Fieldings Auctioneers

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Fine Art & Antiques Saturday 9th January 2016 10.00am

Project1_Layout 1 17/12/2015 15:35 Page 2

Nicholas Davies

Will Farmer

Director Silver, Jewellery and Collectables

Director Ceramics, Glass and Decorative Arts

nick@fieldingsauctioneers.co.uk

will@fieldingsauctioneers.co.uk

Mark Hannam

Andrew Mayall

Alison Snowdon

Senior Valuer and Auctioneer Collectables and Furniture

Valuer and Auctioneer Furniture

Valuer and Auctioneer Textiles and Ceramics

mark@fieldingsauctioneers.co.uk

alison@fieldingsauctioneers.co.uk

andrew@fieldingsauctioneers.co.uk

William Lacey

Liz Winnicott

Picture Consultant

Silver and Jewellery Consultant

bill@fieldingsauctioneers.co.uk

liz@fieldingsauctioneers.co.uk

Judith Woolgar

Clare Tracey

Ellie Bertram

Accounts Manager

Office Administration

Administrative Assistant

judith@fieldingsauctioneers.co.uk

info@fieldingsauctioneers.co.uk

Lee Coldrick Head Porter and Saleroom Assistant

ellie@fieldingsauctioneers.co.uk

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, 3 7 3 F 1LDEMG KML>IK ?IDMEEMD LF L <ELB6 GLBJH; BLG :JKC FJE9MG EAFKGM KGJ?F8 DMKLJEJH; LHD 5 + HA?<MG >ELKM8 J?>GMFFMD ?LG6F8 EMH;KC ++ B? 4105 2 4/55 1 7 3 F 1LDEMG KML>IK ?IDMEEMD LF L DLG6 <EAM GLBJH; BLG :JKC FJE9MG EAFKGM KGJ?F8 DMKLJEJH; LHD 5 + HA?<MG >ELKM8 J?>GMFFMD ?LG6F8 EMH;KC ++ B? 4355 2 4305 / 7 + KC ,MHKAG= >IGBMELJH >EL-AM <= @IG?MG 'I=LE 0IGBMFKMG LGKJFK 1 0MFKIH DMBIGLKMD :JKC L HADM <I= FKIID L;LJHFK L DIIG @ELH6MD <= BELFFJBLE BIEA?HF @GL?MD <= L KGLJEJH; <GLHBC8 FJ;HMD8 @GL?MD8 B? ) + B? 2 L<ME KI 9MGFI GMLDF %=FIH &MGGJHF .AFMA?8 0IGBMFKMG 5CJF :IG6 I@ LGK JF BMGKJ@JMD LF CL9JH; <MMH M)MBAKMD >GJ9LKME= <= LH LGKJFK M?>EI=MD <= 5CM 0IGBMFKMG 'I=LE &IGBMELJH ,I KD4 LHD FJ;HMD <= "MHG= 1LHDIH $,AGLKIG# 4315 2 4305

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

+ .

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

F111-066 Part 1.qxp_Layout 1 17/12/2015 15:25 Page 7

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

3,

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

3* 7 FMK I@ KMH *GJB 'L9JEJIAF @IG 0MD;:IID 5GL9ME >LKKMGH KML BA>F LHD FLABMGF8 MLBC KML BA> :JKC L KJHKMD <EAM CIK LJG <LEEIIH8 >GJHKMD ?LG6F8 BA> CMJ;CK B?8 FLABMG DJL?MKMG B? / 15'75*% 4315 2 43.5 3.

7 *GJB 'L9JEJIAF @IG 0MD;:IID 5GL9ME >LKKMGH BI@@MM >IK DMBIGLKMD :JKC L GIAHDME I@ L 9JHKL;M <AF DGJ9JH; LEIH; L CJEE= ELHDFBL>M LHD L FHI: FKIG? KI KCM GM9MGFM8 KCM BI9MG :JKC L GIAHDME :JKC L 9JHKL;M ?IKIG BLG LHD L FKML? KGLJH A>IH L <GJD;M8 >GJHKMD ?LG6F8 CMJ;CK B? / 15'75*% 4315 2 43.5

3* 3.

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15 3+ 7 FMK I@ @J9M *GJB 'L9JEJIAF @IG 0MD;:IID LGDMH >LKKMGH <GMLD >ELKMF MLBC DMBIGLKMD :JKC L KGMM8 :CMME<LGGI: LHD ;LGDMH KIIEF8 >GJHKMD LHD J?>GMFFMD ?LG6F8 DJL?MKMG B? 4155 2 4/55

15 7 ELG;M 0MD;:IID ?MLK >ELKM DMFJ;HMD <= *GJB 'L9JEJIAF JH KCM 5GL9ME >LKKMGH :JKC L BMHKGLE I9LE GIAHDME DM>JBKJH; L K:JH @AHHMEEMD IBMLH EJHMG AHDMG L HJ;CK F6=8 >GJHKMD LHD J?>GMFFMD ?LG6F8 EMH;KC B? / 15'75*% 4355 2 4305

13 7 FMK I@ @J9M ;GLDALKMD *GJB 'L9JEJIAF @IG 0MD;:IID LGDMH >LKKMGH >ELKMF BI?>GJFJH; JH DJL?MKMG + B?8 + B?8 + B?8 B? LHD B? KI;MKCMG :JKC L K:JH CLHDEMD FIA> BA> LHD FLABMG $ # 4155 2 4/55

1/ 7 3 F L>LHMFM B=EJHDGJBLE 9LFM DMBIGLKMD :JKC :G=KCMH @EIGLE F>GL=F I@ ELG;M @EI:MG CMLDF L;LJHFK L >LEM EM?IH =MEEI: ;GIAHD8 KCM <IGDMG MD;MF JH ;GMMH :JKC ;JEK @EI:MGF8 >GJHKMD / * , Q ,I L>LH ?LG68 CMJ;CK B? 4155 2 4/55

11 7 0MD;:IID <GML6@LFK LHD DJHHMG FMK @IG IHM DMFJ;HMD <= *GJB 'L9JEJIAF8 DMBIGLKMD JH KCM 5GL9ME >LKKMGH BI?>GJFJH; L BMGMLE <I:E8 ;GL>M@GAJK <I:E8 KML >ELKM8 K:I ;GLDALKMD FCLEEI: <I:EF8 L @JFC >ELKM8 L FJDM >ELKM LHD L DJHHMG >ELKM8 LEE DMBIGLKMD :JKC <ELB6 LHD :CJKM KGLHF@MG L>>EJMD FBMHMF KJHKMD JH <EAM8 >GJHKMD ?LG6F $ # 4/05 2 4,55

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11.

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1* 7H KC ,MHKAG= %ME@K :MK DGA; LG8 >GI<L<E= IHDIH8 >LJHKMD :JKC KCM JHFBGJ>KJIH !/'/%* IH L FBGIEEMD BLGKIABCM BMHKGMD IH L FBLEEI> @ELH6MD <= K:I DM?J LH;MEF8 L BCMGA<J? <MHMLKC8 BJGBL 8 CMJ;CK + B?8 7 (

1* 1+ 7 >LJG I@ ELKM 3KC KI MLGE= + KC ,MHKAG= L>LHMFM 1LKFA?L 9LFMF8 MLBC I@ CM)L;IHLE @IG? LHD DMBIGLKMD :JKC L >GIBMFFJIH I@ GI<MD @J;AGMF IH @IIK LHD CIGFM<LB6 :JKC FI?M BLGG=JH; <LHHMGF LHD I@@MGJH;F8 KCM HMB6 :JKC L >LKKMGHMD ;GIAHD LHD GMM6 6M= <IGDMGF8 KCGMM BCLGLBKMG FMLE ?LG68 GLJFMD KI CLGD:IID FKLHDF8 CMJ;CK 3B? / 15'75*% 4155 2 4/55

/5 7H MLGE= + KC ,MHKAG= 'I=LE 0IGBMFKMG BI?>IGK DMBIGLKMD <= 'JBCLGD 1ML<GJ;CK8 KCM BMHKGLE GMFMG9M :JKC CLHD >LJHKMD L>>EMF LHD BCMGGJMF L;LJHFK L DLG6 <EAM ;GIAHD :JKC >LEM >JH6 BLGKIABCM >LHMEF LHD ;JEK M:MEEJH;8 KCM @IIK :JKC FJ?JELG DMBIGLKJIH8 >ABM ?LG6 :JKC DLKM BIDM @IG 3 LHD ?LHA@LBKAGMD @IG " 1KM>CMHFIH KD8 .LHBCMFKMG8 CMJ;CK +B?8 DJL?MKMG + B? / 15'75*% 4/55 2 4,55

(IG L DG= DGA; LG8 <AK :JKC 9MG= FJ?JELG DMBIGLKJIH LHD LKKGJ<AKMD KI IHDIH8 FMM *H;EJFC %ME@K:LGM JH KCM 2GJFKIE ,IEEMBKJIH8 (GLH6 2GJKKIH8 3 +8 >E 5CM GMBJ>M @IG !/'/%* JF FJ?>EJBJK= JKFME@ /K JF L EJHJ?MHK ?LDM <= CMLKJH; EML9MF I@ <L= ELAGME8 GAM8 BCL?I?JEM8 ?LG IGL? LHD :IG?:IID :JKC IEJ9M IJE 5CM ?J)KAGM ?AFK KCMH <M FKGLJHMD KI GM?I9M FIEJDF / 15'75*% 4105 2 4/55 1+

/5

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/3

/1

// /3 7H MLGE= + KC ,MHKAG= 'I=LE ,GI:H %MG<= K:JH CLHDEMD >MDMFKLE BA>8 KCM <ID= DMBIGLKMD :JKC K:I CLHD >LJHKMD >LHMEF <= , GMFEM= :JKC F>GL=F I@ @EI:MGF LHD @IEJL;M L;LJHFK L ?JE6 :CJKM ;GIAHD :JKC ;JEK @IEJLKM F>GL=F8 KCM ?LJH <ID= JH DLG6 <EAM8 >GJHKMD ?LG68 CMJ;CK B? / 15'75*% 4155 2 4/55

/0

/-

/1 7 ELKM 3KC ,MHKAG= ,ILE>IGK >IK >IAGGJ8 KCM I9IJD <ID= DMBIGLKMD :JKC MHL?ME <JGDF L?JDFK ;JEK @IEJL;M8 LEE KI L <EAM ;GIAHD8 >GJHKMD ?LG68 CMJ;CK B? / 15'75*% 4305 2 4155 // 7 ELKM KC ,MHKAG= (JGFK &MGJID 0IGBMFKMG F-ALGM DJFC DMBIGLKMD JH KCM PAMMH ,CLGEIKKM >LKKMGH8 BGMFBMHK ?LG6 KI KCM <LFM8 DJL?MKMG + B? / 15'75*% 4305 2 4155

/*

/.

/, 7H MLGE= + KC ,MHKAG= 'I=LE 0IGBMFKMG K:JH CLHDEMD >IK >IAGGJ JH KCM 7MFKCMKJB FK=EM8 KCM ?JE6 :CJKM <ID= DMBIGLKMD :JKC <EAM LHD :CJKM F>GL=F I@ <EIFFI?8 KCM CLHDEMF @IG?MD LF KGMM <GLHBCMF :JKC :CJKM DLJF= CMLDF8 >GJHKMD ?LG68 I<FBAGMD DLKM BIDM8 FCL>M + 8 GMKLJHF JHHMG8 CMJ;CK B? 4355 2 4305

/0 7 ELG;M MLGE= + KC ,MHKAG= 'I=LE 0IGBMFKMG <IKKEM 9LFM DMBIGLKMD :JKC >JH6 LHD BGJ?FIH GIFMF <= * LG?LH8 KCM BIEELG LHD GJ? HMB6 :JKC GMEJM@ ?IAEDMD DMBIGLKJIH8 >ABM ?LG6 :JKC DLKM @IG 3 +8 CMJ;CK + B? / 15'75*% 4105 2 4/55 /7H MLGE= + KC ,MHKAG= 'I=LE 0IGBMFKMG <IKKEM 9LFM DMBIGLKMD :JKC L >JH6 LHD BGJ?FIH GIFM L;LJHFK L <EAFC ;GIAHD8 FJ;HMD 7 LHM8 ;GMMH >GJHKMD ?LG6 :JKC DLKM BIDM @IG 3 8 CMJ;CK + B? / 15'75*% 4305 2 4155 /* 7 ?LKBCMD >LJG I@ 'I=LE 0IGBMFKMG BLBCM >IKF I@ EI<MD @IG? LHD DMBIGLKMD :JKC L CLHD >LJHKMD BGJ?FIH LHD >JH6 GIFM8 "LDEM=F FCL>M +3 8 <IKC :JKC >ABM ?LG6F LHD DLKM BIDMF @IG 3 LHD 3 8 CMJ;CK B? / 15'75*% 4305 2 4155 /.

7 ?LKBCMD >LJG I@ 'I=LE 0IGBMFKMG BLBCM >IKF8 MLBC I@ EI<MD @IG? LHD DMBIGLKMD :JKC L :CJKM EJE= L?JDFK GIFMF LHD @IG;MK ?M HIKF8 >ABM ?LG6F :JKC DLKM BIDMF @IG 3 LHD 3 8 CMJ;CK 3B? / 15'75*% 4305 2 4155

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

,-

,0 7 >LJG I@ 'I=LE %IAEKIH FKIHM:LGM 9LFMF MLBC DMBIGLKMD :JKC KA<MEJHMD >JH6 BCG=FLHKCM?A? @EI:MGF LHD @IEJL;M KI L ?IKKEMD ;GMMH <EAM ;GIAHD :JKC KA<MEJHMD KGLJEJH;8 J?>GMFFMD ?LG6F8 CMJ;CK B? 4355 2 4305

,* 7 >LJG I@ ELKM 3KC ,MHKAG= ,CJHMFM M)>IGK :LGM ;JH;MG LGF LHD BI9MGF8 MLBC DMBIGLKMD JH <EAM LHD :CJKM :JKC >LHMEF ELHDFBL>M LHD @EIGLE FBMHMF :JKC L ?JDDEM FMBKJIH @EIGLE <IGDMG :JKC @EI:MG CMLDF <MEI:8 AH?LG6MD8 CMJ;CK B? $IHM 7 (# 4355 2 4305

,7 'I=LE 0IGBMFKMG KGA?>MK 9LFM CLHD >LJHKMD <= L?MF 1KJHKIH8 KCM <ID= >LHME DMBIGLKMD :JKC L >CMLFLHK LHD L ;GIAFM JH L :IIDELHD FMKKJH;8 FJ;HMD8 >ABM ?LG6 :JKC DLKM BIDM @IG 3 +8 CMJ;CK + B? / 15'75*% 4155 2 4/55

,.

7 3KC ,MHKAG= 1AHDMGELHD AFKGM @GI; ?A; DMBIGLKMD :JKC L KGLHF@MG L>>EJMD FBMHM MHKJKEMD 7 :MFK 9JM: I@ KCM BLFK JGIH <GJD;M I9MG KCM 'J9MG 0MLG <AJEK <= ' 2AGGI: *F-8 F>LH + @MMK8 CMJ;CK @MMK <M;AH + 1M>K 3 8 I>MH 3KC 7A; 3 4 KCM JHKMGJIG :JKC L <GI:H >LJHKMD ?LG68 CMJ;CK +B? / 15'75*% 4355 2 4305

,, 7 ELG;M BI@@MM >IK >LJHKMD JH KCM GIAHD <= @IG?MG 'I=LE 0IGBMFKMG LGKJFK &LAE *H;EJFC :JKC CLHD >LJHKMD L>>EMF8 >MLBCMF LHD <ELB6 BCMGGJMF8 KCM GM9MGFM :JKC >MLBCMF LHD ;GL>MF8 >GJHKMD ?LG68 FJ;HMD8 CMJ;CK + B? 4355 2 4305 ,.

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,+ ,+ 7 ELKM KC ,MHKAG= %ME@K KJH ;EL MD BCLG;MG DMBIGLKMD :JKC L ELD= FLK A>IH L <GLHBC :JKC CMG ?LEM BI?>LHJIH <= CMG FJDM8 FMK L?JDFK L BLFKEM GAJHF :JKC L EL6M JH KCM @IGM;GIAHD LHD KGMMF JH KCM DJFKLHBM8 AH?LG6MD8 DJL?MKMG B?8 7 ( / 15'75*% 4355 2 4305 05 7 >LJG I@ MLGE= 3KC ,MHKAG= %MG<= K:JH CLHDEMD KL<EM FLEKF GLJFMD KI ?LKBCJH; K:JH CLHDEMD FKLHDF8 MLBC DMBIGLKMD :JKC MHL?ME LHD ;JEK >LE?MKKM LHD @IEJLKM FBGIEEF8 >LJHKMD ?LG6F8 FKLHD DJL?MKMG B? / 15'75*% 4355 2 4305

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

01 0/

0/ 7 ELKM (IEM= 1CMEEM= /HKLGFJI >MDMFKLE <I:E DMBIGLKMD JH KCM 7GK IA9MLA FK=EM :JKC GM>MLK >LKKMGH ?IKJ@ KI L <GI:H LHD ;GMMH ;GIAHD8 >GJHKMD ?LG68 CMJ;CK B? / 15'75*% 4355 2 4305 0, 7 3 F 7GK %MBI 5CI?LF (IGGMFKMG Q 1IHF &CIMHJ) 1=GJLH >LKKMGH 9LFM LHD BI9MG8 KCM I9IJD <ID= LHD DI?MD BI9MG :JKC ;MI?MKGJB LHD L<FKGLBK ?IKJ@ KI L :CJKM ;GIAHD8 >GJHKMD ?LG6F8 CMJ;CK B? 4355 2 4305

01

00 7 0JEEJL? .IIGBGI@K K:JH CLHDEMD >MDMFKLE <I:E DMBIGLKMD JH KCM &I?M;GLHLKM >LKKMGH8 KCM JHKMGJIG :JKC :CIEM LHD I>MH @GAJKF LHD <MGGJMF L;LJHFK L ;GMMH ;GIAHD8 KCM M)KMGJIG LHD @IIK :JKC <MGGJMF LHD @IEJL;M8 FJ;HMD JH ;GMMH8 J?>GMFFMD 2AGFEM? ?LG68 CMJ;CK B?8 EMH;KC +3B?8 GMFKIGMD 4155 2 4/55 07 0JEEJL? .IIGBGI@K B=EJHDGJBLE <I) LHD DI?MD BI9MG DMBIGLKMD JH KCM &I?M;GLHLKM >LKKMGH :JKC L <LHD I@ :CIEM @GAJK LHD <MGGJMF8 J?>GMFFMD ?LG68 CMJ;CK 3B?8 GMFKIGMD / 15'75*% 4305 2 4155

0-

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0* 0* 7 'I=LE 0IGBMFKMG @GAJK >LJHKMD ;JH;MG LG LHD BI9MG DMBIGLKMD JH KCM GIAHD <= "LGG= 7=GKIH :JKC CLHD >LJHKMD L>>EMF8 ;GL>MF8 >MLBCMF LHD <MGGJMF8 LEE KI L ?IFF= ;GIAHD8 FJ;HMD8 <ELB6 >GJHKMD ?LG6 :JKC DLKM BIDM @IG 3 8 CMJ;CK B? / 15'75*% 4/55 2 4055 0.

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

-/ -5 7 'I=LE 0IGBMFKMG @GAJK >LJHKMD KMLBA> LHD FLABMG DMBIGLKMD <= (GMM?LH8 KCM BA> :JKC CLHD >LJHKMD L>>EMF LHD BCMGGJMF8 KCM FLABMG :JKC L>>EMF LHD ;GL>MF8 <IKC FJ;HMD8 <IKC :JKC <ELB6 >GJHKMD ?LG6F LHD DLKM BIDMF @IG 3 8 FLABMG DJL?MKMG B? 4355 2 4305 -3 7 'I=LE 0IGBMFKMG @GAJK >LJHKMD >MDMFKLE 9LFM8 FCL>M ++ 8 >LHME DMBIGLKMD <= .IFMEM= :JKC L>>EMF LHD BCMGGJMF8 >ABM ?LG6 :JKC DLKM BIDM @IG 3+ 8 CMJ;CK B?8 GMFKIGMD 4355 2 4305

-, -0 7H MLGE= + KC ,MHKAG= 2MGHLGD .IIGM 9LFM I@ I9IJD @IG? :JKC L F-ALK BIEELG HMB6 DMBIGLKMD :JKC FHLGEJH; DGL;IHF LHD FK=EJFMD BEIADF JH L DMM> GMD I9MG L <GI:H ;GIAHD8 >LJHKMD ?LG68 CMJ;CK B? / 15'75*% 4155 2 4/55

-/ 7 "LHBIB6 Q 1IHF .IGGJF 0LGM 9LFM DMFJ;HMD <= MIG;M ,LGKEJD;M DMBIGLKMD :JKC >AG>EM <MEE @EI:MGF IH <EAM FKM?F :JKC GMD <MGG= CMLDF8 >GJHKMD ?LG68 FJ;HMD8 CMJ;CK + B? / 15'75*% 4155 2 4/55 -, 7H MLGE= + KC ,MHKAG= 2MGHLGD .IIGM 9LFM I@ BI?>GMFFMD ;EI<M LHD FCL@K @IG? DMBIGLKMD <= 7HHJM EEJMG :JKC @JFC F:J??JH; L?JDFK FBGIEEJH; :L9MF :JKC LJG<A<<EMF DGJ@KJH; KI KCM HMB68 >LJHKMD ?LG6F8 CMJ;CK + B? / 15'75*% 4,55 2 4-55

-7H MLGE= + KC ,MHKAG= 2MGHLGD .IIGM 9LFM I@ I9IJD @IG? :JKC L @ELGMD BIEELG HMB6 DMBIGLKMD :JKC L FBLGEMK GMD ;EL M :JKC ?IKKEMD I)JDM ;EL M >LKBCJH; JH ;GMMHF LHD <EAMF8 FJ;HMD KI KCM <LFM8 CMJ;CK + B?8 GMFKIGMD 4355 2 4305

-1 5:I 'I=LE 0IGBMFKMG @GAJK >LJHKMD 9LFMF8 KCM @JGFK I@ I9IJD :G=KCMH @IG? >LHME DMBIGLKMD <= %MELHM= :JKC CLHD >LJHKMD >MLBCMF LHD BCMGGJMF8 <ELB6 >GJHKMD ?LG6 :JKC DLKM BIDM @IG 3 8 KCM FMBIHD I@ CJ;C FCIAEDMGMD @IG? >LHME DMBIGLKMD <= 1CAB6 :JKC L>>EMF LHD ;GL>MF8 >ABM ?LG6 :JKC DLKM BIDM @IG 3 8 CMJ;CK B?8 GMFKIGMD $+# 4355 2 4305

-0

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*.

7 >LJG I@ 'I=LE 0IGBMFKMG "LDEM=F FCL>M K:JH CLHDEMD 9LFMF DMBIGLKMD <= ( 2GL= :JKC CLHD >LJHKMD >MLBIB6F FLK A>IH >JHM BIHM <GLHBCMF8 FJ;HMD8 <IKC :JKC ;GMMH ?LG6F LHD DLKM BIDMF @IG 3 8 CMJ;CK B?8 <IKC GMFKIGMD 4315 2 43.5

-* 7 ?JD + KC ,MHKAG= 'I=LE 0IGBMFKMG >IK >IAGGJ LHD F>JGM BI9MG >LHME DMBIGLKMD <= * 5I:HFMHD :JKC CLHD >LJHKMD :JKC K:I "J;CELHD BLKKEM8 FJ;HMD8 <ELB6 >GJHKMD ?LG68 CMJ;CK B? 4/55 2 4,55 -.

7 'I=LE 0IGBMFKMG GLJH;MGF FCL>M + 9LFM I@ B=EJHDGJBLE @IG? :JKC L >JMGBMD BIEELG HMB6 LHD GLJFMD KI @IAG BAGEMD @MMK8 KCM <ID= DMBIGLKMD <= .JEEJM "AHK :JKC CLHD >LJHKMD "LDEM= 'IFMF8 FJ;HMD8 >ABM ?LG6 :JKC DLKM BIDM @IG 3 8 CMJ;CK B? 4305 2 4155

*+ 7 'I=LE 0IGBMFKMG @GAJK >LJHKMD B=EJHDGJBLE 9LFM >LHME DMBIGLKMD <= 0 'I<MGKF :JKC >MLBCMF LHD ;GL>MF8 KCM @IIK @IG?MD LF L >JMGBMD FBGIEEJH; <LHD8 CMJ;CK B? 4305 2 4155 .5 7 3+ F 'I=LE 0IGBMFKMG ,GI:H 0LGM @IIKMD <I:E8 KCM BMHKGLE GIAHDME :JKC LH I9MG@EI:JH; <LF6MK I@ @GAJK LHD <MGGJMF8 LEE KI L :JDM <GJ??MD <EAM F>IH;MD <IGDMG :JKC L ;JEK <IGDMG MD;M8 ;IED ?LG6 :JKC DLKM BIDM @IG 3+ 8 DJL?MKMG + B? 4355 2 4305

-+ 7 'I=LE 0IGBMFKMG F>JEE 9LFM DMBIGLKMD <= 0 " 7AFKJH :JKC CLHD >LJHKMD >MLBIB6F FLK A>IH >JHM <GLHBCMF8 FJ;HMD8 <EAM ?LG6 :JKC JHDJFKJHBK DLKM BIDM8 CMJ;CK B? 4305 2 4155 *5 7 >LJG I@ 'I=LE 0IGBMFKMG GLJH;MG FCL>M 9LFMF8 MLBC DMBIGLKMD :JKC L <ELB6 LHD :CJKM BIKKL;M8 <IKC :JKC ;GMMH ?LG6F LHD DLKMD 3 8 CMJ;CK B? 4355 2 4305 *3 7 'I=LE 0IGBMFKMG @GAJK >LJHKMD BL<JHMK >ELKM DMBIGLKMD <= IB6=MG :JKC CLHD >LJHKMD L>>EMF LHD <ELB6<MGGJMF8 KCM <IGDMG MD;M JH <EAM :JKC ;JEK DMKLJEJH;8 >ABM ?LG6 :JKC DLKM BIDM @IG 3 8 DJL?MKMG + B? 4315 2 43.5 *1 7 'I=LE 0IGBMFKMG @GAJK >LJHKMD BL<JHMK >ELKM DMBIGLKMD <= IB6=MG :JKC CLHD >LJHKMD >MLBCMF LHD GMD ;GL>MF8 KCM <IGDMG MD;M JH <EAM :JKC ;JEK DMKLJEJH;8 >ABM ?LG6 :JKC DLKM BIDM @IG 3 8 DJL?MKMG + B? 4315 2 43.5

**/ 7 'I=LE 0IGBMFKMG @GAJK >LJHKMD FCLEEI: >ELKM DMBIGLKMD KI KCM BMHKGLE GIAHDME <= 1CAB6 :JKC L>>EMF8 ;GL>MF LHD DLJFJMF8 KCM <IGDMG MD;M JH <EAM :JKC ;JEK DMKLJEJH;8 FJ;HMD8 <EAM >GJHKMD ?LG6 :JKC DLKM BIDM @IG 3 8 DJL?MKMG + B? 4315 2 43.5

*0 7 'I=LE 0IGBMFKMG @GAJK >LJHKMD FCLEEI: >ELKM DMBIGLKMD KI KCM BMHKGLE GIAHDME <= .LGKJH :JKC >MLBCMF8 ;GL>MF LHD DLJFJMF8 KCM <IGDMG MD;M JH <EAM :JKC ;JEK DMKLJEJH;8 FJ;HMD8 <EAM >GJHKMD ?LG6 :JKC DLKM BIDM @IG 3 8 DJL?MKMG + B? 4315 2 43.5

*, 7 'I=LE 0IGBMFKMG @GAJK >LJHKMD FCLEEI: >ELKM DMBIGLKMD KI KCM BMHKGLE GIAHDME <= .LGKJH :JKC >MLGF8 GMD ;GL>MF LHD DLJFJMF8 KCM <IGDMG MD;M JH <EAM :JKC ;JEK DMKLJEJH;8 FJ;HMD8 <EAM >GJHKMD ?LG6 :JKC DLKM BIDM @IG 3 8 DJL?MKMG + B? 4315 2 43.5

*7 'I=LE 0IGBMFKMG 1L<GJHL 0LGM 9LFM I@ CJ;C FCIAEDMGMD @IG? DMBIGLKMD :JKC L FKIG6 :LDJH; KCGIA;C ;GLFF8 JHJKJLEEMD 71 @IG 7E<MGK 1CAB68 @LJHK ;GMMH ?LG68 CMJ;CK B? / 15'75*% 4155 2 4/55 ** 7 'I=LE 0IGBMFKMG 1L<GJHL 0LGM 9LFM I@ ;EI<M LHD FCL@K @IG? DMBIGLKMD :JKC :CJKM @EI:MG CMLDF8 ;GMMH >GJHKMD ?LG68 CMJ;CK B? 4355 2 4305

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

F111-066 Part 1.qxp_Layout 1 17/12/2015 15:25 Page 15

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.0

.,

.- .*

., 7 'I=LE 0IGBMFKMG BL<JHMK >ELKM DMBIGLKMD <= ICHFIH :JKC KCGMM CLHD >LJHKMD @EL?JH;I FKIID L?JDFK ;GLFFMF8 KCM <IGDMG MD;M JH <EAM :JKC ;JEK <LHDJH;8 FJ;HMD8 >ABM ?LG6 :JKC DLKM BIDM @IG 3 8 DJL?MKMG + B? / 15'75*% 4355 2 4305

.7 F?LEE BIHKM?>IGLG= KML>IK DMBIGLKMD <= @IG?MG 'I=LE 0IGBMFKMG ;JEDMG MH 'AFFMEE8 KCM ;JEK ;GIAHD :JKC <EAM MHL?ME M:MEEJH;8 L@KMG KCM %ADEM= FMG9JBM8 FJ;HMD8 CMJ;CK B? / 15'75*% 4315 2 43.5

..

7 BIHKM?>IGLG= BI@@MM BLH LHD FLABMG DMBIGLKMD <= @IG?MG 'I=LE 0IGBMFKMG ;JEDMG MH 'AFFMEE8 KCM ;JEK ;GIAHD :JKC <EAM MHL?ME M:MEEJH;8 L@KMG KCM %ADEM= FMG9JBM8 FJ;HMD8 BLH CMJ;CK B? / 15'75*% 4315 2 43.5

.0 7 'I=LE 0IGBMFKMG F>JEE 9LFM ?IDMEEMD LF L HLAKJEAF FCMEE GLJFMD KI L @LA) BIGLE >MDMFKLE :JKC ?IAEDMD FCMEEF KI KCM <LFM8 KCM :CIEM DMBIGLKMD JH ;GMMH LHD >JH6 MHL?MEF :JKC ;JEK DMKLJEJH;8 >ABM ?LG68 JHDJFKJHBK DLKM BIDM8 CMJ;CK B? / 15'75*% 4355 2 4305

.* 7 F?LEE BIHKM?>IGLG= BI@@MM >IK DMBIGLKMD <= @IG?MG 'I=LE 0IGBMFKMG ;JEDMG MH 'AFFMEE8 KCM ;JEK ;GIAHD :JKC <EAM MHL?ME M:MEEJH;8 L@KMG KCM %ADEM= FMG9JBM8 FJ;HMD8 CMJ;CK 3 B? / 15'75*% 4315 2 43.5

.+ 7H AH?LG6MD 'I=LE 0IGBMFKMG 1L<GJHL 0LGM B=EJHDGJBLE F>JEE 9LFM DMBIGLKMD :JKC :CJKM DLJF= CMLDF KI L GMD ;GIAHD8 >IFFJ<E= L KGJLE >JMBM8 AH?LG6MD8 CMJ;CK B? 4355 2 4305

..

+5 7 'I=LE 0IGBMFKMG @GAJK >LJHKMD BL<JHMK >ELKM DMBIGLKMD <= 1ML<GJ;CK :JKC CLHD >LJHKMD >MLBCMF8 ;GL>MF LHD FKGL:<MGGJMF L;LJHFK L ?IFF= ;GIAHD8 KCM <IGDMG MD;M JH GI=LE <EAM :JKC L ;JEK M:MEEMD I9MGEL= >LKKMGH8 FJ;HMD8 >ABM ?LG6 :JKC DLKM BIDM @IG 3+ 8 DJL?MKMG + B? 1 % / 15'75*% 4355 2 4305

+5

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,MGL?JBF

+3

+/

+3 7H MLGE= + KC ,MHKAG= 7GK IA9MLA 9LFM LKKGJ<AKMD JH DMFJ;H KI ,LGE A<MG @IG ICLHH 9IH 1BC:LG 8 KCM @GIHK DMBIGLKMD :JKC L EIH; CLJGMD ?LJDMH FAGGIAHDMD <= JGJFMF LHD :LKMGEJEJMF LHD KI KCM GM9MGFM :JKC KCGMM @EI:MG CMLDF8 LEE KI L ?IKKEMD ;GMMH ;GIAHD8 J?>GMFFMD HA?MGJBLE ?LG6 KI KCM <LFM8 CMJ;CK B?8 GMFKIGMD / 15'75*% 4/55 2 4055

+1 '$ & !% +1 7 ;EL MD KMGGLBIKKL CMLD ?IDMEEMD <= !LEE= 0JMFMEKCJMG @IG KCM 0JMHMG 0MG6FKLKKM8 ?IDME + 8 ?IDMEEMD :MLGJH; L KAG<LH @IG?MD @GI? EML9MF LHD L HMB6ELBM8 GLJFMD KI L F-ALGM >EJHKC :JKC KCM JHJKJLEF !0 KI KCM @GIHK8 J?>GMFFMD ?LG68 CMJ;CK + B? / 15'75*% 4/)555 2 40)555

+/ 7 .IIGBGI@K (EL?<M (GJEEMD GBCJD >LKKMGH KGA?>MK 9LFM I@ @ELGMD @IG? DMBIGLKMD :JKC KA<MEJHMD @EI:MGF LHD @IEJL;M KI L GMD :LFC ;GIAHD8 J?>GMFFMD ?LG6 LHD ?IHI;GL??MD JH <EAM8 CMJ;CK + B? / 15'75*% 4/55 2 4055

F111-066 Part 1.qxp_Layout 1 17/12/2015 15:25 Page 17

,MGL?JBF

+,

+0

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

++.

7 'I=LE 0IGBMFKMG K:JH CLHDEMD <LEAFKMG 9LFM >LHME DMBIGLKMD <= " 1KJHKIH :JKC CLHD >LJHKMD "J;CELHD BLKKEM JH L ?IAHKLJHIAF ELHDFBL>M8 FJ;HMD8 >ABM ?LG6 :JKC DLKM BIDM @IG 3 8 CMJ;CK B?8 7 ( 4355 2 4305

+* ++ 7 ,IHKJHMHKLE K:JH CLHDEMD LGDJHJMGM DMBIGLKMD :JKC L BMGJFM ELHDFBL>M LHD BLFKEM GAJHF8 DMBIGLKMD JH KCM GIAHD8 <MLGF AHDMG;EL M 1M9GMF ?LG6 LHD JH FBGJ>K ?IDMEM MK DMBIGLKJIH M)BEAFJ9M L EL ?LJH48 CMJ;CK B? 4355 2 4305

355 7 ELG;M .IIGBGI@K 9LFM I@ KL>MGJH; @IG? DMBIGLKMD JH KCM ,EM?LKJF >LKKMGH :JKC ELG;M KA<MEJHMD @EI:MGF LHD @IEJL;M L;LJHFK L DLG6 <EAM ;GIAHD8 J?>GMFFMD ?LG6 LHD JHJKJLEEMD JH <EAM8 CMJ;CK +B? 4305 2 4155

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,MGL?JBF

351 '$ & !%

353 353 7 'AF6JH &IKKMG= CJ;C @JGMD <LGGME 9LFM DMBIGLKMD :JKC L @JFFAGMD FLH; DM <IMA@ :JKC L F:MM>JH; EL9MHDMG ;EL M8 J?>GMFFMD ?LG68 DLKMD 3 8 CMJ;CK + B?8 GMFKIGMD / 15'75*% 43)555 2 43)055

351 7 ELG;M 'AF6JH &IKKMG= CJ;C @JGMD CJ;C FCIAEDMGMD 9LFM DMBIGLKMD :JKC L FLH; DM <IMA@ ;EL M :JKC L ?IKKEMD F:MM>JH; EL9MHDMG ;EL M :JKC BI>>MG ;GMMH F>IKKJH; KI KCM HMB68 J?>GMFFMD ?LG6 LHD DLKMD 3 8 CMJ;CK +B? / 15'75*% 43)055 2 41)555

35/

35/ 7 'AF6JH &IKKMG= CJ;C @JGMD FKLHD8 JH KCM GJMHKLE FK=EM GLJFMD KI @IAG FBGIEE @MMK :JKC JHBJFMD I9LE ?IKJ@8 KCM :CIEM DMBIGLKMD JH L FLH; DM <IMA@ :JKC EL9MHDMG KJHKF LHD BI>>MG F>IKKJH; KI L DI9M ;GM= ;GIAHD8 AH?LG6MD8 CMJ;CK +B?8 KIKLE DJL?MKMG B?8 BJGBAELG FKLHD B? / 15'75*% 4,55 2 4-55

35, 7 ELKM 3KC ,MHKAG= %IAEKIH L?<MKC 9LFM DMBIGLKMD <= .LG6 ! .LGFCLEE :JKC GMEJM@ @EI:MG <ADF LHD @IEJL;M KI L ?IKKEMD ;GMMH ;GIAHD8 J?>GMFFMD ?LG68 JHBJFMD JHJKJLEF8 CMJ;CK + B? / 15'75*% 4,55 2 4-55

35,

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,MGL?JBF

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

7 &IIEM &IKKMG= (GMM@IG? @IIKMD 9LFM DMBIGLKMD JH >LKKMGH & 58 FCL>M 8 >GJHKMD LHD J?>GMFFMD ?LG6F8 CMJ;CK 3B? / 15'75*% 4355 2 4305 35+ 7 &IIEM &IKKMG= (GMM@IG? FCL>M + 9LFM I@ MEEJ>KJBLE @IG? DMBIGLKMD JH KCM & >LKKMGH8 >GJHKMD LHD >LJHKMD ?LG6F8 CMJ;CK B? / 15'75*% 4305 2 4155 335 7 &IIEM &IKKMG= (GMM@IG? FCL>M I9IJD 9LFM DMBIGLKMD JH KCM 'L9JIEJ >LKKMGH DMFJ;HMD <= 'AKC &L9ME=8 >GJHKMD LHD >LJHKMD ?LG6F8 CMJ;CK + B? / 15'75*% 4305 2 4155

350 333 7 &IIEM &IKKMG= FCL>M 3 <IKKEM 9LFM DMBIGLKMD JH <EAM8 CMJ;CK 3B?8 KI;MKCMG :JKC L ICH ,EL>>JFIH @IG "IGHFML 1KADJI ,GL@K 9LFM I@ :LJFKMD B=EJHDGJBLE @IG? DMBIGLKMD :JKC JHBJFMD 9MGKJBLE EJHMF :JKC DIK DMKLJEJH; JH <EAM8 CMJ;CK B? $+# 4355 2 4305

35-

331 7 &IIEM &IKKMG= (GMM@IG? FCL>M + 9LFM DMFJ;HMD <= 7E@GMD 'MLD DMBIGLKMD JH >LEM <EAM8 >GJHKMD ?LG68 CMJ;CK B? 4355 2 4305 33/ 5:I &IIEM &IKKMG= (GMM@IG? FCL>M + 9LFMF DMFJ;HMD <= 7E@GMD 'MLD BI?>GJFJH; IHM JH :CJKM LHD IHM JH L ?IKKEMD ;GM=8 >GJHKMD ?LG6F8 CMJ;CK B? 4315 2 4305

35*

35.

33, 7 3 F &IIEM &IKKMG= (GMM@IG? FCL>M 3 9LFM DMBIGLKMD JH ;GM= :JKC GMD F>IKKJH;8 >GJHKMD "LHD .LDM ?LG68 CMJ;CK B? 4355 2 4305 330 7 MJKC .AGGL= @IG 0MD;:IID 9LFM I@ LH;AELG @IG? :JKC L FKM>>MD BIEELG HMB6 DMBIGLKMD JH ?LKK ;GMMH8 >GJHKMD @AEE FJ;HLKAGM ?LG68 CMJ;CK B? 4355 2 4305

35+

335

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,MGL?JBF

33* 7 3KC ,MHKAG= %IAEKIH L?<MKC IJE EL?> :JKC L .MFFMH;MGF &LKMHK %A>EM) I + <AGHMG8 KCM <ID= DMBIGLKMD JH KCM K=>JBLE ?LHHMG :JKC GMEJM@ L>>EJMD FK=EJFMD -ALKGMEI<M >LHMEF L;LJHFK L <GI:H ;GIAHD8 BI?>EMKM :JKC BCJ?HM= LHD @GIFKMD ;ELFF FCLDM8 L@@J)MD KI L :MJ;CKMD <GLFF >EJHKC8 CMJ;CK B? / 15'75*% 4,55 2 4-55 33.

7 >LJG I@ DGMFFJH; KL<EM CLJG<GAFCMF MLBC FMK :JKC L 'I=LE 0IGBMFKMG I9LE >LHME DMBIGLKMD <= L?MF 1KJHKIH8 KCM @JGFK DMBIGLKMD :JKC >CMLFLHKF LHD KCM FMBIHD :JKC ;GIAFM8 <IKC FMK KI CLEE?LG6MD FJE9MG ?IAHKF LHD ?IHI;GL??MD 08 CLEE?LG6MD 1LHDMGF Q .LB6MH JM8 2JG?JH;CL?8 3+ 8 FJ;HMD8 EMH;KC ++B? / 15'75*% 4305 2 4155

33-

33*

337 3KC ,MHKAG= %IAEKIH L?<MKC IJE EL?> :JKC L "JH6F Q 1IHF I + <AGHMG8 KCM <ID= DMBIGLKMD JH GMEJM@ :JKC ELG;M ;GMMH @EI:MG CMLDF @GL?MD :JKC DIK <IGDMGF LHD >LKKMGH MD;MF L;LJHFK L <GI:H ;GIAHD :JKC L FK=EJFMD FKJ@@ EML@ <IGDMG KI KCM @IIK GJ? LHD A>>MG MD;M8 BI?>EMKM :JKC BCJ?HM= LHD @GIFKMD ;ELFF FCLDM8 J?>GMFFMD ?LG6 :JKC ?IHI;GL? @IG *EJ L 2I:MH8 DLKMD +8 CMJ;CK +B? / 15'75*% 4,55 2 4-55

33.

33+

33+ 7 F?LEE IBKL;IHLE >JH DJFC JHFMK :JKC L 'I=LE 0IGBMFKMG GIAHDME DMBIGLKMD <= L?MF 1KJHKIH :JKC L CLHD >LJHKMD >CMLFLHK FMK KI L FJE9MG ?IAHK8 CLEE?LG6MD @IG 1LHDMGF Q .LB6MH JM8 2JG?JH;CL? 3 +8 FJ;HMD8 >ABM ?LG6 :JKC DLKM BIDM 3 +8 DJL?MKMG 3B? / 15'75*% 4355 2 4305 315 7 'I=LE 0IGBMFKMG F>JGM KI> >IK >IAGGJ I@ EI<MD @IG? >LHME DMBIGLKMD <= 1 0MFKIH :JKC CLHD >LJHKMD L>>EMF LHD ;GL>MF8 FJ;HMD8 <ELB6 >GJHKMD ?LG68 CMJ;CK + B? 4305 2 4155

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,MGL?JBF

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

317 ,CJHMFM 'M>A<EJB >MGJID CLGD:IID @GL?MD >IGBMELJH >LHME DMBIGLKMD :JKC KCGMM GI<MD ?LEM @J;AGMF CIEDJH; F>GJ;F I@ @EI:MGF LHD L ELD= CIEDJH; L <LF6MK I@ FML:MMD8 KI KCM KI> GJ;CK :JKC GI:F I@ BLEEJ;GL>C= LHD KI KCM <IKKI? EM@K :JKC K:I >GJHKMD FMLE ?LG6F8 B? ) + B? 4155 2 4/55 31* 7 ,CJHMFM >IGBMELJH FCLEEI: <I:E DMBIGLKMD JH L @EL?<M ;EL M8 <MLGF FJ) BCLGLBKMG IH; CMH; ?LG68 DJL?MKMG + B? 4355 2 4305 31.

7 ,CJHMFM @IIKMD <I:E DMBIGLKMD KI KCM M)KMGJIG :JKC FK=EJFMD EIH; KLJEMD <JGDF @E=JH; L?JDFK BEIADF8 KCM JHKMGJIG :JKC L FJ?JELG GIAHDME8 <MLGF FJ) BCLGLBKMG IH; CMH; ?LG6 :JKCJH L DIA<EM GJH; <IGDMG8 DJL?MKMG 3B? 4155 2 4/55

31, 7 + KC ,MHKAG= 0MD;:IID PAMMH4F 0LGM ,CMFKHAK IG GLH;M <LF6MK8 KCM <ID= LHD DI?MD BI9MG :JKC >JMBMD LHD JHBJFMD DMBIGLKJIH8 KCM 6HI> @IG?MD LF L FCMEE8 J?>GMFFMD ?LG68 CMJ;CK ++B? 4355 2 4305

313

310 7 ,CJHMFM CLGD:IID @GL?MD >IGBMELJH >LHME DMBIGLKMD :JKC KCGMM GI<MD ?LEM @J;AGMF BLGG=JH; L FKL@@8 GA=J FBM>KGM LHD L FBGIEE :JKC L ELD= <MCJHD BLGG=JH; L >MLBIB6 @MLKCMG @LH LHD L F?LEE BCJED <MJH; I@@MGMD L >MLBC8 LEE KI L ELHDFBL>M FMKKJH;8 B? ) + B? 4305 2 4155

31/

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,MGL?JBF

31+ 3/5 3/3

31+ 7 ELKM 3KC ,MHKAG= %IAEKIH L?<MKC FKIHM:LGM 9LFM I@ ;IAGD @IG? DMBIGLKMD <= 7;HMKM "I= :JKC JHBJFMD 9MGKJBLE >LHMEF ?MMKJH; LK KCM :LJFK KI L J; L; DMFJ;H8 LEE JH KIHMF I@ <GI:H8 J?>GMFFMD ?LG6F8 FJ;HMD8 CMJ;CK B? / 15'75*% 4305 2 4155 3/5 7 ELKM 3KC ,MHKAG= %IAEKIH L?<MKC FKIHM:LGM 9LFM I@ ;IAGD @IG? DMBIGLKMD <= 7;HMKM "I= :JKC JHBJFMD @IEJL;M KI L KMH?A6I ;GIAHD8 J?>GMFFMD ?LG6F8 FJ;HMD8 CMJ;CK B? / 15'75*% 4305 2 4155

3/3 7 ELKM 3KC ,MHKAG= %IAEKIH L?<MKC FKIHM:LGM 9LFM I@ ;IAGD @IG? DMBIGLKMD :JKC JHBJFMD 9MGKJBLE EJHMF :JKC BCM9GIH <LHDF LHD ?IKKEJH;8 J?>GMFFMD ?LG6F8 JHBJFMD * 28 CMJ;CK B? / 15'75*% 4305 2 4155 3/1 7 >LJG I@ 'I=LE 0IGBMFKMG B=EJHDGJBLE 9LFMF DMBIGLKMD <= LF 1KJHKIH :JKC CLHD >LJHKMD >CMLFMHK LHD ;GIAFM8 LEE KI L :IIDELHD FMKKJH;8 <IKC GLJFMD KI L@@J)MD >JMGBMD FBGIEE FKLHDF8 <IKC FJ;HMD LHD :JKC >ABM ?LG6F LHD DLKM BIDMF @IG 3 8 CMJ;CK + B?8 7 ( / 15'75*% 4355 2 4305

3/1

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3//21//

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

3// 3/.

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

F111-066 Part 1.qxp_Layout 1 17/12/2015 15:25 Page 24

ELFF

30* 7 ;GMMH BLFMD LHD @ELFC BAK :JHM ;ELFF DMFJ;HMD <= KKI &GAKFBCMG @IG .M=G4F M@@M :JKC BJGBAELG @IIK GJFJH; KI L @IAG FJDMD FKM? :JKC FEJBM BAK <AB6MK <I:E :JKC <LHDF I@ I9LE >LHME BAKF8 AH?LG6MD8 CMJ;CK + B?

3,* 7H MLGE= 3KC ,MHKAG= >L>MG:MJ;CK :J; FKLHD :JKC L F>CMGJBLE <LEE :MJ;CK CL9JH; JHKMGHLE BIEIAGMD BLHI>= GLJFMD KI L BEMLG BG=FKLE ;ELFF <LEAFKMG @IG? FKM? :JKC BIHJBLE @IIK8 CMJ;CK B?8 KI;MKCMG :JKC L FJ?JELG F?LEEMG M)L?>EM $+# 4.5 2 4315

&GI9MHLHBM &GJ9LKM BIEEMBKJIH &GM9JIAFE= I:HMD <= L DJGMBK DMFBMHDLHK I@ 7?<GIFM "MLE I@ "MLEF IHDIH LHD KCJF ;ELFF @IG?MD >LGK I@ L DJGMBK EJHML;M JHCMGJKLHBM / 15'75*% 4/55 2 4055

3,.

7 ELG;M 3KC ,MHKAG= I9MGFJ MD ;I<EMK JH KCM KC ,MHKAG= KLFKM :JKC LH I9IJD <I:E MH;GL9MD :JKC L @GAJKJH; 9JHM LGIAHD KCM :IGD (/75 LHD L FKLG L<I9M L CIEEI: <EI:H <LEAFKMG @IG? FKM? :JKC A>>MG LHD <LFLE LHHAELKMD 6HI>F8 GLJFMD KI L FCLEEI: BIHJBLE @IIK8 CMJ;CK + B? 4-5 2 4.5

30-

30.

7 ;GMMH BLFMD LHD @ELFC BAK :JHM ;ELFF DMFJ;HMD <= KKI &GAKFBCMG @IG .M=G4F M@@M :JKC BJGBAELG @IIK GJFJH; KI L @IAG FJDMD FKM? :JKC FEJBM BAK <AB6MK <I:E :JKC <LHDF I@ I9LE >LHME BAKF8 AH?LG6MD8 CMJ;CK + B?

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

&GI9MHLHBM &GJ9LKM BIEEMBKJIH &GM9JIAFE= I:HMD <= L DJGMBK DMFBMHDLHK I@ 7?<GIFM "MLE I@ "MLEF IHDIH LHD KCJF ;ELFF @IG?MD >LGK I@ L DJGMBK EJHML;M JHCMGJKLHBM / 15'75*% 4/55 2 4055 30* 30.

30/ 7 ELKM KC ,MHKAG= .IHKJMKC :JKC L @EAKMD <I:E GLJFMD KI L FKM>>MD <LFM :JKC EM?IH F-AMM MG @IIK8 CMJ;CK B? 4/5 2 405 30, 7 ELKM 3KC ,MHKAG= 1KM9MHF Q 0JEEJL?F BEMLG BG=FKLE ;ELFF 9LFM I@ KGA?>MK @IG? :JKC L -ALKGMEI<MD GJ?8 DMBIGLKMD :JKC L :G=KCMH F>JGLE EJHM8 GLJFMD KI L @EAKMD LHD DI?MD @IIK8 CMJ;CK + B? 405 2 4.5

30+ 3-5 300 7 F?LEE BIEEMBKJIH I@ 3KC ,MHKAG= ;ELFF:LGM KI JHBEADM L F?LEE MLGE= CLHD MHL?MEEMD <IKKEM :JKC @GAJKJH; 9JHM DMBIGLKJIH8 LFFIGKMD 1KIAG<GJD;M ;ELFF >IF= 9LFMF LHD K:I DGJH6JH; ;ELFFMF $ # 4,5 2 4-5 307 HMLG >LJG I@ KC ,MHKAG= DGJH6JH; ;ELFFMF BJGBL :JKC I;MM <I:EF L<I9M L DIA<EM FMGJMF I>L-AM K:JFK FKM? :JKC DIA<EM KL>MF LGIAHD L F>JGLE ;LA M8 GLJFMD KI L BIHJBLE @IIK8 KI;MKCMG :JKC L @AGKCMG FJ?JELG M)L?>EM8 KLEEMFK B?8 1 % $ # / 15'75*% 4305 2 4155

30+ 7 <EAM BLFMD LHD @ELFC BAK :JHM ;ELFF DMFJ;HMD <= KKI &GAKFBCMG @IG .M=G4F M@@M :JKC BJGBAELG @IIK GJFJH; KI L @IAG FJDMD FKM? :JKC FEJBM BAK <AB6MK <I:E :JKC <LHDF I@ I9LE >LHME BAKF8 AH?LG6MD8 CMJ;CK + B? &GI9MHLHBM &GJ9LKM BIEEMBKJIH &GM9JIAFE= I:HMD <= L DJGMBK DMFBMHDLHK I@ 7?<GIFM "MLE I@ "MLEF IHDIH LHD KCJF ;ELFF @IG?MD >LGK I@ L DJGMBK EJHML;M JHCMGJKLHBM / 15'75*% 4/55 2 4055

F111-066 Part 1.qxp_Layout 1 17/12/2015 15:25 Page 25

ELFF

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

3-1 3-* 7 3KC ,MHKAG= &GAFFJHL @IG? DMBLHKMG :JKC <LHDF I@ FEJBM BAK DMBIGLKJIH <MEI: L @LBMK BAK ?AFCGII? @IG? FKI>>MG8 CMJ;CK + B? 4,5 2 4-5 3-.

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

F111-066 Part 1.qxp_Layout 1 17/12/2015 15:25 Page 26

ELFF

3.1

3./ '" %

3.,

3*, 7H MLGE= + KC ,MHKAG= 1KM9MHF Q 0JEEJL?F GIKMF-AM GLH;M <I:E I@ BJGBAELG @IG? :JKC L -ALKGMEI<MD >AEEMD GJ?8 DMBIGLKMD :JKC L>>EJMD ;GMMH F>JGLE KGLJEMD EJHM LHD LEKMGHLKM GJ<<MD >LHMEF8 :JDKC B? 4355 2 4305

3** 7 3 F ,IHKJHMHKLE 7GK %MBI L?MKC=FK ;ELFF DMBLHKMG FMK BI?>GJFJH; L @EAKMD MD;M F-ALGM KGL= :JKC L FCIAEDMGMD I9IJD F>JGJK @ELF6 MH;GL9MD :JKC FK=EJFMD @IEJL;M KI;MKCMG :JKC L ?LKBCMD FMK I@ F?LEE @IIKMD FCIK ;ELFFMF 4.5 2 4315

3.5 7 ELKM 3KC ,MHKAG= 1KIAG<GJD;M M>MG;HM :JKC L FJE9MG >ELKMD <LFM HLKAGLEJFKJBLEE= ?IDMEEMD LF L EJE= EML@ :JKC FBGIEEMD LG?F ?IAHKMD :JKC BEMLG BG=FKLE >IF= KGA?>MKF :JKC >MKLE MD;MD GJ?F8 CMJ;CK + B? 4-5 2 4.5

3./ 7H MLGE= + KC ,MHKAG= 1KALGK Q 1IHF >IF= 9LFM I@ BI?>GMFFMD KGA?>MK @IG? :JKC L :L9M GJ?8 DMBIGLKMD :JKC L ;GMMH F>JGLE EJHM I9MG KCM BEMLG BG=FKLE ;GIAHD8 CMJ;CK B?8 KI;MKCMG :JKC L FJ?JELG M)L?>EM $+# / 15'75*% 4.5 2 4315

3*0 7 ELKMG + KC ,MHKAG= FKADJI ;ELFF 9LFM I@ @IIKMD B=EJHDGJBLE @IG? :JKC L :JDM @ELK GJ?8 DMBIGLKMD :JKC L>>EJMD KMLG DGI> KGLJEF I9MG KCM >LEM <EAM ;GIAHD8 JHDJFKJHBKE= FJ;HMD8 CMJ;CK + B? 4-5 2 4.5

3*.

7 ELKM 3KC ,MHKAG= 1KIAG<GJD;M ;ELFF KL<EM BMHKGM M>MG;HM :JKC L FJE9MG >ELKMD FBGIEE :IG6 <LFM DMBIGLKMD :JKC L>>EJMD EML9MF LHD ?IAHKMD :JKC @J9M BAK ;ELFF KGA?>MK >IF= 9LFMF :JKC :L9M GJ?F 4-5 2 4.5

3.3 7 ELG;M ELKMG + KC ,MHKAG= FKADJI ;ELFF FEA?> :IG6 <I:E I@ FCLEEI: GMBKLH;AELG FMBKJIH DMBIGLKMD :JKC L F:M>K >LHME DMFJ;H JH MEMBKGJB <EAM I9MG L FJE9MGMD ;GIAHD8 EMH;KC 3 B? 4,5 2 4-5

3., 7H MLGE= + KC ,MHKAG= ICH 0LEFC 0LEFC >IF= 9LFM I@ @IIKMD I9IJD @IG? :JKC L @GJEE GJ?8 GMEJM@ ?IAEDMD :JKC FK=EJFMD >MLBIB6 @MLKCMGF >JB6MD IAK JH L ;GLDALKMD FKGL: I>LEMFBMHBM8 CMJ;CK B? / 15'75*% 4315 2 4305

3*7 ?JD + KC ,MHKAG= 1KGI?<MG; 9LFM I@ GIAHDMD GMBKLH;AELG @IG? MH;GL9MD :JKC K:I M)IKJB <JGDF JH @EJ;CK I9MG KCM BEMLG BG=FKLE ;ELFF ;GIAHD8 AH?LG6MD8 CMJ;CK + B? 4,5 2 4-5

3*+ 7 >LJG I@ 3KC ,MHKAG= BEMLG BG=FKLE KL<EM M>MG;HMF8 >IFFJ<E= "ID;MKKF 'JBCLGDFIH Q &LG;MKMG8 MLBC :JKC L @IEDMD LHD DI?MD BJGBAELG @IIK <MEI: L BMHKGLE @ELGMD KGA?>MK :JKC EI:MG K:JH LGBCMD >IF= KGA?>MKF LHD L>>EJMD GLF><MGG= >GAHKF8 CMJ;CK + B? 4-5 2 4.5

3.1 7 ?JD + KC ,MHKAG= /KLEJLH .AGLHI ELKKLBCJHI 9LFM I@ B=EJHDGJBLE @IG? :JKC >AEEMD GJ?8 JHKMGHLEE= DMBIGLKMD :JKC LEKMGHLKM :CJKM ELKKLBCJHI LHD >JH6 K:JFK BLHMF8 AH?LG6MD8 CMJ;CK + B? / 15'75*% 4315 2 4305

3.0 7H MLGE= + KC ,MHKAG= 1KM9MHF Q 0JEEJL?F BEMLG BG=FKLE ;ELFF F>JGJK DMBLHKMG I@ F>CMGJBLE @IG? DMBIGLKMD :JKC L>>EJMD BEMLG BG=FKLE KGLJEF LHD ;GMMH >LDF8 <MEI: L FJE9MG CLEE?LG6MD BIEELG @IG IHDIH 3 +8 CMJ;CK 3B? / 15'75*% 4315 2 4305

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ELFF

3.0

3.7 ELKMG + KC ,MHKAG= IFKL ;ELFF JBM <EIB6 FBAE>KAGM DMFJ;HMD <= !JB6J JHDFKGLHD :JKC L @ELK >IEJFCMD @LBM MH;GL9MD :JKC L !J6JH; EIH; <ILK JH @AEE FLJE8 MH;GL9MD FJ;HLKAGM8 CMJ;CK B? / 15'75*% 4355 2 4305 3.* 7H KC ,MHKAG= DGJH6JH; ;ELFF BJGBL :JKC L GIAHD @AHHME <I:E MH;GL9MD :JKC L GIFM L<I9M L DIA<EM FMGJMF I>L-AM K:JFK FKM?8 GLJFMD KI L BIHJBLE @IIK8 CMJ;CK B? 4155 2 4/55

3.-

3.+ 7 3KC ,MHKAG= BEMLG BG=FKLE ;ELFF :G=KCMH @EAKMD @JH;MG <I:E8 :JDKC B?8 KI;MKCMG :JKC L F?LEE ELKM KC ,MHKAG= >MDMFKLE DJFC :JKC @ELK GJ? $+# &GI9MHLHBM 2IKC @GI? KCM &GI@MFFIG LHD .GF & " &EMFBC BIEEMBKJIH 4/5 2 405

3+5

3+5 7 FMK I@ K:ME9M ELKM 3KC ,MHKAG= ,IHKJHMHKLE :JHM ;ELFFMF :JKC L ;GMMH >IJHKMD @AHHME <I:E LBJD MKBCMD :JKC GIBIBI FBGIEEF >JB6MD IAK JH ;IED I9MG KCM >LEM ;GMMH ;GIAHD8 GLJFMD KI L CIEEI: <EI:H8 @LBMK BAK8 <LEAFKMG @IG? FKM? LHD BJGBAELG F>GMLD @IIK8 CMJ;CK B? $ +# / 15'75*% 4155 2 4/55

3+3 7 0CJKM@GJLGF KM)KAGMD GLH;M 2LH I 9LFM DMFJ; HMD <= MI@@GM= 2L)KMG8 >LKKMGH 3 JH 0JEEI:8 CMJ;CK +B? / 15'75*% 4/55 2 4055 3+1 7 0CJKM@GJLGF 5M)KAGMD GLH;M 1CIAEDMG 9LFM DMFJ;HMD <= MI@@GM= 2L)KMG8 >LKKMGH HA?<MG 3 JH 0JEEI:8 CMJ;CK + B? / 15'75*% 4.5 2 4315

3..

7 3KC ,MHKAG= L?MKC=FK ;ELFF GA??MG :JKC I;MM @IG? <I:E8 <LEAFKMG FKM? LHD BJGBAELG F>GMLD @IIK8 CMJ;CK B?8 KI;MKCMG :JKC L F?LEEMG ;GMMH :JHM ;ELFF :JKC GIAHD @AHHME <I:E LHD JHKM;GLE >ELJH FKM? $+# 4/5 2 405

3+3

3+1

F111-066 Part 1.qxp_Layout 1 17/12/2015 15:25 Page 28

ELFF

3+,

3+/ 7 0CJKM@GJLGF 5M)KAGMD GLH;M AKF Q 2IEKF 9LFM DMFJ;HMD <= MI@@GM= 2L)KMG8 >LKKMGH I 3 JH 0JEEI:8 CMJ;CK + B? 4.5 2 4315

3+0

3+, 7 0CJKM@GJLGF 5M)KAGMD GLH;M 5IKM? 9LFM8 >LKKMGH I 3 JH /HDJ;I8 CMJ;CK + B?8 KI;MKCMG :JKC L ?LKBCMD M)L?>EM JH JH;@JFCMG $+# / 15'75*% 4355 2 4305

3+-

3+0 7 0CJKM@GJLGF KM)KAGMD GLH;M 9LFM DMFJ;HMD <= MI@@GM= 2L)KMG8 >LKKMGH I 3 I@ GMBKLH;AELG FEL< @IG? :JKC <LF6MK :ML9M >LKKMGH JH 5LH;MGJHM8 CMJ;CK + B? / 15'75*% 4355 2 4305

3+. 3++

3+*

3+7 0CJKM@GJLGF KM)KAGMD GLH;M 9LFM DMFJ;HMD <= MI@@GM= 2L)KMG8 >LKKMGH I 3 I@ GMBKLH;AELG FEL< @IG? :JKC <LF6MK :ML9M >LKKMGH JH &M:KMG8 CMJ;CK + B? / 15'75*% 4355 2 4305 3+* 7 0CJKM@GJLGF 5M)KAGMD GLH;M AKF Q 2IEKF 9LFM DMFJ;HMD <= MI@@GM= 2L)KMG8 >LKKMGH I 3 JH 5LH;MGJHM8 CMJ;CK + B? / 15'75*% 4.5 2 4315 3+.

7 0CJKM@GJLGF 5M)KAGMD GLH;M >=GL?JD 9LFM DMFJ;HMD <= MI@@GM= 2L)KMG8 >LKKMGH I 3 8 JH JH;@JFCMG <EAM8 KI;MKCMG :JKC L ?LKBCMD M)L?>EM JH 5LH;MGJHM8 <IKC B? KLEE $+# / 15'75*% 4315 2 4305 3++ 7 0CJKM@GJLGF 5M)KAGMD GLH;M >=GL?JD 9LFM DMFJ;HMD <= MI@@GM= 2L)KMG8 >LKKMGH I 3 8 JH &M:KMG8 KI;MKCMG :JKC L ?LKBCMD M)L?>EM JH (EJHK8 <IKC B? KLEE $+# / 15'75*% 4315 2 4305

155 153 151 15/

F111-066 Part 1.qxp_Layout 1 17/12/2015 15:25 Page 29

ELFF

157 0CJKM@GJLGF 5M)KAGMD GLH;M ,MEEI 9LFM DMFJ;HMD MI@@GM= 2L)KMG8 >LKKMGH I 3 JH 'A<=8 CMJ;CK 3B? / 15'75*% 4305 2 4155 15* 7 0CJKM@GJLGF 5M)KAGMD GLH;M ,MEEI 9LFM DMFJ;HMD MI@@GM= 2L)KMG8 >LKKMGH I 3 JH 5LH;MGJHM8 CMJ;CK 3B?8 KI;MKCMG :JKC L ?LKBCMD M)L?>EM JH JH;@JFCMG 2EAM $+# / 15'75*% 4305 2 41/5

15.

15+

155 7 0CJKM@GJLGF 5M)KAGMD GLH;M 5!

9LFM DMFJ;HMD <= MI@@GM= 2L)KMG8 >LKKMGH HA?<MG 3 JH &M:KMG8 CMJ;CK B? / 15'75*% 4355 2 4305

150 7 0CJKM@GJLGF 5M)KAGMD GLH;M ,MEEI 9LFM DMFJ;HMD MI@@GM= 2L)KMG8 >LKKMGH I 3 JH .MLDI: GMMH8 CMJ;CK 3B? / 15'75*% 4355 2 4305

153 7 0CJKM@GJLGF 5M)KAGMD GLH;M 5!

9LFM DMFJ;HMD <= MI@@GM= 2L)KMG8 >LKKMGH HA?<MG 3 JH 5LH;MGJHM8 CMJ;CK B? / 15'75*% 4355 2 4305

15.

7 0CJKM@GJLGF 5M)KAGMD GLH;M %GAH6MH 2GJB6EL=MG DMFJ;HMD <= MI@@GM= 2L)KMG8 >LKKMGH I 3 JH .MLDI: GMMH8 CMJ;CK + B? / 15'75*% 4155 2 4/55 15+ 7 0CJKM@GJLGF 5M)KAGMD GLH;M %GAH6MH 2GJB6EL=MG DMFJ;HMD <= MI@@GM= 2L)KMG8 >LKKMGH I 3 JH 5LH;MGJHM8 CMJ;CK + B? / 15'75*% 4155 2 4/55

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

151 7 0CJKM@GJLGF 5M)KAGMD GLH;M 5!

9LFM DMFJ;HMD <= MI@@GM= 2L)KMG8 >LKKMGH HA?<MG 3 JH JH;@JFCMG <EAM8 CMJ;CK B? / 15'75*% 4355 2 4305 15/ 7 0CJKM@GJLGF 5M)KAGMD GLH;M 5!

9LFM DMFJ;HMD <= MI@@GM= 2L)KMG8 >LKKMGH HA?<MG 3 JH 7A<MG;JHM8 CMJ;CK B? / 15'75*% 4315 2 4305 15, 7 0CJKM@GJLGF 5M)KAGMD GLH;M ,MEEI 9LFM DMFJ;HMD MI@@GM= 2L)KMG8 >LKKMGH I 3 JH /HDJ;I8 CMJ;CK 3B? / 15'75*% 4355 2 4305

15, 150 15- 15* 15*

133 131

F111-066 Part 1.qxp_Layout 1 17/12/2015 15:25 Page 30

ELFF

13+ 7 ELG;M 0CJKM@GJLGF 1:AH; AK 9LFM DMFJ;HMD <= MI@@GM= 2L)KMG8 >LKKMGH I 3 BLFMD JH BEMLG BG=FKLE I9MG &M:KMG8 CMJ;CK B? / 15'75*% 4355 2 4305 115 7 ELG;M 0CJKM@GJLGF 1:AH; AK 9LFM DMFJ;HMD <= MI@@GM= 2L)KMG8 >LKKMGH I 3 BLFMD JH BEMLG BG=FKLE I9MG 0JEEI:8 CMJ;CK B? / 15'75*% 4355 2 4305 113 7 3KC ,MHKAG= ?JGGIGMD M>MG;HM <LFM I@ BJGBAELG @IG? :JKC GMD 9ME9MK BAFCJIH FAGGIAHD 4,5 2 4-5

13, '" %

13/ 7 0CJKM@GJLGF 5M)KAGMD GLH;M 1AH<AGFK 9LFM DMFJ;HMD <= MI@@GM= 2L)KMG8 >LKKMGH I 3 JH JH;@JFCMG 2EAM8 CMJ;CK B? 4.5 2 4315 13, 7 0CJKM@GJLGF 5M)KAGMD GLH;M &JHML>>EM 9LFM DMFJ;HMD <= MI@@GM= 2L)KMG8 >LKKMGH I 3 JH &M:KMG8 CMJ;CK B?8 KI;MKCMG :JKC L 2LG6 9LFM JH &M:KMG8 CMJ;CK 3B? $+# / 15'75*% 4-5 2 4.5

130 7 0CJKM@GJLGF 5M)KAGMD GLH;M &JHML>>EM 9LFM DMFJ;HMD <= MI@@GM= 2L)KMG8 >LKKMGH I 3 JH .MLDI: GMMH8 CMJ;CK B?8 KI;MKCMG :JKC L ?LKBCMD M)L?>EM JH 5LH;MGJHM $+# / 15'75*% 4.5 2 4315 137 0CJKM@GJLGF 5M)KAGMD GLH;M &JHML>>EM 9LFM DMFJ;HMD <= MI@@GM= 2L)KMG8 >LKKMGH I 3 JH 5LH;MGJHM8 CMJ;CK B?8 KI;MKCMG :JKC L F?LEE 2LG6 9LFM JH 5LH;MGJHM8 CMJ;CK B? LHD L OJ;OL; 9LFM8 >LKKMGH I 3 JH 5LH;MGJHM8 CMJ;CK B? $ # 4.5 2 4315

130

13* 7 0CJKM@GJLGF 5M)KAGMD GLH;M FCIAEDMG <LG6 9LFM DMFJ;HMD <= MI@@GM= 2L)KMG8 >LKKMGH I 3 JH 7A<MG;JHM8 CMJ;CK + B?8 KI;MKCMG :JKC L LJECMLD 9LFM8 >LKKMGH I 3 LHD L GMBKLH;AELG LJECMLD 9LFM8 >LKKMGH I 3 3 <IKC JH 7A<MG;JHM $ # 4.5 2 4315 13.

7 F?LEE ;GIA> I@ 0CJKM@GJLGF 5M)KAGMD GLH;M 9LFMF DMFJ;HMD <= MI@@GM= 2L)KMG8 KI BI?>GJFM L GA<= ,I@@JH 9LFM8 >LKKMGH I 3 8 L FEMHDMG .MLDI: GMMH <LG6 9LFM8 >LKKMGH I 3 +38 L GA<= B=EJHDMG 9LFM8 >LKKMGH I 3 LHD L @AGKCMG FEMM9M 9LFM JH JH;@JFCMG 2EAM8 KLEEMFK B? $ # 4.5 2 4315

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

F111-066 Part 1.qxp_Layout 1 17/12/2015 15:25 Page 31

ELFF

110 7 F?LEE BIEEMBKJIH I@ ELKMG + KC ,MHKAG= >L>MG:MJ;CKF KI JHBEADM ,LJKCHMFF LHD MGG= ELFF M)L?>EMF8 LEE JHKMGHLEE= DMBIGLKMD :JKC L<FKGLBK F:JGEF LHD LJG <A<<EM DMKLJE8 LBJD ?LG6MD $ # 4,5 2 4-5

1/3 7 3KC ,MHKAG= LJEFML K=>M GIEEJH; >JH DMBIGLKMD :JKC >JH6 LHD :CJKM EII>F I9MG KCM BEMLG ;GIAHD8 EMH;KC B?8 KI;MKCMG :JKC L 3KC ,MHKAG= BGLH<MGG= ;ELFF @GJ;;MG I@ L KGA?>MK $+# 4,5 2 4-5

117 3KC BMHKAG= 1I:MG<= >GMFFMD .LELBCJKM :LGM BLHDEMFKJB6 JH KCM KC BMHKAG= FK=EM CL9JH; FKM>>MD F-ALGM <LFM :JKC GMEJM@ ?IAEDMD <IGDMGF LHD F:L;F GJFJH; KI L KL>MGMD F-ALGM FMBKJIH >LGK @EAKMD BIEA?H LHD F-ALGM FBIHBM :JKC <LEAFKGLDM >JEELG DMKLJE8 ?LG6MD KI KCM <LFM PAMMH 7HH ,LHDEMFKJB6 .IGKEIB6 Q ,I )@IGD 1K IHDIH48 CMJ;CK + B?8 1 % 4/5 2 405

1/1 7 0GIB6:LGDJHM IG LJEFML K=>M GIEEJH; >JH DMBIGLKMD :JKC :CJKM F>ELKKMG I9MG L DLG6 BJHHL?IH <GI:H ;GIAHD8 EMH;KC B?8 KI;MKCMG :JKC L @AGKCMG FJ?JELG M)L?>EM $+# 4-5 2 4.5

11* 7 ELKM 3KC ,MHKAG= 1KIAG<GJD;M BEMLG BG=FKLE 0CJF6M= I;;JH I@ :G=KCMH @EAKMD ;EI<M LHD FCL@K @IG? :JKC EII> CLHDEM LEE <MEI: L FJE9MG ?IAHK BI9MG :JKC KCA?< EJ@K8 CLEE?LG6MD @IG 2JG?JH;CL? 3 8 CMJ;CK B? 4.5 2 4315 11.

7 3KC ,MHKAG= !LGHJFC ;ELFF <ML6MG <= "LEM 5CI?FIH I@ @IIKMD @ELGMD @IG? JH L >LEM L>>EM ;GMMH BIEIAG8 <MLGF >EA; ?LG6 KI KCM <LFM8 CMJ;CK +B?8 KI;MKCMG :JKC L FJ?JELG !LGHJFC ;ELFF KL<EM FLEK <= * !LGHJFC Q ,I I@ @IIKMD BJGBAELG @IG? :JKC FJE9MG JHKMGJIG $+# 4355 2 4315

1// 7 >LJG I@ 3KC ,MHKAG= BEMLG BG=FKLE F>JGJK DMBLHKMGF I@ F-ALGM FMBKJIH :JKC FEJBM BAK DMKLJE KI KCM BIGHMGF LHD FCIAEDMGF8 MLBC @JKKMD :JKC L FJE9MG ?IAHKMD BIG6 FKI>>MG :JKC >AEE GJH;8 CLEE?LG6MD IHDIH 8 CMJ;CK + B? $+# 4.5 2 4315

13+ 115

11+ 7 ELKM 3KC ,MHKAG= LJEFML K=>M ;J??ME @ELF6 I@ BI?>GMFFMD I9IJD @IG? :JKC BIEELG HMB68 DMBIGLKMD :JKC L :CJKM KGLJEMD EII> I9MG L DMM> GA<= ;GIAHD8 EMH;KC + B? 4-5 2 4.5

1/5 7 3KC ,MHKAG= ;ELFF <A<<EM >J>M :JKC I9IJD <I:E LHD KCGMM GJH; F:M>K FKM? LEE JH >LEM I>L-AM KAG-AIJFM :JKC LH L>>EJMD I>LE ;ELFF GJ? KI KCM <I:E8 EMH;KC B?8 KI;MKCMG :JKC L FJ?JELG M)L?>EM DMBIGLKMD :JKC >JH6 >AEEMD EII> I9MG L :CJKM ;GIAHD $+# 4-5 2 4.5

F111-066 Part 1.qxp_Layout 1 17/12/2015 15:25 Page 32

1/,2//-

1,3 7 ?JD + KC ,MHKAG= 1KMGEJH; FJE9MG KCGMM >JMBM BIHDJ?MHK FMK :JKC ;LDGIIH <IGDMGF8 LEE KI L 1KMGEJH; FJE9MG BJGBAELG KGL=8 DJL?MKMG B? $ # 4355 2 4305 1,1 5CGMM JKM?F I@ CLEE?LG6MD FJE9MG L FLABM <ILK8 BCGJFKMHJH; ?A; LHD L F?LEE FA;LG <LFJH8 9LGJIAF FK=EMF LHD DLKMF $ # 4.5 2 4315

1/,

1,/ 7 MIG;M /// CLEE?LG6MD FJE9MG <LEAFKMG FA;LG BLFKIG I@ >ELJH @IG? KMG?JHLKJH; JH FKM>>MD @JHJLE8 CMJ;CK B?8 IHDIH 8 1L?AME 0IID 43,5 2 43.5

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

1/7 CLEE?LG6MD FJE9MG BJGBAELG <I:E I@ >ELJH @IG? :JKC >JMGBMD <IGDMG DMBIGLKJIH KI GJ? LHD BJGBAELG @IIK8 MH;GL9MD DMDJBLKJIH KI @GIHK8 :MJ;CK + I 8 DJL?MKMG + B?8 2JG?JH;CL? 33 8 7 * IHMF 4315 2 43.5

1/.

7 !JBKIGJLH CLEE?LG6MD FJE9MG BJGBAELG <LBCMEIG4F KML>IK :JKC >LGK @EAKMD LHD M?<IFFMD @IEJLKM DMBIGLKJIH KI :CIEM8 CMJ;CK B?8 2JG?JH;CL? 8 LKCLH Q "L=HMF 43,5 2 43.5

1/* 7 MIG;M /// CLEE?LG6MD FJE9MG 9MG;M >LJG BLFMD >IB6MK :LKBC8 'I?LH HA?MGLEF KI :CJKM MHL?ME DJLE8 ;IED CLHDF8 :JKC @AFMM ?I9M?MHK FJ;HMD MIG;M 'JBCLGDF8 IHDIH LHD HA?<MGMD 8 :JKC >JMGBMD MH;GL9MD <LELHBM BIB68 FJE9MG GM;AELKJH; DJFB LHD B=EJHDGJBLE >JEELGF8 BLFM DLKMD IHDIH 3 8 KI;MKCMG :JKC L FJE9MG @AEE CAHKMG >IB6MK8 ?L6MG IFM>C8 M:<AG=8 IHDIH IFM>C &IKKMG8 1 % $+# 4155 2 4/55

1/+ 7H MLGE= + KC ,MHKAG= ?LCI;LH= LHD :CJKM ?MKLE @GIHKMD MJ;CK DL= ?LHKEM BEIB68 'I?LH HA?MGLEF KI L BJGBAELG DJLE L<I9M GMBKLH;AELG <LFM8 CMJ;CK + B?8 1 % 405 2 4.5 1,5 7 CLEE?LG6MD FJE9MG @IEDJH; DIA<EM >CIKI;GL>C @GL?M I@ >ELJH @IG?8 CMJ;CK B?8 2JG?JH;CL? 3 8 ?LG6MD 7F>GM= IHDIH KI GM9MGFM 4355 2 4305

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

F111-066 Part 1.qxp_Layout 1 17/12/2015 15:25 Page 33

1JE9MG

107 FMK I@ FJ) 0JEEJL? /! CLEE?LG6MD FJE9MG GLK KLJE >LKKMGH DMFFMGK F>IIHF8 %A<EJH 8 ,CGJFKI>CMG ,A??JH;F $ # 405 2 4.5 10* 7 MIG;M /! CLEE?LG6MD FJE9MG @JDDEM >LKKMGH @JFC FEJBM I@ >ELJH @IG? :JKC BMHKGLE >JMGBMD >LHME LHD LGBCMD CLHDEM8 EMH;KC B?8 IHDIH + 4.5 2 4355 10.

7 BLFMD FMK I@ K:ME9M CLEE?LG6MD FJE9MG F>IIHF 5CM 'I=LE LKJIHLE 'IFM 1IBJMK= 'IFM 1>IIH ,IEEMBKJIH8 BI?>EMKM :JKC BMGKJ@JBLKMF8 1CM@@JMED 3 4-5 2 4.5 1,.

1,.

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

10+ 7 BLFMD FMK I@ K:ME9M CLEE?LG6MD FJE9MG F>IIHF 5CM 'I=LE 1IBJMK= @IG KCM &GIKMBKJIH I@ 2JGDF 1>IIH ,IEEMBKJIH8 BI?>EMKM :JKC BMGKJ@JBLKMF8 IHDIH 3 4-5 2 4.5

103 103 7 CLEE?LG6MD FJE9MG FM9MH >JMBM DGMFFJH; KL<EM FMK BI?>GJFJH; @IAG <GAFCMF8 K:I BI?<F LHD L CLHD ?JGGIG MLBC DMBIGLKMD :JKC >I>>= @EI:MG F>GL=F KI L >LEM =MEEI: ;GIAHD8 2JG?JH;CL? 3 0 1IKCMGF KD8 1 % $ # / 15'75*% 4305 2 4155 101 7 CLEE?LG6MD FJE9MG F>JGJK 6MKKEM GLJFMD IH @IAG GMMDMD FBGIEE @MMK FKLHD MHBI?>LFFJH; <AGHMG8 LEE <MEI: >LGK @EAKMD <ILK FCL>MD <ID= LHD KAGHMD :IIDMH LGBCMD CLHDEM8 CMJ;CK B?8 :MJ;CK + I 8 IHDIH 3 8 0JEEJL? "AKKIH Q 1IHF KD / 15'75*% 4155 2 4105

10, 7 !JBKIGJLH CLEE?LG6MD FJE9MG @JDDEM KCGMLD LHD FCMEE >LKKMGH FIA> ELDEM8 EMH;KC B?8 IHDIH 8 4.5 2 4315 100 7 >LJG I@ !JBKIGJLH /GJFC CLEE?LG6MD FJE9MG ED *H;EJFC >LKKMGH FLABM ELDEMF :JKC <GJ;CK BAK DMBIGLKJIH8 %A<EJH ?L6MGF ?LG6 1 8 1 % $+# 405 2 4.5

1-5 7 BLFMD FMK I@ FJ) CLEE?LG6MD FJE9MG @GAJK F>IIHF8 KI;MKCMG :JKC BIH@IG?JH; FMG9JH; F>IIH MLBC DMKLJEMD :JKC DI; HIFM KMG?JHLE LHD @EAKMD <I:EF8 2JG?JH;CL? 3 4-5 2 4+5

10/ 7 !JBKIGJLH FMK I@ K:ME9M CLEE?LG6MD FJE9MG 6JH;F >LKKMGH KL<EMF>IIHF8 KI;MKCMG :JKC @J9M BIH@IG?JH; DMFFMGK F>IIHF8 KIKLE :MJ;CK + I 8 ELF;I: 8 ICH .AGGL= .AJG $ # 4305 2 43.5 101

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1--

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

1-* 5MH MLGE= KI ?JD + KC ,MHKAG= CLEE?LG6MD FJE9MG LFFIGKMD KCJ?<EMF KI JHBEADM 1KGLK@IGD IH 79IH LHD 5MH<= M)L?>EMF8 9LGJIAF FK=EMF LHD DLKMF $ # 405 2 4.5 1-.

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

1** 7 ELKM !JBKIGJLH CLEE?LG6MD FJE9MG BJGBAELG >MDMFKLE <I:E :JKC M?<IFFMD @EAKMD DMBIGLKJIH LHD ;LDGIIHMD GJ? LHD @IIK8 DJL?MKMG B?8 :MJ;CK I 8 ?LG6F GA<<MD8 >GI<L<E= IHDIH8 BJGBL 3 8 7G?= Q L9= ,II>MGLKJ9M 1IBJMK= KD $(GMDMGJB6 2GLD@IGD .LBGML# 405 2 4.5 1*.

7H *D:LGDJLH CLEE?LG6MD FJE9MG GIFM <I:E I@ >ELJH BJGBAELG IAKEJHM :JKC M?<IFFMD FCJMED DMBIGLKJIH KI MLBC FJDM8 GMMDMD GJ? LHD @IIK8 LEE KI :IIDMH >EJHKC <LFM8 DJL?MKMG + B?8 :MJ;CK + I 8 1CM@@JMED 3 8 L?MF 'IAHD 4305 2 4155 1*+ 7 !JBKIGJLH CLEE?LG6MD FJE9MG CIK :LKMG >IK :JKC <GJ;CK BAK <IGDMG DMBIGLKJIH LHD BMHKGLE MH;GL9MD DMDJBLKJIH8 CMJ;CK 3B?8 :MJ;CK I 8 IHDIH 8 0 Q 1JFFIHF $0JEEJL? Q MIG;M 1JFFIHF# 4.5 2 4315 1.5 7 CLEE?LG6MD FJE9MG <LB6MD KCGMM >JMBM DGMFFJH; KL<EM FMK BI?>GJFJH; CLHD ?JGGIG8 CLJG LHD BEIKCMF <GAFC8 MLBC :JKC M?<IFFMD @IEJLKM DMBIGLKJIH8 2JG?JH;CL? 3 8 0 / 2GILD:L= LHD ,I $ # 405 2 4.5

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

1+0 1J) MIG;M // CLEE?LG6MD FJE9MG @MLKCMG MD;M KMLF>IIHF8 MLBC <IKKI? ?LG6MD8 IHDIH ICH 1>LB6?LH // KI;MKCMG :JKC FJ) <GJ;CK BAK KMLF>IIHF8 ?IHI;GL??MD8 IHDIH +8 MIG;M 1?JKC $//# LHD 5CI?LF "L=KMG LHD LHIKCMG <GJ;CK BAK M)L?>EM IHDIH 38 ,CLGEMF "IA;CL? KIKLE :MJ;CK I $ # 405 2 4.5

1+/ 1.7 CLEE?LG6MD FJE9MG KCGMM EJ;CK BLHDMEL<GL I9LE <LFM :JKC <MLDMD <IGDMG <MEI: K:JH GMMDMD FBGIEE LG?F LHD BIH@IG?JH; FBIHBMF8 CMJ;CK 3B?8 2JG?JH;CL? 3 8 IFM>C EIFKMG KD 4355 2 4305 1.* 7 >LJG I@ CLEE?LG6MD FJE9MG BJGBAELG HAK <I:EF :JKC >JMGBMD FJDMF LHD <MLDMD <IGDMGF8 DJL?MKMG B?8 2JG?JH;CL? 3 38 0JEEJL? MLEM $+# 405 2 4.5 1..

7 !JBKIGJLH CLEE?LG6MD FJE9MG FCL>MD GMBKLH;AELG BLGD BLFM :JKC MH;GL9MD @IEJLKM FBGIEE LHD DLFC DMBIGLKJIH KI :CIEM8 EMH;KC B?8 2JG?JH;CL? 3 8 MIG;M HJKM 4355 2 4305 1.+ 7 !JBKIGJLH CLEE?LG6MD FJE9MG EJ>FKJB6 FBMHK :JKC ;IED FCJMED FCL>MD BLGKIABCM8 MH;GL9MD @MGH LHD <JGD DMBIGLKJIH8 CMJ;CK B?8 IHDIH 8 MIG;M "MLKC 4355 2 4315 1+5 7H MLGE= + KC ,MHKAG= ,IHKJHMHKLE :CJKM ?MKLE ?IAHKMD >MDMFKLE FBMHK <IKKEM BIHFKGABKMD @IG? L BI?>GMFFMD HAK8 CMJ;CK 3B?8 AH?LG6MD 405 2 4.5

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

1+1J) MIG;M /// CLEE?LG6MD FJE9MG ED *H;EJFC >LKKMGH KMLF>IIHF8 IHDIH 8 + LHD + 8 9LGJIAF ?L6MGF KI;MKCMG :JKC FJ) @JDDEM >LKKMGH KMLF>IIHF IHDIH + 8 0JEEJL? . 5GLJMF KIKLE :MJ;CK I $ +# 4,5 2 4-5 1+* *J;CKMMH MIG;M /// CLEE?LG6MD FJE9MG ED *H;EJFC >LKKMGH KMLF>IIHF8 FM9MHKMMH CLEE?LG6MD IHDIH 9LGJIAF DLKMF LHD ?L6MGF LHD IHM *DJH<AG;C KIKLE :MJ;CK + +I $ +# 4.5 2 4315 1+.

1J) MIG;M /// CLEE?LG6MD FJE9MG @JDDEM >LKKMGH KL<EMF>IIHF8 ?IHI;GL??MD8 EMH;KC ++B?8 IHDIH LHD + 8 9LGJIAF ?L6MGF KI;MKCMG :JKC LH ED *H;EJFC >LKKMGH KL<EMF>IIH8 IHDIH 8 KIKLE :MJ;CK I $ # 4305 2 4155 1++ 7 F?LEE >LGBME EIK I@ CLEE?LG6MD FJE9MG JKM?F KI JHBEADM FJ) FLEK F>IIHF8 L FJ@KMG F>IIH LHD L @MMDJH; F>IIH8 9LGJIAF DLKMF LHD ?L6MGF8 KI;MKCMG :JKC L >LJG I@ <GJ;CK BAK FA;LG KIH;F8 IHDIH8 1KM>CMH 7DL?F /8 LEFI KMH LFIGKMD HL>6JH GJH;F8 KIKLE :MJ;CK I $ 3# 4.5 2 4315

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/51 /55 7 CLEE?LG6MD FJE9MG BCGJFKMHJH; ?A; I@ >ELJH @IG? :JKC , FBGIEE CLHDEM8 1CM@@JMED 3+ 8 KI;MKCMG :JKC LHIKCMG @IEJLKM MH;GL9MD M)L?>EM8 ELKMG BIH9MGKMD KI L A;8 IHDIH +8 KIKLE :MJ;CK I $+# 405 2 4.5 /53 7 CLEE?LG6MD FJE9MG FLABM <ILK I@ >ELJH @IG? :JKC ;LDGIIHMD GJ?8 FBGIEE CLHDEM LHD GLJFMD IH KCGMM >L: @MMK8 ,CMFKMG8 DLKM ?LG6 GA<<MD8 KI;MKCMG :JKC L BGML? A;8 IHDIH ICH Q 0JEEJL? 2LGHLGD8 KIKLE :MJ;CK I $+# 4355 2 4305

/50

/5/ /51 7H *D:LGDJLH CLEE?LG6MD FJE9MG K:JH CLHDEMD BA> I@ >ELJH B=EJHDGJBLE @IG? :JKC BMHKGLE GMMDMD ;JGDEM DMBIGLKJIH8 @E=JH; FBGIEE CLHDEMF LHD >MDMFKLE <LFM8 :MJ;CK I 8 CMJ;CK B?8 2JG?JH;CL? 3 8 0JEEJL? "AKKIH LHD 1IHF / 15'75*% 4.5 2 4315 /5/ 7H *D:LGDJLH CLEE?LG6MD FJE9MG K:JH CLHDEMD >IGGJH;MG :JKC LEE I9MG M?<IFFMD @EAKMD DMBIGLKJIH8 9LBLHK BLGKIABCM LHD GMMDMD FBGIEE CLHDEMF8 :MJ;CK I 8 CMJ;CK 3B?8 2JG?JH;CL?8 DLKM EMKKMG GA<<MD8 .LGFKIH Q 2L=EJFF / 15'75*% 4-5 2 4355

/5*

/5, 7 MIG;M /// CLEE?LG6MD FJE9MG :JHM @AHHME I@ >ELJH @IG? :JKC FKGLJHMG LHD GM?I9L<EM F>IAK8 GMMDMD <IGDMG DMBIGLKJIH8 EMH;KC +B?8 IHDIH 8 ICH &L=HM 4.5 2 4315 /50 7 !JBKIGJLH CLEE?LG6MD FJE9MG 9JHLJ;GMKKM8 I@ FCL>MD GMBKLH;AELG IAKEJHM :JKC @IEJLKM MH;GL9MD DMBIGLKJIH I>MHJH; KI GM9MLE ;JEDMD LHD >JMGBMD @IEJLKM ;GJEE :JKC F>IH;M <MEI:8 2JG?JH;CL? 8 (GLHBJF ,ELG6 / 15'75*% 4.5 2 4315

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

/5. '" %

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/3+ 7 >LJG I@ CLEE?LG6MD FJE9MG I9LE <IH <IH DJFCMF8 KI;MKCMG :JKC KCGMM @AGKCMG >JMGBMD LHD M?<IFFMD M)L?>EMF8 9LGJIAF FK=EMF LHD DLKMF $ # 405 2 4.5

/5.

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

/15 7 >LGBME EIK I@ LFFIGKMD FJE9MG JKM?F KI JHBEADM L KML BLDD=8 BJ;LGMKKM <I)8 @ELK :LGM8 ?LKBC <I) BI9MG MKB8 9LGJIAF FK=EMF LHD DLKMF8 LEE 7 ( $ # 4.5 2 4315

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

(J9M LFFIGKMD !JBKIGJLH LHD ELKMG CLEE?LG6MD FJE9MG >M>>MGMKKMF8 KI;MKCMG :JKC L FJE9MG I>MH FLEK8 9LGJIAF FK=EMF LHD DLKMF $ # 4,5 2 4-5

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

F111-066 Part 1.qxp_Layout 1 17/12/2015 15:25 Page 38

1JE9MG

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

/1.

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

F111-066 Part 1.qxp_Layout 1 17/12/2015 15:25 Page 39

//*2,35

//* 7 3KC ,MHKAG= DJL?IHD LHD BIGLE @J9M FKIHM GJH;8 KCGMM BEL: FMK IED BAK DJL?IHDF F>LBMD <= BL<IBCIH BAK BIGLE8 FCLH6 FKL?>MD 8 GJH; FJ M & 4355 2 4305 //.

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

/,-

/05

/,/ 7 3BK CLEE?LG6MD GA<= LHD DJL?IHD KCGMM FKIHM GJH;8 BMHKGLE BEL: FMK GA<JMF @ELH6MD <= JEEAFJIH FMK DJL?IHD8 LEE KI L FEJ;CK K:JFK8 GJH; FJ M 4,5 2 4-5

/,* 7 BIHKM?>IGLG= BK =MEEI: LHD :CJKM ;IED HJHM FKIHM DJL?IHD GJH;8 FAH6 FMK <GJEEJLHK BAK FKIHMF KI BMHKGLE ?LKK :CJKM ;IED FMBKJIH :JKC =MEEI: ;IED <IGDMGF8 GJH; FJ M .

4.5 2 4315

/03 7 3BK CLEE?LG6MD FL>>CJGM LHD DJL?IHD GJH; BMHKGLE FL>>CJGM @ELH6MD <= K:ME9M BCLHHME FMK DJL?IHD LHD FL>>CJGMF KI L KGJ>EM FCL>MD CMLD8 GJH; FJ M 4.5 2 4315

/,, 7H BK ;LGHMK LHD DJL?IHD BEAFKMG GJH;8 BMHKGLE JEEAFJIH FMK DJL?IHD :JKCJH LH MJ;CK FKIHM ;LGHMK FAGGIAHD8 GJH; FJ M 405 2 4.5

/,.

7 ?IDMGH 3BK CLEE?LG6MD L-AL?LGJHM LHD DJL?IHD GJH;8 BMHKGLE I9LE BEL: FMK L-AL?LGJHM @ELH6MD <= KCGMM DJL?IHDF KI MLBC FCIAEDMG8 GJH; FJ M 405 2 4.5

/01 7H BK L?MKC=FK LHD DJL?IHD GJH;8 BMHKGLE I9LE BEL: FMK L?MKC=FK @ELH6MD :JKC L KGJLH;AELG BAK DJL?IHD KI MLBC FCIAEDMG8 GJH; FJ M .

4.5 2 4315

/,0 7H BK :CJKM LHD =MEEI: ;IED DJL?IHD FIEJKLJGM GJH;8 BIEELG FMK <GJEEJLHK BAK FKIHM @ELH6MD <= =MEEI: ;IED CJ;CEJ;CKF KI FCIAEDMG8 GJH; FJ M8 + 405 2 4.5 /,7H BK FL>>CJGM LHD DJL?IHD BEAFKMG GJH;8 BMHKGLE BJGBAELG BAK FL>>CJGM :JKCJH L K:ME9M <GJEEJLHK BAK DJL?IHD FAGGIAHD8 LEE KI L CJ;C FMK F-ALGM CMLD LHD ?LKK @JHJFCMD FCIAEDMGF8 GJH; FJ M EMLDJH; MD;M 5 / 15'75*% 4155 2 4/55

/,+ 7H BK ;MHKEM?LH4F DJL?IHD FIEJKLJGM GJH;8 BEL: FMK IED BAK FKIHMF8 :MJ;CK L>>GI)J?LKME= BK8 GJH; FJ M 1 4.5 2 4315 /05 7 BK :CJKM ;IED DJL?IHD GJH; BI?>GJFJH; @IAG ?LG-AJFM BAK FKIHMF F>LBMD <= KCGMM >LJGF I@ <GJEEJLHK BAK =MEEI: DJL?IHDF8 LEE FKIHMF BEL: FMK8 GJH; FJ M + / 15'75*% 4/55 2 4,55

/0/ (IAG MLGE= + KC ,MHKAG= CLEE?LG6MD FJE9MG HL?M <GIIBCMF8 'IFL8 ,CGJFKJL8 MHL LHD .LG= LHM8 2JG?JH;CL? 3 8 3 LHD 3 $ # 4,5 2 4-5 /0, (IAG FJE9MG LHD MHL?ME DMBIGLKMD ?JEJKLG= F:MMKCMLGK <GIIBCMF8 'I=LE 7GKJEEMG=8 'I=LE L9=8 'I=LE 0LG:JB6FCJGM LHD 5CM *FFM) 'M;J?MHK $ # 405 2 4.5

F111-066 Part 1.qxp_Layout 1 17/12/2015 15:25 Page 40

M:MEEMG=

/00 5:I !JBKIGJLH CLEE?LG6MD FJE9MG .J >LC <GIIBCMF8 IHM I9LE KCM IKCMG ?IDMEEMD LF K:I CMLGKF8 KI;MKCMG :JKC L FJ?JELG ?JBGI ?IFLJB M)L?>EM $ # 4,5 2 4-5

/-* 7H BK CLEE?LG6MD F>EJK >MLGE LHD DJL?IHD FM9MH FKIHM GJH;8 KCGMM >MLGEF F>LBMD <= DJL?IHDF KI L <ILK FCL>MD CMLD8 ,CMFKMG 3 8 GJH; FJ M & 4-5 2 4+5

/0(IAG FJE9MG LHD MHL?ME DMBIGLKMD ?JEJKLG= F:MMKCMLGK <GIIBCMF8 'I=LE *H;JHMMGF8 'I=LE 7G?= 1MG9JBM ,IG>F8 MEELEL<LD LHD '7( :JH;F $ # 405 2 4.5

/-.

7 3 F 3BK CLEE?LG6MD FJH;EM FKIHM F?I6= -ALGK GJH;8 <GJEEJLHK BAK BEL: FMK FKIHM KI >MKLE FCL>MD CMLD8 IHDIH 3 +8 GJH; FJ M 4,5 2 4-5

/0* 7 3BK CLEE?LG6MD >MHDLHK :JKC BMHKGLE BJGBAELG 2EAM ICH FKIHM8 DJL?MKMG + B?8 FAF>MHDMD @GI? <MEBCMG BCLJH8 KI;MKCMG :JKC L FJ?JELG FJE9MG M)L?>EM $+# / 15'75*% 405 2 4.5 /0.

7 3BK CLEE?LG6MD :CJKM ;IED CM)L;IHLE FCL>MD DJL?IHD >MHDLHK :JKC BMHKGLE >L9M FMK >LHME :JKCJH <L;AMKKM LHD <GJEEJLHK BAK DJL?IHD <IGDMG8 LEE FAF>MHDMD @GI? <MEBCMG EJH6 BCLJH 4355 2 4305 /0+ 7 3BK CLEE?LG6MD FJH;EM FKIHM KJ;MGF M=M GJH;8 I9LE BIEELG FMK FKIHM KI L FBGIEE DMBIGLKMD CMLD LHD GMMDMD FCIAEDMGF8 IHDIH 3 8 GJH; FJ M 1 405 2 4.5

/0* /-, 7H BK DJL?IHD KCGMM FKIHM DJL?IHD GJH;8 BEL: FMK <GJEEJLHK BAK FKIHMF FMK KI L FEJ;CK K:JFK8 GJH; FJ M .

4.5 2 4315

/-3 7H BK FL>>CJGM LHD DJL?IHD KCGMM FKIHM GJH;8 BMHKGLE FL>>CJGM @ELH6MD <= <GJEEJLHK BAK DJL?IHDF8 LEE FKIHMF BIEELG FMK IH L FEJ;CK K:JFK8 GJH; FJ M & 4-5 2 4.5

/-0 7 3BK CLEE?LG6MD ;LGHMK LHD DJL?IHD BEAFKMG GJH;8 BMHKGLE I9LE BEL: FMK ;LGHMK :JKCJH DJL?IHD FMK <IGDMG8 GJH; FJ M 405 2 4.5

/-1 7 ?JD + KC ,MHKAG= BK DJL?IHD @J9M FKIHM GJH;8 ;GLDALKMD <GJEEJLHK BAK8 BEL: FMK FKIHMF KI FBGIEE DMBIGLKMD FCIAEDMGF8 GJH; FJ M .

4355 2 4305

/-7H BK :CJKM LHD =MEEI: ;IED DJL?IHD FIEJKLJGM GJH;8 IED BAK BEL: FMK DJL?IHD KI KL>MGJH; :CJKM ;IED FCIAEDMGF8 GJH; FJ M .

4355 2 4305

/-/ 7 3BK CLEE?LG6MD L?MKC=FK FJH;EM FKIHM GJH;8 I9LE BEL: FMK FKIHM KI F>EJK FCIAEDMGF8 GJH; FJ M 4,5 2 4-5

/-5 7 ?JD + KC ,MHKAG= DJL?IHD FIEJKLJGM GJH;8 JEEAFJIH FMK <GJEEJLHK BAK DJL?IHD KI 6HJ@M MD;MD FCIAEDMGF8 :MJ;CK I@ FKIHM L>>GI)J?LKME= BK8 GJH; FJ M . + / 15'75*% 4305 2 4155

/-5

/-+ 7H MLGE= + KC ,MHKAG= BK GA<= LHD DJL?IHD ?LG-AJFM BEAFKMG GJH;8 MJ;CK BMHKGLE GA<JMF :JKCJH L DJL?IHD FMK <IGDMG8 GJH; FJ M + 4305 2 4155 /*5 7 3BK CLEE?LG6MD FL>>CJGM LHD DJL?IHD FM9MH FKIHM GJH;8 LEKMGHLKJH; BEL: FMK FKIHMF KI KL>MGJH; FCIAEDMGF8 GJH; FJ M " 405 2 4.5 /*3 7H BK CLEE?LG6MD FL>>CJGM LHD DJL?IHD BEAFKMG GJH;8 BMHKGLE BJGBAELG FL>>CJGM :JKCJH DJL?IHD FAGGIAHD LHD DJL?IHD FMK FCIAEDMGF8 GJH; FJ M / 405 2 4.5 /*1 7H 7GK %MBI FK=EM CLEE?LG6MD BK :CJKM ;IED ELD=4F BIB6KLJE :GJFK :LKBC I@ IBKL;IHLE IAKEJHM8 KCM FJE9MGMD DJLE ?LG6MD 'I=LE :JKC 7GL<JB HA?MGLEF LHD DLGK ?LG6MGF8 M:ME 'IJDIG ?I9M?MHK8 :JKCJH CJH;MD BLFM ?JEEM;GLJH FMK :JKC DJL?IHDF LHD FL>>CJGMF8 BLFM DJL?MKMG +B?8 KI ELKMG M)>LHDL<EM <GLBMEMK8 1CM@@JMED 3 8 4155 2 4/55

F111-066 Part 1.qxp_Layout 1 17/12/2015 15:25 Page 41

M:MEEMG=

/./ 7H MLGE= + KC ,MHKAG= BK ;GLDALKMD DJL?IHD @J9M FKIHM <ILK FCL>MD GJH; :JKC FBGIEE DMKLJE KI FCIAEDMGF8 GJH; FJ M & 405 2 4.5

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

/.5

/*+ 7 FL>>CJGM LHD DJL?IHD <GIIBC DMFJ;HMD LF K:I JHKMG EJH6MD I9LE =MEEI: ?MKLE EJH6F8 CJ;CEJ;CKMD <= L <GJEEJLHK BAK DJL?IHD LHD K:I <GJEEJLHK BAK FL>>CJGMF8 EMH;KC B?8 :MJ;CK ;8 AH?LG6MD 4-5 2 4355 /.5 7 3BK <GIIBC ?IDMEEMD LF L 1BIKKJFC DJG6 FMK :JKC L?MKC=FK8 BJKGMHM LHD 9LGJIAF L;LKM FKIHMF8 EMH;KC B?8 AH?LG6MD8 1 % / 15'75*% 4355 2 4305

/.3 7H MLGE= + KC ,MHKAG= I9LE ;IED FKIHM <GIIBC DMBIGLKMD :JKC ?JBGI ?IFLJB FK=EM BMHKGLE @EIGLE <IA-AMK8 LEE :JKCJH ;IED ?IAHK8 EMH;KC B? 4,5 2 4-5 /.1 7 3BK DIA<EM K:JFK I>MH EJH6 <GLBMEMK KMG?JHLKJH; JH EI<FKMG BELF>8 :MJ;CK ; / 15'75*% 4155 2 4/55

/.0 5CGMM 3BK CLEE?LG6MD FJ;HMK GJH;F KI;MKCMG :JKC L 3BK CLEE?LG6MD % FCL>MD :MDDJH; GJH;8 KIKLE :MJ;CK + ; $ # 4305 2 43.5 /.7 ?IDMGH 3BK CLEE?LG6MD GJH; FMK :JKC BMHKGLE I9LE ?IKCMG I@ >MLGE >LHME8 KI;MKCMG :JKC K:I @AGKCMG 3BK GJH;F8 ELKKMG 7 (8 KIKLE :MJ;CK ; $ # 4.5 2 4315 /.* 5:I ?JD + KC ,MHKAG= 3BK ;MHKEM?LH4F :GJFK :LKBCMF8 KI;MKCMG :JKC LFFIGKMD 3BK ;IED BCLJHF8 <GIIBC MKB 4.5 2 4315 /..

7 >LGBME EIK I@ LFFIGKMD BIFKA?M M:MEEMG= LHD :LKBCMF KI JHBEADM L BLFMD 'L=?IHD 0MJE LHD L 'IKLG= M)L?>EM $-K=# 4,5 2 4-5

/** 7 3BK <EAM KI>L <LG <GIIBC8 <GJEEJLHK BAK KI>L 8 BEL: FMK KI :JGM:IG6 FBGIEE @GL?M8 AH?LG6MD8 KI;MKCMG :JKC L FJE9MG LHD =MEEI: ?MKLE M)L?>EM LHD L :JGM:IG6 >MHDLHK $ # 4,5 2 4-5 /*.

7H *D:LGDJLH 3BK FMMD >MLGE FKLG<AGFK >MHDLHK <GIIBC8 FKL?>MD8 KI;MKCMG :JKC L ;JEK ?MKLE LHD L?MKC=FK <GIIBC8 L :CJKM ?MKLE LHD KAG-AIJFM M)L?>EM LHD L F?LEE FMMD >MLGE @EI:MG CMLD <LG <GIIBC $ # 4,5 2 4-5

/., 7 ELKM 3KC ,MHKAG= BK CLEE?LG6MD FM9MH FKIHM DJL?IHD GJH;8 ;=>F= FMK FKIHMF KI L >ELJH CMLD8 2JG?JH;CL? 3 8 GJH; FJ M 405 2 4.5

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&$ : 3!NG .OINCK@ OJ=GN EL@ HNKJ7O =JFN BLINFO DFMD7; 'MBLI ICBOKLFH NM L <GJNO OILBOFFOE EJLF L>M9O JI9OKNOE LDLINGCH FOLA AKJO O LIE >OFM< L AJ=CKO MA L HOLNOE =KO@GMCIE; EJLF BLK7OE : ,L9MK@ [ ,MI; LKJH; GOJ=GN # DB; ,& ' ( % '$!( &$

22

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&!# &!& : FLNO 3!NG .OINCK@ DLK9OE J9MK@ HNCE@ MA L HNLIEJI= BLI GMFEJI= LI MLK; <JNG N<M DGJFEKOI LIE N<M BMI7O@H JI LNNOIELIDO; GOJ=GN 3 DB; O0DFCEJI= <MMEOI HNLIE; ,& '$!( % '$ ( &!# : .GJIOHO LKDGLJHNJD >KMI O =CJ; NGO N<M GLIEFOE >M<F <JNG EOO? AMMN KJI=; KMCIEOE >M<F LIE O9OKNOE KJB; NGO >ME@ DLHN JI KOFJOA <JNG L N<M ?LJKH MA NLMNJO BLH7H MA HN@FJHOE EKL=MIH <JNG KLJHOE H?JIOH LIE ?KMNKCEJI= O@OH; OLDG ALDJI= MIO LIMNGOK LIE HO?LKLNOE >@ FOJ<OI MK NGCIEOK DMJFH; N<M .

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&!# &! :I :KN MC9OLC ?MFJHGOE ?O<NOK DLIEFOHNJD7 BMEOFFOE LH L HNLIEJI= <MBLI GMFEJI= L HN@FJHOE AFM<OK GOLE; GOJ=GN DB '&( % ' ( &! :I OLKF@ 4NG .OINCK@ FOLNGOK AMMNHNMMF BMEOFFOE LH L NMKNMJHO; ?MHHJ>F@ >@ BOKHL AMK /J>OKN@; FOI=NG # DB *// ,8':8 '$(( % '$&( &! :I OLKF@ 4NG .OINCK@ I=FJHG O<NOK /J>OKN@ [ .M BMEOF 4 !

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&!

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& $ :* / , :/ 13 " 3!4 2 5KMI O HNCE@ MA L FL>MCKOK GMFEJI= GJH HGM9OF; LKNJHN H HJ=ILNCKO; >MNG ,CHHO -KOKOH ENH LIE ,CHHO ?LHNJFFO BLK7 ; JIHDKJ>OE DJKO ?OKECO LIE HNLB?OE >KMI O; <JNG =KOOI >KM<I ?LNJIL; GOJ=GN 3" #DB 0GJ>JNOE ]:KIMFE LH7OFF .MFFODNJMI MA ,DCF?NCKOH LIE KOFLNOE EKL<JI=H O0GJ>JNJMI; .JN@ :KN LFFOK@; 5KJHNMF JI 3! " ,DCF?NCKO O0GJ>JN IM 4 *// ,8':8 '!(( % ' ((

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25

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26

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& # & # : FLNO 3!NG .OINCK@ <GJNO BONLF J=GFLIE KO=LFJL ?LKN HON NM JIDFCEO L H?MKKLI; DFML7 ?JI; >OFN >CD7FO LIE FOLNGOK HLHG LIE GMKI ?M<EOK AFLH7 OLDG EODMKLNOE <JNG L KOFJOA DKM<I <JNGJI HDKMFFJI= NGJHNFO >MKEOK; NGO DFML7 ?JI LIE AFLH7 >MNG HON <JNG .LJKI=MKB HNMIOH LIE NGO HLHG EONLJFOE <JNG L L@ .FLI DKOHN 1#2 *// ,8':8 '#(( % ' ((

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23

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#

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##!

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##

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Directions

From the North & East From Junction 3 of the M5 follow A456/A491 for Stourbridge, from Stourbridge ring road take the A491 north, Mill Race Lane is the first right after the junction.

From the South From Junction 4 of the M5 follow the A491 for Stourbridge, from Stourbridge ring road take the A491 north, Mill Race Lane is the first right after the junction.

By Rail From Birmingham Snow Hill and Worcester to Stourbridge Town, via Stourbridge Junction.

Approximately 15 minutes walk from the station.

Forthcoming Sale Dates Saturday 6th February – Fine Art, Antiques & Collectables Saturday 5th March – Centuries of Glass Saturday 2nd April – Fine Art, Antiques & Collectables

Conditions of Absentee Bidding

All successful bids are subject to a charge of 24% (VAT inclusive) buyers premium on the hammer price.

Fieldings Auctioneers execute bids as a convenience. Whilst every care is taken in carrying out bids, neither Fieldings Auctioneers nor their staff can be held responsible for any errors made or failure to execute bids.

Reference and bidding slips should arrive 24 hours prior to the day of sale.

You may permit the auctioneer to increase your bid by one increment to secure the sale on your behalf by indicating “plus one” after your bid amount. If you do not wish us to exceed the figure noted, please mark your bid “maximum”.

If you leave an odd bid, the auctioneer reserves the right to increase your bid to the next highest figure.

In the event that two identical commission bids are received, the bid that was received first will prevail.

Your attention is drawn to the terms and conditions of business of Fieldings Auctioneers Ltd.

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Fieldings Auctioneers Ltd Mill Race Lane Stourbridge West Midlands DY8 1JN

T: 01384 444 140

www.fieldingsauctioneers.co.uk Reg No. 4261506