Philangles 364 Catalogue

Page 1

Lot 1925 Important Ireland

Lot 701 A substantial sale featuring a remarkable worldwide collection originally housed in 300+ albums, a fine collection of Ireland with forerunners, Cameroon, Great Britain with much QV, selected single stamps of the British Empire and many intact collections. Items can be viewed on our website. See us at Stampex in London during September.

POSTAGE STAMPS OF THE WORLD CARSON HOUSE 44 LEGH STREET WARRINGTON CHESHIRE WA1 1UJ ENGLAND

Lot 622 Substantial Cameroon

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 364 l AUCTION DATE 10TH SEPTEMBER 2018

Lot 576 Scarce Type

AUCTION NUMBER 364 l AUCTION DATE 10TH SEPTEMBER 2018

Lot 381 Trial overprint

International Postage Stamp & Postal History Auctioneers

Estd 1990

37

94

WE BUY STAMP COLLECTIONS 214

———— 304 ————

302

355

326

We provide a specialised service from initial point of contact to swift payment for all your stamps and postal history. 380

381

Contact Simon Carson or Chris Knight today to arrange an expert valuation. Telephone 01925 231151. Philangles Ltd | Carson House | 44 Legh Street Warrington | Cheshire | WA1 1UJ www.philangles.co.uk 01925 231151 or email philangles@btinternet.com

401

403

———— 410 ————

463

———— 418 ————

483

485

469 616

480

576

493

619

621

622

624

———— 502 ————

626

629

———— 609 ————

———————————— 617 ————————————

693

698

700

701

704

705

706 708

———— 713 ————

775

737

786 833

857

1033

1116

—————————— 773 ——————————

———— 843 ————

1100

———————————— 850 ————————————

———————— 852 ———————— 974

926 997

998

———————— 946 ————————

1043

556

709

756

827

784 831

836

1036

1126

1006

—————— 1027 ——————

1130

1102

1132

—————————— 1051 ——————————

1133

—————— 1054 ——————

—— 1055 ——

—— 1125 ——

1152

1139

1153

1149

1151

1160

—————————————————— 1198 ——————————————————

1229

1172

1234

1251

1248

1252

840

1122 1039

1164

1187

1275

1253

1255

1378

1258

1259

1577

1267 1669 1268

1271

1282

1727

1337

1729

1872

1786

1300 1301

1797

1326

1303

1803

1342

1371

1670

1557

1721

1693

1690

1689 1817

1734

—————— 1711 ——————

1698

1732

1723

1726

1731

1842

1733

1898

1899

1902

1919

1895

1905 1924

1906

1909

1925

1933 1910

1911

1918

1940

1928

1977

1973

1967

———— 1985 ————

——1998 ——

—— 2006 ——

2008

—— 2009 ——

2122

2354

2071

2027

—— 2016 ——

2011

2087

2407

2064

—— 2111 ——

—— 2200 ——

—————————————— 2197 ——————————————

2222

———————————— 2201 ————————————

—————— 2204 ——————

2231

2245

———— 2355 ————

2226

2383

2357

2356

—— 2523 —— 2588

2623

2416

—— 2552 ——

2626

2584

2625 ———— 2601 ————

2627

2631

2651

2659

2475

—————— 2617 —————— 2628

———— 2751 ————

—— 2660 ——

—————————— 2752 ——————————

2603

2778

2719

2782

2783

2772

2794

POSTAGE STAMPS OF THE WORLD *% 3RVWDO 6WULNH LQZDUG HQY ZLWK VHUYLFH 6,/9(5 -8%,/(( 1HZ =HDODQG VHW RQ VXSHUE

UHJLVWHUHG FRYHU 6* FKRLFH Â… Â… Â’ 6,/9(5 -8%,/(( RPQLEXV FROOHFWLRQ IUHVK PLQW

H[ (J\SW DQG .87 VL[W\ RQH VHWV JRRG IRU VWXG\ DV VR PDQ\ PLQRU YDULHWLHV DSSHDU RQ WKHVH LVVXHV Â… Â…

WHPSRUDOO\ VXVSHQGHG FDFKHW IURP 86$ HQY IURP 86$ ZLWK )ORZQ E\ +RYHUFUDIW 5DPVJDWH FDFKHW DQG $SROOR ([SRUWHG /HWWHU 6HUYLFH ODEHO DQG FDFKHW HQY ZLWK %\ ([SRUW /HWWHU 6HUYLFH /RQGRQ FDFKHW VHQW WR )UDQFH )RXU LQWHUHVWLQJ HQYV FRPPHUFLDO XVHG Â… Â… Â’ %+87$1 6FRXWV WK $QQLYHUVDU\ VHW RI Â’ SURJUHVVLYH SURRIV XQPRXQWHG PLQW Â… Â…

)/,*+7 &29(5 IURP 0DFDX WR 8. YLD +RQJ 4 .RQJ ZLWK GLIIHUHQW 0DFDX IUDQNLQJV LQF DLUV RYSW VHW RI VL[

Â’ 6,/9(5 :('',1* 9$5,(7,(6 XQPRXQWHG Â’ PLQW PDLQO\ RQ FDUGV LQF LQYHUWHG ZPNV LQ SDLUV RU EORFNV RI

VSHFLDO FDQFHO VHULDO DLUPDLO KV DQG VSHFLDO 0DFDX 86$ FDFKHW VFDUFH FRYHU Â… Â… $5281' WKH ZRUOG IOLJKW FRYHU ZLWK VWDPSV RI 4 +RQJ .RQJ F F *% G G DQG &DQDGD F F

ZLWK +RQJ .RQJ UHJG ODEHO DQG VSHFLDO IOLJKW FDFKHW VFDUFH FRYHU Â… Â…

ZLWK WKH YDULHW\ LGHQWLILHG VWDPSV D ILQH DQG LQWHUHVWLQJ JURXS ZLWK D SXUFKDVH SULFH RI Â… SOXV ORRVH EORFNV WR EH VRUWHG Â… Â… :25/' 72851$0(17 %2:/6 VLJQHG

Â’ .*9, 6,/9(5 :('',1* VHWV IRU WKH %ULWLVK Â’ &RPPRQZHDOWK XQPRXQWHG PLQW LQF PDQ\ EHWWHU FRXQWULHV

*LEUDOWDU +RQJ .RQJ 6LQJDSRUH VXSHUE TXDOLW\ Â… Â…

FRYHUV RQ 6RXWK $IULFDQ FRYHUV LQF 7HDP (QJODQG 7HDP 6RXWK $IULFD DQG 7HDP -HUVH\ RQ LOOXVWUDWHG FRYHUV Â… Â… :25/' &83 &ROOHFWLRQ LQF WK $QQLYHUVDU\ SDJH EHLQJ VLJQHG E\ %REE\ 0RRUH 0DUWLQ 3HWHUV DQG *HRII +XUVW -RKQ %DUQHV FRYHUVLJQHG E\ *UDKDP 7D\ORU %U\DQ 5REVRQ FRYHU VLJQHG E\ %U\DQ 5REVRQ (QJODQG :RUOG &XS &DQDO VLJQHG E\ $OI 5DPVH\ ZLWK D ILQH FROOHFWLRQ RI FRYHUV VWDPSV DQG VXSHUE UDQJH RI VLJQDWXUHV Â… Â…

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

/RQGRQ %DUFHORQD FDFKHW RQ ILYH FRYHUV VHQW WR (LUH *% %ULWLVK (XURSHDQ $LUZD\V FDFKHW RQ ILYH FRYHUV VHQW WR %DUFHORQD /RQGRQ WR 1HZ <RUN LOOXVWUDWHG &RPHW -HW /LQHU LOOXVWUDWHG FRYHUV /RQGRQ WR 1HZ <RUN %2$& %ULWDQQLD LOOXVWUDWHG FRYHUV DOO ZLWK W\SHG DGGUHVVHV 81,7(' 1$7,216 VSHFLDO FRYHUV ZLWK HDFK Â… Â… FRYHU KDYLQJ WKH VWDPS E\ WKH WKUHH RIILFHV DWWDFKHG ZLWK 4 ),567 )/,*+7 VWDJH FRYHUV /RQGRQ WR 7RN\R VSHFLDO FDQFHOV ZLWK QR DGGUHVVHV $ ILQH FROOHFWLRQ RI %2$& &RPHW -HWOLQHU 6HUYLFH FRYHUV ZLWK W\SHG LOOXVWUDWHG FRYHUV HDFK GLIIHUHQW Â… Â… DGGUHVVHV Â… Â… 7+( 0,//(1,80 &(/(%5$7,21 5(' &5266 'XUEDQ &HQWHQDU\ &HOHEUDWLRQV &2//(&7,21 )DEXORXV ORW SXUFKDVHG DW JUHDW H[SHQVH VHW RI ILYH 5HG &URVV LOOXVWUDWHG OHWWHUFDUGV 1DWDO 5HJLRQ ZLWK D KRXVHG LQ VL[ VSHFLDO $OEXPV ZLWK GLIIHUHQW )'& LQFOXGLQJ YDULHW\ RI IUDQNLQJV ZLWK VSHFLDO 6WDPS ([KLELWLRQ FDQFHO &2,1 &29(56 QRWLQJ YDOXHV WR Â… OX[XU\ FRYHUV SURGXFHG XQXVHG Â… Â… E\ %HQKDPV IHDWXULQJ DOO WKH 8. VHWV VWDPSV LQF VFDUFH 1HZ =HDODQG 06 RQO\ LVVXHG LQ VSHFLDO ERRN DQG PXFK HOVH 9HU\ :5(&. 0$,/ ODUJH UHJG HQYHORSH ZLWK .*9, JRRG ORW Â… Â… 4 G 4(,, G GDPDJHG ZLWK 6DOYDJHG 0DLO $LUFUDIW &UDVK 3UHVWZLFN ER[HG FDFKHW Â… Â… 5R\DOW\ 4XHHQ (OL]DEHWK WK %LUWKGD\ /LIHWLPH RI VHUYLFH VXSHUE RPQLEXV FROOHFWLRQ KRXVHG :5(&. 0$,/ 2Q +HU %ULWDQQLF 0DMHVW\ V LQ $OEXPV SXUFKDVHG DW JUHDW H[SHQVLYH SULVWLQH V 7KH 6HUYLFH HQYHORSH JRLQJ WR &DQDGD ZLWK 6DOYDJHG 0DLO $LUFUDIW FROOHFWLRQ DOVR IHDWXUHV FRLQ FRYHUV QRWLQJ YDOXHV WR &UDVK 3UHVWZLFN ER[HG FDFKHW RQ WKH IURQW DQG EDFN Â… Â… Â… RI WKH HQYHORSH Â… Â… Â’ V FROOHFWLRQ RI ' VHWV IURP %KXWDQ Â’ GLIIHUHQW LVVXHV LQF 06 VHOGRP RIIHUHG QRZDGD\V IUHVK

4 ),567 )/,*+7 &RYHUV EHWZHHQ /RQGRQ DQG

6\GQH\ VWDJH IOLJKW LOOXVWUDWHG %2$& LQ DVVRFLDWLRQ ZLWK 4DQWDV ZLWK W\SHG DGGUHVVHV Â… Â…

80 Â… Â… $ /$5*( FDUWRQ FUDPPHG ZLWK ZRUOGZLGH

4 ),567 )/,*+7 &RYHUV EHWZHHQ /RQGRQ DQG

LVVXHV LQF PDQ\ VHWV VHHQ 80 VHWV VHWV LQ SDFNHWV SDFNHWV VWRFNERRNV PDQ\ V RI VWDPSV D YHU\ JRRG ZRUOGZLGH VRUWHU RQH ORW WKDW KH QHYHU JRW URXQG WR VRUWLQJ DQG SXWWLQJ LQ DOEXPV Â… Â…

&DUDFDV VWDJH IOLJKW FRYHUV ZLWK D YDULHW\ RI IUDQNLQJV LOOXVWUDWHG %2$& FRYHUV ZLWK W\SH DGGUHVVHV Â… Â… 4 ),567 )/,*+7 6WDJH &RYHUV IURP /RQGRQ WR

7RN\R LOOXVWUDWHG %2$& &RPHW -HWOLQHU &RYHUV ZLWK W\SHG DGGUHVVHV Â… Â… 4 ),567 )/,*+7 &RYHUV /RQGRQ WR 6\GQH\

6WDJH )OLJKWV &RPHW -HWOLQHU LOOXVWUDWHG FRYHUV HDFK ZLWK W\SHG DGGUHVVHV Â… Â… Â’ 63$&( 3RVWDJH 6WDPS 6KRZ 1HZ <RUN IRXU Â’ FRPSOHWH VKHHWV ZLWK VWDPSV LQ HDFK VKHHW DQG HDFK VKHHW

LV GLIIHUHQW $ ILQH ZD\ WR HQKDQFH \RXU FROOHFWLRQ QHYHU KLQJHG PLQW Â… Â… 63$&( '8%$, QS QS QS DQG U LPSHUI RQ

LOOXVWUDWHG )'& V ZLWK VSHFLDO URFNHW FDQFHO Â… Â…

$ /$5*( &$5721 ILOOHG ZLWK DOEXPV DQG VWRFN ERRN ZLWK ZRUOG ZLGH VWDPSV FRYHULQJ PDQ\ SHULRGV PDQ\ V RI VWDPSV LQ VWRFNERRN DOEXPV Â… Â… $ 0$66 RI PDWHULDO LQ D ODUJH FDUWRQ ZLWK DOEXPV ORRVH SDJHV DQG ORRVH VWDPSV IURP DOO DURXQG WKH JOREH ILOOLQJ RQH RI RXU ODUJH FDUWRQV PDQ\ V RI LWHPV IURP HDUO\ LVVXHV WR PRUH PRGHUQ HYHQ VHHQ 8. DQG %ULWLVK &RPPRQZHDOWK D UDPEOLQJ PDVV Â… Â… $,5*5$3+6 2) ::,, DQ LQWHUHVWLQJ JURXS RI

PDQ\ $PHULFDQ IRUFHV XVHG LQ GLIIHUHQW FRPSDQLHV Â… Â…

$,5*5$3+6 2) ::,, ILQH ORW RI GLII LQF 506 4XHHQ 0DU\ VHOHFWLRQ RI LOOXVWUDWHG FRYHUV

LOOXVWUDWHG &KULVWPDV GHVLJQV RQH GHSLFWLQJ VROGLHUV XVHG E\ 6RXWK (DVW $VLD &RPPDQG Â… Â…

IRU KHU ILQDO FUXLVH Â… Â… 63$&( 1$6$ *XDP 7UDFNLQJ 6WDWLRQ VLJQHG

FRYHU &KDUOHV )RUFH WKH GLUHFWRU RI WKH VWDWLRQ ZLWK $SROOR ; ,QLWLDO FRQWDFW 30 1RY +6 DQG $SROOR 1$6$ FDFKHW Â… Â…

Credit Cards

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

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

4 $,50$,/ %DOORRQ 0RQWH OHWWHU VKHHWV

VHQW IURP )UDQFH WR %HOJLXP $XVWUDOLD WR (QJODQG LOOXVWUDWHG FRYHU ZLWK [ G $LU VWDPSV G .*9 +HDG (QY 6HQW E\ $LUPDLO IURP -DSDQ 9LD &KLQD ZLWK 1RW 2SHQHG E\ &HQVRU +6 ,UHODQG G $LU ò SRVWDJH HQGRUVHG (LUH )LUVW $LU 6WDPS )LUVW GD\ &RYHU 7UDQVDWODQWLF VSHFLDO FDFKHW VHQW IURP 86$ WR 8. LOOXVWUDWHG 1= 3LJHRQ 3RVW $QQLYHUVDU\ &RYHU ZLWK G $LUPDLO G .*9 VHQW ZLWKLQ 1= $Q LQWHUHVWLQJ JURXS RI FRYHUV Â… Â… $,50$,/ )/2:1 &29(56 GHWDLOHG 4 RQ SDJHV SOXV FROOHFWRUV QRWHV HWF LWHPV GHWDLOHG RQ SDJHV

,PSHULDO )OLJKW WR 6$ $XVWUDOLD IOLJKW WR 1HZ *XLQHD SLORW VLJQHG $XVWUDOLD *% FRPELQDWLRQ FRYHU FDUULHG RQ DLU UDFH SLORW VLJQHG DQG PXFK PRUH *RRG JURXS Â… Â… Â’ $,50$,/ YLJQHWWHV RI $XVWUDOLD ROG WLPH

FROOHFWLRQ RQ ROG DOEXP SDJHV QRWH DQG :HVWHUQ 4XHHQVODQG ODEHO PLQW $$6 OWG VKHHWOHW RI ZLWK LPSULQWHG PDUJLQ VFDUFH PLQW VKRUWHU E\ GD\ ODEHOV ERWK GLIIHUHQW SKRWR RI .LQJVIRUG 6PLWK ORDGLQJ PDLO EDJV H[FHOOHQW ORW RI LWHPV Â… Â… $,50$,/6 XQXVXDO ORW LQ D IROGHU FRYHUV 4 ::,, 'XWFK ,QGLHV FHQVRUHG ZLWK 5R\DO 'XWFK $UP\

UHGLUHFWLRQ ODEHO DSSOLHG RQ DUULYDO DW 8. &H\ORQ )ORZQ $UP\ 6HUYLFH HQY 6:$ òG 7UDLQ 6* EORFN ZLWK LPSULQW RQ /XJSRV FRYHU 6:$ IOLJKW FRYHU ZLWK EHWWHU VWDPS XVDJHV ROG DLU VWDPSV RQ VWRFN FDUGV DQG D FROOHFWLRQ RI DLU YLJQHWWHV PDNHV IRU D GLYHUVH ORW Â… Â… { $LUVKLSV VPDOO EXW XVHIXO VHOHFWLRQ Â’ *HUPDQ\ VHW RI 6* )8 %ROLYLD VXUFK ] 6*

PLQW ,WDO\ =HSSHOLQ VHW RI 6* PLQW (J\SW $LU VHW PLQW 5XVVLD $LUVKLS )XQG VHW RI 6* PLQW $LUVKLS 6* ILQH XVHG $ XVHIXO VHOHFWLRQ RI VWDPSV ZLWK D KLJK &DW YDOXH Â… Â… ^3KRWR`

{ $1 25,*,1$/ FROOHFWLRQ LQ ROG SDFNHWV DQG DQ Â’ DOEXP ZLWK PXFK 80 LQ SDFNHWV %ULWLVK &RPPRQZHDOWK D YDVW Â’ DPRXQW RI VWDPSV VHHQ EHWWHU LQ WKH DOEXP LQF 6RXWKHUQ Â’

5KRGHVLD .*9, GHILQV WR PLQW 49 *% RIILFLDO *RYW SDUFHOV G G G G XVHG (GZDUG G G XVHG D JRRG VRUWHU LQ QHHG RI VRUWLQJ ZLWK D KLJK FDW YDOXH Â… Â…

$17+21< 48$</( 6FDUFH 6WHZDUW 3HWW\

7KHDWULFDO LOOXVWUDWHG )'& QR DGGUHVV VXSHUE FRYHU VLJQHG E\ $QWKRQ\ 4XD\OH Â… Â… Â’ $17, 7% &+5,670$6 6($/ ERRNOHWV RI 6RXWK Â’ $IULFD SULVWLQH TXDOLW\ FROOHFWLRQ RI FRPSOHWH ERRNOHWV

LQ D ER[ ZLWK EHWWHU HDUO\ LVVXHV DGGLWLRQDO ERRNOHWV IRU SDQHV 7KH TXDOLW\ LV VR ILQH :LOO PDNH IRU D TXDOLW\ GLVSOD\ DV WKH\ DUH VR ILQH Â… Â… $5$%,$ 2OG WLPH UDQJH ZLWK PDQ\ FRPSOHWH VHWV ZLWK EHWWHU SLFNLQJV 7UXFLDO 6WDWH VHW RI PLQW <HPDQ $LU VHW RI )8 $MPDQ 2O\PSLF QHZ FXUUHQF\ VHW RI PLQW $GHQ QHZ FXUUHQF\ 6KLKU DQG 0XNDOOD VHW WR 6RXWK $UDELD QHZ FXUUHQF\ VHW RI PLQW $ YHU\ ILQH FROOHFWLRQ RI V RI VWDPSV Â… Â… $5281' WKH ZRUOG IOLJKW FRYHU ZLWK +RQJ 4 .RQJ F F *% G G &DQDGD F F UHJG

ODEHO RI +RQJ .RQJ DQG VSHFLDO IOLJKW FDFKHW 6FDUFH FRYHU Â… Â… $8675$/$6,$ &DUWRQ LQ ILYH $OEXPV V RI FOHDQ DQG XVHIXO UDQJHV PXFK LV )8 ZLWK ROG $XVWUDOLD VWDWHV 3DSXD LQF IORZQ FRYHU WR 8JWDQGD $$7 LQF VHW WR ROG $XVWUDOLDQ SRVWDJH GXHV LQF *UHHQ LVVXHV DQG PXOWLSOHV VROLG $XVWUDOLD IURP LQF XQFXW ERRNOHW EORFN 80 1DYLJDWRUV WR Â… VRPH HDUOLHU VWDPS ERRNOHWV DGGLWLRQDO LWHPV LQF ILQH )'& V ZLWK SDQHOV ZH KDYHQ W VHHQ EHIRUH VXEVWDQWLDO LQWDFW ORW Â… Â…

{ $8675,$1 7(55,725,(6 DFTXLUHG E\ ,WDO\ Â’ FROOHFWLRQ RQ ROG SULQWHG SDJHV LQF 9HQH]LD *LXOLD F &RPPRQZHDOWK FROOHFWLRQ RI GLIIHUHQW LVVXHV ZLWK F F F DQG VFDUFH F ILQH XVHG FDW Â… H[FHOOHQW PLQL FRXQWU\ UDQJHV 6W +HOHQD LQF FODVVLF 49 RYSWV JHQHUDO LVVXHV WR FRU RQ O $ JRRG UDQJH RI VWDPSV WR G PLQW 6W .LWWV WR 6W /XFLD )8 FRPPHPV 6W 9LQFHQW FDW Â… Â… Â… ZLWK PDQ\ IXOO SDJHV 6H\FKHOOHV 7ULQLGDG ZLWK 49 %ULWDQQLD V .*9, 0 7XUNV DQG PXFK PRUH ([FHOOHQW UDQJHV %$5*$,1 /27 3UHYLRXV HVWLPDWH Â… FDUWRQ IXOO RI SULVWLQH %ULWLVK )GF GLIIHUHQW IURP V WR Â… Â… QRWLQJ EHWWHU YDOXHV WR Â… )RXU $OEXPV DQG ORRVH 6QDS WKLV $1 (17,5( (67$7( +286(' LQ FDUWRQV ORW XS Â… Â… IHDWXULQJ YROXPHV &RORVVDO QRWLQJ LQ QR SDUWLFXODU RUGHU %(&+8$1$/$1' FKHTXHV 7DWL &RPSDQ\ 7KHPDWLF FROOHFWLRQ RI .LQJ +HQU\ WK H[WHQVLYH *UHDW %ULWDLQ LOOXVWUDWHG FKHTXHV DQG PRVW XQXVXDO DOO PLQW QRWLQJ VHWV DQG YDOXHV WR Â… VXLWDEOH IRU SRVWDJH ZLWK XVHG Â… Â… VXEVWDQWLDO UDQJHV H[FHOOHQW ORW RI *HUPDQ\ LQ D ZHOO ILOOHG { %(508'$ ROG SDJHV ZLWK D JRRG PL[WXUH VHHQ $OEXP LQF 7KLUG 5HLFK DQG PRGHUQ QHZ LVVXH H[WHQVLYH Â’ 49 LVVXHV HDUO\ VKLSV -XELOHH VHW ILQH XVHG 6LOYHU FROOHFWLRQ RI ,UHODQG XVHG LQ $OEXP ZLWK PDQ\ PRGHUQ FRPPHPV $OEXP SDFNHG ZLWK 9DWLFDQ &LW\ PLQW FROOHFWLRQ :HGGLQJ VHW PLQW 4(,, GHILQ VHW PLQW $Q ROG WLPH ORW RI ZHOO ILOOHG VWRRNERRN RI :RUOG 86$ \HDUERRNV VWDPSV Â… Â… ZLWK 80 VHWV +LVWRU\ RI WKH 0RQDUFK\ FROOHFWLRQ H[SHQVLYH %,* 0(66< *5($7 %5,7$,1 &$5721 ZLWK *% SRVWDJH GXH FROOHFWLRQ ZLWK PLQW VHWV WR Â… WZR WLQV IXOO WKRXVDQGV LQ WHQ YROXPHV RQH PDQV FROOHFWLRQ WHUULILF YDULHW\ RI ORRVH VWDFN RI 3KLODWHOLF VXSSOLHV LQF JRRG 0DJQLI\LQJ RI PDWHULDO IURP SHQQ\ EODFN SHQQ\ LPSHUIV *ODVV DQG +DZLG 0RXQWV DQG PXFK HOVH 2IIHUHG DV UHFHLYHG SHQQ\ 6* OLQH HQJUDYHG SHQQ\ SODWHV XVHG òG $ VXEVWDQWLDO ORW Â… Â… PLGJHWV .*9 WR 6HDKRUVH XVHG .*9, WR Â… XVHG $1 ,17(5(67,1* 2/' &20021:($/7+ H[WHQVLYH 4(,, ZLWK YDULHWLHV LQ PLQW PLQW EORFNV :LOGLQJV LQF 0LVFHOODQ\ RQ FDUGV DQG SDFNHWV VRPH EHWWHU SXUFKDVHG HWF F\OLQGHU EORFNV FRPPHP F\OLQGHU VWULSV LVVXHV WR DERXW LQF *LEUDOWDU 49 EURNHQ PLQW YDULHW\ XVHG 6* D 7XUNV .*9 2IIHUHG LQWDFW %LJ ORW Â… Â… DV PLQW EORFN 1HZ =HDODQG $GPLUDO RYSW RIILFLDO { %,5'6 )DONODQG ,VODQG GHILQ VHW 9)8 .XZDLW .*9, VHW PLQW 6* /DEXDQ $UPV RYSW VHW 6* 6* Â… Â… *% .*9, 6HYHQ %HUULHV G YLFWRU\ YDULHW\ XVHG D 0DOD\D .*9, JURXS 6HYHUDO V Â… Â… Â’ %LUGV RI WKH :RUOG IDEXORXV QHZ LVVXH

$/%80 WKDW LV SDFNHG ZLWK D %ULWLVK

Â’ FROOHFWLRQ SXUFKDVHG DW JUHDW H[SHQVH KRXVHG LQ IRXU SULQWHG

$1 25,*,1$/ FROOHFWLRQ LQ D ODUJH FDUWRQ LQF %ULWLVK &RPPRQZHDOWK QHZ LVVXHV VWLOO LQ RULJLQDO SDFNHWV ERRNOHWV VKHHWOHWV HLJKW DOEXPV ZLWK V RI VWDPSV ORRVH VWDPSV ZLWK KLJK YDOXHV WKH FROOHFWRU QHYHU JRW WR VRUW RXW PXFK RI WKLV FROOHFWLRQ ZLWK ORWV RI 80 VHWV Â… Â…

$OEXPV RYHU 80 LWHPV LQF :RUOGZLGH VHWV 06 DQG PRUH 4XDOLW\ Â… Â… Â’ %,5'6 21 67$036 DQ DOEXP GHGLFDWHG WR Â’ %LUGV RQ %ULWLVK VWDPSV LQF :LOGOLIH +DELWDW 7UXVW 3RVW DQG *R %LUGV SDFNV :HVW $QJOLD *DOD 'D\

PHILANGLES

06 %LUGV :LOGOLIH 7UXVW 2IILFH FRYHU VLJQHG E\ 3HWHU 6FRWW $Q LQWHUHVWLQJ FROOHFWLRQ RI LWHPV Â… Â…

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

Â’ %,5'6 21 67$036 VXSHUE FROOHFWLRQ RI Â’ PLQLDWXUH VKHHWV IURP DURXQG WKH JOREH XQPRXQWHG PLQW ZLWK

Â’ %5,7,6+ 52<$/ )$0,/< V FROOHFWLRQV Â’ VWLOO LQ WKHLU RULJLQDO SDFNHWV IURP 6* PDQ\ V RI VWDPSV

PDQ\ GLIIHUHQW VSHFLHV RI ELUGV D VXSHUE FROOHFWLRQ DQG YDOXDEOH FROOHFWLRQ RI 06 VKHHWOHWV RXWVWDQGLQJ ORW HDFK GLIIHUHQW Â… Â…

VHHQ 06 DQG ERRNOHWV SOXV 6* DOEXP DQG DOEXP SDJHV SULQWHG XQXVHG IRU WKH V LVVXHV ILOOLQJ D ODUJH FDUWRQ Â… Â…

Â’ %5,7,6+ $17$5&7,& 7(55,725,(6 Â’ FROOHFWLRQ XQPRXQWHG PLQW ZLWK VHWV WR QRWH 1HZ

{ %81'/(:$5( *UHDW %ULWDLQ .*9,

FRPPHPRUDWLYH PDLQO\ LQ EXQGOHV RI D ILQH XVHG FRXOG EH D QXPEHU RI YDULHWLHV LQ KHUH 0DQ\ V Â… Â…

&XUUHQF\ VHW RI 1DYLJDWRU VHW RI :HGGLQJ $QQLY S ZPN LQY $ ILQH FROOHFWLRQ RI VWDPSV ZLWK PDQ\ VHWV FDW RYHU Â… Â… Â…

{ %81'/(:$5( *UHDW %ULWDLQ 4(,, SUH GHFLPDO

KLJK YDOXHV LQF FDVWOHV VHHQ 'H /D 5XH SULQWLQJV PDQ\ V XQFKHFNHG Â… Â… %5,7,6+ &20020:($/7+ RQ DOEXP SDJHV SDJHV ZLWK LVVXHV IURP DOO URXQG WKH &RPPRQZHDOWK { &$1$'$ )LOH %R[ IXOO ZLWK PDQ\ JRRG UDQJHV ZLWK EHWWHU SLFNLQJV ,QF 6WHOODODQG $UPV WR 0 Â’ ZLWK H[WHQVLYH 4(,, WR TXLWH PRGHUQ WKHUH LV D YROXPH IXOO ZLWK Â’ PDQ\ KLJK YDOXHV 80 7RWHP 3ROH H[SRUW ,QGLDQ ([SHGLWLRQHUV )RUFH RYSWV WR U 0 0DGDJDVFDU %ULWLVK LQODQG PDLO VHW RI VL[ WR PLQW .*9 LQF %ORFN GHILQV WR LQF EORFNV DQG ZKLWH SDSHUV *($ RYSWV WR U PDQ\ V RI VWDPSV Â… Â… JUHDW UDQJH RI PRGHUQ ZLWK )8 DQG VRPH VKHHWOHWV 9HU\ %5,7,6+ &20021:($/7+ DQG (PSLUH LQ D PDQ\ V DOO GLIIHUHQW *RRG ORW Â… Â… ODUJH FDUWRQ LQF DOEXPV ORRVH SDFNHWV ZLWK 80 LVVXHV FOXE &$1$'$ 0$66 RI VWDPSV LQ DOEXPV LQ D ERRNV VHHQ RQH ZLWK $XVWUDOLDQ .*9 KHDG YDULHWLHV PDQ\ FDUWRQ 6L[ YROXPHV V RI GLII VWDPSV IURP DQ LQWHUHVWLQJ V RI LWHPV ZLWK PXFK PLQW LQF 80 $ JRRG VRUWHU IRU WKH UDQJH RI HDUOLHV ZLWK PXFK XVHG 4(,, LV PLQW 80 XSWR DERXW %ULWLVK (PSLUH FROOHFWRU Â… Â… ZLWK ORWV RI EORFNV DQG DGGLWLRQDO PDWHULDO 7KH ORWV DOVR

{ %5,7,6+ &20021:($/7+ ILQH XVHG LQ WKUHH

LQFOXGHV \HDU ERRNV XSWR IXOO RI 80 VHWV &KHDS FRXQWU\ ORW Â… Â… ROG DOEXPV DQG JODVVLQHV V ZLWK PDQ\ V RI VWDPSV VHHQ +RQJ .RQJ .*9 WR .*9, WR $GHQ .*9, VHW { &$1&(//$7,216 VTXDUHG FLUFOHV RI WKH RI 1= .*9, WR Â… $Q ROG RULJLQDO FROOHFWLRQ DOO LQ RQH ZRUOG LQWHUHVWLQJ FROOHFWLRQ RQ SDJHV FRYHUV DQG SPNV FDUWRQ +XJH FDW YDOXH Â… Â… RQ VWDPSV VRPH H[FHOOHQW LWHPV KHUH GDWLQJ IURP LQF

{ %5,7,6+ &20021:($/7+ PDLQO\ 49 WR

.*9 YHU\ OLWWOH .*9, ZLWK VWUHQJWK LQ ,QGLDQ 6WDWHV XQFKHFNHG IRU SULQWLQJV PDQ\ V RI VWDPSV PDLQO\ ILQH XVHG LQ D ODUJH VWRFNERRN Â… Â… %5,7,6+ &20021:($/7+ PDQ\ V RI VWDPSV RQ SDJHV DQG ORRVH VHHQ *% 5HG &URVV DQG /LIHERDW SKRV VHWV PLQW LQ QHHG RI VRUWLQJ ZLWK PDQ\ SHULRGV FRYHUV LQ WKLV ODUJH FDUWRQ Â… Â… { %5,7,6+ &20021:($/7+ 3DJHV ZLWK PDQ\ Â’ V RI VWDPSV ZLWK VHWV VHHQ 6DUDZDN GHILQ VHW PLQW

FDW Â… %$7 1DYLJDWRUV VHW RI PLQW [ PLQW FÂ… ZLWK PDQ\ GLIIHUHQW VRUWHG E\ FRXQWU\ PDLQO\ ILQH XVHG LQ D ODUJH FDUWRQ Â… Â…

1HWK ,QGLHV &DSH VXSHUE 6NHOGRQ %U *XLDQD RQ F RUDQJH $GHQ %XVUDK HDUO\ %ULWLVK ([FHOOHQW TXDOLW\ Â… Â… &$5721 IXOO RI PDWHULDO DV LW DUULYHG DW RXU RIILFH VXEVWDQWLDO ZRUOG FROOHFWLRQ WR DERXW KRXVHG LQ WZR DOEXPV 6WUDQG DOEXP ZLWK DQ ROG VFKRRO ER\V FROOHFWLRQ JRRG SLFNLQJV LQ VWRFN ERRNV ZLWK PRGHUQ VHWV $FFXPXODWHG RYHU PDQ\ \HDUV DQG HYHQWXDOO\ QHYHU VRUWHG Â… Â…

&$5721 ZLWK ZRUOGZLGH LVVXHV LQF %ULWLVK &RPPRQZHDOWK PDQ\ V RI VWDPSV LQ WKUHH VWRFN ERRNV VRPH ORRVH VHHQ 80 %ULWLVK &RPPRQZHDOWK Â… Â…

&$7 Â… DQG WKDW V MXVW WKH EHWWHU VWXII JRRG TXDOLW\ FROOHFWLRQ RI ROG *HUPDQ\ PXFK LV )8 ZLWK GLII VWDPSV QRWLQJ $OOLHG =RQHV 'RYH VHW WR PN 0 %5,7,6+ (03,5( D YHU\ JRRG ORW RI YDULRXV SRVWKRUQ RYSWV :HVW *HUPDQ\ ZLWK JRRG V )8 $ JRRG PLQW FRXQWU\ FROOHFWLRQV LQ IROGHUV 9HU\ JRRG ORW RI ORW Â… Â… 6287+(51 5+2'(6,$ QRWLQJ .*9 WR G IUHVK 0 6LOYHU -XELOHH VHW ERWK 0 )8 .*9, WR 0 YDULRXV &KDQQHO 7XQQHO RSHQLQJ VSHFLDO FROOHFWLRQ RI 4(,, WR Â… )8 3,7&$,51 ,6 ZLWK YHU\ JRRG .*9, PLQW FRYHUV HWF LQ DQ $OEXP LWHPV LQFOXGLQJ VSHFLDO ODEHOV XVHG FRQWHQWV LQF EORFNV RI IRXU 4(,, WR G 0 8 PDQ\ RQ )'& MRLQW LVVXHV FRPELQDWLRQ FRYHUV GLIIHUHQW VSHFLDO GHILQV DQG VHWV 7ULVWDQ WR U 0 %($ 6XQEXUVW VHW 3PNV $ PDUYHOORXV ORW Â… Â… WR U 0 *UHQDGD WR 0 .*9, WR 0 VROLG FROOHFWLRQ &,*$5(77( &$5'6 ROG WLPH ORW LQ DOEXPV RI 6RXWK $IULFD PXFK RWKHU $IULFD 1RUWK %RUQHR ZLWK EHWWHU ROG SDFNHWV HWF LQFOXGLQJ D YHU\ JRRG VHOHFWLRQ RI ROG VLON W\SHV LQF SLFNLQJV 7HUULILF RULJLQDO ORW RI (PSLUH ZLWK XVHIXO SLFNLQJV )ODJV DQG 0LOLWDU\ (QVLJQV DOEXP IXOO RI V LQF %LF\FOHV WKURXJKRXW PXFK LV PLQW Â… Â… %LUGV )ORZHUV 5DUH 6WDPSV VHW -DSDQHVH )RRWEDOO DQG PXFK %5,7,6+ (03,5( FROOHFWLRQ LQ DQ DOEXP DQG HOVH PDQ\ V Â… Â… VWRFN ERRN ZLWK V RI VWDPSV LQF 80 DQG PLQRU YDULHWLHV &,*$5(77( FDUGV ZLWK VLON W\SH LQF ::, LQF 6HDKRUVH XVHG ZLWK FHUW YHU\ JRRG $XVWUDOLD LQF 9& :LQQHUV ROG DOEXP ZLWK -RKQ 3OD\HUV 0LOLWDU\ 8QLIRUPV VHW 4(,, PXOWLSOHV WR 0DXULWLXV %LUGV WR U 80 0RQWVHUUDW RI *DUGHQLQJ 7LSV :LOOV V )ORZHUV ORRN WR EH V WR ERWK 6W +HOHQD WR WR Â… ORWV RI LVVXHV $ XVHIXO FROOHFWLRQ Â… Â… PDWHULDO IRU VRUWLQJ ZLWK D KLJK FDWDORJXH YDOXH VWUHQJWK LQ 4(,, HDUO\ LVVXHV ZLWK PXFK 80 Â… Â… &,*$5(77( &$5'6 WUDGH FDUGV DQG PRUH 9DVW FROOHFWLRQ LQ D FDUWRQ RI RYHU GLIIHUHQW FRPSOHWH VHWV { %5,7,6+ (03,5( RQ VL[WHHQ KDJQHU SDJHV LQ VHDOHG SDFNHWV FKLHIO\ VHWV RI ZLWK PDQ\ EHWWHU VHWV Â’ .*9 DQG HDUO\ 4(,, LVVXHV ZLWK EHWWHU SLFNLQJV $GHQ WR 6XSHUE ORW VWF Â… DQG ZLWK RYHU GLIIHUHQW FDUGV $ )8 $XVWUDOLD 1DYLJDWRU G )8 +RQJ .RQJ &HQWHQDU\ VHW UHPDUNDEOH DQG YDVW FROOHFWLRQ Â… Â… PLQW 838 VHW PLQW .*9, GHILQ ZLWK YDOXHV WR PLQW .87 4(,, GHILQV ZLWK YDOXHV WR Â… $ JRRG UDQJH RI &2$76 2) $506 LPSULQWV IURP 5HYHQXH RI VWDPSV ILQH XVHG RU PLQW Â… Â… 9LFWRULDQ HQYHORSHV UHPDUNDEOH ORW VHYHUDO GLII HQJUDYHG DQG RU HPERVVHG LQF VFUDS DOEXP GDWHG ZLWK 8QLYHUVLW\ { %5,7,6+ )'& %$5*$,1 &$5721 7HQ &ROOHJHV RI &DPEULGJH DQG 2[IRUG 5DLOZD\ 1REOH $OEXPV RYHU GLIIHUHQW )'& 4(,, VRPH XVHIXO SLFNLQJV +RXVHKROGV 0LOLWDU\ LQF ,QIDQWU\ 8QLWV 8QXVXDO DPRQJVW WKH RUGLQDU\ %DUJDLQ Â… Â… Â… Â…

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

&2))(( WZR UDUH XQXVHG òG G %ULWLVK 5HYHQXH VWULSV RYSW 6SHFLPHQ IUHVK XQXVHG WKHVH ZHUH GHVLJQHG WR ZUDS DURXQG SDFNDJHV RI FRIIHH Â… Â…

Â’ &2,1 VROLG VLOYHU 0DUVKDOO ,VODQG Â’ GHSLFWLQJ 7RUQDGR 0LOLWDU\ $LUFUDIW R] SULVWLQH

&XULR ORW LQ SDFNHWV LQF 7KH &RXULHU 1HZVSDSHU ZLWK òG VWDPS LPSUHVVLRQ 7KH 7LPHV 1HZVSDSHU GDWLQJ 3DFNHW RI 3RVWFDUGV 1RYD 6FRWLD F RQ IURQW HWF Â… Â…

Â… Â… &2,1 &29(56 5RRVHYHOW 86$ WK

$QQLY ZLWK RQH GLPH 5XVVLD 86 8665 $JUHHPHQW FRYHU ,VOH RI 0DQ 1LJHO 0DQVHOO LOOXVWU FRYHU ZLWK Â… FRLQ Â… %ULWDQQLD VWDPS ZLWK G FRLQ FRVW Â… ZKHQ SXUFKDVHG $ ILQH ORW RI FRYHUV Â… Â…

&85,286 6(/(&7,21 RQ DOEXP SDJHV ZLWK HDUO\ 6RXWK $PHULFDQ IRUJHULHV RI /D *XDLUD +RQGXUDV 3DUDJXD\ RWKHU 6RXWK $PHULFDQ FODVVLFV IRUJHULHV H[KLELWLRQ ODEHOV -XELOHH ODEHOV HDUO\ %ULWLVK 5DLOZD\ VWDPSV XVHG IRU PDQ\ GLII OLQHV HWF *RRG ORW Â… Â…

Â’ &2,16 *UHDW %ULWDLQ 0LOOHQQLXP 6HW RI Â’ FRLQV LQ VSHFLDO SUHVHQWDWLRQ ER[ ZLWK YDOXHV WR Â… SOXV

0DXQG\ 0RQH\ VHW RI IRXU ZLWK FHUWLILFDWHV HWF VXSHUE /DWHVW UHWDLO SULFH RQ 5R\DO 0LQW :HEVLWH LV Â… Â… Â…

',625*$1,6(' FROOHFWLRQ RI *UHDW %ULWDLQ LQ ILYH YROXPHV PDQ\ V RI LWHPV PDLQO\ SUH GHFLPDO FRYHUV FDUGV SLHFHV FROOHFWHG IRU WKH SPNV DQG PLQW 4XHHQ (OL]DEHWK LVVXHV QHHGV UH RUJDQLVLQJ Â… Â…

&2,16 *UHDW %ULWDLQ VLOYHU Â… SURRIV LQ D ZRRGHQ SUHVHQWDWLRQ ER[ ZLWK FHUWLILFDWHV DQG 3LWNLQ *XLGH 7KHVH FRVW Â… HDFK RQ SXUFKDVH $ VXSHUE FROOHFWLRQ Â… Â…

'/5 3522)6 RI 3RUWXJXHVH &RORQLHV &KDULW\ LVVXHV SDLUV DQG VLQJOH LQF LQVFULSWLRQV RPLWWHG GLII FRORXUV DQG VHFXULW\ SXQFWXUHV 8QXVXDO PLQW Â… Â…

&2,16 WK $QQLYHUVDU\ RI /LYHUSRRO VLOYHU FRLQV FRVW Â… HDFK ZKHQ SXUFKDVHG $ ILQH FROOHFWLRQ LQ D ZRRGHQ SUHVHQWDWLRQ ER[ VXSHUE LWHP Â… Â…

(03,5( WHUULILF FROOHFWRUV EDODQFH ERWK FRYHUV DQG VWDPSV PXFK .*9, LWHPV ERXJKW RQ H%D\ HWF %XUPD KLJK YDOXH FRPELQDWLRQ SLHFH %U *XLDQD F XVHG EORFNV %U +RQGXUDV .*9, 4(,, WR XVHG &DQDGD .*9 LPSHUI SDLUV &H\ORQ )8 ,QGLD -XELOHH VHW 80 +RQJ .RQJ :HGGLQJ F DV )8 EORFN .*9, )8 &RFRV FRYHUV -DPDLFD Â… 9)8 0DOGLYHV VFDUFH PXOWLSOH IUDQNLQJ FRYHU 0() VHW WR )8 6:$ DLUV RQ UHJG FRYHU 3DNLVWDQ PLVSHUI HUURU EORFN -HUVH\ 9LHZV VHW RQ FRYHUV HWF )HZ LQWHUHVWLQJ LWHPV Â… Â…

&2,16 %ULWLVK %DQNQRWH FRPPHPRUDWLYH FRLQV LPDJH RI WKH EDQNQRWH ZLWKLQ WKH FRLQ LVVXHG E\ +0. ZLWK FHUWLILFDWH VHW RI FRVW RQ SXUFKDVH Â… $Q LQWHUHVWLQJ ORW RI FRLQV Â… Â… &2,16 FRPPHPRUDWLYH FRLQV RI (XURSH LQOD\HG ZLWK D PHGDOOLRQ UHSUHVHQWLQJ D IDPRXV ODQGPDUN RI WKH FRXQWU\ GLIIHUHQW LQ WZR SUHVHQWDWLRQ ER[HV ZLWK FHUWLILFDWHV &RVW Â… HDFK RQ QHZ SXUFKDVH Â… SURGXFHG E\ +0. Â… Â…

(03,5( 2/' /27 ,Q D FDUWRQ YDOXH LV LQ D VPDOO SRUWLRQ RI KLJK &DW ,VVXHV LQF &\SUXV (GZDUG VHW WR SL )8 .*9 Â… 6* )8 FDW Â… YHU\ ROG ORW RI 1HZIRXQGODQG RQ SDJHV 6WF Â… LQF ERWK $LU VHWV WR P VROLG FROOHFWLRQ RI PLQW 4(,, 6W +HOHQD ZLWK :PN YDULHWLHV DQG VHWV WR Â… HWF *LEUDOWDU 49 WR HWF *HQHUDO PDWHULDO LQF *% V RI VWDPSV Â… Â…

&2,16 +LVWRU\ RI WKH 5R\DO 1DY\ SURRI VHW RI Â… LQ D ZRRGHQ SUHVHQWDWLRQ ER[ FRVW Â… RQ SXUFKDVH VXSHUE LWHP Â… Â… &2,16 KLVWRU\ RI WKH 5R\DO 1DY\ SURRI VHW RI Â… LQ D ZRRGHQ SUHVHQWDWLRQ ER[ HDFK FRLQ LQ LWV RZQ FDSVXOH 6XSHUE LWHP FRVW Â… RQ SXUFKDVH Â… Â…

Â’ (03,5( TXDOLW\ VHOHFWLRQ RI PLQW LQ ER[HG

Â’ &2/266$/ 2/' 7,0( DQG RULJLQDO FROOHFWLRQ RI IRUHLJQ ZLWK PXFK RI DQ HDUOLHU QDWXUH KRXVHG LQ YROXPHV 0DQ\ V ZLWK VRPH JRRG PLQL FRXQWU\ ORWV PXFK XVHIXO *HUPDQ\ ZLWK EHWWHU HDUO\ %HUOLQ RYSWV 0RQWHQHJUR ZLWK HDUO\ PLQW SDJHV IXOO RI ROGHU 5XVVLD )8 VHWV )UDQFH LQF XVHIXO PLQW ZLWK $UWV LQ D VWRFN ERRN FROOHFWLRQ RI $XVWULD LQ DQ Â’ DOEXP ROG 6ZLVV 7KHPDWLFV LQ VWRFN ERRNV LQF PDQ\ %LUGV Â’ /RVW &RORQLHV ZLWK PLQW SDFNHG DOEXP RI JHQHUDO ZRUOG DOEXP RI VKHHW OHWV 6SDLQ DQ H[WHQVLYH XVHG ORW RI )UDQFR V LVVXHV IRU VWXG\ XVHG DQG YDOXHV WR SWDV DQG PXFK PRUH $ YDVW RULJLQDO ORW KRXVHG LQ SDFNHG FDUWRQV PDQ\ V Â… Â…

SDJH /LJKWKRXVH VWRFN ERRN $QWLJXD òG PLQW EORFN %DUEDGRV 6HDKRUVH VHW WR %ULWLVK +RQGXUDV G PLQW *% 49 SHQQ\ OLODF DV PLQW FRUQHU EORFN RI ,UHODQG .*9 G 6HDKRUVHV *LEUDOWDU PRGHUQ VHWV DQG 06 WR Â… HWF VRPH V Â… Â… (55256 :LQVWRQ &KXUFKLOO 1HZ &XUUHQF\ U WR U ZLWK GRXEOH 1HZ &XUUHQF\ RYSW VFDUFH DV D FRPSOHWH VKHHW EORFN RI ZLWK RYSW PLVSODFHG 5L\DOV DW WKH ERWWRP RI HDFK VWDPS QG EORFN RI ZLWK RYSW LQYHUWHG DV 6* $ VFDUFH JURXS VHOGRP VHHQ LQ EORFNV 80 Â… Â…

{ (8523$ VHHQ EHWWHU VHWV LQF Â’ 6DQ 0DULQR 80 &\SUXV VHW PLQW &\SUXV VHW RI

{ &20021:($/7+ )$/./$1' ,6/$1'6

),1( 86(' VHOHFWLRQ LQF 49 G G .*9 WR G KLJK &9 Â… Â…

,UHODQG VHW RI 0 &\SUXV VHW RI 0 3RUWXJDO VHW RI 0 ,UHODQG VHW RI 0 3RUWXJDO VHW RI $ JRRG FROOHFWLRQ RI VWDPSV PDLQO\ RQ SULQWHG DOEXP SDJHV Â… Â…

&20021:($/7+ 60$// VHOHFWLRQ RQ FDUGV LQF *% òG ERRNOHW SDQH 0 FDW Â… F\OLQGHU GRW LQ { )$/./$1' ,6/$1'6 683(5,25 ),1( 86(' PDUJLQ (GZDUG 9,, G PLQW %U 6RORPRQV .*9, PLQW VHW HWF ZLWK DOO GHILQ VHWV LQF %LUGV WR Â… FRPPHP VHWV 6PDOO TW\ Â… Â… ^3KRWR` VXSHUE GLII VWDPSV 06 Â… Â… &21&25'( 7RXORXVH 1HZ <RUN { ),1( 86(' 8QLWHG 6WDWHV LQ WZR ULQJEDFN LOOXVWUDWHG ILUVW IOLJKW FRYHU VLJQHG %ULDQ :DOSROH DOEXPV RYHU VWDPSV UDQGRPO\ VRUWHG LQ WKH LOOXVWUDWHG )'& )(% ([KLELWLRQ ZLWK &RQFRUGH VSHFLDO DOEXPV Â… Â… FDQFHO VPDOO EXW XVHIXO VHOHFWLRQ RI VL[ FRYHUV Â… Â… ),21$ )8//(5721 6LJQHG :LQWHUWLPH Â’ &22. ,6/$1'6 FKLHIO\ .*9, LVVXHV ::) LOOXVWUDWHG )'& RQ RIILFLDO FRYHU ZLWK VSHFLDO ::) SLFWRULDOV WR SLFWRULDO VHW RI 1LXH FDQFHO Â… Â… SLFWRULDOV WR $ JRRG VHOHFWLRQ RI VWDPSV Â… Â… Â’ )/2:(56 21 67$036 VXEVWDQWLDO WZR &5(676 PRQRJUDPV DQG &RDW RI $UPV D Â’ YROXPH FROOHFWLRQ RI V V 80 VHWV IURP DOO RYHU WKH UHPDUNDEOH FROOHFWLRQ RI V RI GLII FKLHIO\ HPERVVHG FXW RXWV JOREH 7HUULILF ZLWK PDQ\ H[RWLF LVVXHV DQG XQXVXDO WR ILQG LQ WZR VXSHUE LOOXVWUDWHG DOEXPV ZLWK D KLJK YDULHW\ RI VXEMHFWV WHUULWRULHV 0DJQLILFHQW ORW WKDW PXVW KDYH D KXJH &9 IURP FRXQW\ FRXQFLOV WR EXVLQHVVHV WZR DOEXPV Â… Â… Â… Â…

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

)227%$// $872*5$3+6 FRYHUV DQG FDUGV

{ *(50$1< YDVW XVHG FROOHFWLRQ WR

LQF -RKQ %DUQHV *UDKDP 7D\ORU %REE\ &KDUOWRQ 3HWHU 6KLOWRQ 'DYLG 6SHHGLH 3DXO *DVFRLJQH 3DW -HQQLQJV 0DUWLQ &KLYHUV $ YHU\ ILQH FROOHFWLRQ RI FODVVLF IRRWEDOOHUV IURP WKH SDVW Â… Â…

ILOOLQJ D SDJH VWRFN ERRN ZLWK VXSHUE TXDOLW\ ZLWK ODWHU VHWV KDYLQJ VSHFLDO SRVWPDUNV RYHU GLIIHUHQW VWDPSV SOXV 06 PHJD FDW YDOXH ,QFUHGLEOH YDOXH 3DFNHG ZLWK ILQH XVHG VHWV DQG KLJK YDOXHV Â… Â…

Â’ *,%5$/7$5 IUHVK PLQW .*9, GHILQV ZLWK )227%$// $872*5$3+6 RQ FDUGV RU FRYHUV $ YHU\ ILQH JURXS LQF 0DUWLQ &KLYHUV 3DXO *DVFRLJQH YDOXHV WR Â… 6LOYHU :HGGLQJ 1HZ &RQVWLWXWLRQ D XVHIXO VHOHFWLRQ RI VWDPSV Â… Â… $ODQ %DOO 3DW -HQQLQJV 3HWHU 6KLOWRQ %REE\ &KDUOWRQ %\UDQ 5REVRQ DQG 'DYLG 6SHHGLH Â… Â… *5($7 %5,7$,1 FDUWRQ ZLWK V RI LOOXVWUDWHG )227%$// LOOXVWUDWHG FRYHUV E\ 'DZQ PDLQO\ )'& V ZLWK EHWWHU SLFNLQJV WR FLUFD VHHQ &RWVZROG FRYHUV 6WXDUW FRYHUV :HVVH[ FRYHUV DQG 32 FRYHUV PXFK VHDVRQV FRYHUV LQF 1RWWLQJKDP )RUHVW YV ZLWK W\SHG DGGUHVV DQG VSHFLDO FDQFHOV ILOOLQJ D ODUJH FDUWRQ &6.$ 6RSLD 6KUHZVEXU\ 7RZQ 'LYLVLRQ 7KUHH %DUJDLQ Â… Â… &KDPSLRQV 6XQGHUODQG WK $QQLYHUVDU\ &HQWHQDU\ 0DWFK $ YHU\ ILQH FROOHFWLRQ Â… Â… *5($7 %5,7$,1 HDUO\ 4(,, ZLWK EHWWHU PDWHULDO )RUFHV PDLO LQWHUHVWLQJ JURXS IURP -DSDQ DQG

LQ DQ DOEXP JRRG VHOHFWLRQ RI :LOGLQJV ZLWK GLII SULQWLQJV ZPN .RUHD :DU ZLWK D YDULHW\ RI 5$$) FDQFHOV HQY 6HQW WR YDULHWLHV )8 )'& V LQF &RURQDWLRQ SKRV VHWV )8 LQF 8. ZLWK 5$$) -DSDQ 1R &'6 <0&$ ZLWK $XVW XQLW /LIHERDW DQG 5HG &URVV RWKHU SKRV VHWV )8 G DQG )32 FDQFHOV HQY LQWR .RUHD ZLWK )32 XQLW /LWHUDF\ ZLWK VLOYHU DOPRVW RPLWWHG UHJLRQDOV DQG PXFK PRUH UG %DWWDOLRQ $XVWUDOLDQ UHJLVWHUHG &DQDGLDQ /HJLRQ HQY 2YHU GLII VWDPSV XVHIXO SLFNLQJV Â… Â… &DQFHOOHG )32 WR .RUHD $Q LQWHUHVWLQJ JURXS RI Â’ *5($7 %5,7$,1 H[WHQVLYH 4(,, IURP WR FRYHUV Â… Â… Â’ ZLWK PDQ\ FRPPHPRUDWLYH VHWV GHILQV LQF :LOGLQJV Â’ &DVWOHV ZLWK PXFK 80 Â… Â…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Â… Â… Â… Â… )25(,*1 RQ VWRFN FDUGV /X[HPERXUJ 6WDPS ([KLELWLRQ 06 )8 FÂ… )UDQFH DLU I )8 .XZDLW GHILQ VHW RI PLQW 0RQDFR I FÂ… ILQH XVHG 8VHIXO JURXS RI VWDPSV 06 Â… Â…

{

Â’ Â’

Â’ Â’

Â’ Â’

*5($7 %5,7$,1 OXFN\ GLS FOHDUDQFH ER[ JRRG

PL[WXUH LQF D TXDQWLW\ RI V VPDOO IRUPDW SUHVHQWDWLRQ SDFNV LQ JRRG FRQGLWLRQ LOOXVWU HQY ILQH V FRYHUV IROGHU RI 9LFWRULDQ SRVWDO KLVWRU\ D JRRG VHOHFWLRQ RI XQXVHG SRVWDO VWDWLRQHU\ LQF UHJLVWHUHG HQYHORSHV ORWV RI PDWHULDO Â… Â…

)25(,*1 :,7+ 675(1*7+ ,1 35(0,80 (8523( LQ D ODUJH FDUWRQ ZLWK V RI DOO GLIIHUHQW VWDPSV RQ +DJQHU SDJHV 6WRFNFDUGV 6XQGD\ SDFNHWV 7KHUH DUH { *5($7 %5,7$,1 PDQ\ V RI VWDPSV ILOOLQJ SUHPLXP LWHPV KHUH WKURXJKRXW )UDQFH &9 Â… LQF D ODUJH FDUWRQ VHHQ KLJK YDOXHV RQ SDSHU NLORZDUH IU PLQW IU IOLJKW XVHG SH[LS VKHHW PLQW Â… Â… *HUPDQ\ LQF :HVW %HUOLQ NH\ V VHWV PLQW &DW Â’ *5($7 %5,7$,1 29(535,176 IRU WKH Â… LQF 6WDPS &HQWHQDU\ :HOIDUH )XQG 0,''/( ($67 ZLWK VHWV DQG EHWWHU SLFNLQJ %DKUDLQ &KXUFK :LQGRZ 6HW .H\ %HUOLQ &RPPHPV 6DDU ZLWK V ZHGGLQJ %06 (ULWHD WR %$ RYSWV WR .XZDLW WR U +HXV VHWV /LHFKWHQVWHLQ 6* 80 F Â… %HOJLXP V ZHGGLQJ &DVWOHV WR U 0HI WR 4DWDU WR U D YHU\ .LQJ V GHILQV 80 F Â… 86$ &ROXPEXV F JRRG DQG KLJKO\ FDWDORJXHG FROOHFWLRQ RI VWDPSV F XQXVHG $XVWULD 6ZLVV 3DFNHWV DQG ORRVH ZLWK 6XQGU\ PLQW Â… Â… PDWHULDO 9DVW /RW Â… Â… Â’ *5($7 %5,7$,1 6PLOHU VKHHW FROOHFWLRQ )25*(5,(6 RI %ULWLVK DQG (PSLUH UDULWLHV PLQW Â’ ZLWK D IDFH YDOXH RYHU Â… WR 80 ZLWK LPSUHVVHG ZDWHUPDUNV LWHPV YHU\ GDQJHURXV Â… Â… SHUIRUDWHG IRUJHULHV LQF 1DWDO (GZDUGV WR Â… /HHZDUG ,VODQG 49 RYSW VHW WR *% 6HDKRUVHV WR 9HU\ Â’ *8(516(< FRPSOHWH FROOHFWLRQ 80 Â’ LQ DOEXP LQF ERWK SHUI DQG Â… SRVWDJH GXHV XQXVXDO Â… Â… VXSHU TXDOLW\ V Â… Â… )285 $17,48( DOEXPV VSDUVHO\ ILOOHG ZLWK VWDPSV LQF WKH ,GHDO SRVWDJH VWDPS DOEXP VHFRQG +$55,621 $1' 6216 JROG HPERVVHG HGLWLRQ ZLWK PDQ\ XQPDUNHG SDJHV VWLOO XVHDEOH VWDPSV SURPRWLRQDO SULQWLQJ FDUGV ZLWK VDPSOHV RI VWDPSV DIIL[HG PDLQO\ XVHG Â… Â… GDWLQJ IURP WKH V VFDUFH JURXS RI VL[ GLII LQF &H\ORQ H[KLE 6H\FKHOOHV F GHILQ 0DOWD VHW VFDUFH 1HZ )5$0$ ODEHOV RI WKH ZRUOG D XVHIXO FROOHFWLRQ +HEULGHV VHW RQ FDUG HWF 9HU\ ILQH Â… Â… ZLWK LVVXHV IURP PDQ\ FRXQWULHV LQF $ODQG ,FHODQG /X[HPERXUJ 1RUZD\ *UHHFH 3RUWXJDO +RQJ .RQJ %HOJLXP +$55,6216 $1' 6216 WZR IROGHUV $ YHU\ JRRG UDQJH RI )UDPDV 80 Â… Â… FRQWDLQLQJ H[DPSOHV RI WKHLU SULQWLQJV RI ZRUOG SRVWDJH VWDPSV GXULQJ V RQH ZLWK H[WHQVLYH LQIRUPDWLRQ DQG SKRWRV RI )5$1&( XVHIXO SLFNLQJV RQ ROG GHDOHUV FDUGV WKH SKRWRJUDYXUH SURFHVV 8QXVXDO Â… Â… 5HOLHI )XQG VHW 0 IU 9LHZ RI 3DULV LQF D VXSHUE XVHG SDLU 6* XVHIXO PLQW FRPPHPV +(/,2 9$8*,5$5' VKHHWOHWV RI )LVK Â… Â… LVVXHV VXSHUE UHSURGXFWLRQV RI LVVXHG VWDPSV WKUHH GLII LPSHUI IRU /LEHULD 6ORYHQLD DQG 0R]DPELTXH Â… Â… *(50$1< 'HEULD VKHHW IUHVK 0 FDW Â… NH\ LWHP Â… Â… +,6725< 2) 7+( %5,7,6+ $50< $OEXP SDFNHG ZLWK PRGHUQ PDWHULDO LQF *% VPLOHU VKHHWV &KDULW\ *(50$1< .(< FRPPHP VHWV IUHVK VKHHWOHWV *% FRLQ FRYHU HQDPHOOHG PHGDOOLRQ PLQW FDW Â… SI 838 6WDPS &HQWHQDU\ DQG 5HOLHI FRYHU &RLQ FRYHUV WR Â… 6XSHU ORW ZLWK KXJH FRVW DOO )XQG 1LFH JURXS Â… Â… SULVWLQH Â… Â… *(50$1< SUHPLXP NH\ FRPPHP +2$5' 2) &29(56 ILOOLQJ D ODUJH FDUWRQ LVVXHV IUHVK 80 FDW Â… 6W 0DU\V &KXUFK 5HOLHI )XQG PDLQO\ 8. DQG WKH %ULWLVK FRPPRQZHDOWK 0DQ\ V RI DQG 6WDPS ([KLE VXSHUE Â… Â… FRYHUV Â… Â…

+2$5' 2) &29(56 ZLWK EHWWHU SLFNLQJV

Â’ .*9, &22. ,6/$1'6 GLII LVVXHV LQF VHWV

FKLHIO\ *% LOOXVWUDWHG )'& V VHHQ EHWWHU LQF &HQWHQDU\ LOOXVWU )'& ZLWK VSHFLDO /RQGRQ 5HG &URVV ([KLE 2O\PSLF ZLWK )', :HPEOH\ VORJDQ FDQFHO &DEOH SKRV LOOXVWU 6RXWKDPSWRQ 7 ZDY\ OLQH FDQFHO ()7$ ZLWK GDPDJH XQGHU FDUULDJH ZLWK /RQGRQ )'& :RUOG &XS :LQQHUV ZLWK +DUURZ DQG :HPEOH\ )', WKHVH FDW Â… KRDUG RI )UDQFLV &KLFKHVWHU FRYHUV VHW RI WKUHH òS PDFKLQ DOO SKRV FDW Â… $ KXJH FDWDORJXH YDOXH LQ WKLV ORW ILOOLQJ WZR FDUWRQV Â… Â…

IUHVK 0 QRWLQJ $UPV KLJK YDOXHV G SOXV YDULRXV RWKHU VHWV WR Â… Â… { .*9, 5+2'(6,$ .*9, VHW WR

WRS YDOXH )8 6* &DW Â… Â… Â… { .*9, $'(1 RQ ROG SDJHV 'KRZ òD WR D

PLQW U )8 &RURQDWLRQ VHW RI )8 SLFWRULDO GHILQ VHW RI ILQH XVHG 9LFWRU\ )8 6LOYHU :HGGLQJ )8 838 )8 1HZ &XUUHQF\ VHW )8 $ JRRG UDQJH FDW Â… Â… Â…

{ +21* .21* 683(5,25 9)8 4(,,

.*9, &20021:($/7+ FKRLFH SRWSRXUL ZLWK KLJK YDOXHV LQF )LML WR Â… )8 1RUWKHUQ 5KRGHVLD VHW WR )8 1 5KRGHVLD :HGGLQJ PLQW 6H\FKHOOHV RULJLQDO SULQWLQJV U IUHVK 0 DOVR VHW WR U IUHVK 0 4XDOLW\ DQG KLJK FDW JURXS DOO DV VHWV Â… Â…

KLJKO\ FRPSOHWH EDVLF RYHU GLII VWDPSV 06 QRWLQJ GHILQ VHW $QQLJRQQL GHILQ VHW JRRG FRPPHP VHWV VXSHUE Â… Â…

+286( &/($5$1&( KRXVHG LQ WKUHH ODUJH FDUWRQV DOEXPV VWRFN ERRN ORRVH LQ SDFNHWV PDQ\ V RI { .*9, &RURQDWLRQ VHWV LQF VHYHQ )'& V VWDPSV IURP DURXQG WKH ZRUOG VHH %ULWLVK &RPPRQZHDOWK LQF FKLHIO\ RQ SLHFHV ZLWK )', FDQFHOV Â… Â… 80 4(,, )LML 6LOYHU -XELOHH GDVK E\ WXUUHW RQ WKH G 80 FRXQWU\ FROOHFWLRQV D YDVW ORW WKDW QHHGV VRUWLQJ +RXUV RI { .*9, ),1( 86(' RQ SULQWHG SDJHV $XVWUDOLD IXQ Â… Â… ZLWK YDOXHV WR Â… %DKUDLQ ZLWK YDOXHV WR U %DUEDGRV WR 1HZ &XUUHQF\ WR %XUPD WR U &DQDGD WR &H\ORQ WR +286( &/($5$1&( ODUJH FDUWRQ ZLWK D U RYHU VWDPSV Â… Â… VSULQJEDFN IXOO RI *% LQF .*9, GHILQV WR PLQW 6LOYHU :HGGLQJ PLQW ()7$ ZLWK GDPDJH XQGHUFDUULDJH 80 RQ DQG { .*9, 0DOD\ ILQH XVHG 6WUDLWV WR ZLWK RII SDSHU PL[WXUH FKLHIO\ *% JRRG VRUWHU FDUWRQ VKDGHV DQG 'LH , DQG 'LH ,, %0$ RYSW WR ZLWK VKDGHV Â… Â… DQG 'LH , DQG ,, Â… Â… +286( &/($5$1&( ZLWK EHWWHU SLFNLQJV * { .*9, 0DOWD ILQH XVHG RQ ROG SDJHV &RURQDWLRQ %R\FRWW VLJQHG FULFNHW FRYHU DXWRJUDSKHG LOOXVWUDWHG FRYHUV VHW RI GHILQ VHW RI 6HOI *RYHUQPHQW VHW RI VLJQHG LQF -HUHP\ &ODUNVRQ -DPHV :KLWDNHU 5REHUW 9LFWRU\ 6LOYHU :HGGLQJ 838 VHW RI Â… Â… 5XQFLH 'DO\ 7KRPSVRQ -RKQ 1RDNHV /XFLQGD *UHHQ .HLWK Â’ .*9, PLQW RQ ROG DOEXP SDJHV QRWH $VFHQVLRQ 0LFKHOO $ IHZ FRYHUV LQ D ODUJH FDUWRQ Â… Â… WR LQF G EODFN DQG XOWUDPDULQH FÂ… SHUI +286( &/($5$1&( ZLWK EHWWHU SLFNLQJV LQF FÂ… 6W +HOHQD G )DONODQG ,V 'HS RYSWV VHWV $ ROG ,PSHULDO DOEXPV 9RO , DQG 9RO ,, ,QWHUQDWLRQDO 3RVWDJH YHU\ JRRG UDQJH RI VWDPSV HDFK GLIIHUHQW DOEXP VHHQ RQ VWRFN FDUGV 49 -XELOHH JUHHQ EORFN RI Â… Â… XVHG .*9, 3HDFH 6HYHQ %HUULHV YDULHW\ 4(,, 13< G { .*9, ROG DOEXP SDJHV ZLWK EHWWHU SLFNLQJV PLVVLQJ .HQW 6W +HOHQD G FOHIW 5RFN YDULHW\ )8 .87 F Â’ VWUHQJWK LQ PLQW VWDPSV VHHQ 1LJHULD WR G PLQW WR -XELOHH ZLWK GDVK E\ WXUUHW PDQ\ V RI ORRVH VWDPSV QHHGV )8 1RUWKHUQ 5KRGHVLD WR G PLQW 1\DVDODQG WR VRUWLQJ Â… Â… G PLQW 6RPDOLODQG 3URWHFWRUDWH WR U PLQW $ JRRG Â’ ,19(57(' :$7(50$5. 9$5,(7,(6 2) UDQJH RI VWDPSV Â… Â… Â’ .,5,%$7, 80 V ILQH ORW RI GLII YDULHWLHV LQF GRXEOH { .*9, 6RPDOLODQG VHW 9)8 6* RYSWV KLJK YDOXH GHILQV EHWWHU LQF 6* Z Z Z Â… Â… Z HWF Â… Â… { .*9, 7ULVWDQ 'D &XQKD RYSW VHW 9)8 6* ,19(57(' :$7(50$5. YDULHWLHV RI 9DQXDWX DOO 6* OLVWHG LQF VFDUFH 2UFKLG 6* Z RQO\ NQRZQ Â… Â… XVHG RWKHUV 80 Â… Â… Â’ .87 0RGHUQ LVVXHV LQ SDFNHWV HQYHORSHV RQ Â’ ,19(57(' :$7(50$5.6 6LOYHU Â’ VWRFNSDJHV ZLWK PDQ\ V RI VWDPSV DQG ORWV RI 06 ZLWK Â’ :HGGLQJ XQPRXQWHG PLQW ZLWK YDULHWLHV OLVWHG RQ FDUG PDLQO\ LQ PRVW VHWV EHLQJ 80 VXFK D YDULHW\ RI LVVXHV LQ D ODUJH FDUWRQ EORFNV RI LQF *LEUDOWDU S EORFN RI FDW Â… 6H\FKHOOHV LQ QHHG RI VRUWLQJ Â… Â… EORFN RI 7ULVWDQ GD &XQKD òS SODWH EORFN RI %HUPXGD

F EORFN RI %DKDPDV F EORFN RI &D\PDQ F EORFN RI { .87 683(5,25 ),1( 86(' RYHU GLII LVVXHV LQF GHILQ VHWV RIILFLDOV FRPPHP VHWV GHILQ 'RPLQLFD EORFN RI 6W /XFLD F SDLU $ YHU\ ILQH VHWV IRU WKH ,QGHSHQGHQW 7HUULWRULHV 6XSHUE Â… Â… FROOHFWLRQ KLJK FDW YDOXH Â… Â… /$5*( &$5721 &UDPPHG ZLWK FDYRV IURP ,19(57(' :$7(50$5.6 DQG RWKHU YDULHWLHV PDQ\ GLIIHUHQW FRXQWULHV LQF %ULWLVK FRPPRQZHDOWK *% RI 0RQWVHUUDW LWHPV LQF 2+06 LQY RYSWV QRWLQJ 6* 2 D VXSHUE VRUWHU ORW PDQ\ V RI FRYHUV Â… Â… LQY ZPNV WR PLVVLQJ VWRS 6* 2 D 9)8 9HU\ JRRG JURXS Â… Â… /$5*( &$5721 :LWK PDQ\ V RI VWDPSV Â’ ,7$/< FDW Â… IUHVK 0 VHOHFWLRQ LQF RQ ROG SDJHV DQG ORRVH VHHQ ,UDQ &RURQDWLRQ WR NU 3DUFHO 3RVW WR NU DQG 2IILFLDO WR GU PLQW HDUO\ RYSWV O ([SUHVV DQG GHILQ KLJK YDOXHV &KHDS XQFKHFNHG SDJHV RI 3RODQG IURP /DWYLD IURP Â… Â… ,FHODQG ZLWK HDUO\ GRXEOH KHDGV 1HSDO &URZQ ODUJH VL]H -2+1 &5$9(1 QHZV SUHVHQWHU DXWRJUDSKHG VHW 6* 80 (DUO\ *HUPDQ 6WDWHV LQ QHHG RI D JRRG .,//(5 :+$/(6 LOOXVWU FRYHU ZLWK &URZQ FRLQ VRUW ILOOLQJ D ODUJH FDUWRQ Â… Â… 3ULVWLQH Â… Â… /$5*( &$5721 ZLWK PDQ\ V RI ZRUOGZLGH LVVXHV ZLWK VWDPSV RQ VWRFNSDJHV SDJHV SDFNHWV VXSHUE ORW IRU VRUWLQJ DV ZH GRQ W KDYH WKH WLPH $Q RULJLQDO EDODQFH ORW Â… Â…

{ .*9 $XVWUDOLD FRPPHPRUDWLYHV RQ D VWRFN

SDJH ZLWK PDQ\ EHWWHU VHWV $LU VHW RI 0DF$UWKXU 9LFWRULD ERWK VHWV $1=$& 6LOYHU -XELOHH $ VROLG ORW RI VWDPSV Â… Â…

/,7(5$785( %UD]LO %XOOV (\HV

Â’ .*9, %$+5$,1 :KLWH EDFNJURXQG VHW

&RULQSKLOD KDUGEDFN FDWDORJXH ZLWK G M LQ YHU\ ILQH FRQGLWLRQ XQPDUNHG Â… Â…

IUHVK 800 6* &DW Â… Â… Â…

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

/,7(5$785( %ULWLVK SRVWDJH VWDPSV

0,/,7$5< 0$,/ ZLWK VWUHQJWK LQ ::,, FRYHUV

YDULHWLHV LOOXVWUDWHG E\ $OFRFN DQG 0HUHGLWK IRU 49 WR .*9, LVVXHV LQ JRRG FRQGLWLRQ Â… Â… /,7(5$785( 7KH SRVWDO KLVWRU\ RI WKH 3 DQG

2 VHUYLFH WR WKH 3HQLQVXOD E\ 5 .LUN 3RVWDJH 6WDPSV RI *LEUDOWDU KDQGERRN E\ * ( 'XYHHQ *LEUDOWDU WKH SRVWDO KLVWRU\ DQG SRVWDJH VWDPSV 9ROXPH RQH WR E\ * 2VERUQ 3RVWDJH LQ *LEUDOWDU E\ : +LQH +D\FRFN 3RUW DQG &DUULDJH RI OHWWHUV D SUDFWLFDO JXLGH 7KH LQODQG DQG IRUHLJQ SRVWDJH UDWHV RI WKH %ULWLVK ,VOHV WR E\ ' 5RELQVRQ D ILQH JURXS RI VHYHQ WLWOHV Â… Â… /,7(5$785( 7KH 4XHHQV 6WDPSV 7KH

$XWKRULVHG +LVWRU\ RI WKH 5R\DO 3KLODWHOLF &ROOHFWLRQ +5+ 7KH 3ULQFH RI :DOHV :DWHUFRORXUV 4XHHQ (OL]DEHWK ,, D -XELOHH 3RUWUDLW LQ 6WDPSV DOO YHU\ JRRG FRQGLWLRQ ZLWK GXVW MDFNHWV Â… Â… 0$36 RQ LOOXVWUDWHG FRYHUV RU FDUGV LQWHUHVWLQJ

JURXS RI LWHPV LQF 86$ EXVLQHVV HQY ZLWK LPDJH RI $EHUGHHQ 'DNRWD IURP $EHUGHHQ 1DWLRQDO %DQN $UJHQWLQD LOOXVWU HQY ZLWK $VDPEOHDX *HQHUDO 2UGLQDULD $ODI VSHFLDO FDQFHO YHU\ LQWHUHVWLQJ ORW ZLOO PDNH D JRRG VWXG\ GLVSOD\ Â… Â… Â’ 0$36 RQ VWDPSV V RI VWDPSV DOO ZLWK D Â’ 0DS WKHPH VHHQ SKRWR SURRIV 06 VKHHWOHWV HUURUV LQF

9HQH]XHOD %RRN )HVWLYDO ZLWK /DNH YDULHW\ VHW RI 7LEHW 'DODL /DPD 838 VHW RI 6DUN 3RVWDO 6WULNH G ZLWK GRXEOH \HOORZ ERRNOHWV FKLHIO\ 80 RGG PLQW ZLOO PDNH D VXSHUE VWXG\ MXVW WRR PXFK WR GHVFULEH LQ D FDUWRQ Â… Â… 0$36 RQ VWDPSV RQ GLVSOD\ SDJHV RYHU LWHPV LQF SURRIV 06 VKHHWOHWV FRYHUV DQG WKH RGG YDULHW\ 9HU\ LQWHUHVWLQJ VXEMHFW ZLWK LWHPV IRUP DOO URXQG WKH ZRUOG ZLWK WKH VWDPSV FKLHIO\ 80 LQ D FDUWRQ VXSHUE FROOHFWLRQ Â… Â… { 0$5;,60 (DVW *HUPDQ\ SDLU RI 06

SHUI 9)8 HDFK ZLWK VSHFLDO FDQFHOV &DW Â… VFDUFH Â… Â… 0$66 2) 0$7(5,$/ LQ RQH RI RXU ODUJH FDUWRQV V RI LWHPV VWUHQJWK LQ *% QRWH %ULGJHV LOOXVWUDWHG )'& ZLWK 0HQDL %ULGJH VORJDQ FDQFHO FÂ… Â… Â… Â’ 0$85,7,86 &DWDORJXHG Â… 49 GHILQV

$1' $UPV QRWH G 6* 6* F RQ F D XVHIXO UDQJH Â… Â… 0,&+$(/ ),6+ 6LJQHG )LVKHUPDQ

LOOXVWUDWHG )'& E\ 0DQFKHVWHU :HDWKHU &HQWUH ZLWK VSHFLDO 0DQFKHVWHU :HDWKHU &HQWUH &DQFHO 'DZQ LOOXVWUDWHG FRYHU Â… Â… 0,&+$(/ )227 6FDUFH VLJQHG

(QJLQHHULQJ LOOXVWUDWHG )'& $8(: RIILFLDO FRYHU ZLWK +RXVH RI &RPPRQ &'6 FDQFHO DQG SRVWHG DW +RXVH RI &RPPRQV FDFKHW RQ WKH UHYHUVH Â… Â…

JUHHQ SULOLDJH RQ DFWLYH VHUYLFH HQY ZLWK $,) )LHOG 32 1R DQG FHQVRU KV SSF RI %OXH 0RXQWDLQV ZLWK 3DVVHG E\ &HQVRU KV DLUJUDSK ::,, *% ZLWK 16: 6\GQH\ FGV $&7 HQY ZLWK RYDO 5$$) FHQVRU KV DLU OHWWHU XSUDWHG ZLWK 5$$) SRVWDO FRQFHVVLRQ UDWH KV <0&$ HQY XVHG E\ 86$ IRUFHV LQ $XVWUDOLD $ YHU\ LQWHUHVWLQJ JURXS RI FRYHUV VXSHUE IRU VWXG\ Â… Â…

0,;(' EDJV RI FRLQV D IHZ LQ ROG EDJV XQFKHFNHG Â… Â… 0267 ,17(5(67,1* PLVFHOODQ\ LQF VXSHUE

VWDPS GHDOHUV PXOWLFRORXUHG DGYHUW FDUG RI IRU 49 -XELOHH ZLWK )ODJV DQG PLQW 49 VWDPSV DIIL[HG WZR *XHUQVH\ ELVHFW FDUGV ROG GRFXPHQWV ZLWK 5HYHQXHV HWF TW\ Â… Â… 0XOWLSOH IUDQNHG FRYHUV IURP DURXQG WKH %ULWLVK

&RPPRQZHDOWK SHULRG ZLWK KLJK YDOXHV 7XUNV DQG &DLFRV 2+06 (QY :LWK YDOXHV IURP G WR 7ULVWDQ 'D &XQKD ZLWK 6KLSV IURP G WR 2+06 (QY :LWK GHILQLWLYH IURP G WR %UXQHL VXOWDQV IURP F WR F 6W .LWWV 1HYLV 2+06 (QY :LWK òF WR &\SUXV GHILQLWLYHV IURP P WR P *X\DQD ,QGHSHQGHQFH RYSWV F WR $ ILQH UDQJH RI FRYHUV VHQW WR WKH 8. Â… Â… 1(7+(5/$1'6 6+2(%2; +2$5' RI QHZ LVVXHV 67,// LQ WKHLU GHVSDWFK HQYHORSHV WR 8. ZLWK %ULWLVK SRVWDJH GXH WD[ VWDPSV HDFK HQYHORSH FRQWDLQLQJ 80 VHWV ERRNOHWV )'& QRWHG GHILQV WR JOG DQG PRUH DOVR PDLO EDJ WDJV XVHG V Â… Â… 1(: ,03(5,$/ $OEXP VHW RI ZLWK DSSUR[ VWDPSV QRWH *% 3HQQ\ %ODFNV HPERVVHG G SDLU 2UDQJH %URZQ SO 49 Â… VHDKRUVH G ,QGLD 6WDWHV LQF .LVKDQJDUK RQ .6' RYSW RIILFLDO óD WR D PLQW =DQ]LEDU LQF 49 RYSWV ZLWK VPDOO WR U U ZLWK VSHFLPHQ RYSW $ TXDOLW\ SDLU RI $OEXPV ZDLWLQJ WR EH FRPSOHWHG Â… Â…

1(: =($/$1' ROG 6* SULQWHG DOEXP ZLWK D YHU\ JRRG JHQHUDO FROOHFWLRQ RI V EHWWHU SLFNLQJV LQ JRRG FRQGLWLRQ LQF 49 VRXQG )8 SHUIRUDWHG &KDORQV LQF G G \HOORZ DQG VLGHIDFHV WR LQF $GVRQV WR )8 &KULVWFKXUFK VHW 0 FÂ… $GPLUDOV D JRRG VHOHFWLRQ RI $UPV SRVWDO ILVFDOV LQF Â… Â… DQG Â… XVHG 6PLOLQJ %R\V VHW XVHG FRPSUHKHQVLYH ORW RI +HDOWK VKHHWOHWV LQF VHYHUDO YDULHWLHV EDFN RI WKH ERRN ZLWK RIILFLDOV WR )8 /LJKWKRXVHV DQG GXHV *RRG ORW KXJH &9 Â… Â… 1,&( 672&.%22.6 PDLQO\ %DONRQV LVVXHV LQF RFFXSDWLRQ HDUO\ LVVXHV RI $OEDQLD %RVQLD DQG +HU]HJRYLQD $XVWULD 0LOLWDU\ LVVXHV &URDWLD <XJRVODYLD 6HUELD DQ LQWHUHVWLQJ ORW WKDW QHHGV VRUWLQJ &KLHIO\ ILQH XVHG ZLWK PLQW PL[HG LQ V RI VWDPSV Â… Â…

{ 1,*(5,$ ROG VWRFN ERRN SDJHV ZLWK PDLQO\ 0,''/( ($67 VWRFN ERRN ZLWK LVVXHV RI $GHQ Â’ .*9 DQG HDUO\ 4(,, .*9 WR 6LOYHU -XELOHH PLQW DQG 6WDWH RI 6HL\XQ 6RXWK $UDELD DQG <HPHQ QRWH $GHQ .*9, )8 .*9, GHILQV ZLWK YDOXHV WR 6LOYHU :HGGLQJ ILQH ZLWK YDOHV WR U PLQW ZLWK VKDGHV 4(,, WR PLQW LQF XVHG DQG PLQW $ KLJK FDW ORW D IHZ VWDPSV PXFK ILQH 80 <HPHQ DLU VHW RI 80 $ ILQH VHOHFWLRQ RI XVHG Â… Â… VWDPSV Â… Â… 1,1(7((1 2OG VWRFNERRNV ZLWK ZRUOG ZLGH 0,*+7< &$5721 2) *(50$1< 3267$*( UDQJH LQF %ULWLVK &RPPRQZHDOWK V RI VWDPSV FKLHIO\ ILQH 67$036 PHJD DFFXPXODWLRQ LQ D FDUWRQ ZLWK LVVXHV WR XVHG PDLQO\ VRUWHG E\ FRXQWU\ )LOOLQJ WZR ODUJH FDUWRQV :H EHOLHYH WKDW WKHUH DUH VWDPSV KHUH PRVWO\ GLII JRRG Â… Â… 7KLUG 5HLFK LQ D VWRFN ERRN ZLWK PXFK PLQW H[WHQVLYH :HVW 1250$1 :,6'20 VLJQHG LOOXVWUDWHG FRYHU *HUPDQ\ ZLWK JRRG FRPPHP ORWV RI LQWHUHVWLQJ VWDPSV RQ ZLWKRXW WKH VWDPS EHLQJ DWWDFKHG PRVW XQXVXDO Â… Â… SDJHV 6XEVWDQWLDO ORW IURP D FROOHFWRU WKDW ZLOO FUHDWH D VXEVWDQWLDO FROOHFWLRQ Â… Â… Â’ 125:$< \HDU ERRNV LQF VFDUFH ILUVW Â’ \HDU DQG ERWK YHU\ ILQH FRQGLWLRQ FDW NU Viewing 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

2)),&( 6:((3,1*6 WKUHH FDUWRQV ZLWK PDLQO\ FRYHUV FDUGV PDQ\ V RI LWHPV LQF 80 VWDPSV LQ QHHG RI VRUWLQJ Â… Â…

Â’ 2/' $/%80 3$*(6 ZLWK 5KRGHVLD 1\DVDODQG

{

{

{ Â’ Â’ Â’

{ Â’

Â’ Â’ Â’

3$5&(/ 3267 FDQFHOODWLRQV RI 6FRWODQG LQF 5KRG 1\DV GHILQ VHW RI ZLWK VKDGHV 3DUFHO 3RVW GDWH VWDPS ODEHOV VTXDUH FDQFHOV DQ LQWHUHVWLQJ ORW RI LWHPV Â… Â… VHW RI ZLWK VKDGHV $ JRRG UXQ RI FRPPHP 6HWV 5KRGHVLD ,QGHSHQGHQFH RYSW VHW GHILQ VHW WR Â… ZLWK { 32/,&( D VFDUFH JURXS RI %ULWLVK 4(,, 3ROLFH FRPPHPRUDWLYH VHWV DQG 3RVWDJH GXH $ ILQH FROOHFWLRQ RI &RXUW 5HYHQXHV LQF G DV 9)8 SDLUV ZLWK FRPSOHWH VWDPSV IUHVK PLQW Â… Â… SPNV Â… Â… ^3KRWR` 2OG SDJH ZLWK D UHDO PL[WXUH RI VWDPSV LQF ,WDO\ 32578*$/ 32670$5.6 /LWHUDWXUH E\ 6DOYLD *UHHFH *HUPDQ\ RFFXSDWLRQ LVVXHV ORFDO VWDPSV $VWUR HGLWLRQ LQ YHU\ ILQH FRQGLWLRQ VHOGRP VHHQ Â… Â… +XQJDULDQ PLOLWDU\ VWDPSV D JRRG PL[WXUH $Q LQWHUHVWLQJ JURXS PDQ\ V Â… Â… 32578*8(6( &2/21,(6 RYHU GLIIHUHQW ROG VWDPSV RQ SDJHV PLQW RU XVHG JRRG YDULHW\ LQF &HUHV 2/' 6&+$8%(. $OEXP IRU FHQWUDO DQG 6RXWK UDQJHV Â… Â… $PHULFD IRU LVVXHV WR RYHU VWDPSV PDLQO\ ILQH XVHG VHHQ %UD]LO 3RUWUDLW U 6* )8 FÂ… &RORPELD 3267$/ +,6725< %:, LQWHUHVWLQJ JURXS RI 6FDGWD WR F SOXV F $ RYSW F (8 RYSW F ) RYSW FRYHUV FDUGV &RURQDWLRQ 'RPLQLFD ZLWK %DUEDGRV FGV F F *% RYSW *XDWHPDOD VXUFK F RQ F LQY 2YSW DQG /DG\ +DZNLQV 3RVWHG RQ WKH +LJK 6HD FDFKHW QG ZLWK 6* D PLQW òF RQ S RYSW LQY 6* D PLQW 6W /XFLD &RURQDWLRQ VHW ZLWK 3DTXHERW 7ULQLGDG IUDQNLQJ /DG\ 0H[LFR 6RQRUD &LYLO :DU F 6*6 )8 FÂ… $Q ROG RULJLQDO 1HOVRQ 3RVWHG RQ WKH +LJK 6HD FDFKHW LOOXVWU HQY /HW FROOHFWLRQ Â… Â… SXW RXU KDQG RQ WKH SRZ ZLWK 86$ F F ZLWK 0DU 'HW 6W /XFLD :LQGZDUG ,V FGV $ JRRG ORW RI FRYHUV SULFHG WR VHOO 2/' 635,1*%$&. DOEXPV ZLWK D ZRUOGZLGH Â… PDQ\ \HDUV DJR Â… Â… FROOHFWLRQ FKLHIO\ ILQH XVHG PXVW EH VWDPSV HDFK ORRNV WR EH GLIIHUHQW $ YHU\ JRRG DUUD\ RI VWDPSV Â… Â… 3RVWDO +LVWRU\ DQG RWKHU FRYHUV PRVW LQWHUHVWLQJ ORW DSSUR[ LWHPV PXFK LQWHUHVW LQ 6287+ 2/' 7,0( DOEXPV DQG VWRFN ERRNV QRWH $)5,&$ ZLWK :DUWLPH )UDQNLQJV XVH RI :DU (IIRUW VWDPSV 6FKZDQHEHUJHU SULQWHG DOEXP FLUFD SRRU ELQGLQJ PDQ\ LQF DGYHUW FRYHUV 2+06 %HFKXDQDODQG 2+06 XQPDUNHG SDJHV ZLWK D IHZ VWDPSV $ VWRFN ERRN ZLWK %DVXWRODQG 2+06 &XUDFDR )ODJ 6HW FDW Â… RQ FRYHU .*9, DQG 4(,, &RURQDWLRQ RPQLEXV VHWV 80 DOVR .*9, IDXOWV 1HWKHUODQGV )OLJKW &RYHU VXSHUE 9 &\SUXV S DQG Â… 80 *LEUDOWDU GHILQ VHW 80 FÂ… $GYHUWLVLQJ &RYHU IRU D %XV DPD]LQJ &HQVRUHG &RYHU *ROG &RDVW GHILQ VHW 80 FÂ… $Q ROG WLPH ORW RI PDQ\ 6RXWK $IULFD WR -DSDQ $OEXP RI LQWHUHVWLQJ )'& HWF RULJLQDO V RI VWDPSV LQ D ODUJH FDUWRQ Â… Â… ORW Â… Â… 2/' 7,0( FROOHFWLRQ RQ ROG DOEXP SDJHV FKLHIO\ .*9 WR HDUO\ 4(,, QRWH 6LOYHU -XELOHH .*9, 3267$/ +,6725< 2) 7+( :25/' ZLWK SUHPLXP LWHPV 1HWKHUODQGV 3KLOLSV 5DGLR IOLJKW GHILQ WR PLQW RYSW WR 0 6LOYHU :HGGLQJ FDUG ZLWK VHW RI VWDPSV *% VSHFWDFXODU FRYHU WR +ROODQG VHW PLQW 8VHIXO ORW RI VWDPSV Â… Â… ZLWK XQGHOLYHUHG FDFKHWV DQG GLIIHUHQW SRVWPDQ GHOLYHU\ 201,%86 6LOYHU :HGGLQJ 3LWFDLUQ ,VODQG KDQG VWDPSV $PHULFDQ ::,, 9 PDLO LQF SLFWRULDO 'DQ]LJ VHW IUHVK 80 6* Â… Â… EHWWHU VWDPSV RQ FRYHU YHU\ JRRG *HUPDQ VWDPSV RI V XVHG RQ FRYHUV 1= UHJLVWHUHG HQYHORSH XVHG DQG PXFK 201,%86 838 %5,7,6+ PRUH *RRG ORW Â… Â… &20021:($/7+ DSSDUHQWO\ FRPSOHWH PLQW FROOHFWLRQ RI VHWV 3RVWDO +LVWRU\ ZLWK V $PHULFDQ )LUVW 4 )OLJKWV LQF IORZQ E\ $LUVKLS PDQ\ GLIIHUHQW VSHFLDO IOLJKW

RQ ROG SDJHV F VWDPSV Â… Â… 201,%86 :RUOG 5HIXJHH <HDU $Q

H[WHQVLYH FROOHFWLRQ LQ D VSHFLDO DOEXP ZLWK RYHU GLII VHWV RQ SULVWLQH )'& LQF NH\ %HOJLXP 06 4XDOLW\ Â… Â… Â’ 201,%86 LVVXHV YDULRXV FROOHFWLRQV RI 80 Â’ FKLHIO\ FRPSOHWH &RURQDWLRQ 9LFWRU\ ZLWK PDQ\

FDFKHWV VRPH IRU &DQDGD WZR PXOWL IUDQNHG &DUDFDR FRYHUV HDFK ZLWK ORFDO FHQVRU FDFKHWV RULJLQDO ORW LWHPV Â… Â… 3RVWDO +LVWRU\ ZLWK LQWHUHVWLQJ 0LOLWDU\ DQG

DGGLWLRQDO VHWV DV EORFNV RI IRXU LQF SODWH EORFNV &RURQDWLRQ DQG 5HG &URVV V FKLHIO\ VXSHUE FRQGLWLRQ Â… Â… { 2Q 3DSHU PL[WXUH LQ EDJV LQ D FDUWRQ ZLWK PXFK

V SHULRG 0XFK LQWHUHVW LQ 6RXWK $IULFD ZLWK :DU (IIRUW LVVXHV %UXQHL [ RQ SDUFHO SLHFH RULJLQDO ORW IURP WKH SHULRG VWDPSV Â… Â…

0DULWLPH FRYHUV (QY &KLOH ZLWK 5$0 -DQHTXUR +6 &XED ZLWK 0DULQD 'H *XHUUD )UDJDWD $QWRQLR 0DFHR FDFKHW (QY 6WDII 2IILFH 6TXDGURQ FDFKHW QG 6HQLRU 1DYDO 2IILFHU 0LGGOH (DVW FDFKHW (QY :LWK )LVKHU\ 3URWHFWLRQ DQG +06 1DLDG +6 2+06 (QY $UP\ 6LJQDOV &'6 DQG FDFKHW D YHU\ LQWHUHVWLQJ ORW RI FRYHUV Â… Â…

3267$/ +,6725< ZLWK YHU\ JRRG )32 21( 3(56216 FROOHFWLRQ KRXVHG LQ PDQ\ LGHQWLILHG FRQWHQWV LWHPV PRVWO\ HDUO\ V ZLWK PDQ\ DOEXPV ILOOLQJ FDUWRQV ZLWK LVVXHV IURP DURXQG WKH ZRUOG LQWHUHVWLQJ IUDQNLQJV WKH FROOHFWRU SDLG XSZDUGV RI Â… DQ LWHP VHHQ 80 VHWV FRPPHPRUDWLYH JROG SODWH %LUG DQG )ORZHUV RI KHUH LQF 0LGGOH (DVW (J\SW (XURSHDQ %ULWLVK )32 %DVHV WKH 8QLWHG 6WDWHV 5RQDOG 5HDJDQ NDUDW JROG FRLQ OWG +LJKO\ UHFRPPHQGHG FROOHFWRUV ORW Â… Â… )'& *% \HDU SDFNV PDQ\ V RI ZRUOG LVVXHV VRUWHG E\ 3267$/ +,6725< ZRUOGZLGH UDQJH RI FRYHUV FRXQWU\ ZLWK VWUHQJWK LQ ILQH XVHG $ YHU\ ODUJH RULJLQDO ZLWK PXFK EHLQJ VHQW WR ,UHODQG RU WKH 8. WR WKH VDPH IDPLO\ D FROOHFWLRQ Â… Â… JRRG UDQJH RI IUDQNLQJV RYHU FRYHUV Â… Â… 25,*,1$/ FROOHFWLRQ LQ D ODUJH FDUWRQ VHHQ 3RVWDO 6WDWLRQHU\ LQWHUHVWLQJ UDQJH DSSUR[ FRYHUV LQF Â… FRLQ 6FRWODQG GHILQ FRYHU LOOXVWU FRYHUV FDUGV :RUOGZLGH VHHQ PDQ\ XQXVHG VHHQ N 8NUDLQH &DVWOH VLOYHU LQJRW ZLWK Â… &DVWOH IUDQNLQJ FW JROGHQ 7ULGHQW RYSWV 8QLWHG 6WDWH F SULQWHG FDUGV )UHQFK UHSOLFDV RI %ULWLVK VWDPSV JROG SODWHG 1HZ =HDODQG 80 0LOLWDU\ &DUGV 1HWK ,QGLHV F DQG F (QY 8QXVHG $ UHDO 7UDQVSRUW WKHPDWLF FROOHFWLRQ 0DQ\ V RI LWHPV YHU\ JRRG PL[WXUH RI FRYHUV FDUGV Â… Â… VRUWHU Â… Â… 3267&$5'6 DQ ROG WLPH ORW LQ DOEXP

29(5 GLIIHUHQW VWDPSV RI (XURSH RQ SDJHV LQ D FDUWRQ ZLWK H[FHOOHQW PLQW FRXQWU\ FROOHFWLRQV ZLWK VR PXFK ),1( 86(' 9DWLFDQ FROOHFWLRQ FDW Â… DORQH VWURQJ *HUPDQ\ ZLWK KLJK FDW FRPPHPV WR )UDQFH ZLWK $UW VWDPSV 1HWKHUODQGV DQG PRUH :HVWHUQ (XURSH LVVXHV *RRG UDQJHV WR UDWKHU PRGHUQ SHULRG 2QH PDQV OLIHWLPH FROOHFWLQJ KHUH $// ',))(5(17 Â… Â…

DQG OHDYHV LQF WZR YHU\ JRRG 6XIIUDJHWWHV FDUGV LQFOXGLQJ GUHVVHG LQ SULVRQ XQLIRUPV WZR VFDUFH HDUO\ FDUWRRQ SROLWLFDO FDUGV JRRG JURXS RI ::, PXOWL FRORXUHG VRQJ FDUGV $Q RULJLQDO ORW Â… Â…

POSTAL HISTORY

32670$5.6 ZLWK D JRRG YDULHW\ RI )32 IURP ::,, ,QGLDQ 6HDSRVW )LHOGSRVW GDWH VWDPS SURRIV (J\SW 732 V $Q LQWHUHVWLQJ ORW RI LWHPV Â… Â… 35(0,80 &DUWRQ IXOO RI :RUOG FROOHFWLRQV V RI VWDPSV LQF YHU\ ILQH FROOHFWLRQ RI *% LQ SULQWHG $OEXP QRWLQJ EHWWHU SKRV VHWV 80 +RQJ .RQJ KDQGLQJ RYHU FROOHFWLRQV $OEXP IXOO RI :RUOGZLGH 06 VWUDQJH FROOHFWLRQ RI *ROG )RLO VWDPSV RI WKH :RUOG LWHPV LQ $OEXPV SDJHV HWF &RORVVDO SXUFKDVH SULFH DQG ORWV WR DGG WR FROOHFWLRQV *RRG Â… Â…

52<$/7< 7+( 48((16 &2521$7,21 -8%,/(( IDEXORXV QHZ LVVXH FROOHFWLRQ KRXVHG LQ IRXU VSHFLDO $OEXPV KXJH QHZ LVVXH FRVW VWURQJ LQ &2,1 &29(56 GLIIHUHQW ZLWK YDOXHV WR Â… PDQ\ HODERUDWH SLFWRULDO HQYHORSHV IHDWXULQJ FRLQV H[WHQVLYH PDWFKLQJ VWDPSV 80 HWF SULVWLQH DQG KLJKO\ UHFRPPHQGHG Â… Â… 52<$/7< 0DVV LQ D FDUWRQ ZLWK SUHPLXP PRGHUQ FRLQ FRYHUV LQF *ROG 3ODWHG Â… 'LDPRQG -XELOHH FRLQ FRYHU LQ IROGHU MXVW SUHSDUHG YDULRXV RWKHU FRLQ FRYHUV WR Â… 3UHPLXP 5R\DOW\ PRGHUQ )'/ DQG PXFK PRUH LWHPV SULVWLQH Â… Â…

Â’ 35(0,80 JURXS RI *HUPDQ\ 838 LVVXHV Â’ VWDPSV DV VHWV LQF WKH UDUH %HUOLQ VHW RI VXSHUE 6* FDW Â’ 58%(16 2XWVWDQGLQJ FROOHFWLRQ LQ WKUHH Â’ VSHFLDO /LQGQHU $OEXPV PDQ\ ILQH VWDPSV ZLWK SDLQWLQJ E\ Â… Â… Â…

48((1 (/,=$%(7+ ,, FROOHFWLRQ LQ WKUHH DOEXPV ZLWK FRLQ FRYHUV WK $QQLY ZLWK VL[ FRLQ FRYHUV FRYHUV DQG VWDPSV LQF 06 &RURQDWLRQ $QQLY ZLWK ILYH FRLQ FRYHUV DQG VKHHWOHWV SOXV HYHQ 06 DQG WK %LUWKGD\ FROOHFWLRQ RI 6SHFLPHQ RYSWV ZKLFK ZHUH OLPLWHG WR MXVW FRSLHV Â… Â… 5$) FRYHUV LQF VLJQHG LQF 3HWHU %DNHU

3HWHU 7ZLVV 3\UHQHHV (VFDSH 6RFLHW\ VLJQHG E\ IRXU $ XVHIXO JURXS RI FRYHUV Â… Â… 5$) 6,*1(' FRYHUV 2SHUDWLRQ 7KXUVGD\

VLJQHG % 6KHOOH\ DQG : /D\FRFN %RPEHU &RPPDQG FRYHU VLJQHG $ ( %U\HWW %DWWOH RI 58+5 VLJQHG 5 ( &XUWLV '62 '5& 9LFNHUV :HOOLQJWRQ FRYHU VLJQHG - :KLWWOH\ )'& 3DWKILQGHU VLJQHG ( ( 6WRFNHW '62 ')& :HOOLQJWRQ VLJQHG & + -HQNLQV QG VLQJHG %LFNHUVWDII ')0 )O\LQJ 'DOHV VLJQHG - * 'DYLV ')& $ ILQH JURXS RI FRYHUV Â… Â… 5$) 6,*1(' LOOXVWUDWHG FRYHUV 6TXDGURQV RI

5XEHQV VWDPSV 06 6KHHWOHWV Â… Â… 6$1' '81(6 5$6 $/ .+$,0$ ELJ FROOHFWLRQ RI V XQXVXDOO\ ZLWK PDQ\ PLQW VHWV PRVW ZHUH LVVXHG DV &72 LQ D ELJ DOEXP SHULRG IDEXORXV ORW RI WRSLFDO VHWV 06 LPSHUIV HWF Â… Â…

6$1' '81(6 800 $/ 4,:$,1 YDVW FROOHFWLRQ RI FRPSOHWH VHWV LQF VFDUFH PLQW LQ ELJ DOEXP SDFNHG ZLWK WKHPDWLF LQWHUHVW QRWLQJ ILUVW GHILQ VHW RIILFLDOV 2O\PSLFV DQG 06 &KXUFKLOO ZLWK 06 DQG PDQ\ PRUH WR LQF G VHWV )DVFLQDWLQJ VHWV Â… Â… 6&$1',1$9,$ WZR SULQWHG GDYR DOEXPV RQH IRU 6FDQGLQDYLD QG IRU 6ZHGHQ RYHU VWDPSV ZLWK EHWWHU SLFNLQJV 'HQPDUN RUH IUDPH LQYHUWHG 1RUZD\ WRXULVW VHW RI P ,FHODQG DLU VSHFLPHQ RYSW VHW RI PLQW FÂ… D ILQH SDLU RI DOEXPV IRU ILOOLQJ ZLWK LVVXHV IURP Â… Â… 6&287 SRVW *UHDW %ULWDLQ ORFDOV PDLQO\ V ZLWK VWDPSV ODEHOV DQG FRYHUV ZLWK PDQ\ GLIIHUHQW UHJLRQV UHSUHVHQWHG D YHU\ JRRG UDQJH RI VWDPSV FRYHUV Â… Â…

WKH 5R\DO $LUIRUFH H[FHSWLRQDO FROOHFWLRQ RI GLIIHUHQW &RPPDQGHU VLJQHG FRYHUV HYHU\RQH IRU D GLII 6TXDGURQ ZLWK FRPSOHWH VHWV RI VWDPSV KDYLQJ VSHFLDO SPNV { 6,1*$325( VXSHULRU )8 4(,, VHOHFWLRQ DQG DOO OLPLWHG HGLWLRQV 7KLV VXSHUE FROOHFWLRQ FRVW D IRUWXQH DW GLII VWDPSV ZLWK LVVXHV WR DERXW H[FHSWLRQDO FGV LQF WLPH RI LVVXH &KRLFH Â… Â… GHILQV WR 'UXP )RXQGLQJ VHW WR Â’ 5$,/:$< +(5,7$*( )DEXORXV $ = VJ GHOLJKWIXO TXDOLW\ Â… Â… Â’ :RUOGZLGH FROOHFWLRQ KRXVHG LQ VSHFLDO SULQWHG $OEXPV IXOO RI 6,;7((1 $OEXPV ZLWK IRUHLJQ FROOHFWLRQ ZLWK FRPSOHWH VHWV DQG PDQ\ 06 DOO 80 V SXUFKDVHG RQ QHZ PDQ\ V RI VWDPSV VRUWHG E\ FRXQWULHV QHHG UH RUJDQLVLQJ LVVXHV DW JUHDW FRVW 3ULVWLQH Â… Â… DV PXFK KDV EHHQ PRYHG DERXW VHHQ HDUO\ LVVXHV LQF 5$,/:$< 3267$/ +,6725< VSHFLDO FRYHUV

0H[LFR F %XOOV (\H XQXVHG RQ RULJLQDO FROOHFWLRQ LQ 2OG $OEXPV 0DLQO\ ILQH XVHG ILOOLQJ WZR ODUJH FDUWRQV Â… Â…

DQG PXFK PRUH 2ULJLQDO FROOHFWLRQ KRXVHG LQ HLJKW DOEXPV DSSUR[ GLII FRYHUV HWF LQF PDQ\ *% 4(,, 732 FDQFHOOHG FRYHUV ZLWK 8S 'RZQ VSHFLDO SRVWPDUNV KLVWRULF WUDLQV FRYHUV VRPH YHU\ JRRG SULYDWH )'& 6HDOLQN FRYHUV SULYDWH VWDPSV LQF VKHHWOHWV DQG XVHG RQ FRYHUV DQG PXFK PRUH 7HUULILF ORW Â… Â… { 5(9(18(6 *LEUDOWDU LVVXHV LQ 6SDQLVK

&XUUHQF\ ZLWK YDOXHV WR SWD Â… Â… { 5(9(18(6 *,%5$/7$5 S F S

DQG S 49 LVVXHV DOO VHOHFW )8 Â… Â… 52<$/7< 35,1&( :,//,$0 WK %LUWKGD\ &HOHEUDWLRQ FROOHFWLRQ KRXVHG LQ VSHFLDO $OEXPV ZLWK FRLQ FRYHUV RWKHU SULVWLQH )'& 06 KLJK &DW :LWK LVVXHV FRPSUHKHQVLYH Â… Â…

6287+ $0(5,&$ FROOHFWLRQ RQ ROG SDJHV DQG VWRFN FDUGV VHHQ $UJHQWLQD &HQWHQDU\ DQG $QQLYHUVDU\ FDQFHOV RQ F -RVH +HUQDQGH] EORFN RI HDFK GLIIHUHQW %ROLYDU %UD]LO RQ U 0 &RVWD 5LFD 0H[LFR 8UXJXD\ &RORPELD &KLOH LQF HDUO\ &ROXPEXV LPSHUIV &RFKUDQH S PLQW (FKDXUUHQ S PLQW 2YHU VWDPSV FKLHIO\ ILQH XVHG Â… Â…

63$&( (5525 4DWDU 1HZ &XUUHQF\ VKHHWOHWV VHW RI WZR DV 6* ZLWK WKH 1HZ &XUUHQF\ RYSW LQYHUWHG VFDUFH LQ VKHHWOHWV IUHVK 80 Â… Â… 63$&( (;3/25$7,21 FROOHFWLRQ LQ WZR DOEXPV FRYHUV LQF WZR FRLQ FRYHUV VWDPSV DQG 06 ZLWK VLON FRYHUV IURP &RORUDQR *% )LUVW 0DQ RQ WKH 0RRQ LOOXVWU FRYHU D ILQH DQG XVHIXO ORW Â… Â…

52<$/7< 48((1 (/,=$%(7+ $1' 35,1&( 3+,//,3 6LOYHU :HGGLQJ FROOHFWLRQ H[FHSWLRQDO ORW KRXVHG LQ ILYH VSHFLDO $OEXPV WKDW IHDWXUHV GLIIHUHQW FRLQ FRYHUV ZLWK YDOXHV WR Â… DQG VSHFLDO %ULWLVK )'& ZLWK SLFWRULDO SRVWPDUNV HWF 3ULVWLQH FRQGLWLRQ DQG KXJH QHZ LVVXH FRVW +LJKO\ UHFRPPHQGHG Â… Â…

63$,1 $1 2/' 6FKDXEHN SULQWHG DOEXP IRU LVVXHV WR ZLWK D FROOHFWLRQ RI V VRPH XVHIXO ELWV ZLWK LPSHUI FODVVLFV SWD 0 FÂ… F EURZQ )8 FÂ… VRPH JRRG V LVVXHV PLQW FDW XSWR Â… HDFK PDQ\ ODWHU VHWV ([FHOOHQW IRXQGDWLRQ Â… Â…

{ 63$,1 FROOHFWLRQ RI GLIIHUHQW VWDPSV 52<$/7< 7KH 4XHHQ 0RWKHU PRVW H[WHQVLYH FROOHFWLRQ RI V KRXVHG LQ )RXUWHHQ $OEXPV WKDW¶V IHDWXUHG Â’ ZLWK EHWWHU SLFNLQJV IURP WKH V LQF &KDULW\ VHWV $QWL 7% QRWH ,VDEHOOD VHW PLQW 6W )UDQFLV PLQW $ JRRG FRLQ FRYHUV DORQH 7KH FROOHFWLRQ DOVR IHDWXUHV VFDUFH VHWV UDQJH ZLWK VWUHQJWK LQ PLQW VHWV LQF 80 Â… Â… RI *ROG /LEHULD VKHHWOHWV DQG PDQ\ RWKHU FRYHUV 80 VHWV HWF FKLHIO\ WR SHULRG &RORVVDO QHZ LVVXH FRVW DQG RIIHUHG DW D PHUH IUDFWLRQ 3ULVWLQH Â… Â…

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

Â’ 63(&,$/ IROGHUV LQF VFDUFH IROGHU LVVXHG

E\ WKH 'HSDUWPHQW RI 3RVW DQG 7HOHJUDSK ZLWK LVVXHV IURP WR LQF 6W 3DWULFN KLJK YDOXHV GHILQV FRPPHPRUDWLYH LQF $Q 7RVWDO (PPHW &DWKROLF 8QLYHUVLW\ :LOOLDP %URZQ )DWKHU /XNH *XLQQHVV QG IROGHU (DVWHU 5LVLQJ FRPPHPRUDWLYH ERWK LQ YHU\ ILQH FRQGLWLRQ VWDPSV Â… Â…

68%67$17,$/ (67$7( /27 KRXVHG LQ ILIWHHQ YROXPHV ZLWK PDQ\ V RI VWDPSV DQG VHYHUDO FKXQN\ FROOHFWLRQV VWRUHG LQ WZR FDUWRQV VROLG &DQDGD ZLWK PDQ\ SLFNLQJV DQG KLJKHU YDOXHV WZR YROXPHV SDFNHG ZLWK D JRRG *UHHFH FROOHFWLRQ ZLWK PDQ\ PLQW VHWV WR D ELQGHU IXOO RI %ULWLVK 80 PDFKLQV LQF ERRNOHW SDQHV 86$ ROG FRYHUV DQG PXFK PRUH 9DVW TXDQWLW\ YHU\ ROG RULJLQDO ORW Â… Â…

Â’ 63(&,$//< 35,17(' %ULWLVK &RPPRQZHDOWK Â’ DOEXPV &RURQDWLRQ ZLWK PDQ\ VHWV PLQW &RURQDWLRQ { 68'$1 2OG SULQWHG $OEXP SDJHV ZLWK HDUO\ Â’ VHW 80 ,&< DQG &KXUFKLOO ERWK ZLWK PDQ\ VHWV PLQW $ Â’ LVVXHV 6SLQNV RYSWV &DPHO SRVWPDQ WR SL $UP\ 6HUYLFH

RYSW S $OOD ZLWK FHUWLILFDWH WR VD\ WKH RYSW LV IRUJHG D ILQH VHOHFWLRQ RI VWDPSV Â… Â…

ILQH VHOHFWLRQ RI DOEXPV ZLWK PDQ\ FRPSOHWH VHWV Â… Â… 63(5$7, SKRWRJUDSKLF UHSURGXFWLRQ RI IRUJHULHV LQF VWDPSV RI 0DXULWLXV %DUEDGRV 7DVPDQLD &DSH RI *RRG +RSH SOXV FDQFHOODWLRQV D YHU\ LQWHUHVWLQJ ORW RI LWHPV Â… Â…

{ 68'$1 ROG WLPH FROOHFWLRQ PDLQO\ RQ ROG DOEXP Â’ SDJHV VHHQ 7XWL ,VODQG VHW ILQH XVHG FÂ… DLU VHW PLQW

&DPHO 3RVW WR SL D XVHIXO VHOHFWLRQ RI VWDPSV WR PDLQO\ ILQH XVHG Â… Â…

{ 683(5% RQ SDSHU PL[WXUH ZLWK PDQ\ V RI 63(5$7, SKRWRJUDSKLF UHSURGXFWLRQ RI IRUJHULHV 1(9,6 FODVVLFV LWHPV $ IRUJHG GXSOH[ SPNV VWDPSV LQF %ULWLVK &RPPRQZHDOWK XQSLFNHG ILOOLQJ D ODUJH G DQG LPSHUI ILUVW LVVXHV 8QXVXDO Â… Â… FDUWRQ Â… Â…

63(5$7, SKRWRJUDSKLF UHSURGXFWLRQV RI %DKDPDV 49 Â… XVHG (GZDUG Â… XVHG DQG (GZDUG Â… SURRI Â… Â…

63(5$7, SKRWRJUDSKLF UHSURGXFWLRQV RI IRUJHULHV %$+$0$6 FODVVLFV WHQ LWHPV ZLWK 1DVVDX FGV SPNV 21( 3281' LQVFULSWLRQ (GZDUG DQG 49 IUDPHV 8QXVXDO Â… Â…

{ 6:,7=(5/$1' ),1( 86(' D YDVW RQH

RZQHU FROOHFWLRQ RI V RI VWDPSV LQ D FDUWRQ SHULRG ZLWK ORWV RI XVHIXO LWHPV 1XFOHXV LV D ZHOO ILOOHG 'DYR SULQWHG DOEXP ZLWK HDUO\ LVVXHV XVHG WR IU )8 VXUFK VHW )8 PDQ\ RWKHU LWHPV LQF WHWH EHFKH 3UR - IURP VXSSOHPHQWDU\ PDWHULDO RQ SDJHV DQG VWRFN SDJHV WR V 7KHUH LV VR PXFK KHUH ,W ZLOO PDNH D VXEVWDQWLDO DQG YDOXDEOH FROOHFWLRQ RI XVHG 6ZLVV Â… Â…

63(5$7, SKRWRJUDSKLF UHSURGXFWLRQV RI Â’ IRUJHULHV *ROG &RDVW VLJQHG SURRI RI 49 òG LPSHUI 49 G Â’ 6:,7=(5/$1' DQG $XVWULD D JRRG FROOHFWLRQ RQ SULQWHG DOEXP SDJHV RI 8QLWHG 1DWLRQV LVVXHV D DQG 49 XVHG 8QXVXDO Â… Â… FROOHFWLRQ RI VWDPSV 06 VKHHWOHWV 80 HDFK 63(5$7, SKRWRJUDSKLF UHSURGXFWLRQV RI GLIIHUHQW Â… Â… IRUJHULHV /$*26 ZLWK PXOWL EDU IRUJHG SPNV DQG 7(/(*5$0 )2506 2) 7+( :25/' YDOXH LQVFULSWLRQV XQXVXDO Â… Â… 5HPDUNDEOH VWXG\ RI LWHPV ZULWWHQ XS RQ SDJHV ZLWK 63(5$7, SKRWRJUDSKLF UHSURGXFWLRQV RI PDQ\ LQWHUHVWLQJ DQG XQXVXDO LWHPV VXSHUE HDUO\ SRVWFDUG RI D IRUJHULHV 0RQWVHUUDW 49 $ SPN G LQVFULSWLRQ DQG LPSHUI SRVWFDUG IURP 'HQPDUN ZLWK IROG RXW WHOHJUDP DIIL[HG WR IURQW G XQXVXDO 6HH ZHEVLWH Â… Â… %XOJDULD IRUP ZLWK &'6 6SDLQ *HUPDQ GHOHJDWLRQ HQYHORSH )8 IRU WHOHJUDP FRQJUHVV D VHOHFWLRQ RI 'XWFK IRUPV 63(5$7, SKRWRJUDSKLF UHSURGXFWLRQV RI XVHG GDWLQJ IURP V SLFWRULDO W\SHV LQF 6XSHUE 3RUWXJDO IRUJHULHV 6W /XFLD 49 G LPSHUI DQG VLJQHG LQ PDUJLQV V UDUH HDUO\ 7XUNLVK LVVXHV XVHG (VWRQLD IRUP D Â… Â… VHOHFWLRQ RI VWDPSV DQG PXFK PRUH $Q LPSUHVVLYH VHOHFWLRQ 63(5$7, SKRWRJUDSKLF UHSURGXFWLRQV RI RI PDWHULDO Â… Â… 0RQWVHUUDW 49 G IRUJHULHV 0 DQG 8 Â… Â… Â’ 7(/(3+21( 67$036 1DWLRQDO 7HOHSKRQH &R V ILQH PLQW ORW ZLWK YDOXHV WR GLII SULQWLQJV 635,1*%$&. DOEXP ZLWK DQ LQWHUHVWLQJ UDQJH LQF G SDOH WR GDUN EOXH 8QXVXDO Â… Â… RI VWDPSV LQF 6LOYHU -XELOHHV QRWH +RQJ .RQJ VHW PLQW &RURQDWLRQ VHWV ZLWK VWUHQJWK LQ PLQW %ULWLVK 7(/(3+21(6 RQ VWDPSV DQG SRVWDO KLVWRU\ &RPPRQZHDOWK D ILQH VHOHFWLRQ Â… Â… 5HPDUNDEOH SDJH GLVSOD\ FROOHFWLRQ 0XFK LQWHUHVWLQJ LQF

67$03 (;+,%7,216 2) 7+( :25/' PDMRU VKRZV SKLODWHOLF LVVXHV LQ D ZHOO ILOOHG DOEXP ZLWK V RI GLII 80 VHWV DQG 06 ZLWK D YHU\ JRRG VHOHFWLRQ IRU 6WRFNKROPLD WKH ORW IHDWXUHV RYHU GLII 06 DORQH Â… Â…

:DGGLQJWRQ &UHVFHQW WULDO VKHHW RI GHSLFWLQJ *32 7RZHU 1DWLRQDO 7HOHSKRQH &2 UDUH ELVHFW RQ SLHFH FDQFHOOHG DW 'XQGHH HDUO\ SRVWFDUGV DQG VORJDQ SPNV GDWLQJ IURP V 3HQDQJ VORJDQ RQ FRYHU %ULWLVK *32 FDUGV XVHG WHUULILF ORW RI ZRUOGZLGH VWDPSV HWF Â… Â…

Â’ 67$56 2) 67$*( $1' 6&5((1 +XJHO\ Â’ H[SHQVLYH DW WLPH RI LVVXH VSHFLDO FROOHFWLRQ RI :RUOGZLGH

7(1 $/%806 3OXV ROG SDJHV ILOOLQJ D ODUJH FDUWRQ VHHQ RQ HDUO\ 6HQI SULQWHG $OEXP VSDUHO\ ILOOHG PDQ\ PRGHUQ 80 LVVXHV KRXVHG LQ IRXU YROXPHV PDQ\ V ZLWK D V RI VWDPSV FKLHIO\ ILQH XVHG Â… Â… JRRG QXPEHU RI VKHHWOHWV LQF 86$ VKHHWOHWV QRWLQJ (OYLV 7(55< :$,7( 6LJQHG LOOXVWUDWHG &DQWHUEXU\ 3UHVOH\ F VHDOHG VKHHW RI LQ UHFRUG VOHHYH W\SH ZUDSSHU &DWKHGUDO KRPH IRU &KULVWPDV FRYHU ZLWK 3HDFH RQ (DUWK +LVWRULFDOO\ LQWHUHVWLQJ DQG SULVWLQH ORW Â… Â… VSHFLDO &KULVWPDV FDQFHO Â… Â… { 672&.%22.6 LQ D ODUJH FDUWRQ ZLWK LVVXHV { 7+( %5,7,6+ &20021:($/7+ FDUWRQ LQF %ULWLVK &RPPRQZHDOWK ZLWK HDUO\ LVVXHV &DQDGD &\SUXV Â’ YROXPHV ZLWK V RI VWDPSV DQG H[FHOOHQW SLFNLQJV LQF %$7 )DONODQG 'HS =DQ]LEDU PDQ\ V RI VWDPSV LQ DOEXP IXOO RI IUHVK PLQW .*9, DQG HDUO\ 4(,, $XVWUDOLD .*9 VWRFNERRNV RU RQ VWRFNSDJHV RQ ROG WLPH RULJLQDO ORW 0DLQO\ KHDGV LQF G PLQW RPQLEXV LQF 9LFWRU\ VHWV &\SUXV ILQH XVHG ZLWK WKH RGG PLQW Â… Â… 49 GXW\ SODWHV WR SL )8 &RURQDWLRQ FROOHFWLRQ DOEXP

675$1' VWDPS DOEXP VW HGLWLRQ XQXVHG LQ ILQH FRQGLWLRQ IRU LWV DJH Â… Â…

ZLWK D YHU\ ROG PL[WXUH LQF *% DQG ,QGLD DQG PXFK PRUH 2ULJLQDO FROOHFWRUV ORW XQSLFNHG Â… Â… 7+( 1(: ,'($/ SRVWDJH VWDPS DOEXPV IRU IRUHLJQ FRXQWULHV VHW RI WZR YROXPHV JUHHQ JROG HPERVVHG 9HU\ XVHIXO IRU ILOOLQJ NH\ SDLU RI YLQWDJH SULQWHG DOEXPV VRPH VWDPSV QRWLQJ &KLQD DLU VHW RI ILYH PLQW $ OLIHWLPHV SURMHFW Â… Â…

Selling?

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

::,, 35,621(5 2) :$5 PDLO ZLWK PDQ\

7+( 1(: ,03(5,$/ 3267$*( 67$03 $/%80 9RO , DQG ,, ZLWK DSSUR[ VWDPSV VHHQ D SHQQ\ EODFN (GZDUG WR :DU 7D[ LVVXHV ZLWK PDQ\ XQPDUNHG SDJHV $ JUHDW SDLU RI DOEXPV IRU FRPSOHWLRQ FKLHIO\ ILQH XVHG Â… Â… { 7+( :25/'6 ILUVW VWDPSV *UHDW %ULWDLQ

GLIIHUHQW FDPSV UHSUHVHQWHG %ULWLVK 32: LQ 6WDOJ 9,,$ 0RRVEXU\ %ULWLVK 32: VHW IURP 6WDPPODJHU ;;, 3RODQG FDUG *HUPDQ 32: KHOG LQ )UDQFH FHQVRUHG HQY VHQW IURP &DPS 1R (OPILHOG &DPS WR ,WDO\ OHWWHU VKHHW UHWXUQ VHFWLRQ IURP D )UHQFK 32: KHOG LQ 6DODJ ,9% FDQFHOOHG RQ ' 'D\ $ YHU\ LQWHUHVWLQJ JURXS RI FRYHUV FDUG Â… Â…

SHQQ\ EODFN DQG WZR SHQFH EOXH ERWK ILQH XVHG IRXU PDUJLQ H[DPSOHV ZLWK VPDOO IDXOWV 9HU\ FROOHFWDEOH H[DPSOHV RI WKHVH ::,, 5$) SRVWDO KLVWRU\ D IDVFLQDWLQJ LFRQLF VWDPSV FDW Â… Â… Â… FROOHFWLRQ RI FRYHUV FHQVRUHG +RQRXU HQY ZLWK FRQWHQWV 7+(0$7,& &ROOHFWLRQV LQ WZR FDUWRQV +LVWRU\ IURP 2SV 5RRP ZLWK 5$) SRVW 6RXWK (DVW $VLD FGV RI )OLJKW 838 VWDPSV RQ VWDPSV 5R\DOW\ VHHQ 6DQ 0DULQR HQY FHQVRUHG ZLWK 5$) 3267 FGV HQGRUVHG 2Q 838 VHW RI 80 PDQ\ V RI VWDPSV DQG FRYHUV $ XVHIXO $FWLYH 6HUYLFH ZLWK WZR FHQVRU PDUNV DQG 5$) 3RVW FGV ORW IRU WKH WKHPDWLF FROOHFWRU Â… Â… 2+06 HQY HQGRUVHG E\ )DVW $LUPDLO ZLWK 5$) 3RVW 7,1 &$1 0$,/ DQ LQWHUHVWLQJ PXOWL 6RXWK (DVW $VLD FGV $ YHU\ LQWHUHVWLQJ FROOHFWLRQ ZLWK PDQ\ IUDQNHG FRYHU IURP 7RQJD ZLWK PDQ\ FDFKHWV Â… Â… GLIIHUHQW FHQVRU PDUNV Â… Â… 72548$< 3LFWXUH SRVWFDUG PDLQO\ V ZLWK

D JRRG YDULHW\ RI GLIIHUHQW YLHZV FDUGV Â… Â… 838 )LML VHW RQ VXSHUE LOOXVWU )'&

Â… Â…

$%8 '+$%, Â’ 1(: &85(1&< RYHUSULQW VHW RI 6* Â’ IUHVK XQPRXQWHG PLQW Â… Â… ^3KRWR` Â’ )5(6+ 0,17 3LFWRULDO VHW RI 6*

)DOFRQU\ ,QGHSHQGHQW 3RVWDO $GPLQLVWUDWLRQ VHW RI 6* $ ILQH VHOHFWLRQ RI HDUO\ VHWV Â… Â…

Â’ 9$5,(7,(6 RI WKH %ULWLVK &RPPRQZHDOWK Â’ .LULEDWL GLII LWHPV DOO 80 GHWDLOHG RQ SDJHV PD\ 6*

OLVWHG DQG YLVXDOO\ LPSUHVVLYH RYSWV GRXEOH LQYHUWHG F )LVK $'(1 SDLU RQH ZLWK RYHUSULQW RPLWWHG F 6KLS LPSHUI SDLU 6* D Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, LVVXHV RWKHU LPSHUI YDULHWLHV DQG PRUH *RRG ORW ERXJKW DW JUHDW 'KRZ VHW WR U 3LFWRULDOV VHW RI DGGLWLRQDO FRVW IURP D QHZ LVVXH VXSSOLHU Â… Â… 6 :HGGLQJ 1HZ &XUUHQF\ 4(,, GHILQV WR ZLWK 9,17$*( $GGDSDJH ZRUOG DOEXP GDWLQJ IURP VKDGHV 1HZ ZPN VHW RI VWDWH LVVXHV $ JRRG WKH V ZLWK D JHQXLQH ROG ZRUOG FROOHFWLRQ ZLWK LQWHUHVWLQJ UDQJH RI VHWV RYHU VWDPSV IUHVK PLQW KLJK FDWDORJXH YDOXH ROG UDQJHV RI PDQ\ GLII QDWLRQV GLII VWDPSV LQ VHWV IURP WKLV SHULRG Â… Â… ^3KRWR` Â… Â… 48 $,7, VHW RI QLFHO\ XVHG RQ UHJG FRYHU 9,17$*( SULQWHG SRVWDJH VWDPS DOEXPV 0XNDOOD SPNV 6* VR DWWUDFWLYH Â… Â… LQF D IDEXORXV EODFN JROG HPERVVHG /LQFROQ ZLWK DQ HDUO\ VWDPS UDQJH ZHOO ILOOHG /LQFROQ WK HGLWLRQ D EDWWHUHG EXW YHU\ +$'+5$0$87 RYSW VHW RI RQ YHU\ ILQH UHJG )'& VXSHUE 6* Â… Â… ZHOO ILOOHG ROG DOEXP WZR ROG LPSURYHG DOEXPV VWDWHG WR FRQWDLQ VWDPSV DORQH Â… Â… 48 $,7, VFDUFH *(,/ %$ :$=,5 W\SH ' FGV Â’ :$7(50$5. 9$5,(7,(6 %DKDPDV 4(,, RQ PXOWL IUDQNHG FRYHU 0XNDOOD WUDQVLW FGV $ YHU\ ILQH Â’ LQYHUWHG ZPNV 80 LQF 6* DZ DZ Z FRYHU Â… Â… Â… Â… 60$// 1($7 HQYHORSH VHQW ORFDOO\ ZLWK F Â’ :$7(50$5. 9$5,(7,(6 %DUEDGRV 4(,, F F F F DQG F HDFK ZLWK D VXSHUE $GHQ *32 FGV Â’ LQYHUWHG ZPNV 80 ZLWK JRRG %LUG GHILQV WR LQF 6* FDQFHO Â… Â… Z Z Z Â… Â… ',6 W\SH ' RQ UHJLVWHUHG FRYHU WR 8. ZLWK Â’ :$7(50$5. 9$5,(7,(6 )DONODQG ,VODQGV VWDPS FRPELQDWLRQ 0XNDOOD WUDQVLW FGV 6KLKU UHJG ODEHO $ Â’ 80 WULR LQF S %LUG 6* Z DQG S 6KLS 6* Z VFDUFH PDUN YHU\ ILQH Â… Â… Â… Â… 08.$//$ &DQFHOOHG UHJLVWHUHG FRYHU WR Â’ :$7(50$5. 9$5,(7,(6 )LML LQYHUWHG ZPNV 6ZLW]HUODQG VKRZLQJ WZR GLIIHUHQW W\SHV RI FDQFHO &KRLFH IRXU Â’ LQF :RUOG &XS )RRWEDOO F 6* Z HWF 1LFH JURXS DOO VWDPS F IUDQNLQJ $UULYDO %6 Â… Â… GLIIHUHQW Â… Â… +$'+5$0$,7 VHW RI QLFHO\ XVHG RQ D SDLU :25/' :$5 7:2 FHQVRUHG PDLO HQY RI UHJG )'& FDQFHOOHG 0XNDOOD 6* DOVR ILQH 2+06 IURP ,QGLD WR 7HKUDQ ZLWK FHQVRU KV DQG ODEHO VWDPSOHVV HQY ZLWK VLQJOH I RYSW FDQF 0XNDOOD Â… Â… HQY ZLWK )32 %XUPD VHQW WR ,QGLD DLU OHWWHU )32 Â’ 6287+ $5$%,$1 )('(5$7,21 (5525 2) (J\SW ZLWK 3DVVHG E\ &HQVRU KV VWDPSOHVV HQY ZLWK )32 /LE\D VHW WR (QJODQG ZLWK ER[HG DQG &URZQ 3DVVHG E\ Â’ 29(535,17 ILO RQ F 29(535,17 ,1 %/$&. LVVXHG ZLWK EOXH RYHUSULQW DV FRUQHU UHTXLVLWLRQ EORFN RI QLQH VXSHUE 80 &HQVRU HQY ZLWK ,QGLD D IUDQNHG )32 ,UDT ZLWK $ PDMRU UDULW\ 0LFKHO FDW (XUR 6* YDU 3DVVHG E\ 8QLW &HQVRU KV HQY ,QGLD D IUDQNLQJ )32 Â… Â… .LUNXN ,UDT $ ILQH JURXS RI FRYHUV Â… Â… { 2/' */$66,1( ZLWK .*9, HDUO\ 4(,, VHHQ Â’ .*9, GHILQV WR U )8 6LOYHU :HGGLQJ )8 VWDWH LVVXHV )8

:25/':,'( LQ D ODUJH FDUWRQ VHHQ %ULWLVK &RPPRQZHDOWK LQ HQYHORSHV WKHPDWLF LQF %LUGV )XQJL :LOGOLIH 6SDFH ZLWK VWRFN ERRNV SDJHV DQG SDFNHWV PDQ\ V RI VWDPSV HYHQ VHHQ 80 VHWV Â… Â…

4(,, GHILQV WR $ IHZ VWDPSV )8 RU PLQW Â… Â…

{ :25/':,'( PDQ\ V RI VWDPSV LQ

2/' 3$*(6 ZLWK FKLHIO\ .*9, LVVXHV 'KRZV WR U PLQW VHW RI PLQW 6LOYHU :HGGLQJ U 80 6HL\XP VHW WR U LQ EORFNV PDQ\ ZLWK 'H /D 5XH LPSULQWHG ZLWK D FDW YDOXH RYHU Â… D YHU\ XVHIXO ORW DSSUR[ VWDPSV Â… Â…

DOEXPV VWRFNERRNV DQG ORRVH IURP PDQ\ GLIIHUHQW FRXQWULHV ZLWK KRXUV RI IXQ WR EH KDG VRUWLQJ LW RXW PDLQO\ )8 ILOOLQJ D ODUJH FDUWRQ Â… Â… ::,, 0,/,$75< FRUUHVSRQGHQFH RI &DSWDLQ

&UDZIRUG ZKLOVW LQ ,QGLD 0() %DVUD DQG PRUH FRYHUV LQF )RUFH $LU OHWWHUV DLUJUDSKV ZLWK H[WHQVLYH FRQWHQWV ZLOO PDNH D YHU\ JRRG VWXG\ LWHP Â… Â…

Credit Cards

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

3267$/ +,6725< 6HD SRVW PDLO

Â’ 3267$*( '8( RYHUSULQW VHW RI 6* )' FDQFHOODWLRQV RQ 49 DQG (GZDUG 33& V SRVWDO FDUGV DQG IUHVK PLQW D VFDUFH VHW Â… Â… HQYHORSHV ZLWK D YDULHW\ VHD SRVW RIILFH &'6 LQF /HWWHUV & ) Â’ 3,&725,$/ LVVXHV ZLWK D FDWDORJXH YDOXH RYHU % $ ZLWK FRYHUV IURP WR DLUPDLO Â… SLFWRULDO F WR IU $UPV VHW RI DQG HQYHORSH ZLWK .*9, D D IUDQNLQJ WR WUDLQLQJ FHQWUH SLFWRULDO VHW RI 6* ) DOO PLQW Â… Â… +HQGRQ ::,, HQYHORSH ZLWK 5$) 1R SRVWDO +4 &'6 $ YHU\ JRRG VHOHFWLRQ RI FRYHUV 3ULFH WR VHOO Â… Â’ 3267$*( '8(6 VHW RI VHW RI Â… Â… FÂ… VHW RI DQG VHW RI $ ILQH FROOHFWLRQ 3267$/ +,6725< ZLWK LQWHUHVWLQJ IUHVK PLQW Â… Â… FDQFHOODWLRQV SHULRG LWHPV 6RXWKHUQ <HPHQ $1'255$ 63 IUDQNLQJV LQF WR &\SUXV ZLWK =LQJDEDU FGV 0XNHLUDV FGV VXSHUE VPDOO SULQWHG FRYHU ZLWK %2$ FGV DLUOHWWHU WR Â’ 2/' 7,0( ORW RQ D VWRFN SDJH ZLWK EHWWHU SLFNLQJV GHILQLWLYHV ZLWK YDOXHV WR S PDLQO\ SHUI 6LQJDSRUH ZLWK F VLQJOH IUDQNLQJ Â… Â… F S PDLQO\ GHILQV ZLWK D JRRG YDULHW\ 3267$/ +,6725< ZLWK LQWHUHVWLQJ VWDWH LWHPV RI SULQWLQJV $ JRRG VHOHFWLRQ RI VWDPSV KLJK FDW DQG FROODWHUDO LQIRUPDWLRQ LWHPV LQF 6KLKU UHJG FRYHU YDOXH Â… Â… 6KLEDP UHJG 0XNDOOD LWHPV 0DDOOD FGV +XUHLGKD DLU FRYHU D SRVWDO QRWLFH VHW WR RQ $1*2/$ FRYHU HWF $ JRRG ORW Â… Â… Â’ )($785,1* UDUH ORFDO RYHUSULQW LVVXHV RI 5HSXEOLFD SHULRG ROG WLPH FROOHFWLRQ RI GLII VWDPSV PLQW RQ $(*($1 ,6 SDJHV PXFK RU PHULW VHW WR U SRVWDJH GXHV Â’ &$7 Â… IUHVK PLQW JURXS RI EHWWHU VWDPSV VXUFKDUJHV LQF U 6* IUHVK 0 &DUORV VHW DV O 6* :DU 9LFWLPV KLJK YDOXHV HWF *RRG 3$,56 UDUH U RQ U ORFDO LVVXH VPDOO IDXOWV EXW FDW Â… JURXS Â… Â… DORQH DQG PXFK HOVH *RRG ORW Â… Â…

$,787$., Â’ 2OG SDJHV ZLWK EHWWHU SLFNLQJ SHUI VHW

Â’ &(5(6 LVVXHV D ILQH PLQW ORW RI VWDPSV RQ

ROG SDJHV LQF VHW WR H DV IUHVK 0 3$,56 FÂ… LVVXHV LQF F JOD]HG SDSHUV H H WRS YDOXHV FÂ… TXDOLW\ JURXS FDW Â… Â… Â…

RI S òG G (GZDUG VHW RI òG DQG G YHUW SDLUV 6* E 6* E D ILQH UDQJH RI VWDPSV IUHVK PLQW Â… Â… Â’ 2/' 35,17(' $/%80 3$*(6 ZLWK VWDPSV

IUHVK PLQW QRWH VHW RI S HW RI (GZDUG RYSW WR G .*9 GHILQV WR VHW RI $ JRRG VHOHFWLRQ HDFK GLIIHUHQW Â… Â…

$17$5&7,&$ Â’ 672&. %22. ZLWK PDQ\ EHWWHU SLFNLQJV Â’ 5XVVLD 3RODU 'ULIWLQJ 6WDWLRQ 06 6* 06 D VFDUFH 80

%HOJLXP $QWDUFWLF ([KLELWLRQ 06 6* 06 80 )DONODQG 'HS 7KLFN 0DS VHW LQF òG G G G G G JDS LQ R SDUDOOHO DQG G 2FKUH %$7 6KLS DQG ([SORUHUV GHILQ VHW WR Â… 5RVV 'HSHQGHQF\ %LUG F WR D YHU\ ILQH FROOHFWLRQ RI VWDPSV 06 DQG FRYHUV PXFK 80 Â… Â…

Â’ 9$5,(7< 7$, ZLWKRXW GRW RYHU , IUHVK PLQW LQ

SDLU ZLWK QRUPDO 6* DE FDW Â… 6FDUFH Â… Â… Â’ 48$/,7< &ROOHFWLRQ RQ 80 ZLWK RYHU Â’ GLIIHUHQW VWDPSV DQG 06 LQ VLPSOH[ $OEXP UHSOHWH ZLWK

$17,*8$

FRPSOHWH VHWV PDQ\ JRUJHRXV %LUG 6HWV ZLWK KLJK YDOXH GHILQV VXUFKDUJHG VHWV 2+06 DQG PXFK PRUH +LJKO\ )OLJKW &RYHUV WZR ZLWK $QWLJXD DQG 86$ 4 VWDPS FRPELQDWLRQV VWDWHG WR EH $LU 7HVW &RYHUV FDWDORJXHG Â… Â… Â… Â…

$/%$1,$

Â’ 6LOYHU :HGGLQJ 6* ERWWRP WZR URZV { &/$66,& ILUVW LVVXH SD 6* DV D UDUH XVHG Â’ PLQW VWDPSV IROGHG LQWR EORFNV RI VKRZLQJ SODWH 1R

EORFN RI IRXU FDW Â… $Q H[FHSWLRQDO PXOWLSOH Â… Â…

$ %UDGEXU\ LPSULQW HWF 0DQ\ VWDPSV DUH 80 6FDUFH ODUJH PXOWLSOH Â… Â…

Â’ 2/' $/%80 3DJHV ZLWK EHWWHU SLFNLQJV +,*+ 9$/8( VKLS GHILQV RQ DQ DWWUDFWLYH SDLU

6NDQGHUEHJ WR T PLQW VXUFK WR * 7KLUG DQQLYHUVDU\ RI ,WDOLDQ RFFXSDWLRQ VHW RI $QWL 7% $LU VHW FÂ… 6KWDWRU RYSW WR I 80 $ VPDOO EXW XVHIXO ORW RI VWDPSV Â… Â… Â’

RI VPDOO QHDW FRYHUV ZPN XSULJKW VHW RI VL[ WR DQG ZLWK VXUFK WRS YDOXH ERWK FDQF 6W -RKQV 1LFH Â… Â… ,03(5)25$7(' 3$,5 $QQLY RI 6WDWHKRRG

Â’ 6* YDU 80 Â… Â…

$/*(5,$ V $ (;7(16,9( FROOHFWLRQ RI V VWDPSV RQ ROG DOEXP SDJHV VHHQ HDUO\ )UHQFK &ROV KLJK YDOXH DLUV WR IU ZLWK HDFK VWDPS EHLQJ GLIIHUHQW Â… Â…

Â’ %$5%8'$ òG LQYHUWHG ZPN ILQH PLQW

6* Z Â… Â…

),1( 86(' LQFOXGLQJ WR Â… DQG WR 4W\ Â… Â…

Â’ :$5 253+$16 RYSW IU IU IUHVK 80 6* Â’ D FDW Â… Â… Â… ^3KRWR` 3267$/ +,6725< ::,, FHQVRUHG PDLO ZLWK

3RVWDO +LVWRU\ .*9 .*9, /DG\

1HOVRQ PDLOHG DW VHD FRYHU ZLWK VWDPS SRVWHG RQ ERDUG +6 -XELOHH VHW RQ FRYHU 838 VHW RQ FRYHU FKRLFH SSF D YDULHW\ RI FHQVRU ODEHO JRLQJ WR WKH 5HG &URVV LQ 6ZLW]HUODQG WR 86$ ZLWK $QWLJXD /HHZDUG PL[HG IUDQNLQJ HWF ZLWK D JRRG YDULHW\ RI IUDQNLQJV XQFHQVRUHG Â… Â… HQYHORSH WR 5HG &URVV 33& ZLWK 5$) FHQVRU +6 RQ LQWHUHVWLQJ ORW 3ULFHG XS WR VHOO PDQ\ \HDUV DJR IRU Â… Â’ 48((1 9,&725,$ ZDWHU PDUN &$ RQ D SDJH Â… Â… PLQW òG LQF SO QXPEHUV DQG G òG LQF SO FRQWURO QXPEHU G LQF EORFN RI ZLWK SO QXPEHU G $1'255$ )5 PLQW D ILQH UDQJH RI VWDPSV Â… Â… )5(1&+ 29(535,17(' ZLWK YDOXH IURP F WR ::,, &HQVRUHG &RYHUV RQH LV UHGLUHFWHG WR IU QRWH F ZLWK GU\ SULQWLQJ WRS OHIW IUDPH DQG ZLQJV 5$) 6WDWLRQ &UDQDJH ZLWK òG G FRPELQDWLRQ RWKHUV ZLWK PLVVLQJ I VKDGHV KLJK YDOXHV I I I DQG I $ $PHULFDQ &HQVRUV Â… Â… VFDUFH DQG YHU\ KLJKO\ FDWDORJXHG JURXS Â… Â…

Â’ 8102817(' 0,17 FROOHFWLRQ ZLWK PDQ\ VHWV Â’ DQG WKH PRGHUQ LVVXHV KDYLQJ D IDFH YDOXH RYHU Â… VHHQ

$5*(17,1$ Â’ &(17(1$5< SLFWRULDO VHW ILQH 0 6*

6FRWW YHU\ QLFH Â… Â… Â’ $,5 VHW RI ZLWK 0XHVWUD RYSW 6SHFLPHQ 6*

6FRWW & & H[SHUWLVHG RQ WKH UHVHUYH PLQW Â… Â… Â’ $,50$,/ VWDPSV VHW RI ZLWK DGGLWLRQDO

Â’

Â’ Â’ Â’ Â’

GHILQ VHW FDW Â… )ORZHU GHILQV WR Â… %LUGV WR Â… 6KLSV RI WKH 5R\DO 1DY\ VHW )LVKHV WR $ YHU\ JRRG FROOHFWLRQ RI VWDPSV 06 VXSHUE TXDOLW\ Â… Â… Â’ S +06 UHVROXWLRQ ,19 :0. 9$5,(7< 80 Â’ 6* Z SOXV VHYHUDO RWKHU PLQRU YDULHWLHV Â… Â…

VKDGHV SOXV F ZLWK 6HUYLYLT YDULHW\ =HSSHOLQ RYSWV { .*9 ILQH XVHG LQF $VFHQVLRQ RYSWV òG G G EOXH S DQG S JUHHQ F F F S F WR S %DGJH òG WR SLFWRULDOV WR G 6LOYHU 6* =HSSHOLQ RYSW VHW RI $ JRRG ORW RI -XELOHH òG SDLU G FDW Â… Â… Â… VWDPSV FDW Â… PLQW Â… Â… Â’ .*9, FROOHFWLRQ RI 3LFWRULDOV ZLWK 838 SUHVHQWDWLRQ ERRNOHW OHDWKHU ZLWK JROG GLIIHUHQW SHUI W\SHV DQG VKDGHV òG G òG G G HPERVVLQJ ZLWK D UDQJH RI VWDPSV QHDWO\ PRXQWHG LQVLGH LQF %OXH G G G SOXV LQF GHILQV WR S 838 VHW RI ZLWK LWV RULJLQDO ER[ &RURQDWLRQ 9LFWRU\ 6 :HGGLQJ DQG 838 VHWV D YHU\ JRRG $ YHU\ ILQH LWHP Â… Â… ORW Â… Â… 1$7,21$/ $17+(0 0XVLF SDLU RI LPSHUI 06 $8675$/,$ IUHVK 80 ILQH DQG VFDUFH 6* 06 $ % { 3HQQ\ .DQJDURR 2OG ORW RQ SDJHV DQG Â… Â… SDFNHWV VWDPSV XVHG VRPH YDULHWLHV VSRWWHG LQF ([WUD 8102817(' 0,17 FROOHFWLRQ RI VWDPSV ,VODQG GRW EHIRUH 3 GLIIHUHQW GLHV $ SRSXODU LVVXH 06 ZLWK EHWWHU VHWV QRWH &ODLP RQ )DONODQG ,V Â… Â… 6DQ 0DUWLQ S )DXQD $QLPDOV Â’ 522 òG 6* ILQH DQG VFDUFH FRLO VWULS RI VL[ Â’ IUHVK 0 80 ZLWK YDULHWLHV DW SRVLWLRQV FRLO MRLQ DW

%XWWHUIOLHV ZLWK PDQ\ KLJK YDOXHV $ VROLG FROOHFWLRQ IRU WKLV SHULRG Â… Â… $ 9(5< *22' ROG WLPH FROOHFWLRQ KRXVHG LQ WZR DOEXPV IRU WKH SHULRG PDQ\ V ZLWK LQWHUHVWLQJ LWHPV DGGHG RYHU WKH \HDUV F ZLWK SUH SULQWLQJ SDSHU FUHDVH YDULHW\ RYSWV S 6* GHILQV ZLWK VSHFLDOLVW SULQWLQJV &HQWHQDU\ LPSHUI EORFN S ,QGHSHQGHQFH WRS YDOXH 6* IUHVK PLQW 5HYROXWLRQ LVVXHV WR S )8 DLUPDLOV 81/,67(' F F 35,17(' 21 7+( *800(' 6,'( DQG PXFK PRUH 9HU\ JRRG ORW Â… Â… { 2/' 7,0( RULJLQDO ORW RI ZLWK EHWWHU Â’ SLFNLQJV PDQ\ 6DQ 0DUWLQ LVVXHV ZLWK GLIIHUHQW SULQWLQJV

5HYROXWLRQ F RIIVHW RQ WKH UHYHUVH S PLQW FÂ… S )8 FDW Â… S )8 FDW Â… $ YHU\ JRRG UDQJH RI VWDPSV PXFK PLQW Â… Â…

QXPEHU LQ WKH VWULS YHU\ IUHVK VOLJKW VSOLWWLQJ LPSUHVVLYH SLHFH Â… Â… .$1*$522 6 2ULJLQDO ROG WLPH FROOHFWLRQ LQ DQ $OEXP 6WDPSV DUUDQJHG E\ YDOXH ZLWK ORWV RI DGGLWLRQDO LWHPV IRU òG WR YDOXHV LQF VHFRQG ZPN VHW XVHG FÂ… VHW WR WR Â… VSHFLPHQ RYSW PLQW WKHQ E\ YDOXH LQF 26 SHUILQV HQG PXFK )8 PDQ\ G ZLWK YDULHWLHV LQY ZPN G G LQF ZPN LQYHUWHG )8 G G SHUI 26 G SHUI 26 ZLWK LQYHUWHG ZPN FÂ… JRRG UDQJH RI G LQF LPSULQW EORFN XVHG &DW Â… DQG PXFK HOVH 9HU\ KLJK WRWDO &9 Â… Â… .*9 KHDG G VWXG\ RQ ROG SDJHV ZLWK VKDGHV PLQRU YDULHWLHV LQYHUWHG ZPN D JRRG VHOHFWLRQ RI IUHVK PLQW 6* Â… Â…

Â’ 8102871(' 0,17 V LVVXHV ZLWK EHWWHU { .*9 +HDGV WKH 3HQQ\ 5HG XVHG ORW RYHU Â’ SLFNLQJV QRWH ,QGHSHQGHQFH VKHHWOHW RI 6* 06 RQ ROG SDJHV &OXE SDJHV HWF 6RPH DUUDQJHG E\ GDWHG

$LU 5RFNHW 'U 6XQ 6FLHQWLVWV )DPRXV :RPHQ ZLWK YDOXHV WR S $ XVHIXO FROOHFWLRQ RI VWDPSV 06 Â… Â…

SRVWPDUNV ZLGH UDQJH RI VKDGHV DQG SULQWLQJV VRPH )8 SDLUV 2ULJLQDO EDODQFH D SRSXODU VWDPS IRU VSHFLDOLVW VWXG\ Â… Â… { .*9 +($'6 3HQQ\ FKHFN OLVW LOOXVWUDWHG

$50(1,$ Â’ 8102817(' 0,17 5HSXEOLF LVVXHV H[WHQVLYH Â’ FROOHFWLRQ FDW Â… ZLWK PDQ\ EHWWHU VHWV LQF WKHLU 06 D

SDJHV YHU\ ROG ZLWK XVHG VWDPSV PRXQWHG DORQJVLGH WKH LOOXVWUDWLRQV HWF YDULRXV SULQWLQJV DQG GLIIHUHQW SDQHV SODWHV 3URE XVHG VWDPSV 8QFKHFNHG UH VFDUFLWLHV HWF Â… Â…

VFDUFH 1HZ 0LOOHQQLXP ERRNOHW FDW Â… $ VXSHUE FROOHFWLRQ RI VWDPSV 06 ZLWK GHWDLOV YHU\ FRPSOHWH IRU { 3HQQ\ 5HG .*9 +HDGV XVHG /RW RI SHULRG Â… Â… DUUDQJHG E\ VKDGHV DQG SULQWLQJV RQ SDJHV FDQQRW EH $6&(16,21 JXDUDQWHHG LQWHUHVW LQ HDUO\ VKDGHV SPNV DQG D IHZ PXOWLSOHV ILQH Â… Â… Â’ 9$5,(7< òG %DGJH RI 6W +HOHQD ZLWK OLQH WKURXJK F 6* F PLQW Â… Â… ^3KRWR` { 2QH 3HQQ\ .*9 +HDGV $ VSHFLDOLVHG VWXG\ RI VWDPSV FKLHIO\ )8 RQ SDJHV ZLWK QRWHV LQF 'LH ,, *UHHQ Â’ 9$5,(7< G %DGJH RI 6W +HOHQD ZLWK %URNHQ )8 LQ SDLU ZLWK QRUPDO FRQVWDQW YDULHWLHV IRXQG DFURVV WKH 0DLQ 0DVW 6* D PLQW Â… Â… FRORXUV RI HDFK SULQWLQJ 1< MRLQHG RQ DOO 5HG *UHHQ DQG 3XUSOH 3(1$9< FRUQHU GRW HWF *RRG ORW Â… Â… Â’ 9$5,(7< ,VODQG 0DS G ZLWK 7HDUGURS IODZ { 21( 3(11< .*9 +($'6 0DMRU FRQVWDQW 6* D PLQW Â… Â… YDULHWLHV )8 $ VWXG\ RQ SDJHV VWDPSV LQF WKLQ * 5HG ILUVW VWDWH UXQ 1 YDULRXV SULQWLQJV IHUQV LQF *UHHQ PLQW GRW 6LOYHU -XELOHH VHW RQ FKRLFH UHJLVWHUHG FRYHU WR EHIRUH YDULRXV SULQWLQJV 5$ MRLQV DQG PXFK HOVH *RRG ORW 6FRWODQG GLIILFXOW VHW WR ILQG RQ FRYHU 6* UDWHG RI YDULHWLHV Â… Â… Â… Â… Â… 35,621(5 2) :$5 OHWWHU IUHH SULQWHG

Â’ 9$5,(7< .*9, òG URVH FDUPLQH FXW PDVW

HQYHORSHV ZLWK W\SH 3 RU W\SH 3 LPSUHVVLRQV ERWK ILQH XVHG ZLWK FHQVRUV WR *HUPDQ\ RU 6\GQH\ DOVR RWKHU LQWHUHVWLQJ ::, FHQVRUHG LWHPV DOO GHWDLOHG RQ SDJHV Â… Â…

DQG UDLOLQJV 6* GE 80 Â… Â…

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

{ .*9 +HDG G 'LH , ,, XVHG VWXG\ RQ

:25/' :$5 ,, &HQVRUHG PDLO ZLWK D YDULHW\

SDJHV LQF QLFH XVH RQ FRYHU 26 SHUILQV PLQRU YDUV Â… Â… $'(/$,'( ILUVW IOLJKW FRYHUV WR &('81$ DQG 4 )255(67 ERWK ZLWK FDFKHWV DQG DUULYDO FGV QLFH PDWFKHG SDLU

ERWK ZLWK G EL SODQH DLU VWDPSV Â… Â… $,50$,/ ,ULVK DFFHSWDQFH IORZQ FRYHUV DOO 4 PXOWL IUDQNHG ,ULVK LVVXHV FDUG ZLWK %ULWLVK SRVWDJH GXH

GXULQJ WUDQVLW VSHFWDFXODU VWDPS IUDQNLQJ WR 'DUZLQ HWF Â… Â… Â’ .*9 KHDGV G G -2+1 $6+ ,035,17

%ORFNV DQG G DV EORFN RI ZLWK LPSULQW ILQH PLQW 6* LPSULQW EORFNV %: Â… Â… { ),1( 86(' ZLWK RYHU GLIIHUHQW VHWV

VWDPSV ZLWK EHWWHU SLFNLQJV 0DF$UWKXU $1=$& 6LOYHU -XELOHH GHILQV WR Â… H[WHQVLYH GHFLPDO LVVXHV ZLWK YDOXHV WR $ ILQH FROOHFWLRQ RI VHWV Â… Â… Â’ 0('$/ YDULHW\ G .*9, 6* E IUHVK 80 LQ Â’ SRVLWLRQDO EORFN Â… Â…

RI *(2 $GDPV +DQGVWDPSV HQYHORSH ZLWK SDVVHG E\ FHQVRU HQYHORSH FDQFHO $,) ILHOG 1R DQG $)&& KDQGVWDPS HQYHORSH IURP 5$$) VWDWLRQ /DYHUWRQ HQYHORSH IURP -DSDQ $XVW XQLW VWQ &'6 D JRRG JURXS WR ZULWH XS Â… Â… :RUOG :DU ,, FHQVRUHG PDLO D JRRG YDULHW\ RI

FRYHUV ZLWK FHQVRU ODEHOV DQG GLIIHUHQW SDVVHG E\ FHQVRU +6 PDLQO\ VHQW WR WKH 86$ RU 8. EXVLQHVV HQYHORSH VHW WR 8. ZLWK G UDWH $LUPDLO $&) HQYHORSH ZLWK WZR GLIIHUHQW SDVVHG E\ FHQVRU +6 HQYHORSH ZLWK D SDLU WR URR V ZLWK &DOLRQLD &OLSSHU +6 ZLWK DQ LQWHUHVWLQJ UDQJH RI IUDQNLQJV FRYHUV Â… Â… :RUOG :DU ,, PDLO ,WDOLDQ 32: $XVWUDOLD ZLWK

SDVVHG E\ FHQVRU +DQG VWDPS RQ WKH UHYHUVH 1R 32: JURXS 0XUFKLVRQ VFDUFH $XVWUDOLD LQWHUQHHV PDLO IURP ,QWHUQPHQW &DPS 1R EHDULQJ $XVWUDOLDQ DQG *HUPDQ FHQVRUV 7KLUG HQYHORSH 6LOHQFH 6DYHV 6ROGLHUV ZLWK 1R ,QWHUQPHQW &DPS WK *DUULVRQ %DWWDOLRQ KDQG VWDPS Â… Â…

<($5%22.6 DQG VSULQJEDFN $OEXP FKLHIO\ V SHULRG ZLWK WKH PLQW LQF PXFK 80 KDYLQJ D IDFH YDOXH RYHU $ XVHIXO UDQJH ZLWK VHWV LQF $UW VHW WR $ IHZ VWDPSV Â… Â…

Â’ %&2) òG QDUURZ 1 YDULHW\ ILQH PLQW LQ SDLU

ZLWK QRUPDO 6* - - % Â… Â… ^3KRWR` Â’ %&2) G ZLWK WULDO RYHUSULQW LQ 5(' ILQH PLQW

$8675,$

6*- YDU 6FDUFH Â… Â… ^3KRWR`

{ 2/' 7,0( FROOHFWLRQ ZLWK EHWWHU VHWV QRWH Â’ 81&87 FRPSOHWH VKHHW RI .*9 G 6* Â’ :KLVNHUV NU /00 0XVLFLDQ )XQG VHW RI PLQW Â’ ERRNOHW SDQH [ VHOGRP VHHQ DV D FRPSOHWH VKHHW QRUPDO

D YHUW VWULS RI ERRNOHW SDQHV XQPRXQWHG PLQW Â… Â…

635,1*%$&. DOEXP ZLWK D JRRG UDQJH RI 4(,, LVVXHV LQF PLQRU YDULHWLHV KLJKOLJKWHG VHHQ FRLO VWULSV FRLO SDLUV 1DYLJDWRU VHW 80 D JRRG FROOHFWLRQ RI LWHPV PDQ\ PRUH VWDPSV PDLQO\ IUHVK PLQW $Q LQWHUHVWLQJ ORW ZLWK DOO WKH YDULHWLHV Â… Â… Â’ %22./(76 F ZLWK GLIIHUHQW HGLWLRQ QXPEHUV Â’ '1 '9 ERWK GLIIHUHQW '* ZKLWH VWLWFKLQJ DQG '1 FDW

DOO LQ YHU\ ILQH FRQGLWLRQ XQPRXQWHG PLQW Â… Â… Â’ .*9 FRPPHPRUDWLYH VHWV RQ D VWRFN SDJH LQF

9LFWRULD ERWK SHUI VHWV 0DF$UWKXU VHW RI $1=$& VHW 6LOYHU -XELOHH VHW D ILQH FROOHFWLRQ RI VWDPSV HDFK GLIIHUHQW Â… Â…

$UWLVW VHW PLQW DLUV WR V :DU 2USKDQV VHW RI )8 $QWL 7% VHW PLQW :ULWHUV VHW RI 80 KLJK YDOXHV V V PLQW :HOIDUH )XQG VHW PLQW $LU VHW PLQW :LQWHU )XQG PLQW :HOIDUH )XQG VHW )8 /DQGVFDSHV VHW RI PLQW &RVWXPHV WR V PLQW LQF V UHG J EURZQ SXUSOH &KLOG :HOIDUH VHW PLQW $ YHU\ JRRG FROOHFWLRQ RI VWDPSV ZLWK D FDWDORJXH YDOXH RYHU Â… Â… Â… 0(5&85< EOXH N WKUHH LQF RQH XQXVHG QG ILQH XVHG DQG WKLUG RQ ODUJH SLHFH RI RULJLQDO SDSHU 6* 1 SOXV D IRUJHG FRS\ ILQH XVHG Â… Â… 1(:63$3(5 DQG -2851$/ KLJKO\ FDWDORJXHG VHOHFWLRQ RI QRWH NU 6* - ZLWK D FGV FDQFHO WR NU VFDUFH QHZVSDSHU EORFN RI EOXH LPSHUIHG UHSULQW PLQW ZLWK ROG SDJHV ZLWK VRPH GHWDLOV DERXW HDFK VWDPS Â… Â…

{ .*9, GHILQLWLYH VWXG\ RQ DOEXP SDJHV Â’ 32 ,1 785.(< RYSWV VXSHUE IUHVK 0 Â’ LQF LPSULQWHG EORFNV FRLO VWULSV LQF FRLO MRLQW SDLUV $ YHU\ JRRG (DJOH VHW RI 6* DQG VHW RI WR SL H[FHOOHQW ORW RI LWHPV Â… Â…

TXDOLW\ FDW Â… Â… Â…

Â’ .*9, FROOHFWLRQ RQ SULQWHG DOEXP SDJHV Â’ GHILQV WR Â… LQF G ILYH GLIIHUHQW SULQWLQJV FRPPHPV LQF Â’ 1HZ 6RXWK :DOHV ,PSHULDO )RUFHV QR ZPN GHILQ VHW RI

(19(/23( WR *HUPDQ %ULJDGH LQ 3HNLQJ

HQGRUVHG &KLQD YLD 2GHVVD ZLWK K IUDQNLQJ RQ WKH UHYHUVH DQG 3HNLQJ DUULYDO PDUNV $ VFDUFH FRYHU Â… Â… VHYHQ $ YHU\ ILQH FROOHFWLRQ RI VWDPSV PLQW LQF 80 Â’ '2//)866 V 6* D VFDUFH VWDPS IUHVK Â… Â… Â’ XQPRXQWHG PLQW Â… Â… ^3KRWR` Â’ 1(: ,668(6 80 RQ SDJHV V Â’ RI VWDPSV DV VHWV DQG DOO GLIIHUHQW WHUULILF ORW RI PRGHUQ IDFH { 2/' '$92 SULQWHG DOEXP ZLWK VWDPSV DSSUR[ Â… Â… Â… VHHQ 3OHELVFLWH VHW XVHG 5HFRQVWUXFWLRQ )XQG VHW RI PLQW 6WDPS 'D\ PLQW VWUHQJWK LQ ILQH XVHG { 2/' 7,0( FROOHFWLRQ RQ SDJHV 5RR V WR VHWV Â… Â… Â’ PLQW ILQH WR .*9 KHDG PLQW ZLWK YDOXH WR óG XQFKHFNHG ILQH XVHG WR óG $ JRRG VHOHFWLRQ RI )285 35,17(' 'DYR $OEXPV IRU LVVXHV IURP VWDPSV Â… Â… WR ZLWK PDQ\ EHWWHU HDUO\ VHWV DQ RULJLQDO FROOHFWLRQ VHHQ 0XVLFLDQV )XQG VHW RI FÂ… )8 $UWLVW 63(&,$/ &$1&(//$7,216 RQ HYHQW )XQG FÂ… PLQW $UW )XQG FÂ… )8 $QWL 7% FRYHUV LQF 7R RUGHU UHJLVWHUHG ODEHOV YHU\ IHZ H[LVW FÂ… PLQW 5RWDULDQ &RQJUHVV FÂ… PLQW :ULWHUV GLIIHUHQW QRWLQJ UHJLRQDO PHHWLQJV &RQJUHVV %ULWLVK ([KLELWLRQ FÂ… PLQW 3DLQWHUV FÂ… PLQW 6NL VSHFLDO SRVWPDUNV 6SHFLDOLVW 0DWHULDO DQG YHU\ KLJK &KDPSLRQVKLS FÂ… PLQW 5HOLHI RI 9LHQQD FÂ… PLQW UHWDLO LQ $XVWUDOLD Â… Â… $LU VHW FÂ… PLQW :HOIDUH )XQG FÂ… PLQW 9$/8$%/( 3,&.,1*6 ,1 7+,6 $/%80 )RU $LUV V V V V DQG V FÂ… PLQW $ YHU\ JRRG ORW LVVXHV G .RRNDEXUUD 6* IUHVK PLQW RI VWDPSV Â… Â… ^3KRWR` H[WHQVLYH .LQJVIRUG 6PLWK $LUPDLOV PLQW )8 LQF 26 RYSWV 9LFWRULD 6HWV ERWK XVHG 0DF$UWKXU PLQW $Q]DF 6HW PLQW PHILANGLES )8 6LOYHU -XELOHH 6HW PLQW )8 .*9, WR RQ )'& 5R\DO Established in 1990, internationally recognised dealers, YLVLW XQLVVXHG SKRWR SURRI FDUG ORWV RI PDWHULDO JRRG full members of PTS (London), ASDA (New York). ORW Â… Â…

Â’ .*9, VHW 80 6* Â… Â… Â’

1(:63$3(5 VWDPSV 0(5&85< KHDG ZLWK PDQ\ GLIIHUHQW W\SHV IURP WR QRWH ZLWK GLDJRQDO EDUV VHW RI PLQW DQG ILQH XVHG FÂ… WKLQ SDSHU VHW PLQW D KLJKO\ FDW FROOHFWLRQ RI VWDPSV PXFK IUHVK PLQW Â… Â…

Â’ (5525 IUDFWLRQ RPLWWHG òD PLQW 6* GD

Â… Â…

{ 2/' 3$&.(76 FDUGV DQG SDJHV ZLWK D KLJKO\ { .*9, +,*+ 9$/8( IHVWLYDO LVVXH EXQGOHZDUH Â’ FDWDORJXHG UDQJH RI VWDPSV RQH FDUG DORQH KDV GHILQ

HYHQ VHH U RQ EORFN RI 6FDUFH Â… Â… V V &Â… FRVWXPHV &Â… V UHG FÂ… SOHELVFLWH VHW FÂ… :HOVEDFK FÂ… DOO PLQW RQ RWKHU .*9, 3267$/ +,6725< YDULRXV IUDQNLQJV SDJHV VHHQ DUW VHW FÂ… PLQW UHFRQVWUXFWLRQ IXQG LQF PXOWLSOHV D SDLU D 6* RQ IORZQ FRYHU WR 8. FÂ… PLQW D IHZ VWDPSV FKLHIO\ V V SHULRG 7KH VWDPS D UDWH WR 8. Â… Â… DERYH DORQH FDW Â… Â… Â… { .*9, VWDPS ORW FKLHIO\ )8 RQ FDUGV LQF 3267$/ +,6725< ::, ZLWK D JRRG UDQJH RI D 6* DV EORFN WR U 838 DQG &RURQDWLRQ PLOLWDU\ PDUNV RQ D YDULHW\ RI FRYHUV $ YHU\ JRRG UDQJH RI VHWV KLJK FDW Â… Â… FRYHUV SULFHG WR VHOO Â… Â… Â… 3267$/ +,6725< SSF FDUULHG RQ 06 :25/' :$5 , SRVWDO KLVWRU\ ZLWK D YDULHW\ 6LUGKDQD ZLWK WUDGH IDLU FDFKHW DQG IRUPXOD UHJLVWHUHG ZLWK D UDQJH RI PDUNV LQF FHQVRU PLOLWDU\ KV )32 FDQFHOV ZLWK HQYHORSH 9)8 WR 1RUWKHUQ ,UHODQG Â… Â… D YHU\ JRRG YDULHW\ RI FDQFHOV RYHU FRYHUV FDUGV 3ULFHG WR %$5%$'26 VHOO Â… Â… Â… Â’ 0,17 FROOHFWLRQ ZLWK EHWWHU SLFNLQJV VHDO $=25(6 VHW RI -XELOHH VHW RI ZKLWH SDSHU 1HOVRQ VHW { 67 $17+21< U WRS YDOXH )8 6* $ RI 6HDO VHW RI D YHU\ JRRG FROOHFWLRQ RI VWDPSV VFDUFH VWDPS Â… Â… KLJK FDW YDOXH HDFK GLIIHUHQW Â… Â… { :DWHUPDUN YDULHW\ 9LFWRU\ ZPN FURZQ WR OHIW

Â’ &(5(6 RYHUSULQW LVVXHV ILQH ORW ZKLFK KDV D

YHU\ KLJK &9 GLII VWDPSV FKLHIO\ PLQW QRWLQJ H VHW LQF NH\ F H DQG H WRS YDOXH Â… Â…

%$+$0$6

6* Z ILQH XVHG Â… Â… { 6HDO VHW ILQH XVHG 6* &DW

Â… Â… Â…

{ 0$/)250(' ( 9DULHW\ G 6* D

Â’ 9$5,(7< òG %LUG E\ 7XUUHW 6* P

9)8 Â… Â… ^3KRWR`

PLQW Â… Â…

Â’ (/21*$7(' ( YDULHW\ .*9 òG IUHVK 80 6* Â’ D Â… Â…

{ .*9, 6* % DV D JRRG XVHG EORFN RI VL[

VFDUFH Â… PXOWLSOH Â… Â… Â’ .*9, YDULHW\ òG HORQJDWHG ( 6* HF ZLWKLQ Â’ IUHVK 80 SRVLWLRQDO SODFH EORFN IDXOWV EXW LPSUHVVLYH

Â… Â… { 4(,, 683(5% 86(' QRWH GHILQ VHW RI

6,/9(5 -8%,/(( VHW RQ DWWU UHJG FRYHU WR

6RXWK $IULFD 6* Â… Â… Â’ .*9, G RULJLQDO SULQWLQJ 6* DV PLQW EORFN Â’ ORZHU WZR XQLWV 80 W\SLFDO ORFDO JXP 9HU\ JRRG IRU WKLV $ Â’ UDUH PXOWLSOH FDW Â… Â… Â… Â’ /2&$/ 63(&,0(1 KDQGVWDPSV LQ YLROHW RQ

9LFWRU\ VHW 6* EHOLHYHG WR EH RQO\ IRXU VXFK VHWV SUHSDUHG IRU GLVSOD\ DW WRXULVW KRWHOV PLQRU ORFDO DJLQJ ([WUHPHO\ UDUH 9LFWRU\ LWHPV Â… Â…

6HOI *RYHUQPHQW RYSW VHW RI SLFWRULDO VHW RI Â’ /2&$/ 63(&,0(1 KDQGVWDPS RQ RQH SHQQ\ 1HZ &XUUHQF\ VHW RI SLFWRULDO VHW RI ZLWK PDQ\ FRPPHPRUDWLYHV LQF 06 $ YHU\ ILQH FROOHFWLRQ RI VWDPSV VXUFKDUJH SHUI 6* RQO\ D KDQGIXO SUHSDUHG ORFDOO\ IRU 06 RXWVWDQGLQJ TXDOLW\ Â… Â… GLVWULEXWLRQ IRU GLVSOD\ LQ LVODQG KRWHOV 0LQW Â… Â… .*9, KLJK YDOXHV RQ SDLU RI PDWFKHG UHJLVWHUHG /2&$/ 63(&,0(1 +$1'67$03 RQ RQH FRYHUV WR &DQDGD ZLWK DQG FRPELQDWLRQV SHQQ\ VXUFKDUJH 6* H SULQWLQJ RQO\ D VPDOO QXPEHU ZHUH &KRLFH VHOGRP IRXQG RQ FRYHU 6* Â… Â… SUHSDUHG IRU ORFDO LVODQG GLVWULEXWLRQ 0LQW Â… Â… Â’ 4(,, GHILQLWLYH VHWV VHW RI 6HOI { '/5 ,035,17 EORFNV RI òG WR DOO 9)8 *RYHUQPHQW VHW RI VHW RI DQG 1HZ &XUUHQF\ UHPDUNDEOH VHW RI WHQ EORFNV HDFK VXSHUEO\ FDQFHOOHG EHWZHHQ VHW RI IUHVK PLQW FDW Â… Â… Â… 6* F D Â… Â… Â’ /2&$/ 63(&,0(1 KDQGVWDPSV LQ YLROHW 9(5< *22' 2/' 7,0( 67$03 &2//(&7,21 RQ SDJHV RYHU LVVXHV 49 &KDORQV XSWR G SUHSDUHG IRU ORFDO WRXULVW KRWHOV RQO\ DSSUR[ VHWV SUHSDUHG )8 FDW Â… HDFK -XELOHH VHW )8 YHU\ JRRG .*9, LQF 8QLYHUVLW\ VHW 6* ILQH PLQW ([WUHPHO\ UDUH WR Â… 0 FÂ… LQF RULJLQDO SULQWLQJ Â… 6* D JRRG Â… Â… XVHG VHOHFWLRQ RI GHILQV LQF GLII SULQWLQJV { 683(5% 86(' FROOHFWLRQ ZLWK EHWWHU HDUO\ /DQGIDOO WR Â… 0 GHILQV WR Â… 0 Â… :HGGLQJ 0 DQG LVVXHV 'HILQ VHW RI 1HZ ZPN VHW RI WKUHH GLII HDUO\ 4(,, GHILQ VHWV WR Â… RU 0 ([FHOOHQW 0DULQH /LIH VHW RI )LVK VHW RI D JRRG UDQJH RI SLFNLQJV YHU\ KLJK &9 Â… Â… &RPPHPRUDWLYH VHWV VXSHUE FROOHFWLRQ RI VWDPSV RXWVWDQGLQJ TXDOLW\ Â… Â… %$+$:$/385 (5525 RQ FRYHU F RQ F YHUWLFDO SDLU RQH Â’ $/0267 &203/(7( IRU WKH SHULRG ZLWK PDQ\

ZLWK '28%/( 29(535,17 (5525 FDQFHOOHG RQ ILUVW GD\ 6* F Â… Â…

EHWWHU VHWV 3LFWRULDO 6* FÂ… PLQW 2IILFLDOV 5HYHQXH 6*2 PLQW FÂ… 6HUYLFH 6*2 80 $ YHU\ ILQH FROOHFWLRQ RI VWDPSV PDLQO\ PLQW ZLWK D KLJK FDWDORJXH YDOXH Â… Â… ^3KRWR`

%$+5$,1 ::,, FHQVRUVKLS ILQH FRYHU WR 8. )5$1.('

VWULS RI IRXU D S 6* QHDWO\ WLHG $JHQF\ KV %ULWLVK &HQVRU ODEHO 9HU\ ILQH Â… Â…

$ 672&.&$5' IXOO RI 6* OLVWHG YDULHWLHV òG RYSW K\SKHQ RPLWWHG LQ SDLU ZLWK QRUPDO 9LFWRU\ G ZPN LQYHUWHG 0 óG ZPN LQYHUWHG DQG UHYHUVHG 0 G FXUYHG OLQH DW WRS ULJKW )8 DQG 9LFWRU\ òG 7ZR )ODJV YDULHW\ ERWK 0 DQG )8 $ JRRG JURXS RI YDULHWLHV Â… Â…

Â’ .*9 6(76 0,17 FDW Â… %DGJH WR Â’ (':$5' VHW RI ILYH IUHVK 0 6*

9LFWRU\ VHW VPDOO IRUPDW VHW %DGJH VHW HWF *HQHUDOO\ ILQH Â… Â… 60$// 67$03 ORW LQF .*9, LVVXHV WR )8 WR )8 0DULQH /LIH VHW )8 9LFWRU\ òG WZR IODJV YDULHW\ PLQW 6* D TW\ Â… Â…

Â… Â… Â’ 3267$/ ),6&$/ G 6* ) )8 FDW Â…

Â… Â… ^3KRWR` Â’ .*9 RYSW VHW RI IUHVK PLQW LQF DGGLWLRQDO

òG G DQG OLVWHG VKDGHV SOXV ERWK G GLHV 6* E QLFH TXDOLW\ 6HH ZHEVLWH Â… Â…

%$6872/$1' { .*9 Â… UHYHQXH 9)8 $ VFDUFH VWDPS

Â’ .*9 RYSW VHW RI ILQH 0 6* IUHVK

EDUHIRRW Â… Â…

Â… Â…

4(,, òG òF SRVWDO FDUGV IUHVK

Â’ .*9 SLFWRULDO VHW IUHVK 0 6* QLFH

XQXVHG Â… Â…

TXDOLW\ Â… Â…

%$780

6,/9(5 -8%,/(( LVVXHV RQ PDWFKHG SDLU RI

Â’ %5,7,6+ 2&&83$7,21 U RQ N 6*

IUHVK PLQW FDW Â… Â… Â… Â’ %5,7,6+ 2&&83$7,21 U RQ N LPSHUI IUHVK

PLQW 6* FDW Â… Â… Â… Â’ %5,7,6+ 2&&83$7,21 U RQ N LPSHUI 6*

IUHVK 0 FDW Â… Â… Â… Â’ %5,7,6+ 2&&83$7,21 U RQ N 6* PLQW

FDW Â… YHU\ ODUJH PDUJLQV Â… Â… Â’ %5,7,6+ 2&&83$7,21 PLQW WULR FDW Â… U

RQ N U RQ N DQG U RQ N 6* Â… Â…

UHJG FRYHUV VL[ VWDPS FRPER PDNLQJ LQF SDLUV G G FRYHU ZLWK VXSHUE G IUDQNLQJ ERWK FDQF 0DIHNLQJ Â… Â… { 5(9(18( &20%,1$7,21 3,(&( .*9 Â…

&DWWOH 5HYHQXH LVVXH SOXV .*9, SRVWDJH VWDPSV DOO RQ SLHFH ZLWK QHDW 0DVWHUV 2IILFH KDQG VWDPSV 9HU\ DWWUDFWLYH Â… Â… { $ 63(&7$&8/$5 5HYHQXH SLHFH IUDQNHG [

.*9 Â… 5HYHQXH XVHG ZLWK .*9, VWDPSV SDLU DQG PXOWL FDQF DW 0DVWHUV 2IILFH UHPDUNDEOH PXOWLSOH XVH RI WKH .*9 KLJK YDOXH 5HYHQXH Â… Â… ^3KRWR` .*9, G 6* QLFHO\ XVHG RQ VXSHUE OLWWOH

FRYHU IURP /REDWVL DOVR G DHURJUDPPH FWR XVHG DQG FRYHU FDQF 6HURZH Â… Â…

Â’ 9$/8$%/( DQG YHU\ KLJKO\ FDWDORJXHG

FROOHFWLRQ RI LVVXHV LQFOXGLQJ VFDUFH RYHUSULQWV RQ 4(,, GHFLPDO RYSW VHW RI ZLWK U VHFRQG 5XVVLDQ VWDPSV QRWLQJ U RQ N DQG U RQ N PLQW VHWWLQJ 6* D XVHG RQ ILUVW GD\ FRYHU 6* VWDWHV WKDW WKH U 1RY SHUIRUDWHG W\SHV LQF VLJQHG U RQ N RYSWV W\SH ,, ZDV QRW LVVXHG XQWLO IRXU ZHHNV ODWHU " XQXVXDO 6* LQ ERWK EOXH EODFN 6HOGRP RIIHUHG ORW Â… Â… Â… Â… 4(,, GHFLPDO RYSW VHW RI ZLWK VFDUFH RULJLQDO

%(&+8$1$/$1' Â’ 67(//$/$1' $UPV VHW PLQW SOXV DGGLWLRQDO G

VKDGH 6* XQXVXDOO\ JRRG IRU WKHVH &DW Â… Â… Â…

ILUVW SULQWLQJV XVHG RQ LOOXVWU )'& QRWLQJ WKH VFDUFH U RULJLQDO VHWWLQJ 6* Â… Â… Â’ 4(,, GHILQ VHW IUHVK 80 6* SOXV %LUG Â’ LVVXHV òF F òF ZLWK LQWHUHVWLQJ YDULHWLHV

{ &DSH 2937 VHW RI )8 6FDUFH

Â… Â…

6* Â… Â…

{ 49 KRDUG RI G DQG G PDQ\ RQ

{ %ULWLVK %HFKXDQDODQG RYHUSULQW V RQ &DSH RI Â’ *RRG +RSH LVVXHV &DW 2YHU Â… QRWH 6* PLQW 6* WR

SLHFH ZLWK FGV FDQFHOV JRRG IRU VWXG\ Â… Â…

6* )X ZLWK HDFK LVVXH W\SH XSRQ SDJHV ZLWK GHWDLOV VWDPSV Â… Â…

%(/$586

{ 3URWHFWRUDWH 2937 VHW G WR XVHG

7KH NH\ G LV D YHU\ ILQH H[DPSOH 5DUH G IDXOWV DOO RWKHUV VRXQG 2IIHUHG IRU WKH G YDOXH 6* FDW Â… Â… Â… Â’ 6* òG PP RYSW XSULJKW IUHVK PLQW FDW

Â’ (;&(37,21$/ FROOHFWLRQ ZLWK RYHU Â’ GLIIHUHQW VWDPSV SOXV 06 VKHHWOHWV ZLWK GHILQV VXSHUE

UDQJH RI FRPPHPRUDWLYHV VHOGRP VHHQ FROOHFWLRQ RI PRGHUQ LVVXHV XQPRXQWHG PLQW Â… Â…

%(/*,80 { (DUO\ .LQJ /HRSROG LVVXH V ZLWK D YDULHW\ RI

Â… Â… Â…

FDQFHOV DQG YDOXHV WR F LQF FDQFHOV F SDLU ZLWK YHU\ ILQH EDUUHO FDQFHO RQ LQWHUHVWLQJ JURXS RI VWDPSV XQFKHFNHG IRU SULQWLQJV Â… Â…

{ 6* òG PP RYSW XSULJKW )8 VFDUFH FDW

Â… Â… Â…

{ 672&. 3$*( ZLWK HDUO\ /HRSROG LVVXHV LPSHUI

{ 6* òG PP RYSW XSULJKW )8 VFDUFH FDW

Â… Â… Â… { 6* D òD 29(535,17 ,19(57(' 9)8 FDW

Â… Â… Â… { 6* D òG RYHUSULQW LQYHUWHG ILQH XVHG 3$,5

VFDUFH PXOWLSOH FDW Â… Â… Â… { 6* D òG 29(535,17 ,19(57(' 9)8 FDW

Â… Â… Â… Â’ 6*$ D òG RYHUSULQW LQYHUWHG IUHVK PLQW FDW

Â… Â… Â… Â’ *% RYSW VHW IUHVK 0 6*

Â… Â…

DQG SHUI WR F ZLWK D YDULHW\ RI QXPHUDO WRZQ FDQFHOV WR I ILQH XVHG F PLQW /HRSROG ,, VPDOO OLRQ F WR F ILQH XVHG JRRG IRU VWXG\ FROOHFWLRQ RI HDUO\ .LQJ LVVXHV &KLHIO\ ILQH XVHG KLJK FDW YDOXH Â… Â… { ,'($/ $/%80 SDJHV ZLWK VWDPSV GLIIHUHQW

VWDPSV LQF 6XQGD\ ODEHO LVVXHV PDLQO\ ILQH XVHG Â… Â… 25,*,1$/ FROOHFWLRQ LQ D )DYRXULWH VSULQJEDFN DOEXP $ YHU\ JRRG FROOHFWLRQ RI VWDPSV 06 ZLWK EHWWHU SLFNLQJV 6XQGD\ ODEHOV WR IU DLU IU 2YDO VHW $QWL 7% VHW RQ VSHFLDO VKHHWOHW &HQWHQDU\ DQG $QWL 7% VHWV %UXJH )XQG VHW ZLWK PXFK VXSHUE XVHG $ YHU\ ILQH FROOHFWLRQ Â… Â…

Â’ &2/285 75,$/ RI WKH IU .LQJ LQ *5((1 DV

ILQH LPSHUI SDLU ZLWK JXP 8QXVXDO &2% YDU Â… Â… ^3KRWR` { &+$5,7< LVVXHV D YHU\ ILQH FROOHFWLRQ ZLWK Â’ PDQ\ EHWWHU ([KLELWLRQ VHW RI PLQW DQG )8 FÂ…

&KDUOHURL ([KLE RYSW VHW RI PLQW FÂ… $QWL 7% VHW RI FÂ… PLQW $QWL 7% VHW FÂ… PLQW $QWL 7% VHW FÂ… PLQW 5XEHQV )XQG VHW FÂ… PLQW KLJK FDW YDOXH FROOHFWLRQ RI VWDPSV DQG 06 Â… Â… Â’ %UXVVHOV H[KLELWLRQ DQG &KDUOHURO RYSW

VHWV PLQW 6* &DW Â… Â… Â… &2/285 75,$/6 RI WKH .LQJ $OEHUW 6XQGD\ ODEHO LVVXH &2% F ZLWK GLII FRORXUV RQ LPSHUI ZKLWH SDSHU 0RVW XQXVXDO Â… Â… ^3KRWR` { )5 6* )8 &DW Â… Â… Â… Â’ 5$,/:$< IU WR IU VHW RI ILYH IUHVK PLQW 6*

3 FDW Â… Â… Â… ^3KRWR`

{ 2/' 35,17(' SDJHV DQG D VWRFN ERRN ZLWK Â’ PDLQO\ ILQH XVHG FROOHFWLRQ VHHQ 6XQGD\ ODEHO LVVXHV UDLOZD\

SDUFHO VWDPSV 5HG &URVV LQF 5HG &URVV VHW RI FDW Â… )8 5HG &URVV )XQG VHW RI FÂ… )8 $QWL 7% LQF VHW RI FÂ… )8 $ VROLG UDQJH RI VWDPSV IURP WR Â… Â… 2/' 672&. &$5'6 DQG SDFNHWV ZLWK EHWWHU SLFNLQJ ODEHO GHILQV WR I WLQ KDWV WR IU WZR GLIIHUHQW UHG FURVV ERRNOHWV PXFK PLQW RYHU VWDPSV DQG PV DQG ERRNOHWV Â… Â… { 2/' 7,0( FROOHFWLRQ LQ DQ ROG DOEXP ZLWK Â’ LVVXHV IURP WR ZLWK PDQ\ VHWV ERWK ILQH XVHG DQG

PLQW GHILQV WR I F ZLWK VKDGHV WR IU PLQW DLU IU GHHS SXUSOH )8 %,7 RYSW VHW PLQW GHILQV WR IU PLQW VHW RI )8 5HVHDUFK )XQG VHW PLQW DQG )8 3XEOLFLW\ I YHUW VWULS RI PLQW GHILQV WR IU PLQW VXUFKDUJHV VWXG\ ZLWK GLIIHUHQW KDQGVWDPS )8 ,QGXVWU\ VHW PLQW $ YHU\ JRRG VROLG FROOHFWLRQ RI VWDPSV 06 Â… Â… { 2/' 7,0( &2//(&7,21 LQ WKUHH DOEXPV IURP Â’ WR D VROLG FROOHFWLRQ RI VWDPSV 06 ZLWK

{ 7LQ +DW IU WRS YDOXH 9)8 6*

Â… Â… { %HOJLXP RFFXSDWLRQ RI *HUPDQ\ (XSHQ IU IU

IU )8 0DOPHG\ IU IU IU )8 DOO &DW Â… Â… Â… $,50$,/ ,ULVK DFFHSWDQFH IORZQ FRYHUV 4 FDUULHG RQ ILUVW QLJKW IOLJKW WR %UXVVHOV KDQG SDLQWHG ,ULVK )ODJV

òG UDWHV RQH FDQFHOOHG RQ WKH +RO\KHDG URXWH FGV ERWK ZLWK DUULYDO EDFNVWDPSV 9HU\ ILQH Â… Â…

PDQ\ FRPSOHWH VHWV DQG WKH RGG ERRNOHW SDQH ZLWK PDQ\ VHW ERWK PLQW DQG ILQH XVHG Â… Â… 3267$*( '8(6 VSHFLDOLVW VWXG\ ZULWWHQ XS RQ SDJHV QRWH ELVHFW ZLWK D VXSHUE &KDUOHURL FGV ZLWK VKDGHV 7 RYSWV PDQ\ /LRQ LVVXHV (XSHQ RYSW F WR F 0DOPHG\ F WR F ERWK VHWV PLQW %HOJLXP &RQJR .DWDQJD RYSWV 5XDQGD 8UXQGL RYSWV $ YHU\ ILQH FROOHFWLRQ RI LWHPV Â… Â… Â’ 6(/(&7,21 RI EHWWHU VHWV IUHVK PLQW RQ ROG

Â’ 38%/,&,7< ODEHO SDLUV DQG WHWH EHFKH Â’ SDLUV PLQW LQF 80 HDFK GLIIHUHQW Â… Â… Â’

VWRFN FDUGV FLUFD FDW Â… VWDPSV QLFH TXDOLW\ QRWLQJ 0RQXPHQW )XQG 6* &KLOG :HOIDUH )XQG 6* 5HVWRUDWLRQ )XQG 6* HWF *RRG ORW Â… Â… ^3KRWR`

Â’ 06 IUHVK 0 IRU %RUJHUKRXW DQG &KDUOHURL

3KLODWHOLF ([KLELWLRQV 6* 06 QLFH Â… Â… { )/(0,6+ /(*,21 $QWL %ROVKHYLVW VHW RI

VWDPSV ILQH XVHG ZLWK IHOGSRVW &'6 &2% ( PLFKHO , ,9 $ VHOGRP VHHQ VHW Â… Â… Â’ :$//21,( /(*,21 VHW RI PLFKHO , ,9 IUHVK Â’ XQPRXQWHG PLQW WRS ULJKW FRUQHU ZLWK )5$1&+,6( LPSULQW

DQG VKHHW QXPEHUV RQ WKH UHYHUVH Â… Â… { *(50$1 2FFXSDWLRQ /HJLRQ SRVW )U Â’ 6ROGLHU DQG $LUPDQ RYHUSULQWHG /$1*(0$5. D FRUQHU Â’ PDUJLQDO IUHVK XQPRXQWHG PLQW 0L ;[ 6FDUFH Â… Â…

^3KRWR` $Q ROG DFFXPXODWLRQ RI %HOJLXP 3RVWDJH 6WDPSV KRXVHG LQ WZR 'DYR SULQWHG $OEXPV %LQGHU RI 6ZRSV DQG D ZHDOWK RI EHWWHU KLJK &DW 3UHPLXP LWHPV RQ VWRFNFDUGV VHYHUDO VWDPSV ILQH ORW RI FODVVLFV IURP LPSHUI ILUVW LVVXHV IU 9)8 DQG LPSHUI SURRI IU 7LQ +DW 80 5DLOZD\ LVVXHV 6WDPS &HQWHQDU\ VHW PLQW 2UYDO $EEH\ VHW PLQW 6WDPS ([KLELWLRQ 06 Â… 'LVDEOHG 6ROGLHU 6KHHW 9)8 FÂ… 6ROGLHU 6HW PLQW FÂ… RWKHU 06 &DW XSWR Â… HDFK JRRG FKDULW\ VHWV LQF F aÂ… DQG VHW F Â… 0XFK HOVH ZLWK EDFN RI WKH ERRN DQG PDQ\ VHWV PLQW DQG )8 9DVW &DW 9DOXH Â… Â… )/,*+7 &29(56 SULQWHG DLU HQY ZLWK 4 LOOXVWU URXWH DQG 9LD 6DEHQD %UXVVHOV WR %HOLJXH &RQJR

7:2 2/' 6&+$8%(. +LQJOHVV SULQWHG $OEXPV VSDUHO\ ILOO VHHQ HDUO\ .LQJ LPSHUIV DQG SHUIV GHILQ VHW WR IU )8 $QWL 7% PLQW 0HPRULDO )XQG 06 PLQW $QWL 7% PLQW 81(6&2 80 $QWL 7% PLQW VHHQ 6XQGD\ /DEHOV VWRFNSDJHV DQG SDFNHWV ZLWK V RI VWDPSV RQH SHUVRQ RULJLQDO ORW WKDW QHHGV WKH VWDPSV RQ WKH VWRFNSDJHV JRLQJ LQ WKH $OEXPV Â… Â… 7:2 35,17(' $OEXP IRU LVVXHV IURP WR ZLWK RYHU VWDPSV DQG WKH RGG PLQLDWXUH VKHHW ZLWK VWUHQJWK LQ ILQH XVHG VHHQ 6XQGD\ ODEHO VHWV 5HG &URVV VHWV $QWL 7% QRWH $QWL 7% VHW RI PLQW VWDPS FHUWHVDU\ PLQW 838 WR IU )8 FXOWXUDO IRXQG FÂ… PLQW 7RXULVW VHW FÂ… )8 $ ILQH UDQJH RI VWDPSV Â… Â…

%(/*,80 &2/21,(6 $/%80 3$*(6 ZLWK D ILQH UDQJH RI VWDPSV ZLWK EHWWHU SLFNLQJV .LQJ F WR F PLQW F WR F 6* LQF F FKRFRODWH PLQW &RQJR %HOJH RYSWV XQFKHFNHG IRU SULQWLQJV SLFWRULDOV PDQ\ VXUFKDUJH RYSWV GHILQV WR IU PLQW =RRORJLFDO *DUGHQV PLQW 0HPRULDO 80 &DUYLQJV VHW RI 80 $ YHU\ JRRG UDQJH RI VWDPSV ZLWK D KLJK FDWDORJXH YDOXH VWUHQJWK LQ PLQW Â… Â…

%(508'$

HQY ZLWK ER[HG VW 7UDQVDWODQWLF $LUPDLO (XURSH 86$ YLD (LUH Â’ 6,/9(5 -8%,/(( YDULHW\ .LWH DQG 9HUWLFDO 1HZIRXQGODQG DQG &DQDGD ZLWK VSHFLDO IOLJKW FDFKHW QHDUE\ /RJ 6* N PLQW *XP VOLJKWO\ DJHG WKRXJK ILQH DSSHDUDQFH $ VFDUFH SDLU RI IOLJKW FRYHUV Â… Â… &DW Â… Â… Â… { 2/' 0,1.86 SULQWHG DOEXP ZLWK { .*9, G ZLWK EORFNV SDLUV DQG VLQJOHV VWDPSV LQF 5DLOZD\ LVVXHV $QWL 7% LQF VHW FÂ… PLQW PLQ FDW Â… DV ILQH XVHG JRRG IRU VWXG\ ILVFDOO\ XVHG VWUHQJWK LV LQ WKH ILQH XVHG DOEXP IRU LVVXHV WR Â… Â… Â… Â… +HOLR 9DXJLUDUG LPSHUI VKHHWOHW GHSLFWLQJ .*9, www.philangles.co.uk òG %LUG LPSHUI VXSHUEO\ HQJUDYHG ZLWK LPSULQW 9HU\ place your bids online. Immediate and secure. XQXVXDO Â… Â…

{ 683(5% 86(' 4(,, FROOHFWLRQ ZLWK PDQ\

+$//(< %$< %DVH = FRYHUV HQY ZLWK

EHWWHU VHWV GHILQ VHW RI GHILQ VHW RI 1HZ &XUUHQF\ VHW RI ERWK F ZPNV )ORZHU VHW ZLWK PDQ\ FRPPHPRUDWLYH VHWV $ VXSHUE FROOHFWLRQ RI VWDPSV TXDOLW\ Â… Â… :5(&. 0$,/ FRYHU H[ +DPEXUJ *HUPDQ\

WR +DPLOWRQ ZLWK ODUJH YLROHW FDFKHW 6DOYDJHG 0DLO 3UHVWZLFN $Q XQXVXDO URXWLQJ DQG GHVWLQDWLRQ IRU WKLV ZUHFN Â… Â…

%+87$1 Â’ 6&2876 WK $QQLYHUVDU\ PLQLDWXUH VKHHW Â’ SURJUHVVLYH SURRIV XQJXPPHG SDSHU SOXV LPSHUI JXWWHU

òG WR G IUDQNLQJ ZLWK ILQH +DOOH\ %D\ FDFKHW WZR HQYV ILUVW ZLWK G VLQJOH IUDQNLQJ VHFRQG ZLWK G G IUDQNLQJ ERWK VHQW WR WKH 8. HQY ZLWK òG G GHILQLWLYHV ZLWK 06

3HUOD 'DP KV DQG ER[HG +DOOH\ %D\ FDFKHW WRZ FRYHUV ILUVW ZLWK G òG GHILQV VHFRQG ZLWK &KXUFKLOO G DQG òG GHILQ ERWK VHQW WR WKH 8. ZLWK YHU\ ODUJH FDFKHW

0LGZLQWHU /LJKWV VKRZLQJ %DVH = $ ILQH FROOHFWLRQ Â… Â… Â’ 8102817(' 0,17 FROOHFWLRQ Â’ GHILQLWLYH WR Â… 6* &KXUFKLOO LQF òG DQG G DV

FRPSOHWH VKHHWV $QWDUFWLF WUHDW\ VHW ZKDOHV VHW GHILQ VHW RI PDULQH OLIH VHW RI D ILQH FROOHFWLRQ ZLWK VHWV Â… Â…

SURRIV RQH ZLWK JROG LQ WKH PDUJLQ VHFRQG ZLWK VLOYHU LQ WKH PDUJLQ DOO XQPRXQWHG RQ GLVSOD\ SDJHV Â… Â…

$'(/$,'( ,6/$1' FRYHUV HQY ZLWK

%,$)5$ Â’ (5525 VXUFKDUJHG %,$)5$ )5$1&( Â’ )ULHQGVKLS G Â… EORFN RI ZLWK GRXEOH RYSW VFDUFH 80

VHOGRP VHHQ LQ EORFNV Â… Â… Â’ (5525 VXUFKDUJHG %,$)5$ )5$1&( Â’ )ULHQGVKLS G Â… ZLWK WKH Â… RPLWWHG LQ D EORFN RI IURP WKH

ERWWRP RI WKH VKHHW ZLWK +DUULVRQ LPSULQW DQG F\O QXPEHUV E IUHVK 80 VHOGRP VHHQ LQ EORFNV Â… Â… Â’ (5525 VXUFKDUJHG %LDIUD )UDQFH )ULHQGVKLS Â’ òG VXUFKDUJH GRXEOHG LQ D EORFN RI 80 VFDUFH

Â… Â… Â’ 685&+$5*( %,$)5$ )5$1&( )ULHQGVKLS Â’ G Â… LPSULQWHG +DUULVRQ DQG 6RQ /WG /RQGRQ DQG F\O

QXPEHUV E $ VFDUFH EORFN RI IUHVK 80 Â… Â… Â’ 685&+$5*( %,$)5$ )5$1&( )ULHQGVKLS Â’ RYSWHG òG D FRPSOHWH VKHHW RI ZHUH WKH RYSW LV VOLJKWO\

òG òG IUDQNLQJ VHQW WR 8. QG ZLWK G òG òG WKLUG ZLWK D SDLU RI òG UHJG HQY ZLWK G [ G VHQW WR $XVWUDOLD ZLWK 6WDQOH\ )DONODQG ,VODQGV UHJG ODEHO LOOXVWUDWHG HQY %ULWLVK 2FHDQLD DQG $QWDUFWLF 5HOLHI ([SHGLWLRQ ZLWK ER[HG $GHODLGH ,VODQG FDFKHW DQG G IUDQNLQJ VHQW WR $XVWUDOLD $ ILQH JURXS RI FRYHUV Â… Â… 3,&725,$/ GHILQLWLYH VHW WR Â… RQ D QHDW

HQYHORSH ZLWK $GHODLGH ,VODQG FGV ZLWK PDQXVFULSW \HDU DGGHG ILUVW GD\ RI LVVXH FDQFHO VHQW WR &ULHII LQ 6FRWODQG Â… Â… Â’ &+85&+,// PLQRU YDULHWLHV LQ SDLUV ZLWK D Â’ QRUPDO òG UHWRXFKHG RYHU H\H òG ZKLWH VSRW E\

HDU G ZKLWH GRW E\ 6W 3DXOV DOO IUHVK 80 Â… Â… 678'< RI WKH &KXUFKLOO LVVXHV òG YHUW VWULS RI RQH ZLWK VKRUW VWURNH LQ òG EORFN RI RQH ZLWK ZKLWH VSRW E 6W 3DXOV LPSULQWHG VWULSV RI IRU òG G DQG ZULWWHQ XS QHDWO\ RQ SDJHV ZLWK GHWDLOV VWDPSV Â… Â…

PLVSODFHG LQ GLIIHUHQW SDUWV RI WKH VKHHW GXH WR JHWWLQJ MDPPHG { 9(5< ),1( XVHG &KXUFKLOO VHW RI LQ EORFNV RI LQ WKH PDFKLQ VPDOO FUHDVHV Â… Â… ZLWK 'HFHSWLRQ ,VODQG FGV Â… Â… Â’ 323( 9,6,7 +XPDQ 5LJKWV RYSW G DQG Â’ G DV FRPSOHWH VKHHWV RI 80 Â… Â… (19(/23( ZLWK SLFWRULDO GHILQLWLYHV G G G G G DQG Â… 0DS ZLWK YHU\ ILQH $UJHQWLQH ,VODQGV *UDKDPODQG FGV VHQW WR ' ( 0DUWLPHU RI WKH UHVHDUFK VWDWLRQ %2+ 025$9 DW 6WDQOH\ )DONODQG ,V YHU\ ILQH FRYHU Â… Â… Â’ 67$036 RI &]HFKRVORYDNLD RYSWHG 6* 556 %UDQVILHOG D ILQH VHOHFWLRQ RI FRYHUV IURP )UHVK PLQW Â… Â… GLIIHUHQW VXUYH\V QRWH /DXQFKLQJ FRPPHPRUDWLYH FRYHU VLJQHG E\ /DG\ -R\FH )XFKV DLUPDLO HQY ZLWK S S %261,$ +(5= DQG Â… 6KLS VHQW WR $XVWUDOLD ZLWK 556 %UDQVILHOG FDFKHW 3267$/ +,6725< DQ LPSRUWDQW FROOHFWLRQ 6XUYH\ RI 5RWKVHD 3RLQW ZLWK %UDQVILHOG DQG -RKQ ZLWK VHOGRP VHHQ PDWHULDO ZULWWHQ XS LQ DQ DOEXP %LVFRV FDFKHW 6XUYH\ RI 6LJQ\ ,V ZLWK %UDQVILHOG DQG FRYHUV FDUGV YHU\ JRRG TXDOLW\ LQF [ K $UPV RQ FRYHU

06 3RODU 4XHHQ FDFKHWV $Q LQWHUHVWLQJ JURXS RI WR 9LHQQD PLOLWDU\ SRVW FDUG WR 8. UDUH HLJKW VWDPS FRYHUV SLFWXUH SRVWFDUGV Â… Â… IUDQNLQJ WR 5LHNR LQF EORFN N ODUJH IRUPDW KLJK YDOXH ZLWK Â’ $11,9(56$5< RI WKH $QWDUFWLF 7UHDW\ VHW DV PLOLWDU\ SRVW ER[HG KV SLFWRULDO W\SHV XVHG RQ FDUGV Â’ SODWH QXPEHU EORFNV RI WUDIILF OLJKW EORFNV RI DQG VLQJOH VHW XVHG SRVWDO FDUGV LWHP IUDQNHG K ZLWK 6ZLVV DOO XQPRXQWHG PLQW VXSHU TXDOLW\ QHDWO\ ZULWWHQ XS SRVWDJH GXH RQ DUULYDO LVVXHV IRU 6HUELD RQ FRYHU $ Â… Â… FROOHFWLRQ RI VHOGRP RIIHUHG PDWHULDO Â… Â… $1 2/' &2//(&7,21 RI GLII LVVXHV RQ SDJHV IURP HDUO\ (DJOHV 0 )8 8QFKHFNHG Â… Â…

Â’ '(&,0$/ VXUFK VHW 80 6* Â’ Â… Â…

1(: &855(1&< VHW RI RQ D QHDW Â’ 29(535,17 YDULHWLHV IRU LVVXHV RI <XJRVODYLD

HQYHORSH ZLWK $UJHQWLQD ,VODQG *UDKDPODQG ILUVW GD\ RI LVVXH FGV FDQFHO Â… Â…

LQF :DU ,QYDOLGV )XQG RYSW LQYHUWHG ILUVW LVVXH K K RYSW LQYHUWHG K DQG K ZLWK IRU SRVWDJH GXHV ZLWK RYSW LQYHUWHG $ IDVFLQDWLQJ JURXS RI VWDPSV PLQW Â… Â…

Â’ 1(: &855(1&< VHW RI ZLWK SODWH QXPEHUV Â’ DV EORFNV RI SODWH QXPEHU òS òS S òS S S

%5 $17$5&7,& 7(55 3,&725,$/ GHILQLWLYH VHW RQ ILUVW GD\ FRYHU ZLWK

KDQGVWDPS DGGUHVV DQG YHU\ ILQH 'HFHSWLRQ ,VODQG FGV Â… Â…

Viewing

òS S S S DQG S SODWH QXPEHU D S S DQG S VFDUFH DV SODWH QXPEHU EORFNV 80 SOXV D VHW RI QHDWO\ ZULWWHQ XS RQ SDJHV 6XSHUE TXDOLW\ XQPRXQWHG PLQW VWDPSV Â… Â… 6&$5&( 2+06 HQY ZLWK VFDUFH Â… +06

(QGXUDQFH DQG 1HZ &XUUHQF\ VHW RI ZLWK WKH S VKRZLQJ FRQIHWWL IODZ DIIHFWLQJ WKH 4XHHQV SRUWUDLW ZLWK +DOOH\ %D\ &DLUG &RDVW DQG %ULWLVK $QWDUFWLF 6XUYH\ FDFKHWV RQ WKH UHYHUVH 1HZ &XUUHQF\ LVVXH ZLWK %DVH = ILUVW GD\ RI LVVXH FDQFHO 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

$ 9(5< ),1( FROOHFWLRQ RI FRYHUV XVLQJ WKH

&29(56 D ILQH FROOHFWLRQ RI FRYHUV ZLWK PDQ\

1HZ &XUUHQF\ LVVXHV HQY ZLWK òS [ +DOOH\ %D\ FGV VHQW WR $UJHQWLQD HQY ZLWK òS S VLJQHG E\ ( % 6KHOGRQ ZLWK $GHODLGH ,VODQG FGV DQG ER[HG FDFKHW HQY ZLWK S VLQJOH IUDQNLQJ ZLWK 556 %UDQVILHOG FDFKHW DQG KV YHU\ XQXVXDO HQY VHQW WR )UDQFH ZLWK S VLQJOH IUDQNLQJ ZLWK

5HWRXU $ / (QYR\ (XU ER[HG FDFKHW DQG )UHQFK F SRVWDJH GXH $ YHU\ LQWHUHVWLQJ JURXS Â… Â… Â’ Â’ $ 6&$5&( *5283 RI FRYHUV HQY ZLWK Â… (QGXUDQFH DQG 1HZ &XUUHQF\ VHW ZLWK +DOOH\ %D\ &DLUG &RDVW 5R\DO 5HVHDUFK 6KLS FDFKHWV ZLWK 3HQJXLQ KV RQ WKH UHYHUVH HQY ZLWK S VLQJOH IUDQNLQJ HQY { ZLWK S VLQJOH IUDQNLQJ DQG òG òG IUDQNLQJ DOO WKH

%DVH = +DOOH\ %D\ FGV FDQFHOV Â… Â…

EHWWHU FRYHUV 0DULQH /LIH RQ UHJG HQYV VHQW IURP )DUDGD\ DQG 6LJQ\ ,VODQG ZLWK KDQG LOOXVWU 5HVHDUFKHU S IUDQNLQJ 6LJQ\ ,V FGV ZLWK %UDQVILHOG ER[HG FDFKHW HQY ZLWK )RVVLO S S ZLWK %UDQVILHOG DQG 6LJQ\ FDFKHW WZR HQYV VLJQHG E\ 6WHIDQ +HLMW] D YHU\ JRRG ORW FRYHUV Â… Â… '(),1,7,9( VHWV XQPRXQWHG PLQW VHW RI 1HZ &XUUHQF\ VHW RI 1DYLJDWRUV VHW RI DQG 0DULQH /LIH VHW RI Â… Â…

%5 ($67 $)5,&$ 5(9(18( 49 U KLJK YDOXH 6* RYSW -8',&,$/ )(( 9)8 Â… Â…

Â’ $ 9(5< *22' FROOHFWLRQ RI FRPPHPRUDWLYH Â’ VHWV LQF JXWWHU SDLUV F\OLQGHU EORFNV QHDWO\ ZULWWHQ XS RQ

%5 *8,$1$

SDJHV XQPRXQWHG PLQW QRWH $QQLYHUVDU\ F\O EORFNV RI { 6* )8 6FDUFH VWDPS FDW 5R\DO :HGGLQJ WUDIILF OLJKW EORFNV RI &KXUFKLOO Â… Â… Â… LPSULQWHG EORFNV RI :KDOHV LPSULQWHG EORFN RI DQG { ),1( 86(' ZLWK EHWWHU HDUO\ LVVXHV F\O EORFNV RI 6LOYHU -XELOHH LPSULQWHG DQG F\O EORFNV RI *HRJUDSKLFDO JXWWHU SDLUV $QWDUFWLF 7UHDW\ F\O EORFNV RI GHILQV VHW RI SOXV 'H /D 5XH F DQG 1HZ JXWWHU EORFNV RI $ VXSHUE FROOHFWLRQ RI LWHPV ZPN VHW RI D JRRG UDQJH RI VWDPSV Â… Â… VWDPSV VXSHUE TXDOLW\ Â… Â… 3267$/ +,6725< .*9 4(,, .*9 $ 6&$5&( &29(5 ZLWK 1HZ &XUUHQF\ RYSW VLQJOH F IUDQNLQJ 6* WR 8. .*9 HQY ZLWK *HRUJHWRZQ VHW RI DQG VFDUFH Â… +06 (QGXUDQFH ZLWK +DOOH\ %D\ &DLUG 3ULYDWH %DJ FDQFHO .*9, &RURQDWLRQ VHW RQ EXVLQHVV &RDVW ER[HG FDFKHW DQG 5R\DO 5HVHDUFK 6KLS %UDQVILHOG HQY ZLWK )RUHLJQ 6HFWLRQ FGV WKUHH FRYHUV HQGRUVHG %ULWLVK $QWDUFWLF 6XUYH\ 5HOLHI 6HDVRQ ER[HG FDFKHW $ YHU\ 2+06 VWDPSOHVV VHQW LQWHUQDOO\ $ ILQH VHOHFWLRQ RI ILQH DQG VFDUFH FRYHU Â… Â… FRYHUV Â… Â… 1$9,*$7256 VHW RQ FRYHU ZLWK +DOOH\ %D\

3267$/ +,6725< /27 .*9 .*9, LQF &DLUG &RDVW FDFKHW %DVH = ILUVW GD\ RI LVVXH IRU WKH VWDPSV D FHQWHQDU\ FDFKHW 6LOYHU -XELOHH VHW RQ FRYHU VHFRQG FRYHU ZLWK +DOOH\ %D\ FGV DQG ER[HG +DOOH\ %D\ .*9 F F F IUDQNLQJ .*9, XVDJHV WR JRRG FDFKHW DOVR ZLWK )', FDQFHO ERWK FRYHUV GLIIHUHQW YDULHW\ Â… Â… Â… Â… 3267$/ 67$7,21(5< VXSHUE FROOHFWLRQ LQF $ ),1( &2//(&7,21 RI FRYHUV XVLQJ F SLFWRULDO HQY ZLWK 6SHFLPHQ RYSW UHJG HQY F 1DYLJDWRUV LVVXHV LQF ODUJH HQY ZLWK GLIIHUHQW ZLWK 6SHFLPHQ RYSW F HQY ZLWK 6SHFLPHQ RYSW F IUDQNLQJV HDFK ZLWK D GLIIHUHQW FDQFHO LQF $UJHQWLQD ,VODQGV HPERVVHG WKLFN SDSHU 4(,, F UHJG HQY $Q RXWVWDQGLQJ 3RUW 6WDQOH\ 5RWKHUD )DONODQG ,VODQG 'HSHQGHQF\ FROOHFWLRQ RI FRYHUV FDUGV XQXVHG ZLWK 6SHFLPHQ RYSWV FRYHU ZLWK òS WR Â… ZLWK YHU\ ILQH 5RWKHUD FGV PL[HG LQ Â… Â… HQY ZLWK S IUDQNLQJ DQG QLQH GLIIHUHQW KV S IUDQNLQJ %5 +21'85$6 ZLWK 0D\ S WR SD\ KV ZLWK *HUPDQ\ LOOXVWUDWHG (GZDUG WRS YDOXH 6* RQ D ILQH FDFKHW +06 (QGXUDQFH )OLJKW ZLWK ER[HG $GHODLGH ,VODQG FDFKHW $ YHU\ JRRG DQG LQWHUHVWLQJ JURXS RI UHJLVWHUHG FRYHU WR *HUPDQ\ WLHG %HOL]H &'6 $ IDEXORXV FRYHUV FDUGV Â… Â… VLQJOH IUDQNLQJ RI D KLJK YDOXH VWDPS UDUHO\ IRXQG RQ FRYHU Â… Â… ^3KRWR` Â’ 1$9,*$7256 VHW LQF F\OLQGHU EORFNV Â’ LPSULQWHG EORFNV JXWWHU EORFNV LQF S S òS S

3HWLWH 5HJLVWHUHG :LOVRQ &RYHU ZLWK VL[ VWDPS

òS S S DV LPSULQWHG F\OLQGHU EORFNV RI HLJKW IURP WKH ERWWRP RI WKH VKHHW $ VXSHUE FROOHFWLRQ RI LWHPV IUHVK XQPRXQWHG PLQW Â… Â…

FRPELQDWLRQ F UDWH UHJLVWHUHG &'6 &KRLFH Â… Â…

6,/9(5 -8%,/(( VHW RQ D PRVW DWWUDFWLYH UHJLVWHUHG FRYHU Â… Â…

$ ),1( &29(5 FROOHFWLRQ XVLQJ WKH

3HQJXLQV LQF IRXU FRYHUV ZKHUH WKH FDFKHW KDV EHHQ ILQLVKHG { %$77/( 6(7 6* DV SODWH DQG LPSULQW RII E\ KDQG ZLWK 6LJQ\ ,V $UJHQWLQD ,V 5RWKHUD 3RLQW 6LJQ\ ,V EORFNV RI WZHQW\ [ 9)8 6* XQXVXDO SOXV VRPH VLJQHG E\ WKH SRVWPDVWHU DV ZHOO WKUHH FRYHUV ZLWK VFDUFH RWKHU LVVXHV Â… Â… JXWWHU SDLUV ZLWK F\OLQGHU QXPEHUV WZR ZLWK WUDIILF OLJKW SDLUV &29(5 6(/(&7,21 6LOYHU -XELOHH HDFK ZLWK GLIIHUHQW FDQFHOV $Q LQWHUHVWLQJ JURXS RI 6HW RQ 5HJ G FRYHU %DWWOH 6HW DV EORFNV RI RQ 5HJ G FRYHUV Â… Â… FRYHUV WR 6ZLW]HUODQG ::,, FHQVRU HWF Â… Â… Â’ $17$5&7,& 6($/6 VWXG\ ZLWK JXWWHU SDLU Â’ F\OLQGHU EORFN JXWWHU SDLUV LQ WUDIILF OLJKWV D VXSHUE FROOHFWLRQ RI .*9, &29(56 LQF ::,, FHQVRUV JRRG YDULHW\ RI VWDPS XVDJHV Â… Â… LWHPV IUHVK XQPRXQWHG PLQW VWDPSV Â… Â… $11,9(56$5< RI 6FRWWV DUULYDO DW WKH 6RXWK

%5 , 2 7

3ROH VHW RI LOOXVWUDWHG )'& V ZLWK SULQWHG DGGUHVV ZLWK HDFK LPDJH EHLQJ GLIIHUHQW ZLWK WKH VHW RI 6FRWW $QQLYHUVDU\ VWDPSV Â’ 9$5,(7,(6 PDLQO\ LQ SRVLWLRQDO EORFNV RI VL[ Â’ F F F F DQG F ZLWK QR GRW DIWHU R SOXV F F F RQ HDFK DQG ILQH 5RWKHUD )', FDQFHO Â… Â… EORFNV RI ZLWK WKH VDPH YDULHW\ DOO XQPRXQWHG PLQW )266,/6 GHILQLWLYH VHW RQ FRYHUV QRWH Â… Â… &RWVZROG FRYHU ZLWK %ULWLVK $QWDUFWLF 7HUULWRU\ UHJG ODEHO FDQFHOOHG DW +DOOH\ D VHFRQG VHW ZLWK 6LJQH\ FGV FDQFHO D VHW { 683(5% 86(' FROOHFWLRQ RI VHWV QRWH RYSW VHW RI 0DULQH /LIH VHW RI 5HVHDUFK RI RIILFLDO )'& V ZLWK 5RWKHUD )', FGV FKLHIO\ ZLWK VPDOO ODEHO 6WDWLRQ &RUDO VHW RI %LUG VHW RI $ VXSHUE DGGUHVVHV ORW RI FRYHUV Â… Â… FROOHFWLRQ RI VWDPSV RXWVWDQGLQJ TXDOLW\ Â… Â…

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

{ % RYHUSULQW F 6* )8 ZLWK QHDW %DQJNRN

%5 /(9$17

FGV Â… Â…

{ 6* òG ORFDO RYSW )8 Â… Â…

%5 62/2021 ,6 { &$1&(//$7,216 21 (':$5' SL KLJK

6+257/$1' ,6/$1' FKRLFH SHWLWH UHJG FRYHU

YDOXHV 6* E UHPDUNDEOH DVVHPEO\ FRQVLVWLQJ RI ILQH IUDQNHG òG G ZLWK QHDW 6KRUWODQG FGV DQG UHJG ODEHO XVHG VWDPSV VKRZLQJ D YDULHW\ RI GLII RIILFH DQG W\SHV RI EDFNVWDPSV YHU\ ILQH Â… Â… FDQFHOV LQF 6WDPERXO 6P\UQD %H\URXW DQG 6DORQLFD ZLWK 3RVWDJH GXH G 6* ' RQ /2&$/ FRYHU WLHG GLIIHUHQW SULQWLQJV UHSUHVHQWHG ,PSRVVLEOH WR UHSOLFDWH VFDQV <DQGLQL &'6 ZLWK òG SRVWDJH VWDPS FDQF $W $XNL DGYLVHG Â… Â… Â… Â… { &$1&(//$7,216 RQ (GZDUG SL KLJK YDOXHV Â’ $ VFDUFH ORW RI 0RGHUQ 6* OLVWHG ZPN YDULHWLHV 6* UHPDUNDEOH DVVHPEO\ FRQVLVWLQJ RI VWDPSV DOO ZLWK Â’ IUHVK 80 F %XWWHUIO\ 6* Z F 6* Z GLII RIILFH FGV SPNV LQF %H\URXW DQG 6DORQLFD $OO VHOHFWHG F 6* E )XQJL F 6* Z *RRG JURXS SPNV $ UDUH DFKLHYHPHQW 6FDQV DGYLVHG Â… Â… Â… Â… { &$1&(//$7,216 RQ (GZDUG SD WR SL

{ &2//(&7,21 RQ SDJHV UDQGRPO\ SODFHG ZLWK LVVXHV 6* DUUDQJHG E\ RIILFH DQG YDOXH $ UHPDUNDEOH Â’ PDQ\ VHWV VHHQ .*9, WR 4(,, WR LQF %LUGV VHW WR DFKLHYHPHQW ZLWK &RQVWDQWLQRSOH 6P\UQD %H\URXW 6DORQLFD 80 GHILQV WR 80 ZLWK PRGHUQ LVVXHV WR $ GLII W\SHV RI SPNV HWF S S SL +LJKO\ JRRG UDQJH RI VWDPSV 06 PLQW LQF 80 RU ILQH UHFRPPHQGHG Â… Â… XVHG Â… Â… { (':$5' RYSWV )8 VHOHFWLRQ LQF DOO 0HPRUDQGXP IURP 3RVW 2IILFH IRU LQVXIILFLHQF\ SULQWLQJV RI SL RQ G SL RQ 6* )8 SDLG LWHP IUDQNHG G SRVWDJH GXH 6* ' QHDWO\ WLHG 081'$ Â… Â… 7D[ +6 6FDUFH LWHP Â… Â… { ,668(' DW %H\URXWK SL RQ G 6* ILQH XVHG

ZLWK QHDW %H\URXWK FGV VRPH FRORXU ORVV UDUH VWDPS $36 FRORXU FHUW RI JHQXLQHVV Â… Â…

%5 9,5*,1 ,6 Â’ 2/' $/%80 3$*(6 ZLWK D IUHVK PLQW

{ 6$/21,&$ LVVXH G 6* 9)8 ZLWK )32

FGV $ VFDUFH VWDPS LQ XVHG FRQGLWLRQ Â… Â… { 86(' DQG YHU\ KLJKO\ FDWDORJXHG FROOHFWLRQ RQ

FROOHFWLRQ IURP &RURQDWLRQ WR +XPDQ ULJKWV QRWH GHILQ VHW RI FÂ… 6 :HGGLQJ GHILQ VHW RI FÂ… GHILQ VHW RI FÂ… 1HZ &XUUHQF\ VHW LQF F VWRS WR ULJKW RI F LQ SDLU ZLWK QRUPDO GHILQ VHW RI FÂ… $ YHU\ JRRG UDQJH RI FRPPHPRUDWLYH VHWV RYHU VWDPSV Â… Â…

ROG SDJHV VRPH YHU\ JRRG VWDPSV WR SLFN RXW KHUH GLII 49 WR SL RQ G (GZDUG VHW RI VL[ )8 6* Â’ &/$66,& 49 3(5,2' PLQW JURXS FDW (GZDUG VHW WR SL WRS YDOXH 6HDKRUVHV WR SL RQ /HYDQW (GZDUG VHW 6* / DQG G 6HDKRUVH Â… LQF WDOO W\SH G GLII DQG G RQ SURYLVLRQDO Â… Â… Â… Â…

{ &/$66,& 49 SHULRG XVHG JURXS FDW Â…

%5 2&& ,7$/ &2/ (19(/23( ZLWK 75,32/,7$1,$ RYSWV O WR O

6* 7 7 YHU\ ILQH XVHG ZLWK (O 0DWD ILUVW GD\ RI LVVXH FDQFHOODWLRQ VFDUFH Â… Â…

LQF ILUVW LVVXHV WDOO W\SH G òG SDLU 9)8 RQ SLHFH ZLWK FRPSOHWH FDQFHO 8VHIXO Â… Â…

%5$=,/

Â’ (5,75($ F RQ G SRVWDJH GXH 12 6723 Â’ $)7(5 $ YDULHW\ 80 LQ SDLU ZLWK QRUPDO 6* (' D

{ $9,$7,21 :((. VHW RYSWHG ZLWK IRU WKH

$QQLYHUVDU\ RI WKH )LODWHOLFR &OXE RI %UD]LO WHWH EHFKH FDUG ZLWK HDFK KDYLQJ D VHW RI WKH OWG RYSW VWDPSV DIIL[HG ZLWK VSHFLDO FDQFHO DQG D VLQJOH FDUG DOVR ZLWK WKH VHW RI WZR DQG D VSHFLDO FDQFHO GDWHG 'HF VFDUFH LWHP OLVWHG LQ 6DQDEULD Â… Â…

Â… Â… 620$/,$ .*9, RYSW VHW RI RQ ILQH UHJG

)'& H[ 0RJDGLVKX 6* 6 DOVR LQWHUHVWLQJ 0() UHJLVWHUHG FRYHU ZLWK G UDWH Â… Â… 3,&785( 3267&$5' ZLWK VLQJOH O RQ

G 6* 7 ILQH XVHG VHQW WR WKH 8. Â… Â…

%5 32 ,1 ( $5$%,$ Â’ 9$5,(7< &DVWOH U ZLWK ZLGH VXUFKDUJH 6* D Â’ IUHVK XQPRXQWHG PLQW Â… Â… ^3KRWR` Â’ :,/',1*6 LQ ODUJH EORFNV FDW Â… QS Â’ RQ G DQG U RQ G 6* IUHVK 80 VHOGRP

VHHQ LQ EORFNV Â… Â…

3267$/ +,6725< D VHOHFWLRQ RI HQYHORSHV

DQG FDUGV PDLQO\ FRPPHUFLDO XVHG VHHQ GRXEOH FHQVRUHG ZLWK ') ER[HG KV VHQW WR 86$ EXVLQHVV DLUPDLO HQY ZLWK PXOWL IUDQNV VHQW WR 86$ HQY ZLWK &HQWHQDU\ RI 6DR 3DXOR KV DQG VSHFLDO FDQFHO ZLWK D IHZ ODWHU HQYV KDYLQJ FRQWHQWV FRYHUV FDUGV Â… Â…

%581(, { /2&$/ 67$5 VHW 6* ILQH XVHG VFDUFH

Â… Â… { 67$5 DQG ORFDO VFHQH VHW RI H[ F F DOO

%5 32 6,$0

)8 6* FDW Â… Â… Â…

Â’ % RYHUSULQW F EURZQ 6* IUHVK PLQW UDUH

{ /$%8$1 RYHUSULQW VHW ILQH XVHG ILQH DQG YHU\

KLQJH UHPDLQV H[SHUW KDQGVWDPS VPDOO FRUQHU FUHDVH YHU\ ILQH FRORXU Â… Â…

VFDUFH 6* Â… Â…

{ % RYHUSULQW F URVH 6* ILQH XVHG

{ &$12( VHW RI ILQH XVHG ZLWK F UHYHUVHG

VFDUFH Â… Â…

ZDWHUPDUN DQG WKH DGGLWLRQDO F OLVWHG VKDGH 6* Â… Â…

{ % RYSW F 6* 9)8 QHDW %DQJNRN FGV

{ &$12(6 ILQH XVHG VHOHFWLRQ F WR

VPDOO KLQJH WKLQ Â… Â… { % RYHUSULQW F EOXH )8 6* Â… Â…

YDOXHV LQFOXGLQJ F 'LH ,, 6* F F DQG 6* LVVXH Â… Â… { &$12( 9)8 6* Â… Â…

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

CAMEROON { %251(2 ([KLE RYSW VHW LQFOXGLQJ ERQXV

{ {

Â’

Â’ Â’

{

&$0(5221

YDULHW\ LWHPV DOO ILQH XVHG 6* LQFOXGLQJ F F EURNHQ 1 { 67$036 2) *(50$1< RYHUSULQWHG YDULHWLHV F UHYHUVHG ZPN 6* [ XQSULFHG XVHG UDUH .DPHURRQ VHW RI VL[ SOXV SI &KRFRODWH DOO VHYHQ VWDPSV VWDPSV Â… Â… ILQH XVHG Â… Â… ^3KRWR` '(),1 VHW ILQH XVHG VHYHUDO DGGLWLRQDO YDOXHV Â’ $ 9$/8($%/( &ROOHFWLRQ ZLWK PDQ\ EHWWHU FKLHIO\ ILQH DQG HOXVLYH XVHG 6* Â… Â… Â’ HDUO\ LVVXHV LQF .DPHUXQ RYSW VHW RI VL[ PLQW Â’ <DFKW WR PN PLQW ZPN <DFKW WR PN &() ),1( 86(' RQ ROG SDJHV GHILQLWLYHV WR RYSWV òG WR G PLQW :DU UHOLHI IXQG VHW RI PLQW FDW Â… VHW RI -XELOHH DQG 838 $ JRRG +RVSLWDO )XQG VHW RI PLQW 5HXQLILFDWLRQ G RQ I ORW Â… Â… DQG G RQ I 80 VXUFKDUJH WR Â… 80 $ YHU\ JRRG -$3$1(6( 2&&83$7,21 RYHUSULQWV D PLQW FROOHFWLRQ RI VWDPSV 06 FKLHIO\ XQPRXQWHG VHOHFWLRQ RI GLII YDOXHV F WR 6* - LVVXH LQF F PLQW Â… Â… ^3KRWR` F +XWV Â… Â… { +,*+ 9$/8( PN 6* . ILQH XVHG 63(&,$/,6(' VWXG\ RI WKH 6XOWDQ DQG 9LOODJH Â… Â… GHILQLWLYH LVVXHV PLQW PDMRULW\ 80 FROOHFWLRQ RI VWDPSV LGHQWLILHG NQRZQ SULQWLQJ GDWHV IRU HDFK YDOXH ZKHQ LVVXHV LQ { +,*+ 9$/8( PN 6*. ILQH XVHG %UXQHL DPD]LQJ UDQJH RI VKDGHV IRU HDFK LVVXH YHU\ IHZ Â… Â… ^3KRWR` VXFK VWXGLHV H[LVW LQFOXGHV 9HU\ ILQH ORW Â… Â… *2/' &2$67 G (GZDUG UHJLVWHUHG HQYHORSH XSUDWHG ZLWK G FDQF 9,&725,$%252 FGV ZLWK VXSHUE %581(, 683(5,25 9)8 FRPSOHWH &DPHURRQV DGGUHVV DQG URXWHG WKURXJK :HVW &HQWUDO $IULFD VHWV VWDPSV ZLWK GHILQV DQG FRPPHPV ([FHSWLRQDO 0RVW DSSHDOLQJ LWHP Â… Â… JURXS Â… Â…

{ ),1( 86(' VHOHFWLRQ LQF F 6*

9)8 HWF TXDOLW\ Â… Â…

{ )5(1&+ 2&&83$7,21 &RUSV

([SHGLWLRQQDLUH RYSW RQ F ILQH XVHG ZLWK D &DPHURRQ &'6 6* VFDUFH RQ SLHFH Â… Â… ^3KRWR` Â’ (5525 F ZLWK PLVVLQJ YDOXH 6* D )UHVK

%8/*$5,$ 3267$/ +,6725< ,QWHUQHH 32: PDLO

PLQW Â… Â… ^3KRWR`

FDUG VHQW IURP D 6HUELDQ LQWHUQHH WR KLV ZLIH FHQVRUHG DW { /$48,17,1,( +RVSLWDO )XQG VXUFKDUJH VHW RI .DUORYD ZLWK 1HJRWLQH DUULYDO PDUN 5RPDQLDQ 32: PDLO 6* YHU\ ILQH XVHG Â… Â… DW 3OHYLQ VHQW WR 5HG &URVV LQ *HQHYD ERWK VFDUFH Â… Â… Â’ 63,7),5( )81' 6XUFKDUJH VHW RI 6* D E Â’ XQPRXQWHG PLQW H[SHUWLVHG RQ WKH UHYHUVH Â… Â… 3267$/ +,6725< ::,, WKUHH FRYHUV EXVLQHVV HQY IURP 7UR\DQ WR =HLW] ZLWK *HUPDQ\ FHQVRU ODEHO ^3KRWR` DLUPDLO FRYHU WR :LHQ ZLWK *HUPDQ\ FHQVRU ODEHO DQG 1,*(5,$ RYHUSULQWHG VHW RI RQ D KV RQ WKH UHYHUVH DLUPDLO FHQVRU FRYHU WR &DPHURRQV 'HYHORSPHQW &RUSRUDWLRQ HQYHORSH ZLWK HDFK 9LHQQD IURP 6RILD ZLWK %XOJDULDQ DLUPDLO KV DQG *HUPDQ\ VWDPS EHLQJ FDQFHOOHG ZLWK 9LFWRULD 2FW ILUVW GD\ RI LVVXH FHQVRUHG ODEHO Â… Â… FGV Â… Â…

%850$

{ 5(81,),&$7,21 G RQ I DQG G RQ I ERWK

Â’ %/2&.6 2) )285 )5(6+ 0,17 .*9 RIILFLDO

YHU\ ILQH XVHG 6* VFDUFH Â… Â… ^3KRWR`

RYSWV WR D GLII EORFNV EHWZHHQ 6* 2 VFDUFH LQ PXOWLSOHV Â… Â…

{ 5(81,),&$7,21 SURYLVLRQDO RYSW VHW 9)8 DOO

PDUJLQDO H[DPSOHV 0L $ VFDUFH VHW Â… Â…

Â’ %LUGV RYHU 7UHH YDULHW\ $ RQ $ S 6* $

IUHVK PLQW Â… Â… ^3KRWR`

Â’ 5(81,),&7,21 6WHUOLQJ RYSW VHW IUHVK 80 Â’ VFDUFH 0L Â… Â…

{ .*9, RYSW VHW 9)8 6*

Â… Â… Â’ 81,21 2) %850$ HUURU RI LQVFULSWLRQ S DV Â’ ILQH 80 FRUQHU EORFN FDW Â… 6* D Â… Â… Â’ .*9, RQ ROG DOEXP SDJHV 0LO\ RYSW VHW RI

1HZ &RORXUV VHW RI ,QWHULP *RYHUQPHQW VHW RI 0DUW\UV 0HPRULDO VHW RI 838 HVW RI GHILQV S WR D DOO IUHVK PLQW FDW Â… Â… Â… 3,&785( 3267 &$5'6 UHDO SKRWR W\SH HDUO\

EODFN DQG ZKLWH ZLWK GLIIHUHQW YLHZV SOXV RQH KDQG FRORXUHG XQXVHG Â… Â…

Â’ 685&+$5*( 6HW RI UHXQLILFDWLRQ 6* Â’ D VFDUFH VHW IUHVK XQPRXQWHG PLQW Â… Â… ^3KRWR`

&2//(&7,21 LQ ILYH VWRFNERRNV ZLWK LVVXHV IURP )UHQFK &RORQLHV WR PLG V ZLWK PDQ\ EHWWHU SLFNLQJ DQG PXFK 80 )UHQFK &ROV ZLWK YDOXHV WR )U %ULWLVK 7HUU VHW WR Â… 80 LQF HLJKW Â… òG WR DV EORFNV RI 8 UHXQLILFDWLRQ G RQ IU XVHG PLQW DQG G RQ IU PLQW XVHG $SRVWOH RI 3HDFH VHW DV LPSHUIV *ROG IRLO VWDPSV LQ GHOHJDWH IROGHUV $LU LPSHUI 6* PDQ\ V RI VWDPSV LQ QHHG RI D JRRG VRUW Â… Â… 0267 81868$/ ,PSHUIRUDWHG VWDPSV RQ

&$0%2',$ Â’ &$0%2',$ GHOHJDWH IROGHU ZLWK FRQWHPSRUDU\ Â’ LVVXHV GHILQV WR S VWXGHQWV IXQG $LUV WR

S DOO 80 Â… Â… { 5(9(18(6 6HOGRP VHHQ IURP KHUH D

VHOHFWLRQ RI QRWH LPSHUIV F F SL DQG SL XQXVHG &RFNHUHO LVVXHV /LRQ LVVXHV DQ LQWHUHVWLQJ UDQJH RI UHYHQXHV Â… Â…

FRYHUV VHQW WR +ROODQG $LU VHW RI 6* ZLWK ILQH %DPHQGD &'6 8QLWHG 5HSXEOLF VHW RI 6* ZLWK D ILQH 1'23 &'6 PXOWLSOH IUDQNHG FRYHU ZLWK IUDQNLQJ ZLWK ILQH 1'23 &'6 $Q LQWHUHVWLQJ JURXS Â… Â… { 2/' $/%80 SDJHV ZLWK LVVXHV IURP )UHQFK Â’ &ROV LVVXHV PDLQO\ SUH $ JRRG UDQJH RI

VWDPSV FDWDORJXHG Â… VHHQ GHILQLWLYHV SRVWDJH GXHV DLUV FRPPHPRUDWLYHV QRWH F DQG F 6* )8 FÂ… $ JRRG ORW ZLWK EHWWHU SLFNLQJV Â… Â…

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

{ 6* SHQQ\ WULDQJOH )8 ZLWK IXOO PDUJLQV DQG

&$1$'$

FOHDU SURILOH $ ILQH VWDPS RI GHHS FRORXU FDW Â… Â… Â…

{ &/$66,& G %HDYHU 6* 9)8 ZLWK ODUJH

EDODQFHG PDUJLQV YHU\ ILQH FDW Â… Â… Â… ^3KRWR`

{ 75,$1*/( G EURZQ UHG 6* D 9)8 ZLWK

JHQHURXV PDUJLQV KXJH RQ WZR VLGHV JHP FDW Â… Â… Â… EXVLQHVV HQY LQF LOOXVWUDWHG -RKQ 6 3HDUFH 6HHG 0HUFKDQWV ZLWK ILQH %XUN )DOOV FGV +DUULV +DUYHVWLQJ 0DFKLQHU\ HQY { 75,$1*/( G 6* 9)8 ZLWK IXOO HYHQ PDUJLQV DQG GHHS ULFK VKDGH 4XDOLW\ VWDPS Â… Â… ZLWK ILQH %UDQWIRUG FGV 0 ) %HDFK )ORXU DQG 2DWPHDO ZLWK ILQH ,URTXRV FGV %HOO 2UJDQ DQG 3LDQR &R $Q LQWHUHVWLQJ JURXS RI { 75,$1*/( G 6* D 9)8 ZLWK IXOO YHU\ ODUJH FRYHUV Â… Â… PDUJLQV KXJH RQ ULJKW JHP FDW Â… Â… Â… Â’ -8%,/(( KLJK YDOXH IUHVK PLQW 6* FDW Â… Â… Â… { 75,$1*/( G GHHS URVH 6* 9)8 ZLWK IXOO ODUJH HYHQ PDUJLQV FULVS SPN OHDYLQJ FOHDU SURILOH FDW { -8%,/(( YHU\ JRRG 3DQHOOL HQJUDYHG Â… Â… Â… IRUJHU\ RI WKH WRS YDOXH ZLWK UROOHU SRVWPDUN 8QXVXDO 6* { 75,$1*/( G EOXH GHHS 6* )8 ZLWK IXOO Â… Â… PDUJLQV TXDOLW\ VWDPS Â… Â… Â’ (5525 &KULVWPDV F JURVVO\ PLVSHUIRUDWHG Â’ IUHVK 80 XQLWUDDGH Â… Â… { 75,$1*/( G 6* 9)8 ZLWK IXOO PDUJLQV DQG GHHS VKDGH 4XDOLW\ FODVVLF Â… Â… ),567 )/,*+76 DLUPDLO SRVWDO KLVWRU\ WR 4 VXEVWDQWLDO FROOHFWLRQ RI GLIIHUHQW IOLJKW FRYHUV ZLWK { 75,$1*/( G 6* 9)8 ZLWK IXOO PDUJLQV RQ VSHFLDO FDFKHWV DQG LQWHUHVWLQJ FGV FDQFHOODWLRQV 7HUULILF IUDJPHQW VKRZLQJ WKH FRPSOHWH WULDQJOH FDQFHOODWLRQ &KRLFH DVVHPEO\ ZLWK PDQ\ VPDOO ORFDWLRQV DQG RXWHU UHJLRQV FGV 6* Â… Â… SRVWPDUNV Â… Â… { 75,$1*/( 6* )8 ZLWK IXOO PDUJLQV DQG Â’ 0,63(5)25$7(' 67$03 (55256 80 H[FHOOHQW FRORXU 1LFH VWDPS FDW Â… Â… Â… Â’ LWHPV GHILQV F F )ODJ PDMRU VKLIW F )ODJ { 75,$1*/( 6* )8 ZLWK ODUJH PDUJLQV LPSHUI SDLU &KULVWPDV F KXJH VLGHZD\V VKLIW (\H DSSHDOLQJ DGGLWLRQV IRU \RXU FROOHFWLRQ Â… Â… YHU\ ODUJH DW ULJKW NH\ VWDPS Â… Â… 3267$/ +,6725< D JRRG UDQJH RI { 75,$1*/( G GHHS URVH OLODF VKDGH 6* E FRYHUV FDUGV ZLWK PDQ\ GLIIHUHQW IUDQNLQJV SRVWDO FDUG F VHOHFW )8 ZLWK IXOO PDUJLQV DQG FULVS SRVWPDUN YHU\ ILQH FDW ZLWK &DQDGD IODJ W\SH ) FDQFHO SSF ZLWK ILQH Â… Â… Â… 6KHUEURRNH FGV F :DU 7D[ VHQW WR 86$ SSF ZLWK $Q { 75,$1*/( G 6* ILQH XVHG ZLWK IXOO ODUJH 2SHQLQJ LQ \RXU GRRU ZRXOG 6SHHG 'HOLYHU\ ELOLQJXDO PDUJLQV ILQH H[DPSOH RI WKLV FODVVLF VWDPS FDW Â… HQY ZLWK ILQH 0LOLWLD 3HWDZDZD &DPS FGV HQY F Â… Â… IUDQNLQJ ZLWK $QWL 7% PDFKLQH FDQFHO $Q LQWHUHVWLQJ ORW SULFHG WR VHOO Â… PDQ\ \HDUV DJR Â… Â… { 75,$1*/( G 6* 9)8 ZLWK JRRG IXOO 3267$/ +,6725< ::,, FHQVRUHG PDLO $ PDUJLQV DQG QHDW SPN RQ RULJLQDO IUDJPHQW FDW Â… YHU\ ILQH Â… Â… ILQH VHOHFWLRQ RI FRYHUV FDUGV VWDPSOHVV HQY ZLWK )URP +0& 6KLS 3DVVHG E\ &HQVRU KV HQY ZLWK +HOS WKH 5HG { 75,$1*/( SHQQ\ URVH 6* D 9)8 ZLWK ODUJH &URVV FDQFHO RYHU VWDPSHG ZLWK 0XQLWLRQV DQG 6XSSO\ FDFKHW PDUJLQV KXJH ZLWK SDUW RI QH[W VWDPS WR ULJKW 6* D $ QHDW HQY ZLWK 3DVVHG IRU ([SRUW KV FHQVRU ODEHO FRYHUV TXDOLW\ VWDPS Â… Â… DLUJUDSK $ JRRG VWXG\ FROOHFWLRQ SULFHG WR VHOO Â… { 75,$1*/( SHQQ\ 9)8 ZLWK ODUJH PDUJLQV PDQ\ \HDUV DJR Â… Â… KXJH WRS ULJKW 6* D ILQH VWDPS FDW Â… Â… Â… 3267$/ +,6725< PDQ\ V RI HQYHORSHV LQ D ODUJH FDUWRQ ZLWK PDQ\ GLIIHUHQW FDQFHOV IURP DURXQG WKH { 75,$1*/( G VODWH OLODF 6* F ILQH XVHG ZLWK FRXQWU\ ZLWK ORWV RI FRPPHUFLDO PDLO JRRG VRUWLQJ ORW IXOO PDUJLQV ILQH H[DPSOH RI WKLV GLVWLQFWLYH VKDGH Â… Â… Â… Â… 68%67$17,$/ FROOHFWLRQ LQ HLJKW YROXPHV ZLWK { 7ULDQJOH G EURZQLVK UHG 6* F )8 ZLWK VWDPSV SDQHV FRYHUV DQG 06 VKHHWOHWV .*9, ODUJH PDUJLQV DQG FOHDU SURILOH 9HU\ QLFH VWDPS 4(,, LQF KLJK YDOXHV FRLO VWULSV VH WHQDQW HYHQ SODWH EORFNV RI Â… Â… ZLWK PXFK LGHQWLILHG $Q H[WHQVLYH FROOHFWLRQ { 7ULDQJOH G 6* 9)8 ZLWK IXOO PDUJLQV Â… Â… GHHS ULFK FRORXU Â… Â… 3267$/ +,6725< VPDOO 4XHHQV F RQ

&$1$/ =21(

{ 7ULDQJOH G 9)8 RQ SLHFH ZLWK IXOO PDUJLQV 6* D Â… Â… FRQGLWLRQ ERRNOHW LQ ILQH FRQGLWLRQ UDUHO\ RIIHUHG 6* 6% FDW Â… Â… Â… Â’ 75,$1*/( 6* FKRLFH IUHVK 0 ODUJH SDUW 2* IXOO PDUJLQV $ YHU\ ILQH VWDPS Â… Â… &$3( 2) *22' +23(

Â’ 5$5( FRPSOHWH F VWDPS ERRNOHW LQ ILQH

{ 6* WKH ILUVW SHQQ\ WULDQJOH 9)8 ZLWK IXOO

{ 7ULDQJOH G VWHHO EOXH 6* F )8 ZLWK IXOO

PDUJLQV TXDOLW\ H[DPSOH Â… Â…

PDUJLQV &DW Â… Â… Â…

{ 6* D ILUVW SHQQ\ WULDQJOH GHHS EULFN UHG VKDGH { 75,$1*/(6 G GLIIHUHQW VKDGHV LQF VWHHO

9)8 ZLWK IXOO PDUJLQV FKRLFH Â… Â…

EOXH GHHS EOXH EOXH SDOH EULJKW EOXH DOO LGHQWLILHG RQ D SDJH 6* F DOO WKUHH PDUJLQDOV ILQH XVHG Â… Â…

{ 6* G WULDQJOH )8 ZLWK JRRG PDUJLQV FDW

{ 75,$1*/( G 6* VHOHFW )8 ZLWK ODUJH HYHQ

Â… Â… Â…

PDUJLQV QLFH FODVVLF Â… Â…

{ 6* G WULDQJOH )8 ZLWK ODUJH PDUJLQV DQG

{ 75,$1*/( G 6* VHOHFW )8 ZLWK ODUJH HYHQ

FOHDU SURILOH &KRLFH FDW Â… Â… Â…

PDUJLQV YHU\ ILQH Â… Â…

{ 75,$1*/( G 6* VHOHFW )8 ZLWK IXOO HYHQ

{ 2/' $/%80 SDJHV ZLWK D JRRG VHOHFWLRQ RI PDUJLQV $ ILQH VWDPS FDW Â… FOHDU SURILOH Â… Â… Â’ VWDPSV PDLQO\ ILQH XVHG .*9 WR U LQF V MXELOHH VHW RI .*9, GHILQV WR U DQ RULJLQDO ORW { 2OG WLPH FROOHFWLRQ RQ SDJHV D IRRG UDQJH ZLWK Â… Â… Â’ EHWWHU SLFNLQJ WR WKH LV YHU\ ILQH XVHG 6* { 6LOYHU -XELOHH YDULHW\ F GRW WR OHIW RI FKDSHO 6* WR DJDLQ WKH LV 9)8 6* 0DIHNLQJ 6LHJH G RQ J )8 6FDUFH Â… Â… ^3KRWR` òG 6* DQG G RQ G 6* RQ SLHFH V 9)8 (GZDUG WR D ILQH FROOHFWLRQ RI VWDPSV &DW 2YHU Â… FKLHIO\ ILQH .*9, VHW RI F WR U QLFHO\ XVHG RQ UHJG XVHG Â… Â… FRYHU H[ 7ULQFRPDOHH WR %ULWLVK )OHHW 0DLO 2IILFH &RORPER Â’ +23( &URZQ &$ LVVXHV PLQW VWDPSV FDW

Â… òG WR G FKLHIO\ ILQH ODUJH SDUW 2* WKH NH\ G LV D QLFH VWDPS 6* Â… Â… { +23( 6* VXSHUE FGV XVHG FRXSOH

62 DWWUDFWLYH DQG D PRVW GLIILFXOW VHW WR ILQG RQ FRYHU 6* LVVXH Â… Â… { .*9, U SRVWDO ILVFDO 9)8 6* )

Â… Â…

QLEEOHG SHUIV FDW Â… NH\ VWDPS Â… Â… Â’ 12 6723 $)7(5 3(11< RYSW YDULHW\ ILQH 0

6* E DOVR D EORFN RI IRXU RI 6* ZLWK ZHDN RYSW 0 FDW Â… Â… Â…

{ 3$5&(/ 3,(&( ZLWK VSHFWDFXODU VL[ VWDPS U

F LQFOXGLQJ .*9, [ U SRVWDO ILVFDO 6* ) DOO QHDWO\ FDQF DW &RORPER Â… Â…

&+,/(

Â’ +23( $QFKRU ZPN VHW IUHVK 0 6* SOXV

3267$/ 67$7,21(5< XQXVHG HDUO\ LVVXHV

VHYHUDO VKDGHV FDW Â… Â… Â…

YHU\ IUHVK ZLWK GLIIHUHQW W\SHV PDLQO\ SRVWDO FDUGV Â… Â…

Â’ (':$5' VHW PLQW 6* FDW

Â… Â… Â…

&+,1$

{ 75,$1*/(6 RQ D SDJH ILQH WR VRXQG XVHG

LQF 6* D DQG D FDW Â… FKLHIO\ PDUJLQDO H[DPSOHV Â… Â…

{ /$5*( '5$*21 FD 6* D )8 ZLWK FOHDU

SURILOH FDW Â… Â… Â… ^3KRWR` { /$5*( '5$*21 FD ZLGH VHWWLQJ 6* 9)8

&$3( 9(5'(

ZLWK VXSHUE FKRS SRVWPDUN Â… Â…

Â’ 2/' 7,0( FROOHFWLRQ RI 3RUWXJXHVH &RORQ\

Â’ 5(' 5(9(18( F RQ F 6* PLQW ZLWK

RYSW LVVXHV GLII VWDPSV FKLHIO\ PLQW ZLWK EHWWHU 5HSXEOLFD RYSWV LQF DWWU 3$,56 &HUHV H H WRS YDOXHV GXHV DQG PRUH $Q XQFRPPRQ WHUULWRU\ WR RIIHU Â… Â…

UHPDLQV Â… Â… ^3KRWR` Â’ 5(' 5(9(18( F RQ F 6* PLQW

Â… Â… ^3KRWR`

Â’ /,0,7(' (',7,21 VHW RI WKUHH PLQLDWXUH Â’ VKHHWV VWHDPHU H DV 6* LQ WKHLU RULJLQDO IROGHU 6*

{ 5(' 5(9(18( F RQ F 6* ILQH

06 80 Â… Â…

XVHG Â… Â… ^3KRWR`

&$<0$1 ,6 Â’ 3529,6,21$/ òG RQ 6* PLQW 6WRORZ

KV DQG JXDUDQWHH VRPH WRQLQJ YHU\ VFDUFH VWDPS Â… Â…

{ 5(' 5(9(18( F RQ F 6* )8

Â… Â… Â’ 5(' 5(9(18( F RQ F 6* PLQW ZLWK

UHPDLQV Â… Â… ^3KRWR`

Â’ .*9, VHWV FDWDORJXH Â… PLQW &RURQDWLRQ

GHILQ VHW RI 9LFWRU\ 6LOYHU :HGGLQJ 838 GHILQ Â’ 5(' 5(9(18( F RQ F 6* PLQW SDUW 2* VHW RI Â… Â… Â’ VPDOO IDXOWV FDW Â… Â… Â… ^3KRWR` +HOLR 9DXJLUDUG LPSHUI VKHHWOHW GHSLFWLQJ .*9, { 5(' 5(9(18( F RQ F 6* 9)8 QHDW 'ROSKLQ )LVK ZLWK LPSULQW 9HU\ XQXVXDO Â… Â… FGV PLQRU EOHPLVKHV FDW Â… Â… Â… Â’ (;7(16,9( FROOHFWLRQ RI 4(,, HDUO\ \HDU Â’ LVVXHV LQF GHILQ WR Â… PLQW GHILQ WR Â… 80 Â’ &$53 PLGGOH YDOXH GHILQLWLYHV IUHVK PLQW Â’ H[WHQVLYH FRPPHPV PLQW ZLWK PDQ\ VHWV 80 $ VROLG F 6* F F F 6* DQG F 6* Â… Â… FROOHFWLRQ RI VWDPSV Â… Â… { $,5 6(7 RI VL[ 6* YHU\ ILQH

&(</21

XVHG Â… Â… ^3KRWR`

Â’ &+$/21 G 6* IUHVK PLQW ZLWK JRRG

FOHDU PDUJLQV DQG YHU\ ILQH &ODVVLF VWDPS Â… Â… { &/($1 &87 DQG LQWHUPHGLDWH SHUI WR ò

&+$/21 WR H[FHSWLRQDO )8 ZLWK GLIIHUHQW VKDGHV G G G G G G DQG 6* QHDWO\ SUHVHQWHG RQ D SDJH ZLWK GHWDLOV Â… Â… { 528*+ SHUIRUDWLRQ FKDORQ ZLWK VKDGHV G

LQF EOXH SDSHU DQG D YHUW SDLU G G G G ROLYH VHSLD GHHS EURZQ PLQW G DQG $ YHU\ JRRG VHOHFWLRQ PDLQO\ YHU\ ILQH XVHG Â… Â… Â’ 49 òG 6* ILQH PLQW Â… Â…

Â’ 2)),&,$/6 SUHSDUHG DQG QHYHU LVVXHG G G

G RYSW 6(59,&( PLQW 6* 2 FDW Â… Â… Â…

$ 0267 ,17(5(67,1* JURXS RI WZR

UHG EDQG HQYHORSHV SOXV UHSO\ VLGH )52176 VKRZLQJ PDQ\ GLII FDQFHOODWLRQV IURP %RUGHU 7HUULWRULHV LQF :HL +DL :HL 7VLQJWDX &KHQJ\DQJ HWF FKLHIO\ IUDQNHG MXQN YDOXHV DQG FRPELQDWLRQV LWHPV Â… Â… ^3KRWR` $ 9(5< *22' ROG WLPH FROOHFWLRQ LQ DQ DOEXP ZLWK GLIIHUHQW SUH LVVXHV VPDOO GUDJRQV WR FD RSWV WR FD 6* 0 *DWHV WR XVHG PDQ\ LQWHUHVWLQJ RYHUSULQWV ZLWK 0DUW\U W\SHV 0 6XQ <DW 6HQ RYSWV 0 EDFN RI WKH ERRN LVVXHV 0 8 DOO GLIIHUHQW Â… Â…

$1 2/' 7,0( &2//(&7,21 RQ SDJHV RI GLIIHUHQW LVVXHV PXFK LV XVHG IURP HDUO\ LVVXHV QRWLQJ %HDQ *RRVH WR *DWHV WR H[WHQVLYH 2FFXSDWLRQ LVVXHV ZLWK RYSWV YHU\ JRRG UDQJH RI FRPPHP LVVXHV XS WR DERXW SRVWDJH GXHV PDQ\ RYHUSULQWHG LVVXHV $Q RULJLQDO ORW DQG D VXEVWDQWLDO QXPEHU Â… Â…

CHINA

Â’ )$0,1( 5(/,() VWDPS V &HQW EURZQ

&267$ 5,&$

DV FRPSOHWH PLQW VKHHW RI LPSULQW DQG SODWH VRPH VSOLWWLQJ WKRXJK UDUH DQG IUHVK DV D FRPSOHWH VKHHW Â… Â…

3267$/ 67$7,21(5< HDUO\ FROOHFWLRQ RI

FRYHUV FDUGV XQXVHG F ZLWK 0XHVWUD 6SHFLPHQ RYSW F JUHHQ RQ EXII 838 LOOXVWUDWHG SRVWDO FDUG DQG UHSO\ $ ILQH JURXS RI FRYHUV FDUGV Â… Â…

{ 672&. 3$*(6 ZLWK V RI VWDPSV ZLWK

EHWWHU SLFNLQJV LQF 5HG 5HYHQXH F RQ F 6* DQG F &5(7( RQ F 6* IDXOWV (DUO\ 'UDJRQ V %HDQ *RRVH GHILQV &ODVVLF +DOO RI 3HNLQJ WR XQFKHFNHG 'U 6XQ RYSWV Â’ 3,&725,$/ VHW ILQH PLQW 6* 7KRXJKW RI 0DR 7VH WXQJ I ZLWK *ROG IUDPH 6* )8 Â… Â… 0DR V \RXWK 6* )8 &KDLUPDQ 0DR 6* )8 /DERXU 'D\ 6* 6* 6* DOO )8 Â’ ,WDOLDQ 3R F / /D &DQHD RYSWV PLQW 6* 5HYROXWLRQ *DPHV 6* )8 DQ LQWHUHVWLQJ ORW ZLWK &DW Â… 6FDUFH VWDPSV Â… Â… EHWWHU SLFNLQJV FKLHIO\ ILQH XVHG Â… Â… ^3KRWR` $1 2/' 7,0( FROOHFWLRQ RI GLII LVVXHV RQ { 683(5% FROOHFWLRQ RI LQ DQ DOEXP VHHQ SULQWHG SDJHV LQF VHW RI PLQW 5XVVLDQ FRQWURO Â’ PDQ\ 'U 6XQ RYSWV 3URYLQFHV LVVXHV 5HG 5HYHQXH F VWDPSV ZLWK VWDUV DQG FRQWURO RYSWV GLII *UHHN LQF RQ F 6* )8 FÂ… 7DQJ 3RWWHU\ 6* 5HYROXWLRQDU\ $VVHPEO\ VHW XVHG DQG RWKHU HDUO\ LVVXHV PLQW (QJHOV VHW PLQW 0DR 7VH WXQJ ZLWK /LQ 3ODR Â… Â… )8 WK $QQLY 6* )8 3RHPV RI 0DR 7VH WXQJ I 6* )8 /LEHUDWLRQ $UP\ 6* )8 $ YDOXDEOH FROOHFWLRQ Â… Â…

&52$7,$ { '$/0$7,$ ,WDOLDQ 7HUULWRU\ F F F KLJK

&+5,670$6 ,6 &+5,670$6 ,6/$1' /2&$/ 3267 3DOP 7UHH

FDFKHW E\ IDYRXU RQ HQYHORSH ZLWK ODUJH 3DOP 7UHH FDFKHW RQ UHYHUVH )ROGV UDUH DQG XQXVXDO Â… Â…

YDOXH SRVWDJH GXH RYSWV 9)8 RQ VPDOO SLHFHV VFDUFH 6* ' FDW Â… Â… Â… Â’ :$5 ,19$/,'6 5HOLHI )XQG LPSHUIRUDWH FRUQHU Â’ PDUJLQDO V SULQWLQJ LQ EDVH FRORXU RQO\ 6* ZLWK RXW

FRXQWU\ LQ WKH WDEOHW IUHVK 80 6* 9DU Â… Â…

&2/20%,$

&8%$

{ ,1685(' /(77(5 67$036 )8 JURXS RI GLII

F WR S 6FRWW * LQF SRVWDO FDQFHOV VFDUFH JURXS Â’ 8102817(' 0,17 V VHWV VWDPSV Â’ LQF %LUGV DLUPDLO VHW 6* FKRLFH Â… Â… Â… Â… ,1685(' /(77(5 67$036 RQ FRORXUHG SDSHUV )8 VFDUFH FRPSOHWH VHW F WR SWD SOXV VHYHUDO H[WUD PLQW YHU\ JRRG FRQGLWLRQ DQG VHOGRP RIIHUHG 6FRWW * Â… Â…

&85$&$2

{ ,1685(' /(77(5 67$03 :KLWH &DOL LVVXH

6FRWW *2 ILQH XVHG PLQRU LPSHUIHFWLRQV Â… Â… Â’ /$16$ / DQG $9,$1&( $ RYHUSULQWV

/DQVD VHW RI 6* DQG $YLDQFD F WR F DQG WRS YDOXH S WKLUWHHQ VWDPSV IUHVK PLQW Â… Â… ,1685(' /(77(5 VWDPSV D VXSHU ORW RI PRVWO\ DOO GLII GHVLJQV LQF PXOWL FRORXUHG DQG YDOXHV D JRRG SHUFHQWDJH DUH XVHG KLJKO\ FDW LQ 6FRWW KLJK YDOXHV DQG VRPH RYSW IDFVLPLOH :LOO PDNH D JUHDW VWXG\ Â… Â…

%UDGEXU\ :LONLQVRQ 3ULQWHUV XQLTXH VHW RI 3KRWRJUDSKLF 3URRIV VWDPS VL]H PDQXVFULSW GDWH XQDGRSWHG GHVLJQV IRU YDOXHV F WR F PRXQWHG RQ RULJLQDO SULQWHUV FDUG RI H[KLELWLRQ VWDWXV 5DUH DQG XQXVXDO DUFKLYH LWHPV Â… Â… %UDGEXU\ :LONLQVRQ 3ULQWHUV XQLTXH VHW RI WKUHH XQDGRSWHG $LUPDLO VWDPSV VWDPS VL]H PRXQWHG RQ FDUG DQG GDWHG ([ SULQWHUV DUFKLYH ([FHSWLRQDO DQG RI H[KLE 6WDWXV Â… Â…

%UDGEXU\ :LONLQVRQV 3ULQWHUV XQLTXH 3KRWRJUDSKLF 3URRI VWDPS VL]H PDQXVFULSW GDWH IRU òF 5R\DO )DPLO\ LVVXH 0RXQWHG RQ FDUG H[ DUFKLYH Â… Â…

&22. ,6

&<3586

{ )LQH XVHG D ILQH UDQJH RQ SDJHV

3LFWRULDOV VHW RI VL[ RQ SLHFHV ZLWK &RRN ,VODQGV &'6 3LFWRULDO VHW RI &RURQDWLRQ VHW 3LFWRULDO VHW RI FDW Â… D JRRG ORW RI VWDPSV PXFK YHU\ ILQH XVHG Â… Â… Â’ 5$5$721*$ SRVWDO ILVFDO IUHVK 0 6*

Â… Â… Â’ 5$52721*$ G WR Â… &RDVW RI $UPV SRVWDO

ILVFDOV IUHVK 0 6* Â… Â…

{ *% 86(' ,1 )DEXORXV YHUWLFDO SDLU G SODWH

HDFK ZLWK GXSOH[ RI /DUQDFD 6* = $ VFDUFH PXOWLSOH Â… Â… ^3KRWR` *% RYHUSULQWV RQ WZR ROG SDJHV VWDPSV *% òG ZLWK SPN òG SO 0 YDULRXV SHQQ\ RYSWV 0 JRRG VHOHFWLRQ RI òG RYSWV LQF SO )8 G 6* 0 KDOI SHQQ\ RYSWV 6* SODWHV )8 HWF ,QWHUHVWLQJ DQG KLJKO\ FDW ORW UHTXHVW VFDQV Â… Â… Â’ 3(11< 5(' RYSWV IUHVK PLQW SODWHV

6* Â… Â…

6,/9(5 -8%,/(( WKUHH VHWV RQ RQH VPDOO

UHJLVWHUHG FRYHU 6* FDQF DW 5DUDWRQJD 6HYHUDO RI WKH { 49 ',( , ZPN &URZQ && VHW )8 6* Â… Â…

VWDPSV KDYH OLVWHG VPDOO OHWWHU YDULHWLHV Â… Â…

3,&725,$/ VHW RI WHQ 6* RQ D VXSHUE Â’ ',( SL 6* PLQW $ YHU\ IUHVK H[DPSOH RI

UHJG )'& Â… Â…

WKH ILUVW SULQWLQJ FDW Â… Â… Â…

,17(5(67,1* VHOHFWLRQ RI ROG VWDPSV RQ { ò RYSWV )8 6* Â… Â… FDUGV ZLWK YDOXDEOH (DUO\ 4XHHQ LVVXHV WR G )8 1LXH VHW RI WR 6* DV 80 EORFNV RI VL[ G :0. (5525 6* \ DV 80 EORFN RYSW VHWV WR Â… 9)8 HWF { 3529,6,21$/ ò RQ òSL &URZQ && PP +LJKO\ UHFRPPHQGHG Â… Â… VSDFLQJ 6* )8 FDW Â… Â… Â…

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

Â’ $ 9(5< ),1( FROOHFWLRQ ZLWK D FDWDORJXH YDOXH Â’ RYHU Â… PDLQO\ 80 HDUO\ LVVXHV PLQW DV WKH QRUPDO ZLWK Â’ EHWWHU SLFNLQJV 49 VHW RI 6* (GZDUG ZLWK

YDOXHV WR SL .*9 GHILQV ZLWK YDOXHV WR SL SLFWRULDO VHW RI 6LOYHU -XELOHH VHW RI .*9, GHILQ VHW RI 6LOYHU :HGGLQJ VHW RI H[WHQVLYH 4(,, LQF GHILQ VHW RI 6FRXW 06 2O\PSLF 06 ZPN LQY ZLWK VWDPSV 06 RXWVWDQGLQJ TXDOLW\ Â… Â… { ,19(57(' :$7(50$5. SL 6* DZ ILQH

%$&. 2) 7+( %22. LVVXHV SRVWDJH GXH LQF UHMHFWHG GHVLJQ &KDULW\ VWDPSV PLQW DQG ILQH XVHG &DVWOH LPSHUI DQG SHUI SHUI DQG LPSHUI ORFDO SRVW LVVXHV ZLWK ODUJH 3 KDQGVWDPS ZLWK 7 KDQGVWDPS SOXV GXHV RQ FRYHUV (DVW 6LOHVLD RYSWV $ YHU\ JRRG VHOHFWLRQ RI LWHPV ZULWWHQ XS RQ SDJHV Â… Â… Â’ $,50$,/ VHWV ILQH PLQW FDW Â… RYSW 4 VHW ERWK SHUI LPSHUI DQG VHW 6*

JRRG JURXS Â… Â… Â’ 2/<03,& *$0(6 RYSW VHW ILQH PLQW 6*

XVHG Â… Â…

FDW Â… Â… Â…

{ 9$5,(7< .*9 SD JUHHQ ZLWK EURNHQ ERWWRP 3267$/ &$5'6 %RKHPLD DQG 0RUDYLD SSF

WULDQJOH DW OHIW 6* D ILQH XVHG Â… Â…

ZLWK VSHFLDO FDQFHOV $UP K 6* ZLWK %UHLWHQUDFK (LQPDUVFK IUDQNLQJ 3UHV %HQHV ZLWK %HUJVWDGW 3ODWWHQ (LQPDUVFK $UP K RYSWHG $EHUVKDP ; ZLWK PDWFKLQJ FDQFHO K ZLWK WKH VDPH RYSW DQG PDWFKLQJ IUDQNLQJ SSF RI +LWOHU F $UP ZLWK %UQR VSHFLDO FDQFHO 6FDUFH JURXS VL[ FDUGV Â… Â…

Â’ .*9 Â… 6* IUHVK PLQW Â… Â… Â’ .*9 S S KLJK YDOXHV IUHVK PLQW 6*

Â… Â…

Â’ &$7 Â… YDOXDEOH ORW RI EHWWHU VWDPSV LQ

{ %5,7,6+ 58/( SLFWRULDO VHW )8 6*

SDFNHWV JRRG FRQGLWLRQ LQF 6LEHULDQ $UP\ NU 0 DLUPDLO RYSW VHW LPSHUI 2O\PSLFV RYSW VHW 6* *DPHV RYSW VHW 6* HWF $OO HDUO\ LVVXHV ILQH ORW Â… Â…

Â… Â… Â’ %5,7,6+ 58/( VHW WR Â… WRS YDOXH 80 6* Â’ Â… VPDOO DJHG JXP DJHG DW WRS VFDUFH 80 FDW

{ 2/' 7,1 FUDPPHG ZLWK V RI VWDPSV VHHPV

Â… IRU KLQJHG Â… Â…

WR VWRS DW V LVVXHV VHHQ HDUO\ LPSHUIV SRVWDJH GXHV PXFK ILQH XVHG Â… Â…

$SULO ,ULVK DFFHSWDQFH IORZQ FRYHU 'XEOLQ WR 4 /LPDVVRO IUDQNHG òG G G WLHG 'XEOLQ FGV HDUO\ EOXH DLU

3267$/ +,6725< LQWHUHVWLQJ JURXS RI

ODEHO DOVR WLHG HQGRUVHG RQ DUULYDO Â… Â…

FRYHUV FDUGV LQF &XVWRP &XUUHQF\ FRQWURO PDUNV DQG ODEHOV FHQVRUHG SRVWFDUG SULVRQ PDLO SRVWDJH GXH PDLO DQG XQXVHG ::,, SSF V 3ULFHG WR VHOO Â… Â… Â…

{ .*9 SLFWRULDO VHW )8 6* FDW Â…

Â… Â… { .*9, SLFWRULDO VHW RI 6* ILQH

3267$/ +,6725< ::, FROOHFWLRQ RI

XVHG Â… Â…

FRYHUV FDUGV PXFK ZLWK GLIIHUHQW FHQVRU PDUNV SSF 3LOVHQ ZLWK UHG 0LOLWDUSIOJH KV DQG 5HVHUYHVSLWDO 1R KV FRYHUV ZLWK &HQVXURYDQR KV )LHOG 3RVW FDUGV ZLWK D YDULHW\ RI SRVWDO PDUNV VXSHUE IRU VWXG\ SULFHG WR VHOO Â… PDQ\ \HDUV DJR Â… Â…

{ 6LOYHU :HGGLQJ YDULHW\ òSL H[WUD GHFRUDWLRQ

IUHVK PLQW LQ SDLU ZLWK QRUPDO 6* D Â… Â…

Â’ &203/(7( VKHHW 838 SL ZLWK LPSULQW DQG Â’ F\OLQGHU QXPEHU DW WKH IRRW DQG UHTXLVLWLRQ QXPEHU DW WKH WRS RI 3267$/ 67$7,21(5< XQXVHG HDUO\ W\SH LQF

WKH VKHHW 6* 80 Â… Â…

&KDLQ %UHDNHUV $OO 6RNRO RYSW FDUG ZLWK VSHFLDO VKRZ FDQFHO FWR XQXVHG $OO 6RNRO LOOXVWU FDUGV XQXVHG HDUO\ &DVWOHV $ ILQH FROOHFWLRQ RI FRYHUV FDUGV Â… Â…

&<3586 5(38%/,& 29376 P SDLU

P P DQG Â… SDLU VXSHUE XVHG RQ VPDOO HQY FDQF DW 1LFRVLD 7KH KLJK YDOXHV DUH UDUHO\ IRXQG RQ FRYHU 6* Â… Â… ^3KRWR` { 2/' 7,0( ORW RQ VWRFN SDJHV ZLWK XVHIXO Â’ SLFNLQJV 49 SHQQ\ UHG RYSW SO PLQW (GZDUG SL DQG SL

PLQW PXOWL FURZQ FÂ… .*9, GHILQV WR SL PLQW 6LOYHU -XELOHH VHW RI PLQW RYHU VWDPSV Â… Â… { 49 29(535,176 ),1( 86(' FDW Â…

6* LQF G G DQG DOO VRXQG DQG YHU\ FROOHFWDEOH H[DPSOHV Â… Â…

'$1=,* $1 ,17(5(67,1* ROG FROOHFWLRQ RQ SDJHV SHULRG ZLWK YDOXH LQ ILQH XVHG 7KHUHV GLII VWDPSV LQF *HUPDQ RYSWV WR PN 6KLS W\SHV WR PN $UPV 7% :HHN VHW DQG PRUH VWF Â… Â… Â…

'(10$5.

Â’ 49 RYHUSULQWV RQ *% LVVXHV òG SO G

6* òG 6* DQG G 6* FDW Â… FKLHIO\ ILQH PLQW Â… Â…

&<5(1$,&$ Â’ :DUULRU 6HW IUHVK PLQW 6* &DW

5$,/:$< SDUFHO VWDPSV DQG ORFDO SRVW VWDPSV RQ ROG SDJHV 6HHQ $$/%25* SULYDWH UDLOZD\ VWDPSV $$5+86 /)-6 UDLOZD\ VWDPSV RQ LQWHUHVWLQJ ORW 5DLOZD\ VWDPSV PDLQO\ PLQW ORFDO SRVW FKLHIO\ ILQH XVHG Â… Â… ^3KRWR`

'20,1,&$

Â… Â… Â…

{ 0$/)250(' &( YDULHW\ G 6* D )8 FDW

$,50$,/ (19(/23( ZLWK P P P P

Â… ZLWK QRUPDO WR FRPSDUH 2QH QLEEOHG SHUI DW WRS VFDUFH XVHG Â… Â…

P P P P PXOWLSOH IUDQNHG FRYHU ZLWK FGV FDQFHO VHQW WR WKH 8. VFDUFH Â… Â…

{ (GZDUG WRS YDOXH 6* 9)8 ZLWK

3RUWVPRXWK 9LOODJH &'6 3URXG ' &KRLFH Â… Â…

&=(&+26/29$.,$ { 0$,1/< ),1( 86(' ROG WLPH FROOHFWLRQ RI

Â’ .*9 VHW RI PLQW JRRG WR ILQH 6* VWDPSV ZLWK EHWWHU SLFNLQJV LQF +UDGFDQ\ &DVWOH Â… Â… LPSHUIHG XQFKHFNHG IRU SULQWLQJV QHZ SDSHU VWDPSV SRVWDJH Â’ (5525 PLVVLQJ & IURP ZDWHUPDUN F 6* GXHV WR K QRWH K DQG K PLQW EORFNV RI ,QGHSHQGHQFH RYSWV PLQW FKLHIO\ ILQH XVHG IURP D Â’ D ZLWKLQ D VWULS RI VWDPSV DQG FDQ EH FOHDUO\ VHHQ LW LV JRRG VROLG FROOHFWLRQ RI VWDPSV RQ ROG DOEXP SDJHV PLVVLQJ DV WKH ZPN LV LQ WKH PLGGOH RI WKH VWDPS VRUWHG E\ \HDU DQG VHWV Â… Â… Â… Â…

2/' VWRFN FDUGV ZLWK LVVXHV IURP QRWH YLHZV WR PLQW .*9, GHILQLWLYH VHW RI PLQW FÂ… XVHIXO ORW RI VWDPSV PXFK PLQW Â… Â…

'8%$, (5525 6SDFH VHW RQ DQ HQYHORSH ZLWK WKH U

VKRZLQJ \HOORZ RPLWWHG SODQHW ZLWK VSHFLDO )', FDQFHO 6* $ VFDUFH HUURU RQ FRYHU Â… Â…

9(5< H[WHQVLYH VWDPS FROOHFWLRQ LQ 0LQNXV SULQWHG DOEXP WR RYHU GLIIHUHQW VWDPSV ZLWK PXFK 0 80 DQG PDQ\ VHWV QRWH Â… PLQW P RQ SW RYSW 0 %ULWLVK 0LOLWDU\ 6HDOV YHU\ VWURQJ WR ZLWK PDQ\ IXOO DQG FRPSOHWH SDJHV WR Â… SOXV GXHV DLUPDLO VHW EDU RYSWV WR Â… DQG PXFK PRUH $ VROLG ORW LQGHHG Â… Â…

(/ 6$/9$'25

(&8$'25 Â’ ($*/( U LPSHUI IUHVK PLQW IRXU PDUJLQ 6FRWW

FDW Â… Â… Â’ 5 RYSW &RQGRU VWDPS IUHVK 0 6* 5 6FRWW 4 &) DW Â… Â…

683(5% FROOHFWLRQ RI XQXVHG SRVWDO VWDWLRQHU\

LQF LOOXVWUDWHG SRVWDO FDUGV HPERVVHG HQYV ZLWK PDQ\ GLIIHUHQW VL]H DQG YDOXHV LQWHULRU SRVWDO FDUGV LQF UHSO\ FDUGV $ YHU\ LQWHUHVWLQJ ORW RI FDUGV HQYV Â… Â…

(6721,$ Â’ )LUVW LVVXH N SHUI ò IUHVK 80 0L D &DW Â’ (XUR Â… Â…

(*<37 Â’ 3267$*( '8( LPSUHVVHG ZDWHUPDUN RQ WKH

Â’ $,50$,/ P DV 7HWH %HFKH EORFN SOXV WKH UHYHUVH S S DQG SL IUHVK PLQW FDW Â… Â… Â… 4 VHW RI WZR IUHVK PLQW 6* Â… Â…

Â’ 3267$*( '8(6 P SL SL 6* ' FDW Â’ $,50$,/ LPSHUI SDLUV VHW RI IUHVK 0 6* Â… PLQW Â… Â… FDW Â… Â… Â… { $ PRVW GHOLJKWIXO &RPLF &DUG GHSLFWLQJ FDULFDWXUH RI :DLWHU +ROGLQJ D 3RVWFDUG ZLWK +DW )H] DUHD

Â’ 5(' &5266 $,7$ RYSW VHW LPSHUI IUHVK PLQW

6* $ 0L % &DW (XUR Â… Â…

FRQWDLQLQJ P VWDPS WLHG &'6 WR 8. ZLWK DUULYDO &'6 &KRLFH Â… Â… ^3KRWR`

Â’ 0$3 +,*+ 9$/8(6 P DQG P ERWK Â’ IUHVK 80 0L &DW (XUR Â… Â… Â…

2FW $,50$,/ YHU\ VFDUFH ,ULVK DFFHSWDQFH 4 IOLJKW FRYHU 'XEOLQ WR $OH[DQGULD YLD 6ZLW]HUODQG ZLWK [ G

.*9 RYSWV DQG HDUO\ EOXH DLU ODEHO DOO QHDWO\ WLHG DUULYDO EV IHZ Â’ (,*+7 GLIIHUHQW FRPPHP VHWV IUHVK 80 ZLWK DOO Â’ 6RFLDO 5HOLHI VHWV EHWZHHQ 6* FDW Â… YHU\ ILQH H[LVW Â… Â… Â… Â… { *% Â… &RQVXODU )HH UHYHQXH VWDPS EDUHIRRW Â’ 7+5(( GLII 06 IUHVK 80 6* 06 D D % D DV D IDEXORXV PDUJLQDO EORFN ZLWK WKH FWR %ULWLVK Â’ DQG D FDW Â… Â… Â… &RQVXODWH $OH[DQGULD &'6 6SHFWDFXODU PXOWLSOH Â… Â… ^3KRWR` { &KDULW\ 6HW 9)8 PL &DW Â… Â’ 9$5,(7< D DLU 6* ZLWK ZDWHU PDUN Â… Â… Â’ LQYHUWHG OLVWHG LQ %DOLDQ DV D 80 Â… Â… Â’ 8102817(' 0,17 H[WHQVLYH FROOHFWLRQ RI Â’ 2/' 672&. 3$*(6 ZLWK EHWWHU SLFNLQJV Â’ 5HSXEOLF LVVXHV LQF 06 ZLWK PDQ\ EHWWHU VHWV GHILQV P ZPN LQY 6* Z SRVWDJH GXH SL 6* ' FÂ… GHILQV /LJKWKRXVH VHWV :LOGOLIH VHWV &RVWXPHV VHWV PLQW P RQ P VXUFK LQY 6* FÂ… PLQW DQ

0DUH %DOWLFXP RYSW 06 )HUU\ 'LVDVWHU RYSW VXSHUE FROOHFWLRQ LQWHUHVWLQJ DQG KLJKO\ FDW FROOHFWLRQ RI VWDPSV PLQW RI VWDPSV 06 DQG ERRNOHWV VXSHUE Â… Â… Â… Â… 3267$/ +,6725< DQ LQWHUHVWLQJ JURXS RI Â’ $LUPDLO VWDPSV PLQW ZLWK LPSHUI FRYHUV FDUGV LQF 732 PDLO FHQVRUHG PDLO ZLWK D JRRG YDULHW\ 4 SDLUV ZLWK RYSWV SHUIRUDWHG 5HG &URVV RYSW VHW 6* R% RI SRVWDO PDUNV DQG FHQVRUHG PDLO SULFHG WR VHOO PDQ\ \HDUV )LQH DQG KLJK &9 Â… Â… DJR Â… Â… Â… ($5/< VHOHFWLRQ LQ SDFNHWV GLII LVVXHV FDW 3267$/ +,6725< ::, FHQVRUHG PDLO Â… LQF 5HG &URVV VHW 0 VXUFKDUJHV 6* )8 FRYHUV FDUGV ZLWK D YDULHW\ RI FHQVRU PDUNV SSF ZLWK HWF 1LFH Â… Â… $UP\ 3RVW 2IILFH FGV DQG WULDQJOH FHQVRU PDUN HQY P IUDQNLQJ ZLWK GXPE FHQVRU PDUN VHQW WR WKH 8. (J\SW WR (7+,23,$ ,QGLD ZLWK 3DVVHG &HQVRU %RPED\ KV DQG ODEHO { 9(5< ),1( 86(' $QLPDOV VHW RI DV HQGRUVHG 2Q $FWLYH 6HUYLFH ZLWK )32 10< DQG FHQVRU VKHHWOHWV RI 6* UDUHO\ VHHQ DV XVHG VKHHWOHWV WULDQJOH KV $Q LQWHUHVWLQJ JURXS RI LWHPV Â… Â… Â… Â… 3267$/ +,6725< ::,, FHQVRUHG PDLO

)$/./$1' ,6 FRYHUV FDUGV HQY ZLWK OHWWHU LQWHUHVWLQJ UHDGLQJ DERXW VZLPPLQJ LQ WKH VHD LQ D IHQFHG RII DUHD D VKLS IXOO RI WURRSV Â’ 12 :$7(50$5. 49 VHW RI IRXU PLQW RQ WKHLU ZD\ EDFN IURP $VLD DQG WKH ORFDO UDLOZD\ VWDWLRQ FRPSOHWH DQG UDUH JURXS 6* &DW Â… G QLFH IHZ DLUPDLO HQY ZLWK 3DVVHG E\ &HQVRU KV DLUPDLO OHWWHU QLEEOHG SHUIV G DJHG LPSHUI DW EDVH G VPDOO WKLQ DQG ZLWK QDYDO WRPEVWRQH FHQVRU PDUN VFDUFH 3DVVHG E\ YHU\ ILQH 6HOGRP RIIHUHG VHW RI WKH ILUVW LVVXH &HQVRU ER[HG DQG FURZQ $Q LQWHUHVWLQJ JURXS RI Â… Â… FRYHUV FDUGV Â… Â… { 49 6* )8 QLFH TXDOLW\ Â… Â… 5,(67(5 (66$< 'HSLFWLQJ %LUG 6WDU DQG 6\PEROLF LPDJHV LQ *UHHQ ZLWK RUQDWH PDUJLQDO GHVLJQ 49 G 6* IUHVK XQXVHG PDUJLQDO H[DPSOH 6XSHUE DQG HDUO\ [ PP Â… Â… ZHOO FHQWUHG Â… Â… 5,(67(5 (66$< 'HSLFWLQJ %LUG 6WDU 6\PEROLF LPDJHV LQ %URZQ ZLWK PDUJLQDO GHVLJQ 6XSHUE DQG { 49 G G ERWK 9)8 ZLWK PDWFKLQJ ), GXSOH[ HDUO\ RQ ZPN SDSHU [ PP Â… Â… FDQFHOV 6* Â… Â… { 672&. %22. ZLWK PDQ\ V RI VWDPSV ILQH www.philangles.co.uk XVHG IRUP 6SKLQ[ 3\UDPLG WR DSSUR[ VHHQ RIILFLDOV place your bids online. Immediate and secure. SRVWDJH GXHV $Q ROG WLPH FROOHFWLRQ KRDUG Â… Â…

Â’ %LVHFW òG RQ KDOI G 6* PLQW &DW Â…

&2//(&7,21 2) &29(56 :,7+ %(77(5

7ULPPHG DW WRS YHU\ VFDUFH $OVR DQ 3HQQ\ IUHVK PLQW LQ DQ LQWHUHVWLQJ VKDGH Â… Â… { 49 9)8 6* Â… Â…

Â’ 9DULHW\ +RFNH\ 6WLFNV +HLMW] 9 IUHVK

PLQW 6* 9DU Â… Â… Â’ (GZDUG WRS YDOXH IUHVK PLQW 6*

3,&.,1*6 7+5(( &29(56 :,7+ 4(,, ò' ' $1' ' $6 %/2&.6 2) :,7+ )R[ %D\ )LUVW 'D\ RI LVVXH &'6 VHQW ORFDOO\ ))+ EORFN RI RQ LOOXVWUDWHG )'& 5HG &URVV RQ SULQWHG LOOXVWUDWHG )'& %DWWOH RI )DONODQG VHW RQ LOOXVWU )'& &KXUFKLOO RQ SULQWHG LOOXVWU )'& D ILQH FROOHFWLRQ RI FRYHUV Â… Â… ^3KRWR` Â’ 4(,, FROOHFWLRQ XQPRXQWHG PLQW ZLWK Â’ PDQ\ VHWV IORZHU VHW RI QHZ FXUUHQF\ VHW RI

%ULWLVK DGPLQLVWUDWLRQ LQVHFW DQG VSLGHUV VHW RI PDLO VKLW VHW RI D JRRG UDQJH RI VHWV Â… Â…

Â… Â… (':$5' 6(/(&7,21 LWHPV òG ZLWK SRVWPDUNV G 49 G )8 RQ VDPH SLHFH òG .*9 òG XVHG RQ VDPH SLHFH PLQW WR G Â… Â…

Â’ 4(,, FROOHFWLRQ RI VHWV LQF GHILQLWLYH XQPRXQWHG Â’ PLQW QRWH %LUG VHW RI )ORZHU VHW RI

{ (GZDUG 6HW )8 &KRLFH

Â… Â… Â’ .*9 G 6* DV IUHVK 80 PDUJLQDO EORFN RI Â’ VL[ [ Â… Â… .*9 2QH 3HQQ\ OHWWHUFDUG YHU\ ILQH XQXVHG

/ + * $ Â… Â… Â’ .*9 GHILQ VFULSW ZPN VHW IUHVK PLQW 6*

Â… Â…

1HZ &XUUHQF\ VHW RI 1HZ &XUUHQF\ VHW RI %DWK 6KLS VHWV H[WHQVLYH UXQ RI FRPPHPRUDWLYH VHWV LQF 06 V RI VWDPSV +XJH &DWDORJXH YDOXH Â… Â… ^3KRWR` { %,5' GHILQ VHW 9)8 6*

Â… Â… Â’ 6 6 *5($7 %5,7$,1 *XWWHU SDLUV VHW RI 6* Â’ QRWH G ZPN WR WKH ULJKW VFDUFH DV D JXWWHU SDLU )UHVK

XQPRXQWHG PLQW Â… Â… 3529,6,21$/ )DONODQG ,VODQGV &R /WG 3RUW

,QWHUHVWLQJ LQZDUG UHJLVWHUHG FRYHU H[ *% ZLWK

38& FRPELQDWLRQ òG SDLU G SDLU DQG òG FDQFHOOHG DW %UDFNQHOO HQGRUVHG RQ UHYHUVH 1R $QVZHU 6WUDQJH Â… Â…

6WDQOH\ KDQG VWDPS XVHG DV IUDQN ZLWK YHU\ ILQH 3RUW 6WDQOH\ FGV QHDUE\ VHQW WR %URWKHU 9H[DWLRXV 6W 0DU\V &KXUFK $ VFDUFH DQG YHU\ ILQH FRYHU Â… Â… ^3KRWR` { (5525 6LU :LQVWRQ &KXUFKLOO PLQLDWXUH VKHHW

ZLWK ZDWHUPDUN LQYHUWHG YHU\ ILQH XVHG D VFDUFH PLQLDWXUH VKHHW XVHG 6* PV Z Â… Â…

3(1*8,1 1HZVSDSHU &HQWHQDU\ HGLWLRQ LVVXHG RQ WKH LVODQG W\SHG SDJHV ZLWK GHWDLOV RI IHVWLYLWLHV LQF VKRRWLQJ FRPSHWLWLRQV KRUVH UDFLQJ DQG IDPLO\ PDWWHUV 6SHFLDO RXWHU IROGHU FRQWDLQLQJ PDLO RUGHU GHWDLOV IRU FORWKLQJ IURP D 0DQFKHVWHU FRPSDQ\ WKLV ZLWK SHULSKHUDO IDXOWV $ UHPDUNDEOH VXUYLYRU Â… Â…

Â’ %22./(76 FROOHFWLRQ FDW Â… LQF 0DLO Â’ 6KLSV ,QVHFWV ,QVHWV 9LVLWLQJ %LUGV

3HQJXLQV $ ILQH UDQJH RI ERRNOHWV Â… Â…

{ +,*+ 9$/8( FRPELQDWLRQ SLHFH ZLWK G

DQG Â… FDQFHOOHG RQ GD\ RI LVVXH DW 3RUW 6WDQOH\ FKRLFH SLHFH 6* Â… Â…

Â’ '2/3+,1 S ZPN WR ULJKW YDULHW\ 80 6* Â’ Z Â… Â… $5*(17,1( 2&&83$7,21 DLUPDLO HQYHORSH

VHQW WR WKH 8. ZLWK S VKLS ZUHDN VWDPS FURVVHG RXW ZLWK ELUR DQG ,VODV 0DOYLQDV 5HSXEOLFDQ $UJHQWLQD FGV $SU LQ EDVLF VHWV ZLWK PDQ\ EHWWHU VHWV LQF GHILQ VHW ZLWK WZR +(,-7= ,E $ VFDUFH FRYHU DV QRW PLOLWDU\ Â… Â… GLIIHUHQW 6 :HGGLQJ VXSHUE XVHG SLFWRULDO VHW ^3KRWR` VXSHUE XVHG %LUG GHILQLWLYHV VXSHUE XVHG RXWVWDQGLQJ Â’ UDQJH RI FRPPHPRUDWLYHV ZLWK WKH RGG ZDWHUPDUN YDULHW\ RYHU Â’ :DWHUPDUN WR 5LJKW Â… PDS YDULHW\ 80 6* Z Â… Â… VWDPSV 06 VXSHUE TXDOLW\ WKURXJKRXW &DW Â… Â… Â… Â’ :DWHUPDUN WR 5LJKW Â… PDS YDULHW\ 80 6* 3+,/$7,&$//< LQVSLUHG HQYHORSH ZLWK VL[ Â’ Z Â… Â… VWDPS .*9, FRPELQDWLRQ FDQF DW 3RUW 6WDQOH\ ZLWK { &2//(&7,21 )LQH XVHG WR VHHQ SULQWLQJ SULQWLQJ DQG Â… SOXV ORZ YDOXHV 0RVW DWWU 6* Â… Â… %LUG VHW RI )ORZHU VHW RI 1HZ &XUUHQF\ VHW RI 'HILQ VHW RI %DWK 6KLSV VHWV 6KLS 9$5,(7< RQ FRYHU QHDW HQYHORSH VHQW UHG IURP VHW RI 0DULQH OLIH VHW RI ZLWK PDQ\ 6RXWK *HRUJLD ZLWK WKLFN 0DS VHW RI ZLWK WKH G VKRZLQJ WKH FRPPHPRUDWLYH VHWV LQF 06 $ YHU\ JRRG FROOHFWLRQ PDQ\ H[WUD ,VODQG YDULHW\ 6* * DD DQG JDS LQ R SDUDOOHO 6* V RI VWDPSV Â… Â… ^3KRWR` * D SODWH SRV DOO VWDPSV YHU\ ILQH XVHG { .*9 VFULSW WR H[ G DQG 6LOYHU Â… Â… ^3KRWR` -XELOHH VHW RQ ODUJH SLHFH ZLWK )', FDQFHO FDW Â… { :HGGLQJ 6HW 9)8 6* Â… Â… Â… Â… { 683(5% 9(5< ),1( 8VHG FROOHFWLRQ FRPSOHWH

{ 4(,, ILQH XVHG LQF %LUG VHW RI SOXV òG

DQG G '/5 SULQWLQJV %DWWOH VHW RI &KXUFKLOO $ ILQH VHOHFWLRQ RI GLIIHUHQW VWDPSV Â… Â… { 683(5% 86(' FROOHFWLRQ ZLWK PDQ\ FRPSOHWH

{ .*9, $Q LQWHUHVWLQJ DFFXPXODWLRQ ZLWK D JRRG

VHOHFWLRQ RI LVVXHV WR Â… )8 ZLWK DGGLWLRQDO RQ SLHFHV LQF PXOWLSOHV IRU VWXG\ RI SULQWLQJV G EORFN DQG RQ SDUFHO SLHFH LVVXHV WR Â… PLQW HWF RULJLQDO ORW Â… Â…

VHWV SLFWRULDO VHW RI %LUG VHW RI )ORZHU 3267$/ 67$7,21(5< XQXVHG 3RVW 2IILFH VHW RI 1HZ &XUUHQF\ VHW RI 6KLSV ZLWKRXW 7HOHJUDP 1R &KDUJH IRU 'HOLYHU\ SULQWHG HQY 1R S LPSULQW VHW RI ZLWK PDQ\ FRPPHPRUDWLYH VHWV RXWVWDQGLQJ S S UHJG HQYV DHURJUDPPH S S /LEHUDWLRQ LVVXH TXDOLW\ RYHU VWDPSV 06 Â… Â… &KULVWPDV *UHHWLQJ DHURJUDPPHV $ XVHIXO UDQJH RI LWHPV Â… Â…

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

Â’ 4(,, $Q LQWHUHVWLQJ /RW RQ D TXDQWLW\ RI Â’ +DJQDUV DQG SDFNHWV ZLWK VWUHQJWK LQ 80 FRPSOHWH VHWV QRWLQJ

%LUGV WR Â… %DWWOH DV SODWH EORFNV RI PDQ\ ODWHU VHWV WR Â… Â… EORFNV VRPH DGGLWLRQDO 9)8 ZLWK YDOXHV WR Â… V ILQH ORW $OO GLII Â… Â…

),80( { ([SUHVV VHW 9)8 ZLWK FRPSOHWH FDQFHOV DQG

9HJLD 7HUULWRU\ RYSW VHW 9)8 _ 6* ( % $ &DW Â… 6HOGRP RIIHUHG VWDPSV Â… Â…

)5 &2/ $17 7(55

{ 4(,, ),1( 86(' VHW QRWH SLFWRULDOV

&KXUFKLOO IORZHUV SOXV ELUGV WR Â… H[ D ILQH FROOHFWLRQ RI VWDPSV Â… Â… 5(*,67(5(' 4(,, HQYHORSH G XSUDWHG ZLWK

òG G )ORZHU ZLWK D ILQH FGV FDQFHO VL]H + VXSHUE TXDOLW\ Â… Â…

Â’ 2/' $/%80 3$*(6 ZLWK V V LVVXHV

ZLWK PDQ\ VHWV FDW Â… $ JRRG UDQJH RI VWDPSV PLQW Â… Â…

)5 &2/ &+$' { 2/' 3$*(6 ZLWK D JRRG UDQJH RI )UHQFK &ROV Â’ LVVXHV ZLWK GHILQV DLUV FRPPHPRUDWLYHV SRVWDJH GXHV $

)$/./$1' ,6 '(3 Â’ $ ),1( FROOHFWLRQ ZLWK PXFK Â’ XQPRXQWHG PLQW ZLWK PDQ\ VHWV RYSW VHWV XQPRXQWHG Â’ PLQW WKLQ PDS VHW 80 WKLFN RYSW VHW PLQW VKLS VHW PLQW

SLFWRULDO VHW WR Â… 80 QRWH Â… ZKDOH PLQW VKLS 80 D YHU\ JRRG UDQJH RI VWDPSV 3OXV WKH RGG 06 KLJK FDWDORJXH FROOHFWLRQ Â… Â… ^3KRWR` .*9, FRYHUV VHQW ORFDOO\ 6RXWK

6KHWODQG RYSW VHW RI ZLWK 'HF FGV *UDKDP /DQG RYSWV VHW RI ZLWK 'HF FGV 6RXWK 2UNQH\ RYSW VHW RI ZLWK -DQ FGV 7KLFN PRS VHW -XO FGV 6 :HGGLQJ ZLWK 'HF FGV 838 VHW RI ZLWK 2FW FGV D XVHIXO ORW RI FRYHUV Â… Â… Â’ ([WUD ,VODQG YDULHW\ G IUHVK PLQW LQ SDLU ZLWK

QRUPDO 6* * $$ Â… Â… ^3KRWR` Â’ 0$3 9$5,(7,(6 D ILQH VHOHFWLRQ RI GLII 0

)8 LQF G ([WUD ,VODQG 0 G G &MDWV IRU &RDWV 0 G 6FXWK IRU 6RXWK )8 HWF 1LFH TXDOLW\ DOO LGHQWLILHG Â… Â… { 7+,1 0$36 VHW 9)8 òG GRW LQ 7 YDULHW\ 6*

* % Â… Â…

JRRG VHOHFWLRQ RI VWDPSV Â… Â…

)5 &2/ '$+20(< ,03(5)25$7,9( DLU IU 0HWHRURORJLFDO 6* YDU 80 Â… Â… { 2/' $/%80 SDJHV ZLWK LVVXHV IURP Â’ UDQGRPO\ DUUDQJHG D JRRG VHOHFWLRQ RI VWDPSV ZLWK

YDOXHV WR IU FDW Â… Â… Â…

)5 &2/ (48 $)5 { $/%80 3$*(6 ZLWK D JRRG YDULHW\ RI VWDPSV Â’ LQF KLJK YDOXHV LQF GHILQV WR IU /LEUH RYSW WR IU

$GKHUHQFH WR 'H *DXOOH LQF F EODFN RYSW 6* D XVHG EXW WRQHG ZLWK D FDW YDOXH RYHU Â… ZLWK VHWV Â… Â…

)5 &2/ )6$7 Â’ 672&. 3$*(6 ZLWK D YHU\ JRRG UDQJH LQF Â’ SLFWRULDO VHW RI FÂ… 0DS IU 6* Â’ FÂ… I 6* FÂ… 0DS DLU I I 6*

ZLWK PXFK 80 $ YHU\ ILQH VHOHFWLRQ RI VWDPSV HDFK GLIIHUHQW Â… Â…

{ 6+,3 GHILQLWLYH VHW RI 6* YHU\ ILQH

)5 &2/ *8$'(/

XVHG Â… Â…

{ 2/' $/%80 3$*(6 ZLWK LVVXHV IURP WR Â’ D JRRG UDQJH RI VWDPSV FDWDORJXHG Â… VHHQ Â’ 0$3 Â… ZDWHUPDUN WR ULJKW YDULHW\ ILQH 80 6* Â’ Z Â… Â… GHILQLWLYHV SRVWDJH GXHV FRPPHPRUDWLYHV ZLWK VHWV

Â… Â…

),-,

)5 &2/ *8,$1$

{ (GZDUG VHW WR Â… )8 6*

{ 2/' $/%80 3$*(6 ZLWK LVVXHV IURP Â’ SOXV ,QLQL RYHUSULQWV $ JRRG UDQJH RI VWDPSV

Â… Â… ^3KRWR` 3,/27 VLJQHG IOLJKW FRYHU IORZQ IURP /DXWRND WR 4 6XYD ILQH DQG VFDUFH Â… Â…

Â’ .*9, '(),1,7,9(6 ZLWK DGGLWLRQDO

FDWDORJXHG Â… VHHQ GHILQLWLYHV SRVWDJH GXHV DLUV QRWH ,QLQL 1HZ <RUN )DLU VHW )8 FÂ… *XLDQD SRVWDJH VHW PLQW FÂ… $ YHU\ JRRG UDQJH RI VWDPSV Â… Â…

)5 &2/ *8,1($

VKDGHV DQG SHUI W\SHV 6* IUHVK PLQW FDW Â… Â… Â…

Â’ (5525 6WDWH 3RZHUV EN ZLWK 5HJLRQHV Â’ ,QVXODUHV IRU 5HJLRQ ,QVXODU VFDUFH 80 Â… Â…

{ 7+( 5$5( .*9, SRVWDJH GXH VHW HDFK ZLWK

{ 2/' $/%80 3$*(6 ZLWK LVVXHV IURP $ Â’ JRRG UDQJH RI VWDPSV FDW Â… QRWH VXUFK VHW RI

WKH IRUJHG 6XYD FGV DV OLVWHG E\ 6* &DW Â… DV XVHG DQG H[FHOOHQW IRU UHIHUHQFH UHTXHVW VFDQ 6* ' Â… Â… .*9, )5$1.(' &29(56 LQF VXSHUE

VLQJOH XVDJH RI KLJK YDOXH 6* D DQG RWKHU XVDJHV XSWR )LQH JURXS Â… Â…

6* GHILQV ZLWK YDOXHV WR IU DLUV WR IU WR IU $ JRRG ORW ZLWK PXFK PLQW Â… Â…

)5 &2/ ,1' &+,1$

0XOWLSOH IUDQNHG FRYHUV 2+06 HQYHORSH

Â’ ,1'2 &+,1(6( 3RVW 2IILFH LQ &KLQH &DQWRQ

RYSW VHW RI 6* $ VFDUFH VHW IUHVK PLQW ZLWK G òG òG G G G DQG GHILQLWLYHV ZLWK Â… Â… UHJG +6 DQG /DXWRND FDQFHO )', QG FRYHU LOOXVWUDWHG Â’ ,1'2 &+,1(6( 3RVW 2IILFH LQ &KLQD &DQWRQ 2IILFLDO LOOXVWUDWHG )'& ZLWK YDOXHV IURP G WR ZLWK RYSW VHW RI 6* IUHVK PLQW $ VFDUFH VHW 6XYD )', FDQFHO $ ILQH VHOHFWLRQ RI FRYHUV Â… Â… Â… Â…

),1/$1'

)5 &2/ ,1' 6(77

Â’ %22./(76 FDWDORJXH YDOXH RYHU Â… ZLWK Â’ LVVXHV WR VHHQ 6 $ )ORZHUV %LUGV 0RRPLQV &KULVWPDV { )5$1&( /,%5( RYSW FD RYSW LQ EOXH 6*

)8 $ UDUH VWDPS FDW Â… Â… Â…

$QQLYHUVDU\ RI +HOVLQNL 6XSHUE ORW HDFK GLIIHUHQW Â… Â…

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

{ 2/' $/%80 SDJHV ZLWK LVVXHV IURP $ Â’ JRRG UDQJH RI VWDPSV FDWDORJXHG Â… QRWH ZLWK

YDOXHV WR IU 1HZ &XUUHQF\ LVVXHV )UDQFH /LEUH RYSWV $ JRRG VHOHFWLRQ PDLQO\ PLQW ZLWK VHWV Â… Â…

)5 &2/ 67 3 0 { 2/' $/%80 SDJHV ZLWK LVVXHV IURP D Â’ JRRG UDQJH RI VWDPSV FDWDORJXHG Â… PDLQO\ SUH

PXFK PLQW LQF GHILQV DLUV SRVWDJH GXHV FRPPHPRUDWLYHV ZLWK VHWV $ JRRG ORW Â… Â…

)5 &2/ ,1'2 &+,1$ { 2/' $/%80 3$*(6 ZLWK LVVXHV IURP LQF Â’ 32 LQ &KLQD ZLWK D YDULHW\ RI 6WDWH RYSWV $ JRRG ORW

VWDPSV FDW RYHU Â… ZLWK PXFK PLQW Â… Â…

)5 &2/ 0$57,1,48(

)5 &2/ 68'$1 { 2/' $/%80 SDJHV ZLWK LVVXHV IURP $ Â’ JRRG UDQJH RI VWDPSV FDW Â… Â… Â…

)5 &2/ 72*2 { 2/' $/%80 3$*(6 ZLWK LVVXHV IURP WR Â’ D JRRG UDQJH RI VWDPSV FDWDORJXHG Â… QRWH '$+20(< RYSW VHW RI RQ D FRYHU 6* GHILQLWLYHV SRVWDJH GXHV DLUV FRPPHPRUDWLYHV ZLWK VHWV PXFK PLQW Â… Â…

ZLWK D VXSHUE $QHFKR 7RJR FGV FDQFHOOLQJ HDFK VWDPS VXSHUE FRYHU ZLWK ORFDO W\SHG DGGUHVV Â… Â…

)5 &2/ 0$85,7$1,$

{ 2/' $/%80 SDJHV ZLWK LVVXHV IURP ZLWK { 2/' $/%80 SDJHV ZLWK D UDQJH RI VWDPSV Â’ D JRRG UDQJH RI VWDPSV FDWDORJXHG Â… ZLWK PXFK SUH Â’ IURP FDW Â… VHHQ KLJK YDOXHV WR IU GHILQV ZLWK

YDOXHV WR IU VXUFKDUJHV &RORQLDO ([KLELWLRQ PLQW 3DULV ([KLELWLRQ PLQW $ JRRG VHOHFWLRQ ZLWK PXFK PLQW Â… Â…

PDLQO\ PLQW ZLWK GHILQLWLYHV SRVWDJH GXHV DLUV FRPPHPRUDWLYHV ZLWK VHWV $ JRRG ORW Â… Â…

)5 &2/ 833 92/7$ { 2/' $/%80 SDJHV ZLWK LVVXHV IURP Â’ VHHQ GHILQV WR IU VXUFKDUJHV GHILQV WR I

)5 &2/ 0252&&2 3267$/ +,6725< PLOLWDU\ PDLO

F D JRRG VHOHFWLRQ RI VWDPSV FDW Â… VWDPSOHVV HQY ZLWK 7URXSV DX 0DURF 2FFLGHQWDO %DVH 'H Â… Â… 5DYLWDLOOHPHQW FDFKHWV VWDPSOHVV HQY ZLWK 7URXSHV ' 2FFXSDWLRQGD 0DURF 2FFLGHQWDO 6H 5HJLPHQW 'X *HQLH )5 &2/ :$//,6 )8781$ ::,, FHQVRUHG FRYHU ZLWK KV DQG FHQVRU ODEHO SSF { 2/' $/%80 SDJHV ZLWK LVVXHV IURP D ZLWK ILQH 7UHVRU 3RVWHV FGV LQWHUHVWLQJ JURXS RI Â’ JRRG VHOHFWLRQ RI VWDPSV FDWDORJXHG Â… ZLWK VHWV FRYHUV FDUGV SULFHG WR VHOO PDQ\ \HDUV DJR Â… PDLQO\ SUH LQF D UDQJH RI DGKHUHQFH RYSW WR IU Â… Â… DLU ILQH XVHG FÂ… HDUO\ RYSWV WR IU $ YHU\ JRRG UDQJH Â… Â… )5 &2/ 1(: &$/

7:2 ($5/< SLFWXUH SRVWFDUGV VKRZLQJ

1RXPHD LQILUPDU\ QLFNHO PLQH ERWK ILQH XVHG Â… Â…

)5 &2/ :(67 $)5,&$ { 2/' $/%80 SDJHV $LG DQG 5HG &URVV Â’ )XQG 0 (ERXH VHW 0 GHILQV VHW 0 $LU 0 $LU

)5 &2/ 1,*(5 { 2/' $/%80 3$*(6 ZLWK LVVXHV IURP $ Â’ JRRG VHOHFWLRQ RI VWDPSV FDW Â… LQF VHW WR IU

PLQW FRORXU FKDQJH VHW PLQW GHILQV WR IU SRVWDJH GXH VHW PLQW &RORQLDO ([KLE VHW PLQW $ ILQH VHOHFWLRQ ZLWK VHWV PDLQO\ PLQW Â… Â…

VHW )8 ZLWK KLJK YDOXHV WR IU $ JRRG UDQJH RI VWDPSV Â… Â…

)5 32 528$' ,6 Â’ 29(535,176 WR S ZLWK F WR F EHLQJ

EORFN RI ZLWK WZR VWDPSV LQ HDFK EORFN EHLQJ 80 6* )UHVK Â… Â…

)5 &2/ 32/<1(6,$

)5$1&(

{ 2/' 3$*(6 ZLWK LVVXHV IURP ZLWK D Â’ FDWDORJXH YDOXH RYHU Â… QRWH DLUV PLQW $ JRRG UDQJH { &(5(6 IU DWWUDFWLYH )8 ZLWK IRXU IXOO PDUJLQV

DQG QHDW SPN VPDOO WKLQV JRUJHRXV ORRNLQJ VWDPS <YHUW FDW (XURV Â… Â…

RI VWDPSV ZLWK VHWV Â… Â…

)5 &2/ 5(81,21 $ ),1( UDQJH RI VWDPSV ZLWK EHWWHU SLFNLQJV QRWH VXUFK WR I WR I WR I DUUDQJHG RQ ROG DOEXP SDJHV Â… Â… { 2/' $/%80 SDJHV ZLWK LVVXHV IURP D Â’ JRRG UDQJH RI VWDPSV FDWDORJXHG Â… PDLQO\ SUH

{ Â’

{ Â’

2/' '$92 SULQWHG $OEXP ZLWK EHWWHU SLFNLQJV LQF 6LQNLQJ )XQG PLQW $LU WK )OLJKW EHWZHHQ )UDQFH DQG 6 $PHULFD VHW )8 0XVHXP VHW )8 $GHU )8 1DWLRQDO 5HOLHI )XQG PLQW $LU VHW )8 $LU )U )8 ZLWK RYHU VWDPSV $ JRRG ORW Â… Â…

LQF GHILQLWLYHV DLUV SRVWDJH GXHV FRPPHPRUDWLYHV ZLWK PXFK { 3(5)25$7(' &/$66,&6 ZLWK D YHU\ JRRG UDQJH ZLWK VKDGHV DQG GLIIHUHQW SULQWLQJV ILQH XVHG WR PLQW Â… Â… F ZLWK VKDGHV F F F F F DQG )5 &2/ 6(1(*$/ F ODXUHDWHG W\SH WR F ZLWK VKDGHV LQF F F F 7KLUG 5HSXEOLF WR F ZLWK PDQ\ GLIIHUHQW 2/' $/%80 3$*(6 ZLWK LVVXHV IURP SULQWLQJV DQG VKDGHV ZLWK D JRRG DUUD\ RI GLIIHUHQW SRVWPDUNV WR IU VXUFKDUJHV GHILQV ZLWK YDOXHV WR IU $ YHU\ XVHIXO ORW RI VWDPSV Â… Â… SRVWDJH GXHV PLQW DLUV 9LFK\ LVVXHV $ JRRG UDQJH RI VWDPSV FDW Â… Â… Â… ($5/< VWDPSHG OHWWHUV QRWLQJ VLQJOH F RQ FRYHU WR 86$ VLQJOH F RQ FRYHU WR 1DSOHV )5 &2/ 620$/, SULQWHG SLFWRULDO PRXUQLQJ VKHHW ZLWK F LPSHUI 2/' $/%80 3$*(6 ZLWK LVVXHV IURP LQF ZUDSSHU ZLWK F LPSHUI DQG PXFK RWKHU 0L[HG FRQGLWLRQ EXW 'MLERXWL DQG 2ERFN PDLQO\ SUH D JRRG UDQJH RI PXFK ILQH Â… Â… VWDPSV FDWDORJXHG Â… ZLWK PXFK PLQW LQF VHWV VHHQ Â’ &ODVVLF F 1DSROHRQ LPSHUI PLQW ODUJH SRVWDJH GXHV GHILQV FRPPHPRUDWLYHV $ YHU\ JRRG UDQJH RI PDUJLQV DQG PXFK 2* 6* &DW Â… Â… Â… VWDPSV Â… Â…

Credit Cards

1$32/(21 F LPSHUI EORFN RI IRXU &2/285 75,$/6 LQ VODWH SXUSOH DV IUHVK XQXVHG EORFN RI IRXU 6FDUFH Â… Â…

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

75,2 RI SLFWXUH SRVWFDUGV ZLWK /RQGRQ DQG 1$32/(21 F LPSHUI EORFN RI IRXU &2/285 75,$/6 LQ OLODF DV IUHVK XQXVHG EORFN VFDUFH Â… Â… 6RXWKDPSWRQ 0% 0DULWLPH FGV RQ )UHQFK VWDPSV VXSHUE TXDOLW\ Â… Â… Â’ 1DSROHRQ F ZLWK % XQGHU QHFN RIILFLDO UHSULQW Â’ 35( &$1&(/6 PLQW ZLWK RULJLQDO JXP FDW IUHVK PLQW IRXU PDUJLQV DQG RULJLQDO JXP 6XSHUE <YHUW F (XUR Â… YHU\ ILQH ORW RI GLII YHU\ KLJK &9 LQF F UHLPSUHVVLRQ &DW (XUR $Q H[FHSWLRQDO VWDPS 0HUVRQ 6RZHUV LQF F 3DVWHXU )LQH ORW Â… Â… Â… Â… { :$5 253+$16 )XQG VXUFK VHW RI 6* Â’ 1$32/(21 F ZLWK % XQGHU QHFN RIILFLDO ILQH XVHG Â… Â… UHSULQW IUHVK XQXVHG IRXU PDUJLQV VXSHUE FRORXU <YHUW F FDW (XUR Â… Â… { 3DULV H[KLELWLRQ IU IUHVK PLQW <YHUW &DW { 1$32/(21 IU <YHUW SHUIHFWLQJ VRXQG )8

H[DPSOH RI WKLV GHOLFDWH VWDPS 1R VWDU SPN IRU 3DULV 12 WKLQQLQJ RU ORVW SHUIV FDW (XUR Â… Â… Â’ &2/285 75,$/6 F LPSHUI 1DSROHRQ LQ JUHHQ

Â’ H Â… Â…

Â’ :$5 253+$16 IU WRS YDOXH VXSHUE 80 DOVR Â’ IU IUHVK PLQW 6* 0DXU\ &DW (XUR

Â… Â… Â… ^3KRWR` DQG EURZQ RQ WLQWHG SDSHU HDFK DV D EORFN IUHVK XQXVHG DV Â’ $,50$,/ IU RYSW 6* IUHVK 0 FDW LVVXHG PRVW DWWU EORFNV Â… Â… 4 Â… Â… Â… { 9$5,(7< I ZLWK GRXEOH LPSUHVVLRQ RI WKH EDFNJURXQG OLQHV RYHU 6* E ZLWK D FDQFHO )UHQFK Â’ $,50$,/ RYSW VHW 6* IUHVK 0 YHU\ ILQH 3RVW 2IILFH LQ &KLQD VFDUFH Â… Â… FDW Â… Â… Â… 6LHJH RI 3DULV *D]HWWH 'HV $EVHQWV %DOORRQ 0RQWH ILQH XVHG DQG UHGLUHFWHG IUDQNHG F &HUHV YHU\ ILQH

Â’ 675$6%285* (;+,%,7,21 06 IDEXORXV DQG D VFDUFH SULQWHG OHWWHU VKHHW 7KH ORW FRPHV ZLWK YROXPHV Â’ TXDOLW\ 80 FDW (XUR Â… <YHUW Â… Â… /D 3RVWH 3HQGHQW /H 6LHJH %RRNOHWV 5H (DFK Â’ 6,1.,1* )81' RYSW VHWV IUHVK PLQW YDOXHV %DOORRQ Â… Â… VXSHUE 80 6* FKRLFH Â… Â… %DOORQ 0RQWH FDUULHG RQ *DPEHWWD WR /RQGRQ 4 IUDQNHG F F 1XPHURXV SPNV ODUJH FDFKHW RQ UHYHUVH 6,1.,1* )81' RYSW VHW DV )8 3$,56 RQ D 8QXVXDO Â… Â… FRYHU XQXVXDO 6* FDW Â… DV )8 DORQH Â… Â… Â’ 7+( 81,668(' RQ F 1DSROHRQ <YHUW

IUHVK PLQW ODUJH SDUW 2* JRRG FRORXU VHOGRP RIIHUHG VWDPS FDW (XUR Â… Â… Â…

Â’ +,*+ 9$/8( IU /D 5RFKHOOH SDOH XOWUDPDULQH

<YW % PLQW FDW ( Â… Â…

Â’ 3HDFH F VXSHUE IUHVK PLQW <YHUW &DW

Â’ /H +DYUH 6WDPS ([KLELWLRQ IU IUHVK PLQW .H\

H Â… Â…

VWDPS <YHUW D &DW (XUR Â… Â…

3HDFH DQG &RPPHUFH D ILQH XVHG DQG KLJKO\ { $,5 %5,*+7 8/75$0$5,1( I F D &DW 6WXG\ RQ SDJHV VWDPSV PDMRULW\ RI WKH W\SH ,, DQG VFDUFH VKDGH ZLWK QRUPDO WR FRPSDUH 6* D ILQH XVHG QHZ FRORXUV DUH KHUH LQF 9DOXHV WR IU LVVXHV Â… Â… F <YHUW PLQW F H IU )8 DQG LVVXHV WR IU Â’ 6LQNLQJ )XQG IU F $QJHO IUHVK PLQW <YHUW PDMRULW\ DUH VRXQG XVHG *RRG JURXS Â… Â… &DW (XUR Â… Â… { 3($&( $1' &200(5&( FROOHFWLRQ RQ SDJHV JRRG IRU VWXG\ ZLWK YDOXHV WR I ZLWK PDQ\ GLIIHUHQW VKDGHV DQG 4 IU EDQNQRWH 6* VRXQG FGV XVHG 6* SULQWLQJV RYHU VWDPSV FKLHIO\ ILQH XVHG Â… Â… FDW Â… Â… Â… Â’ 8102817(' 0,17 F SHDFH DQG { $,5 VHW RI 6* ILQH XVHG VFDUFH Â’ FRPPHUFH VKDGH ELVWUH \HOORZ 6* 0DXU\ D VFDUFH Â… Â… VWDPS 80 Â… Â… Â’ 3HDFH PLQW JURXS F F DQG F 6*

Â’ $,50$,/ IU 6* IUHVK /00 $ ILQH 4 H[DPSOH RI WKLV NH\ VWDPS Â… Â…

DQG FKLHIO\ ILQH DQG IUHVK ODUJH SDUW 2* H[FHOOHQW JURXS &DW Â… Â… Â…

Â’ %$1.127( IU DLUPDLO 6* IUHVK PLQW FDW 4 Â… Â… Â… LOOXVWUDWHG F FDUG DGGUHVVHG WR D GHVWLQDWLRQ RXWVLGH WKH 2SHUDWLRQDO $UHD HQGRUVHG +RUV /LPLWHV WUDQVIHUUHG WR QRUPDO { 6287+ $0(5,&$ IOLJKW IU 9)8 ZLWK FKRLFH SRVW XQXVHG IU KDQGVWDPSHG 7D[H 5HGXWWH F ZLWK FHQWUDO FGV <YW FDW ( Â… Â… GRXEOH SHUIRUDWLRQ LQ WKH WRS PDUJLQV XQXVHG VFDUFH IU UHSO\ FDUG ZLWK VHDOHG %RXUVH ODEHO VFDUFH D YHU\ JRRG JURXS Â’ 6287+ $0(5,&$ IOLJKW VHW IUHVK 0 6* RI LWHPV SULFHG WR VHOO Â… PDQ\ \HDUV DJR FDW Â… Â… Â… Â… Â…

31(80$7,& 3267 LQWHUHVWLQJ ORW

{ '(),1,7,9( FROOHFWLRQ RQ SDJHV

0RXFKRQ WR F 6RZHUV 0HUVRQ KLJK YDOXHV %ODQF W\SH LQF SUH FDQFHOV 6RZHU F 3RVWHV 3DULV SUH FDQFHO XQXVHG 6RZHU F 3RVWHV 3DULV SUH FDQFHO PLQW 0HUVRQ IU 6* )8 ZLWK PXFK ILQH XVHG (DUO\ GHILQLWLYHV ZLWK YDOXH WR I RYHU VWDPSV ILQH XVHG Â… Â… Â’ 0RXFKRQ VHW PLQW DQG ODUJHO\ YHU\ ILQH 6*

Â’ (;326,7,21 VHW RI IRXU IUHVK 80 <HUW Â’ FDW ( KLQJHG LQ ODEHOV VWDPSV IUHVK 80 Â… Â… Â’ ,17(51$7,21$/ 3KLODWHOLF ([KLELWLRQ 3DULV Â’ 3(;,3 PLQLDWXUH VKHHW 6* 16 <YHUW 80 FDW

(XURV VFDUFH DV 80 Â… Â… { 3DULV VWDPS H[KLELWLRQ 06 )8 ZLWK VSHFLDO

SRVWPDUNV <YHUW EORFN Â… Â…

&DW Â… Â… Â… Â’ 6RZHU ZLWK 6XQULVH VHW RI ILYH PLQW DQG ILQH 6*

{ )5(1&+ /(*,21 $LUPDLO VHW RI WZR PLFKHO ,,

DQG ,,, ILQH XVHG Â… Â…

&DW Â… Â… Â…

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

Â’ 8102817(' 0,17 &DWDORJXH Â… ZLWK Â’ PDQ\ EHWWHU SLFNLQJV LQ D /LJKWKRXVH KLQJOHVV $OEXP ZLWK

{ ),1( 86(' LQ WZR DOEXPV RYHU VWDPSV DQG PLQLDWXUH VKHHWV VKHHWOHWV VHHQ SUH FDQFHOV ERRNOHW PDQ\ UHOLHI IXQGV $LUV KLJK YDOXHV LQF IU SDQHV KLJK YDOXH DLUV )UHQFK *DUGHQ 06 GHILQLWLYHV IU IU IU VWDPS FHQWHQDU\ I ZLWK KLJK YDOXH PRGHUQ LVVXHV $ YHU\ ILQH FROOHFWLRQ Â… Â… IU 6* D H[KLELWLRQ EORFN RI ZLWK ODEHOV $ YHU\ FRPSUHKHQVLYH FROOHFWLRQ WR RYHU VWDPSV LQ D Â’ ,16(&76 SRVWDJH GXHV DV LPSHUI SDLUV IUHVK TXDOLW\ $OEXP Â… Â… ^3KRWR` Â’ 80 <YHUW Â… Â… &(17(1$5< &LWH[ LOOXVWUDWHG SLFWXUH FDUG ZLWK VSHFLDO VKRZ FDQFHO DQG I I VWDPS DWWDFKHG 6* )5(1&+ 5(92/87,21 FRLQ FRYHU ZLWK IU VLOYHU FRLQ ZLWK $PHULFD DQG )UHQFK $QQLYHUVDU\ VWDPSV D VHQW ORFDOO\ Â… Â… FDQFHO ZLWK )', FDQFHO Â… Â… &281&,/ 2) (8523( VSHFLDO FGV FDQFHOV RQ WZR FRYHUV DQG RQH SRVWFDUG PXOWL IUDQNHG WR 8. RQH LV WD[HG Â’ 5(' &2/285 RPLWWHG IU 6XPPLW RI WKH Â’ $UFK IUHVK 80 9HU\ UDUH <YHUW % FDW (XUR XQXVXDO Â… Â… Â… Â… Â… { ),1( 86(' ZLWK PDQ\ EHWWHU VHWV Â’ 02'(51 8102817(' 0,17 LQF KLJK YDOXH 1DWLRQDO )XQG FÂ… $LU VHW FÂ… SUH FDQFHO Â’ DLU WR I ERRNOHWV VH WHQDQW VWULSV 60 RYHU VWDPSV VHW Â… 1DWLRQDO )XQG FÂ… 1DWLRQDO )XQG ERRNOHWV DQG 06 VKHHWOHWV Â… Â… FÂ… $LU VHW FÂ… 3KLODWHF ([KLE ZLWK ODEHO FÂ… $ YHU\ JRRG FROOHFWLRQ RI VWDPSV Â’ 6,/9(5 20,77(' PLVVLQJ (LIIHO 7RZHU HWF RQ Â… Â… Â’ IU URFNHW VWDPS IUHVK 80 ZLWK QRUPDO WR FRPSDUH Â’ $,5&5$)7 DLUPDLO VHW 0 <YHUW FDW ( 6SHFWDFXODU DQG UDUH <YHUW D FDW (XUR 4 Â… Â… Â… Â… Â… { 2/' 3$*(6 DQG D TXDOLW\ 'DYR SULQWHG IRU Â’ $,50$,/6 IU WR IU KLJK YDOXHV IUHVK 80 LVVXHV IURP WR ZLWK ILQH XVHG FROOHFWLRQ RI Â’ 6* FDW Â… Â… Â… VWDPSV VHHQ 0HUVRQ WR IU 0HUPR] IU ERWK VKDGHV 6* 4 D D TXDOLW\ DOEXP ZDLWLQJ WR EH ILOOHG Â… Â… Â’ 1$7,21$/ 5(/,() )XQG VHW RI VL[ 6* 3$*(6 ZLWK D JRRG UDQJH RI VWDPSV VWUHQJWK Â’ IUHVK XQPRXQWHG PLQW Â… Â… LQ GHILQLWLYHV ZLWK PXFK 80 VHHQ YDOXHV WR I SRVWDJH GXHV WR

IU FRPPHPRUDWLYHV LQF 6SRUW VHW FÂ… 80 5HG &URVV )XQG VHWV 5HOLHI )XQG VHW SUH FDQFHOV IURP $ YHU\ JRRG FROOHFWLRQ RI VWDPSV Â… Â…

Â’ 1$7,21$/ 5(/,() )81' VHW RI VL[ Â’ 6* IUHVK XQPRXQWHG PLQW Â… Â…

3267$/ +,6725< DQ LQWHUHVWLQJ FROOHFWLRQ RI

Â’ ,03(5) 9$5,(7,(6 ZLWK FRORXU VHSDUDWLRQ Â’ VWULSV LPSHUI VLQJOHV SDLUV HWF IUHVK 80 LQ D VWRFN ERRN ZLWK

FRYHUV FDUGV VWDPSOHVV HQY HQGRUVHG )0 ZLWK %UHVW &RPPLVVLRQ GH &RQWUROH 7HOHJUDSKLTXH FDFKHW VHQW WR *UHHFH SULQWHG SRVWFDUG IRU QRWLFH RI 32: VHQW E\ D )UHQFK 32: F IUDQNLQJ )0 RQ D VPDOO HQY ZLWK 5HJLPHQW ' ,QIDQWHULH FDFKHW 32: FDUG VHQW WR 1RQH 2FFXSLHG =RQH 7RXORXVH LOOXVWU FDUG IURP D )UHQFK VROGLHU VHQW WR 8. $ ILQH JURXS RI FRYHUV FDUGV 3ULFHG WR VHOO PDQ\ \HDUV DJR IRU Â… Â… Â…

GLII LWHPV DOO SHUIHFW LQF $UWV FDW XSWR ( HDFK 3KLOH[IUDQFH VH WHQDQW VWULS FDW (XUR EHWWHU FRPPHPV VHWV DQG PXFK PRUH 9HU\ KLJK &9 VXSHUE ORW Â… Â… Â’ ,03(5) 9$5,(7,(6 FRORXU VHSDUDWLRQ VWULSV Â’ LPSHUI VLQJOHV SDLUV HWF IUHVK 80 9HU\ YDOXDEOH DOO GLII

FROOHFWLRQ RI LWHPV LQ D VWRFN ERRN ,WHPV UHDGLO\ FDW XSWR (XUR HDFK DOO OLVWHG LQ <YHUW $ JRRG QXPEHU RI $UW LVVXHV $ PDJQLILFHQW DQG KXJHO\ FDW ORW KLJKO\ UHFRPPHQGHG Â… Â… Â’ $57 VHULHV IU 5RXDXOW LPSHUI PDUJLQDO Â’ H[DPSOH IUHVK 80 <YHUW D Â… Â…

{ 7+5(( 672&.%22. &UDPPHG ZLWK VWDPSV

IURP HDUO\ FODVVLF WR PRUH PRGHUQ PDLQO\ ILQH XVHG Â… Â…

)5(1&+ &2/21,(6 Â’ (5525 5HQH &DLOOH F RUDQJH ZLWK QDPH

Â’ *(1(5$/ '( *$8//( VKHHWOHW RI SOXV Â’ ODEHOV VHOGRP VHHQ DV D VKHHWOHW SOXV 3KLODWHF VKHHWOHW RI

SOXV ODEHO 6* ERWK 80 Â… Â… Â’ 0$5,$11( 2) %(48(7 GHILQV LPSHUI Â’ YDULHWLHV 80 SDLUV DQG VLQJOHV F F GLII DQG IU

UHG <HUW HWF (OXVLYH Â… Â… Â’ 0,66,1* &2/285 (5525 F 6DLOLQJ 6KLS Â’ ZLWK RUDQJH EDFNJURXQG RPLWWHG 6SHFWDFXODU 0DXU\ D

FDW Â… ZLWK QRUPDO WR FRPSDUH Â… Â… Â’ &281&,/ 2) (8523( ,03(5)25$7( Â’ YDULHWLHV DV FRPSOHWH VHWV 80 PRVWO\ ZLWK ODUJH ZLQJ PDUJLQV

VWDPSV FDW (XUR H[FHSWLRQDO DOO OLVWHG LQ <YHUW YHU\ IHZ SULQWHG Â… Â… Â’ 35( &$1&(/ VHWV DV ,03(5) SDLUV IUHVK 80 Â’ OLVWHG <YHUW &RLQ LVVXHV 6LQJV RI WKH =RGLDF VHWV

0XVKURRPV DQG %XLOGLQJ VHWV 6HOGRP RIIHUHG SDLUV VWULSV DQG VLQJOHV DOO ZLWK ELJ PDUJLQV $ YHU\ ILQH FROOHFWLRQ Â… Â… Â’ ,03(5) 9$5,(7,(6 RI SLFWRULDO LVVXHV LQF Â’ FRORXU VHSDUDWLRQ SDLUV DQG YHU\ KLJK &9 $UWV LPSHUI YDULHWLHV

FDW XSWR ( HDFK GLII LWHPV RQ +DJQHUV ILQHVW TXDOLW\ VFDQV DGYLVHG Â… Â…

&RWH 'LYRLUH RPLWWHG 6* D PLQW Â… Â… Â’ Â’ Â’

)(==$1 2FFXSDWLRQ VWDPS RI /LE\D VXUFKDUJH )U RQ F 6* PLQW &DW Â… $LU VHW RI WZR 0 GHILQ VHW RI 80 &KDULW\ VHW 0 3RVWDJH GXH VHW PLQW GHILQ VHW RI 80 *KDGDPHV VHW RI 0 D ILQH FROOHFWLRQ RI VWDPSV Â… Â… ^3KRWR`

{ $/(;$1'5$ ROG SDJHV ZLWK D FDWDORJXH YDOXH Â’ RYHU Â… ZLWK EHWWHU SLFNLQJV I PLQW 6* I )8 6*

P RQ I 6* PLQW D XVHIXO RULJLQDO ORW ZLWK PXFK ILQH XVHG DQG EHWWHU PLQW YDOXHV VWDPSV Â… Â…

'LYHUVH ORW RI PDWHULDO LQ D ELJ $OEXP 6WDPSV DQG FRYHUV ZLWK PXFK XQXVXDO JRRG YDULHW\ RI HDUO\ &RO VWDPSV ERWK 0 8 7XQLV LVVXHV XVHG RQ FDUGV 32 LQ &KLQD 3R LQ 0RURFFR LQWHUHVWLQJ IUDQNLQJ RQ $LU FRYHU S RYSW XVHG LQ &RQVWDQWLQRSOH RQ FRYHU 3PN LWHPV (DUO\ )UDQFH ZLWK FXUV &DUG DQG 3PNV 8QXVXDO UDQJH Â… Â… Â’ '-,%287, F LPSHUI KDQGVWDPSHG

63(&,0(1 IUHVK PLQW 6* Â… Â… Â’ '-,%287, F LPSHUI KDQGVWDPSHG

63(&,0(1 IUHVK PLQW YHU\ VFDUFH 6* 0DXU\ FDW Â… Â… Â…

Â’ '-,%287, F LPSHUI KDQGVWDPSHG

*$0%,$

63(&,0(1 IUHVK PLQW 6* 0DXU\ Â… 6HOGRP VHHQ SUHSDUHG IRU WKH 838 Â… Â…

{ .*9 (OHSKDQW 0&$ VHW RI IRXU )8 6*

Â… Â… ^3KRWR`

Â’ '-,%287, F LPSHUI KDQGVWDPSHG

{ .*9 (OHSKDQW VHW RI òG WR ILQH XVHG

63(&,0(1 IUHVK PLQW 6* YHU\ VFDUFH DQG ILQH 0DXU\ FDW Â… Â… Â…

6* $ PRVW HOXVLYH VHW LQ )8 FRQGLWLRQ Â… Â… ^3KRWR` (48$725,$/ $)5,&$ SDJHV DQG VWRFN ERRN SDJHV ZLWK RYHU VWDPSV ZLWK PXFK PLQW LQF 80 ZLWK YDOXHV )/,*+7 &29(56 IRU VWDJH IOLJKWV WR 86$ ILQH 4 WR IU PLQW DQG ILQH XVHG WR I QHHGV VRUWLQJ ORW RI VL[ GLII VPDOO FRYHUV GLII UDWHV IURP G WR G Â… Â… &RPELQDWLRQV URXWLQJV LQF VFDUFH %UD]LO OHJV %HOJLDQ &RQJR /DJRV HWF +LJKO\ UHFRPPHQGHG Â… Â… { ,1'2 &+,1$ &RPPHUFH RYSW VHW )8 LQF XQLVVXHG 6* Â… Â… 0XOWLSOH IUDQNHG FRYHUV $LUPDLO HQY V ZLWK D YDULHW\ RI %LUG YDOXHV ZLWK %DWKXUVW &'6 ZLWK VW GD\ RI Â’ 2%2%. WULDQJOH IU IU 6* ERWK LVVXH +6 QHDUE\ VHOI JRYHUQPHQW RYSWV ZLWK 1RY &'6 RYSW 63(&,0(1 PLQW UDUH Â… Â… ZHUH QRW LVVXHG XQWLO WKH 1RY VHW RI YDOXHV 2+06 HQY ZLWK òG WR %LUGV 2+06 (QY :LWK ,QGHSHQGHQFH Â’ 2%2&. IU WULDQJOH RYSW 63(&,0(1 LQ RYSWV òG WR ZLWK )', FDQFHO $ JRRG VHOHFWLRQ RI UHG PLQW VFDUFH 6* Â… Â… FRYHUV Â… Â… 3267$/ +,6725< /27 6LOYHU

Â’ 2%2&. IU WULDQJOH RYSW 63(&,0(1

IUHVK PLQW UDUH DQG XQOLVWHG SUHSDUHG IRU 838 6* Â… Â… 2/' 3$*(6 :LWK PDQ\ FRORQLHV UHSUHVHQWHG ZLWK EHWWHU VHHQ &HUHV *HQHUDO LVVXH F *UH\ 6* ZLWK PDUJLQV )8 IDXOWV FÂ… (TXDWRULDO $IULFD DGKHUHQFH VHW RI )8 /HEDQRQ $LU WR SL RQ )U PLQW 3RO\QHVLD )UDQFH /LEUH RYSW VHW RI 6* P ,QGLD 6HWWOHPHQW )UDQFH /LEUH RYSWV WR I PLQW 7XQLVLD $LU VHW RI FÂ… PLQW PDQ\ V RI VWDPSV IURP HDUO\ RYSW V WR V V LVVXHV Â… Â… 2OG VWRFNERRN FUDPPHG ZLWK VWDPSV IURP PDQ\ FRORQLHV VHHQ PDQ\ HDUO\ W\SHV KLJK YDOXH DLU WR IU HDUO\ RYSWV VRUWHG E\ FRORQLHV Â… Â…

-XELOHH VHWV RQ FRYHU .*9 VL[ VWDPS UHJG LQF .*9, DLUPDLO IOLJKW FRYHUV ZLWK YDOXHV WR G JRRG òG RQ VL[ VWDPS FRPELQDWLRQ FRYHU .*9, FRPPHUFLDO XVDJHV 'LYHUVH ORW Â… Â…

*(5 &2/6 &$0(5281 2/' 3$*(6 ZLWK D ILQH UDQJH RI VWDPSV HDFK GLIIHUHQW PLGGOH &RQJR 2937 V WR I 2937 V WR I VHW WR I KLJK YDOXH DLU WR IU D ILQH VHOHFWLRQ HDFK VWDPS GLIIHUHQW 6WUHQJWK LQ PLQW Â… Â…

*(5 &2/6 ($67 $)5,&$ Â’ 67$036 2) *(50$1< 6XUFKDUJH VHW RI

6* PLQW Â… Â…

{ 5(9(18(6 $IULFD 2FFLGHQWDOH 0DULDQQH

V PDLQO\ ILQH XVHG ZLWK YDOXHV WR )U Â… Â…

{ 2YHUSULQW VHW RI ILYH )8 6* 1LFH TXDOLW\

YDULRXV RIILFH &'6 Â… Â…

{ 5(9(18(6 $2) '$.(5 RYSW V RQ HDUO\

Â’ <$&+7 6HW WR U ZLWK ERWK VKDGH RI U

UHYHQXHV ZLWK YDOXHV WR )U PDLQO\ ILQH XVHG Â… Â…

&DUPLQH 5RVH 6* PLQW Â… Â…

{ 5(9(18(6 $2) RYHUSULQWV RQ $OJHULD ZLWK

:8*$ 0LVVLRQ VWDPSV òK WZR YHUWLFDO SDLUV UHMRLQHG OHIW KDQG SDLU W\SH ,, FXUYHG WR 3 WR ULJKW KDQG SDLU W\SH , VWUDLJKW WR 3 WR XQXVHG QR JXP DV LVVXHG ZLWK %3$ &HUWLILFDWHG *HQXLQH Â… Â… ^3KRWR`

YDOXHV WR IU PDLQO\ ILQH XVHG Â… Â… { 5(9(18(6 $2) RYSW V RQ D YDULHW\ RI

FRORQLHV LVVXHV ZLWK YDOXHV WR )U D JRRG UDQJH RI UHYHQXHV Â… Â… { 5(9(18(6 *XDGHORXSH FRLQ LVVXHV WR

)U DQG D UDQJH RI HDUO\ SRVWDJH VWDPSV RYSWHG ILVFDO D ILQH DQG LQWHUHVWLQJ JURXS RI UHYHQXHV Â… Â… { 5(9(18(6 6XGDQ D YHU\ JRRG UDQJH RI Â’ UHYHQXHV WR )U QRWH $2) 6XGDQ RYSWV SRVWDJH VWDPSV

*(5 &2/6 785.,6+ (03,5( { $OEXP SDJHV ZLWK EHWWHU SLFNLQJV

VHW RI VRXQG XVHG VHW RI ILQH XVHG SL RQ P 6* )8 ZPN OR]HQJHV VHW ILQH XVHG SL RQ PN ILQH XVHG FDW Â… D YHU\ JRRG VHOHFWLRQ RI VWDPSV ZLWK D YHU\ KLJK FDW YDOXH Â… Â…

ZLWK WLPEUH ILVFDO RYSW ) WR ) FRLQ W\SH JUHHQLVK EURZQ *(50$1 &2/21,(6 ZLWK $2) 6XGDQ RYSW DQG (SUHXYH KDQGVWDPS PLQW JUHHQ Â’ &$0(5281 PLQW FROOHFWLRQ RI GLII LVVXHV LQVFULSWLRQ FRLQV IURP ) WR ) ZLWK (SUHXYH YHU\ KLJK &9 LQF (DJOH VHW 6* . <DFKWV LQF QR ZPN KDQGVWDPS PLQW 0DLQO\ PLQW Â… Â… PN PN 6* . RWKHU <DFKWV Â… Â… { 5(9(18(6 7RJR HDUO\ FRLQ W\SHV DQG SRVWDJH VWDPS ZLWK ILVFDO RYSWV ZLWK YDOXHV WR ) D JRRG ORW Â’ &$0(5281 RYSW VHW RI VL[ IUHVK PLQW 6* . Â… Â… RI UHYHQXHV Â… Â… { 5(9(18(6 :HVW $IULFD VHOGRP RIIHUHG QRWH

VW LVVXHV WR IU IU VWULS RI ZLWK &RQJR FDQFHOV I F EORFN RI SRVWDJH VWDPSV RYSWHG DQ LQWHUHVWLQJ ORW Â… Â…

*$%21 { 2/' $/%80 SDJHV ZLWK LVVXHV IURP Â’ )UHQFK &ROV LVVXHV WR PRUH PRGHUQ $ JRRG VHOHFWLRQ

RI VWDPSV VHHQ RYSWV ZLWK YDOXHV WR IU SRVWDJH GXHV WR IU SRVWDJH GXHV WR IU PXFK PLQW Â… Â…

&+,1$ YDOXDEOH FKLHIO\ PLQW ORW ZLWK JRRG KLJK YDOXHV VWDPSV RYSWV WR SI DQG XVHG WR SI VHW WR PN 6* &KLQHVH &XUUHQF\ VHW 6* ZPN VHW WR ò 'ROODUV H[WUDV LQF KLJK YDOXHV *RRG JURXS Â… Â… { &+,1$ (DJOH RYSWV )8 *RRG VHOHFWLRQ

RI WHQ LQF W\SH ,, VHW FDW Â… 6* Â… Â… Â’ ($67 $)5,&$ HDUO\ RYHUSULQWV PLQW

ILQH JURXS LQF S WRS YDOXH 6* VHW 6* Â… Â…

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

Â’ 0$5,$1$ RYSW VHW RI VL[ IUHVK PLQW 6*

{ 63(&,$/ 3UHVHQWDWLRQ VKHHW EHDULQJ VHW RI

Â… Â…

/RVV &RORQLHV DQG 7HUULWRULHV ZLWK VSHFLDO )UHGULFN 7KH *UHDW /DEHO XQXVXDO DQG VFDUFH Â… Â…

Â’ 0$56+$// ,6/(6 RYSW VHW RI VL[ IUHVK

{ ,$$ RYSW VHW )8 6FDUFH VHW ZLWK FRUUHFW GDWHG

PLQW 6* * Â… Â…

SPNV 6* Â… Â… ^3KRWR`

Â’ 0252&&2 1HZ YDOXHV VHW RI IUHVK 4 =(33(/,1 )OLJKW SLFWXUH SRVWFDUG ZLWK

PLQW H[ F 6* &DW Â… .H\ VHW Â… Â…

Â’ 0252&&2 JRRG FROOHFWLRQ RQ ROG SDJHV

)ULHGULFKVKDIHQ VORJDQ FDQFHO PN $LU 6* DQG VSHFLDO JUDI =HSSHOLQ FDFKHW Â… Â…

VWDPSV PLQW 5HLFKVSRVW RYSWV WR S F ZPN VHW =(33(/,1 PDLO WR 0LOO +LOO 0LVVLRQ LQ /RQGRQ 4 3RVWFDUG IUDQNHG P ,QIODWLRQ VFDUFH XVH FDQF RI WR S F WRS YDOXH 6* Â… Â… )ULHGULFKVKDIHQ DQG ZLWK *UDI =HSSHOLQ ER[HG KV 3RVWDO 6WDWLRQHU\ <DFKW LVVXHV &OHDQ ORW RI Â… Â… FKLHIO\ XQXVHG DQG DOO GLIIHUHQW SRVWDO FDUGV YHU\ ILQH DOVR =(33(/,1 SLFWXUH SRVWFDUG UHDO SKRWR W\SH

WZR XVHG DW .LDXWVFKRX DQG 6:$ 1LFH /RW Â… Â… Â’ 6287+ :(67 $)5,&$ JRRG FROOHFWLRQ RI

FKLHIO\ PLQW ZLWK KLJK YDOXHV VWDPSV (DJOH RYSW VHW 6* <DFKWV ZLWK YDULRXV KLJK YDOXHV LQF QR ZPN PN PN ZPN PN KLJK &9 Â… Â… Â’ 72*2 JRRG PLQW VHOHFWLRQ (DJOHV WR

VKRZLQJ =HSSHOLQ DQG +DQJHU ZLWK QHDW W\SHG DGGUHVV ZLWK 0LW /XIWVFKLII *UDI =HSSHOLQ %HIRUGHUW FDFKHW DQG YHU\ ILQH )ULHGULFKVKDIHQ FDQFHO VWDPSHG FDQFHO ZLWK %HUOLQ FGV Â… Â… ^3KRWR` '2; )OLJKW SLFWXUH SRVWFDUG RI WKH 'RUQLHU ZLWK

=HSSHOLQ 6RXWK $PHULFD PN 6* D ZLWK +LQGHQEXUJ SI VHQW WR /RQGRQ $ YHU\ VFDUFH SRVWFDUG YHU\ ILQH FRQGLWLRQ Â… Â…

SI <DFKWV LQF QR ZPN PN 6* * DQG ERWK PN ZPN LVVXHV 6* D Â… Â… { 785.,6+ (03,5( (DJOH RYSW VHW

Â’ $,50$,/ VHW RI IUHVK 80 6* Â’ ([FHSWLRQDOO\ IUHVK TXDOLW\ FDW Â… VHH ZHEVLWH

JRRG WR )8 6* FDW Â… Â… Â…

Â… Â…

{ 785.,6+ (03,5( SL SL DQG SL

=(33(/,1 IOLJKW FRYHU VW 0D\ 4 +LQGHQEXUJ /= FRYHU IURP 6WXWWJDUW ZLWK YDULRXV *HUPDQ

KLJK YDOXHV DOO 9)8 ZLWK GLII RIILFH SPNV 6* Â… Â…

DGKHVLYHV ZLWK )UDQNIXUW $LUILHOG FGV ZLWK WZR FDFKHWV DV WKH IOLJKW ZDV FDQFHOOHG GXH WR EDG ZHDWKHU WKLV FRYHU ZLWK GURSSHG RI DW .ROQ RQ WKH +LQGHQEXUJ V ODVW IDWDO IOLJKW WR 1RUWK $PHULFD Â… Â… ^3KRWR`

{ 785.,6+ (03,5( ZPN SL SL DQG

SL KLJK YDOXHV )8 QLFH SRVWPDUNV 6* Â… Â… { 785.,6+ (03,5( SL 6* ILQH

Â’ 2&&83$7,21 RI 5XVVLD .RS /RS DV Â’ FRPSOHWH VKHHWOHW RI 0L IUHVK SHUIRUDWHG VHW RI WZR

XVHG Â… Â…

VKHHWOHWV XQPRXQWHG PLQW Â… Â… 785.,6+ (03,5( FROOHFWLRQ RQ ROG SDJHV VWDPSV FDW DERXW Â… LQF RYSWV (DJOH VHW )8 6* 81868$/ HQYHORSH ZLWK %ULHIVWHPSHO SL 6* PLQW SL 6* 9)8 SL 6* )8 )HOGSRIWQ ZLWK (DJOHV KHDG ORRNLQJ ULJKW QRUPDO ORRNV *HUPDQLD RYSWV RWKHU KLJK YDOXHV WR SL *RRG JURXS OHIW KDQGVWDPS SURGXFHG LQ HUURU 0HQWLRQHG LQ D ERRN E\ Â… Â… .DUO +HLQ] 5LHPHU Â… Â…

*(50$1 67 %$9$5,$ { 35,1&( /8,732/' WK ELUWKGD\ LVVXHV

WR P W\SH ,, W\SH , FDW Â… Â… Â…

Â’ 2&&83$7,21 RI /DLEDFK F F F Â’ EORFNV RI ZLWK RQH VWDPS VKRZLQJ FRQVWDQW YDULHW\ VWRS

XQGHU WKH ULJKW IRRW RI WKH HDJOH SRVLWLRQ ZLWK FHUW 7KH YDULHW\ LQ WKH EORFN LV 80 6* YDU Â… Â… { $)5,&$ &DPSDLJQ 3DOP 7UHH DQG 6ZDVWLND

*(50$1 =21(6

'DUN %URZQ 0L D ILQH XVHG 6FDUFH Â… Â… ^3KRWR`

{ &277%86 5HFRQVWUXFWLRQ )XQG VHW RI

VKRZLQJ &LW\ DQG /DQGVFDSHV PL Z Â… Â…

,16(/ 3267 5+2'(6 2YHUSULQWHG ,QVHO 3RVW 0L % XVHG Â… Â…

*(50$1<

6&+$8%(. 3ULQWHG $OEXP IRU *HUPDQ\ 32: &DUG WR 6287+ $)5,&$ IUDQNHG +LWOHU 6WD\HV &RORQLHV DQG 3RVW 2IILFHV DEURDG ZLWK RYHU SI 2IODJ 9D FDFKHW /RQJ PHVVDJH LQ (QJOLVK XQXVXDO VWDPSV %DGHQ HDUO\ $UPV DQG 1XPHUDOV WR NU %DYDULD HQGRUVHPHQWV DQG GHVWLQDWLRQ Â… Â… QXPHUDOV HPERVVHG ZLWK YDOXHV WR PN .LQJ /XGZLJ Â’ &285/$1' .XUODQG VFDUFH XQPRXQWHG PLQW P P DQG P ILQH XVHG FRORQLHV LQF <DFKW LVVXHV &KLQD Â’ H[SHUWLVHG RQ WKH UHYHUVH RQ SI RQ SI RQ SI DQG RYSWV 0RURFFR RYSWV 2OG WLPH FROOHFWLRQ LQ D TXDOLW\ DXI URXH 6* DQG % VHOGRP VHHQ Â… Â… $OEXP Â… Â… ^3KRWR` Â’ 9(56,&+(581* ,QVXUDQFH PN EORFN RI { PN W\SH , 6* D DV )8 YHUWLFDO SDLU FDW Â… Â’ XQXVHG 6HOGRP VHHQ LQ EORFNV Â… Â… VFDUFH PXOWLSOH Â… Â… 683(5% VHW RI IRXU -XELOHH HQYHORSHV ZLWK

Â’ *RHWKH VKHHW ILQH 80 6* 06 5 $ Â’ Â… Â…

*HUPDQLD SI SI SI DQG SI LPSUHVVLRQV HDFK ZLWK /XGZLJVVEXUJ &72 FDQFHOV SDQHOV GHSLFW FODVVLF VWDPSV &KRLFH Â… Â…

3$66,21 3/$< 2EHUDPPHUJDX VSHFLDO FDUGV

Â’ $LUPDLO )RUHUXQQHU SI 0DUJDUHWHQ IUHVK Â’ PDUJLQDO 80 0L % &DW Â… Â… Â… 4

RQH ZLWK 5HIXJHHV )XQG VHW RI 6* VHFRQG FDUG ZLWK WZR VWDPS FHQWHQDU\ SI SI 6* ERWK FDUG ZLWK VSHFLDO FDQFHOV Â… Â…

3$5&(/ &$5'6 ZLWK D YDULHW\ RI IUDQNLQJV

$Q LQWHUHVWLQJ VHOHFWLRQ RQ ROG $OEXP SDJHV QRWH HDUO\ %D\HUQ QXPHUDOV ILQH XVHG RFFXSDWLRQ RI 3RODQG WK DQQLYHUVDU\ RI &RSHUQLFXV VKHHWOHW RI PLQW +LWOHU %LUWKGD\ 06 6* 0V )8 DQ LQWHUHVWLQJ JURXS RI LWHPV Â… Â…

VHQW WR 7XUNH\ VHHQ FDUGV IURP .DUOVUXKH =ZLFNDX 0LWWZHOGD :RUPV 9HOEHUW D IHZ ZLWK GHFODUDWLRQ IRUPV FDUGV JRRG IRU VWXG\ Â… Â…

{ &2//(&7,21 +286(' ,1 6,; '$92 3ULQWHG 3267$/ +,6725< ZLWK VWUHQJWK LQ &LYLO Â’ $OEXP DQG VWRFN ERRN PDQ\ V RI VWDPSV ZLWK EHWWHU &HQVRU PDLO MXVW DIWHU ::,, HQY ZLWK ' FDFKHW

SLFNLQJV IURP HDUO\ VWDWH &RORQLHV WR H[WHQVLYH RULJLQDOO\ +RPH *XDUG XQLW EXW EHFDPH WK ,QWHUQDO 6HFXULW\ FROOHFWLRQ $OOLHG ]RQH 5XVVLDQ *RHWKH 06 80 FÂ… :HVW 8QLW EXVLQHVV HQY ZLWK PLOLWDU\ FHQVRUVKLS FLYLO PDLO *HUPDQ\ FHQWHQDU\ RI WKH ILUVW VWDPS VHW RI FÂ… FDFKHW DQG 2SHQHG E\ ([DPLQHU ODEHO HQY ZLWK 86 &LYLO PLQW 5HIXJHHV )XQG VHW RI FÂ… PLQW 838 )8 &HQVRUVKLS FDFKHW ZLWK 0 / &HQ &LYLO 0DLO WDSH HQYV %DFK VHW RI FÂ… )8 6W 0DU\ V &KXUFK VHW RI ZLWK FDFKHW +RPH *XDUG 8QLW $ YHU\ LQWHUHVWLQJ )8 FÂ… +XPDQLWDULD )XQG GHW RI FÂ… PLQW 9HU\ FROOHFWLRQ RI FRYHUV FDUGV FKLHIO\ PLG WR ODWH V Â… Â… KLJK &DW 9DOXH LQ WKH HDUO\ LVVXHV ROG WLPH ORW Â… Â… ^3KRWR` Â’ <($5 %22.6 ZLWK XQPRXQWHG Â’ PLQW VHWV 0LFKDHO FDWDORJXH YDOXH (XURV HDFK { '$92 SULQWHG DOEXPV ZLWK D ILQH XVHG FROOHFWLRQ RI VWDPSV KDYH VHHQ EHWWHU %HUOLQ (53 GLIIHUHQW Â… Â… 2UFKHVWUD %HOO VHW 6* % DQG 6* % *(50$1< $//,(' =21(6 5HFRQVWUXFWLRQ SI WR SI FÂ… :HVW *HUPDQ\ 6WDPS &HQWHQDU\ VHW 6W 0DU\ &KXUFK 5HOLHI )XQG 0(&./(1%85* VSHFWDFXODU IUDQNHG HQYHORSH ZLWK ERWK SHUI DQG LPSHUIV QRWH SI SI SI DQG SI SOXV FÂ… 5HOLHI )XQG VHW FÂ… 5HOLHI )XQG VHW SI >I SI DQG SI SHUI HDFK ZLWK D ILQH FGV FDQFHO FDW FÂ… (DVW *HUPDQ\ 3RUWUDLWV VHW RI FÂ… $ Â… DV ILQH XVHG VWDPSV Â… Â… JRRG VROLG FROOHFWLRQ RI VWDPSV KXJH FDW YDOXH LQ V V SHULRG Â… Â… { '(),1,7,9(6 RQ D $ VL]H SDJH ZLWK

+DQQRYHU ([SRUWPHVVH FDQFHO 6* H[ SI UHG FDW /RFDO 3RVW WK &HQWXU\ RQ ROG SDJHV D Â… DV ILQH XVHG Â… Â… UHPDUNDEOH FROOHFWLRQ RI DIIL[HG WR SDJHV ZLWK GLIIHUHQW W\SHV VHHQ RQ HDFK SDJH VHOGRP VHHQ LQ WKLV TXDQWLW\ PL[HG Â’ *2(7+( )(67,9$/ 06 IUHVK 80 6* FRQGLWLRQ 8QXVHG Â… Â… Â’ 065 D Â… Â… 2/' $/%80 3DJHV ZLWK D JRRG UDQJH RI VWDPSV WR LQF ORFDO GHIDFHG +LWOHU RFFXSDWLRQ Â’ +$129(5 7UDGH )DLU PLQLDWXUH VKHHW 6* 06$ Â’ 80 Â… Â… $OOLHG =RQHV 32 DERDUG DQ LQWHUHVWLQJ ORW ZLWK RYHU VWDPSV 06 LQF 2VWURSD SRRU $ JRRG ORW PDLQO\ { +$129(5 7UDGH )DLU PLQLDWXUH VKHHW YHU\ ILQH PLQW Â… Â… ^3KRWR` XVHG 6* $ 06$ FDW Â… Â… Â… { 2/' 7,0( &ROOHFWLRQ ZLWK LVVXHV IURP LQF HDUO\ VWDWHG VHHQ %DGHQ 3RVWDJH 'XHV VHW RI Â’ $ 6(/(&7,21 RI EORFNV RI 80 HDFK XQXVHG 3UXVVLD .LQJ VJU DQG VJU PLQW N RYSW Â’ GLIIHUHQW VHHQ 6DFKVHQ %HUOLQ QXPHUDO LVVXHV Â… Â… 6* )8 ZLWK LVVXHV WR RYHU VWDPSV VWUDLJKW LQ ILQH XVH Â… Â… ^3KRWR` *(50$1< %(5/,1 3,&785( 3267&$5'6 ZLWK PDQ\ GLIIHUHQW

Â’ 63(&,$/ IROGHU SURGXFHG E\ WKH -HZLVK

YLHZV XQXVHG ZLWK UHDO SKRWR IURP DOO URXQG WKH FRXQWU\ GLIIHUHQW FDUGV PDLQO\ EODFN DQG ZKLWH Â… Â…

FRPPXQLW\ IRU WKH UHEXLOGLQJ RI WKH V\QDJRJXH ZLWK WKH VWDPSV KDYLQJ LPDJH RI WKH V\QDJRJXH WR EH UHEXLOW ZLWK YDOXHV IURP SI WR PN HDFK GLIIHUHQW PLQW Â… Â…

3267$/ +,6725< DQ LQWHUHVWLQJ JURXS RI

FRYHUV FDUGV 86 &LYLO &HQVRUVKLS PDFKLQ FDQFHOV 3522)6 %HSKLOD VHW RI WZR VKHHWOHWV HQY WR 86$ ZLWK 3DVVHG E\ 86& &LYLO &HQVRUVKLS *HUPDQ\ %HUOLQ VXQNLQJ GLH SURRIV ZLWK LPDJHV RI 6WDPS FDFKHW SSF ZLWK .DLVHUOLFKH 0DULQH .RPPDQGR FDFKHW 'D\ DQG PN GHILQ %HSKLOD PN ZLOO HQKDQFH \RXU FHQVRUHG HQY ZLWK FRQWHQWV VHQW WR D *HUPDQ 32: LQ )UDQFH FROOHFWLRQ YHU\ IUHVK QR KLQJH PDUNV Â… Â… HQY ZLWK %ULWLVK FHQVRUVKLS *HUPDQ\ ZLWK FRQWHQWV $ ILQH JURXS RI FRYHUV FDUGV PXFK PLOLWDU\ FRQWHQW SULFHG WR *(50$1< ($67 VHOO IRU Â… PDQ\ \HDUV DJR Â… Â… { 1,(6.< S) /LJKW 5RVH 5HG RQ :KLWH 3DSHU 3267$/ +,6725< VWUHQJWK LQ PLOLWDU\ PDLO ILQH XVHG RQ SLHFH ZLWK VXSHUE QLHVN\ &'6 Â… Â… HQY ZLWK ER[HG 6XGHUEUXFK SURYLVLRQDO KDQGVWDPS HDUO\ SRVWDO VWDWLRQHU\ FDUG ZLWK VFDUFH 'RUQXP FDQFHO { 7:2 '$92 3ULQWHG $OEXPV ZLWK DQ H[WHQVLYH SSF V WDONLQJ DERXW EHLQJ GLVDSSRLQWHG DV , KDYH EHHQ PRYHG Â’ FROOHFWLRQ RI VWDPSV DQG 06 6KHHWOHWV ZLWK PDQ\ EHWWHU VHWV %DFK VHW )8 6FLHQFH VHW RI PLQW IXUWKHU DZD\ KDQGVWDPSHG 'LHQVWVWHOOH / /* SD FÂ… )ULHQGVKLS ZLWK &KLQD VHW )8 .DUO 0DU[ 0XQVWHU :,, HQY ZLWK )HOGSRVW FDQFHO RI $*5$0 VHW RI )8 VHW RI 06 SHUI DQG LPSHUI PLQW FÂ… &URDWLD 32: PDLO UHXVHG HQY *UDQG 3UL[ 9LHQQD VHW DV GHILQV VHW RI )8 )LYH <HDU SODQ VHW RI D YHU\ JRRG EORFN RI ZLWK :LHQ VSHFLDO FDQFHO YHU\ LQWHUHVWLQJ FROOHFWLRQ KRXVHG LQ WZR TXDOLW\ $OEXPV Â… Â… JURXS RI FRYHUV FDUGV SULFHG WR VHOO IRU Â… PDQ\ \HDUV DJR Â… Â… 5(*,67(5(' &RYHU WR 8. IUDQNHG ZLWK WZR 3267$/ +,6725< VWUHQJWK LQ ::,, PLOLWDU\

SI )ULHQGVKLS ZLWK 3RODQG SI )UHHGRP DQG SI PDNLQJ XS SI SI SI 5HGJ $ VFDUFH FRPPHUFLDO FRYHU PDLO HQY VHQW WR D VROGLHU DW )HOGSRVW ( HUDVHG Â… Â… DQG KDQGVWDPSHG 5HWXUQ WR 6HQGHU 32: FDUG WR 2UQH )UDQFH IURP 6WDODJ ,;$ )HOGSRVW HQY ZLWK FRQWHQWV VHQW *(50$1< /2&$/6 WR 66 5RWHQIXKUHU DW D UHVHUYH KRVSLWDO HQY ZLWK FRQWHQWV IURP %UXVVHOV EHDULQJ )HOGSRVW G FDQFHOODWLRQ SUHIL[ Â’ 0(,66(1 5HFRQVWUXFWLRQ )XQG PLQLDWXUH Â’ VKHHW XQPRXQWHG PLQW VRPH ZULQNOLQJ DV XVXDO 0L , 6FDUFH DV

/ IRU /XIWZDIIH ::,, SDUFHO FDUGV ZLWK +LWOHU PL[HG XQPRXQWHG PLQW Â… Â… IUDQNLQJV $Q LQWHUHVWLQJ JURXS RI FRYHUV SULFHG WR VHOO IRU Â… PDQ\ \HDUV DJR Â… Â… Â’ 675$86%(5* 6KHHWOHW RI YDOXH 0L EORFN Â’ W\SH ,, DQG EORFN W\SH ,, XQPRXQWHG PLQW Â… Â…

Key to symbols in this catalogue

✱

✉

Used Mint Postal History

✈ ✱✱ &

Â’ 2/'(1%85* 5HG &URVV VHW RI WZR SHUIRUDWHG Â’ PLQLDWXUH VKHHWV 0L EORFN ,,$ ILQH XQPRXQWHG PLQW

Airmail Unmounted mint Literature

Â… Â…

{ (':$5' 6* ILQH XVHG DQ HOXVLYH

*(50$1< :(67

VWDPS Â… Â…

Â’ 683(5% FROOHFWLRQ ZLWK PDQ\ EHWWHU HDUO\ VHWV Â’ LQF HDUO\ 5HOLHI )XQG 6WDPS &HQWHQDU\ 5HOLHI Â’ .*9 Â… 6* IUHVK 0 Â… Â… Â’ )XQG 5HOLHI )XQG D VXSHUE FROOHFWLRQ RI VWDPSV

06 FDWDORJXHG RYHU Â… 2XWVWDQGLQJ TXDOLW\ Â… Â…

Â’ .*9 Â… WRS YDOXH IUHVK PLQW 6*

),567 '$< FRYHU QHDW HQYHORSH ZLWK 3UHVLGHQW

SI SI DQG SI QHDWO\ FDQFHOOHG VHQW WR ,UHODQG VFDUFH Â… Â…

Â… Â…

*+$1$

{ .*9 Â… 9)8 6* Â… Â…

Â’ (55256 YDULHWLHV DQG LQWHUHVWLQJ IHDWXUH LQ Â’ WKLV ORW RI 80 ZLWK EORFNV HWF LWHPV FKLHIO\ 1HZ

Â’ Â’

Â’ Â’

{

Â… Â… ^3KRWR` Â’ .*9 6* IUHVK 0

&XUUHQF\ RYSWV EODFN VWDUV DQG SRVWDJH GXH RYSWV LQF LQYHUWHG 0267 $775$&7,9( 2+06 UHJG FRYHU WR RYSWV PDMRU RYHUSULQW VKLIWV GRFWRU EODGH IODZV S RQ %(/*,80 ZLWK VLQJOH IUDQNLQJ G WLHG QHDW FGV 6HYHQ SDQH RI KHDYLO\ RYHU LQNHG EDGO\ GDPDJHG RYSWV DQG PXFK EDFNVWDPSV SOXV SRVWPDQ V KV RQ DUULYDO Â… Â… PRUH 9HU\ JRRG ORW Â… Â… ,03(5) 3522) SDLU RI .*9, òG 6* &2035(+(16,9( FROOHFWLRQ RI 80 KRXVHG RQ ZLWK EOXH OLQHV SULQWHUV VHFXULW\ IUHVK XQXVHG 9HU\ VFDUFH VWRFN SDJHV SDFNHWV DQG VWRFN VKHHWV PDQ\ SXUFKDVHG RQ MXVW RQH VKHHW ZDV SUHSDUHG IRU SURRIV Â… Â… QHZ LVVXH ZLWK RYHU VWDPSV DQG 06 DOO GLII DQG H[FHOOHQW TXDOLW\ 0DQ\ LQWHUHVWLQJ RYSWV DQG EHWWHU GHILQ VHWV { 683(5% 86(' FROOHFWLRQ ZLWK PDQ\ VHWV ZLWK EHWWHU SLFNLQJV QRWH SLFWRULDO VHW WR Â… FDW &RVW D IRUWXQH Â… Â… SLFWRULDO VHW RI 6KLS VHW RI 9LHZV VHW RI LQ 29(535,17 (55256 LQ PXOWLSOHV GHILQ SDLUV SLFWRULDO VHW RI WR Â… H[WHQVLYH LVVXHV 29(535,17 ,19(57(' S S DQG PXOWLSOHV LQF FRPPHPRUDWLYHV RYHU VWDPSV VXSHUE TXDOLW\ Â… SODWH EORFN ZLWK PLVVLQJ *+ RI *KDQD LWHPV GHWDLOHG Â… Â… OLVW HQFORVHG Â… Â… Â’ ,QYHUWHG ZDWHUPDUN S %LUG 6* Z &$1&(//$7,21 &2//(&7,21 ZLWK RYHU Â’ 80 Â… Â… ^3KRWR` GLIIHUHQW RIILFHV PRVWO\ VHOHFWHG IXOO FGV ZULWWHQ XS RQ SDJHV XVLQJ V LVVXHV 0DMRULW\ KDQG SLFNHG IRU IXOO SPNV $ Â’ 6,/9(5 -8%,/(( VKHHWOHWV DQG PLQLDWXUH = Â… Â… Â’ VKHHWV ZLWK F\OLQGHU QXPEHUV ZLWK D IDFH YDOXH RYHU Â… DQG

{ &$1&(//$7,216 RQ òG ,QGHSHQGHQFH

LVVXHV RYHU H[DPSOHV HDFK RQH ZLWK D GLIIHUHQW RIILFH FGV UHPDUNDEOH DFKLHYHPHQW PDQ\ IXOO VRFNHG RQ QRVH VWULNHV *RRG ORW Â… Â…

PDQ\ GLIIHUHQW F\OLQGHU QXPEHUV S VKHHWOHWV VKHHWOHWV Â… 06 9HU\ XVHIXO ORW 80 Â… Â… Â’ ,QYHUWHG ZPN S )ORZHUV 80 6* Â’ EZ Â… Â…

{ ),1( 86(' DQG YHU\ FRPSUHKHQVLYH SDFNHG

Â’ ,QYHUWHG ZPN S 1DYDO &UHVW 80 6* Â’ Z Â… Â…

ZLWK FRPSOHWH VHWV WKH FROOHFWLRQ RI RYHU GLII VWDPSV YDOXH LV LQ DOO WKH PRGHUQ FRPPHP VHWV VHOGRP RIIHUHG LQFOXGLQJ *ROG &RDVW VHWV Â… Â…

2/' 672&. %22. ZLWK EHWWHU SLFNLQJV (GZDUG PLQW òG G 6SHFLPHQ RYSW 0XOWL &URZQ &$ ILQH FÂ… .*9 WR .*9, WR 4(,, WR Â… $ IHZ VWDPSV LQF 80 Â… Â…

*,%5$/7$5 *,%5$/7$5 YHU\ ILQH ER[HG DUF RQ HQWLUH WR

6FRWODQG UDWKHU ILQH Â… Â… *,%5$/7$5 DUF ZLWK 3$,' KV ERWK H[FHOOHQW

VWULNHV RQ HQWLUH WR &DGL] HQGRUVHG DQG ZLWK 4 KV 6XSHUE FRQGLWLRQ Â… Â… *,%5$/7$5 ER[HG DUF ZLWK 3$,' KV RQ HQWLUH

WR &DGL] FKDUJHG DW ZLWK ODUJH UHGXFHG UDWH" RYHU HQWLUH )LQH DQG XQXVXDO Â… Â…

Â’ 4(,, FRPSOHWH VXSHUE 80 KRXVHG Â’ LQ IRXU 'HYRQ DOEXPV LQFOXGLQJ 06 VKHHWOHWV QXPHURXV GHILQ

VHWV DQG PXFK PRUH +XJH IDFH YDOXH DQG &9 7KH FROOHFWLRQ DOVR LQFOXGHV VRPH ILQH HDUOLHU PDWHULDO DQG VRPH 6* OLVWHG ZPN YDULHWLHV 6XSHUE TXDOLW\ YHU\ PDQ\ V Â… Â…

*,/%(57 (//,&( ,6

{ 49 VHW * WR )8 6* FDW Â…

Â’ .*9 XQPRXQWHG PLQW DQG VHOGRP RIIHUHG Â’ YDOXHV 'LH , LQF G 6* 'LH ,, 6* JRRG

Â… Â… *,%5$/7$5 RYSW SRVWDO FDUG ZLWK ILQH GXSOH[

FRPPHUFLDO XVHG WR %LUPLQJKDP UHTXHVWLQJ D FDWDORJXH IRU RSHUD JODVVHV Â… Â…

JURXS Â… Â… Â’ .*9 Â… PLQW 6* D NH\ VWDPS

Â… Â…

{ 49 WRS YDOXH 6* QLFH )8 FDW Â…

Â… Â…

5(*,67(5(' FRYHU WR 6ZLW]HUODQG G G

FRPER UHJLVWHUHG DW )XQDIXWL &RORQ\ FDFKHWV DQG DUULYDO FGV 8QXVXDO Â… Â…

{ (':$5' Â… 9)8 RQ SLHFH ZLWK FRPSOHWH

UHJLVWHUHG FDQFHO &KRLFH 6* Â… Â… Â’ (':$5' 6* IUHVK PLQW Â… Â… Â’ (':$5' Â… 6* IUHVK PLQW SDUW RJ VXSHUE

FRORXU FDW Â… Â… Â…

Â’ .*9, G FRPSOHWH VKHHW LQF LPSULQW DQG Â’ F\OLQGHU QXPEHUV 6* D 80 Â… Â…

Â’ &+85&+,// PLQRU YDULHWLHV LQ SDLU ZLWK QRUPDO Â’ G ZKLWH GRW E\ 4XHHQV HDU òG G ZKLWH OLQH E\ HDU

òG G ZKLWH GRW E\ 6W 3DXOV DQG G UHWRXFKHG RYHU OHIW H\H DOO 80 Â… Â… { 2/' 7,0( FROOHFWLRQ RQ SDJHV ZHUH WKH PLQW Â’ FDW Â… ZLWK LVVXHV IURP WR LQF GHILQ VHW

{ (':$5' Â… 6* VXSHUE XVHG D YHU\ ILQH

VWDPS Â… Â…

ZLWK VKDGHV 6LOYHU :HGGLQJ VHW 4(,, VHW RI FÂ… D JRRG ORW RI VWDPSV PDLQO\ PLQW Â… Â…

{ 3(11< %/$&. /& SODWH )8 FORVH WR JRRG 4(,, FROOHFWLRQ FKLHIO\ RQ GLVSOD\ SDJHV LQF D VWXG\ RI WKH &KULVWPDV VWDPSV ZLWK VKDGHV F EORFN PDUJLQV Â… Â… RI VKRZLQJ PLVSODFHG EURZQ .LULEDWL RIILFLDO F GRXEOH { 3HQQ\ %ODFN 0& SODWH 9)8 ZLWK IRXU ODUJH RYSW 6* 2 D 80 $Q LQWHUHVWLQJ JURXS ZLWK PLQRU YDULHWLHV EDODQFHG PDUJLQV $ YHU\ ILQH H[DPSOH IURP WKLV GLIILFXOW LQF ZPN HUURUV RQ GHILQLWLYH LVVXHV $ JRRG ORW RI SODWH Â… Â… ^3KRWR` LWHPV Â… Â… { 3(11< %/$&. 1' SODWH DQ DVWRQLVKLQJ )8 *2/' &2$67 LQGLYLGXDO FULVS EODFN 0DOWHVH &URVV SRUWLRQ RI QH[W VWDPS DW { .*9 VHW RI WR )8 6* WRS *HP VWDPS )8 IRXU ODUJH PDUJLQV Â… Â… Â… Â… { 3HQQ\ %ODFN 1, SODWH )8 ZLWK IRXU JRRG WR ODUJH PDUJLQV 5HG 30. *RRG ORRNLQJ VWDPS 6PDOO Â’ .*9 VHW RI òG WR IUHVK PLQW 9LEUDQW IDXOWV Â… Â… ^3KRWR` FRORXUV 6* $ Â… Â… ^3KRWR` { .*9, ILQH XVHG RQ ROG SDJHV &RURQDWLRQ Â’ GHILQV WR 9LFWRU\ GHILQV WR RGG PLQW

6LOYHU :HGGLQJ 838 VHW RI $ JRRG ORW RI VWDPSV Â… Â… 3267$/ +,6725< /27 LWHPV UHJG

{ 3HQQ\ %ODFN 2. SODWH ILQH XVHG ZLWK IRXU

JRRG WR ODUJH PDUJLQV QHDW 5HG 0& 9HU\ ILQH Â… Â… ^3KRWR` { 3(11< %/$&. SO ZLWK PDUJLQV ILQH XVHG

OHWWHU 1& ZLWK EODFN 0& Â… Â…

HQY IUDQNHG [ G GXSOH[ WR /RQGRQ 6LOYHU -XELOHH { 3(11< %/$&. 3/ SODWH )8 ZLWK IRXU VHW RQ UHJG FRYHU ::,, LQF FHQVRUHG FHQVRUHG DQG PDUJLQV DQG VXSHUE IXOO UHG 0DOWHVH FURVV RI WKH ILQHVW UHJG FRYHU WR 6ZLW]HUODQG ZLWK G UDWH òG 33 UDWH TXDOLW\ Â… Â… FRYHU EORFN 6* RQ UHJG FRYHU 4(,, VHW { 3(11< %/$&. SODWH D IDEXORXV PDWFKHG WR RQ ORFDO 7DUNZD FRYHU 6RPH LQWHUHVWLQJ LWHPV 0L[HG SDLU ZLWK SHQQ\ UHG ERWK ZLWK EODFN 0DOWHVH &URVV DQG FRQGLWLRQ Â… Â… ERWK ZLWK IRXU IXOO PDUJLQV ,QFUHGLEOH FDW Â… 3267$/ +,6725< 6(/(&7,21 _ Â… Â… LQF :DU 7D[ XVHG RQ UHJLVWHUHG FRYHU 6SHFLDO )OLJKW { 3(11< %/$&. SODWH PDUJLQ EODFN 0& &RYHU WR 'DNDU UHJLVWHUHG HQYV )URP VPDOOHU RIILFHV OHWWHU '+ ILQH XVHG Â… Â… )LQH Â… Â… { 3(11< %/$&. SODWH ,, .- D PDUYHOORXV ILQH

*5($7 %5,7$,1 { 635,1*%$&. $OEXP ZLWK EHWWHU SLFNLQJV Â’ &RURQDWLRQ ZLWK FRORQ IORZ PLQW GHILQV LQF ZPN

XVHG IRXU PDUJLQ H[DPSOH ZLWK DOPRVW FRPSOHWH EODFN 0DOWHVH &URVV $ YHU\ ILQH H[DPSOH RI WKLV UDUH SODWH FDW Â… Â… Â…

VLGHZD\ VHW PLQW ZPN LQY 6HW PLQW $UPV VHW RI PLQW QRWH { 3HQQ\ %ODFN 6+ SODWH )8 PDUJLQV *RRG 'DUN %OXH GRW RQ VFUROO YDULHW\ 9LFWRU\ VHYHQ EHUULHV ZRUQ LPSUHVVLRQ %ODFN 0DOWHVH &URVV $ PRVW ILQH YDULHW\ 80 6 :HGGLQJ PLQW )HVWLYDO KLJK YDOXHV H[DPSOH Â… Â… ^3KRWR` VHW RI PLQW &DVWOH :DWHUORZ PLQW H[WHQVLYH ZLOGLQJV 'H /D 5XH PLQW 3DUOLDPHQW G ZPN LQY 80 { &$77(5,&. GLVWLQFWLYH 0DOWHVH &URVV RQ SDLU 3RVWDJH GXH VHW RI PLQW 3RVWDJH GXH VHW RI LPSHUI SHQQ\ UHGV MXVW WRXFKLQJ DW RQH SULQW ZRXOG \LHOG D PLQW 3RVWDJH GXH VHW RI PLQW $ YHU\ JRRG FROOHFWLRQ MXPER VLQJOHWRQ UDUH Â… Â… RI VWDPSV PDLQO\ PLQW Â… Â… { *5((12&. GLVWLQFWLYH 0DOWHVH &URVV RQ ILQH PDUJLQ SHQQ\ UHG %/ SODWH FDW Â… Â… Â… *5($7 %5,7$,1 $,50$,/6 4 63(&7$&8/$5 IORZQ LQWDFW UHSO\ FDUG WR

{ *5((12&. GLVWLQFWLYH 0DOWHVH &URVV RQ ILQH *HUPDQ UHLQIRUFHG ZLWK WDSH IUDQNHG :(0%/(< (;+,% IRXU PDUJLQ SHQQ\ UHG 3/ SODWH FDW Â… Â… Â… VHW SOXV òG PDNLQJ òG UDWH YDULRXV FDQFHOV UHWXUQ SRUWLRQ IUDQNHG *HUPDQ\ SI VW\OLVHG DLUPDLO DQG òG LPSUHVVLRQ { ,PSHUI VHOHFWLRQ DOO )8 IRXU PDUJLQ H[DPSOHV ERWK ZLWK %HUOLQ FGV UHPDUNDEOH Â… Â… 3HQQ\ DQG 7ZR 3HQFH XQFKHFNHG Â… Â…

*5($7 %5,7$,1 % 48((1 9,&725,$ 08/5($'< /HWWHU VKHHW IRUP VWHUHRV $ D

{ { {

{

{ 125:,&+ GLVWLQFWLYH 0DOWHVH &URVV RQ ILQH

IRXU PDUJLQ SHQQ\ UHG -& SODWH FDW Â… Â… Â… VFDUFH VWHUHR YHU\ IUHVK XQXVHG 6*0( K Â… Â… { 125:,&+ GLVWLQFWLYH 0DOWHVH &URVV RQ ILQH ^3KRWR` LPSHUI SHQQ\ UHG /. FDW Â… Â… Â… 3(11< %/$&. PDUJLQV SODWH E OHWWHU *- ZLWK UHG 0& Â… Â… { 180%(56 ,1 0$/7(6( &5266 RQ G UHGV QXPEHU WR FDW Â… ZLWK EHLQJ PDUJLQV DOO ZLWK 3(11< %/$&. &% SODWH E ILQH XVHG IRXU UHDGDEOH FDQFHOV Â… Â… PDUJLQV FULVS EODFN 0& Â… Â… { 3(11< 5(' LPSHUIV $Q LQWHUHVWLQJ JURXS RQ 3HQQ\ %ODFN ', SODWH PDWFKHG ZLWK D FDUG PRVWO\ )8 PDUJLQ LQF QR LQ 0DOWHVH &URVV 3HQQ\ 5HG ', SODWH ERWK )8 PDUJLQV Â… Â… XQFKHFNHG Â… Â… ^3KRWR` Â’ 3(11< 5(' SODWH ,( VXSHUE PLQW FORVH WR 3HQQ\ EODFN *) SODWH 9)8 IRXU PDUJLQV ZLWK JRRG PDUJLQV VKRZLQJ ( IODZ VXSHUE FRORXU DQG FODULW\ ZLWK 5HG 0DOWHVH &URVV SPN Â… Â… ^3KRWR` 2* Â… Â…

{ 3(11< %/$&. KRUL]RQWDO SDLU SODWH ZLWK

JRRG PDUJLQV DOO URXQG OHWWHUV 5 . 5 / ZLWK VR FDOOHG SLQNLVK ZKLWH 0DOWHVH &URVV SUREDEO\ &LUHQFHVWHU ZLWK FHUWLILFDWH RI JHQXLQHVV Â… Â… { 3(11< %/$&. -- SODWH )8 ZLWK IRXU PDUJLQV

DQG FOHDU SURILOH 1LFH VWDPS Â… Â…

Â’ 49 3HQQ\ LPSHUI IUHVK PLQW SDUW 2* IRXU FORVH

WR JRRG PDUJLQV /RYHO\ ULFK FRORXU ++ SRVLWLRQ &DW Â… 6* Â… Â… ^3KRWR` { 7:2 3(1&( EOXH LPSHUIV SODWH IRXU

VHOHFWHG VWDPSV DOO ZLWK IXOO PDUJLQV VKRZLQJ D YDULHW\ RI FDQFHOV LQF 0DOWHVH &URVV Â… Â… { 7ZR SHQFH %OXH -/ )8 ZLWK -XPER PDUJLQV

DQG QHDW XSULJKW SPN 6* Â… Â… ^3KRWR`

GREAT BRITAIN

{ 7ZR SHQFH %OXH SODWH -% -& KRUL] SDLU 9)8 Â’ /DUJH JDUWHU G SODWH IUHVK PLQW ZLWK RULJLQDO

ZLWK ODUJH WR KXJH PDUJLQV ZLWK QHDW XSULJKW 'XSOH[ -& VPDOO FUHDVH -% LV H[FHSWLRQDO Â… Â… ^3KRWR`

JXP DQG ILQH FRORXU $Q H[FHOOHQW RULJLQDO H[DPSOH 6* &DW Â… Â… Â… ^3KRWR`

{ 7ZR 3HQFH %OXH VHOHFW )8 SDLU 5% 5& ZLWK

&LUFXODU GHOLYHU\ VWDPSV W\SHG XS RQ SDJHV LQF %RJXV IRUJHU\ FKLHIO\ PLQW ZLWK PDQ\ GLIIHUHQW FRPSDQ\ DQG ERJXV LVVXHV WR G IRUJHULHV LQ XQXVHG FRORXUV ZLWK PXFK GHWDLOV D YHU\ ILQH FROOHFWLRQ RI VWDPSV ZLOO HQKDQFH D 49 FROOHFWLRQ Â… Â…

ODUJH HYHQ PDUJLQV RQ DOO VLGHV %OXHG SDSHU ZLWK ,YRU\ KHDG 'HOLJKWIXO Â… Â… ^3KRWR`

7:2 3(11< EOXH PLQW OHWWHU $ $ SODWH 6* 6SHF (6 ZLWK RULJLQDO JXP DQG PDUJLQV DQG WZR FHUWV RI JHQXLQHVV FDW Â… WZR EODFN VSHFNV RQ WKH EXVW DQG QHFN 'HVWLQDWLRQ 9HUD &UX] 0H[LFR ILQH ZUDSSHU 6FDUFH OHWWHU $ $ Â… Â… IUDPHG SODWH 6* WLHG QHDW /RQGRQ GXSOH[ Â… Â… { (0%266(' ILQH XVHG FXW VTXDUH ZLWK JRRG Â’ (',1%85*+ /(,7+ FLUFXODU GHOLYHU\ LVVXHV PDUJLQV DQG SHUIHFWO\ VRXQG 6* FDW Â… PLQW LQF òG OHPRQ H[ %XGLO\ VWDWHG MXVW RI òG Â… Â… UHG EURZQ URXOHWWHG SHUIV HWF 6FDUFH JURXS Â… Â… { (0%266(' 6* )8 FXW VTXDUH MXVW Â’ /21'21 DQG 'LVWULFW &LUFXODU 'HOLYHU\ òG 6* Â’ &' DV D FKLHIO\ ILQH DQG 80 FRUQHU EORFN RI ,PSUHVVLYH

WRXFKLQJ DW WRS QLFH )UHQFK 7UDQVLW FGV FDW Â… Â… Â…

DQG UDUH PXOWLSOH Â… Â…

{ (0%266(' G ILQH XVHG FXW VTXDUH MXVW

{ 3/$7( 6* ILQH XVHG ZLWK QHDW GXSOH[

WRXFKLQJ RQ YHUWLFDOV DWWUDFWLYH 6* FDW Â… Â… Â…

SRVWDO FDQFHO $ YHU\ ILQH VWDPS FDW Â… Â… Â…

{ 3(11< 5(' &203/(7( 6(7 72 3/$7(

H[ )8 7KH FROOHFWRU WULHG WR REWDLQ GLIIHUHQW SRVWPDUNV WKURXJKRXW WKH SODWH LV D QLFH VRXQG VWDPS ZLWK FOHDU QXPEHU VWDPSV Â… Â…

{ 3/$7( 6* VXSHUE FGV XVHG JHP FDW

Â… SUHPLXP Â… Â…

{ /LQH HQJUDYHG SHUIRUDWHG 3HQQ\ XVHG ORW

Â’ 6* G VWUDZ 0,17 ODUJH SDUW RJ *+

VWDWHG WR EH DOO GLIIHUHQW EHWZHHQ 6* ILQH XVHG LQF D YHU\ ILQH YHUWLFDO SDLU Â… Â… { { /DUJH *DUWHU G 5RVH 6* D DV D VXSHU )8 SDLU H[FHOOHQW TXDOLW\ &DW Â… Â… Â… ^3KRWR` { 7:2 3(1&( 6* D VRXQG )8 FDW Â…

VFDUFH Â… Â…

QLEEOHG SHUI DW WRS DQG VPDOO LPSHUIHFWLRQV $ VFDUFH VWDPS JHQXLQH PLQW FDW Â… Â… Â… +,*+ 9$/8( VHOHFWLRQ FDW Â… GLII DOO HPLQHQWO\ VRXQG XVHG DQG YHU\ FROOHFWDEOH EOXH SODWH DQG UDUH SODWH 6* G DQG 5HTXHVW VFDQV $ SRZHUIXO JURXS RI KLJK YDOXHV Â… Â…

{ 23 3& HUURU RI OHWWLQJ òG VKLHOG VRXQG XVHG D

JRRG H[DPSOH RI WKLV SRSXODU HUURU 6* FDW Â… Â… Â…

{ 7:2 3(1&( 6* VRXQG )8 DQG YHU\

FROOHFWDEOH FDW Â… Â… Â… { 3(11< 5(' HUURUV DQG YDULHWLHV DQ LQWHUHVWLQJ

VHOHFWLRQ RQ SDJHV YHU\ PL[HG FRQGLWLRQ VRPH ILQH LQF OHWWHU YDULHWLHV 286 RYSW SODWHV DQG LQYHUWHG ZPNV WKHVH VRXQG $Q XQXVXDO HPERVVHG XQGHUSULQW IRU 1RYHOOLV 0DQFKHVWHU XQOLVWHG 8QXVXDO JURXS Â… Â…

{ G SODWH 6* VXSHUE FGV XVHG

FKRLFH Â… Â… { 49 SODWH VXSHUE XVHG ZLWK 3RUWUHDWK FGV

6* Â… Â… { 49 G SODWH VXSHUE XVHG ZLWK &KHVWHU FGV

1,&( 86( RI G HPERVVHG FXW VTXDUH LQWR DW

WRS ZLWK G 6* GXSOH[ FDQFHOV RQ ZUDSSHU WR /LVERQ 3RUWXJDO SD\LQJ WKH G UDWH PDQ\ SRVWDO PDUNLQJV Â… Â… ^3KRWR`

6* Â… Â… { 49 G SODWH VXSHUE FGV XVHG 6*

Â… Â…

{ &DW Â… PRVWO\ VRXQG XVHG FROOHFWLRQ RI

3$,5 G 6* SODWH XVHG RQ ZUDSSHU

IURP 0DQFKHVWHU WR )ORUHQFH QLFH UDWH 6* Â… 49 VXUIDFH SULQWHG YDOXHV G WR ZLWK ',))(5(17 Â… Â… LVVXHV H[FHOOHQW UDQJH RI GLIIHUHQW SODWH QXPEHUV HVSHFLDOO\ òG G JRRG G %OXH GLIIHUHQW LVVXHV HWF )LOO PDQ\ 6&$5&( XVDJH RI WKH G SDOH EXII SODWH RQ JDSV LQ \RXU :LQGVRU $OEXP Â… Â… D GHOLJKWIXO VPDOO HQY H[ /RQGRQ WR /LVERQ 3RUWXJDO QXPHURXV { ,19(57(' :$7(50$5. G SODWH ILQH XVHG SPNV 0RVW DSSHDOLQJ VLQJOH XVDJH 6* UDWHG Â… RQ FRYHU Â… Â… ^3KRWR` 6* Z Â… Â… { 6* SODWH 6* JRUJHRXV XVHG

{ 3(11< 5('6 ZLWK 0LGGOHVEURXJK FGV

ZLWK VRFNHG RQ QRVH GXSOH[ FDW Â… Â… Â…

FDQFHO ERWK ILQH VWULNHV Â… Â… { 3(11< 5('6 FROOHFWLRQ RI PRVWO\ DOO GLII

SODWH QXPEHUV LQF VFDUFH IDLU RWKHU LWHPV FRXSOH PLQW SPNV HWF +LJK &9 Â… Â…

{ 7(/(*5$3+ SODWH 6* 7 )8 ZLWK

%LUPLQJKDP FGV FDW Â… Â… Â… Â’ 7(/(*5$3+ G SODWH LPSHUI RYSW 6SHFLPHQ

{ 7:2 3(1&( 6* D VRXQG )8 VFDUFH FDW

IUHVK PLQW 6* / 7 Â… Â…

Â… $ JRRG H[DPSOH Â… Â…

{ :$7(50$5. 635$< 6* ILQH XVHG

{ /LQH HQJUDYHG SHUIRUDWHG FROOHFWLRQ 3HQQ\

DQG D PRVW GLIILFXOW VWDPS WR ILQG WKLV QLFH FDW Â… Â… Â… SODWHV WR GLIIHUHQW SODWH QXPEHUV G GLIIHUHQW DQG òG PLGJHW GLIIHUHQW SODWHV DQG òG VKLHOG WKDW¶V { SODWH 6* RXWVWDQGLQJ XVHG ZLWK GLIIHUHQW VWDPSV PRVWO\ VRXQG XVHG +XJH &9 VRFNHG 6W ,YHV &RUQZDOO VTXDUH FLUFOH *RUJHRXV FDW Â… Â… Â… Â… Â… Â’ (',1%85*+ DQG /HLWK 3DUFHO 'HOLYHU\ G 6* ,//8675$7(' FRYHU GHSLFWLQJ WZR \RXQJ JLUOV Â’ &' DV DWWUDFWLYH FKLHIO\ 80 EORFN ,PSUHVVLYH PXOWLSOH RQH ZHDULQJ D IDQF\ KDW IUDQNHG 3(11< /,/$& GRW 6* FDW Â… Â… Â… WLHG /RQGRQ GXSOH[ ([FHSWLRQDO Â… Â…

Â’ 3(11< /,/$& 'LH , PLQW 6* FDW

{ /,1( (1*5$9(' ROG WLPH VHOHFWLRQ QRWH òG

PLGJHW SDLU SO RQ DQ HQYHORSH SO LPSHUIHG EHWZHHQ PDUJLQ SO SDLU RQ FRYHU G EOXHV ZLWK D YDULHW\ RI SODWH QXPEHUV DQG VKDGHV $Q LQWHUHVWLQJ JURXS RI LWHPV KLJK FDWDORJXH YDOXH Â… Â…

Â… Â… Â… { 3/$7( 6* 9)8 ZLWK QHDW

6KUHZVEXU\ FULVS FGV DQG FUD\RQ ; SRVVLEO\ LQGLFDWLQJ SURSHU SRVWDO XVH VXSHUE TXDOLW\ DQG D UDUH VWDPS VRXQG FDW /,7(5$785( 3ODWLQJ RI WKH 3HQQ\ Â… Â… Â… 9ROXPH GLH SODWHV D WR 5HYLVHG (GLWLRQ LQ YHU\ JRRG { G RQ G 6* 9)8 FDW Â… Â… Â… FRQGLWLRQ Â… Â… /,7(5$785( 3ODWLQJ RI WKH 3HQQ\ WR

VHW RI E\ 7KH *UHDW %ULWDLQ 3KLODWHOLF 6RFLHW\ Â… Â…

{ /,/$& òG 6* PDUYHOORXV )8

UHFRQVWUXFWLRQ RI SRVLWLRQV UHTXLULQJ MXVW IRU FRPSOHWLRQ ILQH XVHG LQF VXSHU FGV H[DPSOHV FDW Â… Â… Â…

{ /,77/( KDQGERRN ZLWK FDQFHOODWLRQV FLW RII

HQWLUHV SOXV :+ 6PLWK SRVWDJH HPERVVHG òG SODWHV G SODWH DQ XQXVXDO ORW Â… Â…

Â’ /LODF *UHHQ VHW RI WHQ FRPSOHWH PLQW

Â’ /,9(5322/ FLUFXODU GHOLYHU\ VWDPSV óG /LYHU Â’ %LUG 80 EORFN RI 6* &' PDUJLQV WRXFKLQJ DW D FRXSOH RI

6* &DW Â… YHU\ FROOHFWDEOH DQG PRVWO\ VRXQG G G G UDUH G H[FHOOHQW FRORXUV òG IDXOWV 6HH LPDJHV RQ ZHEVLWH ([FHOOHQW VHW Â… Â… ^3KRWR`

SRLQWV $ UDUH LPSHUI PXOWLSOH Â… Â…

{ 3$*( )8// 2) +,*+ 9$/8(6 G LQF

QLFH &'6 XVHG DQG Â… 6* VWDPSV &DW Â… 0RVWO\ LPPHQVHO\ FROOHFWDEOH VRXQG H[DPSOHV Â… Â… Â’ -8%,/((6 IUHVK 0 LQF 80 VHOHFWLRQ LQF

G G DQG 6* TXDOLW\ JURXS VKDGHV 6HH ZHEVLWH Â… Â… Â’ -XELOHH 49 VHW RI PLQW òG WR ERWK ILQH

PLQW &DW Â… 6* Â… Â…

2/' 672&. &$5'6 ZLWK LVVXHV IURP WR LQF D SRRU 0XOUHDG\ XVHG G HPERVVHG FXW WR VKDSH KLJK YDOXHV G DQG PL[HG FRQGLWLRQ FKLHIO\ VRXQG XVHG UDQJH RI FRYHU DQG VWDPSV Â… Â… { 49 /,1( (1*5$9(' ,03(5) )8 VHOHFWLRQ

DOO HPLQHQWO\ FROOHFWDEOH VWDPSV QLFH SHQQ\ EODFN WZR SHQFH SHQQ\ UHGV G $ JRRG QXPEHU KDYH IRXU PDUJLQV $WWU ORW FDW Â… Â… Â… Â’ 49 PLQW VHOHFWLRQ RQ FDUGV VWDPSV YHU\

+$55< )851,666 -XELOHH &DULFDWXUH &DUG

VLJQHG E\ +DUU\ )XUQHVV XQXVHG D VFDUFH FDUG DQG WR ILQH LW VLJQHG DV ZHOO Â… Â… ^3KRWR` { -8%,/(( G 6* DV DWWU )8 EORFN

KLJK &9 G IUHVK EORFN G 6* IDXOWV FDW Â… -XELOHHV WR ERWK PL[HG TXDOLW\ EXW WKH JURXS LV FDW Â… Â… Â… { 9,&725,$ ,1 $1 $/%80 8QXVXDO FROOHFWLRQ ZLWK PXFK LQWHUHVWLQJ ZLWK FRYHUV FDUGV PDQ\ SRVWPDUN

6FDUFH PXOWLSOH FDW Â… Â… Â… -XELOHH òG 6* VXSHUE VLQJOH IUDQNLQJ RQ

LOOXVWUDWHG ZUDSSHU IRU 5XKDPDK 1HZ :HOVK %DSWLVW &KDSHO %ULGJHQG WLHG %ULGJHQG 'XSOH[ &KRLFH Â… Â… { Â… RUDQJH ILQH XVHG ZLWK FULVS FHQWUDO %HOIDVW

FGV FUD\RQ OLQH HUDVHG SHUIHFWO\ VRXQG ZLWK H[FHOOHQW SHUIV DQG QR IDXOWV .H\ VWDPS 6* FDW Â… Â… Â…

SLHFHV DQG UDQJHV RI VWDPSV $ UHDO UHWURVSHFWLYH *% XVHG DEURDG 306 $OH[DQGULD 3HUX òG MXELOHH RQ FRYHU FDQFHOOHG LQ )UDQFH HQWLUHV LQF SS 3UHVWHLJQ &'6 SDLG DW /LYHUSRRO ER[HG +6 % FURZQ 2 +6 RQ ZUDSSHU WR +XQJDU\ 2+06 LWHPV 7RQEULGJH :HOOV VNHOHWRQ RQ 3HQQ\ 3LQN (QY 3PNV XSUDWHG VWDWLRQHU\ H[SHULPHQWDO +RVWHU SPN RQ VWDWLRQHU\ 3HQQ\ /LODF XVDJHV DQG PXFK HOVH 0L[HG RULJLQDO ORW Â… Â…

9(5< ,17(5(67,1* -XELOHH 3URFHVVLRQ 'D\ RI WKH 'DLO\ *UDSKLF QHZVSDSHU ZLWK D òG -XELOHH VWDPS *5($7 %5,7$,1 %22./(76 DIIL[HG ZLWK VTXDUH FLUFOH FDQFHO -X WKH SDSHU ZLWK GHWDLOV Â’ 0,6&87 Â… &KULVWPDV &UDFNHU ERRNOHW RI WKH FRPPHPRUDWLRQ RI WKH 4XHHQV -XELOHH $ YHU\ Â’ FRPSOHWH VFDUFH 6* ); $ Â… Â… LQWHUHVWLQJ UHDG LQ YHU\ JRRG FRQGLWLRQ IRU LWV DJH Â… Â… Â’ 35(67,*( %22.6 UHWDLO Â… LQF Â’ +HULWDJH 6SHHG 3URILOH LQ 3ULQW 5+6 D XVHIXO $ 49 0,;785( 21 3$*(6 1RWLQJ ORW ZLWK D KLJK FDW YDOXH Â… Â… DYHUDJH XVHG RWKHU 49 LQF 3HQQ\ SDUW UHFRQVWUXFWLRQ -XELOHH VHW WR ERWK PLQW &DW Â… *5($7 %5,7$,1 & (':$5' 9,, DQG RWKHU SLFNLQJV 0L[HG TXDOLW\ EXW KXJH &9 DSUR[ Â’ (':$5' '/5 3ULQWLQJV VHW RI GLIIHUHQW Â… Â… YDOXHV òG WR ILQH PLQW &DW Â… EHWZHHQ 6* Â’ &,5&8/$5 '(/,9(5< (GLQEXUJK SDUFHO 3ULQWLQJV XQFKHFNHG Â… Â… Â’ G 6* &' DV VFDUFH LPSHUI EORFN FKLHIO\ 80 $ ILQH Â’ ,03(5) 3522) RI G LQ YHU\ GHHS JUHHQ RQ

PXOWLSOH Â… Â…

WKLFN FDUG ILQH Â… Â…

Â’ &,5&8/$5 '(/,9(5< /LYHUSRRO óG Â’ /LYHU %LUG PDUJLQDO EORFN FKLHIO\ IUHVK 80 RQH XQLW ZLWK

Â’ 67 $1'5(:6 &5266 ODEHO VH WHQDQW ZLWK òG

LQWHUHVWLQJ YDULHW\ H[KLE TXDOLW\ 6* &' Â… Â… Â’ &,5&8/$5 '(/,9(5< /LYHUSRRO óG Â’ /LYHU %LUG 6* &' DV VXSHUE FRUQHU EORFN RI FKLHIO\ 80

$Q LPSUHVVLYH DQG VFDUFH PXOWLSOH FDW Â… Â… Â… Â’ &,5&8/$5 '(/,9(5< /LYHUSRRO /LYHU Â’ %LUG óG EURZQ SHUI 6* &' DV DWWU PDUJLQDO EORFN

FKLHIO\ IUHVK 80 FDW Â… Â… Â…

JUHHQ PLQW ZPN LQYHUWHG $1' SDUWV RI SULQWHUV OHWWHUV LQ ZDWHUPDUN $Q XQXVXDO YDULHW\ Â… Â… Â’ '/5 &KDON SDSHUV IUHVK PLQW VHW òG WR

EHWZHHQ 6* 3ULQWLQJV &DW Â… Â… Â… Â’ (GZDUG PLQW VLPSOLILHG VHW RI GLIIHUHQW

YDOXHV òG WR PLQW LQF FKDON SDSHU LVVXHV ([FHOOHQW FRORXUV EHWZHHQ 6* &DW Â… Â… Â…

{ +8*(/< &$7 49 6(/(&7,21 RQ FDUGV

VWDPSV SHQQ\ EODFNV SRRU SHQQ\ XVHG ZLWK PDUJLQDO LQVFULSWLRQ GLVWLQFWLYH 0DOWHVH &URVVHV LQF 1RUZLFK VXUIDFH SULQWV LQF G G YHU\ FROOHFWDEOH XVHG -XELOHHV WR PLQW 0L[HG EXW VRPH QLFH DQG KLJK &9 Â… Â…

{ (GZDUG G 6* ZLWK XQXVXDO

&217,1(17$/ 1,*+7 0$,/ &'6 )LQH Â… Â… ^3KRWR`

Â’ '/5 òG FKDON SDSHU 6* DV IUHVK PLQW

Â’ &2/285 75$,/ G SRVWDJH GXH SULQWHG

EORFN WZR XQLWV 80 ROG RZQHUV KV RQ UHYHUVH 6XSHUEO\ IUHVK FDW Â… Â… Â…

LQ %/8( ILQH PLQW Â… Â… { 6($+256(6 EULJKW FDUPLQH 'H /D 5XH

Â’ +DUULVRQ 3 DQG 3 [ VHWV RI ILYH ILQH

SULQWLQJ 6* YHU\ ILQH XVHG Â… Â…

PLQW ERWK 6* LVVXH &DW Â… Â… Â…

Â’ 6HDKRUVH G 6* IUHVK PLQW ZHOO

Â’ 620(56(7 +286( Â… 6* IUHVK PLQW

FHQWUHG Â… Â… ^3KRWR`

GHHS RULJLQDO FRORXU D NH\ VWDPS FDW Â… Â… Â… Â’ 6RPHUVHW +RXVH ORZ YDOXHV VHW RI GLIIHUHQW

Â’ 6HDKRUVH G 6* IUHVK PLQW 9HU\ ZHOO

FHQWUHG Â… Â… ^3KRWR`

YDOXHV òG WR ILQH PLQW EHWZHHQ 6* &DW Â… Â… Â…

Â’ 6HDKRUVH G 6* D IUHVK PLQW 1LFH SDOH

Â’ 3267$*( '8( 6HW RI SOXV G <HOORZ %URZQ Â’ 6*' IUHVK XQPRXQWHG PLQW Â… Â… ^3KRWR`

VKDGH Â… Â… ^3KRWR` { 6($+256( 9HUWLFDO VWULS RI ' SDOH EURZQ

ZLWK %: &R SHUILQV )LQH XVHG Â… Â… $Q (GZDUG 3RW 3RXUUL LQF G DQG Â… DOO JRRG XVHG ZLWK GLIIHUHQW SULQWLQJV FDW Â’ 6HDKRUVHV %UDGEXU\ VHW RI ILQH PLQW Â… $ PLQW VHOHFWLRQ WR PL[HG PLQW ORZ YDOXH FRQWURO 6* D Â… Â… ^3KRWR` PXOWLSOHV +LJK &9 Â… Â… Â’ %: 6HDKRUVH 6* IUHVK PLQW FDW (':$5' ,1 $1 $/%80 0RVW LQWHUHVWLQJ ORW

WKDW IHDWXUHV VHOHFWHG FRYHUV FDUGV SOXV VWDPSV FDUG IUDQNHG òG XVHG LQ &RQVWDQWLQRSOH 3DTXHERW FDUGV XSUDWHG OHWWHUFDUG WR 5XPDQLD XQXVXDO ERRN SRVW FDUGV ERRNPDUNHUV VHQW WKURXJK WKH SRVW GLII G òG RQ UHJLVWHUHG FRYHU WR 3DULV G RQ UHJLVWHUHG FRYHU WR 3DULV VWDPSV LQF %ORFNV Â… Â… Â’ .LQJ PLQW VHOHFWLRQ &DW Â… SULQWLQJV

XQFKHFNHG DQG DOO DSSHDU GLIIHUHQW LQF G G G DQG Â… Â…

Â… Â… Â… { 6($+256( 6* DV DQ DWWUDFWLYH )8

EORFN RI IRXU FDW Â… UHPDUNDEOH Â… IDFH YDOXH Â… Â… Â’ 6HDKRUVH 6* IUHVK 800 YHU\

ILQH Â… Â… ^3KRWR` Â’ 6HDKRUVH 6* IUHVK PLQW

Â… Â… ^3KRWR`

*5($7 %5,7$,1 ' *(25*( 9

Â’ &21752/ FRUQHU EORFN G 3 ZLWK

Â’ 'RZQH\ +HDG JXWWHU SDLU ZLWK SLOODUV òG

&52:1 0,66,1* ,1 :$7(50$5. 'DQG\ YDULHW\ PLQW DQG G VLPSOH F\SKHU G ZLWK &URZQ PDUJLQ FRSLHV ZLWK VWDPSV 80 6SHF 1 =$ Â… Â… SRVLWLRQDO GRWV DQG FURVV LQ WKH ZPN IRU OLQLQJ XS RI WKH VKHHW Â’ &21752/ 7 ERWK SHUI DQG LPSHUI IRU G PLQW LQ EORFN RI LH JXWWHU VWULSV Â… Â… ROLYH JUHHQ 6* D IUHVK PLQW $ YHU\ ILQH PDWFKHG SDLU %% Â’ 0$&.(11$/ òG EOXH JUHHQ 6* DV UHWDLO Â… Â… Â… Â’ IDEXORXV FRUQHU EORFN RI IRXU EULOOLDQW 80 VXSHUE WRJHWKHU ZLWK

{ :HPEOH\ H[KLE VHW DV 9)8 EORFNV RI IRXU

QRUPDO òG EORFN WR FRPSDUH FDW Â… Â… Â…

LQF G VKRZLQJ YDULHW\ WDLO WR 1 6* E ZLWK VSHFLDO SLFWRULDO FDQFHOV DOVR VLQJOH VHWV XVHG 6* Â… Â…

Â’ '2:1(< +($'6 &21752/ 6,1*/(6 òG

G ZLWK GLIIHUHQW GLHV VKDGHV DQG D YDULHW\ RI SULQWLQJV SHUI DQG LPSHUI FRQWUROV XQFKHFNHG VRUWHG E\ ZDWHUPDUN Â… Â…

:HPEOH\ H[KLE VHW QLFHO\ XVHG LQ

Â’ '2:1(< +($' ZLWK VKDGHV DQG WZR RI WKH G

QR FURVV RQ FURZQ òG G EHWZHHQ 6* PLQW Â… Â…

RQ FRYHU WR )UDQFH D PRVW DWWUDFWLYH IUDQNLQJ 6* Â… Â… Â’ ,19(57(' :$7(50$5. òG 6* ZH DV

Â’ ,03(5) &251(5 3$,5 òG ZLWK -XELOHH OLQHV

HDFK RYSW 63(&,0(1 W\SH IUHVK PLQW 6* 6 Â… Â…

D EORFN RI IRXU XQLWV 80 KLQJHG D ILQH DQG VFDUFH PXOWLSOH FDW Â… Â… Â… Â’ 7(7( %(&+( JXWWHU SDLU òG 6* D YHU\

Â’ ,03(5) 0$5*,1$/ 3$,5 ZLWK -XELOHH OLQHV

G RYSW 63(&,0(1 IUHVK PLQW DQG YHU\ ILQH W\SH 6* V Â… Â…

IUHVK PLQW Â… Â… :(0%/(< (;+,%,7,21 3RVWDO FDUGV /HWWHU

Â’ 5R\DO &\SKHU VHW RI LQF G 2OLYH ILQH PLQW

6* &DW Â… Â… Â…

&DUGV DQG (QYHORSHV DOO XQXVHG Â… Â… Â’ 38& Â… PLQW 6* Â… Â…

^3KRWR`

Â’ :$7(50$5. (55256 IUHVK 0 òG

Â’ 38& Â… 80 6* Â… Â… Â’ ^3KRWR`

LQYHUWHG DQG UHYHUVHG 6* ZN G LQYHUWHG 6* ZL DQG LQYHUWHG 6* ZL ILQH WULR Â… Â…

&21752/6 FROOHFWLRQ RI GLII LWHPV PDQ\ Â’ 3+272*5$89( VHW RI DV PLQW EORFNV 6* PLQW VLQJOHV VFDUFH XVHG VLQJOHV PLQW EORFNV DQG VWULSV YHU\ FDW Â… Â… Â… JRRG UDQJH RI FRQWURO QXPEHUV LQF G VWULS RI & SHUI G VWULS RI ' LPSHUI JRRG QXPEHU RI òG DQG G VLQJOHV Â’ 3+272*5$985( F\OLQGHU ERRNOHW SDQHV RI 3RSXODU DQG KLJKO\ FDW PDWHULDO Â… Â… VL[ IUHVK PLQW òG ( GRW G ) GRW DQG òG * GRW Â’ 52<$/ &<3+(5 VLPSOH VSHFLDOLVW FROOHFWLRQ ILQH WULR Â… Â… RI VKDGHV EHWZHHQ 6* òG G òG G Â’ 6HDKRUVHV 5H HQJUDYHG VHW ILQH PLQW òG G G G G G G G DJDWH 6* Â… Â… ^3KRWR` ROLYH JUHHQ G HDFK D GLIIHUHQW VKDGH ZLWK PDQ\ EHWWHU VKDGHV ZLWKLQ PLQW Â… Â… Â’ 6,/9(5 -8%,/(( ERRNOHW HGLWLRQ LQ Â’ SULVWLQH FRQGLWLRQ Â… Â… Â’ :DWHUORZ G 6HDKRUVH IUHVK PLQW ([FHOOHQW

SHUIV DQG ZHOO FHQWUHG 6* Â… Â… ^3KRWR`

6,/9(5 -8%,/(( ERRNOHW SDQHV IUHVK 0 80 òG G òG DOO YHU\ ILQH DQG VHOHFWHG H[ 3HWHU 0ROOHWW Â… Â…

*5($7 %5,7$,1 ) *(25*( 9, Â’ &200(025$7,9( 6HWV &RURQDWLRQ Â’ &HQWHQDU\ 9LFWRU\ 6LOYHU :HGGLQJ 2O\PSLF 838 DQG

6HDKRUVH G 6* RQ 3LUHOOL EXVLQHVV

)HVWLYDO 6HWV 80 Â… Â…

HQYHORSH WR 6DR 3DXOR %UD]LO ZLWK SD\LQJ G UDWH *HUPDQ SLFWRULDO $LU FDQFHO DQG DUULYDO %6 9HU\ ILQH Â… Â…

{ .*9, H[WHQVLYH FROOHFWLRQ ZLWK D FDW 9DOXH RI Â’ Â… LQF GHILQV $UPV KLJK YDOXHV VHW PLQW DQG ILQH

XVHG 6LOYHU :HGGLQJ VHW PLQW DQG )8 IHVWLYDO KLJK YDOXH VHW PLQW DQG )8 D YHU\ JRRG FROOHFWLRQ RI VWDPSV ,QF :PN YDULHWLHV PRVW VHWV PLQW DQG ILQH XVHG Â… Â…

6HDKRUVH 6* ZLWK SDLU VXSHUE 4 XVHG RQ EXVLQHVV HQYHORSH WR 6DR 3DXOR %UD]LO *HUPDQ

SLFWRULDO $LUVKLS +6 DQG DUULYDO %6 $ VXSHUE XVDJH RI WKH VHDKRUVH DQG DWWUDFWLYH UDWH Â… Â… ^3KRWR`

$Q LQWHUHVWLQJ VHOHFWLRQ RI FRYHUV PDQ\ ZLWK VSHFLDO KDQG VWDPSV DQG VWDPS VKRZ UHODWHG LWHPV /RQGRQ 6WDPS H[KLELWLRQ ZLWK VSHFLDO VWDJHFRDFK ODEHOV WLHG 1DWLRQDO 6WDPS ([KLELWLRQ ZLWK ODUJH KDQG VWDPS DQG ODEHOV %DWK 3RVWDO +LVWRU\ &RQJUHVV LOOXVWU FRYHUV DQG PRUH *RRG JURXS Â… Â…

6SHFWDFXODU EXVLQHVV FRYHU WR 6DR 3DXOR 4 %UD]LO ZLWK UH HQJUDYHG VHDKRUVH VHW RI G DQG

6* HDFK WLHG /RQGRQ $LUPDLO &'6 *HUPDQ SLFWRULDO +6 DQG DUULYDO %6 $ UHPDUNDEOH XVDJH RI WKH FRPSOHWH VHW Â… Â… ^3KRWR` $ 9(5< *22' JURXS RI VPDOO UHJLVWHUHG

SDUFHO WDJV DOO XVHG IURP /RQGRQ RIILFH (& ZLWK PDQ\ GLII UDWHV WR G DQG PDMRULW\ XVLQJ 3+272*5$985( GHILQV WR 6* $ PRVW LQWHUHVWLQJ RULJLQDO ORW Â… Â… 4 $,50$,/ FRYHUV IURP 8. WR 6RXWK $IULFD

{

Â’

Â’

Â… Â… Â’ .*9, G KDQGVWDPSHG 63(&,0(1 PLQW 6*

V FDW Â… Â… Â… Â’ $UPV KLJK YDOXH VHW ILQH PLQW 6* " F

8QLRQ $LUZD\V LQDXJXUDWLRQ IOLJKW ZLWK *LYH \RXU OHWWHU ZLQJV XVH DLUPDLO ODEHO QG FRYHU LOOXVWUDWHG 'DOZLFN 'RUNLQJ ZLWK 3HU VW 6$ $LUPDLO KV ,PSHULDO $LUZD\V LOOXVWUDWHG ILUVW DLUPDLO HQY IRU VSHFLDO &KULVWPDV IOLJKW $OO W\SHG XS ZLWK GHWDLOV Â… Â…

Â’ Â’

Â’ 6(/'20 6((1 Â… +LJK YDOXH $UP V DV D ODUJH Â’ EORFN RI 6* F XQPRXQWHG PLQW VFDUFH DV VXFK

&DW Â… Â… Â… Â’ .*9, KLJK YDOXH JURXS IUHVK 80 LQF G Â’ EURZQ 6* Â… 6* F DQG :HGGLQJ Â… 6*

Â… Â… ,17(5(67,1* FROOHFWLRQ RI V XVHG RQ Â’ .*9, VHW RI VL[ KLJK YDOXHV IUHVK 0 6* F DOEXPV SDJHV LQF PDQ\ 0DFNHQQDO ZLWK GLII GLHV YDULHWLHV .*9 ZLWK ZDWHUPDUN DQG 'DQG\ YDULHWLHV FWR XVHG QRWLQJ FDW Â… Â… Â… PLVVLQJ FURZQV OHWWHU ZPNV VKDGH VWXGLHV XVHG D VHOHFWLRQ RI 6HDKRUVHV PL[HG :HPEOH\ LVVXHV LQF Â’ +,*+ 9$/8( VHWV PLQW $UPV WR Â… LQF GDUN EOXH :HGGLQJ Â… 80 DQG )HVWLYDO WR Â… ILQH FDW òG HDFK XVHG RQ QHDW FRYHUV 0DQ\ V ZLWK Â… Â… Â… XVHIXO SLFNLQJV Â… Â… Â’ +,*+ YDOXH VHWV PLQW $UPV WR Â… LQF GDUN ,17(5(67,1* VHOHFWLRQ LQF G ERRNOHW SDQH EOXH :HGGLQJ Â… 80 )HVWLYDO WR Â… ILQH FDW 9)8 H[ YRXFKHU ERRNOHW 38& WR òG DV EORFNV PLQW Â… Â… Â… òG GHILQ ZLWK FRLO OHDGHU DQG VHYHUDO .*9, SDLUV WR G VKRZLQJ FRLO MRLQV TW\ Â… Â… { .*9, +,*+ 9$/8( VHWV )8 $UPV WR Â… LQF GDUN EOXH ZLWK H[WUDV :HGGLQJ Â… )HVWLYDO WR Â… .*9 327 3285, RQ ROG SDJHV VWDPSV PDQ\ ZLWK QHDW FGV SPNV DOVR GHILQV ZPN YDULHWLHV DV PXFK LV PLQW LF $ ILQH ORW RI 0DFNHQQDOV ZLWK GLIIHUHQW VHWV Â… Â… SULQWLQJV LQF 6* EORFN F\SKHU VHW PLQW LQF ZPN VLGHZD\V VHW PLQW 6HDKRUVHV XVHG WR 38& Â… Â’ &2,/ (1'6 RQ òG G VWULSV PLQW XVHG IDXOWV H[KLELWLRQ VHWV PLQW SKRWR VHW Â… Â… PLQW ZPN YDULHWLHV D VPDOO VHOHFWLRQ RI FRQWUROV WR G GLIIHUHQW HWF XVHIXO DQG YHU\ KLJK &9 Â… Â… 6SHFWDFXODU VPDOO SDUFHO WDJ IRU GLSORPDWLF PDLO SULQWHG IRU %DOH 9LOOH 6ZLW]HUODQG IUDQNHG [ .*9, XQDSSURSULDWHG UHYHQXHV G SDLU DQG XOWUDPDULQH 6* % SOXV G òG PXOWL FDQF /RQGRQ )V SURRIV LPSHUI RQ FDUG 9HU\ ILQH DQG XQXVXDO UXEEHU &'6 &KRLFH Â… Â… ^3KRWR` SURRIV Â… Â… ^3KRWR` $ VSHFWDFXODU IUDQNLQJ RQ VPDOO JUHHQ SDUFHO 2/' 7,0( FROOHFWLRQ ZLWK PDQ\ GLIIHUHQW WDJ IRU FDUU\LQJ GLSORPDWLF PDLOV IUDPHG [ XOWUDPDULQH VKDGHV DQG GLIIHUHQW SULQWLQJV ILQH XVHG QRWH 38& ORZ 6* % [ òG G PXOWL FDQF :LWK WKH /RQGRQ )V YDOXH VHW RI RQ )'& 6* FDW Â… VRPH IR[LQJ RYHU +6 Â… Â… ^3KRWR` FKLHIO\ ILQH XVHG RGG PLQW JRRG IRU VWXG\ DQG VRUWLQJ RXW WKH GLIIHUHQW VKDGHV DQG SULQWLQJV Â… Â… .*9, Â… 6* F RQ VXSHUE VPDOO UHJLVWHUHG )'& H[ 0LWFKDP Â… Â… 9$/8$%/( ORW RI PLQW ZLWK GHILQ VHWV RQ ROG FROOHFWRUV FDUGV VWDPSV 0DFNHQQDOV WR WR SOXV DGGLWLRQDO VKDGHV WR WR FRPPHP VHWV 6SHFWDFXODU VPDOO SDUFHO WDJ SULQWHG IRU $GHODLGH $XVWUDOLD GLSORPDWLF PDLOV IUDQNHG [ SOXV G 9HU\ KLJK &9 Â… Â… òG VLOYHU ZHGGLQJ DQG EORFN PDNLQJ Â… òG UDWH *5($7 %5,7$,1 ( (':$5' 9,,, PXOWL FDQF /RQGRQ 9HU\ ILQH Â… Â… ^3KRWR` Â’ )(67,9$/ KLJK YDOXH VHW 80 6* 67$03 %22./(7 HGLWLRQ LQ JRRG Â’ Â… Â… FRPSOHWH FRQGLWLRQ LQY SDQHV Â… Â…

Â’ 67$03 %22./(7 HGLWLRQ ILQH DQG Â’ FRPSOHWH %& Â… Â…

Â’ )(67,9$/ KLJK YDOXH VHW 80 6* FDW Â’ Â… Â… Â…

Â’ %22./(7 3$1( 'UDJHV 3D\ Â’ ZD\ )UHHERRN 6* 3% ZPN XSULJKW 80 DGYHUWLVHPHQW

Â’ $1 ,17(5(67,1* WULR RI .*9, HVVD\V Â’ SURGXFHG E\ +DUULVRQV GLII FRORXUV LPSHUI HWF DOO 80

SDQH ZLWK JRRG SHUIV Â… Â…

Â… Â…

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

{ &RPSUHKHQVLYH FROOHFWLRQ RI PLQW ZLWK H[WUDV 3$5/,0(17$5< &RQIHUHQFH LOOXVWUDWHG ZLWK Â’ VWDPSV RQ SDJHV QRWLQJH GHILQV LQF 80 EORFNV WR WK 3DUOLDPHQWDU\ &RQIHUHQFH VSHFLDO FDQFHO ZLWK D QHDW Â’ ZPN VLGHZD\V DQG LQYHUWHG VHWV KLJK YDOXH VHW LQF W\SHG DGGUHVV Â… Â…

JRRG &DW Â… :HGGLQJ Â… )HVWLYDO WR Â… ([WUDV KLJK &9 Â… Â…

Â’ 'H /D 5XH &DVWOH VHW RI 6* D D IUHVK Â’ 80 Â… Â… ^3KRWR` Â’ '(),1,7,9(6 VHW RI 80 ZPN Â’ VLGH ZD\ VHW RI PLQW LQY ZPN òG G DQG òG OLJKWHU FRORXU Â’ :,/',1* LQWHUHVWLQJ 80 LWHPV òG G FRLO Â’ VHW LQF VLGH ZD\ DQG LQY ZPNV 0LQW FRORXU FKDQJH VHW LQF Â’ OHDGHUV G FRUQHU EORFN ZLWK SKDQWRP 5 LQ PDUJLQ G

F\OLQGHU GRW EORFN RI VL[ ZLWK WZR YDULHWLHV DOO YHU\ ILQH Â… Â…

6LGH ZD\ DQG LQY 6HWV 5HWDLO Â… VWDPSV Â… Â…

Â’ &$67/( Â… 6* IUHVK 80 FDW Â… Â’ +,*+ 9$/8( VHWV XQPRXQWHG PLQW $UPV Â’ Â… Â… Â’ 6HW RI DQG )HVWLYDO 6HW RI Â… Â… Â’ &$67/( Â… 6* IUHVK 80 IURP WKH FRUQHU &RURQDWLRQ XQDGGUHVVHG 9LFWRU\ ZLWK 'RQ W :DVWH %UHDG Â’ RI WKH VKHHW FDW Â… Â… Â… VORJDQ ZLWK SULQWHG DGGUHVV Â… Â… Â’ &$67/( VHW IUHVK 80 6* FDW Â’ .*9, KLJK YDOXH 80 JURXS Â… Â’ Â… Â… Â… Â’ EURZQ 6* F DQG Â… :HGGLQJ VWDPSV FDW Â… Â… Â… Â’ 67$03 %22./(76 VSHFLDOLVHG FROOHFWLRQ Â’ RQ SDJHV H[WHQVLYH GHWDLOV UH SDQHV SKRV 3/86 *5($7 %5,7$,1 * (/,=$%(7+ ,, DGGLWLRQDO SDQHV ZPN LQYHUWHG SDQHV HWF *RRG QXPEHU RI :LOGLQJ òG òG ILUVW F\OLQGHU EORFNV RI VL[ &RRNV :HGJZRRG ERRNOHWV DQG SDQHV HWF HDFK XVHG RQ PDWFKLQJ UHJG )'& ILUVW ZLOGLQJ F\OLQGHU EORFNV 4XDOLW\ ORW Â… Â… DUH UDUH RQ )'& Â… Â… { /,)(%2$7 DQG 5HG &URVV SKRV VHWV ERWK 9)8 :,/',1* )'& VXSHUE WULR RI PDWFKLQJ òG 6* S S FDW Â… Â… Â… .*9, OHWWHUFDUGV HDFK FDQF YDULRXV FRPELQDWLRQ RI òG òG ZLOGLQJV ZLWK YDULRXV FDQFHOV RI 6WRNH RQ 7UHQW 6XSHUE 6,*1(' %< 67$03 '(6,*1(56 ILQH DQG Â… Â… VFDUFH JURXS RI VHYHQ FDUGV HDFK ZLWK VHWV DIIL[HG DQG VLJQHG LQ PDUJLQV E\ UHOHYDQW DUWLVWV *RDPDQ *HQWOHPDQ HWF LQF &2521$7,21 3DLG Â… LOOXVWUDWHG 4DQWDV /LIHERDW DQG 5HG &URVV VHOGRP VHHQ Â… Â… )'& ZLWK VSHFLDO FDFKHW DQG FDQFHOOHG /RQJ /LYH WKH 4XHHQ /RQGRQ VORJDQ ZLWK QHDW W\SH DGGUHVV Â… Â… %27$1,&$/ VHW 6* RUG DIIL[HG WR LOOXVWU )'& DQG KDQGVWDPSHG &$1&(//(' D VFDUFH *32 SUH Â’ 67$03 %22./(76 0D\ -XO\ Â’ 6* ILQH DQG FRPSOHWH Â… Â… UHOHDVH FRYHU 9HU\ ILQH XQDGGU Â… Â… ,//8675$7(' ILUVW GD\ FRYHUV

6XEVWDQWLDO ORW RI GHILQ LVVXHV FKLHIO\ 80 DSSHDUV PXFK RI LV KLQJHG ORWV RI KLJK YDOXHV ZLOGLQJ VHWV FDVWOHV WR Â… FÂ… *UDSKLWH VHWV :PN YDULHW\ VHWV '/5 FDVWOHV FÂ… H[WHQVLYH GHFLPDO PDFKLQV ZLWK GLIIHUHQW SULQWLQJV DQG VHWV WR Â… DOO KLJK YDOXHV LQF .LOR VWDPSV WR Â… FDVWOH WR Â… YDULRXV SULQWLQJV WR Â… WR Â… WR Â… VHFXULW\ PDFKLQV PRGHUQ SLFWRULDO UHJLRQDO VHWV WR Â… VSHFLDO GHOLYHU\ 18, LVVXHV GHILQ ERRNOHW SDQHV DQG PXFK HOVH +XJH YDOXH PDQ\ V Â… Â… Â’ 67$03 %22./(76 .*9, SDQH FRPELQDWLRQ Â’ G LVVXHV GLII 0D\ -XQH $XJ DQG )HE 6*

) ) JURXS Â… Â… Â’ 67$03 %22./(76 G LVVXHV JURXS RI VL[ Â’ GLII HGLWLRQV LQ YHU\ ILQH FRPSOHWH FRQGLWLRQ 'DWHV DYDLODEOH

XSRQ UHTXHVW Â… Â… Â’ 8102817(' PLQW DQG IDLUO\ FRPSOHWH Â’ FRPPHPV LQ 6* SULQWHG DOEXP LQF HYHU\ NH\ 3+263+25 VHW

13< ))+ /LIHERDW 5HG &URVV HWF HWF KLJK YDOXH VHW RI WR Â… 4XDOLW\ DQG KLJK UHWDLO YDOXH V Â… Â… Â’ 3267$*( '8( 6HW RI 6*' IUHVK PLQW

G DQG G XQPRXQWHG PLQW Â… Â…

Â’ )257+ 52$' %ULGJH SUHVHQWDWLRQ SDFN Â’ 6FDUFH Â… Â… +ROLGD\ %RRNOHW SDQH ZLWK *HRJUDSKLFDO 6HW

WRJHWKHU RQ RQH )'& 9HU\ ILQH DQG VFDUFH 7\SHG DGGUHVV %RRWK & Â… Â… Â’ 6KDNHVSHDUH G -HW %ODFN ZLWK QRUPDO WR Â’ FRPSDUH 6* 6*: IUHVK 80 Â… Â…

^3KRWR` :LOGLQJ òG ZDWHUPDUN VLGHZD\V LOOXVWU )'&

YHU\ ILQH XQDGGUHVVHG %RRWK $ Â… Â… { 9$5,(7,(6 80 DOO 6* OLVWHG LWHPV ))+ Â’ òG OLQH DFURVV 03$ 6* : $ %2% G EORFN VWXND Â’ UHWRXFK &KULVWPDV G PLVVLQJ 7 HWF Â… Â… Â’ 812 G YDULHWLHV 80 LQ SRVLWLRQDO EORFNV Â’ LWHPV DOO OLVWHG 6* LQF /DNH LQ 5XVVLD 6* 3E

Â… Â… Â’ %$77/( 2) +$67,1*6 PLVVLQJ FRORXU HUURU Â’ WKH VWULS RI WKUHH HDFK ZLWK %/8( RPLWWHG IUHVK 80 6*

K HUURUV WRJHWKHU ZLWK QRUPDO WR FRPSDUH 6FDUFH Â… Â… Â’ %,5'6 0,66,1* &2/285 (5525 ,1 80 Â’ %/2&. )285 ZLWK G %OXH 7LW %/8( 20,77(' IURP +HDG

Â’ &RLO VWULSV RI ILYH (GZDUG VLGHZD\V ZPN VHW Â’ IUHVK 80 6* $ % YDOXHV LQ WRWDO Â… Â…

DQG :LQJ VSHFWDFXODU RQO\ FRXOG H[LVW 6* J Â… Â… ^3KRWR`

Â’ 67$03 %22./(76 G GLII )HE $XJXVW Â’ 'HSW 2FW DQG 1RY ILQH DQG FRPSOHWH Â… Â…

&$1&(//(' KDQGVWDPSV ODUJH VL]H RQ +DVWLQJ VHW RI WKH VWDPSV KDYH EHHQ XVHG IRU WHVWLQJ SXUSRVHV Â… Â…

Â’ +$67,1* G PDUJLQDO EORFN RI ZLWK XQLWV Â’ :$7(5/2: &DVWOH KLJK YDOXH VHW IUHVK /00 Â’ KDYH VWURQJ VDJH JUHHQ GRFWRU EODGH IODZ QRQ SKRV VXSHUE

FDW Â… 6* Â… Â…

LWHP 80 Â… Â…

Â’ :,/',1* òG %XWWHUIO\ IODZ 5 IUHVK 80 Â’ 63(&7$&8/$5 FRPSOHWH VKHHW RI G %DWWOH RI Â’ LQ F\OLQGHU EORFN GRW 6SHF 6 + Â… Â… Â’ +DVWLQJV ZLWK VWDPSV KDYH PDJHQWD PLVVLQJ DQG VHYHUDO

VWDPSV ZLWK SDUW RI WKH PDJHQWD PLVVLQJ 6* I XQPRXQWHG PLQW Â… Â…

Â’ 7(&+12/2*< VHW 6* HDFK

Â’ 63(&,$/,67 &2//(&7,21 RI PDFKLQV VRUWHG KDQGVWDPSHG &DQFHOOHG VPDOO IRUPDW ILQH XQXVHG WDNHQ IURP Â’ E\ 6* VSHFLDOLVW QXPEHUV ZLWK GLIIHUHQW SULQWLQJV DQG JXP D SUH UHOHDVH *32 VKHHW 9HU\ VFDUFH Â… Â… W\SHV VRUW DV VXFK $ VXSHUE FROOHFWLRQ RI VWDPSV 80 HDFK VHHPV WR EH GLIIHUHQW KLJK FDW YDOXH RXWVWDQGLQJ ORW Â’ :25/' &83 :,11(5 VWXG\ ZLWK YDULHWLHV LQF Â… Â… Â’ QHYHU VHHQ FDQFHOOHG KDQGVWDPSV OLVWHG PLQRU YDULHWLHV Â’ %52$'&$67,1* $QQLYHUVDU\ VWXG\ ZLWK Â’ YDULHWLHV S PLVSODFHG 4(,, KHDG DQG \HOORZ S SKRV RPLWWHG 4(,, KHDG VKLIW S RQ LOOXVWUDWHG )'& ZLWK SKRV RPLWWHG òS

LGHQWLILHG D YHU\ JRRG JURXS RI LWHPV Â… Â… Â’ ()7$ G FRUQHU F\OLQGHU EORFN RI QLQH 80 Â’ ZLWK D VXEVWDQWLDO VKLIW RI WKH EODFN IUDPHG DURXQG IODJV HWF

VLQJOH EDQG SKRV RPLWWHG WKLQ SDSHU S SKRV RPLWWHG VLQJOH SKRV WZR EDQGV SULQWHG RQ WKH UHYHUVH VHW ZLWK 6FKRRO 6SHFLPHQ KV *HUPDQ SURPRWLRQDO FDUG $ YHU\ JRRG ORW RI LWHPV VWDPSV 80 Â… Â…

PRVW XQXVXDO 6* Â… Â… Â’ ()7$ (5525 G DOO RYHU SKRVSKRU 6* Â’ SN OLVWHG DQG XQSULFHG IUHVK 80 YHU\ VFDUFH

Â… Â…

Â’ &+5,670$6 VWXG\ ZLWK YDULHWLHV òS SKRV Â’ (5525 G EORFN RI JXP *$ ZLWK SKRVSKRU Â’ RPLWWHG HPERVVLQJ RPLWWHG SKRV DQG HPERVVLQJ RPLWWHG Â’ RPLWWHG FDW Â… DV VLQJOH VWDPSV IUHVK 80 Â… Â… VKLIW RI JROG S VKLIW RI HPERVVLQJ VKLIW RI JUHHQ VKLIW RI JUHHQ

DQG JROG VKLIW RI WXUTXRLVH òS SULQWLQJ IODZV LQF UHG VSLOO SXUSOH VPXGJHV PLVVLQJ SULQWHG DUHDV EORFN ZLWK SDUWLDOO\ H[WUD SHUIV SDSHU MRLQW VWULS RI VHW ZLWK 6SHFLPHQ 6FKRRO KV $ YHU\ JRRG FROOHFWLRQ RI LWHPV Â… Â…

Â’ (5525 G *$ *XP ZLWK SKRVSKRU RPLWWHG Â’ KRUL]RQWDO SDLU 6* (\ IUHVK 80 FDW Â… Â… Â… Â’ (5525 G ZLWK SKRVSKRU RPLWWHG KRUL]RQWDO Â’ SDLU JXP *$ IUHVK 80 6* (\ FDW Â… Â… Â… Â’ 0$&+,1 G 6* 80 YHUWLFDO PDUJLQDO SDLU Â’ RQH XQLW ZLWK VSHFWDFXODU ZKLWH 4XHHQ HUURU GXH WR EHLQJ

JURVVO\ XQGHUSULQWHG 5HPDUNDEOH HUURU Â… Â… Â’ %5,7,6+ 3$,17,1*6 YDULHW\ F\OLQGHU EORFN RI Â’ ZLWK XQLWV VKRZLQJ ODUJH VSLOO RI JROG 6* 80

Â… Â… Â’ (5525 &KULVWPDV G ZLWK SKRVSKRU RPLWWHG Â’ DV D FRUQHU EORFN RI 6* (\ 80 FDW Â… DV

Â’ :('*:22' VWDPS ERRNOHW ZLWK VFDUFH OLVWHG Â’ YDULHW\ DIIHFWLQJ òS òS SDQH 6* 8(3 $ Â… Â… VW )HEUXDU\ S DOO RYHU SKRV RQ LOOXVWUDWHG

)'& VXSHUE XQDGGU 6RXWKDPSWRQ FGV FKRLFH Â… Â…

%LUGV $Q XQLVVXHG GHVLJQ IRU S &DJHG %LUGV DV YHUWLFDO LPSHUI SDLU XQXVHG YHU\ XQXVXDO DQG ZH KDYHQ W VHHQ WKLV XQDGRSWHG GHVLJQ EHIRUH Â… Â… ^3KRWR` &ULFNHW S 3+4 FDUG VXSHUE XVHG FDW Â…

ILQHVW TXDOLW\ Â… Â…

VLQJOHV Â… Â…

&5,&.(7 SKT FDUG QR VXSHUE XVHG ZLWK Â’ (5525 0DFKLQ G ZLWK *UHHQLVK %OXH Â’ RPLWWHG DQG RQH P RQ SKRVSRU ERQG a6*8 ( 6* (9 PDWFKLQJ S VWDPS RQ REYHUVH ZLWK VSHFLDO 3RVWDO 0XVHXP

FDQFHO ([FHSWLRQDO TXDOLW\ FDW Â… Â… Â…

IUHVK 80 Â… Â…

&5,&.(7 SKT FDUG QR VXSHUE XVHG ZLWK

Â’ %5,7,6+ 6+,36 VH WHQDQW SDLUV ZLWK Â’ YDULHWLHV ILUVW SDLU PLVVLQJ SKRVSKRU QG EORFN RI ZLWK

SHUIRUDWLRQ VKLIW WR WKH ULJKW VR WKH YDOXH LV LQ WKH SHUIRUDWLRQV RQ HDFK XQLW 6* YDU 80 Â… Â… Â’ &21&25'( G HUURU OHIW KDQG SKRV EDQG Â’ RPLWWHG 6* H IUHVK 80 +DUU\ $OOHQ OHWWHU LQFOXGHG

PDWFKLQJ S VWDPS RQ REYHUVH ZLWK VSHFLDO 3RVWDO 0XVHXP FDQFHO ([FHSWLRQDO TXDOLW\ FDW Â… Â… Â… Â’ &5,&.(7 SKT FDUG VXSHUE XQXVHG Â’ Â… Â… (8523($1 &RPPXQLWLHV VHW RQ +$5:,&+

Â… Â… Â’ (8523$ G 6* 80 PDUJLQDO EORFN ZLWK Â’ '28%/( 3(5)257,216 DIIHFWLQJ WKH ULJKW SDLU DQG PDUJLQ

SULYDWH FGV )'& VLJQHG E\ WKH PD\RU VXSHUE DQG D VFDUFH )'& Â… Â…

,1,*2 -21(6 3+4 FDUG QR LQ VXSHUE PLQW FRQGLWLRQ )LQHVW TXDOLW\ FDW Â… Â… Â… *$1'+, ZLWK EHWWHU SLFNLQJV LQF *HUPDQ SXEOLFLW\ FDUGV ZLWK GLIIHUHQW FDQFHOOHG KDQGVWDPSV Â’ 0LVVLQJ FRORXU HUURU S H[SORUHUV *ROG RPLWWHG F\OLQGHU EORFN RI ZLWK WRRWK IODZ YDULHW\ 5 SKRV RPLWWHG Â’ 4XHHQV +HDG IUHVK 80 ZLWK QRUPDO 6* D ZLWK RULJLQDO 6* SOXV RWKHU PLQRU YDULHWLHV $ YHU\ LQWHUHVWLQJ JURXS RI LWHPV SXUFKDVH FDUG Â… Â… ^3KRWR` FKLHIO\ 80 Â… Â… 3$5/,$0(17$5< SKT FDUG VXSHUE XVHG ZLWK Â’ 67$036 IRU &RRNV Â… VWDPS ERRNOHW ZLWK PDWFKLQJ VWDPS RQ REYHUVH QR FDW Â… &KRLFH Â’ 6WDSOHV YHU\ ILQH 80 WKH UDUH ILUVW YDULDQW 6* =3 Â… Â… Â… Â… 3$5/,$0(17$5< SKT FDUG VXSHUE XVHG ZLWK Â’ 9$5,(7< G LQYHVWLWXUH ZLWK ODUJH JROG VPXGJH VWDPS RQ REYHUVH QR FDW Â… FKRLFH Â… Â… Â’ DFURVV IRXU VWDPSV ZLWKLQ D EORFN RI QG VWULS ZLWK ILQH JROG OLQHV LQ WKH PDUJLQ DQG SHUIV RI HDFK VWDPS IUHVK 80 5R\DO :HGGLQJ òS 3+4 FDUG VXSHUE XVHG Â… Â… ZLWK VSHFLDO VWDPS H[KLE FDQFHO DQG FDFKHW Â… Â… Â’ &+5,670$6 HUURU G LPSHUI SDLU IURP WKH Â’ 75(( $1' ((& VWXG\ W\SHG XS RQ OHDYHV ZLWK Â’ VLGH RI WKH VKHHW IUHVK 80 YHU\ VFDUFH 6* F FDW Â’ PLQRU YDULHWLHV 7UHH LQF EURNHQ N LQ 2DN DV D F\O EORFN RI VL[ Â… Â… Â… )'& V ZLWK :HVWRQELVW $UERUHWXP DQG +DWLILHOG %URDG 2DN Â’ &KULVWPDV YDULHWLHV G JURVVO\ VWDPS ZLWK SKRV RPLWWHG QG ZLWK EURDG EDQG ((& VHW ZLWK Â’ PLVSHUIRUDWHG GLIIHUHQW SOXV G G SKRV RPLWWHG $OO 6SHFLPHQ KV S S ZLWK PLQRU SULQWLQJ IODZV $ JRRG ORW RI 80 Â… Â… LWHPV Â… Â… Â’ /,7(5$5< $11,9(56$5< VWXG\ ZLWK YDULHWLHV ($5/< 3+4 UHWDLO Â… PLQW ZLWK WKH EHWWHU Â’ S SKRV RPLWWHG HPERVVLQJ VKLIW WR WKH ULJKW EODFN VKLIW FDUGV &ULFNHW ,QLJR -RQHV 3DUOLDPHQW 5R\DO :HGGLQJ 7UHH SULQWLQJ HUURU OHDYLQJ XQSULQWHG DUHDV DURXQG SDSHU MRLQW VSLOO )LUH 6HUYLFH 7XUQHU 5RVHV D YHU\ JRRG FROOHFWLRQ RI HDUO\ RI JROG S SKRV RPLWWHG RQH EDQG QLFN LQ KDLU YDULHW\ òS FDUGV Â… Â… SKRV RPLWWHG HPERVVLQJ RPLWWHG VKLIW RI HPERVVLQJ WR WKH Credit Cards ULJKW 6FKRRO 6SHFLPHQ KV RQ WKH VHW RI *HUPDQ SURPRWLRQDO The best way to pay, guaranteed. Best exchange rates FDUG ZLWK WKH VWDPSV DWWDFKHG $Q LQWHUHVWLQJ JURXS RI for overseas clients. Immediate despatch of purchases. LWHPV VWDPSV 80 Â… Â…

8QXVXDO Â… Â…

(;3(5,0(17$/ VHOI DGKHVLYH VHW RI VHYHQ

LQF WZR VH WHQDQW SDLUV RQ 'HUHN :RUER\V GHGLFDWHG )'& H[WUHPHO\ UDUH DQG YHU\ ILQH W\SHG DGGU 2QO\ D KDQGIXO ZHUH SUHSDUHG RQH RI WKH UDUHVW GHILQ )'& Â… Â… ^3KRWR`

Â’ 63(&7$&8/$5 PLVSHUIRUDWHG HUURU S .HZ Â’ *DUGHQV 6* WKH XQLTXH WUDIILF OLJKW FRUQHU EORFN RI VL[

JURVVO\ PLV SHUI YHUWLFDOO\ YDOXH QRZ DW ULJKW 80 ZULQNOHV GXH WR LQFRUUHFW IHHG $PD]LQJ LWHP Â… Â…

Â’ 3$5$/<03,&6 S VH WHQDQW IODJ LVVXH DV Â’ 80 EORFN RI SDLUV ZLWK 0$-25 '2:1:$5' 6+,)7 2) Â’ (;3(5,0(17$/ VHOI DGKHVLYH òS LQ D Â’ FRPSOHWH VKHHW RI VHOGRP VHHQ LQ FRPSOHWH VKHHWV QRUPDO %/8( &2/285 DIIHFWLQJ OHIW VLGH IRXU VWDPSV JLYLQJ D

DV D VLQJOH RU EORFNV RI XQPRXQWHG PLQW Â… Â… ),5( SKT FDUG ILQH XVHG ZLWK PDWFKLQJ VWDPS FDQF )', FDW Â… Â… Â… ),5( 3+4 FDUG VXSHUE PLQW QR FDW Â… Â… Â…

GLVWRUWHG LPSUHVVLRQ RI 4XHHQV KHDG YDOXH DQG LQVFULSWLRQ 6* 5HPDUNDEOH Â… Â… Â’ )227%$// ERRNOHW [ S %REE\ 0RRUH SDQH Â’ ZLWK XQXVXDO %/$&. 35,17,1* 2))6(7 (5525 RQ UHYHUVH

XQOLVWHG DQG VSHFWDFXODU Â… Â…

{ ),567 6(/) $'+(6,9( VHW òS S òS S

S òS S VHW ILQH XVHG VFDUFH Â… Â… Â’ 5,%%(' SDSHU 6FRWODQG S FHQWUH EDQG ODUJH Â’ EORFN RI D SDSHU YDULHW\ OLVWHG LQ 0&& FDWDORJXH IUHVK

Â’ 0$&+,1 F\OLQGHU EORFNV RI VL[ ZLWK YDOXHV IURP Â’ S WR Â… D YHU\ JRRG UDQJH ZLWK PXFK LGHQWLILHG E\

SULQWHUV KLJK FDWDORJXH YDOXH LQ PRGHUQ F\OLQGHU EORFNV XQPRXQWHG PLQW Â… Â… Â’ 0$&+,1 (5525 VW VHOI DGKHVLYH ERRNOHW SDLU Â’ ZLWK GLH FXW VKLIWHG VLGHZD\V PP 80 XQXVXDO Â… Â…

80 Â… Â…

Â’ 0$&+,1 LPSHUI SDLU VW VHOI DGKHVLYH 80 H[ Â’ 5,%%(' 3$3(5 6FRWODQG S ZLWK F\O QXPEHU Â’ EXVLQHVV VKHHW Â… Â… Â’ DQG GHIRUPHG WRQJXH YDULHW\ ODUJH EORFN RI VWDPSV

80 PLQ FDW Â… OLVWHG LQ 0&& FDWDORJXH Â… Â… Â’ 3+263+25 20,77(' ERRNOHW RI [ VW Â’ FODVV IUHVK 80 6* +' YDU Â… Â… Â’ 75(( SKT FDUG LQ VXSHUE PLQW FRQGLWLRQ QR Â’ FDW Â… Â… Â… Â’ 68%0$5,1( VHOI DGKHVLYH VWDPS ERRNOHW YHU\ Â’ ILQH 80 6* 30 Â… Â… Â… Â’ 75(( SKT FDUG LQ VXSHUE PLQW FRQGLWLRQ QR Â’ FDW Â… Â… Â… Â’ 68%0$5,1( VHOI DGKHVLYH VWDPS ERRNOHW ZLWK Â’ F\OLQGHU QXPEHUV YHU\ ILQH 80 6* 30 Â… Â… Â’ 75(( 3+4 &$5' VXSHUE XQXVHG FDW Â’ Â… Â… Â… Â’ 0$&,1 HUURU Â… ZLWK Â… VLJQ RPLWWHG IUHVK 80 LQ Â’ SODWH QXPEHU PDUJLQDO SDLU 6* < D FDW Â… 75(( SKT FDUG VXSHUE XVHG ZLWK PDWFKLQJ VWDPS RQ REYHUVH FDQF )', QR FDW Â… Â… Â…

Â… Â… Â’ 67$03(; 60,/(5 VKHHWV D ILQH FROOHFWLRQ Â’ HDFK GLIIHUHQW UHWDLO Â… YHU\ JRRG FRQGLWLRQ 80

75(( 3+4 FDUG VXSHUE XVHG ZLWK PDWFKLQJ

VWDPS RQ REYHUVH FDQFHOOHG ILUVW GD\ RI LVVXH QR FDW Â… Â… Â…

Â… Â… Â’ 81&87 35(66 6+((7 RI 06 RI $UQROG Â’ PDFKLQ LVVXH ILQH 80 6* 06 FDW Â… Â… Â…

9(5< 6&$5&( ILUVW VHOI DGKHVLYH VHW RQ

LOOXVWUDWHG )'& V ZLWK QHDW W\SHG DGGUHVV VHHQ WKHVH FRYHUV JR IRU QHDUO\ IXOO FDWDORJXH SULFH OLVWHG LQ %RRWKV DQG %UDGEXU\ FDWDORJXHV Â… Â…

Â’ 60,/(5 6+((76 LQF 2O\PSLF *DPHV Â’ LVVXHV DQG VFDUFH 8. $ = VKHHW $OO GLIIHUHQW SULVWLQH 80

32/,&( LOOXVWUDWHG )'& V ZLWK VSHFLDO

)DFH DERXW Â… Â… Â…

FDQFHO LQ 6LU 5REHUW 3HHO 7DPZRUWK 3RUW RI /RQGRQ 3ROLFH 1HZ 6FRWODQG <DUG ([KLELWLRQ ([HWHU RQ &RQVWDEXODU\ 2IILFH FRYHU <RUNVKLUH 0HWURSROLWDQ SOXV SKT VHW RI ZLWK GLIIHUHQW )', FDQFHOV Â… Â…

&RLQ &RYHUV HWF GLIIHUHQW LWHPV LQ GHVSDWFK HQYHORSHV SULVWLQH LQF 6LOYHU ,QJRW FRYHUV 2O\PSLF *DPHV S $WKOHWLFV &DUG Â… FRYHUV Â… Â… Â’ 3UHVV VKHHWV IRU /RQGRQ IHVWLYDO RI VWDPSV Â’ ERWK VKHHWV ERWK LQ XQFXW SDQHV GLUHFW IURP WKH SULQWHUV DOVR

Â’ :('*:22' Â… ERRNOHW ZLWK 0,;(' $/8( Â’ 3$1( +$,1* 7+( 3+263+25 20,77(' VFDUFH YDULHW\

/RQ WR 5HLJQ 2YHU 8V XQFXW SUHVV VKHHW 7KUHH VKHHWV DOO 80 LQ DUFKLYH WXEHV UXVKVWDPSV UHWDLO Â… Â… Â…

'; YDU Â… Â… (; 35,0( 0,1,67(5 -LP &DOODJKDQ VLJQHG

&KXUFK RI (QJODQG &KLOGUHQ RIILFLDO ILUVW GD\ FRYHU \HDU RI WKH GLVDEOHG VFDUFH VLJQHG FRYHU Â… Â…

2O\PSLF *DPHV DQG 3DUDO\PSLFV *DPHV

FRPSOHWH VHW RI VKHHWOHWV RQ SULVWLQH XQDGGUHVVHV )'& FRYHUV Â… Â…

(; 35,0( 0,167(5 VLJQHG )'& (GZDUG

+HDWK RQ RIILFLDO &KXUFK RI (QJODQG &KLOGUHQ 6RFLHW\ <HDU RI WKH 'LVDEOHG FRYHU VFDUFH Â… Â…

%,5'6 LVVXHV D PRVW RXWVWDQGLQJ VHW RI WHQ

Â’ 0$&+,1 HUURU S IUHVK Â… ERRNOHW ZLWK ODEHO Â’ DWWDFKHG DW WRS ZLWK EURDG EDQG DW ULJKW 80 4 %%

Â… Â… (QJLQHHULQJ VLJQHG FRYHUV $8(: RIILFLDO FRYHU

VLJQHG E\ WKH 3UHVLGHQW DQG *HQHUDO 6HFUHWDU\ +XPEHU %ULGJH 2IILFLDO FRYHU VLJQHG E\ %ULGJHPDVWHU /WG WR */& 7KDPHV %DUULHU WKUHH FRYHUV VLJQHG E\ -RKQ +RXQVODZ 5D\ +RUQHU 'HQQLV :DWHUPDQ /WG WR OHVV WKDQ $ YHU\ ILQH JURXS Â… Â…

SKT FDUGV HDFK ZLWK D KDQG SDLQWHG LPDJH RI %LUGV SDLQWHG XVLQJ RLO SDLQWV DQG H[HFXWHG WR WKH KLJKHVW VWDQGDUGV HDFK FDUG WRRN DW OHDVW WHQ KRXUV WR SDLQW KRXUV RI ZRUN KHUH XQLTXH DQG XQGHUWDNHQ E\ D ORFDO DUWLVW RI WKH KLJKHVW RI H[KLELWLRQ TXDOLW\ Â… Â… 2FFDVLRQV LOOXVWUDWHG )'& VLJQHG E\ ,DQ

&DUPLFKDHO Â… Â… $/%806 ZLWK D ILQH UDQJH RI 4(,, )'& V

Â’ ,03(5)25$7( SDLU S PDFKLQ GHILQV IUHVK Â’ 80 6* = D Â… Â…

ZLWK W\SHG DGGUHVVHV DQG VSHFLDO FDQFHOV WR RYHU FRYHUV LQF UHJLRQDO V GHILQLWLYHV FRPPHPV KLJK YDOXHV KXJH FDW YDOXH EDUJDLQ SULFH ILOOLQJ D FDUWRQ Â… Â… Â’ %22./(76 D UDQGRP FROOHFWLRQ PDLQO\ Â’ PDFKLQV ZLWK ERRNOHWV WR Â… Â…

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

&29(5 &2//(&7,21 LQ IRXU DOEXPV ZLWK

6,*1(' DXWRJUDSKHG HGLWLRQ

EHWWHU SLFNLQJV 5HG &URVV LOOXVWU )'& ZLWK 5HG &URVV &HQWHQDU\ 'D\ VORJDQ FDQFHO 6KDNHVSHDUH SKRV DQG QRQ SKRV FRYHUV :HVWPLQVWHU $EEH\ 0RQWIRUWV 3DUOLDPHQW %2% 5REHUW %XUQV ZLWK $OORZD\ $\UVKLUH VSHFLDO FDQFHO %RWDQLFDO &RQJUHVV WKH DERYH DOO LOOXVWU )'& ZLWK W\SHG DGGUHVV $Q LQWHUHVWLQJ ORW RI D IHZ FRYHUV Â… Â…

LOOXVWUDWHG )'& V LQF -DQH $VKHU (VWKHU 5DQW]HQ -HUHP\ &ODUNVRQ 'DYLG %HOODP\ .HLWK 0LFKHOO 1RHO (GPRQGV 7UHYRU %D\OLV $QJXV 'HDWRQ 'DUFH\ %XVVHOO DQG :D\QH 6OHHS -DPHV +HUEHUW 5REHUW 3RZHOO ,DQ /DYHQGHU -RKQ &UDYHQ 'U 3DWULFN 0RRUH (GZLQD &XUULH 3HWHU 'DYLVRQ DQG 7RP %DNHU $UWKXU 6FDUJLOO -DPHV %RODP 6LU 5DQXOSK )LHQQHV -XVW D IHZ IURP WKLV YDVW FROOHFWLRQ Â… Â…

{ &</,1'(5 $1' *877(5 %/2&.6 FROOHFWLRQ 6,*1(' )ORZHU LOOXVWUDWHG )'& VLJQHG

80 ZLWK EORFNV LQF Â… Â… Â… WUDIILF OLJKW JXWWHU SDLUV WKUHH WUDIILF OLJKW JXWWHU SDLUV FÂ… 838 WUDIILF OLJKW JXWWHU SDLUV FÂ… :DUULRUV WUDIILF OLJKW JXWWHU SDLUV FÂ… WR QDPH D IHZ IURP HDUO\ FRPPHPRUDWLYHV SOXV GHILQLWLYH EORFNV WUDIILF EORFNV KXJH FDW YDOXH Â… Â…

'DYLG %HOODP\ (QGDQJHUHG 6SHFLHV VLJQHG 'DYLG $WWHQERURXJK $ ILQH SDLU RI FRYHUV Â… Â… 6,*1(' 3RVW 2IILFHV DXWRJUDSKHG

LOOXVWUDWHG )'& VLJQHG 7RQ\ %HQQ Â… Â… 6,*1(' (QGDQJHUHG 6SHFLHV

Â’ +,*+ 9$/8( FROOHFWLRQ &DVWOH VHW RI Â’ &DVWOH VHW RI Â… Â… F\OLQGHU EORFN RI

DXWRJUDSKHG LOOXVWUDWHG )'& VLJQHG -RKQQ\ 0RUULV Â… Â…

D VHW RI UH LVVXH VHW RI :LOGLQJV &DVWOHV 06 DOO IUHVK 80 +LJK FDW YDOXH Â… Â…

6,*1(' $LUFUDIW PLQLDWXUH VKHHW )'&

Â’ 0$&+,16 3+263+25 2PLWWHG G G Â’ ERWK 39$ G G EORFNV RI 39$ òS S òS òS

VLJQHG E\ 7RQ\ %HQQ D VFDUFH FRYHU VLJQHG E\ 7RQ\ %HQQ Â… Â…

òS S òS S DQG FRLO VWULS S S òS DOO ZLWK PLVVLQJ SKRVSKRU 80 Â… Â…

6,*1(' %ULJLWWH %DUGRW &DWV LOOXVWUDWHG

3+4 &$5'6 ZLWK PDQ\ SUHPLXP HDUO\ FDUGV

FRYHU XVLQJ WKH &DW VWDPSV IURP WKH &DWV DQG 'RJV 6 $ ERRNOHW ZLWK &DW $VK VSHFLDO FDQFHO Â… Â…

DQG KXJH &9 LQ PLQW FRQGLWLRQ FDUGV QRWLQJ ,QLJR -RQHV 6,*1(' %ULJLWWH %DUGRW 'RJV FRYHU XVLQJ )LUH 6HUYLFH 3DUOLDPHQW DQG PRUH 2ULJLQDO /RW WKH 6 $ IURP WKH &DWV DQG 'LJV ERRNOHW SDQH ZLWK %ODFN 'RJ Â… Â… VSHFLDO FDQFHO Â… Â… Â’ 3+4 HDUO\ VHWV LQ VXSHUE XQXVHG FRQGLWLRQ 6,*1(' %XVHV 5RXWHPDVWHU LOOXVWUDWHG Â’ :HGGLQJ :DUULRUV &KXUFKLOO HWF GLII )'& V 06 VLJQHG E\ 5HJ 9DUQH\ QG VLJQHG .HQ Â… Â… /LYLQJVWRQH VWDPS FRYHU DOVR VLJQHG E\ .HQ /LYLQJVWRQH DOO RQ 5RXWHPDVWHU LOOXVWUDWHG FRYHUV Â… Â… 3UHVWLJH %RRNOHWV ZLWK D IDFH YDOXH Â… DOO GLIIHUHQW DQG SULVWLQH QXPHURXV EHWWHU DQG NH\ 6,*1(' &KULVWPDV 5RELQV LOOXVWUDWHG LVVXHV ILUVW UHWDLO Â… ($&+ RQ GHDOHUV OLVWV *ROGHQ -XELOHH )'& VLJQHG E\ *HRUJH &ROH Â… Â… &RURQDWLRQ 'DUZLQ $HULDO 3RVW NHHSLQJ WKH IODPH DOLYH HWF HWF $OO WKHVH SDQHV IHDWXUH LQ :LQGVRU $OEXPV 6,*1(' +DWV 5R\DO $VFRW LOOXVWUDWHG Â… Â… )'& VLJQHG E\ :LOOLH &DUVRQ DQG /HVWHU 3LJJRWW WZR RI WKH PRVW IDPRXV MRFNH\V RI DOO WLPHV Â… Â… Â’ 35(67,*( %22./(76 IDEXORXV Â’ TXDOLW\ FROOHFWLRQ LQ DQ $OEXP RI ERRNOHWV VRPH ZLWK PLQRU 6,*1(' 1REHO 3HDFH 3UL]H LOOXVWUDWHG YDULHWLHV LGHQWLILHG 7KH IDFH YDOXH RI WKH SDQHV LV Â… )'& VLJQHG E\ $UFKELVKRS 'HVPRQG 7XWX $ VFDUFH PDQ\ EHWWHU %RRNOHWV 6XEPDULQHV *UDFLRXV $FFHVVLRQ FRYHU Â… Â… SHUIHFW &RURQDWLRQ DQG PRUH *RRG ORW Â… Â… 6,*1(' 1REHO 3UL]HV LOOXVWUDWHG )'& { 4(,, 67$036 $1' 675$1*( 0$7(5,$/ VLJQHG E\ 1REHO 3HDFH /DXUHDWH 0DLUHDG &RUULJDQ 0DTXLUH $ XQXVXDO DFFXPXODWLRQ LQ WKUHH ELJ VWRFN ERRNV VHYHUDO VFDUFH FRYHU Â… Â… LWHPV ZLWK XQXVXDO LWHPV VWDVKHG LQ LQF &DVWOH RQ 6,*1(' 2FFDVLRQ EH P\ YDOHQWLQH WHOHJUDP IRUP PXOWLSOHV RI Â… &DVWOHV VSHFWDFXODU &DVWOH LOOXVWUDWHG )'& VLJQHG E\ -DQH $VKHU ZLWK VSHFLDO FDQFHO SLHFHV LQF $UP\ 3RVW FDQFHOV :LOGLQJ XVHG SLHFHV DQG FRYHUV Â… Â… LQF PDQ\ G XVHG EORFNV FRYHUV DQG PXOWLSOH SDUFHO SLHFHV 6,*1(' 7KHUH OO $OZD\V EH DQ (QJODQG GHFLPDO ZLWK KLJK YDOXH XVDJHV HWF Â… Â… LOOXVWUDWHG )'& ZLWK (QJODQG SLFWRULDO GHILQV VLJQHG E\ :LQVWRQ Â’ 4(,, &</,1'(5 %/2&.6 SUH GHFLPDO LQF &KXUFKLOO / (QWHWH &RUGLDOH VLJQHG E\ &KULV 3DWWHQ 03 Â’ :LOGLQJ EORFNV WR G PDQ\ FRPPHPRUDWLYH EORFNV ZLWK VHWV UHODWHG FRYHUV Â… Â… D YHU\ ILQH FROOHFWLRQ RI EORFNV DOO XQPRXQWHG PLQW 6,*1(' :HDWKHU LOOXVWUDWHG )'& V XQFKHFNHG Â… Â… VWDPS FRYHU VLJQHG E\ 5LFKDUG %ULHUV DQG )HOLFLW\ .HQGDO Â’ 4(,, 35( '(&,0$/ ERRNOHWV ZLWK YDOXHV VWDPS DQG 06 FRYHUV VLJQHG E\ 0LFKDHO )LVK $ YHU\ ILQH WULR Â’ IURP WR ZLWK PDQ\ GLIIHUHQW GDWHV VHHQ LQ ILQH RI FRYHUV Â… Â… FRQGLWLRQ Â… Â… 6,*1(' $VWURQRP\ 06 LOOXVWUDWHG )'& Â’ 5(*,21$/6 FROOHFWLRQ RI GLII LVVXHV 80 VLJQHG E\ %HUQDUG /RYHOO ZLWK -RGUHOO %DQN SRVWPDUN Â’ ZLWK GHJUHHV RI VSHFLDOLVDWLRQ ZLWK EHWWHU PDFKLQV DQG GLII Â… Â… W\SHV WR S QHHGV FDUHIXO FKHFNLQJ *RRG ORW 6,*1(' &KULVWPDV LOOXVWUDWHG )'& Â… Â… VLJQHG E\ 'HDQ -RKQ ,UYLQH DQG WKH $UFKELVKRS RI &DQWHUEXU\ 6,*1(' ,DQ 0F.HOOHQ DQG 3DXO 6FRILHOG RQ &RYHQWU\ &DWKHGUDO WK $QQLYHUVDU\ FRYHU Â… Â… *OREH 7KHDWUH WK $QQLYHUVDU\ 0LGVXPPHU 1LJKWV 'UHDP 6,*1(' &RDVWOLQH SDLU RI LOOXVWUDWHG LOOXVWUDWHG )'& VFDUFH WZR FRYHUV Â… Â… )'& V VLJQHG E\ &KD\ %O\WK DQG 5RELQ .QRZ -RKQVRQ $ ILQH 6,*1(' )RRWEDOO /HJHQGV DXWRJUDSK SDLU RI FRYHUV Â… Â… LOOXVWUDWHG )'& VLJQHG 6LU %REE\ &KDUOWRQ :RUOG &XS 6,*1(' &RPPRQZHDOWK *DPHV DXWRJUDSKHG LOOXVWUDWHG )'& VLJQHG *HRUJH &RKHQ LOOXVWUDWHG )'& VLJQHG E\ -DPHV &UDFNZHOO DQG 0DWWKHZ Â… Â… 3LQVHQW $ VFDUFH GXDO VLJQHG FRYHU Â… Â… 6,*1(' :RPHQ RI $FKLHYHPHQW 6,*1(' /RQGRQ %ULGJHV LOOXVWUDWHG )'& LOOXVWUDWHG )'& V VLJQHG 0DUJDUHW 7KDWFKHU DQG (VWKHU VLJQHG E\ %DUEDUD :LQGVRU Â… Â… 5DQW]HQ Â… Â…

6,*1(' 2FFDVLRQV LOOXVWUDWHG )'&

6,*1(' 5+6 LOOXVWUDWHG )'& V 06

VLJQHG E\ -XQH :KLWILHOG Â… Â…

VLJQHG E\ $ODQ 7LWFKPDUVK VWDPS FRYHU VLJQHG E\ 6XVDQ +DPSVKLUH $ YHU\ ILQH SDLU RI FRYHUV Â… Â…

6,*1(' 3HWHU 3DQ LOOXVWUDWHG )'&

6,*1(' 56$ LOOXVWUDWHG )'& VLJQHG E\

VLJQHG E\ 'DPH 0DJJLH 6PLWK Â… Â…

6WHSKHQ )U\ VHOGRP VHHQ VLJQHG FRYHUV E\ 6WHSKHQ )U\ Â… Â…

6,*1(' 3RVW %R[ PXOWL VLJQHG 7RQ\

%HQQ 5R\ 0DVRQ &KULV & .DWDZD\ DQG (GZDUG 6KRUH $ ILQH 6,*1(' :LOGOLIH 1DWLRQDO 7UXVW LOOXVWUDWHG SDLU RI )'& V VLJQHG E\ 'DYLG %HOODP\ DQG 6LDQ 3KLOOLSV $ FRYHU Â… Â… YHU\ ILQH SDLU RI FRYHUV Â… Â… 6,*1(' 4XHHQ 0RWKHU LOOXVWUDWHG )'& V VLJQHG E\ 9HUD /\QQ QG E\ -XOLHW $XEUH\ ZKR SOD\HG WKH 6,*1(' $VKHV :LQQHUV 06 LOOXVWUDWHG )'& VLJQHG E\ ,DQ %RWKDP Â… Â… 4XHHQ 0RWKHU Â… Â… 6,*1(' :LOGLQJV 06 VLJQHG E\ 3DWULFN

/LFKILHOG VXSHUE FRYHU Â… Â…

6,*1(' %DWWOH RI 7UDIDOJDU LOOXVWUDWHG

)'& V 06 VLJQHG E\ -RKQ 6DQG\ :RRGZDUG VWDPS FRYHU VLJQHG E\ WKH &DSWDLQ RI WKH 9LFWRU\ ) 1RZRVLHVNL $ YHU\ ILQH SDLU RI FRYHUV Â… Â…

6,*1(' :RUOG &XS LOOXVWUDWHG )'&

VLJQHG E\ 6LU 7RP )LQQH\ ZLWK 6LU 7RP )LQQH\ :D\ VSHFLDO FDQFHO Â… Â…

6,*1(' &KULVWPDV LOOXVWUDWHG )'& V

6,*1(' &KULVWPDV SDLU RI :HVWPLQVWHU

&DWKHGUDO FRYHU VLJQHG E\ WKH 'XNH RI 1RUIRON DQG )DWKHU 0DUN /RQJKDP Â… Â… 6,*1(' &RQFRUGH &RPLQJ +RPH )LQDO

)OLJKW WR )LOWRQ VLJQHG E\ WKUHH FDSWDLQV %DQLVWHU 'RXJODV DQG %URGLH $ YHU\ VFDUFH FRYHU Â… Â… 6,*1(' &RURQDWLRQ SDLU RI LOOXVWUDWHG

VWDPS FRYHU VLJQHG E\ 7HUU\ :DLWH 06 FRYHU VLJQHG E\ ,UHQH 9RQ 7UHVNRZ WKH GHVLJQHU RI WKH VWDPSV UG VLJQHG E\ WKH %LVKRS RI %DWK DQG :HOOV 3HWHU 3ULFH $ YHU\ ILQH WULR RI FRYHUV Â… Â… 6,*1(' )DUP $QLPDOV )'& V VLJQHG

E\ 9LUJLQLD 0F.HQQD QG RQH VLJQHG E\ &KULVWRSKHU 7LPRWK\ $ YHU\ ILQH SDLU RI FRYHUV Â… Â… 6,*1(' )RRG LOOXVWUDWHG )'& VLJQHG E\

)'& V VLJQHG E\ )RUWXQH )L]WUR\ 'XFKHVV RI *UDIWRQ DQG :LOORXJKE\ 'H (UHVE\ %DURQHVV $ ILQH SDLU RI LOOXVWUDWHG FRYHUV Â… Â…

0LFKDHO :LQQHU Â… Â…

6,*1(' '1$ LOOXVWUDWHG )'& VLJQHG E\

'HWHFWLYHV RI WKH WHOHYLVLRQ 5REHUW 3RZHOO 'DYLG 6XFKHW DQG *HRUJH %DNHU $ YHU\ ILQH FRYHU Â… Â… 6,*1(' ([WUHPH (QGHDYRXUV LOOXVWUDWHG

)'& 7KH $VFHQW RI (YHUHVW VLJQHG E\ 6LU (GPXQG +LOODU\ $ YHU\ ILQH DQG VFDUFH FRYHU Â… Â… 6,*1(' )UXLW DQG 9HJ SDLU RI LOOXVWUDWHG

)'& V VLJQHG E\ -HQQ\ $JXWWHU DQG +D\OH\ 0LOOV $ YHU\ ILQH SDLU RI FRYHUV Â… Â…

6,*1(' +RVWLQJ WKH 2O\PSLF LOOXVWUDWHG

)'& V 06 VLJQHG 6WHYHQ 5HGJUDYH VWDPS FRYHU VLJQHG 6DOO\ *XQQHOO $ YHU\ ILQH SDLU RI FRYHUV Â… Â… 6,*1(' -DQH (\UH LOOXVWUDWHG )'& V

06 VLJQHG E\ 6XVDQQDK <RUN VWDPSV FRYHU VLJQHG E\ -LOO\ &RRSHU DQG -RDQQD 7UROORSH $ YHU\ ILQH SDLU RI FRYHUV Â… Â…

6,*1(' 0DJLF LOOXVWUDWHG )'& VLJQHG E\ 3DXO 'DQLHOV Â… Â… 6,*1(' 1DWLRQDO 7UXVW LOOXVWUDWHG )'&

6,*1(' .HVWUHO DQG 2ZO SDLU RI )'& V

VLJQHG E\ DULVWRFUDWLF DFWRU (GZDUG )R[ VHOGRP VHHQ FRYHU VLJQHG E\ (GZDUG )R[ Â… Â…

(DJOH +HLJKWV FRYHU VLJQHG E\ %LOO 2GGLH %DUQ 2ZO &HQWUH VLJQHG E\ &DUOD /DQH $ ILQH SDLU FRYHUV Â… Â…

6,*1(' 5R\DO :HGGLQJ GRXEOH GDWHG

6,*1(' 3ULQFH :LOOLDP LOOXVWUDWHG )'&

LOOXVWUDWHG )'& VLJQHG E\ 7LPRWK\ :HVW ZKR UHDG DW &KDUOHV DQG &DPLOOD V ZHGGLQJ Â… Â…

VLJQHG E\ $QGUHZ 0RUWRQ Â… Â… 6,*1(' 3XE 6LJQV 7KH 6SLWILUH VLJQHG

6,*1(' VPDOO 6PLOHUV LOOXVWUDWHG )'&

E\ 6LW & )R[OH\ 1RUULV 1HYLOOH 'XNH 1HLO :KHHOHU DQG RQH RWKHU D VFDUFH PXOWLSOH VLJQHG 6SLWILUH SLORWV FRYHU Â… Â…

*ROGLORFNV DQG WKH 7KUHH %HDUV FRYHU VLJQHG E\ (VWKHU 5DQW]HQ Â… Â… 6,*1(' 7URRSLQJ RI WKH &RORXU

6,*1(' 7R\ +RUQE\ LOOXVWUDWHG )'& V

VWDPS FRYHU VLJQHG E\ )UDQN 0DUWLQ 06 VLJQHG E\ 'DYLG 6KHSKHUHG $ ILQH SDLU RI FRYHUV Â… Â… 6,*1(' 7R\ LOOXVWUDWHG )'& VLJQHG &LOOD

%ODFN RQO\ FRYHUV ZHUH VLJQHG YHU\ VFDUFH FRYHU Â… Â…

LOOXVWUDWHG )'& V 06 VLJQHG E\ WKH WZR &DSWDLQV ZKR OHDG WKH SDUDGH VWDPS FRYHU VLJQHG E\ 6HEDVWLDQ 5REHUWV ZKR RUJDQLVHV WKH SDUDGH $ YHU\ ILQH SDLU RI FRYHUV Â… Â… 6,*1(' 79 SURJUDPPH 7KH $YHQJHUV

LOOXVWUDWHG )'& VLJQHG E\ -RDQQD /XPOH\ $ YHU\ ILQH FRYHU Â… Â…

6,*1(' :LOGLQJ 06 LOOXVWUDWHG )'&

6,*1(' 9LQWDJH %ULWLVK 0RWRUF\FOHV

VLJQHG E\ -RKQ +HGJHFRH D YHU\ ILQH FRYHU Â… Â… 6,*1(' &KULVWPDV LOOXVWUDWHG )'& V

06 DQG VWDPS VHW ERWK VLJQHG E\ 5D\PRQG %ULJJV $ YHU\ ILQH SDLU RI FRYHUV Â… Â…

LOOXVWUDWHG )'& VLJQHG E\ /RUG 0RQWDJD RI %HDXOLHX Â… Â… 6,*1(' :LOGLQJV &DVWOHV 06 VLJQHG E\

5LFKDUG -RKQV WKH &RQVWDEOH DQG *RYHUQRU RI :LQGVRU &DVWOH Â… Â…

6,*1(' &ULPHDQ :DU LOOXVWUDWHG )'&

VLJQHG E\ WKH (DUO RI &DUGLJDQ D GLUHFW GHVFHQGHQW RI WKH &KDUJH RI WKH /LJKW %ULJDGH OHDGHU Â… Â…

6,*1(' :RUOG +HULWDJH LOOXVWUDWHG )'& V

6,*1(' /RUG RI WKH 5LQJV SDLU RI

LOOXVWUDWHG )'& V VLJQHG &KULVWRSKHU /HH DQG ,DQ 0F.HOOHQ $ YHU\ ILQH SDLU RI FRYHUV Â… Â… 6,*1(' 1DWLRQDO 7UXVW 1RUWKHUQ ,UHODQG

LOOXVWUDWHG )'& VLJQHG E\ WKH PXFK ORYHG 6LU 7HUU\ :RJDQ Â… Â…

+ 0 %DUN (QGHDYRXU FDUULHG RQ ERDUG DQG VLJQHG E\ WKH &DSWDLQ &KULV %ODNH %OHQKHP 3DODFH VLJQHG E\ WKH 'XNH RI 0DUOERURXJK $ ILQH SDLU RI FRYHUV ERWK ZLWK WKH IXOO VHW RI VWDPSV RQ Â… Â…

www.philangles.co.uk

place your bids online. Immediate and secure.

6,*1(' $ %ULWLVK -RXUQH\ 5DPEOHUV

6,*1(' :HPEOH\ 6WDGLXP 06 )'&

$VVRFLDWLRQ SDLU RI FRYHUV 7KH 6HYHQ 6LVWHU VLJQHG &KULV 6PLWK 7KH /DNH 'LVWULFW VLJQHG E\ WKH ZRUOG IDPRXV 6LU 5DQXOSK )LHQQHV $ YHU\ ILQH SDLU RI LOOXVWUDWHG )'& V Â… Â…

VLJQHG E\ 6LU +HQU\ &RRSHU D YHU\ ILQH FRYHU Â… Â… 6,*1(' :RUOG RI ,QYHQWLRQ LOOXVWUDWHG

)'& V 06 FRYHU VLJQHG E\ 3HWHU 7ZLVV VWDPS FRYHU VLJQHG -RKQ :LOVRQ D SDLU RI YHU\ ILQH %ULWDLQ V ILUVW -HW 3URSHOOHG $HURSODQH LOOXVWUDWHG FRYHUV Â… Â…

6,*1(' $QLPDO 7DOHV LOOXVWUDWHG )'&

VLJQHG E\ 0LFKDHO %RQG FUHDWRU RI 3DGGLQJWRQ %HDU $ VFDUFH 6,*1(' &DUU\ 2Q DQG +DPPHU +RUURU FRYHU Â… Â… )LOPV D WULEXWH WR %DUEDUD :LQGVRU DQG D WULEXWH WR &KULVWRSKHU 6,*1(' &KULVWPDV LOOXVWUDWHG )'& V /HH VLJQHG E\ WKH DFWRUV RQ D ILQH SDLU RI LOOXVWUDWHG 06 VLJQHG 7HUU\ 3UDWFKHWW RQ QHZ 3RVWDO 0XVHXP FRYHU QG )'& V Â… Â… 5LFKDUG %ULHUV RQ <HDUV RI &KULVWPDV VWDPSV FRYHU $ 6,*1(' &HQWHQDU\ RI 3ROLFH 'RJV LQ VFDUFH SDLU RI FRYHUV Â… Â… %ULWDLQ LOOXVWUDWHG )'& VLJQHG E\ 7RQ\ *OHGKLOO *& 6,*1(' /HVW :H )RUJHW SDLU RI Â… Â… LOOXVWUDWHG FRYHUV VLJQHG )LHOG 0DUVKDOO 9LQFHQW 06 FRYHU 6,*1(' &KULVWPDV LOOXVWUDWHG )'& V VLJQHG -RKQ &KDSSOH $ ILQH SDLU RI FRYHUV Â… Â… VLJQHG &KULVWRSKHU %LJJLQV DQG 6XH 3ROODUG $ YHU\ ILQH SDLU RI 6,*1(' 1DWLRQDO 3RUWUDLW LOOXVWUDWHG FRYHUV Â… Â… )'& V D SDLU VLJQHG E\ 'DPH -XG\ 'HQFK DQG :LQVWRQ 6,*1(' ,QVHFW LOOXVWUDWHG )'& E\ :HQG\ &KXUFKLOO JUDQGVRQ RI WKH JUHDW PDQ $ YHU\ ILQH SDLU RI &UDLJ %XWWHUIOLHV VWDU Â… Â… FRYHUV Â… Â… 6,*1(' 4XHHQ WK %LUWKGD\ LOOXVWUDWHG

)'& VLJQHG 5LFKDUG -RKQV 7KH <HDU RI 7KUHH .LQJV 06 VLJQHG E\ ,DQ 5LFKDUGVRQ $ ILQH SDLU RI FRYHUV Â… Â… 6,*1(' 9LFWRULD &URVV LOOXVWUDWHG )'& V

VWDPS FRYHU VLJQHG .HLWK 3D\QH 9& 06 VLJQHG %LOO 6SHDNPDQ $ YHU\ ILQH SDLU RI FRYHUV Â… Â…

6,*1(' -DPHV %RQG LOOXVWUDWHG )'& V

VWDPS FRYHU VLJQHG E\ 0 -XGL 'HQFK WKH PLQLDWXUH VKHHW VLJQHG E\ -DZV 5LFKDUG .LHO $ YHU\ ILQH SDLU RI FRYHUV Â… Â… 6,*1(' /HVW :H )RUJHW LOOXVWUDWHG

FRYHUV VLJQHG :LOOLDP $SLDWD 9& DQG 9HUD /\QQ VXSHUE SDLU RI FRYHUV Â… Â…

6,*1(' WK $QQLYHUVDU\ RI 6SXWQLN

LOOXVWUDWHG FRYHU VLJQHG E\ (GJDU 0LWFKHOO WKH VSDFH OHJHQG Â… Â…

6,*1(' 1RUWKHUQ ,UHODQG 06 VLJQHG E\

%DURQ 3ULRU 6HFUHWDU\ RI 6WDWH QG VLJQHG E\ /RUG 0DVRQ RI %DUQVOH\ DOVR 6HFUHWDU\ RI 6WDWH Â… Â… LOOXVWUDWHG )'& VLJQHG E\ &KD\ %O\WK RQ WKH WK $QQLYHUVDU\ 6,*1(' 2O\PSLF 2QZDUGV WR /RQGRQ LOOXVWUDWHG )'& Â… Â… LOOXVWUDWHG FRYHUV VLJQHG 5LFKDUG 0HDGH QG VLJQHG /\QQ 6,*1(' %HDWOHV LOOXVWUDWHG )'& V 'DYLHV $ YHU\ ILQH SDLU RI LOOXVWUDWHG )'& V Â… Â… VWDPS FRYHU VLJQHG E\ 3HWH %HVW DQG WKH PLQLDWXUH VKHHW 6,*1(' 7KH +RXVH RI <RUN DQG FRYHU VLJQHG E\ $OODQ :LOOLDPV $ YHU\ ILQH SDLU RI /DQFDVWHU VLJQHG LOOXVWUDWHG )'& V VHW RI VWDPSV VLJQHG ,DQ FRYHUV Â… Â… 0FNHOOHQ 06 VLJQHG *HRIIUH\ 6WUHDWILHOG VWDPS IRU WKH 06 6,*1(' $EROLWLRQ RI WKH 6ODYH 7UDGH

6,*1(' &HOHEUDWLQJ (QJODQG LOOXVWUDWHG

FRYHU VLJQHG $OH[ -HQQLQJV $ YHU\ JRRG WULR RI FRYHUV )'& V VLJQHG E\ +5+ 7KH 'XNH RI .HQW VFDUFH QG VLJQHG Â… Â… $ODQ $\FNERXUQ $ YHU\ ILQH SDLU RI FRYHUV Â… Â… 6,*1(' %ULWLVK &ODVVLF 'HVLJQ LOOXVWUDWHG

6,*1(' &KULVWPDV LOOXVWUDWHG )'& V

)'& VLJQHG E\ 3DGG\ +RSNLUN ZLWK LPDJH RI WKH 0LQL ZLQQLQJ VLJQHG 7HUU\ :DLWH 06 VLJQHG 6LPRQ &DOORZ DQG VWDPS FRYHU WKH 0RQWH &DUOR 5DOO\ Â… Â… VLJQ E\ %LVKRS -RKQ ,QJH $ ILQH WULR RI FRYHUV 6,*1(' E\ WKH 7ZR 5RQQLHV 3XQFK DQG Â… Â… -XG\ LOOXVWUDWHG )'& VLJQHG 5RQQLH %DUNHU &LUFXV 6,*1(' (QGDQJHUHG %ULWLVK %LUGV VLJQHG E\ 5RQQLH &RUEHWW $ YHU\ ILQH SDLU RI FRYHUV LOOXVWUDWHG )'& VLJQHG E\ %LOO 2GGLH $ YHU\ ILQH FRYHU Â… Â… Â… Â… 6,*1(' &21&25'( SDLU RI FRYHUV 6,*1(' /HVW :H )RUJHW LOOXVWUDWHG

/RQGRQ WR 1HZ <RUN VLJQHG $GULDQ 7KRPSVRQ DQG 1HZ <RUN WR /RQGRQ VLJQHG 0LNH %DQQLVWHU $ YHU\ ILQH DQG VFDUFH SDLU RI FRYHUV Â… Â…

FRYHUV PLQLDWXUH FRYHU VLJQHG 6LPRQ :HVWRQ VWDPS FRYHU VLJQHG (DUO +DLJ $ YHU\ ILQH SDLU RI FRYHUV Â… Â… 6,*1(' PDFKLQ $QQLYHUVDU\ )'& V

6,*1(' &RQFRUGH LOOXVWUDWHG )'& V

PLQLDWXUH VKHHW FRYHU VLJQHG -RKQ +HGJHFRH VWDPSV IURP WKH 06 VLJQHG (GZDUG 6KRUW $ ILQH SDLU RI FRYHUV Â… Â… 6,*1(' 0LOLWDU\ 8QLIRUPV 6KDUSH

LOOXVWUDWHG )'& VLJQHG %HUQDUG &RUQZHOO 6KDUSH FUHDWRU Â… Â… 6,*1(' 4(,, 'LDPRQG :HGGLQJ

LOOXVWUDWHG )'& V VWDPS FRYHU VLJQHG 3DPHOD 0RXQWEDWWHQ 06 VLJQHG 3ULQFHVV $OH[DQGUD ERWK ZHUH EULGHVPDLGV WR WKH 4XHHQ Â… Â… 6,*1(' 5DFLQJ &DUV 7KH *UDQG 3UL[

LOOXVWUDWHG )'& VLJQHG E\ 1LJHO 0DQVHOO Â… Â…

:RUOG RI ,QYHQWLRQ VLJQHG 3URI ) )RZFV :LOOLDPV 06 VLJQHG -DFN /RZH :RPHQ RI $FKLHYHPHQW VLJQHG %DUEDUD +RUPHU RQO\ IHPDOH &RQFRUGH SLORW $LU 'LVSOD\ VLJQHG 3HWHU %DNHU $ ILQH FROOHFWLRQ RI VLJQDWXUHV DOO UHODWLQJ WR &RQFRUGH Â… Â… 6,*1(' &29(5 FROOHFWLRQ IURP GLIIHUHQW

FRPSDQLHV 7HQQ\VRQ %HQKDP VLJQHG /HZLQ &LYLO :DU VLJQHG (DUO RI (VVH[ %HQKDP 0HGDOV 0RXQWEDWWHQ VLJQHG 0LFKDHO 7XUQHU %UDGEXU\ OLPLWHG WR /LYHUSRRO WR 0DQFKHVWHU 5DLOZD\ VLJQHG $ODQ %ORRP 0DUNWRQ OLPLWHG D YHU\ ILQH FROOHFWLRQ RI FRYHUV WKDW QHHGV PRUH UHVHDUFK FKLHIO\ )'& V ZLWK VSHFLDO FDQFHOV Â… Â… 6,*1(' FRYHUV RI WKH VWDJH DQG WHOHYLVLRQ

6,*1(' 6FRXWV &HQWHQDU\ LOOXVWUDWHG

&HQWHQDU\ RI 49 VLJQHG -XGL 'HQFK %ULWLVK 0XVHXP 1DWLRQDO 7UXVW LOOXVWUDWHG )'& VLJQHG 3KLOOLS 6FKRILOHG &HOHEUDWLRQV 6PLOHV LOOXVWU )'& VLJQHG *HRIIUH\ 3DOPHU 6HDVLGH %ODFNSRRO ,OOXPLQDWLRQ LOOXVWU )'& VLJQHG 'DYLG 0RUULVH\ 2FFDVLRQV VLJQHG 5LFKDUG %ULHUV &RXQWU\ 'HILQLWLYH 06 VLJQHG +D\OH\ 0LOOV $ YHU\ ILQH FROOHFWLRQ Â… Â…

)'& VLJQHG /DG\ 3DWLHQFH %DGHQ 3RZHOO DQG %DURQ 5REHUW &UDXVH %DGHQ 3RZHOO $ ILQH DQG VFDUFH GRXEOH VLJQHG FRYHU Â… Â… 6,*1(' 6HDOLIH LOOXVWUDWHG )'& VLJQHG

E\ .DWH +XPEOH Â… Â…

6,*1(' &ULFNHW S GHILQLWLYH )', ZLWK

6,*1(' 7KH 'DP %XVWHUV LOOXVWUDWHG FRYHUV

VW &ODVV ZLWK (QJODQG Y ,QGLD VSHFLDO 0DWFK FDQFHO VLJQHG E\ $OHF 6WHZDUW 7XYDOX *HRII %R\FRWW $ ILQH SDLU RI JUHDW FULFNHWHUV FRYHUV Â… Â…

*XHUQVH\ VLJQHG 5LFKDUG 7RGG QG 5D\ *UD\VWRQ UG VLJQHG /HV 0XQUR DQG * -RKQVRQ ,VOH RI 0DQ 06 VLJQHG -RKQ 6ZHHWPDQ $ YHU\ ILQH JURXS RI FRYHUV Â… Â…

6,*1(' )/,*+7 FRYHUV $LUOLQHUV )'& 6,*1(' 7KH 'RXJODV %DGHU )RXQGDWLRQ

VLJQHG E\ -RKQ :LOVRQ DQG -RKQ &XQQLQJKDP FRYHU VLJQHG E\ -RKQ +XWFKLQVRQ RQ &RQFRUGH $QQLYHUVDU\ IOLJKW FRYHU $ ILQH SDLU RI FRYHUV Â… Â…

LOOXVWUDWHG FRYHU %DGHU %DOH 2XW VLJQHG /DG\ %DGHU DQG 3DGG\ 3DUWKUDSS $ ILQH SDLU RI FRYHUV Â… Â…

6,*1(' YHU\ VFDUFH &RQFRUGH $LUOLQHUV )'& VLJQHG E\ 6LU *HRUJH (GZDUGV VHOGRP VHHQ VLJQHG .DWLH /HXQJ VWDPSV LOOXVWU )'& VLJQHG 7RP )HOWRQ DQG VLJQDWXUH Â… Â… ,VOH RI 0DQ LOOXVWUDWHG )'& VLJQHG 5DOSK )LHQQHV 9HU\ 6,*1(' :DOHV LOOXVWUDWHG )'& V %ULWLVK ILQH WULR RI FRYHUV Â… Â… -RXUQH\ :DOHV 1DWLRQDO 7UXVW VLJQHG E\ 7DVNHU :DWNLQV 9& 6,*1(' LOOXVWUDWHG 6FRWODQG )'& V D 1DWLRQDO $VVHPEO\ IRU :DOHV 06 VLJQHG E\ 1HLO %ULWLVK -RXUQH\ 6FRWODQG /RFK 1HVV FRYHU VLJQHG E\ 5LFKDUG .LQQRFN $ YHU\ ILQH SDLU RI FRYHUV Â… Â… :LOVRQ 6FRWWLVK 3DUOLDPHQW 06 VLJQHG E\ -LP :DOODFH Â’ 60,/(5 VKHHWV ZLWK D IDFH YDOXH RYHU 4& 063 $ ILQH SDLU RI FRYHUV Â… Â… Â’ Â… ZLWK EHWWHU HDUO\ VKHHWV 6WDPS 6KRZ 6,*1(' +DUU\ 3RWWHU LOOXVWUDWHG 06 )'&

6,*1(' -XVW 6R 6WRULHV SDLU RI LOOXVWUDWHG

)'& V ILUVW VLJQHG &ODUH )UDQFLV DQG )UHGULFN )RUV\WK QG VLJQHG 3 ' -DPHV DQG 5XWK 5HQGHOO VFDUFH GRXEOH VLJQHG FRYHUV Â… Â…

2FFDVLRQV &DUWRRQV ZLWK VKHHWV WR 9HU\ KLJK FDWDORJXH YDOXH Â… Â… Â’ 75$,1,1* 6&+22/ ò' :,7+ 6FKRRO Â’ 6SHFLPHQ KV Â… Â… Â… ZLWK YHUW EDUV &DVWOH Â…

6,*1(' 0LOLWDU\ LOOXVWUDWHG )'& V

Â… Â… KRUL] EDUV Â… YHUW EDU S WR S VHW RI 7UDLQLQJ 7HVWLQJ VWDPSV 80 Â… Â… )ODJV DQG (QVLJQV 06 VLJQHG 03 3ROORFN PXOWLSOH VLJQHG ZLWK VL[ VLJQDWXUHV $LU 6HD 5HVFXH VLJQHG &RPPDQGHU , Â’ 7ULDOV RI 'H /D 5XH 3KRVSKRU 6WDQOH\ (QG RI WKH :DU 06 VLJQHG 1HYLOOH 'XNH $ YHU\ Â’ H[SHULPHQWV 80 LPSHUI SDLUV GHSLFWLQJ WK FHQWXU\ JRRG ORW Â… Â… *HQWOHPHQ %XVWV WZR GLIIHUHQW GHVLJQV IRU HDFK SDLU LQ 2UDQJH 6,*1(' 3DFH 7RXULVP LOOXVWUDWHG )'& V 7XUTXRLVH *UH\ DQG &HULVH YHU\ XQXVXDO DQG UDUHO\ RQH VLJQHG E\ $ODQ %HDQ QG RQH ORRNV WR EH VLJQHG E\ VHHQ Â… Â… ^3KRWR` 9DOHQWLQD <HUHVKNRYD ILUVW ZRPDQ LQ VSDFH $ VFDUFH SDLU RI Â’ 7:2 %,* :(66(; SDJH VWRFN ERRNV ZLWK FRYHUV E\ ,QWHUQHWVWDPSV Â… Â… Â’ V RI 80 VHWV WR DERXW 1RWLQJ D JRRG QXPEHU RI 6,*1(' 4XHHQ 0DU\ 4XHHQ (OL]DEHWK

*UHHWLQJ ERRNOHW SDQHV FDW XSWR Â… HDFK DQG D JRRG UDQJH RI HDUO\ VHWV ([FHOOHQW YDOXH Â… Â…

0DULWLPH LOOXVWUDWHG FRYHUV 7KH /DVW 0DMRU 9R\DJH RI 4(,, FDUULHG DW VHD VLJQHG &DSW ,DQ 0F1DXJKW 7KH 0DLGHQ 9R\DJH RI 4XHHQ 0DU\ ,, VLJQHG E\ &RPPRGRUH 5 :DUZLFN 2FHDQ /LQHUV 06 VLJQHG E\ &DSW , 0F1DXJKW VWDPS FRYHU VLJQHG E\ &RPPRGRUH :DUZLFN $ VXSHUE FROOHFWLRQ RI LOOXVWUDWHG FRYHUV Â… Â…

7:2 &DUWRQ IXOO RI )'& V LQ $OEXPV V RI

FRYHUV VHHQ 6WXDUW 3KLODUW FRYHUV VSHFLDO )'& FDQFHOV XVHIXO ORW Â… Â… Â’ 9$/8$%/( 6(/(&7,21 RI EHWWHU FKLHIO\ PLQW Â’ LWHPV RQ FDUGV VWDPSV HDUO\ SKRV FRPPHP VHWV QRWLQJ Â’ 5HG &URVV :LOGLQJV LQF HDUO\ SULQWLQJ òG ERRNOHW SDQH D

6,*1(' 5DLOZD\ LOOXVWUDWHG )'& V

&ODVVLF /RFRPRWLYHV VWDPS FRYHU VLJQHG E\ 6LU :LOOLDP %LOO 0F$OSLQH 06 FRYHU VLJQHG E\ $QGUHZ 6FRWW %UXQHO VWDPS FRYHU VLJQHG E\ &DUROH &XQHR 06 VLJQHG E\ -HQQ\ $JXWWHU $ YHU\ ILQH FROOHFWLRQ RI LOOXVWUDWHG FRYHUV Â… Â…

JURXS RI VL[ LQYHUWHG ZPNV 9)8 LQF òG 6* ZL Â… Â…

*5($7 %5,7$,1 + 0,;(' &2//16

6,*1(' 5HFRUG %UHDNHU VSHHG 5$)

LOOXVWUDWHG :RUOG 6SHHG 5HFRUG %UHDNHU VLJQHG E\ 3HWHU 7ZLVV ILUVW IO\ DW RYHU PSK $QQLYHUVDU\ WK RI 1HYLOOH 'XNH ZRUOG VSHHG UHFRUG VLJQHG E\ 1HYLOOH 'XNH $ ILQH SDLU RI FRYHUV Â… Â… { 6,*1(' 5HVFXH DW %XII &RYH LOOXVWUDWHG FRYHUV LQF PXOWL VLJQHG E\ 6 :RRGZDUG - 7KRPSVRQ 0 &ODSS DQG - 0RRUH QG 0DUJDUHW 7KDWFKHU UG 5H[ +XQW )DONODQG VLJQHG 6LPRQ :HVWRQ $ YHU\ JRRG FROOHFWLRQ Â… Â… 6,*1(' 5XJE\ LOOXVWUDWHG )'& V $ERYH

7+5(( /8;85< KLQJOHVV DOEXPV 'DYR 7KH %ULWLVK 3RVW 2IILFH ZLWK D JRRG UDQJH RI VWDPSV ZLWK EHWWHU SLFNLQJV 6LOYHU :HGGLQJ 80 3HQQ\ %ODFN ò PDUJLQV H[WHQVLYH :LOGLQJV PDQ\ 80 FRPPHPRUDWLYH VHWV YROXPH VWF Â… WKUHH YHU\ ILQH DOEXPV ZLWK V RI VWDPSV Â… Â… '(),1,7,9( LVVXHV ILQH XVHG D ZHOO RUJDQLVHG FROOHFWLRQ RI V GLIIHUHQW LQ WZR ELQGHUV PXFK LV 9)8 FGV PDWHULDO 4(,, SHQQ\ D JRRG VHOHFWLRQ RI SHQQ\ SODWHV ORRNLQJ FRPSOHWH WR H[ VRPH VXUIDFH SULQWV WKH 4(,, LV H[WHQVLYH ZLWK VXSHUE XVHG PDFKLQV DQG YDOXHV WR Â… VHFXULW\ LVVXHV HWF Â… Â…

DQG %H\RQG VLJQHG 5RU\ 8QGHUZRRG 5XJE\ :RUOG &XS { *29(510(17 SDUFHO RYSWV FDW Â… QRWH òG ZLWK 'RW WR /HIW RI 7 6* 2 E -XELOHH òG ZLWK GRW OHIW ERRNOHW SDQH )'& VLJQHG 0DUWLQ -RKQVRQ :RUOG &XS RI 7 6* 2 -XELOHH ERWK FRORXUV D ILQH VHOHFWLRQ RI :LQQHUV 06 VLJQHG %HQ &RKHQ $ ILQH WULR RI FRYHUV VWDPSV VRXQG XVHG Â… Â… Â… Â…

6,*1(' 6FRWODQG UHODWHG LOOXVWUDWHG )'& V

&HOHEUDWLQJ 6FRWODQG 06 VLJQHG $ODVWDLU %UXFH RI &ULRQDLFK VWDPS RQ DQ LOOXVWUDWHG 6W $QGUHZV 'D\ FRYHU VLJQHG *DYLQ +DVWLQJV 5REHUW %XUQV 06 VLJQHG $OH[DQGHU 0F&DOO 6PLWK $ ILQH JURXS RI FRYHUV Â… Â… 6,*1(' 6XEPDULQH LOOXVWUDWHG )'& V

5R\DO 1DY\ 6XEPDULQH FRYHUV VLJQHG E\ 9& ,DQ )UDVHU DQG 7KRPDV *RXOG VFDUFH VHFRQG VLJQHG E\ -RKQ 0DMRU Â… Â…

$/%80 $1' 3$&.76 ZLWK PDQ\ EHWWHU VWDPSV LQF :HGJZRRG Â… ERRNOHW H[WHQVLYH FROOHFWLRQ RI :LOGLQJV LQF ZPN V ZD\ DQG ZPN LQY LQF G OLJKW EURZQ ZPN LQY 7XGRU ZPN LQY VHW RI 80 6W (GZDUG VHW LQF ZPN V ZD\V LQY Â… :HGJZRRG ERRNOHW SDQH òS VLGH EDQG JRRG SHUIV S PLVVLQJ SKRV òS PLVVLQJ SKRV S PLVVLQJ SKRV òS PLVVLQJ SKRV S PLVVLQJ SKRV òS PLVVLQJ SKRV FKLHIO\ $ 80 FROOHFWLRQ KLJK FDWDORJXH YDOXH V RI VWDPSV Â… Â…

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

{ &$1&(//$7,21 FROOHFWLRQ LQ D KRPH PDGH

DOEXP VHHQ HQWLUH ZLWK G 3DLG KV VHQW WR :HGQHVEXU\ HQWLUH ZLWK G 3DLG FLUFOH KV ODUJH VL]H HQWLUH ZLWK VPDOO G 3DLG DQG :HGQHVEXU\ FGV QHDUE\ FRYHU ZLWK :DGGLQJWRQ 5$) 32 FGV HQY ZLWK G 7D[ KV FURVVHG RXW DQG G UDWH DSSOLHG $Q LQWHUHVWLQJ ORW RI FDQFHOODWLRQV Â… Â… { &$1&(//$7,216 RI *UHDW %ULWDLQ D VXEVWDQWLDO WZR FDUWRQV RQH PDQV DFFXPXODWLRQ RI V $

= RQ SLHFHV VRPH FRYHUV PXFK RI DQ HDUO\ QDWXUH LQF DQ H[WHQVLYH ORW RI QHZVSDSHU WULDQJOH SPNV LQFOXGLQJ RQ FRYHU DQG 9LFWRULDQ QHZVZUDSSHUV QRWLQJ XSUDWHG òG ZUDSSHU ZLWK -XELOHH òG G WR 3UXVVLD òG \HOORZ VKLHOG HQY òG WR 9LHQQD VPDOO WULDQJOHV 13% UXEEHU W\SHV WKLV LV D YHU\ JRRG JURXS VTXDUHG FLUFOHV LQF SSF ZLWK 3HHO ,20 ROG H[HUFLVH ERRN IXOO RI .*9 YLOODJH FGV RQ VWDPSV RQ SLHFHV DOEXP IXOO RI /RQGRQ SPNV DOEXP ZLWK DQ H[WHQVLYH FROOHFWLRQ RI :HOVK FDQFHOV LQGH[ FDUGV ZLWK D FRORVVDO DOO GLII SPNV FROOHFWLRQ RI 8. HWF 9DVW ORW Â… Â… { &$1&(//$7,216 2) *5($7 %5,7$,1 $

Â’ 5$,/:$<6 WKH )HVWLQLRJ 5DLOZD\ DQG RWKHU Â’ /LJKW 5DLOZD\V ZLWK SULYDWH VWDPS XVDJHV DQG FROOHFWLRQ RI 80 VWDPSV H[WHQVLYH FROOHFWLRQ LQ DQ DOEXP LQF WKH NH\ 7DO\OO\Q

5DLOZD\ HDUO\ VKHHWOHWV LQF RYSWV 80 PDQ\ LWHPV XVHG RQ FRYHUV DQG FDUGV LQF 3RUW 0DGRF LVVXHV +LJKO\ UHFRPPHQGHG Â… Â… Â’ 6KDNHVSHDUH &KXUFK 5HVWRUDWLRQ

)XQG VWDPSV ZLWK [ DOO LQ GLIIHUHQW FRORXUV IUHVK PLQW VRPH ZLWK WKH GRWWHG SXQFWXUHV 6FDUFH Â… Â… ^3KRWR` Â’ 75$,1,1* 6&+22/ %DU FDQFHOOHG VWDPSV Â’ .*9, G G G G DQG G PLQW 4(,, S S DQG Â…

VWDQGDUG SHUIV WR Â… HOOLSWLFDO SHUIV WR S SRVWDJH GXHV LQ SDLUV WR Â… SRVWDJH GXH WR Â… LQ SDLUV D ILQH FROOHFWLRQ XQPRXQWHG PLQW Â… Â… Â’ 9(5< ,17(5(67,1* ROG DFFXPXODWLRQ LQ D Â’ VPDOO ER[ ZLWK V RI 80 ZLWK PDQ\ ERRNOHW SDQHV LQF

(GZDUG òG DGYHUW SDQHV .*9, SHQQ\ ODEHO SDQHV TW\ YHU\ PDQ\ HDUO\ 4(,, ERRNOHW SDQHV RWKHU PDWHULDO LQF 80 VWDPSV FRLO VWDPSV F\OLQGHU EORFNV DQG PRUH $Q RULJLQDO DFFXPXODWLRQ 7KH TXDOLW\ LV H[FHOOHQW Â… Â…

UHPDUNDEOH ORW RI V RI SLHFHV KRXVHG LQ WZHQW\ H[HUFLVH ERRNV ZLWK PXFK 9LFWRULDQ (GZDUGV SHULRG DUUDQJHG VRPHZKDW LQ RUGHU E\ W\SH RI SRVWPDUN DQG E\ FRXQW\ 7KLV ORW Â’ 9(5< 68%67$17,$/ &2//(&7,21 2) 80 Â’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Â… Â… Â… Â…

*5($7 %5,7$,1 , 3267$/ +,6725<

Â’ &200(025$7,9( FROOHFWLRQ WR Â’ H[WHQVLYH FROOHFWLRQ ZLWK WKH GHFLPDO LVVXHV DORQH KDYLQJ D

IDFH YDOXH RYHU Â… WKHQ WKHUH V DOO WKH SUH GHFLPDOV LQF EHWWHU SKRV VHWV /LIHERDW 5HG &URVV %RWDQLFDO FKLHIO\ 80 ([KLE 38& ORZ YDOXHV PLQW $ YHU\ JRRG FROOHFWLRQ RI VHWV Â… Â… &5(676 0212*5$06 DQG &RDW RI $UPV WZR VSHFLDO LOOXVWUDWHG DOEXPV GDWHG ERWK IXOO RI FRQWHPSRUDU\ FXW RXWV HPERVVHG FRPSDQ\ KDQGVWDPSV $ UDUH VHOHFWLRQ RI ZD[ VHDOV HWF V Â… Â…

'2&7256 &200216 /DZ\HUV JURXS RI IRXU

HQWLUHV HDFK ZLWK ODUJH ELVKRSV KV WLPH FORFNV HWF RQH KDQGVWDPSHG 9 FRQWHQWV UH D ZLOO HWF DGGU WR $%(5*$9(11< 0RVW XQXVXDO JURXS Â… Â… %5,'*(:$7(5 3(11< 3267 KV DQG FGV RQ

UHYHUVH RI HQWLUH WR /RQGRQ SOXV &URZQ KV RQ REYHUVH ILQH DQG XQXVXDO &RQWDLQV WZR OHWWHUV ZULWWHQ E\ GLIIHUHQW SHRSOH " HQGRUVHG SULYDWH 9HU\ ILQH IRU WKLV Â… Â… 5$,/:$< SULQWHG ZUDSSHU IRU %LUPLQJKDP

)'& 7KH OX[XU\ FROOHFWLRQ RYHU

'XGOH\ :ROYHUKDPSWRQ 5DLOZD\ IRU DWWHQGLQJ D PHHWLQJ ZLWK YHU\ ILQH 3DLG DW %LUPLQJKDP DQG %LUPLQJKDP FGV )LQH HDUO\ UDLOZD\ LWHP Â… Â…

GLIIHUHQW )'& SULVWLQH XQDGGUHVVHG ZLWK GHILQV WR Â… SUHVWLJH ERRNOHW SDQHV DQG PRUH %DUJDLQ +XJH QHZ LVVXH FRVW Â… Â… { ),1( 86(' LQ D ODUJH FDUWRQ IURP 49 WR 4(,,

PDQ\ V RI VWDPSV FKLHIO\ LQ VWRFN ERRNV DOEXPV DQG RQ SDJHV KDYH VHHQ &DVWOH '/5 ([KLELWLRQ 49 3HQQ\ 5HGV G EOXHV KXJH DPRXQW RI PDWHULDO Â… Â…

620(56(7 )LQH HQWLUH ZLWK 3$,' $7

)520( +6 &KDUJH HQGRUVHG IUHH SDLG Â… Â… 08/5($'< )RUPH $ ZUDSSHU QLFHO\ XVHG

ZLWK 'RUFKHVWHU FGV RQ IODS 'RUVHW DQG PDWFKLQJ 0DOWHVH &URVV XVXDO IROGV $Q DWWU H[DPSOH FDW Â… Â… Â…

{ 2)),&,$/6 RI 49 DQG (GZDUG QRWH 49 U

RIILFLDOV WR (GZDUG %RDUG RI (GXFDWLRQ òG DQG G $GPLUDOW\ òG G 49 $UP\ RIILFLDO òG ERWK FRORXUV G ERWK VKDGHV òG (GZDUG $UP\ RIILFLDO G òG G DQG G JRRG WR VRXQG XVHG FROOHFWLRQ RI VWDPSV Â… Â… { 2/' &/8% %22. ZLWK XVHIXO SLFNLQJV 49

*RYW RYSWV WR (GZDUG G *RYW RYSW $GPLUDOW\ VWXG\ RI -XELOHH LVVXHV D JRRG UDQJH RI VWDPSV Â… Â… { 3267$*( '8(6 VWDPSV DQG RQ FRYHUV ZLWK D YDULHW\ RI IUDQNLQJV DQG VWDPSV ZLWK GLIIHUHQW

6SHFWDFXODU <RUN 0LQVWHU LOOXVWUDWHG OLIH

LQVXUDQFH SROLF\ [ PP VHQW WKURXJK WKH SRVW WR %HYHUOH\ ZLWK <25. &'6 )ROGV HWF PRVW XQXVXDO DOVR <RUN $VVXUDQFH &HUW XVHG Â… Â… ',6,1)(&7(' 0$,/ WZR ILQH ZUDSSHUV H[WHQVLYH FRQWHQWV ZLWK SXULILFDWLRQV FXWV VHQW IURP )UDQFH

YDULRXV FDQFHOV 7KH ORW DOVR FRPHV ZLWK WKH ERRN GLVLQIHFWHG PDLO 0H\HU Â… Â… -O\ 6SHFWDFXODU RXWVL]HG FRXQW\ RI $EHUGHHQ

SULQWHG OHWWHUVKHHW IUDQNHG G 6WDU $EHUGHHQ &'6 DQG :KLWHKRXVH 8'& (QGRUVHG PRUH WR SD\ ZLWK KDQGVWUXFN SULQWLQJV ZLWK YDOXHV WR Â… QRWH HQY ZLWK G òG (GZDUG [ PP YDULRXV IROGV Â… Â… HQGRUVHG 1RW 9DOLG ZLWK G KV DQG SRVWDJH GXH .*9, 63(&7$&8/$5 IRXU VWDPS G UDWHG FRYHU ZLWK òG IUDQNLQJ DQG SRVWHG RXW RI FRXUVH ZLWK G WR SD\ KV /RQGRQ WR 0DUVHLOOH )UDQFH IUDQNHG VWULS RI G 6* UDUH DQG G SRVWDJH GXH HQY HQGRUVHG 3RVWHG DW 6HD QR ILUVW LVVXH UDWHG Â… RQ FRYHU :LWK SHQQ\ VWDU QHDWO\ VWDPS ZLWK UHFHLYHG IURP +0 6KLS KV DQG òG KV DQG SRVWDJH FDQFHOOHG 9DULRXV SPNV HWF $ YDOXDEOH FRYHU GXH $Q LQWHUHVWLQJ JURXS RI FRYHUV Â… Â… Â… Â… 35(0,80 ORW RI PRGHUQ %ULWLVK )'& ,17(5(67,1* SHQQ\ UHG XVDJHV RQ VPDOO KRXVHG LQ $OEXPV DQG VKHHWV RYHU SULVWLQH FRYHUV IRXU 5HDGLQJ VLGHZD\V GXSOH[ %ULVWRO FRYHUV PDQ\ EHWWHU LQF (QJOLVK +HULWDJH ZLWK ODUJH VLONV VLGHZD\V &+(67(5 63221 DQG XQXVXDO FRYHU PHUFXU\ ZLWK VSHFLDO FDQFHOODWLRQV SUHVWLJH ERRNOHW SDQHV IUDQNHG G WLHG 6RXWKDPSWRQ UHGLUHFWHG ZLWK IXUWKHU G WKLV IHDWXUH DQG PXFK PRUH &RORVVDO QHZ LVVXH FRVW 4XDOLW\ ORW WLHG 7RUTXD\ GXSOH[ ILQH GRXEOH XVDJH Â… Â… DQG KLJKO\ UHFRPPHQGHG Â… Â…

0267 $775$&7,9( HQWLUH /RQGRQ WR 3DULV

+$:.6+($' SHQQ\ SRVW HQWLUH ZLWK G

ZLWK SDLU G 6* PDNLQJ G GRXEOH UDWH QHDWO\ FDQFHOOHG DQG YHU\ ILQH UDWHG Â… Â… Â…

UHG ZLWK ILQH $PEOHVLGH 0& DQG $PEOHVLGH FGV RQ WKH UHYHUVH VHFRQG ZLWK VLPLODU PDUNV ERWK VHQW WR /RQGRQ Â… Â…

7:2 63(&7$&8/$5 FDUWRRQ SRVWFDUGV

.(17 5$06*$7( WULR RI HQWLUHV DOO

XQXVHG IRU :HVW 9DOH 7UDPV DQG (OODQG ERWK +DOLID[ <RUNVKLUH DPD]LQJ FRQWHPSRUDU\ LOOXVWUDWLRQV ZLWK VRFLDO KLVWRU\ FRQWHQWV 6FDQV KLJKO\ DGYLVHG Â… Â…

WR D FHPHQW PDQXIDFWXUHU WZR ZLWK GLVWLQFWLYH KDQGVWUXFN LQ UHG Â… Â…

$,50$,/ 0DF5REHUWVRQ $LU 5DFH FRYHU 4 IUDQNHG ERWK %ULWLVK DQG $XVWUDOLDQ VWDPSV VSHFLDO FDFKHW DOVR

SRVWFDUG RI DLUFUDIW VLJQHG E\ 5RVFRH 7XUQHU $ VFDUFH PDWFKHG SDLU Â… Â… $''5(66 '()(&7,9( 3/($6( $'9,&(

0,/,7$5< *5283 ::, PRVW LQWHUHVWLQJ ORW

VDPH SHUVRQ RI D FKDS WKDW ZHQW PLVVLQJ GXULQJ ::, LQF LWHPV UHODWLQJ WR WKH 5HG &URVV LQ 6ZLW]HUODQG FRYHU ZLWK VFDUFH 5(7851(' 72 6(1'(5 %< 7+( &(1625 SDOH EOXH ODEHO YDULRXV FRYHUV ZLWK FDFKHWV RQH HQGRUVHG PLVVLQJ 9HU\ JRRG ORW Â… Â… 2;)25' &ROOHJH (GZDUG SRVWDO HQYHORSH

6(1'(5 %R[HG +6 RQ FRYHU IURP 3RUWXJDO $ VFDUFH +6 Â… Â…

HQGRUVHG GLYLGHQG VWDWHPHQW WR %XUVDU 3HPEURNH &ROOHJH QG HQGRUVHG GLYLGHQG VWDWHPHQWV WR WKH VDPH FROOHJH Â… Â…

1RY /25' 0(/%2851( VLJQHG IUHH

HQWLUH ZLWK &URZQ )UHH KV IURP WKH SHULRG KH ZDV OHDGHU RI WKH { 3$48(%276 DQG RWKHU PDULWLPH LWHPV YHU\ +RXVH RI /RUGV Â… Â…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Â… Â… 'UHDGQRXJKW DQG VR PXFK PRUH *RRG DVVHPEO\ %2:1(66 HQWLUH ZLWK FRQWHQWV %RZQHVV Â… Â… 3HQQ\ 3RVW KV DQG G FDQFHOOHG ZLWK D ILQH RI %RZQHVV 3(15,7+ 3HQQ\ 3RVW WZR HQWLUHV ERWK ZLWK ER[ HQWLUH ZLWK QXPEHU 6RUWLQJ 2IILFH ZLWK ER[HG QXPEHU 7HPSOH 6RZHUE\ 5HFHLYLQJ +RXVH PDUN WR .HQGDO 3\ 3RVW KV VHQW IURP %RZQHVV HQWLUH ZLWK .LUNE\ /RQVGDOH FKDUJHG W G VHFRQG VHQW WR 6FRWODQG ZLWK FRQWHQWV ZLWK 1R 6RUW 2IILFH DQG .HQGDO 3HQQ\ 3RVW KV ER[HG ò ZKHHO WD[ KV ERWK ZLWK FRQWHQWV Â… Â… HQWLUH G FDQFHOOHG ZLWK D ILQH RI %RZQHVV DQG 3+,/$7(/,& &21*5(66 )RONHVWRQH

%RZQHVV 3HQQ\ 3RVW KV QHDUE\ ZLWK .HQGDO FGV DQG /DQFDVWHU FGV RQ WKH UHYHUVH Â… Â…

FROOHFWLRQ RI FRYHUV FDUGV YDULRXVO\ IUDQNHG ZLWK VSHFLDO FDQFHOODWLRQV LQVHUWHG SDQHOV FRGHG FDQFHOV VHW RI IRXU VKHHWOHWV LQ YDULRXV FRORXUV ZLWK IROGHU *RRG JURXS Â… Â…

&2/&+(67(5 (66(; 7+( )UDQNLVK

FRUUHVSRQGHQFH IDVFLQDWLQJ SRVWDO KLVWRU\ VWXG\ LQ DQ DOEXP ZLWK LWHPV GDWLQJ IURP LWHPV H[WHQVLYHO\ ZULWWHQ XS DQG WUDQVFULEHG LQF XQLYHUVLW\ PDWWHUV VRPH LQWHUHVWLQJ HQWLUHV 3+,/$7(/,& &21*5(66 &DPEULGJH FROOHFWLRQ RI QLQH FRYHUV FDUGV ZLWK VSHFLDO FDQFHOV DQG ZLWK SRVWDO PDUNLQJV 7KH FRQWHQWV DUH UHPDUNDEOH YDULRXV VWDPS XVDJHV LOOXVWUDWHG SDQHOV WZR VKHHWOHWV RI Â… Â… ODEHOV LQ GLIIHUHQW FRORXUV *RRG JURXS Â… Â… &5266 :5,77(1 OHWWHUV FRQWDLQLQJ

3+,/$7(/,& &21*5(66 %LUPLQJKDP

PRVW H[WHQVLYH 6RFLDO +LVWRU\ DQG VRPH H[FHOOHQW SRVWDO PDUNLQJV FROOHFWLRQ RI ILQH LWHPV LQ WZR ELQGHUV LQF 49 LPSHUI SHQQ\ UHG IUDQNLQJV DQG SUH VWDPS SRVWDO PDUNLQJV 9HU\ H[WHQVLYH FRQWHQWV DQG EHDXWLIXO FRSSHU SODWH ZULWLQJ Â… Â…

FROOHFWLRQ RI FRYHUV LOOXVWUDWHG VSHFLDO FDQFHOODWLRQV DQG YDULRXV VWDPS XVDJHV LQF D VXSHUE FRYHU ZLWK QR VWDPSV DSSOLHG Â… Â…

($5/< PDFKLQH FDQFHOV RQ FRYHUV (GZDUG

.(9,, .*9, 4(,, LQWHUHVWLQJ JURXS Â… Â… (':$5' òG VLQJOH IUDQNLQJ VHQW WR

3+,/$7(/,& &21*5(66 %RXUQHPRXWK

FROOHFWLRQ RI FRYHUV RQ SDJHV VFDUFH DQQXDO GLQQHU PHQX )8 H[WHQVLYH XVH RI WKH SLFWRULDO HQY LQF GHILQ XVDJHV G HWF ZLGH UDQJH RI VWDPS XVDJHV VSHFLDO FDQFHOV VHW RI IRXU VSHFLDO VKHHWOHWV PLQW HWF 9HU\ JRRG ORW Â… Â…

*HUPDQ\ XSUDWHG òG ZLWK òG SRVWDJH VWDPS VHQW WR *HUPDQ\ 3+,/$7(/,& &21*5(66 D FROOHFWLRQ EXVLQHVV HQY ZLWK G [ VHQW WR *HUPDQ\ LWHPV RI FRYHUV FDUGV GLVSOD\HG RQ SDJHV ZLWK PDQ\ VSHFLDO Â… Â… FDQFHOODWLRQV IRU HDFK &RQJUHVV VSHFLDO LOOXVWUDWHG FRYHUV DQG (;+,%,7,216 H[WHQVLYH SRVWDO KLVWRU\ D ZLGH UDQJH RI VWDPS XVDJHV $ PRVW LQWHUHVWLQJ FROOHFWLRQ ZULWWHQ XS LQ DQ DOEXP LWHPV VSHFLDO DVVHPEO\ Â… Â… FDQFHOODWLRQV FDFKHWV HWF LQF -DSDQ %ULWLVK ([KLE ZLWK 3+,/$7(/,& &21*5(66 H[WHQVLYH SRVWFDUGV DQG VSHFLDO H[KLE FDQFHOV LQWHUQDWLRQDO H[KLE FGV FROOHFWLRQ RI FRYHUV IRU WKHVH HDUOLHU &RQJUHVVHV LQ DQ DOEXP 6KHSKHUGV %XVK VSHFLDO ODUJH FDQFHO RQ SRVWFDUG LWHPV ZLWK ZLGH XVDJHV RI SLFWRULDO HQYHORSHV VSHFLDO DLUSRUW H[KLE FRYHUV ZLWK VSHFLDO SPNV 5RFNHW FDQFHOODWLRQV DQG PDQ\ GLII SPNV $Q H[FHOOHQW /DXQFK SRVWFDUGV FRQWHPSRUDU\ DQG VFDUFH *ODVJRZ DVVHPEO\ Â… Â… VORJDQV LQF 6SHFLPHQ LVVXH HWF 0XFK FDUHIXO FROOHFWLQJ 3+,/$7(/,& &21*5(66(6 KHUH Â… Â… H[WHQVLYH FROOHFWLRQ RI FRYHUV HWF KRXVHG LQ WKUHH $OEXPV )281' 23(1 25 '$0$*(' $1' LWHPV WHUULILF YDULHW\ VWURQJ LQ V VSHFLDO FDQFHODWLRQV YHU\ 2)),&,$//< 6(&85(' FRPSOHWH UROOV RI SRVW RIILFH UHVHDO ILQH FRQGLWLRQ Â… Â… ODEHOV WZR GLII 4(,, HDUO\ LVVXHV RQH ZLWK RULJLQDO WZLQH 3+,/$7(/,& (;+,%,7,21 /RQGRQ ZLWK 5HPDUNDEOH 32 VXUYLYRUV Â… Â… 0DOWHVH &URVV VSHFLDO QXPEHUHG SRVWPDUNV DQG PRUH +$:.6+($' HQWLUH ZLWK FRQWHQWV ([WHQVLYH ORW RI FRYHUV ZLWK LOOXVWUDWHG W\SHV PDQ\ GLIIHUHQW +DZNVKHDG 3HQQ\ 3RVW KV WRZQ FDQFHO RQ D G UHG FURVV QXPEHUV FRYHU H[ WKH H[KLELWLRQ WR 3DSXD HWF *RRG $PEOHVLGH DQG 3HQULWK FGV RQ WKH UHYHUVH HQWLUH ZLWK DVVHPEO\ Â… Â… FRQWHQWV G UHG IUDQNLQJ ZLWK +DZNVKHDG 8'6 :LQGHUPHUH FGV DQG .LUE\ /RQVGDOH FGV VHQW WR .LUE\ /RQVGDOH www.philangles.co.uk SSF ZLWK +DZNVKHDG DQG $PEOHVLGH FGV $Q LQWHUHVWLQJ JURXS place your bids online. Immediate and secure. RI FRYHUV FDUGV Â… Â…

3+,/$7(/,& (;+,%,7,216 (7& YHU\ Â’ 25,*,1$/ &2//(&7,21 LQ SDFNHWV 80 ZLWK JRRG VWXG\ RI 3RVWDO +LVWRU\ DOO ZLWK HDUOLHU VSHFLDO FDQFHOV DQG Â’ YDOXHV WR Â… SUHVHQWDWLRQ SDFNV )'& V XQDGGUHVVHG D KLJKO\ FDWDORJXHG RULJLQDO FROOHFWLRQ LQ D LOOXVWU FRYHUV LQF 6WDJHFRDFK LOOXVWU SRVWFDUG

1DWLRQDO 6WDPS ([KLELWLRQ LWHPV ZLWK VSHFLDO HQYV FDUWRQ Â… Â… 6WDPSH[ FRYHUV */2 VHW RQ LOOXVWU FRYHU DQG PRUH { 49 5(9(18(6 RYSW IRU XVH RQ WKH ,VOH RI 0DQ FRYHUV Â… Â… VHW RI G WR Â… ILQH XVHG YHU\ KLJK &9 LQ %DUHIRRW WKH G 3+,/$7/(/,& &21*5(66 0DQFKHVWHU G DUH PLQW H[FHOOHQW TXDOLW\ Â… Â… FROOHFWLRQ RI FRYHUV RQ SDJHV XVH RI GLII HQYV LQF 0XOUHDG\ { 5(9(18(6 D .*9, VHOHFWLRQ LQF SLFWRULDOV VSHFLDO SPNV DQG UDQJH RI XVDJHV )LQH ORW SDLU Â… QLFHO\ XVHG RQ SLHFH RWKHU VLQJOHV WR $ ILQH DQG Â… Â… KLJKO\ FDW JURXS Â… Â… 5$) $872*5$3+(' 3 DQG 3 VHULHV

{ 5(9(18(6 .*9 RYSWV )8 D YHU\ JRRG ORW DQ H[FHSWLRQDO FROOHFWLRQ LQ DQ DOEXP GLII WKDW G WR Â… LQF SDLU RQ SLHFH VKDYHG YDULHW\ YHU\ FRVW Â… DW WLPH RI SXUFKDVH LQF PXOWL VLJQHG LWHPV PXFK ILQH Â… YHU\ KLJK &9 Â… Â… RI D SUHPLXP QDWXUH LQF : 5HLG 9LFWRULD &URVV DQG PDQ\ RWKHU 6,*1(' 7KH 6QRZPDQ LOOXVWUDWHG )'& SLORWV $OO SULVWLQH YHU\ ILQH ORW Â… Â… VLJQHG E\ 5D\PRQG %ULJJV $ YHU\ ILQH FRYHU Â… Â… 5$,/:$< SRVWDO KLVWRU\ WKH 6FRWWLVK FRQQHFWLRQ SRVWDO KLVWRU\ DQG DGGLWLRQDO PDWHULDO FROOHFWLRQ LQ D Â’ 8102817(' 0,17 &ROOHFWLRQ RI VHWV DV ELQGHU LWHPV LQF *ODVJRZ &DUOLVOH 6RUWLQJ 7HQGHU Â’ EORFNV RI LQF %LUG VHW WR Â… 6* GHILQLWLYHV GXSOH[ $FW RI 3DUOLDPHQW IRU 'XQGHH DQG 3HUWK UHFHLYLQJ WR Â… 6* GHILQLWLYHV WR Â… 6* SOXV D YHU\ KDQGVWDPSV WZR ILQH HQWLUHV ZLWK &5 KDQGVWDPSV &DOHGRQLDQ JRRG UXQ RI FRPPHPRUDWLYH VHWV KRXVHG LQ WKUHH VWRFN ERRNV 5DLOZD\ (GLQEXUJK 6RUWLQJ 7HQGHU DQG PXFK HOVH <HDUV RI IDFH YDOXH Â… Â… Â… FROOHFWLQJ KHUH 4XDOLW\ LV JRRG Â… Â… Â’ 8102817(' 0,17 FROOHFWLRQ RI VHWV ZLWK D 52<$/ 1$9< YDOXDEOH FROOHFWLRQ RI LPSRUWDQW Â’ IDFH YDOXH RYHU Â… ZLWK YDOXHV WR Â… PDQ\ FRPSOHWH DXWRJUDSKHG FRYHUV LQF 9& GLII LQF VHWV Â… Â… 0RXQWEDWWHQ RI %XUPD &RPPDQGHU 1DVK 6LU :DOPVOH\ *5($7 %5,7$,1 . 86(' $%52$' 6LU ,DQ 0F*HRFK RQ +06 6SOHQGLG - 3 .HQQHDOO\ 9& RQ 6XUUHQGHU RI 1RUWK $IULFD FRYHU MXVW SUHSDUHG DQG PDQ\ { òG ZLWK VXSHUE 0$/7$ &'6 SODWH RWKHUV LQF PXOWLSOH VLJQDWXUHV ([FHSWLRQDO TXDOLW\ Â… Â… Â… Â… { *% 86(' ,1 *,%5$/7$5 òG 6* = 63(&$,/ &$1&(//$7,216 RQ FRYHUV G YHQHWLDQ 6* = DQG G 6* = JRRG UDQJH RI GLII WRJHWKHU ZLWK PDWFKLQJ 5HFRUGHG 'HOLYHU\ VOLSV ZLWK VDPH FKHFN OHWWHUV PRVW DUH ILQH ZLWK JRRG VWULNHV FDW Â… VSHFLDO FDQFHOV &ROOHFWLRQ RI GLII XQXVXDO Â… Â… Â… Â… 0$/7$ ILQH HQWLUH IUDQNHG HDUO\ G 63(&,$/ &$1&(//$7,216 DQG RWKHU = ZLWK QHDW IXOO 0DOWD GXSOH[ LQWHUHVWLQJ ER[HG ,WDOLDQ SRVWDO LQWHUHVWLQJ FRYHUV LQ DQ $OEXP GLIIHUHQW FRYHUV PDUNLQJ IRU FDUU\LQJ RQ 3DTXHERW Â… Â… +HOLFRSWHU )OLJKWV %($ )OLJKW FRYHUV ZLWK VSHFLDO ODEHOV WLHG LQF *XHUQVH\ )OLJKW FRYHUV HDUO\ *5($7 %5,7$,1 / -(56(< VSHFLDO LOOXVWUDWHG FRYHUV ZLWK VSHFLDO SRVWPDUNV LQF Â’ 8102817(' 0,17 VXSHUE FROOHFWLRQ ZLWK *ULPVE\ )LVK 'RFNV GLII )HVWLYDO RI :RPHQ DQG Â’ VKHHWOHW 06 FRPPHPRUDWLYH VHWV ZLWK PDQ\ VHWV DV F\OLQGHU PDQ\ PRUH YHU\ JRRG ORW Â… Â… EORFNV IDFH YDOXH RYHU Â… VHHQ PDQ\ EHWWHU LQF 4(,, 7+( *5($7 :$5 ::, UHPDUNDEOH GHILQLWLYH Â… VKHHWOHW RI 4(,, Â… VKHHWOHW RI KXJH ORW RI GLII SRVWFDUGV GHWDLOHG RQ OHDYHV VKRZLQJ PDQ\ GLII FDWDORJXH YDOXH Â… Â… )32 SRVWPDUNV DQG GLII PLOLWDU\ FHQVRUV ([WHQVLYH GHWDLOV E\ WKH FROOHFWRU UH GLII ORFDWLRQV DQG FRQWHQWV DOO %ULWLVK $UP\ 7KH Â’ (;7(16,9( FROOHFWLRQ ZLWK PDQ\ VHWV DV Â’ FRPSOHWH VKHHWOHWV SOXV 06 ZLWK D IDFH YDOXH RYHU Â… LQF FRQGLWLRQ LV YHU\ JRRG WKURXJKRXW 2ULJLQDO ORW Â… $UPV VKHHWOHW RI DOO XQPRXQWHG PLQW VXSHUE Â… Â… TXDOLW\ LQ WKUHH VWRFN ERRNV RYHU LWHPV KXJH FDW ::, FRYHUV FDUGV LQF VLON 506 /XVLWDQLD YDOXH Â… Â… XQXVHG SSF V ZLWK YLHZV RI (XURSH %ULWLVK 5HG &URVV DQG Â’ (;7(16,9( FROOHFWLRQ ZLWK PDQ\ VHWV DV 2UGHU RI 6W -RKQ ZLWK ODUJH SXUSOH ER[HG 2IILFLDO KV $Q Â’ VKHHWOHWV SOXV WKHLU 06 ZLWK D IDFH YDOXH RI Â… VXSHUE TXDOLW\ LQWHUHVWLQJ ORW RI FRYHUV FDUGV Â… Â… XQPRXQWHG PLQW LQ ILYH VWRFN ERRN KXJH FDW YDOXH RYHU ::,, &255(6321'(1&( RI 6 7KRUQWRQ LWHPV Â… Â… EDFN WR KLV IDPLO\ LQ %UDGIRUG 6HH D VPDOO VNHWFK RI D WDQN Â’ (;7(16,9( FROOHFWLRQ RI VKHHWOHWV DQG VKRZLQJ ZHUH 6WDQOH\ VDW LQ LW ZLWK $FWLYH 6HUYLFH HQYV DQG Â’ PLQLDWXUH VKHHWV DV VHWV ZLWK D IDFH YDOXH Â… VXSHUE DLUOHWWHUV IURP VXFK SODFHV DV (J\SW DQG RWKHU 1RUWK $IULFDQ TXDOLW\ XQPRXQWHG PLQW LQ IRXU VWRFN ERRNV KXJH FDW YDOXH ORFDWLRQV 9HU\ LQWHUHVWLQJ ORW Â… Â… RYHU LWHPV Â… Â…

*5($7 %5,7$,1 N ,6/( 2) 0$1

Â’ 683(5% FROOHFWLRQ ZLWK PDQ\ VHWV V VKHHWOHWV { )$%8/286 86(' 3$,5 49 G SODWH HDFK Â’ DQG WKHLU PLQLDWXUH VKHHWV ZLWK D IDFH YDOXH RYHU Â…

ZLWK FULVS '28*/$6 FGV 6* FKRLFH DQG D QLFH XVHG RQ WKH LVODQG LWHP Â… Â…

RXWVWDQGLQJ TXDOLW\ XQPRXQWHG PLQW LQ D VWRFN ERRN RYHU LWHPV Â… Â…

Â’ 3267$*( '8(6 $ SULQWLQJ LQ ODUJH EORFNV LQF Â’ (;7(16,9( FROOHFWLRQ RI VKHHWOHWV DV VHWV LQF Â’ S WR S DV EORFNV RI òS WR S EORFN RI DQG Â’ WKHLU PLQLDWXUH VKHHWV IDFH YDOXH Â… VXSHUE TXDOLW\ LQ WZR

,QDXJXUDWLRQ RI 3RVW 2IILFH 9LNLQJ S LQ FRPSOHWH VKHHWV IDFH YDOXH RYHU Â… Â… Â… Â’ { .(9,, 5(9(18(6 G WR Â… VHW DOO )8 DQG Â’ UDWKHU VFDUFH KLJKO\ FDW LQ %DUHIRRW Â… Â… { .*9, 5HYHQXHV ZLWK YDOXHV IURP G WR

VWRFN ERRNV XQPRXQWHG PLQW ZLWK LWHPV Â… Â… (;7(16,9( FROOHFWLRQ RI VKHHWOHWV DV VHWV LQF WKHLU PLQLDWXUH VKHHWV ZLWK D IDFH YDOXH RYHU Â… VXSHUE TXDOLW\ XQPRXQWHG PLQW LQ D VWRFN ERRN ZLWK LWHPV Â… Â…

ILQH XVHG $ VFDUFH DQG KLJKO\ FDW JURXS Â… Â…

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

Â’ (;7(16,9( FROOHFWLRQ RI VHWV DV VKHHWOHWV ZLWK Â’ WKHLU PLQLDWXUH VKHHWV ZLWK D IDFH YDOXH RI Â… VXSHUE

FROOHFWLRQ RI LWHPV XQPRXQWHG PLQW LQ WZR VWRFN ERRNV RXWVWDQGLQJ TXDOLW\ Â… Â… Â’ (;7(16,9( FROOHFWLRQ RI VHWV DV VKHHWOHWV DQG Â’ PLQLDWXUH VKHHWV ZLWK D IDFH YDOXH RYHU Â… VXSHUE TXDOLW\

XQPRXQWHG PLQW LQ LQ WZR VWRFN ERRNV ZLWK LWHPV Â… Â… Â’ (;7(16,9( FROOHFWLRQ RI VHWV ZLWK VKHHWOHWV Â’ DQG 06 ZLWK D IDFH YDOXH RYHU Â… VXSHUE TXDOLW\ XQPRXQWHG

PLQW LQ WZR VWRFN ERRNV RYHU LWHPV Â… Â… Â’ 683(5% FROOHFWLRQ RI VHWV ZLWK VKHHWOHWV SOXV Â’ WKHLU 06 ZLWK D IDFH YDOXH RI Â… LQ WZR VWRFN ERRNV

XQPRXQWHG PLQW VXSHUE TXDOLW\ RYHU LWHPV Â… Â…

'5$.(6 ,6/$1' ORFDOV WR QRWH VHW RI VL[ RQ 'UDNH ,VODQG )'& SOXV VHW )8 QG VHW 80 5R\DO :HGGLQJ VHW LQF )'& DQG IUDPH DQG FHQWUH LQVFULSWLRQ PLVVLQJ SXUSOH *ROGHQ +LQG )'& )DUHZHOO WR +06 $UN 5R\DO )'& 5RZODQG +LOO FRYHU ZLWK WKH GDWH FURVVHG RXW DQG HQGRUVHG 6SHFLPHQ D YHU\ ILQH FROOHFWLRQ RI VWDPSV 06 FRYHUV DQG SUHVHQWDWLRQ SDFNV Â… Â…

+HUP ,VODQG /RFDOV ZLWK LVVXHV WR ZLWK FRYHUV VWDPSV QRWH &RURQDWLRQ 6HW RI PLQW 6HW RI PLQW &UHVW VHW RI RQ LOOXVWUDWHG )'& )ORUD DQG )DXQD 6HW 80 5R\DO 9LVLW 6HW RI 80 &DUW 1HZ &RORXUV 6HW RI PLQW SOXV 6WDPS %RRNOHW 3ULQFHVV 0DUJDUHW RYSW VHW PLQW 5R\DO :HGGLQJ VHW RI 80 SOXV VHW RQ )'& :RUOG 5HIXJHH VHW RI $ YHU\ ILQH FROOHFWLRQ RI LWHPV Â… Â…

{ :$57,0( -HUVH\ &RDW RI $UPV SSF ZLWK Â’ /81'< ,6/$1' FROOHFWLRQ ZLWK EHWWHU SLFNLQJV Â’ G $UPV DWWDFKHG ZLWK ILQH -HUVH\ FGV òG $UPV ZLWK VKDGHV Â’ &RURQDWLRQ DV LPSULQWHG JXWWHU VWULSV RI 80 EORFN RI VL[ DQG LPSULQWHG EORFN RI VL[ G $UPV LPSULQWHG EORFN RI VL[ G

ZLWK VKDGHV HQY ZLWK G LPSULQWHG EORFN RI VL[ DWWDFKHG ZLWK $3 FGV RIILFLDO 3DLG FDUG XSUDWHG ZLWK G 9LHZV GDWHG 0< VRXYHQLU *HUPDQ 2FFXSDWLRQ LOOXVWUDWHG HQY ZLWK òG IUDQNLQJ $ YHU\ JRRG FROOHFWLRQ RI LWHPV YHU\ LQWHUHVWLQJ Â… Â…

*5($7 %5,7$,1 / 3267&$5'6 (',1%85*+ SLFWXUH SRVWFDUGV FLUFD V

ZLWK PDQ\ GLIIHUHQW YLHZV DQG LPDJHV IURP WKLV FLW\ LQF -RKQ .QR[ +RXVH )RXQWDLQ DW +RO\URRG 6FRWWV 0RQXPHQW +RO\URRG 3DODFH (GLQEXUJK &DVWOH 6W *LOHV &DWKHGUDO LQF FRORXUHG UHDO SKRWR W\SH $ ILQH FROOHFWLRQ RI FDUGV PDQ\ XQXVHG Â… Â…

*5($7 %5,7$,1 /2&$/6

ILQH XVHG $QQLYHUVDU\ 06 80 $ JRRG FROOHFWLRQ RI LWHPV V VWDPSV PDLQO\ 80 Â… Â…

/81'< VXSHUE DQG H[WHQVLYH FROOHFWLRQ ZLWK PDQ\ VHWV 80 06 FRPSOHWH VKHHWV DQG ERRNOHWV QRWH ERRNOHW ,&& 0HHWLQJ RQO\ HDUO\ 06 $WODQWLF $LUOLQH LVVXHV PLQRU YDULHWLHV OLVWHG LQ WKH VSHFLDOLVW FDWDORJXH RYHU LWHPV VWDPSV PDLQO\ 80 ZLWK LVVXHV WR Â… Â… 6$5. &RPPRGRUH 6KLSSLQJ &RPSDQ\ $ ILQH FROOHFWLRQ LQF (XURSD 6HW RI 80 (XURSD 6HW RI 80 DQG D VHFRQG 6HW )8 (XURSD 6HW RI 80 3URYLVLRQDO G G 80 SOXV G EORFN RI 80 (XURSD 6HW RI SOXV 06 80 SURRI RI WKH ERDUGHU DURXQG WKH VWDPSV ZLWK LVVXHV WR D ILQH FROOHFWLRQ RI LWHPV PDLQO\ 80 Â… Â…

*5($7 %5,7$,1 0 *8(516(< /81'< $7/$17,& &2$67 $,5 6(59,&( 4 7UDP WLFNHW XVHG RQ WKH UHYHUVH RI DQ LOOXVWUDWHG DLU FRYHU IURP Â’ 352'8&(' LQ FDUDW JROG 1HZ <HDU 06 /XQG\ ,VOH WR %UDXQWRQ HQGRUVHG ZLWK QHDW W\SHG DGGUHVV 5ROO Â’ VHDO LQ DQ DFU\OLF FU\VWDO LVVXHG E\ *XHUQVH\ 3RVW 2IILFH RQO\ NQRZQ XVHG Â… Â…

SOXV ,DQ )OHPLQJ $QQLYHUVDU\ VKHHW DOVR LQ JROG WKH SXUFKDVH SULFH ZDV RYHU Â… IRU HDFK OLPLWHG JROG PLQLDWXUH $/'(51(< &RPPRGRUH 6KLSSLQJ &RPSDQ\ DOO ZLWK FHUWLILFDWH RI DXWKHQWLFLW\ FRVW Â… Â… Â… H[WHQVLYH FROOHFWLRQ ZLWK VWDPSV VKHHWOHWV DQG FRYHUV HYHQ { ),1( 86(' 6XEVWDQWLDOO\ FRPSOHWH WKH RGG YDULHW\ (XURSD 6HW RI 80 VHFRQG VHW )8 GHILQ VHW RI 80 %RDWV VHW RI 80 QG VHW )8 KRXVHG LQ IRXU OX[XU\ KLQJHOHVV $OEXPV IDEXORXV &'6 TXDOLW\ PDQ\ KLJK YDOXH VHWV WR Â… GHILQ VHWV FRPPHPV 06 DQG DQG VHW RQ 6RXYHQLU &DUG )' SURYLVLRQDO LVVXH VHW RI ILQH XVHG (XURSD VHW RI 6KHHWOHW ILQH XVHG 6KHHWOHW YHU\ H[WHQVLYH VKHHWOHWV ERRNOHW SDQHV JRRG HXURSD XVHG RQ UHFRUGHG FRYHU WR *HUPDQ\ D YHU\ ILQH FROOHFWLRQ RI VKHHWOHWV 6LPSO\ IDEXORXV 0DVVLYH &9 Â… Â… LWHPV QHDWO\ SUHVHQWHG ZLWK PDQ\ EHWWHU LWHPV 5(9(18(6 ILQH ORW $UPV LVVXHV Â… Â… LQF :DWHUORZ òG 6SHFLPHQ ,QVXUDQFH G SDLU HWF Â’ $/'(51(< /RFDO QHDWO\ SUHVHQWHG FROOHFWLRQ Â… Â… Â’ LQF S$OGHUQH\ %DOORRQ 5DFH /RFDO 7UDQVSRUW 5(9(18(6 6DOHV 7D[ RUDQJH $UPV LVVXH 3DUFHO 6HUYLFH VHW RI &KULVWPDV 3DFNHW 6HUYLFH ZLWK EODFN RYSWV )8 $ VFDUFH FKLHIO\ )8 ORW LQF òG G &KULVWPDV 3DFNHW 6HUYLFH ,QF )'& V YLHZ VHW RI SOXV ZLWK SDLU DQG Â… 6HOGRP VHHQ ZDUWLPH LVVXHV S S DQG S SUH FDQFHOOHG 7D[L 'HOLYHU\ ([WUD )HH 7D[ Â… Â… ^3KRWR` VWDPS VKHHWOHW RI EODFN RQ *UHHQ 5DLOZD\ VHW RI { 5(9(18(6 VDOHV WD[ &RDW RI $UPV LVVXHV SOXV )'& 7D[L UDWH LQFUHDVH %ODFN RQ *UHHQ $ YHU\ ZLWK RYSWV )8 òG G G DQG VFDUFH DV D )8 ILQH FROOHFWLRQ RI VWDPS SOXV FRYHUV DQG EORFN 8QXVXDO ZDUWLPH LVVXH Â… Â… ^3KRWR` VKHHWOHWV Â… Â… { &+$11(/ ,6/$1'6 ORFDOV /LEHUDWLRQ Â’ $OGHUQH\ VHW RI PLQW +HUP 0DS DQG %RDW VHW PLQW

*5($7 %5,7$,1 0 2)),&,$/6

{ *297 3$5&(/6 G 6* 2 XQXVXDOO\ 9)8 0DUJDUHW V :HGGLQJ RYSW VHW RI VL[ PLQW 6DUN FDW Â… Â… Â… /LEHUDWLRQ RYSW VHW RI PLQW $OGHUQH\ GHILQ VHW RI PLQW 6DUN GHILQ VHW RI ILYH PLQW $OGHUQH\ %RDW GHILQ VHW Â’ $50< G 6* 2 DV IUHVK XQXVHG EORFN FDW RI )8 6DUN GHILQ VHW RI )8 $ JRRG VHOHFWLRQ RI VWDPSV Â… Â… Â… PDLQO\ DV VHWV Â… Â…

'$9$$5 ,6/$1' VXSHUE FROOHFWLRQ ZLWK PDQ\ *5($7 %5,7$,1 2 &+$11(/ ,6 LQWHUHVWLQJ LWHPV 2O\PSLF *DPHV G WR G RQ Â’ $1 25,*,1$/ &2//(&7,21 ZLWK -HUVH\ LOOXVWUDWHG )'& (XURSD VKHHOWHW RQH ZKLWH QG SLQN 80 Â’ LVVXHV DV VHWV FKLHIO\ LQ EORFNV RI VL[ 80 DQG *XHUQVH\ FKLHIO\ .HQQHG\ RYSWV VKHHWOHWV 80 DQG ILQH XVHG &KXUFKLOO VHW DV EORFNV RI 80 ZLWK SUHVHQWDWLRQ SDFNV DQG KLJK YDOXHV RI SOXV 06 ERWK GLIIHUHQW 80 (XURSD 06 RQH ZKLWH VHHQ *XHUQVH\ $UPV Â… SDLU 80 -HUVH\ 4(,, Â… EORFN RI QG \HOORZ G DQG G LPSHUI EORFNV RI 5RWDU\ &OXE 06 UHG PXFK VWLOO LQ WKHUH RULJLQDO SDFNHWV KLJK FDWDORJXH YDOXH SOXV D DQG QG JUHHQ )RRWEDOO 06 DQG FRPSOHWH VKHHWV $ YHU\ VHOHFWLRQ RI XQDGGUHVVHG LOOXVWUDWHG )'& V ZLWK YDOXHV WR JRRG FROOHFWLRQ RI LWHPV PDLQO\ 80 Â… Â… Â… $ JRRG RULJLQDO ORW LQ D FDUWRQ Â… Â…

,//8675$7(' )'& 6 LQ D ODUJH FDUWRQ LQ WKHLU

RULJLQDO SDFNHWV IURP WKH 3RVW 2IILFH FKLHIO\ *XHUQVH\ DQG -HUVH\ VHQW YDOXHV WR Â… ORRNV WR HQG DERXW ZLWK VSHFLDO FDQFHOV DQG QR DGGUHVV V RI FRYHUV KLJK FDW YDOXH LQ WKH PRGHUQ LVVXHV Â… Â… { Â’ Â’ 1(: ,668(6 VWLOO LQ WKHLU SDFNHWV IRU Â’ *XHUQVH\ DQG -HUVH\ SOXV D SULQWHG DOEXP WR SXW VRPH RI WKHP LQ FKLHIO\ WR KDYH FKHFNHG ZKDW V LQ WKH SDFNHWV PDQ\ V RI VWDPSV WKH RGG 06 WKH FROOHFWRU KDG MXVW SXW WKHP LQ D WLQ DV WKH\ FDPH RXW E\ WKH 3RVW 2IILFH Â… Â… {

0,'/$1' 5$,/:$<6 QHZVSDSHU VWDPSV ZLWK YDOXHV WR QRWH VHULHV ZLWK VHULDO QXPEHUV PLQW VHW RI WR G SLHFH ZLWK G G QG SLHFH ZLWK G G [ D ILQH FROOHFWLRQ RI LWHPV PDLQO\ XVHG Â… Â… 0,'/$1'6 $1' *5($7 1257+(51 5$,/:$<6 QHZVSDSHU VWDPSV LQF VLQJOH QHZVSDSHU òG RYSW MRLQW òG DQG G 0 DQG * 1 -7 &RP 3DUFHO IRU QHZVSDSHU VWDPSV G EORFN RI XQXVHG *UDLQ 6DPSOHV RQH SRXQG RU XQGHU SDUFHO VWDPS G DQG G PLQW OHWWHU VWDPSV D YHU\ LQWHUHVWLQJ JURXS RI LWHPV Â… Â… 1RUWK %ULWLVK OHWWHU VWDPSV G LQ GLIIHUHQW

Â’ VKDGHV RI JUHHQ XVHG PLQW G LQ OLJKW JUHHQ

*5($7 %5,7$,1 3267$/ 67$7,21(5< 6SHFLDO WR RUGHU 3HQQ\ HQYHORSH ZLWK DGGLWLRQDO

G LPSUHVVLRQ VXSHUE XVHG ORFDOO\ ZLWK &DPEULGJH 'XSOH[ &KRLFH Â… Â…

PLQW G PLQW XVHIXO ORW Â… Â… { 3$5&(/ 7$* ZLWK /RQGRQ DQG 1RUWK :HVWHUQ

3DUFHO 6WDPSV G WDJ HQGRUVHG )DUP 3URGXFH Â… Â… ^3KRWR`

*5($7 %5,7$,1 5$,/:$<6

Â’ 35(6721 $1' :<5( 5DLOZD\V SUHSDLG Â’ 1HZVSDSHU 3DUFHO 6WDPSV G G DQG G LQ %URZQ YHU\ IUHVK &+(6+,5( /,1( D YHU\ JRRG VHOHFWLRQ ZLWK D YDULHW\ RI PDWHULDO QHZVSDSHU G òG WR G XQPRXQWHG PLQW Â… Â… ^3KRWR` SDUFHO WDJ ZLWK IRXU VWDPS FRPELQDWLRQ PDNLQJ G UDWH 6RXWKHUQ 5DLOZD\ 3DUFHO 6WDPS ZLWK D YDULHW\ SDUFHO ODEHOV ZLWK PDQ\ GLIIHUHQW OLQHV DQG OHWWHU VWDPSV WR RI GLIIHUHQW WRZQV LQF 6PDOO YDOXH IRUPDW DQG ODUJH YDOXH G $ YHU\ LQWHUHVWLQJ JURXS RI LWHPV Â… Â… IRUPDW DQG OXJJDJH LQ DGYDQFH ODEHO XQXVHG PDLQO\ *5($7 ($67(51 5$,/:$< SDUFHO VWDPSV ILQH XVHG DQG YDOXHV WR Â… Â… 3DFNLQJ 6WDPSV DQG QHZVSDSHU 7ZR SDUFHO WDJV HDFK IUDQNHG GLIIHUHQW 5DLOZD\ VWDPSV $ YHU\ ILQH FROOHFWLRQ ZLWK VFDUFH &DUULDJH SDUFHO VWDPSV /RQGRQ DQG 1: G G XVHG IURP LWHPV QRWH SDUFHO VWDPS G XQXVHG YDOXHV WR G 0DQFKHVWHU DQG *:5 XVHG IURP 6ZLQGRQ -XQFWLRQ 9HU\ VFDUFH G VWULS RI WKUHH )8 3DFNLQJ VWDPSV ZLWK D ZLGH ILQH WDJV Â… Â… UDQJH RI YDOXHV WR ZLWK GLIIHUHQW SULQWLQJV QHZVSDSHU LQF YDOXHV WR G PLQW DQG G RQ G )8 EXON QHZVSDSHU DQG *5($7 %5,7$,1 5(9(18(6 G ([SUHVV PLQW $ YHU\ JRRG ORW RI LWHPV Â… Â… Â’ .*9 XQDSSURSULDWHG LPSHUI SDLU RI SURRIV +LJKODQG 5DLOZD\ QHZVSDSHU DQG SDUFHOV RQ FDUG 6FDUFH Â… Â… ^3KRWR` VWDPS òG IRU RQH QHZVSDSHU LQ UHG PLQW QHZSDSHUV SDUFHO òG G DQG G LQ EODFN DQG ZKLWH PLQW 6SHFWDFXODU 1DWLRQDO $OOLDQFH $VVXUDQFH &R XVHG Â… Â… &DVXDOW\ 'HSW RUQDWH ZLWK FRPSHQVDWLRQ &HUW VL]H [ PP ZLWK G /LIH 3ROLF\ LPSHUI VWDPS PDQXVFULSW WLHG ,6/( 2) 0$1 5DLOZD\ &RPSDQ\ SDUFHO Â… Â… VWDPSV &DUWHG /XJJDJH VWDPSV $UGURVVDQ 6WHDPHU %HOIDVW

6WHDPHU )OHHWZRRG 6WHDPHU LQF G RQ G +H\VKDP 6WHDPHU $OEHUW 0HGLFDO /LIH $VVXUDQFH 3ROLF\ ZLWK DQG /LYHUSRRO 6WHDPHU /XJJDJH ODEHO D YHU\ ILQH FROOHFWLRQ RI RULJLQDO UHFHLSW DWWDFKHG [ PP IUDQNHG /LIH 3ROLF\ XQXVHG ODEHOV HDFK GLIIHUHQW $ YHU\ JRRG UDQJH RI ODEHOV LPSHUI LVVXH FRSSHU SODWH ZULWLQJ HWF 9HU\ ILQH )ROGHG ZLOO PDNH D JUHDW SLHFH ZKHQ ZULWWHQ XS Â… Â… Â… Â… { /21'21 $1' 1257+ :HVWHUQ 3DUFHO

Â’ &+$1&(5< &2857 Â… LPSHUI GLH SURRI LQ 6WDPSV G VXUFK G RQ G G RQ G G RQ G G RQ G YLROHW RQ KLJKO\ JOD]HG FDUG )LQH DQG VFDUFH G RQ G DQG G RQ G XVHG *UHDW (DVWHUQ 5DLOZD\ 3DUFHO Â… Â… 6HUYLFH G 5HG %URZQ QG 3XUSOH G 0LGODQG 1HZVSDSHU Â’ )25(,*1 %,// Â… GLH SURRI LQ GHHS FDUPLQH 3DUFHO 2UDQJH G LQ *UHHQ 8VHIXO JURXS Â… Â… RQ KLJKO\ JOD]HG FDUG VL]H [ PP LQ H[FHSWLRQDO { /21'21 $1' 6287+ :(67(51 SDUFHO FRQGLWLRQ 3UHSDUHG IRU WKH 3DULV ([KLELWLRQ H[ 0DUFXV VWDPSV G RQH PLQW QG XVHG 3DUFHOV VWDPS FLUFD 6DPXHO H[ (PEDVV\ 3KLODWHOLF *HP Â… Â… ZLWK YDOXHV WR Â… FRPLQJ IURP D YDULHW\ RI 0$75,021,$/ &$86( GLH SURRI RI Â… PDXYH GHVWLQDWLRQV LQ UHG WR UHG EURZQ LQ FRORXU HDFK GLIIHUHQW RQ JOD]HG FDUG [ PP SURGXFHG IRU WKH 3DULV ([KLELWLRQ Â… Â… H[FHSWLRQDO H[ 0DUFXV 6DPXHO (PEDVV\ Â… Â… { /21'21 DQG 6RXWK :HVWHUQ 5DLOZD\V

^3KRWR` QHZVSDSHU VWDPSV DQG SDUFHO VWDPSV QRWH òG 6&277,6+ 3529,'(17 ,167,787,21 /LIH òG PLQW YDOXHV WR G LQF G DQG G PLQW ZLWK D $VVXUDQFH )RUP VL]H [ PP QLFHO\ SULQWHG ZLWK G YDULHW\ RI SULQWLQJV DQG FRORXUV SDUFHO ODEHOV LQF /LIH 3ROLF\ LPSHUI QHDW PDQXVFULSW FDQFHO (PERVVHG +6 DQG G RQ SDUFHO WDJ OHWWHU VWDPS G UDWH XVHG DQG PLQW 8VXDO IROGV Â… Â… $ ILQH ORW RI LWHPV PDLQO\ XVHG WR Â… Â… 63(&7$&8/$5 &/(5*< 0878$/ /21'21 0,'/$1' DQG 6FRWWLVK 5DLOZD\V $6685$1&( 62&,(7< 3ULQWHG IRUP VL]H [ PP SDUFHO ODEHOV FRQWUDFW SDUFHO ODEHOV XQXVHG KLJKO\ ILOOHG LQ DQG IUDQNHG /LIH 3ROLF\ LPSHUI VWDPS WLHG LQIODPPDEOH ODEHO (UR 23 OHIW OXJJDJH ODEHO XQXVHG PDQXVFULSW 9HU\ XQXVXDO Â… Â… SDUFHO VWDPSV ZLWK D YDULHW\ RI ORFDWLRQ KDQG VWDPSV DQG 6SHFWDFXODU &52:1 /,)( $6685$1&( YDOXHV WR $ YHU\ LQWHUHVWLQJ ORW RI LWHPV VXSHUE IRU 32/,&< 5R\DO FURZQ LQ 9LJQHWWH ZLWK /LIH 3ROLF\ LPSHUI VWXG\ Â… Â… PDQXVFULSW WLHG VHOGRP IRXQG RQ RULJLQDO GRFXPHQWV VL]H 0,'/$1' 5$,/:$< SDUFHO VWDPSV WR [ PP IROGV DV DVVRFLDWHG ZLWK VXFK D VL]H Â… Â… LQF 3UHSDLG EODFN ZKLWH ZLWK YDOXHV WR Â… DQG $OOLDQFH /LIH DQG )LUH &R FDSLWDO ILYH PLOOLRQ JUHHQ ZKLWH ZLWK YDOXHV WR Â… VHULHV ZLWK D SRXQGV VXSHUE SULQWHG FHUWLILFDWH [ PP ZLWK YDULHW\ RI GHVWLQDWLRQV $ VFDUFH FROOHFWLRQ WKDW QHHGV ZULWLQJ PDWFKLQJ UHFHLSW DWWDFKHG DQG OLIH SROLF\ LPSHUI VWDPS ZLWK XS Â… Â… PDQXVFULSW HQGRUVHPHQW FKRLFH IROGV Â… Â…

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

/DQFDVKLUH ,QVXUDQFH &R 3ROLF\ ZLWK VXSHUE

Â’ 0$7&+ 7$; WKH òG DV IUHVK 80 LPSHUI Â’ EORFN $ VFDUFH PXOWLSOH DOVR D VLQJOH PLQW Â… Â…

9LJQHWWH RI *DUWHU DQG /LRQV DQG 6HDO IUDQNHG SHUIRUDWHG OLIH SROLF\ PDQXVFULSW HQGRUVHPHQWV )ROGV VL]H [ PP Â… Â… 6FRWWLVK $PLFDEOH /LIH $VVXUDQFH 3ROLF\ ZLWK D

0$<256 &2857 6,; 3(1&( 9$/8( 35,17(' '28%/( (5525 RQ ILQH XQXVHG LPSHUI SDLU IUR WKH 'LVFRYHU\ VKHHW RI MXVW SDLUV YHU\ UDUH Â… Â… ^3KRWR`

VXSHUE HQJUDYHG SDQHO RI 5REHG )HPDOH +ROGLQJ %UDQFK 6HW LQ $UPV ZLWK 7KLVWOH 6XUURXQGV IUDQNHG LPSHUI /LIH 3ROLF\ 0DQXVFULSW (QGRUVHPHQWV 6HDO HWF VL]H [ PP { 0$<256 &2857 FKLHIO\ )8 ORW RI GLII YDOXHV WR G Â… Â… Â… Â…

6SHFWDFXODU /DQFDVKLUH ,QVXUDQFH &R SLFWRULDO Â’ 0$<256 &2857 LPSHUI SDLU RI WKH EOXH VKHHW [ PP ZLWK %OXH VHDO DQG JDUWHU LOOXVWUDWLRQ Â’ &RDW RI $UPV LVVXH 80 RQ ZPN VWDPS SDSHU ILQH DQG VFDUFH IUDQNHG LPSHUI OLIH SROLF\ WLHG PDQXVFULSW 9HU\ RUQDWH DQG WKLV JHQHULF GHVLJQ ZDV XVHG IRU DOO WKH YDOXHV XQXVXDO XVXDO IROGV Â… Â… Â… Â… Â’ (67$7( '87< 49 Â… DQG Â… RYSWV 0$<256 &2857 LPSHUI SDLU RI WKH EOXH Â’ IUHVK 80 RYSW 63(&,0(1 YHU\ VFDUFH Â… Â… &RDW RI $UPV LVVXH 80 RQ ZPN VWDPS SDSHU )LQH DQG VFDUFH

WKLV JHQHULF GHVLJQ ZDV XVHG IRU DOO WKH YDOXHV Â… Â… ^3KRWR`

Â’ &+$1&(5< &2857 Â… GLH SURRI LQ

RUDQJH RQ KLJKO\ JOD]HG FDUG VXSHUE FRORXU DQG D UDUH SURRI Â… Â…

Â’ 0$<256 &2857 LPSHUI SURRI VLQJOH RI Â’ WKH EOXH &RDW RI $UPV LVVXH IUHVK 80 RQ ZPN VWDPS

{ &+$1&(5< &2857 )(( G WHWH

SDSHU Â… Â…

EHFKH SDLU )8 % D VPDOO IDXOWV Â… Â… { &2168/$5 6(59,&( $UPV ZLWK 'ROODU

1$7,21$/ ,1685$1&( VWDPSV GLII òG WR G LQF PLQW Â… Â…

RYSWV F WR ILQH XVHG WKH LV KDQG VWDPSHG 6SHFLPHQ Â’ 3('/(56 &(57,),&$7( G RYSW $ VFDUFH VHW FDQFHOV LQF &KLQD Â… Â… 6SHFLPHQ IUHVK PLQW UHPDLQV RQ UHYHUVH D VWUDQJH UHYHQXH { &2168/$5 6(59,&( $ ILQH JURXS LQF QR RWKHU YDOXHV LVVXHG Â… Â… ^3KRWR` VHW RI VL[ G WR Â… )8 % RYSW LVVXHV WR YHU\ 32/,&( &28576 .*9, XVHG VHW ZLWK YDOXHV JRRG UDQJH RI GLIIHUHQW FRQVXODWH SPNV Â… Â… G WR G % Â… Â… Â’ &2168/$5 6(59,&( WKH LPPHQVHO\ UDUH 49 XQDGRSWHG VXUFKDUJHV PLQW G G RYSW LQ JUHHQ 352%$7( &2857 Â… GLH SURRI LQ EODFN GLII W\SHV RI RYSW Â… GLII W\SHV RI RYSW VRPH VPDOO IDXOWV RQ KLJKO\ JOD]HG FDUG [ PP H[FHSWLRQDO 3URGXFHG IRU ZKHQ UHPRYHG IURP WKH UHFRUG ERRN $ UHPDUNDEOH WKH 3DULV ,QWHUQDWLRQDO ([KLELWLRQ 8QXVXDOO\ YHU\ ILQH ZLWK QR JURXS Â… Â… ^3KRWR` UXEELQJ Â… Â… ^3KRWR` Â’ &2168/7$7,21 )(( *8,/'+$//

352%$7( &2857 G GLH SURRI LQ EODFN RQ KLJKO\ JOD]HG FDUG [ PP H[FHSWLRQDO SURGXFHG IRU WKH 3DULV ,QWHUQDWLRQDO ([KLELWLRQ ([KLELWLRQ LWHP Â… Â… ^3KRWR`

G EODFN PLQW VFDUFH %DUHIRRW Â… Â… { &23<+2/' $1' &200,66,21 VFDUFH

JURXS RI ILYH GLII XVHG 5HYHQXHV LQF HPERVVHG $UPV 49 Â… HWF Â… Â… Â’ )25(,*1 %,// 49 VHW RI H[ G

HDFK KDQG VWDPSHG 63(&,0(1 IUHVK PLQW 2* ZLWK DQ DGGLWLRQDO Â… WLS YDOXH ([FHOOHQW 4XDOLW\ % Â… Â…

352%$7( &2857 G GLH SURRI LQ EODFN RQ KLJKO\ JOD]HG FDUG [ PP H[FHSWLRQDO SURGXFHG IRU WKH 3DULV ,QWHUQDWLRQDO ([KLELWLRQ Â… Â… ^3KRWR` { 38%/,& 5(&25' LPSHUI

HPERVVHG LVVXH ERWK )8 VFDUFH Â… Â… ^3KRWR`

)25(,*1 %,// PDJQLILFHQW GLH SURRI LQ EOXH RQ KLJKO\ JOD]HG FDUG SUHSDUHG IRU WKH 3DULV ([KLELWLRQ 5DUH H[ 0DUFXV 6DPXHO (PEDVV\ HWF [ PP Â… Â… { )25(,*1 %,// 49 6(/(&7,21 RI GLII

YDOXHV ILQH XVHG LQF KLJK YDOXHV Â… Â… Â… Â… *(1(5$/ '87< GLH SURRI RI WKH Â… KHDG LQ YHUPLOOLRQ HPERVVHG DQG PRXQWHG RQ VXQNHQ FDUG HQGRUVHG 2FW ([FHSWLRQDO Â… Â…

38%/,& 5(&25'6 D VHOHFWLRQ LQF 49 WR Â… .*9 WR WZR 6SHFLPHQV PL[HG Â… Â… 4(,, LQDSSURSULDWH 5HYHQXHV $ ILQH JURXS RI SURRIV LWHPV SHUIRUDWHG VPDOO IRUPDW LQ EOXH LPSHUI VWULS RI IRXU SDOH EOXH KDQG VWDPSHG &$1&(//(' Â… UHG LPSHUI VLQJOH DQG Â… LPSHUI VWULS 80 Â… Â…

6+()),(/' ORFDO FRXQFLO 5HYHQXH VWDPSV G &RXUW +RXVH )8 DQG G /LEUDU\ )RUIHLW VWDPS 0 Â… Â…

*(1(5$/ '87< GLH SURRI RI WKH Â… KHDG Â’ 6287+$03721 &2857 )(( )LQH RU )HH LQ YHUPLOLRQ HPERVVHG DQG PRXQWHG RQ VXQNHQ FDUG HQGRUVHG Â’ &URZQ 5RVHWWH VWDPS LQ RUDQJH DV SURRI VKHHWOHW RI QLQH HDFK 2FW H[FHSWLRQDO SURRI LWHP Â… Â… ZLW :DWHUORZ DQG 6RQV /WG 6SHFLPHQ RYSW DQG VHFXULW\ *(1(5$/ '87< (0%266(' SXQFWXUH )UHVK XQXVHG H[FHSWLRQDO Â… Â… UHPDUNDEOH VXQNHQ GLH SURRI RI Â… LQ UHG YHU\ VWURQJ DQG { 75$9(/ ,'(17,7< &$5' .*9 DQG WUDYHO EROG HPERVVLQJ GDWHG 2FW LQ PDUJLQ 6XSHUE SHUPLW .*9 ERWK )8 Â… Â… Â… Â… { *(1(5$/ '87< HPERVVHG 5HYHQXHV 81$335235,$7(' ,668(6 .*9 LPSHUI SURRIV RQ SRRU TXDOLW\ SDSHU IRU G G DQG Â… ILQH ROG WLPH FROOHFWLRQ LQ DQ DOEXP 2YHU LWHPV DQG VFDUFH JURXS Â… Â… GHWDLOHG ZLWK PDQ\ GLIIHUHQW LPSUHVVHG YDOXHV FRGHV DQG UHG FDQFHOODWLRQV H[WHQVLYH FROOHFWRUV SHQFLO QRWHV *5($7 %5,7$,1 675,.( 3267 Â… Â… 3267$/ 675,.( LQWHUHVWLQJ FROOHFWLRQ RI Â’ .*9 G JXWWHU SDLU 6* IUHVK 80 RYSW FRYHUV DOO IUDQNHG %ULWLVK VWDPSV FKLHIO\ XVHG ZLWKLQ WKH SHULRG Â’ DGGLWLRQDO 0HGLFLQH 'XW\ VXSHUE DQG XQXVXDO H[ RI WKH VWULNH XQPROHVWHG VRPH FDFKHWV SHUWDLQLQJ WR LQGXVWULDO (PEDVV\ Â… Â… ^3KRWR` DFWLRQ $JUHHPHQW FRYHUV DQG PRUH $Q XQXVXDO ORW Â… Â…

$ 683(5% /27 RI FRYHUV GLVSOD\HG RQ SDJHV LQ ILOHER[ LQFOXGLQJ 5$5( JURXS RI ,VOH RI 0DQ

0DWFKER[ LVVXHV XVHG RQ ILUVW ODVW GD\ FRYHUV LQF ODUJH IRUPDW /HJV RI 0DQ DQG 0DS LVVXH DOVR S $LU &RXULHU RQ FRYHU RWKHU VHUYLFHV LQF 3RQVDQRRWK VWDPSV RQ RQH FRYHU 2[IRUG 3RVW LQF SRVWDJH GXH IUDQNLQJ RYHUVHDV PDLO SUHVHQWDWLRQ FDUG 3DUNHU 3RVW 3DUEROG 3HQ]DQFH ZLWK GD\ ER[HG FDQFHOV GLII W\SHV 3HQQ\ FDEV KV RQ FRYHU 3ULYDWH 3RVW LPSHUI VKHHWV HWF $ VSHFLDO DQG UDUH ORW Â… Â… Â’ %$112&.%851 WKH PRVW H[WHQVLYH VWULNH Â’ VWDPS ORW LQ D VWRFN ERRN DSSUR[ GLII DV VHWV LQF 6SHFLPHQ

RYSWV GLII FRORXUHG SDSHUV DQG PRUH $OO 80 Â… Â… Â’ %,1'(5 ZLWK DQ H[WHQVLYH ORW RI 80 VKHHWOHWV Â’ DQG EORFNV V RI VWDPSV RYHUVHDV PDLO VH WHQDQW VKHHWV

ZLWK FRORXU LPSULQWV LQWHUQDWLRQDO RYSWV DV VXSHUE VKHHWOHWV PLVFXW HUURUV DQG PXFK PRUH 9HU\ JRRG ORW Â… Â… Â’ &+$11(/ ,6/$1' 29(535,17 VHWV IRU Â’ $OGHUQH\ DQG 6DUN LVVXHV GLII LQFOXGLQJ LPSHUI

YDULHWLHV Â… Â…

Â’ *2/' (0%266(' SUHVHQWDWLRQ DOEXP VWDWLQJ Â’ WR FRQWDLQ WKH FRPSOHWH VHW IRU 3XEOLF 0DLO 6HUYLFH

VWDPSV 06 XQXVXDO VWRFN ERRN ZLWK DQ H[WHQVLYH FROOHFWLRQ RI 3HRSOHV /HDJXH LQF PDQ\ RYSW VHWV DQG YDULHWLHV UHG VWRFN ERRN ZLWK DQ LQWHUHVWLQJ ORW RI VWULNH VWDPSV YROXPHV Â… Â… Â’ ,6/( 2) 0$1 FROOHFWLRQ RI 80 SULYDWH Â’ VHUYLFH VWDPSV LQF ILUVW $UPV RI 0DQ DQG 0DS LVVXH &RXULHU

LVVXH WR Â… LQF S WHWH EHFKH SDLU &KLHIO\ ILQH Â… Â… Â’ /27+,$1 5287( 675,.( 0$,/ FROOHFWLRQ RI Â’ GLIIHUHQW VWDPSV LQ YDULRXV FRORXUV ZLWK YDOXHV WR Â… D

UHPDUNDEOH DVVHPEO\ DOVR &DQDGD 6HUYLFH $LU KLJK YDOXHV FROOHFWLRQ Â… Â… 3(23/(6 /($*8( ILQH FROOHFWLRQ RI 80 RQ OHDYHV ZLWK PDQ\ VHWV DQG PXOWLSOHV ZLWK YDOXHV WR 3DUFHO 'HOLYHU\ OHDIOHW RYHUSULQWV DQG PXFK LQWHUHVWLQJ Â… Â…

3(23/(6 /($*8( 6WULNH VWDPSV H[WHQVLYH PLQW 80 ORW V ZLWK VHWV KDYLQJ GLIIHUHQW WRZQ RYSWV DLUPDLOV YDOXHV WR RQ FRYHU URXOHWWHG EORFNV RI IRXU YDULHWLHV VRPH RWKHU UHODWHG PDWHULDO LQF /RFDO 7D[L G VKHHWOHW RI IRXU 9HU\ JRRG ORW Â… Â…

&2//(&7,21 RI LWHPV RQ SDJHV LQ D ILOH

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òS VWDPSV RQ FRYHU DQG PDQ\ PRUH <HDUV RI FROOHFWLQJ KHUH Â… Â… (PHUJHQF\ LQF $XVWUDOLDQ 0DLO /XWWRQ 'RUVHW 9LOODJH LQF

&2//(&7,21 RI GLIIHUHQW FRYHUV RQ SDJHV

ELVHFW RQ FRYHU 'LVV VKHHWOHWV 'D\DQ LQF VKHHWOHW HUURUV 'URPRGHUU\ LQF )UHQFK PDLOLQJV DQG PXFK PRUH IRU YDULRXV RSHUDWRUV 5LFNVKDZ LQF ZD[ VHDOHG FRYHUV DQG D Â… Â… ZLGH YDULHW\ RI XVDJHV 5LFKPRQG &DVWOH 5LFKPRQG /HWWHU &RXULHU LQF FRPPHUFLDO XVDJH WR )OHHW 6WUHHW HWF Â’ 6+((7/(76 RI VWDPSV LQ VSHFLDO DOEXP ZLWK Â… Â… Â’ PDQ\ LQWHUHVWLQJ GLIIHUHQW RSHUDWRUV %ULJKWRQ S VKHHW RI (0(5*(1&< 675,.(3267 H[WHQVLYH VWXG\ /RQGRQ 1 LPSHUI VKHHWV &ROFKHVWHU ,QWHUQDWLRQDO 0DLO &KXUFKLOO VKHHWV LQF LPSHUI %RXUQHPRXWK DQG PXFK PRUH RI FRYHUV FDUGV RQ SDJHV LQ ER[ LQFOXGLQJ LQODQG VWULNH LVVXHV ZLWK VSHFLDO HQYHORSH SRVWPDUNV ZH EHOLHYH WKHVH GLII Â… Â… FRXOG EH FRPPHUFLDO XVDJHV RYHUVHDV LWHPV ZLWK IRUHLJQ 63$,1 0$'5,' 72 /21'21 VWULNH VWDPSV DQG VWULNH VWDPSV DSSOLHG RQ DUULYDO LWHPV YLD SRVWV H[WHQVLYH FROOHFWLRQ RI GLIIHUHQW PXOWL IUDQNHG 6RXWKDPSWRQ ZLGH YDULHW\ RI VWULNH LVVXHV Â… Â… FRYHUV ZLWK YDULRXV SULYDWH RSHUDWRUV VWDPSV $ VXSHUE JURXS

(1*/,6+ 6 6(59,&( H[WHQVLYH FROOHFWLRQ RQ WKDW ZLOO PDNH D UHPDUNDEOH GLVSOD\ Â… Â… SDJHV RI WKH %HHIHDWHU GHVLJQV VWXG\ RI VWDPSV LQF SURRI 63(&,$/ &285,(5 0$,/ )520 %ULWDLQ WR PDWHULDO LPSHUI SDQHV YDULHWLHV S RYSWV HWF $OVR FRYHUV RYHUVHDV WKH H[WHQVLYH FROOHFWLRQ RI GLIIHUHQW FRYHUV PDLOHG ZLWK D ZLGH UDQJH RI XVDJHV JRRG ORW Â… Â… WR DOO RYHU WKH ZRUOG ZLWK D YDULHW\ RI )ODJ VSHFLDO LVVXHV ZLWK (;(7(5 (0(5*(1&< '(/,9(5< YHU\ VSHFLDO FDQFHOV DOVR FRPSOHWH VKHHW RI WKH RUDQJH EURZQ H[WHQVLYH VWXG\ RQ SDJHV ZLWK FRYHUV VKRZLQJ D ZLGH )ODJ VWDPS 9HU\ JRRG ORW Â… Â… UDQJH RI XVDJHV DQG FDQFHOODWLRQV LOOXVWUDWHG HQYHORSHV 63(&,$/ 0,66,21 &RXULHU WR 3DULV DQG RWKHU &DWKHGUDO LWHPV SRVWDJH GXHV RQ FRYHU +RVSLWDO RYSW YHU\ LQWHUHVWLQJ FRYHUV URXWHG WKURXJK )UDQFH ZLWK )UHQFK VWDPSV H[WHQVLYH ORW RI VWDPS VKHHWOHWV ZLWK RYSWV YDULHWLHV YHU\ LWHPV ZLWK YDULRXV %HOPRQW IUDQNLQJV 3RVWDO 0XVHXP VFDUFH DUWZRUN DQG PXFK PRUH 6XSHUE ORW Â… Â… XVDJHV FRPELQDWLRQ RI GLII RSHUDWRUV LQF (QJOLVK V DQG (URV

(;3257$ 6(59,&( ZLWK PDQ\ RYHUVHDV

HWF LWHPV YHU\ XVHIXO ORW Â… Â…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Â… Â… Â… Â…

Â’ (;3257(56 6(59,&( WKH 5RZODQG +LOO Â’ GHVLJQV H[WHQVLYH VWXG\ LQ DQ DOEXP ZLWK PDQ\ VKHHWOHWV

EORFNV YDULHWLHV XQXVXDO YDOXHV WR Â… LPSHUI YDULHWLHV VPDOO IRUPDWV ZLWK EORFNV 9HU\ H[WHQVLYH Â… Â… (;7(16,9( &2//(&7,21 RQ SDJHV LQ ILOH ER[

RYHU LWHPV ZLWK PXFK LQWHUHVWLQJ DQG XQXVXDO 6SHFLDOLVHG VWXG\ RI 2VERXUQH VWDPSV ZLWK HUURUV YDULHWLHV SURRI PDWHULDO VFDUFH LPSHUI UHFRUGHG 6ZDOORZ VWDPSV VKHHWOHWV ZLWK HUURUV 2XWHU ,VODQG FRYHUV ZLWK '(/$<(' %< 67250 FDFKHWV PDQ\ GLIIHUHQW VWDPS XVDJHV 2/,03,& ZLWK LPSHUI XVDJHV RQ FRYHU DQG PXFK PRUH <HDUV RI FROOHFWLQJ KHUH Â… Â…

Â’ 7:2 %,1'(56 ZLWK DQ H[WHQVLYH ORW RI Â’ VKHHWOHWV VXEVWDQWLDO 5RODQG +LOO ([SRUWHUV ZLWK VKHHWV RI WR

Â… LQF HUURUV LPSHUIV UHJLRQDO RYSWV VPDOO IRUPDWV SURRI RYSW VKHHWV RWKHUV LQF )OHHW 6WUHHW 3ULQWLQJ 3UHVV VKHHWV %ULWDQQLD PXOWL YDOXH VKHHWV DQG PRUH PDQ\ V PRVWO\ DOO GLII 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

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Â… Â… /LIH *XDUG &RUS VFDUFH JURXS RI &HQWUDO 6HUYLFHV JURXS (17,5( FDUULHG E\ KDQG UHIHUHQFH &DSH .HUU &RXULHU LQ &DODLV FDFKHW FRYHUV URXWHG WKURXJK )UDQFH %H[KLOO LVVXHV RQ FRYHU %LFHVWHU %LJJLQ +LOO XVDJHV %LUNV S WR *ODVJRZ KHDGHG *UHQDGD FRQWHQWV UHIHUV WR VXJDU PDNLQJ DQG :LOEHUIRUFH DQG DIIHFW RQ WKLV SODQWDWLRQ (QGRUVHG G RQ FRYHU %XVLQHVV )DFLOLWLHV DQG PRUH 9DOXDEOH ORW Â… Â… XSSHU OHIW IROGV ILQH DQG HDUO\ LWHP Â… Â…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Â… Â… ZLWK GLII UDWHV DQG SURSHU XVHG 5 DQG 56 ZLWK RYHUVHDV XVDJHV (PHUJHQF\ 3RVWDO 6HUYLFH FRPSOHWH VKHHWOHWV RI 02175(9,2 0RQWUHXLO *UHQDGD 9HU\ HDUO\ VWDPSV ZLWK YDULHWLHV DQG PXFK HOVH $ YDOXDEOH DQG SULYDWHO\ FDUULHG HQWLUH WR *ODVJRZ HQGRUVHG E\ WKH KDQG LQWHUHVWLQJ ORW Â… Â… &DSWDLQ .HWW ZLWK H[WHQVLYH FRQWHQWV UH UDLQLQJ FRQVWDQWO\ DQG VKLSPHQWV ZHDU DQG VSOLWWLQJ WKRXJK WK FHQWXU\ PDLO IURP *5((&( WKH LVODQG LV QRW FRPPRQ Â… Â… ',6,1)(&7(' 0$,/ WZR OHWWHUV VHQW IURP 6\URV WR 0DOWD ERWK KDYH *UHHN SDLG KDQGVWDPSV DQG /D]RUHW (QWLUH FDUULHG WR *ODVJRZ ZLWK LQWHUHVWLQJ FRQWHQWV 5H D VLFNQHVV RQ WKH ,VODQG DIIHFWLQJ HVSHFLDOO\ :KLWH +6 DQG KDYH VOLWV DIWHU EHLQJ GLVLQIHFWHG RQFH WKH\ DUULYHG LQ 3HRSOH &RVWV RI 6SDQLVK 0XOHV Â… HDFK DQG &RZV IDXOWV 0DOWD Â… Â… EXW LPSRUWDQW DQG 6RFLDO +LVWRU\ HQWLUH Â… Â… { 635,1*%$&. DOEXP ZLWK RYHU VWDPSV Â’ 3(1&) IRU 3(1&( RYHUSULQW HUURU òG 49 6* VWUHQJWK LQ ILQH XVHG QRWH %DONDQ (QWHQWH VHW FÂ… G IUHVK XQXVHG FDW Â… D VFDUFH YDULHW\ Â… Â… PLQW (QRVLV VHW RI VL[ FÂ… PLQW 3\WKDJRUHDQ &RQJUHVV VHW FÂ… )8 $ JRRG FROOHFWLRQ ZLWK HDFK VWDPS .*9 723 9$/8( 6* ILQH VLQJOH EHLQJ GLIIHUHQW Â… Â… IUDQNLQJ RQ UHJG FRYHU WR 8. WLHG QHDW FGV $ VFDUFH VWDPS WR { 5(' RYSWV RQ UHFHVV LVVXHV )8 GLII LQF O ILQG RQ FRYHU Â… Â… G 6* E FDW Â… (OXVLYH Â… Â… 'HILQ VHW RI 6* RQ D YHU\ ILQH VHW RI IRXU LOOXVWHU )'& 1RW FRPPRQ Â… Â… { ,7$/,$1 2&&83$7,21 RI &HSKDORQLD DQG ,WKDFD XQVHYHUHG SDLUV SRVWDJH LVVXHV / / / / 0XOWLSOH IUDQNHG 2+06 HQYHORSH ZLWK YDOXHV / DQG G PLQW Â… Â… IURP F WR ZLWK *32 *UHQDGD &'6 FDQFHO )', IRU &25)8 $1' 3$;26 ,WDOLDQ 2FFXSDWLRQ WKHVH GHILQLWLYH LVVXHV Â… Â… D VSHFWDFXODU FRYHU WR $WKHQV IUDQNHG IURQW DQG EDFN ZLWK Â’ PRVWO\ GLIIHUHQW &25)8 RYSW LVVXHV LQF $LU 0\WKRORJLFDO Â’ 4(,, F 6* IUHVK 80 $ GLIILFXOW VWDPS WR ILQH Â… Â… ^3KRWR` G G SDLU DOO ZLWK FRUUHFW SRVWDO FDQFHOV WKH VWDPSV

DUH FDW (XUR DV ILQH XVHG DORQH 5DUH RQ FRYHU Â… Â…

{ 5HYHQXHV 49 ILUVW LVVXH V WR VHFRQG LVVXHV WR LQF VFDUFH PXOWLSOH XVH RI WKH VWULS RI WKUHH 2/' 672&.%22. DQG VSULQJEDFN DOEXP ZLWK .*9, KLJK YDOXHV F DQG XVHG DV UHYHQXHV D PDQ\ V RI VWDPSV PDLQO\ ILQH XVHG VHHQ KHUPHV VPDOO DQG ILQH VHOHFWLRQ Â… Â… ODUJH KHDGV XQFKHFNHG IRU SULQWLQJV LPSHUIV DQG SHUIV { 5(9(18(6 49 .*9 XVHG VHOHFWLRQ RI 2O\PSLF G XVHG FÂ… FÂ… PLQW $0 G DQG G 49 LVVXHV WR G RYSW .*9 G PDQXVFULSW FÂ… ILQH XVHG 2O\PSLF G PLQW FÂ… %DONRQ FDQFHO HWF Â… Â… ZDUV RYSWV XQFKHFNHG 9LFWRU\ FÂ… PLQW =HSSHOLQ G FÂ… PLQW ZLWK EHWWHU SLFNLQJV WR EH KDG D *8$7(0$/$ XVHIXO ORW Â… Â… 3267$/ 67$7,21(5< PDLQO\ XQXVHG ZLWK 3267$/ +,6725< D ILQH VHOHFWLRQ FKLHIO\ PDQ\ LGHQWLILHG ZLWK + DQG * QXPEHUV LQF LOOXVWUDWHG W\SH FHQVRUHG PDLO HQY ZLWK %ULWLVK DQG *UHHN FHQVRUHG FDUGV SURYLVLRQDO F ([SUHVV RYSW HPERVVHG HQYV SUH ODEHOV LQZDUG PDLO IURP 8. ZLWK %ULWLVK DQG *UHHN FDQFHOV LQF IDQF\ FRUN W\SH $ ILQH ORW RI HDUO\ FHQVRUHG ODEHOV HQY ZLWK FRPPHUFLDO (QJOLVK ODQJXDJH FRYHUV FDUGV Â… Â… KV ZLWK GXHO ODQJXDJH FHQVRU ODEHO HQY WR 6ZLW]HUODQG *8,1($ ZLWK D YDULHW\ RI KV LQF 9HULILFWH SHU &HQVXU KV HQY IURP %ULWLVK &RQVXODWH LQ 6DORQLFD ZLWK )32 FDQF SSF Â’ $)5,&$1 *8,1($ IRUPHU )UHQFK &RORQ\ Â’ PRVW FRPSUHKHQVLYH FROOHFWLRQ RI 80 LQ D YHU\ ODUJH ZLWK )32 *; FDQFHO RI 6RORQLFD $Q LQWHUHVWLQJ JURXS RI FRYHUV FDUGV Â… Â… VWRFN ERRN ZLWK V KLJKO\ FRPSOHWH ZLWK VSHFLDO 2O\PSLF RYSWV VHWV RI 06 DQG PXFK HOVH 0DQ\ LQWHUHVWLQJ 3267$/ 67$7,21(5< D ILQH ORW ZLWK PDQ\ EHWWHU WRSLFDO VHWV $Q XQFRPPRQ FROOHFWLRQ Â… Â… LGHQWLILHG ZLWK + DQG * QXPEHUV XQXVHG LQF O +* D O UHG RQ JUH\ + DQG * FDUG ZLWK G EURZQ *8<$1$ RQ \HOORZLVK EXII $ JRRG ORW RI LWHPV XQXVHG 0267 XQXVXDO DLU OHWWHU RYSWG F PLVSODFHG Â… Â… VR LW KDV EHHQ FRUUHFWHG XVLQJ IHOW WLS SHQ Â… Â… { 672&. %22. ZLWK LVVXHV IURP HDUO\ +HUPHV LPSHUI WR PRUH PRGHUQ VHHQ +HUPHV +HDGV LPSHUIV SHUI Â’ (55256 (VVHTXLER RYSW F RQ F ZLWK XQFKHFNHG IRU SULQWLQJV DLU VHW RI D JRRG UDQJH RI Â’ GRXEOH RYSW 6* D DQG WULSOH RYSW 6* E ERWK 80 VWDPSV PDLQO\ ILQH XVHG Â… Â… Â… Â…

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

,1:$5' 0$,/ YHU\ ILQH FRYHU H[ *HUPDQ\ DW

+(/,*2/$1' Â’ &203/(7( VKHHW RI RI WKH 49 HPERVVHG Â’ SI 6* 80 SUREDEO\ D UHSULQW DQG H[FHOOHQW IRU

VWXG\ GLVSOD\ $ UDUH VXUYLYRU Â… Â…

SI UDWH HQGRUVHG E\ ,PSHULDO $LUZD\V GLUHFW VHUYLFH WR 32 %R[ +RQJ .RQJ 8QXVXDO Â… Â… Â’ $ .*9, EDVLF VHW RI GLII YDOXHV F WR

6* IUHVK PLQW FDW Â… 3ULQWLQJV XQFKHFNHG Â… Â…

+21'85$6 3267$/ 67$7,21(5< D VFDUFH UDQJH RI

{ &UDFN LQ 5RFN YDULHW\ F 838 9)8 6*

LOOXVWUDWHG W\SH SRVWDO FDUGV ZLWK GLIIHUHQW YDOXHV VHHQ SRVWDO DQG UHSO\ FDUGV ,QWHULRU ZLWK PDQ\ LGHQWLILHG ZLWK + DQG * QXPEHUV XQXVHG FRYHUV FDUGV Â… Â…

D Â… Â… ^3KRWR` %5,7,6+ )32 %DVHV LQ +RQJ .RQJ ILQH JURXS

Â’ :$7(5/2: LPSHUI SURRIV RI V DLUPDLOV

GLII LQF WZR SDLUV ZLWK SULQWHUV PDUJLQDO QRWDWLRQV XQXVXDO VWDPSV Â… Â…

RI VPDOO FRYHUV LQF )32 HWF Â… Â… { 683(5% 86(' FROOHFWLRQ ZLWK PDQ\ FRPSOHWH

VHWV ZLWK EHWWHU HDUO\ LVVXHV GHILQV WR VHW RI GHILQ VHW RI ZPN V ZD\V WR ODWHU GHILQV WR D JRRG UXQ RI FRPPHPRUDWLYHV LQF 1HZ <HDU LVVXHV $ VXSHUE FROOHFWLRQ RI VWDPSV RXWVWDQGLQJ TXDOLW\ Â… Â…

+21* .21* { 12 :$7(50$5. 49 VHW RI ILQH XVHG 6*

FDW Â… $ JRRG VRXQG VHW Â… Â…

Â’ 49 F 6* D IUHVK 0 Â… Â… ^3KRWR` { 4(,, ILQH XVHG FROOHFWLRQ ZLWK PDQ\ FRPSOHWH

VHWV VHHQ GHILQLWLYHV WR PDQ\ FRPPHPRUDWLYH VHWV LQF -RFNH\ &OXE 06 +DOOH\ V &RPHW 06 1HZ <HDU 06 $ JRRG UDQJH RI VWDPSV 06 HDFK GLIIHUHQW Â… Â…

{ ,19(57(' :$7(50$5. F 6* Z ILQH

XVHG Â… Â…

{ 67$03 '87< ZLWK VXSHUE VRFNHG RQ QRVH Â’ &+85&+,// F\OLQGHU EORFNV RI 80 F DQG Â’ FDW Â… DV VLQJOH VWDPSV Â… Â… % SPN Â… Â… ^3KRWR` { 49 SURYLVLRQDO RYSW VHW RI ILYH )8 6* FDW Â’ 9DULHW\ SDLU F PDFKLQ GHILQV 6* $ ZLWK Â’ ODUJH ZKLWH ZLSHU EODGH IODZ 8QXVXDO 80 Â… Â… Â… $Q DWWUDFWLYH VHW Â… Â… { 75($7< 3257 SRVWPDUN F ZLWK YHU\ ILQH

{ $1 ,17(5(67,1* HDUO\ JURXS ZLWK VHFXULW\

' GXSOH[ RI $PR\ 6* = Â… Â…

RYSWV LQF F RQ F DQG F RQ F ILQH XVHG WKHVH FDW Â… Â… Â…

Â’ -8%,/(( F 6* IUHVK PLQW

Â… Â… Â’ -8%,/(( RYHUSULQW 6* VXSHUE IUHVK PLQW Â’ SRVV QHYHU KLQJHG RQH RI WKH ILQHVW ZH KDYH KDQGOHG Â’ Â… Â… ^3KRWR`

Â’ 3267$/ ),6&$/ RQ PLQW IUHVK KLQJH

UHPDLQV 6* ) Â… Â…

$1 ,17(5(67,1* ROG FROOHFWLRQ RI V RQ SDJHV 7KH FRQGLWLRQ LV YHU\ JRRG LQF 49 LVVXHV WR RGG SPN .*9 XVHG YDOXHV WR VHW WR XVHIXO .*9 PLQW GRWWHG WKURXJKRXW -XELOHH VHWV 0 8 .*9, LQF &HQWHQDU\ VHW 0 838 VHW 0 8 WR 0 DQG PRUH $ YHU\ JRRG UDQJH ZLWK KLJK YDOXHV Â… Â… { &$1&(//$7,21 FROOHFWLRQ RQ KDJQHU SDJHV

VHHQ 6KDQJKDL FGV 6 GXSOH[ LQ EODFN DQG EOXH % GXSOH[ LQ EODFN DQG EOXH 6KHXQJXDQ FGV $ ILQH VHOHFWLRQ RI FDQFHOODWLRQV 49 WR .*9, Â… Â…

Â’ 3267$/ ),6&$/ RQ 6* ) PLQW FDW

Â… Â… Â…

81868$/ XVH RI &$1$',$1 F 49 HQYHORSH { &$1&(//$7,216 ZLWK $PR\ 7UHDW\ 3RUW LQF

IURP 0RQWUHDO DGGU WR +RQJ .RQJ ZLWK WUDQVLW DQG DUULYDO SPNV Â… Â…

VL[ ' GXSOH[HV $PR\ FGV VHHQ FRGHV $ DQG & RQ 49 WR .*9 LVVXHV FDQFHOV Â… Â…

{ (':$5' WRS YDOXH )8 QHDW 9LFWRULD FGV

6* Â… Â…

&29(5 6(/(&7,21 IOLJKW FRYHUV

WR 0DQLOOD F UDWH DQG *XDP F 9LFWRU\ VHW RQ DWWU LOOXVWU )'& )UHQFK 0HGLFLQH FDUG )8 HWF Â… Â…

{ (':$5' )8 QHDW 6KDQJKDL FGV 6*

{ .*9 FROOHFWLRQ ILQH XVHG GHILQLWLYH VHW RI

Â… Â… { (':$5' )8 VXSHUE FRORXU QHDW FGV DQG

%ULWLVK UHG UHJLVWHUHG FGV GLIILFXOW VWDPS 6* Â… Â…

&RURQDWLRQ &HQWHQDU\ 9LFWRU\ 6LOYHU :HGGLQJ DQG 838 VHWV VWDPSV Â… Â…

{ (':$5' )8 6* Â… Â…

{ 2/' 7,0( FROOHFWLRQ RQ SDJHV VHHQ 49 WR Â’ LQF 6, GXSOH[ (GZDUG 6LOYHU -XELOHH VHW PLQW DQG

{ (':$5' WRS YDOXH FKDON SDSHU VRXQG

{ 48((1 9,&725,$ VHOHFWLRQ RI VWDPSV

ILQH XVHG .*9, GHILQ WR 838 VHW PLQW 4(,, WR D ILQH VHOHFWLRQ RI VWDPSV Â… Â…

XVHG ZLWK ILVFDO 3DLG $OO FGV FDW Â… 6* E Â… Â…

FKLHIO\ ZLWK % FDQFHOV VHHQ QR ZPN WR F H[ F &URZQ && WR F LQF VFDUFH F VXUFK 6* FRORXU FKDQJH WR F $ JRRG VHOHFWLRQ FDW Â… Â… Â…

{ .*9 VHW RI F WR JRRG WR )8 6*

FDW Â… Â… Â…

{ 49 XVHG VHOHFWLRQ LQF -XELOHH VKRUW 8

{ .*9 GHILQLWLYH VHW RI FDW Â…

YDULHW\ 6* E 6* HWF 6PDOO IDXOWV FDW Â… Â… Â…

VHW WR H[ F JUH\ DQG 6LOYHU -XELOHH VHW RI ILQH XVHG Â… Â… { %52.(1 &+$5$&7(5 9$5,(7< F 6* E

)8 Â… Â…

+81*$5< ),567 ,668( )UDQ] -RVHI N N )8 N XQXVHG ODWHU ZPN UHLVVXHG N N N XQXVHG DQ DWWUDFWLYH JURXS FDW DSSUR[ (XURV Â… Â…

Â’ 2/' 3$*(6 ZLWK EHWWHU SLFNLQJV PLQW

,1' 67 1$7 ,1'25(

:DU &KDULW\ VHW RI VHW RI VXUFK SRVWDJH GXH 6* ' D ILQH ORW RI VWDPSV Â… Â…

{ ),1( ROG WLPH FROOHFWLRQ RI VWDPSV RQ SDJHV Â’ ERWK 0 8 ZLWK VRPH YHU\ ILQH DQG VFDUFH LWHPV òD 6*

{ 6(7 RI VWDPS FHQWHQDU\ 06 SHUI 9)8 6*

0 òD 6* 9)8 RQ SLHFH SODWH SURRI RI U DV UDUH XQXVHG EORFN VHH IRRWQRWH DIWHU 6* U 6* 9)8 UDWH HWF 9HU\ JRRG ORW Â… Â…

D FDW Â… FKRLFH Â… Â… Â’ &$7 Â… YDOXDEOH ORW RI EHWWHU HDUO\ VWDPSV

,1' 67 1$7 -$,385

LWHPV LQ SDFNHWV JRRG FRQGLWLRQ LQF :DU &KDULW\ KLJK YDOXHV 6* DLU RYSWV 6SRUW VHW DLUPDLO KLJK YDOXHV 6* HWF )LQH ORW Â… Â… )(/'3267 &DUGV RI ::, LQF LOOXVWUDWHG

W\SHV $ JRRG JURXS RI ZLWK PDQ\ GLIIHUHQW SPNV DQG FHQVRU +6 Â… Â… { Â’ ,03257$17 VWDPS FROOHFWLRQ FKLHIO\ PLQW KRXVHG LQ ILYH TXDOLW\ DOEXPV SOXV RWKHU VHOHFWLRQV EHOLHYHG WR FDWDORJXH Â… PDQ\ V RI VHWV DQG EHWWHU 06 VXSHUE TXDOLW\ DQ RULJLQDO ORW )ORRG VHW )ORRG VHW ZLWK RYSWV RYSWV ZLWKRXW ODEHOV DLUV 6SRUW DLU VHW =HSSHOLQ RYSW VHW 0DGRQQD KLJK YDOXHV FDW Â… DLUPDLO VHW FÂ… 6WDPS ([KLE 06 ([WHQVLYH ODWHU \HDUV DQ RULJLQDO DQG YHU\ ILQH FROOHFWLRQ Â… Â…

,&(/$1'

&2//(&7,21 RI VWDPSV RQ ROG SDJHV JRRG UDQJHV 0 8 IDLU DPRXQW RI &KDULRW LVVXHV ZLWK 0 RYSWV 0 RIILFLDO RYSWV LQF 6* 2 VHW XVHG 'LIILFXOW VWDPSV WR ILQG Â… Â… $ &+,()/< 86(' VHOHFWLRQ RI GLII LQF 6LOYHU -XELOHH LVVXHV WR U 6* RIILFLDO D 6* 2 HWF +LJK &9 UHTXHVW VFDQ Â… Â…

,1' 67 1$7 -$008 .$6+0,5 1$7,9( ODLG SDSHU LVVXHV VL[ VWDPSV LQF SXUFKDVHG IURP 6* QRWLQJ D D DQG D IUHVK 0 6* DQG DOVR WZR PLQW EORFNV RI IRXU EHOLHYHG WR EH ORFDO UHSULQWV *RRG JURXS Â… Â…

,1' 67 1$7 .,6+$1

Â’ U KLJK YDOXH 6* DV IUHVK 0 EORFN

{ =(33(/,1 D NU 6* WRJHWKHU 4 RQ VPDOO SLHFH ZLWK FRPSOHWH 5H\NMDYLN FGV UHJG ODEHO DQG

Â… Â…

DLUPDLO ODEHO 9HU\ ILQH Â… Â…

,1' 67 &219 *:$/,25 { .*9 HQYHORSH ZLWK ORZ YDOXHV LQF U U

6* ILQH XVHG VXSHUE IRU VWXG\ EXQGOHZDUH Â… Â…

,1' 67 1$7 %$05$ { &2//(&7,21 ZLWK LQWHUHVW LQ PLQW EORFNV DQG Â’ FRQVLVWHQW SODWH YDULHWLHV RQ SDJHV óD FRUQHU EORFN òD

EORFN D EORFN 6* U 6* 0 XVHG SDLU D ZLWK VPDOO 3 YDULHW\ HWF Â… Â…

&2$7 2) $506 ILUVW LVVXHV FROOHFWLRQ LGHQWLILHG E\ 6* RQ ROG SDJHV VWDPSV LQF VFDUFH ODLG SDSHU YDULHWLHV U U 6* D D D SLQN 6* E IUHVK 0 óD 6* DV PLQW EORFN RWKHU EORFNV WR U *RRG ORW Â… Â… 9(5< *22' FROOHFWLRQ RI LVVXHV RQ ROG SDJHV VRPH WULFN\ 0 RU )8 VWDPSV KHUH LVVXHV WR U 6* 0 óD 6* 0 D 6* IUHVK 0 EORFN VFDUFH U 6* 0 YHU\ JRRG )8 IURP WKH LVVXHV DQG 2+06 ZLWK LQYHUWHG RYSWV Â… Â… Â’ U WRS YDOXH 6* DV VXSHUE 80 FRUQHU EORFN Â’ FKRLFH Â… Â…

,1' 67 1$7 %81', Â’ '$**(5 LPSHUI ILUVW LVVXHV XQXVHG FROOHFWLRQ

RI GLII YHU\ ILQH LQF 6* DQG ERWK SDSHUV RI WKH U KLJK YDOXH 6* D D JUHHQ 6* VFDQV DGYLVHG XQXVXDOO\ ILQH IRU WKHVH Â… Â… Â’ 2)),&,$/ $ ILQH PLQW ZLWK YDULHW\ WK

,1' 67 1$7 62587+ { ),1( 86(' D JUHHQ XQFKHFNHG IRU SULQWLQJV

ZLWK D JRRG YDULHW\ RI VKDGH JRRG IRU VWXG\ ILQH XVHG Â… Â…

,1',$

FKDUDFWHU WXUQHG WR OHIW ([ 6* VXSHUE 6*R DD Â… Â…

{ &/$66,& $QQD EL FRORXU 6* VHOHFW )8 FXW

Â’ $506 VHW LQF ERWK D PLQW 6*

Â… Â…

VTXDUH ZLWK IRXU ODUJH PDUJLQV DQG FULVS GLDPRQG SPN 'HOLJKWIXO VWDPS Â… Â…

&/$66,& D EL FRORXU $ YHU\ ILQH RIILFLDO UHSULQWHG SURRI ZLWK KXJH VTXDUH PDUJLQV XQXVHG Â… Â…

,1' 67 1$7 %866$+ { U PDXYH RYSW 9)8 RQ SLHFH 6* D

)25*(5,(6 RI WKH FODVVLF D EL FRORXUV VWULS RI XVHG ZLWK % FDQFHOV RI 6LQJDSRUH DQG PLQW FRUQHU EORFN ZLWK LQVFULSWLRQV Â… Â…

Â… Â… Â’ D PDXYH PRQRJUDP 6* D PLQW

,1',$ 3267$*( 67$03 &HQWHQDU\ 6RXYHQLU

Â… Â…

$OEXP 5HG ZLWK *ROG HPERVVLQJ LVVXHG E\ WKH ,QGLD 3RVW DQG 7HOHJUDSKV GHSDUWPHQW XQXVHG ZLWK FRORXU LPDJHV RI WKH VWDPSV DQG GHWDLO LQ YHU\ ILQH FRQGLWLRQ VFDUFH Â… Â…

,1' 67 1$7 +<'(5 { ,03(5) +25,=217$//< (5525 D 6* E

{ &/$66,& $QQD EL FRORXU 6* VHOHFW )8 FXW

SDLU )8 PLQRU VRLOLQJ Â… Â…

VTXDUH QHDW 5HWWD SRVWPDUN DQG JRRG PDUJLQV %3$ FHUW Â… Â… VWDPSV RQ SDJHV DUUDQJHG LQ 6* RUGHU ZLWK PDQ\ Â’ 2+06 49 VHW RI ILYH PLQW DQG JHQHUDOO\ JRRG H[WHQVLYH VKDGHV SULQWLQJV RIILFLDOV DQG PRUH WKH PRVW 6* &DW Â… Â… Â… H[WHQVLYH VWXG\ RI WKLV 7HUULWRU\ WKDW ZH KDYH VHHQ LQF D UHSULQW LQ %/8( ZLWK VSHFLDO *RYW KV VHYHUDO PXOWLSOHV JRRG Â’ 2+06 DOO GLII 49 PLQW JURXS RI PLQW PDWHULDO GRWWHG WKURXJKRXW DWWHPSWV WR REWDLQ GLII FDW Â… ZLWK VHW WR U LQF DGGLWLRQDO OLVWHG VKDGHV D SHUIRUDWLRQV IRU YDULRXV LVVXHV OLNHZLVH RIILFLDOV ZLWK PDQ\ 6* 6* HWF $WWUDFWLYH JURXS 5HTXHVW VFDQ Â… Â… VXE QXPEHUV 2ULJLQDO ORW Â… Â…

{ $ 0267 (;7(16,9( FKLHIO\ XVHG FROOHFWLRQ RI

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

{ &2521$7,21 'XUEDU FDQFHOODWLRQV WZR

{

{ { Â’ Â’

1$1'*$21 VPDOO PLQW VHOHFWLRQ RI SLHFHV ZLWK 49 WR U DQG (GZDUG S D òD ZLWK VSHFLDO RQ D SDJH LQF D 6* DQG RIILFLDOV 6* 2 Â… Â… FDQFHO RQ WZR SLHFHV H[ SUHVHQWDWLRQ IROGHU 6XSHU XVHG { 5(9(18(6 ZLWK PDQ\ LQWHUHVWLQJ DQG XQXVXDO Â… Â… LWHPV RQ SDJHV DUUDQJHG E\ VWDWH ZLWK GLIIHUHQW DOO SUH 6SHFWDFXODU RXWVL]HG RUQDWH OLIH SROLF\ VKHHW V DQG DUUDQJHG E\ YDOXH 1RWH ,QGLDQ LVVXHV RI .LQJ DSSUR[ [ PP ZLWK HDUO\ 49 (GZDUG 5HYHQXHV (GZDUG WR .*9, ZLWK UHJLRQDO RYSWV Â… Â… UHYHUVH FDVKHG LQ ZLWK $ UHYHQXH DQG FDFKHWV IROGV DQG { 75$9$1&25( PRVW H[WHQVLYH VWDPS VSOLWV WKRXJK XQXVXDO Â… Â… FROOHFWLRQ RQ ROG SDJHV LGHQWLILHG E\ 6* QXPEHUV RYHU 0267 81868$/ ODUJH SLHFH ZLWK ,QGLD VWDPSV FKLHIO\ XVHG ([WHQVLYH &RQFK 6KHOO GHILQ LVVXHV ZLWK H[SHGLWLRQDU\ IRUFHV ,() VHW RI ZLWK %DVH 2IILFH % ,() FGV GLII SULQWLQJV RYSWV F RYSW LQYHUWHG 6* D F RYSW FDQFHO RQ HDFK YDOXH $ VFDUFH SLHFH 6*( VXSHUE LQYHUWHG )8 7HPSOH LVVXHV %LUWKGD\ FK 6* XVHG Â… Â… )8 H[WHQVLYH RIILFLDOV HWF *RRG RULJLQDO ORW Â… Â… (5525 .*9 3,(6 3,(6 RYHUSULQW HUURU ,1'21(6,$ 6* E )8 Â… Â… Â’ 7+( 1(: &855(1&< VHW RI IUHVK PLQW 6* (5525 6 .*9 RYHUSULQW HUURUV 1,1( D FDW Â… NH\ VHW Â… Â… 1,1( DQG 3,(6 3,(6 6* D E ILQH XVHG Â… Â… 7:2 35,17(' 'DYR $OEXPV IRU LVVXHV IURP 5()8*(( UHOLHI VWXG\ RI WKH S JUHHQ WR VSDUHO\ ILOOHG ZLWK VWDPSV ZLWK GLIIHUHQW RYSWV HUURUV DQG YDULHWLHV LQF SULQWHG 'RXEOH 06 6KHHWOHWV VHHQ QHZ FXUUHQF\ VHW RI )8 RQH LQYHUWHG GRXEOH RIIVHW RQ WKH UHYHUVH PLVSODFHG D VPDOO 5,6 RYSW ZLWK YDOXH WR U 'LVDVWHU )XQG EXW XVHIXO JURXS RI 80 Â… Â… +HUR V 'D\ $ SDLU RI $OEXPV ZDLWLQJ WR EH ILOOHG Â… Â… ,19(57(' :0. òD ,QGHSHQGHQFH 0DS %27+ PLQW DQG )8 6* Z YDULHWLHV Â… Â…

,5$1

{ 2)),&,$/6 $KPHG 0LUD FK WR NU ZLWK )RUFHV LQ .RUHD RYSW VHW 6* . QLFHO\ XVHG

YDULHWLHV LQF EURNHQ OHWWHUV 2IIMRMHL IRU 2IILFLDO RQ FK DQG FK $Q LQWHUHVWLQJ ORW RI VWDPSV 6* ILQH $1 2/' FROOHFWLRQ RQ SDJHV ZLWK 49 XVHG XVHG Â… Â… (GZDUGV WR U XVHG .*9 WR U XVHG U *DQGKL IUHVK Â’ 8QLVVXHG &RURQDWLRQ 2IILFLDO RYSWV FK DQG PLQW PLQW FRPPHPV LQF .*9 DQG LVVXHV WR DERXW NU PLQW 6PDOO IDXOWV 9HU\ VFDUFH Â… Â… RULJLQDO ORW VRPH V Â… Â… ^3KRWR` RQ FRYHU WLHG )32 &'6 Â… Â…

{ 5(/$,6 RYSWV $KPHG 0LUD WR NU LQF ,17(5(67,1* VPDOO VHOHFWLRQ FRYHUV LQF FK DQG FK RYSW LQYHUWHG /LRQ DQG &URZQ WR NU LQF +\GHUDEDG -XELOHH VHW RQ FRYHU 3DWLDOD 6WDWH YDOXHV QRW OLVWHG LQ 6* FK FK DQG NU $ JRRG JURXS RI LVVXHV RQ VWDWLRQHU\ HQY ,() IUDQNLQJ QS 0DS 6* D Â… Â… VWDPS ZLWK JROG ,QGLD FRORXU RPLWWHG Â… Â… { 2/' 3$*(6 ZLWK PDLQO\ &RFKLQ 6WDWH LVVXHV Â’ FDW Â… LQF D 6* FÂ… ILQH XVHG D JRRG ROG WLPH ORW RI

VWDPSV FKLHIO\ )8 Â… Â… 3267$/ +,6725< :RUOG :DU 7ZR FHQVRUHG

{ 685&+$5*( FK WR FK ZLWK YDULHWLHV Â’ LQF FK RQ FK GRXEOH RYSW FK RQ FK RYSW LQY D XVHIXO

JURXS RI JRRG IRU VWXG\ 6* PDLQO\ PLQW Â… Â…

PDLO $Q LQWHUHVWLQJ FROOHFWLRQ HQY ZLWK )32 ZLWK ,5$4

8QLW FHQVRU DQG 2Q $FWLYH 6HUYLFH QRW WR EH WD[HG KV )RUFHV PDLO HQGRUVHG HQY ZLWK H[SHULPHQWDO % FGV ZLWK QR 4 -XO\ $,50$,/ YHU\ VFDUFH ,ULVK DFFHSWDQFH IOLJKW FDUG 'XEOLQ WR $EDGDQ ,UDQ WKHQ RQWR WKH H[WHQVLRQ URXWH FHQVRU PDUNV HQY 2Q $FWLYH 6HUYLFH HQGRUVHG ZLWK %DJKGDG WR %DVUD G XSUDWHG òG HDUO\ DLU ODEHO DQG H[SHULPHQWDO % FGV DQG 8QLW &HQVRU * KV HQY EDFNVWDPSV UDUH Â… Â… ZLWK 3RVW )UHH DQG ,QG 'LY VLJQHG KV HQY ZLWK 1RW 2SHQHG E\ &HQVRU $ ER[HG KV $ YHU\ ILQH FROOHFWLRQ RI $,50$,/ UDUH ,ULVK DFFHSWDQFH IOLJKW FRYHU òG 6KLHOG HQYHORSH XSUDWHG ZLWK òG G FDQFHOOHG LQ 'XEOLQ FRYHUV VXSHUE IRU VWXG\ SULFHG WR VHOO Â… PDQ\ \HDUV FRYHUHG WR UHVHPEOH DQ ,ULVK IODJ DGGU WR %DJKGDG ZLWK DUULYDO DJR Â… Â… FGV RQ UHYHUVH YHU\ IHZ H[LVW Â… Â… { 5(9(18(6 PDLQO\ .*9, ZLWK VWDWH LVVXHV ZLWK ,1',$1 )32 WZR DWWUDFWLYH FRYHUV VWDPS GLIIHUHQW JURXS RI LQ QHHG RI VRUWLQJ ILQH XVHG FRPELQDWLRQ H[ )32 DQG FHQVRUHG H[ 6KDLEDQ )32 Â… Â… Â… Â… { 7:2 ROG VWRFNERRNV ZLWK PDQ\ V RI VWDPSV 0DLQO\ ILQH XVHG òD D D Â’ (5525 I RYSW FRUQHU EORFN RI ZLWK WKH WRS &DPHR V FXW WR VKDSH 49 KLJK YDOXHV WR U (GZDUG WR U Â’ URZ RI IRXU VKRZLQJ WKH RYHUSULQW WUDQVSRVHG VSHFWDFXODU 6* D FKLHIO\ 80 Â… Â… 49 òD EORFN RI 6* VWDPSV 0 RWKHUV 80 .*9 WR U .*9, WR U ZLWK EHWWHU SLFNLQJV Â… Â… 3267$/ +,6725< 2$6 HQY ZLWK

3DVVHG E\ 8QLW &HQVRU ZLWK )32 FGV RQ WKH UHYHUVH ,1',$1 67$7(6 FHQVRUHG HQY HQGRUVHG $UDELF ODQJXDJH ZLWK FHQVRU KV Â’ '+$5 ILYH FKLHIO\ PLQW JURXS RI VWDPSV RQ DQG ODEHO 6KLSSLQJ HQY WR 86$ ZLWK I VLQJOH IUDQNLQJ DQ ROG SDJH ZLWK YDULRXV LVVXHV EHWZHHQ 6* YHU\ ILQH ZLWK FHQVRU ODEHO DQG '+& KV HQY ZLWK $UDELF VFDQV DYDLODEOH Â… Â… FHQVRU ODEHO DQG KDQGVWDPS $Q LQWHUHVWLQJ JURXS RI FRYHUV DQG FDUGV Â… Â… )$5,'.27 VHOHFWLRQ RQ D SDJH LQF 6* DQG XVHG D VHOHFWLRQ RI PLQW 5(35,176 LQF XQLVVXHG ,5(/$1' FRORXUV DQG S EODFN SDLU ZLWK FDQFHOODWLRQV XQXVXDO 6FDQV Â’ )RUHUXQQHU +RPH 5XOH G 5HGPRQG ILQH DGYLVHG Â… Â… PLQW 0:/ Â… Â… ^3KRWR` -,1' FODVVLF LVVXHV LQWHUHVWLQJ FKLHIO\ PLQW ORW RI RQ ROG SDJHV LQF ILUVW LVVXHV WKLFN ODLG FDUG Â’ )25(5811(5 G 5HGPRQG ,UHODQG LVVXHV LQWHUHVWLQJ JURXS RI ILVFDO LVVXHV IHZ SHUIRUDWHG 'HPDQGV +RPH 5XOH VWDPS PLQW VPDOO IDXOWV EXW VFDUFH Â… Â… / Â… Â…

IRELAND

Â’ 'ROODUG SURRI RI WKH RYHUSULQW DV D EORFN

$,50$,/ VSHFLDO IOLJKW FRYHUV LQF ILUVW 4 GHVSDWFK 5LPRXVNL WR 7RURQWR DERXW FDUULHG 1RUWK

RI ZLWK SULQWHUV KDQGVWDPS RQ UHYHUVH $Q XQXVXDOO\ ODUJH VL]H EORFN ILQH Â… Â…

$PHULFDQ IOLJKWV ZLWK )O\LQJ %RDW FDFKHWV $WODQWLF IOLJKWV )LQH JURXS Â… Â…

Â’ &RLO VWDPSV ZLWK ORQJ LQ YDULHW\ VHW RI

Â’ 6HDKRUVHV 5H HQJUDYHG VHW RI PLQW

IRXU IUHVK PLQW 6* $ òG G LQ SDLUV ZLWK QRUPDO )LQH Â… Â… ^3KRWR`

6* Â… Â… ^3KRWR`

Â’ 'ROODUG RYSWV .*9 ORZ YDOXH VHW RI LQF 5('

Â’ 6W 3DWULFN KLJK YDOXH VHW ILQH PLQW 6*

DQG &DUPLQH RYSWV IUHVK PLQW SOXV VHDKRUVH KLJK YDOXH VHW RI DOO ILQH PLQW 6* DQG 9HU\ ILQH JURXS Â… Â… ^3KRWR` { Â’ .*9 ORZ YDOXH VHWV IUHVK PLQW ILYH GLIIHUHQW VHWV VWDPSV LQF ERWK VHWV WR 6* FRLO Â’ VWDPSV HWF 1LFH Â… Â… { .*9 RYSW VHW RI ILQH XVHG 6* WKH KLJK

YDOXHV DUH UDWKHU VXSHUE ZLWK QHDW FGV SRVWPDUNV Â… Â… Â’ 3URRI RI RYHUSULQW LQ %ODFN D ILQH LPSHUI SDLU RQ

:KLWH 3DSHU 1R +6 RQ UHYHUVH )LQH Â… Â… ^3KRWR` { 6($+256( KLJK YDOXHV VHW RI ILQH XVHG 6*

Â… Â… Â’ 6($+256( VHW RI IRXU LQF ERWK G IUHVK PLQW

6* Â… Â… Â’ 7KRP RYHUSULQW VHW RI VHDKRUVH KLJK YDOXHV

&DW Â… Â… Â… ^3KRWR`

,19(57(' :$7(50$5. 6ZRUG )8 6* Z Â… Â… ^3KRWR` 7KH PRVW FRPSUHKHQVLYH DQG KLJKO\ FRPSOHWH

Â’ 80 FROOHFWLRQ KRXVHG LQ 1LQH YROXPHV LQFOXGLQJ )LYH OX[XU\

ER[HG KLQJHOHVV 'DYR $OEXPV ZLWK V YHU\ FRPSOHWH ZLWK HYHU\ 80 VHW 06 6KHHWOHWV PRGHUQ VHOI DGKHVLYH VWULSV RQH $OEXP RI SUHVWLJH ERRNOHWV DOVR VRPH VXSSOHPHQWDU\ )'& WR (LJKW \HDU VHW $OEXPV IRU 3RVWDJH GXHV FRPSOHWH VRPH HDUOLHU PDWHULDO WUHPHQGRXV UHWDLO YDOXH DQG KXJH (XUR IDFH YDOXH PDQ\ V Â… Â… Â’ '(/(*$7( IROGHU LVVXHG E\ WKH 'HSDUWPHQW RI

3RVW DQG 7HOHJUDSKV ZLWK GHILQV SHUPDQHQW LVVXHV WR FRPPHPRUDWLYH LQF $Q 7RVWDO (PPHW &HQWHQDU\ RI 8QLYHUVLW\ D VHOGRP VHHQ IROGHU ZLWK VWDPSV DQG GHWDLOV LQ YHU\ ILQH FRQGLWLRQ Â… Â… $Q LQWHUHVWLQJ JURXS RI IRXU FRYHUV

IUHVK PLQW YHU\ VFDUFH 6* VPDOO JXP EHQG PHQWLRQHG IRU DFFXUDF\ $ NH\ VHW Â… Â… ^3KRWR` Â’ 7KRP RYSW VHW RI WR WRS YDOXH ILQH PLQW

6* Â… Â… ^3KRWR` '$92 SULQWHG $OEXP ZLWK EHWWHU SLFNLQJV RYSWV LQF G RQH PLQW WZR PLQW PLQW GHILQV WR PLQW (DVWHU ULVLQJ PLQW $LU VHW PLQW 7RWDO PLQW (PPHWW PLQW ZLWK RYHU VWDPSV DQG PLQLDWXUH VKHHWV VKHHWOHWV PDLQO\ PLQW PXFK 80 ,Q WZR 4XDOLW\ $OEXPV Â… Â… Â’ 29(535,176 RQ *% LVVXHV ZLWK D YDULHW\ RI

GLIIHUHQW SULQWLQJV ZLWK YDOXHV WR RQ D VWRFN SDJH $ ILQH JURXS RI VWDPSV PDLQO\ GHILQLWLYHV WR JRRG IRU VWXG\ DV VR PDQ\ YDULHWLHV DUH NQRZQ RQ WKHVH RYSWHG LVVXHV PLQW Â… Â… Â’ 6HDKRUVHV QDUURZ GDWH VHW RI IUHVK PLQW

H[ 86$ ZLWK GLVWLQFWLYH ODUJH 5(/($6(' %< &(1625 òG 33 UDWH RQ HQYHORSH PDGH IURP D PDS 5HJ G FRYHU H[ +ROODQG ZLWK FXVWRPV ODEHO FRYHU H[ *HUPDQ\ ZLWK [ G DQG òG SRVWDJH GXHV 6FDQV DGYLVHG Â… Â… Â’ $17, +20( 58/( IRU *RG DQG 8OVWHU

PLQW 0: / +LEHULDQ / Â… Â… ^3KRWR` Â’ $17, +20( 58/( G 3DWULRWV 0DLQWDLQ 7KH Â’ 8QLRQ IUHVK 80 0: /6 ([FHSWLRQDO Â… Â…

^3KRWR` ),567 '$< FRYHUV IURP WR ZLWK WKH

ODWHU SHULRG ZLWK VSHFLDO FDQFHOV JUHDW IRU ILQH XVHG VHWV HDUO\ LVVXHV LQF (DVWHU 5LVLQJ GHILQV S DQG S (PPHW RQ LOOXVWUDWHG FRYHU 0RRUH $Q 7RVDO %DUU\ $HU /LQJXV D JRRG VROLG FROOHFWLRQ RI FRYHUV Â… Â… { .,/2:$5( FKLHIO\ SUH GHFLPDO RQ SDJHU JRRG

6* Â… Â… ^3KRWR` Â’ 6HDKRUVHV ZLGH DQG QDUURZ RYSW FRPSRVLWH 6H

7HQDQW SDLUV ILQH PLQW 7KH YHU\ VFDUFH VHW RI 6* $ $ Â… Â… ^3KRWR`

IRU SPNV PDQ\ V RI VWDPSV LQ D ODUJH FDUWRQ Â… Â… Â’ 0DQFKHVWHU 0DUW\UV SDLU RI ODEHOV 6H 7HQDQW

IUHVK PLQW 0: / DOVR WKH 3KLOOLSV 6LON &LJDUHWWH &DUG RI VDPH 6XSHUE Â… Â… ^3KRWR`

Â’ 6HDKRUVHV ZLGH GDWH VHW RI ILQH PLQW

3267 ::,, &,9,/ &(16256+,3 0DLOV H[

6* Â… Â… ^3KRWR` Â’ :,'( $1' 1$552: GDWH VHWWLQJ RQ VH

WHQDQW SDLU RI 6HDKRUVHV ILQH PLQW 6* D FDW Â… Â… Â…

RFFXSLHG ]RQHV *HUPDQ\ $ JURXS RI FRYHUV PDQ\ GLIIHUHQW IUDQNLQJV DQG UDQJH RI FHQVRU ODEHOV DQG FHQVRUVKLS KDQGVWDPSV $OO DGGUHVVHV LQWR 'XEOLQ Â… Â… Â’ 35(6(17$7,21 IROGHU LVVXHG E\ WKH

Â’ VHDKRUVHV ZLGH GDWHV 6* PLQW

VHW RI SOXV SDLU G ZLWK ZHDN DFFHQW YDULHW\ DQG D IXUWKHU G VLQJOH VWDPSV ILQH JURXS RI KLJK YDOXHV Â… Â… Â’ 6($+256( ZLGH GDWH VHW RI ILQH PLQW 6*

Â… Â…

'HSDUWPHQW RI 3RVW DQG 7HOHJUDSKV ZLWK SHUPDQW LVVXHV DLU VHW RI $Q 7RVWDO (PPHW ZLWK LVVXHV WR QHDWO\ DWWDFKHG ZLWK GHWDLOV VHOGRP VHHQ WKHVH GD\V VWDPSV YHU\ ILQH FRQGLWLRQ Â… Â… { 35,17(' $/%80 IRU LVVXHV IURP WR

ZLWK PDQ\ FRPSOHWH VHWV RYHU VWDPSV ORRNV YHU\ FRPSOHWH IRU WKH SHULRG H[ 06 6KHHWOHWV $ JRRG $OEXP IRU FRQWLQXDWLRQ Â… Â…

0D\ $,50$,/ UDUH DFFHSWDQFH IOLJKW FRYHU 4 'XEOLQ WR &RUVLFD G òG G IUDQNLQJ HDUO\ EOXH DLU ODEHO

WLHG KDQG SDLQWHG IODJ DUULYDO EV 9HU\ IHZ H[LVW )LQH Â… Â… 0D\ $,50$,/ VFDUFH DFFHSWDQFH IOLJKW FRYHU 'XEOLQ WR 7XQLV 7XQLVLD ZLWK òG G G FRPELQDWLRQ HDUO\ EOXH DLU ODEHO WLHG KDQG SDLQWHG ,ULVK )ODJ DQG DUULYDO EV 9HU\ ILQH IHZ H[LVW Â… Â…

3523$*$1'$ &+$5,7< /DEHOV LQF ,ULVK :KLWH &URVV 0DS 3DUWLWLRQ RI ,UHODQG 0XVW (QG VKHHW RI XQLW\ VHDOV ,QWHUQDWLRQDO H[KLELWLRQ GLIIHUHQW $PHULFDQ (DJOH HDUO\ ODEHO 4XDOLW\ Â… Â…

Â’ 6LQQ )HLQ SURSDJDQGD ODEHOV PLQW

&HOWLF &URVV *UHHQ %ODFN %OXH %ODFN ERWK W\SHV RI &URZQ LVVXH $OO SHUI 6FDUFH 0: $ Â… Â… ^3KRWR`

Â’ &DW Â… YDOXDEOH ORW RI EHWWHU VWDPSV

LQ SDFNHWV FKLHIO\ PLQW 6RPDOLD F SHUI *HQHUDO &ROV ZLWK KLJK YDOXHV 7ULSROL / DQG H[SUHVV DWWUDFWLRQ DOO GLIIHUHQW JURXS )LQH FRQGLWLRQ Â… Â…

::,, &(1625(' 0$,/6 25,*,1$7,1*

Â’ (5,75($ FDW Â… IUHVK PLQW VHW RI WR

29(56($6 6L[ LWHPV LQF .HQ\D SROLFH IRUFH HQY ZLWK UHXVH ODEHO FHQVRUHG DQG ,ULVK UHOHDVHG E\ FHQVRU FDFKHW LWHPV H[ ,QGLD LQF QRW RSHQHG E\ FHQVRU FDFKHW GRXEOH FHQVRUHG FRYHU WR &DOLIRUQLD ZLWK XQFODLPHG FDFKHW 8QXVXDO JURXS 0L[HG Â… Â…

O F 6* Â… Â… (5,75($ +HOLR 9DXJLUDUG VKHHWOHW GHSLFWLQJ F KDQJLQJ VKDUNV LVVXH 0RVW XQXVXDO LWHP Â… Â… { ),1( 86(' $*($1 ,6/$1' FLUFD

,65$(/ Â’ ($5/< ,668(6 ZLWK WDEV RQ D VWRFN SDJH

)ODJ DLUV U FÂ… 80 GLIIHUHQW YHU\ KLJK FDWDORJXH YDOXH IUHVK PLQW Â… Â… { ),1( 86(' HDUO\ LVVXHV WR ZLWKRXW WDEV

VWDPSV LQF &2,1 6(7 WR P DQG PDQ\ EHWWHU FRPPHPV 6FDUFH XVHG Â… Â… { ),1( 86(' ($5/< 7$%6 DOO GLII ZLWK

LVVXHV FDW Â… GLII YHU\ HOXVLYH LQ XVHG FRQGLWLRQ ZLWK VHWV WR F LQF /HURV /LSVR 1LVLURV 3DWPRV DQG PRUH +LJKO\ UHFRPPHQGHG Â… Â… Â’ *(1(5$/ ,668(6 *DULEDOGL VHW RI

6* ( 'DQWH VHW WR O O )RXQGDWLRQ ZLWK YDOXHV WR O O DOO IUHVK PLQW VWDPSV FDW Â… Â… Â… Â’ /,%<$ FDW Â… SDUFHO SRVWV (DJOHV VHW Â’ RI SDLUV IUHVK 80 6DVVRQH $ UDUH VHW

EHWWHU V FRPPHPV DQG DLUPDLO KLJK YDOXHV ILQH DQG XQFRPPRQ XVHG Â… Â…

Â… Â…

,7 &2/6 $(*($1 ,6/$1'6 Â’ 5+2'(6 F QR ZPN 6* - PLQW

F 6* PLQW 'DQWH VHW LQF DLUV WK $QQLY F WR O SRVWDJH GXH VHW DOO PLQW Â… Â…

Â’ /,%<$ FDW Â… 7ULSROL 7UDGH )DLU VHW Â’ IUHVK 80 VHOGRP VHHQ 6DVV $

Â… Â… Â’ /,%<$ FDW Â… 7ULSROL )DLU VHW ILQH 80 Â’ 6DVVRQH $ UDUHO\ VHHQ 80

,7 &2/6 &5(7(

Â… Â…

Â’ &203/(7( 6* PDLQO\ PLQW F 6*

Â’ /,%<$ FDW Â… 5RPH WR 0RGDGLVFR Â’ DLUPDLO VHW IUHVK 80 6DVV Â… Â… 4

)8 DQG F ([SUHVV )8 DOO RWKHU VWDPSV PLQW ZLWK D KLJK FDWDORJXH YDOXH IRU WKHVH LVVXHV RYSWHG /D &XQHD Â… Â…

{ 2/'7,0( FROOHFWLRQ ZLWK EHWWHU SLFNLQJV QRWH Â’ &DVWHO 5XVVR RYSW VHW RI 6* PLQW &DVWHO

,7 &2/6 &<5(1$,&$ Â’ (5525 F 9ROWD VWDPS FHQWHQDU\ RYSW

&\UHQDLFD LPSHUIRUDWHG DW WKH WRS EHWZHHQ WKH PDUJLQ /LVWHG LQ VDVVRQH DV K FDW (XUR V IUHVK PLQW Â… Â… ^3KRWR`

,7 &2/6 (5,75($ Â’ 7\SH XS SDJHV ZLWK D PLQW FROOHFWLRQ FDW 2YHU

Â… ZLWK EHWWHU SLFNLQJV ,QF 6* FDW Â… +RO\ <HDU ILUVW DQG VHFRQG 1DWLRQDO 'HIHQFH VHW 9ROWD 6W $QWKRQ\ VHFRQG H[KLELWLRQ VHWV D JRRG UDQJH RI VWDPSV Â… Â…

5XVVR PDS VHW RI 6* PLQW SRVW RIILFH LQ 7XUNLVK (PSLUH RYSWV &\UHQDLFD RYSWV LQF +RO\ \HDU VHW PLQW -XEDODQG PDS VHW RI PLQW H[SUHVV VHW RI PLQW VWUHQJWK LQ RYSW LVVXHV RYHU VWDPSV PXFK PLQW Â… Â… Â’ 52', $HJHDQ ,V *DULEDOGL RYSW VHW ILQH

0 6* Â… Â… Â’ 620$/, .LQJ RI ,WDO\ 9LVLW VHW RI ILQH

PLQW 6* $ NH\ VHW Â… Â…

Â’ (;35(66 67$036 W\SHG XSRQ D SDJH QRWH

6* ( 6* ( FDW Â… / ERWK YDOXHV / %OXH RYSW PLQW VFDUFH S %ODFN RYSW XQXVHG D JRRG VHOHFWLRQ ZLWK D KLJK FDW YDOXH Â… Â…

,7$/,$1 &2/6 { 75,32/,7$1,$ DLUPDLO PDVV IOLJKW VHW )8 4 DQG YHU\ UDUH 6* &DW Â… WRWDOO\ FRUUHFW &'6

SRVWPDUNV Â… Â…

672&. 3$*(6 ZLWK LVVXHV IURP DURXQG WKH &RORQLHV VHHQ LVVXHV IURP 5RGRV $HJHDQ ,V :RUOG )RRWEDOO &KDPSLRQ VHW RI PLQW FÂ… HDUO\ RYSW LVVXHV ,WDOLDQ &RORQLDO ,QVWLWXWH LVVXHV &RORQLDO H[KLELW SRVWDJH DQG DLUV PLQW 2YHU VWDPSV Â… Â… { 75,32/,7$1,$ 7UDGH )DLU SOXV H[SUHVV

VHW 9)8 RQ SLHFHV DOO ZLWK FRPSOHWH 7ULSROL &'6 &KRLFH 6* ( &DW Â… Â… Â… Â’ 75,32/,7$1,$ ERWK 7ULSROL )DLU VHWV

{ )RRWEDOO $LUPDLO 6HW RI )LYH WR / 9)8 ZLWK

PLQW 6* DQG FDW Â… Â… Â…

QHDW (ULWUHD 3RVWDO FDQFHOV YHU\ VFDUFH JHQXLQH XVHG 6* &DW Â… Â… Â… Â’ )RRWEDOO 3RVWDJH 6HW PLQW 6* &DW Â…

Â… Â… { 75,32/,7$1,$ DLUPDLO KLJK YDOXHV O WR 4 O )8 6* FDW Â… Â… Â… Â’ $)5,&$ 25,(17$/ ,7$/,$ PLOLWDU\ SRVW 4 VWDPS LQ UHG 6DVVRQH DV IUHVK PLQW FRUQHU SDLU ZLWK PDUJLQDO

LQVFULSWLRQV UDUH 6DVVRQH FDW ( Â… Â… Â… Â’ $(*($1 ,6/$1'6 )RRWEDOO 3RVWDJH DQG 4 $LU 6HW ERWK ILQH PLQW 6* &DW Â… 1LFH

Â… Â…

{ 75,32/,7$1,$ =(33(/,1 6HW )8 4 JHQXLQH FDQFHOV 9HU\ VFDUFH 6* &DW Â…

Â… Â…

,7$/< )285 35,17(' $OEXP ZLWK D JRRG UDQJH RI VWDPSV RQ RULJLQDO FROOHFWLRQ VHHQ HDUO\ VWDWHV 8PEHUWR F 6* PLQW FÂ… -XELOHH VHW RI )8 FÂ… 6W 0DUN V FÂ… )8 %ODFN 6KLUW )XQG FÂ… PLQW 1DWLRQDO 'HIHQFH VHW RI FÂ… )8 9LUJLO 3RVWDJH VHW PLQW 0DOLDQ )DLU VHW FÂ… PLQW *\PQDVWLF )HVWLYDO FÂ… PLQW 0RQWHFDVVLQR FÂ… PLQW +XJH FDWDORJXH YDOXH LQ HDUO\ DQG PLGGOH SHULRG VHWV Â… Â… Â’ 3267$*( '8( F 6* ' E EURZQ RUDQJH

www.philangles.co.uk

ZLWKRXW JXP $ ILQH GXH VFDUFH Â… Â…

place your bids online. Immediate and secure.

Â’ 3267$*( '8( F 2UDQJH %URZQ 6*'

-$0$,&$

6DVVRQH PLQW $ VFDUFH SRVWDJH GXH Â… Â… ^3KRWR`

{ 49 6* DV DQ DWWUDFWLYH )8 SDLU FDW

Â… Â… Â…

{ 3$5&(/ 3267 VHW RI 6* 3 ILQH

Â’ 9DULHW\ 49 IRU 6 ILQH PLQW UDUHO\ VHHQ

XVHG Â… Â…

PLQW YHU\ PLQRU JXP DJHLQJ Â… 6* D Â… Â… ^3KRWR`

{ $ 9(5< 86()8/ FROOHFWLRQ ZLWK PDQ\ EHWWHU Â’ HDUO\ VHWV QRWH -XELOHH VHW 0 3OHELVFLWH VHW )8

{ Â’ {

Â’

{ .*9 VHW VFULSW ILQH XVHG *6 %ODFN 6KLUW VHW 0 )DVFLVW 0DUFK VHW )8 6HFRQG Â… Â… 'HIHQFH )XQG VHW 0 $EEH\ VHW 0 )HUUXFFL VHW 0 6W $QWKRQ\ VHW 0 )DVFLVW VHW RI 0 6,/9(5 -8%,/(( VHW RQ ILQH FRYHU WR 8. WLHG =HSSHOLQ VHW RI +RUDFH SLFWRULDO VHW 0 *\PQDVWLF 6W $QQHV %D\ FGV YHU\ DWWUDFWLYH 6* Â… Â… VHW 0 2YHU VWDPSV VWUHQJWK LQ PRGHUQ ILQH XVHG +XJH FDW YDOXH LQ WKH HDUO\ PLQW VHWV PHQWLRQHG Â… Â… Â’ .*9, DV IUHVK 0 LQF 80 EORFNV RI 31(80$7,& SRVW WRS YDOXH F YHU\ ILQH XVHG IRXU FKRLFH 6* E DD Â… Â… 6* 3( Â… Â… { 4(,, ILQH WR YHU\ ILQH XVHG FROOHFWLRQ ZLWK PDQ\ %/$&. 6+,57 VHW IUHVK 0 6* FDW FRPSOHWH VHWV QRWH SLFWRULDO VHW RI Â… Â… Â… ,QGHSHQGHQFH RYSW HW WR Â… H[WHQVLYH UDQJH RI FRPPHPRUDWLYH HVWV $ YHU\ ILQH FROOHFWLRQ RI VWDPSV 0217( &$6,12 WRS YDOXH / / 6* HDFK GLIIHUHQW Â… Â… YHU\ ILQH XVHG Â… Â… &,1( ),/0 .RGDN OLG ZLWK .*9, G G G VWDPS FRPELQDWLRQ QHDWO\ WLHG FGV DQG FXVWRPV KV %$/%2 75$16$7/$17,& )OLJKW SDLU RI VWULSV 8QXVXDO Â… Â… 6* PLQW Â… Â… ^3KRWR` 0XOWLSOH IUDQNHG FRYHUV 3RVW DQG

Â’ :RUOG &XS VHW RI 6* PLQW

Â… Â… Â’ &+,/' :(/)$5( VHW RI 6*

PLQW Â… Â… { 2&&83$7,21 RI =$17( RYSWV / /

/ / DQG / ILQH XVHG DOO H[SHUWLVHG RQ WKH UHYHUVH VDVVRQH Â… Â… Â’ 7RS YDOXH OLUH FDUPLQH 6* XQPRXQWHG Â’ PLQW Â… Â… ^3KRWR` { 683(5% 86(' RXWVWDQGLQJ FROOHFWLRQ RI

Â’ Â’

{ Â’

7HOHJUDSK 'HSW HQY V ZLWK G WR GHILQLWLYHV ZLWK .LQJVWRQ &'6 )', 2+06 HQY &DQFHO RXW DQG RQ 7KH -DPDLFD *RYHUQPHQW 6HUYLFH W\SHG LQ SODFH RI ZLWK ,QGHSHQGHQFH òG WR RYSWV ,QGHSHQGHQFH òG WR ZLWK YHU\ ILQH .LQJVWRQ &'6 $ ILQH VHOHFWLRQ RI FRYHUV Â… Â… 3267$/ +,6725< LQ FROOHFWRUV ZDOOHWV ZLWK PXFK LQWHUHVWLQJ FKLHIO\ .*9 .*9, SHULRG LQF IOLJKW FRYHUV FDQFHOODWLRQV LQF 75& ::,, FHQVRUV &XED &RQVXODWH FRYHU ZLWK ODUJH FDFKHW IOLJKW FRYHUV ZLWK ODUJH FDFKHWV .*9 UHJG PDLOV ZLWK GLII SPNV &RQVWLWXWLRQ VHW WR RQ )'& HWF $Q LQWHUHVWLQJ ORW LWHPV Â… Â…

VWDPSV 06 VKHHWOHWV ZLWK PDQ\ KLJK FDWDORJXH VHWV QRWH { 48((1 9,&725,$ RQ DOEXP SDJHV FDWDORJXHG )RRWEDOO VKHHWV &ROXPEXV VKHHWV GHILQV VHWV WR Â… 3LQHDSSOH ZPNV WR ZLWK VKDGHV WR /LUD 6W &DWKHULQH VHW 5HYROXWLRQ VHW ZLWK VKDGHV ZLWK YDOXHV WR ZLWK VKDGHV VXSHUE FROOHFWLRQ RQ 0DULQL SULQWHG DOEXP SDJHV $UPV WR ZLWK VKDGHV 49 VLGHIDFH WR Â… Â… ZLWK VKDGHV $ ILQH UDQJH RI VWDPSV VRXQG WR ILQH 672&. 3$*(6 ZLWK D ILQH UDQJH RI PLQW VHWV XVHG Â… Â… FKLHIO\ 80 ZLWK RYHU VWDPSV 06 VRUWHG E\ \HDU DQG { 5(9(18(6 DOEXP SDJHV ZLWK D JRRG UDQJH VHWV 1RWH :RUOG &XS VKHHWOHW VHW RI 80 RI 5HYHQXHV LQF -XGLFLDO EORFN RI VLQJOH &ROXPEXV 06 VHW RI FRPPHPRUDWLYH FROOHFWLRQ +XJH FDW DQG -XGLFLDO RYSWV RQ SRVWDJH VWDPSV 49 ZLWK YDOV WR YDOXH LQ PRGHUQ VHWV Â… Â… .*9 DQG .*9, DQG SDLU JHQHUDO $/%80 ZLWK PDQ\ XVHIXO SLFNLQJV HPERVVHG ZLWK YDOV WR $ ILQH XVHG FROOHFWLRQ 7XVFDQ\ F SXUSOH DQG JUH\ 6* )8 $UPV F )8 Â… Â… ,WDO\ VXUFK VHW RI 6* PLQW FDW Â… DLU VHW -$3$1 RI 6* 0 ([SUHVV / 6* ( ZLWK SRVWDJH VWDPSV GXHV H[SUHVV DLUV SDUFHO SRVWV SQHXPDWLFD $ JRRG $ 0267 XQXVXDO LOOXVWUDWHG HQYHORSH GDWLQJ UDQJH IURP HDUO\ VWDWH WR DERXW 2YHU VWDPSV IURP WKH V SULQWHG RQ IOLPV\ SDSHU ZULQNOHV HWF GHSLFWLQJ Â… Â… DQLPDO FKDUDFWHUV GUHVVHG LQ .LPRQR GUHVV IHDWXULQJ UDEELW

&$03,21( (QYHORSH ZLWK $UPV WR

FUDQH UDW FDW HWF 8QXVHG Â… Â…

6* % % VDVVRQH D D SOXV SLFWRULDO VHW RI 6* VDVVRQH QHDWO\ FDQFHOOHG ZLWK &DPSLRQH LOOXVWUDWHG FDQFHO 6FDUFH Â… Â… ^3KRWR`

Â’ $ 6(/(&7,21 RI GLII V 06 LQ XQXVHG

FRQGLWLRQ LQF 7UDLQ ([KLELWLRQ RYSWV HWF Â… Â…

Â’ &$7 Â… YDOXDEOH ORW RI EHWWHU HDUO\ VWDPSV Â’ 6289(1,5 RI -DSDQ &LUFD -DSDQHVH

LQ SDFNHWV FKLHIO\ ILQH FRQGLWLRQ LQF O 0 O )8 3OHELVFLWH LVVXH 6* 0 DLU RYSWV %ODFNVKLUW VHW 0 O 0DQ]RQL 0 HWF Â… Â…

SRVWDJH VWDPSV QHDWO\ PRXQWHG LQVLGH LQF +LPHML &DVWOH 06 6*06 FÂ… SRVWDO ZHHN &DW Â… 6* ZLWK IRXUWHHQ VWDPSV LQ YHU\ JRRG FRQGLWLRQ Â… Â… { 672&. 3$*(6 ZLWK EHWWHU SLFNLQJ LQF HDUO\

,925< &2$67

FODVVLFV &KHUU\ %ORVVRP V )8 V V &KU\VDQWKHPXP XQFKHFNHG ROG WLPH ORW D IHZ VWDPSV PDLQO\ )8 Â… Â… ^3KRWR`

{ 2/' $/%80 SDJHV ZLWK LVVXHV IURP Â’ VHHQ GHILQV ZLWK YDOXHV WR IU RYSWV WR I

RQ F H[ F RYSW VHW ZLWK YDOXHV WR IU )UHQFK 5HYROXWLRQ VHW $ JRRG UDQJH RI VWDPSV Â… Â…

-25'$1 { ),1( 86(' ROG SDJHV ZLWK GLIIHUHQW

VWDPSV LQF PRUH PRGHUQ FRPPHPRUDWLYH QRW FRPPRQ Â… Â…

.(1<$ { (;7(16,9( &ROOHFWLRQ LQ WKUHH $OEXPV Â’ VXSHUE UDQJH RI VHWV LQF 06 ZLWK PDQ\ VHWV DV EORFNV RI 80 Â’ VHHQ GHILQLWLYH V KLJK YDOXH FRPPHPRUDWLYH SRVWDJH GXHV

RIILFLDOV DOVR PDQ\ VHWV DV YHU\ ILQH XVHG RYHU VWDPSV 06 &DWDORJXH YDOXH RYHU Â… $ VXSHUE FROOHFWLRQ ZLWK DGGLWLRQDO LWHPV Â… Â… Â’ 6+(//6 SUHVHQWDWLRQ SDFN DQG Â’ SUHVHQWDWLRQ SDFN VHOGRP VHHQ SDFNV Â… Â…

),9( 6WRFNERRN ZLWK PDQ\ V RI VWDPSV LQ HDFK ZLWK LVVXHV IURP 49 VHHQ .*9 WR Â…O 49 U U PLQW 4(,, WR Â… )8 WR PLQW 0RGHUQ VHWV ZLWK 06 ZLWK D YHU\ JRRG YDULHW\ RI LVVXHV ROG RULJLQDO ORW Â… Â… ^3KRWR`

,17(5(67,1* VWDPS ORW ZLWK PXFK .*9, ZLWK KLJK YDOXHV LQ SDFNHWV DQG FDUGV VWDPSV PXFK LV XVHG QRWLQJ Â… /LRQ SULQWLQJV QRW FKHFNHG DQG DOO )8 EORFN 4(,, LVVXHV WR Â… HWF &DUHIXO FKHFNLQJ UHTXLUHG Â… Â… Â’ /,77/( '(/(*$7(6 )ROGHU %OXH ZLWK *ROG

HPERVVLQJ ZLWK F WR F .*9, SLFWRULDO GHILQLWLYH QHDWO\ KLQJHG LQVLGH &LUFD LQ YHU\ ILQH FRQGLWLRQ Â… Â… { 5(9(18(6 LQWHUHVWLQJ ORW RI FKLHIO\ XVHG

VHWV PDLQO\ V V SHULRG FRYHUV LQF UHJ G $LUPDLO HQYV VHQW WR WKH 8. Â… Â…

VWDPSV (GZDUG U .*9 SRVWDJH VWDPSV WR U .*9, Â… /LRQ .HQ\D SHUVRQDO WD[ +LJK YDOXHV WR Â… 4(,, 5HYHQXH RYSWV HWF $Q LQWHUHVWLQJ JURXS Â… Â…

.25($

4 :5(&. 0$,/ 5HWULHYHG IURP DLU FUDVK RQ

&29(5 &2//(&7,21 YHU\ JRRG IRU ILQH XVHG

1RYHPEHU DW 1DLUREL EL OLQJXDO FDFKHW RQ VPDOO QHDW FRYHU H[ *UHHFH WR 6RXWK $IULFD 8QXVXDO RULJLQ SDVVHQJHUV GLHG 6FDUFH Â… Â…

.25($ :$5 FHQVRUHG PDLO FRYHUV ZLWK D

YDULHW\ RI PDUNLQJV DQG FHQVRU PDUNV VHOGRP VHHQ Â… Â…

.8:$,7

.25($ 6287+ 0267/< PLQW VHOHFWLRQ RI HDUO\ LVVXHV LQF -DSDQ RYSW VHW 6* 838 6* Z VXUFKDUJH LVVXHV HWF *RRG ORW KLJK &9 Â… Â…

.87 { 5(9(18( U RYSW -XGLFLDO )HH % )8

Â… Â…

Â’ (5525 LQYHUWHG RYHUSULQWV RQ D D GXII

RUDQJH DQG D XOWUD PDULQH PLQW Â… Â… 6&277 SDJHV ZLWK D UDQJH RI VWDPSV HDFK GLIIHUHQW VHHQ GHILQ VHW )DOFRQ VHW PDLQO\ 80 Â… Â… { %81'/(:$5( 3+(120,1$/ KROGLQJV RI

4(,, FDVWOHV PDLQO\ U RQ LQ EXQGOHV RI D XQFKHFNHG IRU SULQWLQJ VWDPSV Â… Â…

Â’ .*9 :$7(50$5. 6,'(:$<6 WR Â…

6* PLQW Â… Â… ^3KRWR`

.*9 29376 2) ,1',$ ILQH VHOHFWLRQ RI VWDPSV FKLHIO\ PLQW ZLWK YDOXHV WR U ERWK SRVWDJH DQG RIILFLDOV VHYHUDO XVHG +LJK FDW JURXS Â… Â…

{ .*9 SLFWRULDO VHW )8 6*

Â… Â… Â’ .*9 3,&725,$/ VHW RI SOXV F 5RSH MRLQW WR

6DLO 6* PLQW Â… Â… ^3KRWR` Â’ 6LOYHU -XELOHH YDULHW\ OLQH WKURXJK 2

Â’ 29(535,176 RQ ,QGLD DQG *% QRWH ,QGLD

RYSWV .*9 ZLWK YDOXHV WR U FDW Â… QRWH D ZLWK XSULJKW ZPN U DQG U ZPN LQY D JRRG UDQJH RI VWDPSV Â… Â… { 4(,, &$67/( EXQGOHZDUH UHPDUNDEOH

6* / ILQH PLQW Â… Â… ^3KRWR` Â’ 6LOYHU -XELOHH 9DULHW\ OLQH WKURXJK RI

PLQW 6* / Â… Â… { ([WHQVLYH SUH LQGHSHQGHQFH LVVXHV ZLWK EHWWHU Â’ SLFNLQJV 6 :HGGLQJ PLQW DQG YHU\ ILQH XVHG Â’ GHILQ VHW 80 2IILFLDO VHW RI 80 GHILQ VHW WR

FROOHFWLRQ LQF U RQ LQ EORFNV RI VFDUFH LQ FORFNV ILQH XVHG V RI VWDPSV Â… Â… 6+(,.+ $QQLYHUVDU\ ODEHO LQ EOXH IUHVK XQXVHG Â… Â… ^3KRWR`

/$%8$1

{ F %URZQ ZPN FURZQ LQYHUWHG 6* Z ILQH 80 ZLWK PDQ\ FRPPHPRUDWLYH 80 DQG ILQH XVHG $ XVHG Â… Â… VXSHUE UDQJH RI VWDPSV 06 &DW Â… 3OXV DGGLWLRQDO LPDJHV Â… Â… ^3KRWR` ,1:$5' 0$,/ WR D PLVVLRQ LQ /DEXDQ IURP Â’ .*9, LPSULQWHG DQG SODWH EORFN VWULSV IURP WKH /RQGRQ 49 òG IUDQNLQJ $ VFDUFH FRYHU Â… Â… ERWWRP WZR URZV F SODWH % F UHG EURZQ DQG RUDQJH 6* ^3KRWR` DQG PLQW VFDUFH DV VXFK VWDPSV Â… Â… ,1:$5' 0$,/ WR SUHIHFW DSRVWROLF LQ /DEXDQ { 9$5,(7< F ZLWK GRW UHPRYHG LQ D SDLU ZLWK VHQW IURP 3UHVWRQ LQ WKH 8. ZLWK 49 òG IUDQNLQJ QRUPDO ILQH FGV XVHG 6* HE Â… Â… 6FDUFH Â… Â… ^3KRWR` { &200(025$7,9( FROOHFWLRQ FKLHIO\ RQ LOOXVWUDWHG )'& V D YHU\ JRRG UDQJH RI VWDPSV YDOXHV DV

ILQH XVHG VHWV FDW Â… RYHU VWDPSV 06 Â… Â…

+,*+ 9$/8( VHW 6* DV PLQW XVHG DQG 63(&,0(1 RYSW VHWV DOO ILQH Â… Â… 'HF ,1:$5' 0$,/ D UDUH FRYHU H[

$1 25,*,1$/ &ROOHFWLRQ LQ VWRFNERRNV RU SDJHV ZLWK EHWWHU SLFNLQJ 8JDQGD D VLQJOH DQG D SDLU 6* XQXVHG .*9 *($ RYSWV WR U (GZDUG WR U PLQW .*9 ZLWK YDOXHV WR Â… XVHG .*9, GHILQLWLYH WR Â… XVHG XQFKHFNHG IRU SULQWLQJV 0DQ\ V RI VWDPSV 06 ODWH PDWHULDO 80 Â… Â…

www.philangles.co.uk

/RQGRQ IUDQNHG G OLODF òG -XELOHH DGGU WR 5HY -DFNVRQ &DWKROLF 0LVVLRQ /DEXDQ %ULWLVK 1RUWK %RUQHR QR DUULYDO EV $Q XQXVXDO PLVVLRQDU\ HQYHORSH ILQH Â… Â… ^3KRWR`

/$26 Â’ (;7(16,9( FROOHFWLRQ RI 80 FRPSOHWH VHWV LQ Â’ ODUJH SDJH VWRFN ERRN VWF Â… ZLWK V RI DWWUDFWLYH

VHWV WKH HDUO\ VHWV DUH QRZ SURYLQJ WR EH UDWKHU HOXVLYH $OO GLIIHUHQW Â… Â…

place your bids online. Immediate and secure.

Â’ 8102817(' 0,17 H[WHQVLYH FROOHFWLRQ RI Â’ 5HSXEOLF LVVXHV ZLWK GHWDLOV RYHU VWDPSV DQG 06

/$79,$ Â’ *(50$1< 2&&83$7,21 3URYLVLRQDO N Â’ 6RYLHW GHILQLWLYH RYHUSULQWHG /DWYL]D ", 9,, IXOO VKHHW RI

RXWVWDQGLQJ FROOHFWLRQ VHOGRP VHHQ KLJKO\ FDWDORJXHG PRGHUQ LVVXHV 9\WLV VHW :LOGOLIH VHWV 7UDQVSRUW VHW &RDW RI $UPV 06 FÂ… 6XSHUE TXDOLW\ Â… Â…

6* 0L XQPRXQWHG PLQW 6HOGRP VHHQ FRPSOHWH VKHHW Â… Â…

Â’ (55256 IRXU PLQW LWHPV ZLWK LPSHUI

Â’ (;7(16,9( &2//(&7,21 RI GLIIHUHQW Â’ VWDPSV SOXV 06 VKHHWOHWV DQG ERRNOHW VWDPSV VHHQ

YDULHWLHV LQF XQOLVWHG F 0HPRULDO F LPSHUI EHWZHHQ VWDPS DQG PDUJLQ $WWU JURXS Â… Â…

WHWH EHFKH SDLUV PDQ\ FRPSOHWH VHWV KLJK YDOXH LQ PRGHUQ LVVXHV VHOGRP VHHQ IURP KHUH XQPRXQWHG PLQW Â… Â…

0$&$8 &URZQ &ODVVLF LVVXHV PLQW WR 5 &DW Â… $ JRRG JURXS RI GLIIHUHQW YDOXHV VPDOO IDXOWV Â… Â…

Â’ &$7$/2*8(' Â… QLQHWHHQ GLIIHUHQW Â’ VKHHWOHWV XQPRXQWHG PLQW QRWH 3HDFH DQG )UHHGRP

ERWK 0LOOHQQLXP :DJWDLO (XURSHDQ 8QLRQ ERWK 2OGHVW 2DN 7UHH $ YHU\ ILQH FROOHFWLRQ Â… Â…

3RVWDJH RYSW ILVFDO VWDPSV U RU DQG U RU 6* IUHVK XQXVHG DV LVVXHG 6FDUFH DOVR RWKHU HDUO\ LWHPV Â… Â…

5(9(18(6 5DLOZD\ 1HZVSDSHU VWDPSV D ILQH VHOHFWLRQ RI WHQ ZLWK YDOXHV WR / 0 8 Â… Â…

Â’ $ RQ RQ 5 SHUI ò PLQW &DW Â… 6*

Â… Â…

/((:$5' ,6

{ 1(: &855(1&< ORFDO VXUFKDUJHV D YHU\

{ (GZDUG VHW )8 6* Â… Â… Â’ $/%80 3$*(6 ZLWK D FDWDORJXH YDOXH RYHU

Â… 49 WR .*9, ZLWK EHWWHU SLFNLQJV 49 WR G (GZDUG WR G LQF G URVH UHG .*9 WR LQF óG SO DQG SO òG SO G SO SO DQG SO .*9, ZLWK PDQ\ GLIIHUHQW SULQWLQJV *RRG IRU VWXG\ PLQW Â… Â… { 5(9(18(6 $ 86(' 6(/(&7,21 2) 49

72 (GZDUG .*9 .*9, Â… VWDPS ILVFDO XVHG Â… Â…

/(627+2 '(),1 VHW RI RQ ILQH XQDGGU )'& 6*

JRRG JURXS RI FKLHIO\ )8 LQF D RQ U 9)8 EORFN D RQ U 9)8 VFDUFH D RQ RQ U PXOWLSOH RYSW 9HU\ JRRG JURXS FDW Â… UHTXHVW VFDQV Â… Â… Â’ :$7(5/2: 3522)6 3RVWDJH GXHV ERWWRP Â’ WKUHH URZV VHW RI ZLWK PXOWL RYSW DQG SXQFKHG KROHV

HQGRUVHG LQ WKH PDUJLQ JXPPHG SDSHU VHOGRP VHHQ LQ ODUJH EORFNV QHYHU KLQJHG Â… Â… 2/' 6FRWW SULQWHG SDJHV ZLWK EHWWHU SLFNLQJV VHHQ 1HZ &XUUHQF\ VXUFK ORFDOO\ D D D D D D D PLQW FÂ… GHILQLWLYHV ZLWK YDOXHV WR D PLQW FÂ… VXUFK VHW RI FÂ… PLQW D D D QR JXP DV LVVXHG $ ILQH VHOHFWLRQ RI VWDPSV Â… Â… Â’ 8102817(' 0,17 SHULRG FRPSOHWH Â’ VHWV FDW Â… VWDPSV LQF 0XVHXP )RUWUHVV

Â… Â…

/,%(5,$ Â’ (5525 5RWDU\ &OXE PLQLDWXUH VKHHW ZLWK UHG Â’ RPLWWHG YDOXH DQG DLUPDLO IUHVK 80 Â… Â…

/,%<$

DQG 0XVLFDO ,QVWUXPHQWV 3RSXODU LVVXHV Â… Â…

0$'$*$6&$5 Â’ $,5 VHW RI 6* PLQW Â… Â…

Â’ ,7$/,$1 32 )LQH ORW RI GLIIHUHQW

{ 2/' $/%80 3$*(6 ZLWK LVVXHV IURP KLJKO\ &DW PLQW VWDPSV ZLWK YHU\ JRRG H[SUHVV DQG RWKHU %DFN Â’ )UHQFK &ROV WR 0DODJDV\ 5HSXEOLF PDLQO\ SUH LVVXHV D 2I 7KH %RRN )LQH Â… Â… JRRG UDQJH RI VWDPSV FDWDORJXHG Â… VHHQ DLUV SRVWDJH GXHV GHILQLWLYHV DQG FRPPHPRUDWLYH VHWV $ YHU\ /,7+8$1,$ XVHIXO ORW Â… Â… 4 $,50$,/ D LPSHUIRUDWHG HUURU PDUJLQDO PLQW 2/' 3$*(6 ZLWK LVVXHV IURP )UHQFK &RORQ\ WR 0L 8 Â… Â… PRUH PRGHUQ SHULRG ZLWK YDOXHV WR IU DQG PRUH PRGHUQ Â’ $,50$,/6 V DQG D ,03(5)25$7(' HUURUV LVVXHV 80 D JRRG UDQJH RI VWDPSV UDQGRPO\ 4 IUHVK PLQW 0L 8 Â… Â… DUUDQJHG Â… Â…

Â’ '( -85( '28%/( 3(5)25$7,21 (55256

PLQW V DQG D 0L VFDUFH DQG XQXVXDO Â… Â… Â’ '( -85( LVVXH YDULHWLHV D GRXEOH

0$/$:, Â’ 1<$6$/$1' 0$/$:, FROOHFWLRQ RQ VWRFN Â’ SDJHV JRRG UDQJH RI .*9, WR 4(,, WR Â… D JRRG Â’ UDQJH RI VWDPSV 06 ZLWK EHWWHU SLFNLQJV PLQW ZLWK

PXFK 80 ZLWK LVVXHV WR FLUFD Â… Â…

SHUIRUDWLRQV D FHQWUDO YLJQHWWH RIIVHW DQG D WRS YDOXH PLVSODFHG SRUWUDLWV 8QXVXDO 0L HWF Â… Â…

0$/$< 67 )06

{ ,03(5) EHWZHHQ KRUL] SDLU HUURU F 6* E { (OHSKDQWV 6* VXSHUE &'6 XVHG

ILQH XVHG Â… Â…

H[FHSWLRQDO 758( FRORXU Â… Â… ^3KRWR`

Â’ $,50$,/ F RYHUSULQW IUHVK 80 YHU\ UDUH ZLWK 0$/$< 67 -2+25( Â’ MXVW SUHSDUHG H[SHUW KV RQ UHYHUVH VHOGRP RIIHUHG 0L 4 Â… Â… { 2/' 3$*(6 ZLWK HDUO\ 6XOWDQ LVVXHV FDW %$/7,& '3 H[SRVLWLRQ LQ 6FKRQJDX 'LVSODFHG

&DPS SI PXOWL FRORXUHG VWDPS XVHG RQ REYHUVH RI FDUG WLHG VSHFLDO KV VFDUFH Â… Â…

Â… WR F WR F ZLWK YDOXHV WR LQF F F DQG )LQH XVHG GLIIHUHQW VWDPSV Â… Â…

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

{ 68/7$1 LVVXHV RQ ROG SDJHV ZLWK YDOXHV { +,*+ 9$/8( RQ EOXH JUHHQ ROLYH EODFN 6*

WR DQG QRW FRXQWHG LQ WKLV YDOXDWLRQ E )8 Â… Â… ZLWK YDOXHV WR F ZLWK YDOXHV WR FDW Â… { .*9 GHILQLWLYHV WR ZLWK VKDGHV DQG ZLWK YDOXHV WR $ JRRG UDQJH RI VWDPSV FDW GLIIHUHQW 'LH ,, RQ ROG DOEXP SDJHV ILQH XVHG F F F F Â… Â… Â… F F F F F F F F 0$/$< 67 .('$+ F DQG $ ILQH UDQJH ZLWK PDQ\ Â’ (;+,%,7,21 29(535,176 PLQW LQF F GLIIHUHQW SULQWLQJV Â… Â… 29$/ /$67 2 ,1 %251(2 6* E DOVR RWKHUV WR F 6* Â’ .*9, GHILQLWLYHV ZLWK VKDGHV DQG 'LH ,, LVVXHV ILQH JURXS Â… Â… 6* LQF F SUHSDUHG EXW QRW LVVXHG $ JRRG FROOHFWLRQ Â’ 68/7$1 VHW IUHVK PLQW 6* FDW Â… RI VWDPSV PLQW Â… Â… Â… Â…

0$/$< 67 75(1*

{ 6XOWDQ WRS YDOXH 6* VXSHUE ILVFDO XVHG

0$/$< 67 .(/$1 { 68/7$1 ,60$,/ VHW WR ILQH XVHG 6*

PDQ\ VWDPSV YHU\ ILQH XVHG Â… Â…

VHOGRP VHHQ H[FHSWLRQDO FRORXU Â… Â… ^3KRWR`

0$/$<$ 32: 3267 SRVWFDUG H[ %LUPLQJKDP WR 5R\DO

0$/$< 67 1(*5, Â’ 3*6 RIILFLDO RYSWV F F F PLQW VPDOO IDXOWV

6* Â… Â…

&RUSV 6LJQDOV ,QGLDQ $UP\ 0DOD\D YLD 7RN\R FHQVRUHG ODUJH -DSDQHVH FKRS VFDUFH Â… Â… ::,, 32: FHQVRUHG FRYHU %LUPLQJKDP WR

Â’ 9$5,(7< F $UPV UHG 6723 81'(5

,QGLDQ $UP\ 0DOD\D %ULWLVK 32: YLD 7RN\R FHQVRUHG DQG -DSDQHVH FKRS RULJLQDO OHWWHU VFDUFH Â… Â… 20,77(' $7 5,*+7 IUHVK 0 6* D YHU\ VFDUFH RQ WKLV WKH ILUVW LVVXH Â… Â… Â’ &ROOHFWLRQ RI PLQW FRPSOHWH VHWV IRU GLIIHUHQW VWDWHV LQ D 5HG $OEXP ZLWK GLIIHUHQW VWDPSV .*9 4(,, 0$/$< 67 3$+$1* 0DQ\ ILQH VHWV )06 WR .HGDQ WR 5R\DO Â’ 7LJHU 6HW IUHVK PLQW 6* :HGGLQJ DQG %XWWHUIO\ 6HWV %0$ .*9, VHW WR ERWK Â… Â… 1HJUL $UPV 6HW WR 3HQDQJ .*9, 6HW 6LQJDSRUH ZLWK ERWK .*9, VHWV WR :HGGLQJ %XUPD 0$/$< 67 3(5$. .*9, 6HW HWF 9DOXDEOH ORW RI VHWV Â… Â… { 3*6 RIILFLDO F 6* )8 Â… Â… 0$/$<6,$ &RYHUV FROOHFWLRQ ZLWK LVVXHV IURP 0DOD\D { 685&+$5*( VHW RI 6* ILQH XVHG ZLWK

DGGLWLRQDO VKDGH RI WKH F RQ F DQG F RQ VWDPSV Â… Â… { ),1( 86(' 6XOWDQ ,VNDQGDU VLGHIDFH VHW RI

6* IXOO IDFH ZLWK YDOXHV WR Â… Â…

0$/$< 67 6(/$1*

%UXQHL 6LQJDSRUH D JRRG VDXFH RI ILQH XVHG VHWV VHHQ %UXQHL 838 LOOXVWUDWHG )'& %UXQHL 8QHVFR )'& 0DOD\VLD &ORXGHG /HRSHUGV )'& ZLWK FRYHUV EHWZHHQ DQG ODWH V ZLWK WKH 0DOD\DQ FRYHU PDLQO\ IUDQNHG LQ 6DUDZDN XVHIXO ORW RI FRYHUV Â… Â…

0$/',9( ,6/$1'6 0,1$5(7 GHILQ VHW RI QLQH WR U WRS YDOXH 6*

{ ),1( 86(' FROOHFWLRQ ZLWK PDQ\ VHWV RQ ROG

XVHG RQ FRYHU WR 6LQJDSRUH 7KHVH VWDPSV SDUWLFXODUO\ WKH KLJK YDOXHV DUH UDUHO\ IRXQG RQ FRYHU 6* FRYHU IDFWRU LV DOEXP SDJHV 7LJHU VHW RI VHW WR ZLWK DGGLWLRQDO DERXW Â… Â… Â… VKDGHV 6LOYHU :HGGLQJ GHILQV WR Â… ZLWK VKDGHV 838 VHW GHILQV ZLWK GLIIHUHQW SHUI W\SHV Â’ $ ILQH FROOHFWLRQ RI VHWV LQF 1HZ 6XOWDQ VHW RI )ORZHUV %XWWHUIOLHV VHWV $ YHU\ &XUUHQF\ VHW RI 3LFWRULDO VHW RI )LVK VHW RI JRRG UDQJH RI VWDPSV HDFK GLIIHUHQW FDW Â… ))+ VHW RI D YHU\ JRRG UDQJH RI VHWV IUHVK PLQW YHU\ Â… Â… FRPSOHWH IRU WKH SHULRG Â… Â…

0$/$< 67 675$,76

Â’ 'HILQ 6HW 6* LQ YDULRXV EORFNV DQG VWULSV Â’ IUHVK 80 IHDWXULQJ DW OHDVW ILYH VHWV &DW Â… Â… Â…

49 VHOHFWLRQ RQ D SDJH WR F ZLWK VKDGHV PLQW F VXUFK D PLQW VHOHFWLRQ RI VWDPSV Â… Â…

Â’ &200(025$7,9( FROOHFWLRQ 6FRXWLQJ Â’ LQF 06 )LVKHV 06 )ORZHUV LQF 06 0HWHRURORJLFDO LQF

Â’ (':$5' GHILQV ZLWK YDOXHV WR

06 6SDFH LQF 06 6LOYHU -XELOHH LQF 06 DOO 80 FDW Â… Â… Â…

GHILQV WR F F F F PLQW Â… Â… Â’ (':$5' VHW RI IRXU IUHVK 0 6*

Â… Â… Â’ (':$5' VHW RI WR WRS YDOXH ILQH PLQW

0$/, { 2/' $/%80 SDJHV ZLWK D UDQJH RI VWDPSV Â’ ZLWK YDOXHV WR IU D VPDOO EXW XVHIXO UDQJH Â… Â…

0$/7$

6* Â… Â…

9(5< ($5/< LQZDUG HQWLUH ZULWWHQ LQ 0DGULG WR

{ (':$5' 6* 9)8 FKRLFH

0DOWKH PDQXVFULSW YHU\ ILQH Â… Â…

Â… Â… { .*9 KLJK YDOXH RYSW 63(&,0(1 6*

&DW Â… XQXVXDOO\ ZLWK &'6 SRVWPDUNV WDNHQ IURP SRVWDO DXWKRULW\ SDJH 5DUH DQG XQXVXDO VPDOO EOHPLVKHV WKLV KDV EHHQ LQ DQ DUFKLYH IRU RYHU \HDUV Â… Â… { 5(' &5266 VXUFKDUJH VHW RI 6*

)8 Â… Â…

,1:$5' 0$,/ OHWWHU IURP 0DUVHLOOHV ZLWK

F [ IUDQNLQJ EXVLQHVV +6 DQG 3' %R[HG +6 QG IURP $OH[DQGULD VWDPSOHVV ZLWK EXVLQHVV +6 OHWWHU IURP $OH[DQGULD VWDPSOHVV FKDUJH ZLWK EXVLQHVV +6 OHWWHU IURP &RQVWDQWLQRSOH FKDUJH DQG EXVLQHVV +6 DOO ZLWK FRQWHQWV Â… Â…

35(77< :5$33(5 WR ,WDO\ IUDQNHG *% G

3RVWDO +LVWRU\ (QYHORSH ZLWK óG WR G

SODWH WLHG YHU\ ILQH 0DOWD FRGH % GXSOH[ DJHQW FDFKHW HWF &KRLFH Â… Â… 5(*,67(5(' FRYHU WR &DQDGD IUDQNHG [ G

WLHG UROOHU KV 5 KV DQG RWKHU SPNV DOVR PDWFKLQJ FRYHU WR VDPH DGGU IUDQNHG G Â… Â… ::, SRVWDO KLVWRU\ SRVWFDUG WR 8.

IUDQNLQJ DQG 3RVWDO &HQVRU +6 (QY òG IUDQNLQJ ZLWK &RVSLFXD &'6 DQG 2YDO &HQVRU +6 2Q $FWLYH 6HUYLFH VWDPSOHVV $LUOHWWHU ZLWK 0DULWLPH 0DLO IUDQNLQJ (QY (QGRUVHG E\ $LUPDLO ZLWK 0DULWLPH PDLO IUDQNLQJ )RUFH $LUOHWWHU LQWR 0DOWD IURP WKH 8. DQ LQWHUHVWLQJ JURXS RI FRYHUV Â… Â… 3267$/ +,6725< 3RVWDO 6WDWLRQHU\

ZLWK YHU\ ILQH 3$66(' %< &(1625 KV DQG FRYHU ZLWK

2Q $FWLYH 6HUYLFH ; 0HGWQ YLROHW KV DQG $32 FGV 9HU\ ILQH Â… Â…

&DUG VHQW IURP 8. WR 0DOWD DERXW SDFNHWV RQ D 6KLS ZLWK FKDUWV (QY ZLWK *% òG 5RVH SO ZLWK 0DOWD $ DQG ,WDOLDQ WUDQVLW PDUN DOVR IUDQNLQJ WKH VWDPS (QY :LWK *% òG 5RVH SO ZLWK ILQH $ FDQFHO (QY ZLWK òG 5RVH SO ZLWK ILQH FDQFHO ERWK VHQW WR ,WDO\ Â… Â…

)25&( 0$,/ UHSO\ FDUG IURP D VHUYLQJ

6ROGLHU WR D 7REDFFR &RPSDQ\ HQGRUVHG 2Q $FWLYH 6HUYLFH ZLWK $UP\ 3RVW 2IILFH 33& HQGRUVHG 2Q $FWLYH 6HUYLFH ZLWK 3267$/ +,6725< FKLHIO\ .*9, RQ 2Q $FWLYH 6HUYLFH 0HGWQ KV FDUG HQGRUVHG 2$) ZLWK QHDW LOOXVWUDWHG HQY ZLWK 3ULQFH RI :DOHV 6OLHPD FGV QHDW 0DOWD 0& *32 FDQFHO 2$6 HQGRUVHG FDUG ZLWK 9DOOHWWD HQY òG 6HOI *RYHUQPHQW RYSW ZLWK ILQH 0DOWD 7UDGH )DLU 3RVW &'6 Â… Â… 2IILFH FGV ::,, DLU OHWWHUV VHQW LQZDUGV DLU { 6HOI *RYHUQPHQW 6* 9)8 $ VXSHUE OHWWHU G 6HOI *RYHUQPHQW RYSW VHQW WR 1= $ ILQH VHOHFWLRQ RI VWDPS Â… Â… LWHPV Â… Â… Â’ 4(,, XQPRXQWHG PLQW ZLWK FRPSOHWH VHWV LQF Â’ GHILQ VHW RI H[WHQVLYH FRPPHPRUDWLYH VHWV RYHU

{ 3267$*( RYSW VHW RI )8 6* QLFH

FGV TXDOLW\ Â… Â…

VWDPSV KRXVHG LQ WZR DOEXPV ZLWK LVVXHV WR Â… Â…

{ 3267$*( VHW RI )8 6*

Â… Â…

0$85,7,86 { :251 ,035(66,216 G EOXH 6* ILQH

{ 3267$*( DQG 5HYHQXH VHW RI )8 6*

Â… Â… Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, IUHVK PLQW

XVHG ZLWK IRXU PDUJLQV DQG WDUJHW FDQFHO PLQRU FRUQHU FUHDVH WRS OHIW ZLWK FHUW %3$ $ VFDUFH VWDPS JHQXLQH Â… Â…

3LFWRULDO VHW RI 4(,, 3LFWRULDO VHW RI { &ODVVLF 2QH 3HQQ\ LPSHUI 6* DWWUDFWLYH )8 3RVWDJH GXH VHW 3RVWDJH GXH VHW $ YHU\ ILQH FROOHFWLRQ H[DPSOH ZLWK JRRG PDUJLQV UHSDLUHG HWF EXW VWLOO YHU\ RI VWDPSV YHU\ FRPSOHWH IRU WKH SHULRG Â… Â… FROOHFWDEOH &DW Â… Â… Â… ^3KRWR` Â’ .*9, YDULHW\ G H[WUD ZLQGRZV 6* D IUHVK { 49 VHW RI QLQH ILQH XVHG LQF UDUH F 6* /00 Â… Â… Â… Â… 3267$*( 3$,' *32 WULDQJOH KV RQ FRYHU WR

Â’ 6,/9(5 -8%,/(( YDULHW\ U ZLWK GRW E\ IODJ 86$ ZLWK 1DYDO WRPEVWRQH FHQVRU KV 8QXVXDO Â… Â… Â’ VWDII 6* K 80 Â… Â…

*5((1 &5266 ODEHO VFKHPH FRYHU H[

{ 9$5,(7< F 6LOYHU -XELOHH GRW OHIW RI &KDSHO *ORXFHVWHU DW G UDWH ZLWK JUHHQ LPSHUI ODEHO WLHG E\ PDFKLQH 6* J )8 Â… Â… DGGU WR /DQFDVKLUH )XVLOLHUV 0DOWD )LQH DQG VFDUFH ZDUWLPH FRYHU Â… Â… Â’ 9$5,(7,(6 ZLWKLQ D ODUJH EORFN RI VHHQ OLQH Â’ WKURXJK VZRUG 5 OLQH E\ VFHSWUH 5 F\OLQGHU QXPEHU Â’ 9$5,(7,(6 òG 6HOI *RYHUQPHQW ZLWK 17 6* D E VHOGRP VHHQ WKH &RURQDWLRQ F LQ ODUJH EORFNV MRLQHG OLVWHG EXW XQSULFHG 6* D PLQW ZLWK VFDUFH RQ ZLWK WKH YDULHWLHV LQ WKH SRVLWLRQDO SODFH 80 Â… Â… .*9, +HDG 6* 9DU 0LQW Â… Â… ^3KRWR` Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, VHWV YHU\

Â’ 5(7$,/ 9$/8( (XUR V 6RYHUHLJQ Â’ 0LOLWDU\ 2UGHU RI 0DOWD RXWVWDQGLQJ FROOHFWLRQ LQF 06 IURP 3RVWFDUGV VHW RI XQXVHG 0D[LPXP FDUGV

XQXVHG DQG VWDPS PDQ\ V XQPRXQWHG PLQW RQ W\SH SDJHV E\ VHWV 2XWVWDQGLQJ FROOHFWLRQ VXSHUE TXDOLW\ Â… Â… FLUFD HQYHORSH DGGUHVVHG WR 3D\PDVWHU

FRPSOHWH IRU WKH SHULRG GHILQV WR U QRWH F VOLFHG 6 6* D F WZR VKDGHV F WZR VKDGHV U WZR VKDGHV U WZR VKDGHV 6 :HGGLQJ 3LFWRULDO VHW RI 4(,, GHILQ VHW WR U ZLWK VKDGHV %LUG VHW RI VHOI JRYHUQPHQW VHW RI $ ILQH FROOHFWLRQ RI VHWV IUHVK PLQW Â… Â…

/LHXW /RFN\HU 51 +06 &DUGLII 0DOWD ZLWK 0DOWD óG SRVWDJH Â’ 23(1 & YDULHW\ .*9, F 6* D ILQH PLQW Â… Â… SDLG LQWDJOLR KV 7KLV ::, FUXLVHU ZDV VHQW WR 0DOWD IRU SHDFHNHHSLQJ SDWUROV LQ WKH $GULDWLF UDUH WR QDYDO VKLS XVDJH { 6XSHUE XVHG FROOHFWLRQ ZLWK EHWWHU HDUO\ VHWV IDXOWV DQG IROG WKRXJK YHU\ XQXVXDO Â… Â… GHILQ VHW RI %LUGV VHW RI 6HOI '$92 35,17(' $/%80 IRU LVVXHV IURP *RYHUQPHQW VHW RI %LUGV FRORXU FKDQJH VHW RI WR KLQJOHVV $OEXP ZLWK EHWWHU SLFNLQJV .*9, GHILQ )LVKHV VHW RI D ILQH UDQJH RI &RPPHPRUDWLYH VHWV WR 6 :HGGLQJ 80 VHOI *RYHUQPHQW WR $ ILQH VWDPSV RXWVWDQGLQJ TXDOLW\ Â… Â… $OEXP VSDUHO\ ILOOHG ZLWK VWDPSV Â… Â…

0(0(/

Â’ 2/' 3$*(6 ZLWK VWDPSV ZLWK LVVXHV WR

VHHQ 49 WR SRVWDJH 2937V WR (GZDUGV WR { $1 ,17(5(67,1* VPDOO VHOHFWLRQ RI FKLHIO\ ZPN FURZQ FF )LQH XVHG FDW Â… D JRRG PL[WXUH ZLWK XVHG RQ WZR SDJHV VWDPSV QRWLQJ )UHQFK RYSW VHW WR EHWWHU SLFNLQJV Â… Â… PN 9)8 RQ SLHFH JRRG ORW ZLWK KLJK &9 Â… Â… 3267$/ +,6725< IURP 8. WR 0DOWD 0(;,&2 ZLWK 7KRPDV &RRN 0DOWD +6 RQ WKH UHYHUVH ZLWK FRQWHQWV (DJOH F GLH SURRI SURGXFHG LQ IRU (QY )URP 8. ZLWK .*9 G VHQW WR 0DOWD ZKHUH D G SKLODWHOLF H[KLELWLRQ DW 1LDJDUD )DOOV 1R RI SUHSDUHG 0DOWD VWDPS DWWDFKHG DQG VHQW RQ WR &UHWH HQGRUVHG G DQG 6FDUFH Â… Â… WZR *UHHN +6 )HVWLYH *UHHWLQJ SULQWHG (QY )URP WKH *HRUJH &URVV ,VODQGV (QY :LWK VL[ LQVWUXFWLRQ PDUNV ,QWHUHVWLQJ JURXS RI FRYHUV FDUGV Â… Â…

3267$/ 67$7,21(5< HDUO\ .LQJV LVVXHV 5(9(18(6 2) 0(;,&2 D VSOHQGLG ROG WLPH FROOHFWLRQ RI GLIIHUHQW ZULWWHQ XS LQ DQ XQXVHG F VPDOO HQY F VWDQGDUG HQY F DQG F ZUDSSHUV $ ILQH VHOHFWLRQ RI FRYHUV FDUGV Â… Â… DOEXP VXSHUEO\ HQJUDYHG LVVXHV &XVWRPV WR S /LJKWKRXVH GHVLJQ WR S %LOO VWDPSV LQF 7RZQ 021*2/,$ KDQGVWDPSV H[WHQVLYH 5HQWD ,QWHULRU ZLWK WDEV )HGHUDO &RQWULEXWLRQ LQF S DQG VR PXFK HOVH $ VHOGRP RIIHUHG Â’ ),6&$/ 67$03 F SRVWDJH RYHUSULQW LQ EODFN PLQW FRUQHU PDUJLQDO 6* E FDW Â… 6ROG HQWLUHO\ RQ LWV ORW Â… Â… PHULWV YHU\ UDUH DQG FRPSOLFDWHG LVVXH IURP D YHU\ ROG 021$&2 DOEXP Â… Â… Â’ /,1'1(5 KLQJOHVV DOEXP ZLWK D YHU\ JRRG 02176(55$7 Â’ FROOHFWLRQ RI VHWV LQF PDQ\ EHWWHU VHWV FKLHIO\ 80 QRWH Â’ 5HOLHI )XQG VHW RI FDW Â… 0 5HG &URVV $Q H[FHSWLRQDO VHYHQ VWDPS GHYLFH UHJLVWHUHG FRPELQDWLRQ FRYHU òG WR SD\LQJ G UDWH WR 8. $PEXODQFH )XQG VHW RI FDW Â… 80 5HG &URVV 6* HDFK WLHG QHDW &'6 5DWHG RYHU Â… DV D FRPER VXFK 06 LPSHUI FDW Â… PLQW 2O\PSLF VHW FÂ… 80 FRYHU $UULYDO &'6 Â… Â… 5DOO\ FÂ… 80 VXUFK SRVWDJH GXHV VHW DV WHWH EHFKH SDLUV 6* D D 80 FDW Â… SRVWDJH GXH $Q H[FHSWLRQDO PDWFKHG WULR RI SHWLWH HQYHORSHV VHW FÂ… 80 SRVWDJH GXH VHW DV WHWH EHFKH SDLUV 6* HDFK UHJLVWHUHG WR *HUPDQ\ ZLWK VLQJOH IUDQNLQJV RI GHYLFH ' D D RYHU VWDPSV 06 +XJH FDW YDOXH DQG G 6* FRUUHFWO\ FDQFHOOHG 6XSHUE WKH WULR DUH Â… Â… UDWHG Â… RQ FRYHU Â… Â…

7:2 '$92 SULQWHG $OEXPV ZLWK VWDPSV 6HWWOHPHQW VHW )8 6* DQG 06 6KHHWOHWV ZLWK EHWWHU SLFNLQJV F F PLQW Â… Â… F F )8 3ULQFH $OEHUW WR IU XQFKHFNHG )8 5HG &URVV )XQG RI FÂ… PLQW 5HOLHI 5HJLVWHUHG FRYHU WR 8. ZLWK LPSUHVVLYH G )XQG FÂ… PLQW $ ILQH FROOHFWLRQ LQ D ILQH SDLU RI $OEXPV UDWH RI G 6* HWF HDFK QHDW &'6 6FDUFH PDLQO\ PLQW LQF XQPRXQWHG PLQW Â… Â… VWDPSV RQ FRYHU VRPHZKDW VRLOHG Â… Â… Â’ 0,//(6,0( JXWWHU SDLU F <YHUW IUHVK PLQW 6,/9(5 -8%,/(( RPQLEXV VHWV 6* XVHG VFDUFH LWHP Â… Â… RQ FRYHUV QLFHO\ FDQFHOOHG DOO UHJLVWHUHG FRYHUV HDFK EHDULQJ D FRPSOHWH VHW 6* Â… Â… Â’ 0,//(6,0( JXWWHU SDLU F IUHVK PLQW <YHUW Â’ 2OG $OEXP 3DJHV ZLWK .*9, 4(,, YHU\ Â… Â… FRPSOHWH IRU WKH SHULRG QRWH ZLWK GLIIHUHQW SHUIV WR Â… 6 :HGGLQJ 3LFWRULDO VHW 4(,, 3LFWRULDO Â’ 35,1&( $/%(57 GHILQLWLYH WR I ZLWK VKDGHV VHW WR )UXLW VHW RI $ YHU\ JRRG UDQJH RI DQG EHWWHU YDOXHV LQF F F I URVH JUHHQLVK $ PLQW FRPPHPRUDWLYH VHWV ZLWK VHW IUHVK PLQW Â… Â… VHOHFWLRQ RI VWDPSV FDW Â… Â… Â… 08/7,3/( FHQVRUHG FRYHU WR 0DGHLUD ZLWK

Â’ 35,1&( $/%(57 VHW RI GLII YDOXHV WR IU

ODUJH 9LD $QWLJXD KV ZLWK G VLQJOH IUDQNLQJ $Q LQWHUHVWLQJ ZDUWLPH FRYHU Â… Â…

PLQW FDW (XUR Â… <YHUW Â… Â…

Â’ $,5 VHW RI 6* F PLQW KLJK YDOXHV I { 683(5% 86(' &ROOHFWLRQ ZLWK PDQ\ EHWWHU Â’ WR I 80 Â… Â… HDUO\ VHWV 3LFWRULDO VHW RI ,QVFULEHG &RORQ\ VHW Â’

RI 3ODQWV VHW RI 1HZ ZPN VHW RI D ILQH UDQJH RI &RPPHPRUDWLYH VHWV RXWVWDQGLQJ TXDOLW\ VWDPSV Â… Â…

Â’ 5(' &5266 VKHHWOHW RI IRXU LPSHUI 80 6* Â’ 06 Â… Â… Â’ &$7$/2*8(' Â… D ILQH FROOHFWLRQ RI FKLHIO\ Â’ XQPRXQWHG PLQW VHWV ZLWK EHWWHU LQF (XURSD *UDQG 3UL[ Â’ 3DLQWLQJV $LUV 6* FDW Â… 80 GHILQ VHW RI

{ ),1( 86(' ILQHVW TXDOLW\ .*9, VHW WR Â…

ZLWK DGGLWLRQDO SULQWLQJV 4(,, VHW WR )UXLWV WR SOXV RWKHU LWHPV TW\ Â… Â…

80 SUH FDQFHOV RYHU VWDPSV LQ D TXDOLW\ /LQGHU KLQJOHVV 0XOWLSOH IUDQNHG 2+06 (QYHORSH GHILQLWLYHV F WR VHQW UHJG WR WKH 8. 1HZ DOEXP Â… Â… &XUUHQF\ F F F RQ D QHDW (QY %LUGV Â’ &$7$/2*8(' Â… VXSHUE FROOHFWLRQ LQ D RQ D 2+06 (QY F WR F VHQW UHJG 7R 8. ZLWK ILQH *32 Â’ /LQGHU KLQJOHVV SULQWHG DOEXP XQPRXQWHG PLQW VHHQ 06 FDW 3O\PRXWK &'6 %LUGV F WR ZLWK )', &'6 Â… HDFK PDQ\ 'RJ 6KRZ VHWV SUH FDQFHOV $UW VXSHUE ORW RI FDQFHO $ ILQH VHOHFWLRQ RI ILYH FRYHUV Â… Â… VWDPSV 06 LQ D TXDOLW\ DOEXP Â… Â… 3267$/ +,6725< .*9 'HYLFH IUDQNLQJV Â’ 9(5< 6&$5&( :RUOG &XS 06 &HUHV D YHU\ ILQH LWHPV LQF EORFN G RQ QHDW 5HJ G FRYHU Â’ EORF IHXLOOHW 0LFKHO XQPRXQWHG PLQW Â… Â… VWDPSV FDW Â… PXOWL IUDQNHG DQG FRPER LWHPV òG G RQ IURQW RI SSF 2+06 ZLWK òG G FRPER DQG ILYH Â’ &$7$/2*8(' Â… XQPRXQWHG PLQW EDFNVWDPSV *RRG ORW Â… Â… Â’ FROOHFWLRQ LQ D /LJKWKRXVH KLQJOHVV SULQWHG DOEXP QRWH GHILQ VHW FDW Â… GHILQ VHW FDW Â… PDQ\ PLQLDWXUH 3267$/ +,6725< 6(/(&7,21 òG ZDU VWDPS VLQJOH IUDQNLQJ 6LOYHU -XELOHH VHW RQ 2+06 VKHHWV FDW RYHU Â… HDFK $ VXSHUE FROOHFWLRQ RI VWDPSV HQY GHILQV WR RQ 6HOIULGJHV )'& V :HGGLQJ VHW 06 DQG WKH RGG ERRNOHW VXSHUE TXDOLW\ Â… Â… )'& HWF 1LFH Â… Â… 3267$/ +,6725< FRYHUV FDUGV LQF HDUO\ SLFWRULDO FDUGV IURP DURXQG 0RQDFR V V SHULRG VHHQ 0252&&2 WKH RGG PD[LXP FDUG HQY ZLWK 2]DQDP DQG 'D /D 6DOOH ',( 3522)6 ZLWKRXW YDOXHV RI GHILQ GHVLJQV VHWV HQY IURP 0RQWH &DUOD 3DODFH ZLWK I VLQJOH RI )H] DQG 5DEDW HDFK [ PP Â… Â… IUDQNLQJ 33& RI WKH 7KURQH 5RRP ZLWK VLQJOH F IUDQNLQJ 33& /H 5RFKHU ZLWK PDWFKLQJ F VLQJOH 0252&&2 $*(1&,(6 IUDQNLQJ HQY UHJG ZLWK F F F DQG I FDQFHOOHG Â’ 8102817(' 0,17 (GZDUG S ZLWK SODWH ZLWK ([SRVLWLRQ 0RQWH &DUOR FGV $ YHU\ LQWHUHVWLQJ JURXS RI Â’ QXPEHU VXSHUE VWDPSV VFDUFH ZLWK SODWH QXPEHU 6* FRYHUV $ ILQH FROOHFWLRQ VHOGRP VHHQ FRYHUV IURP Â… Â… KHUH Â… Â…

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

Â’ 6($+256( EORFN RI SL RQ G 6* Â’ 6SDQLVK &XUUHQF\ D VFDUFH PDUJLQDO H[DPSOH 80

Â’ 0267 &2035(+(16,9( 0 80 FROOHFWLRQ Â’ KRXVHG LQ ER[HG KLQJHOHVV DOEXP V PDQ\ JRRG LWHPV

Â… Â… Â’ 2/' $/%80 3DJHV ZLWK PDQ\ VHWV IUHVK PLQW

VHW WR VFDUFH G 'LH ,, 6* $ UDQJH RI IUHLJKWHU GHILQV DV LPSULQW EORFNV DQG VWULSV ZLWK YDOXHV WR G .*9, òG &RURQDWLRQ DV FRPSOHWH VKHHWOHW RI RQZDUGV ZLWK PDQ\ VHWV LQF GHILQV F %LUG LPSHUI SDLU XQOLVWHG F 7UDLQ LPSHUI SDLU SDLG Â… PDQ\ VKHHWOHWV DQG KLJK YDOXHV YHU\ H[WHQVLYH Â… Â…

%ULWLVK &XUUHQF\ )UHQFK &XUUHQF\ 6SDQLVK &XUUHQF\ DQG 7DQJLHV RYSWV VHHQ 6 :HGGLQJ VHWV %ULWLVK .*9, 6* VHW RI 7DQJLHU VHW RI FÂ… KLJK YDOXH VHW RI +LJKO\ FDWDORJXHG RI Â’ .*9 *% 29(535,176 PLQW ORW LQFOXGLQJ VWDPSV Â… Â… PXOWLSOHV VKRZLQJ SRVLWLRQDO YDULHWLHV DQG IODZV LWHPV Â’ *5($7 %5,7$,1 RYHUSULQWV D PLQW FROOHFWLRQ IHDWXULQJ VWDPSV G VWULS ZLWK VKDYHG 8 SDLU ZLWK ZLWK PDQ\ EHWWHU LQF +LJK YDOXHV QRWH (GZDUG VHW RI FURRNHG $ G PDOIRUPHG 5 G EORFN ZLWK VKDYHG 5 òG &Â… 3 3 .*9 6($+256( 6 ' LQF D FRQWURO - EORFN òG G G VKRUW 1 EORFNV WR G ZLWK EORFN RI 6SDQLVK &XUUHQF\ ZLWK ERWK '/5 DQG :DWHUORZ WR GDPDJHG 8 DQG RWKHUV *RRG JURXS Â… Â… S RQ .*9, LVVXHV D YHU\ JRRG ORW RI VWDPSV

Â’ 6($+256(6 0,17 ZLWK VSHFLDOLVHG VKDGHV

Â… Â…

G GHHS EULJKW EOXH 6* G &KLHIO\ IUHVK DQG ILQH $ YDOXDEOH JURXS Â… Â… LVVXHV VHHQ 49 F SL SL .*9 VHDKRUVHV ZLWK VKDGHV Â’ )5(,*+7(5 URXJK SDSHU VHW IUHVK /00 LQF DQG GLIIHUHQW FXUUHQF\ (GZDUG LQF SL RQ G D ILQH UDQJH RI VWDPSV PLQW Â… Â… 80 6* D Â… Â…

Â’ 672&. 3$*(6 ZLWK 49 (GZDUG DQG .*9

02=$0%,48( { )5(,*+7(5 WRS YDOXH )8 6* E Â… Â… 2/' 6FRWW SDJHV ZLWK LVVXHV IURP 3RUWXJXHVH &RORQLHV ZLWK VWUHQJWK LQ LVVXHV WR QRWH HDUO\ &URZQ .LQJV $UPV H[WHQVLYH RYSWV 9DVD GD *DPD VHWV &HUHV $ Â’ )5(,*+7(5 VKLQ\ SDSHU VHW IUHVK /00 LQF 1+ YHU\ ILQH 6* E Â… Â… ILQH UDQJH RI VWDPSV Â… Â…

{

{ {

{ {

086&$7 2/' 3$*(6 ZLWK EHWWHU SLFNLQJV LQF &HQWXU\ VKLQ\ VXUIDFH ZKLWH SDSHU VHW 6* E E FDW Â… 2/' $/%80 3DJHV ZLWK 0XVFDW DQG (DVW PLQW SLFWRULDO VHW LQF òG G H[WUD VKDGH PLQW $ $UDELD LVVXHV 0XVFDW RYSW 3RVWDJH VHW DQG 2IILFLDO VHW ILQH FROOHFWLRQ RI VWDPSV FRYHU Â… Â… .*9, VXUFK VHW RI &DVWOH U DOO WKUHH W\SHV U W\SH , DQG ,, VHW RI D ILQH FROOHFWLRQ RI VHWV 9HU\ Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, YHU\ FRPSOHWH IRU WKH SHULRG IUHVK PLQW Â… Â… FRPSOHWH IRU WKH SHULRG &HQWXU\ )UHLJKWHU VHW RI 3LFWRULDO VHW WR ZLWK VKDGHV 3LFWRULDO VHW .*9, $JHQF\ LVVXHV 9)8 ZLWK 0XVFDW &'6 3LFWRULDO VHW RYSW VHW RI Â… Â… VHWV 'HILQV WR U 2O\PSLFV HWF 4XDOLW\ Â… Â… )5(,*+7(5 G XVHG RQ VPDOO FRYHU WLHG FGV UHPDUNDEOH G UDWH 5DUH VWDPSV WR ILQG RQ FRYHU 1$7$/ YHUWLFDO IROG FOHDU RI VWDPSV 6* E Â… Â… (GZDUG G RIILFLDO 2937V )8 ,17(5(67,1* SDLU RI )UHLJKWHU PXOWL IUDQNHG 6FDUFH VWDPSV 6* &DW Â… Â… Â… FRYHUV ERWK DGGU WR +06 :HOOLQJWRQ ZKLOVW YLVLWLQJ 1DXUX RQH (GZDUG Â… 6* 9)8 ZLWK SRVWDO IUDQNHG GLII YDOXHV WR DGGU WR WKH +LJK &RPPLVVLRQHU FDQFHO ([FHSWLRQDO H[DPSOH Â… Â… RWKHU ZLWK VHW WR DGGU WR D /LHXWHQDQW RQ WKH VKLS 8QXVXDO Â… Â… (GZDUG 6* 9)8 ZLWK QHDW SRVWDO '(&,0$/ FXUUHQF\ SXEOLFLW\ SKRWRJUDSKV RI WKH &'6 )LQH VWDPS Â… Â… GHILQLWLYH LVVXH EODFN DQG ZKLWH SKRWRJUDSKV PRXQWHG RQ FDUGV ZLWK GHWDLO RI WKH VWDPSV Â… Â… (GZDUG 6* 9)8 ZLWK QHDW 1HZFDVWOH &'6 Â… Â… '$1*(5286 )25*(5,(6 RI (GZDUG LVVXHV PLQW ZLWK LPSUHVVHG ZDWHUPDUNV DQG YDOXHV WR Â… DOO SHUIRUDWHG LQ VLPLODU FRORXUV WR LVVXHG VWDPSV ZH KDYH QRW VHHQ WKHVH EHIRUH Â… Â…

0267 ,17(5(67,1* ORW RI PDWHULDO LQ WKUHH DOEXPV DQG IROGHU D YHU\ JRRG VHOHFWLRQ RI .*9 RYHUSULQWV LQF YDULHWLHV VKDGHV &72 H[DPSOHV QRW FRPPRQ IUHLJKWHU LVVXHV LQF SPNV PLQRU YDULHWLHV XVHG VWDPSV LQF VHWV JRRG FRYHUV LQF (PSLUH DLUPDLO VFKHPH IOLJKW H[ 8. &RURQDWLRQ LVVXHV RQ FRYHU YHU\ ODWH XVH RI G )UHLJKWHU RQ ORFDO FRYHU SRVWDJH VWDPS XVHG DV SRVWDJH GXH FRYHU DQG PXFK PRUH $ GLYHUVH ORW ZLWK XQXVXDO LWHPV Â… Â…

'$1*(5286 IRUJHULHV RI (GZDUG LVVXHV PLQW ZLWK PDQ\ GLII KLJK YDOXHV WR Â… DQG DOO ZLWK LPSUHVVHG ZDWHUPDUNV SHUIRUDWHG LQ LVVXHG FRORXUV $ UHPDUNDEOH JURXS ZH EHOLHYH WKHVH ZHUH SURGXFHG WR GXSH FROOHFWRUV RQ { 81868$/ 0$7(5,$/ 21 3$*(6 ZHE DXFWLRQ VLWHV Â… Â… FDQFHOODWLRQV LQF G DQG 1:3, 5RR RYSWV ZLWK 1DXUX FGV 0DUVKDOO ,VODQGV [ SI RQ SLHFH ZLWK 1DXUX FGV 1$858 )UHLJKWHU XVHG UDQJHV ZLWK YDOXHV WR Â’ 29(535,17 '28%/( 21( $/%,12 G 6* &RURQDWLRQ VHW DV LPSULQW EORFNV RI IRXU RQ UHJG FRYHU DQG E PLQW Â… Â… RWKHU LWHPV TW\ JRRG JURXS Â… Â…

1(3$/

Â’ 29(535,17 '28%/( 21( $/%,12 G 6*

E PLQW Â… Â… Â’ 29(535,17 '28%/( 21( $/%,12 G 6*

E PLQW Â… Â… Â’ 29(535,17 '28%/( 21( $/%,12 HUURU òG Â’ 6* E DV IDEXORXV 80 PDUJLQDO EORFN Â… Â…

2/' 7,0( VWDPS FROOHFWLRQ RQ SDJHV LVVXHV YHU\ JRRG VHOHFWLRQ RI SULPLWLYH LPSHUI LVVXHV 6* WKLQ SDSHUV LQF 6* LPSHUI EHWZHHQ YHUWLFDO SDLU 6* D DV EORFN PLQW RWKHU FODVVLFV LQF 6* PLQW DQG JHQHUDO UDQJHV (OXVLYH PDWHULDO Â… Â…

1(7+ &2/6 35,17(' '$92 $OEXP IRU FRORQLHV LVVXHV IURP WR LQ JRRG FRQGLWLRQ VSDUHO\ ILOO ZLWK VWDPSV FKLHIO\ PLQW $ JRRG $OEXP WR ILOO Â… Â…

www.philangles.co.uk

place your bids online. Immediate and secure.

1(7+ &2/6 &85$&$2 Â’ 3267$*( '8( 6(7 2) VJ 0,17 $

6&$5&( 6(7 Â… Â…

1(7+ &2/6 ,1',(6 { 3ULQWHG SDJHV ZLWK D XVHIXO UDQJH RI VWDPSV Â’ LQF VXUFK QRWH F F PLQW GHILQV WR òJ

7:2 /,*+7+286( 3ULQWHG $OEXPV ZLWK D YDOXDEOH FROOHFWLRQ FDWDORJXHV RYHU Â… YHU\ H[WHQVLYH FROOHFWLRQ ZLWK EHWWHU HDUO\ LVVXHV DQG IURP XQPRXQWHG PLQW QRWH LPSHUI VHW RI .LQJ :LOOLDP WR J XQFKHFNHG IRU SULQWLQJV 4XHHQ :LKHOLPLQD LQF J 6* J 6* )8 &RURQDWLRQ J 6* PLQW ([KLELWLRQ VHW RI 6* FÂ… PLQW $FFHVVLRQ VHW RI FÂ… )8 7RXULVW VHW RI 6* PLQW $Q H[WHQVLYH FROOHFWLRQ ZLWK PDQ\ FRPSOHWH VHWV ODWHU LVVXHV LQF 06 DQG ERRNOHWV $ VXSHUE FROOHFWLRQ Â… Â… ^3KRWR`

FRORXU SDSHU VHW RI )8 MDYD RYSW VHW RI )8 SOXV \ F F F òF F F òF DQG F RYSW LQY RYSW VHW WR òJ QRWH òJ H[SHUWLVHG RQ WKH UHYHUVH 6* D ILQH FROOHFWLRQ RI VWDPSV &DW 2YHU Â… Â… Â… 63(&7$&8/$5 HQWLUH ZULWWHQ IURP 5RWWHUGDP WR 1RUIRON (QJODQG IUDQNHG [ F ILUVW LVVXH HDFK ZLWK ER[HG 1(7+ &2/6 1(: *8,1($ )5$1&2 KV 5RWWHUGDP FGV HWF 7KLV IUDQNLQJ LV UDWHG Â… (;7(16,9( &ROOHFWLRQ PDLQO\ PLQW LQF IDXOWV EXW D VXEVWDQWLDO XVDJH Â… Â… XQPRXQWHG PLQW VHW WR J G )ORRG 5HOLHI )8 { .,1* :,//,$0 VWXG\ ZLWK D FDWDORJXH YDOXH 817($ RYSW VHW RI 6* D ILQH FROOHFWLRQ RI RYHU Â… ZLWK GLIIHUHQW GLHV DQG SHUI W\SHV WR F EHWZHHQ VHWV Â… Â… 6* HDFK VHHP WR EH GLIIHUHQW D VROLG ORW RI VWDPSV 1(7+ &2/6 685,1$0( ILQH XVHG Â… Â… { &DW Â… $UPV VHW RI VL[ ILQH XVHG (;7(16,9( DQG YDOXDEOH FROOHFWLRQ RQ ROG SULQWHG SDJHV PXFK LQF XQPRXQWHG PLQW ZLWK PDQ\ EHWWHU 6* 1HDW &'6 Â… Â… .LQJ :LOOLDP WR J G PDLQO\ )8 F VXUFK LQF RQ F PLQW VXUFKDUJHV LQF F RQ òJ 6* { <RXQJ 4XHHQ ILQH XVHG VHW ZLWK DGGLWLRQDO OLVWHG VKDGHV DQG VRPH YHU\ ILQH &'6 H[DPSOHV 6* XQXVHG GHILQV WR F 4XHHQ J G DQG òJ G VWDPSV &DW Â… ZLWK NH\ *OG * F G DQG )8 F WHWH EHFKH SDLU 6* D )8 ZLWK RYHU VWDPSV *OG Â… Â… 06 $ YHU\ JRRG FROOHFWLRQ Â… Â… ^3KRWR` { <281* 48((1 JO F 6* VXSHUE FGV Â’ 7(7( %(&+( 3DLU F 5HG QXPHUDO 6* D XVHG 0LGGOHEXUJ FGV JHP VPDOO LQN VSRW PHQWLRQHG IRU IUHVK QR JXP DV LVVXHG VFDUFH DV D WHWH EHFKH SDLU DFFXUDF\ Â… Â… Â… Â… { <281* 48((1 J F SHUI 9)8 ZLWK QHDW 5RWWHUGDP FGV 6* Â… Â… VWDPSV 6* IURP 6XULQDPH ZLWK VSHFLDO FDQFHO DQG FDFKHW VHQW WR &XUDFDR $ VFDUFH FRYHU HQGRUVHG YLD 7ULQLGDG Â’ 6XUFKDUJH 6HW DQG VWDPS H[KLELWLRQ VHW DQG DUULYDO PDUN RQ WKH UHYHUVH Â… Â… ^3KRWR` ERWK ILQH PLQW 6* &DW Â… Â… Â…

4 '2 ; FRYHU ZLWK WKH RYSWHG VHW RI

1(7+(5/$1' $17,//(6

{ *8// KLJK YDOXH JOG )8 6* { 2/' 35,17(' 3DJHV ZLWK LVVXHV IRU &DUDFDR Â… Â… Â’ DQG $QWLOOLHV ZLWK PDQ\ EHWWHU SLFNLQJV .LQJ :LOOLDP J Â’ )8 6* FÂ… F PLQW FÂ… -XELOHH VHW RI { 35,17(' DOEXP ZLWK D ILQH XVHG FROOHFWLRQ RI Â’

6* FÂ… PLQW 3LFWRULDO VHW RI FÂ… PLQW 4XHHQ (QVFKHGH VHW RI FÂ… PLQW $LU VHW RI 6* )8 3RVWDJH GXH VHW RI FÂ… PLQW 2YHU VWDPSV PDLQO\ PLQW LQF XQPRXQWHG $ YDOXDEOH FROOHFWLRQ Â… Â… ^3KRWR`

1(7+(5/$1' ,1',(6

VWDPSV 06 DQG ERRNOHW SDQHV YHU\ FRPSOHWH LQ FRPPHPRUDWLYHV 5HOLHI )XQG &KLOG :HOIDUH )XQG &KLOG :HOIDUH )XQG WR &KLOG )XQG 06 $ YHU\ ILQH FROOHFWLRQ Â… Â… ,//8675$7(' )LUVW GD\ FRYHUV ZLWK

VSHFLDO FDQFHO PDLQO\ ZLWK QHDW W\SHG DGGUHVVHV Â… Â… 2/' 35,17(' $OEXP SDJHV ZLWK PDQ\ EHWWHU SLFNLQJV .LQJ :LOOLDP F SHUI 6* )8 GHILQV WR $ &$5721 ZLWK PDQ\ GLIIHUHQW VWDPSV LQF J )8 4XHHQ VHW WR J )8 -$9$ RYSW PRGHUQ \HDU VHWV SULQWHG $OEXP FRORQLHV LVVXHV RQ SDJHV WR \òJ )8 RIILFLDO )8 6* 'LHQVW RYSW DQG LQ VWRFNERRNV ORWV RI 80 LVVXHV DQ RULJLQDO ORW WKDW QHHG RIILFLDOV WR òJ )8 %DQGRHQJ RYSW VHW RI PLQW VRUWLQJ Â… Â… FÂ… -XELOHH òF WR J G )8 $ YHU\ ILQH { 2/' 7,0( FROOHFWLRQ RI VWDPSV LQF FROOHFWLRQ RI VWDPSV +LJK FDWDORJXH YDOXH Â’ &RORQLHV LVVXHV LQ DQ ROG DOEXP ZLWK PXFK ILQH XVHG FKLHIO\ Â… Â… ^3KRWR` VRUWHG E\ LVVXHV VHHPV WR EH IURP V WR D JRRG { -$3$1(6( 2&&83$7,21 RI -DYD ODUJH SLHFH VROLG FROOHFWLRQ VHHQ ,QGLHV F 6* )8 -DSDQHVH ZLWK )LUVW $QQLY 6HW 6* 6DYLQJ &DPSDLJQ 3LFWRULDO VHW RI 2FFXSDWLRQ &XUDFDR J ZLWK 6SHFLPHQ RYSW DQ 6* ILQH XVHG ZLWK 6RHUDEDMD &'6 FDQFHOV LQWHUHVWLQJ ROG DOEXP LQ QHHG RI VRUWLQJ Â… Â… Â… Â… Â’ 67$03 %22./(76 V V SHULRG LQF Â’ 1(7+(5/$1'6 &RORQLHV LVVXHV XQFKHFNHG IRU W\SH D YHU\ JRRG ORW RI ERRNOHWV 80 Â… Â… { 2/' $/%80 SDJHV ZLWK VWDPSV DQG Â’ 06 PDLQO\ ILQH XVHG VHHQ F F F )8 F 1(9,6 F )8 &KLOG :HOIDUH )XQG LQF Â’ )$%8/286 ORW RI QHZ LVVXH PDWHULDO 80 LQ VHW )8 &XOWXUDO 6RFLDO 5HOLHI )XQG 5HG Â’ EXOJLQJ DOEXP ZLWK LVVXHV WR SDFNHG ZLWK VHWV DQG 06 &URVV )XQG &XOWXUDO )XQG VHW RI )8 &KLOG WKH ODWHU LVVXHV DUH VWLOO LQ WKHLU QHZ LVVXH SDFNHWV VXEVWDQWLDO :HOIDUH )XQG VHW RI PLQW &XOWXUDO )XQG VHW RI PLQW ORW ZLWK PDQ\ DWWUDFWLYH VHWV V Â… Â… &XOWXUDO )XQG VHW RI )8 $ JRRG FROOHFWLRQ ZLWK PDQ\ Â’ 8102817(' 0,17 ZLWK PDQ\ VHWV VHHQ FRPSOHWH VHWV Â… Â… Â’ GHILQLWLYHV WR RIILFLDOV WR $ YHU\ JRRG FROOHFWLRQ RI V LVVXHV VWDPSV LQF 06 Â… Â…

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

Â’ 9,&725< RUDQJH VXSHUE LPSHUI SDLU 8<0 Â’ IURP WKH SULQWHUV SURRI VKHHW 6* Â… Â…

1(: *8,1($ Â’ 5(*,67(5(' ODEHO VXUFKDUJHG *5, G 6*

G ILQH PLQW 6FDUFH Â… Â…

Â’ 9,&725< òG YHUWLFDO SDLU SOXV G G DQG

VLQJOHV DV LPSHUI SULQWHUV SURRIV LQ LVVXHG FRORXUV VFDUFH IUHVK 0 Â… Â…

{ +876 Â… WRS YDOXH 9)8 VFDUFH VWDPS 6*

Â… Â…

{ 5(9(18( D VSHFWDFXODU FRPELQDWLRQ SLHFH

Â’ %LUG RI 3DUDGLVH VHW RI G WR Â… ILQH PLQW

IUDQNHG 49 WDOO W\SHV Â… Â… Â… Â… DQG G .*9 VWDPSV PDNLQJ Â… UDWH 5HPDUNDEOH SLHFH Â… Â…

6* Â… Â… ^3KRWR` Â’ 2/' $/%80 3DJH ZLWK .*9, &RURQDWLRQ VHW

683(5% SDLU RI PDWFKHG PXOWL FRORXUHG

PLQW $LU òG WR 6* PLQW 6PDOO EXW KLJKO\ &DWDORJXHG Â… Â…

SRVWFDUGV GHSLFWLQJ ORFDO VFHQHV DQG HDFK ZLWK GLII .*9 RYSW IUDQNLQJ QHDWO\ FDQFHOOHG RQ REYHUVH ZLWK òD D òD D DQG D S D D 6* QHDW .XZDLW FGV FKRLFH Â… Â…

{ $,5 723 9$/8( Â… 6* ILQH XVHG

Â… Â… Â’ *2/'),(/'6 DLU VHW PLQW 6* FDW 4 Â… Â… Â… { +,*+ 9$/8( $,5 VJ YHU\ ILQH

{ 5(9(18( D VSHFWDFXODU FRPELQDWLRQ SLHFH

IUDQNHG 49 WDOO W\SHV Â… Â… Â… DQG .*9 GHILQV G G PDNLQJ Â… UDUH ([FHSWLRQDO FRORXU FRPELQDWLRQ Â… Â… Â’ 6PLOLQJ %R\V +HDOWK VHW IUHVK PLQW 6*

XVHG Â… Â…

Â… Â…

1(: +(%5,'(6

.*9 SLFWRULDO VHW RI òG WR QLFHO\ XVHG RQ

(03,5( $LU 0DLO 6FKHPH VSHFLDO FDFKHW RQ 4 IORZQ FRYHU WR 3RUW 9LOD ZLWK DUULYDO FGV RQ IURQW )UDQNHG

IORZQ UHJG FRYHU WR &DQDGD 6* FDW Â… DV D XVHG VHW Â… Â…

òG $ VFDUFH GHVWLQDWLRQ YHU\ ILQH Â… Â… { $ ),1( &ROOHFWLRQ RQ 2OG $OEXP SDJHV Â’ VHW WR IU PLQW I ILQH XVHG 6* 3LFWRULDO VHW RI

6* ILQH XVHG 3LFWRULDO VHW RI PLQW D ILQH UDQJH RI FRPPHPRUDWLYH VHWV $ JRRG ORW RI VWDPSV Â… Â… 5(*,67(5(' FRYHU 6DQWR WR 0DOD\D ZLWK

VXSHUE IU IU &DQRH KLJK YDOXH FRPELQDWLRQ 6* IRXU EDFNVWDPSV Â… Â… 8QXVXDO FRYHU WR %U 6RORPRQ ,VODQGV H[ 6DQWR

IUDQNHG F SDLU RQ DUULYDO VFDUFH XVH RI %6, 3267$*( '8(6 G G G DOO WLHG $XNL &'6 )DXOWV EXW D YHU\ VFDUFH SRVWDJH GXH ,QWHU ,VODQG FRYHU Â… Â…

:$57,0( VSHFWDFXODU FRYHU IUDQNHG D FRPSOHWH VHW RI WKHQ DYDLODEOH 1= VWDPSV òG WR YDOXHV HDFK ZLWK QHDW (*<37 FGV UHJG ODEHO ZLWK )32 FGV FHQVRUHG DGGU WR %ULWLVK 0LOLWDU\ 0LVVLRQ 0() 6XSHUE Â… Â… Â’ $506 LQYHUWHG ZPN IUHVK /00 FKRLFH 6*

) : Â… Â… +HOLR 9DXJLUDUG LPSHUI VKHHWOHW GHSLFWLQJ WKH G .LZL %LUG VWDPS LPSHUI ZLWK LPSULQW 9HU\ XQXVXDO DQG H[FHOOHQW HQJUDYLQJ Â… Â… Â’ ,03(5) VKHHWOHW )UHQFK SULQWHUV ZLWK Â’ G 0DUOLQ )LVK LPSHUI VXSHUE Â… Â…

1(: 6287+ :$/(6

2)),&,$/ VHW 6* 2 RQ VXSHUE SDLU RI

Â’ 0DS RULJLQDO SULQWLQJ 6* IUHVK PLQW

LOOXVWU )'& WKH LV D VFDUFH VWDPS Â… Â…

)LQH H[DPSOH RI WKLV HOOXVLYH VWDPS &DW Â… Â… Â… ^3KRWR`

Â’ 0$-25 SHUIRUDWLRQ VKLIW HUURU F +HULWDJH 6* Â’ 80 EORFN RI IRXU ZLWK ILQH GRZQZDUGV VKLIW RI SHUIV

1(: =($/$1'

Â… Â…

{ &+$/21 G 6* )8 ZLWK IRXU JRRG PDUJLQV Â’ .*9, F\OLQGHU EORFNV FROOHFWLRQ ZLWK FODVVLF Â… Â… Â’ GLIIHUHQW SDSHUV D VXSHUE FROOHFWLRQ òG JUHHQ EURZQ Â’ G JUHHQ ZLWK SULQWHUV LPSULQW UHG òG EURZQ UHG Â’ &+$/21 G SHUI 6* IUHVK PLQW H[FHOOHQW

G RUDQJH ZLWK SULQWHUV LPSULQW G EOXH ZLWK SULQWHUV LPSULQW G RQ G G G G G G G $ YHU\ ILQH FROOHFWLRQ PLQW LQF 80 VRUWHG E\ YDOXH DQG SDSHU W\SH $ VHOGRP VHHQ FROOHFWLRQ Â… Â…

FRORXU FDW Â… Â… Â… { 5HYHQXH Â… LPSHUI VWDPS GXW\ 9)8 QHDW

&DQWHUEXU\ &'6 0RZEUD\ 5 Â… Â… { 5HYHQXH VK G LPSHUI VWDPS GXW\ ILQH XVHG

IRXU PDUJLQ YHU\ VFDUFH 0RZEUD\ 5 Â… Â…

/,7(5$785( 7KH 3RVWDJH 6WDPSV RI 1HZ

=HDODQG 9RO ,,, ZLWK VSHFLDO UHIHUHQFH WR SRVWDO FDQFHOODWLRQV DQG PDUNLQJV HGLWLRQ OWG WR FRSLHV LQ JRRG FRQGLWLRQ Â… Â…

{ 5(9(18(6 VWDPS GXW\ Â… LPSHUI )8

% 0RZEUD\ 5 D UDUH Â… Â…

3267$/ +,6725< 49 G SSF VKRZLQJ RIILFHUV

{ 5HYHQXHV 49 LPSHUI VWDPS GXW\ ILUVW LVVXHV )8

VK ' VK G Â… VK DQG Â… VHYHUDO DUH 9)8 RQ SLHFH )LQH JURXS Â… Â… { 5HYHQXHV 6WDPS GXW\ 49 SHUIRUDWHG LVVXHV

$ YHU\ ILQH VWXG\ RI UHYHQXHV GHWDLOHG RQ SDJHV IRU YDOXHV IURP WR Â… &DQFHO LQWHUHVW LQF SURSHU SRVWDO XVDJH VXSHUE KLJK YDOXHV Â… GLII W\SHV_ Â… Â… Â… GLII W\SHV Â… DQG PRUH 2ULJLQDO $VVHPEO\ Â… Â… 63(&7$&8/$5 DQG FRQWUDU\ WR UHJXODWLRQ

UHJLVWHUHG FRYHU ZLWK IRXU GLII VWDPS GXW\ UHYHQXH VWDPSV G G G G SD\LQJ G UDWH ORFDOO\ LQ $XFNODQG $ YHU\ UDUH XVDJH RI 49 WDOO W\SH UHYHQXHV ([FHSWLRQDO Â… Â…

RI WKH 6HFRQG &RQWLQJHQW XQXVHG SRVW FDUG ZLWK D VXSHUE 3& GXSOH[ FDQFHO VHQW WR WKH 8. RIILFLDO DLU PDLO LOOXVWU FRYHU ZLWK G G DQG G DLU VWDPSV VHQW WR WKH 8. 2Q $FWLYH 6HUYLFH 1DWLRQDO 3DWULRWLF HQY SLFWRULDO G IUDQNLQJ VHQW WR 7DVPDQLD $Q LQWHUHVWLQJ JURXS RI FRYHUV FDUGV Â… Â… { 6WDPSV ZLWK DGYHUWV RQ WKH UHYHUVH V

LVVXHV G 6XQOLJKW VRDS SDWHQW RGRXUOHVV ZDWHUSURRIV %RQQLQJWRQ ,ULVK 0RVV ò 6XQOLJKW VRDS G %HHFKDP V SLOOV %RQQLQJWRQ ,ULVK 0RVV G : 6WUDQJH G &UHDVH V $ FRIIHH ILQH XVHG Â… Â…

{ 6WRFNERRN ZLWK XVHIXO SLFNLQJ LQF 49 WDOO VWDPS Â’ 3(5.,16 %$&21 UH HQJUDYHG VHW IUHVK 0 6*

GXWLHV WR Â… SRVWDO ILVFDO VRUWHG E\ LVVXHV D IHZ VWDPSV ZLWK PDQ\ XVHIXO VWDPSV Â… Â…

FDW Â… Â… Â… Â’ $,50$,/ KLJK YDOXH VHOHFWLRQ PLQW 80 4 LWHPV F SDLU ZLWK ZLWKRXW ZPN YDULHW\ F EORFN 6*

{ 7:2 '$92 3ULQWHG $OEXPV IRU LVVXHV IURP

WR VSDUHO\ ILOOHG QRWH FKDORQV WR 49 0DS 6* HWF +LJK FDW JURXS Â… Â… VLGHIDFH WR V 3LFWRULD WR 0RXQW &RRN ZLWK RYHU Â’ $,50$,/ SLFWRULDO VHW IUHVK /00 6* VWDPSV $ JUHDW SDLU RI $OEXPV IRU FRPSOHWLRQ Â… Â… Â… Â…

1(:)281'/$1'

Â’ *,/%(57 SLFWRULDO VHW IUHVK 0 6*

6* RQH SHQQ\ IUHVK XQXVHG IRXU PDUJLQV HDUO\ 6HQI H[SHUW KV RQ UHYHUVH FDW Â… PLQW Â… Â…

FDW Â… Â… Â… 6,/9(5 -8%,/(( VHW RQ UHJG FRYHU DQG

ORQJ &RURQDWLRQ VHWV RQ FRYHUV DWWU WULR 9DOXHG DV )8 Â… Â…

Â’ (DUO\ &ODVVLF V RQ ROG SDJHV G G G

G G LQF 6* PDLQO\ ILQH XVHG ZLWK KLJK FDWDORJXH YDOXH Â… Â…

{ &$1&(//$7,216 RQ DOEXP SDJHV VHHQ 732

Â’ &/$66,& G RUDQJH YHUPLOOLRQ 6* IUHVK

SDTXHERW GXPE FDQFHOV GLDPRQG GRWV GLIIHUHQW FRORXUV SDUFHO FDQFHOV D JRRG ORW RI FDQFHOV ILQH IRU VWXG\ Â… Â…

PLQW IRXU PDUJLQ JRRG RJ YHU\ HDUO\ 6HQI H[SHUW KV RQ UHYHUVH ILQH H[DPSOH FDW Â… Â… Â…

Â’ &/$66,& LPSHUI ILUVW LVVXHV LQF G 6* Â’ &/$66,& G WULDQJOH IUHVK PLQW ZLWK ODUJH HYHQ

JHQXLQH XVHG FDW Â… VPDOO IDXOWV G WULDQJOH PLQW G G VWF Â… $ XVHIXO JURXS Â… Â…

PDUJLQV 6* FDW Â… Â… Â… Â’ &/$66,& G WULDQJOH 6* IUHVK PLQW ZLWK

1,*(5

ODUJH PDUJLQV JRRG RULJLQDO JXP HDUO\ 6HQI H[SHUW KV Â… Â…

{ 2/' $/%80 3$*(6 ZLWK D JRRG UDQJH RI Â’ VWDPSV ZLWK YDOXHV WR I QRWH HDUO\ )UHQFK &RORQLH LVVXHV

Â’ &/$66,& G LPSHUI VKRZLQJ SDUW RI SDSHU

ZLWK VHWV $ XVHIXO JURXS Â… Â…

PDQXIDFWXUHUV ZPN XQXVHG ZLWK IRXU PDUJLQV 0+ H[SHUW KV 6* FDW Â… Â… Â…

1,*(5 &2$67

Â’ &/$66,& LPSHUIV IUHVK PLQW DV LVVXHG DOO YHU\ { ),1( 86(' DQG KLJKO\ FDW VHOHFWLRQ RI ZLWK

ILQH ZLWK IXOO PDUJLQV G G òG G 6* FDW Â… Â… Â…

QR ZPN VHW 6* DQG ZPN VHW WR G 6* 9HU\ JRRG TXDOLW\ UHTXHVW VFDQ Â… Â…

Â’ &/$66,& SHQQ\ LPSHUI IUHVK XQXVHG ODUJH

1,*(5,$

PDUJLQV ILQH H[DPSOH RI WKLV GLVWLQFWLYH SULQWLQJ 6* FDW Â… Â… Â…

{ /$*26 49 VHW VHOHFW )8 6*

Â’ 1HZ &RORXU ILQH XVHG ZLWK GXPE FDQFHO 6*

JRRG WR ODUJH PDUJLQV Â… Â…

D Â… Â… { /$*26 49 VHW )8 6*

Â… Â…

{ 1HZ &RORXU PDUJLQV G G DQG G ZLWK WKH

G KDV JRRG WR ODUJH PDUJLQV 6* DQG ILQH XVHG { 49 VHW LQF VXSHUE KLJK YDOXHV ILQH Â… Â… XVHG 6* VWDPSV Â… Â… Â’ 1HZ &RORXUV RQ D SDJH G XQXVHG G PLQW G ERWK VKDGHV G RQH ZLWK ZPN òG G FKLHIO\ Â’ 2LO 5LYHUV 49 RYSW VHW PLQW 6* 1LFH Â… Â… PDUJLQV YHU\ KLJK FDW 9DOXH YHU\ IUHVK Â… Â… Â’ :DWHUPDUNHG G URVH ODNH 6* 8QLWUDGH L Â’ 1,*(5 &2$67 49 QG LVVXHV RQ D VWRFN SDJH

IUHVK PLQW Â… Â…

6* ZLWK VKDGHV XQFKHFNHG IRU SHUI W\SH òG G G òG G DQG PLQW Â… Â…

Â’ 3ULQFH F 6* DV DQ PRVW DSSHDOLQJ

PLQW EORFN RI QLQH YHU\ IUHVK FRORXUV FDW Â… Â… Â… Â’ 35,1&( F 6* DV DQ DWWUDFWLYH PLQW

PDUJLQDO EORFN RI VL[ FDW Â… XQFRPPRQ PXOWLSOH Â… Â… Â’ F VHDO 6* DV D PDUYHOORXV IUHVK PLQW KRUL]

SDLU ZHOO FHQWUHG &DW Â… Â… Â…

1,*(5 &2$67 49 ILUVW LVVXHV RQ D VWRFN SDJH 6* ZLWK VKDGHV DQG XQFKHFNHG IRU SHUI W\SHV òG G G òG G DQG IUHVK PLQW Â… Â… 1,*(5 &2$67 49 ZLGRZ VHW 0D\ ZLWK DGGLWLRQDO VKDGHV DQG SHUIV òG G G òG G ILQH XVHG HDFK VWDPS GLIIHUHQW Â… Â… { 1,*(5 &2$67 :LGRZ VHW ZLWK VKDGHV DQG

Â’ &$7 Â… &RURQDWLRQ VHW ILQH PLQW 6*

GLIIHUHQW SHUI W\SHV ò G 6* ILQH XVHG FDW Â… Â… Â…

Â… Â…

Â’ 1,*(5 &2$67 KLJK YDOXH VHW RI WKUHH WR

{ &2521$7,21 SLFWRULDO VHW )8 6*

RYSW VSHFLPHQ PLQW 6FDUFH 6* 6 6FDUFH Â… Â…

Â… Â…

Â’ &2521$7,21 VHW RI LQF ERWK DGGLWLRQDO F Â’ 1,*(5 &2$67 49 LVVXHV RQ D VWRFN SDJH ZLWK

F SULQWLQJV FDW Â… 6* Â… Â…

Â’ 3,&725,$/ VHW 6* IUHVK PLQW FDW

Â… Â… Â… Â’ &DULERX LVVXH DWWUDFWLYH P XP PXOWLSOHV

LWHPV &DW Â… F FRUQHU EORFN F EORFN F EORFN DQG F WRS YDOXH PDUJLQDO EORFN 6FDUFH PXOWLSOHV Â… Â…

GLIIHUHQW VKDGHV XQFKHFNHG IRU SHUI W\SHV òG G G òG G G DQG G DOO PLQW Â… Â… { :,'2: VHW ZLWK DGGLWLRQDO VKDGHV DQG SHUI

W\SHV òG G G òG G G DQG ZLWK PDQ\ YHU\ ILQH XVHG LQF G ZLWK 2OG &DODJDU FGV DQG ZLWK UHJG 2OG &DODJDU FGV $ KLJKO\ FDWDORJXHG JURXS Â… Â…

{ .*9 WDEOHW VHW )8 6*

1,8$)228

Â… Â… { .*9 'LH ,, 9)8 6* Â… Â…

Â’ 9(5< ,17(5(67,1* UDQJH LQF SKRWRJUDSKLF Â’ SURRIV 0DS VHW 6SHFLPHQ RYSW &ROXPEXV 06 RYSW

6SHFLPHQ 0XWLQ\ RQ WKH %RXQW\ EURPLGH SURRI RI WKH PLQLDWXUH VKHHW $ YHU\ LQWHUHVWLQJ JURXS RI V V LVVXHV LWHPV Â… Â…

{ .*9 SLFWRULDO VHW )8 JRRG UDQJH RI FDQFHOV 6*

SOXV SHUI YDULHWLHV Â… Â…

1,8( Â’ &2//(&7,21 RQ DOEXP SDJHV ZHUH WKH

Â’ .*9 3LFWRULDO 6HW IUHVK PLQW 6*

Â… Â… Â’ .*9 SLFWRULDOV VHW SOXV òG SHUI ò [ ò

6* PLQW VWDPSV FDW Â… Â… Â… $ PRVW VSHFWDFXODU RXWVL]HG UHJLVWHUHG FRYHU WR { /HYHU %URWKHUV /RQGRQ :DVKLQJ 3RZGHU 0DQXIDFWXUHUV HWF ZLWK VWDPS .*9 FRPELQDWLRQ PDNLQJ G UDWH LQF G DQG 6* UHJ G DW $SDSD IROGV DQG FUHDVHV DV RQH ZRXOG H[SHFW GRHVQ W GHWUDFW IURP WKLV UHPDUNDEOH HQYHORSH VL]H [ PP PDQ\ EDFNVWDPSV 6FDQV DGYLVHG Â… Â…

PRGHUQ LVVXHV KDYH D IDFH YDOXH RYHU ZLWK PDQ\ FRPSOHWH VHWV PLQW QRWH HDUO\ RYSWV PLQW H[WHQVLYH FRPPHPRUDWLYH FROOHFWLRQ IURP HDUO\ LVVXHV DQG PRGHUQ ZLWK 06 $ YHU\ JRRG FROOHFWLRQ RI VWDPSV 06 Â… Â… )$%8/286 VRXUFH IRU VXSHUE XVHG FRPSOHWH VHWV DQG 06 ZLWK RYHU )'& LQF WZR DOEXPV ZLWK PDQ\ GHILQ VHWV KLJK YDOXHV 2+06 H[KLELWLRQ VKHHWV DQG PRUH +XJH &9 DQG VHOGRP RIIHUHG IURP KHUH Â… Â…

125)2/. ,6

&HQVRUHG &RYHU WR ,UHODQG IUDQNHG òG G

),567 )/,*+7 8. WR 1RUIRONV DW òG UDWH DWWU ZLWK 1,*(5,$ 23(1(' %< &(1625 /DEHO DQG 1R FHQVRU 4 VPDOO FRYHU ZLWK DUULYDO FGV RQ REYHUVH 8QXVXDO

KDQGVWDPS Â… Â…

Â… Â…

{ 63(&7$&8/$5 EORFNV .*9, G FRUQHU

1257+ %251(2

EORFNV RI ZLWK F\OLQGHU QXPEHU ULJKW KDQG FRUQHU DQG F\OLQGHU OHIW KDQG FRUQHU 6* F S ERWK EORFNV ILQH XVHG Â… Â…

Â’ 678'< RI WKH VXUFKDUJH VHW 6* ZLWK

Â’ (5525 VXUFKDUJH %,$)5$ )5$1&( Â’ )ULHQGVKLS EORFN RI G Â… ZLWK Â… RPLWWHG VHOGRP VHHQ LQ

ODUJH EORFNV 80 VFDUFH Â… Â… Â’ (5525 LQ D FRPSOHWH VKHHW %LDIUD )UDQFH Â’ )ULHQGVKLS VXUFKDUJHG Â… G ZLWK GRXEOH RYSW YHU\ VFDUFH DV

D FRPSOHWH VKHHW 80 Â… Â… Â’ 685&+$5*( %,$)5$ )5$1&( )ULHQGVKLS Â’ RYSWHG òG FRPSOHWH VKHHW RI IUHVK 80 Â… Â… Â’ 9$5,(7< %LDIUD )UDQFH VXUFKDUJH EORFN RI Â’ ZLWK PLVVLQJ VXUFKDUJH IUHVK 80 VFDUFH

Â… Â… Â’ %,$)5$ +XPDQ 5LJKWV RYSWHG FRPSOHWH VKHHWV Â’ RI WKH 3RSHV 9LVLW RQ G DQG RQ G VFDUFH DV

FRPSOHWH VKHHWV 80 Â… Â… { $1 ,17(5(67,1* PLVFHOODQ\ LQ SDFNHWV FDUGV

GLIIHUHQW SHUI W\SHV GLIIHUHQW ZLGWK EHWZHHQ DQG FHQWV SOXV VXUFK VHW RI D ILQH FROOHFWLRQ RI WKHVH HDUO\ LVVXHV HDFK VHHP WR EH GLIIHUHQW Â… Â… 81,9(56$/ 3HQQ\ 3RVWDJH SRVWFDUG VHQW

IURP /LYHUSRRO DW G WR WKH &DWKROLF 0LVVLRQ DW 6DQGDNDQ ZHDN DUULYDO FGV DORQJVLGH WDSH PDUN WR OHIW 6FDUFH 0LVVLRQDU\ LQZDUG PDLO Â… Â… Â’ $UPV KLJK YDOXH 6* IUHVK PLQW &DW

Â… Â… Â… { :$5 7$; F F HDFK DV D )8 EORFN RQ

RULJLQDO SLHFHV 6* Â… Â… %0$ RYSW VHW RI F WR H[ F F QLFHO\

XVHG RQ UHJLVWHUHG FRYHU 6DQGDNDQ WR 86$ WUDQVLW YLD 6LQJDSRUH 6R DWWU 6* Â… Â… 7:2 PXOWL IUDQNHG FRYHUV %0$ RYSW

GLII YDOXHV WR 6* UHJG H[ 6DQGDNDQ DQG &URZQ &RORQ\ RYSW VWDPS IUDQNLQJ ZLWK YDOXHV WR F 6* HWF ZLWK VWUHQJWK LQ .*9, ZLWK PDQ\ G DQG KLJK YDOXHV UHJG H[ -HVVHOWRQ 9HU\ ILQH Â… Â… ZLWK EORFNV DQG RWKHU KLJK YDOXHV PXFK LV XVHG LQF RULJLQDO 6* DV XVHG EORFN RWKHU EORFNV G LQF EORFNV 1257+(51 5+2'(6,$ PLQW ZLWK XQFKHFNHG SULQWLQJV WR 4(,, ZLWK YDOXHV WR Â… )8 FRYHUV LQF .*9, IOLJKW FRYHUV XVLQJ G YDOXHV DQG PRUH Â’ .*9, VHW IUHVK PLQW 6* FDW Â… Â… Â… 6HYHUDO 7KH FROOHFWRU OLNHG KLJK YDOXHV Â… Â…

2,/ 5,9(56 DQG 1LJHU &RDVW SRVWDO VWDWLRQHU\

{ Â’

{ Â’

{ 4(,, GHILQ VHW 9)8 6* 2LO 5LYHUV òG SRVWDO FDUGV RQH XQXVHG G RYSWHG 2LO Â… Â… 5LYHUV RQ XQXVHG G UHJG HQY ZLWK 6SHFLPHQ RYSW XQXVHG 1LJHU &RDVW G SRVWDO FDUGV RQH XQXVHG HDFK ZLWK { 2/' 3$*(6 ZLWK PDLQO\ .*9, LVVXHV QRWH ZULWWHQ GHWDLOV Â… Â… Â’ 6LOYHU -XELOHH VHW RI .*9, &RURQDWLRQ GHILQLWLYHV ZLWK YDOXHV WR 6LOYHU :HGGLQJ VHW 838 VHW D JRRG 2/' 7,0( FROOHFWLRQ RQ VWRFN ERRN SDJHV VHHQ VHOHFWLRQ RI VWDPSV Â… Â… 49 /DJRV ZLWK YDOXHV WR (GZDUG 6RXWKHUQ 1LJHULD ZLWK YDOXHV WR 6RXWKHUQ 1LJHULD 49 òG G DQG (GZDUG òG 125:$< ZLWK SODWH QXPEHUV RYHU VWDPSV LQF PLQW D XVHIXO UDQJH WR Â’ 8102817(' PLQW ZLWK D FDWDORJXHG YDOXH DERXW Â… Â… Â’ RYHU Â… LQF GHILQLWLYHV RIILFLDOV WR NU ZLWK GLIIHUHQW 7:2 +DJQHU SDJHV ZLWK HDUO\ LVVXHV ZLWK SULQWLQJV .LQJ VHW RI FÂ… 7RXULVW VHW FDW EHWWHU SLFNLQJV FKLHIO\ /DJRV LVVXHV LQF (GZDUG WR Â… GHILQLWLYHV ZLWK D YDULHW\ RI SULQWLQJV H[WHQVLYH 6SHFLPHQ RYSWV 49 G G òG DQG G (GZDUG òG .*9 FRPPHPRUDWLYH VHWV 2XWVWDQGLQJ TXDOLW\ RYHU G FKLHIO\ ILQH XVHG $ ILQH UDQJH RI VWDPSV VWDPSV Â… Â… Â… Â…

✱

✉

Key to symbols in this catalogue

Â’ ),567 2)),&,$/ \HDU ERRN LQ YHU\ ILQH Â’ FRQGLWLRQ LQF VOLSFDVH FDW NU Â… Â…

Used Mint Postal History

Â’ %22./(76 ZLWK D FDWDORJXH YDOXH RYHU Â… Â’ VHHQ %LUGV &KULVWPDV :LOG %HUULHV ,QVHFWV ZLWK LVVXHV WR

✈ ✱✱ &

Airmail Unmounted mint Literature

$ JRRG UDQJH RI ERRNOHWV Â… Â…

7:2 &29(56 HDFK DGGUHVVHG WR WKH /HSHU

129$ 6&27,$ 1HDW :UDSSHU IURP +DOLID[ WR 5DJJHG ,VODQG

QRZ XQLQKDELWHG ZLWK ILQH VLQJOH XVH RI F 49 Â… Â…

6HWWOHPHQW +R %07 *ROG &RDVW RQH ZLWK .*9, G VLQJOH IUDQNLQJ DQG RWKHU 4(,, VWDPS FRPELQDWLRQ ILQH Â… Â… Â’ %22./(76 G DQG 6* 6% ERWK LQ ILQH Â’ FRQGLWLRQ Â… Â…

(17,5( IURP +DOLID[ WR 5DJJHG ,VODQGV ZLWK

ILQH F VLQJOH IUDQNLQJ 6* QHDWO\ FDQFHOOHG DWWU XVDJH Â… Â…

4(,, RYSW HW RI 6* RQ YHU\ ILQH LOOXVWU

(QWLUH IURP +DOLID[ WR UDJJHG ,VODQG IUDQNHG

)'& XQDGGU FKRLFH Â… Â…

3$,5 F YHU\ GHHS FRORXU QHDWO\ FDQFHOOHG 7UDQVLW SPNV HWF Â… Â…

20$1

1<$6$/$1'

Â’ )LUVW GHILQ VHW IUHVK 80 6* Â’ Â… Â…

Â’ $506 VHW RI G WR SOXV G IUHVK

PLQW 6* DQG Â… Â…

Â’ /RFDO VXUFKDUJH E RQ E IUHVK 80 6* Â’ Â… Â… ^3KRWR` { '$0$*(' /($) YDULHW\ RQ Â… 6* I VXSHUE

ILVFDO XVHG RQ SLHFH 1RUPDO FDW Â… Â… Â…

Â’ 7KH SURYLVLRQDO ORFDO E RYSW VHW IUHVK 80 Â’ 6* 6HOGRP VHHQ Â… Â… ^3KRWR` { 21/< (;$03/( .12:1 7+( ',6&29(5<

(;$03/( .*9 Â… :$7(50$5. ,19(57(' ILQH ILVFDO XVHG 6* Z XQSULFHG E\ 6* H[FHSWLRQDO DQG DQ LQFUHGLEOH UDULW\ Â’ 7KH SURYLVLRQDO E RQ E 6* IUHVK Â’ 80 6FDUFH Â… Â… ^3KRWR` :DWHUPDUN HUURUV RQ WKH KLJK YDOXHV DUH VR UDUH Â… Â… { 7KH SURYLVLRQDO E RQ E 6* 9)8 { 6(5,) 21 * 9$5,(7< .*9 Â… 6* L ILQH 6FDUFH Â… Â… ^3KRWR` ILVFDO XVHG ZLWKLQ VWULS RI [ Â… SOXV VLQJOH 6* QHDWO\ FDQFHOOHG 1RUPDO V FDW Â… VXSHUE Â… Â… { ),1( 86(' RQ SDJHV ZLWK HDUO\ LVVXHV UDQGRPO\ SODFHG VHHQ VXUFK E RQ E 6* Â’ 7+( 81,48( JURXS RI EORFNV RI IRXU ZLWK FÂ… $ JRRG UDQJH RI GLIIHUHQW VWDPSV HDFK XQLW KDQGVWDPSHG 63(&,0(1 IURP DQ $IULFDQ 838 Â… Â… DUFKLYH òG WR 6* LVVXH WRQLQJ DQG UHPDLQV DVVRFLDWHG ZLWK WKHVH DUFKLYHV WKRXJK D PRVW VSHFWDFXODU 25$1*( )5(( 67$7( JURXS RI EORFNV G DQG SODWH EORFNV VKRZLQJ %URNHQ { 32670$5.6 2) 2)6 RQ 2UDQJH 7UHH LVVXHV 6FUROO DQG %URNHQ &URZQ DQG 6FUROO 5 +LJK GHILQLWLRQ VFDQV UHFRPPHQGHG 5HPDUNDEOH JURXS KLJK YDOXH RYHU LQGLYLGXDO SRVWPDUNV RQ VWDPSV SOXV FRYHUV FDUGV QRWLQJ GLVWLQFWLYH GXSOH[HV VHWV RI QXPHUDO SPNV ZLWK YDOXHV WR 6SHFLPHQV ZLWK YDULHWLHV DUH VR UDUH Â… Â… LGHQWLILHG IRU DFK WRZQ DQG PXFK PRUH 2ULJLQDO { .*9 KLJK YDOXHV ILVFDO XVHG RQ SLHFH ZLWK FROOHFWLRQ Â… Â… LQWHUHVWLQJ FRPELQDWLRQV LQF SDLU RI SLHFH IUDQNHG [ Â… VLQJOH HWF 1RUPDO V FDW Â… ILYH LWHPV Â… Â… 3$.,67$1 { &20%,1$7,21 SLHFH IUDQNHG [ G 6* Â’ ,19(57(' :0. .*9, U 6* Z IUHVK

WZR XQLWV ZLWK QLFN LQ VFUROO 6* F DQG EURNHQ FURZQ DQG VFUROO 9$5,(7,(6 6* E PRVW DWWU PXOWLSOH Â… Â…

0 Â… Â…

{ %5($. ,1 6&52// DQG EURNHQ FURZQ DQG

VFUROO G 3$,5 HDFK VKRZLQJ WKHVH OLVWHG YDULHW\ 6* D E ILVFDO XVHG RQ SLHFH ZLWK VFDUFH FRPELQDWLRQ LWHP Â… Â… { %5($. ,1 6&52// 9$5,(7< Â… 6* D

Â’ 672&.%22. ZLWK 8102817(' 0,17 Â’ &ROOHFWLRQ LQF .*9, RYSW VHW RI FÂ… 'HILQ

VHW RI FÂ… 5HGUDZQ VHW RI FÂ… $ JRRG UDQJH RI FRPPHPRUDWLYH VHWV RYHU VWDPSV SOXV WKH RGG VKHHWOHW Â… Â… Â’ 68%67$17,$/ PLQW FROOHFWLRQ PDLQO\ Â’ XQPRXQWHG PLQW UDQJH RI VWDPSV DQG 06 ZLWK PDQ\ Â’ KLJK YDOXHV ZLWK PDQ\ VHWV DQG VKHHWOHWV KLJK FDWDORJXH

VXSHUE ILVFDO XVHG RQ VPDOO SLHFH QRUPDO FDW Â… Â… Â… { %52.(1 &52:1 $1' 6&52// EUHDN LQ

YDOXH 2ULJLQDO ORW Â… Â…

RXWHU IUDPH YDULHWLHV RQ [ G XVHG RQ ILVFDO SLHFH ZLWK FRPSOHWH 7+( 5(6,'(17 0/$1-( YLROHW FDFKHW 6XSHUE 6* E YDU Â… Â…

Â’ (;7(16,9( FROOHFWLRQ XQPRXQWHG PLQW Â’ FDWDORJXHG Â… ZLWK PDQ\ VHWV LQF VKHHWOHWV DQG 06 LQF

)DPRXV 3HRSOH VKHHWV DLUV VH WHQDQW EORFNV DQG VWULSV QHDWO\ SUHVHQWHG LQ D VSULQJEDFN DOEXP V RI VWDPSV ZLWK EHWWHU SLFNLQJV Â… Â…

{ 3$,5 G RQ SLHFH ZLWK FRPSOHWH 0ODQGH

ILVFDO FDQFHO VKRZLQJ QLFN LQ VFUROO DQG EURNHQ FURZQ OLVWHG YDULHWLHV 6* D E &KRLFH Â… Â…

Â’ &2//(&7,21 +2$5' LQ D ODUJH VWRFNERRN { 1,&. ,1 723 5,*+7 )5$0( 9$5,(7< RQ [ Â’ DQG YROXPH LQF RYHUSULQW VHW PLQW WKHQ DIWHU WKLV LVVXH Â… XVHG RQ ILVFDO SLHFH WRJHWKHU VLQJOH QHDWO\ FDQFHOOHG Â’ HYHU\WKLQJ LV 80 ZLWK PDQ\ FRPSOHWH VHWV PDQ\ V RI

XQXVXDO YDULHWLHV 6* YDU DQG Â… Â…

VWDPSV FKLHIO\ VRUWHG E\ \HDU WR Â… Â…

Â’ 6,/9(5 -8%,/(( G G HDFK DV

PDWFKHG FRUQHU EORFNV RI IRXU IURP WKH YHU\ ILUVW VKHHWV HDFK ZLWK UHTXLVLWLRQ QXPEHU DQG HDFK VWDPS KDQGVWDPSHG 6SHFLPHQ ILQH 0 UHPDLQV LQ RXWHU PDUJLQV IURP DQ $IULFDQ 838 DUFKLYH 8QLTXH DQG RI H[KLELWLRQ TXDOLW\ 6* EORFNV Â… Â… Â’ 6,/9(5 -8%,/(( 9$5,(7< .LWH DQG

7+5(( 672&.%22.6 ZLWK EHWWHU SLFNLQJV RYSWV WR U PLQW 2IILFLDO 6*2 VHW RI PLQW 2IILFLDO VHW RI SOXV U S DQG S PLQW 2IILFLDO D 80 FÂ… 2IILFLDO U U DQG U FÂ… 80 2IILFLDO VHW RI )8 FÂ… $ JRRG UDQJH RI D IHZ VWDPSV PDLQO\ 80 Â… Â…

3$/(67,1(

9HUWLFDO /RJ 6* N IUHVK PLQW Â… Â… { .*9, SDLU Â… 6* QLFH ILVFDO XVHG RQ SLHFH

YHU\ HDUO\ GDWH Â… Â…

%5,7,6+ 0$1'$7( DQG (J\SWLDQ RYSW ROG WLPH PLQW FROOHFWLRQ RQ SDJHV VWDPSV LQF YDOXHV WR SL YDOXHV WR Â… SRVWDJH GXH VHW ZLWK P P DV *877(5 3$,56 P P 5HYHQXH VWDPSV PLQW (J\SW RYSW VHW WR Â… 0 DLUPDLOV HWF *RRG ORW Â… Â…

3$38$ { ),567 /$.$72, )8 G 6* òG

G 6* FDW Â… Â… Â…

{ 3$*(6 ZLWK VWDPSV UDQGRPO\ DUUDQJHG E\ Â’ LVVXHV ZLWK PXFK PLQW LQF 80 RYHU VWDPSV 06 VHHQ Â’ LVVXHV WR WKH ODWH V $ ILQH RULJLQDO FROOHFWLRQ Â’

Â… Â…

Â’ :$7(50$5. LQYHUWHG ODUJH 3DSXD 3 ò VHW

WR G ERWK 6* IUHVK PLQW PDQ\ ZLWK PDUJLQV Â… Â…

3(15+<1 ,6 Â’ 9DULHWLHV ZLWKLQ D FROOHFWLRQ PLQW RQ ROG SDJHV

òG QR VWRS DIWHU ,VODQG 2OG 'RXEOH GDYLW IODZ LQ SDLU ZLWK D QRUPDO G LPSHUI SURRI RQ JXPPHG SDSHU G GRXEOH GDYLW IODZ òG ERWWRP PDUJLQDO EORFN RI DQ LQWHUHVWLQJ JURXS RI VWDPSV Â… Â…

Â’ 2)),&,$/ 26 SHUILQ G DV DQ DWWUDFWLYH PLQW Â’ EORFN 6* 2 80 Â… Â… Â’ 2)),&,$/ 26 SHUILQ òG 6* 2 DV VFDUFH

Â’ 9$5,(7< ZLWKLQ D EORFN RI (GZDUG òG ZLWK

IUHVK PLQW EORFN Â… Â…

QR VWRS DIWHU 3HQL 6* E IUHVK PLQW Â… Â…

Â’ 2)),&,$/ 26 SHUILQ G 6* 2 DV IUHVK PLQW

EORFN D VFDUFH PXOWLSOH FDW Â… Â… Â… Â’ 2)),&,$/ 26 SHUILQ G 6* 2 DV D IUHVK PLQW

EORFN RI IRXU $ ILQH DQG VFDUFH PXOWLSOH FDW Â… Â… Â… Â’ 2)),&,$/ 26 SHUILQ G 6* 2 DV IUHVK PLQW

EORFN $ VFDUFH PXOWLSOH Â… Â…

3+,/,33,1( ,6 4 $,50$,/ &KLQD &OLSSHU ILUVW IOLJKW HQY ZLWK

VSHFLDO FDFKHW ZLWK QLQH VWDPS FRPER 3 , 8 6 F F F VHQW WR 86$ HQY ZLWK )LUVW )OLJKW YLD 3$$ 0DQLOD 0DFDR +RQJ .RQJ FDFKHW VHQW WR +RQJ .RQJ ZLWK D YDULHW\ RI PDUNV RQ WKH UHYHUVH LQF 8QFODLPHG 5HWRXU KV DQG WUDQVLW PDUNV Â… Â…

3,7&$,51 ,6

Â’ 26 RYSW RIILFLDOV VHW H[ G IUHVK PLQW 6*

, SOXV DGGLWLRQDO G ZLWK LQWHUHVWLQJ 9$5,(7< DIIHFWLQJ WKH YDOXH WDEOHW FÂ… Â… Â… 3,&725,$/ LVVXHV XVHG RQ FRYHUV ZLWK ILQH

IUDQNLQJV DQG FDQFHOODWLRQV LQF IRXU VWDPSV DW %XQD %D\ VWDPSV DW ,RPD IRXU VWDPS G UDWH DW $EDX G G UHJG WR 86$ DQG VXSHUE 6* VLQJOH IUDQNLQJ Â… Â…

1= 3267$/ $*(1&< WZR FRYHUV 1= G

&RURQDWLRQ FDQF ILUVW GD\ RI LVVXH DQG FRYHU [ òG &HQWHQQLDO 6* FDQF ODVW GD\ RI LVVXH ILQH SDLU Â… Â… 5DGLR 3LWFDLUQ LOOXVWU FRYHU IUDQNHG 1HZ

=HDODQG G WLHG 3LWFDLUQ &'6 XVXDO VOLJKW ZDWHU VWDLQLQJ DVVRFLDWHG ZLWK WKLV LWHP Â… Â…

{ %27+ 6(76 )8 6* FDW Â…

Â… Â… $1 ,17(5(67,1* /27 ,1 :$//(76 LQF

2/' $/%80 3DJHV ZLWK .*9, 4:,, YHU\ FRPSOHWH IRU WKH SHULRG GHILQ VHW RI 6 :HGGLQJ GHILQ WR G ZLWK VKDGHV GHILQ VHW RI GHILQ VHW RI ZLWK D ILQH UDQJH RI FRPPHPRUDWLYH VHW $ YHU\ JRRG ORW RI VHWV IUHVK PLQW Â… Â…

FRYHUV ZLWK LQWHUHVWLQJ VWDPS XVDJHV LQF 6LOYHU -XELOHH VHW RQ FRYHU DLUPDLO VHW RQ DWWU FRYHU 6* DLU VHW RQ FRYHU 6* $XVWUDOLD XVHG RQ FRYHUV WZR { 683(5% 86(' FROOHFWLRQ ZLWK PDQ\ VHWV QRWH DLUPDLO IOLJKWV ZLWK EHWWHU IUDQNLQJV G SLFWRULDO 6* RQ UHJG SLFWRULDO VHW RI SLFWRULDO VHW RI 1HZ &XUUHQF\ FRYHU WR 86$ IHZ VWDPSV $ GLYHUVH ORW Â… Â… VHW RI SLFWRULDO VHW RI PDQ\ FRPPHPRUDWLYH VHWV Â’ /$.$72, G UHG RYSW 6WDPS 'XW\ IUHVK 0 $ VXSHUE FROOHFWLRQ RI VWDPSV DQG 06 RXWVWDQGLQJ DXWKRULVHG IRU SRVWDO GXW\ EHFDXVH RI D VKLSZUHFN DQG TXDOLW\ Â… Â… òG SHUI 26 80 EORFN 6* 2 FDW Â… LWHPV Â’ ,19(57(' :$7(50$5. YDULHW\ F )LVK 6* Â… Â… Â’ Z 80 Â… Â… Â’ 0212*5$0 FRUQHU EORFN RI IRXU G URVH SLQN 26 6* 2 ILQH PLQW ZLWK &$ PRQRJUDP Â… Â… { ),1( 86(' ZLWK LVVXHV IURP WR ZLWK PDQ\ FRPSOHWH VHWV QRWH VHW RI 6LOYHU :HGGLQJ Â’ 0212*5$0 PDUJLQDO EORFN RI IRXU G 838 GHILQ VHW RI 1HZ &XUUHQF\ VHW RI PDQ\ 26 6* 2 ILQH 0 ZLWK &$ PRQRJUDP Â… Â… FRPPHPRUDWLYH VHWV $ YHU\ JRRG ORW RI VWDPSV Â… Â…

3$38$ 1(: *8,1($

Â’ 4(,, :PN YDULHWLHV IUHVK 80 DOO Â’ 6* OLVWHG LQF Z Z DQG Z Â… Â… FRPSOHWH IRU WKH SHULRG 3DSXD $LU VHW RI 3DSXD DQG 1HZ *XLQHD GHILQ VHW RI 3LFWRULDO VHW RI WR Â… 32/$1' %XWWHUIOLHV VHW RI 3RVWDJH 6WDPS VXUFKDUJH Â’ *(50$1 2FFXSDWLRQ VHW RI RIILFLDOV J WR ] 6*' $ ILQH FROOHFWLRQ ZLWK VHWV IUHVK PLQW 0L IUHVK PLQW Â… Â… Â… Â…

Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, YHU\

$Q LQWHUHVWLQJ FRYHU IUDQNHG $8675$/,$ òG

SDLU DQG òG WLHG 5$%$8/ &'6 WR %U 6RORPRQ ,VODQGV ZLWK G SRVWDJH GXH DSSOLHG RQ DUULYDO 6* ' Â… Â…

32/,6+ &8/785( (5525 ] 6* D DV 80 EORFN RI LPSHUIRUDWH KRUL]RQWDOO\ HYHU\ XQLW VSHFWDFXODU 6PDOO EODFN PDUN RQ RQH XQLW Â… Â…

Â’ 3267$/ &+$5*(6 G RQ òG 6&$5&( { 3267$*( '8(6 ORFDO 3RUWR KDQGVWDPSV ZLWK Â’ 6*' IUHVK XQPRXQWHG PLQW 6HOGRP VHHQ Â… Â… Â’ D IHZ LGHQWLILHG LQF .UDNRZ %LHOVNRL FKLHIO\ VTXDUH ER[HG RU

WULDQJOH KV VWDPSV Â… Â…

&$1&(//$7,21 FRYHUV FROOHFWHG IRU WKH

YLOODJH DQG UHOLHI RIILFH FDQFHOV VHHQ 5DEDXO $LUSRUW 5LJR VXSHUE FGV 5HOLHI 1R 5RXQD 6$,'25 HQY 7DSLQL ZLWK OHWWHU IRXQG RSHQ ODEHO DWWDFKHG 5HOLHI 1R :DNXQDL $ YHU\ LQWHUHVWLQJ FROOHFWLRQ RI FRYHUV ZLWK PDQ\ GLIIHUHQW WRZQ DQG YLOODJH SRVWPDUNV Â… Â…

3257 &2/6 &$3( 9(5 :$7(5/2: 3522)6 LQ ODUJH PDUJLQDO EORFNV F DQG F 0RQXPHQW DQG F 3ODQQLQJ ZLWK GDWH HQGRUVHPHQW RQ WKH PDUJLQ ZLWK SXQFK KROH DQG 0XOWD 6SHFLPHQ RYSW DV EORFNV RI VFDUFH DV VXFK Â… Â…

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

3257 &2/6 02=$0 { 2/' 35,17(' 3$*(6 ZLWK LVVXHV IURP Â’ KHDGV WR U $UPV WR U FRPPHPRUDWLYH VHWV ZLWK

LVVXHV WR VWDPSV XVHIXO Â… Â…

Â’ (5525 6SDFH VKHHWOHW 1HZ &XUUHQF\ G WR Â’ G ZLWK 1HZ &XUUHQF\ RYSW LQYHUWHG DV 6* VKHHWOHW RI

VFDUFH 80 VKHHWOHW Â… Â…

48((16/$1' Â’ &2/285 75,$/ RI WKH 3HQQ\ %RHU :DU

32578*$/ ,1:$5' 0$,/ IURP 5XVVLD ZLWK N IUDQNLQJ

VHQW IURP 6W 3HWHUVEXUJ WR /LVERQ RQH OHWWHU VKHHW ZLWK FRQWHQWV HQYHORSHV Â… Â…

3DWULRWLF 6WDPS 6* LQ *UHHQ LPSHUI RQ VWDPS TPN SDSHU )UHVK PLQW ILQH DQG VFDUFH Â… Â… ^3KRWR`

5(81,21

Â’ ,03(5) EORFN IRXU ( F &HUHV IUHVK PLQW

Â’ 52/$1' *$5526 F DLUPDLO RYSW IUHVK 0 4 <YHUW VFDUFH VWDPS Â… Â…

ORZHU SDLU 80 UDUH 6HORV Â… Â… 52/$1' +,// 6WDPS FHQW VHW RQ YHU\ ILQH

5+2'(6,$

)'& Â… Â…

Â’ $UPV Â… 6* IUHVK PLQW IHZ QLEEOHG SHUIV DW

WRS EXW FDW Â… 1LFH KLJK YDOXH Â… Â… VHUYLFH ZLWK 3RUWUDLW 06 6DJ 06 D PLQW +RO\ Â’ $UPV Â… 6* $ VXSHUE JHQXLQH PLQW <HDU 6HW PLQW DQG ILQH XVHG &RDFK 0XVHXP VHW PLQW H[DPSOH RI WKLV UDUH KLJK YDOXH ZLWK 2* DQG EULJKW FRORXU 1RUWK $WODQWLF 7UHDW\ VHW PLQW &DW 9DOXH Â… D ILQH UDQJH RI 6HOGRP RIIHUHG LQ VXFK ILQH FRQGLWLRQ &DW Â… VWDPSV 06 Â… Â… Â… Â… { &$1&(//$7,216 LQF HDUO\ QXPHUDOV RQ .LQJ { $UPV 6* 9)8 Â… Â… LVVXHV SDTXHERW D IHZ *% XVHG LQ 3RUWXJDO $PEXODQFLD FDQFHOV D ILQH VHOHFWLRQ RI Â… Â… { $UPV VHW RI G WR )8 6* &DW ,1:$5' 0$,/ DOO JRLQJ WR Â… Â… Â… /LVERQ ZLWK PLOHDJH PDUN DOVR ZLWK PLOHDJH PDUN IUDQNHG G UDWH ZLWK VHHQ GLIIHUHQW G W\SHV ZLWK Â’ $UPV VHW RI G WR PLQW 6* LQF ERWK PLOHDJH PDUN DQG G IUDQNLQJ /HWWHU VKHHWV ZLWK G G QLFH Â… Â… FRQWHQWV (QY :LWK PLOHDJH PDUN DQG G { +LJK YDOXH $UPV Â… Â… Â… ILQH ILVFDO XVHG IUDQNLQJ DQ LQWHUHVWLQJ JURXS VHQW IURP WKH 8. ZULWWHQ LQ 6* Â… Â… (QJOLVK PDLQO\ 49 SHULRG JRRG DV D SRVWDO KLVWRU\ VWXG\ Â… Â… Â’ &DSH RYSW VHW PLQW 6* &DW { 2/' 6&+$8%(. SULQWHG DOEXP IRU LVVXHV IURP Â… Â… Â… WR ZLWK PDQ\ EHWWHU VHWV 3OXV ROG DOEXP SDJHV ZLWK 3RUWXJXHVH FRORQLHV ,VVXHV EHWWHU VHW LQF QXPHUDOV VHW Â’ &$3( RYSW VHW RI VHYHQ PLQW JRRG ILQH 6* FÂ… .LQJ 0DQXHO VHW RI FÂ… FDW Â… Â… Â… ,QGHSHQGHQFH VHW RI FÂ… PLQW VHFRQG LQGHSHQGHQFH VHW FÂ… P 7KLUG LQGHSHQGHQFH VHW FÂ… 6W $QWKRQ\ VHW { &DSH RYSW VHW XVHG 6* &DW RI FÂ… P 1XQR $OYRUHV 3HUHLUD VHW RI FÂ… P Â… Â… Â… 3RUWXJXHVH OHJLRQ VHW RI FÂ… P 3RUWXJXHVH &HQWHQDULHV PV &Â… P &RVWXPHV 06 FÂ… P 5HG &URVV VHWV Â’ $UPV ODUJH IRUPDW LVVXHV PLQW ZLWK YDOXHV WR RI WKH V V PLQW D YHU\ JRRG UDQJH RI VWDPSV G 6* FKLHIO\ ILQH 06 D YDOXDEOH FROOHFWLRQ Â… Â… ^3KRWR` FDW Â… Â… Â… 2/' 7,0( &ROOHFWLRQ LQF FRORQLHV ZLWK EHWWHU { 5(9(18( KLJK YDOXH Â… %DUHIRRW D ILQH SLFNLQJV D VWRFNSDJH ZLWK HDUO\ HPERVVHG 67& Â… XVHG Â… Â… .LQJ 0DQXHO U PLQW FHUHV WR F PLQW LQF F Â’ )DOOV VHW PLQW 6* Â… Â… 5RVH DQG %URZQ FÂ… ,QGHSHQGHQFH VXUFK VHW RI 0 ,QGHSHQGHQFH VHW RI PLQW FÂ… 0DQ\ V RI VWDPSV PDLQO\ ILQH XVHG Â… Â… Â’ '28%/(+($' G 6* IUHVK PLQW ILQH 32670$5.6 RI 3RUWXJDO E\ 6DOYL HGLWLRQ VWDPS Â… Â… LQ YHU\ ILQH FRQGLWLRQ VHOGRP VHHQ WKHVH GD\V ZLWK PDQ\ SRVWPDUNV LOOXVWUDWHG Â… Â… 5+2'(6,$ %RUGHU 0LQLQJ &RUSRUDWLRQ /WG VKDUH FHUWLILFDWH ZLWK .*9 SRVWDJH DQG 5HYHQXH VWULS RI 35,1&( (' ,6 DQG 5HYHQXH VWULS RI RQ WKH UHYHUVH 4 4 0LQHV Â’ 9$5,(7< F 6723 %(7:((1 35,1&( /WG FHUWLILFDWH ZLWK SRVWDJH DQG 5HYHQXH SOXV 5HYHQXH $1' (':$5' 6* D ILQH PLQW WRJHWKHU ZLWK QRUPDO WR RQ WKH IURQW $ VFDUFH SDLU RI FHUWLILFDWHV Â… Â… FRPSDUH Â… Â… &29(56 LQWHUHVWLQJ VHOHFWLRQ RI FRYHUV 4$7$5 5R\DO 7RXU FRYHUV ZLWK VSHFLDO FDQFHOV LQF RIILFLDO UHJG HQY ZLWK 5R\DO 7UDLQ UHJG KV ZLWK 5KRGH &HQWHQDU\ òG G DQG Â’ 4(,, 2Q 2OG $OEXP SDJHV VHW RI òG IUDQNLQJ 5KRGHV VHW RQ LOOXVWU 7UDGH 8QLRQ HQY )', ZLWK &DVWOH VXUFK ERWK VHWV 6* DQG D D 6FRXW 4(,, &RURQDWLRQ *% VHW RQ WKH UHYHUVH ZLWK )', GHILQV 6KHLNK VHW RI DOO IUHVK PLQW Â… Â… LOOXVWU &RURQDWLRQ FRYHU ZLWK 5KRGH &HQWHQDU\ DQG 4(,, Â’ (5525 6SDFH 1HZ &XUUHQF\ VKHHWOHW G WR &RURQDWLRQ VWDPS )', 6 5KRGHVLD GHILQV òG WR RQ Â’ G DV 6* ZLWK 1HZ &XUUHQF\ RYSW GRXEOHG VFDUFH LOOXVWU )'& 5KRG DQG 1\DV GHILQV òG WR RQ LOOXVWUDWHG VKHHWOHW RI IUHVK 80 Â… Â… )'& $Q LQWHUHVWLQJ JURXS RI FRYHUV Â… Â… Â’ (5525 6SDFH QHZ FXUUHQF\ VKHHWOHW G WR 8QXVXDO PXOWL FRORXUHG IRUJHULHV RI DGPLUDOV Â… Â’ G ZLWK RYSW LQYHUWHG DV 6* VFDUFH FRPSOHWH VKHHWOHW GRXEOH KHDGV Â… LPSHUI EHWZHHQ YHUWLFDO SDLUV WR Â… IUHVK 80 Â… Â… GLIIHUHQW LWHPV Â… Â… Â’ (5525 6SDFH 1HZ &XUUHQF\ VKHHWOHW ZLWK Â’ 1HZ &XUUHQF\ RYHUSULQWHG WZLFH G WR G VKHHWOHW RI 6* IUHVK 80 Â… Â… Â’ '(/(*$7(6 )2/'(5 LVVXHG E\ WKH SRVWDO

Â’ ,03(5) DLUVKLS LVVXHV PLQW N N N U

5+2'(6,$ 1<$6$ '(),1,7,9( VHW RQ DQ LOOXVWUDWHG )'& ZLWK ILQH

1HZODQGV 6DOLVEXU\ FGV $ ILQH FRYHU Â… Â… { 4(,, FROOHFWLRQ RQ ROG DOEXP SDJHV GHILQV

6* FDW Â… Â… Â… Â’ ,03(5) YDULHW\ N VHSLD &KDGUD 6* D Â’ 80 VFDUFH Â… Â…

VHW RI SOXV FRLO VWDPSV DQG ERWK VKDGHV RI WKH G Â’ &,9,/ $9,$7,21 VHW PLQW 6* FDW Â… GHILQ VHW RI SOXV òG DQG G FRLO VWULSV RI D YHU\ JRRG UXQ Â… Â… RI FRPPHPV LQF .DULED 'DP G *RUJH IODZ 5HSO\ &RXSRQ XVHG \HDUV DIWHU WKH EUHDN XS RI WKH )HGHUDWLRQ $ Â’ ,03(5) N 7ROVWR\ 6* IUHVK 0 YHU\ ILQH FROOHFWLRQ RI VWDPSV ZULWWHQ XS RQ SDJHV VFDUFH Â… Â… Â… Â… { 9$5,(7< WZR PDUJLQDO VLQJOHV RI N 3LRQHHUV 580$1,$ HDFK ZLWK DGGLWLRQDO LPSUHVVLRQ NLVV SULQW LQ WKH PDUJLQ Â’ &ODVVLF LPSHUI 3ULQFH LVVXHV PLQW LQF XQXVXDO 6* E Â… Â… 8QLVVXHG S RYDO S DQG S ZLWK W\SHV $ % SOXV { (55256 DLUPDLO U LPSHUI EHWZHHQ VWDPS VKDGHV Â… Â… PDUJLQ 9)8 RQ SLHFH YHU\ VFDUFH DQG U LPSHUI )8 H[ 06 Â’ $ 6&$5&( *5283 RI QLQH GLIIHUHQW FRORXU 6* YDU Â… Â… WULDOV SHUI LPSHUI ZLWK YDOXHV WR E LQ YDULRXV XQLVVXHG { 9(5< ),1( 86(' ZLWK EHWWHU VHWV QRWH FRORXUV Â… Â… 'HDWK RI 6XULNRY FÂ… /HUPRQWRY FÂ… /HQLQ 0XVHXP Â’ 3$3(5 )2/' 5(68/7,1* ,1 3$57,$/ Â’ ,03(5) &251(5 9$5,(7< O 0L ZLWKLQ FRUQHU EORFN

FÂ… 8]EHF 3RHW FÂ… 9LHZV FÂ… $ VPDOO EXW YHU\ XVHIXO FROOHFWLRQ RI VWDPSV Â… Â…

IRXU 8QXVXDO HUURU Â… Â…

{ 02%,/,6$7,21 N SHUI YDULHW\ DV 9)8 EORFN

VFDUFH 6* D FDW Â… Â… Â…

5866,$ { (DJOH VHW RI )8 6* FDW Â… N ZLWK

{ 1$7,21$/ '()(1&( N 9)8 6* FDW

VXSHUE ER[HG FDQFHO Â… Â…

Â… NH\ VWDPS Â… Â…

Â’ ($*/( NU 6* PLQW SDUW 2* JRRG H[DPSOH Â’ 7<3( ,, N 6* E IUHVK 0 FDW Â…

RI WKLV FODVVLF FDW Â… Â… Â…

Â… Â…

{ ),1( 86(' ZLWK SUHPLXP PDWHULDO LQ DQ ROG

Â’

Â’

{

Â’

Â’ Â’ Â’ Â’

Â’ Â’ Â’ Â’

Â’ Â’

Â’ Â’

Â’ Â’

Â’ ,03(5) $7 5,*+7 (5525 N VWDPS DQQLY

DOEXP VWDPSV LPSHUI :RUNHUV WR E DQG SHUI LVVXH 80 6* SOXV NU SULQWLQJ YDULHW\ LQ SDLU ZLWK QRUPDO LVVXHV WR E 1HZ &RORXUV WR E SRVWDJH GXHV DQG 6* YDULHWLHV Â… Â… SRVWDJH GXH RYSWV XQOLVWHG N RYSW LPSHUI Â’ ,03(5) FRUQHU EORFNV RI IRXU 5XVVLDQ FRPPHPV WK $QQLY LPSHUI 06 FRPPHP VHWV HWF Â’ 5HYROXWLRQ VHW IUHVK 80 SOXV EORFNV RI IRXU SHUIRUDWHG 6* 7KH TXDOLW\ LV YHU\ JRRG Â… Â… E EORFNV Â… Â… :$5 &+$5,7< ZLWK GLIIHUHQW SHUI W\SHV SOXV Â’ ,03(5) %(7:((1 67$03 $1' 723 6SHFLPHQ RYSWV ZKLWH SDSHU VHWV SOXV 5HG &URVV HQY Â’ 0$5*,1 N %XLOGLQJ 6* E IUHVK 80 HOXVLYH ZLWK N WHWH EHFKH SDLU ZKLFK ZDV LVVXHG DW WKH WLPH XQXVHG Â… Â… VWDPSV PLQW Â… Â… Â’ 1$7,21$/ 6&,(17,67 ILUVW SULQWLQJ VHW ODUJH 2%/,*$725< 7$; W JUHHQ W WULDQJOH D VFDUFH VHW FRPSDUHG WR WKH VHFRQG SULQWLQJ FDW 86 VKDGHV DOO IUHVK XQXVHG LV LVVXHG VFDUFH 6* FDW PLQW Â… Â… Â… Â… Â… Â’ ,03(5) %(7:((1 VWDPS DQG ULJKW PDUJLQ 526721 )DPLQH 5HOLHI VHW )8 HDFK ZLWK QHDW Â’ N %DODNLUHY 6* IUHVK 80 Â… Â… FGV SPN YHU\ HOXVLYH VWDPSV 6* 6FRWW % Â… Â… Â’ (;&(37,21$/ &2//(&7,21 RI Â’ GLIIHUHQW LVVXHV SOXV 06 VKHHWOHWV ZLWK PDQ\ EHWWHU VHWV (5525 EURQ]H RYHUSULQW GRXEOH U U RQ U IUHVK PLQW UDUH HDUO\ YDULHW\ 6* YDU H[SHUWLVHG RQ 3DLQWLQJV 'RJV %LUGV (XURSD VHOGRP UHYHUVH Â… Â… VHHQ PRGHUQ FROOHFWLRQ XQPRXQWHG PLQW *HRUJLD YHU\ KLJK FDW YDOXH LQ PRGHUQ LVVXHV Â… Â… :25.(56 U LQVFULEHG DV LPSHUI SODWH QR FRUQHU EORFN IUHVK 80 6* D Â… Â… Â’ 2/' $/%80 SDJHV ZLWK EHWWHU SLFNLQJV $YLDWLRQ 'D\ VHW PLQW 5HG $UP\ VHW ZLWK GLIIHUHQW SHUI /(1,1 02851,1* N ODUJHU IUDPH 6* D W\SHV $LUFUDIW VHW RI 2UGHUV DQG 0HGDOV LVVXHV $ ILQH DV IUHVK 80 PDUJLQDO EORFN FKRLFH FDW Â… Â… Â… FROOHFWLRQ RI VWDPSV FDW Â… PLQW LQF XQPRXQWHG PLQW IRU LVVXHV EHWZHHQ DQG Â… Â… :25.(5 N W\SH ,, LPSHUI 6* 80 UDUH ZLWK SULQWHUV SHUIRUDWLRQV WKURXJK VWDPS H[SHUWLVHG QRUPDO FDW { 2/' $/%80 ZLWK LVVXHV WR ZLWK EHWWHU SLFNLQJV PDLQO\ ILQH XVHG 1RWH DLU VHW 6* 0 Â… Â… Â… 5HG &DYDO\ VHW RI PLQW 6RYLHW 0DUW\UV )8 WHQ :25.(56 N 80 YHUWLFDO SDLU ZLWK '28%/( \HDUV ZLWKRXW /HQLQ )8 $QWL ZDU )8 /DQGVFDSHV 3(5)25$7,21 (5525 KRUL] DQ XQXVXDO HUURU 6* )8 D ILQH UDQJH RI VWDPSV ZLWK PDQ\ VHWV YDU Â… Â… Â… Â… 602/1< ,167,787( N VSHFWDFXODU FRUQHU Â’ 2/' 3$*(6 ZLWK FRPPHPRUDWLYHV ZLWK VHWV PDUJLQDO EORFN 80 PLV SHUIRUDWHG LPSHUI KRUL] DQG IURP WR QRWH 3LRQHHUV ZLWK GLIIHUHQW SHUIV DGGLWLRQDO YHUWLFDO SHUIV 6* YDU VHH LPDJH 3XVKNLQ ZLWK GLIIHUHQW SHUI W\SHV 9LHZV RI Â… Â… &ULPHD DQG &DXFDVXV VHW RI FÂ… 1HZ 0RVFRZ ('8&$7,21 N ZLWK EURNHQ , 2 YDULHW\ IUHVK VHW RI FDW Â… <RXQJ /HQLQ &RPPXQLVWV VHW RI 80 =DJRUVN\ NF FDW 86 Â… Â… Â… 6RYLHW 6SRUW VHW RI ZLWK D FDW YDOXH RYHU Â… D YHU\ JRRG FROOHFWLRQ RI VWDPSV HDFK GLIIHUHQW PLQW Â… Â… ,03(5) N 1RUWK 3ROH =HSSHOLQ VWDPS DV 80 EORFN VFDUFH PXOWLSOH 6* Â… Â…

Â’ 2/' 3$*(6 ZLWK LVVXHV EHWZHHQ DQG

Â’ .*9 08/7,3/( &52:1 &$ 6LGHZD\ VHW WR LQF $UPV ZLWK SRVWKRUQV WR N H[ N 6* PLQW Â… Â… 7KXQGHUEROWV :DU 2USKDQV VHW SOXV N ZLWK $ DQG N ZLWK 3 RYSWV 6SHFLPHQ $ JRRG ORW RI VWDPSV PLQW Â’ '(),1,7,9( ZLWK DGGLWLRQDO VKDGHV LGHQWLILHG RQ D SDJH PLQW LQF $ IHZ 80 Â… Â… Â… Â…

{ 2/' 7,0( FROOHFWLRQ LQ WZR DOEXPV PXFK PLQW { 6,/9(5 -8%,/(( YDULHW\ òG .LWH DQG 9HUWLFDO Â’ LQF 06 QRWH &RVPLF )OLJKW PLQW &RPPXQLVW 3DUW\

/RJ 6* N ILQH XVHG Â… Â…

RYSW PLQW PDQ\ VHWV PDLQO\ V LVVXHV KLJK FDW YDOXH ZLWK RYHU VWDPSV 06 ([WHQVLYH FROOHFWLRQ Â… Â…

Â’ (;7(16,9( &ROOHFWLRQ RI DQG 06 IUHVK Â’ PLQW ZLWK PXFK EHLQJ 80 6XSHUE TXDOLW\ LGHQWLILHG MXVW QHHGV Â’ JRLQJ LQ D RQH FRXQWU\ $OEXP 0DQ\ FRPSOHWH VHWV

{ 5866,$1 (03,5( RQ SULQWHG

Â… Â…

DOEXP SDJHV VHHQ HDUO\ (DJOHV WR U LVVXHV ZLWK YDOXHV WR U SLFWRULDO ZLWK GLIIHUHQW SHUIV 5RPDQRY VHW &KDULW\ RYSW ZLWK GLIIHUHQW VWDPSV ILQH XVHG Â… Â…

Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, YHU\

FRPSOHWH IRU WKH SHULRG GHILQV WR Â… ZLWK GLIIHUHQW SULQWLQJV SHUIV 6 :HGGLQJ GHILQ VHW RI 4(,, GHILQ VHW ZLWK VKDGHV $ ILQH UDQJH RI FRPPHPRUDWLYH VHWV $ ILQH FROOHFWLRQ RI VHW PLQW Â… Â…

5<8.<8 ,6 Â’ 'RYH RI 3HDFH $LU 6HW 80 6* Â’ Â… Â… ^3KRWR` 4

Â’ 9$5,(7< EODFN DQG JUHHQ ZLWK EUHDN LQ YDOXH WDEOHW IUDPH 6* D PLQW Â… Â… 9(5< &2035(+(16,9( VWDPS FROOHFWLRQ KRXVHG LQ WZR DOEXPV ZLWK DGGLWLRQDO PDWHULDO PLQW DQG 80 6$,17 /8&,$ V ILUVW SULQWLQJ GHILQV RQ JUH\ SDSHU GHILQ VHW 'RYH RI 3HDFH 8QLYHUVLW\ DQG $IIRUHVWDWLRQ LVVXHV { 6* G )8 FDW Â… Â… Â… &XOWXUDO 7UHDVXUHV $PHULFDQ %DVH FRYHU 3HUU\ VHW 80 )'& D VSHFWDFXODU PXOWL IUDQNHG FRYHU ZLWK VL[ GLII HDUO\ LVVXHV DLUPDLO *RGGHVV VHWV 1HZ &XUUHQF\ VHW Â’ 6* G IUHVK XQXVHG DV LVVXHG Â… Â… 80 DQG DQ LQWHUHVWLQJ FRPELQDWLRQ FRYHU DQG PXFK HOVH ZLWK DGGLWLRQDO FRYHUV *RRG ORW Â… Â… Â’ 6* G IUHVK XQXVHG DV LVVXHG FDW Â… Â… Â… 6$$5

Â’ 81,668(' F DV LPSHUI PDUJLQDO EORFN RI VL[ { 2/' 7,0( FROOHFWLRQ FDWDORJXHG RYHU Â… Â’ IUHVK 80 XQXVXDO VHH 0L Â… Â…

ZLWK EHWWHU SLFNLQJ 49 LQF 9)8 6* (GZDUG WR LQF VHW RI XVHG .*9 VHW RI XVHG VHW RI )8 6LOYHU -XELOHH VHW )8 SLFWRULDO VHW RI )8 .*9, &RURQDWLRQ VHW RI 9LFWRU\ 6LOYHU :HGGLQJ 838 GHILQ HW RI D YHU\ JRRG FROOHFWLRQ RI VWDPSV FKLHIO\ ILQH XVHG Â… Â…

Â’ *877(5 3$,56 =ZLVFKHQVWHJSDDUH Â’ 6WDPS 'D\ 6WDPS 'D\ 6WDPS 'D\ DQG

0DULDQ <HDU FDW (XURV IUHVK 80 Â… Â…

6$%$+

Â’ 6LOYHU -XELOHH YDULHW\ òG GLDJRQDO OLQH E\ WXUUHW Â’ 4(,, 29(535,17(' 6HW RI DQG )ORZHU VHW

6* I IUHVK PLQW Â… Â…

RI IUHVK PLQW Â… Â…

Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, YHU\

6$,17 +(/(1$ { 49 G 6* D 9)8 FKRLFH H[DPSOH

Â… Â… { &OHIW 5RFN YDULHW\ G 6* F )8 Â… Â…

FRPSOHWH IRU WKH SHULRG GHILQ WR Â… ZLWK GLIIHUHQW SHUI W\SHV 6 :HGGLQJ 1HZ &XUUHQF\ VHW WR 4(,, GHILQV WR ZLWK VKDGHV 6WDWH +RRG VHW LQF F DQG 3RVWDJH GXH VHW RI 3RVWDJH GXH VHW RI $ YHU\ JRRG UDQJH RI VHW IUHVK PLQW Â… Â… Â’ (':$5' PLQW FROOHFWLRQ VHW RI

{ 683(5% 86(' FROOHFWLRQ RI VHWV ZLWK EHWWHU

&ROXPEXV $QQLY WR LQF òG G òG G G DQG ZLWK SODWH QXPEHUV FDW Â… Â… Â…

HDUO\ LVVXHV SLFWRULDO VHW RI SLFWRULDO VHW RI SOXV FKDON VXUIDFH SDSHU VHW SLFWRULDO VHW RI 1HZ &XUUHQF\ VHW RI $ YHU\ JRRG UXQ RI FRPPHPRUDWLYH VHWV D VXSHUE FROOHFWLRQ RI VWDPSV RXWVWDQGLQJ TXDOLW\ Â… Â…

Â’ .*9 PLQW ZLWK GHILQLWLYH WR DQG

3267&$5' DGGU WR %RWVDEHK /HSHU $V\OXP

%DVXWRODQG IUDQNHG òG $ KLJKO\ XQXVXDO GHVWLQDWLRQ LWHP YHU\ ILQH Â… Â…

6LOYHU -XELOHH VHW RI IUHVK PLQW $ JRRG VHOHFWLRQ RI VWDPSV Â… Â…

6$,17 9,1&(17 { :$7(50$5. UHYHUVHG G 6* [ DV DQ DWWU

{ 672&.&$5' ZLWK 49 LQF ZLWK 6SHFLPHQ Â’ KDQGVWDPS D YDULHW\ RI RYSWV WR .*9 EDGJH G

EURNHQ PDVW )8 G ZLWK WRUQ IODJ PLQW $Q LQWHUHVWLQJ ORW RI VWDPSV PDLQO\ )8 Â… Â…

6$,17 .,776 1(9,6

)8 SDLU ZLWK FRPSOHWH GXSOH[ FHQWUDOO\ VWUXFN Â… Â… Â’ :$5 7$; (5525 G YHUWLFDO VWULS RI WKUHH

ZLWK WKH PLGGOH VWDPS VKRZLQJ GRXEOH RYSW HUURU 6* D PLQW Â… Â… Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, YHU\

{ 6&277 DOEXP SDJHV ZLWK D ILQH XVHG VHOHFWLRQ

&ROXPEXV WR G SLFWRULDOV WR :DU VWDPS .*9 GHILQV ZLWK YDOXHV WR VHW WR 7HUFHQWHQDU\ WR G $ ILQH UDQJH RI VWDPSV PDLQO\ ILQH XVHG FDW Â… Â… Â…

FRPSOHWH IRU WKH SHULRG ,QF GHILQ VHW RI 6 :HGGLQJ 1HZ &XUUHQF\ VHW RI 838 4(,, GHILQ VHW RI GHILQ VHW RI DQG GHILQ VHW RI $ VXSHUE UDQJH RI FRPPHPRUDWLYH $ YHU\ ILQH FROOHFWLRQ RI VHWV IUHVK PLQW Â… Â… .*9, Â… WRS YDOXH 6* RQ VXSHUE VPDOO

{ .*9 6* DV D IDEXORXV ILQH XVHG

UHJ G FRYHU WR 8. WLHG .LQJVWRQ &'6 Â… Â… ^3KRWR`

PDUJLQDO EORFN RI IRXU VPDOO UHVLGXDO JXP VWDLQ GRHV QRW GHWUDFW Â… Â…

),1( 86(' FDWDORJXHG Â…

Â’ 3267$/ &(17(1$5< VKHHWOHW RI VWDPSV

LOOXVWUDWHG )'& V LQF PDS ERRNOHW SDQHV IURP WKH GLIIHUHQW LVODQGV LQGHSHQGHQFH 2937 VHW D YHU\ JRRG UDQJH ZLWK ODEHO RU QR DGGUHVV Â… Â…

ODEHOV IUHVK PLQW Â… Â…

6(<&+(//(6

$Q LQWHUHVWLQJ VHOHFWLRQ LQ D SDFNHW FRYHUV { 49 RQ SDJHV ZLWK EHWWHU SLFNLQJV LQF F ZLWK 2+06 WR 86$ ZLWK WZR *RYW &DFKHWV DQG G FDW Â… VXUFK F RQ F FÂ… FRORXU FKDQJH F UDWH ILQH FRYHU YDULRXV )'& LQF .*9, GHILQV %LUGV WR FDW Â… U F FDW Â… F RQ U FDW Â… $ ILQH RQ YHU\ ILQH )'& )HZ VWDPSV LQF .*9, Â… Â… Â… VHOHFWLRQ RI VWDPSV FDW Â… )LQH XVHG Â… Â… ,17(5(67,1* JURXS RI FRYHUV HQY ZLWK Â’ '(17(' )5$0( YDULHW\ F 6* D 80 VPDOO 4(,, GHILQV WR F UHJG VHQW WR 86$ DLUPDLO HQY ZLWK Â’ DJH VSRW PHQWLRQHG IRU DFFXUDF\ VFDUFH 80 Â… Â… 4(,, F [ [ UHJG VHQW WR 8. 2+06 HQY ZLWK UR\DO YLVLW VHW RQ WKH IURQW RQ WKH UHYHUVH EORFN RI WKH F Â’ 63/,7 $ YDULHW\ .*9 F IUHVK PLQW 6* DQG &KXUFKLOO F ZLWK 6W 9LQFHQW SRVW RIILFH GHSW FDFKHW D Â… Â… ^3KRWR` HQY V ZLWK .160 06 3\JPDOLRQ FDQFHOV VHQW WR 8. RQH { .*9 VHW RI ILQH XVHG LQF U 'LH , 0RVWO\ ZLWK )UHQFK SRVWDJH GXH 2+06 HQY ZLWK *RYHUQPHQW VHOHFWHG FGV H[DPSOHV ZLWK D JRRG UDQJH RI FDQFHOV $WWU VHW +RXVH FDFKHW D JRRG ORW RI FRYHUV Â… Â… UHTXHVW VFDQV 6* Â… Â… Â’ 9$5,(7,(6 2) 4(,, 80 IHDWXUH LQ WKLV Â’ LQWHUHVWLQJ DOEXP FROOHFWLRQ ZLWK SRVLWLRQDO EORFNV DQG PXFK ,1&5(',%/< ODWH XVH RI 49 U F KLJK YDOXH 6* VXSHUEO\ XVHG RQ VPDOO UHJG FRYHU WR 8. WLHG 9LFWRULD LQWHUHVWLQJ VWDPSV *UHQDGLQHV %,5'6 LVVXHV LQF FGV DUULYDO EV ([FHSWLRQDO TXDOLW\ WKHVH KLJK YDOXHV DUH 6SHFLPHQ VHW SRVLWLRQDO EORFNV ZLWK RYSW YDULHWLHV F 3DUURW UDUHO\ IRXQG RQ FRYHU XQSULFHG RQ FRYHU Â… Â… EORFNV VKRZLQJ FRQVWDQW EURNHQ IUDPH VKHOO GHILQV LQ EORFNV ZLWK YDULHWLHV LQYHUWHG ZPNV DQG PRUH Â… Â… Â’ .*9, GHILQLWLYHV FDWDORJXHG RYHU Â… Â’ :$7(50$5. HUURUV 80 GLII F F JUHHQ F RUDQJH JUHHQ F VFDUOHW JUH\ Â’ 0DS 6* Z %LUGV LQF F Z )LVK GHILQV WR F )LQH EOXH F UHGGLVK YLROHW F EURZQ FDUPLQH F EOXH F EURZQ RFKUH F FDUPLQH DQG F VODWH EOXH JURXS KLJK &9 Â… Â… Â… Â…

6$02$

<$&+7 òG *5, RYSW 6* UHPDUNDEOH XVH

RI VL[ VWDPSV XVHG RQ VPDOO FRYHU WR /RQGRQ PXOWL FDQFHOOHG *32 6XYD FGV UDUH PXOWLSOH IUDQNLQJ SD\LQJ G UDWH )LQH Â… Â…

{ .*9, VHW 9)8 6* FKRLFH

Â… Â… { 683(5% 86(' FROOHFWLRQ ZLWK EHWWHU HDUO\ VHWV

GHILQ VHW RI SLFWRULDO VHW RI GHILQ VHW RI D JRRG UDQJH RI FRPPHPRUDWLYH VHWV VXSHUE FROOHFWLRQ RI VWDPSV 06 RXWVWDQGLQJ TXDOLW\ Â… Â…

6* 1= RYSWV VHW RI VL[ WR QLFHO\ XVHG

RQ ORFDO FRYHU HDFK WLHG $SLD FGV 9HU\ SUHWW\ Â… Â…

3267$*( '8(6 XVHG RQ FRYHUV ILQH ORW RI

Â’ 2/' 3$*(6 ZLWK ([SUHVV SRVWDJH WR

VPDOO FRYHUV VKRZLQJ D ZLGH UDQJH RI GXH XVDJHV LQF PXOWLSOH FRPELQDWLRQV ZLWK 9LFWRULD RU /D 'LJXH FGV 9HU\ JRRG JURXS Â… Â…

SRVWDO ILVFDO G $QQLY RI 1HZ =HDODQG FRQWURO SLFWRULDO VHW RI D JRRG VHOHFWLRQ RI VWDPSV PLQW Â… Â… ::, &29(5 WR 8. IUDQNHG òG 6DPRD RYSW

/2&$/ &29(5 WR /D 'LJXH IUDQNHG F F

WRJHWKHU ZLWK F SDLU F F 3267$*( '8(6 WLHG FGV 7 KV VFDUFH Â… Â…

ZLWK 3DVVHG E\ &HQVRU FDFKHW 8QXVXDO Â… Â…

5HJLVWHUHG (QYHORSH .*9, XSUDWHG ZLWK F WR

6$5$:$. 0,66,21$5< 0$,/ ZULWWHQ IURP 6DUDZDN WR

WKH YHU\ 5HY G ) +HQU\ 0LOO +LOO 0LVVLRQ /RQGRQ DQG VXEVHTXHQWO\ UHGLUHFWHG WR 6W 3HWHUV $SRVWOH 6FKRRO )UHVKILHOG 1 /LYHUSRRO EHDULQJ ORFDO LVVXH F 6* WLHG LQGLVWLQFW FGV 6WUDLWV 6HWWOHPHQWV F 6* DSSOLHG IRU WUDQVLW Â’ WLHG 6LQJDSRUH FGV $ UDUH SUH 838 FRPELQDWLRQ FRYHU HQGRUVHG SULYDWH ILQH QR EDFN IODS IXUWKHU 6LQJDSRUH WUDQVLW FGV RQ UHYHUVH IURP D 0LVVLRQ LQ 6DUDZDN Â… Â… ^3KRWR` { &(17(1$5< VHW RQ DWWU )'& UHJG IURP

.XFKLQJ 6* Â… Â… &(17(1$5< VHW RQ ILQH ORFDO )'& 6*

U GHILQLWLYHV UHJG ZLWK 9LFWRULD &'6 FDQFHO VHQW WR WKH 8. Â… Â… /2&$/ &29(5 IUDQNHG F ZLWK ),1( 3267$*( '8(6 FRPELQDWLRQ F F F SDLU DQG F WLHG $QVH 5R\DOH FGV 8QXVXDO Â… Â… (':$5' DQG .*9 PLQW VHOHFWLRQ RQ D VWRFN SDJH (GZDUG WR U .*9 WR U FDW Â… DJHG JXP Â… Â… 4(,, ILQH XVHG IURP WR ZLWK EHWWHU VHWV LQF GHILQ VHW RI GHILQV ZLWK YDOXHV WR U V FRPPHP VHWV 5DUH %LUGV VHW RI $ JRRG UDQJH RI VWDPSV PXFK YHU\ ILQH XVHG Â… Â…

Â’ 4(,, :DWHUPDUN YDULHWLHV 80 6* Z Â’ =(6 Z Z Z $OO OLVWHG Â… Â…

Â… Â… ,17(5(67,1* VPDOO VHOHFWLRQ LQ SDFNHWV HWF FRYHUV LQF &HQWHQDU\ VHWV RQ FRYHU &URZQ &RORQ\ VHW WR RQ )'& 6* JRRG VHOHFWLRQ RI XVHG VWDPSV RQ FDUGV LQF WR WR TW\ Â… Â…

5($/ SKRWR W\SH SLFWXUH SRVWFDUGV LQ EODFN

DQG ZKLWH HDFK ZLWK D GLIIHUHQW YLHZ XQXVHG Â… Â…

6,(55$ /(21( 8QXVXDO XVH RI %DUFOD\V %DQN HQYHORSH IROGHG

6(5%,$ Â’ &/$66,&6 3ULQFH VHW RI WKUHH RQ 3HOXUH SDSHU

PLQW XQXVHG 6* FDW Â… (OXVLYH LVVXHV Â… Â…

LQ KDOI WR PDNH D VPDOOHU HQYHORSH UHJLVWHUHG WR .HQ\D ZLWK .*9, G SDLU Â… FRPELQDWLRQ H[ )UHHWRZQ 5HPDUNDEOH Â… G UDWH Â… Â…

Â’ 6PHGHUHYR ([SORVLRQ 06 LPSHUI ILQH 80 ZLWK Â’ OLVWHG 9$5,(7< 'RW LQ RI 0L EORFN &DW Â…

Â… Â…

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

9HU\ VFDUFH RQ FRYHUV VHFRQG DQQLYHUVDU\

6287+ $)5,&$

LVVXHV $LUPDLO HQYHORSH WR 8. ZLWK WKH VHW RI 6* { 5$,/:$< VWDPSV SUHSDLG òG QHZVSDSHU LQF G ZLWK VPDOO F YDULHW\ QG FRYHU ZLWK YHU\ VFDUFH RQ ZLWK D ILQH FGV FDQFHO 'H :DDO 'XUEDQ DQG 'HOJDGR EDJ Â… 6* F Â… ZLWK G G G RQ D 2+06 VKLSSLQJ DQG ODQGLQJ ODEHO XQXVHG &DSH *RYHUQPHQW UDLOZD\V WKLV LV UDUH ZLWK IUHH WRZQ UHJG /DEHO $OO VWDPSV QHDWO\ G XVHG 6$5 WR G &HQWUDO DQG 6RXWK $IULFD FDQFHOOHG Â… Â… UDLOZD\V SDUFHO VWDPS WR XVHG D LQWHUHVWLQJ Â’ (5525 F GLDPRQG VKDSH ZLWK EULJKW JUHHQ JURXS Â… Â… ^3KRWR` Â’ DQG JROG RPLWWHG LQVFULSWLRQ DQG IDFH YDOXH 6* D DV IUHVK 0$)(.,1* G %DGHQ 3RZHOO 6* ILQH PLQW 80 SDLU $ UDUH PXOWLSOH Â… Â… ZLWK 536 FHUW DQG D ZRQGHUIXO RULJLQDO OHWWHU RI SXUFKDVH IRU Â’ (5525 F 'LDPRQG VKDSH ZLWK EULJKW JUHHQ WKLV VWDPS IURP :DOODFH %URWKHUV VWDPS GHDOHUV 1RY Â’ DQG JROG RPLWWHG LQVFULSWLRQ DQG IDFH YDOXH 6* D ILQH 6HOOLQJ WKH VWDPS WR D 0LVV 6DOWHU ZLWK H[WHQVLYH FRQWHQWV 80 Â… Â… JXDUDQWHHLQJ WKLV H[DPSOH WR EH SHUIHFWO\ JHQXLQH DQG VLJQHG { ,17(5(67,1* 0,;785( LQ ZDOOHWV PXFK -RKQ :DOODFH $ UHPDUNDEOH LWHP VHQW MXVW ILYH PRQWKV DIWHU .*9, LQF FRYHUV QRWLQJ UHJG SRVWHG RQ VWHDPHU FDFKHW LVVXH Â… Â… SRVWDJH VWDPSV XVHG LQF WR Â… Â… :HGGLQJ 4 $,50$,/ FRYHUV ILUVW IOLJKW EHWZHHQ 9)8 VXSHU UHJG FRYHU IUDQNHG :LOEHUIRUFH LVVXHV ZLWK &DSHWRZQ DQG 'XUEDQ ZLWK VSHFLDO IOLJKW FDQFHO SOXV )RXQG PDWFKLQJ :LOEHUIRUFH SRVWPDUNV UHJG FRYHU WR 2SHQHG ODEHO DWWDFKHG 3RUW (OL]DEHWK WR 'XUEDQ H[SHULPHQWDO 6ZLW]HUODQG IUDQNHG G :LOEHUIRUFH HWF TW\ Â… Â… IOLJKW FDUG ZLWK 6$ DLUPDLO FDFKHW VFDUFH GRXEOH ILUVW IOLJKW FRYHU 6RPHUVHW :HVW VHQW WR (DVW /RQGRQ WKHQ G DLU VWDPS Â’ ,17(5(67,1* ROG WLPH PLQW VHOHFWLRQ SDJHV DWWDFKHG DQG UH IORZQ WR 3RUW (OL]DEHWK ILUVW IOLJKW SRVWFDUG .*9 GHILQV WR G DV PLQW 3$,56 GHILQV WR G DV 0RVVHO %D\ ZLWK ILUVW IOLJKW &DSHWRZQ WR 'XUEDQ URXWH ZLWK PLQW 3$,56 WR WR Â… FÂ… HWF VSHFLDO FDFKHW $ YHU\ JRRG ORW W\SHG XS ZLWK GHWDLOV RQ VWDPSV Â… Â… OHDYHV Â… Â… { .*9, ILQH XVHG RQ DOEXP SDJHV { ,035,17 PDUJLQDO SDLU G 6* E 9)8 OX[XV &RURQDWLRQ GHILQ VHW RI FÂ… 9LFWRU\ 6LOYHU TXDOLW\ Â… Â… :HGGLQJ FÂ… 838 D ILQH UDQJH Â… Â… 3267$/ 67$7,21(5< DQ H[WHQVLYH XVHG

Â’ 9$5,(7< &RURQDWLRQ SDLU ZLWK K\SKHQ RQ VWXG\ LQ DQ DOEXP LWHPV ZLWK PXFK GHWDLOV LQF $IULNDDQV VWDPS RPLWWHG 6* D PLQW Â… Â… YDULRXV XVHG 9LFWRULDQ SRVWDO FDUGV (GZDUG HQYHORSHV XVHG RQH HQGRUVHG 3HU 66 &RQJR UHJG HQYV XSUDWHG .*9 Â’ &200(025$7,9(6 PDLQO\ DV FRPSRVLWH G HQYHORSH XSUDWHG WR 86$ .*9 YDULRXV UHJG HQYV XVHG EORFNV RI 9RRUWUHNNHU QRWH G EORFNV RI VHW DV G G :LOEHUIRUFH RQ FRYHU WR 6ZLW]HUODQG .*9, G EORFNV RI +XJXHQRW òG DV EORFNV RI IURP HDFK HQY XSUDWHG WR 86$ DQG FHQVRUHG ,RQ\O PHGLFLQH FDUG FRUQHU òG EORFNV RI IURP HDFK FRUQHU $ JRRG ORW FDW XVHG 4(,, LQF VFDUFH XVH RI JROG HPERVVHG VKDSH VWDPSV RQ Â… VHOGRP VHHQ DV FRPSRVLWH EORFNV PLQW UHJG FRYHUV HWF *RRG TXDOLW\ Â… Â… Â… Â…

6,1*$325(

922575(..(5 VHW RQ DQ LOOXVWUDWHG HQYHORSH

::,, 32: FRYHU 1RUZLFK WR /DVW $GGUHVV

6LQJDSRUH FHQVRUHG -DSDQHVH FKRSV RULJLQD OHWWHU LQVLGH F R -DSDQHVH 5HG &URVV 6FDUFH Â… Â…

6/29$.,$ Â’ 7:2 /,1'1(5 KLQJOHVV DOEXPV ZLWK WKH PRVW Â’ H[WHQVLYH FROOHFWLRQ RI SHUIHFW 80 PDWHULDO V PDQ\ HDUO\

ZDUWLPH LVVXHV LQF DLUPDLOV H[WHQVLYH PRGHUQ DQG KLJK FDW FRPPHPV ZLWK 06 5RRP IRU GHYHORSPHQW DQG QRW RIWHQ RIIHUHG LVVXHV $ TXDOLW\ FROOHFWLRQ Â… Â…

6* ILQH XVHG ZLWK 9RRUWUHNNHU 0RQXPHQW FGV +XJXHQRW VHW RQH HQY SODLQ ZLWK :HVW (QG 'XUEDQ FGV QG LOOXVWUDWHG ZLWK VSHFLDO FDQFHO GDWH 6HS ZLWK +XJXHQRW UHJG KV Â… Â… 0XOWL &HQVRUHG &RYHUV WR ,UHODQG DOO IUDQNHG

VPDOO IRUPDW :DU (IIRUW LVVXHV FRYHUV LQF 3LFWRULDO DGYHUW FRYHUV PDQ\ GLIIHUHQW VWDPS XVDJHV LQF G UHJLVWHUHG JRRG JURXS Â… Â… Â’ 7285,67 LVVXH SKRWRJUDSKLF HVVD\ LQF Â’ UHMHFWHG HVVD\ YHU\ LQWHUHVWLQJ ORW Â… Â…

6/29(1,$

{ 5(9(18( )5$*0(176 ZLWK VWUHQJWK LQ

Â’ <8*26/$9 LVVXHV SUHSDUHG IRU 6ORYHQLD Â’ &KDLQEUHDNHUV VSHFLDOLVHG FROOHFWLRQ RI RYHU VWDPSV Â’ FKLHIO\ PLQW ZLWK HUURUV DQG YDULHWLHV LQFOXGLQJ VRPH

VSHFWDFXODU SLHFHV LQF LPSHUIV GRXEOH SHUIRUDWLRQV PLVSHUIV LPSHUI EHWZHHQ SDLUV VRPH PXOWLSOHV HWF 0DUYHOORXV DVVHPEO\ RI XQXVXDO LVVXHV Â… Â…

V .*9, LVVXHV VXEVWDQWLDO ORW RI DSSUR[ SLHFHV ZLGH UDQJH RI LVVXHV YDOXHV WR LQF XVH RI SRVWDJH VWDPSV QRWH ::,, :DU (IIRUWV PDQ\ .*9, FRPELQDWLRQV 2ULJLQDO ORW Â… Â…

6287+ $5$% )(' Â’ 8102817(' 0,17 FROOHFWLRQ RI VHWV LQF Â’ $UPV 6WDWH RI 6HL\XQG GHILQ VHWV ERWK RYSWV

620$/,$ Â’ ,WDOLDQ 3R F / / DOO IUHVK PLQW 6*

VHWV $ YHU\ JRRG FROOHFWLRQ RI VWDPSV HDFK GLIIHUHQW Â… Â…

&DW Â… Â… Â…

Â’ (;7(16,9( &ROOHFWLRQ RI VHWV ZLWK EHWWHU

Â’ 6PDOO EXW XVHIXO UDQJH RI VHWV LQF

)UDQFLV RI $VVLVL &RORQLDO LQVWLWXWH $LU VHW RI VL[ D JRRG UDQJH RI VWDPSV IUHVK PLQW Â… Â… Â’ ,7$/,$1 &2/ F 7RZHU SHUI IUHVK 80 FDW Â’ Â… 6* Â… Â…

620$/,/$1' 3527

RYHUSULQWHG VHWV 1HZ &XUUHQF\ VHW RI $SU VXUFK VHW RI $XJ +DGKUDPDXW 1HZ &XUUHQF\ VHW &KXUFKLOO DQG -). :RUOG &XS &R 2SHUDWLRQ 6WDWH RI 4LVKQ DQG 6RFRWUD VHW RI DOO IUHVK PLQW Â… Â… Â’ 29(535,176 RQ $GHQ 6WDWH LVVXHV DQG Â’ )HG RI 6RXWK $UDELD VHW ZLWK 3HRSOHV 5HSXEOLF RI <HPHQ

RYSWV 6WDWH RI +DGKUDPDXW RYSWV WR )LOV 6DWH RI 6HL\XP RYSW VHW RI 6* &KXUFKLOO DQG .HQQHG\ RYSW VHWV 80 $ ILQH UDQJH RI VWDPSV Â… Â…

4 (;35(66 DLUPDLO FRYHU WR 8. ZLWK VWDPS

FRPELQDWLRQ DQG ([SUHVV KV Â… Â…

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

Â’ $0(5,&$6 H[KLELWLRQ DLUPDLO VHW RI IUHVK

6287+ :(67 $)5,&$

/00 6* Â… Â…

Â’ 6:$ 29(535,176 $ IUHVK PLQW ORW RI RYSW Â’ SDLUV LQF WR G 6* DQG 6:$ WR G 6* LQF 80 Â’ $LUPDLO SWD 6* IUHVK PLQW $ ILQH Â’ 1LFH Â… Â… 4 VWDPS Â… Â… ^3KRWR` { 2)),&,$/ SHQQ\ 6* 2 DV D VXSHUE XVHG

{ '$92 35,17(' $OEXPV IRU LVVXHV IRUP

EORFN RI QLQH DQ LPSUHVVLYH PXOWLSOH 6* 2 Â… Â… Â’ 2)),&,$/ 2937 3$,56 $1' %/2&.6 IUHVK Â’ 0 80 SDLUV DQG EORFNV LQF G 6* 2 FÂ… Â’ VHW RI IRXU 6* 2 G VWRS DIWHU RIILFLDO YDULHW\

RWKHU VWRSV RPLWWHG LQF 6* 2 D 2 E YHU\ IUHVK DQG KLJK &9 Â… Â…

6287+(51 1,*(5,$ Â’ 672&. 3$*( ZLWK 49 WR (GZDUG WR

LQF 6* D DQG .*9 WR PLQW D KLJKO\ &DW /RW ZLWK GLIIHUHQW SULQWLQJV DQG VKDGHV QHHGV LGHQWLI\LQJ Â… Â…

WR DQG ROG SDJHV ZLWK VWDPSV LQF DLU VHW ZLWK VSHFLPHQ RYSW PXHVWUD 0 /$ $*8(5$ FRQWURO ILJXUHV EOXH VHW RI PLQW D VWRFNERRN FUDPPHG ZLWK VWDPSV PDLQO\ ILQH XVHG RULJLQDO FROOHFWLRQ PDQ\ V RI VWDPSV ZLWK WZR TXDOLW\ DOEXPV ZDLWLQJ WR EH ILOOHG Â… Â… ($5/< 48((1 ,6$%(//$ RQ D VWRFN SDJH LQF F EODFN RQ DQ HQWLUH ZLWK FRQWHQWV F PLQW UHSULQWV UHSULQWV DOO XQXVHG F ZLWK GLIIHUHQW SULQWLQJV )8 $ JRRG VHOHFWLRQ RI VWDPSV HQWLUH Â… Â…

63$1,6+ &2/21,(6

{ 672&. 3$*(6 ZLWK VWUHQJWK LQ 6SDQLVK Â’ 6DKDUD VHWV PDLQO\ PLQW LQF 80 ZLWK LVVXHV WR $ ILQH Â’ :$7(5/2: $5&+,9( 3522)6 5HYHQXHV UDQJH RI VWDPSV HDFK GLIIHUHQW Â… Â… WR Â… %DUHIRRW PLQW ZLWK VHFXULW\ SXQFK KROHV LQGHQWHG Â’

6287+(51 5+2'(6,$

FDUGV 3ULQWHG :DWHUORZ DQG 6RQV /WG 3ULQWHU V )LOH ([DPSOH 6FDUFH Â… Â…

67 +(/(1$

Â’ 9$5,(7< G &OHIW 5RFN 6* F PLQW { ),1( 86(' FROOHFWLRQ .*9 GHILQV WR G

Â… Â… ^3KRWR`

VHW RI 6LOYHU -XELOHH VHW D JRRG UDQJH RI VWDPSV FDW Â… Â… Â… Â’ .*9, '(),1,7,9( VHW RI DV XQPRXQWHG PLQW Â’ EORFN RI 6* YHU\ IUHVK Â… Â… Â’ (5525 9,&725< G ZLWK GDPDJHG IUDPH 6*

E PLQW Â… Â…

Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, YHU\

FRPSOHWH IRU WKH SHULRG GHILQ ZLWK ERWK VKDGHV RI WKH G 6 :HGGLQJ 4(,, GHILQ VHW RI GHILQ VHW RI D YHU\ JRRG UDQJH RI FRPPHPRUDWLYH VHWV $ ILQH FROOHFWLRQ RI VHWV PDLQO\ IUHVK PLQW Â… Â…

68'$1

{ 6* GHILQ VHW 9)8 FKRLFH FDW Â…

Â’ 2/' $/%80 3DJHV ZLWK EHWWHU SLFNLQJ

Â… Â… { ),1( 86(' 5KRGHV &HQWHQDU\ GHILQ

VHW RI &RURQDWLRQ SLFWRULDO VHW RI Â… Â… .*9, 5(9(18(6 òG WR Â… ILQH XVHG H[ G $UP VHW RI WR Â… )8 $ YHU\ ILQH FROOHFWLRQ Â… Â…

3RVWPDQ VHW RI PLQW $LUV S ò [ ò VHW RI 7XWL ,VODQG 3LFWRULDO VHW RI PLQW 2IILFLDO VHW RI RIILFLDOV VHW RI $LU 2IILFLDOV PLQW 2IILFLDO VHW RI PLQW DQG 3RVWDJH GXH VHWV PLQW D YHU\ JRRG FROOHFWLRQ RI VWDPSV PDLQO\ IUHVK PLQW &DWDORJXH YDOXH RYHU Â… Â… Â… Â’ &$0(/ VHW SOXV S KLJK YDOXH SHUI SULQWLQJ

6* D FDW Â… PLQW Â… Â…

63 &2/ )(51 322 { $OEXP OHDYHV ZLWK DQ LQWHUHVWLQJ UDQJH RI Â’ VWDPSV F KDQGVWDPSV 6* D KDQGVWDPSHG

Â’ 6* 3RVWPDQ VHW ILQH 80 Â’ Â… Â…

F VHOHFWLRQ RI PLQW LQF F UHG RQ F òF DQG F Â’ $,50$,/ VHW RI DV 80 EORFNV RI IRXU 6* )LVFDO VWDPSV EOXH +6 F RQ F 6* D UDQJH RI KHDGV XQFKHFNHG IRU SULQWLQJV %OXH )LJV RQ WKH EDFN S Â’ H[ 6* Â… Â… S S PLQW D ILQH UDQJH PLQW RU ILQH XVHG 6WDWH WR &DW Â’ 6(/'20 6((1 LQ D FRPSOHWH VKHHW P ,EH[ Â… Â… Â… Â’ 6* ZLWK F\OLQGHU QXPEHUV FDW Â… DV VLQJOH VWDPSV 63$,1 80 Â… Â… Â’ &/$66,& 48((1 U 6* IUHVK PLQW ZLWK 3267$/ +,6725< FROOHFWLRQ RI IRUPXOD 2* JRRG PDUJLQV VLJQHG Â… Â… UHJLVWHUHG HQYHORSHV VPDOO IRUPDWV [ PP HDFK ZLWK D GLIIHUHQW RIILFH &'6 32670$5. VXSHUE ORW RI GLII YHU\ ILQH { -867,&( SWD 6* JHQXLQH SRVWDO XVHG TXDOLW\ DQG DOO LQ ZDOOHWV :LOO PDNH D PDUYHOORXV GLVSOD\ UDUH VWDPS VPDOO KLQJH WKLQ FDW Â… Â… Â… Â… Â… 3267$/ +,6725< VXE RIILFH FRYHUV LQF Â’ $,50$,/ &RURQDWLRQ SWD WRS YDOXH IUHVK 0 6*

UHJLVWHUHG GLII LWHPV ZLWK D JRRG YDULHW\ RI RIILFHV Â… Â…

FDW Â… NH\ VWDPS Â… Â…

Â’ &2521$7,21 RYSWV RQ RYHUVHDV 32 LVVXHV 3267$/ +,6725< DOO ZLWK GLIIHUHQW RIILFH

VFDUFH VHWV RI WZR 7DQJLHU 6* 0RURFFR 6* &DSH -XE\ 6* .H\ VWDPSV FDW Â… Â… Â…

Â’ (;+,%,7,216 S S S WRS YDOXHV PLQW 6*

FDW Â… Â… Â…

SRVWPDUNV ZLWK VRPH YHU\ JRRG LWHPV WKH FROOHFWRU SDLG XSWR Â… HDFK \HDUV DJR 8SWR V RQO\ ZLWK VHOHFWHG FRYHUV DQG FDUGV LQF UHJG DQG DLUPDLO :LOO PDNH D VSOHQGLG GLVSOD\ Â… Â… 3267$/ +,6725< FROOHFWRUV ORW RI RYHU

GLII VHOHFWHG FRYHUV DQG FDUGV DOO ZLWK GLIIHUHQW 32670$5.6 GDWLQJ IURP WK FHQWXU\ PXFK V ZLWK PDQ\ GLII WRZQ FGV SPNV LQF PDQ\ ZLWK UHJLVWHUHG ODEHOV WRR PXFK WR PHQWLRQ XQPLVVLEOH DW MXVW Â… D FRYHU Â… Â…

Â’ $,5 VHW RI 6* PLQW D VFDUFH

VHW Â… Â…

Â’ 8102817(' 0,17 LQFOXGLQJ PRGHUQ VHWV WR Â’ ([WHQVLYH ORW LQ ZDOOHWV ZLWK VHWV UHDGLO\ FDW XSWR Â…

{ 3$; IU WRS YDOXH DV DQ DWWUDFWLYH ILQH XVHG SDLU =XP Â… Â… HDFK LQF :RUOG &XS 838 &$) DOVR D TXDQWLW\ RI LQWDFW VKHHWV 80 LQF 2O\PSLF VHW 7KH FDW YDOXH RQ WKLV ILQH ORW LV YHU\ Â’ 352 -89(1787( ERRNOHWV VWLOO LQ WKHLU Â’ RULJLQDO SDFNHWV FDW Â… 80 Â… Â… KLJK V Â… Â…

Â’

Â’ Â’ Â’ Â’

685,1$0 Â’ $,50$,/ 67$036 IUHVK PLQW 4 GLIIHUHQW &DW Â… ,QF SURSHOOHU RYSW VHW 6* 3+272*5$3+,& SURRIV H[ %UDGEXU\ DUFKLYH 1LFH Â… Â… RI GLII LVVXHV PRXQWHG RQ RULJLQDO SULQWHUV FDUGV LQF 6FRXWV 5HG &URVV HWF 5DUH DUFKLYH PDWHULDO DQG SURE { ),1( 86(' LQ WZR SULQWHG 'DYR $OEXPV XQLTXH Â… Â… FDWDORJXH YDOXH RYHU Â… ZLWK PDQ\ EHWWHU VHWV QRWH DQG SUR 6:$=,/$1' -XYHQWXWH VHWV SD\ F ZLWK PDQ\ FRPSOHWH VHWV IRU 9(5< ),1( &ROOHFWLRQ ZLWK PDQ\ VHWV LQF LVVXHV EHWZHHQ DQG RYHU VWDPSV ZLWK GLIIHUHQW SHUI W\SHV DQG VKDGHV &DW Â… Â… Â… ^3KRWR` HDFK GLIIHUHQW 3LFWRULDO VHW RI &DW Â… 1HZ { .,/2:$5( RI WKH V PDQ\ V RQ &XUUHQF\ RYSWV W\SH , DQG ,, HDFK GLIIHUHQW &DW Â… SLHFH ILOOLQJ D ILOHER[ PDQ\ ZLWK IXOO FDQFHOODWLRQ DQ\WKLQJ FRXOG VHW RI VHW RI VHW RI D YHU\ JRRG EH LQ KHUH Â… Â… UDQJH RI FRPPHPRUDWLYHV LQF 6 :HGGLQJ 3RVWDJH 2/' $/%80 SDJHV DQG VWRFN FDUGV ZLWK XVHIXO GXHV D YHU\ JRRG ORW RI VWDPSV IUHVK PLQW +LJK SLFNLQJ HDUO\ $UPV 6LWWLQJ +HOYHWLD 6WDQGLQJ +HOYHWLD 7HOOV &DWDORJXH YDOXH LQ GHILQLWLYH V IURP WKLV SHULRG 'HIHQFH )XQG 06 PLQW 3$; IU FÂ… )8 $ Â… Â… ^3KRWR` JRRG ORW RI D IHZ VWDPSV FKLHIO\ ILQH XVHG 6&$5&( U RQ W\SH ,,, 6* E IUHVK Â… Â… XQPRXQWHG PLQW Â… Â… 62/,'(5 0,/,7$5< VWDPSV FLUFD DQG 6&$5&( F RYHUSULQW RQ G W\SH ,, ERWWRP LQWHUHVWLQJ ORW RI VWDPSV PLQW PXFK 80 ZLWK DQ OHIW 6* E XQPRXQWHG PLQW Â… Â… ^3KRWR` LQWHUHVWLQJ UDQJH RI LPDJHV Â… Â…

Â’ 6&$5&( U RQ Â… W\SH ,, ERWWRP 6* E IUHVK

PLQW Â… Â… 'HILQLWLYH VHWV RQ LOOXVWUDWHG )'& 6*

DQG $QLPDO 3LFWRULDOV 6* ILQH Â… Â… { .*9, VSHFWDFXODU 5HYHQXH XVDJH RI [

WRS YDOXH SOXV XVHG RQ UHYHUVH RI PRUWJDJH GRFXPHQW SLHFH QHDWO\ FDQFHOOHG LQ WKH 7UDQVYDDO 5HPDUNDEOH KLJK YDOXH XVDJH Â… Â…

6:,66 62/',(5 67$036 RQ FRYHU RYHU

GLIIHUHQW LWHPV ZLWK PDQ\ GLII XVDJHV LQF PXOWLSOHV DQG PDQ\ GLII QXPEHUHG SRVWPDUNV 2ULJLQDO ORW QRWH FKHFNHG SULFHV RQ H%D\ ZLWK VLPLODU LWHPV SULFHG DW Â… WRS Â… HDFK 3RVVLEOH ILQGV KHUH Â… Â…

7$,:$1 +$55,6216 SULQWHUV SUHVHQWDWLRQ IROGHU RSHQV RXW OLNH D VFUHHQ FRQWDLQLQJ 6FHQHU\ VHW 6* ILQH Â… Â…

7$1*$1<,.$ 3RVWDJH VWDPS VHOHFWLRQ RQ FDUGV VWDPSV VWUHQJWK LQ PLQW ZLWK KLJK YDOXHV G DQG { .*9 U *($ RYSW 9)8 6* 6* YHU\ JRRG JURXS RI .*9, LQF EHWWHU SHUIRUDWLRQV Â… Â… ^3KRWR` WR VHYHUDO ILUVW RYSW LVVXHV IHZ XVHG LQF .*9, DV 9)8 EORFN HWF *RRG ORW Â… Â… { *,5$))( Â… RQ D VWRFN SDJH ZDWHUPDUN XSULJKW ZPN VLGHZD\V ZLWK D YDULHW\ RI VKDGHV YHU\ 3267$/ +,6725< /27 LWHPV ILQH XVHG ZLWK ILVFDO FDQFHOV &DWDORJXHG Â… DV ILQH 5HJ G ZLWK VWDPSV LQF G EORFN ::,, FHQVRUHG WR XVHG 6* D Â… Â… 86$ .*9, G UDWH WR 8. )'& Â… Â… { *,5$))( Â… :DWHUPDUN VLGHZD\V ILQH XVHG

6:('(1 { $506 &/$66,& ZLWK D JRRG YDULHW\ RI VKDGHV

{

{

{ Â’

6* VFDUFH Â… Â… ^3KRWR`

DQG SULQWLQJV ZLWK PDQ\ UHDGDEOH FGV FDQFHOV RUH Â’ *,5$))( +LJK YDOXH Â… 6* D :DWHUPDUN RUH RUDQJH ILQH XVHG FDW Â… Â… Â… XSULJKW VFDUFH Â… Â… ^3KRWR` 2)),&,$/ IRU VWXG\ SHUI RYHU ZLWK Â’ *,5$))( +LJK YDOXHV :DWHUPDUN VLGHZD\V YDOXHV WR NU XQFKHFNHG IRU SULQWLQJ DQG VKDGHV $Q RULJLQDO DQG IUHVK FRORXUV 6* PLQW Â… Â… ROG WLPH ORW Â… Â… ^3KRWR` ),1( 86(' ROG SDJHV ZLWK VWDPSV VHHQ Â’ KLJK YDOXHV VH WHQDQW SDLUV D UDQGRPO\ SODFHG FROOHFWLRQ ZLWK Â’ .*9 +,*+ 9$/8(6 PLQW DQG XQPRXQWHG PLQW VFDUFH DV VXFK 6* IUHVK PRUH PRGHUQ LVVXHV Â… Â… Â’ FRORXU Â… Â… ^3KRWR` 2/' 3$*(6 DQG VWRFN FDUGV ZLWK VWDPSV PDLQO\ ILQH XVHG VHHQ PDQ\ HDUO\ W\SH LQF D IHZ ORFDOV 6HHQ $Q ([KLELWLRQ 7DQJDQ\LND VNHOHWRQ &'6 DOVR FDPS SR &'6 6XSHUE Â… Â… *XVWDY S 3UXVVLDQ EOXH R ROLYH JUHHQ DOO PLQW RIILFLDOV WR N PLQW ZLWK VWUHQJWK { ($5/< %81'/(:$5( *LUDIIH LQ WKH DPRXQW RI XVHG VWDPSV Â… Â… .*9 6* ILQH XVHG PLQ 6:,7=(5/$1' FDW Â… Â… Â… ,17(51$7,21$/ 2UJDQLVDWLRQ FROOHFWLRQ LQ D /LQGQHU KLQJOHVV DOEXP ZLWK PDQ\ EHWWHU /HDJXH RI 1DWLRQV WR IU VHW RI VL[ FDW Â… )8 5HIXJHHV VHW RI 6* /5 80 FÂ… ZLWK 7HOHFRPPXQLFDWLRQ 838 0HWHRURORJLFDO VHWV $ YHU\ ILQH FROOHFWLRQ VWDPSV 06 FDW RYHU Â… Â… Â…

7$1=$1,$ { (;7(16,9( &ROOHFWLRQ ZLWK EHWWHU SLFNLQJ Â’ *LUDIIHV WR LQF FRORXU FKDQJH VHW RI )8 SOXV Â’ F F ZLWK VSHFLPHQ RYSW .*9 )8 6*

H[WHQVLYH 7DQ]DQLD VHWV LQF SRVWDJH GXHV GHILQLWLYH V FRPPHPRUDWLYHV LQF 06 ODWH LVVXHV IURP 80 DQG ILQH XVHG VHWV $ VXSHUE FROOHFWLRQ RI VWDPSV 06 &DW Â… SOXV DGGLWLRQDO LPDJHV Â… Â… ^3KRWR`

Â’ :,/'/,)( %RRNOHW SDQHV RI Â’ 6* FDE HDE IDE IUHVK XQPRXQWHG PLQW

2/' $/%80 SDJHV ZLWK D JRRG UDQJH RI LVVXHV IURP HDUO\ )UHQFK &ROV DQG PRUH PRGHUQ V LVVXHV VHHQ KLJK YDOXH DLUV 2937 V I SDOP WUHH WR I WR I WR I D ILQH UDQJH RI VWDPSV Â… Â…

Â… Â…

7$60$1,$ { 2&7$*21$/ G 6* ILQH XVHG IRXU IXOO

721*$

PDUJLQV QXPEHU SRVWPDUN YHU\ ILQH 3HQ QRWDWLRQ RQ UHYHUVH FDW Â… Â… Â…

{ 9$5,(7< 12 +<3+(1 %()25( 7$+$ 6*

D )8 ZLWK QRUPDO WR FRPSDUH Â… Â…

{ 2&7$*21$/ G 6* 9)8 IRXU PDUJLQV FXW

VTXDUH ZLWK VRFNHG RQ QRVH GXSOH[ UHPDUNDEOH VWDPS DQG DSSOLFDWLRQ RI SRVWPDUN Â… Â…

Â’ 2/' $/%80 3DJHV ZLWK EHWWHU SLFNLQJV

ZLWK YDOXHV WR VHW WR PLQW 1RWH G ZLWK VPDOO QG 2 VHW WR 0LQW GHILQ VHW WR Â… PLQW D ILQH UDQJH RI VWDPSV PDLQO\ IUHVK PLQW ZLWK D KLJK &DW YDOXH Â… Â…

{ 49 ILUVW G 6* JRRG VRXQG XVHG FXW VTXDUH

JRRG PDUJLQV VKRZLQJ OLQHV DERYH DQG EHORZ FDW Â… Â… Â…

{ ,03(5)25$7( XVHG VHOHFWLRQ FDW Â… Â’ $,5 &(17(1$5< 2) (PDQFLSDWLRQ VFDUFH Â’ VHW RI RIILFLDOV 6*2 ZLWK D %3$ &HUWLILFDWH 8QPRXQWHG VWDPSV DOO RI FROOHFWDEOH DSSHDUDQFH VPDOO IDXOWV LQF G

RFWDJRQDOV FXW VTXDUH LVVXHV ZLWK VKDGHV G LQYHUWHG ZPN G XQXVHG HWF Â… Â…

PLQW Â… Â… ^3KRWR`

{ ,03(5)25$7( &KDORQV G DQG DOO

JRRG WR )8 GLII SULQWLQJV YDULRXV FDQFHOV YHU\ FROOHFWDEOH 6* LVVXH Â… Â…

Â’ 9(5< ,17(5(67,1* JURXS ZLWK SKRWRJUDSKLF Â’ SURRIV LPSHUIV 6SHFLPHQV QRWH 0DS F LPSHUI

SDLU 6* YDU F 0DXL DQG KLV KRRN LPSHUI SDLU 6* YDU $ YHU\ JRRG ORW FKLHIO\ V V SHULRG 80 RYHU LWHPV Â… Â…

{ 3267$/ ),6&$/ 9)8 6* )

Â… Â…

75$169$$/

{ 685&+$5*( LQ UHG YDULHW\ G RQ G 6* D *22' 2/' 7,0( FROOHFWLRQ RQ SDJHV )8 FDW Â… Â… Â… VWDPSV FKLHIO\ XVHG SDJH IXOO RI VLGHIDFHV QRWLQJ 6* SRVWDO XVHG DOO RWKHU YDOXHV LQF VKDGHV DQG GLII 6* QXPEHUV G 6* PLQW VHW WR Â… LQF JRRG XVHG Â’ 35(3$5(' IRU XVH EXW QRW LVVXHG G (GZDUG JUH\ IUHVK PLQW VFDUFH 6* V Â… Â… 6* 9LHZV ZLWK GLII SULQWLQJV DQG DQ LQWHUHVWLQJ VHOHFWLRQ RI SRVWDO ILVFDOV ZLWK YDOXHV WR 9HU\ KLJK &9 6+,33,1* 32670$67(5 &$3(72:1 ODUJH DQG DQ RULJLQDO ORW Â… Â… YLROHW SRVWDO FDQFHOV RQ SLHFHV ZLWK YDULRXV IUDQNLQJV RI { 3267$/ ),6&$/ Â… 5HYHQXH RYSW )8 6* 7UDQVYDDO (GZDUG LVVXHV XSWR VL[ VWDPSV FDUULHG RQ ) Â… Â… &DOHGRQLDQ &DVWOH /LQH 9HU\ XQXVXDO Â… Â… { 32670$5.6 RQ HDUO\ YLHZV LVVXHV

75,(67(

GLIIHUHQW DQG PRVWO\ JRRG IXOO VWULNHV QRWLQJ %ULJKWRQ 6WDWLRQ 3HQJXLQ .LQJV ,VODQG 6XOSKXU &UHHN HWF Â… Â…

Â’ =21( % (VSHUDQWR VHW IUHVK 0 6* % FDW

Â… Â… Â…

{ 7$60$,1,$ SRVWPDUN FROOHFWLRQ RYHU

75,1,'$' 72%$*2

SRVWPDUNV IURP DURXQG WKH LVODQGV RQ 7DVPDQLDQ VWDPSV FKLHIO\ 9LHZV RI +REDUW RU 0RXQW :HOOLQJWRQ ZLWK DOO EHLQJ LGHQWLILHG E\ WKH WRZQ RU YLOODJH QHHGV UH ZULWLQJ XS Â… Â…

72%$*2 )/(8521 32670$5. 0RVWO\

$OELQR )OHXURQ LV ,QNHG RQ HQWLUH FKDUJHG WR /RQGRQ IDVFLQDWLQJ FRQWHQWV LQF 6HQGLQJ ILIW\ +RJKHDGV RI 6XJDU RQ WKH VKLS $XURUD IDXOWV WKURXJK D UHPDUNDEO\ HDUO\ HQWLUH Â… Â…

7+$,/$1' ,03(5,$/ $,5:$<6 )OLJKW &RYHU WR 8. VWJ

IUDQNLQJ RQ DUULYDO *% òG RQ UHYHUVH WLHG &'6 8QXVXDO Â… Â…

$ UHPDUNDEOH JURXS RI %ULWLVK &URZQ $FWV RI

7,%(7 $ 0267 ,17(5(67,1* DQG YDOXDEOH FROOHFWLRQ LQFOXGLQJ PDQ\ JHQXLQH SULPLWLYH LVVXHV VKHHWOHWV LGHQWLILHG IRUJHULHV SRVLWLRQHG PXOWLSOHV HWF W ZLWK Â’ 3276$*( HUURU *6 DD PDQ\ FRUQHU SDLUV LWHPV ERXJKW IURP 6* YHUWLFDO SDLU ZLWK 3276$*( HUURU XVHG IRUJHULHV W VKHHWOHW 6* DE H[ 6* W VKHHWOHW RI &72 XVHG H[ Â’ 6* W EURZQ VHWWLQJ ,9 PLQW VKHHW RI H[ 6* W JUHHQ VKHHWOHW RI VHWWLQJ ,, DQG PXFK PRUH $ PRVW UHPDUNDEOH FROOHFWLRQ RIIHUHG LQWDFW ZLWK PDQ\ UDUH LWHPV VWDPSV DQG VKHHWOHWV Â… Â… 3267$/ +,6725< ,1 $1 $/%80 LWHPV

3DUOLDPHQW LPSULQWHG 7ULQLGDG DQG WZR IRU WKH :HVW ,QGLHV ,QF 7ULQLGDG ([FHSWLRQDO FRQGLWLRQ ZLWK DFWV RQ OHJDO PDWWHUV LQF ,PSRUWLQJ *RRGV &ULPLQDO 2IIHQFHV 0DUULHG ZRPHQ SXUFKDVLQJ SURSHUW\ HWF +LVWRULFDOO\ LPSRUWDQW HDUO\ LWHPV Â… Â… %ULWDQQLD G 6* DV D IDEXORXV IUHVK PLQW EORFN ZLWK YHU\ JRRG PDUJLQV -XVW VXSHUE Â… Â… ^3KRWR` 2/' $/%80 SDJHV ZLWK D IUHVK PLQW FROOHFWLRQ IURP &RURQDWLRQ WR +XPDQ 5LJKW <HDU VHW RI 6 :HGGLQJ VHW RI VHW RI H[WHQVLYH &RPPHPRUDWLYH VHWV 3RVWDJH GXHV G WR G 3RVWDJH GXH VHW FKDON\ SDSHU D YHU\ ILQH FROOHFWLRQ RI VWDPSV Â… Â… ^3KRWR`

ZLWK PDQ\ XVDJHV RI WKH SULPLWLYH LVVXHV IRUJHULHV KHUH EXW Â’ DOVR JHQXLQH XVDJHV SXUFKDVHG IURP UHSXWDEOH VRXUFHV Â’ 63(&7$&8/$5 VKLIW RI FRORXU F GHILQ 6* ZLWK VLOYHU 4XHHQV KHDG VKLIWHG PP WR OHIW DQG GRZQ FRYHU ZLWK VWDPS FRPELQDWLRQ DQG %3$ FHUW XQDEOH WR FHUWLI\ PP 80 1RUPDO WR FRPSDUH VHH ZHEVLWH Â… Â… ZLGH UDQJH RI VWDPS XVDJHV DQG IUDQNLQJV *RRG ORW { 3ULQWHG LPSHULDO SDJHV ZLWK EHWWHU SLFNLQJV Â… Â… Â’ QRWH VHDWHG %ULWDQQLD V WR 49 6* PLQW FDW 72*2 Â… %ULWDQQLD V ZLWK YDOXHV WR WKH LV PLQW F Â… { <$&+7 RYSW SI 6* + )8 Â… Â… D JRRG UDQJH RI VWDPSV Â… Â… { .*9 *ROG &RDVW RYSW VHW WR WRS YDOXH

)8 SULQWLQJV QRW FKHFNHG Â… Â…

75,67$1 '$ &81+$

789$/8

3267&$5' DGGU WR WKH %LVKRS ,VODQG RQ 6W

Â’ ),567 '(),1 VHW RI 80 RYHUSULQWHG +HOHQD ZLWK W\SH 9 FDFKHW ODUJH ORFDO " WD[ F KV DQG DUULYDO Â’ 63(&,0(1 ZLWK WKH F EHLQJ WKH YHU\ UDUH ILUVW LVVXH 6*

WKLV ZLWKRXW 6SHFLPHQ LV FDW Â… DQG LV RQH RI WKH UDUHVW 4(,, LVVXHV 6HOGRP VHHQ Â… Â…

FGV 9HU\ LQWHUHVWLQJ FRPPHUFLDO LWHP Â… Â… 7<3( 9 FDFKHW RQ &200(5&,$/ FRYHU

Â’ (;7(16,9( DQG FRPSUHKHQVLYH FROOHFWLRQ RI Â’ 80 RQ KDJQHU SDJHV LQ D ELQGHU PDQ\ V ERWK VWDPSV

FDUULHG RQ WKH VKLS 321$3( WR 8. ZLWK )UHQFK W\SH SRVWDJH GXH 7 KV 8QXVXDO Â… Â…

DQG 60 DOO GLII ILUVW RYSWV ZLWK GLII ZPNV XQFKHFNHG )LVK WR 5RZODQG +LOO F PLVSODFHG FRORXUV HUURU RI VHWV IURP RYSW WR %LUGV QRWH RYSW VHW RI PDQ\ VH WHQDQW VHWV RIILFLDOV DQG SRVWDJH GXH VHWV PDQ\ FÂ… VHW RI FÂ… VHW RI FÂ… VHW WRSLFDO VHWV KHUH *RRG DQG YHU\ ILQH ORW Â… Â… RI FÂ… VHW RI VHW RI LQF ERWK Â… Â’ 63(&,0(1 RYSWV RQ GLIIHUHQW VHWV DQG 80 H[WHQVLYH UDQJH RI FRPPHPRUDWLYH VHWV DQG Â’ 06 ZLOO HQKDQFH \RXU FROOHFWLRQ DV PDQ\ FROOHFWRUV GR QRW SRVWDJH GXH VHW $ YHU\ JRRG ORW RI VWDPSV KDYH WKH 6SHFLPHQ VHWV Â… Â… Â… Â…

Â’ 2/' $/%80 3DJHV ZLWK D IUHVK PLQW FROOHFWLRQ

{ 683(5% 86(' FROOHFWLRQ ZLWK PDQ\ FRPSOHWH

8*$1'$

VHWV ZLWK EHWWHU HDUO\ VHWV SLFWRULDO VHW RI 0DULQH { ),1( 86(' D 6* DQG D 6* RQ WKLQ /LIH VHW RI 1HZ &XUUHQF\ VHW RI 6KLSV VHW RI <HOORZ SDSHU RQ SLHFH ZLWK &'6 FDQFHOV Â… Â… 1HZ &XUUHQF\ VHW RI 3ODQWV VHW RI %LUGV VHW RI H[WHQVLYH FRPPHPRUDWLYHV LQF 06 $ VXSHUE Â’ 49 VHW RI SOXV D %OXLVK *UH\ DQG D *UH\ FROOHFWLRQ RI VWDPSV 06 RXWVWDQGLQJ TXDOLW\ DOVR *UHHQ 6* PLQW DQG RYSW VHW RI PLQW QRWLFHG G SRVWDJH GXH ZLWK EURNHQ G XQSULFHG 9)8 Â… Â… Â… Â… 0,66,21$5< 0$,/ YHU\ VFDUFH SKRWR 3267$*( '8( VHW XVHG RQ D FRYHU H[ 86$ SRVWFDUG IUDQNHG 49 D WLHG .DPSDOD FGV WR 0LOO +LOO 0LVVLRQ $ VFDUFH LVVXH RQ FRYHU 6* ' Â… Â… /RQGRQ 0RPEDVD WUDQVLW FGV FDUG GHSLFWV VPDOO LPDJH RI .DPSDOD )RUW Â… Â… ^3KRWR` 3267$*( '8( VHW XVHG RQ D FRYHU H[ 86$

6FDUFH VHW HVSHFLDOO\ XVHG RQ FRYHU 6* ' Â… Â… 0$5,1( /,)( RQ DQ LOOXVWUDWHG )'& VHQW WR WKH

8. ZLWK ILQH 7ULVWDQ GD &XQKD FGV 6FDUFH VHW RQ LOOXVWUDWHG )'& Â… Â…

(;7(16,9( &ROOHFWLRQ LQ WKUHH $OEXPV ZLWK PDQ\ VHWV LQF WKHUH 06 VHHQ UHYDOXHG VHWV LQF :LOGOLIH UHYDOXHG RYHU VWDPSV 06 $ VXSHUE FROOHFWLRQ ZLWK DGGLWLRQ LPDJHV 0DLQO\ XQPRXQWHG PLQW RGG ILQH XVHG Â… Â…

Â’ &+85&+,// PLQRU YDULHWLHV LQ SDLU ZLWK QRUPDO 49 3267$/ 67$7,21(5< FWR XVHG ZLWK òG Â’ ZKLWH VSRW RU UHWRXFK RYHU 4XHHQV OHIW H\H LQ SRVLWLRQDO G LVVXHV LQWDFW UHSO\ FDUGV SHQQ\ FDUGV HWF Â… Â…

PDUJLQDO SDLUV 80 VHW RI Â… Â…

8.5$,1(

7<3( 9 FDFKHW RQ DWWU VPDOO FRYHU FDQFHOOLQJ

SDLU òG 6RXWK $IULFD Â… Â… Â’ :$7(50$5. 9$5,(7,(6 80 $OO 6* OLVWHG Â’ S %LUG 6* Z +DQGLFUDIWV S 6* DQG S

3DLQWLQJ 6* Z $ VFDUFH WULR Â… Â…

Â’ (;&(37,21$/ FROOHFWLRQ FDWDORJXHG Â… Â’ YHU\ FRPSOHWH IRU SHULRG ZLWK SOXV 06 VKHHWOHWV QHDWO\

DUUDQJHG E\ LVVXHV VHOGRP VHHQ PRGHUQ LVVXHV IURP WKH 8NUDLQH XQPRXQWHG PLQW Â… Â…

81,7(' 67$7(6

781,6,$

$0(5,&$1 /HWWHU 0DLO (DJOH ORFDO VWDPS

Â’ &2035(+(16,9( FROOHFWLRQ RI ODUJHO\ Â’ XQPRXQWHG PLQW LQ DQ DOEXP ZLWK RYHU GLIIHUHQW LVVXHV Â’ 9HU\ KLJKO\ FDWDORJXHG QRWLQJ DLUV WR IU DQG

6FRWW / XVHG RQ ORFDO HQWLUH PDQXVFULSW FDQFHO FDFKHW DORQJVLGH KRUL] FUHDVH FOHDU RI VWDPS VFDUFH H[ 3HDUVRQ Â… Â…

%LUGV WR IU Â… Â… ROG DOEXP 3$*(6 :,7+ 67$036 )520 )UHQFK FROV WR V H[WHQVLYH UDQGRPO\ DUUDQJHG VHHQ KLJK YDOXH DLUV $OO VHHP WR EH GLIIHUHQW LQ QHHG RI VRUWLQJ Â… Â…

785.(< 3$5&(/ &$5'6 IURP *HUPDQ\ WR 7XUNH\ ZLWK

D YDULHW\ RI IUDQNLQJV FDUGV IURP %HOEHUW 9RKZLQNHO :RUPV 0LWWVZHLGD 'UHVGHQ D IHZ ZLWK GHFODUDWLRQ IRUPV JRRG IRU VWXG\ Â… Â…

+$/( $1' &2 F ORFDO SRVW / QRW WLHG WR

HQWLUH DGGU WR 1HZ <RUN )RUZDUGHG +DOH DQG &R GDWH VWDPS VWDWHG WR EH RQH RI UHFRUGHG H[ 1HZ /RQGRQ LQWHUQDO DUFKLYH WDSH UHSDLUV DQG VPDOO IDXOWV Â… Â… { ),567 ,668( F )UDQNOLQ 6* )8 ZLWK IRXU

PDUJLQV DQG QHDW UHG JULG SRVWPDUN YHU\ ILQH FODVVLF FDW Â… Â… Â… { 180%(5 WKH F LPSHUI :DVKLQJWRQ )8 ò

PDUJLQ QHDW SHQ VWULNH FDQFHO $ FODVVLF DPRQJVW ZRUOG VWDPSV 6FRWW FDW Â… Â…

Â’ 672&. %22. ZLWK RYHU GLIIHUHQW Â’ XQPRXQWHG PLQW V DOO DV FRPSOHWH VHWV LQFOXGLQJ WKH

3267 2)),&( 6ZDUWV &KDWKDP 6TXDUH RYDO

ORFDO SRVW KV XVHG ORFDOO\ LQ 1HZ <RUN RQ ZUDSSHU H[ 3HDUVRQ Â… Â…

H[WHQVLYH YLHZV VHW PDQ\ GHILQ VHWV SRVWDJH GXHV DQG FRPPHPV ZLWK 06 VXSHUE FRQGLWLRQ Â… Â…

86 0$,/ F EODFN FDUULHU VWDPS /% XVHG

785.6 &$,&26 ,6 Â’ 2/' $/%80 3DJHV ZLWK D IUHVK PLQW FROOHFWLRQ

RQ HQWLUH ILOLQJ IROG WKURXJK VWDPS 1< FGV &76 WR :LOOLDPVEXUJ PRVW DWWU H[ 6NLQQHU Â… Â…

RI VHWV IURP &RURQDWLRQ WR 0DUWLQ /XWKHU .LQJ QRWH 86 0DLO F FDUULHU VWDPS 6FRWW /% WLHG PDQXVFULSW IURP 1HZ <RUN FGV WR )ODWEXVK VFDUFH WR WKH VHW RI 6 :HGGLQJ VHW VHW RI 4(,, PDLOV XVDJH H[ 3HDUVRQ 5DWKHU ILQH Â… Â… VHW RI VHW RI H[WHQVLYH UDQJH RI FRPPHPRUDWLYH VHWV RYHU VWDPSV Â… Â… %2<'6 &87< F ORFDO VWDPS 6& / XVHG RQ VPDOO HQWLUH ZLWK 'HVSDWFK FGV DORQJVLGH 3DLG -7% Â’ (5525 G ,&< ZLWK GRXEOH SXUSOH OLVWHG LQ WKH Â’ 6* (OL]DEHWKDQ FDW DV 6* (D 80 6* YDU KV Â… Â… Â… Â…

%2<'6 ORFDO SRVW F 6FRWW / QLFHO\ XVHG

RQ D IURQW ZLWK 1HZ <RUN FGV Â… Â…

Â’ &2/80%,$ F IUHVK 0 FDW Â… 6*

Â… Â…

0$5,7,0( HQWLUH WR )UDQFH PDQ\ SRVWDO

{ &2/80%86 KLJK YDOXH )8 6FRWW

PDUNLQJV IUDQNHG SDLU F LPSHUIV 6& FDUULHG DEURDG &XQDUGV $PHULFD IURP %RVWRQ 1HZ 2UOHDQV FGV %RVWRQ 3DFNHW FGV DQG RWKHU EDFN VWDPSV 5HPDUNDEOH Â… Â…

Â… Â… &2/80%86 IUHVK PLQW ILQH H[DPSOH RI WKLV VFDUFH KLJK YDOXH 6FRWW Â… Â…

{ -())(5621 F ERWK VKDGHV 6*

{ &ROXPEXV WRS YDOXH 9)8 H[FHSWLRQDO

VRXQG )8 FDW Â… Â… Â…

VWDPS 6* 6FRWW Â… Â… ^3KRWR`

&,9,/ :$5 SHULRG UHPDUNDEOH HQWLUH ZLWK

Â’ &ROXPEXV F F DQG F IUHVK PLQW 6FRWW H[WHQVLYH JUDSKLF FRQWHQWV VHQW IURP %DOWLPRUH WR 1RUIRON Â… Â… (QJODQG ZLWK D ILQH IUDQNLQJ RI F :DVKLQJWRQ 6FRWW UDWHG RQ FRYHU WLHG %DOWLPRUH FGV FRQWHQWV UHIHUV WR ILJKWLQJ { 3HUU\ W\SH ,, QR ZPN 6* VRXQG )8 JXQ VKRWV PHQ NLOOHG 5HPDUNDEOH LWHP Â… Â… VFDUFH VWDPS FDW Â… Â… Â… *5,//(' F :DVKLQJWRQ 6FRWW )8 { 3HUU\ W\SH , ZPN 6* VRXQG )8 Â… Â… Â… Â… { F -HIIHUVRQ UHG EURZQ VKDGH 6* FDW Â… { 75$16 0,66, &DWWOH VRXQG )8 DQ LFRQLF VRXQG XVHG DOVR F GHHS EURZQ VKDGH 6* FDW Â… WR VWDPS 6* FDW Â… Â… Â… FRPSDUH FDW Â… Â… Â… { :$6+,1*721 F 6* PRVW DWWUDFWLYH

XVHG JURXS RI IRXU JRRG VKDGHV DQG YDULHW\ RI SRVWPDUNV FDW FLUFD Â… Â… Â…

Â’ 3$1 $0 VHW ILQH PLQW 6FRWW FDW

Â… ILQH TXDOLW\ Â… Â… { &2,/ F :DVKLQJWRQ 6* )8 FDW

&,9,/ :$5 VWDPSOHVV HQYHORSH ZLWK

5LFKPRQG FGV DQG 'XH KDQGVWDPS VHQW IURP D SULYDWH WR /LPHNLOQV LOOXVWU HQY 9LJRURXV SURVHFXWLRQ RI WKH ZDU DQG QR FRPSURPLVH XQGHU WKH JXQV RI UHEHOV VWDPSOHVV ZLWK 'XH KV SDWULRWLF HQY XQXVHG ZLWK DQ RIILFHU KROGLQJ WKH 8QLRQ IODJ DQG KLV VZRUG DORIW $ ILQH WULR Â… Â… &,9,/ :$5 OHWWHU IRU D SD\PHQW RI IRU D

Â… Â… Â…

7:2 '$92 SULQWHG DOEXPV ZLWK LQF DLUV GHILQLWLYHV ERRNOHW VWDPSV ZLWK VWUHQJWK LQ XQPRXQWHG PLQW LVVXHV ZLWK D IDFH YDOXH DORQH RI $ JRRG VROLG FROOHFWLRQ LQ TXDOLW\ DOEXPV Â… Â…

2/' ),567 '$< &29(5 DOEXP ZLWK FRYHUV VHUYLQJ *HQHUDO LQ WKH ILHOG HQY ZLWK [ SULQWHG HQY PDQ\ ZLWK W\SHG DGGUHVVHV DQG ILUVW GD\ RI LVVXH FDQFHOV $

$GMXWDQW DQG ,QVSHFWRU *HQHUDOV 2IILFH :RRGVWRFN 9HUPRQW YHU\ JRRG UDQJH RI LOOXVWUDWHG FRYHUV D JRRG ORW RI HQGRUVHG &RPPXFDWLRQ IRU D PDQ ZLVK WR EH GLVFKDUJHG ZLWK FRYHUV Â… Â… FRUN FDQFHO Â… Â… Â’ 63$&( +2/2*5$0 LVVXH WKH VFDUFH 81&87 &,9,/ :$5 LOOXVWUDWHG HQYHORSH DQG OHWWHU Â’ SUHVV VKHHW IHDWXULQJ DOO ILYH 06 IUHVK 80 6FRWW

7KH )UHH 6WDWHV (YHU 7UXH WR WKH 8QLRQ VHQW WR 0LOWRQ +HDG Â… Â… HQGRUVHG ,Q FDUH RI 0D\RU 0RRUH 3D\PDVWHU HQY VHQW IURP 1HZ <RUN WR 0LOWRQ +HDG ERWK HQY ZLWK FRUN FDQFHOV DQG FLUFD $PHULFDQ /HWWHU 0DLO F ORFDO SRVW F IUDQNLQJ VFDUFH WR VWLOO KDYH FRQWHQWV LQ RQH RI WKH (DJOH VWDPS 6FRWW 6/ XVHG RQ ZUDSSHU ZLWK EODFN SRVWPDUN HQYHORSHV Â… Â… QRW WLHG WR 3KLODGHOSKLD H[WHQVLYH FRQWHQWV 6RLOLQJ WKRXJK PRVW HOXVLYH Â… Â… { *5,//(' F 6* ILQH OLJKWO\ XVHG ZLWK FOHDU SURILOH FDW Â… Â… Â… FLUFD %ORRGV 'HVSDWFK F / XVHG RQ ODUJH SDUW ZUDSSHU DFLG WLHG ILQH KDQGVWUXFN DWWU { *5,//(' F 6* VRXQG XVHG FDW Â… SOXV Â… Â… JULOOHG F 6* ZLWK VXSHUE FRUN SRVWPDUN Â… Â… %52$':$< &,7< (;35(66 FW 3RVW 2IILFH 1HZ <RUN KV RQ ORFDO HQYHORSH ZLWK DUFKHG 3DLG VWDLQLQJ { *5,//(' F :DVKLQJWRQ 6* VRXQG ILQH WKRXJK ILQH ([ 3HDUVRQ Â… Â… XVHG D UDUH VWDPS FDW Â… Â… Â… { &$1&(//$7,216 ROG DOEXP SDJHV ZLWK D YHU\ { *5,//(' F )UDQNOLQ 6* VRXQG XVHG JRRG FROOHFWLRQ FDQFHOV IURP GLIIHUHQW VWDWHV FLUFD ZLWK QHDW FRUN FDQFHO FDW Â… GLIILFXOW VWDPS Â… Â… V V Â… Â…

&,9,/ :$5 %HDULQJ %RQGV ZLWK D UDQJH RI YDOXHV HDFK RQH LV GLIIHUHQW 6WHSKHQV %RQG 0HPLQJHU %RQG (TXHVWULDQ %RQG $ ILQH FROOHFWLRQ VHOGRP VHHQ Â… Â…

{ :DVKLQJWRQ F ZLWK JULOO )8 6FRWW DW

1LFH Â… Â… { %$1.127( F 6* VRXQG )8 VFDUFH EL

&,9,/ :$5 SDWULRWLF HQYHORSH ZLWK F

FRORXU Â… Â… { %$1.127( F (DJOH ILQH XVHG $ YHU\ ILQH

H[DPSOH ZLWK FOHDU SURILOH 6* Â… Â…

IUDQNLQJ FDQFHO ZLWK ZKHHO FDQFHO LPDJH RI IODJ DQG DUWLOOHU\ VHFRQG FRYHU VWDPSOHVV ZLWK 'XH HQGRUVHG IURP D SULYDWH LQ WKH &XPPLQJV %ULJDGH $ VFDUFH SDLU Â… Â… &,9,/ :$5 F IUDQNHG HQYHORSH ZLWK VXSHUE

%$1.127( F /LQFROQ ILQH XVHG $ UDUH VWDPS LQ ILQH FRQGLWLRQ 6* FDW Â… Â… Â…

3RUW 5R\DO $SU &'6 Â… Â… &,9,/ :$5 &RQIHGHUDWHG F RQ WKH IODS RI WKH

{ %$1.127( VHW RI F WR F ERWK JRRG WR

HQYHORSH ZLWK ZULWLQJ XQGHU WKH IODS LW ILQLVKHV E\ VD\LQJ , OO SUREDEO\ EH RQ *XDUG 'XW\ +HUH $WODQWD IRU PRUH WKDQ D PRQWK D VHFRQG F XVHG RQ SLHFH Â… Â…

ILQH XVHG 6* $ PRVW FROOHFWDEOH JURXS FDW Â… Â… Â… )5<( $1' &2 ORFDO SRVW SULYDWH VWDPS

0RVKHU )5<; / XVHG RQ OHWWHUKHDG ZLWK PHQWLRQ LQ WH[W ILQH DQG VFDUFH Â… Â…

&,9,/ :$5 3DWULRWLF (QYHORSH 2XU $UP\ DQG

1DY\ )RUHYHU 7KUHH &KHHUV IRU WKH 5HG :KLWH DQG %OXH ZLWK D F IUDQNLQJ SOXV (QY 6HQW IURP 1HZ <RUN WR *HUPDQ\ Â… Â… &,9,/ :$5 3DWULRWLF (QYHORSH DQG /HWWHU ZLWK

{ ),1( 86(' 2OG SDJHV DQG VWRFN SDJHV ZLWK

EHWWHU SLFNLQJV 0DQ\ V RI VWDPSV VHHQ / 6* FÂ… &RQJUHVV VHW RI FÂ… ([KLELWLRQ VHW RI FÂ… &RQJUHVV VHW RI VL[ FÂ… Â… Â…

Â’ /,*+7+286( 35,17(' $OEXP IRU LVVXHV IURP FRQWHQWV DERXW FURSV LQ WKH ILHOG DQG WKDW WKHLU LV RI WKHP (QY :LWK WKH 8QLRQ )ODJ /RQJ 0D\ LW :DYH LOOXVWUDWHG Â’ WR SDJHV ZLWK \HDUV VHWV WR XQPRXQWHG PLQW Â’ LQF VHW &DW Â… PLQW VXUFK VHWV LQF 2FW ZLWK F FDQFHOOHG ZLWK D ILQH :DVKLQJWRQ '& &'6 SRVWDJH GXHV 6*' FÂ… +RO\ <HDU VHW FÂ… Â… Â… PLQW 3LFWRULDO VHW RI FÂ… PLQW -XULGLFDO VHW &LYLO :DU SDWULRWLF HQYHORSH VHQW IURP RI FÂ… PLQW H[KLE FÂ… PLQW $LU VHW RI /DZUHQFH .DQVDV WR 1HZ <RUN ZLWK DQ LPDJH RI D 6ROGLHU FÂ… PLQW $LU VHW FÂ… PLQW *UDWLDQ ZLWK KLV 6ZRUG DORIW KROGLQJ WKH XQLRQ IODJ ZLWK D F IUDQNLQJ FÂ… 80 VWDPS FHQWHQDU\ 06 FÂ… 80 9HU\ QG FRYHU ZLWK DQ LPDJH RI D ZRPDQ VHZLQJ EHQHDWK WKH XQLRQ FRPSOHWH IRU WKH SHULRG ZLWK VWDPSV 06 6KHHWOHWV IODJ 2XU +HDUWV DUH ZLWK 2XU %URWKHUV LQ WKH )LHOG KXJH FDWDORJXH YDOXH LQ WKH HDUO\ \HDUV Â… Â… XQXVHG Â… Â… ^3KRWR` &LYLO :DU 3DWULRWLF (QYHORSH XQXVHG *RRG Â’ 2/' '$92 $OEXP ZLWK LVVXHV IURP WR QRRVH IRU 7UDLWRUV LOOXVWUDWHG HQYHORSH LOOXVWUDWHG 7KH ZLWK EHWWHU SLFNLQJ HDUO\ VWDWH LPSHUIV XQFKHFNHG &RQVWLWXWLRQ KHDG SDSHU ZLWK 7KH &RQVWLWXWLRQ ZLWK H[WUDFW VHW RI PLQW +RO\ <HDU PLQW VHW RI IURP WKH OHWWHU 7KHUH LV VHFHVVLRQLVW LQ WKH WRZQ $ 'RFWRU FÂ… -XULGLFDO VHW RI VL[ FÂ… PLQW :RRGZDUG ODVW ZHHN DW QLJKW WZHOYH PHQ ZHQW WR VHDUFK KLV ([KLELWLRQ VHW FÂ… PLQW 3LFWRULDO VHW RI FÂ… KRXVH FDXVLQJ D SRRU VLFN ZRPDQ WR DOPRVW GLH RI IULJKW , PLQW &KDOFHGRQ VHW RI FÂ… PLQW /LEUL KDYH QR V\PSDWK\ IRU WKH PDQ EXW , GR WKLQN WKHVH PREV DUH 6HQWHQWLDUXP FÂ… RYHU VWDPSV Â… Â… ZURQJ DQ LQWHUHVWLQJ UHDG Â… Â… ^3KRWR` &,9,/ :$5 3DWULRWLF (QYHORSHV XQXVHG /LEHUW\ Â’ DW 3RUW 5R\DO ZLWK D ZRPDQ KROGLQJ WKH 8QLRQ )ODJ VWDQGLQJ RQ Â’ 35,17(' $/%80 IRU LVVXHV IURP WR VSDUHO\ ILOOHG ZLWK DQ XQPRXQWHG PLQW FROOHFWLRQ RI VWDPSV D *XQ 3ODFHPHQW ZLWK 0DVW RI D 6KLS LQ WKH EDFNJURXQG QG ZLWK VHWV LQF 6WDPS a&HQWHQDU\ 06 6* D FÂ… LPDJH RI &RP 'XSRQW UG FRYHU ZLWK 6HD EDWWOH DQG *HQ 80 D ILQH $OEXP IRU ILQLVKLQJ Â… Â… %XWOHU DQG &RP 6WLQJKDP DOVR XQXVHG D JRRG ORW

Â… Â…

9(1(=8(/$

&,9,/ :$5 8QLRQ /R\DO 6WDWH 2KLR 3DWULRWLF

(QY :LWK F IUDQNLQJ SODFH XSVLGH GRZQ 1RW D SDWULRWLF JHVWXUH /DZ )LUP %XVLQHVV (QY 8VHG ZLWK D F IUDQNLQJ LOOXVWUDWHG SDWULRWLF (QY 8QXVHG 2KLR : 7KH 8QLRQ PXVW DQG VKDOO EH SUHVHUYHG Â… Â… /,7(5$785( 8QLWHG 6WDWHV 0DWFK DQG

{ $UPV òF 9)8 6* 6FRWW ([SHUW

9LFWRULDQ 7\SH +DQGVWDPSV RQ UHYHUVH 6FDUFH *HQXLQH XVHG Â… Â… { %2/,9$5 IRU IRUHLJQ PDLO F WR E ZLWK GLIIHUHQW Â’ VKDGHV DQG SULQWLQJV F F F F E

ILQH XVHG RU PLQW D KLJKO\ FDWDORJXHG JURXS Â… Â…

0HGLFLQH 6WDPS E\ &KULVWRSKHU :HVW ZLWK LWV GXVW MDFNHW LQ YHU\ ILQH FRQGLWLRQ Â… Â…

Â’ 838 SUHVHQWDWLRQ ERRNOHW ZLWK D UDQJH RI

VWDPSV PLQW IRU WKH %HOJLXP FRQJUHVV %HOJLFD LQ YHU\ 6,; '$92 SULQWHG $OEXPV IRU LVVXHV WR ILQH FRQGLWLRQ 6LJQHG E\ WKH 9HQH]XHOD SRVWDO VHUYLFH VHHQ EHWWHU HDUO\ IUDQNOLQ F )8 F )8 &ROXPEXV FRPPLWWHH PHPEHUV :LOO HQKDQFH \RXU FROOHFWLRQ WR F 3DQ $PHULFDQ H[SRVLWLRQ VHW RI VL[ )8 Â… Â… GHILQV WR GHILQV WR 3DUFHO 3RVW VHW RI )8 Â’ &/$,06 WR SDUWV RI *X\DQD VHW RI SOXV ERWK FRQIHGHUDWH VWDWHV YDOXHV WR F PRGHUQ H[SUHVV WR Â’ PLQLDWXUH VKHHWV 6WDWH RI 9HQH]XHOD FRYHUV ZLWK VLQJOH ZLWK PDQ\ ODWHU VHWV 80 KXJH &DWDORJXH YDOXH LQ TXDOLW\ IUDQNLQJ DQG VSHFLDO FDQFHOV VWDPSV ZLWK 6SHFLPHQ RYSW $OEXPV PDQ\ V RI VWDPSV Â… Â… DQG VWDPSV 80 DOO PDS UHODWHG Â… Â… :(//6 )$5*2 F HQYHORSH 9)8 ZLWK ODUJH { /2&$/ 67$03 IRU *X\DQD 6WDWH WDOO VKLSV DQG GLVWLQFWLYH :HOOV )DUJR FGV 8 QLFH Â… Â… Â’ DUPV LQF VKLS VHW 6FRWW VHW ILQH XVHG DQG PLQW FDW Â… Â…

833(5 6,/(6,$

{ 5(%(/ ),(/'32676 0D\ XQGHUQRPLQDWHG

*UH\ *UHHQ VHW RI 0L E 0LQW Â… Â…

858*8$<

{ 35,17(' $/%80 SDJHV IRU LVVXHV IURP

WR ZLWK D ILQH UDQJH RI VWDPSV LQF HDUO\ $UPV %ROLYDU 0DSV $UPV 6* XVHG DLUV ZLWK VHWV PDLQO\ ILQH XVHG KLJK FDWDORJXH YDOXH Â… Â…

9,&725,$

Â’ ,PSHUI 'LH 3URRIV RI *HQHUDO $UWJDV Â’ XQLVVXHG YDOXHV LQ GLIIHUHQW FRORXUV SULQWHG RQ WKLFN

Â’ 723 9$/8( SRVWDJH GXH PLQW 6* ' FDW

XQJXPPHG SDSHU ZLWK F F XQXVXDO Â… Â…

9$7,&$1 &,7< Â’ 35,17(' DOEXP DQG VWRFN ERRN ZLWK D YHU\ Â’ ILQH FROOHFWLRQ VWUHQJWK LQ XQPRXQWHG PLQW ZLWK PDQ\ EHWWHU Â’ VHWV ILUVW VHW RI FDW Â… 0 +RO\ <HDU VHW RI

Â… Â… Â… Â’ $ )$%8/286 2/' 7,0( 0,17 VHOHFWLRQ ZLWK Â’ PXOWLSOHV RQ ROG SDJHV WKH IUHVKQHVV KDV WR EH VHHQ PDQ\ Â’ PRXQWHG RQ PDUJLQV PDNLQJ WKH VWDPSV QHYHU KLQJHG

VWDPSV LQF G JUHHQ VXSHUE EORFN G RUDQJH EORFN EL FRORXU 6* EORFN SRVWDJH LVVXHV WR RUDQJH DQG 0 SLFWRULDO VHW RI FDW Â… 0 LQF 80 &RXQFLO VHW RI PDQ\ PRUH $ YHU\ JRRG RULJLQDO ORW Â… Â… FÂ… 80 $LU / DQG / FÂ… 0 WK $QQLY FÂ… 0 %UXVVHOV 06 80 $ YHU\ ILQH FROOHFWLRQ RI Â’ 2)),&,$/6 49 G G òG G DQG SHUI VWDPSV DQG 06 KXJH FDW YDOXH LQ EHWWHU HDUO\ 26 IUHVK PLQW %: &DW Â… Â… VHWV Â… Â… $/%806 672&.%22. 1HZ LVVXHV LQ SDFNHWV \HDU SDFNV VHHQ ([SUHVV VHW RI +RO\ <HDU VHW RI / &Â… DOO PLQW H[KLE F FÂ… PLQW 0RGHUQ VHWV 80 VWLOO LQ SDFNHWV RQ RULJLQDO ORW WKDW QHHGV VRUWLQJ LQ D ODUJHU FDUWRQ 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

{ ),1( 86(' KLJKHVW TXDOLW\ RQH RI

9,(71$0

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Â… Â… *HUPDQ 0DULWLPHV RULJLQDO ODEHO EDGJH IRU &LYLO $FWLRQ *URXS Â’ 3LRQHHU $LUPDLO SULYDWH VWDPSV RI V ILQH VFDUFH 6DIH &RQGXFW 3DVV GURSSHG E\ DLUFUDIW &DQDGLDQ Â’ )RUFHV DQG PXFK PRUH $ YHU\ JRRG DQG XQXVXDO DVVHPEO\ 4 80 WULR LQF ODUJH IRUPDW ZLWK VSDFH WR DIIL[ D SRVWDJH VWDPS Â… Â… ([FHOOHQW TXDOLW\ Â… Â… 3267$/ +,6725< ZLWK PLOLWDU\ FRYHUV DQG { 5(9(18(6 $ UDQJH RI UHYHQXHV LQF FDUGV ::, SDWULRWLF FDUG ZLWK WKH KHDGLQJ FURVVHG RXW V 6DLJRQ &LW\ 3DJRGD )UHQFK &RORQ\ LVVXHV 6DLJRQ &LW\ DQG HQGRUVHG )HOGSRVW ::,, *HUPDQ )HOGSRVW LQ ZLWK D YDULHW\ RI RYSWV VHHQ YDOXHV WR D VHOGRP VHHQ &URDWLD VHQW WR 9LHQQD ZLWK )HOGSRVW FGV SRVWDO FDUG JURXS Â… Â… ZLWK /MXEMDQD FGV DQG FHQVRUV PDUN HQY VHQW IURP <XJRVODYLD { 672&.3$*(6 ZLWK D VHOGRP VHHQ FROOHFWLRQ WR &DPS 1R %LFHVWHU $ YHU\ LQWHUHVWLQJ JURXS RI RI UHYHQXHV FLUFD V 1RUWK DQG 6RXWK LVVXHV ZLWK YDOXHV WR FRYHUV FDUGV Â… Â… PDLQO\ ILQH XVHG UHYHQXHV Â… Â… 3267$/ +,6725< DQ H[WHQVLYH

=$1=,%$5

9,(71$0 1257+ Â’ 672&.%22. ZLWK D FROOHFWLRQ RI VHWV FDW Â’ Â… LQF :RUOGV )LUVW 0DQQHG 6SDFH )OLJKW 6* 1

6HFRQG )OLJKW 6* 1 :LOG $QLPDOV 6* 1 %LUWK $QQLY VHW LQF ERWK 06 $ YHU\ JRRG FROOHFWLRQ RI VWDPSV 06 IUHVK 80 VHOGRP VHHQ 80 Â… Â…

Â’ 3529,6,21$/ ò RQ D 6* IUHVK PLQW

VFDUFH Â… Â… ^3KRWR` Â’ 3529,6,21$/ ò RQ D 6* YHU\ ILQH

PLQW Â… Â… ^3KRWR` Â’ 49 ,QGLD RYSWV òD WR U QRWH òD D D

9,(71$0 6287+ Â’ 0,/,7$5< )5$1. 6FDUFH EORFN RI VL[ /LWKR 6* Â’ 60) 80 Â… Â…

D U VODWH ZLWK VPDOO VHFRQG = D *RWKLF VHFRQG = DQG D VPDOO VHFRQG = DQG LQYHUWHG T IRU E 6* PLQW Â… Â… { 9$5,(7,(6 ILQH XVHG LQYHUWHG T IRU S DQG

:$//,&( )8781$

VPDOO = D òD D òD DQG D VPDOO IRU U LQWHUHVWLQJ 2/' 3$*(6 ZLWK D JRRG UDQJH RI VWDPSV JURXS Â… Â… VHHQ )UHQFK &ROV ,VVXHV KLJK YDOXH $LUV UDQGRPO\ DUUDQJHG Â’ 9$5,(7,(6 PLQW òD D òD D D D RQ SDJHV Â… Â… ZLWK VPDOO VHFRQG = D ZLWK DQWLTXH = D VPDOO EXW XVHIXO JURXS RI VWDPSV Â… Â… :(67(51 6$02$

,17(5(67,1* 60$// 6(/(&7,21 21 3$*(6 LQF V LVVXHV WR DV 80 EORFNV RI IRXU $ VHOHFWLRQ RI FRYHUV LQF VHW RQ LOOXVWU )'& TW\ Â… Â… Â’ 63(&,0(1 RYHUSULQW VHW RI 6* V SOXV E

ZLWK RYSW LQYHUWHG DW WKH WRS RI WKH VWDPS PLQW Â… Â… Â’ ,03(5)25$7( 3$,5 :RUOG 5HIXJHH <HDU E Â’ DQG E IURP OLPLWHG SULQWLQJV 6* YDU VHH QRWH DERYH 6*

LQ WKH VSHFLDOLVW FDW Â… Â…

{ 68/7$1 VHW RI 6* ILQH XVHG

OLJKWO\ PRXQWHG PLQW Â… Â…

<8*26/$9,$

Â’ 685&+$5*(' VHW RI 6* PLQW

Â’ 6+6 SRVWDJH GXHV VHW RI IUHVK PLQW SOXV I

Â’

EORFN RI D EORFN RI U SOXV D WR D LQF òD EORFN RI DQG ERWK D $ ILQH JURXS RI VWDPSV Â… Â…

Â’ 0212*5$0 $UPV VHW RI 6*

9)8 UDUH 6* 5 &DW Â… Â… Â… ^3KRWR`

Â’

{ 68/7$1 LVVXHV òD WR U ILQH XVHG LQF D

Â… Â…

{ &LYLO :DU &RQVXODU IHH E $LUPDLO VWDPS

{

{ 9$5,(7< D ZLWK LQYHUWHG T IRU E YDULHW\ 6*

YDU ILQH XVHG Â… Â…

<(0(1

Â’

Â’ 9$5,(7,(6 ZLWK D EORFN RI 49 òD Â’ RYHUSULQWV LQF $UDELF VPDOO = ODUJH VHFRQG = 6* Â’ YDU YHU\ JRRG DV D SRVLWLRQ VWXG\ SLHFH Â… Â…

Â… Â… ,19(57(' 29(535,17 DQG 81,668(' I YDOXH 6* ' FDW Â… Â… Â… Â’ '(),1,7,9( VHW F WR U 6* IUHVK $PHULFDQ %DQNQRWH &R LPSHUI SURRIV LQ LVVXHG PLQW Â… Â… FRORXUV RI GHILQ VHW 6* YHU\ ODUJH PDUJLQV Â’ '+2: U KLJK YDOXH IUHVK PDUJLQDO 80 XQXVHG 0RVW XQXVXDO Â… Â… Â’ FKRLFH 6* G Â… Â… ^3KRWR` 3267$*( '8( VHW RI IUHVK 0 6* ' Â… Â… Â’ '(),1,7,9( VHW RI 6* D VFDUFH VHW PLQW Â… Â… 6RNRO *DPHV 6SHFLDO SURSDJDQGD ODEHOV VHW RI VL[ ZLWK PDWFKLQJ VWDPS DIIL[HG ZLWK VSHFLDO SLFWRULDO FDQFHOV Â’ :$7(50$5. VFULSW VHW RI 6* IUHVK HDFK RQ LQGLYLGXDO SLHFH 9HU\ ILQH Â… Â… PLQW Â… Â… &KDULW\ VXUFKDUJH VHW ILQH PLQW 6* Â’ 1(: &855(1&< VHWV VHW RI 6* &DW Â… Â… Â… DQG VHW RI 6* ERWK VHWV IUHVK 'DOPDWLD $LU F 'HXWVFKH %HVHW]XQJ ]DUD PLQW Â… Â… RYSW 6* 6FDUFH IUHVK PLQW Â… Â… ^3KRWR`

Â’ 2/' $/%80 3$*(6 ZLWK D IUHVK PLQW

FROOHFWLRQ 1HZ &XUUHQF\ VHW FÂ… 6LOYHU :HGGLQJ VHW 'HILQ VHW RI 'HILQ VHW RI 'HILQ VHW RI ORFDOO\ KDQG VWDPSHG VHW RI RYSW VHW RI 3RVWDJH GXH VHW RI DQG 3RVWDJH GXH VHW RI SOXV FRPPHPRUDWLYH VHW D YHU\ JRRG UDQJH RI VWDPSV Â… Â… /2&$//< KDQGVWDPS YDOXHV RQ

HQYHORSHV VHQW WR WKH XN DOO ZLWK QHDW =DQ]LEDU -$ FGV PDQ\ ZLWK WKH VXOWDQ IDFH FURVVHG RXW ZLWK SHQ 0XOWLSOH IUDQNHG FRYHUV DQG VLQJOH IUDQNHG FRYHU ZLWK D UDWH YDOXH RI V F UDWHG WR WKH 8. EHWZHHQ 6* D YHU\ ILQH JURXS Â… Â… ^3KRWR` 0XOWLSOH IUDQNHG FRYHUV RULJLQDOO\ 2++*6

FRYHU ZLWK +LV +LJKQHVV FURVVHG RXW DQG =DQ]LEDU HQGRUVHG ZLWK -DPKXUL ORFDOO\ KDQGVWDPSHG F WR ZLWK ILQH 5HJ 0D\ &'6 QG (QY DOVR DV DERYH ZLWK %UDGEXUJ RYSW LVVXHV SOXV SLFWRULDO RYSW +6 VHW RI ZLWK =DQ]LEDU 5HJG /DEHO $ ZLWK ILQH 5HJ $3 &'6 FDQFHO $ VFDUFH SDLU RI FRYHUV Â… Â… { 5HJLVWHUHG HQYHORSH ZLWK GHILQ VHW WR 6* DQG UHSXEOLF SLFWRULDO RYSW VHW RI 6* ZLWK

D ILQH &'6 FDQFHO 6FDUFH Â… Â…

=8/8/$1' { *% 29(535,17 VHW ILQH XVHG UDUHO\

RIIHUHG XVHG D IHZ LUUHJXODU SHUIV WKRXJK NH\ LV YHU\ ILQH 6* Â… Â…

Credit Cards

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

Key to symbols in this catalogue ✱

✉

Used Mint Postal History

✈ ✱✱ &

Airmail Unmounted mint Literature

PHILANGLES

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

Viewing

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

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

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

THE END OF THIS SALE

37

94

WE BUY STAMP COLLECTIONS 214

———— 304 ————

302

355

326

We provide a specialised service from initial point of contact to swift payment for all your stamps and postal history. 380

381

Contact Simon Carson or Chris Knight today to arrange an expert valuation. Telephone 01925 231151. Philangles Ltd | Carson House | 44 Legh Street Warrington | Cheshire | WA1 1UJ www.philangles.co.uk 01925 231151 or email philangles@btinternet.com

401

403

———— 410 ————

Lot 1925 Important Ireland

Lot 701 A substantial sale featuring a remarkable worldwide collection originally housed in 300+ albums, a fine collection of Ireland with forerunners, Cameroon, Great Britain with much QV, selected single stamps of the British Empire and many intact collections. Items can be viewed on our website. See us at Stampex in London during September.

POSTAGE STAMPS OF THE WORLD CARSON HOUSE 44 LEGH STREET WARRINGTON CHESHIRE WA1 1UJ ENGLAND

Lot 622 Substantial Cameroon

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 364 l AUCTION DATE 10TH SEPTEMBER 2018

Lot 576 Scarce Type

AUCTION NUMBER 364 l AUCTION DATE 10TH SEPTEMBER 2018

Lot 381 Trial overprint

International Postage Stamp & Postal History Auctioneers

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.