Philangles 408 Catalogue

Lot 2125 Confetti variety

Lot 1392 KGVI – Empire

AUCTION NUMBER 408 l AUCTION DATE 28TH FEBRUARY 2022

Lot 1628 Liechtenstein

Stamp Dealers since 1990

Lot 2175 This sale features a specialised collection of KGVI British Commonwealth with varieties & blocks, Liechtenstein with key sets, further portions of a major collection including France and much more. See us at London 2022. Whatsapp video’s available for larger lots.

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

Lot 2174 Fine stamps

AUCTION NUMBER 408 l AUCTION DATE 28TH FEBRUARY 2022

Philangles 408 covers.qxp_Layout 1 13/01/2022 06:58 Page 1

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

Estd 1990

Philangles 408 covers.qxp_Layout 1 13/01/2022 06:58 Page 2

159

ST HIGHE S PRICE ED T AN E GUAR

158 —————— 101 ——————

297

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

320

359

385

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.

—————— 194 ——————

We Travel Worldwide Philangles Ltd | Carson House | 44 Legh Street Warrington | Cheshire | WA1 1UJ www.philangles.co.uk 01925 231151 or email office@philangles.co.uk 415

490

571

Philangles 408 plates (19pp).qxp 13/01/2022 07:04 Page 1

279

643

580

797

Philangles 408 plates (19pp).qxp 13/01/2022 07:04 Page 2

323

324

390

Philangles 408 plates (19pp).qxp 13/01/2022 07:04 Page 3

395

—————————— 398 ——————————

Philangles 408 plates (19pp).qxp 13/01/2022 07:04 Page 4

—————————— 396 ——————————

681 632

717

Philangles 408 plates (19pp).qxp 13/01/2022 07:04 Page 5

399

400

455

Philangles 408 plates (19pp).qxp 13/01/2022 07:04 Page 6

653

672

Philangles 408 plates (19pp).qxp 13/01/2022 07:04 Page 7

757 689

1095 ————————— 758 —————————

759

913

1096

779

Philangles 408 plates (19pp).qxp 13/01/2022 07:04 Page 8

919

920

820

922

1392 824

Philangles 408 plates (19pp).qxp 13/01/2022 07:04 Page 9

——————————————— 831 ———————————————

1393

1417

832 1419

Philangles 408 plates (19pp).qxp 13/01/2022 07:04 Page 10

836

1466

1281

1620 ———————————— 1359 ————————————

1618 1616

1619 1621

Philangles 408 plates (19pp).qxp 13/01/2022 07:04 Page 11

1321

1338

1481

1630

1629

1631

Philangles 408 plates (19pp).qxp 13/01/2022 07:04 Page 12

1492

1623

1628

1626

1632

1627

1633

Philangles 408 plates (19pp).qxp 13/01/2022 07:04 Page 13

1636

1576

1765

1644 1577

1754

1755 1637

Philangles 408 plates (19pp).qxp 13/01/2022 07:04 Page 14

1642

1811 2311

2403 2162

2392

Philangles 408 plates (19pp).qxp 13/01/2022 07:04 Page 15

1791

1776

1796

1798

1804

1849

1877

1890

1956

Philangles 408 plates (19pp).qxp 13/01/2022 07:04 Page 16

2075

—————— 2049 ——————

2161

2125

2175

2251

2173 2174

2254

2266

2259

2256

2082

Philangles 408 plates (19pp).qxp 13/01/2022 07:04 Page 17

2039

2281

Philangles 408 plates (19pp).qxp 13/01/2022 07:04 Page 18

—————————— 2272 ——————————

———————————————— 2274 ————————————————

Philangles 408 plates (19pp).qxp 13/01/2022 07:04 Page 19

———————————————— 2307 ————————————————

———————————————— 2372 ————————————————

Philangles 408 pages (69pp).qxp 13/01/2022 07:09 Page 1

POSTAGE STAMPS OF THE WORLD { $1 ,17(5(67,1* 6(/(&7,21 RI FODVVLF

PDWHULDO RQ KDJQHU SDJHV *UHDW %ULWDLQ LPSHUI SHQQ\ UHGV ZLWK ,ULVK SRVWPDUNV GLVWLQFWLYH 'XEOLQ 0DOWHVH FURVVHV

òG PLGJHWV VRXQG XVHG F SHQQ\ SODWHV LQF IX G HDFK ZLWK & SPNV RI %ULWLVK /HYDQW %HOJLXP FODVVLF PHGDOOLRQV SRVWPDUN LQWHUHVW HWF VWDPSV

'LIIHUHQW -HUVH\ )'& ZLWK FRPSOHWH VHWV

WR LQ YHU\ ILQH FRQGLWLRQ QRWLQJ YDOXHV WR $ EDUJDLQ 'LIIHUHQW *XHUQVH\ )'& ZLWK FRPSOHWH

VHWV WR LQ YHU\ ILQH FRQGLWLRQ $ EDUJDLQ

$1 2/' 7,0( *(1(5$/ &ROOHFWLRQ RI

$ FDUWRQ ZLWK DQ LQWHUHVWLQJ PL[WXUH LQF

:RUOGZLGH LQ YROXPHV QRWLQJ *UHDW %ULWDLQ *297 &KDQQHO 7XQHO JLIW SDFN PLOOHQQLXP PRPHQW SDFN VWLOO VHDOHG 3$5&(/6 2IILFLDO RYSWV G G G PLQW &DW RWKHU WKH KLVWRU\ RI %ULWDLQ LQ SRVWDJH VWDPSV E\ :HVWPLQVWHU /WG WR PDWHULDO LV YHU\ JHQHUDO PDQ\ V

FRSLHV ILUVW SRVW ERRN UR\DO PDLO MXELOHH SRUWUDLW ERRN OWG { $Q 2OGWLPH &ROOHFWLRQ RI DSSUR[ GLIIHUHQW

ERRNOHWV FKLHIO\ %ULWLVK &RPPRQ LVVXHV :RUOGZLGH LVVXHV LQ $OEXPV PRVW LV SUH V $ JRRG $ ODUJH FDUWRQ FKLHIO\ ILOOHG ZLWK %ULWLVK

YDULHW\ RI FKLHIO\ )8 ZLWK FRXQWU\ UDQJHV &RPPRQZHDOWK &RPPHPRUDWLYH &RYHUV V FROOHFWRU

$50< 6SHFLDO %ULWLVK &RPPHPRUDWLYH &RYHUV

SXUFKDVHG WKHP DQG MXVW OHIW WKHP WR RQH VLGH QHHGV VRUWLQJ $ PRVW XQXVXDO ORW RI PDWHULDO ZULWWHQ XS WR

H[KLELW VWDQGDUGV RQ D ODUJH TXDQWLW\ RI SDJHV ,QF /LIHERDW ,QVWLWXWLRQ 6HWV RI VKHHWOHWV RI )XQG 6WDPSV GLIIHUHQW

0DVRQLF LWHPV $UPHG )RUFHV %DQNQRWHV 3ULQWHUV 2UQDWH 3URRIV IRU &LJDU %R[HV DQG 5LQJV :LQH %RWWOH /DEHOV HDUO\ $GYHUWLVLQJ 6LU -RKQ *LHOJXG 6LJQHG /HWWHU 5REHUW 5DLNHV 7RNHQV 6XSHUE 9LFWRULDQ 9DOHQWLQH *UHHWLQJ &DUG $ UDWKHU HFFHQWULF ORW RI XQXVXDO PDWHULDO ODUJH 4XDQWLW\

$ VHOHFWLRQ RI :RUOGZLGH PLQLDWXUH VKHHWV

PRVW 80 ZLWK LWHPV &DW ,QF 0DFDX 6WDPS &HQW

6KHHWV 0XVLFDO LQVWUXPHQWV VKHHW 6DXGL $UDELD 6RODU (QHUJ\ SDLU RI VKHHWV 7KDLODQG HWF

GLIIHUHQW ,QF &DWKHGUDOV )'& ZLWK 8OVWHU 5HFUXLWLQJ 3PNV 3KLO\PSLD ZLWK %)32 3PN VLJQHG LWHPV ,QF &RQFRUGH )OLJKW VLJQHG %LOO :DOSROH H[FHOOHQW TXDOLW\

$8675$/,$ FROOHFWLRQ RI RYHU GLII )'&

ZLWK LVVXHV WR LQ YI FRQGLWLRQ QRWLQJ YDOXHV VHWV WR ,QFUHDGLEOH VRXUFH IRU )8 VHWV %DUJDLQ

$8675$/,$ %DODQFH UDQJH LQF XQPRXQWHG

0LQW 6WDPSV %ORFNV *XWWHU 3DLUV VHHQ 6SHFLPHQV YDOXHV WR 3LFWRULDO 6HULHV 3RVWFDUGV 3DFNV WR 6WRFNERRNV ZLWK LVVXHV WR VRPH LGHQWLILFDWLRQ $ YHU\ LQWHUHVWLQJ ORW V RI LWHPV $872*5$3+ /$'< )/25(1&( ',;,( QpH

'RXJODV 0D\ ± 1RYHPEHU 6FRWWLVK ZULWHU ZDU FRUUHVSRQGHQW DQG IHPLQLVW NQRZQ IRU KHU DFFRXQW RI WUDYHOOLQJ $FURVV 3DWDJRQLD KHU FKLOGUHQ V ERRNV DQG KHU IHPLQLVW XWRSLD QRYHO

$ YLQWDJH VPDOO VWDPS DFFXPXODWLRQ RQ FDUGV

DQG ORRVH ZLWK LWHPV NHSW IRU D UHDVRQ +RQJ .RQJ .*9 F %OXH PLQW EORFN F 6RXWKHUQ 5KRGHVLD òG 5KRGHV YDULHW\ PLQW 6RXWK $IULFD PLVVLQJ K\SKHQ SDLU %$+5$,1 9)0 &ROOHFWLRQ &DW ZLWK

PLQW YDULHWLHV ,QGLD *DQGKL $QWL %ULWLVK *RRGV /DEHO PLQW RYHU VWDPSV DOO GLIIHUHQW DQG PDQ\ ILQH VHWV ZLWK %UXQHL ILUVW LVVXHV XVHG $ VPDOO TXDQWLW\ GHILQV DQG FRPPHPV H[FHOOHQW YDOXH $&&808/$7,21 2) 1,1( 2/' 7,0( 67$03

%$/$1&( ZLWK &RYHUV &DUGV 6WDPSV LQF

$/%806 SOXV D IHZ VWRFN ERRNV ZH VHH FLUFD ORFDO LVVXHV XQXVHG 3RVWDO 6WDWLRQHU\ D UHDO UDQGRP ORW WKH ,QWHUQDWLRQDO DOEXP ZLWK D UDQJH RI VWDPSV DQG SRVWDO FROOHFWRU SXW WR RQH VLGH DQG QHYHU VRUWHG LQ D FDUWRQ V RI VWDWLRQHU\ FXW RXWV FLUFD 6HQI DOEXP ZLWK UHDVRQDEOH LWHPV UDQJH RI VWDPSV 0HNHHO V :RUOG $OEXP IDLUO\ FOHDQ ZLWK %$1.127(6 $ *% .*9 QRWH

VPDOO UDQJH QRWH %ORRG V 3HQQ\ 3RVW VWDWLRQHU\ FXW RXW DQ RYHUSULQWHG LQ $UDELF IRU XVH LQ 7KH /HYDQW IDXOWV FUHDVHG DOEXP FRQYHUWHG WR D VWRFN ERRN ZLWK XVHIXO UDQJH RI $XVWUDOLD XVXVDO $OVR 3HSSLDWW EDQNQRWHV JRRG IDLU

QRWH 5RRV WR V (UULQJWRQ 0DUWLQ MXYHQLOH DOEXP ZLWK JRRG LWHPV UDQJH RI ZRUOGZLGH VWDPSV WR FLUFD DOVR VHH UDQJH RI PLQW &RURQDWLRQ VHWV 9LFWRU\ VHWV 0L[HG %LJ *HUPDQ\ FROOHFWLRQ RI V GLII ZLWK PXFK

FRQGLWLRQ DV XVXDO RQH DOEXP LV HPSW\ PDMRULW\ DUH SUH V IX RQ SDJHV FDUGV DOEXP HWF ZLWK ORWV RI XVHIXO SLFNLQJV +LWOHU IHZ V

SI JURVVO\ PLVSHUIRUDWHG HUURU FKXUFK ZLQGRZ VHW YIX F 1%$ VHW XP F FKDULW\ VHW $IULFD FROOHFWLRQ RI PLQLDWXUH

F PDQ\ RWKHU ILQH VHWV FDW XSWR HDFK H[WHQVLYH VKHHW VKHHWOHWV LQF 0DODZL EXWWHUIOLHV 06 .87 1LJHULD FRPSOHWH VHWV ZLWK PRGHUQ PV PXFK HOVH *RRG ORW *KDPD 0DXULWLXV =DPELD *DPELD %RWVZDQD FKHLIO\

V V SHULRG D YHU\ JRRG UDQJH %,5'6 21 67$036 IRUHLJQ FRXQWULHV $ &

$,50$,/ &29(56 DQ LQWHUHVWLQJ UDQJH RI

PRVW VXEVWDQWLDO FROOHFWLRQ RI FKLHIO\ XP KRXVHG LQ DQ DOEXP FRYHUV FDUGV (QY IURP 3RODQG WR 86$ ZLWK + 0DQ\ ILQH VHWV KXJH &9 QRWLQJ $XVWULD VHW F

V FRYHUV IURP 9HQH]XHOD WR 8. 0XOWLSOH IUDQNHG %DKUDLQ VKHHWV &DPERGLD VHWV &RQJR &XED &KULVWPDV 6H 3DQ $P WK $QQLYHUVDU\ FDFKHW R D (QY VHQW 86$ 7HQDQW LVVXHV KLJK YDOXHV DQG PXFK PRUH 9HU\ JRRG (QY VHQW IURP 8. WR %XFDUHVW ZLWK %HUOLQ IOLJKW FDFKHW D ORW VHOHFWLRQ RI ILUVW IOLJKW FRYHUV VLJQHG E\ WKHLU SLORWV

%,5'6 21 67$036 )RUHLJQ FRXQWULHV / 3 D

FROOHFWLRQ LQ DQ $OEXP ORDGHG ZLWK FKLHIO\ 80 FRPSOHWH VHWV $,50$,/6 ,QFOXGLQJ 3LORW VLJQHG DQG 5$)

V RI VWDPSV ,QF /LHFKWHQVWHLQ VHW 0DFDR VHW 4 VSHFLDO IOLJKWV &ROOHFWLRQ RI GLIIHUHQW ILQH IOLJKW H[FHOOHQW )UHQFK &RORQLHV VHWV 1HZ &DOHGRQLD /RWV RI H[RWLF FRYHUV LQ DQ $OEXP ,QF %DOORRQ IOLJKWV (VW D FRYHU LVVXHV +XJH &9 RULJLQDO ORW

%,5'6 21 67$036 WKH LVVXHV GHSLFWLQJ WKH

ZRUNV RI -RKQ $XGERQ D FROOHFWLRQ RI V PRVWO\ XP

$/'(51(< $1' *8(516(< 80 ZLWK

SUHPLXP FRQWHQWV DQG IDFH YDOXH ZLWK LVVXHV WR ,QF PDQ\ FRPSOHWH VHWV 06 'HILQV WR HDUO\ SRVWDJH GXHV DQG PRUH V 7R FOHDU

FRPSOHWH ZRUOGZLGH VHWV QHDWO\ DUUDQJHG LQ DQ DOEXP $ GHOLJKWIXO ORW

Viewing

Key to symbols in this catalogue

Clients can view at our offices Monday - Friday 10am - 5pm Please telephone to arrange an appointment.

We are located in Warrington Town Centre

✱

✉

Used Mint Postal History

✈ ✱✱ &

Airmail Unmounted mint Literature

Philangles 408 pages (69pp).qxp 13/01/2022 07:09 Page 2

%LUGV RQ VWDPSV $ ) &RPPRQZHDOWK &RXQWULHV %ULWLVK :HVW ,QGLHV PLQLDWXUH VKHHW VKHHWOHW

FROOHFWLRQ V V SHULRG D JRRG UDQJH RI VHHQ VXEVWDQWLDO FKLHIO\ 80 FROOHFWLRQ LQ SDFNHG $OEXP VHYHUDO

GLIIHUHQW VWDPSV SDFNHG ZLWK VHWV KLJK &9 QRWLQJ $XVWUDOLD ,QF .RRNDEXUUD 06 %DKDPDV WR %RWVZDQD ,QF GHILQ VHWV %$77 6KHHWOHWV &D\PDQV WR &RRN ,V WR H[WHQVLYH )DONODQGV ZLWK PDQ\ VHWV DQG YDOXHV WR 2ULJLQDO ORW

*UHQDGD UHG FURVV PV LPSHUI VHHQ LVVXHV RI 6W .LWWV -DPDLFD 6W 9LQFHQW &D\PDQ %DUEXGD %DKDPDV &D\PDQJRYHUQPHQW EXLOGLQJV ZPN LQY ZLWK PDQ\ GLIIHUHQW VKHHWV D YHU\ LQWHUHVWLQJ ORW &$5721 FRQWDLQLQJ RYHU GLIIHUHQW %ULWLVK

)'& LQ YI FRQGLWLRQ ZLWK ORWV RI ILQH FRYHUV VSDQQLQJ DOVR RWKHU ELWV LQ YROXPHV 7R FOHDU

%,5'6 21 67$036 * 0 FRPPRQZHDOWK

FRXQWULHV D PRVW VXEVWDQWLDO FKLHIO\ XP FROOHFWLRQ RI V

SDFNHG LQ DQ DOEXP PDQ\ ILQH VHWV KLJK &9 LQF *KDQD VKHHWOHWV *UHQDGD GHILQ VHWV +RQJ .RQJ WR 0DODZL ZLWK GHILQ VHWV 0DOGLYHV HWF 2ULJLQDO ORW ZLWK VXEVWDQWLDO FRQWHQWV %,5'6 21 67$036 0RGHUQ :RUOGZLGH 6WDPS

6KHHWOHWV LQ VXSHUE 80 FRQGLWLRQ 7KH FROOHFWLRQ RI

GLIIHUHQW RQ +DJQHUV DOO %ULWLVK &RPPRQZHDOWK LVVXHV WR

V 9HU\ KLJK &9 ,QF -DPDLFD 3DUURW $QWLJXD 'XFNV $VFHQVLRQ 6HD %LUGV )DONODQG V &REEV :UHQ VKHHW DQG PDQ\ PRUH 4XDOLW\ ORW

&$5721 ZLWK D GLYHUVH PL[WXUH RI :RUOG

PDWHULDO :HOO ILOOHG DOEXP RI HDUO\ &KDQQHO ,VOHV QRWLQJ *XHUQVH\ ELVHFW SRVWFDUG -HUVH\ YLHZV SUH GHFLPDO ZLWK VPDOO YDULHWLHV ELQGHU RI ZRUOG LQF 6ZLVV IU HPEURLGHU\ VWDPS 1= 49 PL[HG FRYHUV FDUGV HWF 7R FOHDU

&DUWRQ ZLWK DQ LQWHUHVWLQJ PL[WXUH ZLWK

ZRUOGZLGH LVVXHV VHHQ PLQLWXUH VKHHWV ERRNOHWV ERRNOHW SDQHV WKHPDWLFV PDQ\ V RI VWDPSV FKLHIO\ 80 QHHGV FKHFNLQJ PXFK %ULWLVK &RPPRQZHDOWK

%,5'6 21 67$036 1 = FRPPRQZHDOWK

&$7$/2*8(' 6XSHULRU IUHVK PLQW

FRXQWULHV V DOO GLII LQ SDFNHG DOEXP IXOO RI XP VHWV KLJK FROOHFWLRQ RI $XVWUDOLD DWWUDFWLYHO\ DUUDQJHG RQ SDJHV &9 1HZ *XLQHD V WR 1= G H[WHQVLYH

V DOO GLIIHUHQW ZLWK GLIIHUHQW SULQWLQJV ,QF G GLHV 3DSXD 6W +HOHQD VHWV WR 6H\FKHOOHV VWULSV 6LQJDSRUH

GLIIHUHQW 16: VHW G +HUPHV GLIIHUHQW

6RORPRQ V WR 7RQJD PXFK PRUH RULJLQDO ORW $ YDOXDEOH $LU %F RI WR $ JRRG VHOHFWLRQ RI FRLO SDLUV DQG VWULSV RI FROOHFWLRQ .*9, EHWWHU YDOXHV DQG PRUH 4XDOLW\ %5,7,6+ $)5,&$ 6287+ $)5,&$ :LWK YHU\

&$7$/2*8(' DQ H[WHQVLYH FROOHFWLRQ

JRRG SLFNLQJV &DW $OO GLIIHUHQW FROOHFWLRQ RQ +DJQHUV RI :HVW %HUOLQ *HUPDQ\ LVVXHV ZLWK PDQ\ JRRG PLQW LWHPV LQ QRWLQJ ILQH PLQW 6H 7HQQDQW SDLUV WR 6LOYHU -XELOHH D SULQWHG DOEXP ZLWK RYHU GLII VWDPSV DV FRPSOHWH VHWV VHW 9)0 JRRG FRPPHP VHWV ,QF 9RRUWUHNNHU 6* PV P XP 1LFH ORW 9)8 :DU (IIRUWV 9)8 SDLUV HWF 3RVWDJH GXHV ,QF ' VHW &$7$/2*8(' *5($7 %5,7$,1

9)0 DQG RWKHU LQWHUHVWLQJ ELWV WR 3+4 FDUG FROOHFWLRQ FRPSOHWH KRXVHG LQ YROXPHV LQ %5,7,6+ $)5,&$ 6287+ :(67 $)5,&$

VXSHUE PLQW FRQGLWLRQ $OO WKH NH\ KLJKO\ FDW HDUO\ V ZLWK YHU\ JRRG SLFNLQJV &DW $OO GLIIHUHQW FROOHFWLRQV RQ LVVXHV DUH KHUH V DOO GLII EX\ +DJQHUV 7KH JRRG VWDPSV DUH LQ H[FHOOHQW FRQGLWLRQ

SDLUV WR 0LQW GLIIHUHQW 9RRUWUHNNHU VHW 6* &$7$/2*8(' VXEVWDQWLDO ORW RI ILYH :(67 *(50$1< PRVWO\ XP KRXVHG LQ ELJ +XJXHQRW VHW 6* ERWK :DU (IIRUW VHWV 9)8 DQG VXSHUE VWRFNERRNV SDFNHG ZLWK ILQH VHWV HVSHFLDOO\ FKDULWLHV ZLWK RYHU 'HILQ 9)0 VHW WR HWF GLII VWDPSV 06 %X\ %ULWLVK &RPPRQZHDOWK &DQDGD 1HZIRXQGODQG

LVVXHV RQ SDJHV DQG 3DJHV DQG 6WRFNSDJHV ZLWK LVVXHV IURP &KDQQHO ,VOH ,VOH RI 0DQ D ODUJH FDUWRQ IXOO RI FRYHUV FKLHIO\ IGFV LQF $OGHUQH\ PDQ\ V DV LW LV ILOOHG WR WKH 49 ZLWK PXFK EHLQJ LGHQWLILHG YHU\ OLWWOH 4(,, VHHQ 49 WRS 7RWDO XQFKHFNHG E\ XVH QR ZULWWHQ DGGUHVVHV PDQ\ -XELOHHV VPDOO +HDGV .*9 'HILQV 7R F FRPPHP V WR VSHFLDO FDQFHOV D YHU\ JRRG VRUWHU ER[ ZLWK PDQ\ V RI VWDPSV FKLHIO\ ILQH XVHG &+,1$ XVHIXO UDQJH LQ D FDUWRQ ZLWK PRGHUQ

PDWHULDO YDULRXV 06 RO\PSLF IROGHU ZLWK ODUJHU XQFXW

%ULWLVK &RPPRQZHDOWK PLQLDWXUH VKHHW

LQF &\SUXV VFRXW 06 F 80 VHHQ LVVXHV IURP WKH

0DOGLYHV 6H\FKHOOHV 1= KHDOWK VKHHWV $VFHQVLRQ 7ULVWDQ GD &XQKD 3DNLVWDQ ZLWK GLIIHUQHW %DQJODGHVK KDQGVWDPSV $ YHU\ LQWHUHVWLQJ ORW XQPRXQWHG PLQW %5,7,6+ &20021:($/7+ 3267$/

+,6725< $&&808/$7,21 ZLWK FRYHUV IURP PDQ\ GLIIHUHQW FRXWULHV PRVWO\ WR 8. DGGUHVVHV QRWH JURXS RI PRVWO\ .*9 ,QGLD FRXSOH RI ,UHODQG SRVWDO VWDW HQYV &H\ORQ XSUDWHG VWDW SRVWFDUG JURXS RI .*9, FRYHUV IURP :HVW $IULFD ZLWK VHYHUDO WD[HG LWHPV ,UDT 2 + 0 6 FRYHU ZLWK òD D RIILFLDOV IUDQNLQJ FRYHUV IURP *UHQDGD 7XUNV &DLFRV DLUPDLO HQY ZLWK %\ $LU WR 1HZ <RUN 2QO\ FDFKHW $1' 08&+ 025( 0L[HG FRQGLWLRQ QLFH JURXS WR VRUW WKURXJK

%ULWLVK &RPPRQZHDOWK VHW RI QHZ DJH ER[HG

SULQWHG DOEXPV LQ VXSHUE FRQGLWLRQ IRU FRXQWULHV %RWVZDQD WR /HVRWKR FRQWDLQLQJ RYHU GLIIHUHQW PLQW VWDPSV PXFK *%

VHWV HWF

VKHHW TW\

&,*$5(77( &$5'6 D PRVW VXEVWDQWLDO

RULJLQDO ORW RI V LQ D ODUJH FDUWRQ PXFK V LQF PDQ\ VHWV LQ ROG DOEXPV RU ORRVH $Q LQWHUHVWLQJ ORW ZLWK PXFK RI DQ ROGHU QDWXUH $OO DSSHDU GLIIHUHQW *RRG ORW &2,1 &29(56 HWF 0DQFKHVWHU

FRPPRQZHDOWK JDPHV ZLWK VHW RI IRXU FRLQV DOVR RWKHU LWHPV 4XHHQ 0RWKHU VKHHW ZLWK .DWH :LOOLDP XQXVXDO QREHO SUL]H SDFN ZLWK PROHFXOH NLW HWF

&2,16 PDLQO\ *% SUH GHFLPDO D IHZ PL[HG

FRQGLWLRQ VHHQ 49 WR HDUO\ 4(,, 8QFKHFNHG &ROOHFWRUV EDODQFH FDUWRQ ZLWK PDQ\ V RI

VWDPSV LQF 80 LVVXHV WR LQ SDFNHWV ERRNOHWV -XVW WR PXFK WR VRUW D JUHDW ZRUOG VRUWHU FDUWRQ 0DQ\ KRXUV RI IXQ

&2/285 .(<6 &RORXU JXLGHV LQFOXGLQJ UDUH %ULWLVK &RPPRQZHDOWK ,QGLD %XUPD &H\ORQ

LVVXHV RQ 6WRFNSDJHV ZLWK LVVXHV IURP 49 PDQ\ V FKLHIO\ HDUO\ VWDPS FRPSDQ\ LVVXHV $ PRVW UHPDUNDEOH FROOHFWLRQ RI ILQH XVHG VRPH LGHQWLILHG LWHPV FRORXU FKDUW SURGXFHG E\ 7KH 1DWLRQDO 3KLODWHOLF 6RFLHW\ RI 1HZ <RUN ZLWK FRORXU VSHFWUXP SDJHV H[FHSWLRQDO %5,7,6+ 6287+ $7/$17,& $6&(16,21

FRQGLWLRQ DQG UDUH &KDUOHV 6WHZDUW *XLGH 86 WKDW ,VODQG &RPSUHKHQVLYH 0 80 FROOHFWLRQ YHU\ FRPSOHWH ,QF VRPH VHWV DV SODWH EORFNV RI QRWLQJ %LUGV WR XVHV DFWXDO VWDPSV 5DUH KDUGERXQG 6* (GLWLRQ 6* KLJKO\ LOOXVWUDWHG FRYHU UG (GLWLRQ 9) RWKHUV ,QF HDUO\ SDLQW VROLG ORW FRPSDQLHV DQG SDSHUV RQ WKH VWXG\ RI FRORXU

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

PTS and ASDA registered. Integrity assured.

Philangles 408 pages (69pp).qxp 13/01/2022 07:09 Page 3

*UHDW %ULWDLQ 'DYR SULQWHG $OEXP IRU LVVXHV

IURP WR ZLWK PDQ\ VHWV IURP WR D TXDOLW\

&RQFRUGH VPDOO EXW XVHIXO FROOHFWLRQ LQF

IGFV ZLWK )LOWRQ IGL HDFK GLIIHUHQW )UHQFK IGF )UHQFK SKT FDUG IGL WDNH RII LQDXJXUDO IOLJKW SSF XVHG LZKW VSHFLDO IOLJKW FDQFHO ODVW WRXU RI EULWDLQ LOOLVWU FRYHUV DQ LQWHUHVWLQJ JURXS RI LWHPV

$OEXP ZLWK VWDPSV 80 IDFH YDOXH RI WKH VWDPSV

*5($7 %5,7$,1 )'& &RORVVDO $FFXPXODWLRQ

&5,&.(7 ([WHQVLYH FROOHFWLRQ RI ILQH

JXHVV )'& LQ WZR FDUWRQV EHLQJ WKH FRQWHQWV RI D VWDPS GLIIHUHQW FRYHUV LQ :DOOHWV ORRVH HWF PDQ\ EHWWHU HDUO\ V VKRS 7HUULILF YDULHW\ RI VHWV RQ FRYHUV VRPH JRRG SKLODUW VSHFLDOV ZLWK PXFK UHODWHG WR 7FFE VSHFLDO :RUOGZLGH 7HVW VSHFLDO HQYHORSHV QRWHG QRW IXOO\ FKHFNHG 2ULJLQDO ORW 0DWFK &RYHUV ,QF 6FDUFHU YHU\ JRRG ORW (VWLPDWH MXVW D

FRYHU *UHDW %ULWDLQ LOOXVWUDWHG )'& V LQ $OEXPV RU

&5,&.(7 7285 &29(56 5HPDUNDEOH

ORRVH ZLWK W\SHG RU VPDOO ODEHO DGGUHVVHG MXVW %R[HG XS IRU

FROOHFWLRQ RI &RYHUV &DUGV KRXVHG LQ YROXPHV ZLWK UHWDLO XQFKHFNHG PDQ\ V RI FRYHUV LQ WZR ODUJH LVVXHV ZLWK PDQ\ VLJQLILFDQW FRYHUV IRU WKH DVKHV ER[HV (QJODQG 7RXUV VRPH VLJQHG 6FDUFH %RRNOHW 3DQHV RQ *UHDW %ULWDLQ 3ULQWHG $OEXP ZLWK 4(,, LVVXHV WR

VSHFLDO UHJLVWHUHG FRYHUV &XS )LQDOV PDQ\ VSHFLDO GHGLFDWHG ZLWK PDQ\ VHWV ,QF GHILQLWLYHV %RRNOHWV PDQ\ SRVWPDUNV 2ULJLQDO ORW $OO GLIIHUHQW FRPPHPRUDWLYHV RYHU VWDPSV ERRNOHWV DQG 06 { (DUO\ 4(,, ILQH XVHG GHILQLWLYH VHWV LQF

&KLHIO\ 80 5KRGHVLD DQG 1\DVDODQG 0DXULWXV LQF ELUGV .87 VHWV WR *UHDW %ULWDLQ 5R\DO 9LVLW &RYHUV 5$) 59

VHW WR $ JRRG UDQJH RI VHWV FDW 4 6HULHV VLJQHG FRYHUV ZLWK DGGLWLRQDO GHWDLOV $Q LQWHUHVWLQJ VWDPSV

FROOHFWLRQ RI FRYHUV (UURUV YDULHWLHV %ULWLVK &RPPRQZHDOWK RQ 6*

+0$9 %RXQW\ 6LJQHG &RYHUV

SXUFKDVH FDUGV PRVW YI XP LWHPV ,QGRUH D LPSHUI ZLWK 1= DQG 3LWFDLUQ IUDQNLQJ 56$ RQH QRW VLJQHG SDLU 0DOWD G PLVVLQJ VLOYHU *LEUDOWDU GRXEOH $ ILQH VHOHFWLRQ SHUIRUDWLRQ 3LWFDLUQ F LQY ZPN HWF -$0$,&$ %:, ZLWK JRRG SLFNLQJV RQ FDUGV

(8523$ 67$036 02'(51 ,668(6 WR

DERXW GLIIHUHQW VWDPSV 49 YDOXHV WR IUHVK PLQW .*9, IDEXORXV FROOHFWLRQ RI VWDPSV PV ZLWK PDMRULW\ WR )8 4(,, ,QF WZR HDUO\ GHILQ VHWV WR PLQW *RRG XP VRPH DGGLWLRQDO YIX VHWV DOO QDWLRQV KHUH SDFNHG ZLWK GLII YDOXHV KHUH VHWV JRRG PRGHUQ PDWHULDO +XJH IDFH YDOXH 2ULJLQDO .*9, .XZDLW RYSW HG VHW RI 6* Z

ORW XQPRXQWHG PLQW (8523( 2/' 7,0( 3267$/ +,6725<

$&&808/$7,21 ZLWK FRYHUV SRVWFDUGV IURP PDQ\ GLIIHUHQW .*9, $GHQ 6WDWHV UDQJH RI VWDPSV ,QF

FRXWULHV PRVWO\ WR 8. DGGUHVVHV QRWH JURXS RI V V 6 :HGGLQJ VHWV 838 VHWV 6XUFK VHWV IUHVK *HUPDQ SRVWDO VWDW HQYV ,WDO\ JURXS ZLWK QLFH LQVXUHG PLQW RQ SULQWHG SDJHV HDFK VWDPS GLIIHUHQW FRYHU )UDQFH JURXS 5XVVLD LQFO VHYHUDO N SRVWDO .*9, (03,5( 5(' &52:1 35,17('

VWDW HQYV FRXSOH RI WD[HG LWHPV IURP *HUPDQ\ ZLWK *% $/%80 )XOO\ LQWHUOHDYHG UHSULQW H[FHSWLRQDO FRQGLWLRQ SRVWDJH GXHV DIIL[HG RWKHU FRXQWULHV LQFO 'HQPDUN FRQWDLQLQJ D YHU\ H[WHQVLYH FROOHFWLRQ RI FKLHIO\ PLQW VHYHUDO 1HWKHUODQGV 6ZLW]HUODQG +XQJDU\ $XVWULD DQG PRUH 0L[HG GLIIHUHQW VWDPSV PDQ\ FRPSOHWH SDJHV DQG VHWV WR FRQGLWLRQ QLFH JURXS WR VRUW WKURXJK

HWF 1R ,QGLDQ 6WDWHV IDU WRR PXFK WR OLVW DOVR QRWHG JRRG { (8523( 6XEVWDQWLDO FROOHFWLRQ RI :HVW

GXHV ,QF )LML VHW D JRRG UDQJH RI WKH :HGGLQJ VHWV *HUPDQ\ ),1( 86(' 7KH TXDOLW\ LV H[FHOOHQW HYHU\ 6DUDZDN ZLWK QXPHURXV VHWV 6WUDLWV VHW WR VWDPS VHOHFWHG ZLWK &'6 3PNV RYHU GLIIHUHQW LVVXHV 6H\FKHOOHV ,QF DOO JRRG RULJLQDO FRORXUV 5KRGHVLD 1RUWK ORRVHO\ &DW 0DQ\ VHWV %RUQHR WR *% RYSWV 7KH FRQGLWLRQ LV IUHVK DQG DQ )$&( 9$/8( D ILQH FROOHFWLRQ RI RULJLQDO ORW ZLWK KLJK &9

$VFHQVLRQ FRPSOHWH VHWV .XZDLW .*9, RYSWHG VHW RI 6* Z

GLIIHUHQW 8QPRXQWHG XQPRXQWHG PLQW )OLJKW FRYHUV FKLHIO\ IURP $IJKDQLVWDQ ,QF

4 *HRORJLFDO VXUYH\ RI ,QGLD VHQW WR (QJODQG 9LD .DEXO /DUJH &DUWRQ ZLWK $PEOLQJ ORW *% LOOXVWU )'&

ZLWK &'6 FDQFHOV 6XSHUE IRU ILQH XVHG VHWV 6WDPSV 2IILFH %ULWLVK (PEDVV\ FRYHU VHQW IURP .DEXO WR /RQGRQ 6ZHHSLQJ V RI LWHPV 6WRFNSDJHV $ JRRG VRUWHU ,WDOLDQ OHJDWLRQ SULQWHG (QY 6HQW IURP .DEXO )UHQFK ER[ OHJDWLRQ SULQWHG (QY )URP .DEXO WR 3HVKDZDU DQ LQWHUHVWLQJ JURXS RI FRYHUV /LWHUDWXUH &DUWRSKLOLF 6RFLHW\ RI *UHDW %ULWDLQ

&LJDUHWWH &DUGV :LOOLV DQG %$7 LVVXHV 2JGHQ DQG )5$1&( YHU\ JRRG PLQW FROOHFWLRQ LQ DQ ROG

*XLQHD *ROG 7KH 1HZ 7REDFFR :DU 5HIHUHQFH %RRN DOEXP RYHU GLIIHUHQW LVVXHV ZLWK PDQ\ KLJK FDW ROGHU VHWV $OO LQ YHU\ JRRG FRQGLWLRQ UHG FURVV PXVHXP F DLUPDLOV

VSRUWV UHOLHI IXQG VHWV V ORDGV /LWHUDWXUH 5DLOZD\ RI *% FROOHFWLRQ RI

PRUH ,WHPV OLVWHG FDW 9) %RRNV +DQGERRNV DOO LQ YHU\ JRRG FRQGLWLRQ ILOOLQJ WZR ODUJH FDUWRQV YHU\ KHDY\ PXFK UHODWH WR 6WHDP 7UDLQV ,QF 7KH *% LQ 0LGGOH (DVW RQ 6WRFNSDJHV ,QF

*UHDW :HVWHUQ 0DLQ /LQH 6WHDP )LIWLHV 6WHDP 0HPRULHV RI 6HL\XQ 6WDWH 6LOYHU :HGGLQJ DV EORFNV RI PLQW VHWV 80

6WHDP 3RZHU RI WKH -XELOHHV &RVW D IRUWXQH WR EX\ QHZ %DKUDLQ 4(,, &DVWOH VHW RI 6* PLQW 4DWDU ,QF PDQ\ DUH DV QHZ FRQGLWLRQ PLQRU YDULHWLHV PLQW RQ SDJHV 4DWDU &DVWOHV ERWK W\SHV PLQW 4DWDU 6XOWDQ VHW RI SOXV U WKLQ SDSHU 6* PLQW RYHU /LWHUDWXUH 7KH *DPELD VWDPSV DQG SRVWDO

VWDPSV KLVWRU\ FRPSLOHG E\ 7KH :HVW $IULFD VWXG\ FLUFOH LQ YHU\ JRRG FRQGLWLRQ { *% 5R\DOW\ FROOHFWLRQ RQ 6WRFNSDJHV ,QF

06 80 .*9, 9LFWRU\ LVVXHV XQFKHFNHG PDQ\ V RI VWDPSV /LWHUDWXUH 7KH :RUOG RI 7REDFFR LVVXHV LQGH[

FKLHIO\ D 80 &ROOHFWLRQ 5DQJH ZLWK ORWV RI VHWV SDUW , DQG ,, SURGXFHG LQ E\ WKH &DUWRSKLOLF 6RFLHW\ RI

*UHDW %ULWDLQ /WG ERWK LQ YHU\ JRRG FRQGLWLRQ *UHDW %ULWDLQ FKDULW\ SRVW VFRXWV DQG JLUO JXLGHV

/LWHUDWXUH 3RVWDO +LVWRU\ RI 3ULVRQHUV RI :DU

FROOHFWLRQ RI FRYHUV ZLWK ODEHOV RU VSHFLDO KDQGVWDPSV DQG &LYLOLDQ ,QWHUQHHV LQ (DVW $VLD GXULQJ WKH 6HFRQG :RUOG FKLHIO\ &KULVWPDV SRVW DQ LQWHUHVWLQJ ORW ZLWK VRPH :DU 9RO +RQJ .RQJ DQG &KLQD &DSWLYHV LQ &DWKD\ E\ GHWDLOV 'DYLG 7HWW ZLWK ' - LQ YHU\ ILQH FRQGLWLRQ

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:09 Page 4

0DOWD SDJHV ZLWK LVVXHV IURP 49 WR 4(,, ZLWK

201,%86 :RUOG 5HIXJHVH <HDU SULVWLQH

EHWWHU SLFNLQJV VHHQ GHILQV WR G PLQW FROOHFWLRQ RI GLIIHUHQW :RUOGZLGH )'& ,QF %HOJLXP 06 SRVWDJH RYSWV WR PLQW V MXELOHH VHW P .*9, GHILQ WR PLQW F VHOI JRYHUQPHQW VHW RI PLQW 201,%86 %ULWLVK (PSLUH FROOHFWLRQV .*9

G DQG XP ZLWK RYHU VWDPSV DQG 06 D VLOYHU MXELOHH FRPSOHWH H[ (J\SW VHDO IUHVK P LQF 1+0 FRURQDWLRQ FRPSOHWH PRVW XP FRURQDWLRQ FRPSOHWH XVHIXO FROOHFWLRQ 0,/,7$5< $1' 5(/$7(' 63(&,$/ XP

V DOO GLII *RRG ORW

&200(0 &29(56 ZLWK VLJQHG LWHPV LQ D ODUJH FDUWRQ RYHU 3LFWXUH 3RVWFDUGV ILOOLQJ D ODUJH FDUWRQ PDLQO\

GLIIHUHQW LWHPV 2ULJLQDO ORW ZLWK VSHFLDO *% &DUGV ,QF HDUO\ 5HDO 3KRWR 7\SH 7KHPDWLF 7\SHV PDQ\ HQYHORSHV FDQFHOV QRWLQJ EDWWOHV EDWDOOLRQV ]HSSHOLQ HWF GLIIHUHQW YLHZV ZLWK PDQ\ XQXVHG FDUGV PL[HG LQ $ YHU\ JRRG ([FHOOHQW TXDOLW\ UDQJH 0,/,7$5< 0$,/ )RUFH /HWWHU VHQW WR

6RXWKHDVW $VLD &RPPDQG /HWWHU DERXW 9 5RFNHWV 2+06 ZLWK .HQ\D ER[HG 1DUREL &'6 DQG $+4($ KDQGVWDPS YDULHW\ RI FHQVRUHG FRYHUV 3ULYLOHJH (QYV ZLWK FHQVRU PDUNV ::, PDLO LQF (QY IURP 6ZLW]HUODQG WR 8. &]HFKRVORYDNLD )3 &'6 RQ VWDPSOHVV FRYHU 5HJG (QY WR 6WDQOH\ *LEERQV ZLWK + 0 6KLS 5HJG /DEHO DQ LQWHUHVWLQJ ORW RI FRYHUV FDUGV 0,/,7$5< 63(&,$/ (9(17 FHUHPRQ\

FRYHUV V VXEVWDQWLDO FROOHFWLRQ RI GLIIHUHQW KRXVHG LQ IRXU YROXPHV YDVW PDMRULW\ DXWRJUDJKHG E\ PLOLWDU\ SHUVRQDOLWLHV VSHFLDO FDQFHOV SDQHOV HWF *RRG ORW

1$9$/ SRVWDO KLVWRU\ ZLWK H[WHQVLYH %ULWLVK

32/,&( $ PRVW UHPDUNDEOH H[KLELWLRQ

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

V VSHFLDO FRPPLVVLRQ LOOXVWUDWHG FRYHUV VSHFLDO FDQFHOODWLRQV HWF WKH FROOHFWLRQ RI RYHU GLIIHUHQW LQ ILYH

SDFNHG DOEXPV PDQ\ FDQFHOOHG RQ VKLSV LWHPV VLJQHG RIWHQ 3RUWXJDO WRWDOO\ FRPSOHWH LQ OX[XU\

ER[HG /LJKWKRXVH $OEXP EULOOLDQW 80 67& PDQ\ &DSWDLQV ODXQFK LWHPV FHQWHQDULHV RI EDWWOHV HWF $Q

V

LPSRUWDQW ORW +XJH FRVW SULVWLQH { 1(7+(5/$1'6 )LQH XVHG LQ TXDOLW\

SULQWHG $OEXP RYHU GLIIHUHQW VWDPSV 06 DQG %RRNOHWV 3RVWDJH GXHV VXSHU ORW ,QF EHWWHU FKDULW\ VHWV 1(: ,03(5,$/ 5HG &URZQ *ROG (PERVVHG

3267$/ +,6725< ::,, &(16256+,3 $Q

LQWHUHVWLQJ ORW RI FRYHUV DGGUHVVHG WR 6ZLW]HUODQG IURP GLIIHUHQW RULJLQV ZLWK PDQ\ GLIIHUHQW FHQVRUV ,QF %HOJLXP ILQH DGYHUW FRYHUV &URDWLD FHQVRUHG SRVWDO FDUG D ILQH FHQVRUHG FDUG IURP +ROODQG ZLWK &KHPLFDO :LSH ,UDQ *HUPDQ\ DQG PRUH YHU\ ILQH TXDOLW\

3ULQWHG $OEXPV YROXPHV , ,, *% DQG (PSLUH $ WR =

UHSULQWV *RRG FRQGLWLRQ ZLWK WKH FROOHFWLRQ RI VHYHUDO DOO 3267(5 67$036 DGYHWLVLQJ VWDPSV RI

*HUPDQ\ PRVWO\ IDVFLQDWLQJ FROOHFWLRQ RI GLII GLIIHUHQW YDOXH LV LQ PLQW ZLWK QXPHURXV FRPSOHWH VHWV DQG PDQ\ RUQDWH HPERVVHG LQF H[KLELWLRQV SURGXFWV IRRG ILOOHG SDJHV $ YDOXDEOH ORW ZLWK D JRRG QXPEHU RI KLJK YDOXHV FDPHUDV HWF 0RVW YI PLQW ^3KRWR` $QWLJXD YHU\ JRRG WR WR &HQWHQDU\ VHW $VFHQVLRQ RYSW 6HW 3LFWRULDO VHW %DKDPDV 5$) UHODWHG VSHFLDO FRYHUV V ([WHQVLYH

.*9 WR GLIIHUHQW %DUEDGRV VHW VHW ZLWK YI FROOHFWLRQ RI GLIIHUHQW KRXVHG LQ IRXU YROXPHV ERWK 9LFWRU\ VHW %DUEXGD RYSW VHW %DVXWRODQG LQFOXGLQJ VLJQHG 8QFKHFNHG IRU VFDUFLW\ 2ULJLQDO FROOHFWRUV &URFRGLOH VHW %HFKXDQDODQG YDOXHV DQG VHWV WR ORW %HUPXGD .*9 WR %U *XLDQD QXPHURXV WR F %U

+RQGXUDV 49 VHOHFWLRQ &DQDGD -XELOHH F F F F 5$) YI VLJQHG FRYHU ILYH VLJQLWXUHV

LQFOXGLQJ $,5(< 1($9( ODWHU DVVDVLQDWHG GHOLYHUHG E\ F PLQW &D\PDQV WR VHW WR &H\ORQ 49 SDUDFKXWH 9 VFDUFH WR U F PLQW 'RPLQLFD WR PLQW *DPELD 49 5$) DLU GLVSOD\ FRYHUV WKH YI FROOHFWLRQ &DPHRV .*9 VHWV WR *ROG &RDVW WR *UHQDGD

YDULRXV VHWV WR /HHZDUGV ,VOHV ZLWK JRRG UDQJH WR RI VLJQHG FRYHUV LQF 3DUDFKXWH WHDP PXOWL VLJQHG FRYHUV 0RQWVHUUDW &HQWHQDU\ VHW 1HZIRXQGODQG YDOXHV WR VFDUFH YDOXDEOH VLJQDWXUHV ZLWK 6WDQIRUG 7XFN DQG %LOO 5HLG 1LJHULD .*9 WR VHW WR 1RUWKHUQ 1LJHULD ZLWK 9& WHUULILF UDQJH RI VLJQDWXUHV DOO GLII GLIIHUHQW WRS YDOXHV 6H\FKHOOHV VHWV 6LHUUD /HRQH 5$) 6,*1(' &29(56 RI ZLWK

WR =DQ]LEDU WR PLQW HWF 9HU\ JRRG RULJLQDO ORW WR PDQ\ EHWWHU LQ D VSHFLDO DOEXP LQF 'DQJHU ,VODQG VLJQHG 'DYLG GHYHORS VRPH XVHG FRQGLWLRQ LV YHU\ JRRG DQG PRVW PLQW DUH %HOODP\ $LU 0DUVKDOO +DUODQG VSHFLDO SPNV VWF 3ULVWLQH IUHVK 5HTXHVW VFDQV ORW 2/' 7,0( $&&808/$7,21 &/($5 287

5$) VSHFLDO FRYHUV LQ DQ DOEXP

&$5721 FRQWDLQV ORWV RI ROG *% SRVWDO KLVWRU\ PLQW XVHG GLIIHUHQW LQF VLJQHG 3ULVWLQH FRQGLWLRQ PDQ\ EHWWHU IURP WKLV SRVWDO VWDWLRQHU\ HWF RGG IRUHLJQ FRYHU VHH TXDQWLW\ RI HDUO\ SHULRG LQF 6RSZRUWK PXOWL VLJQHG LWHPV 9) 38& 6LOYHU -XELOHH LVVXHV XVHG RQ FRYHU D IHZ

SRVWDJH GXH FRYHUV VWDPSV RQ SDSHU LQFO TXDQWLW\ WXUQ RI WKH 5DLOZD\ FRYHUV FKLHIO\ *% LQF ORFDO UDLOZD\

WK WK FHQWXU\ *HUPDQ\ DQG VRPH *% G UHGV 0L[HG VWDPSV RQ FRYHUV FRPPHPRUDWLYH FRYHUV LQF %5 FRYHUV FRQGLWLRQ EXW JUHDW ORW IRU D VRUW JXHVV IHZ V FRYHUV %HQKDP FRYHUV $Q LQWHUHWLQJ ORW RI FRYHUV FRXSOH V VWDPSV

201,%86 &RURQDWLRQ D ILQH FROOHFWLRQ

RI GLIIHUHQW VHWV XVHG RQ FRYHUV PDQ\ DUH )'& ,QF +RQJ { 5(9(18(6 &HQWUDO DQG 6RXWKHUQ $PHULFDV .RQJ $QWLJXD LV RQ D YHU\ ILQH LOOXVWUDWHG FRORXUHG HQYHORSH RQ 2OG 3DJHV ZLWK PDQ\ GLIIHUHQW ZLWK GLIIHUHQW FRXQWULHV D YHU\ LQWHUHVWLQJ ORW RI OLJKW DGKHVLRQ WR 2OG 3DJHV $GHQ PDQ\ UHJLVWHUHG DQG DOO GLIIHUHQW *RRG /RW

201,%86 4XHHQV *ROGHQ -XELOHH YHU\

H[WHQVLYH DQG H[SHQVLYH DW WLPH RI SXUFKDVH FROOHFWLRQ KLJKO\

FRPSOHWH VWDPSV SOXV 06 RU 6KHHWOHWV SOXV *ROG )'& 6XSHUE

PHILANGLES

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:09 Page 5

5(9(18(6 2) &$1$'$ 2Q ROG SDJHV

GLIIHUHQW ZLWK DQ LQWHUHVWLQJ VHOHFWLRQ 49 :LQGRZ :HHG %LOO 6WDPSV WR :HLJKW LVVXHV WR )8 *DV DQG (OHFWULF WR %U &ROXPELD /DZ 6WDPSV WR )8 1HZIRXQGODQG ,QODQG 5HYHQXH WR $ JRRG VHOHFWLRQ RI UHJLRQDO ODZ VWDPSV HWF { 5(9(18(6 2) 7+( &20021:($/7+ 2OG

VPDOO ORW RQ SDJHV VWDPSV 6RXWK $IULFD .*9 WR 6H\FKHOOHV RYHUSULQWV HWF 0L[HG

60$// %87 LQWHUHVWLQJ EDGJHV PHGDOV

1DWLRQDO 5LIOH FOXE &KXUFK /DGV %ULJDGH 6HDIRUWK +LJKODQGHUV PHGDO .HQW (GXFDWLRQ FRPPLWWHH PHGDO 86 PDUNVPDQ EDGJH LWHPV 6WDPS H[KLELWLRQV ZRUOGZLGH H[WHQVLYH

FROOHFWLRQ RQ SDJHV ZLWK GLII VWDPS LVVXHV 06 FRYHUV DOO YI ZLWK VXSSOHPHQWDU\ PDWHULDO LQF WLFNHWV OHDIOHWV RGG EODFN SULQW HWF 6XEVWDQWLDO ORW

67$03 5220 %$/$1&( ORW SDFNLQJ D ODUJH

FDUWRQ 'LYHUVH PDVV QRWLQJ ,QGLD .*9 LVVXHV WR D ILQH P *% ZLWK SUHVWLJH ERRNOHWV PDVV RI XVHG RQ PDQ\ KDJQHU SDJHV ZLWK KLJK YDOXH PDFKLQV FDVWOHV JHQHUDO PDWHULDO VRPH FRYHUV

52'(176 21 67$036 3RUFXSLQHV

'RUPRXVH 5DWV +DPVWHUV %HDYHU 6TXLUUHO HWF HWF 9HU\

JRRG FROOHFWLRQ RI V 80 DUUDQJHG E\ VSHFLHV ZLWK D FRPSUHKHQVLYH VHOHFWLRQ RI :RUOGZLGH LVVXHV ,QF +RQJ .RQJ *ROG VKHHW 68%67$17,$/ ORW RI 5R\DOW\ FROOHFWLRQV

KRXVHG LQ YROXPHV RYHU GLII LWHPV KHUH DOO SHUIHFW XP 52/$1' +,// 3RUWXJDO VHW RQ YHU\ ILQH

)'& &KRLFH LQF FRPSOHWH VHULHV ERRNOHWV 06 +XJH RULJLQDO FRVW QRWH ZHGGLQJ DV FRPSOHWH JXWWHU URZ VWULSV PXFK PRUH 52<$/ $,5 )25&( HVFDSLQJ VRFLHW\

%DUJDLQ DXWRJUDSKHG VSHFLDO FRYHUV LQ DQ DOEXP ZLWK PDQ\ YDOXDEOH { 7KH /,1&2/1 3267$*( 67$03 $/%80

VLJQDWXUHV RI ZHOO NQRZQ SHUVRQDOLWLHV PXOWLSOH VLJQHG FRYHUV REORQJ FLUFD HGLWLRQ DOO GLIIHUHQW ZRUOGZLGH VWDPSV HWF ZLWK GLII LQ SULVWLQH FRQGLWLRQ $OO UHODWHG WR WKH 5$) LQF VRPH VWDWLRQHU\ FXW RXWV ODUJHU UDQJH RI *% 86$ LVVXHV SULVRQ HVFDSHV $Q LPSRUWDQW FROOHFWLRQ ZLWK PXFK 8VXDO PL[HG FRQGLWLRQ QRWKLQJ PRGHUQ HVWLPDWH

KLVWRULFDO

52<$/7< ,668(6 WKH PRVW FRORVVDO

7+( 0267 &2/266$/ /27 2) %5,7,6+

FROOHFWLRQ DFFXPXODWLRQ RI V 1+0 80 KRXVHG LQ &20021:($/7+ 52<$/7< ,668(6 XP KRXVHG LQ YROXPHV LQ FDUWRQV 0DVVLYH FRVW DW SXUFKDVH DOO LQ OX[XU\ H[SHQVLYH OLJKWKRXVH KDJQHU V\VWHP ER[HG ELQGHUV KRXVHG LQ KDJQHU ELQGHUV DOEXPV DJDLQ PDVVLYH FRVW VR PXFK GLYHUVLW\ QLQH SDFNHG FDUWRQV 0DVVLYH SXUFKDVH FRVW ERWK VWDPSV ([WHQVLYH ZHGGLQJ ZLWK VKHHWOHWV ERRNOHWV JXWWHUV D DOEXPV 0DQ\ V VWDPSV 06 JXWWHUV VKHHWOHWV WR FROOHFWLRQ RI VSHFLPHQV ZDWHUPDUN YDULHWLHV 6* OLVWHG

UR\DOW\ LVVXHV ZLWK PXOWLSOH H[DPSOHV FDUHIXOO\ DUUDQJHG )RUHLJQ LVVXHV LQF YHU\ JRRG .RUHD )UHQFK FROV E\ WKH FROOHFWRU 2QH RI WKH PRVW VXEVWDQWLDO LQWDFW ORWV ZH YH 8QEHOLHYDEOH TXDQWLWLHV SRWHQWLDO KDQGOHG 0RQXPHQWDO TXDQWLW\ /RZ HVWLPDWH 6$1' '81(6 )8-(,5$ WKH HDUO\

\HDUV H[WHQVLYH FROOHFWLRQ RI XP ZLWK RYHU GLII LWHPV LQF 7KH PRVW VXEVWDQWLDO EDODQFHG ORW RI V

VFDUFH QHZ FXUUHQF\ RYSW LPSHUI VHWV PRUH 5DUHO\ VHHQ KRXVHG LQ IRXU FDUWRQV WKDW ZRXOG EH LGHDO IRU EXLOGLQJ XP FROOHFWLRQV RU UHVDOH 9HU\ YDULHG ,QF VHYHQ VHDOHG *% \HDU 6$1' '81(6 )8-(,5$ XQPRXQWHG PLQW

ERRNV IRU ODWH V LQ SHUIHFW FRQGLWLRQ $OEXPV IXOO RI FROOHFWLRQ RI FRPSOHWH VHWV RYHU GLII LWHPV DV PDWHULDO $OGHUQH\ PRGHUQ VHWV RQ )'& FROOHFWLRQV ORWV RI FRPSOHWH VHWV 06 LPSHUI YDULHWLHV JROG IRLO +XJH &9 LQ ORRVH VWDPSV ,QF &, HWF 6R PXFK PDWHULDO 0LFKHO QRW FRPPRQ XP 758&,$/ 67$7(6 $-0$1 6XEVWDQWLDO VWDPS

FROOHFWLRQ RI GLIIHUHQW LVVXHV DQG GLIIHUHQW 6$1' '81(6 0$1$0$ VFDUFH FROOHFWLRQ RI

XQPRXQWHG PLQW LQ D ELJ VWRFNERRN RYHU GLII XP DV 06 6KHHWOHWV ZLWK PDQ\ PLQW VXSSOLHG RQ 1HZ LVVXH FRPSOHWH VHWV LQF LPSHUIRUDWH YDULHWLHV 1RW RIWHQ VHHQ

XP 7:2 &$5721 -81.(5 &$5721 DOO WKH

6DQG GXQHV 0DQDPD $MPDLQ H[WHQVLYH

RIILFH VZHHSLQJV QRWLQJ *% WHQ GLIIHUHQW SUHVWLJH VWDPS FROOHFWLRQ RI XP VHWV LQ TXDOLW\ VWRFNERRN ZLWK RYHU LVVXHV ERRNOHWV IY DQ H[WHQVLYH DOO GLIIHUHQW ILQH XVHG DOO DV FRPSOHWH VHWV FLUFD V QRW RIWHQ VHHQ XP FROOHFWLRQ RI *% UHJLRQDOV ZLWK PRGHUQ KLJKHU YDOXHV LWHPV RQ

FDUGV ZLWK &: H[SHQVLYH DOEXPV IXOO RI FDUGV DOEXPV FRVW

RWKHU ELWV WR FOHDU 6$1' '81(6 5$6 $/ .+$,0$ XQPRXQWHG

PLQW FROOHFWLRQ ZLWK RYHU GLII LVVXHV DV FRPSOHWH 7:2 &$57216 )XOO RI TXDOLW\ %ULWLVK )'&

VHWV LQF 06 JROG IRLOV LPSHUI YDULHWLHV 6FDUFH LQ XQPRXQWHG JXHVV RYHU FRYHUV ,QF D ILQH DQG FRPSUHKHQVLYH 4(,, FRQGLWLRQ +XJH FY LQ 0LFKHO VHOHFWLRQ RI FRPSOHWH VHW RI FRYHUV KRXVHG LQ HLJKW YROXPHV ORRVH HWF %DUJDLQ 6$1' '81(6 800 $// 4:$,1

PRVW H[WHQVLYH FROOHFWLRQ RI XP SDFNLQJ D TXDOLW\ VWRFNERRN 7ZR ODUJH FDUWRQV ILOOHG ZLWK FRYHUV FDUGV RQH

QRWH 7KLV PDWHULDO LV VHOGRP VHHQ XP DV WKH PDMRULW\ ZLWK PDQV KRDUG PDLQO\ %ULWLVK &RPPRQZHDOWK FKHLIO\ LVVXHV &72 RYHU GLII VWDPSV DV FRPSOHWH VHWV LQF YHU\ FRPPHPRUDWLYH FRYHUV ZLWK SRVWDO KLVWRU\ PL[HG LQ PDQ\ V JRRG QHZ FXUUHQF\ RYSWV +XJH FY LQ 0LFKHO RI LWHPV QHHGV VRUWLQJ 6&287,1* 21 67$036 0LGGOH (DVW

8QLWHG $UDE (PLUDWHV 'HVSDWFK )RUPV

&RXQWULHV YHU\ ILQH FROOHFWLRQ RI QHYHU KLQJHG FRPSOHWH VHWV ZLWK D YDULHW\ RI IUDQNLQJ FKLHIO\ &UHVW LVVXHV VHHQ IRUP DQG 06 RQ +DJQHU SDJHV PDQ\ 06 RU 6KHHWOHWV &DW XSWR ZLWK G 6* )RUP ZLWK &UHVW I G G [ (XUR KLJK &DW VHWV ,QF *ROG )RLO DQG LPSHUIV V

)RUP ZLWK )DOFRQ I [ G DQG G [ $ 9HU\ JRRG ORW VXSHUE ORW IRU VWXG\ 6FRXWV RQ VWDPSV ZLWK VWDPSV 838 WK $QQLY )RUHLJQ &RXQWU\

06 6KHHWOHWV IURP PDQ\ GLIIHUHQW FRXQWULHV ZLWK PDQ\ ,VVXHV D ILQH FROOHFWLRQ RI FRPSOHWH VHWV HWF LQ DQ $OEXP ZLWK FRPSOHWH VHWV HYHQ VHHQ LPSHUI VHWV $ YHU\ JRRG FROOHFWLRQ RYHU GLIIHUHQW VWDPSV DQG 06 KLJK &9 IUHVK 80

6,/9(5 -8%,/(( .*9 VFDUFH SODWH 9$7,&$1 &,7< 6XEVWDQWLDO PRVWO\ PLQW VWDPS

FROOHFWLRQ KRXVHG LQ WZR YROXPHV RYHU GLIIHUHQW VWDPSV QXPEHU EORFNV RI 9)0 'RPLQLFD G 3O E .87 F

3O D DQG 6RORPRQV òG 3O D 9HU\ ILQH WULR QRWLQJ VHW F &RXQFLO VHW F ORWV RI PRGHUQ VHWV FKHDS ORW 9HU\ ILQH

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:09 Page 6

9$7,&$1 &,7< 4XDOLW\ ER[HG 0LQNXV SULQWHG

$'(1

$OEXP IRU LVVXHV WR ZLWK XVHIXO ORW RI 0 80 VHWV ,QF WKH 8QGHUSDLG HQYHORSH FRYHU IURP 8. WR $GHQ

6WDJH &RDFK 6KHHW F VHYHUDO V &KHDS ZLWK G G 6* WLHG ZLWK (GLQEXUJK FDQFHO ZLWK

ER[ 9DOXH RI VWDPSV GHILFLHQF\ ZLWK 7 KDQGVWDPS DQG 9,&725,$ &5266 ZLQQHU + - /DXUHQW 1=

RYHUODQG GXH &'6 DUULYDO PDUN RQ WKH UHYHUVH ::, DXWRJUDSKHG $UPLVWLFH VSHFLDO FRYHU $ VFDUFH

LWHP 9) 'KRZ U DQLOLQH VKDGH YDULHW\ 6* D YIP ZLWK

:25/':,'( FDUWRQ LQFOXGLQJ WZR DOEXPV

SODWH QXPEHU LQ PDUJLQ ^3KRWR` SDFNHG ZLWK (XURSHDQ PRGHUQ GLII VWDPSV ZLWK XVHIXO )UDQFH 6SDLQ ZLWK PLQW HXUR YDOXHV JHQHUDO PDWHULDO RQ 'KRZ VHW ILQH P 6*

SDJHV HWF /RWV RI VWDPSV ^3KRWR` { :RUOGZLGH UDQJH RI VWDPSV FKLHIO\ )8 RGG 80

'KRZ VHW WR U 9)0 6* &DW

PDQ\ V RI VWDPSV PXFK RQ KRPHPDGH 6WRFNSDJHV ZLWK

7KHPDWLF FRQWHQW %LUGV %XWWHUIOLHV 6KLSV HWF QHHG VRUWLQJ

6LOYHU :HGGLQJ VHWV DV XP SDLUV IRU $GHQ

:5(&. 0$,/ (QYHORSH IURP *HUPDQ\ WR 6* 6HL\XQ 6* SDLUV

%HUPXGD ZLWK 6DOYDJHG 0DLO 3UHVWZLFN FDFKHW

+$'+5$0$87 67$7( .*9, SHULRG LVVXHV $

::,, DHURJUDSKV PDLQO\ $PHULFDQ IRUFHV VHQW

IURP D YDULHW\ RI SODFHV LQF 9 PDLO D XVHIXO ORW RI IRU VWXG\

ILQH VWXG\ ZLWK VRPH ORZ YDOXH EORFNV ZLWK SODWH QXPEHUV ERWK GHILQ VHWV 6* ZLWK &: VKDGHV 6* SODWH LPSULQW VWULS RI ILYH TW\

.*9, SRVWDO VWDWLRQHU\ YI XQXVHG LWHPV

{ 6&+$8%(. 3267$*( 67$03 $/%80

HPERVVHG HQYHORSHV RQH UHYDOXHG UHYDOXHG F UHJ G HGLWLRQ ZLWK DSSUR[ SDJHV FRQWDLQV DOO GLIIHUHQW ZRUOGZLGH HQY VL]H * DLUOHWWHUV $OO GLII VWDPSV VRPH VWDWLRQHU\ FXW RXWV QRWH *% 3HQQ\ .*9, 9)0 ZLWK VSHFLDOLVDWLRQ LQFOXGLQJ %ODFN 6WDPSV XVXDO PL[HG FRQGLWLRQ QRWKLQJ PRGHUQ ZLWK

LVVXHV WR FLUFD .*9 SHULRG DOEXP ELQGLQJ ZRUQ EXW GHILQV ZLWK GLIIHUHQW GLHV VKDGHV DUUDQJHG E\ YDOXH 6* SDJHV QLFH DQG FOHDQ HVWLPDWH

VXUFK LVVXH 6* LQF F 6* DV D FRPSOHWH VKHHW RI YIX SRVWLRQDO SODWH YDULHWLHV QRWHG DOVR 'KRZ òD 6* DV .*9 6LOYHU -XELOHH :LQGVRU &DVWOH VHWV

SODWH LPSULQW VWULS RI YIP TW\

,QF 1RUWKHUQ 5KRGHVLD G ZLWK 'LD OLQH E\ 7XUUHW 6* I $ 2OG SDJHV DQG 6WRFNFDUGV ZLWK EHWWHU SLFNLQJV JRRG ORW RI IUHVK PLQW VHWV &DW

ZLWK LVVXHV WR %DKUDLQ .*9, RYSWV ZLWK YDOXHV WR U 0,17 201,%86 &2//(&7,21 FRPSOHWH

LQF D 6* F 4DWDU 4(,, &DVWOH RYSWV ERWK VHWV H[FHSW IRU (J\SW LVVXH LQFOXGHV D IHZ H[WUDV VXFK DV )LML F 6XOWDQ VHW F 0XVFDW GHILQ VHW F

VKDGHV ,QGLD ZDWHUPDUNV 1LXH RYSW YDULHWLHV 6RXWK $IULFD LQ &DVWOH

F $GHQ 4(,, GHILQ WR ZLWK FRUUHFW KRUL]RQWDO SDLUV *RRG WR ILQH PLQW

VKDGHV RYHU VWDPSV HDFK GLIIHUHQW KLJKO\ FDWDORJXH

{ 6,/9(5 -8%,/(( ),1( 86(' &2//(&7,21

LQ DQ DOEXP FRPSOHWH H[FHSW IRU (J\SW VRPH VHWV RQ FRYHU 3RVWDO +LVWRU\ ,QGLDQ 3RVWDO &DUG D ZLWK $GHQ &'6 33& RI 6WHDPHU 3RLQW $GHQ ZLWK *% (GZDUG QRWH $VFHQVLRQ %ULWLVK 6RORPRQ ,VODQGV /HHZDUG ,VODQGV ZLWK G IUDQNLQJ DQG SDTXHERW FDQFHO VHQW WR (QJODQG ILUVW GD\ FDQFHOV 1HZIRXQGODQG VRPH H[WUDV KHUH DQG WKHUH SULQWHG %XVLQHVV (QY ZLWK .*9 ,QGLDQ IUDQNLQJ DQG $GHQ 6RXWK $IULFD LQ YHUWLFDO SDLUV 0RVWO\ ILQH WKURXJKRXW &DPS &'6 VHQW WR 6ZLW]HUODQG VWDPSV

6(,<81 67$7( .*9, SHULRG LVVXHV $ VPDOO

.*9, ($) RYSW 6HW RI 6*6 )UHVK

VWXG\ ORZ YDOXHV DV LPSULQW SODWH EORFNV PLQW VXUFKDUJHV ZLWK VKDGHV HWF TW\

838 LVVXHV XVHG FRPPHUFLDOO\ DLUPDLO FRYHUV

$)*+$1,67$1 IURP &\SUXV 0DXULWLXV SOXV UHJLVWHUHG SDUFHO ZUDSSLQJ IURP 6HOGRP VHHQ DV D FRPSOHWH VKHHW D 5HG

%HUPXGD *RRG WR ILQH XQXVXDO IUDQNLQJV LWHPV

6* XQPRXQWHG PLQW UDUH DV D FRPSOHWH VKHHW RI

VWDPSV (XURSD ZLWK EHWWHU SLFNLQJV 6DQ 0DULQR

80 &\SUXV VHW PLQW &\SUXV VHW RI ,UHODQG VHW 6HOGRP VHHQ FRPSOHWH VKHHW D %OXH 6* XQPRXQWHG PLQW UDUH DV D FRPSOHWH VKHHW RI VWDPSV RI $ ILQH FROOHFWLRQ RI VWDPSV ZLWK PDQ\ VHWV

3URRI VKHHWOHW LPSHUI 1DWLRQDO &RXQFLO S WR

&+85&+,// &200(025$7,21 &URZQ

$JHQWV VHWV RI IRXU LQFOXGHV %ULWLVK $QWDUFWLF 7HUULWRU\ +RQJ D LQ VKHHWOHW RI RQ JORVV\ SDSHU QHYHU KLQJHG

.RQJ VHWV ILQH 80

{ $LU 0DLO D VWXG\ ZLWK VWDPSV DQG FRYHUV PDLQ

%$7 1HZ &XUUHQF\ VHW RQ )'& ZLWK YHU\ ILQH

$UJHQWLQH ,V &'6 6RXWK *HRUJLD 1HZ &XUUHQF\ VHW ZLWK YHU\ 4 LQWHUHVW LV LQ WKH FRYHUV ZLWK PXOWLSOH IUDQNHG FRYHUV WR D YDULHW\ RI GHVWLQDWLRQ ZLWK VWDPSV DQG FRYHUV $ VHOGRP ILQH )', 6RXWK *HRUJLD &'6 ERWK XQDGGUHVVHG VHHQ FROOHFWLRQ IURP KHUH

*LOEHUW ,V .LULEDWL &ROOHFWLRQ XQPRXQWHG PLQW

ZLWK D IDFH YDOXH RYHU ZLWK PDQ\ FRPSOHWH VHWV ,QF +LJK

YDOXHV 'HILQ VHWV 06 6KHHWOHWV $ VXSHUE FROOHFWLRQ RI VHWV YHU\ FRPSOHWH IRU WKH SHULRG

$,787$., )UHVK PLQW FROOHFWLRQ &RPSOHWH RQH RI HDFK

LVVXH LQF 6* 6* )LQH ORW

&RURQDWLRQ DQQLYHUVDU\ FRPSOHWH VKHHW RI

VKHHWOHWV LQF $VFHQVLRQ )DONODQGV 1HZ +HEULGHV 6W

8QPRXQWHG 0LQW ([WHQVLYH &ROOHFWLRQ &DW

VHHQ %LUG VH WHQDQW VHW 2+06 RYSWV ZLWK VWDPSV

+HOHQD 6ZD]LODQG 7ULVWRQ GD &XQKD $OO 80

06 6KHHWOHWV $ VXSHUE FROOHFWLRQ IURP WKLV SHULRG

$%8 '+$%,

VISIT www.philangles.co.uk.

3URYLVLRQDO LQ $UDELF RQ I 6* D

80

Philangles 408 pages (69pp).qxp 13/01/2022 07:10 Page 7

{ 5(9(18(6 D YHU\ JRRG FROOHFWLRQ RI HDUO\

LVVXHV WR LQF SURYLQFH LVVXHV RYHU UHYHQXHV LQF VH

$-0$1

80 0,17 FROOHFWLRQ ZLWK PDQ\ VHWV LQF VSRUW

ZLOGOLIH -). DQG DUW $ YHU\ JRRG UDQJH RI VWDPSV 06 PDLQO\ 80

WHQDQW SDLU HDFK VHHP WR EH GLIIHUHQW ZLWK KLJK YDOXHV OLJKW DGKHVLRQ WR 2OG 3DJHV $ VXSHUE YDULHW\ VHOGRP VHHQ LQ VXFK TXDQWLWLHV

$/*(5,$

$6&(16,21

8QPRXQWHG PLQW FROOHFWLRQ RI VWDPSV DQG

.*9 RYSW 6HW 9)0 6*

06 ZLWK EHWWHU SLFNLQJV $LU VHW RI 5HWXUQ WR

3HDFH VHW RI %LUGV VHWV ZLWK LVVXHV WR $ JRRG UDQJH

%DGJH VHW RI 9)0 6*

$1'255$ )5

$OEXP ZLWK FKLHIO\ GHILQV 6*) DQG

.*9 3LFWRULDO VHW 9)0 6*

GHILQV 6*) DV GDWHG LPSULQWHG EORFNV RI

ERRNOHWV SRVWDJH GXHV DV EORFN RI VKHHWOHWV

IUHVK 80

.*9, GHILQLWLYH VHW RI VWDPSV ZLWK WKH

SHUIRUDWLRQ YDULHWLHV 6* E IUHVK PLQW &DW

$1*8,//$ F $EROLWLRQ RI 6ODYHU\ ,19(57('

29(535,17 6* D ILQH 80

{ .*9, VHW YIX 6*

$17,*8$

.*9, '(),1,7,9( ,668( 6* % D PRVW

H[WHQVLYH VSHFLDOLVHG VWXG\ PRVWO\ P XP ZLWK EORFNV LPSULQWV VKDGHV YDULHWLHV VHYHUDO VWDPSV DOO EDVLF SULQWLQJV KHUH

49 VHW RI PLQW 6* F òG

UHJXPPHG NH\ G LV D QLFH VWDPS

QLFH ORW RI SODWH EORFNV G UH HQWU\ RQ SRUWUDLW G PLVSODFHG YLJQHWWH òG ZDUW RQ QRVH LQ LPSULQW VWULS GLII òG WRUSHGR IODZ LQ EORFN òG ORQJ EDU LQ ( G YIX EORFN ZLWK WUHH VWXPS IODZ DOVR G GLII ZLWK VDPH IODZ RWKHU YDULHWLHV LQF SHEEOH IODZ OLQH LQ VHD ODUJH EORE ZLWK YDOXHV WR G G H[WUD URFNV òG FXW PDVW 6* GE òG GDYLW IODZ 6* ED VWF $Q RULJLQDO VXEVWDQWLDO ORW

49 VHW RI GLIIHUHQW LVVXHV PLQW &DW

6* ,QF G VKDGH 6* G )LQH (GZDUG 6* 9)0

%DGJH (GZDUG VHW 9)0 ,QF òG D

7KH .*9, LVVXH 6* E $ PRVW

QXPEHUV G VPDOO JXP VSRWV YLEUDQW FRORXUV 6*

F

FRPSUHKHQVLYH PLQW VHW RI GLIIHUHQW LVVXHV &DW ,QF DOO NH\ VWDPSV SHUIRUDWLRQ YDULDWLRQV HWF $ JRRG ORW

.*9 KLJK YDOXH 6* IUHVK PLQW

2+06 VWDPSOHVV UHJ G FRYHU WR 86$ ZLWK YI

$VFHQVLRQ FRGH F FGV UHJ G ODEHO DUULYDO EV 9)

.*9 GHILQ VHW ZLWK H[WUD VKDGHV ILQH P

6*

4(,, GHILQ VHW 9)0 6* F

.*9 VHW RI PLQW 6*

0RVW FRPSUHKHQVLYH 1+0 80 FROOHFWLRQ

KLJKO\ FRPSOHWH IRU \HDU SHULRG ZLWK VWDPSV DQG

.*9 DV EORFNV RI IRXU PRVWO\ VXSHUE XP

EORFNV LQF 6* VFULSW LQF YI G EORFN 6* )LQH DQG

VFDUFH LQ EORFNV .*9, FROOHFWLRQ FRURQDWLRQ YLFWRU\ V ZHGGLQJ

838 DQG GHILQ VHW RI )UHVK PLQW .*9, VHW RI YI QKP 80 6* 3OXV D

JURXS RI OLVWHG VKDGHV YDULHWLHV LQF G 6* D OPP

06 ([FHSWLRQDO PDQ\ GHILQ VHWV WR HOXVLYH PRGHUQ VHWV VRPH LQWHUHVWLQJ YDULHWLHV DOVR LQFOXGHG +LJKO\ UHFRPPHQGHG &203/(7( 810287(' 0,17 WR

KRXVHG LQ D TXDOLW\ $OEXP &DW FLUFD

{ .*9 )LQH XVHG òG G G RYSWV

*RRG VHW

EDGJH ZLWK YDOXHV WR 3LFWRULDOV WR G DQG 6 -XELOHH òG G 9HU\ XVHIXO &DW

6LOYHU :HGGLQJ VHW DV XP SDLU 6*

$8675$/,$

&+85&+,// (5525 òF ZLWK *ROG JURVVO\

PLVSODFHG VR WKDW WKH YDOXH LV RQ WKH RSSRVLWH VLGH 80

3RVWDJH GXHV G 6*' HPHUDOG ILQH

WRJHWKHU ZLWK QRUPDO WR FRPSDUH UHPDUNDEOH 6* 9DU

PLQW

3RVWDJH GXHV G HPHUDOG GXOO JUHHQ S

F *ULPP %URWKHUV 'LVQH\ LVVXH (5525 RI

:$7(50$5. 6* D ILQH 80 DQG ZPN LQY HDFK GLIIHUHQW 6*' Z DQG 6*'

PLQW

.*9, YIP ZLWK GHILQV LQF OLVWHG VKDGHV

3RVWDJH GXH G SHUI ZPN XSULJKW 6*'

6* SHUI VSHFLPHQ D FRXSOH RI EORFNV

PLQW 3RVWDJH GXH 6*' HPHUDOG FDW

4(,, 8102817(' 0,17 GLII

VWDPSV PV FDW KRXVHG LQ D ILQH DOEXP 9)

WRQHG JXP

3RVWDJH GXH G 6*' HPHUDOG IUHVK

$5*(17,1$

PLQW

)ODJ DQG $QWKHP 0LQLDWXUHV ERWK SHUI DQG

LPSHUI 6*06 $ % ERWK 80

3RVWDJH GXHV 6*' GXOO JUHHQ

HPHUDOG DQG SHUI [ ò PLQW FDW

Credit Cards

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:10 Page 8

3RVWDJH GXHV G HPHUDOG GXOO JUHHQ DQG

$,50$,/6 PRVWO\ FRPPHUFLDO FRYHUV WR WKH

ZPN LQY 6*' Z PLQW

VDPH $XVWUDOLDQ %RRN &RPSDQ\ DGGUHVV LQ WKH 8. ZLWK G JUHHQ RU .LQJVIRUG 6PLWK DLUPDLO VWDPS DIIL[HG QRWH $// 7+( :$< %< $,5 HQY ZLWK PL[HG .*9 5RRV IUDQNLQJ DQG 1RYHPEHU G $LU 0DLO 6HUYLFH SDLU ZLWK .*9 G DQG 6SHFLDO $LU 0DLO )OLJKW FDFKHW RQ IURQW *RRG WR ILQH

3RVWDJH GXHV G HPHUDOG LQF ZPN LQY

6*' Z PLQW 3RVWDJH GXHV G ERWK VKDGHV 'XOO JUHHQ

ZPN LQY 6*' Z DQG SHUI 6*' PLQW

/$7( )(( 5(*,67(5(' HQYHORSH WR 8.

IUDQNHG .*9 G G [ ZLWK $ 5 SHUILQV $QJXV 5REHUWVRQ /WG HQGRUVHG ZLWK /$7( )(( FDFKHW DQG G 6\GQH\ +DUERU %ULGJH VWDPS DIIL[HG DOO QHDWO\ FDQFHOOHG 5(*,67(5(' 6<'1(< 1 6 : &OHDQ LQWDFW LQWHUHVWLQJ FRYHU ^3KRWR`

3RVWDJH GXHV G ERWK VKDGHV DQG RQH ZLWK

ZPN LQY 6*' DQG Z PLQW 3RVWDJH GXHV G 6*' ERWK VKDGHV DQG

SHUI [ ò PLQW

$1=$& LVVXH 6* G ILYH EORFNV RI

ZLWK SODWH FRUQHU EORFNV RI EORFN XP $ JRRG JURXS

3RVWDJH GXHV G 6*' ' HPHUDOG

PLQW

-RKQ $VK LPSULQWHG EORFN RI 5RR V 6*

3RVWDJH GXH VFDUFH òG 6*' PLQW

DV D JXWWHU EORFN IUHVK PLQW WZR VWDPSV 80

&HQWHQDU\ RI 6RXWK $XVWUDOLD JXWWHU SDLUV VHW RI

.*9 3RVWFDUGV ZLWK 3HQQ\ IXOO IDFH VWDPS

6* VHOGRP VHHQ DV JXWWHU SDLUV IUHVK PLQW

LPSUHVVLRQ 9HU\ ILQH ORW RI GLIIHUHQW 0 )8 PRVWO\ ZLWK LOOXVWUDWLRQV RI *ROG 0LQHV 3 LVVXHV

.*9, ZLWK VSHFLDOLVDWLRQ LQWHUHVWLQJ LWHPV LQ

0,;(' 3267$/ +,6725< $&&808/$7,21

D ELQGHU VHYHUDO YIP D YHU\ JRRG ORW òG LQF EORFNV FRPPHUFLDO PDLO ZLWK QLFH UDQJH RI GLIIHUHQW IUDQNLQJV ZH QRWH ZLWK YDULHWLHV G GLII SULQWLQJV LQF ZKLWH ZDWWOHV 6* D

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

PRUH 0L[HG FRQGLWLRQ

HQYHORSHV $ UHPDUNDEOH VSHFLDOLVHG FROOHFWLRQ ZLWK PLQW )LUVW :DWHUPDUN .DQJDURR V 6HW òG WR JRRG

XVHG XSUDWHG LQWHUHVWLQJ GHVWLQDWLRQV HWF 5( HWF WKH WR ILQH PLQW ,QF G G 6* &DW

FROOHFWLRQ RI VHOHFWHG HQYHORSHV LQF 5( FHQVRUHG WR

%DKDPDV PLOLWDU\ XVHG DQG FHQVRUHG ( VXSHUE XVHG ZLWK 35,621(5 2) :$5 /(77(5 )5(( PLOLWDU\ 3PN òG G LVVXHV XQXVHG G XVHG ò

XSUDWHG ZLWK $UPV HWF *RRG ORW KDQGVWDPS + RQ YI FHQVRUV SULVRQHUV HQYHORSH IURP D *HUPDQ RIILFHU KHOG DW *&& 7UDLO %D\ 16: /LYHUSRRO 16: 4(,, GHILQLWLYH FROOHFWLRQ VSHFLDOLVHG LQ FRUQHU

FGV YDULRXV FDFKHWV LQF FHQVRUHG *HUPDQ FRQFHQWUDWLRQ EORFNV G FRLO SDLU FRLO MRLQW SDLUV G ZLWK FRLO OHDGHUV ERRNOHW FDPSV )LQH VFDUFH ^3KRWR` SDQHV FRYHUV $ YHU\ JRRG UDQJH RI LWHPV RQ ROG 3ULVRQHU RI :DU PXOWL KDQGVWDPS FHQVRUHG SDJHV

FRYHU ZLWK RULJLDQO HQFORVXUH WR *HUPDQ\ ZLWK W\SH + SULVRQHU %ORFNV RI IRXU XP H[WHQVLYH ORW GLII LVVXHV

RI ZDU OHWWHU IUHH KV *HUPDQ FRQFHQWUDWLRQ FDPS /LYHUSRRO GHILQ VHW WR FDWWOH 6* PDQ\ G GHILQV FDFKHW HWF 6FDUFH ^3KRWR` $$7 ZLWK VHWV PXFK PRUH 9HU\ KLJK FY { 5RR V G VWXG\ ZLWK PLQRU YDULHWLHV LGHQWLILHG

RQ D SDJH ILQH XVHG ZLOO HQKDQFH \RXU FROOHFWLRQ 6XSHUE FROOHFWLRQ RI PD[LPXP FDUGV DV

VHWV YHU\ ILQH XVHG ZLWK )2, FDQFHOV LQ KLJK TXDOLW\ .LQJV +HDGV SHUI ò [ ò ZLWK D UDQJH RI DOEXPV

YDOXHV WR G ,QF òG G òG 5HG ,QF RQH ZLWK { ),1( 86(' 9)8 IURP 3RVW 2IILFH 1HZ ,VVXH

ZDWHUPDUN ,QY òG %URZQ SDLU G 5HG %URZQ G òG G H[FHSWLRQDO DQG VXEVWDQWLDOO\ FRPSOHWH LQ ODUJH H[SHQVLYH SDLU G GLIIHUHQW VKDGHV D YDOXDEOH UDQJH RI VWDPSV 6WRFNERRN PDQ\ V KLJK FRVW DQG IDFH YDOXH LQFOXGHV WKH PLQW 2O\PSLFV VHW RI 06 &RVW DORQH PDQ\ KLJK : $XVWUDOLD òG 6* VWXUW VHW IDFH VHWV WR DQG RWKHU 06 RU 6KHHWOHWV $ 4XDOLW\

FROOHFWLRQ 6* HDFK RQ ILQH IGF 6FDUFH

/LJKWKRXVH $OEXP ZLWK %RRNOHWV DQG &RLO

6H 7HQDQW VWULS ,QF :LOGOLIH ZLWK RQO\ RU VWDPSV OHIW ,QF RYSW )RU GLIIHUHQW VKRZ V $ JRRG ORW ZULWWHQ XS 67&

.DQJDURR V G G ILQH PLQW 6*

F

{ 5RR V ZLWK VKDGHV DQG GLIIHUHQW GLH PL[HG LQ G

G

ILQH .*9 EORFNV RI YHU\ ILQH PLQW GLII LQF

G DLU DV SODWH FRUQHU EORFN VWXUW VHW DV SODWH EORFNV G ELUG 6* WHOHSKRQH VHW *RRG ORW KLJK

$8675$/,$ P XP HDUO\ 4(,, GLII LVVXHV

LQF QDYLJDWRUV VHW WR IUHVK 80 &$7$/2*8(' D FROOHFWLRQ RI

GLIIHUHQW )'& LQ SULVWLQH FRQGLWLRQ PDQ\ EHDXWLIXO VHWV YDOXHV WR H[FHOOHQW VRXUFH IRU )8 VHWV

FY

&RLO SDLUV òG URR 6* E PLQW G TXHHQ

6* %: EORFNV 6* D G .*9, 6* E 80

-RKQ $VK LPSULQW EORFNV PLQW G G

.*9 +HDG VHW PLQW 6* F

26 G DLUPDLO DV YI XP EORFN 6* D

'(&,0$/6 VXEVWDQWLDO FROOHFWLRQ RI

VWDPSV DQG 06 ZLWK YHU\ FRPSUHKHQVLYH UDQJHV RI 80 DQG YDOXHV WR DGGLWLRQDO )8 ZLWK ORWV RI SLFNLQJV SDFNLQJ WZR $OEXPV ([FHOOHQW

Philangles 408 pages (69pp).qxp 13/01/2022 07:10 Page 9

{ .*9 +($'6 7KH G WRS YDOXHV D XVHG

3267$/ 67$7,21(5< .*9 SRVWDO

VHOHFWLRQ RI RQ D +DJQHU IHZ HDUOLHU SULQWLQJV GDWHG 3PNV PRVWO\ 6* { 2OG WLPH FROOHFWLRQ WR HDUO\ .*9, LQF URR V WR

LQF PLQW .*9 KHDGV WR G LQF PLQW

FRPPHPRUDWLYHV HDUO\ .*9, GHILQV D XVHIXO UDQJH RI VWDPSV

FDUGV $ SUHPLXP JURXS RI LWHPV òG òG VWDPS XSUDWHG WR *HUPDQ\ 3 Y ILQH ò ZLWK &R RS RYSW XQXVHG 3

G G VWDPS XSUDWHG WR 5866,$ 3 G YLROHW FWR XVHG 3 G YLROHW òG 3DUOLDPHQW RQ 5R\DO 3DFNHW FDUG YIX VFDUFH 21( 3(11< RQ òG 3 XVHG $ PRVW DSSHDOLQJ JURXS RI 6WDWLRQHU\ 3267$/ 67$7,21(5< .*9 G JUHHQ

2OG WLPH UDQJH ZLWK EHWWHU SLFNLQJ PDLQO\ LQ

SDFNHWV PLQW ,QF 80 6HHQ URR V WR .,*9 KHDG G ZLWK GRW EHIRUH ERWK SDSHUV .*9, SURRI LQ *UHHQ FRLO VWDPSV D JRRG ORW

SRVWDO FDUGV 9 JRRG JURXS RI P IX GLII LVVXHV 3 3 LQF GLH FDUG XSUDWHG ZLWK òG WR +ROODQG VHFRQG FODVV PDLO PDWWHU RYSW YIX 3 3 YI PLQW HWF

3267$/ 67$7,21(5< .*9 òG

HQYHORSHV XVHG ZLWK GLII FRPSDQ\ LQVFULSWLRQV FLW\ ORFDO RYSWV &DUG 0HVVDJH DERXW %XVK )LUHV 9LFWRULD (QY ZLWK G VFDUFH WZR SHQFH RQ òG XVHG HWF 7KH XVHG ORW RI GLII 6* 6WDPLQD &ORWKHV LOOXVWU (QY VHQW WR 86$ 6RPH PL[HG FRQGLWLRQ PDQ\ ILQH ,QWHUHVWLQJ ORW *HR $GDPV +6 FRYHUV 5HJG (QY XSUDWHG ZLWK

$UPV /\UHELUG òG 4(,, [ VHQW WR 8. $LU (QY

ZLWK FRQFHVVLRQ UDWH 51 2$6 KDQGVWDPS D JRRG VHOHFWLRQ RI 3267$/ 67$7,21(5< .*9 òG

LVVXH SRVWDO FDUGV 3 3 WKH ORW ILYH DUH PLQW LQF FRYHUV HOXVLYH RYSW LVVXH 3 Y ILQH 3 RYSW LVVXH YIP 3 IX 3267$/ 67$7,21(5< OHWWHUFDUGV

3 XSUDWHG ZLWK òG G WR 8.

ZLWK /& /RUQH 9LFWRULD SKRWR VXSHUE FWR XVHG /& 3267$/ +,6725< 7DVPDQLD 3RVWDO

3267$/ 67$7,21(5< 4(,, F F

0RVPDQ %D\ VXSHUE XQXVHG 3/86 IXUWKHU LWHPV LQ PL[HG FRQGLWLRQ QRW FRXQWHG

3267$/ 67$7,21(5< .*9 KHDG OHWWHUFDUGV

F F F F DQG F HPERVVHG HQYHORSHV $ WHUULILF VSHFLDOLVHG FROOHFWLRQ RI GLIIHUHQW ZLWK PLQW XVHG XSUDWHG GLIIHUHQW LVVXHV PRVWO\ VHOHFWHG IRU TXDOLW\ DQG VSHFLDOLVW &DW QXPEHUV

VWXG\ RI P IX LQF ò /& VXSHUE XQXVHG DOVR XSUDWHG ZLWK ò KHDG YIX WR 86$ VFDUFH WKUHH KDOISHQFH RYSW 3267$/ 67$7,21(5< .*9, OHWWHUFDUGV 7KH

/& XQXVHG QR HGJH WZR SHQFH RYSW /& XQXVHG G

FROOHFWLRQ /& WR /& ZLWK Y ILQH XQXVHG LQF /& XVHG LVVXHV LQF XVHG $ YHU\ KLJKO\ FDW ORW H[DPSOHV LQF XSUDWHG /& YI XQXVHG FRPSUHKHQVLYH ODWHU 3267$/ 67$7,21(5< .*9, SRVWDO FDUGV

W\SHV HWF )LQH ORW 3 3 YHU\ JRRG VHOHFWLRQ P IX LQF ILUVW LVVXH G 3 YIX 3 XSUDWHG WKH G G GRXEOH GLH 3 YI XQXVHG 3267$/ 67$7,21(5< 4(,, OHWWHUFDUGV /&

SOXV WZR XVHG 3 3 LVVXHV XQXVHG WR /& 7KH VSHFLDOLVHG FROOHFWLRQ RI 9DVW PDMRULW\ VXSHUE XQXVHG IHZ XVHG LQF XSUDWHG DOVR RYSW VSHFLPHQ /& : 3267$/ 67$7,21(5< .*9, 3267&$5'6

RQO\ SUHSDUHG G /& : VSHFLPHQ PRUH *RRG 36 36 *URXS RI SUHPLXP LWHPV LQF 36 ZLWK &R RS ORW LPSULQW 9)0 36 9)0 ZLWK 6KLUH RI (OWKDP LPSULQW 36 35(0,80 /RW RI )'& ZLWK DOWHUQDWLYH

XVHG :DOODFH 0FJHH G LVVXH PLQW

SLFWRULDO FRYHUV VSHFLDO 3PNV HWF 'HFLPDO IURP ZLWK )DPRXV $XVWUDOLDQV GHILQV WR HDUO\ FRPPHP VHWV 9HU\ ILQH *RRG ORW

3267$/ 67$7,21(5< 3RVWFDUGV D

FROOHFWLRQ RI LQF .*9 G 3KRWR &DUG 36 )8 .*9 G VPDOO IRUPDW 26 FDUG IUHVK XQXVHG 32 4(,, VSHFLDO LVVXHV ZLWK SURPRWLRQDO LQVFULSWLRQV LQF OLPLWHG WR

4 3ULYDWH $HURJUDPPHV &ROOHFWLRQ RI ,QF

5R\DO 9LVLW $LUOLWH VFDUFH XQXVHG 2O\PSLF 9LOODJH XQXVHG VFDUFH $QSH[ RQH XQXVHG WZR ZLWK VSHFLDO FDQFHOV 0RRPED $UW RQH XQXVHG $Q LQWHUHVWLQJ DQG VHOGRP VHHQ FROOHFWLRQ

3267$/ 67$7,21(5< 4(,, HDUO\ SRVWDO

FDUGV 3 3 Y ILQH ORW RI PRVW XQXVHG LQF G 3 RYSW 63(&,0(1 3 RYSW VSHFLPHQ HWF Y ILQH

8QPRXQWHG PLQW ZLWK PDQ\ VHWV LQF

06 VKHHWOHWV ZLWK D IDFH YDOXH RYHU LQ D ODUJH SDFNHW

3RVWDO 6WDWLRQHU\ 4(,, /HWWHUFDUGV

H[WHQVLYH VSHFLDOLVHG FROOHFWLRQ RI GLIIHUHQW ZLWK XQXVHG DGGLWLRQDO XVHG LQF XSUDWHG DOVR VHYHUDO PLOLWDU\ LWHPV LQF IRUFHV LQ 9LHWQDP FRYHUV

ZKLFK WKH FROOHFWRU SXWV WKHP LQ DQ MXVW OHIW PDQ\ V

{ 8VHG UDQJH LQ SDFNHWV ZLWK .*9 KHDGV 5RR V

3RVWDO VWDWLRQHU\ IXOO IDFH G OHWWHU FDUG

/& +REDUW IURP %D\ DOVR UHSO\ FDUG YLDGXFW $GHODLGH ERWK YI XQXVHG IRUPHU UHLQIRUFHG MRLQ ZLWK KLQJHV

3267$/ 67$7,21(5< (DUO\ SUH SDLG

SRVWDO FDUGV 3 3 LVVXHV $ XVHG JURXS RI PLQW LQF 7ZR YHU\ ILQH XVHG 3HQQ\ .DQJDURR &DUGV 3 3 .*9 G +HDG 3 9)8 3 0 )8 $Q XQFRPPRQ ORW RI HDUO\ FDUGV

&RPPHPV 'HILQV D IHZ QHHG VRUWLQJ

$8675$/,$1 $17$5&7,& 7(55,725< /LJKWKRXVH KLQJOHVV SULQWHG DOEXP ZLWK D 80

FROOHFWLRQ YHU\ FRPSOHWH RQO\ ZKDOH GROSKLQV PLQLDWXUH

VKHHW QHHGHG WR FRPSOHWH $ YHU\ JRRG FROOHFWLRQ LQ D TXDOLW\ DOEXP

6WRFNSDJHV DQG DOEXP SDJHV ZLWK D YHU\ JRRG

FROOHFWLRQ RI VHWV 80 RYHU VWDPSV PV VKHHWOHWV LQF 9DOXDEOH ORW RI HDUO\ LVVXHV LQF XSUDWHG XVHG LWHPV KLJK FDU GHILQLWLYH VHWV D IHZ RYSW 06 D YHU\ JRRG ORW YHU\ FRPSOHWH IRU PLQW LWHPV G .DQJDURR FDUGV XSUDWHG ZLWK òG G 5RRV WKH SHULRG

WR *HUPDQ\ 6ZLW]HUODQG G 5RR FDUG XSUDWHG ZLWK òG .*9 KHDG .*9 KHDG LVVXHV XVHG G /& YI XQXVHG HWF $8675$/,$1 67$7(6 0RVW DUH XVHG PL[HG FRQGLWLRQ EXW PDMRULW\ DUH ILQH 1(: 6287+ :$/(6 UHJLVWHUHG SRVWDO

VWDWLRQHU\ HQY WR 6\GQH\ G GHILQV SDLU IUDQNLQJ FOHDU 02*2 3267$/ 67$7,21(5< .*9 7+5((

SRVWPDUNV ILQH +$/)3(1&( SRVWDO FDUGV P X 3 LQF XSUDWHG WZR DUH 1(: 6287+ :$/(6 UHJLVWHUHG HQY WR

Y ILQH XQXVHG (QJODQG ZLWK 7+5(( &2/285 )5$1.,1* RI òG G G GHILQV FOHDU 5(*,67(5(' 6<'1(< SRVWPDUNV ILQH Key to symbols in this catalogue ^3KRWR`

Used ✈ Airmail { $ 672&.%22. &217$,1,1* RYHU XVHG

✱ Mint ✱✱ Unmounted mint VWDPSV ([FHOOHQW YDULHW\ IURP PRVW VWDWHV EHWWHU YDOXHV ✉ Postal History & Literature VSRWWHG D JRRG UDQJH RI FDQFHOODWLRQV

3267$/ 67$7,21(5< OHWWHUFDUGV

Philangles 408 pages (69pp).qxp 13/01/2022 07:10 Page 10

{ $ VWRFNERRN FRQWDLQLQJ RYHU XVHG

.*9, GHILQ LVVXH 6* FRPSUHKHQVLYH

PLQW FROOHFWLRQ VWDPSV LQF VHW LQFOXGLQJ UDUH 6* D LQF 6* ZLWK FHUWLILFDWH DOO SULQWLQJV

D UDQJH RI EORFNV PXLOWLSOHV ZLWK PLQRU YDULHWLHV SODWH QXPEHUV VKDGHV VHW WR 9HZU\ KLJK FY ZLWK KLJK FDW VWDPSV

VWDPSV ([FHOOHQW YDULHW\ VRPH KLJKHU YDOXHV VSRWWHG FDQFHOODWLRQ LQWHUHVW $Q RULJLDQO FROOHFWRUV ORW

$8675,$ 2IILFHV ,Q &RQVWDQWLQRSOH IUHVK PLQW VHWV

.*9, 9$5,(7< G 6+257 7 6* ED YIP

F (DJOH VHW RI 6* DQG VHW RI WR SL WRS YDOXH &KRLFH

ZLWK QRUPDO VWDPS WR FRPSDUH ^3KRWR`

&DWDORJXHG $ PRVW FRPSUHKHQVLYH

PLQW FROOHFWLRQ LQ 'DYR SULQWHG $OEXP GLIIHUHQW VWDPSV QRWLQJ VHWV &DW 8SWR ,QF %LUG $LUPDLOV 6ROLG

/DQGLQJ RI &ROXPEXV LVVXH .*9, 6* D

PRVW H[WHQVLYH VWXG\ LQ DQ DOEXP YIP LQF XP ZLWK YDOXHV WR GLII SULQWLQJV H[WHQVLYH DVVHPEO\ RI PLQRU SRVLWLRQDO

YDULHWLHV FRQVWDQW GRWV LQ OHWWHUV LQF VRPH PXOWLSOHV EORFNV ZKLWH HDU IODZV G 3( MRLQ SRVLWLRQDO 9) 6HYHUDO VWDPSV

ORW %HWWHU SLFNLQJV RQ VWRFN FDUGV ,QF 0LOLWDU\

3RVW $XWUR +XQJDULDQ LVVXHV %RVQLD DQG +HU] 2IILFLDOV &ROOHFWLRQ FDWDORJXH YDOXH RYHU LQF

3RVWDJH 'XHV 1HZ SDSHU VWDPSV $ JRRG UDQJH RI GHILQV WR ZLWK VKDGHV WR H[ D JRRG UDQJH VWDPSV RQ VWRFN FDUGV PDQ\ LGHQWLILHG PXFK PLQW ,QF 80 RI VWDPSV IUHVK PLQW KLJKO\ FDWDORJXHG .*9, ODQGLQJ RI &ROXPEXV EDODQFH RI D

&2//(&7,21 RI GLIIHUHQW LVVXHV LQ DQ

VSHFLDOLVHG VWXG\ RI WKH RYHUSULQW VHWWLQJV ZLWK QRWHV YDULHWLHV DOEXP EHWWHU FDW V LVVXHV ILQH XVHG PDQ\ HDUOLHU DQG H[WUD GRW LOOXVWUDWLRQV 7KH ORW LQFOXGHV PLQW VWDPSV EDFN RI WKH ERRN %DUJDLQ FKLHIO\ òG G YDOXHV LQF PXOWLSOHV ),9( %2;(' /,*++286( +,1*(/(66

35,17(' $/%806 :LWK D PRVW VXEVWDQWLDO FROOHFWLRQ RI .*9, SRVWDO VWDWLRQHU\ YIP UHJ G HQYV

V DOO GLIIHUHQW PDQ\ EHWWHU VHWV 0 80 &ODVVLF SHULRG SRVWDO FDUGV VSHFLPHQ RYHUSULQWV GHOLJKWIXO ZLWK )8 VHW WR J PLQW 2QZDUGV PLQW PDQ\

FRPSHWHG VHWV DQG SDJHV &RPSRVHUV $LUPDLO VHW { 6WRFNERRNV DQG ROG SDJHV ZLWK D YDULHW\ RI LVVXHV IURP 49 WR 4(,, ,QF 49 &KDORQV WR G VLGHIDFH WR F 'HILQ VHW F 5RWDU\ RYSW 6HW

HDUO\ VWDLUFDVH WR 4(,, VHW WR /DQG

3HUVRQDOLWLHV VHWV 9LHZV IDOO WR 'HILQV WR ZLWK VKDGHV $ JRRG

6NL :,3$ 9LHQQD

UDQJH FKLHIO\ ILQH XVHG $ IHZ VWDPSV $LU VHW 2WKHU VHWV &DW 9HU\ FRPSUHKHQVLYH 80

FRPPHPV XSWR DERXW 2IIHUHG LQWDFW FRORVVDO FDWDORJXH %$+5$,1 YDOXH :HGGLQJ VHW DV EORFNV RI IRXU XP RQH U

3267$/ +,6725< ZLWK 1D]L

VPDOO DJH VSRW ILQH ORW 6* 2FFXSDWLRQ XVDJHV LQVWUXFWLRQDO +DQGVWDPSV GXDO XVDJHV LWHPV

*% RYSW ,VVXHV VHW RI &RURQDWLRQ VHW

{ 5(9(18(6 $XWUR +XQJULDQ ZLWK LVVXH WR RI &DVWOHV W\SH , DQG W\SH ,, VHW RI VHW RI

DQG 6FRXW VHW RI DOO IUHVK PLQW ZLWK PDQ\ GLIIHUHQW W\SHV DQG YDOXHV VHHP WR EH DOO GLIIHUHQW RYHU UHYHQXHV RQ ROG SDJHV OLJKW DGKHVLRQ D YHU\ /RFDO 3RVW òD 6*/ RQ FRYHU ZLWK YHU\ ILQH

LQWHUHVWLQJ ORW %DKUDLQ &ROV WLHG FDQFHO QHDW W\SHG DGGUHVV

$=25(6

3DUFHO 'LVSDWFK &DUGV DOO XVHG VHQW WR ,QGLD

:DWHUORZ SULQWHUV UHPDUNDEOH LPSHUI SURRI

&3 ZLWK D YDULHW\ RI YDOXHV FKLHIO\ I DQG G $ VXSHUE ERWWRP EORFN RI [ RI WKH ( %UDQFR RYSW ZLWK VHFXULW\ ORW IRU VWXG\ FDUGV SXQFWXUHV H[WHQVLYH PDUJLQDO SULQWHUV QRWHV ,QF OD\ RYHUSULQW

{ %ULWLVK 2YHUSULQWV D ILQH UDQJH ,QF 4(,, &DVWOHV

ORZHU DV PDUNHG DQG LPSURYH SULQWLQJ $ XQLTXH DUFKLYH U RQ EORFNV RI W\SH , DQG D EORFN RI W\SH ,, SULQWHUV ZRUNLQJ SURRI VKHHW 1HZ &XUUHQF\ VHW )8 .*9, 6LOYHU :HGGLQJ U )8 2O\PSLF DV FORFN RI ILQH XVHG $ JRRG ORW RI ILQH XVHG VWDPSV KLJKO\ %$+$0$6 FDWDORJXHG &RPSOHWH VHWV IP RU YIP ZLWK DGGLWLRQDO OLVWHG

4(,, 29(535,176 ZLWK EHWWHU VHWV LQF FDVWOHV

VKDGHV $ ILQH ORW GLII VWDPSV FDW ZLWK DOO VWDLUFDVH U RQ G DOO WKUHH U RQ ERWK U RQ 6* D D VHWV :$5 7$; LQF NH\ 6* *UHDW 6HDO KLJK YDOXHV ZLWK JRRG ORW RI VWDPSV HDFK GLIIHUHQW IUHVK PLQW D JRRG YDULHW\ RI VKDGHV 5HTXHVW VFDQ .*9 FRPSUHKHQVLYH VHW LQF OLVWHG VKDGHV

VWDPSV òG WR 6* ILQH PLQW LQFOXGLQJ ERWK

%$5%$'26 49 FRPSUHKHQVLYH VHW RI PLQW ZLWK DOO OLVWHG

{ 6LOYHU -XELOHH VHW 6* YHU\ ILQH XVHG

VKDGHV 6* FDW DQG JHQHUDOO\ I WR YI ZLWK JRRG VWURQJ FRORXUV $ ILQH VHW LQF VFDUFH G JUH\ 6HDO VHW I WR YIP 6* F

9DULHW\ .*9 VLOYHU MXELOHH G GRW OHIW RI FKDSHO

6* J PLQW

0LQW ZLWK EHWWHU SLFNLQJV 6HDO VHW RI

-XELOHH VHW RI :KLWH SDSHU 1HOVRQ VHW RI 6HDO VHW RI $ JRRG UDQJH RI VWDPSV HDFK GLIIHUHQW

.*9, RULJLQDO SULQWLQJ 6* QKP

XP

.*9, GHILQ LVVXH 6* D D

&RPSOHWH VHW ILQH PLQW D GHOLJKWIXO ORW FDW

FRPSUHKHQVLYH PLQW VHW RI ZLWK OLVWHG VKDGHV FDW DERXW PDQ\ RI WKH ORZHU YDOXH D QXPEHUV GLII

DQG $ ILQH DVVHPEO\

GLII VWDPSV WKDW LQFOXGHV DGGLWLRQDO OLVWHG $ QXPEHUV QRWH òG RQ G PLVVLQJ K\SKHQ 6* D ERWK 1HOVRQ PRQXPHQW VHWV VHDO VHW 6* VHDO VHW VHW ZLWK VKDGHV VHW LQF NH\ G 6* 5HTXHVW VFDQV

Viewing

Clients can view at our offices Monday - Friday 10am - 5pm Please telephone to arrange an appointment.

We are located in Warrington Town Centre

'LDPRQG -XELOHH VHW PLQW 6*

F

Philangles 408 pages (69pp).qxp 13/01/2022 07:10 Page 11

6HDO VHW PLQW 6* F 4(,, 0,17 &2//(&7,21 ZLWK EHWWHU VHWV

SLFWRULDO VHW RI QHZ FXUUHQF\ RYSWV ZLWK D YDULHW\ RI GLIIHUHQW W\SHV VHW RI VHW RI /HVROWKR RYSW VHWV 6FULSW DQG EORFN &$ FRPPHPRUDWLYH VHWV $ YHU\ JRRG ORW RI VWDPSV

.*9 VHW ILQH P LQF G VKDGH 6*

D F

.*9, VSHFLDOLVHG FROOHFWLRQ RI WKH GHILQ LVVXH

6* PLQW XP ZLWK EORFNV LQWHUHVWLQJ LWHPV VWDUWV ZLWK YIP SRVWDO VWDWLRQHU\ LQF G FDUG H[WHQVLYH VWDPSV ZLWK

6HDO LVVXH YIP VHW ZLWK /,67(' VKDGHV

YDULHWLHV 6* SOXV ZLWK GLII VWDPSV FDW LQF WKH VFDUFH G 6* D D TXDOLW\ VHW UHTXHVW VFDQ

VKDGHV G WRZHU IODZ 6* D LQ D EORFN GHHS VKDGH &: D UDQJH RI ORZ YDOXH EORFNV ZLWK LPSULQWV SODWH QXPEHUV G EORFNV ZLWK 7 IODZV HWF JRRG TXDQWLW\

9LFWRU\ VHW ILQH P 6* F

%ORFNV RI IRXU 80 ZLWK YDOXHV WR 6* E $

VHOHFWLRQ RI GLIIHUHQW YHU\ ILQH EORFNV LQF òG 2UDQJH

6* GD 9DULHW\ .*9, G SODWH PDUJLQDO EORFN ZLWK

75 XPW H[WUD IUDPHOLQH YIP 6* '$

%(&+8$1$/$1' { 5(9(18( JUHHQ EODFN ZLWK %DUHIRRW W\SH

$ %HFKXDQODQG 3URWHFWRUDWH RYSW %DUHIRRW XVHG KRUL] FUHDVH 6LOYHU -XELOHH YDULHW\ G VKRUW H[WUD IODJVWDII

9)0 6* E

9$5,(7< .*9, G FXUYHG OLQH DW WRS ULJKW

6* E YIP ^3KRWR`

6LOYHU -XELOHH YDULHW\ G H[WUD IODJVWDII 9)0

6* D

.*9, GHILQLWLYH LVVXH 6* D PRVW

H[WHQVLYH FROOHFWLRQ ZLWK VSHFLDOLVDWLRQ EORFNV YDULHWLHV LPSULQWV HWF P XP LQWHUHVWLQJ YDULHWLHV G òG LQ EORFNV

9DULHW\ .*9 VLOYHU MXELOHH G VKRUW H[WUD IODJ

VKRZLQJ SRVLWLRQDO ZHDN HQWU\ FRLO VWULSV VSHFLDOLVHG VKDGH VWXG\ DV SHUI &: OLVWLQJV WR ILQH H[DPSH RI WKH G 6* 6* OLVWHG YDULHWLHV G OLQH RYHU KRUVHV KHDG P GLII

YDULRXV UH HQWULHV LQ EORFNV G H[WUD IUDPHOLQH G FXUYHG OLQH YIX G EORFN ZLWK EURNHQ IUDPH òG FRPSOHWH VKHHW

XQLWV ZLWK PDUN RQ FHQWUDO RUQDPHQW 6* D PXVW EH VFDUFH LQ D VKHHW G SDUW VKHHW RI ZLWK IXOO LPSULQW *RRG ORW VHYHUDO

9DULHW\ .*9, G FODUHW FRUQHU SODWH EORFN RI WHQ

XP ZLWK H[WUD IUDPHOLQH 6* FD 9) 9DULHW\ .*9, òG PDUN RQ FHQWUDO RUQDPHQW

6* %% SRVWLRQDO EORFN RI ZLWK XQLWV VKRZLQJ WKLV

VWDII 6* E PLQW 9DULHW\ .*9 VLOYHU MXELOHH G H[WUD VKRUW IODJ

VWDII 6* E PLQW { .*9, IX VHOHFWLRQ GLII GHILQV WR

ZHGGLQJ .*9, YIP LQF OLVWHG VKDGHV LVVXH

6* LQF DOO òG OLVWHG VKDGHV VFDUFH 6* D DOVR SLHFHV RI SRVWDO VWDWLRQHU\ G SRVWDO FDUG DHURJUDPPHV

BELGIUM %(/*,80 { 32670$5.6 &2//(&7,21 ,1 6,;

92/80(6 IDEXORXV DVVHPEO\ RI SRVWPDUNV PDQ\ RQ SLHFH

FRQVWDQW YDULHW\ )LQH SLHFH 80 ^3KRWR` 9$5,(7< .*9, RQH SHQQ\ RQ G H[WUD IUDPH

OLQH 6* ($ XP ZLWKLQ SODWH EORFN 9)

^3KRWR` 4(,, &2//(&7,21 RI VHWV GHILQ VHW RI

FKDQJH RI ZPN PDULQH OLIH VHW RI FRPPHPV LQF GHHS ZDWHU KDUERXU JROGHQ MXELOHH IHGHUDWLRQ VWDPSV IUHVK PLQW .*9, LQWHUHVWLQJ VHOHFWLRQ YDULRXV

FRURQDWLRQ VHWV RQ GLII FRYHUV JHQHUDO DVVHPEO\ VHW SHUI 63(&,0(1 6* 6 6 =LHJHU VWDPS FDUG RWKHU LWHPV TW\

.*9, SRVWDO VWDWLRQHU\ YIP VSHFLPHQ RYSWV

UHJLVLWHUHG HQYHORSHV DOO GLII YI

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

{ 2OG $OEXP 3DJHV ZLWK VWDPSV HDFK

GLIIHUHQW ZLWK 6XQGD\ /DEHO LVVXHV PDLQO\ )8 PLQW PL[HG LQ

.*9, ZLWK LQWHUHVWLQJ JRRG SRVWDJH GXH

3RVWDO KLVWRU\ VHOHFWLRQ GHWDLOHG RQ SDJHV LQF

FRQWHQWV VHW ' ZLWK F FRUQHU EORFN RI XP QLFH VLQJOH IUDQNLQJV RI WKH 1DSROHRQ GHILQV ZLWK YDOXHV WR F 6W (GZDUGV FURZQ ZPN YDULHW\ LQ RXWHU PDUJLQ 6*' DH F SKRWR FDUG RI /HRSROG ,, HWF LWHPV

{ 5$/:$< 67$036 32670$5.

&2//(&7,21 DUUDQJHG DOSKDEHWLFDOO\ LQ WZR YROXPHV PDLQO\ %$6872/$1' IURP WKH /LHJH /X[HPERXUJ 3URYLQFHV RI %HOJLXP ZH VHH D .*9 &URFRGLOH LVVXH D VWXG\ PRVWO\ 80 ZLWK

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

FRPSOHWH :D\ELOOV :D\ELOO SLHFHV

6* , VPDOO FRUQHU FUHDVH F 2)),&,$/ &29(56 3267&$5'6 LQFOXGHV

WZR XQXVHG &DUWH &RUUHVSRQGDQFH GH 6HUYLFH SRVWFDUGV LQ 9DULHW\ .*9 VLOYHU MXELOHH G OLQH E\ WXUUHW

EOXH DQG LQ EODFN XVHG SULQWHG SRVWFDUG IURP 0LQLVWU\ RI 6* ) IUHVK PLQW 5DLOZD\V 3RVWV 7HOHJUDSKV SULQWHG FDUG IURP 0LQVWU\ RI )LQDQFHV DW 0216 SOXV WZR VLPLODU LWHPV GDWHG 9DULHW\ .*9 VLOYHU MXELOHH G GRW OHIW RI FKDSHO

DOVR D VWDPSOHVV HQY *RRG WR ILQH 6* J 80 FRQGLWLRQ LWHPV

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:10 Page 12

{ 0,17 86(' &2//(&7,21 LQ DQ DOEXP ZH

VHH %UXVVHOV ([KLELWLRQ RYSWV &+$5/(52,

RYSW VHWV FRPSOHWH %27+ PLQW XVHG FRQWLQXHV ZLWK WK $QQLY )LUVW %HOJLDQ 6WDPSV VHWV ERWK PLQW XVHG VHYHUDO $QWL 7% VHWV IURP PLQW RU XVHG 2UYDO $EEH\ VHW PLQW DLUPDLOV VHW PLQW /DERXU 2IILFH PLQW XVHG VHWV ([SUHVV /HWWHU VHW VXUFKDUJH I XVHG RWKHUV PLQW 6FLHQWLILF 5HVHDUFK PLQW XVHG VHWV SOXV GHILQV IURP WKH SHULRG LQFO WHWH EHFKH SDLUV $1' 025( 0L[HG FRQGLWLRQ PRVW DSSHDUV WR EH FOHDQ ILQH FDW IHZ V

:25/' :$5 21( SDWULRWLF SRVWFDUG

49 LVVXHV $ FRPSUHKHQVLYH PLQW VHW RI

VWDPSV FDW 6* E ZLWK PDMRULW\ RI OLVWHG VKDGHV D QXPEHUV LQF DOO IRXU SULQWLQJV RI WKH G ERWK PDMRULW\ DUH I WR YI $ VXSHU VHW 5HTXHVW VFDQV

9HU\ ILQH PLQW FROOHFWLRQ RI FRPSOHWH VHWV

WRJHWKHU ZLWK PDQ\ 6* OLVWHG $ % QXPEHUV HWF GLII VWDPSV FDW VKLS VHW ZLWK ERWK ERWK WHUFHQWHQDU\ VHWV VKLS VHW .*9 SLFWRULDO VHW .*9, VHW RI ORZ YDOXHV ZLWK DOO OLVWHG VKDGHV 6* D 9) ORW

.*9 KLJK YDOXH VHW ILQH PLQW ZLWK DGGLWLRQDO

FROOHFWLRQ ZULWWHQ XS LQ DQ DOEXP ZLWK RXU GLII LWHPV VKDGH 6* E G D ILQH VHW LQFOXGLQJ D JRRG QXPEHU RI VLON FDUGV VHQW EDFN IURP VROGLHUV FDUGV GHSLFWLQJ WKH %HOJLDQ IODJ HWF $Q H[FHOOHQW { 7RS YDOXH .*9 6* FRUQHU PDUJLQDO SODWH

DVVHPEO\ QXPEHU ZLWK D YHU\ OLJKW FDQFHO 6XSHUE XVHG 9HU\ { ::, 2&&83$7,21 ,668(6 &2//(&7,21 VFDUFH

LQFOXGHV *HUPDQ 2FFXSDWLRQ VHWV ERWK PLQW .*9 KLJK YDOXHV DOO GLIIHUHQW

XVHG PLQW PXOWLSOHV RI ORZ YDOXHV :HVWHUQ 0LOLWDU\ G

G FDW IUHVK &RPPDQG ]RQH LQ %HOJLXP PLQW XVHG VHW DOVR D IHZ PLQW SRVWPDUNV DQG WKUHH LWHPV RI SRVWDO VWDWLRQHU\ DOVR (XSHQ .*9 SLFWRULDO VHW DV EORFNV RI IRXU YIP PRVW

0DOPHG\ RYHUSULQWV RQ SRVWDJH GXHV ZLWK (XSHQ PLQW VHW XP 6*

XVHG VHW WR F 0DOPHG\ PLQW VHW WR F DQG FRPSOHWH XVHG VHW *RRG WR ILQH FDW RYHU VWDPSV SRVWDO VWDW .*9, RULJLQDO SULQWLQJ YIP 6* LWHPV

F &DWDORJXHG ZLWK PDQ\ XVHIXO SLFNLQJV

LQ DQ 2OG $OEXP ,QF .LQJ 6HW 0LQW 6FLHQWLVWV 6HW .*9, RULJLQDO SULQWLQJ 6* YIP

0LQW 'HILQ 6HW DQG PXFK PRUH 2YHU VWDPSV DQG

06 PLQW DQG XVHG RULJLQDO ORW %HOJLXP &RQJR 5XDQGD 838 VWRFNERRN .*9, 6* 9)0 F

FRQWDLQLQJ D ILQH VHOHFWLRQ RI GLIIHUHQW FRQWHPSRUDU\ LVVXHV

DV VHWV IRU &RQJR DQG 5XDQGD LQF 3ODQWV GHILQ VHW 6* DQG ERWK ODQJXDJHV 6* $ 0R]DUW HWF

.*9, DQ LGHQWLILHG JURXS RI GLII SULQWLQJV

DV OLVWHG LQ 6* DOO YIP LQF 6*

$1 ,17(5(67,1* 0,6&(//$1<

.*9, G D ILQH ORW RI GLII SULQWLQJV DV OLVWHG

$HURQDXWLFDO &HUWLILFDWH IRU DQ $LUFUDIW 3KRWR $WWDFKHG ZLWK LQ 6* LQF 6* IUHVK P & XVH RI 5HYHQXHV $ VHOHFWLRQ RI KROG WR OLJKW SRVWFDUGV RI

5DLOZD\ VKDUH &HUW DQG RWKHU LWHPV XVLQJ .*9, 6* D IP F

UHYHQXHV

&$5721 ZLWK DQ RULJLQDO VWDPS FROOHFWLRQ

IHDWXULQJ RYHU GLII VWDPSV 06 /RWV RI VHWV FOHDQ .*9, 6* $ YIP F UDQJHV F 6* IX WR F HDUO\ LVVXHV WR IU IX VHW WR IU IX WHOHJUDSKV WR IU P VWDPS FHQWHQDU\ .*9, 6* D ILQH P F

VHW YIP 2UYDO $EEH\ VHW YIP PDQ\ ODWHU VHWV D FROOHFWLRQ RI SUH FDQFHOV ERRNOHWV *RRG ORW

.*9, ZDUWLPH SULQWLQJ 6* E YIP

{ 5(9(18(6 2OG 3DJHV ZLWK D

F UDQJH RI UHYHQXHV LQF ZLWK YDOXHV WR IU DOO XVHG DQG OLJKW DGKHVLRQ WR WKH ROG SDJHV .*9, G UHJ G HQY VL]H I RYSW VSHFLPHQ YIP

-XVW RQH RI SULQWHG 86()8/ 3,&.,1*6 LQ WKLV FROOHFWLRQ KRXVHG LQ

DQ 2OG $OEXP IHDWXULQJ VWDPSV DQG 06 YHU\ KLJK &9 .*9, WKH UDUH 6* F IUHVK P ZLWK %3$

,QF %UXVVHOV H[KLELWLRQ VHWV PDQ\ DQWL 7% FHUW FDW VHWV &DW XSWR 5XEHQV )XQG 6HW DQG PXFK PRUH 7KH YDOXH LV LQ WKH PLQW VHWV *RRG YDULHW\ .*9, ZDUWLPH LVVXH 6* % YIP

%(/,=(

.*9, KLJK YDOXHV ILQH P ORW RI GLII OLVWHG

$ JURVVO\ PLVSHUIRUDWHG HUURU F &KULVWPDV

6* XP FRUQHU EORFN ZLWK VXEVWDQWLDO VKLIW RI SHUIRUDWLRQ

SULQWLQJV LQF ZDUWLPH 6* E WKHQ 6* F G H I $Q DWWUDFWLYH JURXS GLVSOD\LQJ DOO WKH VKDGHV

DQG GRXEOH DSSOLFDWLRQ 9HU\ VSHFWDFXODU

.*9, KLJK YDOXHV IRXU GLII 6* OLVWHG LVVXHV

F RQ F %XWWHUIO\ 685&+$5*( '28%/(

SUHYLRXVO\ OLVWHG DV 6* (D ILQH 80 ZLWK QRUPDO IRU

YIP RQH ZLWK FHUWLILFDWH 6* ' * $ ILQH JURXS

FRPSDULVRQ

%RRNOHW G LQ JRRG FRQGLWLRQ 6*6%

VFDUFH

%(508'$ 3UHPLXP PLQW FROOHFWLRQ RI GLIIHUHQW VHWV

.*9, ILQDO SULQWLQJ 6* H YIP F

ZLWK &DW DQG YHU\ ILQH TXDOLW\ 49 G G SOXV

RWKHU ILUVW W\SHV WR ERWK 'U\ 'RFN 6HWV ERWK &DUDYHO 6HWV ZLWK H[WUD VKDGHV .*9 3LFWRULDO 6HW 5HJLVWHUHG (QYHORSH .*9, G XSUDWHG ZLWK

1LFH 4(,, G G DQG GHILQLWLYHV VHQW WR ,QGLD 7+5(( 3(1&( RQ GLDJRQDO RYSW 6* ILQH

XQXVHG 536 &HUW $ VFDUFH HDUO\ VWDPS FDW ^3KRWR`

Philangles 408 pages (69pp).qxp 13/01/2022 07:10 Page 13

(5525 RQ IGF QHZ FXUUHQF\ VHW ZLWK F KDYLQJ 9DULHWLHV S /LQFROQ (OOVZRUWK PDUJLQDO EORFN

LQYHUWHG ZPN ZLWK OHWWHU IURP /DUU\ 6ZDLQ DW WKH WLPH SUHVLGHQW RI ZLWK VKHHW QXPEHU DQG WUDIILF OLJKW ZLWK ZPN LQYHUWHG

RI WKH %HUPXGD FRLQ DQG VWDPS FRPSDQ\ 6* Z YHU\ VFDUFH 6* DZ 80 VHOGRP VHHQ ^3KRWR` RQ FRYHU 9HU\ VFDUFH òS JXWWHU SDLU DV D PDUJLQDO EORFN

RI VWDPSV JXWWHU SDLUV 6* D OLVWHG LQ +HLMW] IUHVK %,$)5$ 80 ^3KRWR` G %,$)5$ )5$1&( RYSW '28%/(

0DULQH OLIH GHILQLWYH VHW DV ODUJH EORFNV LQF S RQH ,19(57(' SUHYLRXVO\ OLVWHG DV 6* FE ILQH 80 ZLWK

FRPSOHWH VKHHW S DV LQSULQWHG F\O EORFNV RI QRUPDO IRU FRPSDULVRQ VWDPSV ERWWRP WZR URZV D JRRG ORW ZLWK F\O EORFNV JXWWHU V )LUVW $QQLY RI ,QGHSHQGHQFH ,1',*2

SDLUV WUDIILF OLJKWV 2YHU VWDPSV 80 EDQNQRWH 20,77(' 6* D ILQH 80 ,QWHUQDWLRQDO JODFLRORJLFDO VRFLHW\ VHW DV

^3KRWR` FRPSOHWH VKHHWV RI VWDPSV LQF LPSULQWV JXWWHU SDLUV 29(535,17 9$5,(7,(6 V G +HOS %LDIUDQ

6* IUHVK 80 &KLOGUHQ ,19(57(' RYSW '28%/( RYSW V V G RYSW &DWDORJXHG $ ILQH FROOHFWLRQ

,19(57(' SUHYLRXVO\ OLVWHG DV 6* D E D ILQH 80 KLJKO\ FRPSOHWH VWDPSV 06 PRVWO\ 80 7KH ORW

IHDWXUHV JRRG GHILQLWLYH LVVXHV ,QF +06 HQGXUDQFH %2(5 :$5

3267$/ +,6725< *5283 LQFO WZR FRYHUV 6WRFNSDJHV DQG DOEXP SDJHV ZLWK D XP

FROOHFWLRQ RI VWDPSV ZLWK EHWWHU SLFNLQJV GHILQ VHW RI &(1625(' DW 48((1672:1 RQH ZLWK WULDQJXODU FDFKHW RWKHU ZLWK RYDO FDFKHW DQG FHQVRU UHVHDO EDQG DSSOLHG DOVR QHZ FXUUHQF\ RYSW VHW RI H[SORUHUV VHWV VWDPSOHVV HQY WR 8. ZLWK ),(/' 3267 2)),&( %5,7,6+ PDULQH VHWV IRVVLO VHW VKLS GHILQ VHW $50< 6 $)5,&$ SRVWPDUN PL[HG FRQGLWLRQ VRPH DJH PDUNV ELUG VHW UHVHDUFK EDVH VHW DV JXWWHU SDLUV VHOGRP VHHQ

D VXSHUE FROOHFWLRQ RI VWDPSV PV VKHHWOHWV 9HU\ KLJK FDWDORJXH YDOXH

%2/,9,$

%5 *8,$1$ { $OEXP /HDYHV ZLWK EHWWHU SLFNLQJV $UPV

WR F QRWH F F F F F PLQW 0LQLQJ 672&. &$5' ZLWK PDLQO\ WDOO VKLSV LVVXHV

PLQW 1DWLRQDO $QWKHP 06 PLQW $ YHU\ JRRG UDQJH RI VWDPSV B 06 PDLQO\ PLQW

PLQW ZLWK EHWWHU SLFNLQJV F F F F & F GLIIHUHQW VKDGHV $ ILQH UDQJH RI VWDPSV PLQW KLJK FDWDORJXH YDOXH

%261,$ +(5= { 5(9(18(6 3URSRUWLRQDO 5HYHQXH

6WDPSV VHW ZLWK YDOXHV WR )O WR )O OLJKWO\ DGKHVLRQ WR 2OG 3DJHV D VFDUFH JURXS

%5 $17$5&7,& 7(55 9DULHW\ S /LQFROQ (OOVZRUWK WUDIILF OLJKW JXWWHU

SDLUV ZLWK ZPN LQYHUWHG 6* DZ VHOGRQ VHHQ

^3KRWR`

)LQH VPDOO HQYHORSH H[ *HRUJHWRZQ WR +0

6DQGEDFK 5+$ *% %DWWHU\ %ULWLVK $UP\ (J\SW ZLWK VLQJOH XVH RI F $Q XQXVXDO GHVWLQDWLRQ YI &RPSOHWH VHWV ILQH P GLII VHWV F LQF

VKLS VHW 6* .*9 VFULSW VHW 6* HWF 1LFH 5HTXHVW VFDQ -XELOHH VHW ILQH PLQW 6* F

&RPSOHWH VKHHWV GHILQLWLYH LVVXHV DV

FRPSOHWH VKHHWV RI VWDPSV HDFK VKHHW LV GLIIHUHQW òG G

òG G òG G G G VHOGRP VHHQ LQ FRPSOHWH VKHHWV

.*9 GHILQ VHW RI PLQW LQF DOO SULQWLQJV RI

WKH F WRS YDOXH RWKHU $ QXPEHU VKDGHV 6*

.*9 3LFWRULDO VHW RI 6* )UHVK

0RVW XQXVXDO GHILQLWLYH VKLS LVVXHV DV

FRPSOHWH VKHHWV RU ODUJH EORFNV ZLWK YDOXHV WR QRWH

PLQW

FRPSOHWH VKHHWV òG G òG G ò DORV G DV LPSULQWHG EORFN RI G LPSULQWHG EON RI DQG LPSULQWHG EON RI DV D ODUJH EON RI $OO VWDPSV 80 FDW YDOXH RYHU VWDPSV (UURU S RQ ZLWK ZPN LQYHUWHG 6* Z

IUHVK 80

6LOYHU -XELOHH 6HW 3HUI 63(&,0(1 9)0

6* 6 6

&RURQDWLRQ 6HW 3HUI 63(&,0(1 9)0

6* 6 6

.*9, 3LFWRULDO VHW RI 6* IUHVK

80

4(,, GHILQ RYSW VHW XP 6*

8QPRXQWHG PLQW FROOHFWLRQ PDLQO\

FRPPHPRUDWLYH VHWV LQF JXWWHU SDLUV F\OLQGHU EORFNV LQF

.*9, $ FRPSUHKHQVLYH PLQW LQF QKP VHW RI

ZLWK PDMRULW\ RI OLVWHG $ QXPEHUV GLII SHUIRUDWLRQV 6* E LQF DOO SULQWLQJV RI WKH WRS YDOXH 6*

H[SORUHUV DQG VKLS WR RYHU VWDPSV PV VKHHWOHWV

DQG ERRNOHWV 9HU\ KLJK FDWDORJXH YDOXH VXSHUE TXDOLW\ 0$5,1( '(7$&+0(17 GLDJRQDO RYSWV RQ

.*9, LVVXHV F WR D VHW RI GLII YIP DQ LQWHUHVWLQJ LVVXH RI ([SORUHUV RQ VWRFNSDJHV XQFKHFNHG 6*

D VSHFWXODWLYH RU ERJXV QDWXUH ^3KRWR` LQF S ZLWK ZPN LQY 6* DZ JXWWHU SDLUV ORWV RI 3RVWDJH 'XH 6HW 3HUI 63(&,0(1 9)0

YDOXHV QHHGV VRUWLQJ RYHU 2YHU VWDPSV XQPRXQWHG 6*' 6 ' 6 ' 6$

PLQW (UURU S /LQFROQ (OOVZRUWK JXWWHU SDLUV EORFN

RI VWDPSV JXWWHU SDLUV 6* DZ VHOGRP VHHQ DV JXWWHU

9LFWRU\ 6HW 3HUI 63(&,0(1 9)0

6* 6 6

SDLUV 80

.*9, SHUI [ YIP 6* D F

6HOGRP VHHQ H[SORUHUV VHW DV ODUJH EORFNV RI

ZLWK JXWWHU SDLUV LQ HDFK EORFN 6* D HDFK GLIIHUHQW

LQF LPSULQWHG JXWWHUV KLJKO\ FDWDORJXHG IUHVK 80 VWDPSV

PHILANGLES

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:10 Page 14

.*9, 63(&,$/,6(' &2//(&7,21 YIP LQF

XP ZLWK LQWHUHVWLQJ EORFNV HWF LQFOXGHV WZR H[DPSOHV RI WKH VWDPS ERRNOHW H[WUHPHO\ ILQH F F VLQJOHV ZLWK 7

6W 8UVXOD :PN G DOO SULQWLQJV ILQH PLQW

6* D E F

49 6HW IUHVK PLQW ROG PRXQW UHPDLQV

JXLGHOLQHV LQ .LQJV KHDG FRLO VWULSV D FRPSUHKHQVLYH VHW RI 6* YHU\ ILQH FRORXUV F 6* ZLWK GLII SHUIV VKDGHV VRPH ILQH VKDGHV SULVWLQH SRVWDO VWDWLRQHU\ IURP WKH SHULRG *RRG ORW VHYHUDO

'DPDJHG )UDPH DQG &URZQ YDULHW\ G 6* D

ILQH PLQW

%5 +21'85$6

(GZDUG VHW PLQW 6* F

49 RYSW VHWV PLQW FKLHIO\ ILQH 6*

.*9 'HILQ VHW LQF 6KDGHV 6* IUHVK

49 VHW RI FRPSOHWH WR YIP LQF F

PLQW ,QF G 6FDUOHW

VKDGH 6*

.*9 LVVXH 6* $ FRPSUHKHQVLYH PLQW

6HWV 9)0 GLII LVVXHV &DW YDULRXV

VHW ZLWK\ DOO 6* OLVWHG VKDGHV ) WR 9) ,QF G &DUPLQH 5HG F

(GZDUGV ,QF VHW 6* WR 6* ,QF $ QXPEHUV F 6* 5HOLHI )XQG RYSW VHW 6* 9HU\ QLFH

.*9 VHWV ILQH PLQW VWDPSV ,QF 'LH ,,

6* DOO GHILQV WR 6* HWF

(GZDUG WRS YDOXH 9)0 6* .H\

VWDPS

6LOYHU -XELOHH 6HW 3HUI 63(&,0(1 9)0

6* 6 6

.*9 GHILQ VHW RI 9)0 6*

6SHFLPHQ SHUIRUDWHG .*9 VLOYHU MXELOHH VHW

6* V PLQW ZLWK GLIIHUHQW VKDGHV DQG SHUI W\SHV ELUG VHW RI ELUGV QHZ ZPN FRPPHPV VHWV $ YHU\ JRRG FROOHFWLRQ RI .*9, LVVXH 6* $ FRPSUHKHQVLYH PLQW

VWDPSV IUHVK PLQW VHW ZLWK ERWK SULQWLQJV PLQW VRPH JXP IDXOWV WR ILQH &DW

.*9, ZLWK VRPH VSHFLDOLVDWLRQ D YIP FROOHFWLRQ

GHILQV ZLWK DGGLWLRQDO &: OLVWHG VKDGHV WR F F 8QPRXQWHG PLQW EORFNV RI $ ILQH FROOHFWLRQ

EORFNV ZLWK GHILQV RYSW VHW 6* F F SHUI VSHFLPHQ LWHPV RI SRVWDO VWDWLRQHU\ LQ SULVWLQH FRQGLWLRQ JRRG JURXS F KLJK YDOXH GHILQ RYSWV 6* HWF

4(,, FROOHFWLRQ RI VHW ZLWK EHWWHU GHILQV

%5 2&& ,7$/ 32

.*9, PLQW FROOHFWLRQ ERWK SDSHUV ZLWK

0() RYSW 6HW RI 6*0 )UHVK

YDOXHV WR VHW 6*

PLQW

6W 8UVXOD PLQW VHOHFWLRQ ,QF QR :PN G

9DULHW\ 3RVWDJH 'XH SDLU F RQ G ZLWK RQH

VWDPS KDYLQJ 1R VWRS DIWHU $ 9DULHW\ 6*(' D 80

6* WRQH SDSHU G G 6* G 6* ZDWHUPDUNHG G <HOORZ *UHHQ D YDOXDEOH VHOHFWLRQ RI VWDPSV

(ULWUHD RYSWV 2Q %ULWLVK 6WDPSV %0$

VHW RI %$ VHW RI 6*( ( )UHVK PLQW

.*9, 9)0 FROOHFWLRQ ZLWK VHWV WR KLJK YDOXHV

%5$=,/ 6XQNHQ 'LH 3URRIV RQ U 'RQ 3HGUR

SUREDEO\ $PHULFDQ %DQN 1RWH &R ,Q 5(' %52:1 DQG

3853/( HDFK [ PP

0() 6* 0 VHW WR HDI VHW WR G (ULWUHD 4 &RQGRU V\QGLFDWH VHW RI RQ FRQGRU 6RPDOLD %0$ VHWV

LOOXVWUDWHG HQY IURP &ROXPED WR &XLDED D ILQH DQG VFDUFH %5 62/2021 ,6 FRYHU 6FRWW &/ .*9 6HW WR RYSW 63(&,0(1 9)0

63(&7$&8/$5 (5525 &RUQHU EORFN F

6* V V

6* ZLWK KXJH SRUWLRQV RI WKH VWDPSV XQSULQWHG RQH RI WKH PRVW UHPDUNDEOH HUURUV ZH KDYH KDQGOHG /00 80 .*9, ZLWK VSHFLDOLVDWLRQ YIP LQF XP FROOHFWLRQ

LQF G G SODWH EORFNV FRUQHU EORFNV RI RQH ZLWK 4 )/,*+7 &29(56 DQ LQWHUHVWLQJ JURXS

SODWH QXPEHU GHILQ VHW 6* ZLWK VKDGHV SHUIV V =HSSHOLQ FRYHUV WR *HUPDQ\ 9$5,* LOOXVWUDWHG )LQH ORW TW\

FRYHUV SOXV D SODLQ FRYHU ZLWK 9$5,* U DQG U :$7(50$5. 9$5,(7,(6 80

RQ U VXUFKDUJH 9$63 LOOXVWUDWHG FRYHU ZLWK VSHFLDO GLIIHUHQW %XWWHUIO\ GHILQLWLYH V F Z Z F E FDFKHW HWF )XQJL F Z +LJK &9 6FDUFH IURP KHUH { 5(9(18(6 (DUO\ LVVXHV WR RQ 2OG

3DJHV LQF SURYLQFH LVVXHV ZLWK KLJK YDOXHV D YHU\ JRRG ORW RI %5 9,5*,1 ,6 HDFK VHHP WR EH GLIIHUHQW D YHU\ ILQH FROOHFWLRQ OLJKW DGKHVLRQ WR SDJHV VHOGRP VHHQ LQ WKLV TXDQWLW\ 6W 8UVXOD 6* PLQW SDUW 2* JRRG FRORXU

F

%581(,

6W 8UVXOD 6* ILQH PLQW &

6WDU DQG ORFDO VFHQH YDOXHV WR DV VXSHUE

EORFNV RI H[ F 6HOGRP VHHQ LQ EORFN 6* DQG

6W 8UVXOD FODVVLFV PLQW GLIIHUHQW &DW

YHU\ IUHVK 80 DOO YHU\ FROOHFWDEOH H[DPSOHV G 6* DQG G 6* { )LQH XVHG RQ ROG SDJHV ,QF F 6* 9)8 DQG

XVHIXO ORW RI VWDPSV 6W 8UVXOD 6* % WRQHG SDSHU LVVXH ILQH

{ )LQH XVHG GHILQV WR VHW RI PLQW

-XELOHH 838 VHWV $ ILQH VHOHFWLRQ &DW www.philangles.co.uk

place your bids online. Immediate and secure.

Philangles 408 pages (69pp).qxp 13/01/2022 07:10 Page 15

-DSDQHVH 2FFXSDWLRQ F 6*- DV D FRUQHU

EORFN RI DQG D EORFN RI VL[ VHOGRP VHHQ LQ EORFNV IUHVK 80

&DW DV VLQJOH VWDPSV V WK $QQLY RI &RURQDWLRQ :$7(50$5.

,19(57(' 6* Z ILQH 80

.*9, YIP FDQRHV WR SHUI

&ODVVLF %HDYHU G 6* XVHG RQ FRYHU ZLWK SHQ

FDQFHO ZLWK (OJLQILHOG &'6 QHDUE\ ZLWK LQYHUWHG GDWH PRVW XQXVXDO &ODVVLF %HDYHU G 6* XVHG RQ FRYHU WLHG ZLWK

6WDQVWHDG &'6 VHQW WR 0RQWUHDO D ILQH FRYHU

&DUWLHU F 6* ORYHO\ FRORXU PLQW &DW

YDULDWLRQV 6*

XQXVHG

%8/*$5,$

&ODVVLF 49 òF 6* PLQW WKH FROOHFWRU SDLG

$Q H[FHSWLRQDO DQG FRPSUHKHQVLYH FROOHFWLRQ

1+0 80 KRXVHG LQ )RXU YROXPHV V DOO GLIIHUHQW DV

&DW

FRPSOHWH VHWV SOXV GLIIHUHQW 06 ZLWK LWHPV &DW XSWR { 49 F VHOHFWLRQ FDW LQF VWULS RI ZLWK D VHOGRP RIIHUHG FRXQWU\ ZLWK VR PXFK FRPSOHWLRQ 9HU\ KLJK &9 *RRG ORW

SDLG HQGRUVHPHQW VLQJOHV ZLWK VKDGHV RQ FRYHUV 6* SOXV òG LPSHUI 6* PL[HG FRQGLWLRQ

{ 49 G 3DOH 5RVH DV D YHUWLFDO VWULS RI 6*

$ VXEVWDQWLDO FROOHFWLRQ RI %XOJDULDQ SRVWDJH

VHOGRP VHHQ DV VXFK ILQH XVHG &DW DV VLQJOH VWDPSV LQ IRXU YROXPHV ZLWK RYHU GLII LVVXHV GLII VWDPSV 06 VKHHWOHWV KXJH FY ZLWK HDUO\ FODVVLFV IX HDUO\ { 683(5% &5266 &DQFHO RQ F URVH 6* $ FRPPHPV IX V RQZDUGV VXEVWDQWLDO FKLHIO\ XP 7KH

FDWDORJXH YDOXH ZLOO EH KXJH )LQH DQG D JRRG ORW YHU\ ILQH FDQFHO

{ 9DULHW\ 49 F ZLWK 6KDYLQJ 1LFN OLVWHG LQ

&2//(&7,21 RI RYHU GLIIHUHQW VWDPSV LQ

XQLWUDGH YLL YHU\ ILQH XVHG VXSHUE VWDPSV DQG UDUH DQ DOEXP PXFK ROGHU ILQH %DUJDLQ

{ /DUJH 4XHHQV RQ VWRFNERRN PDQ\ VWLOO LQ

%850$ .*9 U RYSW 6* DV D IDEXORXV 1+0 80

PDUJLQDO EORFN $Q H[FHSWLRQDO PXOWLSOH RI WKLV KLJK

YDOXH

SXUFKDVHG FDUGV 6HHQ YDULHWLHV LQF òF ZKLWH EDQ F WKLQ SDSHU F ZPN J F ZLWK F EL VHDW D YHU\ JRRG UDQJH RI VWDPSV KXJH FDW YDOXH ZLWK YDOXHV WR F ,OOXVWUDWHG &RYHU ,I \RXU GRQ W FDWFK WKLV LQ

2OG 3DJHV ZLWK D UDQJH RI VWDPSV ,QF 0LO\

$GPQ VHW RI 1HZ FRORXU VHW RI 2YSW VHW RI 3LFWRULDO VHW RI 838 VHW RI $ JRRG FROOHFWLRQ RI VWDPSV &DW IUHVK PLQW .*9, VHWV 6* YIP 6* XP

GD\ UHWXUQ WR - *RXLQORFN ZLWK 49 F VHQW WR 3DULV RQ D ILQH LOOXVWU &RYHU

6PDOO 4XHHQ òF LQF EORFN RI ZLWK LPSULQWHG

PDUJLQ ULJKW KDQG VLGH 80 RIIVHWV VLQJOHV DQG SDLU JXWWHU SDLU 6FDUFH 6* XQLWUDGH KLJK FDW YDOXH

{ :LGRZ F DV D VXSHUE XVHG SDLU 6* ZLWK 6RXYHQLU DOEXP GHOHJDWH FRQWDLQLQJ GLII P

FHQWUDO )HGHUDWLRQ 1%

LVVXHV DV VHWV RQ VSHFLDO SDJHV 6PDOO PDUNV RQ RWKHU FRYHU

$ YHU\ ILQH LOOXVWUDWHG HQJUDYHG HQYHORSH IRU

&$0%2',$

*UDQLWH 0LOOV QLFHO\ XVHG ZLWK F VPDOO TXHHQ WLHG 6W +\DFLQWKH TXH VTXDUHG FLUFOH

838 'HOHJDWHV 3UHVHQWDWLRQ %RRNOHW

FRQWDLQLQJ GLIIHUHQW FRQWHPSRUDU\ LVVXHV ,QF GHILQ KLJK

-XELOHH 6* YIP H[FHSWLRQDO

YDOXHV

SHUIRUDWLRQV ^3KRWR`

8QPRXQWHG PLQW FROOHFWLRQ RI VWDPSV

06 PDLQO\ V SHULRG ,QF $LUV 06 )LYH <HDU -XELOHH KLJK YDOXH 6* IUHVK PLQW ORYHO\

3ODQ 06 3HDFH 06 VPDOO EXW YHU\ XVHIXO

FRORXU &DW

&$0(5281

{ -XELOHH WR ZLWK DGGLWLRQDOV LQF F SUH FDQFHO

{ 5HXQLILFDWLRQ 6WHUOLQJ RYHUSULQWV G G 9)8

F ZLWK VSHFLDO DQQLYHUVDU\ FDQFHO F EORFN RI ZLWK 95 0RQWUHDO VSHFLDO FDQFHO VWDPSV ILQH WR VRXQG XVHG KXJH FDW YDOXH

6* 6FDUFH

5HXQLILFDWLRQ 6WHUOLQJ RYSW VHW 1+0

6*

8QPRXQWHG PLQW FROOHFWLRQ RI VWDPSV

06 ZLWK EHWWHU SLFNLQJV 1DWXUDO +LVWRU\ 1DSROHRQ

VHW ZLWK LVVXHV WR $ JRRG ORW

49 PDSOH OHDI DQG QXPHUDOV FROOHFWLRQ VWDPSV

DQG FRYHUV LQF F SUH FDQFHO 6* òF EORFN RI ZLWK SDUFHO FDQFHO F IURP ERRNOHW GLH ,, EORFN RI XQLWUDGH E VFDUFH XP F VXUFK QDUURZ VSDFLQJ SDLU D JRRG VHOHFWLRQ RI VWDPSV DQG FRYHUV IRU VWXG\ %ORFNV RI IRXU P XP ZLWK PDQ\ EHWWHU LWHPV LQ

FDUGV FDW DSSUR[ LQF F F -XELOHH .*9 GHILQV &RQIHGHUDWLRQ VHWV ERWK HDUO\ DLU LVVXHV LQF 6*

&$1$'$ 9DOXDEOH VHOHFWLRQ RI PLQW PDWHULDO RI D

SUHPLXP QDWXUH RQ +DJQHUV GLIIHUHQW VWDPSV &DW -XELOHH F F DQG F ([WHQVLYH .*9

2WWDZD FRQJUHVV VHW DQG PRUH *RRG ORW EORFNV SOXV RWKHUV

ZLWK YDULRXV 3ULQWLQJV WR F &RLOV :DU 7D[ WR ([SUHVV 6WDPSV .*9, &RLO 3DLUV 3RVWDJH 'XHV 6FDQV DGYLVHG

Credit Cards

&ODVVLF %HDYHU F 6* ZLWK IRXU PDUJLQV IUHVK

PLQW ORYHO\ FRORXU YHUWLFDO FUHDVH QRW YHU\ QRWLFHDEOH IURP WKH IURQW &DW &ODVVLF %HDYHU G 6* RQ DQ HQWLUH ZLWK SHQ

FDQFHO VHQW WR 4XHEHF ZLWK IXOO FRQWHQWV

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

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 408 pages (69pp).qxp 13/01/2022 07:10 Page 16

+27(/ $'9(57,6,1* &29(56 ZRQGHUIXO

/LWHUDWXUH 3RVWDJH VWDPSV DQG 3RVWDO +LVWRU\

UDQJH EHJLQV ZLWK F XQXVHG HQYHORSH RI LOOXVWUDWHG RI &DQDGD E\ : 6 %RJJV SDJHV LQ YHU\ JRRG FRQGLWLRQ FRORXUIXO :DONHU +RXVH LQ 7RURQWR FRQWLQXHV ZLWK HQY VTXDUHG FLUFOH SRVWPDUNHG RI &DQDGD E\ %1$6 SDJHV LQ IURP 7KH 5XVVHOO LQ 2WWDZD RWKHU KLJKOLJKWV LQFO JRRG FRQGLWLRQ 6WDPSV RI %ULWLVK 1RUWK $PHULFD E\ ) -DUUHWW &DQDGLDQ 3DFLILF 5DLOZD\ &RPSDQ\ LOOXV HQY RI &KDWHDX SDJHV LQ YHU\ JRRG FRQGLWLRQ ZLWK LWV ' - )URQWHQDF LQ 4XHEHF F VWDWLRQHU\ SRVWFDUG ZLWK 3ODFH

9LJHU +RWHO LOOXV DQG VWDWHPHQW RI HDUQLQJV SULQWHG RQ UHYHUVH 35,1&( (':$5' ,6/$1' $ 49 JURXS RI

IURP SUHYLRXV UDLOZD\ FRPSDQ\ WKUHH FRORXU IUDQNLQJ RQ IRXU LPSHUI SURRIV LQ EODFN IRU G G F F 8QXVXDO RQ 7KH 'RPLQLRQ +RWHO 9LFWRULD F 6LOYHU -XELOHH LVVXH FDUG FRPPHUFLDOO\ XVHG 4XHHQ V +RWHO 0RQWUHDO ZLWK F

6SHFLDO 'HOLYHU\ ([SUHVV LQ IUDQNLQJ WZR ::,, FHQVRUV { 5HYHQXHV FDWDORJXH YDOXH RYHU ZLWK EHWWHU SLFNLQJV ,QF )LUVW % LOO WR QRWH PLQW

IUDQNHG F $LUPDLO SODWH EORFN $1' 08&+ 025( 6XSUHPH &RXUW F DQG F )6& 4XHEHF FRYHUV

3URKLELWLRQ F F F F ELVWUH $ JRRG UDQJH RI ZLWK WKH 6SHFLDO 'HOLYHU\ 6WDPSV

RGG PLQW PL[HG LQ VHW RI $ ILQH ORW RI VWDPSV PDLQO\ /00 5(9(18(6 2) &$1$'$ &RPSUHKHQVLYH

&DW UDQJH RI PRVWO\ GLIIHUHQW )8 RQ SDJHV ZLWK D JRRG 3ODWH QXPEHU PDUJLQDO EORFN RI URFNLHV

VHOHFWLRQ RI LVVXHV UDQJHV DQG KLJKHU YDOXHV %LOO WRS YDOXH 6* YIP )UHVK H[FHOOHQW FRORXU & 6WDPSV F WR VHW 6LGHIDFHV WR :LGRZ :HHG WR

ZLWK SHUIRUDWLRQ YDULHWLHV .*9 :DU 7D[ LVVXHV WR 6SHFLDO GHOLYHU\ H[SUHVV F 6*6 DQG 6 ([FLVH 'XW\ ZLWK /HWWHU &RGHV (OHFWULF *DV /DZ 6WDPSV ZLWK

HDFK DV SODWH QXPEHU EORFNV RI IRXU VXSHUE P 6 EORFN LV KLJK YDOXHV DQG D JRRG VHOHFWLRQ XP FDW

{ 5(9(18(6 2OG SDJHV ZLWK D VPDOO EXW

LQWHUHVWLQJ UDQJH RI UHYHQXHV VHHQ 2QWDULR /DZ VWDPSV $LU VHUYLFH FRYHUV HDFK GLIIHUHQW LQF ILUVW

4 IOLJKW %HDXYDO WR 'RUH /DNH 0DFKLQ .HQRUD *ROGHQ $UP 5HG %LOO 6WDPS WR %LOO VWDPSV WR 4XHEHF /DZ

/DNH *ROGHQ $UP &ROH 0XGODNH +DLOH\EXU\ 0DQ\ FRYHUV IRU IOLJKW LQ ERWK GLUHFWLRQV D YHU\ JRRG UDQJH .*9, SHULRG FRPPHPV HWF $ VWXG\ ZLWK SODWH

EORFNV PXOWLSOHV ERRNOHW SDQHV 5R\DO YLVLW ZLWK D UDQJH RI SODWH EORFNV 7KH JURXS LV FDW DERXW TW\

6WDPSV D XVHIXO ORW RI UHYHQXHV OLJKWO\ DGKHVLRQ WR WKH ROG SDJHV DOVR 0XVJURYH V %XVLQHVV &ROODJH F DQG F XQXVHG 0RQWUHDO &ROODJH %6 DQG &R XQXVHG

CAPE OF GOOD HOPE &$3( 2) *22' +23( { 7ULDQJOH G 6* VHOHFW )8 IXOO PDUJLQV QHDWO\

FDQFHOOHG

'HILQLWLYH LVVXHV ILQH P XP VWXG\ FDW

VHW LQF DGGLWLRQDO DQLOLQH LQN YHUVLRQ ZDU WLPH 7ULDQJOH G 6* D IUHVK PLQW ODUJH SDUW 2* IXOO

VHW WR JRRG UDQJH RI ERRNOHW SDQHV FRLOV HWF *RRG ORW

PDUJLQV YHU\ ILQH

TW\

{ 7ULDQJOH G 6* E )8 ZLWK IXOO PDUJLQV

.*9, ERRNOHW )UHQFK WH[W PP ZLGH

6*6% E LQ YHU\ JRRG FRQGLWLRQ

H[FHOOHQW FRORXU DQG OLJKWO\ FDQFHOOHG 7ULDQJOH G 6* E VRXQG )8 ZLWK IXOO PDUJLQV

6SHFLDO 'HOLYHU\ LVVXHV IUHVK PLQW ,QF 80

H[FHOOHQW H[DPSOH $LU F SODWH EORFN RI F JURVVO\ PLV SHUIHG F SODWH EORFN F SODWH EORFN F 2IILFLDO { 7ULDQJOH G LVVXH 6* LVVXH VHOHFWHG JURXS RI

SODWH EORFN $ JRRG VHOHFWLRQ RI VWDPSV DOO 9)8 ZLWK IXOO PDUJLQV FDUHIXOO\ VHOHFWHG QHDWO\ FDQFHOOHG 63(&,$/ '(/,9(5< .*9, LVVXHV ZLWK SODWH

YDULRXV VKDGHV DQG 3PNV RQH KDV JLDQW PDUJLQV 5HTXHVW EORFNV $ YI ORW PRVW YIP LQF XP FDW DERXW LQF F F VFDQ DLUPDLO SODWHV F DUPV EORFNV WKH ORW IHDWXUHV SODWH { 7ULDQJOH G $ XVHG JURXS VLQJOHV DQG D

EORFNV

3$,5 PRVW ZLWK IXOO PDUJLQV DQG YHU\ FROOHFWDEOH RIIHULQJ D .*9, 3/$7( %/2&.6 RI YIP PDMRULW\ RI

ZLGH UDQJH RI VKDGHV DQG SULQWLQJV YHU\ KLJK &9 6* VWDPSV XP FROOHFWRUV H[WHQVLYH VWXG\ FRQVLVWLQJ RI DSSUR[ LVVXH ZLWK GHILQV WR FW 'LIIHUHQW QXPEHUV PDWFKHG VHWV RI { 7ULDQJOH ILQH XVHG 6* ZLWK JRRG PDUJLQV

FRUQHUV * RKPV LVVXHV $Q XQXVXDO RIIHULQJ D ILQH FRORXU &DW

.*9, SHULRG YIP XP VWXG\ ZLWK SODWH EORFNV

FRLO VWULSV ERRNOHW SDQHV FRPSUHKHQLVYH IRU WKH SHULRG FDW DERXW ([FHOOHQW YDULHW\ RI LVVXHV LQF GHILQV

WR

{ 7ULDQJOH 6* DQG 'HHS *UHHQ 6KDGH

6* D DOO )8 ZLWK IXOO PDUJLQV 9HU\ FROOHFWDEOH

{ 7ULDQJOH 6* )8 ZLWK IXOO ODUJH

.*9, 2+06 * RIILFLDO RYSWV $ ILQH P

FROOHFWLRQ FDW DERXW LQF VRPH SODWH EORFNV YDOXHV WR F $Q DWWUDFWLYH VHOHFWLRQ

PDUJLQV { 7ULDQJOH G 3$,5 )8 ZLWK ODUJH IXOO PDUJLQV

WKURXJKRXW 6* D

2IILFLDO .*9, VHW RI 6*2

{ 7ULDQJOH G 5RVH 6* D VRXQG )8 ZLWK IXOO

PDUJLQV

4 $LUPDLO )OLJKW FRYHUV ZLWK VSHFLDO FDFKHW

IURP 'RUH /DNH %HDXYDO .HQRUD { 7ULDQJOH G 6* D VRXQG )8 ZLWK IXOO PDUJLQV

0DFKLQ *ROGHQ $UP &ROH 0XG /DNH 5LPRXVNL $ YHU\ JRRG QHDW GXSOH[ 3PNV ORW RI ILUVW )OLJKW &RYHUV HDFK GLIIHUHQW RGG RQH VLJQHG E\ WKH 3LORW { 7ULDQJOH G RQ SLHFH ZLWK JRRG PDUJLQV ZLWK D

{ &DQFHOODWLRQV 5DLOZD\V D ILQH ORW ZLWK PDQ\ YHU\ FDQFHO 6* &DW

&'6 FDQFHOV IURP .*9, +RSH WULDQJOH VXSHUE FRORXU JRRG WR ODUJH

)$&( 9$/8(

PDUJLQV 6* IUHVK PLQW

<HDU %RRNV FRPSOHWH VWLOO VHDOHG DOO 80 \HDU { 7ULDQJOH 6* VRXQG )8 FOHDU SURILOH IXOO

ERRNV

PDUJLQV ,QF KXJH

Philangles 408 pages (69pp).qxp 13/01/2022 07:10 Page 17

7ULDQJOH G 6* DV YHU\ ILQH PLQW SDLU

6,77,1* +23(6 ILQH PLQW VHOHFWLRQ

H[FHSWLRQDO YHU\ ODUJH PDUJLQV DQG ODUJH SDUW 2*

VWDPSV YDOXHV WR LVVXHV WR ,QF OLVWHG VKDGHV +LJKO\ FDWDORJXHG DQG QRW FRPPRQ PLQW

{ 7ULDQJOHV 6LWWLQJ +RSH G VKDGHV 'HHS

%OXH %OXH 6WHHO %OXH 'HHS %OXH DQG 3DOH %ULJKW %OXH RQ DQ ROG SDJH 'H /D 5XH SULQWLQJV VRXQG XVHG DQG KLJKO\ FDWDORJXHG

&$3( 9(5'( &+$5,7< 7$; 67$036 VHW RI

6*& DV ZDWHUORZ LPSHUI SURRI EORFNV RI IURP WKH WRS RI WKH VKHHW ZLWK VKHHW QXPEHUV 7ZR ZLWKRXW LQVFULSWLRQV DQG YDOXHV $OO ZLWK VHFXULW\ SXQFWXUHV )LQH DQG XQXVXDO EORFNV

{ 5(9(18(6 (0%266(' *5283 LQFO G

EURZQ G ERWK W\SHV G [ RQ SLHFH SOXV UDQJH RI FXW RXWV IURP G WR V LQ UHG SOXV V [ RQ VDPH SLHFH LQ EOXH LPSUHVVLRQV

{ 7ULDQJOH G 6* YHU\ 'HHS 6KDGH )8 ZLWK IXOO

PDUJLQV

&$<0$1 ,6 (GZDUG VHW )0 6*

{ 7ULDQJOH G 6* $ JURXS RI DOO ZLWK IXOO

(GZDUG VHW RI 6* IUHVK PLQW

PDUJLQV DQG QHDUO\ FDQFHOOHG H[FHOOHQW UDQJH RI VKDGHV VRPH LPSHUIHFWLRQV { 7ULDQJOH G 6* HWF 6HOHFWLRQ RI DOO

VHOHFWHG )8 ZLWK IXOO PDUJLQV ,QF D GHVLUDEOH 3$,5 ZLGH UDQJH RI VKDGHV KHUH *RRG DVVHPEO\

(GZDUG VHW PLQW .H\ LV YHU\ ILQH 6*

(GZDUG VHW RI 9)0 ,QF G $ QXPEHU

{ 7ULDQJOH G 6* DOO VRXQG )8 ZLWK IXOO

6*

PDUJLQV YDULRXV VKDGHV &DW 7ULDQJOH G 6* DV D 9)0 PLQW SDLU ZLWK 2*

DQG YHU\ ODUJH PDUJLQV 536 &HUW $ YHU\ ILQH PXOWLSOH

3URYLVLRQDO RYSWV òG G PLQW VHW 6*

6FDUFH VWDPS 'DPDJHG IUDPH DQG FURZQ YDULHW\ G (GZDUG

$ YHU\ ILQH FROOHFWLRQ GLVSOD\HG WR D KLJK

VWDQGDUG LQ DQ $OEXP FRPSUHKHQVLYH VHWV PRVW )8 VHW WR JRRG RYSWV ,QF G 6* )8 RYSWV

6FDUFH òG RYSW 6* )8 6HW WR XVHG G 3DOH &ODUHW 6* DV VXSHUE PLQW EORFN DOVR %RHU :DU FRYHUV FHQVRUHG 5HYHQXHV ,QF [ G LPSHUI WULDQJOHV ILVFDO XVHG 2ULJLQDO ORW ZLWK PXFK XVHIXO VHYHUDO

6* % PLQW +LQJH UHPDLQV .*9 GHILQV D FRPSUHKHQVLYH PLQW VHW ZLWK DOO

DGGLWLRQDO OLVWHG SULQWLQJV ) WR 9)0 GLIIHUHQW VWDPSV LQFOXGLQJ G GLIIHUHQW GLIIHUHQW $ ILQH VHW 6* F

&HQWHQDU\ LVVXH DV EORFNV RI XP $ YI ORW RI

EORFNV ZLWK DOO YDOXHV WR G 6* VHYHUDO ZLWK SULQWHUV SDJHV LQFO YDOXHV WR V V G YDOXHV WR V LPSULQWV & SOXV V YDOXHV WR ZPN $QFKRU YDOXHV

WR V ZLWK V V V QHZ FRORXUV PRVW YDOXHV WR &HQWHQDU\ VHW ILQH PLQW 6*

DOO YDOXHV òG WR 0L[HG FRQGLWLRQ WKRXJK JHQHUDOO\ ILQH

&HQWHQDU\ VHW 9)0 6*

9DULHW\ 2QH 3HQQ\ RYSW ZLWK QRW VWRS DIWHU

3HQQ\ 6* E 0 SOXV EORFN RI 6* 80 .*9 3LFWRULDO 6* DV YHU\ ILQH 80

(':$5' VHW RI 6* ILQH PLQW FRUQHU EORFN 6FDUFH PXOWLSOH RI WKLV KLJK YDOXH

{ 5(9(18(6 86(' &2//(&7,21 RQ DOEXP

.*9 3LFWRULDO GHILQ VHW PLQW 6*

(GZDUG VHW 9)0 6*

(GZDUG LVVXH 6* VXSHUE IUHVK PLQW

DVVHPEO\ DOO YDOXHV ZLWK DGGLWLRQDO VKDGHV ,QF [ WRS YDOXH 5HTXHVW VFDQ YHU\ IUHVK { &DQFHOODWLRQV &RUN W\SH RQ 6LWWLQJ +RSH ZLWK

YDOXHV WR 6WDQGLQJ +RSHV G DV ODUJH EORFNV D SDFNHW RI &'6 FDQFHOV $ YHU\ LQWHUHVWLQJ ORW

.*9 SLFWRULDO GHILQV DV XQPRXQWHG PLQW EORFNV

ZLWK YDOXHV WR 6* $ YI ORW RI EORFNV FDW

.*9, )LUVW GHILQV D FRPSUHKHQVLYH PLQW VHW

ZLWK OLVWHG VKDGHV DQG SHUIV ,QF WKH &ULPVRQ 6* $ & )LQH 3LFWRULDO 'HILQLWLYH VHW RI RQ WZR FRYHUV ZLWK

)LUVW GD\ RI LVVXH &'6 QHDW KDQG VWDPSHG DGGUHVV

PDQ\ 6LWWLQJ +RSH W\SHV ZLWK YDOXHV WR VHHQ .LQJ :LOOLDP V .*9, &203/(7( 6+((76 òG G òG 7RZQ *UDKDP 7RZQ &RUN W\SH FDQFHOV *UDDII 5HLQHW (DVW

/RQGRQ D YHU\ ILQH FROOHFWLRQ IRU ZULWLQJ XS DV D VWXG\ G òG ERWK FRORXUV VHOGRP VHHQ LQ FRPSOHWH VKHHWV 80

YHU\ KLJK FDWDORJXH YDOXH VFDUFH LQ FRPSOHWH VKHHWV

{ &DQFHOODWLRQV D YHU\ JRRG UDQJH ZLWK PDQ\

.*9, YIP GHILQV ZLWK OLVWHG DGGLWLRQDO GLIIHUHQW W\SHV ,QF 3DLUV DQG EORFNV VHHQ 6LWWLQJ +RSH

EORFN RI VL[ ZLWK *UDKDP 7RZQ &'6 G SDLU ZLWK 0RZEUD\ SHUIRUDWLRQV VKDGHV QRWLQJ ERWK VHW +LJK &'6 .LQJ :LOOLDPV 7RZQ &'6 G EORFN RI ZLWK YHU\ ILQH FY 6HDSRUW &'6 RYHU LWHPV { &DQFHOODWLRQV RQ SDJHV ZLWK GHWDLOV VHHQ

&(</21

{ 3RVWPDUNV 6WRFNERRN 3DJHV ZLWK PDQ\

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

GLIIHUHQW FDQFHOODWLRQV VHHQ .*9 G EORFN RI ZLWK .Q\VQD &'6 G 6LWWLQJ +RSH ZLWK :HEVWHU =XDUEHUJ &'6 $Q LQWHUHVWLQJ ORW QHHGV VRUWLQJ

6* J )8 9DULHW\ .*9 VLOYHU MXELOHH F GRW E\ IODJ VWDII

6* K PLQW

Philangles 408 pages (69pp).qxp 13/01/2022 07:10 Page 18

.*9, FRUQHU SDLU F 6* D XP ZLWK SODWH

QXPEHU $/7(5(' )520 E WR E ILQH VFDUFH

$ FRPSUHKHQVLYH FROOHFWLRQ IRU WKH \HDU

LQFOXGHV PLQLDWXUH VKHHWV VHOI DGKHVLYH VKHHWOHWV ERRNOHWV

^3KRWR`

QRV DOVR LQFO SUHVHQWDWLRQ IROGHUV ERRNV SOXV &KLQHVH 1HZ <HDU HQYHORSH IROGHU FRQWDLQLQJ EORFN RI IRXU ILQH 80

&203/(7( 6+((76 G SHUI ò [ F\O

DQG F 6* I F\O E ERWK VKHHW 80

$ FRPSUHKHQVLYH FROOHFWLRQ IRU WKH \HDU

LQFOXGHV VKHHWOHWV PLQLDWXUH VKHHWV ERRNOHWV QRV

.*9, ZLWK SULQWLQJV VKDGHV HWF YIP LQF XP

ILQH ORW LQF VWDPS ERRNOHW 6% D $ ILQH VHOHFWLRQ RI SULQWLQJV DOVR LQFO SUHVHQWDWLRQ IROGHUV ERRNV SOXV &KLQHVH 1HZ WR U 6*I F 6* D YDOXHV WR U 4W\

<HDU HQYHORSH IROGHU FRQWDLQLQJ EORFN RI IRXU ILQH 80

&+,/( 8QLYHUVLW\ 6RXYHQLU 6KHHW YHU\ ILQH XQXVHG DV

LVVXHG 6* IRRWQRWH 'HOHJDWHV VSHFLDO IROGHU FRQWDLQLQJ GLIIHUHQW

PLQW LVVXHV SOXV VLJQHG OHWWHU 1LFH 2VRUQR 6RXYHQLU 6KHHW YHU\ ILQH XQXVHG DV

LVVXHG 6* )RRWQRWH

$ FRPSUHKHQVLYH FROOHFWLRQ WR $UFKLWHFWXUH

$VVRFLDWHG ZLWK &RQIXFLXV LQFOXGHV PLQLDWXUH VKHHWV

VKHHWOHWV ERRNOHWV QRV DOVR LQFO SUHVHQWDWLRQ IROGHUV ERRNV SOXV &KLQHVH 1HZ <HDU HQYHORSH IROGHU FRQWDLQLQJ EORFN RI IRXU ILQH 80 { $ VXEVWDQWLDO ORW KRXVHG LQ YDULRXV YROXPHV LQ

WZR FDUWRQV RI SHULRG )'& PD[L FDUGV HWF ZLWK SOHQW\

RI FRPSOHWLRQ PDQ\ 06 H[FHOOHQW VRXUFH IRU IX VHWV $OO GLII

V

1(: ,668(6 ZLWK H[SHQVLYH SUHVHQWDWLRQ

1DWLRQDO *RYHUQPHQW 6RXYHQLU 6KHHW 9HU\ ILQH

IROGHUV FRQWDLQLQJ VHWV RI VKHHWOHWV VWDPSV FRYHUV IRU WKH \HDU XQXVHG 6* IRRWQRWH

9) FROOHFWLRQ RI GLIIHUHQW 9) SHUIHFW XP 9HU\ KLJK FRVW SULFH

:RUOG 5HIXJHH <HDU 6RXYHQLU 6KHHW )LYH

XQXVHG DV LVVXHG 6* IRRWQRWH

3267$/ 67$7,21(5< ZLWK VHWV RI FDUGV

HQYHORSHV HWF VXSSOLHG RQ QHZ LVVXH VWLOO LQ WKHLU SDFNHWV YI ORW RI V GLIIHUHQW *RRG ORW

2OG 3DJHV DQG 3DFNHWV ZLWK VWDPSV

06 ZLWK PXFK PLQW VHHQ &ROXPEXV WR PRUH PRGHUQ

&2&26 .((/,1*

&RPSUHKHQVLYH FROOHFWLRQ RI 80 V VWDPSV

06 DQG %RRNOHWV 67& ,QF PDQ\ EHWWHU VHWV QRWLQJ

&+,1$ FRYHU WR (QJODQG IUDQNHG F PDXYH

SDLU &KLQHVH FKDUDFWHU SRVWPDUNV $02< 9,&725,$ +21* .21* WUDQVLW PDUNV RQ UHYHUVH DORQJ ZLWK /RQGRQ DUULYDO *RRG WR ILQH ^3KRWR`

GHILQV DQG VFDUFH ORFDOO\ LVVXHG 2IILFLDO 6WDPS WKDW RQO\ H[LVWV )8 9HU\ ILQH ORW

&2/20%,$ 'HOHJDWHV VSHFLDO DOEXP Y ILQH JROG

0,66,21$5< 0$,/ WKUHH HQYHORSHV HDFK

FRPSOHWH ZLWK RULJLQDO OHWWHU SRVWHG E\ D *HRUJH ) 02%%6 IURP WKH (QJOLVK 3UHVE\WHULDQ 0LVVLRQ :XNLQJIX 6RXWK &KLQD DQG FRQWDLQ QHDWO\ KDQG ZULWWHQ W\SHG RU ERWK PHVVDJHV ZLWK YHU\ LQWHUHVWLQJ FRQWHQWV UHODWLQJ WR OLIH LQ &KLQD DLU UDLGV WKH LVVXHV DULVLQJ IURP WKH ZDU ZLWK -DSDQ &KULVWPDV 1HZ <HDU DUUDQJHPHQWV DQG RWKHU IDVFLQDWLQJ FKLW FKDW 2QH FRYHU PLVVLQJ LWV VWDPS RWKHUZLVH FOHDQ DQG YHU\ ILQH

RQ DV D IUHVK XQXVHG DV LVVXHG PDUJLQDO EORFN 6* 1( $ $ ILQH FROOHFWLRQ RI XQPRXQWHG PLQW DSSHDUV WR

EH ODUJHO\ FRPSOHWH IURP WKH ODWH V LQFOXGHV VWDPSV

6&$'7$ )DVFLQDWLQJ FROOHFWLRQ RI $9 VWDPSV

,QF RYSWHG OHWWHUV $ , 9 *% ( 3 / 6* $ JRRG UDQJH FKLHIO\ )8

&21*2 8QPRXQWHG PLQW FROOHFWLRQ RI VWDPSV

06 %UD]]HYLOOH LVVXHV ,QF %XWWHUIOLHV %XWWHUIOLHV

,19(57(' 29(535,17 (5525 1RUWK (DVW

HPERVVHG VSHFLDO SDJHV IHDWXULQJ GLII P LVVXHV RQH 06 QRWLQJ GHILQV WR S

VHWV %LUGV 06 $QLPDOV VHW I I %HHWOHV SURRIV $ JRRG UDQJH ZLWK LVVXHV WR PDQ\ VHWV

&22. ,6

PLQLDWXUH VKHHWV DQG D IHZ ERRNOHWV ODLG RXW RQ VWRFN SDJHV &DWDORJXHG H[WHQVLYH

LQ SDFNHWV VRPH FUHDVHV VSRWWHG LQ PLQLDWXUH VKHHWV FROOHFWLRQ RI XP ZLWK GLII VWDPSV PV RU VKHHWOHWV $OO VKHHWOHWV RWKHUZLVH JHQHUDOO\ ILQH 80 V

DV FRPSOHWH VHWV

&ROOHFWLRQ RI VWDPSV ZLWK PDQ\ EHWWHU VHWV

/LPLWHG WR MXVW WKH FRPSOHWH VHW RI /XQDU

,QF VHW RI 6* 4XHHQ DQG :KLWH 7HUQ 'HILQ V 1HZ <HDU 6WDPSV IURP 0RQNH\ WR *RDW DV *2/' 3RVWDO )LVFDO VHW RI 6* PLQW 3RVWDO )LVFDO VHW RI 3/$7(' (',7,216 0RXQWHG LQ VSHFLDO IROGHG $OEXP DOVR 6* PLQW 3RVWDO )LVFDOV WR PLQW H[ $ +RUVHV VHW *ROG 3ODWHG DQG RWKHU *ROG 3ODWHG HGLWLRQV YHU\ JRRG DQG YDOXDEOH UDQJH FKLHIO\ PLQW RGG ILQH LWHPV

XVHG 67$03 ,668(6 D FRPSUHKHQVLYH FROOHFWLRQ

.*9 3UHPLXP 0LQW 6HOHFWLRQ &DW DERXW

IRU WKH \HDU LQFOXGHV PLQLDWXUH VKHHWV ERRNOHW QR G &RPSRXQG 3HUI 9HUW 3DLU 3LFWRULDO 6HWV LQF &KLQHVH 1HZ <HDU DOVR LQFO SUHVHQWDWLRQ IROGHUV ERRNV 6* $GPLUDO +LJK 9DOXH VHWV LQF 1LXH $UPV QRWH ,QWHUQDWLRQDO 6WDPS &RLQ ([SR ZLWK &DOOLJUDSK\ VKHHWOHW 9)0 RQ VLON SDSHU SOXV &KLQHVH 1HZ <HDU HQYHORSH IROGHU .*9, (5$ YIP ZLWK FRPSOHWH VHWV

FRQWDLQLQJ EORFN RI IRXU ILQH 80 6* 6* 6* $/62 1LXH VLPLODU $ FRPSUHKHQVLYH FROOHFWLRQ IRU WKH \HDU

VHWV LQF 6*

LQFOXGHV PLQLDWXUH VKHHWV QRWH 5H XQLILFDWLRQ RI +RQJ .RQJ { .*9, IX VHOHFWLRQ ZLWK YDOXHV VHWV WR

&KLQD 6* 06 D ERRNOHWV QRV DOVR LQFO DOO GLII SUHVHQWDWLRQ IROGHUV ERRNV SOXV &KLQHVH 1HZ <HDU HQYHORSH IROGHU FRQWDLQLQJ EORFN RI IRXU ILQH 80 &52$7,$

5HYHQXHV FROOHFWLRQ RI FLUFD ::,,

SHULRG ZLWK $UPV DQG QXPHULFDO W\SHV $ JRRG UDQJH ,QF PLQW

Philangles 408 pages (69pp).qxp 13/01/2022 07:10 Page 19

&85$&$2 3RVWDJH GXH VHW RI 9)0 6*'

F

&<3586 +$/)3(11< RYSW 3O 6* ILQH

PLQW 49 SL GLH 'HHS 2OLYH *UHHQ VKDGH 6* $

ILQH PLQW 49 GLH VHW RI ILQH PLQW .H\ VHW

6* D 49 VHW RI 7HQ PLQW 6*

2OG 7LPH &ROOHFWLRQ ZULWWHQ XS RQ SDJHV FKLHIO\

PLQW VHHQ *HQ 6WHIDQLN O 80 RQO\ IRU XVH LQ 6ORYHQLD VWDPSV ZLWK LOOXVWUDWHG ODEHOV GLIIHUHQW SHUI W\SHV $ YHU\ JRRG FROOHFWLRQ RI VWDPSV 06 6KHHWOHWV 7RWDOO\ FRPSOHWH 80 KRXVHG LQ /X[XU\

/LJKWKRXVH +LQJHOHVV %R[HG $OEXPV DQ H[FHSWLRQDO FROOHFWLRQ

RI PDQ\ V DOO GLIIHUHQW SOXV PDQ\ VKHHWOHWV 7KH &DW 9DOXH LV (XUR $Q H[FHSWLRQDO FROOHFWLRQ

'HOHJDWHV VSHFLDO IROGHU FRQWDLQLQJ GLIIHUHQW

PLQW LVVXHV SOXV 06 PRXQWHG RQ VSHFLDO SDJHV DOO VHWV YHU\ ILQH LQF &DVWOHV VKHHW ERWK SHUI DQG LPSHUI

$1 (;&(37,21$/ &RPSOHWH FROOHFWLRQ

80 KRXVHG LQ KLQJHOHVV $OEXP V 9HU\

FRPSUHKHQVLYH 67&

(GZDUG VHW PLQW 6* &DW 3L LV D

YHU\ ILQH SDLU 3L VPDOO IDXOWV 3L WRS YDOXH YHU\ ILQH 6FDUFH VHW { %URNHQ 7ULDQJOH YDULHW\ 3$ 6* % )8

(GZDUG VHW ([ /RZO\ 3D ILQH PLQW 6*

.*9 VHW ILQH PLQW SOXV VRPH DGGLWLRQDO OLVWHG

VKDGHV 6*

.*9 KLJK YDOXHV SL DQG SL 6* IUHVK

{ &2//(&7,21 RI GLIIHUHQW VWDPSV ILQH

XVHG LQ DQ DOEXP 6XSHU YDULHW\ FKHDS { )LQH XVHG H[FHSWLRQDO FRQWLQHQWDO TXDOLW\

GLIIHUHQW VWDPSV PV VKHHWOHWV +LJKO\ FRPSOHWH VXEVWDQWLDO PDQ\ EHWWHU LVVXHV VHWV LQF /LRQ ILUVW LVVXH H[WHQVLYH FDVWOHV DLUPDLO LPSHUI VHW 2O\PSLF VHW 6RNDO JDPHV VHW KLJKO\ UHFRPPHQGHG { ),1( 86(' DQG VXSHUE ZLWK V VWDPSV

ZLWK VH WHQDQW ODEHOV PDQ\ IX VHWV JRRG DUW LVVXHV XSWR

V LQ WKLV H[FHSWLRQDO FROOHFWLRQ RI GLII LVVXHG LQ DQ DOEXP

PLQW 6WRFNSDJHV DQG 6WRFNERRN ZLWK D PLQW

FROOHFWLRQ PXFK 80 RYHU VWDPSV DQG 06 6KHHWOHWV .*9 VHW RI WR 3L ILQH PLQW 6*

LQF $UW VHW DV VKHHWOHWV RI F $ YHU\ ILQH

$QQLYHUVDU\ VHW ILQH PLQW 6*

%ULWLVK 5XOH VHW RI 6* IUHVK

PLQW .*9 3LFWRULDO VHW ILQH PLQW 6*

F .*9, VHW RI PLQW &DW 6RPH JXP

IR[LQJ 6* { 4(,, ILQH XVHG FROOHFWLRQ LQ WKUHH DOEXPV ZLWK

FROOHFWLRQ ZLWK LVVXHV JRLQJ EDFN WR

'$1,6+ :(67 ,1',(6 5R\DO 0DLO 6WHDP 3DFNHW &R F UHG IODJ

VWDPS YIP FRUQHU H[DPSOH ^3KRWR`

'$1=,* { )LUVW 3KLODWHOLF ([KLELWLRQ 0LQLDWXUH 6KHHW VHW RI

ILQH XVHG 6*06

'(10$5.

'HOHJDWH VSHFLDO SULQWHG DOEXP FRQWDLQLQJ

GLII XP LVVXHV RQ VSHFLDO SDJHV 1LFH

VWDPSV PV VKHHWOHWV DQG ERRNOHW SDQHV QRWH

GHILQ VHW LQF DOO P GHILQ VHW LQF DOO P &KULVWPDV 6HDOV FRPSOHWH VKHHWV 80 VFRXW PV D VXSHUE FROOHFWLRQ ZLWK PDQ\ KLJK YDOXH VHWV QHDWO\ QHDWO\ SUHVHQWHG LQ DQ $OEXP VRPH YHU\ ILQH FRPSRVLWH GHVLJQV DOO OLVWHG LQ )$&,7 DUUDQJHG ZLWKLQ WKH DOEXPV { 5DLOZD\ 6WDPSV DQG ORFDO SRVW VWDPSV

4(,, RYSW 'HILQ 6HW 80 9HU\ ILQH 6*

ZLWK YDOXHV WR DUH D XVHIXO VHOHFWLRQ FKLHIO\ PLQW

PDLQO\ ORFDO LVVXHV 8QPRXQWHG DQG YHU\ ILQH FROOHFWLRQ &DW

{ 5(9(18(6 (DUO\ LVVXHV RQ ROG

IHZ V DOO GLIIHUHQW ,QF GHILQ RYSW VHW GHILQ SDJHV OLJKWO\ DGKHVLRQ WR WKH ROG SDJHV ZLWK D JRRG YDULHW\ RI VHW WR 6FRXW VKHHW DQG PDQ\ FRPPHP VHWV YDOXHV UHYHQXHV 4XDOLW\

'-,%287, 63(&,0(1 RYHUSULQW FRPSOHWH VHWV 80 RYHU

GLIIHUHQW VWDPSV ZLWK PDQ\ EHWWHU ,QF (XURSD 8QPRXQWHG 0LQW 5HSXEOLF LVVXHV RYSWV

'HILQ VHW WR 6FRXWV %LUGV 'HILQ KLJK YDOXH VHWV 1RW RIWHQ ZLWK YDOXHV WR )U %LUGV %XWWHUIOLHV $ RIIHUHG

XVHIXO ORW RI VWDPSV

.*9, 9)0 LQF XP GHILQV ZLWK

'20,1,&$ LQWHUHVWLQJ LWHPV SODWH LPSULQW EORFNV WR SL óSL FRPSOHWH 9LHZV DQG (GZDUG LVVXH D FRPSUHKHQVLYH PLQW VKHHW RI ZLWK SODWH YDULHW\ VHW WR 6* ZLWK VRPH

&: OLVWHG VKDGHV )LQH ORW TW\

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

VHW RI ,QF OLVWHG $ QXPEHUV WKH FKDON SDSHU LVVXHV ,QF WKH DOO ) WR 9) PLQW ([FHOOHQW FRORXUV 6*

9LHZV DQG (GZDUG VHW ILQH PLQW 6* 'LH SURRI GRYH K LQ %ODFN XQLVVXHG YDOXH DQG

K %URZQ ERWK RQ WKLFN FDUG LPSHUI DQG XQJXPPHG

9LHZ DQG (GZDUG VHW PLQW 6* VPDOO

JXP VSRW RQ &DW

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:11 Page 20

.*9 YLHZV LVVXH 6* $

6SHFLDO GHOHJDWH VWRFNERRN FRQWDLQLQJ

GLIIHUHQW 80 LVVXHV QRWLQJ GHILQV WR %XVLQHVV FDUG HWF

FRPSUHKHQVLYH PLQW VHW RI GLIIHUHQW LQ PRVW DGGLWLRQDO $ QXPEHUV VKDGHV :PNV ,Q HLWKHU GLUHFWLRQ $ ILQH VHW 5HTXHVW 6FDQ 3267$/ +,6725< *5283 HQY IURP

*RYHUQPHQW +RXVH 'RPLQLFD SOXV WZR UHJLVWHUHG FRYHUV ZLWK G SRVWDJH DQG G UHJ Q IHH DIIL[HG WR UHYHUVH G SRVWDO VWDWLRQHU\ HQY HQGRUVHG ,QVXUHG IRU QLQH SRXQGV DW WRS G VWDPS IRU UHJ Q IHH DIIL[HG DQG IXUWKHU G VWDPS ZLWK ,1685(' ODEHO LQ UHG DOO WR 8. FOHDQ ILQH

^3KRWR` 9LHZV ZLWK DOO EDVLF :DU 7D[ LVVXHV DQG

VHW ) WR 9) PLQW 6* F

9LHZ VHW 9)0 6* F

.*9 VFULSW ZDWHUPDUN VHW RI 6* IUHVK

PLQW FDW

3RVW 2IILFH 2IILFLDO 3UHVHQWDWLRQ )ROGHUV

FRQWDLQLQJ VWDPSV 06 80

&ROOHFWRUV RULJLQDO FROOHFWLQJV VWDPSV LQ

SDFNHWV RQ VWRFN SDJHV SULQWHG DOEXP SDJHV ZLWK LVVXHV IURP WR 80 V RI VWDPSV FRYHULQJ PDQ\ SHULRGV IURP HDUO\ WR PRUH PRGHUQ D JRRG ORW IRU VRUWLQJ

9DOXDEOH ORW RI PLQW IURP WR V RQ

KDJQHUV QRWH SL %URZQ XQXVHG F VRPH YHU\ ILQH LVVXHV &DW XSWR HDFK PLQW SDUW 2* F $JULFXOWXUH 6HW & 5DLOZD\ 6HW F $YLDWLRQ 6HW F HWF RULJLQDO DFFXPXODWLRQ PXFK LV ILQH LQF 80

(6721,$ $ VHOHFWLRQ RI XVHIXO VWDPSV LQ SDFNHWV VWF

VWDPSV LQF UHG FURVV VHW P VXUFK XVHG $OO GLII

&RURQDWLRQ 6HW 3HUI 63(&,0(1 9)0

6* 6 6

.*9, VHW 9)0 KLJK YDOXHV 80 6*

F

)$/./$1' ,6 49 G 6* XQXVHG PDUJLQDO H[DPSOH ILQH

FRORXU &DW

.*9, WRS YDOXH 6* D $V 80

SDLU

49 )LUVW IUHVK PLQW 6*

4(,, 6HWV VHW RI VHW RI

1DWLRQDO 'D\ +XPDQ 5LJKWV 6WDWHKRRG RYSW VHW

49 )LUVW G 6* IUHVK PLQW FRXSOH RI QLEEOHG

RI 1DWLRQDO 'D\ RYSW VHW RI 2O\PSLF VHW DQG &KULVWPDV $ YHU\ JRRG FROOHFWLRQ RI VWDPSV 80 .*9, :,7+ 63(&,$/,6$7,21 YIP XP

GHILQ LVVXH 6* VHYHUDO VWDPSV VRPH SODWH EORFNV G UROOHU UH HQWU\ FRPSUHKHQVLYH VHWV ZLWK

VKDGHV FW FW DV FRPSOHWH VKHHWV ,QWHUHVWLQJ JURXS

SHUIV ILQH VWDPS { 3URYLVLRQDO òG RQ G %L 6HFW RQ SLHFH [ ILQH

XVHG ZLWK &'6 FDQFHO 6* 6FDUFH { 9DULHW\ .*9 VLOYHU MXELOHH H[WUD VKRUW IODJ

VWDII 6* E YHU\ ILQH XVHG

8SUDWHG òG HQYHORSH ZLWK YLHZV òG G

9DULHW\ .*9 VLOYHU MXELOHH G FRUQHU EORFN RI

RQH VKRZLQJ H[WUD IODJ VWDII 6* E VFDUFH LQ D SRVLWLRQDO

DGGHG ZLWK YHU\ ILQH 'RPLQLFD &'6 VHQW WR *HUPDQ\

EORFN 80 8QPRXQWHG PLQW FROOHFWLRQ RI FRPPHPRUDWLYH

VHWV LQF V MXELOHH V ZHGGLQJ JXWWHU SDLU VHWV RYHU

'20,1,&$1 5(3 6WRFN SDJHV ZLWK PDLQO\ V V VSRUW

LVVXHV ZLWK PV QRWH LPSHUIHG VKHHWV VWDPSV LQF

VWDPSV 06 D YHU\ JRRG FROOHFWLRQ KLJKO\ FDWDORJXHG 6XSHUE TXDOLW\

LPSHUI LVVXHV DOO IUHVK 80

.*9, GHILQLWLYH VHWV VHW RI DQG

($67(51 5280(/,$ VHW RI ERWK VHWV 80 5(9(18(6 QLFH JURXS RQ DOEXP SDJHV LQFO

PLQW VHW 0F'RQDOG SOXV S [ SL [ VKDGHV .*9, PLQW LQF XP VWXG\ RI GHILQLWLYH LVVXHV SL [ XVHG S S SL PLQW 0L[HG FRQGLWLRQ EXW 6* LVVXH LQF VHW ZLWK DGGLWLRQDO SULQWLQJV D JURXS RI SODWH EORFNV SDLUV ZLWK YDOXHV WR G VHW LQF VHOGRP VHHQ VWDPSV

G SULQWHUV 7 YDULHW\ TW\

(&8$'25

{ .*9, 0$'$0( -26(3+ )25*('

FODVVLF U (DJOH 9)0 ZLWK 2* DQG )RXU

32670$5.6 RQ GHILQ LVVXHV G WR FRPSULVLQJ RI GLIIHUHQW YDOXHV )LQH XQXVXDO

PDUJLQV 6FRWW F

.*9, GHSHQGHQFLHV LVVXHV RYSW VHWV

(*<37

LQF EOXH EODFN VKDGH WKLFN PDS VHW LQF RFKUH VKDGHV DQG PLQRU YDULHWLHV OLVWHG LQ +HLMW] V ZHGGLQJ 838 $ '$:$:,1 SPN UHJ Q FDFKHW &DLUR /RQGRQ WUDQVLW DUULYDO JRRG ORW RI VWDPSV IUHVK PLQW PDUNV RQ UHYHUVH FOHDQ ILQH 6LOYHU ZHGGLQJ VHW IUHVK 80

251$7( &2/285(' &$57221 3267&$5'

'HSLFWLQJ D EXWOHU KROGLQJ D SRVWFDUG )8 WR 8. IUDQNHG P 6LOYHU :HGGLQJ VHWV )DONODQG VHW RI 6SKLQ[

6* 'HSHQGHQFH VHW RI 6** IUHVK 80 2+(06 RYSW VHW 9)0 6*2

SL P IUDQNLQJ RQ UHJLVWHUHG FRYHU

&RURQDWLRQ LQ FRPSOHWH VKHHWV )DONODQG ,VOH

DQG )DONODQG ERWK ZLWK VKHHW QXPEHU DQG 80

.LQJV %LUWKGD\ SW 9)0 6*

4(,, FROOHFWLRQ LQF ELUG VHW RI

%ORFNV RI RQ VWRFNFDUGV &KLHIO\ IUHVK 80

ZLWK PDQ\ VHWV VHHQ H[SUHVV ERWK 6*( ELUWKGD\ GHILQ WR GHILQV %ULWLVK $UP\

GHILQ IORZHUV VHW RI SOXV FRPPHPRUDWLYH VHWV DOO IUHVK PLQW

%LUGV E\ 'H /D 5XH VHW RI 6* DP D

SRVW VHW 6*$ $ $ JRRG ORW RI VHOGRP VHHQ LQ DQG D )UHVK 80 ^3KRWR` EORFNV SOXV D UDQJH RI VLQJOH VWDPSV DV VHWV

Philangles 408 pages (69pp).qxp 13/01/2022 07:11 Page 21

,OOXVWUDWHG (QYHORSH ZLWK %LUG LVVXHV WR

6RXWK *HRUJLD GHILQLWLYH VHWV VXUFKDUJHV ZLWK

,QF òG :PN 6 :D\V G '/5 DOO ZLWK VXSHUE )R[ %D\ &'6 EHWWHU 6* W\SH S RQ V 6* VHW FDQFHO DQG LOOXVWUDWLRQ RI WKH )DONODQG ,VODQGV 9)0 RWKHUV ILQH 80

66 *UHDW %ULWDLQ 6HW DV VFDUFH JXWWHU SDLUV

1+0 6*

4(,, GHILQLWLYH RYSWV LVVXHV RQ VWRFN SDJHV

XQFKHFNHG WR S WR S VHHP GLIIHUHQW W\SHV RI

%RRNOHWV ZLWK EHWWHU VKLS 6%

LQVHFWV LQVHFWV $ JRRG ORW :DWHUPDUN YDULHWLHV UR\DO ZHGGLQJ S DQG

S ZPN LQYHUWHG 6* Z Z 80

SDSHU EORFNV LQF F\O EORFNV D JRRG ORW RI VWDPSV IRU VWXG\ 80 8QPRXQWHG PLQW ZLWK GHILQLWLYH VHWV ,QF 6KLSV

ZLWKRXW LPSULQWV ZDWHUPDUN HUURU S ILUVW YR\DJH WR

5HEXLOGLQJ )XQG ZPN &URZQ WR ULJKW RI

&$ 6* Z ILQH 80

6HOGRP VHHQ LQ FRPSOHWH VKHHW PDS UHEXLOGLQJ

IXQG 6* VWDPSV 80

:$7(50$5. 9$5,(7< PDS 6* Z

80

9DULHW\ S RYSW ZLWK ZDWHUPDUN LQYHUWHG

6* Z IUHVK 80 'HILQLWLYH 6KLSV DV FHQWUH JXWWHU VWULSV RI

,QF WUDIILF OLJKW +HLMW] &DW SODQWV DV FHQWUH JXWWHU VWULSV ZLWK LPSULQW DQG F\O 1XPEHUV XQPRXQWHG PLQW VHOGRP VHHQ DV JXWWHU VWULSV

6KLS GHILQLWLYH DV F\OLQGHU EORFNV RI

6* $ $ DQG % % IUHVK 80

8QPRXQWHG PLQW FRPPHPRUDWLYH FROOHFWLRQ

ZLWK VWDPSV PV VKHHWOHWV LQF IXWWHU SDLU VHWV PDQ\

6RXWK *HRUJLD ZDWHUPDUN WR WKH ULJKW :KDOHV DQG 'ROSKLQV VHW D JRRG ORW RI VWDPSV 06 ORRNV YHU\ FRPSOHWH IRU WKH SHULRG

KLJK YDOXH VWDPSV $ VXSHUE UDQJH YHU\ KLJK FDWDORJXH YDOXH (UURU PDS ZLWK ZDWHUPDUN WR WKH ULJKW

)DFH YDOXH 6* : )UHVK 80 8QPRXQWHG PLQW FROOHFWLRQ RI VHWV ZWLK

9DULHW\ 0DS ZDWHUPDUN VLGHZD\V 6* Z VWDPSV PV VKHHWOHWV ZLWK D IDFH YDOXH RYHU KLJKO\

80 FDWDORJXHG FROOHFWLRQ 6WRFNSDJHV DQG ORRVH VWDPSV PV VKHHWOHWV

ERRNOHWV LQF SULYDWH ERRNOHWV DQG VWDPSV WR QHHG VRUWLQJ :DWHUPDUN 9DULHW\ 0DS 6* Z 80 PDQ\ V RI VWDPSV FKLHIO\ PRGHUQ LVVXHV

6WRFNSDJHV ZLWK 4(,, GHILQLWLYH VHWV LQF

ELUG GOU IORZHU VHW IORZHU VHW IORZHU VHW

6KLS GHILQLWLYHV FROOHFWLRQ LQF VHW RI JXWWHU SDLUV

VHW DV EORFNV RI DQG D VLQJOH VHW 6* IUHVK 80 VKLS VHWV LQF ERWK JXWWHU SDLU VHWV LQVHFWV LQF JXWWHU

SDLU VHW VKLSV LQF JXWWHU SDLUV DQG ELUG VHW $ .*9, RYHUSULQWHG VKHWV LQF G

YHU\ JRRG ORW RI VWDPSV IUHVK 80 KLJK FDWDORJXH EODFN EOXH DV EORFNV RI VHOGRP VHHQ LQ EORFN )UHVK YDOXH 80 8QPRXQWHG PLQW VHWV FDW ZLWK

2OG SDJHV .*9, LVVXHV ,QF VWXG\ RI WKH WKLFN

VWDPSV DQG 06 ZLWK PDQ\ EHWWHU VHWV PDULQH OLIH PDSV ,QF G %ODFN DQG 2FKUH EURNHQ SDUDOOHO 'DPDJH ZLOGOLIH VHW RI ZDWHUIRZO VHW PLOOHQQLXP VHW OHWWHUV WKL Q PDS ZLWK VKDGHV ,QF òG SODWH EORFN RI 6KDFNOHWRQ 5R\DO 1DY\ D VXSHUE ORW RYSWV ,QF G %OXH %ODFN $ YHU\ JRRG ORW RI VWDPSV &DW :DWHPDUN YDULHWLHV UR\DO ZHGGLQJ

PLQW ,QF 80 S 6* Z Z PDS 6* Z DQG ELUG S ZPN { 6RXWK *HRUJLD FGV RQ .*9, G ),'

XSULJKW 6* Z DOO 80 ZHGGLQJ RQ SLHFH YI 6*= *

)$/./$1' ,6 '(36 FALKLAND IS. DEPS

6WRFNSDJHV SDFNHWV DOEXP SDJHV ZLWK

VWDPSV LQF .*9, PDSV GHILQLWLYHV WR KLJK YDOXH PRGHUQ

.*9, RYHUSULQWHG VHW RI IUHVK 80

.*9, (;7(16,9( FROOHFWLRQ LQFOXGLQJ

VSHFLDOLVDWLRQ YIP &ROOHFWLRQ RI VWDPSV DQ H[FHOOHQW ORW RI WKH WKH 0$36 VHULHV ZLWK PDQ\ SODWH YDULHWLHV LOOXVWUDWHG DV

SHU VSHFLDOLVW OLVWLQJV G WHDUGURS IODZ * ( VRPH SODWH PXOWLSOHV RYSW LVVXHV LQF VRPH SODWH QXPEHU SLHFHV ([FHOOHQW ORW 2XWVWDQGLQJ FROOHFWLRQ RI FRPPHPRUDWLYH VHWV

LQF PV VKHHWOHWV )UHVK 80 RYHU VWDPSV PV VKHHWOHWV

DQG ERRNOHWV ZLWK D IDFH YDOXH RI WKH GHFLPDO LVVXHV RYHU LQF JXWWHU SDLUV VHOGRP VHHP D VXSHUE ORW

VHWV RYHU VWDPSV PV VKHHWOHWV DQG ERRNOHWV D YHU\ JRRG UDQJH VHHQ VHW WR IUHVK 80 IDFH YDOXHRI WKH PRGHUQ LVVXH KLJKO\ FDWDORJXHG UDQJH ZLWK PDQ\ VHWV :DWHUPDUN YDULHWLHV VLOYHU MXELOHH ZPN WR

WKH ULJKW 6* Z PDS ZPN WR WKH ULJKW Z DQG

4XHHQ 0RWKHU S ZPN LQY DOO IUHVK 80 ^3KRWR`

)$52( ,6/$1'6 { )25(5811(5 SLHFH ZLWK 'DQLVK RUH IDFLW

WLHG FRPSOHWH 7KRUVKDYQ FGV 9)

0DS VHWV ZLWK YDULHWLHV WKLFN PDS VHW SOXV G

RFKHU WKLQ PDS VHW SOXV G GRW RQ W YDULHW\ )UHVK 80

{ 7KLQ PDS VHW 9)8 QRWH òG ZLWK GRW W YDULHW\

6*J E { 'HILQLWLYH VHW RI 6** ILQH XVHG

4(,, GHILQLWLYH VHW SOXV DGGLWLRQDO EORFN RI DQ

VKDGHV 6** VWDPSV IUHVK 80 4(,, SLFWRULDO VHWV GHILQ VHW RI DQG RYSW VHW

RI 6** IUHVK PLQW

&KDULW\ DQG &KULVWPDV VHDOV FROOHFWLRQ W\SHG

XS RQ SDJHV ,QF FRPSOHWH VKHHWV IURP WR +DQGLFDSSHG )LVKHUPDQ 6KHHWV $ YHU\ JRRG

FROOHFWLRQ RI LWHPV FKLHIO\ 80 RGG XVHG VLQJOH

'HDOHUV SDJH DQG VWRFNSDJHV ZLWK DQ

XQPRXQWHG PLQW FROOHFWLRQ RI VWDPSV 06 6KHHWOHWV

DQG %RRNOHW ZLWK LVVXHV WR SULFHG WR VHOO HDFK ORRNV GLIIHUHQW

),-, %URNHQ IUDPH FURZQ YDULHW\ òG (GZDUG PLQW

6* D XQOLVWHG LQ PLQW FRQGLWLRQ )UHVK VPDOO JXP EHQG

Philangles 408 pages (69pp).qxp 13/01/2022 07:11 Page 22

{ (GZDUG VHW òG WR )8 6*

)5 &2/ &+$'

8QPRXQWHG PLQW FROOHFWLRQ ZLWK EHWWHU VHWV

VWDPSV 06 ,QF $LU VHW DQG %XWWHUIOLHV

.*9 &RPSUHKHQVLYH VHW RI WR ZLWK

VHWV (JUHW )U 6* $ YHU\ XVHIXO ORW

DGGLWLRQDO OLVWHG VKDGHV DOO ILQH PLQW 6*

)5 &2/ &21*2

.*9 VHW ILQH PLQW 6*

8QPRXQWHG PLQW FROOHFWLRQ RI VWDPSV

06 ZLWK LVVXHV WR ,QF %LUG VHWV (WDW

9DULHW\ .*9 VLOYHU MXELOHH GLDJRQDO OLQH E\

&RPRULHQ VXUFK UDQJHV $ YHU\ JRRG UDQJH RI VHWV

WXUUHW 6* I PLQW &RURQDWLRQ 6HW 3HUI 63(&,0(1 ILQH PLQW

)5 &2/ '$+20(<

6* V

6WRFN SDJHV ZLWK EHWWHU SLFNLQJV

([KLELWLRQ VHW 0LQW 812 VHW ,QF 06 0LQW 5XJ :HDYLQJ ,QF 06 %LUGV $LU VHW %LUGV VHW SOXV

.*9, LVVXH $ FRPSUHKHQVLYH PLQW VHW RI

ZLWK PDMRULW\ RI OLVWHG VKDGHV DQG SULQWLQJV YHU\ ILQH 6* E &

)U DQG )U 'LH SURRIV $ XVHIXO ORW RI VWDPSV 06 DQG 'LH SURRIV FKLHIO\ 80 RGG 0LQW

3RVWDJH 'XH 6HW 3HUI 63(&,0(1 9)0

)5 &2/ (48 $)5

6*' V ' V

8QPRXQWHG PLQW FROOHFWLRQ RI VWDPSV ZLWK

EHWWHU SLFNLQJV ,QF 5HVLVWDQFH RYSW 6HW RI /LEHUDWLRQ

6FUDWFKHG EXLOGLQJ YDULHW\ G 9)0

6* DD

RYSW 6HW RI $LU VHW D YHU\ KLJKO\ FDWDORJXHG FROOHFWLRQ

9LFWRU\ 6HW 3HUI 63(&,0(1 ILQH PLQW

)5 &2/ *8,1($

6* V V

$ ILQH FROOHFWLRQ RI VWDPSV 06 FKLHIO\

80 ,QF 'HILQ VHW RI 0LQW 'HILQ VHW RI 0LQW 6XUFK VHW RI 0LQW %LUGV 80 %XWWHUIOLHV

&DW &ODVVLFV IUHVK PLQW VHOHFWLRQ

IURP DQ ROG DUFKLYH VPDOO UHPDLQV LQFUHGLEOH IUHVKQHVV 95 $UPV ,QF G 6* HWF 5HTXHVW VFDQ

80 2O\PSLF 06 80 838 06 80 $ ILQH FROOHFWLRQ ZLWK D KLJK FDWDORJXH YDOXH

.*9, VSHOLDOLVHG FROOHFWLRQ IHDWXULQJ EORFNV

LPSULQWV SULQWLQJV HWF 6HYHUDO VWDPSV YIP LQF XP

6* E G LQF W JXLGHV LQ VWDPSV òG SDUW

VKHHW RI ZLWK SRVLWLRQDO YDULHWLHV FRPSUHKHQVLYH VHW RI VWDPSV ZLWK SULQWLQJV ZDUWLPH òG 6* D DV EORFN RI IRXU òG RYSW 6* FRUQHU EORFN G EORFNV HWF *RRG ORW

0XOWLSOH IUDQNHG (QYHORSHV 2+06 (QY

ZLWK GHILQ LVVXHV G WR ZLWK $LUPDLO DQG 5HJG KDQGVWDPSV VHQW WR WKH 8. ,OOXVWUDWHG )'& ZLWK G WR

GHILQ LOOXVWU )'&V DQG VHW RQ SODLQ )'& DOO ZLWK LOOXVWU FDQFHOV FRYHUV

2OG SDJHV ZLWK D UDQJH RI VWDPSV &DW

VHHQ 3HDFH F 6* 0LQW 'HILQ V ,QF F DQG F 0LQW 'HILQ 6HW RI 3RVWDJH GXHV $LUV $ XVHIXO UDQJH FKLHIO\ PLQW

)5 &2/ ,1' &+,1$ { &RPPHUFH RYSW VHW RI )8 ,QF XQLVVXHG

6* { 2OG SDJHV ZLWK VWDPSV &DW ,QF

SHDFH DQG FRPPHUFH WR IU ,QF F 5RVH 3RVWDJH GXHV

2IILFLDOV $ YHU\ JRRG UDQJH PLQW RU ILQH XVHG

:DWHUPDUN 9DULHWLHV V 80 DOO

GLIIHUHQW ,QF )RRWEDOO F Z 1LFH JURXS

)5 &2/ ,925< &2

(UURU &DLOOLH F ZLWK FRXQWU\ RPLWWHG 6* D

),1/$1'

IUHVK PLQW

{ 5(9(18(6 6WDPS 'XW\ WR PN

)5 &2/ 0$'$*$6&$5 S PN WR PN D JRRG JURXS RI UHYHQXHV OLJKW DGKHVLRQ WR WKH ROG SDJHV { 2OG SDJHV ZLWK EHWWHU SLFNLQJV &DW VHHQ

H[KLELWLRQ VHW ([KLELWLRQ VHW 06 $LU VHW RI )5 &2/ &$0(5281 VL[ $ JRRG UDQJH RI VWDPSV 2OG 3DJHV ZLWK PDQ\ EHWWHU VWDPSV ,QF

)5 &2/ 0$57,1,48( GHILQ VHW RI 'HILQ VHW RI )UHQFK 5HYROXWLRQ VHW 2YSWV $ YDOXDEOH FROOHFWLRQ RI $ YHU\ ILQH PLQW FROOHFWLRQ ,QF FRPSOHWH VHWV

VWDPSV DQG 06 IUHVK PLQW VWDPSV DQG 06 $ ILQH UDQJH RI V RYSWV ORQJ VHW 6* HWF 5HXQLILFDWLRQ 6WHUOLQJ RYHUSULQW VHW RI 9)

1+0 6FDUFH LVVXH 0L

)5 &2/ 0$<277(

0DULDQQH GHILQLWLYH FROOHFWLRQ VHW RI $ 9(5< (;7(16,9( 67$03 &2//(&7,21 LQ

<YHUW VHW RI <YHUW VHW RI <YHUW DQ $OEXP HDUOLHU LV PRVWO\ PLQW WKHQ ODWHU LV 1+0 RYHU GLIIHUHQW VWDPSV DQG 06 YHU\ KLJK &9 DQG ORWV RI XVHIXO VHW RI <YHUW SOXV QR YDOXH ERRNOHWV

LVVXHV *HUPDQ 32 .DPHUXQ RYSW VHW RI <DFKWV WR PN <DFKWV WR PN &() <DFKWV WR G PLQW )5 &2/ 2&($1,& )UHQFK RIILFH RYSWV WR IU DQG GHILQV WR IU YHU\ H[WHQVLYH $ YHU\ ILQH PLQW FROOHFWLRQ ,QF FRPSOHWH VHWV

WKHUHDIWHU ZLWK $LUPDLOV WR I 3ULVRQHU RI :DU RYSWV ODWHU GLIIHUHQW LVVXHV ,QF VXUFK LVVXHV ORQJ VHW RI ZLWK PDQ\ VHWV *ROG )RLO KLJK &DW LVVXHV DQG PRUH 6HOGRP GLIIHUHQW 6* HWF 9HU\ ILQH RIIHUHG PDWHULDO

)5 &2/ &(17 $)

Credit Cards

8QPRXQWHG PLQW UDQJH RI VWDPSV 06

ZLWK EHWWHU SLFNLQJV %LUGV DQG %XWWHUIOLHV

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

%XWWHUIOLHV :LOGOLIH $ YHU\ XVHIXO ORW

Philangles 408 pages (69pp).qxp 13/01/2022 07:11 Page 23

)5 &2/ 5(81,21 $ YDOXDEOH FROOHFWLRQ RI VWDPSV DQG 06

ZLWK PDQ\ EHWWHU VWDPSV ,QF 5HG &URVV EODFN RYSW 6* 6XUFK RQ 5HG DQG 0DXYH 6* )UDQFH /LEUH ) 6* 5RODQG *DUURV RYSW 6* D YHU\ FRPSOHWH IRU WKH SHULRG ZLWK D VXSHUE DUUD\ RI VHWV &DW 6XSHUE TXDOLW\ PLQW $ ILQH UDQJH RQ VWRFN SDJHV 3LFWRULDO VHW

$ VPDOO EXW XVHIXO ORW RI ZLWK EHWWHU

)DXQD DQG )ORUD VHW 80 $LU 1XELDQ /00 $LU VHW 80 $ ILQH UDQJH FKLHIO\ 80 +LJK YDOXHV WR )U

)5 &2/ 67 3,(55( (DUO\ SDUFHO SRVW RYHUSULQWV F

6*3 F DQG F 6*3 )UHVK PLQW

RI 6* 3LFWRULDO VHW WR )U H[ F 5HG 0DXYH 0DULDQQH GHILQLWLYH WR I DV ERWWRP RI WKH

5HG &URVV [ 6XUFK YDOXHV WR )U $ VKHHW PDUJLQDO EORFNV RI IUHVK 80 VFDUFH LQ VXFK ODUJH ILQH UDQJH RI VWDPSV HDFK GLIIHUHQW IUHVK PLQW EORFNV ZLWK LPSULQWHG GDWHV

&RPSOHWH VKHHWV YLOODJHV I DQG I <YHUW

'HILQLWLYH VHW RI &)$ RYSW VHW <YHUW

IUHVK XP VHOGRP VHHQ DV FRPSOHWH VKHHWV &DW IUHVK 80 VHOGRP VHHQ 80 HXURV 3RVWDJH GXHV &)$ RYSW VHWV VHW RI

VHW RI VHW RI <YHUW DOO IUHVK

80 &)$ DLUPDLO VWDPSV VHW RI VHW RI

VHW RI ERWK VHW RI DQG DOO

IUHVK 80 8QPRXQWHG PLQW FROOHFWLRQ RI RYSW HG LVVXHV

ZLWK EHWWHU VHWV GHILQ VHW RI <YHUW GHILQ

VHW <YHUW VLU VHW RI <YHUW VFDUFH DLU VHW RI DLU VHW RI DLU VHW RI D VXSHUE FROOHFWLRQ RI VWDPSV ZLWK D YHU\ KLJK FDWDORJXH YDOXH 3LFWRULDO RYSW HG &)$ VHW RI <YHUW

IUHVK 80 ^3KRWR`

)5 &2/ 620$/, 2%2&. 6XUFKDUJH VHW RI F F WR F H[

UDUH IU WRS YDOXH ILQH PLQW 6* 6HOGRP RIIHUHG & 'MLERXWL '- RYSW F 6* ILQH PLQW 6FDUFH

& 2%2&. KLJK YDOXH VHW RI 9)0

6* 2%2&. 4XDGULOOH SDSHU VHW RI ILQH PLQW

6* 'MLERXWL IU 6* ILQH PLQW $ VHOGRP

RIIHUHG VWDPS 'MLERXWL IU WRS YDOXH 6* ILQH PLQW

'MLERXWL 4XDGULOOH SDSHU LPSHUI VHW RI F WR

IU ILQH PLQW H[ F 6* 2%2&. KLJK YDOXH IU 6* ILQH PLQW $

VFDUFH VWDPS 2%2&. KLJK YDOXHV IU IU DQG IU DOO ILQH

PLQW 6*

&RPSOHWH VKHHWV QDWXUH I I VH

WHQDQW VWULSV DQG DLUV I I PLJUDWLQJ ELUGV <YHUW $

DQG DLU VHOGRP VHHQ LQ FRPSOHWH VKHHWV 80

8QPRXQWHG PLQW FROOHFWLRQ V V SHULRG

ZLWK PDQ\ EORFNV RI RYHU VWDPSV LQF DLU VWDPSV 06

DQG ERRNOHWV DQ H[WHQVLYH FROOHFWLRQ IRU WKLV SHULRG

)5 &2/ 72*2 { 2OG SDJHV ZLWK D &DW 9DOXH RYHU ,QF

$LU VHW $QWL &DQFHU 3RVWDJH GXHV D JRRG

UDQJH RI VWDPSV 06 ZLWK LVVXHV WR

8QPRXQWHG PLQW FROOHFWLRQ RI VWDPSV ,QF

KLJK YDOXH $LUV VHHQ 'HILQLWLYH VHW <RXQJ

3LRQHHUV %XWWHUIOLHV VHWV $ JRRG ORW

)5$1&( &RORXU 7UDLO F 1DSROHRQ /LODF EORFN RI

LPSHUI 1R JXP DV LVVXHG &RORXU 7UDLO 1DSROHRQ F 6ODWH 3XUSOH LPSHUI

EORFN RI 1R JXP D LVVXHG { %$&. 2) 7+( %22. LQWHUHVWLQJ UDQJH RI

XVHG VWDPSV RQ DQ DOEXP SDJH LQFO 7(/(*5$3+6 F F I SOXV SHUIRUDWHG VHW 7(/(3+21( VWDPSV LQFO F I I F 1(:63$3(5 VWDPSV F YLROHW F EOXH F URVH

6DJH F URVH IUHVK P 6* F

3KLODWHOLF ([KLELWLRQ VWDPSV 9LJQHWWHV RQ SDJHV

ZLWK GHWDLOV SDLUV ,QF *ROG 0HGDO 9LJQHWWHV ,OOXVWU 3RVWDO &DUG XVHG DW WKH VKRZ SLHFH ZLWK VL[ VWDPSV DQG VSHFLDO VKRZ FDQFHO /\RQ 9LJQHWWHV 3DULV 9LJQHWWHV ,QF JXWWHU SDLU DQG 6WUDVERXUJ RYSW $ YHU\ ILQH ORW FKLHIO\ PLQW { 'HILQLWLYH FROOHFWLRQ ZLWK KLJK YDOXHV LQF

0HUVRQ I 6* IX VRZHU F SUH FDQFHOV )0 RYSWV WR F D XVHIXO ORW RI VWDPSV ILQH XVHG

'MLERXWL KDQGVWDPS LVVXHV F RQ F 6*

62:(5 F F PLQW 6* FDW

D ZLWK FRPPD DQG F RQ IU 6*

'MLERXWL ORFDO RYHUSULQW LVVXHV 9)0 EHWZHHQ

3UH FDQFHOV FROOHFWLRQ RI GLIIHUHQW IUHVK PLQW

6* ,QF F RQ IU DQG F RQ IU 6* (OXVLYH LVVXHV

'MLERXWL ORFDO VXUFK VHW RI WZR ILQH PLQW

6*

LQF F PHUVRQ VRZHUV LQF F SDVWHXU LQF F IUHVK PLQW FDW

:DU RUSKDQV VHW ILQH P 6*

F

9DOXDEOH YHU\ ILQH PLQW FROOHFWLRQ RI GLIIHUHQW

:DU RUSKDQV VHW ILQH P 6*

LVVXHV &DW PDQ\ KLJK YDOXHV XQXVXDOO\ YHU\ ILQH

,QF IU WR IU ERWK VKDGHV 6* 6* VXSHUE KLJK YDOXHV 6* LVVXH { $LUPDLO VHW RI 6* XVHG FDW

3RVWJH GXH RYSW HG VHWV <YHUW IUHVK

XQPRXQWHG PLQW

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:11 Page 24

)OLJKW VHW YIP 6* F /X[XU\ ERRNV VFDUFH LPSUHVVLRQV DQG

H[SUHVVLRQ DQG 0R]DUW VWLOO VHDOHG ERWK LQ YHU\ JRRG

FRQGLWLRQ

3RVWDO VWDWLRQHU\ FDUG QR YDOXH EURZQ <YHUW

0D[L FDUGV ZLWK FDUGV JRLQJ EDFN WR

&3 XQXVHG

ILQH XVHG ZLWK VWDPSV RQ WKH IURQW WR DERXW ,Q JRRG FRQGLWLRQ

/,*+7+286( 3ULQWHG $OEXP ZLWK D PLQW

{ 3KLODWHOLF 'RFXPHQWV PDLQO\ V ,QF

FROOHFWLRQ &DW ZLWK PDQ\ EHWWHU VHWV $LU VHW )UHQFK &LQHPD +HQUL /DQJORLV 67& $LU VHW :HOIDUH )XQG VHWV QRWH 2O\PSLF VHW $LU VHW $ YHU\ JRRG FROOHFWLRQ RI 5HG &URVV %RRNOHWV

VWDPSV DOO LQ YHU\ JRRG FRQGLWLRQ 6WRFNSDJHV ZLWK VWDPSV

80 FRPPHPRUDWLYH LVVXHV XQPRXQWHG PLQW LQF RO\PSLF VHWV { 5(9(18(6 2OG WLPH FROOHFWLRQ ZLWK LVVXHV WR

DV EORFNV RI D JRRG UDQJH RI LVVXHV ZLWK PDQ\ GLIIHUHQW GLPHQVLRQ LVVXHV LQF VXUFKDUJH $ ODUJH FROOHFWLRQ RI LOOXVWUDWHG IGF V ZLWK

RYSWV 7KHDWUH 5HYHQXHV WR ) $ YHU\ JRRG PDQ\ FRPSOHWH VHWV DQG PDQ\ GLIIHUHQW FRYHUV $ VXSHUE DUUD\ UDQJH RI FRPPHUFH LVVXHV RYHU UHYHQXH OLJKW DGKHVLRQ WR RI LVVXHV WKH SDJHV 2O\PSLF VHW RI VL[ XQPRXQWHG PLQW

6WRFNSDJHV ZLWK V LVVXHV VWDPSV

PV ERRNOHWV DOO 80 FRPPHPRUDWLYH LVVXHV D JRRG UDQJH )LQH $UW RQ VWDPSV SULQWHG $OEXP ZLWK

VWDPSV ZLWK GHWDLOV DERXW WKH VWDPSV HWF SURGXFHG E\ 3LHUUH

'H %ULPRQW YHU\ LQWHUHVWLQJ $OEXP ZLWK WKH VWDPSV EHLQJ 80

6WRFNSDJHV ZLWK HXURV YDOXH VWDPSV LQF

ERRNOHWV VWDPSV DV EORFNV RI PV VKHHWOHWV QRWH LQF OHWWHU

UDWH WR J PDQ\ ZLWK D IDF YDOXH RYHU HXURV LWHPV

XQPRXQWHG PLQW

$UW RQ VWDPSV VWDPSV LQF VHW RI

6* VHW RI 6* DQG VHW RI 6*

7(55,),& /27 SDFNLQJ D SDJH VWRFNERRN

VWDPSV ZLWK V &KDULW\ VHWV 9)8 ZLWK PDQ\ EHWWHU &DW 6HWV 5HG &URVV ZLWK VHWV H[WHQVLYH V FRPPHPV 0 9)8 H[WHQVLYH $UWV ZLWK JRRG VHWV DQG ODWHU KLJK YDOXHV 80 DQG 9)8 $ VXSHUE ORW RI )UDQFH 3LFWRULDOV

ODWH LVVXH DV EORFNV RI SOXV DUW PV 6*06 FDW HDFK D YHU\ JRRG UDQJH DOO 80 ,PSHUIRUDWHG YDULHWLHV 0DULDQQH F SDLU F

JUHHQ VLQJOH UHG SDLU I UHG VLQJOH DOO IUHVK 80 $USKLOD VHW RI LPSHUI <YHUW FDW

HXUR V 80

8QPRXQWHG PLQW VWRFNSDJHV ZLWK HXUR

YDOXH LVVXHV LQF PLQLDWXUH VKHHWV VKHHWOHWV ERRNOHWV

FRPPHPRUDWLYH DV EORFNV RI RYHU LWHPV ZLWK D IDFH YDOXH RYHU HXURV

&RXQFLO RI (XURSH LPSHUIRUDWHG YDULHWLHV FDW

(XURV IUHVK 80 ZLWK VHWV VWDPSV

8QPRXQWHG PLQW GXHO YDOXH FROOHFWLRQ RI

PLQLDWXUH VKHHWV ERRNOHWV VWDPSV ZLWK D IDFH YDOXH RI

3RVWDJH GXHV %HHWOHV LPSHUI SDLUV F WR I VHW

RI <YHUW IUHVK 80

/LEHUDWLRQ RI 3DULV VSHFLDO FRPPHP FRYHU RQO\

RQH RI ILIW\ SUHSDUHG VLJQHG E\ 2'(77( +$//2:6 VHQWDQFHG WR GHDWK DW 5DYHQEUXFN FDPS EXW ODWHU UHODVHG $Q LPSRUWDQW ZDU UHODWHG FRYHU 9) ^3KRWR`

HXURV LWHPV 80 8QPRXQWHG PLQW RQ VWRFNSDJHV ZLWK D

IDFH YDOXHRYHU HXURV VHHQ ERRNOHWV VKHHWOHWV VHW RI VWDPSV DV EORFNV RI SULRULWDUH WR J DQG J OHWWHU J DQG J PRQGR LVVXHV D JRRG UDQJH RI LWHPV VHHP WR JR WR KLJKO\ FDWDOJRXHG UDQJH

8QPRXQWHG PLQW RQ VWRFN SDJHV ZLWK ERRNOHWV

PLQLDWXUH VKHHWV VKHHWOHWV LQF J OHWWHU SULRULWLUH ERRNOHWV %RRNOHW FROOHFWLRQ FDWDORJXH YDOXH VHHQ

5HG &URVV 1HZ <HDU +ROLGD\V $ ILQH VHOHFWLRQ RI GLIIHUHQW 0DULDQQH ERRNOHWV UHG ZLWK QRQ YDOXH DQG F VWDPSV UHG

ERRNOHWV IUHVK 80

9HU\ FRPSUHKHQVLYH FROOHFWLRQ RI 80

GLIIHUHQW LVVXHV DQG 06 SULVWLQH ,QF $UW KLJK YDOXHV $LUV WR

IU SUH FDQFHO VHWV &KRLFH DQG KLJK &9

QRQH YDOXHV VWDPSV EOXH QRQ YDOXH VWDPSV 0DULDQQH GHILQV WR ( DV EORFN RI FRPPHPRUDWLYHV D EORFN RI VHHP WR EH SHULRG LWHPV ZLWK D IDFH YDOXH RYHU HXURV

8QPRXQWHG PLQW UDQJH RQ VWRFNSDJHV ZLWK

$ ODUJH FROOHFWLRQ RI VWDPSV

PV VKHHWOHWV ERRNOHWV RQ VWRFNSDJHV FKLHIO\ VWDPSV ERRNOHWV PLQLDWXUH VKHHWVP VKHHWOHWV VWDPSV QRWH OHWWHU WR

DUH FRUQHU EORFNV RI DOO XP KXJH FDWDOJRXH YDOXH ZLWK PDQ\ FRPSOHWH VHWV FRPPHPV D VXSHUE UDQJH RI VWDPSV ILOOLQJ D ODUJH FDUWRQ

J PDQ\ OHWWHU WR J ORRN WR EH SHULRG ZLWK D IDFH YDOXH RYHU HXURV LWHPV XQPRXQWHG PLQW

8QPRXQWHG PLQW VWRFNSDJH DOEXP ZLWK D

&DUWRQ ZLWK FROOHFWRUV EDODQFH PDQ\ V RI

VWDPSV PDLQO\ 80 LQF FRPSOHWH VKHHWV QRWH DLUIRUFH IXQG UDQGRP FROOHFWLRQ RI PLQLDWXUH VKHHWV VKHHWOHWV VWDPSV

ERRNOHWV LQF PDQ\ QRQ YDOXH W\SH OHWWHU WR J 0DULDQQH UHG QR YDOXH ZLWK D IDFH YDOXH RYHU HXURV LWHPV

FRPSOHWH VKHHW 6* GH *DXOOH VKHHWOHW RI VWULSV 6* D VWDPS VHQWHQDU\ I 6* D ZLWK HDUO\ LVVXHV PL[HG LQ $ XVHIXO ORW IRU VRUWLQJ

,QWHUHVWLQJ FROOHFWLRQ ,QF DQ $OEXP ZLWK LVVXHV )5(1&+ &2/21,(6

IURP WR ZLWK PDQ\ FKDULW\ VHWV ,QF 1DWLRQDO { )UHQFK 3RVW 2IILFHV LQ (J\SW 3RUW 6DLG

5HOLHI )XQG VHW RI VL[ 1DWLRQDO )LJXUH VHW RI RYSWV WR I PDLQO\ PLQW WR IU PLQW 6XUFK

5HXQLRQ 'HILQ WR )U H[ F )6$7 PRGHUQ LVVXHV ,QF 06 6KHHWOHW &DW YDOXH LQ PRGHUQ LVVXHV (DUO\ PLQW ODWHU UDQJH 80 V RI VWDPSV YHU\ KLJK FDWDORJXH YDOXH

/,7(5$785( VXEVWDQWLDO ORW RI FKLHIO\ <YHUW

HDFK GLIIHUHQW 6XUFK WR PLO PLQW WR PLO PLQW 1HZ W\SHV PLQW 5 &URVV 6LQNLQJ )XQG ERWK PLQW $ ILQH UDQJH RQ KLQJOHVV SULQWHG SDJHV

0XWXDO $LG I I DV EORFNV RI 80

7HOOLHU VSHFLDOLVHG VWDPS FDWDORJXHV RI )UDQFH WR KRXVHG PLVVLQJ RFHDQLH WR FRPSOHWH WKH VHW RI VHHQ LQ FRUQHU EORFNV LQ WZR FDUWRQV 2YHU GLIIHUHQW PDVVHV RI LQIRUPDWLRQ DOVR RI VSHFLDOLVHG GHILQLWLYH FDWDORJXHV IRU W\SH SDL[ /HV 5RXOHWWHV 0DULDQQH 'H %HTXHW HWF

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:11 Page 25

6SHFLDO GHOHJDWH VWRFNERRN FRQWDLQLQJ

GLIIHUHQW 80 FRQWHPSRUDU\ LVVXHV LQYDULDEO\ $LUPDLO KLJK

)8-(,5$

YDOXHV QRWLQJ 6RPDOL &RDVW WR IU 7RJR WR IU 6W 3LHUUH WR IU $ ILQH ORW RI KLJK YDOXHV LQ WKLV ORW ,17(5(67,1* 67$03 ORW RQ FDUGV

VWRFNSDJHV DQG OHDYHV DOO PLQW RU 80 5HXQLRQ )UDQFH /LEUH RYSW VHW XP :DOOLV )XWXQD VHW RI )UDQFH /LEUH

RYSWV WR IU 80 5HG &URVV VHW IRU HDFK WHUULWRU\ DLUPDLOV 'MLERXWL HWF GLII VWDPSV

0267/< 81 02817(' 0,17 &2//(&7,21

RI VWDPSV PLQLDWXUH VKHHWV VRPH LPSHUI DSSHDUV WR EH DOO GLIIHUHQW D ELW XQWLG\ EXW D ORW RI VWDPSV IRU \RXU PRQH\ DSSUR[ VWDPSV 06 VKHHWOHWV

*$%21 8QPRXQWHG 0LQW ZLWK EHWWHU SLFNLQJV

%LUGV $LU VHW %XWWHUIOLHV VHWV $ JRRG UDQJH RI VWDPSV

781,6,$ PRVW FRPSUHKHQVLYH

FROOHFWLRQ RI PLQW PRVW 80 RYHU GLIIHUHQW VWDPSV ZLWK EHWWHU FRPSOHWH VHWV $LUV WR IU %LUG KLJK

06 ZLWK PDQ\ VHWV

*$0%,$ G JUH\ ZPN &URZQ &$ VLGHZD\V 6+((7/(7

YDOXHV PDQ\ FRPPHP LVVXHV *RRG ORW +LJK &9

2) ZLWK PDUJLQV DOO URXQG SDUW RI PDUJLQ DW ULJKW UHPRYHG

6* KLQJHG RQ PDUJLQV RQ IURQW RI PDUJLQV WRR VWDPSV 80

)5(1&+ 6287+(51 $17$5&7,& 7(55 ,QVHFW VHW RI VL[ DV PDUJLQDO EORFNV RI

6* <YHUW DQG IUHVK 80

(GZDUG VHW )0 6*

/LJKWKRXVH KLQJOHVV SULQWHG DOEXP ZLWK FKLHIO\

HDUO\ EHWWHU VHWV LQF ERWK 0DGDJDVFDU RYSWV GHILQLWLYHV

.*9 6HW RI ILQH PLQW ZLWK DGGLWLRQDO OLVWHG

VKDGHV 6* $ FRPSUHKHQVLYH VHW LQF DLUV $OEDWURVV $GPLUDO &HVDU DLUV GLVFRYHU\ DLU .HUJXHOHQ I DLU $ VXSHUE UDQJH RI .*9 6HW ILQH PLQW 6*

VWDPSV FKLHIO\ WR KXJH FDWDORJXH YDOXH

6FDUFH DV EORFNV RI XQPRXQWHG PLQW RYSW VHW

.*9 VFULSW ZDWHUPDUN VHW RI GLIIHUHQW

RI 6* <YHUW DQG $LU IUHVK ^3KRWR` 6* WKH LV 6* FDW 8QPRXQWHG 0LQW 'HILQLWLYH VHW RI 6*

6LOYHU -XELOHH YDULHW\ G H[WUD IODJVWDII ILQH

6HOGRP VHHQ 80 6FDUFH PLQW 6* D 6HOGRP VHHQ I UR\DO SHQJXLQ DV D LPSULQWHG

)LUVW )OLJKW 6WDJH &RYHUV *DPELD WR 86$

GDWH EORFN RI 6* <YHUW IUHVK XQPRXQWHG PLQW YDULRXV FRXQWULHV %UD]LO &RQJR 1DWDO ZLWK YDULRXV UDWHV $Q

LQWHUHVWLQJ JURXS 6HOGRP VHHQ GDWH RPSULQWHG EORFNV RI I I

6LOYHU :HGGLQJ VHW DV EORFNV RI IRXU XP

6* <YHUW $ % ERWK IUHVK 80 6* 9HU\ VFDUFH I VHDOLRQ DV D LPSULQWHG GDWH

.*9, 9)0 LVVXH 6* LQFOXGLQJ

EORFN RI 6* <YHUW IUHVK XQPRXQWHG PLQW WKH NH\ òG ILUVW VKDGH 6* D FRXSOH RI SODWH EORFNV RI ^3KRWR` RWKHU òG LVVXHV G FRPSOHWH VKHHW RI DGGLWLRQDO $LU ,78 &HQWHQDU\ ) 6* )UHVK

VKDGHV /00 0XOWLSOH )UDQNHG &RYHUV %LUGV LVVXHV RQ

(QY V ZLWK YDOXHV WR ,QGHSHQGHQFH RYHUSULQWV òG )LVKHV VHW RI DV EORFNV RI LQF I I I

WR RQ D 2+06 (QY $OO ZLWK %DWKXUVW &'6 ZLWK GDWH LPSULQW 6* <YHUW DQG IUHVK

80

{ 6XSHUE ILQH XVHG DV EORFNV RI RU VWULSV IURP

6* WR 6* VXSHUE TXDOLW\ VWDPSV &DW

8QPRXQWHG PLQW ZLWK D FDWDORJXH YDOXH RYHU

ZLWK PDQ\ KLJK YDOXH $LUV 6H 7HQDQW RYHU VWDPSV

VHHQ &R 6* $VWURQRP\ 6* $LU )LVK 6* 2UFDV 6* 7HUQV 6* $ VXSHUE UDQJH LQ D VWRFNERRN

1(: ,668(6 SXUFKDVHG DW JUHDW

FRVW WKH FROOHFWLRQ RI RYHU GLIIHUHQW 06 RU VKHHWOHWV

IHDWXULQJ D PXOWLWXGH RI 7RSLFDO VHWV 7KHVH DUH DOO OLVWHG E\ 6* &RORVVDO &9

*(5 &2/6 &+,1$ 9DOXDEOH FROOHFWLRQ FKLHIO\ PLQW RYSWV WR

SI PLQW DQG XVHG WR SI VHW WR PN &KLQHVH &XUUHQF\ VHW :PN WR ò 'ROODU $ JRRG ORW RI VWDPSV

%RRNOHW 7RXULVP 6*6% ,Q YHU\ JRRG

FRQGLWLRQ

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

%RRNOHWV 7RXULVP $GHOLH /DQG 9R\DJHV

9R\DJHV 6*6% $OO LQ YHU\ JRRG FRQGLWLRQ DQG

VFDUFH

{ <DFKW U WRS YDOXH ZPN 6* IX 6FDUFH

VWDPS F

*(5 &2/6 0$5,$1$

8QPRXQWHG PLQW FROOHFWLRQ RI 06 6KHHWOHWV

ZLWK PDQ EHWWHU VKHHWV ,QF / HFULW (XUR

{ <DFKW PN 6* )LQH XVHG 6FDUFH

%LUGV 6HDOLRQV 3RODU WUDQVSRUW 3RODU $YLDWLRQ +HOLFRSWHUV 0ROOXVFV $ YHU\ JRRG FROOHFWLRQ &DW

*(50$1 &2/21,(6

%RRNOHW $GHOLH /DQG 6*6% 9HU\ JRRG

FRQGLWLRQ 6FDUFH

{ 86(' $%52$' JURXS RI *HUPDQ VWDPSV XVHG

LQ 6+$1*+$, RQH LQ 7,(176,1 SOXV ILYH 6((3267 FDQFHOV DOO RQ SLHFH ZLWK ODUJHO\ FRPSOHWH SRVWPDUNV SLHFHV

&DWDORJXHG VL[ GLIIHUHQW YI XP

LVVXHV LQF IU SHQJXLQ DLUPDLO IU VDWHOOLWH 9)

{ ($67 $)5,&$ <DFKW U KLJK YDOXH

6WRFNFDUGV ZLWK D UDQJH RI VWDPSV PDLQO\

V V LVVXHV ZLWK VHWV &DW IUHVK 80 VHHQ PDQ\

$LU LVVXHV

6* HDFK ZLWK D GLIIHUHQW 'DU (V 6DODP FGV SRVWPDUN $ GHOLJKWIXO PDWFKHG WULR F

Philangles 408 pages (69pp).qxp 13/01/2022 07:11 Page 26

{ ($67 $)5,&$ <DFKW U KLJK YDOXH

{ 72*2 $QJOR )UHQFK SI <DFKW RYSW

6* HDFK ZLWK D GLIIHUHQW SRVWPDUN DQ DWWUDFWLYH WULR F

6* DV D YIX 3$,5 ZLWK FHQWUDO FGV 1LFH

{ ($67 $)5,&$ FDQFHOODWLRQV %$*$02-2 RU

%$*$02<$ ILQH VHOHFWLRQ RI LWHPV ZLWK YDOXHV WR U GLII W\SHV LQF XVHG RQ SLHFH ZLWK IXOO SPNV FRPELQDWLRQ SLHFHV KLJK FY

9DOXDEOH &ROOHFWLRQ RQ ROG SDJHV ZLWK LVVXHV

IURP 7RJR &DPHURXQ 6RXWK :HVW $IULFD (DVW $IULFD 0RURFFR DQG 7XUNLVK (PSLUH ZLWK PDQ\ V RYSWV <DFKWV WR PN V RYHU VWDPSV PDLQO\ PLQW

*(50$1<

{ ($67 $)5,&$ .,/:$ FDQFHOODWLRQV

LWHPV LQF PXOWLSOHV JRRG UDQJH RI GLII YDOXHV WR U GLII W\SHV { 2OG 3ULQWHG $OEXP ZLWK RYHU VWDPSV ZLWK

EHWWHU F DQG F PLQW F 5HLFK 3RVW WR RU SPNV

PN 'HILQ WR PN ,$$ RYSW $LU IM { ($67 $)5,&$ <DFKWV ZLWK FDQFHOODWLRQV

$OEXP LQ YHU\ JRRG FRQGLWLRQ IRU LWV DJH WKH VWDPSV DUH 0LQW $0$1, ZLWK YDOXHV WR U DOVR VXSHUE $UXVFKD RQ RU )8 $Q ROG WLPH RULJLQDO FROOHFWLRQ K DQG RWKHUV WR K LWHPV

{ PN WRS YDOXH 6* D YIX ZLWK GDWHG 2.(5

{ ($67 $)5,&$ U <DFKW 6* HDFK

FGV VFDUFH VWDPS FDW )LQH

ZLWK D GLII W\SH RI 7$1*$ SPN F

+LJK YDOXHV PN PN 6* D D ERWK ILQH

{ ($67 $)5,&$ U <DFKW WRS YDOXH 6*

P 6FDUFH VWDPS FDW

H[DPSOHV DOO ZLWK D GLIIHUHQW W\SH RI '$5 (6 6$/$0 FGV SPN $ VFDUFH PDWFKHG WULR FDW { ($67 $)5,&$ <DFKW K 6* DV DQ DWWU

IX SDLU

{ $ PRVW VSHFWDFXODU SLHFH IUDQNHG [ PN WRS

YDOXHV 6* D DOO ZLWK FULVS 6WXWWJDUW SRVWPDUNV $ UHPDUNDEOH YI LWHP F

3DUFHO &DUGV ZLWK D YDULHW\ RI IUDQNLQJ V VHQW WR

7XUNH\ ZLWK PDQ\ WRZQ FDQFHOV $ JRRG ORW RI JRRG IRU FDQFHOOHG DW 3$1*$1, RU 7$1*$ ZLWK YDOXHV WR U

VWXG\ DQG U $ YDOXDEOH KLJKO\ FDWDORJXHG JURXS

+\SHU LQIODWLRQ LVVXHV DV FRPSOHWH VKHHWV

IHDWXULQJ PDUJLQDO QXPEHUV ,QVFULSWLRQV HWF $ UHPDUNDEOH ORW ($67 $)5,&$ FDQFHOODWLRQV /LQGL RIILFH

RI GLIIHUHQW LVVXHV LQ YDULRXV TXDQWLWLHV IHDWXULQJ PDQ\ + LWHPV ZLWK GLII W\SHV D JRRG UDQJH RI KLJK YDOXHV U U EORFNV 6KHHWV VWDPSV &DW ,QFUHGLEOH

9HU\ KLJK FY KROGLQJ ($67 $)5,&$ FDQFHOODWLRQV RQ <DFKW ZLWK D

YHU\ JRRG UDQJH RI VWDPSV RIILFHV LWHPV ZLWK YDOXHV WR 3$5&(/ 3,(&(6 WR 7KH $XVWUDOLDQ %RRN &RPSDQ\ LQ WKH 8. HDFK ZLWK $XVIXKUEHZLOOLJXQJ ([SRUW U QRWLQJ D VXSHUE VWDPS FRPELQDWLRQ SLHFH FDQF DW 3HUPLW ODEHO DIIL[HG UDQJH RI UDWHV DQG DOO VWDPSV ZLWK SHUILQV 03$38$ '2'20$ ZLWK PXOWLSOHV U ZLWK 62*2 FGV HWF +LJK . ) . IRU . ) .RHKOHU EXW HYHU\ ODEHO KDV VDPH 0 FY VWDPS DIIL[HG 6RPH IDXOWV

($67 $)5,&$ &$1&(//$7,216 RQ <DFKWV

RQ ROG EODFN FDUGV ZLWK LWHPV LQF PXOWLSOHV KLJK YDOXHV U WKUHH FRPPHUFLDOO\ XVHG ZUDSSHUV IURP 7KH $QJOR 'XWFK %XOE &RPSDQ\ SRVWHG IURP +DPEXUJ WR 8.

U FRPELQDWLRQ SLHFHV JRRG VKRZLQJ RI 08$16$ GXULQJ WKH K\SHU LQIODWLRQ SHULRG WZR SRVWHG WK WK 0252*252 +LJKO\ FDWDORJXHG VWDPSV $XJXVW DW 0 UDWH DQRWKHU SRVWHG WK 6HSWHPEHU DW ($67 $)5,&$ FDQFHOODWLRQV RQ <DFKWV ZLWK

0 UDWH )LQH FRQGLWLRQ RQH FRPSOHWH ZLWK WKH SULQWHG KLJK YDOXHV JRRG ORW RI VWDPSV %8.2%$ LQF U U

FLUFXODU

U WRS YDOXH DOVR 0,.,1'$1, ZLWK YDOXHV WR S $ YHU\ 2O\PSLF VHW XP 6* F

KLJKO\ FDW ORW

($67 $)5,&$ ILQH XVHG <DFKW VHOHFWLRQ ZLWK

KLJK YDOXHV FDW VWDPSV QRWLQJ U U U WRS { 2O\PSLFV SDLU RI 06 ERWK YIX DW .LHO ZLWK

YDOXH DOO ZLWK '$5 (6 6$/$0 SPNV 6RXQG VSHFLDO SPNV 6* D F

($67 $)5,&$ ROG VWDPS ORW RQ +DJQHU SDJHV

'DQ]LJ RYSW VHW XP 6* YI F

RYHU VWDPSV P IX ZLWK KLJK FY WZR VKLS SRVWFDUGV ZLWK

UHODWHG VWDPSV DIIL[HG WR REYHUVH HDJOH RYSWV WR SI P <DFKWV ZLWK D JRRG UDQJH RI KLJK YDOXHV U U P RU IX

VHYHUDO PLQW EORFNV FDQFHO LQWHUHVW HWF 5HTXHVW VFDQV *HUPDQ 2FFXSDWLRQ RI 'DOPDWLD F RYSW 4 9)0 6*

{ ($67 $)5,&$ DQ LPSUHVVLYH IX VHOHFWLRQ

{

{

{

{

{

{ ($67 $)5,&$ VFDUFH UDLOZD\ =XJ SRVWPDUNV

RQ <DFKW U KLJK YDOXHV $ VFDUFH WULR *RRG VWULNHV

($67 $)5,&$ <DFKW VWDPSV LQFOXGLQJ

FRPELQDWLRQ SLHFHV RQ IRUP IUDJPHQWV ZLWK YDULRXV W\SHV RI '$5 (6 6$/$0 SRVWPDUNV LWHPV ZLWK YDOXHV WR SHVD KHOOHU DOVR U KLJK YDOXH 6HYHUDO YI FRPELQDWLRQ SLHFHV +LJK FY LQ VWDPSV DORQH 6$02$ $ VHOHFWLRQ RI <DFKW VWDPSV LQF D

PN WRS YDOXH 6* * IX DQG RWKHUV WR PN PLQW

{ 6$02$ PN <DFKW KLJK YDOXH YIX RQ

SLHFH ZLWK SI WLHG $SLD FGV 6* * { 72*2 $QJOR )UHQFK RYSWV RQ <DFKWV IX

$ KLJKO\ FDW JURXS LQF RQ SI W\SH VPDOO IDXOWV W\SH ,, RQ SI XVHG GLII VHWWLQJV SI LQF VFDUFH IX SDLU 6FDUFH VWDPSV

{ $OOLHG RFFXSDWLRQ 06 6* PV D YIX FDW

6SHFLDO GHOHJDWH VWRFNERRN FRQWDLQLQJ

GLIIHUHQW 80 FRQWHPSRUDU\ LVVXHV LQF +HXVV GHILQ VHW

6DDU +HXVV VHW YDULRXV FRPPHP VHWV %HUXQ GHILQ VHW 9HU\ ILQH $1 2/'7,0( $1' 9(5< 25,*,1$/

&2//(&7,21 +RXVHG LQ D VLPSOH[ $OEXP IRU LVVXHV ZLWK D FDWDORJXH YDOXH RI RYHU PDQ\ EHWWHU LWHPV =HSSHOLQ VHW +LQGHQEXUJ 6H 7HQDQW PXOWLSOHV H[WHQVLYH 7KLUG 5HLFK LVVXHV ,QF +LWOHU 06 'DQ]LJ RYSW VHW )8 7UDGH 06 DQG PXFK PRUH VWDPSV DQG 06 %DFN RI WKH ERRN ZLWK EHWWHU SLFNLQJV

ORFDO IHH VWDPSV )OLJKW 0DUJDUHWD PLQW 6WHPSHOPDUNH 6KLHOGV WR PLOOLRQ PDUNV $ YHU\ LQWHUHVWLQJ ORW RI LWHPV

Credit Cards

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:11 Page 27

{ ),1( 86(' (YHU\ VSDFH FRPSOHWH :HVW

*HUPDQ\ LQ OX[XU\ ER[HG /LJKWKRXVH SULQWHG $OEXP D SHUIHFW FROOHFWLRQ ZLWK HYHU\ JRRG HDUO\ FKDULW\ VHW &DW XSWR HDFK VXSHUE +LWOHU 2FFXSDWLRQ RI $XVWULD 3I +LWOHU +HDG

LVVXH DV 80 EORFN RI ZLWK ORFDO RYSW WKLV VWDPS ZDVQ¶W

V EODFN FDUPLQH ZPN &URZQ &$ WZR

&21752/ %/2&.6 RI )285 RQH IURP ORZHU OHIW FRUQHU ZLWK IXOO FRUQHU VHOYHGJH WKH RWKHU IURP WKH WRS PDUJLQ QR VLGH PDUJLQ 6* YHU\ ILQH PLQW EORFNV

^3KRWR` G GXOO SXUSOH YLROHW ZPN &URZQ &$ FRUQHU

&21752/ %/2&. RI )285 6* KLQJHG RQ PDUJLQ RQO\ VWDPSV ILQH 80 ^3KRWR`

RIILFLDOO\ LVVXHG 6FDUFH /LWHUDWXUH 2O\PSLF /RV $QJHOHV

(GZDUG VHW PLQW IUHVK DSSHDUDQFH VPDOO

2O\PSLFV 6XPPHU DQG :LQWHU 2O\PSLFV ZLWK DOO WKH LPDJHV YROXPHV LQ ILQH FRQGLWLRQ IRU WKHUH DJH

LPSHUIHFWLRQV 6* F FROOHFWRU SDLG IRU WKLV VHW 9HU\ FROOHFWDEOH

{ 5(9(18(6 (DUO\ LVVXHV WR ZLWK VWDWH

DQG ORFDO LVVXHV VHHQ %DYDULD 3UXVVLDQ $YVDF DQG /RUUDLQH

ZLWK PDQ\ GLIIHUHQW W\SHV RYHU UHYHQXHV ROG WLPH ORW OLJKW DGKHVLRQ WR WKH SDJHV 68%67$17,$/ 67$03 &2//(&7,21

KRXVHG LQ D ER[HG 'DYR KLQJOHVV DOEXP ZLWK RYHU GLII VWDPSV 06 FDWDORJXHG PDQ\ EHWWHU

SLFNLQJV P XP LQF WKLUG 5HLFK 2O\PSLF EURZQ ULEERQ VKHHWV 8102817(' F DLUPDLOV ORWV RI WKLUG UHLFK VHWV *RRG ORW :25/' :$5 21( 0LOLWDU\ ILHOG SRVWFDUGV

.(9,, òG G òG ZPN &URZQ &$ HDFK LQ D

FRUQHU &21752/ EORFN RI IRXU 6* YHU\ ILQH PLQW EORFNV ^3KRWR` (GZDUG FROOHFWLRQ òG WR òG

WR YDOXHV WR PLQW FDW

.*9 &ROOHFWLRQ WR WR

WR SLFWRULDO VHW RI V MXELOHH VHW RI $OO PLQW DQG HDFK VWDPS LV GLIIHUHQW .*9 WRS YDOXH 6* IUHVK PLQW D VFDUFH

VWDPS

XQXVHG LQ YHU\ ILQH FRQGLWLRQ 7KH FROOHFWLRQ RI PRVWO\ GLIIHUHQW ,QF GLIIHUHQW WH[W UHWXUQ FDUG W\SHV DQG GLIIHUHQW GHVLJQV 6XSHULRU FRQGLWLRQ )LQH ORW

6LOYHU -XELOHH YDULHW\ G /LJKWHQLQJ &RQGXFWRU

6* F 9)0

*(50$1< ($67 7KH VH WHQDQW FRPELQDWLRQ EORFNV

FRPELQDWLRQ VKHHWV ERRNOHW SDQHV HWF KRXVHG LQ HLJKW DOEXPV

6LOYHU -XELOHH YDULHW\ G H[WUD IODJVWDII PLQW

ZLWKLQ SRVLWLRQDO FRUQHU EORFN 6* D

ZLWK V GLII LWHPV KXJH &9 DOO SHUIHFW XP LQF UDUHO\ RIIHUHG 9DULHW\ .*9 VLOYHU MXELOHH G H[WUD IODJ VWDII

HDUO\ V ERRNOHW SDQH VKHHWV $OO OLVWHG LQ 0LFKHO 6* D PLQW

9DULHW\ .*9, ELUG RQ PHPRULDO 6* EE FDW

9(5< 68%67$17,$/ &ROOHFWLRQ ZLWK QHDUO\

PLQW HYHU\ VSDFH ILOOHG LQ WZR 'DYR ER[HG SULQWHG $OEXPV ZLWK RYHU GLIIHUHQW VWDPSV DQG 06 KXJH &9 ,QF %DFK .*9, GHILQLWLYH LVVXH 6* H[WHQVLYH YIP

)8 6FLHQWLVWV PLQW F )ULHQGVKLS ZLWK &KLQD ZLWK VSHFLDOLVDWLRQ FROOHFWLRQ DOO LGHQWLIHG VWDPSV LQF FRLO )8 F .DUO 0DU[ 6KHHWV F DQG YHU\ VWULSV VRPH EORFNV LQF SODWH QXPEHUV FRPSUHKHQVLYH PLQW VHW H[WHQVLYH ZLWK PXFK 0 80 WKHUHDIWHU D VROLG RULJLQDO ZLWK SULQWLQJV VKDGHV &: QXPEHU NH\ VWDPSV LQF òG FROOHFWLRQ 6* D SODWH EORFNV GLII

6XEVWDQWLDO FY )LQH ORW *(50$1< :(67

.*9, G S ZPN VLGHZD\V 6* E 7:2

6XSHUE FROOHFWLRQ ZLWK PDQ\ HDUO\ VHWV ,QF

5HOLHI )XQGV 6WDPS &HQWHQDU\ 5HOLHI )XQG FRPSOHWH VKHHWV RI IURP SODWHV D E XP ZLWK PDQ\ 5HOLHI )XQG PDQ\ FKDULW\ VHWV RYHU VWDPSV DQG 06 SRVLWLRQDO PLQRU YDULHWLHV KLJKOLJKWHG WKURXJKRXW TXLWH

UHPDUNDEOH

&DW RXWVWDQGLQJ TXDOLW\ PLQW ,QF PXFK 80

3,&725,$/ 6HW WR ZLWK VKDGHV DQG YDULHWLHV

LQF G PDMRU UH HQWU\ DV D SRVLWLRQDO EORFN 80 UH HQWU\ ERWK VKDGHV ZLWK VWDPSV LQF

&DWDORJXHG 3RVWKRUQ VHOHFWLRQ RI

GLIIHUHQW YDOXHV 3) WR 3) IUHVK 80 6*

FKLHIO\ 80 QHDWO\ GLVSOD\HG RQ SDJHV

),1( 0,17 80 5$1*( 2) 6(76 LQFO

GHILQV VHWV SOXV D UDQJH RI FRPPHPV 9)0 80 IURP FDW

*+$1$ 4XLHW \HDU RI WKH VXQ VKHHWOHW RI VWDPSV

LPSHUI VHH QRWHV EHORZ 6* D VHW RI VKHHWV 80 VHOGRQ

VHHQ S RQ G 1HZ &XUUHQF\ VXUFKDUJH *5((1 RQ

IODJ 20,77(' 6* G ILQH 80 ^3KRWR` (5525 FRPSOHWH VKHHW ZLWK RYSW PLVSODFHG

S RQ DLU 6* YDU RYHUSULQW DFURVV WKH PDUJLQ DQG SHUIV

RI WKH VWDPSV

(55256 9$5,(7,(6 QHDWO\ DUUDQJHG

FROOHFWLRQ RI PLQRU YDULHWLHV VXFK DV SULQWLQJ IODZV SHUI VKLIWV

RIIVHWV SOXV D IHZ OLPLWHG HGLWLRQ %ODFN 3ULQWV ZH QRWH *XQV GHILQ LQ EORFNV ZLWK PLQRU IODZV RQ LQ EORFNV RQH ZLWK EURNHQ LQ VXUFKDUJH :LQJV RI 3UH\ ,,, VKHHWOHWV ZLWK SHUI VKLIWV WKURXJK YDOXH FRXQWU\ QDPH %DVLF VWDPSV FDW DSSUR[ LWHPV VWDPSV

*,%5$/7$5 6LJQHG E\ WKH VWDPS GHVLJQHU VHOI

DGKHVLYH ERRNOHW VLJQHG E\ $ * 5\PDQ %HUPXGD VWDPSV RYSW HG òG WR G 6* PLQW

KLJK FDWDORJXH YDOXH 49 6SDQLVK FXUUHQF\ VHW RI SOXV F GHHS

XOWUDPDULQH 6* D 6* PLQW

8QPRXQWHG PLQW ZLWK D IDFH YDOXH RI ZLWK

PDQ\ KLJK YDOXHV 06 6KHHWOHWV ORRNV YHU\ FRPSOHWH IRU WKH

SHULRG $ VXSHUE FROOHFWLRQ :DWHUPDUN 9DULHW\ S %LUG 80 9HU\ ILQH

6* Z

9DULHWLHV VKRUW IRRW F RQ òG 6* D F

RQ òG EOXH 6* D DQG F RQ V 6* D 0LQW

PHILANGLES

49 VHW RI 6* PLQW

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:11 Page 28

35,17(5 6 3+272*5$3+,& (66$<6 .*9, '(),1 678'< LQFOXGLQJ ERWK

3522)6 VXSHU FROOHFWLRQ RI PRVWO\ EODFN ZKLWH SURRIV RQ SHUIRUDWLRQ VHWV ZLWK KLJKO\ FDWDORJXHG SHUI SULQWLQJV 6* VKDGHV VHYHUDO EORFNV LQFOXGLQJ SODWH QXPEHUV SKRWRJUDSKLF SDSHU FRYHUV GLIIHUHQW LVVXHV PRVW

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

,QYHUWHG ZDWHUPDUN S (XURSD 6* Z YHU\

ILQH 1+0 IURP WKH FRUQHU RI WKH VKHHW

WK $QQLYHUVDU\ RI *LEUDOWDU 5HJLPHQW )8//

6+((76 RI SDQHV RI ZLWK JXWWHU PDUJLQ 6*

VKHHWV IROGHG WZLFH RWKHUZLVH ILQH 80 FDW VKHHWV

&KULVWPDV VHW LQ 3+272*5$3+,& 3522)6

ODUJH FRORXU SURRIV ZLWK YDOXHV LQVFULEHG S SOXV D VPDOOHU VWDPS VL]HG VHW LQ EODFN ZKLWH DV 6* ILQH LWHPV

.*9, SRVWDO VWDWLRQHU\ YIP LQF F URFN

LOOXVWUDWHG OHWWHU FDUG VFDUFH YI .*9, YIP ZLWK LQWHUHVWLQJ PDWHULDO LQF

VKHHW FRUQHU SODWH PDUJLQ DOO PDWFKHG ZLWK FRPWHPSRUDU\ SRVWFDUGV VHYHUDO EORFNV LQF G '/5 LPSULQW FRQVWLWXWLRQ RYSWV ZLWK SODWH EORFNV G 6* PDMRU UH HQWU\ LQ SDLU 'HOLJKWIXO VHOHFWLRQ TW\

VHW LQF G VKHHW QXPEHU PXOWLSOHV SODWH QXPEHU SDLUV WR $ ILQH ORW

*5($7 %5,7$,1 $1 (17,5( /27 RI FROOHFWRUV SXUFKDVHV ZLWK

XVHIXO SLFNLQJV V DOO GLII VWDPSV LQF SHQQ\ UHG SODWHV RQ ROG SDJHV òG PLGJHW ORW RQ D SDJH VXEVWDQWLDO 4(,, FROOHFWLRQ ZLWK JRRG ZLOGLQJ FDVWOH VHWV SKRV FRPPHPV ZLWK PXFK IX D FROOHFWLRQ RI GLII FRPPHP VHWV DOO IX PDFKLQ FROOHFWLRQ D UDQJH RI ERRNOHWV SRVWDJH GXHV VHOHFWHG LWHPV HWF $ XVHIXO ORW %$&. 2) 7+( %22. 0$7(5,$/ $Q

LQWHUHVWLQJ ORW ZLWK 'RFXPHQWV IUDQNHG E\ 5HYHQXH VWDPSV

QRWLQJ 0RUWJDJH 'RFXPHQW IUDQNHG .*9 G RYSW 5HYHQXH VHW 80 WR LQ IROGHU UHSURGXFHG SURRIV IRU XQLVVXHG WULDQJOH LVVXHV 5HYHQXH VHW WR RQ *RYHUQPHQW VKHHW FDQFHOOHG HWF 4W\

4(,, VXEVWDQWLDO ORW LQ D ELJ 6WRFNERRN QRWH

:LOGLQJV 7XGRU :PN 6HW 80 &DVWOHV WR 80 *UDSKLWH VHW WR òG 9)8 0DQ\ EHWWHU HDUO\ 3KRVSKRU VHWV ,QF 5HG &URVV 80 $OVR H[WHQVLYH )8 ZLWK JRRG 3KRV 6HWV DQG PDQ\ VHWV WR &LUFD VWDPSV

{ :(// ),//(' &ROOHFWLRQ LQ DQ $OEXP VRPH

XVHIXO SDJHV G VRXQG XVHG (GZDUG 6HW

òG WR G PLQW .*9 0DFNHQQDOV PLQW WR PLQW

6HDKRUVHV ,QF XVHG EORFN VRXQG 80 JRRG UDQJH RI ZLOGLQJV ,QF ERWK JUDSKLWH VHWV 0 80 FRPSUHKHQVLYH FRPPHPV WR PLQW 3RVWDJH GXHV ,QF GLIIHUHQW VHWV WR 80 V PL[HG FRQG 0XFK ILQH

2OG 3DJHV ZLWK VWDPSV UDQGRPO\ SODFHG

6 -XELOHH VHW PLQW .*9 G 0 4(,, WR D JRRG UDQJH RI *5($7 %5,7$,1 % 48((1 9,&725,$ VWDPS DQG 06 ZLWK PDQ\ FRPSOHWH VHWV PDLQO\ PLQW LQ { 3HQQ\ %ODFN 3ODWH % +.

H[FHSWLRQDO )8 ZLWK

80 DOPRVW FRPSOHWH FULVS %ODFN 0DOWHVH &URVV ODUJH HYHQ 3/$7( 180%(5 RQ .*9 ILQH P LWHPV G

PDUJLQV *HP FRUQHU EORFN G G

{ 3HQQ\ %ODFN SODWH 1, )8 5HG 3PN ODUJH

PDUJLQV DQG DWWUDFWLYH 0LQRU LPSHUIHFWLRQV *,/%(57 (//,&( ,6 )UHVK PLQW VHWV .*9 WR 6* DQG .*9,

{ 3HQQ\ %ODFN 3ODWH OHWWHUV 2, PDUJLQV ZLWK

VHW ZLWK VHYHUDO DGGLWLRQDO OLVWHG VKDGHV ,QF DOO 6* VWDPSV &DW

9DULHW\ .*9 VLOYHU MXELOHH IODJVWDII RQ ULJKW

KDQG WXUUHW 6* G PLQW .*9, 3,&725,$/ 6HW ZLWK VKDGHV DV OLVWHG LQ

%ODFN 0& FDQFHO { 3HQQ\ %ODFN 6) SODWH ILQH XVHG ZLWK JRRG WR

YHU\ ODUJH PDUJLQV 5HG 0& YHUWLFDO FUHDVH SLW\ YHU\ QLFH VWDPS PDWFKHG ZLWK DQ 3HQQ\ 5HG SODWH )8

0XUUD\ 3D\QH .*9, VSHFLDOLVW &DW 6* VWDPSV IUHVK { 3HQQ\ %ODFN 6+ SODWH 9)8 PDUJLQ ZLWK

PLQW QHDW %ODFN &URVV GHHS VKDGH VKDOORZ FUHDVH

3RVWDJH 'XH 6HW 3HUI 63(&,0(1 ILQH PLQW

6*' V ' V

{ 3HQQ\ %ODFN 7, )8 PDUJLQ ZLWK SDUW PDUJLQDO

LQVFULSWLRQ DW EDVH /(77(5 ,1 :(77,1 * $WWUDFWLYH 9LFWRU\ 6HW 3HUI 63(&,0(1 ILQH PLQW

LWHP 6* V V { 7ZR 3HQFH %OXH &. &/ ILQH XVHG 3$,5 ULFK

VKDGH VKDYHG DW EDVH DQG DW ULJKW EROG %ODFN 0& 6* &DW .*9, ZLWK VSHFLDOLVHG VHOHFWLRQ RI YIP LQF XP

0RVW DWWUDFWLYH VWDPSV 6* LQF G ZLWK 35( 35,17,1* &5($6( ORRNV OLNH D FUDFNHG SODWH òG G SODWH EORFNV D { 1XPEHU LQ 0DOWHVH &URVV G ZLWK YHU\ ILQH

FRPSUHKHQVLYH VHW RI VWDPSV LQF OLVWHG VKDGHV VWULNH PDUJLQV

*2/' &2$67 .*9 VHW RI WR 9)0 6* D

6LOYHU -XELOHH YDULHW\ G H[WUD IODJVWDII 9)0 LQ

SRVLWLRQDO EORFN 6* D

{ 180%(56 ,1 0$/7(6( &5266(6 RQ LPSHUI

3HQQ\ 5HGV 7KH FRPSOHWH VHW QXPEHUV WR UDUH QXPEHU LV D VXSHU VWULNH VWDPSV DUH PL[HG PDUJLQV DOVR SDLU 3HQQ\ V ZLWK 1R DQG SLHFH ZLWK G G ZLWK QXPEHU LWHPV &DW (QWLUH ZLWK [ G %OXHV /HWWHU &&

YDULHW\ LV 80

PDUJLQV .( PDUJLQV *+ PDUJLQV D VFDUFH HDUO\ G UDWHG HQWLUH VHQW ORFDOO\ ZLWK 7 3 7HPSOH KDQGVWDPS HQGRUVHG 33 VRPH VRLOLQJ EXW YHU\ VFDUFH

VHW VHW RI 6 :HGGLQJ VHW 838 VHW $ JRRG UDQJH RI VWDPSV

WRXFKLQJ DW WRS ,QFUHGLEOH FRORXU DQG QHDW 3PN 6* F

9DULHW\ .*9 VLOYHU MXELOHH G H[WUD IODJVWDII

6* D ZLWKLQ D SRVLWLRQDO EORFN RI WKH VWDPS ZLWK WKH

{ (PERVVHG 9)8 FXW VTXDUH HYHU VR VOLJKWO\

{ .*9, PDLQO\ ILQH XVHG ZLWK VHWV ,QF GHILQ

Philangles 408 pages (69pp).qxp 13/01/2022 07:11 Page 29

{ (PERVVHG VHW RI VRXQG XVHG 6* WKH G { %ORFN RI IRXU G 6* )8 HDFK ZLWK QHDW

LV VRXQG IXOO PDUJLQV G LV FXW VTXDUH EXW WRXFKLQJ RQ WZR &'6 &UD\RQ OLQH WKURXJK UHLQIRUFHG DW ULJKW H[FHOOHQW VLGHV DQG WKH YHU\ ILQH FXW VTXDUH PXVW VKDYLQJ EDVH &DW FRORXU DQG DQ DSSHDOLQJ EORFN &

49 SRVWDO ILVFDO G 6*) UDWHG RQ FRYHU

{ (PERVVHG G 9)8 FXW VTXDUH SRUWLRQ RI QH[W ORFDOO\ XVHG

VWDPS DW OHIW $ YHU\ ILQH H[DPSOH RI WKLV NH\ VWDPS 6* *5($7 %5,7$,1 %22./(76 (QWLUH ZLWK D SDLU RI G 3DOH %OXH 6*

$ VXEVWDQWLDO FROOHFWLRQ RI RYHU VWLWFKHG

ERRNOHWV KRXVHG LQ ILYH VSHFLDO YROXPHV SOXV VRPH VWLOO LQ WKHLU ZLWK 'DUWPRXWK &'6 RQ WKH UHYHUVH VWDPS OHWWHUV )* )+

ZLWK %ODFN 7RZQ FDQFHO

{ (PERVVHG G :PN ,QYHUWHG DQG UHYHUVHG

EXQGOHV RI WHQ ERRNOHWV DV VXSSOLHG E\ WKH 32 YDULRXV W\SHV ([FHSWLRQDO FRQGLWLRQ KLJK FY

6* ZN )8 FXW VTXDUH SRUWLRQ RI QH[W VWDPS DW WRS MXVW VKDYLQJ DW WZR SRLQWV &

$ VXEVWDQWLDO ORW RI RYHU VWDPSV ERRNOHWV LQ

SULVWLQH FRQGLWLRQ KRXVHG LQ YDULRXV ELQGHUV ZLWK D JRRG YDULHW\

-XQH YHU\ HDUO\ H[SHULPHQWDO" GXSOH[ FRGH

RI YDOXHV IURP DQ ROGWLPH DFFXPXODWRU

0% RQ HDUO\ SHUIRUDWHG G VWDU RQ QHDW VPDOO HQY

3RVWDO +LVWRU\ DQ HQYHORSH ZLWK FRQWHQWV G

7+( %,5'6 VWDPS ERRNOHWV FROOHFWRUV

RULJLQDO ORW RI ERRNOHWV LQ SHUIHFW FRQGLWLRQ SXUFKDVHG DW

WLPH RI LVVXH KRXVHG LQ YROXPHV LQ YDULRXV TXDQWLWLHV UDWH 6* VHQW WR /RQGRQ ZLWK 6WRNH 1HZLQJWRQ +DQGVWDPS 6XEVWDQWLDO FY LQ *UHHQ RQ WKH UHYHUVH DQG /RQGRQ DUULYDO PDUN OHWWHU DERXW +DYLQJ D ERXW RI /XPEDJR $Q LQWHUHVWLQJ FRYHU DQG )ROGHG VWDPS ERRNOHWV ZLWK YDOXHV WR $

ILQH VHPL VSHFLDOLVHG FROOHFWLRQ ZLWK PDQ\ F\OLQGHU GLIIHUHQW FRQWHQWV ERRNOHWV { 49 G 6* 9)8 ZLWK %ULVWRO &'6 GHHS

FRORXU 8QXVXDOO\ ILQH $LUPDLO (XURSH VWDPS %RRNOHWV D ILQH

FROOHFWLRQ RI GLIIHUHQW ZLWK IDFH YDOXHV WR S SDQHV

{ $ PRVW UHPDUNDEOH VPDOO SLHFH IUDQNHG WKH

3RVWFDUG %RRNOHWV PDQ\ &\OLQGHU SDQHV )LQH ORW &203/(7( 6(7 RI ILUVW VXUIDFH SULQWV G G ZLWK

GXSOH[HV DQG /LYHUSRRO &'6 VKRZSLHFH 6* $ FROOHFWRUV DFFXPPXODWLRQ RI RYHU

F VPDOO SHUI IDXOWV RQ 'HHS FRORXUV GLIIHUHQW IROGHG VWDPS ERRNOHWV V KRXVHG LQ D ER[ ZLWK

YDOXHV WR ZLWK PDQ\ KDYLQJ F\OLQGHU QXPEHUV { 49 G 6* D DV D VXSHU OLJKWO\ XVHG SDLU RI

$SSDUDQWO\ FROOHFWHG IRU WKLV YHU\ UHDVRQ 8QFKHFNHG RULJLDQO H[FHOOHQW TXDOLW\ F ORW { 3ODWH 3HQQ\ 5HG VRXQG )8 VPDOO FUHDVLQJ

QRW YLVLEOH IURP WKH IURQW .H\ VWDPS F

4(,, SUH GHFLPDO ERRNOHWV LQF 6*1

1 1 1 G -XQH 6*4

49 G 3ODWH 9)0 ZLWK ODUJH SDUW RULJLQDO

5DQGRP FROOHFWLRQ RI 4(,, SUH GHFLPDO ERRNOHW

JXP DQG H[FHOOHQW FRORXU 6* 1LFH VWDPS ZLWK YDOXHV WR PDLQO\ PDFKLQV

0LGJHW òG SODWH 6* DV D ILQH P VWULS RI

0- 0/ YIP F 49 òG YHUWLFDO VWULS RI 3O 6* PLQW

3DLU RI G 6* SO WLHG RQ D HQWLUH ZLWK

GXSOH[ FDQFHO RI 0DQFKHVWHU VHQW WR )ORUHQFH { 7HOHJUDSK KLJK YDOXH 6*7 )8 ZLWK

*5($7 %5,7$,1 & (':$5' 9,, '/5 G 6* E ERWK 9)0 F

'/5 G 6* /00

'/5 òG 6* ERWK 80 6PDOO

EHQGV

*ODVJRZ FGV &DW

'/5 òG DOO OLVWHG SULQWLQJV 9)0 RQH LV

QHYHU KLQJHG $ ILQH TXDUWHW 6* { 7HOHJUDSK VWDPS KLJK YDOXH 6*7 )8 FDW

{ 7HOHJUDSK SO ZLWK VXSHUE *UHHQRFN T

FGV 6*7 VXSHUE XVHG

'/5 òG ERWK VKDGHV XP 6*

'/5 G ERWK VKDGHV 6* E

{ 49 6* YIX ZLWK FULVS *ODVJRZ FGV FDW

XP

{ -XELOHH *UH\ *UHHQ FRORXU VKDGH YDULHW\

9)8 .

-XELOHH òG 6* DV D EORFN RI RQH

VWDPS KLQJHG 80 FDW DV VLQJOH VWDPSV

2IILFLDOV G *RYW SDUFHOV 6*2 YIP

{ -XELOHH *UHHQ 6* DV D GHOLJKWIXO )8

EORFN RI RQ SLHFH UHWDLQLQJ WUXH RULJLQDO FRORXU DQG HDFK QHDWO\ FDQFHOOHG ZLWK &'6 3PN $WWUDFWLYH -XELOHH G 6* DV D IUHVK XP EORFN $

ILQH LWHP

'/5 G 6* XP 6PDOO EHQG

'/5 G 6* 80

'/5 G VKDGH 6* XP

'/5 G 6* IUHVK 80 9)

'/5 G DOO OLVWHG SULQWLQJV XP 7ZR PDUJLQDO

DOO YI 6*

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

PTS and ASDA registered.

Integrity assured.

Philangles 408 pages (69pp).qxp 13/01/2022 07:11 Page 30

'/5 G VKDGHV 9HU\ ILQH JURXS RI DOO OLVWHG

DUH 1+0 6* 9HU\ ILQH

'/5 G 6* YHU\ ILQH 80

'/5 G 6* IUHVK PLQW 6*

'/5 G ERWK VKDGHV XP 6* D

(GZDUG G 6* DV IUHVK XP EORFN

'/5 G 6* XP 9I

+DUULVRQ 3 [ LVVXH 6* D VHW RI

FKRLFH XP LQF DOO òG G VKDGHV 9) 'LIILFXOW VHW WR DVVHPEOH

(GZDUG G FKDON SDSHU YHU\ ILQH 1+0

80 6*

VR ILQH G LV 6*

(GZDUG G 6* 9)0

+DUULVRQV G DQLOLQH SLQN VKDGH 6* D XP

IOXRUHVFHQW XQGHU ODPS UDUH VWDPS

(GZDUG 6* 9)0 H[WUHPHO\ IUHVK

+DUULVRQV 3 LVVXHV IUHVK XP VHW ZLWK òG

G OLVWHG VKDGHV òG G G $ IUHVK VHW LQ YI FRQGLWLRQ

6PDOO JXP EHQG (GZDUG G 6* DV YI XP EORFN $ VFDUFH

PXOWLSOH

6* 6RPHUVHW +RXVH 6* RULJLQDO SULQWLQJ

XP *XP FUHDVH QRW YLVLEOH IURP IURQW &

'H /D 5XH SULQWLQJV (GZDUG GHILQLWLYHV FDW

6RPHUVHW +RXVH 6* 80 9)

ZLWK VKDGHV òG G òG G G G

LQF WZR YDULHWLHV G G G G

D JRRG ORW PLQW 6RPHUVHW +RXVH G $OO SULQWLQJV XP 6*

LV D FRUQHU SDLU JXP FUHDVH DQG 6* DUH VLQJOHV (GZDUG VHW RI GLIIHUHQW YDOXHV òG WR ILQH

9) PLQW ,QF EHWWHU FKDON SDSHUV 6* F 5HTXHVW VFDQV 1LFH VHW 6RPHUVHW +RXVH G ERWK SULQWLQJV XP 6*

8QPRXQWHG PLQW VHOHFWLRQ SULQWLQJV

XQFKHFNHG òG G G G RUDQJH SDLU YHU\ IUHVK

6RPHUVHW +RXVH 6* XP

'/5 G 6* $ YHU\ ILQH VHOHFWLRQ RI

PLQW VKDGHV XP 5HTXHVW VFDQ

{ 6RPHUVHW +RXVH 6* DV YIX EORFN

HDFK XQLW ZLWK FULVS *XHUQVH\ FGV $ VSHFWDFXODU EORFN RI WKH KLJK YDOXH

'/5 G 1+0 80

6*

6RPHUVHW +RXVH G 6* XP

%ORFNV RI ILQH PLQW òG G G òG

G PRVW DUH ILQH DQG IUHVK RFFDVLRQDO XP '/5 G GLIIHUHQW OLVWHG VKDGHV 1+0 LV

KLQJHG 9HU\ ILQH 6* F

*5($7 %5,7$,1 ' *(25*( 9 GREAT BRITAIN - D) GEORGE V 'RZQH\ KHDGV D IUHVK XP ORW EHWZHHQ

6* PDQ\ RI WKH 6* OLVWHG VKDGHV LQF G DQLOLQH

GLH E KDYH LQYHUWHG ZPNV 9) 5HTXHVW VFDQ '/5 G $ YHU\ ILQH PLQW RI GLIIHUHQW ,QF

6* VXSHUE 1+0 80 $ 2UDQJH SULQWLQJV

'RZQH\ KHDG G ZDWHUPDUN VLGHZD\V XP

6* F '/5 G FKDON SDSHU 6* D XP

1R ZDWHUPDUN HUURU G 6*1 D IUHVK

PLQW

'/5 G FKDON SDSHU 6* D YHU\ ILQH 1+0

80

5R\DO &\SKHU VHW RI ,QF F 2OLYH 9)0

'/5 G FKDON 6* E XP 6PDOO GLIIXVLRQ QZ

FRUQHU F '/5 G 6* D ERWK IUHVK XP

'/5 G 6* IUHVK XP YI

6* F .*9 VLPSOH F\SKHU VHW 6* D PRVW

FRPSUHKHQVLYH DVVHPEO\ RI DOO VXSHUE 8102817(' 0,17

LQF PDQ\ VFDUFH OLVWHG VKDGHV LQF G ELVWUH EURZQ G G

G ZLWK ERWK JUHHQ VKDGHV 6* D E G ERWK

ERWK $Q H[FHSWLRQDO DVVHPEO\ DOO QHYHU KLQJHG

&RQWURO PDUJLQ LWHPV ZLWK VLQJOHV WR G

(GZDUG G FKDON SDSHU 6* DV ILQH P EORFN & DV YIP 7 FRQWURO VWULS RI FDW DV EDVLF

VWDPSV XQXVXDO PXOWLSOH '/5 G 6* ERWK ILQH XP

{ 6SHFWDFXODU IUDQNLQJ SDUFHO WDJ ZLWK G

'/5 G FKDON 6* 9) 80 &KRLFH

(PSLUH ([KLELWLRQ G 6* QLFHO\ XVHG RQ D

(GZDUG G RUDQJH 6* ILQH P EORFN

XP

{ 6SHFWDFXODU SDUFHO WDJ ZLWK VHDKRUVHV

VWULSV RI VHDKRUVH ZLWK /RQGRQ (6 FGV ZLWK IDXOWV DV WR EH H[SHFWHG 6FDUFH VHOHFWLRQ RI GLIIHUHQW H[KLELWLRQ SRVWFDUGV ZLWK H[KLELWLRQ 3PNV

[ RQ ERWK VLGH RI WKH WDJ WR PDNH UDWH IDXOW EXW VSHFWDFXODU LWHP % : 3ULQWLQJV LQGLVWLQFW SRVWPDUN

'/5 G 6* 80 ILQH

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:11 Page 31

7HWH %HFKH JXWWHU SDLU òG 6* D ILQH

P { 9DOXDEOH FROOHFWLRQ RQ SDJHV GHILQV WR

LQF G H[SHULPHQWDO SDSHU DQG òG G ERRNOHW SDQHV RI VL[

{ .*9, FROOHFWLRQ DQ RULJLQDO ORW RQ SDJHV ZLWK

ROG VHWV ERWK PLQW 80 DQG ILQH XVHG LQF GHILQV LQF ZPN V ZD\V DQG ZPN LQY VHWV DUPV VHW VHYHQ EHUULHV

ZLWK D EORFN RI 80 V ZHGGLQJ IHVWLYDO KLJK YDOXHV SRVWDJH GXH VHWV $ VXSHUE UDQJH RI PLQW H[KLELWLRQ VHWV PLQW DQG )8 SKRWRJUDYXUH VWDPSV LQF LQY DQG V ZD\ ZPN VHWV PLQW GLIIHUHQW IRUPDWV PLQW $ YHU\ .*9, &200(025$7,9(6 H[WHQVLYH

JRRG ORW ZLWK PXFK LGHQWLILHG FKLHIO\ PLQW VSHFLDOLVHG DVVHPEO\ ZLWK YDULHWLHV EORFNV LQWHUHVWLQJ LWHPV P XP FRURQDWLRQ òG LQF FRORQ IODZ 5D\ IODZ RWKHU (QYHORSH ZLWK H[KLELWLRQ VHW ZLWK VORJDQ

FDQFHO VHQW WR 6XH] (J\SW $ ILQH FRYHU YDUV LQ PXOWLSOHV VWDPS FHQW SODWH QXPEHU VLJ QJOHV YLFWRU\ G LQF VKLQ\ LQN WDLO IODZ H[WUD YHUU\ 838 òG PDMRU { 6SHFWDFXODU SDUFHO WDJ ZLWK G

UHWRXFK LQ SODWH EORFN OLQH DFURVV NLQJV OLS LQ F\OLQGHU EORFN 6HDKRUVHV SOXV GHILQ G G RKPV WDJV (QGRUVHG RO\PSLFV G FURZQ IODZ VHW WR &KDQQHO ,VOH òG IRUHLJQ QHZV FURZQ IODZ ZKHHO IODZ UHYHQXHV RQ SDVVSRUW SDJHV

*RRG ORW

{ 6SHFWDFXODU SDUFHO WDJ ZLWK [ VHDKRUVHV

RQ ERWK VLGHV RI WKH WDJ ZLWK /RQGRQ FDQFHO %: SULQWLQJ

.*9, '(),1,7,9(6 H[WHQVLYH P XP

VSHFLDOLVWHG VWXG\ LQ ER[HG ELQGHU VHYHUDO PXFK VPDOO IDXOW DV ZRXOG EH H[SHFWHG LQWHUHVWLQJ ERRNOHW DGYHUWV WUDLQLQJ VFKRRO G EORFN F VHW WR &RQWURO DQG &\OLQGHU QXPEHU EORFNV RI G

òG G GRFWRU EODGH IODZV VHW XP VLGHZD\V

òG SOXV òG SDLUV ZLWK FRQWURO DQG F\OLQGHU QXPEHUV LQYHUW VHWV P DUPV KLJK YDOXH VHW RI XP D ILQH ORW RI

HDFK GLIIHUHQW PLQW ORZ YDOXH GHILQV VLQJOHV VWULSV ZLWK SODWH QXPEHU PDUJLQV .*9 ([SORGHG %RRNOHW 6*%% ZLWK òG

PDQ\ GLII D JURXS RI FRLO OHDGHUV VWULSV WHQ GLII ERRNOHW G ò ODEHOV òG RQH SDQH :PN XSULJKW òG [

SDQHV PRUH $ PRVW LQWHUHVWLQJ ORW :PN LQYHUWHG &DW DV SDQHV IUHVK 80 %RRNOHW SDQHV ZLWK EHWWHU SLFNLQJV òG JUHHQ

F\O ( GRW G VFDUOHW F\O ) GRW G UHG EURZQ * 1R GRW .*9 GHILQ VHW 6* DV ILQH P EORFNV

òG XOWUDPDULQH - QR GRW DOO SDQHV RI VL[ PLQW D JRRG DQG XP G VOLJKWO\ WRQHG DOVR 38& WR ò DV EORFNV YDOXDEOH FROOHFWLRQ RI SDQHV PLQW 6* RWKHUV EORFNV

)LUVW )OLJKW &RYHU HQGRUVHG )LUVW )OLJKW WR

SULQWHG FLUFXODU SRVWHG DW òG UDWH ZLWK 6LOYHU

4 1RUIRON ,V W\SHG ZLWK DUULYDO PDUN DQG ER[HG FDFKHW .LQJ -XELOHH IUDQNLQJ $XJXVW FDQFHO UHSRVWHG DQG IUDQNHG (GZDUG 6W /RQGRQ RQ WKH UHYHUVH DJDLQ ZLWK òG .*9 GHILQLWLYH WLHG E\ WK 6HSWHPEHU

SPN )ROGHG FOHDU RI DGKHVLYHV XQXVXDO LWHP )OLJKW &RYHU ZLWK .*9, DQG (GZDUG 9,,, 4 IUDQNLQJ VHQW WR 1HZ +HEULGLHV )LUVW 'LVSDWFK RI 6LOYHU -XELOHH ERRNOHW HGLWLRQ 6*%%

XQVXUFKDUJHG (QGRUVHG W\SHG DGGUHVV FURVVHG RXW PRVW

XQXVXDO ZLWK VSHFLDO IOLJKW FDFKHW 6LOYHU -XELOHH ERRNOHW HGLWLRQ 6*%%

$UPV KLJK YDOXH VHW RI ILQH PLQW 6* F

6LOYHU -XELOHH ERRNOHW HGLWLRQ 6*%%

$UPV KLJK YDOXH VHW RI VL[ 6* F IUHVK

6LOYHU -XELOHH ERRNOHW SDQH RI ZLWK F\O LQ

&\OLQGHU EORFNV RI VL[ VWDPSV DQQLYHUVDU\ G

òG G DQG òG ZLWK UHWRXFKHG QHFN IUHVK PLQW LQF 80 HDFK EORFN LV GLIIHUHQW

F PLQW

WKH PDUJLQ òG IUHVK PLQW :DWHUPDUN VLGHZD\V ERRNOHW SDQHV RI òG

G 6* DE DE IUHVK PLQW 9LFWRU\ G F\OLQGHU EORFNV QXPEHU GRW QR

GRW GRW QR GRW VKLQ\ LQN EORFN RI GRW 80

*5($7 %5,7$,1 ( (':$5' 9,,, %RRNOHW HGLWLRQ QXPEHU 6*%& &DVK

DGYHUWLVLQJ SDQH ZLWK ZPN LQY òG G DOVR ZPN LQY ,Q YHU\

JRRG FRQGLWLRQ :LQGVRU :HGGLQJ 'D\ )UDQFH 7ZR GLIIHUHQW

FRYHUV IUDQNHG )UHQFK VWDPSV FDQFHOOHG DW 0RQW V LQ VXSHUE XQDGGUHVVHG FRQGLWLRQ

%RRNOHW SDQHV òG G òG ZPN XSULJKW XP

XVXDO RIIVHWV 6* F H I

3523$*$1'$ )25*(5,(6 OLTXLGDWLRQ RI

HPSLUH RYSWV òG %DUEDGXV IX òG %HUPXQGD P òG -DPDLFD P òG 6LQJDSRUH IX $ JRRG JURXS ^3KRWR` 3523$*$1'$ )25*(5,(6 RI .*9, GHILQ VHW

RI òG WR G YI XQXVHG DV LVVXHG ^3KRWR` ::,, 5( 86( /$%(/ RYHU HQYHORSH ODUJH

SLFWRULDO ODEHO RI PHUFKDQW YHVVHO DQG LQVFULEHG 7KH (PSLUH &DUULHV RQ 7KDQNV WR WKH 0HUFKDQW 1DY\ 6RPH PLQRU IDXOWV RQ HQYHORSH D VXSHUE ODEHO

$GYHUW %RRNOHW 3DQH RI 6L[ òG &RPH RQ WKH

0DLO %DJ 7DJ IRU LQWHUQDWLRQDO 0DLOV ZLWK

7HOHSKRQH ZLWK LQYHUWHG 6*3% D 0LQW

$GYHUW %RRNOHW 3DQH RI 6L[ òG )RU 6DIHW\ RI

UHPDUNDEOH VWDPS DQG òG UDWH ,QF [ 6* E DOO QHDWO\ FDQFHOOHG ZLWK /RQGRQ )6 GDWH VWDPSV ([FHSWLRQDO FRQGLWLRQ

&DSLWDO 8QLYHUVDO 6*3% D ZDWHUPDUN LQYHUW PLQW 0DLO %DJ 7DJ IRU PDLOV FDUULHG WR $GHODLGH

$XVWUDOLD ZLWK UHPDUNDEOH VKLOOLQJV DQG òG UDWH ,QF [ $GYHUW %RRNOHW 3DQH RI 6L[ òG ZLWK ,QYHUW

$UPV 6* E DOO QHDWO\ FDQFHOOHG DW /RQGRQ )6 'XPE 6SUHDG <RXU &DSLWDO ,QYHVW ,Q &HQWXU\ 6*3% D PLQW FDQFHO 9HU\ ILQH VPDOO IDXOWV 0DLO %DJ 7DJ RI ,QWHUQDWLRQDO 0DLO FDUULHG IURP

$GYHUW %RRNOHW 3DQH 2I 6L[ òG &DVK - DQG

/LYHUSRRO WR %DOH 6ZLW]HUODQG ZLWK UHPDUNDEOH òG UDWH - &DVK 6*3 D ZDWHUPDUN LQYHUWHG PLQW ZLWK [ $UPV 6* E G òG DOO ZLWK /RQGRQ )6

'XPE FDQFHOV ,QFUHGLEOH UDWH

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

9DULHWLHV G 9LFWRU\ ZLWK JDVK RQ WHPSOH DQG

VHYHU EHUULHV ZLWKLQ EORFNV RI VL[ IUHVK 80

&DQFHOOHG DQG 3XQFWXUH %RRNOHW 6WDPSV G

VLQJOH òG SDLU 6* 0LQW

Philangles 408 pages (69pp).qxp 13/01/2022 07:12 Page 32

9LFWRU\ òG F\OLQGHU EORFN RI VL[ QXPEHU 1257+(51 ,5(/$1' 5(*,21$/6 LVVXHV YI

GRW QRW GRW GRW QR GRW GRW GRW QR GRW QR GRW XP FROOHFWLRQ ZLWK VRPH VSHFLDOLVDWLRQ GLII SKRV SULQWLQJV

GRW DQG QR GRW $ YDOXDEOH JURXS PLQW )HVWLYDO KLJK YDOXH VHW 6* IUHVK

80

([KLELWLRQ &RQJUHVV LOOXVWUDWHG FRYHUV

)HOL[VWRZH %DWK (QY LOOXVWU &DUGV *UHDW %ULWLVK &RQJUHVV 6RXWKDPSWRQ LOOXVWUDWHG HDFK GLIIHUHQW W\SHG XS RQ SDJHV 6WDPS ERRNOHW G 6* %'

{ 6SHFWDFXODU SLHFH IHVWLYDO KLJK YDOXHV

DQG [ ZLWK /RQGRQ FGV FDQFHOV %RRNOHW G 6*%' ZLWK òG òG

SDQHV ZPN LQY DQG G SDQH ZPN XSULJKW LQ ILQH

FRQGLWLRQ

GLIILFXOW RGG YDOXHV WR HWF 6RPH 06 SDQHV

6&27/$1' 5(*,216 YI XP FROOHFWLRQ ZLWK

VRPH VSHFLDOLVDWLRQ GLII SKRV SULQWLQJV GLIILFXOW RGG YDOXHV WR

JRRG ORW

:$/(6 UHJLRQDOV LVVXHV YI XP FROOHFWLRQ ZLWK

VRPH VSHFLDOLVDWLRQ GLII SKRV SULQWLQJV GLIILFXOW RGG YDOXHV WR

HWF *RRG ORW

3+$1720 5 YDULHWLHV G :LOGLQJV

UHWRXFKHG 5 6* GD LQ SDLU WKH YDULHW\ LQ FRUQHU EORFN

6* DD 9) :LOGLQJ òG F\OLQGHU EORFN GRW SKRV

6*6 D $ VFDUFH LWHP 3KRVSKRU VHWV LQ D 6WRFNERRN XQPRXQWHG PLQW

,QF /LIHERDW VHWV 5HG &URVV VHWV SOXV VHW DV F\O %ORFNV

RI VL[ F 80 *HRJUDSKLFDO VHWV %RWDQLFDO KXJH &DW YDOXH ZLWK 6 ZD\ :PN 6HW DQG ,QY :PN 6HW FKDQJH RI FRORXU VHWV

,QF 6 ZD\ :PN $QG ,QY :PN $UPV VHW RI VL[ 6 ZHGGLQJ &DVWOH G EZ 6* D DV YI FRPSOHWH VKHHW VHW IHVWLYDO KLJK YDOXH VHW $ JRRG ORW RI VWDPSV PLQW &DW RI XP ZLWK SODWH QXPEHU

&$67/( EZ 6* D DV D YI FRPSOHWH

)LUVW GD\ FRYHUV LQF VWDPS FHQWHQDU\

VKHHW RI XP ZLWK SODWH QXPEHU LOOXVWUDWHG RQH ZLWK /RQGRQ UHG FURVV VSHFLDO FDQFHO V ZHGGLQJ SODLQ FRYHU 2O\PSLF JDPHV DV EORFNV RI &DVWOH DV D SODWH EORFN RI SODWH $

IHVWLYDO ORZ YDOXH GHILQ VHW DQG IHVWLYDO FRPPHPV D 6* D 80 XVHIXO ORW )RUWK 5RDG %ULGJH 3UHVHQWDWLRQ SDFN LQ ILQH .*9, KLJK YDOXH VHWV DUP VHW RI

V ZHGGLQJ VHW IHVWLYDO KLJK YDOXH VHW RI 6UP VHW PLQW FRPSOHWH FRQGLWLRQ 7KH .H\ 3DFN 7RWDOO\ RULJLQDO ZLWK RULJLQDO WKH UHVW 80 FDW FHOORSKDQH ([WHQVLYH .*9, FROOHFWLRQ ,QF GHILQLWLYH

)RUWK 5RDG %ULGJH SUHVHQWDWLRQ SDFN LQ YI

.*9, ,OOXVWUDWHG )'&V VWDPS FHQWHQDU\

FRQGLWLRQ 6* F

ERWK GLIIHUHQW DQG 9LFWRU\ RQ LOOXVWU *HQLDOLW\ /WG FRYHU ZLWK 'RQ W :DVWH %UHDG VORJDQ &DW YDOXH

{ .*9, RQ VWRFNFDUGV ZLWK EHWWHU VWDPSV

9HU\ XQXVXDO 'H 0RQW )RUW V 3DUOLDPHQW )'&

ZLWK VSHFLPHQ KDQGVWDPS DQG +RXVH RI &RPPRQV )LUVW 'D\ GHILQV ZPN VLGHZD\V òG WR òG F LQF ZPN òG WR òG RI ,VVXH &DQFHO 8QDGGUHVVHG &DW DV D QRUPDO F DUPV WR VHWV FDW ZHGGLQJ F

FRYHU IHVWLYDO KLJK YDOXHV F XVHIXO ORW RI VWDPSV )8 (5525 &KULVWPDV G 6* XP YHUWLFDO SDLU

WRS VWDPS ZLWK DGGLWLRQDO PP SKRVSKRU EDQG XQXVXDO *5($7 %5,7$,1 * (/,=$%(7+ ,, XQOLVWHG :LOGLQJ VHW LQF LQYHUWHG ZPN VHW RI DQG ZPN (UURU &KULVWPDV G XP SDLU ZLWK SKRVSKRU

V ZD\V òG G òG 0LQW LQF 80 RPLWWHG RQ ULJKW XQLW OHIW XQLW ZLWK GRXEOH SKRV 8QXVXDO

6* &RPSRVLWH ERRNOHWV 6*) LQ ILQH 6SHFWDFXODU %DWWOH RI +DVWLQJV G HUURU PLVVLQJ

FRQGLWLRQ 0DJHQWD FRPSOHWH VKHHW ZLWK VWDPSV KDYLQJ PLVVLQJ 0DJHQWD DQG VHYHUDO VWDPSV ZLWK SDUW PLVVLQJ 0DJHQWD YHU\ )'& &RURQDWLRQ VHWV RQ YDULRXV LOOXVWUDWHG

VFDUFH LQ VKHHWV DV PRVW ZKHUH EURNHQ XS IGF DOO WKLV GLII SPNV $ ILQH JURXS F 6* 9DULHW\ %DWWOH RI +DVWLQJV G EORFN RI ZLWK

^3KRWR` WKH PLGGOH URZ RI VWDPSV ZLWK VDJH *UHHQ 'RFWRU V %ODGH %RRNOHW G 6** LQ YHU\ ILQH FRQGLWLRQ

IODZ QRQ SKRV $ YHU\ JRRG YDULHW\ 80

9DULHW\ PDFKLQ G F\OLQGHU EORFN RI &\O

$ % ZLWK SKRV RPLWWHG DQG UHWRXFKHG VKRXOGHU

&RPSOHWH VKHHW FDWDORJXH YDOXH

6* (Y IUHVK 80 ZLOGLQJ G 6* LQF VSRW RQ ( 5 DQG VSRW RQ GDIIRGLO 5 80 :,/',1*6 &2,/ 67$036 RI )LYH IUHVK 80

(GZDUG &URZQ D YHU\ ILQH VHW RI òG WR G

6* D E

:DOHV UHJLRQDO V SUH GHFLPDO F\OLQGHU EORFN RI

LQF YDULHWLHV G ZLWK OXPS WR GUDJRQV KHDG ZLWK EORFNV

IURP G WR G HDFK GLIIHUHQW FDW IUHVK 80

0$&+,16 VWHUOLQJ LVVXH PDVVLYH

([KLELWLRQ DQG &RQJUHVV &ROOHFWLRQ W\SHG XS RQ

DFFXPXODWLRQ RI ERRNOHW SDQHV LQ SDFNHWV RQ FDUGV SDJHV ELJ

SDJHV ZLWK PDQ\ GLIIHUHQW VKRZ FDQFHOV 'H /D 5XH FRPPHPV VWDPSV 6W +HOHQD &HQWHQDU\ DQG 6WDQOH\ *LEERQ &HQWHQDU\ VWDPSV 6WDPSH[ DQG *UHDW %ULWDLQ &RQJUHVV FRYHUV $ YHU\ JRRG FROOHFWLRQ RI FRYHUV DQG $QQLYHUVDU\ VWDPSV

'/5 &DVWOHV VHW ILQH 1+0 6* D .H\

VHW

VWRFNERRN HWF PDQ\ PDQ\ V DOO XP SHUIHFW ZLWK G G ERWK FRORXUV G SDQHV $ YHU\ JRRG ORW ILOOLQJ D ILOH ER[ &$67/( G &RPSOHWH VKHHW ZLWK D YDULHW\

3/ ZLWK UH HQWU\ GRWV RYHU %DWWOHPHQW 5 IUHVK

80

3DLQWLQJV VHW DV FRPSOHWH VKHHWV 6* D

6FRWWLVK UHJLRQDO V FROOHFWLRQ RI VWDPSV 80

PV IUHVK 80 HDFK VWDPS LV GLIIHUHQW DUUDQJHG RQ SDJHV E\

LVVXHV

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:12 Page 33

(1*/,6+ +RPHV %RRNOHWV

XQFKHFNHG IRU SHUI W\SHV PLVVLQJ SKRV HWF

)'& 3 PDFKLQ 39$ 'H[WULQ LOOXVWU (QY 7\SHG

DGGUHVV 9HU\ ILQH DQG VFDUFH

6+,3 %RRNOHWV VWLOO ZLWK WKHUH RULJLQDO ZUDSSHU ,1',*2 -21(6 SUHVV UHOHDVH FDUG VLJQHG E\

&XWW\ 6DUN 'LVFRYHU\ 4( 6LULXV PDU ZLWK 5RVDOLQG 'HDVH SOXV SKRWR V RI 5RVDOLQG RQ LQWHUHVWLQJ JURXS

%RRNOHWV LQ HDFK ZUDSSHU VHOGRP VHHQ DV VXFK

RI LWHPV )'& 3 0DFKLQ 39$ 'H[WULQ LOOXVWU (QY W\SHG

&DWKHGUDOV VHW DV FRPSOHWH VKHHWV 80

DGGUHVV ([FHSWLRQDO { )LUVW VHOI DGKHVLYH ILQH XVHG òG S òS

&RQFRUGH VHW DV FRPSOHWH VKHHWV 80

VLQJOHV DQG òS S òS DQG S S S SDLUV 6HOGRP VHHQ 9HU\ UDUH )'& IRU WKH VHOI DGKHVLYH VHW RI òS

3ULQFH RI :DOHV LQYHVWLWXUH VHW DV FRPSOHWH

VKHHWV 6* 80 9DULHW\ ,QYHVWLWXUH G ZLWK RYHU LQNHG *ROG

ODUJH VPXGJH DFURVV IRXU VWDPSV LQ WKLV EORFN RI 80

WR S ,QF 6H 7HQDQW SDLUV FDQFHOOHG DW :LPEOHGRQ W\SHG DGGUHVV DQG VSHFLDO ODEHOV DXWKRULVHG E\ WKH 3RVW 2IILFH 6HOGRP RIIHUHG :DOHV YHU\ VFDUFH S UHJLRQDO DV F\OLQGHU

EORFN F\O GRW QR GRW ZLWK SKRV 6*: IUHVK 80 FDW

35(67,*( 67$03 %22./(76 '; VHULHV WKH

FRPSOHWH FROOHFWLRQ LQ D DOEXP '; WR '; ERRNOHWV LQF :DOHV OLWKRJUDSK\ TXHVWD F\OLQGHU EORFN RI VL[

IURP WKH WRS DQG ERWWRP RI WKH VKHHW òS WR S ZLWK EHWWHU FRRN VWLWFKHG :HGJHZRRG VRPH UHDOO\ JRRG KLJKO\ FDW EORFNV LQF òS ERWK SRVLWLRQV S ERWK SRVLWLRQV S ERWK SRVLWLRQV D YHU\ ILQG FROOHFWLRQ RI EORFNV HDFK GLIIHUHQW )UHVK 80

ERRNOHWV KHUH 3HUIHFW FRQGLWLRQ KXJH FY )DFH YDOXH

([WHQVLYH &ROOHFWLRQ RI LWHPV IURP PDQ\

%HQKDP &RYHUV LOOXVWUDWHG )'& V ZLWK

GLIIHUHQW VKRZV )RONHVWRQH 6WDPSH[ 3KLO\PSLD GLQQHU PHQX V $Q LQWHUHVWLQJ FROOHFWLRQ ZLWK PXFK W\SHG XSRQ SDJHV

PDQ\ EHLQJ 2IILFLDO &RYHUV ZLWK D &DW YDOXH RYHU LQ YHU\ JRRG FRQGLWLRQ LQ WZR $OEXPV %HQKDP VPDOO 6LONV FROOHFWLRQ RI VHWV ZLWK

0DFKLQ S RQH EURDG SKRVSKRU EDQG YDULHW\

6*8 % DV 1+0 EORFN RI F

&RYHUV DOO LQ YHU\ ILQH FRQGLWLRQ KXJH FRVW DW QHZ LVVXH

OHWWHU &DUGV ZLWK )', FDQFHOV $ UDQJH RI

3RVWDJH GXH KRDUG PLQW PXFK 80 LQF

KXJH FDWDORJXH YDOXH V

YDOXHV IURP òS WR S ,QF IDQF\ FDQFHOV $ YHU\ JRRG ORW VHOGRP VHHQ )', FDQFHOV :DOHV F\OLQGHU EORFNV FROOHFWLRQ òG WR S

SULQWHG E\ +DUULVRQ VSHFLDOLVW FDW ;: ;: HDFK

%HQKDP V VPDOO VLON LOOXVWUDWHG )GF LQ

YHU\ JRRG FRQGLWLRQ ZLWK VSHFLDO FDQFHOV LQ %HQKDP $OEXPV 4XDOLW\

GLIIHUHQW D IUHVK 80 VHHQ S F\ GRW DQG QR GRW Y E\ EDFN FODZ F D YHU\ JRRG UDQJH (UURU &KULVWPDV S 6* DV D F\OLQGHU EORFN

RI WZHOYH XP ZLWK WKH ILUVW YHUWLFDO URZ RI IRXU KDYLQJ MXPSHG

SHUIRUDWLRQV 6WULNLQJ HUURU

6WXDUW LOOXVWUDWHG )'& V ZLWK UHODWHG )',

FDQFHOV ZLWK YHU\ IHLQW SHQFLO QDPH $ YHU\ ILQH FROOHFWLRQ HDFK GLIIHUHQW ,03(5)25$7( 3$,5 S FRDW RI DUPV ZLWK

JKRVW LPSUHVVLRQV RI WKH SHUIRUDWLRQV QRW WKURXJK VWDPSV

(UURU &KULVWPDV S 6* FRUQHU F\OLQGHU

EORFN XP ZLWK VSHFWDFXODU LPSHUIRUDWLRQ DIIHFWLQJ WKH

VWDPSV F\OLQGHU PDMRU SHUIRUDWLRQ VKLIW ZLWK ORZHU OHIW VWDPS LPSHUI DW OHIW ([KLELWLRQ LWHP

VSHFWDFXODU UDUH 7KH QRUPDO LPSHUI SDLU 6* D LV FDW ,QFUHGLEO\ UDUH

:DOHV VFDUFH F\OLQGHU EORFN S TXHVWD

)'& ò3 PDFKLQ JXP $UDELF EORFN RQ LOOXVWU

F\OLQGHU DV D EORFN RI IUHVK 80 6*: VSHFLDOLVW FDW

(QY %ULOOLDQW FRQGLWLRQ W\SHG DGGUHVV 9HU\ ILQH

6*;:/

:DOHV VFDUFH F\OLQGHU EORFN S W\SH ,, TXHVWD

)'& S PDFKLQ JXP $UDELF LOOXVWUDWHG EULOOLDQW

F\O 6*: (D VSHFLDOLVW FDW 6*:;/ IUHVK 80

FRQGLWLRQ W\SHG DGGUHVV 9HU\ ILQH

:DOHV VFDUFH W\SH ,, S F\OLQGHU EORFN RI

TXHVWD 6*: &$ VSHFLDOLVW FDW 6*;:/ IUHVK 80

)'& S PDFKLQ JXP $UDELF LOOXVWU %ULOOLDQW

FRQGLWLRQ W\SHG DGGUHVV 9HU\ ILQH *80 $5$%,& òS RQ LOOXVWUDWHG &RWVZROG ILUVW

:DOHV 4XHVWD F\OLQGHU EORFNV S òS

GD\ FRYHU QHDW W\SHG DGGUHVV FGV FDQFHO DQG VSHFLDO FDFKHW S S S S *UH\ %OXH 'DUN %OXH 6FDUFH

S *UHHQ %ULJKW *UHHQ S 2UDQJH ,QF S &ULFNHW LVVXH SUHPLXP )'& &ROOHFWLRQ $OO

S %ULJKW *UHHQ S HDFK EORFN YHU\ ILQH XQDGGUHVVHG ZLWK FRPSOHWH VHWV ZLWK GLIIHUHQW VSHFLDO LV GLIIHUHQW 80 YHU\ KLJK &DW YDOXH FDQFHOV DW JURXQGV DFURVV WKH 8. &DHUQDUIRQ &DVWOH &\OLQGHU EORFN RI

D JXWWHU SDLU RI ZLWK WKH PDUJLQ DW WKH ERWWRP PLVSHUIHG &ULFNHW 6HULHV VHW RI )'& DOO FDQFHOOHG DW

GLIIHUHQW &ULFNHW *URXQGV 6SHFLDO &DQFHOV 0DWFKLQJ 6TXDG OHDYLQJ D WDOO VWDPSV DW WKH ERWWRP RI WKH EORFN 6* &DUGV HWF 3ULVWLQH LQ 6SHFLDO $OEXP 9DU $OO EORFNV 80 HDFK GLIIHUHQW )'& 3 3 0DFKLQ 39$ 'H[WULQ LOOXVWU (QY &DHUQDUIRQ &DVWOH VWXG\ ,QF HUURU RI

FRORXU EULJKW 0DJHQWD &\OLQGHU EORFN RI ,QF VFDUFH 7 W\SHG DGGUHVV ([FHSWLRQDO DQG 8 DQG / EULJKW 0DJHQWD $OO IUHVK 80 $ YHU\ KLJKO\ )'& 3 DOO RYHU 3KRVSKRU ODUJH 0DFKLQ LOOXVWU

FDWDORJXHG ORW (QY W\SHG DGGUHVV ([FHSWLRQDO 6RXWKDPSWRQ &'6 6XSHUE YDULHWLHV &DHUQDUIRQ &DVWOH

JXWWHU SDLU RQH ZLWK QDPH DW WKH WRS PDUJLQ ZLWK QDPH DQG )'& 3 PDFKLQ JXP $UDELF LOOXVWU (QY W\SHG

WKH ERWWRP VWDPS ZLWK QR QDPH $ VXSHUE PLVSHUIRUDWHG DGGUHVV ([FHSWLRQDO DQG VFDUFH YDULHW\ 6* 9DU 80

Philangles 408 pages (69pp).qxp 13/01/2022 07:12 Page 34

&$67/(6 3DFN SUHVHQWDWLRQ SDFN VFDUFH

FDW

6PLOHU VKHHWV JHQHULF 6*/6

80

6FDUFH IROGHU ZLWK SUHVWLJH ERRNOHW ZLOGLQJ

GHILQLWLYH ZLWK WKH ERRNOHW OLVWHG EHORZ 6*'[ SOXV

$ FDUWRQ IXOO RI 3+4 &DUGV LQ $OEXPV DQG

DFURVV WKH XQLYHUVH DQG PLFURFRVPRV DOVR LQ D VSHFLDO IROGHU VHOGRP VHHQ &2,1 &29(5 ZLWK QRWH FRLQ ZLWK

ORRVH PDQ\ V XVHG ZLWK )', FDQFHOV DQG XQXVHG WKH WKUHH $OEXPV KDYH )', FROOHFWLRQ ZLWK PDQ\ FRPSOHWH VHWV $XJXVWXV ILUVW 5RPDQ (PSHURU VLJQHG VPLOHU

VKHHW VLJQHG E\ %ULDQ %OHVVHG VFDUFH DQG LQ YHU\ JRRG

IUDQNHG :LQGVRU FDVWOH VWDPS ZLWK VSHFLDO &ODUHQFH +RXVH FDQFHO IRU 4XHHQ 0RWKHUV WK %LUWKGD\

FRQGLWLRQ SURGXFHG E\ %XFNLQJKDP V

&RQVLJQLD VFDUFH VPLOHU VKHHWV &KULVWPDV

6*/6 D D LQ JRRG FRQGLWLRQ &DW

$XWRJUDSKHG VLJQHG FRYHUV ,QF (VWKHU

5DQW]HQ 7RQ\ %HQQ -RKQQ\ 0RUULV 'DYLG %HOODP\ 'DYLG $WWHQERURXJK 1RUPDQ :LVGRP $ ILQH JURXS RI FRYHUV

6FDUFH &RQVLJQLD VPLOHU VKHHWV /6 D D WKH

SDLU RI &KULVWPDV VKHHWV LQ YHU\ JRRG FRQGLWLRQ DQG KLJKO\

FDWDORJXHG 80 (1*/$1' 5(*,21$/6 LVVXHV YI XP

FROOHFWLRQ VRPH YDOXHV DUH TXLWH GLIILFXOW LVVXHV WR HWF

GLII

&KULVWPDV QG LVVXH DV PDUJLQDO LPSHUI SDLU

1+0

%DJSXVV VLJQHG VPLOHU VKHHW VLJQHG E\ 3HWHU

)LUPLQ SURGXFHG E\ %XFNLQJKDP V LQ YHU\ JRRG FRQGLWLRQ

VFDUFH &HQWHQDU\ RI $LUFUDIW &DUULHUV VLJQHG VPLOHU

VKHHW VLJQHG E\ (ULF :LQNOH %URZQ SURGXFHG E\

%XFNLQJKDP V 6FDUFH LQ YHU\ JRRG FRQGLWLRQ &,7< 2) %$7+ LOOXVWUDWHG )'& V

5RVH DQG 6LOYHU -XELOHH ERWK ZLWK VSHFLDO FDQFHOV

LOOXVWUDWHG FRYHU VLJQHG E\ 0LNH %DQQLVWHU ZLWK FHUW VD\LQJ WKLV &\OLQGHU EORFNV PRGHUQ HOOLSWLFDO SHUI W\SHV ZLWK

FRYHU ZDV IORZQ RQ WKH ODVW IOLJKW YDOXHV IURP S WR ( IUHVK 80 EORFNV IDFH YDOXH 6WDPSH[ 6PLOHU 6KHHWV HDFK GLIIHUHQW

IUHVK 80 &21&25'( ILQDO IOLJKW WR )LOWRQ VLJQHG

'HILQLWLYH 80 FROOHFWLRQ RI V 80 LQ D

6WRFNERRN &DVWOHV WR DV 80 EORFNV PDQ\

6LJQHG ,OOXVWUDWHG )'&V HDFK GLIIHUHQW

QRWH FRYHUV VLJQHG E\ 0RQW\ 'RQ .LP :LOGH &DURO %DUQHV 0DUWLQ %HOO $ODVWDLU 6WHZDUW /RUG 6WHUOLQJ &RPPRGRUH :DUZLFN 'HQQLV 7D\ORU %DUU\ 0F*XLJDQ 5LFKDUG 'XQZRRG\ $ YHU\ ILQH FROOHFWLRQ RI VLJQHG FRYHUV /HVW :H )RUJHW 06 6* 06 ZLWK

XQXVXDO SHUIRUDWLRQ VKLIW WR OHIW 80

GLIIHUHQW GHFLPDO PDFKLQV ZLWK GLIIHUHQW SULQWLQJV S PLVVLQJ SKRV 6*; < DOO NLOR VWDPSV WR GLIIHUHQW &DVWOH VHWV WR %ULWDQQLD VPDOO PDFKLQ KHDGV WR GLIIHUHQW VHWV

3RVWDJH 'XH VHWV WR GLIIHUHQW DQG PXFK PRUH 9DOXDEOH ORW RI PRGHUQ 'RQDOG &DPSEHOO VSHHG .LQJ VLQJHG VPLOHU

VKHHW VLJQHG E\ *LQD &DPSEHOO KLV GDXJKWHU SURGXFHG E\

6PLOHUV IRU NLGV VW VHULHV 6PLOHU VKHHWV

6*/6 80

%XFNLQJKDP V VFDUFH LQ YHU\ JRRG FRQGLWLRQ 'UDNH ,VODQG /RFDOV ZLWK VWDPSV 80 DQG )8

VHWV FRYHUV ,QF 5RZODQG +LOO VSHFLPHQ FRYHU SUHVHQWDWLRQ SDFNV DQG 06 ZLWK LVVXHV IURP WR

6PLOHUV IRU NLG QG VHULHV VPLOHU VKHHWV

6*/6 80

D ILQH FROOHFWLRQ RI LWHPV WR VWDPSV DQG 06 PDLQO\ 80

6PLOHU VKHHWV JHQHULF VKHHWV LVVXHG E\

5R\DO 0DLO IDFH YDOXH 80 6*/6

'XNH RI .HQW VFDUFH VLJQHG DVFHQVLRQ RI .*9

VPLOHU VKHHW SURGXFHG E\ %XFNLQJKDP V LQ YHU\ JRRG

6PLOHU VKHHWV JHQHULF VKHHWV LVVXHG E\

5R\DO 0DLO 6*/6 FDW YDOXH 80

FRQGLWLRQ +XJH FROOHFWLRQ RI 3+4 FDUGV IURP WR

35(67,*( %22./(76 '< VHULHV FRPSOHWH

'< WR '< LQ SHUIHFW FRQGLWLRQ GLII ERRNOHWV LQ DQ DOEXP

)9 2O\PSLF DQG 3DUDO\PSLFV VHW RI LOOXVWUDWHG

)'&V HDFK ZLWK WKH UHODWHG 3RVWPDUN IRU WKH *ROG 0HGDO :LQQHUV DOO LQ YHU\ JRRG FRQGLWLRQ 2/<03,&6 *ROG 0HGDO :LQQHU 6KHHWOHWV RI

RQ /LPLWHG :HVWPLQVWHU )'& *ROG FROOHFWRUV FDUGV &RPSOHWH VHW RI SULVWLQH &RVW D IRUWXQH 6PLOHU VKHHWV JHQHULF VKHHWV LVVXHG E\

5R\DO 0DLO 6*/6 FDW YDOXH 80

ZLWK IRRW ODUJH DOEXP KDYLQJ ILQH XVHG VHWV SOXV DOEXPV DQG ORRVH XQXVHG KRXVHG LQ ODUJH ER[HV PDQ\ V KXJH FDW YDOXH ,QWHUHVWLQJ ORW RI 80 PDWHULDO LQ SDFNHWV ZLWK

PDFKLQV YDULHWLHV HWF IURP DQ ROG GHDOHUV ORW :HGJZRRG

%RRNOHWV SOXVòS VLGHEDQG SDQHV ZLWK JRRG SHUIV S EURDG EDQG VWULS 80 VHWV WR 6* 80 S 2UFKLG PLVVLQJ GDWH DQG RWKHU ELWV KLJK UHWDLO YDOXH 4W\

/DUJH &DUWRQ IXOO RI )'& V ZLWK %XUHDX RU

UHODWHG FDQFHOV PDLQO\ VPDOO ODEHO RU W\SHG DGGUHVVHV V RI FRYHUV MXVW SXW LQWR ER[ IRU UHWDLO XQFKHFNHG /DUJH &DUWRQ ZLWK V RI LOOXVWUDWHG )'& V

6PLOHU VKHHWV JHQHULF VKHHWV LVVXHG E\

5R\DO 0DLO 6*/6

ZLWK %XUHDX RU 5HODWHG &DQFHOV ZLWK VPDOO ODEHO DGGUHVVHV RU W\SHG DGGUHVV MXVW ER[HG XS IRU UHWDLO XQFKHFNHG

6PLOHU VKHHWV JHQHULF 6*/6

80 6PLOHU VKHHWV JHQHULF LQF VPLOHUV VKHHW FDW

SHQQ\ EODFN VKHHW FDW 6*/6 FDW

6PLOHU VKHHWV JHQHULF 6*/6

80

0$&+,16 'HFLPDO 6XEVWDQWLDO FROOHFWLRQ RI

PDQ\ V ZLWK WHUULILF YDULHW\ RI LVVXHV DQG YDOXHV ZLWK PRGHUQ HFOLSWLFDO SHUIRUDWLRQV QG VW YDOXHV DQG VHWV WR

$ JRRG QXPEHU RI KLJK YDOXHV %RRWV JUHHWLQJ FDUG VW LVVXHV 6H 7HQDQWV &RLO VWULSV LQF HDUO\ 2ULJLQDO FROOHFWRUV ORW 3RVVLEOH ILQGV KHUH V 0LQLDWXUH VKHHW FROOHFWLRQ HDFK GLIIHUHQW

IDFH YDOXH RYHU IUHVK 80

6PLOHU VKHHWV JHQHULF 6*/6

XP

Philangles 408 pages (69pp).qxp 13/01/2022 07:12 Page 35

{ 0267 81868$/ òS SRVWDJH GXH DV D

6WHDP (QJLQHV VLJQHG VPLOHU VKHHWV 7KH

0DOODUG VLJQHG 3DXO .LUNPDQ 7KH *UHDW *DWKHULQJV VLJQHG E\

FRPSOHWH VKHHW RI FDW DV YHU\ ILQH XVHG

0RWRU 6SRUW VLJQHG VPLOHU VKHHWV 0RQWH

&DUOR 5DOO\ VLJQHG E\ (ULN &DUOVVRQ 7KH WK $QQLY RI WKH PLQL

VLJQHG E\ 3DGG\ +RSNLUN DQG 0LFKDHO 7XUQHU ERWK VFDUFH DQG LQ YHU\ JRRG FRQGLWLRQ SURGXFHG E\ %XFNLQJKDP V

2)),&,$/ (XURSHDQ $UFKLWHFWXUDO +HULWDJH

\HDU )'& ZLWK VSHFLDO &KHVWHU +HULWDJH &LW\ FDQFHO $UFKLWHFWXUH VHW D VFDUFH FRYHU 25,$1$ VLJQHG VPLOHU VKHHW \HDUV RI 3

2 &UXLVHV VLJQHG E\ &DSW ,DQ +XWOH\ SURGXFHG E\

%XFNLQJKDP V LQ YHU\ JRRG FRQGLWLRQ 6FDUFH 4(,, GHFLPDO PDUJLQ GHILQV HWF XP GLII

JRRG YDULHW\ ZLWK VPDOO IRUPDW YDOXHV WR UHJLRQDO FDVWOH 5(*,21$/ )'& 9) ORW RI GLII

LQ YROXPHV 1RW FRPPRQ +LJK FY GLIIHUHQW )'& LQ H[FHSWLRQDO FRQGLWLRQ ZLWK SUH GHFLPDO KLJK IDFH YDOXH PRGHUQ 5R\DO 0DLO SDLU RI SULQWHG $OEXPV ZLWK LVVXHV

IURP WR ZLWK PDQ\ &RPPHPRUDWLYH VHWV %RRNOHW

OXQFK RI WKH 7LWDQLF VLJQHG %LOO\ =DQH 0DXUHWDQLD VLJQHG E\ &RPPRGRUH &KULVWRSKHU 5\QG DOO LQ YHU\ JRRG FRQGLWLRQ SURGXFHG E\ %XFNLQJKDP V 6FDUFH

9HU\ ILQH FROOHFWLRQ RI LOOXVWUDWHG )'&V ,QF G

FROOHFWLRQ RI VHWV 06 6XSHUE TXDOLW\ ZLWK YDOXHV WR

6LJQHG (UQHVW 6KDFNOHWRQ 6PLOHU 6KHHW VLJQHG

E\ &KULV %RQLQJWRQ DQG $OH[DQGUD 6KDFNOHWRQ 6FRWWV $QWDUFWLF

FRQGLWLRQ

òS 6LGH %DQG PDQ\ GHILQLWLYH V VXSHUE DUUD\ RI &RPPHP V ,QF *UHHWLQJ 3DQHV DOO IUHVK 80 TXDOLW\ ORW

5R\DO 0DLO 3ULQWHG $OEXP +LQJOHVV

&RPPHPRUDWLYH VHWV IURP WR IUHVK 80 D ILQH

{

7KH (YDFXDWLRQ RI 'XQNLUN VLJQHG 6PLOHU 6KHHW

LVVXHG E\ %XFNLQJKDPV VLJQHG E\ %RE 6WDUOH\ ,Q YHU\ JRRG

7ZR %R[ 5R\DO 0DLO +LQJOHVV $OEXPV ZLWK

LVVXHV IURP WR IDFH YDOXH ZLWK KLJK YDOXHV WR

3DQHV *UHHWLQJV PLQLDWXUH VKHHWV DQG UHJLRQDO V RYHU VWDPSV ZLWK D IDFH YDOXH IUHVK 80 VHHQ òS VLGH %ULWDQQLD $ VXSHUE FROOHFWLRQ LQ KLJK TXDOLW\ $OEXPV

7KH %DWWOH RI :DWHUORR VLJQHG VPLOHU VKHHW E\

-DVRQ 6DONH\ SURGXFHG E\ %XFNLQJKDP V 6FDUFH LQ YHU\ JRRG

7,7$1,& 0$85(7$1,$ VLJQHG VPLOHU VKHHWV

7LWDQLF VLJQHG E\ 'DYLG +DLVPDQ VRQ RI (GLWK %URZQ WKH

5(*,21$/6 D YI WZR YROXPH FROOHFWLRQ RI

6WRFN FDUGV ZLWK EHWWHU SLFNLQJV ZLOGLQJ

òG ERRNOHW SDQH RI VL[ ZLWK ZPN LQY 6* D/:L FDW

PLQW òG ZLOGLQJ E DQG ZPN LQY 6* ZL F XP $ XVHIXO JURXS RI VWDPSV ERRNOHW SDQH

FRQGLWLRQ

VHWV WR GLII FRLO VWULSV 8QFKHFNHG

-RKQ :LJVWRQ )O\LQJ 6FRWVPDQ VLJQHG E\ 6LU :LOOLDP 0F$OSLQH $ 3DFLILFV VLJQHG E\ -RKQ :LJVWRQ 5DLO $QQLY VLJQHG E\ &DUROH &XQHR *UHDW :HVWHUQ 5DLOZD\ VLJQHG %HUQDUG &ULEELQV 3UHVHUYHG /RFRPRWLYHV VLJQHG 0DOFROP 5RRW WK $QQLY RI 6WHSKHQVRQ VLJQHG 'DYLG 6KHSKHUG -RKQ :LJVWRQ $ VXSHUE UDQJH LQ YHU\ JRRG FRQGLWLRQ SURGXFHG E\ %XFNLQJKDP V VFDUFH

3RVW ,QF 0RIIDW &'6 5RVH 6W $OEDQV VSHFLDO FDQFHO <RXWK %DGHQ 3RZHOO +RXVH 6FRXWV &RXQFLO &RYHU 3RVW 2IILFH 6KRUHKDP 2IILFLDO /LWHUDU\ &DPHR ROG FXULRVLW\ VKRS VSHFLDO FDQFHO $ YHU\ JRRG ORW RI FRYHUV HDFK GLIIHUHQW DQG YHU\ KLJKO\ FDWDORJXHG 9HU\ IHZ ZULWWHQ DGGUHVVHV

([SHGLWLRQ VLJQHG E\ 'RXJ 6FRWW DQG &KULV %RQLQJWRQ ERWK

LVVXHG E\ %XFNLQJKDPV 6FDUFH LQ YHU\ JRRG FRQGLWLRQ :DOHV SUHVHQWDWLRQ SDFNV UHODWLQJ WR :DOHV

,QF *HRJUDSKLFDO &RQJUHVV ,QYHVWLWXUH

:HOVK DQG *HUPDQ SDFNV 'LDQD :HOVK SDFN $ ILQH 6LJQHG )OLJKW 6PLOHU 6KHHWV WK

UDQJH RI &RPPHPRUDWLYH SDFNV DOO UHODWLQJ WR :DOHV ZLWK $QQLYHUVDU\ RI &RQFRUGH VLJQHG E\ 0LNH $GGOH\ 0LFKHO 5HWLI LVVXHV WR 3HWH +ROGLQJ WK $QQLYHUVDU\ RI WKH &RPHW VLJQHG E\ -RKQ

:LOVRQ 7HUHQFH +HQGHUVRQ 3HWHU 'XIIH\ WK $QQLYHUVDU\ :LOGLQJV òG FRPSOHWH VKHHWV PXOWLSOH FURZQ F\O GRW SKRV &URZQ F\O QR GRW 80 RI /RXLV %OHULRW VLJQHG E\ -LP :DOOZRUN +HQN 9RQ +RRUQ )LUVW $HULDO 3RVW VLJQHG 6LU ,DQ 0DFIDG\HQ WK $QQLYHUVDU\ RI )LUVW *5($7 %5,7$,1 + 0,;(' &2//16 7UDQVDWODQWLF )OLJKW VLJQHG <YRQQH 3RSH 6LQWHV ROG VFDUFH DQG LQ YHU\ JRRG FRQGLWLRQ 3URGXFHG E\ %XFNLQJKDPV *% 0,;(' &$5721 ZLWK DFFXPXODWLRQ RI PLQW

80 4(,, VWHUOLQJ LVVXHV LQ PLQW PXOWLSOHV *% GHFLPDO LVVXHV

XQFRXQWHG IRU IDFH DOVR VHH D IHZ ERRNOHWV SOXV )LUVW 'D\ 6LJQHG 0LOLWDU\ 6PLOHU 6KHHWV /HVW :H

&RYHUV LQ DOEXPV 0RVWO\ FOHDQ ILQH PDQ\ V

)RUJHW VLJQHG E\ %LOO 5DQGOH 6LQNLQJ RI WKH 7LUSLW] VLJQHG 7RQ\

,YHVRQ 'DPEXVWHUV VLJQHG E\ *UDQW 0FGRQDOG -RKQD\ -RKQVRQ )UHG 6XWKHUODQG DQG /HV 0XQWR VWULNH KDUG VWULNH $ ODUJH FDUWRQ IXOO RI IGF V RQH PDQV KRDUG

VXUH VLJQHG E\ %LOO 5DQGOH WK 7KH 6SLWILUH VLJQHG $ VHHQ LVVXHV IURP WKH WR ZLWK PDQ\ GLIIHUHQW FDQFHOV 3DUNLQVRQ 7KH 5R\DO )O\LQJ &RUSV 6LJQHG E\ , 6WDQOH\ $ DQG VSHFLDO FDQFHOV PDQ\ V RI FRYHUV IRU VRUWLQJ YHU\ VXSHUE FROOHFWLRQ LQ YHU\ ILQH FRQGLWLRQ $ VFDUFH JURXS RI KHDY\ VKHHWV SURGXFHG E\ %XFNLQJKDPV $OEXPV LQ WZR ODUJH FDUWRQV ZLWK )'& V

PDQ\ V DQG SUHVHQWDWLRQ SDFNV PL[HG LQ VHHQ )'& ZLWK 6LJQHG VPLOHU VKHHWV +LWDFKL KLJK VSHHG WUDLQ

VLJQHG E\ 'DYLG %XOO /RQGRQ 8QGHUJURXQG VLJQHG E\ &KULVWLDQ YDOXHV WR 5R\DO 0DLO DOWHUQDWLYH SRVWPDUNV PL[HG LQ :ROPRU $ ILQH SDLU RI VKHHWV LQ YHU\ JRRG FRQGLWLRQ SURGXFHG FKLHIO\ LQ TXDOLW\ $OEXPV ZLWK FRYHUV WR E\ %XFNLQJKDP V %86 3$5&(/ /$%(/6 SUHSDUHG IRU SULYDWH

6PLOHU VKHHWV YIX RQ VSHFLDO %HQKDP VKHHWV

FRPSDQLHV WKURXJKRXW WKH 8. ([WHQVLYH FROOHFWLRQ RI V OLPLWHG WR MXVW XQLWV RI HDFK LVVXH WKH FROOHFWLRQ GLIIHUHQW KRXVHG LQ 'HYRQ DOEXP DUUDQJHG E\ VHUYLFH PXFK LV RI GLIIHUHQW DOO LQ SULVWLQH FRQGLWLRQ PRVW SUHVHQWHG DV KDOI ZLWK LQWDFW UHFHLSW VWULSV KLJK YDOXHV IRU SDUFHOV VFDUFH HDUO\ VKHHWV VFDUFH VPLOHUV IRU NLGV DUH IXOO VKHHWV 6HOGRP RIIHUHG GHVLJQV 5DUHO\ RIIHUHG PDWHULDO +LJKO\ UHFRPPHQGHG DV FRVW DW WLPH RI LVVXH

6SDFH VLJQHG WK $QQLYHUVDU\ 6PLOHU 6KHHW

{ 'HILQLWLYH LVVXHV IURP 49 WR PRGHUQ SLFWRULDO

E\ %XFNLQJKDPV VLJQHG E\ (G 0LWFKHOO (GJDU 0LWFKHOO ,Q RXWVWDQGLQJ UDQJH LQ 6WRFNERRN DQG 3DJHV PDQ\ V YHU\ JRRG FRQGLWLRQ 6FDUFH PXFK LGHQWLILHG VHHQ KLJK YDOXHV 6HDKRUVHV &DVWOHV 0RGHUQ GHILQLWLYH V ILOOV D ODUJH FDUWRQ LI \RXU PLVVLQJ ILQH XVHG GHILQLWLYH WKLV LV WKH ORW IRU \RX

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

PTS and ASDA registered. Integrity assured.

Philangles 408 pages (69pp).qxp 13/01/2022 07:12 Page 36

)'& D VXEVWDQWLDO FROOHFWLRQ RI 5DUH LOOXVWUDWHG 3RVWDO &DUGV $ VRXYHQLU RI

GLII VHOHFWHG IGF KRXVHG LQ HLJKW ODUJH ELQGHUV 7KH FROOHFWRU VHOHFWHG ILQH FRYHUV PDQ\ VSHFLDO FDQFHOV .& VHULHV ZLWK VSHFLDO SPNV PDFKLQV YDOXHV WR HWF $OO GLIIHUHQW *RRG ORW

(OODQG DQG :HVW 9DOH 7UDQV ERWK LQ YHU\ JRRG FRQGLWLRQ XQXVHG ZLWK PDQ\ FRPLFDO LPDJHV

)LOH ER[ ZLWK 1RQ 3RVW 2IILFH )'& V VHHQ

/DUJH SLHFH ZLWK *:5 VWUDQG % SDUFHO ODEHOV

G DQG SUH SDLG

)32 6WDUW &RWVZROG HYHQ HDUO\ 4(,, SUH GHFLPDO &RYHUV 'D\DQ V VKHHWOHWV ,QF 5LFKPRQG PXFK ZLWK QR DGGUHVV DQG PDQ\ PRGHUQ FRYHUV ,QF RIILFLDOV 7ZLFNHQKDP .HZ *DUGHQ V +DPSWRQ VH WHQDQW EORFNV LPSHUI

SHUI ZLWK WZR KDYLQJ 'D\DQ GHOLYHU\ KDQGVWDPSV DQG QHHGV VRUWLQJ VLQJHG LQ WKH ERUGHU 5LFKPRQG S LPSHUI DQG SHUI VKHHWOHW 3(5),16 2) *5($7 %5,7$,1 OLWHUDWXUH WKH

RI .HZ *DUGHQV ODUJH S S DQG LQ D EORFN RI VXEVWDQWLDO FROOHFWLRQ RI ERRNV LQF YDVW VHW IURP WKH 3HUI QHHGV ZULWLQJ XS 6RFLHW\ RI OLVWHG LGHQWLILHG FRPSDQ\ SHUILQV 7RPNLQV %RRN

(GZDUGV 6XSSOHPHQWDU\ ZRUNV 9DVW DPRXQW RI NQRZOHGJH 6WULNH 0DLO %DQQRFNEXUQ &ROOHFWLRQ RI &RYHUV ZLWK D YDULHW\ RI VWULNH PDLO VWDPSV ZLWK YDOXHV WR D LQIRUPDWLRQ KHUH IHZ PDLO ZLWKLQ WKH GLVWULFW W\SH ,QF KDQGVWDPS $ JRRG ORW 3+,/$7(/,& (;+,%,7,21 /$%(/6 ZLWK PXFK

QHHG ZULWLQJ XS HDUOLHU RQ OHDYHV -XELOHH &RPPHPRUDWLRQ YDOXHV WR G 6WULNH 0DLO %LVKRSV 6WRUWIRUG &RYHUV ZLWK

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

6FDUFH /LQFROQ VKHHWOHW PLQW DQG PRUH ,QWHUHVWLQJ 6WULNH 0DLO %RXUQHPRXWK DQG 'LVWULFW FRYHUV

PDWHULDO LWHPV

,QF PXOWLSOH IUDQNHG FRYHUV S WR S EORFN RI VL[ XQPRXQWHG PLQW S EORFN RI 80 QHHG ZULWLQJ XS 3+,/$7(/,& (;+,%,7,216 3URPRWLRQDO

PDWHULDO ,QF 6KHHWOHWV RYHU LWHPV RQ OHDYHV ,QF

PXFK LQWHUHVWLQJ UHODWHG WR 6WDPSH[ $Q LQWHUHVWLQJ ORW 6WULNH 0DLO 'RUVHW 9LOODJH 0DLO &RYHUV ,QF

%RXUQHPRXWK DQG 'LVWULFW %LVHFW 'RUVHW KDQG VWDPSHG S 3+,/$7(/,& (;+,%,7,216 WKH 9LOODJH 0DLO RQ GLIIHUHQW FRORXUHG SDSHUV ,QF PXOWLSOH

IUDQNHG FRYHUV PDQ\ HQGRUVHG )LUVW 'D\ RI ,VVXH D VFDUFH FROOHFWLRQ RI VSHFLDO FRYHUV IRU SKLODWHOLF FRQYHQWLRQV ZLWK JURXS VSHFLDO FDQFHOV HQYHORSHV 0DQ\ ILQH LQWHUHVWLQJ FRYHUV 6WULNH 0DLO ,QODQG /HWWHU 6HUYLFH &ROOHFWLRQ RI

&RYHUV ,QF PXOWLSOH IUDQNHG ZLWK D YDULHW\ RI YDOXHV WR S 3+,/$7(/,& (;+,%,7,216 /DEHOV DQG &RYHUV

D YHU\ JRRG ORW QHHGV ZULWLQJ XS IURP D FROOHFWLRQ RI LWHPV RQ OHDYHV ZLWK HDUO\ VWDPSHG WR RUGHU ODEHOV PLQW ([KLELWLRQ VKHHWOHWV ,QF 6WULNH 0DLO PXOWLSOH IUDQNHG FRYHUV

6HDKRUVH IUDPH 7D[ )UHH 6WDPS FROOHFWLRQ 3UH SDLG 'URPRGHUU\ ZLWK )UHQFK VWDPSV 'URPRGHUU\ PXOWLSOH ODEHO PLQW )'& ODWHU V LVVXHV ZLWK PXFK PLQW $Q IUDQNHG ,QF )LUVW GD\ RI LVVXHV SULQWHG FRYHUV SDLU RI LQWHUHVWLQJ ORW ODEHOV S ODUJH EORFNV RI ERWK GLIIHUHQW S EORFN RI 5$) 63(&,$/ )/2:1 &29(56 D JRRG ORW QHHGV ZULWLQJ XS

GLIIHUHQW LQF KDYLQJ DXWRJUDSKV DOO IRU ' 5$) VTXDGURQV 6WULNH 0DLO VPDOO ,VODQGV LVVXHV RQ &RYHUV

LQF PXOWLSOH VLJQHG LWHPV 7KH FRQGLWLRQ LV H[FHOOHQW ZLWK -HWKRX 6WURPD 6WDIID 3DED\ ZLWK 06 PXOWLSOH

IUDQNLQJV $ YHU\ JRRG ORW WKDW QHHG ZULWLQJ XS 5(*,21$/6 IRU ,VODQGV YI XP FROOHFWLRQ

GLII *XHUQVH\ EOXH EDQNQRWH SDSHUV -HUVH\ $ ILQH JURXS RI SDUFHO SRVW ODEHOV LQF VFDUFH

YLHZV PLQW FRQGLWLRQ H[DPSOHV PRVWO\ IRU WKH HQYLURQV RI <RUN 7ZR 2OG 6WRFNERRNV FUDPPHG ZLWK VWDPSV 9) ^3KRWR`

RQH IXOO RI GHILQLWLYH V WR WKH VHFRQG &RPPHPRUDWLYH WR %5,'/,1*721 <25.6+,5( SRVWDO KLVWRU\

FKLHIO\ 80 ZLWK PLQW PL[HG LQ ZLWK V RI VWDPSV VWXG\ ZULWWHQ XS LQ DQ DOEXP LWHPV 9HU\ ILQH ZLWK PXFK XQFKHFNHG E\ XV LQWHUHVWLQJ XQXVXDO ZLWK QXPEHURXV SUH VWDPS HQWLUHV LQF { 8VHG &ROOHFWLRQ +RDUG ILOOLQJ WZR FDUWRQV ZLWK ELUG OLQJWRQ YI KV %ULGOLQJWRQ 4XD\ XGF PDQ\ RWKHU

SRVWDO PDUNV FLUFXODU W\SH KV DXFWLRQ QRWLFH HDUO\ LVVXHV IURP 49 WR PRGHUQ 4(,, PDQ\ V RI VWDPSV SHQQ\ UHG XVDJHV ZLWK GXSOH[ SPNV MXELOHH SLFWRULDO XQFKHFNHG E\ XV D UHDO PL[WXUH RI SHULRGV ZLWK KLJK YDOXH HQYHORSH XVHG LQWHUHVWLQJ SRVWPDUNV LQF VWDWLRQ RIILFH *RRG GHILQV 3RVWDJH GXHV PDQ\ FRPPHPRUDWLYH $ UHDO KRDUG RI DVVHPEO\ ZLWK PDQ\ EHWWHU LVVXHV )RUFHV 5HJG (QY XVHG .*9, G ZLWK )32

*5($7 %5,7$,1 +(50 FDQFHO 4(,, SUH GHFLPDO WR XSUDWHG S WR 6PDOO EXW LQWHUHVWLQJ JURXS RI FRYHUV FDUGV

XSUDWHG ZLWK D YDULHW\ RI )32 DQG %)32 FDQFHOV $ JRRG

XQGDWHG UHFHLYHG IURP +0 6KLSV FRYHU SSF ZLWK ORW IRU VWXG\ PDQ\ GLIIHUHQW W\SHV *. DQG $UGULVKDLJ SDFNHWV FGV SRVW RQ WKH &ROXPED 0LOLWDU\ )RUFHV XQXVHG 5HJG OHWWHUV .*9, G

2+06 SULYDWH HQY LQFRPH WD[ +HURQ SULQWHG HQY D 4(,, HDFK GLIIHUHQW GHFLPDO IURP S WR ZLWK XVHIXO ORW ZLWK GHWDLOV PDQ\ GLIIHUHQW W\SHV

*5($7 %5,7$,1 , 3267$/ +,6725< { 3$48(%27 3267$/ +,6725< )DVFLQDWLQJ

ORW LQ DQ $OEXP ZLWK GLIIHUHQW &RYHUV &DUGV ,QF VXSHU (QWLUH ZLWK FRQWHQWV IURP 1DQWZLFK QDPHZLFK

WR &RQJOHWRQ RGG VSHOOLQJ RI 1DQWZLFK 0LODJH PDUN

,QVSHFWRUV VWDU ZLWK YI 3(7:257+ KV RQ YI

HQWLUH

FRYHU ZLWK %XWH 'RFNV &DUGLII 'XSOH[ HDUO\ PDFKLQH FDQFHOV XVHG DOO RYHU WKH ZRUOG 7KH ORW DOVR IHDWXUHV RYHU SRVWPDUN SLHFHV ZLWK 3DTXHERWV IURP 49 ,QWHUHVWLQJ ORW 3267$/ +,6725< $SSUR[LPDWHO\ LWHPV

8QLIRUP SHQQ\ SRVWDJH MXELOHH SLFWRULDO

HQYHORSH XQXVXDOO\ XVHG LQ $XVWUDOLD LQ ZLWK ILUVW LVVXH G URR WLHG 6\GQH\ PDFKLQH FDQHO DGGU WR 6RPHUVHW 8QXVXDO 6PDOO IDXOWV

ZLWK *% ,VODQGV 'XFNV 3RRO 'DUWPRRU 6SHFLDO &DFKHWV 'HYRQ /RFDO &DFKHWV SRVWHG DW WKH 2OGHVW 3LOODU %R[ /RFDOV ,QWHUHVWLQJ ORW

Philangles 408 pages (69pp).qxp 13/01/2022 07:12 Page 37

3267$/ +,6725< PRVW LQWHUHVWLQJ FROOHFWLRQ 3RVWDO KLVWRU\ 49 SHULRG HQWLUH ZLWK G

RI '$0$*(' 0$,/6 KRXVHG LQ ELQGHUV SDFNHW HWF 2YHU LWHPV IURP DURXQG WKH 8. PDLO WKDW V EHHQ GDPDJHG GXULQJ WUDQVLW HWF QRWH VFDUFH UHSRUW RI GDPDJHG PDLO IRUP

ZLWK VFDUFH :DWHUORR SPN GDPDJHG E\ ILUH LQ SLOODU ER[ FDFKHW RQ EDGO\ GDPDJHG FRYHU SDFNHWV RI GDPDJHG PDLOV LQ 32 ZDOOHWV 6KHIILHOG SRVWPDQV FDUG UH ER[ ILUH EDJ FRQWURO SPN RQ FRYHUV ZLWK UHXVHG VWDPSV SRVWDJH GXHV PXFK { PRUH 35( 3$,' 3267$/ (19(/23(6 RI 4(,,

PRVWO\ YI XQXVHG IURP RULJLQDO 7XGRU 5RVH GHVLJQV 0DQ\ VFDUFH SULYDWH WR RUGHU PXOWLSOH YDOXH LVVXHV 7KH FROOHFWLRQ RI GLIIHUHQW 5DUHO\ RIIHUHG VWDWLRQHU\

UHG WLHG ZLWK ,VOH RI 0DQ 0DOWHVH &URVV VHQW WR 6FRWODQG HQWLUH ZLWK FRQWHQWV IURP 6FRWODQG WR ,VOH RI 0DQ OHWWHU JRLQJ RQ DERXW QRW JRLQJ EH\RQG VFDUFH G OLODF GRW ZLWK ,VOH RI 0DQ GXSOH[ VHW WR /RQGRQ $ VPDOO EXW LQWHUHVWLQJ JURXS RI FRYHUV

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

86(' $%52$' 8VHG LQ *LEUDOWDU G 6*= ZLWK ILQH $

FDQFHOV LQF D SDLU VRXQG WR ILQH XVHG FDW 9DULHW\ RI SODWH VWDPSV

{ 8VHG LQ *LEUDOWDU òG URV\ PDXYH SO ,, DQG ,,,

ILQH $ FDQFHOV 6*= ZLWK VKDGHV D JRRG ORW RI VWDPSV &DW { &RQVWDQWLQRSOH ZLWK VXSHUE & GXSOH[

4(,, HDUO\ SRVWDO KLVWRU\ FKLHIO\ IRUFHV PDLO

6*=

FLUFD V ZLWK D YDULHW\ RI )32 FDQFHOV 3DTXHERW &77 %HLUD FGV RQ QHDW HQY HQY ZLWK G FRURQDWLRQ VKRZLQJ GDIIRGLO IODZ EXVLQHVV HQY ZLWK 4(,, G FRURQDWLRQ DQG .*9, G IHVWLYDO &RYHU VWDWHV WR EH IDNH DUP\ VLJQDOV FRYHUV D YHU\ LQWHUHVWLQJ ORW RI FRYHUV

{ 8VHG LQ *LEUDOWDU G 6*= SO HDFK

GLIIHUHQW ZLWK ILQH $ FDQFHOV { 8VHG LQ *LEUDOWDU G SO 6*= ZLWK

VKDGHV DQG UHDGDEOH $ FDQFHOV

4(,, /HWWHU &DUGV XVHG PDQ\ ZLWK IDQF\

FDQFHOV IRU 6KRZV RU $QQLYHUVDU\ V XQXVHG DOO SUH GHFLPDO $ JRRG UDQJH IRU VWXG\

{ 8VHG LQ *LEUDOWDU G SO 6*= ZLWK

:RUOG :DU , VLON FDUGV EHDXWLIXO FROOHFWLRQ

ILQH $ FDQFHO DQG VKDGHV

LQF WR P\ GHDU GDXJKWHU XVHG ZLWK FHQVRU PDUN D NLVV IURP { 8VHG LQ *LEUDOWDU G SO 6*= ZLWK ILQH $ FDQFHO ZLWK VKDGHV )UDQFH IRUJHW PH QRW $Q LQWHUHVWLQJ JURXS

::,, 32: OHWWHUVKHHWV XVHG IURP FDPS % LQ

<RUN /LYHUSRRO FHQVRU ODEHOV KV 8QXVXDO

{ 8VHG LQ *LEUDOWDU G SO 6*= ZLWK

VKDGHV DQG ILQH $ FDQFHO { 8VHG LQ *LEUDOWDU G %XII SODWH ,, 6*=

*5($7 %5,7$,1 ,6/$1'6 &KDQQHO ,V OLEHUDWLRQ YDULHWLHV ZLWKLQ EORFNV RI

G òG ZLWK FURZQ IODZ OLQH DFURVV ZKHHO DQG EURNHQ

ZKHHO DOO OLVWHG LQ 6* VSHFLDOLVW FDWDORJXH 80

ZLWK ILQH $ FDQFHOV DQG VKDGHV { 8VHG LQ *LEUDOWDU G &KHVWQXW SO ,, ZLWK ILQH

$ FDQFHOV DQG VKDGHV 6*= $ ILQH JURXS

/XQG\ FRURQDWLRQ RYSWV LQ FRPSOHWH VKHHWV S

VKHHW RI òS S VKHHWV RI 6HOGRP VHHQ LQ FRPSOHWH { 8VHG LQ *LEUDOWDU G SO ZLWK ILQH $

VKHHWV IUHVK 80 6FDUFH

FDQFHOV 6*= QRWH SLHFH ZLWK G SOXV G [ 6*= $ ILQH UDQJH ZLWK VKDGHV DQG UHDGDEOH FDQFHOV

*5($7 %5,7$,1 - ),6&$/6

{ 6HPL VSHFLDOLVHG FROOHFWLRQ RI GHILQLWLYH VHWV

{ 8VHG LQ *LEUDOWDU òG URV\ PDXYH SO SO

ZLWK PDQ\ VHWV 80 DQG QG VHW )8 LQF G FKDON SDSHU G

SO SO SO SO SO SO SO

PLVVLQJ SKRV 6* (< 80 GHILQV LQF SHUI YDULHWLHV DQG

SO SO SO SO (DFK GLIIHUHQW ZLWK D ILQH $ FDQFHO 6*= FDW

YDOXHV WR D YHU\ JRRG FROOHFWLRQ RI VWDPSV

{ 8VHG LQ *LEUDOWDU G 5HG 6*= SODWH

GREAT BRITAIN - k) ISLE OF MAN *5($7 %5,7$,1 N ,6/( 2) 0$1 { ),1( 86(' FROOHFWLRQ LQ WZR DOEXPV RYHU

SO SO LQ D SDLU RQ SLHFH 6*= SO DOO ZLWK UHDGDEOH $ FDQFHOV

VWDPSV PV VKHHWOHWV ZLWK PDQ\ FRPSOHWH VHWV QHDWO\ *5($7 %5,7$,1 / -(56(< DUUDQJHG E\ \HDU DQG VHWV VHHQ DOO WKH SRVWDJH GXH VHWV KLJK )LQH FROOHFWLRQ LQ DQ DOEXP ZLWK PDQ\ ZDUWLPH

YDOXHV WR D VXSHUE UDQJH FRDW RI DUPV LVVXHV òG G LQF VKDGHV FKDON SDSHUV &$/) 2) 0$1 VWDPS FROOHFWLRQ LQ D ZHOO ILOOHG

HWF YLHZV LVVXHV SRVWDJH GXHV SRVWDJH GXHV DV VWRFNERRN PRVWO\ XP PDQ\ V LQF &KXUFKLOO LVVXHV ZLWK F\OLQGHU EORFNV ERRNOHW VWDPSV FRUQHU EORFNV HWF $ EHWWHU RYSWV VKHHWOHWV LPSHUI YDULHWLHV LQWDFW VWULSV 1RW FRPPRQ ORW V

3ULYDWH LVVXHV

*5($7 %5,7$,1 /2&$/6

3LFWXUH SRVWFDUGV (GZDUG .*9 SHULRG RGG

.*9, ZLWK D YDULHW\ RI GLIIHUHQW YLHZV LQF UHDO SKRWR W\SH VHHQ 4 /XQG\ HQYHORSH ZLWK òG$WODQWLF &RDVW DLU

FGV RI &DVWOHWRZQ 3HHO .LUN 0LFKDHO 6XOE\ 5DPVH\ 'XSOH[ VHUYLFH DQG SXIILQ òS ERWK ZLWK YHU\ ILQH FDQFHOV ò .*9 6W -RKQ )R[GDOH 0DLQO\ FROOHFWHG IRU WKH SRVWPDUNV D JRRG ORW IUDQNLQJ DQG VLJQHG E\ WKH SLORW ^3KRWR` RI SSF

*5($7 %5,7$,1 0 *8(516(<

3LFWXUH SRVWFDUGV LQF PDQQLQ UHSURGXFWLRQ

{ (GZDUG 6* VXSHUE XVHG ZLWK FULVS

FDUGV PDQQ DUFKDHRORJ\ VHULHV WZHOYH OLQHV RI ,VOH RI 0DQ KLVWRULF 77 SRVWFDUGV $ YHU\ JRRG UDQJH RI GLIIHUHQW SRVWFDUGV XQXVHG

*XHUQVH\ VWHHO &'6 &KRLFH $OVR DQRWKHU H[DPSOH )8 ZLWK WKH *XHUQVH\ SDUFHO &'6 F

,VOH RI -HWKRX %LUGV G DQG 6WDPSV RQ D

GLVSOD\ FDUG VLJQHG E\ &KDUOHV &RNHU WKH VWDPS GHVLJQHU

3RVW RIILFH LVVXH FDUGV 3+4 PXVHXP FDUGV

HWF ZLWK PDQ\ IX ZLWK VSHFLDO FDQFHOV &ROOHFWLRQ RI RYHU LWHPV LQ VL[ SDFNHG DOEXPV WR FOHDU 9)

{ 6$/(6 7$; $506 5(9(18(6 )8 ZLWK

Key to symbols in this catalogue

✱

✉

Used Mint Postal History

✈ ✱✱ &

VLQJOHV WR DQG DV D VFDUFH %/2&. 2) )285

Airmail Unmounted mint Literature

www.philangles.co.uk

place your bids online. Immediate and secure.

Philangles 408 pages (69pp).qxp 13/01/2022 07:12 Page 38

8QPRXQWHG PLQW ZLWK D IDFH YDOXH RI ,QF

$OGHUQH\ LVVXHV KLJK YDOXHV PDQ\ VHWV ,QF 06 6KHHWOHWV

$YHU\ JRRG FROOHFWLRQ

*5($7 %5,7$,1 0,/,7$5< 02817%$77(1 2) %850$ ODWHU

&KDQQHO ,V /RFDOV IURP $OGHUQH\ +HUP DQG

6DUN RQ ROG SDJHV PLQW RU )8 ,QF $OGHUQH\ /LEHUDWLRQ RYSW VHW RI 3ULQFHVV 0DUJDUHW V :HGGLQJ +HUP 2YSW VHW RI $ XVHIXO UDQJH RI SUH GHFLPDO LVVXHV DV VHWV VWDPSV

/RFDOV QHDWO\ SUHVHQWHG RQ SDJHV

&RPPRGRUH 6KLSSLQJ &RPSDQ\ ,QF (XURSD RYSWV VHW

DVVDVLQDWHG DXWRJUDSKHG VSHFLDO +06 +LEHUQLD FRYHU 9) ^3KRWR` &RFNOHVPHOO KHUR ELOO VSDUNV DXWRJUDSKHG FRYHU

RQH RI RQO\ WZR VXUYLYRUV DPD]LQJ VWRU\ 6FDUFH

VHW 6KHHWOHWV ZLWK SURRI VKHHWOHW DQG VWDPSV $ YHU\ JRRG FROOHFWLRQ RI VWDPSV 06 80

*5($7 %5,7$,1 3+,/$7(/,& (;+,%,7,216 &ROOHFWLRQ RI VKRZ VKHHWOHWV XP VSHFLPHQ

RYSWV IRU VWDPSH[ VKHHW RQ FDUG VLJQHG UR\DO ZHGGLQJ VWDPSH[ VKHHWOHW VLJQHG 838 DQQLYHUVDU\ VKHHWOHW VLJQHG 86$ ,QGHSHQGHQFH VKHHWOHW VLJQHG $ YHU\ LQWHUHVWLQJ ORW

75,%87(6 72 63(&,$/ $*(176 FRPPHP

FRYHU GHSOLFWLQJ 4 VKLS ILGHOLW\ VLJQHG E\ 2GHWWH +DOORZV 0DXULFH %XFNPDVWHU 9) %RPEHU &RPPDQG 5$) % WR % VHULHV

LOOXVWUDWHG FRYHUV HDFK GLIIHUHQW LQ JRRG FRQGLWLRQ

*5($7 %5,7$,1 3267$/ 67$7,21(5< 7XGRU HPERVVHG FRYHUV FDUGV ZLWK D JRRG

%RPEHU &RPPDQG 5$) % WR % VHULHV

UDQJH RI W\SHV LQF ILQH XVHG RQ XQXVHG DQ LQWHUHVWLQJ JURXS

LOOXVWUDWHG FRYHUV VLJQHG LQ JRRG FRQGLWLRQ

(GZDUG XQXVHG (QYHORSHV DQG :UDSSHUV

.,1*6 &83 $,5 5$&( VHW RI VLJQHG FRYHUV

ZLWK PDQ\ LGHQWLILHG òG :UDSSHUV G (QYHORSHV òG (QYHORSHV LQ ILQH FRQGLWLRQ

LQ D VSHFLDO DOEXP SURGXFHG LQ RQO\ VXFK VHWV SUHSDUHG 3ULVWLQH

.*9, 3(5,2' 5(*,67(5(' (19(/23( YI

XQXVHG VWXG\ KRXVHG LQ DQ DOEXP ZLWK GLII LWHPV VWXG\ RI

/25' 52%(576 0(025,$/ )81' /DEHOV

SURGXFHG IRU GLVDEOHG VROGLHUV DIWHU ::, PXOWL FRORXUHG GHSLFWLQJ LPSRUWDQW SHUVRQDOLWLHV RI WKH WLPH KRXVHG LQ WZR GLIIHUHQW $OEXPV DQG ORRVH FLUFD ODEHOV VRPH IDXOWV EXW YHU\ XQXVXDO DVVHPEO\

VL]HV GLHV LVVXHV EHWWHU ODUJHU VL]HV XSUDWHG WR RUGHU VWDPSHG WR RUGHU G 4(,, G LPSUHVVLRQ

.*9, 8186(' $Q H[FHSWLRQDO FROOHFWLRQ RI

VXSHUE XQXVHG FKRLFH FRQGLWLRQ KRXVHG LQ D ELQGHU 0,/,7$5< &$3 %$'*(6 ZLWK PDQ\ LQWHUHVWLQJ

GLIIHUHQW LWHPV LQFOXGLQJ PDWHULDO ZH KDYH QRW VHHQ EHIRUH EDGJHV FRPPDQGR 9 )RUFH VFDUFH 5R\DO *DUULVRQ 7$ WHOHJUDP IRUPV RQH XSUDWHG ::,, PLOLWDU\ LVVXH LWHPV YHU\ /DQFDVKLUH DQG &KHVKLUH 5R\DO 6FRWV PDFKLQH JXQ UHJW JRRG SULYDWH WR RUGHU PXOWL GLH LWHPV HQYHORSHV FDUGV HDUO\ 5$) &RQQDXJKW 5DQJHUV /HLFHVWHUVKLUH +LQGRRVWDQ DLUPDLO PRUH 9HU\ JRRG ORW UHSUHVHQWDWLRQ *ODPRUJDQ ,PSHULDO <HRPDQU\ 4XHHQ 0DU\ $$& 5R\DO

$UWLOOHU\ *ORXFHVWHUVKLUH (J\SW 1RUIRON UHJW D YHU\ JRRG ORW RI FDS EDGJHV SOXV D IHZ VKRXOGHU EDGJHV 5(*,67(5(' (19(/23(6 49 (DUO\ 4(,,

XQXVHG D FROOHFWLRQ RI RYHU GLIIHUHQW DQG DOO LGHQWLILHG LQ ZDOOHWV PDQ\ LQWHUHVWLQJ DQG HOXVLYH LVVXHV HVSHFLDOO\ HDUO\ 5$) VLJQHG FRYHUV WKH YIX FROOHFWLRQ

LWHPV QRWH VHYHUDO YHU\ VFDUFH XSUDWHG GLH W\SHV PXFK 49 RI GLII DUUDQJHG LQ DQ DOEXP LQF PDQ\ PXOWLSOH VLJQHG WRR PXFK WR OLVW :LOO PDNH D ILQH H[KLELW FRYHUV ZLWK QRWHV )LQH ORW 7+( $,5/(77(56 $(52*5$00(6 RI

5$) 6,*1(' &29(56 IHDWXUH LQ WKLV ORW

WKH FROOHFWLRQ RI GLII KRXVHG LQ WZR DOEXPV 7HUULILF YDULHW\ ZLWK EHWWHU HDUO\ VSHFLDO FRYHUV VWDWLRQ FRYHUV LQF -XSLWHU %LJJLQ +LOO +DUULHU IOLJKWV %DUJDLQ 3ULVWLQH

6&$5&( 6LU %DUQHV :DOOLV LOOXVWUDWHG

*UHDW %ULWDLQ $ PRVW H[WHQVLYH FROOHFWLRQ RYHU GLIIHUHQW YI PLQW VRPH VXSSOHPHQWDU\ XVHG H[FHOOHQW TXDOLW\

'LVSOD\HG LQ IRXU DOEXPV ZLWK YJ .*9, PLOLWDU\ LVVXHV WR RUGHU GLH LPSUHVVLRQ W\SH ([FHSWLRQDO ORW

*5($7 %5,7$,1 5$,/:$<6

6TXDGURQ 'DPEXVWHU WR KHOS &KHVKLUH +RPH VLJQHG E\ %LOO 5HLG 9& DQG 7RQ\ ,YHUVRQ SOXV IRXU RWKHU SOXV DQ XQVLJQHG FRYHU IUDQNHG ZLWK S VLOYHU MXELOHH DQG VSHFLDO &KHVKLUH )RXQGDWLRQ FDQFHO

/RQGRQ DQG 1RUWK :HVWHUQ 5DLOZD\ G

SDLU SDUFHO VWDPSV QLFHO\ XVHG RQ D VPDOO IRUPDW SDUFHO WDJ WUDQVSRUWLQJ IDUP SURGXFH 7ZR 3DUFHO 7DJV &LUFD V ZLWK *:5

::, 1DYDO 33& V ,QF +06 -XQR 33& RQ

VWDPS ODEHO DIIL[HG DW 6ZLQGRQ DQG /RQGRQ 1RUWK :HVWHUQ G G ODEHOV DIIL[HG DW 0DQFKHVWHU %RWK YHU\ ILQH

ERDUG WKH ,URQ 'XNH 33& RI 5HY ,QJUDP %LVKRS RI /RQGRQ +06 0DUOERURXJK +HDG /HWWHU +06 ,URQ 'XNH 33& (QY &DQFHOOHG IOHHW RIILFH WZR 33& V ZLWK FHQVRU KDQGVWDPS DQG 'XPE FDQFHOV $ YHU\ LQWHUHVWLQJ JURXS

*5($7 %5,7$,1 5(9(18(6

::,, 5$) FHQVRUHG ZLWK D YDULHW\ RI FHQVRU

{ 7HWH %HFKH SDLU G &KDQFHU\ )HH )XQG )8

PDUNV LQF 5$) SRVW ,QGLD FGV ER[HG FHQVRU PDUNV GLDPRQG $ VFDUFH LWHP EDUHIRRW D FHQVRU PDUNV WULDQJOH FHQVRU PDUNV RYDO FHQVRU PDUNV VHHQ 5$) D YHU\ { )RUHLJQ %LOO ILQH XVHG VHW RI GLIIHUHQW YDOXHV

LQWHUHVWLQJ ORW RI FRYHUV QHHG VWXG\LQJ ZLWK YDOXHV WR 23(5$7,21 7+856'$< 5' $QQLYHUVDU\

{ /LIH SROLF\ LPSHUI LVVXHV G G

FROOHFWLRQ RI VLJQHG FRYHUV LQ DQ $OEXP GLIIHUHQW SHUIHFW FRQGLWLRQ VRPH OLPLWHG WR MXVW RU SUHSDUHG :HDOWK RI VLJQDWXUHV ,QF 9(5$ /<11 DQG 6TXDGURQ OHDGHUV 5HFRPPHQGHG

DQG ILQH XVHG { 3XEOLF 5HFRUGV RYSW HPERVVHG LVVXHV

ERWK 9)8 ZLWK JRRG PDUJLQV

*5($7 %5,7$,1 2 &+$11(/ ,6 $OGHUQH\ /RFDOV QHDWO\ SUHVHQWHG FROOHFWLRQ

,QF S %DOORRQ UDFH VWDPSV 3DUFHO VHUYLFH ,QF 7D[L GHOLYHU\ KDQGVWDPSV ([SUHVV VKHHWOHWV $Q LQWHUHVWLQJ ORW RI

VWDPSV FRYHUV 06 VWDPSV 06 80 (YHQ VHHQ SURRIV

{ &XVWRPV (PERVVHG WR WR

)8 { &RQVXODU 6HUYLFH D ILQH JURXS RI GLIIHUHQW

YDOXHV WR ,QF VHW RI VL[ RYSWV D JRRG UDQJH RI GLIIHUHQW RYHUVHDV FRQVXODU KDQGVWDPSV

Philangles 408 pages (69pp).qxp 13/01/2022 07:12 Page 39

{ ,VOH RI 0DQ (GZDUG VHW RI G WR )8

{ 3RVWDJH GXHV LVVXH D ILQH XVHG VHOHFWLRQ

(OXVLYH

RI ZLWK YDOXHV WR O VWF 1RW FRPPHP

$'',7,21$/ 0(',&,1( '87< 2YHUSULQW G

.*9 6* DV D 9) JXWWHU SDLU 1+0 0RVW XQXVXDO

3267$/ +,6725< LWHPV LQF HDUO\ XVHG

SRVWDO FDUGV PXOWL IUDQNHG FRYHUV )LQH JURXS

{ &2168/$5 6(59,&( DV D 9)8 PDUJLQDO { 5(9(18(6 V &XVWRP 7D[ LVVXHV

ZLWK GLIIHUHQW YDOXHV DQG W\SHV $ JRRG UDQJH RI UHYHQXHV EORFN RI IRXU ZLWK FULVS $OH[DQGULD (J\SW &'6 &KRLFH DQG

LPSUHVVLYH IDFH YDOXH EDUHIRRW D

OLJKWO\ DGKHVLRQ WR ROG SDJHV

,6/( 2) 0$1 .*9 6HOHFWLRQ FKLHIO\ )8

*5(1$'$ ,QF G FRPELQDWLRQ SLHFH

WRS YDOXH &KDORQ G 6* :PN 6LGHZD\V 9)0 ROG

DOVR G PDUJLQDO 1+0 PRXQW UHPDLQV LQFUHGLEO\ IUHVK ZLWK 2* &DW { 32/,&( &28576 .*9, LVVXHV )8 G

DQG G 3267$*( 2YSWV G RQ 6* DV 9)0

YHUWLFDO VWULS RI VFDUFH PXOWLSOH DOVR D VLQJOH RI 6* { 32/,&( &28576 4(,, )8 JURXS G

LWHPV

9)8 SDLU DQG G $V 9)8 SDLU 49 òG RYSW :LWK 63(&,0(1 RYSW 9)0

{ 5(9(18(6 2OG SDJHV ZLWK 49 DQG (GZDUG

6* 6 LVVXHV RQO\ VHHQ 49 FRQVXODU RQ RQ 3ROLFH &RXUWV HDUO\ HPERVVHG GHHGV 49 %DQNUXSWF\ WR )RUHLJQ 3RVWDJH 'XHV G G RYSWV %RWK IUHVK PLQW

%LOO GLIIHUHQW SULQWLQJV RGG ,UHODQG UHYHQXH 1RUWKDPSWRQ 6*' ' 6HOGRP RIIHUHG 0D\RU V &RXUW D YHU\ JRRG UDQJH RI UHYHQXHV OLJKW 49 VHW PLQW 6* DOVR òG 6* DGKHVLRQ WR WKH ROG SDJHV HDFK ORRN EH GLIIHUHQW

PLQW & { 6KHIILHOG &RXQFLO 3ULYDWH 5HYHQXH 6WDPSV

49 VHW PLQW IDLU 6* F

G &RXUW +RXVH )8 DQG G /LEUDU\ )RUIHLW 6WDPS 0LQW

81$335235,$7(' ,VVXH .*9, G SDLU DQG (GZDUG VHW PLQW 6*

LPSHUI SURRIV LQ %ODFN RQ WLQ FDUG )LQH DQG XQXVXDO

LWHPV

(GZDUG VHW WR ILQH PLQW 6*

81$335235,$7(' .*9 3URRIV LPSHUI RQ

F

FRORXUHG SDSHUV YHU\ ILQH ZLWK JRRG PDUJLQV G G DQG 7KHVH ZHUH SULQWHG RQ FRORXUHG SDSHUV WR SUHYHQW SRVVLEOH XVH

%DGJH VHW 9)0 6*

81$335235,$7(' 4(,, 3URRIV LWHPV SDOH

%OXH SHUIRUDWHG PLQW SDOH %OXH LPSHUI VWULS RI PLQW KDQG VWDPSHG FDQFHOOHG LPSHUI DQG DV FRUQHU VWULS RI LPSHUI 80

.*9 3LFWRULDO VHW RI ,QF OLVWHG SHUIRUDWLRQ $

*5((&(

QXPEHUV )0 6*

{ 2OG 3DJHV ZLWK D ILQH XVHG FROOHFWLRQ

{

.*9 SLFWRULDO VHW RI 6* PLQW

.*9 3LFWRULDO VHW ZLWK DGGLWLRQDO OLVWHG SHUIV

0HUFXU\ WR G +HUPHV VHW RI 'HILQV WR )LQH PLQW 6*

G UHFHVV /LWKR 9LFWRU\ VHW 8QLRQ RI &UHWH &KDULW\ D JRRG UDQJH RI VWDPSV &RURQDWLRQ 6HW 3HUI 63(&,0(1 9)0

%$/.$1 :$5 YDULHW\ 6* W\SH ; RQ G

6* 6 6

YHUPLOLRQ %/2&. 2) 6* $; $;DM 9)0 FDW .*9 6LQJOH )UDQNLQJ 6* RQ D 5R\DO

(QY VHQW WR WKH 8. ZLWK D ILQH *UHQDGD &'6 GLIIHUHQW 5HJG 9DULHW\ / $LU ZLWK 3UH 3ULQWLQJ &UHDVH +RUL]

DFURVV WKH VWDPS 1R &RORXU 6* 9DU 0LQW +6 DQG 1RUWKDPSWRQ 5HJG DUULYDO +6 RQ WKH UHYHUVH

5HFRQVWUXFWLRQ VHW YI XP 6* F

.*9, LVVXH $ FRPSUHKHQVLYH PLQW VHW RI

GLIIHUHQW LVVXHV &DW ZLWK PDQ\ OLVWHG $ QXPEHUV DQG GLIIHUHQW SHUIRUDWLRQV ,QF GLIIHUHQW WRS YDOXHV ZLWK EHWWHU 'HOHJDWH VSHFLDO DOEXP FRQWDLQLQJ GLIIHUHQW

,QF 6* $ % ' HWF $ ILQH VHW UHTXHVW FRQWHPSRUDU\ LVVXHV ZLWK VHWV PLQW QHDWO\ PRXQWHG RQ SDJHV VFDQ F LQF 5HFRQVWUXFWLRQ VHW 6* .*9, 63(&,$/,6(' '(),1,7,9(

1DWLRQDO 3URGXFWV VHW $QFLHQW *UHHN $UW VHW 6XSHUE &2//(&7,21 RI VHYHUDO V PRVWO\ P XP ZLWK EORFNV LWHP YDULHWLHV SULQWLQJV HWF 6* òG G FRLO VWULSV UDQJH RI &RPSOHWH 1+0 LQ OX[XU\ .D %H KLQJHOHVV

FRUQHU H[DPSOHV ZLWK SODWHV LQ PDUJLQV UDQJH RI LPSULQW $OEXP GLIIHUHQW VWDPSV 06

EORFNV SRVLWLRQ 5 ZLWK SURJUHVVLYH VWDJHV RI /,1( 21 6$,/ YDULHWLHV WR G OLQH RQ VDLO XP LQ FRUQHU EORFN G OLQH RQ &RPSOHWH 80 LQ OX[XU\ .D %H +LQJHOHVV $OEXP

VDLO YIP F G ZLWK H[WUD ZLQGRZ EURNHQ UDLO F

VWDPSV 06 9HU\ KLJK &9 DQG ZLWK GDQJOLQJ URSH FRQVWDQW G GRXEOH URSH OLQH FRPSUHKHQVLYH WKURXJK WHQ VHYHUDO GLII YDOXHV WRS YDOXH GLII +RXVHG LQ D 6WRFNERRN DQG $OEXP

SULQWLQJV VKDGHV HWF $ PRVW LPSRUWDQW FROOHFWLRQ VWDPSV IURP +HUPHV +HDGV WR PRUH PRGHUQ PDLQO\

XVHG ([WUD ZLQGRZ EURNHQ KDQGUDLO YDULHW\ .*9,

2OGWLPH FROOHFWLRQ RI VWDPSV ,QF

G 6* DG YIP ^3KRWR` ,QGHSHQGHQFH VHW )LUVW 9LFWRU\ VHW PLQW ,RQLDQ ,V

/LQH RQ VDLO YDULHW\ .*9, G 6* % XP LQ SDLU PLQW HDUO\ KHDGV D XVHIXO UDQJH

ZLWK QRUPDO ^3KRWR`

Philangles 408 pages (69pp).qxp 13/01/2022 07:12 Page 40

6LOYHU :HGGLQJ VHW DV XP EORFNV RI IRXU

6* 9)

{ .*9, YDULHW\ F EURNHQ FKDUDFWHU IX RQ SLHFH

.*9, SRVWDO VWDWLRQHU\ YIP ZLWK VSHFLDOLVDWLRQ

LWHPV UHJLVWHUHG LQF VSHFLPHQ RYSWV QHZVZUDSSHUV DLUOHWWHUV LQF VFDUFH ORFDO LVVXH ZLWK VWDPS DIIL[HG HQYHORSHV

.*9, YDULHW\ F EURNHQ FKDUDFWHU XP LQ EORFN

RI XVXDO JXP 6* D ^3KRWR`

6* D

LQF G ILUVW LVVXH 9) ORW 3RVWDO 6WDWLRQHU\ 49 ,QF 5HJG (QYV

&DUGV ,QF ZLWK UHSO\ DWWDFKHG ZUDSSHUV (GZDUG

&DUGV .*9 &DUG .*9, 4(,, DQG 1$$), /HWWHU )RUP $OO XQXVHG :DU 7D[ LVVXHV RQ FRYHUV (QY ZLWK

.*9, YIP LQF XP ZLWK VSHFLDOLVDWLRQ

LQWHUHVWLQJ DGGLWLRQDO PDWHULDO EORFNV ZLWK UHTXLVWLRQ QXPEHUV

F UHJLVWHUHG HQY RYSW VSHFLPHQ LQ VXSHUE FRQGLWLRQ D

FRPSUHKHQVLYH VHW RI .*9, ZLWK VKDGHV SHUIRUDWLRQV HWF LQF NH\ F 6* GLII

LQF EHWWHU FKDON SDSHU DOO GLII

YLFWRU\ VHW ZLWK H[WUD VWURNH YDULHW\ HWF $ YDOXDEOH ORW

G :DU 7D[ EORFN RI DQG G (QY ZLWK G :DU 7D[ .*9, YDULHW\ F VWRS DIWHU FHQWV 6* E ILQH

DQG òG VHQW WR &DQDGD (QY ZLWK G EORFN RI DQG D P ^3KRWR` VLQJOH :DU 7D[ 6WDPS VHQW 5HJG WR 1HZ <RUN

{

{

{

{

6LOYHU :HGGLQJ VHW RI 6* IUHVK

+21'85$6 80 $OEXP SDJHV ZLWK VWDPSV DQG 06 ZLWK

EHWWHU SLFNLQJV 'HILQ VHW RI PLQW 'HILQ VHW RI { 9DULHW\ VLOYHU ZHGGLQJ F ZLWK VSXU RQ 1

PLQW 'LVFRYHU\ VHW PLQW 2O\PSLF 06 6* D )8 0DQXHO 06 80 $ JRRG UDQJH FKLHIO\ PLQW ,QF 80

{ 4(,, PLQW FROOHFWLRQ LQF 80 GHILQ ZLWK

VKDGH PLQW SOXV F WR EORFNV RI 80

+21* .21* GHILQ VHW RI PLQW FRPPHPV VHWV LQF ))+ UHG FURVV 49 VHOHFWLRQ RI VWDPSV VRXQG XVHG PDQ\

&KXUFKLOO GHILQ V ZD\ ZPN WR D JRRG ORW RI ZLWK % FDQFHO VHHQ QR :PN WR F H[ F

VWDPSV &DW YDOXH RYHU &URZQ && WR F ,QF VFDUFH F $ JRRG UDQJH &DW 4(,, FRPPHPV ZLWK LQYHUWHG ZDWHUPDUN

YDULHWLHV HWF 9 ILQH FROOHFWLRQ RI XP KRXVHG LQ D VWRFNERRN :DWHUPDUN UHYHUVHG 49 F 6* [ )8

V VWDPSV LQF DOO HDUO\ 1HZ <HDU VHWV FRFN GRJ SLJ HWF

HDUO\ 06 SRVWDJH GXH VHWV PRUH &RPSUHKHQVLYH KLJK &9 -8%,/(( F RYSW 9)0 6*

{ 4(,, )LQH XVHG ZLWK PDQ\ FRPSOHWH VHWV VHHQ

GHILQV WR FRPPHPRUDWLYH D JRRG VHOHFWLRQ RI VHWV ,QF -RFNH\ &OXE 06 &RPHW 06 1HZ 06 $ -XELOHH F 6* PLQW 6OLJKWO\ VRLOHG FDW

YHU\ JRRG FROOHFWLRQ RI VWDPSV 06 HDFK

GLIIHUHQW 3RVWDO )LVFDO VXUFKDUJH RQ 6*) IUHVK

$QQLJRQL KLJK YDOXH XP PXOWLSOHV

PLQW HDFK DV FRUQHU EORFNV 6* HDFK DV H[FHSWLRQDO FRUQHU EORFNV RI VL[ 6* 6HOGRP RIIHUHG LQ 49 RYSW VHW RI ILQH PLQW 6* D

EORFNV

:DWHUPDUN LQYHUWHG F ,78 6* Z

80 49 RYSW VHW RI 9)0 6* D

(GXFDWLRQ VHW DV FRPSOHWH JXWWHU VKHHWV RI

80 )9 +.

49 RYSW 6HW RI 9)0 6*

1(: ,668( 6(59,&( 1HYHU KLQJHG

PLQW 80 IXOO RI 06 RU VKHHWOHWV ?,QF 1HZ <HDU *ROG 6LOYHU .*9 GHILQ VHW RI VHW WR

6KHHWV 'HILQ 6KHHWV WR -RFNH\ &OXE 6KHHWV 'LVQH\ 6 -XELOHH VHW $ JRRG DQG KLJKO\ &DW FROOHFWLRQ RI *ROG 6KHHW %LUGV WR HWF *RRG ORW +LJK &9 DQG 9) VWDPSV )8

6FDUFH KLJK YDOXH .*9 ZLWK ROLYH EDFN

2ULJLQDO 3DFNHWV 8QPRXQWHG 0LQW VHHQ EHWWHU

6* E IUHVK PLQW 6XSHUE H[DPSOH VWDPSV VHHQ F DQG :PN XSULJKW DQG VLGHZD\V 6* E DQG F GHILQ VHW RI %URNHQ IORZHU .*9 F 6* D PLQW

&RURQDWLRQ ZLWK 1 RI RQH MRLQHG WR 5 RI WKLUW\ SRVWDJH GXH

D JRRG VHOHFWLRQ RI VWDPSV DQG 06 6LOYHU -XELOHH VHW RI 6* IUHVK

,&(/$1' PLQW $1 2/' &2//(&7,21 RQ 'DYR SDJHV DQG

9DULHW\ .*9 VLOYHU MXELOHH F H[WUD VKRUW IODJ

ORRVH ZLWK LVVXHV WR 6HYHUDO GLIIHUHQW VWDPSV VWDII 6* E XP FDW QXPHUDOV WR D XVHG NU )UHGHULN )8 N RQ D PLQW 9LHZV VHW )8 3DUOLDPHQW $LUPDLO VHW RYSW 9DULHW\ .*9 VLOYHU MXELOHH F IODJVWDII RQ ULJKW

63(&,0(1 PLQW *HQHUDO UDQJHG HWF PL[HG XVHIXO KLJK &DW KDQG WXUUHW 6* G YHU\ ILQH XVHG SLFNLQJV 0LOLWDU\ LQWHUHVWLQJ FROOHFWLRQ RI FRYHUV FDUGV

9DULHW\ .*9 VLOYHU MXELOHH F EORFN RI ZLWK

H[WUD IODJVWDII ZLWKLQ D SRVLWLRQDO EORFN 6* D PLQW

{ .*9, GHILQLWLYHV WR &RURQDWLRQ &HQWHQDU\

6 :HGGLQJ 838 VHWV ILQH XVHG

LQF WKH RGG OHWWHU H[HUFLVH ILVK SOXJ OHWWHU RQ +06 'XQNLUN OHWWHU KHDG ILUVW FRG ZDUV H[HUFLVH IOXVK ZLWK )32 VHW WR ORFDO EDVH VFDUFH HQYHORSH $ ILQH DQG LQWHUHVWLQJ ORW

,1' 1$7 67 62587+

.*9, VHW RI WR FDW PLQW

3RVWDJH VHW RI 9)0 D VPDOO FUHDVH

6*

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 41

{ 2IILFLDOV $KPHG 0LUD FK WR NU ZLWK

,1',$ 2+06 49 LVVXHV PLQW PRVWO\ ILQH VHOHFWLRQ LQF

VHWV EHWZHHQ 6* 2 D FDW

49 86(' 3267$/ 67$7,21(5< JURXS LQFO

D S HQY SOXV WZR VLPLODU D S ,1',$ 3267$*( RYSW HQYV SOXV WKUHH UHJLVWHUHG HQYV XVHG LQ DOO DGGUHVVHG WR (QJODQG *RRG WR ILQH FRYHUV

YDULHWLHV ,QF 2IIMRMHO ZLWK PLQRU GDPDJHG OHWWHUV JRRG IRU VWXG\ 6* VWDPSV

6XUFKDUJHV FK WR FK ZLWK HUURUV ,QF FK RQ

FK GRXEOH RYSW FK RQ FK RYSW ,QY 6* $ ILQH VHOHFWLRQ RI PDLQO\ PLQW { 5(9(18(6 5HYHQXH 6WDPSV RI 1DVU (O

'LQ VHW RI VL[ XQLVVXHG ZLWK JXP VFDUFH 7UDQVSRUW VHW RI

{ 1,1( 1,1( 9$5,(7< RQ D )8 6* D

3DVVSRUW VHW RI *HQHUDO 5HYHQXHV HDFK GLIIHUHQW PDLQO\ $ JRRG UDQJH RI UHYHQXHV PLQW OLJKW DGKHVLRQ WR ROG SDJHV

,5$4

3,(6 3,(6 D RYSW HUURU PLQW 6* E

2EOLJDWRU\ 7D[ I I ILQH PLQW 6*7

DQG UH HQWU\ 6* D

{ 3LHV 3LHV D RYSW HUURU YIX 6* E

{ .LQJ )DLVDO LPSHUI PLQLDWXUH VKHHW 6*

06 ILQH XVHG

{ 3,(6 3,(6 9DULHW\ RQ D )8 6* E

{ .LQJ )DLVDO SHUIRUDWHG PLQLDWXUH VKHHW 6*

06 ILQH XVHG VRPH FUHDVLQJ

{ 3LHV 3LHV 9DULHW\ RQ D )8 6* E

$,5 6HW RI SOXV 0LQLDWXUH 6KHHW SHUI

6* DQG 06 IUHVK 80

+LJK YDOXHV U U U ILQH P 6*

5HSXEOLF RYSWV YHU\ FRPSOHWH GLIIHUHQW

VWDPSV ,QF G 6* òG 6* G 6* IUHVK 80

,19(57(' :$7(50$5. U U +,*+

9$/8(6 PLQW 6* Z Z

7UDQVSRVHG RYHUSULQW YDULHW\ ) 6* D

ZLWKLQ D VWULS RI 80

.*9 U WRS YDOXH ILQH P 6*

{ $ PRVW LQWHUHVWLQJ RULJLQDO FROOHFWLRQ RI

GLIIHUHQW LVVXHV LQ DQ ROG VWRFNERRN ZHOO RUJDQLVHG LQ RUGHU .*9, :,7+ ,17(5(67,1* YIP FROOHFWLRQ

ORWV RI EHWWHU YDOXHV ZLWK )8 0 80 ,QGLD XVHG LQ ,UDT

GHILQV WR U VHW LQF òD LQYHUWHG ZPN XQSULFHG

0RVXO RYSWV RYSWV ,QF QR :PN ,VVXHV WR UV 80 PLQW òD LQY ZPN 6* Z VHW LQF ERWK ZPN U DOVR 0XVFDW ERWK RYHUSULQW VHWV +LJK FY

5()8*(( 5(/,() 29(535,17 (55256 RQ

S *UHHQ 80 GLIIHUHQW SUREDEO\ FODQGHVWLQH ZLWK

GRXEOHV RYSW 2Q UHYHUVH LQYHUWHG $OO JHQXLQH 5HTXHVW VFDQ

2FFXSDWLRQ 3RVWDO &DUGV 6HW )8 6* 2+06 6HW WR òG 6* JRRG KLJK YDOXHV RIILFLDOV ZLWK 80 6*2 D <RXQJ .LQJ ZLWK RIILFLDOV 80 VFDUFH

V D 5DLOZD\ 3RVW 6WDPS )8 $ JRRG VHOHFWLRQ

(55256 9$5,(7,(6 6* /LVWHG D

ILQH VHOHFWLRQ PRVWO\ 80 DQG LGHQWLILHG LWHPV PRVWO\ ZLWKLQ

{ 5(9(18(6 2OG SDJHV ZLWK PDQ\ GLIIHUHQW WR

PXOWLSOHV I RQ D SDLU RQH ZLWK LQYHUWHG 6* D

49 (GZDUG LQF VSHFLDO $GKHVLYH VXUFK D RQ U D RQ U %HUDUV RYSWV %HUDU D WR U ORFDOO\ LVVXHG UHYHQXH )RUHLJQ %LOO 3URYLVLRQDO VXUFKDUJHG 6KRUH 7UDQVIHU WR U ZLWK GLIIHUHQW VHWWLQJV $ YHU\ JRRG UDQJH RI UHYHQXH OLJKW DGKHVLRQ WR WKH ROG SDJHV

{ 5(9(18(6 &RXUW IHHV LQF )RUHLJQ %LOO

I FORXG IODZ LQ EORFN 6* RD SXQFK KROH YDULHW\ E 7UDQVSRVHG RYHUSULQWV LQ EORFNV ZLWK 6* D D D HWF *RRG ORW

6WDPSV LQ SDFNHWV 80 &RYHUV PDLQO\

V SHULRG D IHZ VWDPSV $ JRRG PL[WXUH

,5(/$1' GHOHWHG VHW RI %DUHIRRW KLJK FRXUW RYSWHG D DQG U % DQG % VPDOO FDXVH FRXUW ZLWK YDOXHV WR U /RQJ LQ YDULHW\ VHW RI 9)0 6* D

ZLWK YDOXHV WR U WR U OLJKW DGKHVLRQV WR WKH òG G LQ SDLUV ZLWK QRUPDO

ROG SDJHV $ JRRG ORW RI UHYHQXHV 6HDKRUVH KLJK YDOXH VHW RI ILQH P 6*

672&. &$5'6 ZLWK 49 LVVXHV WR U PLQW

S D 6* D ERWK D 6* GHILQ V ZLWK YDOXHV WR U ZLWK VKDGHV ERWK U U U 6W 3DWULFN KLJK YDOXH VHW 9)0 6* F

U 6* D JRRG UDQJH IUHVK PLQW

,1'21(6,$

{ 0DOIRUQHG YDULHW\ G )DWKHU 0DWWKHZV YIX

6SHFLDO GHOHJDWHV VWRFNERRN FRQWDLQLQJ

GLIIHUHQW 80 LVVXHV ZLWK FRQWHPSRUDU\ VHWV 1LFH *ROG

0:& % ^3KRWR`

HPERVVLQJ

8QPRXQWHG PLQW FRPPHPRUDWLYHV DV EORFNV RI

LQF &DWKROLF 8QLYHUVLW\ :LOOLDP %URZQ )DWKHU

,21,$1 ,6/$1'6

:DGGLQJ 0RWKHU 0DU\ $ ILQH UDQJH RI EORFNV ZLWK VHWV &DWDORJXH YDOXH JRRG PDUJLQV 6* DOVR G 5HG 6* ZLWK D FDQFHOODWLRQ VROG 'HOHJDWHV VSHFLDO IROGHU FRQWDLQLQJ GLII PLQW

RQ LWV PHULWV VWDPSV FRQWHPSRUDU\ LVVXHV RQ VSHFLDO SDJHV QRWLQJ 6W 3DWULFN WR ,5$1 FRPPHP VHWV LQF HPPHW Y ILQH { 5HODLV 2YSWV $KPHG 0LUD WR NU

8QPRXQWHG 0LQW &ROOHFWLRQ ZLWK PDQ\

,QF FK FK RYSW LQYHUWHG /LRQ DQG &URZQ WR NU ,QF XQOLVWHG &RPPHPRUDWLYH VHWV DOVR %RRNOHWV DQG 'HILQLWLYHV RYHU FK FK DQG NU $ ILQH VHOHFWLRQ ILQH XVHG VWDPSV %RRNOHWV $ YHU\ ILQH FROOHFWLRQ

49 LPSHUI VHW RI ILQH PLQW XQXVHG DOO ZLWK

Philangles 408 pages (69pp).qxp 13/01/2022 07:12 Page 42

$ VXEVWDQWLDO VWDPS FROOHFWLRQ LQ D 6WRFNERRN

ZLWK RYHU VWDPSV DQG 06 ZLWK VWUHQJWK LQ 80 PDWHULDO DQG FRPSOHWH VHWV ,QF V VHWV 'HILQ VHW 6*

HWF +LJK &9 3RVWDO +LVWRU\ LQWHUHVWLQJ JURXS ,QF ::,,

5HJG &HQVRU &RYHU (QY :LWK 3RVW 2IILFH ([SUHVV /DEHO VHQW WR ,QGLD ZLWK )DWKHU 0DWWKHZ VHW DV EORFNV RI IRXU RQ WKH UHYHUVH (QY 6HQW E\ $LUPDLO WR ,WDO\ $ VPDOO EXW XVHIXO JURXS RI FRYHUV 67$03 %22./(76 2) ,5(/$1' 7KH

FROOHFWLRQ RI GLIIHUHQW ZLWK VPDOO IRUPDWV GDWLQJ IURP

([WHQVLYH SUHVWLJH ZLWK YDOXHV WR YHU\ ILQH +LJK &9

,7 &2/6 (5,75($

)285 %2;(' /,*+7+286( 3ULQWHG $OEXPV

ZLWK D VXEVWDQWLDO DOO GLIIHUHQW FROOHFWLRQ RI VHYHUDO VWDPSV PXFK LV )8 JRRG UDQJH RI HDUOLHU ERWK 3OHELVFLWH VHWV PLQW 6* F

V VHWV PLQW ,QF %ODFN 6KLUWV F $ JRRG UDQJH RI FRPSOHWHG SDJHV =HSSHOLQ VHW PLQW F )RRWEDOO LVVXHV F &KLOG :HOIDUH VHW PLQW F 5HYROXWLRQ VHW VHW PLQW F ((53 VHW PLQW F 5DGLR VHW )8 F

7KHLUV FRPSUHKHQVLYH )8 WR +XJH &9 2ULJLQDO ORW 2OG SULQWHG SDJHV ZLWK FRORQLHV LVVXHV IRU

6RPDOLD -XEDODQG ,QF 9LFWRU\ VHW -XELOHH F S F 6W )UDQFLV VHW 9ROWD VHW RI 1DWLRQDO 'HIHQFH VHWV $ JRRG UDQJH RI VWDPSV KLJKO\ FDWDORJXHG PLQW

&RORQLHV LVVXHV ROG SDJHV ZLWK PDQ\ VHWV DQG 5(9(18(6 (DUO\ PXQLFLSDO LVVXH PLQW RQ ROG

EHWWHU VWDPSV VHHQ F 6* PLQW F RQ 6* PLQW )DVFLW V VHW PLQW 6XUFK VHW PLQW 3LFWRULDO VHW RI PLQW $ YHU\ JRRG FROOHFWLRQ RI VWDPSV PDLQO\ PLQW RGG )8

SDJHV WR DERXW ZLWK PDQ\ GLIIHUHQW W\SHV RYHU UHYHQXHV HDFK VHHP WR EH GLIIHUHQW OLJKW DGKHVLRQ WR WKH SDJHV D VHOGRP VHHQ FROOHFWLRQ LQ WKLV TXDQWLW\

{ 5(9(18(6 (DUO\ LVVXHV WR V ZLWK

PXQLFLSDO LVVXHV D YHU\ JRRG UDQJH RI UHYHQXHV ZLWK

,7 &2/6 620$/,$ 'HOHJDWHV VSHFLDO VWRFNERRN FRQWDLQLQJ

FRQWHPSRUDU\ 80 LVVXHV QRWLQJ $LUPDLO VHW 6*

PDQ\ GLIIHUHQW W\SHV LQF PLQW WHWH EHFKH SDLUV D YHU\ LQWHUHVWLQJ ORW OLJKWO\ DGKHVLRQ WR WKH ROG SDJHV

ILQH DQG VFDUFH IRU KHUH

,7$/,$1 &2/6

5(9(18(6 (DUO\ PXQLFLSDO LVVXHV WR V

:RUOG FXS IRRWEDOO VHW ILQH P 6* FDW

PLQW RQ ROG SDJHV ZLWK RYHU UHYHQXHV HDFK VHHP WR EH GLIIHUHQW D YHU\ JRRG UDQJH VHOGRP VHHQ LQ VXFK TXDQWLWLHV

$(*($1 ,6/(6 ZRUOG FXS IRRWEDOO VHW IX

5(9(18(6 0XQLFLSDO HDUO\ LVVXHV PLQW OLJKW

P 6* F

$Q LQWHUHVWLQJ VHOHFWLRQ RI YDULRXV GLII PLQW

LVVXHV LQ SDFNHWV VWDPSV FDW LQF 6RPDOLD F SHUI KLJK YDOXHV 7ULSROL O H[SUHVV VWDPS

620$/,$ .LQJ GHILQV F O O YIP

6* F

{ 75,32/,7$1,$ PDVV IOLJKW DLUPDLO VHW IX

4 6* F

DGKHVLRQ WR WKH SDJHUV RYHU HDFK VHHP WR EH GLIIHUHQW RQ ROG SDJHV ZLWK LVVXH WR V DQ RULJLQDO ORW VHOGRP VHHQ LQ VXFK TXDQWLWLHV

,925< &2$67 2OG 3DJHV ZLWK EHWWHU SLFNLQJV VWDPSV

06 ,QF 1DWLYH 0DVN VHW 80 %LUG DQG %XWWHUIOLHV VHWV 80 $ XVHIXO UDQJH PDLQO\ 80

-$0$,&$ { 'UDPDWLF (UURU PLVVLQJ SULQWLQJ FDXVHG E\

)RUHLJQ 0DWWHU RQ WKH SODWH 6* 9DU 9HU\ ILQH XVHG

,7$/<

7(/(*5$3+ G HDFK RYSW 63(&,0(1 3KLODWHOLF ([KLELWLRQ /DEHOV ZLWK HDUO\ LWHPV ,QF

9)0 6*7 6 7 6

F DQG F 0LODQ LPSHUI SURRI EORFN RI LQ %OXH 7RULQR 1DSOHV *HQRD D YHU\ JRRG UDQJH RI &RPSOHWH VHWV ILQH P FDU GLII LVVXHV

LWHPV ZLWK GHWDLOV RQ SDJHV LQF 49 VHW RI $UPV VHW WR ZLWK VKDGHV FRPPHUFLDO SRVWFDUG WR (QJODQG ZLWK ILQH

ZDU VWDPSV FKLOG VHW VHW ZLWK ERWK G VHW LOOXVWUDWLRQ DQG DGYHUW IRU 9RFDERODULR +RHSOL GHOOD /LQJXD 6* 1LFH ORW ,WDOLDQD DQG 3LFFROD (QFLFORSHGLD +RHSOL SRVWHG ZLWKRXW 9DULHW\ $UP G 6HU HW IRU 6RYLHW 80 ZLWKLQ D

VWDPS WD[HG G ZLWK GXH DSSOLHG )LQH FRQGLWLRQ VWULS RI WZR RWKHU VWDPSV PLQW 6* D ^3KRWR` )RRWEDOO VHW 9)0 6* F

6(5 (7 IRU 6(59,(7 DUPV YDULHWLHV LQ SDLUV

ZLWK QRUPDO ILQH P G òG 6* D

-XVWLFH / WRS YDOXH 6* 1+0 9)

F

49 UHLVVXH VHW 6* FRPSOHWH ZLWK DOO

OLVWHG $ VKDGH YDULHWLHV ILQH PLQW $ ILQH VHW

5RPDQ 5HSXEOLF / 6* IUHVK PLQW FDW

.*9 LVVXHV 6* E D FRPSUHKHQVLYH IUHVK

PLQW VHW RI ZLWK HYHU\ OLVWHG VKDGH LQF DOO W\SHV RI WKH WRS YDOXH 6FDUFH

6WDPS &HQWHQDU\ 7XVFDQ\ VHW DV FRUQHU

EORFNV RI 6* 80 FDW 6WDPS &HQWHQDU\ VHW RQ VSHFLDO PD[LP FDUGV

RQ LOOVWU )'& &HQWHQDU\ VHW RQ PD[LP FDUGV RQ LOOXVWU FRYHU ZLWK H[KLELWLRQ FDQFHOV $ ILQH JURXS

:DU VWDPS G RQ SDOH \HOORZ 6* E IUHVK 80

EORFN RI VL[ :DU VWDPS G RQ ZKLWH 6* DV D PDUJLQDO

EORFN RI PLQW WZR VWDPSV 80 :DU VWDPS G RQ \HOORZ 6* H IUHVK 80 EORFN

RI VL[

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 408 pages (69pp).qxp 13/01/2022 07:12 Page 43

:DU 6WDPSV ZLWK YDULHWLHV òG EORFN RI ZLWK 3RVWDO +LVWRU\ FROOHFWLRQ RI FRYHUV DQG FDUGV

&\O 1R DQG ZLGH VSDFHG : 6* G òG &\O EORFN RI LQF SSV V LQF 2-*6 XUJHQW SRVWDO LWHP IRU FOHDUDQFH SDLU ZLWK RQH PLVVLQJ VWRS òG VWULS RI ZLWK WZR VWDPSV RIILFH FRYHU XQXVHG SSF RI D PDQ WDNLQJ D SLJ WR VHOO

1R 6WRSV D JRRG JURXS RI LWHPV ZLWK &\OLQGHU EORFNV FKLHIO\ 80

SSF XVHG \RXQJ -DPDLFDQ VKDUSHQLQJ D NQLIH HQY ZLWK SRVWHG RXW RI FRXUVH LV RQ WKH UHYHUVH $Q LQWHUHVWLQJ JURXS RI LWHPV

:DU 6WDPSV ZLWK YDULHWLHV G ZLWK YHUW EDU

EHIRUH :DU 6* 9DU òG ZLWK QR VWRS DIWHU VWDPS YHU\ :DWHUPDUN YDULHWLHV RQ VWRFNFDUGV D JRRG

ILQH XVHG RQ SLHFH ZLWK G 6* D G 3DOH 3XUSOH DQG UDQJH RI VWDPSV LQF GHILQ ZPN LQY 6* Z Z

'HHS 3XUSOH RQ %XII LQ %ODFN DQ LQWHUHVWLQJ ORW RI LWHP FKLHIO\ 80 EORFNV

Z Z XQSULFHG +LJKO\ FDWDORJXHG JURXS 80

.*9 0&$ 3LFWRULDO VHW 9)0 ,QF H[WUD

-$3$1

OLVWHG VKDGH 6*

3UHVHQWDWLRQ %RRNOHW GHSLFWLQJ 0RXQW )LML

.*9 VFULSW :PN )LQH PLQW VHOHFWLRQ ZLWK OLVWHG

VKDGHV òG WR 6* GLIIHUHQW VWDPSV &DW

FRQWDLQLQJ D FRQWHPSRUDU\ VHOHFWLRQ RI LVVXHV ,QF &DVWOH 06 F DQG 3RVWDO :HHN *HHVH \ F

1LFH

{ 5(9(18(6 V V RQ ROG SDJHV HDUO\

.*9 GHILQ VHW 6* D FRPSUHKHQVLYH ILQH

JHQHUDO LVVXHV WR 7REDFFR 7D[ -XGLFLDO RQ

PLQW VHW RI ZLWK DGGLWLRQDO OLVWHG VKDGHV LQF [ KLJK YDOXH

ROG SDJHV ZLWK PDQ\ GLIIHUHQW $ JRRG JURXS RI UHYHQXHV OLJKWO\ DGKHVLRQ WR WKH ROG SDJHV

.*9 VHWV ILQH PLQW VHWV 6*

-25'$1

LQFOXVLYH F

3LFWRULDO GHILQ VHW ILQH XP 6*

.*9 VHW RI DV YIP EORFNV RI 6* D

DOVR G 6* D DV SODWH EORFN XP LWHPV F

'HOHJDWH VSHFLDO IROGHU FRQWDLQLQJ GHILQ

VHW WR G 6* 80 1RW VHHQ WKLV IROGHU EHIRUH

6LOYHU -XELOHH YDULHW\ òG H[WUD IODJVWDII ILQH

PLQW ZLWKLQ SRVLWLRQDO EORFN 6* D

'HILQLWLYH VHW RI 6* 80

.*9, LVVXH 6* D $ FRPSUHKHQVLYH

PLQW VHW RI GLII ZLWK DGGLWLRQDO OLVWHG VKDGHV LQF

&DW { 2OG 3DJHV ZLWK GLIIHUHQW VWDPSV )8 PXFK

+LJK YDOXHV DQG SHUI 6* E UDQGRPO\ SODFHG ,QF 7UDQV -RUGRQ LVVXHV

DD DV EORFNV RI IUHVK PLQW

. 8 7

,PSHUIRUDWH SDLU G EXJOHU 6* XP

{ 6XQEXUVW )8 VHOHFWLRQ ,QF D %OXH U

5HG U U U VHYHUDO FRUQHU LPSHUI H[DPSOHV 6FDUFH JURXS EHWZHHQ 6*

%RRNOHWV .*9, EORFN RQ \HOORZ

6*6% D 4(,, 6*6% DQG 6*6% DOO LQ

{ %($ RYSW U )8 6*

JRRG FRQGLWLRQ .*9, SRVWDO VWDWLRQHU\ YI XQXVHG WHP LWHPV LQF

63(&,0(1 RYSWV JRRG QHZVZUDSSHUV G UHJ G HQY DLUOHWWHUV

{ %($ RYSW U 9)8 6*

.*9, VSHFLDOLVHG ORZ YDOXH GHILQLWLYHV ZLWK

{ ,QGLDQ RYSWV 49 )8 6HOHFWLRQ ,QF D U

SODWH QXPEHU VLQJOHV EORFNV $ ILQH FROOHFWLRQ DVVHPEOHG 6ODWH 6* RYHU PDQ\ \HDUV LWHPV ZLWK PDQ\ GLIIHUHQW SODWH QXPEHUV { 49 XVHG VHOHFWLRQ GLIIHUHQW F ,QF

LQ PDUJLQV VHYHUDO LQWHUSDQH EORFNV PRVW DSSHDU GLIIHUHQW òD 6* òD 6* U 6* U 6* 9DOXHV WR òG

{ .*9, 63(&,$/,6(' 678'< RI

FRPPHPRUDWLYH LVVXHV HVSHFLDOO\ QHZ FRQVWLWXWLRQ VHW

6* ZLWK SODWH EORFNV LPSULQW EORFNV òG 5 FRUQHU EORFN ZLWK IXOO 7 JXLGHPDUN VHW DV YIX EORFNV SHUIRUDWLRQV ZLWK D QXPEHU TW\

.*9, VSHFLDOLVHG VWXG\ RI WKH

=DQ]LEDU ò RYSWV $ JURXS RI )LYH ZLWK

GLIIHUHQW RYSWV P )8 ,QF VHYHUDO YHU\ ILQH 6FDUFH VWDPSV EHWZHHQ 6* { =DQ]LEDU RYSWV 6* H[ D 6*

)8

GHILQLWLYH LVVXH 6* D YIP ZLWK &: OLVWHG VKDGHV SODWH 63(&,0(1 29(535,17 U SDOH JUHHQ 6*

EORFNV YDULHWLHV HWF VHYHUDO VWDPSV 6WDUWV V JRRG WR ILQH PLQW VWDPS ERRNOHW SOXV DQRWKHU H[SORGHG ERRNOHW WR GLVSOD\ SDQHV ORZ YDOXHV VKRZLQJ VKDGH VSHFWUXPV G H[WUD EUDQFK 63(&,0(1 29(535,17 U PDXYH 6* V

ILVKLQJ URG YDULHWLHV G SODWH EORFNV ZLWK GLII QXPEHUV G JRRG PLQW SODWH EORFN ZLWK 7 JXLGH G FRPSOHWH VKHHW 6* G SODWH VWULS ZLWK YDULHWLHV 6* E DV VXSHUE '/5 LPSULQW EORFN RI 63(&,0(1 29(535,176 U WR U VHW SOXV U

VLQJOHV WR HWF $Q LPSRUWDQW DVVHPEO\ \HOORZ ELVWUH 6* V V JRRG WR ILQH PLQW

0XOWLSOH )UDQNHG &RYHUV (QY 2+06

FURVVHG RXW DQG 2Q WKH -DPDLFD *RYHUQPHQW 6HUYLFH W\SHG { +LJK YDOXHV ILVFDO XVHG U U

ZLWK ,QGHSHQGHQFH RYSWV IURP òG WR DWWDFKHG VHQW WR U DQG U WKLV YHU\ ILQH

WKH 8. (QY ZLWK ,QGHSHQGHQFH RYSWV òG WR

(GZDUG U YIP 6* DWWDFKHG GHILQV G WR WZR FRYHUV VHQW WR WKH

8.

(GZDUG VHW RI òD WR U ILQH PLQW U VPDOO

Credit Cards

WRQLQJ $ NH\ VHW 6*

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 44

(GZDUG KLJK YDOXH VHOHFWLRQ PLQW U 6* U 60$// %87 86()8/ ORW .*9, 5R\DO

U 6* ILQH IURQWDO DSSHDUDQFH

YLVLW DV LPSULQWHG EORFNV RI 80 4(,, GHILQV ZLWK VKDGHV LQF [ PLQW RIILFLDO VHW RI PLQW SLFWRULDO VHW ZLWK VKDGHV PLQW D JRRG ORW RI VWDPSV PLQW

.*9 VHW F WR U PLQW ZLWK VHYHUDO H[WUD

VKDGHV 6* ILQH IURQWDO DSSHDUDQFH VRPH JXP DJHLQJ NH\ U LV ILQH

.,5,%$7,

'RXEOH RYHUSULQW HUURU F RQ F 6* E ILQH

8QPRXQWHG PLQW H[WHQVLYH FROOHFWLRQ RI VHWV

LQF %LUGV ,VODQG 0DSV 6HD OLIH VHWV D YHU\ JRRG

P ,QYHUWHG RYHUSULQW HUURU F RQ F 6* F YIP

FROOHFWLRQ RI VWDPSV 06

PDUJLQDO H[DPSOH 6SHFWDFXODU PDUJLQDO EORFN RI IRXU RI WKH F RQ

F ZLWK PDMRU VLGHZD\V VKLIW RI WKH RYHUSULQW YIP $Q LPSUHVVLYH EORFN 6*

1HZ LVVXH XQVRUWHG PDWHULDO LQ D ER[ V 80

LQ XQRSHQHG SDFNHWV SHULRG ZLWK 3ODWH %ORFNV

2IILFLDOV 3DFNV DQG PRUH

.25($ 6287+

0LQLVWU\ RI FRPPXQLFDWLRQ VSHFLDO DOEXP 7KH F RQ F 6* LQWHUHVWLQJ JURXS FRUQHU

FRQWDLQLQJ PLQW LVVXHV RQ VSHFLDO SDJHV QRWLQJ SUHVLGHQW VHW 6* ILQH DQG VFDUFH

VLQJOH ZLWK EDUV RPLWWHG DQG PDMRU VKLIW 6* D D VLQJOH RYSW VSHFLPHQ 6* V SDLU ZLWK PDMRU VKLIW RI RYSW $OO YIP

.8:$,7

+LJK 9DOXH VHW RI WR 9)0

.*9, RYHUSULQW VHW RI 6* Z

XQPRXQWHG PLQW

6* { .*9 6* 9) )LVFDO XVHG ZLWK FOHDU

.*9, RYHUSULQW VHW RI 6* Z XQPRXQWHG

PLQW

SURILOH .*9 KLJK YDOXHV PLQW V F DQG

6LOYHU :HGGLQJ VHW DV EORFNV RI IRXU XP

6*

6*

{ .*9 DQG KLJK YDOXHV 9)8 6*

%ORFNV RI IRXU .*9, RYSW VHWV 9HU\ ILQH 80

&ROOHFWLRQ EORFNV ,QF GHILQV WR U RQ VK 2O\PSLFV

.*9 3LFWRULDO GHILQ VHW ILQH PLQW PLVVLQJ

ORZ YDOXHV .H\ DQG DUH YHU\ ILQH 6* HWF

QHZ FRORXU GHILQV 6FDUFH LQ EORFNV 6*

(;75$ %$5 $7 723 9$5,(7< .*9, U RQ VK

YDULHW\ XP ZLWKLQ SRVLWLRQDO EORFN RI KLQJHG LQ RXWHU PDUJLQV

.*9 3LFWRULDO 'HILQ VHW RI WR 9)0 ,QF

VWDPSV QKP %3$ &HUW 9) 6* D

ERWK W\SHV RI F 6*

3ULQWHG 3DJHV ZLWK VWDPSV HDFK GLIIHUHQW

,QF GHILQ VHW )DOFRQ VHW $ JRRG UDQJH ZLWK PDQ\ VHW PDLQO\ 80

/,1( 7+528*+ RI YDULHW\ 6LOYHU

-XELOHH 9)0 6* /

3DUFHO 'LVSDWFK &DUGV DOO VHQW WR ,QGLD ZLWK D

YDULHW\ RI IUDQNLQJ V SHULRG FDUGV ZRXOG PDNH DQ LQWHUHVWLQJ VWXG\ ORW

6LOYHU -XELOHH YDULHW\ 'LDJRQDO /LQH E\

7XUUHW 80 6* )

6LOYHU -XELOHH YDULHW\ OLQH WKURXJK RI 6KHLNK $QQLYHUVDU\ /DEHO LQ %OXH ILQH XQXVHG

9)0 LQ PDUJLQDO SDLU ZLWK QRUPDO 6* /

FLUFD V

.*9, 9$5,(7,(6 HDFK XP ZLWKLQ '/5 LPSULQW

EORFNV RI ZLWK ERWK YDOXH WDEOHW YDULHWLHV 6* DF

DG $ ILQH PDWFKHG SDLU RI EORFNV

/$%8$1 49 F 6* DV D VFDUFH LQWDFW VKHHWOHW RI WHQ

P XP KLQJHV RQ RXWHU PDUJLQV VHOGRP RIIHUHG ^3KRWR`

.*9, '(),1,7,9( ,668( 6* % $

PRVW H[WHQVLYH VSHFLDOLVHG FROOHFWLRQ YIP VRPH XP DUUDQJHG E\ SULQWLQJV LQF F PRXQWDLQ UHWRXFK 6* D LQ SRVLWLRQDO 49 F DV D FRPSOHWH VKHHWOHW RI WHQ P XP ZLWK

FRQVWDQW YDULHW\ DW SRVLWLRQ OLVWHG 6* E $ VFDUFH EORFN PRVW ILUVW SULQWLQJV LQF 6* YIP VFDUFH VXUYLYRU ^3KRWR`

ZDUWLPH SHUI SULQWLQJV LQF F 6* E F D F WKHUH DUH VFDUFH DOO RWKHUV WR VHYHUDO SODWH $UPV VXUFK VHW RI RYSW 63(&,0(1 9)0 ROG

EORFNV VWDPS ERRNOHW F FUHVFHQW PRRQ RYSW YDULHW\ LQ PRXQW UHPDLQV VR IUHVK 6* V V EORFN RWKHUV ZLWK SODWH PDUJLQ LWHPV VHYHUDO D YDOXDEOH FROOHFWLRQ +LJKO\ UHFRPPHQGHG 0LVVLRQDU\ (QYHORSH IURP 3UHVWRQ IUDQNHG

-XELOHH òG WLHG &'6 DGGUHVVHV WR YHU\ 5HYHUHQG -DFNVRQ .*9, RQH FHQW 6* VSHFLDOLVHG VWXG\ RI WKLV

3UHIHFW $SRVWROLF /DEXDQ 1RUWK %RUQHR 0RQRJUDP RQ VWDPS P XP 6HYHUDO LQFOXGLQJ D FRPSOHWH VKHHW YDULRXV 5HYHUVH )ODS 5DUH LQZDUG PDLO )LQH ODUJH EORFNV SODWH QXPEHUV YDULHWLHV LQF WDGSROH IODZ LQ SODWH EORFN RI PDMRU YLJQHWWH VKLIW UHWRXFKHG YDOXH WDEOHW EURNHQ +,*+ 9$/8( 6HW RI RYSW 63(&,0(1 9)0

ELUGV EUHDVW SRUJHVVLYH YHUVLRQV RI WKLV YDULHW\ EORFNV ZLWK VPDOO UHPDLQV VR IUHVK 6* V V SRVLWLRQDO YDULHWLHV 4XLHW UHPDUNDEOH 6HW RI KLJK YDOXH $UPV DV PLQW XVHG

6LOYHU :HGGLQJ VHW DV XP EORFNV RI IRXU

VSHFLPHQV DOO VHWV ILQH 6*

6* '(67,1$7,21 0$,/ 8. WR /DEXDQ IUDQNHG

{ :HGGLQJ VHW )8 6*

G /LODF òG -XELOHH PDNLQJ òG UDWH WLHG /RQGRQ 3PNV DGGUHVVHV WR 5HYHUHQG -DFNVRQ &DWKROLF 0LVVLRQ /DEXDQ %ULWLVK 1RUWK %RUQHR )LQH DQG XQXVXDO

%RRNOHW 6*6% D LQ YHU\ JRRG

FRQGLWLRQ

81,668(' F RYHUSULQWV VHW RI RYSW

{ 5HYHQXH %($ 49 U RYSW -8',&,$/ )((

9)8 %DUHIRRW

63(&,0(1 IUHVK PLQW F F UHSDLUHG RWKHU WZR YHU\ ILQH 6FDUFH VHH DIWHU 6* F

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 45

.*9, ORZ YDOXHV WR 6* F $

/$*26

FRPSUHKHQVLYH ILQH PLQW VHW RI GLIIHUHQW SULQWLQJV DV OLVWHG LQ 6* &DW ,QF G

DOO ,QF 6FDUFH ILUVW LVVXHV 5HTXHVW VFDQ IRU ILQH VKDGHV

49 G 6* 9)0

/$26 &$7$/2*8(' ZLWK RYHU GLIIHUHQW

LVVXHV DV 80 FRPSOHWH VHWV 3HULRG ZLWK PDQ\ ILQH

WRSLFDO VHWV $OO 6* OLVWHG *RRG ORW

.*9, GHILQV LQ EORFNV RI IRXU RU VL[ PRVW

YDOXHV WR V QRWH G RUDQJH RQ FKDON\ SDSHU EHWZHHQ

6* DE E PRVWO\ ILQH 80 EORFNV

.*9, òG VHUUDWHG HGJH YDULHW\ 6* E ZLWKLQ D

FRPSOHWH VKHHW RI ZLWK SODWH QXPEHUV 9)

&$7$/2*8(' PRVW

H[WHQVLYH FROOHFWLRQ GLII VWDPSV 06 PRVWO\ XP

QRWLQJ NH\ JROGHQ MXELOO VHW FDW DORQH )LQH ORW

.*9, 6* $ RUGLQDU\ SDSHU PLQW 5DUH

VWDPS XVXDO ORFDO JXP DV WKLV ZDVQ¶W LVVXHG WR WKH &URZQ $JHQW &

/$79,$

.*9, KLJK YDOXHV 6* % & ERWK

3DUYHGXPV 3DSDVWX SDUFHO FDUGV RI WKH

9)0

V V ZLWK D YDULHW\ RI FDQFHOV DQG IUDQNLQJV $ YHU\ LQWHUHVWLQJ ORW RI WR EH ZULWWHQ XS DV D VWXG\

9,&725< 6HW 3HUI 63(&,0(1 9)0

6* 6 6

/((:$5' ,6

4(,, F F F F F F LQ SRVLWLRQDO

49 VHW 6* PLQW DOVR RYSW VHW PLQW 6*

EORFNV RI ZLWK WRS PDUJLQDO DUURZ 6* ILQH 80

EORFNV

49 PLQW UDQJH GLIIHUHQW &DW

/(627+2

VHW WR WRS YDOXH 6* 'LDPRQG -XELOHH RYSWV 7R 6* *RRG )LQH

/6(27+2 RYHUSULQW HUURU F F SRVWDJH

GXHV HDFK LQ FRPSOHWH VKHHWV RI 80 6*' ' ' $

',$021' -8%,/(( RYHUSULQW VHW PLQW 6*

' $

$ VFDUFH VHW 6PDOO PDUN RQ G NH\ LV YI

/6(27+2 RYHUSULQW HUURU U EORFN :PN

6* %$ ZLWKLQ D FRPSOHWH VKHHW RI 80 WRJHWKHU ZLWK

'LDPRQG -XELOHH RYSW 6HW YHU\ IUHVK PLQW

LPSULQW SODWH QXPEHUV HWF

VPDOO IDXOWV YLVXDOO\ YHU\ ILQH 6* F

/6(27+2 RYHUSULQW HUURU 5 VFULSW 6* $$

ZLWKLQ D FRPSOHWH VKHHW RI 80 KLQJHG LQ RWKHU PDUJLQV

$OO (GZDUG GHILQ VHWV FRPSOHWH PLQW

RQO\ WRJHWKHU ZLWK LPSULQW SODWH QXPEHUV HWF

6* ,QF VHYHUDO $ QXPEHUV QRWLQJ G 6* % GLIIHUHQW LVVXHV &DW &KLHIO\ ) 9)

(GZDUG VHW 9)0 6*

.*9 &RPSUHKHQVLYH PLQW VHW RI 6* F WKDW

LQFOXGHV GLIIHUHQW SULQWLQJV RI WKH WRS YDOXH DOO ILQH PLQW 3OXV RWKHU VKDGHV GLIIHUHQW VWDPSV .*9 GHILQ VHW 6* F $ FRPSUHKHQVLYH

PLQW VHW RI ,QF DOO OLVWHG VKDGHV QRWLQJ G

ILQH ,QF VFDUFH :KLWH EDFNV SULQWLQJV .*9 LVVXHV DV YIP LQF XP EORFNV RI

EORFNV ZLWK YDOXHV WR LQF G 6* )LQH JURXS 6* HWF

29(535,17 '28%/( (5525 5 6* $%

YHU\ ILQH 80 $ VFDUFH VWDPS 7KH /(627+2 RYHUSULQW LVVXHV 6* $

% VWXG\ ZLWK 80 EORFNV GHWDLOHG RQ SDJHV LQFOXGLQJ

YDULRXV YDULHWLHV EURNHQ 2 :HDN HQWULHV DQG WKH U /6(27+2 YDULHW\ 6* $$ DOVR RWKHU FRQVWDQW QRQ OLVWHG EURNHQ OHWWHU YDULHWLHV VHYHUDO FRPSOHWH VKHHWV SODWH EORFNV F FRUQHU EORFN ZLWK H[WUD SHUIV ,Q WKH PDUJLQ LWHPV

/,%(5,$ $LUPDLO WHWH EHFKH SDLU F RQ F 6* ILQH

PLQW

.*9 GHILQ 6HW RI GLIIHUHQW WR ILQH PLQW

6*

/,(&+7(167(,1 )LUVW LVVXHV ERWK FRPSOHWH VHWV YIP LQF XP

6* ZLWK 5833 &HUWLILFDWH LQFOXGHV ERWK VKDGHV RI WKH K WRS YDOXH 5DUH RIIHULQJ 6* D FDW

.*9 LVVXH 6* $ FRPSUHKHQVLYH PLQW

VHW RI WRS YDOXH LV 80 ,QF VHYHUDO DGGLWLRQDO OLVWHG VKDGHV )LQH VHW

^3KRWR` ([TXLVLWH FROOHFWLRQ ZLWK VXEVWDQWLDO FRQWHQWV

FKHLIO\ VXSHUE QKP XP KRXVHG LQ OX[XU\ ER[HG /LJKWKRXVH

&RURQDWLRQ 6HW 3HUI 63(&,0(1 9)0

6* 6 6

KLQJOHVV DOEXP &RQWHWQV FDW PDQ\ V GLII SOXV VKHHWOHWV PDQ\ NH\ VHWV FDW XSWR HDFK VXSHUE TXDOLW\ ORW :LWK FKDULWLHV SRVWDJH GXHV RIILFLDOV VKHHWOHWV DQLPDOV VSRUWV WUHHV GHILQ VHWV +LJKO\ UHFRPPHQGHG

.*9, RULJLQDO SULQWLQJ 6* ILQH 1+0

80

.*9, GHILQLWLYH LVVXH 6* F 7KH PRVW

H[WHQVLYH P LQF XP VSHFLDOLVHG VWXG\ ZLWK SULQWLQJV

VKDGHV SODWH EORFNV HWF $OO YI VXSHUE SDJH RI G VKRZLQJ /RFDO SRVW K 0L , YI QKP 6FDUFH ^3KRWR`

DOO GLIIHUHQW SULQWLQJV 1RYHPEHU WR 2FWREHU VHW RI DOO VKDGHV LQF VFDUFH 6* EE

ILQH &RDW RI DUPV SHUI ò VHW QKP )LQH VFDUFH

UDQJH RI EORFNV VRPH ZLWK SODWH QXPEHUV PLQRU YDULHWLHV HWF *UDERZVNL &HUW 6* DE E E

+LJKO\ UHFRPPHQGHG ^3KRWR` .*9, WRS YDOXHV DQ LPSUHVVLYH IUHVK PLQW

)UDQFR RIILFLDO VWDPS ILQH P VO JXP DJHLQJ

VHOHFWLRQ RI VL[ GLIIHUHQW SULQWLQJV ,QF RULJLQDO ILUVW LVVXH Y VFDUFH 0LFKHO , FDW HXUR ^3KRWR` 6* F HWF )LQH DQG IUHVK 6FDQ IRU VKDGHV

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 46

3LFWRULDO GHILQ VHW XP 6* F

&RPSOHWH RXWVWDQGLQJ XP KRXVHG LQ OX[XULRXV

ER[HG /LJKWKRXVH KLQJOHVV DOEXP LW GRHVQW JHW PXFK EHWWHU ^3KRWR`

WKDW WKLV WRS TXDOLW\ LQF VRPH VKHHWOHWV V 0LFKHO HXUR

)5$1&2 RIILFLDO VWDPSV $ JURXS RI GLII

P QKP 0L ,,, ,9 VFDUFH

/,7+8$1,$ 2OG SULQWHG SDJHV ZLWK PDQ\ EHWWHU VHWV &DW

$FFHVVLRQ VHW YI QKP XP 6* F

^3KRWR`

,QF 1DWLRQDO $VVHPEO\ 'HILQ VHW 8QLRQ ZLWK PHPHO VHW RI 'HDWK RI *UDQG 'XNH $ YHU\ JRRG FROOHFWLRQ RI VWDPSV IUHVK PLQW

$LUPDLO IOLJKW FRYHU 9DGX] WR 6W *DOOHQ

4 VWDPSV IUDQNLQJ LQF K DLU 6* VSHFLDO FDQFHOV ODEHO

1HZ &XUUHQF\ RYSWV ZLWK EHWWHU YDOXHV

DUULYDO GV

,QF F RQ D &DUPLQH DQG *UH\ F F RQ D &DUPLQH DQG %URZQ F F RQ D FDUPLQH DQG %OXH *UHHQ F $LU VHW RI $ YHU\ JRRG ORW &DW IUHVK PLQW

$LUPDLO VHW XP 6* F

4 'HILQ VHW ò YI XP 6* D D F

^3KRWR`

2OG 3DJHV ZLWK VWDPSV ,QF GLIIHUHQW SHUIV

DQG LPSHUIV ZLWK LVVXHV WR $ JRRG UDQJH PLQW

'HILQ VHW SHUI ò KLQJHG PLQW REYLRXVO\

PLVVLQJ U UDULW\ 6* % % FDW ^3KRWR`

/8;(0%285*

'HILQV SHUI ò [ ò SULQWLQJV YI QKP F WR

F LQFOXGLQJ F UDULW\ 6XSHUE 6* F F F

^3KRWR` =HSSHOLQ IORZQ FRYHU WR 6HYLOOH 6SDLQ VWDPS

4 FRPELQDWLRQ NH\ KLJK YDOXHV 6* FDQFHOOHG DW

7ULHVHQEHUJ VSHFLDO FDFKHW DUULYDO SRVWPDUNV 9) ^3KRWR`

'HOHJDWHV VSHFLDO DOEXP FRQWDLQLQJ GLIIHUHQW

PLQW LVVXHV &DW QXPHURXV EHWWHU VHWV KHUH LQF 1DWLRQDO ZHOIDUH 6HWV 6WHHO &RPPXQLW\ (XURSD 6* $OO OLJKWO\ KLQJHG

0$&$8 $QQLYHUVDU\ RI /XLV GH &DPHV PXVHXP

VKHHWOHW RI 6* 80

=HSSHOLQ IU 6* RQ YI UHDO SKRWR 33&

4 VSHFLDO FDQFHOV IRU IOLJKW WR /DXVDQQH ^3KRWR` 6KHN :DQ FHUDPLFV VKHHWOHW RI 6* 80 =HSSHOLQ IU 6* QLFHO\ XVHG RQ IORZQ FRYHU

0DPPDOV SURWHFWHG VSHFLHV VKHHWOHW RI

4 IURP 9DGX] WR 86$ YLD /DXVDQQH $ VFDUFH KLJK YDOXH RQ 6* IUHVK 80

FRYHU ^3KRWR`

=HSSHOLQ DLU VHW XP 6*

^3KRWR` 4

)UHVK 80 FROOHFWLRQ FDWDORJXH YDOXH LQF

2O\PSLF VWDPSV 06 3HQQ\ EODFN DQQLY 06 QHZ

=HDODQG VWDPS H[KLE VWDPSV 06 $VLD JDPHV VWDPSV 06 D YHU\ JRRG FROOHFWLRQ RI VWDPSV 06

2)),&,$/6 SHUI òVHW RI YIP

6*2 $ 2 $ F ^3KRWR` 2)),&,$/6 SHUI ò VHW RI YIP H[ U UDULW\

6*2 % 2 % F

0\WKRORJ\ VKHHWOHW RI 6* 80

0$/$<$

%0$ F 9DULHW\ VHOHFWLRQ 0 80 LWHPV ,QF

6HW RI YI XP 6* F

EORFN GLH 6* ZLWK EURNHQ LQQHU IUDPH VLQJOH ZLWK :KLWH

IRUHKHDG FRUQHU EORFN ZLWK EURNHQ 0 VWULDWHG SDSHU 80 3LFWRULDO GHILQ VHW ILQH XP 6* F

^3KRWR`

EORFN 6* E %0$ RYSW F 6* PLQW PDUJLQDO EORFN ZLWK

GHQWHG IUDPH YDULHW\ DQG FRUQHU SODWH EORFN ZLWK / $ MRLQHG

9DGX] PV YI QKP 6*06 F

^3KRWR`

YDULHW\ 0DMRULW\ DUH 80 )LQH SDLU RI PXOWLSOHV

$LUPDLOV ELUGV ERWK VHWV YI XP 6*

$ $ F 4

{ .*9, 6HW )8 ZLWK PDQ\ DGGLWLRQDO OLVWHG

SULQWLQJV 6*

2UFKLG LVVXH RI WKH VWDWHV ([WHQVLYH FROOHFWLRQ

RI QXPHURXV EORFNV ZLWK YDULHWLHV VLQJOHV ZLWK FRORXU VKLIWV

$LUPDLO $Q LPSUHVLYH IORZQ SRVWDO FDUG ZLWK

4 IRXU VWDPS FRPELQDWLRQ LQF VZLVV F ZDWHU IOLJKW FDFKHW

QXPHURXV SPNV 9) =HSHOLQ VHW XP 6*

4

=(33(/,1 IU 6* QLFHO\ XVHG RQ

4 +LQGHQEXUJ FDUULHG FRYHU WR 86$

PDQ\ LQWHUHVWLQJ LWHPV GLIIHUHQW ,QF PDQ\ RI WKH VPDOOHU OLVWHG YDULHWLHV LQ 7DQ FDWDORJXH F LPSHUI SURJUHVVLYH SURRI SDLU 6DUDZDN F FRUQHU EORFN ZLWK JRRG FRORXU VKLIW .HGDK F %ODFN FRORXU RPLWWHG 6* $ -RKRUH F <HOORZ FRORXU RPLWWHG 3HQDQJ F FRPSOHWH URZ ZLWK ZLSHU EODGH 6HODQJRU F PLVSHUI EORFN -RKRUH F FRORXU VKLIW 9HU\ JRRG ORW 7KH )ORZHU GHILQLWLYH LVVXHV IRU WKH 6WDWHV

&ROOHFWLRQ RI HUURUV HWF ZLWK PDQ\ LQWHUHVWLQJ DQG XQXVXDO

=HSSHOLQ VHW 6* QLFHO\ XVHG RQ

4 UHJLVWHUHG FRYHU FDUULHG RQ /= WR 86$ FDFKHW FGV

LWHPV DOO SXUFKDVHG LQGLYLGXDOO\ DW $XFWLRQ ,QF UDUH 1 6HPELODQ IROGHU ZLWK SURRI DQG RYHUOD\ ZLWK LPSHUI YDULHWLHV -RKRUH F F LPSHUI SDLUV PDQ\ RWKHU LPSHUI 3DLUV %ORFNV VHWV RI FRORXU VHSDUDWLRQV HWF 9DOXDEOH ORW

9) ^3KRWR` +LJK YDOXHV SHUI ò [ SULQWLQJV YI QKP

XP 6* $ $

$JULFXOWXUH LVVXH )HGHUDO 7HUU ,VVXH F

PDUJLQDO EORFN RI EORFN ZLWK '28%/( 3(5)25$7,21

+LJK YDOXHV SHUI ò SULQWLQJV YI QKP XP

6* E E FDW 6HOGRP RIIHUHG

(55256 HUURUV DOVR VLQJOH VHQ PLVSHUI $OO 80

^3KRWR`

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 47

$Q LQWHUHVWLQJ VPDOO VHOHFWLRQ RI 0LQW 80 LWHPV

0$/$<$1 67 .('$+ RQ &DUGV 3DFNHWV LWHPV 4(,, &LJDUHWWH YDULHWLHV LQ SODWH { 6LDP XVHG LQ .HGDK D D ERWK ZLWK JRRG EORFNV 0DOD\VLD F SDLU ZLWK <HOORZ FRORXU VWDU

PLVSODFHG .HODQWDQ F WLQ\ VWRS ZLWKLQ SODWH EORFN 6* $ HWF 1LFH TXDOLW\

.HGDK &'6 3PNV 6*=

{ 6LDP XVHG LQ .HGDK ZLWK JRRG SDUW VWDNHV

&,*$5(77( &$5'6 0DOD\DQ 6FHQHV

RI WKH .HGDK &'6 6RPH VPDOO IDXOWV 6*= DQG LVVXHG FLUFD ZLWK %ODFN DQG :KLWH SKRWR V 7KH FROOHFWLRQ

RI GLIIHUHQW ZLWK %XLOGLQJV DQG $JULFXOWXUDO ,QGXVWU\ HWF { 6LDP XVHG LQ .HGDK DWW DWW DQG DWW DOO ZLWK

JRRG SDUW .HGDK &'6 6*= DQG ($5/< 3,&785( 3267&$5'6 $Q

LQWHUHVWLQJ FROOHFWLRQ ZLWK UHDO SKRWR W\SHV VHHQ WKH 5HVHUYRLU { 6LDP XVHG LQ .HGDK DWW ZLWK SDUW &'6

6XQ 5LVH 6XQ 6HW %XNHW 7LPDK 5HVHUYRLU &URFNRGLOHV &KLQD 6*= 7RZQ /DYHQGHU 6WUHHW &KLQHVH 6WUHHW 5DIIOHV 6TXDUH ZLWK { 1HZ &RORXU VHW )8 6*

PDQ\ FDUGV XQXVHG ($5/< 3,&785( 3267&$5'6 2I .XDOD

/XPSXU ZLWK UHDO SKRWR W\SH VHHQ .D 'LQ +RRL .XDQ 0DOD\D %RUQHR ([KLELWLRQ RYSWV PLQW D

6XOWDQ 6WUHHW 2OG 0DOD\ 0DQ 7DPLO 5RDG &RROLHV 6DNDL VHOHFWLRQ RQ SDJHV VWDPSV LQF F 6* $ VHOHFWLRQ RI 1DWLYHV %LUGV (\H 9LHZ RI .XDOD /XPSDU %ULGJH DFURVV .ODQJ 9$5,(7,(6 LQF F UDLVHG VWRS 6* F F QR VWRS 6* I RQ 5LYHU %DWX &DYHV 0XVHXP D YHU\ LQWHUHVWLQJ ORW ZLWK PDQ\ EDFNLQJ SDSHU PLQRU VKLIWV 3RSXODU LVVXHV XQXVHG { 1HZ FRORXU VHW DQG 5HGUDZQ YDOXHV DOO

)06 ($5/< 3,&785( 3267&$5'6 ZLWK

)8 6* $

UHDO SKRWR W\SH VHHQ +LOO 6WUHDP LQ -XQJOH 6DNDLV 1DWLYHV %ODFNVPLWKV 0DOD\ :RRG &XWWHU 5LYHU 6FHQH ,VWDQD .ODQJ SLFWRULDO VHW 80 6*

DQG LQWHUHVWLQJ ORW PDLQO\ XQXVHG

,QWHUHVWLQJ VHOHFWLRQ RI VWDPSV RQ SDJHV

LQF SLFWRULDO VHW - P XQXVXDO PRGHUQ IRUJHULHV LQF 2UFKLG F LPSHUIRUDWH SDLU 80 OLJKWO\ WRQHG DV XVXDO 6* 9DU XQOLVWHG 7UHQJJDQX UDULWLHV HWF 3267$/ +,6725< ZLWK RYHU LWHPV GHWDLOHG

2UFKLG HUURU F 80 VWULS RI 7ZR XQLWV ZLWK

RQ OHDYHV PDQ\ 3HUDN PRGHUQ VHOHFWHG &RYHU &DUGV DOO ZLWK WKH <HOORZ FRORXU RPLWWHG 6* %

GLIIHUHQW RIILFH 30.6 6HODQJRU ZLWK GLIIHUHQW RIILFHV YHU\ ILQH F 3RVWDO &DUG XSUDWHG ZLWK F WLHG 3HQDQJ &'6 3HQDQJ V %\F\FOH IRUPV DQG (QY $QG PRUH

0$/$<$1 67 ) 0 6 { )06 RYSW 6* )8 VFDUFH VWDPS JRRG

FRORXU

$JULFXOWXUH F 6* ILQH 80 PDUJLQDO EORFNV

RI ZLWK PLVSHUIRUDWHG HUURUV DIIHFWLQJ VWDPSV WKH

PDFKLQH KDV MXPSHG FDXVLQJ QDUURZ VWDPSV 8QXVXDO EORFN

0$/$<$1 67 .(/$1 { $UPV VHW )8 6*

{ 7LJHU DQG (OHSKDQW 6HW F WR JRRG WR )8

6* ZLWK OLVWHG VKDGHV ,QF F WR DUH { $UPV VHW )8 6*

ILVFDO XVHG D FROOHFWDEOH DQG KLJKO\ &DW VHW { 7LJHU DQG (OHSKDQW 6HW F WR * WR )8

6* ZLWK PDQ\ DGGLWLRQDO OLVWHG VKDGHV VHYHUDO :PN WR { 0DOD\D %RUQHR ([KLE 2YSW 6HW )8 6FDUFH 6*

ULJKW YDULHWLHV KLJK YDOXHV ILVFDO XVHG 3RVWDO VWDPSV

+LJK &9 { %RWK 6XOWDQV )8 6* D

{ (OHSKDQWV 6* 9)8 IDEXORXV WUXH FRORXU

RIWHQ QRW VHHQ WKLV JRRG 3LFWRULDO GHILQ VHWV FRPSOHWH 80 ZLWK

DGGLWLRQDO SHUIV DQG VKDGHV DV OLVWHG LQ 6* 6* $ 0$/$<$1 67 -2+25( 9HU\ ILQH { 49 -RKRU -RKRUH RYSWV FKLHIO\ PLQW RQ ROG

SDJHV LQF D JRRG H[DPSOH RI VPDOO IRUPDW 6* 6* 0$/$<$1 67 0$/$&&$ PLQW 7ZR &HQW RYSWV LQF 6* PLQW DUH XVHG 4(,, VHW IUHVK 80 6* SOXV F

VKDGH 6* D VWDPSV

F 6* F 6* HDFK DV YIP PRVW

XP EORFNV RI F 3LFWRULDO GHILQ VHWV ERWK YHU\ ILQH 80 6*

,QF F VKDGH

VXOWDQ VHW RI ,QF OLVWHG D QXPEHU VKDGHV

IUHVK 80 6* ($5/< 3,&785( 3267&$5' ZLWK UHDO

SKRWR W\SH VHHQ 0DODFFD 5LYHU IDFLQJ 6W )UDQFLV &KXUFK 2UFKLG F DV FRPSOHWH ORZHU URZ RI 7HQ ZLWK

0DODFFD 5LYHUVLGH 9LHZV 9LOODJH 5HVW +RXVH PDLQO\ XQXVHG VXEVWDQWLDO ZLSHU EODGH IODZ DIIHFWLQJ WKH F YDOXHV EHLQJ RGG XVHG DQ LQWHUHVWLQJ JURXS VPHDUHG $ UHPDUNDEOH SLHFH 6* 9DU 3LFWXUH 3RVWFDUGV ZLWK PDQ\ GLIIHUHQW

2UFKLG HUURU F <HOORZ RPLWWHG 80 6* %

LPDJHV LQF 6W )UDQFLV ;DYLHU 6W 3DXOV &KDSHO 6DQWLDJR *DWH DOVR D 80 EORFN ZLWK VXEVWDQWLDO 5HG FRORXU VKLIW &KULVW &KXUFK DQ LQWHUHVWLQJ ORW PDLQO\ XQXVHG HUURUV

($5/< 3,&785( 3267&$5'6 DQ

0$/$<$1 67 1(*5, 6(0%,/$1 LQWHUHVWLQJ ORW ZLWK UHDO SKRWR W\SHV VHHQ HQWUDQFH WR -DKRUH 6723 20,77(' $7 5,*+7 F $UPV 6FDUOHW

*DUGHQV 6XOWDQ V 3DODFH %DKUX 0DUNHW 0DOD\ +RXVH 6* $ 9)0 $ UDUH YDULHW\ 0RVTXH 7KH ,VWDQD PDLQO\ XQXVHG

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 48

&RPSUHKHQVLYH VHW RI WKH GHILQLWLYH LVVXH

6* DE ,QF WKH VFDUFH VKDGH YDULHW\ YHU\

&RPSOHWH VHW RI WKH GHILQ LVVXH ,QF WKH OLVWHG

SHUIV 6* D

ILQH

0$/$<$1 67 3$+$1* &RPSUHKHQVLYH VHW RI WKH SLFWRULDO GHILQ LVVXH

6* E ,QF SULQWLQJV RI WKH WRS YDOXH YHU\ ILQH 80

2UFKLG HUURU F <HOORZ RPLWWHG 80

6* %

0$/$<$1 67 3(5/,6

3LFWRULDO GHILQ VHW 80 6*

$JULFXOWXUH LVVXH HUURUV LWHPV DOO F YDOXHV

,QF VLQJOH ZLWK EDFNJURXQG PLVVLQJ FRORXU SDLU EORFN ZLWK { ),1( 86(' ZLWK VHWV GLIIHUHQW

MXPSHG SHUIRUDWLRQV $ VSHFWDFXODU PDUJLQDO EORFN RI )LYH

:HGGLQJ 838 6HW WR ODWHU LVVXHV ZLWK GLIIHUHQW DJULFXOWXUH SULQWLQJV

VXEVWDQWLDOO\ PLVSHUIRUDWHG $OO 80 YDULHWLHV

MALAYAN ST. - PENANG 0$/$<$1 67 3(1$1*

0$/$<$1 67 6(/$1*

4(,, VHW RI ,QF F F VKDGHV YHU\ ILQH

80 6*

-DSDQHVH RFFXSDWLRQ RYHUSULQW LVVXHV ZLWK

YDULHWLHV ODUJHO\ PLQW FROOHFWLRQ GHWDLOHG RQ SDJHV 6*- LVVXH ZLWK JRRG EORFNV ZLWK PLQRU YDULHWLHV - ZLWK WRS YDOXH 9)8 VHYHUDO VLGHZD\V YDULHWLHV - ZLWK VRPH YDULHWLHV 9HU\ JRRG ORW ([FHOOHQW TXDOLW\

%RWK SLFWRULDO GHILQ VHWV YHU\ ILQH 80

6*

$JULFXOWXUH LVVXH HUURUV DQG YDULHWLHV $ ILQH

80 ORW ,QF D FRPSOHWH VHW F WR F RI LPSHUI FRORXU

2UFKLG F <HOORZ FRORXU RPLWWHG HUURU 80

6* % 7ULDOV 6HSDUDWLRQV SDLU F JURVVO\ PLVSHUIRUDWHG F FRUQHU EORFN LPSHUI DW ULJKW IDXOWV F EORFN SHUIV VKLIWHG DW OHIW 2UFKLG F <HOORZ FRORXU RPLWWHG HUURU 6* %

HUURUV (WF *RRG JURXS DOVR DQRWKHU VLQJOH ZLWK PXOWLSOH VKLIW RI FRORXUV 80

3(5)25$7,21 (5525 FRUQHU EORFN RI

F 6* ZLWK SODWH QXPEHU XP ZLWK WKH ILUVW YHUWLFDO URZ RI 2UFKLG F <HOORZ FRORXU RPLWWHG 80

ILYH *5266/< 0,63(5)25$7(' 6SHFWDFXODU %XFNOHV 6* E FRUQHU FUHDVH FDXVHG E\ WKH PDOIXQFWLRQ $<(5 ,7$0 3529(1&( (DUO\ 3LFWXUH

0$/$<$1 67 675$,76

3RVWFDUGV ZLWK PDQ\ GLIIHUHQW VFHQHV RI 7HPSOHV (GZDUG VHW PLQW 6*

3DJRGDV ,GROV ,QF /DXJKLQJ %XGGKD 7RUWRLVH 3RQG )ORZHU *DUGHQV $ YHU\ LQWHUHVWLQJ JURXS PDLQO\ XQXVHG 0XFK RI HDUOLHU QDWXUH 3267$/ +,6725< *5283 LQFO .(9,, .*9

($5/< 3,&785( 3267&$5' DQ

SRVWDO VWDWLRQHU\ UHJLVWHUHG HQYV IRUPHU XVHG LQ DW LQWHUHVWLQJ FROOHFWLRQ ZLWK PDQ\ GLIIHUHQW VFHQHV LQF %D]DDU 3(1$1* ZLWK .(9,, F SRVWDJH DIIL[HG ODWWHU ZLWK .*9 F 0DUNHW 7UDPV 7KH 5HVHUYRLU )DUTXKRU 6WUHHW 7RZQ &OXE SRVWDJH DQG XVHG DW 6,1*$325( DOVR HQY WR 8. ZLWK 7DQGMRQJ %XQJKD 3HQDQJ +LOO $Q LQWHUHVWLQJ ORW ZLWK PDQ\ .(9,, F IUDQNLQJ RYHU 7KH 6WUDLWV 0HGLFDO 6FKRRO FLUFXODU XQXVHG FDFKHW )DLU WL ILQH FRQGLWLRQ

($5/< 3,&785( 3267&$5'6 $Q .*9, FRPSOHWH VHW RI ZLWK ERWK 'LH , DQG

'LH ,, SULQWLQJV DQG XQLVVXHG F DOO YHU\ ILQH 1+0 80 $ NH\ LQWHUHVWLQJ FROOHFWLRQ ZLWK PDQ\ GLIIHUHQW LPDJHV VHHQ 0DLO %RDWV +DNRQH 0DUX DQG .DVKLPD 0DUX *HRUJHWRZQ VHW 6* )LVKLQJ %RDWV :HOG 4XD\ +RPHV RQ 6WLOWV 5DLOZD\ +RWHO ($5/< 3,&785( 3267&$5'6 ZLWK UHDO

/DQGLQJ 6WDJH 3HQDQJ &OXE )06 5DLOZD\ 3LHU ZLWK UHDO SKRWR W\SHV VHHQ 3URFHVVLRQ RI (OHSKDQWV &URVVLQJ D 5LYHU SKRWR W\SH DQG PDQ\ XQXVHG 3LJ +XQWLQJ 1DWLYH 3HRSOH 5DWWDQ 9ROXQWHHUV &DPS DQG ($5/< 3,&785( 3267&$5'6 $Q

5LIIOH 5DQJH 7KURQH 5RRP 5LYHU 6FHQHV $ YHU\ LQWHUHVWLQJ LQWHUHVWLQJ ORW ZLWK PDQ\ GLIIHUHQW YLHZV VHHQ 7HD .LRVN ORW PDLQO\ XQXVHG *DUGHQV /RYHUV ,VOH %RWDQLFDO *DUGHQV :DWHUIDOOV 6DPSDQ 49 PLQW VHOHFWLRQ ,QF WR F

5DFHV &ORFN 7RZHU )06 5DLOZD\V :HOG 4XD\ 9LFWRULD 3LHU

ZLWK VKDGHV 6XUFK F HDFK GLIIHUHQW DQG F RQ 3HQDQJ +DUERXU ZLWK UHDO SKRWR W\SHV PDLQO\ XQXVHG F $ ILQH VHOHFWLRQ

0$/$<$1 67 75(1**

($5/< 3,&785( 3267&$5'6 ZLWK

{ 6XOWDQ VHW RI F WR * WR )8 5DUH ZLWK PDQ\ GLIIHUHQW LPDJHV VHHQ %HDFK 6WUHHW $ %URDGZD\

%XUPDK 5RDG *RDO 5RDG (VSODQDGH 0XQLFLSDO %XLOGLQJ )RUW LQWHUHVWLQJ 3RVWPDUN 3RVVLEO\ 3RVWKXPRXV 6* &RUQZDOOLV 5DFH &RXUVH 5RDG &ORFN 7RZHU &RXUW +RXVH (VWLPDWHG $FFRUGLQJO\ &ULFNHW &OXE *HQHUDO +RVSLWDO $ YHU\ LQWHUHVWLQJ ORW ZLWK { 6XOWDQ WRS YDOXH 6* YHU\ ILQH ILVFDO XVHG

PDQ\ FDUGV XQXVHG 5DUHO\ VHHQ LQ WKLV FRQGLWLRQ QRUPDO F 3(1$1* +,// 723 5$,/:$< (DUO\ 3LFWXUH

{ 0DOD\D %RUQHR H[KLELWLRQ RYSW VHW )8

3RVWFDUGV ZLWK D YHU\ JRRG YDULHW\ RI 6FHQHV PDLQO\ 6* &RUUHFW SRVWPDUNV XQXVHG RQH XVHG LQF %RWWRP 6WDWLRQ 0LGGOH 6WDWLRQ 8SSHU 9LDGXFW DOO UHDO SKRWR W\SH { 6XOWDQ 6* ILQH SRVWDO XVHG FDQFHOOHG ZLWK

61$.( 7(03/( (DUO\ 3LFWXUH 3RVWFDUGV

FOHDU 0D\ &'6 XVHG FRUUHFWO\ ZLWKLQ WKH SHULRG UHDO SLFWXUH W\SH ZLWK PDQ\ GLIIHUHQW VFHQHV IURP DURXQG WKH 5DUH 6WDPS WHPSOH ,QWHUHVWLQJ ORW PDLQO\ XQXVHG &RPSOHWH VHW RI SLFWRULDO GHILQV 6* D ,QF

0$/$<$1 67 3(5$.

F VKDGH DQG SHUIRUDWLRQV YHU\ ILQH 80

'$, 1,3321 <8%,1 RYSWV RQ 3(5$.

0$/$<6,$ VSHFLDOLVHG VWXG\ ZLWK 9$5,(7,(6 RQ SDJHV PRVWO\ YHU\ ILQH PLQW VWDPSV LQF EORFNV LQF 6*- 9)0 F - D F %XWWHUIO\ F 6* VSHFWDFXODU SDQH RI 80

DQG F ,19(57(' 29376 0,17 <XELQ LF ,QY RYSWV FHQWV ZLWK SURJUHVVLYH SHUIRUDWLRQ VKLIW UHVXOWLQJ LQ WKH WRS VWDPSV RPLWWHG F RQ F LQYHUWHG YDULHW\ - F RIIVHWV RI RYSWV DQG KDYLQJ WKH YDOXH DW WKH ERWWRP LQVWHDG RI WKH WRS $ VSDFHU YDULHWLHV LQ EORFNV *RRG ORW VSHFWDFXODU HUURU

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 49

($5/< 3,&785( 3267&$5'6 RI .XDOD

F RQ V G '28%/( 685&+$5*( 9$5,(7<

6* D ILQH 80 ^3KRWR`

/XPSXU ZLWK UHDO SKRWR W\SH VHHQ 6HFUHWDULDW 6XSUHPH &RXUW +LJK &RXUW 5DLOZD\ 6WDWLRQ 6DQLWRU\ 5RDG 0DOD\ 0RVTXH ZLWK PDQ\ PDLQO\ XQXVHG .XDOD /XPSXU SLFWXUH SRVWFDUGV ZLWK D

JRRG YDULHW\ RI YLHZV WHPSOHV QDWLRQDO PXVHXPV UDLOZD\ VWDWLRQV QDWLRQDO PRQXPHQWV &LW\ +DOO ZLWK FDUG GDWLQJ EDFN WR V PDQ\ XQXVHG

0$/',9( ,6/$1'6

F RQ V G *2/' 20,77(' 9$5,(7<

6* F ILQH 80 ^3KRWR` { $1 ,17(5(67,1* 6(/(&7,21 RI IRUJHG

SRVWPDUNV RQ òG ORFDO SRVW LVVXHV ZLWK 9LFWRULD &'6 $ GXSOH[ DOVR YLROHW ZLWK IRUJHG 9LFWRULD FGV 8QXVXDO

{ 2OGWLPH FROOHFWLRQ ZLWK LVVXHV IURP 49 WR HDUO\

&\OLQGHU QXPEHU EORFNV RI GHILQ 6HW

6* ODWHU YDOXHV 6* $OO YHU\ ILQH 80 EORFNV 4(,, VHHQ .*9 6 -XELOHH VHW PLQW SRVWDJH DQG UHYHQXH RYSWV

WR PLQW V ZHGGLQJ VHW PLQW GHILQ VHW WR PLQW D JRRG UDQJH RI VWDPSV PDLQO\ PLQW

6FDUFH &KXUFKLOO VHW DV LPSHUI EORFNV RI 80 IURP

YHU\ OLPLWHG SULQWLQJV 6* QRUPDO F

&+85&+,// 0DOGLYHV ,VODQGV VHW RI

DV LPSHUI EORFNV RI IUHVK 80 IURP OLPLWHG SULQWLQJV

6*

6RYHUHLJQ 0LOLWDU\ 2UGHU RI 0DOWD D

VXEVWDQWLDO FROOHFWLRQ RI V DQG PXFK FRPSOHWLRQ 80 RQ

VSHFLDO SDJHV SOXV DGGLWLRQDO PDWHULDO 06 DQG 0D[LP &DUGV HWF $ VHOGRP RIIHUHG FROOHFWLRQ 67& (XUR

0$/7$

0$85,7,86

/RFDO SRVW òG 6* DV D ILQH VFDUFH P EORFN

.*9 0&$ ILQH PLQW VHOHFWLRQ GLIIHUHQW

ORZHU SDLU QK VRPH JXP VSRWV PDLQO\ FRQILQHG WR UHYHUVH LVVXHV ,QF U GLIIHUHQW U U WRS YDOXH 6* G $ VFDUFH PXOWLSOH RI WKH ILUVW LVVXH

/RFDO SRVW òG 6* ILQH PLQW WUXH FRORXU ODUJH

SDUW RJ YHU\ QLFH

LVVXH

$UPV 6HW F WR F DOO ILQH PLQW 6*

F

/RFDO SRVW òG 6* PLQW GHHS VKDGH &DW

6LOYHU -XELOHH YDULHW\ F GRW WR OHIW RI &KDSHO

XP ZLWKLQ EORFN 6* J

/RFDO SRVW òG 6* IUHVK P

9DULHW\ &RURQDWLRQ F ZLWK OLQH E\ VFHSWUH

6* E IUHVK PLQW /RFDO SRVW òG $QLOLQH VKDGH 6* ILQH P

.*9, F 6* DV D XP FRPSOHWH VKHHW RI

VKRZLQJ WKH SRVLWLRQDO SURJUHVVLYH 6/,&(' 6 YDULHW\ DIIHFWLQJ

DW OHDVW IRXU XQLWV SOXV RWKHU PLQRU SRVLWLRQDO YDULHWLHV 6* D

/RFDO SRVW òG 6* YIP

.*9, VHW PLQW 6* D F

3267$*( RYWS VHW ILQH PLQW 6*

.*9, YDULHW\ F RSHQ & 6* D ILQH P ZLWK

{ .*9 GHILQLWLYH VHW 6* IX

QRUPDO WR FRPSDUH ^3KRWR`

.*9, '(),1 LVVXH 6* D ILQH VHPL

VSHFLDOLVHG VWXG\ RI P XP $ ILQH UDQJH RI SODWH EORFNV VLQJOHV 6LOYHU -XELOHH YDULHWLHV òG EORFNV RQH ZLWK

HWF FRQVWDQW EURNHQ IUDPH YDULHW\ RQ GLII LVVXHV F EURNHQ 8

H[WUD IODJVWDII D SOXV PDWFKLQJ EORFN VKRZLQJ H[WUD IODJVWDII HUDVHG )LQH PDWFKHG SDLU EORFNV

6LOYHU -XELOHH YDULHW\ òG H[WUD IODJVWDII 9)0

VHW RI VKDGHV SULQWLQJV ZLWK U F U U F F EURNHQ 0 HWF 4W\ *RRG ORW

.*9, YDULHW\ F VHUUDWHG HGJH 6* ED XP LQ

SRVLWLRQDO SODWH EORFNV RI &RURQDWLRQ VWXG\ ,QF 6SHFLPHQ SHUIRUDWHG VHW

òG òG SODWH EORFNV YHU\ VPDOO (QY 6HQW WR ,WDO\ ZLWK ò $ .*9, LVVXH 6* LQWHUHVWLQJ UDQJH LQF D PLQW VHW F YDULHW\ LQ FRUQHU SDLU YDULRXV SODWH EORFNV WR F JRRG ORW RI LWHPV F F F DV FRPSOHWH VKHHWV RI TW\

{ .*9, '(),1,7,9( ,668(6 6*

D PRVW H[WHQVLYH VWXG\ RI V ZLWK PXFK F F /XIWKDQVD ,QDXJXUDO )OLJKW LQ

VXSSOHPHQWDU\ EORFNV YDULHWLHV VKDGH VWXGLHV DV SHU 3RWWHU ,03(5) 3$,56 6* YDU ILQH 80

6KHOWRQ WDEOHV YDVW PDMRULW\ LV P XP VRPH XVHG D UHPDUNDEOH

DVVHPEO\

UDQJH RI EORFNV òG EODFN { ),1( 86(' &RPSOHWH VHWV 7KH FROOHFWLRQ RI GLIIHUHQW VHWV DOO LQ VXSHUE &'6 4XDOLW\ LQF EURNHQ FURVV G H[WUD ZLQGRZ VHPDSKRUH YDULHW\ 6(/) GHILQ VHWV DQG SRSXODU WRSLFV 9HU\ KLJK &9 *297 ZLWK YDULHWLHV EORFNV

HWF <HDUV RI FROOHFWLQJ KHUH .*9, 3267$/ 67$7,21(5< YIP LWHPV LQF

{ .*9, DQG 4(,, GHILQLWLYH VHWV WR UHJ G HQY VL]H * RYSW VSHFLPHQ F SRVWFDUG ZLWK ZDWHUFRORXU

SDLQWLQJ RQ UHYHUVH F F HQYV *RRG JURXS WR WR WR $OO ILQH XVHG

VWDPSV

LQ SRVLWLRQDO FRUQHU EORFN RI 6* D

9,&725< VHWV RQ IGF HDFK D GLIIHUHQW

0(;,&2

LOOXVWUDWHG GHVLJQ 9)

0212*5$0 2YHUSULQWV RQ 9LOOD =DSDWD

6LOYHU :HGGLQJ VHW DV XP SDLU 6*

FKRLFH

LVVXHV ZLWK YDOXHV WR S ,QF 3RVWDJH 'XHV HLJKW ZLWK RYSW ,QY 7R F PDLQO\ PLQW RGG ILQH XVHG VWDPSV

1$7,21$/ /277(5< HQHYORSH WR 8.

'HOHJDWH VSHFLDO DOEXP FRQWDLQLQJ GLIIHUHQW

PLQW LVVXHV RQ VSHFLDO SDJHV 9HU\ ILQH LWHP

IUDQNHG .*9, G GHILQLWLYH FRPSOHWH ZLWK FRQWHQWV RI )285 0DUFK ORWWHU\ WLFNHWV SOXV VRPH DVVRFLDWHG LQVHUWV UHODWHG WR WKH UXQQLQJ RI WKH ORWWHU\ &OHDQ ILQH

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 50

68%67$17,$/ 6WDPS FROOHFWLRQ RQ SDJHV

PDQ\ XVHIXO SLFNLQJV IHDWXULQJ GLIIHUHQW VWDPSV DQG 06 QRWLQJ &ODVVLFV 0D[LPLOOLDQ F F F F PLQW $LU VHW PLQW H[SHUWLVHG 6*6 /DWHU 'HILQV ,QF H[SRWD LVVXHV PLQW SOHQW\ RI FRPPHP VHWV PLQW DQG )8 PDWHULDO $Q LQWHUHVWLQJ RULJLQDO DQG VL]HDEOH /RW

021$&2

5R\DO :HGGLQJ (SUHXYH 'H /X[H SRVWDJH DQG

DLU VHW RI WZR VKHHWV YHU\ IUHVK 80 $LUV VFDUFH ELUG VHW RI S 6* D D

YHU\ VFDUFH DQG I 6* D <YHUW DOO IUHVK

80 ^3KRWR` 3ULQFH 5DLQLHU GHILQLWLYH VHW RI 6*

80

3ULQFH $OEHUW UDQJH RI VWDPSV WR I PLQW LQF

'HILQLWLYH VHW RI 6* IUHVK

80 ^3KRWR` F F I FDW 8QPRXQWHG PLQW FRPPHPRUDWLYH FROOHFWLRQ RI

VWDPSV PV QRWH QDWLRQDO IHWH GD\ PV

%RRNOHW FROOHFWLRQ LQF IORZHUV RO\PSLFV DUW DQG

YLHZV 80

3ULQFH /RXLV PV DLU VHW RI %RVLR VHW RI 2O\PSLF JDPHV VHW RI 3ULQFH $OEHUW VHW RI DV SDLUV ,PSHUIRUDWHG 3ULQFH 5DLQLHU VHW RI DQG

UHG FURVV VXUFK EORFN RI VWDPSV SHUI DQG LPSHUI 5R\DO ZHGGLQJ VHW RI ERWK VHWV IUHVK 80 RO\PSLF JDPHV VHW SRVWDJH GXH XVHG IRU SRVWDJH VHW RI

6* DV WHWH EHFKH SDLUV FDWDORJXH YDOXH RYHU 3ULQFH /RXLV PLQLDWXUH VKHHWV I

D VXSHUE UDQJH 6*06 DQG I I 6*06 D ERWK IUHVK 3UH FDQFHOV RQ VWRFN SDJHV D YHU\ ILQH

PLQW FROOHFWLRQ RI VWDPSV LQF GDWH EORFNV RI $ YHU\ XVHIXO 5$1'20 5DQJH RI 6WRFNSDJHV ZLWK EHWWHU

FROOHFWLRQ IUHVK 80 SLFNLQJV ,QF 1DWLRQDO 5HOLHI )XQG 6HW 9)8 6* 3RVWDJH GXH I 6*' 80

3RVWDJH GXHV VHW RI ZLWK DGGLWLRQDO

YDOXHV VHW RI VHW ZLWK ODEHOV VHW DV

6WRFNSDJHV ZLWK XQPRXQWHG PLQW FROOHFWLRQ

PDLQO\ PV VKHHWOHWV ZLWK EHWWHU 06 PLQW

EORFNV RI VHW DV VWULSV RI $OO IUHVK 80 D XVHIXO UDQJH RI GXHV

(XURSD VKHHWOHWV D YHU\ JRRG UDQJH ZLWK LVVXHV WR SOXV VWDPSV YHU\ KLJKO\ FDWDORJXHG LQ WKH VKHHWOHWV

&HQWHQWDU\ RI LQWHUQDWLRQDO SKLODWHOLF H[KLE

FRPSOHWH VKHHWOHW RI WKH VH WHQDQW VWULSV SOXV PV DOO

8QPRXQWHG PLQW RQ VWRFNSDJHV (XUR LVVXHV

LQF MRLQW YDOXH LVVXH ZLWK VWDPSV ERRNOHWV DQG

80 (SUHXYH 'H /X[H 3ULQFH /RXLVH I DLU IUHVK

QHYHU KLQJHG

PV VKHHWOHWV ZLWK D IDFH YDOXH RI HXURV WKH VWDPSV DUH FKLHIO\ EORFNG RI VHHQ LVVXHV WR EXW PDLQO\ WR

,PSHUIRUDWHG DLU VHW RI <YHUW IUHVK

80

02176(55$7

,PSHUIRUDWHG SDLUV %RVLR SRVWDJH DQG DLU VHW

6* <YHUW DLU IUHVK 80

F

49 &$ :PN 6HW RI PLQW ,QF WKH UDUH G

3ULQFH 5DLQLHU GHILQ VHW RI 6* 80

SOXV I I RUDQJH I LQGLJR I LPSHUI VLQJOHV $OO IUHVK

%OXH 6* VRXQG VOLJKWO\ VRLOHG EXW RULJLQDO JXP DQG UDUH

6* &DW

80

{

6* &DW

49 G 6* 9)0

5HG FURVV PLQLDWXUH VKHHW SHUI 6*06

<YHUW $ IUHVK 80 6FDUFH

&ODVVLFV ILQH PLQW G 6* G 6* DQG G

&URZQ && òG IDLU DQG G ILQH PLQW 6*

5HG FURVV PLQLDWXUH VKHHW LPSHUI 6*06

<YHUW % IUHVK 80 6FDUFH

5HOLHI )XQG 6HW 80 5HG &URVV ò VKHHW SHUI 80 ([KLELWLRQ VHW LQ SDLUV SOXV 06 DOO 80 SOXV PRGHUQ 06 VPDOO EXW YHU\ XVHIXO

(GZDUG DQG 'HYLFH VHW PLQW 6*

3ULQFH 5DLQLHU (SUHXYH 'H /X[H SRVWDJH VHW RI

ILQH DQG DLU VHW RI DOO QHYHU KLQJHG LQ YHU\ IUHVK FRQGLWLRQ

(GZDUG DQG 'HYLFH VHW ,QF FKDON SDSHU

SULQWLQJV DOO ILQH PLQW 6* SOXV $ QXPEHUV

'HILQLWLYH FROOHFWLRQ ZLWK VWDPSV

PV VKHHWOHWV IUHVK 80 LQF VHW VHW VHW VHW ZLWK YDOXH WR I VKHHWOHWV WZR VHWV $ YHU\ &DW RQ FRYHU 9) UHJ G HQY WR *HUPDQ\

JRRG UDQJH KLJKO\ FDWDORJXHG ZLWK VLQJOH XVH RI G 6* &KRLFH ^3KRWR` 5HG &URVV VXUFKDUJHG PLQLDWXUH VKHHW LPSHUI

$ YHU\ ILQH SDLU RI PDWFKHG FRYHUV VWDPSV

6*06 <YHUW % IUHVK 80 VFDUFH UDWHG RQ FRYHU IUDQNHG GLII GHYLFH YDOXHV IURP òG WR G QHDWO\ FDQFHOOHG 6* 9) 5HG FURVV VXUFKDUJHG PLQLDWXUH VKHHW SHUI

6*06 <YHUW $ IUHVK 80 VFDUFH /HHZDUGV òG (GZDUG SRVWDO HQYHORSH QLFHO\

XVHG LQ 0RQWVHUUDW ILQH DQG VFDUFH $LU VHW RI ELUGV 6* IUHVK 80

VFDUFH ^3KRWR` .*9 VHWV ILQH PLQW VWDPSV ZLWK

KLJK YDOXH 6* VHW 6* DQG ORQJ VHW 3ULQFH 5DLQLHU GHILQLWLYHV VHW RI DQG

6* VHW RI IUHVK 80 $QQLYHUVDU\ 6HW 3HUI 63(&,0(1 9)0

6* 6 6

(SUHXYH 'H /X[H UR\DO ZHGGLQJ VKHHW YHU\ ILQH

XVHG ZLWK VSHFLDO ZHGGLQJ FDQFHO $QQLYHUVDU\ 6HW ILQH PLQW 6*

5R\DO :HGGLQJ (SUHXYH 'H /X[H DLU VKHHW

IUHVK 80

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 51

.*9, GHILQ LVVXH 6* FRPSUHKHQVLYH

PLQW VHW ZLWK ERWK SHUIRUDWLRQV DQG DOO $ QXPEHUV 2ULJLQDO SULQWLQJV DUH KLQJHG ODWHU SULQWLQJV DUH 1+0 VWDPSV &DW

.*9, SLFWRULDO GHILQLWLYH SHUI RULJLQDO SULQWLQJ

ZLWK VKDGHV LQF G

6* PLQW LQF PXFK XP

0,17 .(9,, .*9 &2//(&7,21 LQFOXGHV

IHZ YDOXHV WR S VHW YDOXHV WR V G 6SDQLVK &XUUHQF\ .(9,, VHW F RQ òG GXOO EOXH UDQJH RI ODWHU .*9 )UHQFK &XUUHQF\ VHW KLJK YDOXHV GHILQV DOO WKUHH 6LOYHU -XELOHH VHWV 7DQJLHU WKH WKUHH .*9 VHWV 0L[HG FRQGLWLRQ VRPH ZLWK IDXOWV WR VRPH YHU\ ILQH PLQW FDW VWDPSV

9$5,(7,(6 LQFO F RQ PLVVLQJ EDU LQ

VXUFKDUJH 2IILFLDO ZLWKRXW FDQFHO RQO\ VROG & 7 2 6WRFN SDJHV ZLWK EHWWHU SLFNLQJV *LEUDOWDU 49 RYSW WR S .*9 .*9, WR LQF V ZHGGLQJ 4(,, F RQ F 6* E 2 F ILQH 80

LQF FDVWOHV WR PLQW LQF 80

086&$7

6XEVWDQWLDO FROOHFWLRQ RI 80 KRXVHG LQ ER[HG

$OEXP PDQ\ V DOO GLIIHUHQW 67& ZLWK GHILQ VHWV

2OG 3DJHV ZLWK D ILQH FROOHFWLRQ RI VHWV IUHVK

06 DGGLWLRQDO VSHFLPHQ RYSWV 6FDUFH )OLJKW RYSW LVVXH 9HU\ ILQH $ ),1( /27 RI .*9 IUDQNLQJV ZLWK YDOXHV WR

G RQ FRYHUV FDUGV UDWHG LQ 6* $OO VHOHFWHG GLIIHUHQW VLQJOHV XVDJHV LQF G G HWF ,19(57(' :$7(50$5.6 DQG ,QYHUWHG

RYHUSULQW YDULHWLHV V 80 GLIIHUHQW QRWH 2+06 6* D

,QY :PNV WR PLVVLQJ VWRS RQ 2+06 6* D 9)8 *RRG JURXS +LJK &9

PLQW 3RVWDJH VHW DQG 2IILFLDO VHW %3 LQ (DVWHUQ $UDELD 'HILQ VHW 6 :HGGLQJ 'HILQ VHW &DVWOHV U

U HDFK GLIIHUHQW W\SH 4(,, VHW RI 'HILQ VHW RI DQG PDQ\ FRPPHPRUDWLYH VHWV RYHU VWDPSV HDFK GLIIHUHQW &DW

1$7$/ { +LJK YDOXH (GZDUG 6* EHHQ ILVFDOO\

XVHG FOHDQHG WKHQ D IRUJHG SRVWPDUN DGGHG ILQH XVHG

.*9, 63(&,$/,67 678'< GHILQ LVVXH

2)),&,$/ RYSW 6HW 9)0 6*2

6* YIP LQF XP ZLWK DOO SULQWLQJV WR VKDGHV FRLO

VWULSV D VFDUFH JURXS RI SODWH EORFNV VKRZLQJ SULQWHUV PDUJLQDO

VFUDWFKHV SULQWHG LQ RXWHU PDUJLQV òG FRPSOHWH VKHHW GHILQ VHW HWF TW\

(GZDUG KLJK YDOXHV 9)0

4(,, XQPRXQWHG PLQW GLII VWDPSV

PV VKHHWOHWV DOO DV FRPSOHWH VHWV FDW LQFOXGLQJ

VRPH YHU\ JRRG RYHUSULQW LVVXHV 6XSHUE 8QPRXQWHG PLQW 0RQWVHUUDW ZLWK YDULHWLHV RYHU

VWDPSV 06 6KHHWOHWV QRWH VXUFK HUURU F RQ

F 6* F RQ F 6* E ,QDXJXUDO )OLJKW RYSW 6HW RQ )'& VLJQHG E\ WKH 3LORW VHH QRWH EHORZ 6*06 KLJK YDOXHV WR $ YHU\ JRRG UDQJH RI ODWH

V V VHWV ZLWK YDULHWLHV PL[HG LQ

6*

1$858 ,PSHULDO SDJH ZLWK .*9 LVVXHV PLQW RSWHG

GHILQ òG WR FHQWXU\ ZLWK YDOXHV WR URXJK SDSHUV V MXELOHH VHW D JRRG UDQJH FDW

1(7+ &2/6 $17,//(6

025 $* %5 .*9, RYSW VHW DV EORFNV RI IRXU XP 9) 6FDUFH

DV VXFK 6*

0252&&2 3267$/ +,6725< &2//(&7,21 RQ DOEXP

SDJHV LQWHUHVWLQJ UDQJHV LQFO <0&$ $UP\ &RUUHVSRQGHQFH SRVWFDUG 3DUFHO 3RVW IRUP ZLWK VWDPSV DIIL[HG UHJ G FRYHU WR &DVDEODQFD HQY IUDQNHG S RQ I <YHUW ZLWK )UHQFK &RUUHVSRQGDQFH 3DU $YLRQ ODEHO DIIL[HG $FKHPLQHPHQW ,PSRVVLEOH FDFKHW 6HUYLFH 6XVSHQGHG JUHDW UDQJH RI FRYHUV ZLWK D ZLGH UDQJH RI IUDQNLQJV YDULRXV DLUPDLOHG FRYHUV UHJ G FRYHUV FRPPHUFLDO HQYHORSHV HLJKW FHQVRUHG FRYHUV 1HDWO\ SUHVHQWHG LWHPV

838 VSHFLDO DOEXP FRQWDLQLQJ GLIIHUHQW

FRQWHPSRUDU\ 80 LVVXHV VHWV VSHFLDO 838 SDJHV LQF $LUPDLO

GHILQ VHW WR IU GHILQ VHW HWF YHU\ ILQH 838 3UHVHQWDWLRQ %RRNOHWV GLIIHUHQW ZLWK

PDQ\ FRQWHPSRUDU\ 80 LVVXHV ,QF DQ H[FHSWLRQDO LVVXH

IRU %UXVVHOV ZLWK YDOXDEOH FRQWHQWV ,QF GHILQ VHWV /DYLVK /HDWKHU %RXQG LVVXH ZLWK SULQWHG SDJHV DQG JRRG FRQWHQWV HWF *RRG ORW

0252&&2 $*(1&,(6 { *LEUDOWDU XVHG LQ 0RJDGRU &'6 FDQFHOV RQ

òG 6*= XVHG

&XUDFDR DQG $QWLOOHV &ROOHFWLRQ ZLWK PDQ\ VHWV

H[WHQVLYH UDQJH RI VWDPSV ZLWK EHWWHU SLFNLQJV .LQJ J )8 6* F PLQW -XELOHH VHW RI PLQW

3LFWRULDO VHW RI PLQW 4XHHQ (QVFKHGH VHW RI PLQW $LU VHW RI )8 3RVWDJH GXH VHW RI PLQW PDLQO\ PLQW ODWHU LVVXHV 80 $Q RULJLQDO FROOHFWLRQ

1(7+ &2/6 ,1',(6 ([WHQVLYH &ROOHFWLRQ RI VWDPSV ZLWK PDQ\

EHWWHU ,QF .LQJ :LOOLDP F SHUI 6* )8 GHILQV WR J )8 2IILFLDOV )8 6*2 GLHQVW RYSWV WR òJ )8 %DQGRHQJ RYSW VHW RI PLQW -XELOHH òF WR J $Q RULJLQDO FROOHFWLRQ $ YHU\ KLJKO\ FDWDORJXHG

1(7+ &2/6 1(: *8,1($ ([WHQVLYH FROOHFWLRQ ZLWK PDQ\ VHWV ,QF

VHW WR J )ORRG 5HOLHI VHW )8 817($ RYSW 6* $ ILQH FROOHFWLRQ RI VWDPSV VHWV 0DLQO\ PLQW ,QF 80

1(7+ &2/6 685,1$0( (;7(16,9( &2//(&7,21 RI VWDPSV

06 ZLWK PDQ\ EHWWHU VWDPSV ,QF .LQJ :LOOLDP WR J

PDLQO\ )8 F VXUFK ,QF RQ F 6XUFKHV ,QF F RQ òJ 6* GHILQ WR F 4XHHQ J DQG òF )8 F 7HWH %HFKH SDLU 6* D $ YHU\ JRRG FROOHFWLRQ PDLQO\ PLQW ODWHU VHWV 80 $ YHU\ YDOXDEOH FROOHFWLRQ

1(7+(5/$1' &2/21,(6 $QWLOOHV 4XHHQ GHILQ VHW YIP 6*

F

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

PTS and ASDA registered. Integrity assured.

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 52

0DS 6* 9)0 LQFUHGLEO\ IUHVK VPDOO

1(7+(5/$1'6

PRXQW UHPDLQ 6HOGRP RIIHUHG VR IUHVK XVXDO SHUIV

{ $LUPDLO */' JXOO YIX 6* F

4

{ 3RVWDJH 'XH WRS YDOXH ILQH XVHG

63(&7$&8/$5 +,*+ 9$/8(6 XVHG RQ D

6*'

SDUFHO UHFHLSW FDUG XVHG WR 6RXWK $IULFD ZLWK KLJK YDOXHV *XOO

JOG VWULS RI F ò JOG DQG JOG ZLWK =ZLMQGUHFKW FGV FDQFHOV DQG UHJG ODEHO QHDU E\ ZLWK DLUPDLO ODEHO DQG GRFXPHQW ODEHO YHU\ VFDUFH WR VHH KLJK YDOXHV RQ D UHFHLSW FDUG

3RVWDJH GXH VHW RI 7HQ VXSHUE PLQW WKH

WRS YDOXHV DUH SHUI [ SULQWLQJV WKH òG LV RYSW 6SHFLPHQ DQ H[FHSWLRQDO DQG UDUHO\ RIIHUHG VHW 6*' %

9)0 JURXS H[WUHPHO\ IUHVK ROG UHPDLQV G

{ 5(9(18(6 2OG SDJHV ZLWK PDLQO\ GRFXPHQWV

LVVXHV RI ZLWK YDOXHV WR JO ZLWK YDOXHV WR JO 6* G G 6* HWF F

LPSHUI J SHUI ZLWK YDOXHV WR JO ZLWK YDOXHV WR JO $ YHU\ ILQH UDQJH RI UHYHQXHV RQ ROG SDJHV

+LJK YDOXH 49 6* VXSHUE IUHVK

PLQW 3UHVHQWDWLRQ VWDPSV ZLWK VSHFLPHQ RYSWV 2U

1(9,6

&72 3PNV GLIIHUHQW ,QF G /\UH %LUG 6 G %LFRORXU 6 RWKHUV WR G YHU\ ILQH LVVXHG VWDPSV DOO GLIIHUHQW &DW ,QF G G 6* $ YHU\ ILQH H[DPSOH ZLWK 6* $ JRRG JURXS 1(: =($/$1'

$Q LQWHUHVWLQJ UDQJH RI GLIIHUHQW PLQW

49 VHW RI WZR XQXVHG )DLU 6RXQG 6*

VWDPSV RQ VWRFNSDJHV *RRG SLFNLQJV H[KLELWLRQ VHW F DGPLUDO RYSW RIILFLDO VPLOLQJ ER\V VHW DUPV SRVWDO ILVFDOV WR ([FHOOHQW SLFNLQJV YHU\ KLJK FY 49 VHW RI PLQW VHOGRP RIIHUHG FRPSOHWH VHW

&+$/21 49 &ODVVLFV VHW RI VL[ G WR DV

6* &DW WKH G %OXH 6* LV YHU\ ILQH RWKHUV ) LPSHUI %ODFN SURRIV RQ WKLFN FDUG WDNHQ IURP WKH SHUNLQ EDFRQ WR 9) VRPH PLQRU EOHPLVKHV EXW DQ HPLQHQWO\ FROOHFWDEOH SODWHV $ VXSHUE VHW IRU WKH ILUVW SDJH RI \RXU FROOHFWLRQ VHW

3/$7( 3522)6 RI G G RQ WKLFN

&KDORQ G QR :PN 6* 9)0 )DEXORXV

FDUG ZLWK ODUJH PDUJLQV ^3KRWR` FRORXU SRVVLEOH SODWH UHWRXFK DW OHIW YDULHW\ ODUJH SDUW 2* 8QXVXDOO\ IUHVK &ODVVLF /LWKR LVVXHV ILQH PLQW RU XQXVHG DV

1(: %5816:,&.

{ /LIH ,QVXUDQFH 'HSW D FRPSUHKHQVLYH

F 6* YIP

FROOHFWLRQ ZLWK EHWWHU SLFNLQJ ,QF G DQG ZLWK 536 &HUWV *HQXLQH D JRRG UDQJH RI VWDPSV XVHG PXFK ILQH XVHG HDFK VHHP WR EH GLIIHUHQW

1(: *8,1($

3LFWRULDOV VHW òG WR 9)0 LQFUHGLEO\ IUHVK

{ +XWV VHW 9)8 H[ ODWHU òG H[FHSWLRQDO DOO

TXDOLW\ VRPH ROG UHPDLQV 6* YDOXHV 2ULJLQDOO\ IURP D 838 DUFKLYH FROOHFWLRQ

ZLWK 5DEDXO 3PNV 6*

{ 3LFWRULDO 'HILQLWLYHV ZLWK D YDULHW\ SULQWLQJV WR

%LUG RI 3DUDGLVH )LUVW 6HW 9)0 6*

$,50$,/ RYSW VHW 9)0 6*

4 9$5,(7< G FRURQDWLRQ PDMRU UH HQWU\ XP

ZLWKLQ LPSULQW EORFN RI 6* D

PDLQO\ ILQH XVHG RGG PLQW $ KLJKO\ FDWDORJXHG UDQJH VRUWHG E\ SULQWLQJV 3LFWRULDO 'HILQLWLYHV ZLWK GLIIHUHQW SULQWLQJ VRUWHG

RQ ROG SDJHV WR DQG (GZDUG GHILQLWLYHV WR ,QF 2IILFLDO D YDOXDEOH FROOHFWLRQ RI VWDPSV 0LQW RU )8 DQ RULJLQDO ORW 3LFWRULDOV 9)0 LQFUHGLEO\ IUHVK VRPH

*ROGILHOGV $LUPDLO VHW 9)0 6*

UHPDLQV òG G òG 6* G G G G G 6* HWF

F

{ òG 6* E ZLWK VXSHUE +2%$57

1(: +(%5,'(6

7$60$1,$ FHQWUDO FGV 8QXVXDO

(GZDUG 6* 9)0 SOXV RWKHU YDOXHV WR G

IUHVK PLQW PRVWO\ ILQH

2)),&,$/ RYSW VHW RI YIP NH\ VHW EHWZHHQ

6*2

0RVW H[WHQVLYH FROOHFWLRQ RI IUHVK PLQW

2)),&,$/ RYSWV VHW RI òG WR 6*2

FRPSOHWH VHWV RQ DUFKLYH SDJHV GLIIHUHQW LVVXHV 0DQ\ VHWV ERWK (QJOLVK DQG )UHQFK LQVFULSWLRQV YHU\ ILQH )UHQFK VHWV 6*) ) DQG ) ODWHU GHILQ VHWV DQG FRPPHPV

YIP F ^3KRWR` 3RVWDO )LVFDO 6*) 9)0

1(: 6287+ :$/(6

3RVWDO )LVFDO 6*) 9)0 VPDOO UHPDLQV

{ 9LHZV G FODVVLF 6* ZLWK 1R FRPSOHWH

LQFUHGLEO\ IUHVK

GXSOH[ SPN ILQH IRXU PDUJLQ

{ +($/7+ ,668(6 )8 $ FROOHFWLRQ RI V LQ

2IILFLDOV FDWDORJXH YDOXH ZLWK LVVXHV

D VWRFNERRN ORWV RI LQWHUHVWLQJ H[WUDV

3ODWH + SDLUV $ JRRG VHOHFWLRQ RI VHWV DV )8 EORFNV VRPH 06 RGG YDULHW\ ,QF F SDUWLDO GRXEOH SHUIV PRGHUQ VHWV $ JRRG YDULHW\ JRRG ORW RI XVHG

EHWZHHQ 6* DQG 2 E PLQW (DFK GLIIHUHQW

2)),&,$/6 &HQWHQDU\ 26 RYSWV 6HW ZLWK

63(&,0(1 RYSW )LQH PLQW 6*2 V 2 V

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 53

4 6RXWKHUQ &URVV )OLJKW &RYHUV LOOXVWUDWHG

+HDOWK VHW DV 80 LPSHUI EORFNV RI IRXU RQ :PN

VL[WK FURVVLQJ ,QF G 7UDQV 7DVPDQ RYSW VLQJOH IUDQNLQJ VHQW SDSHU IURP %: DUFKLYH 9HU\ ILQH 6* WR WKH 8. (QY ZLWK $XVWUDOLDQ DQG 1HZ =HDODQG IUDQNLQJV

+HDOWK LVVXH 6* $ VWXG\ ,QF SODWH

G VLQJOH IUDQNLQJ IURP 1HZ =HDODQG WR $XVWUDOLD DQG ORFDOO\ EORFNV RU FRORXU EORFNV ,QF JRRG òG VKDGH SODWH EORFN WKH VHQW $ ILQH JURXS VHW DV ,03(5)25$7( SURRIV PRXQWHG RQ FDUG H[ %: DUFKLYH 3LFWRULDO GHILQV DV EORFNV YIP XP LWHPV

HWF 4W\ 0RVWO\ 80 9HU\ KLJKO\ FDWDORJXHG LQF òG 6* G RQH SODWH +HDOWK LVVXH 6* 06 80 VWXG\ ,QF

EORFN G DV VXSHUE XP EORFN 6* PDUJLQDO EORFN SODWH EORFNV G YDULHWLHV LQ EORFNV FRUQHU EORFNV ZLWK 6* *RRG ORW LQVFULSWLRQV YDULRXV 06 HWF 4W\ 7+( 3,&725,$/ ,668(6 6*

SOXV RIILFLDOV $ PRVW H[WHQVLYH VSHFLDOLVHG FROOHFWLRQ RI V 838 VSHFLDO VWRFNERRN FRQWDLQLQJ GLIIHUHQW 80 FRQWHPSRUDU\ LVVXHV YHU\ ILQH JROG HPERVVHG LQF PLQW DUUDQJHG E\ YDOXH VXSSOHPHQWHG ZLWK SODWH EORFNV 4(,, GHILQ VHW WR RIILFLDOV VHWV IRU 1LXH &RRNV VKDGHV YDULHWLHV HWF òG FOHPDWLV IODZ òG OLQH WKURXJK YDOXH 5RVV LQ SODWH EORFN G LZWK YDULRXV SODWH EORFNV RI ZDUWLPH G 6* F DV EORFN RI òG EURNHQ IORZHU YDULHWLHV òG +HDOWK G %R\V %ULJDGH UDUH HQG 7ZR URZV

EORFN ZLWK UH HQWU\ G FRUQHU SDLU ZDUWLPH 6* F ZLWK VSOLW LQWR EORFN WR KHOS GLVSOD\ ZLWK WKH /$7( 5(728&+ 536 &HUW G GRXEOH ( G ZLWK PDQ\ GLII SULQWLQJV G

9$5,(7,(6 RQ WKH WHQW 7KH YDULHW\ LV RQ ILYH GLIIHUHQW

&24. YDULHW\ EORFNV SODWHV LQF EORFN ZLWK SRVLWLRQV WKH VWDPSV DUH 80 VRPH KLQJLQJ DZD\ IURP WKH UH HQWU\ 6HULRXV PDWHULDO V

YDULHWLHV ZLWK QRUPDO VKRZLQJ WR FRPSDUH &37 % : ZLWK QRWHV H[WUHPHO\ UDUH .*9, (5$ FRPPHPV DQ H[WHQVLYH VWXG\ ZLWK

EORFNV SODWHV YDULHWLHV DOO YIP LQF XP

V RQ KDJQHUV +HDOWK LVVXH ELUGV 6* XP VWXG\ LQF SODWH

ZLWK QR VWRS EHORZ G ZULVWZDWFK IODZV òG KHDOWK EORFNV PV VHW LQ RULJLQDO FHOORSKDQH VHWV RI PV FRUQHU LQY ZPN EORFN H[WHQVLYH KHDOWKV ZLWK IHDWKHUV LQ KDW EORFNV TW\

YDULHW\ VKDGHV EORFNV KHDOWK VHW DV FRPSOHWH VKHHWV

SOXV SODWH EORFNV VHW LQF RIILFLDOV G EURNHQ UXGGHU G +($/7+ 06 $ FRPSOHWH VHW RI 06 EHLQJ D SODWHG FRPSOHWH VHW IRU HDFK VKHHW P XP SHQFLO WUDLOLQJ DHULDO HWF *RRG ORW QXPEHUHG LQ HDFK FRUQHU LQIRUPDWLRQ VKHHW RI SODWH IODZV HWF .*9 '(),1,7,9( KHDG LVVXHV D PRVW

6*06 E F H[WHQVLYH VSHFLDOLVHG VWXG\ RI V LQ D ELQGHU P XP ZLWK +HDOWK LVVXH %LUGV 6* XP VWXG\ ZLWK

VWXG\ RI SULQWLQJV VKDGHV òG VWULS RI ZLWK WUDLQLQJ VFKRRO SODWH EORFNV VHW RI PV LQ RULJLQDO FHOORSKDQH ZUDSSHU RWKHU VHW GHIDFHPHQW D JRRG UDQJH RI SODWH QXPEHUV LQ PDUJLQV LWHPV RI PV FRUQHU EORFNV 4W\ HVSHFLDOO\ SHQQ\ LVVXH SODWH EORFNV RI òG VKHHW VKRZLQJ

PDMRU UH WRXFK G EORFN VKRZLQJ ZHDN IUDPHV KLJKHU YDOXHV +HDOWK LVVXHV ELUGV 6* D ILQH VWXG\ XP

SODWH EORFNV G ZPN VLGHZD\V EORFN SODWH EORFN ZLWK SODWH EORFNV òG VKHHWOHW ZLWK EODFN FRORXU VKLIW G VKHHW ZLWK EOXH FRORXU VKLIW P VHWV RI PV LQ RULJLQDO FHOORSKDQH RIILFLDO RYSWV FRXQWHU FRLO SDLUV GLII LQF FRPSOHWH VHW ZUDSSHUV VHWV RI PV *RRG ORW RI SDLUV RYSW LVVXHV HWF $ VHULRXV FROOHFWLRQ

+HDOWK LVVXH 6* D ILQH VWXG\ RI XP ZLWK

SODWH EORFNV òG VKDGHV UH HQWU\ PV VHWV G $ WULR RI DUPV KLJK YDOXHV XP G I G

LQYHUWHG ZPN I I

EORRGVWDLQHG ILQJHU YDULHW\ LQ EORFN YDULHW\ UHPRYHG LQ EORFN PXFK PRUH 9HU\ JRRG ORW TW\

/LJKWKRXVH LQVXUDQFH VWDPSV FKLHIO\ DV

+HDOWK ,VVXHV G XP FRUQHU EORFNV RI

LPSULQWHG F\OLQGHU EORFNV VHHQ òG JUHHQ 6*/ DV D ZLWK EORRGVWDLQHG ILQJHU YDULHW\ DQG EORFN ZLWK YDULHW\ UHPRYHG EORFN RI 80 VXUFK SO EORFNV 6*/ D JRRG 6* D &3 7 %< EORFNV

ORW RI VWDPSV PDLQO\ DV EORFNV 9DULHW\ KHDOWK 3ULQFH $QGUHZ SRVLWLRQDO EORFN

+HDOWK LVVXH ,QYHUWHG ZDWHUPDUN VHW DV EORFNV

RI 6* D IUHVK 80 RI 80 6* Z Z VPDOO JXP VSRW RQ RQH G $ VFDUFH VHW RI EORFNV +HDOWK LVVXH %LUGV 6* PV F D ILQH

XP VWXG\ ZLWK EORFNV VHWV RI 06 WKH VKHHWOHWV LQ RULJLQDO

+HDOWK LVVXH G FRUQHU EORFN YDULHW\

VXEVWDQWLDOO\ PLVSHUIRUDWHG ILQH 80 8QXVXDO 6*

FHOORSKDQH ZUDSSHU G PLQRU YDULHWLHV LQ EORFNV TW\

YDU +LJK YDOXH SRVWDO ILVFDO ILQH XP

6*) ^3KRWR`

+HDOWK G PV 6* 06 ZLWK HUURU

SHUIRUDWLRQV GRXEOH DW OHIW ILQH XP &3 70 %=

+HDWK LVVXH 6* VPDOO 80 VWXG\ ZLWK

SODWH EORFNV 7ZR OLVWHG YDULHWLHV 4W\

+HDOWK ELUG LVVXH 6* 06 $ ILQH

XP VWXG\ ZLWK JRRG YDULHWLHV HUURUV LQF VHW ZLWK VLGHZD\V

&RXQWHU FRLO SDLU RQ GLVSOD\ SDJHV ZLWK XVHIXO

SLFNLQJV LQF G ZLWK ERWK W\SHV RI G W\SH E LQF ZLWK ERWK W\SHV RI G W\SH E VHW RI G W\SH E VHW RI G

JUHHQ W\SH E VHW RI DQG SDLUV WR HQKDQFH \RXU FROOHFWLRQ IUHVK PLQW LQF 80

LQYHUWHG ZPN YDULHWLHV G ZLWK JURVVO\ PLVSODFHG FRORXU HUURU VHW RI VKHHWOHWV LQ RULJLQDO JODVVLQH SDFNHW DV LVVXHG IURP *32 G VKHHWOHW WRQHG ZLWK SUH SULQWLQJ SDSHU FUHDVH G LQN EORE G EORFN FRORXU VKLIW 9DOXDEOH ORW TW\

+HDOWK LVVXH 5XJE\ 6* 06 $ 80

VWXG\ ZLWK SODWH EORFNV SRVLWLRQDO YDULHWLHV VHWV RI 06 HWF

+HDOWK LVVXH 6* VWXG\ ZLWK D JRRG

VHOHFWLRQ RI SODWH EORFNV $ YHU\ ILQH PDUJLQDO SDLU

4W\

,03(5)25$7( IURP %: $UFKLYHV HWF SODWH EORFNV SURRIV PRVWO\ 80

$ ILQH FROOHFWLRQ ZLWK SODWH EORFNV EON RI

ZLWK YDULHWLHV FRXQWHU FRLO SDLUV VHHQ F EXWWHUIOLHV ZLWK

&RXQWHU &RLOV G WR UHDGLQJ VLGHZD\V

PLVVLQJ YHLQV F 0DRUL WDWWRR VXSHUE VKLIW RI EORFN ILVK F PDMRU VKLIW RI \HOORZ SDLU XP RYHU VWDPSV 80

SDLUV IUHVK PLQW &3 1& F &DW +HDOWK LVVXH 6* $ VWXG\ ZLWK D ILQH

VHOHFWLRQ RI SODWH EORFNV GLIIHUHQW QXPEHUV DQG RWKHU FRUQHU

EORFNV ZLWK VKHHW YDOXH QXPEHUV HWF EORFNV

+HDOWK LVVXH 6* $ ILQH 80 VWXG\ ,QF

EORFNV ZLWK FRQVWDQW YDULHWLHV SODWH EORFNV VHWV RI 06 HWF

$ JRRG ORW 4W\

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 54

3ODWH EORFNV RI WKH FRPPHPV VXSHUE XP

7KH FRPSUHKHQVLYH FROOHFWLRQ RI GLII EORFNV VWF

ZLWK PDQ\ ILQH VHWV 4XDOLW\ ORW LQ H[SHQVLYH VWRFNERRN

1(:)281'/$1' (5525 F 4XHHQ 6* UHPDUNDEOH /RQJ

VWDPS ZLWK 1HZIRXQGODQG DQG VFUROOV SULQWHG GRXEOH GXH WR WUDQVIHU VKLIW 8QOLVWHG YLVXDOO\ VSHFWDFXODU VPDOO SDUW 2* ROG +HDOWK LVVXH 80 VWXG\ ZLWK YDULHWLHV

UHPDLQV 6* ,QF F GRXEOH 1HZ =HDODQG $ JRRG UDQJH RI 0HGLXP 3DSHU F WR F VHW RI YHU\ IUHVK

SODWH EORFNV òF 06 ZLWK PLVDOLJQHG SHUIRUDWLRQV F 06 PLQW RGG UHPDLQV RQ JXP 6* &DW $OVR F GDPDJHG SHUI SLQV F FRQVWDQW YDULHW\ LQ EORFNV HWF VFKRRQHU 6* IUHVK PLQW F WRWDO

*RRG VWXG\ 4W\

5RXOHWWH F 6* 9)0 LQFUHGLEOH IUHVKQHVV

F GHILQLWLYH %8)) VKRUH 20,77('

ROG PRXQW UHPDLQ IUHVK ODUJH SDUW 2* F 6* E ILQH 80 %ORFN RI QLQH F 3ULQFH RI :DOHV 6* IUHVK

8QPRXQWHG PLQW FROOHFWLRQ RI VWDPSV DQG

P $Q LPSUHVVLYH EORFN FDW 06 ,QF 3RVWDO )LVFDO V WR GHILQV WR PDQ\

FRPPHPRUDWLYH VHWV YHU\ FRPSOHWH IRU WKH SHULRG

9HU\ IUHVK PLQW VHOHFWLRQ F ROG

PRXQW UHPDLQV F 6* 5R\DO 3RUWUDLWV 6HW 6* F 0DS 6* 'HOLJKWIXO DSSHDUDQFH

4(,, F DQG F H[WHQVLYH FROOHFWLRQ ZLWK F\O

EORFNV LQF PLV SHUI F F RQ F RIIVHW RQ WKH UHYHUVH

ZLWK D &3 FDW YDOXH RI D YHU\ JRRG ORW WKDW QHHGV ZULWLQJ XS VWDPSV 80 ,PSULQWHG SODWH EORFNV RI VL[ GHILQLWLYH FROOHFWLRQ

F WR F QRWH F F F F $UWHIDFW F

F F F $ YHU\ JRRG UDQJH FDW LQ &3 FDWDORJXH

UHJLVWHUHG FRYHU WR 8. ZLWK 7+5(( &2/285

)5$1.,1* RI F F F OLJKW EDUUHG FDQFHOV JRRG WR ILQH &RURQDWLRQ VHW ILQH PLQW F 6*

6KHOOV GHILQLWLYHV ZLWK YDULHWLHV LPSULQWHG EONV

RU LPSULQWHG ZLWK DVWHULVN F ZLWK UHG EXII RIIVHW RQ WKH

UHYHUVH LPSULQW EON RI QR \HOORZ GRW IODZ D VSHFLDOLVW FROOHFWLRQ FDW LQ &3 FDWDORJXH $ ILQH FROOHFWLRQ RI EORFNV RI VL[ SOXV RQH VLQJOH (UURU 'RXEOH RYHUSULQW F RQ F 2QH $OELQR

VSHFLDOLVW &DW &3 3$ $ IUHVK 80 51=$) $LU 'URS 3LWFDLUQ ,VODQGV 2IILFLDOV

LOOXVWU $LUOHWWHUV ZLWK 1= DQG 3LWFDLUQ IUDQNLQJV +HDOWK F 7HGG\ %HDU HUURU RI GHVLJQ DV 80

EDUFRGH PDUJLQDO EORFN 80 $ UDUH SRVLWLRQDO PXOWLSOH

&RURQDWLRQ 6HW ILQH PLQW 6*

F &DULERX $ VHOHFWLRQ RI DWWUDFWLYH PLQW EORFNV

F FRUQHU EORFN F EORFN F EORFN F EORFN &DW PDQ\ DUH 80 F FDUPLQH 0HPRULDO 8QLYHUVLW\ &ROOHJH

*877(5 %/2&. 2) )285 6* 8QLWUDGH L ILQH

80 /RQJ FRURQDWLRQ VHW RI DV EORFNV RI IRXU XP

9) 6* &DW YHU\ IUHVK PLQW VHOHFWLRQ RI

GLIIHUHQW LVVXHV PRVWO\ VHWV RQ FDUGV GHILQV 7R F /RQJ &RURQDWLRQ 3RVWDJH 'XH 6HW 1LFH ORW

6* $ 0LVSODFHG ODPLQDWH HUURU F RO\PSLFV

UHVXOWLQJ LQ MXPSHUV KHDG PLVVLQJ ([ &3 6* YDU

8P { $'6216 V $GYHUWV RQ 49 LVVXHV WR G

$ XVHG JURXS RI DOO GLIIHUHQW $OEXP SDJHV ROG RULJLQDO ORW RI VWDPSV

.*9, ZLWK VSHFLDOLVWLRQ YIP XP FROOHFWLRQ LQF

FHQWL F YDULHW\ 6* D LQ SDLU ZLWK QRUPDO RWKHU YDULHWLHV RQ WKLV LVVXH ORQJ FRURQDWLRQ ZLWK GLII SULQWLQJV F ILVK KRRN YDULHW\ 6* E VHWV LQF 6* VHYHUDO SODWH EORFNV

FDW RYHU LQF FHQWHQDU\ RIILFLDO VHW PLQW 4(,, 1,*(5,$ RIILFLDO VHW LQF ZKLWH SDSHUV .*9, RIILFLDO VHW RI $ YHU\ 2LO 5LYHUV *% RYSW VHW RI ILQH PLQW

JRRG UDQJH ZLWK PDQ\ VHWV 6* .*9, 3267$/ 6(7$7,21(5< YIP $ YHU\ ILQH

ORW GLII LWHPV LQF RIILFLDO RYSW FDUGV RKPV VFKRRO UHSRUW HQY { 1LJHU &RDVW 49 VHW )8 6*

ZLWK G LPSUHVVLRQ UHJ G HQYV QHZVZUDSSHUV YHU\ ILQH

OHWWHUFDUGV ZLWK DGYHUWLVLQJ EDFNV *RRG ORW { SXUSOH EODFN RQ UHG GLH ,, 6* ED

2)),&,$/6 PLQW XP +LJKO\

ILVFDOO\ XVHG FDWDORJXHG DOO GLII JURXS .*9 LQF GLII SULQWLQJV FHQWHQQLDO VHW DUPV XP VHW SDLU RI .*9 G UHJLVWHUHG SRVWDO VWDWLRQHU\

*RRG EDFN RI WKH ERRN ORW HQYV ZLWK G GHILQV DIIL[HG ERWK SRVWPDUNHG /$*26 GLIIHUHQW 4(,, FRXQWHU FRLO SDLUV G WR G ZLWK QXPEHUV

UHJ Q ODEHOV ZD[ VHDOV DSSOLHG FOHDQ ILQH

XSULJKW DQG LQYHUWHG $ JRRG ORW RI SDLUV ZLWK D YDULHW\ RI 6LOYHU :HGGLQJ VHW DV EORFNV RI IRXU XP QXPEHUV PLQW LQF 80

6* { 5(9(18(6 2Q D VWRFN FDUG DQG 2OG

'HILQLWLYH VHW RI 6* DV 80 EORFNV RI 3DJH ZLWK YDOXH WR DOO XVHG

9DOXDEOH ORW RI QHZ LVVXH PDWHULDO VWUHQJWK LQ

V ZLWK PDQ\ LPSULQW EORFNV RI VL[ LQ *XHVV

N $IULFDQ 5HSWLOHV FURFRGLOH ,03(5) 3$,5

*ODVVLQH 3DFNHWV ZLWK PDQ\ LWHPV SXUFKDVHG IURP &DPSEHOO 6* YDU ILQH 80 3DWHUVRQ DQG RWKHU UHSXWDEOH VRXUFHV QRWLQJ VSHFLDOLVHG GHILQ F\OLQGHU EORFNV XSWR %LUG &\OLQGHU EORFN %LUG VWULSV IURP .*9, '(),1 678'< YIP DOO SULQWLQJV

ER[HV ZLWK LQVWUXFWLRQDO ODEHOV PDQ\ FRPPHP VHWV QRWLQJ KHUH 6* LQFOXGLQJ JRRG G G SHUIRUDWLRQV LQF EORFNV XSWR IDFH YDOXH HDFK 06 ORWV RI DGGLWLRQDO VHWV SODWH QXPEHU VLQJOHV ZLWK FUDFNHG SODWHV LQ PDUJLQ RULJLQDO LWHPV WKLV FROOHFWRU QHYHU JRW DURXQG WR VRUW DQG PRXQW *RRG SULQWLQJV HWF *RRG ORW ORW

Credit Cards

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 55

LQFRPLQJ FRYHU IURP 6RXWK $IULFD ZLWK FOHDU

125)2/. ,6 3$66(' %< &(1625 1\DVDODQG FHQVRU PDUN &OHDQ .*9, HUD UDQJH %DOO %D\ ZLWK D JURXS RI SODWH

ILQH EORFNV RI òG WR YIP LQF XP òG ZKLWH SDSHU RWKHU %RRNOHWV G 6* 6% DQG % ERWK

LVVXHV WR TW\

ILQH

1257+ %251(2

3DLU RI 5HJLVWHUHG (QYHORSHV RQH ZLWK

,PSHUIRUDWH SDLUV F F F 6* E E

SRVWDJH RYSW GHILQ VHW QG ZLWK 3LFWRULDO GHILQ VHW ERWK QRW )LUVW 'D\ RI LVVXH ZLWK QHDW W\SHG DGGUHVV DQG ILQH &'6 FDQFHO

ILQH PLQW 5HG &URVV RYSW VHW F WR F YIP

6*

.*9, VSHLDOLVHG FROOHFWLRQ RI P XP 7KH ORW

LQFOXGHGV òG WR 6* VHW RI YIX ZLWK 0DGDPH -RVHSK IDNH FDQFHOV LQWULQVLFDOO\ Y VFDUFH PLQW VHW WR 6* VHYHUDO VSHFLPHQV VHW WR SODWH SDLUV LQF VRPH SODWH QXPEHU EORFNV TW\

3RVWDJH GXH VHW ZLWK :DWHUORZ SULQWHUV

VHFXULW\ SXQFWXUHV ILQH XVHG H[ DUFKLYH VFDUFH 6*G

^3KRWR` .*9, YIP ZLWK LQWHUHWLQJ LWHPV RYSW VHW

20$1

6* GHILQV ZLWK D UDQJH RI 3/$7( %/2&.6 RI ZLWK YDOXHV WR F GHILQ VHW F YDULHW\ TW\

'HILQ VHW 6* 1+0

9$/8$%/( 6(/(&7,21 2I PLQW RQ 2OG

3XUFKDVH &DUGV VWDPSV ,QF 3LFWRULDOV ZLWK YDOXHV WR F 5HG &URVV RYSWV 0DOD\D %RUQHR RYSWV WR F *RRG 3RVWDJH 'XHV ZLWK YDOXHV WR F $Q LQWHUHVWLQJ DQG KLJKO\ &DW /RW $OO GLIIHUHQW

1257+(51 5+2'(6,$

3URYLVLRQDO E RQ E 1+0 YHU\ ILQH

6*

{ 3URYLVLRQDO E RQ U 6* 9)8 FDW

3URYLVLRQDO RYSW VHW RI 1+0 9HU\ ILQH

6* F

'HILQLWLYH VHW RI 6* IUHVK PLQW

{ òG JUHHQ 5( (175< 72 *,5$))( 6* E

9)8

3URYLVLRQDO E RQ E 6* 1+0 9HU\

ILQH F { SURYLVLRQDO E RQ E )8 6*

125:$<

F

7$;(' FRYHU WR %HUJHQ IURP 8. R R

{ 5DQGRPO\ DUUDQJHG ROG SDJHV ZLWK EHWWHU

SRVWDJH GXHV DIIL[HG WR UHYHUVH WLHG E\ %(5*(1 SRVWPDUN &OHDQ ILQH 8QPRXQWHG 0LQW &ROOHFWLRQ ZLWK PDQ\

FRPSOHWH VHWV ,QF 'HILQV DQG 2IILFLDOV WR NU VHHQ .LQJ

VHW RI 7RXULVW VHW 'HILQ ZLWK D YDULHW\ RI SULQWLQJV RXWVWDQGLQJ TXDOLW\ VWDPSV &DW YDOXH

SLFNLQJV ,QF E W\SH ,, 6* D E RQ E 6XUFK 6* $ JRRG UDQJH RI GLIIHUHQW VWDPSV KLJKO\ FDWDORJXHG

25$1*( )5(( 67$7( { 5(9(18(6 86(' &2//(&7,21 RQ DOEXP

'HOHJDWHV VSHFLDO DOEXP FRQWDLQLQJ GLIIHUHQW

LVVXHV 80 &DW $ERXW LQF VN 2IILFLDO 5HSULQW

SDJHV LQFO YDOXHV WR G RQ V YDOXHV WR YDOXHV WR V SOXV GDPDJHG JHQHUDOO\ ILQH

/LRQ GHILQ VHW VWDPS FHQWHQDU\ RYSW VHW 6* { 5(9(18( G RQ G EOXH %DUHIRRW XVHG

9HU\ ILQH LWHP FUHDVH WLQ\ WHDU

)LUVW <HDU %RRN ZLWK VOLSFDVH ,Q YHU\ ILQH

FRQGLWLRQ

(':$5' VHW RI 6* ILQH PLQW

<HDU %RRNV ZLWK LWV VOLSFDVH DQG

(GZDUG VHW 9)0 6*

ZLWK LWV ' - ERWK YHU\ ILQH FRQGLWLRQ

1<$6$/$1'

(GZDUG 6* 6* ERWK YIP F

{ &DWDORJXH YDOXH ILQH XVHG FROOHFWLRQ

LQF RYSW WR G 6* DUPV IURP G WR

{ ,17(5(67,1* 5$1*( RI ROG 2UDQJH 7UHH

DUPV WR ,QWHUQDO SRVW 6* E D .*9 YDOXHV WR

.*9, YDOXHV WR $ JRRG UDQJH RI VWDPSV ROG LVVXHV LQ DQ DOEXP VWDPSV DQG &RYHUV &DUGV ZLWK &$1&(//$7,21 LQWHUHVW QRWLQJ /HWWHU FRGHV DQG 1XPEHUV WLPH ORW WR GLIIHUHQW 7RZQ &'6 3PNV HWF $Q RULJLQDO ORW UHJLVWHUHG SRVWDO VWDWLRQHU\ HQYHORSH WR

(QJODQG .(9,, G ZLWK FOHDU %/$17<5( VTXDUHG FLUFOH SRVWPDUN &KLQGH WUDQVLW RQ UHYHUVH VRPH DJH PDUNV 3$.,67$1

{ 6FDUFH LQ D EORFN D WRS YDOXH DV D EORFN RI

{ .*9 KLJK YDOXHV RQ SLHFH ERWK ZLWK ZLFN

VL[ 6*2 ILQH XVHG LQ ULJKW VLGH VFUROO 6* F DQG 6* ZLWK YHU\ ILQH 'LVWULFW (;7(16,9( 0,17 80 &ROOHFWLRQ RI

0DJLVWUDWH &RXUW FDQFHO VWDPSV DQG 06 ZLWK PDQ\ KLJK YDOXHV RQ SDJHV ORRVH DQG .*9 /HRSDUG GHILQ VHW 6* DV PLQW

LQ SDFNHWV $Q RULJLQDO XQWRXFKHG ORW EORFNV RI IRXU ILQH IURQWDO DSSHDUDQFH RFFDVLRQDO JXP VSRWV F

{ &2//(&7,21 2I YHU\ PDQ\ V RI VWDPSV LQ

WKUHH VWRFNERRNV RIIHULQJ D YHU\ JRRG UDQJH RI PDWHULDO PXFK

.*9, VHW PLQW 6*

LV 0 80 ZLWK PDQ\ PRGHUQ LVVXHV 2)),&,$/6 ,QF .*9, VHW F DQG VHW ZLWK [ U WRS YDOXHV GLIIHUHQW SHUIV F VHW DV EORFNV RI RQ )'& [ F $ JRRG ORW

PHILANGLES

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 56

.*9, 9)0 VHOHFWLRQ ORFDO RYSWV WR

.*9, ZLWK LQWHUHVWLQJ LWHPV 0LQW UDQJH LQF òG

VWULSV EORFNV ZLWK SODWH QXPEHUV VKHHW QXPEHUV LQFOXGLQJ EORFNV ZLWK UH QXPEHUV LQGLFDWLQJ WKDW LW ZDV VHQW WR WKH FRORQ\

òD VFDUFH PLQW ILUVW LVVXHV WR U HWF

6,=($%/( 6WDPS ORW KRXVHG LQ ELJ SDJH

6WRFNERRN ZLWK V RI 80 0 PDWHULDO 5DQJHV 'XSOLFDWHV .*9, VHW WR U PLQW F PDQ\ ILQH SUH V VHWV

DQG LVVXHV D VKHHW ILOH IXOO RI SDQHV EORFNV HWF IRU PDQ\

GLIIHUHQW LVVXHV 80 $Q ROGWLPH DFFXPXODWLRQ ZLWK WHUULILF

YHULW\

3$/(67,1(

IURP FURZQ DJHQWV VWRFNV YDULRXV VWDPSV LQF VHW G ZLWK PLQRU UH HQWU\ HWF TW\

6WRFNERRN DQG 3DJHV ZLWK DQ LQWHUHVWLQJ

FROOHFWLRQ ,QF FRPSOHWH VKHHWV RI VWDPSV PLQRU YDULHWLHV RQ FDUGV .*9, 'HILQ VHW 4(,, VHW RI 6WRFNERRN ZLWK PDQ\ VHWV ,QF 06 PDQ\ V RI VWDPSV FKLHIO\ 80 KLJK FDWDORJXH YDOXH

32/$1' &2//(&7,21 RQ VWRFNFDUGV ZLWK EHWWHU VHW LQF

VHW RI SOXV VKDGHV SRVWDJH GXH VHW QHZ :DUVDZ SKLODWHOLF H[KLE 06 YIP ZLWK XQXVXDO

SHUIRUDWLRQ YDULHW\ 6* 06 F YDOXH VHW 3DOHVWLQH RYSWV RYSWV P WR S KLJKO\ FDWDORJXHG FROOHFWLRQ RI VWDPSV PLQW LQF 80 (UURU 3ROLVK &XOWXUH ] DV D ODUJH EORFN LPSHUI

KRUL] RQ HYHU\ XQLW EORFN RI 6* D 80 { 2OG WLPH FROOHFWLRQ ZLWK EHWWHU SLFNLQJV

SRVWDJH GXH VHW RI )8 GHILQ VHW WR P ZLWK VKDGHV 3257 &2/21,(6

VHW WR PLQW DQ RULJLQDO FROOHFWLRQ RI 838 LVVXHV IRU DOO WHUULWRULHV DOO YI QKP PXFK QHHGV LGHQWLI\LQJ D YDOXDEOH ORW

9DULHWLHV P SODWH EORFN RI 6* D ZLWK

GDPDJHG OHWWHUV PLVVLQJ GRWV $ JUHDW LWHP IRU VWXG\

838 VSHFLDO DOEXP GLIIHUHQW WHUULWRULHV

FRQWDLQLQJ GLIIHUHQW 80 LVVXHV VHWV LQF $QJROD $QLPDO

80 &RPSOHWH 6KHHW RI D JUHDW IRU VWXG\ P

RYSW 6*3 ZLWK PDQ\ GDPDJH OHWWHUV 80

GHILQV 0R]DPELTXH %XWWHUIOLHV 0DFDX )ORZHUV 6XSHUE IROG RXW IRUPDW

3257 &2/6 /285(1&2 0$548(6

3$38$

::, &(1625(' &29(5 WR (QJODQG IUDQNHG

3LFWRULDO VHW IUHVK PLQW 6*

6LOYHU -XELOHH DFFHQW YDULHWLHV G G G SOXV

G EORFN HDFK LQ LPSULQW EORFNV RI IRXU ILQH PLQW YDULHW\ EORFNV 6* D D

ZLWK SDLU RI /RXUHQFR 0DUTXHV GHILQV FHQVRUHG ZLWK 6RXWK $IULFDQ FHQVRU ODEHO DIIL[HG DQG &$3(72:1 RYDO FHQVRU FDFKHW RQ UHYHUVH 6FDUFH FHQWUDO IROG RWKHUZLVH FOHDQ

32578*$/

.*9, YIP ERWK DLUPDLO VHWV

838 3UHVHQWDWLRQ %RRNOHW FRQWDLQLQJ D

6*

YDOXDEOH VHOHFWLRQ RI FRQWHPSRUDU\ PLQW LVVXHV 06 &DW ,Q 3RUWUDLWV 6KHHWOHW DQG 1$72 VHW 9HU\ ILQH

3$38$ 1(: *8,1($

([WHQVLYH FROOHFWLRQ RI VHWV IUHVK PLQW DOO 80

{ &DQFHOODWLRQV HDUO\ QXPHUDOV RQ .LQJ LVVXHV

DIWHU ,QF 'HILQ VHW RI %XWWHUIOLHV ,QF ERWK $PEXODQFLDRQ SLHFHV ZLWK GLIIHUHQW WRZQ FDQFHOV D DQG $ YHU\ JRRG FROOHFWLRQ RI VWDPSV LQ D QHZ

VPDOO EXW YHU\ JRRG VHOHFWLRQ RI FDQFHOV

DJH $OEXP

&DWDORJXHG WRWDOO\ FRPSOHWH

VXSHUE 80 LQ OX[XU\ ER[HG /LJKWKRXVH +LQJHOHVV DOEXP V

3(15+<1 ,6 $ FRPSOHWH PLQW SDJH RI GLII FDW ZLWK

YDULRXV 1= RYSW VHWV WR SLFWRULDO VHW HWF 1LFH

(QWLUHV ZLWK KDQGVWDPSV DQG SDLG &'6 ZLWK FRQWHQWV (QWLUH ZLWK 49 G IUDQNLQJ DQG +6 (QY ZLWK G IUDQNLQJ DQG +6 HQWLUHV ZLWK FRQWHQWV DQG G IUDQNLQJ V XQFKHFNHG IRU SULQWLQJV (QY V ZLWK òG 5RVH XQFKHFNHG IRU SULQWLQJ D JRRG ORW RI FRYHV ZLOO PDNH D JUHDW VWXG\ FROOHFWLRQ +XJH &DW YDOXH DV 49 VWDPSV RQ FRYHUV

3(58 3URYLVLRQDO RYHUSULQW YHU\ VFDUFH F RQ F

6* G 6FRWW PLQW ZLWK 536 FHUW JHQXLQH

3,7&$,51 ,6 .*9, 6HW SHUIRUDWHG 63(&,0(1 9)0 6* V V

FRPSOHWH VHW RI $ UDUH VHW &ROOHFWLRQ ZLWK PDQ\ FRPSOHWH VHWV PLQW WR

XQPRXQWHG DIWHU WKLV GDWH VHHQ 'HILQ VHW 'HILQ VHW 6 :HGGLQJ VXSHUE DUUD\ RI 'HILQ VHWV DQG

PDQ\ ILQH 06 6KHHWOHWV VHOI DGKHVLYHV HWF ,QZDUG 0DLO PDLQO\ 49 SHULRG ,QF

{ 32578*$/ DQG &2/21,(6 5(9(18(6 RQ

ROG SDJHV D YHU\ JRRG UDQJH RI UHYHQXHV SUH 7UDGH 7D[ ZLWK PDQ\ GLIIHUHQW W\SHV &RQVXOW $QJROD $]RUHV 0R]DPELTXH DQ RULJLQDO ROG WLPH FROOHFWLRQ OLJKW DGKHVLRQ

337 VSHFLDO IROGHU IRU PHHWLQJ FRQWDLQLQJ

&RPPHPRUDWLYH VHWV RYHU VWDPSV 06 HDFK GLIIHUHQW FRQWHPSRUDU\ PLQW LVVXHV &DW LQF .QLJKW GHILQ VHW 5DLOZD\ VHW *DUUHWW VHW YHU\ ILQH RQ VSHFLDO LQ D 1HZ $JH $OEXP SDJHV &RPSUHKHQVLYH FROOHFWLRQ XQPRXQWHG PLQW ZLWK

RYHU GLIIHUHQW VWDPSV DQG 06 9HU\ KLJKO\ &DWDORJXHG { 6WRFNSDJHV HWF ZLWK PDQ\ V RI VWDPSV ,QF &RORQLHV RQH VWRFNSDJH RI HDUO\ .LQJ 67& SDJH ZLWK PRGHUQ VHWV WR IDFH YDOXHV )LQH ORW VHHQ PDQ\ VHWV ,QF ,QGHSHQGHQFH VHW RI PLQW

,QGHSHQGHQFH VHW RI PLQW D UHDO VRUWHU ORW DV 8QPRXQWHG PLQW D VXSHUE FROOHFWLRQ ZLWK 06

SXUFKDVHG DQG PXFK QHYHU VRUWHG +LJKO\ &DW PDLQO\

DQG VWDPSV ,QF GHILQV DQG PDQ\ FRPPHPRUDWLYH )8 VHWV 9HU\ FRPSOHWH IRU WKH SHULRG

4$7$5

{ .*9, XVHG FROOHFWLRQ RQ SULQWHG $OEXP SDJH

GHILQ VHW RI 9LFWRU\ 6 :HGGLQJ 838 { 1HZ &XUUHQF\ U U 6* YHU\ ILQH

XVHG

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 57

{ 1HZ &XUUHQF\ U 6* D VFDUFH 9)8 KRUL]

$GPLUDOV $ YHU\ IUHVK PLQW UDQJH RI YDOXHV

SDLU ZLWK YHU\ ILQH &'6 DFURVV ERWK VWDPSV

òG WR DOO SHUI SULQWLQJV LQF G GLII

ZLWK 6* HWF

{ 1HZ &XUUHQF\ VFDUFH U KRUL] SDLU ZLWK

3267$*( '8( &29(56 DLUPDLO FRYHU WR

FRPSOHWH &'6 DFURVV ERWK VWDPSV 6* $ YHU\ ILQH SDLU

(QJODQG WD[HG V G DQG FROOHFWHG ZLWK V G G GXHV VHFRQG FRYHU WR -HUVH\ WD[HG G FROOHFWHG E\ G [ G 3KLODWHOLF XVXDJH FOHDQ ILQH FRYHUV

48((16/$1'

{ 2OG SULQWHG SDJHV ZLWK D FKLHIO\ XVHG FROOHFWLRQ

3RVWDO )LVFDO 6*) IUHVK PLQW 6PDOO *XP

ZLWK LVVXHV IURP ,QF HDUO\ DUPV QRWH PLQW GRXEOH KHDGV $GPLUDOV WR $ XVHIXO UDQJH

VWDLQ 1RW FRPPRQ 3RVWDO )LVFDO G 6*) 9)0 5DUHO\ IRXQG

LQ PLQW FRQGLWLRQ ([FHOOHQW FRORXU

5(9(18( &LJDUHWWH 7D[ G LVVXH

YHU\ ILQH XQXVHG EDUHIRRW

3RVWDO ILVFDO 4 ZPN 6*) D UDUH PLQW

H[DPSOH ODUJH SDUW RJ 6HOGRP RIIHUHG F

5266 '(36 8QPRXQWHG PLQW FROOHFWLRQ RI VWDPSV DQG

06 ZLWK GHFLPDO LVVXHV KDYLQJ D IDFH YDOXH RI ZLWK

3RVWDO ILVFDOV PLQW D VFDUFH JURXS RI VWF

G I G I XQXVHG I G IDXOWV DOVR G I XQXVHG $EVROXWHO\ FRUUHFW 49 GHILQLWLYH V EHWZHHQ 6* DQG 6* FDW

ZLWK VKDGHV DQG GLIIHUHQW SHUI W\SHV D JRRG UDQJH RI VWDPSV PLQW WR G HDFK GLIIHUHQW

PDQ\ VWV LQF EORFNV DQG HDUO\ VHWV $ JRRG UDQJH

(UURUV F DQG F ZDWHUPDUN LQYHUWHG

6* : : IUHVK 80 ^3KRWR`

49 òG *UHHQ 6WXG\ 6* DQG

580$1,$ ROG WLPH VWXG\ ZLWK PDQ\ PLQRU IODZV KLJKOLJKWHG WR JLYH WKHLU SRVLWLRQ ZLWKLQ WKH VKHHW LQ D UDUH EORFN RI ZLWK GRXEOH { 5(9(18(6 V 2OG 3DJHV ZLWK D

UDQJH RI UHYHQXHV HDFK VHHP WR EH GLIIHUHQW LQF D IHZ

SHUIV DW WKH ERWWRP RI WKH VKHHW D FRPSOHWH VKHHW RI $ YHU\ ILQH FROOHFWLRQ PLQW PXFK 80 RYHU VWDPSV

XQXVHG ZLWK YDOXHV WR / $ YHU\ LQWHUHVWLQJ ORW OLJKW DGKHVLRQ WR SDJHV

5866,$

%RHU :DU G IXQG VWDPS 6* ILQH LPSHUI

FRORXU WULDO LQ *UHHQ RQ XQJXPPHG VWDPS SDSHU 9HU\ ILQH

7KUHH FRYHUV WR 3RUWXJDO HDFK ZLWK VLQJOH

XVDJHV RI N $UPV FDQFHOOHG DW 6W 3HWHUVEXUJ 7ZR DUH SULQWHG FRYHUV RQH LV D ZUDSSHU 7ZR DUH YHU\ ILQH

3RVWDO )LVFDO G 6*) 9)0 7KHVH VWDPSV

DUH VHOGRP RIIHUHG LQ PLQW FRQGLWLRQ

9DULHW\ (GXFDWLRQ N ZLWK EURNHQ , 2 IUHVK

80 =DJRUVN\ NF &DW

2/' 1:3$ IROGHU ZLWK VLGH IDFH

LVVXHV ZLWK YDOXHV WR PLQW &KLHIO\ ZDWHUPDUN W\SH DQG LVVXHV &DW { 7$// &+$/21 6 WKLQ SDSHU XQXVHG

G PLQW 6* WKLFN SDSHU G 6* PLQW G 6* PLQW KLJKO\ FDWDORJXHG JURXS RI VL[

)LQH XVHG DQG YHU\ VXEVWDQWLDO FROOHFWLRQ KLJKO\

FRPSOHWH IRU WKH SHULRG LQ 0LQNXV SULQWHG $OEXP IHDWXULQJ RYHU GLIIHUHQW VWDPSV SOXV 06 6KHHWOHWV ILQHVW 4XDOLW\ DQG +LJK &9 8QPRXQWHG PLQW UHSXEOLFV LVVXHV PDQ\ VHWV

FDW LQF $UPHQLD 0W $UDUDW DQG (DJOH 06 D YHU\

5$52721*$

JRRG UDQJH RI VWDPSV 06

$UPV RYSW 6HW RI WR ILQH PLQW

.$=$.+67$1 81 02817(' 0,17

&2//(&7,21 KRXVHG LQ D SULQWHG KLQJOHVV DOEXP ZLWK

6*

VOLSFDVH DOO GLIIHUHQW JRRG UDQJHV IURP DOVR LQFOXGHV VKHHWOHWV RI RU HWF QRWH WK $QQLYHUVDU\ RI 6SDFH ([SORUDWLRQ 6* 'HHU -RLQW LVVXH &OHDQ ILQH FDW V

5+2'(6,$ &DSH RYSW VHW ILQH PLQW 6*

2OG $OEXP 3DJHV ZLWK EHWWHU SLFNLQJV

$YLDWLRQ 'D\ 0LQW 5HG $UP\ VHW ,QF GLIIHUHQW SHUIV $LUFUDIW VHW RI 2UGHUV DQG 0HGDOV LVVXHV $ JRRG

2YHUSULQW VHW RI 6* PLQW

{ 5HYHQXH $UPV )8 %DUHIRRW D

FROOHFWLRQ &DW RYHU VWDPSV PLQW ,QF 80

2OG 3DJH ZLWK LVVXHV EHWZHHQ DQG

63(&,0(1 DUFKLYH VDPSOH SDJH ZLWK

DUPV VHW WR VXUFKDUJH VHW DQG $GPLUDO VHW WR LQFOXGLQJ WKH XOWUD UDUH ODWH LVVXH òG DOO SHUIRUDWHG RU RYSW VSHFLPHQ OLJKWO\ DIIL[HG WR WKH SDJH IDEXORXV FRORXUV DQ H[KLELWLRQ SDJH RI WKH KLJKHVW FDOLEUH 6* 6 V

6 VSHFLPHQV

'RXEOH KHDG 6* )LQH PLQW

,QF $UP ZLWK 3RVW +RUQ WR N H[ N 7KXQGHU EROWV :DU 2USKDQV VHW SOXV N ZLWK $ RYSW DQG N ZLWK 3 RYSW VSHFLPHQ $ JRRG UDQJH RI VWDPSV

2OG 3DJHV ZLWK FRPPHPRUDWLYH VHWV

FDWDORJXHG RYHU ZLWK EHWWHU VHWV IURP WR ,QF

3LRQHHUV ZLWK GLIIHUHQW SHUIV &ULPHD DQG

&DXFDVXV YLHZ VHW $ YHU\ JRRG ORW RI VWDPSV HDFK GLIIHUHQW PLQW ,QF 80

'RXEOH +HDGV G 6* IUHVK PLQW

{ 2YHU GLIIHUHQW VWDPSV ILQH XVHG RQ ROG

SDJHV ZLWK PDQ\ FRPSOHWH VHWV DSSHDUV V SHULRG ZLWK PDQ\ DWWUDFWLYH LVVXHV

$GPLUDO G 6* ILQH P

5<8.<8 ,6 'RYH VHW 1+0 6*

$GPLUDO ILQH P 6* %

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 58

.*9, 9)0 FROOHFWLRQ GHILQ VHW

6$,17 +(/(1$ 6* ZLWK DGGLWRQDO &: OLVWHG VKDGHV 7ULVWDQ RYSW 49 RYHUSULQW VHW RI ILQH PLQW 6* PDQ\ GHILQ VHW $ ILQH JURXS RI EORFNV LQF LPSULQWV TW\

RQ RULJLQDO GHDOHU SXUFKDVH FDUGV 1LFH TXDOLW\

1(: ,668(6 &DW LQ

TXDOLW\ 6WRFNERRN FRPSOHWH ZLWK QXPHURXV GHILQ VHWV WR

49 VHW ILQH P 6*

06 6KHHWOHWV DQG %RRNOHW 6WDPSV V

49 VHW ILQH PLQW 6*

6$,17 .,776

(GZDUG VHW RI 3LFWRULDO VHW RI

VHW RI &DW PLQW

6KLSV ZLWK 29(535,17 20,77('

F %URZQ 3HOLFDQ ,1'(3(1'(1&( RYSW

,19(57(' 6* D %D ILQH 80

6$,17 .,776 1(9,6

(GZDUG PLQW VHOHFWLRQ &DW ,QF

6W &KULVWRSKHU FRPSOHWH SDQHV RI G DQG

G 6* G G 80 ZLWK F\OLQGHU QXPEHUV DQG ER[HG

3LFWRULDO VHW 6* (GZDUG YLHZV VHW 9)0 ,QF SUHYLRXVO\ OLVWHG G

VFDUFH PLQRU IDXOWV )LUVW GHILQ VHW 9)0 6* F

G %OXHG SDSHUV YDULHWLHV 6* F

(GZDUG VHW PLQW 6*

6HFRQG GHILQ VHW 6* FRPSUHKHQVLYH

UDQJH ZLWK PRVW RI WKH $ VKDGH QXPEHUV PLQW PRVW YI

VWDPSV

.*9 VHOHFWLRQ ILQH PLQW &DW ,QF

.*9 GHILQ VHW YIP 6*

VHW RI 6* 1LFH JURXS

.*9 &ROOHFWLRQ ZLWK EHWWHU SLFNLQJV

.*9 GHILQ VHW IUHVK PLQW 6*

3LFWRULDO VHW RI G DQG G :DU 7D[ RYSW 3LFWRULDO SULQWHG LQ RQH FRORXU DOO IUHVK PLQW F

.*9 GHILQ 6HW RYHUSULQWHG SHUI 63(&,0(1

%DGJH ILQH PLQW $ NH\ WRS YDOXH

9)0 6* 6 &6 WKH ZLWK (5525 63(&,0(1 RYHUSULQW GRXEOH UDUH 7KLV 6* $6$ $ UHPDUNDEOH VHW

6* .*9 %DGJH 6* )LQH PLQW

.*9 VFULSW ZPN VHW RI ILQH P LQF $ QXPEHU

VKDGHV 6* F

3ODWH EORFN G ZLWK FOHIW URFN YDULHW\ 6*

F XP VPDOO JXP VSRWV )LQH DSSHDUDQFH 7HUFHQWHQDU\ VHW YIP WRS YDOXH LV VXSHUE

QKP D NH\ VHW 6* 3ODWH EORFN RI G ZLWK &/()7 52&.

9$5,(7< 6* F XP VPDOO JXP VSRWV 1LFH SRVLWLRQDO 9DULHW\ .*9, ZLWK EUHDN LQ YDOXH WDEOHW

LWHP

IUDPH 6* D IUHVK PLQW &HQWHQDU\ VHW ILQH PLQW 6*

.*9, LVVXH D FRPSUHKHQVLYH PLQW FROOHFWLRQ RI

WKH GHILQ LVVXH 6* I ZLWK WKH PDMRULW\ RI WKH OLVWHG 6LOYHU -XELOHH YDULHW\ G '27 %< )/$*67$)) SULQWLQJV GLII VWDPSV FDU YIP LQF QK PDQ\ EHWWHU

6* + ILQH P ^3KRWR` LQF G 6* H G

LQF 6* D *RRG DVVHPEO\ .*9 &ROOHFWLRQ RI VHWV IUHVK PLQW &RURQDWLRQ

.*9, VSHFLDOLVW VWXG\ RI WKH GHILQ

GHILQ VHW SOXV G VHFRQG VKDGH 9LFWRU\ 6 :HGGLQJ LVVXH 6* I YIP LQF XP VSHFLDOLVW VKDGHV XVLQJ &: 838 1HZ ZDWHUPDUN VHW RI &DW QXPEHUV SODWH VLQJOHV G 6* E VHYHUDO SODWH EORFNV VWXG\ .*9, VHW ILQH PLQW 6* F

RI WKH G SULQWLQJV LQF FKDON SDSHUV DOVR VHW

VHYHUDO SODWH EORFNV 9HU\ JRRG TW\

9HU\ FRPSUHKHQVLYH FROOHFWLRQ VXEVWDQWLDOO\

FRPSOHWH 1+0 80 ZLWK RYHU GLIIHUHQW VWDPSV DQG 06

49 6W &KULVWRSKHU ILQH VHOHFWLRQ F

YHU\ ILQH G 6* )8 6SHFLPHQ G VHW PLQW RYSWV 0LQW 6*

,QF HOXVLYH &KDON 3DSHU YDULHWLHV VRPH :PN YDULHWLHV QXPHURXV GHILQ VHWV WR PDQ\ DWWUDFWLYH DQG KLJKO\ &DW 6W &+5,6723+(5 49 IUHVK P VHOHFWLRQ RI

VHWV $ TXDOLW\ FROOHFWLRQ GLII LVVXHV FDW G 6* G 6* JRRG RYSWV LQF RQH SHQQ\ 6* 'HILQ VHW DV XP EORFNV RI 6*

6WRFN SDJH ZLWK D XVHIXO UDQJH GHILQV WR

G P GHILQV WR GHILQV WR G

ZLWK VKDGHV $ JRRG UDQJH PLQW LQF XP VWDPSV

%RRNOHW G 6*6% LQ YHU\ JRRG

FRQGLWLRQ

8QPRXQWHG 0LQW FROOHFWLRQ IDFH YDOXH

ORRN YHU\ FRPSOHWH IRU WKH SHULRG ,QF GHILQV WR

6$,17 /8&,$ 3URYLVLRQDO RYHUSULQWV 6* VHW YIP 6* LV

06 6KHHWOHWV PDQ\ FRPPHPRUDWLYH VHW $ VXSHUE ORW

D 3DLU ILQH TXDOLW\ LWHPV

(5525 JXWWHU EORFN RI VL[ S WK DQQLY

ZHGGLQJ VLOYHU RYSW ZLWK WKH XSSHU SDLU RI VWDPSV ZLWK

49 VHW WR ILQH PLQW 6*

29(535,17 20,77(' 6XSHUE SLHFH 6* D ^3KRWR`

(GZDUG ILQH PLQW ORW RI VHWV 6*

&ROXPEXV G 6* DQG VHW ZLWK OLVWHG VKDGHV DQG ERWK WRS YDOXHV 6*

VISIT www.philangles.co.uk.

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 59

(GZDUG LVVXHV $ FRPSUHKHQVLYH PLQW VHW RI

.*9, G 6* XP ZLWK ILQH FRQIHWWL IODZ

FDXVHG E\ IRUHLJQ PDWWHU RQ WKH SODWH ^3KRWR`

ZLWK HYHU\ EDVLF VWDPS EHWZHHQ 6* LQF $ VKDGH OLVWHG QXPEHUV DQG FKDON SDSHUV $ ILQH VHW 5HTXHVW VFDQ

63(&,0(1 RYHUSULQWV FRPSOHWH VHWV D YHU\

ILQH VL]HDEOH FROOHFWLRQ LQ D TXDOLW\ VWRFNERRN ZLWK GLIIHUHQW

3RVWDJH GXH VHW SHUI 63(&,0(1 9)0

VWDPSV DQG 06 ZLWK JRRG GHILQLWLYH VHWV IHZ FROOHFWRUV ERXJKW WKHVH

6*' 6 ' 6

6LOYHU -XELOHH YDULHW\ òG GLDJRQDO OLQH E\ 7XUUHW F F .LQJVWRZQ &DUQLYDO RYSWV LQ UHG

EODFN UHVSHFWLYHO\ 6* F E ILQH 80

6* I 9)0 .*9 SLFWRULDO VHW òG WR 6* DV *5(1$',1( RI 67 9,1&(17 2)),&,$/

EORFNV RI IRXU XP $ YHU\ ILQH JURXS ZLWK '28%/( 29(535,17 6* 2 E ILQH 80 ZLWK QRUPDO IRU

FRPSDULVRQ

.*9 3LFWRULDO 6HW 3HUI 63(&,0(1 9)0

$ VHOHFWLRQ RI ZDWHUPDUN HUURUV ILQH XP

LQF 6* : ELUG GHILQV F 6* Z PDULQH

6* 6 6 .*9 SLFWRULDO VHW YIP LQF WKH OLVWHG SHUIRUDWLRQ

$ QXPEHUV 6*

.*9, LVVXH 6* D FRPSUHKHQVLYH ILQH

GHILQV LQF 6* Z 9) ([WHQVLYH FROOHFWLRQ RI 6W 9LQFHQW XQPRXQWHG

ZLWK RYHU VWDPSV 06 6KHHWOHWV DQG ERRNOHWV PDQ\

V V VHWV ZLWK WKH RGG YDULHW\ *LUO *XLGHV GDWH RPLWWHG *UHQDGLQH 3UXQH ,V &URZQ WR WKH ULJKW )LVKHV ,QGHSHQGHQFH RYSW :LWK GLIIHUHQW GDWHV HWF $ YHU\ JRRG UDQJH

PLQW VHW RI ZLWK DOO OLVWHG SHUIRUDWLRQV $ QXPEHUV F )LQH ORW

'(),1,7,9(6 WR ZLWK VKDGHV DQG

GLIIHUHQW SHUI W\SHV SRVWDJH GXHV 6* ' .*9, 3267$/ 67$7,21(5< YIP G òG

SRVWDJH GXH G RQ G 80 FKLHIO\ PLQW ZLWK 80 PL[HG LQ HQYHORSHV G F UHJLVWHUHG HQYHORSHV VL]H J DOO RYSW

63(&,0(1 FKRLFH

{ (':$5' ),1( 86(' VHW RI

.*9, VWXG\ ZLWK DGGLWLRQDO PDWHULDO

VWDPSV FRPSUHKHQVLYH VHW WR ZLWK VKDGHV VRPH YDOXHV WR VSHFLPHQ D UDQJH RI SODWH EORFNV FRUQHU

GLVFRYHU\ GHILQ VHW RI VWDPSV

.*9, :,7+ 63(&,$/,6$7,21 YIP XP

GHILQ 6* LQF FRPSUHKHQVLYH VHWV ZLWK OLVWHG SHUIRUDWLRQ VKDGH YDULHWLHV D JRRG JURXS RI FRLO

EORFN ZLWK VPXGJH RI LQN GHFLPDO VHW VRPH SODWH QXPEHUV HWF 9) 6*

6$02$

VWULSV MRLQV F UHJLVWHUHG HQYHORSH YIP HWF TW\

3RVWDO )LVFDO G 49 RYSW 3 ò [ 6*

6XSHUE 80 &KRLFH

/HDYHV ZLWK DQ RULJLQDO FROOHFWLRQ IURP 49 WR

4(,, ZLWK EHWWHU SLFNLQJV :DU 7D[ 6* DQG D F .*9, 'HILQV WR $ JRRG UDQJH ZLWK PDQ\ VHWV VWDPSV

6$5$:$. )LQH PLQW VHOHFWLRQ H[FHOOHQW FRORXUV DOO VHWV

9DOXDEOH 49 IUHVK PLQW VHOHFWLRQ

VWDPSV ZLWK 6* HWF

òG 6* 6KLOOLQJ 6WDPS RYSW 6*) 2QH 3HQQ\ RQ G NLVV SULQW YDULHW\ òG RQ G 6* 6* 9)0 HWF

6LU %URRNH GHILQ 6HW IUHVK PLQW H[FHOOHQW

FRORXUV 6* .H\ VHW

6$,17 9,1&(17

12 6723 $)7(5 & & RYSW 9)0

6* $ G òG WR G G ,QGLJR DQG %URZQ 6* 3RVWDJH 6HW ILQH PLQW 6*

DQG 'HHS 5RVH 6* &RORXU FKDQJH

6* $ JRRG VHOHFWLRQ RI VWDPSV

{ 49 &ODVVLFV ILQH WR VRXQG XVHG òG WR

49 $ VHOGRP RIIHUHG FRPSOHWH VHW RI

LQFOXGLQJ WKH UDUH G UHG EURZQ 6* ILQH WR YIP FDW 6* LQF DOO IRXU OLVWHG VKDGHV RI WKH G (GZDUG VHW RI ILQH PLQW 6*

3RVWDJH VHW ILQH PLQW 6*

6HW ILQH PLQW 6* XQLVVXHG F 6*

VHW 6* DQG RYSWV 6* $OO ILQH PLQW

.(9,, ERWK VHW ILQH PLQW 6* LV

{ 3ULQWHG SDJHV ZLWK D XVHG FROOHFWLRQ RI

VSHFLPHQ RYSW DQG 6* VFDUFH WRS YDOXH LV ILQH *RRG JURXS &DW

VWDPSV ,QF %URRNHV .*9, GHILQV 838 $ JRRG UDQJH XQFKHFNHG

&+$/. 3$3(5 òG 6* % PLQW VPDOO PDUN RQ

(QJUDYHG VHW PLQW 6*

JXP )UHVK DSSHDUDQFH F 6FDUFH VWDPS

&KDON SDSHU 6* % YIP 5DUH VWDPS

'HILQ VHW PLQW 6* PRVW ILQH DJH

VSRW &DW

&RPSOHWH VHWV HWF ILQH PLQW GLIIHUHQW

%0$ RYSW 6HW 9)0 OLJKWO\ KLQJHG 6*

LVVXHV ,QF WR 6* WR 6* HWF *RRG ORW ZLWK KLJK YDOXHV

.*9 VHW RI YIP LQF DGGLWLRQDO OLVWHG VKDGHV

6*

%0$ RYSW 6HW 9)0 6*

.*9, (5$ LVVXHV YIP ZDUWLPH %URRNH

SULQWLQJV WR F 6* D VHW ZLWK ILYH DGGLWLRQDO IXOO LPSULQW EORFNV RI WR F YIP LPSULQW VWULS RI GHILQ

6LOYHU -XELOHH VHW SHUI 63(&,0(1 9)0

6* 6 6

VHW 6* 9) TW\

&RURQDWLRQ 6HW 3HUI 63(&,0(1 9)0

6* 6 6

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 60

0$'$0( -26(3+ IDPHG IRUJHG FDQFHOODWLRQV

RQ N*9, LVVXHV &ROOHFWLRQV VWXG\ ZLWK QRWHG JHQXLQH WR FRPSDUH IRUJHULHV RI WKH SRVWPDUNV RQ JHQXLQH VWDPSV WR 5 QRWH JRRG U JUHHQ ILUVW LVVXHV LGHQWLIHG E\ NQRZQ W\SHV 5HPDUNDEOH ORW

6$8', $5$%,$ 'HOHJDWH VSHFLDO DOEXP FRQWDLQLQJ D

FRQWHPSRUDU\ VHOHFWLRQ RI LVVXHV DIIL[HG F LQF GHILQ VHW 2IILFLDO VHW 0HHWLQJ VHW $LU VHW 5DLOZD\ VHW DPRQJVW RWKHUV 5DUH LWHP 3RVWDJH GXHV RQ FRYHUV VHQW ORFDOO\

(QY ZLWK F [ 3RVWDJH 6WDPSV DQG F F SDLUV RI 3RVWDJH 'DP DQG *DV SODQW GHILQLWLYHV YDOXHV XP WR

'XHV ZLWK ILQH &RHWLY\ ,VODQG &'6 F RQ LOOXVWU )'& S 6* DQG ZLWK F GXH DWWDFKHG (QY ZLWK F 3RVWDJH 6WDPS ZLWK /D'LJXH &'6 DQG F GXH (QY ZLWK F 3RVWDJH 6WDPSV 'HILQLWLYH LVVXHV IUHVK XP EHWZHHQ

SDLU DQG F F GXHV VHQW WR ORFDO 7D[ 2IILFH $ ILQH 6* DOO GLIIHUHQW ZLWK YDOXHV WR S KLJK FDW YDOXH JURXS

{ 4XHHQ 9LFWRULD UDQJH FDWDORJXH YDOXH

'HILQLWLYHV KRUVHPDQ S S S 0HFFD S

ZLWK EHWWHU SLFNLQJV RYSWV ,QF F RQ F DQG F RQ U S S DQG 0RVTXH S S S [ S )UHVK 80 ERWK ZLWK QDUURZ 2 PLQW 1HZ FRORXU VHW )8

6XUFK VHW PLQW $ ILQH UDQJH RI VWDPSV 0RVTXH GHILQLWLYHV WR S 6* VHULHV

6WRFNSDJHV ZLWK LVVXHV IURP 49 WR HDUO\ 4(,,

VWDPSV HDFK GLIIHUHQW IUHVK 80 FKLHIO\ ILQH XVHG EXW VHHQ PLQW PL[HG LQ D IHZ VWDPSV 0RVTXH GHILQLWLYHV WR S 6* IUHVK

XP

672&.3$*(6 ZLWK .*9 .*9, LVVXHV

.*9 ZLWK VKDGH DQG YDOXHV WR U .*9 ZLWK VKDGH DQG YDOXHV WR U .*9, FKLHIO\ RUGLQDU\ SDSHUV ZLWK YDOXHV D ILQH UDQJH PLQW

{ 2IILFLDO S 6*2 D :PN YDULHW\ )8

6,(55$ /(21(

6(<&+(//(6 63/,7 $ 9DULHW\ F 6* D 9)0

.*9 VHW ILQH PLQW ,QF F U 'LH SULQWLQJV

6*

49 ZLWK EHWWHU SLFNLQJ ILQH WR VRXQG XVHG ,QF

6* VHW RI VHW RI VHW RI VHW RI $ JRRG VHOHFWLRQ RI VWDPSV

49 VHW WR ILQH P 6*

^3KRWR`

5HLVVXHG 6SHFLPHQV F ZLWK ODUJHU RYSW

.*9 6* ILQH P

VHH )RRWQRWH EHORZ 6* IUHVK PLQW

^3KRWR`

6LOYHU -XELOHH YDULHW\ F VKRUW H[WUD IODJVWDII 80

ZLWKLQ D /00 FRUQHU EORFN 5 6* E :LOEHUIRUFH VHW ILQH P 6*

^3KRWR`

{ 9DULHW\ VLOYHU MXELOHH F ZLWK GRXEOH IODJVWDII

{ 6LOYHU -XELOHH VHW RI 6* YHU\ ILQH

6* H ILQH XVHG FDW

XVHG

.*9, VHW PLQW 6* &DW 7KH

FRPSOHWH VHW RI DOO FRORXUV

6LOYHU -XELOHH YDULHW\ G H[WUD IODJVWDII 9)0 LQ

FRUQHU EORFN 6* D

.*9, H[WHQVLYH PLQW VRPH XP VWXG\ RI WKH

GHILQ LVVXH 6* LQFOXGLQJ PDMRULW\ RI OLVWHG SULQWLQJV ZLWK KLJKO\ FDWDORJXHG ILUVW LVVXHV QRWLQJ NH\ U 6* VRPH

6LOYHU -XELOHH YDULHW\ G H[WUD IODJVWDII 80 LQ

SDLU ZLWK QRUPDO WKLV /00 6* D

VSHFLPHQ SHUIV EORFNV LQF SODWHV PLQRU YDULHWLHV VHW WR 6LOYHU -XELOHH YDULHW\ G H[WUD IODJVWDII 9)0 LQ

U 6* 9DOXDEOH ORW ZLWK JRRG FRQWHQWV TW\

FRUQHU EORFN 9HU\ ILQH 6* D

.*9, '(),1 ,668( 678'< 6* VWXG\ .*9, U WRS YDOXH RUGLQDU\ SDSHU 6* D DV D

RI SULQWLQJV $ UDQJH RI SODWH QXPEHU LPSULQW LWHPV G SODWH ILQH PLQW FRUQHU EORFN F EORFN RI G VKDGHV DOO YDOXHV WR

6SHFWDFXODU ZLSHU EODGH IODZ F YIP 6* E

.*9, SRVWDO VWDWLRQHU\ YIP SRVWDO FDUGV

ZLWK ZKDW ORRNV OLNH D FDVW ILVK QHW RYHU WKH ZRUG &(176 ZLWK UHJ G HQYV LQF VSHFLPHQ RYSWV YI QRUPDO WR FRPSDUH XQLTXH ^3KRWR` )LUVW DLUPDLO IURP 6H\FKHOOHV DLU ODEHOV RQ D

4 JURXS RI .*9, IUDQNHG FRYHUV IURP 9LFWRULD WR 0RPEDVD

/RQGRQ VKRZLQJ D YDULHW\ RI VWDPS XVDJHV )LQH ^3KRWR` .*9, 5HJLVWHUHG (QYHORSH F ZLWK 4(,,

6,1*$325( .*9, VHW XP 6*

.*9, GHILQ VHW 3 ò [ XP 6*

GHILQV WR U DWWDFKHG ZLWK D ILQH 9LFWRULD &'6

($5/< 3,&785( 3267&$5'6 $Q

3RVWDJH GXHV (QY VHQW ORFDOO\ ZLWK F F

LQWHUHVWLQJ FROOHFWLRQ ZLWK UHDO SKRWR W\SHV VHHQ WKH 5HVHUYRLU 3RVWDJH 6WDPSV DQG F SDLU F F 3RVWDJH GXHV ZLWK 7 6XQ 5LVH 6XQ 6HW %XNHW 7LPDK 5HVHUYRLU &URFNRGLOHV &KLQD KDQGVWDPS DQ DWWUDFWLYH FRYHU 7RZQ /DYHQGHU 6WUHHW &KLQHVH 6WUHHW 5DIIOHV 6TXDUH ZLWK SRVWDJH GXHV RQ &RYHU D FRYHU VHQW ORFDOO\

PDQ\ FDUGV XQXVHG ZLWK F 3RVWDJH 6WDPS DQG F F F SDLU F 3RVWDJH 'XHV ($5/< 3,&785( 3267&$5'6 $Q LQWHUHVWLQJ

ZLWK 9LFWRULD DQG $QVH 5R\DOH &'6 FROOHFWLRQ RI FDUGV ZLWK UHDO SKRWR W\SHV VHHQ &RXQW\ { .*9, )LQH XVHG ,QF GHILQV WR U

5RDG 6WUHHW 6FHQH 5LFNVKDZ 6LQJDSRUH 5DLOZD\ 6WDWLRQ 6 :HGGLQJ GHILQ ZLWK YDOXHV WR U $ XVHIXO UDQJH 6LQJDSRUH 6ZLPPLQJ &OXE 3DVLU 3DQMDQJ 7LJHU %DOP RI VWDPSV *DUGHQV 5XEEHU 3ODQWDWLRQ ZLWK PDQ\ FDUGV XQXVHG

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 61

($5/< 3,&785( 3267&$5'6 $Q LQWHUHVWLQJ $LUPDLOV VHW LQ 0$7&+,1* 180(5$/

%/2&.6 ULJKW PDUJLQDO EORFNV RI IRXU 6* ILQH 80 FROOHFWLRQ RI FDUGV ZLWK UHDO SKRWR W\SHV VHHQ &RXQW\

5RDG 6WUHHW 6FHQH 5LFNVKDZ 6LQJDSRUH 5DLOZD\ 6WDWLRQ 6LQJDSRUH 6ZLPPLQJ &OXE 3DVLU 3DQMDQJ 7LJHU %DOP *DUGHQV 5XEEHU 3ODQWDWLRQ ZLWK PDQ\ FDUGV XQXVHG

EORFNV

4 $LUPDLO &RYHUV )LUVW )OLJKW EHWZHHQ

($5/< 3,&785( 3267&$5'6 $Q LQWHUHVWLQJ

FROOHFWLRQ RI FDUGV ZLWK UHDO SKRWR W\SHV VHHQ &RXQW\ 5RDG 6WUHHW 6FHQH 5LFNVKDZ 6LQJDSRUH 5DLOZD\ 6WDWLRQ 6LQJDSRUH 6ZLPPLQJ &OXE 3DVLU 3DQMDQJ 7LJHU %DOP *DUGHQV 5XEEHU 3ODQWDWLRQ ZLWK PDQ\ FDUGV XQXVHG

{ 2IILFLDO SDLUV ILQH XVHG &DW D UDQJH RI

)285 $/%806 ZLWK DQ H[WHQVLYH FROOHFWLRQ RI

GLII SRVWFDUGV RI 6LQJDSRUH 838 $ JRRG UDQJH HDFK GLIIHUHQW 3,&785( 3267&$5' 5HSULQWV RI HDUO\ FDUGV

DQ LQWHUHVWLQJ ORW ZLWK LPDJHV RI %DWWHU\ 5RDG 6W -RVHSK ,QVWLWXWLRQ &HQWUDO 3ROLFH 6WDWLRQ &DYDQDXJK %ULGJH 5DIIOHV +RWHO ZLWK PDQ\ ORFDO EXLOGLQJV PDLQO\ XQXVHG

3LFWXUH 3RVWFDUGV UHSULQWV RI HDUO\ FDUGV

.*9 D 6* ZLWK ER[HG 63(&,0(1 KV )LQH

XQXVDO IP

LVVXH LQ SDQHV RI ZLWK PDUJLQ LQFO [ ZPN LQYHUWHG [ ZPN XSULJKW LGHQWLILHG ZLWK URZ QXPEHUV H[ ERRNOHWV 6* 6% PLQW PL[HG FRQGLWLRQ VHOGRP VHHQ LQ TXDQWLW\ IRU VWXG\ H[ %ULGJHV SDQHV

{ 9DULHW\ &RURQDWLRQ ZLWK +\SKHQ RPLWWHG

6* D DV D ILQH XVHG SDLU ZLWK 536 &HUW

620$/,/$1' 3527

{ 2IILFLDO SDLU YHUWLFDO ZLWK 536 &HUW

49 VHW RI RYSWV DW ERWWRP 9)0

6*2 1RUPDO KRUL] SDLU &DW

6*

{ 2IILFLDO 6*2 )LQH XVHG SDLU

.*9 'HILQ VHW 0&$ 6* V 9)0 ORZ

YDOXHV ZLWK SODWH QXPEHU PDUJLQV

{ 2IILFLDO SDLU 6*2 YHU\ ILQH XVHG ZLWK

.*9 VFULSW :PN GHILQ VHW 9)0 6*

536 &HUW

.*9, 9)0 $OO GHILQ VHWV 6*

DOVR 9LFWRU\ SHUI YDULHW\ 6* $ HWF

::,, 3267$/ +,6725< FRYHUV WR *UHHFH

ZLWK ERWK 6$ *UHHN FHQVRU UHVHDO ODEHOV DIIL[HG ILQH XQXVXDO ::,, 3267$/ +,6725< WKUHH VWDPSOHVV

6287+ $)5,&$

FRYHUV IURP .HQ\D WR 6RXWK $IULFD $ 3 2 8 0 5 .

SRVWPDUNV IURP 1DLUREL *LOJLO HDFK ZLWK VLPLODU ER[HG FHQVRU PDUN FRYHUV

{ 8VHG FROOHFWLRQ ,QF %LOLQJXDO 8QLWV 'HILQV WR

&RPPHPV 3RVWDJH 'XHV $ JRRG UDQJH RI 6WDPSV 8QLWV .*9 GHILQ VHW WR WRS YDOXH ILQH PLQW ZLWK D

FRXSOH RI H[WUD VKDGHV 6* F

63(&,0(1 29(535,176 +$1'67$036

5(9(18( )$50 '$,5< /(9< òG FRPSOHWH

%22./(7 3$1(6 JURXS G XQK\SKHQDWHG

620$/,/$1'

{

LQFOXGLQJ òG 3 ò[ SDQH RI VL[ ZLWKRXW ELQGLQJ PDUJLQ YDULRXV òG òG SDQHV IURP V ERRNOHWV DQG ORWV RI LQWHUOHDYLQJ DQG FRYHUV IURP VDPH VDGO\ JRW PL[HG XS EXW LGHDO IRU VWXG\ G -,3(; SDQHV WKHVH KDYH WKH VDPH VORJDQ DGYHUW PDUJLQ PDNH XS DV V G ERRNOHW SDQHV òG DQG VHYHUDO G SDQHV IURP V G ERRNOHWV DQG PRUH 0L[HG FRQGLWLRQ H[ %ULGJHV SDQHV 3/86 VNHOHWRQ ERRNOHWV FRYHUV

SDLUV LQ GLVWLQFW UHG EURZQ DQG FKRFRODWH VKDGHV %DUHIRRW PLQW QR JXP

PDLQO\ XQXVHG ZLWK PDQ\ GLIIHUHQW YLHZV LQF 2UFKDUG 5RDG %RWDQLFDO *DUGHQV 6XSUHPH &RXUW &KLQHVH 'RFWRU 2SLXP 6PRNHUV DQ LQWHUHVWLQJ JURXS RI 3LFWXUH 3RVWFDUGV

SDLUV ,QF G :PN ,QY 6*2 G 6*2 $ JRRG VHOHFWLRQ %22./(76 678'< $&&808/$7,21

{ .*9, ILQH XVHG GHILQV WR 6 :HGGLQJ

{

&DSH WRZQ DQG 'XUEDQ ZLWK VSHFLDO IOLJKW LOOXVWU FDQFHO DQG IRXQG RSHQ ODEHO 3RUW (OL]DEHWK WR 'XUEDQ H[SHULPHQWDO )OLJKW &DUG ZLWK 6$ $LUPDLO &DFKHW VFDUFH GRXEOH )LUVW )OLJKW &RYHU 6RPHUVHW :HVW WR (DVW /RQGRQ WKDQ G DLU VWDPS DGGHG DQG VHQW WR 3RUW (OL]DEHWK $ YHU\ JRRG JURXS RI W\SHG XS ZLWK GHWDLOV

::,, 3267$/ +,6725< $'9(57 &29(56

:,7+ &(16256 VL[ GLIIHUHQW FRYHUV LQFO -H\HV )OXLG )DUP (TXLSPHQW 'XUDJ /HDWKHU 0HUFKDQWV [ GLIIHUHQW *HQHUDO 0HUFKDQW ZLWK DSSOHV JUDSHV DGYHUW $PHULFDQ ([SUW /LQHV FOHDQ ILQH FRYHUV

.*9 VHW G XOWUDPDULQH QR 6SHFLPHQ VWDPS LVVXHG 6* { 9DULHW\ ZLWK 536 &HUW G :DU (IIRUW ZLWK

V V V V PLQW QR JXP FDW

&LJDUHWWH IODZ 6* D ILQH XVHG SDLU 5(9(18(6 86(' &2//(&7,21 RQ DOEXP

::,, 3267$/ +,6725< FRYHU WR %UD]LO SDJHV YDOXHV WR YDOXHV WR V

YDOXHV WR %DQWDPV LQFO YDOXHV WR QRWH G G IUDQNHG ZLWK G 6* KRUL] SDLU FHQVRUHG ZLWK VHDO DIIL[HG V V LQ FRPSOHWH XQLWV DFURVV URXOHWWH VFDUFH 4(,, )LQH G G V $1' 025( *HQHUDOO\ ILQH

::,, 3267$/ +,6725< 7HOHJUDP PHVVDJH

IRUP ZLWK & 7 2 -2+1$11(6%85* SRVWPDUN DQG ELOLQJXDO 3RVWDJH GXHV RQ D VWRFN SDJH D JRRG UDQJH RI

FHQVRU PDUN DSSOLHG )LQH VFDUFH VWDPSV DQG SODWH EORFNV ,QF VWULSV ,QY :PNV :$5 ())257 6(5,(6 6* WKH

.*9, VHW ZLWK G VKDGHV 6*' $ KLJKO\ FDWDORJXHG PRVW H[WHQVLYH VWXG\ RI V PLQW XQLWV LQF XP ZLWK YDULHWLHV JURXS PLQW ,QF 80 EORFNV LQWHUHVWLQJ VPDOO IRUPDW QRWLQJ G VWDLQ RQ XQLIRUP 3267$*( '8(6 $V ILQH XVHG EORFNV RI

6* D G FLJDUHWWH IODZ 6* D WDQN ILULQJ PDUJLQDO EHWZHHQ 6*' DQG ' ,QF G 6*' G 6*' G LQVFULSWLRQV 0D\ òG EORFNV G EORFNV YDULHWLHV òG 6*' G 6*' 6*' $ YHU\ JRRG ORW RI GLIIHUHQW HDU IODZ LQ EORFN G EORFNV LQF EORFN PLVSHUIRUDWHG G EORFNV OLQH LQ FDS LQ EORFN G DSRVWRSKH IODZ G XQLWV EXUVWLQJ VKHOO HWF $Q RULJLQDO FROOHFWLRQ G FDUPLQH ,03(5) 3/$7( 3522) DV 6*

PLQW ZLWK IDXOWV 9HU\ UDUH VWDWHG RQO\ H[DPSOHV H[LVW IURP D ZDVWH VKHHW H[ %ULGJHV

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 62

3RVWDO 6WDWLRQHU\ &KLHIO\ .*9 SHULRG ,QF ::,, 3267$/ +,6725< WZR VWDPSOHVV

FRYHUV SULQWHG 7+( 6287+ $)5,&$ 5(' &5266 62&,(7< 3RVWDO &DUGV XSUDWHG ZLWK LQVSHFWLRQ PDUNV 5HJG (QYV

RQH IURP &DSH 3URYLQFH %UDQFK WKH RWKHU IURP %RUGHU 33& V $ JRRG JURXS RI LWHPV XVHG ZLWK PDQ\ GLIIHUHQW &HQWUH JRRG WR ILQH FRYHUV

W\SHV ::,, 3267$/ +,6725< XSUDWHG òG

VWDWLRQHU\ SRVWFDUG WR 86$ 5(/($6(' &DSH 7RZQ FHQVRU PDUN 86 FHQVRU PDUN RQ IURQW &OHDQ ILQH XQXVXDO LWHP ::,, 3267$/ +,6725< 3 2 : 0$,/ LQFO

9DULHWLHV UR\DO YLVLW EODFN H\HG SULQFHVV

YIX FHQWHQDU\ H[WHQGHG ULJJLQJ 80 DQG 838 ODNH LQ (DVW $IULFD YIX DOO ZLWKLQ EORFNV RI ::,, 3267$/ +,6725< 1$9$/ LQWHUHVW

XQGDWHG HQYHORSH SUH SULQWHG ZLWK 21 $&7,9( 6(59,&( WKUHH FRYHUV DGGUHVVHG WR *HUPDQ\ ,WDO\ ZLWK 5HG &URVV IRXOHG DQFKRU LOOXVWUDWLRQ )520 + 0 6+,36 FHQVRU FDFKHW FDFKHW /LE\D DOVR WKUHH SULQWHG 32: SRVWFDUGV IRU SULVRQHUV RQ IURQW KHOG LQ 6RXWK $IULFD WR 86$ 6LFLO\ [ *HQHUDOO\ ILQH ::,, 3267$/ +,6725< VWDPSOHVV XQGDWHG

LWHPV

FRYHU WR &DSH 7RZQ ZLWK ELOLQJXDO GLDPRQG VKDSHG 8QLW { 3RVWDJH 'XH VHW RI XQLWV 6*' 9HU\

&HQVRU PDUN 1 3LHWHUPDULW]EXUJ FHQVRU VHDO ILQH XVHG WRS YDOXH XQLW ZLWK 536 &HUW

::,, 3267$/ +,6725< XQGDWHG VWDPSOHVV

::,, 3267$/ +,6725< WZR VWDPSOHVV

FRYHUV ZLWK *(25*( / FHQVRUV RQH IURP 5$) 2XGWVKRRUQ &DPS WKH RWKHU IURP $LU 6FKRRO DW *HRUJH HDFK ZLWK ORYHO\ FOHDU LPSUHVVLRQ RI / FHQVRU ILQH FRYHUV

FRYHU WR 8. PDUNHG % 7 $ LQ PDQXVFULSW SOXV VDPH LQ FLUFXODU FDFKHW FHQVRUHG ZLWK 8QLW &HQVRU GLDPRQG VKDSHG FDFKHW &DSH 7RZQ FHQVRU )LQH

6287+ $5$% )('

{ +LJK YDOXH ZLWK 536 &HUW DV D FRPSRVLWH

I RQ F 6287+ $5$%,$ RYHUSULQW

,19(57(' 6* D ILQH 80

EORFN RI 6* E 9HU\ ILQH XVHG ::,, 3267$/ +,6725< 7(/(*5$0

HQYHORSH SULQWHG PHVVDJH UHDGV +$33< $11,9(56$5< 6287+ $8675$/,$ %(67 :,6+(6 )25 $ 63(('< 5(7851 *2' %/(66 <28

$1' .((3 <28 6$)( -RKDQQHVEXUJ SRVWPDUN RQ PHVVDJH 5RXOHWWH G 6* YHU\ IUHVK XQXVHG ,QWHQVH FRORXU F YI IRUP HQY ZLWK IDXOWV IRUP LV ILQH VFDUFH V F\OLQGHU EORFNV ERWK LVVXHV LQFO F\O

,OOXVWUDWHG 'LUHFWRU IRU 7HFKQLFDO $UW $GHODLGH

F\O 6* D 9)0 KLQJHG RQ PDUJLQV EORFNV

HQYHORSH ZLWK 49 G SDLU VHQW WR *RYHUQPHQW +RXVH 8QXVXDO

{ 2IILFLDO òG SDLU 6*2 ILQH XVHG

SOUTH WEST AFRICA 6287+ :(67 $)5,&$

.*9 +HDGV DV EORFNV RI RU PRUH ZLWK EHWWHU

SLFNLQJV òG VFDUFH 7HWH %HFKH JXWWHU SDLUV G G XOWUD G G DV :PN LQYHUWHG EORFNV $ YDOXDEOH FROOHFWLRQ RI

838 9DULHW\ G 6HULI RQ & ZLWKLQ D FRUQHU

EORFN RI VL[ 6* D )UHVK 80

EORFNV VWDPSV PDLQO\ 80 YDOXHV WR

81&87 %22./(7 3$1(6 LQFO %LJ

)LYH ZLWK DLUPDLO ODEHOV VH WHQDQW 6DYH :DWHU LVVXH

$LUPDLO G G 6* DV YIP EORFNV RI

IRXU $QWHORSHV HDFK LQ D VKHHW RI ILYH RU WKUHH ERRNOHW SDQHV VWLOO LQWDFW KHQFH DSSHDUV WR KDYH LPSHUIRUDWH SDLUV *UHDW IRU $ UDQJH RQ ROG SDJHV VWRFNSDJHV LQF .*9 WR

GLVSOD\ FOHDQ ILQH 80 VKHHWV

G WR G SDLUV VLQJOHV VLQJOH VLQJOHV

SLFWRULDO VHW DV SDLUV IUHVK PLQW 9RRUWUHNNHU VHW PLQW 'HILQLWLYH LVVXHV ZLWK PXOWLSOH ,QF G

EORFN RI G EORFN RI VL[ EORFN RI VL[ G EORFNV RI

+XJXHQRW VHW 0 ZLWK LVVXHV WR D JRRG UDQJH RI EORFN RI $ YHU\ JRRG JURXS RI VWDPSV ILQH XVHG VWDPSV

.*9, ZLWK VSHFLDOLVDWLRQ P XP LQF EORFNV

.*9, 3(5,2' 3267$/ 67$7,21(5< GLII

YI XQXVHG LWHPV ZLWK LQWHUHVW LQ DLUOHWWHUV LQF SLFWRULDO LQWHULRU

YDULHWLHV LQWHUHVWLQJ LWHPV ZDU HIIRUWV òG FRUQHU EORFN G VWDLQ RQ XQLIRUP YDULHW\ G EORFN RI ZLWK

GRXEOH $ VPDOO IRUPDW LVVXHV FRURQDWLRQ òG JXWWHU EORFN 838 YDULHWLHV TW\

.*9, :,7+ 63(&,$/,6$7,21 DQ LQWHUHVLQJ

P XN ORW ZLWK EORFNV YDULHWLHV DUURZ EORFNV FRURQDWLRQ VHW ZLWK EUHDWK YDULHW\ òG PRXVH IODZ PLVVLQJ K\SKHQ

2OGWLPH PLQW FROOHFWLRQ ,QF 9RRUWUHNNHU SDLUV

+XJXHQRW SDLUV GHILQV YDOXHV WR G DV SDLUV $ JRRG VHOHFWLRQ RI VWDPSV &DW

SDLUV 838 ZLWK SODWH EORFNV òG SHQLV IODZ ZULVWZDWFK IODZ G YDULHWLHV 6* D E $ PRVW LQWHUHVWLQJ ORW TW\

6287+(51 5+2'(6,$ $GPLUDOV òG G DOO LQ $/7(51$7,9(

&2/2856 ILQH XP RYSW :DWHUORZ 6RQV VSHFLPHQ

3RVWDJH GXHV VHW RI VHW RI

5HGUDZQ VHW RI VHW RI VHW RI IUHVK PLQW 3267$/ +,6725< IURP 49 WR .*9 LQF &DSH

VHFXULW\ SXQFWXUHV )LQH XQXVDO 6*

^3KRWR`

{ 3ULQWHG SDJHV ZLWK D XVHIXO UDQJH RI VWDPSV

RI *RRG +RSH SRVWDO FDUGV HQGRUVHG 2Q $FWLYH VHUYLFH XVHG ,QF $GPLUDOV WR 6 -XELOHH YHU\ FRPSOHWH FDUG VHQW WR ,WDO\ WKHQ IRUZDUGHG WR 8. FDUG òG .*9, SHULRG (DFK VWDPS GLIIHUHQW XSUDWHG ZLWK òG VLWWLQJ KRSH VHQW WR ,QGLD WKHQ IRUZDUGHG WR 8. (QY ZLWK G [ VHQW WR 8. 2+06 (QY VHQW { .*9 SHUI ò VHW JRRG WR IX FDW

WR 86$ ZLWK G G IUDQNLQJ WUDQVYDDO G *UH\ %OXH XQXVHG 6* % % SRVWDO (QY $Q LQWHUHVWLQJ JURXS RI FRYHUV FDUGV .*9 SHUI YDULHWLHV YIP G G G XP

6* E E E E ^3KRWR` 3RVWDO +LVWRU\ LQWHUHVWLQJ JURXS ,QF

%RHU &DPSDLJQ 33& &HQVRUHG 0DLO ,QF 2Q 1DYDO 6HUYLFH { .*9 VHW JRRG WR IX ZLWK VRPH DGGLWLRQDO

GRXEOH FHQVRUHG FRYHU VHQW WR 'XUEDQ ZLWK 3DVVHG SULQWLQJV 6*

3UHVV &HQVRU KDQGVWDPS 33& ZLWK &ODLUZRRG &DPS &'6 DQG 2IILFLDO )UHH FDFKHW DQ LQWHUHVWLQJ ORW RI www.philangles.co.uk &RYHUV &DUGV IRU VWXG\ place your bids online. Immediate and secure.

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 63

9LFWRULD )DOOV G G DOO LQ DOWHUQDWLYH 6SDLQLVK FLYLO ZDU PLQLWXUH VKHHW FROOHFWLRQ

FRORXUV LQFOXGLQJ EL FRORXUV DOO YI XP ZLWK :DWHUORZ 6RQV LQF KLVWRULFDO PRQXPHQWV ZLWK DQG ZLWKRXW RYSWV VSHFLPHQ RYSWV VHFXULW\ SXQFWXUHV $ ILQH VFDUFH WULR 6* $UP\ 1DY\ /HSDQWR F D YHU\ JRRG UDQJH FKLHIO\ PLQW

^3KRWR`

PXFK XQPRXQWHG

3HUI ò YDULHW\ 9)0 6* $

63$1,6+ &2/21,(6

{ 5(9(18(6 (DUO\ LVVXHV IURP WR V

HDFK VHHP WR EH GLIIHUHQW RQ ROG SDJHV OLJKWO\ DGKHVLRQ ZLWK

.*9, VHOHFWLRQ RI EORFNV DOO ZLWK UHTXLVLWLRQ

QXPEHUV LQ PDUJLQV òG G òG ZLWK XSWR EORFNV RI

PDQ\ GLIIHUHQW W\SHV *LUR 3XHUWR 5LFR &XED 3KLOLSSLQHV *HQHUDO -XGLFLDO $Q ROG RULJLQDO ORW RI UHYHQXHV

VWDPSV EORFNV

5R\DO YLVLW G LQ 81,668(' &2/285 RYSW

:DWHUORZ 6RQV VSHFLPHQ ZLWK VHFXULW\ SXQFWXUH ILQH XP

68'$1

6* ^3KRWR` 9LFWRU\ G LQ 81,668(' &2/285 RYSW

:DWHUORZ 6RQV VSHFLPHQ ZLWK VHFXULW\ SXQFWXUHV )LQH XP

6*

{ 2OG 3DJHV ZLWK D XVHG UDQJH RI VWDPSV

,QF HDUO\ RYSWV $UDE 3RVWPDQ PDQ\ GLIIHUHQW SULQWLQJV $LUV 2IILFLDOV HDFK VWDPS LV GLIIHUHQW 9HU\ ILQH P FROOHFWLRQ LVVXHV GXULQJ .*9,

.*9, 3267$/ 67$7,21(5< 9) ORW RI

UHLJQ LQFOXGLQJ S SRVWPDQ RYSW QRW YDOLG IRU SRVWDJH VHWV WR SL ZLWK ERWK SDSHUV VHWV VHYHUDO SODWH EORFNV P RYSW LQ VWULS ZLWK WZR GRWV RPLWWHG 5 6* % DLU RYSW VHW VXUFKDUJH VHW 6* 9) LQWHUHVWLQJ ORW TW\

XQXVHG LWHPV òG SRVWDO FDUGV GLII GLHV G UHJ G HQY G HQYHORSH GLII DLUOHWWHUV $ VFDUFH SULQWHG RKPV HQY 9)

.*9, VSHFLDOLVHG YIP XP FROOHFWLRQ GHILQ

VHW 6* SOXV VHYHUDO ZLWK VKHHW QXPEHUV LQ PDUJLQV $ YI FROOHFWLRQ RI YIP LQF XP IRU .*9, SHULRG

òG UHFXW FROODU 6* D G ERWK OLVWHG YDULHWLHV RQH LQ LVVXHV ZLWK YDULHWLHV EORFNV VHOHFWHG LWHPV DLUPDLOV

ZLWK GLII SHUIV DLU RYSWV ZLWK VPDOO ò YDULHWLHV LQ SRVLWLRQDO EORFNV PXOWLSOH SRVLWLRQV SRVWPDQ VHW ZLWK P P P 181 YDULHW\ LQ SRVLWLRQDO PXOWLSOHV YDOXHV WR SL ZLWK SODWH QXPEHU PDUJLQV DLU VHW )LQH ORW TW\

FRPSOHWH VKHHW 6* $ % VRPH LPSULQW EORFNV UHYHQXH GRFXPHQW ZLWK ODUJH UHYHQXHV HWF $Q LQWHUHVWLQJ ORW

63$,1 'HIHQFH RI 0DGULG IXQG DLU VWULS 6* IUHVK

2)),&,$/6 6* RYSWV FRPSOHWH VHWV YIP

PLQW VFDUFH

2 2 2 2 2 2 DOVR 2 RIIVHW IUDPH YDULHW\

0HQRUFD SURYLVLRQDO DLU VWDPSV DV D EORFN RI

YHU\ ILQH XVHG ZLWK 0DKR FGV

8QPRXQWHG 0LQW &ROOHFWLRQ RI VWDPSV &DW

,QF $LUV 6WDPS 'D\ :DU $FHV )UDQFR

ZLWKRXW LPSULQWV WR S 3RUWUDLWV $ YHU\ JRRG

UDQJH

3$/0 75(( 6(7 YIP S S WRS YDOXHV

DUH 80 6* DOVR P XP EORFN RI 6* P XP EORFN RI 6* WRWDO &9 *2/'(1 -8%,/(( FRPSOHWH VKHHW F\OLQGHU

6* XQPRXQWHG PLQW

6* 2)),&,$/ S SHUI 6*2 D DV DQ XP { &DQDU\ ,VODQG YLVLW RYSW VHW YIX 6* D

FRUQHU EORFN RI WHQ ZLWK SODWH QXPEHUV 9)

^3KRWR` 7RWDOO\ FRPSOHWH 80 LQ /X[XU\ /LQGQHU

+LQJHOHVV $OEXP PDQ\ V 67& (XUR

^3KRWR`

$ PRVW LQWHUHVWLQJ VHOHFWLRQ YIP LQF XP LQF

GLII LVVXHV RYSW 6&+22/ DV EORFNV RI SRVW RIILFH WUDLQLQJ VWDPSV VHW 6* ZLWK DGGLWLRQDO VKDGHV SODWH $1 2/' &2//(&7,21 ,Q D ER[HG 'DYR

QXPEHUV SW RYSW 3$663257 XP 6* RYSW VHW ZLWK +LQJHOHVV DOEXP IRU LVVXHV VXEVWDQWLDOO\ ZHOO ILOOHG VKDGHV VHYHUDO EORFNV ZLWK SODWHV )LQH DVVHPEO\ TW\

ZLWK PDQ\ V GLIIHUHQW ,QF VHOHFWLRQ RI LPSHUI

FODVVLFV 0 8 S -XVWLFH 7HOHJUDSK XVHG S

)8 %DE\ )DFH ,QF S )8 'HILQ VHW WR S PLQW 4 $LU VHW RQ D 2IILFLDO )LUVW 'D\ &RYHU SULQWHG 5HJG (QY :LWK QHDW W\SHG DGGUHVV VHQW WR (QJODQG 'HILQ KLJK YDOXHV PLQW 5HG &URVV VHW PLQW

%RWK &DWDFRPEV VHWV PLQW *R\D VHW PLQW &ROXPEXV VHW PLQW 6HYLOOH VHW PLQW 'HILQ VHW WR .*9, VHWV ILQH P DLUV 6*

3WD PLQW 3UHVV VHW PLQW %DFN RI WKH ERRN ZLWK GHILQ VHW WR 6* F $LUPDLOV &LYLO :DU LPSHUI LVVXHV VRPH 6KHHWOHWV 3267$/ 67$7,21(5< VHOHFWLRQ .*9, SHULRG 2IILFLDOV HWF 0L[HG FRQGLWLRQ EXW PXFK LV ILQH 0XFK LV

PLQW GLII LQF XSUDWHG WUDLQLQJ VFKRRO P HQY P VWDPS ERWK RYSW 6&+22/ UHJ G HQYV XQXVHG $1 25,*,1$/ 67$03 &ROOHFWLRQ RQ SDJHV

6WRFNSDJHV 6WRFNERRN ZLWK DSSUR[ ZLWK PXFK 0 80 685,1$0 ,QF &ROXPEXV VHW F $LUPDLO VHW F

7HWH %HFKH SDLU F 6* D IUHVK XQXVHG DV

ORWV RI 3LFWRULDOV VRPH FRORQLHV HWF *RRG ORW LVVXHG

&ROOHFWLRQ RI VWDPSV HDFK GLIIHUHQW ZLWK

7HWH %HFKH SDLU F 6* D IUHVK XQXVHG DV

EHWWHU V LVVXHV ,QF &KDULW\ VHWV DQWL 7% ,VDEHOOD LVVXHG VHW PLQW 6W )UDQFLV PLQW FKLHIO\ PLQW ,QF 80

6:$=,/$1'

{ ),1( 86(' ZLWK RYHU GLIIHUHQW VWDPSV

6LOYHU -XELOHH YDULHW\ G H[WUD IODJVWDII 9)0 LQ

LQ D SULQWHG $OEXP SOXV ORWV RI RWKHU PDWHULDO LQ D 3DFNHW DQG 6WRFNSDJHV 8VHIXO ORW

FRUQHU SDLU ZLWK QRUPDO 6* D

{ 5(9(18(6 (DUO\ LVVXHV RQ ROG SDJHV ZLWK D

YHU\ JRRG WR DERXW RYHU HDFK VHHP WR EH GLIIHUHQW

OLJKW DGKHVLRQ WR WKH SDJHV VHHQ VXUFKDUJH *LUR 5HFLERV 3ROL]DV 6HOOR WR S F D YHU\ LQWHUHVWLQJ JURXS

9DULHW\ G VLOYHU MXELOHH ZLWK OLJKWLQJ FRQGXFWRU

6* F PLQW .*9, VHW ZLWK VKDGHV DQG GLIIHUHQW SHUI W\SHV

òG òG G G G G

G

DOO GLIIHUHQW IUHVK PLQW

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 64

.*9, GHILQLWLYH V DOPRVW FRPSOHWH DV 6*

OLVWLQJ EHWZHHQ 6* D PLVVLQJ RQO\ G 6* V VODWH

1DWLRQDO 3KLODWHOLF ([KLELWLRQ 06 /DPED

6*06 D IUHVK 80

6* D ILQH 80

4(,, &2//(&7,21 ZLWK PDQ\ VHWV

SLFWRULDO VHW RI QHZ FXUUHQF\ ZLWK YDOXHV WR U

HDFK GLIIHUHQW QHZ FXUUHQF\ VHW RI SLFWRULDO VHW

RI LQGHSHQGHQFH RYSW VHW RI $ YHU\ JRRG ORW RI VWDPSV IUHVK PLQW LQF 80 &DW $LUPDLO 6WDPSV IUHVK

4 PLQW ,QF 3URSHOOHU RYSW VHW 6* .*9, SRVWDO VWDWLRQHU\ YI XQXVHG ZLWK

VSHFLDOLVHG RYSW DLUOHWWHUV LWHPV DOO GLII +* QXPEHUV LQF G SRVWDO FDUG .*9, YIP GHILQLWLYHV ZLWK WKH PDMRULW\

RI DOO SHUIRUDWLRQ VHWV KHUH 6* SOXV $ QXPEHUV OLVWHG VKDGHV LQF &: QXPEHUV VWDPSV

$1 2/'7,0( &2//(&7,21 ZLWK PDQ\

FRPSOHWHG SDJHV LQ DQ ROG SDLU RI 'DYR SULQWHG $OEXPV IRU LVVXHV WR 9HU\ PDQ\ V DOO GLIIHUHQW ZLWK JRRG SLFNLQJV QRWHG 5D\RQ US )8 6WUHXEHOV ,QF U 9)8 RQ SLHFH DQG RWKHUV WR U VLWWLQJ +HOYHWLD VHW WR IU PLQ VHW WR IU )8 SUR -XYHQWXWH VHWV )8 PRVW RWKHU HDUO\ 3UR -HYHQWXWH VHWV )8 PDQ\ V VHWV )8 3$; IU PLQW 'HSDUWPHQWDO ZLWK YDOXHV WR IU SRVWDJH GXHV HWF XVHIXO SLFNLQJV PL[HG FRQGLWLRQ EXW KLJK &DW LVVXHV { 5(9(18(6 (DUO\ LVVXHV WR ZLWK UHJLRQDO

LVVXHV D YHU\ LQWHUHVWLQJ ORW RQ ROG SDJHV OLJKW DGKHVLRQ ZLWK

RYHU UHYHQXHV HDFK VHHP WR EH GLIIHUHQW ZLWK *HQHUDO 7D[ &RPPHUFH 7D[ /HWWHU 7D[ DQ ROG WLPH ORW

6<5,$

6:('(1

6HOHJDWH VSHFLDO DOEXP JUHHQ DQG JROG

{ $ VWDPS SULQWHG DFURVV D SDSHU MRLQ

5HPDUNDEOH RUH 6* D ZLWK ZKDW DSSHDUV WR EH D FUDFNHG SODWH EHFDXVH WKH VWDPS LV PDGH XS IURP WZR KDOYHV RI SDSHU $ :KLWH XQSULQWHG YHUWLFDO EDQG )8 $ UHPDUNDEOH LWHP IURP WKH QXPHULFDO LVVXH 7ZR KLJKO\ RUQDWH PXOWL FRORXUHG HPERVVHG

OHWWHU FDUGV )8 IUDQNHG RVFDU LVVXHV DW *RWHEHUJ 2QH ZLWK *ULPVE\ DQG 3HWHUERURXJK VRUWLQJ WHQGHU 732 WUDQVLW +6 ([FHSWLRQDO

FRQWDLQLQJ GLII PLQW FRQWHPSRUDU\ LVVXHV PRXQWHG RQ SDJHV VHWV YDOXHV WR S 1LFH $ &$5721 ZLWK D FROOHFWRUV VXEVWDQWLDO

FROOHFWLRQ DFFXPXODWLRQ RI 6\ULD V RI VWDPSV RQ OHDYHV FDUGV HWF LQF )UHQFK RYHUSULQWV 6DQGMDN RYSW VHWV YIP DLUPDLO VHWV ERWK P IX ORWV RI VHWV DQG VRPH PXOWLSOHV 9HU\ LQWHUHVWLQJ $ &RXQWU\ VHOGRP RIIHUHG LQ TXDQWLW\

7$1*$1<,.$

6XSHUE GHOHJDWHV VSHFLDO VWRFNERRN FRQWDLQLQJ

GLIIHUHQW FRQWHPSRUDU\ 80 LVVXHV RQ VSHFLDO SDJHV LQ FRLO *($ RYHUSULQWV PLQW ,QF D ILQH VHOHFWLRQ RI

KLJK YDOXHV U U U U U HWF 6* LVVXH DOVR WKH 1) RYSW VHW PLQW 6*1

SDLUV 9HU\ ILQH LWHP 6XSHUE PRGHUQ FROOHFWLRQ ZLWK 06 ,QF

*UHWD *DUER NU %XWWHUIOLHV NU )DOFRQ LQ D VSHFLDO

%5,7,6+ 2&&83$7,21 2) * ( $ WKUHH

SDFN $ VXSHU ORW RI LWHP XQPRXQWHG PLQW ZLWK D IDFH YDOXH RYHU NU KXJH FDWDORJXH YDOXH LQ WKHVH PRGHUQ VHWV

{ &$1&(//$7,216 LWHPV ,QF DUPV

RUH RQH ZLWK VXSHUE FRPSOHWH 672&.+2/0 RWKHU <67$' &'6 RUH :(;,2 &'6 RUH 9)8 RWKHUV ZLWK VHOHFWHG LVVXHV WR ,QF VXSHUE 6$/$ DQG 02//( 5HTXHVW VFDQV

FRYHUV WR VDPH 8. DGGUHVV RQH ZLWK VLQJOH F IUDQNLQJ WZR DUH UHJLVWHUHG DW F UDWH F SRVWDJH F UHJ Q HDFK HQGRUVHG 9LD 6RXWK $IULFD DQG ZLWK YDULRXV WUDQVLW DUULYDO PDUNV RQ UHYHUVH JHQHUDOO\ JRRG WR ILQH

^3KRWR` *LUDIIH VHW RI ILQH PLQW 6* D 0DMRULW\

DUH ZDWHUPDUN XSULJKW W\SHV .H\ VHW 6* D

{ *LUDIIH :PN 8SULJKW ILQH XVHG 6* D

6:,7=(5/$1' 3UR -XYHQWXWH *URXS ,QF F 7HWH %HFKH

1HDW &'6

3DLU 9)0 SOXV LVVXHG VHW 6*- $ - $% { .*9 6* )LVFDO XVHG XQXVXDO QRUPDO &9

{ /($*8( 2) 1$7,216 0267/< ),1( 86('

&2//(&7,21 RQ SULQWHG SDJHV LQFOXGHV DOO 9)8 XQOHVV .*9 WRS YDOXH PLQW ILQH 6*

VWDWHG EDVLF VHWV SOXV PRVW FKDON

VXUIDFHG YDOXHV OHVV JRRG F F YDOXHV DOVR LQFOXGHV VRPH H[WUDV QRW FRXQWHG LQ FDW YDOXH WR F WKHQ { .*9 KLJK YDOXHV ILQH XVHG

WR VHWV FRPSOHWH LQFO IU UHG EURZQ 0L

6* 9HU\ GLIILFXOW VWDPSV ZLWK QLFH SRVWDO FDQFHOV VHW PLQW VHW VHW ILQH 80 *RRG ORRNLQJ

FROOHFWLRQ 0LFKHO FDW (XURV DSSUR[

7$60$1,$

3RVWDO )LVFDO LPSHUI 6*) YHU\ ILQH

{ ,17(51$7,21$/ /$%285 2)),&(

XQXVHG :$7(50$5. ,19(57(' FORVH WR JRRG PDUJLQV 0267/< ),1( 86(' &2//(&7,21 RQ SULQWHG SDJHV $EVROXWHO\ FRUUHFW VHOGRP RIIHUHG &DW LQFOXGHV DOO 9)8 XQOHVV VWDWHG EDVLF VHWV

SOXV PRVW FKDON VXUIDFHG YDOXHV QRW LQFO JRRG F DOVR LQFOXGHV VRPH H[WUDV QRW FRXQWHG LQ FDW YDOXH WKHQ 49 VLGHIDFH LVVXH 9)0 JURXS H[ D 838

WR VHWV FRPSOHWH 0L VHW 80 $OEXP LQFUHGLEOH FRORXUV òG WR 6* 8QXVXDOO\ G LV LVVXHV HLWKHU ILQH PLQW RU 80 *RRG ORRNLQJ FROOHFWLRQ 0LFKHO LPSHUI G LPSHUI RQ FDUG WKH LV RXWVWDQGLQJ $Q LQWHUHVWLQJ FDW (XURV DSSUR[

JURXS

,17(51$7,21$/ 25*$1,6$7,216 ),1(

0,17 81 02817(' &2//(&7,21 FRPSOHWH EDVLF UXQ RI VHWV LVVXHV IRU DOO WKH RUJDQLVDWLRQV H[FHSW /HDJXH RI

:DWHUPDUN YDULHWLHV G 6* VWULS RI ZLWK

OHWWHU RI WKH SDSHU IRU ZPN òG RQ G EON RI ZLWK SDUWLDO OHWWHU ZPN ERWWRP VWDPSV 6* E IUHVK PLQW

1DWLRQV ,QW /DERXU 2IILFH ,QW 5HIXJHHV 2UJ ZH QRWH 3RVWDO )LVFDO LPSHUI 6*) YHU\ ILQH XQXVHG

(GXFDWLRQ VHWV ODWWHU 80 : + 2 VHWV ZLWK JRRG PDUJLQV %ULOOLDQW VWDPS &DW 80 IU JXP IDXOW 8QLWHG 1DWLRQV VHW ILQH PLQW $1'

08&+ 025( &OHDQ ILQH 0LFKHO FDW (XURV RYHU 3RVWDO )LVFDOV VHW RI IRXU 9)0 G G LPSHUI

VWDPSV 06 ERRNOHWV

DW WRS $ VFDUFH VHW 6*)

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

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 65

9LHZV VHW RYSW 63(&,0(1 9)0 VPDOO DUFKLYH

UHPDLQV IDEXORXV FRORXUV VHOGRP RIIHUHG 6* V V

75$16-25'$1 (UURU S RYHUSULQW GRXEOHG JROG ZLWK EODFN

9LHZV /LWKR 3ULQWLQJ VHW RI RYSW 63(&,0(1

RYSW LQYHUWHG 6* H IUHVK PLQW 9)0 FROOHFWLRQ LVVXHG GXULQJ UHJLJQ RI .*9,

9)0 YHU\ VFDUFH H[FHSWLRQDO 6* V V GV $OO 6* OLVWHG

VWDPSV VHW WR 6* E VHW WR 6* HWF

7+$,/$1'

7UDQVMRUGDQ LVVXHV RQ D VWRFNSDJH ,QF

VHW RI F VHW RI F 2EOLJDWRU\ 7D[ LQFOXGHV JRRG UDQJH RI HDUO\ LVVXHV ZLWK GHILQV DOPRVW ZLWK YDOXH WR 1HZ FXUUHQF\ RYSW $ JRRG ORW RI VWDPSV FRPSOHWH GHILQV VHW 6WDWXH VHW WR W PRVW IUHVK PLQW KLJKO\ FDWDORJXHG YDOXHV VXUFKDUJHV GHILQV VHW 9LHQQD SULQWLQJV

GHILQV PRVW YDOXHV WR E /RQGRQ SULQWLQJV

75$169$$/ YDULRXV 6FRXW V )XQG VXUFKDUJHV &RURQDWLRQ VHW 95, RYHUSULQWV WR ,QF G 6* RQ

GHILQV VHW WR E 5HG &URVV VHW GHILQV VHW WKHQ D VSHFWDFXODU FRYHU DOO FDQFHOOHG DW 0DFKDGRGRUS WKH LV DSSHDUV WR EH ODUJHO\ FRPSOHWH SHULRG LQFO UDUHO\ IRXQG RQ FRYHU WKH FRYHU IHDWXUHV VWDPSV GHILQV VHWV $VLDQ *DPHV %LUGV

2UFKLGV )LVKHV VHWV *RRG FROOHFWLRQ JHQHUDOO\ FOHDQ ILQH

75,1,'$' 72%$*2

{ ),1( 86(' &2//(&7,21 LQ DQ DOEXP

{ 3RVWDO ILVFDO W 6* ILQH XVHG

7ULQLGDG 49 6* +DQGVWDPSHG

63(&,0(1 ILQH PLQW ([WUHPHO\ UDUH XQOLVWHG 6* SUHSDUHG IRU 838 )URP DQ ROGWLPH DUFKLYH

{ .LQJ GHILQLWLYHV 9LHQQD SULQWLQJV VHW RI

6* XVHG VPDOO IDXOWV EXW SUHVHQWDEOH &DW

6FRXW IXQG VW VHW 6* PLQW VWJ IX D

VFDUFH VHW FDW 6FRXW IXQG RYSWV 6* H[ VW

UHG D VFDUFH JURXS FDW IUHVK PLQW

{

63(&,0(1 9)0 ,QFUHGLEO\ UDUH LVVXHG IRU 838 SXUSRVHV 8QOLVWHG 6* 7REDJR 49 VHW RI LQF UDUH G G PLQW DQG

RI JRRG DSSHDUDQFH 6RPH VPDOO IDXOWV EXW PRVW SUHVHQWDEOH 6* F 3267$*( '8(6 7ULQLGDG VHW RI QLQH ZLWK 838

6SHFLPHQ +DQGVWDPSV VPDOO IRUPDW %ODFN H[WUHPHO\ UDUH IUHVK PLQW G G GDPDJHG ROG PRXQW UHPDLQV 6*' ' $Q LPSRUWDQW VHW

81 02817(' 0,17 &2//(&7,21 YHU\

QHDWO\ SUHVHQWHG DQG ZULWWHQ XS KRXVHG LQ VL[ DOEXPV

7ULQLGDG G %ULWDQQLD 6* +DQGVWDPSHG

DSSHDUV WR EH D FRPSOHWH UXQ RI LVVXHV IRU WKH SHULRG EHWZHHQ 7REDJR 49 VHW RI PLQW 6* F

6* WR 6* PRVW FRPPHPRUDWLYH VHWV WR LQ

EORFNV RI IRXU )DEXORXV FROOHFWLRQ FOHDQ ILQH KXJH FDWDORJXH YDOXH DSSUR[ VWDPSV 06 26 7ULQLGDG RYHUSULQWV VHW ILQH PLQW $ VFDUFH

ERRNOHWV

VHW 6*2 2

81 02817(' 0,17 &2//(&7,21 YHU\

7ULQLGDG 26 VHW RI ILQH PLQW $ VFDUFH VHW

QHDWO\ SUHVHQWHG DQG ZULWWHQ XS KRXVHG LQ ILYH DOEXPV 6*2 DSSHDUV WR EH D FRPSOHWH UXQ RI LVVXHV IRU WKH SHULRG EHWZHHQ 6* WR 6* QRWH .LQJ V *ROGHQ -XELOHH LPSHUI 7ULQLGDG 6* ILQH PLQW SOXV D UDQJH RI

SURRI VKHHW E GHILQLWLYH )DEXORXV FROOHFWLRQ ORZ YDOXHV WR

FOHDQ ILQH DSSUR[ VWDPSV 06 ERRNOHWV

7ULQLGDG %ULWDQQLF VHW ILQH PLQW

E .LQJ %KXPLERO WK $QQLY $FFHVVLRQ

6* JROG HPERVVHG VWDPS LQ D VKHHWOHW RI VWDPSV ZLWK IXOO PDUJLQV 6* ILQH 80 7ULQLGDG %ULWDQQLD VHW WR ILQH P LQF DOO OLVWHG

SULQWLQJV DQG VHW RI 6*

E .LQJ %KXPLERO 6L[WK &\FOH QG

%LUWKGD\ VHW JROG VLOYHU EURQ]H IRLO HPERVVHG VWDPSV LQ VKHHWOHWV RI ZLWK IXOO PDUJLQV 6* ILQH 80 7ULQLGDG VHW RI ILQH PLQW 6*

VKHHWOHWV

81 02817(' 0,17 &2//(&7,21 YHU\

%ULWDQQLD LVVXH 6* LVVXH $ ILQH ORW ZLWK

QHDWO\ SUHVHQWHG DQG ZULWWHQ XS KRXVHG LQ ILYH DOEXPV GLIIHUHQW OLVWHG SULQWLQJV ,QF G G

DUH DSSHDUV WR EH D FRPSOHWH UXQ RI LVVXHV IRU WKH SHULRG WR 63(&,0(1 RYSWV $OVR 7ULQLGDG 6* %ULWDQQLD VHW /RFDO ,GHQWLW\ PLQLDWXUH VKHHW EHWZHHQ 6* WR

6* 06 /RYHO\ FROOHFWLRQ FOHDQ ILQH PRGHUQ LVVXHV VHOGRP RIIHUHG DSSUR[ VWDPSV 06 ERRNOHWV &RPSOHWH VHWV ILQH PLQW ZLWK VKDGHV &DW

VWDPSV ,QF JRRG UDQJH RI :DU 7D[ RYSWV 1RWLQJ G 6* .*9, VHW ,QF F VKDGH 9HU\ ILQH 721*$

),1( 86(' ([FHSWLRQDO FROOHFWLRQ KRXVHG LQ

:$5 7$; (5525 òG :DWHUPDUN LQYHUWHG

VSHFLDO SULQWHG $OEXP RYHU GLIIHUHQW VWDPSV PDQ\ VHWV DQG UHYHUVHG 6* \ 9)0 67& ZLWK WR RYSWV 6XUFK VHW WR 6XUFK VHWV PDQ\ 6KDSH VHWV +LJKO\ UHFRPPHQGHG 6HOGRP RIIHUHG XVHG

.*9 GHILQ VHW ILQH PLQW 6*

.*9, SHULRG LVVXHV D ILQH ORW YIP XP ZLWK

VSHFLDOLVDWLRQ 6* JRRG QXPEHU RI PXOWLSOHV ZLWK PDUJLQDO 6LOYHU -XELOHH YDULHW\ F H[WUD IODJVWDII 9)0 LQ

SODWH QXPEHUV SULQWHUV VFUDWFKHV G SODWH EORFN UHWRXFKHG FRUQHU SDLU ZLWK QRUPDO 6* D

VPDOO K\SKHQ 6* D RQH LQ EODFN GLUW\ SODWHV PDUJLQV .*9 SLFWRULDO VHW SOXV ODWHU SHUIRUDWLRQ YDULHWLHV

òG UHFXW 6* D WKH VHW ZLWK VKDGHV G 6* FRPSOHWH 9)0 6*

VKHHW ZLWK YDULHWLHV VFDUFH PDUJLQDO EORFNV ZLWK PDUJLQDO OHWWHUV VFUDWFKHG LQ 5HFRPPHQGHG

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 66

&RURQDWLRQ 6HW 3HUI 63(&,0(1 9)0

785.,6+ $,5 $662&,$7,21 PRVWO\ PLQW

6* 6 6

FROOHFWLRQ LQFO WR N PLQW N XVHG PLQW LVVXHV FRPSOHWH DOVR LQFOXGHV UDQJH RI VWDPSV VWDWHG WR EH $VVLVWDQFH 5HFHLSWV %HQHILWWLQJ 7KH $YLDWLRQ 6RFLHW\ ZLWK WKH VDPH 7+. DHURSODQH ORJR QRWH UDQJH RI GLIIHUHQW W\SHV YDOXHV VWDPSV

.*9, YIP ZLWK VRPH VSHFLDOLVDWLRQ ZLWK

DGGLWLRQDO &: OLVWHG VKDGHV D VPDOO UDQJH RI SODWH VWULSV ZLWK YDOXHV WR F F FRPSOHWH VKHHW F XVDJHV RQ UHFHLSWV

SRVWDO VWDWLRQHU\ LQF VXSHUE XQXVHG F UHJ G HQF 'HOHJDWH VSHFLDO VWRFNERRN FRQWDLQLQJ

TW\

06 GLIIHUHQW FRQWHPSRUDU\ LVVXHV IUHVK 80 ZLWK GHILQV DQG FRPPHP VHWV 9HU\ ILQH 75,67$1 '$ &81+$ { 5(9(18(6 2OG WLPH UDQJH RQ ROG SDJHV ZLWK

PDQ\ GLIIHUHQW W\SHV ORRN WR EH SUH LQF &RQVXODWH ZLWK

%RRNOHW G ZLWKRXW SRVWPDUN 6*6% YHU\

JRRG FRQGLWLRQ

GLIIHUHQW FRXQWU\ YDOXH RYSWV :HOO )RXQGDWLRQ 7D[ ZLWK GLIIHUHQW GD\V 3URSRUWLRQDO )HHV 5HDO (VWDWH :RRG 7D[ +HMD] 5DLOZD\ 7D[ $ YHU\ LQWHUHVWLQJ ORW RI UHYHQXHV /LJKW DGKHVLRQ WR WKH SDJHV

5HVHWWOHPHQW RYSW VHW DV EORFNV RI 80

6*

&RPSUHKHQVLYH 1+0 80 FROOHFWLRQ RI

GLIIHUHQW LVVXHV DQG 06 ZLWK PXFK FRPSOHWLRQ VRPH

785.6 &$,&26 ,6

DGGLWLRQDO OLVWHG :PN YDULHWLHV SOHQW\ RI KLJK YDOXH GHILQ VHWV %DGJH VHWV ERWK ILQH PLQW 6*

DQG PRUH )LQH ORW

%LUG VHW RI VSHFLPHQ RYSW RQ FDUG IRU

%DGJH VHW ILQH PLQW 6*

GLVSOD\ DW WKH 3RVW 2IILFH &RXQWHU 6* 9HU\ VFDUFH F RQO\ SUHSDUHG IRU ORFDO XVH

,VODQG LVVXH DV VKHHWOHWV RI VHULHV WR

(GZDUG VHW ILQH PLQW 6* F

IUHVK 80 6HOGRP VHHQ LQ VKHHWOHWV RQH VKRUW SHUI

.*9 GHILQ LVVXH 6* $ FRPSUHKHQVLYH

781,6,$

VHW RI ZLWK DOO OLVWHG 6KDGHV 3ULQWLQJV ILQH PLQW 1LFH VHW ILQH GLVLQIHFWHG HQWLUH IURP 7XQLV WR 0DUVHLOOHV )UDQFH &RPSOHWH VHWV 9)0 GLIIHUHQW LVVXHV F

3D\V G 2XWUHPHU 3XULILH D 7RXORQ FDFKHWV WZR IXUWKHU ,QF :DU 7D[ RYSWV VHW VHW 6* VHW HQWLUHV ERWK WR 0DUVHLOOHV LOOXVWUDWHG VDLOLQJ WR 6* .*9, ZLWK DOO OLVWHG VKDGHV 9HU\ ILQH VKLS SULQWHG IRUP ZULWWHQ DQG ILOOHG RXW LQ ,WDOLDQ QRW D

PDLOHG LWHP DSSHDUV WR EH VRPH IRUP RI SDVV RU RIILFLDO GRFXPHQW IRU XVH LQ WKH 3RUW RI 7XQLV HQWLUH IUDQNHG ZLWK 4(,, FROOHFWLRQ RI VHWV LQF GHILQ VHW

)UHQFK &RO F FRPPHUFLDO FRYHU IUDQNHG F F RI GHILQ VHW RI VWDPS FHQWHQDU\ DV FDQFHOOHG DW 6RXVVH DOVR VHH XVHG XQXVHG SRVWFDUGV LPSULQWHG EORFNV ERWWRP WZR URZV 1HZ &XUUHQF\ VHW D SRVWDO VWDWLRQHU\ LWHPV LQFO F SRVWFDUG ZLWK 0LQLVWU\ RI JRRG ORW PLQW :DU FDFKHW FRYHU FHQVRUHG WZLFH $1' 025( .*9, VSHFLDOLVHG ZLWK EORFNV VKDGHV YIP

,QWHUHVWLQJ ORW LWHPV

GHILQV LQF EORFNV WR FRPSUHKHQVLYH VHW 6* 0DLOV WR 6ZLW]HUODQG )LQH ORW RI PXOWL IUDQNHG

ZLWK VKDGHV ERWK ERWK

GHILQ VHW DV FRYHUV XVLQJ D YDULHW\ RI :DUWLPH LVVXHV DQG UDWHV RQH ZLWK SODWH QXPEHU PDUJLQDO VLQJOHV HWF TW\ 5HFRPPHQGHG FHQVRU ODEHO )LQH

3267$/ +,6725< *5283 EHJLQV ZLWK FOHDQ

785.(< 7(/(*5$0 7(/(*5$3+6 VPDOO JURXS RI

4(,, 8102817(' 0,17 GLII

VWDPSV PV DOO DV FRPSOHWH VHWV KRXVHG LQ D ILQH

DOEXP LWHPV LQFO VHDOV EULJKW VFDUOHW LQ D PLQW EORFN RI IRXU WHOHJUDP ZLWK VFDUOHW 7 & 7(/(*5$) VHDO WLHG 8*$1'$ E\ ,VWDQEXO SRVWPDUN XVHG V EODFN RQ SLQN IRUP SOXV D

IXUWKHU IRUP ZLWK PHVVDJH ZULWWHQ XSRQ LW VWDWHG IURP 6HUUHV LQ $1 (;7(16,9( &2//(&7,21 RI 5R\DO :HGGLQJ LVVXHV XP LQ D ELQGHU LQFOXGLQJ WKH 685&+$5*( 0DFHGRQLD LWHPV

20,77(' 9$5,(7,(6 6* F D D RI HDFK SOXV 3DUFHO &DUGV IURP *HUPDQ\ ZLWK D YDULHW\ RI

RWKHU YDULHWLHV LQF LQYHUWV DOVR TXDQWLWLHV RI XP VHWV VKHHWOHWV *HUPDQ IUDQNLQJV IURP GLIIHUHQW WRZQV FDUGV *RRG IRU JXWWHU EORFNV V +XJH FY VWXG\

81,7(' $5$% (0,5$7(

{ 785.,6+ $9,$7,21 62&,(7< PRVWO\ PLQW RU

XVHG FROOHFWLRQ *KU *KU ERWK XVHG QRWH { 8$( RYSW I VWULS RI DQG D VLQJOH 6* RQ D

SLHFH YHU\ ILQH XVHG 6HOGRP VHHQ LQ VWULSV QLFH JURXS RI <X] 3DUD VXUFKDUJHV ZLWK YDULRXV (;75$ /,1(6 RI 3(5)25$7,216 VHW LQ PLQW EORFNV RI

3URYLVLRQDO I RQ I RQ $LUPDLO &RYHU ZLWK I

IRXU *RRG WR ILQH 0LFKHO FDW (XURV VWDPSV

I $UPV VFDUFH 3URYLVLRQDO RQ D &RPPHUFLDO &RYHU

6* D )LQH FDQFHOOHG 5(' &5(6(17 $/0267 &203/(7( 0,17

&2//(&7,21 RI WKH PDQ\ LVVXHV PRVW LQ FRPSOHWH PLQW VHWV 8QDGGUHVVHG ,OOXVWUDWHG )'& V ZLWK D &DW 9DO 2I DV ILQH XVHG VHWV VHHQ XQOLVWHG 06 'XW\ VRPH XVHG DOVR VRPH YDULHWLHV DQG VWDPSV XVHG RQ FRYHU )UHH 06 +XPDQ 5LJKW 06 $ YHU\ ILQH FROOHFWLRQ ZH QRWH N XVHG RQ SRVWFDUG òN XVHG RQ FRYHU

PLQW XVHG VHW ZLWK 'DPJD 0DWEDDVL LQVFULSWLRQ / &DWDORJXHG FRPSUHKHQVLYH EOXH UHG PLQW N JUHHQ PLQW EORFN RI ZLWK 5('

XP FROOHFWLRQ ZLWK GLIIHUHQW VWDPSV PV VKHHWOHWV &5(6&(17 20,77(' PLQLDWXUH VKHHW / H[ ERRNOHW ZLWK FRQWURO QXPEHU XVHG 6HINDW SXOX RYSWV PDQ\ EHWWHU LVVXHV LQF OLWHUDF\ GD\ GHILQ VHW PLQW VHW VHW LQ D SDQH RI VH WHQDQW VHWV SOXV GHILQ VHW H[SR VHW LQF I WKDW ZDV ZLWKGUDZQ PXFK PLQLDWXUH VKHHW N EORFN RI IRXU RQH VWDPS ZLWK 5(' PRUH 6HOGRP RIIHUHG PDWHULDO &5(6&(17 20,77(' VHW WR ò/ PLQW SOXV SD OLJKW &DWDORJXHG DV IX VHWV PV YI

EOXH UHG LQ D EORFN RI ,03(5)25$7( +25,=217$//< FROOHFWLRQ RI GLII XQDGGU IGF VHOGRP RIIHUHG DQ H[FHOOHQW N EORFN RI ZLWK WZR 20,66,216 RI FUHVFHQW DQG RQH VRXUFH RI XVHG VHWV VRPH JHQXLQHO\ VFDUFH LWHPV KHUH LQF SDUWLDO DOVR LQFO D UDQJH RI ODWHU SULYDWH LVVXHV 6XSHU ORW IHZ OLPLWHG WR LVVXHV V FRYHUV FDUGV

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 67

&DWDORJXHG DV ILQH XVHG VHWV PV

3267$/ +,6725< $&&808/$7,21 JURXS RI

YI FROOHFWLRQ RI GLII XQDGGU IGF VHOGRP RIIHUHG DQ H[FHOOHQW VRXUFH RI XVHG VHWV VRPH MXVW OLPLWHG WR LVVXHV

FRPPHUFLDO PDLO QRWH F -DPHVWRZQ ([SR F 9LFWRU\ RQ FRYHUV UDQJH RI SRVWDO VWDWLRQHU\ LQFO VRPH XSUDWHG LWHPV SRVW UHSO\ FDUG ZLWK UHSO\ SRUWLRQ VWLOO DIIL[HG ::, FHQVRU FRYHU 0L[HG FRQGLWLRQ LQWHUHVWLQJ UDQJH

3DUFHO 'HVSDWFK )RUPV ZLWK D YDULHW\ RI

IUDQNLQJV ,QF G 6* G 6* )RUP ZLWK 7KH SOD]D +RWHO KHDG SDSHU ZLWK GLIIHUHQW G DQG G 6* $Q LQWHUHVWLQJ ORW ZLWK PDQ\ EHWWHU

IUDQNLQJ VXSHUE IRU VWXG\ VWDPSV )UDQNOLQ F :DVKLQJWRQ F F F F F F F F H[SUHVV SOXV ODWHU DGG 6DQ )UDQFLVFR F F F $ 81,7(' 1$7,216 KLJKO\ FDWDORJXHV JURXS WR HQKDQFH \RXU FROOHFWLRQ { *HQHYD 1HZ <RUN DQG 9LHQQD 2IILFHV

FRPSOHWH FROOHFWLRQ ERWK 80 DQG 9)8 IHDWXULQJ PDQ\

VKHHWOHWV ([FHSWLRQDO TXDOLW\ 3UHYLRXV HVWLPDWH PDQ\ 4 )LUVW )OLJKW &DFKHWV RQ FRYHUV ,QF 5DOHLJK /RV $QJHOHV 0RQWJRPHU\ $ODEDPD *RRG\HDU

V

5HOLDQFH 6W 3HWHUVEXUJ IO $ ILQH ORW HDFK GLIIHUHQW 6LOYHU FRLQ SURRIV VHULHV WR LQ D VSHFLDO

DOEXP FRYHUV ZLWK QHDW W\SHG DGGUHVVHV VHQW WR WKH ,VOH RI 0DQ $ ODUJH FROOHFWLRQ LQ WZR SULQWHG DOEXPV 67&

DQG RQ VWRFNFDUGV ZLWK PV VKHHWOHWV DQG V RI

VWDPSV QRWH 06 VSDFH 06 DQG VKHHWOHWV IODJV VKHHWOHWV $ YHU\ JRRG ORW IUHVK XQPRXQWHG PLQW

{ 5(9(18( (DUO\ LVVXHV WR LQF 6WDWHV

VHHQ %HHU 6WDPSV 7REDFFR 7D[ ,QWHUQDO 5HYHQXHV

0HGLFLQH &LJDUHWWHV DQ ROG WLPH UDQJH RI UHYHQXH OLJKWO\ DGKHVLRQ WR WKH ROG SDJH DQ LQWHUHVWLQJ ORW ::,, 3DWULRWLF (QYHORSHV NLFNHG RXW

7RMR VR VRUU\ % 7KH %HHV $UH 6ZDUPLQJ 0U 7RMR ,GOH *RVVLS 6LQNV 6KLSV $Q LQWHUHVWLQJ JURXS

,OOXVWUDWHG IGF V ZLWK LVVXHV IURP WKH

V WR V XQDGGUHVVHG ZLWK VSHFLDO FDQFHOV

858*8$<

{ 5(9(18(6 RQ ROG SDJHV ZLWK UHYHQXHV WR

6WRFNSDJHV SDFNHWV DQG ORRVH

FROOHFWLRQ KRDUG LQF ORJR LPSULQWHG EORFNV 8QLWHG 6WDWHV LVVXHV ZLWK PDQ\ GLIIHUHQW W\SHV ORWV RI GLIIHUHQW \HDU RYSWV

PDLQO\ V RI VWDPSV FKLHIO\ V SHULRG XQPRXQWHG PLQW VHHQ VRPH ODWHU LVVXHV 8QLWHG 1DWLRQV ORJR LPSULQWHG EORFNV RI RU

PRUH ZLWK LVVXHV IURP RYHU EORFNV RQ VWRFNSDJHV

IUHVK 80

81,7(' 67$7(6 $PHULFDQ /HWWHU 0DLO F 6FRWW / RQ DQ HQWLUH

VHQW WR 3KLODGHOSKLD ,Q ILQH FRQGLWLRQ 6FDUFH /RFDO 3RVW (QY ZLWK 86 0DLO F FDUULHU

VWDPS 6FRWW /% RQ (QY ZLWK PDQXVFULSW DQG SDLG +6 ZLWK 1HZ <RUN &'6 VHQW WR )ODWEDVK H[ 3HDUVRQ %R\GV &LW\ ([SUHVV ORFDO SRVW F ODUJH PDUJLQV

RQ D IURQW ZLWK ODUJH 1HZ <RUN &'6 6FRWW / %R\GV &LW\ 3RVW F (DJOH ZLWK YHU\ ODUJH

PDUJLQV 6FRWW / XVHG RQ D VPDOO HQWLUH ZLWK %R\GV ([SUHVV &'6 DQG 3DLG - 7 % KDQGVWDPS %ORRGV &LW\ F WLHG ZLWK DFLG FDQF ZLWK %OXH

LQ RYDO KDQGVWDPS 6FRWW / RQ ZUDSSHU 'RXEOH SHUIRUDWLRQV HUURU F 6& VXSHUEO\

OLJKWO\ DGKHVLRQ WR WKH SDJHV $ VFDUFH FROOHFWLRQ I UHYHQXHV ZLWK KLJK YDOXH &RQVXODWH LVVXHV PLQW

9$7,&$1 &,7< 9$/8$%/( &2//(&7,21 &DWDORJXHG RYHU

ZLWK PDQ\ EHWWHU VHWV ,QF GHILQ VHW RI 3RVWDJH GXHV +RO\ <HDU 'HILQ VHW RI

6XUFKDUJH VHW RI F ZLWK &HUW $LU VHW F

$LU VHW F 'HFUHH RI *UDWLDQ VHW F

6WDPS &HQWHQDU\ 06 &DW $ YHU\ JRRG FROOHFWLRQ RI VWDPSV 06 PLQW ODWHU 80 LQ D /LJKWKRXVH +LQJOHVV $OEXP ,UHODQG WR 9DWLFDQ &LW\ YLD 5RPH ILUVW IOLJKW

FRYHU IUDQNHG G G RQ D ILQH LOOXVW HQY 9DULRXV EDFNVWDPSV 9) &$7$/2*8(' WKH HDUO\ \HDUV

H[WHQVLYH 0 8 FROOHFWLRQ LQ SULYDWH $OEXP PDQ\ EHWWHU LVVXHV 'HILQ VHW 6WDJHFRDFK 06 9)8 DQG PRUH )LQH *UDWLQ $LU 6HW 6WRFNERRN ZLWK XQPRXQWHG PLQW FROOHFWLRQ ZLWK

PDQ\ VHWV ZLWK LVVXHV WR RYHU VWDPSV 3ULFH XS WR

VHOO

XVHG RQ VPDOO HQY %DU SPN %HDXIRUG FGV 8QXVXDO

7UDQVDWODQWLF OHWWHU FRYHU ZULWWHQ DW 1HZ <RUN

HQGRUVHG SHU VWHDPHU DGGU WR &DUOLVOH 8. IUDQNHG SDLU F EODFN :DVKLQJWRQV 6& F RQH GDPDJHG JRRG UDQJH RI SRVWDO PDUNLQJV ,PSUHVVLYH 9HU\ ILQH VPDOO FRYHU WR )UDQFH ZLWK F

)UDQNOLQ 6& VLQJOH IUDQNLQJ WLHG VXSHU &RUN SPN %RVWRQ FGV DUULYDO EV ZLWK 5LFKWHU &HUWLILFDWH UDWHG

9$/8$%/( 6WDPS FROOHFWLRQ KRXVHG LQ D

ER[HG /LJKWKRXVH +LQJHOHVV $OEXP WR RYHU GLIIHUHQW VWDPSV DQG 06 3URE &DW ZLWK PDQ\ NH\ LVVXHV

0 80 VHW F 3RVWDJH GXHV F +RO\ <HDU F 3LFWRULDO VHW F -XULGLFDO VHW F ([KLELWLRQ VHW F $LUPDLOV F *UDWLDQ F 6WDJH &RDFK 6KHHW F DQG PRUH 2IIHUHG LQWDFW

9(1(=8(/$ { 2OG $OEXP 3DJHV ZLWK VWDPSV ,QF HDUO\

6DQ )UDQFLVFR WR /LYHUSRRO 8.

SHWLWH

$UPV %ROLYDU 0DSV $UPV $LUV ZLWK PDQ\ VHWV ILQH XVHG

HQYHORSH IUDQNHG F F F SD\LQJ FW UDWHV PDQ\ FDQFHOV DWWUDFWLYH ^3KRWR` 3UHWW\ VPDOO HQYHORSH ZLWK HQFORVXUH WR 8. ZLWK

ILQH VLQJOH XVH RI F JULOO 6& &RUN FDQFHO 1HZ <RUN WUDQVLW DLUPDLO 9HU\ ILQH )U\H DQG &R ([SUHVV RQ /HWWHUKHDG RQ 5LGHU

2ULJLQDO FROOHFWLRQ LQ DQ DOEXP ZLWK RYHU

VWDPSV ZLWK YHU\ JRRG HDUO\ FRQWHQWV LQF FRORXU SURRIV EORFNV RI WR E PLQW F PDS VH WHQDQW SDLU PLQW DLU RYSWV PDQ\ VHWV PXFK LV IX 6HOGRP RIIHUHG VROLG FROOHFWLRQ

DQG &RWWRQ /HWWHU 0RVKHU )5<; / ZLWK RUGHU GHWDLOV

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

PTS and ASDA registered. Integrity assured.

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 68

68%67$17,$/ DOO GLIIHUHQW VWDPS FROOHFWLRQ

KRXVHG LQ WZR VWRFNERRNV ZLWK YHU\ PDQ\ V ZLWK VWUHQJWK LQ PRGHUQ LVVXHV XSWR PLG V 80 ZLWK VKHHWOHWV FRPSUHKHQVLYH V UHJLRQDO VHWV )8 RYHU GLIIHUHQW 06 RU VKHHWOHWV DOVR IHDWXUHV HDUO\ IURP FODVVLFV )8 ,WHPV &DW XSWR HDFK D SOHQW\ *RRG ORW

G EOXH SHUI DW 6RPHUVHW +RXVH %/2&.

2) )285 6* PLQW VFDUFH PXOWLSOH G SXUSOH EURZQ LQWHUPHGLDWH SHUI

6* XQXVHG WULPPHG MXVW WRXFKHV GHVLJQ DW ULJKW FDW { 6:$16 86(' &2//(&7,21 QHDWO\

9,&725,$ 6WDPS 'XW\ 6* 9)0

3RVWDO )LVFDO SHUI 9)0 6* &$

6WDPS GXW\ G 6* D IUHVK PLQW SDUW

2*

SUHVHQWHG DUUDQJHG E\ YDOXH RQ SDJHV ZH VHH JRRG UDQJH LQFO G WKUHH GLIIHUHQW SHUIV G 3 3 XQXVHG G 3 G YDULRXV SOXV URXJK 3 RQ EOXHG V \HOORZ JUHHQ G QR ZPN 3 ò 3 ZPN &URZQ && JRRG UDQJH RI YDOXHV VKDGHV WR V ZPNV QRW FKHFNHG ZPN &URZQ &$ 3 3 LQFO G OLODF 3 XQXVHG XVHG VHW G PLQW 0DQ\ JRRG WR ILQH XVHG DQG JHQHUDOO\ ZHOO DERYH DYHUDJH FRQGLWLRQ

G UHG EURZQ ZPN &URZQ &$ ULJKW PDUJLQDO 6WDPS 'XW\ 6* F 9)0

KRUL] SDLU 6* 9)0 80 JUHDW FHQWULQJ 49 VLGHIDFH UDUH FRPSOHWH PLQW VHW RI òG

49 KLJK YDOXH ILQH P 6*

WR GLIIHUHQW LQ VXSHUE IUHVK PLQW FRQGLWLRQ ROG PRXQW UHPDLQV IURP DQ DUFKLYH 6* 6HOGRP RIIHUHG 5HTXHVW VFDQ

<8*26/$9,$

6WDPS 'XW\ 6* IUHVK PLQW

%RVQLD DQG +HU]HJRYLQD LVVXHV LQF ILUVW GHILQ

VHW DQG SRVWDJH GXH VHW NLQJGRP RYSW VHW RI QRWH K 3UXVVLDQ EOXH QHZVSDSHU VWDPSV ZLWK URXQG VWRSV D ILQH FROOHFWLRQ RI VWDPSV IUHVK PLQW

6WDPS 'XW\ 6* 9)0

,PSHUI SURRIV LQ LVVXHG FRORXUV RI WKH GHILQ VHW

RI 6* XQXVHG H[ SULQWHUV DUFKLYH ODUJH PDUJLQV

3RVWDO )LVFDO 6* 9)0

{ 62.2/ *$0(6 6HW RI 6L[ VSHFLDO ODEHOV ZLWK

6WDPS 'XW\ 6* IUHVK PLQW

PDWFKLQJ VWDPSV DIIL[HG RQ WRS ZLWK VSHFLDO SLFWRULDO FDQFHOV RQ LQGLYLGXDO SLHFHV &KRLFH

'HOHJDWH VWRFNERRN FRQWDLQLQJ GLIIHUHQW 80

6HW RI GLIIHUHQW YDOXHV IUHVK PLQW 6*

FRQWHPSRUDU\ LVVXHV DV VHWV &DW LQF <XJRVODY $UW 6HW

,QF ERWK FRORXUV RI G ,QF %OXH 6* ,QFUHGLEOH FRORXUV DQG IUHVKQHVV 6FDQ DGYLVHG

6* 6HD &UHDWXUHV DQG 2O\PSLF VHW 6* YHU\ ILQH

6WDPS 'XW\ 6* ' IUHVK PLQW

=$1=,%$5

6XOWDQ PLQW VHOHFWLRQ ZLWK KLJK YDOXHV U

6WDPS 'XW\ G 6* % 9)0

U U U U 6* HWF *RRG DSSHDUDQFH JXP IDXOWV &DW

6XOWDQ VHW 6* ILQH PLQW 6WDPS 'XW\ 6* $ 9)0

6WDPS 'XW\ 5RVLQH 6* ILQH PLQW

{ 3URYLVLRQDO ò RQ D 6* )8 $ VFDUFH

VWDPS

3URYLVLRQDO ò RQ D 6* PLQW :DU )XQG 6HW IUHVK PLQW 6* ROG UHPDLQV

G VPDOO JXP WKLQ 9HU\ IUHVK

68/7$1 6HOHFWLRQ FKLHIO\ IUHVK PLQW ZLWK KLJK 26 3HUI G G òG G 9)0 %:

YDOXHV U U U DQG U EHWZHHQ 6* 7KH KLJK YDOXHV DUH ILQH ORZHU YDOXHV PL[HG

9,(71$0

6XOWDQ VHW JRRG WR ILQH P 6*

0LOLWDU\ VWDPS 6*60) DV D UDUH PDUJLQDO

EORFN RI VL[ 1+0 RQO\ LVVXHG WR VROGLHUV F

6HULI WR )RRW RI ) YDULHW\ ò RQ D PLQW

6* E

9,(71$0 6287+

+,*+ 9$/8( U 6* PLQW

'HOHJDWH VSHFLDO VWRFNERRN FRQWDLQLQJ

GLIIHUHQW FRQWHPSRUDU\ LVVXHV 80 LQF 3UHVLGHQW GHILQ

VHW 6*6

{ +LJK 9DOXHV U U * WR ILQH SRVWDO XVHG

WESTERN AUSTRALIA :(67(51 $8675$/,$

6*

{ G EODFN GHHSHU VKDGH LPSHUI 6* GLDJRQDO

:DWHUPDUN VLGHZD\V YDULHW\ U 6* D IUHVK

FUHDVH RWKHUZLVH ILQH XVHG IRXU PDUJLQV

PLQW VPDOO FUHDVH

G EOXH LPSHUI 6* D XQXVHG FXW WR VKDSH

PDUJLQV ZHOO FOHDU RI GHVLJQ FDW

+LJK YDOXH U ILQH PLQW 6* E

{ G SDOH RUDQJH LPSHUI 3$,5 6* ILQH XVHG

+LJK 9DOXH 6HOHFWLRQ PLQW U U U U

FOHDU PDUJLQV RQ WKUHH VLGHV WRXFKHV DW EDVH FDW

6*

Philangles 408 pages (69pp).qxp 13/01/2022 07:13 Page 69

3267$/ +,6725< JURXS RI IRXU

Key to symbols in this catalogue

UHJLVWHUHG SRVWDO VWDWLRQHU\ HQYV WR VDPH 8. DGGUHVV WKUHH ZLWK F SRVWDJH UDWH DQG RQH DW F SRVWDJH SOXV F UHJ Q

DOVR SODLQ HQY WR VDPH 8. DGGUHVV JHQHUDOO\ FOHDQ ILQH

✱

✉

Used Mint Postal History

✈ ✱✱ &

Airmail Unmounted mint Literature

+LJK 9DOXH 6HOHFWLRQ U U U U

6* PLQW )LQH

PHILANGLES

'HILQ VHW RI F WR VK 6* PDQ\

XP UDUH VHW RI EORFNV WKH VK EORFN LV FUHDVHG RQO\ YLVLEOH IURP EDFN DQG KDVQ W EHHQ ILJXUHG LQ WKH HVWLPDWH

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

Viewing

=8/8/$1'

Clients can view at our offices Monday - Friday 10am - 5pm Please telephone to arrange an appointment.

We are located in Warrington Town Centre

{ 49 òG 6* DQG G 6* ILQH

XVHG 49 6* IUHVK PLQW &DW $Q

LQFUHGLEO\ UDUH VWDPS 9LEUDQW FRORXU 2* $ IHZ WULPPHG SHUIV $W OHIW 6HOGRP RIIHUHG

Credit Cards

49 VHW RI 6* IUHVK PLQW

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

VISIT www.philangles.co.uk.

THE END OF THIS SALE

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

PTS and ASDA registered. Integrity assured.

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

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

Philangles 408 covers.qxp_Layout 1 13/01/2022 06:58 Page 2

159

ST HIGHE S PRICE ED T AN E GUAR

158 —————— 101 ——————

297

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

320

359

385

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.

—————— 194 ——————

We Travel Worldwide Philangles Ltd | Carson House | 44 Legh Street Warrington | Cheshire | WA1 1UJ www.philangles.co.uk 01925 231151 or email office@philangles.co.uk 415

490

571

Lot 2125 Confetti variety

Lot 1392 KGVI – Empire

AUCTION NUMBER 408 l AUCTION DATE 28TH FEBRUARY 2022

Lot 1628 Liechtenstein

Stamp Dealers since 1990

Lot 2175 This sale features a specialised collection of KGVI British Commonwealth with varieties & blocks, Liechtenstein with key sets, further portions of a major collection including France and much more. See us at London 2022. Whatsapp video’s available for larger lots.

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

Lot 2174 Fine stamps

AUCTION NUMBER 408 l AUCTION DATE 28TH FEBRUARY 2022

Philangles 408 covers.qxp_Layout 1 13/01/2022 06:58 Page 1

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

Estd 1990