Philangles 402

Lot 1676 Departmentals

Lot 898 Liberation overprints see section

AUCTION NUMBER 402 l AUCTION DATE 13TH SEPTEMBER 2021

Lot 1035 Fine Empire

Stamp Dealers since 1990

Lot 1817 Empire issues as blocks of four This sale features France Liberation overprints, Denmark postal history with specialised studies, specimen overprint stamps, Jamaica cancellations, British Empire definitive sets as blocks of four and much more.

WhatsApp video’s available for bulky lots.

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

Lot 1837 Indian States

TELEPHONE 01925 231151 • FACSIMILE 01925 232204 EMAIL office@philangles.co.uk Printed in England by PARDY & SON LTD 1 Parkside, Christchurch Road, Ringwood, Hampshire

Estd 1990

WWW.PHILANGLES.CO.UK

AUCTION NUMBER 402 l AUCTION DATE 13TH SEPTEMBER 2021

Philangles 402 covers.qxp_Layout 1 02/08/2021 08:10 Page 1

Estd 1990

Philangles 402 covers.qxp_Layout 1 02/08/2021 08:10 Page 2

ST HIGHE S PRICE ED T AN E GUAR —— 131——

—— 133——

WE BUY STAMPS AND POSTAL HISTORY COLLECTIONS FROM A SINGLE ITEM TO A LIFETIMES ACCUMULATION, CONTACT US TODAY.

—— 202——

242

300

231

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

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

We Travel Worldwide

235

257

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

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 1

306

316

318

341

321 320

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 2

322

574

463

444

499

557

520

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 3

547

524 548

550

551

556

575

581

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 4

525

606

614

613 616

729

814

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 5

617

648

618

742

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 6

716 Denmark Postal History - see section

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 7

655

741

845

759

888 790

846

895

890

896

891

897

893

899

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 8

894

898

901

794 905

906

907

913

915

904

908

922

920

—— 918 ——

—— 919 ——

925

927

923 —— 921 ——

928

932

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 9

930

933

969

962

964

1031

971

1035

1037

1040

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 10

1056 1050

1046

1054

1678

1683

1676

1273

1275

1759

1280 1350

1352

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 11

1357 1354

1375

1359

1487

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 12

1769

—— 1680 ——

1785

1837

1762 1763

1813

1812

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 13

1788 1814

1821

1817

1815

1816

1822

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 14

1828

1823 1826

1827

1830

1833

1834

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 15

1829

1835

1846

————— 1863 —————

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 16

1843

1844

1845

1847

1856

1885

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 17

1918

1942

1948 1919

1970 2001 2078

1969

2014

2098

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 18

2228

2202 2163

2371

2296

2421

2415

2382

2429

2431

———— 2187 ————

2414

2430

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 19

2126

2208

2196

2298

2309

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 20

2426 2460

2518 2519

2384 2477

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 21

2666

2690

2667

2676

2692

2768

2763

2701

2725

2722

2764

2685

2769

2770

2902 2866

2849

2957

Philangles 402 plates 22 pgs.qxp 02/08/2021 08:11 Page 22

2544

2521

2864

2868

2883

Philangles 402 82pgs.qxp 02/08/2021 08:04 Page 1

POSTAGE STAMPS OF THE WORLD $1 ,17(5(67,1* 0267/< .*9, ORW RI

FRYHUV FDUGV LQ D ELQGHU RYHU LWHPV /LYHUSRRO VSRRQ $ 0267 ,17(5(67,1* EDODQFH RI PDWHULDO LQ

RQ ILQH HQWLUH :HPEOH\ G RQ ILQH SF ZLWK VSHFLDO SPN SDFNHWV ZDOOHWV DOEXPV ,QWHUHVW LQ &HQWUDO (XURSH LQF D VROLG 38& LWHPV RQ FRYHU ILUVW YR\DJH RI 4XHHQ 0DU\ DFFXPXODWLRQ RI &URDWLD 6ORYHQLD VLPLODU ZLWK PRGHUQ VHWV 9LFWRU\ VHWV RQ LOOXVWU IGF 2O\PSLFV 838 RQ LOOXVWU FRYHUV LQF 81 SURWHFWLRQ IRUFHV HWF FROOHFWLRQ RI WXYD VWDPSV IGF $XVWUDOLD DLU VHW RQ IGF *RRG ORW )LQH TXDOLW\ LQF LPSHUIRUDWH YDULHWLHV ,WDO\ RQ SDJHV HDUO\ 5XVVLD

WHUULWRULHV FRYHUV FDUGV LQF %DONDQV 6SDLQ LQF *R\D WR

SWD 7ULHVWH ZLWK HDUO\ SPNV $XVWULD LQIODWLRQ VKHHWV RWKHUV { $Q XQXVXDO FROOHFWLRQ SHRSOH RQ VWDPSV ,QF 6SRUWV &KLOGUHQ 5R\DOW\ VHHQ )RRWEDOO +HDOWK DQG LQWHUHVWLQJ LQ WKLV VL]HDEOH RULJLQDO ORW ORW RI VWDPSV 06 6KHHWOHWV $Q LQWHUHVWLQJ ORW JRRG

$ +,*+/< ',9(56( PL[WXUH KRXVHG LQ VL[ WXEV

IRU VWXG\ DV VWDPSV IURP PDQ\ GLIIHUHQW FRXQWULHV ZLWK PXFK LQWHUHVW LQ ROG FHQWUDO (XURSH RQ VWRFNFDUGV ROG

FRYHUV 5XVVLD ZLWK ROGHU LVVXHV /LWKXDQLD VFRXWV RYSW { $Q XQXVXDO ORW RI VWDPSV DOO ZLWK 35(

VHW EDVNHWEDOO VHW RWKHU LQWHUHVWLQJ /LWKXDQLD %DYDULD 35,17,1* &5($6(6 )8 &LUFD V ,QF 0H[LFR ,UDQ PLQW FRDW RI DUPV WR PN $XVWULDQ ::, PLOLWDU\ SRVWFDUGV

6SHFWDFXODU HUURUV $XVWULDQ 32 SPNV 35$* KV RQ HQWLUH $XVWULDQ LPSHUI FODVVLFV ZLWK LQWHUHVWLQJ SPNV PXFK PRUH $ YHU\ LQWHUHVWLQJ $1,0$/6 RQ VWDPSV ZLWK PDQ\ GLIIHUHQW

VSHFLHV IURP %LJ &DWV WR 6PDOO 5RGHQWV $ YHU\ JRRG UDQJH ORW ORRN WR EH 80 RYHU VWDPSV 06 $,5*5$3+6 2) ::,, IX LQF LOOXVWUDWHG

W\SHV )LQH JRRG

$17, 602.,1* 12 602.,1* DQG UHODWHG

VXEMHFWV D PRVW UHPDUNDEOH H[KLELWLRQ FROOHFWLRQ RQ SDJHV $,5/(77(56 2) 7+( :25/' ,Q SULVWLQH

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

4 $,5/,1(6 'XW\ )UHH &LJDUHWWH 3DFNHW /DEHOV

$17, 7% DQG RWKHU FKDULW\ VWDPSV RI WKH ZRUOG

DSSOLHG WR &LJDUHWWH SDFNHWV $ UHPDUNDEOH DUFKLYH RI 3ULQWHUV SUH DQ H[WHQVLYH FROOHFWLRQ RQ SDJHV LQ D ILOH ER[ ZLWK 3URRI 6KHHWOHWV GLVSOD\HG WR H[KLELWLRQ VWDQGDUGV RQ SDJHV DOO PXFK 6FDQGLQDYLDQ FRQWHQWV FKLHIO\ PLQW LVVXHG WR UDLVH

V LVVXHV WHUULILF YDULHW\ RI ,QF QRZ GHIXQFW $LUOLQHV ,QF IXQGV /LVWHG LQ VSHFLDOLVW KDQGERRNV *RRG /RW 'HUE\ $LUOLQHV $IJKDQLVWDQ 6\ULD .XZDLW $LUZD\V (WKLRSLD

DQG PDQ\ PRUH $ VHOHFWLRQ RI XQXVXDO $LUPDLO UHODWHG $5*(17,1$ 80 VHOHFWLRQ GLIIHUHQW ,QF

PDWHULDO GLIIHUHQW VKHHWOHWV DQG PDQ\ VLQJOHV

VKHHWOHW RI 1LFH JURXS

4 $LUPDLO VWDPSV RI WKH ZRUOG HDUO\ LVVXHV RQ

{ $8675$/,$ ILQH XVHG ZLWK

ROG FOXE SDJHV VWDPSV PRVWO\ PLQW LQF +XQJDU\ S GLIIHUHQW VWDPSV DV GLIIHUHQW FRPSOHWH VHWV *RRG TXDOLW\ =HSSHOLQ RYSW 6ZLVV F SURSHOOHU RYSW 6* ,WDO\ DV PDMRULW\ FGV XVHG +XJK FY VHWV WR HWF ,UDQ 6\ULD F LQYHUWHG RYSW HUURU 'HQPDUN LVVXHV

WR NW &KLQD VHW FDW 6* SDUW RJ $Q $XWKRUV 6LJQHG &RYHUV ,QF -RKQ

LQWHUHVWLQJ VHOHFWLRQ RI HDUO\ LVVXHV 0RUWLPHU %DUEDUD 7D\ORU %UDGIRUG 3 ' -DPHV DQG &ODUH $,50$,/6 $LU )UDQFH 3RVWDO +LVWRU\

)UDQFLV DQG -LOO\ &RRSHU RQ D PXOWLSOH VLJQHG &RYHU %DUEDUD 4 &ROOHFWLRQ ZLWK ORWV RI LQWHUHVWLQJ LQWHUQDWLRQDO IORZQ FRYHUV &DUWODQG )UHGULFN )RUV\WK D YHU\ JRRG ORW

V 6SHFLDO &DFKHWV 5RXWHV 8VDJHV RI $LU )UDQFH $9,$7,21 +,6725< $ YHU\ ILQH FROOHFWLRQ RI

(QYHORSHV 6SHFLDO 6WDJH )OLJKW &RYHUV RI WKH V ,QF FRYHUV VLJQHG E\ WKH OLNHV RI -HDQ %DWWHQ $ODQ &DPSEHOO 2YHUVHDV &RORQLHV DQG PXFK PRUH 7KH FROOHFWLRQ IHDWXUHV 2UGH &RQVWDQFH %DELQJWRQ 6PLWK :DOWHU +RSH %LOO %HGIRUG GLIIHUHQW &RYHUV &DUGV H[FHOOHQW TXDOLW\ DQG DOO FDUHIXOO\ 6LU 3HWHU 0DVHILHOG /RUG %DOIRXU -XGLWK &KLVKROP MXVW D IHZ VHOHFWHG QDPHV IURP WKLV VXSHUE FROOHFWLRQ $,50$,/6 ./0 $ FROOHFWLRQ RI VHOHFWHG

4 FRYHUV SUHVHQWHG RQ SDJHV PDQ\ EHWWHU LWHPV 7KH TXDOLW\ LV %$//221 32676 $ ILQH FROOHFWLRQ ZULWWHQ XS LQ DQ DOEXP FRYHUV FDUGV LQF HDUO\ V LWHPV SLORW H[FHOOHQW V SHULRG ,QF YHU\ ILQH 5RWWHUGDP 1LJKW VLJQHG ZRUOGZLGH +06 $UN 5R\DO VLJQHG IORZQ LWHP )OLJKW 3LFWRULDO &DUG 1HWKHUODQGV ,QGLHV DQG 'XWFK )UDQFH YI XVHG PD[LP FDUG $ UDQJH RI WRSLFDO VWDPSV FRPELQDWLRQ IOLJKW FRYHUV RI WKH V )O\LQJ %RDW VKHHWOHWV ODEHOV HWF $ JRRG ORW RQ WKH VXEMHFW FDFKHW RQ 3KLOLSSLQHV IORZQ FRYHU 6RXWK $IULFD

FRPELQDWLRQ IOLJKW HQYHORSHV ./0 6WDJH )OLJKWV DQG PXFK

PRUH 9HU\ JRRG ORW ZLWK SOHQW\ RI SUHPLXP FRYHUV

$,50$,/6 3267$/ +,6725< &ROOHFWLRQ RI

4 DSSUR[ FRYHUV QHDWO\ DUUDQJHG RQ SDJHV PRVWO\ V

6WDJH )OLJKWV IURP DOO RYHU WKH ZRUOG /RWV RI VSHFLDO FDFKHWV DQG XVDJHV

%$5%$'26 LQWHUHVWLQJ VPDOO .*9, 4(,, RQ

FDUGV HWF LQF 9LFWRU\ òG WZR IODJV OLVWHG YDULHW\ P ZHGGLQJ P HDUO\ 4(,, GHILQ VHWV IX +LJKHU YDOXHV IX TW\

{ %(/*,80 ILQH XVHG LQ 3ODVWLF 3DFNHWV

JXHVV VWDPSV XQFKHFNHG DOO SHULRGV ORWV RI

FRPPHPV $,50$,/6 D ILQH VHOHFWLRQ RI FRYHUV FDUGV

4 RQ SDJHV LQF V LOOXVWUDWHG IOLJKW FRYHUV DQG FDUGV RI IO\LQJ %,5'6 2) 7+( :25/' VWDPS VKHHWOHWV PV

VXSHUE XP ZLWK PDQ\ PRGHUQ KLJKO\ FDW LQ D VWRFNERRN ERDWV

GLIIHUHQW 0DQ\ RI D SUHPLXP QDWXUH IURP JRRG FRXQWULHV ZLWK $PHULFDV 0LGGOH DQG 6RXWK $PHULFD UDQJH

VWUHQJWK LQ ODWH V VKHHWV 2QH RI WKH EHVW VXFK ORWV WKDW PDLQO\ RQ VWRFNFDUGV LQF 6SHFLPHQV 1LFDUDJXD %ROLYLD ZH KDYH VHHQ 7KH FDW YDOXH ZLOO EH KXJH SURRIV LQF F 6DOYDGRU 3DUDJXD\ GRV UHSULQW LQ

ODUJH EORFNV )LVFDO 6WDPSV 3RVWDJH 6WDPSV (DUO\ 9HQH]XHOD %LUGV RQ VWDPSV D YDVW FROOHFWLRQ ZLWK D VXSHUE

DUUD\ RI VHWV DQG VSHFLHV RYHU VWDPSV XQPRXQWHG PLQW DQG 3DQDPD DQ LQWHUHVWLQJ UDQJH RI V RI VWDPSV PDLQO\ $ VXSHUE FROOHFWLRQ XQXVHG

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

Philangles 402 82pgs.qxp 02/08/2021 08:04 Page 2

%LUGV RQ VWDPSV RYHU VWDPSV DQG

06 6KHHWOHWV ZLW PDQ\ GLIIHUHQW VSHFLHV DQG PDQ\ FRPSOHWH

&2,/ $1' 9(1',1* 0$&+,1( 67$036 2I

WKH ZRUOG LQWHUHVWLQJ FROOHFWLRQ RQ SDJHV ,QF D ILQH VHOHFWLRQ RI .*9, 4(,, (PSLUH PLQW FRLO VWULSV ,QF *LEUDOWDU 1RUIRON ,VODQG PDFKLQH ODEHOV 6W /XFLD .*9, F VWULS RI +RQJ .RQJ 4(,, F VWULS RI *UHQDGD .*9, òG JRRG VKDGH VWULS RI 'HQPDUN YHQGLQJ ERRNOHWV DQG PRUH ,QWHUHVWLQJ DVVHPEO\

VHWV VHHQ PDQ\ KLJK YDOXH VWDPSV D YHU\ JRRG ORW QHHGV VRUWLQJ ORRNV WR EH 80 %,5'6 2Q 6WDPSV RYHU VWDPSV

06 6KHHWOHWV LQF %DKUDLQ :DWHUELUGV 6KHHWOHW

*X\DQD 7RXFDQ 06 DQG VKHHWOHWV RI -DPDLFD %ODFN %LOOHG $PD]RQ VKHHWOHW RI ZLWK PDQ\ GLIIHUHQW VSHFLHV $ YHU\ ILQH UDQJH VHHP WR EH 80

&2,16 WK $QQLY RI WKH S VHW RI

GLIIHUHQW S FRLQV LQ ILUVW GD\ FDSVXOHV %8& LQF .HZ *DUGHQ

UHLVVXH $OO VSHFLDO LVVXHV LQ VSHFLDO SUHVHQWDWLRQ ER[ 7KLV VHW FRVW DERXW DW WLPH RI LVVXH

%,5'6 21 67$036 :LWK ORWV RI 80 PDWHULDO

DQG JRRG FRXQWU\ UDQJHV 6HQHJDO ,QF IU (DJOH 1DWLRQDO SDUN VHW 6XULQDPH GHILQ VHW 7KDLODQG ZLWK VHYHUDO YHU\ ILQH VHWV 86$ (DJOH KLJK YDOXHV WR XSSHU YROWD WR IU 9HQH]XHOD ORQJ VHW DQG ORWV RI RWKHU PDWHULDO PDQ\ V DOO GLIIHUHQW

&RLQV *% IURP WR (QJOLVK DQG

6FRWWLVK &RLQV RQH IRU HDFK \HDU GLIIHUHQW FRLQV

&RLQV *% 6L[ 3HQFH V LQ D 3UHVHQWDWLRQ %R[

ZLWK &RLQV IURP WR (QFDSVXODWHG HDFK GLIIHUHQW

%LUGV RQ 6WDPSV D YHU\ FRORXUIXO FROOHFWLRQ RI

VWDPSV DQG 06 6KHHWOHWV ZLWK PDQ\ GLIIHUHQW

VSHFLHV LQF *DUGHQ %LUGV 6HDELUGV %LUGV RI 3UH\ $ YHU\ LQWHUHVWLQJ ORW ZLWK PDQ\ VHWV 80

&ROGLW] UHWXUQ WR VLJQHG LOOXVWUDWHG FRYHUV

VLJQHG E\ 3ULVRQHU V RI WKH &DVWOH ,QF +RZH 1HZERURXJK 0RUDQ )XFKL )UHGR 6FDUIDFH $ ILQH FROOHFWLRQ HDFK GLIIHUHQW

{ %,6(&76 2) 7+( :25/' :LWK LQWHUHVWLQJ

DQG XQXVXDO FROOHFWRUV DFFXPXODWLRQ RI LWHPV WKDW ZLOO PDNH

D YHU\ JRRG GLVSOD\ PXFK HDUOLHU ,QF 86$ KDOI FHQW RQ &2/',7= 6LJQHG WK $QQLYHUVDU\ FRYHUV

HQWLUH ZLWK 536 &HUW IRUJHU\ 6$026 *UHHN ,VODQG

HDFK GLIIHUHQW VHOGRP VHHQ DV D FROOHFWLRQ VHHQ +DUYH\ %LVHFW RQ 33& $XVWULDQ SUH %LVHFWV RQ &DUGV (FXDGRU /HEUXQ 6WHSKHQV 6FRWW 0LOOHU 9DQ GHU .UDS 0HOORU %LVHFW RQ 33& )UDQFH YHU\ VFDUFH SRVWDJH GXH &KROPRQGHOH\ %LVVHW 3RSH .DUSI :HOGRQ D VXSHUE %LVHFW RQ &RYHU HWF &RYHUV &DUGV 3LHFHV *UHDW ORW FROOHFWLRQ /WG WR MXVW VLJQHG FRYHUV

&20021:($/7+ 6(/(&7,21 2Q +DJQHUV

{ %UD]LO LQ D VWRFNERRN RYHU GLIIHUHQW LVVXHV

ZLWK JRRG PLQW FRQWHQWV $GHQ .*9, VHW WR U 4(,, PLQW WR *LOEHUWV :HGGLQJ 6RORPRQV .*9, WR FKLHIO\ IX LGHQWLILHG E\ 6* $ ILQH VHOHFWLRQ %DVXWRODQG WR 6LQJDSRUH 80 VHWV WR %5,7,6+ $)5,&$ 4(,, &RPSOHWH VHWV IUHVK

9LFWRU\ 2PQLEXV 80 FROOHFWLRQ *RRG SLFNLQJV VHYHUDO PLQW LQ D ER[ IXOO RI $OEXP 3DJHV V JUHDW YDULHW\

QRWLQJ .HQ\D VHW WR =DQ]LEDU VHW WR ORFDO

RYSW 'HILQ VHWV GLIIHUHQW GHILQ VHW 7DQ]DQLD &RQFRUGH 6LJQHG &RYHUV PDLQO\ VLJQHG E\ ::,, 7\SKRRQ 3LORWV - )URVW ' ,QFK ' /RYHOO - 5RRN * GHILQ VHWV GLIIHUHQW 6LHUUD /HRQH 6KDSH VHWV ,QF 6FRXWV +DUG\ 3 5RSHU - 0HHFKDQ $ 6KDQQRQ RQ &RQFRUGH SDJHV VD\ GLIIHUHQW VWDPSV DV FRPSOHWH VHWV 6LOYHU -XELOHH FRYHUV

&27721 ,1'8675< SDJH H[KLELWLRQ

%ULWLVK :HVW ,QGLHV SRVWDO KLVWRU\ FRYHUV FDUGV

FROOHFWLRQ GLVSOD\HG WR WKH KLJKHVW VWDQGDUG IHDWXULQJ VRPH

LQF %U +RQGXUDV HQYV ZLWK FHUWLILHG IRUFHV DLUPDLO FKRLFH LWHPV PRVWO\ VWDPSV FRYHUV LWHPV QRWLQJ ,QGLD 7ULQLGDG 7REDJR HQY F IUDQNLQJ VHQW WR 6W /XFLD VWULS RI U ZLWK SUH SULQWLQJ SDSHU FUHDVH YDULHW\ &KDG LPSHUI DLUPDLO HQY G IUDQNLQJ VHQW WR 6W /XFLD 49 %DUEDGRV òG G VKHHWOHW /LYHUSRRO FRWWRQ %URNHUV 5HYHQXH 6WDPSV FDU XQXVHG G UHJG HQY XQXVHG ,QF )8 6XSHUE òG WR RUGHU HQYHORSH ZLWK %URDGFDVWHU 6LJQHG FRYHUV ,QF +XEHUW

6SLQQLQJ 0LOO LOOXVWUDWLRQ *% $GYHUW (QY )X 'DKRPH\ *UHJJ 7RQ\ 3UHVWRQ -RKQ 6QDJJH -LPP\ <RXQJ 'DYLG LPSHUI FRORXU WULDO VWULS RI PLQW HWF *RRG ORW ZLWK FDUHIXOO\ $WWHQERURXJK SOXV FDUG DOVR 6LJQHG E\ 'DYLG VHOHFWHG LWHPV $WWHQERURXJK &29(56 ,1 7:2 /$5*( &$57216 +RXVHG

&$1$'$ 3DJHV ZLWK D UDQGRP FROOHFWLRQ RI

LQ $OEXPV DQG ORRVH ZLWK LOOXVWUDWHG FRYHUV VWDPSV IURP HDUO\ WR PRUH PRGHUQ LQF LVVXHV RI &RPPHPRUDWLYH &DQFHOV $ YDVW UDQJH RI *% FRYHUV FRYHULQJ 1HZIRXQGODQG KLJKO\ &DW 5DQJH PDQ\ VXEMHFWV { &DQFHOODWLRQV RQ HDUO\ IRUHLJQ LVVXHV LQF 86$

&5,&.(7 6RXWK $IULFD $ KLVWRULFDOO\

IDQF\ FDQFHOV $XVWULDQ %HOJLXP &RQJR /LEHULD $Q LPSRUWDQW VL[ SDJH OHWWHU DQG VNHWFK SURSRVLQJ WKH FRVWV IRU WKH LQWHUHVWLQJ ORW RI FDQFHOV FRQVWUXFWLRQ RI D FULFNHW JURXQG DW 5RQGHERVFK GHWDLOV JUDVV { &$5721 RI JHQHUDO 2Q DQG 2II SDSHU PXFK

DQG ERXQGDULHV ZLWK RULJLQDO HQYHORSH IUDQNHG G ,QFUHGLEO\ *% V RI VWDPSV $ VRUWHU HDUO\

&ULFNHW VLJQHG LOOXVWUDWHG FRYHUV IRU PDWFKHV

&+($3 /27 2) 1(: =($/$1' ZLWK D WHUULILF

SOD\HG LQ WKH 8. VHHQ (ZDQ 0RVHO\ 6KRDLE $NKWDU %REE\ YDULHW\ RI GLIIHUHQW PDWHULDO ZLWK PRGHUQ FRPPHPV )8 .*9, 3DUNV DQG 'DYLG $OOHQ ,DQ +DUYH\ $ JRRG ORW RI PLQW ,QF EORFNV òG ZLWK YHU\ ILQH )DQQLQJ ,VODQG &'6 FRYHUV /LJKWKRXVH ,QVXUDQFH 6WDPSV )8 3ULQWHG DOEXP HWF /RWV RI 'DKODN ,VODQGV ([SHGLWLRQ LOOXVWUDWHG

XVHIXO VWDPSV FRYHUV IRU WKH H[SHGLWLRQ ,QF EDVH FRYHUV $ ILQH ORW &,*$5 %$1'6 $ &RORVVDO :RUOGZLGH

&ROOHFWLRQ RI V GLIIHUHQW GLVSOD\HG WR WKH KLJKHVW RI

'DPH 0DUJRW )RQWH\Q 'H $ULDV %DOOHULQD

VWDQGDUGV RQ PP KLJK SLOH RI GLVSOD\ SDJHV DUUDQJHG E\ VFDUFH VLJQHG LOOXVWUDWHG FRYHU RQO\ FRYHUV SURGXFHV VHWV DQG PDQXIDFWXUHUV H[FHOOHQW ORW RI 6SDLQ IHDWXULQJ FODVVLF

VWDPSV 'XWFK $ UHPDUNDEOH DQG XQXVXDO RIIHULQJ

'28*/$6 %$'(5 6LJQHG 6LU 'RXJODV

%DGHU ,OOXVWUDWHG &RYHU &,*$5 %$1'6 )DVFLQDWLQJ FROOHFWLRQ RI V

RQ H[KLELWLRQ SDJHV DOO 'XWFK LVVXHV DUUDQJHG E\ 6HWV DQG (03,5( .*9, PLQW UDQJH RQ ROG SDJHV

7RSLFV DOO LVVXHG E\ :LOOHP ,, *UHDW ORW GLIIHUHQW LVVXHV QRWLQJ DVFHQVLRQ WR ,QF JRRG ILUVW G F )DONODQGV UDQJHV WR 0DXULWLXV WR U RWKHUV WR G VISIT &OHDQ www.philangles.co.uk.

Philangles 402 82pgs.qxp 02/08/2021 08:04 Page 3

([SORUHUV VLJQHG FRYHUV 5DQXOSK )HLQQHV

*(55< .,1* 61$5. ,6/$1' )$17$6<

67$036 7KH FROOHFWLRQ RI GLIIHUHQW SOXV &RYHUV &DUGV 9HU\ ORZ SULQWLQJ QXPEHUV IURP WKLV FXOW GHVLJQHU ZLWK DGDSWDWLRQ RI &ODVVLF (PSLUH LVVXHV DQG &RYHUV

7UDQV JOREH ([SHGLWLRQ PXOWLSOH VLJQHG ,QF 5DQXOSK )HLQQHV &KDUOHV %XUWRQ 3DSXD 1HZ *XLQHD LOOXVWU FRYHU VLJQHG %ODVKIRUG 6QHOO )DPRXV :RPHQ VLJQHG FRYHUV ,QF

*,%5$/7$5 3$*(6 :LWK HDUO\ WR PRUH

%XWWHUIOLHV )'& VLJQHG :HQG\ &UDLJ DQG *HRIIUH\ 3DOPHU

PRGHUQ LVVXHV LQF .*9, 'HILQ VHW RI PLQW 49 7HWKHU )'& VLJQHG 3HQHORSH .HLWK V 'RJV )'& F 2OLYH *UHHQ DQG %URZQ PLQW $ XVHIXO ORW RI VWDPSV VLJQHG 9LUJLQLD 0F.HQQD 6RXQG DQG 9LVLRQ )'& VLJQHG KLJKO\ FDWDORJXHG $QJHOD 5LSSRQ 7URRSLQJ RI WKH &RORXU )'& VLJQHG -RDQQH /XPOH\ (QWHUWDLQHUV 7DOHV )'& VLJQHG -RDQ *ROI VLJQHG LOOXVWUDWHG FRYHUV

3ORZULJKW LOOXVWUDWHG FRYHU VLJQHG 9HUD /\QQ $ YHU\ 0XLUILHOG VLJQHG E\ 1LFN )DOGR 7URRQ VLJQHG 7RP ILQH FROOHFWLRQ /HKPDQ RSHQ VLJQHG 3DXO /DZULH DQG 0XLUILHOG )DPRXV :RPHQ 6LQJHUV $ ILQH JURXS RI

VLJQHG (UQLH (OOV D YHU\ ILQH JURXS RI VLJQHG FRYHUV

V VSHFLDO DXWRJUDSKHG FRYHUV VLJQHG E\$QQH 6KHOWRQ

6KLUOH\ %DVVH\ DQG 9HUD /\QQ *5($7 3,&.,1*6 RI 80 QHZ LVVXH :RUOGZLGH

VHWV RQ SDJHV ZLWK 06 DQG PXFK PRGHUQ V DOO GLIIHUHQW

)$50,1* &$77/( ',$5< $1' 5(/$7('

5HPDUNDEOH 7KHPDWLF FROOHFWLRQ GLVSOD\HG WR H[KLELWLRQ

{

4

*RRG %,5'6 FRQWHQW ,QF &RRN ,V 6KHHWOHWV 9LHWQDP VHW .RUHD VKHHWOHW PDQ\ VHWV GHSLFWLQJ 6QDNHV ,QF VWDQGDUGV RQ SDJHV PDQ\ 6WDPSV &RYHUV DQG UHODWHG *XLQHD 'LDPRQG 6KDSH 6HW )DVFLQDWLQJ YDULHW\ FDUHIXOO\ VHOHFWHG ZLWK JRRG LWHPV LQFOXGHG 1RWH ,QGLD 7ZR

6WULSV RI 6WDPSV GHSLFWLQJ &RZV RQH ZLWK VWDPS RPLWWHG RWKHU JURVVO\ PLVSHUIRUDWHG HDUO\ $GYHUW /DEHOV DQG &RYHUV IRU *8(516(< IDFH YDOXH VXEVWDQWLDO

0LON $PHULFDQ &RYHU DQG FRYHU IRU SURGXFH PHUFKDQWV FROOHFWLRQ RI QHZ LVVXHV WR DERXW ZLWK VKHHWOHWV JXWWHU 2OG &DUGV GHSLFWLQJ &RZV 3RVWHU 6WDPSV IRU 6KRZV HWF SDLU VHWV SUHVWLJH ERRNOHWV 06 7HUULILF YDULHW\ RI VHWV 6XSHU ORW

)LQH XVHG FROOHFWLRQ RI VWDPSV DQG

+DOOH\ V &RPHW 6LJQHG LOOXVWUDWHG FRYHUV

06 VKHHWOHWV ZLWK JRRG WKHPDWLF FRQWHQW DLU ZLOGOLIH VSRUW VLJQHG E\ 6LU 3DWULFN 0RRUH + &RXSHU DQG 3URI * 6PLWK IORZHUV DUW DQG VSDFH 0DQ\ VHWV RI 8PP $O 4LZDLQ LQ D ODUJH LVVXHG E\ %$$ HQYHORSH +$55< %87/(5 DQQLYHUVDU\ IOLJKW FRYHUV

)OLJKW FRYHUV SULQWHG HQY IURP &D\PDQ V

4 FDUG VLJQHG E\ (XVWLV DQG %XFNOH\ ERWK GLIIHUHQW WR 86$ PXOWLSOH IUDQNHG HQY IURP 9HQH]XHOD WR 7ULQLGDG VLJQHG LOOXVWU FRYHU DQQLYHUVDU\ DHURJUDPPH IURP 6ZLW]HUODQG $DUDQ EDOORRQ IOLJKW ZLWK VSHFLDO FDFKHW DQG 3DSXD 1HZ *XLQHD SOXV WKH VWRU\ RI +DUU\ %XWOHU FDQFHO =XULFK EDOORRQ IOLJKW FRYHU ZLWK VSHFLDO FDFKHW KDQGERRN 3RODQG DQQLYHUVDU\ IOLJKW FRYHUV (DFK GLIIHUHQW DQ +(/,&237(5 0$,/6 +(/,&237(5 WKHPHG

LQWHUHVWLQJ ORW RI FRYHUV VWDPSV $ FROOHFWLRQ QLFHO\ ZULWWHQ XS LQ DQ DOEXP WKDW IHDWXUHV )5$0$ /$%(/6 2I WKH ZRUOG ZLWK YHU\ JRRG

FRYHUV FDUGV )UDQFH VSHFLDO IORZQ FDUG *% LQF 3RUWXJDO PLQW VHWV FRQWHQWV 0RVW H[WHQVLYH FROOHFWLRQ RI V LWHP RXWHU IOLJKWV UDQJH RI VWDPSV )LQH GLVSOD\HG WR WKH KLJKHVW RI VWDQGDUGV ,QF HDUO\ $ODQG %UD]LO ,PSHULDO $LUZD\V V DLUPDLO ERRNOHWV

VHW 7XUNH\ VHW RI 7KH 3RUWXJDO LV H[FHOOHQW ERWK GLIIHUHQW DQG H[SORGHG ZLWK FRPSOHWH DLUPDLO ODEHO SDQHV VWDULQJ ZLWK VHWV 0DQ\ SLFWRULDO VHWV HWF 7KH YDVW DQG GLIIHUHQW DGYHUW SDQHV *% %RRNOHWV

PDMRULW\ DUH PLQW ,QWHUHVWLQJ PL[WXUH LQ D ELJ EOXH VWRFNERRN

)5$0$ 67$036 /$%(/6 2) 7+( :25/'

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

FROOHFWLRQ ZLWK HDFK SDJH GHGLFDWHG WR D GLIIHUHQW %RRN RU )UHQFK $GPLQLVWUDWLRQ LQ (XURSH ZLWK LVVXHV RI

&KDUDFWHU LQFOXGHV JRRG )UHQFK 0RQDFR )U &RORQLHV ,QF $QGRUUD 6DDU DQG 0RQDFR RYHU VWDPSV ZLWK LVVXHV WR ,PSHUI 3URRIV &RORXU 7ULDOV HWF 0RGHUQ :RUOGZLGH ,QF $ JRRG UDQJH FKLHIO\ PLQW PXFK 80 6KHHWOHWV DQG *ROG )RLOV V RI UHODWHG LWHPV 0 80 $ *$%21 )UHQFK FRLOV FROOHFWLRQ RI GLII

GHOLJKWIXO FROOHFWLRQ LVVXHV P IX %HWWHU HQWU\ LVVXHV WR IU 1LFH SLFNLQJV .*9, 9LFWRU\ FZOWK FROOHFWLRQ ILQH P LQ DQ

DOEXP

*(55< .,1* (OL]DWRULD SDUW 6WDPSV RI 7KH

1HZ %ULWLVK (PSLUH )DQWDV\ 6WDPSV YHU\ IHZ SURGXFHG 7KH { .*9, %5,7,6+ (03,5( )LQH XVHG PDVV RI

H[WHQVLYH FROOHFWLRQ RI GLIIHUHQW RQ H[KLELWLRQ SDJHV ZLWK

V KRXVHG LQ HOHYHQ VWRFNERRNV EHLQJ WKH FROOHFWRUV DGDSWDWLRQV RI (PSLUH &ODVVLFV ZLWK KLJK YDOXHV 7KHVH LVVXHV GXSOLFDWHV QHDWO\ DUUDQJHG $ JRRG YDULHW\ RI LVVXHV KDYH D FXOW IROORZLQJ 9HU\ IHZ SURGXFHG RFFDVLRQDO KLJK YDOXH SRVVLEOH SRVWPDUN LQWHUHVW UDQGRP ,QF 6RXWK $IULFD 3DLUV 6ZD]LODQG GLIIHUHQW SHUIV 7XUNV WR

*(55< .,1* )$17$6< ,668(6 3RVWDJH

%HUPXGD WR $GHQ ZLWK UDQJH RI RYSWV WR $VFHQVLRQ 6WDPSV RI ZRQGHUODQG KLV HDUO\ LVVXHV FRPSUHKHQVLYH %DKDPDV WR 0DOWD WR 0RQWVHUUDW 1HZIRXQGODQG 1= WR FROOHFWLRQ RI GLIIHUHQW RQ H[KLELWLRQ SDJHV ZLWK DGDSWDWLRQV 1LJHULD 1\DVDODQG WR DQG PXFK PRUH $ VXEVWDQWLDO RI FODVVLFV HVSHFLDOO\ *% OLQH HQJUDYHG DQG HDUO\ HPSLUH KROGLQJ RI XVHG .*9, LVVXHV ZLWK PXOWLSOHV DQG YDULHWLHV 9HU\ IHZ ZHUH SURGXFHG D SRSXODU &LQGHUHOOD LVVXH .*9, &$<0$1 ,VODQGV PLQW FROOHFWLRQ ILQH

IUHVK WZR GLII GHILQ VHWV WR ZHGGLQJ QLFH *(55< .,1* )$17$6< ,668(6 7KH %ULWLVK

(PSLUH DOWHUQDWLYH FROOHFWLRQ WKH FROOHFWLRQ RI GLIIHUHQW SOXV RQH VKHHWOHW RQ H[KLELWLRQ SDJHV WKHVH DUH HDUO\ DWWHPSWV DQG .*9, FRPPRQZHDOWK 9LFWRU\ RPQLEXV

YHU\ IHZ ZHUH SURGXFHG ZLWK 4(,, DGDSWDWLRQV &ODVVLF (PSLUH VHWV DV EORFNV RI YIP ORZHU XP WKH ORW RI GLII EORFNV DOO DV VHWV SOXV VRPH VLQJOH VHWV 1RW FRPPRQ GHVLJQV $OO LPSHUI LQ %ODFN RQ YDULRXV 3DSHUV &DUGV SOXV VRPH RWKHUV

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

Philangles 402 82pgs.qxp 02/08/2021 08:04 Page 4

.*9, (03,5( PRVWO\ PDVV RI VWDPSV ZLWK

201,%86 UHG FURVV GLII VHWV LQF +RQJ

JRRG YDULHW\ LQ D VWXIIHG VWRFNERRN PXFK IX &DQDGD WR LQF .RQJ 0RVW DSSHDU XP 7R FOHDU RKPV 6H\FKHOOHV YDOXHV WR U YIX 1RUWK %RUQHR WR 2SHUDWLRQ 7KXUVGD\ LOOXVWUDWHG FRYHUV

9LFWRU\ FROOHFWLRQ P %:, 8QLYHUVLWLHV VHWV DV

VLJQHG $ JRRG VLJQHG E\ SDUWLFLSDQWV ,QF 7KLUOZHOO 3 EORFNV RI FRPSOHWH P ORWV RI PDWHULDO 0HDG ' +HOOLQJV % (OOLRW -RKQ 5HG (GOLQJWRQ 5 +HDWKFRFN .*9, (03,5( &KLHIO\ PLQW VXEVWDQWLDO

DQG : %LVKRS * 'RQDOGVRQ $ ILQH ORW FROOHFWRUV EDODQFH RI VHYHUDO PRVWO\ GLIIHUHQW VWDPSV LQ D { 3$48(%27 0DULWLPH &DQFHOODWLRQV RI WKH

ELJ VWRFNERRN ZLWK ORWV RI FOHDQ FRXQWU\ UDQJHV WR PLGGOH YDOXHV EHLQJ LWHPV OHIW RYHU IURP FROOHFWLRQV SDUW VHWV $ = :RUOG ZLWK PXFK LQWHUHVWLQJ DQG XQXVXDO DQG RI DQ HDUOLHU QDWXUH YHU\ JRRG 6RXWK $PHULFD FRQWHQWV ,QF 6KLS FDQFHOV 7HUULILF TXDQWLW\ 7UDQVLW 3PNV 7ULQLGDG 3$48(%27 KDQGVWDPS HWF { .*9, *5($7 %5,7$,1 FRPSUHKHQVLYH

3RVWPDUN LWHPV DQG &RYHUV &DUGV *RRG ORW FROOHFWLRQ RQ SULQWHG SDJHV FRPSOHWH P LQF JRRG VLGHZD\V

ZPNV QR GDUN EOXH DOVR D PDWFKLQJ IX FROOHFWLRQ 3,&785( 3267&$5'6 ZLWK PDQ\ UHODWHG WR

FRPSOHWH ZLWK VLGHZD\V ZPNV HWF 9HU\ KLJK FY <RUN DQG <RUNVKLUH ZLWK D JRRG UDQJH RI LPDJHV PXFK RI D

HDUO\ QDWXUH RYHU 33& V .*9, PRVWO\ FRURQDWLRQ VHWV RWKHUV

3267$/ +,6725< 7(/(*5$0 )2506 2)

XVHG RQ FRYHUV $ FROOHFWLRQ RI LWHPV LQ DQ DOEXP ILQH 7+( :25/' ZLWK PDQ\ RI DQ HDUOLHU QDWXUH $ JRRG FROOHFWLRQ FRQGLWLRQ LQF $GHQ VHW DV EORFNV RI RQ :LQJILHOGV UHJG RI DSSUR[ LWHPV PDQ\ ZLWK QRWHV RQ SDJHV ,QF PDQ\ FRYHU *% LOOXVWUDWHG 1HZIRXQGODQG VHW RI RQ LOOXVWU FRYHU RUQDWH LOOXVWUDWHG W\SHV 6ZLVV FDQFHOODWLRQV )LQODQG FRPSOHWH ),-, RQ YI LOOXVWUDWHG HWF $ JRRG ORW VKHHW 6SDLQ IUDQNHG HQYHORSH 1RUZD\ .*9, PRVWO\ P XP ORW LQ D EOXH VWRFNERRN ORWV

LOOXVWUDWHG )LQH DQG D JRRG :RUOGZLGH $VVHPEO\ RU VWDPSV *% ZHGGLQJ XP 2O\PSLFV EORFN ZLWK

EURNHQ ZLQJ YDULHW\ RWKHU *% VHWV DV EORFNV FRPSUHKHQVLYH 3267$/ +,6725< ,Q D ELJ ELQGHU RYHU

FROOHFWLRQ RI FZOWK FRURQDWLRQ VHWV XP LQF ORQJ LWHPV ,PSHULDO )OLJKW &RYHUV IUDQNHG .*9 1= 1HZIRXQGODQG V

&HQWHQDU\ VHW RQ LOOXVWU )'& V .*9, G RQ &HQVRUHG .*9, 9,&725< 6(76 RI WKH

FRYHU WR 3DUDJXD\ *% 9LFWRU\ VHW RQ ,OOXVWU )'& 1RUWK FRPPRQZHDOWK DV XP FRUQHU EORFNV RI IRXU ZLWK PDQ\ EORFNV %RUQHR &RYHU HWF KDYLQJ 3/$7( 180%(56 $ YI FROOHFWLRQ EORFNV 3267$/ +,6725< 2$7 FDFKHWV 21:$5'6

VHOGRP RIIHUHG ZLWK SODWH QXPEHUV 7KH FROOHFWLRQ DOVR 4 $,5 75$160,66,21 RQ D ILQH ORW RI FRYHUV PRVWO\ PDLOHG LQFOXGHV VRPH RWKHU EORFNV RI .*9, FRPPRQZHDOWK +LJKO\ IURP 6RXWK $IULFD WR 6ZHGHQ RU 6ZLW]HUODQG LQF YI FHQVRUHG UHFRPPHQGHG ZLWK SDLU 6ZLVV F 3267$*( '8(6 WLHG RQ REYHUVH { .,/2:$5( 7ZR FDUWRQV RI *% PDFKLQV XVHG

&DQDGLDQ DLUOHWWHU WR 7UDQVYDDO YI VHOHFWHG FRYHUV

RQ SLHFH WR FOHDU NJ

3267$/ +,6725< 2) 7+( :25/' ZLWK /$79,$ ROG FROOHFWLRQ RI GLII LVVXHV RQ

SDJHV LQF SULQWHG RQ EDQNQRWHV PLQW UHG FURVV XVHG HWF LQWHUHVWLQJ LWHPV KRXVHG LQ D ODUJH FDUWRQ RI PLQL FROOHFWLRQV

ORWV VXLWDEO\ JURXSHG LQF D SDFNHW IXOO RI 1= FRYHUV ZLWK VLQJOH IUDQNLQJV *LEUDOWDU ZLWK SRVWPDUNV XQXVHG UHJLVWHUHG 0$/7$ ,17(5(67,1* 2/' 67$03 /27 ,Q D

HQYHORSHV SRVWER[ SRVWFDUGV 5XVVLD ZLWK D SDFNHW IXOO RI 3OXPULGJHV 6WDPS )ROGHU DERXW VWDPSV 49 òG /RFDO FRYHUV SKLODWHOLF H[KLE FRYHUV ZLWK VSHFLDO SPNV 3RVW 0LQW 49 WR 6KLSZUHFN )8 3RVWDJH RYSWV WR DYLDWLRQ LWHPV HWF &RQGLWLRQ LV JRRG $ GLYHUVH ORW V

.*9, )8 8VHIXO SLFNLQJV KLJK &9

0$/7$ 3$*(6 :LWK PXFK UDQGRPO\ DUUDQJHG

3267$/ 67$7,21(5< &KLHIO\ %ULWLVK (PSLUH

VHHQ SRVWDJH GXHV .*9, GHILQV WR PLQW 6HOI PDLQO\ XQXVHG PDLQO\ 3RVWDO &DUGV VHHQ %U &HQWUDO $IULFD *RYHUQPHQW RYSWV WR PLQW 4(,, YDOXHV WR PLQW $ ,QWHUQDO G SUH FDQFHOOHG QG G &DUG XQXVHG 0RQWVHUUDW G JRRG UDQJH RI VWDPSV &DUG ZLWK 5HSO\ &DUG VWLOO DWWDFKHG XQXVXDO UHJG (QY 0LOLWDU\ VXSHUE FROOHFWLRQ RI LOOXVWUDWHG FRYHUV

G VWDPSOHVV VHQW WR *HUPDQ\ 2IILFLDO SDLG 7RQJD (QY ZLWK VLJQHG PDLQO\ E\ SDUWLFLSDQWV RI ::,, LQF $UWKXU %RPEHU &DUG IRU &RQGROHQFHV RQ 4XHHQ 6DORWH 7XSRX 'HDWK $ VPDOO +DUULV : %HHWKDP /RUG 7HGGHU 9LWRU *URRP ,YRU %URRP JRRG ORW RI LWHPV +DUROG 0DUWLQ -DPHV 7DLW . + :DOOLV *HRIIUH\ 7\VRQ DQG & 3267&$5'6 2) 7+( :25/' $Q 2OGWLPH

6WXDUW $ VXSHUE FROOHFWLRQ IRU UHVHDUFK RYHU FRYHUV /RW ,Q D %R[ RYHU FDUGV ,QF HDUO\ $IULFD V 'DQLVK

&DUGV ZLWK VWDPSV XVHG RQ WKH IURQW HDUO\ (GZDUGLDQ +XPRXU 1(9,6 YHU\ FRPSUHKHQVLYH FROOHFWLRQ

&DUGV $Q RULJLQDO ORW RI V DOO GLIIHUHQW FRPSOHWH VHWV 80 3/86 PXFK DGGLWLRQDO 3267(5 67$036 3UH V ZLWK PXFK

ZLWK 63(&,0(1 RYSW 6HWV 06 DQG QHZ LVVXHV XQWRXFKHG LQ FRQWLQHQWDO (XURSHDQ PLQW ZLWK PDQ\ H[FHSWLRQDO GHVLJQV SDFNHWV 6XEVWDQWLDO TXDQWLW\ LQ D FDUWRQ RQ YHU\ 2OG 6WRFNSDJHV DOO GLIIHUHQW ZLWK PDQ\ UHODWHG WR 1(: ,668(6 6WDPS %RRNOHWV RI 7KH :RUOG

&LJDUHWWH &RPSDQLHV PDUYHOORXV YDULHW\ LQ H[FHOOHQW FRQGLWLRQ ZLWK PDQ\ LQ QHZ LVVXH SDFNHWV ,QF 32: (DVW $IULFD FHQVRUHG HQY ZLWK 3 :

1HWKHUODQGV &RORQLHV $ JRRG ORW RI %ULWLVK 3UHVWLJH ,QF 0,''/( ($67 KV VHQW WR FDPS E IURP ,WDO\ SULQWHG :HGJZRRG òS VLGHEDQG :RUOGZLGH LVVXHV YDOXHV WR OHWWHU VKHHW ZLWK 3 : 0,''/( ($67 DQG 3 : ($67 3RUWXJDO VHWV HWF RYHU PRVWO\ GLIIHUHQW *RRG ORW $)5,&$ +6 ZLWK /RQGLDQL DQG ER[HG +6 RQO\

XVHG LQ /RQGLDQL ZLWK GHWDLOV 6FDUFH 2/<03,& *$0(6 /21'21 7KH

4(,, %5,7,6+ &20021:($/7+ ZLWK

FRPSOHWH :RUOGZLGH 80 VWDPS FROOHFWLRQ RI FRPSOHWH VHWV LQWHUHVWLQJ DQG XQXVXDO RQ FDUGV ,QF FRPSOHWH VHWV WR WRS 6KHHWOHWV DQG 06 WKDW FRVW RQ QHZ LVVXH 6SUHDG YDOXHV QRWH $VFHQVLRQ %LUGV WR PLQW %RRNOHWV 6KHHWV ,QFOXGHG KRXVHG LQ IRXU H[SHQVLYH /LJKWKRXVH $XVWUDOLD F PLVVLQJ FRORXU HUURU 9)8 %DKDPDV WR 6WRFNERRNV V RI GLIIHUHQW JOREDO LVVXHV 2IIHUHG DW 80 6* %HUPXGD UHYHQXHV XVHG RQ SLHFH 6RORPRQ V FRVW SULFH 3ULVWLQH VHW WR 80 'RPLQLFD VHW PLQW 6* *LEUDOWDU 6KLSV WR { 2PQLEXV &RURQDWLRQ DSSDUHQWO\ FRPSOHWH

9)8 6* FRLO 6WULSV 0DODFFD VHW WR 1= G ERWK 0 9)8 PRXQWHG LQ D VSHFLDO $OEXP VHYHUDO DGGLWLRQDO LPSHUI SDLU 5KRGHVLD VHW WR GLII PLQW 6DUDZDN VHW WR VHWV RQ FRYHU $ FRPSUHKHQVLYH DVVHPEO\ V

)8

Philangles 402 82pgs.qxp 02/08/2021 08:04 Page 5

5$',2 67$7,21 3267&$5'6 6HQW IURP DOO

6,/. &,*$5(77( &$5'6 )ODJV %ULWLVK

RYHU WKH ZRUOG V 'LVSOD\ FROOHFWLRQ IR LWHPV ,QF (PSLUH LQ YHU\ JRRG FRQGLWLRQ $UP\ $UPV PL[HG 3LFWRULDO W\SHV IURP 6XH] &DQDO 0RVFRZ )LQODQG +$0 FRQGLWLRQ $UW PL[HG FRQGLWLRQ )HVWLYDO IXOO SDQHO $GYHUW &DUG HWF 1LFH ORW 6LQNLQJ RI WKH 7LUSLW] LOOXVWUDWHG FRYHUV

5$) SS VHULHV SODQHV PDWFKHG VLJQHG E\ /HDZRRG &KHVKLUH 9& - 7DLW 7 ,YHVRQ

ZLWK SODFHV PRVW UHPDUNDEOH FROOHFWLRQ RI PXOWL VLJQDWXUH FRYHUV KRXVHG LQ DQ $OEXP FRVW HJ /DQFDVWHU 6,1.,1* 2) 7+( 7,53,7= 6LJQHG LOOXVWUDWHG

%RPEHU FRYHUV FDQFHOOHG DW /DQFDVWHU DQG VLJQHG E\ 9& FRYHUV IRU WKH WK DQQLYHUVDU\ RI WKH VLQNLQJ

:LQQHU %LOO 5HLG PDQ\ LPSRUWDQW VLJQDWXUHV DQG VSHFLDO 3PNV VLJQDWXUH ZLWK PDQ\ '62 ')& 0HGDO :LQQHUV 9 -RKQVRQ 0 IRU %ULWLVK 7RZQV DQG 1DPHG $LUFUDIW 3ULVWLQH +DPLOWRQ 7 1XWOH\ - &DVWDJQROD ) ,LOOH\ * )DZNHV / 5RRNH

. 0RULHVRQ MXVW D IHZ QDPHV IURP WKLV VXSHUE FROOHFWLRQ 5$) DQG VLPLODU FRYHUV RI V ZLWK PDQ\

4 VLJQHG ILQH FROOHFWLRQ RI GLIIHUHQW SOXV 7ZR FDWDORJXHV

6,5 :,16721 &+85&+,// 3RVWDJH VWDPSV

PDQ\ VSHFLDO 3PNV &DFKHWV :DU %LUGV HWF 9HU\ ILQH DQG VKHHWOHW VWXG\ RI YHU\ PDQ\ V DOO GLIIHUHQW SUHVHQWHG

LQ 7ZR %R[HG $OEXPV ZLWK OLPLWHG LPSHUIV )U &ROV ,PSHUI 5$/,:$< 35,9$7( 6(59,&(6 OHWWHU VWDPSV 6KHHWOHWV *ROG )RLOV :RUOGZLGH LVVXHV DOO 80 $ JRRG

$ ILQH FROOHFWLRQ RI V LQ ER[HG SULQ] DOEXP LQF %ULWLVK 5DLO FROOHFWLRQ H[FHSWLRQDO TXDOLW\ &KDQQHO 7XQQHO ZLWK VKHHWOHWV %DJOH\ :RRG ZLWK PDQ\ 63(&,0(1 RYHUSULQW VWDPSV %5,7,6+ $)5,&$

GLIIHUHQW LQF VKHHWOHWV %OXHEHOO ,VOH RI 0DQ LQF LVVXHV 1<$6$/$1' ZLWK HDUO\ $UPV W\SHV WR (DVW $IULFD (GZDUG DQG PRUH *RRG ORW WR U SOXV U IDXOWV 7UDQVYDDO (GZDUG PRVW DUH

5DPEOLQJ UDQJH ZKHUH WKH FROOHFWRU KDV

RI ILQH DSSHDUDQFH ^3KRWR`

SXUFKDVHG WKHP DQG OHIW PXFK WR EH VRUWHG VHHQ *HUPDQ\ 63(&,0(1 29(535,176 49 WR .*9

HDUO\ <DFKWV DQG RYSWV 0DQ\ V RI VWDPSV ,QF 80 VHHQ DWWUDFWLYH UDQJH ZH VHH .(9,, 1DWDO YDULRXV ORZ YDOXHV DQG +XQJDU\ IR 6* D PLQW F 9HQH]XHOD F %ROLYDU KLJK YDOXHV WR 1LJHULD .*9 WR V G 9LUJLQ ,VODQGV WR V 6* 1LFDUDJXD XQLVVXHG VHW RI $ YHU\ JRRG UDQJH *UHQDGD .*9 UDQJH WR V .(9,, *DPELD WR V $1' 025( RI PDWHULDO ZLWK PDQ\ EHWWHU SLFNLQJV PL[HG FRQGLWLRQ IDXOW\ WR ILQH DSSUR[

5HVLVWDQFH VLJQHG FRYHUV ,QF /XFLDQ 'XYDO

63(&,0(1 29(535,176 %5,7,6+ (03,5(

$QGUH +HLQW] PXOWLSOH VLJQHG FRYHU -XOWLRQ 0DUWLQ 3LFDUGL 49 WR .*9 PRVW DUH ILQH JRRG UDQJH ZLWK KLJK YDOXHV FRYHU VLJQHG E\ &RO % %DUEHURQ DQG DGRI *DOODQG PDUWLDO &D\PDQ .*9 &\SUXV 49 WR SL 6W /XFLD 49 9DOLQ 1DQF\ :DNH $Q LQWHUHVWLQJ JURXS RI FRYHUV /HHZDUG (GZDUGV WR *LEUDOWDU 49 SWD

^3KRWR` { 5HYHQXHV *LEUDOWDU VWDPS GXW\ 6SDQLVK

63(&7$&8/$5 RLO SDLQWHG FRYHU RI

FXUUHQF\ F WR S )LYH GLII YDOXHV IX

GHSLFWLQJ YDULRXV YHVVHOV DW VHD ZLWK VWDPSV RI *% &DQDGD 1= DOO YDULRXVO\ FDQFHOOHG HQ URXWH WR 8. 6L]H [ PP

52&.(7 32676 FROOHFWLRQ RI PRVWO\

FRYHUV FDUGV ZHOO GLVSOD\HG LQ DQ DOEXP LQF *HUPDQ { 63(5$7, 3KRWRJUDSKLF UHSURGXFWLRQV RI

FRYHU UHFRYHUHG IURP WKH VHD ZLWK VSHFLDO FDFKHW LWHPV ZLWK FODVVLF HPSLUH LVVXHV DQG FDQFHOODWLRQV FROOHFWLRQ RI % : URFNHW ODEHOV DIIL[HG *HUPDQ WHWH EHFKH VKHHWOHWV LWHPV RQ SKRWR FDUG WDNHQ IURP WKH UHFRUG ,QF VLJQHG GLH 1HEHO VKHHWOHWV XVHG RQ FRYHU 3HUSLJQDQ ZLWK XVDJHV SURRIV LPSUHVVLRQV RI 3PNV *ROG &RDVW 49 HWF RQ FRYHU ,QGLD &RURQDWLRQ URFNHWJUDP ZLWK VSHFLDO ODEHO

WLHG HWF *RRG ORW 6SLWILUH *ROGHQ -XELOHH VLJQHG FRYHUV

52&.(7 32676 PRVW LQWHUHVWLQJ GLVSOD\

$ODQ 'HHUH 'XQFDQ 6PLWK 3HWHU 7RZQVHQG %RE 6WDQIRUG FROOHFWLRQ RQ SDJHV FLUFD LWHPV LQF =XFNHU +HUWD OXIW WRUSHGR 7XFN 3HWHU %URWKHU -DPHV *LQJHU /DFH\ -RKQQLH -RKQVRQ IOLJKW FRYHU ZLWK ODEHO 86$ 0H[LFR IOLJKWV $QGRUUD $ VXSHUE UDQJH RI FRYHUV HDFK GLIIHUHQW 5RFNHW IOLJKW FRYHU ZLWK ODEHO ,WDO\ 7ULHVWH H[SHULPHQW URFNHW ODEHOV IX 3DLVOH\ VRFLHW\ LWHPV LQWHUHVWLQJ 86$ URFNHWV 67$03 &$5'6 9LFWRULDQ HUD ZLWK *ROG

IURP ORWV RI RWKHU ODEHOV FRYHUV 2ULJLQDO ORW IUDPHV $ VHW RI GLIIHUHQW VKRZLQJ :RUOGZLGH FRQWHPSRUDU\

LVVXHV 8QXVHG XQXVXDO 6&287,1* &29(56 IURP DOO RYHU WKH JOREH

7(55,),& 67$03 0,;785( RI WKH :RUOG RQ

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

7KHPDWLF &ROOHFWLRQ RQ H[KLELWLRQ SDJHV PDQ\ FRYHUV ZLWK 6&287,1* 9,*1(77(6 $1' /$%(/6 2I 7KH

(QJOLVK 7RZQ 1DPHV LQ 86$ &DQDGD -DPDLFD HWF VHW RI :RUOG ([WHQVLYH &ROOHFWLRQ RI YHU\ PDQ\ V GLIIHUHQW RQ 7UDGLQJ &DUGV HWF SDJHV ILOOLQJ D ODUJH )LOH %R[ :RUOGZLGH ,QF ,WDOLDQ LVVXHV 7+( 6(:,1* 0$&+,1( $ PRVW UHPDUNDEOH

GDWLQJ IURP YHU\ JRRG $XVWULD ZLWK V VKHHWOHWV H[KLELWLRQ FROOHFWLRQ KRXVHG RQ H[KLELWLRQ SDJHV 6SDLQ ZLWK HDUO\ LVVXHV HWF 5DUHO\ RIIHUHG ZLWK PDQ\ GLIIHUHQW FROOHFWHG RYHU PDQ\ \HDUV FKURQLFOLQJ WKH GHYHORSPHQW RI WKH MDPERUHHV HWF VHZLQJ PDFKLQH ZLWK 9LFWRULDQ &DOOLQJ &DUGV VSRQVRUHG E\ ZHOO 6LJQDWXUHV DQ LQWHUHVWLQJ JURXS RQ &DUG RU

NQRZQ EUDQGV ,QF 6LQJHU $GYHUWLVLQJ &RYHUV ILQH XVHG ,QF /HWWHUV ,QF 7(55$1&( &81(2 '$9,' 67$,5/,1* 6$6 HDUO\ LWHPV HDUO\ SRVWHU VWDPSV :LOOFRFN 9LFWRULDQ 3DPSKOHW -RKQ <RXQJ 'LFN +RZH 5XVVHOO %LDGGRQ $OO RI D 0LOLWDU\ ZLWK FDUWRRQ FRQWHQWV PXOWL FRORXUHG HDUO\ 3URPR &DUGV HWF D 1DWXUH 4W\

VXSHUE ORW LQ WKH ILQHVW RUGHU 6LJQHG 0LOLWDU\ &RYHUV FKLHIO\ %ULWLVK $LU

Viewing 0DUVKDOO DQG RWKHU KLJK UDQNLQJ RIILFHU PDQ\ WRRN SDUW LQ Clients can view at our offices ::,, ,QF ,YHU EURRP +LJK &RQVWDQWLQH -RKQ *LQJHOO 0LFKDHO Monday - Friday 10am - 5pm %HHWKDP 3DWULFN +LQH *HRUJH 'RQDOGVRQ ELOO 7RZQVHQG Please telephone to arrange an appointment.

3HWHU /H &KHPLQDQW 1 5XWWHU $ VXSHUE ORW RI FRYHUV We are located in Warrington Town Centre

Philangles 402 82pgs.qxp 02/08/2021 08:04 Page 6

7+( 72%$&&2 ,1'8675< 7KH 6RXWK

9LFWRULD &URVV :LQQHUV VLJQHG &RYHUV

$PHULFDQ &RQQHFWLRQ YHU\ ILQH 7RSLFDO FROOHFWLRQ GLVSOD\HG WR LOOXVWUDWHG ,QWHUQHW 6WDPSV WK DQQLYHUVDU\ RI WKH 9& 0HGDO VLJQHG E\ - &UXLFNVKDQN * 1RUWRQ % 6SHDNPDQ 3LWW 7 H[KLELWLRQ VWDQGDUGV RQ SDJHV IHDWXULQJ &RYHUV &DUGV :DWNLQV ( .HQQD . 3D\QH , )UDVHU DQG ( :LOVRQ $ VXSHUE ZLWK PDQ\ FDUHIXOO\ VHOHFWHG DGYHUWLVLQJ FRYHUV ZLWK PXFK ORW RI ZLQQHUV VLJQHG FRYHUV

V SHULRG ,QF 3DUDJXD\ 7REDFFR VHW RQ 5HJ G &RYHU WR $OEDQLD $ VFDUFH LOOXVWUDWHG HQYHORSH )8 WR :$5 7$; RYSWV JRRG IRU VWXG\ &D\PDQ ,V

*HUPDQ\ &RVWD 5LFD FRYHUV GHSLFWLQJ SDFNHWV RI &LJDUHWWHV òG DV F\O EORFN RI F\O òG RQ òG ZLWK PLVVLQJ IUDFWLRQ EDU 6* D òG RQ òG RUDQJH F\O FORFN RI ,QF $ YHU\ ILQH FRORXUHG HQYHORSH 3HUX VHW RI VWDPSV %UD]LO VFDUFH DGYHUW ODEHO DQG PRUH $OO F\O ZLWK LVVXHV IURP 7XUNV DQG &DLFRV 7ULQLGDG DQG VHOHFWHG 7REDJR 6W +HOHQD WR QDPH MXVW D IHZ D JRRG ORW RI 7,0( &$368/( DQ LQWDFW V ZDUWLPH

VWDPSV PLQW

FROOHFWLRQ RI OHWWHUV HQYHORSHV FDUGV DOVR DVVRFLDWHG PDWHULDO :LOGOLIH RQ 6WDPSV ZLWK 6WDPSV

GLDULHV D ELEOH HWF IRU D VROGLHU ZLWK PDQ\ LWHPV UHODWHG WR 0LQLDWXUH 6KHHWV 6KHHWOHW ZLWK PDQ\ GLIIHUHQW VSHFLHV IURP DOO LQWHOOLJHQFH FRUSV DQG DV VWDII DW ID\HG LQWHUQPHQW FDPS LQ RYHU WKH JOREH VHHQ %U 9LUJLQ ,V 7UHH %RD 6KHHWOHW (J\SW 0DQ\ ZLWK RULJLQDO FRQWHQWV LQF D FHQVRUHG WHOHJUDSK -RUGDQ 2U\[ VHW LQF 06 %DKUDLQ :LOGOLIH 3DUN 06 D OHWWHU VHQW IURP %XFNLQJKDP 3DODFH LQ $ERXW $ YHU\ JRRG UDQJH 80 LWHPV 0L[HG )DVFLQDWLQJ :,1'625 PLQW %ULWLVK EDQNQRWH FRLQ FROOHFWLRQ

72%$&&2 $ PRVW H[FHSWLRQDO SDJH

LQ D ZRRGHQ SUHVHQWDWLRQ ER[ ZLWK HDFK FRLQ KDYLQJ D H[KLELWLRQ FROOHFWLRQ SUHVHQWHG WR WKH KLJKHVW RI VWDQGDUGV LQ UHSUHVHQWDWLRQ RI D %ULWLVK EDQNQRWH LQ FRORXU GLIIHUHQW )UDQN *RGGHQ SDJH SURWHFWRUV SUHVHQWHG LQ D PRVW LQWHOOLJHQW FRLQV PDQQHU VWDUWLQJ &ROXPEXV H[SORULQJ QRWLQJ 86$ LVVXHV :RUOGZLGH 7RSLFDO 1HZ ,VVXHV ZLWK 80

WR F PLQW (FXDGRU :DWHUORZ 'LH 3URRIV (QWLUH FRPSOHWH VHWV DQG 06 RQ SDJHV PDQ\ V DOO GLIIHUHQW ZLWK IURP D VQXII PDQXIDFWXUHU VXSHUE SULQWHG DQG RUQDWH XVHIXO SLFNLQJV DQG YHU\ KLJK &9 6DPRD %DWV 9LHWQDP HQWLUH RI D SLSH PDQXIDFWXUHU LQ )UDQFH )8 9LFWRULD 6WDWH )URJV &KLOH VHW RI VKHHWOHWV RI 3DQGD V &KLOH RUQDWH DGYHUW FDUG 9)8 :DUWLPH 7REDFFR &DUGV )8 VKHHWOHW RI ORWV RI VKHHWOHWV JRRG %,5'6 FRQWHQWV ,QF

<XJRVODY &LJDU %R[ 7RS VHQW WKURXJK WKH SRVW 86$ ([RWLF &RXQWULHV 0DQ\ VHWV $GYHUW &RYHUV )8 1HZ =HDODQG 6WDPS %RRNOHWV DQG :UHFN 0DLO &RYHU WR 3HUX IURP /RQGRQ PDQ\ RWKHU VHOHFWHG LWHPV 2XWVWDQGLQJ TXDOLW\

4 ZLWK 6DOYDJHG 0DLO $LUFUDIW &UDVK 3UHVWZLFN %R[HG

FDFKHW 7REDFFR $GYHUWLVLQJ 6WDPSV ZLWK PXFK

::, FRYHUV FDUGV ZLWK D YDULHW\ RI PLOLWDU\ ZRUOGZLGH RI DQ HDUO\ QDWXUH &ROOHFWLRQ RI GLIIHUHQW RQ

SDJHV ,FRQLF GHVLJQV DQG EUDQGV PDUNLQJ $XVWULDQ +XQJDULDQ (PSLUH VHHQ SSF V ZRXOG PDNH D JUHDW VWXG\ FROOHFWLRQ QHHGV UHVHDUFKLQJ DQ LQWHUHVWLQJ JURXS 72%$&&2 ,1'8675< 3267$/ +,6725<

RI FRYHUV FDUGV 7HUULILF H[KLELWLRQ FROOHFWLRQ ZULWWHQ XS RQ SDJHV ZLWK ORWV RI LQWHUHVWLQJ VHOHFWHG &RYHUV DQG &DUGV ,QF 7ZR YHU\ ILQH HDUO\ ::,, FHQVRUHG FRYHUV LQF .87 UHXVHG ,QGLD

&DQDGLDQ $GYHUW &RYHUV )8 *DPELD FRPSDQ\ WR ,UHODQG GRXEOH FHQVRUHG ,UHODQG WR 86$ GRXEOH FHQVRUHG HQYHORSH 9)8 ZLWK EORFN òG HDUO\ XQXVHG *LEUDOWDU ZLWK UHWXUQ WR ZULWHU DQG XQFODLPHG KDQGVWDPSV ,QWHUHVWLQJ 3RVWFDUG 'DQ]LJ &RYHU )8 1\DVDODQG ,WDO\ VHW JURXS RI FRYHUV RQ )'& DQG PXFK PRUH $OO VHOHFWHG LWHPV *RRG ORW ::,, ,QWHUHVWLQJ &ROOHFWLRQ RI &RYHUV VHQW

PDLQO\ WR WKH 0HWURSROLWDQ 3ROLFH LQ /RQGRQ ,QF &HQVRUHG 72%$&&2 3,3(6 $1' 602.,1* $ PRVW

0DLO DQ LQWHUHVWLQJ ORW IRU VWXG\ &RYHUV UHPDUNDEOH 3KLODWHOLF GLVSOD\ FROOHFWLRQ GLVSOD\HG WR H[KLELWLRQ /DUJH 5R\DO ,QVXUDQFH &RPSDQ\ SROLF\ IUDQNHG

VWDQGDUGV RQ SDJHV ZLWK FDUHIXOO\ FKRVHQ 6WDPSV ZLWK ,QGLDQ 49 D U DQG (GZDUG U RQ WKH UHYHUVH UHFHLYHG &RYHUV &DUGV DQG RWKHU UHODWHG LWHPV ,QF VRPH JUHDW SLHFHV VXP HQGRUVHPHQW ZLWK D UHYHQXH DWWDFKHG RI ROG 3RVWDO +LVWRU\ 3RVWDO &DUGV IURP &LJDU 0HUFKDQWV

LQ *XHUQVH\ 1HWKHUODQGV $GYHUW &RYHU $GYHUW &RYHUV )OLJKW &RYHUV 'DU HV 6DODDP WR

GHSLFWLQJ 3LSHV DQG &DUWRRQV ,QF D YHU\ ILQH 6ZLVV &RYHU 4 0RPEDVD (QY 0XOWLSOH IUDQNHG 5HJG (QY )URP +DELE WR (DUO\ 3RVWHU VWDPSV H[WHQVLYH PLQW VWDPS VHOHFWLRQ DQG .HQ\D ZLWK PDQ\ WUDQVLW PDUNV /RQGRQ WR &DSHWRZQ PRUH <HDUV RI FRPSLOLQJ KHUH 8. WR .87 WKHQ UHWXUQHG EDFN WR WKH 8. /RQGRQ WR 72%$&&2 7RSLFDO 7KHPDWLF 3RVWDO +LVWRU\

7DQJDQ\LND $ ILQH UDQJH ZLWK GHWDLOV GLVSOD\HG WR H[KLELWLRQ VWDQGDUGV RQ SDJHV LWHPV +DLWL

/XFN\ 6WULNH LOOXVWU HQYHORSHV &XUDFDR ::,, PXOWL IUDQNHG 6LOYHU -XELOHH 2PQLEXV &ROOHFWLRQ RI ([ (J\SW IUHVK PLQW ,QF 80 7KHVH DUH JRRG IRU VWXG\ DV PDQ\ FRYHU 6PRNLQJ DW 6HD *URXS RI 3RVWFDUGV 0DOD\D &DUGV

PLQRU YDULHWLHV DUH RQ WKLV LVVXHV *RRG JURXS 72%$&&2 &,*$5(77( &203$1,(6

3,3(6 0RVW UHPDUNDEOH SDJH 3KLODWHOLF ([KLELWLRQ 3UHVHQWHG WR WKH KLJKHVW RI VWDQGDUGV ZLWK PXFK LQWHUHVWLQJ DQG XQXVXDO LQF XVHG $GYHUWLVLQJ &RYHUV (SKHPHUDO HDUO\ LWHPV ,QF 'DUW )OLJKWV 3OD\LQJ &DUGV (DUO\ %ULWLVK $GYHUW &RYHUV DQG &DUGV )8 3RVWHU 6WDPS &RPSHWLWLRQ LVVXHV 6RXWK $PHULFDQ &RYHUV &ROXPELD VSHFLPHQV

DQG PXFK PRUH <HDUV RI FROOHFWLQJ KHUH 7KH TXDOLW\ LV H[FHSWLRQDO 7UDQVSRUW RQ VWDPSV FKLHIO\ UDLOZD\ LVVXHV LQF

PRGHUQ PV VKHHWOHWV PDQ\ V RI VWDPSV RQ KDJQHU SDJHV :RUOGZLGH LVVXHV QHHG VRUWLQJ ORWV RI 80 VWDPSV DQG 06 D VXSHUE UDQJH LQ D ODUJH FDUWRQ

,QWHUUXSWHG )OLJKW &RYHUV -DQXDU\

4 .HQ\D WR *HUPDQ\ 0DUFK $PVWHUGDP WR 2PDUXUX

6HSWHPEHU 6RXWK $IULFD WR (QJODQG DQG %DVXWRODQG WR )UDQFH DOO ZLWK GHWDLOV DERXW WKH IOLJKW DQG LQWHUUXSWLRQ

%5,7,6+ &20021:($/7+ VXSHU

DFFXPXODWLRQ RQ VWRFN FDUGV LQFOXGHV .*9, SHULRG %/2&.6 2) )285 SOXV D IHZ .*9 HDUO\ 4(,, ZH VHH DOO EORFNV

6ZD]LODQG VXUFKDUJHV VHW OHVV F RQ G YDULRXV .87 LQFO VXUFKDUJHV VHW RQ 6RXWK $IULFD %0$ 0DOD\D RYSWV LQ D VHW VRPH IDXOWV EXW FDW 3HQDQJ .*9, GHILQV VHW OHVV 0RURFFR $JHQFLHV GHILQV VHW WR V G D QXPEHU RI 6H\FKHOOHV .*9, GHILQV WR U 6RXWKHUQ 5KRGHVLD .*9, VHW OHVV G $1' 08&+ 025( *RRG ORW PRVWO\ ILQH KLJK FDWDORJXH YDOXH V

75$9(//(56 &+(48(6 ,VVXHG LQ WKH V

ZLWK YDOXHV IURP WR LVVXHG E\ WKH 1DWLRQDO 3URYLQFLDO

%DQN DOO VHHP WR EH FDVKHG LQ ,WDO\ ZRXOG PDNH D JUHDW VWXG\ (QYHORSH (QGRUVHG )LUVW )OLJKW $URXQG WKH 4 :RUOG &RYHU ZLWK VWDPSV RI *% +RQJ .RQJ DQG &DQDGD VHQW LWHP RYHU FKHTXHV IURP WKH 8. WR &DQDGD DQG RQWR +RQJ .RQJ EHIRUH EHLQJ VHQW EDFN WR WKH 8. $ YHU\ VFDUFH FRYHU

Philangles 402 82pgs.qxp 02/08/2021 08:04 Page 7

838 GHOHJDWHV IROGHU EOXH DQG JROG IRU LVVXHV

$1'255$

RI 'RPLQLFD ZLWK GHILQLWLYH V WR G DQG YLFWRU\ VHW RI PRXQWHG LQVLGH

3LFWRULDO LVVXH RI )UHQFK $QGRUUD ZLWK D

838 GHOHJDWHV IROGHU EOXH DQG JROG IRU LVVXHV

RI 1LJHULD ZLWK GHILQLWLYH V WR DQG YLFWRU\ VHW RI QHDWO\ PRXQWHG LQVLGH 838 GHOHJDWHV IROGHU UHG DQG JROG IRU LVVXHV RI

%DKDPDV ZLWK GHILQLWLYH V WR DQG YLFWRU\ VHW RI QHDWO\ PRXQWHG LQVLGH

FDWDORJXH YDOXH RYHU VHHQ 3LFWRULDOV WR IU

$UPV VHW RI DQG 3LFWRULDO VHW RI 6*) $ JRRG ORW RI VWDPSV PLQW 6SDQLVK 32 HDUO\ LVVXHV RQ D VWRFN SDJH

WR S WR S RYSWV F F F $ ILQH UDQJH RI VWDPSV XQFKHFNHG IRU SULQWLQJV 0LQW

$1'255$ )5

838 GHOHJDWHV IROGHU UHG DQG JROG IRU LVVXHV RI

%U *XLDQD ZLWK GHILQLWLYH V WR DQG YLFWRU\ VHW RI QHDWO\ )UHQFK RYSW VHW RI F WR IU IUHVK PLQW $ NH\ VHW H[ IU &DW 6*) PRXQWHG LQVLGH

838 GHOHJDWHV IROGHU UHG DQG JROG IRU LVVXHV RI

3RVWDJH GXH VHW RI IUHVK PLQW 6*)'

*LEUDOWDU ZLWK GHILQLWLYH V WR DQG YLFWRU\ VHW RI QHDWO\ PRXQWHG LQVLGH

$UDELDQ FROOHFWLRQ RQ ROG SDJHV PLQW ZLWK PDQ\

EHWWHU LQF 0XVFDW DQG 2PDQ GHILQ VHW 6RXWK $UDELDQ IHG VHW 7UXFLDO 6WDWH VHW $GHQ 4(,, GHILQV WR XQFKHFNHG D JRRG FROOHFWLRQ RI VWDPSV

(DUO\ 4(,, GHILQLWLYH VHWV LQF %HUPXGD WR

&DW 3267$*( '8(6 FRPSOHWH VHWV

IUHVK PLQW VHW VHW VHW DQG VHW &DW

$1*2/$ %LUG VHW RI 6* PLQW

%DKDPDV WR %U +RQGXUDV WR WZR GLIIHUHQW VHWV %DKDPDV WR %U 9LUJLQ ,V GLIIHUHQW VHWV D JRRG ORW VHWV WR IUHVK PLQW FDW

ANTARCTICA $17$5&7,&$ ([SORUHUV VLJQDWXUHV ,QF 5 : 5LFKDUGV

6KDFNOHWRQ ([SHGLWLRQ 5DQXOSK )LHQQHV VLJQHG ([SORUHUV LOOXV )'& DQG %ODFN DQG :KLWH SKRWR SLHFH VLJQHG /RUG 6KDFNOHWRQ 5RVV 'HS LOOXVWU )'& VLJQHG &KDUOHV %DUWRQ DQG 5DQXOSK )LHQQHV LOOXVWU FRYHU VLJQHG 3HWHU 6FRWW LQ WKH IRRWVWHSV RI 6FRWW LOOXVWU FRYHU VLJQHG 0HDU :RRG DQG VZDQ OHWWHU VLJQHG 9LYLDQ )XFKV OHWWHU VLJQHG 5REHUW 0RVV ZLWK PDQ\ DGGLWLRQDO LWHPV QHHG ZULWLQJ XS

,UHODQG GHOHJDWHV IROGHU ZLWK VWDPSV DQG

YDOXH WR FDW ZLWK LVVXHV IURP WR ZLWK VHWV &KXUFKLOO D YHU\ ILQH FROOHFWLRQ RI VWDPSV

SOXV PLQLDWXUH VKHHWV LQF %ULWLVK RPQLEXV VHWV IRUHLJQ VHWV VH WHQDQWV QRWH VFDUFH .KHU )DNNHQ DQG 6KDUMDK LPSHUIV PDLQO\ PLQW LQF 80 D YDOXDEOH FROOHFWLRQ :KLWH 1LOH DQG %OXH 1LOH ([SHGLWLRQ LOOXVWUDWHG

FRYHUV :KLWH 1LOH %OXH 1LOH

9DULHWLHV VLOYHU ZHGGLQJ 6W /XFLD F ZPN LQY

F 80 F SDLU ZPN LQY F XP 7ULVWDQ GD &XQKD

SODWH EORFN RI ZLWK ZPN LQY PDLQO\ RQ FDUGV LGHQWLI\LQJ WKH YDULHWLHV LWHPV 5RXQG WKH ZRUOG <DFKW 5DFH LOOXVWUDWHG FRYHUV

,QF VLJQHG HDFK GLIIHUHQW 7KH =DLUH 5LYHU ([SHGLWLRQ VHW RI FRYHUV LQ

D VSHFLDO $OEXP SOXV DGGLWLRQDO LQIRUPDWLRQ

3KRWRJUDSKV RI 7ZR H[SORUHUV DQG 6OHG GUDZQ

E\ +XVNLHV PRXQWHG RQ D FDUG VLJQHG E\ H[SORUHUV ,QF * ) 0 +DUG\ 3DWULFN 7R\QEHH 7LPRWK\ 1LFKROO 4XLQWLQ 5LOH\ $ YHU\ LQWHUHVWLQJ LWHP WKDW ZRXOG ORRN JUHDW LQ D SLFWXUH IUDPH 2ULJLQDO SDLG IRU LW 0DQ\ \HDUV DJR

$17,*8$ V JUH\ JUHHQ YLROHW ZPN &URZQ && 6*

9)0 V JUH\ JUHHQ YLROHW .*9 ZPN 0XOW &URZQ

$'(1

&$ 6* 9)0

6RXWK $UDELD XP FROOHFWLRQ ZLWK GHILQ VHWV

$GHQ 6WDWHV RYSW VHWV WR I RQ YI ORW GLII

.*9 'HILQLWLYH VHW RI 6* PLQW

{ 0RVW XQXVXDO VLOYHU ZHGGLQJ òG FRPSOHWH

$(*($1 ,6

VKHHW YHU\ ILQH XVHG ZLWK SODWH QXPEHU DQG UHTXLVLWLRQ QXPEHU ZLWK $OO 6DLQWV $QWLJXD FGV &DW DV VLQJOH VWDPSV

*DULEDOGL VHW RYSW 52', 9)0 6*

6LOYHU :HGGLQJ 6* LPSUHVVLYH ORZHU

$)*+$1,67$1

WZR URZV [ ZLWK IXOO LPSULQW DQG SODWH D IUHVK 0 80

{ &DQFHOODWLRQV PDLQO\ RQ HDUO\ LVVXHV LQF SDLU

ZLWK FRPSOHWH QDWLYH FDQFHOV %DWLOOD SRVWDJH GXH PDUNV *KD]QL 1DWLRQDO )RUFHV $Q LQWHUHVWLQJ FROOHFWLRQ RI LWHPV

%DUEXGD RYSW HUURUV F RYSW GRXEOH RQH

$OELQR 6* D DQG WKH VHW ZLWK HOXVLYH /HWWHUSUHVV RYSWV

6* %

$,787$.,

(UURU $PHULFDQ %LFHQWHQDU\ F DV D 80 EORFN

RI [ ZLWK WKH ULJKW KDQG VLGH VL[ XQLWV LPSHUIRUDWHG

0LVVLQJ GRW LQ , YDULHW\ RYSW IUHVK PLQW LQ

6SHFWDFXODU HUURU DQG UDUH 6* D [ RULJLQDOO\ SDLG IRU WKH EORFN

SDLU ZLWK QRUPDO 6* DE )LQH DQG VFDUFH

2OG SDJHV ZLWK HDUO\ 4(,, LVVXHV LQF

$/*(5,$ GHILQLWLYHV VHW ZLWK VKDGHV FRPPHPRUDWH VHWV

3267$*( '8(6 IURP )UHQFK &RORQLHV LVVXHV GHILQ WR D JRRG ORW RI PLQW LQF 80

WR ,QGHSHQGHQFH LVVXHV VHW RI VHFRQG VHW RI

VXUFK VHW RI VHW RI ($ RYSWV $ ILQH UDQJH RI 63(&,0(1 2YSW 6HOHFWLRQ ILQH PLQW 49 .*9 GLIIHUHQW ,QF 49 (GZDUG 6* 9)0 .*9 3RVWDJH GXH ZLWK PDQ\ VHWV IUHVK PLQW LQF 80 6* ^3KRWR`

www.philangles.co.uk

place your bids online. Immediate and secure.

Philangles 402 82pgs.qxp 02/08/2021 08:05 Page 8

{ 0,17 86(' DOO GLIIHUHQW UDQJH RQ DOEXP

SDJHV IURP DQ ROG ,GHDO DOEXP LQFO 5RRV WR V XVHG .*9

$5*(17,1$ { &RQIHGHUDWLRQ F PLQW F

PLQW F PLQW ODUJH ILJXUHV F PLQW DQG F

+HDGV WR V G XVHG DOVR G .RRNDEXUUD PLQW &RPPHPRUDWLYH VHWV PRVWO\ PLQW &DW

PLQW D XVHIXO VHOHFWLRQ $Q H[WHQVLYH FROOHFWLRQ RI UHYHQXHV

XQXVHG LQF VSHFLPHQ YDOXHV WR S RQ VWRFNFDUGV D VHOGRP VHHQ FROOHFWLRQ

.DQJDURR YDULHW\ :KLWH SDWFK WKURXJK 75$

IUHVK PLQW %: . &DW

6SHFLPHQ 5RR ZLWK W\SH % RYSW %: ;

3URRIV RQ WKLFN FDUG ,QF /LEHUW\

&DW PLQW

&ROXPEXV 2IILFLDOV VHOGRP VHHQ

:$7(50$5. ,19(57(' G 5RR ILQH PLQW

$LU VHW VSHFLPHQ RYSW 6* 6FRWW &

6* EZ

H[SHUWLVHG VHW RI PLQW

.*9 KHDGV G JUHHQ VSHFLDOLVHG RQ ROG SDJHV

LQF UHFRQVWUXFWLRQ EORFN RI PLQW ZLWK SRVLWLRQDO YDULHWLHV +DUULVRQ DQG 0XOOHWW LPSULQWHG JXWWHU SDLUV PLQW $ ILQH UDQJH RI VWDPSV

&RORXU SURRI IRU WKH LQWHUQDWLRQDO SKLODWHOLF

H[KLE LQ XQLVVXHG FRORXUV LPSHUI EORFNV RI SOXV WZR PLQLDWXUH VKHHW DOVR FRORXU SURRIV PRVW XQXVXDO

.*9 21( 3(11< 6$*( *5((1

$50(1,$ 6HOGRP VHHQ FROOHFWLRQ IURP KHUH XQPRXQWHG

PLQW ORRNV YHU\ FRPSOHWH IRU WKH SHULRG ZLWK VWDPSV

0 6 DQG RQH ERRNOHW FDW YDOXH RYHU D VXSHUE UDQJH ZLWK GHWDLOV

$6&(16,21 { *% .*9 G XVHG LQ $VFHQVLRQ YHUWLFDO VWULS RI

RQ SLHFH ZLWK YHU\ ILQH $VFHQVLRQ &'6 6*= E 9HU\ VFDUFH DV PXOWLSOHV { *% .*9 XVHG LQ $VFHQVLRQ KRUL] VWULS RI

YHU\ VFDUFH DV XVHG VWULSV ZLWK ILQH $VFHQVLRQ &'6 6*= &DW DV VLQJOH VWDPSV

&2//(&7,21 ZRQGHUIXO UDQJH RI VWDPSV SDLUV VWULSV DQG EORFNV RI IRXU RU ODUJHU ZULWWHQ XS RQ SDJHV PDQ\ ZLWK LGHQWLILHG YDULHWLHV PDMRULW\ DUH QR ZDWHUPDUN LVVXHV 6* ZLWK ORWV RI IODZV VHHQ DOVR D IHZ RI WKH 6* OLVWHG IODZV IDXOWV FRQWLQXHV ZLWK SHUI SHUI ò[ ò 6* LQ YDULRXV EORFNV RI IRXU ODWWHU LQ -RKQ $VK JXWWHU LPSULQW SDLU 'LH ,, 6* E H[DPSOHV QRWH EORFN RI ZLWK GLH , ,, VWDPSV VH WHQDQW SOXV EORFNV RI IRXU ZLWK LGHQWLILHG PLQRU IODZV DOVR VHH D FRXSOH RI ZPN & RI $ H[DPSOHV *UHDW KLJK FDWDORJXH YDOXH ORW WR VRUW WKURXJK VRPH ZLWK IDXOWV EXW PDQ\ DUH YHU\ ILQH PLQW VRPH XQ PRXQWHG PLQW VWDPSV SDLUV VWULSV EORFNV

G VDJH JUHHQ QR ZDWHUPDUN 5$ -2,1('

9$5,(7< LQ D EORFN RI IRXU 6* G 9)0

.*9 3LFWRULDO GHILQV VHW 6* 9)0

G VDJH JUHHQ QR ZDWHUPDUN '27 %()25(

9$5,(7< LQ SDLU 6* D 9)0

.*9 3LFWRULDO GHILQV VHW 6* 9)0

G VDJH JUHHQ QR ZDWHUPDUN 6(&5(7 0$5.

LQ FRUQHU PDUJLQDO EORFN RI IRXU 6* E KLQJHG LQ PDUJLQ

.*9 3LFWRULDO VHW RI 6* PLQW

VWDPSV 80

G VDJH JUHHQ QR ZDWHUPDUN 6(&5(7 0$5.

6* E ILQH 80

{ 5DUH 3RVWDO XVHG EORFN RI IRXU RI WKH .*9

WRS YDOXH 6* WULIOH VRLOHG EXW VHOGRP VHHQ PXOWLSOH &DW

V G SDOH JUHHQLVK EOXH 3 ZPN PXOW

'DYLW )ODZ .*9, òG %ODFN DQG 9HUPLOOLRQ SHUI

6* D PLQW

&URZQ RYHU D 6* ILQH PLQW G VDJH JUHHQ PXOWLSOH VPDOO &URZQ RYHU $

.*9, &ROOHFWLRQ ,QF 'HILQ V ZLWK GLIIHUHQW

SULQWLQJ 6KDGHV 3HUIV &RURQDWLRQ 6LOYHU :HGGLQJ 838 VHWV DOO IUHVK PLQW VWDPSV KLJKO\ FDWDORJXHG

ZDWHUPDUN ,19(57(' SHUI ò[ ò &2,/ -2,1 YHUWLFDO SDLU 6* DZ 9)0 G VDJH JUHHQ PXOWLSOH VPDOO &URZQ RYHU $

ZDWHUPDUN SHUI ò[ ò ',( ,, LQ D EORFN RI IRXU 6* E 9)0 80 KLQJHG RQ WRS SDLU

òG EODFN YHUPLOLRQ SHUI '$9,7 )/$:

G VDJH JUHHQ PXOWLSOH VPDOO &URZQ RYHU $

6* ED 9)0

ZDWHUPDUN SHUI 6(&5(7 0$5. LQ D EORFN RI IRXU 6* E 9)0

$VFHQVLRQ WR 6W +HOHQD FHQVRUHG (QY :LWK

.*9 G [ G ZLWK $VFHQVLRQ 5HGJ /DEHO ER[HG FHQVRU KDQGVWDPS ZLWK 6W +HOHQD &'6 QHDUE\

.*9 &200(025$7,9( FROOHFWLRQ FDW

LQF DLU VWDPS 6* /\UHELUG 6* 9LFWRULD ERWK VHWV 0DFDUWKXU VHW RI $1=$& D YHU\ JRRG UDQJH RI VWDPSV PLQW

6XSHUE 2LO 3DLQWHG (QYHORSH RI D 6WXPSLH

%DUJH LQ 6DLO ZLWK VWDPSV RI $VFHQVLRQ DURXQG LW E\ 7RP %URZQ VHQW EDFN WR (QJODQG

0RVW FRPPHPRUDWLYHV RI WKH SHULRG LQFO

{ .*9, ),1( 86(' $ VHOHFWLRQ GLIIHUHQW

/\UHELUG LQ ERWK VKDGHV &HQW 9LFWRULD ERWK SHUI VHWV 0DFDUWKXU VHW ZLWK ERWK G *DOOLSROL VHW QR %ULGJH RU 6LOYHU -XELOHH EHWZHHQ 6* PRVWO\ ILQH PLQW

YHU\ ILQH TXDOLW\ ,QF RULJLQDO G YDOXHV WR G GLIIHUHQW SULQWLQJV ::,, &HQVRUHG (QY )URP $VFHQVLRQ ZLWK

/LJKWKRXVH SULQWHG KLQJHOHVV SDJHV YHU\

FRPSOHWH IRU WKH SHULRG RYHU VWDPSV DQG 06 LQ EHWWHU SLFNLQJV 6 -XELOHH VHW PLQW .*9, GHILQ VHWV LQF %RWK 3LFWRULDOV WR ZLWK D KLJK &DW 9DOXH DQG PRGHUQ LVVXHV WR $ JRRG UDQJH PDLQO\ )8

.*9, G IUDQNLQJ WLHG ZLWK $VFHQVLRQ &'6 DQG ER[HG FDFKHW EHORZ VHQW WR (QJODQG

$8675$/,$ :UHFN PDLO DLUOHWWHU IURP $XVWUDOLD VHQW WR

4 6FRWODQG ZLWK VDOYDJHG PDLO DLUFUDIW FUDVK 6LQJDSRUH

FDFKHW ZLWK VLJQV RI EXUQLQJ

)LUVW IOLJKW FRYHU 3HUWK WR $GHODLGH ZLWK SHU DLU

4 PDLO +6 ILUVW IOLJKW $XVWUDOLD WR (QJODQG LOOXVWUDWHG HQY

{ G FKHVWQXW 5RR 6* 9)8 ZLWK SRVWPDUN

ZLWK VSHFLDO IOLJKW FDFKHW DQG D YDULHW\ RI IUDQNLQJ LQF RIILFLDO G DLU 26 RYSW

VWUXFN LQ EOXH

Philangles 402 82pgs.qxp 02/08/2021 08:05 Page 9

(UURU F &RO 6WDPS 80 YHUWLFDO VWULS RI ZLWK .DQJDURR YDULHW\ 6* IUHVK 80 SDLU OHIW

XQLW ZLWK GLVWRUWHG IUDPH VHH %: L$ &DW %XII FRORXU RPLWWHG ZLWK GLVSODFHG *UHHQ DV OLVWHG $ VFDUFH

PXOWLSOH 6* EE F 5RR 6* YHU\ ILQH PLQW

0D[LP &DUG ZLWK VWDPSV RQ IDFH IHDWXULQJ VHWV

DQG YDOXHV WR SULVWLQH FROOHFWLRQ RI GLIIHUHQW WKDW FRVW D IRUWXQH RQ QHZ LVVXH $OO LQ WKHLU SDFNDJLQJ VSHFLDO 3PNV HWF SULVWLQH +XJH &RVW

^3KRWR` 6WDJH IOLJKW FRYHU UHJLVWHUHG IURP 3HUWK WR

4 $GHODLGH ZLWK LPSUHVVLYH òG IUDQNLQJ 1XPHURXV SPNV

4 $LUPDLO $OO WKH :D\ LOOXVWUDWHG FRYHUV VHQW

{ $ VWRFNERRN ZLWK VWDPSV FKLHIO\ ILQH XVHG

VHHQ DUPV WR )8 QDYLJDWRUV WR IX .*9, GHILQ WR PLQW

SRVWDJH GXHV VWDWHV RYHU VWDPSV WR /RQGRQ VW ZLWK VWDPS FRPELQDWLRQ ,QF $LUPDLO FRYHUV DOO WKH ZD\ LOOXVWUDWHG

.RRNDEXUUD $LU G EORFN RI $LU G G QG FRYHU ZLWK 4 HQY ZLWK KHDG G 5RR G VHQW WR (QJODQG QG FRYHU ZLWK $LU G G DQG G ZLWK VSHFLDO IOLJKW FDFKHW DLUPDLO VHFWLRQ VORJDQ FDQFHO ZLWK G G IUDQNLQJ ZLWK

VSHFLDO FDFKHW FHQVRUHG FRYHU ZLWK G [ DQG 5REH VHQW )/,*+7 &29(5 WR (QJODQG IUDQNHG .*9 G

WR (QJODQG $Q LQWHUHVWLQJ JURXS IURP $XVWUDOLD WR 4 V G ZLWK G DLUPDLO VWDPS UHJ G $GHODLGH ZLWK IOLJKW FDFKHW RQ (QJODQG IURQW $LUPDLO )LUVW IOLJKWV ZLWK D YDULHW\ RI

.*9 +($'6 3DJH ZLWK DQ H[WHQVLYH FROOHFWLRQ

IUDQNLQJV ,QF 6\GQH\ WR 8. ZLWK 5RR V G DQG .*9 KHDG RYHU VWDPSV ZLWK PDQ\ PLQRU YDULHWLHV KLJKOLJKWHG VHHQ G LOOXVWU HQYHORSH FRYHU WR ,UHODQG ZLWK G G G $LUV 2IILFLDOV 6KDGHV 3HUILQV 6KDGHV 6* FKLHIO\ )8 VHHQ 5RR DQG $LU G 5RR RQ D FRYHU WR *UHHFH DOO WKH ZD\ VRPH 80 DV ZHOO LOOXVWUDWHG HQYHORSH ZLWK .*9 KHDG G DQG G SOXV G $LU VWDPS $ ILQH ORW RI FRYHUV ZLWK VRPH GHWDLOV { V JUH\ SLQN 5RR ZPN & RI $ 6*

ILQH XVHG 4 $LUPDLO YLJQHWWHV DQ LQWHUHVWLQJ JURXS

V JUHHQ 6XSHUE /\UHELUG 6* 80 SDUW

LPSULQW PDUJLQ

RI YLJQHWWHV LQF :HVWHUQ $XVWUDOLDQ JUHHQ :HVWHUQ $XVWUDOLDQ UHG $$6 /WG EORFN RI VKRUWHU E\ GD\V ERWK GLIIHUHQW D JRRG LGHQWLILHG E\ \HDUV 8QXVHG

{ V EOXH JUHHQ 6\GQH\ +DUERXU %ULGJH

6* 9)8 &72 VPDOO JXP WKLQ

$,50$,/6 ),567 6(59,&(6 YHU\ PRGHUQ

4 IOLJKWV 6FDUFH ORW RI LWHPV ZLWK DGGLWLRQDO QRWHV )LUVW 2IILFLDO )OLJKW &RYHU IURP $XVWUDOLD WR 1HZ

4 =HDODQG ZLWK VSHFLDO IOLJKW FDFKHW HWF LQ DQ DOEXP WKHVH PRGHUQ LWHPV DUH VHOGRP VHHQ RQ

9LUJLQ %OXH LQWHUQDO IOLJKWV SLORW VLJQHG VSHFLDO FDFKHW 7LJHU DLUZD\V IOLJKWV $ YHU\ JRRG ORW

9LFWRULD VHW 3HUI ò DV PDUJLQDO EORFNV

80 6* D

{ ),1( 86(' YHU\ JRRG TXDOLW\

GLII LVVXHV VWF PDQ\ ILQH VHWV &DWKHGUDO DLUPDLOV DUWLVWV FKLOG ZHOIDUH F ELUG DLUV KHDOWK VHUYLFH

5RFNHW SRVWV VFDUFH VKHHWOHW RI IRU WKH

4 66 &DQRQEDU WR %ULVEDQH IOLJKW 1R XP DOVR URFNHW

IOLJKW IURP WKH VKLSZUHFN 66 0DKHQR WR )UDVHU ,VODQG ZLWK VSHFLDO ODEHO WLHG )LQH SDLU

)5$0$ 67$036 2) $8675$/,$ ([WHQVLYH

ORW RQ H[KLELWLRQ VWDQGDUG SDJHV ZLWK PLQW VHWV XVHG XVHG RQ FRYHU )'& DQG PRUH V ,QF ILUVW LVVXHV ,QF VHWV E\ GLIIHUHQW RIILFHV $QLPDO GHVLJQV ,QF SURSHU XVDJHV RQ $LU &RYHUV (PX VHWV PLQW WR DQG PXFK PRUH $ ILQH DVVHPEO\

5RFNHW IOLJKW FRYHU IURP )UDVHU ,VODQG WR WKH

4 VKLSZUHFN 66 0DKHQR )LQH FRYHU IUDQNHG SDLU òG URFNHW

YLJQHWWH WLHG DQG SKRWR FDUG RI WKH VKLS 5R\DO VLOYHU MXELOHH URFNHW H[SHULPHQW VSHFLDO

4 IORZQ LOOXVWU FRYHU ZLWK EOXH URFNHW ODEHO WLHG ZLWK VSHFLDO SPN

-XELOHH G WLHG 0DJLOO FGV RULJLQDO SLFWRULDO IOLPV\ VRXYHQLU HQFORVHG )LQH .*9, FROOHFWLRQ RQ SULQWHG DOEXP SDJHV PLQW

LQF 80 GHILQV WR ZLWK EHWWHU YDOXHV G 6* 80 GLH ,D F GLH ,, DQG WKLQ SDSHU 6* FD 1HZ 6RXWK :DOHV VHW ,PSHULDO IRUFHV VHW D JRRG UDQJH RI VWDPSV ERRNOHW SDQHV { )LUVW )OLJKW &RYHUV VHQW IURP $XVWUDOLD WR 3DSXD

4 DQG UHWXUQHG EDFN WR $XVWUDOLD ZLWK 6KLS 0DLO 5RRP &'6 $LUPDLO &'6 DQG 3RUW 0RUHVE\ &'6 ZLWK WUDQVLW PDUNV RQ WKH UHYHUVH 6FDUFH ,PSHULDO )RUFHV DV EORFNV LQF G DV

0F&UDFNHQ LPSULQWHG EORFN RI G G EORFNV RI DQG G

,QWHUHVWLQJ YDULHW\ RI ROG PDWHULDO RQ SDJHV

SHULRG PDQ\ V G .RRNDEXUUD IUHVK P G DLUPDLO ERWK W\SHV P 26 RYSWV LQF .LQJVIRUG 6PLWK VHW YIX EULGJH VHW 26 IX JRRG V FRPPHP VHWV RIWHQ P IX LQF DQ]DF MXELOHH GHILQV WR RQ FRYHU WR IX ZLWK ORWV RI H[WUDV UROOHU IODZ LPSULQW EORFNV SUHVV SKRWR IRU DQ XQLVVXHG 4(,, GHVLJQ HWF

.$1*$5226 )8 DQG 6HOHFWHG IRU WKHLU

FDQFHOODWLRQV RQ +DJQHUV IDVFLQDWLQJ DQG FKRLFH DVVHPEO\ RI LWHPV ZLWK YDOXHV WR 3PNV LQFOXGH FKRLFH IXOO &'6 H[DPSOHV ZLWK VPDOOHU ORFDWLRQ JRRG VHOHFWLRQ RI G ,QF ODWH IHH DQG &'6 EHWWHU YDOXHV ,QF G %URZQ SDLU 26 SHUILQV WR %URZQ 6RPH YHU\ QLFH VWDPSV KHUH +LJK &9

0LOLWDU\ PDLO HQY ZLWK 5$$)

EORFN RI DOO IUHVK 80 ^3KRWR`

FRQFHVVLRQ UDWH KV ::,, DLUOHWWHU HQGRUVHG 2$6 ZLWK PDULWLPH PDLO FDQFHO HQY G %&2) RQ WKH UHYHUVH 5$) SRVW -DSDQ FGV 2$6 6DOYDWLRQ $UP\ ZLWK )32 IURP $XVWUDOLDQ )RUFH LQ 3DOHVWLQH

$XWKRULW\ LPSULQWHG EORFNV RI 80 G òG

òG DQG òG WKH òG ZLWK UHWRXFKHG &ORXGV DERYH

(PX 5RR 5HGUDZQ 'LH DV D $XWKRULW\ LPSULQWHG

EORFN RI 6* 80

{ 2OG SDJHV ZLWK EHWWHU SLFNLQJV LQF VWDPSV

H[KLE 06 6*06 D PLQW 5RR V WR .*9 KHDGV RIILFLDOV

VHWV RYHU VWDPSV QHHG VRUWLQJ ZLWK LVVXHV WR V 0LQW DQG )8 UDQJH

:5(&. 0$,/ $,5&5$)7 &5$6+

4 6,1*$325( FDFKHW RQ FKDUUHG FRYHU IUDQNHG FURF DW

{ 3267$*( '8(6 )LQH XVHG ,QF VHOHFWHG IRU

0HOERXUQH 67$03 %22./(76 F DGYHUW SDQHV D ILQH

JURXS RI ILYH GLII ERRNOHWV FDW YDULRXV HGLWLRQV '* '1

'9 '1 ZKLWH VWLWFK YDULHW\ HWF

3PNV G 6*' $ DV D VSHFWDFXODU 9)8 EORFN RI &DW $OVR *UHHQ HDUO\ LVVXHV WR ODWHU LVVXHV WR G EORFN 1LFH ORW $VN IRU D VFDQ

Philangles 402 82pgs.qxp 02/08/2021 08:05 Page 10

3RVWDO +LVWRU\ DQ LQWHUHVWLQJ UDQJH RI FRYHUV

{ 6XSHUE XVHG FROOHFWLRQ VDIH DOEXP SULQWHG

ZLWK FHQVRUHG PDLO QRWH HQYHORSH WR 6WRFNKROP ZLWK QRW SDJHV ZLWK VWDPSV PV VKHHWOHWV 9HU\ FRPSOHWH IRU WUDQVPLVVLEOH VHUYLFH VXVSHQGHG KDQGVWDPS *% WKH SHULRG LQF GHILQV 2O\PSLF *DPHV G &\O EORFN RI RQ FRYHU ZLWK $XVW $UP\ 8QPRXQWHG PLQW FROOHFWLRQ RQ VDIH KLQJOHVV

&'6 .*9 òG +HDG RQ PRUQLQJ HQYHORSH VHQW WR ,UHODQG DOEXP SDJHV YHU\ FRPSOHWH IRU WKH SHULRG RYHU VWDPSV ZLWK G SRVWDJH GXH $ JRRG ORW IRU ZULWLQJ XS PV LQF GHILQV $ VXSHUE FROOHFWLRQ &RYHUV &DUGV $1 ,17(5(67,1* 2OGWLPH 6WDPS ORW RI V

3RVWDO 6WDWLRQHU\ PDLQO\ XQXVHG D IHZ ZLWK

DOO GLIIHUHQW LQ 3DFNHWV 6WRFNFDUGV 3DJHV ZLWK PXFK PLQW ,QF )', FDQFHOV VHHQ 2+06 $HURJUDPPHV ,QF VSHFLPHQ RYSWV VHWV DQG EHWWHU YDOXHV VK VK KLJK YDOXH GHILQV .*9 (PERVVHG F (QY òG /HWWHUFDUG ZLWK VK &ODUHW &RVWXPH F 3OHELVFLWH VHW F

*RYHUQPHQW +RXVH 3HUWK RQ WKH UHYHUVH $ YHU\ JRRG ORW RI 5HFRQVWUXFWLRQ VHW &DUGV ZLWK EHWWHU HDUO\ FKDULW\ LWHPV LVVXHV +LJK &9 $V UHFHLYHG { 6(/(&7(' )RU VXSHUE SRVWPDUNV V

{ ),1( 86(' ,Q *ODVVLQH 3DFNHWV JXHVV

RQZDUGV V RI LVVXHV RQ +DJQHUV ,QF FKRLFH &'6 QRWLQJ VWDPSV WHUULILF YDULHW\ RI LVVXHV DQG SHULRGV 0DQ\ 6\GQH\ %ULGJH G 9LFWRULD WR 6RXWK $XVWUDOLD FRPPHPV XQFKHFNHG LVVXHV WR IXOO &'6 RQ ODWHU LVVXHV KLJK YDOXHV DOVR 0,/,7$5< 3267 ,668(6 RFFXSDWLRQ

SDUFHO ODEHO XVHG ZLWK G UDWH DQG RWKHU LQWHUHVWLQJ RI ,WDO\ 5XPDQLD &ROOHFWLRQ RI GLII LVVXHV PLQW LQF RYSW &RYHUV &DUGV 1RWH HYHU\WKLQJ KDV EHHQ VHOHFWHG IRU D 0RVW DUH ILQH UHDVRQ *RRG ORW { 3267$*( '8(6 ILQH XVHG FRPSOHWH VHWV

6HOHFWLRQ RI EHWWHU .*9 LWHPV RQ SXUFKDVH

GLII LVVXHV VWF PDQ\ HOXVLYH LVVXHV FDUGV &DW ,QF G G 5RR 6* .*9 N VHW VHW RYSW VHW JUH\ SDSHUV KHDGV SRVWDJH GXHV WR $OO 0 80 VWDPSV

VHW DOO VK ORQJ VHWV 6FDUFH XVHG

4 63(&7$&8/$5 (;3(5,0(17$/ )/,*+7

&29(56 WR :LQGKRHN 6RXWK $IULFD ZLWK .*9 +HDG òG SRVWDO KLVWRU\ FKLHIO\ ::, FDUGV LQF SSF V VWDPSOHVV FDUGV ZLWK D YDULHW\ RI PLOLWDU\ PDUNLQJV DQ SDLU :HVWHUQ $XVWUDOLD òG SDLU 6WXUW VHW DV LQWHUHVWLQJ FROOHFWLRQ RI FDUGV QHHGV ZULWLQJ XS DV D SDLUV $LUV G G DV SDLUV $LU DV D VLQJOH W\SHG VWXG\ DGGUHVV VSHFLDO IOLJKW FDFKHW RQ WKH UHYHUVH 3RVWDO KLVWRU\ ::, FROOHFWLRQ RI FRYHUV ZLWK

:RUOG :DU FHQVRUHG FRYHUV LQF VHUYLFH

D YDULHW\ RI FHQVRUHG PDUNV FHQVRUHG HQY VHQW WR RI SULVRQHUV RI ZDU FRYHU *(2 $GDPV +6 FRYHUV UHJG 6ZLW]HUODQG EXVLQHVV HQY VHQW WR *HUPDQ\ ZLWK FHQVRU FRYHUV HQY WR WK HYDFXDWLRQ KRVSLWDO D YHU\ LQWHUHVWLQJ WDSH DQG +6 IHLOGSRVW HQY VHQW WR WKH 8.

ORW WKDW ZRXOG PDNH D JUHDW ::,, VWXG\ FHQVRUHG HQY VHQW WR 8. )RUG PRWRU FRPSDQ\ HQYV

::,, ,QWHUHVWLQJ VHOHFWLRQ RI &RYHUV VHQW WR

VHQW WR WKH 8.

WKH 0HWURSROLWDQ 3ROLFH 1HZ 6FRWODQG <DUG /RQGRQ ZLWK D 6SHFLDO FDQFHOODWLRQV RQ FRYHUV D

JRRG YDULHW\ RI UDWHV ,QF UREH 2+06 UDWH G FROOHFWLRQ RI GLIIHUHQW LQ ZHOO ILOOHG $OEXP ZLWK &DEOH &DUV UDWH ZLWK PDQ\ GLIIHUHQW 3PNV &RYHUV JRRG IRU D VWXG\ 3OHDVXUH %RDWV DQG PXFK PRUH SULVWLQH ORW

%$+$0$6

$8675$/,$1 $17$5&7,& 7(55,725<

{ 0,17 86(' &2//(&7,21 DOO GLIIHUHQW

'HILQLWLYH VHW RI 6* DV 80 EORFNV RI

UDQJH RQ SDJHV IURP DQ ROG ,GHDO DOEXP LQFO HDUO\ 49 WR V &DW

V PLQW JRRG UDQJH RI :$5 7$; RYSWV 3HDFH VHW PLQW 7HUFHQW VHW PLQW 6LOYHU -XELOHH PLQW VHW FDW

$8675$/,$1 67$7(6

{ $8675$/,$1 67$7(6 0,17 86('

&2//(&7,21 IURP DQ ROG ,GHDO DOEXP $// ',))(5(17 QRWH 9HQHWLDQ UHG ZPN &URZQ &$ 6* ILQH

PLQW 1HZ 6RXWK :DOHV G XVHG WRUQ UHMRLQHG YDULRXV HDUO\ LVVXHV WR V YDOXH ODWHU WRQ V G XVHG 4XHHQVODQG ZLWK .*9 6* IUHVK PLQW

XVHG VRPH ILVFDOO\ XVHG WR ODWHU YDOXHV WR V VRPH PLQW ^3KRWR` 6RXWK $XVWUDOLD YDOXHV WR V PRVWO\ XVHG 7DVPDQLD &KDORQ +HDGV WR V XVHG ODWHU SLFWRULDOV QRWH PLQW G G 9LFWRULD GXOO JUHHQ EODFN .*9 ZPN 0&$ 6*

IHZ HDUOLHV ODWHU UDQJHV WR V XVHG :HVWHUQ $XVWUDOLD JRRG PLQW UDQJH RI PRVWO\ XVHG 6ZDQV WR V 8QFKHFNHG LQ GHWDLO VRPH EHWWHU VWDPSV VHHQ PL[HG FRQGLWLRQ

$LUPDLO /DEHOV EORFN RI 3DOH %OXH DQG %ODFN

SOXV 2IILFLDO HQYHORSH DQG OHWWHU VLJQHG E\ WKH $8675,$ 3RVWPDVWHU 1(:63$3(5 67$036 NU 0HUFXU\

$ JURXS RI $GYHUWLVLQJ &RYHUV DOO GLIIHUHQW

6*1 'HOLJKWIXO QHZVSDSHU SLHFH DQG ODEHO ZLWK VLQJOH GHSLFWLQJ 3LSHV DQG 7REDFFR DOO 9)8 DQG XQXVXDO FDQFHOOHG DW 7DUQRZ $ )8 VLQJOH $ PLQW VLQJOH DQG D

)RUJHU\ LWHPV

{ 3816&+ ERRNOHW ZLWK N EOXH LPSHULDO MRXUQDO

VWDPS QHDWO\ WLHG 6*- D VHOGRP VHHQ VWLOO DWWDFKHG WR D QHZVSDSHU RU MRXUQDO 0LOLWDU\ SRVW %RVQLD DQG +HU]JRYLQD DQQH[HG

VLOYHU -XELOHH YDULHW\ òG '27 %<

)/$*67$)) 6* + )UHVK PLQW 63(&,0(1 SHUI FRURQDWLRQ VHW YIP 6*

6 LVVXHV GHILQV WR N QHZVSDSHU VWDPSV LQF RQH RQ 4(,, VHW DV EORFNV RI &HQWHQDU\ VHW SLHFH RI D QHZVSDSHU H[SUHVV VWDPSV LQYDOLGV IXQG

GHILQLWLYH V $YHU\ JRRG FROOHFWLRQ RI VWDPSV PDQ\ FRPSOHWH 1DVVDX %DKDPDV 7DONV 6HOI *RYHUQPHQW VHWV PLQW HDFK VWDPS GLIIHUHQW RYSW VHW RI 2O\PSLF G 1HZ ZPN GHILQ VHW IRU G VXUFK 1HZ &XUUHQF\ VHW RI DOO 80 $OOLHG RFFXSDWLRQ RYSWV +LWOHU V KHDG LQF *UD]

^3KRWR` RYSW VHW IX KLJK YDOXH WKLFN OHWWHU PN WR PN SHUI ò80 WKLQ '28%/( &(175( EODQNHW RIIVHW F 6KLS RYSW PLQW $ JRRG ORW RI VWDPSV +LJKO\ FDWDORJXHG

6* IUHVK 80 6SHFWDFXODU OLVWHG LQ (OL]DEHWKDQ

Philangles 402 82pgs.qxp 02/08/2021 08:05 Page 11

3RVWDO +LVWRU\ G HQY XQXVHG

VXUFK òG RQ G HQY XVHG òG JUH\ EOXH HQY XQXVHG SRVWDO FDUGV òG XQXVHG D JRRG FROOHFWLRQ RI FRYHUV FDUGV PDLQO\ XQXVHG

%$5%$'26 { 0,17 86(' DOO GLIIHUHQW UDQJH RQ SDJHV

IURP DQ ROG ,GHDO DOEXP LQFO %ULWDQQLD V WR V WR G PLQW

9LFWRU\ PLQW VHW PLQW VHW OHVV ZPN 6FULSW &$ V 6LOYHU -XELOHH VHW PLQW $1' 025( FDW

QRWH VSHFLPHQ RYSW G ,QF 5HJ G (QY òG RQ (QY òG

ZLWK EDUV RQ G (QY 6WDLUFDVH VSHFLPHQ RYSW $ YHU\ òG EULJKW JUHHQ ZPN &URZQ && 3 ò

JRRG ORW RI &RYHUV &DUGV 6* JRRG WR ILQH PLQW 63(&,0(1 2YSW 6HOHFWLRQ PLQW (GZDUGV

WR DQG .*9 HWF 6HDO VHW RI 6* IUHVK PLQW

3RVWDO 6WDWLRQHU\ XQXVHG PDLQO\ HDUO\ ,QF 49

%$+$:$/385

.*9, VWDU FUHVFHQW RYHUSULQW VHW RI SV WR

U 6* DV XP 3$,56 WKH D LV D EORFN RI IRXU 5DUH VHW

6HDO VHW RI 6* IUHVK PLQW

RI PXOWLSOHV 5HTXHVW VFDQV

{ 6HDO RI WKH FRORQ\ WR ZLWK VKDGHV QRWH

LQF ZLWK VSHFLPHQ RYSW ROG VWRFNSDJHV ZLWK PLQW DQG 6LOYHU -XELOHH VHW DV FRPSOHWH VKHHWV RI 80

ZLWK LPSULQWV HWF 6* 838 2IILFLDOV DV FRPSOHWH

XVHG

VKHHWV RI 80 ZLWK LPSULQWV HWF 6*2 VKHHWV LQ ORW

$ YDOXDEOH VWDPS FROOHFWLRQ RI H[KLELWLRQ SDJHV

PDMRULW\ YI P XP LQF ILUVW SLFWRULDO GHILQ VHW 6*

VHW 6* DV YIX EORFNV VFDUFH H[WHQVLYH 838 LQF XVDJHV RQ FRYHUV LPSULQW EORFNV LPSHUIRUDWH YDULHWLHV LQF YIX SDLUV 2)),&,$/6 LQF VHW 6*2 D FDPHO 6* P { VHW RI P 6*2 838 RIILFLDOV LQF VSHFLPHQ RYSWV 6HOGRP RIIHUHG ORW JRRG TW\

6PDOO VHOHFWLRQ RQ SDJHV U ,QGLD RYSW

6* P 838 VHWV LQF RIILFLDOV ZLWK ERWK SHUIRUDWLRQV P HWF TW\

%$+5$,1 U FDUPLQH RUDQJH U XOWUDPDULQH SXUSOH

6* YIP

2+06 HQYHORSH ZLWK OHWWHU IURP WKH

3RVWPDVWHU *HQHUDO VLJQHG DQG RQH DLU 0DLO /DEHO

9HU\ VFDUFH ORFDOO\ VSHFLPHQ KDQGVWDPSHG

KRUVH UDFLQJ VHW RI 6* IUHVK 80 0DGDPH -RVHSK IRUJHG FDQFHOODWLRQV

YLFWRU\ WR ZLWK W\SH FDQFHO ZLWK W\SH FDQFHO $OO YHU\ ILQH XVHG

{ 2OG SDJH ZLWK %ULWDQQLD òG *UHHQ G

%OXH ,QF %OXH SDSHU F DQG G GXOO YHUPLOOLRQ 6* )LQH WR VRXQG XVHG 2OG SDJHV ZLWK %ULWDQQLD ZLWK YDOXHV WR ZLWK

D YDULHW\ RI SULQWLQJV ,QF LPSHUIV ,QF G SDLUV

GLIIHUHQW VKDGHV PLQW ODWHU SHUI LVVXHV ZLWK GLIIHUHQW SULQWLQJ $ ILQH VHOHFWLRQ ZLWK EHLQJ PLQW

'HILQLWLYHV DV EORFNV RI XQPRXQWHG PLQW ZLWK

3RVWDO 6WDWLRQHU\ XQXVHG VXUFKDUJH òG

YDOXHV WR U H[ D D 6* Z KLJK &DW

9DOXH 6HOGRP VHHQ LQ EORFNV 80 ^3KRWR` .*9, KLJK YDOXH EORFN RI VL[ 6* XQPRXQWHG

PLQW .*9, :+,7( %$&.*5281' 6(7 DV EORFNV RI

XQPRXQWHG PLQW 6* 6HOGRP VHHQ 80 LQ EORFNV

^3KRWR` ::,, ILQH FHQVRUHG FRYHUV WR 8. IUDQNHG VWULS

D S .*9, RYSWV PXOWL FDQF DW %DKUDLQ .*9, GHILQLWLYH VHW DV EORFNV RI XQPRXQWHG

PLQW 6* D 6HOGRP VHHQ LQ XQPRXQWHG EORFNV

IUHVK ^3KRWR` .*9, GHILQLWLYH VHW DV EORFNV RI XQPRXQWHG

PLQW 6* IUHVK VHOGRP VHHQ LQ EORFNV 80

^3KRWR` 4(,, 2YHUSULQWV DV EORFNV RI 80 VHW RI

&DVWOHV U U W\SH , W\SH ,, VHW RI

RQ G QHZVSDSHU ZUDSSHU DLU OHWWHU G V UHJG HQY F F DQG HQYV $ ILQH VHOHFWLRQ RI LWHPV LQ YHU\ JRRG FRQGLWLRQ

%$5%8'$ &RYHU FROOHFWLRQ ZLWK ZHGGLQJ ZLWK WKH

VKRZLQJ GRXEOH RYSW RQH DOELQR XQDGGUHVVHG DQ LQWHUHVWLQJ JURXS RI V V FRYHUV

{ .*9 2YHUSULQWV WR ZLWK 0DGDPH -RVHSK

)RUJHG FDQFHOODWLRQV ,QF òG ZLWK :PN LQYHUWHG SOXV G

ZLWK JHQXLQH FDQFHO

%$6872/$1' (QYHORSH WRJHWKHU ZLWK RULJLQDO HQFORVXUHV RI D

OHQJWK OHWWHU WRJHWKHU ZLWK D 6LON 'DQFH &DUG ZULWWHQ DW WKH FDPS DW 0DIHNLQJ GXULQJ WKH VHFRQG %RHU :DU SHULRG QHDWO\ IUDQNHG G WLHG 0DIHNLQJ &'6 DGGUHVV 4(,, 'HILQLWLYH VHW DV EORFNV RI 6* VHW

RI EORFNV YHU\ IUHVK 80 ^3KRWR`

{ &$1&(//$7,216 21 .*9, ,VVXHV $

VHW RI SOXV ERWK QS VKDGHV 6FRXWV VHW FROOHFWLRQ LOOXVWUDWHG RQ S DJHV VWDPSV &RYHUV YDULHW\ QS W\SH ,, $ YHU\ JRRG ORW 80 ^3KRWR` RI RIILFHV WR DOVR :HGGLQJ VHW RQ YHU\ ILQH ,//8675 8QPRXQWHG PLQW ZLWK PDQ\ FRPSOHWH VHWV LQF

)'6 &DQF $W 0DVHUX DOVR VRPH %HFKXDQDODQG 3PNV ZLWK 1HZ 7RZQ VDWHOOLWH DUFKDHRORJ\ LQGHSHQGHQFH GD\ $UDE YDOXHV WR 4W\

OHDJXH KRUVH 06 &RQFRUGH EORFN RI ZLWK D FDW RYHU %$780

%ULWLVK 2FFXSDWLRQ U RQ N 6* LPSHUI &DW

{ $Q XQXVXDO ORW RI JHQXLQH .*9, LVVXHV ZLWK

PLQW IRUJHG RYHUSULQWV DQG IRUJHG SRVWPDUNV ZLWK YDOXHV WR U

$ VFDQ LV DGYLVHG

3267$/ +,6725< .*9, ZLWK ,QGLDQ DQG

%ULWLVK RYSWV 7HUULILF UDQJH RI PXOWLSOH IUDQNLQJV

7:2 ILQH LWHPV RI SRVWDO KLVWRU\

5HTXHVW VFDQV

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

49 RYHUSULQWV òG WR 6* PLQW

KLJKO\ FDWDORJXHG { -XELOHH òG RYHUSULQW LQYHUWHG SDLU 9)8 $ ILQH

DQG VFDUFH PXOWLSOH 6* D 6HH :HEVLWH

Selling? – Contact Simon Carson today for professional advice on how to sell your stamps/covers.

PTS and ASDA registered.

Integrity assured.

Philangles 402 82pgs.qxp 02/08/2021 08:05 Page 12

7:2 6(76 6* 6*

3UH 6WDPS 3RVWDO +LVWRU\ )LQH VHOHFWLRQ

IUHVK PLQW QRWH G 6* EORFN RI ZLWK PLVSODFHG RYSW

6HDKRUVH G :DWHUORZ SULQWLQJ 6*

PLQW 6HDKRUVH KLJK YDOXHV G 6* IUHVK

PLQW 3RVWDJH GXH G &DUPLQH 6*' DV D FRPSOHWH

VKHHW RI &DW DV VLQJOH VWDPSV 6HOGRP VHHQ LQ

VKHHWV 0LQW &ROOHFWLRQ ZLWK YDULHWLHV 9LVLW VHW

GHWDLOHG RQ SDJHV LWHPV PDQ\ GLIIHUHQW SRVWDO PDUNLQJV ,QF + KDQGVWDPS IRU LQFRPLQJ PDLO IURP +ROODQG 6/ %UXVVHO LQ 5HG *HQG KDQGVWDPS RQ PLOLWDU\ HQGRUVHG HQWLUH %UXVVHO )UDQFR KDQGVWDPS RQ %ULWLVK ZULWWHQ HQWLUH WR +XOO &KDUJH KDQGVWDPS $QWZHUS HQWLUH V %HYHUDQ KDQGVWDPS DQ LQWHUHVWLQJ ORW

3UH 6WDPS 3RVWDO +LVWRU\ $ ILQH DVVHPEO\

GHWDLOHG ZLWK PXFK LQIR RQ SDJHV LWHPV PDQ\ LQWHUHVWLQJ SRVWDO PDUNLQJV 7KH FRQGLWLRQ LV JRRG $UUDV 0RQV GRXEOH &'6 FRYHU 7RR ODWH KDQGVWDPS WR 3DULV WR 6ZLW]HUODQG ZLWK )UDQFR IURQWLHUH FDFKHW )UDQFR 2VWHQGH RYDO YDULRXV WRZQ KDQGVWDPS DQG DGGLWLRQDO KDQGVWDPS *RRG JURXS

6LOYHU ZHGGLQJ VHW 838 VHW GHILQ VHW RI VHW QRWH G VWULS RI ZLWK 'RFWRUV %ODGH IODZ 'HILQ VHW RI 6KDNHVSHDUH ZLWK YDULHWLHV 1HZ 3UH 6WDPS 3RVWDO +LVWRU\ ZLWK LQWHUHVWLQJ QRWHV

&RQVWLWXWLRQ F ZLWK /DNH IODZ DQG %D\ IODZ &R RS ,QF ZULWWHQ XS RQ SDJHV LWHPV PDQ\ GLIIHUHQW SRVWDO PDUNLQJV %UHDN LQ VOHHYHV PLVVLQJ LQ &R RS $ JRRG ORW RI ZLWK WRZQ &'6 ER[HG KDQGVWDPS HWF /LHJH ZLWK )UDQFR VWDPSV IURQWLHUUH HQGRUVHPHQW WRR ODWH &XUUHQF\ KDQGVWDPS JRRG VHOHFWLRQ RI %UXVVHOV 3ULFHV FXUUHQW VKHHW XVHG IURP 1HZ FXUUHQF\ RYSW VHW RI WHQ RQ )'& ZLWK U

$QYHUV $QYHUV WR $EHUGHHQ )UDQFR 2VWHQGH WRS YDOXH EHLQJ WKH W\SH ,, VHWWLQJ 6FDUFH DQG XQXVXDO RYDO 7R /RQGRQ ZLWK 6KLS /HWWHU KDQGVWDPS DQG RWKHUV 6* D 7KH FRQGLWLRQ LV YHU\ JRRG .*9, VSHFLPHQ RYHUSULQW G UHJLVWHUHG

3UH VWDPS SRVWDO KLVWRU\ PRVW LQWHUHVWLQJ ORW

HQYHORSH LQ JRRG FRQGLWLRQ GHWDLOHG RQ SDJHV LWHPV PDQ\ GLIIHUHQW SRVWDO PDUJLQV LQF { 49 6WRFNFDUGV ZLWK G [ DQG G [

VHUYLFH UXUDOH 65 ER[HG KV VKLS OHWWHU /RQGRQ

FGV YDULRXV W\SHV RI %UXVVHOV FGV /LHJH ORFDO OHWWHU PDQ\ RQ SLHFH ZLWK &'6 FDQFHOV DJHQW KV PRUH 7KH FRQGLWLRQ LV JRRG $Q RULJLQDO ORW

%(&+8$1$/$1' 3527 { (DUO\ /HRSROG LVVXHV RQ VWRFNSDJHV SHUI DQG

{ &DSH VLWWLQJ KRSH RYSW VHW IX 6FDUFH 6*

LPSHUI LVVXHV XQFKHFNHG IRU SULQWLQJV ZLWK PDQ\ QXPHUDO FDQFHOV VHHQ VPDOO /LRQV WR F D JRRG ORW IRU VWXG\ VWDPSV KLJKO\ FDWDORJXHG HDUO\ LVVXHV

òG \HOORZ JUHHQ &DSH RYSWG %5,7,6+

%(&+$1$/$1' JURXS RI VHYHQ ZLWK PLQRU RYHUSULQW YDULHWLHV VXFK DV EURNHQ RU VKLIWHG OHWWHUV 6* QRW FKHFNHG PLQW

{ &ODVVLF VWDPS LVVXHV XVHG ILUVW LVVXHV

LQF VL[ YHU\ QLFH F 6* ZLWK YDULRXV SPNV LVVXHV

LQF F ZLWK ELJ PDUJLQV F SDLUV YDULRXV QXPHUDO SPNV VWDPSV PL[HG LQF ILQH

&29(56 .*9, ,QF YHU\ ILQH G

VLQJOH IUDQNLQJ DW /REDWVL $LUOHWWHU HWF

)LUVW LVVXH F QLFHO\ XVHG RQ VPDOO HQWLUH IURP

*DQW FGV WR $YHOFKHP DUULYDO FGV PRVW DWWU 6*

%(/$586 1(: ,668(6 IUHVK 80

SUHVHQWHG LQ D ILQH DOEXP ZLWK RXU GLIIHUHQW VWDPSV

0HGDOOLRQV VHFRQG LVVXHV XVHG RQ FRYHUV

PDQ\ VKHHWOHWV IHZ FROOHFWRUV LQ WKH 8. ERXJKW WKHVH LVVXHV 9HU\ KLJK &9 YHU\ FRPSUHKHQVLYH +LJKO\ UHFRPPHQGHG

LWHPV F F WKLV YI QLFHO\ XVHG RQ FRYHU WR 8.

VWULS RI F RQ ZUDSSHU WR %ULJKWRQ SDLU F RQ YI FRYHU VLQJOH XVDJHV RI F 9DULRXV SPNV *RRG JURXS

5HYHQXHV RQ RULJLQDO GRFXPHQWV SOXV VRPH

%(/*,$1 &21*2 LQWHUHVWLQJ HDUO\ UHYHQXHV )8 LWHPV PXFK RI DQ HDUOLHU 9DOXDEOH FROOHFWLRQ RI VWDPSV ZLWK PDQ\

QDWXUH ZLWK /HWWHUKHDGV PXOWL )UDQNHG ZLWK UHYHQXHV 3RVW EHWWHU VWDPSV F WR F 6* PLQW 'HILQV F WR 2IILFH 6DYLQJV %RRNV ZLWK VWDPSV DIIL[HG 3OD\LQJ &DUG F ,QF F &KRFRODWH %OXH IU *UH\ ORFDOO\ :UDSSHUV ILQH VHOHFWLRQ RI HDUO\ UHYHQXHV ZLWK LPSHUIV GDWLQJ KDQGVWDPSHG WR IU F ,QF I W\SR WR IU PLQW IU IURP V :HOO ZULWWHQ XS LQ DQ $OEXP )8 5HG &URVV )XQG VHW 1DWLYH &DUYLQJV VHW RI $ VHOHFWLRQ RI SUH VWDPS HQWLUHV FDUULHG

80 PDLQO\ PLQW FROOHFWLRQ ZLWK 80 PL[HG LQ E\ UDLOZD\ DPEXODQW RXHVW 1R FGV WK )HE OHDS \HDU

FRYHU PHVVHQJHU FDUULHG .LQJV HQYR\ HQY FRQWHQWV 7KUHH VWRFNERRNV ZLWK D FROOHFWLRQ RI V DOO

WR /RQGRQ FKDUJHG LWHPV

GLIIHUHQW PXFK LV XVHG IURP HDUO\ .LQJ LVVXHV SOHQW\ RI

SLFWRULDOV LVVXHV IRU %XUXQGL ZLWK PDQ\ IX VHWV DQG 5XDQGD 0HGDOOLRQ FODVVLF LVVXHV XVHG RQ HQWLUHV HWF LWHPV GHWDLOHG RQ ROG SDJHV PDQ\ GLII SPNV XVDJHV LQF F 8UXQGL ,QWHUHVWLQJ LVVXHV )LQH VLQJOH IUDQNLQJV LQF YI F SHUI QLFHO\ XVHG RQ ZUDSSHU WR %(/*,80 3DULV VHYHUDO PXOWLSOH IUDQNLQJV F VLQJOH XVDJHV F 6SDQLVK 3HULRG 0HVVHQJHU FDUULHG HQWLUH IURP LPSHUI RQ HQY WR 8. DQ LQWHUHVWLQJ FROOHFWLRQ

0RQV WR )ORUHQFH QR SRVWDO PDUNLQJV ZD[ VHDO 'HSLFWV 3URRIV RI PHGDOOLRQ VHW RI IRXU LPSHUI XQXVHG

%HOJLXP /LRQ DQG EOXH WKUHDG ILQH ,QFUHGLEOH HDUO\ LWHP RI RQ XQZDWHUPDUNHG SDSHU LQ EODFNLVK VODWH ZLWK JRRG SRVWDO KLVWRU\ PDUJLQV 6SDQLVK 3HULRG 2VWHQG WR $QWZHUS TXDGUXSOH

&KDUOHV :HLQHU FRPSHWLWLRQ HQWU\ F LPSHUI

UDWHG HQWLUH )RXU 5HG &UD\RQ /LQHV LQ YHU\ ILQH HVVD\ LQ EOXH JUHHQ ILQH XQXVHG FRQGLWLRQ 3HUIRUDWHG PHGDOOLRQV XVHG RQ HQYHORSHV

LWHPV GHWDLOHG RQ SDJHV LQF QLFH VLQJOHV IUDQNLQJ RI WKH Key to symbols in this catalogue F RQ VPDOO FRYHU WR )RONVWRQH SDLU F HWF

Used ✈ Airmail (VVD\V SRVV '/5 D JURXS RI GLII FRORXUV

✱ Mint ✱✱ Unmounted mint IRU F SRUWUDLW GHVLJQ ,PSHUI ✉ Postal History & Literature

Philangles 402 82pgs.qxp 02/08/2021 08:05 Page 13

(VVD\V XQNQRZQ VRXUFH IRU .LQJ /HRSROG F 6XQGD\ ODEHO VHW IUHVK P VHYHUDO H[WUD VKDGHV

LPSHUI LQ GLIIHUHQW FRORXUV 7KH JURXS RI GLII RQH LV WKLQQHG 8QXVXDO

IU JXP RIIVHWV F IU NH\ YDOXHV YI 6* F

{ &ROOHFWLRQ RI HDUO\ VWDPSV RQ SDJHV LQF $ PRVW LQWHUHVWLQJ FROOHFWLRQ RI

DOO /LRQ VHWV IX 6* F LQF IU WZR XVHG IRUJHULHV IU 6* WZR GLII )RXUQLHU LPSHUI IRUJHU\ VKHHWOHWV RI VL[ SUHFXUVRU SUH FDQFHOV HWF $Q LQWHUHVWLQJ ORW WZR VKHHWOHWV

{ 3RVWDJH 'XHV )LQH DQG KLJKO\ FDWDORJXHG

FROOHFWLRQ RQ SDJHV VWDPSV ,QF ILUVW VHW ZLWK F

FRYHUV FDUGV ZULWWHQ XS LQ DQ DOEXP ZLWK PDQ\ VHOHFWHG LWHPV IURP WKLV SHULRG YHU\ JRRG UDQJH RI PXOWL FRORXUHG FDUGV IRU WKH WK DQQLY RI %HOJLXP YHU\ RUQDWH FRORXUIXO H[SRVLWLRQ FDUGV YIX DOVR VHWV RI PLQW YLJQHWWHV VHOHFWHG SRVWFDUGV /LHJH H[KLE LWHPV =LHKHU VWDPS FDUGV LQF VFDUFH IX VHULHV LQ FRYHU PXFK PRUH 0DQ\ \HDUV RI FROOHFWLQJ KHUH ILQH TXDOLW\

IUHVK PLQW YDULRXV VKDGHV %LVHFW 3LHFHV PDQ\ HDUO\ VHWV 0 { ),1( 86(' ZLWK YDOXDEOH SLFNLQJV RQ )8 RYSWV :LWK YDOXHV WR IU )8 7LQ +DW

FROOHFWRUV RULJLQDO ZULWWHQ XS SDJHV LQ $OEXP 0DQ\ V DOO SURYLVLRQDO 7 RYSWV 6HW WR IU 0 +LJK &DW 6HWV IRU 0DOPHG\ GLIIHUHQW VHW WR IU 6XQGD\ /DEHO VHW IU WRS YDOXH DQG (XSHQ 2FFXSDWLRQ ERWK 0 )8 LV VXSHUE DOVR D VFDUFH IRUJHU\ RI WKH IU 9)8 VHW ,QF &ROOHFWLRQ RI LWHPV ZULWWHQ XS RQ ROG SDJHV

IU )UDQNHQ F 5HG &URVV RYSWV WR IU F

PDQ\ LQWHUHVWLQJ FRYHUV FDUGV LQF FRQWHPSRUDU\ IUDQNLQJV IU 06 F 7HWH %HFKH SDLUV 6WDPS VWDWLRQHU\ [ F RQ FRYHU WR /RQGRQ F &HQWHQDU\ VHW F &KDULW\ VHWV ,QF &DWKHGUDOV WHOHJUDSK SRVWDO XVHG RQ FDUG UHFHLSWV FKHTXHV ZLWK VWDPSV +LJK 9DOXH VHW 7% VHW 7% VHW F

XVHG IRU GXW\ RIILFLDO FDUGV HWF %XLOGLQJ 06 2UYDO 06 RQ VPDOO FRYHUV 9)8 2UYDO VHW RQ 5DLOZD\ 3RVWV )8 ,QF 6*3 VHW F ZLWK

VKHHW VXSHUE XVHG ORWV RI LQWHUHVWLQJ LWHPV DQG DGGHG LWHPV VXSHUE FHQWUDO &'6 LVVXH WR IU 3 SOXV SLHFHV ZLWK *RRG ORW ZLWK KLJK &9 YDULRXV 3HWLWV 3DTXHWV /DEHOV 4W\ 0RVW LQWHUHVWLQJ ORW RI PDWHULDO LQ DQ DOEXP

5DLOZD\ 6WDPSV RQ 'RFNHWV HWF ZLWK IXOO

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

(VVD\V F LQ YLROHW DQG EODFN E\ 'U

SDJHV SRVWDO FDUGV DOO GLII GHVLJQV LQF XVHG DW WKH H[KLE 3HWLWRW DOVR H[KLELWLRQ YLJQHWWHV FKLHIO\ IUHVK P HWF *RRG YDULHW\ RI PDWHULDO 7HOHSKRQH VWDPSV &2% 7( WKH VHW P

WKH VHW IX DOVR IRXU WHWH EHFKH LPSHUI EORFNV RI LQF SDOH EOXH { $OO H[KLE VHWV YIX 6*

VWULS ZLWK QR YDOXHV RWKHU EORFNV WR IU PLQW EORFNV

3HOOHQV .LQJ GHILQ LVVXH 6* ILQH ORW RI

6XQGD\ ODEHO GHILQ VHW RI ILQH PLQW FDW

PLQW LQ SDJHV LQF WKH FRPSOHWH VHW LPSHUI FRORXU WULDOV IRU F 6* LQFOXGLQJ OLVWHG VKDGHV F PLVVLQJ EDOO GLIIHUHQW F LPSHUI EORFN RI 63(&,0(1 RYSWV ZLWK YDULHW\ 6* D $ ILQH DWWUDFWLYH VHW YDOXHV WR F 'LVSOD\HG RQ SDJHV 9) 0RVW LQWHUHVWLQJ ORW RI VHOHFWHG LWHPV

*DQG ,QWHUQDWLRQDO H[SR *URXS RI GLII

ZULWWHQ XS RQ SDJHV FRYHUV FDUGV ZLWK XVHG SRVWDO FDUGV PRVWO\ PLQW ODEHOV WZR DUH ZLWK SRVWDO FDQFHOV DOVR WZR UHODWHG VHOHFWHG IRU WKHLU SPNV FKHTXH ZLWK VWDPSV FDQFHOOHG SRVWFDUGV RQH GHSLFWV DLUVKLSV SLFWRULDO FDUG FDQF DW :DWHUORR SRVWDJH GXHV RQ FDUG { *HUPDQ RFFXSDWLRQ SRVWDJH VWDPSV )8 PRVWO\

QHZV ZUDSSHUV YIX VDYLQJV ERRNOHW ZLWK DV VHWV '* FRPPDQG VHW DOVR F F 6* VWDPSV DIIL[HG XVHG VDYLQJ VKHHWV ZLWK PDQ\ VWDPSV HDFK DV FRUQHU EORFNV RI FDQFHOOHG RQ $UPLVWLFH 'D\ WHOHJUDSK VWDPSV XVHG RQ IRUPV PXFK PRUH 6XSHUE

{ 6XQGD\ ODEHOV RQ ROG DOEXP SDJHV FDW RYHU

LQF WR IU VHW RI %UXVVHOV H[KLELWLRQ VHW VHW RI VHW RI DQG VHW RI 6*

VWDPSV DOO ILQH XVHG 3RVWDJH 'XH XVDJHV RQ &RYHUV DQG &DUGV ZLWK

PDQ\ EHWWHU XVDJHV VHOHFWHG LWHPV ZULWWHQ XS RQ SDJHV PDMRULW\ DUH IUDQNHG HDUOLHU SRVWDJH GXHV ,QF PXOWLSOH IUDQNLQJV H[WHQVLYH LQVWUXFWLRQDO KDQGVWDPSV VXSHUE &DUG RULJLQDOO\ IURP 6ZHGHQ FRYHU IURP &DSH RI *RRG +RSH &DUG IURP *HUPDQ\ ZLWK D SOHWKRUD RI FDFKHWV DQG PXFK HOVH 9HU\ JRRG ORW { 5DLOZD\ 3RVW 6WDPSV )8 ZLWK FRPSOHWH VHWV RQ

SDJHV VWDPSV ,QF VHW /RQJ VHW 6WHDP 7UDLQ VHW VHW VHW 1HZVSDSHUV RYSW 6HW 6RPH QLFH UHJLRQDO 3PNV *RRG ORW

5(' &5266 LVVXHV 6* ILQH

VWXG\ RQ SDJHV ZLWK YDULHWLHV LQF UHG FURVV RPLWWHG GLII SDLU F 6* ZLWK UHG FURVV GRXEOH DQG LQYHUWHG YDULRXV LPSHUI YDULHWLHV VSHFLPHQV VHW P XVHG RQ FRYHU FRPELQDWLRQ SRVWFDUG HWF $Q LQWHUHVWLQJ ORW

::, FROOHFWLRQ RI SRVWFDUGV ZULWWHQ XS LQ

DQ DOEXP LQF ERPE GDPDJHG WRZQV VROGLHUV EDWWOHILHOGV HWF ,QWHUHVWLQJ PLOLWDU\ UHODWHG ORW GHWDLOHG RQ SDJHV

LQF WZR GLII ::, EURQ]H PHGDOV LQF VHUYLFH LVVXH ERWK ZLWK ULEERQV XQXVXDO FRORXUHG SDWULRWLF FDUGV *HUPDQ RFFXSDWLRQ LQF PXOWL IUDQNHG PRQH\ RUGHU DGYLFH IRUPV *RRG ORW LWHPV

$Q LQWHUHVWLQJ YDULHW\ RI PDWHULDO ZULWWHQ XS LQ

DQ DOEXP LQF WZR YI VWDPS LPDJH FDUGV SURRI RI VXQGU\

ODEHO LVVXH ZLWK QR YDOXHV GLSORPDWLF FRQIHUHQFH DW 63$ VSHFLDO FDQFHO FRYHU XVHG SRVWDO VWDWLRQHU\ FDUGV LQF XSUDWHG ZULWWHQ XS LQ DQ DOEXP LQF HDUO\ SRVWFDUGV ZLWK PXOWL FRORXUHG UHG FURVV LVVXHV DV UHSULQWHG VKHHWOHWV PRUH 4W\ G UHJLVWHUHG FRYHU H[ 8. WR +ROODQG ZLWK %HOJLXP ODEHO

SRVWFDUG SODVWHUHG ZLWK UHGLUHFWLRQ FGV SPNV GLII

%RHU ZDU FHQVRUHG FRYHU 5DLOZD\ SPNV GRJ GUDZQ FDUW { 2FFXSDWLRQ RI (XSHQ 0DOPHG\ VHWV IX 6*

FDUGV HWF )LQH ORW

$ FROOHFWLRQ RI VHOHFWHG FRYHUV FDUGV

{ 6XQGD\ ODEHO IU WRS YDOXH DV D VXSHUE XVHG

{ 2FFXSDWLRQ RI 0DOPHG\ VHW IX 6*

SDLU 6* DOVR F 6* PRXQWHG LQVLGH (VSHUDQWR DGYHUW ODEHO ERWK QHDWO\ FDQFHOOHG LWHPV

Philangles 402 82pgs.qxp 02/08/2021 08:05 Page 14

,QWHUHVWLQJ DVVHPEO\ LWHPV ZULWWHQ XS LQ DQ

$OEXP ,QF 2IILFLDO 0DLO &DUGV )8 <SUHV 7RXULVW 9LJQHWWHV VKHHW RI GLIIHUHQW 8SUDWHG 3RVWDO &DUG ZLWK 2O\PSLF LVVXH 'HILQ LVVXH ZLWK XVDJHV RQ &RYHUV &DUGV ZDWHUORR LWHPV 0DQ\ DUH VHOHFWHG IRU LQWHUHVW

::,, &HQVRUVKLS DQG PDQ\ RWKHU LQWHUHVWLQJ

4 &RYHUV &DUGV GHWDLOHG RQ SDJHV LWHPV PDQ\ VHOHFWHG

3RVWDJH 'XHV XVDJHV RQ FRYHUV DQG FDUGV WKH

PRVW H[WHQVLYH FROOHFWLRQ RI LWHPV ZULWWHQ XS WR D KLJK VWDQGDUG LQ D EXOJLQJ $OEXP 0DQ\ LWHPV VHOHFWHG IRU D UHDVRQ ZLWK PDQ\ GLIIHUHQW GXH LVVXHV RYHUVHDV RULJLQV LQVWUXFWLRQDO { FDFKHWV %HOJLDQ DQG *% SRVWDJH GXH FRPELQDWLRQV PXOWLSOH XVDJHV LQWHUHVWLQJ RULJLQV DQG PXFK RI DQ HDUOLHU QDWXUH { 0DQ\ \HDUV RI SDWLHQW FROOHFWLQJ KHUH H[FHOOHQW TXDOLW\ DQG

KLJKO\ UHFRPPHQGHG

LQWHUHVWLQJ ::,, &HQVRU /DEHOV VFDUFH 7KRPDV &RRN XQGHUFRYHU PDLO FRYHU ZLWK ODUJH <HOORZ /DEHO &RYHU IRU SDUFHOV IRU %HOJLXP 3ULVRQHUV $LUPDLO WR 86$ FHQVRUHG LQ %HUPXGD 6HUYLFH 6XVSHQGHG &DFKHW RQ &RYHU WR )UDQFH )RXQG LQ WKH %R[ FDFKHW RQ FHQVRUHG FRYHU WR *HUPDQ\ DQG PXFK PRUH 7KH TXDOLW\ LV H[FHOOHQW *RRG ORW

)OHPLVK /HJLRQ $HURSODQH RYSW 6HW RI 9)8

&2% ( 7KH 'HYDOXDWLRQ 6XUFKDUJHV $Q

H[WHQVLYH FROOHFWLRQ RI V PLQW XVHG RQ FRYHU YDULHWLHV

ZULWWHQ XS LQ DQ $OEXP ,QF XVHG ZLWK FOHDU UHJLRQDO

6HOHFWHG &RYHUV DQG &DUGV ZULWWHQ XS RQ

SDJHV ZLWK PXFK LQWHUHVWLQJ ,QF SURSHU XVDJHV RI $QWL 7% VWDPSV RQ FRYHU )ORRG 5HOLHI )XQG VHW RQ FRYHU JRRG VWDPS XVDJHV VHW RI 2UYDO 3RVWDO &DUGV XQXVHG /LRQ GHILQ XVDJHV $GYHUW &RYHUV XVHG &HQWHQDU\ &DUG VXSHUE XVHG ZLWK VSHFLDO FDQFHOV 7RXULVW VKHHWV RI /DEHOV 2YHU LWHPV

FDQFHOODWLRQV PLQW ZLWK VRPH LQWHUHVWLQJ YDULHWLHV ,QF LQYHUWHG EORFNV RI XVDJH RI 3RVW :DUWLPH SULQWHG HQYHORSHV SULQWHG HQYHORSHV HWF $ JRRG ORW RI WKLV LQWHUHVWLQJ ILHOG

:LWK 9HU\ *RRG $LUPDLO &RQWHQWV $ ILQH

4 FROOHFWLRQ RI &RYHUV &DUGV ,QF *HQW IU VSHFLDO

DLUPDLO VWDPS RQ IORZQ FRYHU 6DEHQD 3LFWRULDO )OLJKW &RYHU WR $LUPDLO /DEHOV DQ LQWHUHVWLQJ JURXS

&DLUR &RXULHU )OLJKW WR (J\SW $FNQRZOHGJHPHQW RI EORFN RI ZLWK EORFN RIIVHW RQ WKH UHYHUVH DQG D FRPSOHWH 5HFHLSW &DUG )8 )OLJKW WR 6XULQDP +HOLFRSWHU VKHHW RI %ULJKW %OXH DQG %ODFN FRPSOHWH VKHHW RI 7RXU &DUG )8 HWF 9HU\ ILQH FRQGLWLRQ %OXH DQG ZKLWH FRPSOHWH VKHHW RI 6DEHQD

5HG DQG :KLWH EORFN RI SOXV QG EORFN RIIVHW RQ WKH UHYHUVH { $HUR &OXE KRUL] VWULS ZLWK ODEHO )8 4 6* D ZLWK DQ RIILFLDO OHWWHU IURP 3 DQG 7 3XEOLFLW\ ODEHOV 6H WHQDQW ZLWK VWDPSV VHW

&RYHUV DQG &DUGV ZULWWHQ XS RQ SDJHV ZLWK ORWV

RI YIX FRE SX I F JXWWHU VWULS P XVDJHV RQ RI LQWHUHVWLQJ LWHPV QRWLQJ 7ZR 3DUFHO 7DJV PXOWL FRYHUV FDUGV LQF WZR GLII SDLUV RQ IURQW RI 33& )LQH IUDQNHG 7HOHJUDSK )RUPV ,QVWUXFWLRQDO +DQGVWDPSV 3DUFHO ORW )RUPV )8 ZLWK VWDPSV *RRG ORW 2UYDO $EEH\ VHW VXSHUE XVHG RQ UHJLVWHUHG

{ )LQH XVHG ZULWWHQ XS RQ SDJHV V RI ILQH

FRYHU WR +ROODQG 6*

VWDPSV DOO GLIIHUHQW QRWLQJ ERWK SULYDWH VSRUW RYSW 06 .LQJ KLJK YDOXH VHW ZLWK ERWK SHUIRUDWLRQV ILQH

PLQW 6* D VWDPSV &DW /,21 '(),1 ,VVXH ZLWK 7(7( %(&+( 3$,56

IU WRS YDOXH DV D )8 FRPSOHWH VKHHW RI 838 VHW F PDQ\ ILQH VHWV $ PRVW VXEVWDQWLDO FROOHFWLRQ KRXVHG LQ 7HQ

$OEXPV V DOO GLIIHUHQW PXFK FRPSOHWLRQ 1+0 80

SHSSHUHG ZLWK ORWV RI DGGLWLRQDO LWHPV KXJHO\ &DW ,Q 6* QRWLQJ %LUG GHILQ VHULHV H[WHQVLYH VKHHWOHWV 'XRVWDPS VKHHWOHWV DQG VSHFLDO LVVXHV 1RWH ZH UHDGLO\ IRXQG VHWV &DW WR HDFK DV %HOJLXP LVVXHV PDQ\ 6KHHWOHWV DQG %RRNOHW VHWV 9DVW

$1' $'9(57 /$%(/ 3$,56 0LQW +LJKO\ FDWDORJXHG FROOHFWLRQ RI 6* ,QF LPSHUI SURRI IRU WKH F F VWDWLRQHU\ LVVXH 7HWH %HFKH SDLUV WR F JXWWHU 7HWH %HFKH SDLUV WKH FRPSOHWH VHW RI DGYHUW SDLUV PLQW &2% 38 RWKHUV ,QF %ORFNV 6WULSV %RRNOHW 3DQH ,VVXHV 9HU\ JRRG ORW

{ &DQFHOODWLRQV RQ V PHGDOOLRQ LVVXHV ZLWK

$,50$,/6 $ JURXS RI ILQH )OLJKW &RYHUV

4 HDUO\ ODEHOV VSHFLDO 1LJKW )OLJKW LPSUHVVLYH FRYHU IORZQ WR

3DULV &RQJR IOLJKW HWF { 3KLODWHOLF H[KLELWLRQ VKHHW )8 VPDOO IDXOWV EXW

VFDUFH XVHG 6*06 F $LUPDLO 3RVWDO +LVWRU\ ZLWK SUHPLXP LWHPV

4 GHWDLOHG RQ SDJHV FRYHUV ,QF %HUOLQ IOLJKW ZLWK

VSHFLDO FDFKHW XVDJH RI SULYDWH DLU RYSWV IORZQ RIILFLDO PDLO QLJKW IOLJKW WR %HUOLQ )UDQFR %HOJLXP SLFWRULDO DLUFUDIW FDUG 9)8 ZLWK ODEHO &RQJR FRPELQDWLRQ IOLJKWV 5RFNHW 3RVW IOLJKW FRYHU ZLWK GLIIHUHQW URFNHW YLJQHWWHV VFDUFH FRYHU WR /XQG\ ,VODQG ZLWK ORFDO VWDPSV DIIL[HG DQG PRUH $GYHUWLVLQJ 3XEOLFLW\ /DEHOV 6H 7HQDQW ZLWK

VWDPSV WKH 0LQW 80 FROOHFWLRQ GHWDLOHG RQ SDJHV ZLWK PDQ\ EHWWHU SOXV FRPH YHU\ ILQH VWULSV DQG SDQHV VKRZLQJ

QXPEHUHG EDUUHG FDQFHOV WR RQ D YDULHW\ RI PRVWO\ LPSHUI LVVXHV DOVR RWKHU FODVVLFV LPSHUIV WR F SPNV LQF PRELOH 32 SHUIRUDWHG LVVXHV WR F IX LQF VHYHUDO SDLUV

(DUO\ 3LFWXUH 3RVWFDUG PDLQO\ SUH ::, ZLWK

PDQ\ GLIIHUHQW YLHZV LQF $QYHUV 3HULJXHX[ 2VWHQGH ([KLELWLRQ FDUGV <SUHV 'LQDQW WR QDPH D IHZ IURP WKLV FROOHFWLRQ RI FDUGV XQXVHG ZLWK UHDO W\SH

,QWHUHVWLQJ ROG PL[WXUH RQ 6WRFNFDUGV 3DFNHWV

HWF ZLWK EHWWHU 6WDPSV 6HWV &KDULWLHV PRVWO\ PLQW RYHU PRVWO\ GLIIHUHQW LVVXHV 7LQ +DW VHW WR IU %DOORRQ VHW $QWL 7% VHW F RWKHU &KDULW\ VHWV &DW XSWR DOVR 'LVDEOHG 6ROGLHUV VKHHW )8 IROGHG F XQFKHFNHG LQ SDFNHWV HWF 1DXJKW\ %R\ 0RQXPHQW LQ %UXVVHOV \RXQJ ER\

XULQDWLQJ IRXQWDLQ $ ILQH FROOHFWLRQ RI GLIIHUHQW HDUO\ FRORXUHG &RPLF 3RVWFDUGV GHSLFWLQJ WKLV IDPRXV ODQGPDUN

FRQILJXUDWLRQV DQG VHWWLQJV ,QF VHWV DQG EHWWHU ODWHU W\SHV +LJKO\ UHFRPPHQGHG

&DUGLQHO 0HUFLHU %UDLQH / $OOHOG H[KLELWLRQ RYSW

6HW RI ZLWK DOO EXW 7ZR ORZ YDOXHV DUH EULOOLDQW 1+0 80 $Q { 2OG 7REDFFR 7LQ ZLWK SDFNHWV RI VWDPSV LQVLGH

LQFUHGLEO\ UDUH VHW ([SHUW &HUWLILFDWH &2% D N &DW (XUR 5HYHQXHV RQ RULJLQDO GRFXPHQWV %LOOV

,QYRLFHV SOXV )8 5HYHQXHV )LQH FROOHFWLRQ RI LWHPV GHWDLOHG LQ DQ $OEXP QRWLQJ 2UQDWH %LOO +HDGV PDQ\ GLIIHUHQW XVDJHV ,QF KLJK YDOXHV FRPELQDWLRQV WR PDNH 7D[ 5DWHV +LJKO\ UHFRPPHQGHG

ZLWK LVVXHV WR V ,QF SDUFHO EDJ ODEHOV ZLWK VWDPSV DWWDFKHG XQFKHFNHG $ IHZ VWDPSV

35( &$1&(/6 $Q DFFXPXODWLRQ RI FLUFD

RQ +DJQHU 3DJHV ZLWK LVVXHV GDWLQJ IURP ZLWK D JRRG YDULHW\ RI LVVXHV 8QFKHFNHG

PHILANGLES

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

Philangles 402 82pgs.qxp 02/08/2021 08:05 Page 15

5DLOZD\ UHODWHG VWDPSV LQF FRPPHPRUDWLYH

VWDPSV VKHHWOHWV ZLWK WUDLQV RQ D JRRG UDQJH RI HDUO\ UDLOZD\ VWDPSV LQF HDUO\ RYSWV 0XFK PLQW PDQ\ V RI VWDPSV RQ VWRFNSDJHV $Q\WKLQJ FRXOG EH LQ KHUH D YHU\ JRRG UDQJH QHHG VRUWLQJ

:DWHUPDUN HUURU F +RWHO 6* : 80

PDUJLQDO 6,*1(' 52<$/ $,5 )25&( 2IILFLDO )'&

PXOWLSOH VLJQHG ZLWK VL[ VLJQDWXUHV ,QF $ *HDU 0LOODUG +HDVRQ $ ILQH FRYHU

{ 5DLOZD\ 6WDPSV ILQH XVHG VHHQ PDQ\

0 6 'UHDPZDUG SDFTXHERW PDLO FRYHUV

FRPSOHWH VHWV IURP QRWH ILUVW GHVLJQ VHW ZLWK ILQH LQF VLJQHG RQ D YDULHW\ RI FRYHUV ZLOO PDNH D QLFH FDQFHOV VHW VHW WR IU VHW WR IU $ YHU\ HQKDQFHPHQW WR \RXU FROOHFWLRQ (DFK GLIIHUHQW JRRG ORW RI 5DLOZD\ 6WDPSV (DUO\ 4(,, VHWV LQF GHILQLWLYHV ZLWK VKDGV 5HVLVWDQFH VLJQHG FRYHUV DQ LQWHUHVWLQJ

SRZHU WDONV ERWK RYSWV VHWWOHPHQW DUPV D JURXS ,QF PXOWLSOH VLJQHG E\ 'HH'HH 0LFKRX 7DQWH *R JRRG UDQJH RI VWDPSV FDW IUHVK PLQW LQF 80 &RPHW OLQH VLJQHG E\ 'H 6R\H 'H *UHHI 0LFKRX %UX]LOO

0DURQ 0LFKHO 'RQQHW * ' 2XHWUHPRQW 2OLYHU 3KLOSRW $ YHU\ JRRG FROOHFWLRQ ,03(5,$/ SDJHV ZLWK 49 WR GU\ GRFN

7(/(*5$06 3LFWRULDO JUHHWLQJ W\SHV ILQH

WHUFHQWHQDU\ VHW RI PLQW VHW RI PLQW D JRRG

ORW RI VWDPSV PDLQO\ PLQW &DW FROOHFWLRQ RI PRVWO\ GLIIHUHQW ZLWK LWHPV GDWLQJ EDFN WR

V LQ YHU\ ILQH FRQGLWLRQ 7KLV FROOHFWRU SDLG XSWR SRVWDO 6WDWLRQHU\ XQXVHG PDLQO\ 49 ,QF (QY

IRUH HDFK LWHP

ZLWK VWDPS DWWDFKHG 5HJ G (QY $ YDULHW\ RI 3RVWDO &DUGV 7REDFFR ,QGXVWU\ 3KLODWHOLF GLVSOD\ FROOHFWLRQ RI $ JRRG VHOHFWLRQ RI LWHPV

&RYHUV DQG &DUGV RQ H[KLELWLRQ SDJHV LWHPV ,QF %,$)5$ $GYHUWLVLQJ FRYHUV LWHPV GDWLQJ WR *HUPDQ 2FFXSDWLRQ 2YHUSULQW HUURUV GLII LWHPV DOO OLVWHG LQ 6*

&RYHUV /DWHU $GYHUW &DUGV )8 HWF $ GHOLJKWIXO (OL]DEHWKDQ LQF VFDUFH òG GRXEOH RYSW G GRXEOH VHOHFWLRQ RYSW RQH LQYHUWHG 72%$&&2 3267$/ +,6725< 7+(0$7,& $

YHU\ ILQH FROOHFWLRQ RI LWHPV 7ZR VXSHUE $GYHUW 629(5(,*1 RYSW G %LUG 6* DV PDUJLQDO 80 EORFN ZLWK UHTXLVLWLRQ QXPEHU HQYHORSHV )8 DQ H[WHQVLYH FROOHFWLRQ RI $GYHUWLVLQJ 3RVWDO &DUGV PXOWL FRORXUHG ,QF %R[ RI &LJDUV PDQ\ GHSLFW %261,$ +(5= SDFNHWV RI &LJDUHWWHV HQRXJK WR GR D JUHDW H[KLELWLRQ

3RVWDO +LVWRU\ $Q LQWHUHVWLQJ FROOHFWLRQ ZULWWHQ

72%$&&2 7$; 67$036 3UH V ILQH

FROOHFWLRQ GHWDLOHG RQ SDJHV DUUDQJHG E\ LVVXH DQG DOO GLIIHUHQW YDOXHV

XS RQ SDJHV ,QF WZR XQXVHG =LHKHU &DUGV ERWK GLIIHUHQW 33& ZLWK )LHOGSRVW FDQFHO ::, ZLWK $XVWULDQ 1DY\ FDQFHO (QY :LWK K DQG 6ZLW]HUODQG SRVW GXH DWWDFKHG 33& ZLWK K IUDQNLQJ $ JRRG ORW RI LWHPV 6XSHUE DV D GLVSOD\ LWHP ZLWK PDQ\ 33& V

::, LQWHUHVWLQJ XQXVXDO VHOHFWLRQ LQ DQ

DOEXP FRYHUV FDUGV LQF %HOJLDQ UHOLHI IXQG SRUWUDLW FDUGV RI 5R\DOW\ IDPRXV SHRSOH DOO XQXVHG LQYDOLG IXQG FDUGV %5 $17$5&7,& 7(55 YLJQHWWHV LQF LQWDFW ERRNOHWV DQG SDWULRWLF W\SHV JRRG 3LFWRULDO VHW RI RQ )LUVW 'D\ &RYHU ZLWK

ORW 'HFHSWLRQ ,VODQG &'6 6* VFDUFH ZLWK KDQG VWDPSHG BERMUDA %(508'$ DGGUHVV 49 LVVXH 6* E $ VXSHUE VHW RI IUHVK

4(,, 'HILQLWLYH VHW RI DV EORFNV RI

PLQW YHU\ ILQH TXDOLW\ DQG YLEUDQW FRORXUV RIIHULQJ D ZLGH UDQJH 6* D YHU\ IUHVK 80 ^3KRWR` RI VKDGHV OLVWHG LQF 1R G 6* D EXW LQFOXGHV 4(,, GHILQV VHW ZLWK ERWK YDOXHV SOXV IHZ

6* 5HTXHVW VFDQ IRU TXDOLW\ UHSULQWHG VKDGHV RI ORZ YDOXHV 6* D 9)0 FDW .*9 6* IUHVK PLQW 9HU\ ILQH

^3KRWR` 2+06 (QYHORSH ZLWK GHILQLWLYH VHW WR

.*9 KLJK YDOXHV VHW ZPN 0XOW &URZQ &$

6* FDQFHO ZLWK $GHODLGH ,VODQG &'6 \HDU KDV EHHQ SXW LQ 6* E YHU\ ILQH PLQW

E\ KDQG PRVW XQXVXDO 9DULHW\ G EUHDN LQ VFUROO 6* D PLQW

{ &KXUFKLOO VHW DV VXSHUE XVHG EORFNV RI IRXU ZLWK

QHDW 'HFHSWLRQ ,VODQG &'6 6*

&+85&+,// 6WXG\ RQ 3DJHV 80 òG VWULS RI

RQH ZLWK 6KRUW 6WURNH òG :KLWH 'RW LQ (DU 'RW E\ 6W 3DXOV

V SXUSOH EULJKW EOXH RQ SDOH EOXH ZPN

6FULSW &$ 6* 9)0 6LOYHU -XELOHH YDULHW\ .LWH DQG 9HUWLFDO ORJ

6* N PLQW )LQH DSSHDUDQFH JXP D OLWWOH WRQHG &DW

'RPH ,PSULQWHG 6WULS RI IRU HDFK YDOXH DV VLQJOHV PDNHV VHWV 0RVW DWWUDFWLYH FRYHU WR ), ZLWK VWDPS

FRPELQDWLRQ LQF PDS DOO QHDWO\ FDQFHOOHG $UJHQWLQH ,VODQGV &'6 'HOLJKWIXO XVDJH

2ULJLQDO 3ULQWLQJ 6* &DW IUHVK

PLQW

4(,, DV EORFNV RI ,QFOXGLQJ GHILQLWLYH V

WR GHILQLWLYH V ZLWK YDOXHV IURP G WR DV

F\OLQGHU EORFNV RI QHZ ZPN VHW RI D YHU\ JRRG

UDQJH RI FRPPHPRUDWLYH VHWV &KLHIO\ PLQW RGG 80 +LJK &DW 9DOXH

{ 9HU\ ILQH XVHG FROOHFWLRQ RI VWDPSV ,QF

$17$5&7,& 7UHDW\ VHWV DV &\OLQGHU %ORFNV RI

7UDIILF /LJKW %ORFNV RI DQG D 6LQJOH VHW 6* 80 $ YHU\ ILQH FROOHFWLRQ ZLWK PDQ\ VHWV KDYLQJ

LPSULQWHG EORFNV F\O %ORFNV JXWWHU SDLUV LQF WUDIILF OLJKWV F\O %ORFNV ZLWK WUDIILF OLJKWV $ YHU\ JRRG FROOHFWLRQ RI LWHPV 80 ZLWK GHWDLOV

(QYHORSH VHQW WR WKH 8. ZLWK QDYLJDWRUV VHW WR

'HILQ VHW RI 'HILQ VHW RI 1HZ &XUUHQF\ VHW RI )ORZHU VHW RI $ YHU\ ILQH UDQJH

ZLWK ILUVW GD\ RI LVVXHV FGV $GHODLGH ,VODQG

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

Thank you

&RPSOHWH 1+0 80 ,QF 6KLS GHILQV WR

06

Philangles 402 82pgs.qxp 02/08/2021 08:05 Page 16

,QWHUHVWLQJ (QYHORSH ZLWK +06

{ D ROLYH JUHHQ 6* 9)8

(QGXUDQFH 6* D DQG 1HZ &XUUHQF\ VHW WR S ZLWK %DVH = +DOOH\ %D\ &'6 DQG +DOOH\ %D\ &DLUG &RDVW FDFKHW 5R\DO UHVHDUFK 6KLS %UDQVILHOG 5HOLHI 6HDVRQ FDFKHW %5 *8,$1$ ZLWK 3HQJXLQ FDFKHW RQ WKH UHYHUVH { 0,17 86(' DOO GLIIHUHQW UDQJH RQ SDJHV

1DYLJDWRUV VWXG\ òS WR S ZLWK F\O %ORFNV IURP DQ ROG ,GHDO DOEXP LQFO W\SHV WR F XVHG

LPSULQWHG EORFNV JXWWHU EORFNV ZLWK LPSULQWV DQG F\O 1XPEHUV SHUILQV WKUHH GLII H[DPSOHV -XELOHH PLQW VHW JXWWHU SDLUV $ YHU\ JRRG ORW RI LWHPV 80 ZLWK YDOXHV WR PLQW VHW 6LOYHU -XELOHH VHW $1' 025( ZLWK EHWWHU

VWDPSV VHHQ WKURXJKRXW FDW

,19(57(' :$7(50$5.6 S WUHDW\ 6* Z

JUHHQ YLROHW 3267$*( $1'

DQG S VRFLHW\ 6* Z YHU\ ILQH XVHG RQ D (QY ZLWK +DOOH\ 5(9(18( RYSW 6* PLQW &'6 ZDWHUPDUN HUURUV UDUHO\ VHHQ RQ FRYHUV VHQW WR )DONODQG 6DLOLQJ 6KLS GHILQV ZPN 0XOW &URZQ &$ VHW ,V

6* FRXSOH ZLWK PLQRU IDXOWV RWKHUZLVH ILQH PLQW $QWDUFWLF 6HDOV LQWHUHVWLQJ FROOHFWLRQ LQF JXWWHU

EORFNV ZLWK F\O 1XPEHUV $ DQG WRS % ZLWK WUDIILF OLJKWV

EORFNV IURP WKH WRS RI WKH VKHHW WUDIILF OLJKWV DQG F\O QXPEHUV EORFNV $ YHU\ JRRG ORW RI EORFNV 80 -RLQW 6HUYLFH H[SHGLWLRQ PXOWLSOH VLJQHG FRYHU

VLJQHG E\ 6LU 5H[ +XQW &KULV )XUVH -RKQ )RUPHU DQG )UDQFRLV GH *HUODFKH SOXV D SKRWR RI %UDEDQW ,VODQG 3RVW 2IILFH ZLWK &KULV )XUVH 6LU 5H[ .DQW DQG &DSW 0DF*UHJRU

.*9, VWDPS ERRNOHW 6* VE H LQ VXSHUE

FRQGLWLRQ .*9, VWDPS ERRNOHW 6* VE H LQ VXSHUE

FRQGLWLRQ

{ &$1&(//$7,21 &ROOHFWLRQ ZLWK PXFK

$QQLYHUVDU\ RI &DSWDLQ 6FRWW V DUULYDO VHW RI

LOOXVWUDWHG )'& HDFK ZLWK D GLIIHUHQW YLHZ DOO ZLWK WKH VHW RI VWDPSV DWWDFKHG /7' WR MXVW FRYHUV 6FDUFH

LGHQWLILHG RQ VWRFNSDJHV VHHQ &RYH DQG 6W -RKQ /HRQDUD $LU\ +DOO 7XVFKHQ %RXUGD /HJXDQ )RUW :HOOLQJWRQ 0DLO %RDW &RUQKLOO WR QDPH MXVW D IHZ IURP WKLV FROOHFWLRQ RI VWDPSV ZLWK PDQ\ HDUO\ VWDPSV { *% XVHG LQ %* G 3O ZLWK (66(48,%2

)RVVLO VHWV RQ FRYHUV ZLWK )', FDQFHOV

VWUDLJKW OLQH KDQGVWDPS 8QXVXDO

2IILFLDO )'& ZLWK 5RWKHUD &'6 &RWVZRUOG FRYHUV 5HGJ :LWK 6LJQ\ &'6 QG VHW ZLWK +DOOH\ &'6 FRYHUV

&RYHUV &DUGV DQ LQWHUHVWLQJ JURXS ZLWK

{ .*9, XVHG VHOHFWLRQ RQ SDJHV GHILQV WR

ZLWK GLIIHUHQW SHUIV F SRVWDJH GXH DV VXSHUE XVHG EORFN 838 VHW DV EORFNV 4W\

([SORUHUV LVVXHV %UDEDQW ,VODQG LOOXV FRYHU VLJQHG 3RVWDO +LVWRU\ XQXVHG G UHJLVWHUHG HQY LQ YHU\ JRRG FRQGLWLRQ F DLU OHWWHU XQXVHG &RURQDWLRQ

E\ &KULV )XUVH ZLWK VHYHUDO FDFKHWV +06 (QGXUDQFH LOOXVWU ZLWK ILUVW GD\ RI LVVXH FDQFHOV RKPV HQGRUVHG HQYV

FRYHU VLJQHG E\ -RKQ )DUPHU ,FH 3DWURO ZLWK VHYHUDO HQY ZLWK F IUDQNLQJ VHQW WR WKH 8. DQ LQWHUHVWLQJ FDFKHWV WK $QWDUFWLF 7RXULVW ([SHGLWLRQ LOOXVWUDWHG JURXS FRYHU ZLWK VHYHUDO FDFKHWV ([SORUHUV WR RQ D FRYHU

$ JRRG ORW WKDW QHHG ZULWLQJ XS

%5 +21'85$6

,QYHUWHG ZDWHUPDUN RQ FRYHU UDUHO\ VHHQ S

{ 0,17 86(' DOO GLIIHUHQW UDQJH RQ SDJHV

IURP DQ ROG ,GHDO DOEXP LQFO 49 YDOXHV WR F .(9,, WR F

6LOYHU :HGGLQJ $QQLYHUVDU\ 6* Z RQ UHJG (QY $LU VPDOO SDFNHW VHQW WR WKH 8. ,QYHUWHG ZDWHUPDUNV RQ FRYHUV UDUHO\ VHHQ RQ

FRYHU S DQG S 6RFLHW\ 6* Z DQG Z VHQW WR WKH 8.

PLQW WR 5HOLHI )XQG PLQW VHW 6LOYHU -XELOHH VHW $1' 025( ZLWK EHWWHU VWDPSV VHHQ WKURXJKRXW PRVWO\ PLQW FDW

JUH\ JUHHQ EOXH ZPN 0&$ 6*

YIP ^3KRWR` FRYHUV LQF VLQJOH IUDQNLQJV PXOWLSOH IUDQNLQJ VHHQ (QY :LWK òS òS ZLWK $UJHQWLQH ,VODQGV &'6 òS 3267$/ 67$7,21(5< 8QXVHG 49 LQF

S RQ D FRYHU VLJQHG E\ &DSW ' :DOOLV ZLWK 6LJQ\ ,VODQG &'6 F RQ òG F RQ F ZLWK 5HSO\ &DUG VWLOO DWWDFKHG F ZLWK S ZLWK VHFRQG FODVV 5R\DO 6KLS %UDQVILHOG DQG 5HSO\ &DUG VWLOO DWWDFKHG (GZDUG LQ F ZLWK 5HSO\ &DUG VWLOO 6LJQ\ ,VODQG FDFKHW $LUPDLO (QY PXOWLSOH IUDQNHG VHQW WR DWWDFKHG 4(,, F 3RVWDO &DUGV DOO LQ ILQH FRQGLWLRQ WKH ,VOH RI 0DQ $ YHU\ JRRG ORW IRU VWXG\

4(,, XQPRXQWHG PLQW FROOHFWLRQ RQ VWRFNSDJHV

%5 , 2 7 VHHQ QHZ FXUUHQF\ RYSW VHW I 6 :HGGLQJ LQF 9DULHW\ 7RS 9DOXH U ZLWK QRW VWRS DIWHU %

S :0. ,QY 7UHDW\ VHW ([SORUHUV 6* D LQ SDLU ZLWK QRUPDO IUHVK PLQW 6FLHQWLILF ZRUN DV EORFNV RI D XVHIXO ORW RI VWDPSV 06 )UHVK PLQW FROOHFWLRQ &DW YDOXH LQF

%5 &(175$/ $)5,&$ RYSW VHW RI 0DULQH /LIH VHW RI &RUDO F U DQG U ZPN WR WKH OHIW $ JRRG ORW RI VWDPSV 06 PLQW RU G EODFN JUHHQ QR ZPN 6* ILQH

80 PLQW 1HZ &XUUHQF\ RYHUSULQW LVVXHV RQ D YDULHW\ RI

,OOXVWUDWHG ILUVW GD\ FRYHUV DOO GLIIHUHQW DQG

%5 &2/80%,$ { òG GHHS UHGGLVK URVH 6* WULPPHG SHUIV

RWKHUZLVH ILQH XVHG FDW G GHHS EOXH ZPN &URZQ && 6*

PLQW

XQDGGUHVVHG LQF VXEPDULQHV ELUG OLIH PV VOXJV DQG SRZHUHG IOLJKW ILVKHULHV ELUGV WXUWOHV PDULQH OLIH 5$) DQG ::,, %ULWLVK /HJLRQ $ VXSHUE FROOHFWLRQ KLJKO\ FDWDORJXHG DV ILQH XVHG VHWV 6HOGRP VHHQ

%5 /(9$17 { G YHUPLOLRQ SODWH 9(57,&$/ 3$,5

%5 ($67 $)5,&$

6* = HDFK ZLWK ILQH QHDW & FDQFHOV

òD GXOO YLROHW 6* PLQW

{ G YHUPLOLRQ SODWH +25,=217$/ 3$,5

6* = HDFK ZLWK ILQH QHDW & FDQFHOV

Philangles 402 82pgs.qxp 02/08/2021 08:05 Page 17

{ V URVH SODWH 6* = 9)8 ZLWK FOHDU

%5 9,5*,1 ,6

DOPRVW IXOO & EDUUHG RYDO FDQFHO YHU\ VPDOO WHDU DW OHIW FDW

{ G OLODF VPDOO FRUQHU OHWWHUV QR KDLUOLQHV 3$,5

6* = 9)8 XVHG RQ VPDOO SLHFH

6W 8UVXOD G 6* DV D UDUH FRUQHU EORFN RI

ILQH PLQW VHOGRP VHHQ LQ EORFNV JXP LV JRRG IRU WKHVH QRWRULRXV LVVXHV ,PSUHVVLYH PXOWLSOH

G 6LOYHU -XELOHH .,7( +25,=217$/ /2*

9$5,(7< 6* O ILQH PLQW

{ +DQGVWDPSHG DW &RQVWDQWLQRSOH S RQ òG

6* )8

%5$=,/

6SHFLPHQ (GZDUG 7XUNLVK &XUUHQF\ 6* V

([WHQVLYH XQPRXQWHG PLQW FROOHFWLRQ ZLWK RYHU

IUHVK PLQW &DW VWDPSV 06 FDW RYHU LQF SRUWUDLWV

FU WR FU 6* S :RUOG &XS /XEUDSH[ LQF 06 7UDQV $PD]RQ KLJKZD\ WRXULVW DUW 06 H[ILEUD %UD]LOLDQ VHW RI 06 D VXSHUE FROOHFWLRQ

{ &DQFHOODWLRQV RQ (GZDUG LVVXHV SD

SD SL ZLWK GHWDLOV DQG D YDULHW\ RI GLIIHUHQW FDQFHOV VXSHUE ORW IRU VWXG\ ILQH XVHG { )LQH XVHG (GZDUG VHOHFWLRQ LQF S RQ

2OG SDJHV ZLWK RYHU GLIIHUHQW VWDPSV IURP

HDUO\ FODVVLFV WR LQ QHHG RI UHKRXVLQJ ZLWK D YHU\ JRRG UDQJH RI VWDPSV VHOGRP VHHQ FROOHFWLRQ

G GLII SULQWLQJV DQG S RQ 6* HWF 1LFH JURXS %ULWLVK &XUUHQF\ VHW RI 6*/ IUHVK

%581(,

PLQW

{ )LUVW VHW RI 6* YHU\ ILQH XVHG ORYHO\

TXDOLW\ PLQW ZLWK +,*+ 9$/8(6 (GZDUG RQ SLHFH VXSHUE XVHG { 6* )LUVW ORFDO VHW )8 6*

G 6($+256(6 G ZLWK GLIIHUHQW SULQWHUV

6HDKRUVH PLQW %/2&. VFDUFH PXOWLSOH DQG ODWHU LVVXHV

KLJK &9 &URZQ LVVXHV F WR LQF F RQ F DQG

{ &DQFHOODWLRQV RQ (GZDUG SL ZLWK VKDGHV

6* PLQW FDW VHHQ &RQVWDQWLQRSOH 6P\UDQD 6WDPERXO %H\URXW DQG { &URZQ VHW 6* )8 $ PRVW GLIILFXOW 6DORQLFD $ YHU\ JRRG ORW RI VWDPSV ZRXOG ORRN JUHDW

ZULWWHQ XS RQ SDJHV VHW WR REWDLQ ILQH XVHG %5,7,6+ &855(1&< )LQH VHOHFWLRQ RI PRVWO\

{ (GZDUG FDQFHOODWLRQV RQ SL 6* D VHHQ

&RQVWDQWLQRSOH 6P\UQD %H\URXW DQG 6DORQLFD $ ILQH JURXS RI VL[ VWDPSV )LQH XVHG .*9 3RVWDO 6WDWLRQHU\ RYSW 5HJLVWUDWLRQ IHH

ò SLDVWUHV RQ G DQG òG HQYHORSHV XQXVHG

(;7(16,9( &ROOHFWLRQ ZLWK EHWWHU HDUO\

SLFNLQJV RYSWV WR F RQ F PLQW 3LFWRULDO VHW WR PLQW 6XOWDQ *OD]HG 3DSHUV WR PLQW ([WHQVLYH UDQJH RI &RPPHPRUDWLYH 6HWV RYHU VWDPSV 06 DQG %RRNOHWV 9HU\ KLJK FDW 9DOXH 9LHZ RQ WKH %UXQHL 5LYHU VHW RI 6*

%5 2&& ,7$/ 32

PLQW

.*9, RYSW 6HW RI 7HQ IRU 7ULSROLWDQLD QLFHO\

9,(: 21 %581(, 5,9(5 6HW RI WR SOXV

XVHG RQ VPDOO HQYHORSH ZLWK YHU\ ILQH (/ 0$,$ &'6 3PNV 6*7 7 %0$ (ULWUHD F 6*( ILQH VLQJOH IUDQNLQJ WLHG

VKDGHV QRWH F F F F

6* PLQW

ZLWK DQ $VPDUD &'6 HQGRUVHG $LUPDLO VHQW WR WKH 8. 6FDUFH { ([KLELWLRQ F KLJK YDOXH 6* YHU\ ILQH XVHG ZLWK IXOO %UXQHL &'6 FDQFHO VLQJOH IUDQNLQJ

3LFWXUH SRVWFDUG ZLWK %$ 7ULSROLWDQLD P ZLWK

WLHG FGV DQG DUULYDO DLUPDLO ODEHO D ILQH DQG VFDUFH 33&

(;+,%,7,21 2YHUSULQW VHW ZLWK YDULHWLHV

6* QRWH VKRUW , F F F EURNHQ ( F F DQG EURNHQ 1 F F PLQW 0LGGOH (DVW )RUFHV 0() RYSWV DV EORFN RI

{ 9DULHW\ H[KLELWLRQ RYHUSULQW ZLWK EURNHQ 1

W\SH RYSW VHW RI 80 VHW RI ORZHU YDOXHV YDULHW\ 6* G YHU\ ILQH XVHG ZLWK IXOO %UXQHL &'6 PLQW G DQG 80 3RVWDJH GXH VHW RI 80

0 0 DQG 0' VHOGRP VHHQ LQ EORFNV { -DSDQHVH 2FFXSDWLRQ G 6FDUOHW 6*- ILQH

^3KRWR` XVHG D VFDUFH VWDPS

%5 32 6,$0

&2/285 &+$1*( 6HW ZLWK GLIIHUHQW SHUI

{ F OLODF 6* XVHG IDXOWV FDW

W\SHV 6* IUHVK PLQW

6LOYHU RPLWWHG F -XELOHH 80 536 &HUW

6* $

F OLODF ZPN &URZQ &$ 6* XQXVHG

FDW

,PSHULDO SDJHV ZLWK PDLQO\ ULYHU YLHZV

:DWHUPDUN FD WR PXOWL FD WR F FKLHIO\ PLQW FDW

{ % RYSW F 6* IX 9HU\ ILQH H[DPSOH

F

%5 62/2021 ,6

%8/*$5,$

6LOYHU -XELOHH 6HW DV EORFNV RI IRXU IUHVK

0 80 G ZLWK YDULHW\ GRW E\ IODJVWDII 6* + 9HU\ ILQH 6* %ORFNV ^3KRWR`

$LUPDLO /DEHOV VWULS RI *UH\ *UHHQ ZLWK DQ

2IILFLDO HQYHORSH DQG OHWWHU VLJQHG E\ H[ 7HOHJUDSKV DQG 7HOHSKRQH 0LQLVWHU

'HILQV VHW LQ %/2&.6 2) )285 6*

ILQH 80 EORFNV ^3KRWR` 6XUFKDUJHG GHILQV VHW ZPN XSULJKW %/2&.6

2) )285 6* $ $ ILQH 80 EORFNV

%850$ .*9 %XUPD RYSWV WR U IUHVK PLQW ZLWK VKDGHV

6* VWDPSV FDW

Philangles 402 82pgs.qxp 02/08/2021 08:05 Page 18

.*9 RYHUSULQWV ZLWK YDOXHV WR U H[ U QRWH S { 0,17 86(' DOO GLIIHUHQW FROOHFWLRQ RQ SDJHV

DQG òD ZLWK ZPN LQYHUWHG DOO DV EORFNV RI XQPRXQWHG PLQW IURP DQ ROG ,GHDO DOEXP ZLWK MXVW D KDQGIXO RI VSDFHV LQFO

VFDUFH DV EORFNV 80 ^3KRWR` 2IILFLDO S WR U DV EORFNV RI 80 SOXV U DV D

SDLU VFDUFH 6*2 2 9HU\ KLJK &DW YDOXH

^3KRWR` 9DOXDEOH FROOHFWLRQ RI FKLHIO\ ILQH PLQW LQ DQ

DOEXP RYHU GLII LVVXHV 0DQ\ FRPSOHWH VHWV .*9 RYSW VHW WR U SOXV U U IX 6* $// .*9 VHWV

SOXV RIILFLDO VHWV .*9 RIILFLDOV WR U 6* 2 -DSDQHVH RFF LQF F LPSHUI FRORXU WULDO KDUYHVWHU VHW DOO VHWV 6* - - - NH\ VHW

DQG - LQGHSHQGHQFH SHULRG SUHWW\ FRPSOHWH ZLWK GHILQ VHWV RIILFLDO VHWV ELUGV HWF 2IIHUHG LQWDFW *RRG FRQGLWLRQ 3LFWRULDO GHILQLWLYH VHW DV EORFNV RI 6* E

XQPRXQWHG PLQW VFDUFH LQ EORFNV ^3KRWR` 2)),&,$/6 LQ EORFNV RI S WR U H[ U

6*2 2 2 VFDUFH LQ EORFNV XQPRXQWHG PLQW

^3KRWR` { .*9, RYSW VHW 6* DV 3$,56 DIIL[HG WR D

VKHHW QLFHO\ FDQFHOOHG )ROGHG VWDPSV ILQH

YDOXHV WR F PLQW RU XVHG /DUJH 4XHHQV WR F XVHG 6PDOO 4XHHQV WR F PRVWO\ XVHG F XVHG F XQXVHG -XELOHH WR F PLQW RU XVHG PLQW XQXVHG VHW PRVW YDOXHV WR F F WRS YDOXHV XQXVHG

FRQWLQXHV ZLWK MXVW WZR VSDFHV WKURXJK .(9,, .*9 WR 6LOYHU -XELOHH VHW PRVWO\ PLQW RU XQXVHG FDW

/DUJH 4XHHQ F 6* JHQXLQH PLQW ODUJH SDUW

2* VKDOORZ FUHDVH ([FHOOHQW DSSHDUDQFH &DW

6PDOO 4XHHQV +HDG òF WR F XQFKHFNHG IRU

SULQWLQJV PLQW 3ULQFH (GZDUG LV F YDULHW\ VWRS EHWZHHQ

3ULQFH (GZDUG 6* D IUHVK P ZLWK QRUPDO WR FRPSDUH

6PDOO 4XHHQ F 6* DV IUHVK PLQW EORFN

H[FHOOHQW FRORXU &DW { 4XHHQ 9LFWRULD ZLGRZ LVVXHV F F

LQF SUH FDQFHO 6* ILQH XVHG { -XELOHH VXSHUE XVHG DQ H[FHSWLRQDO SDUW

.*9, VHUYLFH VHW 6* 2 YIP

5 2WWDZD &'6 30. 6*

-XELOHH 6* IUHVK PLQW YHU\ ILQH DQG ZHOO

.*9, VHUYLFH VHW 6* 2 YIP

FHQWUHG .H\ VWDPS ^3KRWR`

-XELOHH 6* IUHVK PLQW YHU\ ILQH

.*9, 6* GHILQ VHW YIP

VWDPS ^3KRWR`

2)),&,$/6 &RORXU FKDQJH VHW RI DV EORFNV

RI 6*2 XQPRXQWHG PLQW ^3KRWR` (5525 S LQWHULP *RYHUQPHQW RYSW LQYHUWHG

6* D DV D EORFN RI 80 ^3KRWR`

{ -XELOHH $ YHU\ ILQH H[DPSOH RI WKH

3$1(//, IRUJHU\ 9)8 { (GZDUG VHW RI ILQH XVHG SOXV F LPSHUI EORFN

RI ILQH XVHG 6* &DW *URVVO\ PLVSHUIRUDWHG F EORFN RI DGPLUDO

,QWHULP *RYHUQPHQW RYHUSULQW VHW RI DV

EORFNV RI 6* VHOGRP VHHQ DV EORFNV XQPRXQWHG

VSHFWDFXODU VWDPSV XP IUHVK PLQW 8QLWUDGH 8

PLQW

{ /DWKH ZRUN F DGPLUDO VFDUFH VWULS RI

,QWHULP *RYW 2IILFLDOV .*9, VHW DV EORFNV RI

1+0 XP U EORFN KLQJHG VRPH EORFNV ZLWK XVXDO ORFDO

8QLWUDGH 8 % ILQH XVHG

JXP VHOGRP IRXQG LQ EORFNV 6*2 EORFNV F

:$5 7$; F VFDUFH EORFN RI ZLWK

LQODQG UHYHQXH ZDU WD[ IRXU OLQH RYSW XQLWUDGH 05 EL IUHVK 80

.*9, VHUYLFH VHW 6* 2 YIP FDW

FDW

:DU 7D[ RYSW VHW PLQW 6*

{ .*9, VHW 9)8 6*

^3KRWR` ,PSULQWHG PDUJLQDO VWULS ZDU WD[ F F

6* ZLWK 277$:$ 1$ DQG VKHHW QXPEHU FDW RQO\ VWDPSV PLQW VL[ XP

.*9, 6* VHW YIP

.*9, EORFNV RI 80 &HQWHQDU\

0LO\DGPQ RYSW VHW RI ,QWHULP *RYHUQPHQW 7RS

9DOXHV U U VHOGRP VHHQ DV EORFNV

:DU WD[ FRLO VWDPSV F F GLH , VWULS RI

6* )UHVK PLQW &RLO VWULSV .*9 F F F VWULSV RI QRWH F

FRLO MRLQW 6* IUHVK PLQW

&$0(5281 3URYLVLRQDO 2YHUSULQWV ZLWK GLIIHUHQW VKDGH RI

RYHU SULQWV PLQRU YDULHWLHV SHUI YDULHWLHV GLIIHUHQW ZLGWK RI

1RUWKHUQ $LU 6HUYLFH 6SHFLDO $LU 'HOLYHU\

4 6WDPS &/ RQ D SULQWHG (QY :LWK )LUVW )OLJKW 0DUOH\EXU\ WR

RYSW ,QF WKLQ YDOXH WKLQ YDOXH D JUHDW ORW IRU VWXG\ VWDPSV 80

{ +LVWRULFDO LVVXH F VXSHUE SODWH EORFN RI SO $

5RX\Q KDQGVWDPS $ VFDUFH FRYHU

{ 1DSROHRQ %LFHQWHQDU\ IU *ROG IRLO VWDPS LQ

D VSHFLDO SUHVHQWDWLRQ IROGHU 80 ILQH XVHG ZLWK D VSHFLDO FDQFHO SOXV D VLQJOH 80

&$1$'$ 3ULQFH $OEHUW F 6* &DW ZLWK &HUW

6WDWHV UHJXPPHG IUHVK PLQW $ VFDUFH FODVVLF

VXSHUE XVHG F SODWH EORFN RI SO $ VXSHUE XVHG F EORFN RI YHU\ ILQH XVHG 6* 6LU : /DXULHU F LPSHUI YHUWLFDO SDLU 6*

YDU VSHFLDOLVW &DW & F IUHVK 80 { %OXHQRVH F VFDUFH SODWH EORFN RI SO $

6* 6SHFLDOLVW & YHU\ VFDUFH DV EORFNV ZLWK LQWHUHVWLQJ OHWWHU DERXW XVHG EORFNV { 3DUOLDPHQW YHUWLFDO VWULS RI VFDUFH 6*

&DW DV VLQJOH VWDPSV

Philangles 402 82pgs.qxp 02/08/2021 08:05 Page 19

&,*$5 5(9(18( 675,36 RI &DQDGD DV

3URRI .*9 F SDLU LQ 2UDQJH ZLWK ODUJH

PDUJLQV VXSHUE FRORXU 1HYHU KLQJHG

ZUDSSHG DURXQG 7REDFFR DQG 6HDOHG %R[HV $ PRVW UHPDUNDEOH FROOHFWLRQ RQ ODUJH OHDYHV WR GLVSOD\ ,QF &DQDGD HDUO\ ORQJ FXVWRPV VWDPS PLQW VFDUFH KLJKO\ HQJUDYHG GHSLFWLQJ 49 DQG %HDYHUV VHYHUDO PXOWLSOHV DQG PRUH 2YHU GLIIHUHQW DOVR D %R[ DQG RWKHUV RI VLPLODU IRU 86$ DQG )RUHLJQ FRXQWULHV 2ULJLQDO ORW

9DULHW\ RQ )LUVW )OLJKW &RYHU F $LU 6WDPS ZLWK

4 VZROOHQ EUHDVW RQ ILUVW IOLJKW IURP :LQQLSHJ WR 5HJLQD YHU\

VFDUFH RQ FRYHU QHYHU PLQG D ILUVW IOLJKW FRYHU 6*

6SHFLDOLVW &DW & L ZLWK VSHFLDO VORJDQ FDQFHO .*9 GHILQV VHW SOXV ERWK FRLO VWDPSV

.*9, &2//(&7,21 DV EORFNV RI QRWH

GHILQV ZLWK YDOXHV WR 80 3LFWRULDO VHW LQF F

6* 9)0

DQG SO EORFNV )LVKHUPDQ $ YHU\ JRRG FROOHFWLRQ ZLWK SODWH EORFNV VWDPSV 80 ^3KRWR`

{ F SODWH 1R EORFN RI 6* YHU\ ILQH

XVHG YHU\ VFDUFH DV D XVHG SODWH EORFN

.*9, 2)),&,$/6 LQ EORFNV RI 2+06 F F

SO EORFN QXPEHU F F VSHFLDO GHOLYHU\ F SO 6*2

*5266/< 0,63(5)25$7(' .*9 F F

ODUJH SDUW RI WKH WRS VWDPS DV ZHOO DV D IXOO VWDPS F KRU]

0LVSHUI ZLWK PP WR WKH OHIW SOXV WKH SLHFH RI WKH VHOYDJH ZLWK WKH QH[W RI WKH VWDPS PRVW XQXVXDO $OO IUHVK QHYHU KLQJHG 6* D :LOO HQKDQFH \RXU FROOHFWLRQ

.*9 'HILQLWLYH VHW RI 6* PLQW &DW

.*9 GHILQV VHW SOXV GLH ,, F F YDOXHV

* RYSW ZLWK YDOXHV WR LQF F FRPELQH SO EORFN F 2LO :HOO SO EORFN F 'U\ 6NLQV SO EORFN )LVKHU PDQ SO EORFN F $LU SO DQG SO EORFNV VSHFLDO GHOLYHU\ F VWDPSV 80 RGG EORFN KLQJHG LQ WKH PDUJLQ ^3KRWR` .*9, ROG SULQWHG SDJHV ZLWK D UDQJH RI

VWDPSV ZLWK PDQ\ VHWV LQF GHILQV LQF FRLO VWDPSV DLUV H[SUHVV GHOLYHU\ ZLWK YDOXHV WR D YHU\ JRRG ORW PLQW HDFK VWDPS LV GLIIHUHQW

2)),&,$/6 F VHSLD SHDFH LVVXH

2+06 RYSW FRUQHU SODWH EORFN RI ZLWK PLVVLQJ 6723 DIWHU

6* ILQH PLQW

.*9 GHILQV FRLO VWDPSV VHW LQ SDLUV 6*

9)0 SDLUV

V YDULHW\ 6* D VXSHUE XQ PRXQWHG PLQW ^3KRWR`

2)),&,$/6 F VODWH SHDFH LVVXH

2+06 RYSWV SODWH 1R FRUQHU EORFN RI ZLWK PLVVLQJ 6723 .*9 GHILQV FRLO VWDPSV VHW LQ SDLUV 6*

DIWHU V YDULHW\ 6* D VXSHUE XQPRXQWHG PLQW ^3KRWR`

9)0 SDLUV

.*9 SODWH EORFNV PHGDOOLRQ F SO SO F

SO SO F SO VFDUFH F SO VFDUFH 0LQW .*9 GHILQV FRLO VWDPSV VHW LQ SDLUV 6*

9)0 SDLUV

2)),&,$/6 F JUHHQ SHDFH LVVXH

2+06 RYSW SODWH 1R FRUQHU EORFN RI ZLWK PLVVLQJ 6723

DIWHU V YDULHW\ 6* D VXSHUE XQ PRXQWHG PLQW ^3KRWR` 3267$/ +,6725< HQWULHV ZLWK ODUJH

3RVWDJH GXH VHW DV EORFNV RI 6*'

IUHVK PLQW VWDPSV LQ HDFK EORFN 80

6LOYHU -XELOHH VHW 6* 9)0 F F

DUH 80

.*9, FRLO VWULSV F F F VWULSV RI 6*

IUHVK 80 6SHFWDFXODU RIIVHW F EORFN RI 6* YDU

)UHVK 80 %RWWRP PDUJLQDO EORFN

XQSDLG +6 HQY ZLWK 6W *DEULHO FGV GDWHG ZLWK LQN WK 0DU HQWLUH ZLWK FRQWUROV VHQW WR 6FRWODQG ZLWK ODUJH SDLG HQGRUVHPHQW HQY ZLWK ODUJH SDLG +6 ZLWK 3RUW 1HXI FGV GDWH LQ LQN VPDOO HQY ZLWK WZR GLIIHUHQW SDLG +6 $Q LQWHUHVWLQJ JURXS RI HQWULHV FRYHUV 3RVWDO KLVWRU\ HQY ZLWK YHU\ ILQH %$<

52%(576 & % FGV HQY ZLWK ILHOG SRVW RIILFH &DQDGD PLOLWDU\ FGV &DQDGLDQ /HJLRQ HQY ZLWK &,32 FGV RQ WKH UHYHUVH )32 $ ILQH UDQJH FKLHIO\ .*9 SHULRG

3RVWDO 6WDWLRQHU\ H[FHSWLRQDO FROOHFWLRQ RI

9DULHW\ &DUWLHU F SODWH EORFN RI SO ZLWK

&DUGV (QY V ,QF 49 (GZDUG .*9 .*9,

VHHQ %XVLQHVV 5HSO\ &DUGV :UDSSHUV $LU /HWWHUV $ YHU\ JRRG JURXS DOO XQXVHG

KDLUOLQH IURP KDQG SRVLWLRQ & LLL YDULHW\ 80

72%$&&2 )81' ::, ::,,

'HILQLWLYH VHW ZLWK YDOXHV WR H[ F DV

EORFNV RI LQF SODWH EORFNV F SO F SO F SO F SO F SO DQG VFDUFH F SO 80 SOXV ERRNOHW VHWV RI

VWDPSV ODEHOV RQ YHU\ JRRG ORW RI EORFN 6* IUHVK PLQW F WR 80 ^3KRWR` .*9, F %DWWOH 7DQN 'HILQ $V D FRPSOHWH

VKHHW RI IUHVK 80 5DUH VXUYLYRU 9HU\ ILQH 6* &DW

9DULHW\ F &RURQDWLRQ 6* 80 VWULS RI

PLGGOH VWDPS ZLWK XQXVXDO ZLSHU EODGH IODZ

3523$*$1'$ 3,&725,$/ &$5'6 7KH H[KLELWLRQ FROOHFWLRQ GLVSOD\HG WR D YHU\ KLJK OHYHO RQ SDJHV ZLWK VSHFLDOLVHG VWXGLHV RI WKH GLIIHUHQW 6ROGLHU &DUGV HWF ,QF VHQW WR 86$ ZLWK 3DUFHO 3RVW 3RVWDJH 'XH 6WDPSV GLIIHUHQW PDQXIDFWXUHU IXQG FDUGV 6PLOLQJ VROGLHU LVVXHV YHU\ VFDUFH H[DPSOH ZLWK GDPDJHG E\ 6HDZDWHU /DEHO DQG $PEXODQFH &RYHU :RPDQ GUHVVHG DV *XDUG LVVXHV ,QF WHDU RII W\SHV 6DOXWLQJ *LUO LVVXHV ZLWK PDQ\ GLIIHUHQW W\SHV DQG GLHV $ PRVW UHPDUNDEOH DVVHPEO\ WKDW KDV WDNHQ \HDUV WR DVVHPEOH

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

$ FROOHFWLRQ RI GLIIHUHQW EORFNV RI 80

ZLWK RYHU EHLQJ SODWH EORFNV 9HU\ ILQH QRWH 7RWHP

{ 6* G 7ULDQJOH )8 ZLWK IXOO PDUJLQV

3ROH * RYSWV 7R 7RWHP ([FHOOHQW ORW

F

,PSHUI EORFN 9HUWLFDO 3HUIV F GHILQ 80

8QLWUDGH D &DW

{ 6* G 7ULDQJOH )8 ZLWK IXOO PDUJLQV DQG FOHDU

%22./(76 &ROOHFWLRQ ZLWK D IDFH YDOXH RI

ZLWK &KULVWPDV %RRNOHWV 8QLYHUVLW\ %RRNOHWV

{ 7ULDQJOH G 6* VHOHFW IX ZLWK IXOO ODUJH

SURILOH & PDUJLQV 5LFK FRORXU

*UHHWLQJV %RRNOHW 2UFKLGV %RRNOHW $ ILQH UDQJH HDFK GLIIHUHQW

{ 7ULDQJOH G 6* D VHOHFW IX ZLWK IXOO JRRG WR

PHILANGLES

YHU\ ODUJH PDUJLQV %LJ VWDPS F

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

Philangles 402 82pgs.qxp 02/08/2021 08:05 Page 20

{ 7ULDQJOH G YIX ZLWK IXOO ODUJH PDUJLQV 6*

&$<0$1 ,6

GHOLFDWH FRORXU 9) &

òG RQ V VDOPRQ JUHHQ 6* 9)0

{ 6* F G WULDQJOH VWHHO EOXH IX ZLWK IXOO

PDUJLQV 1LFH FDW

3URYLVLRQDO òG RQ 6* PLQW SHULSKHUDO

{ 7ULDQJOH G YIX ZLWK IXOO PDUJLQV FOHDU SURILOH

6* F

IR[LQJ 6WRORZ FHUW FDW 7RS 9DOXH SLFWRULDO DV D EORFN RI 6*

80 ^3KRWR`

{ 7ULDQJOH G 6* YIX ZLWK IXOO PDUJLQV 'HHS

VKDGH

{ .*9, SLFWRULDO GHILQV VHW 6* 9)8

{ 7ULDQJOHV G YIX RQ SLHFH ZLWK IXOO PDUJLQV

QHDW FDQFHO Y ILQH 6* D

2OG DOEXP SDJHV ZLWK EHWWHU SLFNLQJV LQF

SLFWRULDOV WR PLQW GHILQV WR ZLWK VKDGHV DQG GLIIHUHQW SHUI W\SHV 67& SLFWRULDO WR

PLQW GHILQ VHW RI GHILQ VHW RI $ ILQH UDQJH RI VWDPSV FDW

{ 7ULDQJOH G 6* YIX ZLWK IXOO ODUJH PDUJLQV

F { 2OG 3DJHV ZLWK EHWWHU SLFNLQJV PXFK

LGHQWLILHG WR )8 WR )8 PDIHNLQJ

&(</21

VLHJH G RQ òG 6* DQG G RQ G 6* 9)8 (GZDUG WR $ &KDORQ G 6* IUHVK PLQW ZLWK YHU\ ILQH

JRRG UDQJH RI VWDPSV &DW JRRG PDUJLQV $ FODVVLF 6LQJOH IUDQNLQJ RI WKH G VLWWLQJ +RSH 6*

UDWHG RQ FRYHU WLHG QHDW &DSH 7RZQ GXSOH[ 6LPRQV { .*9 KLJK YDOXH U ILVFDOO\ XVHG

7RZQ RYDO %6 9HU\ ILQH 6* 9HU\ ILQH VLQJOH IUDQNLQJ RI WKH G VLWWLQJ +RSH

6* UDWHG RQ FRYHU WLHG QHDW &DSH 7RZQ GXSOH[ 0DQXVFULSW G :RUFHVWHU RYDO %6 &KRLFH

{ .*9 KLJK YDOXH U ILVFDOO\ LVVXHV ZLWK GDWH

HQGRUVHPHQW 6*

{ 5HYHQXHV VWRFNSDJHV ZLWK UHYHQXHV ,QF

{ .*9 KLJK YDOXH U ILVFDOO\ XVHG

49 WR VWDQGLQJ +RSH WR ,QF G ,QF D SDLU (GZDUGV WR $Q RULJLQDO ORW XQFKHFNHG

6* .*9, 3LFWRULDO VHW WR U ZLWK GLIIHUHQW SHUI

W\SHV VKDGHV DV EORFNV RI 6* D XQPRXQWHG D YHU\

RQ G 6* QLFHO\ XVHG RQ VPDOO HQYHORSH

WLHG GXSOH[ 7KLV VWDPS LV UDWHG [ RQ FRYHU YHU\ ILQH 3RUW 1ROORWK &'6 RQ EDFN

JRRG ORW RI EORFNV ^3KRWR`

+DUULVRQV SULQWHUV JROG HPERVVHG SUHVHQWDWLRQ 9HU\ ILQH $GYHUWLVLQJ (QYHORSH IRU 0RVVRS DQG

*DUODQG 7DQQHUV DQG /HDWKHU 0HUFKDQWV ZLWK VLQJOH IUDQNLQJ RQH SHQQ\ RYSW 6* WLHG FULVS &DSH 7RZQ VTXDUHG FLUFOH %V DQG &DFKHW &KRLFH ,OOXVWUDWHG %RHU :DU SDWULRWLF HQYHORSH IXOO

FDUG LQ RULJLQDO IROGHU IRU WKH FROXPER SODQ H[KLELWLRQ ZLWK VHW RI VWDPSV DIIL[HG 9)

$,5*5$3+6 2) ::,, &ROOHFWLRQ RI

GLVSOD\HG RQ H[KLELWLRQ SDJHV DOO UHODWHG WR WKH &H\ORQ 7REDFFR ,QGXVWU\ *RRG YDULHW\ RI FHQVRUV DQG FRQWHQWV $OO SDQHO ZLWK 9LFWRULD ZDU PHGDO IODJV VFHQHV ZLWK G VWDQGLQJ ZLWK ILOH KROHV EXW SUHVHQWDEOH KRSH QHDWO\ WLHG $32 0LOLWDU\ FGV 6HOGRP IRXQG IX WR .HWWHULQJ 8. { &$1&(//$7,216 .*9, 3(5,2'

3KHQRPHQDO 7HQ 9ROXPH &ROOHFWLRQ 3OXV WZR YROXPHV RI %ULWLVK $UP\ FRXQWHUVLJQHG FRYHU IURP WKH

QRWHV VHYHUDO SRVWPDUNV PRVWO\ ZLWK KDQG GUDZQ *ORXFHVWHUVKLUH UHJLPHQW ILHOG IRUFH IUDQNHG G VROGLHUV UDWH SRVWPDUNV DORQJVLGH YDVW LQFOXGLQJ PDQ\ PXOWLSOHV 6XSHUE F WR %LUPLQJKDP 0RVW DWWU VWULSV ZLWK FRPSOHWH SRVWPDUNV $PD]LQJ YDULHW\ RI XQXVXDO %RHU :DU JURXS RI FRYHUV

RIILFHV WKH HQWLUH UDQJH RI YDOXHV KHUH WR U DOVR VWXGLHV RI VKRZLQJ D YDULHW\ RI FHQVRU FDFKHWV DQG XVDJHV PRVWO\ DW WKH FRPPHPV ,QF 9LFWRU\ VRPH FRYHUV HWF 2QH RI WKH *UHHQSRLQW $Q LQWHUHVWLQJ ORW &RQGLWLRQ LV PL[HG EHVW FDQFHOODWLRQ FROOHFWLRQV ZH KDYH VHHQ ([FHOOHQW

TXDOLW\ ([SHULPHQWDO GDWH VWDPSV RI &DSH 2I *RRG

&2//(&7,21 RI RYHU GLII VWDPSV RQ

+RSH WR RQ GLVSOD\ SDJHV ZLWK PDQ\ LQWHUHVWLQJ SDJHV LQF 49 FKDORQ FODVVLFV QRWLQJ G 6* ZDU VWDPS W\SHV LQF 2FWDJRQ 3HQWDJRQ 6TXDUH FLUFOH KRRGHG RQ GRXEOH RYSW YDULHW\ 6* E .*9, WR U P XVHIXO FRYHUV FDUGV 6HHQ 3RUW (OL]DEHWK .LQJ :LOOLDP WRZQ 6W SLFNLQJV *HRUJH .ORRI VW 6LPRQ WRZQ *UDKDP WRZQ $ VXSHUE FROOHFWLRQ RI FRYHUV FDUGV SOXV D IHZ VWDPSV &+,/(

6RXYHQLU VKHHWV 6DQWD 0DULH XQLYHUVLW\

3267$/ +,6725< &ROOHFWLRQ LQ DQ 2OG $OEXP

SKLODWHOLF H[SR VDYLQJV EDQN 9DOGLYLD DQG URWDU\ SHULRG DQG LWHPV PL[HG FRQGLWLRQ EXW D PRVW FOXE XQJXPPHG DV LVVXHG PHQWLRQ LV 6* VSHFLDOLVW FDWDORJXH LQWHUHVWLQJ ORW ZLWK VLWWLQJ +RSH XVDJHV 2QH 3HQQ\ RYSW VKHHWV QHYHU KLQJHG RQ D ORFDO FRYHU JRRG G VLQJOH IUDQNLQJV VRPH 7UDQVYDDO &+,1$ XVDJHV JRRG YDULHW\ RI SRVWDO PDUNLQJV DQG XVDJHV $Q RULJLQDO ORW WKDW V UHPDLQHG WRJHWKHU IRU QHDUO\ \HDUV 1HZ &XUUHQF\ RYSWV IUHVK PLQW òF F

F F 6* F 3RVWDO VWDWLRQHU\ XQXVHG RQ GLVSOD\ SDJHV ZLWK

1HZ &XUUHQF\ VPDOO ILJXUHV RYSWV PLQW òF

GHWDLOV 49 SHULRG LQF SLFWRULDO FDUGV ZUDSSHUV 2UDQJH ULYHU F F F F F 6* &DW RYSWV %HFKXDQDODQG RYSWV $ YHU\ JRRG FROOHFWLRQ RI

LWHPV { 1HZ &XUUHQF\ 6XUFKDUJHV )8 F F

&$3( 9(5'( F F F 6* YDULRXV 3PNV ,QF &KHIRR &'6 9HU\ :$7(5/2: SULQWHUV 3URRIV IRU F

ILQH &DW DERXW PRQXPHQW DQG F PXOWD 2YSW WZR GLIIHUHQW HDFK DV &DUS 'HILQV F F F GLIIHUHQW DQG

SRVLWLRQDO EORFNV RI XQXVHG ZLWK VHFXULW\ SXQFWXUHV $ F 6* DOO 9)0 F

VFDUFH VHW RI DUFKLYH EORFNV VWDPSV

Philangles 402 82pgs.qxp 02/08/2021 08:05 Page 21

*HUPDQ 0LOLWDU\ %ULJDGH DW 3HNLQJ ILQH FRYHU

ZULWWHQ DW $XVWULD ZLWK K K :KLVNHUV VWDPSV DIIL[HG RQ UHYHUVH HDFK WLHG 9LHQQD &'6 3HNLQJ DUULYDO &'6 DORQJVLGH *RRG FRYHU

9,*1(77( 3522) 2) 7+( &DSWDLQ

&RRN 3RUWUDLW DV XVHG RQ 6* DV D EORFN RI IRXU VKRZLQJ XQFOHDU SULQWLQJ ZRUN DURXQG WKH WZR ULJKW XQLWV 8QXVHG RQ :KLWH SDSHU ([FHSWLRQDO

/RQGRQ SULQWLQJ F ILQH PLQW 6*

&267$ 5,&$

F

7KUHH (QWLUH )URQWV ZLWK YHU\ HDUO\ SRVWDO

&RPSOHWH VKHHW )DPLQH 5HOLHI F VKHHW RI

ZLWK &KLQHVH %XUHDX RI (QJUDYLQJ DQG 3ULQWLQJ LQ WKH

PDUJLQ VRPH VSOLWWLQJ EXW D YHU\ VFDUFH FRPSOHWH VKHHW

7KULIW PRYHPHQW LPSHUI PLQLDWXUH VKHHW ZLWK

RYSW IRU WKH 5XVVLDQ SKLODWHOLF VRFLHW\ LQ 6KDQJKDL IUHVK XQXVHG VHH IRRWQRWH DIWHU 6*06 V RQO\ SURGXFHG 6(&21' 6,12 -$3$1(6( :$5 $

PDUNLQJV RI 6DQ -RVH DQG 9LOODQXHYD YHU\ ILQH ,QFUHGLEO\ HDUO\

&5(7( { 3HGLDGD UHYHQXH ò SDUDV ò HQGRUVHG RQ

GRFXPHQW VLJQHG E\ $VVLVWDQW &RPPLVVLRQHU ZLWK &'6 FDQFHO QHDUE\ YHU\ VFDUFH RQ D GRFXPHQW 3LFWRULDO VHW RI ILQH PLQW 6*

FROOHFWLRQ RI XVHG SRVWDO FDUGV ZLWK D ZLGH YDULHW\ RI FKRSV &52$7,$ DQG SRVWDO PDUNLQJV $ JRRG YDULHW\ RI -DSDQHVH SURSDJDQGD

PLOLWDU\ FDUGV FROOHFWRUV QRWHV LQ (QJOLVK ILQH DQG D ILQH ORW IRU <XJRVODYLD LVVXHV IRU &URDWLD +XQJDU\ RYSWV WR N LQF I ZKLWH ILJXUHV 6* ZDU FKDULW\ FRURQDWLRQ WKH SRVWDO KLVWRU\ FROOHFWRU I I 6* IUHHGRP VHW RI $ JRRG FROOHFWLRQ RI 6(&21' 6,12 -$3$1(6( :$5

VWDPSV PLQW 3RVWDO +LVWRU\ $ ILQH RULJLQDO FROOHFWLRQ RI LWHPV ,QF PLOLWDU\ RIILFH FRYHUV IUDQNHG -DSDQHVH VWDPSV ZLWK FRQWHQWV &8%$ $ YHU\ JRRG ORW RI &HQVRUHG 3RVWFDUGV PDQ\ LOOXVWUDWHG ZLWK $ ILQH VHOHFWLRQ RI XQPRXQWHG PLQW V

-DSDQHVH FRORXUHG SURSDJDQGD LPDJHV PDQ\ GLIIHUHQW ER[HG LVVXHV LQF %LUG $LUPDLO VHW 6*

FKRSV &ROOHFWRUV QRWHV LQ (QJOLVK 6HOGRP RIIHUHG LQ VXFK

QXPEHUV

&85$&$2

6HFRQG 6LQR -DSDQHVH :DU D ILQH

FROOHFWLRQ RI GLIIHUHQW PLOLWDU\ XVHG SRVWDO FDUGV ,QF PXOWL FRORXUHG SURSDJDQGD W\SHV PDQ\ GLIIHUHQW FHQVRU FKRSV &DQFHOV HWF PDMRULW\ KDYH EHHQ LGHQWLILHG E\ PLOLWDU\ XQLWV ORFDWLRQV DQG GHVWLQDWLRQV $ YDOXDEOH ORW RI PLOLWDU\ SRVWDO KLVWRU\

3KRWRJUDSKLF 3URRI F $LU VWDPSV WKUHH

GLIIHUHQW GHVLJQHG E\ %UDGEXU\V H[ DUFKLYHV 3KRWRJUDSKLF SURRI RI WKH 5R\DO )DPLO\ òF

GHVLJQ H[ %UDGEXU\ DUFKLYH

&+5,670$6 ,6/$1'6 &HQWUDO 3DFLILF &RFRQXW 3ODQWDWLRQV /WG

&KULVWPDV ,VOH /DUJH 3DOP 7UHH 3LFWRULDO FDFKHW RQ UHYHUVH ZLWK &KULVWPDV ,VODQG /RFDO 3RVWDJH &DFKHW ERWK LQ 9LROHW RQ DQ HQYHORSH 9HU\ XQXVXDO

&22. ,6

3KRWRJUDSKLF 3URRIV IRU WKH GHILQLWLYH VHW

SURRIV IURP F WR F IURP SULQWHUV DUFKLYH VFDUFH

&<3586 { %ULWLVK 5XOH 3LFWRULDO VHW 9)8 6*

3URRI LPSUHVVLRQ RI WKH FKLHI FHQWUDO YLJQHWWH

7\SH DV 6* LQ EODFN DV D ILQH SDLU ZLWK ODUJH PDUJLQV 8QXVXDO 3URRI LPSUHVVLRQ RI WKH FKLHI FHQWUDO YLJQHWWH

{ 6* VHW )8 F

{ .*9, 3LFWRULDO GHILQ VHW RI 6*

7\SH LQ %ODFN DV D ILQH VLQJOH

)8

,PSHUI EORFN RI IRXU G &DSWDLQ &RRN IUHVK 80

&RPSOHWH VKHHW 838 SL F\O D ZLWK VKHHW

IURP SULQWHUV WULDOV 6* $ YHU\ ILQH LWHP IURP .*9 QXPEHU DQG LPSULQWHG

SHULRG

6SHFLPHQ RYSWV RQ PDQ\ VHWV ,QF GHILQLWLYHV

,PSHUI SDLU RI G &DSWDLQ &RRN 6* ILQH 80

6FRXWV 5HG &URVV %LUGV 0RGHUQ VHWV DQG 06 $ ZLWK ODUJH PDUJLQV

YHU\ JRRG ORW RI VWDPSV 06 IUHVK 80

3,&725,$/ 6HW RI DV 80 EORFNV RI

6* DQG (FOLSVH DV D F\OLQGHU EORFN RI DOO YHU\

IUHVK { GLIIHUHQW VHWV DQG 06 DOO VXSHUE XVHG RQ

(8523+,/(; RQ F RYSW 6KHHW 1+0 LQ

VSHFLDO IROGHU 0L EORFN &DW (XUR

)'& KLJKO\ FRPSOHWH ,QF KLJK YDOXH GHILQV 6LOYHU { &$1&(//$7,21 &2//(&7,21 RQ .*9,

2+06 RYSWV 6KHHWOHWV 5DUHO\ IRXQG )8 WKH SRVWPDUNV DUH LVVXHV ZLWK YDOXHV WR SOXV FRYHUV $ FROOHFWLRQ LOOXVWUDWHG QRQ )'& W\SHV *RRG ORW WR D KLJK VWDQGDUG LQ DQ $OEXP ORVH VWDPSV DQG $LUPDLO (QYHORSHV ZLWK PDQ\ GLIIHUHQW IUDQNLQJV FRYHUV ZLWK 'UDZLQJV RI 3RVWPDUNV PDQ\ &'6 ,QF H[WHQVLYH

UDQJH RI 5XUDO 2IILFHV SL ZLWK SDUFHOV &'6 a 9)8 PDQ\ ,QF (QY :LWK QHZ FXUUHQF\ òF RQ S SDLU ZLWK W\SH , GLIIHUHQW RIILFHV 9LFWRU\ VHW DV FRUQHU EORFNV 9)8 DQG ,, RYSWV $ JRRG ORW RI FRYHUV JRRG IRU VWXG\ &RURQDWLRQ VHW RQ :HVWPLQVWHU LOOXVWU )'& $ JRRG ORW

,PSHULDO SDJHV ZLWK VWDPSV FDWDORJXHG

YDOXH LQF SRVWDO ILVFDO DQG G 5DURWRQJD RYSWV .*9 { ),1( 86(' ([FHSWLRQDO 4XDOLW\

ZLWK PDQ\ V DOO GLIIHUHQW LQ DQ $OEXP ZLWK 49 LVVXHV DUPRULDOV XVHIXO ORW FKLHIO\ PLQW RGG )8 -XELOHH VHW .*9, WR $ VXEVWDQWLDO UDQJH RI 4(,, ZLWK VHWV ,QWHUHVWLQJ VHOHFWLRQ RQ FDUGV ORRVH TW\ LQF

DQG VKHHWOHWV $ GHOLJKWIXO /RW .*9, SLFWRULDOV WR 6* DV XP EORFNV FODVVLF 6SHFLPHQ <HDU )ROGHUV ZLWK HDFK VWDPS

KDYLQJ VSHFLPHQ RYSW $

LVVXHV ZLWK 4XHHQV YDOXHV WR G IX DLUPDLO RYSW VHW WR IX *RRG SLFNLQJV

YHU\ JRRG ORW )ROGHUV HDFK GLIIHUHQW

Philangles 402 82pgs.qxp 02/08/2021 08:05 Page 22

3(5),16 &2//(&7,21 ZULWWHQ XS LQ DQ

&<5(1$,&$ &RYHU WR 8. ZLWK P P P FRPELQDWLRQ

FDQF DW %HQJKD]L 7ULSROL WUDQVLW KV )LQH 0RXQWHG :DUULRU DV 80 EORFNV RI IURP P WR

P 6* YHU\ IUHVK 80 %ORFNV

&=(&+26/29$.,$ 3UHVLGHQW 0DVDU\N VWXG\ VHW SOXV K

XQLVVXHG FRORXU WULDO LQ JUHHQ K LPSHUI VHW RI P ZLWK GLIIHUHQW VL]HV LQ [ PP )8 2O\PSLF FRQJUHVV H[SHUWLVHG E\ *LOEHUW 0 DOO VRNRO VHW 0 DQ ILQH ORW WKDW QHHG GLVSOD\LQJ ZLWK VWDPSV HDFK GLIIHUHQW $// 62.2, RYSW 6HW RQ VSHFLDO SLFWRULDO FDUG

IRU WKH HYHQW ZLWK VSHFLDO FDQFHO VHOGRP VHH DOO IRXU VWDPSV RQ D FDUG 6* YHU\ ILQH XVHG VWDPSV KDYH EHHQ H[SHUWLVHG E\ *LOEHUW { ),1( 86(' ,Q 3ODVWLF 3DFNHWV JXHVV

VWDPSV 7HUULILF YDULHW\ RI LVVXHV DQG SHULRGV 3RVWDO KLVWRU\ ::, FDUGV ZLWK D YDULHW\ RI

PLOLWDU\ PDUNV LQF PDQ\ GLIIHUHQW FHQVRU KDQGVWDPSV LQF FDUG IURP UHVHUYH KRVSLWDO ILHOG SRVW FDUGV $Q LQWHUHVWLQJ JURXS QHHGV ZULWLQJ XS FDUGV 3RVWDO KLVWRU\ LQF SULVRQ PDLO ::, FHQVRUHG

FRYHUV FDUGV ZLWK D YDULHW\ RI PLOLWDU\ PDUNV FXUUHQF\ FRQWURO FRYHUV D ILQH UDQJH RI FRYHUV WKDW QHHG ZULWLQJ XS DV D VWXG\ 3267$/ 67$7,21(5< PDLQO\ HDUO\ W\SHV LQF

RYSWV V SLFWRULDOV FDVWOHV D ILQH DQG LQWHUHVWLQJ JURXS RI FRYHUV FDUGV PDLQO\ XQXVHG XVHG LQF &72 6/29$.,$ D PRVW FRPSUHKHQVLYH

DQG YHU\ ILQH VWDPS FROOHFWLRQ DOO 80 KRXVHG LQ WZR /LQGQHU +LQJHOHVV $OEXPV GLIIHUHQW VWDPSV SOXV 06 RU 6KHHWOHWV 6WF ZLWK YHU\ ILQH PRGHUQ LVVXHV ZLWK PDQ\ DWWUDFWLYH VHWV 6HOGRP RIIHUHG

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

DOEXP LQFOXGHV SHUILQV XVHG RQ FRYHUV RU SRVWFDUGV QRWH 3DUFHO $GYLFH FDUG SOXV VHYHUDO KXQGUHG LGHQWLILHG SHUILQV RQ VWDPSV ODLG RXW RQ VSHFLDO SDJHV LQ DOSKDEHWLFDO RUGHU DOVR VHH 7HVWLQJ )HH 6WDPSV PLQW IRU D &RSHQKDJHQ *DV (OHFWULF VXSSO\ FRPSDQ\ ZLWK . % SHUILQV *UHDW ORRNLQJ FROOHFWLRQ JHQHUDOO\ ILQH FRYHUV SRVWFDUGV DSSUR[ VWDPSV ODEHOV

7+( '$1,6+ 5(' &5266 3267$/ +,6725<

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

::, 3267$/ +,6725< JURXS RI FRYHUV

ZULWWHQ XS RQ SDJHV LQFO LWHPV RI FRPPHUFLDO PDLO VHQW GXULQJ WKH ZDU SRVWDO VWDW HQY WR 86$ ZLWK FHQVRU ODEHO YDULRXV FRYHUV LQFO UHJLVWHUHG LWHPV WR (QJODQG ZLWK FHQVRU ODEHOV FRYHU WR )LQODQG ZLWK +HOVLQNL FHQVRU ODEHO DSSOLHG 0L[HG FRQGLWLRQ WKRXJK PRVWO\ JRRG DQG TXLWH SUHVHQWDEOH FRYHUV

::,, 3267$/ +,6725< &2//(&7,21

ZULWWHQ XS RQ SDJHV ZH VHH FRYHU 'DQLVK 1D]L 3DUW\ ODEHO DIIL[HG D QXPEHU RI FHQVRUHG FRYHUV WR YDULRXV GHVWLQDWLRQV 3DUFHO $GYLFH FDUG FRYHU WR 8JDQGD ZLWK %ULWLVK FHQVRU 7DUS $XVWULDQ 'LVSODFHG 3HUVRQV &DPS ODEHO XVHG RQ SRVWFDUG DQG SRVWPDUNHG *HQHUDOO\ JRRG WR ILQH FRYHUV

::,, 67$03 &2,1$*( JURXS RI GLIIHUHQW

DGYHUW ODEHOV SULQWHG RQ FDUGERDUG LQ WXUQ HQFDVHG ZLWK D VWDPS LQVLGH D VPDOO FHOORSKDQH SDFNHW SURGXFHG WR RYHUFRPH ZDUWLPH VKRUWDJHV RI ORZ YDOXH FRSSHU FRLQV 0RVWO\ JRRG WR ILQH LWHPV

{ 32670$5.6 21 3,(&( FROOHFWLRQ LQFOXGHV

%,6(&7 &29(56 %RWK ZLWK ',))(5(17

VORJDQ FDQFHOV FRPPHPRUDWLYH KDQGVWDPSV DQG FLUFXODU GDWH VWDPSV QHDWO\ SUHVHQWHG RQ SDJHV PRVWO\ V V SHULRG &OHDQ ILQH HVWLPDWH LWHPV

'DWHV DW 6W 7KRPDV 9HU\ ILQH

'(10$5.

&200(5&,$/ 0$,/ 025( &2//(&7,21

{ 2)),&,$/6 &DW YDOXH LQF RUH

5HGGLVK 0DXYH 6*2 RUH XOWUDPDULQH 6*2 VHW RI D ILQH UDQJH RI 2IILFLDOV ILQH XVHG 3267$/ 67$7,21(5< 0,17 86('

ZULWWHQ XS ZH VHH FRPPHUFLDO FRYHUV UHJLVWHUHG PDLO PHWHU PDLO 3RVWDO )HUU\ IRUPV ZLWK VWDPSV DGYLFH RI GHOLYHU\ IRUPV ([SUHVV 0DLO SOXV VRPH SKLODWHOLF FRYHUV DQG SRVWFDUGV *HQHUDOO\ ILQH HVWLPDWH FRYHUV SRVWFDUGV

&2//(&7,21 JUHDW UDQJH RI SRVWFDUGV OHWWHUFDUGV

HQYHORSHV ZUDSSHUV DLU OHWWHUV ZULWWHQ XS LQ DQ DOEXP :H 63(&,$/ 32670$5.6 JHQHUDOO\ FRPPHPRUDWLYH FDQFHOV SURGXFHG IRU VSHFLDO HYHQWV VWDPS VHH XSUDWHG LWHPV UHSULQWV IHZ ZLWK ODEHOV DSSOLHG IHZ VKRZV DQG VWDPS LVVXHV HWF DOO ZULWWHQ XS IRU SUHVHQWDWLRQ 2IILFLDO SRVWFDUGV 6RPH HDUOLHU LWHPV ZLWK DJH PDUNV &OHDQ ILQH HVWLPDWH FRYHUV

RWKHUZLVH JHQHUDOO\ ILQH QLFH ORRNLQJ FROOHFWLRQ UHTXLUHV VRPH UHDUUDQJLQJ DSSUR[ LWHPV

),567 '$< &29(56 &2//(&7,21 ZULWWHQ

5$,/:$< 5(/$7(' 3267$/ +,6725< XS RQ SDJHV PRVWO\ DOO GLIIHUHQW ZLWK QHDW W\SHG DGGUHVVHV

*HQHUDOO\ ILQH VRPH UHDUUDQJLQJ UHTXLUHG JXHVV &2//(&7,21 ZULWWHQ XS LQ DQ DOEXP LQFOXGHV HDUO\ V FRYHUV

SRVWFDUGV ZLWK UDLOZD\ SRVWPDUNV DQG PRUH RII FRYHU SOXV 732 FDQFHOV SRVWFDUGV RI VWDWLRQV PDUNV RQ FRYHU DVVRFLDWHG ZLWK 6/2*$1 &$1&(/6 &2//(&7,21 RQ

UDLOZD\ VWDWLRQV D ZLGH UDQJH RI GLIIHUHQW SULYDWH UDLOZD\ ODEHOV FRPSOHWH FRYHUV RU SRVWFDUGV PRVWO\ DOO GLIIHUHQW IURP ZLWK VRPH PRGHUQ LVVXHV LQ VH WHQDQW EORFNV *UHDW ORRNLQJ V V SHULRG &OHDQ ILQH VHOHFWHG IRU WKHLU FOHDU FDQFHOV FROOHFWLRQ JHQHUDOO\ ILQH DSSUR[ FRYHUV SRVWFDUGV RYHU DSSUR[ FRYHUV SRVWFDUGV

VWDPSV ODEHOV

$17, 7% $1' &+$5,7< 67$036 :LWK

3267&$5'6 &2//(&7,21 LQ WKUHH DOEXPV

FRPSOHWH VKHHWV SHUI DQG LPSHUI V SHULRG DOVR D LQFOXGHV D ZLGH UDQJH RI WRXULVW W\SH FDUGV DQG FRPPRQ YLHZV FROOHFWLRQ RQ SDJHV RI VLQJOHV 0 DQG 8 IURP HDUOLHU D PRVW EXW PDMRULW\ DUH XVHG ZLWK FOHDU SRVWPDUNV RI SODFH GHSLFWHG RQ LQWHUHVWLQJ ORW RI WKHVH OLVWHG IXQG VWDPSV PDQ\ V )LOH FDUG DOVR VHH EODFN ZKLWH KROLGD\ SLFWXUHV IURP D WULS %R[ JRRG TXDOLW\ SLFWXUHV DOVR LQFOXGHV PD[L FDUGV VRPH ZLWK VWDPSV FDUGV ZLWK VSHFLDO FDQFHOV HWF *HQHUDOO\ ILQH WKURXJKRXW RYHU LWHPV

Key to symbols in this catalogue { 1(:63$3(5 67$036 6HW RI 6*1

ILQH XVHG

✱

✉

Used Mint Postal History

✈ ✱✱ &

Airmail Unmounted mint Literature

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 23

{ &+5,670$6 6($/6 2) '(10$5.

$ PDMRU H[KLELWLRQ FROOHFWLRQ RQ SDJHV V RI LWHPV LQWHUHVW LQ HDUO\ LVVXHV XVHG DQG WLHG RQ &29(56 DQG

(/ 6$/9$'25 ($5/< 3267$/ VWDWLRQHU\ XQXVHG ZLWK

&$5'6 WLHG RQ YHU\ ILQH &RYHU WR 8. 7KH LVVXH ,QF ,PSHUI 0LQW 7LHG RQ /RFDO &RYHU DOVR DQ ,PSHUI 3URRI 7LHG RQ 33& WR 86$ QRW WLHG RQ &DUG DQG WLHG WR D UHGLUHFWHG &DUG QLFHO\ WLHG RQ 3& 7ZR H[DPSOHV ERWK ZLWK &'6 RQ &RYHU WR 86$ DQG D SDLU RQ D 3& QHDWO\ FDQFHOOHG RQ D 7,(' 33& 7LHG RQ D 3& FRPSUHKHQVLYH WKHUHDIWHU XVHG RQ &RYHUV DQG &DUGV DQG RIWHQ WLHG ZLWK WKH 3PNV 8QDGRSWHG 6WDPS HVVD\ PLQW

LVVXH LQ D EORFN RQH VKRZLQJ +RUVH DOPRVW RPLWWHG RIILFLDO

UHSULQWV OLVWHG SRVW ZLWK FRPSOHWH VKHHWV DWWHPSWHG XVHG UHFRQVWUXFWLRQV 3URJUHVVLYH 3URRI 6KHHWV DQG PXFK PRUH 0DQ\ HOXVLYH HDUO\ XVDJHV RQ &RYHV DQG &DUGV PDQ\ \HDUV RI FDUHIXO FROOHFWLQJ KHUH ([FHOOHQW TXDOLW\

{ ),1( 86(' &ROOHFWLRQ RI SUREDEO\

LOOXVWUDWHG SRVWDO FDUGV HPERVVHG HQY V LQWHULRU SRVWDO FDUGV UHSO\ FDUGV ZLWK PDQ\ GLIIHUHQW W\SHV FDUGV HQY V

2OG SDJH ZLWK D JRRG UDQJH RI VWDPSV DQG

06 LQF DLUV RIILFLDOV SRVWDJH GXHV ZLWK LVVXHV IURP WR D VHOGRP VHHQ FROOHFWLRQ

(5,75($ %ULWLVK 2FFXSDWLRQ %$ RYHUSULQW VHW RI DV

EORFNV RI 80 WZR VWDPSV PLQW 6*( VHOGRP VHHQ LQ EORFNV ^3KRWR` %ULWLVK 2FFXSDWLRQ %$ 2YHUSULQW VHW RI DV

WRS ULJKW FRUQHU EORFNV RI 6*( IUHVK 80 6FDUFH LQ EORFNV 80 ^3KRWR`

(6721,$

GLIIHUHQW LVVXHV WR DERXW ZLWK D YHU\ JRRG VHOHFWLRQ WKURXJKRXW GHILQ VHW WR NU ,QF RUH ORWV RI PRGHUQ LVVXHV EDFN RI WKH ERRN

$LU SDLU VHW 6* IUHVK PLQW &DW

'20,1,&$ { 0DOIRUPHG &( YDULHW\ G 6* D IX QLEEOHG

SHUIRUDWLRQ VFDUFH 9DULHW\ FOHDUO\ YLVLEOH F

$LUV ,QF 7ULDQJOH EORFN RI PLQW SOXV VHW RI

80 6*

+LJK YDOXH 0DSV PN DQG PN 0LFKHO

IUHVK 80

(GZDUG DQG YLHZ VHW ILQH PLQW 6*

^3KRWR`

5HG &URVV RYHUSULQW VHW RI 0LFKHO E E

(DUO\ 4(,, IUHVK PLQW LQF GHILQ VHW ZLWK

LPSHUI PLQW &DW (XUR V

VKDGHV GHILQ VHW FRPPHP VHWV D JRRG ORW RI VWDPSV { 2OG WLPH FROOHFWLRQ RQ ROG SDJHV FKLHIO\ PLQW

LQF YLHZV òG WR 0 SLFWRULDO VHW 0 GHILQ

WR G PLQW GHILQ VHW 0 LVVXHV IURP 49 WR HDUO\ 4(,, D ILQH UDQJH RI VWDPSV

$LUV ,QF VLQJOHV VH WHQDQW SDLUV RYSW V WR

PN 5HG &URVV RYSW 3HUIV $ XVHIXO JURXS RI VWDPSV )UHVK PLQW 6WRFN &DUGV ZLWK GLIIHUHQW VHWV FKLHIO\ $UPV

LVVXHV 6* IUHVK 80

3RVWDO 6WDWLRQHU\ XQXVHG ,QF

([WHQVLYH FROOHFWLRQ RI XQPRXQWHG PLQW ORRNV

YHU\ FRPSOHWH IRU WKH SHULRG ZLWK VWDPSV P V FDW

VSHFLPHQ RYSWV 49 YLHZ RI 5RVHDX IURP WKH VHD ? ? ,QF &DUGV ZLWK UHSO\ FDUGV VWLOO DWWDFKHG

YDOXH D VXSHUE UDQJH ZLWK GHWDLOV 6HOGRP VHHQ FROOHFWLRQ

(*<37 { 0,17 86(' DOO GLIIHUHQW FROOHFWLRQ RQ SDJHV

IURP DQ ROG ,GHDO DOEXP LQFO YDOXHV WR SD

(7+,23,$

3522)6 RI (PSHURU 0HQHOLN VHW RI YDOXHV LQ

6SKLQ[ 3\UDPLG WR SL XVHG HWF DOO YDOXHV WR SL PLQW XQLVVXHG FRORXUV 6* RQ &UHDP SDSHU QHYHU RU XVHG PRVW YDOXHV PLQW RU XVHG KLQJHG LVVXHV PRVWO\ XVHG GHILQV VHW PLQW RU XVHG PRVW YDOXHV WR ( XVHG P DLUPDLO XVHG .LQJ V WK %OXH 1LOH ([SHGLWLRQ LOOXVWUDWHG FRYHUV 2IILFLDO

%LUWKGD\ XVHG =HSSHOLQ VXUFKDUJHV PLQW 5DLOZD\ FRYHUV DQG RQH FDUG $ YHU\ JRRG ORW &RQJUHVV PLQW VHW 838 S ( XVHG PRVW ORZ 3UR )RXQGDWLRQ (FRQRPLFV (WKLRSLD VHOHFWLRQ YDOXHV PLQW $1' 025( FDW PL[HG FRQGLWLRQ

RI )XQG 5DLVLQJ 6KHHWOHWV PRVWO\ GHSLFWLQJ (WKLRSLDQ

LVVXHV VRPH DUH VXUFKDUJHG DQG UHYDOXHG DOO 80 1HYHU VHHQ 6SHFWDFXODU RIIVHW P GHIHQFH ILQH XP

WKHVH )XQG 5DLVLQJ LWHPV EHIRUH 8QXVXDO 6*

)$/./$1' ,6

,PSHUI SDLU P ZRUOG UHIXJHH XP %DOLDQ

%

$ FRPSOHWH VHW RI IRXU RI WKH 49 QR ZDWHUPDUN

PLQW 6* &DW UDUH RSSRUWXQLW\ G LV ILQH G DJHG LPSHUI DW EDVH G VPDOO WKLQ YHU\ ILQH 6XSHU VHW

,PSHUI VWULS RI WZR VH WHQDQW SDLUV KLJK GDP

VHW ILQH XP %DOLDQ D $ PRVW VXEVWDQWLDO FROOHFWLRQ KRXVHG LQ VHYHQ

PDWFKLQJ YROXPHV ZLWK PDQ\ V DOO GLII ZLWK VWUHQJWK LQ LOOXVWU IGF XSWR V 9) TXDOLW\ RKPV FRYHU ZLWK 32 ODEHO DIIL[HG FRWWRQ VHW RQ YI FRYHU DLUPDLOV EORFN RQ FRYHU GHILQV RQ LOOXVWU IGF V PDQ\ ILQH V IGF V RWKHU LWHPV VRPH VHOHFWHG FRPPHUFLDO PDLOV DQG VR IRUWK

2ULJLQDO ORW (DUO\ LPSHUI HVVD\ RQ ZDWHUPDUN SDSHU E\

5LHVWHU GHSLFWLQJ %LUGV DQG $QFLHQW )LJXUHV LQ %URZQ LQ YHU\ JRRG FRQGLWLRQ QHYHU KLQJHG RQ JXPOHVV SDSHU

(GZDUG VHOHFWLRQ TXDOLW\ JURXS RI LWHPV

LQF G 49 G )8 RQ SLHFH òG ò 9)8 RQ SLHFH G EORFN PLQW YDOXHV WR G PLQW 3RVWDO 6WDWLRQHU\ G /HWWHUFDUG YHU\ ILQH

XQXVHG +*$ .*9 VHW 6* YIP

,QZDUG 0DLO 5HJLVWHUHG FRYHU H[ 8. ZLWK ILYH

VWDPS 38& IUDQNLQJ DW òG DGGUHVVHG WR )DONODQG ,VODQG 6RXWK $PHULFD 5HWXUQHG WR %UDFNQHOO 7KH 3HQJXLQ &HQWHQDU\ (GLWLRQ 1HZVSDSHU

DQG FRQWDLQV UHSRUWV RI WKH DFWLYLWLHV WDNHQ SODFH LQ FRQQHFWLRQ ZLWK WKH FHOHEUDWLRQ DQG 7KH ([SHGLWLRQ WR 3RUW /RXLV RQ 6XQGD\ WK RI -DQXDU\ $ VFDUFH 1HZVSDSHU

Selling?

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

Integrity assured.

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 24

.*9, $UPV DV D FRUQHU EORFN RI 6*

80 VFDUFH ^3KRWR` .*9, òG 6* DV FRPSOHWH VKHHW RI 80

VKHHW QXPEHU KDQGVWDPS LPSULQW HWF .*9, GHILQLWLYH V VHW WR ZLWK VKDGHV LQF G

D JRRG ORW RI VWDPSV PLQW

)UHVK PLQW ZLWK PDQ\ VHWV RQ ROG SDJHV ZLWK

EHWWHU SLFNLQJV QRWH )ORZHU LQF &URZQ GDPDJH 1HZ &XUUHQF\ )ORZHUV VHW RI 1HZ ZDWHUPDUN VHW RI 7RXULVP VHW RI 80 %DWWOH RI WKH 5LYHU SODWH 80 $ YHU\ JRRG UDQJH RI VWDPSV 06 &DW { )LQH XVHG FROOHFWLRQ RI VWDPSV 06

6XSHUE TXDOLW\ VHHQ ELUGV WR G LQF '/5 IORZHU GHILQV DQG VKLS GHILQV D VXSHUE UDQJH ZLWK PDQ\ VHWV { %LUG GHILQ VHW 9)8 6*

0LQW UDQJH RQ VWRFNSDJHV (GZDUG WR

.*9 LQF ERWK ZKDOH SHQJXLQV GHSV LQF G WKLFN PDS RFKUH D JRRG ORW RI VWDPSV IUHVK PLQW PXFK 80

{ 3DJHV ZLWK PDQ\ VHWV LQF QHZ FXUUHQF\ RYSW HG

GHILQV WR S GHILQ VHW WR S PDLQO\ FRPPHPRUDWLYH VHWV D JRRG ORW RI VWDPSV ERRNOHW SDQHV ILQH XVHG +LJKO\ FDWDORJXHG

6PDOO EXW XVHIXO JURXS LQF .*9, PDSV ZLWK

YDULHWLHV VHHQ G ZLWK PLVVLQJ , 6** E PLQW G ZLWK FDXWV IRU FRDWV PLQW òG DQG G ZLWK UXEEHG $ PLQW SLFWRULDOV òG G G ZLWK )R[ %D\ FDQFHOV DQ LQWHUHVWLQJ ORW RI VWDPSV ZLWK EHWWHU PL[HG LQ

)$/./$1' ,6 '(36 FALKLAND ISLANDS DEPENDENCIES 6RXWK *HRUJLD òG G G 6*% DV FRPSOHWH

VKHHWV RI 80 ,PSULQWV HWF VKHHWV

0DSV FRQVWDQW YDULHWLHV ILQH PLQW GLIIHUHQW G

&XDWV DQG &MDWV G EURNHQ 3 EURNHQ : G &MDWV )LQH JURXS

4(,, %LUG VHW RI 6* IUHVK PLQW

7KLFN PDS VHW LQF SODWH QXPEHU RQH LQ OHIW

PDUJLQ G G G DV EORFNV RI VFDUFH G G G LPSULQWHG

{ %LUGV GHILQV VHW 6* 9)8

EORFNV RI VKRZLQJ GDPDJH 1 LQ 2UNQH\ DQ LQWHUHVWLQJ ORW IUHVK 80 7KLFN PDS VHW ZLWK YDULHWLHV LGHQWLILHG OLVWHG LQ

+HLMW] LQF GLIIHUHQW EURNHQ OLQHV EURNHQ OHWWHUV EURNHQ IUDPHV

{ 9HU\ VFDUFH &KXUFKLOO EORFN RI ZLWK LQYHUWHG

$ YHU\ JRRG ORW QHHGV ZULWLQJ XS D UDQJH RI YDULHWLHV 80

:PN 6* Z YHU\ UDUH DV D EORFN YHU\ ILQH XVHG

)ORZHU GHILQ ,QF òG FURZQ GDPDJHG 6* D

WR IUHVK 80 &DW 1(: &855(1&< 6HW RI DV 80 EORFNV RI

6* YHU\ IUHVK { ,QYHUWHG ZDWHUPDUN YDULHW\ &KXUFKLOO 06 IX

{ 7KLFN PDS VHWV ILQH XVHG ZLWK D YDULHW\ RI

FDQFHOV LQF EODFN YLROHW EOXH FDQFHOV 6RXWK *HRUJLD *UDKDPODQG ) RQ G G G DV EONV RI G VLQJOH IUDQNLQJ LQ FRYHU ZLWK YHU\ ILQH 6RXWK *HRUJLD FGV D JRRG UDQJH RI VWDPSV FRYHU QHHGV ZULWLQJ XS IRU D VWXG\ 6287+ *(25*,$ DV EORFNV RI 80

VHW WR %OXH :KDOH (; 3HQJXLQ QHZ ZPN òG DOO

6* Z

YHU\ IUHVK 80 ^3KRWR`

+HUDOGLF $UPV VHW RI WR S DV XQPRXQWHG

PLQW JXWWHU SDLUV 6* SXUFKDVHG IURP 6WDQOH\ *LEERQ

VFDUFH DV JXWWHU SDLUV *XWWHU SDLUV 4XHHQV 6LOYHU -XELOHH VHW D JXWWHU

SDLU VFDUFH 6* IUHVK 80

6RXWK *HRUJLD LVVXHV ZLWK YDULHWLHV

'HILQV WR H[ :KDOH 1HZ &XUUHQF\ RYSWV WR S 6KDFNOHWRQ ERWK ZDWHUPDUNV 6 :HGGLQJ LQF S

LQY ZPN &DW 80 $ YHU\ JRRG UDQJH RI VWDPSV 06 &DW YDOXH

:DWHUPDUN YDULHW\ S 'ROSKLQ 6* Z IUHVK

80

1HZ FXUUHQF\ RYSW VHW ZLWK DGGLWLRQDO RYHUSULQW

LQF òS ZPN XSULJKW S ZPN V ZD\ òS ERWK RYSWV S DOO

:DWHUPDUN HUURU 5R\DO :HGGLQJ S S

6* Z XQPRXQWHG PLQW

1HZ &XUUHQF\ VHW RI RQ DQ HQYHORSH ZLWK

WKUHH W\SHV D YHU\ JRRG ORW RI VWDPSV 80 )LUVW 'D\ RI ,VVXH 6RXWK *HRUJLD &'6

{ :DWHUPDUN WR ULJKW YDULHW\ S +RUVH 6* :

6287+ *(25*,$ DV EORFNV RI 80

9)8 536 &HUW GHILQ VHW RI 6* QRWH S RQ RUGLQDU\ SDSHU

:DWHUPDUN YDULHWLHV VFDUFHU )DUP $QLPDO S

DQG S :PN 7R WKH ULJKW 6* Z DQG Z IUHVK 80

6KDFNOHWRQ &KXUFKLOO 1HZ ZDWHUPDUN GHILQ VHW RI DOO YHU\ IUHVK ^3KRWR` 2OG VWRFNERRN SDJHV ZLWK RYSW VHWV

838 VLOYHU ZHGGLQJ WKLQ DQG WKLFN PDS VHWV VWDPSV PLQW

,PSHUI FRUQHU SDLU S ELUG ZLWK SODWH QXPEHU

+HLMW] Y XP

)$52( ,6/$1'6

,PSHUI SDLU S ELUG ILQH PDUJLQDO XP +HLMW]

Y

{ 3URYLVLRQDO RUH RQ RUH 6* WRJHWKHU ZLWK

:DWHUPDUN YDULHW\ 0DS ZLWK ,QY :PN

6* Z IUHVK 80

,OOXVWUDWHG &RYHUV &DUGV ZLWK VSHFLDO

RUH 6* XVHG RQ SLHFH WLHG 7RUVKDYQ &'6 9HU\ VFDUFH 6 .DLVHU &HUW RI *HQXLQHVV

FDQFHOV DQG QR DGGUHVVHV ZLWK EHWWHU SLFNLQJV 1RUGLF +RXVH 06 6DJD 06 $LUFUDIW VHW RI $ YHU\ JRRG /LEHUDWLRQ VLJQHG LQF 6LU 5H[ +XQW WK $QQLYHUVDU\ VHOHFWLRQ RI )DONODQG ,V *RYHUQPHQW DLU VHUYLFH FRYHUV HDFK GLIIHUHQW %RRNOHW SDQHV RQ LOOXVWUDWHG IGF V FKLHIO\

$ YHU\ ILQH FROOHFWLRQ LQF VLJQHG DIWHU DOO XQDGGUHVVHG { .*9, ),1( 86(' $ VHOHFWLRQ GLIIHUHQW

([FHOOHQW &'6 TXDOLW\ WR G ZLWK GLIIHUHQW 3ULQWLQJV ),-, 6KDGHV 'HSHQGHQF\ RYSWV PDQ\ ZLWK FOHDU WHUULWRU\ 3PNV IHZ G %ODFN 5RVH 6* )RXU JRRG PDUJLQV IUHVK

PDSV ([FHOOHQW TXDOLW\ KHUH PLQW &DW &RYHU FROOHFWLRQ LQF WK $QQLYHUVDU\ RI WKH

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 25

{ 7LPHV H[SUHVV 6* XVHG SHQ FDQFHO

WULPPHG VRLOHG VPDOO IDXOWV 5DUH VWDPS FDW

{ &URZQ &5 VHW RI 6* &DW )LQH

XVHG &52:1 &5 VHW RI 6* &DW

0LQW 7LPHV H[SUHVV G 6* XQXVHG IDXOWV

UHSDLUHG 5DUH VWDPSV FDW { /RFDO VXUFKDUJH VHW RI 6* ,QF ERWK

VKDGHV RI WKH F ILQH XVHG &DW { 95 2YHUSULQWV RQ ZRYHQ SDSHU G G RQ G

G ZLWK VKDGHV 6* 6RXQG XVHG 95 RYSWV G RQ G G ERWK VKDGHV SOXV

GLIIHUHQW LPSHUI SURRIV RI WKH LVVXH PLQW { /DLG 3DSHU 95 ZLWK VKDGHV G G G

DQG G 6* )LQH XVHG &DW { +LJK YDOXHV ZLWK GLIIHUHQW SHUIRUDWLRQV DQG

VKDGHV

ILQH WR 9)8 RQ D VWRFNFDUG VRUWHG E\ SHUI W\SHV 49 KLJK YDOXHV SHUI DQG SHUI [

%2$& )LUVW )OLJKW &RYHUV IURP )LML WR

4 /RQGRQ URXWH ZLWK FRYHUV WR $XVWUDOLD ,QGLD 7KDLODQG 1HZ

=HDODQG 6LQJDSRUH DQG (QJODQG DOO ZLWK QHDW W\SHG DGGUHVVHV F IORZHU GHILQ ,03(5)25$7( %/2&. 2)

6* ILQH 80

$ YHU\ KLJKO\ FDWDORJXHG VHOHFWLRQ RI SUH

ERWK P XVHG FDUHIXO LQVSHFWLRQ UHTXLUHG ZLWK LWHPV FDW XSWR HDFK QRWLQJ PRQRJUDP RYSWV D JRRG UDQJH RI WKH EURZQ P X ILYH SHQFH RYSW YIX G EODFN 6* IUHVK P EORFN RI VL[ $Q RULJLQDO ORW PL[HG PXFK ILQH

{ &DQFHOODWLRQ LQWHUHVW LWHPV LQF PXOWLSOHV

RQ SLHFH D YDULHW\ RI RIILFHV PXFK RI DQ HDUOLHU QDWXUH SDLU G ZLWK Y ILQH )LML GXSOH[ G ZLWK 5(' VXYD FGV .*9 LVVXHV WR ZLWK FGV SPNV

0HVV\ ROGWLPH VWDPS ORW RQ SDJHV HWF JRRG

VHOHFWLRQ RI V LVVXHV LQF G 6* IX YDOXHV WR .*9 LVVXHV WR ZLWK IX SRVWDJH GXH VHW P PXFK .*9, GHILQV P WR 4(,, VHWV YDOXHV WR IX V +LJK FY JRRG SLFNLQJV { 5(9(18(6 .*9 5 RYHUSULQWV XVHG ORW

LQF PXOWLSOH XVDJHV QRWLQJ SDLU SDLU VLQJOH

XQFKHFNHG UH GLHV DQG ZPNV $ PRVW LQWHUHVWLQJ ORW 5HTXHVW VFDQ

)5 &2/ $/(;

%URZQ 6* D PLQW 6XUFKDUJH òG RQ G 6* VHW RI

6* PLQW (GZDUG VHW RI 6* IUHVK PLQW

.(9,, .*9 0,17 &2//(&7,21 LQFO

PLQW VHW LV 63(&,0(1 RYSW IDXOWV VHW VHW WR V .*9 VHW WR V ZLWK D QXPEHU RI DGGLWLRQDO VKDGHV VHW 6RPH ZLWK IDXOWV PRVW JRRG WR ILQH FDW VWDPSV

(GZDUG FRORXU FKDQJH VHW RI 6* IUHVK

PLQW SXUSOH EODFN RQ UHG 6* FRXSOH RI

VKRUW SHUIV DW EDVH RWKHUZLVH ILQH PLQW ^3KRWR` <DFKW òG RQ SI 6* VXSHUE XVH RI VL[

H[DPSOHV LQF VWULS RQ VPDOO ILQH FRYHU WR 8. HDFK WLHG QHDW 689$ FGV XVHG GXULQJ ::, SHULRG 0RVW XQXVXDO

{ 3RVWDJH GXH G 6*' % 9)8

{ .*9 GLH ,, YIX 6* D $36 FHUW

{ .*9 DV D UDUH EORFN RI IRXU ILVFDO XVHG ZLWK

7RS YDOXH IU 3HDFH DQG &RPPHUFH 6*

PLQW +,*+ 9$/8( P RQ I 6* IUHVK PLQW

)5 &2/ $/*(5,$ 2OG 3DJHV ZLWK D UDQJH RI VWDPSV ZLWK

EHWWHU SLFNLQJV 3LFWRULDO VHW 6* 80 $LUV I WR I 80 $ JRRG RULJLQDO FROOHFWLRQ ,QF 80

)5 &2/ &20252 ,6 2OG 3DJH ZLWK D XVHIXO UDQJH RI VWDPSV &DW

,QF $LU I I 80 0LOLWDU\ 0HGDO 80 /LEHUDWLRQ 80 3RVWDJH ZLWK YDOXHV WR I 80 D PLQW UDQJH PDLQO\ 80

)5 &2/ '$+20(< 2OG 3ULQWHG 3DJHV ZLWK D UDQJH RI VWDPSV

DQG 06 ZLWK LVVXH WR ,QF $LUV DQG 3RVWDJH 'XHV ,QF 3LFWRULDO VHW WR I 80 $ XVHIXO UDQJH

)5 &2/ (48 $)5 2OG $OEXP SDJHV ZLWK D UDQJH RI VWDPSV

06 &DW ZLWK SRVWDJH GXH VHWV $LU WR IU ZLWK LVVXHV IURP WR ZLWK PDQ\ VWDPSV IURP 80 D ILQH UDQJH

)5 &2/ *8$'(/ PDQXVFULSWV VPDOO SLQ KROHV VXSHUE DSSHDUDQFH 'LH ,, 6* D 6XUFKDUJH VHW RI 6* PDUJLQV IUHVK

6SXU RQ $UPV 0HGDOOLRQ YDULHW\ G 80 PLQW &DW

1+0 6* $ 2OG WLPH FROOHFWLRQ ZLWK XVHIXO SLFNLQJV VHHQ

.*9, 67$03 %22./(7 ZLWK $GYHUWLVLQJ VXUFK VHW RI RYSWV :LWK YDULHWLHV ,QF F

*XDGEORXSH F *XDGHORXSH F F I 2YSWV 0LQW 3DJHV 6*6% $ ILQH DQG FRPSOHWH 8VXDO UXVWLQJ DURXQG F 7HUFHQWHQDU\ VHW RI PLQW 3LFWRULDO VHW RI VWDSOHV ([SHUW &HUWLILFDWH 6HOGRP 2IIHUHG &DW ZLWK D &DW YDOXH RYHU DQ RULJLQDO ORW RI VWDPSV

PDLQO\ PLQW ,17(5(67,1* &29(5 &2//(&7,21 &KLHIO\

XVLQJ òG .*9, LVVXHV VHQW WR 8. ZLWK D YDULHW\ RI GLIIHUHQW )5 &2/ *8,$1$ 3RVW 2IILFHV &'6 LQF %$ &LFLD 'HYR 'UHNHWL .RURYRX 2OG SDJH ZLWK D FRPSUHKHQVLYH FROOHFWLRQ RI

/DEDVD WR QDPH D IHZ SOXV UHSO\ FRXSRQV ZLWK )LML &'6 VWDPSV 06 QRWH VHW WR I WR I RYSW VFDUFH DQG WZR SULQWHG OHWWHUV VLJQHG E\ WKH 3RVWPDVWHU 6HWV WR I %LUGV ZLWK KLJK YDOHV $ ILQH *HQHUDO $ YHU\ LQWHUHVWLQJ ORW RI LWHPV FROOHFWLRQ RI PLQW VWDPSV

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

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 26

2OG SULQWHG SDJHV ZLWK VWDPSV 06

ZLWK LVVXHV WR ,QF 3RVWDJH DQG $LU VHWV 80 3RVWDJH 'XHV 80 $ XVHIXO UDQJH

)5$1&( 2/' .$%( $/%80 ZLWK VWDPSV &DW

)5 &2/ ,925< &2 2OG 3ULQWHG 3DJHV ZLWK D UDQJH RI VWDPSV

WR ZLWK VHWV FKLHIO\ V WR LVVXHV PXFK PLQW ,QF 80 ZLWK YDOXHV WR IU $ XVHIXO UDQJH

)5 &2/ 0$'$*$6&$5

RYHU ZLWK PDQ\ EHWWHU LWHPV VHWV LQF VW LVVXHV WR )U VRXQG XVHG )U DOO WKUHH W\SHV VPDOO IDXOWV

%RUGHDX[ WR F 3HDFH DQG &RPPHUFH WR )U 0HUVRQ LQF )U D VXSHUE UDQJH RI 6LQNLQJ )XQG LVVXHV IURP LQF PLQW 1DWLRQ 5HOLHI )XQG VHWV LQF PLQW )8 PLQW )8 PLQW PLQW 9HU\ FRPSOHWH IURP PDLQO\ ILQH XVHG FROOHFWLRQ RGG PLQW

2OG 3ULQWHG 3DJHV ZLWK LVVXHV WR ZLWK

6WDPSV ,QF $LUV F 80 %XWWHUIOLHV $LU VHW { 1$32/(21 7RS YDOXH )U &DUPLQH YHU\ ILQH

F 80 $ YHU\ JRRG UDQJH PDLQO\ PLQW DQG FKLHIO\ 80 XVHG 6* YHU\ VFDUFH OR]HQJH '6 FDQFHO IURP $ JRRG UDQJH ZLWK VHWV &DW

1DSROHRQ F W\SH \YHUW D DV D VXSHUE

EORFN RI QHYHU KLQJHG PLQW ZLWK ODUJH PDUJLQV VXSHUE TXDOLW\ )5 &2/ 0$85,7$1,$ VHOGRP VHHQ DV D EORFN 2OG 3ULQWHG 3DJHV ZLWK VWDPSV DQG 06

ZLWK LVVXHV WR ,QF $LUV WR IU 80 FKLHIO\ PLQW ,QF ,PSHUIRUDWH SURRIV RI F 1DSROHRQ KHDGV DV EORFNV RI LQ XQLVVXHG FRORXUV $ ILQH SDLU RI EORFNV 80 $ YHU\ XVHIXO UDQJH

)5 &2/ 1(: &$/

&HUHV F LVVXHG GXULQJ WKH VLHJH 6*

2OG 3ULQWHG 3DJHV ZLWK LVVXHV IURP WR

IUHVK PLQW ZLWK 2* $ YHU\ ILQH VWDPS ZLWK VWDPSV DQG 06 PXFK PLQW PDLQO\ 80 ,QF 3RVWDJH GXHV 3RVWDJH DQG $LU VHWV 80 PDLQO\ 80 &HUHV F 6* IUHVK PLQW ZLWK ODUJH SDUW 2*

IURP $ ILQH UDQJH &DW &DW

)5 &2/ 1(: +(% *URVVO\ PLVSHUIRUDWHG GXH WR SDSHU IROG F

6* VSHFWDFXODU OHDYHV WRS DQG ULJKW KDQG VLGH SDUWO\ SHUIHG 2OG 3DJHV ZLWK XQPRXQWHG PLQW ,QF WK

$QQLYHUVDU\ VHW 'HILQ VHW DQG 3RVWDJH GXH VHW $ JRRG IUHVK 80 VHOHFWLRQ RI VWDPSV 80

*XWWHU SDLU ZLWK SODWH QXPEHU F 6*

\YHUW IUHVK PLQW

)5 &2/ 1,*(5

2OG 3ULQWHG 3DJHV ZLWK LVVXHV WR ,QF

9DULHW\ 6RZHU F LPSHUIRUDWHG \YHUW E &DW

(XUR V IURP WKH WRS RI WKH VKHHW IUHVK 80 'HILQV ZLWK YDOXHV WR I 3RVWDJH GXH VHW PLQW UDQJH RI :LOGOLIH WR IU 80 $ XVHIXO UDQJH RI

VWDPSV 06 &DW 3UH &DQFHO F 3DULV \YHUW $ VFDUFH VWDPS

IUHVK 80 &DW (XUR V )5 &2/ 32/<1(6,$ 2OG 3DJHV ZLWK LVVXHV WR ZLWK EHWWHU

3UH FDQFHOV FROOHFWLRQ RI VWDPSV LQF HDUO\

SLFNLQJV ,QF $LU 6* FDW 80 'HILQ VRZHUV 3DVWHXU FRLQV ]RGLDF FRFNHULOO PXVLFDO LQVWUXPHQWV 3RVWDJH VHW &DW 80 ([KLELWLRQ 06 80 $ YHU\ IORZHUV HDFK GLIIHUHQW FKLHIO\ 80 FDW HXUR V JRRG UDQJH RI VWDPSV 06 ZLWK D &DW 9DOXH RYHU

PXFK PLQW ,QF PDQ\ 80 VWDPSV %RUGHDX[ ([KLELWLRQ RYSW IU 6* H IUHVK

)5 &2/ 5(81,21 OLJKWO\ PRXQWHG PLQW &DW 9DULHW\ F PDS RI WKH ,VODQG ZLWK WKH FHQWUH

JURVVO\ PLVSODFHG 6* YDU PLQW ZLWK H[SHUW ODQG VWDPS RQ WKH { %25'($8; 3+,/$7(/,& &RQJUHVV RYSW )U 6* ILQH XVHG VPDOO WKLQ UHYHUVH , KDYH QHYHU VHHQ RQH WKLV PLV SODFHG EHIRUH ^3KRWR` { 3$5,6 (;+,%,7,21 )U VLQJOH 6*

5HG &URVV RYSW VHW RI 6* LQF VFDUFH

PLQW EODFN RYSW PLQW ^3KRWR` { $,5 )LUVW LQWHUQDWLRQDO GLVSOD\ )U YHU\ ILQH

2OG 3DJHV ZLWK LVVXHV WR ,QF &)$ RYSWV

XVHG 6* H[SHUWLVHG RQ WKH SLHFH 6FDUFH 3RVWDJH GXH VHWV 'HILQLWLYH VHWV ZLWK PXFK PLQW ,QF ORWV RI

80 VWDPSV VWDPSV &DW :$5 253+$16 6HW RI 6* PLQW

)5 &2/ 620$/,

2OG 3ULQWHG 3DJHV ZLWK LVVXHV IURP WR

ZLWK PXFK 80 IURP WR ,QF GHILQ VHW RI $QLPDO VHW WR IU $ JRRG UDQJH ZLWK D &DW 9DOXH RYHU VWDPSV

6LQNLQJ )XQG ERWK VHWV 9)0 6*

FKRLFH %RRNOHWV RI DQWL 7% IXQG UDLVLQJ VWDPSV LQ

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

FRPSOHWH FRQGLWLRQ VLPLODU WR VWDPS ERRNOHWV $ Y ILQH ORW RI GLII ZLWK FRPSOHWH ODEHO SDQHV 8QXVXDO

2/' 3$*(6 ZLWK EHWWHU SLFNLQJ RYSW

GHILQV WR I DQG XQLVVXHG F F I I I DQG IU /H +DYUH IU SKLODWHOLF H[KLE RYSW 6* YIP F HDUO\ DLUV WR I $ XVHIXO VHOHFWLRQ RI VWDPSV UDQGRPO\ DUUDQJHG RQ SDJHV PLQW LQF 80 /( +$95( 3KLODWHOLF RYHUSULQW 6* 9HU\

2OG 3DJHV ZLWK LVVXHV WR D JRRG UDQJH RI

IUHVK PLQW VWDPSV 06 &DW ZLWK KLJK YDOXH $LUV VHW 80 WR I H[ I 80 3RVWDJH VHW 80 FKLHIO\ PLQW 6LQNLQJ )XQG VHW RI 6* PLQW &DW

ZLWK PXFK 80

$,5 )U 6* IUHVK /00 6FDUFH

VISIT www.philangles.co.uk.

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 27

$LU %DQNQRWH IU VXSHUE PDUJLQDO H[DPSOH

ZLWK LPSULQWHG GDWH DQG HQJLQH WXUQLQJ LQ WKH PDUJLQV 6*

XQPRXQWHG PLQW

/LEHUDWLRQ &DHQ FRPSOHWH VHW RI ,QF WKH

UDUH )U 3HWDLQ DOO 80 0DXU\ (XUR

^3KRWR`

{ $,5 6HW RI 6* ILQH XVHG

/LEHUDWLRQ &KDORQ 6XU 0DUQH RYSW 6HW RI

80 YDOXHV ZHUH XQLVVXHG 0DXU\ (XUR 9HU\

ILQH ^3KRWR`

{ $LU VHW RI 6* ILQH XVHG

/LEHUDWLRQ &KRX]H 6XU /RLUH RULJLQDO RYSW 6HW

RI ILQH 80 0D\HU

$LUPDLO IU EDQNQRWH YIP $ YI H[DPSOH 6*

/LEHUDWLRQ &LQT 0DUV /D 3LOH )U 3HWDLQ

4 F YHU\ ILQH 80 5DUH 0DXU\ (XUR

^3KRWR`

{ 6RXWK $PHULFD IOLJKW IU 6* 9)8 FDW

/LEHUDWLRQ &LQT 0DUV /D 3LOH $ VHW RI F

WR )U ILQH 80 &DW $SSUR[ (XUR

0XVHXP VHW IUHVK P 6* FDW

3H[LS &HUHV LVVXHV IURP WKH XP DV XP JXWWHU

SDLUV 9) <YHUW FDW 3(;,3 PLQLDWXUH 6*06 80

/LEHUDWLRQ &OXVHV VHW RI F WR )U 80

0D\HU

/LEHUDWLRQ &XU]D\ D VHW RI GLIIHUHQW YDOXHV

,QF WKH UDUH )U $OO 80 9HU\ ILQH &DW &LUFD

(XUR ^3KRWR` /LEHUDWLRQ &XU]D\ $ VHW RI GLIIHUHQW

YDOXHV ,QF WKH UDUH )U DOO 80 9HU\ ILQH &DW &LUFD

3(;,3 VKHHW ILQH PLQW FDW 6* PV

(XUR ^3KRWR`

/LEHUDWLRQ 'DFD]HYLOOH 7\SH ,, FRPSOHWH VHW

RI 9HU\ ILQH 80 0DXU\ &DW (XUR

3(;,3 VKHHW ILQH PLQW FDW 6*

PV

^3KRWR` /LEHUDWLRQ 'HFD]HYLOOH 7\SH , FRPSOHWH VHW

RI YHU\ ILQH 80 0DXU\ &DW (XUR

3(;,3 6WDPSV IURP WKH 06 EORFN RI ZLWK

/DEHOV 6WDPSV DUH 80

^3KRWR`

{ /(*,216 $LU ) *UHHQ DQG 5HG \YHUW ILQH

XVHG 6HOGRP VHHQ XVHG

/LEHUDWLRQ *H[ )U 3HWDLQ YHU\ ILQH 80

5DUH 0DXU\ (XUR ^3KRWR` /LEHUDWLRQ *H[ $ VHW RI GLIIHUHQW RYSWV

:LWK YDOXHV WR )U

/HJLRQ $LU VHW RI $LU VHW RI

3LFWRULDO VHW RI <YHUW 80

/LEHUDWLRQ 0HDVQHV VHW RI YHU\ ILQH 80 /(*,21 $LU ) ) &DUPLQH DQG %OXH \YHUW

0DXU\ (XUR ILQH XVHG 6HOGRP VHHQ XVHG { %/2& ,/27 '( 67 1$=$,5( ZLWK F DQG

F D /WG VKHHW DQG VFDUFH

/LEHUDWLRQ 0RQWOXHO RYSW 6HW RI WHQ 80

9DOXHV IURP F WR )U

/LEHUDWLRQ 0RUQDQW %OXH 6KLHOG RYHUSULQW 7KH /LEHUDWLRQ $LJXUDQGH RYSW 6HW RI 80 -XVW

VHWV SUHSDUHG 0DXU\ DQG (XUR VHW RI GLIIHUHQW YDOXHV IURP F WR )U 0D\HU 9HU\ ILQH

80

^3KRWR`

/LEHUDWLRQ 0RUQDQW 5HG 6KLHOG RYSW $ VHW RI

GLIIHUHQW YDOXHV IURP F WR )U 0D\HU 9HU\ ILQH

/LEHUDWLRQ $OHFRQ YDOXHV WR )U F

80

80 ^3KRWR`

/LEHUDWLRQ $XGLHUQH W\SH , RYSW *URXS RI

GLIIHUHQW RYSWV 80 F WR )U 9HU\ ILQH 80 6HOGRP

/LEHUDWLRQ 1HYHUV RYSW 6HW RI F WR )U

F 9HU\ ILQH 80 0D\HU

RIIHUHG $OVR DQ H[DPSOH RI WKH UDUH )U 3HWDLQ ZLWK VPDOO VXUIDFH IDXOW QRW FRXQWHG ^3KRWR`

/LEHUDWLRQ 1LFH ZLWK W\SH % RYSW 7KH VHW RI

YHU\ ILQH 80 0D\HU 0 $ ^3KRWR`

/LEHUDWLRQ $XGLHUQH W\SH ,, RYSW 6HW RI

YDOXHV F WR UDUH )U WRS YDOXH ILQH 80

/LEHUDWLRQ 1LRUW 7\SH RYSW LQ 5HG VHW RI

YHU\ ILQH 80 0D\HU

^3KRWR` /LEHUDWLRQ $X[HUUH VHOHFWLRQ RI GLIIHUHQW

RYSWV F WR )U YHU\ ILQH 80

/LEHUDWLRQ %DGRQYLOOHU 5) RYSW 6HW RI 80

0DXU\ (XUR ^3KRWR` /LEHUDWLRQ %D]RFKHV RYSW 6HOHFWLRQ DOO

80 F WR )U SOXV D YHU\ ILQH H[DPSOH RI WKH UDFH

/LEHUDWLRQ 1LRUW 7\SH RYSW ,Q 5HG VHW RI

YHU\ ILQH 80 0D\HU /LEHUDWLRQ 1LRUW 7\SH RYSW ,Q 5HG RQ

HQJUDYHG )U )U 0DXU\ ILQH 80 5DUH &DW

(XUR ^3KRWR` /LEHUDWLRQ 1LRUW 7\SH RYSW ,Q 5HG RQ

HQJUDYHG )U )U 0DXU\ ILQH 80 5DUH &DW

)U ^3KRWR` /LEHUDWLRQ %RXUJYHLO 5) RYSW 6HW RI ILQH

80 $Q LQFUHGLEO\ UDUH VHW RI :DUWLPH RYSWV 0DXU\

(XUR ^3KRWR`

(XUR ^3KRWR` /LEHUDWLRQ %UHWDJQH %UHL] 8QDQ $ VHW RI

RYSWV F )U YHU\ ILQH 80 )LQH DQG VFDUFH

^3KRWR` /LEHUDWLRQ %UHWDJQH 7UHLFK %UHL] DQ 80 VHW

RI GLIIHUHQW YDOXHV F WR )U 9HU\ ILQH

^3KRWR`

/LEHUDWLRQ 3RLWLHUV 7\SH ,, RQ )U 3HWDLQ WLS

YDOXH YHU\ ILQH 80 6FDUFH 0DXU\ &DW

(XUR ^3KRWR` /LEHUDWLRQ 3RLWLHUV 7\SH ,, RQ HQJUDYHG )U

)U F 0D\HU 9HU\ ILQH 80

^3KRWR`

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 28

/LEHUDWLRQ 3RLWLHUV 7\SH ,, RYSW 6HW RI

YHU\ ILQH 80 0DXU\ &DW (XUR

^3KRWR` /LEHUDWLRQ 3RQV F DV D 6H 7HQDQW YHUWLFDO

SDLU ZLWK ERWK W\SHV RI RYSW 9)0 0D\HU ^3KRWR` /LEHUDWLRQ 3RQV RYSW 6HW RI FRPSOHWH YHU\

ILQH 80 0DXU\ /LEHUDWLRQ 3RQV 7\SH ,, RYSW 6HW RI

FRPSOHWH YHU\ ILQH 80 0DXU\ &DW (XUR

^3KRWR` /LEHUDWLRQ 5RDQQH 3DUW VHW RI YHU\ ILQH

80 0D\HU /LEHUDWLRQ 5RFKHIRUW UDQJH RI GLIIHUHQW

RYSWV F WR )U YHU\ ILQH 80 0D\HU ,VVXH

^3KRWR` /LEHUDWLRQ 5RPDWLRQ RYSW 6HW RI YHU\ ILQH

80 0D\HU ^3KRWR`

7+( 72%$&&2 ,1'8675< ([FHSWLRQDO

SDJH H[KLELWLRQ GLVSOD\HG WR WKH KLJKHVW RI VWDQGDUGV LQFOXGLQJ

DQ H[WHQVLYH FROOHFWLRQ RI HDUO\ SRVWHU VWDPSV DQG FRXSRQV DUUDQJHG E\ FRPSDQ\ ZLWK PDQ\ $EDGLH PLQW ,QF VHWV $GYHUW &RYHU IRU 5L]OD 3DSHUV SOXV ODEHOV $GYHUW &RYHU 5HJLVWHUHG *UHDW $GYHUW &RYHU IRU 3OXPE 3LSHV QXPHURXV RWKHU &RYHUV DQG &DUGV XVHG ZLWK HDUO\ \HDUV RI FROOHFWLQJ KHUH ([FHOOHQW TXDOLW\ LWHPV PDQ\ ODEHOV

8102817(' 0,17 &ROOHFWLRQ RI VWDPSV

06 6KHHWOHWV &DW 9DOXH RYHU ZLWK PDQ\

FRPSOHWH VHWV LQF $UW 3UH &DQFHOV 'HILQLWLYHV +LJK YDOXH $LUV $ UDQJH RI VHWV IURP WR $ YHU\ ILQH FROOHFWLRQ 7+( 72%$&&2 ,1'8675< &ROOHFWLRQ RI

VHOHFWHG LWHPV RI 3RVWDO +LVWRU\ RQ H[KLELWLRQ SDJHV H[FHOOHQW TXDOLW\ DOO UHODWHG WR 7REDFFR ,QF HDUO\ PDFKLQH FDQFHOODWLRQ FRYHUV %XVLQHVV HQYHORSHV XVHG IURP WKH LQGXVWU\ 9) LOOXVWUDWHG (QY )8 GLSORPDWLF FLJDUV FDQFHOV ZLWK PXFK

V &DUHIXOO\ FRPSLOHG

)5(1&+ &2/21,(6

/LEHUDWLRQ 6DLQW 'LH 5DQJH RI GLIIHUHQW RYSWV

3267$*( '8(6 LQF LPSHUI LVVXHV WR F

F WR )U YHU\ ILQH 80 %HWZHHQ 0D\HU

VHW RI &DW

/LEHUDWLRQ 6DLQW /DXUDQW UDQJH RI GLIIHUHQW 5RXQG ,VODQG S RQ F 6* D FRPSOHWH

YDOXHV WR )U ZLWK WKLV LQWHUHVWLQJ RYSW %HWZHHQ 0D\HU VKHHW LQ WZR KDOYHV FDW VHOGRP VHHQ 80

$OO YHU\ ILQH 80 ^3KRWR`

/LEHUDWLRQ 7KH 0D\HU SULFHG FDWDORJXH WK

&RPSUHKHQVLYH &ROOHFWLRQ 80 FROOHFWLRQ RI

WK $QQLYHUVDU\ (GLWLRQ ILQH VRPH FRYHU FUHDVLQJ ,QYDOXDEOH VWDPSV ZLWK YDOXHV WR IU PDQ\ FRPSOHWH VHWV ,QF GHILQ

UHIHUHQFH /LEHUDWLRQ 9HUQHW /HV %DLQHV RYSWV F WR

)U VHW RI YHU\ ILQH 80 0D\HU

^3KRWR` /LEHUDWLRQ $X[HUUH )U 3HWDLQ YHU\ ILQH 80

0DXU\ (XUR $ UDUH LVVXH ^3KRWR` :UHFN 0DLO )LQH $PEXODQFH HQYHORSH ZLWK

4 3(5 $&&,'(17 ' $9,21 OLQH FDFKHW 9HU\ ILQH

$,5 6HW RI 6* IUHVK PLQW

VHW $LU VHW 3RVWDJH GXH VHW $LU VHW 2IILFLDO VHW D YHU\ JRRG FROOHFWLRQ &DW { $/*(5,$ $ FROOHFWLRQ RI V DOO GLIIHUHQW RQ

SDJHV 0 )8 ([FHOOHQW YDULHW\ { (DUO\ LVVXHV RQ 2OG +DJQHUV 6WF

VWDPSV PRVWO\ DOO GLIIHUHQW ZLWK 3HDFH DQG &RPPHUFH 6W

3LHUUH RYSWV 1HZ &DOHGRQLD HDUO\ RYSWV 5RDG ,VODQG YDOXHV WR SL PLQW 8VHIXO ROG LVVXHV )UHQFK ,QGLDQ 6HWWOHPHQWV &ROOHFWLRQ RQ 2OG

3ULQWHG 3DJHV VWDPSV 06 &DW ,QF 'HILQ VHW PLQW ([KLELWLRQ 06 80 3RVWDJH DQG $LU VHW 80 'HILQ VHW 80 $LU VHW 80 $ JRRG UDQJH FKLHIO\ PLQW ,QF 80

0RVW XQXVXDO VWDPS FHQWHQDU\ VWULS RI ZLWK

WKH WZR RXWHU VWDPSV XVHG DQG WKH PLGGOH VWDPS 80 I \YHUW *8,1($ $IULFD ,QGHSHQGHQFH SHULRG

H[WHQVLYH FROOHFWLRQ RI 80 LQ DQ ROG FRQWLQHQWDO VWRFNERRN ZLWK LPSULQWHG PDUJLQ $ VXSHUE VWULS QHYHU KLQJHG VWDPSV 06 ,QF VFDUFH 2O\PSLF $LUPDLO RYSWV PDQ\ ILQH VHWV VRPH LPSHUIV *RRG ORW :UHFN 0DLO %XVLQHVV (QY :LWK &RXUULHU

4 $FFLGHQWH &RXUV GH 7UDQVSRUW KDQGVWDPS ZLWK VLJQV RI

%XUQLQJ 0RURFFR LPSHUIRUDWH SURRIV RI )H]

5DEDW GHILQLWLYHV ZLWKRXW YDOXHV RQ VXQNHQ FDUGV 6FDUFH :UHDN 0DLO %XVLQHVV (QYHORSH &UHGLW

4 $JULFROH ZLWK VLJQV RI EXUQLQJ ZLWK $LU $FFLGHQW KDQGVWDPS

GDWHG '8 6FDUFH 2OG 3DJHV ZLWK )UHQFK &RORQLHV LQ $IULFD ZLWK

LVVXHV IURP *DERQ 8SSHU 9ROWD &RQJR *XLQHD 6XGDQ 0DOL 0,66,1* 5(' (5525 RQ I F $UF VWDPS XP

ZLWK QRUPDO WR FRPSDUH $ UDUH PLVVLQJ FRORXU <YHUW E FDW &KDG 6HQHJDO ZLWK VWDPSV ,QF KLJK YDOXH $LUV WR I FKLHIO\ PLQW ,QF PXFK 80 ZLWK LVVXHV WR ZLWK PDQ\ KLJK HXUR YDOXH $LU VHWV EHLQJ 80 (DUO\ SLFWXUH SRVWFDUGV XQXVHG VHHP WR EH SUH

2OG 3DJHV ZLWK ,QLQV RYSW ,VVXHV $ ILQH UDQJH

V VHHQ *UHQDEOH 6W 2PHU 6W 0DOR $YLJQRQ 5RXHQ RI VWDPSV 0V ZLWK YDOXHV WR IU PLQW ,QF 80 1LPHV $ YHU\ JRRG FROOHFWLRQ ZLWK VRPH RI WKH WRZQ DQG

YLOODJHV PHQWLRQHG IURP WKLV FROOHFWLRQ RI FDUGV

3RVW 2IILFH LQ &KLQD *XWWHU SDLUV ZLWK SODWH

QXPEHUV ,QF F RQ F EORFN RI 3RVWDJH GXH F RQ F /LEHUDWLRQ RI $UJHQWDQ 6LJQHG LOOXVWUDWHG FRYHUV

DQG F RQ F ,QGR &KLQD RYSW &KLQD ZLWK QXPEHU $ JRRG

VLJQHG E\ ::,, 5HVLVWDQFH ,QF -RKQ 5\FURIW DQG ) JURXS IUHVK PLQW 'HVJUDQJHV /WG WR F 0 4XDQGLHX DQG 0 &KDXGLqUH /WG WR 0 %L]HW DQG 0 6RXEDEHUH /WG WR 3267$*( '8(6 RQ SDJHV VRUWHG E\ FRXQWU\

DQG LVVXHV $ YHU\ JRRG ORW RI GXHV PDLQO\ PLQW LQF 80 1$1&< :$.( 7KH :KLWH 0RXVH DQG +(15,

ZLWK VHWV LQF )H]]DQ VHW RI VL[ DQG 1HZ 7$5',9$7 6FDUFH GRXEOH VLJQHG FRYHU &DOHGRQLD VHWV 1LJHU RYSW VHW RI ZLWK PDQ\ FRPSOHWH 5HG FURVV VWDPS ERRNOHWV WKH VHWV

FRPSOHWH FROOHFWLRQ RI GLII ERRNOHWV LQ Y ILQH FRQGLWLRQ 6* [VE

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

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 29

8EDQJL 6KDUL &HQWUDO $IULFDQ 5HSXEOLF LVVXHV

RQ 2OG 3ULQWHG 3DJHV WR $LU I I I 80 %XWWHUIOLHV VHW 80 VPDOO EXW XVHIXO FKLHIO\ PLQW ,QF 80

{ *5283 RI LQWHUHVWLQJ LWHPV LQFO /RVV RI

(PSLUH PRXUQLQJ ODEHO UHJLVWUDWLRQ ODEHO K K K XVHG RQ SLHFHV ZLWK 7$9(7$ SPNV :XJD òK W\SH , ODEHO DQG RYHUVL]HG <DFKW òK &LQGHUHOOD JRRG WR ILQH LWHPV

*$0%,$ 9DULHW\ (GZDUG G ZLWK GHQWHG IUDPH 6* D

)UHVK PLQW

*(5 &2/6 /(9$17 3RVWDO +LVWRU\ SRVWDO FDUG SD RQ SI

ZLWK YHU\ ILQH 60<51$ FGV VHQW WR 1HWKHUODQGV ZLWK $PVWHUGDP DUULYDO PDUN SRVWDO FDUG ZLWK 838 7XUNH\ FURVVHG RXW ZLWK &RQVWDQWLQRSOH 'HXWVFKH SRVW FGV VHQW WR ,WDO\ FDUG ZLWK YHU\ ILQH %HLUXW FGV VHQW WR *HUPDQ\ FRYHU VHQW $VRLR LQ *HUPDQ\ ZLWK WUDQVLW PDUNV RQ WKH UHYHUVH D ILQH JURXS RI FRYHUV FDUGV ZLWK GHWDLOV

.*9 YDULHW\ òG 63/,7 $ ILQH PLQW %3$ &HUW

6* F .*9 ZPN 0XOW &URZQ &$ VHW SOXV òG G

òG G G G VKDGHV 6* 9)0

^3KRWR` .*9 GHILQV ZPN PXOW VFULSW FD VHW 6*

YIP

*(5 &2/6 6$02$ { 6DPRD 2YSW SI <DFKW SI SI SI SI

.*9 GHILQV ZPN PXOW VFULSW FD VHW SOXV òG

SI DQG PN DOO ILQH XVHG

VKDGH 6* YIP ^3KRWR`

*(5 =21(6 5866,$1

.*9 GHILQV ZPN PFD VHW 6* YIP

5HJLVWHUHG (QY ZLWK 0HFNOHQEXUJ SHUI DQG

LPSHUI LVVXHV LPSHUI SI SI SI SI SHUI SI SI SI DQG SI DOO QLFHO\ FDQFHOOHG ZLWK D &'6 VWDPSV DV YHU\ ILQH XVHG FDWDORJXHG RYHU ZLWKRXW SUHPLXP IRU EHLQJ RQ D FRYHU

6SHFLPHQ 3HUIRUDWHG &RURQDWLRQ 6HW RI

6* V PLQW .*9, IUHVK PLQW &RURQDWLRQ GHILQ VHW RI

*(50$1 &2/21,(6

9LFWRU\ 6LOYHU :HGGLQJ 838 FDW

3RVW 2IILFH LQ &KLQD &RYHU WR 0XQFKHQ

3LFWRULDO GHILQLWLYH VHW RI 6* YHU\

IUDQNHG [ SI (DJOHV HDFK WLHG QHDW 7,(176,1 &'6

IUHVK PLQW

{ 0DUVKDOO ,VODQG RYHUSULQWV W\SH ,, ZLWK VKDGHV

4(,, '(),1,7,9( 6HW RI DV EORFNV RI

6* SOXV 5R\DO 9LVLW 6HW RI YHU\ IUHVK 80

SI SI SI SI SI SI 6** ILQH XVHG

^3KRWR`

{ *HUPDQ 32 LQ &KLQD SI SDLU DQG SI VLQJOH

%LUG GHILQLWLYH VHW RI IUHVK PLQW &DW

ERWK ZLWK YHU\ ILQH 7LHQWVLQ &'6 6*= D D ILQH XVHG

6*

{ *HUPDQ 32 LQ &KLQD SLHFHV ZLWK 5HLFK SRVW

%LUGV 'HILQ 6HW DV EORFNV RI YHU\ ILQH 1+0

6* ^3KRWR` LVVXHV SI SI SI SDLU DQG SI VLQJOH ZLWK 6KDQJKDL &'6

FDQFHOV 6*= D D ILQH XVHG

3267$/ +,6725< VHOHFWLRQ LWHPV LQF

{ *HUPDQ 32 LQ &KLQD SI SDLU ZLWK VXSHUE

-XELOHH VHWV RQ FRYHUV GLII VXSHUE .*9 5HJ G FRYHU WR 8. ZLWK VWDPSV ZLWK òG UDWH .*9, IOLJKW FRYHUV ZLWK YDOXHV WR G { 63(&,0(1 2YSW VHOHFWLRQ JRRG UDQJH RI

(GZDUGV WR PL[HG FRQGLWLRQ PRVW DUH JRRG WR ILQH

*(25*,$

6KDQJKDL &'6 6* D ZLWK GDWH VWDPS *HUPDQ 6WDPSV XVHG LQ &KLQD SI VLQJOH DQG

RQ SLHFH SI DOO ZLWK YHU\ ILQH 6KDQJKDL &'6 6*= D D YHU\ ILQH XVHG 0$5,$1$ 2YSW 6HW RI 6L[ ILQH PLQW

6*

1(: ,668(6 ZLWK GLII LVVXHV { 785.,6+ (03,5( (DJOH RYSW 6HW RI

SOXV 06 RU VKHHWOHWV IURP WKLV UDUHO\ RIIHUHG 5XVVLDQ )8 %WZ 6*

6DWHOOLWH VWDWH &RPSUHKHQVLYH Y ILQH 1+0 9HU\ KLJKO\ FDWDORJXHG PDQ\ ILQH VHWV

{ 7XUNLVK (PSLUH KLJK YDOXHV 9)8 SL

SL DQG SL 6* 1LFH 3PNV

*(5 &2/6 &$0(5281 2ULJLQDO &ROOHFWLRQ RI VWDPSV 06 &DW

,QF GHILQ VHW 80 $LU VHW 80 $LU VHW 80 D ILQH UDQJH RI LVVXHV ZLWK PDQ\ VHWV PRUH PRGHUQ LVVXHV 80

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

{ 785.,6+ (035,( KLJK YDOXHV SL SL

DQG SL 9)8 1LFH YDULHW\ RI 3RVWPDUNV 6*

*(50$1 67 35866,$ .LQJ EORFN RI ZLWK :UHWK :PN òVJU VJU

VJU DQG VJU PLQW ZLWK VRPH VWDPSV EHLQJ 80

{ 3RVW 2IILFH LQ (DVW $IULFD LVVXHV ZLWK VKDGHV

6* ZLWK D YDULHW\ RI FDQFHOV ILQH XVHG

{ 2YHUSULQW W\SH ,, ZLWK VKDGHV 6* SI

WR SI ILQH XVHG

*(50$1< 'HXWVFKH 6HHSRVW $XVWUDOLVFK +DPEXUJ /LQH

&'6 RQ YHU\ ILQH FRYHU WR &]HFKRVORYDNLD IUDQNLQJ SI (DJOH $ ILQH HDUO\ 0DULWLPH &RYHU

{ +LJK 9DOXHV <DFKWV U U DQG U H[SHUWLVHG

-XELOHH LOOXVWUDWHG FRYHUV DOO ZLWK

6* ILQH XVHG

/XGZLJVEXUJ &'6 FDQFHOV HDFK GLIIHUHQW

{ <DFKWV &XUUHQF\ &KDQJH QR :PN òK K

$LUPDLO SI 0DUJDUHWHQ IRUHUXQQHU OLJKW %OXH

0L E IUHVK 80

òK K K DQG K VFDUFH ZPNHG òK K

VKDGHV K DOO ILQH XVHG

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 30

$LUPDLO IRUHUXQQHU SI 5HJHQVEXUJHU VWDPS

4 SURGXFHG SKRWRJUDSKLFDOO\ YHU\ ILQH PLQW ZLWK %XKOHU

*(50$1< $//,(' =21(6

&HUWLILFDWH RI *HQXLQHVV 6HOGRP RIIHUHG DQG 0LFKHO

5HYHQXHV WHWH EHFKH SDLUV RI %UDXQVKZHLJHU

ZLWK YDOXHV WR 0N V SDLUV IUHVK 80

5KLQHODQG 3DODWLQDWH VHWV PLQW LQF 80

GHILQ VHW RI -XQH VHW RI 5HOLHI )XQG 7KLUG GHILQ VHW F 80 5HG &URVV VHW LQF 06 ZKLFK LV 80 *RHWKH VWDPS FHQWHQDU\ 838 $ VXSHUE UDQJH RI VHWV &DW

{ /DUJH SLHFH ZLWK GHILQLWLYH V WR P RQH RI

2OG 3DJHV ZLWK VHWV FDWDORJXHG RYHU

HDFK YDOXH H[ SI UHG DOO ZLWK YHU\ ILQH +DQQRYHU H[SRUW PHVVH FGV D VXSHUE LWHP

LQF *ROG &XUUHQF\ 2IILFLDOV 2IILFLDOV 'HILQV $LUV $ YHU\ JRRG FROOHFWLRQ RI VWDPSV PLQW

*RHWKH PLQLDWXUH VKHHW 6*065 D IUHVK

80

=HSSHOLQ 6RXWK $PHULFD VHW PLQW 6* D

4 FDW

*(50$1< ($67

=HSSHOLQV GLIIHUHQW RYSW 6HWV RIILFLDOO\

UHSURGXFHG 6RXWK $PHULFD 3RODU )OLJKW DQG &KLFDJR VHWV

)LYH \HDU SODQ DV 80 FRUQHU EORFNV RI 0LFKHO

FDW (XURV

IUHVK 80 VWDPSV

.DUO 0DU[ VHW RI ILUVW GD\ FRYHUV ZLWK HDFK

{ )LQH XVHG RQ ROG SULQW SDJHV ZLWK EHWWHU

KDYLQJ WKH SHUI PLQLDWXUH VKHHWV ZLWK D VSHFLDO FDQFHO VPDOO QHDW DGGUHVVHV 6FDUFH RQ FRYHUV

SLFNLQJV +LQGHQEXUJ WR SI ZHOIDUH IXQG VHW RI ZHOIDUH VHW RI ZHOIDUH VHW RI $ YHU\ JRRG UDQJH RI VWDPSV ZLWK PDQ\ VHWV +LWOHU 8QVHUH +RIIQXQJ 3DWULRWLF /DEHO WLHG RQ

D ([SUHVV &RYHU VHQW IURP (VVHQ SI SI IUDQNLQJ UHJLRQDO KDWV 8QPRXQWHG 0LQW +LWOHU 0LQLDWXUH 6KHHWV

&XOWXUH DQG %LUWKGD\ 6*06 VHOGRP VHHQ 80

*(50$1< :(67 7KUHH VHWV 6WDPS $QQLYHUVDU\ VHW 838 DQG

5HOLHI VHW RI &DW PLQW (DUO\ VHWV 80 ,QF 6W 0DU\ V &KXUFK VHW 1%$

VHW 1REHO 3UL]H 5HOLHI )XQG VHW &DW

32: FDUG VHQW IURP *HUPDQ\ WR 6RXWK $IULFD

ZLWK +LWOHU SI HQGRUVHG YLD /LVERQ .KDUWRP ZLWK 2)/$* 9$ FDFKHW

8QPRXQWHG PLQW RQ ROG VWRFN ERRN SDJHV FDW

(XURV VHHQ PDQ\ FRPSOHWH VHWV LQF ZLOGOLIH (XURSD DQG IDPRXV ZRPHQ VWDPSV 06

*+$1$

::,, =RQHV LVVXHV RU FRYHUV ,QF

5HOLHI )XQG VHW RQ WZR FRYHUV /HLS]LJ )DLU LOOXVWUDWHG ,1'(3(1'(1&( 2YHUSULQW 6HW RI

FRYHUV ZLWK GLIIHUHQW IUDQNLQJV $ ILQH JURXS 6* DV 80 EORFNV RI YHU\ IUHVK $GROI *DOODQG -RVHSK 6FKUHLHGHU (QJODQG

*,%5$/7$5 *DPH DQG RQH RWKHU YHU\ VFDUFH DV RQO\ ZHUH VLJQHG WKLV ZD\ VXSHUE LOOXVWUDWHG FRYHUV { 6* WRS YDOXH IX F

{ (DUO\ SULYDWH SRVW VWDPSV ZLWK GLIIHUHQW

WRZQV UHJLRQV +DQRYHU %HUJGRUI (VVHQ %UHVODX /HLS]LJ D 6* )LUVW LVVXH RYSW YHU\ ILQH PLQW .H\

JRRG DUUD\ RI FKLHIO\ ILQH XVHG VWDPS +DPEXUJ ORFDO SRVW ROGWLPH FROOHFWLRQ RI PDQ\

V RQ ROG SDJHV PXFK XQXVHG ZLWK PDQ\ GLIIHUHQW W\SHV ,Q { 9DULHW\ òG RYSW LQ %OXH %ODFN ,QN )8

QHHG RI VRUWLQJ %UDQGRQ &DUW YHU\ VPDOO FUHDVH 6* D F

/RFDO 3RVW +DPEXUJ 2OG 3DJHV ZLWK D

UHPDUNDEOH FROOHFWLRQ RI ORFDO SRVW VWDPSV ZLWK PXFK XQXVHG ZLWK PDQ\ GLIIHUHQW W\SHV $Q RULJLQDO ORW RI V RI VWDPSV

6SDQLVK FXUUHQF\ VHW RI ZLWK DGGLWLRQDO

VKDGHV DQG EORFNV LQF F F F DV EORFNV DQG F F S S S ZLWK VSHFLPHQ RYSW $ JRRG ORW IUHVK PLQW FDW

/2&$/6 &285,(5 6WDPSV RQ ROG VWRFNFDUGV

PDQ\ V RI VWDPSV PDLQO\ XQXVHG VHHQ &KHPQLW] H[SUHVV { 49 6(76 VHW RI 6* DQG VHW RI ILQH WR VRXQG XVHG SDFNHW +DXVD SULYDWH SRVW /XHEHFN ORFDOV /HLWPHULW] H[SUHVV %HUJHGRUI ORFDOV %RFKXP ORFDOV LQ EORFNV $ YHU\ JRRG (GZDUG 6* IUHVK PLQW 3RVV QHYHU

UDQJH KLQJHG GHHS LPSUHVVLRQ 9HU\ ILQH ^3KRWR` 2OG DOEXP SDJHV ZLWK WKLUG UHLFK LVVXHV ZLWK

PDQ\ EHWWHU SLFNLQJV UHLFKVWDJ +LQGHQEXUJ VHW RI .*9 WRS YDOXH YIP 6*

ZHOIDUH IXQG ZHOIDUH IXQG 2O\PSLF 06 +LWOHU ELUWKGD\ 06 D YHU\ JRRG FROOHFWLRQ RI VWDPSV PV PLQW 9DULHW\ /DUJH LQ ò YDULHW\ 6* D PLQW

&DW 2OG DOEXP SDJHV ZLWK :(,0$5 UHSXEOLF LVVXHV

VHHQ PDQ\ EHWWHU SLFNLQJV ZHOIDUH IXQG SLFWRULDO

6* ZHOIDUH IXQG ,$$ RYSW VHWV .*9 ILQH PLQW 6*

ZHOIDUH IXQG $ YHU\ JRRG FROOHFWLRQ RI VWDPSV PLQW

.*9 6* VXSHUE IUHVK PLQW 3RVV QHYHU

2OG IROGHU ZLWK LQWHUHVWLQJ LWHPV 2O\PSLF

KLQJHG YLYLG FRORXU DQG RXWVWDQGLQJ TXDOLW\ VHW RQ LOOXVWUDWHG VKHHW IDPRXV %HUOLQV SI EORFN RI ^3KRWR` FDW HXUR 80 VHFRQG %HUOLQ SKLODWHOLF H[KLELWLRQ LOOXVWU { 6LOYHU -XELOHH VHW 6* 9)8

VKHHW ZLWK VSHFLDO FDQFHO $Q LQWHUHVWLQJ UDQJH RI

LWHPV ::,, 72%$&&2 0$,/6 32: &DUGV )8

DQG GHWDLOHG RQ SDJHV DOO GHSLFWLQJ ODUJH &LJDUV ,QF RQH VHQW IURP /RNNHQ 1RUZHJLDQ ,QWHUQPHQW &DPS 9HU\ ILQH

'HILQLWLYH V WR DV EORFN RI 80 ZLWK D

YDULHW\ RI SHUIRUDWLRQV &DW DV VLQJOH VWDPSV QRWH G DQG

G LPSULQWHG EORFNV SOXV 1HZ &RQVWLWXWLRQ RYSW VHW RI DV VWDPSV 80 ^3KRWR`

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 31

.*9, 'HILQLWLYH VHW RI 6* PLQW { &$1&(//$7,216 .*9, 3(5,2' $Q

'HILQLWLYH VHW ZLWK VKDGHV DQG G ZLWK PDMRU UH

WRXFK YDULHW\ 6* D FDW D VHW RI VWDPSV HDFK GLIIHUHQW 6* IUHVK PLQW FDW

LOOXVWUDWHG FROOHFWLRQ RI VRPH ORR V RQ SDJHV ZLWK D ZLGH YDULHW\ RI GLIIHUHQW &'6 3PNV &RYHUV ,QF &HQVRUHG 2+06 ZLWK [ G G $LUOHWWHU ZLWK 3HNL &'6 VHW WR RQ FRYHU 6WULSV RI G ZLWK %RJRVR &'6 YDOXHV WR ZLWK GLIIHUHQW 3PNV &RPPHPV ,QF :HGGLQJ HWF $Q LQWHUHVWLQJ ORW

9(5< ),1( &2//(&7,21 0DLQO\ DV EORFNV RI

ZLWK YDULHWLHV GHILQ VHW RI LQF G &UDFN LQ :DOO { .*9, ),1( 86(' GLIIHUHQW 'HILQV

6KLS WR H[ G DV EORFNV RI QRWH G 3DWFK LQ 6DLO 7R ZLWK GLIIHUHQW SHUIRUDWLRQV G VXSHUE XVHG EORFN SOXV VHW DV VLQJOHV SOXV FRPPHPRUDWLYH VHWV DV EORFNV RI WR 838 VHW HWF IUHVK 80 ^3KRWR` 3267$/ +,6725< 6(/(&7,21 LWHPV

9DULHW\ S GHILQLWLYH ZLWK :PN ,QY 6* EZ

G UHJLVWHUHG HQY ZLWK [ G QHDW GXSOH[HV 80 IORZQ FHQVRUHG FRYHU WR 6ZLW]HUODQG VWDPS G UDWH EORFN GHILQV RQ 5HJ G FRYHU RWKHU XVDJHV WR HWF &$1&(//(' ,1 0252&&2 D Y ILQH

0L[HG JURXS RI GLII LWHPV RI SRVWDO VWDWLRQHU\ LQF UHSO\ FDUGV DOO 63(&,0(1 RYSW 6HOHFWLRQ 49 6*

ZLWK 7DQJLHU FGV RU GXSOH[ FDQFHOV FWR XQXVXDO (GZDUGV WR JRRG FRORXUV 8QXVHG 0LQW 3RVWDO 6WDWLRQHU\ XQXVHG PDLQO\ 49

LVVXHV ,QF VXUFKDUJHG *LEUDOWDU RYSWV &RYHUV :UDSSHUV *5($7 %5,7$,1 &DUGV $ YHU\ JRRG UDQJH ,QF 5HJ G (QYHORSHV ZLWK .*9, &+$11(/ ,6/( /,%(5$7,21 VHW DV

PDQ\ GLIIHUHQW W\SHV FRPSOHWH VKHHWV RI 80 ,QF DOO OLVWHG YDULHWLHV RQ WKH 672&.3$*(6 ZLWK EHWWHU SLFNLQJV 49

òG 6*& 6RPH VSOLWWLQJ WKH òG YDULHWLHV ZLOO PDNH ILQH F DQG ZLWK VKRUW IRRW WR 6* D D PLQW .*9 SRVLWLRQDO EORFNV 6* D G 6* 6* PLQW .*9, G FRLO MRLQW $ 0267 68%67$17,$/ 67$03

SDLUV VKLS òG EORFNV ZLWK JDVK LQ VDLO DQG VWDLQHG VDLO $&&808/$7,21 +RXVHG LQ WZHQW\ YROXPHV 0DQ\ LWHPV FKLHIO\ PLQW LQF 80 WKRXVDQGV RI VWDPSV PRVW XVHG EHLQJ WKH SXUFKDVHV RI *,/%(57 (//,&( ,6 FROOHFWLRQV RYHU PDQ\ \HDUV 9DVW UDQJHV YHU\ PL[HG TXDOLW\ EXW XVHIXO IRU 49 ZLWK XVXDO UDQJHV SOHQW\ RI KLJKHU &DW $QG .*9 'LH ,, VHW RI SOXV VKDGHV òG òG

YDOXHV WR H[WHQVLYH -XELOHHV HWF (GZDUGV ,QF $ PLQW

G DQG 6* &DW PLQW VHW WR YHU\ H[WHQVLYH XVHG ,QF PXOWLSOHV .*9 ZLWK XVHG 6HDKRUVH UDQJHV PDQ\ ([KLE ,VVXHV .*9 6* ILQH PLQW .H\ VWDPS

6LOYHU -XELOHH VHWV LQ TXDQWLW\ .*9, YDOXHV WR ,QF :HGGLQJ ^3KRWR`

4(,, H[WHQVLYH ,QF EHWWHU V VHWV DQG 3RVWDJH 5HJLVWHUHG FRYHU WR 6ZLW]HUODQG G G WLHG 'XHV $V UHFHLYHG

)XQDIXWL FGV UHJ¶G KV WZR ,VODQG KDQGVWDPSV DUULYDO FGV { '(),1,7,9( ,668(6 $ XVHG

Y ILQH FROOHFWLRQ RI V DOO GLIIHUHQW KRXVHG LQ WZR ROG FROOHFWD ER[HG ,OOXVWUDWHG )'& IRU .*9, òG 6* FDQFHOOHG

DW 2FHDQ ,VOH 6XSHUE )LUVW 4(,, VHW WR RQ SDLU RI )'& FDQFHOOHG

DW 2FHDQ ,V 6* PRVW DWWUDFWLYH 0RXQW PDUNV RQ EDFN RQO\ 683(5% &2//(&7,21 $V EORFNV RI

GHILQ VHW RI GHILQ VHW RI 1HZ &XUUHQF\ VHW

RI SOXV FRPPHP VHWV DOO YHU\ IUHVK 80 ^3KRWR` { .*9, ),1( 86(' GLIIHUHQW YDOXHV WR

VRPH ZLWK VXSHUE 2FHDQ ,VODQG 3PNV

SULQWHG $OEXPV 3HQQ\ %ODFN 7ZR 3HQFH %OXH WKHVH FDW FRPSUHKHQVLYH 3HQQ\ SODWHV WR VRXQG XVHG UDQJH RI 49 ,QF -XELOHH WR ERWK RIILFLDOV ,QF *RYW 3DUFHO WR DQG (GZDUG SDUFHO WR WKHVH &DW

(GZDUGV ,QF G F .*9 ZLWK :PN 9DU *RRG UDQJH RI VHDKRUVHV ,QF

YDULRXV SULQWLQJV .*9, WR 4(,, :LOGLQJV ,QF )8 VHWV JUDSKLWH VHWV &RLO VWULSV )8 &DVWOH VHWV WR GLII

5HJLRQDO V DOVR VWRFNERRNV RI UHODWHG GXSOLFDWHV ,QF ,QWHUHVW LQ 3HUILQV 2ULJLQDO ORW PDQ\ V PL[HG FRQGLWLRQ WR YHU\ ILQH 0DVVLYH &9

*5($7 %5,7$,1 $,50$,/6 $SH[ DLU SRVW H[KLE FDUG IORZQ WR )UDQFH

4 UHJLVWHUHG òG UDWH VSHFLDO SRVWPDUNV FDUG GHSLFWV /D 3RVW

2OG $OEXP SDJHV ZLWK LVVXHV IURP WR

,QF 6LOYHU -XELOHH VHW .*9, 'HILQ 6HW WR 3DU SLJHRQV LPDJH 9) 6LOYHU :HGGLQJ VHW 838 VHW 4(,, 'HILQ 6HW $ )OLJKW FRYHUV WR $IULFD HQY VHQW WR =DULD

JRRG ORW RI VWDPSV FKLHIO\ PLQW 4 1LJHULD HQGRUVHG YLD =LQGHU ZLWK D YDULHW\ RI WUDQVLW PDUNV RQ *2/' &2$67 WKH UHYHUVH HQY VHQW WR %URNHQ +LOO 1 5KRGHVLD HQGRUVHG YLD 2UDQ DQG %UD]]DYLOOH HQY VHQW WR 0DWDGL %HOJLXP &RQJR V GXOO PDXYH EOXH ZPN &URZQ &$ 6*

HQGRUVHG YLD /HRSROGYLOOH $Q LQWHUHVWLQJ JURXS RI FRYHUV 9)0 ZLWK GHWDLOV 8QLVVXHG (GZDUG RYSW 63(&,0(1

6LQFODLU $HULDO 'HOLYHU\ VPDOO H[KLELW

EULOOLDQW 1+0 80 5DUH LQ WKLV TXDOLW\ 6* 6 4 SDJHV ,QF PLQW EORFN RI )RXU RI WKH $LUFUDIW /DEHO $ ILQH ^3KRWR` 6RXYHQLU 3RVWFDUG XQXVHG ZLWK WKH ODEHO DIIL[HG RQ WKH IURQW (GZDUG G UHJLVWHUHG HQY XSUDWHG ZLWK G WLHG ODWHU PDWHULDO LWHPV

Y ILQH 9LFWRULDERUJ FGV XQXVXDOO\ DGGU WR &$0(52216 :5(&. 0$,/ 6$/9$*('

4 0$,/ 35(67:,&. /DUJH 9LROHW FDFKHW RQ FRYHU .*9, VHWV DV EORFNV RI VHW RI IURP 8. WR 86$

6* D SOXV òG G òG S ò 9LFWRU\ ERWK SHUI :5(&. 0$,/ 6DOYDJHG 0DLO $LUFUDIW

VHWV 3LFWRULDO VHW RI IUHVK PLQW PDQ\ VWDPSV &UDVK 3UHVWZLFN %R[HG +6 RQ EDGO\ EXUQHG 80 ^3KRWR` UHJLVWHUHG FRYHU IURP /RQGRQ WR &DQDGD 8QXVXDO 6WDPSOHVV (QYHORSH HQGRUVHG )RUFHV 0DLO

ZLWK YHU\ ILQH .XPDVW &'6 VHQW WR $XVWUDOLD

www.philangles.co.uk

place your bids online. Immediate and secure.

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 32

3HQQ\ %ODFN SODWH DQ H[FHSWLRQDO YI ODUJH

*5($7 %5,7$,1 % 48((1 9,&725,$

PDUJLQ H[DPSOH WLHG WR GDWHG SLHFH ZLWK FULVS 5HG 0DOWHVH &URVV &KRLFH ,03(5) &/$66,&6 FDW D PRVW DWWUDFWLYH XVHG

JURXS DOO FROOHFWDEOH SHQQ\ EODFN WZR SHQFH EOXH { 3HQQ\ %ODFN SODWH IX FORVH WR JRRG PDUJLQV QHDW UHG FURVV SPN SHQQ\ LPSHUIV G EOXHV H[FHOOHQW FODVVLFV 5HTXHVW VFDQ 3HQQ\ %ODFN 3ODWH XVHG RQ SDUW IROGHG

0XOUHDG\ G (QYHORSH 6WHUHR $ 8QXVHG

%DQNHUV 'UDIW IRU 9HU\ XQXVXDO WKH VWDPS LV ò 6RLOHG &DW PDUJLQ WLHG FULVS %ODFN 0& $UEURDWK %R[HG %6 1HYHU VHHQ D XVDJH OLNH WKLV EHIRUH 0XOUHDG\ G ZUDSSHU VWHUHR $ YIX ZLWK

FULVS 0DOWHVH &URVV '25&+(67(5 FGV 21 IODS RSHQV ZHOO { 3HQQ\ %ODFN SODWH YIX GHHS VKDGH JRRG PDUJLQV LQWHQVH DOPRVW FRPSOHWH EODFN 0DOWHVH &URVV IRU GLVSOD\ FUHDVLQJ WKDW GRHVQ W GHWUDFW IURP WKH

IUHVKQHVV { 3HQQ\ %ODFN SODWH YIX JRRG PDUJLQV QHDW

0XOUHDG\ G ZUDSSHU HQYHORSH VWHUHR $ D

PRVW UHPDUNDEOH 3RVW 2IILFH IUHVK 81)2/'(' H[DPSOH RI WKLV EODFN 0DOWHVH &URVV )LQH H[DPSOH LFRQLF LVVXH 9LYLG FRORXU YHU\ VPDOO PDUJLQDO WKLQ DW OHIW { 3HQQ\ EODFN SODWH 7) ZLWK ZLQJ PDUJLQ DW

RWKHUZLVH SHUIHFW 6*0( EDVH VKRZLQJ SDUW LQVFULSWLRQ MXVW WRXFKLQJ 1: FRUQHU ELJ { 3HQQ\ %ODFN %/ SODWH IX ZLWK PDUJLQV

PDUJLQV HOVHZKHUH DQG QLFHO\ XVHG SUHVVHG RXW FUHDVH $ FULVS UHG SPN PRVW DWWUDFWLYH FODVVLF { *5($7 %5,7$,1 49 /,1( (1*5$9('

{ 3HQQ\ %ODFN (+ SODWH FKRLFH 9)8 RQ SLHFH

ZLWK IRXU ODUJH PDUJLQV DQG FULVS &'6 3DUW &'6 DERYH YHU\ ILQH { 3HQQ\ EODFN )% SODWH D FKRLFH YIX ODUJH

3HQQ\ %ODFN SODWH YHU\ ILQH IRXU PDUJLQ

H[DPSOH XVHG RQ SHWLWH HQWLUH WLHG 5HG 0& DQG ER[HG 3ULQFHVV 6WUHHW /RQGRQ DGGUHVVHG WR D 7R\ 0DQXIDFWXUHU LQ :ROYHUKDPSWRQ UDWHG

PDUJLQV UHG 0& UHG SPN FOHDU RI SURILOH 9) { 3HQQ\ %ODFN SODWH VWDWH IX ZLWK IRXU HYHQ PDUJLQV 6PDOO IDXOWV WKRXJK YHU\ JRRG ORRNHU FDW

PDUJLQV UHG SPN &DW { 3HQQ\ %ODFN SODWH IX ZLWK FRPSOHWH YLYLG UHG

0DOWHVH &URVV FORVH WR JRRG PDUJLQV { 3HQQ\ EODFN ,/ SODWH VXSHUE XVHG IRXU

PDUJLQV ZLWK FULVS EODFN 0DOWHVH &URVV 7KLQ SDSHU YDULHW\ DQG { 3HQQ\ %ODFN SODWH 5* YIX PDUJLQV UHG

H[FHSWLRQDO 0DOWHVH &URVV YI { 3HQQ\ %ODFN -, SODWH IRXU YIX ZLWK IRXU JRRG

{ 3(11< %/$&. SODWH /HWWHUV 2( )RXU

PDUJLQV ,QWHUHVWLQJ FULVS EODFN 0DOWHVH &URVV D PRVW DWWU PDUJLQV ZLWK 5HG 0DOWHVH &URVV VWDPS { 3HQQ\ %ODFN *- SODWH E IX FORVH WR JRRG

{ 3HQQ\ %ODFN 0& SODWH E YIX ZLWK ODUJH HYHQ

{ 3HQQ\ %ODFN SODWH % OHWWHU *O PDUJLQV 5HG

PDUJLQV UHG SPN 'HHSHU VKDGH YIX 9)

0DOWHVH &URVV ILQH XVHG

{ 3HQQ\ %ODFN 2/ SODWH % IX PDUJLQV %ROG

{ 3HQQ\ %ODFN 4( SODWH D IX ZLWK IXOO PDUJLQV

FRPSOHWH EODFN 0DOWHVH &URVV

VOLJKW FUHDVH 6RXQG

{ 3HQQ\ %ODFN 3. SODWH IX ZLWK IXOO EDODQFHG

PDUJLQV UHG SPN 9) { 3HQQ\ %ODFN SO OHWWHU 4- PDUJLQV ZLWK 5HG

0DOWHVH &URVV

{ 3HQQ\ %ODFN 5$ SODWH YIX ZLWK SUHQRPHQDO

FULVS EODFN 0DOWHVH &URVV PDUJLQV $ EHDXW\

{ 3HQQ\ %ODFN 6- SODWH YIX ZLWK FULVS UHG

0DOWHVH &URVV JRRG PDUJLQV

{ 3HQQ\ %ODFN SODWH 5* YIX ZLWK ODUJH WR

YHU\ ODUJH PDUJLQ IXOO EODFN 0DOWHVH &URVV { 3HQQ\ %ODFN 7& SODWH E VHOHFWHG YIX UXE\ UHG FURVV ODUJH HYHQ PDUJLQV ([FHOOHQW H[DPSOH

{ 3HQQ\ %ODFN SODWH D ZRUQ LPSUHVVLRQ YIX

PDUJLQ QHDW UHG 0DOWHVH &URVV YI

{ 3HQQ\ %ODFN 7/ SODWH IX PDUJLQV 1HDW UHG

{ 3HQQ\ %ODFN SODWH E DV D IX SDLU 5* 5* ZLWK

JRRG PDUJLQV RQ DOO VLGHV UHG 0DOWHVH &URVV SPNV

SPN VFDUFH KLJKHU SODWH )LOH VWDPS { 49 G 'HHS )XOO %OXH 6* DV D SDLU ),

{ 3HQQ\ %ODFN SODWH E IX ZLWK JRRG PDUJLQV

UHG SPNV

PDUJLQV )- MXVW WRXFKLQJ WRS OHIW ERWK ZLWK YHU\ ILQH EODFN 0DOWHVH &URVV $ YHU\ ILQH SDLU 6287+:2/' 3(11< 3267 6XIIRON RQ YHU\

{ 3HQQ\ %ODFN SODWH E YHU\ ILQH ODUJH PDUJLQ

VWDPSV RQ ODUJH SDUW HQWLUH DSSDUHQWO\ WLHG ZLWK D WULDO XVH RI EODFN LQN 8QXVXDO

ILQH VPDOO ZUDSSHU IUDQNHG 3HQQ\ %ODFN () PDUJLQV WLHG 5HG 0& 6XSHUE 3HQQ\ %ODFN 3HQQ\ 3RVW &RPELQDWLRQ

{ 7ZR SHQFH EOXH &/ YHU\ ILQH EOXH VKDGH

3HQQ\ %ODFN SODWH G QLFHO\ XVHG RQ D ILQH

PDUJLQ UHG SPN $WWUDFWLYH VWDPS YI

ZUDSSHU /RQGRQ WR %ULVWRO WLHG UHG PF 7KH VWDPS LV D YI PDUJLQ H[DPSOH 5DWHG YI

{ 7ZR SHQFH EOXH 6* $ YHU\ ILQH XVHG SDLU

{ 3HQQ\ %ODFN SODWH IX ZLWK JRRG PDUJLQV

FOHDU SURILOH { 3HQQ\ %ODFN SODWH OHWWHUV $/ ILQH XVHG ZLWK D

5HG 0DOWHVH &URVV IRXU PDUJLQV

5) 5* YHU\ JRRG PDUJLQV RQ DOO VLGHV FULVS 0& OHDYLQJ FOHDU SURILOHV 9HU\ ILQH FDW { 7ZR 3HQFH %OXH YIX PDUJLQ FDQFHOOHG ZLWK

GXSOH[ W\SH SRVWPDUN $ YHU\ ILQH H[DPSOH RI WKLV ODWH XVH 6* FDW { ',67,1&7,9( 125:,&+ 0$/7(6( &5266

{ 3HQQ\ %ODFN SODWH YIX FORVH WR JRRG

30. RQ IRXU PDUJLQ LPSHUI 3HQQ\ 5HG -&

PDUJLQV ILQH VWDPS

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 33

{ ',67,1&7,9( 125:,&+ 0$/7(6( &5266

3PN RQ 3HQQ\ 5HG /.

IRXU FORVH WR JRRG PDUJLQV

1XPEHU LQ 0DOWHVH &URVV RQ PDUJLQ VWDPS

SODWH WLHG WR HQWLUH ZLWK (9(6+$0 EDFNVWDPS 5DWHG

{ 1XPEHU QLQH LQ 0DOWHVH FURVV RQ Y ILQH

{ 1XPEHU 7HQ LQ 0DOWHVH &URVV YHU\ ILQH VWULNH

PDUJLQ SHQQ\ UHG .'

RQ ODUJH PDUJLQ 3HQQ\ 5HG 3ODWH VPDOO FRUQHU FUHDVH ([FHSWLRQDO DSSHDUDQFH F

{ 1XPEHU VL[ LQ 0DOWHVH FURVV RQ Y ILQH PDUJLQ

{ 3ODWH SHQQ\ UHG SDLU ZLWK FRORVVDO PDUJLQV

SHQQ\ UHG 3+

,ULVK SPNV ,QFUHGLEOH LWHP

3HQQ\ %ODFN SODWH YHU\ ILQH PDUJLQ

H[DPSOH RQ SHWLWH HQWLUH WLHG %ODFN 0DOWHVH &URVV ZLWK /287+ EDFN VWDPS 5DWHG 3HQQ\ %ODFN SODWH QLFHO\ XVHG RQ D ZUDSSHU

IURP %,'()25' FGV WR (;(7(5 DUULYDO FGV 7KH VWDPS LV FORVH ò PDUJLQ WLHG FULVS EODFN 0DOWHVH &URVV $WWU 5DWHG

{ 3HQQ\ 5HG SODWH YIX PDUJLQV FULVS EODFN

0& 3HQQ\ 5HG SODWH $ 9) PDUJLQ H[DPSOH

RQ ZUDSSHU WLHG %ODFN 0& '(5%< FGV RQ UHYHUVH UHGLUHFWHG IURP /RQGRQ WR :DUZLFNVKLUH ZLWK SDLG KV 9)

3HWLWH (QYHORSH ZLWK /LVNHDUG &'6 VHQW ORFDOO\

ZLWK G 5HG PDUJLQV DQG 0LQLQJ 2IILFH :D[ VHDO RQ WKH UHYHUVH { (PERVVHG 6* 9)8 IRXU PDUJLQV FXW

VTXDUH ZHOO EDODQFHG 1R /RQGRQ SPN ([FHOOHQW ORRNHU 6PDOO WKLQ { (PERVVHG G 6* )8 FXW VTXDUH MXVW

WRXFKLQJ 9HU\ FROOHFWDEOH &DW 6WULS RI 3HQQ\ 5HGV SODWH H[FHOOHQW IXOO

PDUJLQV RQ DOO VLGHV FDQFHOOHG GXSOH[HV RI %ULVWRO RQ D IROGHG FRYHU WR 1HZSRUW H[FHOOHQW PXOWLSOH

{ (PERVVHG G 'LH $ PRVW H[FHSWLRQDO )8

H[DPSOH IRXU JRRG VTXDUH PDUJLQV QHDW GXSOH[ DQG H[FHOOHQW PDUJLQDO EORFN RI 0, 0/ 1, 1/ IXOO RULJLQDO JXP FUHDVH FRORXU 6* F WKURXJK ORZHU VWULS QRW YLVLEOH IURP WKH IURQW IROGHG EHWZHHQ

WKH WZR EORFNV )8// PDUJLQV DQG SDUW PDUJLQDO LQVFULSWLRQ LQ { (PERVVHG G 'LH 6RXQG )8 FXW VTXDUH JRRG PDUJLQV QHDW GXSOH[ 3PN 6* F ZHWWLQJ WKH EDFN DV FDUHIXO QRW VWDLQ DW ULJKW DIIHFWLQJ 0/

0DMRU UH HQWU\ YDULHW\ WKRXJK 0, 0- VSOLW LQ RXWHU ZLQJ PDUJLQ 6WDPSV DUH YHU\ IUHVK $ UHPDUNDEOH ODUJH EORFN 6* &DW { (PERVVHG G 6* )8 FXW VTXDUH OLJKWO\

DV WZR EORFNV RI

FDQFHOOHG MXVW WRXFKLQJ DW WRS 9HU\ FROOHFWDEOH &DW

{ 7ZR 3HQFH %OXH $ XVHG VHOHFWLRQ RQH ZLWK

SRVV EOXH 0DOWHVH &URVV 'LVWLQFWLYH 'XEOLQ &URVV { (PERVVHG G 6* )8 FXW VTXDUH SRUWLRQV RI

PL[HG WZR RWKHU VWDPSV MXVW WRXFKLQJ DW EDVH $WWUDFWLYH &DW

7ZR SHQFH EOXH %/ SODWH 6* JHQXLQH PLQW

ZLWK RULJLQDO JXP DQG IXOO PDUJLQV MXVW WRXFKLQJ 6( FRUQHU D { (PERVVHG G ZDWHUPDUN LQYHUWHG )8 FXW

GHOLJKWIXO VWDPS FDW VTXDUH IRXU FORVH PDUJLQV SHUIHFWO\ VRXQG 6* ZL F

{ 7ZR SHQFH EOXH LPSHUI $ JURXS RI IRXU DOO ILQH

WR Y ILQH XVHG DOO YHU\ FROOHFWDEOH 6HH ZHEVLWH { 3(11< 5(' 6WDUV SHUIRUDWLRQ PLQ &DW

/HWWHU UHFRQVWUXFWLRQ GLIIHUHQW /HWWHUV RQO\ 5$ PLVVLQJ XQFKHFNHG IRU GLIIHUHQW SULQWLQJV ILQH WR ILQH XVHG { 7ZR 3HQFH %OXH 3ODWH 3O %OXHG 3DSHUV

DV PDWFKHG SDLUV SRVLWLRQV 5* 5+ ERWK 9)8 ZLWK IXOO PDUJLQV $ GHOLJKWIXO PDWFKHG SDLU 6SHFWDFXODU IROGHG HQWLUH IUDQNHG [ G GLH ,

UHVHUYH SODWH UHJLVWHUHG IURP +HOPVGDOH WR 'RUQRFK IROGHG 7ZR 3HQFH %OXH 6* SRVLWLRQ $$ VXSHUE PLQW

WKURXJK RQH XQLW 5HPDUNDEOH XVDJH VPDOO IDXOWV ZLWK SDUW RULJLQDO JXP DQG FORVH WR JRRG PDUJLQV )DEXORXV

FRORXU &DW 6XSSRUWHG ZLWK 7ZR &HUWLILFDWHV RI 'DYLG %UDQGRQ DQG .DUO /RXLV 6XSHUE 6WDPS 6WULS RI G VWDUV UHVHUYH SODWH QLFHO\ XVHG

RQ VPDOO FRYHU WR )UDQFH 6PDOO LPSHUIHFWLRQV WKRXJK { 7ZR SHQFH 6* DV PRVW DWWU IX VWULS ($ WR

LPSUHVVLYH IUDQNLQJ (' FULVS 0DOWHVH &URVVHV PRVW PDUJLQV PLQRU LPSHUIHFWLRQV 'HOLJKWIXO F { 9DULHWLHV 3HQQ\ 5HGV RQ 2OG 3DJHV LQF /HWWHU

YDULHWLHV ZLWK GRXEOH - ZLWK 286 RYSW ',67,1&7,9( 125:,&+ 0$/7(6( &5266

:LWK 1RYHOOLV &R 0DQFKHVWHU HPERVVHG RQ WKH UHYHUVH SO RQ SDLU G UHGV SODWH RQ HQWLUH ZLWK 722 /$7( +6 RQ ZLWK :PN ,QY $QG LQWHUHVWLQJ JURXS RI VWDPSV PL[HG UHYHUVH UDUH FDW 7KH HQWLUH LV VOLJKWO\ IUDJLOH FRQGLWLRQ

3(11< 5(' SODWH DV D VSHFWDFXODU PLQW

{ G 6* VHOHFW 9)8 'HHS &RORXU

0XOUHDG\ G HQYHORSH XVHG ZLWK %ODFN 0DOWHVH

&URVV /RQGRQ 7RZQ +6 -XQH 5HG EDFNVWDPS *RRG 6RPH VRLOLQJ ROG KLQJH PDUNV VWHUHR $ 6*0( &DW

{ ,QYHUWHG ZDWHUPDUN G 6* ZL )8 DQG

SHUIHFWO\ VRXQG &

{ 1XPEHU LQ 0DOWHVH &URVV VXSHUE VWULNH RQ

LPSHUI UHG SODWH RQ SLHFH IXOO VWULNH MXVW WRXFKLQJ DW OHIW F

0,;(' 86$*( 2) 3(11< 5('6 RQ D ILQH

VPDOO HQYHORSH IUDQNHG G UHG EOXH SDSHU GLH ,, DOSK ,, VSHF F ZLWK G UHG GLH ,, DOSK ,,, VSHF F ERWK FOHDUO\ WLHG 1HZSRUW GXSOH[ %3$ FHUW $Q H[FHSWLRQDO PL[HG XVDJH RI WZR GLIIHUHQW 3HQQ\ LVVXHV

{ 1XPEHU LQ 0DOWHVH &URVV RQ YI SODWH

SHQQ\ UHG ZLWK IRXU IXOO PDUJLQV { 1XPEHU LQ 0DOWHVH &URVV RQ YI SODWH

{ 5HPDUNDEOH VWULS RI 6* FHQWUDO VWDPS

SHQQ\ UHG H[FHOOHQW LYRU\ KHDG RQ UHYHUVH

ZLWK FULVS 3DLVOH\ &'6 DQG IODQNHG HLWKHU VLGH ZLWK GXSOH[ 6PDOO SHUI IDXOWV WKRXJK DQ DWWUDFWLYH LWHP F

{ 3ODWH 3HQQ\ UHG YIX ODUJH PDUJLQV FULVS

0DOWHVH &URVV

{ 3HQQ\ VWDU V XQFKHFNHG IRU WKHLU SODWHV VRXQG

WR ILQH XVHG LQ D OHWWHU UHFRQVWUXFWLRQ ERRN GLIIHUHQW 0LQ FDW

1XPEHU LQ 0DOWHVH &URVV RQ YI SODWH

SHQQ\ UHG VFDUFHU ZLWK 0& YI

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 34

3HQQ\ 6WDU SODWH GLH 6* DV D

{ 3ODWH FROOHFWLRQ RQ SDJHV FDWDORJXHG RYHU

UHPDUNDEOH PLQW EORFN RI 2* 3' 5, FKLHIO\ ILQH UK ZLWK GRW RQ FROODU ERQH YDULHW\ & 3HQQ\ 6WDU SODWH $ VSHFWDFXODU ILQH PLQW

EORFN RI [ 1$ 6- D OLWWOH FUHDVLQJ 2, ZLWK WRQH VSRW WKH EORFN VKRZV VL[ FRQVWDQW YDULHWLHV D UHPDUNDEOH VXUYLYRU LQ H[FHOOHQW FRQGLWLRQ 6* FDW DV EORFNV

3HQQ\ 6WDUV SHUIRUDWHG 'LH $OSK 3DOH

LQF SHQQ\ UHG WR H[ SO òG WR SO H[ SO G EOXH VHW RI SODWHV òG SO DQG VRXQG WR ILQH XVHG

&LUFXODU GHOLYHU\ /LYHUSRRO óG 6*&' DV D

VFDUFH SHUIRUDWHG PLQW EORFN ,QWHUHVWLQJ LVVXHV

&LUFXODU GHOLYHU\ /LYHUSRRO óG 6*&' DV DQ

5HG RQ WUDQVLWLRQDO SDSHU SODWH DV D VSHFWDFXODU PLQW EORFN RI VSHF F FUHDVH DIIHFWLQJ VWDPSV DQG ORZHU URZ ZLWK IDXOWV &DW DQG YDOXHG IRU WKH VWDPSV WKDW DUH LQ YHU\ ILQH FRQGLWLRQ UDUH HDUO\ PXOWLSOH H[KLELWLRQ LWHP

DWWUDFWLYH EORFN RI WHQ IUHVK P GHHS VKDGH QLFH EURNHQ FRUQHU YDULHW\ &LUFXODU GHOLYHU\ /LYHUSRRO òG 6*&' DV

VFDUFH FRUQHU EORFN RI [ PLQW $Q DWWUDFWLYH VFDUFH PXOWLSOH

&LUFXODU 'HOLYHU\ /RQGRQ òG &' DV D 9)0

{ 49 G 6* LQFUHGLEOH GHHS FRORXU DV DQ

PDUJLQDO EORFN RI 6FDUFH *HQXLQH LWHP

XQXVXDO EORFN RI HDFK )8 ZLWK QHDW GXSOH[ IRU 2;)25' 2QH QLEEOHG SHUI & { &RPSOHWH SODWH UHFRQVWUXFWLRQ SHQQ\ UHG SO

VRXQG WR ILQH XVHG FDW { &RPSOHWH 5HFRQVWUXFWLRQ VKHHW RI G 5HG SODWH

VRXQG WR ILQH XVHG F { ,19(57(' :$7(50$5. G %OXH SODWH )8

6* Z

&LUFXODU 'HOLYHU\ óG /LYHUSRRO LPSHUI

6*&' $V YHU\ VFDUFH IUHVK 0 80 EORFN )LQH PXOWLSOH (GLQEXUJK DQG /HLWK 3DUFHO 'HOLYHU\ 6WDPS

6*&' DV DQ DWWUDFWLYH PLQW EORFN RI { ,19(57(' :$7(50$5. XVHG LQ 0DOWD WKH G

6* ZL 9)8 ZLWK 0DOWD &'6 3RVVLEO\ WKH ILUVW UHFRUGHG XVHG DEURDG 9) & { 6* G YHU\ QLFHO\ XVHG ZLWK 1HZFDVWOH &'6

{ 3HQQ\ SODWH UHFRQVWUXFWLRQ VWDPSV FDW

F

ILQH WR VRXQG XVHG

{ 6* G YIX 9HU\ GLIILFXOW WKLV QLFH

{ 3HQQ\ SODWH UHFRQVWUXFWLRQ SODWH ZLWK RQO\

&

OHWWHU '/ PLVVLQJ &DW

{ 6WULS RI 7KUHH G 6* ILQH XVHG ZLWK &DUGLII

{ 3HQQ\ SODWHV WR H[ ILQH WR VRXQG

GXSOH[HV YHU\ DWWUDFWLYH VPDOO LQWHUQDO ZULQNOH &DW

XVHG 1LFH TXDOLW\

{ 3HQQ\ SODWHV WR H[ DQG G EOXHV SO WR

{ 6XUIDFH SULQWV RQ ROG SDJHV LQF G G

VRXQG XVHG WR ILQH XVHG

G G

G LQF SO SO G LQF SO G G ZLWK PDQ\ GLIIHUHQW SODWHV DQG VKDGHV D YHU\ JRRG UDQJH RI VWDPSV )LQH WR VRXQG XVHG

{ 3HQQ\ UHG OHWWHU UHFRQVWUXFWLRQ ZLWK EHWWHU

SODWHV PL[HG LQ WZR VWDPSV ZLWK PDUJLQDO RUQDPHQWV YLVLEOH $ JRRG UDQJH RI VWDPSV FDW VRXQG WR ILQH XVHG

6* G KDLUOLQHV IUHVK P SRVVLEO\

UHSHUIRUDWHG DW OHIW ODUJH SDUW RJ WZR PDUNV RQ UHYHUVH IDEXORXV FRORXU DQG DSSHDUDQFH &DW

{ 3HQQ\ UHG SODWH FRPSOHWH UHFRQVWUXFWLRQ RI

SODWH FDW ILQH WR VRXQG XVHG

3HQQ\ 5HG SODWH DV D EORFN RI ILQH PLQW

XQLWV QKP XP $ PRVW XQXVXDO SDOH VKDGH 0RVW { 3(11< 5(' SODWH UHFRQVWUXFWLRQ SODWH ZLWK

DWWUDFWLYH

GLIIHUHQW OHWWHUV VRXQG WR ILQH XVHG &DW

{ /$5*( /(77(5 6 WR ZLWK VKDGHV DQG

{ 3ODWH UHFRQVWUXFWLRQ SHQQ\ UHG SO DOPRVW

GLIIHUHQW SODWHV G G G

&DW 6RXQG XVHG

FRPSOHWH GLIIHUHQW OHWWHUV FDW 6RXQG WR ILQH XVHG RQO\ QHHGV OHWWHUV 7* IRU FRPSOHWLRQ

{ 9(50,//,21 6HW RI G SODWH QXPEHUV

{ 3ODWH UHFRQVWUXFWLRQ SHQQ\ UHG SO DOPRVW

6* QRWH SO ZLWK ZPN LQYHUWHG PLQ &DW VRXQG XVHG

FRPSOHWH GLIIHUHQW OHWWHUV QHHGV %' .. DQG 0& FDW VRXQG WR ILQH XVHG { 3ODWH UHFRQVWUXFWLRQ SHQQ\ UHG SO ZLWK

GLIIHUHQW OHWWHUV FDW ILQH WR VRXQG XVHG { 3ODWH UHFRQVWUXFWLRQ SHQQ\ UHG SO ZLWK

OHWWHUV RQO\ QHHGHG IRU FRPSOHWLRQ FDW VRXQG WR ILQH XVHG { 3ODWH UHFRQVWUXFWLRQ SHQQ\ UHG SO ZLWK

GLIIHUHQW OHWWHUV FDW VRXQG WR ILQH XVHG { 3ODWH UHFRQVWUXFWLRQ 3HQQ\ 5HG SO ZLWK

GLIIHUHQW OHWWHUV &DW )LQH WR VRXQG XVHG

7ZR SHQFH EOXH SODWH DV DQ DWWUDFWLYH PLQW

{ +LJK YDOXH SODWH )8 ZLWK QHDW SRVWDO

FDQFHO VRXQG DQG PRVW FROOHFWDEOH 6* &DW

{ 49 KLJK YDOXHV SO DQG SO 6* &DW

6* G SODWH ILQH PLQW SDUW 2* WRWDOO\

FRUUHFW 'HOLFDWH FRORXU & { 6* SODWH ERWK VRXQG DQG KLJKO\

FROOHFWDEOH XVHG SODWH QXPEHUV DUH FOHDU &DW

{ 6* SODWH VRXQG )8 ZLWK FULVS

RFWDJRQDO /RQGRQ 3PN H[FHOOHQW H[DPSOH SRVV UHSHUI DW ULJKW &DW EORFN 4* 5+ IXOO JXP KLQJHG PLOG IR[LQJ RQ WZR XQLWV ([FHOOHQW EORFN DQG VFDUFH 6* FDW { 6* VXSHUE XVHG ZLWK $EHUGHHQ &'6

{ :DWHUPDUN LQYHUWHG G RQ WKLFN JOD]HG SDSHU 9HU\ GLIILFXOW LQ WKLV FRQGLWLRQ F

)8 ZLWK FOHDU SURILOH 6* EZL XQSULFHG %DQWDP òG SODWH DV D GHOLJKWIXO IUHVK XP

VWULS RI VKRZLQJ FRPSOHWH KDOI SHQQ\ ZPN F 6*

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 35

%DQWDP òG SODWH DV D YIP EORFN RI IRXU

XQLWV 1+0 6* H[FHSWLRQDO FRORXU

{ 23 3& HUURU RI OHWWHULQJ òG VKLHOG VRXQG IX

6* FDW { %ORFN RI )RXU G SODWH 6* 9)8 HDFK ZLWK

VWHHO &'6 YHU\ DWWUDFWLYH { 6* SO VXSHUE XVHG ZLWK FULVS +DUHILHOG

FGV JHP { 49 *UHHQ SODWH ZLWK D YHU\ ILQH

0DQFKHVWHU ([FKDQJH &'6 { 49 *UHHQ 6* SO YHU\ ILQH XVHG ZLWK

%LUPLQJKDP 7HOHJUDSK 2IILFH &'6 { 6* G SODWH VXSHUE XVHG 0DQFKHVWHU

&'6 *HP { 6* G SODWH DV D VXSHUE KRUL] SDLU HDFK

ZLWK FULVS /LYHUSRRO &'6 &KRLFH { 6* G 3O 9)8 ZLWK QHDW &'6

{ 6XUIDFH SULQWV ZPN FURZQV òG 6* SO

WR G URVH 6* SO G RQ G G RQ G G JUH\ EURZQ SO G JUH\ SO RUDQJH EURZQ SO VHW RI 6* ILQH WR VRXQG XVHG FDW

G LQGLJR ZPN &URZQ 6* JRRG WR ILQH

PLQW $GYHUWLVLQJ FRYHU IRU 5LFKPRQG *HP

&LJDUHWWHV GHSLFWLQJ D PDQ LQ D KDW VPRNLQJ 9)8 WR +DPEXUJ IUDQNHG òG %OXH SO WLHG /RQGRQ 2FWDJRQDO $UULYDO %6 9HU\ ILQH 3HQQ\ /LODF GRWV VLQJOH YIP 6* GRW

P XP EORFN RI DQG D VLQJOH RYSW VSHFLPHQ YIP LWHPV

3HQQ\ /LODF LQYHUWHG ZDWHUPDUN YIP 6*

:L 6* òG SODWH ILQH XVH 0 F

{ 6* SODWH RXWVWDQGLQJ XVHG ZLWK

VRFNHG RQ QRVH 6W ,YHV &RUQZDOO VTXDUHG FLUFOH *HP

7KH SHQQ\ OLODF UHIHUHQFH ERRNV SDUW E\

{ 6* G 3O 9)8 ZLWK FULVS &'6

5DJ /HH LQ H[FHOOHQW FRQGLWLRQ )XOO\ LOOXVWUDWHG YDULHWLHV LQYDOXDEOH ERRNV

{ 9DOXDEOH VHOHFWLRQ RQ D ROG DOEXP SDJH

G GRWV 80 GRWV WKUHH VKDGHV KLJK YDOXHV G WR ZPN VSUD\ G URVH SDOH URVH SO WR G JUH\

GLIIHUHQW VKDGHV OLODF DQG JUHHQ VHW RI 6* SO WR JUHHQ 6* SO WR VRXQG XVHG RUDQJH EURZQ SO 6* VFDUFH ZLWK D FDW YDOXH RYHU &RORXU 7ULDO RI òG LQ 3XUSOH SULQWHG RQ %XII

D YHU\ ILQH UDQJH VRXQG XVHG FRORXUHG XQZDWHUPDUNHG SDSHU ILQH PLQW DQG YHU\ IUHVK { 49 &'6 XVHG JURXS RI QLFH TXDOLW\ òG

5RV\ 0DXYH SODWH òG %OXH 3O DQG

'H /D 5XH LQN UHFLSH GXPP\ VWDPSV GHSLFWLQJ

$OO ZLWK QHDW &'6 6HH :HEVLWH 49 D ILQH LPSHUI SDLU DWWDFKHG WR IUDJPHQW LQ JUHHQ ROG $QQD V JUHHQ SODWH ZPN 6SUD\ RI 5RVH

JUHHQ DV XVHG LQ *LEUDOWDU SRVWDO FDUGV 8QXVXDO 6* XQXVHG FDW

{ 6XUIDFH SULQWV RQ D ROG SDJH ZPN RUE òG SO

G VDJH JUHHQ SODWH ZPN /DUJH *DUWHU

6* XQXVHG FDW %RRN SRVW SULQWHG IUHLJKW FLUFXODU UHIHUULQJ WR

WUDQVSRUWLQJ FRDO IUDQNHG G SO WLHG )% GXSOH[ ZULQNOLQJ EXW D IDVFLQDWLQJ SULQWHG LWHP 6* G FRORXU WULDO LPSHUIRUDWH LQ SDOH ROLYH

ELVWUH SODWH YIP ODUJH PDUJLQV FKRLFH { 7HOHJUDSK SODWH IX ZLWK %LUPLQJKDP FGV

6*7 { :$7(50$5. ,19(57(' 25%6 òG SODWH

DV D )8 VWULS RI $ VFDUFH DQG VRXQG PXOWLSOH 6* ZL { 6* 9)8 ZLWK FULVS *ODVJRZ &'6

H[FHOOHQW H[DPSOH &DW 6* òG SODWH YIP ([FHOOHQW JXP

FRORXU 3ODWH QLFHO\ XVHG RQ VPDOO HQYHORSH WLHG

'XQGHH GXSOH[ WKH NH\ SODWH WR REWDLQ RQ FRYHU

(PHUJHQF\ LVVXH òG ERWK òG G LQGLJR

6* ILQH PLQW G FUHDVH $WWUDFWLYH F

'H /D 5XH LQN UHFLSH GXPP\ VWDPSV GHSLFWLQJ

49 D ILQH LPSHUI SDLU DWWDFKHG WR IUDJPHQW LQ SXUSOH DV XVHG IRU 0DXULWLXV F 8QXVXDO 'H /D 5XH LQN UHFLSH GXPP\ VWDPSV GHSLFWLQJ

49 LQ UHG GU\ D ILQH LPSHUI SDLU DIIL[HG WR RULJLQDO SULQWHUV SLHFH 8QXVXDO 'H /D 5XH LQN UHFLSH GXPP\ VWDPSV GHSLFWLQJ

49 $ ILQH LPSHUI SDLU DWWDFKHG WR IUDJPHQW LQ FRSSHU UHG DV XVHG IRU VWDWLRQHU\

'H /D 5XH LQN UHFLSH GXPP\ VWDPSV ILQH XP

LPSHUI SDLU RI KHDG GHVLJQ IRU SDOH OHLGHQ JUHHQ FRORXU

'H /D 5XH LQN UHFLSH GXPP\ VWDPSV IRU WZR

VKDGHV RI OHLGHQ JUHHQ ERWK ILQH XP LPSHUI H[ WULDOV IRU HPSLUH FRORXU VFKHPHV

{ +LJK YDOXHV G SOXV %OXH VRXQG

XVHG 6* &DW { 49 6* 9)8 ZLWK FULVS FHQWUDO

%LUPLQJKDP &'6 4XDOLW\ { 6* G RQ G VXSHUE XVHG

6* G PLQW IUHVK SDUW RJ FDW

49 G SO PLQW VPDOO QDWXUDO LQFOXVLRQ DW WKH 6* FULPVRQ ILQH PLQW F

WRS RI WKH VWDPS VPDOO EODFN PDUN 6* &DW

6* òG YI QKP XP D PDUJLQDO

H[DPSOH

{ 6* EOXH YIX ZLWK VWHHO FGV 0LQRU

LPSHUIHFWLRQV EXW VXSHUE DSSHDUDQFH FDW

Selling? – Contact Simon Carson today for professional advice on how to sell your stamps/covers.

PTS and ASDA registered.

Integrity assured.

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 36

6* XOWUDPDULQH $ VXSUHPHO\ IUHVK

4(,, &ROOHFWLRQ RI SUH GHFLPDO ZLWK YDOXHV

IURP WR ZLWK PDQ\ GLIIHUHQW GDWHV DQG W\SHV PLQW VWULS RI WKUHH VXSHUE DSSHDUDQFH 8QLW YHUWLFDO JXP FUHDVH XQLW WKLQ XQLW ILQH SDUW RJ D UHPDUNDEOH PXOWLSOH FDW

67$03 %22./(76 VW SKRV

RPLWWHG +' 9$5 VXEPDULQH ZLWK DQG ZLWKRXW G GXOO JUHHQ 6* ILQH PLQW FRORXU VOLJKWO\

F\OLQGHU YI IDGHG FDW

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

-XELOHH QKP XP VXSHUEO\ IUHVK YHUWLFDO

JXP FUHDVH DW OHIW QRW YLVLEOH IURP WKH IURQW &DW XP

(GZDUG '/5 3ULQWLQJV HDFK GLIIHUHQW ,QF

6*

G G G G IUHVK PLQW &DW

{ -XELOHH òG LPSHUI SURRI RQ URXJK %URZQ SDSHU

XVXDO FUHDVLQJ 8QXVXDO { 2IILFLDOV *RYHUQPHQW 3DUFHOV SDLU 6*2

ILQH XVHG &DW 3HQQ\ /LODF RQ ILQH FRORXUHG SDWULRWLF HQYHORSH

GHSLFWLQJ )UHQFK )ODJV DQG LQVFULSWLRQ '($' +($57 WLHG /RQGRQ VTXDUHG FLUFOH 8QXVXDO { -XELOHH 6* 9)8 ZLWK QHDW &'6 $

6RPHUVHW +RXVH 80 ZLWK FRORXU OLQH YDULHW\

WKURXJK .LQJV +HDG 8QXVXDO 6*

6RPHUVHW +RXVH G 6* VXSHUE QHYHU

KLQJHG 80 PDUJLQDO +LQJHG LQ RXWHU PDUJLQ ILQHVW

VWDPS ^3KRWR` 6+ G 6* IUHVK 80

6RPHUVHW +RXVH 6* )DEXORXV 80

PDUJLQDO PLQW *HP 0RXQWHG LQ RXWHU PDUJLQ RQO\ QR JXP

SHUIHFWO\ VRXQG DQG ILQH H[DPSOH

FUHDVHV 6XSHUE ^3KRWR` UHJLVWHUHG HQYHORSH 1R LQ YHU\ JRRG FRQGLWLRQ ZLWK YHU\ ILQH 6RPHUVHW +RXVH G 6* DV YHU\ ILQH 6(

FRUQHU EORFN VWDPSV IUHVK 80 KLQJHG LQ RXWHU PDUJLQ )LQH &'6 FDQFHO SODWH GRW LQ PDUJLQ 9HU\ ILQH 49 GLDPRQG MXELOHH FRPPHPRUDWLYH VWDPSV

6RPHUVHW +RXVH G 6* 80 1+0 PRXQWHG RQ D SULQWHG VKHHW VHW RI

&LUFD %RRN 3RVW :UDSSHU ZLWK FUXGH LPDJH RI

D &LJDU DQG ,QVFULSWLRQ )8 ZLWK -XELOHH òG RUDQJH 3HUILQ 7LHG 6RPHUVHW +RXVH G 6* 1( FRUQHU EORFN

1HZVSDSHU 3PN )LQH XQGDPDJHG FRQGLWLRQ IUHVK IURQWDO DSSHDUDQFH VRPH JXP DJHLQJ $WWUDFWLYH EORFN F { &$1&(//$7,216 'XSOH[ QXPHUDO SRVWPDUNV

6RPHUVHW +RXVH G 6* 80 PDUJLQDO EORFN RQ 49 ORRVH VWDPSV PRVWO\ 3HQQ\ 5HGV 2OGWLPH

IUHVK IURQWDO DSSHDUDQFH VRPH JXP DJHLQJ DQG PLQRU FROOHFWLRQ RI PDQ\ V GLIIHUHQW RQ SDJHV RUJDQLVHG IURP QXPEHUV WR YHU\ LQWHUHVWLQJ RULJLQDO ORW VXSSOHPHQWHG EHQGV ZLWK VRPH FRYHUV RWKHU LWHPV ,QF VRPH H[SHULPHQWDO DQG 49 6RPHUVHW +RXVH 6* VXSHUE 80

&'6 DQG % 'XSOH[HV $Q LQWHUHVWLQJ ORW 0DUJLQDO +LQJHG LQ RXWHU PDUJLQ RQO\ *HP { &$1&(//$7,216 'XSOH[ QXPHUDO SRVWPDUNV

^3KRWR` RQ 49 ORRVH VWDPSV QXPEHUV WR FROOHFWLRQ RI V *5($7 %5,7$,1 ' *(25*( 9 GREAT BRITAIN - D) GEORGE V DUUDQJHG LQ RUGHU RQ ROG SDJHV PRVWO\ RQ 3HQQ\ 5HGV PDQ\ òG 0DFNHQQDO òG %/8,6+ *5((1 6* VWDUV H[FHOOHQW YDULHW\ RI QXPEHUV 0L[HG FRQGLWLRQ EXW DQ

%ULOOLDQW 80 IURP WKH FRUQHU RI WKH VKHHW 7RJHWKHU ZLWK D RULJLQDO ORW XVXDO òG WR FRPSDUH FRORXU

{ *RYHUQPHQW SDUFHO RIILFLDOV RYSWV LQF

RUDQJH EURZQ 6*2 òG 6*2 JUHHQ 4 )LUVW $HULDO IOLJKW LOOXVWUDWHG FDUG &'6 ZLWK FRGH

6*2 D JRRG VRXQG XVHG %URZQ FDUG YHU\ ILQH XVHG /,7(5$785( 7KH HVVHQWLDO JXLGH WR OLQH

*XWWHU EORFNV RI 0DFNHQQDO KHDGV òG G

HQJUDYHG G G VWDUV WR 6WDWKDP SXEOLVKHG E\

(ULF 3DXO /WG $ FRPSOHWH VHW RI YROXPHV LQ VSHFLDO JROG DOO YIP XP 6* VXSHUE PLQW EORFNV ZLWK IXOO JXWWHUV HPERVVHG ER[HV SUDFWLFDOO\ XQXVHG 9DVW DPRXQW RI GHWDLOHG 2+06 3RVWDO 7HOHJUDSK 2IILFH SULQWHG

0DFNHQQDO FRQWURO PXOWLSOHV IUHVK PLQW òG

LQIRUPDWLRQ ,QYDOXDEOH &RVW /LWHUDWXUH 7KH SODWLQJ RI WKH 3HQQ\

YROXPH 'LH SODWHV D WR 5HYLVHG (GLWLRQ E\ + : )LVKHU LQ JRRG FRQGLWLRQ { 2OG VWRFNERRN ZLWK SHQQ\ UHG SODWHV ZLWK

QXPEHUV WR RYHU VWDPSV

ZLWK VSHFLDOLVW QRWHV ,QF òG GLH E SODWH E FRQWURO EORFN RI ZLWK DGGHG FXW OLQH WK OHIW KDQG VLGH RQ VSHFN LQ 1: FRUQHU $ XVHIXO VHOHFWLRQ WR DGG WR \RXU FROOHFWLRQ

7KH SHUI òG 0DFNHQQDO 6* D QLFHO\

XVHG RQ SRVWFDUG WLHG *UHDW <DUPRXWK &'6 7KH SRVWFDUG LV GDWHG $XJXVW ZKLFK LV WKH ILUVW PRQWK RI LVVXH 7KLV VWDPS LQ NQRZQ IRU EHLQJ XVHG DW FRDVWDO WRZQV 5DUH

{ 3(11< 5(' 3/$7(6 H[ ILQH WR

VRXQG XVHG &DW LGHQWLILHG RQ OHDYHV

49 VHOHFWLRQ RQ VWRFNFDUGV ,QF -XELOHHV

WR G LGHQWLILHG $ XVHIXO VHOHFWLRQ PLQW

*5($7 %5,7$,1 %22./(76 4(,, ERRNOHW LQF ZPN LQF SDQHV 6*; XP

VFDUFH LQ YHU\ ILQH FRQGLWLRQ 4(,, ERRNOHW LQF ZPN LQY SDQHV 6*; XP

VFDUFH LQ YHU\ ILQH FRQGLWLRQ

.*9 SURRI IRU G *UH\ RQ :KLWH :RYH [

PP KDQGVWUXFN 0% PDQXVFULSW 3D\QH *UH\ DQG FRGH QXPEHUV 9HU\ IUHVK VKDOORZ FUHDVH 5DUH SURRI

.*9 FRQWURO VLQJOHV òG G ZLWK

GLIIHUHQW VKDGHV DQG GLHV IUHVK PLQW ,PSHUI FRUQHU SDLU òG RYSW 63(&,0(1 7\SH

IUHVK PLQW ZLWK MXELOHH OLQHV LQ PDUJLQ 6* 6

,QYHUWHG ZDWHUPDUN G ILQH PDUJLQDO XP QKP

8QLVVXHG 3UHVWRQ 0LOO ERRNOHW FRYHU DV D

UDUH XQFXW VWULS RI ILYH ERRNOHW FRYHUV LQ Y ILQH FRQGLWLRQ 6* :,

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 37

,QYHUWHG ZDWHUPDUN G XP 6* :,

38& òG DGYHUW ERRNOHW SDQH DQG IRU

HUURU ERWK PLQW IX LWHPV 6*

,QYHUWHG :PN YDULHWLHV ILQH PLQW òG LQY

38& òG %RRNOHW 3DQH :PN ,QYHUWHG ILQH

UHYHUVHG 6* ZN DQG G LQYHUWHG 6* :, ILQH

PLQW 6* EZ

.*9 FRQWURO VLQJOHV òG ZLWK GLIIHUHQW VKDGHV 38& òG RYSW FDQFHOOHG SOXV SXQFWXUH YI XP

FRP X DQG D JRRG UDQJH RI FRQWURO QXPEHUV D JRRG UDQJH RI

VWDPSV IUHVK PLQW

38& òG RYSW FDQFHOOHG YI XP VOLJKWO\

.*9 FRQWURO VLQJOHV G òG G G

WULPPHG DW EDVH H[ ERRNOHW FRP W

G DQG G ZLWK D YDULHW\ RI VKDGHV DQG QXPEHUV IUHVK PLQW

{ 38& òG LQYHUWHG ZDWHUPDUN YDULHW\ VRXQG

{ 6HDKRUVH G 6* YIX FULVS FGV

FGV XVHG 6* :,

9DULHW\ 38& G EURNHQ :UHDWK DW OHIW 6*

6WDPS %RRNOHW (GLWLRQ ILQH DQG

6*1&RP G IUHVK OLJKWO\ PRXQWHG PLQW

FRPSOHWH YHU\ PLQRU FRYHU VFXIIV 6*%%

0267 81868$/ 6RXYHQLU IURP WKH $HUR

4 3KLODWHOLF &OXE RI &DOFXWW )LUVW IOLJKW 33& RI ,QGLDQ VWDPSV VHQW GLIIHUHQW SULQWLQJ DQG VKDGHV ZDWHUORZ 'H OD 5XH IURP (QJODQG WR .HQ\D RQ WKH (QJODQG WR &DSH 5RXWH ZLWK

%UDGEXU\ $ ILQH .*9 G GHILQLWLYH UDQJH %RRNOHW SDQHV òG G òG SDQHV RI VL[ ZLWK

&RQWUROV LQ VWULSV RU VLQJOHV ZLWK D JRRG YDULHW\

LQYHUWHG :PN òG SDQH RI ZLWK &DVK 6DWLQ $GYHUWLVLQJ RI QXPEHUV DQG VKDGHV WR VWULS RI RU PRUH VLQJOH SDQH DOVR ZPN ,QY ZLWK D &DW YDOXH RI PLQW

LQF G ) VWULS RI LPS G VWULS RI 1 G VWULS RI

0 VWULS RI 9 $ YHU\ JRRG FROOHFWLRQ RI PLQW LQF %RRNOHW SDQHV G òG 6* * ) ILQH

XP 80

6HDKRUVH 6* ZLWK D IDEXORXV -HUVH\

&2/285 75,$/ òG LQ 5HG %URZQ LPSHUI RQ

VWHHO FGV 9I JXPPHG ZPN SDSHU )LQH DQG IUHVK XQXVXDO 6HDKRUVH 6* XP ILQH IURQWDO

DSSHDUDQFH JXP LV VOLJKWO\ HYHQ EURZQ &DW QKP ,PSHUIRUDWH HVVD\ SDLU RI G 6FDUOHW ODUJH KHDG RQ EORFN F\SKHU ZPN SDSHU ZLWK JRRG PDUJLQV DOO URXQG 0LQW

8QXVXDO 6HDKRUVH 6* IUHVK P VKDOORZ FUHDVH

{ 9DOXDEOH FROOHFWLRQ RI VHDKRUVHV ZLWK PDQ\

{

.*9 VHW 6* DV 80 EORFNV RI IUHVK

80 $ VFDUFH VHW LQ EORFNV EORFNV

F { 6HDKRUVH VHW RI IX ZLWK FGV SRVWPDUNV

%RRNOHW SDQHV 6LOYHU -XELOHH FKLHIO\ 80 òG

G DQG òG JRRG SHUIV FRVW 9HU\ ILQH

6* D F %ORFN &\SKHU DQG GHILQ VHWV FKLHIO\ ILQH

80 6* DQG

&\OLQGHU %RRNOHW 3DQH òG SDQH RI 1R QR

GRW :PN 8SULJKW .*9 6LOYHU -XELOHH 0LQW

%RRNOHW 3DQH òG :PN LQYHUWHG ZLWK

&\OLQGHU %RRNOHW 3DQH òG SDQH RI 1R QR

VHOYHGJH 9) 6* GZ

GRW :PN 8SULJKW PLQW .*9 6LOYHU -XELOHH

&RQWURO VLQJOHV LPSHUI PDUJLQ LVVXHV HDFK

GLIIHUHQW òG G òG G òG G G &\OLQGHU %RRNOHW 3DQH G SDQH RI 1R QR

GRW :PN 8SULJKW IUHVK PLQW .*9 6LOYHU -XELOHH G G G HDFK GLIIHUHQW IUHVK PLQW

6LOYHU -XELOHH ERRNOHW QXPEHU ILQH ZLWK

RI WKH òG SDQHV ZDWHUPDUN LQYHUWHG

&RQWURO VLQJOHV ZLWK YDOXHV WR G LQF D IHZ

VWULSV RI ZLWK VKDGHV DQG GLIIHUHQW FRQWURO QXPEHU D ILQH FROOHFWLRQ RI IUHVK PLQW .*9 FRQWURO VLQJOHV ZLWK VKDGHV DQG D YDULHW\

RI QXPEHUV òG G òG G òG IUHVK PLQW

6LOYHU -XELOHH VWDPS ERRNOHW HG LQ YI

FRQGLWLRQ %% 'RZQH\ +HDG &RQWURO 6LQJOHV ZLWK GLIIHUHQW

&21752/ 6,1*/(6 RI +$55,621 'HILQV

GLHV òG G ZLWK VKDGHV DQG D YDULHW\ RI :PN V $ JRRG ORW IUHVK PLQW

IUHVK PLQW ZLWK YDULRXV FRQWURO QXPEHUV DQG PDQ\ EHWWHU LWHPV ,QF G G 9 ; G EHWZHHQ % $ G : ; G 8 9 ; KLJK &9

$LUPDLO IORZQ òG LQWDFW UHSO\ FDUG XSUDWHG ZLWK

4 òG SOXV G òG H[KLELWLRQ VWDPSV 6* PXOWL

FDQFHOOHG WR %HUOLQ UHWXUQ SRUWLRQ IUDQNHG SI *HUPDQ DLUPDLO ZLWK ERWK VWDPSV òG FDQ %HUOLQ 8QXVXDO 7DSH IDXOWV

)DVFLQDWLQJ &ROOHFWLRQ RI òG LVVXHV ZLWK PDQ\

LQWHUHVWLQJ VWDPSV VHHQ FDQFHOOHG RYSWV &RLO -RLQW 6WULS H[WUD SHUI LQ WKH PDUJLQV 6KDGHV ,QY V ZD\ :PNV $ ILQH UDQJH RI LWHPV ,QF EORFNV DQG SDLUV QHHG ZULWLQJ XS PXFK PLQW .*9 òG ZLWK GLIIHUHQW VKDGHV ,QF &RLO

-RLQW 6WULSV 6* EULJKW *UHHQ PLQW LVVXHV LQ QHHG RI ZULWLQJ XS VWDPSV

)O\LQJ %RDW PDLO IURP /LYHUSRRO WR %HOIDVW

{

4 RQH ZLWK )LUVW )OLJKW &'6 S QG LOOXVWU (QY 'DWH UG .*9 FROOHFWLRQ RQ ROG SDJHV LQF 38& ORZ YDOXH RQ IGF IR[LQJ GHILQLWLYH V GLIIHUHQW SULQWLQJ ZLWK VKDGHV

LOOXVWU (QY 'DWHG 6HS ODVW GD\ 6HOGRP VHHQ

H[KLE VHWV )8 ZLWK RYHU VWDPSV PDLQO\ ILQH

38& òG &ROOHFWRUV KROGLQJ RI P XP EORFNV

FRQWURO EORFNV SODWHG EORFNV FRQWURO LWHPV RQ FDUGV SDJHV HWF $ JRRG ORW LWHPV 6*

PHILANGLES

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

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 38

.*9 PRQRJUDP )281' 23(1(' RU

'$0$*(' RIILFLDOO\ VHFXUHG ODEHOV $ PRVW LQWHUHVWLQJ VHOHFWLRQ RI VHYHUDO XQXVHG RQH PLQW D XVHG SDLU YDULRXV LVVXHV 8QXVXDO .*9 RQ ROG SULQWHG SDJHV LQF ERWK H[KLELWLRQ

VHWV PLQW GHILQ WR LQF òG G òG G V ZD\ ZPN 38& ORZ YDOXHV LQF ZPN V ZD\ VHW RI GHILQV VHW SOXV òG G òG G ZPN V ZD\ V MXELOHH VHW DOO IUHVK PLQW SOXV KLJK YDOXHV ILQH XVHG

&\OLQGHU EORFNV RI VL[ .*9, òG 6* D

VXSHUE UDQJH RI GLIIHUHQW F\OLQGHUV FKLHIO\ 80 &DW

&\OLQGHU EORFNV RI VL[ .*9, òG 6*

LQF VFDUFH F\OLQGHU & QR GRW 80 D VXSHUE UDQJH FDW PDLQO\ 80 ^3KRWR`

&\OLQGHU EORFNV RI VL[ .*9, G 6* ZLWK

HDFK EORFN EHLQJ GLIIHUHQW &DW PDLQO\ 80

{ 9HU\ /DUJH 4XDQWLW\ RI 6WDPSV PDQ\ V

&\OLQGHU EORFNV RI VL[ .*9, òG LQF EHWWHU

F\OLQGHUV ' QR GRW + GRW DQG GRW PDLQO\ PLQW FDW ^3KRWR`

ILOOLQJ D ODUJH FDUWRQ RQ DQG RII SDSHU KRXUV RI IXQ VRUWLQJ ORRNLQJ IRU YDULHWLHV

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

&\OLQGHU EORFNV RI VL[ .*9, G ZLWK HDFK

EORFN EHLQJ GLIIHUHQW FDW PDLQO\ PLQW ZLWK 80 PL[HG LQ 6* D JRRG UDQJH

3URRI RI òG LPSHUI LQVFULEHG 3522) RQ

XQZDWHUPDUNHG SDSHU 80 %HOLHYHG WR RI EHHQ SURGXFHG LQ

+ROODQG 8QXVXDO

&\OLQGHU EORFNV RI VL[ .*9, G F\OLQGHUV

& GRW DQG QRW GRW GRW DQG QR GRW * GRW + QR GRW ZLWK EORFNV EHLQJ 80 FDW 6*

3522) RI òG LQVFULEHG SURRI RQ JXPPHG

SDSHU LPSHUI IURP WKH FRUQHU RI WKH VKHHW P

6WDPS %RRNOHW (GLWLRQ LQ YHU\ ILQH

&\OLQGHU EORFNV RI VL[ .*9, G VJ LQF

VFDUFH , F\OLQGHU FKLHIO\ PLQW FDW ^3KRWR`

FRQGLWLRQ 6*%& 3RVWDJH GXH VHW ILQH PLQW 6*'

&\OLQGHU EORFNV RI VL[ .*9, G ZLWK D JRRG

YDULHW\ RI GLIIHUHQW F\OLQGHUV FDW PDLQO\ PLQW ZLWK 80 PL[HG LQ

F $ VHOHFWLRQ P XP ZLWK F\OLQGHU EORFNV WR òG

ERRNOHW SDQHV WDE VLQJOHV VKRZLQJ SODWH QXPEHUV

$ JRRG YDULHW\

&\OLQGHU EORFNV RI VL[ .*9, G ZLWK HDFK

EORFN EHLQJ GLIIHUHQW FKLHIO\ PLQW RGG 80 D VFDUFH JURXS FDW $ VXEVWDQWLDO DFFXPXODWLRQ RI PDWHULDO RQ

^3KRWR` SDJHV ORRVH LQF UHIHUHQFH ERRN E\ .LUN 0RURFFR &\OLQGHU EORFNV RI VL[ .*9, GHILQV ZLWK

$JHQFLHV LVVXHV ZLWK EORFNV XVHG RQ RYHU VRPH LQWHUHVWLQJ WKUHH EORFNV EHLQJ 80 YHU\ IUHVK . ( 8 GRW DQG QR FRYHUV LQF ODVW GD\ GHDWK LWHPV FRQWURO EORFNV RI PLQW GRW DQG QR GRW FDW 6FDUFH GLII EORFN RI òG ZLWK 7ULVWDQ 'D &XQKD SPNV XVHG DGYHUW .LQJV FRURQDWLRQ VHW RI VRXYHQLU ODEHOV P RQ

ODEHOV IURP ERRNOHWV PXFK PRUH *RRG ORW V

VSHFLDO SDJHV GLII ODEHOV D VHW RI RQ DQ LOOXVWUDWHG

VKHHW D +DUULVRQV VKHHW RI GLII ODEHOV $Q LQWHUHVWLQJ +,*+/< ',9(56( DFFXPXODWLRQ RI PDWHULDO

ORW FRYHUV FDUGV LWHPV RQ FDUGV SDJHV RGGLWLHV HWF òG FRLO

OHDGHU \ ZLWK WZR VWDPSV LQWHUHVWLQJ FRYHUV FDUGV LQF PHWHU { .*9, FROOHFWLRQ ILQH XVHG ,QF GHILQLWLYH ZDWHUPDUN YDULHWLHV KLJK YDOXHV ,QF $UPV 6LOYHU :HGGLQJ LPSUHVVLRQ RQ VWDPS H[KLE FDUG VWDPS VKRZ VSHFLDO )HVWLYDO $ JRRG ORW RI VWDPSV &DW HDFK SPNV FRYHU XQXVXDO FROOHFWLRQ RI ERRNOHW FRYHUV DQG GLIIHUHQW LQWHUOHDYH DGYHUW SDQHV IRXQG LQ (GZDUG ERRNOHWV EORFNV RI VWDPSV LQF RYHUVHDV RIILFH FDQFHOODWLRQV PRUH $ ORW RI .*9, FROOHFWLRQ ZLWK GHILQLWLYH ZDWHUPDUN

YDULHWLHV DQG KLJK YDOXHV ,QF $UPV 6 :HGGLQJ PDWHULDO FROOHFWHG RYHU PDQ\ \HDUV )HVWLYDO $ JRRG ORW RI VWDPSV PLQW ZLWK 80 PL[HG LQ 67$03 6(/(&7,21 RQ SDJHV ,QF òG WR òG

&DW DV ERRNOHW SDQHV RI LQYHUWHG :PN PLQW 9DULHWLHV RQ òG XVHG GLIIHUHQW HWF 4W\ 6WDPS FHQWHQDU\ LVVXH 6* D ILQH VWXG\

LQF F\OLQGHU EORFNV ZLWK D JRRG YDULHW\ RI W\SHV GRW QR GRW *5($7 %5,7$,1 ) *(25*( 9, òG F\OLQGHU GRW ZLWK SRVLWLRQDO YDULHW\ òG ORRS WR FURZQ .*9, $UPV VHW RI 6* F PLQW

YDULHW\ IX 6HOHFWLRQ RI XVDJHV RQ FRYHU LQF VHW RQ UHG FURVV

VSHFLDO FDQF LOOXVWU HQY HWF TW\

&RURQDWLRQ òG LVVXH 6* ([WHQVLYH VWXG\

RQ SDJHV FDUGV HWF ZLWK D JRRG QXPEHU RI P XP PXOWLSOHV IHDWXULQJ FRQVWDQW OLVWHG YDULHWLHV VRPH XVHG VLQJOHV ZLWK YDUV

VRPH ILQH IGF RWKHU LWHPV 9HU\ JRRG ORW LWHPV ZLWK

EORFNV &\OLQGHU EORFN RI VL[ G 6* D F\OLQGHU

QR GRW DQG GRW RQH EORFN 80 DOO VWDPSV 80

&\OLQGHU EORFNV .*9, G 6* F\OLQGHU

' ( , . 2 GRW DQG GRW 0DLQO\ 80

&RLO VWULS ZLWK HQG FRLO SDSHUV DWWDFKHG YIP

òG G ZLWK VWULSV RI ILYH VWDPSV &, /,%(5$7,21 òG DOO 6* OLVWHG YDULHWLHV

ZLWKLQ XP PXOWLSOHV TFRP D F LWHPV 6*&

&, /LEHUDWLRQ LVVXH 6* & VPDOO

DFFXPXODWLRQ LQF òG EURNHQ ZKHHO YDULHW\ XP LQ EORFN 6* F F F\OLQGHU QR GRW FRQWURO EORFN YDULRXV RWKHU PXOWLSOHV LQF DUURZ PDUJLQV *RRG ORW TW\ &, /LEHUDWLRQ VHWV RQ LOOXVWU IGF $ JURXS RI GLII

LOOXVWU HQYV DOO ZLWK FRPSOHWH VHWV DOO YI 6*&

&\OLQGHU EORFNV .*9, G 6* F\OLQGHU

( ERWK GLIIHUHQW 6 QR GRW PLQW FDW

&\OLQGHU EORFN ZLWK YDULHW\ 2O\PSLF *DPHV G

&\O QR GRW ZLWK GDPDJHG FURZQ 6* D IUHVK 80

&\OLQGHU EORFNV .*9, G 6* F\OLQGHU

( 2 6 ZLWK WKUHH EORFNV EHLQJ 80

6LOYHU ZHGGLQJ 6* DV D FRPSOHWH VKHHW

RI WZHQW\ ILQH XP F\OLQGHU GRW F

&\OLQGHU EORFNV RI VL[ G 6* F\OLQGHU

/ 8 GRW DQG QR GRW DQG WKUHH EORFNV 80 RQH PLQW 6FDUFH ^3KRWR`

9DULHW\ G 2O\PSLF ZLWK FURZQ IODZ LQ D SDLU

ZLWK QRUPDO 6* D 80

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 39

9DULHW\ /LEHUDWLRQ òG ZLWK EURNHQ ZKHHO

ZLWKLQ D SRVLWLRQDO EORFN RI 6*& IUHVK 80

*5($7 %5,7$,1 * (/,=$%(7+ ,, %(51$5' /29(// 6LJQHG 5$)

LOOXVWUDWHG FRYHU ZLWK -RGUHOO %DQN 6WDPS DQG VSHFLDO FDQFHO

:HGGLQJ VHW RQ LOOXVWU IGF YI 6*

&RURQDWLRQ SHULRG VHW RI RQ VHSDUDWH SODLQ

:HGGLQJ VHW 6* RQ YI IGF UHJ G WR

IGF WDQJLHU VHW DV XP EORFNV G G G ZLOGLQJV RQ LOOXVWU IGF DLUFUDVK ZLWK VDOYDJHG PDLO FDFKHW 4DQWDV ILUVW IOLJKW DLUOHWWHUV HWF

86$ )HVWLYDO KLJK YDOXH VHW DV 80 EORFNV RI IRXU

6* ^3KRWR` )HVWLYDO KLJK YDOXH VHW IUHVK PDUJLQDO XP 6*

)HVWLYDO RI %ULWDLQ ORZ YDOXHV VWXG\ 6*

ZLWK DOO F\OLQGHU EORFNV QRWLQJ òG F\O GRW ZLWK SRVLWLRQDO YDULHW\ YDULRXV PXOWLSOHV ZLWK DUURZV LQ PDUJLQV 6SHFLDO

&DVWOH KLJK YDOXHV DQ LQWHUHVWLQJ ORW RQ +DJQHV

LQF XP EORFNV WR ZLWK SODWH QXPEHUV ZDWHUORZ DV XVHG EORFN RWKHU XVHG WR DOVR SKRV JUDSKLWHV RQ ILUVW XVH IGF G JOR ZLWK %52.(1 0$1( F XP TW\

6SHFWDFXODU YDULHW\ G ZLOGLQJ EORFN RI ZLWK

SDSHU MRLQHG HIIHFWLQJ VWDPSV 6* YDU D VXSHUE LWHP IUHVK

80

ODEHO SRVWDO XVHG ILYH YDULRXV IGF )HVWLYDO RI %ULWDLQ RQ P\ ZD\ VHW RI YLHZV RI

/RQGRQ VKHHWOHWV XP WRJHWKHU ZLWK RULJLQDO OHWWHU DERXW WKH

LVVXH

:LOGLQJ G 6* XP PDUJLQDO VWULS RI ILYH

VKRZLQJ D ILQH SUH SULQWLQJ SDSHU FUHDVH DIIHFWLQJ WZR XQLWV

8QXVXDO '/5 FDVWOH IUHVK PDUJLQDO XP 6* FDW

$ 0267 ,17(5(67,1* /27 LQF OLVWHG

YDULHWLHV RQ FDUGV VWRFNVKHHWV òG % IRU ' LQ XP EORFN 2O\PSLFV ZLWK XP EORFNV LQF RYHUVHDV SRVW RIILFHV LQF :LOGLQJ ERRNOHW SDQHV DOO XP LQF òG

òG HDU OREH YDULHW\ LQ F\OLQGHU EORFN G FURZQ IODZ LQ F\OLQGHU SDQH RI VL[ ZLWK F\O QXPEHU - QR GRW ERWWRP G F\O QXPEHU EORFN RWKHU 2O\PSLF YDULHWLHV 6* OLVWHG *RRG ORW TW\ KLJK 1 ER GRW WRS D JRRG JURXS HDFK GLIIHUHQW FY )LUVW 'D\ FRYHUV 1DWLRQDO *HRJUDSKLF DQG

$ VHOHFWLRQ RI FRPSOHWH VKHHWV 80 ,QF

+ROLGD\ ERRNOHW SDQH RQ RQH VSHFLDO IGF LOOXVWUDWHG FRYHU QHZ G 9LFWRU\ QRWLQJ *DVK RQ 7HPSOH YDULHW\ 0RURFFR òG GHILQLWLYH ZPN VLGHZD\ RQ LOOXVWUDWHG IGF D ILQH SDLU RI $JHQFLHV F RQ G .(9,,, DQG &RURQDWLRQ PL[HG FRYHUV FRQGLWLRQ YDU\LQJ GHJUHHV RI VSOLWWLQJ :LOGLQJ òG 6* I ZPN VLGHZD\V DV D

'HILQLWLYH V ZLWK ZDWHUPDUNV V ZD\V FRPSOHWH FRLO UROO RI XQLWV XP ZLWK LQWDFW OHDGHU ZD[ VHDO

DQG LQYHUWHG VHW WR SOXV òG WR òG V ZD\V LQY

&DW SDOH FRORXUV VHW RI SOXV V ZD\V ZPN LQY

%RWDQLFDO VHW RQ )'& ZLWK VWDPSV DQG FRYHU

FRORXU FKDQJH LQF V ZD\V LQY )UHVK PLQW VWDPSV FDW KDQGVWDPSHG &$1&(//(' YHU\ ILQH DQG XQXVXDO

,QODQG WHOHJUDP XQXVHG LQ YHU\ JRRG

,QYHUWHG :DWHUPDUN G JHRJUDSKLFDO DV D

FRQGLWLRQ VHOGRP VHHQ F\OLQGHU EORFN ILQH QKP 6* :,

,17(5(67,1* .*9, 0,6&(//$1< RQ FDUGV

,QYHUWHG :DWHUPDUN G 6KDNHVSHDUH ILQH XP

òG YLFWRU\ KDQGVWDPSHG 63(&,0(1 &, 6* :, LW LV EHOLHYHG WKDW MXVW H[DPSOHV H[LVW /LEHUDWLRQ òG YDULHWLHV FURZQ IODZ EURNHQ ZKHHO ERWK LQ XP

PXOWLSOHV òG ERRNOHW SDQHV FRLO VWULSV EORFNV VRPH IGF { ,QYHUWHG :DWHUPDUN G JHRJUDSKLFDO 6*

LQF LOOXVWU *RRG ORW TW\

:, YIX PDUJLQDO 8QSULFHG XVHG ,W LV EHOLHYHG WKDW MXVW WHQ .*9, %22./(7 3$1(6 RQ VWRFNSDJHV ZLWK

H[DPSOHV DUH NQRZQ PRVW DUH PLQW SDQHV RI SDQHV ODEHOV SDQHV RI SDQHV RI ZLWK XSULJKW DQG LQYHUWHG ZPNV D ILQH UDQJH RI LQF G SDQH RI VL[ ,QYHUWHG :DWHUPDUN G %RWDQLFDO DV F\OLQGHU

EORFN RI ILQH QKP 9HU\ IHZ FDQ H[LVW 6* :, ZPN XSULJKW òG OLJKW RUDQJH VHOYHGJH DW WKH ERWWRP FKLHIO\

PLQW LQF 80 KLJK FDWDORJXH YDOXH 2XWVWDQGLQJ %DWWOH RI %ULWDLQ LOOXVWUDWHG )'&

.*9, 9$/8$%/( /27 ZLWK PXFK RI DQ

VLJQHG E\ %DWWOH RI %ULWDLQ 3LORWV ,QF ' 'DYLG 5 +DLQH 3 LQGLYLGXDO QDWXUH RQ H[KLELWLRQ SDJHV HWF KLJK YDOXHV $\HUVW * 'DUOH\ -R\FHO\Q 0LOODU $ *HDU MXVW D IHZ QDPHV $ VHW WR XP DOVR G WR DV XQXVHG QR JXP EORFNV RI VXSHUE LWHP IRU UHVHDUFK LQF GDUN EOXH EORFN XP VWDPS FHQWHQDU\ VHW RQ LOOXVWU IGF YLFWRU\ G H[WUD EHUU\ LQ XP EORFN :$7(50$5. ,19(57(' G 3$5/,$0(17

ZHGGLQJ VHW RQ LOOXVWU IGF IHVWLYDO SULYDWH SDFN KLJK DV WUDIILF OLJKW FRUQHU EORFN IUHVK XP 6* :, YDOXH VHW XP YDOXHV WR RQ IGF $ PRVW LQWHUHVWLQJ

ORW :DWHUPDUN ,QYHUWHG &KXUFKLOO VHW G DV F\OLQGHU

.*9, :DWHUPDUN YDULHWLHV òG WR òG

EORFN RI G DV UDUH F\OLQGHU EORFN WZR XQLWV FUHDVHG :PN ,QY G G òG :PN 6LGHZD\V òG WR DQG 127 &2817(' 6* :, EORFNV

òG :PN ,QY 0DLQO\ 80 G /00 &DW

{ :DWHUPDUN ,QYHUWHG &KXUFKLOO VHW IX XQSULFHG

672&.3$*(6 ZLWK EHWWHU SLFNLQJV LQF

XVHG 6* :, :,

YDULHWLHV &RURQDWLRQ FRORQ IODZ PLQW DQG XVHG DUP EORW RQ VFUROO 6* DE 2O\PSLF G KRRNHG 80 :$7(50$5. ,19(57(' *32 7RZHU G

6 :HG òG &URZQ IODZ 80 OLQH DFURVV ZKHHO IODZ 6*& E F SKRV DV D &</,1'(5 EORFN RI VL[ 3RVVLEO\ XQLTXH LWHP 80 DQ LQWHUHVWLQJ ORW RI VWDPSV 6XSHUE 6* 3:, 7UDLQLQJ VFKRRO EDU RYSWV RQ GHILQLWLYHV WR

%LUGV EORFNV ZLWK ,19(57(' :0.6 RUG DV

SOXV G G DQG G DV EORFNV RI 80 F\OLQGHU EORFN RI DQG SKRV DV PDUJLQDO EORFN 6* $:, 3:, :UHFN 0DLO $LU &UDVK DW 3UHVWZLFN 7ZR

(UURU %LUGV EORFN RI ZLWK PLVVLQJ 5HG %URZQ

4 FRYHUV RQH ZLWK EUXQW PDUNV QG 2+%06 (QY 6HQW 5HJG /HJV 6* 3- 3- SKRVSKRU EORFN 80 %RWK ZLWK 6DOYDJHG 0DLO $LUFUDIW &UDVK 3UHVWZLFN FDFKHW

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 40

+DVWLQJV G RUG F\OLQGHU EORFN RI ZLWK

,19(57(' :$7(50$5. ILQH QKP 6* :, D VFDUFH

3RVWDO VWULNH 3LUDWH SRVW ([HWHU WR %ULVWRO WR

/RQGRQ FROOHFWLRQ RI FRYHUV DQG XQXVHG VKHHWOHWV LQ VKHHWOHWV RI RU SHUI DQG LPSHUI ZLWK GLIIHUHQW YDOXHV

SRVLWLRQDO LWHP

80

7HFKQRORJ\ VHW KDQGVWDPSHG &$1&(//('

YHU\ ILQH XQXVHG H[ SUHVV UHOHDVH VKHHW 6*

3RVWDO 6WULNH 3RVW 2IILFH $XWKRULVHG FROOHFWLRQ

()7$ G 6* DV FRUQHU F\OLQGHU EORFN RI

ZLWK D VWURQJ VKLIW RI WKH %ODFN FRORXU UDWKHU SURQRXQFHG DQG

XQXVXDO (UURU G GHILQLWLYH PLVVLQJ SKRVSKRU EORFN RI

6* (\ IUHVK 80 (UURU FRPSOHWH VKHHW RI VWDPSV ZLWK

PLVVLQJ SKRVSKRU :DOHV G YHUPLOOLRQ 6*: ( FDW DV

RI FRYHUV LQF FRYHUV WKDW ZLWK DJUHHPHQW RI WKH SRVW RIILFH KDYH KDG ILUVW FODVV UDWH VWDPS DIIL[HG DW WKH HQG RI WKH VWULNH DFWLRQ 3RVWDO 6WULNH 3RVW 2IILFH $XWKRULVHG 3RVWDO

ODEHOV VWDPSV VKHHWOHWV LQF SHUI LPSHUI VKHHWOHWV RI

SHUI WHVW VKHHW XQSULQWHG VKHHW LQ \HOORZ D YHU\ JRRG ORW IRU VWXG\ 3RVWDO VWULNH 6SDLQ WR /RQGRQ FROOHFWLRQ RI

FRYHUV ZLWK D YDULHW\ RI HPHUJHQF\ SRVWDO VWDPSV LQF 0DGULG /RQGRQ (VSDQD 8. VLQJOHV RU SDLUHG ZLWK 8.

HPHUJHQF\ SRVW VWDPSV D YHU\ LQWHUHVWLQJ ORW

VLQJOHV 6FDUFH LQ D FRPSOHWH VKHHW 0DFKLQ G 6* XP FRUQHU VWULS RI

PLVSHUIRUDWHG ORZHU OHIW FRUQHU GXH WR SDSHU IROG 6XSHUE

3RVWDO VWULNH ([HWHU HPHUJHQF\ SRVW VKHHWOHW

LQF SHUI LPSHUI ZLWK PDQ\ GLIIHUHQW YDOXHV DQG W\SHV HYHQ

VWULNLQJ 0DFKLQ G 3KRVSKRU RPLWWHG HUURU *$ JXP

6* \ $V YHU\ ILQH 80 PDUJLQDO EORFN RI &DW

3KRVSKRU RPLWWHG HUURU G PDFKLQ 6* \ DV

D YHU\ 80 PDUJLQDO EORFN &DW

VHHQ PLVFXW VKHHWOHWV DUWLVW SURRI PLVSODFHG SULQWLQJ $ YHU\ JRRG ORW IRU VWXG\ IUHVK 80 3RVWDO VWULNH 2VERXUQH HPHUJHQF\ VHUYLFH

%HOPRQW DQG 6XWWRQ D VXSHUE FROOHFWLRQ LQF VLJQHG LWHP E\ 2VERXUQH SURRIV VH WHQDQW VWULSV VKHHWOHWV EORFNV $ VXSHUE FROOHFWLRQ RI LWHPV

6SHFWDFXODU HUURU SDLQWLQJ G GRXEOH SHUI ZLWK

3RVWDO VWULNH 2VERXUQHV %HOPRQW DQG 6XWWRQ

H[WUD KRU] DQG YHUW SHUIRUDWLRQ DFURVV WKH VWDPS 6* YHU

)UHVK 80 (UURU &KULVWPDV G EORFN RI ZLWK SKRVSKRU

RPLWWHG 6* (< &DW DV VLQJOH VWDPSV 80

ORFDO SRVW FROOHFWLRQ RI FRYHUV ZLWK D YDULHW\ RI IUDQNLQJV LQF FRYHU VHQW RYHU VHDV $ YHU\ LQWHUHVWLQJ ORW IRU VWXG\

3RVWDO VWULNH 5 DQG 56 *32 DSSURYHG VSHFLDO

SRVW FRYHUV LQF FRYHUV ZLWK %HOJLXP VWDPSV

$ PRVW UHPDUNDEOH ORW RI FRPPHP VHWV DV

&203/(7( 6+((76 80 DQG VHOGRP IRXQG WRGD\ DV LQWDFW

VKHHWV 0DQ\ SRVLWLRQDO FRQVWDQW PLQRU YDULHWLHV DUH KHUH GLIIHUHQW VKHHWV FLUFD VWDPSV VHWV ,QF *DQGKL &DWKHGUDOV &RQFRUGH %ULGJHV $OVR :LOGLQJV WR G +XJH &9 'HILQLWLYH 3UHVHQWDWLRQ 3DFNV ILQH FROOHFWLRQ RI

GLIIHUHQW ,QF PDFKLQV WR VFDUFH

0RRUHV DQG 0DWWKHZV ODUJH IRUPDW SDFN UHJLRQDOV WR 3RVWDJH GXHV *RRG ORW &RQFRUGH VHW RQ XQDGGUHVVHG )'& VLJQHG E\

%ULDQ 7UXEVKDZ 7HVW 3LORW 9HU\ ILQH '28%/( 3(5)25$7,21 (5525 G &HSW

6* DV PDUJLQDO EORFN ZLWK GRXEOH SHUIV UXQQLQJ LQWR WKH

PDUJLQ 8QXVXDO +LJK 9DOXHV JRRG IRU VWXG\ ,QF &\O EORFNV S

S S

,QF GLIIHUHQW SDSHUV $ ILQH ORW RI

LWHPV 80

3RVWDO VWULNH 5DOHLJK VWDPS SRVWDO VHUYLFH

FRYHUV ZLWK D YDULHW\ RI IUDQNLQJ LQF ([PRXWK %XGOHLJK 6DOWHUWRQ ([HWHU 7RSVKDP $ YHU\ LQWHUHVWLQJ JURXS RI FRYHUV 3RVWDO VWULNH 5DQGDOO SRVWDO VHUYLFH ZLWK D

YDULHW\ RI 5DQGDOO VWDPSV DIIL[HG WR FRYHUV RU VWDPSOHVV ZLWK WKHUH FGV $ YHU\ LQWHUHVWLQJ ORW RI FRYHUV

3RVWDO VWULNH 7'5 VHUYLFH VHOHFWLRQ RI 7'5

ODEHOV RQ FRYHUV LQF 2+06 DLU HQY VHQW WR $XVWUDOLD DQG )UDQFH DQ LQWHUHVWLQJ JURXS %%& LOOXVWUDWHG )'& VLJQHG E\ -D]] 0XVLFLDQ

+XPSKUH\ /\WWHOWRQ 6FDUFH :HGJZRRG %RRNOHW 3DQHV RQ LOOXVWUDWHG )'& V

,QF FRPSOHWH SDQHV ZLWK %DUODVWRQ VSHFLDO FDQFHO 6FDUFH VHYHUDO FRYHUV ZLWK WKH òG VLGH EDQG $ ILQH FROOHFWLRQ QR KDQG ZULWWHQ DGGUHVVHV

,PSHUI 3DLU G &KULVWPDV 6* F IUHVK

PDUJLQDO 1+0

:('*:22' %22./(7 ZLWK VFDUFH OLVWHG

YDULHWLHV RQ òS òS SDQH YHU\ ILQH 1+0 6*8(3 D

)25(,*1 /$1*8$*( 3DFNV +LJK

9DOXHV *HUPDQ DQG -DSDQHVH SDFNV ORZ YDOXHV

%RRNOHW 3DQHV LOOXVWUDWHG )'& V S

*HUPDQ DQG -DSDQHVH SDFNV 6FDUFH 0$&+,1 '(),16 XP ZLWK VRPH VSHFLDOLVDWLRQ

FROOHFWLRQ RI V RQ SDJHV WR LQF XQFRDWHG

%RRNOHW S òS RQ RQH FRYHU F S DQG ò RQ WZR FRYHUV ZLWK :LQGVRU &'6 DQG 'HF S %RRNOHW [ òS ZLWK &DQWHUEXU\ &'6 7KLV &DW

FRQWUDFWRUV SDSHUV ZLWK GLII SDSHUV SKRV YDOXHV WR S ((& +DUZLFK VSHFLDO )'& VLJQHG E\ PDMRU XQDGGUHVVHG 9HU\ ILQH 6* GLII FRLO VWULSV UHJLRQDO PDFKLQV ZLWK XP EORFNV RI *RRG UDQJH DOO XP $,50$,/ )OLJKW RI 7RUQDGR WR FRPPHPRUDWH

3RVWDO VWULNH ([SRUW OHWWHU VHUYLFH FRYHUV

WKH YLVLW RI 4(,, WR 3UHVWRQ VLJQHG E\ 5RODQG %HDPRQW DQG VHQW WR *HUPDQ\ DQG 1HWKHUODQGV 6KHHWOHWV S 3DXO 0LOOHWW ZLWK 6LOYHU -XELOHH VHW RI VWDPSV DQG VSHFLDO S DV VKHHWOHW RI 80 FDQFHO 3RVWDO VWULNH ,VOH RI 0DQ LOOXVWUDWHG ILUVW DQG

+,*+ 9$/8( 3UHVHQWDWLRQ SDFNV 6WDQGDUG

SDFN SOXV /DUJH SDFN QXPEHU 7KLV LV VFDUFH ODVW GD\ FRYHUV ZLWK G DUPV ,VOH RI 0DQ SRVWDO VHUYLFH VWDPSV

3RVWDO VWULNH RYHUVHDV PDLO VHOHFWLRQ RI

/,%(5$/ &HQWHQDU\ 2IILFLDO )'&

FRYHUV ZLWK D YDULHW\ RI IUDQNLQJV LQF )HE 9DOHQWLQH ORFDO &RPPRQZHDOWK +HDGV ZLWK VSHFLDO FDFKHW DQG +RXVH RI ODVW GD\ FRYHU FRYHUV VHQW WR 6SDLQ ZLWK 6SDQLVK VWDPSV &RPPRQV &'6 DWWDFKHG $Q LQWHUHVWLQJ ORW RI LWHPV

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 41

:LOGOLIH LOOXVWUDWHG )'& ZLWK VSHFLDO FDQFHOV

%DGJHU %HHU 6&7 %URDG &RXUW *DUGHQ 6WXGLR &RYHU 1RUIRON :LOGOLIH 7UXVW QR ZULWWHQ DGGUHVVHV

6FDUFH .HQ /LOOH\ ILQH $UWV LOOXVWUDWHG )'&

VSHFLHV DW ULVN VLJQHG E\ )HOLFLW\ .HQGDO DQG RQH RWKHU VLJQDWXUH $ VFDUFH FRYHU RQO\ SURGXFHG YHU\ IHZ VLJQHG

&RLOV D FRPSOHWH XQRSHQHG ZD[ VHDOHG UROO

RI VWDPSV IHDWXULQJ VHWV RU S S S ODEHO IY 6W -RKQV $PEXODQFH VLJQHG LOOXVWUDWHG )'&

FRGHV * $ VFDUFH VXUYLYRU &RURQDWLRQ LOOXVWUDWHG )'& V ZLWK EHWWHU FRYHUV

5$) :DWWLVKDP 5KG 5DLOZD\ .LQJV /\QQ ZLWK 6DQGULQJKDP FDFKHW DQG &DPHR 6WDPS &HQWUH QR ZULWWHQ DGGUHVV ([SHULPHQWDO ,VVXHV 6HOI $GKHVLYH /DEHOV

VHW RI LOOXVWUDWHG )'&V ZLWK QHDW W\SHG DGGUHVV &DW

+LVWRULF %XLOGLQJ LOOXVWUDWHG )'& V ZLWK VSHFLDO

FDQFHOV 06 ZLWK 6WDPSH[ 7RZHU RI /RQGRQ +DPSWRQ &RXUW 6WDPS VHW ZLWK 7RZHU RI /RQGRQ %)2 3RUWODQG %)2 )32 DQG :HOOV $ ILQH FROOHFWLRQ

&UXIWV RIILFLDO )'& VLJQHG E\ %DUEDUD

:RRGKRXVH QRW FRPPRQ 3ROLFH LOOXVWUDWHG IGF V LQF 'HYRQ DQG

&RUQZDOO RIILFLDO FRYHU 3RUWV RI /RQGRQ &RWVZROG FRYHU 1HZ 6FRWODQG \DUG &RWVZROG FRYHU $ ILQH FROOHFWLRQ ZLWK VSHFLDO FDQFHOV 3ROLFH LOOXVWUDWHG )'& V ZLWK VSHFLDO FDQFHOV

LQF 1HZ 6FRWODQG <DUG 'HYRQ DQG &RUQZDOO %)32 6LU 5REHUW 3HHO 3RUW RI /RQGRQ :DNHILHOG :HVW <RUNVKLUH RQ 2IILFLDO FRYHU $ JRRG ORW HDFK RI WKH FRYHUV DUH GLIIHUHQW 52:/$1' +,// ,OOXVWUDWHG )'& V ZLWK VSHFLDO

ZLWK VSHFLDO 6W -RKQ %ULJDGH 6:$ FDQFHO VLJQHG E\ /RUG :HVW %XU\ $FWRUV DQG DFWUHVVHV PXOWLSOH VLJQHG FRYHUV

VLJQHG E\ 6LU 5LFKDUG $WWHQERURXJK 5LFKDUG 7RGG 3K\OOLV &DOYHUW -RDQQH /XPOH\ *RRJLH :LWKHUV -RKQ 0F&DOOXP DQG -RDQQH 0F&DOOXP $ ILQH SDLU RI FRYHUV (GZDUG /HDU LOOXVWUDWHG )'& V ZLWK VSHFLDO

FDQFHOV VWDPSV ZLWK .QRZVOH\ /HDPRXWK 06 ZLWK OHDPRXWK .QRZVOH\ DQG 9LFWRULDQ 6W &'6 1R ZULWWHQ DGGUHVVHV ),567 '$< &29(56 ZLWK &'6 FDQFHOV UHODWHG

WR HDFK LVVXH OLQQHDQ 0LFNOH\ 64 :HOVK %LEOH 6W 'DYLGV 6SRUW (GHEDVWRQ 7UDQVSRUW <RUN 6KUHZVEXU\ 732 DQG 4XHHQ (OL]DEHWK $Y $XVWUDOLDQ %LFHQW 0DUWRQ LQ &OHDYHODQG $UPDGD 7KH /L]DUG /HDU 9LFWRULD 6WUHHW 06 ZLWK 9LFWRULD 6W &KULVWPDV ZLWK 6WDU *OHQURWKHV FRYHUV ZLWK QHDW VPDOO ODEHO DGGUHVV RU QR DGGUHVV &DVWOH KLJK YDOXH VHWV RI

,QF *XWWHU SDLU VHW RI VWDPSV IUHVK 80 +LJK

FDWDORJXH YDOXH )LUVW 'D\ &RYHUV ZLWK &'6 FDQFHOV %LUGV

+RXVH RI &RPPRQV DQG 6DQG\ )RRG +RXVH RI &RPPRQV DQG :HQVOH\ $QQLYHUVDU\ 5RFKGDOH 7R\V 3OD\LQJ 3ODFH $UFKHRORJ\ 06 6W $JQHV 0LFURVFRSHV 6W .HQVLQJWRQ /RUG 0D\RU /RQGRQ (& &KULVWPDV (O\ $ YHU\ JRRG ZLWK QR DGGUHVV RU VPDOO ODEHO DGGUHVV

,QGXVWULDO $UFKDHRORJ\ LOOXVWUDWHG )'& V ZLWK FDQFHOV &DUWRRQLVWV &OXE RQ &DUWRRQLVWV &RYHU %ULWLVK

/LEUDU\ %ULJKWRQ RQ 5DLOZD\ &RPSDQ\ &RYHU %UXFH &DVWOH VSHFLDO FDQFHOV 6WDPSV ZLWK ,URQ %ULGJH 3RQWF\V\OLWH DQG 0XVHXP DQG .LGGHUPLVWHU )', 6WDPSV VHW LQF %UXFH 7HOIRUG 06 ZLWK ,URQ %ULGJH 3RQWF\V\OLWH 3RRO DQG 1HZ &DVWOH 0XVHXP +RXVH RI &RPPRQ V +DGGR +RXVH /DQDUN QR ZULWWHQ DGGUHVVHV 2IILFLDO FRYHU $ YHU\ JRRG ORW RI FRYHUV HDFK GLIIHUHQW QR -XQH :KLWILHOG DQG 7HUU\ 6FRWW %HJJDU 0\

ZULWWHQ DGGUHVVHV 1HLJKERXU PDWFKLQJ SDLU RI VLJQHG &RYHUV <HDUV %HVLGH <HDU RI WKH &KLOG LOOXVWUDWHG )'& V ZLWK VSHFLDO

WKH 6HDVLGH &RPPHPRUDWH WKH YLVLW RI .*,,, WR :H\PRXWK ZLWK FDQFHO ([HWHU &KLOGUHQ 2UFKHVWUD &RYHU +DUWILHOG 2IILFLDO D VSHFLDO FDQFHO &RYHU 6WRXUEULGJH +RPH RI WKH 'HVLJQHU RI WKH 32 FRYHU $ VSHFWDFXODU JURVVO\ PLVSHUIRUDWHG HUURU DV D

+DUILHOG &'6 RQ /LQVODGH 0LGGOH 6FKRRO &RYHU 6PDOO EXW WUDIILF OLJKW FRUQHU EORFN RI VL[ .HZ *DUGHQV 6* ZLWK XVHIXO D KRUL]RQWDO VKLIW RI PP 1RUPDO VWDPS WR FRPSDUH WKH /RQGRQ ([KLELWLRQ 6WXG\ RI WKH 06 ,QF /RQGRQ

GUDPDWLF VKLIW 1+0 )ROG ZLWK DOO WKUHH VKHHWV VHOGRP VHHQ ILUVW PLQLDWXUH )LUVW 'D\ &RYHUV ZLWK &'6 FDQFHOV 563&$

VKHHW VHW RI SKRWRV 5RODQG +LOO 06 VHW RI SODWHV SOXV +RUVKDP (XURSD +RSH 6W .HZ *DUGHQV .HZ *DUGHQV DGGLWLRQDO VKHHWV IRU VWXG\ WRWDO RI VKHHWV 80 DQG *UHHQ :LOORZV +DUG\ +DUG\ /DQH $ZDUGV 1HZ

,QYHQWLRQ *DOODQWDU\ 6W *HRUJHV &URVV $VWURQRP\ 6&$5&( /RQGRQ /DQGPDUNV /RQGRQ <RXWK

$PHVEXU\ DQG &KULVWPDV 1DVDUHWK $ YHU\ ILQH ORW &DUG RQO\ SURGXFHG DV D FDUG VLJQHG E\ 7RPP\ 6WHHO RQO\

FRYHUV SURGXFHG VLJQHG E\ 7RPP\ *DOODQWU\ LOOXVWUDWHG )'& V ZLWK VSHFLDO

9HUD /\QQ 4XHHQ 0RWKHU VLJQHG LOOXVWUDWHG

FDQFHOV LQF 1DWLRQDO 3RVWDO 0XVHXP 6HLJH %HOO )XQG 6W )'& ZLWK 6SHFLDO )RUFH +HOS 6RFLHW\ &DQFHO *HRUJH 'LVWLQJXLVKHG 6HUYLFH 0HGDO %LJJLQ +LOO ZLWK QR 8QDGGUHVVHG ZULWWHQ DGGUHVVHV &</,1'(5 %/2&.6 E\ :DGGLQJWRQ DQG .HZ *DUGHQV LOOXVWUDWHG )'& V ZLWK VSHFLDO

4XHVWD S HDFK GLIIHUHQW LQF 4XHVWD LPSHUI DQG FDQFHOV LQF .HZ 6HYHQ 2DNV 1DWLRQDO *DUGHQ )HVWLYDO SHUI :DGGLQJWRQ $ % GRW $ % GRW DQG QR GRW $ YHU\ ZLWK QR ZULWWHQ DGGUHVVHV HDFK FRYHU LV GLIIHUHQW KLJKO\ FDWDORJXHG FROOHFWLRQ

&</,1'(5 %/2&.6 RI TXHVWD S HDFK 4XHHQ 0RWKHU LOOXVWUDWHG )'&V ZLWK

GLIIHUHQW LQF 4 7RS DQG %RWWRP RI WKH VKHHW SHUI [ WR GLIIHUHQW VSHFLDO FDQFHOV LQF &ODUHQFH +RXVH 5R\DO 0DLO 4 DQG 4 4 DQG 4 4 $ YDOXDEOH ORW 80 %)32 $OQZLFN D ILQH UDQJH QR DGGUHVVHV

5HJLRQDO V LOOXVWUDWHG IGFV RQ &RWVZROG 'LQRVDXUV LOOXVWUDWHG )'& V ZLWK VSHFLDO

LOOXVWUDWHG FRYHUV VPDOO ODEHO &RWVZROGV DGGUHVV ZLWK WKH ULJKW FDQFHOV /RFN 1HVV &XFNILHOG 3O\PRXWK 0DLGVWRQH DQG %XUHDX FDQFHO (DFK GLIIHUHQW 2[IRUG QR ZULWWHQ DGGUHVVHV $QQLYHUVDU\ RI WKH %DWWOH RI %ULWDLQ VLJQHG 'RJV LOOXVWUDWHG )'& V ZLWK VSHFLDO FDQFHOV

LOOXVWUDWHG )'& V VLJQHG E\ %RE 6WDQIRUG 7XFN -DPHV &UXIWV 1&'/ 3'6$ %LUPLQJKDP 'RJV +RPH %)32 *LQJHU /DFH\ DQG 'HQQLV 'DYLG $ ILQH WULR &UXIW %HQKDP &RYHU QR ZULWWHQ DGGUHVVHV

4(,, S 4XHVWD F\OLQGHU EORFN RI VL[ 4

DQG 4 &DW 80

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

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 42

)LUVW 'D\ &RYHUV ZLWK &'6 FDQFHOV 'RJV

%ODFN 'RJ 6SDFH 8SWRQ /HD 6FLHQWLILF $FKLHYHPHQW 6RXWK .HQVLQJWRQ 6SRUW 5XJE\ 5RVHV 5RVH 'LQRVDXUV 7KH /L]DUG 0DSV +DP 6W &KULVWPDV 7KUHH .LQJV $OO FRYHUV DUH XQDGGUHVVHG 0DSV LOOXVWUDWHG )'& V ZLWK VSHFLDO FDQFHOV

+DP 6WUHHW %LUWKSODFH RI 7RXULVP +DP 6WUHHW 'XSOH[ 'DUOLQJ %XGV RI 0D\ 6LU *HRUJH (YHUHVW 7RZHU RI /RQGRQ 6XQGD\ 0DJD]LQH &RYHU 1R ZULWWHQ DGGUHVV

&\OLQGHU EORFNV RI &DVWOH +DUULVRQ

SULQWLQJV F\O ' GLIIHUHQW SDSHUV F DQG VFDUFH ( DOO XP

)LUVW 'D\ &RYHUV ZLWK &'6 FDQFHOV UHODWLQJ WR

WKH FRYHUV 0LVVLRQ RI )DLWK &DQWHUEXU\ DQG ,RQD $UFKLWHFWV RI WKH $LU 6FDPSWRQ 5$) 6WDWLRQ 3RVW 2IILFH %DOO\ 5RQH\ &KULVWPDV ZLWK 7RP 6PLWK PDFKLQH FDQFHO DQG 1DVDUHWK VSHFLDO FDQFHO QR DGGUHVVHV 6SHFWDFXODU YDULHW\ EORFN RI ZKHUH WKH

LQGLJR KDV EHHQ VPXGJHG LQ GLIIHUHQW SDUWV RI WKH EORFN

HIIHFWLQJ VWDPSV GXH WR WKH VKHHW JHWWLQJ MDPPHG 6* YDULHW\ 80 7RQ\ %HQQ VLJQHG LOOXVWUDWHG IGF VXE SRVW

RIILFHV $XWRJUDSK FRYHUV $Q XQXVXDO ORW RI FRYHUV IGF DOO E\

FDW DV VLQJOH VWDPSV ^3KRWR` (5525 2O\PSLFV S )ODJV DV 80 EORFN

SDLUV ZLWK VSHFWDFXODU FRORXU VKLIW DIIHFWLQJ WKH %OXH RQ WKH

2O\PSLFV )ODJ DQG YDOXH DSSHDULQJ GRXEOH HUURUV

6* 8QOLVWHG

67$036 /,1&6 /LQFROQ 3KLODWHOLF 6RFLHW\ YHU\ OLPLWHG UHOHDVH VRPH DXWRJUDSKHG $OO GLII ZLWK FRPSOHWH VHWV 9) (QGDQJHUHG VSHFLHV ZLWK VSHFLDO FDQFHO LQF

PDFKLQH FDQFHOV LQF )ULHQGV RI WKH (DUWK )LHOG 6WXGLHV &RXQFLO (QJOLVK 1DWXUH 'RUVHW :LOGOLIH 7UXVW VSHFLDO FDQFHOV 0RXVHKROH DQG 6KLQLQJ 5DPV +RUQ 6DLO QR DGGUHVVHV

)LUVW 'D\ &RYHUV ZLWK &'6 FDQFHOV

:LQWHUWLPH )R[KROH 7HQQ\VRQ .LQJ $UWKXUV :D\ (XURSD 6WRNH 0DQGHYLOOH DQG +RXVH RI /RUGV &LYLO :DU +XQWLQJGRQ *LE DQG 6XO 3HQ]DQFH &KULVWPDV (O\ $ YHU\ JRRG ORW QR DGGUHVVHV

+HDOWK VSHFLDO FDQFHOOHG )'& V LQF 0DFKLQH

IUDQNHG 9RLFH RI WKH 0HGLFDO 3URIHVVLRQ 6WRNH 0DQGHYLOOH +RVSLWDO 7KH 1+6 &RQIHGHUDWLRQ VSHFLDO FDQFHOV :LOOLDP %HYHULGJH DQG (%%: 9DOH QR ZULWWHQ DGGUHVVHV

*LOEHUW DQG 6XOOLYDQ LOOXVWUDWHG )'& ZLWK

VSHFLDO FDQFHOV LQF 6ROR 7RZHU RI /RQGRQ 7KH 6DYR\ 7KHDWUH 3HQ]DQFH QR DGGUHVVHV :LQWHUWLPH LOOXVWUDWHG )'& V ZLWK VSHFLDO

FDQFHOV *OHQEXFN 7KUXVKZRRG 5LFKPRQG 3DUN %UHFRQ 'RZQ 1HZ )RUHVW DQG )R[ (DUWK QR DGGUHVVHV

)LUVW 'D\ &RYHUV ZLWK &'6 FDQFHOV 6ZDQV

$EERWV %XU\ *UHHWLQJV *UHHW 7LPH .HHSHUV 0DUWRQ LQ &OHYHODQG &ORFNIDFH 5RPDQ %ULWDLQ :DOOVHQG ,QODQG :DWHUZD\ ,ZD a&RYHU $EHUJDYHQQ\ &KULVWPDV +RO\ ,VODQG $OO XQDGGUHVVHG 5RPDQ 5XOH LOOXVWUDWHG )'& V ZLWK VSHFLDO

FDQFHOV LQF <RUN &KHVWHU &ROFKHVWHU &DHUOHRQ PDLQO\ RQ &RWVZROG &RYHU QR DGGUHVVHV

/LJKWKRXVHV LOOXVWUDWHG )'& V ZLWK VSHFLDO

FDQFHOV LQF 7ULQLW\ +RXVH 51/, 'RYHU 6W -RKQ 6W 'DYLG 3LOJULP 2IILFLDO DQG 3O\PRXWK QR DGGUHVVHV

4XHHQ %HDVWV LOOXVWUDWHG )'& V ZLWK VSHFLDO

FDQFHOV :LQGVRU &'6 DQG 7KH +HUDOG\ 6RFLHW\ PDFKLQH FDQFHO /HHGV 5R\DO $UPRXULHV VSHFLDO FDQFHO DQG PDFKLQH FDQFHO 7KH /LRQV RI (QJODQG 7KH 6LOYHU )DOFRQ QR DGGUHVVHV 6SHHG LOOXVWUDWHG )'& ZLWK VSHFLDO FDQFHOV

6LOYHUVWRQH 0DFKLQH DQG &'6 FDQFHOV %HDXOLHX %UDFNHQKXUVW PDFKLQH DQG &'6 FDQFHOV %URRNODQGV 9LVLW %URRNODQGV PDFKLQH DQG :H\EULGJH &'6 7KUX[WRQ 3LOJULP 2IILFLDO &RYHU 3HQGLQH %UDGEXU\ FRYHU QR DGGUHVVHV

$QQLYHUVDU\ RI 3ULQFH RI :DOHV ,QYHVWLWXUH

LOOXVWUDWHG )'& V ZLWK VSHFLDO FDQFHOV LQF &DHUQDUIRQ &DUGLII %\GGLQ <5 5DGLR 7LPHV 1R ZULWWHQ DGGUHVVHV )LUVW 'D\ &RYHUV ZLWK &'6 FDQFHOV $JH RI

6WHDP :RUFHVWHU :LJDQ *ODVJRZ ,QYHVWLWXUH 'ROZ\GGHODQ 6XPPHUWLPH &KHVWHU /H 6WUHHW 6W -RKQ :RRG &RZHV &KULVWPDV +RO\ ,VODQG $OO XQDGGUHVVHG

7KH $JH RI 6WHDP LOOXVWUDWHG )'& V ZLWK

VSHFLDO FDQFHOV LQF *:5 /1(5 *(5 :DQVIRUG 6WDWLRQ D ILQH ORW ZLWK QR ZULWWHQ DGGUHVV $UWKXU 6FDUJLOO VLJQHG LOOXVWUDWHG IGF ZRUNHUV

WDOHV $XWRJUDSK FRYHUV

$872*5$3+(' )'& LQ SULVWLQH FRQGLWLRQ

&LWL]HQV 7DOH LOOXVWUDWHG )'&V FKLHIO\ RQ G

WRJHWKHU ZLWK GHWDLOV RI WKH VLJQDWXUHV D YHU\ ILQH FROOHFWLRQ RI SRVW FRYHUV ZLWK VSHFLDO FDQFHOV LQF &LWL]HQV 5LJKWV GLIIHUHQW DOO IUDQNHG FRPSOHWH VHWV ZLWK VSHFLDO SRVWPDUNV 7RZDUGV WKH 0LOOHQQLXP 5XQQ\PHDG 3HRSOH 5LJKWV D RQ VSHFLDO FRYHUV FRVW D IRUWXQH DW WLPH RI LVVXH 6XSHUE 7RR ILQH FROOHFWLRQ QR ZULWWHQ DGGUHVVHV PDQ\ WR OLVW DOO GLIIHUHQW (QWHUWDLQHUV 7DOHV LOOXVWUDWHG )'&V ZLWK

)LUVW 'D\ &RYHUV ZLWK &'6 FDQFHOV 3HDFH

3DULV $YH 6SDFH +RXVH RI /RUGV &ORFNIDFH 5XJE\ +RXVH RI &RPPRQV &KULVWPDV +RO\ ,VODQG $OO XQDGGUHVVHG 6FDUFH 9( '$< 'DLO\ ([SUHVV LOOXVWUDWHG FRYHU

VSHFLDO FDQFHOV LQF &XOW 7HOHYLVLRQ 0XVLF )HVWLYDO &KDUOLH &KDSOLQ 5$) $OGHUVKRW %REE\ 0RRUH D ILQH ORW HDFK DUH GLIIHUHQW .HQQHWK :ROVWHQKROPH VLJQHG HQWHUWDLQHUV

LOOXVWUDWHG IGF /LPLWHG VLJQHG FRYHU VLJQHG E\ 6LU 1RUPDQ :LVGRP PRVW XQXVXDO IRU KLP WR VLJQ LW 0LOOHQQLXP 7LPHNHHSHU 06 LOOXVWUDWHG )'&V

6LU ZLWK GLIIHUHQW VSHFLDO FDQFHOV E\ G SRVW &ORFN 7RZHU 7KH 9( '$< 'DLO\ ([SUHVV LOOXVWUDWHG )'& VLJQHG

/RVW 6WDPSV RI WKH 0LOOHQQLXP *UHHQZLFK SOXV GRXEOH E\ $FWRU 7RQ\ %ULWWRQ RI 'RQ W :DLW 8S VHULHV GDWHG VW 'HF DQG VW -DQ RQ %UDGEXU\ FRYHU )LUVW 'D\ &RYHUV ZLWK &'6 FDQFHOV UHODWLQJ WR

WKH FRYHUV )LOPV ZLWK 6KHSSHUWRQ +ROO\ZRRG :RPHQ 5HLJDWH DQG &KULVWPDV +RO\ ,VODQG 1R DGGUHVVHV

3DWLHQWV 7DOHV LOOXVWUDWHG )'&V ZLWK VSHFLDO

FDQFHOV LQF 1XUVH RQ :KHHOV )OHPLQJ /DERUDWRU\ 0XVHXP ERWK G FRYHUV %HUNHOH\ 2IILFLDO 3LOJULP &RYHU 3DWLHQW &DUH %RUGEXU\ D ILQH ORW QR ZULWWHQ DGGUHVVHV

&\OLQGHU EORFNV RI (QVFKHGD FDVWOH VHW

F\OLQGHU $ $ IUHVK 80 FDW DV VFDUFH F\OLQGHU

6HWWOHUV 7DOHV LOOXVWUDWHG )'&V ZLWK VSHFLDO

EORFNV

FDQFHOV LQF 0LJUDWLRQ WR WKH 8. :LOOLDP :LOEHUIRUFH 7KH 6HUYDQW 5RWKHUKLWKH D ILQH JURXS QR DGGUHVVHV HDFK GLIIHUHQW

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

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 43

7RWDO (FOLSVH LOOXVWUDWHG )'&V ZLWK VSHFLDO

FDQFHOV FKLHIO\ RQ G 3RVW LOOXVWUDWHG FRYHUV LQF .LQJVEULGJH 'HYRQ /DQGV (QG )DOPRXWK (FOLSVH 5RDG D ILQH JURXS QR DGGUHVVHV HDFK GLIIHUHQW :RUNHU 7DOHV LOOXVWUDWHG )'&V ZLWK VSHFLDO

$FNHU %LON VLJQHG 5R\DO %ULWLVK /HJLRQ

LOOXVWUDWHG FRYHU ZLWK 6SHFLDO 'LDPRQG -XELOHH FDQFHO $FWRUV VXSHUE FRYHU VLJQHG E\ 6LU 5LFKDUG

$WWHQERURXJK 1RUPDQ :LVGRP DQG 5LFKDUG 7RGG QHYHU VHHQ WKHVH WKUHH QDPHV RQ WKH VDPH FRYHU 6FDUFH FDQFHOV LQF :HDYHU &UDIW 3LOJULP 2IILFLDO &RYHU 3RVW 2IILFH

:D\ 6KLS %XLOGLQJ DQG 7XQQHOV 4XDUU\ %DQN 0LOO 7RZDUG WKH 0LOOHQQLXP DQG :RUNHU &RPPHPRUDWLRQ DOO G $OEHUW )LQQH\ 3DXO 6FRILHOG DQG -XGL 'HQFK

3RVW &RYHUV 1R DGGUHVVHV VLJQHG FRYHUV 3DXO 6FRILHOG RQ %ULWLVK $FWRUV )LUVW ,OOXVWUDWHG )LUVW 'D\ &RYHUV ZLWK &'6 FDQFHOV 'D\ &RYHU

DQG PDFKLQH FDQFHOV $ERYH DQG %H\RQG ZLWK 1RUWK %HUZLFN %HWWHU ILUVW GD\ FRYHUV PDLQO\ UDLOZD\ UHODWHG

DQG %LUG :RUOG PDFKLQH FDQFHO *UHHQZLFK DQG 5R\DO ((& &DODLV ³SDTXHERW´ UDLOZD\ ³%ULJKWRQ %OXHEHOO 2EVHUYDWRU\ PDFKLQH FDQFHO 6WDUFURVV ZLWK 5R\DO 5DLOZD\´ RIILFLDO FRYHU ZLOGOLIH ³3RUW /\PSQH´ KRUVH $VWURQRPLFDO 6RFLHW\ PDFKLQ FDQFHO )LUH DQG /LJKW %XUQW $VK ³+\WKH UDLOZD\´ IORZHUV ³%OXHEHOO UDLOZD\´ VWHDP /DQH DQG &RDO ILUH 7KH ,PDJLQDWLRQ PDFKLQH FDQFHO :DWHU ³%ULWLVK /HJLRQ UDLO ULGHUV &RUQLVK 5LYHUD 3DGGLQJWRQ´ D YHU\ DQG &RDVW )URJPRUH DQG 1DWLRQDO )HGHUDWLRQ RI $QJOHUV JRRG JURXS FDW

PDFKLQH FDQFHO 1R DGGUHVVHV %HYHUOH\ 6LVWHUV &KULVWPDV LOOXVWUDWHG

6WDPS 6KRZ PLQLDWXUH VKHHW LQ D IRUPDW SDFN

)'& VLJQHG :LWK /RYH %HYHUOH\ 6LVWHUV 7KLV LV KRZ WKH\ LVVXHG E\ 5R\DO 0DLO QRUPDOO\ VLJQHG LWHPV (DUO\ 6PLOHU 6KHHWV LQF &KULVWPDV

3DLU 2FFDVLRQV $OO LQ YHU\ JRRG FRQGLWLRQ 80 &DW

&DW WKH FROOHFWLRQ RI .(< 6PLOHU

VKHHWV SHUIHFW 80 ,QF ERWK &216,*1,$ &+5,670$6

6+((76 $V LVVXHG 5R\DO 0DLO 6PLOHU 6KHHWV KRXVHG LQ WKUHH

5R\DO 0DLO $OEXPV LQF &KULVWPDV VKHHWV ERWK F

%ULJLWWH %DUGRW VLJQHG LOOXVWUDWHG 'RJV

)'& ZLWK )RXQGDWLRQ %ULJLWWH %DUGRW VSHFLDO FDQFHO

%ULWLVK $FWRUV VLJQHG FRYHUV &LQHPD

0RPL )'& VLJQHG /HVOLH 3KLOOLSV &RYHU VLJQHG $OH[ *XLQQHVV &RYHU VLJQHG 6LU 0LFKDHO +RUGHUQ %ULWLVK /HJLRQ &RYHU VLJQHG ,DQ &DUPLFKDHO &KLOGUHQ V 79 )'& VLJQHG 'HQQLV :DWHUPDQ &KXUFKLOO &RYHU VLJQHG $OEHUW )LQQH\ %XV )'& VLJQHG 5HJ 9DUQH\ 6SULQJWLPH VLJQHG %HUQDUG &ULEELQV 4XHHQ 0RWKHU )'& VLJQHG /HVOLH &URZWKHU $ VXSHUE ORW RI FRYHU DQG RQH VLJQHG SKRWR

*UHHWLQJ F &KULVWPDV &RQVLJQLD +6 D D F 6PLOHUV IRU NLGV VHW RI F

6PLOHUV IRU NLGV VHW RI F .HHS 6PLOLQJ F

2O\PSLF F 6PLOHUV F $ VXSHUE

FROOHFWLRQ ZLWK D YHU\ KLJK FDWDORJXH YDOXH DQG UHWDLO YDOXH DOO %ULWLVK +HULWDJH &ROOHFWDEOHV ,OOXVWUDWHG 6LJQHG &RYHUV 6LJQHG E\ %DWWOH RI %ULWDLQ YHWHUDQV ,QF 6LJQHG 80 )'& V VHHQ VKLQQLQJ WKH ZD\ VLJQHG E\ : +XJKHV 7\SKRRQ 60,/(5 6+((76 ZLWK HDUO\ LVVXHV LQF

6HDVRQ VLJQHG <RXQJ ZDWFKLQJ VWDWLRQ VLJQHG ) %DUNHU 7KH &KULVWPDV *UHHWLQJV 6KHHWV IRU NLGV DOO 6WDU 7KRURXJK EUHDG VLJQHG 1 5 1RUIRON D VXSHUE ORW HDFK FRYHU LV :DUV ZLWK D IDFH YDOXH RYHU 80 LQ WZR $OEXPV +XJH GLIIHUHQW YHU\ /WG VLJQLQJV &DW 9DOXH %ULWLVK 1DWXULVW VLJQHG FRYHUV 'DYLG

&+5,670$6 6&$5&( 3DLU RI &RQVLJQLD

%HOODP\ DQG 6LU 'DYLG $WWHQERURXJK $ ILQH SDLU 6PLOHU VKHHWV 6*/6 D D YHU\ IUHVK D VFDUFH SDLU RI VKHHWV

&DW 9DOXH &$5721 IXOO RI 3+4 &DUGV ZLWK PDQ\ VHWV WR

6FDUFH 1REHO 3HDFH 3UL]H LOOXVWUDWHG FRYHU

SOXV D IHZ 3RVW 2IILFH 0XVHXP &DUGV ORRNV WR EH VLJQHG E\ '(6021' 7878 VHHQ WKLV VHOOLQJ IRU XQXVHG

&RPLF $FWRUV VLJQHG FRYHUV ,QF &KDUOLH

(UURU &KULVWPDV QG LPSHUI SDLU 6* E

&KHVWHU 5LFKDUG %ULHUV *HRIIUH\ 3DOPHU -LPP\ (GZDUGV 80 .HQQHWK *ULIILWK 9LFWRU 6SLQHWWL &OLYH 'XQQ %LOO 0D\QDUG DQG :DUUHQ 0LWFKHOO /HVOLH 3KLOOLSV DQG $OH[ *XLQQHVV $ VXSHUE ([WUHPH (QGHDYRXUV LOOXVWUDWHG )'; VLJQHG E\

FROOHFWLRQ RI %ULWLVK FRPHG\ $FWRUV VLJQDWXUHV &KULV %RQLQJWRQ /WG WR MXVW FRYHUV IRU WKH $VFHQW RI 0RXQW

(YHUHVW 'H /D 5XH 3URRI 6SHFLDO 'HOLYHU\ XS WR J

6HFXULW\ 3ULQWLQJ 6*8 DV DQ LPSHUI FRUQHU EORFN RI

6FDUFH 'H /D 5XH 3URRI 6SHFLDO 'HOLYHU\ XSWR J

LPSHUI FRUQHU EORFN RI ZLWK VHFXULW\ SULQWLQJ 6*8

6FDUFH $ = YLHZV 06 6* 80

2/<03,& VHW RI SDQHV RI VL[ RQ LOOXVWUDWHG

)'& V XQDGGUHVVHG 2O\PSLF VKHHWOHW VHW RI RQ LOOXVWUDWHG )'& V

ZLWK VSHFLDO FDQFHOV F 4 3DUDO\PSLFV VHW RI LOOXVWUDWHG )'& V DV

VKHHWOHWV VHW RI ZLWK VSHFLDO FDQFHO F VSHFLDO LOOXVWUDWHG FRYHU ZLWK

HQFDSVXODWHG SHQQ\ EODFN PDUJLQV UHG PF ZLWK D VSHFLDO VWUDQG FDQFHO LQ JROG

'DYLG -DVRQ VLJQHG LOOXVWUDWHG &KLOGUHQV

7HOHYLVLRQ FRYHU '(),1,7,9( )LUVW 'D\ &RYHUV ZLWK EHWWHU

FRYHUV ,QF FRYHUV ZLWK VSHFLPHQ KDQGVWDPSV HDFK GLIIHUHQW %RRNOHW SDQHV HDFK GLIIHUHQW òS *XP $UDELF F òS *XP $UDELF F 5HJLRQDO V :DOHV DQG 6FRWODQG òS *XP $UDELF &DW HDFK S *XP $UDELF F S DOO RYHU SKRV F $ YHU\ JRRG ORW RI FRYHUV QR ZULWWHQ DGGUHVVHV (GZDUG +HDWK VLJQHG &KXUFK RI (QJODQG

FKLOGUHQ VRFLHW\ FRYHU ZLWK \HDU RI WKH GLVDEOHG VHW ZLWK VSHFLDO FDQFHO 6FDUFH ([SORUHU VLJQHG DERYH DQG EH\RQG LOOXVWU

)'& VLJQHG E\ 'DYLG +HPSOHPDQ $GDPV ),567 '$< &29(5 &ROOHFWLRQ ZLWK

FRYHUV WR XQDGGUHVVHG RU QHDW W\SHG DGGUHVV VHHQ PDFKLQ VW [ 06 6HOGRP VHHQ 0DFKLQ /RQGRQ ([KLELWLRQ 06 6HOGRP VHHQ D YHU\ JRRG UDQJH RI FRYHUV

Selling? – Contact Simon Carson today for professional advice on how to sell your stamps/covers.

PTS and ASDA registered.

Integrity assured.

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 44

),567 '$< &29(56 IURP WKH V WR

PRGHUQ ZLWK PDQ\ GLIIHUHQW FDQFHOV LQF %XFNLQJKDP DQG %HQKDP FRYHUV /WG FRYHUV PRGHUQ FRYHUV XQDGGUHVVHG $ YDOXDEOH FROOHFWLRQ RI FRYHUV

52<$/ 0$,/ 5(352'8&7,21 3$&.6

3HQQ\ %ODFN 3HQQ\ 5HG 6HDKRUVH V 38& 2O\PSLFV

)HVWLYDO RI %ULWDLQ SOXV SDFN WKH 32 PLVVHG S ERRNOHW VWDPS

ERWK GLIIHUHQW

)UDQNLH +RZDUG VLJQHG *UHHWLQJ 6LON

6DLOLQJ VLJQHG LOOXVWUDWHG FRYHUV 5RXQG

WKH ZRUOG VLJQHG )UDQFLV &KLFKHVWHU LOOXVWU )'& ZLWK VSHFLDO FDQFHO LOOXVWU HQYHORSH VLJQHG &KR\ %O\WK LOOXVWU HQYHORSH VLJQHG $OHF 5RVH LOOXVWU FRYHU VLJQHG 5RELQ .QR[ -RKQVWRQ $ ZKR V ZKR RI %ULWLVK 6DLOLQJ

&RYHU ZLWK VSHFLDO ,URQEULGJH FDQFHO +$//(< 6 &20(7 6LJQHG LOOXVWUDWHG FRYHUV

IORZQ RQ &RQFRUGH VLJQHG E\ 6LU 3DWULFN 0RRUH 3URI * 6PLWK DQG + &RXSHU %$$ FRYHUV

6FRWWLVK +HUDOGU\ 6LJQHG FRYHUV VHW RI VLJQHG

,//8675$7(' )'& V ZLWK EHWWHU

E\ 'XNH RI $WKROO (DUO RI (OJLQ /RUG ,UYLQH RI 'UXP DQG %XUQHWW RI /H\V $ YHU\ ILQH VHW

FRYHUV 9LOODJH &KXUFKHV *UHHQVWHG 2IILFLDO &RYHU VLJQHG E\ 5RQDOG 0DGGR[ 6WDPS 'HVLJQHU 0RWRU &DU 'DJHQKDP 0RWRUV IURP PRGHO 7 WR 6LHUUD $ JRRG UDQJH PDLQO\ V PDQ\ &DW RU PRUH

6* UHWDLO NH\ SKT FDUGV LQ YI PLQW

FRQGLWLRQ LQF &ULFNHW ,QLJR -RQHV 7UHH )LUH %ULJDGH

-LP &DOODJKDQ H[ 3ULPH 0LQLVWHU VLJQHG &KXUFK

RI (QJODQG FKLOGUHQ VRFLHW\ FRYHU ZLWK \HDU RI WKH GLVDEOHG VHW ZLWK D VSHFLDO FDQFHO 6FDUFH

0$5*$5(7 7+$7&+(5 DQG 'HQQLV 7KDWFKHU

VLJQHG LOOXVWUDWHG FRYHUV SURGXFHG E\ WKH 5$)

0D[ %\JUDYHV VLJQHG 5$) QHZV LOOXVWUDWHG ZLWK

6SHFLDO %ULWLVK )RUFHV 3RVWDO 6HUYLFHV &DQFHOOHG -XQH 0LQLDWXUH 6KHHW &ROOHFWLRQ ZLWK D IDFH YDOXH

RYHU D YHU\ JRRG UDQJH RI WR HDFK GLIIHUHQW YHU\

KLJK FDWDORJXH YDOXH LQ PRGHUQ 06 DOO 80

6LJQHG LOOXVWUDWHG )'& V %ULWLVK

7KHDWUH PXOWLSOH VLJQHG 'DPH 9HUD /\QQ 'DPH %HU\O %DLQEULGJH DQG 'DPH %HU\O &KULVWPDV VLJQHG -HUU\ :DLWH %LUGV VLJQHG 3HWHU 6FRWW 6ZDQV VLJQHG 3KLOLSSD 6FRWW %XVHV VLJQHG /RUG 6WRNH 2FFDVLRQV VLJQHG 3HWXOD &ODUN -HZHOV VLJQHG E\ ) 'DQQDWW $ JRRG ORW 6SRUWV 3HUVRQDOLWLHV VLJQHG LOOXVWUDWHG )'& V

6RUW VLJQHG E\ 0LNH %XUWRQ 2O\PSLF *DPHV ZLWK DGGLWLRQ 2O\PSLF VHW VLJQHG E\ -RQDWKDQ (GZDUGV 5XJE\ %RRNOHW VLJQHG E\ &OLII 0RUJDQ 2O\PSLF VLJQHG /\QQ 'DYLHV 672&.3$*(6 DQ LQWHUHVWLQJ JURXS ZLWK

YDULHWLHV VHHQ ZLOGLQJV òG ZLWK E IRU G ZLWK D EORFN RI

1LFKRODV 3DUVRQV VLJQHG %ULWLVK 7H[WLOHV 6LON

FRYHU ZLWK VSHFLDO WH[WLOH H[KLELWLRQ FDQFHO

[ 6*6 F XP PDFKLQ G F\O QR GRW QHFN UHWRXFKHG 80 G F\O QR GRW PLVVLQJ SHDUOV 80 ODQGVFDSHV G ZLWK ' LQ $1' UHWRXFKHG 80 WHFKQRORJ\ G ZLWK EURNHQ ' LQ /7' 80 VHYHUDO FRPPHP ZLWK SKRV PLVVLQJ 80 D JRRG UDQJH RI LWHPV PDLQO\ 80

1RUWKHUQ ,UHODQG UHTXLUHG PDFKLQV GHFLPDO

LVVXHV òS WR S ,QF WKH VFDUFH S W\SH ,, 6*1, (D $

JRRG ORW RI GLIIHUHQW VWDPSV DQG 7ZR 3UHVWLJH %RRNOHW SDQHV 80

7(5(1&( &81(2 $UP\ 5HYLHZ WK -XO\

2QO\ LVVXHG /RQGRQ /DQGPDUNV /RQGRQ

LOOXVWUDWHG FRYHU ZLWK 6LOYHU -XELOHH VHW RI VWDPSV VLJQHG E\ WKLV ZHOO NQRZQ PLOLWDU\ DUWLVW

<RXWK &DUG VLJQHG E\ VLU -RKQ )HHOJRRG ZLWK VSHFLDO \RXWK FDQFHO ZDV RQO\ LVVXHG DV D FDUG ZLWK )', FDQFHO

7UDLQLQJ 6FKRRO EDU FDQFHOV RQ PDFKLQV

IURP S WR 1HYHU KLQJHG

3$75,&. 0225( 6LJQHG +DOOH\ V &RPHW

LOOXVWUDWHG %$$ FRYHU ZLWK VSHFLDO FDQFHO

9$5,(7,(6 */2 EURNHQ PDQH F

OLIHERDW G IORXWLQJ VDLO KDVWLQJ G FOXE IODZ F

4(,, ZLOGLQJV RQ VWRFN SDJHV LQF FDVWOH

G SO DV D FRPSOHWH VKHHW ZLWK YDULHWLHV 7XGRU VHW PLQW 'H /D 5XH FDVWOHV DV D EORFN RI )8 $ YHU\ JRRG UDQJH QHHGV VRUWLQJ

()7$ EURNHQ XQGHU FDUULDJH SKRV DQG QRQ SKRV F 6PDOO EXW XVHIXO 80

5$) FRYHUV LQF VLJQHG QRWH 7DQWH *R

3HWHU %URWKHUV 3HWHU 7ZLVV $ YHU\ XVHIXO UDQJH

5HDFK IRU WKH 6N\ LOOXVWUDWHG FRYHUV

9DULHWLHV LGHQWLILHG RQ SDJHV 80 +RUURU

ZLWK D YDULHW\ RI 3KRV EDQG ZLGWKV òPP PP PP $LUFUDIW S VKLIW RI VLOYHU 0LOOHQQLXP S 6* ZLWK ZURQJ LPSULQWHG GDWH $Q LQWHUHVWLQJ JURXS RI 80

9HUD /\QQ 5R\DO 7RXUQDPHQW LOOXVWUDWHG

VLJQHG E\ %DWWOH RI %ULWDLQ 3LORWV 5DQGHOO 3KLOOLSV .

0F*ODVKDQ $ 2JLOYLH DQG )R[OH\ 1RUULV 5 *RVOLQJ 3 'RZQ DQG ) 5 &DUH\ $ VXSHUE ORW RI FRYHUV

FRYHU VLJQHG E\ 9HUD /\QQ :LOGLQJ ERRNOHWV DQG ERRNOHW SDQHV LQF

-XO\ SKRV ERRNOHW $XJ SDQHV LQF òG JUDSKLWH

5HJLRQDOV XQPRXQWHG PLQW IURP SUH GHFLPDO

,QF :DOHV G 5HG FRPSOHWH VKHHW ZLWK SKRVSKRU RPLWWHG

OLQH ZPN XSULJKW SDQH RI SOXV ODEHOV DOO IUHVK XP 6*: (< F WR GHFLPDO ZLWK YDOXHV WR S $ YHU\ JRRG

ORW PXFK LGHQWLILHG DQG KLJKO\ FDWDORJXHG $ IHZ 1250$1 7(%%,7 6LJQHG :LOGLQJV

VWDPSV 0LQLDWXUH 6KHHW LOOXVWUDWHG )'& ZLWK 2OG %DQG 6W VSHFLDO 5LFKDUG 7RGG VLJQHG 'DP %XVWHUV LOOXVWUDWHG

FDQFHO SURGXFHG E\ 6FRWW $QQLYHUVDU\ RI WKH ODVW QDWLRQDO FRYHU IRU WKH WK $QQLYHUVDU\ RI WKH 'DP %XVWHU 5DLGV ZLWK D VHUYLFH VROGLHU FRYHU VSHFLDO FDQFHO

*5($7 %5,7$,1 + 0,;(' &2//16

5REHUW 5RELQVRQ 1REHO /DXUHDWH VLJQHG

6LU :DOWHU 6FRWW LOOXVWUDWHG FRYHU 6FDUFH &21752/ 6,1*/(6 EORFNV RWKHU EORFNV DOO

P XP LQ D VWRFNERRN V RI VWDPSV .*9 .*9, G

5REHUW 5XQFLH $UFKELVKRS RI &DQWHUEXU\

G G VLQJOHV .*9, GHILQV ZLWK PDQ\ GLII PDUJLQDO VLQJOHV 6LJQHG *DOOLSROL &RPPHPRUDWLYH LOOXVWUDWHG FRYHU FRURQDWLRQ EORFNV òG YLFWRU\ EORFNV LQF H[WUD

SRUWKROH DIW (GZDUG WK EORFNV 5RQQLH %DUNHU VLJQHG .HDWV LOOXVWUDWHG

*(55< .,1* )$17$6< 67$036 *% 7KH

FRYHU DOWHUQDWLYH FROOHFWLRQ D ILQH H[KLELWLRQ FROOHFWLRQ RI GLIIHUHQW GHVLJQV ,QF 49 KLJK YDOXH HVVD\V WR 4(,, $QQLJRQL GHVLJQV WR 9HU\ IHZ SURGXFHG www.philangles.co.uk

place your bids online. Immediate and secure.

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 45

/,7(5$785( D YHU\ JRRG ORW RI UHIHUHQFH

7+( (1*/,6+ &,9,/ :$5 ([KLELWLRQ

ERRNV UH SRVWDJH VWDPSV RI *% PRVW YI WKH SRVWDJH VWDPSV RI FROOHFWLRQ RQ H[KLELWLRQ SDJHV ZLWK D ILQH VHOHFWLRQ RI *% VHW RI '- 3HQQ\ %ODFN 3ODWHV SURXG 6SHFLPHQ 7RSLFDO 6WDPSV DQG &RYHUV VWDPSV '- 6DPXHO +XJJLQV YI 6HDKRUVHV .HDUVOH\

:,/'/,)( +$%,7$7 75867 ELUG VWDPSV

5HYHQXHV %DUHIRRW HWF $ YHU\ JRRG ORW HDFK ZLWK IDFH YDOXHV WKH XP FROOHFWLRQ RI WKHVH /,7(5$785( &$1&(//$7,216 UHODWHG

IXQG VWDPSV GLII VXSHUE ELUG GHVLJQV DOVR VRPH RWKHU ELUG

UHODWHG PDWHULDO LQF IGF VXEVWDQWLDO ILQH ORW RI ERRNV 3DUPHQWHU EDUUHG QXPHUDOV RI *% ( < VHW RI ERRNV VTXDUHG FLUFOH SPNV &RKHQ WZR *5($7 %5,7$,1 , 3267$/ +,6725< 0DFND\ SPN ERRNV LQF 6FRWWLVK SPNV SRVW RIILFH DUFKLYHV 6&27/$1' (',1%85*+ /RFDO SRVWV ILQH 1RUPLQD HWF 9DVW LQIRUPDWLRQ

HQWLUH ZLWK D JRRG VWULNH RI WKH ( 3(11< 3267 127 3$,' /,7(5$785( &$1&(//$7,216 RI *% D

&'6 YDULRXV IROGV EXW YHU\ JRRG VXEVWDQWLDO FROOHFWLRQ RI ERRNV GLII PDQ\ HVVHQWLDO WLWOHV $ PDUYHOORXV JURXS RI IRXU HQWLUHV LQ VXSHUE

KHUH VWRU\ RI WKH /RQGRQ SHQQ\ SRVW 7RGG ODWH IHHV 3DUPHQWHU VNHOHWRQ SPNV 0DFND\ 32 QXPEHUV &KDSPDQ 3RVWDO FDQFHOV RI /RQGRQ :HVWOH\ VSRRQ FDQFHOV EDUUHG QXPHUDO FDQFHOV H[SHULPHQWDO GXSOH[HV RI 6FRWODQG PDQ\ PRUH $ YHU\ JRRG ORW ZLWK VR PXFK LQIRUPDWLRQ

FRQGLWLRQ DOO ZULWWHQ IURP WKH GRFWRUV FRPPRQV /RQGRQ WR $EHUJDYHQQ\ :DOHV VKRZLQJ D YDULHW\ RI SRVWDO KDQGVWDPSV DQG RWKHU SRVWDO PDUNLQJV 7KH TXDOLW\ LV TXLWH UHPDUNDEOH

([DPLQDWLRQ /HWWHUV IURP WKH 3DULVK RI

/,7(5$785( PRVWO\ 49 ORW ZLWK YHU\ JRRG

/LWWOH 2DNOH\ (VVH[ DQ LQWHUHVWLQJ JURXS ZLWK LQWHUHVWLQJ FRQWHQWV DERXW WKH 3DULVK FRQWHQWV ILQH TXDOLW\ ERRNV SOXV ERRNOHWV FG URPV LQF 1LVVHQV 3HQQ\ %ODFNV SKRWR SODWHV ERRNV LQF :$5:,&. 3< 3267 %R[HG KDQGVWDPSHG ZLWK

SODWLQJ RI WKH SHQQ\ GLII 2WWH SODWLQJ ERRN H[WHQVLYH QRWHV 722 /$7( KDQGVWDPS RQ YHU\ ILQH HQWLUH WR (GLQEXUJK RQ G EOXH ROG 6* VSHFLDOLVHG 6RPHUVHW +RXVH SHUIRUDWLRQ

\HDUV òG OLQH HQJUDYHG D FRUQXFRSLD RI NQRZOHGJH 3$,' $7 %,50,1*+$0 ILQH ER[HG +6 RQ

5DLOZD\ &LUFXODU 2OG 'RFXPHQW 4XHHQ $QQH $QQR

6H[WR .*,,, 'RFXPHQW DQG 7KH LOOXVWUDWHG /RQGRQ 7REDFFR ,QWHUHVW 9HU\ ILQH HQWLUH ZULWWHQ DW

1HZV $Q LQWHUHVWLQJ JURXS /,9(5322/ WR 9LUJLQLD FDUULHG SHU (XURSH ZLWK SULFHV IRU 3+,/$7(/,& (;+,%,7,216 IURP WKH 7REDFFR 9HU\ 1(: <25. 6+,3 &'6

FROOHFWLRQ RI DSSUR[ GLIIHUHQW &RYHUV DQG &DUGV ZLWK DOO <RUNVKLUH )LUH DQG /LIH ,QVXUDQFH &RPSDQ\

GLIIHUHQW VSHFLDO SRVWPDUNV DQG HQYHORSHV 0DQ\ EHWWHU HDUOLHU ODUJH OHWWHU VKHHW ZLWK <RUN 0LQVWHU KHDGHU VHQW WR %HYHUOH\ DQG VPDOOHU VKRZV 9HU\ ILQH VWDPSV UHPRYHG SOXV <RUN DQG 1RUWK <RUNVKLUH $VVXUDQFH &RPSDQ\ ILUH SROLF\

3267 2)),&( +$1'67$036 ZLWK :RRGHQ

+DQGOHV SOXV VRPH ORRVH VWHHO GLHV PRVW XQXVXDO ORW EURXJKW .HQW YI HQWLUHV IURP 5DPVJDWH WZR ZLWK

WR XV IURP D UHWLUHG SRVWPDVWHU D JURXS RI VL[ ZHOO XVHG KDQGVWUXFN KDQGVWDPSV 3DWLQD ,QN 6WDLQV RQ WKH 6KDIWV RI WKH +DQGOHV

WKUHH DUH WR SD\ KDQGVWDPSV G RIILFH G DQG ER[HG +6 5(*,67(5(' 0$,/ YI ZUDSSHU IURP /HHGV

RIILFH RQH LV D WULDQJXODU 7/ SRVW RIILFH FURZQ QHJDWLYH FGV WR .HQGDO FGV ZLWK ILQH VWULS RI G SODWH 6* SOXV W\SH DQG XQXVHG VWDU W\SH SOXV YDULRXV ORRVH RGGPHQWV V 6* DOO ZLWK IXOO PDUJLQV QHDWO\ FDQFHOOHG QXPHUDOV $Q XQXVXDO ORW VXSHUE FRQGLWLRQ DQ HDUO\ UHJLVWHUHG LWHP { 32670$5.6 &2//(&7,21 &,5&8/$5

5HJLVWHUHG 0DLO :DUULQJWRQ WR 0DFFOHVILHOG DW

'$7( 67$036 RI 6&27/$1' PRVWO\ RQ 4(,, GHILQV G IUDQNHG G VWULS G SO WRXFKLQJ DW SODFHV 9DULRXV FRPPHP VWDPSV D IHZ .(9,, .*9 VHHQ PRVW RQ SLHFH EDFNVWDPSV LQF :DUULQJWRQ &UHZH WUDQVLW GXSOH[ SPNV SOXV D IHZ SRVWFDUGV QLFH FOHDU VWULNHV JHQHUDOO\ DUUDQJHG E\ HWF 9 $WWU +HDG 2IILFH ZLWK WKH VXE RIILFHV JURXSHG WRJHWKHU VHYHUDO 3ODWH YHUWLFDO SDLU G % XVHG RQ

W\SHG OLVWV RI RIILFHV DFFRPSDQ\ LQFOXGHV D IHZ UXEEHU W\SHV DWWUDFWLYH ZUDSSHU FDQFHOOHG GXSOH[ 3O\PRXWK %UDGIRUG IURP $EHUGHHQ &DLWKQHVV 6XSHU ORW DOEXP SDJHV ZLWK WRQH :LOWV DUULYDO FGV PRVW DSSHDOLQJ 536 &HUW VSRWV VWDPSV SLHFHV JHQHUDOO\ ILQH RYHU SRVWPDUNV 6FRWODQG ODUJH SULQWHG HQWLUH OLVW RI WKH QDPH

SRVWFDUGV FRYHUV

DQG GZHOOLQJ KRXVHV DQG XQXVXDO SODFH RI EXVLQHVV LQ WKH 35(9,286 (67,0$7(

FRXQWU\ RI $EHUGHHQ G UHG ZLWK :KLWHKRXVH DQG $EHUGHHQ FRPSUHKHQVLYH FROOHFWLRQ RI 3+4 &DUGV V ,QF &ULFNHW FDQFHO RQ WKH EDFN HQGRUVHG PRUH WR SD\ YHU\ XQXVXDO F -RQHV F 7UHH F DQG HYHU\WKLQJ HOVH WR LWHP VXSSOHPHQWHG ZLWK )LUVW 'D\ 8VDJHV HWF 6XSHUE '81'(( (;3(5,0(17$/ '83/(; D

4XDOLW\ 7R FOHDU V

UHPDUNDEOH HQWLUH IUDQNHG [ G SO ZLWK PXOWLSOH VWULNHV RI 5$,/:$<6 3ULYDWH VWDPSV IRU FDUU\LQJ PDLO

WKLV GLVWLQFWLYH PDUN 7KH DGGUHVV LV +ROODQG KDV EHHQ DORQJ VWHDP UDLOZD\V D PRVW H[WHQVLYH DOO GLII FROOHFWLRQ RI FKHPLFDOO\ UHPRYHG 'HVSLWH WKLV YLVXDOO\ VSHFWDFXODU

V IHDWXULQJ PDQ\ VKHHWOHWV LQ ER[HG SULQ] DOEXP IURP D

YDULHW\ RI RSHUDWRUV LQF ZDWHUFUHVV OLQH 1HQH 9DOOH\ 1RUWK 5DLOZD\ 3ULQWHG (QYHORSH &KHOWHQKDP DQG

<RUNVKLUH 5DYHQJODVV PDQ\ PRUH *RRG ORW %RXUWRQ RQ WKH ZDWHU UDLOZD\ 3DUOLDPHQWDU\ QRWLFH ZLWK RULJLQDO

FRQWHQWV IRU DFTXLULQJ ODQG IRU WKH UDLO ODQH IUDQNHG G SO

67$03 (;+,%,7,216 WKH

/RQGRQ SDLG FGV DQG XQXVXDO ODUJH KDQGVWUXFN ' LQ UHG QRW YROXPHV FROOHFWLRQ IHDWXULQJ GLII LVVXHV DUUDQJHG E\ HDFK VHHQ EHIRUH 6RPH ZHDU WKRXJK DQ LPSRUWDQW LWHP VLPLODU LQ UHJLRQDO VKRZ RU H[KLELWLRQ LQF FRYHUV ZLWK VSHFLDO FRQWH[W DV +6 FDFKHWV SPNV ODEHOV VKHHWOHWV LQF GHSLFWLQJ 3HQQ\ %ODFNV 7RUTXD\ WR +06 $JDPHPQRQ 1DSOHV ZLWK

PDQ\ EHWWHU HDUO\ LWHPV *RRG ORW H[FHOOHQW VWDPS G G G G UDWH DOO FDQFHOOHG 675,.( 3267 VFDUFH ORW RI FRPSOHWH

7RUTXD\ GXSOH[HV VPDOO IDXOWV EXW YLVXDOO\ D VSHFWDFXODU VPDOO PLQW VKHHWOHWV DQG RWKHU PXOWLSOHV IRU D YDULHW\ RI RSHUDWRUV ILQH FRYHU 1XPHURXV SPNV ORW LWHPV ,QF %RXUQHPRXWK (PHUJHQF\ 3RVW 9DQ VWDPSV 3ULQWHG VKLSSLQJ FLUFXODU ZLWK ODEHO WR 6SDLQ

0HUFXU\ 3DUFHO VWDPSV LQ VWULSV 3HQQ\FDEV &ROFKHVWHU ZLWK [ G VWDUV SO QHDWO\ FDQFHOOHG 9) ZLWK DQ H[WHQVLYH VHOI DGKHVLYH VKHHW *RRG YDULHW\ FRQWHQWV RI QDPHG VKLSV

VISIT www.philangles.co.uk.

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 46

3$5/,$0(17$5< 0$,/6 :LWK VSHFLDO &LUFXODU 'HOLYHU\ 6WDPSV VSHFLDOLVW FROOHFWLRQ

,QF 8QLVVXHG &RORXUV %RJXV )RUJHU\ ,PSHUI $QG 3HUIV 2Q HQYHORSHV DQG GHSDUWPHQWDO FDFKHWV 7KH FROOHFWLRQ GLVSOD\HG GLVSOD\ SDJHV $ JRRG ORW RI VWDPSV PDLQO\ PLQW RGG WR D YHU\ KLJK VWDQGDUG RQ OHDYHV LWHPV DOO 4(,, ,QF )8 +RXVHV RI &RPPRQV HQYHORSHV +RXVH RI /RUGV &DFKHWV 6SHDNHU 2YDO +DQGVWDPSV 6HYHUDO 49 IUHH IURQWV HWF )LQH /HWWHU IURP D VKLSSLQJ FRPSDQ\ WR D EUHZHUV

ORW G IUDQNLQJ SDLG ODWH UDWH 5HIHUHQFH WR 6LHUUD /HRQH DQG 3ULVRQHU RI ZDU ::,, OHWWHU VKHHWV IURP D

DQRWKHU YHVVHO 6HQW WR (GLQEXUJK

YDULHW\ RI FDPSV 1R ZLWK VRPH GHWDLOV $ JURXS RI LWHPV ZRXOG PDNH D ILQH VWXG\ JURXS

0RVW UHPDUNDEOH IROGHG OHDIOHW IRU /RQGRQ

7REDFFR -XLFH &RQWUROOLQJ 7LFNV DQG /LFH RQ $QLPDO +HUGV

IUDQNHG [ G 5HGV 3O DQG òG 3O PXOWL FDQFHOOHG GXSOH[ $JHQWV +6 SHULSKHUDO EOHPLVKHV 3RVV DQ RXWHU ZUDSSHU " LQFUHGLEOH òG UDWH

3ULYDWHO\ &DUULHG 0DLO HQWLUH VHQW E\ /RUG

7REDFFR $GYHUWLVLQJ 6XSHUE

:UDSSHU IURQW IRU WKH 7REDFFR 3ODQW 3XEOLFDWLRQ ZLWK &DUWRRQ RI +XJH 7REDFFR 3ODQW DQG òG SRVWDO FDUG ZLWK (ODERUDWH $GYHUW 3DQHO IRU 2JGHQV XQXVHG %2$5 :$5 HQYHORSH ZLWK PDQ\ PDUNLQJV VHQW

IURP 8. WR 6RXWK $IULFD ZLWK JRQH QR DGGUHVV KDQGVWDPS $UP\ 32 6 $IULFD FGV DUULYLQJ EDFN LQ &XSDU ZLWK OHWWHU DERXW &RURQDWLRQ DQG LQWUR RI &URZQ 3ULQFH RI 3RUWXJDO $Q LQWHUHVWLQJ LWHP 0LOLWDU\ JURXS RI FRYHUV WR RYHUVHDV DOO

(VVH[ IURP 7XULQ WR 7KRPDV %RZHU KLV JRGVRQ 0HQLVRQ WKH &DSW 2I WKH 6KLS DOPRVW VWDUYHG KLV VHUYDQWV $LU %DJ 0DLO (QY )URP D GLSORPDW LQ /HRSROGYLOOH WR /RQGRQ ZLWK )RUHLJQ 2IILFH FDFKHW (DUO\ WK HQWLUH VHQW WR /RWKEXU\ /RQGRQ FDUULHG SULYDWHO\ WZR HQY V ZLWK %\ %DJ ZLWK )RUHLJQ DQG &RPPRQZHDOWK 2IILFH FDFKHWV ERWK VHQW WR %ODFNEXUQ 7ZR (QY V GDWHOHVV ZLWK '; /DEHOV $Q LQWHUHVWLQJ JURXS RI LWHPV 5$) 2Q +LV 0DMHVW\ V 6HUYLFH 2IILFLDO SDLG

5HJG (QY XQXVHG LQ YHU\ ILQH FRQGLWLRQ 5$,/:$< +(5,7$*( 35(6(59$7,21

/,1(6 V $ PRVW UHPDUNDEOH DVVHPEO\ KRXVHG LQ YROXPHV ZLWK H[WHQVLYH QRWHV LOOXVWUDWLRQV HWF ZLWK V

IUDQNHG òG DQG HDFK ZLWK GLIIHUHQW ,168)),&,(17/< 35(3$,' KDQGVWDPSHG 8QXVXDO PL[HG 3RVWDO VWULNH (QJOLVK VHUYLFH VKRZLQJ D

EHHIHDWHU ZLWK D YDULHW\ RI YDOXHV SURRIV EORFNV 80 LPSHU SDLUV DQG VL[ FRYHUV $ YHU\ LQWHUHVWLQJ ORW RI LWHPV QHHG

VWXG\LQJ 6HFXULW\ IRUFH ER[HG KDQGVWDPSV WKUHH VHQW WR

WKH %DQN RI (QJODQG IURP $XVWUDOLD -DSDQ DQG ,VOH RI :LJKW D VHOGRP VHHQ KDQGVWDPS VW 9LVFRXQW 7RQ\SDQG\ *HRUJH 7KRPDV

VLJQHG %DUGVH\ ,VODQG 5R\DO :HGGLQJ FRYHU ZLWK OHWWHUV IURP WKH +RXVH RI FRPPRQV DERXW VLJQLQJ WKLV FRYHU

%DQNLQJ IDEXORXV %DQN RI $XVWUDODVLD

SULQWHG 2QH 3HQQ\ HQYHORSH 9)8 ZLWK /RQGRQ KRRGHG FLUFOH 3PN

RI LWHPV SULYDWH VWDPSV IRU WKH OLQHV ,QF 6KHHWOHWV 6SHFLPHQV &RYHUV LQFOXGLQJ PDQ\ XVDJHV RI WKHVH SULYDWH VWDPSV 7LFNHWV ,QF HDUO\ YHUVLRQV PDVVHV RI 3RVWFDUGV DQG 6WXGLHV RQ YDULRXV /LQHV 7UDLQV ,QF 0DOODUG 1RUWK <RUNVKLUH 0RRUV YHU\ H[WHQVLYH ZLWK VKHHWOHWV /OHFKZHGG VODWH &DYHUV ZLWK VFDUFH VKHHWOHWV 5RPQH\ +\WKH YHU\ H[WHQVLYH ORW 5DYHQJODVV ZLWK ILUVW LVVXHV XVHG RQ FRYHU 3KHQRPHQDO DPRXQW RI HIIRUW DQG FRVW KDV EHHQ LQYHVWHG LQ WKLV PDVVLYH DVVHPEO\ %X\ 5$,/:$< 6SHFLDO &RYHUV ZLWK HDUO\

7$/<//<1 LVVXHV XVLQJ VSHFLDO SULYDWH VWDPSV FROOHFWLRQ RI $SSUR[ GLIIHUHQW FRYHUV LQ :DOOHWV V XVLQJ PDQ\ GLIIHUHQW ORFDO 5DLOZD\ VWDPSV PDQ\ LQWHUHVWLQJ DQG XQXVXDO IRU 6WHDP /RFR V 5(&25'(' '(/,9(5< 6(59,&( DQG LW V

GHYHORSPHQW IURP H[WHQVLYH FROOHFWLRQ RQ H[KLELWLRQ SDJHV ZLWK PLQW ,QF 6KHHWOHWV ZLWK HDUOLHV 8VHG RQ &RYHU

&+(0,&$/6 IDEXORXV G SULQWHG

HQYHORSH XSUDWHG ZLWK òG MXELOHH SULQWHG &+(0,&$/ 62&,(7< XVHG WR &ROXPELD &ROOHJH LQ 1HZ <RUN

UHODWHG LWHPV VHOI DGKHVLYHV <HOORZ LVVXHV RI LQ VWULSV VHOHFWHG FRYHUV V

&<&/( 0$,/ )XQ SDJH H[KLELWLRQ ZLWK

52<$/ 0(7(252/2*,&$/ 62&,(7< YHU\

ILQH FDFKHW RQ òG 1HZV ZUDSSHU 49 ZLWK &'6 DGGUHVVHG WR 2[IRUG &KRLFH

&ODFWRQ &\FOH 0DLO &RYHUV &ROFKHVWHU HWF

6DUDK )HUJXVRQ 'XFKHVV RI <RUN 6LJQHG 5R\DO

)RXQG RSHQ RU GDPDJH FRPSOHWH UROOV QHYHU

VHHQ WKHVH DV FRPSOHWH UROOV VHULDO QXPEHUV 3 % DQG PRVW XQXVXDO

1DY\ FRYHU 5)$ )RUW 9LFWRULD DORQJ ZLWK RWKHU VLJQDWXUHV UHODWHG WR WKH 6KLS

.*9 &RYHUV DQG &DUGV 2+06 (QY ZLWK %X\ 6WULNH 3RVW 7KH ([HWHU (PHUJHQF\

:DU %DQGV 1RZ VORJDQ ZLWK %RDUG RI 7UDGH FDFKHW 2+06 (QY ZLWK 2IILFH RI :RUNV 7RZHU RI /RQGRQ FDFKHW 2+06 HQY ZLWK 5 + DQG 5 ) $ 5HFRUGV 2IILFH :RROZLFK FDFKHW DQG :DU 'HSW +6 QHDUE\ (QY (QGRUVHG H[SUHVVHG OHWWHU ZLWK G IUDQNLQJ (QY V ZLWK )HHG 7KH *XQV ZLWK :DU %DQGV $ ILQH VHOHFWLRQ RI &RYHUV &DUGV

6HUYLFH XVDJHV RQ &RYHUV HWF 7KH FROOHFWLRQ RI LWHPV PRXQWHG RQ SDJHV LQFOXGLQJ SULYDWH SRVWDO VWDWLRQHU\ ,QF HUURUV ZLGH YDULHW\ RI SULYDWH VWDPS XVDJHV 3RVWPDUNV 9DOHQWLQH LWHPV DQG PRUH $ FRPSUHKHQVLYH VHOHFWLRQ

675,.( 32676 7KH ([SRUWD 6HUYLFH WR

/$%(/6 )25 (19(/23(6 5( 86(' $1'

RYHUVHDV FRXQWULHV XVHG RQ &29(56 YHU\ JRRG ORW RI LWHPV YDULRXV 3ULYDWH 6HUYLFH VWDPS XVDJHV DQG PDMRULW\ ZLWK RYHUVHDV VWDPS XVDJHV ,QF VHOGRP VHHQ 6LHUUD /HRQH 6RXWK $IULFD PDQ\ )UDQFH XVDJHV RWKHU (XURSHDQ DQG RQH ZLWK $XVWULDQ SRVWDJH GXHV 9)

25*$1,6$7,216 :+2 86( 7+(0 &ROOHFWLRQ RI GLIIHUHQW RQ SDJHV PRVWO\ V PDQ\ LQWHUHVWLQJ ,QF 5HOHDVH 0DQGHOOD )ULHQG RI 7KH (DUWK 6XSSRUW %DWV DQG PXFK PRUH )LQH 6XEPDULQHV RI *UHDW %ULWDLQ $ PRVW

0$5,7,0( 1DYDO FRPPHP DQG UHODWHG

UHPDUNDEOH DQG H[WHQVLYH FROOHFWLRQ RQ H[KLELWLRQ SDJHV FRYHUV KRXVHG LQ ILYH $OEXPV ZLWK VR PXFK VXSSOHPHQWDU\ LWHPV ZLWK PDQ\ VFDUFH DQG HDUO\ SRVWFDUGV ,QF UHDO SKRWR PDWHULDO )DVFLQDWLQJ QDYHO FRQWHQWV WKH FROOHFWLRQ FRQVLVWV RI W\SHV GDWLQJ EDFN WR GHSLFWLQJ WKH YHU\ ILUVW $ &ODVV RYHU GLIIHUHQW &RYHUV &DUGV ZLWK EHLQJ DXWRJUDSKHG

6XEV 33& GHSLFWLQJ & RQ WKH VXUIDFH +ROODQG &ODVV ,QF V 1DYDO YLVLWV 1DYDO %DVH 2SHQ 'D\V FHOHEUDWLQJ ,QF YHU\ JRRG UHDO SKRWR SRVWFDUGV UHDO SKRWR FDUG RI IDPRXV :DU 6KLSV +LVWRULFDO DQG PXFK PRUH (VWLPDWHG DW . 7KH :RUOGV ODUJHVW 6XE $ &DUG RI D 6XE ZUHFN MXVW D &RYHU ([FHOOHQW RULJLQDO ORW ([WHQVLYH LQIRUPDWLRQ ZULWWHQ XS ZLWK HDFK LWHP VSHFLDO LVVXH ZLWK VWDPS ERRNOHWV DQG YHU\ JRRG VSHFLDO )'& 02817$,1((5,1* IDEXORXV XVH RI *%

LVVXHV DQG PXFK PRUH <HDUV RI FROOHFWLQJ KHUH H[FHOOHQW 49 3HQQ\ HQYHORSH ZLWK FULVS /RQGRQ VTXDUHG FLUFOH DQG 7+( TXDOLW\ *RRG ORW $/3,1( &/8% LPSULQW

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 47

7(/(*5$3+ )2506 RI 49 RWKHU UHODWHG

{ /81'< ,6/$1'6 FROOHFWLRQ RI V RI LWHPV LQ

FROOHFWLRQ RI LWHPV LQF 49 XQXVHG WHOHJUDSK IRUPV D ER[HG DOEXP QRWLQJ /WWOHWRQ 6WDPS &R SURPR VKHHWV ZLWK VWDPSV DIIL[HG DLUPDLOV VHW WR PLQW SOXV G EORFN G HDUO\ XVHG IRUPV LQF 6W 0DUWLQV -HUVH\ ZDUWLPH HFRQRP\ LVVXH HWF *RRG ORW ZLWK YDULHW\ /LJKWKRXVH LVVXHV LPSHUI SDLU DLUFUDIW SURRI RYSWV LPSHUI PV IX RYSW VKHHW P 7HOHJUDSKLF 'HVSDWFK ,PPHGLDWH SULQWHG

LPSHUI VKHHWV P FRURQDWLRQ EORFNV FRURQDWLRQ EODFN HQYHORSH 9)8 ,OOXVWUDWHG SDQHO 9LFWRULDQ SXEOLFLW\ VKHHW YIX ODWHU LVVXHV LQF LPSHUIV EODFNV 3XIILQ VHW XVHG RQ PD[L FDUG DQG ORWV RI PDWHULDO WR 7+( 75$16)250$ &RGHG OHWWHUV DQG

QXPEHUV V RQ FRYHUV DQG FDUGV $ PRVW UHPDUNDEOH DQG RUGHUHG FROOHFWLRQ RI V RI LWHPV LQ VPDOO ER[HV DQG *5($7 %5,7$,1 N ,6/( 2) 0$1 QLQH $OEXPV ,QF LWHPV IURP RYHUVHDV .(9,,, VWDPS XVDJHV 3RVWDO VWULNH FRYHUV ILUVW GD\ G DUPV

.*9 PXFK .*9, HWF 9HU\ ILQH TXDOLW\ 7KHUH V HQRXJK LOOXVWUDWHG IGF DQG LOOXVWUDWHG ODVW GD\ FRYHU PDWHULDO KHUH WR IRUP D SURSHU H[KLELWLRQ DV WKH XVDJHV DUH GLYHUV DQG YDULHG 8QFKHFNHG IRU UDUH QXPEHUV HWF 2ULJLQDO 8QPRXQWHG PLQW UDQJH RI VHWV ZLWK YDOXHV WR

ORW ZLWK GHILQV KRXVLQJ GLIIHUHQW SULQWLQJV )DFH YDOXH RYHU 7KUHH VHOHFWHG LWHPV RQ 6* &DUGV

-XELOHH òG RQ FRYHU WLHG )UHQFK SPN FDUWRRQ GUDZQ $UWKXU & &ODUNH VLJQHG 6SDFH 2G\VVH\ LOOXVWU

SRVWFDUG GHSLFWLQJ PDQ ZLWK VWLFN DQG XQXVXDO .*9 XVHG G FRYHU ZLWK VSHFLDO FDQFHO HQYHORSH ::, VHFUHW FHQVRUHG VKLS PDLOV DQ

LQWHUHVWLQJ ORW RI FRYHUV FDUGV ZLWK GLII VKLS FHQVRUV GXPE FDQFHOV 9)

*5($7 %5,7$,1 ,6/$1'6 $ VHOHFWLRQ RI PRGHUQ ORFDO LVVXHV /XQG\ ZLWK

HUURUV 5DW ,VODQG VKHHWOHWV HWF 8QXVXDO TW\

5$,/:$< 7,&.(76 XQXVHG ,QF 5DLOZD\

/XJJDJH /DEHOV ZLWK YDOXHV WR 6QDHIHOO 5DLOZD\ 7LFNHWV IRU 3RUW 6W 0DU\ )RUFHV 0DLO 'RXJODV +RUVH 7UDPV 0DLQ 5RDG 6HUYLFH 1DPH 7LFNHWV YHU\ LQWHUHVWLQJ ORW PDLQO\ SUH GHFLPDO YDOXHV VXSHUE IRU VWXG\ VRUWHG E\ LVVXHV

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

86(' $%52$'

'$9$$5 ,6/$1' /2&$/6 6&27/$1' PRVW

{ 86(' ,1 *,%5$/7$5 òG *UHHQ [ 6*=

H[WHQVLYH FROOHFWLRQ RI V LQ ER[HG DOEXP ZLWK LVVXHV IURP G [ ZLWK D YDULHW\ RI GLIIHUHQW FRUQHU OHWWHUV = DQG G 2O\PSLFV ZLWK XP YIX 06 XVDJHV RQ FRYHUV LPSHUIV 3DOH 5RVH = DOO ZLWK UHDGDEOH $ FDQFHOV KLJKO\ (XURSD ELUG LVVXHV PXFK PRUH $Q LQWHUHVWLQJ ORW FDWDORJXHG

{ &2167$17,123/( ,QYHUWHG ZDWHUPDUN

*HUU\ .LQJ /XQG\ ,VODQG )DQWDV\ VWDPSV LQ

YDULHW\ G ZLWK QHDW & GXSOH[ 6* ZL LV &DW EORFN RI VL[ RU PRUH 49 LVVXHV DQ LQWHUHVWLQJ JURXS RI 8QXVXDO RYHUVHDV XVDJH EORFNV G òG G DQG G 80

*5($7 %5,7$,1 / -(56(<

+(50 ,6/$1' SLJHRQ VHUYLFH VWDPS

$ ILQH SODWH EORFN RI VL[ RI WKH G $UPV RQ FKDON XP

SDSHU IUHVK 80 6FDUFH 6* G /81'< $ YDOXDEOH FROOHFWLRQ RI FRYHUV

FDUGV LQ DQ DOEXP ZULWWHQ XS ZLWK GHWDLOV RWKHU PDWHULDO { ),1( 86(' &203/(7( LQ

SULQWHG $OEXPV DQG 1HZ ,VVXH 3DFNHWV ODWHU \HDUV ,QFOXGHV LWHPV LQF D ILQH JURXS RI HDUO\ SRVWFDUGV 66 %ULJKWRQ WULS %RRNOHWV 3DQHV 6KHHWOHWV IURP 3UHVWLJH %RRNOHWV 06 $OO WR /XQG\ ZLWK D ILQH LPDJH RI SDVVHQJHUV FUHZ 66 &DUPLQH :DUWLPH VHWV HWF ([TXLVLWH YHU\ PDQ\ KXQGUHGV

)LORPLQD $VKRUH DW /XQG\ ZLWK ORFDO VWDPS XVHG RQ IDFH SOXV

DQRWKHU H[DPSOH XQXVHG FDUGV GHSLFWLQJ VKLSV WKDW YLVLW WKH ,VODQG LQF HDUOLHV ORFDO LVVXHV RQ PRGHUQ SRVWFDUGV D JRRG *5($7 %5,7$,1 / 3267&$5'6 JURXS RI LQWHUHVWLQJ LQZDUG PDLOV LQF LWHPV IURP &LVNHL &KLOH 3LFWXUH 3RVWFDUGV RI WKH -DSDQ %ULWLVK

&]HFK &KLQD HWF ZLWK ORFDO LVVXHV DSSOLHG RQ DUULYDO ([KLELWLRQ ZLWK GLIIHUHQW YLHZV &KLHIO\ XVHG ZLWK H[KLELWLRQ HWF *RRG FRQGLWLRQ FDQFHO /81'< $Q LQWHUHVWLQJ FROOHFWLRQ RI PRGHUQ

(DUO\ 33& RI (GLQEXUJK ZLWK PDQ\ GLIIHUHQW

V

FRYHUV FDUGV LQ DQ DOEXP PDQ\ DUH VSHFLDOV LQIRUPDWLYHO\ YLHZV D JRRG UDQJH ZLWK UHDO SKRWR W\SH DQG HDUO\ FRORXU W\SH ZULWWHQ XS LQF $SSOHGRUH VKLS\DUG FDUULHG 0DOWLQJ ,&, FDUGV XQXVHG ODEHO RXWZDUG IUDQNHG PDLOV VSHFLDO FDFKHWV SULYDWH RYSW VKHHW RQ FRYHU UDW LVODQG URFNHW PDLO SRQ\ H[SUHVV *5($7 %5,7$,1 /2&$/6 FRYHUV RQO\ SURGXFHG DQG PXFK PRUH )LQH $/'(51(< LQWHUHVWLQJ UDQJH ZLWK FRPPRGRUH

VKLSSLQJ VHWV LQF 06 ORFDO WUDQVSRUW VHW RI RQ IGF S /81'< *(55< .,1* $OWHUQDWLYH IDQWDV\

SDFNHW VWDPS RQ D SDUFHO WDJ ZLWK SDUFHO GHOLYHU\ FDQFHO VWDPSV VPDOO FROOHFWLRQ RQ H[KLELWLRQ SDJHV VWDPSV DQG UR\DO YLVLW ZLWK VSHFLDO 'XNH RI 1RUPDQG\ FDQFHO D JRRG ORW LQF FRYHUV ZLWK DGDSWDWLRQV RI FODVVLF LVVXHV ,QF HPSLUH 49 FRYHUV VHQW ORFDOO\ LWHPV LVVXHV IURP HDUO\ SULQWLQJV 9HU\ IHZ SUHSDUHG /XQG\ ,VODQG DLUPDLO òG 1R ZLWK

YDULHWLHV LQF ZLSHU EODGH IODZ &URZQ IODZ LQ EORFNV 80 /81'< :RUOGZLGH PDLOV DGGUHVVHG WR

VWDPSV

/81'< V ZLWK PDMRULW\ KDYLQJ /81'< DUULYDO SRVWPDUNV RU WKH XVDJH RI ,VODQG VWDPSV WR SD\ RQZDUG ,VODQG *5($7 %5,7$,1 0 *8(516(< FDUULDJH 7KH FROOHFWLRQ RI FRYHUV $ YHU\ XQXVXDO UDUH )$&( 9$/8( FROOHFWLRQ RI QHZ LVVXHV

DVVHPEO\ PDQ\ YDOXDEOH 2ULJLQV QRWHG LQF $QWDUFWLFD XP ZLWK VKHHWOHWV SODWH EORFNV PDQ\ ILQH )DONODQGV (FXDGRU (WKLRSLD )UDQFH 1HZIRXQGODQG WRSLFDOV %DUJDLQ 9DOXHV WR 0DQ\ V DOO ERXJKW RQ

''5 +RQGXUDV 6W 9LQFHQW 1HSDO PDQ\ QHZ LVVXH WHUULILF YDULHW\ RI LVVXHV VHWV PRUH $ UDUH RSSRUWXQLW\

*5($7 %5,7$,1 0 2)),&,$/6

Key to symbols in this catalogue

✱

✉

Used Mint Postal History

✈ ✱✱ &

*RYW 3DUFHOV G 6*2 IUHVK XP 9HU\ ILQH

^3KRWR`

Airmail Unmounted mint Literature

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 48

{ 2IILFLDO *RYHUQPHQW 3DUFHOV òG SDLU 6*2 )32 PLOLWDU\ FDQFHOOHG FRYHUV V WKH

&DW ILQH XVHG

FROOHFWLRQ RI DSSUR[ FRYHUV DOO ,'(17,)(' LQ ILYH DOEXPV ZLWK XVHIXO )DONODQG ,VODQG WDVN IRUFH LQF VSHFLDO FDFKHWV FRPPHUFLDO XVHG EDVHV LQ WKH 0LGGOH (DVW )DU (DVW XVXDO (XURSHDQ WKHDWUHV *RRG YDULHW\ ILQH ORW

$50< G 6*2 IUHVK PLQW

^3KRWR`

0LOLWDU\ PDLO LQWHUHVWLQJ UDQJH LQF 2+16 IUHH

{ 2IILFH RI ZRUNV G 6* 2 YIX RQ SLHFH ZLWK

IUDQNLQJ ZLWK 2$6 +6 2+06 PLOLWDU\ IUDQNHG ZLWK -LQMD FGV ODUJH ER[HG SRVWDO IUDQN DUP\ SRVWDO VHUYLFH ($)) D JRG UDQJH RI FRYHUV 0DQ\ ZLWK GHWDLOV

FRPSOHWH (GLQEXUJK FGV &KRLFH FDW 5R\DO +RXVHKROG òG G VHW ILQH PLQW

6*2 ^3KRWR`

5$) 0LQLDWXUH 6KHHWOHWV RQ &RYHUV &ROOHFWLRQ

$GPLUDOW\ òG 6*2 PLQW

6LJQHG E\ %DWWOH RI %ULWDLQ 3HUVRQQHO ,QF -DPHV *LQJHU /DFH\ *DUHWK 1RZHOO .HLWK /DZUHQFH 5 , 0RZDW 3HWHU %URWKHUV $ODQ *HDU 6DQG\ -RKQVWRQH 'HQQLV 'DYLG 'HQQLV &RZOH\ 0LOOLQJ -RKQ &DW (\HV &XQQLQJKDP 6XSHUE UDQJH RI GLIIHUHQW FRYHUV

$GPLUDOW\ G 6*2 IUHVK 80 EORFN WZR

ILQH RQH 80 'LDJRQDO &UHDVH DIIHFWLQJ WZR DOVR G 6*2

IUHVK 80

6HUYLFH RI 7KDQNV *LYLQJ DQ LQWHUHVWLQJ JURXS

,QF %DWWOH RI %ULWDLQ VLJQHG E\ *UDKDP /HJJHWW -RKQ .HDWLQJV 7UHYRU *UD\ +XJH +HURQ DQG $ODQ *HDU VHUYLFH FDUG VLJQHG *UDKDP /HJJHWW VHUYLFH FDUG IRU -RKQQLH -RKQVRQ DQ LQWHUHVWLQJ JURXS RI 2UGHU RI 6HUYLFH %RRNOHWV

$GPLUDOW\ G 6*2 IUHVK PLQW ([FHOOHQW

FRORXU ^3KRWR`

*5($7 %5,7$,1 0,/,7$5< ::, 7KH KLVWRU\ RI ::, WROG WKURXJK

SKLODWHO\ 5HPDUNDEOH YROXPH FROOHFWLRQ RI V RI VHOHFWHG 6LU 'RXJODV %DGHU 6LJQHG $QQLYHUVDU\ RI

LWHPV ZULWWHQ XS ZLWK JUHDW GHWDLO RUJDQLVHG E\ VXEMHFW LQF WKH 5R\DO $LU )RUFH ,OOXVWUDWHG &RYHU PXFK XQXVXDO ZLWK VHWV RI UHODWHG FLJDUHWWH FDUGV WKH :DU 6LU 'RXJODV %DGHU 6LJQHG %DWWOH RI %ULWDLQ LOOXVWUDWHG QHZV V RI FRQWHPSRUDU\ SRVWFDUGV LQF YHU\

JRRG UHDO SKRWR W\SHV ZDUIDUH FDUGV (GLWK &DYHOO VWXG\ $QQLYHUVDU\ &RYHU VSHFLDO PRGHUQ FRYHUV SUHSDLG ZKLFK DUH XQLTXH /RUG 5REHUWV

VHW RI ODEHOV VHOHFWLRQ RI VLON SRVWFDUGV LQF VFDUFH 5$) LVVXH 7KH :RRGHQ +RUVH 6LJQHG LOOXVWUDWHG FRYHU VLJQHG E\ (ULF :LOOLDPV DQG 2OLYHU 3KLOSRWW JXQV RQ WKH 5KLQH UHDO SKRWR FDUGV 7DQNV DQLPDOV XVHG LQ ZDUIDUH ZLWK KRUVHV PHGLFDO FRUH ZLWK H[FHOOHQW 53 FDUGV 72%$&&2 ,1 :$57,0( $Q H[FHSWLRQDO

5R\DO %ULWLVK /HJLRQ 3RSS\ FRPPHP LWHPV 0DFNDLQ FRPLF SDJH H[KLELWLRQ GLVSOD\HG WR WKH KLJKHVW RI VWDQGDUG H[KLELWHG FDUG VHWV 9& ZLQQHUV VXSSOHPHQWDU\ PDWHULDO LQF PLOLWDU\ DW $XVWUDOLD 1DWLRQDO 6KRZ DOO ::, ,QF GLVWLQFWLYH )XQG PHGDO HWF $ UDWKHU LQFUHGLEOH DVVHPEO\ &DUGV GHSLFWLQJ 6ROGLHUV 6PRNLQJ (YHQLQJ ([SUHVV 7HDU 2II %DWWOH RI %ULWDLQ ,OOXVWUDWHG )'& 6LJQHG E\

&DUGV '$0$*(' %< 6($:$7(5 &DFKHW RQ FDUG UHWXUQHG %DWWOH RI %ULWDLQ 3LORWV -DPHV *LQJHU /DFH\ DQG ( : IURP -DIID VFDUFH %OXH LVVXH PXOWL FRORXUHG &HUWV JLYHQ WR :RRWHQ VXSHUE FRYHU VFKRRO FKLOGUHQ HWF $OO VHOHFWHG IRU WKH H[KLELWLRQ 6LU .HLWK 3DUN VFDUFH VLJQHG %DWWOH RI %ULWDLQ

$QQLYHUVDU\ &RYHU 5$)0 6& FRYHU IORZQ $ VFDUFH VLJQLQJ 72%$&&2 ,1 :$57,0( $ PRVW UHPDUNDEOH

D ILQH FRYHU VWXG\ FROOHFWLRQ GLVSOD\HG WR H[KLELWLRQ TXDOLW\ RQ SDJHV ERWK 6LJQHG %DWWOH RI %ULWDLQ WK $QQLYHUVDU\

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

PXFK PRUH LWHPV 7KH FRQGLWLRQ LV H[FHSWLRQDO \HDUV RI LPDJHV 5DIOHW &KULVWPDV &DUG VLJQHG E\ WKH $UWLVW FROOHFWLQJ KHUH 5HTXHVW VDPSOH VFDQV %ULDQ 3HWFK $YLV +HDUQ 3 $ \HUVW QG VLJQHG E\ % 3HWFK $ +HDUQ $ JHDU 3 $ \HUVW - .HDWLQJ V 7 *UD\ 7DSV 7DSSLQ ::, $0%8/$1&( 75$,16 $0%8/$1&(6

DQ LQWHUHVWLQJ JURXS RI VL[ LWHPV ZRXOG ORRN JUHDW LQ 1856,1* $ YHU\ ILQH FROOHFWLRQ ZULWWHQ XS WR D KLJK VSHF LQ IUDPHV DQ DOEXP LWHPV ZLWK VRPH YHU\ JRRG FRQWHPSRUDU\ UHDO SKRWR SRVWFDUGV FDUG RI FRQWLQHQWDO DPEXODQFH WUDLQ WZR %DWWOH RI %ULWDLQ PXOWLSOH VLJQHG FRYHUV

VFDUFH FDUGV RI LQWHUQDO ZDUG FDUV FDUGV GHSLFWLQJ WUDLQV VHHQ 5LFKDUG +DLQHV -RKQ *LEVRQ 1HYLOOH 'XNH +DUU\ VHYHUDO YHU\ JRRG FDUGV RI ZRXQGHG LQVLGH KXW KRVSLWDOV HDUO\ :KLWWLFN - 0LOODQG -RH .D\OO (OL]DEHWK 0RUWLPHU (OVSHWK FDUGV RI UHG FURVV DPEXODQFHV KRVSLWDO VKLS -DSDQHVH QXUVHV *UHHQ D VXSHUE DUUD\ RI VLJQDWXUH ZRXOG PDNH D JUHDW HWF <HDUV RI FROOHFWLQJ KHUH UHVHDUFK ORW ::, &(16256+,3 $ ILQH FROOHFWLRQ

%DWWOH RI %ULWDLQ VXSHUE UDQJH RI VLJQHG

LOOXVWUDWHG %DWWOH RI %ULWDLQ 0HPRULDO )RONVWRQH &DUGV

VLJQHG E\ PDQ\ 3LORWV ZKR WRRN SDUW LQ ::,, HDFK ZLWK VRPH GHWDLOV DERXW WKH SHUVRQV WKDW VLJQHG WKH FDUGV ZRXOG PDNH D { VXSHUE GLVSOD\ &(1625(' PDLO FKLHIO\ .*9 ::, SHULRG ZLWK

D YDULHW\ RI FHQVRUHG PDUNV DQG FDQFHOV LQF FURVVHV FLUFOHV ZDY\ OLQH ZLWK FURVVHV EDU FDQFHOV SOXV .*9, òG UHJG HQY ZLWK 00 UHJG ODEHO DQG PDULWLPH FHQVRU +6

RI 3RVWFDUGV ZULWWHQ XS RQ SDJHV ZLWK D WHUULILF YDULHW\ RI %ULWLVK $UP\ )32 3RVWPDUNV DQG &HQVRUVKLS +DQGVWDPSV 0DQ\ &ROOHFWRUV 1RWHV *RRG ORW

::,, &DQFHOODWLRQV ,QF )32 3ROLVK )RUFH LQ

WKH 8. ,QF 3RVWDO 6HDO WLHG RQ SLHFHV 5R\DO 'XWFK %ULJDGH 86 $UP\ $Q LQWHUHVWLQJ ORW RI FDQFHOV

::,, 0LOLWDU\ 32: &DUGV UHODWLQJ WR 7REDFFR

'DPH )HOLFLW\ 3HDNH VPDOO EXW YHU\ LQWHUHVWLQJ

JURXS ,QF %DWWOH RI %ULWDLQ ,OOXVWUDWHG &RYHU VLJQHG E\ 3HDNH 0RUWLPHU 7XUQHU *UHHQ 3HDUVRQ LOOXVWUDWHG FRYHU VLJQHG E\ 3HDNH DQG 6HUYLFH RI 7KDQNVJLYLQJ D VXSHUE ORW

)XQGV $ VWXG\ RI YHU\ ILQH FDUGV UHWXUQHG IURP *HUPDQ\ &DPSV GLVSOD\LQJ &HQVRUV DQG 0LOLWDU\ FDFKHWV 5HTXHVW VFDQV ::,, 3RVWDO +LVWRU\ $ FROOHFWRUV ORW RI

&RYHUV PRVWO\ ZLWK &HQVRU /DEHOV LQF XVH RI $FWLYH 6HUYLFH (QYHORSHV LQ (J\SW &HQVRUHG 0DLOV IURP RYHUVHDV 5$) &HQVRUV HWF 8QFKHFNHG

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 49

::,, 3ULYLOHJH (QYHORSHV IURP D YDULHW\ RI

/RFDO UDLOZD\ OHWWHU VWDPSV RQ FRYHUV ZLWK D

GHVWLQDWLRQV ,QF RYSW :DU (FRQRP\ XQFODVVLILHG KDQGVWDPS %ODFN DQG :KLWH (QY 3ULQWHG *UHHQ (QY $Q LQWHUHVWLQJ ORW RI FRYHUV ZLWK SULYLOHJH FRYHUV

*5($7 %5,7$,1 1 3267 '8(6 (GZDUG ZPN VHW 6*' .*9, ZPN

VHW ' QHZ FRORXUV VHW ' DOO IUHVK P DOVR GHFLPDO VHWV XP ' FDW

JRRG YDULHW\ RI UDLOZD\ VWDPSV VHHQ FRYHUV WR VHHQ 5RPQH\ DQG +\WKH *:5 *UHDW :HVWHUQ 6RFLHW\ *UHDW (DVWHUQ 0LGGOHWRQ 1HQH 9DOOH\ 6XIIRON /LJKW 5DLOZD\ $ YHU\ LQWHUHVWLQJ ORW RI FRYHUV

/RQGRQ DQG 1RUWK :HVWHUQ 3DUFHO 6WDPSV

$UPV W\SH WR 5HG :KLWH QXPHUDOV WR

1HZVSDSHU /HWWHU 3RVW SOXV 33& RI D WUDLQ SLFNLQJ XS PDLO DW IXOO VSHHG /21'21 $1' 6287+ :(67(51 5DLOZD\

/DEHOV 1HZVSDSHU LQF G SULQWHG RQ JXP VLGH ZLWK D YDULHW\ RI YDOXHV 3DUFHO 3RVW G G /HWWHU 3RVW G UDWH ZLWK XQXVHG

*5($7 %5,7$,1 2 &+$11(/ ,6 /LEHUDWLRQ VHW 6*& DV FRPSOHWH VKHHWV RI

ZLWK DOO OLVWHG YDULHWLHV RQ WKH òG $OO 80

{ /RQGRQ DQG 6RXWK :HVWHUQ UDLOZD\ SDUFHO

1HZVSDSHU VWDPSV IURP HDFK GLIIHUHQW ZLWK YDOXHV WR D YHU\ JRRG UDQJH RI VWDPSV VXSHUE IRU VWXG\

*5($7 %5,7$,1 3+,/$7(/,& (;+,%,7,216 &ROOHFWLRQ RI FKLHIO\ FRYHUV ZLWK VSHFLDO

H[KLELWLRQ FDQFHOODWLRQV ZLWK PDQ\ LOOXVWUDWHG SOXV WKH RGG VWDPS VKRZ ODEHOV XQXVHG VKHHWOHWV D YHU\ JRRG ORW RI

LWHPV WKDW QHHGV ZULWLQJ XS DV D VWXG\ $ VXSHUE UDQJH PDLQO\ .*9, SHULRG

*5($7 %5,7$,1 3267$/ 67$7,21(5< GREAT BRITAIN - POSTAL STATIONERY )RUFHV RYHUVHDV 4(,, VWDWLRQHU\ XQXVHG

G UHDG HQY VL]H J VL]H . HDUO\ GHFLPDO HPERVVHG S WR HDFK GLIIHUHQW 3UH 'HFLPDO 3RVWDO 6WDWLRQHU\ 49 LQF

2FHDQ 3HQQ\ 3RVWDJH ,OOXVWUDWHG (QY -XELOHH &DUG DQG (QY (GZDUG .*9 ,QF DQG ([KLELWLRQ /HWWHU &DUGV &DUGV (QY V .*9, 4(,, $OO 8186(' $ ILQH UDQJH 4(,, HDUO\ GHFLPDO SRVWDO VWDWLRQHU\ XQXVHG LQ

{ /21'21 0,'/$1' $1' 6&277,6+ SDUFHO

VWDPSV 5R\DO +RWHO *ODVJRZ SULQWHG HQG ZLWK G SDUFHO

VWDPS FDQFHOOHG DW &UHZH G G VWDPSV ZLWK 6WUDWKDYHQ FHQWUDO RYSW XVHG D XVHIXO ORW RI VWDPSV FRYHU

/RQGRQ 0LGODQGV DQG 6FRWODQG UDLOZD\ SDUFHO

VWDPSV LQF FRQWUDFW SDUFHO VWDPSV UHJLVWHUHG E\ /06 *UHHQ $UURZ KLJKO\ LQIODPPDEOH ODEHO OHIW OXJJDJH ODEHO D YHU\ LQWHUHVWLQJ ORW ZLWK YDOXHV WR D ILQH UDQJH RI LWHPV

0LGODQG UDLOZD\V QHZVSDSHU SDUFHO VWDPSV ZLWK

YDOXHV WR G ZLWK PDQ\ GLIIHUHQW W\SHV VHHQ UHG EURZQ G G G G G XQXVHG PXOWLSOHV RQ SLHFHV D JRRG UDQJH RI VWDPSV

{ 6RXWKHUQ UDLOZD\ SDUFHO VWDPSV IURP D YDULHW\

DQ $OEXP GLIIHUHQW LWHPV LQF VFDUFH 2FWDJRQDO WR RUGHU RI VWDWLRQV ZLWK YDOXHV WR SOXV OXJJDJH LQ DGYDQFH SDLG LWHPV LQF (DUO\ &DUGV /HWWHUFDUGV (QYHORSHV $ YHU\ UDUH S ODEHO ORRNV WR EH V SHULRG DQ LQWHUHVWLQJ ORW RI ODEHOV òS /HWWHUVKHHW ZLWK OLQHV LQVLGH QHYHU VHHQ EHIRUH )RUFHV XVHG HDFK GLIIHUHQW $LUOHWWHUV ZLWK WR RUGHU LPSUHVVLRQV 9HU\ ILQH RULJLQDO ORW

6SHFLPHQ 7DO\OOQ UDLOZD\V OHWWHU VWDPSV DV

EORFNV HQGRUVHG VSHFLPHQ S S S S RYSW S S 4(,, 3267$/ 67$7,21(5< 8186(' ,QF

HDFK EORFN LV GLIIHUHQW /HWWHU &DUGV $LUPDLO &DUGV (QY V LQ D YDULHW\ RI VL]HV DQG YDOXHV ZLWK 19, V $ YHU\ XVHIXO UDQJH RI *5($7 %5,7$,1 5(9(18(6

1DWLRQDO $OOLDQFH $VVXUDQFH &RPSDQ\ SROLF\

4(,, SUH GHFLPDO VWDWLRQHU\ LQF IRUFH RYHUVHDV

ZLWK G 49 OLIH SROLF\ UHYHQXH DWWDFKHG D VXSHUE LWHP UHJG HQY V ZUDSSHUV HQYV FDUGV D XVHIXO JURXS RI LWHPV

XQXVHG $OEHUW 0HGLFDO DQG )DPLO\ HQGRZPHQW OLIH

49 &ROOHFWLRQ RI XQXVHG LWHPV &LUFD DOO

DVVXUDQFH FRPSDQ\ SROLF\ ZLWK 4& LPSHUI UHYHQXH GLIIHUHQW PXFK LV ILQH LQF HDUO\ òG HQYHORSHV 3HQQ\ DWWDFKHG SOXV OLIH UHFHLSW IRUP ZLWK G SHUI UHYHQXH DWWDFKHG $ HQYHORSHV GLIIHUHQW FRORXUHG 3DSHUV VRPH WR RUGHU W\SHV VXSHUE SDLU 1HZV ZUDSSHUV -XELOHH LVVXHV 3RVWDO &DUGV HWF &URZQ /LIH $VVXUDQFH &RPSDQ\ ZKROH ZRUOG

2ULJLQDO ORW SROLF\ ZLWK 49 LPSHUI OLIH SROLF\ UHYHQXH DWWDFKHG D VXSHUE 9HU\ JRRG FROOHFWLRQ RI PLQW PDWHULDO LQ D IXOO

LWHP $OEXP RYHU GLIIHUHQW LWHPV (GZDUGV ZLWK òG WR RUGHU 7KH &OHUJ\ 0XWXDO $VVXUDQFH 6RFLHW\ ODUJH

7HWH %HFKH EORFN G 3URRI ,PSUHVVLRQ .*9 3URRI SULQWHG SROLF\ ZLWK 49 LPSHUI OLIH SROLF\ UHYHQXH ,PSUHVVLRQV WR G RQ VWULSV (PSLUH ([KLELWLRQ LVVXHV DWWDFKHG LQF /HWWHUFDUG .*9, ZLWK YHU\ JRRG HQYHORSHV (DUO\ 4(,, ZLWK /HWWHUFDUGV DQG (QYHORSHV *RRG ORW $OOLDQFH $VVXUDQFH OLIH DQG ILUH SROLF\ ZLWK

LPSHUI OLIH SROLF\ UHYHQXH DWWDFKHG SOXV UHQHZDO FHUWLILFDWH $ *5($7 %5,7$,1 5$,/:$<6 VXSHUE LWHP $ VHOHFWLRQ RI UDLOZD\ VWDPSV LQF /DQFDVKLUH

DQG <RUNVKLUH G :\UH GRFN G 1RUWK 6WDIIRUGVKLUH G 6RXWK { *HQHUDO GXW\ UHYHQXHV ZLWK YDOXHV WR :HVW DQG 0LGODQGV UO\ G /RQGRQ %ULJKWRQ UDLO G ERWK HPERVVHG LVVXHV FKLHIO\ JUH\ SHUI W\SHV QRWH RUDQJH ZLWK VSHFLPHQ RYSW D JRRG ORW RQ D VWRFN SDJH XQFKHFNHG IRU GLIIHUHQW 0LQW LQF 80 GLIIHUHQW GLHV DQG SULQWLQJV UHYHQXHV *5($7 ($67(51 5$,/:$< SDUFHO VWDPSV

{ (GZDUG IRUHLJQ ELOO LVVXHV WR EHWZHHQ

H[SUHVV VWDPSV QHZVSDSHU VWDPSV IURP WR VRUWHG %DUHIRRW % XVHG E\ LVVXHV RQ SDJHV PDLQO\ XVHG DQ LQWHUHVWLQJ ORW RI ODEHOV

ZLOO PDNH D ILQH GLVSOD\ ZLWK YDOXHV WR HDFK GLIIHUHQW

{ *5($7 :(67(51 3DUFHO SRVW ODEHOV RQ

IUDJPHQWV RI SDUFHO WDJV LQF WZR FRPSOHWH WDJV ZLWK YDOXHV WR G

{ *HQHUDO HPERVVHG UHYHQXHV EOXH ZLWK VLOYHU

ZLWK YDOXHV WR :DU ULVN LQVXUDQFH *XHUQVH\ G 5R\DO &RXUWV RQ SLHFH ZLWK DQG D JRRG UDQJH RI UHYHQXHV FLUFD V

Selling? – Contact Simon Carson today for professional advice on how to sell your stamps/covers.

PTS and ASDA registered. Integrity assured.

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 50

/LWHUDWXUH 7KH UHYHQXH VWDPSV RI WKH 8. ,VOH 3ODQWDWLRQ HQWLUH ZULWWHQ DW *UHQDGD FDUULHG

RI 0DQ &KDQQHO ,V DQG (LUH YRO DQG E\ %RRWK /LFHQFHV WR *ODVJRZ ([WHQVLYH FRQWHQWV )LQH DQ HDUO\ LWHP DQG UHODWHG HSKHPHUD RI *% E\ &KDPSLRQ +LWFKLQJ DQG +DOO

%ULWLVK FRPPRQZHDOWK UHYHQXHV E\ %DUHIRRW $OO LQ JRRG 3HQFI IRU SHQFH RYHUSULQW HUURU òG 6* G

FRQGLWLRQ IUHVK XQXVHG D VFDUFH YDULHW\ 49 FXVWRP GXW\ ZLWK GLIIHUHQW LVVXHV LQF HDUO\

HPERVVHG SLQN WR RUDQJH HPERVVHG RYSWV WR (GZDUG VHW 6* IUHVK PLQW

^3KRWR` SHUI W\SHV WR D JRRG VHOHFWLRQ RI UHYHQXHV

.*9 3LFWRULDO GHILQV VHW 6* 9)0

{ 49 IRUHLJQ ELOO FROOHFWLRQ RI UHYHQXHV 1RWH

VRPH YDOXHV 80

VHFRQG VHULHV ZLWK YDOXHV WR YDOXHV WR G VSHFLPHQ RYSW EODFN SURRI $ YHU\ JRRG UDQJH òG 6LOYHU -XELOHH .LWH +RUL]RQWDO /RJ YDULHW\

6* O XQXVHG QR JXP FDW

*5((&(

.*9, 'HILQLWLYH DV EORFNV RI LQF ERWK DQG

6* I 3RVWDJH GXHV D YHU\ JRRG ORW RI %DONDQ ZDU /HVYRV ZLWK RYSW UHDGLQJ

XSZDUGV GRZQZDUGV EHWWHU YDOXHV SL IX 6* SL EODFN PLQW EORFNV ZLWK LVVXHV WR 80 ^3KRWR` DQG )8 SRVWDJH GXH 6* IX RQ SLHFH D YHU\ ILQH UDQJH RI 9(5< ),1( &2//(&7,21 $V 80 EORFNV RI

VWDPSV ZLOO PDNH D JUHDW GLVSOD\ GHILQ VHW RI GHILQ VHW RI DV SODWH EORFNV RI %DONDQ :DU RYSWV ,QF L L L GRXEOH

6WDPS &HQWHQDU\ 1HZ ZPN H[ F F RYSWV G 6* $; IUHVK PLQW &DW G 6* %' VXUFK 5HG &URVV D YHU\ JRRG UDQJH RI EORFNV PDLQO\ IUHVK PLQW L GRXEOH RYSW ILQH XVHG ^3KRWR` %DONDQ :DU 5HG RYSWV 7\SH ,,, YDULHWLHV O

4(,, GHILQ VHW RI RQ D YI PDWFKHG VHW RI

DQG O VWULS RI RQH ZLWK PLVVLQJ , PLQW O )8 SDLU VFDUFH )'& LQ SHUIHFW XQDGGU FRQGLWLRQ 6* G 6* %%& DOVR O FRUQHU LPSULQWHG SDLU ZLWK %ODFN 1RUPDQ :LVGRP VLJQHG WK 5R\DO &RPPDQG RYSW LWHPV PDLQO\ IUHVK PLQW

3HUIRUPDQFH 6LU 1RUPDQ :LVGRP PLQLDWXUH VKHHW RQ D ''& %DONDQ :DU YDULHWLHV ,QF PLVSHUIHG F W\SH

ZLWK VSHFLDO 1RUPDQ :LVGRP FDQFHO ,,, DQG 9 VH WHQDQW DQ LQWHUHVWLQJ ORW RI IUHVK PLQW ,QF 3RVWDO 6WDWLRQHU\ XQXVHG PDLQO\ 49 80

LVVXHV VHHQ VSHFLPHQ RYSWV 49 (GZDUG .*9

%DONDQ ZDU ,NDULD IUHH VWDWH VHW RI PLQW

.*9, ZLWK 5HJG (QY V :UDSSHUV (QY V DQG PDQ\ /LPQRV RYSW LVVXHV WR G ZLWK YDULHWLHV LQF UHG RYSWV

GLIIHUHQW W\SHV D JRRG UDQJH QRWH O RYSW LQ UHG ZLWK RYSW LQYHUWHG O ZLWK GRXEOH RYSW PLQW { 49 RQ ROG SDJHV FKLHIO\ FKDORQV VRUWHG E\ SDLU D JRRG ORW RI VWDPSV PDLQO\ PLQW

SULQWLQJV LQF RYSWV QRWH G %URDG 6WDU 6* )8 &DW %DONDQ ZDU 1HZ 7HUULWRULHV DFTXLUHG LVVXHV

$ XVHIXO ORW RI VWDPSV VRXQG XVHG ZLWK D YDULHW\ RI RYSWV DQG WKH RGG YDULHW\ LQF PLVSODFHG RYSWV

RYSW GRXEOH VXSHUE IRU VWXG\ DQG GLVSOD\ VHHQ G 6* $< )8 G 6* $; PLQW G 6* $; PLQW D YHU\ JRRG ORW 5HYHQXHV 2OG 3DJHV ZLWK EHWWHU SLFNLQJV 49

RI VWDPSV FRYHU ILUVW LVVXHV WR VHFRQG SULQWLQJ WR ,QF VWULS RI YHU\ VFDUFH .*9, KLJK YDOXHV F DQG $ %DONDQ :DU LVVXH 6DPRV 7XUNLVK (YDFXDWLRQ

ILQH VHOHFWLRQ RI UHYHQXHV VHW PLQW 6* IUHVK VPDOO IDXOWV EXW VHOGRP RIIHUHG 63(&,0(1 RYSW 6HOHFWLRQ (GZDUGV WR

.*9 *RRG WR ILQH ^3KRWR` ,QYHUWHG RYHUSULQW HUURU 6DPRV %DONDQ :DU /

RQ ' ILQH PLQW 6* D 6HOGRP RIIHUHG

*8$7(0$/$

{ &RUIX RYSW .LQJ VHW RI 9)8 RQ SLHFHV ZLWK

7KUHH (QWLUH )URQWV ZLWK LQFUHGLEO\ HDUO\ SRVWDO

FRPSOHWH SRVWPDUNV YHU\ ILQH 6DVVRQH

{ ,WDOLDQ 2FFXSDWLRQ RI &RUIX SRVWDJH GXH VHW RI

9)8 RQ SLHFHV ZLWK IXOO SPNV UDUH 6DVVRQH &DW 5DUHO\ RIIHUHG 8QLVVXHG G $UPV ZLWK &25)8 RYSW PLQW

PDUNLQJV DQG FDFKHWV UHODWLQJ WR WKH ORFDO 7REDFFR ,QGXVWU\ 9HU\ ILQH 2ULJLQDO ROG WLPH FROOHFWLRQ RI VWDPSV

PV FKLHIO\ RQ 6FRWW SDJHV ZLWK HDUO\ FODVVLF WR PRUH PRGHUQ LVVXHV 3267$/ 67$7,21(5< WK &HQWXU\ $ YHU\

5DUH VWDPS 6DVVRQH

ILQH ORW RI PRVWO\ GLIIHUHQW FKLHIO\ XQXVHG ZLWK RUQDWH SRVWDO FDUGV ,QF VXSHUE VWHDP WUDLQ GHVLJQV

&UDVK 0DLO HQYHORSH IURP *UHHFH WR 6RXWK

4 $IULFD $LU &UDVK DW 1DLUREL ZLWK KDQGVWDPSV LW ZDV (DVW

7+( 72%$&&2 ,1'8675< 9HU\ ILQH 7RSLFDO

FROOHFWLRQ GLVSOD\HG WR H[KLELWLRQ VWDQGDUGV RQ SDJHV ,QF IURQWV GDWLQJ IURP UHODWHG WR 7REDFFR ZLWK YHU\ HDUO\ SRVWDO PDUNLQJV ,QF ER[HG /(21 ILQH HQWLUH ZLWK $GPRQ 'H 7DEDFRV ER[HG +6 6HYHUDO YHU\ ILQH ODWHU $GYHUW &RYHUV LWHPV

$IULFD V ZRUVW $LU &UDVK DW WKH WLPH $ VFDUFH FRYHU

*5(1$'$ (QWLUH ZLWK FRQWHQWV DERXW D VWRUP WKDW¶V

GDPDJHG WKH 3ODQWDLQ EXW QRW WKH &DQH VXJDU HQGRUVHG 3HU WKH 8QLRQ VHQW WR *ODVJRZ 0RQWUHXLO WR *ODVJRZ SULYDWHO\ FDUULHG HQWLUH

HQGRUVHG E\ &DSW .HU DQG FDUULHG RQ WKH VWDQFH (DUO\ LWHP

*8<$1$ SRVWDJH GXH VHW RI DV FRPSOHWH VKHHWV RI

80 ZLWK YDULRXV SRVLWLRQDO YDULHWLHV DV OLVWHG LQ 6* $ ILQH VHW

RI VKHHWV 6*' *URVVO\ PLVSODFHG LQGHSHQGHQFH RYSWV $V

80 SDLUV F F F DOO 80 8QXVXDO SDLUV

0RQWUHXLO WR *ODVJRZ VXJDU SODQWDWLRQ HQWLUH

ZLWK H[WHQVLYH FRQWHQWV FDUULHG SULYDWHO\ E\ 0U (OZLQJ 3HU )DQRQ IROGV EXW DQ HDUO\ VRFLDO KLVWRU\ HQWLUH

9DULHWLHV ORFDOO\ RYSWV PLVSODFHG F F ERWK

EORFNV RI F SDLU F SDLU DQG VWULS RI $Q LQWHUHVWLQJ ORW

9HU\ LQWHUHVWLQJ HQWLUH DERXW :LOEHUIRUFH

EHLQJ GHIHDWHG $QWL 6ODYHU\ %LOO DQG KRZ LW ZRXOG UXLQ XV SRRU SODQWDWLRQ IURP 7KRPDV 7RZQVHQG VHQW WR *ODVJRZ

IUHVK 80

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 51

4(,, 'HILQV QR ZDWHUPDUN VHW 6* IUHVK

80

+21'85$6 $LUPDLO F RYSW 6* DV D PLQW SDLU 6FDUFH

4 PXOWLSOH 3267$/ 67$7,21(5< WK &HQWXU\ $ YHU\

ILQH ORW RI PRVWO\ GLIIHUHQW DOO XQXVHG ZLWK VXSHUE RUQDWH HQJUDYHG W\SHV 9HU\ ILQH

,QYHUWHG :DWHUPDUN F KRXVLQJ 6* Z DV

JXWWHU SDLU 80 536 &HUW VPDOO VWDLQLQJ &DW

4(,, 'HILQ VHW RI 6* 80

:$7(5/2: 35,17(56 ,03(5) 3522)6 RI

¶V DLUPDLOV WZR SDLUV VLQJOH ZLWK SULQWHUV¶ QRWDWLRQV DOO GLII 'HILQLWLYH VHWV 6* D D DQG E E ZLWK

4

YDOXHV WR IUHVK 80 VWDPSV HDFK GLIIHUHQW

+21* .21*

4(,, &\OLQGHU EORFNV RI GHILQLWLYHV F WR

{ 0267/< 86(' &2//(&7,21 RQ SDJHV IURP

ZLWK LPSULQW 80

DQ ,GHDO DOEXP LQFO XVHIXO UDQJH RI 49 LVVXHV ZLWK YDOXHV WR F VXUFKDUJHV LQFO F RQ F F RQ F F RQ F F RQ F F RQ F IHZ .(9,, VWDPSV .*9 WR SOXV F W\SH % PLQW IDXOW 6LOYHU -XELOHH VHW PLQW FDW DSS

{ ,19(57(' :$7(50$5. F 6* Z

IX

4(,, GHILQLWLYH XQPRXQWHG PLQW ZLWK YDOXHV WR

ZLWK FRLO VWDPS ERRNOHW VWDPSV KLJK YDOXHV

D YHU\ JRRG ORW RI VWDPSV &XOWXUDO 'LYHUVLW\ VHW ZLWK &\OLQGHU EORFNV RI

F WR &RLO 6WULSV DQG 06 6*

XQPRXQWHG PLQW

'HILQLWLYHV GHILQV WR LQF F

GLIIHUHQW ,QF F F F F RQ F F $ EORFN RI PLV SHUIHG DQG :PN YDULHWLHV VHW WR

49 PLQW UDQJH VWDPSV &DW HDFK

GHILQ WR $ XVHIXO FROOHFWLRQ RI GHILQLWLYHV 80

JRRG UDQJH 9DULHW\ F RQ F ZLWK NLVV SULQW RI WKH RYSW

:LWK 536 &HUW 6* PLQW VPDOO IDXOWV .(9,, SXUSOH VDJH JUHHQ ZPN &URZQ &$

6* 9)0

1(: ,668(6 XSWR ZLWK PRGHUQ SUHVWLJH

ERRNOHWV GLII RSHQLQJ RI 'LVQH\ LQ ER[ ZLWK OLPLWHG HGLWLRQ

SLQ GHILQV RYSW 63(&,0(1 3DQGD VKHHW PXFK PRUH 2YHU LWHPV KLJK RULJLQDO FRVW

,&(/$1'

.(9,, 0,17 *5283 LQFO WR F

WR F F VXUIDFH IDXOWV WR F EHWZHHQ 6* 9HU\ VFDUFH 1HZ <RUN IDLU RYSW VHW RQ ILUVW GD\

PRVWO\ ILQH PLQW ^3KRWR` FRYHU FHQVRUHG DQG UHJG VHQW WR (QJODQG .*9 EDVLF VHW RI F WR YHU\ IUHVK PLQW

(DUO\ EODFN DQG ZKLWH SKRWRJUDSKHUV DQG

6* F HDUO\ SSF V RI GLIIHUHQW YLHZV IURP DURXQG WKH ,VODQG 8QXVHG 32 LQ &KLQD .*9 RYSW VHW F WR 9)0

6* F )LHOG 3RVW 2IILFH FDQFHOV RQ 2$6 FRYHUV

ZLWK D YDULHW\ RI FHQVRUHG +6 DOO FRYHUV VHQW LQ SOXV .*9, '(),1,7,9(6 DV XQPRXQWHG PLQW EORFNV

OHWWHUV RI ZLWK YDOXHV WR QRWH RUGLQDU\ SDSHU ZLWK EURNHQ { 3RVWPDUN FROOHFWLRQ LQF HDUO\ QXPHUDOV LQF

FKDUDFWHU WR YDOXH WDEOHW FKDON SDSHU JUHHQ DQG YLROHW 1RUGIMRUGHQ .RONXRV +DOORUPVVWDGXU WRZQ FGV FKDON SDSHU 6* DE OLODF DQG VFDUOHW EON RI ZLWK FDQFHOV LQF FRYHUV D JRRG ORW IRU VWXG\ RYHU LWHPV EORFNV YHU\ KLJK FDWDORJXH YDOXH ^3KRWR`

([WUD VWURNH YDULHW\ YLFWRU\ 6* D XP

,1' 67 &219 &+$0%$ ZLWKLQ FRUQHU EORFN .*9, S RIILFLDO 6*2 DV D FRUQHU EORFN RI

9,&725< 6* ERWK YDOXHV ZLWK (;75$

QLQH ILYH 80 $ GHVLUDEOH PXOWLSOH 6752.( YDULHW\ PLQW JXP IDXOWV WKH VHW RQ YI LOOXVWU IGF DQG WKH VHW DV XP EORFNV .*9, 2)),&,$/6 U U U U HDFK DV

PDWFKHG JXWWHU EORFNV RI IRXU ILQH 80 EORFNV

.*9, 6LOYHU ZHGGLQJ VHW ILQH XVHG

6*2 2 $ ILQH JURXS RI PXOWLSOHV

^3KRWR` .*9, 6LOYHU :HGGLQJ VHW 6* IUHVK

.*9, RYSWV òD D S D D S D D HDFK

80 DV 80 EORFNV RI IRXU EHWZHHQ 6* EORFNV

^3KRWR`

.*9, 6LOYHU :HGGLQJ VHW 6* 80

.*9, 2IILFLDOV S òD SXUSOH D D òD D

D 5 5 5 5 HDFK DV 80 EORFNV RI IRXU EORFNV

EHWZHHQ 6*2 2 ^3KRWR`

%DQNQRWH VLJQHG E\ &ODUNH LQ JRRG

FRQGLWLRQ DOVR D JURXS RI +HOO %DQN 1RWHV

.*9, VHW RI 6* $V 80 EORFNV RI

IRXU 9HU\ ILQH 7\SLFDO *XP $VVRFLDWHG ZLWK D D

)UHVK PLQW LQF 80 &DWDORJXH YDOXH

ZLWK PDQ\ EHWWHU VHWV LQF 'HILQ VHWV QRWH GHILQ PLVVLQJ RUFK 6* E ZPN LQY ([WHQVLYH

^3KRWR` .*9, òD 6* DV DQ 80 EORFN

^3KRWR`

FRPPHPRUDWLYHV LQF 1HZ <HDU ZLWK ZPN ,QYHUWHG 80 $UP JOD]HG SDSHU PLQW $ VXSHUE FROOHFWLRQ RI VWDPSV 06

.*9, KLJK YDOXHV 5 5 U U U ZPN

LQY DOO DV 80 EORFNV RI IRXU 6* $ UDUH JURXS )LYH

6FDUFH JOD]HG SDSHU F ZDWHUPDUN

VLGHZD\V 6* % $ IUHVK 80

%ORFNV ^3KRWR`

,1' 67 &219 *:$/,25

4(,, 'HILQLWLYHV 6* H ZLWK GLIIHUHQW

SULQWLQJV DQG :DWHUPDUN 9DULHWLHV 6KDGHV RQ 6WRFNFDUGV

2)),&,$/ D GHHS EOXH +LQGL FKDUDFWHUV

75$16326(' LQ SDLU ZLWK QRUPDO 6* 2 D PLQW

VRUWHG E\ GLIIHUHQW \HDUV DQG SULQWLQJV VWDPSV IUHVK 80

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 52

(GZDUG RYSW VHW ILQH PLQW

,1' 67 1$7 &2&+,1

6* % ^3KRWR`

$ VHOHFWLRQ RI RIILFLDO RYSWV WR D PLQW

8QFKHFNHG DOO GLIIHUHQW

2IILFLDOV .*9, òD D D RQ D S

6*R R DOO DV IUHVK 80 EORFNV

.*9, LVVXHV DV EORFNV RI IRXU ILQH 80 ZLWK DOO

KLJK YDOXHV WHQ EORFNV S D D D 5 5 U U U

U VXSHUE DQG D UDUH JURXS %HWZHHQ 6* ^3KRWR`

0LQW 6HOHFWLRQ RI GLIIHUHQW VWDPSV ,QF

WR D DQG RYSW LVVXHV $ ILQH UDQJH

,1' 67 1$7 ,'$5 %RRNOHW 'DU 6WDWH D [ 6* SULFHG U

VHOGRP VHHQ LQ D FRPSOHWH ERRNOHW

.*9, RYSW VHW RI DV 80 EORFNV RI IRXU

6* ^3KRWR`

,1' 67 1$7 -,1'

/RFDO RYSW VHW RI QLQH DV EORFNV RI IRXU IUHVK

80 ([WUHPHO\ UDUH 6* ^3KRWR` .*9, LVVXH DV 80 EORFNV RI òD WR U 6* ZLWK GLIIHUHQW EORFNV 6WUHQJWK LQ KLJK YDOXHV U

WR U U EORFN LV KLQJHG ^3KRWR`

,1' 67 &219 1$%+$

.*9, RIILFLDO VHW RI DV EORFNV RI IRXU ILQH

80 5DUH 6*2 ^3KRWR`

.*9 U 6* IUHVK PLQW

.*9, -LQG RYSWV $V 80 EORFNV RI GLIIHUHQW

.*9, S D RIILFLDOV 6*2 $V 80 EORFNV

YDOXHV EHWZHHQ òD DQG U ZLWK KLJK YDOXHV 6HOGRP VHHQ LQ RI IRXU

EORFNV 6* 5HTXHVW 6FDQV ^3KRWR`

.*9, RYSWV DV 80 EORFNV RI IRXU D VHOGRP

RIIHUHG JURXS YDOXHV S WR U 6* LQF U 0DLQO\

.*9, RYSW 6HW RI H[ òD DV 80 EORFNV RI

6* EORFNV ^3KRWR`

YHU\ ILQH VHYHUDO ZLWK XVXDO JXP ^3KRWR` .*9, VHW RI H[ òD 6*2 &DW DV

EORFNV RI IRXU 80 6*2 EORFNV 6HOGRP

.*9, U RIILFLDO 6*2 DV D ILQH 80 EORFN

^3KRWR`

VHHQ ^3KRWR`

6PDOO PLQW JURXS RQ FDUGV 6WDPSV LQF D

.*9, RYSW VHW RI H[ D DV EORFNV RI IRXU

80 W\SLFDO JXPV RQ D D D DV ORFDOO\ LVVXHG

RIILFLDO 6*2 DQG ERWK .*9 U 6*2 2

6* EORFNV ^3KRWR`

,1' 1$7 67 62587+

.*9, S S D HDFK DV ILQH 80 EORFNV RI

{ /2&$/ ,668(6 S D D XVHG DFFXPXODWLRQ

IRXU 6* EORFNV ^3KRWR`

RI VWDPSV QRWLQJ ODLG SDSHUV 3PNV ZLGH YDULHW\ RI VKDGHV DQG SULQWLQJV $Q XQXVXDO KROGLQJ

,1' 67 &219 3$7,$/$ .*9, RYSWV 1LQH GLIIHUHQW YDOXHV WR U LQF

D D D U U DQG U HDFK DV EORFNV RI IRXU 80 6HYHUDO

ZLWK W\SLFDO JXP DVVRFLDWHG ZLWK WKHVH ORFDOO\ RYHUSULQWHG LVVXHV EHWZHHQ 6* ^3KRWR`

,1',$ 49 D EL FRORXU D YI RIILFLDO UHSULQW ZLWK JLDQW

PDUJLQV VKRZLQJ SRUWLRQV RI WZR RWKHU VWDPSV

8QXVXDO

.*9, RIILFLDOV RYSW VHW RI VL[ DV 80 EORFNV RI

IRXU 6*2

49 D FODVVLF IRUJHULHV XVHG VWULS RI ZLWK

% SPNV RI 0DOD\D $QG D PLQW FRUQHU EORFN 7ZR LQWHUHVWLQJ LWHPV

2IILFLDOV D RQ D S ERWK W\SHV 6*2 Z 2

HDFK DV 80 EORFN

{ 0,17 86(' &2//(&7,21 RQ SDJHV IURP DQ

,GHDO DOEXP LQFO XVHIXO UDQJH RI 49 LVVXHV ZLWK LPSHUIV D FXW WR VKDSH D XVHG ODWHU 49 YDOXHV WR U .(9,, PRVW XVHG YDOXHV WR U .*9 WR ERWK U XVHG XVHG DLUPDLO VHW 1HZ 'HOKL 6LOYHU -XELOHH PLQW VHWV SOXV PLQW UDQJH RI & ( ) , ( ) RYSWV PL[HG FRQGLWLRQ FDW DSS

2IILFLDO 6HW .*9, H[ òD 6*2 $V 80

EORFNV RI $ ILQH DQG VFDUFH VHW RI EORFNV RQH U FRUQHU

FUHDVH 6*2 EORFNV ^3KRWR` .*9, VHW RI 6* DV EORFNV RI IRXU

80 EORFNV ^3KRWR`

6ROGLHUV FRYHU FRXQWHUVLJQHG E\ FRPPDQGLQJ

.*9, S WR U VHW RI IRXU H[ S DV EORFNV RI

IRXU 80 6* ^3KRWR`

RIILFH XVHG E\ D %ULWLVK VROGLHU VHUYLQJ IRU WKH *ORXFHVWHUVKLUH UHJLPHQW ZLWK YI VFDUFH SL SULYLOHJH IUDQNLQJ 1XPHURXV SPNV

,1' 67 1$7 %+23$/

U FDUPLQH \HOORZ EURZQ 6* 9)0

2IILFLDO RYSWV DQG VXUFKDUJHV VHW RI WHQ

GLIIHUHQW YDOXHV EHWZHHQ 6*2 IUHVK PLQW ,QF óD RYSWV 6FDUFH

.*9, '(),1,7,9(6 DV EORFNV RI WR U

FKLHIO\ 80 U U WZR VWDPSV PLQW 6* VHOGRP VHHQ

$UPV RIILFLDO VHW RI LQF D 2UDQJH %URZQ

LQ EORFNV 80

VKDGH IUHVK PLQW 6*2 ^3KRWR`

.*9, 2)),&,$/6 DV EORFNV RI 6*2

VHOGRP VHHQ LQ EORFNV LQF .*9 RYSW VHUYLFH DOO

{ 6PDOO &ROOHFWLRQ RQ SDJHV ,QF

2IILFLDOV WR U 6*2 DUPV VHW 6*2 PDLQO\ )8

XQPRXQWHG PLQW ^3KRWR` 2)),&,$/ VHW RI DV EORFNV RI 6*2

XQPRXQWHG PLQW

,1' 67 1$7 %81', '$**(5 LPSHUIRUDWHG LVVXHV ,QF VHW RI

6* D ,QF :RYHQ 3DSHUV DQG D JUHHQ 6* $ JRRG JURXS RI PLQW

,QGHSHQGHQFH òD )ODJ LQYHUWHG :PN YDULHW\

ERWK 0 DQG )8 6* Z

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

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 53

{ &$1&(//$7,216 RQ VWRFNSDJHV LQF FRFKLQ

D S VXUFKDUJH 6* EORFN RI ZLWK $ FDQFHO &2&+,1 6* EORFN RI ZLWK (UQDNXODP %D]DDU &'6 'LH ,, 6* F EORFN RI ZLWK WKH VDPH FDQFHO DQ LQWHUHVWLQJ ORW ZLWK PXFK LGHQWLILHG VWDPSV

%$&. 2) 7+( %22.

6 2YHUSULQW

LVVXHV D JRRG FROOHFWLRQ LVVXHV PRVWO\ VHWV 5,$8 6* VHWV 817($ 'XWFK RYSW 6HW WR JOG

*RRG VHOHFWLRQ :HVW ,ULDQ RYSW 6HWV ,QF )ORUD VHW (WF

($5/< 3,&785( 3267&$5'6 ,Q DQ ROG

,21,$1 ,6/$1'6

3RVWFDUG $OEXP LQF FRORXU W\SH VHHQ +XWKL 6LQJK V 7HPSOH { òG RUDQJH )25*(5< DV 6* XVHG

$KPHGDEDG .DVKPLU *DWH 'HOKL 7KH *UHDW (PDPEDUD

/LFNQRZ 6WDWH (OHSKDQW -H\SRUH 6QDNH &KDUPHUV 7DM 0DKDO $JUD 6WDWXH DW WKH 0HPRULDO :HOO &DZQSRUH $ YHU\ G EOXH G FDUPLQH 6* PLQW

LQWHUHVWLQJ UDQJH RI HDUO\ 33& V

2/' 672&. 3$*(6 ZLWK D JRRG PL[WXUH RI

VWDPSV LQF VWDWH LVVXHV 0XFK LGHQWLILHG VHHQ .*9 D ,5$1 ZPN LQY &KDPED .*9 D ZPN LQY 6* Z S ZPN LQY 685&+$5*( FK RQ LVVXHV WR GU ZLWK D

6* Z *ZDOLRU (GZDUG U 6* % PLQW D XVHIXO UDQJH RI YDULHW\ RI GLIIHUHQW FRORXU RYSWV ,QF %OXH 3DOH %OXH 5HG VWDPSV 9LROHW $ JRRG UDQJH RI VWDPSV PDLQO\ PLQW XVHG

3RVWDO KLVWRU\ LQWHUHVWLQJ FROOHFWLRQ ZLWK PDQ\

GLIIHUHQW ::,, FHQVRUHG PDLO QRWH FHQVRUHG HQY WR 86$ ZLWK ,5$4 '+% KDQGVWDPS DQG FHQVRU WDSH HQY ZLWK )32 RQ WKH UHYHUVH DQG FHQVRU +6 RQ WKH IURQW HQY HQGRUVHG { 0,17 86(' $// ',))(5(17 UDQJHV IURP

RQ DFWLYH VHUYLFH ZLWK )32 FGV $ YHU\ JRRG ORW RI DQ ROG ,GHDO DOEXP QRWH %DJKGDG óG RQ SD XVHG FRYHUV FDUGV RIIHUHG DV LV LVVXHV IRU 0RVXO DOO YDOXHV PLQW LVVXHV IRU ,UDT PRVW YDOXHV WR U D WR U FRPSOHWH PLQW XVHIXO ,1',$1 67$7(6 UDQJHV RI ODWHU LVVXHV QRWH I RQ U I RQ U PLQW 0LQW UDQJH ZLWK PXFK 80 FDW QRWH

FRPSOHWH VHW DOO EXW RQH YDOXH PLQW VRPH EHWWHU &KDPED D [ XP RIILFLDOV U U XP VWDPSV VHHQ PL[HG FRQGLWLRQ DSS

U U 80 *ZDOLRU RYSWV PP ORQJ WR U LQF

D S DQG PP ORQJ WR U RIILFLDOV U U XP -LQG 7KH WUDQVSRVHG RYHUSULQW YDULHW\ ZLWKLQ D FRUQHU EORFN RI RI WKH ILOV 6* D IUHVK XP IRXU HUURU SDLUV

VHW $ JRRG ORW RI VWDPSV ^3KRWR` 9) )(8'$725< 67$7( FROOHFWLRQ RQ VWRFNFDUGV

,5(/$1' ZLWK PXFK LGHQWLILHG DQG WKH RGG YDULHW\ 6HHQ HDUO\ %KRU KDQGVWDPSV 6* DQG 6* PLQW DQG XVHG &KDUNMUL KDQGVWDPS { 3HQQ\ %ODFN SODWH ILQH PDUJLQ VWDPS XVHG

VHW ZLWK VKDGHV -LQG LVVXHV 2UFKKD RQ HQWLUH IURP 'XEOLQ -8 %6 ORFDO XVH 5DWHG VHW ZLWK VKDGHV D YHU\ LQWHUHVWLQJ ORW WKDW QHHGV VRUWLQJ LQWR RQ FRYHU WKHLU VWDWHV 0DLQO\ PLQW VWDPSV 0,63/$&(' :$7(50$5.6 6R WKDW SDUWV RI

,1'21(6,$ 3267$*( :PN LV RQ WKH VWDPSV òG G PLQW YHUWLFDO SDLUV XQXVXDO 6RPH JXP FUHDVLQJ 6* 9DU ([WHQVLYH VWDPS FROOHFWLRQ IRU WKH HDUO\ \HDUV

LQ DQ ,PSRUWD SULQWHG $OEXP YHU\ PDQ\ V DV FRPSOHWH VHWV 0 80 ,QF 81 VHW 3RVWDJH GXH VHWV 9ROFDQR

'LVDVWHU VHW 0XVK FRPSOHWLRQ DOVR LQFOXGHV D 0LUURU FROOHFWLRQ RI )8 *UDWLV *RRG ORW 1HZ FXUUHQF\ GHILQ VHW ILQH PLQW

3URRI RI WKH RULJLQDO 'ROODUG RYSW LQ D EORFN RI

RQ XQJXPPHG SDSHU VFDUFH 2YHUSULQWV RQ *% LVVXHV ZLWK ORZ WR G

VHHQ PLQRU YDULHWLHV UHG RYSWV D JRRG ORW RI VWDPSV PLQ FDW IUHVK PLQW ZLWK GLIIHUHQW SULQWLQJV

6* &DW 0LQLDWXUH VKHHWV YDOXDEOH FROOHFWLRQ RI

GLIIHUHQW PRVWO\ 80 RQ OHDYHV YHU\ ILQH PDQ\ EHWWHU DQG

3267$*( '8(6 VHW 6* ' 9)0

KLJKO\ &DW 6RPH DGGLWLRQDO XVHG VKHHWV DQG ODWHU LVVXHV WR

,QF YLVLW WR 2ULHQW VHW RI VKHHWV ERWK 80 DQG 9)8 $ VHW RI VL[ UHJLVWHUHG )'& IRU WKH &RQVWLWXWLRQ LVVXH 6* HDFK UHJLVWHUHG DQG FDQFHOOHG DW D 9ROFDQR 2UFKLG VKHHWV 3DUURWV ',))(5(17 2IILFH 8QXVXDO :RUOG &XS VKHHWV ZLWK GLIIHUHQW FRORXUHG RYSWV (WF F *RRG UDQJH RI ODWHU PXOWL IRUPDW VKHHWV *RRG %/2&. RI /LJKW %OXH 6* )UHVK 80

ORW VHOGRP VHHQ LQ EORFNV ^3KRWR` 8QPRXQWHG PLQW FROOHFWLRQ RI VWDPSV

$LUPDLO S PDMRU UH HQWU\ YDULHW\ XP ZLWKLQ 06 67& D ILQH FROOHFWLRQ IURP KHUH ZLWK PDQ\ VHWV LQF

EORFN 6* D IORZHUV VSRUWV RU ELUGV 0RVW H[WHQVLYH FROOHFWLRQ RI 80 PDQ\ V DOO

'HOHJDWHV IROGHU ZLWK VWDPSV IURP WR

GLIIHUHQW FRPSOHWH VHWV YHU\ VXEVWDQWLDO ,QF DOO )LVKHV VHULHV

D ORYHO\ LWHP ZLWK VWDPSV FDW IUHVK PLQW ZLWK &RQIHUHQFH ORQJ VHW $UPV ORQJ VHW $OO VSHFLDO YDOXHV WR ZLWK VHWV VWDPSV WDNHQ IURP VKHHWOHWV VFDUFH VRPH DGGLWLRQDO )8 *(5/ '(),1,7,9( &2,/ VWULS òS S òS

PDWHULDO QRW FRXQWHG *RRG ORW DV D FRPSOHWH FRLO UROO ZLWK OHDGHU RI VWDPSV ZLWK FRGH 6XEVWDQWLDOO\ FRPSOHWH 80 FROOHFWLRQ RQ

'% RQ OHDGHU $ UDUH VXUYLYRU OHDYHV V PDQ\ KLJKO\ FDWDORJXHG VHWV DQG VKHHWOHWV

QRWLQJ ::) 2UDQJ XWDQ VHW 06 WKH ORW IHDWXUHV *(5/ '(),1,7,9( &2,/ VWULS òS S S òS DV D UDUH ODUJH SDUW FRPSOHWH FRLO UROO RI FLUFD VWDPSV GLIIHUHQW 06 RU VKHHWOHWV 80 &DW 0RVW H[WHQVLYH DQG FRPSUHKHQVLYH FROOHFWLRQ

%RRNOHWV ZLWK PDQ\ SUHVWLJH W\SH IURP WR

RI 80 KRXVHG LQ ,PSRUWD 3ULQWHG $OEXP YHU\ PDQ\ V DOO

LQF 5\GHU &XS 3DXO +HQU\ ILOPHG LQ ,UHODQG GLIIHUHQW WKH ORW IHDWXUHV GLIIHUHQW 06 RU 6KHHWOHWV QDWLRQDO JDOOHU\ FRPSRVHUV MXVW D IHZ IURP WKLV DORQH FROOHFWLRQ $ VHOHFWLRQ RI V LQ VWRFNERRNV EDFN RI WKH

ERRN ZLWK 0DODND DQG 5HSXEOLF LVVXHV $ EDODQFH ORW RI VISIT 3RVWDJH 6WDPSV ZLWK V FRPSOHWH VHWV 80 ,QF VRPH www.philangles.co.uk.

EHWWHU

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 54

&HQVRUHG PDLO LQF D JURXS RI GRXEOH FHQVRUHG { $XVWULDQ 2FFXSDWLRQ ZLWK D FDWDORJXH YDOXH RI

FRYHUV IURP 6RXWK $IULFD ZLWK D YDULHW\ RI IUDQNLQJV FRYHU IURP ,QF 9HQH]D *LXOLD F F F DQG F

7KH 1HWKHUODQGV HQY LQZDUGV ZLWK UHOHDVHG E\ FHQVRU KDQGVWDPS $Q LQWHUHVWLQJ JURXS RI FRYHUV

VFDUFH *HQHUDO LVVXHV FRU RQ / ([SUHVV $ JRRG ORW RI VWDPSV PLQW RU )8

'HOHJDWH IROGHU ZLWK LVVXHV IURP WR

SOXV IROGHU LVVXHG E\ WKHP ZLWK (DVWHU ULVLQJ VHW RI DOO IUHVK PLQW

(ULWUHDQ SULQWHG FDUGV VHQW IURP 1GDUXJX

FDPS ZLWK +6 FDUG VHQW IURP FDPS %XUJXUHW ZLWK +6 SOXV KDQGERRN RQ +6 XVHG LQ .87

-$0$,&$

{ ),1( 86(' ([SHQVLYH /LQGQHU +LQJHOHVV

{ 49 FROOHFWLRQ RQ ROG SDJHV ZLWK YDOXHV WR

$OEXPV ZLWK D VXEVWDQWLDO FROOHFWLRQ RI PDQ\ V SOXV 06 ZLWK PDMRULW\ RI VSDFHV ILOOHG WKH VKHHWOHWV DUH QRW FRPPRQ XVHG

ZLWK VKDGHV WR ZLWK VKDGHV $UPV WR ZLWK VKDGHV 49 WR ZLWK VKDGHV $ YDOXDEOH FROOHFWLRQ RI VWDPSV XVHG

,QZDUG SRVWDO KLVWRU\ LQ HQY IURP

{ 0,17 86(' $// ',))(5(17 UDQJHV IURP

$OH[DQGULH UHJG HQY IURP ,QGLD XSUDWHG ZLWK D YDULW\ RI DQ ROG ,GHDO DOEXP 49 XVHG UDQJH WR V YDOXH EHWWHU .*9 WUDQVLW PDUNV SSF .UDNRZ $ VPDOO EXW YHU\ LQWHUHVWLQJ QRWH PLQW GHILQV VHW &KLOG :HOIDUH PLQW VHW JURXS PLQW VHW 6LOYHU -XELOHH VHW PLQW VRPH EHWWHU VWDPSV 3RVWDO 6WDWLRQHU\ XQXVHG ,QF 5HJG (QY V

VHHQ PL[HG FRQGLWLRQ FDW DSS

ZUDSSHUV (QY V &DUGV VPDOO EXW XVHIXO { 49 ILQH XVHG WR ZLWK VKDGHV

$UPV LQF G ZLWK 6(5 (7 YDULHW\ $UPV WR 7KH 'XEOLQ URWDU\ FOXE IROGHU ZRUOG VWDPS

VHW RI SOXV VKDGHV $ ILQH UDQJH RI VWDPSV &DW SRRO ZLWK D YDULHW\ RI VWDPSV LQF VHWV FDW ZLWK LVVXHV

IURP WR D VXSHUE OLWWOH IROGHU 63(&,0(1 RYSWV ZLWK DGGLWLRQDO 8/5$0$5

,65$(/ KDQGVWDPSV G IDOOV 6* DQG G .*9 6* EV PLQW

{ 1HZ <HDU VHW DV SODWH JXWWHU SDLUV 9)8

{ .*9 3LFWRULDOV ZLWK VKDGHV 6* ZLWK

&KRLFH 6* ILYH JXWWHU SDLUV

VKDGHV ILQH XVHG

1HZ \HDU ZLWK WDEV RQ )'& W\SHG DGGUHVV

0HQRUDK ZLWK WDE RQ )'& 1HZ \HDU VHW RI ZLWK :DU )XQG 5HG &URVV /DEHO ZLWK .*9, ERWK

WLHG .LQJVWRQ &'6 RQ YHU\ ILQH FHQVRUHG FRYHU ILQH SDWULRWLF WDEV RQ SLHFH ZLWK VL[ FRYHUV DQG RQH SLHFH D JRRG ORW IRU ILQH LWHP XVHG

(DUO\ \HDUV EHWWHU VHWV &DWDORJXH YDOXH (;+$867 3,3( 9$5,(7< G 6* DD QLFHO\

SRVWDJH GXH VHW F 1HZ 1DWLRQDO )ODJ ZLWK XVHG RQ $LU &RYHU WR 86$ 7LHG (66(; +$// 75' 5XEEHU WDEV F $QQLYHUVDU\ RI SRVWDJH VWDPS 06 F

3PN ZLWK PDQXVFULSW GDWH 9HU\ ILQH DQG XQXVXDO

^3KRWR` 3HWDK 7LJZD ZLWK WDEV F &RLQ VHW ZLWK WDEV F

3RVWDJH GXH VHW ZLWK WDEV F 0DFFDELDK ZLWK WDEV 9(5< ),1( &2//(&7,21 $V EORFNV RI 80

F 6WDWH ZLWK WDEV F 0HQRUDK ZLWK WDEV ,QF GHILQ VHW RI ,QGHSHQGHQFH VHW RI F PDLQO\ 80 1HZ ZPN VHW RI QRWH GHILQ G WR DV SODWH { ),1( 86(' GLIIHUHQW LVVXHV ZLWK EHWWHU

EORFNV D YHU\ JRRG FROOHFWLRQ RI EORFNV +LJK &DW

HDUOLHVW )LUVW &RLQV WR P WRS YDOXH )LUVW 3RVWDJH YDOXH ^3KRWR` 'XHV HWF $OO 1RQ 7DE 1LFH *URVVO\ 0LVSHUIRUDWHG G ,QGHSHQGHQFH

6* VXSHUE YDULHW\ IUHVK 80

,7$/,$1 &2/6 'DQWH *HQHUDO LVVXH VHW RI 6* IUHVK

{ &$1&(//$7,216 .*9, 2Q &RPPHPRUDWLYH

,VVXHV )LQH FROOHFWLRQ LQ DQ $OEXP PDQ\ VWDPSV ZLWK

PLQW /LE\D 7ULSROL $LUPDLO VHW VDVV D &DW

(XUR V )DVFLW 0DUFK *HQHUDO LVVXH VHW RI 6*

IUHVK PLQW &DW

LOOXVWUDWLRQV FRYHUV HWF &RURQDWLRQ ,QF FRYHUV ZLWK SRVWDJH GXH $QWL 7% /DEHO WLHG 6KLS 0DLO 1HZ &RQVWLWXWLRQ LVVXH ,QF VHWV WR RQ FRYHU 7KH VHW 6* DV LPSULQW EORFNV RI 9)8 HWF $ PRVW LQWHUHVWLQJ DVVHPEO\ { &$1&(//$7,216 .*9, 3HULRG IHDWXULQJ

FRYHUV PXFK VHOHFWHG ,QF ::,, &HQVRUVKLS ZLWK &HQVRU

)RRWEDOO :RUOG &KDPSLRQVKLS RYSW HG LVROH

,WDOLDQ 'HOO HJRH VHW RI 6* $ VFDUFH VHW IUHVK PLQW /$ &$1($ RYHUSULQWHG LVVXHV RQ D VWRFNFDUG

&DW (XUR V ,QF WR / H[SUHVV +LJK &DW /RW RI FKLHIO\ ILQH XVHG { 5KRGHV ,VODQG RFFXSDWLRQ ILQH XVHG UDQJH LQF

IDVFLVW PDUFK XVHG LQ 5KRGHV DLU VHW 6* ZDU YLFWLPV F WR F RQ ODUJH SLHFHV ZLWK ILUVW GD\ RI LVVXH FDQFHO D JRRG ORW RI VWDPSV

/DEHOV %DUULQJWRQ 6PLWK 6WDPS 'HDOHU $GYHQW &RYHU )LUVW $LUPDLO &RYHU $QWL 7% /DEHO WLHG WR FRYHU 2IILFLDO IUHH FRYHU 6ORJDQ 3PNV ,QF &URZQ %X\ %ULWLVK *RRGV DOVR 6WDPSV ZLWK 6ORJDQ 3PNV :LWK YDOXHV WR $Q LQWHUHVWLQJ ORW { &$1&(//$7,216 &2//(&7,21 RQ .*9,

&RPPHPRUDWLYH LVVXHV $ YHU\ ILQH FROOHFWLRQ LOOXVWUDWHG RQ

SDJHV 9LFWRU\ ,QF LOOXVWU )'& XVDJHV RQ FRYHU GLIIHUHQW 3PNV EORFNV ,QF G SODWH EORFN 838 ,QF LOOXVWU )'& 7KH VHW DV VXSHUE XVHG EORFNV RI LQGLYLGXDO YDOXHV ZLWK GLIIHUHQW RIILFH 3PNV 8QLYHUVLW\ LVVXH ,QF 3ODWH 1XPEHUV RQ FRYHU $ JRRG ORW 4W\ &RYHUV

,7$/< 6LFLO\ 3DOHUPR OHJDO GRFXPHQW ZLWK IDQF\

KDQGVWDPSV IURP D VROLFLWRU LQ 3DOHUPR ,WDOLDQ 0LOLWDU\ $LU 6WDPS (WKLRSLD LQ &DUPLQH

6DVVRQH &DW (XUR V 80 { 5HSXEOLF / 9)8 6* &DW

{ &$1&(//$7,216 RQ .*9, GHILQLWLYHV

DUUDQJHG E\ YDOXH òG WR 6* D +RXVHG LQ

YROXPHV 0DQ\ V DOO VHOHFWHG SRVWPDUNV LOOXVWUDWHG IURP PDQ\ GLIIHUHQW RIILFHV 6RPH H[FHOOHQW KLJK YDOXH PXOWLSOHV DQG XVDJHV VXSHUE VLQJOH XVDJH RQ FRYHU SODWH EORFN VSHFWDFXODU EORFN RI ,QF 9)8 EORFN

,QF VXSHUE VLQJOH IUDQNLQJ RQ FRYHU <HDUV RI FDUHIXO FROOHFWLQJ KHUH $OVR LQFOXGHV %:, 3RVWPDUNV %RRN E\ +RUU\

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 55

&$1&(//$7,216 75' 7(0325$5<

.*9 6* IUHVK PLQW

58%%(5 '$7(67$036 V )LQH FROOHFWLRQ RI FRYHUV ^3KRWR` ZULWWHQ XS LQ DQ $OEXP DOO GLIIHUHQW RIILFHV PRVWO\ .*9, 3267$*( '8(6 FRPSOHWH VHW 6* ' 9)0

IUDQNLQJV ,QF DV D YHUWLFDO XVHG VWULS RI ZLWK /DQFDVWHU

75' VWDPSV WKH FRYHUV IHDWXUH PDQ\ XQXVXDO ORFDWLRQV ,QF 'HDQ 3HQ 0XLU +RXVH &O\GHVGDOH %UDHWRQ +DLQLQJ DQG 4 (DUO\ IOLJKW FRYHUV HQY IURP 1DLUREL WR

PDQ\ PRUH +LJKO\ UHFRPPHQGHG ZLQGKRHN ZLWK SLFWRULDO IOLJKW FGV RQ WKH UHYHUVH LPSHULDO { 2OGWLPH FROOHFWLRQ RQ SULQWHG SDJHV

DLUZD\ LOOXVWUDWHG HQY VHQW IURP 1DLUREL WR 6DOLVEXU 5KRGHVLD ZLWK 49 WR LQF G 6* PLQW 6* PLQW 6* HQY VHQW WR 86$ YLD 8. 1DLUREL WR *HUPDQ\ PXOWLSOH PLQW .*9 WR .*9, WR $ YHU\ JRRG UDQJH RI IUDQNHG FRYHU ZLWK PDQ\ GLIIHUHQW WUDQVLW PDUNV RQ WKH VWDPSV PDLQO\ PLQW UHYHUVH 3267$/ 67$7,21(5< 49 ò' 2937 21 '

)OLJKW HQYHORSH ZLWK 6LOYHU -XELOHH F

&DUG XQXVHG 3RVW &DUGV ZLWK KDOI SHQQ\ SDLG &'6 4 [ DQG F GHILQ VHQW WR %DKUDLQ ZLWK D YDULHW\ RI &'6 XQXVHG D UDQJH RI 49 3RVWDO &DUGV XQXVHG LQF &DUGV ZLWK FDQFHOV 5HSO\ &DUGV VWLOO DWWDFKHG .*9 XQXVHG G òG UHJG (QY -XELOHH VXSHUE XVHG RQ IDFH RI *32

G UHJG (QY 8QXVHG D JRRG VHOHFWLRQ RI 6WDWLRQHU\ 3RVWFDUG WLHG 1DLUREL &'6 5HJLVWHUHG WR %HOJLXP ZLWK F XQXVHG DQG XVHG PDLQO\ 49 SHULRG ,QF :UDSSHUV WKDW %HOJLDQ 3RVWDJH 'XH 6WDPS $IIL[HG RQ $UULYDO 7LHG -HWWH &'6 KDYH EHHQ XSUDWHG 1RW FROOHFWHG FDFKHW 9) 7+( 72%$&&2 ,1'8675< 'LVSOD\

{ 6* .*9 3LFWRULDO VHW )8

FROOHFWLRQ RQ SDJHV &RYHUV &DUGV PXFK .*9, ZLWK

FRPSDQ\ HQYHORSHV 6PRNLQJ &LJDU VORJDQV 7ZR HDUO\ UHDO SKRWR 3& HWF $OO VHOHFWHG IRU TXDOLW\ .*9 SLFWRULDO GHILQV VHW LQF F URSH MRLQHG WR

-25'$1 VDLO 6* D YIX ^3KRWR` 80 VHOHFWLRQ ZLWK FRPSOHWH VHWV RQ VWRFNFDUGV

.*9, GHILQLWLYHV WR RQ ROG SDJHV XQFKHFNHG

XQLILFDWLRQ DQG RYSW VHWV 6* IRU SULQWLQJV SOXV 838 VHW DQG 5R\DO YLVLW VHW IUHVK (QWKURQHPHQW VHW 6* 'HILQ VHW 6* PLQW

.*9, 9$5,(7< F 5RSH 1RW MRLQHG WR 6DLO

ILQH 80 ZLWKLQ PDUJLQDO EORFN RI IRXU 9HU\ JRRG JXP IRU WKLV

8QPRXQWHG PLQW PLQLDWXUH VKHHW FROOHFWLRQ

HDFK GLIIHUHQW FDW 2O\PSLF 3UHVLGHQW

6* D

2O\PSLF 6FRXWV DLU VSDFH IOLJKW D YHU\ JRRG FROOHFWLRQ RI VKHHWV

{ 5HWRXFKHG YDOXH WDEOHW F 6* DG YIX ZLWKLQ

'/5 LPSULQW EORFN RI

,QYHUWHG RYHUSULQW HUURU I VSDFH 06 ILQH

80 6* YDU

9DULHW\ PRXQWDLQ UHWRXFK 6* D ZLWKLQ D

EORFN RI IUHVK 80

. 8 7

&HQVRUHG HQYHORSH ZLWK 2Q $FWLYH 6HUYLFH

{ %5,7,6+ ($67 $)5,&$ . 8 7

7$1*$1<,.$ HWF 0,17 86(' $// ',))(5(17 UDQJHV

KDQGVWDPS ($ $32 &'6 DQG ER[HG SDVVHG E\ 0LOLWDU\ &HQVRU 1R FDFKHW VHQW WR WKH 8.

IURP DQ ROG ,GHDO DOEXP % ( $ YDULRXV RYSWV PLQW RU XVHG YDOXHV WR U ( $IULFD 8JDQGD U XVHG YDOXHV WR F PLQW RU XVHG 1\DVDODQG )LHOG )RUFH PLQW LQFO V * ( $ RYSWV WR F PLQW . 8 7 PLQW RU XVHG WR V SOXV V ILVFDOO\ XVHG .*9 GHILQV PLQW RU XVHG WR V 6LOYHU -XELOHH VHW PLQW $1' 025( VRPH EHWWHU VWDPSV VHHQ PL[HG FRQGLWLRQ DSS

32: 0DLO (QY :LWK ER[HG 3 :

0,''/( ($67 &DFKHW RQ WKH UHYHUVH 32: &HQVRUHG WDSH PRGHQD &'6 &DPS %XUTXUHW 0LOLWDU\ PDLO HQGRUVHG 2$6 ZLWK

49 òD WR D 6* &DW PLQW

{ (GZDUG 6* VXSHUE XVHG ZLWK 0RPEDVD

$32 FGV DQG ER[HG SDVVHG E\ EDVH FHQVRU ($ 1R DQG PLOLWDU\ FHQVRU 1R HQY HPERVVHG 2$6 $32 FGV DQG PLOLWDU\ FHQVRU 1R LQZDUG DLUOHWWHU ZLWK $32 DQG $32 RQ WKH UHYHUVH $Q LQWHUHVWLQJ JURXS ZLWK GHWDLOV

&'6 %UDQGRQ FHUW VWDWHV ILVFDO FDQFHO UHPRYHG DQG FOHDQHG 1DYDO PDLO HQY ZLWK FRPPDQGLQJ RIILFHU +06 7DQD FDFKHW .*9, FHQVRUHG HQY ZLWK PDULWLPH 1RUPDO &DW 3UHPLXP VSDFH ILOOHU PDLO VORJDQ FDQFHO DQG ER[HG FHQVRU +6 HQY ZLWK U JUH\ JUHHQ EODFN ZPN &URZQ && 6*

WRPEVWRQH FHQVRU +6 HQY ZLWK GXPE FDQFHO DQG IRU FRUQHU FUHDVH RWKHUZLVH 9)0 GHVSDWFK E\ WKH VKLS EDJ +6 FRYHUV ZLWK GHWDLOV

{ U JUH\ XOWUDPDULQH ZPN &URZQ && 6*

3ULVRQHU RI ZDU SULQWHG OHWWHUVKHHW ZLWK ER[HG

ILVFDOO\ XVHG 3 : ($67 $)5,&$ DQG FLUFOH SRZ ($) KDQGVWDPSV { U JUH\ JUHHQ EODFN ZPN &URZQ && 6* -LQMD ,QZDUG ZLWK 3 : ($67 $)5,&$ ER[HG +6 DQG

WKUHH UHG FURVV +6 V ILVFDOO\ XVHG { 5HYHQXHV .*9 ZLWK YDOXHV WR U DQG

$GYHUWLVLQJ 3RVWFDUG IRU WULR &LJDUV +ROODQG

.*9, 4(,, WR .HQ\D RYSWV WR $ JRRG JURXS RI 5HYHQXHV PDLQO\ XVHG .HQ\D RYSWV PLQW

PXOWL FRORXUHG HPERVVHG 9)8 IUDQNHG D (GZDUG WLHG 0RPEDVD &'6 8QXVXDO 1HZ &XUUHQF\ VHW SOXV F F VKDGHV

.(1<$

F UHG UHGUDZQ 6* D 9)0

%RRNOHW U 6*6% ZLWK RQH SDQH RI F ZLWK

DOO WKH LQWHU OHDYHV DQG DGYHUW VPDOO IDXOWV EXW D VFDUFH ERRNOHW .*9 F WR U SOXV F VKDGH ZPN 6FULSW &$

{ &$1&(//$7,21 &ROOHFWLRQ RQ VWRFNSDJHV

PDLQO\ SHULRG ZLWK PXFK LGHQWLILHG VHHQ 0DX :DURN 0DVRQJDOHQL .LWDOH .ZDOH ,KXUXUX 0DUNHW .HGDZD .LNDPEDOOH .KD\DND D YHU\ ILQH FROOHFWLRQ RI VWDPSV

6* 9)0

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

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 56

{ 49 )8 6HOHFWLRQ GLIIHUHQW VWDPSV KLJK &9

.25($ 6287+ 9(5< ),1( &2//(&7,21 8QPRXQWHG PLQW

ZLWK EHWWHU SLFNLQJV Z Z DQG Z 6*

DQG DOO VRXQG F F 6* YDOXHV WR F RQ F RYSW VHW WR F HWF $ YDULHW\ RI 3PNV

UH GUDZQ VHW RI 6* $UPHG )RUFH YHUWLFDO

VWULS 2O\PSLF VHW $ YHU\ JRRG ORW RI VWDPSV { 49 F RQ F GLDJRQDO RYSW IX 6*

+,*+/< &$7$/2*8(' (DUO\ \HDUV ZLWK EHWWHU

6KHHWOHWV RI 49 F 6* VWDPSV XP IUHVK

VHWV LQF GHILQ VHW WR K 1HZ :DWHUPDUN VHW WR K ZLWK $LUV &RPPHPRUDWLYHV $ YHU\ JRRG ORW RI PLQW QRW FRPPRQ DV D VKHHWOHW

VWDPSV PLQW LQF 80 &200(025$7,9( &2//(&7,21 8QPRXQWHG

ZLWK KLJKO\ &DWDORJXHG PLQLDWXUH VKHHWV LQF VHW RI

06 06 3UHVLGHQW 0XVLFDO ,QVWUXPHQWV SOXV 6WDPSV $ YHU\ JRRG UDQJH 'HILQLWLYH VHW RI 6* 0LQW

5HYROXWLRQ 06 VHW RI ZLWK (QJOLVK LQVFULSWLRQ

ZLWK H RI SRVWDJH 6*06 D XP

+DQGVWDPSHG F RQ F ZLWK YDULHWLHV EORFN RI

VLQJOHV LQF ZLWK RYSW LQY DQG RQH ZLWK PLVVLQJ F LQ FHQWV 6* D PLQW { 7ZR FHQWV RQ F RYSW IX 6*

{ 0,17 0267/< 86(' $// ',))(5(17

UDQJHV IURP DQ ROG ,GHDO DOEXP PXFK LV &72 QRWH

PLQW GHILQV VHW VRPH EHWWHU VWDPSV VHHQ PL[HG FRQGLWLRQ DSS

{ 3LFWRULDO LVVXH ILQH XVHG ZLWK QXPHURXV

'HILQLWLYH VHW RI 6* PLQW

0,1,$785( 6+((7 &2//(&7,21

IUHVK 80 LQF 6SRUW 7DOHV DQG )DEOHV 5H (OHFWLRQ 1HZ <HDU

(O 6DOYDGRU 3UHVLGHQW 9LVLW FRUUHFWHG VKHHW $ VXSHUE FROOHFWLRQ RI GLIIHUHQW VKHHWV

DGGLWLRQDO OLVWHG SHUIRUDWLRQ YDULHWLHV VWDPSV ,QF F

F F F $ ILQH DQG KLJKO\ &DW *URXS 6* { $UPV RYSW 6HW )8 6*

{ +LJK YDOXHV $UPV VHW RI )8 6*

{ 0LQLDWXUH VKHHWV ILQH XVHG ZLWK D FDWDORJXH

YDOXH RYHU VHHQ 1HZ <RUN IDLU D YHU\ JRRG UDQJH RI 06 HDFK GLIIHUHQW

{ -XELOHH F 29(535,17 ,1 25$1*( 9DULHW\

.8:$,7

)8 6* E

,19(57(' 29(535,176 HUURUV D D RUDQJH

D EOXH DOO PLQW &ODQGHVWLQH EXW PRVW XQXVXDO

{ -XELOHH RYHUSULQW LVVXH 6* $

FRPSUHKHQVLYH )8 VHW RI ZLWK YDULRXV OLVWHG SHUIRUDWLRQV IRU HDFK YDOXH

2IILFLDO RYSW VHW RI òD WR U ILQH PLQW

4 6*2 YHU\ IUHVK 6(( :(%6,7(

{ 1HZ FRORXUV RYSW ,VVXHV 6* )8 VHW

^3KRWR` $LUPDLOV VHW RYSWHG 6* LQF D ZPN VWDUV

WR ULJKW YIP ^3KRWR`

ZLWK GLIIHUHQW SHUIRUDWLRQV DV OLVWHG F F DQG F DOO

$ JRRG DVVHPEO\ { /DEXDQ DW WRS F SHUI 7\SHV 6*

E ERWK )8

)UHVK PLQW ZLWK PDQ\ VHWV FDWDORJXH YDOXH

{ 7KH FHQWV RYHUSULQWV D FRPSUHKHQVLYH )8

ZLWK D YHU\ JRRG UDQJH RI FRPPHPRUDWLYHV )ODJ 'D\ 6FKRRO *DPHV )DOFRQ VHW 3RVWDJH GXH VHWV $ YHU\ JRRG ORW RI VWDPSV

VHW ZLWK DGGLWLRQDO OLVWHG SHUIRUDWLRQV ,QF F DOO SHUIV

VWDPSV 6* { 1HZ FRORXUV VHW 6* 9)8 ,QF VFDUFH

,PSHULDO SDJHV ZLWK .*9 ,QGLDQ LVVXH

F 6* F EORFN ZLWK 6LQJDSRUH &'6 F WKLQ DQG F SRVV &72

RYHUSULQWHG ZLWK D FDW YDOXH RYHU ZLWK YDOXHV WR U

HDFK GLIIHUHQW

{ &URZQ LVVXH 6* $ ILQH XVHG VHW

/$%8$1

ZLWK VRPH DGGLWLRQDO OLVWHG SHUIRUDWLRQ YDULHWLHV QRWLQJ F

F DQG

{ 49 F 6* )8 6FDUFH VWDPS 6RXQG RQH

QLEEOHG SHUIRUDWLRQ $ ILQH H[DPSOH RI WKH ILUVW LVVXH

&URZQ VHW RI ILQH P 6*

{ 49 F RQ F 5(' RYSW 6* IX 536 &HUW

9DULHW\ OLQH WKURXJK % 6* E PLQW

9)

{ 49 RQ F 6* IX $ VFDUFH

F EODFN YHUPLOLRQ /,1( 7+528*+ %

SURYLVLRQDO

9$5,(7< 6* E PLQW EOXQW SHUIV DW OHIW FDW

{ 49 F ZDWHUPDUN UHYHUVHG 6* ILQH

XVHG

{ /RFDO F RYHUSULQW VHW 6* ILQH XVHG SOXV

DGGLWLRQDO F SHUI 9DULHW\

{ 49 VHFRQG LVVXH F F F F F DOO IX

6*

{ 3LFWRULDO RYHUSULQW LVVXH 6* G $

FRPSUHKHQVLYH )8 VHW ZLWK OLVWHG SHUIRUDWLRQ YDULHWLHV DQG DOO 9) ZLWK QHDW &'6 3PNV F WR F

{ (LJKW FHQWV RQ F RYSW IX 6*

VSHFLPHQ 2YSW VHOHFWLRQ HDUO\ RYSWV

{ 49 F 6* )8 %3$ &HUW

&URZQ YDOXHV WR F DOVR 1RUWK %RUQHR ,QF ODUJH $UPV PDQ\ DUH ILQH ^3KRWR`

PHILANGLES

Selling?

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

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

Integrity assured.

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 57

/$*26 { 6* /DJRV 49 VHW )8 7RS YDOXHV DUH

/RFDO 0DLO HQYHORSH ZLWK D EORFN RI

SD ZLWK *DODWD FGV D YHU\ ILQH FRYHU

YHU\ ILQH

(GZDUG VHW ILQH PLQW 6*

63(&,0(1 2YSW 6HOHFWLRQ 49 G

(GZDUGV WR G *RRG WR ILQH 9DOXDEOH VHOHFWLRQ RI PLQW RQ VWRFNFDUGV

/,%(5,$ +LJK YDOXHV DV IUHVK 80 VKHHWOHWV RI

7HQ 6FRWW &DW

(DUO\ 3RVWDO 6WDWLRQHU\ XQXVHG PDLQO\ HDUO\

F FDUGV

0$&$8

VWDPSV FDW G WR G 6* 6*

(GZDUG JURXS WR 6* PDLQO\ ILQH :$7(5/22 SURRIV SRVWDJH GXHV ERWWRP WKUHH URZV ZLWK PXOLWD RYSW DQG SXQFKHG KROHV HQGRUVHG LQ WKH /$26 PDUJLQ JXPPHG SDSHU YHU\ VFDUFH PXOWLSOH 2OG 3DJHV ZLWK D XQPRXQWHG PLQW FROOHFWLRQ RI 3RVWDJH GXH VHW IUHVK PLQW 6*'

VWDPSV ZLWK PDQ\ FRPSOHWH VHWV ,QF 'HILQ VHW &DW

838 ,QF $LUV %XGGKD VHW ,QF $LUV D YHU\ JRRG ORW RI VWDPSV

/$79,$ { )LQH XVHG ZLWK VHWV ,QF $UP VHWV

&KDULW\ ODEHOV *RUGRQ %HQQHWW )OLJKW &DUG $Q LQWHUHVWLQJ ORW RI LWHPV &DW D ILQH ORW RI GLIIHUHQW VKHHWOHWV

3DLQWLQJV VQDNHV ILVK VKHHWOHWV RI XP

FDW %,6(&7 &29(56 *URXS RI )RXU &RYHUV

HDFK GLIIHUHQW WR +RQJ .RQJ DQG &DQWRQ DUULYDO &'6 ZLWK GLIIHUHQW LVVXHV %LVHFWHG ,QF PXOWLSOH XVDJHV $Q LQWHUHVWLQJ DQG ILQH ORW

(DUO\ LVVXHV VHOHFWLRQ RI ,QF 3RVWDO

)LVFDO RYSW 6* IUHVK XQXVHG DV LVVXHG

/(%$121

{ 2OG $OEXP SDJHV ZLWK EHWWHU SLFNLQJV ,QF

838 LPSHUI 06 6*06 D 80 HDUO\ FURZQV 1HZ &XUUHQF\ ORFDOO\ VXUFK D D D D

6(59,&( 6863(1'(' 5(7851 72

6(1'(5 DQG RWKHU FDFKHWV DSSOLHG WR EXVLQHVV FRYHU SRVWHG LQ WKH 8.

6WRFN SDJHV ZLWK VWDPSV 80 ZLWK EHWWHU

SLFNLQJV %LUGV S DV D EORFN RI F 6*

D D D PLQW 'HILQ WR D PLQW VXUFK VHW RI $ JRRG UDQJH RI ROGWLPH RULJLQDO ORW 3RUWXJXHVH &RORQLHV FURZQ LVVXHV GLIIHUHQW

&DW ZLWK YDOXHV WR U

0$'$*$6&$5

%XWWHUIOLHV S DQG S VXUFK S RQ S S RQ $LU VHW WR IU VHW RI 6* 4 PLQW S DV D FRUQHU EORFN RI $ JRRG ORW ZLWK EHWWHU PL[HG LQ 2/' 3$*(6 ZLWK D UDQJH RI VWDPSV IURP

/((:$5' ,6 )UHQFK &RORQ\ WR DERXW V D IHZ ODWHU VHHQ &RORQLHV GHILQV WR IU DLUV WR I ZLWK VHWV PXFK UDQGRPO\ DUUDQJHG 'HILQLWLYH V RQ ROG DOEXP SDJHV FDW D

RQ SDJHV QHHG VRUWLQJ PXFK ILQH XVHG PLQW UDQJH RI VWDPSV 49 WR G (GZDUG WR G .*9 WR .*9, WR ZLWK PDQ\ VKDGHV 0$/$<$ XQFKHFNHG { 0$/$<$ 67$7(6 0,17 86(' $//

-XELOHH RYSW 6* IUHVK P %UDQGRQ

',))(5(17 UDQJHV IURP DQ ROG ,GHDO DOEXP QRWH 6WUDLWV FHUW F RQ D XQXVHG ZPN &URZQ && F F F PLQW XQXVHG .*9 WR XVHG SOXV ILVFDOO\ XVHG DQG .*9 VHW WR IUHVK PLQW LQF DGGLWLRQDO OLVWHG

UXEEHG VXUIDFH 6LOYHU -XELOHH VHW PLQW GHILQV WR VKDGHV QRWLQJ G GHHS XOWUDPDULQH 6* D HWF WKH LV VXSHUE XVHG 6WDWHV LQFO UDQJH RI ) 0 6 7LJHUV WR F PRVWO\ FRUQHU PDUJLQDO D Y ILQH VHW 6*

XVHG XVHG JRRG UDQJHV RI -RKRUH .HGDK SOXV ^3KRWR` VPDOOHU UDQJHV RI 3DKDQJ 3HUDN 7UHQJJDQX %HWWHU VWDPSV 6LOYHU -XELOHH 6HW DV 80 EORFNV RI IRXU 6*

VHHQ WKURXJKRXW PL[HG FRQGLWLRQ KLJK FDW YDOXH

DSS

{ 2Q *RYHUQPHQW 6HUYLFH (QYHORSH VHQW IURP +

.*9, 9$5,(7< G ', VKDYHG DW IRRW IUHVK PLQW

GH & (OWRQ 0DMRU ZLWK 2 & $ &R\ 0685 FDFKHW VHQW WR

ZLWKLQ D EORFN RI VL[ 6* D

{ .*9, ),1( 86(' $ VHOHFWLRQ WR

&DSWDLQ 5 0DFGRQDOG VWDPSOHVV ZLWK YHU\ ILQH .XDOD /XPSXU &'6

ZLWK GLIIHUHQW SULQWLQJV :HGGLQJ ([FHOOHQW TXDOLW\ { &$1&(//$7,216 PDLQO\ .*9 SHULRG RQ VWRFN

FDUGV ZLWK PXFK LGHQWLILHG 6HHQ /D\DQJ /LJQH %ULFNILHOGV 5RDG .DMDQJ 3DULW -DZD 6HSR\H 1HH 6RRQ 3RQWLDQ /(627+2 7DQMXQJ %HQWRQJ D YHU\ LQWHUHVWLQJ FROOHFWLRQ RI VWDPSV ,QGHSHQGHQFH LVVXHV IUHVK PLQW &DW YDOXH ZLWK LVVXHV IURP GLIIHUHQW VWDWHV

LQF GHILQ VHWV %XWWHUIOLHV VHW 80 .LPEHUOLWH VHW /LWHUDWXUH .HGDK DQG 3HUOLV 7KH 6WDPSV DQG

80 $ JRRG UDQJH RI VWDPSV 3RVWDO +LVWRU\ E\ ' 5 0 +ROOH\ LQ YHU\ ILQH

/(9$17 3DUFHO FDUGV ZLWK D YDULHW\ RI IUDQNHG VWDPSV

IURP &RQVWDQWLQRSOH WR 6ZLW]HUODQG ZLWK &RQVWDQWLQRSOH UDLOZD\ FDQFHO FDUG IURP 9LHQQD WR 6WDPERXO ZLWK D YDULHW\ RI ODEHOV DQG IUDQNLQJV WR %HUOLQ QG WR 9LHQQD LQZDUG IURP $XVWULD ZLWK 7XUNLVK VWDPSV RQ WKH UHYHUVH

FRQGLWLRQ $ YH\ LQWHUHVWLQJ UHDG /LWHUDWXUH 0DOD\D (DUO\ 3RVWFDUGV 3HUDN

(DUO\ 3RVWFDUGV DQG 6LQJDSRUH (DUO\ 3RVWFDUGV E\ &KHDK -LQ 6HQJ $ ILQH WULR RI ERRNV LQ YHU\ JRRG FRQGLWLRQ

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

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 58

/LWHUDWXUH 3RVWFDUGV (DUO\ 3LFWXUH 3RVWFDUGV

RI 1RUWK %RUQHR DQG /DEXDQ E\ &KD )RK 6KLQ 6LQJDSRUH +LVWRULFDO 3RVWFDUGV 7LPHV (GLWLRQV 3HQDQJ WKURXJK 2OG 3LFWXUH 3RVWFDUGV 3HQDQJ 3RVWFDUG &ROOHFWLRQ V DQG 3HUDN 3RVWFDUGV V V $OO LQ YHU\ JRRG FRQGLWLRQ

{ 6XOWDQ VHW RI WR )8 SOXV F F F

FKDON SDSHU SULQWLQJV $ JRRG YDULHW\ RI FDQFHOODWLRQV 5HTXHVW VFDQ 6*

6XOWDQ VLQJOH 5RVHWWH ZPN VHW RI GLIIHUHQW

YDOXHV PLQW F WR F 6* 3/86 %ULOOLDQW 80 6*

{ 5(9(18(6 6WUDLWV UHFHLSW ZLWK

6XUFKDUJHV LQFO VHW F RQ F

YDOXHV WR 6DUDZDN %URRNH F 5RVH &DUPLQH 6* VRPH PLQRU WRQLQJ RWKHUZLVH 9)0

6LQJDSRUH &RXUW 'RFXPHQW ZLWK F DQG (GZDUG 3RVWDJH

DQG 5HYHQXH 3LHFH ZLWK F F [ ZLWK 6WDPS { 0XOWL 5RVHWWH 6XOWDQ VHW )8 6*

2IILFH &'6 ZLWK YHU\ ILQH 6WDPS 2IILFH &'6

0$/$<$1 67 ) 0 6

JUHHQ PDXYH ZPN 0XOW 5RVHWWHV 6*

1(*5, 6(0%,/$1 RYSWV VHW 6* F KDV

WRQH VSRW RWKHUZLVH JRRG WR ILQH PLQW FDW

9)0 6XOWDQ 6LU ,EUDKLP ZPN 0XOW 5RVHWWHV VHW SOXV

3(5$. JUHHQ FDUPLQH 6* PLQW

F F ZPN KRUL]RQWDO 6* D D KDV WRQH SDWFK DW HGJH RWKHUZLVH 9)0 VRPH YDOXHV 80

{ :0. +RUL] YDULHW\ F 6* D IX

3(5$. F F RYSWV 6* 9)0

{ 0XOWL 5RVHWWH F 6* )8

F JUH\ SXUSOH ZPN &URZQ &$ VLGHZD\V

6* F 9)0 { ,QYHUWHG ZDWHUPDUN YDULHW\ F 6XOWDQ

F JUH\ RUDQJH EURZQ ZPN &URZQ &$

6* : IX

VLGHZD\V 6* D 9)0

6XOWDQ 6LU ,EUDKLP ZPN 6FULSW &$ GHILQV VHW

JUH\ JUHHQ HPHUDOG DQG JUHHQ

FDUPLQH ZPN 6FULSW &$ 6* D 9)0

{ JUH\ JUHHQ HPHUDOG ZPN 6FULSW &$

6* ZLWK JXP WRQLQJ RWKHUV JHQHUDOO\ ILQH VRPH YDOXHV DUH 80

3267$*( '8(6 FRPSOHWH VHW 6* ' 9)0

6* D JRRG WR ILQH XVHG

{ $ VHOHFWLRQ RI 49 F 5HG RYSWV DOO )8 ZLWK D

0$/$<$1 67 -2+25(

YDULHW\ RI W\SHV RI RYSWV -RKRUH RYSWV 6* PLQW HDFK GLIIHUHQW

PLQW &DW { 678'< LQ DQ $OEXP FKLHIO\ SRVWPDUN

FROOHFWLRQ RQ )ORZHU LVVXHV PLQRU YDULHWLHV LGHQWLILHG { -2+25 RYSWV RQ 49 F WKH VHW RI RYSWV DOO

F ZLWK FDQFHOV $ YHU\ LQWHUHVWLQJ ORW RI * WR )8 6* VHYHUDO QLFH FDQFHOV RQH KDV D VKRUW VWDPSV SHUI

0$/$<$1 67 .('$+

F SDOH URVH 6* W\SH RYSW 6* VRPH

%RUQHR H[KLE RYSWV PLQW LQF F 29$/

DGKHVLRQ WR JXP RWKHUZLVH ILQH PLQW F RQ F JUHHQ 6* W\SHV VXUFKDUJHV

6* OLJKWO\ WRQHG JXP RWKHUZLVH ILQH PLQW

/$67 ,1 %251(2 YDULHW\ 6* E DOVR F 6* HWF QLFH 6SHFWDFXODU JURVVO\ PLVSHUIRUDWHG SDLU 6SOLW

LQWR VLQJOHV F 6*

{ 6XOWDQ VHW )8 6*

0$/$<$1 67 .(/$1 6* IUHVK PLQW 0DOD\D H[KLELWLRQ RYSWV { (DUO\ 6XOWDQ V RQ ROG SDJHV HDFK GLIIHUHQW

PLQW LQF 6* VWDPSV

WR F &RURQDWLRQ RYSWV 7R F SOXV F ZLWK .HWDQNRWDDQ HUURU WR $ ILQH VHOHFWLRQ RI VWDPSV { '28%/( &(1625(' (QYHORSH ZLWK 3DVVHG

ILQH XVHG E\ &HQVRU DQG 3DVVHG IRU 7UDQVPLVVLRQ FDFKHWV VHQW WR ,QGLD &RURQDWLRQ RI 6XOWDQ RYSWG VHW SOXV F WR

ZLWK 6XOWDQ F [ 6* RQ WKH UHYHUVH FDQFHO ZLWK D .RWD YDOXHV RYSWG .(7$+.27$$1 6* D D VRPH %KDUX &'6 YHU\ VFDUFH FRYHU EURZQLQJ RI JXP JHQHUDOO\ ILQH PLQW

0LVVLQJ FRORXU HUURU F <HOORZ RPLWWHG

{ .HPDKNRWDDQ RYSW VHW )8 6*

6* E 80

3URRI 2UFKLG ,QVFULSWLRQ DQG 6XOWDQ +HDG

{ .HWDKNRWDDQ RYSW VHW )8 6* D D

%ODFN EORFN RI ZDWHUPDUNHG SDSHU 80

0$/$<$1 67 0$/$&&$

{ 6XOWDQ VHW H[ )8 0DMRULW\ DUH VHOHFWHG

&'6 H[DPSOHV 6*

{ 6XUFKDUJH VHW RI )8 6*

4(,, GHILQV VHW LQ %/2&.6 2) )285

6* ILQH 80 EORFNV ^3KRWR`

0$/$<$1 67 1(*5, 6(0%,/$1

{ 2IILFLDO F 3*6 RYSW 6*2 )8

{ 6XOWDQ 9)8 ZLWK ILVFDO &'6 &OHDU SURILOH

6*

Viewing

{ 6XOWDQ 9)8 ZLWK ILVFDO 3PN 6*

Clients can view at our offices Monday - Friday 10am - 5pm Please telephone to arrange an appointment.

We are located in Warrington Town Centre

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 59

{ 49 WZR FHQW RYSWV IX 6* ZLWK LQWHUHVWLQJ

YLROHW FDQFHO IX 6* YIX VPDOO KLQJH WKLQ ERWK FDW

0$/$<$1 67 3(5$. { (OHSKDQW YHU\ ILQH XVHG ZLWK %DWXJDMDK

FDQFHO VPDOO YLOODJH 6*

5RDULQJ 7LJHU VHW RI WHQ ILQH PLQW 6* $

$17,48( ( ,1 &(17 RYSW YDULHWLHV PLQW F

GLIILFXOW VHW WR REWDLQ 6HH ZHEVLWH { 2YHUSULQW VHW RI ZLWK EDUV IX 6* NH\ LF

RQ F LV YI

RQ F F RQ F DQG F RQ F 6* % % DQG $ $ JRRG WULR $17,48( ( ,1 21( F RQ F YDULHW\ IUHVK

PLQW LQ SDLU ZLWK QRUPDO 6* $

{ $UPV VHW 6* * WR IX VFDUFH F JUH\ LV

YI

$17,48( ( 9$5,(7,(6 ERWK HDFK LQ PLQW

2UFKLG F DV D JURVVO\ PLVSHUIRUDWHG PDUJLQDO

EORFN 80 6* 9DU 8QXVXDO

VWULSV RI 6* D E 12 6723 $)7(5 &(17 F RQ F ZLWKLQ PLQW

VWULS RI YHU\ VFDUFH DQG QLFH LQ D PXOWLSOH 6* %

0$/$<$1 67 3$+$1* { 7LJHUV ILQH XVHG &DW DOO 9)8 DQG

{ 6XUFKDUJH VHW * WR )8 6*

ILQH TXDOLW\ VHW 6* 6* F F 6*

F

{ %LVHFW F RQ F 'LDJRQDO 6* 9)8 RQ SLHFH

ZLWK YDULHW\ LQYHUWHG %3$ &HUW

0$/$<$1 67 6(/$1* 7ZR &HQW RYSWV 6* DQG 6* JXP D WULIOH

DJHG H[FHOOHQW DSSHDUDQFH

{ %LVHFW F RQ D GLDJRQDO KDOI F 6* G ILQH

PLQW RQH QLEEOHG SHUI )LQH 536 &HUW

$17,48( 7 ,1 &(176 F RQ F 6* $ ILQH

PLQW 6FDUFH

{ %LVHFWHG RQ KDOI F 6* )8 RQ SLHFH

&HUHPXJD &HUW PLQRU VXUIDFH VFXIILQJ PHQWLRQHG IRU DFFXUDF\ $ ILQH H[DPSOH

6SHFWDFXODU RIIVHW RQ UHYHUVH F

6* ILQH 80

{ %LVHFWHG F RQ KDOI F +RUL]RQWDOO\ LQ 5HG

6* XVHG RQ SLHFH VXUIDFH UXE DW OHIW %UDQGRQ &HUW VHOGRP 2UFKLG LVVXH DQ LPSHUI SURRI LPSUHVVLRQ RI WKH

IUDPH IUHVK PDUJLQDO 80 RIIHUHG &DW %LVHFWHG F RQ KDOI F ZLWK (5525 'LDJRQDO

%LVHFW OHIW WR ULJKW PLQW 6PDOO IDXOWV WKRXJK D VHOGRP RIIHUHG 2UFKLGV F 5HG FRORXU RPLWWHG YDULHW\ 80 6* D ORFDO LVVXH %UDQGRQ &HUW 6* YDULHW\ 'LDJRQDO %LVHFW F %OXH PDQXVFULSW DQG

{

{

{

3URRI 2UFKLG ,QVFULSWLRQ DQG 6XOWDQ +HDG

LQLWLDOV 0,17 6* G ZLWK %3$ &HUW 6PDOO UXVW VSRWV RQ IDFH %ODFN SURRI EORFN RI RQ ZDWHUPDUNHG SDSHU 80 6RXQG 5DUHO\ RIIHUHG 6FDUFH 49 F W\SH F W\SH RYSW 9)8 D UDUH VWDPS

%877(5)/,(6 D VHOHFWLRQ RI PLVSHUIRUDWHG

YDULHWLHV F DQG F LQF PLVVLQJ FRXQWU\ QDPH HWF ILQH 6* DOVR LQFOXGHV D W\SH RYSW 6LQJOH WR FRPSDUH

80 6XOWDQ VHW RI ,QF F SDSHU YDULHW\ )8

0$/$<$1 67 675$,76 6* 6XUFKDUJHV F RQ F DQG F RQ F VHW ERWK

JRRG WR ILQH PLQW VPDOO SDUW 2* *RRG FRORXUV 6* 3URRI 2UFKLG ,QVFULSWLRQ DQG 6XOWDQ +HDG

%ODFN 3URRI EORFN RI RQ ZDWHUPDUNHG SDSHU 80

{ 49 RYSWV RQ F VRXQG )8 6*

DOO GLIIHUHQW F 3URJUHVVLYH 3URRIV IRU WKH F 'XULR =LEHWKLQXV

DQG F 5KRGRGHQGURQ 6FRUWHFKLQLL LPDJH RI WKH IORZHU SOXV 7:2 &(176 RQ F 6* IUHVK XQXVHG 7ZR

LQVFULSWLRQ DQG VXOWDQ F DQG F RQ :0. JXPPHG SDSHU H[SHUW KDQGVWDPSV YHU\ ILQH H[DPSOH RI WKLV GLIILFXOW VWDPS 80 &DW )LQH XVHG FRPSOHWH VHWV LQF

F GXOO JUHHQ FDUPLQH ZPN 0&$ RUGLQDU\

ZHGGLQJ WR ERWK VKDGHV WR DOO SDSHU 6* 9)0 SULQWLQJV ODWHU LVVXHV ZLWK GLII OLVWHG SULQWLQJV

0$/$<$1 67 3(1$1*

{ &URZQ VHW RI FRPSOHWH )8 LQWHUHVWLQJO\

PDQ\ ZLWK /$%8$1 3RVWPDUNV 3HUIRUDWLRQ YDULHWLHV XQFKHFNHG 6*

7LJHU VHW IUHVK PLQW 6*

4(,, SLFWRULDO GHILQV VHW LQ %/2&.6 2) )285

6* ILQH 80 EORFNV ^3KRWR`

,PSHUIRUDWH FRUQHU EORFN RI RI WKH F GHILQ

6* D XQPRXQWHG PLQW )LQH DSSHDUDQFH XVXDO JXP DJHLQJ

DV WKLV HUURU ZDV RQO\ ORFDOO\ IRXQG 6HOGRP RIIHUHG

{ (GZDUG 6* 9)8

,19(57(' :$7(50$5. F ILQH PLQW

6* Z .*9 9DULHW\ F :PN ,QY 6* Z /00

{ ($5/< 3,&785( 3RVWFDUGV FDUG ZLWK

<DFKW DV VHD YLHZ &KLQHVH 3DJRGD DW $\HU ,WDP 5HG

{ .*9 'HILQLWLYHV ZLWK YDOXHV WR ZLWK PDQ\

DGGLWLRQDO VKDGHV ,QF F :PN ,QY $ JRRG UDQJH RI VWDPSV ILQH XVHG VRXQG XVHG

SKRWR W\SH RI &UDJ +RWHO DQG 3DGG\ 3ODQWLQJ IRXU FDUGV ZLWK LPDJHV RI (DVWHUQ DQG 2ULHQWDO +RWHO 8QXVHG VPDOO EXW LQWHUHVWLQJ FDUGV

0$/$<$1 67 75(1** 6XOWDQ VHW RI PLQW DQG FKLHIO\ ILQH F 5HG

VISIT www.philangles.co.uk.

LV )8 DQG JXP WRQLQJ NH\ WRS YDOXH LV ILQH 6*

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 60

3RVWDJH GXH VHW PLQW 6*' /LWHUDWXUH (QF\FORSDHGLD RI 0DOD\VLD 9RO WR

LQ YHU\ ILQH FRQGLWLRQ ZLWK ' - 8QLVVXHG F *UH\ VHH DIWHU 6* ILQH PLQW

7ZR VKRUW SHUIV 6FDUFH

0$/$<$1 67$7(6 4(,, GHILQV VHW LQ %/2&.6 2) )285

6* ILQH 80 EORFNV ^3KRWR`

0$/$<6,$ MALAYSIA 6SHFWDFXODU RIIVHW YDULHW\ RI /DNH

IUDPH F 0DS 1+0 ZLWK QRUPDO WR FRPSDUH 6* D

9DU %LUG F 6* ERWK ZLWK JRRG FRORXU VKLIWV

RQH LV VXEVWDQWLDO 80

/LWHUDWXUH +DQGERRNV LQF 7KH 3RVWDJH

6WDPSV RI )HGHUDWHG 0DOD\ 6WDWHV E\ : $ 5HHYHV 7KH 6XUYH\ 'HSDUWPHQW (VVD\ RI E\ $ 1RUULV 0DOD\DQ 3RVWDO +LVWRU\ DV UHFRUGHG LQ RIILFLDO GRFXPHQWV E\ : $ 5HHYHV .HODQWDQ LWV 6WDPSV DQG 3RVWDO +LVWRU\ E\ 5HHYHV DQG 'H[WHU 0DOD\D 3RVWDO 'RFXPHQWV IURP E\ $ 1RUULV $ YHU\ JRRG FROOHFWLRQ RI WLWOHV LQ YHU\ JRRG FRQGLWLRQ

/LWHUDWXUH 0DOD\VLD $ 3LFWRULDO +LVWRU\

E\ :HQG\ .KDGLMDK 0RRUH 9HU\ LQWHUHVWLQJ ZLWK LW ' - LQ YHU\ JRRG FRQGLWLRQ /LWHUDWXUH 0DOD\VLD DQG 7KH )HGHUDWLRQ RI

0DOD\D WKHLU VWDPSV DQG 3RVWDO 6WDWLRQHU\ 9ROXPHV , ,, DQG ,,, E\ / & 6WDQZD\ LQ YHU\ JRRG FRQGLWLRQ 6HOGRP VHHQ VHW

%LUG F 6FDUOHW FRORXU RPLWWHG ILQH 80

6* F

/LWHUDWXUH 7KH 6WRU\ RI 0DOD\VLD E\ +DUU\

%LUG LVVXH YDULHWLHV 80 LWHPV F SODWH

EORFN ZLWK LQYHUWHG :PN 6* Z F F GLIIHUHQW

/LWHUDWXUH 8VHIXO JURXS LQF 7KH )LVFDO XVH RI

FRORXU VKLIWV ,QY :PN 9HU\ ILQH %LUG YDULHWLHV LWHPV F ERWK ZLWK

VXEVWDQWLDO FRORXU VKLIWV F LQYHUWHG :PN 9)8 XQSULFHG XVHG VLQJOHV DQG EORFN VKRZLQJ D YDULHW\ RI PLVSODFHG FRORXUV *RRG JURXS 80 )8 6* HWF (5525 6XOWDQ <DK\D 3HWUD F LPSHUI SDLU

6* YDU 0DOD\VLD VSHFLDOLVW &DW D 80

0DMRU SHUIRUDWLRQ VKLIW YDULHW\ WDSLHU 6*

ILQH 80 (5525 %DQDQD ZLWK SHUIRUDWLRQ VKLIW DQG

%ODFN RPLWWHG DV D 80 SDLU OLVWHG LQ 3LHUURQ 6* G YDU

(5525 F ULFH EORFN RI [ ZLWK WKH

HQG VWULS RI KDYLQJ GRXEOH SHUIRUDWLRQV 6*. YDU 0DOD\VLD

VSHFLDOLVW &DW . 80 VSHFWDFXODU HUURU 81,668(' 0DQJRVWHHQ :0. 6 :HGGLQJ

OLVWHG LQ WKH 0DOD\VLD 6SHFLDOLVW &DW 08 80

{ (;7(16,9( UDQJH RI VKHHWOHWV DQG 06 80

ZLWK PDQ\ FRPSOHWH VHWV &DW YDOXH RYHU VHHQ :LOGOLIH VHWV 7RZHU VHWV 0DULQH OLIH VHWV 6XOWDQ VHWV $ VXSHUE

0LOOHU DQG +LVWRU\ RI 0DOD\D E\ - .HQQHG\ VRIW EDFN ERWK LQ YHU\ ILQH FRQGLWLRQ

3RVWDJH DQG 5HYHQXH VWDPSV RI 1RUWK %RUQHR QG (G

6LQJDSRUH :RUOG 6WDPS ([SR &DWDORJXH 0DOD\VLD 6LQJDSRUH DQG %UXQHL FDWDORJXH 0DOD\D 3RVWDO 'RFXPHQWV IURP 7KH 6XUYH\ 'HSDUWPHQW (VVD\V RI ERWK E\ 1RUULV %LOOLJ V +DQGERRNV YROXPH $VLD DQG 0DOD\D E\ *LQVEXUJ DQG 5REHUWV WLWOHV 3(5)25$7,21 (55256 2SHQLQJ RI

3HQDQJ %ULGJH F GRXEOH SHUIV 0DQJRVWHHQ JURVVO\

PLVSHUI FRXQWU\ DW WKH WRS RI WKH VWDPS V GRXEOH SHUI DQ LQWHUHVWLQJ ORW { 5(*,67(5(' (19(/23(6 )LQH XVHG

F XSUDWHG ZLWK F ZLWK YHU\ ILQH 1LERQJ 7HEDO &'6

VHQW WR $ORU 6WDU V XSUDWHG ZLWK F ZLWK ILQH .XDOD 3LODK &'6 VHQW WR 6HUHPEDQ F ZLWK 6XEDQJ &'6 VHQW WR .XDOD /XPSXU F XSUDWHG ZLWK F ZLWK YHU\ ILQH *RSHQJ &'6 VHQW WR 8. $ YHU\ LQWHUHVWLQJ ORW

63(&,0(1 RYSW 6HOHFWLRQ 6WUDLWV .*9

YDOXHV WR )06 7LJHUV *RRG )LQH 0L[HG

0$/',9( ,6/$1'6 (GZDUG RYSW VHW ILQH PLQW 6* *HQXLQH LQ

DOO UHVSHFWV FROOHFWLRQ RI VKHHWOHWV 06 PDLQO\ VKHHWOHWV RI VWDPSV { 0,17 86(' 5$1*( LQFO F XVHG

$ VHOGRP VHHQ FROOHFWLRQ IURP 0DOD\VLD F XVHG IRUJHU\ PLQW VHWV PL[HG FRQGLWLRQ 81&87 ,03(5) 3UHVV 6KHHWV

&RPPRQZHDOWK *DPHV *ROG 0HGDOOLVWV 6HSDQJ ERWK 0$/7$ VKHHWV 6WDPS :HHN 0LOOHQQLXP 0LOOHQQLXP <HDU RI WKH 'UDJRQ ERWK VKHHWV 7KRPDV &XS &HQVXV 7DEOH 7HQQLV 9HU\ HDUO\ LQZDUG HQWLUH ZULWWHQ IURP 6SDLQ WR

,VODPLF &RQIHUHQFH DQG <HDU RI 0HGLFDO 5HVHDUFK QHYHU 0$/7+( VXSHU FRQGLWLRQ EHHQ IROGHG VFDUFH VKHHWV 0267 81868$/ (17,5( ZLWK FRQWHQWV VHQW

%22./(7 &ROOHFWLRQ LQF 5R\DO

WR 7XQLV ZLWK RQO\ 0DOWD 3RVW 2IILFH +6 QR RWKHU SRVWDO 3DODFHV 7UDQVSRUW 'UDJRQIOLHV HDFK GLIIHUHQW PDUNLQJV 6*6% WR 6% DQG 63 80 (17,5( ZLWK FRQWHQWV IURP 5RPH WR 0DOWD ZLWK

0DMRU (UURU )UXLWV V FRPSOHWH VKHHW KRZHYHU

5RPD &'6 DQG 5HG ,PS +6 LQ 5HG QRW 0DOWD UHFHLYLQJ WKH ILUVW FROXPQ LV LPSHUIHG DW OHIW WRS DQG ERWWRP SHUIHG RQ PDUNV WKH ULJKW KDQG VLGH VWDWHV RQO\ VKHHWV NQRZQ 6* D 80 { *% 86(' ,1 QHDW FROOHFWLRQ RI 49 ZLWK FOHDU

0$/7$ RU $ QXPHUDO FDQFHOV RQ D UDQJH RI YDOXHV IURP 9$5,(7,(6 )58,76 U ZLWK ZDWHUPDUN

òG WR V LQFOXGHV òG UDQJH RI SODWHV G 3O SDLU 6 :HGGLQJ WR WKH ULJKW :0. 6 :D\V WR WKH OHIW :0. LQY U G URVH ZLWK D UDQJH RI GLIIHUHQW SODWHV EORFN RI ZLWK ZDWHUPDUN LQF 6* KZ OLVWHG EXW XQSULFHG ZLWK QLFH 3O SDLU RQ SLHFH G 3O G JUH\ 3O 3O DOO 80 V 3O 6RPH ZLWK IDXOWV EXW JHQHUDOO\ ILQH LWHPV

(55256 9$5,(7,(6 &ROOHFWLRQ RI

XQWRXFKHG DXFWLRQ SXUFKDVHV ,QF LPSHUI YDULHWLHV { *% XVHG LQ 0DOWD 6* DQG =

6HODQJRU F EORFN GRXEOH SHUIRUDWLRQ HUURU ZLWK ILQH $ GXSOH[ FDQFHOV 3ODWH ILQH XVHG PLVSHUIRUDWHG YDULHWLHV %XWWHUIOLHV HUURUV IUXLWV ,QF LQYHUWHG :PN 80 RWKHU :PN YDULHWLHV HWF *RRG ORW LWHPV ,QF EORFNV

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

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 61

&,1'(5(//$6 QLFH FROOHFWLRQ RI LWHPV VRPH { 0,17 0267/< 86(' PDMRULW\ DOO GLIIHUHQW

SURSDJDQGD QRWH ::,, 9 ODEHOV SOXV RQH XVHG RQ FHQVRUHG FROOHFWLRQ RQ SDJHV IURP DQ ROG ,GHDO DOEXP VWUHQJWK LQ 49

FRYHU 0DOWD LV JUDWHIXO WR WKH 5R\DO 1DY\ DQG WKH 5R\DO $LUIRUFH VRPH FRPPHUFLDO LQFO FLUFD /RXLV &DUDERWW 6WDPS 'HDOHU HQYHORSH VHDOV SOXV XQXVHG SULQWHG SRVWFDUG DQG VLPLODU HQY VHDO IRU 5 )RUEHV %HQWOH\ 3KLODWHOLVW XVHG RQ UHYHUVH RI UHJ G FRYHU VRPH FRPPHPRUDWLYH LQFO (VSHUDQWR &UXLVH ZKLFK VWRSSHG DW 0DOWD VHW RI IRXU $1' 025( 0L[HG FRQGLWLRQ PRVW JRRG WR ILQH LWHPV

V EODFN ZPN 6FULSW &$ 6(/)

*29(50(17 RYSW 6* ILQH PLQW

6* LVVXH FDW

/RFDO VXUFKDUJH VHW RI SOXV F ZLWK GRXEOH

RYSW RQH LQYHUWHG 6* F PLQW

6* WRS YDOXH 6KLSZUHFN 9)0

{ 6,/9(5 -8%,/(( 9DULHW\ F GRW OHIW RI &KDSHO

)8 6* *

6KLSZUHFN VFULSW ZPN 6* IUHVK

P ^3KRWR`

6SHFLPHQ 3HUIRUDWHG &RURQDWLRQ 6HW RI

3RVWDJH GXHV ERWK VHWV ILQH PLQW 6* '

'

{

6* YHU\ VFDUFH 80 6XUFKDUJHV F F F F F U F PLQW

:LWK SXQFWXUH

63(&7$&8/$5 %ORFN RI G DV FHQWUH EORFN RI

VWDPSV ZLWK JXWWHU LPSULQW VXSHUE ZLWK &$1&(//(' RYSW

{ 6* 49 VHW ,QF VFDUFH F )8

{ 5HYHQXH XVH RI WRS YDOXH 6* 9)

{

LVVXHV IURP WR LVVXHV ZLWK EHWWHU VWDPSV VHHQ VPDOOHU UDQJH PL[HG FRQGLWLRQ FDW

6* V PLQW 9DULHW\ .*9, &RURQDWLRQ F OLQH E\ 6FHSWUH

6* E IUHVK 80

%$1. /$%(/6 5(9(18(6 JURXS LQFO

UHFHLSW ZLWK (,*+7((1 0DOWD &LW\ %DQN V G 5HFHLSW 6WDPSV 9DULHW\ .*9, &RURQDWLRQ F OLQH WKURXJK

DIIL[HG WR UHYHUVH FKHTXH ZLWK HPERVVHG G SDUW 6ZRUG 6* D IUHVK 80 FKHTXH ZLWK G SRVWDJH VWDPS XVHG DV UHYHQXH LWHPV

.*9, YDULHW\ F 23(1 & 6* D ILQH P

&283216 5$7,21 %22.6 JURXS RI LWHPV

LQF EORFN RI IRXU FRXSRQ ODEHOV &ORWKLQJ %RRN

FRYHUV RQO\ QR FRXSRQV &ORWKLQJ %RRN FRPSOHWH ZLWK { )LQH XVHG 'HILQ 6HW RI %LUG VHW RI )LVKHV VHW RI $ JRRG UDQJH RI FRPPHP VHWV FRXSRQV 5DWLRQ %RRN FLUFD V 6 + 3LQN 6WDPSV $ JRRG UDQJH RI VWDPSV VXSHUE TXDOLW\ 6DYLQJ %RRN ZLWK D IXOO DQG RQH SDUW ILOOHG SDJH 8VDJH 63(&,0(1 2YHUSULQW VHOHFWLRQ ZLWK ILQH UXLQV UHIOHFWHG LQ FRQGLWLRQ LWHPV

49 WR .*9 LWHPV ,QF F 6* 6 WR U 5DQJH RI FRPPHPRUDWLYHV LQ %/2&.6 2)

6* (GZDUGV WR U YHU\ JRRG UDQJH RI $UPV W\SHV ZLWK )285 LQFO 6FDSXODU ,QGHSHQGHQFH VHW DQG PRUH GLIIHUHQW SULQWLQJV 0L[HG PDQ\ ILQH 6XEVWDQWLDO YDULHW\ ILQH 80 EORFNV

UDUHO\ RIIHUHG LQ VXFK QXPEHUV ^3KRWR` $,50$,/ %$* /$%(/6 VHQW WR 0DOWD IURP

0(;,&2 3DULV 0LODQ 7RN\R 0RQWUHDO /RQGRQ $Q LQWHUHVWLQJ JURXS RI EDJ ODEHOV 3ULQWHG DOEXP SDJHV ZLWK VWDPSV DQG

06 PLQW LQF PXFK 80 6HHQ DLUV KLJK YDOXHV FRPPHP VHWV &$7$/2*8(' DV ILQH XVHG D YHU\ ILQH

DQG GHILQV $ YHU\ JRRG UDQJH YHU\ FRPSOHWH IRU WKH FROOHFWLRQ RI GLIIHUHQW )'& $// ZLWK FRPSOHWH SHULRG VHWV ILQHVW TXDOLW\ 7+( 72%$&&2 ,1'8675< 9HU\ ILQH WRSLFDO

3RVWDO +LVWRU\ *UHHWLQJV IURP 0DOWD

*HRUJH &URVV ,VODQG LOOXVWUDWHG VKHHWOHW 3UH 3DLG *=,5$ &'6 RQ FRYHU OHWWHU WR /DG\ &RDFKPDQ LQ 0DOWD VHQW WR &UHWH 9LD 7KRPDV &RRN D XVHIXO ORW RI FRYHUV ZLWK VRPH GHWDLOV 8QXVXDO SRVWDO KLVWRU\ SSF ZLWK SDVVHG

E\ FHQVRU VHQW WR (QJODQG VWDPSOHVV HQY HQGRUVHG RQ DFWLYH VHUYLFH ZLWK VSHFLDO FDFKHW DQG $32 FGV VHW WR (QJODQG

&ROOHFWLRQ GLVSOD\HG WR H[KLELWLRQ VWDQGDUGV RQ SDJHV FKLHIO\ 3RVWDO +LVWRU\ LWHPV ,QF 9HU\ ILQH HQWLUH ZLWK 7DEDFRV 'H TXHUHWDUR +DQGVWDPS SOXV SRVWDO PDUNLQJV HQWLUH ZLWK 7DEDFRV 9HUD &UX] +DQGVWDPS 3DFNHW RI &LJDUHWWHV $GYHUW &RYHU $ JURXS RI GLIIHUHQW HDUO\ $GYHUW FRYHUV 6XSHUE 7DEDFRV 0H[LFDQRV LOOXVWUDWHG HQYHORSH DQG PRUH 7KH TXDOLW\ LV H[FHSWLRQDO DQG FDUHIXOO\ FRPSLOHG

021$&2

0$85,7,86 { 3267 3$,' G ZRUQ LPSUHVVLRQ SRVLWLRQ

6* 9)8 ZLWK FULVS FHQWUDO WDUJHW FDQFHO YHU\ PLQRU FUHDVH XSSHU OHIW PHQWLRQHG IRU DFFXUDF\ FORVH WR JRRG PDUJLQV ([FHOOHQW H[DPSOH %3$ &HUW &DW JUHDW FODVVLF

{ G GXOO YHUPLOLRQ LQWHUPHGLDWH LPSUHVVLRQ

6* WLQ\ VKDOORZ WKLQ RWKHUZLVH ILQH XVHG ZLWK LQ FLUFOH FDQFHO FDW { &/$66,& 3(11< %$51$5' 6* FKRLFH

)ROGHU ZLWK PDQ\ FRPSOHWH VKHHWV RI VWDPSV D

YDOXDEOH ORW QRW FRPPRQ LQ FRPSOHWH VKHHWV VHHQ $LUV

I DQG I )HVWLYDO I I 6WDPS 'D\ $LU IRU WKH ZDU 'HDG DQG 'HSDUWHG :RUNHUV YDOXH LQ WKH 80 6KHHWV 6KHHWOHWV $ YHU\ JRRG ORW { 7ZR ODUJH SDJHV ZLWK D UDQJH RI VWDPSV DIIL[HG

ZLWK VSHFLDO -RXUQHH 'H 7LPEUH -XQH VSHFLDO FDQFHO LQ 3ULQFH /RXLV VHW RI $LU VHW EORFN RI I 3RVWDJH GXHV D YHU\ LQWHUHVWLQJ SLHFH WR HQKDQFH \RXU FROOHFWLRQ

9)8 ZLWK IRXU ODUJH PDUJLQV 1HDW 1R LQ FRQFHQWULF ULQJV %HDXWLIXO 2LO 3DLQWHG (QYHORSH RI D 6HD <DFKW

ZLWK SDUW RYDO 30. ([FHOOHQW FRORXU DQG SHUIHFWO\ VRXQG &DW DQG 9HVVHO LQ WKH EDFNJURXQG ZLWK VWDPSV RI 0RQDFR DURXQG

LW SDLQWHG E\ 7RP %URZQ DQG VHQW EDFN WR KLP LQ { 6XSHUE XVHG 49 G 5HG %OXVK 6* ZLWK YHU\

(QJODQG ODUJH PDUJLQV DQG D YHU\ ILQH SDLG FDQFHO

Selling? – Contact Simon Carson today for professional advice on how to sell your stamps/covers.

PTS and ASDA registered. Integrity assured.

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 62

7DQJLHU RYSWV RQ *% VWDPSV FDW LQF

02176(55$7

GHILQ VHWV V ZHGGLQJ 4(,, KLJK YDOXH FDVWOH D ILQH FROOHFWLRQ RI GLIIHUHQW VWDPSV IURP WR PLQW

$ PDWFKHG VHW RI VXSHUE VPDOO UHJLVWHUHG

HQYHORSHV WR *HUPDQ\ HDFK ZLWK D VLQJOH IUDQNLQJ G 6* QHDWO\ FDQFHOOHG &KRLFH

02=$0%,48(

.*9, SLFWRULDO GHILQLWLYH ZLWK SHUI DQG SHUI

{ 2OG WLPH FROOHFWLRQ RQ SULQWHG $OEXP SDJHV

ZLWK LVVXHV WR ,QF HDUO\ 3RUWXJXHVH &RORQLHV LVVXHV ,QF

FDW 6* VWDPSV HDFK GLIIHUHQW 0LQW

&URZQV .LQJV $UPV H[WHQVLYH RYSW ,VVXHV $ YHU\ JRRG UDQJH RI VWDPSV

.*9, VLQJOH IUDQNLQJ RQ D QHDW HQYHORSH

VHQW WR WKH 86$ ZLWK D YHU\ ILQH &'6 FDQFHO 6* VHOGRP VHHQ DV D VLQJOH IUDQNLQJ

::,, &(16256+,3 $Q LPSRUWDQW SRVWDO

4 KLVWRU\ FROOHFWLRQ RI FRYHUV ZLWK LWHPV URXWHG WKURXJK

4(,, GHILQV VHW SOXV F LQ %/2&.6 2)

)285 6* D D ILQH 80 EORFNV

^3KRWR` { 6XSHUE XVHG ZLWK EHWWHU VHWV 'HILQ VHW

SOXV &RORQ\ LQVFULEHG VHW 'HILQ 6HW 6XUFK VHW $ JRRG ORW RI VWDPSV ZLWK PDQ\ FRPPHP VHWV

/RXUHQFR 0DUTXHV LQWR 6RXWK $IULFD GXO\ FHQVRUHG 7KXV FROOHFWLRQ RIIHUV D ZLGH UDQJH RI UDWHV VWDPS XVDJHV FHQVRU FDFKHWV ODEHOV RQH ZLWK VHOGRP VHHQ FHQVRUV LQVSHFWLRQ ODEHO LQVLGH GHVWLQHG IRU 0H[LFR RQH URXWHG WKURXJK $QJROD 9HU\ JRRG TXDOLW\

1$7$/ { G JUHHQ HPERVVHG 6* 9)8 RQ SLHFH FXW

)UXLW 9HJHWDEOH GHILQV VXUFKDUJHV

VHWV LQ %/2&.6 2) )285 6* ILQH 80

LQWR DW WRS DQG OHIW PRVWO\ DIIHFWV IOHXU GH O\V DW WRS DQG ERWWRP OHIW FDW

EORFNV

G EULJKW UHG G EULJKW EOXH 6* PLQW

{ ,QYHUWHG :DWHUPDUN F ZHDYLQJ 9)8

VWDPSV

6* : 536 &HUW

{ )LQH XVHG LGHQWLILHG RQ SDJHV LQF 49 VHW

*877(5 3$,56 &RPSOHWH VHWV ZLWK

QXPHURXV GHILQ VHWV DOO 80 RYHU GLIIHUHQW *XWWHU 3DLUV

6WDPSV

2OG DOEXP SDJHV ZLWK PDLQO\ HDUO\ 4(,, LVVXHV

LQF GHILQ VHW RI ELUG VHW RI VHHQ .*9 6 -XELOHH VHW $ XVHIXO UDQJH RI VWDPSV PLQW

WR LQF ERWK VKDGHV URVH DQG FDUPLQH (GZDUG WR V 6* (GZDUG VHW RI ZLWK D &DW YDOXH RYHU JRRG ORW RI VWDPSV V FDUPLQH ZPN &URZQ && VLGHZD\V 6*

9)0

63(&,0(1 RYSW 6HOHFWLRQ JRRG VHOHFWLRQ

PRVWO\ ILQH PLQW 'HYLFH W\SHV WR G .*9 WR KLJK &9 ^3KRWR`

V URVH ZPN &URZQ && VLGHZD\V 6*

JRRG WR ILQH PLQW 3267$/ +,6725< *5283 LQFO FRYHU WR

&DSH IUDQNHG 49 G SDLU WZR FRYHUV ZLWK 1DWDO VWDPSV XVHG 0252&&2 LQ 7UDQVYDDO LQ ODWH XVH RI 1DWDO G LQ 7UDQVYDDO LQ 1RUWKHUQ 6RXWKHUQ DQG 7KH :KDOH RI 0RURFFR

SOXV %HOJLDQ FKRFRODWH FDUG ZLWK %RHU SHULRG SRVWFDUG FROOHFWLRQ LQF 1RUWKHUQ 6* SOXV DLU VHW GHILQ UHSURGXFWLRQ 0RVWO\ ILQH LWHPV

VHW IORZHUV VKHOOV DQG VKHOOILVK DV WHWH EHFKH SDLUV D ,1&20,1* 0$,/ LQFO 3$48(%27

YHU\ JRRG FROOHFWLRQ RI VWDPSV FDQFHOOHG SRVWFDUG IURP 6SDLQ SRVWFDUG IURP 5XVVLD DQG 7(7( %(&+( VKHHWOHWV IORZHUV VKHOOILVK

,QGLD SRVWDO VWDW HQY DGGUHVVHG WR &KLQHVH 6KRS LQ VKHOOV RUFKLGV DQG DUP\ IRUFHV D YHU\ JRRG FROOHFWLRQ RI -RKDQQHVEXUJ 'XUEDQ DUULYDO PDUN RQ UHYHUVH WD[HG G ZLWK VKHHWOHWV 80 PDQXVFULSW &KLQHVH FKDUDFWHUV DGRUQLQJ HQY ODWWHU ZLWK IDXOWV { /RFDO 3RVW HDFK GLIIHUHQW LQWHUHVWLQJ QLFH OLWWOH JURXS LWHPV

JURXS ZLWK YDOXHV WR I PDLQO\ )8 XQFKHFNHG 35,9$7( 3267&$5'6 ZULWWHQ XS JURXS

LOOXVWUDWLQJ WKH XVH RI PRVWO\ SLFWXUH SRVWFDUGV IURP VW 0D\ 3RVWDO KLVWRU\ ZLWK PDQ\ EHWWHU FRYHUV FDUGV

LQFO HDUO\ FDUG ZLWK UHDO SKRWR RI D VKLS ZH VHH SSF VKRZ YHUVIH] DUWLOOHU\ ZLWK 5 KDQGVWDPS FURVVHG FDUGV VHQW DW G òG UDWHV SOXV D FRXSOH RI XQGHUSDLG FDUGV RXW FKDUJH +6 WKHQ 7 KDQGVWDPS ZLWK UHWXUQ WR VHQGHU DQG LQFO QLFH ;PDV JUHHWLQJV FDUG ZLWKRXW VWDPS *HQHUDOO\ DGGUHVVHH LQ FRPSOHWH +6 SSF HQGRUVHG )0 JRRG WR ILQH SRVWFDUGV

VWDPSOHVV WR )UDQFH HQY ZLWK 7URXSHV GD 0DURF $*(17 *(1(5$/ )25 1$7$/ FDFKHW RQ

2FFLGHQWDO KV FHQVRUHG HQY ODUJH 5HJLPHQW GX DJHQF\ 2 + 0 6 FRYHU SRVWHG ZLWK /RQGRQ 3DLG PDUN 1DWDO JHQLH FDPSDJQH P FDFKHW $ YHU\ LQWHUHVWLQJ JURXS RI $UPV RQ UHYHUVH ILQH FRYHUV FDUGV ODUJH 2 + 0 6 FRYHU WR (QJODQG IURP 3RVWDO

0252&&2 $*(1&,(6 'HSDUWPHQW 1DWDO IUDQNHG .(9,, òG [ 5(*,67(5(' 3ODWH %ORFN RI 6L[ F 6* VXSHUE FRORXU 3O

3 0 %85* SRVWPDUNV IHZ SHULSKHUDO IDXOWV RWKHUZLVH D WKH VWDPSV DUH 80 DV PRXQWHG LQ WKH PDUJLQV 6HOGRP VHHQ JUHDW ORRNLQJ LWHP LQ EORFNV VPDOO LQFRPLQJ VWDWLRQHU\ HQY IURP ,QGLD

%ULWLVK &XUUHQF\ 6SDQLVK &XUUHQF\ 7DQJLHU

PDQXVFULSW G DQG WKUHH GLIIHUHQW WD[ PDUNV DSSOLHG YDULRXV DOO RI WKH 4(,, SHULRG GHILQV LQ %/2&.6 2) )285 6* WUDQVLW DUULYDO PDUNV FRYHU RSHQHG RXW IRU GLVSOD\ ILQH 80 EORFNV

^3KRWR` 125:(*,$1 0,66,21 67$7,21 LQFRPLQJ

$ VXSHUE FROOHFWLRQ RI *LEUDOWDU 49 3RVWDO

FRYHU IURP 1RUZD\ FOHDU .:$ 021', DUULYDO SRVWPDUN VLWH RI 6WDWLRQHU\ SUH FDQFHOOHG ZLWK 7DQJLHU &'6 XQXVHG D VWDWLRQ IRXQGHG E\ %LVKRS 6FKUHXGHU LQ ZUDSSHUV 3RVWDO FDUGV ,QF UHSO\ FDUG VWLOO DWWDFKHG F 5HJG FLUFD )RUHLJQ 3DUFHO 3RVW &XVWRPV

(QY $Q LQWHUHVWLQJ JURXS 'HFODUDWLRQ )RUP XQXVHG LQWDFW ODEHO FRXSOH RI PLQRU UXVW 0LQW VHOHFWLRQ RQ ROG VWRFNFDUGV ILQH

VSRWV VFDUFH VXUYLYDO VWDPSV KLJK FDW YDOXH *LEUDOWDU (GZDUG RYSWV WR SWD GLII VHDKRUVHV WR QLFH

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

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 63

32670$5.6 2) 1$7$/ D OLIHWLPH FROOHFWLRQ

RQH PDQ V DWWHPSW WR FROOHFW DOO RI WKH RIILFHV IRXQG ZLWKLQ

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

1$858 V EULJKW FDUPLQH 6HDKRUVH ³1$858´ RYSW

6* 9)0 ^3KRWR` V G \HOORZ EURZQ V EULJKW FDUPLQH V

SDOH EOXH RYSWG 6HDKRUVHV 6* ILQH PLQW XVXDO EURZQLVK JXP

%RWK GHILQV VHWV DQG *DOOLSROL LVVXH LQ %/2&.6

2) )285 6* FRXSOH RI EORFNV ZULQNOHG RWKHUZLVH ILQH

80 EORFNV

{ ),1( 67$03 &2//(&7,21 +RXVHG LQ

YROXPHV V JRRG VHOHFWLRQ RI WKH *% RYSWV PLQW WR G ,QF PLQRU YDULHWLHV &72 H[DPSOHV LQWHUHVWLQJ IRUJHULHV )UHLJKWHU 0 9)8 7KHQ H[WHQVLYH 9)8 ZLWK VHWV IURP DQG PRUH *RRG ORW

1(3$/ .LQJ GHILQ VHW IUHVK PLQW 6* &DW

&URZQ GHILQ VHW 6* IUHVK PLQW

&DW

1(7+ &2/6 $17,//(6 ([WHQVLYH XQPRXQWHG PLQW FROOHFWLRQ ZLWK

VWDPSV 06 ,QF %RRNOHW 3DQHV ZLWK &RPPHPRUDWLYH DQG

'HILQ VWDPSV $ VXSHUE FROOHFWLRQ &DW

1(7+(5/$1'6 4 ./0 IOLJKWV LOOXVWUDWHG HQYHORSH IRU IOLJKW WR

1(: +(%5,'(6 6SHFLPHQ RYHUSULQW SRVWDJH GXH VHW ILQH PLQW

6*' V

3267$*( '8(6 VHWV LQ %/2&.6 2) )285

VHW LQ F\OLQGHU EORFNV 6* ' ILQH 80 EORFNV

1(: 6287+ :$/(6 2OG DOEXP SDJH ZLWK VWDPSV LGHQWLILHG ZLWK

GLIIHUHQW SHUI W\SHV DQG VKDGHV ZLWK YDOXHV WR FKLHIO\ PLQW RGG )8 FKLHIO\ FHQWHQDU\ LVVXHV LQF G G G G G DQG $ JRRG ORW FDW

{ 'LDPRQG -XELOHH +RVSLWDO &KDULW\ G V

òG V G 6* VXSHUE XVHG HDFK ZLWK VLQJOH VWULNH 3$5.(6 SRVWPDUNV 3RVWDO 6WDWLRQHU\ XQXVHG ,QF 3LFWRULDO 7\SH

6SHFLPHQ (QY V 5HJG (QY V /HWWHU &DUGV &DUGV ZLWK UHSO\ FDUGV VWLOO DWWDFKHG 6HOGRP VHHQ LQ VXFK YROXPH D YHU\ ILQH FROOHFWLRQ RI LWHPV 7(/(*5$3+ )250 49 SULQWHG ZLWK

VSHFLPHQ RYSW IRU FRORQLDO DQG LQWHU FRORQLDO OLQHV 6FDUFH

1(: =($/$1' &KDORQ G %OXH 6* PLQW

&KDORQ G 6* IUHVK P 2* VPDOO FUHDVH

F { 6WDPS 'XW\ LPSHUI )8 0RZEUD\ 5

{ 6WDPS 'XW\ LPSHUI )8 %DUHIRRW

0RZEUD\ 5 D $Q LPSRUWDQW UHYHQXH VWDPS

{ 6WDPS 'XW\ 49 LPSHUI UHYHQXHV ILQH XVHG

V G VK G VK DQG D YHU\ ILQH JURXS VHYHUDO RQ RULJLQDO SLHFHV { 49 VLGH IDFH LVVXHV RQ ROG DOEXP SDJHV 6HHQ

òG 6* PLQW 6* VWDPSV ZLWK DGYHUWV RQ

WKH UHYHUVH ZLWK PDQ\ VWDPSV LGHQWLILHG D JRRG ORW RI 6RXWK $IULFD DQG IURP 6RXWK $IULFD PDQ\ PXOWLSOH IUDQNHG VWDPSV FKLHIO\ ILQH XVHG DQG KLJKO\ FDWDORJXHG FRYHUV LOOXVWUDWHG HQY RQH ZLWK VXUIDFH PDLO +6

LOOXVWUDWHG HQY WR 6RXWK $IULFD ZLWK VSHFLDO FDFKHW SODLQ HQY { 0,17 86(' $// ',))(5(17 UDQJHV IURP

IURP 1RUZD\ WR 6RXWK $IULFD ZLWK VSHFLDO FDFKHW $ YHU\ JRRG DQ ROG ,GHDO DOEXP QRWH EHWWHU YDOXHV VXFK DV V XVHG UDQJH RI FRYHUV VHW PLQW RU XVHG V XQXVHG ([KLELWLRQ VHW PLQW $UQKHP 5$) 6LJQHG LOOXVWUDWHG FRYHUV

([KLELWLRQ òG XVHG .*9 V V XVHG

,QF %REE\ 2[VSULQJ 6LUH - +DFNHWW 'U ( &DVSHUV . 0H\HU + G G 6PLOLQJ %R\ XVHG $LUPDLOV VHW PLQW ,GHQEXUJ - 3HHOHQ 9DQ 'HU .UDS + .LQJ $ YHU\ JRRG ORW 7UDQV7DVPDQ RYSW PLQW GHILQV VHW YDULRXV +HDOWK ZLWK VRPH DGGLWLRQDO LQIRUPDWLRQ 6WDPSV 3RVWDO )LVFDOV WR $1' 025( PL[HG FRQGLWLRQ HVWLPDWH FDW RYHU ILVFDOO\ XVHG YDOXHV DSS %RRNOHWV RI WKH V ZLWK &RORQLHV

,VVXHV $ JRRG UDQJH RI %RRNOHWV LQ YHU\ JRRG FRQGLWLRQ 80 0LQLPXP &DW 7+( 72%$&&2 ,1'875< ,Q WKH 1HWKHUODQGV

H[FHSWLRQDO H[KLELWLRQ FROOHFWLRQ RQ H[KLELWLRQ SDJHV

LWHPV ,QF $ YHU\ ILQH VHOHFWLRQ RI HDUO\ $GYHUWLVLQJ 3RVWHU 6WDPSV /DEHOV ZLWK PDQ\ ILQH GHVLJQV DQG GLIIHUHQW SURGXFHUV $ ILQH ORW RI $GYHUWLVLQJ FRPSDQ\ FRYHUV )8 ,QF 0XFK RI DQ HDUOLHU QDWXUH 3RVWPDUNV %DOORRQ FRPSHWLWLRQ FDUGV RI UHWXUQHG IURP DOO RYHU +ROODQG DQG PRUH 7KH TXDOLW\ LV H[FHSWLRQDO <HDUV RI FDUHIXO FROOHFWLQJ DQG FRPSLOLQJ KHUH

1(: *8,1($ /DNDWRL òG WR 6* PLQW &DW

$LUPDLO %LUG RYSW VHW WR IUHVK PLQW òG

4 G 6*

3267$/ ),6&$/ V \HOORZ JUHHQ 3 'H /D

5XH FKDON\ SDSHU 6* ) ILQH PLQW 6KLS FRYHU 506 0RDQD IUDQNLQJ D òG /DNH

:DNDWLSD VHQW WR (QJODQG D ILQH FRYHU 0LOIRUG VRXQG 6* 9)0 F

{ 6WXG\ RI WKH XQLYHUVDO SHQQ\ ZLWK PDQ\

GLIIHUHQW SULQWLQJV VKDGHV PLQRU YDULHWLHV VHHQ FURZQ

SDSHU S [ 6* D SHUI [ 6* D SHUI [ ò 6* PLQW SOXV G 6* ZLWK VKDGHV D JRRG ORW RI RYHU VWDPSV 0DLQO\ )8 { 0RXQW &RRN 6* E YIX FKRLFH 536

FHUW D Y ILQH VWDPS 2)),&,$/ V EOXH JUHHQ 6* 2 9)0

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

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 64

2)),&,$/ G SLQN 3 [ ò 6* 2

+HDOWK LVVXH 6* ILQH VWXG\ ,QF XQXVXDO

PDUJLQDO EORFN RI ZLWK VXEVWLWXWHG VWDPS LQVHUWHG WR SDWFK WKH VKHHW PLQW YDULRXV RWKHU EORFNV ,QF :LWK :LWKRXW SODWH

PLQW { .LQJV FROOHFWLRQ ZLWK EHWWHU SLFNLQJV DLU

GRWV LQ PDUJLQV FRUQHU EORFNV HWF 4W\

VHW RI SOXV VXUFK WUDQV 7DVPDQ RYSW (GZDUG GHILQV WR

ZLWK GLIIHUHQW SULQWLQJV 8QLYHUVDO SHQQ\ ZLWK D YDULHW\ RI SULQWLQJV .*9 GHILQV WR LQF SODWH SURRIV òG WR LQ JUH\ EODFN 'XQHGLQ H[KLE VHW GHILQV WR D JRRG UDQJH RI VWDPSV PDLQO\ )8 2)),&,$/6 .(9,, òG \HOORZ JUHHQ SOXV

VHW 6* 2 2 ILQH PLQW

.*9, G 6* WKH FRPSOHWH VHW RI

FRXQWHU FRLO JXWWHU SDLUV FKLHIO\ ILQH XP .*9, 3URRIV LPSHUI G òG SDLUV DQG G EORFN

RI LQ LVVXHG FRORXUV RQ ZDWHUPDUNHG DQG JXPPHG SDSHU

IUHVK XP 6FDUFH +HDOWK VHWV DV FRPSOHWH VKHHWV 6* DQG

VHOGRP VHHQ LQ FRPSOHWH VKHHWV 80

2)),&,$/ V EOXH 3 'H /D 5XH FKDON\

SDSHU 6* 2 9)0 { .*9 GHILQLWLYH FROOHFWLRQ ZLWK GLIIHUHQW SDSHUV

DQG SULQWLQJV ,QF ORFDOO\ SULQWHG /RQGRQ 3ULQWLQJV &RDQ 3DSHUV :LJJLQV 7HDSH 3DSHU D ILQH FROOHFWLRQ RI VWDPSV FKLHIO\ ILQH XVHG 2)),&,$/ G UHG EURZQ 6* 2 9)0

+HDOWK LVVXHV 6* DQG D

VSHFLDOLVW ORW ZLWK 80 EORFNV SODWH EORFNV DQG VKDGHV 4W\

*RRG ORW +HDOWK LVVXH 6* HDFK DV LPSHUI EORFNV

RI DIIL[HG WR DUFKLYH FDUG PDLQO\ YHU\ ILQH ([ %DLOOLH

+HDOWK LVVXH 6* DV LPSHUI EORFNV RI

IURP WKH SULQWHUV DUFKLYH DIIL[HG WR DUFKLYH SDSHU LVVXHG FRORXUV :ULQNOHV RQ òG EORFN ([ %DLOOLH

2)),&,$/ G VDJH JUHHQ 6* 2

9)0

+HDOWK G 6* 80 PDUJLQDO EORFN ZLWK SUH

SULQWLQJ SDSHU FUHDVH DIIHFWLQJ XQLWV 5DWKHU

9,&725< LPSHUIRUDWH YDULHWLHV YIP LWHPV

VSHFWDFXODU ò SDLU G G DV VLQJOHV ODUJH PDUJLQV RQ ZPN VWDPS

SDSHU RULJLQDO SULQWHUV SURRIV ([FHSWLRQDO 6* +HDOWK VHW DV FRPSOHWH VKHHWV 6* 80

+HDOWK LVVXHV $Q H[WHQVLYH FROOHFWLRQ RI V

LQ WZR DOEXPV LQF ILUVW LVVXH XP VPLOLQJ ER\V G G DOO IX V LVVXHV P V LVVXHV RQ LOOXVWU IGF LQF DQG VXSHUE DGYHQW FRYHU ZLWK WRXULVW ODEHO WKHP H[WHQVLYH ZLWK 0 8 VHWV DQG ORWV RI VHWV RQ IGF LQF FDPS SPNV 8VHIXO ORW

6PLOLQJ %R\ G EOXH KHDOWK ZLWK YDULHW\ FRORXU

GDVKHV LQ FKDULW\ YDOXH WDEOHW IP 6* YDU

+HDOWK VHW DV FRPSOHWH VKHHWV 6*

80

.*9, 2IILFLDOV VHW RI ZLWK VKDGHV RI WKH G

6*2 IUHVK 80 .*9, VHW RI FRXQWHU FRLO JXWWHU SDLUV RI WKH G

6* WR FRPSOHWH IUHVK PLQW SDLUV ILQH DQG HOXVLYH

+HDOWK VWDPS G 6* PDQ\ DUH 80 LQF

.*9, VHW RI FRXQWHU FRLO JXWWHU SDLUV RI WKH G

PDUJLQDO VWDPS RI ZLWK WZR YDULHWLHV SDLU ZLWK UHWRXFK EORFN 6* WR FRPSOHWH IUHVK PLQW SDLUV ILQH YDULRXV VLQJOHV LQ GLII VKDGHV

+HDOWK VWDPS G 6* $ ILQH FKLHIO\ XP ORW RI

&HQWHQQLDO RI 2WDJR VHW DV FRPSOHWH VKHHWV

3RVLWLRQDO EORFN WZR EORFNV RI VWULS RI ZLWK YDULRXV 6* IUHVK 80 FRQVWDQW YDULHWLHV

+HDOWK VWDPS G 6* XP FRUQHU EORFN RI

ZLWK SRVLWLRQDO YDULHWLHV LQF FORXG IODZ 5

+HDOWK FRPSOHWH VKHHWV G òG *UHHQ &\O

% DQG % G G &\O $ DQG % 6* IUHVK 80

&KDULW\ $1=$& VHW DV FRPSOHWH VKHHWV RI

6* 80

$UPV 6* ) Z ZDWHUPDUN LQYHUWHG

XP PDUJLQDO KLQJHG LQ RXWHU PDUJLQ RQO\ RQH RI WKH UDUHVW

+HDOWK VWDPS G 6* ILQH PRVWO\ XP ORW RI

WHQ EORFNV RI ZLWK SODWH QXPEHUV LQ GLII FRUQHUV QR SODWH

0RVW FRPPHPRUDWLYHV RI WKH SHULRG LQ

%/2&.6 2) )285 EHWZHHQ 6* PRVWO\ ILQH 80

DUPV SRVWDO ILVFDO ^3KRWR`

QXPEHUV HWF DOVR VHYHUDO RWKHU

EORFNV

.*9, 'HILQLWLYHV ZLWK VKDGHV DQG GLIIHUHQW SHUI 4(,, GHILQV YDOXHV WR V G LQ F\OLQGHU EORFNV

V G LQ FRUQHU LPSULQW V ZLWK LPSULQW %/2&.6 2) )285 W\SHV 6* SOXV G 6* $ JRRG ORW RI

VWDPSV &DW

6* G 80 EORFNV ^3KRWR`

+HDOWK VWDPS G 6* D ILQH FROOHFWLRQ PRVW &RXQWHU &RLO 3DLUV G ZLWK QXPEHUV UHDGLQJ

XP ZLWK YDULRXV SODWH EORFNV IURP GLIIHUHQW FRUQHUV RI WKH XSZDUGV GLIIHUHQW QXPEHUV 80 6* 80 VKHHW RWKHU EORFNV EORFNV IHDWXULQJ VWDPSV

&RXQWHU &RLO 3DLUV G 6* ZLWK GLIIHUHQW

QXPEHUV UHDGLQJ XSZDUGV 80

.*9, 2)),&,$/6 6HW RI 6*2 IUHVK

800

&RXQWHU &RLO 3DLUV IRU WKH 4(,, 6* $

.*9, VHW RI FRXQWHU FRLO JXWWHU SDLU RI WKH G

6* WR FRPSOHWH DOO XP SDLUV

ILQH VHOHFWLRQ RI GLIIHUHQW QXPEHUHG SDLUV IUHVK PLQW

5DGLR 3LWFDLUQ LOOXVWUDWHG HQYHORSH ZLWK 1= G

IUDQNLQJ ZLWK 3LWFDLUQ ,V 1= SRVWDO &'6 +HDOWK 3KRWRJUDSKLF HVVD\V IURP WKH %HUU\

2)),&,$/6 VHW DQG WZR VXUFKDUJHV LQ

%/2&.6 2) )285 6* 2 ILQH PLQW EORFNV

&RXQWHU &RLO 3DLUV G 6* GLIIHUHQW

QXPEHUV UHDG XSZDUGV IUHVK 80

(VWDWH ZLWK VL[ XQDGRSWHG GHVLJQV ,QF 7ULDQJXODU W\SHV DUUDQJHG RQ D VLQJOH SLHFH VL]H [ PP 0RVW XQXVXDO

PHILANGLES

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

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 65

&RXQWHU FRLO SDLUV FUHDP SDSHU IUHVK 0LQRU YDULHWLHV RQ 4(,, LVVXHV SXUFKDVHG IURP

XQPRXQWHG PLQW G G G ZLWK D JRRG UDQJH RI &3 F RQ òF EXWWHUIOLHV LQF F\OLQGHU EORFNV GDPDJH RYSWV

QXPEHUV &RXQWHU FRLO SDSHU ZKLWH SDSHU IUHVK 80 G

G G G $ JRRG VHOHFWLRQ ZLWK D YHU\ KLJK

FDW YDOXH

.LZL EOXH ZLWK PLVSODFHPHQW RI WKH EOXH F ,VODQGV ZLWK EOXUUHG JUHHQ F RQ F EORFNV ZLWK GDPDJH YDOXHV DQ LQWHUHVWLQJ JURXS RI EORFNV VLQJOHV 1HZ =HDODQG DQG ,VODQGV VWDPSV VSHFLDOO\

SURGXFHG IROGHU E\ : $ * 6NLQQHU JRYHUQPHQW SULQWHUV FLUFD

ZLWK 1HZ =HDODQG LVVXHV &RRN ,V DQG 1LXH SLFWRULDO VHWV QHDWO\ PRXQWHG LQVLGH EOXH DQG JROG HPERVVLQJ

(UURU G RQ òG GRXEOH RYSW RQH DOELQR &3

1 [ IUHVK 80 &RXQWHU &RLO SDLUV G UHDGLQJ XSZDUGV

GLIIHUHQW QXPEHUV IUHVK 80 6*

672&.3$*(6 :LWK D JRRG UDQJH RI

VWDPSV LQF 6 -XELOHH VHW 3RVWDO )LVFDO 3LQN 6*) 80 'HILQV WR /LJKWKRXVH VHW RI /LJKWKRXVH 1HZ &XUUHQF\ VHW $ JRRG ORW IUHVK PLQW

,PSHUI EORFN G )ORZHU GHILQ IUHVK 80

6* YDU 3LFWRULDO GHILQV VHW LQ %/2&.6 2) )285

6* ILQH 80 EORFNV ^3KRWR`

7R 3D\ DQG SRVWDJH GXHV RQ &RYHUV &DUGV

3267$/ 127,&( ZLWK %URFNYLOOH FGV

YIX 3267$/ 25'(5 FHQWV RQ F RQ YIX DW

&KULVWFKXUFK 9DULHWLHV 0RWK F ,QF PDMRU %OXH VKLIW ERWK

GLIIHUHQW *UHHQ YHLQV VKLIW F EORFN RI DQG F RQ F DOO IUHVK

80 &3 SULFH

PDLQO\ SUH GHFLPDO FRYHUV ,QF )LUVW )OLJKW &RYHU ZLWK 7R 3D\ G +V DQG 3RVWDJH 'XH 33& ZLWK 7R 3D\ G +6 DQG G 'XH 6WDPS (QY 6WDPSOHVV ZLWK -DPHV 6PLWKV &'6 DQG 7R 3D\ G +6 (QY :LWK D YDULHW\ RI VWDPSV SOXV 7R 3D\ G +6 (QY ZLWK 7R 3D\ G 6WDPS RQ WKH UHYHUVH RI WKH FRYHU $Q LQWHUHVWLQJ ORW { 8QLYHUVDO SHQQ\ SRVW ROG SDJHV ZLWK D JRRG

UDQJH RI VWDPSV ZLWK D YDULHW\ RI FDQFHOV DQG SULQWLQJV JRRG IRU VWXG\

9HU\ JRRG DFFXPXODWLRQ RI FKLHIO\ QHYHU KLQJHG

(UURU F $UPV ZLWK WKH 6LOYHU $UP RIIVHW RQ WKH

PDWHULDO LQ JODVVLQHV PRVWO\ ERXJKW RQ QHZ LVVXH DQG UHYHUVH 80 DQG D VHFRQG JURVVO\ PLVSHUIHG &3 3 E3 DQG 8

ERWK 80 (UURU FRORXU RPLWWHG F 0RWK ZLWK $SSOH *UHHQ

RPLWWHG 6* I 80 (UURU FRORXU RPLWWHG F 0RWK ZLWK 3XUSOH %URZQ

RPLWWHG 6* E IUHVK 80

UDQGRPO\ SODFHG LQ WKLV ILOH ER[ QRWH V %LUG GHILQV DV SODWH EORFNV ,QF SODWH EORFN RWKHU VHWV VWLOO LQ SDFNHWV ZLWK EORFNV UHLVVXH .LZL 3ODWHV %RRNOHWV &ROOHFWRUV 1RWHV DQG ,QYRLFHV IRU FRQWHQWV ,QF 5ROO 6WDPSV ZLWK /DEHOV $ JRRG YDULHW\ ZLWK KLJK )9 V

1(:)281'/$1'

{ 0,17 86(' $// ',))(5(17 &2//(&7,21

0DMRU PLVSHUIRUDWHG EORFN F KHULWDJH LVVXH IURP DQ ROG ,GHDO DOEXP ZH VHH G [ G XQXVHG

6* 80 ,PSUHVVLYH VKLIW ([WHQVLYH FROOHFWLRQ ZLWK PDQ\ F\OLQGHU EORFNV

RI VL[ VHHQ /RUG RI WKH 5LQJV ZLOGOLIH VSRUW YLHZV FDUV RYHU

VWDPSV 06 VKHHWOHWV )DFH YDOXH XQPRXQWHG PLQW

G G XQXVHG G G PLQW G XVHG DOO YDOXHV WR F F LV D IRUJHU\ VWURQJ UDQJH RI ODWHU 49 PLQW RU XVHG ODUJHO\ FRPSOHWH F 0DS 80 FRQWLQXHV ZLWK .*9 SHULRG EHWWHU VWDPSV VHHQ QRWH DLUPDLO VHW PLQW PL[HG FRQGLWLRQ HVWLPDWH FDW

1HZ LVVXHV FRPSOHWH 80 VXSSOHPHQWHG ZLWK

&ODVVLF G 6* IUHVK PLQW IRXU PDUJLQV 9HU\

DGGLWLRQDO VSHFLDOLVW PDWHULDO ,QF ERRNOHW VWULSV %RRNOHW 3DQHV

ILQH FRORXU &DW 5ROO VWDPSV ZLWK LPSULQWV RQ WKH UHYHUVH &RLOV ZLWK ODEHOV DQG PXFK PRUH $OO 80 PDQ\ V DQG YHU\ KLJK IDFH &ODVVLFV IUHVK PLQW ZLWK JRRG PDUJLQV G 6*

YDOXH DQG 6*

)$&( 9$/8( RYHU 1= RULJLQDO ORW RI QHZ

+HUDOGLF IORZHUV G WULDQJOH YIP 6* ODUJH

LVVXHV 80 LQ &ROOHFWRUV 3DFNHWV ZLWK FRPSOHWH VHWV 3ODWH PDUJLQV %ORFNV 6RPH &RXQWHU &RLO 3DLUV V SHULRG 0DQ\

V SULVWLQH FRQGLWLRQ %X\ EHORZ IDFH YDOXH 6* G 7ULDQJOH ILQH PLQW ZLWK IXOO

PDUJLQV +($/7+ %(55< '5$:,1*6 $ VXSHUE SDLU RI

VNHWFKHV E\ -DPHV %HUU\ IRU SUH GHFLPDO KHDOWK VWDPSV ZLWK &ODVVLF LPSHUIV IUHVK P ZLWK JRRG PDUJLQV G

FRPSOLPHQW VOLS WKDW WKH\ DUH E\ -DPHV %HUU\ G òG G 6* $ YI JURXS

{ &ODVVLFV D XVHG WULR G 6* G 6*

.*9 2YHUSULQWV IRU $LWXWDNL 3HQUK\Q

LQWHUHVWLQJ FDQFHO 6* JRRG ORRNHUV VPDOO IDXOWV FDW 5DURWRQJD DQG 1LXH ,QF 5DURWRQJD YHUW SHUI SDLUV G 6HH ZHEVLWH G G G F IUHVK PLQW òG LQ D ODUJH EORFN RI òG ODUJH EORFN RI YHUW SDLU EORFNV RI òG òG G F +HUDOGLF IORZHUV G 6* YIP /DUJH

$LWXWDNL G EORFN RI 6* E 80 $ YHU\ JRRG ORW RI PDUJLQV VWDPSV ,QF EORFNV IUHVK PLQW ,QF 80 67& &RG F 6* IUHVK PLQW &DW

.*9, FROOHFWLRQ RQ ROG SULQWHG DOEXP SDJHV

ZLWK PDQ\ VHWV LQF SHDFH GHILQV SRVWDO ILVFDOV KHDOWK VHWV OLIH 6* F 3ULQFH DV D PLQW EORFN RI VL[ [ FDW

LQVXUDQFH VHWV D JRRG UDQJH RI VWDPSV PLQW HDFK $Q DWWUDFWLYH PXOWLSOH GLIIHUHQW 6* F VHDO D Y ILQH PLQW SDLU VKRZLQJ

/LWHUDWXUH &DPSEHOO 3DWHUVRQ VHW RI WZR

PLVVLQJ SHUIRUDWLRQ SLQ YDULHW\ :HOO FHQWUHG IUHVK FDW

FDWDORJXHV IRU LVVXHV WR DERXW LQ JRRG FRQGLWLRQ ZLWK '-

'LVFRYHU\ VHW RI 6* IUHVK PLQW &DW

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 66

3RUWUDLWV VHW RI 6* IUHVK PLQW &DW

49 VHW SOXV VKDGHV òG G G òG

G G G &DW PLQW

5HPDUNDEOH XQFOHDUHG SURRI LPSHUI EORFN RI

{ &$1&(//$7,216 &ROOHFWLRQ RQ ROG

WKH F 6LU )UDQFLV %DFRQ 6* XQLWUDGH ZLWK FRORXU SDJHV ZLWK GHWDLOV RQ GLIIHUHQW LVVXHV ZLWK PDQ\ GLIIHUHQW YLUWXDOO\ RPLWWHG OHDYLQJ WKH GHHS HQJUDYLQJ ODUJH PDUJLQ DW FDQFHOV VHHQ %RQQ\ 5LYHU &RGH $ 2OG &DODEDU 2SRER $Q EDVH JXPPHG YHU\ XQXVXDO LQWHUHVWLQJ ORW RI VWDPSV ZRXOG ORRN JUHDW UH ZULWWHQ { 6* &RURQDWLRQ VHW )8

XS

{ &$1&(//$7,216 49 ,QF /DUJH SLHFH

ZLWK òG G G òG IUDQNHG ZLWK %RQQ\ VTXDUH FLUFOH &'6 &DULERX PXOWLSOHV IUHVK XP PXOWLSOHV LWHPV

G ZLWK 2OG &DODEDU &'6 &RGH $ òG ZLWK 2OG &DODEDU &'6 FDW F FRUQHU EORFN F EORFN F EORFN F WRS &RGH & $ JRRG ORW ZLWK GHWDLOV VWDPSV

YDOXH VXSHUE EORFN

1,*(5,$ $LUPDLO WR +DOLID[ 2YSW 2Q D QHDW (QY :LWK 6W

4 -RKQ V PDFKLQH FDQFHO 6* $ ILQH FRYHU 2LO ULYHUV RYSWV òG WR H[ G WZR VKDGHV

9DULHW\ R &RYHU $LUPDLO RYSW 7\SH ZLWK QR

4 VWRS DIWHU 6* D 6HOGRP VHHQ RQ FRYHU

3LFWRULDO VHW RI 6* IUHVK PLQW &DW

3HUNLQV %DFRQ VHW IUHVK P 6*

$LU VHW ZLWKRXW :PN 6* PLQW

RI WKH G 1LJHU &RDVW -DQ WR G QR ZPN WR G

WR G ZLWK VKDGHV XQFKHFNHG IRU SULQWLQJV 0LQ FDW

{ 1,*(5 &2$67 +6 RQ KDOI G 6* )8 RQ

SLHFH WLHG QHDW 2SRSR &'6 6FDUFH 1LJHU &RDVW 2LO 5LYHU 2EOLWHUDWHG VHW WR ZLWK

VKDGHV XQFKHFNHG IRU SHUI W\SHV òG G G òG

G

PLQW &DW PLQW { .*9 KLJK YDOXHV 6* G ERWK ILQH

XVHG

$LUPDLO KLJK YDOXHV ZLWK ERWK VHWV WR

4 6*

{ V JUHHQ UHG RQ EOXH JUHHQ ZKLWH EDFN

$LUPDLO KLJK YDOXH PLQW VHOHFWLRQ LWHPV F

4 SDLU RQH ZLWKRXW ZPN F DV DQ DWWUDFWLYH PLQW EORFN 6*

7RS YDOXH .*9 GLH ,, 6* E YHU\ IUHVK

6* +LJK &9 %RWK 3LFWRULDO VHWV 6* DQG

6* F IUHVK PLQW *LOEHUW VHW YIP 6*

{ 6LOYHU -XELOHH VHW RQ UHJLVWHUHG FRYHU

/RQJ &RURQDWLRQ VHWV RQ FRYHU LWHPV ,PSHUI SULQWHUV :DWHUORZ SURRI RI F ILVK DV

EORFN ZLWK VHFXULW\ SXQFWXUHV &HQWUH FURVV ILQH P RQ VWDPS SDSHU 6*

6* 9)8 VPDOO WKLQ RQ SHUI DW EDVH PLQW ^3KRWR` { )LQH XVHG ZLWK D FDWDORJXH YDOXH LQF

GHILQV ZLWK GLIIHUHQW SHUI W\SHV 6 :HGGLQJ VHW GHILQV ZLWK VKDGHV $ ILQH UDQJH RI VWDPSV ZLWK PDQ\ VHWV .*9 3LFWRULDO VHW ,QF JRRG òG SHUIRUDWLRQ

9)0 PDQ\ 80 $ IUHVK VHW 6* F

$ PRVW UHPDUNDEOH ODUJH UHJLVWHUHG FRYHU IURP

$SDSD WR /HYHU %URWKHUV 8QLOHYHU DW /RQGRQ ZLWK VWDPSV .*9 G UDUH LQF XVH RI G KLJK YDOXHV 6* PXOWL FDQFHOOHG )ROGV HWF EXW DQ XQXVXDO IUDPLQJ

,PSHUI SULQWHUV SURRI RI :DWHUORZ LVVXHV F F

&HQVRU FRYHU VHQW WR ,UHODQG ZLWK òG IUDQNLQJ

F HDFK DV ,03(5) EORFNV RI ZLWK VHFXULW\ SXQFWXUHV VWDPS SDSHU PLQW RJ $ VFDUFH WULR 6*

9DULHW\ F 'DPDJHG $ 6* E IUHVK

PLQW &DWDORJXHG DSSHDOLQJ FODVVLF VHOHFWLRQ

RI GLIIHUHQW LVVXHV FKLHIO\ ILQH PLQW ZLWK HDUO\ SHUIRUDWHG LVVXHV WR F F )UHVK FRORXUV { 2OG WLPH UDQJH RQ VWRFNFDUGV DQG ROG SDJHV

VHHQ 3ULQFH RI :DOHV FRG ILVK 49 KHDGV VHDO LQF F

URXOHWWHG F F F PLQW D KLJKO\ FDWDORJXHG UDQJH RI VWDPSV PXFK PLQW

1LJHULD FHQVRU WDSH DQG KDQGVWDPS { &$1&(//$7,216 21 .*9, ,VVXHV $ ILQH

FROOHFWLRQ RI FRYHUV ZHOO GLVSOD\HG RQ SDJHV ,QF D YHU\

JRRG UDQJH RI VWDPSV XVHG LQ %ULWLVK 0DQGDWHG &$0(5221 ZLWK YDOXHV WR FRPPHP XVDJHV ZLWK GLIIHUHQW RIILFH 3PNV ,QF :HGGLQJ *RRG TXDOLW\ { &$1&(//$7,216 RQ VWRFNSDJHV LQF 1LJHU

&RDVW VHHQ %RQQ\ 5LYHU 4XD ,ERH %HQLQ 5LYHU LQ UHG 2LO 5LYHU òG ZLWK %ODFNEXUQ FGV G SDLU ZLWK %RQQ\ 5LYHU LQ UHG 6RXWKHUQ 1LJHULD (GZDUGV LQF 732 %XUXWX FGV $VDED FGV DQ LQWHUHVWLQJ ORW RI VWDPSV PXFK LGHQWLILHG

(DUO\ SRVWDO KLVWRU\ SRVWDO FDUGV G RYSW HG RLO 8VHIXO SLFNLQJV IURP GLIIHUHQW VWDPSV

UDQGRPO\ DUUDQJHG RQ VL[ SDJHV VSRWWLQJ VWDPSV FDW XSWR ULYHUV QG RYSW HG 1LJHU &RDVW 3URWHFWRUDWH 49 UHJG HQY G HDFK *RRG UDQJH RI LVVXHV WR F DLU RYSW P %ULWLVK 3URWHFWRUDWH RLO ULYHUV RYSW QG ODUJHU VL]H ZLWK WKH 6* 5R\DO SRUWUDLW VHW RI PLQW FDW XVHIXO VDPH RYSW $OO XQXVHG VLQJOH YDOXHV FDW XSWR P IX SRVWDJH GXH VHW P { .*9 .*9, 2OG 6WRFNSDJHV ZLWK D JRRG YDULHW\

DLUPDLOV WR P YHU\ KLJK FY RULJLQDO ORW RI VWDPSV VHHQ .*9, G 2UDQJH 0LQW 6LOYHU :HGGLQJ VHWV PLQW DQG ILQH XVHG GHILQ WR FKLHIO\ ILQH 1,*(5 &2$67 3527 XVHG 0267/< 0,17 $// ',))(5(17 UDQJH RQ DQ

.*9, 3RVWDO +LVWRU\ VHQW WR )UDQFH ZLWK )UHQFK

ROG ,GHDO DOEXP SDJH LQFO 2LO 5LYHUV VHW òG 3RVWDJH 'XH DIIL[HG FRYHU WR 3DULV HQGRUVHG + 0 &RQYLFW XVHG -DQ YDOXHV WR V 0D\ PLQW VHW EHWWHU 3ULVRQ 'HSW RQ WKH UHYHUVH (QY :LWK PXOWLSOH .*9 QRWH PLQW GHILQV VHW LQFO V G V IUDQNHG GXHV (QY :LWK %DUULVWHU DQG 6ROLFLWRU FDFKHW RQ PL[HG FRQGLWLRQ FDW

WKH UHYHUVH ,QWHUHVWLQJ JURXS RI FRYHUV

Selling? – Contact Simon Carson today for professional advice on how to sell your stamps/covers.

PTS and ASDA registered.

Integrity assured.

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 67

2LO 5LYHUV 3RVWDO 6WDWLRQHU\ òG &DUG

6XUFKDUJH F VHW ZLWK GLIIHUHQW SHUIRUDWLRQV FDW

XVHG DQG XQXVHG G FDUG XVHG DQG XQXVHG 5HJG (QY :LWK VSHFLPHQ RYSW 8QXVHG 1LJHU &RDVW G FDUGV XVHG DQG XQXVHG

RQ ROG DOEXP SDJHV VRUWHG E\ SHUI W\SHV LQF F RQ

F RQ D VXSHUE UDQJH RI VWDPSV PLQW

63(&,0(1 RYSW 6HOHFWLRQ .*9 YDOXHV WR { FHQWV RYSW ERWK SHUIV YIX 6* D

1RUWKHUQ ,QF (GZDUG PL[HG PRVW DUH ILQH ^3KRWR`

{ %ULWLVK 3URWHFWRUDWH RYSW 6* JHQXLQH

1,8(

SRVWDO XVHG $ UDUH VWDPS 6OLJKW DJHLQJ VPXGJHG 6DQGDNDQ FGV 6HOGRP RIIHUHG

3DJHV ZLWK EHWWHU SLFNLQJV LQF SRVWDO

ILVFDOV &DW PLQW 3RVWDO ILVFDO VHW RI F

9LJQHWWH SULQWHG GRXEOH RQH $OELQR YDULHW\ F

PLQW 3LFWRULDO VHWV LQF 6LOYHU -XELOHH G ZLWK QDUURZ 1 6* D PLQW VPDOO DJH VSRW 6FDUFH $ JRRG UDQJH RI VWDPSV PDLQO\ PLQW RGG )8 +LJKO\ &DWDORJXHG { %0$ RYSW VHW IX LQWHUHVWLQJ 9LFWRULD /DEXDQ

FDQFHOODWLRQV 6*

125)2/. ,6 &RPPHPRUDWLYHV GHILQLWLYH EDVLF VHWV

FRPSOHWH UXQ LQ %/2&.6 2) )285 6* PRVW DUH ILQH

80 EORFNV ^3KRWR`

&URZQ &RORQ\ RYSW VHW RI DV 80 EORFNV

6FDUFH 6* F EORFNV VRPH WRQHG VSRWV WKRXJK

WRS YDOXH EORFNV DUH ILQH .*9, VHW WR F DV 80 EORFNV RI 6*

EORFNV

1257+ %251(2 { $UPV F F 6* )8

(QYHORSH IURP 1RUWK %RUQHR ZLWK F IUDQNLQJ

{ (LJKW FHQWV RQ F 6* IX

DQG F 0DOD\DQ 3RVWDJH 'XH VHQW WR 3HUDN $ ILQH FRYHU

{ 9HUWLFDO RYHUSULQW F RQ F )8 6*

3ULQWHUV ZDVWH 4(,, EORFN RQ EURZQ SDSHU

ZLWK PXOWLSOH LPSUHVVLRQV 1RUWK %RUQHR F LVVXH ZLWK %5 *XLDQD F 6SHFWDFXODU

{ )LQH XVHG VHOHFWLRQ RI GLIIHUHQW VWDPSV &DW

)LUVW LVVXH F (LJKW &HQWV RYSW 6* $UPV ,QF F $UPV WR F 6* $ JRRG DQG KLJK &DW *URXS 5HTXHVW VFDQ { 0,17 86(' $// ',))(5(17 UDQJHV IURP

DQ ROG ,GHDO DOEXP H[FHOOHQW UDQJH HDUOLHU LVVXHV PRVWO\ &72

,PSHUI SURRI EODFN SULQWV RQ ZKLWH FDUG

LVVXH F F F F XQXVXDO

1RUWK %RUQHR 6WDWH &LJDU 6\QGLFDWH

3UHVHQWDWLRQ )ROGHU FRQWDLQLQJ FLUFD VHW RI &72 3LFWRULDO 6WDPSV $Q XQXVXDO SURPRWLRQDO LWHP )LQH

XVHG QRWH F VXUFKDUJHV LQFO EHWWHU PLQW XQXVHG YDOXHV GHILQV WR PRVWO\ PLQW IHZ 5HG &URVV RYSWV PLQW VHW WR F PRVW YDOXHV WR F PLQW VHW WR F PLQW PL[HG FRQGLWLRQ DSS

3RVWDO VWDWLRQHU\ LWHPV DOO GLII XQXVHG LQF

{ 3URYLVLRQDO RYSWV F F 6* ERWK )8

6SHFLPHQ VHW RI 6* V V IUHVK PLQW

F RQ F FDUG DOVR FRYHUV LQF &RPPDQGHU LQ &KLHI FDFKHW RQ PLOLWDU\ FRYHU

1257+(51 1,*(5,$

.*9 GHILQLWLYH VHW RI 6* PLQW

6XUFKDUJHV F RQ F PLQW F RQ F IX 6*

^3KRWR`

63(&,0(1 RYSW 6HOHFWLRQ .*9 ,QF

5HYHQXHV F RQ F UDLVHG VWRS YDULHW\ PLQW

ILQH 6* ^3KRWR` EDUHIRRW D &72 E ZLWK SURSHU ILVFDO SPN { (/2385$ &'6 RQ 6* 3KLODWHOLFDO\ XVHG

RQ FOHDQHG KLJK YDOXH VWDPS 6HH SURXG ' 8QXVXDO

1257+(51 5+2'(6,$

&RLO òG 6* D UHPDUNDEOH ODUJH SDUW UROO VD\

VWDPSV VKRZLQJ PDQ\ FRLO MRLQ VWULSV SOXV WKH FRPSOHWH

UROO OHDGHU ZLWK WKH ,17$&7 ODEHO ZLWK LQIRUPDWLRQ RQ FRQWHQWV )HZ FRXOG H[LVW 9) 0LQ FY

{ $UPV 6* )8

&RPSOHWH FRLO UROO RI XQLWV G DUPV 6*

VRPH HQG SDSHUV H[WHQVLYH QXPEHU RI FRLO MRLQV VWDPSV

6XUFKDUJH VHW 6* JRRG WR ILQH PLQW

XQFKHFNHG &9 $OVR D SDUW FRLO UROO RI JXHVV .*9, òG 6* D FDW LWHPV F

{ 6XUFKDUJHG 7ZR &HQWV DQG (LJKW &HQWV

(GZDUG PLQW VHOHFWLRQ RQ VWRFNFDUGV ZLWK

6* )8

YDOXHV WR HDFK GLIIHUHQW

{ 7KH F RYHUSULQWV 6* )8

125:$<

{ +LJK YDOXHV &RDW RI $UPV VHW )8 ,QF ERWK

VKDGHV RI 6* E VPDOO KLQJH WKLQ LV ILVFDO XVHG ZLWK %3$ &HUW VWDPSV 6* DQG VFDUFH )8 { 3LFWRULDO LVVXH )8 ZLWK DGGLWLRQDO SHUIRUDWLRQV

$17, 7% &KDULW\ VWDPSV ZLWK FRPSOHWH

SULQWHUV ERRNOHWV RI FRORXU VHSDUDWLRQ VKHHWV DQG PDQ\ ILQH

HDUO\ ERRNOHWV DOO LQ SULVWLQH FRQGLWLRQ ,QF .LQJ 2ODY ERRNOHW GLIIHUHQW ERRNOHWV

)DFH 9DOXH NU $ YHU\ ILQH

FROOHFWLRQ RI GLIIHUHQW 6WDPS %RRNOHWV ZLWK LVVXHV WR

DQG VKDGHV 6* ,QF F &URFRGLOH ZLWK ERWK FRORXUV DQG GLIIHUHQW SHUIV F F HWF DUH &72 IRU UHIHUHQFH

%X\

Key to symbols in this catalogue

{ &RUUHFWHG LQVFULSWLRQV F F DOO ZLWK

GLIIHUHQW OLVWHG SHUIRUDWLRQV )8 6* E

✱

✉

Used Mint Postal History

✈ ✱✱ &

Airmail Unmounted mint Literature

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 68

1<$6$/$1'

3$.,67$1

.(9,, GHILQV VHW 6* KLQJH UHPDLQV (5525 WK $VLDQ 2SWLPLVW 6DLOLQJ

&KDPSLRQVKLS YHUW VWULS RI ZLWK ODEHO ZLWK PLVVLQJ 5HG JRRG WR ILQH PLQW ^3KRWR`

6* YDU 80

V G EODFN FDUPLQH UHG RQ SDOH EOXH

9HU\ 6FDUFH %HQD]LU %KXWWR VLJQHG 2UFKLG

'$0$*(' /($) DW ERWWRP ULJKW 6* I ILQH PLQW

LOOXVWUDWHG FRYHU

6LOYHU -XELOHH YDULHW\ .LWH DQG 9HUWLFDO /RJ

6* N 9)0

3$/(67,1( 0267/< 0,17 86(' 5$1*( IURP DQ ROG

,GHDO DOEXP LQFO RYSWV WR SL PLQW GHILQV WR P YDOXH PL[HG FRQGLWLRQ

6SHFLPHQ 3HUIRUDWHG &RURQDWLRQ 6HW RI

6* V PLQW %/2&.6 2) )285 LQFO .*9, GHILQV

DOO YDOXHV WR V RQH V VWDPS KDV SLQ KROH 3URWHFWRUDWH

9$5,(7,(6 6HFRQG VHWWLQJ P VWULS ZLWK SDSHU

MRLQW S ZLWK RYSW RIIVHW RQ WKH EDFN S ZLWK GDPDJH ( UHDGV 3DOKVWLQH LQWHUHVWLQJ JURXS RI PLQW VHW LQ F\OLQGHU EORFNV OLJKW JXP WRQLQJ DQG PRUH JRRG WR ILQH 3267$*( '8(6 FRPSOHWH VHW 6* ' 9)0

80 EORFNV

4(,, GHILQV VHW LQ %/2&.6 2) )285

6* ILQH 80 EORFNV ^3KRWR` 7ULDO RYHUSULQWV RQO\ SUHSDUHG P *5((1

2937 DQG P %/$&. 2937 ERWK XP XQXVXDO

$ FRPSOHWH VHDOHG FRLO UROO RI [ G 6* D

ZLWK %UDGEXU\ :LONLQVRQV SULQWHUV ODEHO VWLOO DIIL[HG 7ULDO RYSW LQ %/$&. LVVXHG LQ UHG P (J\SW

XQEURNHQ $ UDUH VXUYLYRU H[FHSWLRQDO VWULSV FDW RYSW DV D PDUJLQDO EORFN IUHVK XP RQO\ RQH VKHHW SUHSDUHG

([SHUW KV (QYHORSH ZLWK 3LFWRULDO VHW RI

(UURU P XP SDLU RYSW GRXEOH RQH

6* YHU\ ILQH XVHG GLDJRQDO %5,7,6+ &(175$/ $)5,&$ V G

{ 2OGWLPH FROOHFWLRQ RQ SDJHV ZLWK EHWWHU

EODFN XOWUDPDULQH ZPN &URZQ && 6* 9)0 SLFNLQJV VHW 6* PLQW RYSW WR S PLQW WR ^3KRWR` S 6* S 6* SRVWDJH GXH VHW XVHG %5,7,6+ &(175$/ $)5,&$ V

SLFWRULDO VHW WR S PLQW $ JRRG VHOHFWLRQ RI VWDPSV EODFN FDUPLQH ZPN &URZQ && 6* 9)0 PDLQO\ PLQW ^3KRWR`

3$38$

%5,7,6+ &(175$/ $)5,&$ .(9,,

{ )LQH XVHG /DNDWRL G 6* òG G

GHILQV VHW 6* OLJKW FUHDVH DFURVV FRUQHU V G KHDY\ KLQJH RWKHUZLVH 9)0 ^3KRWR`

6* &DW 9HU\ ILQH

{ &$1&(//$7,21 &2//(&7,21 RQ .*9,

VWDPSV DQG FRYHUV XVXDO RIILFHV SOXV 6DOLPD /XMLUH

0ODQGD EORFN RI 'LDPRQG -XELOHH XVHG RQ UHJLVWHUHG FRYHU DW =RPED HWF 1LFHO\ LOOXVWUDWHG RQ SDJHV

/DNDWRL LQYHUWHG ZPN VHW RI IUHVK PLQW LQF

ERWK G 6* 2)),&,$/6 26 RYSW VHW H[ G IUHVK PLQW

6* SOXV DGGLWLRQDO G ZLWK YDULHW\ DIIHFWLQJ WKH YDOXH WDEOHW

20$1 'HILQLWLYH VHW RI 6* IUHVK 80

3LFWRULDO GHILQV VHW DOVR òG EODFN EXII

2OG SDJHV ZLWK PDQ\ VHWV FDW RYHU ZLWK

EHWWHU SLFNLQJV LQF 1DWLRQDO GD\ VHWV GHILQ VHW RI &KLOGUHQ IXQG GHILQ VHW RI $ YHU\ JRRG

{ )LQH XVHG VHWV 6*

FROOHFWLRQ RI VWDPSV 06 PLQW LQF 80

6* D V KDV VXUIDFH IDXOW RWKHUZLVH 9)0

ERWK .*9, DLUPDLO VHWV

6* PLQW

1HZ &XUUHQF\ VHW RI 6* IUHVK

80

3$38$ 1(: *8,1($

8QPRXQWHG PLQW FROOHFWLRQ ZLWK EHWWHU SLFNLQJV

RYSW GHILQV E òU DQG VFDUFH U FKLOGUHQV

G EODFN VHSLD ODUJH 3DSXD RYSW ZPN

KRUL]RQWDO 6* PLQW FDW

IXQG ERRN \HDU QDWLRQDO GD\ 2OG 3DJHV ZKHUH WKH PLQW &DW ZLWK PDQ\

HGXFDWLRQ $UDE SRVWDO XQLRQ $ ILQH ORW RI VWDPSV FDW VHWV LQF GHILQLWLYH V RYHU VWDPSV RQO\ YDOXHG IRU WKH PLQW

LQF %XWWHUIOLHV +HDGGUHVVHV :LOGOLIH VHWV $ XVHIXO ORW 3RVWDO KLVWRU\ FRYHUV ZLWK D YDULHW\ RI

IUDQNLQJV LQF E RYSW VLQJOH IUDQNLQJ 6* GHILQV LQF &RLO F VW\OLVHG ELUG RI SDUDGLVH 6* LQWDFW

D SDLU RI E QDWLRQDO GD\ E ZLWK E GHILQV 8VHIXO FRLO RI FLUFD VWDPSV SOXV RULJLQDO OHDGHU ZLWK LQIRUPDWLRQ ORW XP &DW 60$// 2)),&(6 &$1&(//$7,21 FROOHFWLRQ

25$1*( )5(( 67$7( %ULWLVK RFFXSDWLRQ LVVXHV 95, RYSWV ZLWK D

YDULHW\ RI SULQWLQJV WR 2UDQJH 5LYHU &RORQ\ RYSW LQF òG ZLWK QR VWRS $ YHU\ JRRG UDQJH RI VWDPSV PLQW FDW

3RVWDO 6WDWLRQHU\ XQXVHG PDLQO\ 3RVWDO &DUGV

RQ ILQH FRYHUV ZLWK PDQ\ UHJLVWHUHG V SHULRG PDQ\ HOXVLYH SRVWPDUNV IURP UHPRWH UHJLRQV LQF UHOLHI RIILFH W\SHV UXEEHU W\SHV D ZLGH YDULHW\ RI VWDPS XVDJHV JRRG ORW

3,7&$,51 ,6 5DGLR 3LWFDLUQ LOOXVWUDWHG HQYHORSH ZLWK G 1=

,QF RYSW VXUFKDUJH W\SHV 2Q +HU 0DMHVW\ V 6HUYLFH (QY HQGRUVHG +LV IRU +HU 2IILFLDO (QY $ JRRG ORW RI LWHPV

)UDQNLQJ ZLWK VSHFLDO FDFKHW DQG 3LWFDLUQ ,V 1= SRVWDO &'6

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 69

4(,, 3LFWRULDO GHILQV VHW ODWHU òG LQ %/2&.6

2) )285 6* ILQH 80 EORFNV

^3KRWR`

38(572 5,&2 6SHFLPHQ F %DE\ )DFH F SDLU

F ILQH PLQW

(UURU FRURQDWLRQ GRXEOH VLOYHU RQ WKH 06

6*06 YDULHW\ RQ IGF YHU\ VFDUFH QR DGGUHVV

4$7$5 4(,, *% VXUFKDUJHV VHWV LQ %/2&.6 2)

)285 6* FRPSOHWH ILQH 80 EORFNV

32/$1'

^3KRWR`

&RPSOHWH 6KHHWOHW RI $LUPDLO /DEHOV

LPSULQWHG SOXV RIILFLDO HQYHORSH DQG OHWWHU VLJQHG E\ H[ 0LQVWHU 7 .DF]HQVNL

48((16/$1' V \HOORZ RFKUH ZPN &URZQ 4 6*

{ )LQH XVHG LQ 3ODVWLF 3DFNHWV SUREDEO\

PLQW

VWDPSV WHUULILF YDULHW\ PDQ\ FRPPHPV DOO SHULRGV WRWDOO\ XQFKHFNHG

{ &DQFHOODWLRQV RQ .*9 LVVXHV VHHQ UHJLVWHUHG

7RRZRRPED FURVV WZR VWDPSV %U\GHQ *DOOLRSH &KDUWHUV /DUJH FROOHFWLRQ LQ HLJKW $OEXPV DQ H[WHQVLYH

7RZHUV 'RQJR /XFLQGD $ YHU\ JRRG UDQJH RI FROOHFWLRQ RI PDQ\ V RI VWDPSV RQH YROXPH LQF 80 VHWV FDQFHOV RI *HUPDQ 2FFXSDWLRQ 'DQ]LJ DQG 3RUW *GDQVN WKUHH $OEXPV &ROOHFWLRQ RI )LQH XVHG VHHQ ERWK 3RSH 06 $ YDVW 3RVWDO 6WDWLRQHU\ XQXVHG ,QF &DUGV ZLWK

FROOHFWLRQ LQ D ODUJH FDUWRQ PDQ\ FRPSOHWH VHWV UHSO\ FDUGV VWLOO DWWDFKHG /HWWHUFDUG :UDSSHU 3LFWRULDO &DUGV

6SHFLPHQ RYSW RQ G &KDORQ FDUG 9HU\ XVHIXO ORW 8102817(' 0,17 &2//(&7,21 2I QHZ

LVVXHV DQG FRPSOHWH VHWV WR V LQ YROXPHV RHODESIA 5+2'(6,$ GLIIHUHQW VWDPSV DQG 06 &DW 9HU\ ILQH 0DQ\

EHWWHU ,QF 6SDFH 6KHHW LPSHUI DQG 3RSH 6LOYHU )RLO { 7+( 5+2'(6,$6 0,17 86(' $// ',))(5(17 UDQJHV IURP DQ ROG ,GHDO DOEXP ZH VHH 1RUWKHUQ 6HW *RRG ORW 5KRGHVLD .*9 WR V PRVWO\ XVHG 6LOYHU -XELOHH VHW PLQW 3257 &2/21,(6 % & $ 1\DVDODQG LQFO WR V XVHG G G PLQW { $]RUHV U WRS YDOXH IX 6* ILQH DQG WR V XVHG .(9,, .*9 WR V G GHILQV

6LOYHU -XELOHH VHWV PLQW % 6 $ & WR V G PLQW RU XVHG VFDUFH V WR ILVFDOO\ XVHG PLQW VHW $UPV VHWV :DWHUORZ DQG 6RQ 6SHFLPHQ RYSWV RQ 6W G RQ V XVHG KHDY\ FDQFHO &DSH RYSWV WR G

7KRPDV 3RVWDO 7D[ VHWV LQ LVVXHG FRORXUV 6*& ' PLQW VHW WR V V WR V PLQW PLQW IUHVK ILVFDOO\ XVHG )DOOV VHW PLQW PRVW YDOXHV PLQW WR V G PLQW VHW 'RXEOH +HDGV WR V 3257 &2/6 $=25(6 PLQW V XVHG $GPLUDOV YDOXHV WR V PLQW 6RXWKHUQ 6SHFLPHQV 3RVWDO 7D[ VHWV LQ LVVXHG FRORXUV

5KRGHVLD XVHIXO JURXS LQFO 6LOYHU -XELOHH PLQW VHW 0L[HG 6*& DQG ' ZLWK ZDWHUORZ DQG 6RQ 6SHFLPHQ FRQGLWLRQ FDW

RYSWV )UHVK $UPV KLJK YDOXH 6* IUHVK PLQW FRXSOH RI

QLEEOHG SHUIV VXSHUE FRORXU

3257 &2/6 &$3( 9(5 /LPLWHG (GLWLRQ 0LQLDWXUH VKHHWV VHW ZLWK

PDWFKLQJ VHULDO QXPEHUV H 6WHDPHU 3URGXFHG E\ +DUWPDQQ

VFDUFH 80

$UPV VHW RI ILQH ILVFDO XVHG

6* *UHDW JDS ILOOHUV $UPV WRS YDOXH IUHVK PLQW 6* &DW

3257 &2/6 0$'(,5$ 6SHFLPHQ 3RVWDO 7D[ VHWV 6*& '

ZLWK ZDWHUORZ DQG 6RQV 6SHFLPHQ RYSW 8QXVHG DV LVVXHG VSHFLPHQV

3257 &2/6 02=$0

$UPV VHW RI G WR IUHVK PLQW 6HH

:HEVLWH IRU TXDOLW\ 6* { $UPV VHW RI G WR )8 6*

3522)6 '( /$ 58( $UFKLYH 3LFWRULDOV DV

VFDUFH EORFNV RI ZLWK YDOXHV WR H LQ D YDULHW\ RI FRORXUV EORFNV ZLWK VHFXULW\ KROHV

3257 &2/6 1<$66$ { 2OG WLPH FROOHFWLRQ FKLHIO\ PLQW ZLWK EHWWHU

SLFNLQJV U WR U 0R]DPLTXH RYSW 6HW WR U

{ $UPV RQ D ROG DOEXP SDJH ILQH XVHG WR

6* WKLQ SDSHU òG WR H[ 6* G DQG G 6* FDW YDOXH $UPV GHILQV VHW 6* JRRG WR ILQH PLQW

)8 VXUFKDUJHV $ JRRG UDQJH RI VWDPSV

$UPV PLQW VHOHFWLRQ RQ D FDUG &DW

DOO GLIIHUHQW ZLWK YDOXHV WR G EHWZHHQ 6* 1LFH ORW

3257 &2/6 =$0%(=,$ $ YHU\ VFDUFH FRYHU IUDQNHG U U SDLU

&DSH RYSW VHW ILQH PLQW 6* &DW

=DPEH]L LVVXHV WLHG 4XHOLPDQH &'6 DGGUHVVHG WR 6ZLW]HUODQG $UULYDO &'6 &DUULHG E\ 6KLS 'HOLJKWIXO

{ &DSH RYSW VHW XVHG 6* &DW

32578*$/

6RXQG

{ ,PSHUIRUDWHG FODVVLFV 4XHHQ U

{ /DUJH DUPV GLH , DQG ,, 6* ILQH XVHG

.LQJ U D JRRG UDQJH RI VWDPSV PDQ\ ZLWK QXPHUDO FDQFHOV FDW

òG WR G 6* ILQH XVHG 'RXEOH KHDGV òG GLIIHUHQW VKDGHV

3267$/ +,6725< 3RVWDO &DUG U

6* PLQW XSUDWHG ZLWK U VHQW WR 8. HDUO\ FRORXUHG 33& &DPHO &DYDOU\ 7UDQVSRUW 33& RI 58$ 9DOVDVVLQD ZLWK 0R]DPELTXH

'RXEOH KHDGV G 6*

U $UPV VHQW WR 5KRGHVLD $ VPDOO EXW XVHIXO ORW RI PLQW FRYHUV &DUGV

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 70

'RXEOH KHDGV G 6* D PLQW

5DQJH RI GHILQLWLYH FRPPHPRUDWLYHV LQ

%/2&.6 2) )285 LQFO ,78 :DWHU VHWV RYSW

GHILQV OHVV V RQ V G &KXUFKLOO GHILQV VHW &$$ VHW V 0DUGRQ SULQWLQJV ILQH 80 EORFNV

^3KRWR`

{ URVH VFDUOHW EOXLVK EODFN 'RXEOH +HDG

6* 9)8 G GXOO SXUSOH SXUSOH 'RXEOH +HDG SHUI

6* JRRG WR ILQH PLQW { G EOXH FDUPLQH UHG GLH ,, SHUI $GPLUDO

6* 9)8 ZLWK %8/$:$<2 $ SRVWPDUN { G EOXH UHG GLH ,,,% SHUI $GPLUDO

'XDO &XUUHQF\ VHW LQ %/2&.6 2) )285

6* ILQH 80 EORFNV ^3KRWR` .*9 $GPLUDOV 6RXWKHUQ 5KRGHVLD VHW RI

6* DQG 5KRGHVLD UDQJH WR G XQFKHFNHG PLQW

5+2'(6,$ 1<$6$

6* 9)8

&RPSOHWH UXQ RI GHILQLWLYH FRPPHPRUDWLYH

EDVLF VHWV LQ %/2&.6 2) )285 6* ILQH 80

{ V FULPVRQ \HOORZ JUHHQ GLH ,, SHUI

EORFNV ^3KRWR`

$GPLUDO 6* 9)8 { V EODFN EURZQ GLH , 3 $GPLUDO 6*

JRRG WR ILQH XVHG

&RPSOHWH FRLO UROO ZLWK OHDGHU VWULS DWWDFKHG RI

WKH G FRLO LVVXH 6* D VWDPSV FDW DOVR D SDUW UROO

RI WKH G 9+) PDVW FRLO VWDPS 6* D RI DERXW VWDPSV FDW 7KH WZR LWHPV FDW

{ V EODFN EURZQ GLH ,, SHUI $GPLUDO

&RLO OHDGHU ZLWK òG FRLO VWDPSV DWWDFKHG 6*

D IXOO SULQWHG LQIRUPDWLRQ RQ WKH OHDGHU SOXV WKH IXUWKHU UROO RI

6* ILQH XVHG { V G LQGLJR JUH\ EURZQ GHHSHU VKDGH GLH ,,

SHUI $GPLUDO 6* 9)8

VD\ òG FRLO VWDPSV 7KH ORW LV FDW

$ FRPSOHWH FRLO UROO RI ZLWK ORQJ JUHHQ

OHDGHU VWULS ZLWK SULQWHG LQIRUPDWLRQ RI WKH òG FRLO VWULS LVVXH

{ V G LQGLJR JUH\ EURZQ GLH ,, SHUI

$GPLUDO 6* 9)8

6* D XP FDW DV EDVLF VWDPSV $ UDUH VXUYLYRU

{ V EOXH EOXH JUHHQ GLH ,, SHUI $GPLUDO

6* 9)8 { V EOXH \HOORZ JUHHQ GLH ,, SHUI $GPLUDO

6* XQXVHG FDW

$ FRPSOHWH FRLO UROO RI ZLWK ORQJ SLQN OHDGHU

VWULS ZLWK SULQWHG LQIRUPDWLRQ RI WKH G FRLO VWDPS LVVXH 6* D

XP FDW DV EDVLF VWDPSV $ UDUH VXUYLYRU

580$1,$

{ V G EODFNLVK SXUSOH VODWH EODFN GLH ,,

SHUI $GPLUDO 6* ILQH XVHG

&RORXU 7ULDOV RI WKH .LQJ LVVXH òE WR E LQ D

YDULHW\ RI FRORXUV GLIIHUHQW

{ G YLROHW JUHHQ GLH ,, SHUI $GPLUDO

6* FRORXU D OLWWOH VXIIXVHG RWKHUZLVH JRRG WR ILQH XVHG FDW

5866,$

{ $'0,5$/6 ',( , 3(5) G WR G YDOXHV

6* G FUHDVHG RWKHUZLVH JRRG WR ILQH XVHG

{ $'0,5$/6 ',( , 3(5) G WR V DOO YDOXHV

H[FHSW G 6* JRRG WR ILQH XVHG

{ 2OG SDJHV ZLWK PDQ\ EHWWHU VHWV LQF

5RPDQRY ZDU FKDULW\ YDUQLVK OLQH VHW RI ZKLWH

5XVVLD N WR N 9ROJD IDPLQH UHOLHI VXUFK VHW $ YHU\ ILQH FROOHFWLRQ RI VWDPSV 2OGWLPH RULJLQDO FROOHFWLRQ

{ )LQH XVHG FROOHFWLRQ ZLWK PDQ\ VHWV H[WHQVLYH

FROOHFWLRQ RI GLIIHUHQW VWDPS DQG 06 6XSHUE ORW IRU WKH ILQH XVHG FROOHFWRU &2//(&7,21 LQFOXGHV DOO YDOXHV WR V G ZLWK DGGLWLRQDO

VKDGHV WR V DGGLWLRQDO WRQHG V G EXW QRW FRXQWHG DOVR VHH $OEXP FRQWDLQLQJ GLII 06 RU VKHHWOHWV RI WKH

V DOO XP D EODFN SXUSOH ZLWK F G V SRVWPDUN DQG EODFN YLROHW ZLWK QR REYLRXV FDQFHO SUREDEO\ ILVFDOO\ XVHG 0L[HG FRQGLWLRQ ,9$1 .2-('8% 6LJQHG SKRWR ,QF %ODFN DQG

WKRXJK PRVW JRRG WR ILQH FDW ILVFDO :KLWH %ODFN DQG :KLWH SULQW RI 5XVVLDQ )LJKWHU 3ODQHV VLJQHG VWDPSV

E\ 6(5*$, .$50$5(1.2 { $'0,5$/6 ',( ,, 3(5) G WR V DOO

5<8.<8 ,6 YDOXHV 6* G D OLWWOH ZDVKHG V FRORXU UXQ RWKHUZLVH JRRG WR ILQH XVHG FDW 8102817(' 0,17 FROOHFWLRQ ZLWK PDQ\

EHWWHU VHWV 6HHQ ILUVW SULQWLQJ WR V QG SULQWLQJ WR \ { $'0,5$/6 ',( ,,, 3(5) 86('

SLFWRULDO VHW H[SUHVV 8QLYHUVLW\ DQG DLU &2//(&7,21 LQFOXGHV DOO YDOXHV WR V PRVW ZLWK VHWV $ VXSHUE FROOHFWLRQ RI VWDPSV 06 DGGLWLRQDO VKDGHV òG RQ G ERWK W\SHV PRVW

YDOXHV òG WR V SOXV V ZLWK D IHZ DGGLWLRQDO VKDGHV RI WKHVH 0L[HG FRQGLWLRQ JHQHUDOO\ JRRG WR ILQH FDW

6$$5

8QLVVXHG F *UHHQ DV DQ LPSHUIHG EORFN RI

{ V FULPVRQ EULJKW \HOORZ JUHHQ GLH ,,,%

80 VHH 0LFKHO

SHUI $GPLUDO 6* ILQH XVHG { $'0,5$/6 ',( ,, 3(5) 86('

6$,17 +(/(1$

V EODFN EURZQ GLH ,,,% SHUI 6*

80

0267/< 0,17 &2//(&7,21 $//

',))(5(17 UDQJH IURP DQ ROG ,GHDO DOEXP XVHIXO UDQJH RI 49 LVVXHV PLQW VHW WR G PLQW YDOXHV WR V G PLQW WR G PLQW 6LOYHU -XELOHH VHW PLQW PL[HG FRQGLWLRQ FDW

{ V EULJKW XOWUDPDULQH HPHUDOG GLH ,,,%

SHUI 6* 9)8 { ),1( 86(' ZLWK PDQ\ VHWV GHILQ VHW RI

.*9 3LFWRULDO VHW RI ,QF ERWK G 6*

òG DQG G VKDGHV GHILQ VHW LQF FRLO VWDPSV PLQW FRPPHPRUDWLYH VHW $ JRRG ORW VWDPSV

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 71

3RVWFDUG IURP %HOJLXP ZLWK 6W +HOHQD F (;7(16,9( FROOHFWLRQ ZLWK D FDWDORJXH YDOXH

&'6 DUULYDO PDUN 3RVWFDUG IURP 86$ WR WKH SRVWPDVWHU RYHU VWDPSV DQG 06 VHHQ GLIIHUHQW GHILQLWLYH RQ 6W\ +HOHQD ZLWK 6W +HOHQD DUULYDO 63 &'6 DVNLQJ IRU VHWV H[WHQVLYH FRPPHPRUDWLYH PXFK 80 VRUWHG E\ VHWV

OLVW RI VWDPSV DYDLODEOH WR EX\

6LOYHU -XELOHH VHW RQ WZR SDUWV RI 3HQQ\

.*9, GHILQLWLYHV WR ZLWK VKDGHV

VHW RI IUHVK PLQW 3RVWDJH -XELOHH SULQWHG HQYHORSH FDUG LQVHW ),567 '$< 2) ,668( 67 +(/(1$ 32670$5.6 ERWK SDUWV UHJLVWHUHG { .*9, ),1( 86(' 6HOHFWLRQ GLIIHUHQW ,QF

DGGUHVVHG WR (QJODQG ZLWK ODWHU *% DUULYDO SRVWPDUNV RQ $ VKDGH QXPEHUV G GLIIHUHQW

IURQWV :RQGHUIXO PDWFKHG SDLU PRVWO\ VHOHFWHG IRU TXDOLW\ 5HTXHVW VFDQ 6LOYHU -XELOHH YDULHW\ GRW E\ IODJVWDII

{ 1HYLV ,PSHULDO SDJH ZLWK PHGLFLQDO VSULQJ G

6* + 9)0 6FDUFH LWHP IRU WKLV LVVXH

HDFK GLIIHUHQW RQH PLQW G )8 49 VLGHIDFH òG G 6SHFLPHQ 3HUIRUDWHG &RURQDWLRQ 6HW RI PLQW

6* V PLQW 63(&,0(1 RYSW 6HOHFWLRQ .*9 PRVWO\

ILQH PLQW ZLWK YDULRXV YDOXHV WR G

%R[HG 7D[HG +DQGVWDPS RQ G IUDQNHG (QY

6HQW WR /HHZDUG ,V $ ILQH FRYHU

6$,17 /8&,$

.*9, VHW RI 6* $V FRPSOHWH VKHHWV 49 G G 6* YIP F

RI ILQH 80 ZLWK SODWH :DWHUORZ LPSULQWV 6FDUFH &DW

6* G IUHVK XQXVHG DV LVVXHG

7ZR 3HWLWH 1HZVSDSHU :UDSSHUV VHQW IURP 6W

+HOHQD WR (QJODQG RQH ZLWK D SDLU .*9, òG QG ZLWK VLQJOH G IUDQNLQJ ERWK ZLWK YHU\ ILQH 6W +HOHQD &'6 :DWHUPDUN 5HYHUVHG &KDORQ G 6* [ &DW

%R[HG 7D[HG +DQGVWDPS RQ DQ (QY 6HQW WR

PLQW $PHULFD ZLWK G .*9, IUDQNLQJ XQXVXDO GHVWLQDWLRQ { 0,17 86(' $// ',))(5(17 UDQJHV IURP

DQ ROG ,GHDO DOEXP ZH QRWH WR V PLQW .(9,, V 0XOWLSOH IUDQNHG FRYHUV VHQW WR 6FRWODQG 5HJG

PLQW 6LOYHU -XELOHH VHW PLQW 3LFWRULDO GHILQV VHW ZLWK .*9 .*9, IUDQNLQJV ZLWK .*9 .*9, 4(,, PL[HG FRQGLWLRQ FDW

IUDQNLQJ ERWK ZLWK VXSHUE 6W +HOHQD &'6 FDQFHOV ZLWK 6W

{ 49 ),1( 86(' ZLWK YDOXHV WR VHW RI

+HOHQD DQG $VFHQVLRQ VWDPSV 4(,, 3LFWRULDO GHILQV VHW LQ %/2&.6 2) )285

6* ILQH 80 EORFNV ^3KRWR`

G EL VHFW RQ D SLHFH VWDPSV

4(,, &ROOHFWLRQ XQPRXQWHG PLQW ZLWK PDQ\

EHWWHU VHWV LQF GHILQ VHW RI F 'HILQ VHW RI

49 VXUFKDUJHV ILQH JURXS òG RQ KDOI G DV

PLQW 3$,5 6* G RQ G P G RQ G IX SDLU żG RQ G P 6* 1LFH JURXS

DQG 'HILQ VHWV PDQ\ &RPPHPRUDWLYH VHWV 6WDPSV DQG 06 &DW 2YHU

{ 9DULHW\ VXUFKDUJHG 2 RYHU + òG RQ G

/RFDO 0DLO 6HUYLFH VHW RQ FRYHUV ZLWK ORFDO PDLO

FDQFHOV ,QF 6W 3DXO %OXH +LOO + 7 +ROORZ /HYHOZRRG /RQJ:RRG 1HZ *URXQG 6DQG\ %D\ HDFK GLIIHUHQW

6* I YHU\ ILQH XVHG .*9, D ODUJH DFFXPXODWLRQ RI FRLO VWULSV SDUW

UROOV DOO XP òG F F LQFOXGLQJ UROO HQG ODEHOV TW\

{ ),1( 86(' .,1*6 VHOHFWLRQ DOO QLFH FGV

FRSLHV ZLWK (GZDUGV WR G ERWK SDSHUV .*9 G G LVVXHV HWF 5HTXHVW VFDQ ,QWHUHVWLQJ 3RVW &DUGV ERWK IURP *HUPDQ\

&2,/ .*9, ODUJH SDUW UROO RI FLUFD RI WKH òG

6* D XP $ VFDUFH VXUYLYRU 49 VHOHFWLRQ &DW ZLWK GLH , 'LH ,,

ZLWK YDOXHV WR YDOXHV PLQW

ZULWWHQ LQ (QJOLVK WKDQNV IRU VWDPSV VHQW QG DVNLQJ DERXW VWDPSV RI $VFHQVLRQ ERWK VHQW WR 3RVWPDVWHU *HQHUDO

6$,17 3,(55( 0,48(/21

.*9, VHWV LQF GHILQV ZLWK VKDGHV LQF

G

6 :HGGLQJ VHWV FDW

6$,17 .,776 1(9,6 6W &KULVWRSKHU òG WR EHWZHHQ 6*

òG G òG G G PLQW

2OG 3ULQWHG 3DJHV ZLWK VWDPSV DQG 06

&DW ZLWK LVVXHV WR ,QF 3RVWDJH GXH VHWV &RPPHPRUDWLYH VHWV $ JRRG UDQJH FKLHIO\ PLQW ,QF PXFK 80

6$,17 9,1&(17 3RVWDO +LVWRU\ 3RVWDO 6WDWLRQHU\ $ ILQH ORW RI

LWHPV RQ SDJHV ,QF V 3DTXHERW &RYHUV 2IILFLDO 3DLG &DFKHW 6SHFLDO &RURQDWLRQ $LUOHWWHU 9)8 HWF &OHDQ

5HYHQXH VWDPSV XVHG IRU SRVWDJH 6HW RI

6*5 5 PLQW

49 G DV D VXSHUE PLQW SDLU SOXV G YIP

9DULHW\ 6W &KULVWRSKHU G VXUFKDUJH ZLWK QR

6* LWHPV F

VWRS 6* D PLQW %L FRORXU VHW ILQH PLQW 6* F

.*9 'HILQLWLYHV WR WR

H[ òG 6* IUHVK PLQW

49 G 6* DV D YI PLQW YHUWLFDO SDLU

49 G \HOORZ 6* YIP F

{ 0,17 86(' $// ',))(5(17 UDQJHV IURP

{ 6,/9(5 -8%,/(( 9DULHW\ òG .LWH DQG 9HUWLFDO

DQ ROG ,GHDO DOEXP HDUO\ 49 WR V YDOXHV XVHG V

/RJ 6* N 9)8

PLQW V PLQW .(9,, PRVW YDOXHV WR V PLQW ZPN 0XOW &URZQ &$ VHW PLQW 6LOYHU -XELOHH VHW PLQW PL[HG FRQGLWLRQ FDW DSS

VISIT www.philangles.co.uk.

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 72

{ 0,17 86(' $// ',))(5(17 UDQJHV IURP

DQ ROG ,GHDO DOEXP LQFO VHW YDOXHV WR F XVHG

49 &KDORQ 9HUPLOOLRQ &DW 6*

XQXVHG ORYHO\ FRORXU

XQXVHG VHW WR F XVHG YDOXHV WR F PLQW F XVHG PLQW GHILQV WR VRPH EHWWHU VWDPSV VHHQ PL[HG FRQGLWLRQ FDW

{ :$7(50$5. 5(9(56(' G 6* D IX FDW

{ 49 G 6* DV D IX KRUL] SDLU $ YI

5HYHQXH 5HFHLSW 6WDPSV ERWK F LVVXHV ILQH

PXOWLSOH

PLQW XQXVHG %

49 FURZQ FD VHW RI IUHVK P XQXVHG 6*

FDW NH\ LVVXH

{ %URRNH 'HILQ VHW RI )8 6* 0DMRULW\

DUH QHDWO\ FDQFHOOHG ZLWK &'6 3PNV &

{ :DWHUPDUN UHYHUVHG G 6* ; DV D YIX

JUHHQ EODFN QR ZPN 6* 9)0

SDLU

:$7(50$5. ,19(57(' G 6* Z ILQH

{ 6XUFKDUJH VHW RI )8 6*

PLQW

49 G 6* 9)0 F DOVR G 6*

{ 3RVWDJH VHW FRPSOHWH )8 ZLWK DOO DGGLWLRQDO

OLVWHG VKDGHV DQG F ZLWK :PN 6* D

,PSUHVVLYH 5HJ G FRYHU ZLWK IRXU VWDPSV 49

{ 1HZ FRORXUV VHW )8 ZLWK OLVWHG F VKDGHV

W\SHV òG QHDWO\ FDQFHOOHG DW .LQJVWRZQ (DUO\ 5HJ G ODEHO YDULRXV FDQFHOV

6*

([WHQVLYH FROOHFWLRQ XQPRXQWHG PLQW

VWDPSV DQG 06 LQF PDSV ZLWK GLIIHUHQW LPSULQWHG GDWHV &HQWHQDU\ VHW 6* RQ ILQH ORFDO IGF

LQGHSHQGHQFH RYSWV ZLWK GLIIHUHQW LPSULQWHG GDWHV $ ORYHO\ FROOHFWLRQ HDFK VWDPS LV GLIIHUHQW

2UFKLG HUURU F FRUQHU SDLU ZLWK GRXEOH

SHUIRUDWLRQ 80 8QXVXDO 6* 9DU

(DUO\ 4(,, IUHVK PLQW GHILQ VHW ZLWK

VKDGHV &RURQDWLRQ )HGHUDWLRQ 5HG &URVV ))+ D JRRG ORW RI 4(,, GHILQV QHZ ZDWHUPDUN VHW LQ %/2&.6 2) VWDPSV FDW

)285 6* ILQH 80 EORFNV

,QWHUHVWLQJ VHOHFWLRQ LQF FRYHUV .*9, ZLWK

ILQH RKPV LWHP DLUPDLO UHJLVWHUHG ELUGV GHILQ { ),1( 86(' &203/(7( 6(76 %0$ VHW

VHW RQ IGF VRPH VWDPSV 6* %URRNH VHW &URZQ &RORQ\ 6HW { .*9, ),1( 86(' 6HOHFWLRQ GLIIHUHQW ,QF

6LOYHU :HGGLQJ 838 .*9, GHILQ VHW 0DMRULW\ DUH 9)8 3RVWPDUNV YDOXHV WR 4XDOLW\ YHU\ ILQH

/LWHUDWXUH 6DUDZDN WKH LVVXHV RI DQG

{ 0XOWLSOHV RI 49 +HDG LVVXHV VFDUFH G

3ODWLQJ 6WXGLHV DQG 3RVWDO +LVWRU\ E\ % 3 %DWW\ 6PLWK DQG : 1 :DWWHUVRQ LQ YHU\ JRRG FRQGLWLRQ ZLWK LW ' -

VWULS RI G SDLU G SDLU SDLU 6* DQG ILQH XVHG 3RVWDO 6WDWLRQHU\ XQXVHG ,QF 49 ZLWK

VSHFLPHQ RYSWV .*9?, 3LFWRULDO W\SH ZLWK VSHFLPHQ RYSWV $ YHU\ JRRG UDQJH RI LWHPV PXFK LGHQWLILHG ZLWK + DQG * QXPEHUV

6$02$ { 0267/< 0,17 86(' $// ',))(5(17

UDQJH IURP DQ ROG ,GHDO DOEXP SUHVXPHG WR EH UHSULQWV

3DOP 7UHHV WR V G PLQW RU XVHG .*9 PLQW WR V 9LFWRU\ VHW PLQW GHILQV VHW PLQW VRPH EHWWHU VWDPSV VHHQ PL[HG FRQGLWLRQ FDW

{ *5, RYSW G \DFKW DV )8 EORFN RQ SLHFH

VKRZLQJ FRPSOHWH $SLD 30.V 0RVW DWWUDFWLYH 6*

$WWUDFWLYH ORFDO FRYHU IUDQNHG RYSW VHW RI VL[

/LWHUDWXUH 7KH UHYHQXH VWDPSV RI 6DUDZDN

E\ %HUQDUG - /DUGQHU LQ YHU\ JRRG FRQGLWLRQ

/LWHUDWXUH +DQGERRNV 7KH $LUPDLOV RI

6DUDZDN &DQFHOODWLRQ DQG 3RVWDO 5DWHV 6DUDZDN 2IILFLDOV $ VXUYH\ 7KH 5DMDK V 2IILFHUV 7KH :KLWH 5DMDK RI 6DUDZDN E\ %DUU\ )OR\G DQG 7ZHQW\ 2QH <HDUV RI WKH 6DUDZDN -RXUQDO DOO LQ JRRG FRQGLWLRQ /LWHUDWXUH 6DUDZDN WKH '( /D 5XH 6WRU\ E\

1HYLOOH :DWWHUVRQ LQ YHU\ ILQH FRQGLWLRQ ZLWK LWV ' -

/LWHUDWXUH 7KH :KLWH 5DMDK V RI 6DUDZDN D

%RUQHR '\QDVW\ E\ %RE 5HHFH LQ JRRG FRQGLWLRQ ZLWK LW V ' - $ YHU\ LQWHUHVWLQJ UHDG

6* HDFK WLHG QHDW $SLD FGV (QYHORSH WR (QJODQG ZLWK òG /DNH :DNDWLSD

IUDQNLQJ ZLWK 3$66(' %< &(1625 KDQGVWDPS

/LWHUDWXUH 7KH 6WDPSV DQG 3RVWDO +LVWRU\ RI

6DUDZDN 6XSSOHPHQW E\ : 5 )RUUHVWHU :RRG LQ ILQH FRQGLWLRQ

{ 0RVW LQWHUHVWLQJ /RW RQ &DUGV HWF

3$66(' %< &(1625 FDFKHW RQ ILQH FRYHU WR

8QLVVXHG F ILQH PLQW &HQWHQDU\ VHWV RQ FRYHUV

8. IUDQNHG òG

.*9, &RYHU WR 8JDQGD ZLWK F FDQF DW 0LUL &URZQ &RORQ\ VHW WR 4(,, SDLU )8 4W\ XVHIXO LWHPV

)LUVW )OLJKW &RYHUV ZLWK EHLQJ VLJQHG

4 LOOXVWU ([SHULPHQWDO )OLJKW WR )XWXQD ,V (PSLUH

$LUPDLO 6HUYLFH IURP 8. WR 6DPRD ZLWK VSHFLDO FDFKHW LOOXVW (QY 7R :DOOLV ,V :LWK WK $QQLYHUVDU\ /DEHO WLHG D XVHIXO JURXS

6$8', $5$%,$ 2OG SDJH ZLWK QHZ FXUUHQF\ LVVXHV ZLWK EODFN

RU EOXH RYSWV ZLWK YDOXHV WR SL RQ SL PLQW

6$5$:$.

8QPRXQWHG PLQW ZLWK PDQ\ VHWV RYHU

VWDPSV ZLWK EHWWHU SLFNLQJV +XPDQ ULJKWV .LQJ )DOVDO

{ )LQH XVHG ZLWK VHWV VWDPSV VHW

6* VHW WR HWF $OO GLIIHUHQW

YLVLW KLJKZD\ VHFRQG URYHU 0HWHRURORJLFDO 'D\ DQQLYHU ZLWK ZURQJ GDWH $ YHU\ ILQH FROOHFWLRQ

www.philangles.co.uk

place your bids online. Immediate and secure.

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 73

$LUPDLO S YDOXDEOH EORFN RI IUHVK 80

6* FDW

6,(55$ /(21( 0267/< 0,17 $// ',))(5(17 UDQJH IURP

8QPRXQWHG PLQW RQ KDJQHU SDJHV ZLWK EHWWHU

SLFNLQJV DQQLYHUVDU\ RI WKH ILUVW SRWDJH VWDPS VHW LQF

06 \HDU RI WKH FKLOG VHW KRO\ PRVTXH LPSHUI 06 D YHU\ JRRG FROOHFWLRQ RI VWDPSV DQG 06

)LYH \HDU SODQ FRPSOHWH VKHHW RI VH WHQDQW

EORFNV 6* D IUHVK 80

DQ ROG ,GHDO DOEXP QRWH G òG òG EURZQ DQG YDOXHV WR V WR G IHZ .(9,, WR G .*9 D IHZ WR V WR V &HQWHQDU\ WR G SOXV V V XVHG 6LOYHU -XELOHH VHW PLQW PL[HG FRQGLWLRQ ZLWK RGG XVHG VWDPS FDW DSS

{ 2OG DOEXP SDJHV ZLWK VWDPSV FDW

QRWH 49 WR (GZDUG WR .*9 WR .*9, WR DQG 4(,,

WR 6RUWHG E\ LVVXHV ZLWK VHWV PXFK PLQW 49 ),1( 0,17 *5283 LQFO G G

6(5%,$ $XWUR +XQJDULDQ 0LOLWDU\ 3RVW 2YHUSULQWHG

òG WR V FRPSOHWH G SOXV 5HYHQXH RYSWG VWDPSV YHU\ ILQH PLQW

6HUELD K WR K RQ WZR FRYHUV FRYHU K K K QG K K K DQG K DOO DV SDLUV RI VWDPSV PRVW XQXVXDO

{ 5HYHQXH G RQ G ZLWK IRXU EDUV )8 % F DOVR

6(<&+(//(6

EODFN SXUSOH RQ UHG ZPN 0XOW &URZQ &$

{ 0DXULWLXV XVHG LQ 6H\FKHOOHV G ERWK ZLWK

6* PLQW

% 'XSOH[ RQH LV DQ H[FHSWLRQDO VWULNH 6PDOO IDXOWV 6*=

V EODFN SXUSOH (OHSKDQW :LOEHUIRUFH

LVVXH 6* 9)0

{ 0DXULWLXV XVHG LQ 6H\FKHOOHV G G

FRPELQDWLRQ SLHFH HDFK ZLWK FULVS % 'XSOH[ 6PDOO IDXOWV WKRXJK D VFDUFH LWHP 6*=

6LOYHU -XELOHH VHW DV 80 EORFNV RI IRXU

6*

{ 0DXULWLXV XVHG LQ 6H\FKHOOHV G ZLWK VXSHUE

% GXSOH[ 9HU\ ILQH 6*= { 0DXULWLXV XVHG LQ 6H\FKHOOHV G 9)8 ZLWK EROG

DQG FRPSOHWH % 'XSOH[ 9HU\ ILQH 6*=

{ &$1&(//$7,21 FROOHFWLRQ RQ VWRFNSDJHV ZLWK

{ 0DXULWLXV XVHG LQ 6H\FKHOOHV G 9LROHW 9)8

ZLWK FULVS % 'XSOH[ 6*= PLQXWH WKLQ GRHV QRW GHWUDFW { 0DXULWLXV XVHG LQ 6H\FKHOOHV G ZLWK YHU\ ILQH

% 'XSOH[ 6*=

PXFK LGHQWLILHG )UHHWRZQ SDUFHO SRVW .HQW 3DTXHERW FDQFHOV 0DQRKJDOLMDK .DEDOD 1HZ (QJODQG /DKXQ .LVV\ DQ LQWHUHVWLQJ ORW RI VWDPSV ZLWK PDQ\ GLIIHUHQW STXHERW FDQFHOV PL[HG .(9,, .*9 3267$/ +,6725< LWHPV )8

3RVWDO 6WDWLRQHU\ QF G HQY :LWK 3O\PRXWK 3DTXHERW PDFKLQH 5HJ G .*9 XSUDWHG G HQY :LOEHUIRUFH G G RQ 5HJ G FRYHU WR 6ZLW]HUODQG 5HJ G HQY V XVHG

0DXULWLXV XVHG LQ 6H\FKHOOHV F 2UDQJH ZLWK

VXSHUE % 'XSOH[ FKRLFH DOVR G ZLWK % VPDOO IDXOWV 6*=

.*9, 3267$/ +,6725< ZLWK UHJLVWHUHG

{ )LQH XVHG RQ ROG SDJHV ZLWK EHWWHU SLFNLQJV

F 'LH , 6XUFK WR F WR U F

6XUFK V ,QF F RQ U F $ JRRG UDQJH RI VWDPSV ,QYHUWHG RYHUSULQW YDULHW\ F RQ F ILQH PLQW

F 6* D

HQYHORSHV XSUDWHG G RQ FHQVRUHG 5HJ G FRYHU G HQYHORSH XSUDWHG ZLWK G DQG FHQVRUHG WR 86$ YHU\ QLFH LWHP XVHG )UHQFK 0HGLFLQH $GYHUWLVLQJ &DUG 8VHG $LUOHWWHUV 9DULHW\ RI RIILFHV HWF 0RVWO\ ILQH LWHPV

4(,, 3267$/ +,6725< ZLWK UHJLVWHUHG

9DULHW\ (GZDUG G ZLWK GHQWHG IUDPH 6* D

HQYHORSHV XSUDWHG 7KH XVH RI *ROG )RLO 6KDSH 6WDPSV $ JRRG $ JRRG YDULHW\ RI RIILFHV PXFK V SHULRG DQG H[FHOOHQW FRQGLWLRQ LWHPV

PLQW U JUHHQ EOXH ZPN 0&$ 6* ILQH

49 3RVWDO &DUGV )8 YDULHW\ RI W\SHV DQG

PLQW

FDQFHOV 1LFH FRQGLWLRQ

$ ILQH FROOHFWLRQ FDWDORJXHG RYHU ZLWK

EHWWHU SLFNLQJ GHILQLWLYH V WR U LQF F VODWH EOXH U EODFN GHILQLWLYH V WR U GHILQV WR U

GHILQ VHW WR U FRPPHPRUDWLYHV PDQ\ VHWV DV EORFNV RI RYHU VWDPSV .*9, 9$5,(7< F +DQGNHUFKLHI IODZ

6* $%$ )LQH PLQW $ VFDUFH LWHP 9DULHW\ F WRUWRLVH 6* QHYHU KLQJHG PLQW

VKRZLQJ 6W (GZDUG FURZQ YDULHW\ LQ WKH ORZHU PDUJLQ

VFDUFH 'HILQV 7R F ,QF D QXPEHUV JRRG F ([FHOOHQW TXDOLW\

(GZDUGV WR G .*9 G 0RVWO\ JRRG WR ILQH

6,1*$325( 'HOLJKWIXO KDQG SDLQWHG FRYHU GHSLFWLQJ

-DSDQHVH W\SH VKULQH DW VHD IUDQNHG (GZDUG F WLHG 6LQJDSRUH &'6 DGGUHVVHG WR 6ZLW]HUODQG 9HU\ ILQH

1R VHUYLFH 5HWXUQ WR VHQGHU KDQGVWDPS RQ DQ

(;7(16,9( &ROOHFWLRQ RI VWDPSV

06 6KHHWOHWV LQF 0\ VWDPSV DQG VHOI DGKHVLYH %RRNOHWV VHHQ PDQ\ 6LQJDSRUH 0HGDO :LQQHU VKHHWV 0\ 6WDPS IDQWDVWLF IRXU OLPLWHG VKHHWV 6LQJSH[ VKHHW :LOGOLIH VHULHV VKHHW WR $LUFUDIW VKHHW $ VXSHUE FROOHFWLRQ RI VKHHWV IRU WKLV SHULRG

Key to symbols in this catalogue ✈ ✱✱ &

63(&,0(1 RYSW 6HOHFWLRQ 49 òG

HQYHORSH VHQW IURP &UR\GRQ (QJODQG DQG UHWXUQHG EDFN

{ .*9, ),1( 86(' 6HOHFWLRQ GLIIHUHQW

✉

VFDUFH PXOWLSOH

% 'XSOH[ 6*=

Used Mint Postal History

0LVVLQJ FRORXU HUURU F 'LDPRQG VKDSHG VWDPS

DV D 80 +RUL] 3$,5 ZLWK *UHHQ DQG *ROG RPLWWHG 6* D $ 0LVVLQJ FRORXU HUURU F 'LDPRQG VKDSHG VWDPS

ZLWK *UHHQ DQG *ROG RPLWWHG ILQH 1+0 6* D

{ 0DXULWLXV XVHG LQ 6H\FKHOOHV G ZLWK VXSHUE

✱

RWKHU ORZ YDOXHV

Airmail Unmounted mint Literature

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 74

*/2%$/ &,7< ,PSHUIRUDWHG :RUOG 6WDPS

&KDPSLRQVKLS RYHUSULQWHG OLPLWHG WR MXVW VKHHWV

.(9,, D FDUPLQH %5,7 6+ 9$5,(7< LQ RYSW

6* D PLQW

80

.(9,, U JUHHQ EODFN U JUH\ EODFN UHG

&DW ZLWK XVHIXO PLQW SLFNLQJV

VWDPSV .*9, QLFH VHOHFWLRQ ZLWK YDOXHV WR P

ZPN &URZQ && 6* ILQH PLQW

.(9,, GHILQV VHW 6* RGG YDOXH KDV D

)5$0$ 0$&+,1( /DEHOV FROOHFWLRQ LQF ILUVW

PLQRU WRQHG SHUI RWKHUZLVH YIP

VHW 80 QG VHW WR 80 UG VHW WR

^3KRWR` 80 WK VHW WR 80 WK VHW WR 80 WK VHW WR .(9,, ZPN &URZQ &$ U WR U ZPN &URZQ

RQ FRYHUV DQG XVHG $ YHU\ JRRG ORW && VHW 6* D IDXOWV RWKHUZLVH ILQH PLQW

/LWHUDWXUH 3KLODWHOLF 'HOLJKWV 6LQJDSRUH DQG

&21752/ 6,1*/(6 DWWUDFWLYH PLQW JURXS

0DOD\D E\ %HUQDUG &KXQJ /WG WR FRSLHV 7KH 0RQRJUDP LQFO òD WR D SOXV òD D D RQ RUGLQDU\ RQ WKH '(& 7(& 3RVWDJH 9DOXH /DEHOV RI 6LQJDSRUH E\ SDSHU .*9 òD D 9)0 PRVWO\ KLQJHG RQ PDUJLQV :RQJ &OHH .HRQJ ERWK YHU\ LQWHUHVWLQJ DQG LQ JRRG

FRQGLWLRQ .(9,, ZPN PXOW &URZQ FD VHW SOXV D RQ

/LWHUDWXUH 6LQJDSRUH $ 3LFWRULDO +LVWRU\

FKLHIO\ SDSHU 6* D YIP

E\ *UHWFKHQ /LX YHU\ LQWHUHVWLQJ LQ YHU\ JRRG FRQGLWLRQ ZLWK LWV ' - { 6LOYHU -XELOHH VHW 6* 9)8

/LWHUDWXUH 6LQJDSRUH 3RVW 2IILFHV DQG

5HJLVWUDWLRQ /DEHOV UG (GLWLRQ E\ /HQ 6WDQZD\ LQ YHU\ JRRG 6SHFLPHQ 3HUIRUDWHG &RURQDWLRQ 6HW RI

FRQGLWLRQ ZLWK LWV ' - 6* PLQW { 3267$/ +,6725< (QY ZLWK

(GZDUG F [ F VWDUWV ZLWK 6LQJDSRUH &'6 RQ WKH UHYHUVH .*9, PLQW FROOHFWLRQ LQF GHILQ VHW RI

6LQJDSRUH 7XWLFRULQ &'6 ,QZDUG PDLO IURP ,QGR &KLQD GHILQ VHW RI FRPPHPRUDWLYH VHWV LQF FRURQDWLRQ IURP 6DLJRQ WR ,QGLD 9LD 6LQJDSRUH (QY ZLWK V ZHGGLQJ 838 QHZ FXUUHQF\ VHW WR D JRRG ORW RI .*9, IUDQNLQJ VHQW 9LD 6LQJDSRUH F WR F ZLWK )', VWDPSV IUHVK PLQW HDFK GLIIHUHQW &DW FDQFHO &RURQDWLRQ VHW RQ SRVWDO FDUG VHQW ORFDOO\ .*9, VHWV PLQW RQ SDJHV SLFWRULDO VHW RI

VHW RI 9LFWRU\ 838 QHZ FXUUHQF\ VHW RI 620$/,$ $ ILQH UDQJH RI VHWV FDW %0$ RYSW .*9, VHW RI DV 80 EORFNV &HQVRU &RYHU ZLWK 2$6 (QGRUVHG &HQVRU

6*6 4 6KLHOG KDQGVWDPS UHGLUHFWHG WR WKH 8.

2)),&,$/ U JUHHQ ZPN &URZQ FF

620$/,/$1' 3527 D FDUPLQH RYSW DW WRS %5,7 6+ 9$5,(7< LQ

SDLU ZLWK QRUPDO 6* D JRRG WR ILQH PLQW

6* YIP ^3KRWR`

6287+ $)5,&$

(GZDUG RQ ROG SDJHV ZLWK YDULHWLHV VHHQ PDQ\ { 6287+(51 $)5,&$ 0,17 86(' $//

GDPDJH OHWWHUV SOXV OLVWHG òD 6RPDO ODQG IRU 6RPDOLODQG ',))(5(17 UDQJHV IURP DQ ROG ,GHDO DOEXP ZH VHH JRRG 6* G IRU , 6* E D 6RPDO ODQG IRU 6RPDOLODQG 6* G

D IRU , 6* E DQG 6RPDO ODQG IRU 6RPDOLODQG 6* G ZLWK YDOXHV WR D DQG PDQ\ GDPDJH OHWWHUV $ JRRG ORW RI VWDPSV 6* IUHVK PLQW ,QF 80 &DW JRRG IRU VWXG\ ,QGLD ZLWK RYSWV DW ERWWRP RI VWDPSV FRPSOHWH

VHW 6* YIP ^3KRWR` ,QGLD ZLWK RYSWV DW WRS RI VWDPS FRPSOHWH VHW

SOXV XQOLVWHG D VKDGH 6* ILQH PLQW

^3KRWR`

&DSH WULDQJOHV XVHG UDQJH WR V VRPH WKUHH PDUJLQ :RRGEORFN LV D IRUJHU\ XVHIXO ODWHU WR V YDOXHV *ULJXDODQG IHZ XVHG YDOXHV WR V VPDOO UDQJH RI 1DWDO QRWH .(9,, V XVHG IHZ 1HZ 5HSXEOLF SRRU 2 ) 6 LQFO .(9,, PLQW VHW 7UDQVYDDO XVHIXO UDQJH 9 5 , SUREDEO\ D UHSULQW 6RXWK $IULFD 8QLRQ LQFO 9RRUWUHNNHU 6LOYHU -XELOHH VHWV LQ PLQW SDLUV 6RXWK :HVW $IULFD 6 : $ RYSWV WR V G V PLQW SDLUV GHILQV WR V YDOXHV PLQW RU XVHG 6LOYHU -XELOHH VHW PLQW VRPH EHWWHU VWDPSV VHHQ PL[HG FRQGLWLRQ DSS RYHU SDLUV

{ 35( 81,21 &2//(&7,21 XVHIXO UDQJHV RI

&DSH ZLWK G WULDQJOH WKHQ 6HDWHG +RSH LVVXHV WR V YDOXHV .(9,, D ROLYH 620$/ /$1' RYSW YDULHW\ LQ

SDLU ZLWK QRUPDO 6* F 9)0 RYHUSULQW 6HW WR U 6* ZLWK YDULHWLHV VHHQ

D D SDUW PLVVLQJ QG , LQ %ULWLVK òD DQG D ZLWK IRU , $ IUHVK PLQW JURXS RI VWDPSV 49 (GZDUG RYHUSULQWV VHW RI SOXV òD ZLWK

VRPDO ODQG IRU VRPDOLODQG HUURU 6* G PLQW

9DULHW\ (GZDUG D ZLWK IRU , LQ %ULWLVK

6* D IUHVK PLQW

QRWH LQYHUWHG RQ G VPDOO UDQJH RI UHYHQXH VWDPSV 7UDQVYDDO IURP LVVXHV YDOXHV WR LQ D VWULS RI SUHVXPDEO\ D UHSULQW IDNHG 9 5 RYHUSULQWV WR ORRN OLNH 5XVWHQEXUJ LVVXHV .(9,, WR XVHG 6ZD]LODQG ZLWK REYLRXV IDNHG LQYHUWHG RYHUSULQWV RQ 7UDQVYDDO LVVXHV XVHIXO UDQJH RI 2 ) 6 QRWH G RQ G EULJKW FDUPLQH ERWK PLQW XVHG DQG PLQW $UP\ 7HOHJUDSK VWDPSV WR V .(9,, ERWK ZPNV LQ XVHG VHWV 1DWDO IURP QRWH V V XVHG RWKHU PLQW .(9,, WR V SOXV D SDJH RI =XOXODQG 0L[HG FRQGLWLRQ V

{ 5867(1%85* G 95 KDQGVWDPS LQ 9LROHW

6* )8

9DULHW\ (GZDUG D ZLWK IRU , LQ %ULWLVK

6* D IUHVK PLQW 2YHUSULQWV DW WKH ERWWRP RI WKH VWDPSV (GZDUG

WR D 6* ,QF òD DQG D 6RPDO ODQG IRU 6RPDOLODQG 6* G G 49 òD WR U 6* ZLWK PDQ\ GDPDJHG OHWWHU $ JUHDW ORW IRU VWXG\ VWDPSV ,QF 3DLUV 6WULSV DQG %ORFNV IUHVK PLQW

Viewing

Clients can view at our offices Monday - Friday 10am - 5pm Please telephone to arrange an appointment.

We are located in Warrington Town Centre

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 75

{ 81,21 &200(025$7,9(6 0,17

0267/< 86(' &2//(&7,21 LQFOXGHV ORWV RI LGHQWLILHG

-,3(; 06 VSHFLDOLVHG SODWHG VWXG\ LQ DQ

DOEXP GLII VKHHW SRVLWLRQV SOXV VKHHWV XVHG RQ FRYHUV 6* 06 VKHHWV

YDULHWLHV ZLWK D QXPEHU WKDW DUH OLVWHG LQ 6* ZH VHH G (QJOLVK $IULNDDQV SULYDWHO\ SHUIRUDWHG PLQW VLQJOHV QLFH UDQJH RI 6LOYHU -XELOHH ZLWK PLQW EORFNV WR G 9LFWRU\ LQ SDUW VKHHWV DOVR LQFO .LQJ V +HDGV ZLWK PLQW UDQJH RI ORZ YDOXHV DQG XVHG WR V $LUPDLOV VRPH 6RXWK :HVW $IULFD RYHUSULQWV DVVHPEOHG E\ D GHGLFDWHG FROOHFWRU 0DLQO\ JRRG WR ILQH PDQ\ V

$LUPDLO &RYHUV DOO HQGRUVHG ,QDXJXUDWLRQ RI

4 ò $LUPDLO UDWHV 6RXWK $IULFD WR (QJODQG ZLWK PXOWLSOH IUDQNHG

FRYHUV HDFK GLIIHUHQW PRVW XQXVXDO { .*9, &2521$7,21 &2//(&7,21 PLQW

XVHG ORDGV RI YDULHWLHV VRPH PXOWLSOHV DOO YDOXHV WR V

V GHHS EOXH ROLYH JUHHQ 6* YIP

^3KRWR`

JHQHUDOO\ ILQH VRPH QRWHV PDJD]LQH DUWLFOH DFFRPSDQ\ SDLUV PDQ\ VLQJOHV

678'< 2) .*9, &RURQDWLRQ RQ VWRFNSDJHV

ZLWK PDQ\ YDULHWLHV LQF òG 0RXVH IODZ PLVVLQJ K\SKHQ SODWH VFUDWFKHV )UR]HQ %UHDWK IODZV ZLWK SDLUV $ YHU\

V UHGGLVK SXUSOH OLJKW EOXH 6* DV

YIP

JRRG ORW WR ZULWH XS DV D VWXG\ PDLQO\ PLQW LQF 80

.*9 GHILQV VHW SOXV H[WUD VKDGHV WR V 6*

ILQH PLQW ^3KRWR`

.*9, FROOHFWLRQ IUHVK PLQW FDWDORJXHG

LQF FRURQDWLRQ SDLUV YRRUWUHNNHU SDLUV KXJXQRW SDLUV ZDU HIIRUW ODUJH DQG VPDOO IRUPDW XQLWV RIILFLDO SDLUV D YHU\ JRRG ORW RI XQLWV VWDPSV

{ 3267$*( '8(6 0,17 86('

&2//(&7,21 QRWH PRVW YDOXHV WR V PLQW

GHFLPDOV LQ PLQW VHWV SOXV JRRG UDQJH RI RWKHU LVVXHV ERWK PLQW XVHG JHQHUDOO\ JRRG WR ILQH FDW

%$&. 2) 7+( %22. 2IILFLDOV 3RVWDJH GXHV

ZLWK PLQRU YDULHWLHV LGHQWLILHG LQF %URNHQ OHWWHUV LQ WKH RYSW G 2IILFLDO ZLWK WZR PHQ RQ WKH KLOO YDULHW\ 6*2 YDU 3RVWDJH GXH G EORFN ZLWK WKLFN G ZLWKLQ 6*' D G %RRNOHW $Q LQWHUHVWLQJ ORW FKLHIO\ PLQW LQF 80 RYHU LWHPV { 2)),&,$/6 0,17 86(' &2//(&7,21

PRVWO\ XVHG VLQJOHV RU YHUWLFDO SDLUV YDOXHV WR V PDQ\ ZLWK

&DW ILQH PLQW FROOHFWLRQ RI WKH

9RRUWUHNNHU DQG +XJXHQRW FRPPHP LVVXHV 6* ZLWK VHWV &RUQHU %ORFNV HWF %DUJDLQ

6WXG\ RI :DU (IIRUW LVVXHV VHHQ G VWDLQ RQ

XQLIRUP )ODJ IURP $PEODQFH òG ZLWK VKHHW QXPEHUV G &LJDUHWWH IODZ VLQJOHV G VSDUN DERYH IODPH G PDUN RQ + RI 6RXWK DQ LQWHUHVWLQJ JURXS RI 3DLUV 6LQJOHV PDLQO\ 80 6WXG\ RI VPDOO IRUPDW :DU (IIRUW ZLWK YDULHWLHV

òG ZLWK ZHDN EDFNJURXQG WRS ULJKW 6KDGHV ,PSULQWHG %RUGHUV G 1XUVH VSRW RQ YHLO ò $LUPDQ ZHDN EDFNJURXQG :KLWH OLQH OHIW RI $LUPDQ ,PSULQWV G OLQH RQ FDS 6WDU /HIW KDQG VLGH ,PSULQWHG %RUGHUV %XUVWLQJ 6KHOOV ZHDN EDFNJURXQG RQ LQWHUHVWLQJ ORW RI LWHPV ZLWK EORFNV DQG PDQ\ XQLWV PDLQO\ PLQW LQF 80

LGHQWLILHG YDULHWLHV ZH QRWH G SDLU ZLWK VWRS V PLQW KRUL] SDLUV SOXV XVHG VLQJOH ZLWK GLHUHVLV RQ (QJOLVK VWDPS YDULRXV òG SDLUV SOXV òG 6* 2 PLQW SDLU òG KRUL] XVHG SDLU ZLWK GLHUHVLV YDULHW\ 6* 2 D FDW 8VHIXO FROOHFWLRQ PL[HG FRQGLWLRQ V

{ :$5 ())257 G 9LROHW OLQH RQ FDS 6* G

ILQH XVHG /RQGRQ 3ULQWLQJV 6HW RI SDLUV ILQH PLQW

6* 9LFWRU\ 6HW DV 80 VKHHWV RI ,QF G %DUEHG

:LUH YDULHW\ 6* D 68,'$)5,.$ 3DLUV IUHVK PLQW ,QF LQYHUWHG

ZDWHUPDUN SDLUV D ILQH VHW RI GLIIHUHQW SDLUV EHWZHHQ

6* ': % ,QF 7ZR G WRS YDOXH SDLUV V EODFN SDOH EOXH JUHHQ 5$,1 )/$: 6* D 80 SDLU )LUVW )OLJKW &RYHUV &DUG IURP 8. WR 6RXWK

4 $IULFD ZLWK .*9 G VLQJOH IUDQNLQJ (QY .*9 G [ WR 2)6 $QWL 7% &KULVWPDV 6WDPS %RRNOHWV $ SULVWLQH

&DUG IURP 6$ WR 8. ZLWK G PXOWL IUDQNHG (QY 7R .HQ\D ZLWK FRQGLWLRQ RI PRVWO\ GLIIHUHQW SXUFKDVHG RQ QHZ LVVXH RQ G [ DOO ZLWK GHWDLOV FDUGV WKH TXDOLW\ LV H[FHSWLRQDO HDFK ERRNOHW ZLWK D GLIIHUHQW { 3(11< 6+,3 $&&808/$7,21 86(' FRYHU DQG IHDWXULQJ SDQHV RI VSHFLDO FKDULW\ ODEHOV YHU\

ILQH VLQJOHV SDLUV DQG PXOWLSOHV RQ VWRFN FDUGV ZLWK 0$1< PLQRU YDULHWLHV LGHQWLILHG 6* HWF SHUIHFW IRU VWXG\ V { )285 92/80( 80 86(' &2//(&7,21

LQFOXGHV FRPPHPRUDWLYHV GHILQLWLYHV IURP QR ILUVW GHILQV ZLWK D QXPEHU RI F\OLQGHU EORFNV VHHQ WKURXJKRXW ODWHU { 0,17 0267/< 86(' &2//(&7,21 FRYHUV

G WR V YDOXHV RI GHILQLWLYHV SOXV ODWHU LVVXHV WR 5 YDOXHV SOXV ERRNOHWV FRLO VWULSV DQG D IHZ YDULHWLHV :HOO ODLG RXW KXJH TXDQWLW\ RI PDWHULDO JHQHUDOO\ ILQH :LOGOLIH GHILQV GHFLPDO GHILQV SOXV ODWHU FRPPHPV DQG JUHDW YDOXH DW HVWLPDWH V

LQFOXGHV ORWV RI XVHG EORFNV VRPH PLQW EORFNV SRVWPDUNV GDWHG VLQJOHV SDLUV ORWV RI LGHQWLILHG YDULHWLHV .87 %22./(76 2) $17, 7% &KDULW\ ODEHOV

RYSWV RQ 6RXWK $IULFD DVVHPEOHG RYHU PDQ\ \HDUV E\ D LQ EULOOLDQW XQFLUFXODWHG FRQGLWLRQ $ KRDUG RI GHGLFDWHG FROOHFWRU DQG DOO DFFRPSDQLHG E\ XVHIXO QRWHV ERRNOHWV ,QF D FRPSOHWH EXQGOH RI WHQ ZLWK ZUDSSHU RI 0DLQO\ JRRG WR ILQH PDQ\ V

LVVXH VRPH DUH H[SORGHG WR UHYHDO FRPSOHWH SDQHV RI ODEHOV { 2IILFLDO SDLU 9)8 ZLWK 5R\DO 7RXU 3PN YDU\LQJ TXDQWLWLHV *RRG ORW

6*2 ^3KRWR` { ),1( 86(' .*9, 3HULRG SDLUV HWF $ ILQH ORW RI

GLIIHUHQW SDLUV PDQ\ YHU\ ILQH ZLWK QHDW &'6 DOO GLIIHUHQW { 6LOYHU -XELOHH YDULHW\ G VSRWV DERYH KHDG

WR G

2IILFLDOV :DU (IIRUW 6RPH LQYHUWHG :PNV EHKLQG QHFN 6* F DV D IX SDLU FRXSOH QLEEOHG SHUIV (OXVLYH $ JRRG ORW F { )LQH XVHG ZLWK EHWWHU SLFNLQJV

)OLJKW &RYHUV LOOXVWUDWHG FRYHU ZLWK RIILFLDO

9RRUWUHNNHU VHWV +XJXHQRW VHW DV SDLUV ZDU 4 G IUDQNLQJ VHQW WR WKH 8. 3RVWDO &DUG òG XSUDWHG VHQW HIIRUW DV XQLWV PDLQO\ ZLWK FGV FDQFHOV VLQJOHV XQLWV WR 6 5KRGHVLD (QY 6HQW IURP -RKDQQHVEXUJ WR .LVXPL

RQ WR 8SODQG 32 QG IURP 'XUEDQ WR 8SODQG 32 5HJG (QY 6HQW WR .HQ\D ZLWK 8SODQG &'6 HDFK ZLWK GHWDLOV Selling?

Contact Simon Carson today for professional advice on 2)),&,$/ G JUHHQ YHUPLOLRQ W\SH ,

how to sell your stamps/covers. PTS and ASDA registered.

Integrity assured.

6* 2 ILQH PLQW SDLU

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 76

$ JURXS RI 7KUHH 3LFWRULDO &LJDU DQG 7REDFFR )5$0$ /$%(/6 DQG UHODWHG LVVXHV VXEVWDQWLDO

VWXG\ RI V RQ H[KLELWLRQ SDJHV ,QF PXFK HDUO\ LVVXHV IURP 3RVWDO &DUGV )8 HDFK ZLWK D ILQH LPDJH RI D 6PRNLQJ ,QGLDQ WKH V ,QF 0LQW 8VHG 6HWV 8VDJHV RQ &RYHUV 6HWV RQ LQ +HDG 'UHVV

&RYHUV $ FRPSOHWH VHW DOO ZLWK GLIIHUHQW RIILFH 3PNV 2)),&,$/6 6* W\SH 2 RYSW VHW 6* 2

UHJLVWHUHG DQG PRUH D FRPSUHKHQVLYH UDQJH PLQW

G ROLYH JUHHQ G RUDQJH UHG WKLQ 2)),&,$/ V G JUHHQ EURZQ RYSW

3267$*( SHUI 6* 9)0

PP 6* D ODUJH GRZQZDUGV 6+,)7 RI RYSW ILQH PLQW ^3KRWR` 2)),&,$/6 6 $ SHUILQV DOO GLIIHUHQW ILQH

2)),&,$/ V EURZQ FKDON\ EOXH 6*

PLQW JURXS YDOXHV òG WR G SOXV WDOO LVVXHV PL[HG WKLQ 80 WKLFN 3267$*( G WR V YDOXHV ZLWK V G [ VFDUFH

2IILFLDO XVHG RQ FRYHUV DLUPDLO

LOOXVWUDWHG HQYHORSH ZLWK G EORFN RI HQYHORSH 2+06 EOXH WKLFN 3267$*( SHUI ò 6* D ILQH PLQW ZLWK G DQG IUDQNLQJ VHQW WR &DQDGD $LUPDLO HQYHORSH ZLWK G RIILFLDO SDLU G DQG VHQW WR 86$ $ ILQH V G GHHS SXUSOH SHUI ò 6* DE ILQH

VHOHFWLRQ PLQW 2)),&,$/6 0,17 *5283 LQFO

V V G ZLWK ERWK RYSW VSDFLQJ V WZR VKDGHV { &DQFHOODWLRQV RQ .*9 LVVXHV 49

6* E D F VHHQ (XUHOLD 0W 3OHVHVDQW 6QRZWRZQ $QJOH 9DOH :LQGVRU D VRPH ZLWK VOLJKWO\ \HOORZHG JXP RWKHUZLVH OLJKWO\ KLQJHG 6PDOO EXW XVHIXO FDW SDLUV ^3KRWR` { 2OG 3DJH ZLWK D JRRG UDQJH RI HDUO\ FODVVLF

3RVWDJH 'XHV WR ,QF VHW RI

VWDPSV ZLWK YDOXH WR QRWH G PLQW DQG ILQH XVHG F $ XVHIXO VHOHFWLRQ RI GXHV PDLQO\ IUHVK PLQW G G PLQW G PLQW $ XVHIXO ORW KLJKO\

FDWDORJXHG 3RVWDO KLVWRU\ ZULWWHQ XS LQF UHJG HQY

3RVWDO 6WDWLRQHU\ XQXVHG QRWH &DUGV ZLWK

XQXVHG ZUDSSHU XQXVHG SRVWDO FDUG XQXVHG VSHFLPHQ RYSWV ,QF &DUGV ZLWK UHSO\ &DUG VWLOO DWWDFKHG UHJG G HQY XQXVHG D ILQH XVHG G .*9 HQY XVHG D 26 RYSW ZLWK :UDSSHUV &DUGV $ JRRG ORW RI LWHPV JRRG ORW RI FRYHUV FDUGV

{ 5(9(18(6 4(,, XVHG VWXG\

6287+ :(67 $)5,&$ GLVSOD\HG WR H[KLELWLRQ VWDQGDUG RQ SDJHV $UPV WR

ZLWK GLIIHUHQW GDWHV GHFLPDO LVVXHV WR U ZLWK GLIIHUHQW GDWHV 6SHFWDFXODU RYSW 6KLIW G 6* SDLU ZLWK RYSW $FURVV WKH SHUIRUDWLRQ RI WKH VWDPSV UHMRLQHG SDLU 0LQW WZR XVHG DV SRVWDJH VWDPSV RQ ORFDO FRYHUV W\SHV WR

U GHVLJQ WR U ZLWK YDULRXV GDWHV

G EODFN YLROHW LQ 6&$5&( *877(5 3$,5

7+( 72%$&&2 ,1'8675< ([FHSWLRQDO 6* ' 9)0

SDJH H[KLELWLRQ FROOHFWLRQ RI &RYHUV &DUGV 6WDPSV GLVSOD\HG

WR WKH KLJKHVW VWDQGDUG VWXG\ RI -,3(; VKHHWV $GYHUWV LQ 3267$*( '8(6 0,17 80 &2//(&7,21 DOO GLIIHUHQW LQFOXGHV JRRG UDQJH RI LVVXHV YDULRXV PDUJLQV ,QF VFDUFH SRVWDO XVHG VLQJOHV 6KHHWOHWV VRPH VHWWLQJV LQ FRUUHFW SDLUV VHWV VXSHU .*9, SHULRG DGYHUW FRYHUV DQG 3PNV V 0HWHU ZLWK ODWHU 80 FDW SDLUV VWDPSV

&RYHUV IURP 7REDFFR &RPSDQLHV V &KHTXHV ZLWK %DQWDPV XVHG WR SD\ 7D[HV FDSH &LJDUHWWHV 'XW\ LVVXHV DQG { 0,17 86(' &2//(&7,21 LQ WZR YROXPHV

LQFOXGHV D IHZ PLQW .LQJ V +HDGV LVVXHV LQFO G LQ FRQWURO PXFK PRUH <HDUV RI FROOHFWLQJ KHUH YHU\ ILQH TXDOLW\

EORFN RI LQFOXGHV TXDQWLW\ RI .*9, HDUO\ 4(,, ORZ YDOXH GHILQV ZLWK LGHQWLILHG 32670$5.6 GHILQV VHW RQ WZR 9$5,(7,(6 ZLWK LVVXHV IURP WR ZLWK

)'&V ODWHU GHILQV PLQW SOXV D IXUWKHU ZLGH UDQJH RI SRVWPDUNV PDQ\ PLQRU YDULHWLHV ZLWK PXFK LGHQWLILHG ZLWK EHWWHU SLFNLQJV GHILQV 80 VHW SOXV F FRUUHFWHG IRUPXOD DOVR LQFO 6HHQ òG %RRNOHW SDQH RI VL[ 6* FD PLQW ò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

YDULHWLHV 9DULHW\ G PLVVLQJ 7 IURP 6RXWK :HVW GXH WR

6287+ $5$% )('

VKLIW RI RYSW 6* YDU IUHVK PLQW

(UURU RI RYHUSULQW LQ %ODFN LVVXHG ZLWK %OXH

RYSW ILO RQ F DV FRUQHU EORFN RI ZLWK UHTXLVLWLRQ QXPEHU

RYSWG GHILQV VHW LQ FRUUHFW SDLUV 6*

ILQH 80 ([FHSWLRQDO DQG D PDMRU UDULW\ PLFKHO &DW (XUR 6* YDU

9)0 SDLUV

)OLJKW &RYHUV 6HFRQG $FFHOHUDWHG 6HUYLFH

:LQVWRQ &KXUFKLOO RYSWV VHW LQ FRUQHU PDUJLQDO

4 (QY VHQW WR 8. ZLWK VSHFLDO IOLJKW &'6 FDQFHOV QG FRYHU EORFNV RI 6* ILQH 80 EORFNV

:LQGKRHN WR 2OGHQEXUJ ZLWK VSHFLDO IOLJKW FDQFHOV DQG WUDQVLW PDUNV RQ WKH UHYHUVH

6287+ $8675$/,$

&LJDUHWWH 7D[ RYSW UHYHQXH G -XELOHH DV IUHVK

&RORXU 7ULDOV G LQ *UHHQ 2UDQJH 5HG RQ

PLQW EORFN $ VFDUFH 6H 7HQDQW PXOWLSOH %

ZDWHUPDUNHG SDSHU 2)),&,$/ G SOXP 3 [ ò ò 6* 2

.*9, FROOHFWLRQ RI VHWV LQF FRURQDWLRQ

YRRUWUHNNHHU KXJXHQRW ZDU HIIRUW ODUJH DQG VPDOO IRUPDW D YHU\ IRRG ORW RI XQLWV VWDPSV FDW YDOXH IUHVK PLQW

9)0 3URRI 49 òG *UHHQ LPSHUI EORFN RI 80 RQ

JXPPHG SDSHU

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

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 77

(DUO\ $HURJUDPPH XQXVHG ZLWK 6:$ RYSWV

V EOXH EOXH JUHHQ 6* ILQH PLQW

6WDWH WR EH + DQG * ZLWK W\SHG GHWDLOV $

VFDUFH VHOHFWLRQ RI VL[ FRYHUV LQ YHU\ JRRG FRQGLWLRQ 'HILQLWLYH VHW WR WZR VKDGHV RI WKH G

6* PLQW $LU OHWWHUV XQXVHG ,QF :DU HIIRUW

RYSW G òG ZLWK 6:$ RYSW ERWK GLIIHUHQW G 0LQW FROOHFWLRQ FDWDORJXHV ZLWK

6:$ RYSW ERWK GLIIHUHQW DQ LQWHUHVWLQJ ORW ZLWK VRPH W\SHG XS IDOOV VHW RI V MXELOHH VHW RI IDOOV VHW RI FRURQDWLRQ GHILQ GHWDLOV PDLQO\ V SHULRG SOXV XVHG VHW JROGHQ MXELOHH VHW RI D JRRG ORW RI VWDPSV IUHVK 9LFWRU\ VHW DV FRPSOHWH VKHHWV RI XP LQF G

EDUEHG ZLUH YDULHW\ 6* E

9DULHW\ WUDQVSRVHG RYSW òG EORFN 6*2

2 D IUHVK 0 80

PLQW .*9, FROOHFWLRQ FRURQDWLRQ GHILQ VHW JROGHQ

MXELOHH SRVWDJH GXH WR D JRRG ORW RI VWDPSV PLQW FDW

&RPPHPRUDWLYH VHWV LQ %/2&.6 2) )285

LQFO &RURQDWLRQ *ROGHQ -XELOHH 5KRGHV

3LFWRULDO GHILQV VHW ZPN &RDW RI $UPV

%/2&.6 2) )285 6* ILQH 80 EORFNV

&RURQDWLRQ DOVR G G 3 /DUJH )DOOV 3RVWDJH 'XHV LQ EORFNV PRVWO\ ILQH 80 EORFNV

(UURU F GDP LPSHUI SDLU LQ WKH GHVLJQ RI WKH

F VSHFLDOLVW FDW 6DFF D IUHVK 80

5HYHQXH GRFXPHQWV ZLWK .)9, SRVWDJH

DQG 5HYHQXH 6WDPS DQ LQWHUHVWLQJ ORW RQ FRPSOHWH GRFXPHQWV IRU VKDUHV ZRXOG PDNH D ILQH VWXG\ IRU XVDJH RI 6WDPSV DQG 5HYHQXH 'RFXPHQWV

.*9, LVVXHV RQ SULQWHG $OEXP SDJHV ZLWK

PDQ\ EHWWHU VHWV 9RRUWUHNNHU +XJXHQRW :DU (IIRUW ERWK VHWV GHILQ SDLUV ZLWK YDOXHV WR G $ JRRG UDQJH RI { )LQH XVHG 5KRGHV &RURQDWLRQ GHILQ 6HW RI

XQLWV VWDPSV PLQW 'HILQ VHW RI $ ILQH ORW RI VWDPSV &DW 3RVWDO 6WDWLRQHU\ XQXVHG UHJLVWHUHG OHWWHUV

.*9 ZLWK GLIIHUHQW VL]H DQG W\SHV RI RYSWV HQYHORSHV

&RLO òG 6* UDUH FRPSOHWH OHDGHU ZLWK

HDFK GLIIHUHQW $ JRRG ORW LQIRUPDWLRQ ODEHO DWWDFKHG SOXV D TXDQWLW\ RI VWDPSV DOVR ODUJH 9$5,(7,(6 ZLWK PDLQO\ .*9, ZLWK PLQRU

SDUW UROO RI VDPH VKRZLQJ PDQ\ FRLO MRLQV DOO XP YDULHWLHV VHHQ VPDOO IRUPDW ZDU HIIRUW ZLWK PLVVLQJ WRS &RLO OHDGHU WRJHWKHU ZLWK LQWDFW SULQWHUV ODEHO IRU

EDFNJURXQG 5R\DO YLVLW G ZLWK ELUG G EODFN H\H SULQFHVV G FRLO 6* ZLWK D VWULS RI VWDPSV DWWDFKHG SOXV WKH ODUJH SDUW RIILFLDO QR VWRSV DIWHU RIILFLDO SRVWDJH GXHV DQ LQWHUHVWLQJ UROO JXHVV VWDPSV 7KDW ZRXOG VKRZ PDQ\ FRLO MRLQ FROOHFWLRQ RI VWDPSV XQLWV 0LQW LQF 80 VWULSV 9)

6287+(51 1,*(5,$ SOUTHERN NIGERIA

{ )LQH XVHG &DW DQG FRPSUHKHQVLYH

V JUHHQ UHG RQ JUHHQ ZPN 0&&$ 6*

9)0 ^3KRWR` V JUH\ EODFN SXUSOH RQ \HOORZ ZPN 0&&$

6* 9)0 ^3KRWR` (GZDUG KLJK YDOXHV 6*

GLIIHUHQW LVVXHV $GPLUDOV WR G .LQJ VHW WR -XELOHHV .*9, VHW 'HILQV WR VRPH 3RVWDJH GXHV 0RVW QLFH &'6 TXDOLW\ 0LQHV VKDUH FHUWLILFDWH ZLWK UHYHQXH VWDPSV

DWWDFKHG 44 PLQHV ZLWK .*9 %RUGHU PLQHV ZLWK .*9 [

ERWK VFDUFH

63$,1

PLQW

(PEDVV\ VHDO OHWWHUV -DQH LQ (QJOLVK DQG

ZLWQHVVHG E\ -RKQ - .HOO\ %ULWLVK YLFH FRQVRUW QG ZULWWHQ LQ &RUXQD ZLWK D YDULHW\ RI VLJQDWXUHV

(GZDUG 6* ILQH IUHVK P )LQH KLJK

YDOXH 3RVWDO +LVWRU\ XQXVXDO HQYHORSH IURP

4XHHQ U 6* IUHVK PLQW ZLWK RJ YHU\ JRRG

%DUEDGRV WR 8. WKHP RQ )RUFDGRV 6 1LJHULD 33& IURP PDUJLQV VLJQHG *RRG VWDPS ROG &DODEDU WR (QJODQG SRVW FDUG IURP %RQQ\ 5LYHU WR

(QJODQG 33& ZLWK 6 1LJHULD G ZLWK 3DTXHERW 3O\PRXWK { 63(5$7, )25*(5< ZLWKRXW KDQGVWDPSV RI WKH F %URZQ 6* F 9)8 ZLWK 3PN 5DUH DQG FGV $Q LQWHUHVWLQJ JURXS RI LWHPV XQXVXDO 63(&,0(1 RYSW 6HOHFWLRQ JRRG JURXS

&DW \RXQJ .LQJ VHW RI 7HQ F WR 3WD

PRVWO\ ILQH PLQW ,QF 49 (GZDUGV ZLWK YDOXHV WR ,QF F 526( 9)0 6* ^3KRWR`

6287+(51 5+2'(6,$

68'$1

49 GHILQV ZPN &URZQ &$ VHW SOXV òG VKDGH

{ 0,17 86(' $// ',))(5(17 UDQJH IURP DQ

6* D V WRQHG DW WRS HGJH RWKHUZLVH ILQH PLQW ROG ,GHDO DOEXP RYSWV VHW SUREDEO\ DOO IRUJHG RYSWV

^3KRWR`

&DPHO SRVWPDQ XVHG YDOXHV WR S WR S XVHG QRWH S PLQW DLUV WR S PLQW *HQHUDO *RUGRQ WR SL PRVWO\ PLQW PL[HG FRQGLWLRQ

.(9,, GHILQV VHW ZPN &URZQ &$ 6*

V G WRQHG RWKHUZLVH ILQH PLQW

^3KRWR` (GZDUG WRS YDOXH 6* IUHVK PLQW

),1( 0,17 &2//(&7,21 QHDWO\ SUHVHQWHG

LQFOXGHV $LUPDLOV DOO LQ FRPSOHWH EDVLF VHWV SOXV P RQ SL

3URRI $GPLUDO LPSHUIRUDWHG ZLWK VHFXULW\

SXQFK KROHV H[ :DWHUORZ DQG 6RQV $UFKLYH

{ *22' ),1( 86(' &2//(&7,21 LQFOXGHV

3URRI $GPLUDO LPSHUIRUDWHG ZLWK VHFXULW\

SXQFK KROHV H[ :DWHUORZ DQG 6RQV DUFKLYH

$LUPDLOV DOO LQ FRPSOHWH EDVLF VHWV SOXV P RQ SL òSL RQ S

3URRIV $GPLUDO KHDG SDLU LQ EODFN ZLWK ODUJH

PDUJLQV IURP WKH SULQWHUV DUFKLYHV

6WDU DQG &UHVFHQW ZDWHUPDUN VWDPS SDSHU

ODUJH SLHFH [ PP ZLWK PXOWLSOH LPSUHVVLRQV XQXVHG H[FHOOHQW IURQWLVSLHFH IRU 6XGDQ VWDPSV

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 78

P FDUPLQH EODFN EORFN RI IRXU ZLWK

9,*1(77( 6+,)7(' '2:1:$5'6 LQWR IUDPH 6* VXSHUE OLJKWO\ KLQJHG RQ RQH VWDPS RWKHUV ILQH 80

0HWHU 0DUNV VWDQGDUG EDQN G

%UHGDVGRUS VWDQGDUG EDQN òG 0DQ]LQL ERWK ZLWK QHDW W\SHG DGGUHVVHV XQLYHUVLW\ RI /HVRWKR DQG 6ZD]LODQG FDFKHW ZLWK F DQG òF 0DQ]LQL PHWHU PDUNV $ JRRG ORW RI FRYHUV

P FDUPLQH EODFN 9,*1(77( 6+,)7('

'2:1 72 /()7 6* ILQH 80

3RVWDO 6WDWLRQHU\ XQXVHG .*9 òG FDUG ZLWK

VSHFLPHQ RYSW 6RXWK $IULFD $LU ?OHWWHU RYSW G 6ZD]LODQG 4(,, HDUO\ 5HJ G (QY V $ JRRG VHOHFWLRQ RI LWHPV

P JUHHQ FKRFRODWH RUGLQDU\ SDSHU

:$7(50$5. ,19(57(' LQ D PDUJLQDO SDLU 6* DZ ILQH

80 P P P RUGLQDU\ SDSHU ZLWK

9,*1(77(6 6+,)7(' '2:1:$5'6 6* D E PLQW P JXP IDXOW

P ROLYH EURZQ EODFN RUGLQDU\ SDSHU EORFN

RI IRXU ZLWK 9,*1(77( 6+,)7(' '2:1:$5'6 6* D KLQJHG RQ RQH VWDPS RWKHUV ILQH 80

9DOXDEOH VHOHFWLRQ RQ EODFNFDUGV VWDPSV

LQF 7UDQVYDDO RYSWV G FDUPLQH P òG G 6* .*9 YIP .*9, GHILQV ZLWK GLII SHUIV WR WRS YDOXH DV YIX EORFN *RRG ORW

6:('(1 { 7KH RIILFLDO VWDPSV RI 6ZHGHQ PRVW LQWHUHVWLQJ

{ $,50$,/6 LQWHUHVWLQJ JURXS LQFOXGHV

PLQW VHW DIIL[HG WR SRVWFDUG DLUPDLOHG UHJLVWHUHG FRYHU

ZLWK SL RYSW DV SDUW RI WKH IUDQNLQJ SL LQ FRQWURO EORFNV RI ZLWK YDULRXV LGHQWLILHG RYSW YDULHWLHV òSL RQ SL LQ PLQW FRUQHU EORFN RI SOXV WZR XVHG VLQJOHV 0RVWO\ FOHDQ ILQH LWHPV VLQJOHV

$Q RULJLQDO FROOHFWLRQ RQ ROG SDJHV ZLWK D

FDWDORJXH YDOXH RYHU LQF SRVWPDQ VHW RI DLU VHW RIILFLDO RYSW VHW RI RIILFLDO VHW RI D JRRG ORW RI GLIIHUHQW VWDPSV %$&. 2) 7+( %22. 2IILFLDOV WR SL

2IILFLDO VHW RI 3RVWDJH GXH VHW RI $LU 2IILFLDO VHW RI 2IILFLDO VHW RI IUHVK PLQW &DW

ROGWLPH FROOHFWLRQ RI PRVWO\ XVHG RQ SDJHV ZLWK YDOXHV WR NU 'LIIHUHQW 3HUIRUDWLRQV 3RVWPDUN ,QWHUHVW 2ULJLQDO ORW $LUPDLO V 3ULQWHG HQYHORSH 3RVWYHUNHWV

)UDQNRWHFNHQV ([SHGLWLRQ ZLWK RUH FDQFHO ZLWK D YHU\ ILQH 3))6 &'6 2IILFLDO HQYHORSH ZLWK *RWKHQEXUJ IOLJKW FDQFHO 6DV FRORXU DLU /DEHO VWULS RI %OXH *UHHQ $LU /DEHOV

$1 ,17$&7 &2//(&7,21 RI V KRXVHG LQ

YDULRXV DOEXPV ORRVH LQ D FDUWRQ ,QWHUHVWLQJ UDQJH RI PDWHULDO ZLWK D IX FROOHFWLRQ GLII VWDPS ERRNOHWV WR DQ XQXVXDO FROOHFWLRQ RI ,62 LVVXHV ZLWK VKHHWOHWV IGF V ZLWK FRPSOHWH VHWV ROG LVVXHV LQ D VWRFNERRN 3OHQW\ RI FOHDQ PDWHULDO 2OG 7LPH 2ULJLQDO &ROOHFWLRQ ZLWK EHWWHU

SLFNLQJV IURP 2VFDUV WR RUH PLQW *32 NU )8 *XVWDY GHILQV WR NU PLQW 838 WR RUH PDQ\ V RI VWDPSV FKLHIO\ ILQH XVHG ZLWK PLQW PL[HG LQ DQ RULJLQDO ORW

2)),&,$/6 RYSWG 6 * FRPSOHWH VHW LQ

%/2&.6 2) )285 P YDOXH LV VFDUFH FKDON\ SDSHU UHSULQW

6* 2 ILQH 80 EORFNV

P RQ P òSL RQ P òSL RQ P

%/2&.6 2) )285 6* 80 EORFNV

6:,7=(5/$1'

6SHFLPHQ 3RVWDJH GXHV F F ZLWK GLIIHUHQW

3267$*( '8(6 FRPSOHWH VHW LQ %/2&.6 2)

RYSWV )285 6* ' ILQH 80 EORFNV

2OG 3DJHV ZLWK GHILQLWLYHV VHHQ D JRRG UDQJH

RI 7HOO LVVXHV LQF GLIIHUHQW SULQWLQJV WHWH EDFKH SDLUV D JRRG UDQJH RI VWDPSV ZLWK GHWDLOV PDLQO\ IUHVK PLQW

3RVWPDQ 6HW 6* YHU\ ILQH 1+0

&RPSOHWH VKHHW P ,EH[ 6* IUHVK 80 SODWH

VHOGRP VHHQ DV D FRPSOHWH VKHHW RI VWDPSV { /HDJXH RI 1DWLRQV RYSWV 6HOHFWLRQ RI ZLWK

YDOXHV WR IU HDFK GLIIHUHQW &DW

,QGHSHQGHQW 5HSXEOLF FROOHFWLRQ ZLWK PDQ\

FRPPHPRUDWLYH VHWV ZLWK D &DW YDOXH RYHU $ YHU\ JRRG ORW RI VWDPSV HDFK GLIIHUHQW

{ ,QWHUQDWLRQDO /DERXU 2IILFH RYSWV 6HOHFWLRQ WR

IU ILQH XVHG &DW HDFK GLIIHUHQW

{ .*9, 3(5,2' )8 $ VHOHFWLRQ GLIIHUHQW

5HPDUNDEOH *XWWHU 3DQH ZLWK SXQFWXUH LQ

ZLWK 9)8 3DOP 7UHHV ,QF S S 9DOV 7R S JXWWHU DQG 6H 7HQDQW FRQILJXUDWLRQ 7HOO DQG 6RQ F F F

JRRG UDQJH RI 6* 2IILFLDOV WR S

0LQW UDQJH RQ D VWRFN SDJH LQF HDUO\ RYSWV

SRVWPDQ WR S H[ S SRVWDJH GXH VHW 26*6 RYSWV WR SL DLUV LQF RYSWV $ JRRG ORW RI VWDPSV

{ 3$; IU WRS YDOXH DV D VFDUFH SDLU ILQH XVHG

=XP

6:$=,/$1'

)5$0$ /$%(/6 67$036 &ROOHFWLRQ RQ

H[KLELW SDJHV ,QF SURSHU XVDJHV RQ &RYHU LVVXHV ZLWK 3UHVLGHQW &RPPLVVLRQHU FDFKHW 2+06 5R\DO YLVLW LOOXVWU YDOXHV WR VIU ILQH VHOHFWLRQ RI HDUO\ XVHG LVVXHV (QY 6LOYHU :HGGLQJ 2+06 LOOXVWU (QY $ UDQJH RI RQ &RYHU LQWHUHVWLQJ JURXS RI 6SHFLPHQ LVVXHV ODWHU LVVXHV 2+06 ,'960 HQYHORSHV ZLWK VRPH W\SHG XS GHWDLOV YHU\ XVHG &RYHUV

JRRG WR VWXG\ { ,17(51$7,21$/ /$%285 2)),&(

6LOYHU -XELOHH G H[WUD IODJVWDII YDULHW\ ILQH

RYSW 6HW RI 6*/% &DW ILQH XVHG VHW RI PLQW 6* $ )8 $ JRRG UDQJH RI VWDPSV +DJQHU SDJHV ZLWK PDQ\ VHWV 6HHQ .*9 òG

7$,:$1 G G G DV EORFNV RI G WR G ZLWK SODWH QXPEHU V DQG V VHWV 80 D JRRG UDQJH RI VWDPSV 06 +DUULVRQV DQG 6RQV 3UHVHQWDWLRQ )ROGHU ZLWK

IROG RXW LQWHULRU WKDW EHDUV WKH V /DQGVFDSH 6HW 6FDUFH .*9, ),1( 86(' $ VHOHFWLRQ GLIIHUHQW

'HILQV 7R ZLWK GLIIHUHQW SHUIV ([FHOOHQW TXDOLW\

2IILFLDO 0DLO 2+06 HQYHORSH ZLWK

{

F DQG 7HWH %HFKH 80 PDUJLQDO EORFN RI SOXV ODEHOV

=XP 6 6 67& VIU $ VSHFWDFXODU EORFN

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 79

7$1*$1<,.$ { 0$),$ ,6/$1' )25*(5,(6 UDQJH RI LVVXHV

6WRFN &DUGV ZLWK D UDQJH RI VWDPSV

,QF VHWV HDUO\ LVVXHV 6 $ LPSHUI V VRUWHG E\ \HDU DQG VRPH LGHQWLILHG ZLWK 6* QXPEHUV 0DLQO\ PLQW ,QF 80

HDFK DFFRPSDQLHG E\ DQ 536/ FHUWLILFDWH DQG D JRRG TXDOLW\ ODUJH SKRWRJUDSK RI WKH VWDPSV LQFOXGHV 6* 0 0 [

75$169$$/ 0 0 0 [ 0 SDLU DOO ILQH XVHG FDW DV JHQXLQH

.(9,, ZPN &URZQ &$ GHILQV VHW SOXV òG

1<$6$/$1' 5+2'(6,$1 )25&( .*9 VKDGH 6* V WRQH VSRW RWKHUV 9)0

^3KRWR` RYSWG 1 ) VHW 6* 1 9)0

{ 0$),$ ,6/$1' D DQLOLQH FDUPLQH 6* 0

9)8 RQ SLHFH ZLWK EDFN GDWHG GRXEOH ULQJ SPN GDWHG -$ VHH IRRWQRWH LQ 6*

{ V EODFN .*9 6* 9)8

.(9,, PLQW JURXS LQFO VHW WR V V

V 6* VRPH YDOXHV ZLWK PLQRU WRQLQJ DW WRS PRVW 9)0 FDW

.(9,, ZPN 0XOWL &URZQ &$ YDOXHV WR V SOXV

òG G EHWZHHQ 6* ILQH PLQW FDW

,PSHULDO SULQWHG SDJHV ZLWK D FROOHFWLRQ RI

)OLJKW &RYHUV RXWZDUGV LQZDUGV ,QF

4 FRYHUV VHQW WR *HUPDQ\ $XVWULD .HQ\D 8. DQG ,ULQJD ZLWK

GLIIHUHQW PXFK LV PLQW ZLWK DUPV W\SHV WR VHWV (GZDUGV WR P SRVWDJH GXH VHW RI

FRYHUV EHLQJ PXOWLSOH IUDQNHG LQZDUGV IURP 'HQPDUN ,QGLD )RUZDUG WR 8. DQG $XVWULD $OO ZLWK GHWDLOV $ ILQH JURXS

3RVWDO +LVWRU\ SSF G XQXVHG G

)OLJKW LOOXVWUDWHG HQYHORSH WR .HGDK ZLWK ER[HG

4 %\ $LU 7R HQGRUVHG 5DQJRRQ ZLWK 3HQDQJ DQG .HGDK DUULYDO

PDUNV RQ WKH UHYHUVH

SRVWDO FDUG DQG HQY XQXVHG 2+06 HQY XVHG 2+06 '960 XVHG 95, RYSW G SRVWDO FDUG XQXVHG

òG XVHG JRRG ORW ZULWWHQ XS FRYHUV FDUGV SOXV D IHZ VWDPSV ZLWK D YDULHW\ RI FDQFHOV

{ 3RVWPDUN FROOHFWLRQ RQ ROG SDJHV ZLWK PDQ\ )OLJKW HQYHORSH VHQW WR %HOJLXP ZLWK ER[HG %\

4 $LU 7R %ULQGLVL ZLWK WKUHH IUDQNLQJ F F F RQ WKH EDFN DOO FOHDU ILQH VWULNHV LQF QXPHUDOV DQG FGV FDQFHOV DSSUR[

VWDPSV FRYHUV FDUGV 6RUWHG E\ WRZQ FLW\ FDQFHOV

ZLWK VKHHW QXPEHUV 6SHFLPHQ RYSWV 2Q .*9 3RVWDO 6WDWLRQHU\

F 5HGJ (QY ERWK GLIIHUHQW F (QY 3RVWDO FDUGV

QRWH WZR FDUGV ZLWK UHSO\ FDUGV VWLOO DWWDFKHG DOO GLIIHUHQW LQ VXSHUE FRQGLWLRQ IRU WKHLU DJH

75,1,'$' 72%$*2 (QWLUH WR /RQGRQ FKDUJHG ZLWK D IDLU VWULNH RI

WKH 72%$*2 IOHXURQ H[WHQVLYH FRQWHQWV VRPH ZHDU IDXOWV 2YHU \HDUV ROG ,VODQG 0DLO

7$60$1,$ { &ODVVLF G 6* )8 ZLWK IXOO VTXDUH PDUJLQV

IXOO 3PN 8QXVXDO VKDGH VRXQG &DW 2OG QRWDWLRQV RQ UHYHUVH { 3RVWDO )LVFDO 6*) 9)8

%ULWLVK &URZQ DW &RXUW LQ &DUOWRQ +RXVH

'RFXPHQWV DERXW WKH FRXUW DFWLQJ RQ WKH ,VODQG DQG ZLWKLQ WKH :HVW ,QGLHV ,QF 0DUULHG ZRPDQ ,PSRUWLQJ *RRGV &ULPLQDO 2IIHQGHUV $Q LQWHUHVWLQJ UHDG GLIIHUHQW GRFXPHQWV

{ 0,17 86(' $// ',))(5(17 UDQJHV IURP

DQ ROG ,GHDO DOEXP LQFO D IHZ 7REDJR PLQW 7ULQLGDG ZLWK VRPH { 3RVWDO )LVFDO 6*) 9)8

XVHG %ULWDQQLDV V PLQW 7ULQLGDG 7REDJR LQFO XVHIXO :DU 7D[ UDQJH GHILQV VHW PLQW RU XVHG 6LOYHU -XELOHH VHW PLQW PL[HG FRQGLWLRQ DSS

{ &DQFHOODWLRQV RQ HDUO\ YLHZV LVVXHV PRVWO\

WKH FROOHFWLRQ RI PRVWO\ GLIIHUHQW DQG LGHQWLILHG RQ FDUGV ZLWK { :DU 7D[ GRXEOH RYHUSULQW HUURU IX 6*

D JRRG YDULHW\ RI &'6 RULJLQDO ORW D

7+$,/$1'

,PSHULDO $LUZD\V VWDJH IOLJKW FRYHU WR %$1'21

4 )UDQFH G Y ILQH %DQJNRN DQG DUULYDO EDFNVWDPSV

6FDUFH 3RVWDO +LVWRU\ WKUHH HQYHORSHV V PXOWLSOH

4 IUDQNHG HDFK ZLWK $9 KDQGVWDPSV VHQW E\ $LUPDLO WR 86$

DQG 6ZLW]HUODQG

72*2

JUHHQ FDUPLQH ZPN 6FULSW &$ 6*

9)0 { &$1&(//$7,21 &ROOHFWLRQ RQ VWRFNSDJHV ZLWK

PXFK LGHQWLILHG PDLQO\ SUH VHHQ 0DWXUD 1HZWRZQ :LOOLDPVYLOOH 3HQDO 5RFN 5LR &ODUR &DUDSLFKDLPD 6W -DPHV 3ROR 6HFR WR QDPH D IHZ IURP WKLV FROOHFWLRQ RI VWDPSV { &$1&(//$7,216 .*9, 3HULRG VPDOO

FROOHFWLRQ LQ DQ $OEXP ORRVH VWDPSV DQG FRYHUV *RRG

{ .*9 RYSW VHW IX 6*K

YDULHW\ RI RIILFHV &RURQDWLRQ VHWV ZLWK PDULWLPH 3PNV 7D[HG &RYHU 4W\

.*9 3RVWDO &DUG XSUDWHG ZLWK G G G

75,32/,7$1,$

òG G G RYSW ,VVXH ZLWK ILQH /RPH &'6 VHQW 5HJG 7R 6ZLW]HUODQG 0RVW XQXVXDO

%0$ .*9, RYSW VHW RI DV 80 EORFNV RI

6*7

721*$

{ 0,17 86(' $// ',))(5(17 UDQJH IURP DQ

%$ .*9, RYSW VHW RI DV EORFNV RI 80

ROG ,GHDO DOEXP LQFO VHW PRVWO\ XVHG PRVWO\ PLQW 6*7

GHILQV VHW WR V $1' 025( VRPH EHWWHU VWDPSV VHHQ PL[HG FRQGLWLRQ FDW

,//8675$7(' )'& 6 :LWK D FDWDORJXH

%ULWLVK 2FFXSDWLRQ %$ RYHUSULQW VHW RI

6*7 DV 80 EORFNV RI VHOGRP VHHQ LQ EORFNV 80

^3KRWR` YDOXH RYHU DV ILQH XVHG VHHQ $XVLSH[ 06 ZLWKRXW IDFH YDOXH ILUVW GD\ RI LVVXH FDQFHO 0DULQH /LIH 75,67$1 '$ &81+$ GHILQV $ YHU\ JRRG VHOHFWLRQ ZLWK QR ZULWWHQ DGGUHVVHV { 4(,, GHILQ VHW YIX 6*

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

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 80

4(,, 3LFWRULDO GHILQV VHW LQ FRUQHU &</,1'(5

3$,56 6* ILQH PLQW KLQJHG RQ RQH VWDPS SDLUV ^3KRWR`

{ &$1&(//$7,216 .*9, 3(5,2' 6PDOO ORW

RQ SDJHV ,QF &RURQDWLRQ VHW RQ YHU\ ILQH :HVWPLQVWHU

)'& :HGGLQJ ZLWK VXSHUE &RFNEXUQ +DUERXU 9LROHW &'6 4W\

%HDXWLIXO 2LO 3DLQWHG (QYHORSH RI D 7RS 6DLO

%DUJH ZLWK 4(,, 7ULVWRQ VWDPS DURXQG LW SDLQWHG E\ 7RP %URZQ VHQW EDFN WR (QJODQG ZLWK LWV RULJLQDO OHWWHU 0DULQH /LIH GHILQV VHW LQ %/2&.6 2) )285

6* ILQH 80 EORFNV ^3KRWR` 6KLSV 4XHHQ¶V 3RUWUDLW GHILQV VHW LQ %/2&.6

2) )285 6* E ILQH 80 EORFNV

&ROOHFWLRQ RI SRVWDJH VWDPSV LQ WZR YROXPHV

YHU\ FRPSUHKHQVLYH PDQ\ V DOO GLII FKLHIO\ XP ZLWK

H[WUDV LQF SRWDWR VWDPS .*9, VHW 4(,, VHW ERWK PDULQH OLIH GHILQ VHWV H[WHQVLYH WKHUHDIWHU LQF VRPH ZPN YDUV

789$/8 6SHFLPHQ RYHUSULQW ILUVW GHILQ VHW RI ZLWK WKH

UDUH F EHLQJ WKH YHU\ ILUVW LVVXH 6* WKLV LV RQH RI WKH UDUHVW

4(,, VWDPSV FDU ZLWKRXW VSHFLPHQ VHOGRP VHHQ VHW 6SHFLPHQ 2YHUSULQWV RQ VHWV WR

HQKDQFH \RXU FROOHFWLRQ VHWV DQG 06 80

81,7(' $5$% (0,5$7( 'HILQLWLYHV WR U 6* H[ I IUHVK

80 &RPSUHKHQVLYH FROOHFWLRQ RI VHWV ZLWK EHWWHU

SLFNLQJV 7UDIILF :HHN 2LO FRQIHUHQFH ,QF 06

781,6,$ (DUO\ $UPV LVVXHV WR F GRWV LQ WKH

1DWLRQ 'D\ 6XUFK &UHVW 6HW 8$( &UHVW 6HW $ YHU\ JRRG ORW &DW IUHVK 80

EDFNJURXQG F WR I XQFKHFNHG IRU SULQWLQJ HDFK PLQW +LJKO\ FDWDORJXHG

&ROOHFWLRQ RQ VWRFNSDJHV FKLHIO\

'HILQLWLYH 6HW RI 6* 80

SHULRG ZLWK PDQ\ VHWV VHHQ RYSW VHW 3LFWRULDO VHW 3DUFHO RYSW VHW $LUPDLO RYSW VHW 'HILQV WR

IU $ ILQH FROOHFWLRQ RI VWDPSV 06 0LQW ,QF 80

81,7(' 1$7,216

$,50$,/6 :LWK )LUVW )OLJKWV DQG PDQ\ FDFKHWV

4 ILQH ORW RI GLIIHUHQW IOLJKWV ,QF 0LOLWDU\ )OLJKW IURP %HQ

*DUGDQH WR 'MHUED ZLWK F $LUPDLO RYSW )OLJKW WR 7ULSROL VFDUFH )OLJKW WR )H]]DQ WHUULWRU\ /DUJH /RFDO +6

)OLJKW WR 5RPH DLU )UDQFH )OLJKW WR %HOJLDQ &RQJR DQG RWKHUV *RRG ORW $LUPDLO )LQH 5HG SLFWRULDO $GYHUW RQ

4 UHYHUVH )OLJKW FRYHU IRU WKH VWDJH IOLJKW %L]HUWH WR &DVDEODQFD

IUDQNHG F $LU RYSW YLROHW FDFKHW HWF $IULFDQ VWDJH

$LUPDLO )LQH 5HG SLFWRULDO $GYHUW RQ UHYHUVH

4 )OLJKW FRYHU IRU VWDJH IOLJKW WR *UHQREOH ZLWK VWDPS ,QF F

$LU RYSW F UDWH 9HU\ ILQH $,50$,/ )LQH )OLJKW &RYHU IRU WKH 781,6 WR

4 6+$1*+$, &KLQD 6HUYLFH YDULRXV FDQFHOV DQG FDFKHWV ,QF

81&/$,0(' 3RVWDJH GXHV F WR IU F WR

IU 7' RYSWV $ JRRG ORW RI GXHV WR V PLQW ,QF 80

785.(< $ PRVW H[FHSWLRQDO IXOO SDQHO $GYHUWLVLQJ &RYHU

IRU D &LJDUHWWH SDSHUV 0DQXIDFWXUHU LQ &RQVWDQWLQRSOH 9)8 ZLWK S WLHG &'6 DGGUHVVHG WR 3HUD 6SHFLPHQ %DWWOH 6HW 6* ZLWK 5HG

,OOXVWUDWHG IGF¶V HDFK ZLWK VWDPSV IURP

GLIIHUHQW KHDG TXDUWHU RQ HDFK FRYHU LQF 06 VHWHQDQWV D YHU\ JRRG ORW RI FRYHUV XQDGGUHVVHG HDFK GLIIHUHQW

$ 0267 (;7(16,9( FROOHFWLRQ RI V

KRXVHG LQ YROXPHV ORRVH KHOG LQ FDUWRQV 2QH PDLQV H[WHQVLYH ORW 06 LVVXHV WR DERXW JRRG 9LHQQD RIILFH FRQWHQWV XP VHWV VHWV RQ IGF SODWH EORFNV ORWV RI RWKHU PDWHULDO ([FHSWLRQDO FRQGLWLRQ FRORVVDO FRVW &9 %X\

81,7(' 67$7(6 %R\G V &LW\ ORFDO F (DJOH 6FRWW / QLFHO\

XVHG RQ VPDOO HQWLUH WLHG UHG FGV VPDOO HQY EXFNOH )XOO FRQWHQWV &,9,/ :$5 3(5,2' ZLWK H[WHQVLYH UHODWHG

FRQWHQWV (QWLUH WR 1RUIRON 8. IUDQNHG F :DVKLQJWRQ 6FRWW UDWHG RQ FRYHU WLHG %DOWLPRUH FGV ZLWK FRPPHQWDU\ LQF WKH RWKHU GD\ DERXW PHQ NLOOHG ZRXQGHG &RYHU IDXOWV EXW DQ LPSRUWDQW LWHP &LYLO :DU SHULRG FROOHFWLRQ RI FRYHUV ZLWK

PDQ\ KDYLQJ IDQF\ FDQFHOV ,QF F UDWHG (QY :LWK &RUN FDQFHO RI 1HZ <RUN F (QY :LWK *ULG W\SH FDQFHO F (QY )URP 3KLODGHOSKLD ZLWK %DU FDQFHO F (QY ZLWK 6WDU FDQFHO RI %RVWRQ $ YHU\ LQWHUHVWLQJ FROOHFWLRQ RI FRYHUV ZLWK VRPH GHWDLOV { :DVKLQJWRQ F 6* DWWUDFWLYH VRXQG

VSHFLPHQ RYSW )UHVK PLQW 0,66,1* &2/285 ,VWDQEXO 6WDPS

([KLELWLRQ N EORFN RI PLVVLQJ 3LQN 6* D 80 KRZHYHU

VRPH WRQLQJ VWLOO VFDUFH LQ D EORFN

XVHG JURXS RI IRXU GLIIHUHQW VKDGHV DQG DOO PRVW FROOHFWDEOH &DW 6HH :HEVLWH &RQIHGHUDWH F VF RQ ILQH VPDOO HQY WR

(DJOH 0LOOV WLHG 6DOLVEXU\ FGV )LQH

(DUO\ XQXVHG 7HOHJUDP )RUP 7XUNLVK

5HYHQXHV RQ 'RFXPHQWV 3RVWDJH 6WDPSV XVHG DV UHYHQXHV $Q LQWHUHVWLQJ JURXS LWHPV

&RQIHGHUDWH F VF WKUHH VPDOO QHDW

HQYHORSHV HDFK ZLWK D VLQJOH IUDQNLQJ GLII SULQWLQJV IURP SDOH WR GHHS YDULRXV SPNV DWWU JURXS

2OG SDJHV ZLWK VWDPSV 0DLQO\ RYSW

{ :LWK *ULOO F F 6* ERWK )8 7KH F LVVXHV LQF YDULHWLHV RYSW LQY RIIVHW GDPDJH RYSWV DQ

ZLWK LQFUHGLEOH &RUN 3PN

LQWHUHVWLQJ ORW JRRG IRU VWXG\

785.6 &$,&26 ,6

{ :LWK *ULOO F )UDQNOLQ 6* VRXQG )8 &DW

9DULRXV GHILQV FRPPHP VHWV LQ %/2&.6 2)

)285 LQFO V GHILQ %URZQ 3HOLFDQ EHWZHHQ

6* ILQH 80 EORFNV ^3KRWR`

6HH :HEVLWH %DQNQRWH F \HOORZ HDJOH 6* QLFHO\

XVHG LQ ZUDSSHU WR 7ULHVWH $XVWULD FDUULHG SHU XQLRQ WLHG H[FHOOHQW FRJZKHHO SPN DJHQWV KV EUHPHQ ER[HG KV DUULYDO FGV H[ +HQU\ & *LEVRQ VDOH +DUPHUV

'RXEOH SXUSOH HUURU ,&< G ZLWK FOHDU GRXEOH

SULQW IUHVK XP ZLWK QRUPDO WR FRPSDUH OLVWHG LQ (OL]DEHWKDQ

6FDUFH 6* HD

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

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 81

{ %DQNQRWH F %L &RORXU )8 6* &DW

&2,/ 67$036 VWULSV RI ZLWK SODWH QXPEHUV

V SDLUHG LQF FRQVXPHU F SO 6FRWW FDW D YHU\

1LFH H[DPSOH ^3KRWR`

JRRG ORW RI VWULSV 80

,QWHULRU RIILFLDOV VHW RI GLH SURRIV RQ WKLFN FDUG

)LUVW )OLJKW &RYHUV ZLWK FRYHUV JRLQJ

4 EDFN WR ,QF $LU PHHWV QRWH :LOPLQJWRQ

1DWLRQDO $LU PHHW 86$ WR 1HZ =HDODQG $ JRRG UDQJH HDFK FRYHU LV GLIIHUHQW ZLOO PDNH D JRRG VWXG\ ORW

-XVWLFH RIILFLDOV VHW RI GLH SURRIV RQ WKLFN FDUG

6W /RXLV VHW IUHVK P 6* FDW VHH 0$5,7,0( 3267$/ +,6725< 7+( *5($7

ZHEVLWH )LQH TXDOLW\

:+,7( )/((7 7KH XQLWHG IUXLW FRPSDQ\

V PRVW UHPDUNDEOH FROOHFWLRQ GLVSOD\HG WR H[KLELWLRQ VWDQGDUGV RQ SDJHV ZLWK RYHU GLIIHUHQW LWHPV RI VHOHFWHG 3RVWDO +LVWRU\ 0DQ\ LQWHUHVWLQJ 6RXWK $PHULFDQ )UDQNLQJV IURP D ZLGH YDULHW\ RI 7HUULWRULHV DOO ZLWK WKH YDULRXV )UXLW FRPSDQ\ FDQFHOODWLRQV :HVW ,QGLHV DQG PXFK PRUH ,PSRVVLEOH WR UHSOLFDWH WKLV FROOHFWRU VSHQW \HDUV DVVHPEOLQJ WKLV YHU\ ILQH FROOHFWLRQ

)LUVW )OLJKW &RYHU IUR 0DQLOD WR 86$ ZLWK LQLWLDO

4 )OLJKW RYSW 6WDPSV RI WKH 3KLOLSSLQHV ZLWK VSHFLDO IOLJKW

FDFKHW $ VFDUFH FRYHU ::,, )OHXJDO (QYHORSHV HDFK GLIIHUHQW

,QF :KHQ +LWOHU ,V 2 +DSS\ 'D\ 6HW (P RQ 7KHLU $[LV /HWV *R LWV .2 IRU 7RN\R $ YHU\ ILQH FROOHFWLRQ RI XVHG FRYHUV

3UH VWDPS HQWLUHV ZLWK PDQ\ SRVWDO PDUNLQJV

3RVWPDVWHU *HQHUDO VLJQHG LOOXVWUDWHG )'& V

1HZ 2UOHDQV FRQWHQWV D ORW RI LWHPV FRQGLWLRQ LV JRRG LQF QXPEHU KDQGVWDPSV SDLG KDQGVWDPSV H[FHOOHQW HQWLUH ZLWK 1HZ 2UOHDQV FGV SDLG $Q LQWHUHVWLQJ ORW

HDFK GLIIHUHQW DQ XQXVXDO FROOHFWLRQ WR EH VLJQHG E\ 32 *HQHUDO 0LQLDWXUH VKHHW FROOHFWLRQ ZLWK D IDFH YDOXH

RYHU LQF &ROXPEXV VHW RI VL[ 06 PV DOO 80

6KHHWOHW DQG ERRNOHW FROOHFWLRQ ZLWK D IDFH

YDOXH RYHU VHHQ 6WDU :DUV DUFWLF WXQGUD GLVWLQJXLVKHG

VROGLHUV PRRQ ODQGLQJ 86 QDY\ VXEPDULQH ERRNOHW D YHU\ JRRG ORW QHYHU KLQJHG PLQW ERRNOHW VKHHWV

%RRNOHW SDQHV RQ LOOXVWUDWHG )'& V ,QF

$LUPDLO $ % UDWHV -HIIHUVRQ PHPRULDO )ODJV /LEHUW\ %HOO PDLQO\ XQDGGUHVVHG 2GG ODEHO DGGUHVV PDLQO\ V SHULRG

63$&( 86$ SURMHFW PHUFXU\ PDQ LQ

VSDFH VWDPS UHPDUNDEOH SUHVV SKRWR VLJQHG E\ WKH VWDPS GHVLJQHU &KDUOHV &KLFNHULQJ WRJHWKHU ZLWK FHUWLILFDWH RI DXWKHQWLF\ ([KLE LWHP

&LYLO :DU ,OOXVWUDWHG $GMXWDQW DQG ,QVSHFWRU

*HQHUDO 2IILFH :RRGVWRFN 9HUPDQW (QYHORSH ZLWK [ F IUDQNLQJ ZLWK OHWWHU IRU 6ROGLHUV ZDLWLQJ WR EH GLVFKDUJHG

68%67$17,$/ LQFUHGLEO\ ZHOO ILOOHG FROOHFWLRQ

LQ D SDLU RI 'DYR SULQWHG DOEXPV ZLWK D KLJK OHYHO RI FRPSOHWLRQ PDMRULW\ RI YDOXH LQ 1+0 XP LQF +DPLOWRQ PDQ\ PRGHUQ XP VKHHWOHWV EORFNV VRPH XVHG 6ROLG PDQ\ V

&LYLO :DU 3DWULRWLF (QYHORSH ZLWK :DVKLQJWRQ

)DQF\ :KHHO &DQFHOODWLRQ ,PDJH $UWLOOHU\ DQG )ODJ FRYHU ZLWK GXH KDQGVWDPS VHQW IURP &XPPLQJV %ULGJH 6ROGLHU

&LYLO :DU 8QXVHG 3DWULRWLF (QY 8QLRQ

7+( 72%$&&2 ,1'8675< $Q H[FHSWLRQDO

SDJH H[KLELWLRQ IHDWXULQJ YHU\ ILQH DQG SUHPLXP HDUO\ $GYHUW &RYHUV )8 LWHPV WKHUH DUH VRPH H[FHSWLRQDO &LJDU $GYHUW &RYHUV PXFK RI DQ HDUO\ QDWXUH DQG LWHPV WKDW KH SDLG XS WR IRU 7RR PXFK WR OLVW LQVSHFWLRQ RU VFDQV ZRXOG KHOS \RX DSSUHFLDWH WKH KLJK TXDOLW\ DQG VHOHFWLYH FRPSLODWLRQ

6ROGLHU ZLWK 6WDQGDUG (QYHORSH ZLWK 3URVHFXWLRQ RI WKH :DU DQG QR FRPSURPLVH XQGHU WKH JXQV RI UHEHOV /DEHO DWWDFKHG WR DQ HQYHORSH ZLWK 'XH KDQGVWDPS (QY 6WDPSOHVV ZLWK 'XH KDQGVWDPS VHQW E\ D 6ROGLHU LQ 1RUWK &DUROLQD &LYLO :DU HQYHORSH ZLWK F IUDQNLQJ ZLWK

&RUN FDQFHO RI 1HZ <RUN 7KH )UHH 6WDWH LOOXVWUDWHG HQY (QGRUVHG LQ FDUH RI 0DMRU 0RRUH ZLWK LOOXVWUDWHG +HDG /HWWHU 0DJHHV ZLWK GHWDLOV

:UHDN 0DLO $LUFUDVK &RYHU ZLWK *%

4 2IILFLDO 6HDOHG /DEHOV ZLWK 7UDQVDWODQWLF KDQGVWDPSV DQG

'DPDJHG E\ 6HD :DWHU +6 WKH $LUFUDIW FUDVK LQ /LVERQ DQG 6DUN

&LYLO :DU 3DWULRWLF (QY *RRG 1RRVH )RU

72%$&&2 3267$/ +,6725< 7+(0$7,&

7UDLWRUV XQXVHG 7KH FRQVWLWXWLRQ LOOXVWUDWHG (QY $QG OHWWHU ERWK XVHG WKH OHWWHU LV DQ LQWHUHVWLQJ UHDG

$Q H[FHOOHQW ORW RI &RYHUV &DUGV ILQH PXFK RI DQ HDUO\ QDWXUH PDQ\ KLJKO\ LOOXVWUDWHG GHSLFWLQJ &LJDUV KDYLQJ SDLG XS WR D FRYHU ,QF .LQJ 9 &LJDU F VWDWLRQHU\ HQYHORSH XQXVHG &KHZLQJ DQG 6PRNLQJ $GYHUW ODUJH RUQDWH SDQHOV GHSLFWLQJ &LJDUV :LOO PDNH D VXSHU H[KLELWLRQ

&LYLO :DU 3DWULRWLF (QY 2XU $UP\ DQG 1DY\

)RUHYHU ZLWK F IUDQNLQJ VPDOO (QY 6HQW WR *HUPDQ\ ZLWK SDLG 1HZ <RUN $PE 3NW +DQGVWDPS SDLG DW F UDWH

&LYLO :DU 3DWULRWLF (QYHORSHV /R\DO 6WDWH

9$7,&$1 &,7<

8QLRQ RI 2KLR XVHG 7KH 8QLRQ 0XVW DQG 6KDOO %H 3UHVHUYHG XQXVHG DQG 7KRPDV -DPHV EXVLQHVV $Q LQWHUHVWLQJ JURXS &LYLO ZDU SDWULRWLF HQYHORSHV :LQILHOG 6FRWW

WKH ULJKW PDQ LQ WKH ULJKW SODFH 6FRWW -HII 'DYLV WKHVH WKUHH XQXVHG WKH QDWLRQ V GHIHQFH XVHG $ YHU\ ILQH JURXS

838 VHW 80 6* &DW

4

9(1(=8(/$ { )25(,*1 0$,/ %ROLYDU F WR E ZLWK GLIIHUHQW

VKDGHV DQG SULQWLQJV HDFK ORRNV GLIIHUHQW F F

&2,/ $1' 9(1',1* 0$&+,1( 67$036 2)

86$ $ PRVW LQFUHGLEOH FROOHFWLRQ RI V RQ H[KLELWLRQ SDJHV ILOOLQJ D ODUJH FDUWRQ 7KLV ORW LV YDVW ZLWK PLQW VWULSV IURP

V RQZDUGV QRWLQJ YHU\ JRRG WUDQVSRUWDWLRQ VWULSV ZLWK

YDULRXV 3/$7( 180%(6 VHYHUDO OHDGHUV DQG ODEHOV IURP &RLOV 9HQGLQJ %RRNOHWV 3KRWR V RI 3RVW 2IILFH 9HQGLQJ { 0DFKLQHV YHU\ H[WHQVLYH XVHG DOVR D VXSSOHPHQWDU\

FROOHFWLRQ RI 0(7(5 0$,/6 ZLWK GLIIHUHQW PDFKLQHV DQG PDQ\ FRYHUV $ YHU\ JRRG ORW VHOGRP RIIHUHG

E KLJKO\ FDWDORJXHG ILQH XVHG RU PLQW

([WHQVLYH FROOHFWLRQ RI VWDPSV PV

YHU\ FRPSOHWH IRU WKH SHULRG 80 VHOGRP VHHQ DV D FROOHFWLRQ

/RFDO 6WDPS IRU WKH 6WDWH RI *XD\DQD LQF 7DOO

6KLSV F WR E PLQW $UPV E RQH PLQW RQH XVHG 7DOO 6KLSV WR E ILQH XVHG 6FRWW &DW

Philangles 402 82pgs.qxp 02/08/2021 08:06 Page 82

7+( 72%$&&2 ,1'8675< 9HU\ ILQH WRSLFDO 3RVWDO 6WDWLRQHU\ XQXVHG LQF 3RVWDO 5HSO\

FROOHFWLRQ GLVSOD\HG WR H[KLELWLRQ VWDQGDUGV RQ SDJHV LWHPV FKLHIO\ VHOHFWHG V XVHG 3LFWRULDO $GYHUW &RYHUV PXOWL IUDQNHG ,QF 5RMD DQG &DPHO 3DFNHWV RI &LJDUHWWHV D GHOLJKWIXO ORW

&DUG 3RVWDO &DUGV :UDSSHUV /HWWHU &DUGV 6SHFLPHQ RYSW

$ YHU\ JRRG ORW RI LWHPV

838 3UHVHQWDWLRQ %RRNOHW IRU %UXVVHOV

&RXQWLQJ GLIIHUHQW VWDPSV RQ VSHFLDO SDJHV ,QF D JRRG UDQJH RI UHJLRQDO $UPV LVVXHV DOO PLQW 8QXVXDO

{ 0,17 86(' $// ',))(5(17 UDQJH IURP DQ

ROG ,GHDO DOEXP ZH VHH WR D S XVHG =DQ]LEDU

RYSWV PRVW YDOXHV PLQW WR òD 6XOWDQ PLQW VHW WKHQ VSDUVH PLQW RU XVHG UDQJH WR PL[HG FRQGLWLRQ FDW DSS

{ 6XOWDQ VHW RI WR U WRS YDOXH ILQH XVHG 6*

9,&725,$ G EURZQLVK SXUSOH LPSHUI FOHDU LPSUHVVLRQ

6* PLQW RULJLQDO JXP WKUHH FOHDU RU MXVW WRXFKLQJ PDUJLQV SUHVHQWDEOH H[DPSOH FDW

{ 'KRZ KLJK YDOXH U 6* IX ZLWK FRUQHU

FGV 6LOYHU -XELOHH RI 6XOWDQ VHW LQ %/2&.6 2)

)285 6* 80 XVXDO EURZQ JXP

V SDOH FODUHW RQ \HOORZ 3 ò ZPN 9 RYHU

&URZQ 6* F 9)0

5HJLVWHUHG HQYHORSHV F XSUDWHG ZLWK D

3RVWDJH GXH WRS YDOXH ILQH P 6*'

YDULHW\ RI IUDQNLQJV VHQW WR 86$ 6HOGRP VHHQ

F 8QFODLPHG $W 0HOERXUQH ER[HG +6 VHQW IURP

8. DQG UHGLUHFWHG LQ $XVWUDOLD ZLWK D YDULHW\ RI WUDQVLW PDUNV RQ WKH UHYHUVH SOXV OHWWHU { &DQFHOODWLRQ RQ 49 .*9 LVVXHV PDQ\ ILQH

63(&,0(1 2YHUSULQW VHOHFWLRQ ZLWK D YHU\

JRRG YDULHW\ ,QF KLJKHU YDOXHV PRVW DUH VRXQG PLQW VRPH 1* U U U WR U QR JXP $ YHU\ ILQH U 6* 6FULSW LVVXHV U WR U ILQH PLQW $V EDVLF VWDPSV YHU\ KLJK &9 5HTXHVW VFDQ

FGV (QJOLVK PDLO 732 QXPHUDOV LQF %ULJKWRQ 0DUOERURXJK *HHORQJ /DNHV (QWUDQFH 0LOGXUD MXVW D IHZ =8/8/$1' IURP WKH FROOHFWLRQ RI FDQFHOODWLRQV QHHG ZULWLQJ XS { 0267/< 0,17 86(' 5$1*( LQFO

DOO YDOXHV PLQW XQXVHG WR V òG GXOO JUHHQ ZLWK VWRS G 9,(71$0 PLQW XVHG WR G SOXV V PLQW PL[HG FRQGLWLRQ 6RXWK 9LHWQDP YDOXDEOH FROOHFWLRQ ZLWK PDQ\

FRPSOHWH VHWV ZLWK EHWWHU HDUO\ VHWV 5HIXJHHV RQ 63(&,0(1 RYHUSULQW 49 LVVXHV *%

5DIW SUHVLGHQW GHILQ VHW 0LOLWDU\ 3RVW LPSHUI 2YSWV 7R G ,QF ILQH 0RVW DUH ILQH VFDUFH PLQW SRVWDJH GXHV RYHU VWDPSV FRYHUV ^3KRWR`

9,(71$0 6287+

THE END OF THIS SALE

2OG 3ULQWHG 3DJHV ZLWK LVVXHV IURP WR

IUHVK 80 $ YHU\ JRRG UDQJH ZLWK PDQ\ VHWV ,QF

3RVWDJH GXHV &RPPHPRUDWLYHV DQG 'HILQLWLYH V RYHU VWDPSV

:(67(51 6$02$ Viewing

,QWHUHVWLQJ FROOHFWLRQ LQF FRYHUV

Clients can view at our offices Monday - Friday 10am - 5pm Please telephone to arrange an appointment.

We are located in Warrington Town Centre

UHJLVWHUHG ZLWK SDVVHG E\ FHQVRU 0DXULWLXV FDFKHW WRXULVW LOOXVWU HQY IX GHILQ VHW RQ YI IGF VWDPSV LQF SLFWRULDOV WR DV P EORFNV TW\

:(67(51 $8675$/,$ { &DQFHOODWLRQV ZLWK D VXSHUE YDULHW\ RI FDQFHOV

PDQ\ FRPSOHWH FGV FDQFHOV LQF %HYHUOH\ %XQEXU\ )LPLVWRQ )UHPDQWOH :DJLQ *OHQ )RUHVW 0HQ]LHV WR PHQWLRQ MXVW VRPH RI WKH FDQFHOV LQ WKLV ORW RI VWDPSV

<(0(1 $Q DFFXPXODWLRQ RI V PRVWO\ XVHG VWDPSV

LQ D VWRFNERRN LQF LPSHUI VWULSV DQG PRGHUQ LVVXHV 8VHIXO

Key to symbols in this catalogue

✱

✉

Used Mint Postal History

✈ ✱✱ &

Airmail Unmounted mint Literature

<8*26/$9,$ 3RVWDJH GXHV 6+6 RYSW VHW RI IUHVK PLQW SOXV

I LQYHUWHG RYSW DQG XQLVVXHG I 6*'

PHILANGLES

3RVWDO +LVWRU\ ,QF ::, 3DWULRWLF 3RVWDO &DUG

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

33& ZLWK G SRVWDJH GXH ::,, &HQVRUHG 0DLO *HUPDQ )LHOG SRVW LQ &URDWLD ZLWK D YDULHW\ RI PDUNV &HQVRUHG FRYHU (QY :LWK 3DUWLVDQV &HQVRU $Q LQWHUHVWLQJ JURXS RI &RYHUV &DUGV

VISIT www.philangles.co.uk.

=$1=,%$5 $ VHOHFWLRQ RI PLQW 49 RYHUSULQWV ZLWK

9$5,(7,(6 &KLHIO\ VPDOO VHFRQG = 9DULHWLHV ZLWK YDOXHV WR D LQF D VWULS RI

Selling? – Contact Simon Carson today for professional advice on how to sell your stamps/covers.

PTS and ASDA registered. Integrity assured.

Philangles 402 covers.qxp_Layout 1 02/08/2021 08:10 Page 2

ST HIGHE S PRICE ED T AN E GUAR —— 131——

—— 133——

WE BUY STAMPS AND POSTAL HISTORY COLLECTIONS FROM A SINGLE ITEM TO A LIFETIMES ACCUMULATION, CONTACT US TODAY.

—— 202——

242

300

231

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

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

We Travel Worldwide

235

257

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

Lot 1676 Departmentals

Lot 898 Liberation overprints see section

AUCTION NUMBER 402 l AUCTION DATE 13TH SEPTEMBER 2021

Lot 1035 Fine Empire

Stamp Dealers since 1990

Lot 1817 Empire issues as blocks of four This sale features France Liberation overprints, Denmark postal history with specialised studies, specimen overprint stamps, Jamaica cancellations, British Empire definitive sets as blocks of four and much more.

WhatsApp video’s available for bulky lots.

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

Lot 1837 Indian States

TELEPHONE 01925 231151 • FACSIMILE 01925 232204 EMAIL office@philangles.co.uk Printed in England by PARDY & SON LTD 1 Parkside, Christchurch Road, Ringwood, Hampshire

Estd 1990

WWW.PHILANGLES.CO.UK

AUCTION NUMBER 402 l AUCTION DATE 13TH SEPTEMBER 2021

Philangles 402 covers.qxp_Layout 1 02/08/2021 08:10 Page 1

Estd 1990