D Â’ F EURZQ SXUSOH .LQJ (GZDUG S 6* PLQW 2WDJR VHW DV 80 VKHHWV RI ZLWK SODWH QXPEHUV DQG FDW Â… Â… Â… PXFK PRUH ,QWHUHVWLQJ ORW Â… Â… Â’ 1HZ LVVXH PDWHULDO V UHPDUNDEOH ORW RI Â’ F EOXLVK JUHHQ URXOHWWH $WODQWLF &RG 6* Â’ V LQ WKHLU RULJLQDO QHZ LVVXH SDFNHWV 80 ZLWK SODWH DQG PLQW FDW Â… Â… Â…

F\OLQGHU EORFNV PDQ\ ZLWK RULJLQDO SXUFKDVH LQYRLFHV DQG Â’ F EOXLVK JUHHQ $WODQWLF &RGH URXOHWWHG 6* QRWHV 06 GLIIHUHQW SODWHV *HP 6WRQH GHILQV ZLWK GLIIHUHQW PLQW FDW Â… Â… Â… SODWH GRWV %LUGV WR DV SODWH EORFNV RI 7HQ %LUG ORZ YDOXHV LQF &RLO VWULSV ZLWK LQVWUXFWLRQ ODEHOV DQG PRUH 7KHUH LV D ORW RI YDOXH KHUH +LJKO\ UHFRPPHQGHG Â… Â… Â’ òF EODFN F FULPVRQ ODNH F GHHS EURZQ 6* PLQW FDW Â… Â… Â… Â’ 1(: =($/$1' DQG $VVRFLDWHG 7HUULWRULHV Â’ 838 SUHVHQWDWLRQ VPDOO VWRFN ERRN FLUFD UHG ZLWK JROG Â’ òF RUDQJH YHUPLOLRQ 1HZIRXQGODQG 'D\ 6* HPERVVLQJ ZLWK D UDQJH RI LVVXHV 80 LQF GHILQLWLYHV /LIH ILQH PLQW Â… Â… ,QVXUDQFH RIILFLDOV WR 1LXH WR :HVWHUQ 6DPRD WR 7RNHQODX V DQG 5RVV 'HSHQGHQF\ 6HOGRP VHHQ Â’ WK DQQLYHUVDU\ RI 'LVFRYHU\ 6* PLQW Â… Â… FDW Â… VWDPSV Â… Â… 2)),&,$/ $,5 '523 &29(56 51=$) FRYHUV www.philangles.co.uk DQG ZLWK 1= DQG 3LWFDLUQ ,V place your bids online. Immediate and secure. )UDQNLQJV Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 63

Â’ 52<$/ )$0,/< VHW 6* PLQW FDW Â…

Â… Â… 4 F $LUPDLO RYSW XVHG RQ FRYHU WR +DOLID[

6* 'HDU 6W -RKQV PDFKLQH FDQFHO Â… Â… Â’ 38%/,&,7< LVVXH FRPSOHWH VHW 6* ILQH

PLQW Â… Â…

9,&725,$ &5266 6LJQHG FRYHU

FRPPHPRUDWLQJ WKH YLVLW WR 1RUIRON ,VODQGV RI 9LFWRULD &URVV :LQQHUV IURP $XVWUDOLD DQG 1HZ =HDODQG ZLWK VSHFLDO FDQFHO DQG VLJQHG E\ ILYH ZLQQHUV LQ . 3DJQH ( .HQQD $ 5 &XWOHU SOXV WZR RWKHUV $ YHU\ ILQH FRYHU Â… Â… ^3KRWR`

1257+ %251(2 Â’ F SLQN SHUI 6* 9)0 EORFN RI

Â… Â…

Â’ $,50$,/ VHW QR ZDWHUPDUN 6* ILQH PLQW

Â… Â…

Â’ 3URYLVLRQDO F RQ F 6* IUHVK PLQW $

VFDUFH VWDPS Â… Â… ^3KRWR`

Â’ $,50$,/ VHW ZLWK ZDWHUPDUN 6* 9)0

Â… Â… { $'',7,21$/ &RURQDWLRQ LVVXH FRPSOHWH VHW

6* 9)8 F ZLWK ILVK KRRN IODZ Â… Â… Â’ DQG SLFWRULDO GHILQV VHWV 6*

F ILQH PLQW VWDPSV Â… Â… $GGLWLRQDO &RURQDWLRQ 6HW RQ UHJG (QY :LWK

YHU\ ILQH UHJLVWHUHG 6W -RKQ 1) FGV FDQFHO GDWHG 'HF WK ZLWK HDFK VWDPS EHLQJ VXSHUEO\ FDQFHOOHG Â… Â… 4 $,50$,/ F UHG ôPP VSDFLQJ

EHWZHHQ $LU DQG 0DLO QR VWRS DIWHU XVHG RQ FRYHU WR 86$ 6* D 6W -RKQV PDFKLQH FDQFHO Â… Â…

1,*(5 &2$67 { 2/' 3$*( ZLWK 2LO 5LYHU RYSWV WR Â’ :LGRZ ERWK VHWV IUHVK PLQW RU ILQH XVHG VWDPSV

Â… Â…

Â’ 5DUH 6( 7HQDQW SDLU RI ERWK W\SHV RU F RYSW

6* $ IUHVK PLQW &DW Â… 6PDOO IDXOWV FKLHIO\ JXP WKLQV 7KHVH PXOWLSOHV DUH UDUHO\ VHHQ Â… Â… ^3KRWR` Â’ F RUDQJH F ODNH EURZQ F YLROHW DOO LQ

LPSHUIRUDWH SDLUV 6* E F E ILQH PLQW SDLUV Â… Â… Â’ ,19(57(' 29(535,17 (UURU F RQ F 6*

$ IUHVK PLQW VLJQHG 3HPEHUWRQ )LQH DQG VFDUFH RQ RULJLQDO 6* FDUG SDLG Â… Â… Â… ^3KRWR` Â’ 3RVWDJH GXH VHW ZLWK '/5 VHFXULW\ SXQFWXUHV

IURP WKHLU DUFKLYH PLQW DQG VFDUFH 6* ' Â… Â… ^3KRWR` Â’ 6(76 RQ ROG DOEXP SDJHV %0$ VHW RI

&URZQ &RORQ\ VHW RI LQF F EDU DW ULJKW EURNHQ 6* E GHILQ VHW RI GHILQ VHW RI D JRRG ORW RI VWDPSV PLQW KLJKO\ FDWDORJXHG Â… Â… $WWUDFWLYH 5HJLVWHUHG &RYHU WR 86$ ZLWK F

FRPELQDWLRQ 6* RQ SRVWDO VHUYLFH +6 Â… Â…

1,*(5,$ 3$5&(/ 3,(&( IUDQNHG SDLU *% SHQQ\ OLODFV

WLHG FRPSOHWH %85878 $JHQF\ ER[HG FDFKHW 6* = H[FHSWLRQDO Â… Â… { .*9 723 9$/8(6 6* D DQG 6*

G Â… 6* E ILQH XVHG Â… Â… Â’ 63(&,0(1 SHUIRUDWLRQ .*9 6LOYHU -XELOHH VHW

RI 6* V V PLQW Â… Â… ,PSHULDO $LUZD\V VWDJH IOLJKW /DJRV WR /RQGRQ 4 9LD .KDUWRXP &KRLFH FRYHU IUDQNHG G FDFKHW DQG QHDW

FDQFHOV Â… Â…

7$;(' &29(5 IUDQNHG F DW 6DQGDNDQ

0DOD\DQ 8QLRQ F SRVWDJH GXH WLHG .DPSDU FGV WD[ FDFKHW 9HU\ ILQH Â… Â… 3267$/ +,6725< 2) %5,7,6+ %251(2

3URXG +% SS '- DV QHZ HVVHQWLDO ERRN Â… Â…

1257+(51 1,*(5,$ Â’ 49 GHILQV VHW 6* ILQH PLQW

Â… Â… Â’ (':$5' RQ VWRFN FDUGV VHW RI

FKDON SDSHU VHW RI WR G ZLWK ERWK G IUHVK PLQW Â… Â… .*9, IUDQNLQJV DQG DOO ZLWK )5(1&+ 3267$*( '8(6 VWDPS Â’ .(9,, GHILQV VHW ZPN PXOWL FURZQ &$ DOVR LQF FRPELQDWLRQV DSSOLHG RQ DUULYDO WLHG QXPHUDO KDQGVWDPSV Â… Â… V RQ RUGLQDU\ SDSHU DQG FKDON\ SDSHU 6* D ILQH PLQW Â… Â… Â’ 1,*(5 &2$67 VHW ZLWK 2LO ULYHUV REOLWHUDWHG LQF H[WUD VKDGH RI G DQG G 6* E D Â’ .(9,, GHILQV VHW QHZ FRORXUV ZPN PXOWL FURZQ ILQH PLQW Â… Â… &$ 6* ILQH PLQW Â… Â… $1 81868$/ WULR RI FRYHUV WR )UDQFH YDULRXV

1,8( Â’ 3ODWH QXPEHUV LQ PDUJLQV DQG YHU\ VFDUFH .*9

Â’ .*9 GHILQV VHW 6* 9)0

Â… Â… òG EORFN 6* ZLWK SODWH DQG G FRUQHU SDLU 6* ZLWK { .*9 +,*+ 9$/8(6 ILQH XVHG G 6* DQG SODWH 7KHVH QXPEHUV ZHUH LQYDULDEO\ JXLOORWLQHG DZD\ Â… WRS YDOXH 6* Â… Â… 0LQW 5HTXHVW VFDQ Â… Â…

Â’ .*9, $UPV SRVWDO ILVFDO VFDUFH VHW RI 6*

FDW Â… PLQW Â… Â…

Â… Â…

125)2/. ,6

1257+(51 5+2'(6,$

(;7(16,9( FROOHFWLRQ ZLWK PDQ\ FRPSOHWH VHWV FDW Â… )'& FRXQWHG DV ILQH XVHG PDQ\ VHWV 80 DQG ILQH XVHG RU RQ )'& V $ YHU\ JRRG ORW RI VWDPSV 06 DQG )'& V QHDWO\ SUHVHQWHG LQ D VSULQJEDFN DOEXP $ TXDOLW\ FROOHFWLRQ Â… Â…

Key to symbols in this catalogue ✱

✉

Used Mint Postal History

✈ ✱✱ &

Â’ .*9 ZLWK YDOXHV WR IUHVK PLQW

Airmail Unmounted mint Literature

Â’ 3,&725,$/ VHW RI FDW Â… 6*

PLQW Â… Â… Â’ &$7$/2*8( 9$/8( Â… D ILQH FROOHFWLRQ

RQ ROG DOEXP SDJHV VRUWHG E\ LVVXHV .*9 GHILQV WR .*9, GHILQV WR LQF VKDGHV 6LOYHU :HGGLQJ VHW GHILQ VHW RI DQG GHILQ VHW RI ZLWK FRPPHP LVVXHV $ ILQH FROOHFWLRQ RI VWDPSV IUHVK PLQW Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 64

{ 9(5< ,17(5(67,1* FROOHFWLRQ RQ SDJHV .*9 { 9$5,(7< .*9 G ZLWK QLFN LQ WRS ULJKW VFUROO Â’ 6LOYHU -XELOHH VHW LQ G ZLWK 'LD OLQH E\ WXUUHW 6* I PLQW 6* F ILQH XVHG Â… Â…

6LOYHU :HGGLQJ 80 4(,, GHILQ VHW WR PLQW SOXV YHU\ ILQH XVHG EORFNV RI WR G GHILQ VHW RI PLQW Â’ 2/' $/%80 SDJHV ZLWK EHWWHU SLFNLQJV QRWH .*9 V\PERO VHW RI 6LOYHU -XELOHH VHW RI .*9, ERRNOHW $ IHZ VWDPSV Â… Â… GHILQLWLYH VHW RI GHILQ VHW RI 6LOYHU :HGGLQJ Â’ .*9 GHILQV òG WR V FRPSOHWH 6* ILQH VHW 4(,, GHILQ VHW RI SRVWDJH VHW RI $ JRRG PLQW FDW Â… Â… Â… ORW RI VWDPSV IUHVK PLQW FDW Â… Â… Â… Â’ 63(&,0(1 SHUIRUDWHG &RURQDWLRQ VHW RI 6* Â’ .*9, GHILQLWLYH VHW RI 6* IUHVK

/00 Â… Â…

PLQW Â… Â…

{ 4(,, $UPV GHILQV VHW 6* 9)8 Â’ 9$5,(7< RQ WKH WRS YDOXH Â… VHULI RQ * 6*

Â… Â…

F IUHVK OLJKWO\ PRXQWHG PLQW Â… Â… Â’ 9(5< )5(6+ ILUVW KLQJHG PLQW %&$ RYSWV G

125:$< { VN EOXH LPSHUI 0L 9)8 ZLWK QXPHUDO IRXU

ODUJH PDUJLQV Â… Â…

G G G DQG G WR WR G G DQG G TXDOLW\ VHOHFWLRQ Â… Â…

20$1

{ VN 9LROHW *UH\ .LQJ 2VFDU PL VXSHUE XVHG Â’ 086&$7 $1' 20$1 GHILQV VHW DQG

ZLWK FOHDU FGV Â… Â…

)LUVW 2LO 6KLSPHQW VHW 6* 9)0 Â… Â…

{ .,1* 26&$5 , GHILQLWLYHV VHW 0L JRRG WR

ILQH XVHG Â… Â…

25$1*( )5(( 67$7(

òG 95, UHSO\ SRUWLRQ RI 3RVW DQG 5HSO\ SRVWDO { $506 VN WR VN GHILQLWLYHV VHW 0L JRRG

VWDWLRQHU\ FDUG XSUDWHG DQG DGGUHVVHG WR 3RVWPDVWHU ,VODQG RI 6W +HOHQD SRVWHG 6W +HOHQD DUULYDO PDUN RQ IURQW XQXVXDO GHVWLQDWLRQ Â… Â…

WR YHU\ ILQH XVHG FDW (XURV Â… Â… { $506 GHILQLWLYHV VHW ZLWK DGGLWLRQDO VKDGHV

{ Â’

{

{

ZLWK VN UHG YLROHW VN SLQN 0L D E D E D E ILQH %2(5 :$5 FRYHU WR 'HDGZRRG &DPS XVHG FDW (XURV Â… Â… 6W +HOHQD IUDQNHG 95, RYSWG G =DVWURQ SPN DQG FOHDU VWULNH RI 3DVVHG 3UHVV &HQVRU WULDQJXODU FDFKHW Â… Â… .,1* 26&$5 ,, GHILQV VHW 0L ILQH XVHG Â… Â… %2(5 :$5 FRYHU WR 3ULVRQHU RI :DU &DPS LQ &H\ORQ WZLFH FHQVRUHG ZLWK WZR GLIIHUHQW 2SHQHG 3267+2516 GHILQV VHW H[FO RUH ROLYH 8QGHU 0DUWLDO /DZ FHQVRU VHDOV DQG 3%& PDUNV RQ IURQW JUHHQ 0L D D ILQH PLQW FDW (XURV FRYHU ZLWK IDXOWV Â… Â… Â… Â… 25$1*( 75(( ,668(6 H[WHQVLYH ),1( 86(' &2//(&7,21 LQ D SULQWHG DOEXP FKLHIO\ XVHG FROOHFWLRQ RI RYHU VWDPSV $ JRRG JURXS RI HYHU\ VSDFH LV ILOOHG LQFOXGLQJ DOO WKH PLQLDWXUH VKHHWV IRU WKH RYHUSULQWV VKRZLQJ GLII W\SHV RI VHWWLQJV G GRXEOH SHULRG DSSUR[ FDW Â… VXSHU ORW DSSUR[ VWDPSV RYHUSULQW 0 òG RYSWV G RYSWV ZLWK GLII VHWWLQJV G PV Â… Â… GRXEOH RYSW 6* D )8 UDQJHV RI XVHG ZLWK VRPH FDQFHO LQWHUHVW 6HOGRP RIIHUHG LQ TXDQWLW\ Â… Â… $1 (;&(37,21$/ *5283 RI +DQG 3DLQWHG /2&$/ 3267 6WDPSV WDNHQ IURP D 9LFWRULDQ $OEXP 3$.,67$1 GLIIHUHQW H[HFXWHG WR WKH KLJKHVW RI VWDQGDUGV PXOWL FRORXUHG Â’ 6SHFLDOLVHG PLQW VWXG\ RI WKH GHILQ LVVXH UHPDUNDEOH DQG XQLTXH JURXS Â… Â… VWDPSV ZLWK GLIIHUHQW SHUIRUDWLRQV LQF RU ZLWK VFDUFH SHUI 129$ 6&27,$ &DW Â… U U 6* E &DW Â… Â… Â… &ODVVLF )LUVW LVVXHV 49 G 6* VRXQG XVHG ZLWK JRRG PDUJLQV G 6* VRXQG XVHG PDUJLQV DQG D YHU\ Â’ %22./(76 LQWHUHVWLQJ JURXS LQF JRRG HDUO\ IRUJHU\ RI WKH G LWHPV &DW Â… Â’ 1DWLRQDO 6HPLQDU ERRNOHW 3HVK 3H[ ERRNOHWV HDFK Â… Â… GLIIHUHQW Â… Â…

1<$6$/$1' Â’ %5,7,6+ &(175$/ $)5,&$ %&$ RYSWV $UPV

G WR 6* LQF ERWK VL[ SHQFH FDW Â… PLQW Â… Â…

Â’ 1(9(5 +,1*(' 0,17 FROOHFWLRQ RI VHWV IURP Â’ WR YHU\ FRPSOHWH IRU SHULRG LQF 06 DQG VKHHWOHWV

IUHVK PLQW LQF VH WHQDQW YHU\ JRRG UDQJH ZLWK PDQ\ EHWWHUV VHWV VHHQ WKH RGG YDULHW\ PL[HG LQ Â… Â…

Â’ 2)),&,$/6 EORFNV RI S RQ D ZLWK Â’ 3DLVD RPLWWHG S RQ D ZLWK 3LDVD HUURU 6* 80 RYSWV WR G 6* $UPV G WR EORFNV Â… Â… $UPV WR LQWHUQDO SRVWDJH 6* E DQG D .*9 ZLWK YDOXHV WR 6LOYHU -XELOHH VHW 3$/(67,1( .*9, GHILQV ZLWK YDOXHV WR Â… H[ 6* Â’ 3/$7( 180%(5 EORFN VHOGRP VHHQ P VHSLD $ YHU\ JRRG VHOHFWLRQ RI VWDPSV Â… Â… Â’ EORFN RI 6* SO 80 Â… Â… Â’ 0,17 &2//(&7,21 ZLWK EHWWHU SLFNLQJV Â’ $UPV RYSWV ZLWK YDOV WR $UPV ZLWK YDOV WR Â’ &203/(7( 6+((7 P 2FFXSDWLRQ RI Â’ GHILQV ZLWK YDOXHV WR V\PERO HW RI Â’ 3DOHVWLQH E\ -RUGDQ ZLWK UHTXLVLWLRQ QXPEHU DQG F\O QXPEHU 6LOYHU -XELOHH .*9, GHILQV WR G SLFWRULDO VHW ZLWK PLQRU GDPDJH OHWWHUV LQ WKH RYSW JUHDW DV D VWXG\ SLHFH RI 80 4(,, GHILQ VHW WR PLQW $ YHU\ JRRG 6* 3 80 Â… Â… VHOHFWLRQ RI VWDPSV FDW Â… Â… Â… { ),1( 86(' ZLWK EHWWHU SLFNLQJV FDW Â…

3$38$

{ 5(9(18( &2168/$5 Â… %DUHIRRWW ILQH

Â’ 60$// 29(535,17 òG DQG G ZPN KRUL]

XVHG Â… Â… { 5(9(18( &2168/$5 G %DUHIRRW W\SH FE

ILQH XVHG Â… Â…

6* D 6* YHUWLFDO ZPN VHW RI 6* D Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 65

{ /DUJH 3DSXD ZLWK YDOXHV WR G 6* DQG 1(: =($/$1' 86(' ,1 HQYHORSH

IUDQNHG ZLWK òG FHQWHQDU\ LVVXH RQH VWDPS LQ HDFK FRUQHU HDFK FDQFHOOHG E\ 3LWFDLUQ ,VODQG 1 = 3RVWDO $JHQF\ 3RVWPDUN Â… Â…

6* ILQH XVHG &DW Â… Â… Â… Â’ 35,17(' LQ RQH FRORXU VHW RI SOXV òG GXOO

XOWUDPDULQH DQG GXOO XOWUDPDULQH ZLWK ZPN LQY òG GDPDJHG 0DOWHVH &URVV 6* Â… Â…

{ 1= 86(' ,1 SLHFH EHDULQJ G 6FDUOHW

.LZL GHILQ DQG òG òG $Q]DF ODQGLQJ SDLU 6* HDFK FDQFHOOHG E\ 3LWFDLUQ ,VODQG 1= 3RVWDO $JHQF\ SRVWPDUN Â… Â…

Â’ /$.$72, LVVXHV ZLWK GHILQV WR

VXUFK VHW RI DLU RYSWV VXUFK WR G G DQG G DQG RIILFLDO VHW RI DOO IUHVK PLQW FDW Â… ZLWK PLQRU YDULHWLHV LGHQWLILHG LQWHUHVWLQJ ORW Â… Â…

{ 1= 86(' ,1 SLHFH EHDULQJ òG *UHHQ G

6FDUOHW DQG òG 3XUSOH %URZQ .*9, GHILQV 6* ILQH XVHG ZLWK 3LWFDLUQ ,VODQG 1= 3RVWDO $JHQF\ FDQFHO Â… Â…

Â’ 6(76 21 2/' 3$*( $QQLY VHW

6LOYHU -XELOHH VHW SLFWRULDO VHW WR Â… GHILQ VHW 1= XVHG LQ &RURQDWLRQ 6HW RQ SLHFH SOXV LQF VKDGHV %LUG VHW SRVWDJH GXH VHW $ YHU\ G XVHG RQ FRYHU WR 1= DOO ZLWK 3LWFDLUQ ,VODQG 1= 3RVWDO ILQH FROOHFWLRQ RI VWDPSV Â… Â… $JHQF\ FDQFHOV 6* Â… Â… $8675$/,$ 86(' ,1 3$38$ WZR 1= 86(' ,1 5DGLR &RPPXQLFDWLRQV LPSUHVVLYH PXOWL IUDQNHG FRYHUV HDFK FDQFHOOHG DW 3RUW FRPPHP FRYHU IUDQNHG G .LZL GHILQ 6* = VRPH 0RUHVE\ LQF 8VH RI LPSULQW SDLU G $LUPDLO 6* D RWKHU IDXOWV Â… Â… ZLWK VWDPS IUDQNLQJ Â… Â…

32/$1'

$8675$/,$ 86(' ,1 3$38$ UHMRLQHG EORFN WZR SDLUV .*9, Â… 5REHV FDQFHOOHG :$8 FGV ILQH DQG UDUH H[ PLQLQJ PDLOV Â… Â…

Â’ :2/'(1%(5* 0DGRQQD RUDQJH LPSHUI 06

IUHVK XQXVHG )LVFKHU EORFN Â… Â…

{ $8675$/,$ 86(' ,1 3$38$ F SDLU RI

.*9, 5REHV ZLWK :$8 FGV 5DUH H[ PLQLQJ PDLOV Â… Â…

Â’ :2/'(1%(5* &RSHUQLFXV 06 ILQH XQXVHG Â’ KRUL] FUHDVH )LVFKHU EORFN VFDUFH Â… Â… { :2/'(1%85* &RSHUQLFXV 06 )8 KRUL]

3(58

FUHDVH )LVFKHU EORFN Â… Â…

Â’ 5$5,7< F RQ F 6* G ILQH PLQW 536

FHUW UDUHO\ RIIHUHG RYSW VWDPS Â… Â…

Â’ 5226(9(/7 VH WHQDQW VWULS RI IURP Â’ PLQLDWXUH VKHHW 6* 06 G ILQH 80 Â… Â…

3,7&$,51 ,6 { 1= 8VHG ,Q òG 5HG %URZQ 0DRQ :RPDQ

3257 &2/6 &$3( 9(5

XVHG RQ SLHFH 6*= FRPSOHWH 3LWFDLUQ ,VODQGV 1= 3RVWDO $JHQF\ FDQFHO Â… Â…

2/' 672&. &$5' ZLWK XVHIXO SLFNLQJV LQF &URZQ U RUDQJH \HOORZ LPSHUI EORFN RI 80 .LQJ /XLV U EORFN RI 80 FKLHIO\ PLQW LQF 80 Â… Â…

{ ),1( 86(' FROOHFWLRQ LQ DQ DOEXP IDLUO\

FRPSUHKHQVLYH DOO LQ FRPSOHWH VHWV LQF .*9, GHILQV VHW 56: 838 4(,, GHILQV VHW ZLWK EHWWHU OLVWHG VKDGHV FRQWLQXHV ZLWK PRVWO\ FRPPHPRUDWLYH VHWV W R *RRG ORW FDW Â… IHZ V Â… Â…

{ 2/' 7,0( FROOHFWLRQ RQ ROG SDJHV ZLWK HDUO\ Â’ &URZQV WR U .LQJ /XLV WR U .LQJ &DUORV WR U ZLWK

GLIIHUHQW SULQWLQJV 9DVFR GD *DPD VHWV $ JRRG UDQJH RI VWDPSV VWF Â… Â… Â… VHW 6LOYHU :HGGLQJ 838 DV EORFNV RI 3257 &2/6 ,1',$ GHILQ VHW ZLWK VKDGHV ERWK G SLFWRULDO GHILQ VHW WR 3267$/ +,6725< V QRWH XSUDWHG SRVWDO $ JRRG ORW RI VWDPSV FDW Â… Â… Â… FDUG ZLWK VXUFK LVVXHV ZLWK FDUGV EHLQJ FHQVRUHG &RYHU WR 1= IUDQNHG ZLWK .*9, òG G G FDUGV FRYHUV Â… Â… DQG G 6* E OLJKW SRVWPDUNV Â… Â… Â’ 2/' 3$*(6 ZLWK IUHVK PLQW VHWV GHILQ

3257 &2/6 02=$0

Â’ G ,QW &R RSHUDWLRQ <HDU ZLWK 7ULVWDQ 'D

{ 35,17(' $/%80 SDJHV ZLWK D ILQH VHOHFWLRQ Â’ QRWH HPERVVHG KHDGV WR U $UPV WR U

&XQKD RIIVHW RQ UHYHUVH 6* D ILQH PLQW FDW Â… Â… Â…

5HSXEOLFD RYSW WR U XQ ZDWHU PDUNHG WR U ZLWK PXFK ILUVW KLQJHG PLQW D ILQH JURXS RI VWDPSV Â… Â…

'HILQLWLYHV RQ FRYHUV VHW RQ )'&

VLQJOH IUDQNHG FRYHUV ZLWK WKH VHW RI 6* ZLWK YHU\ ILQH FGV FDQFHOV WKH VHW RI RQ WKUHH LOOXVWU )'&V $ JRRG ORW RI FRYHUV Â… Â…

3257 &2/6 67 7+20

(5525 &RURQDWLRQ PLQLDWXUH VKHHW ZLWK

Â’ Â’ Â’

GRXEOH VLOYHU RYHUSULQW YHU\ ILQH XVHG RQ DQ LOOXVWUDWHG )'& OLVWHG LQ WKH (OL]DEHWKDQ DV 6*0 (D DQG RQO\ SULFHG DV PLQW 9HU\ VFDUFH PLQLDWXUH VKHHW Â… Â… ),567 '$< &29(56 IURP 0\ )DYRXULWH 3ODFH

RQ 3LWFDLUQ VHW WR 5R\ 3 &ODUN VHW FOHDQ ILQH DQG XQDGGUHVVHG FRYHUV Â… Â…

2/' 672&. 3$*(6 ZLWK HDUO\ .LQJ &DUORV LVVXHV LQF EORFNV RI SRVWDJH GXHV U LPSHUI /00 U EON RI 80 RULJLQDO SDFNHWV ZLWK YDOXHV WR U RYHU VWDPSV PLQW LQF 80 Â… Â…

32578*$/ Â’ ,QGHSHQGHQFH 3LFWRULDO 6HW IUHVK PLQW 6*

&DW Â… Â… Â…

1(: =($/$1' XVHG LQ FRYHU WR

(QJODQG .*9 G )LHOG 0DUVKDO 6* = FOHDU DQG IXOO VWULNH RI 3267$*( 67$03 &(17(1$5< VHW 5RZODQG 3LWFDLUQ ,VODQG 1= 3RVWDO $JHQF\ SRVWPDUN Â… Â… +LOO LVVXH 6* 9)8 RQ DLUPDLOHG FRYHU WR 86$ Â… Â… 1(: =($/$1' XVHG LQ XQDGGUHVVHG FRPPHPRUDWLYH HQY IRU +06 %RXQW\ 1= .*9, òG DQG Â’ 5(*,21$/ &26780(6 VHW 6* 9)0 G IUDQNLQJ 6* = = OLJKW VWULNHV RI 3LWFDLUQ ,VODQG 1= FDW Â… Â… Â… 3RVWDO $JHQF\ FGV Â… Â… Â’ 32575$,76 VHW 6* 9)0 FDW Â… VISIT Â… Â…

www.philangles.co.uk.

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 66

Â’ )2857+ &(17(1$5< RI 6DR 3DXOR VHW 6*

{ 3(5),16 UDQJH LQF YDULRXV FRPSDQ\ W\SHV

SOXV YDULRXV 26 H[DPSOHV Â… Â…

9)0 FDW Â… Â… Â… Â’ &(17(1$5< RI 3RUWXJXHVH 5DLOZD\V 6*

Â’ 7255(6 675$,7 6(77/(0(17 F OLJKW

EURZQ ORFDO SRVW LVVXH PLQW FUHDVHG YHU\ VFDUFH Â… Â…

9)0 FDW Â… Â… Â… Â’ $/0(,'$ *$5(77 VHW 6* 9)0 FDW

5+2'(6,$

Â… Â… Â… Â’ DQG 0,1,675< 29(56($6 IROGHUV

Â’ $506 VHW RI VHYHQ 6* PLQW FDW

Â… Â… Â… 0LQLVWHULR GR 8OWUPDU &DSH 9HUGH ZLWK 1DYLJDWRUV VHWV Â’ $506 ZLWK YDOXHV WR FDW Â… G G 3UHVLGHQWLDO 9LVLW ZLWK &DSH 9HUGH DQG *XLQH VHWV DOO IUHVK PLQW Â… Â… ERWK VKDGHV G DQG EHWZHHQ 6* DQG PLQW Â… Â… $1 (;&(37,21$/ *5283 RI +DQG 3DLQWHG 6WDPSV WDNHQ IURP $ 9LFWRULDQ $OEXP GLIIHUHQW LVVXHV LQF Â’ $506 GHILQV VHW H[ V 6* PLQW RU U U WZR 0DGHLUD LVVXHV ([HFXWHG WR WKH XQXVHG FDW Â… Â… Â… KLJKHVW RI VWDQGDUGV 2I H[KLELWLRQ TXDOLW\ Â… Â… { 5(9(18( Â… $UPV )8 EURZQ DQG JUHHQ { ,03(5) &/$66,&6 RQ VWRFN SDJH ZLWK D % D Â… Â… FDWDORJXH YDOXH RYHU Â… ZLWK D JRRG UDQJH RI QXPHUDO FDQFHOV QRWH 4XHHQ U .LQJ U $ JRRG { 5(9(18( Â… $UPV RYSW 9)8 XQXVXDOO\ YHU\ ORW Â… Â… ILQH % Â… Â… Â’ 3267$*( '8(6 ILUVW VHW PLVVLQJ U { '28%/( +($' IODZV G ZLWK GLIIHUHQW VKDGHV 5HSXEOLFD RYSWV VHW FKDON\ SDSHU VHW DOO 9)0 Â… Â… VKRZLQJ 2' IODZ VLQJOHV DQG RQH RQ SSF VHOGRP VHHQ RQ D SSF DOO ILQH Â… Â…

4$7$5

Â’ 3LFWRULDO GHILQV VHW LQ EHDXWLIXO IUHVK EORFNV RI Â’ 6* ILQH 80 EORFNV Â… Â…

Â’ 29(535,17 VHWV 2O\PSLF *DPHV DQG Â’ .HQQHG\ IUHVK 80 6* Â… Â…

Â’ 'RXEOH +HDGV òG S ZLWK VKDGHV LQF EULJKW

JUHHQ ROLYH JUHHQ DQG D EORFN RI ZLWK WKH SHUI WULPPHG DURXQG WKH RXWVLGH RI WKH EORFN IRU VRPH XQNQRZQ UHDVRQ VWDPSV PLQW Â… Â… Â’ '28%/( +($'6 G ZLWK VKDGHV LQF EULJKW

FDUPLQH URVH UHG ZLWK RQH VKRZLQJ WKH NQRZLQJ 2 ' IODZ VWDPSV PLQW Â… Â…

Â’ 1(9(5 +,1*(' 0,17 FROOHFWLRQ RI Â’ FRPPHPRUDWLYH VHWV DV VLQJOHV PDQ\ LQ VWULSV RU PXOWLSOHV RI

Â’ G 3XUSOH %URZQ DQG 2OLYH *UHHQ G 3XUSOH

VHHQ 6FRXWV 2O\PSLFV +XPDQ 5LJKWV ,QGHSHQGHQFH 838 )DXQD DQG )ORUD +XJH FDW YDOXH D IHZ VWDPSV Â… Â…

%URZQ DQG 2OLYH <HOORZ GRXEOH KHDGV 6* D PLQW IDXOWV FDW Â… Â… Â… Â’ òG 8OWUDPDULQH VKDGHV GXOO EOXH FKDON\

{ +,*+ 9$/8( 1HZ &XUUHQF\ U VFDUFH LQ D

EOXH GRXEOH KHDGV 6* XQXVHG RU PLQW FDW Â… Â… Â…

KRUL] SDLU 6* ZLWK D VXSHUE FHQWUDO FDQFHO Â… Â… { +,*+ 9$/8( 1HZ &XUUHQF\ RYSW U 6&$5&(

Â’ òG XOWUDPDULQH WZR VKDGHV S ò GRXEOH

3$,5 RQ SLHFH ILQH XVHG 6* RQH VWDPS VPDOO FUHDVH ZLWK ILQH FGV FDQFHO Â… Â… Â’ Â’ ,17(51$7,21$/ &R RSHUDWLRQ \HDU PLQLDWXUH Â’ VKHHW RQH ZLWK 81 WK $QQLYHUVDU\ RYSW 6* 06 ERWK IUHVK 80 Â… Â… Â’ { 1(: &855(1&< RYHUSULQWV G G G U

DQG U 6* ILQH XVHG Â… Â… { 1(: &855(1&< RYHUSULQWV RQ KLJK YDOXHV U

DQG U 6* ILQH XVHG Â… Â…

KHDGV 6* PLQW RQH ZLWK IDXOWV Â… Â… G JUHHQLVK EODFN DQG RUDQJH EURZQ SXUSOH DQG RUDQJH DQG EODFN DQG RUDQJH GRXEOH KHDGV 6* PLQW FDW Â… Â… Â… G SXUSOH EURZQ DQG ROLYH JUHHQ DQG SXUSOH EURZQ DQG ROLYH \HOORZ 6* D JRRG WR ILQH PLQW Â… Â…

Â’ 9(5< 6&$5&( $'0,5$/ 63(&,0(1 VHW RI

ILQH TXDOLW\ VHOGRP VHHQ DV D FRPSOHWH VHW RI Â… Â… Â’ ($5/< 0,17 RQ DQ ROG SDJH $UPV W R G

81868$/ :RUOG +HDOWK 2UJDQLVDWLRQ

LOOXVWUDWHG )'& ZLWK WKH EODFN EHLQJ SULQWHG GRXEOH ZLWK WKH VHW RI :+2 VWDPSV ZLWK ILQH 'XNKDP FGV FDQFHO Â… Â…

RYSWV òG WR G $UPV WR $UPV WR G $ ILQH VHOHFWLRQ RI VWDPSV Â… Â… )RUFHV 0DLO )RUFHV 2IILFLDO 0DLO (QYHORSH

48((16/$1' Â’ G UHGGLVK EURZQ 'LH , ZPN &URZQ DQG 4 6*

XQXVHG FDW Â… Â… Â… Â’ 49 PLQW RQ D SDJH LGHQWLILHG ZLWK GLIIHUHQW

VKDGHV DQG SHUI W\SHV ZLWK YDOXHV WR ZLWK D FDW RYHU Â… $ JRRG UDQJH Â… Â… Â’ 49 PLQW RQ D SDJH ZLWK GLIIHUHQW SHUI W\SHV DQG

VKDGHV YDOXHV IURP òG WR G HDFK GLIIHUHQW FDW Â… Â… Â… $1 ,17(5(67,1* VHOHFWLRQ RI HDUO\ 49 LVVXHV XVHG PL[HG FRQGLWLRQ WKRXJK LQWHUHVWLQJ &KDORQ OLWKR WR ILVFDO XVHG KLJK YDOXHV G DQG Â… VHYHUDO SRVWDO XVHG 6FDQ DGYLVHG Â… Â…

ZLWK 032 %XODZD\R VHQGHUV ODEHO ZLWK ER[HG FDFKHW RI WKH 5KRGHVLDQ $UP\ XQXVHG FRYHUV ZLWK 032 DQG 032 6DOLVEXU\ ERWK OHIW XQFRPSOHWHG HQYHORSH ZLWK & 6TXDGURQ 5KRGHVLDQ 6SHFLDO $LU 6HUYLFH FDFKHW HQYHORSH ZLWK WK 0DQLFDODQG %1 5KRGHVLDQ 5HJLPHQW FDFKHW D YHU\ LQWHUHVWLQJ JURXS RI FRYHUV Â… Â… { 5(9(18(6 'HFLPDO &XUUHQF\ S ZLWK

YDOXHV WR S ò WR UHYHQXHV RQ GRFXPHQWV 3RVW 2IILFH 3HQVLRQ IRUP SXUFKDVH RI VHFXULWLHV /OR\G *UH\ 6WRFN ([FKDQJH )RUP D YHU\ XVHIXO JURXS Â… Â… 9$5,(7,(6 ZLWK PLQW EORFNV FROOHFWRUV QRWHV DQG PXFK LQWHUHVW 6RXWKHUQ 5KRGHVLD GHILQ LVVXHV ZLWK YDULHWLHV LQ EORFNV G +RUVHPDQ EORFNV ZLWK SRVLWLRQDO IODZV XVHG VLQJOHV ZLWK LQWHUHVWLQJ IO\ VSHFNV HWF TW\ Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 67

Â’ G 0DJHQWD G *UHHQ ZPN FURZQ FF SHUI

5+2'(6,$ 1<$6$

6* ILQH PLQW Â… Â…

Â’ 2/' 3$*(6 ZLWK VHWV IUHVK PLQW GHILQV

VHW RI GHILQ VHW RI SOXV FRPPHPRUDWLYH VHWV VWDPSV Â… Â…

Â’ G *UHHQ ZPN FURZQ FF SHUI ò 6* ILQH

PLQW Â… Â…

{ 4(,, GHILQLWLYH VHWV VHW RI DQG VHW

RI ILQH XVHG Â… Â…

Â’ G 2OLYH %URZQ DQG V 0DXYH RYHUSULQWHG

VSHFLPHQ 6* V PLQW Â… Â…

Â’ 75,$/ 35,17,1*6 Â… ROLYH JUHHQ DQG Â’ 49 ZPN FURZQ &$ òG WR V YDOXHV 6* Â’ ODNH LPSHUI FRUQHU PDUJLQDO RI FRPSOHWH GHVLJQ SOXV YLJQHWWH

JRRG WR ILQH PLQW Â… Â…

RQO\ H[ :DWHUORZ DUFKLYHV VPDOO SXQFK KROH DQG FUHDVHV Â… Â… Â’ :$7(5/2: 3ULQWHUV ,PSHUI SURRIV RI Â’ GHILQV LQ 80 PXOWLSOHV VFDUFH ZLWK VHFXULW\ SXQFWXUHV

LWHPV òG 6* DV D VSHFWDFXODU EORFN G EORFN òG EORFN G EORFN DQG òG EORFN SOXV D FRXSOH RI SDLUV ZLOO PDNH H[FHOOHQW DGGLWLRQV WR D FROOHFWLRQ Â… Â…

Â’ G RQ G G RQ G G RQ òG G RQ òG ZLWK

YDOXH REOLWHUDWHG 6* PLQW VRPH IDXOWV FDW Â… Â… Â… Â’ G RQ G *UHHQ 1R 6WRS $IWHU G 6* D

FRXSOH RI EOXQW SHUIV RWKHUZLVH ILQH PLQW Â… Â… { G RQ G *UHHQ 1R 6WRS $IWHU G 6* D

580$1,$

JRRG XVHG ZLWK QLFH VWULNH RI $ QXPHUDO Â… Â…

{ S 5HG LPSHUI 6* YIX RQ SLHFH ZLWK KXJH

PDUJLQV Â… Â…

{ G RQ G G RQ G G RQ òG VXUFKDUJHV

6* *RRG WR ILQH XVHG Â… Â…

{ &$52/ GHILQLWLYHV ZLWK HDUO\ LPSHUIV DQG SHUI

W\SHV ZLWK GLIIHUHQW SHUIV VKDGHV YDOXHV WR O H[WHQVLYH VWXG\ { *% 86(' ,1 G OLODF QR FRUQHU RYHU VWDPSV ILQH XVHG HDFK ORRNV WR EH GLIIHUHQW OHWWHUV 6*] FOHDU VWULNH RI $ QXPHUDO SHUIV WULPPHG DW Â… Â… WRS FDW Â… Â… Â… { (;7(16,9( FROOHFWLRQ RI VWDPSV ZLWK { 5(9(18(6 XVHG IRU SRVWDJH G JUHHQ Â’ EHWWHU :HOIDUH )XQG VHWV DLUV FRPPHPV LQF H[KLELWLRQ RYSW RQ 1HYLV UHYHQXH 6* 5 JRRG XVHG Â… Â… 06 0DNDLD FKLHIO\ VRUWHG E\ LVVXHV LQF HDUO\ ZLWK GLIIHUHQW SHUI W\SHV Â… Â… { 5(9(18(6 86(' )25 3267$*( G WR Â’ ([SRVLWLRQ 6HW IUHVK PLQW 6*

V RYSWG 6*5 5 G XVHG ILVFDOO\ RWKHU 9)8 ZLWK SRVWDO FDQFHOV Â… Â…

6FRWW Â… Â…

Â’ 5(9(18(6 86(' )25 3267$*( G WR

Â’ 75$16</9$1,$ PRQRJUDP RYSWV FDW Â…

V RYSWG 6*5 5 DOO 9)0 Â… Â…

RQ +XQJDU\ 7XUDO +DUYHVWHU 3DUOLDPHQW &KDUOHV DQG =LWD LVVXHV IRU &OXM DQG 2UDGUHD VWDPSV PLQW Â… Â…

5866,$

6$,17 +(/(1$ Â’ G EOXH ZPN ODUJH VWDU LPSHUI 6* PLQW

9(5< *22' FROOHFWLRQ RQ SDJHV RYHU GLII LVVXHV FDW Â… ZLWK VHWV /HQLQ KLJK YDOXHV ZLWK SHUIV )8 5HEHOOLRQ VHW ERWK SHUI LPSHUI 0 GHILQ VHW RI 0 { =HSSHOLQ VHW 0 $LUVKLS &RQVWUXFWLRQ VHW SHUI 0 YHU\ JRRG VWXG\ RI :RUNHUV GHILQV )8 ZLWK YDOXHV WR UE LQF GLII SULQWLQJV $ SRSXODU SHULRG RI 5XVVLDQ SKLODWHO\ { Â… Â… { ),1( 86(' RQ SDJHV RYHU VWDPSV DQG

06 LQF /HQLQ 7UDQVSRUW 6SDFH :LOGOLIH $UW ORRNV WR EH V LVVXHV ZLWK PDQ\ VHWV Â… Â…

PDUJLQV MXVW WRXFKHG DW EDVH VOLJKWO\ FXW DW WRS FDW Â… Â… Â…

' EOXH ZPN ODUJH VWDU 6* OLJKWO\ XVHG IRXU HYHQ PDUJLQV FHUWLILFDWH DFFRPSDQLHV Â… Â… &/$66,&6 UDQJH LQF G EOXH LPSHUI [ G EOXH URXJK SHUI WR G ODNH W\SH $ G FDUPLQH 6* D JRRG XVHG FDW Â… Â… Â…

{ G EOXH ZPN ODUJH VWDU URXJK SHUI WR 6*

D ILQH XVHG OLJKW SPN Â… Â…

Â’ 6$7(//,7( 5(38%/,&6 80 FROOHFWLRQ Â’ RQ SDJHV GLIIHUHQW LVVXHV DV VHWV 06 &DW

{ %RWK SHUIRUDWHG G 6* $ ILQH XVHG 9HU\

Â… ,QF $UPHQLD .\U\]VWDQ %HODUXV HWF $OO WKH JRRG HDUO\ SHULRG Â… Â…

6$$5

FROOHFWDEOH H[DPSOHV &DW Â… Â… Â… Â’ G ODNH W\SH $ EDU PP ZPN &URZQ &&

LPSHUI 6* PLQW IRXU PDUJLQV Â… Â…

Â’ 683(5% &2//(&7,21 RQ OLJKWKRXVH DOEXP Â’ SDJHV FDW Â… YHU\ FRPSOHWH FROOHFWLRQ RI VWDPSV

Â’ G ODNH W\SH % EDU ò PP 6* ILQH PLQW PDUJLQV FDW Â… Â… Â… IURP WR LQF GHILQ VHW RI FÂ… RIILFLDO FÂ… GHILQ FDW Â… 1DWLRQDO 5HOLHI )XQG F Â’ G FDUPLQH ZPN &URZQ && LPSHUI 6* PLQW Â… 6WDPS 'D\ FÂ… 1DWLRQDO 5HOLHI )XQG FÂ… DOO PDUJLQV WRXFKHG DW EDVH FDW Â… Â… Â… 80 VHOGRP VHHQ 80 Â… Â… Â’ 21( 3(11< RYSW W\SH $ 6* DV D IUHVK 0

6$,17 &+5,6723+(5

SDLU ZLWK JRRG PDUJLQV DOO URXQG )LQH PXOWLSOH Â… Â…

Â’ G GXOO 5RVH DQG 0DJHQWD VKDGHV ZPN

FURZQ FF SHUI ò 6* PLQW Â… Â…

Â’ 21( 3(11< RYSW W\SH % 6* ILQH PLQW ZLWK

{ G 'XOO 5RVH ZPN FURZQ FF VLGHZD\V G

IRXU JRRG PDUJLQV Â… Â…

0DJHQWD VKDGHV G VKDGHV 6* D ILQH XVHG FDW Â… Â… Â… Â’ G 'XOO 5RVH ZPN FURZQ FF VLGHZD\V SHUI

ò 6* D PLQW FDW Â… Â… Â…

Â’ 685&+$5*( G RQ G W\SH % 6* ILUVW

KLQJH PLQW IUHVK FRORXU Â… Â… { 685&+$5*( 6(/(&7,21 RQ DQ ROG SDJH Â’ LQF 6* PLQW 6* PLQW XQXVXDO G RQ G 6* ZLWK FURVV

PHILANGLES

FDQFHO DQG IODZV KLJKOLJKWHG DOVR 6* DQG 6* WZR VKDGHV )8 VWDPSV Â… Â…

Established in 1990, internationally recognised dealers, full members of PTS (London), ASDA (New York).

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 68

Â’ '((3 \HOORZ JUHHQ W\SH $ 6* IUHVK

Â’ 48((1 9,&725,$ 'HILQ VHW RI 6*

IUHVK PLQW Â… Â…

PLQW Â… Â… Â’ 48((1 9,&725,$ G RQ G W\SH & 6*

Â’ 48((1 9,&725,$ 'HILQLWLYHV VHW RI

6* IUHVK PLQW Â… Â…

IUHVK PLQW Â… Â… Â’ 685&+$5*(6 D JRRG VHOHFWLRQ RI ZLWK

Â’ 49 6HW PLQW 6* Â… Â…

YDOXHV WR QRWH 6* DQG &DW Â… Â… Â… 49 FODVVLF RYSWV D PRVW SOHDVLQJ FKLHIO\ PLQW VHOHFWLRQ RI VWDPSV RQ D +DJQHU UHTXHVW VFDQ LQF G 0 0 6* VKDGHV VHW WR 0 òG G PLQW EORFNV VHYHUDO XVHG 'HOLJKWIXO Â… Â… Â’ G RQ G ODNH S [ ò ZPN &URZQ && 6*

XQXVHG ILQH FDW Â… Â… Â…

{ 49 6HW XVHG &DQFHO LQWHUHVW 6*

FÂ… Â… Â… Â’ 49 GHILQLWLYHV VHW 6* 9)0

Â… Â… { /$5*( 3,(&( ZLWK 49 òG RQ G 6*

òG 6* DQG òG 6* ZLWK D ILQH GLDPRQG FDQFHO Â… Â…

Â’ V RQ G GHHS JUHHQ ZPN &URZQ && S [

ò 6* PLQW FDW Â… Â… Â…

$WWUDFWLYH VWDPS UHJLVWHUHG FRYHU WR *HUPDQ\

Â’ V RQ G \HOORZ JUHHQ SHUI ZPN &URZQ &&

6* 9)0 EORFN RI Â… Â…

ZLWK G G DQG G 6* HDFK QHDWO\ FDQFHOOHG 5HJLVWHUHG +6 7UDQVLW DQG DUULYDO %6 9HU\ ILQH Â… Â… ^3KRWR`

Â’ G RQ G \HOORZ ZPN &URZQ && S [ ò 6* Â’ (':$5' 'HILQLWLYHV ZLWK òG G DQG G

%OXLVK SDSHU 6* IUHVK PLQW Â… Â…

PLQW FDW Â… Â… Â… Â’ G EOXH JUH\ ZPN &URZQ && S [ ò 6*

{ (GZDUG VHW RI 6* ILQH XVHG

Â… Â…

PLQW FDW Â… Â… Â… { S [ ò ZPN &URZQ && FRPSOHWH VHW RI DOO

YDOXHV DGGLWLRQDO H[DPSOHV ZLWK IDQF\ RU GLVWLQFWLYH FDQFHOV 6* PRVWO\ ILQH XVHG Â… Â… Â’ 3(5) ZPN &URZQ && VHW RI YDOXHV 6*

Â’ .(9,, ZPN &URZQ && 6* òG IDXOW

RWKHUV JHQHUDOO\ 9)0 Â… Â… &RPPHUFLDO DQG 5HGLUHFWHG FRYHU WR 8. ZLWK

3HQQ\ 6* QHDWO\ XVHG WR /RQGRQ DQG UHGLUHFWHG WR 6RPHUVHW YDULRXV SPNV Â… Â…

PLQW FDW Â… Â… Â… { 685&+$5*(6 RQ ZPN &URZQ && SHUI ò

3UHWW\ VPDOO FRYHU WR %DYDULD IUDQNHG (GZDUG ò G 1HDWO\ FDQFHOOHG $UULYDO %6 &KRLFH Â… Â… DOPRVW FRPSOHWH EDVLF LVVXHV DV OLVWHG LQF DOO G G G W\SH $ DOO G G ERWK GXOO EOXH DQG XOWUDPDULQH VKDGHV DOO V DQG V ^3KRWR` 6* JRRG WR ILQH XVHG FDW Â… Â’ (GZDUG VHW RI SOXV òG GLIIHUHQW VKDGH G Â… Â… RUGLQDU\ SDSHU DQG G RUGLQDU\ SDSHU 6* DQG D D Â’ :0. &URZQ && VXUFKDUJHV G WR G SHUI ò IUHVK PLQW Â… Â… EDVLF W\SHV OLVWHG 6* PRVWO\ ILQH PLQW FDW Â… (GZDUG IRXU YDOXH FRPELQDWLRQ UHJLVWHUHG Â… Â… FRYHU WR *HUPDQ\ )UDQNHG òG òG G G 6* D Â’ G 6* IUHVK PLQW Â… Â…

D HDFK ZLWK QHDW &'6 9LD 8. DQG DUULYDO &'6 Â… Â… ^3KRWR`

Â’ )285 3(1&( 6* ILQH PLQW Â… Â…

Â’ V EODFN DQG EOXH RQ EOXH SODWH EORFN RI

6* IROGHG KRUL]RQWDOO\ XSSHU SDLU FRXSOH RI PLQRU IDXOWV ORZHU SDLU 9)0 Â… Â…

Â’ .*9 'HILQLWLYH VHW LQF G EODFN DQG VFDUOHW Â’ 21( 3(11< W\SH % RYSW 6* ILQH PLQW

6* IUHVK PLQW Â… Â…

Â… Â… Â’ 7+5(( 3(1&( W\SH % ILQH PLQW 6*

Â’ .*9 GHILQV VHW ZPN PXOW &URZQ &$ 6*

9)0 Â… Â…

Â… Â…

Â’ .*9, RQ ROG SDJHV G DQG G G

Â’ 7:2 3(1&( W\SH & 6* PLQW

Â… Â… Â’ 685&+$5*( SHUI G G DQG 6*

IUHVK FRORXU PLQW Â… Â…

DQG G :DU 7D[ LQF 6* SODWH FRUQHU SDLU 6* ZLWK VKDGHV VHW RI SOXV G SODWH EORFN RI D JRRG VHOHFWLRQ RI VWDPSV IUHVK PLQW Â… Â… 5HJLVWHUHG &RYHU WR ,WDO\ ZLWK DWWUDFWLYH

Â’ 685&+$5*( SHUI VHW RI LQF 7KH VFDUFH

G PLON\ EOXH 6* PLQW Â… Â…

VWDPS G òG G IUDQNLQJ $UULYDO %6 Â… Â… ,1&20,1* 0$,/ ZLWK DUULYDO FGV 7ZR LWHPV

H[ 6RXWK $IULFD G OHWWHUFDUG ZLWK H[WHQVLYH FRQWHQWV DQG FRYHU H[ SDTXHERW Â… Â…

Â’ 7:2 3(1&( W\SH % S PLQW 6*

Â… Â… Â’ 685&+$5*( VHW RI ZKLFK LQF 7KH GLIIHUHQW

VKDGH DQG SULQWLQJ VL]H 6* WR IUHVK PLQW Â… Â… Â’ 685&+$5*(6 ZLWK YDOXHV WR LQF òG

2)),&,$/ 3$,' ER[HG FDFKHWV RQ 2+06

FRYHUV GLII W\SHV LQF YHU\ ILQH DQG FRPPHUFLDO FRYHU WR (DVWQH\ %DUUDFNV 3RUWVPRXWK UHJLVWHUHG ZLWK ODUJH SRVW RIILFH &URZQ KV DQG QHZVZUDSSHU ZLWK 7KH &DVWOH FDFKHW Â… Â… 5HJLVWHUHG &RYHU WR 86$ ZLWK DWWUDFWLYH WKUHH

G ERWK VKDGH LQF 2QH ZLWK DQ XQXVXDO YDULHW\ VSRWV DOO RYHU WKH IDFH ORRNV OLNH PHDVOHV G G ERWK VKDGHV G ERWK VKDGHV G DQG $ JRRG UDQJH EHWZHHQ 6* DQG IUHVK PLQW Â… Â…

VWDPS òG òG G IUDQNLQJ HDFK ZLWK QHDW &'6 QXPHURXV %6 Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 69

Â’ %$'*( RI 6W +HOHQD PXOWLSOH FURZQ &$ VHW RI

,1&20,1* PDLO ZLWK 6W +HOHQD DUULYDO FGV

ERWK H[ *HUPDQ\ DQG ERWK SRVWDO FDUGV WR WKH SRVWPDVWHU XQXVXDO Â… Â…

WR Â… 6* IUHVK PLQW Â… Â… { %52.(1 0$,10$67 G 6* D ILQH

Â’ &(17(1$5< VHW RI 6* YHU\ IUHVK

XVHG Â… Â…

PLQW TXDOLW\ Â… Â…

Â’ &/()7 52&. 6* F D ILQH H[DPSOH RI

Â’ &HQWHQDU\ VHW RI 6* PLQW

WKLV VFDUFH IODZ IUHVK PLQW Â… Â…

Â… Â…

{ &/()7 52&. G 6* F ILQH XVHG ZLWK D FGV Â’ 6,/9(5 -8%,/(( 9$5,(7< 'RW E\

FDQFHO Â… Â…

)ODJVWDII 6* + )LQH PLQW Â… Â… ^3KRWR`

{ &/()7 52&. (5525 G 6* F XVHG FDW

Â’ 6,/9(5 -8%,/(( 9$5,(7< G 'RW E\ )ODJVWDII

Â… Â… Â…

6* + )LQH PLQW Â… Â… ^3KRWR`

Â’ &/()7 52&. (5525 G 6* F PLQW Â’ 63(&,0(1 SHUI &RURQDWLRQ 6HW IUHVK PLQW

Â… Â…

6* 6 Â… Â… ^3KRWR`

Â’ 3/$7( %/2&. G 6* DV D EORFN RI

Â’ (;7(16,9( FROOHFWLRQ VXSHUEO\ DUUDQJHG LQ D

6* IUHVK PLQW Â… Â…

TXDOLW\ DOEXP WKH PLQW DORQH FDWV Â… ZLWK PDQ\ EHWWHU VHWV QRWH GHILQ VHW RI 6LOYHU :HGGLQJ VHW GHILQ VHW RI GHILQ VHW RI SOXV FKDON\ SDSHU VHW RI IRXU H[WHQVLYH FRPPHPRUDWLYH VHWV LQ 06 $ YHU\ ILQH FROOHFWLRQ RI VHWV SOXV )'& V QRW FRXQWHG LQ WKH YDOXH Â… Â…

Â’ 723 9$/8( D ILQH H[DPSOH RI WKLV UDUH

VWDPS 6* IUHVK PLQW Â… Â… Â’ 7251 )/$* 9DULHW\ PXOWLSOH FURZQ &$

6* E IUHVK PLQW Â… Â…

$ 6(5,(6 RI QLQH UHDO SKRWRV WDNHQ ZKLOVW RQ D WULS WR WKH LVODQG LQF ORFDO SHRSOH 1DSROHRQV WRPE KHPS IDFWRU\ GRQNH\V DOVR D ZD[ VHDO RI 32 Â… Â…

Â’ :DWHUPDUN PXOWLSOH FURZQ &$ VHW RI 6*

YHU\ IUHVK PLQW D VFDUFH VHW Â… Â…

7$;(' 0$,/6 G RQ FRYHU WR

Â’ %DGJH 6HW RI )LYH WR Â… IUHVK PLQW 5DWKHU

/HHZDUG ,VODQGV DUULYDO FGV ZLWK 7 & FDFKHW DQG G RQ FRYHU WR 86$ ZLWK 7 FDFKHW Â… Â…

FKRLFH 6* Â… Â… ^3KRWR`

{ òG GHHS FDUPLQH UHG ZPN 0XOW 6FULSW &$ 6* 0,1,$785( QHZVSDSHU ZUDSSHUV HDFK ZLWK

H 9)8 VFDUFH VKDGH Â… Â…

D GLII .*9, IUDQNLQJ WR 8. FRPPHUFLDO Â… Â…

{ G EULJKW EOXH %DGJH LVVXH &OHIW 5RFN )ODZ

7:2 ,17(5(67,1* PXOWL IUDQNHG UHJLVWHUHG

6* F VXSHUE XVHG Â… Â…

FRYHUV ZLWK PL[HG IUDQNLQJV RI $VFHQVLRQ 6W +HOHQD DQG 7ULVWDQ VWDPSV FDQFHOOHG DW 6W +HOHQD Â… Â…

Â’ G JUH\ DQG EODFN RQ \HOORZ ZPN 0XOW &URZQ

$1 81868$/ JURXS RI FRPPHUFLDOO\ XVHG

&$ EURNHQ PDLQPDVW YDULHW\ 6* D 9)0 Â… Â…

DLU OHWWHUV IORZQ WR &DQDGD ZLWK H[WHQVLYH QRQ SKLODWHOLF FRQWHQWV DQG GLIIHUHQW VWDPS XVDJHV Â… Â…

Â’ %$'*( RI 6W +HOHQD ZLWK YDOXHV WR ZLWK

PLQRU IODZ KLJKOLJKWHG LQFOXGLQJ GDPDJH IURP ZHDN OLQH QRWH Â’ 29(535,17 20,77(' (5525 S 4XHHQV òG GHHS FDUPLQH UHG G EORFN RI D YHU\ JRRG UDQJH RI Â’ 5XE\ :HGGLQJ JXWWHU EORFN RI VL[ XSSHU WZR XQLWV ERWK ZLWK VWDPSV 6* WR PLQW Â… Â… PLVVLQJ VLOYHU RYHUSULQW VXSHUE DQG VSHFWDFXODU WZR HUURUV 6* D Â… Â… ^3KRWR` { .*9 %DGJH RI 6W +HOHQD GHILQV ZPN 6FULSW Â’ 6+((7/(7 FROOHFWLRQ DV VHWV FDW Â… &$ òG WR V FRPSOHWH SOXV V DQG V G 6* Â’ 7UDIDOJDU VHW RI VL[ (OL]DEHWKDQV VHW RI IRXU 'LDPRQG ILQH XVHG Â… Â… :HGGLQJ VHW RI IRXU 5$) VHW RI ILYH (QG RI ::, Â’ .*9 %DGJH RI 6W +HOHQD VHW ZPN 6FULSW &$ VHW RI VL[ $ YHU\ JRRG FROOHFWLRQ RI VKHHWOHWV 80 LQF òG GHHS FDUPLQH UHG VKDGH 6* H JRRG WR Â… Â… YHU\ ILQH PLQW Â… Â… Â’ (':$5' 'HILQLWLYHV VHW RI 6*

{ .*9 %DGJH RI 6W +HOHQD ZPN VFULSW &$ VHW

VHW WR ZLWK VKDGHV ò G LQF 2UGLQDU\ SDSHU DQG VLQJOH SODWH QXPEHU IRU HDFK SDSHU W\SH G DQG D YHU\ ILQH 6* IUHVK PLQW Â… Â…

6* YHU\ ILQH XVHG Â… Â… Â’ &/()7 52&. YDULHW\ òG PLQW LQ SDLU ZLWK

*5283 2) 3267$/ +,6725< LWHPV LQF WZR

QRUPDO 6* F Â… Â… Â’ &/()7 52&. YDULHW\ òG PLQW 6* F

Â… Â… Â’ &/()7 52&. YDULHW\ G PLQW 6* F

SRVWFDUGV RI .HQW &RWWDJH DQG RQH ZLWK YDULRXV SLFWXUHV WKUHH IURQWV H[ 6RXWK $IULFD 32: FRYHUV FRYHU WR *HUPDQ\ FRYHU ZLWK PL[HG $VFHQVLRQ DQG 6W +HOHQD IUDQNLQJ RI 6- G VWDPSV LWHPV Â… Â… { /,7(5$785( &ROOHFWLRQ QRQ SKLODWHOLF ERRNV LQFO *RVVH 6W +HOHQD (ULNVHQ 6W +HOHQD

Â… Â… Â’ &/()7 52&. YDULHW\ G IUHVK PLQW 6*

OLIHOLQH &DVWHOO ,VODQG )RUWUHVV *ULPEOH $ 3DWWHUQ RI ,VODQGV DQG PRUH ,QFO 6RPH OLWHUDWXUH RQ $VFHQVLRQ FOHDQ DQG ILQH ERRNV Â… Â…

F Â… Â… Â’ &/()7 52&. 9$5,(7< G IUHVK PLQW

6$,17 .,776 1(9,6

6* & Â… Â… ,1:$5' 0$,/6 ERWK ZLWK DUULYDO FGV

XSUDWHG SRVWDO FDUG H[ %HOJLXP DQG XSUDWHG SRVWDO FDUG H[ 86$ 9HU\ ILQH Â… Â…

Â’ 49 ZPN &URZQ &$ GHILQV òG G FDUPLQH

òG XOWUDPDULQH G JUH\ DQG G FKHVWQXW 6* D DOO 9)0 ILUVW KLQJHG Â… Â… Â’ '(),16 VHW ZPN FURZQ &$ 6* ILQH PLQW

Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 70

{ '(),16 ZPN FURZQ &$ VHW 6* JRRG WR

ILQH XVHG Â… Â… Â’ :0. &URZQ &$ GHILQLWLYHV VHW 6* 9)0

DOO ILUVW KLQJHG RQO\ Â… Â… Â’ òG GXOO SXUSOH DQG GHHS JUHHQ G GXOO SXUSOH

DQG EURZQ òG JUH\ EODFN DQG EOXH ZPN 0&$ 6* 9)0 Â… Â… Â’ V G JUH\ DQG UHG RQ EOXH ZPN 0&$

6,'(:$<6 5(9(56(' 6* [ WLQ\ QDWXUDO SDSHU LQFOXVLRQ DW EDVH RWKHUZLVH VXSHUE PLQW Â… Â…

Â’ G GHHS JUHHQ QR ZPN S WR ò 6* PLQW

FDW Â… Â… Â… Â’ G GHHS JUHHQ QR ZPN SHUI WR ò 6*

PLQW ZHOO FHQWUHG FDW Â… Â… Â… :DWHUPDUN VLGHZD\V G 6* % IUHVK XQXVHG &DW Â… PLQW 0RVW DWWUDFWLYH Â… Â… ^3KRWR` { :0. &52:1 &$ JURXS RI FGV XVHG SDLUV DQG

D VWULS RI LQF G \HOORZ V RUDQJH G VHSLD 6* 9)8 LWHPV Â… Â…

Â’ /2&$//< VXUFKDUJHG G RQ G FKRFRODWH EORFN RI 6* PLQW VHOGRP VHHQ LQ EORFNV Â… Â… 6* V G SXOOHG SHUI DW EDVH RWKHUZLVH JRRG WR ILQH XVHG FDW Â… Â… Â… Â’ V JUHHQ DQG EOXH ZPN FURZQ &$ 6* Â… EODFN DQG EURZQ XVHG RQ FRYHU 6* I ILQH 9)0 Â… Â… 6W .LWWV FDQFHO Â… Â… Â’ ([WHQVLYH FROOHFWLRQ ZLWK VWUHQJWK LQ V V Â’ VHWV RYHU VWDPSV 06 6KHHWOHWV DQG ERRNOHWV VHHQ Â’ V EODFN DQG JUHHQ SHUI FKDON VXUIDFHG SDSHU %5($. ,1 9$/8( 7$%/(7 6* UDV 9)0 *LUO *XLGHV GDWH RPLWWHG *UHQDGLQHV 3UXQH ,V Â… Â… FURZQ WR WKH ULJKW )LVKHV ,QGHSHQGHQFH RYSW VHWV ZLWK GLIIHUHQW GDWH LPSULQWV DOO RQ VWRFNFDUGV IUHVK XQPRXQWHG { ),1( XQPRXQWHG PLQW 9)8 FROOHFWLRQ LQ DQ PLQW Â… Â… Â’ DOEXP LQF 6SHFLPHQ RYSW VHWV RIILFLDO 6KLSV RYSWV { 7HUFHQWHQDU\ RI FRORQ\ PRVW YDOXHV WR V G

Â’ %LUGV GHILQV HDUOLHU LVVXHV ZLWK 80 9)8 DQG 6SHFLPHQ LVVXH Â’ .*9, YHU\ IUHVK PLQW FROOHFWLRQ LQF GHILQV

ODWHU LVVXHV VWLOO LQ SDFNHWV ORYHO\ FOHDQ ORW VHYHUDO V Â… Â… 3267$/ 67$7,21(5< 1HYLV G òG

SRVWFDUGV G G òG òG SRVW DQG UHSO\ FDUGV 6W &KULVWRSKHU G G DQG òG òG SRVW DQG UHSO\ FDUGV DOO RYHUSULQWHG 6SHFLPHQ LWHPV Â… Â… Â’ 63(&,0(16 GHILQV ZPN FURZQ &$ VHW Â’ RYSWG 6SHFLPHQ 6* V V XQPRXQWHG PLQW DQG VFDUFH WKXV

Â… Â…

WR Â… WKH Â… LV 80 1HZ &XUUHQF\ VHW RI 838 VHW 1HZ &RQVWLWXWLRQ VHW ILQH TXDOLW\ VWDPSV FDW Â… Â… Â… Â’ 1(: ,668(6 LQ JODVVLQHV ZLWK PDQ\ Â’ FRPSOHWH VHWV PXFK LGHQWLILHG ZLWK GHILQV DQG WKH RGG YDULHW\

V RI VWDPSV 80 Â… Â… Â’ 4(,, HDUO\ \HDUV YHU\ IUHVK PLQW GHILQV WR

LQF DOO WKUHH ERWK )(' VHW ))+ DQG 5HG &URVV VHW FDW Â… Â… Â…

Â’ 63(&,0(16 òG JUH\ JUHHQ G

FDUPLQH DQG òG EULJKW EOXH RYSWG 6SHFLPHQ 6* V V V PLQW Â… Â… Â’ 8QPRXQWHG PLQW FROOHFWLRQ RI V VHWV QRWH Â’ 6W .LWWV %LUG 6HWV ,QGHSHQGHQFH %LUGV RYSW 6HWV

2IILFLDOV LQF QR ZDWHUPDUN 6HW 6W .LWWV LQF 2IILFLDOV 1HYLV ,QGHSHQGHQFH 6HWV H[ F D KLJKO\ FDWDORJXHG FROOHFWLRQ RI D IHZ VWDPSV SOXV PDQ\ 06 Â… Â… Â’ :$5 7$; $ ILQH ORW RI ILYH EORFNV Â’ IRXU ZLWK 3/$7( 180%(56 LQF òG FRUQHU EORFNV RI QLQH Â’ 6* Â… Â…

6$,17 /8&,$ Â’ G (PHUDOG *UHHQ ZPN FURZQ FF UHYHUVHG

S ò 6* PLQW FDW Â… Â… Â… Â’ òG WR G 'LH , ZPN &URZQ &$ 6* PLQW FDW

6$02$ 0RVW DWWUDFWLYH ORFDO FRYHU IUDQNHG (GZDUG RYSW

VHW RI VL[ WR HDFK WLHG QHDW $SLD &'6 9HU\ DWWUDFWLYH Â… Â… 1HZ =HDODQG 3RVW 2IILFH RYHUSULQWV QLFHO\ XVHG

RQ ORFDO FRYHU IUDQNHG VHW RI VL[ (GZDUG RYSWV WR HDFK ZLWK QHDW $SLD &'6 Â… Â… (19(/23( IUDQNHG ZLWK .(9,, òG G DQG G

EORFNV RI Â… URVH FDUPLQH SRVWDO ILVFDO SDLU VXSHUE $SLD FGV SPNV Â… Â… (19(/23( IUDQNHG ZLWK .(9,, òG G òG

SDLUV G EORFN RI V PDURRQ SRVWDO ILVFDO SDLU VXSHUE $SDL SPNV Â… Â… Â’ (;7(16,9( FROOHFWLRQ FDW Â… $ YHU\ ILQH

FROOHFWLRQ RI VHWV QHDWO\ SUHVHQWHG RQ SDJHV LQF %LUG GHILQV 80 SLFWRULDO $ YHU\ ILQH ORW PLQW Â… Â…

6$1 0$5,12

Â… Â… Â… 5$1*( RI PLQW 49 LVVXHV LQF 'LH , òG <G G G V 'LH ,, YDOXHV EHWZHHQ G DQG V SOXV G RQ G 'LH , FDW Â… Â… Â… Â’ .(9,, UDQJH RI LVVXHV LQF ZPN &URZQ

&$ VHW G 'LVFRYHU\ YDOXHV WR V JUHHQ DQG EODFN FDW Â… Â… Â… Â’ .*9, 'HILQV 80 VXSHUE TXDOLW\ VWDPSV Â’ ZLWK YDOXHV WR G 6* HWF Â… Â…

Â’ :$5 7$; G 6* IUHVK PLQW SDQH RI

VKRZLQJ SODWH 1R DW ERWK WLS DQG ERWWRP ,PSUHVVLYH Â… Â…

6$,17 9,1&(17 Â’ V YHUPLOLRQ ZPN VPDOO VWDU S ò [

6* XQXVHG FDW Â… Â… Â…

Â’ 0(/&/,1255( '(/),&2 VHW 0L PLQW

FDW (XURV Â… Â… { 3267$*( '8(6 F WR O FRPSOHWH PLQW Â’ SOXV O XVHG 0L JHQHUDOO\ ILQH DQG IUHVK FDW (XURV

Â… Â…

6$5$:$. Â’ 6,5 &+$5/(6 %522.( VHW WR H[ F 6*

PLQW FDW Â… Â… Â… Â’ 6,5 &+$5/(6 %522.( VHW RI ZLWK VKDGHV

$ VFDUFH VHW PLQW FDW Â… Â… Â… Â’ .*9, 2/' 35,17(' SDJHV ZLWK %URRNH

FRORXU FKDQJH VHW RI %0$ RYSWV WR &URZQ &RORQ\ VHW WR 6LOYHU :HGGLQJ 838 GHILQV WR $ ILQH ORW RI VWDPSV PLQW Â… Â…

If we can be of any assistance please do not hesitate to contact us. Thank you

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 71

Â’ .*9, 6(76 %URRNHV &URZQ &RORQ\ VHW RI Â’ :LOEHUIRUFH 6HW IUHVK PLQW $Q ,FRQLF .*9

LVVXH 6* Â… Â… ^3KRWR` GHILQLWLYHV ZLWK VSHFLDOLVDWLRQ VKDGHV QRWHV E\ GDWHV 6LOYHU :HGGLQJ 838 VWDPSV { 6,/9(5 -8%,/(( VHW 6* ILQH XVHG PLQW Â… Â… Â… Â…

6$8', $5$%,$

Â’ .*9, GHILQV VHW 6* 9)0 Â’ 3/$7( %/2&.6 DLU S DQG S 6* ZLWK Â’ WKH S SODWH DQG S SODWH IUHVK 80 FDW Â… DV Â… Â…

VLQJOHV Â… Â… Â’ 6(/'20 6((1 LQ ODUJH EORFNV S DLU 6* Â’ VXSHUE EORFN RI 80 FDW Â… Â… Â… { 2)),&,$/ S \HOORZ RUDQJH ZDWHUPDUN

YDULHW\ 6* W\SH ZPN 6* ' 9)8 Â… Â…

,03(5,$/ 3$*(6 ZLWK D YDOXDEOH VHOHFWLRQ RI VWDPSV WR JRRG KLJK YDOXHV RI .*9 VHW WR IUHVK 0 Â… ILVFDO XVHG UDUH VWDPS :LOEHUIRUFH VHW WR IUHVK 0 6* SOXV Â… ILVFDO XVHG ([FHOOHQW SLFNLQJV Â… Â… { 3$*(6 ZLWK EHWWHU SLFNLQJV ZLWK LVVXHV IURP Â’ 49 QRWH 6LOYHU :HGGLQJ VHW PLQW GHILQ VHW WR Â…

6(5%,$

)8 GHILQV WR Â… ,QGHSHQGHQFH VHW PLQW )ORZHU VHW PLQW $ UDQJH RI 6 $ ZLWK VHWV $ JRRG UDQJH RI VWDPSV Â… Â…

3267$/ 67$7,21(5< JURXS RI

PLQW SRVWFDUGV OHWWHU FDUGV DQG SRVW DQG UHSO\ FDUGV DOO GLIIHUHQW Â… Â…

672&. &$5'6 ZLWK XVHIXO SLFNLQJV 49 WR PLQW .*9, DQG Â… PLQW Â… Â…

6(<&+(//(6 Â’ 49 FKDQJHG FRORXUV DQG QHZ YDOXHV VHW 6*

6,1*$325(

9)0 PRVWO\ OLJKW ILUVW KLQJHG Â… Â…

81868$/ :$57,0( FHQVRUHG FRYHU IURP

{ 5(9(18(6 UHDGLQJ XS RYSWV

$XVWUDOLD WR 5RWWHUGDP VKLS 6LQJDSRUH ZLWK 3RVWDO 6HUYLFH 6XVSHQGHG 5HWXUQ WR 6HQGHU FDFKHW DQG 5HG +DQG FDFKHW )LQH Â… Â…

VHW RI WR U H[ F DOO )8 DQG F (GZDUG $ VFDUFH VHOHFWLRQ Â… Â… Â’ /2&$/ 685&+$5*(6 VHWV SOXV F RQ F

$1=8. &ROOHFWLRQ RI FRYHUV ZLWK PDQ\ VFDUFH

DQG F RQ U ZLWK QDUURZ LQ YDULHWLHV 6* D D 9)0 Â… Â… Â’ '(17(' )5$0( 9$5,(7< F 6* D ILQH

PLQW Â… Â… { 9$5,(7< 6LOYHU -XELOHH F ZLWK GRXEOH

IODJVWDII 6* H VFDUFH ILQH XVHG Â… Â… Â’ .*9, VHW WR U H[ U DV EORFNV 80 PDQ\

EORFNV ZLWK 5(486,7,21 QXPEHUV LQ PDUJLQV $ VFDUFH JURXS RI PXOWLSOHV 6* EORFNV Â… Â… Â’ .*9, YHU\ IUHVK PLQW 6LOYHU :HGGLQJ VHW

838 VHW GHILQ VHW RI FDW Â… Â… Â…

FRYHUV LQF VHW RI WKUHH XQRIILFLDO FRPPHPRUDWLYH FRYHUV IRU WKH RSHQLQJ RI $Q]XN )32 3RVWDO 6HUYLFH *% %%& &KULVWPDV )'& ZLWK $1=8. )32 &'6 )', 6LOYHU :HGGLQJ ((& 2$. H[SORUHUV &ULFNHW SDLQWLQJV LQ ,QGLR -RQHV òS GHILQ 3DUOLDPHQW òS òS S 5R\DO :HGGLQJ ZLWK $1=8. )32 )', &'6 /WG WR RU OHVV SOXV D VHOHFWLRQ RI FRYHU IURP WKH VWDUW RI %)32 RSHQHG D YHU\ JRRG ORW RI FRYHUV Â… Â… ^3KRWR` $1=8. )32 FDQFHO RQ VHYHQWHHQ FRYHUV PDQ\ ZLWK FDFKHWV IURP WKH VKLSV WKH\ ZHUH SRVWHG RQ LQF +06 %HDFKDPSWRQ 5)$ 7DUEDWQHVV 5)$ 7LGHUHDFK 5)$ 5HJHQW +06 'LGR +06 'UHDGQRXJKW WR QDPH D IHZ $ YHU\ ILQH FROOHFWLRQ Â… Â…

6/29$.,$ Â’ 8QPRXQWHG PLQW ZLWK PDQ\ FRPSOHWH VHWV LQF Â’ WKHLU 06 VHHQ GHILQV LQF ,PSULQWHG 6HW 1HZ 9DOXH { ),1( 86(' FROOHFWLRQ RQ SDJHV IURP WR 6HW RI :KROH 6HW 6FRSV 2ZO 6HW RI 2XWHU ,VODQGV GHILQ VHW RI %LUG 6HW RI D YHU\ ILQH FROOHFWLRQ IURP ODWH V WR ZLWK VH WHQDQWV $ YHU\ FRORXUIXO FROOHFWLRQ ZLWK VWDPSV 06 6KHHWOHWV 2XWVWDQGLQJ TXDOLW\ Â… Â…

6,(55$ /(21(

LQF SLFWRULDO RYSW VHW FÂ… SRVWDJH GXH QR ZPN VHW FÂ… DLU VHW DQQLY VHW SRVWDJH GXH VHW $ ILQH FROOHFWLRQ RI VWDPSV ZLWK PXFK YHU\ ILQH XVHG Â… Â…

620$/,$ Â’ %(1$',5 E EURZQ 6* PLQW WKH VFDUFH

Â’ 49 6HW ILQH PLQW 6*

VWDPS RXW RI WKH VHW Â… Â…

Â… Â… ^3KRWR` Â’ (GZDUG 6HW ILQH PLQW 7KH NH\ Â… LV YHU\

ILQH 6* Â… Â… ^3KRWR`

Â’ .,1* 9,&725 (00$18(/ KLJK YDOXH O

EURZQ 6* IUHVK PLQW Â… Â… Â’ -8%$/$1' VHWV 6W )UDQFLV O

Â’ (GZDUGV VHW ILQH PLQW 7KH NH\ Â… LV

([SUHVV 0DS &RORQLDO VHW IUHVK PLQW Â… Â…

H[FHSWLRQDO 6* Â… Â… ^3KRWR`

Â’ 2/' 35,17(' 3$*(6 ZLWK VHWV LQF

Â’ .*9 Â… 6* IUHVK PLQW $ ILQH KLJK

9LFWRU\ -XELOHH F S 6W )UDQFLV 9ROWD )LUVW DQG 6HFRQG 'HIHQFH 0DUULDJH )HUUXFFL $QQLY 9LUJLO 6W $QWKRQ\ $ JRRG ORW RI VWDPSV PLQW Â… Â…

YDOXH Â… Â… ^3KRWR` Â’ .*9 Â… 6* ILQH PLQW $Q LPSRUWDQW KLJK

620$/,/$1'

YDOXH Â… Â… ^3KRWR` Â’ .*9 6HW RI òG WR Â… IUHVK PLQW 6*

$ NH\ VHW Â… Â… ^3KRWR`

Â’ 8QXVXDO %R[HG 63(&,0(1 +6 LQ 9LROHW RQ

.*9 D 6* IUHVK PLQW 8QXVXDO Â… Â… ^3KRWR` /,7(5$785( 3RVWDO 0DUNLQJV

Â’ .*9 Â… WRS YDOXH 6* IUHVK PLQW 'LHQD

0HQWJHQ 6WDPSV RI 6RPDOLD 0LJOLDYDFFD ERWK YHU\ ILQH Â… Â…

&HUW $ NH\ VWDPS LQ YHU\ ILQH TXDOLW\ Â… Â… ^3KRWR`

www.philangles.co.uk – Place your bids online. Immediate and secure.

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 72

620$/,/$1' 3527

6287+ :(67 $)5,&$

{ 6,/9(5 -8%,/(( VHW 6* ILQH XVHG

Â’ $) 5,&$ YDULHW\ G SDLU IUHVK PLQW 6* F

Â… Â…

Â… Â…

Â’ 6(77,1* , G URVH UHG ZLWK RYHUSULQW VKLIWHG WR

6287+ $)5,&$

OHIW = DQG 6 RQ DGMRLQLQJ VWDPS 6* PLQW UHMRLQHG òG RQ EOXHG DQG RQ ZKLWH .*9 òG WR Â… SDSHU Â… Â… GHILQV VHW FRPSOHWH SOXV FRLO VWDPSV 6* ILQH XVHG Â’ 6(77,1* 9, G URVH UHG RYHUSULQW VKLIWHG WR SDLU Â… Â… ULJKW W RI :HVW PLVVLQJ 6* 9)0 Â… Â… Â’ òG RQ EOXHG DQG RQ ZKLWH .*9 GHILQLWLYH V FRPSOHWH òG WR V SOXV FRLO VWDPSV VHW 6* PLQW Â’ 2)),&,$/ SDLUV 80 QRWH G ZLWK ERWK FDW Â… LWHPV Â… Â… Â’ PLVVLQJ VWRSV DIWHU RIILFLDO 6* 2 F VHW RI òG { Â… V V G G DQG G .LQJ V +HDGV XVHG 6* 2 $ JRRG ORW RI SDLUV Â… Â… RQ SDUFHO SLHFH WLHG E\ RYDO UHJLVWHUHG FDQFHO GDWHG Â’ G EODFN DQG FDUPLQH URWRJUDYXUH SULQWLQJ Â… Â… Â’ EORFN RI ZLWK 6:$ RYSW VKLIWHG GRZQZDUGV DFURVV SHUIV 6* Â’ 2IILFLDO VFDUFH G SDLU 6* IUHVK PLQW 80 FRXSOH RI JXP IDXOWV Â… Â… Â… Â… Â’ G EURZQ DQG EOXH DLUPDLO LPSULQW SDLU 6* Â’ 80 Â… Â… $&7,9( 6(59,&( G DLUOHWWHU ZLWK VXSHUE KDQGSDLQWHG LPDJH RQ UHYHUVH RI D VLFN SDWLHQW LQ EHG UHDGLQJ Â’ G òG EOXUUHG 6RXWK $IULFD DQG FRPHW IODZ D ERRN ([WHQVLYH FRQWHQWV ZULWWHQ IURP )LVK +ROH SULYDWHO\ Â’ 6* D 80 ZLWK QRUPDO IRU FRPSDULVRQ SDLUV FDUULHG 0DUYHOORXV Â… Â… Â… Â… (;7(16,9( FROOHFWLRQ IURP .*9, WR PRGHUQ { 922575(..(5 0HPRULDO )XQG VHW 6* 4 4(,, DHURJUDPPHV D VXSHUE YDULHW\ RI GLIIHUHQW LQF HDUO\ GXHO 9)8 SDLUV Â… Â… YDOXHV ELOLQJXDO FRYHUV PRGHUQ SLFWRULDO W\SHV D YHU\ JRRG UDQJH RI FRYHUV Â… Â… Â’ òG SXUSOH EURZQ LPSULQW EORFN RI 6* Â’ ILQH 80 Â… Â… Â’ 3267$*( '8(6 DWWUDFWLYH JURXS RI 56$ GXHV Â’ LQ 80 EORFNV HDFK ZLWK DQ LGHQWLILHG YDULHW\ QRWH F EORFN RI ZLWK 6SXU RQ DQG EURNHQ F ' IRXU EORFNV { :$5 ())257 UHGXFHG VL]H H[FHSWLRQDO Â’ FROOHFWLRQ VWXG\ ZLWK PDQ\ DV EORFNV ZLWK LQVFULSWLRQV ZLWK GLIIHUHQW YDULHWLHV F ' ZLWK VSXU RQ SUHYLRXVO\ KLJKOLJKWHG ZLWK YDULHWLHV LQF 0LVVLQJ EDFNJURXQGV GLIIHUHQW OLVWHG LQ (OL]DEHWKDQ FDWDORJXH SOXV WZR RWKHU EORFNV ZLWK YDUV VKDGHV EORFN RI ZLWK EXUVWLQJ VKHOO YDULHW\ 9)8 LWHPV F ' ZLWK :KLWH /HDI DQG 6RX WK YDUV LQ WZR EORFNV ZLWK PDQ\ XQLWV LQF 9)8 Â… Â… FRQWLQXHV ZLWK VLPLODU YDUV RQ 6ZLVV SDSHU F F DQG F +DUULVRQ SDSHU F F F EORFN RI ZLWK WZR SRVLWLRQV VKRZLQJ D YDULHW\ SOXV VWULS RI ZLWK 2UE RQ 5 F F DQG F ZLWK VDPH 2UE YDULHW\ F SHUI DUURZ EORFN ZLWK EURNHQ & VWULS RI ZLWK 2UE YDULHW\ LVVXHV LQF F ZLWK SDOH EDFNJURXQG YHU\ XQGHU UDWHG YDULHW\ SOXV F F F DQG F EORFNV ZLWK YDUV *RRG ORW ZRXOG PDNH D IXQ GLVSOD\ EORFNV Â… Â… 3267$/ +,6725< ZLWK LQWHUHVWLQJ VHOHFWHG

Â’ F :DWHU &RQVHUYDWLRQ LPSHUIRUDWH SDLU ZLWK Â’ F +DUGDS 'DP GHVLJQ 6$&& D ILQH 80

Â… Â… Â’ &2035(+(16,9( &2//(&7,21 RI 80 Â’ KRXVHG LQ WZR /LQGQHU KLQJHOHVV DOEXPV PDQ\ V

ZLWK H[WUDV LQF YDULHWLHV G SDLU ZPN UHYHUVHG GHILQ VHW SOXV ODWHU VHWV LVVXHV ZLWK FRORXU VKLIWV F SDLU VSRW RQ IRUHKHDG òF $QWDUFWLFD WUHDW\ ZLWK SHUI YDULHWLHV FRLO VWDPSV DQG PXFK PRUH ([WHQVLYH Â… Â…

FRYHUV FDUGV LWHPV LQF ,WDOLDQ 32: /HWWHU VKHHW FHQVRUHG VXSHUE %RHU :DU ,OOXVWUDWHG &DUG )8 ::,, FHQVRUHG LQF FDFKHWV DQG %LOLQJXDO /DEHOV &DSH 7RZQ Â’ )5(6+ 0,17 FDWDORJXHG Â… ZLWK LVVXHV 3RVWH 5HVWDQWH &'6 RQ FDUG 3DTXHERW &DFKHW IURP V WR QRWH DLU VHW DLU VHW 3RVWDJH 'XH RQ FRYHUW DQG PRUH $OO VHOHFWHG LWHPV 9RRUWUHNNHU VHWV DQG ZDU HIIRUW VHWV GHILQ VHW Â… Â… RI SRVWDJH GXHV $ YHU\ JRRG UDQJH RI VWDPSV DQG ELOLQJXDO XQLWV LWHPV Â… Â… 6287+ $5$% )(' 2)),&,$/ DLUPDLO FRYHU SPNHG 7VXPHE

Â’ 2YHUSULQW LQYHUWHG HUURU ) RQ 6* $ Â’ IUHVK 80 Â… Â…

6HS IUDQNHG ZLWK G RIILFLDO FRUQHU EORFN RI ZLWK QR VWRS DIWHU 2IILFLDO YDULHW\ 6* D ILQH XVHG ZLWK VSHFLDO DLUPDLO FDQFHO Â… Â…

6287+ $8675$/,$

Â’ 2)),&,$/ òG SXUSOH EURZQ 6* 2 Â’ 80 Â… Â…

Â’ 49 SDJH ZLWK D PLQW FROOHFWLRQ RI 49 ZLWK

GLIIHUHQW SHUIV DQG VKDGHV EHWZHHQ 6* FDW Â… Â… Â… Â’ 63(&,0(1 RYSWV IUHVK PLQW ZLWK VHW

RI WR G 6* V DQG RWKHUV WR G 9HU\ ILQH Â… Â…

Â’ 2)),&,$/6 òG SXUSOH EURZQ Â’ WUDQVSRVHG RYSWV LQ D EORFN RI 6* D 9)0 ORZHU SDLU Â’ ZLWK YDULHW\ LV 80 Â… Â…

Â’ 2)),&,$/6 G EOXH DQG EURZQ Â’ V G PDXYH SHUI ò WR ò 6* D VXSHUE Â’ WUDQVSRVHG RYHUSULQW LQ FRUQHU PDUJ EORFN RI 6* 2 2 D

PLQW Â… Â…

ILQH 80 Â… Â… Â’ 2/' 3$*(6 ZLWK ELOLQJXDO SDLUV DQG XQLWV LQF

,OOXVWUDWHG (QYHORSH )URP WKH 'LUHFWRU IRU

7HFKQLFDO $UW $GHODLGH GHSLFWLQJ WKUHH VWXGHQWV IUDQNHG SDLU G PRVW DWWUDFWLYH DQG XQXVXDO Â… Â… Â’ ,03(5) &2/285 75,$/6 RI GHVLJQ

9RRUWUHNNHU +XJXHQRWV 5R\DO 9LVLW 3HDFH ZLWK LVVXHV WR $ XVHIXO ROG WLPH ORW FKLHIO\ IUHVK PLQW DQG KLJKO\ FDW Â… Â…

G LPSHUI RQ XQJXPPHG ZDWHUPDUNHG SDSHUV 8QXVXDO DQG DOO Â’ 3267$*( '8(6 VHWWLQJ ,, G 7UDQVYDDO GXH RYSWG SDLU 6* ' 9)0 Â… Â… GLII Â… Â…

Â’ 3522) òG PLGJHW LPSHUIRUDWH EORFN RI Â’ 3267$*( '8(6 G EODFN DQG GHHS Â’ LQ SDOH JUHHQ RQ JXPPHG XQZDWHUPDUNHG SDSHU ILQH Â’ YLROHW FRUQHU EORFN RI SDLUV 6* ' D 80 Â… Â…

Â… Â…

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 73

3267$/ +,6725< 2UDQJH )UHH VWDWH G RYSW ::,, 3523$*$1'$ XQXVXDO GRXEOH XVHG

2+06 HQYHORSH ZLWK 0LQLVWU\ DQG $LU )RUFH 3ROLFH FDFKHW DQG FDUG ZLWK 9RRUWUHNNHU 0RQXPHQW G SDLU FDQFHOOHG ZLWK D ILQH 3URYRVW 0DUVKDOO FDFKHW HQGRUVHG 2$6 WR 1= ZLWK WZR GLII 6ZDNRSPXQG %DWKLQJ +HDOWK 5HVRUW FGV òG 0DLO 7UDLQ &RPSRVLWH 3DLU ILQH XVHG RQ HQY :LWK $LUPDLO FGV SDWULRWLF ODEHOV RQH WLHG %XODZD\R FGV Â… Â… )', +XJXHQRWV VHW RQ FRYHU 5 9LVLW VHW RQ LOOXVWU Â’ 6SHFLDO 3UHVHQWDWLRQ %RRNOHW IRU 838 )'& $ JRRG JURXS RI FRYHUV Â… Â… Â’ &RQJUHVV LQ 3DULV ZLWK FXUUHQF\ VWDPSV RI 6RXWKHUQ 5KRGHVLD { :DU (IIRUW ODUJH IRUPDW VWXG\ RQ OHDYHV ZLWK LQF 'HILQV WR DQG FRPPHPRUDWLYH VHWV QHYHU VHHQ WKLV Â’ PLQRU YDULHWLHV DV EORFNV RU LQ XQLWV VHHQ G VWDLQ RQ XQLIRUP ERRNOHW LQ WKLV IRUPDW VFDUFH Â… Â… PLQW FKLHIO\ EORFN RI YHU\ ILQH XVHG Â… Â… %,57+ &(17(1$5< RI &HFLO 5KRGHV LVVXH 6* H[FHOOHQW VWXG\ RQ SDJHV LQFOXGLQJ GLII SURRIV IURP WKH :DWHUORZ SULQWHUV DUFKLYH LQF SURRIV IRU WKH YLJQHWWHV RQO\ FRPSOHWH GHVLJQ SURRIV SHUIRUDWHG SURRIV WKHQ H[WHQVLYH VWDPSV LQF FRUQHU EORFNV ZLWK UHTXLVLWLRQ QXPEHUV LPSULQW EORFNV VHWV XVHG RQ FRYHUV LQF GLII LOOXVWU HQYHORSHV 9HU\ JRRG VWXG\ Â… Â…

6287+(51 1,*(5,$ Â’ (':$5' WRS YDOXHV DQG Â… 6*

IUHVK PLQW Â… Â… Â’ +,*+ 9$/8(6 DQG 6* IUHVK

PLQW Â… Â…

Â’ DQG GHILQLWLYH VHW IUHVK 80 6* Â’ 6* Â… Â…

Â’ ,03(5,$/ 3$*(6 ZLWK DQ LPSUHVVLYH PLQW

VHOHFWLRQ RI VWDPSV 49 VHW RYSW 63(&,0(1 (GZDUG Â’ .*9 GHILQLWLYHV WR DQG VHW WR WR VHW WR Â… 6* .*9 WR RI PLQW FDW Â… Â… Â… G 0DQ\ ILQH DQG KLJK &9 Â… Â…

6287+(51 5+2'(6,$

Â’ 35,17(5 6 ),/( 3522) V EODFN DQG

OLJKW EOXH DV 6* PDUJLQDO H[DPSOH ZLWK SXQFK KROH ZLWKRXW JXP Â… Â…

Â’ $GPLUDO VHW IUHVK 0 6*

Â… Â… ^3KRWR`

Â’ 35,17(5 6 ),/( 3522) V EODFN DQG

Â’ $GPLUDO VHW IUHVK PLQW ZLWK DGGLWLRQDO

VKDGHV G G G HWF 9HU\ ILQH TXDOLW\ 6* Â… Â… ^3KRWR`

EURZQ DV 6* PDUJLQDO H[DPSOH ZLWK SXQFK KROH QR JXP Â… Â…

Â’ 3522) LPSHUI SULQWHU V ILOH SURRI EODFN YLJQHWWH SDLU RI Â… UHYHQXH ZLWK SXQFK KROH DQG LQN FRUUHFWLRQ FDQFHOOHG E\ VSHFLDO RYDO 7RXU FDQFHO HDFK FRYHU KDV D VLQJOH PDUN Â… Â… IUDQNLQJ RI HLWKHU òG G òG G DQG G $GPLUDO FOHDQ Â’ 3522) LPSHUI SULQWHU V ILOH SURRI EOXH DQG ILQH DGGUHVVHG WR .LQJ :LOOLDPV 7RZQ ZLWK DUULYDO FGV RQ YLJQHWWH SDLU RI Â… UHYHQXH ZLWK SXQFK KROH DQG LQN FRUUHFWLRQ UHYHUVH FRYHUV Â… Â… PDUN Â… Â… Â’ .*9 DGPLUDO VHW IUHVK P Â’ 3522) LPSHUI SULQWHU V ILOH SURRI SXUSOH 6* Â… Â… ^3KRWR` YLJQHWWH SDLU RI V G UHYHQXH ZLWK SXQFK KROH RQ SUHVHQWDWLRQ FDUG Â… Â… { .*9 DGPLUDO VHW XVHG 6* ZLWK Â’ 3522) LPSHUI SULQWHU V ILOH SURRI UHG H[WUD LQF WRS YDOXH VHYHUDO EHWWHU SHUI YDULHWLHV DYHUDJH JRRG +LJK &9 Â… Â… ^3KRWR` YLJQHWWH SDLU RI V UHYHQXH ZLWK SXQFK KROH Â… Â… { .*9 GHILQLWLYH VHW RI 6* ILQH WR JRRG Â’ 3522) LPSHUI SULQWHU V ILOH SURRI UHG XVHG Â… Â… EURZQ YLJQHWWH SDLU RI V UHYHQXH ZLWK SXQFK KROHV DQG LQN FRUUHFWLRQ PDUN Â… Â… Â’ .*9, '(),1,7,9(6 ZLWK VKDGHV DQG GLIIHUHQW SHUIRUDWLRQ W\SHV 6* VXSHUE UDQJH ZLWK WZR G S Â’ 3522) LPSHUI SULQWHU V ILOH 2UDQJH DQG S ò S DQG S ò RGG YDULHW\ G DQG G %URZQ YLJQHWWH SDLU RI Â… UHYHQXH ZLWK SXQFK KROH RQ PLVSODFHG FHQWUH VWDPSV IUHVK PLQW Â… Â… SUHVHQWDWLRQ FDUG Â… Â… Â’ 2/' 3$*( ZLWK IUHVK PLQW VHWV { 5(9(18(6 .*9 SHUPLW WR EX\ DUPV ZLWK )DOOV 6LOYHU -XELOHH &RURQDWLRQ GHILQ VHW ZLWK G 5KRGHVLD SHUI 'LH ,,, DWWDFKHG G DQG Â… ZLWK VKDGHV WZR RI HDFK YDOXH 6* FÂ… -XELOHH LQF SHQ FDQFHO RU UXEEHU VWDPSHG FDQFHO Â… ZLWK SHUI òG UH FXW VKLUW FROODU 4(,, GHILQ VHW RI GHILQ GDWH DQG UXEEHU VWDPSHG FDQFHOOHG )LHOG 0DUVKDOO G VHW RI $ YHU\ JRRG UDQJH RI VWDPSV ZLWK PLQRU G DQG Â… ZLWK Â… RQ SLHFH ZLWK VXSHUE UHJLVWHUHG YDULHWLHV PL[HG LQ Â… Â… GHHGV FGV LWHPV Â… Â… { .*9 DGPLUDO VHW SHUI ò SULQWLQJV JRRG Â’ :$7(5/2: 3522)6 RI .*9, Â… DQG Â… Â’ 5HYHQXHV FUHDVHG ZLWK VPDOO SXQFK KROHV FOHDU RI NLQJV SURILOH XVHG 6* E E 5DUH G 6* D LV D SDLU &DW ( Â… Â… Â… Â… 6,/9(5 -8%,/(( $ PRVW VSHFWDFXODU 63$,1 XVDJH RI *% SHQQ\ SRVWDJH MXELOHH HQYHORSH IUDQNHG 6 5KRGHVLD G G VLOYHU MXELOHH 6* 5HJ V DW 5D\OWRQ { &DQDU\ ,VODQG YLVLW òPP RYSW VHW 9)8 6* $ $ VFDUFH VHW Â… Â… QHDWO\ FDQFHOOHG DQG ODUJH SLQN ODEHO &KRLFH Â… Â… ^3KRWR`

52<$/ 7285 FRYHUV ILYH FRYHUV HDFK

68'$1

Â’ )5(6+ 0,17 &ROOHFWLRQ RI VHWV FDWDORJXH

{ 3267$*( '8(6 )8 VHOHFWLRQ LQF YDOXH Â… ZLWK GHILQ VHW RI DQG GHILQ VHWV P 6* ' Â… Â… VHWV RI SOXV SURRI G SDLU ZLWK PDNHU V VHFXULW\ SXQFK KROHV $ ILQH FROOHFWLRQ RI FRPPHPRUDWLYH VHWV QHDWO\ Â’ 3RVWDJH GXHV PLQW EHWZHHQ ' VWDPSV SUHVHQWHG RQ DOEXP SDJHV VWDPSV Â… Â… LQF 6HWV &DW Â… Â… Â… Â’ 3HUI .*9 GHILQ ILQH PLQW G G G XP 6* E E E E &DW Â… Â… Â… { 2IILFLDO ZLWK YDULHWLHV P &DPHO 3RVWPDQ ZLWK ^3KRWR` 2YDO 2 QG ZLWK URXQG VWRSV 6* D E ILQH XVHG &DW Â… Â… Â… Credit Cards The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 74

Â’ 2IILFLDO 6HW 0LQW 6*R Â… Â…

Â’ 838 VHW WR 2UH YDOXH 0L 9)0 FDW

(XURV Â… Â… 3267$/ +,6725< ILQH FRYHUV IUDQNHG

6:,7=(5/$1'

RYHUSULQW LVVXHV LQF DLUPDLOV QRWLQJ P S FRPELQDWLRQ DQG { /($*8( 2) 1$7,216 9)8 WZR GLIIHUHQW VHWV ::,, IUDQNHG òS RYSW WLHG )32 FGV 1LFH WULR F WR I 6RFLHW\ DQG 7UDYLDO RYSW =XPVWHLQ FDW Â… Â… IU Â… Â… { *(1(5$/ *25'21 VHW 6* YHU\ ILQH 4 )/,*+7 &29(5 72 86$ /H /RFOH WR XVHG Â… Â… /DXVDQQH DLUPDLO ZLWK VSHFLDO RYDO FDQFHOV Â… Â… Â’ $,50$,/ VXUFKDUJHV VHW 6* 9)0 { IU IU /LIHERDW PLQLDWXUH VKHHW PL EORFN Â… Â… YIX Â… Â… Â’ 0$/0,1( 2937 9$5,(7< P 6* D LQ SDLU Â’ ZLWK QRUPDO òSL RYSWV 6* DQG òS 6* ZLWK IODW Â’ /$86$11( SKLODWHOLF H[KLELWLRQ PLQLDWXUH VKHHW 0L EORFN 6* 06 D 80 Â… Â… YDULHW\ VL[ VWDPSV FDW Â… Â… Â… { 6* RYSW VHW )8 6*R &DW Â…

Â’ 1$7,21$/ 3KLODWHOLF ([KLELWLRQ PLQLDWXUH VKHHW Â’ 80 Â… Â…

Â… Â… Â’ 5(92/87,21 ZLWKGUDZQ VHW RI 6* Â’ FRUQHU PDUJLQ IUHVK 80 &DW Â… Â… Â…

),567 '$< &29(56 FROOHFWLRQ LQ DQ DOEXP

DOO FOHDQ ILQH DQG XQDGGUHVVHG VWF (XURV RYHU FRYHUV Â… Â…

685,1$0

$ 9(5< ,17(5(67,1* ORW RI SRVWDO FDUGV ZLWK

3+272*5$3+,& (66$<6 5HG &URVV ,QWHUSRO &KLOG :HOIDUH ZLWK GLIIHUHQW YDOXHV WKDQ LVVXHG ZLWK Â… Â…

D YDULHW\ RI YDOXHV DQG LPDJHV ZLWK PXFK SUH V ZLWK DQ LQWHUHVWLQJ YDULHW\ RI FDQFHOV LQF FGV DQG VORJDQV PRVW XQXVXDO FDUG ZKLFK ZDV FDQFHOOHG DW DP RQ WKH RI LQ VR UHDGV ,, ;, ,, ;L /DXVDQQH DLU VSHFLDO FDUG ZLWK VSHFLDO FDQFHO $ YHU\ JRRG ORW RI FDUGV Â… Â…

6:$=,/$1' { 5(9(18( G ZLWK VWRSV )8 %

Â… Â…

%RRNOHWV RI 6ZLW]HUODQG GLIIHUHQW &DW Â… SULVWLQH FRQGLWLRQ LQF 6W *DOOHQ ZLWK IU (0%52,'(5(' LVVXH %X\ Â… Â…

{ .*9 GHILQLWLYHV VHW 6* YHU\ ILQH

XVHG Â… Â… Â’ G 6LOYHU -XELOHH VKRUW H[WUD IODJVWDII YDULHW\ 6*

E ILQH PLQW Â… Â… .*9, ZLWK GLIIHUHQW SULQWLQJV SHUIRUDWLRQV HWF FROOHFWLRQ RI PLQW VWDPSV ZLWK DOO YDOXHV DQG 6* D FDW Â… Â… Â…

6<5,$ 2OG 3DJHV ZLWK EHWWHU SLFNLQJV LQF )UHQFK &ROV RYSWV 'DPDVFXV $LU 6HW 0LOOHQDUJ\ $LU 6HW $LU VHW RI 2O\PSLF *DPH RYSW VHW RI RYHU VWDPSV ZLWK PXFK PLQW Â… Â…

7$1*$1<,.$

Â’ 0LQW DQG YHU\ H[WHQVLYH FROOHFWLRQ KLJKO\

{ *($ RYSWV YDOXHV EHWZHHQ F DQG U LQF F

FRPSOHWH &DW Â… ZLWK RYHU GLIIHUHQW VWDPSV DQG ZLWK YHUPLOLRQ RYSW 6* JRRG WR ILQH XVHG 06 ORDGHG ZLWK EHWWHU GHILQ VHWV FRPPHPV LQF 0DQ\ %LUG DQG Â… Â… :LOGOLIH GHVLJQV { F EODFN DQG F RUDQJH ZLWK *($ RYSWV 6* 6XSHU ORW Â… Â… W\SH 6* 9)8 Â… Â… 3267$/ +,6725< VHOHFWHG LWHPV LQF VL[ GLIIHUHQW QDWLRQV PXOWL IUDQNHG 5HJ G FRYHU VFDUFH { .*9 GHILQLWLYH VHW 6* JRRG WR ILQH .*9 G SRVWDO FDUG )8 G RYSW DLUOHWWHU FRUUHFWO\ XVHG XVHG VRPH IDXOWV FDW Â… Â… Â… HWF Â… Â… 3267$/ 67$7,21(5< JURXS RI VL[ LWHPV DOO 6:('(1 RYSWG 6SHFLPHQ LQF .*9 F SRVWFDUG F F SRVW DQG { RUH 5HG %URZQ YHUWLFDO SDLU PL D YIX UHSO\ SRVWFDUG F HQYHORSH F UHSO\ HQY F F SRVW 6WRFNKROP FGV SPNV Â… Â… DQG UHSO\ *LUDIIH SRVWFDUG F *LUDIIH UHJG HQY &OHDQ DQG ILQH LWHPV Â… Â… { $UPV GHILQV VHW ZLWK VKDGHV PL JRRG WR 7$60$1,$ ILQH XVHG PDMRULW\ ZLWK FOHDU &'6 SPNV VRPH XSULJKW DQG SDUWLFXODUO\ ILQH Â… Â… { ' 2FWDJRQDO 6* )8 FXW VTXDUH H[FHOOHQW ULFK 2UDQJH FRORXU IXOO PDUJLQV QHDW GXSOH[ RI +REDUW )LQH Â’ .LQJ 2VFDU , GHILQV LQFO RUH RUH WR RUH VWDPS Â… Â… YDOXHV QRWH ZPN LQYHUWHG PL ILQH PLQW Â… Â… { ' 2FWDJRQDO 6* )8 FXW VTXDUH ZLWK JRRG PDUJLQV DQG QHDW GXSOH[ $ ILQH H[DPSOH RI WKLV Â’ NU %ODFN RQ <HOORZ .LQJ *XVWDU 9 SDLU PL Â’ YIP XP KLQJHG RQ RQH VWDPS Â… Â… FODVVLF Â… Â… Â’

Â’ 49 G 6* DV VXSHUE PLQW FRUQHU VWULS RI

ZPN GLVSODFHG DOVR òG RYSW 6* E DV IUHVK PLQW EORFN VKDOORZ FUHDVH WZR ILQH PXOWLSOHV Â… Â…

Â’ 8 3 8 &RQJUHVV 6HW PL YIP FDW

(XURV Â… Â…

9,(:6 VHW PLQW D JRRG JURXS RI RWKHU 9LHZV )8 ZLWK VHW SHUI 7 WHOHJUDSKV DQG GLII YDOXHV WR G SHUI 26 Â… Â…

Â’ 838 NU NU DQG NU KLJK YDOXHV 0L

YHU\ ILQH PLQW FDW (XURV Â… Â…

Viewing

Â’ 838 6HW RI IUHVK PLQW LQF RUH ZPN

6* &DW Â… XQXVXDOO\ WKH RUH QR ZPN RUH DUH )8 Â… Â…

Clients can view at our offices Monday - Friday 10am - 5pm Please telephone to arrange an appointment. We are located in Warrington Town Centre

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 75

{ 3(5),16 LQWHUHVWLQJ FROOHFWLRQ RI 7 SHUILQV RQ

75,1,'$' 72%$*2

D YDULHW\ RI LVVXHV IURP 5RR V WR SLFWRULDOV ZLWK GLIIHUHQW Â’ 2/' 3$*( ZLWK XVHIXO SLFNLQJV 49 WR W\SHV RI 7 VPDOO ODUJH GDPDJH VHHQ .*9 KHDGV G ZLWK 5$ %ULWDQQLD V WR ZLWK VKDGHV 5HG &URVV MRLQHG D YHU\ JRRG ORW WKDW QHHGV ZULWLQJ XS 2YHU 5HG &URVV RQH ZLWK PLVVLQJ GRW DIWHU 6* D $ VWDPSV Â… Â… ILQH ORW FDW Â… PLQW Â… Â…

7+$,/$1' Â’ :$5 7$; RYHUSULQWV DQ LPSUHVVLYH PLQW Â’ DVVHPEO\ ZLWK PDQ\ EORFNV SODWH EORFNV SDQHV HWF LQF 0LQRU .LQJ +LJK 9DOXHV % % % DQG % DOO IUHVK Â’ YDULHWLHV G 6* DV PDWFKLQJ FRUQHU SDLU ZLWK HQODUJHG 80 6* &DW Â… Â… Â… ^3KRWR` ; G 6* SRVLWLRQDO SODWH EORFN RI HWF EORFNV DQG VLQJOHV Â… Â… 72*2 &(1625(' 5(*,67(5(' FRYHU ZLWK

75,67$1 '$ &81+$

LPSUHVVLYH VWDPS G UDWH QHDWO\ FDQFHOOHG DW /RPH YLROHW 52<$/ 0$,/ 6WHDP 3DFNHW &RPSDQ\ FHQVRU +6 DQG DUULYDO FDQFHOV 0RVW DWWUDFWLYH Â… Â… HQYHORSH ZLWK VWULNH RI 7ULVWDQ 'D &XQKD 6RXWK $WODQWLF RFFXSDWLRQ òG 2937 SRVWDO FDUG FDFKHW LQ FRUQHU DGGUHVVHG WR /HLFHVWHU òG 7R 3D\ WD[ UHJLVWHUHG WR 6ZLW]HUODQG ZLWK ILYH GLII RFFXSDWLRQ 2937 PDUN DSSOLHG XSRQ DUULYDO 5HDVRQDEOH VWULNH FRYHU RSHQHG D VWDPSV RQ EDFN ZLWK YDOXHV WR G HDFK ZLWK /20( FGV OLWWOH URXJKO\ Â… Â… 8QXVXDO Â… Â… ^3KRWR` { 63(&7$&8/$5 SLHFH (GZDUG SRVWDO 5HJLVWHUHG G RYSW SRVWDO FDUG WR 6ZLW]HUODQG VWDWLRQHU\ FXW RXWV G EORFN RI ZLWK W\SH & FDFKHW LQ EORFN ZLWK LPSUHVVLYH VWDPS .*9 RYSW FRPELQDWLRQ 9 òG G RQ D ODUJH SLHFH ZLWK 5LR 'H -DQHLUR WUDQVLW PDUN HQY ZLWK òG G òG G G DOO QHDWO\ FDQFHOOHG DW /RPH 8QXVXDO (GZDUG WHWH EHFKH SDLU VWDWLRQHU\ FXW RXWV ZLWK VXSHUE YLROHW GHVWLQDWLRQ Â… Â… W\SH & FDFKHW VFDUFH RQ FRYHU Â… Â… 7<3( ,, FDFKHW RQ FRYHU WR +0 5RJHUV F R

721*$

63* /RQGRQ 6* & YHU\ ILQH GHHS FRORXU XSULJKW VWULNH 5RXJKO\ RSHQHG WKRXJK SUHVVHG RXW DQG ORRNV ILQH Â… Â…

25&+,'6 3URRIV ZLWK 0HUU\ &KULVWPDV DQG LVVXHV EHORZ ZLWK D KDSS\ LQ SDLUV RQ ODUJH WKLFN SDSHU 6* DQG XQXVXDO Â… Â…

Â’ 2/' 3$*(6 LQF G SRWDWR VWDPS GHILQ

75$169$$/

VHW GHILQ VHW GHILQ VHW GHILQ VHW 5HVHWWOHPHQW VHW GHILQ VHW WR $ YHU\ ILQH FROOHFWLRQ RI VWDPSV IUHVK PLQW Â… Â…

Â’ 95, KLJK YDOXH VHW RI IRXU KDQGVWDPSHG

63(&,0(1 PLQW 6* V Â… Â… %2(5 :$5 FRYHU DGGUHVVHG WR WKH &DSH

ZLWK %HOOH 9XH FHQVRU PDUN RQ IURQW Â… Â… %2(5 :$5 FRYHU WR 'HDGZRRG &DPS 6W

+HOHQD IUDQNHG G (5, RYSW RYDO 3DVVHG 3UHVV &HQVRU FDFKHW RQ IURQW .UXJHUVGRUS ,3%& $( 0DLQZDUULQJ FDFKHW RQ UHYHUVH Â… Â… %2(5 :$5 HQY WR 3ULVRQHU RI :DU

&DPS 6W +HOHQD WKH 'HDGZRRG &DPS G (5, RYSW FOHDU 3RWFKHVWURRQ FGV DQG RYDO FHQVRU FDFKHW RQ UHYHUVH Â… Â…

Â’ (;7(16,9( &2//(&7,21 VXSHUEO\ DUUDQJH LQ

D TXDOLW\ VSULQJEDFN DOEXP WKH PLQW DORQH FDWV Â… ZLWK PDQ\ FRPSOHWH VHWV LQF 06 QRWH GHILQ HW RI GHILQ VHW RI GHILQ VHW RI GHILQ VHW RI H[WHQVLYH FRPPHPRUDWLYH VHWV $ YHU\ JRRG FROOHFWLRQ RI VHWV SOXV )'& V QRW FRXQWHG LQ WKH YDOXH 2XWVWDQGLQJ TXDOLW\ Â… Â… Â’ òS RQ G +06 &KDOOHQJHU LPSHUIRUDWH Â’ YHUWLFDO VWULS RI DV 6* KLQJHG LQ WRS PDUJLQ VWDPSV

VXSHUE 80 %3$ FHUWLILFDWH DFFRPSDQLHV VWDWHV RULJLQDO JXP LV RI JHQXLQH SURRI VWDWXV $ UDUH LWHP Â… Â…

Â’ 3,(7(56%85* G PDUJLQDO EORFN RI VL[ Â’ 6* VKRZLQJ WZR GLIIHUHQW ) DQG ( SRVLWLRQDO YDULHWLHV VPDOO

PDUJLQDO IDXOW 80 Â… Â… Â’ 3,(7(56%85* G PDUJLQDO EORFN RI VL[ Â’ 6* 80 VPDOO SHULSKHUDO IDXOWV ILYH YDULHWLHV LQFOXGLQJ WZR 6*

OLVWHG OHWWHU HUURUV ILQH DQG VFDUFH Â… Â…

/,7(5$785( ,QFOXGHV SURXG 7KH 3RVWDO

+LVWRU\ RI $VFHQVLRQ 6W +HOHQD DQG 7ULVWDQ 'D &XQKD 0DFND\ DQG &UDEE 7ULVWDQ 'D &XQKD (YDFXDWLRQ &UDEE 7KH +LVWRU\ DQG SRVWDO +LVWRU\ RI 7ULVWDQ 'D &XQKD 3OXV RWKHU VXQGU\ LWHPV LQFO &DWDORJXHV LWHPV Â… Â…

758&,$/ 67$7(6

Â’ 3,(7(56%85* G SRVLWLRQDO EORFN 80 Â’ 0$1$0$ 8QPRXQWHG PLQW UDUHO\ Â’ 6* QXPHURXV KLJKOLJKWHG FRQVWDQW YDULHWLHV LQF 6* OLVWHG Â’ RIIHUHG PRVW ZHUH UHOHDVHG &72 XVHG FROOHFWLRQ RI V DV

PLVVLQJ VWRS IRU ( IRU ) VSUD\ LQYHUWHG $ UDUH EORFN Â… Â…

Â’ 3,(7(56%85* G 6* D 80 EORFN RI Â’ QLQH VKRZLQJ QR IHZHU WKDQ GLII SRVLWLRQDO YDULHWLHV LQFOXGLQJ

ZURQJ OHWWHUV HWF PDMRULW\ OLVWHG LQ 6* 9HU\ ILQH Â… Â…

FRPSOHWH VHWV RQ SDJHV LQFOXGLQJ 06 DQG 6H 7HQDQWV KLJKO\ &DW 7RSLFDO 6HWV $Q XQXVXDO RIIHULQJ Â… Â…

781,6,$ 3267$/ 67$7,21(5< FKLHIO\ HDUO\ $UPV DQG

Â’ 3,(7(56%85* G 6* 80 EORFN RI Â’ WZR URZV RI VL[ ZLWK DSSUR[ SRVLWLRQDO YDULHWLHV PDQ\

OLVWHG LQ 6* LQF VSHFWDFXODU LQYHUWHG $ YHU\ ILQH PXOWLSOH Â… Â…

9LHZV W\SHV QRWH DLU SRVWDO FGV UH YDOXHG DLU FDUG UH YDOXHG $ JRRG ORW RI PDLQO\ XQXVHG RGG RQH XVHG Â… Â…

785.6 &$,&26 ,6 Â’ ILUVW VHW RI WKUHH PLQW 6* FDW Â…

Â’ 3,(7(56%85* FHQWUH LQYHUWHG HUURU

)LQH FODVVLFV Â… Â… ^3KRWR`

RQ G 5 ILQH PLQW 6* Â… Â…

Â’ SURYLVLRQDO RQ G PLQW 6* FDW

{ 5867(1%85* G OLODF DQG JUHHQ ZLWK

Â… Â… Â… ^3KRWR`

95 KDQGVWDPS LQ YLROHW 6* QHDW VTXDUHG FLUFOH FDQFHO URXQGHG FRUQHU SHUI FDW Â… UDUH VWDPS Â… Â…

Selling? – Contact Simon Carson today for professional advice on how to sell your stamps/covers. PTS and ASDA registered. Integrity assured.

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 76

Â’ (;7(16,9( FROOHFWLRQ YHU\ FRPSOHWH IRU SHULRG Â’ ,17(51$7,21$/ 3KLODWHOLF ([KLELWLRQ VRXYHQLU

VKHHW ZLWK KLQJH PDUNV RQ WKH VHOYDJH VWDPSV 80 IUHVK FRORXU ZKHUH WKH PLQW VWDPSV FDW Â… WKHQ WKHUH LV WKH )'& V QRWH GHILQ VHW RI 6LOYHU :HGGLQJ VHW 80 GHILQ 6FRWW VHOGRP VHHQ LQ D VKHHWOHW Â… Â… VHW RI 4(,, GHILQ VHW RI H[WHQVLYH FRPPHPRUDWLYH 81,48( /27 2) +$1' 3$,17(' &29(56 VHWV $ ILQH FROOHFWLRQ RI VHWV LQF 06 SOXV )'& V KRXVHG ZLWK SRVWPDUNV RI WKH UHOHYDQW VXEMHFW LQF 6DQWD LQ D VSULQJEDFN DOEXP $ YHU\ ILQH FROOHFWLRQ Â… Â… &ODXV PDFKLQH FDQFHO ZLWK LPDJH RI 6DQWD 6PRNLQJ D 3LSH Â’ &+85&+,// G JROG SULQWHG GRXEOH YDULHW\ 6* 1HJUR DQG 'RQNH\ ZLWK PXOHV GXSOH[ FRXSOH GDQFLQJ ZLWK 0D\ 'D\ FDQFHO DQG PDQ\ RWKHU VLPLODU $Q D IUHVK /00 H[ 6* D VSHFWDFXODU HUURU Â… Â… RULJLQDO ORW Â… Â… 672&. &$5'6 ZLWK XVHIXO SLFNLQJV LQF &/$5. *$%/( WK $QQLYHUVDU\ RI .*9, GHILQV WR IUHVK PLQW Â… Â… PRWLRQ SLFWXUHV LOOXVWUDWHG FRYHU VLJQHG E\ &ODUN *DEOH D VFDUFH VLJQHG FRYHU Â… Â… ^3KRWR` Â’ :$5 7$; PLQW FROOHFWLRQ ZLWK +(15< .,66,1*(5 )RUG RUGHUV ZLGH

VLQJOHV YDULRXV EORFNV LQF &RUQHU EORFN RI G 6* I VKRZLQJ KHDYLO\ RYHU LQNHG VHWWLQJV *RRG *URXS Â… Â…

UHYLHZ LOOXVWUDWHG FRYHU VLJQHG E\ VHFUHWDU\ RI VWDWH +HQU\ .LVVLQJHU D VFDUFH VLJQHG FRYHU Â… Â…

()5(0 =,0%$/,67 -5 3XHEOR ,QGLDQ :$5 7$; 7ZR YHU\ ILQH PXOWL IUDQNHG

FRYHUV 2+06 IUDQNHG ERWK G G 6* UHJLVWHUHG WR 8. DQG VSHFWDFXODU FRYHU WR 86$ IUDQNHG [ G 6* Â… Â… :$5 7$; DWWUDFWLYH UHJLVWHUHG FRYHU WR

LOOXVWUDWHG FRYHU VLJQHG E\ (IUHP =LPEDOLVW -U D ILQH DQG VFDUFH FRYHU Â… Â… *(25*( %8516 %DUU\PRUH IDPLO\

LOOXVWUDWHG FRYHU VLJQHG E\ *HRUJH %XUQV D YHU\ ILQH FRYHU Â… Â…

8. ZLWK G G :DU 7D[ FRPELQDWLRQ 6* Â… Â…

-,00< &$57(5 :DVKLQJWRQ &RQVWLWXWLRQ

+DOO 33& VLJQHG E\ -LPP\ &DUWHU H[ SUHVLGHQW D VFDUFH VLJQHG SLFWXUH SRVWFDUG Â… Â…

789$/8 Â’ 63(&,$/,6(' &2//(&7,21 2) V Â’ GLVSOD\HG WR H[KLELW VWDQGDUGV RQ SDJHV GLIIHUHQW SULQWLQJV

$17+21< 48,11 WK $QQLYHUVDU\ RI WKH PRWLRQ SLFWXUH LOOXVWUDWHG FRYHU VLJQHG E\ $QWKRQ\ 4XLQQ D SDSHUV ZPN H[WHQVLYH VWXG\ RI WKH ILVK GHILQV WR LQF VFDUFH DQG ILQH FRYHU Â… Â… 6FDUFH VKHHWOHWV RI IRXU FRYHUV VLJQHG E\ WKH GHVLJQHU JXWWHU $QWKRQ\ 4XLQQ +HQU\ 2 7DQQHU SDLUV DQG PRWH 0DQ\ V 7KLV HDUO\ SHULRG LV D PRVW LQWHUHVWLQJ WUDQVLWLRQDO SHULRG *RRG ORW Â… Â… LOOXVWUDWHG FRYHU VLJQHG E\ $QWKRQ\ 4XLQQ D YHU\ ILQH DQG VHOGRP VHHQ VLJQHG FRYHU Â… Â…

8*$1'$

(51(67 %25*1,1( [ VLJQHG SKRWRJUDSK IURP 0F+DOH 1DY\ VHULHV D ILQH SKRWR IURP WKLV ZHOO NQRZQ DFWRU Â… Â…

Â’ U EULJKW EOXH 6* D 9)0 Â… Â…

Â’ )$%8/286 /27 RI QHZ LVVXH PDWHULDO WR Â’ DERXW KRXVHG LQ WZR DOEXPV DOO SHUIHFW 80 ZLWK D IDFH

Â’ U GXOO EOXH 6* PLQW JRRG ORRNHU

Â… Â…

81,7(' $5$% (0,5$7( { 3529,6,21$/ 8$( RYSW I VFDUFH VWULS RI

SOXV D VLQJOH RQ D SLHFH 6* VHOGRP VHHQ LQ VWULSV ILQH XVHG Â… Â…

YDOXH RI Â… ZLWK PDQ\ VXSHUE VKHHWOHWV DQG KLJK YDOXHV /HJHQGV RI +ROO\ZRRG VKHHWV /HJHQGV RI WKH :HVW (QGDQJHUHG 6SHFLHV KLJK YDOXH H[SUHVV VWDPSV WR 0DQ\ V DOO GLII IDEXORXV TXDOLW\ Â… Â… { ),/(%2; ZLWK RQ SDSHU PL[WXUH PDQ\ V RI

Â’ 6(&21' *8/) /RQJ 'LVWDQFH 6ZLPPLQJ Â’ &KDPSLRQVKLS ZLWKGUDZQ VHW OLVWHG EHORZ 6* 06 ILQH 80

Â… Â…

VWDPSV FKLHIO\ ILQH XVHG JRRG IRU VRUWLQJ NLORZDUH XQFKHFNHG Â… Â… { .,/2:$5( D ILOHER[ ZLWK V RI VWDPSV

XQFKHFNHG RQ DQG RII SDSHU PL[WXUH Â… Â…

81,7(' 67$7(6

/,7(5$785( &$/,)251,$ *2/' E\

{ F IXOO EODFN $OH[DQGHU +DPLOWRQ 6FRWW

.HQQHWK - .XW] OLPLWHG WR FRSLHV DQG VLJQHG YHU\ LQWHUHVWLQJ UHDG ZLWK LQWHUHVWLQJ SRVWDO KLVWRU\ SDJHV Â… Â…

YHU\ ILQH XVHG Â… Â… Â’ F FDUPLQH -DFNVRQ 6FRWW ILQH PLQW FDW

Â… Â…

/,7(5$785( 120( *2/' E\ .HQQHWK - .XW] YHU\ LQWHUHVWLQJ UHDG DERXW WKH DUHD DQG LWV SRVWDO KLVWRU\ S ZLWK LWV GXVW MDFNHW Â… Â…

Â’ 6DOPRQ &ROXPELD ([SR 6FRWW ILQH

PLQW JRRG FHQWULQJ Â… Â…

1250$1 0$,/(5 $GROSK 2FKV &RYHU

Â’ F WR F &ROXPELD ([SR FRPSOHWH 6FRWW

ILQH PLQW Â… Â…

VLJQHG E\ 1RUPDQ 0DLOHU D YHU\ ILQH FRYHU Â… Â… 1250$1 0$,/(5 +RQRXULQJ -RKQ

6WHLQEHFN LOOXVWUDWHG FRYHU VLJQHG E\ 1RUPDQ 0DLOHU D ILQH FRYHU Â… Â… FRPSOHWH LQF F ZLWK ILQH 1HZ <RUN FGV SUHVHQWDEOH H[DPSOHV RI F F DQG F 6FRWW JRRG WR ILQH FDW { 5(9(18( F RUDQJH ,QIHUQDO 5HY ZLWK Â… Â… ODUJH SUH SULQWLQJ IROG 6FRWW 5 F 9)8 ZLWK FGV Â… Â… Â’ 3$1 $0(5,&$1 (;32 VHW 6FRWW PLQW 7:2 $/%806 ZLWK D VXEVWDQWLDO FROOHFWLRQ RI Â… Â… VHYHUDO DOO GLIIHUHQW FKLHIO\ XVHG ZLWK LVVXHV WR SDFNHG ZLWK FRPPHPV KLJK YDOXHV DQG ORWV RI PRGHUQ ZLWK VH { F FDUPLQH RQ EOXLVK SDSHU /LQFROQ %LUWK &HQW WHQDQWV SDQHV HWF 6XEVWDQWLDO ORW Â… Â… 6FRWW 9)8 ZLWK FOHDU FGV SPN Â… Â… { &2/80%86 UDQJH RI YDOXHV F WR F

{ F :DVKLQJWRQ QR ZPN SHUI JURVVO\

Credit Cards

PLVSHUIHG 6FRWW XVHG Â… Â…

The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.

Philangles 362 text 77pgs.qxp 19/06/2018 15:15 Page 77

81,7(' 67$7(6 $,5)25&( 6LJQHG FRYHUV 4 LQF - + 'RROLWWOH -LPP\ VLJQHG SKRWRJUDSK DQG

Â’ &22*$5',( &<&/( (;35(66 FDPHO VHW RI

G DQG VFDUFH ORFDOV WKH $XVWUDOLD 3KLODWHOLVW UHFRUGV RQO\ RI WKH ZDV SULQWHG D VFDUFH VHW PLQW LOOXVWUDWHG FRYHU FRYHUV VLJQHG E\ 'RROLWWOH UDLGV QG JURXS VLJQHG E\ %ODFN 6KHHS DQG )O\LQJ 7LJHUV SOXV WZR Â… Â… SKRWR V VLJQHG E\ )O\LQJ 7LJHU &UHZ D YHU\ LQWHUHVWLQJ ORW ZLWK { Â… RUDQJH EURZQ ZPN 9 DQG &URZQ S ò 6* EHWWHU LWHPV Â… Â… ^3KRWR` 9)8 Â… Â…

858*8$<

{ :0. 9 DQG &URZQ YDOXHV G WR V H[ G

7KLQ )LJXUHV F )8 F F XQXVHG $OO ZLWK JRRG PDUJLQV 6* Â… Â…

LQF VKDGHV DQG LQYHUWHG ZPNV QRWH V ZPN XSULJKW DQG LQYHUWHG 6* JRRG WR YHU\ ILQH XVHG Â… Â…

7+,1 ),*85(6 F 6* LQWHUHVWLQJ JURXS RI XVHG DQG PLQW ZLGH UDQJH RI VKDGHV DQG PDQ\ ILQH { 5(9(18(6 G WR V YDOXHV XVHG G DQG Â’ G XQXVHG %DUHIRRW PL[HG FRQGLWLRQ ZLWK WKHVH SRSXODU LVVXHV Â… Â… Â… Â… 7+,1 ),*85(6 F 6* LQWHUHVWLQJ JURXS RI <8*26/$9,$ FKLHIO\ )8 PDUJLQ VKRZLQJ D JRRG UDQJH RI VKDGHV SPNV SULQWLQJV RQH XQXVHG &ODVVLF LVVXHV Â… Â… Â’ ,668(6 IRU %26,1$ DQG +(5=(*29,1$

(;3(5,0(17$/ IOLJKW FRYHU 8UXJXD\ 6DUDQGL 4 WR 0RQWHYLGHR RQO\ FRYHUV ZHUH IORZQ HDFK ZLWK DQ

RYHUSULQWHG DLU VWDPS DQG WKH VHW RI %DWWOH RI 6DUDQGL FRPPHPRUDWLYHV ZLWK QHDW W\SHG DGGUHVV Â… Â…

RYSW VXUFK VHW RI 6* DQG VFDUFH QHZVSDSHU FLUFXODU LQVWHDG RI VTXDUH FDQFHOODWLRQ VHW 6* FDW Â… ZLWK HDFK VWDPS EHLQJ GLIIHUHQW EHWZHHQ 6* DQG 6* D ILQH FROOHFWLRQ RI VWDPSV LQF SRVWDJH GXHV Â… Â… Â’ WK $QQLY RI /LEHUDWLRQ 0L ILQH 80 Â’ Â… Â…

9$7,&$1 &,7< Â’ &DW Â… VXEVWDQWLDOO\ FRPSOHWH IUHVK 80 Â’ KRXVHG LQ SULQWHG $OEXP MXVW VWDPSV QHHGHG IRUW WRWDO

=$0%,$

FRPSOHWLRQ 0DQ\ KLJKOLJKWV LQF GHILQ VHW 3DUFHO 3RVWV +RO\ <HDU 'HILQ 6HW &DWKROLF 3UHVV :+2 VHW RQ YHU\ ILQH LOOXVWUDWHG DQG XQDGGUHVVHG )'& 6* Â… Â… *UDWLDQ 6* DQG 6WDJHFRDFK 6KHHW ([FHOOHQW /RW Â… Â…

=$1=,%$5

9,&725,$

Â’ 3URYLVLRQDO òG RQ D 6* ZLWK W\SH

{ 3267$/ ),6&$/ +,*+ 9$/8(6 XVHG

KDQGVWDPS PLQW Â… Â… LQFOXGLQJ JHQXLQH SRVWDO XVDJHV DQG &72 $ VHOGRP RIIHUHG ORW RI SULQWLQJV DQG VKDGHV XQFKHFNHG $ VFDQ KLJKO\ { 3URYLVLRQDO ò RQ òD LQ 5HG W\SH 6* DGYLVHG LQF SDLU RI RQ SLHFH ZLWK (QJOLVK PDLO 732 FDQFHO ILQH XVHG 6FDUFH Â… Â… DQG &72 SDLU RQ SLHFH ZLWK 732 FDQFHO &72 XVHG DQG PRUH *RRG ORW Â… Â… { 3529,6,21$/ 685&+$5*( 6&$5&( ò RQ D ZLWK VPDOO VHFRQG ] 6* VWDWH RQO\ H[LVWV RQ 6* ILQH { 9* 3(5),16 RQ $XVWUDOLDQ VWDPSV ILQH XVHG XVHG Â… Â… PRVW H[WHQVLYH FROOHFWLRQ RI V DUUDQJHG LQ DQ DOEXP ZLWK VXE W\SHV RI SHUILQV PDQ\ .*9, LVVXHV LQF LWHPV VWDWHG WR EH Â’ 68/7$1 GHILQV VHW LQF ERWK U FRORXUV 6* QRW OLVWHG $ JRRG VHOHFWLRQ RI .*9 KHDGV ZLWK YDOXHV WR ' JRRG WR ILQH PLQW V VPDOO IDXOW Â… Â… DQG PXFK HOVH HQGLQJ DW DERXW Â… Â… { 3URYLVLRQDO ò RQ òD LQ 5HG W\SH 6* :(67(51 $8675$/,$ YHU\ ILQH XVHG 6FDUFH Â… Â… { G VDJH JUHHQ LPSHUI 6ZDQ 6* 9)8 ZLWK Â’ 0212*5$0 GHILQV VHW 6* òD WRQHG FOHDU VWULNH RI QXPHUDO LQ EOXH IRXU PDUJLQV RWKHUV YHU\ ILQH PLQW Â… Â… Â… Â… { G YHUPLOLRQ SHUI 6ZDQ 6* ILQH XVHG

Â’ 68/7$1 $OL ELQ +DPRQG GHILQV VHW 6*

EOXH SPN Â… Â…

YHU\ ILQH PLQW Â… Â…

Â’ G YHUPLOLRQ ZPN 6ZDQ SHUI DW 6RPHUVHW

Â’ 68/7$1 GHILQV VHW &(176 LQ VHULIHG FDSLWDOV

+RXVH H[WUD URZ RI SHUIRUDWLRQV YDULHW\ 6* PLQW Â… Â…

6* 9)0 Â… Â…

Â’ G FKURPH \HOORZ ZPN &URZQ && &URZQ

Â’ ),1( 0,17 FROOHFWLRQ QHDWO\ DUUDQJHG RQ DOEXP

ULJKW RI && SHUI EORFN RI IRXU 6* EZ ILQH PLQW JRRG FHQWULQJ Â… Â…

SDJHV FRPSOHWH LQ VHWV IURP 6* WR 6* FOHDQ DQG ILQH Â… Â…

Â’ G OLODF &URZQ &$ S 6* 9)0

Key to symbols in this catalogue

Â… Â…

✱

Â’ G UHGGLVK OLODF ZPN &URZQ &$ S 6*

✉

9)0 Â… Â… Â’ 6:$1 *UH\ %URZQ PDUJLQV 6* E

Used Mint Postal History

✈ ✱✱ &

Airmail Unmounted mint Literature

Viewing

JRRG FRORXU XQXVHG Â… Â…

Clients can view at our offices Monday - Friday 10am - 5pm Please telephone to arrange an appointment. We are located in Warrington Town Centre

Â’ 6:$1 3DOH %URZQ 6* F ZLWK SUH SULQWLQJ

YHUWLFDO SDSHU FUHDVH PDUJLQV PLQW Â… Â… Â’ +$/) 3(11< VXUFKDUJH RQ G DOO

THE END OF THIS SALE

W\SHV VKDGHV DV OLVWHG 6* E VLQJOH FRORXU VXUFK RQ SDOH EURZQ ZLWK KRUL] FUHDVH RWKHUV JHQHUDOO\ ILQH PLQW Â… Â…

Philangles 362 Covers.qxp_Layout 1 19/06/2018 15:16 Page 2

16 416

WE BUY STAMP COLLECTIONS 72

25

479

417

We provide a specialised service from initial point of contact to swift payment for all your stamps and postal history.

455

Contact Simon Carson or Chris Knight today to arrange an expert valuation. Telephone 01925 231151.

459

457 418

Philangles Ltd | Carson House | 44 Legh Street Warrington | Cheshire | WA1 1UJ www.philangles.co.uk 01925 231151 or email philangles@btinternet.com

AUCTION NUMBER 362 l AUCTION DATE 23RD JULY 2018

Lot 1277 This auction features a fascinating lot of Royal Air Force and Victoria Cross winners covers and cards.

International Postage Stamp & Postal History Auctioneers

Lot 2480 With certificate Featuring the second part of a fascinating lot of military mails including Victoria Cross recipients autographed covers, Australia postal history with POW camps, India postage stamps, a vast accumulation of Great Britain offered as boxed lots and so much more. Items can be viewed on our website.

POSTAGE STAMPS OF THE WORLD CARSON HOUSE 44 LEGH STREET WARRINGTON CHESHIRE WA1 1UJ ENGLAND TELEPHONE 01925 231151 • FACSIMILE 01925 232204 EMAIL philangles@btinternet.com Printed in England by PARDY & SON LTD 1 Parkside, Christchurch Road, Ringwood, Hampshire

Estd 1990

WWW.PHILANGLES.CO.UK

AUCTION NUMBER 362 l AUCTION DATE 23RD JULY 2018

Philangles 362 Covers.qxp_Layout 1 19/06/2018 15:16 Page 1

Estd 1990

Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.