Philangles Catalogue 368

Page 1

Lot 1068 Fine Great Britain

International Postage Stamp & Postal History Auctioneers

Lot 2823 Duck Stamps – see section This sale features an extensive oldtime collection of Great Britain featuring high values, controls, intact collections & stamp booklets, scouts on stamps, Duck stamps of USA, 1935 Silver Jubilee omnibus varieties & much more. Items can be viewed on our website. We hope you have a Prosperous 2019.

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

Lot 1264 Choice booklets

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 368 l AUCTION DATE 7TH JANUARY 2019

Lot 994 Gibraltar £5

AUCTION NUMBER 368 l AUCTION DATE 7TH JANUARY 2019

Lot 570 Empire with high values

Estd 1990


—————————————— 34 ——————————————

WE BUY STAMP COLLECTIONS

164

112

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

142

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 113

249

549


———————— 159 ————————

611

—————————— 334 ——————————

———— 267 ————

336

377

352

648


22

192

245

194

329

246

332


—— 456 ——

—— 639 ——

—— 617 ——

657 570

649

740

652


650

651

696

819

749

751

916

922

748


917

———— 824 ————

750

823

923

821

920

924


331

1034

1056

509

1074

699

1073

1671

1233


1064 949

994

———— 1000 ————

—————————————— 1008 ——————————————

—————————————— 1029 ——————————————


1045

1057

1116

1124

1157

1048

1049

1065

1050

1068

1111

1115

1125

1052

1112

1117

1128


1118

1162

1129

1192

1190

1193

1166

1278

1200

1199

1213

1185

1218


1223

1224

1191

1230

1236

1205

1261

1263

1234

1262

1264


1241

1289

1279

1340

1294

1357

1400


1304

1312

1349

1320

1314


1296

1457

1461

1472


1329 1287

1333

1374 1341

1384 1769

1375

1401

1411

1362


—— 1438 ——

1363

1851

1860

1505 1861

2121

———— 1657 ————

1637

—— 1834 ——

2122


1474

1516

1654

1665


1673

1697

1674

1675 1727

1729

1670


———————— 1509 ————————


1755

1842

2615

2761

2763

2759

2762

2853


2066 1882

1709

—————— 1707 —————— 2102

—————— 1658 ——————

—————— 1744 ——————

2124


2073

1892

2067

2123

———— 2104 ————

2242

2105


2175

2178

———— 2279 ————

2352

2375

2406

2294

2354

2414

2570

2398

2412 2399

2552


2410

—— 2437 ——

2598

———————— 2438 ————————

2711


—— 2492 ——

2581

———— 2446 ————

2626

2585

2730


—————— 2488 —————— 2712

2732

2733

2737

2745

2599

2734

2754

2764


2735

2768

2820

2736

2821

2822

2823

2826

2747

2827

—— 2876 ——


Dear Clients

Welcome to Sale 368 closing Monday 7th January 2019. It is important to note that the Philangles office will be closed for the holiday period from Friday 21st December at 4pm and then will re-open Wednesday 2nd January 2019 at 8am. We urge you to contact us as soon as possible for scan requests or information on any lots. Sale 368 is a whopper, just at the death a marvellous collection arrived in the office that we have managed to get at least 60% into this sale, featuring material that hasn’t been on the open market in many years!

Highlights include 1935 SILVER JUBILEE OMNIBUS listed varieties with over 120 lots throughout the sale including positional blocks fresh mint. SCOUT STAMPS OF THE WORLD – A most extensive collection with covers & stamps that include multiple examples of the famed Mafeking Baden Powell & bicycle stamps. SUBSTANTIAL SECTIONS OF GREAT BRITAIN that includes premium stamp booklets, KGV controls with extensive 1912 simple cypher issues, valuable fdc & high value stamps, collections & varieties. This is one of the best British sections that we have offered in quite some time! DUCK STAMPS OF USA – with all the valuable 1930/40’s issues in superb mint condition and collections of later issues. And so much more....... we have expanded the variety of material this month for you to enjoy the catalogue over the festive break! It has been a pleasure serving you throughout 2018, thank you for your continuing support. See Chris & myself at the York and Manchester show’s in January together with The Liverpool show in February. We never stop! We love meeting our clients and giving expert advice. If you have a collection to sell please call me on 01925 231151. Wishing you all the best for 2019. Simon, Chris, Dennise & Denise at Philangles.


POSTAGE STAMPS OF THE WORLD 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… $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… 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…

5R\DOW\ 4XHHQ (OL]DEHWK WK %LUWKGD\ /LIHWLPH RI VHUYLFH VXSHUE RPQLEXV FROOHFWLRQ KRXVHG LQ $OEXPV SXUFKDVHG DW JUHDW H[SHQVLYH SULVWLQH V 7KH FROOHFWLRQ DOVR IHDWXUHV FRLQ FRYHUV QRWLQJ YDOXHV WR Â… Â… Â… $ /$5*( FDUWRQ FUDPPHG ZLWK ZRUOGZLGH

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… $ /$5*( &$5721 ILOOHG ZLWK DOEXPV DQG VWRFN ERRN ZLWK ZRUOG ZLGH VWDPSV FRYHULQJ PDQ\ SHULRGV PDQ\ V RI VWDPSV LQ VWRFNERRN DOEXPV Â… Â… $)5,&$1 &RPPRQZHDOWK DHURJUDPPH ZLWK 4 FRYHUV IURP .*9, LQ 6RXWK $IULFD ZLWK 6ZD]LODQG RYSW .*9,

4 ),567 )/,*+7 VWDJH FRYHUV /RQGRQ WR 7RN\R

G *DPELD YHU\ ILQH XVHG QG XQXVHG 6RXWK $IULFD RYSW HG %HFKXDQDODQG G %RWVZDQD LOOXVWUDWHG XQXVHG .*9, 2+06 XQXVHG 6RXWK $IULFD G ZLWK %DVXWRODQG RYSW D YHU\ JRRG FROOHFWLRQ RI DHURJUDPPH ZLWK MXVW WKH RGG RQH XVHG Â… Â… ^3KRWR`

%2$& &RPHW -HWOLQHU 6HUYLFH FRYHUV ZLWK W\SHG DGGUHVVHV Â… Â… 5(' &5266 'XUEDQ &HQWHQDU\ &HOHEUDWLRQV

VHW RI ILYH 5HG &URVV LOOXVWUDWHG OHWWHUFDUGV 1DWDO 5HJLRQ ZLWK D YDULHW\ RI IUDQNLQJV ZLWK VSHFLDO 6WDPS ([KLELWLRQ FDQFHO $,5*5$3+6 2) ::,, DQ LQWHUHVWLQJ JURXS RI XQXVHG Â… Â… PDQ\ $PHULFDQ IRUFHV XVHG LQ GLIIHUHQW FRXQWULHV :5(&. 0$,/ ODUJH UHJG HQYHORSH ZLWK .*9, Â… Â… 4 G 4(,, G GDPDJHG ZLWK 6DOYDJHG 0DLO $LUFUDIW $,5*5$3+6 2) ::,, ILQH ORW RI GLII LQF &UDVK 3UHVWZLFN ER[HG FDFKHW Â… Â… LOOXVWUDWHG &KULVWPDV GHVLJQV RQH GHSLFWLQJ VROGLHUV XVHG E\ :5(&. 0$,/ 2Q +HU %ULWDQQLF 0DMHVW\ V 6RXWK (DVW $VLD &RPPDQG Â… Â… 6HUYLFH HQYHORSH JRLQJ WR &DQDGD ZLWK 6DOYDJHG 0DLO $LUFUDIW 4 $,50$,/ %DOORRQ 0RQWH OHWWHU VKHHWV &UDVK 3UHVWZLFN ER[HG FDFKHW RQ WKH IURQW DQG EDFN VHQW IURP )UDQFH WR %HOJLXP $XVWUDOLD WR (QJODQG RI WKH HQYHORSH Â… Â… LOOXVWUDWHG FRYHU ZLWK [ G $LU VWDPSV G .*9 +HDG 4 ),567 )/,*+7 &RYHUV EHWZHHQ /RQGRQ DQG (QY 6HQW E\ $LUPDLO IURP -DSDQ 9LD &KLQD ZLWK 1RW 2SHQHG E\ 6\GQH\ VWDJH IOLJKW LOOXVWUDWHG %2$& LQ DVVRFLDWLRQ ZLWK &HQVRU +6 ,UHODQG G $LU ò SRVWDJH HQGRUVHG (LUH 4DQWDV ZLWK W\SHG DGGUHVVHV Â… Â… )LUVW $LU 6WDPS )LUVW GD\ &RYHU 7UDQVDWODQWLF VSHFLDO FDFKHW VHQW IURP 86$ WR 8. LOOXVWUDWHG 1= 3LJHRQ 3RVW 4 ),567 )/,*+7 &RYHUV /RQGRQ WR 6\GQH\ $QQLYHUVDU\ &RYHU ZLWK G $LUPDLO G .*9 VHQW ZLWKLQ 1= 6WDJH )OLJKWV &RPHW -HWOLQHU LOOXVWUDWHG FRYHUV HDFK ZLWK $Q LQWHUHVWLQJ JURXS RI FRYHUV Â… Â… W\SHG DGGUHVVHV Â… Â… Â’ $,50$,/ (7,48(77(6 DLUPDLO ODEHO ERRNOHWV Â’ 63$&( 3RVWDJH 6WDPS 6KRZ 1HZ <RUN IRXU Â’ FRPSOHWH VKHHWV ZLWK VWDPSV LQ HDFK VKHHW DQG HDFK VKHHW Â’ LQF ,PSHULDO $LUZD\V $LU )UDQFH 6ZLVVDLU 1HWKHUODQGV Â… Â… LV GLIIHUHQW $ ILQH ZD\ WR HQKDQFH \RXU FROOHFWLRQ QHYHU KLQJHG PLQW Â… Â… $,50$,/ )/2:1 &29(56 GHWDLOHG 4 RQ SDJHV SOXV FROOHFWRUV QRWHV HWF LWHPV GHWDLOHG RQ SDJHV 63$&( '8%$, QS QS QS DQG U LPSHUI RQ ,PSHULDO )OLJKW WR 6$ $XVWUDOLD IOLJKW WR 1HZ *XLQHD LOOXVWUDWHG )'& V ZLWK VSHFLDO URFNHW FDQFHO Â… Â… SLORW VLJQHG $XVWUDOLD *% FRPELQDWLRQ FRYHU FDUULHG RQ 63$&( 1$6$ *XDP 7UDFNLQJ 6WDWLRQ VLJQHG DLU UDFH SLORW VLJQHG DQG PXFK PRUH *RRG JURXS Â… Â… FRYHU &KDUOHV )RUFH WKH GLUHFWRU RI WKH VWDWLRQ ZLWK $SROOR ; ,QLWLDO FRQWDFW 30 1RY +6 DQG $SROOR 1$6$ $1 (17,5( (67$7( +286(' LQ FDUWRQV FDFKHW Â… Â… IHDWXULQJ YROXPHV &RORVVDO QRWLQJ LQ QR SDUWLFXODU RUGHU *% 3RVWDO 6WULNH LQZDUG HQY ZLWK VHUYLFH 7KHPDWLF FROOHFWLRQ RI .LQJ +HQU\ WK H[WHQVLYH *UHDW %ULWDLQ PLQW QRWLQJ VHWV DQG YDOXHV WR Â… VXLWDEOH IRU SRVWDJH ZLWK WHPSRUDOO\ VXVSHQGHG FDFKHW IURP 86$ HQY IURP 86$ ZLWK VXEVWDQWLDO UDQJHV H[FHOOHQW ORW RI *HUPDQ\ LQ D ZHOO ILOOHG )ORZQ E\ +RYHUFUDIW 5DPVJDWH FDFKHW DQG $SROOR ([SRUWHG $OEXP LQF 7KLUG 5HLFK DQG PRGHUQ QHZ LVVXH H[WHQVLYH /HWWHU 6HUYLFH ODEHO DQG FDFKHW HQY ZLWK %\ ([SRUW /HWWHU FROOHFWLRQ RI ,UHODQG XVHG LQ $OEXP ZLWK PDQ\ PRGHUQ 6HUYLFH /RQGRQ FDFKHW VHQW WR )UDQFH )RXU LQWHUHVWLQJ HQYV FRPPHPV $OEXP SDFNHG ZLWK 9DWLFDQ &LW\ PLQW FROOHFWLRQ FRPPHUFLDO XVHG Â… Â… ZHOO ILOOHG VWRRNERRN RI :RUOG 86$ \HDUERRNV Â’ %+87$1 6FRXWV WK $QQLYHUVDU\ VHW RI ZLWK 80 VHWV +LVWRU\ RI WKH 0RQDUFK\ FROOHFWLRQ H[SHQVLYH Â’ SURJUHVVLYH SURRIV XQPRXQWHG PLQW Â… Â… *% SRVWDJH GXH FROOHFWLRQ ZLWK PLQW VHWV WR Â… WZR WLQV IXOO RI ORRVH VWDFN RI 3KLODWHOLF VXSSOLHV LQF JRRG 0DJQLI\LQJ Â’ 6,/9(5 :('',1* 9$5,(7,(6 XQPRXQWHG *ODVV DQG +DZLG 0RXQWV DQG PXFK HOVH 2IIHUHG DV UHFHLYHG Â’ PLQW PDLQO\ RQ FDUGV LQF LQYHUWHG ZPNV LQ SDLUV RU EORFNV RI $ VXEVWDQWLDO ORW 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…

$1 ,17(5(67,1* 2/' &20021:($/7+ 0LVFHOODQ\ RQ FDUGV DQG SDFNHWV VRPH EHWWHU SXUFKDVHG HWF LQF *LEUDOWDU 49 EURNHQ WULDQJOH PLQW YDULHW\ XVHG 6* D 7XUNV .*9 DV PLQW EORFN 1HZ =HDODQG $GPLUDO RYSW RIILFLDO .XZDLW .*9, VHW PLQW 6* /DEXDQ $UPV RYSW VHW 6* *% .*9, 6HYHQ %HUULHV G YLFWRU\ YDULHW\ XVHG D 0DOD\D .*9, JURXS 6HYHUDO V Â… Â…

:25/' 72851$0(17 %2:/6 VLJQHG

FRYHUV RQ 6RXWK $IULFDQ FRYHUV LQF 7HDP (QJODQG 7HDP 6RXWK $IULFD DQG 7HDP -HUVH\ RQ LOOXVWUDWHG FRYHUV Â… Â… 81,7(' 1$7,216 VSHFLDO FRYHUV ZLWK HDFK

$1 25,*,1$/ 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…

FRYHU KDYLQJ WKH VWDPS E\ WKH WKUHH RIILFHV DWWDFKHG ZLWK VSHFLDO FDQFHOV ZLWK QR DGGUHVVHV $ ILQH FROOHFWLRQ RI LOOXVWUDWHG FRYHUV HDFK GLIIHUHQW Â… Â…


{ $1 25,*,1$/ FROOHFWLRQ LQ ROG SDFNHWV DQG DQ Â’ %5,7,6+ $17$5&7,& 7(55,725,(6 Â’ DOEXP ZLWK PXFK 80 LQ SDFNHWV %ULWLVK &RPPRQZHDOWK D YDVW Â’ FROOHFWLRQ XQPRXQWHG PLQW ZLWK VHWV WR QRWH 1HZ Â’ DPRXQW RI VWDPSV VHHQ EHWWHU LQ WKH DOEXP LQF 6RXWKHUQ &XUUHQF\ VHW RI 1DYLJDWRU VHW RI :HGGLQJ Â’

5KRGHVLD .*9, GHILQV WR PLQW 49 *% RIILFLDO *RYW SDUFHOV $QQLY S ZPN LQY $ ILQH FROOHFWLRQ RI VWDPSV ZLWK PDQ\ G G G G XVHG (GZDUG G G XVHG D JRRG VRUWHU VHWV FDW RYHU Â… Â… Â… LQ QHHG RI VRUWLQJ ZLWK D KLJK FDW YDOXH Â… Â… { %5,7,6+ &20021:($/7+ &ROOHFWLRQ LQ D - ( /HH $OEXP LQF 3HQQ\ %ODFNV IRXU PDUJLQV G )8 $17+21< 48$</( 6FDUFH 6WHZDUW 3HWW\ 6* ZLWK LVVXH PDLQO\ 49 WR .*9 RYHU VWDPSV PDLQO\ 7KHDWULFDO LOOXVWUDWHG )'& QR DGGUHVV VXSHUE FRYHU VRXQG WR )8 Â… Â… 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… { Â’ { $5$%,$ ILQH XVHG UDQJH RI VWDPSV IURP %DKUDLQ 2PDQ 4DWDU 6DXGL $UDELD 8$( DQG <HPHQ $GHQ $EX 'KDEL ZLWK EHWWHU SLFNLQJV 8$( RYSWV RQ ILOV ILOV DQG ILOV %DKUDLQ RYSW RQ *% LVVXHV %DKUDLQ ZDU WD[ WZR XQXVHG RQH XVHG ZLWK LVVXHV IURP WKH HDUO\ SHULRG WR PRUH PRGHUQ DQG VHOGRP VHHQ IURP KHUH Â… Â… ^3KRWR` $5$%,$ 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,$1 7(55,725,(6 DFTXLUHG E\ ,WDO\ Â’ FROOHFWLRQ RQ ROG SULQWHG SDJHV LQF 9HQH]LD *LXOLD F

F F F DQG VFDUFH F ILQH XVHG FDW Â… JHQHUDO LVVXHV WR FRU RQ O $ JRRG UDQJH RI VWDPSV FDW Â… Â… Â… %$5*$,1 /27 3UHYLRXV HVWLPDWH Â… FDUWRQ

IXOO RI SULVWLQH %ULWLVK )GF GLIIHUHQW IURP V WR QRWLQJ EHWWHU YDOXHV WR Â… )RXU $OEXPV DQG ORRVH 6QDS WKLV ORW XS Â… Â… %(&+8$1$/$1' FKHTXHV 7DWL &RPSDQ\ LOOXVWUDWHG FKHTXHV DQG PRVW XQXVXDO DOO XVHG 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\ V RI VWDPSV ZLWK VHWV VHHQ 6DUDZDN GHILQ VHW PLQW FDW Â… %$7 1DYLJDWRUV VHW RI PLQW [ PLQW FÂ… ZLWK PDQ\ GLIIHUHQW VRUWHG E\ FRXQWU\ PDLQO\ ILQH XVHG LQ D ODUJH FDUWRQ Â… Â… %5,7,6+ (03,5( D YHU\ JRRG ORW RI YDULRXV PLQW FRXQWU\ FROOHFWLRQV LQ IROGHUV 9HU\ JRRG ORW RI 6287+(51 5+2'(6,$ QRWLQJ .*9 WR G IUHVK 0 6LOYHU -XELOHH VHW ERWK 0 )8 .*9, WR 0 YDULRXV 4(,, WR Â… )8 3,7&$,51 ,6 ZLWK YHU\ JRRG .*9, PLQW FRQWHQWV LQF EORFNV RI IRXU 4(,, WR G 0 8 PDQ\ GHILQV DQG VHWV 7ULVWDQ WR U 0 %($ 6XQEXUVW VHW WR U 0 *UHQDGD WR 0 .*9, WR 0 VROLG FROOHFWLRQ RI 6RXWK $IULFD PXFK RWKHU $IULFD 1RUWK %RUQHR ZLWK EHWWHU ROG SLFNLQJV 7HUULILF RULJLQDO ORW RI (PSLUH ZLWK XVHIXO SLFNLQJV WKURXJKRXW PXFK LV PLQW Â… Â…

%5,7,6+ (03,5( FROOHFWLRQ LQ DQ DOEXP DQG VWRFN ERRN ZLWK V RI VWDPSV LQF 80 DQG PLQRU YDULHWLHV LQF 6HDKRUVH XVHG ZLWK FHUW YHU\ JRRG $XVWUDOLD LQF 4(,, PXOWLSOHV WR 0DXULWLXV %LUGV WR U 80 0RQWVHUUDW WR ERWK 6W +HOHQD WR WR Â… ORWV RI PDWHULDO IRU VRUWLQJ ZLWK D KLJK FDWDORJXH YDOXH VWUHQJWK LQ 4(,, HDUO\ LVVXHV ZLWK PXFK 80 Â… Â… { %5,7,6+ (03,5( RQ VL[WHHQ KDJQHU SDJHV Â’ .*9 DQG HDUO\ 4(,, LVVXHV ZLWK EHWWHU SLFNLQJV $GHQ WR

)8 $XVWUDOLD 1DYLJDWRU G )8 +RQJ .RQJ &HQWHQDU\ VHW PLQW 838 VHW PLQW .*9, GHILQ ZLWK YDOXHV WR PLQW .87 4(,, GHILQV ZLWK YDOXHV WR Â… $ JRRG UDQJH RI VWDPSV ILQH XVHG RU PLQW Â… Â… { %5,7,6+ )'& %$5*$,1 &$5721 7HQ $OEXPV RYHU GLIIHUHQW )'& 4(,, VRPH XVHIXO SLFNLQJV

DPRQJVW WKH RUGLQDU\ %DUJDLQ Â… Â… %(/*,80 PP KLJK SLOH RI DOEXP SDJHV IXOO Â’ RI FKLHIO\ FRPSOHWH VHWV SHULRG YHU\ PXFK V ZLWK Â’ %5,7,6+ 52<$/ )$0,/< V FROOHFWLRQV VWLOO LQ WKHLU RULJLQDO SDFNHWV IURP 6* PDQ\ V RI VWDPSV PDQ\ ILQH XVHG VHWV 06 GHILQV PRUH ,QFUHDGLEO\ FKHDS WR VHHQ 06 DQG ERRNOHWV SOXV 6* DOEXP DQG DOEXP SDJHV FOHDU Â… Â… SULQWHG XQXVHG IRU WKH V LVVXHV ILOOLQJ D ODUJH { %(508'$ ROG SDJHV ZLWK D JRRG PL[WXUH VHHQ FDUWRQ Â… Â… Â’ 49 LVVXHV HDUO\ VKLSV -XELOHH VHW ILQH XVHG 6LOYHU { %81'/(:$5( *UHDW %ULWDLQ .*9, :HGGLQJ VHW PLQW 4(,, GHILQ VHW PLQW $Q ROG WLPH ORW RI FRPPHPRUDWLYH PDLQO\ LQ EXQGOHV RI D ILQH XVHG FRXOG EH VWDPSV Â… Â… D QXPEHU RI YDULHWLHV LQ KHUH 0DQ\ V Â… Â… { %,5'6 )DONODQG ,VODQG GHILQ VHW 9)8 { %81'/(:$5( *UHDW %ULWDLQ 4(,, SUH GHFLPDO 6* Â… Â… KLJK YDOXHV LQF FDVWOHV VHHQ 'H /D 5XH SULQWLQJV PDQ\ V XQFKHFNHG Â… Â… Â’ %,5'6 21 67$036 DQ DOEXP GHGLFDWHG WR Â’ %LUGV RQ %ULWLVK VWDPSV LQF :LOGOLIH +DELWDW 7UXVW &$1$'$ 0$66 RI VWDPSV LQ DOEXPV LQ D 3RVW DQG *R %LUGV SDFNV :HVW $QJOLD *DOD 'D\ FDUWRQ 6L[ YROXPHV V RI GLII VWDPSV IURP DQ LQWHUHVWLQJ 06 %LUGV :LOGOLIH 7UXVW 2IILFH FRYHU VLJQHG E\ 3HWHU UDQJH RI HDUOLHV ZLWK PXFK XVHG 4(,, LV PLQW 80 XSWR DERXW 6FRWW $Q LQWHUHVWLQJ FROOHFWLRQ RI LWHPV ZLWK ORWV RI EORFNV DQG DGGLWLRQDO PDWHULDO 7KH ORWV DOVR Â… Â… LQFOXGHV \HDU ERRNV XSWR IXOO RI 80 VHWV &KHDS FRXQWU\ ORW Â… Â… Â’ %,5'6 21 67$036 VXSHUE FROOHFWLRQ RI Â’ PLQLDWXUH VKHHWV IURP DURXQG WKH JOREH XQPRXQWHG PLQW ZLWK { &$1&(//$7,216 VTXDUHG FLUFOHV RI WKH PDQ\ GLIIHUHQW VSHFLHV RI ELUGV D VXSHUE FROOHFWLRQ DQG ZRUOG LQWHUHVWLQJ FROOHFWLRQ RQ SDJHV FRYHUV DQG SPNV YDOXDEOH FROOHFWLRQ RI 06 VKHHWOHWV RXWVWDQGLQJ ORW HDFK RQ VWDPSV VRPH H[FHOOHQW LWHPV KHUH GDWLQJ IURP LQF GLIIHUHQW Â… Â… 1HWK ,QGLHV &DSH VXSHUE 6NHOGRQ %U *XLDQD RQ F RUDQJH $GHQ %XVUDK HDUO\ %ULWLVK ([FHOOHQW TXDOLW\ Â’ %ULWLVK $IULFD %HFKXDQDODQG PLQW VHOHFWLRQ Â… Â… LQF .*9, WR ILUVW 4(,, 1LFH Â… Â…

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


&$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…

',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… '/5 3522)6 RI 3RUWXJXHVH &RORQLHV &KDULW\ LVVXHV SDLUV DQG VLQJOH LQF LQVFULSWLRQV RPLWWHG GLII FRORXUV DQG VHFXULW\ SXQFWXUHV 8QXVXDO PLQW 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… &KDQQHO 7XQQHO RSHQLQJ VSHFLDO FROOHFWLRQ RI

Â’ (55256 :LQVWRQ &KXUFKLOO 1HZ &XUUHQF\ U FRYHUV HWF LQ DQ $OEXP LWHPV LQFOXGLQJ VSHFLDO ODEHOV XVHG Â’ WR U ZLWK GRXEOH 1HZ &XUUHQF\ RYSW VFDUFH DV D FRPSOHWH RQ )'& MRLQW LVVXHV FRPELQDWLRQ FRYHUV GLIIHUHQW VSHFLDO VKHHW EORFN RI ZLWK RYSW PLVSODFHG 5L\DOV DW WKH ERWWRP RI HDFK VWDPS QG EORFN RI ZLWK RYSW LQYHUWHG DV 6* 3PNV $ PDUYHOORXV ORW Â… Â… $ VFDUFH JURXS VHOGRP VHHQ LQ EORFNV 80 &,*$5(77( &$5'6 ROG WLPH ORW LQ DOEXPV Â… Â… SDFNHWV HWF LQFOXGLQJ D YHU\ JRRG VHOHFWLRQ RI ROG VLON W\SHV LQF

{ (8523$ VHHQ EHWWHU VHWV LQF )ODJV DQG 0LOLWDU\ (QVLJQV DOEXP IXOO RI V LQF %LF\FOHV %LUGV )ORZHUV 5DUH 6WDPSV VHW -DSDQHVH )RRWEDOO DQG PXFK Â’ 6DQ 0DULQR 80 &\SUXV VHW PLQW &\SUXV VHW RI HOVH PDQ\ V Â… Â… ,UHODQG VHW RI 0 &\SUXV VHW RI 0 3RUWXJDO VHW RI 0 ,UHODQG VHW RI 0 3RUWXJDO VHW RI $ JRRG FROOHFWLRQ RI &,*$5(77( FDUGV ZLWK VLON W\SH LQF ::, VWDPSV PDLQO\ RQ SULQWHG DOEXP SDJHV Â… Â… 9& :LQQHUV ROG DOEXP ZLWK -RKQ 3OD\HUV 0LOLWDU\ 8QLIRUPV VHW ),21$ )8//(5721 6LJQHG :LQWHUWLPH

RI *DUGHQLQJ 7LSV :LOOV V )ORZHUV ORRN WR EH V LVVXHV $ XVHIXO FROOHFWLRQ Â… Â…

::) LOOXVWUDWHG )'& RQ RIILFLDO FRYHU ZLWK VSHFLDO ::) FDQFHO Â… Â…

&,*$5(77( &$5'6 WUDGH FDUGV DQG PRUH 9DVW FROOHFWLRQ LQ D FDUWRQ RI RYHU GLIIHUHQW FRPSOHWH VHWV LQ VHDOHG SDFNHWV FKLHIO\ VHWV RI ZLWK PDQ\ EHWWHU VHWV 6XSHUE ORW VWF Â… DQG ZLWK RYHU GLIIHUHQW FDUGV $ UHPDUNDEOH DQG YDVW FROOHFWLRQ Â… Â…

Â’ )/2:(56 21 67$036 VXEVWDQWLDO WZR Â’ YROXPH FROOHFWLRQ RI V V 80 VHWV IURP DOO RYHU WKH

JOREH 7HUULILF ZLWK PDQ\ H[RWLF LVVXHV DQG XQXVXDO WR ILQG WHUULWRULHV 0DJQLILFHQW ORW WKDW PXVW KDYH D KXJH &9 Â… Â…

&2$76 2) $506 LPSULQWV IURP 5HYHQXH RI 9LFWRULDQ HQYHORSHV UHPDUNDEOH ORW VHYHUDO GLII HQJUDYHG )227%$// $872*5$3+6 FRYHUV DQG FDUGV DQG RU HPERVVHG LQF VFUDS DOEXP GDWHG ZLWK 8QLYHUVLW\ LQF -RKQ %DUQHV *UDKDP 7D\ORU %REE\ &KDUOWRQ 3HWHU &ROOHJHV RI &DPEULGJH DQG 2[IRUG 5DLOZD\ 1REOH 6KLOWRQ 'DYLG 6SHHGLH 3DXO *DVFRLJQH 3DW -HQQLQJV 0DUWLQ +RXVHKROGV 0LOLWDU\ LQF ,QIDQWU\ 8QLWV 8QXVXDO &KLYHUV $ YHU\ ILQH FROOHFWLRQ RI FODVVLF IRRWEDOOHUV IURP WKH Â… Â… SDVW Â… Â… &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

)227%$// $872*5$3+6 RQ FDUGV RU FRYHUV $ YHU\ ILQH JURXS LQF 0DUWLQ &KLYHUV 3DXO *DVFRLJQH $ODQ %DOO 3DW -HQQLQJV 3HWHU 6KLOWRQ %REE\ &KDUOWRQ %\UDQ 5REVRQ DQG 'DYLG 6SHHGLH Â… Â… )227%$// LOOXVWUDWHG FRYHUV E\ 'DZQ PDLQO\

Â… Â…

VHDVRQV FRYHUV LQF 1RWWLQJKDP )RUHVW YV &6.$ 6RSLD 6KUHZVEXU\ 7RZQ 'LYLVLRQ 7KUHH &KDPSLRQV 6XQGHUODQG WK $QQLYHUVDU\ &HQWHQDU\ 0DWFK $ YHU\ ILQH FROOHFWLRQ 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…

)25(,*1 &28175,(6 2) 7+( :25/' D FRORVVDO VWDPS FROOHFWLRQ RI GLIIHUHQW VWDPSV RQ SDJHV WR V ZLWK VWURQJ FRXQWU\ FROOHFWLRQV LQF /DRV &]HFK 3KLOOLSLQHV (WKLRSLD 8QLWHG 1DWLRQV 0RURFFR +XQJDU\ DQG PRUH 2IIHUHG WRWDOO\ LQWDFW 6R PDQ\ GLIIHUHQW VWDPSV LW V XQEHOLHYDEOH 9DVW ORW WKDW V WRR ELJ WR GHVFULEH IXOO\ Â… 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 )25(,*1 RQ VWRFN FDUGV /X[HPERXUJ XVHIXO PLQW ZLWK $UWV LQ D VWRFN ERRN FROOHFWLRQ RI $XVWULD LQ DQ 6WDPS ([KLELWLRQ 06 )8 FÂ… )UDQFH DLU I )8 DOEXP ROG 6ZLVV 7KHPDWLFV LQ VWRFN ERRNV LQF PDQ\ %LUGV .XZDLW GHILQ VHW RI PLQW 0RQDFR I FÂ… /RVW &RORQLHV ZLWK PLQW SDFNHG DOEXP RI JHQHUDO ZRUOG DOEXP ILQH XVHG 8VHIXO JURXS RI VWDPSV 06 Â… Â… RI VKHHW OHWV 6SDLQ DQ H[WHQVLYH XVHG ORW RI )UDQFR V LVVXHV IRU VWXG\ XVHG DQG YDOXHV WR SWDV DQG PXFK PRUH $ { )285 $17,48( DOEXPV VSDUVHO\ ILOOHG ZLWK YDVW RULJLQDO ORW KRXVHG LQ SDFNHG FDUWRQV PDQ\ VWDPSV LQF WKH ,GHDO SRVWDJH VWDPS DOEXP VHFRQG V Â… Â… HGLWLRQ ZLWK PDQ\ XQPDUNHG SDJHV VWLOO XVHDEOH VWDPSV &21&25'( 7RXORXVH 1HZ <RUN PDLQO\ XVHG Â… Â… LOOXVWUDWHG ILUVW IOLJKW FRYHU VLJQHG %ULDQ :DOSROH { )285 - /HH 7KH 3RUWODQG VWDPS $OEXPV ZLWK LOOXVWUDWHG )'& )(% ([KLELWLRQ ZLWK &RQFRUGH VSHFLDO Â’ PDQ\ V RI VWDPSV LQF *% 80 &\O EORFN QR GRW - FDQFHO VPDOO EXW XVHIXO VHOHFWLRQ RI VL[ FRYHUV Â… Â… Â’ òG &\O GRW - F Â… G &\O GRW - ,UHODQG Â’ (DVWHU 5LVLQJ VHW EORFNV RI 80 $ JRRG RULJLQDO

Â’ &22. ,6/$1'6 FKLHIO\ .*9, LVVXHV

SLFWRULDOV WR SLFWRULDO VHW RI 1LXH SLFWRULDOV WR $ JRRG VHOHFWLRQ RI VWDPSV Â… Â… Â’ Â’ &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…

Credit Cards

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

FROOHFWLRQ Â… Â…

)5$0$ ODEHOV RI WKH ZRUOG D XVHIXO FROOHFWLRQ ZLWK LVVXHV IURP PDQ\ FRXQWULHV LQF $ODQG ,FHODQG /X[HPERXUJ 1RUZD\ *UHHFH 3RUWXJDO +RQJ .RQJ %HOJLXP $ YHU\ JRRG UDQJH RI )UDPDV 80 Â… Â… )5$1&( XVHIXO SLFNLQJV RQ ROG GHDOHUV FDUGV 5HOLHI )XQG VHW 0 IU 9LHZ RI 3DULV LQF D VXSHUE XVHG SDLU 6* XVHIXO PLQW FRPPHPV Â… Â…


{ *ODVVLQH V WZR ODUJH FDUWRQV IXOO RI PDQ\ V

RI *ODVVLQH V ZLWK PDQ\ V RI VWDPSV IURP DURXQG WKH ZRUOG ZKLFK PDQ\ \HDUV DJR VRUWHG E\ FRXQWU\ DQG \HDUV WR PXFK IRU XV WR FKHFN DQ\WKLQJ FRXOG EH LQ WKHVH FDUWRQV DOO RII SDSHU ORRNV WR EH ILQH XVHG Â… Â…

+286( &/($5$1&( ODUJH FDUWRQ ZLWK D VSULQJEDFN IXOO RI *% LQF .*9, GHILQV WR PLQW 6LOYHU :HGGLQJ PLQW ()7$ ZLWK GDPDJH XQGHUFDUULDJH 80 RQ DQG RII SDSHU PL[WXUH FKLHIO\ *% JRRG VRUWHU FDUWRQ Â… Â…

*5($7 %5,7$,1 FDUWRQ ZLWK V RI LOOXVWUDWHG +286( &/($5$1&( ZLWK EHWWHU SLFNLQJV *

)'& V ZLWK EHWWHU SLFNLQJV WR FLUFD VHHQ &RWVZROG FRYHUV 6WXDUW FRYHUV :HVVH[ FRYHUV DQG 32 FRYHUV PXFK ZLWK W\SHG DGGUHVV DQG VSHFLDO FDQFHOV ILOOLQJ D ODUJH FDUWRQ %DUJDLQ Â… Â…

%R\FRWW VLJQHG FULFNHW FRYHU DXWRJUDSKHG LOOXVWUDWHG FRYHUV VLJQHG LQF -HUHP\ &ODUNVRQ -DPHV :KLWDNHU 5REHUW 5XQFLH 'DO\ 7KRPSVRQ -RKQ 1RDNHV /XFLQGD *UHHQ .HLWK 0LFKHOO $ IHZ FRYHUV LQ D ODUJH FDUWRQ Â… Â…

*5($7 %5,7$,1 HDUO\ 4(,, ZLWK EHWWHU PDWHULDO LQ DQ DOEXP JRRG VHOHFWLRQ RI :LOGLQJV ZLWK GLII SULQWLQJV ZPN YDULHWLHV )8 )'& V LQF &RURQDWLRQ SKRV VHWV )8 LQF /LIHERDW DQG 5HG &URVV RWKHU SKRV VHWV )8 G /LWHUDF\ ZLWK VLOYHU DOPRVW RPLWWHG UHJLRQDOV DQG PXFK PRUH 2YHU GLII VWDPSV XVHIXO SLFNLQJV Â… Â…

+286( &/($5$1&( ZLWK EHWWHU SLFNLQJV LQF ROG ,PSHULDO DOEXPV 9RO , DQG 9RO ,, ,QWHUQDWLRQDO 3RVWDJH DOEXP VHHQ RQ VWRFN FDUGV 49 -XELOHH JUHHQ EORFN RI XVHG .*9, 3HDFH 6HYHQ %HUULHV YDULHW\ 4(,, 13< G PLVVLQJ .HQW 6W +HOHQD G FOHIW 5RFN YDULHW\ )8 .87 F -XELOHH ZLWK GDVK E\ WXUUHW PDQ\ V RI ORRVH VWDPSV QHHGV VRUWLQJ Â… Â…

Â’ *5($7 %5,7$,1 H[WHQVLYH 4(,, IURP WR Â’ ZLWK PDQ\ FRPPHPRUDWLYH VHWV GHILQV LQF :LOGLQJV Â’ &DVWOHV ZLWK PXFK 80 Â… Â…

Â’ ,19(57(' :$7(50$5. 9$5,(7,(6 2) Â’ .,5,%$7, 80 V ILQH ORW RI GLII YDULHWLHV LQF GRXEOH RYSWV

KLJK YDOXH GHILQV EHWWHU LQF 6* Z Z Z Z *5($7 %5,7$,1 LQ D ODUJH FDUWRQ PDQ\ V HWF Â… Â… RI VWDPSV ZLWK EHWWHU SLFNLQJV H[KLELWLRQ VHWV PLQW ,19(57(' :$7(50$5. YDULHWLHV RI 9DQXDWX $UPV VHW RI PLQW 6 :HGGLQJ 80 )HVWLYDO DOO 6* OLVWHG LQF VFDUFH 2UFKLG 6* Z RQO\ NQRZQ KLJK YDOXHV PLQW 49 5RVH XVHG GHSDUWPHQWDO XVHG RWKHUV 80 Â… Â… RIILFLDOV $ JRRG ORW IRU VRUWLQJ 0DLQO\ ILQH XVH Â… Â… Â’ ,19(57(' :$7(50$5.6 6LOYHU Â’ :HGGLQJ XQPRXQWHG PLQW ZLWK YDULHWLHV OLVWHG RQ FDUG PDLQO\ LQ { *UHDW %ULWDLQ .LORZDUH LQ WZR ODUJH FDUWRQV EORFNV RI LQF *LEUDOWDU S EORFN RI FDW Â… 6H\FKHOOHV FKLHIO\ PDFKLQV RQ SDSHU PDQ\ V XQFKHFNHG EORFN RI 7ULVWDQ GD &XQKD òS SODWH EORFN RI %HUPXGD Â… Â… F EORFN RI %DKDPDV F EORFN RI &D\PDQ F EORFN RI *5($7 %5,7$,1 OXFN\ GLS FOHDUDQFH ER[ JRRG 'RPLQLFD EORFN RI 6W /XFLD F SDLU $ YHU\ ILQH PL[WXUH LQF D TXDQWLW\ RI V VPDOO IRUPDW SUHVHQWDWLRQ FROOHFWLRQ KLJK FDW YDOXH Â… Â… 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… { *5($7 %5,7$,1 PDQ\ V RI VWDPSV ILOOLQJ

D ODUJH FDUWRQ VHHQ KLJK YDOXHV RQ SDSHU NLORZDUH Â… Â…

,19(57(' :$7(50$5.6 DQG RWKHU YDULHWLHV RI 0RQWVHUUDW LWHPV LQF 2+06 LQY RYSWV QRWLQJ 6* 2 D LQY ZPNV WR PLVVLQJ VWRS 6* 2 D 9)8 9HU\ JRRG JURXS Â… Â… Â’ -DSDQHVH 2FFXSDWLRQ UDQJH ZLWK EHWWHU

SLFNLQJV %XUPD <DQR VHDO VWDPS 6* - PLQW LVVXH IRU 6KDQ 6WDWH 6* - - PLQW F Â… IRUPHU F RQ D 6* - VXUFK òD D F Â… U F Â… U F Â… D ILQH UDQJH FKLHIO\ PLQW Â… Â…

Â’ *5($7 %5,7$,1 29(535,176 IRU WKH

0,''/( ($67 ZLWK VHWV DQG EHWWHU SLFNLQJ %DKUDLQ V ZHGGLQJ %06 (ULWHD WR %$ RYSWV WR .XZDLW WR U V ZHGGLQJ &DVWOHV WR U 0HI WR 4DWDU WR U D YHU\ -2+1 &5$9(1 QHZV SUHVHQWHU DXWRJUDSKHG .,//(5 :+$/(6 LOOXVWU FRYHU ZLWK &URZQ FRLQ JRRG DQG KLJKO\ FDWDORJXHG FROOHFWLRQ RI VWDPSV 3ULVWLQH Â… Â… PLQW Â… Â… { .*9 $XVWUDOLD FRPPHPRUDWLYHV RQ D VWRFN

Â’ *5($7 %5,7$,1 6PLOHU VKHHW FROOHFWLRQ Â’ ZLWK D IDFH YDOXH RYHU Â… WR 80

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

Â… Â… Â’ *8(516(< FRPSOHWH FROOHFWLRQ 80 Â’ LQ DOEXP LQF ERWK SHUI DQG Â… SRVWDJH GXHV

.*9 +($' 3522) LQ %ODFN RI FLUFD ZLWKLQ RYDO VWDPS YLJQHWWH VL]H H[HFXWHG E\ '/5 ZLWK UHYHUVHG FRGH QXPEHU 6XSHUE VL]H [ PP Â… Â… ^3KRWR`

VXSHU TXDOLW\ V Â… Â… +2$5' 2) &29(56 ILOOLQJ D ODUJH FDUWRQ

PDLQO\ 8. DQG WKH %ULWLVK FRPPRQZHDOWK 0DQ\ V RI FRYHUV Â… Â…

.*9 +HDG 3URRI LQ GHHS 9LROHW RI FLUFD ZLWKLQ RYDO VWDPS YLJQHWWH VL]H H[FOXGHG E\ '/5 ZLWK UHYHUVH FRGH QXPEHU 6XSHUE VL]H [ PP Â… Â… ^3KRWR`

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

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…

Â’ .*9 0,17 &ROOHFWLRQ RQ SDJHV FDWDORJXH

YDOXH Â… LQF 7ULQLGDG DQG 7REDJR WR 7DQJDQ\LND WR .87 WR $ JRRG VHOHFWLRQ RI VWDPSV PLQW Â… Â… Â’ .*9, %$+5$,1 :KLWH EDFNJURXQG VHW

IUHVK 800 6* &DW Â… Â… Â… Â’ .*9, &22. ,6/$1'6 GLII LVVXHV LQF VHWV

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

IUHVK 0 QRWLQJ $UPV KLJK YDOXHV G SOXV YDULRXV RWKHU VHWV WR Â… Â…

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

{ .*9, 5+2'(6,$ .*9, VHW WR

WRS YDOXH )8 6* &DW Â… Â… Â…

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


{ .*9, $'(1 RQ ROG SDJHV 'KRZ òD WR D Â’ 0$36 RQ VWDPSV V RI VWDPSV DOO ZLWK D PLQW U )8 &RURQDWLRQ VHW RI )8 SLFWRULDO GHILQ VHW RI Â’ 0DS WKHPH VHHQ SKRWR SURRIV 06 VKHHWOHWV HUURUV LQF

ILQH XVHG 9LFWRU\ )8 6LOYHU :HGGLQJ )8 838 )8 1HZ &XUUHQF\ VHW )8 $ JRRG UDQJH FDW Â… Â… Â…

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…

{ .*9, &RURQDWLRQ VHWV LQF VHYHQ )'& V

FKLHIO\ RQ SLHFHV ZLWK )', FDQFHOV Â… Â… { .*9, ),1( 86(' RQ SULQWHG SDJHV $XVWUDOLD

ZLWK YDOXHV WR Â… %DKUDLQ ZLWK YDOXHV WR U %DUEDGRV WR 1HZ &XUUHQF\ WR %XUPD WR U &DQDGD WR &H\ORQ WR U RYHU VWDPSV Â… Â… Â’ .*9, PLQW RQ 2OG $OEXP SDJHV FDW 9DOXH

Â… GHILQLWLYHV WR H[ G VHSLD 9LFWRU\ 6 :HGGLQJ &HQWHQDU\ 838 DV EORFNV RI 3LFWRULDO VHW RI Â… Â… Â’ .*9, PLQW RQ ROG DOEXP SDJHV QRWH $VFHQVLRQ

WR LQF G EODFN DQG XOWUDPDULQH FÂ… SHUI FÂ… 6W +HOHQD G )DONODQG ,V 'HS RYSWV VHWV $ YHU\ JRRG UDQJH RI VWDPSV HDFK GLIIHUHQW Â… Â… { .*9, ROG DOEXP SDJHV ZLWK EHWWHU SLFNLQJV Â’ VWUHQJWK LQ PLQW VWDPSV VHHQ 1LJHULD WR G PLQW WR

)8 1RUWKHUQ 5KRGHVLD WR G PLQW 1\DVDODQG WR G PLQW 6RPDOLODQG 3URWHFWRUDWH WR U PLQW $ JRRG UDQJH RI VWDPSV Â… Â… { .*9, 6RPDOLODQG VHW 9)8 6*

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… 0HGDOV *% 7KH .LQJV 0HGDOV (GZDUG .*9 LVVXHG E\ /RQGRQ &RXQW\ &RXQFLO 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

Â… Â… { .*9, 7ULVWDQ 'D &XQKD RYSW VHW 9)8 6*

Â… Â…

(QJLQHHULQJ LOOXVWUDWHG )'& $8(: RIILFLDO FRYHU ZLWK +RXVH RI &RPPRQ &'6 FDQFHO DQG SRVWHG DW +RXVH RI &RPPRQV FDFKHW RQ WKH UHYHUVH Â… Â… { 0,''/( ($67 ILQH XVHG RQ VWRFNERRN SDJHV

Â’ .87 0RGHUQ LVVXHV LQ SDFNHWV HQYHORSHV RQ Â’ VWRFNSDJHV ZLWK PDQ\ V RI VWDPSV DQG ORWV RI 06 ZLWK

PRVW VHWV EHLQJ 80 VXFK D YDULHW\ RI LVVXHV LQ D ODUJH FDUWRQ LQ QHHG RI VRUWLQJ Â… Â… /$5*( &$5721 &UDPPHG ZLWK FDYRV IURP

PDQ\ GLIIHUHQW FRXQWULHV LQF %ULWLVK FRPPRQZHDOWK *% VXSHUE VRUWHU ORW PDQ\ V RI FRYHUV Â… Â…

ZLWK LVVXHV IURP 3DOHVWLQH LQF 3DOHVWLQH DXWKRULW\ ,UDQ /HEDQRQ 6\ULD RYHU VWDPSV ZLWK LVVXHV FLUFD Â… Â… ^3KRWR`

0,''/( ($67 VWRFN ERRN ZLWK LVVXHV RI $GHQ 6WDWH RI 6HL\XQ 6RXWK $UDELD DQG <HPHQ QRWH $GHQ .*9, ZLWK YDOHV WR U PLQW ZLWK VKDGHV 4(,, WR PLQW LQF 80 <HPHQ DLU VHW RI 80 $ ILQH VHOHFWLRQ RI VWDPSV Â… Â…

/$5*( &$5721 :LWK PDQ\ V RI VWDPSV { 0,''/( ($67 VWRFNERRN ZLWK LVVXHV IURP RQ ROG SDJHV DQG ORRVH VHHQ ,UDQ &RURQDWLRQ WR NU 3DUFHO 3RVW WR NU DQG 2IILFLDO WR GU PLQW HDUO\ RYSWV ,VUDHO <HPHQ -RUGDQ ZLWK VWUHQJWK LQ ILQH XVHG 2YHU XQFKHFNHG SDJHV RI 3RODQG IURP /DWYLD IURP VWDPSV Â… Â… ,FHODQG ZLWK HDUO\ GRXEOH KHDGV 1HSDO &URZQ ODUJH VL]H 0,*+7< &$5721 2) *(50$1< 3267$*( VHW 6* 80 (DUO\ *HUPDQ 6WDWHV LQ QHHG RI D JRRG 67$036 PHJD DFFXPXODWLRQ LQ D FDUWRQ ZLWK LVVXHV WR VRUW ILOOLQJ D ODUJH FDUWRQ Â… Â… :H EHOLHYH WKDW WKHUH DUH VWDPSV KHUH PRVWO\ GLII JRRG /$5*( &$5721 ZLWK PDQ\ V RI 7KLUG 5HLFK LQ D VWRFN ERRN ZLWK PXFK PLQW H[WHQVLYH :HVW ZRUOGZLGH LVVXHV ZLWK VWDPSV RQ VWRFNSDJHV SDJHV SDFNHWV *HUPDQ\ ZLWK JRRG FRPPHP ORWV RI LQWHUHVWLQJ VWDPSV RQ VXSHUE ORW IRU VRUWLQJ DV ZH GRQ W KDYH WKH WLPH $Q RULJLQDO SDJHV 6XEVWDQWLDO ORW IURP D FROOHFWRU WKDW ZLOO FUHDWH D EDODQFH ORW Â… Â… VXEVWDQWLDO FROOHFWLRQ Â… Â… /,7(5$785( %UD]LO %XOOV (\HV 0,;(' EDJV RI FRLQV D IHZ LQ ROG EDJV &RULQSKLOD KDUGEDFN FDWDORJXH ZLWK G M LQ YHU\ ILQH FRQGLWLRQ XQFKHFNHG Â… Â… XQPDUNHG Â… Â… 0267 ,17(5(67,1* PLVFHOODQ\ LQF VXSHUE /,7(5$785( %ULWLVK SRVWDJH VWDPSV VWDPS GHDOHUV PXOWLFRORXUHG DGYHUW FDUG RI IRU 49 YDULHWLHV LOOXVWUDWHG E\ $OFRFN DQG 0HUHGLWK IRU 49 WR .*9, -XELOHH ZLWK )ODJV DQG PLQW 49 VWDPSV DIIL[HG WZR *XHUQVH\ LVVXHV LQ JRRG FRQGLWLRQ Â… Â… ELVHFW FDUGV ROG GRFXPHQWV ZLWK 5HYHQXHV HWF TW\ /LWHUDWXUH 5REVRQ /RZH YROXPH *UHDW Â… Â… %ULWDLQ DQG 7KH (PSLUH LQ (XURSH VHFRQG HGLWLRQ LQ YHU\ JRRG 0XOWLSOH IUDQNHG FRYHUV IURP DURXQG WKH %ULWLVK FRQGLWLRQ ZLWK PDQ\ LOOXVWUDWLRQ IDFWV ILJXUHV $ YHU\ &RPPRQZHDOWK SHULRG ZLWK KLJK YDOXHV 7XUNV DQG LQWHUHVWLQJ UHDG Â… Â… &DLFRV 2+06 (QY :LWK YDOXHV IURP G WR /,7(5$785( 7KH 4XHHQV 6WDPSV 7KH 7ULVWDQ 'D &XQKD ZLWK 6KLSV IURP G WR 2+06 $XWKRULVHG +LVWRU\ RI WKH 5R\DO 3KLODWHOLF &ROOHFWLRQ +5+ 7KH (QY :LWK GHILQLWLYH IURP G WR %UXQHL VXOWDQV 3ULQFH RI :DOHV :DWHUFRORXUV 4XHHQ (OL]DEHWK ,, D -XELOHH IURP F WR F 6W .LWWV 1HYLV 2+06 (QY :LWK òF 3RUWUDLW LQ 6WDPSV DOO YHU\ JRRG FRQGLWLRQ ZLWK GXVW WR &\SUXV GHILQLWLYHV IURP P WR P MDFNHWV Â… Â… *X\DQD ,QGHSHQGHQFH RYSWV F WR $ ILQH UDQJH RI FRYHUV VHQW WR WKH 8. Â… Â… 0$36 RQ LOOXVWUDWHG FRYHUV RU FDUGV LQWHUHVWLQJ JURXS RI LWHPV LQF 86$ EXVLQHVV HQY ZLWK LPDJH RI Â’ 1DYLJDWRUV $XVWUDOLD VHW LQF ZKLWH $EHUGHHQ 'DNRWD IURP $EHUGHHQ 1DWLRQDO %DQN SDSHUV IUHVK PLQW 6* &DW Â… Â… Â… $UJHQWLQD LOOXVWU HQY ZLWK $VDPEOHDX *HQHUDO 2UGLQDULD $ODI www.philangles.co.uk VSHFLDO FDQFHO YHU\ LQWHUHVWLQJ ORW ZLOO PDNH D JRRG VWXG\ place your bids online. Immediate and secure. GLVSOD\ 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 $OEXPV ZDLWLQJ WR EH FRPSOHWHG { Â… Â… { 1,*(5,$ ROG VWRFN ERRN SDJHV ZLWK PDLQO\ Â’ .*9 DQG HDUO\ 4(,, .*9 WR 6LOYHU -XELOHH PLQW DQG

3DTXHERW DQG 0DULWLPH FDQFHOV ZLWK VWDPS DQG D IHZ FRYHUV LWHPV ZLWK UHDGDEOH FDQFHO PXFK SUH V Â… Â… 3$5&(/ 3267 FDQFHOODWLRQV RI 6FRWODQG LQF 3DUFHO 3RVW GDWH VWDPS ODEHOV VTXDUH FDQFHOV DQ LQWHUHVWLQJ ORW RI LWHPV Â… Â… 32/,&( D VFDUFH JURXS RI %ULWLVK 4(,, 3ROLFH &RXUW 5HYHQXHV LQF G DV 9)8 SDLUV ZLWK FRPSOHWH SPNV Â… Â…

32578*$/ 32670$5.6 /LWHUDWXUH E\ 6DOYLD

)8 .*9, GHILQV ZLWK YDOXHV WR 6LOYHU :HGGLQJ ILQH XVHG DQG PLQW $ KLJK FDW ORW D IHZ VWDPSV PXFK ILQH XVHG Â… Â…

HGLWLRQ LQ YHU\ ILQH FRQGLWLRQ VHOGRP VHHQ Â… Â…

1,1(7((1 2OG VWRFNERRNV ZLWK ZRUOG ZLGH UDQJH LQF %ULWLVK &RPPRQZHDOWK V RI VWDPSV FKLHIO\ ILQH XVHG PDLQO\ VRUWHG E\ FRXQWU\ )LOOLQJ WZR ODUJH FDUWRQV Â… Â… 1250$1 :,6'20 VLJQHG LOOXVWUDWHG FRYHU ZLWKRXW WKH VWDPS EHLQJ DWWDFKHG PRVW XQXVXDO Â… Â… Â’ 125:$< \HDU ERRNV LQF VFDUFH ILUVW Â’ \HDU DQG ERWK YHU\ ILQH FRQGLWLRQ FDW NU

3RVWDO +LVWRU\ DQG RWKHU FRYHUV PRVW

LQWHUHVWLQJ ORW DSSUR[ LWHPV PXFK LQWHUHVW LQ 6287+ $)5,&$ ZLWK :DUWLPH )UDQNLQJV XVH RI :DU (IIRUW VWDPSV LQF DGYHUW FRYHUV 2+06 %HFKXDQDODQG 2+06 %DVXWRODQG 2+06 &XUDFDR )ODJ 6HW FDW Â… RQ FRYHU IDXOWV 1HWKHUODQGV )OLJKW &RYHU VXSHUE 9 $GYHUWLVLQJ &RYHU IRU D %XV DPD]LQJ &HQVRUHG &RYHU 6RXWK $IULFD WR -DSDQ $OEXP RI LQWHUHVWLQJ )'& HWF RULJLQDO ORW Â… Â… 3267$/ +,6725< ROG ORW LWHPV LQFOXGLQJ

Â… Â… 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

(J\SW V DLUPDLO IUDQNLQJV XVLQJ DLU LVVXHV LQ FRPELQDWLRQV $GHQ WZR GLII SRVWFDUGV HDFK IUDQNHG D 'KRZ (J\SW S OHWWHU VWDPS RQ RYHU ZLWK 1R SUHSDLG KV 7LGZRUWK 3DUN FDPS VNHOHWRQ FGV RQ FDUG RWKHU V XVDJH PL[HG Â… Â…

5KRG 1\DV GHILQ VHW RI ZLWK VKDGHV 3RVWDO +LVWRU\ ZLWK V $PHULFDQ )LUVW 4 )OLJKWV LQF IORZQ E\ $LUVKLS PDQ\ GLIIHUHQW VSHFLDO IOLJKW VHW RI ZLWK VKDGHV $ JRRG UXQ RI FRPPHP 6HWV 5KRGHVLD ,QGHSHQGHQFH RYSW VHW GHILQ VHW WR Â… ZLWK FDFKHWV VRPH IRU &DQDGD WZR PXOWL IUDQNHG &DUDFDR FRYHUV FRPPHPRUDWLYH VHWV DQG 3RVWDJH GXH $ ILQH FROOHFWLRQ RI HDFK ZLWK ORFDO FHQVRU FDFKHWV RULJLQDO ORW LWHPV VWDPSV IUHVK PLQW Â… Â… Â… Â…

3RVWDO +LVWRU\ ZLWK LQWHUHVWLQJ 0LOLWDU\ DQG 2OG SDJHV ZLWK D UHDO PL[WXUH RI VWDPSV LQF ,WDO\ *UHHFH *HUPDQ\ RFFXSDWLRQ LVVXHV ORFDO VWDPSV $VWUR 0DULWLPH FRYHUV (QY &KLOH ZLWK 5$0 -DQHTXUR +6 +XQJDULDQ PLOLWDU\ VWDPSV D JRRG PL[WXUH $Q LQWHUHVWLQJ JURXS &XED ZLWK 0DULQD 'H *XHUUD )UDJDWD $QWRQLR 0DFHR FDFKHW (QY 6WDII 2IILFH 6TXDGURQ FDFKHW QG PDQ\ V Â… Â… 6HQLRU 1DYDO 2IILFHU 0LGGOH (DVW FDFKHW (QY :LWK { 2/' 6&+$8%(. $OEXP IRU FHQWUDO DQG 6RXWK )LVKHU\ 3URWHFWLRQ DQG +06 1DLDG +6 2+06 (QY $UP\ $PHULFD IRU LVVXHV WR RYHU VWDPSV PDLQO\ ILQH XVHG 6LJQDOV &'6 DQG FDFKHW D YHU\ LQWHUHVWLQJ ORW RI VHHQ %UD]LO 3RUWUDLW U 6* )8 FÂ… &RORPELD FRYHUV Â… Â… 6FDGWD WR F SOXV F $ RYSW F (8 RYSW F ) RYSW

F F *% RYSW *XDWHPDOD VXUFK F RQ F LQY 2YSW 3267$/ +,6725< ZLWK YHU\ JRRG )32 6* D PLQW òF RQ S RYSW LQY 6* D PLQW LGHQWLILHG FRQWHQWV LWHPV PRVWO\ HDUO\ V ZLWK PDQ\ 0H[LFR 6RQRUD &LYLO :DU F 6*6 )8 FÂ… $Q ROG RULJLQDO LQWHUHVWLQJ IUDQNLQJV WKH FROOHFWRU SDLG XSZDUGV RI Â… DQ LWHP FROOHFWLRQ Â… Â… KHUH LQF 0LGGOH (DVW (J\SW (XURSHDQ %ULWLVK )32 %DVHV +LJKO\ UHFRPPHQGHG FROOHFWRUV ORW Â… Â… 2/' 672&.%22. $1' 3$*(6 ZLWK EHWWHU

3RVWDO 6WDWLRQHU\ LQWHUHVWLQJ UDQJH DSSUR[ SLFNLQJV QRWH (GZDUG 2UDQJH 5LYHU &RORQ\ WRS YDOXH FRYHUV FDUGV :RUOGZLGH VHHQ PDQ\ XQXVHG VHHQ N 8NUDLQH 6* PLQW )DONODQG ,V 'HS G RFKUH òG G G G 7ULGHQW RYSWV 8QLWHG 6WDWH F SULQWHG FDUGV )UHQFK JDS LQ C SDUDOOHO LQ SDLU ZLWK ORQJ PHULGLDQ .87 .*9, Â… 0LOLWDU\ &DUGV 1HWK ,QGLHV F DQG F (QY 8QXVHG $ UHDO PLQW %HUPXGD G PLQW $ IHZ VWDPSV ZLWK KLJK YDOXHV PL[WXUH RI FRYHUV FDUGV Â… Â… PL[HG LQ PDLQO\ .*9, LVVXHV ROG WLPH PL[WXUH Â… Â… ^3KRWR` 3267&$5'6 DQ ROG WLPH ORW LQ DOEXP { 2/' 7,0( FROOHFWLRQ RQ ROG DOEXP SDJHV DQG OHDYHV LQF WZR YHU\ JRRG 6XIIUDJHWWHV FDUGV LQFOXGLQJ Â’ FKLHIO\ .*9 WR HDUO\ 4(,, QRWH 6LOYHU -XELOHH .*9, GUHVVHG LQ SULVRQ XQLIRUPV WZR VFDUFH HDUO\ FDUWRRQ SROLWLFDO FDUGV JRRG JURXS RI ::, PXOWL FRORXUHG VRQJ FDUGV $Q GHILQ WR PLQW RYSW WR 0 6LOYHU :HGGLQJ RULJLQDO ORW Â… Â… VHW PLQW 8VHIXO ORW RI VWDPSV Â… Â… Â’ 201,%86 838 %5,7,6+

&20021:($/7+ DSSDUHQWO\ FRPSOHWH PLQW FROOHFWLRQ RI VHWV RQ ROG SDJHV F VWDPSV Â… Â… Â’ 201,%86 LVVXHV YDULRXV FROOHFWLRQV RI 80 Â’ FKLHIO\ FRPSOHWH &RURQDWLRQ 9LFWRU\ ZLWK PDQ\

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…

DGGLWLRQDO VHWV DV EORFNV RI IRXU LQF SODWH EORFNV &RURQDWLRQ DQG 5HG &URVV V FKLHIO\ VXSHUE FRQGLWLRQ Â… Â… 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…

Key to symbols in this catalogue ✱

✉

Used Mint Postal History

✈ ✱✱ &

Airmail Unmounted mint Literature


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…

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…

5$) 6,*1(' FRYHUV 2SHUDWLRQ 7KXUVGD\

6&287 SRVW *UHDW %ULWDLQ ORFDOV PDLQO\ V ZLWK VWDPSV ODEHOV DQG FRYHUV ZLWK PDQ\ GLIIHUHQW UHJLRQV VLJQHG % 6KHOOH\ DQG : /D\FRFN %RPEHU &RPPDQG UHSUHVHQWHG D YHU\ JRRG UDQJH RI VWDPSV FRYHU VLJQHG $ ( %U\HWW %DWWOH RI 58+5 VLJQHG 5 ( &XUWLV '62 '5& 9LFNHUV :HOOLQJWRQ FRYHU VLJQHG - FRYHUV Â… Â… :KLWWOH\ )'& 3DWKILQGHU VLJQHG ( ( 6WRFNHW '62 ')& 6&287,1* FRYHUV KRXVHG LQ IRXU DOEXPV VHHQ :HOOLQJWRQ VLJQHG & + -HQNLQV QG VLQJHG %LFNHUVWDII ')0 EHWWHU LQF *% VFRXW MXELOHH FRYHUV VHW RQ DLUPDLO HQY )O\LQJ 'DOHV VLJQHG - * 'DYLV ')& $ ILQH JURXS RI ZLWK &KULVWPDV ,VODQG %)32 FGV %ODLU $WKROO VFRXW FDPS FRYHUV Â… Â… FRYHUV WH[WLOHV IGF ZLWK VSHFLDO %ODLU $WKROO FDQFHO FÂ… 5$) 6,*1(' LOOXVWUDWHG FRYHUV 6TXDGURQV RI WZR VFRXW %DGHQ 3RZHOO VFRXWV LOOXVWU IGF FÂ… D YHU\ ILQH FROOHFWLRQ RI FRYHUV IURP DOO DURXQG WKH ZRUOG WKH 5R\DO $LUIRUFH H[FHSWLRQDO FROOHFWLRQ RI GLIIHUHQW Â… Â… ^3KRWR` &RPPDQGHU VLJQHG FRYHUV HYHU\RQH IRU D GLII 6TXDGURQ ZLWK FRPSOHWH VHWV RI VWDPSV KDYLQJ VSHFLDO SPNV 6&287,1* H[WHQVLYH FROOHFWLRQ RI DQG DOO OLPLWHG HGLWLRQV 7KLV VXSHUE FROOHFWLRQ FRVW D IRUWXQH DW VWDPSV DQG PV VKHHWOHWV VHHQ &\SUXV 06 FDW WLPH RI LVVXH &KRLFH Â… Â… Â… XP /LHFKWHQVWHLQ VKHHWOHW RI VWDPSV PLQW Â’ 5$,/:$< +(5,7$*( )DEXORXV $ = Â’ :RUOGZLGH FROOHFWLRQ KRXVHG LQ VSHFLDO SULQWHG $OEXPV IXOO RI

0DIHNLQJ G FDGHW VHUJW PDMRU *RRG\HDU SDOH EOXH EOXH 6* FÂ… )8 D VXSHUE UDQJH RI LVVXHV PDLQO\ XQPRXQWHG PLQW RGG PLQW PL[HG LQ KRXVHG LQ DOEXPV Â… Â…

FRPSOHWH VHWV DQG PDQ\ 06 DOO 80 V SXUFKDVHG RQ QHZ LVVXHV DW JUHDW FRVW 3ULVWLQH Â… Â… 6&2876 HDUO\ SLFWXUH SRVWFDUGV ER\ 5$,/:$< 3267$/ +,6725< VSHFLDO FRYHUV VFRXWV VLJQDOOLQJ JURXS UHDO SKRWR W\SH 'XNH RI :LQGVRU DQG PXFK PRUH 2ULJLQDO FROOHFWLRQ KRXVHG LQ HLJKW DOEXPV PHHWLQJ VFRXWV SKRWR W\SH F VLJQDOOLQJ WHVW DQ DSSUR[ GLII FRYHUV HWF LQF PDQ\ *% 4(,, 732 FDQFHOOHG LQWHUHVWLQJ JURXS RI SLFWXUH SRVWFDUGV Â… Â… FRYHUV ZLWK 8S 'RZQ VSHFLDO SRVWPDUNV KLVWRULF WUDLQV ^3KRWR` FRYHUV VRPH YHU\ JRRG SULYDWH )'& 6HDOLQN FRYHUV SULYDWH 6,;7((1 $OEXPV ZLWK IRUHLJQ FROOHFWLRQ ZLWK VWDPSV LQF VKHHWOHWV DQG XVHG RQ FRYHUV DQG PXFK PRUH PDQ\ V RI VWDPSV VRUWHG E\ FRXQWULHV QHHG UH RUJDQLVLQJ 7HUULILF ORW Â… Â… DV PXFK KDV EHHQ PRYHG DERXW VHHQ HDUO\ LVVXHV LQF { 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… Â’ 52:/$1' +,// 3RUWXJDO 6HW IUHVK 80 Â’ 6* Â… Â…

0H[LFR F %XOOV (\H XQXVHG RQ RULJLQDO FROOHFWLRQ LQ 2OG $OEXPV 0DLQO\ ILQH XVHG ILOOLQJ WZR ODUJH FDUWRQV 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< 35,1&( :,//,$0 WK %LUWKGD\ &HOHEUDWLRQ FROOHFWLRQ KRXVHG LQ VSHFLDO $OEXPV ZLWK FRLQ FRYHUV RWKHU SULVWLQH )'& 06 KLJK &DW :LWK LVVXHV FRPSUHKHQVLYH 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…

52<$/7< 48((1 (/,=$%(7+ $1' 35,1&( 3+,//,3 6LOYHU :HGGLQJ FROOHFWLRQ H[FHSWLRQDO ORW KRXVHG LQ ILYH VSHFLDO $OEXPV WKDW IHDWXUHV GLIIHUHQW FRLQ FRYHUV ZLWK YDOXHV WR Â… DQG VSHFLDO %ULWLVK )'& ZLWK SLFWRULDO SRVWPDUNV { 63$,1 FROOHFWLRQ RI GLIIHUHQW VWDPSV ZLWK HWF 3ULVWLQH FRQGLWLRQ DQG KXJH QHZ LVVXH FRVW +LJKO\ Â’ EHWWHU SLFNLQJV IURP WKH V LQF &KDULW\ VHWV $QWL 7% QRWH UHFRPPHQGHG Â… Â… ,VDEHOOD VHW PLQW 6W )UDQFLV PLQW $ JRRG UDQJH 52<$/7< 7KH 4XHHQ 0RWKHU PRVW H[WHQVLYH ZLWK VWUHQJWK LQ PLQW VHWV LQF 80 Â… Â… FROOHFWLRQ RI V KRXVHG LQ )RXUWHHQ $OEXPV WKDW¶V IHDWXUHG Â’ 63(&,$//< 35,17(' %ULWLVK &RPPRQZHDOWK FRLQ FRYHUV DORQH 7KH FROOHFWLRQ DOVR IHDWXUHV VFDUFH VHWV Â’ DOEXPV &RURQDWLRQ ZLWK PDQ\ VHWV PLQW &RURQDWLRQ RI *ROG /LEHULD VKHHWOHWV DQG PDQ\ RWKHU FRYHUV 80 VHWV HWF Â’ VHW 80 ,&< DQG &KXUFKLOO ERWK ZLWK PDQ\ VHWV PLQW $ FKLHIO\ WR SHULRG &RORVVDO QHZ LVVXH FRVW DQG ILQH VHOHFWLRQ RI DOEXPV ZLWK PDQ\ FRPSOHWH VHWV RIIHUHG DW D PHUH IUDFWLRQ 3ULVWLQH Â… Â… Â… Â… 52<$/7< 7+( 48((16 &2521$7,21 63(5$7, SKRWRJUDSKLF UHSURGXFWLRQ RI -8%,/(( IDEXORXV QHZ LVVXH FROOHFWLRQ KRXVHG LQ IRXU IRUJHULHV LQF VWDPSV RI 0DXULWLXV %DUEDGRV 7DVPDQLD &DSH VSHFLDO $OEXPV KXJH QHZ LVVXH FRVW VWURQJ LQ &2,1 RI *RRG +RSH SOXV FDQFHOODWLRQV D YHU\ LQWHUHVWLQJ ORW RI &29(56 GLIIHUHQW ZLWK YDOXHV WR Â… PDQ\ HODERUDWH LWHPV Â… Â… SLFWRULDO HQYHORSHV IHDWXULQJ FRLQV H[WHQVLYH PDWFKLQJ VWDPSV 63(5$7, SKRWRJUDSKLF UHSURGXFWLRQ RI 80 HWF SULVWLQH DQG KLJKO\ UHFRPPHQGHG Â… Â… IRUJHULHV 1(9,6 FODVVLFV LWHPV $ IRUJHG GXSOH[ SPNV 52<$/7< 0DVV LQ D FDUWRQ ZLWK SUHPLXP G DQG LPSHUI ILUVW LVVXHV 8QXVXDO Â… Â… PRGHUQ FRLQ FRYHUV LQF *ROG 3ODWHG Â… 'LDPRQG -XELOHH 63(5$7, SKRWRJUDSKLF UHSURGXFWLRQV RI FRLQ FRYHU LQ IROGHU MXVW SUHSDUHG YDULRXV RWKHU FRLQ %DKDPDV 49 Â… XVHG (GZDUG Â… XVHG DQG (GZDUG Â… SURRI FRYHUV WR Â… 3UHPLXP 5R\DOW\ PRGHUQ )'/ DQG PXFK PRUH Â… Â… LWHPV SULVWLQH Â… Â… 63(5$7, SKRWRJUDSKLF UHSURGXFWLRQV RI Selling? IRUJHULHV %$+$0$6 FODVVLFV WHQ LWHPV ZLWK 1DVVDX FGV SPNV Contact Simon Carson today for professional advice on 21( 3281' LQVFULSWLRQ (GZDUG DQG 49 IUDPHV how to sell your stamps/covers. PTS and ASDA registered. 8QXVXDO Â… Â… Integrity assured.


7(55< :$,7( 6LJQHG LOOXVWUDWHG &DQWHUEXU\ 63(5$7, SKRWRJUDSKLF UHSURGXFWLRQV RI IRUJHULHV *ROG &RDVW VLJQHG SURRI RI 49 òG LPSHUI 49 G &DWKHGUDO KRPH IRU &KULVWPDV FRYHU ZLWK 3HDFH RQ (DUWK DQG 49 XVHG 8QXVXDO Â… Â… VSHFLDO &KULVWPDV FDQFHO Â… Â…

63(5$7, SKRWRJUDSKLF UHSURGXFWLRQV RI IRUJHULHV /$*26 ZLWK PXOWL EDU IRUJHG SPNV DQG YDOXH LQVFULSWLRQV XQXVXDO Â… Â…

7KH QHZ LGHDO 3RVWDJH 6WDPS $OEXP *UHHQ DQG *ROG LQ XVHDEOH FRQGLWLRQ VSDUVHO\ ILOOHG Â… Â…

63(5$7, SKRWRJUDSKLF UHSURGXFWLRQV RI IRUJHULHV 0RQWVHUUDW 49 $ SPN G LQVFULSWLRQ DQG LPSHUI G XQXVXDO 6HH ZHEVLWH Â… Â…

63(5$7, SKRWRJUDSKLF UHSURGXFWLRQV RI IRUJHULHV 6W /XFLD 49 G LPSHUI DQG VLJQHG LQ PDUJLQV 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… 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…

63(5$7, SKRWRJUDSKLF UHSURGXFWLRQV RI 0RQWVHUUDW 49 G IRUJHULHV 0 DQG 8 Â… Â…

635,1*%$&. DOEXP ZLWK DQ LQWHUHVWLQJ UDQJH { 7+( :25/'6 ILUVW VWDPSV *UHDW %ULWDLQ RI VWDPSV LQF 6LOYHU -XELOHHV QRWH +RQJ .RQJ VHW SHQQ\ EODFN DQG WZR SHQFH EOXH ERWK ILQH XVHG IRXU PDUJLQ PLQW &RURQDWLRQ VHWV ZLWK VWUHQJWK LQ PLQW %ULWLVK H[DPSOHV ZLWK VPDOO IDXOWV 9HU\ FROOHFWDEOH H[DPSOHV RI WKHVH &RPPRQZHDOWK D ILQH VHOHFWLRQ Â… Â… LFRQLF VWDPSV FDW Â… Â… Â… Â’ 67$03 %22./(76 2) 7+( :25/' 7+(0$7,& &ROOHFWLRQV LQ WZR FDUWRQV +LVWRU\ Â’ 6XEVWDQWLDO ORW RI RYHU PRGHUQ SULVWLQH ERRNOHWV LQ D RI )OLJKW 838 VWDPSV RQ VWDPSV 5R\DOW\ VHHQ 6DQ 0DULQR FDUWRQ WHUULILF YDULHW\ PDQ\ LQ RULJLQDO SDFNHWV ZH VSRWWHG ,ULVK 838 VHW RI 80 PDQ\ V RI VWDPSV DQG FRYHUV $ XVHIXO ZLWK KLJK YDOXH SUHVWLJH $OGHUQH\ Â… *% SUHVWLJH ZLWK ORW IRU WKH WKHPDWLF FROOHFWRU Â… Â… YHU\ KLJK )9 DQG PDQ\ EHWWHU *HUPDQ\ EXLOGLQJ GHILQ 7,1 &$1 0$,/ DQ LQWHUHVWLQJ PXOWL

ERRNOHWV 3RUWXJDO VHWV RI ERRNOHWV YHU\ PLQRU GXSOLFDWLRQ EXW WKLV LV RXWZHLJKHG E\ WKH WHUULILF YDULHW\ SUHVHQW 9HU\ ILQH Â… Â…

IUDQNHG FRYHU IURP 7RQJD ZLWK PDQ\ FDFKHWV Â… Â… 72548$< 3LFWXUH SRVWFDUG PDLQO\ V ZLWK

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

{ Â’

{ Â’

{

Â’ Â’

Â’

D JRRG YDULHW\ RI GLIIHUHQW YLHZV FDUGV Â… Â…

PRGHUQ 80 LVVXHV KRXVHG LQ IRXU YROXPHV PDQ\ V ZLWK D 838 )LML VHW RQ VXSHUE LOOXVWU )'& JRRG QXPEHU RI VKHHWOHWV LQF 86$ VKHHWOHWV QRWLQJ (OYLV Â… Â… 3UHVOH\ F VHDOHG VKHHW RI LQ UHFRUG VOHHYH W\SH ZUDSSHU +LVWRULFDOO\ LQWHUHVWLQJ DQG SULVWLQH ORW Â… Â… Â’ 9$5,(7,(6 RI WKH %ULWLVK &RPPRQZHDOWK Â’ .LULEDWL GLII LWHPV DOO 80 GHWDLOHG RQ SDJHV PD\ 6* 675$1' VWDPS DOEXP VW HGLWLRQ XQXVHG LQ OLVWHG DQG YLVXDOO\ LPSUHVVLYH RYSWV GRXEOH LQYHUWHG F )LVK ILQH FRQGLWLRQ IRU LWV DJH Â… Â… SDLU RQH ZLWK RYHUSULQW RPLWWHG F 6KLS LPSHUI SDLU 6* D 68%67$17,$/ (67$7( /27 KRXVHG LQ ILIWHHQ RWKHU LPSHUI YDULHWLHV DQG PRUH *RRG ORW ERXJKW DW JUHDW YROXPHV ZLWK PDQ\ V RI VWDPSV DQG VHYHUDO FKXQN\ DGGLWLRQDO FRVW IURP D QHZ LVVXH VXSSOLHU Â… Â… FROOHFWLRQV VWRUHG LQ WZR FDUWRQV VROLG &DQDGD ZLWK PDQ\ 9,17$*( $GGDSDJH ZRUOG DOEXP GDWLQJ IURP SLFNLQJV DQG KLJKHU YDOXHV WZR YROXPHV SDFNHG ZLWK D JRRG WKH V ZLWK D JHQXLQH ROG ZRUOG FROOHFWLRQ ZLWK LQWHUHVWLQJ *UHHFH FROOHFWLRQ ZLWK PDQ\ PLQW VHWV WR D ELQGHU IXOO RI ROG UDQJHV RI PDQ\ GLII QDWLRQV GLII VWDPSV %ULWLVK 80 PDFKLQV LQF ERRNOHW SDQHV 86$ ROG FRYHUV DQG Â… Â… PXFK PRUH 9DVW TXDQWLW\ YHU\ ROG RULJLQDO ORW 9,17$*( SULQWHG SRVWDJH VWDPS DOEXPV Â… Â… LQF D IDEXORXV EODFN JROG HPERVVHG /LQFROQ ZLWK DQ HDUO\ 68'$1 2OG SULQWHG $OEXP SDJHV ZLWK HDUO\ VWDPS UDQJH ZHOO ILOOHG /LQFROQ WK HGLWLRQ D EDWWHUHG EXW YHU\ LVVXHV 6SLQNV RYSWV &DPHO SRVWPDQ WR SL $UP\ 6HUYLFH ZHOO ILOOHG ROG DOEXP WZR ROG LPSURYHG DOEXPV VWDWHG WR FRQWDLQ RYSW S $OOD ZLWK FHUWLILFDWH WR VD\ WKH RYSW LV IRUJHG D ILQH VWDPSV DORQH Â… Â… VHOHFWLRQ RI VWDPSV Â… Â… Â’ :$7(50$5. 9$5,(7,(6 %DKDPDV 4(,, 68'$1 ROG WLPH FROOHFWLRQ PDLQO\ RQ ROG DOEXP Â’ LQYHUWHG ZPNV 80 LQF 6* DZ DZ Z SDJHV VHHQ 7XWL ,VODQG VHW ILQH XVHG FÂ… DLU VHW PLQW Â… Â… &DPHO 3RVW WR SL D XVHIXO VHOHFWLRQ RI VWDPSV WR Â’ :$7(50$5. 9$5,(7,(6 %DUEDGRV 4(,, PDLQO\ ILQH XVHG Â… Â… Â’ LQYHUWHG ZPNV 80 ZLWK JRRG %LUG GHILQV WR LQF 6* 6:,7=(5/$1' ),1( 86(' D YDVW RQH Z Z Z Â… Â… RZQHU FROOHFWLRQ RI V RI VWDPSV LQ D FDUWRQ Â’ :$7(50$5. 9$5,(7,(6 )DONODQG ,VODQGV SHULRG ZLWK ORWV RI XVHIXO LWHPV 1XFOHXV LV D ZHOO ILOOHG 'DYR Â’ 80 WULR LQF S %LUG 6* Z DQG S 6KLS 6* Z SULQWHG DOEXP ZLWK HDUO\ LVVXHV XVHG WR IU )8 Â… Â… VXUFK VHW )8 PDQ\ RWKHU LWHPV LQF WHWH EHFKH 3UR - IURP VXSSOHPHQWDU\ PDWHULDO RQ SDJHV DQG VWRFN SDJHV WR Â’ :$7(50$5. 9$5,(7,(6 )LML LQYHUWHG ZPNV V 7KHUH LV VR PXFK KHUH ,W ZLOO PDNH D VXEVWDQWLDO DQG Â’ LQF :RUOG &XS )RRWEDOO F 6* Z HWF 1LFH JURXS DOO YDOXDEOH FROOHFWLRQ RI XVHG 6ZLVV Â… Â… GLIIHUHQW Â… Â… 6:,7=(5/$1' DQG $XVWULD D JRRG FROOHFWLRQ :25/':,'( LQ D ODUJH FDUWRQ VHHQ %ULWLVK RQ SULQWHG DOEXP SDJHV RI 8QLWHG 1DWLRQV LVVXHV D &RPPRQZHDOWK LQ HQYHORSHV WKHPDWLF LQF %LUGV )XQJL FROOHFWLRQ RI VWDPSV 06 VKHHWOHWV 80 HDFK :LOGOLIH 6SDFH ZLWK VWRFN ERRNV SDJHV DQG SDFNHWV PDQ\ GLIIHUHQW Â… Â… V RI VWDPSV HYHQ VHHQ 80 VHWV Â… Â… 7(/(3+21( 67$036 1DWLRQDO 7HOHSKRQH { :25/':,'( PDQ\ V RI VWDPSV LQ &R V ILQH PLQW ORW ZLWK YDOXHV WR GLII SULQWLQJV DOEXPV VWRFNERRNV DQG ORRVH IURP PDQ\ GLIIHUHQW FRXQWULHV LQF G SDOH WR GDUN EOXH 8QXVXDO Â… Â… ZLWK KRXUV RI IXQ WR EH KDG VRUWLQJ LW RXW PDLQO\ )8 ILOOLQJ D ODUJH FDUWRQ Â… Â… 7(1 $/%806 3OXV ROG SDJHV ILOOLQJ D ODUJH FDUWRQ VHHQ RQ HDUO\ 6HQI SULQWHG $OEXP VSDUHO\ ILOOHG PDQ\ www.philangles.co.uk V RI VWDPSV FKLHIO\ ILQH XVHG Â… Â… place your bids online. Immediate and secure.


ADEN Â’ ::,, FROOHFWLRQ LQF 0DUVKDOO ,VODQG LPSULQWHG Â’ EORFNV IRU GLIIHUHQW HYHQWV WKURXJKRXW WKH :DU &DQDGD

',6 W\SH ' RQ UHJLVWHUHG FRYHU WR 8. ZLWK

VWDPS FRPELQDWLRQ 0XNDOOD WUDQVLW FGV 6KLKU UHJG ODEHO $ VFDUFH PDUN YHU\ ILQH Â… Â…

6RXYHQLU IROGHUV DQG ZRXOG PDNH D JUHDW GLVSOD\ LWHP Â… Â…

08.$//$ &DQFHOOHG UHJLVWHUHG FRYHU WR

::,, 0,/,$75< FRUUHVSRQGHQFH RI &DSWDLQ

6ZLW]HUODQG VKRZLQJ WZR GLIIHUHQW W\SHV RI FDQFHO &KRLFH IRXU VWDPS F IUDQNLQJ $UULYDO %6 Â… Â… &UDZIRUG ZKLOVW LQ ,QGLD 0() %DVUD DQG PRUH FRYHUV LQF )RUFH $LU OHWWHUV DLUJUDSKV ZLWK H[WHQVLYH FRQWHQWV +$'+5$0$,7 VHW RI QLFHO\ XVHG RQ D SDLU ZLOO PDNH D YHU\ JRRG VWXG\ LWHP Â… Â… RI UHJG )'& FDQFHOOHG 0XNDOOD 6* DOVR ILQH 2+06 ::,, 5$) SRVWDO KLVWRU\ D IDVFLQDWLQJ HQY ZLWK VLQJOH I RYSW FDQF 0XNDOOD Â… Â… FROOHFWLRQ RI FRYHUV FHQVRUHG +RQRXU HQY ZLWK FRQWHQWV Â’ 6287+ $5$%,$1 )('(5$7,21 (5525 2) IURP 2SV 5RRP ZLWK 5$) SRVW 6RXWK (DVW $VLD FGV Â’ 29(535,17 ILO RQ F 29(535,17 ,1 %/$&. LVVXHG ZLWK HQY FHQVRUHG ZLWK 5$) 3267 FGV HQGRUVHG 2Q EOXH RYHUSULQW DV FRUQHU UHTXLVLWLRQ EORFN RI QLQH VXSHUE 80 $FWLYH 6HUYLFH ZLWK WZR FHQVRU PDUNV DQG 5$) 3RVW FGV $ PDMRU UDULW\ 0LFKHO FDW (XUR 6* YDU 2+06 HQY HQGRUVHG E\ )DVW $LUPDLO ZLWK 5$) 3RVW Â… Â… 6RXWK (DVW $VLD FGV $ YHU\ LQWHUHVWLQJ FROOHFWLRQ ZLWK PDQ\ 2/' 3$*(6 ZLWK FKLHIO\ .*9, LVVXHV GLIIHUHQW FHQVRU PDUNV Â… Â… 'KRZV WR U PLQW VHW RI PLQW 6LOYHU :HGGLQJ =(33(/,1 6,*1(' FRYHUV &DPHURQ U 80 6HL\XP VHW WR U LQ EORFNV PDQ\ ZLWK 'H DLUVKLSV FRYHUV RQH VLJQHG E\ 2VNDU )LQN ZKR IOHZ DFURVV /D 5XH LPSULQWHG ZLWK D FDW YDOXH RYHU Â… D YHU\ XVHIXO ORW WKH $WODQWLF RQ =HSSHOLQV VSHFLDO DQQLY RI *UDI DSSUR[ VWDPSV Â… Â… =HSSHOLQ VLJQHG E\ 2VNDU 5RVFK DQ LQWHUHVWLQJ JURXS RI WKUHH 3267$/ +,6725< ZLWK LQWHUHVWLQJ FRYHUV Â… Â… FDQFHOODWLRQV SHULRG LWHPV 6RXWKHUQ <HPHQ .,1*6 6,/9(5 -8%,/(( $Q LQWHUHVWLQJ UDQJH IUDQNLQJV LQF WR &\SUXV ZLWK =LQJDEDU FGV 0XNHLUDV RI LWHPV RQ &DUGV DQG 3DJHV YDULHWLHV DQG XVHIXO LQF FGV VXSHUE VPDOO SULQWHG FRYHU ZLWK %2$ FGV DLUOHWWHU WR )DONODQGV G 'RXEOH )ODJVWDII -DPDLFD òG /LJKWQLQJ 6LQJDSRUH ZLWK F VLQJOH IUDQNLQJ Â… Â… &RQGXFWRU 6RPDOLODQG $ .LWH DQG 9HUWLFDO /RJ RWKHU PLQRU 3267$/ +,6725< ZLWK LQWHUHVWLQJ VWDWH LWHPV LQF 6* OLVWHG 1LXH 0L[HG FRQGLWLRQ EXW YDOXDEOH DQG FROODWHUDO LQIRUPDWLRQ LWHPV LQF 6KLKU UHJG FRYHU Â… Â… 6KLEDP UHJG 0XNDOOD LWHPV 0DDOOD FGV ([KLELWLRQ $LUPDLO 3LFWRULDO 3RVWFDUGV GHSLFWLQJ +XUHLGKD DLU FRYHU D SRVWDO QRWLFH VHW WR RQ 4 $LUFUDIW 2[ DQG :DJRQ HWF IORZQ DOO RYHU WKH ZRUOG $ VXSHUE FRYHU HWF $ JRRG ORW Â… Â… ORW RI FDUGV GHWDLOHG LQ DQ $OEXP VRPH H[RWLF GHVWLQDWLRQV $(*($1 ,6 PRVWO\ ZLWK DUULYDO '6 LQF 1LJHULD $UJHQWLQD 8UXJXD\ XVH RI H[KLELWLRQ ODEHOV ODVW GD\ RYSW FDUGV LWHPV WR %UD]LO &RORPELD Â’ &$7 Â… IUHVK PLQW JURXS RI EHWWHU VWDPSV DQG PRUH +LJKO\ UHFRPPHQGHG Â… Â… O 6* :DU 9LFWLPV KLJK YDOXHV HWF *RRG JURXS Â… Â… 3KLODWHOLF ([KLELWLRQ FROOHFWLRQ QHDWO\ SUHVHQWHG W\SHG RQ SDJHV %UXVVHOV $UPV RQ ODUJH SLHFH ZLWK $,787$., VSHFLDO VKRZ FDQFHOV )UDQFH 3RVWDO &DUG LOOXVWUDWHG IRU $LU 6WDPS ([KLELWLRQ ZLWK VSHFLDO VKRZ FDQFHO H[WHQVLYH Â’ 2OG SDJHV ZLWK EHWWHU SLFNLQJ SHUI VHW RI S òG G (GZDUG VHW RI òG DQG G 8QLWHG 6WDWHV &HQWHQDU\ ([KLELWLRQ &RYHUV &DUGV 6KHHWOHWV YHUW SDLUV 6* E 6* E D ILQH UDQJH RI VWDPSV IUHVK $ VXSHUE UDQJH RI LWHPV IRU WKH VKRZV RI WKHVH \HDUV PLQW Â… Â… Â… Â… ^3KRWR` Â’ 9$5,(7< 7$, ZLWKRXW GRW RYHU , IUHVK PLQW LQ Â’ :LQVWRQ &KXUFKLOO FROOHFWLRQ RI LOOXVWUDWHG Â’ IGF V ZLWK EHWWHU LQF +RQJ .RQJ *% ZLWK )', %ODGRQ PDLQO\ SDLU ZLWK QRUPDO 6* DE FDW Â… 6FDUFH Â’ RPQLEXV %ULWLVK &RPPRQZHDOWK FRYHUV PDLQO\ XQDGGUHVVHG Â… Â…

ZLWK DGGUHVVHV HDFK GLIIHUHQW Â… Â… ^3KRWR`

$/%$1,$

Â’ :LQVWRQ &KXUFKLOO H[WHQVLYH FROOHFWLRQ RI ZRUOG Â’ ZLGH VHWV LQF %ULWLVK &RPPRQZHDOWK 0LGGOH (DVW $IULFD ZLWK { &/$66,& ILUVW LVVXH SD 6* DV D UDUH XVHG EORFN RI IRXU FDW Â… $Q H[FHSWLRQDO PXOWLSOH Â’ SHUI DQG LPSHUI VHWV 06 VH WHQDQW VWULSV D YHU\ LPSUHVVLYH

Â… Â…

FROOHFWLRQ RI LWHPV PLQW LQF XQPRXQWHG PLQW Â… Â…

Â’ 2/' $/%80 3DJHV ZLWK EHWWHU SLFNLQJV

$%8 '+$%, Â’ )5(6+ 0,17 3LFWRULDO VHW RI 6*

)DOFRQU\ ,QGHSHQGHQW 3RVWDO $GPLQLVWUDWLRQ VHW RI 6* $ ILQH VHOHFWLRQ RI HDUO\ VHWV Â… Â… Â’ 3URYLVLRQDO LQ $UDELF RQ I IUHVK 80 Â’ 6* $ Â… Â… ^3KRWR`

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…

$/*(5,$ 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…

$'(1 Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, LVVXHV

Â’ :$5 253+$16 RYSW IU IU IUHVK 80 6* 'KRZ VHW WR U 3LFWRULDOV VHW RI Â’ D FDW Â… Â… Â… 6 :HGGLQJ 1HZ &XUUHQF\ 4(,, GHILQV WR ZLWK VKDGHV 1HZ ZPN VHW RI VWDWH LVVXHV $ JRRG $1'255$ UDQJH RI VHWV RYHU VWDPSV IUHVK PLQW KLJK FDWDORJXH YDOXH 63$1,6+ 3267 2)),&(6 ZLWK EHWWHU SLFNLQJ LQ VHWV IURP WKLV SHULRG Â… Â… SLFWRULDO GHILQV WR S LQF S DQG S 6* D D PLQW 48 $,7, VFDUFH *(,/ %$ :$=,5 W\SH ' FGV FÂ… ZLWKRXW FRQWURO QXPEHUV S DQG S PLQW FÂ… RQ PXOWL IUDQNHG FRYHU 0XNDOOD WUDQVLW FGV $ YHU\ ILQH SLFWRULDO VHW WR S PLQW FIX DLU FÂ… PLQW D FRYHU Â… Â… ILQH FROOHFWLRQ RI VWDPSV ZLWK PDQ\ VHWV PDLQO\ PLQW LQF 80 60$// 1($7 HQYHORSH VHQW ORFDOO\ ZLWK F ZLWK VWDPSV WR SULQWHG KLQJOHVV 'DYR SDJHV F F F F DQG F HDFK ZLWK D VXSHUE $GHQ *32 FGV Â… Â… ^3KRWR` FDQFHO Â… Â…


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

$1'255$ )5 )5(1&+ 29(535,17(' ZLWK YDOXH IURP F WR IU QRWH F ZLWK GU\ SULQWLQJ WRS OHIW IUDPH DQG ZLQJV PLVVLQJ I VKDGHV KLJK YDOXHV I I I DQG I $ VFDUFH DQG YHU\ KLJKO\ FDWDORJXHG JURXS Â… Â… Â’ 3267$*( '8( RYHUSULQW VHW RI 6* )'

IUHVK PLQW D VFDUFH VHW Â… Â… Â’ 3,&725,$/ LVVXHV ZLWK D FDWDORJXH YDOXH RYHU

1HOVRQ PDLOHG DW VHD FRYHU ZLWK VWDPS SRVWHG RQ ERDUG +6 -XELOHH VHW RQ FRYHU 838 VHW RQ FRYHU FKRLFH SSF WR 86$ ZLWK $QWLJXD /HHZDUG PL[HG IUDQNLQJ HWF Â… Â… Â’ 48((1 9,&725,$ ZDWHU PDUN &$ RQ D SDJH

PLQW òG LQF SO QXPEHUV DQG G òG LQF SO FRQWURO QXPEHU G LQF EORFN RI ZLWK SO QXPEHU G PLQW D ILQH UDQJH RI VWDPSV Â… Â…

::,, &HQVRUHG &RYHUV RQH LV UHGLUHFWHG WR Â… SLFWRULDO F WR IU $UPV VHW RI DQG 5$) 6WDWLRQ &UDQDJH ZLWK òG G FRPELQDWLRQ RWKHUV ZLWK SLFWRULDO VHW RI 6* ) DOO PLQW Â… Â… $PHULFDQ &HQVRUV Â… Â… Â’ 3267$*( '8(6 VHW RI VHW RI FÂ… VHW RI DQG VHW RI $ ILQH FROOHFWLRQ $5*(17,1$ IUHVK PLQW Â… Â… Â’ &(17(1$5< SLFWRULDO VHW ILQH 0 6* 6FRWW YHU\ QLFH Â… Â… $1'255$ 63 Â’ 2/' 7,0( ORW RQ D VWRFN SDJH ZLWK EHWWHU

Â’

Â’

Â’ Â’

Â’ $,5 VHW RI ZLWK 0XHVWUD RYSW 6SHFLPHQ 6* SLFNLQJV GHILQLWLYHV ZLWK YDOXHV WR S PDLQO\ SHUI 6FRWW & & H[SHUWLVHG RQ WKH UHVHUYH PLQW F S PDLQO\ GHILQV ZLWK D JRRG YDULHW\ Â… Â… RI SULQWLQJV $ JRRG VHOHFWLRQ RI VWDPSV KLJK FDW Â’ $,50$,/ VWDPSV VHW RI ZLWK DGGLWLRQDO YDOXH Â… Â… VKDGHV SOXV F ZLWK 6HUYLYLT YDULHW\ =HSSHOLQ RYSWV $1*2/$ EOXH S DQG S JUHHQ F F F S F WR S 6* =HSSHOLQ RYSW VHW RI $ JRRG ORW RI )($785,1* UDUH ORFDO RYHUSULQW LVVXHV RI VWDPSV FDW Â… PLQW Â… Â… 5HSXEOLFD SHULRG ROG WLPH FROOHFWLRQ RI GLII VWDPSV PLQW RQ SDJHV PXFK RU PHULW VHW WR U SRVWDJH GXHV Â’ 838 SUHVHQWDWLRQ ERRNOHW OHDWKHU ZLWK JROG VXUFKDUJHV LQF U 6* IUHVK 0 &DUORV VHW DV HPERVVLQJ ZLWK D UDQJH RI VWDPSV QHDWO\ PRXQWHG LQVLGH 3$,56 UDUH U RQ U ORFDO LVVXH VPDOO IDXOWV EXW FDW Â… LQF GHILQV WR S 838 VHW RI ZLWK LWV RULJLQDO ER[ DORQH DQG PXFK HOVH *RRG ORW Â… Â… $ YHU\ ILQH LWHP Â… Â… &(5(6 LVVXHV D ILQH PLQW ORW RI VWDPSV RQ Â’ 1$7,21$/ $17+(0 0XVLF SDLU RI LPSHUI 06 ROG SDJHV LQF VHW WR H DV IUHVK 0 3$,56 FÂ… Â’ IUHVK 80 ILQH DQG VFDUFH 6* 06 $ % LVVXHV LQF F JOD]HG SDSHUV H H WRS YDOXHV FÂ… Â… Â… TXDOLW\ JURXS FDW Â… Â… Â… Â’ 8102817(' 0,17 FROOHFWLRQ RI VWDPSV Â’ 06 ZLWK EHWWHU VHWV QRWH &ODLP RQ )DONODQG ,V $17$5&7,&$ 6DQ 0DUWLQ S )DXQD $QLPDOV 672&. %22. ZLWK PDQ\ EHWWHU SLFNLQJV %XWWHUIOLHV ZLWK PDQ\ KLJK YDOXHV $ VROLG FROOHFWLRQ IRU WKLV 5XVVLD 3RODU 'ULIWLQJ 6WDWLRQ 06 6* 06 D VFDUFH 80 SHULRG Â… Â… %HOJLXP $QWDUFWLF ([KLELWLRQ 06 6* 06 80 )DONODQG 'HS 7KLFN 0DS VHW LQF òG G G G G G JDS { 2/' 7,0( RULJLQDO ORW RI ZLWK EHWWHU Â’ SLFNLQJV PDQ\ 6DQ 0DUWLQ LVVXHV ZLWK GLIIHUHQW SULQWLQJV LQ R SDUDOOHO DQG G 2FKUH %$7 6KLS DQG ([SORUHUV 5HYROXWLRQ F RIIVHW RQ WKH UHYHUVH S PLQW FÂ… S )8 GHILQ VHW WR Â… 5RVV 'HSHQGHQF\ %LUG F WR D YHU\ FDW Â… S )8 FDW Â… $ YHU\ JRRG UDQJH RI VWDPSV ILQH FROOHFWLRQ RI VWDPSV 06 DQG FRYHUV PXFK PXFK PLQW Â… Â… 80 Â… Â…

Â’ 3OD]D +RWHO OHWWHU VKHHW HQGRUVHG ZLWK

$17,*8$

6DQ 0DUWLQ YDOXHV DWWDFKHG òF WR F YHU\ IUHVK Â… Â…

Â’ 63(&,0(1 2YHUSULQWV RQ .*9 LVVXHV IUHVK

PLQW GLIIHUHQW ZLWK YDOXHV WR G 6* 1LFH Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ G 6* FRUQHU EORFN RI Â’ QLQH ZLWK WZR GRWV RYHU 8 RI $QWLJXD 80 Â… Â… )OLJKW &RYHUV WZR ZLWK $QWLJXD DQG 86$ 4 VWDPS FRPELQDWLRQV VWDWHG WR EH $LU 7HVW &RYHUV

Â’ 8102817(' 0,17 V LVVXHV ZLWK EHWWHU Â’ SLFNLQJV QRWH ,QGHSHQGHQFH VKHHWOHW RI 6* 06

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

$6&(16,21

Â… Â…

Â’ 9$5,(7< òG %DGJH RI 6W +HOHQD ZLWK OLQH

Â’ 6LOYHU :HGGLQJ 6* ERWWRP WZR URZV Â’ PLQW VWDPSV IROGHG LQWR EORFNV RI VKRZLQJ SODWH 1R

WKURXJK F 6* F PLQW Â… Â…

$ %UDGEXU\ LPSULQW HWF 0DQ\ VWDPSV DUH 80 6FDUFH ODUJH PXOWLSOH Â… Â… +,*+ 9$/8( VKLS GHILQV RQ DQ DWWUDFWLYH SDLU

Â’ 9$5,(7< G %DGJH RI 6W +HOHQD ZLWK %URNHQ

0DLQ 0DVW 6* D PLQW Â… Â… Â’ 9$5,(7< ,VODQG 0DS G ZLWK 7HDUGURS IODZ

RI VPDOO QHDW FRYHUV ZPN XSULJKW VHW RI VL[ WR DQG 6* D PLQW Â… Â… ZLWK VXUFK WRS YDOXH ERWK FDQF 6W -RKQV 1LFH Â… Â… { 6LOYHU -XELOHH YDULHW\ .LWH +RUL]RQWDO /RJ Â’ %$5%8'$ òG LQYHUWHG ZPN ILQH PLQW 6* / )8 9HU\ VFDUFH Â… Â… 6* Z Â… Â… 6LOYHU -XELOHH VHW RQ FKRLFH UHJLVWHUHG FRYHU WR 6FRWODQG GLIILFXOW VHW WR ILQG RQ FRYHU 6* UDWHG ),1( 86(' LQFOXGLQJ WR Â… DQG WR Â… Â… Â… 4W\ Â… Â… Â’ 9$5,(7< .*9, òG URVH FDUPLQH FXW PDVW

DQG UDLOLQJV 6* GE 80 Â… Â…

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


Â’ 8102817(' 0,17 FROOHFWLRQ ZLWK PDQ\ VHWV { .*9, GHILQLWLYH VWXG\ RQ DOEXP SDJHV Â’ DQG WKH PRGHUQ LVVXHV KDYLQJ D IDFH YDOXH RYHU Â… VHHQ Â’ LQF LPSULQWHG EORFNV FRLO VWULSV LQF FRLO MRLQW SDLUV $ YHU\ JRRG GHILQ VHW FDW Â… )ORZHU GHILQV WR Â… %LUGV ORW RI LWHPV Â… Â…

WR Â… 6KLSV RI WKH 5R\DO 1DY\ VHW )LVKHV WR Â’ .*9, FROOHFWLRQ RQ SULQWHG DOEXP SDJHV $ YHU\ JRRG FROOHFWLRQ RI VWDPSV 06 VXSHUE Â’ GHILQV WR Â… LQF G ILYH GLIIHUHQW SULQWLQJV FRPPHPV LQF TXDOLW\ Â… Â… Â’ 1HZ 6RXWK :DOHV ,PSHULDO )RUFHV QR ZPN GHILQ VHW RI Â’ S +06 UHVROXWLRQ ,19 :0. 9$5,(7< 80 VHYHQ $ YHU\ ILQH FROOHFWLRQ RI VWDPSV PLQW LQF 80 Â’ 6* Z SOXV VHYHUDO RWKHU PLQRU YDULHWLHV Â… Â… Â… Â… { .*9 ILQH XVHG LQF $VFHQVLRQ RYSWV òG G G

%DGJH òG WR SLFWRULDOV WR G 6LOYHU -XELOHH òG SDLU G FDW Â… Â… Â… Â’ .*9, FROOHFWLRQ RI 3LFWRULDOV ZLWK

.*9, VSHFLDOLVHG VWXG\ G LQF -RKQ $VK LPSULQWV DXWKRULW\ LPSULQWV EORFN RI WZR ZLWK ZKLWH IDFH YDULHW\ VLQJOH ZLWK SDUW GRXEOH SHUIV HQY *HR $GDPV ZLWK G PLOLWDU\ SRVWDJH UDWH DQ LQWHUHVWLQJ ORW RI LWHPV Â… Â…

GLIIHUHQW SHUI W\SHV DQG VKDGHV òG G òG G G /LWHUDWXUH %LOOLJ V SKLODWHOLF KDQGERRNV 7KH LQF %OXH G G G SOXV (PSLUH LQ $XVWUDODVLD YROXPH WR LQ YHU\ ILQH &RURQDWLRQ 9LFWRU\ 6 :HGGLQJ DQG 838 VHWV D YHU\ JRRG FRQGLWLRQ Â… Â… ORW Â… Â… { 2/' 7,0( FROOHFWLRQ RQ SDJHV 5RR V WR Â’ 3DJHV &DWDORJXHG RYHU Â… ZLWK EHWWHU Â’ PLQW ILQH WR .*9 KHDG PLQW ZLWK YDOXH WR óG SLFNLQJV .*9 SLFWRULDO WR G PLQW .*9, GHILQV WR XQFKHFNHG ILQH XVHG WR óG $ JRRG VHOHFWLRQ RI PLQW %LUG 6HW RI $ JRRG UDQJH RI 4(,, VWDPSV Â… Â… FRPPHPRUDWLYH WR RYHU VWDPSV QHDWO\ SUHVHQWHG 63(&,$/ &$1&(//$7,216 RQ HYHQW RQ SDJHV PLQW Â… Â… FRYHUV LQF 7R RUGHU UHJLVWHUHG ODEHOV YHU\ IHZ H[LVW $8675$/,$ GLIIHUHQW QRWLQJ UHJLRQDO PHHWLQJV &RQJUHVV %ULWLVK ([KLELWLRQ Â’ 522 òG 6* ILQH DQG VFDUFH FRLO VWULS RI VL[ VSHFLDO SRVWPDUNV 6SHFLDOLVW 0DWHULDO DQG YHU\ KLJK Â’ IUHVK 0 80 ZLWK YDULHWLHV DW SRVLWLRQV FRLO MRLQ DW UHWDLO LQ $XVWUDOLD Â… Â… QXPEHU LQ WKH VWULS YHU\ IUHVK VOLJKW VSOLWWLQJ LPSUHVVLYH 9$/8$%/( 3,&.,1*6 ,1 7+,6 $/%80 )RU SLHFH Â… Â… LVVXHV G .RRNDEXUUD 6* IUHVK PLQW H[WHQVLYH .LQJVIRUG 6PLWK $LUPDLOV PLQW )8 LQF 26 RYSWV .*9 KHDG G VWXG\ RQ ROG SDJHV ZLWK VKDGHV 9LFWRULD 6HWV ERWK XVHG 0DF$UWKXU PLQW $Q]DF 6HW PLQW PLQRU YDULHWLHV LQYHUWHG ZPN D JRRG VHOHFWLRQ RI IUHVK PLQW )8 6LOYHU -XELOHH 6HW PLQW )8 .*9, WR RQ )'& 5R\DO 6* Â… Â… YLVLW XQLVVXHG SKRWR SURRI FDUG ORWV RI PDWHULDO JRRG { .*9 +HDGV WKH 3HQQ\ 5HG XVHG ORW RYHU ORW Â… Â… RQ ROG SDJHV &OXE SDJHV HWF 6RPH DUUDQJHG E\ GDWHG <($5%22.6 DQG VSULQJEDFN $OEXP FKLHIO\ SRVWPDUNV ZLGH UDQJH RI VKDGHV DQG SULQWLQJV VRPH )8 V SHULRG ZLWK WKH PLQW LQF PXFK 80 KDYLQJ D IDFH YDOXH SDLUV 2ULJLQDO EDODQFH D SRSXODU VWDPS IRU VSHFLDOLVW RYHU $ XVHIXO UDQJH ZLWK VHWV LQF $UW VHW WR $ IHZ VWXG\ Â… Â… VWDPSV Â… Â… { .*9 UHPDUNDEOH FROOHFWLRQ RI .*9 G KHDGV FROOHFWHG E\ FDQFHOODWLRQ GDWH XQFKHFNHG IRU SULQWLQJV $8675,$ DQG PDQ\ UHDGDEOH FDQFHOV ZLWK PDQ\ VKDGHV DQG XQFKHFNHG { 2/' 7,0( FROOHFWLRQ ZLWK EHWWHU VHWV QRWH IRU YDULHWLHV Â… Â… Â’ :KLVNHUV NU /00 0XVLFLDQ )XQG VHW RI PLQW Â’ .*9 KHDGV G G -2+1 $6+ ,035,17 $UWLVW VHW PLQW DLUV WR V :DU 2USKDQV VHW RI %ORFNV DQG G DV EORFN RI ZLWK LPSULQW ILQH PLQW 6* )8 $QWL 7% VHW PLQW :ULWHUV VHW RI 80 LPSULQW EORFNV %: Â… Â… KLJK YDOXHV V V PLQW :HOIDUH )XQG VHW PLQW $LU VHW PLQW :LQWHU )XQG PLQW :HOIDUH )XQG VHW )8 { ),1( 86(' ZLWK RYHU GLIIHUHQW VHWV /DQGVFDSHV VHW RI PLQW &RVWXPHV WR V PLQW VWDPSV ZLWK EHWWHU SLFNLQJV 0DF$UWKXU $1=$& LQF V UHG J EURZQ SXUSOH &KLOG :HOIDUH VHW PLQW $ 6LOYHU -XELOHH GHILQV WR Â… H[WHQVLYH GHFLPDO LVVXHV ZLWK YHU\ JRRG FROOHFWLRQ RI VWDPSV ZLWK D FDWDORJXH YDOXH YDOXHV WR $ ILQH FROOHFWLRQ RI VHWV Â… Â… RYHU Â… Â… Â… { 6,/9(5 -8%,/(( 9$5,(7,(6 G D XVHG 0(5&85< EOXH N WKUHH LQF RQH XQXVHG VHOHFWLRQ RI GHWDLOHG RQ SDJHV PL[HG FRQGLWLRQ EXW PXFK QG ILQH XVHG DQG WKLUG RQ ODUJH SLHFH RI RULJLQDO SDSHU 6* VRXQG VRPH YHU\ JRRG FRQVWDQW IODZV LQF OLQH WKURXJK 1 SOXV D IRUJHG FRS\ ILQH XVHG Â… Â… PDMRU IUDPH VFUDWFKHV UROOHU IODZV HWF $Q LQWHUHVWLQJ ORW Â… Â… 1(:63$3(5 DQG -2851$/ KLJKO\ FDWDORJXHG VHOHFWLRQ RI QRWH NU 6* - ZLWK D FGV %&2) RFFXSDWLRQ RYSW VHW RQ VXSHUE UHJ G FDQFHO WR NU VFDUFH QHZVSDSHU EORFN RI EOXH FRYHU WR 86$ FDQF DW $32 6* - Â… Â… LPSHUIHG UHSULQW PLQW ZLWK ROG SDJHV ZLWK VRPH GHWDLOV DERXW Â’ 81&87 FRPSOHWH VKHHW RI .*9 G 6* HDFK VWDPS Â… Â… Â’ ERRNOHW SDQH [ VHOGRP VHHQ DV D FRPSOHWH VKHHW QRUPDO 'DQXEH VWHDP QDYLJDWLRQ FR HQWLUH H[WHQVLYH D YHUW VWULS RI ERRNOHW SDQHV XQPRXQWHG PLQW FRQWHQWV IUDQNHG N 6* WLHG &DODIDW FGV WR %UDLOD Â… Â… 9 VFDUFH H[ .LGGOH %URWKHUV *URVYHQRU VDOH Â’ %22./(76 F ZLWK GLIIHUHQW HGLWLRQ QXPEHUV Â… Â… ^3KRWR` Â’ '1 '9 ERWK GLIIHUHQW '* ZKLWH VWLWFKLQJ DQG '1 FDW 'DQXEH VWHDP QDYLJDWLRQ FR N ERWK DOO LQ YHU\ ILQH FRQGLWLRQ XQPRXQWHG PLQW JHQXLQH SRVWDO XVHG ZLWK QHDW FGV 6* SOXV D JURXS RI Â… Â… HDUO\ IRUJHULHV RU UHSULQWV )DVFLQDWLQJ LVVXHV Â… Â… 6,*1(' WK DQQLYHUVDU\ RI 4DQWDV LOOXVWUDWHG 'DQXEH VWHDP QDYLJDWLRQ N JUHHQ VKLSSLQJ FRYHU VLJQHG E\ $LU &RPPRGRUH 6LU +XJKLH ,GZDO (GZDUGV 9& VWDPS 6* WLHG WR HQWLUH IURP %UDLOD WR &DODIDW H[WHQVLYH D YHU\ ILQH FRYHU Â… Â… FRQWHQWV VPDOO IDXOWV )HUFKHQEDXU FHUW H[ *URVYHQRU ILQH Â’ .*9 FRPPHPRUDWLYH VHWV RQ D VWRFN SDJH LQF VFDUFH Â… Â… ^3KRWR` 9LFWRULD ERWK SHUI VHWV 0DF$UWKXU VHW RI $1=$& VHW VISIT 6LOYHU -XELOHH VHW D ILQH FROOHFWLRQ RI VWDPSV HDFK www.philangles.co.uk. GLIIHUHQW Â… Â…


'DQXEH VWHDP QDYLJDWLRQ N VKLS FRQYH\DQFH Â’ 6LOYHU -XELOHH YDULHW\ òG GRW E\ )ODJVWDII VWDPS XVHG RQ ZUDSSHU WLHG 3DODQND FGV WR :LGGHQ 9 VFDUFH Â’ LQ 80 SODWH 1R FRUQHU EORFN RI 6* + Â… Â…

FUHDVH DZD\ IURP VWDPS ([ JURVHQRU DXFWLRQ 6HOGRP IRXQG PDWHULDO Â… Â… ^3KRWR`

Â’ 6LOYHU -XELOHH YDULHW\ G GRW WR OHIW RI &KDSHO

6* J PLQW Â… Â…

Â’ 32 ,1 785.(< RYSWV VXSHUE IUHVK 0

(DJOH VHW RI 6* DQG VHW RI WR SL H[FHOOHQW TXDOLW\ FDW Â… Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ G GRW WR OHIW RI &KDSHO

6* J PLQW Â… Â…

{ 2OG 3DJHV ZLWK %RVQLD DQG +HU]HJRYLD LVVXHV Â’ LQF $UPV 3RVWDJH GXHV 3RVWDJH GXHV )8 Â’ 63(&,0(1 SHUI 6LOYHU -XELOHH VHW YHU\ ILQH

&DW Â… GHILQ VHW RI PLQW VHW RI PLQW GHILQ VHW PLQW GHILQ VHW RI )8 $ YHU\ JRRG ORW RI VWDPSV &DW Â… Â… Â… ^3KRWR` (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…

PLQW 6* 6 Â… Â… Â’ &2,80%86 HUURU RI RYHUSULQW G 6* D IUHVK

PLQW %UDQGRQ FHUW 6* D Â… Â… ^3KRWR` Â’ 63(&,0(1 SHUIRUDWHG JUHDW VHDO VHW RI 6*

{ $XVWUR +XQJDULDQ 0LOLWDU\ 3RVW LQ 6(5%,$ RYSW

VHW RI VXSHUE DQG VFDUFH DOO RQ SLHFHV ZLWK IXOO ISR RU %HOJUDG &'6 &KRLFH 6* &DW Â… 6* Â… Â… ^3KRWR`

6 6 IUHVK PLQW Â… Â… { .*9, 6* % DV D JRRG XVHG EORFN RI VL[

VFDUFH Â… PXOWLSOH Â… Â…

Â’ '2//)866 V 6* D VFDUFH VWDPS IUHVK Â’ XQPRXQWHG PLQW 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

{ 2/' '$92 SULQWHG DOEXP ZLWK VWDPSV

VHHQ 3OHELVFLWH VHW XVHG 5HFRQVWUXFWLRQ )XQG VHW RI PLQW 6WDPS 'D\ PLQW VWUHQJWK LQ ILQH XVHG VHWV Â… Â…

6HOI *RYHUQPHQW RYSW VHW RI SLFWRULDO VHW RI 1HZ &XUUHQF\ VHW RI SLFWRULDO VHW RI ZLWK PDQ\ FRPPHPRUDWLYHV LQF 06 $ YHU\ ILQH FROOHFWLRQ RI VWDPSV 06 RXWVWDQGLQJ TXDOLW\ Â… Â…

)285 35,17(' 'DYR $OEXPV IRU LVVXHV IURP WR ZLWK PDQ\ EHWWHU HDUO\ VHWV DQ RULJLQDO FROOHFWLRQ Â’ 4(,, GHILQLWLYH VHWV VHW RI 6HOI *RYHUQPHQW VHW RI VHW RI DQG 1HZ &XUUHQF\ VHHQ 0XVLFLDQV )XQG VHW RI FÂ… )8 $UWLVW VHW RI IUHVK PLQW FDW Â… Â… Â… )XQG FÂ… PLQW $UW )XQG FÂ… )8 $QWL 7% FÂ… PLQW 5RWDULDQ &RQJUHVV FÂ… PLQW :ULWHUV 9(5< *22' 2/' 7,0( 67$03 FÂ… PLQW 3DLQWHUV FÂ… PLQW 6NL &2//(&7,21 RQ SDJHV RYHU LVVXHV 49 &KDORQV XSWR G &KDPSLRQVKLS FÂ… PLQW 5HOLHI RI 9LHQQD FÂ… PLQW )8 FDW Â… HDFK -XELOHH VHW )8 YHU\ JRRG .*9, LQF $LU VHW FÂ… PLQW :HOIDUH )XQG FÂ… PLQW WR Â… 0 FÂ… LQF RULJLQDO SULQWLQJ Â… 6* D JRRG $LUV V V V V DQG V FÂ… PLQW $ YHU\ JRRG ORW XVHG VHOHFWLRQ RI GHILQV LQF GLII SULQWLQJV RI VWDPSV Â… Â… /DQGIDOO WR Â… 0 GHILQV WR Â… 0 Â… :HGGLQJ 0 DQG WKUHH GLII HDUO\ 4(,, GHILQ VHWV WR Â… RU 0 ([FHOOHQW 1(:63$3(5 VWDPSV 0(5&85< KHDG ZLWK SLFNLQJV YHU\ KLJK &9 Â… Â… PDQ\ GLIIHUHQW W\SHV IURP WR QRWH ZLWK GLDJRQDO EDUV VHW RI PLQW DQG ILQH XVHG FÂ… WKLQ %$+5$,1 SDSHU VHW PLQW D KLJKO\ FDW FROOHFWLRQ RI VWDPSV PXFK ::,, FHQVRUVKLS ILQH FRYHU WR 8. )5$1.(' IUHVK PLQW Â… Â… VWULS RI IRXU D S 6* QHDWO\ WLHG $JHQF\ KV %ULWLVK &HQVRU { 2/' 3$&.(76 FDUGV DQG SDJHV ZLWK D KLJKO\ ODEHO 9HU\ ILQH Â… Â… Â’ FDWDORJXHG UDQJH RI VWDPSV RQH FDUG DORQH KDV GHILQ V V &Â… FRVWXPHV &Â… V UHG FÂ… Â’ (5525 IUDFWLRQ RPLWWHG òD PLQW 6* GD Â… Â… SOHELVFLWH VHW FÂ… :HOVEDFK FÂ… DOO PLQW RQ RWKHU SDJHV VHHQ DUW VHW FÂ… PLQW UHFRQVWUXFWLRQ IXQG FÂ… PLQW D IHZ VWDPSV FKLHIO\ V V SHULRG 7KH { .*9, +,*+ 9$/8( IHVWLYDO LVVXH EXQGOHZDUH HYHQ VHH U RQ EORFN RI 6FDUFH Â… Â… DERYH DORQH FDW Â… Â… Â…

$=25(6

.*9, 3267$/ +,6725< YDULRXV IUDQNLQJV

{ 67 $17+21< U WRS YDOXH )8 6* $

VFDUFH VWDPS Â… Â…

LQF PXOWLSOHV D SDLU D 6* RQ IORZQ FRYHU WR 8. VWDPS D UDWH WR 8. Â… Â… 3267$/ +,6725< SSF FDUULHG RQ 06

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

6LUGKDQD ZLWK WUDGH IDLU FDFKHW DQG IRUPXOD UHJLVWHUHG HQYHORSH 9)8 WR 1RUWKHUQ ,UHODQG Â… Â…

%$5%$'26 Â’ 0,17 FROOHFWLRQ ZLWK EHWWHU SLFNLQJV VHDO

Â’ .*9 GHILQ VHW WR Â… ILQH PLQW 6* SOXV

H[WUD VKDGHV Â… Â… { 0$/)250(' ( 9DULHW\ G 6* D 9)8

Â… Â…

VHW RI -XELOHH VHW RI ZKLWH SDSHU 1HOVRQ VHW RI 6HDO VHW RI D YHU\ JRRG FROOHFWLRQ RI VWDPSV KLJK FDW YDOXH HDFK GLIIHUHQW Â… Â… { :DWHUPDUN YDULHW\ 9LFWRU\ ZPN FURZQ WR OHIW

6* Z ILQH XVHG Â… Â…

Â’ (/21*$7(' ( YDULHW\ .*9 òG IUHVK 80 6* Â’ D Â… Â… Â’ *UHDW VHDO DQG ZLWK VKDGHV LQF

VODWH SXUSOH DQG LQGLJR D UDQJH EHWZHHQ 6* E 0LQW Â… Â…

{ 6HDO VHW ILQH XVHG 6* &DW

Â… Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ %,5' $%29(

5,*+7 &+$3(/ PLQW 6* YDU 6SHFLDOLVW LWHP Â… Â…

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


Â’ 9$5,(7< òG %LUG E\ 7XUUHW 6* P

%(&+8$1$/$1'

PLQW Â… Â…

{ &DSH 2937 VHW RI )8 6FDUFH

6* Â… Â…

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

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

6* )X ZLWK HDFK LVVXH W\SH XSRQ SDJHV ZLWK GHWDLOV VWDPSV Â… Â… Â’ 49 G DOO PLQW *RRG FRORXUV

6* &DW Â… Â… Â…

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…

Â’ 6* òG PP RYSW XSULJKW IUHVK PLQW FDW

Â’ /2&$/ 63(&,0(1 KDQGVWDPS RQ RQH SHQQ\

Â… Â… Â…

VXUFKDUJH SHUI 6* RQO\ D KDQGIXO SUHSDUHG ORFDOO\ IRU { 6* òG PP RYSW XSULJKW )8 VFDUFH FDW GLVWULEXWLRQ IRU GLVSOD\ LQ LVODQG KRWHOV 0LQW Â… Â… Â… Â… Â… /2&$/ 63(&,0(1 +$1'67$03 RQ RQH { 6* òG PP RYSW XSULJKW )8 VFDUFH FDW SHQQ\ VXUFKDUJH 6* H SULQWLQJ RQO\ D VPDOO QXPEHU ZHUH Â… Â… Â… SUHSDUHG IRU ORFDO LVODQG GLVWULEXWLRQ 0LQW Â… Â…

{ '/5 ,035,17 EORFNV RI òG WR DOO 9)8

UHPDUNDEOH VHW RI WHQ EORFNV HDFK VXSHUEO\ FDQFHOOHG EHWZHHQ 6* F D Â… Â… Â’ /2&$/ 63(&,0(1 KDQGVWDPSV LQ YLROHW

{ 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… SUHSDUHG IRU ORFDO WRXULVW KRWHOV RQO\ DSSUR[ VHWV SUHSDUHG 8QLYHUVLW\ VHW 6* ILQH PLQW ([WUHPHO\ UDUH { 6* D òG 29(535,17 ,19(57(' 9)8 FDW Â… Â… Â… Â… Â… (5525 RQ FRYHU F RQ F YHUWLFDO SDLU RQH ZLWK '28%/( 29(535,17 (5525 FDQFHOOHG RQ ILUVW GD\ 6* Â’ 6*$ D òG RYHUSULQW LQYHUWHG IUHVK PLQW FDW F Â… Â… Â… Â… Â… Â’ 0,66,1* 9$/8( (5525 /DQGVKLS 06 Â’ *% RYSW VHW IUHVK 0 6* Â’ IUHVK 80 $ PDMRU QHZ GLVFRYHU\ LW LV EHOLHYHG WKDW MXVW HLJKW Â… Â… VXFK VKHHWV H[LVW 6* 06 YDU WRJHWKHU ZLWK QRUPDO WR FRPSDUH Â… Â… ^3KRWR` Â’ .*9 6(76 0,17 FDW Â… %DGJH WR

9LFWRU\ VHW VPDOO IRUPDW VHW %DGJH VHW HWF *HQHUDOO\ ILQH Â… Â…

Â’ (':$5' VHW RI ILYH IUHVK 0 6*

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

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’ .*9 RYSW VHW RI IUHVK PLQW LQF DGGLWLRQDO

Â’ 63(&,0(1 2YSWV VHOHFWLRQ RI

GLIIHUHQW PLQW LQF -XELOHHV WR G G $WWUDFWLYH JURXS Â… Â…

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

%$6872/$1'

Â’ .*9 RYSW VHW RI ILQH 0 6* IUHVK

{ .*9 Â… UHYHQXH 9)8 $ VFDUFH VWDPS

Â… Â…

EDUHIRRW Â… Â…

Â’ .*9 SLFWRULDO VHW IUHVK 0 6* QLFH

Â’ 6LOYHU -XELOHH YDULHW\ G 'LDJRQDO /LQH E\

TXDOLW\ Â… Â…

7XUUHW 6* I IUHVK PLQW Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ G VKRUW H[WUD IODJVWDII

Â’ 6LOYHU -XELOHH YDULHW\ G GRW WR OHIW RI FKDSHO Â’ 6* J IUHVK 80 6FDUFH Â… Â…

PLQW 6* % Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ G VKRUW H[WUD IODJVWDII

Â’ 6LOYHU -XELOHH YDULHW\ G GRW WR OHIW RI FKDSHO Â’ 6* J IUHVK 80 6FDUFH Â… Â…

PLQW 6* % Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ G 'DVK E\ 7XUUHW 6* L Â’ 80 VPDOO FRUQHU FUHDVH 9HU\ VFDUFH &DW Â…

Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ H[WUD IODJVWDII RQ DOO IRXU

YDOXHV HDFK DV PDWFKLQJ FRUQHU EORFNV RI IRXU ILQH PLQW $ UDUH JURXS RI EORFNV 6* $ Â… Â… 6,/9(5 -8%,/(( LVVXHV RQ PDWFKHG SDLU RI

4(,, òG òF SRVWDO FDUGV IUHVK

UHJG FRYHUV VL[ VWDPS FRPER PDNLQJ LQF SDLUV G G FRYHU ZLWK VXSHUE G IUDQNLQJ ERWK FDQF 0DIHNLQJ Â… Â…

XQXVHG Â… Â…

%$780

{ 5(9(18( &20%,1$7,21 3,(&( .*9 Â… &DWWOH 5HYHQXH LVVXH SOXV .*9, SRVWDJH VWDPSV DOO FROOHFWLRQ RI LVVXHV LQFOXGLQJ VFDUFH RYHUSULQWV RQ RQ SLHFH ZLWK QHDW 0DVWHUV 2IILFH KDQG VWDPSV 9HU\ 5XVVLDQ VWDPSV QRWLQJ U RQ N DQG U RQ N PLQW DWWUDFWLYH Â… Â… 1RY SHUIRUDWHG W\SHV LQF VLJQHG U RQ N RYSWV { $ 63(&7$&8/$5 5HYHQXH SLHFH IUDQNHG [ LQ ERWK EOXH EODFN 6HOGRP RIIHUHG ORW Â… Â… .*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…

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


.*9, G 6* QLFHO\ XVHG RQ VXSHUE OLWWOH

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

4(,, GHFLPDO RYSW VHW RI ZLWK U VHFRQG

VHWWLQJ 6* D XVHG RQ ILUVW GD\ FRYHU 6* VWDWHV WKDW WKH U W\SH ,, ZDV QRW LVVXHG XQWLO IRXU ZHHNV ODWHU " XQXVXDO 6* Â… Â… 4(,, GHFLPDO RYSW VHW RI ZLWK VFDUFH RULJLQDO

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

Â… Â… { 49 KRDUG RI G DQG G PDQ\ RQ

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

$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… { 2/' 0,1.86 SULQWHG DOEXP ZLWK

VWDPSV LQF 5DLOZD\ LVVXHV $QWL 7% LQF VHW FÂ… PLQW VWUHQJWK LV LQ WKH ILQH XVHG DOEXP IRU LVVXHV WR Â… Â…

%(/$586 Â’ (;&(37,21$/ 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…

%(/*,$1 &21*2 2OG SDJHV ZLWK %HOJLDQ &RQJR &RQJR DQG 5XDQGD 8UXQGL PDLQO\ ILQH XVHG 6HHQ GHILQV WR IU WR IU ZLOGOLIH WR IU 5XDQGD 8ULQGL ZLWK YDOXHV WR IU RYHU VWDPSV Â… Â…

%(/*,80

{ 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… Â’ 6(/(&7,21 RI EHWWHU VHWV IUHVK PLQW RQ ROG

{ (DUO\ .LQJ /HRSROG LVVXH V ZLWK D YDULHW\ RI

FDQFHOV DQG YDOXHV WR F LQF FDQFHOV F SDLU ZLWK YHU\ ILQH EDUUHO FDQFHO RQ LQWHUHVWLQJ JURXS RI VWDPSV XQFKHFNHG IRU SULQWLQJV Â… Â… { 672&. 3$*( ZLWK HDUO\ /HRSROG LVVXHV LPSHUI

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’ %UXVVHOV H[KLELWLRQ DQG &KDUOHURO RYSW

VHWV PLQW 6* &DW Â… Â… Â… { )5 6* )8 &DW Â… Â… Â…

{ 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…

VWRFN FDUGV FLUFD FDW Â… VWDPSV QLFH TXDOLW\ QRWLQJ 0RQXPHQW )XQG 6* &KLOG :HOIDUH )XQG 6* 5HVWRUDWLRQ )XQG 6* HWF *RRG ORW Â… Â… 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'$ $,50$,/ ,ULVK DFFHSWDQFH IORZQ FRYHUV 4 FDUULHG RQ ILUVW QLJKW IOLJKW WR %UXVVHOV KDQG SDLQWHG ,ULVK )ODJV Â’ 6LOYHU -XELOHH YDULHW\ NLWH YHUWLFDO ORJ Â’ 80 6* . Â… Â… òG UDWHV RQH FDQFHOOHG RQ WKH +RO\KHDG URXWH FGV ERWK ZLWK DUULYDO EDFNVWDPSV 9HU\ ILQH Â… Â…

Â’ 6,/9(5 -8%,/(( YDULHW\ .LWH DQG 9HUWLFDO

Â’ 06 IUHVK 0 IRU %RUJHUKRXW DQG &KDUOHURL

/RJ 6* N PLQW *XP VOLJKWO\ DJHG WKRXJK ILQH DSSHDUDQFH &DW Â… Â… Â…

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

Â’ 6LOYHU -XELOHH YDULHW\ òG %LUG E\ 7XUUHW PLQW

VWDPSV ILQH XVHG ZLWK IHOGSRVW &'6 &2% ( PLFKHO , ,9 $ VHOGRP VHHQ VHW Â… Â…

6* P Â… Â…

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


Â’ 6LOYHU -XELOHH YDULHW\ G %LUG E\ 7XUUHW LQ SDLU

ZLWK QRUPDO PLQW 6* P Â… Â… { .*9, G ZLWK EORFNV SDLUV DQG VLQJOHV

PLQ FDW Â… DV ILQH XVHG JRRG IRU VWXG\ ILVFDOO\ XVHG Â… Â… { 683(5% 86(' 4(,, FROOHFWLRQ ZLWK PDQ\

6WRFN FDUGV ZLWK $XVWUR +XQJDULDQ UDQJH RI VWDPSV SLFWRULDOV WR N LQF NU NU DQG NU LPSHUI ILQG XVHG N ZLWK FRPSRXQG SHUIV PLQW D XVHIXO QRW FKHFNHG IRU SHUIRUDWLRQ W\SHV VWDPSV Â… Â… ^3KRWR`

%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…

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…

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

: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

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

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

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

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

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…

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…

Â’ (5525 VXUFKDUJHG %LDIUD )UDQFH )ULHQGVKLS 3,&725,$/ GHILQLWLYH VHW WR Â… RQ D QHDW Â’ òG VXUFKDUJH GRXEOHG LQ D EORFN RI 80 VFDUFH HQYHORSH ZLWK $GHODLGH ,VODQG FGV ZLWK PDQXVFULSW \HDU DGGHG

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\

PLVSODFHG LQ GLIIHUHQW SDUWV RI WKH VKHHW GXH WR JHWWLQJ MDPPHG LQ WKH PDFKLQ VPDOO FUHDVHV Â… Â…

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…

Â’ 323( 9,6,7 +XPDQ 5LJKWV RYSW G DQG Â’ G DV FRPSOHWH VKHHWV RI 80 Â… Â… { 9(5< ),1( XVHG &KXUFKLOO VHW RI LQ EORFNV RI

ZLWK 'HFHSWLRQ ,VODQG FGV Â… Â…

%2(5 :$5 0$)(.,1* 5(/,(9(' SLFWRULDO XQLRQ MDFN IODJ

VKDNLQJ KDQGV FDUG IX WR 8. IUDQNHG *% SHQQ\ UHG FDQFHOOHG )HOGSRVW FGV DOVR *% SRVWDO HQYHORSH XVHG DW )LHOG 32 Â… Â…

%2+ 025$9 Â’ 67$036 RI &]HFKRVORYDNLD RYSWHG 6*

)UHVK PLQW Â… Â…

%261,$ +(5= 3267$/ +,6725< DQ LPSRUWDQW FROOHFWLRQ

ZLWK VHOGRP VHHQ PDWHULDO ZULWWHQ XS LQ DQ DOEXP FRYHUV FDUGV YHU\ JRRG TXDOLW\ LQF [ K $UPV RQ FRYHU WR 9LHQQD PLOLWDU\ SRVW FDUG WR 8. UDUH HLJKW VWDPS IUDQNLQJ WR 5LHNR LQF EORFN N ODUJH IRUPDW KLJK YDOXH ZLWK PLOLWDU\ SRVW ER[HG KV SLFWRULDO W\SHV XVHG RQ FDUGV XVHG SRVWDO FDUGV LWHP IUDQNHG K ZLWK 6ZLVV SRVWDJH GXH RQ DUULYDO LVVXHV IRU 6HUELD RQ FRYHU $ FROOHFWLRQ RI VHOGRP RIIHUHG PDWHULDO 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 DW 6WDQOH\ )DONODQG ,V YHU\ ILQH FRYHU Â… Â… 556 %UDQVILHOG D ILQH VHOHFWLRQ RI FRYHUV IURP

GLIIHUHQW VXUYH\V QRWH /DXQFKLQJ FRPPHPRUDWLYH FRYHU VLJQHG E\ /DG\ -R\FH )XFKV DLUPDLO HQY ZLWK S S DQG Â… 6KLS VHQW WR $XVWUDOLD ZLWK 556 %UDQVILHOG FDFKHW 6XUYH\ RI 5RWKVHD 3RLQW ZLWK %UDQVILHOG DQG -RKQ %LVFRV FDFKHW 6XUYH\ RI 6LJQ\ ,V ZLWK %UDQVILHOG DQG

06 3RODU 4XHHQ FDFKHWV $Q LQWHUHVWLQJ JURXS RI FRYHUV SLFWXUH SRVWFDUGV Â… Â… Â’ $11,9(56$5< RI WKH $QWDUFWLF 7UHDW\ VHW DV Â’ SODWH QXPEHU EORFNV RI WUDIILF OLJKW EORFNV RI DQG VLQJOH VHW

DOO XQPRXQWHG PLQW VXSHU TXDOLW\ QHDWO\ ZULWWHQ XS 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…

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


Â’ 1(: &855(1&< VHW RI ZLWK SODWH QXPEHUV $11,9(56$5< RI 6FRWWV DUULYDO DW WKH 6RXWK Â’ DV EORFNV RI SODWH QXPEHU òS òS S òS S S 3ROH VHW RI LOOXVWUDWHG )'& V ZLWK SULQWHG DGGUHVV ZLWK HDFK

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

LPDJH EHLQJ GLIIHUHQW ZLWK WKH VHW RI 6FRWW $QQLYHUVDU\ VWDPSV RQ HDFK DQG ILQH 5RWKHUD )', FDQFHO Â… Â… )266,/6 GHILQLWLYH VHW RQ FRYHUV QRWH

&RWVZROG FRYHU ZLWK %ULWLVK $QWDUFWLF 7HUULWRU\ UHJG ODEHO FDQFHOOHG DW +DOOH\ D VHFRQG VHW ZLWK 6LJQH\ FGV FDQFHO D VHW RI RIILFLDO )'& V ZLWK 5RWKHUD )', FGV FKLHIO\ ZLWK VPDOO ODEHO DGGUHVVHV ORW RI FRYHUV Â… Â… ::,, LOOXVWUDWHG FRYHUV IRU HYHQWV WKDW

KDSSHQHG GXULQJ WKH :DU ZLWK VSHFLDO FDQFHOV LQF )LUVW &RPEDW RI WKH )O\LQJ 7LJHUV )DOO RI 6LQJDSRUH &DSWXUH RI *XDP $WWDFN RQ 3HDUO +DUERXU LVVXHG E\ WKH 0DUVKDOO ,VODQG FRYHUV Â… Â…

1HZ &XUUHQF\ LVVXHV HQY ZLWK òS [ +DOOH\ %D\ FGV VHQW WR $UJHQWLQD HQY ZLWK ò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Â… Â… WZR HQYV VLJQHG E\ 6WHIDQ +HLMW] D YHU\ JRRG ORW

$ 6&$5&( *5283 RI FRYHUV HQY

FRYHUV Â… Â…

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…

Â’ '(),1,7,9( VHWV XQPRXQWHG PLQW VHW RI Â’ 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

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

-8',&,$/ )(( 9)8 Â… Â… SDJHV XQPRXQWHG PLQW QRWH $QQLYHUVDU\ F\O EORFNV RI 5R\DO :HGGLQJ WUDIILF OLJKW EORFNV RI &KXUFKLOO %5 *8,$1$ LPSULQWHG EORFNV RI :KDOHV LPSULQWHG EORFN RI DQG Â’ 6LOYHU -XELOHH YDULHW\ F /LQH E\ 7XUUHW F\O EORFNV RI 6LOYHU -XELOHH LPSULQWHG DQG F\O EORFNV RI 6* I ILQH PLQW Â… Â… *HRJUDSKLFDO JXWWHU SDLUV $QWDUFWLF 7UHDW\ F\O EORFNV RI JXWWHU EORFNV RI $ VXSHUE FROOHFWLRQ RI LWHPV { 6LOYHU -XELOHH YDULHW\ F GRW E\ )ODJVWDII 9)8 VWDPSV VXSHUE TXDOLW\ Â… Â… 6* + Â… Â… $ 6&$5&( &29(5 ZLWK 1HZ &XUUHQF\ RYSW VHW RI DQG VFDUFH Â… +06 (QGXUDQFH ZLWK +DOOH\ %D\ &DLUG Â’ 6LOYHU -XELOHH YDULHW\ F GRW E\ )ODJVWDII IUHVK Â’ 80 ZLWKLQ SODWH FRUQHU EORFN SRVLWLRQ 6* + &RDVW ER[HG FDFKHW DQG 5R\DO 5HVHDUFK 6KLS %UDQVILHOG Â… Â… %ULWLVK $QWDUFWLF 6XUYH\ 5HOLHI 6HDVRQ ER[HG FDFKHW $ YHU\ ILQH DQG VFDUFH FRYHU Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ F GRW WR OHIW RI FKDSHO 1$9,*$7256 VHW RQ FRYHU ZLWK +DOOH\ %D\ ILQH PLQW 6* J Â… Â… &DLUG &RDVW FDFKHW %DVH = ILUVW GD\ RI LVVXH IRU WKH VWDPSV D { ),1( 86(' ZLWK EHWWHU HDUO\ LVVXHV VHFRQG FRYHU ZLWK +DOOH\ %D\ FGV DQG ER[HG +DOOH\ %D\ GHILQV VHW RI SOXV 'H /D 5XH F DQG 1HZ FDFKHW DOVR ZLWK )', FDQFHO ERWK FRYHUV GLIIHUHQW ZPN VHW RI D JRRG UDQJH RI VWDPSV Â… Â… Â… Â… 3267$/ +,6725< /27 .*9 .*9, LQF $ ),1( &2//(&7,21 RI FRYHUV XVLQJ

FHQWHQDU\ FDFKHW 6LOYHU -XELOHH VHW RQ FRYHU .*9 F F F IUDQNLQJ .*9, XVDJHV WR JRRG YDULHW\ Â… Â…

1DYLJDWRUV LVVXHV LQF ODUJH HQY ZLWK GLIIHUHQW IUDQNLQJV HDFK ZLWK D GLIIHUHQW FDQFHO LQF $UJHQWLQD ,VODQGV 3RUW 6WDQOH\ 5RWKHUD )DONODQG ,VODQG 'HSHQGHQF\ FRYHU ZLWK òS WR Â… ZLWK YHU\ ILQH 5RWKHUD FGV HQY ZLWK S IUDQNLQJ DQG QLQH GLIIHUHQW KV S IUDQNLQJ ZLWK 0D\ S WR SD\ KV ZLWK *HUPDQ\ LOOXVWUDWHG FDFKHW +06 (QGXUDQFH )OLJKW ZLWK ER[HG $GHODLGH ,VODQG FDFKHW $ YHU\ JRRG DQG LQWHUHVWLQJ JURXS RI FRYHUV FDUGV Â… Â…

3267$/ 67$7,21(5< VXSHUE FROOHFWLRQ LQF

F SLFWRULDO HQY ZLWK 6SHFLPHQ RYSW UHJG HQY F ZLWK 6SHFLPHQ RYSW F HQY ZLWK 6SHFLPHQ RYSW F HPERVVHG WKLFN SDSHU 4(,, F UHJG HQY $Q RXWVWDQGLQJ FROOHFWLRQ RI FRYHUV FDUGV XQXVHG ZLWK 6SHFLPHQ RYSWV PL[HG LQ Â… Â…

Â’ 1$9,*$7256 VHW LQF F\OLQGHU EORFNV Â’ LPSULQWHG EORFNV JXWWHU EORFNV LQF S S òS S

%5 +21'85$6 (GZDUG WRS YDOXH 6* RQ D ILQH

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…

UHJLVWHUHG FRYHU WR *HUPDQ\ WLHG %HOL]H &'6 $ IDEXORXV VLQJOH IUDQNLQJ RI D KLJK YDOXH VWDPS UDUHO\ IRXQG RQ FRYHU Â… Â…

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

3HQJXLQV LQF IRXU FRYHUV ZKHUH WKH FDFKHW KDV EHHQ ILQLVKHG 3HWLWH 5HJLVWHUHG :LOVRQ &RYHU ZLWK VL[ VWDPS FRPELQDWLRQ F UDWH UHJLVWHUHG &'6 &KRLFH Â… Â… RII E\ KDQG ZLWK 6LJQ\ ,V $UJHQWLQD ,V 5RWKHUD 3RLQW 6LJQ\ ,V VLJQHG E\ WKH SRVWPDVWHU DV ZHOO WKUHH FRYHUV ZLWK VFDUFH 6,/9(5 -8%,/(( VHW RQ D PRVW DWWUDFWLYH JXWWHU SDLUV ZLWK F\OLQGHU QXPEHUV WZR ZLWK WUDIILF OLJKW SDLUV UHJLVWHUHG FRYHU Â… Â… HDFK ZLWK GLIIHUHQW FDQFHOV $Q LQWHUHVWLQJ JURXS RI FRYHUV Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ F H[WUD )ODJVWDII IUHVK Â’ $17$5&7,& 6($/6 VWXG\ ZLWK JXWWHU SDLU PLQW LQ FRUQHU SDLU ZLWK QRUPDO 6* $ Â… Â… Â’ F\OLQGHU EORFN JXWWHU SDLUV LQ WUDIILF OLJKWV D VXSHUE FROOHFWLRQ RI LWHPV IUHVK XQPRXQWHG PLQW VWDPSV Â… Â…


.*9, &29(56 LQF ::,, FHQVRUV JRRG { % RYHUSULQW F EOXH )8 6* Â… Â…

YDULHW\ RI VWDPS XVDJHV Â… Â… { % RYHUSULQW F 6* )8 ZLWK QHDW %DQJNRN

%5 , 2 7 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

EORFNV RI ZLWK WKH VDPH YDULHW\ DOO XQPRXQWHG PLQW Â… Â…

FGV Â… Â…

%5 62/2021 ,6 6+257/$1' ,6/$1' FKRLFH SHWLWH UHJG FRYHU

{ 683(5% 86(' FROOHFWLRQ RI VHWV QRWH

RYSW VHW RI 0DULQH /LIH VHW RI 5HVHDUFK 6WDWLRQ &RUDO VHW RI %LUG VHW RI $ VXSHUE FROOHFWLRQ RI VWDPSV RXWVWDQGLQJ TXDOLW\ Â… Â…

IUDQNHG òG G ZLWK QHDW 6KRUWODQG FGV DQG UHJG ODEHO EDFNVWDPSV YHU\ ILQH Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ òG GLDJRQDO OLQH E\ Â’ 7XUUHW 80 LQ SODWH FRYHU EORFN 6* )

Â… Â…

%5 /(9$17

Â’ 6FRWW SULQWHG SDJHV ZLWK EHWWHU SLFNLQJV FDW

{ 6* òG ORFDO RYSW )8 Â… Â…

Â… QRWH SRVWDJH GXH VHW RI GHILQV WR V ZHGGLQJ D XVHIXO ORW RI VWDPSV PLQW Â… Â…

3RVWDJH GXH G 6* ' RQ /2&$/ FRYHU WLHG <DQGLQL &'6 ZLWK òG SRVWDJH VWDPS FDQF $W $XNL YDOXHV 6* E UHPDUNDEOH DVVHPEO\ FRQVLVWLQJ RI ILQH Â… Â… XVHG VWDPSV VKRZLQJ D YDULHW\ RI GLII RIILFH DQG W\SHV RI FDQFHOV LQF 6WDPERXO 6P\UQD %H\URXW DQG 6DORQLFD ZLWK Â’ $ VFDUFH ORW RI 0RGHUQ 6* OLVWHG ZPN YDULHWLHV GLIIHUHQW SULQWLQJV UHSUHVHQWHG ,PSRVVLEOH WR UHSOLFDWH VFDQV Â’ IUHVK 80 F %XWWHUIO\ 6* Z F 6* Z DGYLVHG Â… Â… F 6* E )XQJL F 6* Z *RRG JURXS Â… Â… &$1&(//$7,216 RQ (GZDUG SD WR SL LVVXHV 6* DUUDQJHG E\ RIILFH DQG YDOXH $ UHPDUNDEOH { &2//(&7,21 RQ SDJHV UDQGRPO\ SODFHG ZLWK DFKLHYHPHQW ZLWK &RQVWDQWLQRSOH 6P\UQD %H\URXW 6DORQLFD Â’ PDQ\ VHWV VHHQ .*9, WR 4(,, WR LQF %LUGV VHW WR GLII W\SHV RI SPNV HWF S S SL +LJKO\ 80 GHILQV WR 80 ZLWK PRGHUQ LVVXHV WR $ UHFRPPHQGHG Â… Â… JRRG UDQJH RI VWDPSV 06 PLQW LQF 80 RU ILQH XVHG Â… Â… (':$5' RYSWV )8 VHOHFWLRQ LQF DOO SULQWLQJV RI SL RQ G SL RQ 6* )8 0HPRUDQGXP IURP 3RVW 2IILFH IRU LQVXIILFLHQF\ Â… Â… SDLG LWHP IUDQNHG G SRVWDJH GXH 6* ' QHDWO\ WLHG 081'$ 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 $36 %5 9,5*,1 ,6 FRORXU FHUW RI JHQXLQHVV Â… Â… Â’ 63(&,0(1 RYHUSULQW 0DGRQQD VHW RI ILQH 6$/21,&$ LVVXH G 6* 9)8 ZLWK )32 PLQW FDW Â… 6* 6 DOVR G 6* RYSW VSHFLPHQ FGV $ VFDUFH VWDPS LQ XVHG FRQGLWLRQ Â… Â… LQFOXGHG JUDWLV Â… Â…

{ &$1&(//$7,216 21 (':$5' SL KLJK

{

{

{

{

Â’ 6LOYHU -XELOHH YDULHW\ òG %LUG E\ 7XUUHW

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

6* 0 IUHVK PLQW Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ G .LWH +RUL] /RJ

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

PLQW 6* / Â… Â…

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

Â’ 63(&,0(1 SHUI 6LOYHU -XELOHH VHW PLQW

6* 6 Â… Â…

Â… Â… (ULWUHD VSHFWDFXODU ORFDO FRYHU IUDQNHG .*9,

RYSW VHW RI 6* UHJ G DW $60$5$ UDWHG HXUR RQ FRYHU Â… Â… ^3KRWR` 620$/,$ .*9, RYSW VHW RI RQ ILQH UHJG

)'& H[ 0RJDGLVKX 6* 6 DOVR LQWHUHVWLQJ 0() UHJLVWHUHG FRYHU ZLWK G UDWH Â… Â…

%5 32 ,1 ( $5$%,$ Â’ 9$5,(7< &DVWOH U ZLWK ZLGH VXUFKDUJH 6* D Â’ IUHVK XQPRXQWHG PLQW Â… Â… 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…

Â’ 2/' $/%80 3$*(6 ZLWK D IUHVK PLQW

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… Â’ &/$66,& 49 3(5,2' PLQW JURXS FDW

Â… LQF WDOO W\SH G GLII DQG G RQ SURYLVLRQDO Â… Â… { &/$66,& 49 SHULRG XVHG JURXS FDW Â…

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

%5$=,/

%5 32 6,$0

{ 2OG $OEXP SDJHV ZLWK VWDPSV ZLWK PDQ\

Â’ % RYHUSULQW F EURZQ 6* IUHVK PLQW UDUH

GLIIHUHQW FKLHIO\ ILQH XVHG ROG WLPH RULJLQDO ORW Â… Â…

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

%581(,

{ % RYHUSULQW F URVH 6* ILQH XVHG

{ /2&$/ 67$5 VHW 6* ILQH XVHG VFDUFH

VFDUFH Â… Â…

Â… Â…

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

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

VPDOO KLQJH WKLQ Â… Â…

)8 6* FDW Â… Â… Â…

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


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

VFDUFH 6* Â… Â…

.DPHURRQ VHW RI VL[ SOXV SI &KRFRODWH DOO VHYHQ VWDPSV ILQH XVHG Â… Â…

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

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

Â’ $ 9$/8($%/( &ROOHFWLRQ ZLWK PDQ\ EHWWHU Â’ HDUO\ LVVXHV LQF .DPHUXQ RYSW VHW RI VL[ PLQW Â’ <DFKW WR PN PLQW ZPN <DFKW WR PN &()

{ &$12(6 ILQH XVHG VHOHFWLRQ F WR

YDOXHV LQFOXGLQJ F 'LH ,, 6* F F DQG 6* LVVXH Â… Â…

RYSWV òG WR G PLQW :DU UHOLHI IXQG VHW RI PLQW +RVSLWDO )XQG VHW RI PLQW 5HXQLILFDWLRQ G RQ I DQG G RQ I 80 VXUFKDUJH WR Â… 80 $ YHU\ JRRG FROOHFWLRQ RI VWDPSV 06 FKLHIO\ XQPRXQWHG PLQW Â… Â…

{ &$12( 9)8 6* Â… Â… { %251(2 ([KLE RYSW VHW LQFOXGLQJ ERQXV

{

{

Â’

Â’ Â’

{

{

&$0(5221 { 67$036 2) *(50$1< RYHUSULQWHG

YDULHW\ LWHPV DOO ILQH XVHG 6* LQFOXGLQJ F F EURNHQ 1 { +,*+ 9$/8( PN 6* . ILQH XVHG Â… Â… YDULHWLHV F UHYHUVHG ZPN 6* [ XQSULFHG XVHG UDUH VWDPSV Â… Â… { +,*+ 9$/8( PN 6*. ILQH XVHG '(),1 VHW ILQH XVHG VHYHUDO DGGLWLRQDO YDOXHV Â… Â… FKLHIO\ ILQH DQG HOXVLYH XVHG 6* Â… Â… *2/' &2$67 G (GZDUG UHJLVWHUHG HQYHORSH ),1( 86(' RQ ROG SDJHV GHILQLWLYHV WR XSUDWHG ZLWK G FDQF 9,&725,$%252 FGV ZLWK VXSHUE FDW Â… VHW RI -XELOHH DQG 838 $ JRRG &DPHURRQV DGGUHVV DQG URXWHG WKURXJK :HVW &HQWUDO $IULFD ORW Â… Â… 0RVW DSSHDOLQJ LWHP Â… Â… -$3$1(6( 2&&83$7,21 RYHUSULQWV D PLQW { /$48,17,1,( +RVSLWDO )XQG VXUFKDUJH VHW RI VHOHFWLRQ RI GLII YDOXHV F WR 6* - LVVXH LQF F 6* YHU\ ILQH XVHG Â… Â… F +XWV Â… Â… Â’ 63,7),5( )81' 6XUFKDUJH VHW RI 6* D E 63(&,$/,6(' VWXG\ RI WKH 6XOWDQ DQG 9LOODJH Â’ XQPRXQWHG PLQW H[SHUWLVHG RQ WKH UHYHUVH Â… Â… GHILQLWLYH LVVXHV PLQW PDMRULW\ 80 FROOHFWLRQ RI VWDPSV LGHQWLILHG NQRZQ SULQWLQJ GDWHV IRU HDFK YDOXH ZKHQ LVVXHV LQ { 5(81,),&$7,21 G RQ I DQG G RQ I ERWK %UXQHL DPD]LQJ UDQJH RI VKDGHV IRU HDFK LVVXH YHU\ IHZ YHU\ ILQH XVHG 6* VFDUFH Â… Â… VXFK VWXGLHV H[LVW LQFOXGHV 9HU\ ILQH ORW Â… Â… { 5(81,),&$7,21 SURYLVLRQDO RYSW VHW 9)8 DOO %581(, 683(5,25 9)8 FRPSOHWH PDUJLQDO H[DPSOHV 0L $ VFDUFH VHW Â… Â… VHWV VWDPSV ZLWK GHILQV DQG FRPPHPV ([FHSWLRQDO JURXS Â… Â… Â’ 5(81,),&7,21 6WHUOLQJ RYSW VHW IUHVK 80 Â’ VFDUFH 0L Â… Â… ),1( 86(' VHOHFWLRQ LQF F 6* 9)8 HWF TXDOLW\ Â… Â… Â’ 685&+$5*( 6HW RI UHXQLILFDWLRQ 6* Â’ D VFDUFH VHW IUHVK XQPRXQWHG PLQW Â… Â… %850$

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

RYSWV WR D GLII EORFNV EHWZHHQ 6* 2 VFDUFH LQ PXOWLSOHV 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’ -DSDQHVH 2FFXSDWLRQ 2OG 3DJH ZLWK 3HDFRFN

RYHUSULQWV 0\DXQJP\D PDLQO\ 6* - LQF VFDUFH U - &DW Â… SOXV D SDLU RI F GXW\ VWDPSV XQXVHG DV LVVXHG Â… Â… ^3KRWR` Â’ .*9, RQ ROG DOEXP SDJHV 0LO\ RYSW VHW RI

&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

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…

1HZ &RORXUV VHW RI ,QWHULP *RYHUQPHQW VHW { 2/' $/%80 SDJHV ZLWK LVVXHV IURP )UHQFK RI 0DUW\UV 0HPRULDO VHW RI 838 HVW RI Â’ &ROV LVVXHV PDLQO\ SUH $ JRRG UDQJH RI GHILQV S WR D DOO IUHVK PLQW FDW Â… VWDPSV FDWDORJXHG Â… VHHQ GHILQLWLYHV SRVWDJH GXHV Â… Â… DLUV FRPPHPRUDWLYHV QRWH F DQG F 6* )8 3,&785( 3267 &$5'6 UHDO SKRWR W\SH HDUO\ FÂ… $ JRRG ORW ZLWK EHWWHU SLFNLQJV Â… Â… EODFN DQG ZKLWH ZLWK GLIIHUHQW YLHZV SOXV RQH KDQG &$1$'$ FRORXUHG XQXVHG Â… Â… { &/$66,& G %HDYHU 6* 9)8 ZLWK ODUJH &$0%2',$ EDODQFHG PDUJLQV YHU\ ILQH FDW Â… Â… Â… Â’ &$0%2',$ GHOHJDWH IROGHU ZLWK FRQWHPSRUDU\ 3267$/ +,6725< VPDOO 4XHHQV F RQ Â’ LVVXHV GHILQV WR S VWXGHQWV IXQG $LUV WR EXVLQHVV HQY LQF LOOXVWUDWHG -RKQ 6 3HDUFH 6HHG 0HUFKDQWV S DOO 80 Â… Â… ZLWK ILQH %XUN )DOOV FGV +DUULV +DUYHVWLQJ 0DFKLQHU\ HQY { 5(9(18(6 6HOGRP VHHQ IURP KHUH D ZLWK ILQH %UDQWIRUG FGV 0 ) %HDFK )ORXU DQG 2DWPHDO ZLWK ILQH VHOHFWLRQ RI QRWH LPSHUIV F F SL DQG SL ,URTXRV FGV %HOO 2UJDQ DQG 3LDQR &R $Q LQWHUHVWLQJ JURXS RI XQXVHG &RFNHUHO LVVXHV /LRQ LVVXHV DQ LQWHUHVWLQJ UDQJH RI FRYHUV Â… Â… UHYHQXHV Â… Â… Â’ -XELOHH IUHVK PLQW YHU\ ZHOO FHQWUHG 6* &KRLFH Â… Â… ^3KRWR`


{ -8%,/(( YHU\ JRRG 3DQHOOL HQJUDYHG

{ 75,$1*/( G GHHS URVH OLODF VKDGH 6* E

IRUJHU\ RI WKH WRS YDOXH ZLWK UROOHU SRVWPDUN 8QXVXDO 6* Â… Â…

VHOHFW )8 ZLWK IXOO PDUJLQV DQG FULVS SRVWPDUN YHU\ ILQH FDW Â… Â… Â…

Â’ (5525 &KULVWPDV F JURVVO\ PLVSHUIRUDWHG Â’ IUHVK 80 XQLWUDDGH Â… Â… $HURJUDPPH ZLWK LVVXHV IURP .*9, IRUFH DLU

{ 75,$1*/( G 6* ILQH XVHG ZLWK IXOO ODUJH

PDUJLQV ILQH H[DPSOH RI WKLV FODVVLF VWDPS FDW Â… Â… Â… { 75,$1*/( G 6* 9)8 ZLWK JRRG IXOO

OHWWHUV LOOXVWUDWHG DHURJUDPPH DQ LQWHUHVWLQJ UDQJH RI FRYHUV FKLHIO\ XQXVHG ZLWK D JRRG YDULHW\ RI FRYHUV Â… Â…

PDUJLQV DQG QHDW SPN RQ RULJLQDO IUDJPHQW FDW Â… YHU\ ILQH Â… Â…

Â’ 0,63(5)25$7(' 67$03 (55256 80 Â’ LWHPV GHILQV F F )ODJ PDMRU VKLIW F )ODJ

LPSHUI SDLU &KULVWPDV F KXJH VLGHZD\V VKLIW (\H DSSHDOLQJ DGGLWLRQV IRU \RXU FROOHFWLRQ Â… Â…

{ 75,$1*/( SHQQ\ URVH 6* D 9)8 ZLWK ODUJH

PDUJLQV KXJH ZLWK SDUW RI QH[W VWDPS WR ULJKW 6* D $ TXDOLW\ VWDPS Â… Â… { 75,$1*/( SHQQ\ 9)8 ZLWK ODUJH PDUJLQV

3267$/ +,6725< PDQ\ V RI HQYHORSHV LQ

D ODUJH FDUWRQ ZLWK PDQ\ GLIIHUHQW FDQFHOV IURP DURXQG WKH FRXQWU\ ZLWK ORWV RI FRPPHUFLDO PDLO JRRG VRUWLQJ ORW Â… Â…

KXJH WRS ULJKW 6* D ILQH VWDPS FDW Â… Â… Â… { 75,$1*/( G VODWH OLODF 6* F ILQH XVHG ZLWK

IXOO PDUJLQV ILQH H[DPSOH RI WKLV GLVWLQFWLYH VKDGH 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…

&$1$/ =21(

{ 7ULDQJOH G 9)8 RQ SLHFH ZLWK IXOO

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

FRQGLWLRQ ERRNOHW LQ ILQH FRQGLWLRQ UDUHO\ RIIHUHG 6* 6% FDW Â… Â… Â…

&$3( 2) *22' +23(

PDUJLQV 6* D Â… Â… Â’ 75,$1*/( 6* FKRLFH IUHVK 0 ODUJH SDUW

2* IXOO PDUJLQV $ YHU\ ILQH VWDPS Â… Â…

{ 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…

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

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

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

PDUJLQV $ ILQH VWDPS FDW Â… FOHDU SURILOH Â… Â…

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

{ 2OG WLPH FROOHFWLRQ RQ SDJHV D IRRG UDQJH ZLWK Â’ EHWWHU SLFNLQJ WR WKH LV YHU\ ILQH XVHG 6*

JHQHURXV PDUJLQV KXJH RQ WZR VLGHV JHP FDW Â… Â… Â… { 75,$1*/( G 6* 9)8 ZLWK IXOO HYHQ PDUJLQV

DQG GHHS ULFK VKDGH 4XDOLW\ VWDPS Â… Â… { 75,$1*/( G 6* D 9)8 ZLWK IXOO YHU\ ODUJH

WR DJDLQ WKH LV 9)8 6* 0DIHNLQJ 6LHJH G RQ òG 6* DQG G RQ G 6* RQ SLHFH V 9)8 (GZDUG WR D ILQH FROOHFWLRQ RI VWDPSV &DW 2YHU Â… FKLHIO\ ILQH XVHG Â… Â… Â’ +23( &URZQ &$ LVVXHV PLQW VWDPSV FDW

PDUJLQV KXJH RQ ULJKW JHP FDW Â… Â… Â… { 75,$1*/( G GHHS URVH 6* 9)8 ZLWK IXOO

ODUJH HYHQ PDUJLQV FULVS SPN OHDYLQJ FOHDU SURILOH FDW Â… Â… Â…

Â… òG WR G FKLHIO\ ILQH ODUJH SDUW 2* WKH NH\ G LV D QLFH VWDPS 6* 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…

{ 75,$1*/( G EOXH GHHS 6* )8 ZLWK IXOO

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

PDUJLQV TXDOLW\ VWDPS Â… Â… { 75,$1*/( G 6* 9)8 ZLWK IXOO PDUJLQV DQG

GHHS VKDGH 4XDOLW\ FODVVLF Â… Â…

VHYHUDO VKDGHV FDW Â… Â… Â… Â’ (GZDUG VHW PLQW 9HU\ ILQH 6*

Â… Â… ^3KRWR`

{ 75,$1*/( G 6* 9)8 ZLWK IXOO PDUJLQV RQ

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

IUDJPHQW VKRZLQJ WKH FRPSOHWH WULDQJOH FDQFHOODWLRQ &KRLFH 6* Â… Â…

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

{ 75,$1*/( 6* )8 ZLWK IXOO PDUJLQV DQG

H[FHOOHQW FRORXU 1LFH VWDPS 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.

{ 75,$1*/( 6* )8 ZLWK ODUJH PDUJLQV

YHU\ ODUJH DW ULJKW NH\ VWDPS Â… Â…


Â’ 6LOYHU -XELOHH YDULHW\ F GRW E\ )ODJVWDII

&$3( 9(5'(

6* + PLQW Â… Â…

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

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…

{ 6LOYHU -XELOHH YDULHW\ F GRW WR OHIW RI FKDSHO 6*

Â’ /,0,7(' (',7,21 VHW RI WKUHH PLQLDWXUH VKHHWV Â’ VWHDPHU H DV 6* LQ WKHLU RULJLQDO IROGHU 6* 06

FRYHU H[ 7ULQFRPDOHH WR %ULWLVK )OHHW 0DLO 2IILFH &RORPER 62 DWWUDFWLYH DQG D PRVW GLIILFXOW VHW WR ILQG RQ FRYHU 6* LVVXH Â… Â…

J )8 6FDUFH Â… Â… .*9, VHW RI F WR U QLFHO\ XVHG RQ UHJG

80 Â… Â…

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

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

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

F LQFOXGLQJ .*9, [ U SRVWDO ILVFDO 6* ) DOO QHDWO\ FDQF DW &RORPER Â… Â… Â’ (GZDUG ZLWK YDOXHV WR U FDWDORJXHG Â…

LVVXHV RQ D VWRFN SDJH PLQW VWDPSV Â… Â… 7XUUHW 6* ) òG %URNHQ )ODJVWDII G UHWRXFK DQG /LQH Â’ (UURUV a9DULHWLHV 49 VXUFKDUJH F DFURVV &KDSHO 7XUUHW PLQW Â… Â… RQ F RYSW LQF WZR RQ F RYSW GRXEOH RQ LQY FHQW RQ F RYSW Â’ 63(&,0(1 SHUI &RURQDWLRQ VHW IUHVK PLQW GRXEOH RQH LQY $QG FHQW RQ F RYSW LQYHUWV 6* D D 6* 6 Â… Â… ^3KRWR` F D DQG F PLQW Â… Â… Â’ 6LOYHU -XELOHH YDULHWLHV òG 'LDJRQDO /LQH E\

{ .*9 .*9, &2//(&7,21 RQ OHDYHV PDLQO\ ILQH

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

GHILQ VHW RI 9LFWRU\ 6LOYHU :HGGLQJ 838 GHILQ VHW RI Â… Â… Â’ (;7(16,9( FROOHFWLRQ RI 4(,, HDUO\ \HDU Â’ LVVXHV LQF GHILQ WR Â… PLQW GHILQ WR Â… 80 Â’ H[WHQVLYH FRPPHPV PLQW ZLWK PDQ\ VHWV 80 $ VROLG

XVHG V MXELOHH VHW RI U WR U ILVFDOO\ XVHG .*9, SLFWRULDO GHILQV WR U LQF F ZLWK DSRVWURSKH IODZ 6* ID RYHU VWDPSV Â… Â… { 2OG DOEXP SDJHV ZLWK .*9 LVVXHV PDLQO\ ILQH

XVHG LQF EHWWHU SLFNLQJV U 6* ILVFDO XVHG FÂ… U U ZLWK VSHFLPHQ RYSW U EURZQLVK JUH\ 6* ILVFDO XVHG FÂ… RYHU VWDPSV Â… Â… ^3KRWR`

FROOHFWLRQ RI VWDPSV Â… Â…

&(</21 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

2OGWLPH &ROOHFWLRQ ZLWK EHWWHU SLFNLQJV G LPSHUI 6* )8 F :DU 6WDPS RYSW 'RXEOH 6* E 0,17 .*9, U PLQW ZLWK LVVXHV WR $ XVHIXO VHOHFWLRQ RI VWDPSV Â… Â… 49 UDQJH RQ SDJHV ZLWK EHWWHU SLFNLQJV LQF VXUFKDUJH VHW RI 6* PLQW U 6* PLQW )8 U 6* EORFN RI ZLWK EDFNLQJ SDSHU DWWDFKHG VFDUFH PXOWLSOH $Q LQWHUHVWLQJ JURXS RI VWDPSV FRYHUV FKLHIO\ ILQH XVHG Â… Â…

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… 3267$/ 67$7,21(5< XQXVHG HDUO\ LVVXHV YHU\ IUHVK ZLWK GLIIHUHQW W\SHV PDLQO\ SRVWDO FDUGV Â’ 49 òG 6* ILQH PLQW Â… Â… Â… Â… Â’ 3ULQWHG DOEXP SDJHV IRU LVVXHV IURP WR Â’ 2)),&,$/6 SUHSDUHG DQG QHYHU LVVXHG G G Â’ ZLWK PDQ\ EHWWHU VHWV PLQW RU 80 3DQ $PHULFDQ Â’ VHW PLQW $LU VHW PLQW VNLLQJ VHW DQG 06 80 G RYSW 6(59,&( PLQW 6* 2 FDW Â…

Â… Â…

{ 2OG 3DJH ZLWK YDULHWLHV (UURUV PL[HG LQ FHQW

RQ F GRXEOH RYSW 6* E FHQWV RQ F RYSW LQYHUWHG 6* D WZR RQ F RYSW GRXEOH 6* E FHQWV RQ F RYSW LQYHUWHG 6* D $ XVHIXO ORW RI VWDPSV XVHG Â… Â…

$LU 06 80 D FKLHIO\ 80 FROOHFWLRQ RI VWDPSV 06 D YHU\ ILQH FROOHFWLRQ ZLWK PDQ\ DLU VHWV Â… Â…

&+,1$ Â’ 5(' 5(9(18( F RQ F 6* PLQW ZLWK

UHPDLQV Â… Â…

{ 2/' $/%80 SDJHV ZLWK D JRRG VHOHFWLRQ RI Â’ VWDPSV PDLQO\ ILQH XVHG .*9 WR U LQF

Â’ 5(' 5(9(18( F RQ F 6* PLQW

Â… Â…

V MXELOHH VHW RI .*9, GHILQV WR U DQ RULJLQDO ORW Â… Â… Â’ .*9 SLFWRULDO VHW RI QRWH F DV D LPSULQWHG

EORFN RI 6* PLQW Â… Â… { 6LOYHU -XELOHH YDULHWLHV $ XVHG WULR F 'RW

E\ &KDSHO DQG 'LDJRQDO E\ 7XUUHW DQG F 'LDJRQDO /LQH E\ 7XUUHW 6* ) * DQG ) Â… Â…

Â’ 5(' 5(9(18( F RQ F 6* PLQW ZLWK

UHPDLQV Â… Â… Â’ &$53 PLGGOH YDOXH GHILQLWLYHV IUHVK PLQW

F 6* F F F 6* DQG F 6* Â… Â… { 7,(176,1 3529,6,21$/ SI 6* )8

Â’ 6LOYHU -XELOHH YDULHW\ F 'LDJRQDO /LQH E\

5DUH &DW Â… Â… Â… ^3KRWR`

7XUUHW PLQW 6* ) Â… Â…

{ 7,(176,1 3529,6,21$/ SI 6* )8 UDUH

Â’ 6LOYHU -XELOHH YDULHW\ F GRW E\ )ODJVWDII

&DW Â… Â… Â… ^3KRWR`

6* + PLQW Â… Â…

{ 7,(176,1 3529,6,21$/ SI 6* )8

Â’ 6LOYHU -XELOHH YDULHW\ F GRW E\ )ODJVWDII

6XSHUE 7RQJNX &'6 &DW Â… Â… Â… ^3KRWR`

6* + PLQW Â… Â…

Â’ 7LHQWVLQ 3URYLVLRQDO SI 6* PLQW YHU\ VFDUFH

VPDOO LPSHUIHFWLRQV &DW Â… Â… Â… ^3KRWR`


Â’ %22./(7 &2//(&7,21 LQF VFDUFH Â’ 7(55$&277$ ),*85(6 IURP 4LQ 6KL +XDQJ V WRPE 1HZ

<HDU ERRNOHWV VSDFH Â… Â… ^3KRWR`

&22. ,6 { )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%22.6 ZLWK D YHU\ IUHVK 80 Â’ FROOHFWLRQ RI VWDPSV &DWDORJXH YDOXH Â… D YHU\ ILQH

FROOHFWLRQ RI PRGHUQ VHWV Â… Â…

$ 9(5< *22' ROG WLPH FROOHFWLRQ LQ DQ DOEXP Â’ 5$5$721*$ SRVWDO ILVFDO IUHVK 0 6* ZLWK GLIIHUHQW SUH LVVXHV VPDOO GUDJRQV WR FD Â… Â… RSWV WR FD 6* 0 *DWHV WR XVHG PDQ\ LQWHUHVWLQJ RYHUSULQWV ZLWK 0DUW\U W\SHV 0 6XQ <DW 6HQ RYSWV 0 EDFN RI Â’ 5$52721*$ G WR Â… &RDVW RI $UPV SRVWDO WKH ERRN LVVXHV 0 8 DOO GLIIHUHQW Â… Â… ILVFDOV IUHVK 0 6* Â… Â… $1 2/' 7,0( &2//(&7,21 RQ SDJHV RI 6,/9(5 -8%,/(( WKUHH VHWV RQ RQH VPDOO GLIIHUHQW LVVXHV PXFK LV XVHG IURP HDUO\ LVVXHV QRWLQJ %HDQ UHJLVWHUHG FRYHU 6* FDQF DW 5DUDWRQJD 6HYHUDO RI WKH *RRVH WR *DWHV WR H[WHQVLYH 2FFXSDWLRQ LVVXHV ZLWK VWDPSV KDYH OLVWHG VPDOO OHWWHU YDULHWLHV Â… Â… RYSWV YHU\ JRRG UDQJH RI FRPPHP LVVXHV XS WR DERXW SRVWDJH GXHV PDQ\ RYHUSULQWHG LVVXHV $Q RULJLQDO ORW DQG D VXEVWDQWLDO QXPEHU Â… Â…

3,&725,$/ VHW RI WHQ 6* RQ D VXSHUE

UHJG )'& Â… Â…

Â’ )$0,1( 5(/,() VWDPS V &HQW EURZQ

,17(5(67,1* VHOHFWLRQ RI ROG VWDPSV RQ 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 +LJKO\ UHFRPPHQGHG Â… Â…

DV FRPSOHWH PLQW VKHHW RI LPSULQW DQG SODWH VRPH VSOLWWLQJ WKRXJK UDUH DQG IUHVK DV D FRPSOHWH VKHHW Â… Â… Â’ 1(9(5 +,1*(' 0,17 FROOHFWLRQ PDLQO\ V Â’ LVVXHV ZLWK PDQ\ FRPSOHWH VHWV LQF PLQLDWXUH VKHHWV

FDWDORJXHV RYHU Â… LQ SDFNHWV SUHVHQWDWLRQ IROGHUV RQ VWRFN SDJHV D YHU\ ILQH FROOHFWLRQ IURP WKLV SHULRG D IHZ VWDPSV PV IUHVK XQPRXQWHG PLQW Â… Â… ^3KRWR`

&267$ 5,&$ 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…

3267$/ 67$7,21(5< 8186(' HQYHORSHV

DQG FDUGV LQF PDQ\ SLFWXUH FDUG VHWV ORRN WR EH V SHULRG RYHU FDUG HQYHORSHV Â… Â… 3267$/ 67$7,21(5< 86(' ZLWK IGF

&5(7( Â’ 3,&725,$/ VHW ILQH PLQW 6*

Â… Â… FDQFHOV SRVWDO HQYHORSHV PD[LPXP FDUGV )'& IURP WR RYHU LWHPV VXSHUE TXDOLW\ Â… Â… Â’ ,WDOLDQ 3R F / /D &DQHD RYSWV PLQW 6* &DW Â… 6FDUFH VWDPSV Â… Â… &+5,670$6 ,6/$1'6

$ YHU\ ILQH FROOHFWLRQ RI LOOXVWUDWHG IGF V

$1 2/' 7,0( FROOHFWLRQ RI GLII LVVXHV RQ SULQWHG SDJHV LQF VHW RI PLQW 5XVVLDQ FRQWURO VWDPSV ZLWK VWDUV DQG FRQWURO RYSWV GLII *UHHN LQF 5HYROXWLRQDU\ $VVHPEO\ VHW XVHG DQG RWKHU HDUO\ LVVXHV Â… Â…

PDQ\ VWLOO LQ WKHUH RULJLQDO SURWHFWLYH SDFNDJLQJ XQDGGUHVVHG ZLWK GHILQLWLYH VHWV FRPPHPRUDWLYH VHWV LQF 06 D YHU\ JRRG ORW DW D EDUJDLQ SULFH FDWDORJXHG RYHU Â… DV ILQH XVHG VHWV Â… Â… &+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…

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

YDOXH SRVWDJH GXH RYSWV 9)8 RQ VPDOO SLHFHV VFDUFH 6* ' FDW Â… Â… Â…

&2&26 .((/,1*

$ ILQH FROOHFWLRQ RI LOOXVWUDWHG ILUVW GD\ FRYHUV

Â’ :$5 ,19$/,'6 5HOLHI )XQG LPSHUIRUDWH FRUQHU FDW Â… DV ILQH XVHG VHWV D YHU\ JRRG UDQJH RI FRYHUV LQF Â’ PDUJLQDO V SULQWLQJ LQ EDVH FRORXU RQO\ 6* ZLWK RXW GHILQ VHWV DQG 06 DOO XQDGGUHVVHG Â… Â… FRXQWU\ LQ WKH WDEOHW IUHVK 80 6* 9DU Â… Â…

&2/20%,$

&8%$

{ ,1685(' /(77(5 67$036 )8 JURXS RI GLII Â’ 8102817(' 0,17 V VHWV VWDPSV F WR S 6FRWW * LQF SRVWDO FDQFHOV VFDUFH JURXS Â’ LQF %LUGV DLUPDLO VHW 6* FKRLFH Â… Â…

Â… Â…

&<3586

,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…

*% 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…

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

6FRWW *2 ILQH XVHG PLQRU LPSHUIHFWLRQV Â… Â…

Â’ 3(11< 5(' RYSWV IUHVK PLQW SODWHV

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 Â’ D JRRG SHUFHQWDJH DUH XVHG KLJKO\ FDW LQ 6FRWW KLJK YDOXHV DQG VRPH RYSW IDFVLPLOH :LOO PDNH D JUHDW VWXG\ Â… Â…

6* Â… Â… 49 ',( , ZPN &URZQ && VHW )8 6* Â… Â… ',( SL 6* PLQW $ YHU\ IUHVK H[DPSOH RI WKH ILUVW SULQWLQJ FDW Â… Â… Â…

{ ò RYSWV )8 6* Â… Â…

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


Â’ $ 9(5< ),1( FROOHFWLRQ ZLWK D FDWDORJXH YDOXH Â’ 2/<03,& *$0(6 RYSW VHW ILQH PLQW 6* Â’ RYHU Â… PDLQO\ 80 HDUO\ LVVXHV PLQW DV WKH QRUPDO ZLWK FDW Â… Â… Â… Â’ EHWWHU SLFNLQJV 49 VHW RI 6* (GZDUG ZLWK Â’ &$7 Â… YDOXDEOH ORW RI EHWWHU VWDPSV LQ 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

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

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

XVHG Â… Â… { 9$5,(7< .*9 SD JUHHQ ZLWK EURNHQ ERWWRP

WULDQJOH DW OHIW 6* D ILQH XVHG Â… Â… Â’ .*9 Â… 6* IUHVK PLQW Â… Â…

3267$/ 67$7,21(5< XQXVHG HDUO\ W\SH LQF

&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…

'(10$5.

Â’ .*9 S S KLJK YDOXHV IUHVK PLQW 6*

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…

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

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

Â’ /HWWHUKHDG + :LOVRQ <RXQJ &R /RQGRQ

HQGRUVHG &RSHQKDJHQ ZLWK FRQWHPSRUDU\ 'DQLVK VWDPS DIIL[HG ZLWK YDOXHV WR RUH LQF QXPHUDOV $UP DQG .LQJ LVVXHV )UHVK PLQW Â… Â…

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

'20,1,&$

ODEHO DOVR WLHG HQGRUVHG RQ DUULYDO Â… Â…

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

{ .*9 SLFWRULDO VHW )8 6* FDW Â…

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

Â… Â…

{ (GZDUG WRS YDOXH 6* 9)8 ZLWK

Â’ 6SHFLPHQ SHUI 6LOYHU -XELOHH VHW ILQH PLQW

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

6* 6 Â… Â…

Â’ 6FULSW ZPN .*9 VHW RI ILQH PLQW 6*

Â’ 63(&,0(1 3HUI &RURQDWLRQ VHW IUHVK PLQW

&DW Â… Â… Â…

6* 6 Â… Â… ^3KRWR`

Â’ 6LOYHU -XELOHH YDULHW\ 'DVK E\ 7XUUHW

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

6* / PLQW Â… Â…

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

Â’ 6LOYHU -XELOHH YDULHW\ òG 'RW E\ )ODJ PLQW

{ 6&287 PRYHPHQW PLQLDWXUH VKHHW 6* 06

6* + Â… Â…

D ILQH XVHG Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ G 'RW E\ )ODJ 6* +

&$7$/2*8( 9$/8( RYHU HXUR V

LOOXVWUDWHG IGF V ZLWK YDOXHV WR Â… XQDGGUHVVHG FROOHFWLRQ YHU\ ILQH TXDOLW\ Â… Â… ^3KRWR`

PLQW Â… Â…

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

PLVVLQJ DV WKH ZPN LV LQ WKH PLGGOH RI WKH VWDPS Â… Â…

Â’ (5525 PLVVLQJ & IURP ZDWHUPDUN F 6* Â’ 49 RYHUSULQWV RQ *% LVVXHV òG SO G Â’ D ZLWKLQ D VWULS RI VWDPSV DQG FDQ EH FOHDUO\ VHHQ LW LV

&<5(1$,&$

'8%$,

Â’ :DUULRU 6HW IUHVK PLQW 6* &DW

(5525 6SDFH VHW RQ DQ HQYHORSH ZLWK WKH U

Â… Â… Â…

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

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

(&8$'25

{ 0$,1/< ),1( 86(' ROG WLPH FROOHFWLRQ RI

Â’ ($*/( U LPSHUI IUHVK PLQW IRXU PDUJLQ 6FRWW VWDPSV ZLWK EHWWHU SLFNLQJV LQF +UDGFDQ\ &DVWOH FDW Â… Â… LPSHUIHG XQFKHFNHG IRU SULQWLQJV QHZ SDSHU VWDPSV SRVWDJH GXHV WR K QRWH K DQG K PLQW EORFNV RI (*<37 ,QGHSHQGHQFH RYSWV PLQW FKLHIO\ ILQH XVHG IURP D JRRG VROLG FROOHFWLRQ RI VWDPSV RQ ROG DOEXP SDJHV Â’ 3267$*( '8( LPSUHVVHG ZDWHUPDUN RQ WKH VRUWHG E\ \HDU DQG VHWV Â… Â… UHYHUVH S S DQG SL IUHVK PLQW FDW Â… Â… Â… %$&. 2) 7+( %22. LVVXHV SRVWDJH GXH LQF Â’ 3267$*( '8(6 P SL SL 6* ' FDW UHMHFWHG GHVLJQ &KDULW\ VWDPSV PLQW DQG ILQH XVHG Â… PLQW Â… Â… &DVWOH LPSHUI DQG SHUI SHUI DQG LPSHUI ORFDO SRVW LVVXHV ZLWK ODUJH 3 KDQGVWDPS ZLWK 7 KDQGVWDPS SOXV { $ PRVW GHOLJKWIXO &RPLF &DUG GHSLFWLQJ GXHV RQ FRYHUV (DVW 6LOHVLD RYSWV $ YHU\ JRRG FDULFDWXUH RI :DLWHU +ROGLQJ D 3RVWFDUG ZLWK +DW )H] DUHD VHOHFWLRQ RI LWHPV ZULWWHQ XS RQ SDJHV Â… Â… FRQWDLQLQJ P VWDPS WLHG &'6 WR 8. ZLWK DUULYDO &'6 Â’ $,50$,/ VHWV ILQH PLQW FDW Â… RYSW &KRLFH Â… Â… 4 VHW ERWK SHUI LPSHUI DQG VHW 6* JRRG JURXS Â… Â…


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

Â’ 9$5,(7< :$5 67$03 G PDUJLQDO EORFN RI Â’ ULJKW KDQG VLGH ZLWK UHYHUVHG DOELQR RYSW LQ WKH PDUJLQ )UHVK

.*9 RYSWV DQG HDUO\ EOXH DLU ODEHO DOO QHDWO\ WLHG DUULYDO EV IHZ H[LVW Â… Â… Â’ Â’ { *% Â… &RQVXODU )HH UHYHQXH VWDPS EDUHIRRW Â’ % D DV D IDEXORXV PDUJLQDO EORFN ZLWK WKH FWR %ULWLVK &RQVXODWH $OH[DQGULD &'6 6SHFWDFXODU PXOWLSOH Â’ Â… Â… Â’ $ PRVW H[WHQVLYH FROOHFWLRQ RI 80 KRXVHG LQ Â’ WZR VWRFNERRNV YHU\ FRPSUHKHQVLYH VWURQJ LQ HOXVLYH PRGHUQ

80 Â… Â… :$5 67$03 ZLWK GLIIHUHQW VKDGHV DQG RYSWV FKLHIO\ PLQW LQ 0 D JRRG ORW IRU VWXG\ VWDPSV Â… Â… :$5 67$03 RYHUSULQWV òG ZLWK PDQ\ NQRZQ GDPDJH OHWWHUV VHHQ GDPDJH Z P S VPDOO V WKLQ DQG WKLFN RYSWV VKDGHV D VXSHUE ORW IRU VWXG\ Â… Â…

PDWHULDO YHU\ PDQ\ V SOXV 06 LQF 5HYROXWLRQ 6HW Â’ :$5 67$03 RYHUSULQWV òG FKLHIO\ LQ EORFNV RI PV 6HW 2IILFLDO 6HW 7RXULVW 6HW 7R Â… Â’ EORFN RI VL[ DQG D EORFN RI VHHQ GDPDJHG OHWWHUV LQ ( 'DP 6HW $LUV 0DQ\ RWKHU VHWV WR Â… ( Â’ Z S P ZLWK VKDGHV D JRRG ORW IRU VWXG\ VWDPSV PLQW 7R Â… ( DQG YHU\ FRPSUHKHQVLYH FRPPHPV ZLWK VHOGRP IRXQG PXFK 80 Â… Â… PRGHUQ Â… Â… Â’ :$5 67$03 RYHUSULQWV G ZLWK D YDULHW\ RI 672&.%22. ZLWK PDQ\ V RI VWDPSV IURP Â’ RYSWV DQG VKDGHV VHHQ EURNHQ OHWWHUV UDLVHG VSDFHU DOELQR HDUO\ 6SKLQ[ DQG 3\UDPLGV RIILFLDOV 6XOWDQ GHIDFHG LVVXHV Â’ RYSW LQ WKH PDUJLQ ODUJH EORFN RI D VXSHUE ORW IRU VWXG\ ZLWK LVVXHV WR DERXW Â… Â… 0LQW LQ PXFK 80 RYHU VWDPSV Â… Â…

(/ 6$/9$'25 Â’ :$5 67$03 VXSHUE FROOHFWLRQ ZLWK PDQ\ Â’ YDULHWLHV OLVWHG LQ +HLMW] VHHQ ZLGH VSDFH EHWZHHQ ZDU DQG 683(5% FROOHFWLRQ RI XQXVHG SRVWDO VWDWLRQHU\ Â’ VWDPS òG G DQG UDLVHG VSDFHU G LQ D SRVLWLRQDO EORFN 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…

SRV EURNHQ Z ZLWK QRUPDO S EURNHQ P EURNHQ P ZLWK QRUPDO S FDW Â… 80 G ZLWK EURNHQ P DQG ZLGH S Â… PLQW D YHU\ JRRG FROOHFWLRQ RI VWDPSV 0XFK 80 RGG PLQW ZLWK GHWDLOV DQG ZHOO SUHVHQWHG Â… Â…

$OEXP SDJHV ZLWK DQ LQWHUHVWLQJ PL[WXUH RI VWDPSV IURP DOVR VHHQ ILVFDO LVVXHV D VPDOO EXW XVHIXO ORW Â’ :$5 7$; 9$5,(7,(6 ZLWKLQ D FRUQHU PDUJLQDO RI VWDPSV 0DLQO\ (8 PDLQO\ SUH Â… Â… Â’ EORFN RI G ZLWK LQYHUWHG Y IRU D DQG EURNHQ P DQG ZLGH (6721,$ S SRV 6* F YDU VFDUFH EORFN OLVWHG YDULHW\ LQ +HLMW] 80 Â… Â… ^3KRWR` ($5/< VHOHFWLRQ LQ SDFNHWV GLII LVVXHV FDW Â… LQF 5HG &URVV VHW 0 VXUFKDUJHV 6* )8 Â’ :$5 7$; 9$5,(7< G ZLWK UDLVHG EDU YDULHW\ HWF 1LFH Â… Â… SRV OLVWHG LQ +HLMW] IUHVK PLQW Â… Â… ^3KRWR`

(7+,23,$

Â’ 9$5,(7< :$5 67$03 òG ZLWK UDLVHG VSDFHU Â’ SRV D PDUJLQDO SDLU SRVLWLRQDO IUHVK XQPRXQWHG PLQW

{ 9(5< ),1( 86(' $QLPDOV VHW RI DV

Â’ Â’

{

{ Â’

Â’

VKHHWOHWV RI 6* UDUHO\ VHHQ DV XVHG VKHHWOHWV VFDUFH /LVWHG LQ +HLMW] Â… Â… ^3KRWR` Â… Â… Â’ 9$5,(7< :$5 67$03 ZLWK RYHUSULQW YHUWLFDOO\ PLVSODFHG DFURVV WKH YDOXH WDEOHW OLVWHG LQ +HLMW] IUHVK )$/./$1' ,6 PLQW Â… Â… ^3KRWR` .*9, 6HOHFWLRQ &DWDORJXHG Â… Â’ .*9 GHILQ VFULSW ZPN VHW IUHVK PLQW 6* GHILQV WR &RURQDWLRQ 838 IUHVK PLQW Â… Â… Â… Â… 12 :$7(50$5. 49 VHW RI IRXU PLQW Â’ :KDOH DQG 3HQJXLQV WR ZLWK VKDGHV LQF FRPSOHWH DQG UDUH JURXS 6* &DW Â… G QLFH IHZ ERWK VKDGHV G D JRRG ORW RI VWDPSV PLQW QLEEOHG SHUIV G DJHG LPSHUI DW EDVH G VPDOO WKLQ DQG Â… Â… YHU\ ILQH 6HOGRP RIIHUHG VHW RI WKH ILUVW LVVXH Â… Â… ,QWHUHVWLQJ LQZDUG UHJLVWHUHG FRYHU H[ *% ZLWK 38& FRPELQDWLRQ òG SDLU G SDLU DQG òG FDQFHOOHG DW 49 6* )8 QLFH TXDOLW\ Â… Â… %UDFNQHOO HQGRUVHG RQ UHYHUVH 1R $QVZHU 6WUDQJH Â… Â… 49 G 6* IUHVK XQXVHG PDUJLQDO H[DPSOH 3(1*8,1 1HZVSDSHU &HQWHQDU\ HGLWLRQ ZHOO FHQWUHG Â… Â… LVVXHG RQ WKH LVODQG W\SHG SDJHV ZLWK GHWDLOV RI IHVWLYLWLHV LQF VKRRWLQJ FRPSHWLWLRQV KRUVH UDFLQJ DQG IDPLO\ PDWWHUV 49 9)8 6* Â… Â… 6SHFLDO RXWHU IROGHU FRQWDLQLQJ PDLO RUGHU GHWDLOV IRU FORWKLQJ IURP D 0DQFKHVWHU FRPSDQ\ WKLV ZLWK SHULSKHUDO IDXOWV $ UHPDUNDEOH VXUYLYRU Â… Â… 9DULHW\ +RFNH\ 6WLFNV +HLMW] 9 IUHVK { 6LOYHU -XELOHH YDULHW\ VKRUW H[WUD )ODJVWDII PLQW 6* 9DU Â… Â… 6* % )8 Â… Â… (GZDUG WRS YDOXH IUHVK PLQW 6* Â’ 6LOYHU -XELOHH YDULHW\ G VKRUW H[WUD )ODJVWDII Â… Â… Â’ 80 ZLWKLQ SRVLWLRQDO FRUQHU PDUJLQDO EORFN UDUH (':$5' 6(/(&7,21 LWHPV òG ZLWK 6* % Â… Â… SRVWPDUNV G 49 G )8 RQ VDPH SLHFH òG .*9 òG { 6LOYHU -XELOHH YDULHW\ òG 5H HQWU\ RQ YDOXH XVHG RQ VDPH SLHFH PLQW WR G Â… Â… WDEOHW ILQH XVHG 6* / Â… Â…

Â’ .*9 G 6* DV IUHVK 80 PDUJLQDO EORFN RI Â’ VL[ [ Â… Â… Â’ .*9 VHW RI GLIIHUHQW YDOXHV òG WR PLQW

Â’ 6LOYHU -XELOHH YDULHW\ òG 5H HQWU\ RQ YDOXH

WDEOHW PLQW 6* / Â… Â… Â’ 63(&,0(1 SHUI 6LOYHU -XELOHH VHW PLQW

&DW Â… 6* Â… Â… ^3KRWR`

6* 6 Â… Â…

.*9 2QH 3HQQ\ OHWWHUFDUG YHU\ ILQH XQXVHG

/ + * $ Â… Â…


{ +,*+ 9$/8( FRPELQDWLRQ SLHFH ZLWK G 3267$/ 67$7,21(5< XQXVHG 3RVW 2IILFH

DQG Â… FDQFHOOHG RQ GD\ RI LVVXH DW 3RUW 6WDQOH\ FKRLFH SLHFH 6* Â… Â… { 683(5% 9(5< ),1( 8VHG FROOHFWLRQ FRPSOHWH

7HOHJUDP 1R &KDUJH IRU 'HOLYHU\ SULQWHG HQY 1R S S S UHJG HQYV DHURJUDPPH S S /LEHUDWLRQ LVVXH &KULVWPDV *UHHWLQJ DHURJUDPPHV $ XVHIXO UDQJH RI LWHPV Â… Â…

LQ EDVLF VHWV ZLWK PDQ\ EHWWHU VHWV LQF GHILQ VHW ZLWK WZR GLIIHUHQW 6 :HGGLQJ VXSHUE XVHG SLFWRULDO VHW Â’ 4(,, $Q LQWHUHVWLQJ /RW RQ D TXDQWLW\ RI Â’ +DJQDUV DQG SDFNHWV ZLWK VWUHQJWK LQ 80 FRPSOHWH VHWV QRWLQJ VXSHUE XVHG %LUG GHILQLWLYHV VXSHUE XVHG RXWVWDQGLQJ UDQJH RI FRPPHPRUDWLYHV ZLWK WKH RGG ZDWHUPDUN YDULHW\ RYHU %LUGV WR Â… %DWWOH DV SODWH EORFNV RI PDQ\ ODWHU VWDPSV 06 VXSHUE TXDOLW\ WKURXJKRXW &DW VHWV WR Â… Â… EORFNV VRPH DGGLWLRQDO 9)8 ZLWK YDOXHV WR Â… Â… Â… Â… V ILQH ORW $OO GLII Â… Â… 3+,/$7,&$//< LQVSLUHG HQYHORSH ZLWK VL[

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

VWDPS .*9, FRPELQDWLRQ FDQF DW 3RUW 6WDQOH\ ZLWK SULQWLQJ SULQWLQJ DQG Â… SOXV ORZ YDOXHV 0RVW DWWU 6* Â… Â… { 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

Â’ Â’

Â’ Â’

{ Â’ Â’

{

Â’ Â’ Â’ Â’

Â’ Â’ {

{

{

&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…

)$/./$1' ,6 '(36

Â’ VHWV SLFWRULDO VHW RI %LUG VHW RI )ORZHU Â’ $ ),1( FROOHFWLRQ ZLWK PXFK XQPRXQWHG PLQW ZLWK PDQ\ VHWV RYSW VHWV XQPRXQWHG VHW RI 1HZ &XUUHQF\ VHW RI 6KLSV ZLWKRXW Â’ PLQW WKLQ PDS VHW 80 WKLFN RYSW VHW PLQW VKLS VHW PLQW LPSULQW VHW RI ZLWK PDQ\ FRPPHPRUDWLYH VHWV RXWVWDQGLQJ SLFWRULDO VHW WR Â… 80 QRWH Â… ZKDOH PLQW VKLS 80 TXDOLW\ RYHU VWDPSV 06 Â… Â… D YHU\ JRRG UDQJH RI VWDPSV 3OXV WKH RGG 06 KLJK 4(,, FROOHFWLRQ XQPRXQWHG PLQW ZLWK FDWDORJXH FROOHFWLRQ Â… Â… PDQ\ VHWV IORZHU VHW RI QHZ FXUUHQF\ VHW RI .*9, FRYHUV VHQW ORFDOO\ 6RXWK %ULWLVK DGPLQLVWUDWLRQ LQVHFW DQG VSLGHUV VHW RI 6KHWODQG RYSW VHW RI ZLWK 'HF FGV *UDKDP /DQG PDLO VKLW VHW RI D JRRG UDQJH RI VHWV RYSWV VHW RI ZLWK 'HF FGV 6RXWK 2UNQH\ RYSW Â… Â… VHW RI ZLWK -DQ FGV 7KLFN PRS VHW -XO 4(,, FROOHFWLRQ RI VHWV LQF GHILQLWLYH XQPRXQWHG FGV 6 :HGGLQJ ZLWK 'HF FGV 838 VHW RI PLQW QRWH %LUG VHW RI )ORZHU VHW RI ZLWK 2FW FGV D XVHIXO ORW RI FRYHUV Â… Â… 1HZ &XUUHQF\ VHW RI 1HZ &XUUHQF\ VHW RI Â’ 0$3 9$5,(7,(6 D ILQH VHOHFWLRQ RI GLII 0 %DWK 6KLS VHWV H[WHQVLYH UXQ RI FRPPHPRUDWLYH VHWV LQF 06 )8 LQF G ([WUD ,VODQG 0 G G &MDWV IRU &RDWV 0 G V RI VWDPSV +XJH &DWDORJXH YDOXH Â… Â… 6FXWK IRU 6RXWK )8 HWF 1LFH TXDOLW\ DOO LGHQWLILHG %,5' GHILQ VHW 9)8 6* Â… Â… Â… Â… { 7+,1 0$36 VHW 9)8 òG GRW LQ 7 YDULHW\ 6* * % Â… Â… 6 6 *5($7 %5,7$,1 *XWWHU SDLUV VHW RI 6* QRWH G ZPN WR WKH ULJKW VFDUFH DV D JXWWHU SDLU )UHVK { 6+,3 GHILQLWLYH VHW RI 6* YHU\ ILQH XQPRXQWHG PLQW Â… Â… XVHG Â… Â… (5525 6LU :LQVWRQ &KXUFKLOO PLQLDWXUH VKHHW ZLWK ZDWHUPDUN LQYHUWHG YHU\ ILQH XVHG D VFDUFH PLQLDWXUH Â’ 0$3 Â… ZDWHUPDUN WR ULJKW YDULHW\ ILQH 80 6* Â’ Z Â… Â… VKHHW XVHG 6* PV Z Â… Â… '2/3+,1 S ZPN WR ULJKW YDULHW\ 80 6* ),-, Z Â… Â… { (GZDUG VHW WR Â… )8 6* :DWHUPDUN WR 5LJKW Â… PDS YDULHW\ 80 6* Â… Â… Z Â… Â… 3,/27 VLJQHG IOLJKW FRYHU IORZQ IURP /DXWRND WR :DWHUPDUN WR 5LJKW Â… PDS YDULHW\ 80 6* 4 6XYD ILQH DQG VFDUFH Â… Â… Z Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ 'LDJRQDO /LQH E\ &2//(&7,21 )LQH XVHG WR VHHQ 7XUUHW 6* ) PLQW Â… Â… %LUG VHW RI )ORZHU VHW RI 1HZ &XUUHQF\ VHW RI 'HILQ VHW RI %DWK 6KLSV VHWV 6KLS { 6LOYHU -XELOHH YDULHW\ G 'RW E\ )ODJ 6* + VHW RI 0DULQH OLIH VHW RI ZLWK PDQ\ )8 Â… Â… FRPPHPRUDWLYH VHWV LQF 06 $ YHU\ JRRG FROOHFWLRQ PDQ\ V RI VWDPSV Â… Â… Â’ .*9, '(),1,7,9(6 ZLWK DGGLWLRQDO VKDGHV DQG SHUI W\SHV 6* IUHVK PLQW FDW .*9 VFULSW WR H[ G DQG 6LOYHU Â… Â… Â… -XELOHH VHW RQ ODUJH SLHFH ZLWK )', FDQFHO FDW Â… Â… Â… { 7+( 5$5( .*9, SRVWDJH GXH VHW HDFK ZLWK WKH IRUJHG 6XYD FGV DV OLVWHG E\ 6* &DW Â… DV XVHG DQG .*9 RQ KDJQHU SDJHV ZLWK LVVXHV IURP H[FHOOHQW IRU UHIHUHQFH UHTXHVW VFDQ 6* ' LQF ZDU VWDPS òG DQG G GHILQV ZLWK YDOXHV WR Â… Â… LQF VKDGHV PDLQO\ PLQW V MXELOHH VHW PLQW DQG WZR VHWV ILQH XVHG D YHU\ XVHIXO UDQJH RI VWDPSV .*9, )5$1.(' &29(56 LQF VXSHUE Â… Â… VLQJOH XVDJH RI KLJK YDOXH 6* D DQG RWKHU XVDJHV XSWR )LQH JURXS Â… Â… .*9, $Q LQWHUHVWLQJ DFFXPXODWLRQ ZLWK D JRRG VHOHFWLRQ RI LVVXHV WR Â… )8 ZLWK DGGLWLRQDO RQ SLHFHV LQF 0XOWLSOH IUDQNHG FRYHUV 2+06 HQYHORSH PXOWLSOHV IRU VWXG\ RI SULQWLQJV G EORFN DQG RQ ZLWK G òG òG G G G DQG GHILQLWLYHV ZLWK SDUFHO SLHFH LVVXHV WR Â… PLQW HWF RULJLQDO UHJG +6 DQG /DXWRND FDQFHO )', QG FRYHU LOOXVWUDWHG ORW Â… Â… 2IILFLDO LOOXVWUDWHG )'& ZLWK YDOXHV IURP G WR ZLWK 6XYD )', FDQFHO $ ILQH VHOHFWLRQ RI FRYHUV Â… Â…


),1/$1'

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

Â’ %22./(76 FDWDORJXH YDOXH RYHU Â… ZLWK { 2/' $/%80 3$*(6 ZLWK LVVXHV IURP LQF Â’ LVVXHV WR VHHQ 6 $ )ORZHUV %LUGV 0RRPLQV &KULVWPDV Â’ 32 LQ &KLQD ZLWK D YDULHW\ RI 6WDWH RYSWV $ JRRG ORW

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

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

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

)5 &2/ $17 7(55

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

Â’ 2/' $/%80 3$*(6 ZLWK V V LVVXHV

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

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

)5 &2/ &+$'

)5 &2/ 32/<1(6,$ { 2/' 3$*(6 ZLWK D JRRG UDQJH RI )UHQFK &ROV Â’ LVVXHV ZLWK GHILQV DLUV FRPPHPRUDWLYHV SRVWDJH GXHV $ { 2/' 3$*(6 ZLWK LVVXHV IURP ZLWK D Â’ FDWDORJXH YDOXH RYHU Â… QRWH DLUV PLQW $ JRRG UDQJH JRRG VHOHFWLRQ RI VWDPSV Â… Â… RI VWDPSV ZLWK VHWV 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

)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

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

LQF GHILQLWLYHV DLUV SRVWDJH GXHV FRPPHPRUDWLYHV ZLWK PXFK PLQW Â… Â…

)5 &2/ 6(1(*$/

$GKHUHQFH WR 'H *DXOOH LQF F EODFN RYSW 6* D XVHG { 2/' $/%80 3$*(6 ZLWK LVVXHV IURP EXW WRQHG ZLWK D FDW YDOXH RYHU Â… ZLWK VHWV Â’ WR IU VXUFKDUJHV GHILQV ZLWK YDOXHV WR IU Â… Â… SRVWDJH GXHV PLQW DLUV 9LFK\ LVVXHV $ JRRG UDQJH RI VWDPSV FDW Â… Â… Â… )5 &2/ )6$7 Â’ 672&. 3$*(6 ZLWK D YHU\ JRRG UDQJH LQF )5 &2/ 620$/, Â’ SLFWRULDO VHW RI FÂ… 0DS IU 6* Â’ FÂ… I 6* FÂ… 0DS DLU I I 6* { 2/' $/%80 3$*(6 ZLWK LVVXHV IURP LQF Â’ 'MLERXWL DQG 2ERFN PDLQO\ SUH D JRRG UDQJH RI

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

)5 &2/ *8,$1$ { 2/' $/%80 3$*(6 ZLWK LVVXHV IURP Â’ SOXV ,QLQL RYHUSULQWV $ JRRG UDQJH RI VWDPSV

VWDPSV FDWDORJXHG Â… ZLWK PXFK PLQW LQF VHWV VHHQ SRVWDJH GXHV GHILQV FRPPHPRUDWLYHV $ YHU\ JRRG UDQJH RI VWDPSV Â… Â…

)5 &2/ 67 3 0

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

(DUO\ RYHUSULQW LVVXHV D JURXS RI HDFK GLIIHUHQW 5HG RYSWV 6* F %ODFN RYSW LQY 6* D PLQW GLDJRQDO RYSWV FKLHIO\ PLQW &DW Â… Â… Â… { 3HDFH DQG &RPPHUFH WR I Â’ FRORXU FKDQJH VHW RI VXUFKDUJH VHW RI PDLQO\ PLQW

&DW Â… Â… Â… Â’ 3LFWRULDO GHILQV WR IU VXUFKDUJHV

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

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

3LFWRULDO GHILQV -DTXHV &DWLHU 80 RYSW ,QWHUQDWLRQDO $QWL &DQFHU )XQH VWDPSV PDLQO\ PLQW Â… Â… ^3KRWR` Â’ )LQH &ROOHFWLRQ ZLWK &RPPHPRUDWLYH LQF

)5 &2/ ,1' &+,1$ Â’ ,1'2 &+,1(6( 3RVW 2IILFH LQ &KLQH &DQWRQ

RYSW VHW RI 6* $ VFDUFH VHW IUHVK PLQW Â… Â…

H[KLELWLRQ VHW LQF 06 3LFWRULDO VHW WR IU 3RVWDJH DQG $LU $LU VHW RI $ ILQH FROOHFWLRQ RI VWDPSV 06 Â… Â…

&ROOHFWLRQ RQ SDJHV ZLWK PDQ\ VHWV &DW Â… LQF )UHH )UHQFK *RYHUQPHQW $LU 80 3LHUUH /RWL $LU 6* 80 &HOHEULWLHV $LU VHW RI 80 & $LU 6* 80 $ YHU\ JRRG FROOHFWLRQ RI VHWV RYHU VWDPSV 0DLQO\ PLQW LQF 80 Â… Â… ^3KRWR`

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

RYSW VHW RI 6* IUHVK PLQW $ VFDUFH VHW Â… Â…

Â’ (DUO\ 3DUFHO 3RVW 2YHUSULQWV F

)5 &2/ ,1' 6(77 { )5$1&( /,%5( RYSW FD RYSW LQ EOXH 6*

)8 $ UDUH VWDPS FDW Â… Â… Â…

6*3 S F DQG F 6*3 PLQW VWDPSV Â… Â… Â’ ($5/< 3267$*( '8( 6HWV VHW RI

{ 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…

VHW RI 6*' VHW RI VHW RI DOO VHWV PLQW Â… Â… ^3KRWR` Â’ )5(( )5(1&+ $'0,1,675$7,21 )1)/

RYSWV ZLWK EHWWHU SLFNLQJV LQF 6RFLDO )XQG VHW RI WZR RQ D )LUVW 'D\ &RYHU 6FDUFH 1HZ <RUN :RUOG )DLU VHW RI 80 6RFLDO )XQG VHW RI 80 1RHO RYSW RQ F PLQW $ YHU\ ILQH ORW RI VWDPSV PDLQO\ PLQW Â… Â… ^3KRWR`

Credit Cards

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


{ 2/' $/%80 SDJHV ZLWK LVVXHV IURP D Â’ 1DSROHRQ F ZLWK % XQGHU QHFN RIILFLDO UHSULQW Â’ JRRG UDQJH RI VWDPSV FDWDORJXHG Â… PDLQO\ SUH IUHVK PLQW IRXU PDUJLQV DQG RULJLQDO JXP 6XSHUE <YHUW F

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

UHLPSUHVVLRQ &DW (XUR $Q H[FHSWLRQDO VWDPS Â… Â… Â’ 1$32/(21 F ZLWK % XQGHU QHFN RIILFLDO

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

)5 &2/ 72*2 '$+20(< RYSW VHW RI RQ D FRYHU 6*

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

UHSULQW IUHVK XQXVHG IRXU PDUJLQV VXSHUE FRORXU <YHUW F FDW (XUR Â… Â… Â’ &2/285 75,$/6 F LPSHUI 1DSROHRQ LQ JUHHQ

DQG EURZQ RQ WLQWHG SDSHU HDFK DV D EORFN IUHVK XQXVHG DV LVVXHG PRVW DWWU EORFNV Â… Â… { 9$5,(7< I ZLWK GRXEOH LPSUHVVLRQ RI WKH

EDFNJURXQG OLQHV RYHU 6* E ZLWK D FDQFHO )UHQFK 3RVW 2IILFH LQ &KLQD VFDUFH Â… Â…

6LHJH RI 3DULV *D]HWWH 'HV $EVHQWV %DOORRQ { 2/' $/%80 SDJHV ZLWK LVVXHV IURP ZLWK Â’ D JRRG UDQJH RI VWDPSV FDWDORJXHG Â… ZLWK PXFK SUH 0RQWH ILQH XVHG DQG UHGLUHFWHG IUDQNHG F &HUHV YHU\ ILQH

DQG D VFDUFH SULQWHG OHWWHU VKHHW 7KH ORW FRPHV ZLWK YROXPHV /D 3RVWH 3HQGHQW /H 6LHJH %RRNOHWV 5H (DFK %DOORRQ Â… Â…

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

)5 &2/ 833 92/7$

%DOORQ 0RQWH FDUULHG RQ *DPEHWWD WR /RQGRQ 4 IUDQNHG F F 1XPHURXV SPNV ODUJH FDFKHW RQ UHYHUVH

{ 2/' $/%80 SDJHV ZLWK LVVXHV IURP Â’ VHHQ GHILQV WR IU VXUFKDUJHV GHILQV WR I

8QXVXDO Â… Â…

F D JRRG VHOHFWLRQ RI VWDPSV FDW Â… 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…

)5 &2/ :$//,6 )8781$

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

{ 2/' $/%80 SDJHV ZLWK LVVXHV IURP D Â’ JRRG VHOHFWLRQ RI VWDPSV FDWDORJXHG Â… ZLWK VHWV

H Â… Â…

PDLQO\ SUH LQF D UDQJH RI DGKHUHQFH RYSW WR IU DLU ILQH XVHG FÂ… HDUO\ RYSWV WR IU $ YHU\ JRRG UDQJH Â… Â…

)5 &2/ :(67 $)5,&$

3HDFH DQG &RPPHUFH D ILQH XVHG DQG KLJKO\ &DW 6WXG\ RQ SDJHV VWDPSV PDMRULW\ RI WKH W\SH ,, DQG QHZ FRORXUV DUH KHUH LQF 9DOXHV WR IU LVVXHV F <YHUW PLQW F H IU )8 DQG LVVXHV WR IU PDMRULW\ DUH VRXQG XVHG *RRG JURXS Â… Â…

{ 2/' $/%80 SDJHV $LG DQG 5HG &URVV Â’ )XQG 0 (ERXH VHW 0 GHILQV VHW 0 $LU 0 $LU { 3($&( $1' &200(5&( FROOHFWLRQ RQ SDJHV

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

JRRG IRU VWXG\ ZLWK YDOXHV WR I ZLWK PDQ\ GLIIHUHQW VKDGHV DQG SULQWLQJV RYHU VWDPSV FKLHIO\ ILQH XVHG Â… Â… { '(),1,7,9( FROOHFWLRQ RQ SDJHV

)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$1&( { &(5(6 IU DWWUDFWLYH )8 ZLWK IRXU IXOO PDUJLQV

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…

DQG QHDW SPN VPDOO WKLQV JRUJHRXV ORRNLQJ VWDPS <YHUW FDW Â’ 35( &$1&(/6 PLQW ZLWK RULJLQDO JXP FDW (XUR Â… YHU\ ILQH ORW RI GLII YHU\ KLJK &9 LQF F (XURV Â… Â… 0HUVRQ 6RZHUV LQF F 3DVWHXU )LQH ORW Â… Â… 2/' '$92 SULQWHG $OEXP ZLWK EHWWHU SLFNLQJV { :$5 253+$16 )XQG VXUFK VHW RI 6* LQF 6LQNLQJ )XQG PLQW $LU WK )OLJKW EHWZHHQ ILQH XVHG Â… Â… )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’ 3DULV H[KLELWLRQ IU IUHVK PLQW <YHUW &DW H Â… Â… Â… Â…

{ 3(5)25$7(' &/$66,&6 ZLWK D YHU\ JRRG

Â’ $,50$,/ IU RYSW 6* IUHVK 0 FDW 4 Â… Â… Â… UDQJH ZLWK VKDGHV DQG GLIIHUHQW SULQWLQJV ILQH XVHG WR F ZLWK VKDGHV F F F F F DQG F ODXUHDWHG W\SH WR F ZLWK VKDGHV LQF F F Â’ $,50$,/ RYSW VHW 6* IUHVK 0 YHU\ ILQH F 7KLUG 5HSXEOLF WR F ZLWK PDQ\ GLIIHUHQW FDW Â… Â… Â… SULQWLQJV DQG VKDGHV ZLWK D JRRG DUUD\ RI GLIIHUHQW SRVWPDUNV Â’ 675$6%285* (;+,%,7,21 06 IDEXORXV $ YHU\ XVHIXO ORW RI VWDPSV Â… Â… Â’ TXDOLW\ 80 FDW (XUR Â… <YHUW Â… Â… ($5/< VWDPSHG OHWWHUV QRWLQJ VLQJOH

F RQ FRYHU WR 86$ VLQJOH F RQ FRYHU WR 1DSOHV Â’ 6,1.,1* )81' RYSW VHWV IUHVK PLQW YDOXHV SULQWHG SLFWRULDO PRXUQLQJ VKHHW ZLWK F LPSHUI VXSHUE 80 6* FKRLFH Â… Â… ZUDSSHU ZLWK F LPSHUI DQG PXFK RWKHU 0L[HG FRQGLWLRQ EXW PXFK ILQH Â… Â… Â’ +,*+ 9$/8( IU /D 5RFKHOOH SDOH XOWUDPDULQH 1$32/(21 F LPSHUI EORFN RI IRXU &2/285 <YW % PLQW FDW ( Â… Â… 75,$/6 LQ VODWH SXUSOH DV IUHVK XQXVHG EORFN RI IRXU Â’ /H +DYUH 6WDPS ([KLELWLRQ IU IUHVK PLQW .H\ 6FDUFH Â… Â… VWDPS <YHUW D &DW (XUR Â… Â… 1$32/(21 F LPSHUI EORFN RI IRXU &2/285 75,$/6 LQ OLODF DV IUHVK XQXVHG EORFN VFDUFH Â… Â… Â’ 6LQNLQJ )XQG IU F $QJHO IUHVK PLQW <YHUW &DW (XUR Â… Â…


4 IU EDQNQRWH 6* VRXQG FGV XVHG 6* Â’ $57 VHULHV IU 5RXDXOW LPSHUI PDUJLQDO Â’ H[DPSOH IUHVK 80 <YHUW D Â… Â… FDW Â… Â… Â… { $,5 VHW RI 6* ILQH XVHG VFDUFH Â’ 0$5,$11( 2) %(48(7 GHILQV LPSHUI Â’ YDULHWLHV 80 SDLUV DQG VLQJOHV F F GLII DQG IU Â… Â…

UHG <HUW HWF (OXVLYH Â… Â…

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

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

Â’ %$1.127( IU DLUPDLO 6* IUHVK PLQW FDW 4 Â… Â… Â… Â’ Â’ Â’ 6RXWK $PHULFD IOLJKW IU IUHVK P FDW Â… \YW

Â… Â… { 6287+ $0(5,&$ IOLJKW IU 9)8 ZLWK FKRLFH

FHQWUDO FGV <YW FDW ( Â… Â… 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

FDW Â… ZLWK QRUPDO WR FRPSDUH Â… Â… &281&,/ 2) (8523( ,03(5)25$7( 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…

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

{ ),1( 86(' LQ WZR DOEXPV RYHU VWDPSV

SRVWPDUNV <YHUW EORFN Â… Â… { )5(1&+ /(*,21 $LUPDLO VHW RI WZR PLFKHO ,,

DQG ,,, ILQH XVHG Â… Â…

DQG PLQLDWXUH VKHHWV VKHHWOHWV VHHQ SUH FDQFHOV ERRNOHW SDQHV KLJK YDOXH DLUV )UHQFK *DUGHQ 06 GHILQLWLYHV ZLWK KLJK YDOXH PRGHUQ LVVXHV $ YHU\ ILQH FROOHFWLRQ Â… Â… Â’ ,16(&76 SRVWDJH GXHV DV LPSHUI SDLUV IUHVK Â’ 80 <YHUW Â… Â…

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

PDQ\ UHOLHI IXQGV $LUV KLJK YDOXHV LQF IU )5(1&+ 5(92/87,21 FRLQ FRYHU ZLWK IU IU IU IU VWDPS FHQWHQDU\ I VLOYHU FRLQ ZLWK $PHULFD DQG )UHQFK $QQLYHUVDU\ VWDPSV IU 6* D H[KLELWLRQ EORFN RI ZLWK ODEHOV $ YHU\ FDQFHO ZLWK )', FDQFHO Â… Â… FRPSUHKHQVLYH FROOHFWLRQ WR RYHU VWDPSV LQ D Â’ 5(' &2/285 RPLWWHG IU 6XPPLW RI WKH TXDOLW\ $OEXP Â… Â… Â’ $UFK IUHVK 80 9HU\ UDUH <YHUW % FDW (XUR &(17(1$5< &LWH[ LOOXVWUDWHG SLFWXUH FDUG Â… Â… Â… ZLWK VSHFLDO VKRZ FDQFHO DQG I I VWDPS DWWDFKHG 6* D VHQW ORFDOO\ Â… Â… &281&,/ 2) (8523( VSHFLDO FGV FDQFHOV RQ

Â’ 02'(51 8102817(' 0,17 LQF KLJK YDOXH Â’ DLU WR I ERRNOHWV VH WHQDQW VWULSV 60 RYHU VWDPSV

ERRNOHWV DQG 06 VKHHWOHWV Â… Â… WZR FRYHUV DQG RQH SRVWFDUG PXOWL IUDQNHG WR 8. RQH LV WD[HG Â’ 6,/9(5 20,77(' PLVVLQJ (LIIHO 7RZHU HWF RQ XQXVXDO Â… Â… Â’ IU URFNHW VWDPS IUHVK 80 ZLWK QRUPDO WR FRPSDUH { ),1( 86(' ZLWK PDQ\ EHWWHU VHWV 6SHFWDFXODU DQG UDUH <YHUW D FDW (XUR 1DWLRQDO )XQG FÂ… $LU VHW FÂ… SUH FDQFHO Â… Â… Â… VHW Â… 1DWLRQDO )XQG FÂ… 1DWLRQDO )XQG FÂ… $LU VHW FÂ… 3KLODWHF ([KLE ZLWK ODEHO FÂ… $ YHU\ JRRG FROOHFWLRQ RI VWDPSV Â… Â… Â’ $,5&5$)7 DLUPDLO VHW 0 <YHUW FDW ( 4 Â… Â… Â’ $,50$,/6 IU WR IU KLJK YDOXHV IUHVK 80 Â’ 6* FDW Â… Â… Â… 4

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

3$*(6 ZLWK D JRRG UDQJH RI VWDPSV VWUHQJWK 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… { 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

&RWH 'LYRLUH RPLWWHG 6* D PLQW Â… Â…

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

Â’ )(==$1 2FFXSDWLRQ VWDPS RI /LE\D Â’ VXUFKDUJH )U RQ F 6* PLQW &DW Â… $LU VHW Â’ RI WZR 0 GHILQ VHW RI 80 &KDULW\ VHW 0

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

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…

3RVWDJH GXH VHW PLQW GHILQ VHW RI 80 *KDGDPHV VHW RI 0 D ILQH FROOHFWLRQ RI VWDPSV Â… Â… { $/(;$1'5$ 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…

PHILANGLES

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


3267$/ +,6725< /27 6LOYHU (48$725,$/ $)5,&$ SDJHV DQG VWRFN ERRN SDJHV ZLWK RYHU VWDPSV ZLWK PXFK PLQW LQF 80 ZLWK YDOXHV -XELOHH VHWV RQ FRYHU .*9 VL[ VWDPS UHJG LQF WR IU PLQW DQG ILQH XVHG WR I QHHGV VRUWLQJ .*9, DLUPDLO IOLJKW FRYHUV ZLWK YDOXHV WR G JRRG òG RQ VL[ Â… Â… VWDPS FRPELQDWLRQ FRYHU .*9, FRPPHUFLDO XVDJHV 'LYHUVH ORW Â… Â… { ,1'2 &+,1$ &RPPHUFH RYSW VHW )8 LQF 4(,, XVHIXO UDQJH ZLWK VWDPSV 06 DQG XQLVVXHG 6* Â… Â… FRYHUV ZLWK VHWV D JRRG VHOHFWLRQ RI LWHPV 7KH VWDPSV 2/' 3$*(6 :LWK PDQ\ FRORQLHV UHSUHVHQWHG DUH PDLQO\ 80 Â… Â… ZLWK EHWWHU VHHQ &HUHV *HQHUDO LVVXH F *UH\ 6* ZLWK *(5 &2/6 &$0(5281 PDUJLQV )8 IDXOWV FÂ… (TXDWRULDO $IULFD DGKHUHQFH VHW RI )8 /HEDQRQ $LU WR SL RQ )U 2/' 3$*(6 ZLWK D ILQH UDQJH RI VWDPSV PLQW 3RO\QHVLD )UDQFH /LEUH RYSW VHW RI 6* HDFK GLIIHUHQW PLGGOH &RQJR 2937 V WR I P ,QGLD 6HWWOHPHQW )UDQFH /LEUH RYSWV WR I PLQW 2937 V WR I VHW WR I KLJK YDOXH DLU WR IU D 7XQLVLD $LU VHW RI FÂ… PLQW PDQ\ V RI VWDPSV ILQH VHOHFWLRQ HDFK VWDPS GLIIHUHQW 6WUHQJWK LQ PLQW IURP HDUO\ RYSW V WR V V LVVXHV Â… Â… Â… Â… Â’ =$1=,%$5 UDUH VH WHQDQW SDLU RI WKH D *(5 &2/6 &$52/,1( ,6 RQ RQ F ZLWK W\SH / - RYHUSULQWV ILQH PLQW 6* E Â’ )LUVW LVVXH SI 6* ILQH PLQW H[SHUW +6 RQ FDW Â… 7KH W\SH O VHWWLQJ LV RQO\ IRXQG RQFH SHU SDQH $ UHYHUVH $ VFDUFH VWDPS &DW Â… Â… Â… ^3KRWR` UDULW\ Â… Â… { =$1=,%$5 RQ òD RQ F 6* IX RQ Â’ )LUVW LVVXH SI (DJOH WRS YDOXH PLQW 6* &DW

SLHFH ZLWK FRPSOHWH SPN &DW Â… Â… Â…

Â… Â… Â… ^3KRWR`

)8-(,5$

*(5 &2/6 ($67 $)5,&$

{ $OEXP SDJHV ZLWK PDQ\ FRPSOHWH VHWV ZLWK Â’ WKHPDWLF FRQWHQW RYHU VWDPSV 06 0DLQO\ IUHVK PLQW

VRUW E\ VHW RQ HDFK SDJH Â… Â…

Â’ 67$036 2) *(50$1< 6XUFKDUJH VHW RI

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

*$%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…

&DUPLQH 5RVH 6* PLQW Â… Â…

*(5 &2/6 .,$2&+2: Â’ <DFKW WRS YDOXH òG &KLQHVH &XUUHQF\

VXSHUE PLQW 6* &DW Â… Â… Â… ^3KRWR`

*$0%,$

*(5 &2/6 785.,6+ (03,5(

{ .*9 (OHSKDQW 0&$ VHW RI IRXU )8 6* { $OEXP SDJHV ZLWK EHWWHU SLFNLQJV

Â… Â…

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…

{ .*9 (OHSKDQW VHW RI òG WR ILQH XVHG

6* $ PRVW HOXVLYH VHW LQ )8 FRQGLWLRQ Â… Â…

*(5 =21(6 %5 $0

Â’ 6FULSW :DWHUPDUN .*9 VHW RI GLIIHUHQW

YDOXHV òG WR PLQW 6* LV 6* &DW Â… Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ òG VKRUW H[WUD )ODJVWDII Â’ IUHVK 80 LQ FRUQHU SRVLWLRQDO EORFN 6* %

$ FRPSUHKHQVLYH FROOHFWLRQ ZLWK PDQ\ EHWWHU SLFNLQJV LQF QXPHUDOV 06 ERWK PLQW +DQQRYHU 06 PLQW $ ILQH ORW RI VWDPSV 06 PDLQO\ PLQW Â… Â… ^3KRWR`

*(5 =21(6 )5(1&+

Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ G 6KRUW H[WUD )ODJVWDII Â’ 80 WKUHH WRQHG SHUI WLSV 6FDUFH 6* % Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII PLQW LQ

FRUQHU SDLU ZLWK QRUPDO WZR VKRUW SHUIV 6* $ Â… Â…

*(1(5$/ ,668( 6HW %DGHQ LQF 5HEXLOGLQJ LQF ERWK 06 PLQW 5HG &URVV VHW LQF 06 PLQW $ JRRG UDQJH RI VWDPSV 06 &DW 9DOXH Â… Â… Â… ^3KRWR` Â’ :XUWWHPEHUJ &DWDORJXHG Â… LQF 3)

RPLWWHG WR 3) H[ 3) 5HG &URVV VHW LQF WKH 06 $ YHU\ ILQH FROOHFWLRQ RI VWDPSV 06 IUHVK PLQW Â… Â… ^3KRWR`

Â’ 63(&,0(1 SHUI 6LOYHU -XELOHH VHW PLQW

6* 6 Â… Â… )/,*+7 &29(56 IRU VWDJH IOLJKWV WR 86$ ILQH 4 ORW RI VL[ GLII VPDOO FRYHUV GLII UDWHV IURP G WR G

&RPELQDWLRQV URXWLQJV LQF VFDUFH %UD]LO OHJV %HOJLDQ &RQJR /DJRV HWF +LJKO\ UHFRPPHQGHG Â… Â…

*(50$1 &2/21,(6 Â’ &$0(5281 PLQW FROOHFWLRQ RI GLII LVVXHV

YHU\ KLJK &9 LQF (DJOH VHW 6* . <DFKWV LQF QR ZPN PN PN 6* . RWKHU <DFKWV Â… Â…

0XOWLSOH IUDQNHG FRYHUV $LUPDLO HQY V Â’ &$0(5281 RYSW VHW RI VL[ IUHVK PLQW 6*

ZLWK D YDULHW\ RI %LUG YDOXHV ZLWK %DWKXUVW &'6 ZLWK VW GD\ RI LVVXH +6 QHDUE\ VHOI JRYHUQPHQW RYSWV ZLWK 1RY &'6 ZHUH QRW LVVXHG XQWLO WKH 1RY VHW RI YDOXHV 2+06 HQY ZLWK òG WR %LUGV 2+06 (QY :LWK ,QGHSHQGHQFH RYSWV òG WR ZLWK )', FDQFHO $ JRRG VHOHFWLRQ RI FRYHUV Â… Â…

Selling?

. 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

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

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

Â… Â… Â’ 0252&&2 1HZ YDOXHV VHW RI IUHVK

PLQW H[ F 6* &DW Â… .H\ VHW Â… Â… Â’ 0252&&2 JRRG FROOHFWLRQ RQ ROG SDJHV

VWDPSV PLQW 5HLFKVSRVW RYSWV WR S F ZPN VHW RI WR S F WRS YDOXH 6* Â… Â… 3RVWDO 6WDWLRQHU\ <DFKW LVVXHV &OHDQ ORW RI

FKLHIO\ XQXVHG DQG DOO GLIIHUHQW SRVWDO FDUGV YHU\ ILQH DOVR 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

'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… Â’ =HSSHOLQ &KLFDJR RYSW VHW IUHVK PLQW 6* 4 &DW Â… Â… Â… ^3KRWR` Â’ $,50$,/ VHW RI IUHVK 80 6* Â’ ([FHSWLRQDOO\ IUHVK TXDOLW\ FDW Â… VHH ZHEVLWH

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… ,16(/ 3267 5+2'(6 2YHUSULQWHG ,QVHO 3RVW 0L % XVHG Â… Â… Â’ 9(56,&+(581* ,QVXUDQFH PN EORFN RI Â’ XQXVHG 6HOGRP VHHQ LQ EORFNV Â… Â… 3$66,21 3/$< 2EHUDPPHUJDX VSHFLDO FDUGV

SI <DFKWV LQF QR ZPN PN 6* * DQG ERWK PN ZPN LVVXHV 6* D Â… Â…

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

{ 785.,6+ (03,5( (DJOH RYSW VHW

JRRG WR )8 6* FDW Â… Â… Â…

$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…

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

KLJK YDOXHV DOO 9)8 ZLWK GLII RIILFH SPNV 6* Â… Â… { 785.,6+ (03,5( ZPN SL SL DQG

SL KLJK YDOXHV )8 QLFH SRVWPDUNV 6* Â… Â…

{ &2//(&7,21 +286(' ,1 6,; '$92 3ULQWHG Â’ $OEXP DQG VWRFN ERRN PDQ\ V RI VWDPSV ZLWK EHWWHU

{ 785.,6+ (03,5( SL 6* ILQH

SLFNLQJV IURP HDUO\ VWDWH &RORQLHV WR H[WHQVLYH FROOHFWLRQ $OOLHG ]RQH 5XVVLDQ *RHWKH 06 80 FÂ… :HVW *HUPDQ\ FHQWHQDU\ RI WKH ILUVW VWDPS VHW RI FÂ… PLQW 5HIXJHHV )XQG VHW RI FÂ… PLQW 838 )8 %DFK VHW RI FÂ… )8 6W 0DU\ V &KXUFK VHW RI )8 FÂ… +XPDQLWDULD )XQG GHW RI FÂ… PLQW 9HU\ KLJK &DW 9DOXH LQ WKH HDUO\ LVVXHV ROG WLPH ORW Â… Â…

XVHG Â… Â…

785.,6+ (03,5( FROOHFWLRQ RQ ROG SDJHV VWDPSV FDW DERXW Â… LQF RYSWV (DJOH VHW )8 6* SL 6* PLQW SL 6* 9)8 SL 6* )8 *HUPDQLD RYSWV RWKHU KLJK YDOXHV WR SL *RRG JURXS Â… Â…

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

WR P W\SH ,, W\SH , FDW Â… Â… Â…

/RFDO 3RVW WK &HQWXU\ RQ ROG SDJHV D UHPDUNDEOH FROOHFWLRQ RI DIIL[HG WR SDJHV ZLWK GLIIHUHQW W\SHV VHHQ RQ HDFK SDJH VHOGRP VHHQ LQ WKLV TXDQWLW\ PL[HG FRQGLWLRQ 8QXVHG Â… Â…

2/' $/%80 3DJHV ZLWK D JRRG UDQJH RI *(50$1< VWDPSV WR LQF ORFDO GHIDFHG +LWOHU RFFXSDWLRQ 6&+$8%(. 3ULQWHG $OEXP IRU *HUPDQ\ $OOLHG =RQHV 32 DERDUG DQ LQWHUHVWLQJ ORW ZLWK RYHU 6WD\HV &RORQLHV DQG 3RVW 2IILFHV DEURDG ZLWK RYHU VWDPSV 06 LQF 2VWURSD SRRU $ JRRG ORW PDLQO\ VWDPSV %DGHQ HDUO\ $UPV DQG 1XPHUDOV WR NU %DYDULD PLQW Â… Â… QXPHUDOV HPERVVHG ZLWK YDOXHV WR PN .LQJ /XGZLJ { 2/' 7,0( &ROOHFWLRQ ZLWK LVVXHV IURP P P DQG P ILQH XVHG FRORQLHV LQF <DFKW LVVXHV &KLQD LQF HDUO\ VWDWHG VHHQ %DGHQ 3RVWDJH 'XHV VHW RI RYSWV 0RURFFR RYSWV 2OG WLPH FROOHFWLRQ LQ D TXDOLW\ XQXVHG 3UXVVLD .LQJ VJU DQG VJU PLQW N RYSW $OEXP Â… Â… 6* )8 ZLWK LVVXHV WR RYHU VWDPSV VWUDLJKW LQ ILQH 683(5% VHW RI IRXU -XELOHH HQYHORSHV ZLWK XVH Â… Â… *HUPDQLD SI SI SI DQG SI LPSUHVVLRQV HDFK ZLWK 3,&785( 3267&$5'6 ZLWK PDQ\ GLIIHUHQW /XGZLJVVEXUJ &72 FDQFHOV SDQHOV GHSLFW FODVVLF VWDPSV YLHZV XQXVHG ZLWK UHDO SKRWR IURP DOO URXQG WKH FRXQWU\ &KRLFH Â… Â… GLIIHUHQW FDUGV PDLQO\ EODFN DQG ZKLWH Â… Â… 3$5&(/ &$5'6 ZLWK D YDULHW\ RI IUDQNLQJV 3RVWDO VWDWLRQHU\ SI DQG SI V V VHQW WR 7XUNH\ VHHQ FDUGV IURP .DUOVUXKH =ZLFNDX 0LWWZHOGD SRVWDO FDUGV FKLHIO\ LOOXVWUDWHG DQG XQXVHG ZLWK PDQ\ GLIIHUHQW :RUPV 9HOEHUW D IHZ ZLWK GHFODUDWLRQ IRUPV FDUGV JRRG LPDJHV (DUO\ V FDUGV PDLQO\ SI RYHU FDUGV DOO IRU VWXG\ Â… Â… XQXVHG Â… Â… { 63(&,$/ 3UHVHQWDWLRQ VKHHW EHDULQJ VHW RI Â’ <($5 %22.6 ZLWK XQPRXQWHG /RVV &RORQLHV DQG 7HUULWRULHV ZLWK VSHFLDO )UHGULFN 7KH *UHDW Â’ PLQW VHWV 0LFKDHO FDWDORJXH YDOXH (XURV HDFK /DEHO XQXVXDO DQG VFDUFH Â… Â… GLIIHUHQW Â… Â… { ,$$ RYSW VHW )8 6FDUFH VHW ZLWK FRUUHFW GDWHG *(50$1< $//,(' =21(6 SPNV 6* Â… Â… 0(&./(1%85* VSHFWDFXODU IUDQNHG HQYHORSH Â’ =HSSHOLQ VHW IUHVK PLQW 6* &DW Â… ZLWK ERWK SHUI DQG LPSHUIV QRWH SI SI SI DQG SI SOXV 4 Â… Â… SI >I SI DQG SI SHUI HDFK ZLWK D ILQH FGV FDQFHO FDW Â… DV ILQH XVHG VWDPSV Â… Â… www.philangles.co.uk place your bids online. Immediate and secure.


*(50$1< %(5/,1

*,%5$/7$5

*,%5$/7$5 YHU\ ILQH ER[HG DUF RQ HQWLUH WR 3522)6 %HSKLOD VHW RI WZR VKHHWOHWV %HUOLQ VXQNLQJ GLH SURRIV ZLWK LPDJHV RI 6WDPS 6FRWODQG UDWKHU ILQH Â… Â… 'D\ DQG PN GHILQ %HSKLOD PN ZLOO HQKDQFH \RXU *,%5$/7$5 DUF ZLWK 3$,' KV ERWK H[FHOOHQW FROOHFWLRQ YHU\ IUHVK QR KLQJH PDUNV Â… Â… VWULNHV RQ HQWLUH WR &DGL] HQGRUVHG DQG ZLWK 4 KV 6XSHUE *(50$1< ($67 FRQGLWLRQ Â… Â… { 1,(6.< S) /LJKW 5RVH 5HG RQ :KLWH 3DSHU *,%5$/7$5 ER[HG DUF ZLWK 3$,' KV RQ HQWLUH ILQH XVHG RQ SLHFH ZLWK VXSHUE QLHVN\ &'6 Â… Â… WR &DGL] FKDUJHG DW ZLWK ODUJH UHGXFHG UDWH" RYHU HQWLUH )LQH DQG XQXVXDO Â… Â… { 7:2 '$92 3ULQWHG $OEXPV ZLWK DQ H[WHQVLYH Â’ FROOHFWLRQ RI VWDPSV DQG 06 6KHHWOHWV ZLWK PDQ\ { 49 VHW * WR )8 6* FDW Â… Â… Â… EHWWHU VHWV %DFK VHW )8 6FLHQFH VHW RI PLQW FÂ… )ULHQGVKLS ZLWK &KLQD VHW )8 .DUO 0DU[ *,%5$/7$5 RYSW SRVWDO FDUG ZLWK ILQH GXSOH[ VHW RI )8 VHW RI 06 SHUI DQG LPSHUI PLQW FÂ… FRPPHUFLDO XVHG WR %LUPLQJKDP UHTXHVWLQJ D FDWDORJXH IRU GHILQV VHW RI )8 )LYH <HDU SODQ VHW RI D YHU\ JRRG RSHUD JODVVHV Â… Â… FROOHFWLRQ KRXVHG LQ WZR TXDOLW\ $OEXPV Â… Â… { 49 WRS YDOXH 6* QLFH )8 FDW Â…

5(*,67(5(' &RYHU WR 8. IUDQNHG ZLWK WZR

SI )ULHQGVKLS ZLWK 3RODQG SI )UHHGRP DQG SI PDNLQJ XS SI SI SI 5HGJ $ VFDUFH FRPPHUFLDO FRYHU Â… Â…

*(50$1< /2&$/6 Â’ 0(,66(1 5HFRQVWUXFWLRQ )XQG PLQLDWXUH Â’ VKHHW XQPRXQWHG PLQW VRPH ZULQNOLQJ DV XVXDO 0L , 6FDUFH DV

XQPRXQWHG PLQW Â… Â… Â’ 675$86%(5* 6KHHWOHW RI YDOXH 0L EORFN Â’ W\SH ,, DQG EORFN W\SH ,, XQPRXQWHG PLQW Â… Â…

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

Â… Â…

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… { (':$5' Â… 6* VXSHUE XVHG D YHU\ ILQH

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

VWDPS Â… Â…

*(50$1< :(67

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

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

Â… Â…

),567 '$< FRYHU QHDW HQYHORSH ZLWK 3UHVLGHQW Â’ .*9 6* VXSHUE PLQW Â… Â…

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

Â’ .*9 6* IUHVK 0

*+$1$

Â… Â…

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

Â’ .*9 Â… 6* ILQH DQG IUHVK PLQW $ NH\ VWDPS Â… Â… ^3KRWR` &XUUHQF\ RYSWV EODFN VWDUV DQG SRVWDJH GXH RYSWV LQF LQYHUWHG RYSWV PDMRU RYHUSULQW VKLIWV GRFWRU EODGH IODZV S RQ SDQH RI KHDYLO\ RYHU LQNHG EDGO\ GDPDJHG RYSWV DQG PXFK { .*9 Â… 9)8 6* Â… Â… PRUH 9HU\ JRRG ORW Â… Â…

Â’ &2035(+(16,9( FROOHFWLRQ RI 80 KRXVHG RQ Â’ 6LOYHU -XELOHH YDULHWLHV $ PDWFKHG WULR G G Â’ VWRFN SDJHV SDFNHWV DQG VWRFN VKHHWV PDQ\ SXUFKDVHG RQ

QHZ LVVXH ZLWK RYHU VWDPSV DQG 06 DOO GLII DQG H[FHOOHQW TXDOLW\ 0DQ\ LQWHUHVWLQJ RYSWV DQG EHWWHU GHILQ VHWV &RVW D IRUWXQH Â… Â… Â’ 29(535,17 (55256 LQ PXOWLSOHV GHILQ Â’ LVVXHV 29(535,17 ,19(57(' S S DQG PXOWLSOHV LQF

HDFK ZLWK VPDOO /LJKWQLQJ &RQGXFWRU RQ OHIW JDEOH 6* 9DU 0LQW 3XUFKDVHG IURP 6* 9DUV Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII PLQW

6* $ Â… Â…

Â… SODWH EORFN ZLWK PLVVLQJ *+ RI *KDQD LWHPV GHWDLOHG Â’ 6LOYHU -XELOHH YDULHW\ G VKRUW H[WUD )ODJVWDII OLVW HQFORVHG Â… Â… Â’ 80 6* % Â… Â… { &$1&(//$7,21 &2//(&7,21 ZLWK RYHU GLIIHUHQW RIILFHV PRVWO\ VHOHFWHG IXOO FGV ZULWWHQ XS RQ SDJHV Â’ 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII PLQW LQ SDLU ZLWK QRUPDO 6* $ Â… Â… XVLQJ V LVVXHV 0DMRULW\ KDQG SLFNHG IRU IXOO SPNV $ = Â… Â… Â’ %LUG RQ PHPRULDO YDULHW\ .*9, LVVXH IUHVK { &$1&(//$7,216 RQ òG ,QGHSHQGHQFH PLQW 6* EE FDW Â… Â… Â… ^3KRWR` LVVXHV RYHU H[DPSOHV HDFK RQH ZLWK D GLIIHUHQW RIILFH FGV UHPDUNDEOH DFKLHYHPHQW PDQ\ IXOO VRFNHG RQ QRVH { 683(5% 86(' FROOHFWLRQ ZLWK PDQ\ VHWV ZLWK VWULNHV *RRG ORW Â… Â… EHWWHU SLFNLQJV QRWH SLFWRULDO VHW WR Â… FDW SLFWRULDO VHW RI 6KLS VHW RI 9LHZV VHW RI LQ { ),1( 86(' DQG YHU\ FRPSUHKHQVLYH SDFNHG SDLUV SLFWRULDO VHW RI WR Â… H[WHQVLYH ZLWK FRPSOHWH VHWV WKH FROOHFWLRQ RI RYHU GLII FRPPHPRUDWLYHV RYHU VWDPSV VXSHUE TXDOLW\ VWDPSV YDOXH LV LQ DOO WKH PRGHUQ FRPPHP VHWV VHOGRP Â… Â… RIIHUHG LQFOXGLQJ *ROG &RDVW VHWV Â… Â…


Â’ ,QYHUWHG ZDWHUPDUN S %LUG 6* Z 80 Â’ 6LOYHU -XELOHH YDULHW\ G /LJKWHQLQJ &RQGXFWRU Â’ Â… Â… Â’ 80 ZLWKLQ FRUQHU EORFN RI ZLWK 5HTXLVLWLRQ 1XPEHU 9HU\

ILQH 6* & Â… Â…

Â’ 6,/9(5 -8%,/(( VKHHWOHWV DQG PLQLDWXUH Â’ VKHHWV ZLWK F\OLQGHU QXPEHUV ZLWK D IDFH YDOXH RYHU Â… DQG

{ 6LOYHU -XELOHH YDULHW\ G VKRUW H[WUD )ODJVWDII

ILQH XVHG 6* % 2QH VKRUW SHUI 6FDUFH Â… Â… PDQ\ GLIIHUHQW F\OLQGHU QXPEHUV S VKHHWOHWV VKHHWOHWV Â… 06 9HU\ XVHIXO ORW 80 Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII PLQW Â’ ,QYHUWHG ZPN S )ORZHUV 80 6* ZLWKLQ FRUQHU EORFN 6* $ Â… Â… Â’ EZ Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII IUHVK Â’ ,QYHUWHG ZPN S 1DYDO &UHVW 80 6* PLQW ZLWKLQ FRUQHU EORFN 6* $ Â… Â… Â’ Z Â… Â… Â’ 63(&,0(1 SHUI 6LOYHU -XELOHH VHW PLQW 2/' 672&. %22. ZLWK EHWWHU SLFNLQJV 6* 6 Â… Â… (GZDUG PLQW òG G 6SHFLPHQ RYSW 0XOWL &URZQ &$ ILQH FÂ… .*9 WR .*9, WR 4(,, WR { .*9, ILQH XVHG RQ ROG SDJHV &RURQDWLRQ Â’ GHILQV WR 9LFWRU\ GHILQV WR RGG PLQW Â… $ IHZ VWDPSV LQF 80 Â… Â… 6LOYHU :HGGLQJ 838 VHW RI $ JRRG ORW RI Â’ 4(,, FRPSOHWH VXSHUE 80 KRXVHG VWDPSV Â… Â… Â’ LQ IRXU 'HYRQ DOEXPV LQFOXGLQJ 06 VKHHWOHWV QXPHURXV GHILQ VHWV DQG PXFK PRUH +XJH IDFH YDOXH DQG &9 7KH FROOHFWLRQ 3267$/ +,6725< /27 LWHPV UHJG HQY IUDQNHG [ G GXSOH[ WR /RQGRQ 6LOYHU -XELOHH DOVR LQFOXGHV VRPH ILQH HDUOLHU PDWHULDO DQG VRPH 6* OLVWHG VHW RQ UHJG FRYHU ::,, LQF FHQVRUHG FHQVRUHG DQG ZPN YDULHWLHV 6XSHUE TXDOLW\ YHU\ PDQ\ V UHJG FRYHU WR 6ZLW]HUODQG ZLWK G UDWH òG 33 UDWH Â… Â… FRYHU EORFN 6* RQ UHJG FRYHU 4(,, VHW Â’ 4(,, XQPRXQWHG PLQW ZLWK D IDFH YDOXH RYHU WR RQ ORFDO 7DUNZD FRYHU 6RPH LQWHUHVWLQJ LWHPV 0L[HG Â’ Â… VXSHUE DUUD\ RI VHWV PDQ\ PLQLDWXUH VKHHWV ZLWK LVVXHV WR FRQGLWLRQ Â… Â… ZLWK PDQ\ KLJK YDOXHV WR Â… Â… Â… ^3KRWR` 3267$/ +,6725< 6(/(&7,21 _ *,/%(57 (//,&( ,6 LQF :DU 7D[ XVHG RQ UHJLVWHUHG FRYHU 6SHFLDO )OLJKW Â’ .*9 XQPRXQWHG PLQW DQG VHOGRP RIIHUHG &RYHU WR 'DNDU UHJLVWHUHG HQYV )URP VPDOOHU RIILFHV Â’ YDOXHV 'LH , LQF G 6* 'LH ,, 6* JRRG )LQH Â… Â… JURXS Â… Â…

*5($7 %5,7$,1

Â’ .*9 Â… PLQW 6* D NH\ VWDPS

Â… Â… 5(*,67(5(' FRYHU WR 6ZLW]HUODQG G G

FRPER UHJLVWHUHG DW )XQDIXWL &RORQ\ FDFKHWV DQG DUULYDO FGV 8QXVXDO Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ )ODJVWDII RQ 5LJKW

+DQG 7XUUHW PLQW 6FDUFH 6* ' 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

9$/8($%/( 0LQW FROOHFWLRQ LQ D SULQWHG $OEXP LQF 49 G SO 6* FÂ… %DWDP SO 49 *RYW 2IILFLDO G òG G G 6* G /LODF GRW /LODF DQG *UHHQ WR G -XELOHH WR H[ *UHHQ (GZDUG WR SHUI [ VHW RI 'RZQH\ +HDG VHW RI LQF òG 6* ZPN ,QY WR H[ D VHW RI ERWK H[KLELWLRQ VHWV GHILQ VHW RI ([WHQVLYH .*9, LQF $UP VHW RI 6 :HGGLQJ )HVWLYDO KLJK YDOXHV 6XSHUE UDQJH RI 4(,, LQF FDVWOH KLJK YDOXHV 6* ZLOGLQJV LQF SKRV JUDSKLWH SKRVSKRU VHWV SRVWDJH GXHV ZLWK VHWV WR RYHU VWDPSV /DWHU LVVXHV 80 Â… Â… ^3KRWR`

*5($7 %5,7$,1 $,50$,/6

òG G ZKLWH GRW E\ 6W 3DXOV DQG G UHWRXFKHG RYHU OHIW 4 63(&7$&8/$5 IORZQ LQWDFW UHSO\ FDUG WR H\H DOO 80 Â… Â… *HUPDQ UHLQIRUFHG ZLWK WDSH IUDQNHG :(0%/(< (;+,% { 2/' 7,0( FROOHFWLRQ RQ SDJHV ZHUH WKH PLQW VHW SOXV òG PDNLQJ òG UDWH YDULRXV FDQFHOV UHWXUQ SRUWLRQ Â’ FDW Â… ZLWK LVVXHV IURP WR LQF GHILQ VHW IUDQNHG *HUPDQ\ SI VW\OLVHG DLUPDLO DQG òG LPSUHVVLRQ ZLWK VKDGHV 6LOYHU :HGGLQJ VHW 4(,, VHW RI FÂ… D ERWK ZLWK %HUOLQ FGV UHPDUNDEOH Â… Â… JRRG ORW RI VWDPSV PDLQO\ PLQW Â… Â… 5DLO DLU VHUYLFH 7ZR FRYHUV SRVWHG DW 3UHVWRQ 4 4(,, FROOHFWLRQ FKLHIO\ RQ GLVSOD\ SDJHV LQF D HDFK ZLWK G /06 UDLOZD\ VWDPSV IRU 3UHVWRQ ERWK FDUULHG E\ VWXG\ RI WKH &KULVWPDV VWDPSV ZLWK VKDGHV F EORFN UDLO WKHQ IORZQ RQZDUGV RQH UHFDUULHG E\ UDLO GXH WR FDQFHOOHG RI VKRZLQJ PLVSODFHG EURZQ .LULEDWL RIILFLDO F GRXEOH IOLJKW XQXVXDO IDXOWV Â… Â… RYSW 6* 2 D 80 $Q LQWHUHVWLQJ JURXS ZLWK PLQRU YDULHWLHV *5($7 %5,7$,1 % 48((1 9,&725,$ LQF ZPN HUURUV RQ GHILQLWLYH LVVXHV $ JRRG ORW RI LWHPV Â… Â… 0XOUHDG\ FDULFDWXUH VRXWKJDWH 1R ILQH XQXVHG UHSULQW Â… Â…

*2/' &2$67

08/5($'< /HWWHU VKHHW IRUP VWHUHRV $ D

{ .*9 VHW RI WR )8 6*

VFDUFH VWHUHR YHU\ IUHVK XQXVHG 6*0( K Â… Â…

Â… Â…

0XOUHDG\ SHQQ\ ZUDSSHU VWHUHR $ XQXVHG

Â’ .*9 VHW RI òG WR IUHVK PLQW 9LEUDQW

LQFUHGLEOH GHHS EODFN LPSUHVVLRQ 6PDOO IDXOWV Â… Â… ^3KRWR`

FRORXUV 6* $ Â… Â… { 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII )8

{ 3(11< %/$&. PDUJLQV SODWH E OHWWHU *-

6* $ Â… Â…

ZLWK UHG 0& Â… Â…

Â’ VLOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII PLQW

{ 3(11< %/$&. &% SODWH E ILQH XVHG IRXU

ZLWKLQ FRUQHU EORFN 6* $ Â… Â…

PDUJLQV FULVS EODFN 0& Â… Â…

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


{ 3HQQ\ %ODFN ', SODWH PDWFKHG ZLWK

{ *5((12&. GLVWLQFWLYH 0DOWHVH &URVV RQ ILQH

3HQQ\ 5HG ', SODWH ERWK )8 PDUJLQV Â… Â…

PDUJLQ SHQQ\ UHG %/ SODWH FDW Â… Â… Â…

{ 3(11< %/$&. KRUL]RQWDO SDLU SODWH ZLWK

{ *5((12&. GLVWLQFWLYH 0DOWHVH &URVV RQ ILQH

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…

IRXU PDUJLQ SHQQ\ UHG 3/ SODWH FDW Â… Â… Â… { ,PSHUI VHOHFWLRQ DOO )8 IRXU PDUJLQ H[DPSOHV

3HQQ\ DQG 7ZR 3HQFH XQFKHFNHG Â… Â… { 125:,&+ GLVWLQFWLYH 0DOWHVH &URVV RQ ILQH

{ 3(11< %/$&. /& SODWH )8 FORVH WR JRRG

PDUJLQV Â… Â…

IRXU PDUJLQ SHQQ\ UHG -& SODWH FDW Â… Â… Â… { 125:,&+ GLVWLQFWLYH 0DOWHVH &URVV RQ ILQH

LPSHUI SHQQ\ UHG /. FDW Â… Â… Â…

{ 3HQQ\ %ODFN 0& SODWH 9)8 ZLWK IRXU ODUJH

EDODQFHG PDUJLQV $ YHU\ ILQH H[DPSOH IURP WKLV GLIILFXOW SODWH Â… Â…

{ 1XPEHU LQ 0DOWHVH &URVV RQ IRXU PDUJLQ

{ 3(11< %/$&. 1' SODWH DQ DVWRQLVKLQJ )8

LQGLYLGXDO FULVS EODFN 0DOWHVH &URVV SRUWLRQ RI QH[W VWDPS DW WRS *HP VWDPS )8 IRXU ODUJH PDUJLQV Â… Â… { 3HQQ\ %ODFN 1, SODWH )8 ZLWK IRXU JRRG WR

3HQQ\ 5HG 6' &DW Â… Â… Â… ^3KRWR` 3(11< 5(' IURP EORFN SODWH )RXU PDUJLQV ,YRU\ KHDG 6* OHWWHUV -* XQXVHG Â… Â… ^3KRWR` { 3(11< 5(' LPSHUIV $Q LQWHUHVWLQJ JURXS RQ

ODUJH PDUJLQV 5HG 30. *RRG ORRNLQJ VWDPS 6PDOO IDXOWV Â… Â…

D FDUG PRVWO\ )8 PDUJLQ LQF QR LQ 0DOWHVH &URVV XQFKHFNHG Â… Â…

{ 3HQQ\ %ODFN 2. SODWH ILQH XVHG ZLWK IRXU

Â’ 3(11< 5(' SODWH ,( VXSHUE PLQW FORVH WR

JRRG WR ODUJH PDUJLQV QHDW 5HG 0& 9HU\ ILQH Â… Â…

JRRG PDUJLQV VKRZLQJ ( IODZ VXSHUE FRORXU DQG FODULW\ ZLWK 2* Â… Â…

{ 3(11< %/$&. SO D OHWWHUV $$ )RXU

683(5% ' 5HG ZLWK SDUWLDO LPSULQWHG PDUJLQ YHU\ IUHVK FRORXU PDUJLQV 6* XQXVHG Â… Â… ^3KRWR`

PDUJLQV ZLWK 5HG 0DOWHVH &URVV Â… Â… ^3KRWR` { 3(11< %/$&. SO ZLWK PDUJLQV ILQH XVHG

{ 7:2 3(1&( EOXH LPSHUIV SODWH IRXU

OHWWHU 1& ZLWK EODFN 0& Â… Â…

VHOHFWHG VWDPSV DOO ZLWK IXOO PDUJLQV VKRZLQJ D YDULHW\ RI FDQFHOV LQF 0DOWHVH &URVV Â… Â…

{ 3(11< %/$&. 3/ SODWH )8 ZLWK IRXU

PDUJLQV DQG VXSHUE IXOO UHG 0DOWHVH FURVV RI WKH ILQHVW TXDOLW\ Â… Â…

{ 7ZR SHQFH %OXH -/ )8 ZLWK -XPER PDUJLQV

{ 3(11< %/$&. SO ZLWK GRXEOH OHWWHUV 7/

DQG QHDW XSULJKW SPN 6* Â… Â…

PDUJLQV YHU\ ODUJH ZLWK YHU\ ILQH 5HG 0DOWHVH &URVV { 7ZR 3HQFH %OXH VHOHFW )8 SDLU 5% 5& ZLWK ODUJH HYHQ PDUJLQV RQ DOO VLGHV %OXHG SDSHU ZLWK ,YRU\ KHDG Â… Â… ^3KRWR` 'HOLJKWIXO Â… Â… { 3(11< %/$&. SO OHWWHUV 2- PDUJLQV 7:2 3(11< EOXH PLQW OHWWHU $ $ SODWH 6* ZLWK D YH\ ILQH 5HG 0DOWHVH &URVV Â… Â… ^3KRWR` 6SHF (6 ZLWK RULJLQDO JXP DQG PDUJLQV DQG WZR FHUWV RI { 3(11< %/$&. SO ZRUQ SODWH OHWWHUV *& JHQXLQHVV FDW Â… WZR EODFN VSHFNV RQ WKH EXVW DQG QHFN PDUJLQV ZLWK D ILQH 5HG 0DOWHVH &URVV Â… Â… 6FDUFH OHWWHU $ $ Â… Â… ^3KRWR` 1XPEHU LQ 0DOWHVH FURVV RQ SHQQ\ SLQN { 3(11< %/$&. SODWH D IDEXORXV PDWFKHG

HQYHORSH ILQH IUHVK FUHDVH DW WRS QRW GHWUDFWLQJ IURP WKLV PRVW XQXVXDO XVDJH Â… Â… ^3KRWR`

SDLU ZLWK SHQQ\ UHG ERWK ZLWK EODFN 0DOWHVH &URVV DQG ERWK ZLWK IRXU IXOO PDUJLQV ,QFUHGLEOH FDW Â… Â… Â…

3(11< 5(' LPSHUIV RQ HQWLUHV VPDOO HQYHORSHV $Q RULJLQDO ORW RI LWHPV JRRG WR ILQH VRPH SRRU VRPH DGGLWLRQDO IUDJPHQWV PRVWO\ UHODWHG WR D VROLFLWRU LQ WKH )DUULQJWRQ DUHD WRWDOO\ XQFKHFNHG IRU SODWHV XVDJHV FDQFHOV PDQ\ GLII EDFNVWDPSV ZLWK $ELQJGRQ 2[IRUG %ULVWRO S\SRVW ZLWK )LOWRQ XGF /DPERXUQH XGF +D\ FGV WRR ODWH *32 FGV IDEXORXV 6ZLQGRQ ODUJH VNHOHWRQ FGV RQ VPDOO FRYHU HWF 0L[HG EXW DQ LQWHUHVWLQJ RULJLQDO ORW Â… Â… ^3KRWR`

Â’ 3(11< %/$&. 3ODWH OHWWHU (+ ZLWK )RU Â’ JRRG PDUJLQV DQG %ODFN 0DOWHVH &URVV Â… Â…

^3KRWR` { 3(11< %/$&. SODWH PDUJLQ EODFN 0&

OHWWHU '+ ILQH XVHG Â… Â… { 3(11< %/$&. SODWH ,, .- D PDUYHOORXV ILQH

XVHG IRXU PDUJLQ H[DPSOH ZLWK DOPRVW FRPSOHWH EODFN 0DOWHVH { (0%266(' ILQH XVHG FXW VTXDUH ZLWK JRRG &URVV $ YHU\ ILQH H[DPSOH RI WKLV UDUH SODWH FDW Â… PDUJLQV DQG SHUIHFWO\ VRXQG 6* FDW Â… Â… Â… Â… Â… { 3HQQ\ %ODFN 6+ SODWH )8 PDUJLQV *RRG { (0%266(' 6* )8 FXW VTXDUH MXVW ZRUQ LPSUHVVLRQ %ODFN 0DOWHVH &URVV $ PRVW ILQH WRXFKLQJ DW WRS QLFH )UHQFK 7UDQVLW FGV FDW Â… H[DPSOH Â… Â… Â… Â… 35(3$,' IDQF\ HPERVVHG HQYHORSH ZLWK { (0%266(' G ILQH XVHG FXW VTXDUH MXVW SROLWLFDO HPERVVHG LPSUHVVLRQ RQ UHYHUVH RI WZR GRJV ZKLJV WRXFKLQJ RQ YHUWLFDOV DWWUDFWLYH 6* FDW Â… $ZD VSHHFK FDSWLRQV YIX ZLWK 6ZLQGRQ FGV KDQGVWURNH HWF Â… Â… $ UDWKHU VXSHUE HQWU\ LWHP RI SRVWDO VWDWLRQHU\ { /LQH HQJUDYHG SHUIRUDWHG 3HQQ\ XVHG ORW Â… Â… ^3KRWR` VWDWHG WR EH DOO GLIIHUHQW EHWZHHQ 6* ILQH XVHG LQF D YHU\ { 7:2 3(1&( %OXH OHWWHU +) ZLWK PDUJLQV ILQH YHUWLFDO SDLU Â… Â… DQG D %ODFN 0& FDQFHO Â… Â… ^3KRWR` { /DUJH *DUWHU G 5RVH 6* D DV D VXSHU )8 SDLU H[FHOOHQW TXDOLW\ &DW Â… Â… Â… { &$77(5,&. GLVWLQFWLYH 0DOWHVH &URVV RQ SDLU

LPSHUI SHQQ\ UHGV MXVW WRXFKLQJ DW RQH SULQW ZRXOG \LHOG D MXPER VLQJOHWRQ UDUH Â… Â…


{ 3(11< 5(' HUURUV DQG YDULHWLHV DQ LQWHUHVWLQJ { 3/$7( 6* ILQH XVHG ZLWK QHDW GXSOH[

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…

SRVWDO FDQFHO $ YHU\ ILQH VWDPS FDW Â… Â… Â… Â’ 6* G VWUDZ 0,17 ODUJH SDUW RJ *+

QLEEOHG SHUI DW WRS DQG VPDOO LPSHUIHFWLRQV $ VFDUFH VWDPS JHQXLQH PLQW FDW Â… Â… Â… { +,*+ 9$/8( VHOHFWLRQ FDW Â… GLII DOO

Â’ 0LQW SHQQ\ VWDUV VL[ GLII DOO PLVW FROOHFWDEOH

VWDWHG WR EH 6* FDW Â… 5HTXHVW VFDQ Â… Â… { &DW Â… PRVWO\ VRXQG XVHG FROOHFWLRQ RI

{

{ {

{ { {

{

{

Â’ Â’

HPLQHQWO\ VRXQG XVHG DQG YHU\ FROOHFWDEOH EOXH SODWH DQG UDUH SODWH 6* G DQG 5HTXHVW VFDQV $ SRZHUIXO JURXS RI KLJK YDOXHV Â… Â…

49 VXUIDFH SULQWHG YDOXHV G WR ZLWK ',))(5(17 { 23 3& HUURU RI OHWWLQJ òG VKLHOG VRXQG XVHG D LVVXHV H[FHOOHQW UDQJH RI GLIIHUHQW SODWH QXPEHUV HVSHFLDOO\ JRRG H[DPSOH RI WKLV SRSXODU HUURU 6* FDW Â… òG G JRRG G %OXH GLIIHUHQW LVVXHV HWF )LOO PDQ\ Â… Â… JDSV LQ \RXU :LQGVRU $OEXP Â… Â… { G SODWH 6* VXSHUE FGV XVHG $ ILQH XVHG DQG PRVW FROOHFWDEOH JURXS RI FKRLFH Â… Â… GLII VXUIDFH SULQWV G 6* G 6* YDULRXV G 6* G 6* 'HHS FRORXUV QHDW FDQFHOV &DW { G SODWH VXSHUE FGV XVHG 6* Â… Â… Â… Â… Â… ,19(57(' :$7(50$5. G SODWH ILQH XVHG 6* Z Â… Â… { )DEXORXV ILQH XVHG VWULS RI G SODWH VJ HDFK XQLW ZLWK FULVS 6KHIILHOG FGV *HP Â… Â… 3(11< 5(' 3ODWH FROOHFWLRQ WR H[ VRXQG XVHG VWDPSV FDWDORJXHG YDOXH Â… { 49 SODWH VXSHUE XVHG ZLWK 3RUWUHDWK FGV Â… Â… 6* Â… Â… 3HQQ\ 5HG SODWH UHFRQVWUXFWLRQ SODWH FDW { 49 G SODWH VXSHUE XVHG ZLWK &KHVWHU FGV Â… )LQH XVHG Â… Â… 6* Â… Â… 3(11< 5('6 ZLWK 0LGGOHVEURXJK FGV { 49 G SODWH VXSHUE FGV XVHG 6* FDQFHO ERWK ILQH VWULNHV Â… Â… Â… Â… 7:2 3(1&( 6* D VRXQG )8 VFDUFH FDW 3$,5 G 6* SODWH XVHG RQ ZUDSSHU Â… $ JRRG H[DPSOH Â… Â… IURP 0DQFKHVWHU WR )ORUHQFH QLFH UDWH 6* Â… Â… Â… /LQH HQJUDYHG SHUIRUDWHG FROOHFWLRQ 3HQQ\ SODWHV WR GLIIHUHQW SODWH QXPEHUV G GLIIHUHQW { 7(/(*5$3+ SODWH 6* 7 )8 ZLWK DQG òG PLGJHW GLIIHUHQW SODWHV DQG òG VKLHOG WKDW¶V %LUPLQJKDP FGV FDW Â… Â… Â… GLIIHUHQW VWDPSV PRVWO\ VRXQG XVHG +XJH &9 Â… Â… { 7HOHJUDSK Â… RUDQJH PXFK UDUHU WKDQ WKH SRVWDJH HTXLYDOHQW VRXQG IX DW /LYHUSRRO LURQHG RXW FUHDVH $ 63(&7$&8/$5 SLHFH ZKHUH WKH VWDPSV FDW ILQH H[DPSOH RI WKLV VHOGRP RIIHUHG VWDPS 6* 7 FDW RYHU Â… DQG ZDV SXUFKDVHG DW Â… LQ H[KLELWLRQ Â… Â… Â… ^3KRWR` TXDOLW\ ZLWK G 6* SO [ G SO 6* [ G 6* SOV [ DQG G 6* SO PDNLQJ XS G UDWH D VFDUFH { 7HOHJUDSK 6* 7 ILQH XVHG ZLWK QHDW FGV PXOWLSOH IUDQNHG SLHFH Â… Â… 6FDUFH FDW Â… Â… Â… ^3KRWR` (',1%85*+ DQG /HLWK 3DUFHO 'HOLYHU\ G 6* Â’ 7HOHJUDSK LPSHUI FRORXU WULDO LQ EURZQ OLODF &' DV DWWUDFWLYH FKLHIO\ 80 EORFN ,PSUHVVLYH PXOWLSOH RYSW VSHFLPHQ IUHVK PLQW 6* 7 LVVXH Â… Â… FDW Â… Â… Â…

Â’ (UURU RI &RORXU óG /RQGRQ FLUFXODU GHOLYHU\

Â’ 7(/(*5$3+ G SODWH LPSHUI RYSW 6SHFLPHQ

VWDPS ILQH PLQW ZLWK LVVXHG òG WR FRPSDUH 6* &' D Â… Â…

IUHVK PLQW 6* / 7 Â… Â…

{ 7HOHJUDSKV Â… 6* 7 YIX ZLWK QHDW *ODVJRZ Â’ /DUJH JDUWHU G SODWH IUHVK PLQW ZLWK RULJLQDO

JXP DQG ILQH FRORXU $Q H[FHOOHQW RULJLQDO H[DPSOH 6* &DW Â… Â… Â…

FGV MXVW WZR QLEEOHG SHUIV 5DUH VWDPS FDW Â… Â… Â… ^3KRWR`

Â’ 3URYLVLRQDO 3ULQWLQJ LVVXHV PLQW DWWUDFWLYH

{ 1DWLRQDO 'HOLYHU\ &R &LUFXODU GHOLYHU\ VHW RI

ILYH GLIIHUHQW YDOXHV LQF FRUUHFWO\ XVHG 6FDUFH Â… Â…

TXDUWHW òG ERWK FRORXUV òG G WRS YDOXH 6* DQG VPDOO IDXOWV EXW DOO IUHVK DQG FROOHFWDEOH &DW Â… Â… Â… ^3KRWR`

&LUFXODU GHOLYHU\ VWDPSV W\SHG XS RQ SDJHV LQF %RJXV IRUJHU\ FKLHIO\ PLQW ZLWK PDQ\ GLIIHUHQW FRPSDQ\ DQG { 7HOHJUDSK SODWH 6* 7 VXSHUE XVHG ZLWK ERJXV LVVXHV WR G IRUJHULHV LQ XQXVHG FRORXUV ZLWK PXFK *UHHQRFN FGV Â… Â… ^3KRWR` GHWDLOV D YHU\ ILQH FROOHFWLRQ RI VWDPSV ZLOO HQKDQFH D 49 FROOHFWLRQ Â… Â… { 7HOHJUDSK SODWH RXWVWDQGLQJ XVHG ZLWK $\U 7KLPEOH FGV JHP 2QH QLEEOHG SHUI 6* 7 Â… Â… 'HVWLQDWLRQ 9HUD &UX] 0H[LFR ILQH ZUDSSHU ^3KRWR` IUDPHG SODWH 6* WLHG QHDW /RQGRQ GXSOH[ Â… Â… { :$7(50$5. 635$< 6* ILQH XVHG DQG D PRVW GLIILFXOW VWDPS WR ILQG WKLV QLFH FDW Â… Â’ (',1%85*+ /(,7+ FLUFXODU GHOLYHU\ LVVXHV Â… Â… PLQW LQF òG OHPRQ H[ %XGLO\ VWDWHG MXVW RI òG UHG EURZQ URXOHWWHG SHUIV HWF 6FDUFH JURXS Â… Â… Â’ 49 PLQW JURXS RI VL[ YHU\ IUHVK %RWK òG 6* GLII SHQQ\ OLODFV 6* FDW Â… Â… Â… Â’ /21'21 DQG 'LVWULFW &LUFXODU 'HOLYHU\ òG 6* Â’ &' DV D FKLHIO\ ILQH DQG 80 FRUQHU EORFN RI ,PSUHVVLYH { SODWH 6* RXWVWDQGLQJ XVHG ZLWK DQG UDUH PXOWLSOH Â… Â… VRFNHG 6W ,YHV &RUQZDOO VTXDUH FLUFOH *RUJHRXV FDW Â… Â… Â…


,//8675$7(' FRYHU GHSLFWLQJ WZR \RXQJ JLUOV 3RVWDO )LVFDO G 6*I UDWHG Â… RQ FRYHU

RQH ZHDULQJ D IDQF\ KDW IUDQNHG 3(11< /,/$& GRW 6* WLHG /RQGRQ GXSOH[ ([FHSWLRQDO Â… Â…

ORFDO XVH ZLWK FHQWUDO *ODVJRZ &'6 /DWH XVDJH 8QXVXDO Â… Â…

Â’ 3(11< /,/$& 'LH , PLQW 6* FDW

Â’ &,5&8/$5 '(/,9(5< (GLQEXUJK SDUFHO Â’ G 6* &' DV VFDUFH LPSHUI EORFN FKLHIO\ 80 $ ILQH

Â… Â… Â…

PXOWLSOH Â… Â…

Â’ 8102817(' 0,17 G SDOH /LODF GRW Â’ 6* IUHVK 80 Â… Â… ^3KRWR`

Â’ &,5&8/$5 '(/,9(5< /LYHUSRRO óG Â’ /LYHU %LUG PDUJLQDO EORFN FKLHIO\ IUHVK 80 RQH XQLW ZLWK

Â’ Â… 2UDQJH PLQW 6* D IUHVK H[DPSOH RI WKLV

LFRQLF VWDPS FDW Â… Â… Â… ^3KRWR` { 3/$7( 6* 9)8 ZLWK QHDW

{

{

{

{

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… 6KUHZVEXU\ FULVS FGV DQG FUD\RQ ; SRVVLEO\ LQGLFDWLQJ SURSHU Â’ &,5&8/$5 '(/,9(5< /LYHUSRRO /LYHU SRVWDO XVH VXSHUE TXDOLW\ DQG D UDUH VWDPS VRXQG FDW Â’ %LUG óG EURZQ SHUI 6* &' DV DWWU PDUJLQDO EORFN Â… Â… Â… FKLHIO\ IUHVK 80 FDW Â… Â… Â… G RQ G 6* 9)8 FDW Â… Â… Â… { +8*(/< &$7 49 6(/(&7,21 RQ FDUGV VWDPSV SHQQ\ EODFNV SRRU SHQQ\ XVHG ZLWK PDUJLQDO LQVFULSWLRQ GLVWLQFWLYH 0DOWHVH &URVVHV LQF +LJK YDOXH ILQH SRVWDO XVHG FOHDU SURILOH 1RUZLFK VXUIDFH SULQWV LQF G G YHU\ FROOHFWDEOH XVHG VPDOO LQWHUQDO FUHDVH DWWUDFWLYH VWDPS 6* &DW Â… -XELOHHV WR PLQW 0L[HG EXW VRPH QLFH DQG KLJK &9 Â… Â… ^3KRWR` Â… Â… +,*+ 9$/8( YHU\ ILQH XVHG ZLWK :DWHUORR /,7(5$785( 3ODWLQJ RI WKH 3HQQ\ 6WUHHW *ODVJRZ &'6 6* 4XDOLW\ Â… Â… ^3KRWR` 9ROXPH GLH SODWHV D WR 5HYLVHG (GLWLRQ LQ YHU\ JRRG FRQGLWLRQ Â… Â… +LJK YDOXH XVHG JURXS DOO JRRG XVHG G /,7(5$785( 3ODWLQJ RI WKH 3HQQ\ WR

DQG 6* &DW Â… Â… Â…

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 FXW RII

/LODF LVVXHV PLQW òG òG òG G DOO Y FROOHFWDEOH ZLWK JRRG FRORXUV 6* FDW Â… Â… Â…

Â’ /,9(5322/ FLUFXODU GHOLYHU\ VWDPSV óG /LYHU Â’ %LUG 80 EORFN RI 6* &' PDUJLQV WRXFKLQJ DW D FRXSOH RI

HQWLUHV SOXV :+ 6PLWK SRVWDJH HPERVVHG òG SODWHV G SODWH DQ XQXVXDO ORW Â… Â…

SRLQWV $ UDUH LPSHUI PXOWLSOH Â… Â…

{ 49 6* YIX ZLWK FULVS

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…

.HQVLQJWRQ <RXQJ 6WUHHW FGV FUD\RQ OLQH QHDWO\ HUDVHG 0RVW DWWU &DW Â… Â… Â… { +,*+ 9$/8( 6(/(&7,21 G

-XELOHH Â… SHUILQ DOO SUHVHQWDEOH XVHG VPDOO IDXOWV FDW Â… 6* Â… Â…

{ 49 /,1( (1*5$9(' ,03(5) )8 VHOHFWLRQ

{ 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’ Â’ -XELOHH PLQW ORW GLIIHUHQW YDOXHV 6* H[ &DW Â… /DUJHO\ IUHVK ZLWK JRRG FRORXUV Â… Â… Â’ -XELOHH VHW RI GLII YDOXHV ILQH PLQW H[FHOOHQW

FRORXUV 6* FDW Â… Â… Â… Â’ -8%,/((6 IUHVK 0 LQF 80 VHOHFWLRQ LQF

G G DQG 6* TXDOLW\ JURXS VKDGHV 6HH ZHEVLWH Â… Â…

DOO HPLQHQWO\ FROOHFWDEOH VWDPSV QLFH SHQQ\ EODFN WZR SHQFH SHQQ\ UHGV G $ JRRG QXPEHU KDYH IRXU PDUJLQV $WWU ORW FDW Â… Â… Â… 49 PLQW VHOHFWLRQ RQ FDUGV VWDPSV YHU\ KLJK &9 G IUHVK EORFN G 6* IDXOWV FDW Â… -XELOHHV WR ERWK PL[HG TXDOLW\ EXW WKH JURXS LV FDW Â… Â… Â…

*5($7 %5,7$,1 & (':$5' 9,, Â’ %RDUG RI (GXFDWLRQ G 2IILFLDO 6*2 Â’ XQPRXQWHG PLQW Â… Â… ^3KRWR`

Â’ (':$5' '/5 3ULQWLQJV VHW RI GLIIHUHQW

YDOXHV òG WR ILQH PLQW &DW Â… EHWZHHQ 6* 3ULQWLQJV XQFKHFNHG Â… Â…

Â’ 49 -8%,/(( VHW LQF ERWK òG VKDGHV

G VKDGHV G VKDGHV G VKDGHV 6* DQG $ JRRG UDQJH RI PLQW Â… Â…

)'& (GZDUG SHQQ\ RQ Y ILQH VPDOO HQY WLHG -DQ

Â’ -XELOHH 49 VHW RI PLQW òG WR ERWK ILQH

PLQW &DW Â… 6* Â… Â…

ILUVW FGV &KRLFH Â… Â… Â’ ,03(5) 3522) RI G LQ YHU\ GHHS JUHHQ RQ

WKLFN FDUG ILQH Â… Â…

+$55< )851,666 -XELOHH &DULFDWXUH &DUG

VLJQHG E\ +DUU\ )XUQHVV XQXVHG D VFDUFH FDUG DQG WR ILQH LW VLJQHG DV ZHOO 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’ 67 $1'5(:6 &5266 ODEHO VH WHQDQW ZLWK òG

JUHHQ PLQW ZPN LQYHUWHG $1' SDUWV RI SULQWHUV OHWWHUV LQ ZDWHUPDUN $Q XQXVXDO YDULHW\ Â… Â… { 7RS 9DOXH .(9,, Â… GXOO %OXH *UHHQ 6*

YHU\ ILQH XVHG ZLWK D VLQJOH FDQFHO Â… Â… ^3KRWR`

{ Â… RUDQJH ILQH XVHG ZLWK FULVS FHQWUDO %HOIDVW

FGV FUD\RQ OLQH HUDVHG SHUIHFWO\ VRXQG ZLWK H[FHOOHQW SHUIV DQG Â’ '/5 &KDON SDSHUV IUHVK PLQW VHW òG WR EHWZHHQ 6* 3ULQWLQJV &DW Â… QR IDXOWV .H\ VWDPS 6* FDW Â… Â… Â… Â… Â…


GREAT BRITAIN - GEORGE V Â’ (GZDUG PLQW VLPSOLILHG VHW RI GLIIHUHQW

Â’ &21752/ 6,1*/(6 5R\DO &\SKHU òG

YDOXHV òG WR PLQW LQF FKDON SDSHU LVVXHV ([FHOOHQW FRORXUV EHWZHHQ 6* &DW Â… Â… Â…

DOO IUHVK PLQW DUUDQJHG E\ LPSHUI DQG SHUI PDUJLQ W\SHV IURP $ WR : 6KDGHV XQFKHFNHG ([FHOOHQW YDULHW\ Â… Â…

Â’ &21752/ 6,1*/(6 &KLHIO\ IUHVK PLQW

VHOHFWLRQ DOO GLIIHUHQW DUUDQJHG RQ OHDYHV òG DQG G Â’ &21752/ 6,1*/(6 5R\DO &\SKHU òG LQF SHUI DQG [ LVVXH FKLHIO\ ILQH DQG IUHVK XQFKHFNHG GLII DOO IUHVK PLQW DUUDQJHG E\ LPSHUI DQG SHUI PDUJLQ W\SHV FRQWUROV Â… Â… IURP $ WR 9 9HU\ DWWUDFWLYH DQG D UDQJH RI VKDGHV +LJK UHWDLO YDOXH Â… Â… Â’ $GPLUDOW\ 2IILFLDO ZLGH RYHUSULQW òG 6*2 Â’ &21752/ 6,1*/(6 5R\DO &\SKHU G GLII IUHVK /00 Â… Â… ^3KRWR` DOO IUHVK PLQW DUUDQJHG E\ LPSHUI DQG SHUI PDUJLQV $ WR 9 { (GZDUG G 6* ZLWK XQXVXDO LQWHUHVW LQ VKDGHV $ YHU\ JRRG YDULHW\ RI FRQWUROV VFDQV &217,1(17$/ 1,*+7 0$,/ &'6 )LQH Â… Â… DGYLVHG KLJK &9 Â… Â… ^3KRWR` Â’ &21752/ 6,1*/(6 5R\DO &\SKHU òG GLII

Â’ 620(56(7 +286( Â… 6* IUHVK PLQW

GHHS RULJLQDO FRORXU D NH\ VWDPS FDW Â… Â… Â…

DOO IUHVK PLQW DUUDQJHG E\ LPSHUI DQG SHUI PDUJLQ W\SHV IURP % WR 9 $ ILQH DVVHPEO\ Â… Â…

Â’ &21752/ 6,1*/(6 5R\DO &\SKHU G GLII $Q (GZDUG 3RW 3RXUUL LQF G DQG Â… DOO JRRG XVHG ZLWK GLIIHUHQW SULQWLQJV FDW DOO IUHVK PLQW DUUDQJHG E\ LPSHUI DQG SHUI PDUJLQ W\SHV IURP Â… $ PLQW VHOHFWLRQ WR PL[HG PLQW ORZ YDOXH FRQWURO & WR : $ YHU\ ILQH DVVHPEO\ VKDGHV XQFKHFNHG PXOWLSOHV +LJK &9 Â… Â… Â… Â…

*5($7 %5,7$,1 ' *(25*( 9 Â’ 'RZQH\ +HDG JXWWHU SDLU ZLWK SLOODUV òG

DQG G VLPSOH F\SKHU G ZLWK &URZQ PDUJLQ FRSLHV ZLWK SRVLWLRQDO GRWV DQG FURVV LQ WKH ZPN IRU OLQLQJ XS RI WKH VKHHW PLQW LQ EORFN RI LH JXWWHU VWULSV Â… Â… Â’ '2:1(< +($' ZLWK EHWWHU òG GLH % Â’ 6* ZPN LQF 80 òG QR FURVV RQ FURZQ 6* D 80 Â’ G 6* ZPN UHYHUVHG D ILQH ORW RI VWDPSV PDLQO\

80 Â… Â…

&21752/6 FROOHFWLRQ RI GLII LWHPV PDQ\ PLQW VLQJOHV VFDUFH XVHG VLQJOHV PLQW EORFNV DQG VWULSV YHU\ JRRG UDQJH RI FRQWURO QXPEHUV LQF G VWULS RI & SHUI G VWULS RI ' LPSHUI JRRG QXPEHU RI òG DQG G VLQJOHV 3RSXODU DQG KLJKO\ FDW PDWHULDO Â… Â… Â’ 52<$/ &<3+(5 VLPSOH VSHFLDOLVW FROOHFWLRQ

RI VKDGHV EHWZHHQ 6* òG G òG G òG G G G G G G G DJDWH ROLYH JUHHQ G HDFK D GLIIHUHQW VKDGH ZLWK PDQ\ EHWWHU VKDGHV ZLWKLQ PLQW Â… Â…

Â’ 0$&.(11$/ òG EOXH JUHHQ 6* DV Â’ (5525 òG 3(1&) IRU 3(1&( ZLWKLQ D Â’ IDEXORXV FRUQHU EORFN RI IRXU EULOOLDQW 80 VXSHUE WRJHWKHU ZLWK Â’ SRVLWLRQDO EORFN RI 6* D IUHVK XQPRXQWHG PLQW

QRUPDO òG EORFN WR FRPSDUH FDW Â… Â… Â…

Â’ &21752/ 6,1*/(6 2I 'RZQH\ +HDG LVVXHV Â’ PLQW $ KLJKO\ &DW )LQH FROOHFWLRQ FRQVLVWLQJ òG DQG G Â’ ZLWK GLIIHUHQW SULQWLQJV 3HUI ,PSHUI 'RW W\SHV FRUQHU SDLU

SHQQ\ % ZDWHUPDUN UHYHUVHG HWF FRQWUROV Â… Â…

Â… Â… ^3KRWR` Â’ .*9 5R\DO &\SKHU VHW RI 6* PLQW

JRRG SHUIV Â… Â… ^3KRWR` Â’ 6($+256( 6* IUHVK PLQW

Â… Â… ^3KRWR`

Â’ '2:1(< +($'6 &ROOHFWLRQ RI VKDGHV òG

G LQF G ZLWK QRW FURVV RQ FURZQ 6* D $ JRRG UDQJH EHWZHHQ 6* DQG 6* PLQW Â… Â… Â’ '2:1(< +($'6 &21752/ 6,1*/(6 òG

Â’ &21752/ 6,1*/(6 5R\DO &\SKHU G GLII

IUHVK PLQW LPSHUI & ' + - SHUI ' - 1LFH 4XDOLW\ Â… Â… ^3KRWR` Â’ &21752/ 6,1*/(6 5R\DO &\SKHU G YDOXHV

G ZLWK GLIIHUHQW GLHV VKDGHV DQG D YDULHW\ RI SULQWLQJV SHUI DQG LPSHUI FRQWUROV XQFKHFNHG VRUWHG E\ ZDWHUPDUN Â… Â…

GLII YDULRXV VKDGHV LQF ILQH H[DPSOH RI VFDUFH / SHUI & SHUI LQ FRUQHU VWULS RI +LJKO\ &DW Â… Â…

Â’ &21752/ 6,1*/(6 5R\DO &\SKHU G GLII Â’ '2:1(< +($' ZLWK VKDGHV DQG WZR RI WKH G

,PSHUI WR - DQG 3HUI WR 5 $ ILQH JURXS Â… Â…

QR FURVV RQ FURZQ òG G EHWZHHQ 6* PLQW Â… Â… Â’ ,03(5) &251(5 3$,5 òG ZLWK -XELOHH OLQHV

HDFK RYSW 63(&,0(1 W\SH IUHVK PLQW 6* 6 Â… Â… 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…

Â’ &21752/ 6,1*/(6 5R\DO &\SKHU G DJDWH

LVVXH GLII % WR 5 DUUDQJHG E\ SHUI DQG LPSHUI PDUJLQV LQF 4 SHUI ILQH TXDOLW\ DQG KLJK UHWDLO YDOXH *RRG JURXS Â… Â… Â’ &21752/ 6,1*/(6 5R\DO &\SKHU G

DQG DOO GLIIHUHQW LPSHUI SHUI DQG JHQHUDOO\ IUHVK PLQW EHWZHHQ & 7 LQF 7 SHUI DV FRUQHU SDLU Â… Â…

Â’ .*9 GHILQLWLYH V WR ZLWK PDQ\ FRQWURO

QXPEHUV òG G òG G òG G G G G G ERWK Â’ &21752/ 6,1*/(6 5R\DO &\SKHU G FRORXUV G DQG G ZLWK WZR GLIIHUHQW VKDGHV VWDPSV ',)) DOO IUHVK PLQW DUUDQJHG E\ LPSHUI DQG SHUI PDUJLQ W\SHV IUHVK PLQW Â… Â… IURP & WR 9 9HU\ ILQH ORW DQG UDWKHU Â’ 1R ZDWHUPDUN YDULHW\ G ILQH PLQW 1 D FRPSUHKHQVLYH Â… Â… Â… Â… Â’ &21752/ 6,1*/(6 5R\DO &\SKHU G GLII Â’ 5R\DO &\SKHU VHW RI LQF G 2OLYH ILQH PLQW

6* &DW Â… Â… Â… Â’ :$7(50$5. (55256 IUHVK 0 òG

DOO IUHVK PLQW DUUDQJHG E\ LPSHUI DQG SHUI PDUJLQ % WR 9 $ ILQH YDULHW\ RI SULQWLQJV 6FDQ VWURQJO\ DGYLVHG 7KLV ORW IHDWXUHV VHYHUDO VFDUFH LQF 6 LPSHUI DQG 9 LPSHUI Â… Â… ^3KRWR` &21752/ 6,1*/(6 5R\DO &\SKHU G GLII PRVWO\ LPSHUI PDUJLQV DOO IUHVK PLQW LQF VFDUFH SHUI 4 5 DOVR SHUI PDUJLQ / +LJKO\ UHFRPPHQGHG Â… Â… ^3KRWR`

LQYHUWHG DQG UHYHUVHG 6* ZN G LQYHUWHG 6* ZL DQG LQYHUWHG 6* ZL ILQH WULR Â… Â…

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


Â’ &2/285 75$,/ G SRVWDJH GXH SULQWHG

LQ %/8( ILQH PLQW Â… Â…

Â’ &RQWURO VLQJOHV EORFN F\SKHU ILQH ORW RI

LPSHUI PDUJLQV PLQW GLII $ ' 1 9 FRUQHU SDLU : ; Â… Â… ^3KRWR`

Â’ 3RVWDJH GXH FRQWURO VLQJOHV 3DLUV IUHVK PLQW

FROOHFWLRQ GLII LQF òG 9 G / G ' SDLU 80 6 Â… Â… { 6($+256(6 EULJKW FDUPLQH 'H /D 5XH

Â’ &RQWURO VLQJOHV EORFN F\SKHU G YDOXH ILYH GLII

IUHVK P $ SHUI * - 4 : LPSHUI VFDUFH Â… Â… ^3KRWR` Â’ &21752/ 6,1*/(6 %ORFN &\SKHU G YDOXH

SULQWLQJ 6* YHU\ ILQH XVHG Â… Â…

$ ILQH PLQW ORW RI GLIIHUHQW IURP $ WR ; $OO GLIIHUHQW FKLHIO\ LPSHUI PDUJLQV +LJK UHWDLO YDOXH Â… Â…

Â’ 6($+256( G 5HGGLVK %URZQ 6*

Â’ &21752/ 6,1*/(6 %ORFN &\SKHU LVVXHV

PLQW Â… Â… Â’ 6($+256( 7RS YDOXH 6* PLQW

Â… Â… ^3KRWR` { 6($+256( 9HUWLFDO VWULS RI G SDOH EURZQ

ZLWK %: &R SHUILQV )LQH XVHG Â… Â… Â’ 6HDKRUVHV %UDGEXU\ VHW RI ILQH PLQW

IUHVK PLQW G òG G G DQG G $Q H[FHOOHQW YDULHW\ RI FRQWURO QXPEHUV 6FDQV DGYLVHG YHU\ KLJK UHWDLO YDOXH FRQWUROV Â… Â… Â’ 3267$*( '8(6 &21752/ 6,1*/(6 3$,56

%ORFN F\SKHU :PN GLIIHUHQW LQF G ZLWK IRXU GLIIHUHQW FRQWUROV 1LFH JURXS Â… Â… Â’ &21752/ 6,1*/(6 %ORFN &\SKHU G YDOXH

6* D Â… Â…

$ ILQH PLQW ORW RI GLIIHUHQW LQF &KDON 3DSHU % DQG ' DQG RWKHUV WR ' LPSHUI Â… Â…

Â’ %: 6HDKRUVH 6* IUHVK PLQW FDW

)'& 38& ORZ YDOXH VHW RI IRXU RQ VPDOO QHDW

Â… Â… Â…

HQY WR (J\SW WLHG /LYHUSRRO ILUVW GD\ SPNV 6* DWWUDFWLYH Â… Â…

{ 6($+256( 6* DV DQ DWWUDFWLYH )8

{ 38& Â… 6* ILQH XVHG ZLWK &'6

EORFN RI IRXU FDW Â… UHPDUNDEOH Â… IDFH YDOXH Â… Â…

FDQFHO Â… Â… ^3KRWR`

Â’ 6HDKRUVH 6* IUHVK 800 YHU\

Â’ 38& Â… PLQW 6* Â… Â…

ILQH Â… Â… Â’ &21752/ FRUQHU EORFN G 3 ZLWK

Â’ 38& Â… 80 6* Â… Â… Â’

&52:1 0,66,1* ,1 :$7(50$5. 'DQG\ YDULHW\ PLQW VWDPSV 80 6SHF 1 =$ Â… Â… Â’ &21752/ 7 ERWK SHUI DQG LPSHUI IRU G

38& /RZ YDOXHV VHW RI RQ SODLQ FRYHUV

ROLYH JUHHQ 6* D IUHVK PLQW $ YHU\ ILQH PDWFKHG SDLU %% UHWDLO Â… Â… Â… Â’ &21752/ 6,1*/(6 5R\DO &\SKHU G *UHHQ

6* $ GLIIHUHQW 8 DQG 9 SHUI 8 LPSHUI WKLV YHU\ ILQH FRXSOH RI JXP VSRWV %% UHWDLO Â… Â… Â… ^3KRWR`

RQH RQ HDFK ZLWK D ILQH FKDUOWRQ ZRROZLFK ILUVW GD\ RI LVVXH FDQFHOV QHDW W\SHG DGGUHVV RQ EXVLQHVV HQYHORSHV VFDUFH Â… Â… ^3KRWR` Â’ 38& 6,'(:$<6 :$7(50$5. òG G DQG Â’ òG DV SDLUV WKH G VHHPV WR VKRZ IRU ZLWK D

QRUPDO 8QPRXQWHG PLQW Â… Â… ^3KRWR`

{ :HPEOH\ H[KLE VHW DV 9)8 EORFNV RI IRXU Â’ &21752/ 6,1*/(6 VLGH EORFNV H[WHQVLYH LQF G VKRZLQJ YDULHW\ WDLO WR 1 6* E ZLWK VSHFLDO SLFWRULDO Â’ PLQW ORW SQ SDJHUV LWHPV 38& VLQJOHV WR òG . Â’ FDQFHOV DOVR VLQJOH VHWV XVHG 6* G G 6* DV VLGH EORFNV RI IRXU ORZHU

Â… Â…

SDLUV XP ZLWK SODWH QXPEHUV LQ PDUJLQV GLII VL]H KHDGV ZLWK FRUQHU VWULSV HWF *RRG ORW Â… Â…

:HPEOH\ H[KLE VHW QLFHO\ XVHG LQ

RQ FRYHU WR )UDQFH D PRVW DWWUDFWLYH IUDQNLQJ 6* Â… Â… )'& :HPEOH\ H[KLELWLRQ VHW RQ Y ILQH VPDOO

Â’ &21752/ 6,1*/( %ORFN &\SKHU G &RQWURO

9 LPSHUI ILQH PLQW DQG VFDUFH Â… Â… ^3KRWR` Â’ 3+272*5$89( VHW RI DV PLQW EORFNV 6*

HQY SULQWHG DGGUHVV ZLWK :HPEOH\ 3DUN SLFWRULDO FDQFHO 6* Â… Â…

FDW Â… Â… Â…

Â’ ,19(57(' :$7(50$5. òG 6* ZH DV D Â’ 3+272*5$985( F\OLQGHU ERRNOHW SDQHV RI

EORFN RI IRXU XQLWV 80 KLQJHG D ILQH DQG VFDUFH PXOWLSOH FDW Â… Â… Â…

VL[ IUHVK PLQW òG ( GRW G ) GRW DQG òG * GRW ILQH WULR Â… Â…

Â’ .*9, GHILQLWLYH VHW RI IUHVK XQPRXQWHG PLQW { 6($+256( 5H HQJUDYHG VHW RI YHU\ ILQH Â’ ZLWK WKH òG G òG G G G DQG KDYLQJ FRQWURO XVHG 6* Â… Â…

QXPEHUV Â… Â… ^3KRWR`

Â’ 6HDKRUVHV 5H HQJUDYHG VHW ILQH PLQW

Â’ 7(7( %(&+( JXWWHU SDLU òG 6* D YHU\

6* Â… Â…

IUHVK PLQW Â… Â…

Â’ 8QPRXQWHG PLQW UH HQJUDYHG VHDKRUVH Â’ 6* IUHVK Â… Â… ^3KRWR`

:(0%/(< (;+,%,7,21 3RVWDO FDUGV /HWWHU

&DUGV DQG (QYHORSHV DOO XQXVHG Â… Â…

)'& .*9 GHILQV RQ VHSDUDWH FRYHUV GLII òG

Â’ &21752/ 6,1*/(6 G òG

WR G 6* 0RVWO\ Y ILQH ZLWK JRRG SPNV $ VFDUFH JURXS Â… Â…

PRVWO\ LPSHUI PDUJLQ LVVXHV $ WR 9 &RPSUHKHQVLYH IRU HDFK YDOXH &RQWUROV Â… Â…

Â’ %RRNOHW SDQH òG MXELOHH ZLWK F\OLQGHU QXPEHU

Â’ &21752/ 6,1*/(6 EORFN &\SKHU òG YDOXH

LQ PDUJLQ IUHVK P Â… Â… 'LII ILQH PLQW $ 9 ZLWK FRPSUHKHQVLYH LPSHUI LVVXHV VFDUFH SHUI LVVXHV $ & + 9 *RRG DVVHPEO\ )'& 6LOYHU -XELOHH VHW ZLWK H[WUD YDOXHV RQ DWWU VKDGHV QRW FKHFNHG Â… Â… UHJ G FRYHU WR 6RXWK $IULFD YLVXDO $VN IRU VFDQ 6* Â… Â…


Â’ 6,/9(5 -8%,/(( ERRNOHWV HGLWLRQ Â’ 9$/8$%/( ORW RI PLQW ZLWK GHILQ VHWV RQ ROG Â’ QXPEHUV DQG ZLWK DOO òG SDQHV ZPN XSULJKW òG FROOHFWRUV FDUGV VWDPSV 0DFNHQQDOV WR WR

DQG G SDQHV ZPN LQY òG òG SDQHV ZPN LQY G SDQH ZPN XSULJKW Â… Â… Â’ 6,/9(5 -8%,/(( ERRNOHW HGLWLRQ LQ Â’ SULVWLQH FRQGLWLRQ Â… Â…

SOXV DGGLWLRQDO VKDGHV WR WR FRPPHP VHWV 9HU\ KLJK &9 Â… Â…

*5($7 %5,7$,1 ( (':$5' 9,,,

Â’ 6,/9(5 -8%,/(( ERRNOHWV HGLWLRQ Â’ QXPEHUV DQG 1RW òG SDQHV ZPN LQY G

Â’ %22./(7 6* %& HGLWLRQ QXPEHU Â’ QRWH òG SDQH RI VL[ ZPN LQY DOO RWKHU SDQHV ZPN XSULJKW LQ

JRRG FRQGLWLRQ Â… Â… ^3KRWR`

SDQH ZPN LQY òSDQH XSULJKW òG SDQHV ZPN LQY G òG SDQHV ZPN XSULJKW DOO òG SDQHV DQG G SDQH ZPN XSULJKW òG SDQH ZPN LQY Â… Â…

Â’ %22./(7 6* %& HGLWLRQ QXPEHU Â’ QRWH G SDQH ZPN LQY òG DGYHUW [ VWDPSV ZPN LQY LQ YHU\

6,/9(5 -8%,/(( ERRNOHW SDQHV IUHVK 0 80 òG G òG DOO YHU\ ILQH DQG VHOHFWHG H[ 3HWHU 0ROOHWW Â… Â…

Â’ %22./(7 6* %& HGLWLRQ QXPEHU Â’ QRWH G òG SDQHV ZPN XSULJKW òG SDQH ZPN LQYHUWHG LQ

ILQH FRQGLWLRQ Â… Â… ^3KRWR`

YHU\ JRRG FRQGLWLRQ Â… Â… ^3KRWR` Â’ %RRNOHW 6* %& HGLWLRQ QXPEHU QRWH 6LOYHU -XELOHH VSHFLDOLVHG VHOHFWLRQ LQF VL[ Â’ ERRNOHW SDQHV 80 LQY XSULJKW ZPN VHWV DQG YDULRXV PLQRU òG G DQG òG SDQHV ZPN XSULJKW WKH UHVW ZPN LQYHUWHG YDULHWLHV 4W\ Â… Â… LQ YHU\ ILQH FRQGLWLRQ 6FDUFH Â… Â… ^3KRWR` 6HDKRUVH G 6* RQ 3LUHOOL EXVLQHVV )'& LQF DOO YDOXHV RQ RQH UHJ Q FRYHU HQYHORSH WR 6DR 3DXOR %UD]LO ZLWK SD\LQJ G UDWH SHQQ\ ILUVW GD\ LQ *XHUQVH\ òG ILUVW GD\ RQ SS UDWH WR *HUPDQ SLFWRULDO $LU FDQFHO DQG DUULYDO %6 9HU\ ILQH .HQ\D Â… Â… Â… Â… Â’ 67$03 %22./(7 HGLWLRQ LQ JRRG 6HDKRUVH 6* ZLWK SDLU VXSHUE FRPSOHWH FRQGLWLRQ LQY SDQHV Â… Â… 4 XVHG RQ EXVLQHVV HQYHORSH WR 6DR 3DXOR %UD]LO *HUPDQ Â’ 67$03 %22./(7 HGLWLRQ ILQH DQG SLFWRULDO $LUVKLS +6 DQG DUULYDO %6 $ VXSHUE XVDJH RI WKH Â’ FRPSOHWH %& Â… Â… VHDKRUVH DQG DWWUDFWLYH UDWH Â… Â… 6SHFWDFXODU EXVLQHVV FRYHU WR 6DR 3DXOR 4 %UD]LO ZLWK UH HQJUDYHG VHDKRUVH VHW RI G DQG

Â’ %22./(7 G 6* %' òG òG Â’ SDQHV ZPN XSULJKW G SDQH ZPN LQYHUW LQ JRRG FRQGLWLRQ

6* HDFK WLHG /RQGRQ $LUPDLO &'6 *HUPDQ SLFWRULDO +6 DQG DUULYDO %6 $ UHPDUNDEOH XVDJH RI WKH FRPSOHWH VHW Â… Â…

Â… Â… Â’ %22./(7 3$1( 'UDJHV 3D\ Â’ ZD\ )UHHERRN 6* 3% ZPN XSULJKW 80 DGYHUWLVHPHQW

$ 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

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…

SDQH ZLWK JRRG SHUIV Â… Â…

*5($7 %5,7$,1 (;+,%,7,216 ([WHQVLYH FROOHFWLRQ UHODWLQJ WR 6KRZV ([KLELWLRQV LQF 6KRZSH[ &O\GH 6FRWWLVK &RQJUHVV 3KLODWHOLF &RQJUHVV 1RUWK :HVW 6KRZSH[ 6WDPSH[ -XELOHH ([KLELWLRQ (GLQEXUJK 6RFLHW\ ZLWK &RYHUV 6WDPSV DQG PDQ\ DGGLWLRQDO LWHPV $ YHU\ JRRG FROOHFWLRQ QHDWO\ SUHVHQWHG RQ SDJHV LWHPV Â… Â…

*5($7 %5,7$,1 ) *(25*( 9,

,17(5(67,1* FROOHFWLRQ RI V XVHG RQ )'& WKH FRPSOHWH VHW RI .*9, GHILQV òG WR DOEXPV SDJHV LQF PDQ\ 0DFNHQQDO ZLWK GLII GLHV YDULHWLHV RQ WHQ IGF 6* YDOXHV LQF òG RQ LOOXVWU HQY G .*9 ZLWK ZDWHUPDUN DQG 'DQG\ YDULHWLHV FWR XVHG QRWLQJ G RQ RQH FRYHU G RQ VXSHUE VPDOO FRYHU G G RQ PLVVLQJ FURZQV OHWWHU ZPNV VKDGH VWXGLHV XVHG D RQH FRYHU JRRG WR ILQH $ VFDUFH VHW Â… Â… VHOHFWLRQ RI 6HDKRUVHV PL[HG :HPEOH\ LVVXHV LQF òG HDFK XVHG RQ QHDW FRYHUV 0DQ\ V ZLWK Â’ .*9, ORZ YDOXH GHILQLWLYH VHWV LQF ZDWHUPDUNV Â’ XVHIXO SLFNLQJV Â… Â… VLGHZD\ DQG ZDWHUPDUNV LQYHUWHG LGHQWLILHG RQ D SDJH GLIIHUHQW VWDPSV XQPRXQWHG PLQW Â… Â… ,17(5(67,1* VHOHFWLRQ LQF G ERRNOHW SDQH 9)8 H[ YRXFKHU ERRNOHW 38& WR òG DV EORFNV PLQW )'& 6HOHFWLRQ 'LIIHUHQW LQF 6WDPS òG GHILQ ZLWK FRLO OHDGHU DQG VHYHUDO .*9, SDLUV WR G VKRZLQJ &HQW LOOXVWUDWHG 9LFWRU\ LOOXVWUDWHG 2O\PSLFV $W FRLO MRLQV TW\ Â… Â… *DPHV LOOXVWUDWHG 838 LOOXVWUDWHG HWF Â… Â… .*9 327 3285, RQ ROG SDJHV VWDPSV { .*9, H[WHQVLYH FROOHFWLRQ ZLWK D FDW 9DOXH RI Â’ Â… LQF GHILQV $UPV KLJK YDOXHV VHW PLQW DQG ILQH PXFK LV PLQW LF $ ILQH ORW RI 0DFNHQQDOV ZLWK GLIIHUHQW SULQWLQJV LQF 6* EORFN F\SKHU VHW PLQW LQF XVHG 6LOYHU :HGGLQJ VHW PLQW DQG )8 IHVWLYDO KLJK YDOXH VHW ZPN VLGHZD\V VHW PLQW 6HDKRUVHV XVHG WR 38& Â… PLQW DQG )8 D YHU\ JRRG FROOHFWLRQ RI VWDPSV ,QF :PN XVHG IDXOWV H[KLELWLRQ VHWV PLQW SKRWR VHW YDULHWLHV PRVW VHWV PLQW DQG ILQH XVHG Â… Â… PLQW ZPN YDULHWLHV D VPDOO VHOHFWLRQ RI FRQWUROV WR G Â’ 6(/'20 6((1 Â… +LJK YDOXH $UP V DV D ODUJH GLIIHUHQW HWF XVHIXO DQG YHU\ KLJK &9 Â… Â… Â’ EORFN RI 6* F XQPRXQWHG PLQW VFDUFH DV VXFK Â’ .*9, XQDSSURSULDWHG UHYHQXHV G SDLU DQG Â… Â… Â’ SURRIV LPSHUI RQ FDUG 9HU\ ILQH DQG XQXVXDO )'& .*9, G GHILQ RQ D YHU\ ILQH VPDOO SURRIV Â… Â… 5HJ G FRYHU WLHG 0D\ VW &'6 6* Â… Â… 672&.3$*( DQG 672&.&$5'6 ZLWK EHWWHU Â’ .*9, G KDQGVWDPSHG 63(&,0(1 PLQW 6* SLFNLQJV òG WR G ERWWRP VWULSV RI ZLWK F\OLQGHU QXPEHUV PLQW G òG G G ZLWK PLVVLQJ FURZQ IURP ZPN V FDW Â… Â… Â… YDULHWLH V )8 G ZLWK EURNHQ IUDPH DW OHIW 80 $Q Â’ .*9, $506 VHW RI VL[ 6* F XQPRXQWHG ROG WLPH RULJLQDO ORW RI LWHP LQF PDQ\ 80 VWDPSV Â’ PLQW Â… Â… ^3KRWR` Â… Â…

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


Â’ 63(&,0(1 2YSW $UPV 6* 6 IUHVK

Â’ %22./(76 G 6* %' LQ Â’ YHU\ ILQH FRQGLWLRQ Â… Â…

PLQW &DW Â… Â… Â… ^3KRWR` Â’ $UPV KLJK YDOXH VHW ILQH PLQW 6* " F

Â’ %RRNOHW 6* %' QRWH òG DQG òG Â’ SDQHV ZPN LQYHUWHG LQ YHU\ JRRG FRQGLWLRQ Â… Â…

&DW Â… Â… Â…

Â’ .*9, VHW RI VL[ KLJK YDOXHV IUHVK 0 6* F Â’ $1 ,17(5(67,1* WULR RI .*9, HVVD\V Â’ SURGXFHG E\ +DUULVRQV GLII FRORXUV LPSHUI HWF DOO 80 FDW Â… Â… Â…

Â… Â…

Â’ +,*+ 9$/8( VHWV PLQW $UPV WR Â… LQF

Â’ %RRNOHW SDQHV RI VL[ ZLWK F\OLQGHU QXPEHUV

GDUN EOXH :HGGLQJ Â… 80 DQG )HVWLYDO WR Â… ILQH FDW Â… Â… Â… Â’ +,*+ YDOXH VHWV PLQW $UPV WR Â… LQF GDUN

EOXH :HGGLQJ Â… 80 )HVWLYDO WR Â… ILQH FDW Â… Â… Â… { .*9, +,*+ 9$/8( VHWV )8 $UPV WR Â… LQF

GDUN EOXH ZLWK H[WUDV :HGGLQJ Â… )HVWLYDO WR Â… PDQ\ ZLWK QHDW FGV SPNV DOVR GHILQV ZPN YDULHWLHV DV VHWV Â… Â…

òG &\O * GRW DQG QR GRW * GRW DQG QR GRW IUHVK PLQW Â… Â… ^3KRWR` { &RPSUHKHQVLYH FROOHFWLRQ RI PLQW ZLWK H[WUDV Â’ VWDPSV RQ SDJHV QRWLQJH GHILQV LQF 80 EORFNV WR Â’ ZPN VLGHZD\V DQG LQYHUWHG VHWV KLJK YDOXH VHW LQF

JRRG &DW Â… :HGGLQJ Â… )HVWLYDO WR Â… ([WUDV KLJK &9 Â… Â… ,//8675$7(' ILUVW GD\ FRYHUV

&RURQDWLRQ XQDGGUHVVHG 9LFWRU\ ZLWK 'RQ W :DVWH %UHDG VORJDQ ZLWK SULQWHG DGGUHVV Â… Â…

Â’ &2,/ (1'6 RQ òG G VWULSV PLQW

Â… Â… )'& .*9, òG G GHILQV HDFK QHDW FRYHUV

7KH G LV YHU\ VFDUFH RQ )'& :DUWLPH LVVXH 6* Â… Â…

Â’ .*9, KLJK YDOXH 80 JURXS Â… Â’ EURZQ 6* F DQG Â… :HGGLQJ VWDPSV FDW

Â… Â… Â…

*5($7 %5,7$,1 * (/,=$%(7+ ,,

Â’ 63(&,0(1 2YSW G $UPV 6* %6 IUHVK

Â’ 4(,, :,/',1* VHW RI SOXV VLGHZD\ VHW RI Â’ 80 DQG LQYHUWHG VHW RI 80 PDLQO\ 80 &DW Â… Â’ Â… Â…

PLQW &DW Â… Â… Â… ^3KRWR` 6SHFWDFXODU VPDOO SDUFHO WDJ IRU GLSORPDWLF

Â’ :,/',1*6 VHW RI LQFOXGLQJ WKH ZDWHUPDUN Â’ YDULHWLHV 6* IUHVK XQPRXQWHG PLQW &DW Â…

PDLO SULQWHG IRU %DOH 9LOOH 6ZLW]HUODQG IUDQNHG [ XOWUDPDULQH 6* % SOXV G òG PXOWL FDQF /RQGRQ )V UXEEHU &'6 &KRLFH Â… Â…

Â… Â… )'& &200(06 $ YDOXDEOH FROOHFWLRQ RI

Â’ 9LFWRU\ òG F\OLQGHU EORFNV RI VL[ H[WHQVLYH

FROOHFWLRQ LQF VFDUFH F\O GRW DQG QR GRW FÂ… HDFK FO\ GRW DQG QR GRW FÂ… HDFK F\O GRW DQG QR GRW FÂ… HDFK D ILQH FROOHFWLRQ RI EORFNV FDW Â… PLQW Â… Â… ^3KRWR` $ VSHFWDFXODU IUDQNLQJ RQ VPDOO JUHHQ SDUFHO

WDJ IRU FDUU\LQJ GLSORPDWLF PDLOV IUDPHG [ XOWUDPDULQH 6* % [ òG G PXOWL FDQF :LWK WKH /RQGRQ )V +6 Â… Â… )'& 6LOYHU :HGGLQJ VHW RQ DWWUDFWLYH 5HJ G

LOOXVWUDWHG FRYHU 6* Â… Â… 6SHFWDFXODU VPDOO SDUFHO WDJ SULQWHG IRU

$GHODLGH $XVWUDOLD GLSORPDWLF PDLOV IUDQNHG [ SOXV G òG VLOYHU ZHGGLQJ DQG EORFN PDNLQJ Â… òG UDWH PXOWL FDQF /RQGRQ 9HU\ ILQH Â… Â… )'& .*9, G 6* RQ DQ DWWUDFWLYH

LOOXVWUDWHG HQY Â… Â… Â’ %22./(7 G 6* %' DOO SDQHV ZPN Â’ LQY LQ YHU\ JRRG FRQGLWLRQ Â… Â… ^3KRWR`

GLII LQ DQ DOEXP PDQ\ VXSHULRU FRYHUV XQDGGU RU W\SHG SDUOLDPHQW LOOXVWU W\SHG DGGU HPSLUH JDPHV :DOHV VORJDQ ))+ SKRV RUG RQ VDPH FRYHU OLIHERDW SKRV UHG FURVV SKRV +6 DGGU VXSHUE DOO SKRV VHWV D VXSHULRU LQWDFW FROOHFWLRQ ZLWK PDQ\ ILQH FRYHUV Â… Â… 6SHFLDOLVHG ZLWK PDQ\ YDULHWLHV FRPPHP FROOHFWLRQ KRXVHG LQ ZHOO ILOOHG 'HYRQ DOEXP PDQ\ FROOHFWRUV QRWHV PDQ\ XVHIXO LVVXHV ,WV FRPSOHWH EDVLF XP IX ZLWK DOO SKRV VHWV WKH LQWHUHVW LV LQ WKH PDQ\ XP FRPPHP YDULHWLHV EORFNV PLVVLQJ SKRV LQYHUWHG ZPNV PRUH G EURNHQ PDQH LQ EORFN (XURSD G ZKLWH VFUROOV LPSHUI SULQWHUV VDPSOH SDLU G 32 7KULVVHOO SULQWLQJ SODWH VWULS PDQ\ FRORXU VKLIWV LQF EHWWHU OLVWHG PLQRU YDULHWLHV LQ EORFNV QDWXUH òG RIIVHW LQ PDUJLQ FDEOH G RYSW FDQFHOOHG ERWDQLFDO G ZPN LQYHUWHG XP YIX G SDUOLDPHQW ZPN LQYHUWHG XP %2% ZLWK OLVWHG YDULHWLHV LQ 6H 7HQDQW EORFNV G LQY ZPN VFDUFH XP ,78 ZLWK FRORXU VKLIWV ODQGVFDSHV ZLWK FRORXU VKLIWV G SDSHU IROG XVHG ZRUOG FXS ZLWK JRRG VKLIWV EORFNV LQY ZPNV EULGJHV LQF FRORXU VKLIWV VKLSV G PLVVLQJ UHG LQVFULSWLRQ PDQ\ PRUH 2IIHUHG LQWDFW 6XSHU RULJLQDO ORW V Â… Â… Â’ &20326,7( G ERRNOHW 6* ) DOO SDQHV Â’ ZPN XSULJKW LQ YHU\ ILQH FRQGLWLRQ Â… Â… ^3KRWR`

Â’ %22./(7 6* %' QRWH òG SDQHV Â’ ZPN LQY G ò SDQHV ZPN XSULJKW LQ ILQH FRQGLWLRQ

Â… Â… )'& )HVWLYDO RI %ULWDLQ KLJK YDOXHV VHW RI )RXU

RQ RQH VXSHUE VPDOO IRUPDW )'& ZLWK 6KHUERXUQH 'RUVHW &'6 &KRLFH 6* Â… Â… ^3KRWR`

Â’ &20326,7( G ERRNOHWV 0D\ WR $XJ 6* Â’ ) LQ YHU\ ILQH FRQGLWLRQ Â… Â…

Â’ &RPSRVLWH ERRNOHWV 6* + QRWH + Â’ .*9, òG G SDQHV ZPN LQY + .*9, G SDQH ZPN LQY DOO

Â’ )(67,9$/ KLJK YDOXH VHW 80 6* Â’ Â… Â…

RWKHU SDQHV ZPN XSULJKW ERWK LQ YHU\ JRRG FRQGLWLRQ Â… Â… ^3KRWR`

Â’ )(67,9$/ KLJK YDOXH VHW 80 6* FDW Â’ Â… Â… Â…

Â’ 67$03 %22./(76 0D\ -XO\ Â’ 6* ILQH DQG FRPSOHWH Â… Â…

Â’ %22./(7 0DUFK ZLWK WKH òG SDQH ZLWK F\G Â’ QXPEHU ZPN XSULJKW òG SDQH DQG òG SDQHV ZPN LQY 6*

%' LQ ILQH FRQGLWLRQ Â… Â… Â’ %RRNOHWV 6* %' LQ YHU\ ILQH Â’ FRQGLWLRQ 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


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/( Â… 6* IUHVK 80 IURP WKH FRUQHU Â’ RI WKH VKHHW FDW Â… Â… Â… Â’ &$67/( VHW IUHVK 80 6* FDW Â’ Â… Â… Â… Â’ 67$03 %22./(76 VSHFLDOLVHG FROOHFWLRQ Â’ RQ SDJHV H[WHQVLYH GHWDLOV UH SDQHV SKRV 3/86

DGGLWLRQDO SDQHV ZPN LQYHUWHG SDQHV HWF *RRG QXPEHU RI &RRNV :HGJZRRG ERRNOHWV DQG SDQHV HWF 4XDOLW\ ORW Â… Â…

Â’ 67$03 %22./(76 .*9, SDQH FRPELQDWLRQ Â’ G LVVXHV GLII 0D\ -XQH $XJ DQG )HE 6* Â’ 4(,, :,/',1*6 VHW RI SOXV VLGHZD\V VHW RI Â’ LQYHUWHG LQF ERWK òG ZLWK D FDW YDOXH RYHU Â… IUHVK

) ) JURXS Â… Â…

80 Â… Â…

Â’ 67$03 %22./(76 G LVVXHV JURXS RI VL[ Â’ GLII HGLWLRQV LQ YHU\ ILQH FRPSOHWH FRQGLWLRQ 'DWHV DYDLODEOH

Â’ :,/',1*6 YHU\ FRPSOHWH VHW RI ZLWK PRVW Â’ RI WKH ZPN YDULHWLHV ZLWK GLIIHUHQW SULQWLQJ &DW YDOXH Â…

XSRQ UHTXHVW Â… Â…

IUHVK 8102817(' 0,17 HDFK VWDPS GLIIHUHQW Â… Â…

{ &200(025$7,9( &2//(&7,21 ZLWK PDQ\ Â’ VHWV DV EORFNV RI 80 VHHQ &RURQDWLRQ /LIHERDWV 5HG &URVV Â’ 63(&7$&8/$5 (5525 3RVW 2IILFH 6DYLQJV Â’ %DQN YHUW VWULS RI RQH ZLWK 3DUW 2UDQJH %URZQ PLVVLQJ WKH Â’ &DEOH FDQFHOOHG RYSW VWLOO RQ WKH RULJLQDO GRFXPHQW D YHU\

JRRG FROOHFWLRQ YHU\ FRPSOHWH IRU WKLV SHULRG D IHZ VWDPSV PDQ\ VHWV DV EORFNV RI Â… Â…

VWDPS EHORZ FRPSOHWHO\ PLVVLQJ VFDUFH WKULVVHOO SULQWLQJ 6* %D $ YHU\ VFDUFH VWDPS Â… Â… ^3KRWR`

Â’ 5(' &5266 6WXG\ ZLWK YDULHWLHV G ZLWK Â’ &20326,7( G ERRNOHW )HE 6* ) QRWH Â’ .*9, SDQHV ZPN LQY 4(,, òG SDQH ZPN LQY òG SDQH ZPN Â’ UHSDLUHG &URVV VWULS RI DQG ZLWK 'RFWRU %ODGH IODZV

XSULJKW LQ YHU\ JRRG FRQGLWLRQ Â… Â… ^3KRWR` Â’ &$67/(6 ZDWHUORZ VHW RI PLQW WRS YDOXH Â…

80 6* Â… Â… Â’ &RLO VWULSV RI ILYH (GZDUG VLGHZD\V ZPN VHW Â’ IUHVK 80 6* $ % YDOXHV LQ WRWDO Â… Â…

SKRV VHW 80 $Q LQWHUHVWLQJ JURXS RI LWHPV 80 Â… Â… ^3KRWR`

Â’ %RWDQLFDO FRQJUHVV SUHVHQWDWLRQ SDFN LQ Â’ H[FHSWLRQDO FRQGLWLRQ 6* SDFN Â… Â…

Â’ %RWDQLFDO VHW SKRV DV VXSHUE XP EORFNV 6* Â’ S FDW Â… DOVR FHSW DV EORFNV XP

Â’ 4(,, :,/',1* VHW RI VLGHZD\V VHW RI Â’ LQYHUWHG VHW RI òG ZLWK E IRU G DOO IUHVK 80 &DW YDOXH

EORFNV Â… Â…

Â… Â… Â… Â’ 67$03 %22./(76 G GLII )HE $XJXVW Â’ 'HSW 2FW DQG 1RY ILQH DQG FRPSOHWH Â… Â… Â’ :DWHUORZ FDVWOHV VHW PLQW 6* FDW

Â… Â… Â… Â’ :,/',1* òG %XWWHUIO\ IODZ 5 IUHVK 80 Â’ LQ F\OLQGHU EORFN GRW 6SHF 6 + Â… Â… Â’ :,/',1*6 VHW RI LQFOXGLQJ WKH ZDWHUPDUN Â’ YDULHWLHV 6* &DW Â… IUHVK 80 Â… Â…

%27$1,&$/ VHW 6* RUG DIIL[HG WR LOOXVWU )'& DQG KDQGVWDPSHG &$1&(//(' D VFDUFH *32 SUH UHOHDVH FRYHU 9HU\ ILQH XQDGGU Â… Â… Â’ )257+ 52$' %5,'*( SUHVHQWDWLRQ SDFN LQ Â’ RXWVWDQGLQJ FRQGLWLRQ 6* FDW Â… Â… Â… Â’ )257+ 52$' %ULGJH SUHVHQWDWLRQ SDFN Â’ 6FDUFH Â… Â… Â’ *HRJUDSKLFDO FRQJUHVV SUHVHQWDWLRQ SDFN LQ Â’ H[FHSWLRQDO FRQGLWLRQ 6* SDFN 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…

3$5/,0(17$5< &RQIHUHQFH LOOXVWUDWHG ZLWK

WK 3DUOLDPHQWDU\ &RQIHUHQFH VSHFLDO FDQFHO ZLWK D QHDW W\SHG DGGUHVV Â… Â… Â’ *UDSKLF /LQH 6HWV LQF ZDWHUPDUN YDULHWLHV LQF Â’ òG ZPN XS QG ZPN LQY òG ZPN LQY ZPN

HUURU G ZLWK WKH ZURQJ ZPN 6* D $ YHU\ ILQH FROOHFWLRQ ZLWK D YHU\ KLJK FDW 9DOXH VWDPSV IUHVK 80 Â… Â… ^3KRWR` Â’ 4(,, :,/',1*6 JUDSKLWH VHW 80 VHW RI Â’ XSULJKW VHW RI LQYHUWHG VHW RI VL[ YDOXHV

&DWDORJXHG YDOXH Â… IUHVK XQPRXQWHG PLQW Â… Â…

Â’ (UURUV 9DULHW\ 'H 0RQW )RUW 3DUOLDPHQW QRWH G Â’ ERWWRP SDLU ZLWKLQ D VWULS RI ZLWK GRXEOH SHUIRUDWLRQV &\O

G ZLWK SHUI VKLIW WR WKH ULJKW G ZLWK VKLIWHG KHDGV G VKLIW RI FUHDP EDFNJURXQG G ZPN ,QYHUWHG $ JRRG ORW IRU VWXG\ LWHPV 80 Â… Â… ^3KRWR` 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’ 'H /D 5XH &DVWOH VHW RI 6* D D IUHVK Â’ 80 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 DQG Â’ :,/',1* LQWHUHVWLQJ 80 LWHPV òG G FRLO Â’ OHDGHUV G FRUQHU EORFN ZLWK SKDQWRP 5 LQ PDUJLQ G :LQJ VSHFWDFXODU RQO\ FRXOG H[LVW 6* J

F\OLQGHU GRW EORFN RI VL[ ZLWK WZR YDULHWLHV DOO YHU\ ILQH Â… Â… Â’ :,/',1*6 VHW RI LQFOXGLQJ WKH ZDWHUPDUN Â’ YDULHWLHV QRWH G ZDWHUPDUN LQYHUWHG 6* ZL F Â…

6* &DW Â… HDFK VWDPS GLIIHUHQW Â… Â… ^3KRWR` Â’ &$67/( Â… 6* IUHVK 80 FDW Â… Â’ Â… Â…

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’ KDYH VWURQJ VDJH JUHHQ GRFWRU EODGH IODZ QRQ SKRV VXSHUE

LWHP 80 Â… Â…


Â’ 63(&7$&8/$5 FRPSOHWH VKHHW RI G %DWWOH RI Â’ %5,7,6+ 6+,36 VH WHQDQW SDLUV ZLWK Â’ +DVWLQJV ZLWK VWDPSV KDYH PDJHQWD PLVVLQJ DQG VHYHUDO Â’ YDULHWLHV ILUVW SDLU PLVVLQJ SKRVSKRU QG EORFN RI ZLWK

VWDPSV ZLWK SDUW RI WKH PDJHQWD PLVVLQJ 6* I XQPRXQWHG PLQW Â… Â…

SHUIRUDWLRQ VKLIW WR WKH ULJKW VR WKH YDOXH LV LQ WKH SHUIRUDWLRQV RQ HDFK XQLW 6* YDU 80 Â… Â…

Â’ 7(&+12/2*< VHW 6* HDFK

Â’ &21&25'( G HUURU OHIW KDQG SKRV EDQG KDQGVWDPSHG &DQFHOOHG VPDOO IRUPDW ILQH XQXVHG WDNHQ IURP Â’ RPLWWHG 6* H IUHVK 80 +DUU\ $OOHQ OHWWHU LQFOXGHG D SUH UHOHDVH *32 VKHHW 9HU\ VFDUFH Â… Â… Â… Â…

Â’ 9$5,(7,(6 :RUOG &XS G VKLIW RI EODFN WR WKH Â’ OHIW 6WRQHKDP & H :RUOG &XS :LQQHU G ZLWK VKLIW RI %OXH

5HG DQG )OHVK 6WRQHKDP & D ERWK 80 Â… Â… ^3KRWR`

Â’ (8523$ G 6* 80 PDUJLQDO EORFN ZLWK Â’ '28%/( 3(5)257,216 DIIHFWLQJ WKH ULJKW SDLU DQG PDUJLQ

8QXVXDO Â… Â… *$1'+, ZLWK EHWWHU SLFNLQJV LQF *HUPDQ SXEOLFLW\ FDUGV ZLWK GLIIHUHQW FDQFHOOHG KDQGVWDPSV F\OLQGHU EORFN RI ZLWK WRRWK IODZ YDULHW\ 5 SKRV RPLWWHG SOXV RWKHU PLQRU YDULHWLHV $ YHU\ LQWHUHVWLQJ JURXS RI LWHPV FKLHIO\ 80 Â… Â…

Â’ 9$5,(7< 5REHUW %XUQV EORFN RI G ZLWK Â’ VKLIW WR WKH OHIW RI VODWH %OXH %DFNJURXQG WR 4XHHQV SRUWUDLW

OLVWHG LQ 6WRQHKDP 6* YDU 6WRQHKDP & D XQPRXQWHG PLQW Â… Â…

Â’ :25/' &83 :,11(5 VWXG\ ZLWK YDULHWLHV LQF { 6+,3 G (5525 SDUWLFXODUO\ SHUIV PDUJLQDO Â’ QHYHU VHHQ FDQFHOOHG KDQGVWDPSV OLVWHG PLQRU YDULHWLHV Â’ ZLWK H[WUD SHUIV LQ WKH PDUJLQ WKLV WKHQ FXWV LQWR WKH VWDPSV Â’ VSHFWDFXODU YDULHW\ Â… Â… 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

6KLS LOOXVWUDWHG IGF V ZLWK D FDWDORJXH YDOXH

RYHU Â… ZLWK EHWWHU FDQFHOV /OR\GV RI /RQGRQ &RIIHH KRXVH +RXVH RI &RPPRQV DQG /RUGV %XFNLQJKDP 3DODFH &XWW\ 6DUN LOOXVWUDWHG FDQFHO 8QDGGUHVVHG RU QHDW W\SHG DGGUHVVHV Â… Â…

PRVW XQXVXDO 6* Â… Â… Â’ ()7$ (5525 G DOO RYHU SKRVSKRU 6* Â’ SN OLVWHG DQG XQSULFHG IUHVK 80 YHU\ VFDUFH

{ 6KLS VWXG\ DQG LQWHUHVWLQJ JURXS ZLWK FRYHUV

Â… Â…

DQG PLQRU YDULHWLHV VHHQ VSHFLDO GHVLJQHG VRXYHQLU FDUG ZLWK 80 VHW DWWDFKHG VLJQHG E\ WKH GHVLJQHU -DQ %ODWFKOH\ PDLGHQ YR\DJH 4(,, FRYHUV PLQRU YDULHWLHV RQ G LQ EORFNV DQG YDOXHV ZLWK PLQRU YDULHWLHV LQ EORFNV D JRRG ORW RI LWHPV FKLHIO\ 80 EORFNV DOVR VHW ZLWK VFKRRO VSHFLPHQ KDQG VWDPS Â… Â…

Â’ (5525 G LPSHUIRUDWH SDLU 6* F Â’ XQPRXQWHG PLQW Â… Â… ^3KRWR`

Â’ (5525 G LPSHUIRUDWH SDLU 6* F Â’ XQPRXQWHG PLQW Â… Â… ^3KRWR`

Â’ (5525 G EORFN RI JXP *$ ZLWK SKRVSKRU Â’ 67$036 IRU &RRNV Â… VWDPS ERRNOHW ZLWK Â’ RPLWWHG FDW Â… DV VLQJOH VWDPSV IUHVK 80 Â… Â… Â’ 6WDSOHV YHU\ ILQH 80 WKH UDUH ILUVW YDULDQW 6* =3

Â… Â…

Â’ (5525 G *$ *XP ZLWK SKRVSKRU RPLWWHG Â’ KRUL]RQWDO SDLU 6* (\ IUHVK 80 FDW Â… Â… Â…

{ 9DULHWLHV VKLS 4(,, ZLWK SHUIRUDWLRQ VKLIWV LQF Â’ VKLIW WR WKH ULJKW VR QR YDOXH QG ZLWK SDUW YDOXH DW WKH ULJKW Â’ 9RW VWULSV RI DQG VKLIW RI SHUIV XSZDUGV ,QWHUHVWLQJ

Â’ (5525 G ZLWK SKRVSKRU RPLWWHG KRUL]RQWDO Â’ SDLU JXP *$ IUHVK 80 6* (\ FDW Â… Â… Â…

ORW Â… Â… ^3KRWR`

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’ 6LU )UDQFLV &KLFKHVWHU G VWXG\ ZLWK PLQRU Â’ YDULHWLHV LQF FDQFHOOHG KV DQG D VHFRQG ZLWK VFKRRO VSHFLPHQ

+6 LWHP XQPRXQWHG PLQW Â… Â…

Â’ Â’ Â’ Â’ Â’ Â’

Â’ Â’

OLQHV LQ WKH PDUJLQ DQG SHUIV RI HDFK VWDPS IUHVK 80 Â… Â… Â’ 3KRVSKRU RPLWWHG VHWV &RQFRUGH Â’ 6* (\ (\ ,QYHVWLWXUH 6* (\D (\

&RWWDJHV 6* (\ (\ DOO XQPRXQWHG PLQW Â… Â…

Â’ 9$5,(7< G XQFRDWHG SDSHU 6* D ZLOO Â’ LQF D QRUPDO WR FRPSDUH Â… Â…

Â’ Â’

Â’ 9$5,(7< G LQYHVWLWXUH ZLWK ODUJH JROG VPXGJH Â’ DFURVV IRXU VWDPSV ZLWKLQ D EORFN RI QG VWULS ZLWK ILQH JROG

Â’ &+5,670$6 HUURU G LPSHUI SDLU IURP WKH Â’ VLGH RI WKH VKHHW IUHVK 80 YHU\ VFDUFH 6* F FDW 0$&+,16 35( '(&,0,1$/ ,668( 6* Â… Â… Â… H[WHQVLYH VSHFLDOLVHG FROOHFWLRQ LQ DQ DOEXP ZLWK PDQ\ PLVVLQJ SKRVSKRU YDULHWLHV XP QRWLQJ G G 6* H\ Â’ &KULVWPDV YDULHWLHV G JURVVO\ Â’ PLVSHUIRUDWHG GLIIHUHQW SOXV G G SKRV RPLWWHG $OO G G DOVR XQFRDWHG SDSHU YDULHW\ G G DOVR 80 Â… Â… VSHFLDOLVW SULQWLQJV GLII KHDGV ERRNOHW SDQHV RULJLQDO ORW Â… Â… %RRNOHW SDQHV PDFKLQV DGYHUWLVHUV VHW RI IRXU ILUVW LVVXH IRU FKULVWPDV HYH HDFK RQ VXSHUE LOOXVWUDWHG IGF %5,7,6+ 3$,17,1*6 YDULHW\ F\OLQGHU EORFN RI ZLWK FDFKHW ODEHO DGGU 5DWKHU VFDUFH Â… Â… ZLWK XQLWV VKRZLQJ ODUJH VSLOO RI JROG 6* 80 Â… Â… %22./(7 3$1(6 2Q LOOXVWUDWHG )'&V ZLWK :LQGVRU )', FDQFHO ZLWK VPDOO ODEHO DGGUHVVHV ZLWK ERRNOHW (5525 &KULVWPDV G ZLWK SKRVSKRU RPLWWHG SDQH DWWDFKHG Â… Â… DV D FRUQHU EORFN RI 6* (\ 80 FDW Â… DV VLQJOHV Â… Â… Â’ /,7(5$5< $11,9(56$5< VWXG\ ZLWK YDULHWLHV Â’ S SKRV RPLWWHG HPERVVLQJ VKLIW WR WKH ULJKW EODFN VKLIW (5525 0DFKLQ G ZLWK *UHHQLVK %OXH SULQWLQJ HUURU OHDYLQJ XQSULQWHG DUHDV DURXQG SDSHU MRLQW VSLOO RPLWWHG DQG RQH P RQ SKRVSRU ERQG a6*8 ( 6* (9 RI JROG S SKRV RPLWWHG RQH EDQG QLFN LQ KDLU YDULHW\ òS IUHVK 80 Â… Â… SKRV RPLWWHG HPERVVLQJ RPLWWHG VKLIW RI HPERVVLQJ WR WKH 3KRVSKRU RPLWWHG YDULHW\ G 9HUPLOLRQ 6* ULJKW 6FKRRO 6SHFLPHQ KV RQ WKH VHW RI *HUPDQ SURPRWLRQDO H\ ILQH XP Â… Â… ^3KRWR` FDUG ZLWK WKH VWDPSV DWWDFKHG $Q LQWHUHVWLQJ JURXS RI LWHPV VWDPSV 80 Â… Â… 9$5,(7< $QQLYHUVDULHV G VKLIW RI %ODFNLVK %URZQ OHDYLQJ GRXEOH VKLS YDULHW\ LQ D SDLU 6* YDU )UHVK Â’ 0DFKLQ HUURU S PLVVLQJ IUHVK 3LQN FRORXU Â’ IUHVK 80 6* 8 D ZLWK QRUPDO WR FRPSDUH Â… Â… XQPRXQWHG PLQW Â… Â… ^3KRWR`

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


Â’ 0DFKLQV 7KH S VSHFLDOLVHG JURXS RI PFF Â’ Â… LQF PLVVLQJ SKRV 8 D $OO GLIIHUHQW Â… Â… Â’ 0DFKLQV VSHFLDOLVHG 80 JURXS GLIIHUHQW Â’ 0&& UDWHV Â… òS S òS LQF PLVVLQJ SKRV

&5,&.(7 SKT FDUG QR VXSHUE XVHG ZLWK

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…

RQ òS $OO GLIIHUHQW Â… Â…

Â’ (5525 3DLQWLQJV S ZLWK *ROG DQG (PERVVLQJ 0DFKLQV WKH òS YDOXH D VSHFLDOLVW JURXS RI PFF Â… DOO 80 LQF YHU\ VFDUFH &HQWUH %URDG %DQG 8 E Â’ RPLWWHG 6* (F XQPRXQWHG PLQW Â… Â… ^3KRWR` %URDG %DQG OHIW WKLFN PLVVLQJ SKRV *RRG JURXS Â’ (UURUV YDULHWLHV &KULVWPDV ZLWK D VXSHUE UDQJH Â… Â… Â’ RI FRORXU VKLIWV SKRVSKRU RPLWWHG RQ WKH òS VHW ZLWK Â’ %RRNOHW SDQHV FRLO VWULSV RI PDFKLQV $Q VSHFLPHQ VFKRRO RYSW F\O EORFNV VWULSV ZLWK ZHDN SULQWLQJ Â’ H[WHQVLYH FROOHFWLRQ RI XP LQ DQ DOEXP ZLWK FROOHFWRUV QRWHV RI WKH EORFN S JXP DUDELF DQG SYDG ZLWK EORFNV VWULSV D QXPEHUV GLII SDQHV LQF HDUO\ EODQN DGYHQW ODEHO SDQHV IDVFLQDWLQJ FROOHFWLRQ RI LWHPV 80 Â… Â… SDQHV WDNHQ IURP SUHVWLJH ERRNOHWV ZLWK KLJK FY VH WHQDQW (8523($1 &RPPXQLWLHV VHW RQ +$5:,&+ SDQHV FRLO VWULSV DUH XQFKHFNHG JRRG RULJLQDO ORW SULYDWH FGV )'& VLJQHG E\ WKH PD\RU VXSHUE DQG D VFDUFH Â… Â… )'& Â… Â… Â’ 0$&+,16 òS WR S DQ H[WHQVLYH VSHFLDOLVHG Â’ FROOHFWLRQ XP ZKHUH WKH YDOXH LV DQG IX GHWDLOHG RQ SDJHV ,1,*2 -21(6 3+4 FDUG QR LQ VXSHUE PLQW FRQGLWLRQ )LQHVW TXDOLW\ FDW Â… Â… Â… PDQ\ YDULHWLHV VSHFLDOLVW LWHPV ZLWK FROOHFWRUV QRWHV V WRR PXFK WR OLVW YHU\ JRRG ORW RI PLVVLQJ SKRV HUURUV XP QRWLQJ S PLVSHUIRUDWHG SDLUV ZLWK VRPH VWULNLQJ LWHPV S Â’ 0DFKLQ HUURU òS 2&3 39$' 6*8 IUHVK Â’ 80 6FDUFH Â… Â… SRVWDO IRUJHU\ PDQ\ GLII SULQWLQJV HWF $ YHU\ JRRG ORW ZLWK KLJK FY Â… Â… Â’ 0LVVLQJ FRORXU HUURU S H[SORUHUV *ROG RPLWWHG Â’ %52$'&$67,1* $QQLYHUVDU\ VWXG\ ZLWK Â’ 4XHHQV +HDG IUHVK 80 ZLWK QRUPDO 6* D ZLWK RULJLQDO 6* Â’ YDULHWLHV S PLVSODFHG 4(,, KHDG DQG \HOORZ S SKRV RPLWWHG SXUFKDVH FDUG Â… Â… 4(,, KHDG VKLIW S RQ LOOXVWUDWHG )'& ZLWK SKRV RPLWWHG òS 3$5/,$0(17$5< SKT FDUG VXSHUE XVHG ZLWK VLQJOH EDQG SKRV RPLWWHG WKLQ SDSHU S SKRV RPLWWHG VLQJOH PDWFKLQJ VWDPS RQ REYHUVH QR FDW Â… &KRLFH SKRV WZR EDQGV SULQWHG RQ WKH UHYHUVH VHW ZLWK 6FKRRO Â… Â… 6SHFLPHQ KV *HUPDQ SURPRWLRQDO FDUG $ YHU\ JRRG ORW RI

3$5/,$0(17$5< SKT FDUG VXSHUE XVHG ZLWK

LWHPV VWDPSV 80 Â… Â…

VWDPS RQ REYHUVH QR FDW Â… FKRLFH Â… Â… Â’ &+5,670$6 VWXG\ ZLWK YDULHWLHV òS SKRV Â’ RPLWWHG HPERVVLQJ RPLWWHG SKRV DQG HPERVVLQJ RPLWWHG VKLIW RI JROG S VKLIW RI HPERVVLQJ VKLIW RI JUHHQ VKLIW RI JUHHQ 5R\DO :HGGLQJ òS 3+4 FDUG VXSHUE XVHG

{ Â’ Â’

Â’ Â’

Â’ Â’

ZLWK VSHFLDO VWDPS H[KLE FDQFHO DQG FDFKHW Â… Â… DQG JROG VKLIW RI WXUTXRLVH òS SULQWLQJ IODZV LQF UHG VSLOO SXUSOH VPXGJHV PLVVLQJ SULQWHG DUHDV EORFN ZLWK SDUWLDOO\ Â’ 75(( $1' ((& VWXG\ W\SHG XS RQ OHDYHV ZLWK H[WUD SHUIV SDSHU MRLQW VWULS RI VHW ZLWK 6SHFLPHQ 6FKRRO KV Â’ PLQRU YDULHWLHV 7UHH LQF EURNHQ N LQ 2DN DV D F\O EORFN RI VL[ $ YHU\ JRRG FROOHFWLRQ RI LWHPV Â… Â… )'& V ZLWK :HVWRQELVW $UERUHWXP DQG +DWLILHOG %URDG 2DN (;3/25(56 S 9$5,(7,(6 EORFN RI ZLWK VWDPS ZLWK SKRV RPLWWHG QG ZLWK EURDG EDQG ((& VHW ZLWK GRZQZDUG VKLIW RI WKH EOXH OHDYLQJ WKH H\H RQ URVV V FKHHN D 6SHFLPHQ KV S S ZLWK PLQRU SULQWLQJ IODZV $ JRRG ORW RI VLQJOH ZKHUH WKH H\HV DUH LQOLQH ZLWK WKH WLS RI KLV QRVH D QG LWHPV Â… Â… VLQJOH ZLWK PXOWLSOH VKLIWV RI FRORXUV DQ LQWHUHVWLQJ ORW Â’ 9$5,(7< &KULVWPDV S VH WHQDQW VWULS ZLWK XQPRXQWHG PLQW Â… Â… ^3KRWR` Â’ SHUIRUDWLRQ HUURU GXH WR WKH PDUJLQ IROGLQJ RYHU $Q LQWHUHVWLQJ ([SORUHUV YDULHWLHV HUURUV S ZLWK SKRVSKRU SLHFH Â… Â… RPLWWHG S HPERVVLQJ RPLWWHG S ZLWK SKRV DQG HPERVVLQJ Â’ 9$5,(7< 6LOYHU :HGGLQJ S ZLWK 'RFWRUV RPLWWHG S PLVSHUI VR 5RVV QDPH LV RQ WKH ULJKWKDQG VLGH RI Â’ %ODGH IODZ DFURVV VWDPSV ZLWKLQ D EORFN RI 6* WKH VWDPS S ZLWK GRZQZDUG VKLIW RI RUDQJH *HUPDQ SXEOLFLW\ 9DU Â… Â… VKHHW VFKRRO VSHFLPHQ RYSW VHWV DQ LQWHUHVWLQJ JURXS RI ($5/< 3+4 UHWDLO Â… PLQW ZLWK WKH EHWWHU LWHPV PDQ\ DV EORFNV Â… Â… ^3KRWR` FDUGV &ULFNHW ,QLJR -RQHV 3DUOLDPHQW 5R\DO :HGGLQJ 7UHH :('*:22' VWDPS ERRNOHW ZLWK VFDUFH OLVWHG )LUH 6HUYLFH 7XUQHU 5RVHV D YHU\ JRRG FROOHFWLRQ RI HDUO\ YDULHW\ DIIHFWLQJ òS òS SDQH 6* 8(3 $ Â… Â… FDUGV Â… Â… (;3(5,0(17$/ VHOI DGKHVLYH VHW RI VHYHQ

VW )HEUXDU\ S DOO RYHU SKRV RQ LOOXVWUDWHG

LQF WZR VH WHQDQW SDLUV RQ 'HUHN :RUER\V GHGLFDWHG )'& H[WUHPHO\ UDUH DQG YHU\ ILQH W\SHG DGGU 2QO\ D KDQGIXO ZHUH %LUGV $Q XQLVVXHG GHVLJQ IRU S &DJHG %LUGV SUHSDUHG RQH RI WKH UDUHVW GHILQ )'& Â… Â… DV YHUWLFDO LPSHUI SDLU XQXVHG YHU\ XQXVXDO DQG ZH KDYHQ W Â’ (;3(5,0(17$/ VHOI DGKHVLYH òS LQ D VHHQ WKLV XQDGRSWHG GHVLJQ EHIRUH Â… Â… Â’ FRPSOHWH VKHHW RI VHOGRP VHHQ LQ FRPSOHWH VKHHWV QRUPDO %ULWLVK 5DLO +LVWRU\ LOOXVWUDWHG FRPPHPRUDWLYH DV D VLQJOH RU EORFNV RI XQPRXQWHG PLQW Â… Â… FRYHUV %5 D WR %5 ZLWK VPDOO ODEHO DGGUHVVHV ),5( SKT FDUG ILQH XVHG ZLWK PDWFKLQJ VWDPS Â… Â… FDQF )', FDW Â… Â… Â… )'& VXSHUE XQDGGU 6RXWKDPSWRQ FGV FKRLFH Â… Â…

&KULVWPDV LOOXVWUDWHG IGF V LQF VHW ZLWK

%XFNLQJKDP 3DODFH FGV ZLWK HDFK FRYHU EHLQJ GLIIHUHQW Â… Â… &ULFNHW S 3+4 FDUG VXSHUE XVHG FDW Â…

),5( 3+4 FDUG VXSHUE PLQW QR FDW Â… Â… Â… { ),567 6(/) $'+(6,9( VHW òS S òS S

ILQHVW TXDOLW\ Â… Â…

S òS S VHW ILQH XVHG VFDUFH Â… Â…

&5,&.(7 SKT FDUG QR VXSHUE XVHG ZLWK

Â’ 5,%%(' SDSHU 6FRWODQG S FHQWUH EDQG ODUJH Â’ EORFN RI D SDSHU YDULHW\ OLVWHG LQ 0&& FDWDORJXH IUHVK

PDWFKLQJ S VWDPS RQ REYHUVH ZLWK VSHFLDO 3RVWDO 0XVHXP FDQFHO ([FHSWLRQDO TXDOLW\ FDW Â… Â… Â…

80 Â… Â…


Â’ 5,%%(' 3$3(5 6FRWODQG S ZLWK F\O QXPEHU Â’ +DUULVRQ Â… FDVWOHV VJ VXSHUE FRUQHU Â’ DQG GHIRUPHG WRQJXH YDULHW\ ODUJH EORFN RI VWDPSV Â’ SODWH EORFNV ZLWK YDULRXV FRQWURO QXPEHUV F G H &DW

Â… DV EDVLF VWDPSV IDFH Â… Â… Â…

80 PLQ FDW Â… OLVWHG LQ 0&& FDWDORJXH Â… Â… Â’ 6&$5&( S PDFKLQ 2FS 38$' 6*8 Â’ IUHVK 80 Â… Â…

Â’ 3$5$/<03,&6 S VH WHQDQW IODJ LVVXH DV 80 Â’ EORFN RI SDLUV ZLWK 0$-25 '2:1:$5' 6+,)7 2)

Â’ 75(( SKT FDUG LQ VXSHUE PLQW FRQGLWLRQ QR Â’ FDW Â… Â… Â…

%/8( &2/285 DIIHFWLQJ OHIW VLGH IRXU VWDPSV JLYLQJ D GLVWRUWHG LPSUHVVLRQ RI 4XHHQV KHDG YDOXH DQG LQVFULSWLRQ 6* 5HPDUNDEOH Â… Â…

Â’ 0DFKLQV VSHFLDOLVHG FROOHFWLRQ HOOLSWLFDO SHUIV Â’ 75(( SKT FDUG LQ VXSHUE PLQW FRQGLWLRQ QR Â’ VHFXULW\ FRGHV XP VHWV LVVXHV LGHQWLILHG RQ SDJHV LQF Â’ FDW Â… Â… Â…

(QVFKHGH WR Â… GOG WR Â… VHOI DGKHVLYHV WR Â… PDQ\ PRUH WR Â… HWF 7KH ORW DOVR LQFOXGHV PRVW VWDPSV YIX ZKLFK ZH KDYHQ W ILJXUHG %DUJDLQ Â… Â…

Â’ 75(( 3+4 &$5' VXSHUE XQXVHG FDW Â’ Â… Â… Â…

6,*1(' ' 'D\ $QQLYHUVDU\ LOOXVWUDWHG )'&V

75(( SKT FDUG VXSHUE XVHG ZLWK PDWFKLQJ

VLJQHG E\ 0DMRU - +RZDUG DQG /RUG /HZLQ FRYHU FDUULHG WR 1RUPDQG\ RQ D ODQGLQJ FUDIW ERWK ZLWK VSHFLDO FDQFHOV Â… Â…

VWDPS RQ REYHUVH FDQF )', QR FDW Â… Â… Â… 75(( 3+4 FDUG VXSHUE XVHG ZLWK PDWFKLQJ

6LJQHG *ROI LOOXVWUDWHG IGF V ERWK VLJQHG E\

VWDPS RQ REYHUVH FDQFHOOHG ILUVW GD\ RI LVVXH QR FDW Â… Â… Â…

*UHJ 1RUPDQ 7KH 5R\DO 6W *HRUJHV JROI FOXE ZLWK VSHFLDO 6DQGZLFK .HQW FDQFHO DQG WKH %ULWLVK 2SHQ *UHJ 1RUPDQ GHIHQGLQJ FKDPSLRQ D YHU\ ILQH SDLU RI LOOXVWUDWHG IGF V 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…

6,*1(' 0HGLFDO 'LVFRYHULHV 3HDN 3UDFWLFH

LOOXVWUDWHG )'&V VLJQHG E\ .HYLQ :KDWOH\ $PDQGD %XUWRQ DQG 6LPRQ 6KHSKHUG ZLWK VSHFLDO FDQFHOV Â… Â…

Â’ 0DFKLQ HUURU S XQFRDWHG SDSHU IUHVK 80 Â’ 5DUH 8 Â… Â… ^3KRWR`

6,*1(' &KULVWPDV LOOXVWUDWHG )'& VLJQHG E\

1RUPDQ :LVGRP ZLWK D VSHFLDO ,Y\EULGJH &DQFHO Â… Â…

6,*1(' DQQLYHUVDU\ RI WKH ILUVW IOLJKW IURP

(QJODQG WR $XVWUDOLD VLJQHG E\ -HDQ %DWWHQ LQ YHU\ ILQH FRQGLWLRQ Â… Â…

6,*1(' 1DWLRQDO 7UXVW &HQWHQDU\ LOOXVWUDWHG

)'& V VLJQHG E\ 6LU 'DYLG $WWHQERURXJK +XJK 6FXOO\ 6LU $QJXV 6WLUOLQJ DQG 5LFKDUG 5DQVRPH $OO ZLWK VSHFLDO FDQFHOV Â… Â… ^3KRWR`

6,*1(' SROLFH LOOXVWUDWHG IGF ZLWK WK

DQQLYHUVDU\ RI 6LU -RKQ *LHOJXG DW %ODFNSRRO VSHFLDO FDQFHO VLJQHG E\ 6LU -RKQ *LHOJXG D VFDUFH VLJQHG FRYHU Â… Â…

6,*1(' 5 - 0LWFKHOO %RRNOHW 3DQHV LOOXVWUDWHG

Â’ :('*:22' Â… ERRNOHW ZLWK 0,;(' 9$/8( Â’ 3$1( +$9,1* 7+( 3+263+25 20,77(' VFDUFH YDULHW\

)'&V VLJQHG E\ -RKQQLH -RKQVRQ DQG 'U *RUGRQ 0LWFKHOO ERWK ZLWK VSHFLDO FDQFHOV Â… Â… 6,*1(' 52<$/ 6+$.(63($5( LOOXVWUDWHG

'; YDU Â… Â… 6,*1(' WK DQQLYHUVDU\ RI WKH ILUVW FDUULDJH

RI PDLO DQG SDVVHQJHU E\ EDOORRQ VLJQHG E\ /HR 'LFNVRQ D YHU\ ILQH FRYHU Â… Â…

)'& V LQF 'DPH 0DJJLH 6PLWK 'DPH -XGL 'HQFK (PPD )LHOGLQJ $ YHU\ ILQH JURXS ZLWK VSHFLDO FDQFHOV Â… Â… 6,*1(' 6SULQJWLPH LOOXVWUDWHG )'&V VLJQHG

Â’ 0$&+,1 HUURU S IURP Â… ERRNOHW ZLWK ODEHO Â’ DWWDFKHG DW WRS ZLWK EURDG EDQG DW ULJKW 80 4 %%

E\ -RKQ +DUUROG 5XSHUW $UWLVW DQG -RKQQ\ 0RUULV ERWK ZLWK VSHFLDO FDQFHOV Â… Â…

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…

6LJQHG 9( 'D\ LOOXVWUDWHG )'&V VLJQHG E\ 'DPH 9HUD /\QQ DQG 6LU 'DYLG +DQQD\ ERWK ZLWK VSHFLDO FDQFHOV Â… Â… ^3KRWR` Â’ )227%$// ERRNOHW [ S %REE\ 0RRUH SDQH Â’ ZLWK XQXVXDO %/$&. 35,17,1* 2))6(7 (5525 RQ UHYHUVH

XQOLVWHG DQG VSHFWDFXODU Â… Â…

Â’ ,03(5)25$7( SDLU S PDFKLQ GHILQV IUHVK Â’ 80 6* = D Â… Â…

2/<03,& *$0(6 6LJQHG LOOXVWUDWHG )'& V

VLJQHG E\ -RQDWKDQ (GZDUGV 5LFKDUG 0HDGH 6WHYHQ 5HGJUDYH DOO ZLWK VSHFLDO FDQFHOV Â… Â…

6LJQHG LOOXVWUDWHG )'& V 6DOXWH WR WKH %UDYH RI 6,*1(' &(17(1$5< 2) %5,7,6+ &,1(0$ 4 WKH %DWWOH RI %ULWDLQ VLJQHG E\ /HQDUG &KHVKLUH DQG -RQQLH

VLJQHG E\ ,DQ &DUPLFKDHO DQG /HVOLH 3KLOLSV ERWK ZLWK -RKQVRQ *DOODQWU\ VHW RQ FRYHUV ZLWK %LJJLQ +LOO DQG +DZNLQJH VSHFLDO FDQFHOV Â… Â… VSHFLDO FDQFHOOHG FDUULHG LQ D 6SLWILUH DQG D +XUULFDQ SDUW RI 6,*1(' &ODVVLF &DUV LOOXVWUDWHG )'&V WKH PHPRULDO IOLJKW Â… Â… VLJQHG E\ 1LJHO 0DQVHOO DQG /RUG 0RQWDJX RI %HDXOLHX ERWK Â’ 63(&7$&8/$5 PLVSHUIRUDWHG HUURU S .HZ ZLWK VSHFLDO FDQFHOV Â… Â… Â’ *DUGHQV 6* WKH XQLTXH WUDIILF OLJKW FRUQHU EORFN RI VL[

JURVVO\ PLV SHUI YHUWLFDOO\ YDOXH QRZ DW ULJKW 80 ZULQNOHV GXH 6,*1(' )RRWEDOO /HJHQGV LOOXVWUDWHG Â… &RLQ &RYHU VLJQHG E\ -DFN &KDUOWRQ WKH Â… &RLQ )RRWEDOO WR LQFRUUHFW IHHG $PD]LQJ LWHP Â… Â… ZDV LVVXHG WR FRPPHPRUDWH (QJODQG V :RUOG &XS :LQ 5211,( %$5.(5 6LJQHG JUHHWLQJ LOOXVWUDWHG Â… Â… )'& ZLWK ,URQEULGJH VSHFLDO &'6 Â… Â… 6LJQHG )RRWEDOO /HJHQGV LOOXVWUDWHG )'&

6,*1(' 6FLHQWLILF $FKLHYHPHQWV LOOXVWUDWHG

VLJQHG E\ *HRII +XUVW ZLWK :RUOG &XS &XS ZLQQHU 6XQGD\ )'&V 7RUQDGR ) PN VLJQHG E\ 6LU .HLWK :LOOLDPVRQ 7KH VSHFLDO FDQFHO Â… Â… $QQLYHUVDU\ RI :KLWWOHV -HW (QJLQH VLJQHG E\ :LQJ 6,*1(' LOOXVWUDWHG 2O\PSLF *DPH LOOXVWUDWHG &RPPDQGHU 5RODQG %HDPRQW ERWK ZLWK VSHFLDO FDQFHOV )'& $UPDWXUH $WKOHWLF $VVRFLDWLRQ VLJQHG E\ /LQIRUG &KULVWLH Â… Â… /WG WR FRYHUV Â… Â…


6LJQHG 2O\PSLF *DPHV LOOXVWUDWHG )'& E\

Â’ 68%0$5,1( VHOI DGKHVLYH VWDPS ERRNOHW ZLWK Â’ F\OLQGHU QXPEHUV YHU\ ILQH 80 6* 30 Â… Â…

9LFWRULDQ 3ULQWV VLJQHG E\ 6HEDVWLDQ &RH /WG WR FRYHUV Â… Â…

Â’ (UURU ZLOGLQJ PV 6* JURVVO\ PLV FXW ZLWK Â’ LQVFULSWLRQ DW ERWWRP RPLWWHG YHU\ ZLGH PDUJLQ DW WRS )LQH

6LJQHG 5REHUW %XUQV LOOXVWUDWHG )'&V

VLJQHG E\ 5W +RQ 6LU 'DYLG 6WHHO DQG 5W +RQ 1RUPDQ ,URQV ERWK ZLWK VSHFLDO FDQFHOV Â… Â…

XQXVXDO :LWK QRUPDO VKHHW WR FRPSDUH Â… Â…

6LJQHG :LOGIDZO DQG :HWODQG 7UXVW LOOXVWUDWHG

)'&V VLJQHG E\ 3KLOLSSD 6FRWW /DG\ 6FRWW DQG -RDQQD 7UROORSH ERWK ZLWK VSHFLDO FDQFHOV Â… Â…

Â’ 0$&+,1 HUURU Â… ZLWK Â… VLJQ RPLWWHG IUHVK 80 Â’ LQ SODWH QXPEHU PDUJLQDO SDLU 6* < D FDW Â…

Â… Â…

Â’ 67$03(; 60,/(5 VKHHWV D ILQH FROOHFWLRQ 6LJQHG $UFKLWHFWV RI WKH $LU /DQFDVWHU EDOH RXW Â’ HDFK GLIIHUHQW UHWDLO Â… YHU\ JRRG FRQGLWLRQ 80

VLJQHG E\ %LOO 5HLG 9& DQG )UDQN :RRWWRQ ERWK IORZQ LQ D /DQFDVWHU 7KH 6KXWWOHZRUWK FROOHFWLRQ VLJQHG E\ 5RODQG %HDPRQW DOO ZLWK VSHFLDO FDQFHOV Â… Â… ^3KRWR`

Â… Â… { &\OLQGHU EORFNV RI VL[ VXSHUE XVHG PRVW

6LJQHG &KULVWPDV LOOXVWUDWHG IGF VLJQHG E\ 5R\

+XGG ZLWK VSHFLDO 'UXU\ /DQH FDQFHO Â… Â…

XQXVXDO D ILQH FROOHFWLRQ RI GLII ZLWK YDOXHV WR Â… F\OLQGHU ' LVVXH PDQ\ HOXVLYH KLJK IY Â… Â… Â’ 60,/(5 6+((76 LQF 2O\PSLF *DPHV Â’ LVVXHV DQG VFDUFH 8. $ = VKHHW $OO GLIIHUHQW SULVWLQH 80

6,*1(' &20('< LOOXVWUDWHG )'&V LQF

)DFH DERXW Â… Â… Â… *HRUJH &ROH 3KLOLS 0DGRF DQG 5RQQLH %DUNHU DOO ZLWK VSHFLDO FDQFHOV Â… Â… ^3KRWR` Â’ 3UHVV VKHHWV IRU /RQGRQ IHVWLYDO RI VWDPSV Â’ ERWK VKHHWV ERWK LQ XQFXW SDQHV GLUHFW IURP WKH SULQWHUV DOVR 6LJQHG (QGDQJHUHG 6SHFLHV LOOXVWUDWHG )'&V /RQJ WR 5HLJQ 2YHU 8V XQFXW SUHVV VKHHW 7KUHH VKHHWV VLJQHG E\ -XOLDQ 3HWWLIHU DQG 'DYLG %HOODP\ ERWK ZLWK DOO 80 LQ DUFKLYH WXEHV UXVKVWDPSV UHWDLO Â… VSHFLDO FDQFHOV Â… Â… Â… Â… 6,*1(' 6SHHG LOOXVWUDWHG )'&V VLJQHG E\ Â’ 2O\PSLF DQG 3DUDO\PSLFV VKHHWOHWV Â’ FRPSOHWH VHWV ZLWK D IDFH YDOXH RYHU Â… XQPRXQWHG

*LQD &DPSEHOO 'RQDOG :DOHV DQG %RRNOHW 3DQH VLJQHG E\ .HQ 1RUULV DOO ZLWK VSHFLDO FDQFHOV Â… Â…

PLQW Â… Â… )'&V VLJQHG E\ 6J /GU 3HWHU ,]DUG DQG $LU DUVKDO 6LU -RKQ 2O\PSLF *DPHV DQG 3DUDO\PSLFV *DPHV &XUWLVV ERWK ZLWK VSHFLDO FDQFHOV Â… Â… FRPSOHWH VHW RI VKHHWOHWV RQ SULVWLQH XQDGGUHVVHV )'& FRYHUV Â… Â… 6,*1(' &RLQ LOOXVWUDWHG )'& &KULVWPDV VLJQHG 6,*1(' %HUOLQ $LUOLIW %RRNOHW SDQHV LOOXVWUDWHG

%,5'6 LVVXHV D PRVW RXWVWDQGLQJ VHW RI WHQ

E\ 1RHO (GPRQGV ZLWK *LEUDOWDU S &KULVWPDV &RLQ 6FDUFH Â… Â… 6,*1(' &RLQ LOOXVWUDWHG )'& ZLWK 5XJE\

:RUOG &XS %RRNOHW SDQH VLJQHG E\ - 3 5 :LOOLDPV ZLWK Â… 5XJE\ &RLQ Â… Â… 6LJQHG &RLQ LOOXVWUDWHG )LUVW 'D\ &RYHU (FOLSVH

PLQLDWXUH VKHHW VLJQHG E\ 6LU %HUQDUG /RYHOO ZLWK Â… $OGHUQH\ 7RWDO (FOLSVH RI WKH 6XQ &RLQ Â… Â… 6,*1(' &RLQ LOOXVWUDWHG )LUVW 'D\ &RYHU

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

6FLHQWLVWV VLJQHG E\ 'HVPRQG 0RUULV ZLWK 6LHUUD /HRQH &KDUOHV 'DUZLQ &RLQ 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…

6LJQHG HQWHUWDLQHUV LOOXVWUDWHG IGF VLJQHG E\

Â’ $1 25,*,1$/ FROOHFWLRQ ZLWK EHWWHU SLFNLQJV Â’ ZLWK D IDFH YDOXH RYHU Â… VHHQ SUHVWLJH ERRNOHW I Y

%DUU\ 1RUPDQ ZLWK FLQHPD FODVVLFV VSHFLDO FDQFHO Â… Â…

Â… PDQ\ FRPP VHW LQ JXWWHU SDLUV DQG F\OLQGHU EORFNV VRXYHQLU ERRNV PDQ\ V RI VWDPSV XQPRXQWHG PLQW LQ VHYHUDO DOEXPV ILOOLQJ D ODUJH FDUWRQ Â… Â…

6,*1(' 0,//(11,80 7,0(.((3(5 06

,OOXVWUDWHG )'&V VLJQHG E\ 5LFKDUG :KLWHOH\ DQG &ROLQ %DNHU ERWK ZLWK VSHFLDO FDQFHOV Â… Â… 6,*1(' 7RWDO (FOLSVH 06 LOOXVWUDWHG )'&V

VLJQHG E\ +HDWKHU &RXSHU DQG 6LU $UQROG :ROIHQGDOH ERWK ZLWK VSHFLDO FDQFHOV Â… Â…

Â’ %22./(76 D UDQGRP FROOHFWLRQ PDLQO\ Â’ PDFKLQV ZLWK ERRNOHWV WR Â… Â…

Â’ &$67/(6 :DWHUORZ VHW RI PLQW Â… XP Â’ 0$&+,1 F\OLQGHU EORFNV RI VL[ ZLWK YDOXHV IURP Â’ 'H /D 5XH PLQW G EORFN RI ZLWK RQH SODWH GRW LQ Â’ S WR Â… D YHU\ JRRG UDQJH ZLWK PXFK LGHQWLILHG E\ Â’ WKH PDUJLQ EORFN RI PLQW %UDGEXU\ G WR ZLWK JXLGH

SULQWHUV KLJK FDWDORJXH YDOXH LQ PRGHUQ F\OLQGHU EORFNV XQPRXQWHG PLQW Â… Â…

KROH LQ WKH PDUJLQV FDW Â… Â… Â… ^3KRWR`

Â’ 0$&+,1 (5525 VW VHOI DGKHVLYH ERRNOHW SDLU Â’ ZLWK GLH FXW VKLIWHG VLGHZD\V PP 80 XQXVXDO Â… Â…

Â’ 0$&+,1 LPSHUI SDLU VW VHOI DGKHVLYH 80 H[ Â’ EXVLQHVV VKHHW Â… Â… Â’ 3+263+25 20,77(' ERRNOHW RI [ VW Â’ FODVV IUHVK 80 6* +' YDU Â… Â… 6,*1(' &RLQ LOOXVWUDWHG )'& VLJQHG E\ /HVOH\

-RVHSK ZLWK *LEUDOWDU &KULVWPDV S 6FDUFH Â… Â… Â’ 68%0$5,1( VHOI DGKHVLYH VWDPS ERRNOHW YHU\ Â’ ILQH 80 6* 30 Â… Â… Â…

&29(5 &2//(&7,21 LQ IRXU DOEXPV ZLWK

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… { &</,1'(5 $1' *877(5 %/2&.6 FROOHFWLRQ

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…

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


Â’ '(),1,7,9( &ROOHFWLRQ LQ D ([HWHU $OEXP Â’ QHDWO\ SUHVHQWHG VWUHQJWK LQ V V 0DFKLQV RYHU

6,*1(' $LUFUDIW PLQLDWXUH VKHHW )'&

Â’ +,*+ 9$/8( FROOHFWLRQ &DVWOH VHW RI Â’ &DVWOH VHW RI Â… Â… F\OLQGHU EORFN RI

6,*1(' %XVHV 5RXWHPDVWHU LOOXVWUDWHG

VLJQHG E\ 7RQ\ %HQQ D VFDUFH FRYHU VLJQHG E\ 7RQ\ VWDPSV LQF òS VLGHEDQG KLJK YDOXHV LQF S XQFRDWHG %HQQ Â… Â… SDSHU ORZ YDOXHV ZLWK PDQ\ GLIIHUHQW SULQWLQJV ZLWK YDOXHV WR 6,*1(' %ULJLWWH %DUGRW &DWV LOOXVWUDWHG S $ YHU\ JRRG ORW LQF UHJLRQDO V Â… Â… FRYHU XVLQJ WKH &DW VWDPSV IURP WKH &DWV DQG 'RJV 6 $ { ),1( 86(' SUH GHFLPDO ZLWK EHWWHU SLFNLQJV ERRNOHW ZLWK &DW $VK VSHFLDO FDQFHO Â… Â… Â’ LQF 6KDNHVSHDUH DV EORFNV RI UHG FURVV DV EORFNV RI Â’ &RURQDWLRQ DV EORFNV RI D YHU\ JRRG ORW YHU\ FRPSOHWH 6,*1(' %ULJLWWH %DUGRW 'RJV FRYHU XVLQJ WKH 6 $ IURP WKH &DWV DQG 'LJV ERRNOHW SDQH ZLWK %ODFN 'RJ LQ FRPPHPRUDWLYH VHWV Â… Â… ^3KRWR` VSHFLDO FDQFHO Â… Â… )'& V 06 VLJQHG E\ 5HJ 9DUQH\ QG VLJQHG .HQ /LYLQJVWRQH VWDPS FRYHU DOVR VLJQHG E\ .HQ /LYLQJVWRQH DOO RQ 5RXWHPDVWHU LOOXVWUDWHG FRYHUV Â… Â…

D VHW RI UH LVVXH VHW RI :LOGLQJV &DVWOHV 06 DOO IUHVK 80 +LJK FDW YDOXH Â… Â… Â’ 0$&+,16 3+263+25 2PLWWHG G G Â’ ERWK 39$ G G EORFNV RI 39$ òS S òS òS

6,*1(' &KULVWPDV 5RELQV LOOXVWUDWHG

)'& VLJQHG E\ *HRUJH &ROH Â… Â…

òS S òS S DQG FRLO VWULS S S òS DOO ZLWK PLVVLQJ SKRVSKRU 80 Â… Â…

6,*1(' +DWV 5R\DO $VFRW LOOXVWUDWHG

Â’ 3+4 HDUO\ VHWV LQ VXSHUE XQXVHG FRQGLWLRQ Â’ :HGGLQJ :DUULRUV &KXUFKLOO HWF GLII

)'& VLJQHG E\ :LOOLH &DUVRQ DQG /HVWHU 3LJJRWW WZR RI WKH PRVW IDPRXV MRFNH\V RI DOO WLPHV Â… Â…

Â… Â…

6,*1(' 1REHO 3HDFH 3UL]H LOOXVWUDWHG

Â’ 3UHVWLJH ERRNOHWV ZLWK D IDFH YDOXH RYHU Â’ Â… ZLWK ERRNOHWV IURP WR HDFK GLIIHUHQW

)'& VLJQHG E\ $UFKELVKRS 'HVPRQG 7XWX $ VFDUFH FRYHU Â… Â…

Â… Â… Â’ 4(,, &</,1'(5 %/2&.6 SUH GHFLPDO LQF Â’ :LOGLQJ EORFNV WR G PDQ\ FRPPHPRUDWLYH EORFNV ZLWK VHWV

D YHU\ ILQH FROOHFWLRQ RI EORFNV DOO XQPRXQWHG PLQW XQFKHFNHG Â… Â…

6,*1(' 1REHO 3UL]HV LOOXVWUDWHG )'&

VLJQHG E\ 1REHO 3HDFH /DXUHDWH 0DLUHDG &RUULJDQ 0DTXLUH $ VFDUFH FRYHU Â… Â… 6,*1(' 2FFDVLRQ EH P\ YDOHQWLQH

Â’ 4(,, 35( '(&,0$/ ERRNOHWV ZLWK YDOXHV Â’ IURP WR ZLWK PDQ\ GLIIHUHQW GDWHV VHHQ LQ ILQH

FRQGLWLRQ Â… Â… 5$) VLJQHG LOOXVWUDWHG FRYHUV LQF WK

LOOXVWUDWHG )'& VLJQHG E\ -DQH $VKHU ZLWK VSHFLDO FDQFHO Â… Â… 6,*1(' 7KHUH OO $OZD\V EH DQ (QJODQG

LOOXVWUDWHG )'& ZLWK (QJODQG SLFWRULDO GHILQV VLJQHG E\ :LQVWRQ &KXUFKLOO / (QWHWH &RUGLDOH VLJQHG E\ &KULV 3DWWHQ 03 UHODWHG FRYHUV Â… Â…

$QQLYHUVDU\ RI WKH 5$) 6LJQHG ZDUWLPH DUWLVW )UDQN :RRWWHQ V FRYHUV ZLWK EHWWHU VLJQHG FRYHUV LQF $LU FGUH 6,*1(' :HDWKHU LOOXVWUDWHG )'& V 'RQDOGVRQ /XLJL 4XHVWD 5+ 0F,QWRVK 3HWHU /H &KHPLQDW 'H VWDPS FRYHU VLJQHG E\ 5LFKDUG %ULHUV DQG )HOLFLW\ .HQGDO 6PHW $OI *DWZDUG $ YHU\ ILQH FROOHFWLRQ Â… Â… VWDPS DQG 06 FRYHUV VLJQHG E\ 0LFKDHO )LVK $ YHU\ ILQH WULR ^3KRWR` RI FRYHUV Â… Â… Â’ 5(*,21$/6 FROOHFWLRQ RI GLII LVVXHV 80 6,*1(' $VWURQRP\ 06 LOOXVWUDWHG )'& Â’ ZLWK GHJUHHV RI VSHFLDOLVDWLRQ ZLWK EHWWHU PDFKLQV DQG GLII VLJQHG E\ %HUQDUG /RYHOO ZLWK -RGUHOO %DQN SRVWPDUN W\SHV WR S QHHGV FDUHIXO FKHFNLQJ *RRG ORW Â… Â… Â… Â… 6,*1(' &KULVWPDV LOOXVWUDWHG )'& 6,*1(' ,DQ 0F.HOOHQ DQG 3DXO 6FRILHOG VLJQHG E\ 'HDQ -RKQ ,UYLQH DQG WKH $UFKELVKRS RI &DQWHUEXU\ *OREH 7KHDWUH WK $QQLYHUVDU\ 0LGVXPPHU 1LJKWV 'UHDP RQ &RYHQWU\ &DWKHGUDO WK $QQLYHUVDU\ FRYHU Â… Â… LOOXVWUDWHG )'& VFDUFH WZR FRYHUV Â… Â… 6,*1(' &RDVWOLQH SDLU RI LOOXVWUDWHG 6,*1(' )RRWEDOO /HJHQGV DXWRJUDSK )'& V VLJQHG E\ &KD\ %O\WK DQG 5RELQ .QRZ -RKQVRQ $ ILQH LOOXVWUDWHG )'& VLJQHG 6LU %REE\ &KDUOWRQ :RUOG &XS SDLU RI FRYHUV Â… Â… DXWRJUDSKHG LOOXVWUDWHG )'& VLJQHG *HRUJH &RKHQ 6,*1(' &RPPRQZHDOWK *DPHV Â… Â… LOOXVWUDWHG )'& VLJQHG E\ -DPHV &UDFNZHOO DQG 0DWWKHZ 6,*1(' :RPHQ RI $FKLHYHPHQW 3LQVHQW $ VFDUFH GXDO VLJQHG FRYHU Â… Â… LOOXVWUDWHG )'& V VLJQHG 0DUJDUHW 7KDWFKHU DQG (VWKHU 6,*1(' /RQGRQ %ULGJHV LOOXVWUDWHG )'& 5DQW]HQ Â… Â… VLJQHG E\ %DUEDUD :LQGVRU Â… Â… 6,*1(' DXWRJUDSKHG HGLWLRQ LOOXVWUDWHG )'& V LQF -DQH $VKHU (VWKHU 5DQW]HQ -HUHP\ 6,*1(' 2FFDVLRQV LOOXVWUDWHG )'& &ODUNVRQ 'DYLG %HOODP\ .HLWK 0LFKHOO 1RHO (GPRQGV 7UHYRU VLJQHG E\ -XQH :KLWILHOG Â… Â… %D\OLV $QJXV 'HDWRQ 'DUFH\ %XVVHOO DQG :D\QH 6OHHS -DPHV +HUEHUW 5REHUW 3RZHOO ,DQ /DYHQGHU -RKQ &UDYHQ 'U 6,*1(' 3HWHU 3DQ LOOXVWUDWHG )'& 3DWULFN 0RRUH (GZLQD &XUULH 3HWHU 'DYLVRQ DQG 7RP %DNHU VLJQHG E\ 'DPH 0DJJLH 6PLWK Â… Â… $UWKXU 6FDUJLOO -DPHV %RODP 6LU 5DQXOSK )LHQQHV -XVW D IHZ 6,*1(' 3RVW %R[ PXOWL VLJQHG 7RQ\ IURP WKLV YDVW FROOHFWLRQ Â… Â… %HQQ 5R\ 0DVRQ &KULV & .DWDZD\ DQG (GZDUG 6KRUH $ ILQH 6,*1(' )ORZHU LOOXVWUDWHG )'& VLJQHG FRYHU Â… Â… 'DYLG %HOODP\ (QGDQJHUHG 6SHFLHV VLJQHG 'DYLG 6,*1(' 4XHHQ 0RWKHU LOOXVWUDWHG )'& V

$WWHQERURXJK $ ILQH SDLU RI FRYHUV Â… Â…

VLJQHG E\ 9HUD /\QQ QG E\ -XOLHW $XEUH\ ZKR SOD\HG WKH 4XHHQ 0RWKHU Â… Â…

6,*1(' 3RVW 2IILFHV DXWRJUDSKHG

LOOXVWUDWHG )'& VLJQHG 7RQ\ %HQQ Â… Â…

6,*1(' :LOGLQJV 06 VLJQHG E\ 3DWULFN

6,*1(' (QGDQJHUHG 6SHFLHV

/LFKILHOG VXSHUE FRYHU Â… Â…

DXWRJUDSKHG LOOXVWUDWHG )'& VLJQHG -RKQQ\ 0RUULV Â… Â…

6,*1(' :RUOG &XS LOOXVWUDWHG )'&

VLJQHG E\ 6LU 7RP )LQQH\ ZLWK 6LU 7RP )LQQH\ :D\ VSHFLDO FDQFHO Â… Â…


6,*1(' &KULVWPDV SDLU RI :HVWPLQVWHU

&DWKHGUDO FRYHU VLJQHG E\ WKH 'XNH RI 1RUIRON DQG )DWKHU 0DUN /RQJKDP 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(' &RQFRUGH &RPLQJ +RPH )LQDO

6,*1(' )RRG LOOXVWUDWHG )'& VLJQHG E\

)OLJKW WR )LOWRQ VLJQHG E\ WKUHH FDSWDLQV %DQLVWHU 'RXJODV DQG %URGLH $ YHU\ VFDUFH FRYHU Â… Â… 6,*1(' &RURQDWLRQ SDLU RI LOOXVWUDWHG

0LFKDHO :LQQHU 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…

)'& V VLJQHG E\ )RUWXQH )L]WUR\ 'XFKHVV RI *UDIWRQ DQG :LOORXJKE\ 'H (UHVE\ %DURQHVV $ ILQH SDLU RI LOOXVWUDWHG FRYHUV Â… Â…

6,*1(' -DQH (\UH LOOXVWUDWHG )'& V

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…

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 E\

6LW & )R[OH\ 1RUULV 1HYLOOH 'XNH 1HLO :KHHOHU DQG RQH RWKHU D VFDUFH PXOWLSOH VLJQHG 6SLWILUH SLORWV FRYHU Â… Â… 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…

6,*1(' VPDOO 6PLOHUV LOOXVWUDWHG )'&

*ROGLORFNV DQG WKH 7KUHH %HDUV FRYHU VLJQHG E\ (VWKHU 5DQW]HQ Â… Â… 6,*1(' 7URRSLQJ RI WKH &RORXU

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 )'&

VLJQHG E\ -RKQ +HGJHFRH D YHU\ ILQH FRYHU Â… Â…

6,*1(' 9LQWDJH %ULWLVK 0RWRUF\FOHV

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… 6,*1(' $ %ULWLVK -RXUQH\ 5DPEOHUV

$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…

6,*1(' 5+6 LOOXVWUDWHG )'& V 06

VLJQHG E\ $ODQ 7LWFKPDUVK VWDPS FRYHU VLJQHG E\ 6XVDQ +DPSVKLUH $ YHU\ ILQH SDLU RI FRYHUV Â… Â… 6,*1(' 56$ LOOXVWUDWHG )'& VLJQHG E\

6WHSKHQ )U\ VHOGRP VHHQ VLJQHG FRYHUV E\ 6WHSKHQ )U\ Â… Â… 6,*1(' :LOGOLIH 1DWLRQDO 7UXVW LOOXVWUDWHG

SDLU RI )'& V VLJQHG E\ 'DYLG %HOODP\ DQG 6LDQ 3KLOOLSV $ YHU\ ILQH SDLU RI FRYHUV Â… Â… 6,*1(' $VKHV :LQQHUV 06 LOOXVWUDWHG

6,*1(' $QLPDO 7DOHV LOOXVWUDWHG )'&

VLJQHG E\ 0LFKDHO %RQG FUHDWRU RI 3DGGLQJWRQ %HDU $ VFDUFH FRYHU Â… Â… 6,*1(' &KULVWPDV LOOXVWUDWHG )'& V

06 VLJQHG 7HUU\ 3UDWFKHWW RQ QHZ 3RVWDO 0XVHXP FRYHU QG 5LFKDUG %ULHUV RQ <HDUV RI &KULVWPDV VWDPSV FRYHU $ VFDUFH SDLU RI FRYHUV Â… Â… 6,*1(' /HVW :H )RUJHW SDLU RI

)'& VLJQHG E\ ,DQ %RWKDP Â… Â…

LOOXVWUDWHG FRYHUV VLJQHG )LHOG 0DUVKDOO 9LQFHQW 06 FRYHU VLJQHG -RKQ &KDSSOH $ ILQH SDLU RI FRYHUV Â… Â…

6,*1(' %DWWOH RI 7UDIDOJDU LOOXVWUDWHG

)'& V 06 VLJQHG E\ -RKQ 6DQG\ :RRGZDUG VWDPS FRYHU 6,*1(' 1DWLRQDO 3RUWUDLW LOOXVWUDWHG )'& V D SDLU VLJQHG E\ 'DPH -XG\ 'HQFK DQG :LQVWRQ VLJQHG E\ WKH &DSWDLQ RI WKH 9LFWRU\ ) 1RZRVLHVNL $ YHU\ ILQH &KXUFKLOO JUDQGVRQ RI WKH JUHDW PDQ $ YHU\ ILQH SDLU RI SDLU RI FRYHUV Â… Â… FRYHUV Â… Â… 6,*1(' &KULVWPDV LOOXVWUDWHG )'& V VWDPS FRYHU VLJQHG E\ 7HUU\ :DLWH 06 FRYHU VLJQHG E\ ,UHQH 6,*1(' 4XHHQ WK %LUWKGD\ LOOXVWUDWHG )'& VLJQHG 5LFKDUG -RKQV 7KH <HDU RI 7KUHH .LQJV 06 9RQ 7UHVNRZ WKH GHVLJQHU RI WKH VWDPSV UG VLJQHG E\ WKH VLJQHG E\ ,DQ 5LFKDUGVRQ $ ILQH SDLU RI FRYHUV Â… Â… %LVKRS RI %DWK DQG :HOOV 3HWHU 3ULFH $ YHU\ ILQH WULR RI 6,*1(' 9LFWRULD &URVV LOOXVWUDWHG )'& V FRYHUV Â… Â… VWDPS FRYHU VLJQHG .HLWK 3D\QH 9& 06 VLJQHG %LOO 6SHDNPDQ $ YHU\ ILQH SDLU RI FRYHUV Â… Â…


6,*1(' WK $QQLYHUVDU\ RI 6SXWQLN

6,*1(' /HVW :H )RUJHW LOOXVWUDWHG

LOOXVWUDWHG FRYHU VLJQHG E\ (GJDU 0LWFKHOO WKH VSDFH OHJHQG Â… Â…

FRYHUV VLJQHG :LOOLDP $SLDWD 9& DQG 9HUD /\QQ VXSHUE SDLU RI FRYHUV Â… Â…

6,*1(' $EROLWLRQ RI WKH 6ODYH 7UDGH

6,*1(' 1RUWKHUQ ,UHODQG 06 VLJQHG E\

LOOXVWUDWHG )'& VLJQHG E\ &KD\ %O\WK RQ WKH WK $QQLYHUVDU\ LOOXVWUDWHG )'& Â… Â… 6,*1(' %HDWOHV LOOXVWUDWHG )'& V

%DURQ 3ULRU 6HFUHWDU\ RI 6WDWH QG VLJQHG E\ /RUG 0DVRQ RI %DUQVOH\ DOVR 6HFUHWDU\ RI 6WDWH Â… Â… 6,*1(' 2O\PSLF 2QZDUGV WR /RQGRQ

VWDPS FRYHU VLJQHG E\ 3HWH %HVW DQG WKH PLQLDWXUH VKHHW FRYHU VLJQHG E\ $OODQ :LOOLDPV $ YHU\ ILQH SDLU RI FRYHUV Â… Â…

LOOXVWUDWHG FRYHUV VLJQHG 5LFKDUG 0HDGH QG VLJQHG /\QQ 'DYLHV $ YHU\ ILQH SDLU RI LOOXVWUDWHG )'& V Â… Â…

6,*1(' &HOHEUDWLQJ (QJODQG LOOXVWUDWHG

)'& V VLJQHG E\ +5+ 7KH 'XNH RI .HQW VFDUFH QG VLJQHG $ODQ $\FNERXUQ $ YHU\ ILQH SDLU RI FRYHUV Â… Â… 6,*1(' &KULVWPDV LOOXVWUDWHG )'& V

6,*1(' 7KH +RXVH RI <RUN DQG

/DQFDVWHU VLJQHG LOOXVWUDWHG )'& V VHW RI VWDPSV VLJQHG ,DQ 0FNHOOHQ 06 VLJQHG *HRIIUH\ 6WUHDWILHOG VWDPS IRU WKH 06 FRYHU VLJQHG $OH[ -HQQLQJV $ YHU\ JRRG WULR RI FRYHUV Â… Â…

VLJQHG 7HUU\ :DLWH 06 VLJQHG 6LPRQ &DOORZ DQG VWDPS FRYHU 6,*1(' %ULWLVK &ODVVLF 'HVLJQ LOOXVWUDWHG )'& VLJQHG E\ 3DGG\ +RSNLUN ZLWK LPDJH RI WKH 0LQL ZLQQLQJ VLJQ E\ %LVKRS -RKQ ,QJH $ ILQH WULR RI FRYHUV WKH 0RQWH &DUOR 5DOO\ Â… Â… Â… Â…

6,*1(' (QGDQJHUHG %ULWLVK %LUGV

6,*1(' E\ WKH 7ZR 5RQQLHV 3XQFK DQG

-XG\ LOOXVWUDWHG )'& VLJQHG 5RQQLH %DUNHU &LUFXV VLJQHG E\ 5RQQLH &RUEHWW $ YHU\ ILQH SDLU RI FRYHUV Â… Â…

LOOXVWUDWHG )'& VLJQHG E\ %LOO 2GGLH $ YHU\ ILQH FRYHU Â… Â… 6,*1(' /HVW :H )RUJHW LOOXVWUDWHG

6,*1(' &21&25'( SDLU RI FRYHUV

FRYHUV PLQLDWXUH FRYHU VLJQHG 6LPRQ :HVWRQ VWDPS FRYHU VLJQHG (DUO +DLJ $ YHU\ ILQH SDLU RI FRYHUV Â… Â…

/RQGRQ WR 1HZ <RUN VLJQHG $GULDQ 7KRPSVRQ DQG 1HZ <RUN WR /RQGRQ VLJQHG 0LNH %DQQLVWHU $ YHU\ ILQH DQG VFDUFH SDLU RI FRYHUV Â… Â…

6,*1(' PDFKLQ $QQLYHUVDU\ )'& V

PLQLDWXUH VKHHW FRYHU VLJQHG -RKQ +HGJHFRH VWDPSV IURP WKH 06 VLJQHG (GZDUG 6KRUW $ ILQH SDLU RI FRYHUV Â… Â… 6,*1(' &RQFRUGH LOOXVWUDWHG )'& V :RUOG RI ,QYHQWLRQ VLJQHG 3URI ) )RZFV :LOOLDPV 06 VLJQHG 6,*1(' 0LOLWDU\ 8QLIRUPV 6KDUSH -DFN /RZH :RPHQ RI $FKLHYHPHQW VLJQHG %DUEDUD LOOXVWUDWHG )'& VLJQHG %HUQDUG &RUQZHOO 6KDUSH FUHDWRU +RUPHU RQO\ IHPDOH &RQFRUGH SLORW $LU 'LVSOD\ VLJQHG Â… Â… 3HWHU %DNHU $ ILQH FROOHFWLRQ RI VLJQDWXUHV DOO UHODWLQJ WR 6,*1(' 4(,, 'LDPRQG :HGGLQJ &RQFRUGH Â… Â… LOOXVWUDWHG )'& V VWDPS FRYHU VLJQHG 3DPHOD 0RXQWEDWWHQ 6,*1(' &29(5 FROOHFWLRQ IURP GLIIHUHQW 06 VLJQHG 3ULQFHVV $OH[DQGUD ERWK ZHUH EULGHVPDLGV WR WKH FRPSDQLHV 7HQQ\VRQ %HQKDP VLJQHG /HZLQ &LYLO :DU 4XHHQ Â… Â… VLJQHG (DUO RI (VVH[ %HQKDP 0HGDOV 0RXQWEDWWHQ 6,*1(' 5DFLQJ &DUV 7KH *UDQG 3UL[ VLJQHG 0LFKDHO 7XUQHU %UDGEXU\ OLPLWHG WR /LYHUSRRO LOOXVWUDWHG )'& VLJQHG E\ 1LJHO 0DQVHOO Â… Â… WR 0DQFKHVWHU 5DLOZD\ VLJQHG $ODQ %ORRP 0DUNWRQ OLPLWHG D YHU\ ILQH FROOHFWLRQ RI FRYHUV WKDW QHHGV PRUH UHVHDUFK 6,*1(' 6FRXWV &HQWHQDU\ LOOXVWUDWHG FKLHIO\ )'& V ZLWK VSHFLDO FDQFHOV Â… Â… )'& VLJQHG /DG\ 3DWLHQFH %DGHQ 3RZHOO DQG %DURQ 5REHUW 6,*1(' FRYHUV RI WKH VWDJH DQG WHOHYLVLRQ &UDXVH %DGHQ 3RZHOO $ ILQH DQG VFDUFH GRXEOH VLJQHG &HQWHQDU\ RI 49 VLJQHG -XGL 'HQFK %ULWLVK FRYHU Â… Â… 0XVHXP 1DWLRQDO 7UXVW LOOXVWUDWHG )'& VLJQHG 3KLOOLS 6,*1(' 6HDOLIH LOOXVWUDWHG )'& VLJQHG 6FKRILOHG &HOHEUDWLRQV 6PLOHV LOOXVWU )'& VLJQHG E\ .DWH +XPEOH Â… Â… *HRIIUH\ 3DOPHU 6HDVLGH %ODFNSRRO ,OOXPLQDWLRQ LOOXVWU )'& VLJQHG 'DYLG 0RUULVH\ 2FFDVLRQV VLJQHG 5LFKDUG 6,*1(' :HPEOH\ 6WDGLXP 06 )'& %ULHUV &RXQWU\ 'HILQLWLYH 06 VLJQHG +D\OH\ 0LOOV $ YHU\ VLJQHG E\ 6LU +HQU\ &RRSHU D YHU\ ILQH FRYHU Â… Â… ILQH FROOHFWLRQ Â… Â… 6,*1(' &ULFNHW S GHILQLWLYH )', ZLWK

6,*1(' :RUOG RI ,QYHQWLRQ LOOXVWUDWHG

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…

)'& 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(' )/,*+7 FRYHUV $LUOLQHUV )'&

6,*1(' &DUU\ 2Q DQG +DPPHU +RUURU

)LOPV D WULEXWH WR %DUEDUD :LQGVRU DQG D WULEXWH WR &KULVWRSKHU /HH VLJQHG E\ WKH DFWRUV RQ D ILQH SDLU RI LOOXVWUDWHG )'& V Â… Â…

VLJQHG E\ -RKQ :LOVRQ DQG -RKQ &XQQLQJKDP FRYHU VLJQHG E\ -RKQ +XWFKLQVRQ RQ &RQFRUGH $QQLYHUVDU\ IOLJKW FRYHU $ ILQH SDLU RI FRYHUV Â… Â… 6,*1(' +DUU\ 3RWWHU LOOXVWUDWHG 06 )'&

6,*1(' &HQWHQDU\ RI 3ROLFH 'RJV LQ

%ULWDLQ LOOXVWUDWHG )'& VLJQHG E\ 7RQ\ *OHGKLOO *& Â… Â… 6,*1(' &KULVWPDV LOOXVWUDWHG )'& V

VLJQHG .DWLH /HXQJ VWDPSV LOOXVWU )'& VLJQHG 7RP )HOWRQ DQG ,VOH RI 0DQ LOOXVWUDWHG )'& VLJQHG 5DOSK )LHQQHV 9HU\ ILQH WULR RI FRYHUV Â… Â…

VLJQHG &KULVWRSKHU %LJJLQV DQG 6XH 3ROODUG $ YHU\ ILQH SDLU RI 6,*1(' LOOXVWUDWHG 6FRWODQG )'& V D %ULWLVK -RXUQH\ 6FRWODQG /RFK 1HVV FRYHU VLJQHG E\ 5LFKDUG FRYHUV Â… Â… :LOVRQ 6FRWWLVK 3DUOLDPHQW 06 VLJQHG E\ -LP :DOODFH 6,*1(' ,QVHFW LOOXVWUDWHG )'& E\ :HQG\ 4& 063 $ ILQH SDLU RI FRYHUV Â… Â… &UDLJ %XWWHUIOLHV VWDU Â… Â…

6,*1(' -XVW 6R 6WRULHV SDLU RI LOOXVWUDWHG

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…

)'& V ILUVW VLJQHG &ODUH )UDQFLV DQG )UHGULFN )RUV\WK QG VLJQHG 3 ' -DPHV DQG 5XWK 5HQGHOO VFDUFH GRXEOH VLJQHG FRYHUV Â… Â…

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


6,*1(' 0LOLWDU\ LOOXVWUDWHG )'& V

{ 678'< RI WKH :,/',1* &$67/(V ZLWK YDOXHV

)ODJV DQG (QVLJQV 06 VLJQHG 03 3ROORFN PXOWLSOH VLJQHG ZLWK VL[ VLJQDWXUHV $LU 6HD 5HVFXH VLJQHG &RPPDQGHU , 6WDQOH\ (QG RI WKH :DU 06 VLJQHG 1HYLOOH 'XNH $ YHU\ JRRG ORW Â… Â… 6,*1(' 3DFH 7RXULVP LOOXVWUDWHG )'& V

IURP G WR Â… ZLWK GLIIHUHQW SULQWLQJ ZLWK YHU\ ILQH FGV FDQFHOV VKDGH LGHQWLILHG E\ WKH FGV FDQFHOV SOXV D VPDOO JURXS RI PDFKLQV G WR Â… RYHU VWDPSV LQF 'H /D 5DH FDVWOH VXSHUE VWXG\ ORW Â… Â… ^3KRWR` 7(/(9,6,21 &20,& 6 VLJQHG LOOXVWUDWHG IGF V

JUHHWLQJV ERRNOHW SDQH VLJQHG E\ 5LFKDUG %ULHUV &KULVWPDV VLJQHG E\ *HRIIUH\ 3DOPHU DQG $UWLVW VLJQHG E\ 5REHUW /LQGVH\ DOO ZLWK VSHFLDO FDQFHOV Â… Â…

RQH VLJQHG E\ $ODQ %HDQ QG RQH ORRNV WR EH VLJQHG E\ 9DOHQWLQD <HUHVKNRYD ILUVW ZRPDQ LQ VSDFH $ VFDUFH SDLU RI FRYHUV E\ ,QWHUQHWVWDPSV Â… Â… 6,*1(' 4XHHQ 0DU\ 4XHHQ (OL]DEHWK

7(/(9,6,21 )(0$/( FRPLF V VLJQHG

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…

LOOXVWUDWHG IGF V (QLG %O\WRQ VLJQHG E\ 5XWK 0DGRF 1+6 VLJQHG E\ 3DXOLQH 4XLUNH ERWK ZLWK VSHFLDO FDQFHOV Â… Â… Â’ 75$,1,1* 6&+22/ ò' :,7+ 6FKRRO Â’ 6SHFLPHQ KV Â… Â… Â… ZLWK YHUW EDUV &DVWOH Â…

6,*1(' 5DLOZD\ LOOXVWUDWHG )'& V

Â… Â… KRUL] EDUV Â… YHUW EDU S WR S VHW RI 7UDLQLQJ 7HVWLQJ VWDPSV 80 Â… Â…

&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…

Â’ 7ULDOV RI 'H /D 5XH 3KRVSKRU Â’ H[SHULPHQWV 80 LPSHUI SDLUV GHSLFWLQJ WK FHQWXU\

*HQWOHPHQ %XVWV WZR GLIIHUHQW GHVLJQV IRU HDFK SDLU LQ 2UDQJH 7XUTXRLVH *UH\ DQG &HULVH YHU\ XQXVXDO DQG UDUHO\ VHHQ Â… Â…

6,*1(' 5HFRUG %UHDNHU VSHHG 5$)

LOOXVWUDWHG :RUOG 6SHHG 5HFRUG %UHDNHU VLJQHG E\ 3HWHU 7ZLVV 7:2 &DUWRQ IXOO RI )'& V LQ $OEXPV V RI ILUVW IO\ DW RYHU PSK $QQLYHUVDU\ WK RI 1HYLOOH FRYHUV VHHQ 6WXDUW 3KLODUW FRYHUV VSHFLDO )'& FDQFHOV 'XNH ZRUOG VSHHG UHFRUG VLJQHG E\ 1HYLOOH 'XNH $ ILQH SDLU XVHIXO ORW Â… Â… RI FRYHUV Â… Â… Â’ 9$/8$%/( 6(/(&7,21 RI EHWWHU FKLHIO\ PLQW 6,*1(' 5HVFXH DW %XII &RYH LOOXVWUDWHG FRYHUV Â’ LWHPV RQ FDUGV VWDPSV HDUO\ SKRV FRPPHP VHWV QRWLQJ Â’ 5HG &URVV :LOGLQJV LQF HDUO\ SULQWLQJ òG ERRNOHW SDQH D LQF PXOWL VLJQHG E\ 6 :RRGZDUG - 7KRPSVRQ 0 &ODSS DQG - 0RRUH QG 0DUJDUHW 7KDWFKHU UG 5H[ +XQW )DONODQG JURXS RI VL[ LQYHUWHG ZPNV 9)8 LQF òG 6* ZL VLJQHG 6LPRQ :HVWRQ $ YHU\ JRRG FROOHFWLRQ Â… Â… Â… Â… Â’ 9DULHWLHV 6KDNHVSHDUH G PLVVLQJ IORRUERDUGV 6,*1(' 5XJE\ LOOXVWUDWHG )'& V $ERYH Â’ +DVWLQJV G FOXE IORZ ODQGVFDSHV G ZLWK DQ IRU DQG DQG %H\RQG VLJQHG 5RU\ 8QGHUZRRG 5XJE\ :RUOG &XS &KULVWPDV PLVVLQJ W WHFKQRORJ\ G ZLWK OW IRU OWG DQG ERRNOHW SDQH )'& VLJQHG 0DUWLQ -RKQVRQ :RUOG &XS ()7$ EURNHQ XQGHUFDUULDJH D JRRG JURXS PLQ FDWDORJXH YDOXH :LQQHUV 06 VLJQHG %HQ &RKHQ $ ILQH WULR RI FRYHUV Â… IUHVK 80 Â… Â… Â… Â… 6,*1(' 6FRWODQG UHODWHG LOOXVWUDWHG )'& V

*5($7 %5,7$,1 + 0,;(' &2//16

&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…

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…

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… 6,*1(' 7KH 'DP %XVWHUV LOOXVWUDWHG FRYHUV

*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(' 7KH 'RXJODV %DGHU )RXQGDWLRQ

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 VLJQDWXUH Â… Â… 6,*1(' :DOHV LOOXVWUDWHG )'& V %ULWLVK

-RXUQH\ :DOHV 1DWLRQDO 7UXVW VLJQHG E\ 7DVNHU :DWNLQV 9& 1DWLRQDO $VVHPEO\ IRU :DOHV 06 VLJQHG E\ 1HLO .LQQRFN $ YHU\ ILQH SDLU RI FRYHUV Â… Â…

Â’ &200(025$7,9( FROOHFWLRQ ZLWK EHWWHU Â’ SLFNLQJV LQF YDULHWLHV G FRURQDWLRQ F\O EORFN ZLWK GDIIRGLO OHDI

IODZ */2 G ZLWK EURNHQ PDQH FDEOH ZLWK FDQFHOOHG RYSW ODQGVFDSHV G DQ IRU DQG &KULVWPDV PLVVLQJ W ()7$ EURNHQ XQGHUFDUULDJH PDQ\ V RI VWDPSV ZLWK PDQ\ VHWV &KLHIO\ 80 +LJK FDWDORJXH YDOXH LQ HDUO\ 4(,, DQG YDULHWLHV 80 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… { $Q LQWHUHVWLQJ ROG VHOHFWLRQ LQ PDQLOD

HQYHORSHV LQF D TXDQWLW\ RI 49 LPSHUI SHQQ\ UHGV PL[HG FRQGLWLRQ QXPEHUV LQ 0DOWHVH FURVV RQ SHQQ\ LPSHUIV FDW Â… HWF $Q ROG ORW TW\ Â… Â…

Â’ 60,/(5 VKHHWV ZLWK D IDFH YDOXH RYHU Â’ Â… ZLWK EHWWHU HDUO\ VKHHWV 6WDPS 6KRZ

2FFDVLRQV &DUWRRQV ZLWK VKHHWV WR 9HU\ KLJK FDWDORJXH YDOXH 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

Credit Cards

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


{ &$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…

Â’ 5DLOZD\ OHWWHU VWDPSV H[WHQVLYH FROOHFWLRQ LQ Â’ 3ULQ] DOEXP V 7KH ORW LQFOXGHV GLII 06 6KHHWOHWV

LQF ,VOH RI 0DQ ZLWK VWULNH SRVW LVVXH .HLJKOH\ :RUWK 9DOOH\ 'LGFRW UDLOZD\ FHQWUH *UHDW &HQWUDO %OXHEHOO VKHHWOHWV &KDQQHO 7XQQHO LQF JROG RYSW VKHHWV 6XSHUE ORW Â… Â… ^3KRWR`

Â’ 5$,/:$<6 WKH )HVWLQLRJ 5DLOZD\ DQG RWKHU Â’ /LJKW 5DLOZD\V ZLWK SULYDWH VWDPS XVDJHV DQG FROOHFWLRQ RI 80 { &$1&(//$7,216 RI *UHDW %ULWDLQ D VXEVWDQWLDO WZR FDUWRQV RQH PDQV DFFXPXODWLRQ RI V $ VWDPSV H[WHQVLYH FROOHFWLRQ LQ DQ DOEXP LQF WKH NH\ 7DO\OO\Q

= RQ SLHFHV VRPH FRYHUV PXFK RI DQ HDUO\ QDWXUH LQF DQ 5DLOZD\ HDUO\ VKHHWOHWV LQF RYSWV 80 PDQ\ LWHPV XVHG RQ H[WHQVLYH ORW RI QHZVSDSHU WULDQJOH SPNV LQFOXGLQJ RQ FRYHU FRYHUV DQG FDUGV LQF 3RUW 0DGRF LVVXHV +LJKO\ DQG 9LFWRULDQ QHZVZUDSSHUV QRWLQJ XSUDWHG òG ZUDSSHU ZLWK UHFRPPHQGHG Â… Â… -XELOHH òG G WR 3UXVVLD òG \HOORZ VKLHOG HQY òG Â’ 75$,1,1* 6&+22/ %DU FDQFHOOHG VWDPSV WR 9LHQQD VPDOO WULDQJOHV 13% UXEEHU W\SHV WKLV LV D YHU\ Â’ .*9, G G G G DQG G PLQW 4(,, S S DQG Â… JRRG JURXS VTXDUHG FLUFOHV LQF SSF ZLWK 3HHO ,20 ROG VWDQGDUG SHUIV WR Â… HOOLSWLFDO SHUIV WR S H[HUFLVH ERRN IXOO RI .*9 YLOODJH FGV RQ VWDPSV RQ SLHFHV SRVWDJH GXHV LQ SDLUV WR Â… SRVWDJH GXH WR Â… LQ DOEXP IXOO RI /RQGRQ SPNV DOEXP ZLWK DQ H[WHQVLYH FROOHFWLRQ SDLUV D ILQH FROOHFWLRQ XQPRXQWHG PLQW Â… Â… RI :HOVK FDQFHOV LQGH[ FDUGV ZLWK D FRORVVDO DOO GLII SPNV Â’ 9(5< ,17(5(67,1* ROG DFFXPXODWLRQ LQ D FROOHFWLRQ RI 8. HWF 9DVW ORW Â… Â… Â’ VPDOO ER[ ZLWK V RI 80 ZLWK PDQ\ ERRNOHW SDQHV LQF { &$1&(//$7,216 2) *5($7 %5,7$,1 $ (GZDUG òG DGYHUW SDQHV .*9, SHQQ\ ODEHO SDQHV TW\ UHPDUNDEOH ORW RI V RI SLHFHV KRXVHG LQ WZHQW\ H[HUFLVH YHU\ PDQ\ HDUO\ 4(,, ERRNOHW SDQHV RWKHU PDWHULDO LQF 80 ERRNV ZLWK PXFK 9LFWRULDQ (GZDUGV SHULRG DUUDQJHG VWDPSV FRLO VWDPSV F\OLQGHU EORFNV DQG PRUH $Q RULJLQDO VRPHZKDW LQ RUGHU E\ W\SH RI SRVWPDUN DQG E\ FRXQW\ 7KLV ORW DFFXPXODWLRQ 7KH TXDOLW\ LV H[FHOOHQW Â… Â… DSSHDUV WR KDYH EHHQ DVVHPEOHG GXULQJ WKH V 2QH ERRN *5($7 %5,7$,1 , 3267$/ +,6725< LV IXOO RI (GZDUGLDQ PRVWO\ 3$5&(/ /$%(/6 VWXFN GRZQ EXW ZLOO OLIW ZLWK PDQ\ LQWHUHVWLQJ RIILFHV WZR ERRNV RI HDUO\ '2&7256 &200216 /DZ\HUV JURXS RI IRXU VORJDQV YDVW QXPEHUV RI WRZQ FGV SPNV ZLWK PDQ\ GLIIHUHQW HQWLUHV HDFK ZLWK ODUJH ELVKRSV KV WLPH FORFNV HWF RQH LQF 6FRWODQG DQG ,UHODQG $ UDUH RULJLQDO FROOHFWLRQ YDVW KDQGVWDPSHG 9 FRQWHQWV UH D ZLOO HWF DGGU WR Â… Â… $%(5*$9(11< 0RVW XQXVXDO JURXS Â… Â… Â’ &200(025$7,9( FROOHFWLRQ WR Â’ H[WHQVLYH FROOHFWLRQ ZLWK WKH GHFLPDO LVVXHV DORQH KDYLQJ D

'RFNZUD 6 6RXWKZDUN WULDQJOH KV ZLWK R FORFN WLPH FGV RQ ILQH HQWLUH $Q HDUO\ GLVWLQFWLYH SRVWDO IDFH YDOXH RYHU Â… WKHQ WKHUH V DOO WKH SUH GHFLPDOV LQF PDUNLQJ Â… Â… EHWWHU SKRV VHWV /LIHERDW 5HG &URVV %RWDQLFDO FKLHIO\ 80 ([KLE 38& ORZ YDOXHV PLQW $ YHU\ JRRG FROOHFWLRQ )LQH JURXS RI ILYH LWHPV VWUDLJKW OLQH &RYHQWU\ RQ HQWLUH ODUJH SDLG FGV RQ FKULVWPDV HYH RI VHWV Â… Â… HQWLUH -DQ SDLG FGV RQ QHDW VPDOO HQY WZR &5(676 0212*5$06 DQG &RDW RI $UPV RWKHUV Â… Â… WZR VSHFLDO LOOXVWUDWHG DOEXPV GDWHG ERWK IXOO RI 3UHVWDPS 3RVWDO +LVWRU\ ZLWK VRPH VXSHUE FRQWHPSRUDU\ FXW RXWV HPERVVHG FRPSDQ\ KDQGVWDPSV $ 3RVWDO 0DUNLQJV RULJLQDO FROOHFWLRQ RI LWHPV PXFK IURP D UDUH VHOHFWLRQ RI ZD[ VHDOV HWF V Â… Â… FRUUHVSRQGHQFH IURP WKH )DUULQJGRQ DUHD ZLWK 0LGODQGV Â’ ,//8675$7(' ILUVW GD\ FRYHUV IURP WR 2[IRUG &KHOWHQKDP DUHD LQF SDLG DW *ORXFHVWHU VXSHUE Â’ D IHZ ODWHU ZLWK PDQ\ EHWWHU FRYHUV .*9, VLOYHU &LUHQFHVWHU :DIHU 6HDO RQ &KHOWHQKDP (QY $QG ZHGGLQJ Â… ZLWK VXSHUE :H\PRXWK FGV W\SHG DGGUHVV PRUH $ JRRG ORW Â… Â… ^3KRWR` 2O\PSLF JDPH :HPEOH\ VORJDQ FÂ… 13< SKRV ZLWK %5,'*(:$7(5 3(11< 3267 KV DQG FGV RQ 6RXWKDPSWRQ W ZDY\ OLQH FÂ… QDWXUH ZHHN ZLWK UHYHUVH RI HQWLUH WR /RQGRQ SOXV &URZQ KV RQ REYHUVH ILQH DQG 6RXWKDPSWRQ W ZDY\ OLQH FÂ… FDEOH ZLWK 6RXWKDPSWRQ W XQXVXDO &RQWDLQV WZR OHWWHUV ZULWWHQ E\ GLIIHUHQW SHRSOH " ZDY\ OLQH FÂ… KRXVHG LQ DOEXPV RYHU FRYHUV HQGRUVHG SULYDWH 9HU\ ILQH IRU WKLV Â… Â… Â… Â… ^3KRWR` 5$,/:$< SULQWHG ZUDSSHU IRU %LUPLQJKDP /2&$/ 32676 ZLWK ORWV RI LQWHUHVWLQJ PDWHULDO 'XGOH\ :ROYHUKDPSWRQ 5DLOZD\ IRU DWWHQGLQJ D PHHWLQJ ZLWK LQ IRXU DOEXPV V RI LWHPV PDQ\ VKHHWOHWV LQF VWULNH YHU\ ILQH 3DLG DW %LUPLQJKDP DQG %LUPLQJKDP FGV )LQH HDUO\ SRVWV QDWLRQDO WUXVW VWDPSV ,VOH RI 0DQ ORFDOV +HUP ,VODQG UDLOZD\ LWHP Â… Â… /XQG\ XQLYHUVDO SRVW VHW RI IRXU ERRNOHWV $QJOHVH\ ORFDO 620(56(7 )LQH HQWLUH ZLWK 3$,' $7 LVVXHV VKHHWOHWV PXFK PRUH 7HUULILF YDULHW\ Â… Â… )520( +6 &KDUJH HQGRUVHG IUHH SDLG Â… Â… 35(0,80 ORW RI PRGHUQ %ULWLVK )'& 08/5($'< )RUPH $ ZUDSSHU QLFHO\ XVHG KRXVHG LQ $OEXPV DQG VKHHWV RYHU SULVWLQH ZLWK 'RUFKHVWHU FGV RQ IODS 'RUVHW DQG PDWFKLQJ 0DOWHVH FRYHUV PDQ\ EHWWHU LQF (QJOLVK +HULWDJH ZLWK ODUJH VLONV &URVV XVXDO IROGV $Q DWWU H[DPSOH FDW Â… Â… Â… PHUFXU\ ZLWK VSHFLDO FDQFHOODWLRQV SUHVWLJH ERRNOHW SDQHV

IHDWXUH DQG PXFK PRUH &RORVVDO QHZ LVVXH FRVW 4XDOLW\ ORW DQG KLJKO\ UHFRPPHQGHG Â… Â… Â’ 5$,/:$< /(77(5 67$036 $ PRVW Â’ H[WHQVLYH FROOHFWLRQ RI PRGHUQ VHWV VKHHWOHWV LQ ER[HG SULQ]

DOEXP $OO XP V 1HQH 9DOOH\ ZLWK VHOI DGKHVLYH VKHHWOHWV 0LG +DQWV LVVXHV 1RUWK <RUNVKLUH VKHHWOHWV 5DYHQ JODVV LQF EODFN ILUVW LVVXH 7DO\OO\Q ZLWK HDUO\ LVVXHV RYSWV PXFK PRUH 7KLV ORW IHDWXUHV GLII VKHHWOHWV DORQH Â… Â… ^3KRWR`

✉

Used Mint Postal History

✈ ✱✱ &

FGV WR /RQGRQ ZD[ VHDO RYHU VWHUHR UHG SPN IROGHG DW EDVH $WWUDFWLYH Â… Â… $ SUHPLXP JURXS RI VPDOO HQYHORSHV ZLWK PXFK

UHODWHG WR WKH 0LGODQGV )$55,1*'21 DUHD LQF SHQQ\ SLQN HQYHORSHV ZLWK VXSHUE 0DOWHVH FURVVHV %85%$*( XGF RQ VPDOO HQYHORSHV XSUDWHG SLQN HQY ZLWK PDUJLQ SHQQ\ UHG HQY ZLWK EHQVRQ XGF Â… Â… ^3KRWR` ',6,1)(&7(' 0$,/ WZR ILQH ZUDSSHUV H[WHQVLYH FRQWHQWV ZLWK SXULILFDWLRQV FXWV VHQW IURP )UDQFH

Key to symbols in this catalogue ✱

0XOUHDG\ SHQQ\ ZUDSSHU IX IURP %5,*+721

Airmail Unmounted mint Literature

YDULRXV FDQFHOV 7KH ORW DOVR FRPHV ZLWK WKH ERRN GLVLQIHFWHG PDLO 0H\HU Â… Â…


0LVVHQW WR 6RXWKDPSWRQ ILQH UHG FDFKHW RQ

(;+,%,7,216 H[WHQVLYH SRVWDO KLVWRU\

HQWLUH WR 6ZLQGRQ PV HRF Â… Â… ^3KRWR` 3(11< 3,1. (QYHORSHV SOXV RWKHU LQWHUHVWLQJ SULQWHG VWDWLRQHU\ D ORW RI LWHPV PXFK ILQH PL[HG LQF 0DOWHVH &URVV XVDJHV HDUO\ GXSOH[HV JRRG YDULHW\ RI EDFNVWDPSV LQF 8'& %DQN RI (QJODQG IROGHG W\SHV DOVR UHWXUQHG SDLG OHWWHU HQYV $QG 7HOHJUDSK GHVSDWFK (QYV 0RVW LQWHUHVWLQJ Â… Â… ^3KRWR` :$.(5,1* 3(11< 3267 (VVH[ VXSHUE

FROOHFWLRQ ZULWWHQ XS LQ DQ DOEXP LWHPV VSHFLDO FDQFHOODWLRQV FDFKHWV HWF LQF -DSDQ %ULWLVK ([KLE ZLWK SRVWFDUGV DQG VSHFLDO H[KLE FDQFHOV LQWHUQDWLRQDO H[KLE FGV 6KHSKHUGV %XVK VSHFLDO ODUJH FDQFHO RQ SRVWFDUG DLUSRUW H[KLE FRYHUV ZLWK VSHFLDO SPNV 5RFNHW /DXQFK SRVWFDUGV FRQWHPSRUDU\ DQG VFDUFH *ODVJRZ VORJDQV LQF 6SHFLPHQ LVVXH HWF 0XFK FDUHIXO FROOHFWLQJ KHUH Â… Â… +$:.6+($' HQWLUH ZLWK FRQWHQWV

TXDOLW\ +6 RQ VPDOO HQY RWKHU SPNV LQF 3$,' KV FGV Y DWWU Â… Â… ^3KRWR`

+DZNVKHDG 3HQQ\ 3RVW KV WRZQ FDQFHO RQ D G UHG $PEOHVLGH DQG 3HQULWK FGV RQ WKH UHYHUVH HQWLUH ZLWK FRQWHQWV G UHG IUDQNLQJ ZLWK +DZNVKHDG 8'6 :LQGHUPHUH FGV DQG .LUE\ /RQVGDOH FGV VHQW WR .LUE\ /RQVGDOH SSF ZLWK +DZNVKHDG DQG $PEOHVLGH FGV $Q LQWHUHVWLQJ JURXS RI FRYHUV FDUGV Â… Â…

63(&7$&8/$5 IRXU VWDPS G UDWHG FRYHU

/RQGRQ WR 0DUVHLOOH )UDQFH IUDQNHG VWULS RI G 6* UDUH ILUVW LVVXH UDWHG Â… RQ FRYHU :LWK SHQQ\ VWDU QHDWO\ FDQFHOOHG 9DULRXV SPNV HWF $ YDOXDEOH FRYHU Â… Â…

+$:.6+($' SHQQ\ SRVW HQWLUH ZLWK G

UHG ZLWK ILQH $PEOHVLGH 0& DQG $PEOHVLGH FGV RQ WKH UHYHUVH VHFRQG ZLWK VLPLODU PDUNV ERWK VHQW WR /RQGRQ Â… Â…

,17(5(67,1* SHQQ\ UHG XVDJHV RQ VPDOO

FRYHUV IRXU 5HDGLQJ VLGHZD\V GXSOH[ %ULVWRO VLGHZD\V &+(67(5 63221 DQG XQXVXDO FRYHU IUDQNHG G WLHG 6RXWKDPSWRQ UHGLUHFWHG ZLWK IXUWKHU G WKLV WLHG 7RUTXD\ GXSOH[ ILQH GRXEOH XVDJH Â… Â…

.(17 5$06*$7( WULR RI HQWLUHV DOO

WR D FHPHQW PDQXIDFWXUHU WZR ZLWK GLVWLQFWLYH KDQGVWUXFN LQ UHG Â… Â…

0267 $775$&7,9( HQWLUH /RQGRQ WR 3DULV

0,/,7$5< *5283 ::, PRVW LQWHUHVWLQJ ORW

ZLWK SDLU G 6* PDNLQJ G GRXEOH UDWH QHDWO\ FDQFHOOHG DQG YHU\ ILQH UDWHG Â… Â… Â…

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…

7:2 63(&7$&8/$5 FDUWRRQ SRVWFDUGV

XQXVHG IRU :HVW 9DOH 7UDPV DQG (OODQG ERWK +DOLID[ <RUNVKLUH DPD]LQJ FRQWHPSRUDU\ LOOXVWUDWLRQV ZLWK VRFLDO KLVWRU\ FRQWHQWV 6FDQV KLJKO\ DGYLVHG Â… Â…

2;)25' &ROOHJH (GZDUG SRVWDO HQYHORSH

$,50$,/ 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…

HQGRUVHG GLYLGHQG VWDWHPHQW WR %XUVDU 3HPEURNH &ROOHJH QG HQGRUVHG GLYLGHQG VWDWHPHQWV WR WKH VDPH FROOHJH Â… Â… 3(15,7+ 3HQQ\ 3RVW WZR HQWLUHV ERWK ZLWK ER[

QXPEHU 7HPSOH 6RZHUE\ 5HFHLYLQJ +RXVH PDUN WR .LUNE\ /RQVGDOH FKDUJHG W G VHFRQG VHQW WR 6FRWODQG ZLWK ER[HG ò ZKHHO WD[ KV ERWK ZLWK FRQWHQWV Â… Â…

$''5(66 '()(&7,9( 3/($6( $'9,&(

6(1'(5 %R[HG +6 RQ FRYHU IURP 3RUWXJDO $ VFDUFH +6 Â… Â…

5$) $872*5$3+(' 3 DQG 3 VHULHV %2:1(66 HQWLUH ZLWK FRQWHQWV %RZQHVV

DQ H[FHSWLRQDO FROOHFWLRQ LQ DQ DOEXP GLII WKDW FRVW Â… DW WLPH RI SXUFKDVH LQF PXOWL VLJQHG LWHPV PXFK RI D SUHPLXP QDWXUH LQF : 5HLG 9LFWRULD &URVV DQG PDQ\ RWKHU SLORWV $OO SULVWLQH YHU\ ILQH ORW Â… Â…

3HQQ\ 3RVW KV DQG G FDQFHOOHG ZLWK D ILQH RI %RZQHVV HQWLUH ZLWK QXPEHU 6RUWLQJ 2IILFH ZLWK ER[HG .HQGDO 3\ 3RVW KV VHQW IURP %RZQHVV HQWLUH ZLWK FRQWHQWV ZLWK 1R 6RUW 2IILFH DQG .HQGDO 3HQQ\ 3RVW KV HQWLUH G FDQFHOOHG ZLWK D ILQH RI %RZQHVV DQG %RZQHVV 3HQQ\ 3RVW KV QHDUE\ ZLWK .HQGDO FGV DQG /DQFDVWHU FGV RQ WKH UHYHUVH Â… Â…

5$,/:$< SRVWDO KLVWRU\ WKH 6FRWWLVK

%5,'*(:$7(5 (QWLUH HQWLUH ZLWK

%ULGJHZDWHU +RUVHVKRH +6 HQWLUH ZLWK %ULGJHZDWHU 3HQQ\ 3RVW +6 ZLWK FRQWHQWV QG ZLWK 1RUWK 3RWKHUWRQ &LUFXODU +6 DQG %ULGJHZDWHU 3HQQ\ 3RVW ZLWK FRQWHQWV Â… Â…

FRQQHFWLRQ SRVWDO KLVWRU\ DQG DGGLWLRQDO PDWHULDO FROOHFWLRQ LQ D ELQGHU LWHPV LQF *ODVJRZ &DUOLVOH 6RUWLQJ 7HQGHU GXSOH[ $FW RI 3DUOLDPHQW IRU 'XQGHH DQG 3HUWK UHFHLYLQJ KDQGVWDPSV WZR ILQH HQWLUHV ZLWK &5 KDQGVWDPSV &DOHGRQLDQ 5DLOZD\ (GLQEXUJK 6RUWLQJ 7HQGHU DQG PXFK HOVH <HDUV RI FROOHFWLQJ KHUH 4XDOLW\ LV JRRG Â… Â… 52<$/ 1$9< YDOXDEOH FROOHFWLRQ RI LPSRUWDQW

&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 ZLWK SRVWDO PDUNLQJV 7KH FRQWHQWV DUH UHPDUNDEOH Â… Â… &5266 :5,77(1 OHWWHUV FRQWDLQLQJ

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… ($5/< PDFKLQH FDQFHOV RQ FRYHUV (GZDUG

.(9,, .*9, 4(,, LQWHUHVWLQJ JURXS Â… Â…

DXWRJUDSKHG FRYHUV LQF 9& GLII LQF 0RXQWEDWWHQ RI %XUPD &RPPDQGHU 1DVK 6LU :DOPVOH\ 6LU ,DQ 0F*HRFK RQ +06 6SOHQGLG - 3 .HQQHDOO\ 9& RQ 6XUUHQGHU RI 1RUWK $IULFD FRYHU MXVW SUHSDUHG DQG PDQ\ RWKHUV LQF PXOWLSOH VLJQDWXUHV ([FHSWLRQDO TXDOLW\ Â… Â… 6&277,6+ 3267$/ +,6725< HQWLUH

ZLWK 'DONHLWK SR XQSDLG DQG FKDUJHG +6 HQWLUH ZLWK 0XVVHOEXUJK SDLG 332 RYDO KV DQG 0XVVHOEXUJK SHQQ\ SRVW +6 HQWLUH ZLWK FRQWHQWV ZLWK )LVKHUURZ +6 DQG 0XVVHOEXUJK ER[HG 1R +6 HQWLUH FDUULHG IURP 'XEOLQ ZLWK 3RUW +RSHWRQ KV DQG FKDUJH +6 HQWLUH ZLWK ER[HG 'XNH 6WUHHW SSR KV 0XVVHOEXUJK SSR H ER[HG +6 OHWWHU DERXW D ORFDO VXUJHRQ WR DSSHDU LQ FRXUW D JRRG JURXS RI HQWLUHV ZLWK GLIIHUHQW SRVWDO PDUNV Â… Â… ^3KRWR` 7+( *5($7 :$5 ::, UHPDUNDEOH

Selling?

ORW RI GLII SRVWFDUGV GHWDLOHG RQ OHDYHV VKRZLQJ PDQ\ GLII )32 SRVWPDUNV DQG GLII PLOLWDU\ FHQVRUV ([WHQVLYH GHWDLOV E\ WKH FROOHFWRU UH GLII ORFDWLRQV DQG FRQWHQWV DOO %ULWLVK $UP\ 7KH FRQGLWLRQ LV YHU\ JRRG WKURXJKRXW 2ULJLQDO ORW Â… Â…

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


::, FRYHUV FDUGV LQF VLON 506 /XVLWDQLD

{ .(9,, 5(9(18(6 G WR Â… VHW DOO )8 DQG

XQXVHG SSF V ZLWK YLHZV RI (XURSH %ULWLVK 5HG &URVV DQG 2UGHU RI 6W -RKQ ZLWK ODUJH SXUSOH ER[HG 2IILFLDO KV $Q LQWHUHVWLQJ ORW RI FRYHUV FDUGV Â… Â…

UDWKHU VFDUFH KLJKO\ FDW LQ %DUHIRRW Â… Â… { .*9, 5HYHQXHV ZLWK YDOXHV IURP G WR

ILQH XVHG $ VFDUFH DQG KLJKO\ FDW JURXS Â… Â…

::,, &255(6321'(1&( RI 6 7KRUQWRQ

EDFN WR KLV IDPLO\ LQ %UDGIRUG 6HH D VPDOO VNHWFK RI D WDQN VKRZLQJ ZHUH 6WDQOH\ VDW LQ LW ZLWK $FWLYH 6HUYLFH HQYV DQG DLUOHWWHUV IURP VXFK SODFHV DV (J\SW DQG RWKHU 1RUWK $IULFDQ ORFDWLRQV 9HU\ LQWHUHVWLQJ ORW Â… Â…

Â’ 25,*,1$/ &2//(&7,21 LQ SDFNHWV 80 ZLWK Â’ YDOXHV WR Â… SUHVHQWDWLRQ SDFNV )'& V XQDGGUHVVHG D KLJKO\ FDWDORJXHG RULJLQDO FROOHFWLRQ LQ D

FDUWRQ Â… Â…

*5($7 %5,7$,1 ,6/$1'6

{ 49 5(9(18(6 RYSW IRU XVH RQ WKH ,VOH RI 0DQ

VHW RI G WR Â… ILQH XVHG YHU\ KLJK &9 LQ %DUHIRRW WKH G G DUH PLQW H[FHOOHQW TXDOLW\ Â… Â…

3LFWXUH 3RVWFDUG LQ FRORXU RI 7UHVFR $EEH\

YHU\ ILQH XVHG ZLWK 6&,//< FRGH $ &'6 Â… Â…

{ 5(9(18(6 D .*9, VHOHFWLRQ LQF

Â’ $/'(51(< ,6/$1' /2&$/6 )LQH 80 Â’ FROOHFWLRQ RI GLIIHUHQW LVVXHV DOO 80 LQF (XURSD

SDLU Â… QLFHO\ XVHG RQ SLHFH RWKHU VLQJOHV WR $ ILQH DQG KLJKO\ FDW JURXS Â… Â…

VHWV $LUPDLO RYSW VHWV 3DFNHW 3RVW RYSWV HWF Â… Â… +(50 ,6/$1' ORFDOV PLQW FROOHFWLRQ ZLWK VHWV GLII LVVXHV LQF 3LJHRQ SRVW VWDPS 1HROLWKLF PDQ VHW (XURSD RYSW VHWV PXOWL IUDQNHG FRYHUV Â… Â… ,QWHUHVWLQJ JURXS PDLQO\ HDUO\ SLFWXUH SRVWFDUGV

{ 5(9(18(6 .*9 RYSWV )8 D YHU\ JRRG ORW

G WR Â… LQF SDLU RQ SLHFH VKDYHG YDULHW\ YHU\ ILQH Â… YHU\ KLJK &9 Â… Â… 6,*1(' 7KH 6QRZPDQ LOOXVWUDWHG )'&

LQF /D &RXSHH 6DUN ZLWK D YHU\ ILQH 6DUN &'6 -HUVH\ 5R\DO 6TXDUH ZLWK YHU\ ILQH 6W $XELQ -HUVH\ 3OHPRQW ZLWK Â’ Â’ YHU\ ILQH 6W 2ZHQ V &'6 -HUVH\ 3OHPRQW &DYHV ZLWK 0LOOEURRN &'6 PDLQO\ HDUO\ FDUGV RI -HUVH\ FDUGV ZLWK D YDULHW\ RI FDQFHOV Â… Â… /2&$/ 32676 $ PRVW H[WHQVLYH ORW LQ D ER[HG 3ULQ] DOEXP V ZLWK PDQ\ VKHHWOHWV PRGHUQ VHWV 6W .LOGD RYSW LVVXHV 6DQGD V RYSW VKHHW 6WDIID JROG IRLO LVVXHV 6XPPHU ,VOHV PXFK PRUH $ IDVFLQDWLQJ ORW Â… Â… Â’ /2&$/ 32676 LQF RXWHU ,VODQGV 6FRWWLVK Â’ ,VODQGV HWF ([WHQVLYH FROOHFWLRQ LQ ER[HG 3ULQ] DOEXP LQF

VLJQHG E\ 5D\PRQG %ULJJV $ YHU\ ILQH FRYHU Â… Â… 8102817(' 0,17 &ROOHFWLRQ RI VHWV DV EORFNV RI LQF %LUG VHW WR Â… 6* GHILQLWLYHV WR Â… 6* GHILQLWLYHV WR Â… 6* SOXV D YHU\ JRRG UXQ RI FRPPHPRUDWLYH VHWV KRXVHG LQ WKUHH VWRFN ERRNV IDFH YDOXH Â… Â… Â…

Â’ 8102817(' 0,17 FROOHFWLRQ RI VHWV ZLWK D Â’ IDFH YDOXH RYHU Â… ZLWK YDOXHV WR Â… PDQ\ FRPSOHWH

VHWV Â… Â…

*5($7 %5,7$,1 . 86(' $%52$' { òG ZLWK VXSHUE 0$/7$ &'6 SODWH

)ODQQDQ ,VOH KDQGOLQJ VWDPSV )ODW +ROP (\QKDOORZ VKHHWOHWV 'DYDDU %UHFKRX LQF +RQJ .RQJ VLOYHU RYSWV PXFK HOVH )DVFLQDWLQJ ORW V Â… Â… Â’ 38)),1 ,6/$1'6 /2&$/6 IDVFLQDWLQJ Â’ FROOHFWLRQ RI WKHVH ORFDO LVVXHV DOO GHSLFWLQJ SXIILQ ELUGV Â’ GLII LVVXHV LQF URFNHW SRVW LVVXHV VHWV ZLWK D ZLGH UDQJH RI

Â… Â… { *% 86(' ,1 *,%5$/7$5 òG 6* =

G YHQHWLDQ 6* = DQG G 6* = JRRG UDQJH RI GLII FKHFN OHWWHUV PRVW DUH ILQH ZLWK JRRG VWULNHV FDW Â… Â… Â… 0$/7$ ILQH HQWLUH IUDQNHG HDUO\ G

YDOXHV 9HU\ OLPLWHG QXPEHUV SUHSDUHG Â… Â… ^3KRWR` Â’ 6$5. ,6/$1' /2&$/6 FROOHFWLRQ RI GLII Â’ LVVXHV SOXV VKHHWOHWV YDULRXV RYSWV DOO DV 80 VHWV LQF

= ZLWK QHDW IXOO 0DOWD GXSOH[ LQWHUHVWLQJ ER[HG ,WDOLDQ SRVWDO PDUNLQJ IRU FDUU\LQJ RQ 3DTXHERW Â… Â…

*5($7 %5,7$,1 / -(56(<

VKLSSLQJ OLQH RYSW LVVXHV EHWWHU VKHHWOHWV *RRG ORW 80 9(5< 6&$5&( $506 G DV DQ LPSULQWHG Â… Â… EORFN RI VL[ VXSHUE XVHG RQ D ),567 '$< &29(5 ZLWK YHU\ ILQH -HUVH\ &KDQQHO ,VODQGV &'6 Â… Â… ^3KRWR` 6FRWWLVK ORFDO SRVWV LQ DQ DOEXP ZLWK PDQ\ ZH KDYH QHYHU VHHQ EHIRUH LQ *DWHKROP *XJK ,VOH +HEULGHV Â’ &203/(7( 6+((7 òG YLHZV SODWH 6* D SRVW -HWKRX ZLWK HDUO\ VHWV 3DED\ VHWV PRUH XVXDO VRPH Â’ XQPRXQWHG PLQW VFDUFH LQ D FRPSOHWH VKHHW Â… Â… V Â… Â… ^3KRWR` 9LHZ VHW RQ HQYV :LWK *HUPDQ VWDPSV VHQW 6PDOOHU %ULWLVK ,VODQGV VWDPS FROOHFWLRQ RQ EDFN WR *HUPDQ\ ZLWK -HUVH\ &'6 DQG )HOG SRVW &'6 6L[ SDJHV ZLWK PDQ\ V VHWV LQF &DOI RI 0DQ 'UDNHV ,VODQG FRYHUV Â… Â… ^3KRWR` 3DED\ 6W .LOGD 6WDIID 6FRWWLVK ,QWHUHVWLQJ ORW 0DQ\ ELUG LVVXHV V Â… Â… Â’ 8102817(' 0,17 VXSHUE FROOHFWLRQ ZLWK Â’ VKHHWOHW 06 FRPPHPRUDWLYH VHWV ZLWK PDQ\ VHWV DV F\OLQGHU *5($7 %5,7$,1 N ,6/( 2) 0$1 EORFNV IDFH YDOXH RYHU Â… VHHQ PDQ\ EHWWHU LQF 4(,, { )$%8/286 86(' 3$,5 49 G SODWH HDFK GHILQLWLYH Â… VKHHWOHW RI 4(,, Â… VKHHWOHW RI KXJH ZLWK FULVS '28*/$6 FGV 6* FKRLFH DQG D QLFH XVHG RQ FDWDORJXH YDOXH Â… Â… WKH LVODQG LWHP Â… Â… Â’ (;7(16,9( FROOHFWLRQ ZLWK PDQ\ VHWV DV 3,&785( 3267&$5' XVHG ZLWK ,VOH RI 0DQ Â’ FRPSOHWH VKHHWOHWV SOXV 06 ZLWK D IDFH YDOXH RYHU Â… LQF FDQFHOODWLRQ LQF VLQJOH ULQJ SHHO 3RUW (ULQ /D[H\ 'RXEOH ULQJ Â… $UPV VKHHWOHW RI DOO XQPRXQWHG PLQW VXSHUE DQG 6TXDUHG FLUFOHV ZLWK D YDULHW\ RI YLHZV LQF 3KRWRJUDSKLF TXDOLW\ LQ WKUHH VWRFN ERRNV RYHU LWHPV KXJH FDW W\SH $ JRRG ORW RI FDUGV Â… Â… YDOXH Â… Â… Â’ &$/) 2) 0$1 ORFDO SRVWV &ROOHFWLRQ RI Â’ (;7(16,9( FROOHFWLRQ ZLWK PDQ\ VHWV DV Â’ GLIIHUHQW 80 ZLWK &KXUFKLOO RYSWV 06 DOVR 6WHDP 3DFNHW Â’ VKHHWOHWV SOXV WKHLU 06 ZLWK D IDFH YDOXH RI Â… VXSHUE TXDOLW\ 6KHHWOHW 5HYHQXH VHW WR Â… 8QXVXDO Â… Â… XQPRXQWHG PLQW LQ ILYH VWRFN ERRN KXJH FDW YDOXH RYHU LWHPV Â… Â… (;7(16,9( &ROOHFWLRQ ZLWK LVVXH XSWR ZLWK D IDFH YDOXH RI WKH XQPRXQWHG PLQW RYHU Â… $ VXSHUE Â’ (;7(16,9( FROOHFWLRQ RI VKHHWOHWV DQG Â’ PLQLDWXUH VKHHWV DV VHWV ZLWK D IDFH YDOXH Â… VXSHUE UDQJH LQ $OEXPV KXJH FDW 9DOXH ZLWK PDQ\ KLJK YDOXH VWDPSV ILOOLQJ WZR ODUJH FDUWRQV %DUJDLQ SULFH TXDOLW\ XQPRXQWHG PLQW LQ IRXU VWRFN ERRNV KXJH FDW YDOXH Â… Â… RYHU LWHPV Â… Â…


Â’ 683(5% FROOHFWLRQ ZLWK PDQ\ VHWV V VKHHWOHWV { &+$11(/ ,6/$1'6 ORFDOV /LEHUDWLRQ Â’ DQG WKHLU PLQLDWXUH VKHHWV ZLWK D IDFH YDOXH RYHU Â… Â’ $OGHUQH\ VHW RI PLQW +HUP 0DS DQG %RDW VHW PLQW

RXWVWDQGLQJ TXDOLW\ XQPRXQWHG PLQW LQ D VWRFN ERRN RYHU LWHPV Â… Â… Â’ (;7(16,9( FROOHFWLRQ RI VKHHWOHWV DV VHWV LQF Â’ WKHLU PLQLDWXUH VKHHWV IDFH YDOXH Â… VXSHUE TXDOLW\ LQ WZR

VWRFN ERRNV XQPRXQWHG PLQW ZLWK LWHPV Â… Â… Â’ (;7(16,9( FROOHFWLRQ RI VKHHWOHWV DV VHWV LQF Â’ WKHLU PLQLDWXUH VKHHWV ZLWK D IDFH YDOXH RYHU Â… VXSHUE

TXDOLW\ XQPRXQWHG PLQW LQ D VWRFN ERRN ZLWK LWHPV Â… Â… 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… Â’ (;7(16,9( &ROOHFWLRQ IURP :DU WLPH $UPV WR Â’ LQF PDQ\ SUHVHQWDWLRQ SDFNV KLJK YDOXHV WR Â… 3RVWDJH

0DUJDUHW V :HGGLQJ RYSW VHW RI VL[ PLQW 6DUN /LEHUDWLRQ RYSW VHW RI PLQW $OGHUQH\ GHILQ VHW RI PLQW 6DUN GHILQ VHW RI ILYH PLQW $OGHUQH\ %RDW GHILQ VHW RI )8 6DUN GHILQ VHW RI )8 $ JRRG VHOHFWLRQ RI VWDPSV PDLQO\ DV VHWV Â… Â… '$9$$5 ,6/$1' VXSHUE FROOHFWLRQ ZLWK PDQ\ LQWHUHVWLQJ LWHPV 2O\PSLF *DPHV G WR G RQ LOOXVWUDWHG )'& (XURSD VKHHOWHW RQH ZKLWH QG SLQN 80 .HQQHG\ RYSWV VKHHWOHWV 80 DQG ILQH XVHG &KXUFKLOO VHW RI SOXV 06 ERWK GLIIHUHQW 80 (XURSD 06 RQH ZKLWH QG \HOORZ G DQG G LPSHUI EORFNV RI 5RWDU\ &OXE 06 UHG DQG QG JUHHQ )RRWEDOO 06 DQG FRPSOHWH VKHHWV $ YHU\ JRRG FROOHFWLRQ RI LWHPV PDLQO\ 80 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…

GXH VHWV ,QF VHWV ZLWK GHFLPDO LVVXHV KDYLQJ D IDFH YDOXH RYHU Â… KRXVHG LQ HLJKW $OEXPV $ EDUJDLQ SULFH ZLWK Â’ /81'< ,6/$1' FROOHFWLRQ ZLWK EHWWHU SLFNLQJV WKH VWDPSV EHLQJ 80 Â… Â… Â’ &RURQDWLRQ DV LPSULQWHG JXWWHU VWULSV RI 80 EORFN RI VL[ { :$57,0( -HUVH\ &RDW RI $UPV SSF ZLWK ILQH XVHG $QQLYHUVDU\ 06 80 $ JRRG FROOHFWLRQ RI Â’ G $UPV DWWDFKHG ZLWK ILQH -HUVH\ FGV òG $UPV ZLWK VKDGHV LWHPV V VWDPSV PDLQO\ 80 Â… Â… DQG LPSULQWHG EORFN RI VL[ G $UPV LPSULQWHG EORFN RI VL[ G /81'< VXSHUE DQG H[WHQVLYH FROOHFWLRQ ZLWK ZLWK VKDGHV HQY ZLWK G LPSULQWHG EORFN RI VL[ DWWDFKHG PDQ\ VHWV 80 06 FRPSOHWH VKHHWV DQG ERRNOHWV QRWH ZLWK $3 FGV RIILFLDO 3DLG FDUG XSUDWHG ZLWK G 9LHZV ERRNOHW ,&& 0HHWLQJ RQO\ HDUO\ 06 $WODQWLF $LUOLQH LVVXHV GDWHG 0< VRXYHQLU *HUPDQ 2FFXSDWLRQ PLQRU YDULHWLHV OLVWHG LQ WKH VSHFLDOLVW FDWDORJXH RYHU LOOXVWUDWHG HQY ZLWK òG IUDQNLQJ $ YHU\ JRRG FROOHFWLRQ RI LWHPV VWDPSV PDLQO\ 80 ZLWK LVVXHV WR Â… Â… 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

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(<

Â’ 352'8&(' LQ FDUDW JROG 1HZ <HDU 06 Â’ $ FROOHFWLRQ RI ORFDO VWDPSV RQ KDJQHUV DOO Â’ VHDO LQ DQ DFU\OLF FU\VWDO LVVXHG E\ *XHUQVH\ 3RVW 2IILFH Â’ GLII PLQW LQF 06 VHWV FRXSOH RI PLVSHUIV JRRG VHOHFWLRQ RI SOXV ,DQ )OHPLQJ $QQLYHUVDU\ VKHHW DOVR LQ JROG WKH Â’ 7KH *HUU\ .LQJ IDQWDV\ LVVXHV PRUH 2ULJLQDO ORW

SXUFKDVH SULFH ZDV RYHU Â… IRU HDFK OLPLWHG JROG PLQLDWXUH DOO ZLWK FHUWLILFDWH RI DXWKHQWLFLW\ FRVW Â… Â… Â…

Â… Â… ^3KRWR`

$/'(51(< &RPPRGRUH 6KLSSLQJ &RPSDQ\ H[WHQVLYH FROOHFWLRQ ZLWK VWDPSV VKHHWOHWV DQG FRYHUV HYHQ WKH RGG YDULHW\ (XURSD 6HW RI 80 VHFRQG VHW )8 GHILQ VHW RI 80 %RDWV VHW RI 80 QG VHW )8 DQG VHW RQ 6RXYHQLU &DUG )' SURYLVLRQDO LVVXH VHW RI ILQH XVHG (XURSD VHW RI 6KHHWOHW ILQH XVHG 6KHHWOHW XVHG RQ UHFRUGHG FRYHU WR *HUPDQ\ D YHU\ ILQH FROOHFWLRQ RI LWHPV QHDWO\ SUHVHQWHG ZLWK PDQ\ EHWWHU LWHPV Â… Â…

%, 6(&7 RQ &RYHUV &DUGV .*9 .*9

G GHILQ RQ &DUGV &HQWHQDU\ G 3RVWDO &DUG VHQW ORFDOO\ ZLWK PRGLILHG GDWH VOXJ & IRU HQY :LWK WKH VDPH PRGLILHG VOXJ SSF ZLWK YHU\ ILQH &RER &'6 HQYHORSH VHQW ORFDOO\ $ JRRG ORW Â… Â… ^3KRWR` Â’ (;7(16,9( &ROOHFWLRQ WR ZLWK :DUWLPH Â’ $UPV ZLWK GLIIHUHQW VKDGHV DQG SDSHU W\SHV SRVWDJH GXH VHWV ([WHQVLYH FRPPHPRUDWLYH ZLWK GHFLPDO KDYLQJ D IDFH

YDOXH RYHU Â… $ ILQH FROOHFWLRQ KRXVHG LQ $OEXPV LQF DQ

Â’ $/'(51(< /RFDOV QHDWO\ SUHVHQWHG FROOHFWLRQ $OEXP RI $OGHUQH\ $W D EDUJDLQ SULFH Â… Â… Â’ LQF S$OGHUQH\ %DOORRQ 5DFH /RFDO 7UDQVSRUW 3DUFHO 6HUYLFH VHW RI &KULVWPDV 3DFNHW 6HUYLFH { ),1( 86(' 6XEVWDQWLDOO\ FRPSOHWH

&KULVWPDV 3DFNHW 6HUYLFH ,QF )'& V YLHZ VHW RI SOXV S S DQG S SUH FDQFHOOHG 7D[L 'HOLYHU\ ([WUD )HH 7D[ VWDPS VKHHWOHW RI EODFN RQ *UHHQ 5DLOZD\ VHW RI SOXV )'& 7D[L UDWH LQFUHDVH %ODFN RQ *UHHQ $ YHU\ ILQH FROOHFWLRQ RI VWDPS SOXV FRYHUV DQG VKHHWOHWV Â… Â…

KRXVHG LQ IRXU OX[XU\ KLQJHOHVV $OEXPV IDEXORXV &'6 TXDOLW\ PDQ\ KLJK YDOXH VHWV WR Â… GHILQ VHWV FRPPHPV 06 DQG YHU\ H[WHQVLYH VKHHWOHWV ERRNOHW SDQHV JRRG HXURSD VKHHWOHWV 6LPSO\ IDEXORXV 0DVVLYH &9 Â… Â…


7ZR SDUFHO WDJV HDFK IUDQNHG GLIIHUHQW 5DLOZD\ 5(9(18(6 ILQH ORW $UPV LVVXHV LQF :DWHUORZ òG 6SHFLPHQ ,QVXUDQFH G SDLU HWF &DUULDJH SDUFHO VWDPSV /RQGRQ DQG 1: G G XVHG IURP Â… Â… 0DQFKHVWHU DQG *:5 XVHG IURP 6ZLQGRQ -XQFWLRQ 9HU\ ILQH WDJV Â… Â… { 5(9(18(6 VDOHV WD[ &RDW RI $UPV LVVXHV ZLWK RYSWV )8 òG G G DQG VFDUFH DV D )8 *5($7 %5,7$,1 5(9(18(6 EORFN 8QXVXDO ZDUWLPH LVVXH Â… Â… Â’ .*9 XQDSSURSULDWHG LPSHUI SDLU RI SURRIV *5($7 %5,7$,1 0 2)),&,$/6 RQ FDUG 6FDUFH Â… Â… Â’ $50< G 6* 2 DV IUHVK XQXVHG EORFN FDW

Â… Â… Â…

{ /LIH 3ROLF\ LPSHUI LVVXHV )8 DOO ZLWK 3HQQ\

5HG 49 3RUWUDLW G G DQG 9HU\ ILQH Â… Â…

*5($7 %5,7$,1 2 &+$11(/ ,6 Â’ $1 25,*,1$/ &2//(&7,21 ZLWK -HUVH\ Â’ LVVXHV DV VHWV FKLHIO\ LQ EORFNV RI VL[ 80 DQG *XHUQVH\ FKLHIO\ DV EORFNV RI 80 ZLWK SUHVHQWDWLRQ SDFNV DQG KLJK YDOXHV

Â’ &+$1&(5< &2857 Â… LPSHUI GLH SURRI LQ

YLROHW RQ KLJKO\ JOD]HG FDUG )LQH DQG VFDUFH Â… Â…

Â’ )25(,*1 %,// Â… GLH SURRI LQ GHHS FDUPLQH VHHQ *XHUQVH\ $UPV Â… SDLU 80 -HUVH\ 4(,, Â… EORFN RI RQ KLJKO\ JOD]HG FDUG VL]H [ PP LQ H[FHSWLRQDO PXFK VWLOO LQ WKHUH RULJLQDO SDFNHWV KLJK FDWDORJXH YDOXH SOXV D FRQGLWLRQ 3UHSDUHG IRU WKH 3DULV ([KLELWLRQ H[ 0DUFXV VHOHFWLRQ RI XQDGGUHVVHG LOOXVWUDWHG )'& V ZLWK YDOXHV WR 6DPXHO H[ (PEDVV\ 3KLODWHOLF *HP Â… Â… Â… $ JRRG RULJLQDO ORW LQ D FDUWRQ Â… Â… 0$75,021,$/ &$86( GLH SURRI RI Â… PDXYH ,//8675$7(' )'& 6 LQ D ODUJH FDUWRQ LQ WKHLU RQ JOD]HG FDUG [ PP SURGXFHG IRU WKH 3DULV ([KLELWLRQ RULJLQDO SDFNHWV IURP WKH 3RVW 2IILFH FKLHIO\ *XHUQVH\ DQG H[FHSWLRQDO H[ 0DUFXV 6DPXHO (PEDVV\ Â… Â… -HUVH\ VHHQ YDOXHV WR Â… ORRNV WR HQG DERXW ZLWK VSHFLDO FDQFHOV DQG QR DGGUHVV V RI FRYHUV KLJK FDW YDOXH LQ WKH Â’ (67$7( '87< 49 Â… DQG Â… RYSWV Â’ IUHVK 80 RYSW 63(&,0(1 YHU\ VFDUFH Â… Â… PRGHUQ LVVXHV Â… Â… Â’ 1(: ,668(6 VWLOO LQ WKHLU SDFNHWV IRU *XHUQVH\ Â’ DQG -HUVH\ SOXV D SULQWHG DOEXP WR SXW VRPH RI WKHP LQ FKLHIO\ Â’ &+$1&(5< &2857 Â… GLH SURRI LQ RUDQJH RQ KLJKO\ JOD]HG FDUG VXSHUE FRORXU DQG D UDUH WR KDYH FKHFNHG ZKDW V LQ WKH SDFNHWV PDQ\ V SURRI Â… Â… RI VWDPSV WKH RGG 06 WKH FROOHFWRU KDG MXVW SXW WKHP LQ D WLQ { &+$1&(5< &2857 )(( G WHWH DV WKH\ FDPH RXW E\ WKH 3RVW 2IILFH Â… Â… EHFKH SDLU )8 % D VPDOO IDXOWV Â… Â…

*5($7 %5,7$,1 3 $/'(51(<

/LEHUDWLRQ VHW RQ LOOXVWU IGF WLHG Y ILQH $OGHUQH\

FGV &KRLFH Â… Â… { /RFDO SRVW LVVXHV IX DQ H[WHQVLYH DOO GLII

{ &2168/$5 6(59,&( $UPV ZLWK 'ROODU

RYSWV F WR ILQH XVHG WKH LV KDQG VWDPSHG 6SHFLPHQ $ VFDUFH VHW FDQFHOV LQF &KLQD Â… Â… { &2168/$5 6(59,&( $ ILQH JURXS LQF

FROOHFWLRQ DSSUR[ PDQ\ HDUO\ VHWV LQF (XURSD RYSWV SDUFHO SRVW VHWV ODWHU SDUFHO VKHHWOHWV 6HOGRP RIIHUHG XVHG Â… Â…

VHW RI VL[ G WR Â… )8 % RYSW LVVXHV WR YHU\ JRRG UDQJH RI GLIIHUHQW FRQVXODWH SPNV Â… Â… Â’ &2168/$5 6(59,&( WKH LPPHQVHO\ UDUH 49

Â’ /2&$/ 3267 ,668(6 XP $Q H[WHQVLYH Â’ FROOHFWLRQ &RPSUHKHQVLYH GLII VWDPSV SOXV GLII

VKHHWOHWV PDQ\ HDUO\ VHWV ZLWK RYSWV WD[L SUH FDQFHO RYSW SDUFHO GHOLYHU\ RYSWV PRGHUQ VKHHWOHWV Â… Â… { ),1( 86(' 6(76 D FROOHFWLRQ RI GLII

VWDPSV SOXV 06 ZLWK WKH HDUO\ VHWV DIWHU PRGHUQ VHWV ZLWK VH WHQDQWV ELUGV HWF Â… Â…

XQDGRSWHG VXUFKDUJHV PLQW G G RYSW LQ JUHHQ GLII W\SHV RI RYSW Â… GLII W\SHV RI RYSW VRPH VPDOO IDXOWV ZKHQ UHPRYHG IURP WKH UHFRUG ERRN $ UHPDUNDEOH JURXS Â… Â… Â’ &2168/7$7,21 )(( *8,/'+$// G

EODFN PLQW VFDUFH %DUHIRRW Â… Â…

{ &23<+2/' $1' &200,66,21 VFDUFH Â’ +LJKO\ FRPSOHWH XP GLII VWDPSV SOXV PV Â’ +LJK YDOXH Â… Â… JURXS RI ILYH GLII XVHG 5HYHQXHV LQF HPERVVHG $UPV 49 Â…

{ 49 SHQQ\ VWDU GLH SHUI ZPN ODUJH

FURZQ ZLWK VXSHUE IXOO GXSOH[ 5DUH Â… Â… ^3KRWR`

*5($7 %5,7$,1 3267$/ 67$7,21(5<

HWF Â… Â… )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 6SHFLDO WR RUGHU 3HQQ\ HQYHORSH ZLWK DGGLWLRQDO

YDOXHV ILQH XVHG LQF KLJK YDOXHV Â… Â… Â… Â…

G LPSUHVVLRQ VXSHUE XVHG ORFDOO\ ZLWK &DPEULGJH 'XSOH[ &KRLFH Â… Â…

*(1(5$/ '87< GLH SURRI RI WKH Â… KHDG LQ YHUPLOOLRQ HPERVVHG DQG PRXQWHG RQ VXQNHQ FDUG HQGRUVHG 2FW ([FHSWLRQDO Â… Â…

*5($7 %5,7$,1 5$,/:$<6 { /21'21 $1' 1257+ :HVWHUQ 3DUFHO

6WDPSV G VXUFK G RQ G G RQ G G RQ G G RQ G G RQ G DQG G RQ G XVHG *UHDW (DVWHUQ 5DLOZD\ 3DUFHO 6HUYLFH G 5HG %URZQ QG 3XUSOH G 0LGODQG 1HZVSDSHU 3DUFHO 2UDQJH G LQ *UHHQ 8VHIXO JURXS Â… Â… { 3$5&(/ 7$* ZLWK /RQGRQ DQG 1RUWK :HVWHUQ

3DUFHO 6WDPSV G WDJ HQGRUVHG )DUP 3URGXFH Â… Â… Â’ 35(6721 $1' :<5( 5DLOZD\V SUHSDLG Â’ 1HZVSDSHU 3DUFHO 6WDPSV G G DQG G LQ %URZQ YHU\ IUHVK

XQPRXQWHG PLQW Â… Â…

*(1(5$/ '87< GLH SURRI RI WKH Â… KHDG LQ YHUPLOLRQ HPERVVHG DQG PRXQWHG RQ VXQNHQ FDUG HQGRUVHG 2FW H[FHSWLRQDO SURRI LWHP Â… Â… *(1(5$/ '87< (0%266(' UHPDUNDEOH VXQNHQ GLH SURRI RI Â… LQ UHG YHU\ VWURQJ DQG EROG HPERVVLQJ GDWHG 2FW LQ PDUJLQ 6XSHUE Â… Â… Â’ .*9 G JXWWHU SDLU 6* IUHVK 80 RYSW Â’ DGGLWLRQDO 0HGLFLQH 'XW\ VXSHUE DQG XQXVXDO H[

(PEDVV\ Â… Â…

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


Â’ 0$7&+ 7$; WKH òG DV IUHVK 80 LPSHUI { 5(' RYSWV RQ UHFHVV LVVXHV )8 GLII LQF O Â’ EORFN $ VFDUFH PXOWLSOH DOVR D VLQJOH PLQW Â… Â… G 6* E FDW Â… (OXVLYH Â… Â… { ,7$/,$1 2&&83$7,21 RI &HSKDORQLD DQG 0$<256 &2857 6,; 3(1&( 9$/8( 35,17(' '28%/( (5525 RQ ILQH XQXVHG LPSHUI SDLU IUR WKH ,WKDFD XQVHYHUHG SDLUV SRVWDJH LVVXHV / / / / 'LVFRYHU\ VKHHW RI MXVW SDLUV YHU\ UDUH Â… Â… / DQG G PLQW Â… Â… { 0$<256 &2857 FKLHIO\ )8 ORW RI

GLII YDOXHV WR G Â… Â… Â’ 0$<256 &2857 LPSHUI SDLU RI WKH EOXH Â’ &RDW RI $UPV LVVXH 80 RQ ZPN VWDPS SDSHU ILQH DQG VFDUFH

WKLV JHQHULF GHVLJQ ZDV XVHG IRU DOO WKH YDOXHV Â… Â…

2/' 672&.%22. DQG VSULQJEDFN DOEXP ZLWK PDQ\ V RI VWDPSV PDLQO\ ILQH XVHG VHHQ KHUPHV VPDOO DQG ODUJH KHDGV XQFKHFNHG IRU SULQWLQJV LPSHUIV DQG SHUIV 2O\PSLF G XVHG FÂ… FÂ… PLQW $0 G DQG G FÂ… ILQH XVHG 2O\PSLF G PLQW FÂ… %DONRQ ZDUV RYSWV XQFKHFNHG 9LFWRU\ FÂ… PLQW =HSSHOLQ G FÂ… PLQW ZLWK EHWWHU SLFNLQJV WR EH KDG D XVHIXO ORW Â… Â…

0$<256 &2857 LPSHUI SDLU RI WKH EOXH &RDW RI $UPV LVVXH 80 RQ ZPN VWDPS SDSHU )LQH DQG VFDUFH 3267$/ 67$7,21(5< D ILQH ORW ZLWK PDQ\ WKLV JHQHULF GHVLJQ ZDV XVHG IRU DOO WKH YDOXHV LGHQWLILHG ZLWK + DQG * QXPEHUV XQXVHG LQF O +* D Â… Â… O UHG RQ JUH\ + DQG * FDUG ZLWK G EURZQ RQ \HOORZLVK EXII $ JRRG ORW RI LWHPV XQXVHG Â’ 0$<256 &2857 LPSHUI SURRI VLQJOH RI Â… Â… Â’ WKH EOXH &RDW RI $UPV LVVXH IUHVK 80 RQ ZPN VWDPS { 672&. %22. ZLWK LVVXHV IURP HDUO\ +HUPHV SDSHU Â… Â… LPSHUI WR PRUH PRGHUQ VHHQ +HUPHV +HDGV LPSHUIV SHUI 1$7,21$/ ,1685$1&( VWDPSV XQFKHFNHG IRU SULQWLQJV DLU VHW RI D JRRG UDQJH RI GLII òG WR G LQF PLQW Â… Â… VWDPSV PDLQO\ ILQH XVHG Â… Â… Â’ 3('/(56 &(57,),&$7( G RYSW *5(1$'$ 6SHFLPHQ IUHVK PLQW UHPDLQV RQ UHYHUVH D VWUDQJH UHYHQXH (17,5( FDUULHG DQG HQGRUVHG 3HU WKH 8QLRQ QR RWKHU YDOXHV LVVXHG Â… Â… WR *ODVJRZ )DVFLQDWLQJ REVHUYDWLRQDO FRQWHQWV ZLWK D VHYHUH 32/,&( &28576 .*9, XVHG VHW ZLWK YDOXHV JDOH WKDW KDG GRZQHG PXFK RI WKH VXJDU SODQWDWLRQ VXJDU G WR G % Â… Â… KDG WR EH FDUULHG LQ EDJV DV URDGV LPSDVVDEOH IRU FDUWV 5HPDUNDEOH DQG ILQH IRU WKLV Â… Â… 352%$7( &2857 Â… GLH SURRI LQ EODFN RQ KLJKO\ JOD]HG FDUG [ PP H[FHSWLRQDO 3URGXFHG IRU (17,5( FDUULHG E\ KDQG UHIHUHQFH &DSH .HUU WR *ODVJRZ KHDGHG *UHQDGD FRQWHQWV UHIHUV WR VXJDU PDNLQJ WKH 3DULV ,QWHUQDWLRQDO ([KLELWLRQ 8QXVXDOO\ YHU\ ILQH ZLWK QR DQG :LOEHUIRUFH DQG DIIHFW RQ WKLV SODQWDWLRQ (QGRUVHG G UXEELQJ Â… Â… XSSHU OHIW IROGV ILQH DQG HDUO\ LWHP Â… Â… 352%$7( &2857 G GLH SURRI LQ 02175(8,/ UHPDUNDEOH VXJDU SODQWDWLRQ EODFN RQ KLJKO\ JOD]HG FDUG [ PP H[FHSWLRQDO HQWLUH HQGRUVHG 3HU )DYRXU 0U (ZLQJ DQG FDUULHG E\ KLP EDFN SURGXFHG IRU WKH 3DULV ,QWHUQDWLRQDO ([KLELWLRQ ([KLELWLRQ WR *ODVJRZ UHPDUNDEOH SDJH FRQWHQWV ZLWK PXFK UHIHUHQFH LWHP Â… Â… WR VODYHV PXOHV WR FDUU\ VXJDU FDQH DQG QHJURHV LQ KLJK 352%$7( &2857 G GLH SURRI LQ EODFN VSLULWV )LQH KLVWRULF HDUO\ HQWLUH SULRU WR WKH HVWDEOLVKPHQW RI D RQ KLJKO\ JOD]HG FDUG [ PP H[FHSWLRQDO SURGXFHG IRU SRVWDO VHUYLFH Â… Â… WKH 3DULV ,QWHUQDWLRQDO ([KLELWLRQ Â… Â… { 38%/,& 5(&25' LPSHUI

HPERVVHG LVVXH ERWK )8 VFDUFH Â… Â… 38%/,& 5(&25'6 D VHOHFWLRQ LQF 49 WR Â… .*9 WR WZR 6SHFLPHQV PL[HG Â… Â…

02175(9,2 0RQWUHXLO *UHQDGD 9HU\ HDUO\ SULYDWHO\ FDUULHG HQWLUH WR *ODVJRZ HQGRUVHG E\ WKH KDQG &DSWDLQ .HWW ZLWK H[WHQVLYH FRQWHQWV UH UDLQLQJ FRQVWDQWO\ DQG VKLSPHQWV ZHDU DQG VSOLWWLQJ WKRXJK WK FHQWXU\ PDLO IURP WKH LVODQG LV QRW FRPPRQ Â… Â…

(QWLUH FDUULHG WR *ODVJRZ ZLWK LQWHUHVWLQJ 4(,, LQDSSURSULDWH 5HYHQXHV $ ILQH JURXS RI FRQWHQWV 5H D VLFNQHVV RQ WKH ,VODQG DIIHFWLQJ HVSHFLDOO\ :KLWH SURRIV LWHPV SHUIRUDWHG VPDOO IRUPDW LQ EOXH LPSHUI VWULS RI 3HRSOH &RVWV RI 6SDQLVK 0XOHV Â… HDFK DQG &RZV IDXOWV IRXU SDOH EOXH KDQG VWDPSHG &$1&(//(' Â… UHG LPSHUI EXW LPSRUWDQW DQG 6RFLDO +LVWRU\ HQWLUH Â… Â… VLQJOH DQG Â… LPSHUI VWULS 80 Â… Â… Â’ 3(1&) IRU 3(1&( RYHUSULQW HUURU òG 49 6* 6+()),(/' ORFDO FRXQFLO 5HYHQXH VWDPSV G IUHVK XQXVHG FDW Â… D VFDUFH YDULHW\ Â… Â… G &RXUW +RXVH )8 DQG G /LEUDU\ )RUIHLW VWDPS { 3RVWDJH GXH G RQ G GRXEOH VXUFKDUJH HUURU 0 Â… Â… XVHG Y VFDUFH 6*' % FDW Â… Â… Â… Â’ 6287+$03721 &2857 )(( )LQH RU )HH Â’ &URZQ 5RVHWWH VWDPS LQ RUDQJH DV SURRI VKHHWOHW RI QLQH HDFK Â’ .*9 SLFWRULDO VHW 0 6* ZLW :DWHUORZ DQG 6RQV /WG 6SHFLPHQ RYSW DQG VHFXULW\ Â… Â… SXQFWXUH )UHVK XQXVHG H[FHSWLRQDO Â… Â…

{ 75$9(/ ,'(17,7< &$5' .*9 DQG WUDYHO

SHUPLW .*9 ERWK )8 Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ òG .LWH DQG 9HUWLFDO /RJ Â’ 80 6* . $OVR FRUQHU EORFN òG 3O ZLWK *UHHQ 'RW WR

* DQG EURNHQ IUDPHOLQH 9DU LWHPV Â… Â… 81$335235,$7(' ,668(6 .*9 LPSHUI .*9 723 9$/8( 6* ILQH VLQJOH SURRIV RQ SRRU TXDOLW\ SDSHU IRU G G DQG Â… ILQH IUDQNLQJ RQ UHJG FRYHU WR 8. WLHG QHDW FGV $ VFDUFH VWDPS WR DQG VFDUFH JURXS Â… Â… ILQG RQ FRYHU Â… Â…

*5((&(

'HILQ VHW RI 6* RQ D YHU\ ILQH VHW RI

{ 635,1*%$&. DOEXP ZLWK RYHU VWDPSV

IRXU LOOXVWHU )'& 1RW FRPPRQ Â… Â…

VWUHQJWK LQ ILQH XVHG QRWH %DONDQ (QWHQWH VHW FÂ… PLQW (QRVLV VHW RI VL[ FÂ… PLQW 3\WKDJRUHDQ &RQJUHVV VHW FÂ… )8 $ JRRG FROOHFWLRQ ZLWK HDFK VWDPS EHLQJ GLIIHUHQW Â… Â…

0XOWLSOH IUDQNHG 2+06 HQYHORSH ZLWK YDOXHV

IURP F WR ZLWK *32 *UHQDGD &'6 FDQFHO )', IRU WKHVH GHILQLWLYH LVVXHV Â… Â…


HONG KONG Â’ 4(,, F 6* IUHVK 80 $ GLIILFXOW VWDPS WR Â’ ILQH Â… Â…

{ -8%,/(( RYSW F 6+257 8 9$5,(7< YIX

{ 5HYHQXHV 49 ILUVW LVVXH V WR VHFRQG

Â’ 3267$/ ),6&$/ RQ PLQW IUHVK KLQJH

6FDUFH 6* E Â… Â…

LVVXHV WR LQF VFDUFH PXOWLSOH XVH RI WKH VWULS RI WKUHH UHPDLQV 6* ) Â… Â… .*9, KLJK YDOXHV F DQG XVHG DV UHYHQXHV D { :DWHUPDUN UHYHUVHG HUURU F 6* [ IX ILQH VHOHFWLRQ Â… Â… 6FDUFH Â… Â… ^3KRWR` { 5(9(18(6 49 .*9 XVHG VHOHFWLRQ RI 49 LVVXHV WR G RYSW .*9 G PDQXVFULSW Â’ 3267$/ ),6&$/ RQ 6* ) PLQW FDW FDQFHO HWF Â… Â… Â… Â… Â… Â’ 6SHFLPHQ RYSWV 49 WR .*9, ZLWK KLJKHU YDOXHV

IUHVK PLQW GLIIHUHQW 49 GXW\ SODWHV WR EDGJH LQF 81868$/ XVH RI &$1$',$1 F 49 HQYHORSH IURP 0RQWUHDO DGGU WR +RQJ .RQJ ZLWK WUDQVLW DQG DUULYDO 6* QRUPDO &DW Â… &RURQDWLRQ VHW Â… QLFH SPNV Â… Â… ORW Â… Â… ^3KRWR` { (':$5' WRS YDOXH )8 QHDW 9LFWRULD FGV *8$7(0$/$ 6* Â… Â… 3267$/ 67$7,21(5< PDLQO\ XQXVHG ZLWK PDQ\ LGHQWLILHG ZLWK + DQG * QXPEHUV LQF LOOXVWUDWHG W\SH { (':$5' )8 QHDW 6KDQJKDL FGV 6* FDUGV SURYLVLRQDO F ([SUHVV RYSW HPERVVHG HQYV SUH Â… Â… FDQFHOV LQF IDQF\ FRUN W\SH $ ILQH ORW RI HDUO\ { (':$5' )8 VXSHUE FRORXU QHDW FGV DQG FRYHUV FDUGV Â… Â… %ULWLVK UHG UHJLVWHUHG FGV GLIILFXOW VWDPS 6* *8,1($ Â… Â… Â’ $)5,&$1 *8,1($ IRUPHU )UHQFK &RORQ\ { (':$5' )8 6* Â… Â… Â’ PRVW FRPSUHKHQVLYH FROOHFWLRQ RI 80 LQ D YHU\ ODUJH VWRFN ERRN ZLWK V KLJKO\ FRPSOHWH ZLWK VSHFLDO 2O\PSLF RYSWV VHWV RI 06 DQG PXFK HOVH 0DQ\ LQWHUHVWLQJ { .*9 VHW RI F WR JRRG WR )8 6* EHWWHU WRSLFDO VHWV $Q XQFRPPRQ FROOHFWLRQ Â… Â… FDW Â… Â… Â…

*8<$1$

{ .*9 GHILQLWLYH VHW RI FDW Â…

0267 XQXVXDO DLU OHWWHU RYSWG F PLVSODFHG

VHW WR H[ F JUH\ DQG 6LOYHU -XELOHH VHW RI ILQH XVHG Â… Â…

VR LW KDV EHHQ FRUUHFWHG XVLQJ IHOW WLS SHQ Â… Â…

Â’ .*9 IUHVK PLQW 6* D WKH ZKLWH EDFN

Â’ (55256 (VVHTXLER RYSW F RQ F ZLWK Â’ GRXEOH RYSW 6* D DQG WULSOH RYSW 6* E ERWK 80

LVVXH 6XSHUE Â… Â… ^3KRWR`

Â… Â…

Â’ .*9 IUHVK PLQW 6* E WKH UDUH ROLYH EDFN

4(,, UDQGRP FROOHFWLRQ ZLWK FRYHUV VWDPSV DQG SULQWLQJ $ VXSHUE H[DPSOH RI WKLV VFDUFH VWDPS 06 6KHHWOHWV QRWH 06 6KHHWOHWV LQ %XWWHUIOLHV RYSW Â… Â… ^3KRWR` 6KHHWV HDFK GLIIHUHQW VHWV RI VWDPSV ZLWK PXFK 80 $ { %52.(1 &+$5$&7(5 9$5,(7< F 6* E JRRG VHOHFWLRQ RI LWHPV Â… Â… )8 Â… Â…

+21'85$6

Â’ %URNHQ IORZHU YDULHW\ .*9 F PLQW W\SLFDO Â’ JXP 6* D Â… Â…

3267$/ 67$7,21(5< D VFDUFH UDQJH RI

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…

{ 6LOYHU -XELOHH YDULHW\ F )ODJVWDII RQ 5LJKW

Â’ :$7(5/2: LPSHUI SURRIV RI V DLUPDLOV

GLII LQF WZR SDLUV ZLWK SULQWHUV PDUJLQDO QRWDWLRQV XQXVXDO VWDPSV Â… Â…

+DQG 7XUUHW )8 6* ' Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ F VKRUW H[WUD )ODJVWDII Â’ 80 ,Q SDLU ZLWK QRUPDO 6FDUFH 7ZR QLEEOHG SHUIV DW EDVH

6* % Â… Â…

+21* .21*

Â’ 6LOYHU -XELOHH YDULHW\ F H[WUD )ODJVWDII PLQW

6PDOO HQY DGGU WR &DSW RI 51 /RQGRQ

ZLWKLQ FRUQHU EORFN 6* $ Â… Â… HQGRUVHG SHU RYHUODQG PDLO ZLWK QHDW +21* .21* FGV RQ UHYHUVH FKDUJHG 95 DUULYDO FGV 1LFH Â… Â… ^3KRWR` Â’ 6LOYHU -XELOHH YDULHW\ F /LJKWQLQJ &RQGXFWRU ILQH PLQW 6* & Â… Â… { 12 :$7(50$5. 49 VHW RI ILQH XVHG 6* FDW Â… $ JRRG VRXQG VHW Â… Â… ,1:$5' 0$,/ YHU\ ILQH FRYHU H[ *HUPDQ\ DW SI UDWH HQGRUVHG E\ ,PSHULDO $LUZD\V GLUHFW VHUYLFH WR 32 Â’ 49 F 6* D IUHVK 0 Â… Â… %R[ +RQJ .RQJ 8QXVXDO Â… Â… Â’ $ .*9, EDVLF VHW RI GLII YDOXHV F WR

{ ,19(57(' :$7(50$5. F 6* Z ILQH

6* IUHVK PLQW FDW Â… 3ULQWLQJV XQFKHFNHG Â… Â…

XVHG Â… Â…

Â’ (;75$ 6752.( YDULHW\ F 9LFWRU\ ILQH XP Â’ 6* D Â… Â…

{ 75($7< 3257 SRVWPDUN F ZLWK YHU\ ILQH

' GXSOH[ RI $PR\ 6* = Â… Â…

{ 6385 72 1 9$5,(7< F ZHGGLQJ YIX 6*

Â’ -8%,/(( F 6* IUHVK PLQW

D Â… Â…

Â… Â…

{ &UDFN LQ 5RFN YDULHW\ F 838 9)8 6*

Â’ -8%,/(( RYHUSULQW 6* VXSHUE IUHVK PLQW Â’ SRVV QHYHU KLQJHG RQH RI WKH ILQHVW ZH KDYH KDQGOHG Â’ Â… Â…

D Â… Â…

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


0LOLWDU\ %ULWLVK )RUFHV PDWFKHG JURXS RI

YDULRXVO\ IUDQNHG FRYHUV WR 8. HDFK ZLWK %ULW )LHOG 5HJLPHQW 5$ ODUJH RYDO FDFKHWV RQ UHYHUVH 9DULRXV FRORXUV IUDQNLQJV Â… Â… %5,7,6+ )32 %DVHV LQ +RQJ .RQJ ILQH JURXS

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… { 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…

.*9 YDULHWLHV LQWHUHVWLQJ JURXS LQF ZLWK 6HH 3RVW &XVWRP 'XW\ SRVWPDUN 6FDOS IORZ RQ F F DQG F PLQW &KLQD RYSW F ZLWK :KLWH (\H YDULHW\ )8 D SDJH ZLWK PLQRU YDULHWLHV KLJKOLJKWHG $ JRRG ORW RI VWDPSV Â… Â… { 2/' 7,0( FROOHFWLRQ RQ SDJHV VHHQ 49 WR Â’ LQF 6, GXSOH[ (GZDUG 6LOYHU -XELOHH VHW PLQW DQG

ILQH XVHG .*9, GHILQ WR 838 VHW PLQW 4(,, WR D ILQH VHOHFWLRQ RI VWDPSV Â… Â… 3DWULRWLF ::,, %ULWLVK :DU 2UJDQLVDWLRQ )XQG +RQJ .RQJ ODEHO YHU\ ILQH Â… Â… ^3KRWR` 4(,, '(),1,7,9( 9$5,(7,(6 ZLWK VKRUW 5 RI GROODU XVHG F PLVVLQJ SHDUO FKDUDFWHU MRLQHG PLQW ZDWHUPDUN WR WKH ULJKW 6* Z EORFN RI 80 $Q LQWHUHVWLQJ ORW RI VWDPSV PDLQO\ 80 Â… Â… { 48((1 9,&725,$ VHOHFWLRQ RI VWDPSV

Â’ ,QYHUWHG ZDWHUPDUN F ,78 IUHVK XP 6* Â’ : Â… Â… Â’ &+85&+,// F\OLQGHU EORFNV RI 80 F DQG Â’ FDW Â… DV VLQJOH VWDPSV 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… { 49 XVHG VHOHFWLRQ LQF -XELOHH VKRUW 8

YDULHW\ 6* E 6* HWF 6PDOO IDXOWV FDW Â… Â… Â…

Â’ 9DULHW\ SDLU F PDFKLQ GHILQV 6* $ ZLWK Â’ ODUJH ZKLWH ZLSHU EODGH IODZ 8QXVXDO 80 Â… Â…

7ZR 6WRFNERRNV ZLWK 4(,, YDULHWLHV LQF PLQRU HUURUV ZPN YDULHWLHV VHHQ 8QHVFR PLVSHUIHG 3RVWDO 8QLRQ QR ZPN ,&< PLVVLQJ K\SKHQ 9)8 EORFN RI VL[ ZPN ,QY 80 1HZ <HDU ZLWK VWRS DIWHU 80 &KXUFKLOO ZLWK GDPDJHG 8 YDULHW\ 80 $Q LQWHUHVWLQJ JURXS FKLHIO\ 80 Â… Â…

0DFKLQ GHILQLWLYH HUURUV DQG YDULHWLHV FKLHIO\ ZDWHUPDUN HUURUV LQF EORFN RI ZPN LQY 6* FZ DV D EORFN RI 6* GZ $Q LQWHUHVWLQJ JURXS RI VWDPSV PDLQO\ IUHVK 80 Â… Â… &DWDORJXHG DW Â… DV ILQH XVHG VHW D

FROOHFWLRQ RI LOOXVWUDWHG FRPPHPRUDWLYH ILUVW GD\ FRYHUV QR ZULWWHQ DGGUHVVHV Â… Â… Â’ (UURU &RURQDWLRQ 'RXEOH %OXH F 6* YDU Â’ VROG LQ -RKQ %XOO $XFWLRQV IRU +.' IUHVK 80

Â… Â… ^3KRWR`

+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 ,17(5(67,1* HDUO\ JURXS ZLWK VHFXULW\

RYSWV LQF F RQ F DQG F RQ F ILQH XVHG WKHVH FDW Â… Â… Â…

:DU &KDULW\ VHW RI VHW RI VXUFK SRVWDJH GXH 6* ' D ILQH ORW RI VWDPSV Â… Â…

{ 6(7 RI VWDPS FHQWHQDU\ 06 SHUI 9)8 6* D FDW Â… FKRLFH Â… Â… $1 ,17(5(67,1* ROG FROOHFWLRQ RI V RQ SDJHV 7KH FRQGLWLRQ LV YHU\ JRRG LQF 49 LVVXHV WR RGG Â’ &$7 Â… YDOXDEOH ORW RI EHWWHU HDUO\ VWDPSV SPN .*9 XVHG YDOXHV WR VHW WR XVHIXO LWHPV LQ SDFNHWV JRRG FRQGLWLRQ LQF :DU &KDULW\ .*9 PLQW GRWWHG WKURXJKRXW -XELOHH VHWV 0 8 .*9, LQF &HQWHQDU\ VHW 0 838 VHW 0 8 WR 0 KLJK YDOXHV 6* DLU RYSWV 6SRUW VHW DLUPDLO KLJK YDOXHV 6* HWF )LQH ORW Â… Â… DQG PRUH $ YHU\ JRRG UDQJH ZLWK KLJK YDOXHV )(/'3267 &DUGV RI ::, LQF LOOXVWUDWHG Â… Â… W\SHV $ JRRG JURXS RI ZLWK PDQ\ GLIIHUHQW SPNV DQG FHQVRU $QQLJRQL HUURUV DQG YDULHWLHV ZLWK 3DOH +6 Â… Â… <HOORZ RPLWWHG 6* D 80 EORFN RI ZPN LQY Â’ ,03257$17 VWDPS FROOHFWLRQ FKLHIO\ PLQW DQG RFKUH RPLWWHG 6* ZD 80 JOD]HG SDSHU YDULHW\ 6* ZF ZPN LQY 80 $Q LQWHUHVWLQJ ORW RI KRXVHG LQ ILYH TXDOLW\ DOEXPV SOXV RWKHU VHOHFWLRQV EHOLHYHG WR VWDPSV PXFK PLQW LQF 80 Â… Â… FDWDORJXH Â… PDQ\ V RI VHWV DQG EHWWHU 06 VXSHUE TXDOLW\ DQ RULJLQDO ORW )ORRG VHW )ORRG VHW ZLWK { &$1&(//$7,21 FROOHFWLRQ RQ KDJQHU SDJHV RYSWV RYSWV ZLWKRXW ODEHOV DLUV 6SRUW VHHQ 6KDQJKDL FGV 6 GXSOH[ LQ EODFN DQG EOXH % GXSOH[ LQ DLU VHW =HSSHOLQ RYSW VHW 0DGRQQD KLJK YDOXHV FDW EODFN DQG EOXH 6KHXQJXDQ FGV $ ILQH VHOHFWLRQ RI Â… DLUPDLO VHW FÂ… 6WDPS ([KLE 06 FDQFHOODWLRQV 49 WR .*9, Â… Â… ([WHQVLYH ODWHU \HDUV DQ RULJLQDO DQG YHU\ ILQH FROOHFWLRQ { &$1&(//$7,216 ZLWK $PR\ 7UHDW\ 3RUW LQF Â… Â… VL[ ' GXSOH[HV $PR\ FGV VHHQ FRGHV $ DQG & RQ 49 WR ,&(/$1' .*9 LVVXHV FDQFHOV Â… Â… { =(33(/,1 D NU 6* WRJHWKHU RQ &29(5 6(/(&7,21 IOLJKW FRYHUV WR 0DQLOOD F UDWH DQG *XDP F 9LFWRU\ VHW RQ DWWU 4 VPDOO SLHFH ZLWK FRPSOHWH 5H\NMDYLN FGV UHJG ODEHO DQG DLUPDLO

LOOXVWU )'& )UHQFK 0HGLFLQH FDUG )8 HWF Â… Â… { .*9 FROOHFWLRQ ILQH XVHG GHILQLWLYH VHW RI

&RURQDWLRQ &HQWHQDU\ 9LFWRU\ 6LOYHU :HGGLQJ DQG 838 VHWV VWDPSV Â… Â…

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…

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


,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…

,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

FKDUDFWHU WXUQHG WR OHIW ([ 6* VXSHUE 6*R DD 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 62587+

{ ),1( 86(' D JUHHQ XQFKHFNHG IRU SULQWLQJV Â’ $506 VHW LQF ERWK D PLQW 6*

ZLWK D JRRG YDULHW\ RI VKDGH JRRG IRU VWXG\ ILQH XVHG Â… Â…

Â… Â…

,1' 67 1$7 %866$+

,1',$

{ U PDXYH RYSW 9)8 RQ SLHFH 6* D

&/$66,& D EL FRORXU $ YHU\ ILQH RIILFLDO UHSULQWHG SURRI ZLWK KXJH VTXDUH PDUJLQV XQXVHG Â… Â…

Â… Â… Â’ D PDXYH PRQRJUDP 6* D PLQW

)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…

,1' 67 1$7 +<'(5

,1',$ 3267$*( 67$03 &HQWHQDU\ 6RXYHQLU

{ ,03(5) +25,=217$//< (5525 D 6* E

SDLU )8 PLQRU VRLOLQJ Â… Â… { $ 0267 (;7(16,9( FKLHIO\ XVHG FROOHFWLRQ RI

$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…

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 Â’ 2+06 DOO GLII 49 PLQW JURXS RI UHSULQW LQ %/8( ZLWK VSHFLDO *RYW KV VHYHUDO PXOWLSOHV JRRG 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… { &2521$7,21 'XUEDU FDQFHOODWLRQV WZR SLHFHV ZLWK 49 WR U DQG (GZDUG S D òD ZLWK VSHFLDO ,1' 67 1$7 ,1'25( FDQFHO RQ WZR SLHFHV H[ SUHVHQWDWLRQ IROGHU 6XSHU XVHG { ),1( ROG WLPH FROOHFWLRQ RI VWDPSV RQ SDJHV Â… Â… Â’ ERWK 0 8 ZLWK VRPH YHU\ ILQH DQG VFDUFH LWHPV òD 6* Â’ .*9 U KLJK YDOXH VXSHUE PLQW 6* 0 òD 6* 9)8 RQ SLHFH SODWH SURRI RI U DV Â… Â… UDUH XQXVHG EORFN VHH IRRWQRWH DIWHU 6* U 6* 9)8 UDWH HWF 9HU\ JRRG ORW Â… Â… Â’ .*9 U KLJK YDOXH VXSHUE PLQW 6* ,1' 67 1$7 -$,385 Â… Â… &2//(&7,21 RI VWDPSV RQ ROG SDJHV { 0267 81868$/ ODUJH SLHFH ZLWK ,QGLD JRRG UDQJHV 0 8 IDLU DPRXQW RI &KDULRW LVVXHV ZLWK 0 H[SHGLWLRQDU\ IRUFHV ,() VHW RI ZLWK %DVH 2IILFH % ,() FGV RYSWV 0 RIILFLDO RYSWV LQF 6* 2 VHW XVHG 'LIILFXOW FDQFHO RQ HDFK YDOXH $ VFDUFH SLHFH 6*( VXSHUE VWDPSV WR ILQG Â… Â… XVHG Â… Â… { $ &+,()/< 86(' VHOHFWLRQ RI GLII LQF { (5525 .*9 3,(6 3,(6 RYHUSULQW HUURU 6LOYHU -XELOHH LVVXHV WR U 6* RIILFLDO D 6* 2 HWF +LJK 6* E )8 Â… Â… &9 UHTXHVW VFDQ Â… Â… { (5525 6 .*9 RYHUSULQW HUURUV 1,1(

,1' 67 1$7 -$008 .$6+0,5

1,1( DQG 3,(6 3,(6 6* D E ILQH XVHG Â… Â…

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…

Â’ 5()8*(( UHOLHI VWXG\ RI WKH S JUHHQ Â’ ZLWK GLIIHUHQW RYSWV HUURUV DQG YDULHWLHV LQF SULQWHG 'RXEOH

2IILFLDOV LQ VKHHWOHW òD D D ZLWK VKDGHV JRRG IRU VWXG\ 8QXVHG VHOGRP VHHQ DV VKHHWOHWV Â… Â…

(YHUHVW ([SHGLWLRQ FDUG YIX ZLWK VSHFLDO ODEHO

RQH LQYHUWHG GRXEOH RIIVHW RQ WKH UHYHUVH PLVSODFHG D VPDOO EXW XVHIXO JURXS RI 80 Â… Â… WLHG EDVH FDPS FGV Â… Â…

6+((7/(76 RI DQG JRRG IRU VWXG\ òD D D ZLWK VKDGHV DQG LPSULQWHG ERUGHUV 8QXVHG VHOGRP VHHQ LQ FRPSOHWH VKHHWV Â… Â…

,19(57(' :0. òD ,QGHSHQGHQFH 0DS %27+ PLQW DQG )8 6* Z YDULHWLHV Â… Â…

,1' 67 1$7 .,6+$1

)RUFHV LQ .RUHD RYSW VHW 6* . QLFHO\ XVHG

Â’ U KLJK YDOXH 6* DV IUHVK 0 EORFN

RQ FRYHU WLHG )32 &'6 Â… Â…

Â… Â…

Credit Cards

PHILANGLES

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

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


Â’ +DJQHU VWRFNSDJHV ZLWK PDLQO\ )HXGDWRU\

,5$4

6WDWH LVVXHV VHHQ ,() RYSWV WR U 6RUXWK LQF -XQDJDGK -XO\ $,50$,/ YHU\ VFDUFH ,ULVK DFFHSWDQFH 6RUXWK D VKHHW RI $OZDU &RFKLQ -DPPX DQG 4 IOLJKW FDUG 'XEOLQ WR $EDGDQ ,UDQ WKHQ RQWR WKH H[WHQVLRQ URXWH .DVKPLU LQF óD \HOORZ VKHHWOHW RI )DULGNRW VHHQ WKH %DJKGDG WR %DVUD G XSUDWHG òG HDUO\ DLU ODEHO DQG RGG YDULHW\ RYHU VWDPSV PLQW LQF RGG 80 EDFNVWDPSV UDUH Â… Â… Â… Â… $,50$,/ UDUH ,ULVK DFFHSWDQFH IOLJKW FRYHU òG { +DQJHU SDJHV FUDPPHG ZLWK VWDPSV 6KLHOG HQYHORSH XSUDWHG ZLWK òG G FDQFHOOHG LQ 'XEOLQ XVHG LQF PDQ\ VWDWH LVVXHV 8VHG VHHQ 49 òD GXOO UHG 6* FRYHUHG WR UHVHPEOH DQ ,ULVK IODJ DGGU WR %DJKGDG ZLWK DUULYDO SDLU )8 D FXW WR VKDSH XVHG SDJHV ZLWK D YDULHW\ EDU FGV RQ UHYHUVH YHU\ IHZ H[LVW Â… Â… DQG OHWWHU FDQFHOV VTXDUH FLUFOH FDQFHOV VWDWHV LQ )HXGDWRU\ ,1',$1 )32 WZR DWWUDFWLYH FRYHUV VWDPS FRPELQDWLRQ H[ )32 DQG FHQVRUHG H[ 6KDLEDQ )32 ,17(5(67,1* VPDOO VHOHFWLRQ FRYHUV LQF Â… Â… +\GHUDEDG -XELOHH VHW RQ FRYHU 3DWLDOD 6WDWH Â’ (5525 I RYSW FRUQHU EORFN RI ZLWK WKH WRS LVVXHV RQ VWDWLRQHU\ HQY ,() IUDQNLQJ QS 0DS Â’ URZ RI IRXU VKRZLQJ WKH RYHUSULQW WUDQVSRVHG VSHFWDFXODU 6* VWDPS ZLWK JROG ,QGLD FRORXU RPLWWHG Â… Â… D FKLHIO\ 80 Â… Â… { 2/' 3$*(6 ZLWK PDLQO\ &RFKLQ 6WDWH LVVXHV Â’ FDW Â… LQF D 6* FÂ… ILQH XVHG D JRRG ROG WLPH ORW RI Â’ $ 6(/(&7,21 2) 29(535,17 (55256 Â’ V I I GHILQV ZLWK ,19(57(' 29376 I I VHUYLFH VWDPSV FKLHIO\ )8 Â… Â… LVVXHV ZLWK GRXEOH RYSWV LWHPV DOO XP Â… Â… { 5(9(18(6 PDLQO\ .*9, ZLWK VWDWH LVVXHV ZLWK

VWDWHV DQ RULJLQDO ROG WLPH ORW Â… Â…

{ 7:2 672&.%22.6 ZLWK PDLQO\ D ILQH XVHG

GLIIHUHQW JURXS RI LQ QHHG RI VRUWLQJ ILQH XVHG Â… Â…

FROOHFWLRQ IURP %ULWLVK RFFXSDWLRQ WR PRUH PRGHUQ RYHU VWDPSV Â… Â…

,1',$1 67$7(6 Â’ '+$5 ILYH FKLHIO\ PLQW JURXS RI VWDPSV RQ

DQ ROG SDJH ZLWK YDULRXV LVVXHV EHWZHHQ 6* YHU\ ILQH VFDQV DYDLODEOH Â… Â…

,5(/$1' Â’ )25(5811(5 G 5HGPRQG ,UHODQG

'HPDQGV +RPH 5XOH VWDPS PLQW VPDOO IDXOWV EXW VFDUFH / Â… Â… )$5,'.27 VHOHFWLRQ RQ D SDJH LQF 6* Â’ 'ROODUG SURRI RI WKH RYHUSULQW DV D EORFN RI DQG XVHG D VHOHFWLRQ RI PLQW 5(35,176 LQF XQLVVXHG ZLWK SULQWHUV KDQGVWDPS RQ UHYHUVH $Q XQXVXDOO\ ODUJH VL]H FRORXUV DQG S EODFN SDLU ZLWK FDQFHOODWLRQV XQXVXDO 6FDQV EORFN ILQH Â… Â… DGYLVHG Â… Â… Â’ &RLO VWDPSV ZLWK ORQJ LQ YDULHW\ VHW RI -,1' FODVVLF LVVXHV LQWHUHVWLQJ FKLHIO\ IRXU IUHVK PLQW 6* $ òG G LQ SDLUV ZLWK QRUPDO PLQW ORW RI RQ ROG SDJHV LQF ILUVW LVVXHV WKLFN ODLG FDUG )LQH Â… Â… LVVXHV LQWHUHVWLQJ JURXS RI ILVFDO LVVXHV IHZ SHUIRUDWHG Â… Â… { .*9 RYSW VHW RI ILQH XVHG 6* WKH KLJK YDOXHV DUH UDWKHU VXSHUE ZLWK QHDW FGV SRVWPDUNV 1$1'*$21 VPDOO PLQW VHOHFWLRQ RI Â… Â… RQ D SDJH LQF D 6* DQG RIILFLDOV 6* 2 Â… Â… Â’ 3URRI RI RYHUSULQW LQ %ODFN D ILQH LPSHUI SDLU RQ :KLWH 3DSHU 1R +6 RQ UHYHUVH )LQH Â… Â… FROOHFWLRQ RQ ROG SDJHV LGHQWLILHG E\ 6* QXPEHUV RYHU VWDPSV FKLHIO\ XVHG ([WHQVLYH &RQFK 6KHOO GHILQ LVVXHV ZLWK { 6($+256( KLJK YDOXHV VHW RI ILQH XVHG 6* GLII SULQWLQJV RYSWV F RYSW LQYHUWHG 6* D F RYSW Â… Â… LQYHUWHG )8 7HPSOH LVVXHV %LUWKGD\ FK 6* )8 H[WHQVLYH RIILFLDOV HWF *RRG RULJLQDO ORW Â… Â… Â’ 6($+256( VHW RI IRXU LQF ERWK G IUHVK PLQW 6* Â… Â… ,1'21(6,$

{ 75$9$1&25( PRVW H[WHQVLYH VWDPS

Â’ 7+( 1(: &855(1&< VHW RI IUHVK PLQW 6* Â’ 7KRP RYHUSULQW VHW RI VHDKRUVH KLJK YDOXHV

D FDW Â… NH\ VHW Â… Â…

IUHVK PLQW YHU\ VFDUFH 6* VPDOO JXP EHQG PHQWLRQHG IRU DFFXUDF\ $ NH\ VHW Â… Â…

7:2 35,17(' 'DYR $OEXPV IRU LVVXHV IURP WR VSDUHO\ ILOOHG ZLWK VWDPSV 06 6KHHWOHWV VHHQ QHZ FXUUHQF\ VHW RI )8 5,6 RYSW ZLWK YDOXH WR U 'LVDVWHU )XQG +HUR V 'D\ $ SDLU RI $OEXPV ZDLWLQJ WR EH ILOOHG Â… Â…

Â’ 7KRP RYSW VHW RI WR WRS YDOXH ILQH PLQW

6* Â… Â… '$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…

,5$1 { 2)),&,$/6 $KPHG 0LUD FK WR NU ZLWK

YDULHWLHV LQF EURNHQ OHWWHUV 2IIMRMHL IRU 2IILFLDO RQ FK DQG FK $Q LQWHUHVWLQJ ORW RI VWDPSV 6* ILQH XVHG Â… Â…

Â’ 29(535,176 RQ *% LVVXHV ZLWK D YDULHW\ RI

{ 5(/$,6 RYSWV $KPHG 0LUD WR NU LQF

FK DQG FK RYSW LQYHUWHG /LRQ DQG &URZQ WR NU LQF YDOXHV QRW OLVWHG LQ 6* FK FK DQG NU $ JRRG JURXS RI 6* D Â… Â…

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

6* Â… Â…

{ 685&+$5*( FK WR FK ZLWK YDULHWLHV Â’ LQF FK RQ FK GRXEOH RYSW FK RQ FK RYSW LQY D XVHIXO

Â’ 6HDKRUVHV ZLGH DQG QDUURZ RYSW FRPSRVLWH 6H

JURXS RI JRRG IRU VWXG\ 6* PDLQO\ PLQW Â… Â…

7HQDQW SDLUV ILQH PLQW 7KH YHU\ VFDUFH VHW RI 6* $ $ Â… Â…

www.philangles.co.uk

Â’ 6HDKRUVHV ZLGH GDWH VHW RI ILQH PLQW

place your bids online. Immediate and secure.

6* Â… Â…


Â’ VHDKRUVHV ZLGH GDWHV 6* PLQW

{ ),1( 86(' ($5/< 7$%6 DOO GLII ZLWK

VHW RI SOXV SDLU G ZLWK ZHDN DFFHQW YDULHW\ DQG D IXUWKHU G VLQJOH VWDPSV ILQH JURXS RI KLJK YDOXHV Â… Â…

EHWWHU V FRPPHPV DQG DLUPDLO KLJK YDOXHV ILQH DQG XQFRPPRQ XVHG Â… Â…

Â’ 6($+256( ZLGH GDWH VHW RI ILQH PLQW 6*

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…

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…

,7 &2/6 &5(7( Â’ &203/(7( 6* PDLQO\ PLQW F 6*

)8 DQG F ([SUHVV )8 DOO RWKHU VWDPSV PLQW ZLWK D KLJK FDWDORJXH YDOXH IRU WKHVH LVVXHV RYSWHG /D &XQHD Â… Â…

,7 &2/6 &<5(1$,&$

Â’ (5525 F 9ROWD VWDPS FHQWHQDU\ RYSW $,50$,/ VSHFLDO IOLJKW FRYHUV LQF ILUVW 4 GHVSDWFK 5LPRXVNL WR 7RURQWR DERXW FDUULHG 1RUWK &\UHQDLFD LPSHUIRUDWHG DW WKH WRS EHWZHHQ WKH PDUJLQ /LVWHG

$PHULFDQ IOLJKWV ZLWK )O\LQJ %RDW FDFKHWV $WODQWLF IOLJKWV )LQH JURXS Â… Â…

LQ VDVVRQH DV K FDW (XUR V IUHVK PLQW Â… Â…

Â’ 6W 3DWULFN KLJK YDOXH VHW ILQH PLQW 6*

,7 &2/6 (5,75($

&DW Â… Â… Â…

Â’ 7\SHG XS SDJHV ZLWK D PLQW FROOHFWLRQ FDW 2YHU

Â’ 7KH PRVW FRPSUHKHQVLYH DQG KLJKO\ FRPSOHWH Â’ 80 FROOHFWLRQ KRXVHG LQ 1LQH YROXPHV LQFOXGLQJ )LYH OX[XU\

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…

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 Â’ (;35(66 67$036 W\SHG XSRQ D SDJH QRWH (LJKW \HDU VHW $OEXPV IRU 3RVWDJH GXHV 6* ( 6* ( FDW Â… / FRPSOHWH VRPH HDUOLHU PDWHULDO WUHPHQGRXV UHWDLO YDOXH DQG ERWK YDOXHV / %OXH RYSW PLQW VFDUFH S %ODFN RYSW KXJH (XUR IDFH YDOXH PDQ\ V Â… Â… XQXVHG D JRRG VHOHFWLRQ ZLWK D KLJK FDW YDOXH Â… Â… Â’ 0DQFKHVWHU 0DUW\UV SDLU RI ODEHOV 6H 7HQDQW ,7$/,$1 &2/6 IUHVK PLQW 0: / DOVR WKH 3KLOOLSV 6LON &LJDUHWWH &DUG RI { 75,32/,7$1,$ DLUPDLO PDVV IOLJKW VHW )8 VDPH 6XSHUE Â… Â… 4 DQG YHU\ UDUH 6* &DW Â… WRWDOO\ FRUUHFW &'6 3267$/ +,6725< HQWLUH IURP 'XEOLQ WR SRVWPDUNV Â… Â… /RUG 'XUURZ ZLWK RF ELVKRSV PDUN DQG ZDV FDUULHG IUHH RZLQJ DGGUHVVHG WR D ORUG HQWLUH IURP =HDODQG WR 9LROHW { )RRWEDOO $LUPDLO 6HW RI )LYH WR / 9)8 ZLWK QHDW (ULWUHD 3RVWDO FDQFHOV YHU\ VFDUFH JHQXLQH XVHG 6* +LOO ZLWK IRUHLJQ EUDQFK ELVKRS PDUN DQG 'XEOLQ ELVKRS PDUN &DW Â… Â… Â… ZLWK WKH RULJLQDO UDWH FURVVHG DQG D QHZ UDWH RI EHLQJ DSSOLHG OHWWHU DERXW JHWWLQJ PRQH\ YLD D QHXWUDO FRXQWU\ Â… Â…

Â’ )RRWEDOO 3RVWDJH 6HW PLQW 6* &DW Â…

Â… Â…

3RVWDO KLVWRU\ HQWLUH VHQW ORFDOO\ ZLWK

{ .(6+ $8 0 +6 DQG KDQGVWUXFN HQGRUVHG QR SRVWDJH 4 75,32/,7$1,$ DLUPDLO KLJK YDOXHV O WR O )8 6* FDW Â… Â… Â…

WZR HQWULHV ZLWK GLIIHUHQW 'XEOLQ JHQHUDO SRVW FKLHI RIILFH +6 ERWK ZLWK FRQWHQWV HQWLUH ZLWK FRQWHQWV VHQW IURP 1DSOHV WR D YLOODJH QHDU 'XEOLQ ZLWK D YDULHW\ RI WUDQVLW PDUNV LQF 'XEOLQ SHQQ\ SRVW +6 WV WUDQVLW VDUGH +6 RQ WKH UHYHUVH 1$3 DSU +6 DQ LQWHUHVWLQJ HQWLUH 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 $OEXP IRU FRQWLQXDWLRQ Â… Â… 3523$*$1'$ &+$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’ $(*($1 ,6/$1'6 )RRWEDOO 3RVWDJH DQG 4 $LU 6HW ERWK ILQH PLQW 6* &DW Â… 1LFH

Â… Â… 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… Â’ (5,75($ FDW Â… IUHVK PLQW VHW RI WR

O F 6* Â… Â… { ),1( 86(' $(*($1 ,6/$1' FLUFD

Â’ 6LQQ )HLQ SURSDJDQGD ODEHOV PLQW

&HOWLF &URVV *UHHQ %ODFN %OXH %ODFN ERWK W\SHV RI &URZQ LVVXH $OO SHUI 6FDUFH 0: $ Â… Â…

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…

,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…

Â’ /,%<$ FDW Â… SDUFHO SRVWV (DJOHV VHW Â’ RI SDLUV IUHVK 80 6DVVRQH $ UDUH VHW

Â… Â…

Â’ /,%<$ FDW Â… 7ULSROL 7UDGH )DLU VHW { ),1( 86(' HDUO\ LVVXHV WR ZLWKRXW WDEV Â’ IUHVK 80 VHOGRP VHHQ 6DVV $

VWDPSV LQF &2,1 6(7 WR P DQG PDQ\ EHWWHU FRPPHPV 6FDUFH XVHG Â… Â…

Â… Â… Â’ /,%<$ FDW Â… 7ULSROL )DLU VHW ILQH 80 Â’ 6DVVRQH $ UDUHO\ VHHQ 80

VISIT www.philangles.co.uk.

Â… Â…


Â’ /,%<$ FDW Â… 5RPH WR 0RGDGLVFR Â’ DLUPDLO VHW IUHVK 80 6DVV Â… Â… 4

{ 683(5% 86(' RXWVWDQGLQJ FROOHFWLRQ RI

Â’ 52', $HJHDQ ,V *DULEDOGL RYSW VHW ILQH

0 6* Â… Â…

VWDPSV 06 VKHHWOHWV ZLWK PDQ\ KLJK FDWDORJXH VHWV QRWH )RRWEDOO VKHHWV &ROXPEXV VKHHWV GHILQV VHWV WR /LUD 6W &DWKHULQH VHW 5HYROXWLRQ VHW VXSHUE FROOHFWLRQ RQ 0DULQL SULQWHG DOEXP SDJHV Â… Â…

Â’ 620$/, .LQJ RI ,WDO\ 9LVLW VHW RI ILQH Â’ 5RPDQ 5HSXEOLF / IUHVK PLQW &DW Â…

PLQW 6* $ NH\ VHW Â… Â…

6* 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…

Â’ 6WDPS &HQWHQDU\ 7XVFDQ\ 6HW DV VXSHUE 80 Â’ FRUQHU EORFNV 6* &DW Â… Â… Â… Â’ 672&. 3$*(6 ZLWK D ILQH UDQJH RI PLQW VHWV Â’ FKLHIO\ 80 ZLWK RYHU VWDPSV 06 VRUWHG E\ \HDU DQG

VHWV 1RWH :RUOG &XS VKHHWOHW VHW RI 80 &ROXPEXV 06 VHW RI FRPPHPRUDWLYH FROOHFWLRQ +XJH FDW YDOXH LQ PRGHUQ VHWV 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…

{ $/%80 ZLWK PDQ\ XVHIXO SLFNLQJV Â’ 75,32/,7$1,$ ERWK 7ULSROL )DLU VHWV Â’ 7XVFDQ\ F SXUSOH DQG JUH\ 6* )8 $UPV F )8

PLQW 6* DQG FDW Â… Â… Â…

,WDO\ VXUFK VHW RI 6* PLQW FDW Â… DLU VHW RI 6* 0 ([SUHVV / 6* ( ZLWK SRVWDJH VWDPSV GXHV H[SUHVV DLUV SDUFHO SRVWV SQHXPDWLFD $ JRRG UDQJH IURP HDUO\ VWDWH WR DERXW 2YHU VWDPSV Â… Â…

{ 75,32/,7$1,$ =(33(/,1 6HW )8 4 JHQXLQH FDQFHOV 9HU\ VFDUFH 6* &DW Â…

Â… Â…

,7$/<

&$03,21( (QYHORSH ZLWK $UPV WR )285 35,17(' $OEXP ZLWK D JRRG UDQJH RI 6* % % VDVVRQH D D SOXV SLFWRULDO VHW RI 6* VWDPSV RQ RULJLQDO FROOHFWLRQ VHHQ HDUO\ VWDWHV VDVVRQH QHDWO\ FDQFHOOHG ZLWK &DPSLRQH LOOXVWUDWHG 8PEHUWR F 6* PLQW FÂ… -XELOHH VHW RI )8 FDQFHO 6FDUFH Â… Â… FÂ… 6W 0DUN V FÂ… )8 %ODFN 6KLUW )XQG Â’ &$7 Â… YDOXDEOH ORW RI EHWWHU HDUO\ VWDPSV FÂ… PLQW 1DWLRQDO 'HIHQFH VHW RI FÂ… )8 LQ SDFNHWV FKLHIO\ ILQH FRQGLWLRQ LQF O 0 O )8 9LUJLO 3RVWDJH VHW PLQW 0DOLDQ )DLU VHW FÂ… 3OHELVFLWH LVVXH 6* 0 DLU RYSWV PLQW *\PQDVWLF )HVWLYDO FÂ… PLQW 0RQWHFDVVLQR FÂ… %ODFNVKLUW VHW 0 O 0DQ]RQL 0 HWF PLQW +XJH FDWDORJXH YDOXH LQ HDUO\ DQG PLGGOH SHULRG Â… Â… VHWV Â… Â…

,925< &2$67

Â’ 3267$*( '8( F 6* ' E EURZQ RUDQJH

{ 2/' $/%80 SDJHV ZLWK LVVXHV IURP Â’ VHHQ GHILQV ZLWK YDOXHV WR IU RYSWV WR I

ZLWKRXW JXP $ ILQH GXH VFDUFH Â… Â… Â’ 3267$*( '8( F 2UDQJH %URZQ 6*'

RQ F H[ F RYSW VHW ZLWK YDOXHV WR IU )UHQFK 5HYROXWLRQ VHW $ JRRG UDQJH RI VWDPSV Â… Â…

6DVVRQH PLQW $ VFDUFH SRVWDJH GXH Â… Â… { 3$5&(/ 3267 VHW RI 6* 3 ILQH

-$0$,&$

XVHG Â… Â…

{ 49 6* DV DQ DWWUDFWLYH )8 SDLU FDW

{ $ 9(5< 86()8/ FROOHFWLRQ ZLWK PDQ\ EHWWHU Â’ HDUO\ VHWV QRWH -XELOHH VHW 0 3OHELVFLWH VHW )8

Â… Â… Â…

%ODFN 6KLUW VHW 0 )DVFLVW 0DUFK VHW )8 6HFRQG Â’ 9DULHW\ 49 IRU 6 ILQH PLQW UDUHO\ VHHQ 'HIHQFH )XQG VHW 0 $EEH\ VHW 0 )HUUXFFL VHW 0 PLQW YHU\ PLQRU JXP DJHLQJ Â… 6* D Â… Â… 6W $QWKRQ\ VHW 0 )DVFLVW VHW RI 0 =HSSHOLQ VHW RI +RUDFH SLFWRULDO VHW 0 *\PQDVWLF { .*9 VHW VFULSW ILQH XVHG *6 VHW 0 2YHU VWDPSV VWUHQJWK LQ PRGHUQ ILQH XVHG +XJH Â… Â… FDW YDOXH LQ WKH HDUO\ PLQW VHWV PHQWLRQHG Â… Â… 6,/9(5 -8%,/(( VHW RQ ILQH FRYHU WR 8. WLHG { 31(80$7,& SRVW WRS YDOXH F YHU\ ILQH XVHG 6W $QQHV %D\ FGV YHU\ DWWUDFWLYH 6* Â… Â… 6* 3( Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ H[WUD )ODJVWDII 80 Â’ 6* $ Â… Â…

{ 0217( &$6,12 WRS YDOXH / / 6*

YHU\ ILQH XVHG Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ òG H[WUD )ODJVWDII PLQW

Â’ :RUOG &XS VHW RI 6* PLQW

LQ FRUQHU EORFN 6* $ Â… Â…

Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ òG VKRUW H[WUD )ODJVWDII Â’ 80 LQ SRVLWLRQDO EORFN KLQJHG LQ PDUJLQ 6* %

Â’ &+,/' :(/)$5( VHW RI 6*

PLQW Â… Â…

Â… Â…

{ 2&&83$7,21 RI =$17( RYSWV / /

/ / DQG / ILQH XVHG DOO H[SHUWLVHG RQ WKH UHYHUVH VDVVRQH Â… Â…

6LOYHU -XELOHH YDULHW\ G )ODJVWDII RQ 5LJKW +DQG 7XUUHW 80 LQ PDUJLQDO EORFN 6* ' Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII PLQW Â’ 7RS YDOXH OLUH FDUPLQH 6* XQPRXQWHG 6* $ Â… Â… Â’ PLQW Â… Â… Â’ 63(&,0(1 3HUI 6LOYHU -XELOHH VHW PLQW

6* 6 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, DV IUHVK 0 LQF 80 EORFNV RI

.25($

IRXU FKRLFH 6* E DD Â… Â…

.25($ :$5 FHQVRUHG PDLO FRYHUV ZLWK D

{ 4(,, ILQH WR YHU\ ILQH XVHG FROOHFWLRQ ZLWK PDQ\

FRPSOHWH VHWV QRWH SLFWRULDO VHW RI ,QGHSHQGHQFH RYSW HW WR Â… H[WHQVLYH UDQJH RI FRPPHPRUDWLYH HVWV $ YHU\ ILQH FROOHFWLRQ RI VWDPSV HDFK GLIIHUHQW Â… Â…

YDULHW\ RI PDUNLQJV DQG FHQVRU PDUNV VHOGRP VHHQ Â… Â…

.25($ 6287+

&,1( ),/0 .RGDN OLG ZLWK .*9, G G G

VWDPS FRPELQDWLRQ QHDWO\ WLHG FGV DQG FXVWRPV KV 8QXVXDO Â… Â…

0267/< PLQW VHOHFWLRQ RI HDUO\ LVVXHV LQF -DSDQ RYSW VHW 6* 838 6* Z VXUFKDUJH LVVXHV HWF *RRG ORW KLJK &9 Â… Â…

.87

Â’ 8QOLVWHG HUURU F RQ G %XWWHUIO\ ZLWK Â’ REOLWHUDWLRQ RYHU RULJLQDO YDOXH RPLWWHG ILQH 80 8QXV XDO 6*

YDU Â… Â… Â’ $ ILQH VHOHFWLRQ RI 6* OLVWHG :DWHUPDUN Â’ YDULHWLHV RI 4(,, IUHVK 80 GLIIHUHQW SOXV 06 PDQ\ EHWWHU

GHILQ W\SHV QRWLQJ 6* Z Z Z Z Z +LJK &9 Â… Â…

{ 5(9(18( U RYSW -XGLFLDO )HH % )8

Â… Â… Â’ .*9 :$7(50$5. 6,'(:$<6 WR Â…

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

Â… Â…

0XOWLSOH IUDQNHG FRYHUV 3RVW DQG

Â’ .*9 3,&725,$/ VHW RI SOXV F 5RSH MRLQW WR

7HOHJUDSK 'HSW HQY V ZLWK G WR GHILQLWLYHV ZLWK 6DLO 6* PLQW Â… Â… .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 Â’ 6LOYHU -XELOHH YDULHW\ OLQH WKURXJK 2 6* / ILQH PLQW Â… Â… WR ZLWK YHU\ ILQH .LQJVWRQ &'6 $ ILQH VHOHFWLRQ RI FRYHUV Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ 'LDJRQDO /LQH E\ 3267$/ +,6725< LQ FROOHFWRUV ZDOOHWV ZLWK Â’ 7XUUHW 80 6* ) Â… Â… ^3KRWR` PXFK LQWHUHVWLQJ FKLHIO\ .*9 .*9, SHULRG LQF IOLJKW FRYHUV FDQFHOODWLRQV LQF 75& ::,, FHQVRUV &XED &RQVXODWH Â’ 6LOYHU -XELOHH YDULHW\ 'RW E\ )ODJ 80 LQ SDLU FRYHU ZLWK ODUJH FDFKHW IOLJKW FRYHUV ZLWK ODUJH FDFKHWV Â’ ZLWK QRUPDO 6* + Â… Â… ^3KRWR` .*9 UHJG PDLOV ZLWK GLII SPNV &RQVWLWXWLRQ VHW WR Â’ 6LOYHU -XELOHH 9DULHW\ OLQH WKURXJK RI RQ )'& HWF $Q LQWHUHVWLQJ ORW LWHPV Â… Â… PLQW 6* / Â… Â… { 48((1 9,&725,$ RQ DOEXP SDJHV FDWDORJXHG Â’ Â… 3LQHDSSOH ZPNV WR ZLWK VKDGHV WR Â’ 6LOYHU -XELOHH YDULHW\ OLQH WKURXJK RI 80 LQ SDLU ZLWK QRUPDO *XP EHQG 6* / Â… Â… ZLWK VKDGHV ZLWK YDOXHV WR ZLWK VKDGHV $UPV WR ZLWK VKDGHV 49 VLGHIDFH WR ZLWK VKDGHV $ ILQH UDQJH RI VWDPSV VRXQG WR ILQH XVHG Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ F 'LDJRQDO /LQH E\

7XUUHW 6* ) 0LQW Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ F 'RW E\ )ODJ DQG Â’ 'RWV LQ 6N\ ERWK IUHVK 80 ,Q SODWH FRUQHU EORFN

-$3$1 $ 0267 XQXVXDO LOOXVWUDWHG HQYHORSH GDWLQJ

6* + $ ILQH SRVLWLRQDO SLHFH Â… Â… IURP WKH V SULQWHG RQ IOLPV\ SDSHU ZULQNOHV HWF GHSLFWLQJ Â’ 6LOYHU -XELOHH YDULHW\ F 'RW OHIW RI &KDSHO DQLPDO FKDUDFWHUV GUHVVHG LQ .LPRQR GUHVV IHDWXULQJ UDEELW 6* * )UHVK PLQW Â… Â… FUDQH UDW FDW HWF 8QXVHG Â… Â…

Â’ $ 6(/(&7,21 RI GLII V 06 LQ XQXVHG

Â’ 6LOYHU -XELOHH YDULHW\ F 'RW OHIW RI &KDSHO

FRQGLWLRQ LQF 7UDLQ ([KLELWLRQ RYSWV HWF Â… Â…

6* * )UHVK PLQW 6FDUFH Â… Â… ^3KRWR` Â’ 63(&,0(1 SHUI 6LOYHU -XELOHH VHW ILQH PLQW

&RPPHUFLDO 0DLO WR WKH 8N PDLQO\ V V

6* 6 Â… Â…

ZLWK D JRRG YDULHW\ RI IUDQNLQJV FRYHUV Â… Â…

{ ([WHQVLYH SUH LQGHSHQGHQFH LVVXHV ZLWK EHWWHU SRVWDJH VWDPSV QHDWO\ PRXQWHG LQVLGH LQF +LPHML &DVWOH Â’ SLFNLQJV 6 :HGGLQJ PLQW DQG YHU\ ILQH XVHG Â’ GHILQ VHW 80 2IILFLDO VHW RI 80 GHILQ VHW WR

Â’ 6289(1,5 RI -DSDQ &LUFD -DSDQHVH

06 6*06 FÂ… SRVWDO ZHHN &DW Â… 6* ZLWK IRXUWHHQ VWDPSV LQ YHU\ JRRG FRQGLWLRQ Â… Â…

-25'$1 { ),1( 86(' ROG SDJHV ZLWK GLIIHUHQW

80 ZLWK PDQ\ FRPPHPRUDWLYH 80 DQG ILQH XVHG $ VXSHUE UDQJH RI VWDPSV 06 &DW Â… 3OXV DGGLWLRQDO LPDJHV Â… Â… Â’ .*9, LPSULQWHG DQG SODWH EORFN VWULSV IURP WKH

VWDPSV LQF PRUH PRGHUQ FRPPHPRUDWLYH QRW FRPPRQ Â… Â…

ERWWRP WZR URZV F SODWH % F UHG EURZQ DQG RUDQJH 6* DQG PLQW VFDUFH DV VXFK VWDPSV Â… Â… { &200(025$7,9( FROOHFWLRQ FKLHIO\ RQ LOOXVWUDWHG )'& V D YHU\ JRRG UDQJH RI VWDPSV YDOXHV DV

.(1<$ Â’ 6+(//6 SUHVHQWDWLRQ SDFN DQG Â’ SUHVHQWDWLRQ SDFN VHOGRP VHHQ SDFNV Â… Â…

ILQH XVHG VHWV FDW Â… RYHU VWDPSV 06 Â… Â…

&29(5 &2//(&7,21 YHU\ JRRG IRU ILQH XVHG

VHWV PDLQO\ V V SHULRG FRYHUV LQF UHJ G $LUPDLO HQYV VHQW WR WKH 8. Â… Â…

.,5,%$7, &DWDORJXHV Â… DV ILQH XVHG D YHU\ ILQH

UDQJH RI LOOXVWUDWHG ILUVW GD\ FRYHUV ZLWK 06 DQG GHILQLWLYHV Â… Â…

$1 25,*,1$/ &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…


Â’ &RURQDWLRQ GHILQLWLYH VHW RI 3HDFH

5R\DO 9LVLW .XW RYSW SDLUV 6 :HGGLQJ 838 &DW Â… PLQW VWDPSV 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…

Â’ (;7(16,9( &2//(&7,21 RI GLIIHUHQW Â’ VWDPSV SOXV 06 VKHHWOHWV DQG ERRNOHW VWDPSV VHHQ

WHWH EHFKH SDLUV PDQ\ FRPSOHWH VHWV KLJK YDOXH LQ PRGHUQ LVVXHV VHOGRP VHHQ IURP KHUH XQPRXQWHG PLQW Â… Â… Â’ &$7$/2*8(' Â… QLQHWHHQ GLIIHUHQW Â’ VKHHWOHWV XQPRXQWHG PLQW QRWH 3HDFH DQG )UHHGRP

ERWK 0LOOHQQLXP :DJWDLO (XURSHDQ 8QLRQ ,17(5(67,1* VWDPS ORW ZLWK PXFK .*9, ZLWK ERWK 2OGHVW 2DN 7UHH $ YHU\ ILQH FROOHFWLRQ KLJK YDOXHV LQ SDFNHWV DQG FDUGV VWDPSV PXFK LV XVHG Â… Â… QRWLQJ Â… /LRQ SULQWLQJV QRW FKHFNHG DQG DOO )8 EORFN { 2OG SDJHV ZLWK LVVXHV IURP WR LQF 4(,, LVVXHV WR Â… HWF &DUHIXO FKHFNLQJ UHTXLUHG Â’ HDUO\ DUPV ZLWK YDOXHV WR N IX LQGHSHQGHQFH Â… Â… /LEHUDWLRQ UHG FURVV PLQW DQ ROG WLPH RULJLQDO ORW RI Â’ /,77/( '(/(*$7(6 )ROGHU %OXH ZLWK *ROG VWDPSV Â… Â… HPERVVLQJ ZLWK F WR F .*9, SLFWRULDO GHILQLWLYH QHDWO\ KLQJHG LQVLGH &LUFD LQ YHU\ ILQH FRQGLWLRQ Â… Â…

/((:$5' ,6

{ 5(9(18(6 LQWHUHVWLQJ ORW RI FKLHIO\ XVHG { 5(9(18(6 $ 86(' 6(/(&7,21 2) 49

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…

72 (GZDUG .*9 .*9, Â… VWDPS ILVFDO XVHG Â… Â…

/(627+2 '(),1 VHW RI RQ ILQH XQDGGU )'& 6*

.8:$,7

Â… Â…

Â’ (5525 LQYHUWHG RYHUSULQWV RQ D D GXII

RUDQJH DQG D XOWUD PDULQH PLQW Â… Â…

/(9$17

{ 5866,$1 32 SD SL VKLSSLQJ VWDPSV ERWK 6&277 SDJHV ZLWK D UDQJH RI VWDPSV HDFK IX ZLWK JRRG PDUJLQV HDFK KDQGVWDPSHG 0LNDNVNL RQ GLIIHUHQW VHHQ GHILQ VHW )DOFRQ VHW PDLQO\ UHYHUVH 6* Â… Â… ^3KRWR` 80 Â… Â… { 5866,$1 32 SL LPSHUI IX PDUJLQV 6* { %81'/(:$5( 3+(120,1$/ KROGLQJV RI Â… Â… 4(,, FDVWOHV PDLQO\ U RQ LQ EXQGOHV RI D XQFKHFNHG IRU SULQWLQJ VWDPSV Â… Â… { 5XVVLDQ 32 SL YIX RQ VPDOO SLHFH ZLWK .*9 29376 2) ,1',$ ILQH VHOHFWLRQ RI FRPSOHWH FGV DOVR SL YHUWLFDO QHWZRUN IX 6* VFDUFH VWDPSV FKLHIO\ PLQW ZLWK YDOXHV WR U ERWK SRVWDJH DQG RIILFLDOV VWDPSV Â… Â… ^3KRWR` VHYHUDO XVHG +LJK FDW JURXS Â… Â…

/,%(5,$

Â’ 29(535,176 RQ ,QGLD DQG *% QRWH ,QGLD

Â’ $LUPDLO 7HWH %HFKH SDLU F RQ F 7LQ *RRVH

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…

ILQH PLQW 6* Â… Â… ^3KRWR` Â’ (5525 5RWDU\ &OXE PLQLDWXUH VKHHW ZLWK UHG Â’ RPLWWHG YDOXH DQG DLUPDLO IUHVK 80 Â… Â…

{ 4(,, &$67/( EXQGOHZDUH UHPDUNDEOH

FROOHFWLRQ LQF U RQ LQ EORFNV RI VFDUFH LQ FORFNV ILQH XVHG V RI VWDPSV Â… Â…

3DJHV ZLWK PDLQO\ ILQH XVHG VHHQ F )8 GHILQV ZLWK YDOXHV WR )8 RIILFLDOV $ UDPEOLQJ PL[WXUH RI LWHPV Â… Â…

6+(,.+ $QQLYHUVDU\ ODEHO LQ EOXH IUHVK XQXVHG Â… Â…

Â’ 6WRFNSDJHV ZLWK HDUO\ HQJUDYHG LVVXHV WR

/$%8$1

PLQW D YHU\ JRRG UDQJH RI RYSWV LQF 6* UHJLVWUDWLRQ VWDPS D JRRG ORW RI VWDPSV VHOGRP RIIHUHG IURP KHUH )UHVK PLQW Â… Â…

{ F %URZQ ZPN FURZQ LQYHUWHG 6* Z ILQH

XVHG Â… Â…

/,%<$

,1:$5' 0$,/ WR D PLVVLRQ LQ /DEXDQ IURP

Â’ ,7$/,$1 32 )LQH ORW RI GLIIHUHQW

/RQGRQ 49 òG IUDQNLQJ $ VFDUFH FRYHU Â… Â… ,1:$5' 0$,/ WR SUHIHFW DSRVWROLF LQ /DEXDQ

VHQW IURP 3UHVWRQ LQ WKH 8. ZLWK 49 òG IUDQNLQJ 6FDUFH Â… Â…

KLJKO\ &DW PLQW VWDPSV ZLWK YHU\ JRRG H[SUHVV DQG RWKHU %DFN 2I 7KH %RRN )LQH Â… Â…

/,7+8$1,$

$ YHU\ HDUO\ HQWLUH ZLWK :(1'(1 DQG 5,*$ +,*+ 9$/8( VHW 6* DV PLQW XVHG DQG ODUJH FGV 6HQW YLD WKH 5XVVLDQ ,PSHULDO SRVW RIILFH 63(&,0(1 RYSW VHWV DOO ILQH Â… Â… 8QXVXDO Â… Â… 'HF ,1:$5' 0$,/ D UDUH FRYHU H[ %$/7,& '3 H[SRVLWLRQ LQ 6FKRQJDX 'LVSODFHG /RQGRQ IUDQNHG G OLODF òG -XELOHH DGGU WR 5HY -DFNVRQ &DPS SI PXOWL FRORXUHG VWDPS XVHG RQ REYHUVH RI FDUG WLHG &DWKROLF 0LVVLRQ /DEXDQ %ULWLVK 1RUWK %RUQHR QR DUULYDO EV VSHFLDO KV VFDUFH Â… Â… $Q XQXVXDO PLVVLRQDU\ HQYHORSH ILQH Â… Â…

/8;(0%285*

/$79,$

2OG $OEXP SDJHV ZLWK LVVXHV IURP HDUO\ DUPV WR ZLWK VHWV UDQGRPO\ DUUDQJHG RQ WKH SDJHV $ JRRG VHOHFWLRQ RI VWDPSV HDFK VHHPV WR EH GLIIHUHQW Â… Â…

Â’ *(50$1< 2&&83$7,21 3URYLVLRQDO N Â’ 6RYLHW GHILQLWLYH RYHUSULQWHG /DWYL]D ", 9,, IXOO VKHHW RI

6* 0L XQPRXQWHG PLQW 6HOGRP VHHQ FRPSOHWH VKHHW Â… Â…

Credit Cards

PHILANGLES

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

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


0$&$8

0$/$< 67 -2+25(

{ 1(: &855(1&< ORFDO VXUFKDUJHV D YHU\

{ 2/' 3$*(6 ZLWK HDUO\ 6XOWDQ LVVXHV FDW

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…

Â… WR F WR F ZLWK YDOXHV WR LQF F F DQG )LQH XVHG GLIIHUHQW VWDPSV Â… Â… { 68/7$1 LVVXHV RQ ROG SDJHV ZLWK YDOXHV

WR DQG QRW FRXQWHG LQ WKLV YDOXDWLRQ ZLWK YDOXHV WR F ZLWK YDOXHV WR FDW Â… ZLWK YDOXHV WR $ JRRG UDQJH RI VWDPSV FDW Â… Â… Â…

2/' 6FRWW SULQWHG SDJHV ZLWK EHWWHU SLFNLQJV VHHQ 1HZ &XUUHQF\ VXUFK ORFDOO\ D D D D D D 0$/$< 67 .('$+ D PLQW FÂ… GHILQLWLYHV ZLWK YDOXHV WR D PLQW { 8VHG VHOHFWLRQ LQF Y ILQH F F FÂ… VXUFK VHW RI FÂ… PLQW D D D 6* ZPN YDUV LQF F 6* EZ 6* QR JXP DV LVVXHG $ ILQH VHOHFWLRQ RI VWDPSV Z Â… Â… Â… Â… { 9$5,(7< F IHDWKHU LQ KDW 6* D YIX Â’ 8102817(' 0,17 SHULRG FRPSOHWH Â… Â… Â’ VHWV FDW Â… VWDPSV LQF 0XVHXP )RUWUHVV DQG 0XVLFDO ,QVWUXPHQWV 3RSXODU LVVXHV Â… Â…

Â’ (;+,%,7,21 29(535,176 PLQW LQF F

29$/ /$67 2 ,1 %251(2 6* E DOVR RWKHUV WR F 6* ILQH JURXS Â… Â…

Â’ <($5 3$&.6 SOXV DQ Â’ H[SUHVVLRQ LQ VWDPSV ERRNOHW WKH VWDPS DORQH FDWDORJXHG

Â’ 68/7$1 VHW IUHVK PLQW 6* FDW Â…

Â… IUHVK 80 Â… Â…

Â… Â…

0$'$*$6&$5

0$/$< 67 .(/$1

Â’ $,5 VHW RI 6* PLQW Â… Â…

{ 68/7$1 ,60$,/ VHW WR ILQH XVHG 6*

PDQ\ VWDPSV YHU\ ILQH XVHG Â… Â…

{ 2/' $/%80 3$*(6 ZLWK LVVXHV IURP Â’ )UHQFK &ROV WR 0DODJDV\ 5HSXEOLF PDLQO\ SUH LVVXHV D

0$/$< 67 1(*5,

JRRG UDQJH RI VWDPSV FDWDORJXHG Â… VHHQ DLUV SRVWDJH GXHV GHILQLWLYHV DQG FRPPHPRUDWLYH VHWV $ YHU\ XVHIXO ORW Â… Â…

Â’ 3*6 RIILFLDO RYSWV F F F PLQW VPDOO IDXOWV

6* Â… Â…

2/' 3$*(6 ZLWK LVVXHV IURP )UHQFK &RORQ\ WR Â’ 9$5,(7< F $UPV UHG 6723 81'(5 PRUH PRGHUQ SHULRG ZLWK YDOXHV WR IU DQG PRUH PRGHUQ 20,77(' $7 5,*+7 IUHVK 0 6* D YHU\ VFDUFH RQ WKLV WKH LVVXHV 80 D JRRG UDQJH RI VWDPSV UDQGRPO\ ILUVW LVVXH Â… Â… DUUDQJHG Â… Â…

0$/$< 67 3$+$1*

0$)(.,1*

Â’ 7LJHU 6HW IUHVK PLQW 6*

{ &$'(7 6HUJW 0DMRU *RRG\HDU G 'HHS

Â… Â…

%OXH %OXH 6* ILQH XVHG Â… Â… ^3KRWR`

0$/$< 67 3(5$.

{ &$'(7 6HUJW 0DMRU *RRG\HDU G 'HHS

{ 3*6 RIILFLDO F 6* )8 Â… Â…

%OXH %OXH 6* ILQH XVHG Â… Â… ^3KRWR` { &$'(7 6HUJW 0DMRU *RRG\HDU G 3DOH

{ 685&+$5*( VHW RI 6* ILQH XVHG ZLWK

%OXH %OXH YHU\ ILQH XVHG RQ SLHFH ZLWK D 536 &HUW 6* Â… Â… ^3KRWR` { *(1(5$/ %DGHQ 3RZHOO G 'HHS %OXH %OXH

6* YHU\ ILQH XVHG Â… Â… ^3KRWR`

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$)(.,1* G %DGHQ 3RZHOO 6* ILQH PLQW ZLWK 536 FHUW DQG D ZRQGHUIXO RULJLQDO OHWWHU RI SXUFKDVH IRU 0$/$< 67 6(/$1* WKLV VWDPS IURP :DOODFH %URWKHUV VWDPS GHDOHUV 1RY { ),1( 86(' FROOHFWLRQ ZLWK PDQ\ VHWV RQ ROG 6HOOLQJ WKH VWDPS WR D 0LVV 6DOWHU ZLWK H[WHQVLYH FRQWHQWV DOEXP SDJHV 7LJHU VHW RI VHW WR ZLWK DGGLWLRQDO JXDUDQWHHLQJ WKLV H[DPSOH WR EH SHUIHFWO\ JHQXLQH DQG VLJQHG VKDGHV 6LOYHU :HGGLQJ GHILQV WR Â… ZLWK -RKQ :DOODFH $ UHPDUNDEOH LWHP VHQW MXVW ILYH PRQWKV DIWHU VKDGHV 838 VHW GHILQV ZLWK GLIIHUHQW SHUI W\SHV LVVXH Â… Â… 6XOWDQ VHW RI )ORZHUV %XWWHUIOLHV VHWV $ YHU\ JRRG UDQJH RI VWDPSV HDFK GLIIHUHQW FDW Â… 0$/$:, Â… Â… Â’ 1<$6$/$1' 0$/$:, FROOHFWLRQ RQ VWRFN Â’ SDJHV JRRG UDQJH RI .*9, WR 4(,, WR Â… D JRRG 0$/$< 67 675$,76 Â’ UDQJH RI VWDPSV 06 ZLWK EHWWHU SLFNLQJV PLQW ZLWK 49 VHOHFWLRQ RQ D SDJH WR F ZLWK PXFK 80 ZLWK LVVXHV WR FLUFD Â… Â… VKDGHV PLQW F VXUFK D PLQW VHOHFWLRQ RI VWDPSV Â… Â…

0$/$< 67 )06

Â’ (':$5' GHILQV ZLWK YDOXHV WR

{ (OHSKDQWV 6* VXSHUE &'6 XVHG

GHILQV WR F F F F PLQW Â… Â…

H[FHSWLRQDO 758( FRORXU Â… Â…

Key to symbols in this catalogue ✱

✉

Used Mint Postal History

✈ ✱✱ &

Â’ (':$5' VHW RI IRXU IUHVK 0 6*

Airmail Unmounted mint Literature

Â… Â…


Â’ (':$5' VHW RI WR WRS YDOXH ILQH PLQW

0$/7$

6* Â… Â…

9(5< ($5/< LQZDUG HQWLUH ZULWWHQ LQ 0DGULG WR

0DOWKH PDQXVFULSW YHU\ ILQH Â… Â…

Â’ 12 6723 $)7(5 &(176 YDULHW\ F RQ F

PLQW 6* D VFDUFH Â… Â…

,1:$5' 0$,/ OHWWHU IURP 0DUVHLOOHV ZLWK

{ (GZDUG 6* D VXSHUE FGV XVHG 6FDUFH

FKDON SDSHU LVVXH Â… Â… { (':$5' 6* 9)8 FKRLFH

Â… Â…

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

Â’ 0LQW VHOHFWLRQ LQF F GLII GLII

SODWH WLHG YHU\ ILQH 0DOWD FRGH % GXSOH[ DJHQW FDFKHW HWF &KRLFH Â… Â…

6* Â… Â…

5(*,67(5(' FRYHU WR &DQDGD IUDQNHG [ G

{ 5(' &5266 VXUFKDUJH VHW RI 6*

WLHG UROOHU KV 5 KV DQG RWKHU SPNV DOVR PDWFKLQJ FRYHU WR VDPH DGGU IUDQNHG G Â… Â…

)8 Â… Â…

{ +,*+ 9$/8( RQ EOXH JUHHQ ROLYH EODFN 6* )25&( 0$,/ UHSO\ FDUG IURP D VHUYLQJ

E )8 Â… Â…

6ROGLHU WR D 7REDFFR &RPSDQ\ HQGRUVHG 2Q $FWLYH 6HUYLFH ZLWK $UP\ 3RVW 2IILFH 33& HQGRUVHG 2Q $FWLYH 6HUYLFH ZLWK 2Q $FWLYH 6HUYLFH 0HGWQ KV FDUG HQGRUVHG 2$) ZLWK 0DOWD 0& *32 FDQFHO 2$6 HQGRUVHG FDUG ZLWK 9DOOHWWD &'6 Â… Â…

{ .*9 GHILQLWLYHV WR ZLWK VKDGHV DQG

GLIIHUHQW 'LH ,, RQ ROG DOEXP SDJHV ILQH XVHG F F F F F F F F F F F F F DQG $ ILQH UDQJH ZLWK PDQ\ { 6HOI *RYHUQPHQW 6* 9)8 $ VXSHUE GLIIHUHQW SULQWLQJV Â… Â… VWDPS Â… Â… Â’ .*9, GHILQLWLYHV ZLWK VKDGHV DQG 'LH ,, LVVXHV 6* LQF F SUHSDUHG EXW QRW LVVXHG $ JRRG FROOHFWLRQ { 3267$*( RYSW VHW RI )8 6* QLFH RI VWDPSV PLQW Â… Â… FGV TXDOLW\ Â… Â…

0$/$< 67 75(1*

{ 3267$*( VHW RI )8 6*

{ 6XOWDQ KLJK YDOXH 6* ILQH XVHG FDW

Â… Â…

Â… Â… Â… { 6XOWDQ WRS YDOXH 6* VXSHUE ILVFDO XVHG

VHOGRP VHHQ H[FHSWLRQDO FRORXU Â… Â…

{ 3267$*( DQG 5HYHQXH VHW RI )8 6*

Â… Â… Â’ 6LOYHU -XELOHH VHW DV FRUQHU EORFNV RI IRXU ZLWK

Â’ %RUQHR H[KLE RYSWV ZLWK YDULHWLHV FKLHIO\

3RVLWLRQDO /LJKWHQLQJ &RQGXFWRU YDULHW\ RQ HDFK YDOXH $ UDUH VHW RI EORFNV VRPH JXP VSRWWLQJ ORZ HVW 6* & Â… Â…

PLQW F RYDO 2 F VPDOO D YDOXHV WR 6* Â… Â…

0$/$<$

Â’ 6LOYHU -XELOHH YDULHWLHV FRPSOHWH VHW DV FRUQHU

32: 3267 SRVWFDUG H[ %LUPLQJKDP WR 5R\DO

EORFNV RI IRXU ZLWK WKH H[WUD IODJVWDII YDULHW\ RQ HDFK $ UDUH VHW RI EORFNV VRPH JXP VSRWWLQJ PLQW 6* $ EORFNV Â… Â…

&RUSV 6LJQDOV ,QGLDQ $UP\ 0DOD\D YLD 7RN\R FHQVRUHG ODUJH -DSDQHVH FKRS VFDUFH Â… Â… ::,, 32: FHQVRUHG FRYHU %LUPLQJKDP WR

,QGLDQ $UP\ 0DOD\D %ULWLVK 32: YLD 7RN\R FHQVRUHG DQG -DSDQHVH FKRS RULJLQDO OHWWHU VFDUFH Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ òG VKRUW H[WUD )ODJVWDII Â’ 80 ZLWKLQ FRUQHU EORFN RGG JXP VSRW 6* %

Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ VKRUW H[WUD )ODJVWDII

Â’ &ROOHFWLRQ RI PLQW FRPSOHWH VHWV IRU GLIIHUHQW

PLQW 6* % Â… Â… ^3KRWR` VWDWHV LQ D 5HG $OEXP ZLWK GLIIHUHQW VWDPSV .*9 4(,, 0DQ\ ILQH VHWV )06 WR .HGDQ WR 5R\DO Â’ 6LOYHU -XELOHH YDULHW\ òG VKRUW H[WUD )ODJVWDII :HGGLQJ DQG %XWWHUIO\ 6HWV %0$ .*9, VHW WR ERWK Â’ 80 ZLWKLQ FRUQHU EORFN JXP VSRWV RQ UHYHUVH RQO\ 1HJUL $UPV 6HW WR 3HQDQJ .*9, 6HW 6LQJDSRUH 6* % Â… Â… ZLWK ERWK .*9, VHWV WR :HGGLQJ %XUPD Â’ 6LOYHU -XELOHH YDULHW\ òG ZLWK WZR 6ZDQV QRW .*9, 6HW HWF 9DOXDEOH ORW RI VHWV Â… Â… OLVWHG LQ 6* EXW ZHOO NQRZQ 6* YDU PLQW Â… Â…

0$/$<6,$

Â’ 6LOYHU -XELOHH YDULHW\ G VKRUW H[WUD )ODJVWDII PLQW 6* % Â… Â… ^3KRWR` %UXQHL 6LQJDSRUH D JRRG VDXFH RI ILQH XVHG VHWV VHHQ %UXQHL 838 LOOXVWUDWHG )'& %UXQHL 8QHVFR )'& Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, IUHVK PLQW 0DOD\VLD &ORXGHG /HRSHUGV )'& ZLWK FRYHUV EHWZHHQ 3LFWRULDO VHW RI 4(,, 3LFWRULDO VHW RI DQG ODWH V ZLWK WKH 0DOD\DQ FRYHU PDLQO\ IUDQNHG LQ 3RVWDJH GXH VHW 3RVWDJH GXH VHW $ YHU\ ILQH FROOHFWLRQ 6DUDZDN XVHIXO ORW RI FRYHUV Â… Â… RI VWDPSV YHU\ FRPSOHWH IRU WKH SHULRG Â… Â…

&RYHUV FROOHFWLRQ ZLWK LVVXHV IURP 0DOD\D

0$/',9( ,6/$1'6

3267$*( 3$,' *32 WULDQJOH KV RQ FRYHU WR 86$ ZLWK 1DYDO WRPEVWRQH FHQVRU KV 8QXVXDO Â… Â… &XUUHQF\ VHW RI 3LFWRULDO VHW RI )LVK VHW RI *5((1 &5266 ODEHO VFKHPH FRYHU H[ ))+ VHW RI D YHU\ JRRG UDQJH RI VHWV IUHVK PLQW YHU\ *ORXFHVWHU DW G UDWH ZLWK JUHHQ LPSHUI ODEHO WLHG E\ PDFKLQH FRPSOHWH IRU WKH SHULRG Â… Â… DGGU WR /DQFDVKLUH )XVLOLHUV 0DOWD )LQH DQG VFDUFH ZDUWLPH 0$/, FRYHU Â… Â… { 2/' $/%80 SDJHV ZLWK D UDQJH RI VWDPSV www.philangles.co.uk Â’ ZLWK YDOXHV WR IU D VPDOO EXW XVHIXO UDQJH Â… Â… place your bids online. Immediate and secure.

Â’ $ ILQH FROOHFWLRQ RI VHWV LQF 1HZ


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

Â’ 6LOYHU -XELOHH YDULHW\ F 'RW E\ )ODJ 6* + Â’ 80 Â… Â…

Â’ 4(,, XQPRXQWHG PLQW ZLWK FRPSOHWH VHWV LQF Â’ GHILQ VHW RI H[WHQVLYH FRPPHPRUDWLYH VHWV RYHU

Â’ /,1'1(5 KLQJOHVV DOEXP ZLWK D YHU\ JRRG Â’ FROOHFWLRQ RI VHWV LQF PDQ\ EHWWHU VHWV FKLHIO\ 80 QRWH Â’ 5HOLHI )XQG VHW RI FDW Â… 0 5HG &URVV

XQXVHG DQG VWDPS PDQ\ V XQPRXQWHG PLQW RQ W\SH SDJHV { 9$5,(7< F 6LOYHU -XELOHH GRW OHIW RI &KDSHO 6* J )8 Â… Â… E\ VHWV 2XWVWDQGLQJ FROOHFWLRQ VXSHUE TXDOLW\ Â… Â… Â’ 9$5,(7,(6 ZLWKLQ D ODUJH EORFN RI VHHQ OLQH FLUFD HQYHORSH DGGUHVVHG WR 3D\PDVWHU Â’ WKURXJK VZRUG 5 OLQH E\ VFHSWUH 5 F\OLQGHU QXPEHU /LHXW /RFN\HU 51 +06 &DUGLII 0DOWD ZLWK 0DOWD óG SRVWDJH 6* D E VHOGRP VHHQ WKH &RURQDWLRQ F LQ ODUJH EORFNV SDLG LQWDJOLR KV 7KLV ::, FUXLVHU ZDV VHQW WR 0DOWD IRU ZLWK WKH YDULHWLHV LQ WKH SRVLWLRQDO SODFH 80 Â… Â… SHDFHNHHSLQJ SDWUROV LQ WKH $GULDWLF UDUH WR QDYDO VKLS XVDJH Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, VHWV YHU\ IDXOWV DQG IROG WKRXJK YHU\ XQXVXDO Â… Â… FRPSOHWH IRU WKH SHULRG GHILQV WR U QRWH F VOLFHG 6 '$92 35,17(' $/%80 IRU LVVXHV IURP 6* D F WZR VKDGHV F WZR VKDGHV U WZR VKDGHV U WR KLQJOHVV $OEXP ZLWK EHWWHU SLFNLQJV .*9, GHILQ WZR VKDGHV 6 :HGGLQJ 3LFWRULDO VHW RI 4(,, WR 6 :HGGLQJ 80 VHOI *RYHUQPHQW WR $ ILQH GHILQ VHW WR U ZLWK VKDGHV %LUG VHW RI $OEXP VSDUHO\ ILOOHG ZLWK VWDPSV Â… Â… VHOI JRYHUQPHQW VHW RI $ ILQH FROOHFWLRQ RI VHWV Â’ 2/' 3$*(6 ZLWK VWDPSV ZLWK LVVXHV WR IUHVK PLQW Â… Â… VHHQ 49 WR SRVWDJH 2937V WR (GZDUGV WR Â’ 23(1 & YDULHW\ .*9, F 6* D ILQH ZPN FURZQ FF )LQH XVHG FDW Â… D JRRG PL[WXUH ZLWK PLQW Â… Â… EHWWHU SLFNLQJV Â… Â… { 6XSHUE XVHG FROOHFWLRQ ZLWK EHWWHU HDUO\ VHWV 3267$/ +,6725< IURP 8. WR 0DOWD GHILQ VHW RI %LUGV VHW RI 6HOI ZLWK 7KRPDV &RRN 0DOWD +6 RQ WKH UHYHUVH ZLWK FRQWHQWV *RYHUQPHQW VHW RI %LUGV FRORXU FKDQJH VHW RI (QY )URP 8. ZLWK .*9 G VHQW WR 0DOWD ZKHUH D G )LVKHV VHW RI D ILQH UDQJH RI &RPPHPRUDWLYH VHWV 0DOWD VWDPS DWWDFKHG DQG VHQW RQ WR &UHWH HQGRUVHG G DQG VWDPSV RXWVWDQGLQJ TXDOLW\ Â… Â… WZR *UHHN +6 )HVWLYH *UHHWLQJ SULQWHG (QY )URP WKH *HRUJH &URVV ,VODQGV (QY :LWK VL[ LQVWUXFWLRQ PDUNV 0(0(/ ,QWHUHVWLQJ JURXS RI FRYHUV FDUGV Â… Â… { $1 ,17(5(67,1* VPDOO VHOHFWLRQ RI FKLHIO\ 3RVWDO +LVWRU\ (QYHORSH ZLWK óG WR G XVHG RQ WZR SDJHV VWDPSV QRWLQJ )UHQFK RYSW VHW WR IUDQNLQJ DQG 3RVWDO &HQVRU +6 (QY òG IUDQNLQJ ZLWK PN 9)8 RQ SLHFH JRRG ORW ZLWK KLJK &9 Â… Â… &RVSLFXD &'6 DQG 2YDO &HQVRU +6 2Q $FWLYH 6HUYLFH VWDPSOHVV $LUOHWWHU ZLWK 0DULWLPH 0DLO IUDQNLQJ (QY 0(;,&2 (QGRUVHG E\ $LUPDLO ZLWK 0DULWLPH PDLO IUDQNLQJ )RUFH (DJOH F GLH SURRI SURGXFHG LQ IRU $LUOHWWHU LQWR 0DOWD IURP WKH 8. DQ LQWHUHVWLQJ JURXS RI SKLODWHOLF H[KLELWLRQ DW 1LDJDUD )DOOV 1R RI SUHSDUHG FRYHUV Â… Â… 6FDUFH Â… Â… 3267$/ +,6725< 3RVWDO 6WDWLRQHU\ Â’ 0F5RELVK $FDSXOFR WR 6DQ )UDQFLVFR OLQH &DUG VHQW IURP 8. WR 0DOWD DERXW SDFNHWV RQ D 6KLS ZLWK SULYDWH VWHDPVKLS VWDPSV UHJDUGHG DV IDQWDV\ RU ERJXV WK FKDUWV (QY ZLWK *% òG 5RVH SO ZLWK 0DOWD $ DQG FHQWXU\ LVVXHV 6HOGRP IRXQG JURXS RI LQ JUHHQ UHG EURZQ ,WDOLDQ WUDQVLW PDUN DOVR IUDQNLQJ WKH VWDPS (QY :LWK *% IUHVK P Â… Â… òG 5RVH SO ZLWK ILQH $ FDQFHO (QY ZLWK òG 5RVH SO ZLWK ILQH FDQFHO ERWK VHQW WR ,WDO\ Â… Â… 021$&2

VWDPSV KRXVHG LQ WZR DOEXPV ZLWK LVVXHV WR Â… Â…

0$56+$// ,6/$1'6 &2,16 'ZLJKW (LVHQKRZHU 7KH +HURHV RI WKH %DWWOH RI %ULWDLQ HQFDSVXODWHG LOOXVWUDWHG )'& V %UDVV &RUVDLU DQG %) ,Q SURWHFWLYH FDVH ERWK %UDVV Â… Â…

0$85,7,86 { :251 ,035(66,216 G EOXH 6* ILQH

XVHG ZLWK IRXU PDUJLQV DQG WDUJHW FDQFHO PLQRU FRUQHU FUHDVH WRS OHIW ZLWK FHUW %3$ $ VFDUFH VWDPS JHQXLQH Â… Â… { &ODVVLF 2QH 3HQQ\ LPSHUI 6* DWWUDFWLYH )8

H[DPSOH ZLWK JRRG PDUJLQV UHSDLUHG HWF EXW VWLOO YHU\ FROOHFWDEOH &DW Â… Â… Â…

$PEXODQFH )XQG VHW RI FDW Â… 80 5HG &URVV VXFK 06 LPSHUI FDW Â… PLQW 2O\PSLF VHW FÂ… 80 5DOO\ FÂ… 80 VXUFK SRVWDJH GXHV VHW DV WHWH EHFKH SDLUV 6* D D 80 FDW Â… SRVWDJH GXH VHW FÂ… 80 SRVWDJH GXH VHW DV WHWH EHFKH SDLUV 6* ' D D RYHU VWDPSV 06 +XJH FDW YDOXH Â… Â… 7:2 '$92 SULQWHG $OEXPV ZLWK VWDPSV DQG 06 6KHHWOHWV ZLWK EHWWHU SLFNLQJV F F PLQW F F )8 3ULQFH $OEHUW WR IU XQFKHFNHG )8 5HG &URVV )XQG RI FÂ… PLQW 5HOLHI )XQG FÂ… PLQW $ ILQH FROOHFWLRQ LQ D ILQH SDLU RI $OEXPV PDLQO\ PLQW LQF XQPRXQWHG PLQW Â… Â… Â’ 0,//(6,0( JXWWHU SDLU F <YHUW IUHVK PLQW

VFDUFH LWHP Â… Â…

{ 49 VHW RI QLQH ILQH XVHG LQF UDUH F 6*

Â’ 0,//(6,0( JXWWHU SDLU F IUHVK PLQW <YHUW

Â… Â…

Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ U 'RW E\ )ODJ ILQH PLQW

6FDUFH 6PDOO FRUQHU FUHDVH 6* + Â… Â…

Â’ 35,1&( $/%(57 GHILQLWLYH WR I ZLWK VKDGHV

DQG EHWWHU YDOXHV LQF F F I URVH JUHHQLVK $ PLQW VHOHFWLRQ RI VWDPSV FDW Â… Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ F 'LDJRQDO /LQH E\ Â’ 7XUUHW 80 LQ FRUQHU EORFN IRXU 6* ) Â… Â…

Â’ 35,1&( $/%(57 VHW RI GLII YDOXHV WR IU

PLQW FDW (XUR Â… <YHUW Â… Â…

{ 6LOYHU -XELOHH YDULHW\ F 'RW E\ )ODJ ILQH XVHG

6* + Â… Â…

Â’ $,5 VHW RI 6* F PLQW KLJK YDOXHV I Â’ WR I 80 Â… Â… Â’

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


Â’ &$7$/2*8(' Â… D ILQH FROOHFWLRQ RI FKLHIO\ 3267$/ +,6725< .*9 'HYLFH IUDQNLQJV Â’ XQPRXQWHG PLQW VHWV ZLWK EHWWHU LQF (XURSD *UDQG 3UL[ YHU\ ILQH LWHPV LQF EORFN G RQ QHDW 5HJ G FRYHU Â’ 3DLQWLQJV $LUV 6* FDW Â… 80 GHILQ VHW RI VWDPSV FDW Â… PXOWL IUDQNHG DQG FRPER LWHPV òG G RQ

80 SUH FDQFHOV RYHU VWDPSV LQ D TXDOLW\ /LQGHU KLQJOHVV DOEXP Â… Â… Â’ &$7$/2*8(' Â… VXSHUE FROOHFWLRQ LQ D Â’ /LQGHU KLQJOHVV SULQWHG DOEXP XQPRXQWHG PLQW VHHQ 06 FDW

IURQW RI SSF 2+06 ZLWK òG G FRPER DQG ILYH EDFNVWDPSV *RRG ORW Â… Â… 3267$/ +,6725< 6(/(&7,21 òG

Â… HDFK PDQ\ 'RJ 6KRZ VHWV SUH FDQFHOV $UW VXSHUE ORW RI VWDPSV 06 LQ D TXDOLW\ DOEXP Â… Â… Â’ 9(5< 6&$5&( :RUOG &XS 06 &HUHV D Â’ EORF IHXLOOHW 0LFKHO XQPRXQWHG PLQW Â… Â…

ZDU VWDPS VLQJOH IUDQNLQJ 6LOYHU -XELOHH VHW RQ 2+06 HQY GHILQV WR RQ 6HOIULGJHV )'& V :HGGLQJ VHW )'& HWF 1LFH Â… Â…

0252&&2 ',( 3522)6 ZLWKRXW YDOXHV RI GHILQ GHVLJQV RI )H] DQG 5DEDW HDFK [ PP Â… Â…

Â’ &$7$/2*8(' Â… XQPRXQWHG PLQW Â’ FROOHFWLRQ LQ D /LJKWKRXVH KLQJOHVV SULQWHG DOEXP QRWH

0252&&2 $*(1&,(6 GHILQ VHW FDW Â… GHILQ VHW FDW Â… PDQ\ PLQLDWXUH VKHHWV FDW RYHU Â… HDFK $ VXSHUE FROOHFWLRQ RI VWDPSV Â’ 8102817(' 0,17 (GZDUG S ZLWK SODWH 06 DQG WKH RGG ERRNOHW VXSHUE TXDOLW\ Â… Â… Â’ QXPEHU VXSHUE VWDPSV VFDUFH ZLWK SODWH QXPEHU 6* Â… Â… 3267$/ +,6725< FRYHUV FDUGV LQF HDUO\ SLFWRULDO FDUGV IURP DURXQG 0RQDFR V V SHULRG VHHQ Â’ (GZDUG RYSW VHW ILQH PLQW 6* FDW Â… WKH RGG PD[LXP FDUG HQY ZLWK 2]DQDP DQG 'D /D 6DOOH Â… Â… VHWV HQY IURP 0RQWH &DUOD 3DODFH ZLWK I VLQJOH IUDQNLQJ 33& RI WKH 7KURQH 5RRP ZLWK VLQJOH F Â’ 6($+256( EORFN RI SL RQ G 6* Â’ 6SDQLVK &XUUHQF\ D VFDUFH PDUJLQDO H[DPSOH 80 IUDQNLQJ 33& /H 5RFKHU ZLWK PDWFKLQJ F VLQJOH IUDQNLQJ HQY UHJG ZLWK F F F DQG I FDQFHOOHG Â… Â… ZLWK ([SRVLWLRQ 0RQWH &DUOR FGV $ YHU\ LQWHUHVWLQJ JURXS RI Â’ 2/' $/%80 3DJHV ZLWK PDQ\ VHWV IUHVK PLQW FRYHUV $ ILQH FROOHFWLRQ VHOGRP VHHQ FRYHUV IURP %ULWLVK &XUUHQF\ )UHQFK &XUUHQF\ 6SDQLVK &XUUHQF\ DQG KHUH Â… Â… 7DQJLHV RYSWV VHHQ 6 :HGGLQJ VHWV %ULWLVK .*9, 3267$/ 67$7,21(5< HDUO\ .LQJV LVVXHV 6* VHW RI 7DQJLHU VHW RI FÂ… XQXVHG F VPDOO HQY F VWDQGDUG HQY F DQG F ZUDSSHUV KLJK YDOXH VHW RI +LJKO\ FDWDORJXHG RI $ ILQH VHOHFWLRQ RI FRYHUV FDUGV Â… Â… VWDPSV Â… Â… Â’ *5($7 %5,7$,1 RYHUSULQWV D PLQW FROOHFWLRQ

02176(55$7 $Q H[FHSWLRQDO VHYHQ VWDPS GHYLFH UHJLVWHUHG

FRPELQDWLRQ FRYHU òG WR SD\LQJ G UDWH WR 8. 6* HDFK WLHG QHDW &'6 5DWHG RYHU Â… DV D FRPER FRYHU $UULYDO &'6 Â… Â… $Q H[FHSWLRQDO PDWFKHG WULR RI SHWLWH HQYHORSHV

HDFK UHJLVWHUHG WR *HUPDQ\ ZLWK VLQJOH IUDQNLQJV RI GHYLFH DQG G 6* FRUUHFWO\ FDQFHOOHG 6XSHUE WKH WULR DUH UDWHG Â… RQ FRYHU Â… Â… 6HWWOHPHQW VHW )8 6* Â… Â…

ZLWK PDQ\ EHWWHU LQF +LJK YDOXHV QRWH (GZDUG VHW RI &Â… 3 3 .*9 6($+256( 6 ' LQF D EORFN RI 6SDQLVK &XUUHQF\ ZLWK ERWK '/5 DQG :DWHUORZ WR S RQ .*9, LVVXHV D YHU\ JRRG ORW RI VWDPSV Â… Â… Â’ 672&. 3$*(6 ZLWK 49 (GZDUG DQG .*9

LVVXHV VHHQ 49 F SL SL .*9 VHDKRUVHV ZLWK VKDGHV DQG GLIIHUHQW FXUUHQF\ (GZDUG LQF SL RQ G D ILQH UDQJH RI VWDPSV PLQW Â… Â…

02=$0%,48(

5HJLVWHUHG FRYHU WR 8. ZLWK LPSUHVVLYH G

UDWH RI G 6* HWF HDFK QHDW &'6 6FDUFH VWDPSV RQ FRYHU VRPHZKDW VRLOHG Â… Â… 6,/9(5 -8%,/(( RPQLEXV VHWV 6* XVHG

RQ FRYHUV QLFHO\ FDQFHOOHG DOO UHJLVWHUHG FRYHUV HDFK EHDULQJ D FRPSOHWH VHW 6* Â… Â… Â’ 2OG $OEXP 3DJHV ZLWK .*9, 4(,, YHU\

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 $ ILQH UDQJH RI VWDPSV Â… Â…

086&$7 2/' $/%80 3DJHV ZLWK 0XVFDW DQG (DVW $UDELD LVVXHV 0XVFDW RYSW 3RVWDJH VHW DQG 2IILFLDO VHW .*9, VXUFK VHW RI &DVWOH U DOO WKUHH W\SHV U W\SH , DQG ,, VHW RI D ILQH FROOHFWLRQ RI VHWV 9HU\ FRPSOHWH IRU WKH SHULRG IUHVK PLQW Â… Â…

FRPSOHWH IRU WKH SHULRG QRWH ZLWK GLIIHUHQW SHUIV WR Â… 6 :HGGLQJ 3LFWRULDO VHW 4(,, 3LFWRULDO VHW WR )UXLW VHW RI $ YHU\ JRRG UDQJH RI FRPPHPRUDWLYH VHWV ZLWK VHW IUHVK PLQW Â… Â… { .*9, $JHQF\ LVVXHV 9)8 ZLWK 0XVFDW &'6 VHWV 'HILQV WR U 2O\PSLFV HWF 4XDOLW\ Â… Â… 08/7,3/( FHQVRUHG FRYHU WR 0DGHLUD ZLWK ODUJH 9LD $QWLJXD KV ZLWK G VLQJOH IUDQNLQJ $Q LQWHUHVWLQJ 1$7$/ ZDUWLPH FRYHU Â… Â… { (GZDUG Â… 6* 9)8 ZLWK SRVWDO { 683(5% 86(' &ROOHFWLRQ ZLWK PDQ\ EHWWHU FDQFHO ([FHSWLRQDO H[DPSOH Â… Â… HDUO\ VHWV 3LFWRULDO VHW RI ,QVFULEHG &RORQ\ VHW RI 3ODQWV VHW RI 1HZ ZPN VHW RI D ILQH UDQJH RI &RPPHPRUDWLYH VHWV RXWVWDQGLQJ TXDOLW\ VWDPSV Â… Â…

{ (GZDUG 6* 9)8 ZLWK QHDW SRVWDO

&'6 )LQH VWDPS Â… Â…

0XOWLSOH IUDQNHG 2+06 (QYHORSH

GHILQLWLYHV F WR VHQW UHJG WR WKH 8. 1HZ &XUUHQF\ F F F RQ D QHDW (QY %LUGV RQ D 2+06 (QY F WR F VHQW UHJG 7R 8. ZLWK ILQH *32 3O\PRXWK &'6 %LUGV F WR ZLWK )', &'6 FDQFHO $ ILQH VHOHFWLRQ RI ILYH FRYHUV Â… Â…

48((1 9,&725,$ UDQJH RQ OHDYHV ZLWK EHWWHU SLFNLQJV WRS ULJKW KDOI RQ G EORFN RI SODWH QXPEHU ZLWK K ORQJ OHIW OLPE 6* 80 SRVWDJH RYHUSULQWV ZLWK D YDULHWLHV RI ORQJ OHWWHUV LQF VSHFLPHQ KDQGVWDPS ZLWK ORQJ 3 7 RI SRVWDJH òG 6* XVHG òG GXOO JUHHQ SO EORFN RI QXPEHU 6* D XVHG D JRRG ORW RI VWDPSV PDLQO\ XVHG EXW LQF PLQW LQFOXGLQJ 80 Â… Â… ^3KRWR`


1$858

1(7+ &2/6 685,1$0(

{ )5(,*+7(5 WRS YDOXH )8 6* E

Â… Â… 2/' 3$*(6 ZLWK EHWWHU SLFNLQJV LQF &HQWXU\ VKLQ\ VXUIDFH ZKLWH SDSHU VHW 6* E E FDW Â… PLQW SLFWRULDO VHW LQF òG G H[WUD VKDGH PLQW $ ILQH FROOHFWLRQ RI VWDPSV FRYHU Â… Â… Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, YHU\

Â’ 7(7( %(&+( 3DLU F 5HG QXPHUDO 6* D

FRPSOHWH IRU WKH SHULRG &HQWXU\ )UHLJKWHU VHW RI 3LFWRULDO VHW WR ZLWK VKDGHV 3LFWRULDO VHW 3LFWRULDO VHW RYSW VHW RI Â… Â…

IUHVK QR JXP DV LVVXHG VFDUFH DV D WHWH EHFKH SDLU Â… Â…

,17(5(67,1* SDLU RI )UHLJKWHU PXOWL IUDQNHG FRYHUV ERWK DGGU WR +06 :HOOLQJWRQ ZKLOVW YLVLWLQJ 1DXUX RQH IUDQNHG GLII YDOXHV WR DGGU WR WKH +LJK &RPPLVVLRQHU RWKHU ZLWK VHW WR DGGU WR D /LHXWHQDQW RQ WKH VKLS 8QXVXDO Â… Â…

{ Â’ Â’ Â’

Â’

(;7(16,9( DQG YDOXDEOH FROOHFWLRQ RQ ROG SULQWHG SDJHV PXFK LQF XQPRXQWHG PLQW ZLWK PDQ\ EHWWHU .LQJ :LOOLDP WR J G PDLQO\ )8 F VXUFK LQF RQ F PLQW VXUFKDUJHV LQF F RQ òJ 6* XQXVHG GHILQV WR F 4XHHQ J G DQG òJ G )8 F WHWH EHFKH SDLU 6* D )8 ZLWK RYHU VWDPSV 06 $ YHU\ JRRG FROOHFWLRQ Â… Â…

4 '2 ; FRYHU ZLWK WKH RYSWHG VHW RI

VWDPSV 6* IURP 6XULQDPH ZLWK VSHFLDO FDQFHO DQG FDFKHW VHQW WR &XUDFDR $ VFDUFH FRYHU HQGRUVHG YLD 7ULQLGDG DQG DUULYDO PDUN RQ WKH UHYHUVH Â… Â…

1(7+(5/$1' &2/21,(6

3267$/ +,6725< 3RVWDO &DUG òF '(&,0$/ FXUUHQF\ SXEOLFLW\ SKRWRJUDSKV RI WKH VHQW WR %ULWLVK /HJLRQ 7RN\R ZLWK D YDULHW\ RI PDUNV GHILQLWLYH LVVXH EODFN DQG ZKLWH SKRWRJUDSKV PRXQWHG RQ &HQVRUHG $LUPDLO HQY 6HQW IURP 6XULQDPH 8. SULQWHG FDUGV ZLWK GHWDLO RI WKH VWDPSV Â… Â… &DULEEHDQ VDOHV ,PSRUW ([SRUW SULQWHG HQY 6HW WR WKH 8. 1(3$/ XVHIXO JURXS RI Â… Â… 2/' 7,0( VWDPS FROOHFWLRQ RQ SDJHV 1(7+(5/$1'6 LVVXHV YHU\ JRRG VHOHFWLRQ RI SULPLWLYH LPSHUI LVVXHV 6* WKLQ SDSHUV LQF 6* LPSHUI EHWZHHQ YHUWLFDO SDLU { 2/' $/%80 SDJHV ZLWK VWDPSV DQG Â’ 06 PDLQO\ ILQH XVHG VHHQ F F F )8 F 6* D DV EORFN PLQW RWKHU FODVVLFV LQF 6* PLQW DQG F )8 &KLOG :HOIDUH )XQG LQF JHQHUDO UDQJHV (OXVLYH PDWHULDO Â… Â… VHW )8 &XOWXUDO 6RFLDO 5HOLHI )XQG 5HG 1(7+ &2/6 $17,//(6 &URVV )XQG &XOWXUDO )XQG VHW RI )8 &KLOG :HOIDUH )XQG VHW RI PLQW &XOWXUDO )XQG VHW RI PLQW 2/' 35,17(' 3DJHV ZLWK LVVXHV IRU &DUDFDR &XOWXUDO )XQG VHW RI )8 $ JRRG FROOHFWLRQ ZLWK PDQ\ DQG $QWLOOLHV ZLWK PDQ\ EHWWHU SLFNLQJV .LQJ :LOOLDP J FRPSOHWH VHWV Â… Â… )8 6* FÂ… F PLQW FÂ… -XELOHH VHW RI 6* FÂ… PLQW 3LFWRULDO VHW RI FÂ… PLQW 7:2 /,*+7+286( 3ULQWHG $OEXPV ZLWK D 4XHHQ (QVFKHGH VHW RI FÂ… PLQW $LU VHW RI YDOXDEOH FROOHFWLRQ FDWDORJXHV RYHU Â… YHU\ H[WHQVLYH 6* )8 3RVWDJH GXH VHW RI FÂ… PLQW FROOHFWLRQ ZLWK EHWWHU HDUO\ LVVXHV DQG IURP XQPRXQWHG 2YHU VWDPSV PDLQO\ PLQW LQF XQPRXQWHG $ YDOXDEOH PLQW QRWH LPSHUI VHW RI .LQJ :LOOLDP WR J FROOHFWLRQ Â… Â… XQFKHFNHG IRU SULQWLQJV 4XHHQ :LKHOLPLQD LQF J 6* J 6* )8 &RURQDWLRQ J 1(7+ &2/6 &85$&$2 6* PLQW ([KLELWLRQ VHW RI 6* FÂ… 3267$*( '8( 6(7 2) VJ 0,17 $ PLQW $FFHVVLRQ VHW RI FÂ… )8 7RXULVW VHW 6&$5&( 6(7 Â… Â… RI 6* PLQW $Q H[WHQVLYH FROOHFWLRQ ZLWK PDQ\ FRPSOHWH VHWV ODWHU LVVXHV LQF 06 DQG ERRNOHWV $ VXSHUE 1(7+ &2/6 ,1',(6 FROOHFWLRQ Â… Â…

63(&7$&8/$5 HQWLUH ZULWWHQ IURP 5RWWHUGDP 2/' 35,17(' $OEXP SDJHV ZLWK PDQ\ EHWWHU WR 1RUIRON (QJODQG IUDQNHG [ F ILUVW LVVXH HDFK ZLWK ER[HG SLFNLQJV .LQJ :LOOLDP F SHUI 6* )8 GHILQV WR )5$1&2 KV 5RWWHUGDP FGV HWF 7KLV IUDQNLQJ LV UDWHG Â… J )8 4XHHQ VHW WR J )8 -$9$ RYSW IDXOWV EXW D VXEVWDQWLDO XVDJH Â… Â… WR \òJ )8 RIILFLDO )8 6* 'LHQVW RYSW RIILFLDOV WR òJ )8 %DQGRHQJ RYSW VHW RI PLQW { .,1* :,//,$0 VWXG\ ZLWK D FDWDORJXH YDOXH FÂ… -XELOHH òF WR J G )8 $ YHU\ ILQH RYHU Â… ZLWK GLIIHUHQW GLHV DQG SHUI W\SHV WR F EHWZHHQ FROOHFWLRQ RI VWDPSV +LJK FDWDORJXH YDOXH 6* HDFK VHHP WR EH GLIIHUHQW D VROLG ORW RI VWDPSV Â… Â… ILQH XVHG Â… Â… { 3ULQWHG SDJHV ZLWK D XVHIXO UDQJH RI VWDPSV { <281* 48((1 J F SHUI 9)8 ZLWK QHDW Â’ LQF VXUFK QRWH F F PLQW GHILQV WR òJ 5RWWHUGDP FGV 6* Â… Â… 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 { *8// KLJK YDOXH JOG )8 6* QRWH òJ H[SHUWLVHG RQ WKH UHYHUVH 6* D ILQH Â… Â… FROOHFWLRQ RI VWDPSV &DW 2YHU Â… Â… Â… { 35,17(' DOEXP ZLWK D ILQH XVHG FROOHFWLRQ RI { -$3$1(6( 2&&83$7,21 RI -DYD ODUJH SLHFH VWDPSV 06 DQG ERRNOHW SDQHV YHU\ FRPSOHWH LQ ZLWK )LUVW $QQLY 6HW 6* 6DYLQJ &DPSDLJQ 3LFWRULDO VHW RI FRPPHPRUDWLYHV 5HOLHI )XQG &KLOG :HOIDUH )XQG 6* ILQH XVHG ZLWK 6RHUDEDMD &'6 FDQFHOV &KLOG :HOIDUH )XQG WR &KLOG )XQG 06 $ YHU\ ILQH Â… Â… FROOHFWLRQ Â… Â…

1(7+ &2/6 1(: *8,1($

,//8675$7(' )LUVW GD\ FRYHUV ZLWK

(;7(16,9( &ROOHFWLRQ PDLQO\ PLQW LQF XQPRXQWHG PLQW VHW WR J G )ORRG 5HOLHI )8 817($ RYSW VHW RI 6* D ILQH FROOHFWLRQ RI VHWV Â… Â…

VSHFLDO FDQFHO PDLQO\ ZLWK QHDW W\SHG DGGUHVVHV Â… Â… $ &$5721 ZLWK PDQ\ GLIIHUHQW VWDPSV LQF PRGHUQ \HDU VHWV SULQWHG $OEXP FRORQLHV LVVXHV RQ SDJHV DQG LQ VWRFNERRNV ORWV RI 80 LVVXHV DQ RULJLQDO ORW WKDW QHHG VRUWLQJ Â… Â…

Key to symbols in this catalogue ✱

✉

Used Mint Postal History

✈ ✱✱ &

Airmail Unmounted mint Literature

NETHERLANDS


Â’ 67$03 %22./(76 V V SHULRG LQF Â’ &RORQLHV LVVXHV XQFKHFNHG IRU W\SH D YHU\ JRRG ORW RI

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…

ERRNOHWV 80 Â… Â…

1(9,6

Â’ 9,&725< RUDQJH VXSHUE LPSHUI SDLU 8<0 Â’ IURP WKH SULQWHUV SURRI VKHHW 6* Â… Â…

Â’ 8102817(' 0,17 ZLWK PDQ\ VHWV VHHQ Â’ GHILQLWLYHV WR RIILFLDOV WR $ YHU\ JRRG FROOHFWLRQ RI

V LVVXHV VWDPSV LQF 06 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…

1(: *8,1($ { +876 Â… WRS YDOXH 9)8 VFDUFH VWDPS 6*

{ 5(9(18( D VSHFWDFXODU FRPELQDWLRQ SLHFH

Â… Â…

IUDQNHG 49 WDOO W\SHV Â… Â… Â… Â… DQG G .*9 VWDPSV PDNLQJ Â… UDWH 5HPDUNDEOH SLHFH Â… Â…

Â’ %LUG RI 3DUDGLVH VHW RI G WR Â… ILQH PLQW

6* Â… Â…

683(5% SDLU RI PDWFKHG PXOWL FRORXUHG

Â’ 2/' $/%80 3DJH ZLWK .*9, &RURQDWLRQ VHW

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…

PLQW $LU òG WR 6* PLQW 6PDOO EXW KLJKO\ &DWDORJXHG Â… Â…

Â’ *2/'),(/'6 DLU VHW PLQW 6* FDW 4 Â… Â… Â… { 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…

{ +,*+ 9$/8( $,5 VJ YHU\ ILQH

XVHG Â… Â…

(;7(16,9( &ROOHFWLRQ RI +HDOWK VHWV LQF QXUVH 80 6PLOLQJ %R\V VHW )8 SOXV D G RQH PLQW RQH XVHG .H\KROH RQ )'& G RQ )'&V ERWK GLIIHUHQW ZLWK RYHU VWDPSV 06 DQG LOOXVWUDWHG )'& V $ YHU\ ILQH FROOHFWLRQ ZLWK PDQ\ EHWWHU SLFNLQJV Â… Â…

1(: +(%5,'(6 (03,5( $LU 0DLO 6FKHPH VSHFLDO FDFKHW RQ 4 IORZQ FRYHU WR 3RUW 9LOD ZLWK DUULYDO FGV RQ IURQW )UDQNHG

òG $ VFDUFH GHVWLQDWLRQ YHU\ ILQH Â… Â… 5(*,67(5(' FRYHU 6DQWR WR 0DOD\D ZLWK

VXSHUE IU IU &DQRH KLJK YDOXH FRPELQDWLRQ 6* IRXU Â’ +($/7+ 6(7 6PLOLQJ %R\V 6* IUHVK EDFNVWDPSV Â… Â… PLQW Â… Â… ^3KRWR` 8QXVXDO FRYHU WR %U 6RORPRQ ,VODQGV H[ 6DQWR Â’ 6PLOLQJ %R\V +HDOWK VHW IUHVK PLQW 6* IUDQNHG F SDLU RQ DUULYDO VFDUFH XVH RI %6, 3267$*( Â… Â… '8(6 G G G DOO WLHG $XNL &'6 )DXOWV EXW D YHU\ VFDUFH SRVWDJH GXH ,QWHU ,VODQG FRYHU Â… Â… .*9 SLFWRULDO VHW RI òG WR QLFHO\ XVHG RQ 1(: 6287+ :$/(6 IORZQ UHJG FRYHU WR &DQDGD 6* FDW Â… DV D XVHG VHW Â… Â… Â’ 0DS RULJLQDO SULQWLQJ 6* IUHVK PLQW )LQH H[DPSOH RI WKLV HOOXVLYH VWDPS &DW Â… Â… Â… { 2OGWLPH FROOHFWLRQ RQ DOEXP OHDYHV JRRG WR ILQH

:$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…

XVHG VHHQ 'LDGHQ LPSHUIV G G 6* ZLWK GLIIHUHQW SULQWLQJV RV RYSWV WR UDLOZD\ VWDPSV WR D KLJKO\ Â’ $506 LQYHUWHG ZPN IUHVK /00 FKRLFH 6* FDWDORJXHG FROOHFWLRQ RI VWDPSV Â… Â… ) : Â… Â… ^3KRWR`

1(: =($/$1' { &+$/21 G 6* )8 ZLWK IRXU JRRG PDUJLQV

FODVVLF Â… Â… Â’ &+$/21 G SHUI 6* IUHVK PLQW H[FHOOHQW

FRORXU FDW Â… Â… Â…

2)),&,$/ VHW 6* 2 RQ VXSHUE SDLU RI

LOOXVWU )'& WKH LV D VFDUFH VWDPS Â… Â… Â’ 0$-25 SHUIRUDWLRQ VKLIW HUURU F +HULWDJH 6* Â’ 80 EORFN RI IRXU ZLWK ILQH GRZQZDUGV VKLIW RI SHUIV

Â… Â… Â’ 6FHQLF GHILQLWLYH FROOHFWLRQ ZLWK ERRNOHWV Â’ F\OLQGHU SODWH EORFNV 6 $ ZLWK YDOXHV WR D YHU\ JRRG

{ 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… { 5(9(18(6 VWDPS GXW\ Â… LPSHUI )8

% 0RZEUD\ 5 D UDUH Â… Â… { 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…

FROOHFWLRQ RI LWHPV IDFH YDOXH RYHU 1=Â… XQPRXQWHG PLQW Â… Â… Â’ .*9, F\OLQGHU EORFNV FROOHFWLRQ ZLWK Â’ GLIIHUHQW SDSHUV D VXSHUE FROOHFWLRQ òG JUHHQ EURZQ Â’ G JUHHQ ZLWK SULQWHUV LPSULQW UHG òG EURZQ UHG

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…

{ 5HYHQXHV 6WDPS GXW\ 49 SHUIRUDWHG LVVXHV /,7(5$785( 7KH 3RVWDJH 6WDPSV RI 1HZ

$ 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…

=HDODQG 9RO ,,, ZLWK VSHFLDO UHIHUHQFH WR SRVWDO FDQFHOODWLRQV DQG PDUNLQJV HGLWLRQ OWG WR FRSLHV LQ JRRG FRQGLWLRQ Â… Â…

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


3267$/ +,6725< 49 G SSF VKRZLQJ RIILFHUV Â’ &2521$7,21 VHW RI LQF ERWK DGGLWLRQDO F

RI WKH 6HFRQG &RQWLQJHQW XQXVHG SRVW FDUG ZLWK D F SULQWLQJV FDW Â… 6* Â… Â… VXSHUE 3& GXSOH[ FDQFHO VHQW WR WKH 8. RIILFLDO DLU PDLO LOOXVWU FRYHU ZLWK G G DQG G DLU VWDPSV VHQW WR WKH 8. Â’ 3,&725,$/ VHW 6* IUHVK PLQW FDW Â… Â… Â… 2Q $FWLYH 6HUYLFH 1DWLRQDO 3DWULRWLF HQY SLFWRULDO G IUDQNLQJ VHQW WR 7DVPDQLD $Q LQWHUHVWLQJ JURXS RI Â’ &DULERX LVVXH DWWUDFWLYH P XP PXOWLSOHV FRYHUV FDUGV Â… Â… LWHPV &DW Â… F FRUQHU EORFN F EORFN F EORFN { 6WDPSV ZLWK DGYHUWV RQ WKH UHYHUVH V DQG F WRS YDOXH PDUJLQDO EORFN 6FDUFH PXOWLSOHV LVVXHV G 6XQOLJKW VRDS SDWHQW RGRXUOHVV ZDWHUSURRIV Â… Â… %RQQLQJWRQ ,ULVK 0RVV ò 6XQOLJKW VRDS G %HHFKDP V Â’ 3(5.,16 %$&21 UH HQJUDYHG VHW IUHVK 0 6* SLOOV %RQQLQJWRQ ,ULVK 0RVV G : 6WUDQJH G &UHDVH V $ FDW Â… Â… Â… FRIIHH ILQH XVHG Â… Â… { 6WRFNERRN ZLWK XVHIXO SLFNLQJ LQF 49 WDOO VWDPS Â’ $,50$,/ KLJK YDOXH VHOHFWLRQ PLQW 80 GXWLHV WR Â… SRVWDO ILVFDO VRUWHG E\ LVVXHV D IHZ 4 LWHPV F SDLU ZLWK ZLWKRXW ZPN YDULHW\ F EORFN 6*

VWDPSV ZLWK PDQ\ XVHIXO VWDPSV Â… Â…

0DS 6* HWF +LJK FDW JURXS Â… Â…

{ 7:2 '$92 3ULQWHG $OEXPV IRU LVVXHV IURP

Â’ $,50$,/ SLFWRULDO VHW IUHVK /00 6*

WR VSDUHO\ ILOOHG QRWH FKDORQV WR 49 Â… Â… VLGHIDFH WR V 3LFWRULD WR 0RXQW &RRN ZLWK RYHU VWDPSV $ JUHDW SDLU RI $OEXPV IRU FRPSOHWLRQ Â’ *,/%(57 SLFWRULDO VHW IUHVK 0 6* Â… Â… FDW Â… Â… Â…

1(:)281'/$1' 6* RQH SHQQ\ IUHVK XQXVHG IRXU PDUJLQV HDUO\ 6HQI H[SHUW KV RQ UHYHUVH FDW Â… PLQW Â… Â…

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

ORQJ &RURQDWLRQ VHWV RQ FRYHUV DWWU WULR 9DOXHG DV )8 Â… Â… { &$1&(//$7,216 RQ DOEXP SDJHV VHHQ 732

Â’ (DUO\ &ODVVLF V RQ ROG SDJHV G G G

SDTXHERW GXPE FDQFHOV GLDPRQG GRWV GLIIHUHQW FRORXUV SDUFHO FDQFHOV D JRRG ORW RI FDQFHOV ILQH IRU VWXG\ Â… Â…

G G LQF 6* PDLQO\ ILQH XVHG ZLWK KLJK FDWDORJXH YDOXH Â… Â… Â’ &/$66,& G RUDQJH YHUPLOOLRQ 6* IUHVK

Â’ &/$66,& LPSHUI ILUVW LVVXHV LQF G 6*

PLQW IRXU PDUJLQ JRRG RJ YHU\ HDUO\ 6HQI H[SHUW KV RQ UHYHUVH ILQH H[DPSOH FDW Â… Â… Â… Â’ &/$66,& G WULDQJOH IUHVK PLQW ZLWK ODUJH HYHQ

PDUJLQV 6* FDW Â… Â… Â… Â’ &/$66,& G WULDQJOH 6* IUHVK PLQW ZLWK

JHQXLQH XVHG FDW Â… VPDOO IDXOWV G WULDQJOH PLQW G G VWF Â… $ XVHIXO JURXS Â… Â… Â’ 3267$/ +,6725< PRUQLQJ HQYHORSH Â’ ZLWK F IUDQNLQJ :KLWERXUQH &'6 ZLWK 732 WUDQVLW PDUN RQ WKH UHYHUVH HQY 6HQW WR WKH 8. ZLWK 9LP\ $LUFUDIW

6* )LUVW )OLJKW FRYHU ZLWK D YDULHW\ RI WUDQVLW PDUN RQ WKH UHYHUVH DQG FDFKHW RQ WKH IURQW F $LU VWDPS RQ ILUVW )OLJKW FRYHU ZLWK VSHFLDO 6W -RKQ 6W $QWKRQ\ &DFKHW HQY :LWK D SDLU RI F 6* ZLWK %XULQ 1RUWK &DFKHW RI D ILQH JURXS RI FRYHUV Â… Â…

ODUJH PDUJLQV JRRG RULJLQDO JXP HDUO\ 6HQI H[SHUW KV Â… Â… Â’ &/$66,& G LPSHUI VKRZLQJ SDUW RI SDSHU

PDQXIDFWXUHUV ZPN XQXVHG ZLWK IRXU PDUJLQV 0+ H[SHUW KV 6* FDW Â… Â… Â… Â’ &/$66,& LPSHUIV IUHVK PLQW DV LVVXHG DOO YHU\

ILQH ZLWK IXOO PDUJLQV G G òG G 6* FDW Â… Â… Â…

1,*(5 { 2/' $/%80 3$*(6 ZLWK D JRRG UDQJH RI Â’ VWDPSV ZLWK YDOXHV WR I QRWH HDUO\ )UHQFK &RORQLH LVVXHV

ZLWK VHWV $ XVHIXO JURXS Â… Â…

Â’ &/$66,& SHQQ\ LPSHUI IUHVK XQXVHG ODUJH

PDUJLQV ILQH H[DPSOH RI WKLV GLVWLQFWLYH SULQWLQJ 6* FDW Â… Â… Â…

1,*(5 &2$67 { ),1( 86(' DQG KLJKO\ FDW VHOHFWLRQ RI ZLWK

{ 1HZ &RORXU PDUJLQV G G DQG G ZLWK WKH

G KDV JRRG WR ODUJH PDUJLQV 6* DQG ILQH XVHG Â… Â…

QR ZPN VHW 6* DQG ZPN VHW WR G 6* 9HU\ JRRG TXDOLW\ UHTXHVW VFDQ Â… Â…

1,*(5,$

Â’ 1HZ &RORXUV RQ D SDJH G XQXVHG G PLQW

G ERWK VKDGHV G RQH ZLWK ZPN òG G FKLHIO\ { /$*26 49 VHW VHOHFW )8 6* D Â… Â… PDUJLQV YHU\ KLJK FDW 9DOXH YHU\ IUHVK Â… Â…

Â’ :DWHUPDUNHG G URVH ODNH 6* 8QLWUDGH L { /$*26 49 VHW )8 6*

IUHVK PLQW Â… Â…

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

{ 49 VHW LQF VXSHUE KLJK YDOXHV ILQH

XVHG 6* VWDPSV Â… Â… Â’ 2LO 5LYHUV 49 RYSW VHW PLQW 6*

PDUJLQDO EORFN RI VL[ FDW Â… XQFRPPRQ PXOWLSOH Â… Â…

1LFH Â… Â…

Â’ F VHDO 6* DV D PDUYHOORXV IUHVK PLQW KRUL]

SDLU ZHOO FHQWUHG &DW Â… Â… Â… Â’ &$7 Â… &RURQDWLRQ VHW ILQH PLQW 6*

Â’ 1,*(5 &2$67 49 QG LVVXHV RQ D VWRFN SDJH

6* ZLWK VKDGHV XQFKHFNHG IRU SHUI W\SH òG G G òG G DQG PLQW 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…

Â… Â… { &2521$7,21 SLFWRULDO VHW )8 6*

Â… Â…

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


{ 1,*(5 &2$67 :LGRZ VHW ZLWK VKDGHV DQG

{ $1 ,17(5(67,1* PLVFHOODQ\ LQ SDFNHWV FDUGV

GLIIHUHQW SHUI W\SHV ò G 6* ILQH XVHG FDW Â… Â… Â…

HWF ZLWK VWUHQJWK LQ .*9, ZLWK PDQ\ G DQG KLJK YDOXHV ZLWK EORFNV DQG RWKHU KLJK YDOXHV PXFK LV XVHG LQF RULJLQDO 6* DV XVHG EORFN RWKHU EORFNV G LQF EORFNV PLQW ZLWK XQFKHFNHG SULQWLQJV WR 4(,, ZLWK YDOXHV WR Â… )8 FRYHUV LQF .*9, IOLJKW FRYHUV XVLQJ G YDOXHV DQG PRUH 6HYHUDO 7KH FROOHFWRU OLNHG KLJK YDOXHV Â… Â…

Â’ 1LJHU FRDVW ZLGRZ ZHHG VHW RI VL[ PLQW 6*

Â… Â… Â’ 1,*(5 &2$67 KLJK YDOXH VHW RI WKUHH WR

RYSW VSHFLPHQ PLQW 6FDUFH 6* 6 6FDUFH Â… Â…

2,/ 5,9(56 DQG 1LJHU &RDVW SRVWDO VWDWLRQHU\

2LO 5LYHUV òG SRVWDO FDUGV RQH XQXVHG G RYSWHG 2LO 5LYHUV RQ XQXVHG G UHJG HQY ZLWK 6SHFLPHQ RYSW XQXVHG 1LJHU &RDVW G SRVWDO FDUGV RQH XQXVHG HDFK ZLWK ZULWWHQ GHWDLOV Â… Â…

Â’ 1,*(5 &2$67 49 LVVXHV RQ D VWRFN SDJH ZLWK

GLIIHUHQW VKDGHV XQFKHFNHG IRU SHUI W\SHV òG G G òG G G DQG G DOO PLQW Â… Â…

{ 2/' 7,0( FROOHFWLRQ RQ VWRFN ERRN SDJHV VHHQ Â’ 49 /DJRV ZLWK YDOXHV WR (GZDUG 6RXWKHUQ 1LJHULD ZLWK

Â’ 1LJHU &RDVW ZLGRZ ZHHG VHW RI PLQW 6*

YDOXHV WR 6RXWKHUQ 1LJHULD 49 òG G DQG (GZDUG òG ZLWK SODWH QXPEHUV RYHU VWDPSV LQF PLQW D XVHIXO UDQJH WR DERXW Â… Â…

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…

{ 7:2 +DJQHU SDJHV ZLWK HDUO\ LVVXHV ZLWK Â’ EHWWHU SLFNLQJV FKLHIO\ /DJRV LVVXHV LQF (GZDUG WR

6SHFLPHQ RYSWV 49 G G òG DQG G (GZDUG òG .*9 G FKLHIO\ ILQH XVHG $ ILQH UDQJH RI VWDPSV Â… Â…

{ .*9 WDEOHW VHW )8 6*

Â… Â…

1,8$)228

{ .*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…

Â’ 6LOYHU -XELOHH YDULHW\ G .LWH DQG 9HUWLFDO /RJ

ILQH 0LQW 6* . Â… Â…

1,8(

Â’ 63(&,0(1 SHUI 6LOYHU -XELOHH VHW ILQH PLQW

Â’ &2//(&7,21 RQ DOEXP SDJHV ZHUH WKH

6* 6 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…

{ .*9 SLFWRULDO VHW )8 JRRG UDQJH RI FDQFHOV 6*

SOXV SHUI YDULHWLHV Â… Â… Â’ .*9 3LFWRULDO VHW RI IUHVK PLQW

6* Â… Â… ^3KRWR`

125)2/. ,6

Â’ .*9 3LFWRULDO 6HW IUHVK PLQW 6*

),567 )/,*+7 8. WR 1RUIRONV DW òG UDWH DWWU 4 VPDOO FRYHU ZLWK DUULYDO FGV RQ REYHUVH 8QXVXDO

Â… Â…

Â… Â…

Â’ .*9 SLFWRULDOV VHW SOXV òG SHUI ò [ ò

1257+ %251(2

6* PLQW VWDPSV FDW Â… Â… Â…

81,9(56$/ 3HQQ\ 3RVWDJH SRVWFDUG VHQW

$ 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…

IURP /LYHUSRRO DW G WR WKH &DWKROLF 0LVVLRQ DW 6DQGDNDQ ZHDN DUULYDO FGV DORQJVLGH WDSH PDUN WR OHIW 6FDUFH 0LVVLRQDU\ LQZDUG PDLO 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\

{ 63(&7$&8/$5 EORFNV .*9, G FRUQHU

XVHG RQ UHJLVWHUHG FRYHU 6DQGDNDQ WR 86$ WUDQVLW YLD 6LQJDSRUH 6R DWWU 6* Â… Â…

EORFNV RI ZLWK F\OLQGHU QXPEHU ULJKW KDQG FRUQHU DQG F\OLQGHU OHIW KDQG FRUQHU 6* F S ERWK EORFNV ILQH XVHG Â… Â…

7:2 PXOWL IUDQNHG FRYHUV %0$ RYSW

Â’ (5525 VXUFKDUJH %,$)5$ )5$1&( Â’ )ULHQGVKLS EORFN RI G Â… ZLWK Â… RPLWWHG VHOGRP VHHQ LQ

ODUJH EORFNV 80 VFDUFH Â… Â…

GLII YDOXHV WR 6* UHJG H[ 6DQGDNDQ DQG &URZQ &RORQ\ RYSW VWDPS IUDQNLQJ ZLWK YDOXHV WR F 6* UHJG H[ -HVVHOWRQ 9HU\ ILQH Â… Â…

1257+(51 5+2'(6,$ Â’ (5525 LQ D FRPSOHWH VKHHW %LDIUD )UDQFH Â’ )ULHQGVKLS VXUFKDUJHG Â… G ZLWK GRXEOH RYSW YHU\ VFDUFH DV { 6LOYHU -XELOHH YDULHW\ G 'RW E\ )ODJVWDII D FRPSOHWH VKHHW 80 Â… Â…

6* + )8 6FDUFH Â… Â… ^3KRWR`

Â’ 685&+$5*( %,$)5$ )5$1&( )ULHQGVKLS Â’ RYSWHG òG FRPSOHWH VKHHW RI IUHVK 80 Â… Â… Â’ .*9, VHW IUHVK PLQW 6* FDW

Â… Â… Â…

Â’ 9$5,(7< %LDIUD )UDQFH VXUFKDUJH EORFN RI { 4(,, GHILQ VHW 9)8 6* Â’ ZLWK PLVVLQJ VXUFKDUJH IUHVK 80 VFDUFH

Â… Â…

Â… Â…

Â’ %,$)5$ +XPDQ 5LJKWV RYSWHG FRPSOHWH VKHHWV { 2/' 3$*(6 ZLWK PDLQO\ .*9, LVVXHV QRWH Â’ RI WKH 3RSHV 9LVLW RQ G DQG RQ G VFDUFH DV Â’ 6LOYHU -XELOHH VHW RI .*9, &RURQDWLRQ GHILQLWLYHV

FRPSOHWH VKHHWV 80 Â… Â…

ZLWK YDOXHV WR 6LOYHU :HGGLQJ VHW 838 VHW D JRRG VHOHFWLRQ RI VWDPSV Â… Â…


Â’ 6,/9(5 -8%,/(( G G HDFK DV

125:$<

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’ 8102817(' PLQW ZLWK D FDWDORJXHG YDOXH Â’ RYHU Â… LQF GHILQLWLYHV RIILFLDOV WR NU ZLWK GLIIHUHQW

SULQWLQJV .LQJ VHW RI FÂ… 7RXULVW VHW FDW Â… GHILQLWLYHV ZLWK D YDULHW\ RI SULQWLQJV H[WHQVLYH FRPPHPRUDWLYH VHWV 2XWVWDQGLQJ TXDOLW\ RYHU VWDPSV Â… Â…

Â’ 6,/9(5 -8%,/(( 9$5,(7< .LWH DQG

9HUWLFDO /RJ 6* N IUHVK PLQW Â… Â…

Â’ ),567 2)),&,$/ \HDU ERRN LQ YHU\ ILQH Â’ FRQGLWLRQ LQF VOLSFDVH FDW NU Â… Â…

Â’ VLOYHU -XELOHH YDULHW\ .LWH DQG 9HUWLFDO ORW

Â’ %22./(76 ZLWK D FDWDORJXH YDOXH RYHU Â… Â’ VHHQ %LUGV &KULVWPDV :LOG %HUULHV ,QVHFWV ZLWK LVVXHV WR

$ JRRG UDQJH RI ERRNOHWV Â… Â…

ILQH PLQW 6* . Â… Â… ^3KRWR` Â’ 6LOYHU -XELOHH YDULHW\ G %LUG E\ 7XUUHW

6* 0 PLQW Â… Â… ^3KRWR`

129$ 6&27,$

{ .*9, SDLU Â… 6* QLFH ILVFDO XVHG RQ SLHFH

1HDW :UDSSHU IURP +DOLID[ WR 5DJJHG ,VODQG

QRZ XQLQKDELWHG ZLWK ILQH VLQJOH XVH RI F 49 Â… Â… (17,5( IURP +DOLID[ WR 5DJJHG ,VODQGV ZLWK

YHU\ HDUO\ GDWH Â… Â… 7:2 &29(56 HDFK DGGUHVVHG WR WKH /HSHU

6HWWOHPHQW +R %07 *ROG &RDVW RQH ZLWK .*9, G VLQJOH IUDQNLQJ DQG RWKHU 4(,, VWDPS FRPELQDWLRQ ILQH Â… Â…

ILQH F VLQJOH IUDQNLQJ 6* QHDWO\ FDQFHOOHG DWWU XVDJH Â… Â… (QWLUH IURP +DOLID[ WR UDJJHG ,VODQG IUDQNHG

Â’ %22./(76 G DQG 6* 6% ERWK LQ ILQH Â’ FRQGLWLRQ Â… Â…

3$,5 F YHU\ GHHS FRORXU QHDWO\ FDQFHOOHG 7UDQVLW SPNV HWF Â… Â…

4(,, RYSW HW RI 6* RQ YHU\ ILQH LOOXVWU

1<$6$/$1' { '$0$*(' /($) YDULHW\ RQ Â… 6* I VXSHUE

)'& XQDGGU FKRLFH Â… Â…

ILVFDO XVHG RQ SLHFH 1RUPDO FDW Â… Â… Â…

20$1

Â’ )LUVW GHILQ VHW IUHVK 80 6* { 21/< (;$03/( .12:1 7+( ',6&29(5< Â’ Â… Â…

(;$03/( .*9 Â… :$7(50$5. ,19(57(' ILQH ILVFDO XVHG 6* Z XQSULFHG E\ 6* H[FHSWLRQDO DQG DQ LQFUHGLEOH UDULW\ Â’ /RFDO VXUFKDUJH E RQ E IUHVK 80 6* :DWHUPDUN HUURUV RQ WKH KLJK YDOXHV DUH VR UDUH Â’ Â… Â… Â… Â…

{ 6(5,) 21 * 9$5,(7< .*9 Â… 6* L ILQH

{ 3URYLVLRQDO E RQ U 9)8 6* &DW

ILVFDO XVHG ZLWKLQ VWULS RI [ Â… SOXV VLQJOH 6* QHDWO\ FDQFHOOHG 1RUPDO V FDW Â… VXSHUE Â… Â…

Â… Â… Â… ^3KRWR` Â’ 7KH SURYLVLRQDO ORFDO E RYSW VHW IUHVK 80 Â’ 6* 6HOGRP VHHQ Â… Â…

Â’ 7+( 81,48( JURXS RI EORFNV RI IRXU ZLWK

HDFK XQLW KDQGVWDPSHG 63(&,0(1 IURP DQ $IULFDQ 838 DUFKLYH òG WR 6* LVVXH WRQLQJ DQG UHPDLQV Â’ 7KH SURYLVLRQDO E RQ E 6* IUHVK DVVRFLDWHG ZLWK WKHVH DUFKLYHV WKRXJK D PRVW VSHFWDFXODU Â’ 80 6FDUFH Â… Â… JURXS RI EORFNV G DQG SODWH EORFNV VKRZLQJ %URNHQ 6FUROO DQG %URNHQ &URZQ DQG 6FUROO 5 +LJK { 7KH SURYLVLRQDO E RQ E 6* 9)8 GHILQLWLRQ VFDQV UHFRPPHQGHG 5HPDUNDEOH JURXS KLJK YDOXH 6FDUFH Â… Â… 6SHFLPHQV ZLWK YDULHWLHV DUH VR UDUH Â… Â… { )UDQNLQFHQVH U ZLWK LPSULQW GDWH D SLHFH { .*9 KLJK YDOXHV ILVFDO XVHG RQ SLHFH ZLWK ZLWK H[DPSOHV FRPPHUFLDO XVHG 6* D &DW Â… LQWHUHVWLQJ FRPELQDWLRQV LQF SDLU RI SLHFH IUDQNHG [ 8QXVXDO Â… Â… ^3KRWR` Â… VLQJOH HWF 1RUPDO V FDW Â… ILYH LWHPV Â… Â… { ),1( 86(' RQ SDJHV ZLWK HDUO\ LVVXHV { &20%,1$7,21 SLHFH IUDQNHG [ G 6*

UDQGRPO\ SODFHG VHHQ VXUFK E RQ E 6* FÂ… $ JRRG UDQJH RI GLIIHUHQW VWDPSV Â… Â…

WZR XQLWV ZLWK QLFN LQ VFUROO 6* F DQG EURNHQ FURZQ DQG VFUROO 9$5,(7,(6 6* E PRVW DWWU PXOWLSOH Â… Â… { %5($. ,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

VXSHUE ILVFDO XVHG RQ VPDOO SLHFH QRUPDO FDW Â… Â… Â…

{ 672&. 3$*( ZLWK EHWWHU SLFNLQJV

VXUFKDUJH VHW RI 6* )8 VXUFKDUJH E RQ E 6* FDW Â… 1DWLRQ 'D\ 9R\DJH RI 6LQEDG D VHOGRP VHHQ FROOHFWLRQ RI ILQH XVHG 2YHU VWDPSV Â… Â… ^3KRWR`

25$1*( )5(( 67$7(

{ %52.(1 &52:1 $1' 6&52// EUHDN LQ

RXWHU IUDPH YDULHWLHV RQ [ G XVHG RQ ILVFDO SLHFH ZLWK FRPSOHWH 7+( 5(6,'(17 0/$1-( YLROHW FDFKHW 6XSHUE 6* E YDU Â… Â… { 3$,5 G RQ SLHFH ZLWK FRPSOHWH 0ODQGH

{ ),6&$/67$036 XVHG ZLWK YDOXHV WR Â… LQ D

SLHFH ZLWK Â… VHHQ 95, RYSWV D ILQH UDQJH RI ILVFDOV Â… Â… Â’ (GZDUG VHW ILQH PLQW 6*

Â… Â… ^3KRWR`

ILVFDO FDQFHO VKRZLQJ QLFN LQ VFUROO DQG EURNHQ FURZQ OLVWHG YDULHWLHV 6* D E &KRLFH Â… Â…

3$.,67$1

{ 1,&. ,1 723 5,*+7 )5$0( 9$5,(7< RQ [ Â’ ,19(57(' :0. .*9, U 6* Z IUHVK

Â… XVHG RQ ILVFDO SLHFH WRJHWKHU VLQJOH QHDWO\ FDQFHOOHG XQXVXDO YDULHWLHV 6* YDU DQG Â… Â…

0 Â… Â…

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


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

YDOXH 2ULJLQDO ORW Â… Â… Â’ (;7(16,9( FROOHFWLRQ XQPRXQWHG PLQW Â’ FDWDORJXHG Â… ZLWK PDQ\ VHWV LQF VKHHWOHWV DQG 06 LQF

3$38$ 1(: *8,1($ Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, YHU\

FRPSOHWH IRU WKH SHULRG 3DSXD $LU VHW RI 3DSXD DQG 1HZ *XLQHD GHILQ VHW RI 3LFWRULDO VHW RI WR Â… %XWWHUIOLHV VHW RI 3RVWDJH 6WDPS VXUFKDUJH 6*' $ ILQH FROOHFWLRQ ZLWK VHWV IUHVK PLQW Â… Â… Â’ 3267$/ &+$5*(6 G RQ òG 6&$5&( Â’ 6*' IUHVK XQPRXQWHG PLQW 6HOGRP VHHQ Â… Â… &$1&(//$7,21 FRYHUV FROOHFWHG IRU WKH

)DPRXV 3HRSOH VKHHWV DLUV VH WHQDQW EORFNV DQG VWULSV QHDWO\ SUHVHQWHG LQ D VSULQJEDFN DOEXP V RI VWDPSV ZLWK EHWWHU SLFNLQJV Â… Â…

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…

Â’ &2//(&7,21 +2$5' LQ D ODUJH VWRFNERRN Â’ DQG YROXPH LQF RYHUSULQW VHW PLQW WKHQ DIWHU WKLV LVVXH Â’ HYHU\WKLQJ LV 80 ZLWK PDQ\ FRPSOHWH VHWV PDQ\ V RI

{ 3$*(6 ZLWK VWDPSV UDQGRPO\ DUUDQJHG E\ Â’ LVVXHV ZLWK PXFK PLQW LQF 80 RYHU VWDPSV 06 VHHQ 7+5(( 672&.%22.6 ZLWK EHWWHU SLFNLQJV Â’ LVVXHV WR WKH ODWH V $ ILQH RULJLQDO FROOHFWLRQ RYSWV WR U PLQW 2IILFLDO 6*2 VHW RI PLQW Â’ Â… Â… 2IILFLDO VHW RI SOXV U S DQG S PLQW 2IILFLDO D 80 FÂ… 2IILFLDO U U DQG U FÂ… 80 3(15+<1 ,6 2IILFLDO VHW RI )8 FÂ… $ JRRG UDQJH RI D IHZ Â’ 9DULHWLHV ZLWKLQ D FROOHFWLRQ PLQW RQ ROG SDJHV VWDPSV PDLQO\ 80 Â… Â… òG QR VWRS DIWHU ,VODQG 2OG 'RXEOH GDYLW IODZ LQ 3$/(67,1( SDLU ZLWK D QRUPDO G LPSHUI SURRI RQ JXPPHG SDSHU G GRXEOH GDYLW IODZ òG ERWWRP PDUJLQDO EORFN RI DQ %5,7,6+ 0$1'$7( DQG (J\SWLDQ RYSW ROG WLPH LQWHUHVWLQJ JURXS RI VWDPSV Â… Â… PLQW FROOHFWLRQ RQ SDJHV VWDPSV LQF YDOXHV WR SL YDOXHV WR Â… SRVWDJH GXH VHW ZLWK P P DV Â’ 9$5,(7< ZLWKLQ D EORFN RI (GZDUG òG ZLWK *877(5 3$,56 P P 5HYHQXH VWDPSV PLQW (J\SW QR VWRS DIWHU 3HQL 6* E IUHVK PLQW Â… Â… RYSW VHW WR Â… 0 DLUPDLOV HWF *RRG ORW Â… Â…

VWDPSV FKLHIO\ VRUWHG E\ \HDU WR Â… Â…

3(58

3$1$0$ Â’ &(175$/ $0(5,&$1 67($06+,3 &203$1< F F F F DV VLQJOHV F UHYDOXHG EORFN RI

F EORFN WR DQG F EORFN RI $Q LQWHUHVWLQJ JURXS RI VWDPSV PLQW Â… Â…

Â’ 3DFLILF VWHDP QDYLJDWLRQ FR WK RIILFLDO UHSULQWV

RQ YHUWLFDO ODLG SDSHUV LQ LVVXHG FRORXUV IUHVK PLQW ZLWK ODUJH PDUJLQV 2QO\ RI HDFK YDOXH ZDV SURGXFHG 6XSHUE 6HH 6FRWW IRRWQRWH DIWHU Â… Â… Â’ 3DFLILF VWHDP QDYLJDWLRQ FR VHW RI QLQH RIILFLDO

Â’ 9(5< 81868$/ +RWHO :DVKLQJWRQ +HDG

UHSULQWV LQ YDULRXV FRORXUV LPSHUI RQ ZKLWH ZRYH SDSHU U U IUHVK XQXVHG DV LVVXHG $ VXSHUE VHW Â… Â… ^3KRWR`

SDSHU HQGRUVHG ERXJKW LQ &RORQ WK $SULO ZLWK FRQWHPSRUDU\ VWDPSV DWWDFKHG Â… Â…

3$38$ { ),567 /$.$72, )8 G 6* òG

G 6* FDW Â… Â… Â… Â’ :$7(50$5. LQYHUWHG ODUJH 3DSXD 3 ò VHW

Â’ 0267 81868$/ *UDQ +RWHO 0DXU\ /LPD

KHDG SDSHU HQGRUVHG WK $SULO ZLWK FRQWHPSRUDU\ VWDPSV DWWDFKHG Â… Â…

3+,/,33,1( ,6 4 $,50$,/ &KLQD &OLSSHU ILUVW IOLJKW HQY ZLWK

WR G ERWK 6* IUHVK PLQW PDQ\ ZLWK PDUJLQV Â… Â… 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… { %27+ 6(76 )8 6* FDW Â…

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… Â… Â’ 6LOYHU -XELOHH YDULHW\ G $FFHQW )ODZ ILQH PLQW

LQ LPSULQW SDLU ZLWK QRUPDO 6* $ Â… Â…

Â’ ,19(57(' :$7(50$5. YDULHW\ F )LVK 6* Â’ Z 80 Â… Â… Â’ 4(,, :PN YDULHWLHV IUHVK 80 DOO Â’ 6* OLVWHG LQF Z Z DQG Z Â… Â…

{ 6LOYHU -XELOHH YDULHW\ G $FFHQW )ODZ 9)8

ZLWKLQ LPSULQW EORFN RI )RXU 9HU\ ILQH 6* $ Â… Â… $1 ,17(5(67,1* /27 ,1 :$//(76 LQF

32/$1'

32/,6+ &8/785( (5525 ] 6* D DV FRYHUV ZLWK LQWHUHVWLQJ VWDPS XVDJHV LQF 6LOYHU -XELOHH 80 EORFN RI LPSHUIRUDWH KRUL]RQWDOO\ HYHU\ XQLW VHW RQ FRYHU DLUPDLO VHW RQ DWWU FRYHU 6* VSHFWDFXODU 6PDOO EODFN PDUN RQ RQH XQLW Â… Â… DLU VHW RQ FRYHU 6* $XVWUDOLD XVHG RQ FRYHUV WZR DLUPDLO IOLJKWV ZLWK EHWWHU IUDQNLQJV G SLFWRULDO 6* RQ UHJG { 3267$*( '8(6 ORFDO 3RUWR KDQGVWDPSV ZLWK Â’ D IHZ LGHQWLILHG LQF .UDNRZ %LHOVNRL FKLHIO\ VTXDUH ER[HG RU FRYHU WR 86$ IHZ VWDPSV $ GLYHUVH ORW Â… Â… WULDQJOH KV VWDPSV Â… Â…

Viewing

Â’ :RUOG :DU ,, 3ROLVK UHG FURVV EDWWOHVKLS ODEHOV Â’ VFDUFH FRPSOHWH VKHHW RI XQPRXQWHG PLQW VHOGRP VHHQ DV

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

D FRPSOHWH VKHHW 80 Â… Â…


::,, FDQFHOODWLRQ DQG SRVWDO PDUNV XVHG E\ 35,1&( (' ,6 3ROLVK )RUFHV LQ WKH 8. LQF VKHHWV RU ODUJH SLHFH ZLWK .*9, òG Â’ 9$5,(7< F 6723 %(7:((1 35,1&( ZLWK 3ROLVK $UP\ FRUSV FDQFHOV /HWWHU VHDOV DQG RIILFH VHDOV $1' (':$5' 6* D ILQH PLQW WRJHWKHU ZLWK QRUPDO WR ZLWK 3ROLVK ILHOG SRVW FDQFHOV KDQGVWDPSV RQ SLHFHV DQ FRPSDUH Â… Â… LQWHUHVWLQJ ORW RI LWHPV Â… Â… ^3KRWR` Â’ 3ULYDWH VWHDPVKLS VWDPSV LQWHUHVWLQJ HDUO\ 3257 &2/6 &$3( 9(5 FLQGHUHOODV LQ GLII FRORXUV LPSHUI HDFK GHSLFWLQJ D VDLOVKLS SRVV EH WKH SODQW OLQH Â… Â… :$7(5/2: 3522)6 LQ ODUJH PDUJLQDO EORFNV F DQG F 0RQXPHQW DQG F 3ODQQLQJ ZLWK GDWH 4$7$5 HQGRUVHPHQW RQ WKH PDUJLQ ZLWK SXQFK KROH DQG 0XOWD Â’ 4(,, 2Q 2OG $OEXP SDJHV VHW RI 6SHFLPHQ RYSW DV EORFNV RI VFDUFH DV VXFK &DVWOH VXUFK ERWK VHWV 6* DQG D D 6FRXW Â… Â… GHILQV 6KHLNK VHW RI DOO IUHVK PLQW Â… Â…

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 1HZ &XUUHQF\ VKHHWOHW G WR Â’ G DV 6* ZLWK 1HZ &XUUHQF\ RYSW GRXEOHG VFDUFH

VKHHWOHW RI IUHVK 80 Â… Â… Â’ (5525 6SDFH QHZ FXUUHQF\ VKHHWOHW G WR Â’ G ZLWK RYSW LQYHUWHG DV 6* VFDUFH FRPSOHWH VKHHWOHW

32578*$/ ,1:$5' 0$,/ IURP 5XVVLD ZLWK N IUDQNLQJ

IUHVK 80 Â… Â… Â’ (5525 6SDFH 1HZ &XUUHQF\ VKHHWOHW ZLWK Â’ 1HZ &XUUHQF\ RYHUSULQWHG WZLFH G WR G VKHHWOHW RI 6*

VHQW IURP 6W 3HWHUVEXUJ WR /LVERQ RQH OHWWHU VKHHW ZLWK FRQWHQWV HQYHORSHV Â… Â…

IUHVK 80 Â… Â…

52/$1' +,// 6WDPS FHQW VHW RQ YHU\ ILQH

Â’ (5525 6SDFH VKHHWOHW 1HZ &XUUHQF\ G WR Â’ G ZLWK 1HZ &XUUHQF\ RYSW LQYHUWHG DV 6* VKHHWOHW RI

)'& Â… Â… Â’ '(/(*$7(6 )2/'(5 LVVXHG E\ WKH SRVWDO

VFDUFH 80 VKHHWOHW Â… Â… VHUYLFH ZLWK 3RUWUDLW 06 6DJ 06 D PLQW +RO\ 48((16/$1' <HDU 6HW PLQW DQG ILQH XVHG &RDFK 0XVHXP VHW PLQW 1RUWK $WODQWLF 7UHDW\ VHW PLQW &DW 9DOXH Â… D ILQH UDQJH RI Â’ &2/285 75,$/ RI WKH 3HQQ\ %RHU :DU VWDPSV 06 Â… Â… 3DWULRWLF 6WDPS 6* LQ *UHHQ LPSHUI RQ VWDPS ZPN SDSHU )UHVK PLQW ILQH DQG VFDUFH Â… Â… { &$1&(//$7,216 LQF HDUO\ QXPHUDOV RQ .LQJ LVVXHV SDTXHERW D IHZ *% XVHG LQ 3RUWXJDO 5(81,21 $PEXODQFLD FDQFHOV D ILQH VHOHFWLRQ RI Â’ 52/$1' *$5526 F DLUPDLO RYSW IUHVK 0 Â… Â… 4 <YHUW VFDUFH VWDPS Â… Â… Â’ (QGRUVHG $YHQLGD 3DODFH +RWHO /LVERQ ZLWK FRQWHPSRUDU\ 5HSXEOLFD RYSW DWWDFKHG ZLWK YDOXHV WR U 5+2'(6,$ LQF 6* VWDPS &DW 2YHU Â… IUHVK PLQW Â… Â… Â’ $UPV Â… 6* IUHVK PLQW IHZ QLEEOHG SHUIV DW ,1:$5' 0$,/ DOO JRLQJ WR WRS EXW FDW Â… 1LFH KLJK YDOXH Â… Â… /LVERQ ZLWK PLOHDJH PDUN DOVR ZLWK PLOHDJH PDUN IUDQNHG G UDWH ZLWK VHHQ GLIIHUHQW G W\SHV ZLWK PLOHDJH PDUN DQG G IUDQNLQJ /HWWHU VKHHWV ZLWK FRQWHQWV (QY :LWK PLOHDJH PDUN DQG G IUDQNLQJ DQ LQWHUHVWLQJ JURXS VHQW IURP WKH 8. ZULWWHQ LQ (QJOLVK PDLQO\ 49 SHULRG JRRG DV D SRVWDO KLVWRU\ VWXG\ Â… Â… Â’ 0LQLDWXUH 6KHHW &ROOHFWLRQ ZLWK D FDWDORJXH Â’ YDOXH RYHU Â… ZLWK (XURSD /XEUDSH[ 7LOHV D

ILQH VHOHFWLRQ RI IUHVK 80 Â… Â… { 2/' 6&+$8%(. SULQWHG DOEXP IRU LVVXHV IURP

Â’ $UPV Â… 6* $ VXSHUE JHQXLQH PLQW

H[DPSOH RI WKLV UDUH KLJK YDOXH ZLWK 2* DQG EULJKW FRORXU 6HOGRP RIIHUHG LQ VXFK ILQH FRQGLWLRQ &DW Â… Â… Â… { $UPV 6* 9)8 Â… Â… { $UPV VHW RI G WR )8 6* &DW

Â… Â… Â…

WR ZLWK PDQ\ EHWWHU VHWV 3OXV ROG DOEXP SDJHV ZLWK 3RUWXJXHVH FRORQLHV ,VVXHV EHWWHU VHW LQF QXPHUDOV VHW FÂ… .LQJ 0DQXHO VHW RI FÂ… ,QGHSHQGHQFH VHW RI FÂ… PLQW VHFRQG LQGHSHQGHQFH VHW FÂ… P 7KLUG LQGHSHQGHQFH VHW FÂ… 6W $QWKRQ\ VHW RI FÂ… P 1XQR $OYRUHV 3HUHLUD VHW RI FÂ… P 3RUWXJXHVH OHJLRQ VHW RI FÂ… P 3RUWXJXHVH &HQWHQDULHV PV &Â… P &RVWXPHV 06 FÂ… P 5HG &URVV VHWV RI WKH V V PLQW D YHU\ JRRG UDQJH RI VWDPSV 06 D YDOXDEOH FROOHFWLRQ Â… Â…

Â’ $UPV VHW RI G WR PLQW 6* LQF ERWK

LQ YHU\ ILQH FRQGLWLRQ VHOGRP VHHQ WKHVH GD\V ZLWK PDQ\ SRVWPDUNV LOOXVWUDWHG Â… Â…

{ 5(9(18( KLJK YDOXH Â… %DUHIRRW D ILQH

G G QLFH Â… Â… { +LJK YDOXH $UPV Â… Â… Â… ILQH ILVFDO XVHG

6* Â… Â… Â’ &DSH RYSW VHW PLQW 6* &DW

Â… Â… Â…

Â’ &$3( RYSW VHW RI VHYHQ PLQW JRRG ILQH 6* FDW Â… Â… Â… 2/' 7,0( &ROOHFWLRQ LQF FRORQLHV ZLWK EHWWHU SLFNLQJV D VWRFNSDJH ZLWK HDUO\ HPERVVHG 67& Â… { &DSH RYSW VHW XVHG 6* &DW .LQJ 0DQXHO U PLQW FHUHV WR F PLQW LQF F Â… Â… Â… 5RVH DQG %URZQ FÂ… ,QGHSHQGHQFH VXUFK VHW RI 0 ,QGHSHQGHQFH VHW RI PLQW FÂ… 0DQ\ V Â’ $UPV ODUJH IRUPDW LVVXHV PLQW ZLWK YDOXHV WR RI VWDPSV PDLQO\ ILQH XVHG Â… Â… G 6* FKLHIO\ ILQH FDW Â… Â… Â… 32670$5.6 RI 3RUWXJDO E\ 6DOYL HGLWLRQ

XVHG Â… Â… Â’ )DOOV VHW PLQW 6* Â… Â…

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


Â’ '28%/(+($' G 6* IUHVK PLQW ILQH

Â’ :25.(56 U LQVFULEHG DV LPSHUI SODWH Â’ QR FRUQHU EORFN IUHVK 80 6* D Â… Â…

VWDPS Â… Â… 5+2'(6,$ %RUGHU 0LQLQJ &RUSRUDWLRQ /WG VKDUH FHUWLILFDWH ZLWK .*9 SRVWDJH DQG 5HYHQXH VWULS RI DQG 5HYHQXH VWULS RI RQ WKH UHYHUVH 4 4 0LQHV /WG FHUWLILFDWH ZLWK SRVWDJH DQG 5HYHQXH SOXV 5HYHQXH RQ WKH IURQW $ VFDUFH SDLU RI FHUWLILFDWHV Â… Â… { 4(,, ILQH XVHG ZLWK PDQ\ EHWWHU VHWV

Â’ /(1,1 02851,1* N ODUJHU IUDPH 6* D Â’ DV IUHVK 80 PDUJLQDO EORFN FKRLFH FDW Â… Â… Â… Â’ :25.(5 N W\SH ,, LPSHUI 6* 80 UDUH Â’ ZLWK SULQWHUV SHUIRUDWLRQV WKURXJK VWDPS H[SHUWLVHG QRUPDO FDW

Â… Â… Â… Â’ :25.(56 N 80 YHUWLFDO SDLU ZLWK '28%/( Â’ 3(5)25$7,21 (5525 KRUL] DQ XQXVXDO HUURU 6*

,QGHSHQGHQFH RYSW VHW RI 'HILQ VHW RI 0DUGRQ VHW RI H[WHQVLYH FRPPHPRUDWLYH VHWV SRVWDJH GXHV 1HZ &XUUHQF\ GHILQ VHW RI $ ILQH FROOHFWLRQ RI VWDPSV Â… Â…

YDU Â… Â…

&29(56 LQWHUHVWLQJ VHOHFWLRQ RI FRYHUV

5R\DO 7RXU FRYHUV ZLWK VSHFLDO FDQFHOV LQF RIILFLDO UHJG HQY ZLWK 5R\DO 7UDLQ UHJG KV ZLWK 5KRGH &HQWHQDU\ òG G DQG òG IUDQNLQJ 5KRGHV VHW RQ LOOXVWU 7UDGH 8QLRQ HQY )', ZLWK 4(,, &RURQDWLRQ *% VHW RQ WKH UHYHUVH ZLWK )', LOOXVWU &RURQDWLRQ FRYHU ZLWK 5KRGH &HQWHQDU\ DQG 4(,, &RURQDWLRQ VWDPS )', 6 5KRGHVLD GHILQV òG WR RQ LOOXVWU )'& 5KRG DQG 1\DV GHILQV òG WR RQ LOOXVWUDWHG )'& $Q LQWHUHVWLQJ JURXS RI FRYHUV Â… Â…

Â’ 602/1< ,167,787( N VSHFWDFXODU FRUQHU Â’ PDUJLQDO EORFN 80 PLV SHUIRUDWHG LPSHUI KRUL] DQG

DGGLWLRQDO YHUWLFDO SHUIV 6* YDU VHH LPDJH Â… Â… Â’ ('8&$7,21 N ZLWK EURNHQ , 2 YDULHW\ IUHVK Â’ 80 =DJRUVN\ NF FDW 86 Â… Â… Â…

Â’ ,03(5) N 1RUWK 3ROH =HSSHOLQ VWDPS DV 80 Â’ EORFN VFDUFH PXOWLSOH 6* Â… Â…

Â’ ,03(5) DLUVKLS LVVXHV PLQW N N N U 8QXVXDO PXOWL FRORXUHG IRUJHULHV RI DGPLUDOV Â… 6* FDW Â… Â… Â… GRXEOH KHDGV Â… LPSHUI EHWZHHQ YHUWLFDO SDLUV WR Â… GLIIHUHQW LWHPV Â… Â… Â’ ,03(5) YDULHW\ N VHSLD &KDGUD 6* D 80 Â’ VFDUFH Â… Â… 5+2'(6,$ 1<$6$ '(),1,7,9( VHW RQ DQ LOOXVWUDWHG )'& ZLWK ILQH

1HZODQGV 6DOLVEXU\ FGV $ ILQH FRYHU Â… Â…

Â’ ,03(5) N 7ROVWR\ 6* IUHVK 0 YHU\

VFDUFH Â… Â…

{ )LQH XVHG 'HILQLWLYHV VHW WR Â… LQF &RLO

{ 9$5,(7< WZR PDUJLQDO VLQJOHV RI N 3LRQHHUV

VWDPSV 'HILQLWLYHV VHW WR Â… LQF &RLO VWDPSV &RPPHPRUDWLYH VHWV DQG 3RVWDJH GXH VHW $ JRRG ORW &DW Â… Â… Â…

HDFK ZLWK DGGLWLRQDO LPSUHVVLRQ NLVV SULQW LQ WKH PDUJLQ XQXVXDO 6* E Â… Â…

{ (55256 DLUPDLO U LPSHUI EHWZHHQ VWDPS PDUJLQ 9)8 RQ SLHFH YHU\ VFDUFH DQG U LPSHUI )8 H[ 06 VHW RI SOXV FRLO VWDPSV DQG ERWK VKDGHV RI WKH G 6* YDU Â… Â… GHILQ VHW RI SOXV òG DQG G FRLO VWULSV RI D YHU\ JRRG UXQ RI FRPPHPV LQF .DULED 'DP G *RUJH IODZ 5HSO\ { 9(5< ),1( 86(' ZLWK EHWWHU VHWV QRWH 'HDWK RI 6XULNRY FÂ… /HUPRQWRY FÂ… /HQLQ 0XVHXP &RXSRQ XVHG \HDUV DIWHU WKH EUHDN XS RI WKH )HGHUDWLRQ $ FÂ… 8]EHF 3RHW FÂ… 9LHZV FÂ… $ VPDOO ILQH FROOHFWLRQ RI VWDPSV ZULWWHQ XS RQ SDJHV EXW YHU\ XVHIXO FROOHFWLRQ RI VWDPSV Â… Â… Â… Â… { 02%,/,6$7,21 N SHUI YDULHW\ DV 9)8 EORFN 580$1,$ VFDUFH 6* D FDW Â… Â… Â… (DUO\ )RUJHULHV RI 3ULQFH &DURO 1HZ &XUUHQF\ { 1$7,21$/ '()(1&( N 9)8 6* FDW DQG 3ULQFH $OH[DQGHU LQF )IRXULHU )RUJHULHV XVHG DQG RGG XQXVHG ZLWK D YDULHW\ RI YDOXHV VWDPSV Â… NH\ VWDPS Â… Â… Â… Â… ^3KRWR` Â’ 7<3( ,, N 6* E IUHVK 0 FDW Â… 5866,$ Â… Â… 9HU\ HDUO\ HQWLUH ZLWK :(1'(1 VWUDLJKW OLQG KV VLPLODU PDUWD DUULYDO KV :D[ VHDO 8QXVXDO Â… Â… Â’ ,03(5) $7 5,*+7 (5525 N VWDPS DQQLY LVVXH 80 6* SOXV NU SULQWLQJ YDULHW\ LQ SDLU ZLWK QRUPDO { (DJOH VHW RI )8 6* FDW Â… N ZLWK 6* YDULHWLHV Â… Â… VXSHUE ER[HG FDQFHO Â… Â… Â’ ,03(5) FRUQHU EORFNV RI IRXU 5XVVLDQ { 4(,, FROOHFWLRQ RQ ROG DOEXP SDJHV GHILQV

Â’ ($*/( NU 6* PLQW SDUW 2* JRRG H[DPSOH

RI WKLV FODVVLF FDW Â… Â… Â… { 5XVVLDQ 32 LQ WKH /HYDQW SD SL VKLSSLQJ

Â’ 5HYROXWLRQ VHW IUHVK 80 SOXV EORFNV RI IRXU SHUIRUDWHG 6*

E EORFNV Â… Â… Â’ ,03(5) %(7:((1 67$03 $1' 723 Â’ 0$5*,1 N %XLOGLQJ 6* E IUHVK 80 HOXVLYH

Â… Â…

VWDPSV ERWK IX ZLWK JRRG PDUJLQV VFDUFH 6* Â… Â…

Â’ 1$7,21$/ 6&,(17,67 ILUVW SULQWLQJ VHW ODUJH

Â’ :$5 &+$5,7< ZLWK GLIIHUHQW SHUI W\SHV SOXV

6SHFLPHQ RYSWV ZKLWH SDSHU VHWV SOXV 5HG &URVV HQY ZLWK N WHWH EHFKH SDLU ZKLFK ZDV LVVXHG DW WKH WLPH XQXVHG VWDPSV PLQW Â… Â… Â’ 2%/,*$725< 7$; W JUHHQ W WULDQJOH

D VFDUFH VHW FRPSDUHG WR WKH VHFRQG SULQWLQJ FDW 86 PLQW Â… Â… Â’ ,03(5) %(7:((1 VWDPS DQG ULJKW PDUJLQ Â’ N %DODNLUHY 6* IUHVK 80 Â… Â… Â’ (;&(37,21$/ &2//(&7,21 RI GLIIHUHQW Â’ LVVXHV SOXV 06 VKHHWOHWV ZLWK PDQ\ EHWWHU VHWV

VKDGHV DOO IUHVK XQXVHG LV LVVXHG VFDUFH 6* FDW Â… Â… Â…

3DLQWLQJV 'RJV %LUGV (XURSD VHOGRP VHHQ PRGHUQ FROOHFWLRQ XQPRXQWHG PLQW *HRUJLD YHU\ KLJK FDW YDOXH LQ PRGHUQ LVVXHV Â… Â…

Â’ (5525 EURQ]H RYHUSULQW GRXEOH U U RQ

U IUHVK PLQW UDUH HDUO\ YDULHW\ 6* YDU H[SHUWLVHG RQ UHYHUVH Â… Â…


Â’ 2/' $/%80 SDJHV ZLWK EHWWHU SLFNLQJV

6$,17 .,776 1(9,6

$YLDWLRQ 'D\ VHW PLQW 5HG $UP\ VHW ZLWK GLIIHUHQW SHUI { 6&277 DOEXP SDJHV ZLWK D ILQH XVHG VHOHFWLRQ W\SHV $LUFUDIW VHW RI 2UGHUV DQG 0HGDOV LVVXHV $ ILQH &ROXPEXV WR G SLFWRULDOV WR :DU FROOHFWLRQ RI VWDPSV FDW Â… PLQW LQF XQPRXQWHG PLQW VWDPS .*9 GHILQV ZLWK YDOXHV WR VHW IRU LVVXHV EHWZHHQ DQG Â… Â… WR 7HUFHQWHQDU\ WR G $ ILQH UDQJH RI { 2/' $/%80 ZLWK LVVXHV WR ZLWK EHWWHU VWDPSV PDLQO\ ILQH XVHG FDW Â… Â… Â… SLFNLQJV PDLQO\ ILQH XVHG 1RWH DLU VHW 6* 0 Â’ .*9 08/7,3/( &52:1 &$ 6LGHZD\ VHW WR 5HG &DYDO\ VHW RI PLQW 6RYLHW 0DUW\UV )8 WHQ 6* PLQW Â… Â… \HDUV ZLWKRXW /HQLQ )8 $QWL ZDU )8 /DQGVFDSHV )8 D ILQH UDQJH RI VWDPSV ZLWK PDQ\ VHWV Â… Â…

Â’ '(),1,7,9( ZLWK DGGLWLRQDO VKDGHV

LGHQWLILHG RQ D SDJH PLQW LQF $ IHZ 80 Â… Â…

Â’ 2/' 3$*(6 ZLWK FRPPHPRUDWLYHV ZLWK VHWV

IURP WR QRWH 3LRQHHUV ZLWK GLIIHUHQW SHUIV 3XVKNLQ ZLWK GLIIHUHQW SHUI W\SHV 9LHZV RI &ULPHD DQG &DXFDVXV VHW RI FÂ… 1HZ 0RVFRZ VHW RI FDW Â… <RXQJ /HQLQ &RPPXQLVWV VHW RI 6RYLHW 6SRUW VHW RI ZLWK D FDW YDOXH RYHU Â… D YHU\ JRRG FROOHFWLRQ RI VWDPSV HDFK GLIIHUHQW PLQW Â… Â…

{ 6,/9(5 -8%,/(( YDULHW\ òG .LWH DQG 9HUWLFDO

/RJ 6* N ILQH XVHG 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

Â… Â… Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, YHU\ LQF $UPV ZLWK SRVWKRUQV WR N H[ N FRPSOHWH IRU WKH SHULRG GHILQV WR Â… ZLWK GLIIHUHQW 7KXQGHUEROWV :DU 2USKDQV VHW SOXV N ZLWK $ DQG N SULQWLQJV SHUIV 6 :HGGLQJ GHILQ VHW RI 4(,, ZLWK 3 RYSWV 6SHFLPHQ $ JRRG ORW RI VWDPSV PLQW GHILQ VHW ZLWK VKDGHV $ ILQH UDQJH RI Â… Â… FRPPHPRUDWLYH VHWV $ ILQH FROOHFWLRQ RI VHW PLQW 5<8.<8 ,6 Â… Â… Â’ 'RYH RI 3HDFH $LU 6HW 80 6* Â’ 9$5,(7< EODFN DQG JUHHQ ZLWK EUHDN LQ Â’ Â… Â… YDOXH WDEOHW IUDPH 6* D PLQW Â… Â… 4 Â’ 2/' 3$*(6 ZLWK LVVXHV EHWZHHQ DQG

6$,17 /8&,$ 9(5< &2035(+(16,9( VWDPS FROOHFWLRQ KRXVHG LQ WZR DOEXPV ZLWK DGGLWLRQDO PDWHULDO PLQW DQG 80 { 6* G )8 FDW Â… Â… Â… V ILUVW SULQWLQJ GHILQV RQ JUH\ SDSHU GHILQ VHW 'RYH RI 3HDFH 8QLYHUVLW\ DQG $IIRUHVWDWLRQ LVVXHV &XOWXUDO 7UHDVXUHV $PHULFDQ %DVH FRYHU Â’ 6* G IUHVK XQXVHG DV LVVXHG 3HUU\ VHW 80 )'& D VSHFWDFXODU PXOWL IUDQNHG FRYHU ZLWK VL[ Â… Â… GLII HDUO\ LVVXHV DLUPDLO *RGGHVV VHWV 1HZ &XUUHQF\ VHW 80 DQG DQ LQWHUHVWLQJ FRPELQDWLRQ FRYHU DQG PXFK HOVH ZLWK Â’ 6* G IUHVK XQXVHG DV LVVXHG FDW DGGLWLRQDO FRYHUV *RRG ORW Â… Â… Â… Â… Â… 6$,17 +(/(1$

{ 2/' 7,0( FROOHFWLRQ FDWDORJXHG RYHU Â…

Â’ 9$5,(7< G &OHIW 5RFN 6* F PLQW

Â… Â… { &OHIW 5RFN YDULHW\ G 6* F )8 Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ òG 'LDJRQDO /LQH E\

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’ 6LOYHU -XELOHH YDULHW\ òG GLDJRQDO OLQH E\ WXUUHW

7XUUHW 6* ) 0LQW Â… Â…

6* I IUHVK PLQW Â… Â…

Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, YHU\

Â’ 6LOYHU -XELOHH YDULHW\ òG 'RW WR OHIW RI &KDSHO FRPSOHWH IRU WKH SHULRG GHILQ ZLWK ERWK VKDGHV RI WKH G

ILQH PLQW 6* * Â… Â… 6 :HGGLQJ 4(,, GHILQ VHW RI GHILQ VHW RI D YHU\ JRRG UDQJH RI FRPPHPRUDWLYH VHWV $ ILQH Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, YHU\ FROOHFWLRQ RI VHWV PDLQO\ IUHVK PLQW Â… Â… FRPSOHWH IRU WKH SHULRG GHILQ WR Â… ZLWK GLIIHUHQW SHUI 3267&$5' DGGU WR %RWVDEHK /HSHU $V\OXP W\SHV 6 :HGGLQJ 1HZ &XUUHQF\ VHW WR %DVXWRODQG IUDQNHG òG $ KLJKO\ XQXVXDO GHVWLQDWLRQ LWHP 4(,, GHILQV WR ZLWK VKDGHV 6WDWH +RRG YHU\ ILQH Â… Â… VHW LQF F DQG 3RVWDJH GXH VHW RI 3RVWDJH GXH VHW RI $ YHU\ JRRG UDQJH RI VHW IUHVK { 672&.&$5' ZLWK 49 LQF ZLWK 6SHFLPHQ Â’ KDQGVWDPS D YDULHW\ RI RYSWV WR .*9 EDGJH G PLQW Â… Â… EURNHQ PDVW )8 G ZLWK WRUQ IODJ PLQW $Q LQWHUHVWLQJ ORW RI Â’ (':$5' PLQW FROOHFWLRQ VHW RI VWDPSV PDLQO\ )8 Â… Â… &ROXPEXV $QQLY WR LQF òG G òG G G DQG ZLWK SODWH QXPEHUV FDW Â… Â… Â… 6$,17 .,776 Â’ .*9 PLQW ZLWK GHILQLWLYH WR DQG

Â’ 6W &KULVWRSKHU 6* IUHVK P

6LOYHU -XELOHH VHW RI IUHVK PLQW $ JRRG VHOHFWLRQ RI VWDPSV Â… Â…

Â… Â… Â’ 63(&,0(16 RYSW VHW RI 6*

6$,17 9,1&(17

LV IDXOW\ DQG G VLQJOH X LVVXH 6* 6 6 FDW { :$7(50$5. UHYHUVHG G 6* [ DV DQ DWWU Â… Â… Â… )8 SDLU ZLWK FRPSOHWH GXSOH[ FHQWUDOO\ VWUXFN Â… Â… { $ILQH VHOHFWLRQ RI XVHG 49 LVVXHV FDW Â… YDOXHV WR G GLII ZPNV òRYSW DQG G RYSW Â’ 63(&,0(1 RYSW 49 VHW RI PLQW 6* 6 1LFH Â… Â… FDW Â… Â… Â…


Â’ :$5 7$; (5525 G YHUWLFDO VWULS RI WKUHH

&(17(1$5< VHW RQ DWWU )'& UHJG IURP

ZLWK WKH PLGGOH VWDPS VKRZLQJ GRXEOH RYSW HUURU 6* D PLQW Â… Â…

.XFKLQJ 6* Â… Â… &(17(1$5< VHW RQ ILQH ORFDO )'& 6*

{ 6LOYHU -XELOHH YDULHW\ .LWH DQG +RUL] /RJ

Â… Â…

ILQH XVHG 6* / 2QH RI WKH PRVW HOXVLYH YDULHWLHV WR REWDLQ Â… Â… ^3KRWR`

,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…

Â’ 63(&,0(1 3HUI 6LOYHU -XELOHH VHW PLQW

6* 6 Â… Â… Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, YHU\

FRPSOHWH IRU WKH SHULRG ,QF GHILQ VHW RI 6$8', $5$%,$ 6 :HGGLQJ 1HZ &XUUHQF\ VHW RI 838 4(,, GHILQ VHW RI GHILQ VHW RI DQG GHILQ VHW RI Â’ *DV 3ODQW DQG 'DP GHILQV IUHVK 80 YDOXHV $ VXSHUE UDQJH RI FRPPHPRUDWLYH $ YHU\ ILQH FROOHFWLRQ RI Â’ WR S 6* DQG Â… Â… ^3KRWR` VHWV IUHVK PLQW Â… Â… Â’ 'HILQ LVVXHV IUHVK 80 YDOXHV +RUVHPDQ .*9, Â… WRS YDOXH 6* RQ VXSHUE VPDOO Â’ 0RVTXH 0HFFD LVVXHV ZLWK YDOXHV WR S 6* UHJ G FRYHU WR 8. WLHG .LQJVWRQ &'6 Â… Â… (OXVLYH Â… Â… ),1( 86(' FDWDORJXHG Â… Â’ 'HILQLWLYH LVVXHV IUHVK 80 EHWZHHQ Â’ $OO GLIIHUHQW ZLWK YDOXHV WR S +LJK &9 LOOXVWUDWHG )'& V LQF PDS ERRNOHW SDQHV IURP WKH GLIIHUHQW LVODQGV LQGHSHQGHQFH 2937 VHW D YHU\ Â… Â… JRRG UDQJH ZLWK ODEHO RU QR DGGUHVV Â… Â… Â’ 0RVTXH GHILQV VHW RI WR S IUHVK 80 Â’ 6* Â… Â… $Q LQWHUHVWLQJ VHOHFWLRQ LQ D SDFNHW FRYHUV ZLWK 2+06 WR 86$ ZLWK WZR *RYW &DFKHWV DQG G UDWH ILQH FRYHU YDULRXV )'& LQF .*9, GHILQV %LUGV WR Â’ 0RVTXH GHILQV WR S IUHVK 80 GLIIHUHQW Â’ YDOXHV (OXVLYH 6* VHULHV Â… Â… RQ YHU\ ILQH )'& )HZ VWDPSV LQF .*9, Â… Â… Â… ,17(5(67,1* JURXS RI FRYHUV HQY ZLWK

6(5%,$ 4(,, GHILQV WR F UHJG VHQW WR 86$ DLUPDLO HQY ZLWK 4(,, F [ [ UHJG VHQW WR 8. 2+06 HQY ZLWK Â’ &/$66,&6 3ULQFH VHW RI WKUHH RQ 3HOXUH SDSHU UR\DO YLVLW VHW RQ WKH IURQW RQ WKH UHYHUVH EORFN RI WKH F PLQW XQXVHG 6* FDW Â… (OXVLYH LVVXHV DQG &KXUFKLOO F ZLWK 6W 9LQFHQW SRVW RIILFH GHSW FDFKHW Â… Â… HQY V ZLWK .160 06 3\JPDOLRQ FDQFHOV VHQW WR 8. RQH 6(<&+(//(6 ZLWK )UHQFK SRVWDJH GXH 2+06 HQY ZLWK *RYHUQPHQW +RXVH FDFKHW D JRRG ORW RI FRYHUV Â… Â… { 49 RQ SDJHV ZLWK EHWWHU SLFNLQJV LQF F FDW Â… VXUFK F RQ F FÂ… FRORXU FKDQJH F Â’ 9$5,(7,(6 2) 4(,, 80 IHDWXUH LQ WKLV Â’ LQWHUHVWLQJ DOEXP FROOHFWLRQ ZLWK SRVLWLRQDO EORFNV DQG PXFK FDW Â… U F FDW Â… F RQ U FDW Â… $ ILQH VHOHFWLRQ RI VWDPSV FDW Â… )LQH XVHG Â… Â… LQWHUHVWLQJ VWDPSV *UHQDGLQHV %,5'6 LVVXHV LQF 6SHFLPHQ VHW SRVLWLRQDO EORFNV ZLWK RYSW YDULHWLHV F 3DUURW Â’ '(17(' )5$0( YDULHW\ F 6* D 80 VPDOO Â’ DJH VSRW PHQWLRQHG IRU DFFXUDF\ VFDUFH 80 Â… Â… EORFNV VKRZLQJ FRQVWDQW EURNHQ IUDPH VKHOO GHILQV LQ EORFNV ZLWK YDULHWLHV LQYHUWHG ZPNV DQG PRUH Â… Â… Â’ 63/,7 $ YDULHW\ .*9 F IUHVK PLQW 6* Â’ :$7(50$5. HUURUV 80 GLII F D Â… Â… Â’ 0DS 6* Z %LUGV LQF F Z )LVK GHILQV WR F )LQH JURXS KLJK &9 Â… Â… { .*9 VHW RI ILQH XVHG LQF U 'LH , 0RVWO\ 6$02$ VHOHFWHG FGV H[DPSOHV ZLWK D JRRG UDQJH RI FDQFHOV $WWU VHW UHTXHVW VFDQV 6* Â… Â… <$&+7 òG *5, RYSW 6* UHPDUNDEOH XVH ,1&5(',%/< ODWH XVH RI 49 U F KLJK YDOXH

RI VL[ VWDPSV XVHG RQ VPDOO FRYHU WR /RQGRQ PXOWL FDQFHOOHG *32 6XYD FGV UDUH PXOWLSOH IUDQNLQJ SD\LQJ G UDWH )LQH Â… Â… 6* 1= RYSWV VHW RI VL[ WR QLFHO\ XVHG

6* VXSHUEO\ XVHG RQ VPDOO UHJG FRYHU WR 8. WLHG 9LFWRULD FGV DUULYDO EV ([FHSWLRQDO TXDOLW\ WKHVH KLJK YDOXHV DUH UDUHO\ IRXQG RQ FRYHU XQSULFHG RQ FRYHU Â… Â…

RQ ORFDO FRYHU HDFK WLHG $SLD FGV 9HU\ SUHWW\ Â… Â… { 6LOYHU -XELOHH YDULHW\ F VKRUW H[WUD )ODJVWDII 9)8 6* % Â… Â… ^3KRWR`

Â’ 6LOYHU :HGGLQJ 3HQQ\ 3HUIRUDWLRQ YDULHW\

Â’ 6LOYHU -XELOHH YDULHW\ U H[WUD )ODJVWDII IUHVK

6* $ 0LQW RQO\ SULQWHG Â… Â…

PLQW LQ SDLU ZLWK QRUPDO 6* $ Â… Â…

Â’ 2/' 3$*(6 ZLWK ([SUHVV SRVWDJH WR

Â’ 6LOYHU -XELOHH YDULHW\ U /LJKWHQLQJ &RQGXFWRU

SRVWDO ILVFDO G $QQLY RI 1HZ =HDODQG FRQWURO SLFWRULDO VHW RI D JRRG VHOHFWLRQ RI VWDPSV PLQW Â… Â…

6* & )UHVK PLQW Â… Â…

::, &29(5 WR 8. IUDQNHG òG 6DPRD RYSW

ZLWK 3DVVHG E\ &HQVRU FDFKHW 8QXVXDO Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ F VKRUW H[WUD )ODJVWDII Â’ 80 LQ FRUQHU EORFN KLQJH LQ PDUJLQ %OXH IUDPH FRORXU ,QN

6SODVK XQXVXDO 6* % Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ F H[WUD )ODJVWDII IUHVK

6$5$:$.

PLQW ZLWKLQ EORFN 6* $ Â… Â… ^3KRWR`

0,66,21$5< 0$,/ ZULWWHQ IURP 6DUDZDN WR

WKH YHU\ 5HY G ) +HQU\ 0LOO +LOO 0LVVLRQ /RQGRQ DQG Â’ .*9, GHILQLWLYHV FDWDORJXHG RYHU Â… VXEVHTXHQWO\ UHGLUHFWHG WR 6W 3HWHUV $SRVWOH 6FKRRO F JUHHQ F RUDQJH JUHHQ F VFDUOHW JUH\ )UHVKILHOG 1 /LYHUSRRO EHDULQJ ORFDO LVVXH F 6* WLHG EOXH F UHGGLVK YLROHW F EURZQ FDUPLQH F EOXH LQGLVWLQFW FGV 6WUDLWV 6HWWOHPHQWV F 6* DSSOLHG IRU WUDQVLW F EURZQ RFKUH F FDUPLQH DQG F VODWH EOXH WLHG 6LQJDSRUH FGV $ UDUH SUH 838 FRPELQDWLRQ FRYHU Â… Â… HQGRUVHG SULYDWH ILQH QR EDFN IODS IXUWKHU 6LQJDSRUH WUDQVLW FGV RQ UHYHUVH IURP D 0LVVLRQ LQ 6DUDZDN Â… Â…


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

{ ,17(5(67,1* 0,;785( LQ ZDOOHWV PXFK .*9, LQF FRYHUV QRWLQJ UHJG SRVWHG RQ VWHDPHU FDFKHW

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… Â’ 3267$*( '8(6 XVHG RQ FRYHUV ILQH ORW RI VPDOO FRYHUV VKRZLQJ D ZLGH UDQJH RI GXH XVDJHV LQF PXOWLSOH FRPELQDWLRQV ZLWK 9LFWRULD RU /D 'LJXH FGV 9HU\ JRRG JURXS Â… Â… { /2&$/ &29(5 WR /D 'LJXH IUDQNHG F F

WRJHWKHU ZLWK F SDLU F F 3267$*( '8(6 WLHG FGV 7 KV VFDUFH Â… Â… 5HJLVWHUHG (QYHORSH .*9, XSUDWHG ZLWK F WR

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…

SRVWDJH VWDPSV XVHG LQF WR Â… Â… :HGGLQJ 9)8 VXSHU UHJG FRYHU IUDQNHG :LOEHUIRUFH LVVXHV ZLWK PDWFKLQJ :LOEHUIRUFH SRVWPDUNV UHJG FRYHU WR 6ZLW]HUODQG IUDQNHG G :LOEHUIRUFH HWF TW\ Â… Â… ,17(5(67,1* ROG WLPH PLQW VHOHFWLRQ SDJHV .*9 GHILQV WR G DV PLQW 3$,56 GHILQV WR G DV PLQW 3$,56 WR WR Â… FÂ… HWF VWDPSV Â… Â… .*9, ILQH XVHG RQ DOEXP SDJHV &RURQDWLRQ GHILQ VHW RI FÂ… 9LFWRU\ 6LOYHU :HGGLQJ FÂ… 838 D ILQH UDQJH Â… Â… 3DJHV ZLWK D UDPEOLQJ PL[WXUH QRWH 6 -XELOHH VHW RI PLQW GHILQ VHW RI SOXV %ODFN DQG 3XUSOH PLQW GHILQ VHW RI .*9, 6 :HGGLQJ VHW PLQW 6FRXWV 6 $ PLQW D XVHIXO UDQJH RI LWHPV ZLWK PXFK EHLQJ PLQW Â… Â…

3267$/ 67$7,21(5< DQ H[WHQVLYH XVHG

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…

VWXG\ LQ DQ DOEXP LWHPV ZLWK PXFK GHWDLOV LQF YDULRXV XVHG 9LFWRULDQ SRVWDO FDUGV (GZDUG HQYHORSHV XVHG RQH HQGRUVHG 3HU 66 &RQJR UHJG HQYV XSUDWHG .*9 G HQYHORSH XSUDWHG WR 86$ .*9 YDULRXV UHJG HQYV XVHG G G :LOEHUIRUFH RQ FRYHU WR 6ZLW]HUODQG .*9, G HQY XSUDWHG WR 86$ DQG FHQVRUHG ,RQ\O PHGLFLQH FDUG XVHG 4(,, LQF VFDUFH XVH RI JROG HPERVVHG VKDSH VWDPSV RQ UHJG FRYHUV HWF *RRG TXDOLW\ Â… Â…

6,1*$325( 6,1*$325( %($5,1* ER[HG FDFKHW RQ

5($/ SKRWR W\SH SLFWXUH SRVWFDUGV LQ EODFN DQG

ZKLWH HDFK ZLWK D GLIIHUHQW YLHZ XQXVHG Â… Â…

UHYHUVH RI VPDOO HQYHORSH WR &DSW RI 5R\DO 1DY\ LQ /RQGRQ VPDOO DUDELF ZDIHU VHDO RQ IODS YDULRXV DUULYDO FGV )DXOWV DQG VRPHZKDW FUXPSOHG EXW XQXVXDO Â… Â… 3$,' $7 6,1*$325( LQ UHG FGV RQ VPDOO

Â’ 63(&,0(1 29376 RQ 49 LVVXHV $ PRVW

HQYHORSH WR 8. VPDOO KDQGVWDPS FURVVHG RXW HQGRUVHG SDLG G 3O\PRXWK SDFNHW OHWWHU DUULYDO FGV RQ UHYHUVH PRVW XQXVXDO Â… Â… ^3KRWR`

DWWUDFWLYH PLQW ORW RI ZLWK YDOXHV WR F Â… Â…

6,(55$ /(21( Â’ .*9 SLFWRULDO VHW IUHVK P 6*

Â… Â… ^3KRWR` Â’ 6LOYHU -XELOHH YDULHW\ H[WUD )ODJVWDII

$ ILQH FROOHFWLRQ RI XQDGGUHVVHG LOOXVWUDWHG

)'& V VWUHQJWK LQ V LVVXHV 6HHQ ,QVHFW VHW RI 0DSV 1DWLRQDO 0RQXPHQWV 6WDPS ([KLELWLRQ %LUGV $ JRRG ORW Â… Â…

6* $ ILQH PLQW LQ FRUQHU SDLU ZLWK QRUPDO Â… Â… Â’ $ VHOHFWLRQ RI GLIIHUHQW HDUO\ 06 IUHVK 80 LQF Â’ 2VDND JDPHV VKLSSLQJ HWF +LJK &9 ^3KRWR` Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ VKRUW H[WUD )ODJVWDII :UHFN 0DLO (QYHORSH IURP $XVWUDOLD WR 8. ZLWK PLQW 6* % Â… Â… ER[HG VDOYDJHG 0DLO $LUFUDIW &UDVK 6LQJDSRUH Â’ 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII IUHVK 6PRNH 'DPDJHG Â… Â… PLQW ZLWKLQ PDUJLQDO EORFN 6* $ Â… Â…

6/29$.,$

Â’ 6LOYHU -XELOHH YDULHW\ G /LJKWQLQJ &RQGXFWRU Â’ 80 ZLWKLQ FRUQHU EORFN 6* & Â… Â…

Â’ 7:2 /,1'1(5 KLQJOHVV DOEXPV ZLWK WKH PRVW Â’ H[WHQVLYH FROOHFWLRQ RI SHUIHFW 80 PDWHULDO V PDQ\ HDUO\

Â’ 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII PLQW LQ

FRUQHU SDLU ZLWK QRUPDO 6* $ Â… Â…

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…

Â’ 6LOYHU -XELOHH YDULHW\ G /LJKWQLQJ &RQGXFWRU 620$/,$ Â’ 6* & 80 DOVR DQRWKHU G 0LQW ZLWK VLPLODU YDULHW\ WR /HIW RI Â’ ,WDOLDQ 3R F / / DOO IUHVK PLQW 6* Â’ &KDSHO Â… Â…

&DW Â… Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII

Â’ 6PDOO EXW XVHIXO UDQJH RI VHWV LQF

6* $ 0LQW Â… Â… 8QXVXDO XVH RI %DUFOD\V %DQN HQYHORSH IROGHG

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…

)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…

Â’ (5525 F GLDPRQG VKDSH ZLWK EULJKW JUHHQ Â’ DQG JROG RPLWWHG LQVFULSWLRQ DQG IDFH YDOXH 6* D DV IUHVK

80 SDLU $ UDUH PXOWLSOH Â… Â…

620$/,/$1' 3527 Â’ 620$/ /$1' YDULHW\ òD IUHVK PLQW LQ SDLU

ZLWK QRUPDO Y ILQH 6* G Â… Â…

Â’ (5525 F 'LDPRQG VKDSH ZLWK EULJKW JUHHQ Â’ DQG JROG RPLWWHG LQVFULSWLRQ DQG IDFH YDOXH 6* D ILQH

Â’ 620$/ /$1' YDULHW\ D IUHVK PLQW LQ SDLU ZLWK

QRUPDO Y ILQH 6* F Â… Â…

80 Â… Â…


{ 6LOYHU MXELOHH VHW YIX FKRLFH 6*

Â… Â…

{ 0$)(.,1* %(6,(*(' G RQ òG YIX RQ

SLHFH ZLWK FRPSOHWH FGV SPN 6* Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ U .LWH DQG +RUL] /RJ

{ 0$)(.,1* %(6,(*(' RQ 6*

6* / )LQH PLQW Â… Â… ^3KRWR`

ILQH XVHG FDW Â… VOLJKW ORVV RI FRORXU KHQFH ORZ HVWLPDWH Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ F .LWH DQG 9HUWLFDO /RJ { 0$)(.,1* %(6,(*(' G RQ G YIX RQ

6* . 0LQW Â… Â…

SLHFH ZLWK FRPSOHWH FGV 6* Â… Â…

4 (;35(66 DLUPDLO FRYHU WR 8. ZLWK VWDPS

{ 0$)(.,1* %(6,(*(' G RQ SHQQ\ OLODF

FRPELQDWLRQ DQG ([SUHVV KV Â… Â…

6* YIX Â… Â…

6287+ $)5,&$

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

{ 2SHQLQJ RI 8QLRQ 3DUOLDPHQW òG 6* ZLWK

ILQH XVHG 6FDUFH VWDPS Â… Â…

VXSHUE 'HXWVFKH VHHSRVW +DPEXUJ PDULWLPH FDQHO 6XSHUE 6PDOO VWDPS IDXOWV Â… Â…

{ 0$)(.,1* %(6,(*(' G RQ G YIX 6*

4 $,50$,/ FRYHUV ILUVW IOLJKW EHWZHHQ

Â… Â…

&DSHWRZQ DQG 'XUEDQ ZLWK VSHFLDO IOLJKW FDQFHO SOXV )RXQG { 5(9(18( )5$*0(176 ZLWK VWUHQJWK LQ 2SHQHG ODEHO DWWDFKHG 3RUW (OL]DEHWK WR 'XUEDQ H[SHULPHQWDO V .*9, LVVXHV VXEVWDQWLDO ORW RI DSSUR[ SLHFHV IOLJKW FDUG ZLWK 6$ DLUPDLO FDFKHW VFDUFH GRXEOH ILUVW IOLJKW ZLGH UDQJH RI LVVXHV YDOXHV WR LQF XVH RI SRVWDJH FRYHU 6RPHUVHW :HVW VHQW WR (DVW /RQGRQ WKHQ G DLU VWDPS VWDPSV QRWH ::,, :DU (IIRUWV PDQ\ .*9, FRPELQDWLRQV DWWDFKHG DQG UH IORZQ WR 3RUW (OL]DEHWK ILUVW IOLJKW SRVWFDUG 2ULJLQDO ORW Â… Â… 0RVVHO %D\ ZLWK ILUVW IOLJKW &DSHWRZQ WR 'XUEDQ URXWH ZLWK 6287+ $5$% )(' VSHFLDO FDFKHW $ YHU\ JRRG ORW W\SHG XS ZLWK GHWDLOV RQ OHDYHV Â… Â… Â’ 8102817(' 0,17 FROOHFWLRQ RI VHWV LQF Â’ $UPV 6WDWH RI 6HL\XQG GHILQ VHWV ERWK RYSWV { ,035,17 PDUJLQDO SDLU G 6* E 9)8 OX[XV VHWV $ YHU\ JRRG FROOHFWLRQ RI VWDPSV HDFK GLIIHUHQW TXDOLW\ Â… Â… Â… Â… Â’ 6LOYHU -XELOHH YDULHWLHV VHW RI IRXU SDLUV DOO Â’ (;7(16,9( &ROOHFWLRQ RI VHWV ZLWK EHWWHU VKRZLQJ 7KH &OHIW 6NXOO )UHVK PLQW Â… Â… 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…

%RRNOHW SDQHV D ILQH VWXG\ RUJDQLVHG E\ DGYHUW SDQHV SDQHV PDMRULW\ DUH IUHVK PLQW SOXV D IHZ HOXVLYH ILQH XVHG SDQHV 1LFH ORW Â… Â…

Â’ 29(535,176 RQ $GHQ 6WDWH LVVXHV DQG -,3(; 06 6WXG\ 6* 06 $ FRPSOHWH Â’ )HG RI 6RXWK $UDELD VHW ZLWK 3HRSOHV 5HSXEOLF RI <HPHQ IUHVK PLQW VHW RI VKHHWOHWV IRU HDFK YDOXH DOO 3/$7(' DV SHU RYSWV 6WDWH RI +DGKUDPDXW RYSWV WR )LOV 6DWH WKH SDQH VHWWLQJV GLIIHUHQW PDUJLQDO DGYHUWV DOVR FRYHUV RI 6HL\XP RYSW VHW RI 6* &KXUFKLOO DQG .HQQHG\ RYSW PXOWL IUDQNHG WKHVH VKHHWV YDULRXV SDQHV XVHG RQ IOLJKWV DQG VHWV 80 $ ILQH UDQJH RI VWDPSV Â… Â… GLIIHUHQW GD\V VKHHWV Â… Â…

6287+ :(67 $)5,&$

Â’ 9$5,(7< &RURQDWLRQ SDLU ZLWK K\SKHQ RQ

{ 2)),&,$/ SHQQ\ 6* 2 DV D VXSHUE XVHG

$IULNDDQV VWDPS RPLWWHG 6* D PLQW Â… Â…

EORFN RI QLQH DQ LPSUHVVLYH PXOWLSOH 6* 2 Â… Â…

Â’ &200(025$7,9(6 PDLQO\ DV FRPSRVLWH

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\

EORFNV RI 9RRUWUHNNHU QRWH G EORFNV RI VHW DV EORFNV RI +XJXHQRW òG DV EORFNV RI IURP HDFK FRUQHU òG EORFNV RI IURP HDFK FRUQHU $ JRRG ORW FDW Â… VHOGRP VHHQ DV FRPSRVLWH EORFNV PLQW Â… Â…

RWKHU VWRSV RPLWWHG LQF 6* 2 D 2 E YHU\ IUHVK DQG KLJK &9 Â… Â…

922575(..(5 VHW RQ DQ LOOXVWUDWHG HQYHORSH

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…

6287+(51 1,*(5,$ Â’ 672&. 3$*( ZLWK 49 WR (GZDUG WR

:$5 ())257 /DUJH IRUPDW LVVXH $ VWXG\ RQ SDJHV PRVWO\ XVHG ZLWK EORFNV VKDGHV VRPH PLQW EORFNV LQF G EORFN ZLWK SRVLWLRQDO YDULHWLHV SPNV 8VHIXO ORW 4W\ Â… Â… :$5 ())257 VPDOO IRUPDW LVVXH 6* $ PRVW H[WHQVLYH FROOHFWLRQ LQ DQ $OEXP PDQ\ PLQW PXOWLSOHV VKRZLQJ GLIIHUHQW FRORXU PDUJLQDO LQVFULSWLRQV YDULHWLHV H[FHOOHQW ORW RI XVHG EORFNV YDULHWLHV VKDGHV PXOWLSOHV ZLWK GLIIHUHQW RIILFH FDQFHOODWLRQV YDULHWLHV LQF G OLQH RQ FDS LQ PLQW EORFN V Â… Â…

LQF 6* D DQG .*9 WR PLQW D KLJKO\ &DW /RW ZLWK GLIIHUHQW SULQWLQJV DQG VKDGHV QHHGV LGHQWLI\LQJ Â… Â…

6287+(51 5+2'(6,$ :$7(5/2: $5&+,9( 3522)6 5HYHQXHV WR Â… %DUHIRRW PLQW ZLWK VHFXULW\ SXQFK KROHV LQGHQWHG FDUGV 3ULQWHG :DWHUORZ DQG 6RQV /WG 3ULQWHU V )LOH ([DPSOH 6FDUFH Â… Â… { ),1( 86(' FROOHFWLRQ .*9 GHILQV WR G

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… PDUJLQDO LQVFULSWLRQV DQG H[SORGHG ERRNOHWV ZLWK LQWHUHVWLQJ DGYHUW SDQHV HWF 9HU\ ILQH FROOHFWLRQ LQ DQ $OEXP IHDWXULQJ Â’ (5525 9,&725< G ZLWK GDPDJHG IUDPH 6* ERRNOHW SDQHV PDQ\ GLIIHUHQW W\SHV VHWWLQJV HWF 9HU\ E PLQW Â… Â… ILQH Â… Â… { 6* GHILQ VHW 9)8 FKRLFH FDW Â… Â’ 7285,67 LVVXH SKRWRJUDSKLF HVVD\ LQF Â… Â… Â’ UHMHFWHG HVVD\ YHU\ LQWHUHVWLQJ ORW Â… Â… Â’ %22./(7 3$1(6 IUHVK PLQW ZLWK YDULRXV


{ ),1( 86(' 5KRGHV &HQWHQDU\ GHILQ Â’ &$0(/ VHW SOXV S KLJK YDOXH SHUI SULQWLQJ

VHW RI &RURQDWLRQ SLFWRULDO VHW RI Â… Â…

6* D FDW Â… PLQW Â… Â…

{ 'HILQLWLYH VHW RI DQG 3RVWDJH GXH VHW

RI ILQH XVHG Â… Â…

Â’ 6* 3RVWPDQ VHW ILQH 80 Â’ Â… Â… Â’ $,50$,/ VHW RI DV 80 EORFNV RI IRXU 6* Â’ H[ 6* 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…

Â’ 6(/'20 6((1 LQ D FRPSOHWH VKHHW P ,EH[ Â’ 6* ZLWK F\OLQGHU QXPEHUV FDW Â… DV VLQJOH VWDPSV

63 &2/ )(51 322 { $OEXP OHDYHV ZLWK DQ LQWHUHVWLQJ UDQJH RI Â’ VWDPSV F KDQGVWDPSV 6* D KDQGVWDPSHG

F VHOHFWLRQ RI PLQW LQF F UHG RQ F òF DQG F )LVFDO VWDPSV EOXH +6 F RQ F 6* D UDQJH RI KHDGV XQFKHFNHG IRU SULQWLQJV %OXH )LJV RQ WKH EDFN S S S PLQW D ILQH UDQJH PLQW RU ILQH XVHG 6WDWH WR &DW Â… Â… Â…

63$,1

80 Â… Â… 3267$/ +,6725< FROOHFWLRQ RI IRUPXOD

UHJLVWHUHG HQYHORSHV VPDOO IRUPDWV [ PP HDFK ZLWK D GLIIHUHQW RIILFH &'6 32670$5. VXSHUE ORW RI GLII YHU\ ILQH TXDOLW\ DQG DOO LQ ZDOOHWV :LOO PDNH D PDUYHOORXV GLVSOD\ Â… Â… 3267$/ +,6725< VXE RIILFH FRYHUV LQF

UHJLVWHUHG GLII LWHPV ZLWK D JRRG YDULHW\ RI RIILFHV Â… Â…

Â’ &/$66,& 48((1 U 6* IUHVK PLQW ZLWK

3267$/ +,6725< DOO ZLWK GLIIHUHQW RIILFH

2* JRRG PDUJLQV VLJQHG Â… Â… { -867,&( SWD 6* JHQXLQH SRVWDO XVHG

UDUH VWDPS VPDOO KLQJH WKLQ FDW Â… Â… Â… Â’ $,50$,/ &RURQDWLRQ SWD WRS YDOXH IUHVK 0 6*

FDW Â… NH\ VWDPS Â… Â… Â’ &2521$7,21 RYSWV RQ RYHUVHDV 32 LVVXHV

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…

VFDUFH VHWV RI WZR 7DQJLHU 6* 0RURFFR 6* &DSH -XE\ 6* .H\ VWDPSV FDW Â… Â’ 8102817(' 0,17 LQFOXGLQJ PRGHUQ VHWV WR Â… Â… Â’ ([WHQVLYH ORW LQ ZDOOHWV ZLWK VHWV UHDGLO\ FDW XSWR Â… Â’ (;+,%,7,216 S S S WRS YDOXHV PLQW 6* HDFK LQF :RUOG &XS 838 &$) DOVR D TXDQWLW\ RI LQWDFW VKHHWV FDW Â… Â… Â… 80 LQF 2O\PSLF VHW 7KH FDW YDOXH RQ WKLV ILQH ORW LV YHU\ KLJK V Â… Â… Â’ $,5 VHW RI 6* PLQW D VFDUFH VHW Â… Â… 6:$=,/$1' Â’ /LJKWQLQJ FRQGXFWRU YDULHW\ G 6LOYHU -XELOHH

Â’ $0(5,&$6 H[KLELWLRQ DLUPDLO VHW RI IUHVK

IUHVK PLQW 6* F Â… Â… ^3KRWR`

/00 6* Â… Â… Â’ $LUPDLO SWD 6* IUHVK PLQW $ ILQH 4 VWDPS Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ G /LJKWQLQJ &RQGXFWRU

{ '$92 35,17(' $OEXPV IRU LVVXHV IRUP

Â’ 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII ILQH

{ Â’ Â’ Â’

ILQH PLQW 6* & Â… Â…

PLQW ZLWKLQ D EORFN RI IRXU 6* $ Â… Â… WR DQG ROG SDJHV ZLWK VWDPSV LQF DLU VHW ZLWK VSHFLPHQ RYSW PXHVWUD 0 /$ $*8(5$ FRQWURO Â’ 6LOYHU -XELOHH YDULHW\ G /LJKWQLQJ &RQGXFWRU ILJXUHV EOXH VHW RI PLQW D VWRFNERRN FUDPPHG ZLWK VWDPSV Â’ 80 ZLWKLQ FRUQHU EORFN 6* & Â… Â… PDLQO\ ILQH XVHG RULJLQDO FROOHFWLRQ PDQ\ V RI VWDPSV ZLWK WZR TXDOLW\ DOEXPV ZDLWLQJ WR EH ILOOHG Â… Â… Â’ .*9, GHILQLWLYH VHW WR ZLWK VKDGHV ($5/< 48((1 ,6$%(//$ RQ D VWRFN SDJH LQF 6* D FDW Â… PLQW Â… Â… F EODFN RQ DQ HQWLUH ZLWK FRQWHQWV F PLQW UHSULQWV UHSULQWV DOO XQXVHG F ZLWK GLIIHUHQW Â’ 6&$5&( F RYHUSULQW RQ G W\SH ,, ERWWRP Â’ OHIW 6* E XQPRXQWHG PLQW Â… Â… SULQWLQJV )8 $ JRRG VHOHFWLRQ RI VWDPSV HQWLUH Â… Â… 'HILQLWLYH VHWV RQ LOOXVWUDWHG )'& 6* 63$1,6+ &2/21,(6 DQG $QLPDO 3LFWRULDOV 6* ILQH Â… Â… 672&. 3$*(6 ZLWK VWUHQJWK LQ 6SDQLVK { .*9, VSHFWDFXODU 5HYHQXH XVDJH RI [ 6DKDUD VHWV PDLQO\ PLQW LQF 80 ZLWK LVVXHV WR $ ILQH UDQJH RI VWDPSV HDFK GLIIHUHQW Â… Â… WRS YDOXH SOXV XVHG RQ UHYHUVH RI PRUWJDJH GRFXPHQW SLHFH QHDWO\ FDQFHOOHG LQ WKH 7UDQVYDDO 5HPDUNDEOH KLJK YDOXH XVDJH Â… Â…

68'$1

3RVWDJH VWDPS VHOHFWLRQ RQ FDUGV VWDPSV VWUHQJWK LQ PLQW ZLWK KLJK YDOXHV G DQG 3RVWPDQ VHW RI PLQW $LUV S ò [ ò VHW 6* YHU\ JRRG JURXS RI .*9, LQF EHWWHU SHUIRUDWLRQV RI 7XWL ,VODQG 3LFWRULDO VHW RI PLQW WR VHYHUDO ILUVW RYSW LVVXHV IHZ XVHG LQF .*9, DV 2IILFLDO VHW RI RIILFLDOV VHW RI $LU 2IILFLDOV 9)8 EORFN HWF *RRG ORW Â… Â… PLQW 2IILFLDO VHW RI PLQW DQG 3RVWDJH GXH VHWV PLQW D YHU\ JRRG FROOHFWLRQ RI VWDPSV PDLQO\ IUHVK 3267$/ +,6725< /27 LWHPV 5HJ G ZLWK VWDPSV LQF G EORFN ::,, FHQVRUHG WR PLQW &DWDORJXH YDOXH RYHU Â… Â… Â… 86$ .*9, G UDWH WR 8. )'& Â… Â… Â’ 0$/0,1( 9$5,(7< P RQ P 6* D IUHVK P Â… Â… Â’ 2/' $/%80 3DJHV ZLWK EHWWHU SLFNLQJ

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


Â’ .*9 +,*+ 9$/8(6 PLQW DQG Â’ XQPRXQWHG PLQW VFDUFH DV VXFK 6* IUHVK Â’ FRORXU Â… Â…

6:('(1 { 2)),&,$/6 IRU VWXG\ SHUI RYHU ZLWK

YDOXHV WR NU XQFKHFNHG IRU SULQWLQJ DQG VKDGHV $Q RULJLQDO ROG WLPH ORW Â… Â…

$Q ([KLELWLRQ 7DQJDQ\LND VNHOHWRQ &'6 DOVR

{ ),1( 86(' ROG SDJHV ZLWK VWDPSV VHHQ

FDPS SR &'6 6XSHUE Â… Â…

KLJK YDOXHV VH WHQDQW SDLUV D UDQGRPO\ SODFHG FROOHFWLRQ ZLWK { ($5/< %81'/(:$5( *LUDIIH PRUH PRGHUQ LVVXHV Â… Â… .*9 6* ILQH XVHG PLQ { 2/' 3$*(6 DQG VWRFN FDUGV ZLWK VWDPSV FDW Â… Â… Â… Â’ PDLQO\ ILQH XVHG VHHQ PDQ\ HDUO\ W\SH LQF D IHZ ORFDOV 6HHQ 7$1=$1,$ *XVWDY S 3UXVVLDQ EOXH R ROLYH JUHHQ DOO PLQW RIILFLDOV WR N PLQW ZLWK VWUHQJWK { (;7(16,9( &ROOHFWLRQ ZLWK EHWWHU SLFNLQJ Â’ *LUDIIHV WR LQF FRORXU FKDQJH VHW RI )8 SOXV LQ WKH DPRXQW RI XVHG VWDPSV Â… Â… Â’ F F ZLWK VSHFLPHQ RYSW .*9 )8 6* 6:,7=(5/$1' H[WHQVLYH 7DQ]DQLD VHWV LQF SRVWDJH GXHV GHILQLWLYH V FRPPHPRUDWLYHV LQF 06 ODWH LVVXHV IURP 80 DQG ILQH ,17(51$7,21$/ 2UJDQLVDWLRQ FROOHFWLRQ LQ D XVHG VHWV $ VXSHUE FROOHFWLRQ RI VWDPSV 06 &DW /LQGQHU KLQJOHVV DOEXP ZLWK PDQ\ EHWWHU /HDJXH RI Â… SOXV DGGLWLRQDO LPDJHV Â… Â… 1DWLRQV WR IU VHW RI VL[ FDW Â… )8 5HIXJHHV VHW RI 6* /5 80 FÂ… ZLWK Â’ :,/'/,)( %RRNOHW SDQHV RI 7HOHFRPPXQLFDWLRQ 838 0HWHRURORJLFDO VHWV $ YHU\ ILQH Â’ 6* FDE HDE IDE IUHVK XQPRXQWHG PLQW FROOHFWLRQ VWDPSV 06 FDW RYHU Â… Â… Â… Â… Â…

7$60$1,$

Â’ 352 -89(1787( ERRNOHWV VWLOO LQ WKHLU Â’ RULJLQDO SDFNHWV FDW Â… 80 Â… Â…

{ 2&7$*21$/ G 6* ILQH XVHG IRXU IXOO

PDUJLQV QXPEHU SRVWPDUN YHU\ ILQH 3HQ QRWDWLRQ RQ UHYHUVH FDW Â… Â… Â…

Â’ $,50$,/ 67$036 IUHVK PLQW 4 GLIIHUHQW &DW Â… ,QF SURSHOOHU RYSW VHW 6*

{ 2&7$*21$/ G 6* 9)8 IRXU PDUJLQV FXW

1LFH Â… Â…

VTXDUH ZLWK VRFNHG RQ QRVH GXSOH[ UHPDUNDEOH VWDPS DQG DSSOLFDWLRQ RI SRVWPDUN Â… Â… FDWDORJXH YDOXH RYHU Â… ZLWK PDQ\ EHWWHU VHWV QRWH { 49 ILUVW G 6* JRRG VRXQG XVHG FXW VTXDUH DQG SUR JRRG PDUJLQV VKRZLQJ OLQHV DERYH DQG EHORZ FDW Â… -XYHQWXWH VHWV SD\ F ZLWK PDQ\ FRPSOHWH VHWV IRU Â… Â… LVVXHV EHWZHHQ DQG RYHU VWDPSV { ,03(5)25$7( XVHG VHOHFWLRQ FDW Â… Â… Â… VWDPSV DOO RI FROOHFWDEOH DSSHDUDQFH VPDOO IDXOWV LQF G { 2OG $OEXP SDJHV PDLQO\ ILQH XVHG UDQGRPO\ RFWDJRQDOV FXW VTXDUH LVVXHV ZLWK VKDGHV G SODFHG VHHQ HDUO\ +HOYHWD :LOOLDP 7HOO 3UR -DYHQWXWH VHWV LQYHUWHG ZPN G XQXVHG HWF Â… Â… $LUV RYHU HDUO\ LVVXHV XQFKHFNHG IRU SULQWLQJV { ,03(5)25$7( &KDORQV G DQG DOO Â… Â… JRRG WR )8 GLII SULQWLQJV YDULRXV FDQFHOV YHU\ FROOHFWDEOH 6* 6:,66 62/',(5 67$036 RQ FRYHU RYHU LVVXH Â… Â… GLIIHUHQW LWHPV ZLWK PDQ\ GLII XVDJHV LQF PXOWLSOHV DQG PDQ\ GLII QXPEHUHG SRVWPDUNV 2ULJLQDO ORW QRWH FKHFNHG SULFHV RQ { 3267$/ ),6&$/ 9)8 6* ) Â… Â… H%D\ ZLWK VLPLODU LWHPV SULFHG DW Â… WRS Â… HDFK 3RVVLEOH ILQGV KHUH Â… Â… *22' 2/' 7,0( FROOHFWLRQ RQ SDJHV 7$,:$1 VWDPSV FKLHIO\ XVHG SDJH IXOO RI VLGHIDFHV QRWLQJ 6* SRVWDO XVHG DOO RWKHU YDOXHV LQF VKDGHV DQG GLII 6* +$55,6216 SULQWHUV SUHVHQWDWLRQ IROGHU QXPEHUV G 6* PLQW VHW WR Â… LQF JRRG XVHG RSHQV RXW OLNH D VFUHHQ FRQWDLQLQJ 6FHQHU\ VHW 6* 6* 9LHZV ZLWK GLII SULQWLQJV DQG DQ LQWHUHVWLQJ ILQH Â… Â… VHOHFWLRQ RI SRVWDO ILVFDOV ZLWK YDOXHV WR 9HU\ KLJK &9 7$1*$1<,.$ DQG DQ RULJLQDO ORW Â… Â… { .*9 U *($ RYSW 9)8 6* Â’ 49 KLJK YDOXH IUHVK PLQW 6* FDW Â… Â… Â… Â… Â… { ),1( 86(' LQ WZR SULQWHG 'DYR $OEXPV

{ *,5$))( Â… RQ D VWRFN SDJH ZDWHUPDUN

{ 3267$/ ),6&$/ Â… 5HYHQXH RYSW )8 6*

XSULJKW ZPN VLGHZD\V ZLWK D YDULHW\ RI VKDGHV YHU\ ILQH XVHG ZLWK ILVFDO FDQFHOV &DWDORJXHG Â… DV ILQH XVHG 6* D Â… Â…

) Â… Â… { 32670$5.6 RQ HDUO\ YLHZV LVVXHV

GLIIHUHQW DQG PRVWO\ JRRG IXOO VWULNHV QRWLQJ %ULJKWRQ 6WDWLRQ 3HQJXLQ .LQJV ,VODQG 6XOSKXU &UHHN HWF Â… Â…

{ *,5$))( Â… :DWHUPDUN VLGHZD\V ILQH XVHG

6* VFDUFH Â… Â…

{ 7$60$,1,$ SRVWPDUN FROOHFWLRQ RYHU

Â’ *,5$))( +LJK YDOXH Â… 6* D :DWHUPDUN

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…

XSULJKW VFDUFH Â… Â… Â’ *,5$))( +LJK YDOXHV :DWHUPDUN VLGHZD\V

DQG IUHVK FRORXUV 6* PLQW Â… Â…

7+$,/$1'

Â’ *,5$))( 'HILQLWLYH V VHW WR KLJK

{ 3RVWDO ILVFDO W 6* )8 Â… Â…

YDOXHV ZPN XSULJKW VHW RI FDWDORJXH YDOXH Â… PLQW Â… Â… ^3KRWR` Â’ .*9 'HILQLWLYH V VHW WR Â… 6* VHW RI

PLQW Â… Â… ^3KRWR`

{ 6WDWXH KLJK YDOXH VHW JRRG WR IX VPDOO

LPSHUIHFWLRQV $ NH\ VHW 6* FDW Â… Â… Â… ^3KRWR`


{ 9LHQQD SULQWLQJ NLQJ GHILQ VHW XVHG 6PDOO

75$16-25'$1

IDXOWV EXW PRVW SUHVHQWDEOH 6* &DW Â… Â… Â…

Â’ 2YHUSULQW 'RXEOH RQH *ROG RQH %ODFN ODWWHU

Â’ 5HG &URVV KLJK YDOXHV RYSWV E E IUHVK PLQW

SOXV E XQXVHG 9 VFDUFH VWDPSV 6* FDW Â… Â… Â… ^3KRWR`

LQYHUWHG (5525 S WRS YDOXH ILQH PDUJLQDO PLQW $ VSHFWDFXODU HUURU 6* H Â… Â… ^3KRWR`

75$169$$/

{ 685&+$5*( LQ UHG YDULHW\ G RQ G 6* D Â’ 9LFWRU\ RYHUSULQW E E KLJK YDOXHV PLQW 6PDOO

)8 FDW Â… Â… Â…

IDXOWV 6* FDW Â… Â… Â… ^3KRWR`

6+,33,1* 32670$67(5 &$3(72:1 ODUJH Â’ 6FRXW IXQG ILUVW RYSW VHW IUHVK PLQW VWJ V IX

ILQH UDUH 6* FDW Â… Â… Â… ^3KRWR` Â’ 6FRXW IXQG RYSW VHW IUHVK PLQW UDUH 6*

YLROHW SRVWDO FDQFHOV RQ SLHFHV ZLWK YDULRXV IUDQNLQJV RI 7UDQVYDDO (GZDUG LVVXHV XSWR VL[ VWDPSV FDUULHG RQ &DOHGRQLDQ &DVWOH /LQH 9HU\ XQXVXDO Â… Â…

75,(67(

H[ VW 5HG ILYH YDOXHV UDUH VWDPSV FDW Â… Â… Â… ^3KRWR` Â’ 6FRXWV )XQG RYSW VHW IUHVK PLQW 6*

.H\ VHW Â… Â… ^3KRWR` Â’ 5HG &URVV RYSW KLJK YDOXH VHW RI IUHVK PLQW

6* Â… Â…

Â’ =21( % (VSHUDQWR VHW IUHVK 0 6* % FDW

Â… Â… Â…

75,1,'$' 72%$*2 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…

TIBET 7,%(7

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Â… Â… JUHHQ VKHHWOHW RI VHWWLQJ ,, DQG PXFK PRUH $ PRVW UHPDUNDEOH FROOHFWLRQ RIIHUHG LQWDFW ZLWK PDQ\ UDUH LWHPV Â’ 6LOYHU -XELOHH YDULHWLHV LWHPV PLQW LQF EORFNV F F DQG F DV FRUQHU EORFNV RI IRXU ZLWK H[WUD )ODJVWDII F VWDPSV DQG VKHHWOHWV Â… Â… /LJKWQLQJ &RQGXFWRU F F LQ EORFNV ZLWK VKRUW OLQH RQ 3267$/ +,6725< ,1 $1 $/%80 LWHPV EDWWOHPHQWV *RRG JURXS Â… Â… ZLWK PDQ\ XVDJHV RI WKH SULPLWLYH LVVXHV IRUJHULHV KHUH EXW

DOVR JHQXLQH XVDJHV SXUFKDVHG IURP UHSXWDEOH VRXUFHV Â’ 6LOYHU -XELOHH YDULHW\ F /LJKWQLQJ &RQGXFWRU 6* & )LQH PLQW Â… Â… ^3KRWR` FRYHU ZLWK VWDPS FRPELQDWLRQ DQG %3$ FHUW XQDEOH WR FHUWLI\ ZLGH UDQJH RI VWDPS XVDJHV DQG IUDQNLQJV *RRG ORW Â’ 6LOYHU -XELOHH YDULHW\ F /LJKWQLQJ &RQGXFWRU Â… Â… ILQH PLQW 6* & Â… Â…

72*2

Â’ 2/' $/%80 SDJHV ZLWK D IUHVK PLQW FROOHFWLRQ

{ <$&+7 RYSW SI 6* + )8 Â… Â…

{ .*9 *ROG &RDVW RYSW VHW WR WRS YDOXH

)8 SULQWLQJV QRW FKHFNHG Â… Â…

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…

2/' $/%80 SDJHV ZLWK D JRRG UDQJH RI Â’ 63(&7$&8/$5 VKLIW RI FRORXU F GHILQ 6* LVVXHV IURP HDUO\ )UHQFK &ROV DQG PRUH PRGHUQ V LVVXHV Â’ ZLWK VLOYHU 4XHHQV KHDG VKLIWHG PP WR OHIW DQG GRZQ VHHQ KLJK YDOXH DLUV 2937 V I SDOP WUHH WR I PP 80 1RUPDO WR FRPSDUH VHH ZHEVLWH Â… Â… WR I WR I D ILQH UDQJH RI VWDPSV { 3ULQWHG LPSHULDO SDJHV ZLWK EHWWHU SLFNLQJV Â… Â… Â’ QRWH VHDWHG %ULWDQQLD V WR 49 6* PLQW FDW 721*$ Â… %ULWDQQLD V ZLWK YDOXHV WR WKH LV PLQW F Â… D JRRG UDQJH RI VWDPSV Â… Â… { 9$5,(7< 12 +<3+(1 %()25( 7$+$ 6* D )8 ZLWK QRUPDO WR FRPSDUH Â… Â… 75,67$1 '$ &81+$ 7\SH ,,, FDFKHW 6* F RQ FRYHU WR &DSH Â’ 2/' $/%80 3DJHV ZLWK EHWWHU SLFNLQJV

7RZQ ZLWK &DSH 7RZQ 3DTXHERW DUULYDO &'6 FKRLFH 3UH ZLWK YDOXHV WR VHW WR PLQW 1RWH G ZLWK VPDOO GDWHV 6* OLVWHG GDWH RI XVH Â… Â… ^3KRWR` QG 2 VHW WR 0LQW GHILQ VHW WR Â… PLQW D ILQH UDQJH RI VWDPSV PDLQO\ IUHVK PLQW ZLWK D KLJK &DW 3267&$5' DGGU WR WKH %LVKRS ,VODQG RQ 6W YDOXH Â… Â… +HOHQD ZLWK W\SH 9 FDFKHW ODUJH ORFDO " WD[ F KV DQG DUULYDO FGV 9HU\ LQWHUHVWLQJ FRPPHUFLDO LWHP Â… Â… Â’ (PDQFLSDWLRQ 2IILFLDO $LU VHW PLQW $ VFDUFH VHW HDFK ZLWK DQ H[SHUW +6 YHU\ PLQRU JXP DJHLQJ RQ KLJK YDOXHV 3RVWDO +LVWRU\ ZLWK 9LROHW ,VODQG FDFKHWV YHU\ W\SLFDO ZLWK WKLV LVVXH 6* 2 Â… Â… ILQH LWHPV LQF G 6$ VWDPS FDQFHOOHG W\SH 9 FDFKHW DQG ^3KRWR` FDUULHG E\ $LU RQ $UULYDO DW &DSH 7RZQ 7D[HG +6 &DSH 7RZQ 3DTXDERW 3RVWDJH GXH RQ DUULYDO WD[HG W\SH ; ER[HG Â’ 9(5< ,17(5(67,1* JURXS ZLWK SKRWRJUDSKLF Â’ SURRIV LPSHUIV 6SHFLPHQV QRWH 0DS F LPSHUI +6 RQ WD[HG FRYHU WR 86$ DOO YHU\ ILQH DQG D JRRG ORW Â… Â… ^3KRWR` SDLU 6* YDU F 0DXL DQG KLV KRRN LPSHUI SDLU 6* YDU $ YHU\ JRRG ORW FKLHIO\ V V SHULRG 80 RYHU &RYHU ZLWK .*9 òG -XELOHH WLHG LWHPV Â… Â… /RQGRQ 3DTXHERW &'6 DQG ZLWK W\SH 9 ,VODQG FDFKHW 9HU\ ILQH Â… Â… ^3KRWR`


&RYHU ZULWWHQ IURP $HUDGLR 6WDWLRQ HQGRUVHG

8*$1'$

1R 6WDPSV $YDLODEOH 7ZR VWULNHV RI WKH W\SH 9,, FDFKHW òG { ),1( 86(' D 6* DQG D 6* RQ WKLQ 7D[ +6 ZLWK XQLW RI òG 6$ SRVWDJH GXHV WLHG 6* ' UDWHG <HOORZ SDSHU RQ SLHFH ZLWK &'6 FDQFHOV Â… Â… Â… RQ FRYHU 9HU\ ILQH Â… Â… ^3KRWR` { .*9, RYSW VHW 9)8 6*

Â’ 49 VHW RI SOXV D %OXLVK *UH\ DQG D *UH\

Â… Â… ^3KRWR` { 683(5% 86(' FROOHFWLRQ ZLWK PDQ\ FRPSOHWH

*UHHQ 6* PLQW DQG RYSW VHW RI PLQW Â… Â…

49 3267$/ 67$7,21(5< FWR XVHG ZLWK òG VHWV ZLWK EHWWHU HDUO\ VHWV SLFWRULDO VHW RI 0DULQH G LVVXHV LQWDFW UHSO\ FDUGV SHQQ\ FDUGV HWF Â… Â… /LIH VHW RI 1HZ &XUUHQF\ VHW RI 6KLSV VHW RI 1HZ &XUUHQF\ VHW RI 3ODQWV VHW RI 81,7(' 67$7(6 %LUGV VHW RI H[WHQVLYH FRPPHPRUDWLYHV LQF 06 $ VXSHUE FROOHFWLRQ RI VWDPSV 06 RXWVWDQGLQJ TXDOLW\ DOVR (DUO\ OHWWHU VKHHW ZLWK IXOO FRQWHQWV ZLWK QRWLFHG G SRVWDJH GXH ZLWK EURNHQ G XQSULFHG 9)8 (DVWRQ 0G 0D\ &'6 HQGRUVHG H[DPLQHG DQG SDLG ‹ Â… Â… VHQW WR 'HQWRQ FKDUJH DW GRXEOH UDWH IRU OHVV WKDQ PLOHV Â… Â… 0$5,1( /,)( RQ DQ LOOXVWUDWHG )'& VHQW WR WKH 8. ZLWK ILQH 7ULVWDQ GD &XQKD FGV 6FDUFH VHW RQ LOOXVWUDWHG +$/( $1' &2 F ORFDO SRVW / QRW WLHG WR )'& Â… Â… HQWLUH DGGU WR 1HZ <RUN )RUZDUGHG +DOH DQG &R GDWH VWDPS VWDWHG WR EH RQH RI UHFRUGHG H[ 1HZ /RQGRQ LQWHUQDO DUFKLYH Â’ &+85&+,// PLQRU YDULHWLHV LQ SDLU ZLWK QRUPDO Â’ ZKLWH VSRW RU UHWRXFK RYHU 4XHHQV OHIW H\H LQ SRVLWLRQDO WDSH UHSDLUV DQG VPDOO IDXOWV Â… Â… PDUJLQDO SDLUV 80 VHW RI Â… Â… { ),567 ,668( F )UDQNOLQ 6* )8 ZLWK IRXU PDUJLQV DQG QHDW UHG JULG SRVWPDUN YHU\ ILQH FODVVLF FDW Â’ 3DLQWLQJ S ZPN WR ULJKW YDULHW\ 80 Â’ 6* Z Â… Â… ^3KRWR` Â… Â… Â…

Â’ $ FRPSUHKHQVLYH SRVWDJH VWDPS FROOHFWLRQ LQ D Â’ 3ULYDWH $OEXP DQG 6WRFNERRN PDQ\ V FKLHIO\ 80

3HQJXLQ 3RWDWR 6WDPS IDFVLPLOH VKHHWOHWV VLJQHG E\ &UDZIRUG .*9, VHW 80 9)8 6* ILUVW 4(,, VHW PLQW 9)8 0DULQH VHW 80 0DULQH VHW 80 )RXU GLIIHUHQW VWDPS ERRNOHWV %LUG GHILQV DV JXWWHU SDLUV HYHU\ GHILQ DQG FRPPHPV VHW WR DERXW +LJK &9 Â… Â… 7<3( 9 FDFKHW RQ DWWU VPDOO FRYHU FDQFHOOLQJ

{ 180%(5 WKH F LPSHUI :DVKLQJWRQ )8 ò

PDUJLQ QHDW SHQ VWULNH FDQFHO $ FODVVLF DPRQJVW ZRUOG VWDPSV 6FRWW FDW Â… Â… 3267 2)),&( 6ZDUWV &KDWKDP 6TXDUH RYDO

ORFDO SRVW KV XVHG ORFDOO\ LQ 1HZ <RUN RQ ZUDSSHU H[ 3HDUVRQ Â… Â… 86 0$,/ F EODFN FDUULHU VWDPS /% XVHG

RQ HQWLUH ILOLQJ IROG WKURXJK VWDPS 1< FGV &76 WR :LOOLDPVEXUJ PRVW DWWU H[ 6NLQQHU Â… Â… 86 0DLO F FDUULHU VWDPS 6FRWW /% WLHG

SDLU òG 6RXWK $IULFD Â… Â…

PDQXVFULSW IURP 1HZ <RUN FGV WR )ODWEXVK VFDUFH WR WKH PDLOV XVDJH H[ 3HDUVRQ 5DWKHU ILQH Â… Â…

781,6,$

%2<'6 &87< F ORFDO VWDPS 6& / XVHG ROG DOEXP 3$*(6 :,7+ 67$036 )520 RQ VPDOO HQWLUH ZLWK 'HVSDWFK FGV DORQJVLGH 3DLG -7% )UHQFK FROV WR V H[WHQVLYH UDQGRPO\ DUUDQJHG VHHQ KLJK KV Â… Â… YDOXH DLUV $OO VHHP WR EH GLIIHUHQW LQ QHHG RI VRUWLQJ Â… Â… %2<'6 ORFDO SRVW F 6FRWW / QLFHO\ XVHG RQ D IURQW ZLWK 1HZ <RUN FGV Â… Â… 785.(< 3$5&(/ &$5'6 IURP *HUPDQ\ WR 7XUNH\ ZLWK { -())(5621 F ERWK VKDGHV 6*

D YDULHW\ RI IUDQNLQJV FDUGV IURP %HOEHUW 9RKZLQNHO :RUPV 0LWWVZHLGD 'UHVGHQ D IHZ ZLWK GHFODUDWLRQ IRUPV JRRG IRU VWXG\ Â… Â…

VRXQG )8 FDW Â… Â… Â… &,9,/ :$5 SHULRG UHPDUNDEOH HQWLUH ZLWK

785.6 &$,&26 ,6 Â’ 2/' $/%80 3DJHV ZLWK D IUHVK PLQW FROOHFWLRQ

RI VHWV IURP &RURQDWLRQ WR 0DUWLQ /XWKHU .LQJ QRWH VHW RI 6 :HGGLQJ VHW VHW RI 4(,, VHW RI VHW RI H[WHQVLYH UDQJH RI FRPPHPRUDWLYH VHWV RYHU VWDPSV Â… Â…

H[WHQVLYH JUDSKLF FRQWHQWV VHQW IURP %DOWLPRUH WR 1RUIRON (QJODQG ZLWK D ILQH IUDQNLQJ RI F :DVKLQJWRQ 6FRWW UDWHG RQ FRYHU WLHG %DOWLPRUH FGV FRQWHQWV UHIHUV WR ILJKWLQJ JXQ VKRWV PHQ NLOOHG 5HPDUNDEOH LWHP Â… Â… *5,//(' F :DVKLQJWRQ 6FRWW )8 Â… Â…

{ F -HIIHUVRQ UHG EURZQ VKDGH 6* FDW Â… Â’ (5525 G ,&< ZLWK GRXEOH SXUSOH OLVWHG LQ WKH Â’ 6* (OL]DEHWKDQ FDW DV 6* (D 80 6* YDU VRXQG XVHG DOVR F GHHS EURZQ VKDGH 6* FDW Â… WR

FRPSDUH FDW Â… Â… Â…

Â… Â…

{ :$6+,1*721 F 6* PRVW DWWUDFWLYH Â’ ,PSHULDO 3DJHV ZLWK D UDQJH RI VWDPSV 7XUNV ,V

Â’ Â’

Â’ Â’

XVHG JURXS RI IRXU JRRG VKDGHV DQG YDULHW\ RI SRVWPDUNV FDW WR 6KLS WR (GZDUG WR .*9 GHILQV FLUFD Â… Â… Â… WR GLIIHUHQW SULQWLQJV :DUWD[ RYSWV 6LOYHU :HGGLQJ VHW RI $ JRRG ORW RI VWDPSV PDLQO\ IUHVK PLQW &,9,/ :$5 VWDPSOHVV HQYHORSH ZLWK Â… Â… 5LFKPRQG FGV DQG 'XH KDQGVWDPS VHQW IURP D SULYDWH WR /LPHNLOQV LOOXVWU HQY 9LJRURXV SURVHFXWLRQ RI WKH ZDU DQG 789$/8 QR FRPSURPLVH XQGHU WKH JXQV RI UHEHOV VWDPSOHVV ZLWK 'XH ),567 '(),1 VHW RI 80 RYHUSULQWHG KV SDWULRWLF HQY XQXVHG ZLWK DQ RIILFHU KROGLQJ WKH 8QLRQ 63(&,0(1 ZLWK WKH F EHLQJ WKH YHU\ UDUH ILUVW LVVXH 6* IODJ DQG KLV VZRUG DORIW $ ILQH WULR Â… Â… WKLV ZLWKRXW 6SHFLPHQ LV FDW Â… DQG LV RQH RI WKH UDUHVW &,9,/ :$5 OHWWHU IRU D SD\PHQW RI IRU D 4(,, LVVXHV 6HOGRP VHHQ Â… Â… VHUYLQJ *HQHUDO LQ WKH ILHOG HQY ZLWK [ SULQWHG HQY 63(&,0(1 RYSWV RQ GLIIHUHQW VHWV DQG

$GMXWDQW DQG ,QVSHFWRU *HQHUDOV 2IILFH :RRGVWRFN 9HUPRQW 06 ZLOO HQKDQFH \RXU FROOHFWLRQ DV PDQ\ FROOHFWRUV GR QRW HQGRUVHG &RPPXFDWLRQ IRU D PDQ ZLVK WR EH GLVFKDUJHG ZLWK KDYH WKH 6SHFLPHQ VHWV Â… Â… FRUN FDQFHO Â… Â…


&,9,/ :$5 LOOXVWUDWHG HQYHORSH DQG OHWWHU Â’ 'XFN VWDPS 6FRWW 5: IUHVK XP Y VFDUFH Â’ PLQXWH SDWFK RI JXP PLVVLQJ WRS OHIW EDFN PHQWLRQHG IRU

7KH )UHH 6WDWHV (YHU 7UXH WR WKH 8QLRQ VHQW WR 0LOWRQ +HDG

HQGRUVHG ,Q FDUH RI 0D\RU 0RRUH 3D\PDVWHU HQY VHQW IURP 1HZ <RUN WR 0LOWRQ +HDG ERWK HQY ZLWK FRUN FDQFHOV DQG F IUDQNLQJ VFDUFH WR VWLOO KDYH FRQWHQWV LQ RQH RI WKH HQYHORSHV Â… Â… &LYLO :DU HQY (QGRUVHG WK )HE

SULYDWH VHQW IURP &URIWV +LOO ZLWK F FRQIHGHUDWH VWDPS VHQW WR *UHHQYLOOH &RXUW +RXVH 6RXWK &DUROLQD Â… Â… &LYLO :DU +\PDQ V %DWWHU\ JRLQJ LQWR 'L[LH

LOOXVWUDWHG (QY :LWK F IUDQNLQJ XQXVHG 8QLRQ :DU 6RQJV SULQWHG (QY :DU VRQJ RQ WKH UHYHUVH RI WKH HQYHORSH Â… Â…

DFFXUDF\ Â… Â… ^3KRWR` Â’ 'XFN VWDPS 6FRWW 5: IUHVK XP Â’ Â… Â… ^3KRWR` Â’ 'XFN VWDPS 6FRWW 5: IUHVK XP Â’ Â… Â… ^3KRWR`

Â’ 'XFN VWDPS 6FRWW 5: ILQH XP 36( Â’ FHUW Â… Â… ^3KRWR` Â’ 'XFN VWDPS 6FRWW 5: PLQW Â… Â…

{ *5,//(' F 6* ILQH OLJKWO\ XVHG ZLWK FOHDU

SURILOH FDW Â… Â… Â… { *5,//(' F 6* VRXQG XVHG FDW Â… SOXV

JULOOHG F 6* ZLWK VXSHUE FRUN SRVWPDUN Â… Â… { *5,//(' F :DVKLQJWRQ 6* VRXQG ILQH

XVHG D UDUH VWDPS FDW Â… Â… Â… { *5,//(' F )UDQNOLQ 6* VRXQG XVHG

Â’ 'XFN VWDPS 6FRWW 5: XP VWUDLJKW HGJH DW Â’ EDVH Â… Â… Â’ 'XFN VWDPS 6FRWW 5: IUHVK XP Â’ Â… Â… ^3KRWR`

Â’ 'XFN VWDPS 6FRWW 5: IUHVK XP Â’ Â… Â… ^3KRWR`

ZLWK QHDW FRUN FDQFHO FDW Â… GLIILFXOW VWDPS Â… Â… Â’ 'XFN VWDPS 6FRWW 5: XP Â… Â… Â’

{ :DVKLQJWRQ F ZLWK JULOO )8 6FRWW DW

Â’ 'XFN VWDPS 6FRWW 5: XP Â… Â… Â’

1LFH Â… Â… { %$1.127( F 6* VRXQG )8 VFDUFH EL

Â’ 'XFN VWDPS 6FRWW 5: XP Â… Â… Â’

FRORXU Â… Â… { %$1.127( F (DJOH ILQH XVHG $ YHU\ ILQH

H[DPSOH ZLWK FOHDU SURILOH 6* Â… Â… %$1.127( F /LQFROQ ILQH XVHG $ UDUH VWDPS LQ ILQH FRQGLWLRQ 6* FDW 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… Â’ 'XFN VWDPS DOO VL[ \HDUV IUHVK P LQF XP Â’ VXSHUE LVVXHV 6FRWW 5: Â… Â… Â’

{ %$1.127( VHW RI F WR F ERWK JRRG WR

ILQH XVHG 6* $ PRVW FROOHFWDEOH JURXS FDW Â… Â… Â…

2/' ),567 '$< &29(5 DOEXP ZLWK FRYHUV

)5<( $1' &2 ORFDO SRVW SULYDWH VWDPS

PDQ\ ZLWK W\SHG DGGUHVVHV DQG ILUVW GD\ RI LVVXH FDQFHOV $ YHU\ JRRG UDQJH RI LOOXVWUDWHG FRYHUV D JRRG ORW RI FRYHUV Â… Â…

0RVKHU )5<; / XVHG RQ OHWWHUKHDG ZLWK PHQWLRQ LQ WH[W ILQH DQG VFDUFH Â… Â… Â’ &2/80%,$ F IUHVK 0 FDW Â… 6*

Â’ 'XFN VWDPS DOO VL[ \HDUV IUHVK P VXSHUE ELUG

Â… Â…

GHVLJQV 6FRWW 5: FDW Â… Â…

{ &2/80%86 KLJK YDOXH )8 6FRWW Â’ 'XFN VWDPSV DOO VL[ \HDUV IUHVK P VXSHUE ELUG

Â… Â…

LVVXHV 6FRWW 5: FDW Â… Â…

&2/80%86 IUHVK PLQW ILQH H[DPSOH RI WKLV Â’ 'XFN VWDPSV DOO VL[ \HDUV IUHVK XP H[FHSWLRQDO VFDUFH KLJK YDOXH 6FRWW Â… Â… Â’ ELUG GHVLJQV 6FRWW 5: 9HU\ KLJKO\ FDWDORJXHG Â… Â… Â’ &ROXPEXV F F DQG F IUHVK PLQW 6FRWW Â’ 'XFN VWDPSV DOO VL[ \HDUV IUHVK XP 6FRWW Â… Â… Â’ 5: Â… Â… { 3HUU\ W\SH ,, QR ZPN 6* VRXQG )8 Â’ 'XFN VWDPSV WKH FRPSOHWH FROOHFWLRQ XP VFDUFH VWDPS FDW Â… Â… Â… Â’ GLII 6FRWW 5: DOVR RQ IGF VHOGRP RIIHUHG { 3HUU\ W\SH , ZPN 6* VRXQG )8 VWDPSV LQ WKH 8. *ORULRXV ELUG HQJUDYHG GHVLJQV Y KLJK Â… Â… IDFH YDOXH FDW YDOXH Â… Â… FLUFD $PHULFDQ /HWWHU 0DLO F ORFDO SRVW

{ 75$16 0,66, &DWWOH VRXQG )8 DQ LFRQLF

(DJOH VWDPS 6FRWW 6/ XVHG RQ ZUDSSHU ZLWK EODFN SRVWPDUN QRW WLHG WR 3KLODGHOSKLD H[WHQVLYH FRQWHQWV 6RLOLQJ WKRXJK PRVW HOXVLYH Â… Â…

VWDPS 6* FDW Â… Â… Â… Â’ 3$1 $0 VHW ILQH PLQW 6FRWW FDW

FLUFD %ORRGV 'HVSDWFK F / XVHG

Â… ILQH TXDOLW\ Â… Â…

RQ ODUJH SDUW ZUDSSHU DFLG WLHG ILQH KDQGVWUXFN DWWU Â… Â…

{ &2,/ F :DVKLQJWRQ 6* )8 FDW

Â… Â… Â…

%52$':$< &,7< (;35(66 FW 3RVW 2IILFH

1HZ <RUN KV RQ ORFDO HQYHORSH ZLWK DUFKHG 3DLG VWDLQLQJ WKRXJK ILQH ([ 3HDUVRQ Â… Â…

'XFN VWDPS 6FRWW 5: XQXVHG Â… Â…

{ &$1&(//$7,216 ROG DOEXP SDJHV ZLWK D YHU\

www.philangles.co.uk

JRRG FROOHFWLRQ FDQFHOV IURP GLIIHUHQW VWDWHV FLUFD V V Â… Â…

place your bids online. Immediate and secure.


&,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…

6,; '$92 SULQWHG $OEXPV IRU LVVXHV WR VHHQ EHWWHU HDUO\ IUDQNOLQ F )8 F )8 &ROXPEXV WR F 3DQ $PHULFDQ H[SRVLWLRQ VHW RI VL[ )8 GHILQV WR GHILQV WR 3DUFHO 3RVW VHW RI )8 FRQIHGHUDWH VWDWHV YDOXHV WR F PRGHUQ H[SUHVV WR ZLWK PDQ\ ODWHU VHWV 80 KXJH &DWDORJXH YDOXH LQ TXDOLW\ $OEXPV PDQ\ V RI VWDPSV Â… Â…

&LYLO :DU *HQHUDO 6KHULGDQ SLFWXUH SRVWFDUG

VKRZLQJ KLV IDPRXV ULGH WR WKH %DWWOH DW &HGDU &UHHN XQXVHG SULQWHG VRQJ VKHHW 7KH %DWWOH RI &HGDU &UHHN 2FW WK ,Q YHU\ JRRG FRQGLWLRQ 6FDUFH Â… Â…

8QXVHG 3RVWDO 6WDWLRQHU\ LQF 2IILFLDO 0DLO QRQ

3URILW /RYH F ZLWK VDPSOH RYHUSULQW F DQG F VWDWLRQHU\

&,9,/ :$5 SDWULRWLF HQYHORSH ZLWK F

FDUGV XQFXW EORFN RI $LUPDLO $HURJUDPPH D JRRG UDQJH RI IUDQNLQJ FDQFHO ZLWK ZKHHO FDQFHO LPDJH RI IODJ DQG DUWLOOHU\ LWHPV Â… Â… VHFRQG FRYHU VWDPSOHVV ZLWK 'XH HQGRUVHG IURP D SULYDWH :(//6 )$5*2 F HQYHORSH 9)8 ZLWK ODUJH LQ WKH &XPPLQJV %ULJDGH $ VFDUFH SDLU Â… Â… GLVWLQFWLYH :HOOV )DUJR FGV 8 QLFH Â… Â… &,9,/ :$5 F IUDQNHG HQYHORSH ZLWK VXSHUE 3RUW 5R\DO $SU &'6 Â… Â…

9$7,&$1 &,7<

&,9,/ :$5 &RQIHGHUDWHG F RQ WKH IODS RI WKH Â’ 35,17(' DOEXP DQG VWRFN ERRN ZLWK D YHU\ Â’ ILQH FROOHFWLRQ VWUHQJWK LQ XQPRXQWHG PLQW ZLWK PDQ\ EHWWHU HQYHORSH ZLWK ZULWLQJ XQGHU WKH IODS LW ILQLVKHV E\ VD\LQJ , OO Â’ VHWV ILUVW VHW RI FDW Â… 0 +RO\ <HDU VHW RI SUREDEO\ EH RQ *XDUG 'XW\ +HUH $WODQWD IRU PRUH WKDQ D

PRQWK D VHFRQG F XVHG RQ SLHFH Â… Â…

0 SLFWRULDO VHW RI FDW Â… 0 LQF 80 &RXQFLO VHW RI FÂ… 80 $LU / DQG / FÂ… 0 WK $QQLY FÂ… 0 %UXVVHOV 06 80 $ YHU\ ILQH FROOHFWLRQ RI VWDPSV DQG 06 KXJH FDW YDOXH LQ EHWWHU HDUO\ VHWV 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… &LYLO :DU SDWULRWLF HQYHORSH VHQW IURP

/DZUHQFH .DQVDV WR 1HZ <RUN ZLWK DQ LPDJH RI D 6ROGLHU ZLWK KLV 6ZRUG DORIW KROGLQJ WKH XQLRQ IODJ ZLWK D F IUDQNLQJ QG FRYHU ZLWK DQ LPDJH RI D ZRPDQ VHZLQJ EHQHDWK WKH XQLRQ IODJ 2XU +HDUWV DUH ZLWK 2XU %URWKHUV LQ WKH )LHOG XQXVHG Â… Â… Â’ Â’ &LYLO :DU 3DWULRWLF (QYHORSH XQXVHG *RRG Â’ QRRVH IRU 7UDLWRUV LOOXVWUDWHG HQYHORSH LOOXVWUDWHG 7KH &RQVWLWXWLRQ KHDG SDSHU ZLWK 7KH &RQVWLWXWLRQ ZLWK H[WUDFW IURP WKH OHWWHU 7KHUH LV VHFHVVLRQLVW LQ WKH WRZQ $ 'RFWRU :RRGZDUG ODVW ZHHN DW QLJKW WZHOYH PHQ ZHQW WR VHDUFK KLV KRXVH FDXVLQJ D SRRU VLFN ZRPDQ WR DOPRVW GLH RI IULJKW , KDYH QR V\PSDWK\ IRU WKH PDQ EXW , GR WKLQN WKHVH PREV DUH ZURQJ DQ LQWHUHVWLQJ UHDG Â… Â… &,9,/ :$5 3DWULRWLF (QYHORSHV XQXVHG /LEHUW\

$/%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… /,*+7+286( 35,17(' $OEXP IRU LVVXHV IURP WR SDJHV ZLWK \HDUV VHWV WR XQPRXQWHG PLQW LQF VHW &DW Â… PLQW VXUFK VHWV LQF 2FW SRVWDJH GXHV 6*' FÂ… +RO\ <HDU VHW FÂ… PLQW 3LFWRULDO VHW RI FÂ… PLQW -XULGLFDO VHW RI FÂ… PLQW H[KLE FÂ… PLQW $LU VHW RI FÂ… PLQW $LU VHW FÂ… PLQW *UDWLDQ FÂ… 80 VWDPS FHQWHQDU\ 06 FÂ… 80 9HU\ FRPSOHWH IRU WKH SHULRG ZLWK VWDPSV 06 6KHHWOHWV KXJH FDWDORJXH YDOXH LQ WKH HDUO\ \HDUV Â… Â…

DW 3RUW 5R\DO ZLWK D ZRPDQ KROGLQJ WKH 8QLRQ )ODJ VWDQGLQJ RQ Â’ 2/' '$92 $OEXP ZLWK LVVXHV IURP WR ZLWK EHWWHU SLFNLQJ HDUO\ VWDWH LPSHUIV XQFKHFNHG D *XQ 3ODFHPHQW ZLWK 0DVW RI D 6KLS LQ WKH EDFNJURXQG QG VHW RI PLQW +RO\ <HDU PLQW VHW RI LPDJH RI &RP 'XSRQW UG FRYHU ZLWK 6HD EDWWOH DQG *HQ FÂ… -XULGLFDO VHW RI VL[ FÂ… PLQW %XWOHU DQG &RP 6WLQJKDP DOVR XQXVHG D JRRG ORW ([KLELWLRQ VHW FÂ… PLQW 3LFWRULDO VHW RI FÂ… Â… Â… PLQW &KDOFHGRQ VHW RI FÂ… PLQW /LEUL &,9,/ :$5 8QLRQ /R\DO 6WDWH 2KLR 3DWULRWLF 6HQWHQWLDUXP FÂ… RYHU VWDPSV Â… Â… (QY :LWK F IUDQNLQJ SODFH XSVLGH GRZQ 1RW D SDWULRWLF Â’ 35,17(' $/%80 IRU LVVXHV IURP WR JHVWXUH /DZ )LUP %XVLQHVV (QY 8VHG ZLWK D F IUDQNLQJ LOOXVWUDWHG SDWULRWLF (QY 8QXVHG 2KLR : 7KH 8QLRQ Â’ VSDUHO\ ILOOHG ZLWK DQ XQPRXQWHG PLQW FROOHFWLRQ RI VWDPSV ZLWK VHWV LQF 6WDPS a&HQWHQDU\ 06 6* D FÂ… PXVW DQG VKDOO EH SUHVHUYHG Â… Â… 80 D ILQH $OEXP IRU ILQLVKLQJ Â… Â… (DUO\ 3DWULRWLF HQY XQXVHG LQF 86 6HQDWH )UDQNOLQ 2IILFHU KROGLQJ WKH 8QLRQ )ODJ ZKLOH LQ D EDWWOH 6ROGLHU 9(1(=8(/$ /RDGLQJ D *XQ OHDYH WKH XQLRQ LOOXVWUDWHG HQY 8VHG &ODVVLF $UPV LQFOXGLQJ 6* SDLU ZLWK HQY :LWK WKH $UP RI 6RXWK &DUROLQD XQXVHG $ YHU\ ILQH JURXS 3RVWPDUN òU 2UDQJH ZLWK 3RVWPDUN òU 2UDQJH RQ RI VL[ HQYHORSHV Â… Â… ^3KRWR` SLHFH ZLWK 9DOHQFLD 3RVWPDUN $Q LQWHUHVWLQJ JURXS RI LQF /,7(5$785( 8QLWHG 6WDWHV 0DWFK DQG VHYHQ HDUO\ IRUJHULHV Â… Â… 0HGLFLQH 6WDPS E\ &KULVWRSKHU :HVW ZLWK LWV GXVW MDFNHW LQ { $UPV òF 9)8 6* 6FRWW ([SHUW YHU\ ILQH FRQGLWLRQ Â… Â… 9LFWRULDQ 7\SH +DQGVWDPSV RQ UHYHUVH 6FDUFH *HQXLQH 3DJHV /HDYHV VRUWHG E\ \HDUV IURP V WR XVHG Â… Â… V PXFK ILQH XVHG V RI VWDPSV Â… Â… $UPV DQG (DJOHV &ODVVLFV ZLWK GLIIHUHQW SULQWLQJV H[WHQVLYH DUPV LQF òU PLQW EORFN RI VHOGRP VHHQ Â’ 3OD]D +RWHO KHDGHG OHWWHU VKHHW HQGRUVHG LQ EORFNV PLQW U ELVHFW ZLWK IRUJHULHV PL[HG LQ DQ LQWHUHVWLQJ 0DUFK ZLWK GLIIHUHQW VWDPSV )UDQNOLQ F :DVKLQJWRQ ORW RI VWDPSV FKLHIO\ XVHG Â… Â… F F F F F F F DQG F H[SUHVV SOXV ODWHU DGGHG Â’ 7HWH %HFKH SDLU òU DUPV IUHVK P ZLWK ODUJH

6DQ )UDQFLVFR F F F $ YHU\ KLJK FDWDORJXH LWHP YHU\ IUHVK Â… Â…

PDUJLQV 6* D 6FRWW E Â… Â… { %2/,9$5 IRU IRUHLJQ PDLO F WR E ZLWK GLIIHUHQW Â’ VKDGHV DQG SULQWLQJV F F F F E

Key to symbols in this catalogue ✱

✉

Used Mint Postal History

✈ ✱✱ &

ILQH XVHG RU PLQW D KLJKO\ FDWDORJXHG JURXS Â… Â…

Airmail Unmounted mint Literature

&,9,/ &$5 &$583$12 SURYLVLRQDO LVVXHV E E YIX 6* SOXV E 6* IUHVK PLQW VFDUFH VWDPSV Â… Â…


{ &,9,/ :$5 &$583$12 3529,6,21$/

:$//,&( )8781$

,668(6 E E E XVHG RQ FRPELQDWLRQ SLHFH WRJHWKHU ZLWK 7ULQLGDG 7UDQVLW FGV VXSHUE XQXVXDO 6* Â… Â…

2/' 3$*(6 ZLWK D JRRG UDQJH RI VWDPSV VHHQ )UHQFK &ROV ,VVXHV KLJK YDOXH $LUV UDQGRPO\ DUUDQJHG RQ SDJHV Â… Â…

{ &,9,/ :$5 FDUXSDQR LVVXHV VHFRQG VHW RI

:(67(51 6$02$

VXSHUE XVHG Y VFDUFH 6* H[SHUW KV RQ UHYHUVH D VSHFLDO ORFDO LVVXH WKDW V UDUHO\ RIIHUHG Â… Â…

,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’ 838 SUHVHQWDWLRQ ERRNOHW ZLWK D UDQJH RI

VWDPSV PLQW IRU WKH %HOJLXP FRQJUHVV %HOJLFD LQ YHU\ ILQH FRQGLWLRQ 6LJQHG E\ WKH 9HQH]XHOD SRVWDO VHUYLFH FRPPLWWHH PHPEHUV :LOO HQKDQFH \RXU FROOHFWLRQ Â… Â…

:(67(51 $8675$/,$

Â’ &/$,06 WR SDUWV RI *X\DQD VHW RI SOXV ERWK Â’ PLQLDWXUH VKHHWV 6WDWH RI 9HQH]XHOD FRYHUV ZLWK VLQJOH IUDQNLQJ DQG VSHFLDO FDQFHOV VWDPSV ZLWK 6SHFLPHQ RYSW

Â’ 6SHFLPHQ +DQGVWDPS RQ G 6* 6 IUHVK PLQW

&DW Â… Â… Â…

<(0(1

DQG VWDPSV 80 DOO PDS UHODWHG Â… Â…

Â’ ,03(5)25$7( 3$,5 :RUOG 5HIXJHH <HDU E { /2&$/ 67$03 IRU *X\DQD 6WDWH WDOO VKLSV DQG Â’ DQG E IURP OLPLWHG SULQWLQJV 6* YDU VHH QRWH DERYH 6* Â’ DUPV LQF VKLS VHW 6FRWW VHW ILQH XVHG DQG PLQW FDW

LQ WKH VSHFLDOLVW FDW Â… Â…

Â… Â…

/RFDO 6WDPSV IRU WKH VWDWH RI *XD\DQD $UPV ZLWK GLIIHUHQW SULQWLQJV 5HYROXWLRQDU\ 6WHDPVKLS %DQULJK LQF 2YSW W\SHV 5HSULQWV )RUJHULHV 7ZR VWDPSV IRU %HMXPD DQG WKUHH IRU 7DFKLUD $Q LQWHUHVWLQJ JURXS RI VWDPSV YHU\ JRRG IRU VWXG\LQJ Â… Â… ^3KRWR`

{ ),1( 86(' LQ DQ ROG VWRFNERRN ZLWK

VWDPSV PDLQO\ IURP 4(,, RYSW WR PRUH PRGHUQ 6* .*9, RYSWV WR U 4(,, &DVWOHV WR U ZLWK PDQ\ VWDPSV LGHQWLILHG D XVHIXO ORW Â… Â… 2OG VWRFN ERRN DQG SDJHV ZLWK PDLQO\ ILQH XVHG ZLWK LVVXHV IURP WKH V WR PRUH PRGHUQ 2YHU VWDPSV LQF LVVXHV IURP <HPHQ SHRSOH GHPRFUDWLF UHSXEOLF Â… Â…

{ 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…

<8*26/$9,$ Â’ 6+6 SRVWDJH GXHV VHW RI IUHVK PLQW SOXV I

9,&725,$

,19(57(' 29(535,17 DQG 81,668(' I YDOXH 6* ' FDW Â… Â… Â…

Â’ 723 9$/8( SRVWDJH GXH PLQW 6* ' FDW

Â… Â… Â…

$PHULFDQ %DQNQRWH &R LPSHUI SURRIV LQ LVVXHG FRORXUV RI GHILQ VHW 6* YHU\ ODUJH PDUJLQV XQXVHG 0RVW XQXVXDO Â… Â…

Â’ òG GLH VWDWH ,, 6* E DV VXSHUE FRPSOHWH WRS Â’ URZ RI XQLWV IUHVK 80 $ UDUH VXUYLYRU FDW Â…

Â… Â… Â’ Â’ Â’

$ )$%8/286 2/' 7,0( 0,17 VHOHFWLRQ ZLWK PXOWLSOHV RQ ROG SDJHV WKH IUHVKQHVV KDV WR EH VHHQ PDQ\ 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 PDQ\ PRUH $ YHU\ JRRG RULJLQDO ORW Â… Â…

Â’ 2)),&,$/6 49 G G òG G DQG SHUI

Â’ 3267$*( '8( VHW RI IUHVK 0 6*

' Â… Â… { 6RNRO *DPHV 6SHFLDO SURSDJDQGD ODEHOV VHW

RI VL[ ZLWK PDWFKLQJ VWDPS DIIL[HG ZLWK VSHFLDO SLFWRULDO FDQFHOV HDFK RQ LQGLYLGXDO SLHFH 9HU\ ILQH Â… Â… Â’ &KDULW\ VXUFKDUJH VHW ILQH PLQW 6*

&DW Â… Â… Â…

26 IUHVK PLQW %: &DW Â… Â…

Â’ 'DOPDWLD $LU F 'HXWVFKH %HVHW]XQJ ]DUD

RYSW 6* 6FDUFH IUHVK PLQW Â… Â…

9,(71$0 3267$/ +,6725< DQ H[WHQVLYH

{ ),1( 86(' KLJKHVW TXDOLW\ RQH RI

UHSUHVHQWDWLYH FROOHFWLRQ RI GLII FRYHUV FDUGV ZULWWHQ XS LQ DQ DOEXP ZLWK VRPH YHU\ JRRG DQG XQXVXDO LWHPV HVSHFLDOO\ PXFK 9,(71$0 :$5 0$7(5,$/ LQF )RUFHV PDLOV LQF $XVWUDOLDQ 8QLW FRYHUV $PHULFDQ )RUFHV LQF ER[HG KV VFDUFH 1= $UP\ )RUFH FDFKHWV RQ FRYHUV 0DGUL V\PERO FDFKHWV *HUPDQ 0DULWLPHV RULJLQDO ODEHO EDGJH IRU &LYLO $FWLRQ *URXS VFDUFH 6DIH &RQGXFW 3DVV GURSSHG E\ DLUFUDIW &DQDGLDQ )RUFHV DQG PXFK PRUH $ YHU\ JRRG DQG XQXVXDO DVVHPEO\ Â’ ([FHOOHQW TXDOLW\ Â… Â… Â’

{ 672&.3$*(6 ZLWK D VHOGRP VHHQ FROOHFWLRQ

WKH ILQHVW VXFK FROOHFWLRQV ZH KDYH KDQGOHG GLII LVVXHV ODUJHO\ FRPSOHWH ZLWK PDQ\ FRPSOHWH VHWV RYHUSULQW VHWV V DOO FRPPHP VHWV DLUPDLO VHW $QWL 7% DLUPDLO RYSW VHW 838 VHW $YLDWLRQ VHW &KHVV 0RXQWDLQV DLU VHW RYSW VHW (VSHUDQWR GU PDQ\ ORQJ VHWV EDFN RI WKH ERRN RSWLPXP TXDOLW\ DQG KXJH &9 Â… Â… 3LRQHHU $LUPDLO SULYDWH VWDPSV RI V ILQH 80 WULR LQF ODUJH IRUPDW ZLWK VSDFH WR DIIL[ D SRVWDJH

4 VWDPS Â… Â…

RI UHYHQXHV FLUFD V 1RUWK DQG 6RXWK LVVXHV ZLWK YDOXHV WR 3267$/ +,6725< ZLWK PLOLWDU\ FRYHUV DQG PDLQO\ ILQH XVHG UHYHQXHV Â… Â… FDUGV ::, SDWULRWLF FDUG ZLWK WKH KHDGLQJ FURVVHG RXW 9,(71$0 1257+ DQG HQGRUVHG )HOGSRVW ::,, *HUPDQ )HOGSRVW LQ &URDWLD VHQW WR 9LHQQD ZLWK )HOGSRVW FGV SRVWDO FDUG Â’ 672&.%22. ZLWK D FROOHFWLRQ RI VHWV FDW ZLWK /MXEMDQD FGV DQG FHQVRUV PDUN HQY VHQW IURP <XJRVODYLD Â’ Â… LQF :RUOGV )LUVW 0DQQHG 6SDFH )OLJKW 6* 1 WR &DPS 1R %LFHVWHU $ YHU\ LQWHUHVWLQJ JURXS RI 6HFRQG )OLJKW 6* 1 :LOG $QLPDOV 6* 1 FRYHUV FDUGV Â… Â… %LUWK $QQLY VHW LQF ERWK 06 $ YHU\ JRRG FROOHFWLRQ RI VWDPSV 06 IUHVK 80 VHOGRP VHHQ 80 Â… Â… =$1=,%$5

9,(71$0 6287+

Â’ 3529,6,21$/ ò RQ D 6* IUHVK PLQW

Â’ 0,/,7$5< )5$1. 6FDUFH EORFN RI VL[ /LWKR 6* Â’ 60) 80 Â… Â…

VFDUFH Â… Â…


Â’ 3529,6,21$/ ò RQ D 6* YHU\ ILQH

Key to symbols in this catalogue

PLQW Â… Â… Â’ 49 ,QGLD RYSWV òD WR U QRWH òD D D

D U VODWH ZLWK VPDOO VHFRQG = D *RWKLF VHFRQG = DQG D VPDOO VHFRQG = DQG LQYHUWHG T IRU E 6* PLQW Â… Â…

✱

✉

Used Mint Postal History

✈ ✱✱ &

Airmail Unmounted mint Literature

{ 9$5,(7,(6 ILQH XVHG LQYHUWHG T IRU S DQG

VPDOO = D òD D òD DQG D VPDOO IRU U LQWHUHVWLQJ JURXS Â… Â… Â’ 9$5,(7,(6 PLQW òD D òD D D D

Credit Cards

ZLWK VPDOO VHFRQG = D ZLWK DQWLTXH = D VPDOO EXW XVHIXO JURXS RI VWDPSV Â… Â… { 68/7$1 VHW RI 6* ILQH XVHG

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

Â… Â… Â’ 0212*5$0 $UPV VHW RI 6*

OLJKWO\ PRXQWHG PLQW Â… Â… Â’ 685&+$5*(' VHW RI 6* PLQW

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

Â’ '(),1,7,9( VHW F WR U 6* IUHVK

PLQW Â… Â… Â’ '+2: U KLJK YDOXH IUHVK PDUJLQDO 80 Â’ FKRLFH 6* G Â… Â… Â’ '(),1,7,9( VHW RI 6* D VFDUFH VHW

PLQW Â… Â… Â’ :$7(50$5. VFULSW VHW RI 6* IUHVK

PLQW Â… Â…

PHILANGLES

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

Â’ 1(: &855(1&< VHWV VHW RI 6*

DQG VHW RI 6* ERWK VHWV IUHVK PLQW Â… Â… 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… 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… Â’ 2OG 3DJHV ZLWK EHWWHU SLFNLQJV

Selling?

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

www.philangles.co.uk

place your bids online. Immediate and secure.

6 :HGGLQJ PLQW F Â… GHILQ VHW RI F Â… PLQW GHILQ VHW RI F Â… PLQW $ XVHIXO UDQJH RI VWDPSV PDLQO\ PLQW WR 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…

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

THE END OF THIS SALE


—————————————— 34 ——————————————

WE BUY STAMP COLLECTIONS

164

112

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

142

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 113

249

549


Lot 1068 Fine Great Britain

International Postage Stamp & Postal History Auctioneers

Lot 2823 Duck Stamps – see section This sale features an extensive oldtime collection of Great Britain featuring high values, controls, intact collections & stamp booklets, scouts on stamps, Duck stamps of USA, 1935 Silver Jubilee omnibus varieties & much more. Items can be viewed on our website. We hope you have a Prosperous 2019.

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

Lot 1264 Choice booklets

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 368 l AUCTION DATE 7TH JANUARY 2019

Lot 994 Gibraltar £5

AUCTION NUMBER 368 l AUCTION DATE 7TH JANUARY 2019

Lot 570 Empire with high values

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.