Fieldings Auctioneers

Decades of Design and Clarice Cliff Saturday 3rd March 2018 10.00am

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 Collectables and Furniture

Valuer and Auctioneer Ceramics and Textiles

mark@fieldingsauctioneers.co.uk

alison@fieldingsauctioneers.co.uk

andrew@fieldingsauctioneers.co.uk

William Lacey

Liz Winnicott dgA CerT.g.A.

Picture Consultant

Silver and Jewellery Consultant

liz@fieldingsauctioneers.co.uk

bill@fieldingsauctioneers.co.uk

Judith Woolgar

ellie Bertram

June emery

Accounts Manager

Administrative Assistant

receptionist

judith@fieldingsauctioneers.co.uk

ellie@fieldingsauctioneers.co.uk

june@fieldingsauctioneers.co.uk

Lee Coldrick

Alex Froggatt

Head Porter and Saleroom Assistant

Porter

alex@fieldingsauctioneers.co.uk

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F111-102 Part One.qxp_Layout 1 19/02/2018 14:38 Page 38

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F111-102 Part One.qxp_Layout 1 19/02/2018 14:38 Page 39

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F111-102 Part One.qxp_Layout 1 19/02/2018 14:38 Page 40

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F111-102 Part Two.qxp_Layout 1 19/02/2018 14:53 Page 41

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F111-102 Part Two.qxp_Layout 1 19/02/2018 14:53 Page 42

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F111-102 Part Two.qxp_Layout 1 19/02/2018 14:53 Page 43

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2-33 / 2+33

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2,3 / 2.3 -,. $#& %

.%

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:53 Page 44

,EKJICN ,EI@@ -JBIMG KHD -ELJKEG

-)* ,EKJICN ,EI@@ "NENCIK ,IMJBG 9 GFK>N # 5 +MKA@LJD 8KGN CIJCK 2 FKHD >KIHMND ;IMF GM?EIGND @JBIM KHD @LEIK<N L8NJ K "NENCIK GMJNK6ND <JLBHD: "!.!,*9 KHD 3I KJJN AKJ6: FNI<FM 2 CA *.. +7'97!"

2-33 / 2+33 -)1 ,EKJICN ,EI@@ *HG>IJKMILH -ELJKE & "KIG? 9 GFK>N L L 8KGN CIJCK 2 5 FKHD >KIHMND ;IMF GM?EIGND @EL;NJG KHD @LEIK<N L8NJ K MBJ BLIGN <EK ND <JLBHD: FKHD >KIHMND *HG>IJKMILH 3I KJJN AKJ6: FNI<FM CA: JNGMLJND *.. +7'97!"

2.33 / 20'-33 -,(

-)3

-,( ,EKJICN ,EI@@ KGMBJMIBA 9 JI==ND ;KEE CFKJ<NJ CIJCK 2 JKDIKEE? FKHD >KIHMND ML MFN CNHMJKE ;NEE ;IMF GM?EIGND @EL;NJG KHD @LEIK<N L8NJ K =JL;H GMI>>END CK@N KB EKIM N@@NCM <JLBHD: ;IDMF CA *.. +7'97!"

2*33 / 2,33 -)3 ,EKJICN ,EI@@ ,KHMNJ=BJ? 3NEEG 9 GIH<EN FKHDEND .LMBG $B< CIJCK 2 FKHD >KIHMND ;IMF K =KHD L@ GM?EIGND @EL;NJG KHD @LEIK<N =NM;NNH MLHKE =JL;H KHD ?NEEL; GMI>>END N@@NCM <JLBHD ;IMF AKMCFND =JL;H =KHDIH<: 3I KJJN AKJ6: FNI<FM CA *.. +7'97!"

2+33 / 2133 -)0 ,EKJICN ,EI@@ ,E?MIK 03EBN1 9 CIJCBEKJ >EKMN CIJCK 2 FKHD >KIHMND ;IMF KH K=GMJKCM @ELJKE GFLBEDNJ >KMMNJH: 3I KJJN AKJ6: ;IDMF 5CA

-),EKJICN ,EI@@ "NENCIK KHGING 9 GFK>N 5 8KGN CIJCK 2 FKHD >KIHMND ;IMF GM?EIGND @EL;NJG KHD @LEIK<N L8NJ K "NENCIK GMJNK6ND <JLBHD ;IMF =EBN KHD MKH =KHDIH<: FKHD >KIHMND 9 +*!+ KHD 3I KJJN AKJ6: FNI<FM 2 CA *.. +7'97!"

2-33 / 2+33 -)+ ,EKJICN ,EI@@ "NENCIK KHGING 9 GFK>N 8KGN CIJCK 2 FKHD >KIHMND ;IMF GM?EIGND @EL;NJG KHD @LEIK<N L8NJ K "NENCIK GMJNK6ND <JLBHD ;IMF =EBN KHD MKH =KHDIH<: FKHD >KIHMND 9 +*!+ KHD 3I KJJN AKJ6: FNI<FM 2 CA *.. +7'97!"

2013 / 2-33

2+3 / 213

-)-

..

-)+

!KCF ELM IG GB=$NCM ML K 3B?NJ G JNAIBA L@ # IHCEBGI8N L@ 497 V 5

-)*

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F111-102 Part Two.qxp_Layout 1 19/02/2018 14:53 Page 45

,EKJICN ,EI@@ -JBIMG KHD -ELJKEG

-). ,EKJICN ,EI@@ +BH<K? 9 GIH<EN FKHDEND .LMBG $B< CIJCK 2 FKHD >KIHMND ;IMF K =KHD L@ GM?EIGND @EL;NJG KHD @LEIK<N ;IMFIH =EKC6: <JNNH KHD ?NEEL; =KHDIH<: + 9 KHD 3I KJJN AKJ6: FNI<FM 5CA *.. +7'97!"

-.3 ,EKJICN ,EI@@ "NENCIK ,IMJBG 9H *GIG 8KGN CIJCK 2 FKHD >KIHMND ;IMF K =KHD L@ GM?EIGND @JBIM KHD @LEIK<N K=L8N MLHKE <JNNH "NENCIK GMJNK6ND <JLBHD: "!.!,*9 KHD 3I KJJN AKJ6: FNI<FM CA *.. +7'97!"

2*33 / 2,33

2*33 / 2,33 -.0 ,EKJICN ,EI@@ 3EBN ,FIHM 9 FN/K<LHKE >EKMN CIJCK 2 : FKHD >KIHMND ML MFN CNHMJKE ;NEE ;IMF GM?EIGND @EL;NJG KHD @LEIK<N ;IMFIH <JKDBKMND =EBN KHD <JNNH =KHDIH<: 3I KJJN AKJ6: ;IDMF 2 CA 2,3 / 2.3

-), -), ,EKJICN ,EI@@ .KMLHK .NK8NG 9 GFK>N 5 8KGN CIJCK 2 5 FKHD >KIHMND ;IMF GM?EIGND @EL;NJG KHD @LEIK<N =NM;NNH >BJ>EN: =EBN: =EKC6: <JNNH KHD ?NEEL; =KHDG L8NJ K ;FIMN <EK ND <JLBHD: FKHD >KIHMND .97 9 KHD 3I KJJN AKJ6: FNI<FM 5CA *.. +7'97!"

2*33 / 2,33 -)) ,EKJICN ,EI@@ ,JLCBG 9 CIJCBEKJ GIDN >EKMN CIJCK 2 5 FKHD >KIHMND ;IMF ,JLCBG G>JK?G ;IMF <JNNH KHD =JL;H =KHDIH<: >JIHMND ,' , + KHD 3I KJJN AKJ6: ;IDMF 2 CA 2*3 / 2,3

-)( -)( ,EKJICN ,EI@@ NMBHIK 9 GIH<EN FKHDEND .LMBG $B< CIJCK 2 FKHD >KIHMND ;IMF K =KHD L@ GM?EIGND @EL;NJG KHD @LEIK<N =NM;NNH ?NEEL; KHD =JL;H CK@N KB EKIM GM?EN GMI>>END <JLBHD: 3I KJJN AKJ6: FNI<FM 5CA *.. +7'97!"

2,33 / 2.33

-.-.,EKJICN ,EI@@ "NENCIK ,IMJBG 9 EKJ<N 9MFNHG GFK>N $B< CIJCK 2 : FKHD >KIHMND ;IMF GM?EIGND @JBIM KHD @LEIK<N K=L8N K "NENCIK GMJNK6ND <JLBHD: 3I KJJN AKJ6: FNI<FM 5CA *.. +7'97!"

20-3 / 2013

-).

-.3

.*

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:53 Page 46

,EKJICN ,EI@@ -JBIMG KHD -ELJKEG

-.+ -.+ ,EKJICN ,EI@@ "NENCIK ,IMJBG 9 GFK>N # >JNGNJ8N >LM CIJCK 2 : FKHD >KIHMND ;IMF K =KHD L@ GM?EIGND @JBIM KHD @LEIK<N K=L8N K GMJNK6ND "NENCIK <JLBHD ;IMF CFJLAN >EKMND CL8NJ FK8IH< GCIGGLJ KCMILH MLH<BNG: 3I KJJN AKJ6: FNI<FM 25CA *.. +7'97!"

2.3 / 20-3 -.* ,EKJICN ,EI@@ +BHGFIHN 9 CIJCBEKJ >EKMN CIJCK 2 2: MJKHG@NJ >JIHMND KHD >KIHMND ;IMF FLEE?FLC6G ;IMF =JL;H KHD ?NEEL; =KHDIH<: >JIHMND + + * ! KHD 3I KJJN AKJ6: ;IDMF CA 2+3 / 213

-.)

-., ,EKJICN ,EI@@ "NENCIK NKCFNG 9 CIJCBEKJ GIDN >EKMN CIJCK 2 2 FKHD >KIHMND ;IMF GM?EIGND @JBIM KHD @LEIK<N L8NJ K "NENCIK GMJNK6ND <JLBHD: >JIHMND "!.!,*9 KHD 3I KJJN AKJ6 ;IDMF 2 CA 2,3 / 2.3 -.) ,EKJICN ,EI@@ JKH<N .IE? 9 EKJ<N CIJCBEKJ >EKMN CIJCK 2 JKDIKEE? FKHD >KIHMND ;IMF GM?EIGND @EL;NJG KHD @LEIK<N KJLBHD K CNHMJKE LJKH<N: <JNNH KHD =EBN =KHDIH< CNHMJN: -KHMKG BN AKJ6: ;IDMF CA *.. +7'97!"

2033 / 2013

-..

-.. ,EKJICN ,EI@@ JKH<NG ,K@N KB .KIM 9 CIJCBEKJ DIGF @LJA >EKMN CIJCK 2 2 FKHD >KIHMND ;IMF GM?EIGND @JBIM KHD @LEIK<N ;IMFIH LJKH<N: =EBN KHD =EKC6 =KHDIH< L8NJ K GMI>>END =JL;H CK@N KB EKIM <JLBHD: ,9-!

9 .9*7 KHD 3I KJJN AKJ6: ;IDMF CA *.. +7'97!"

-(3 ,EKJICN ,EI@@ JKH<NG ,K@N 9B .KIM 9 +MKA@LJD GFK>N =IGCBIM =L/ CIJCK 2 2 FKHD >KIHMND ;IMF GM?EIGND @JBIM KHD @LEIK<N ;IMF LJKH<N: =KHDIH< L8NJ K GMI>>END =JL;H CK@N KB EKIM <JLBHD: 3I KJJN AKJ6: FNI<FM 2 CA *.. +7'97!"

20-3 / 2013

2-13 / 2+13

-.( ,EKJICN ,EI@@ JKH<NG U .NALHG ,K@N KB .KIM 9 GFK>N # @KH =L;E CIJCK 2 FKHD >KIHMND ;IMF GM?EIGND @JBIM KHD @LEIK<N ;IMF LJKH<N =KHDIH< L8NJ K GMI>>END =JL;H CK@N KB EKIM <JLBHD: 3I KJJN AKJ6: ;IDMF CA: JNGMLJND *.. +7'97!"

2*33 / 2,33

-.1 -.1 ,EKJICN ,EI@@ JKH<NG 9 GFK>N 2 >JNGNJ8N >LM L@ GFLBEDNJND G BKJN GNCMILH CIJCK 2 5: FKHD >KIHMND ;IMF >KHNEG L@ GM?EIGND @JBIM KHD @LEIK<N ;IMF LJKH<N =KHDIH< =NEL; K CFJLAN >EKMND CL8NJ ;IMF GCIGGLJ KCMILH FKHDEN: 3I KJJN AKJ6: FNI<FM CA *.. +7'97!"

2.3 / 20-3 -.(

.)

!KCF ELM IG GB=$NCM ML K 3B?NJ G JNAIBA L@ # IHCEBGI8N L@ 497 V 5

-(3

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:53 Page 47

,EKJICN ,EI@@ -JBIMG KHD -ELJKEG

-(+ ,EKJICN ,EI@@ KJI<LED 9 DIGF @LJA CIJCBEKJ >EKMN CIJCK 2 5 FKHD >KIHMND ;IMF M;L KJI<LED @EL;NJG KHD @LEIK<N L8NJ K MLHKE =EBN IHG>IJKMILH GM?EN <JLBHD: FKHD >KIHMND 9'* ." KHD 3I KJJN AKJ6: ;IDMF CA *.. +7'97!"

-(1 ,EKJICN ,EI@@ ,JLCBG 9 CLHICKE MNK CB> KHD GKBCNJ CIJCK 2 2 FKHD >KIHMND ;IMF CJLCBG G>JK?G ;IMF =JL;H: ?NEEL; KHD <JNNH =KHDIH<: >JIHMND ,' , + KHD 3I KJJN AKJ6 *.. +7'97!"

2,33 / 2(33

20-3 / 2013

-(0 -(0 ,EKJICN ,EI@@ +CKJENM -EL;NJ 9 C?EIHDJICKE =IGCBIM =KJJNE CIJCK 2 : FKHD >KIHMND ;IMF GM?EIGND @EL;NJG KHD @LEIK<N L8NJ K =EKC6 EIHN <JLBHD: <LED 3I KJJN AKJ6: FNI<FM 2 CA *.. +7'97!"

-(* -(* ,EKJICN ,EI@@ *HG>IJKMILH .IE? 08KJIKHM1 9 G BKM CKHDENGMIC6 CIJCK 2 5 FKHD >KIHMND ;IMF K GM?EIGND @EL;NJ FNKD KHD ;K8N EIHNG L8NJ MFN MBJ BLIGN <EK ND <JLBHD: 3I KJJN AKJ6 *.. +7'97!"

2013 / 2-33

20-3 / 2013

-(,EKJICN ,EI@@ ,JLCBG 9 EKJ<N LE=LJH @JBIM =L;E CIJCK 2 5: FKHD >KIHMND ;IMF ,JLCBG G>JK?G ;IMF ?NEEL;: <JNNH KHD =JL;H =KHDIH<: >JIHMND ,' , + KHD 3I KJJN AKJ6: ;IDMF #CA

-(, ,EKJICN ,EI@@ .KMLHK 3LB BNM 9 CIJCBEKJ GIDN >EKMN CIJCK 2 5 FKHD >KIHMND ;IMF GM?EIGND @EL;NJG KHD @LEIK<N L8NJ MFN ;FIMN <EK ND <JLBHD: FKHD >KIHMND .97 9 KHD 3I KJJN AKJ6: ;IDMF 2 CA 2-33 / 2+33 -() ,EKJICN ,EI@@ 3EBN ,FIHM 9 +MKA@LJD GFK>N MNK>LM CIJCK 2 : FKHD >KIHMND ;IMF GM?EIGND @EL;NJG KHD @LEIK<N ;IMF =EBN =KHDIH<: 3I KJJN AKJ6 *.. +7'97!"

2,3 / 2.3

-(1

-(+

-(,

2+33 / 2133

-()

.'

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:53 Page 48

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+33 ,EKJICN ,EI@@ ,JLCBG 9 @LLMND 9MFNHG @JBIM =L;E CIJCK 2 5: FKHD >KIHMND ;IMF ,JLCBG G>JK?G ;IMF <JNNH: ?NEEL; KHD =JL;H =KHDIH<: >JIHMND ,' , + KHD 3I KJJN AKJ6: ;IDMF 2 CA

-(.

-(. ,EKJICN ,EI@@ .?DIKM 9 GFK>N 5 >JNGNJ8N >LM KHD CL8NJ CIJCK 2 : FKHD >KIHMND ;IMF K =KHD L@ GM?EIGND @EL;NJG KHD @LEIK<N L8NJ K GMJNK6ND "NENCIK <JLBHD: 3I KJJN AKJ6: FNI<FM 2#CA *.. +7'97!"

2033 / 2013 -(( ,EKJICN ,EI@@ .KDLJN 9 CIJCBEKJ GIDN >EKMN CIJCK 2 : MJKHG@NJ >JIHMND KHD >KIHMND ;IMF K GM?EIGND @EL;NJ ;IMFIH KH K=GMJKCM =LJDNJ: .KDLJN AKJ6: ;IDMF 2 CA

2.3 / 20-3

+3+ ,EKJICN ,EI@@ ,JLCBG 9 GIH<EN FKHDEND .LMBG $B< CIJCK 2 5 FKHD >KIHMND ;IMF CJLCBG G>JK?G =NM;NNH ?NEEL;: <JNNH KHD =JL;H =KHDIH<: FKHD >KIHMND ,' , + KHD 3I KJJN AKJ6: FNI<FM 5CA *.. +7'97!"

+30 ,EKJICN ,EI@@ ELJIK -EL;NJG 9 GFK>N 5 MJBA>NM 8KGN CIJCK 2 5: FKHD >KIHMND ;IMF K =KHD L@ @EL;NJG L@ @LEIK<N L8NJ K CJNKA .KMLHK GM?EN <JLBHD =NM;NNH >KGMNE <JKDBKMND =KHDND =LJDNJG: FKHD >KIHMND . '*9 KHD 3I KJJN AKJ6: FNI<FM 2 CA

+3* ,EKJICN ,EI@@ LLH@EL;NJ 9 GIH<EN FKHDEND .LMBG $B< CIJCK 2 FKHD >KIHMND ;IMF KH K=GMJKCM @EL;NJ KHD >KHNE DNGI<H =NM;NNH DKJ6 =JL;H: MLHKE <JNNH KHD ?NEEL; =KHDIH<: 3I KJJN AKJ6: FNI<FM CA *.. +7'97!"

2+33 / 2133

2.3 / 20-3

2*33 / 2,33

+3,EKJICN ,EI@@ JKH<N .IE? 9 GIH<EN FKHDEND .LMBG $B< CIJCK 2 FKHD >KIHMND ;IMF GM?EIGND @EL;NJG KHD @LEIK<N =NM;NNH LJKH<N =JL;H: =EBN KHD <JNNH =KHDIH<: -KHMKG BN AKJ6: FNI<FM 5CA: JNGMLJND *.. +7'97!"

+31 ,EKJICN ,EI@@ K?DK? 9 GFK>N =IGCBIM =KJJNE CIJCK 2 5 FKHD >KIHMND ;IMF K =KHD L@ GM?EIGND @EL;NJG KHD @LEIK<N =NM;NNH =EKC6: ?NEEL;: <JNNH KHD =JL;H =KHDIH<: 3I KJJN AKJ6: FNI<FM 2 CA *.. +7'97!"

2*33 / 2,33

2033 / 2013

.,

+3, ,EKJICN ,EI@@ ,JLCBG 9 GAKEE K8JN GFK>N @JBIM =L;E CIJCK 2 5 FKHD >KIHMND ;IMF ,JLCBG G>JK?G =NM;NNH ?NEEL;: <JNNH KHD =JL;H =KHDIH<: >JIHMND ,' , + KHD 3I KJJN AKJ6: ;IDMF 2#CA 213 / 2.3 +3) ,EKJICN ,EI@@ ,JLCBG 9 EKJ<N K8JN GFK>N @JBIM =L;E CIJCK 2 5 FKHD >KIHMND ;IMF G>JK?G L@ ,JLCBG =NM;NNH ?NEEL;: <JNNH KHD =JL;H =KHDIH<: >JIHMND ,' , + KHD 3I KJJN AKJ6: ;IDMF 5CA 2,3 / 2.3

2*3 / 2,3

+3-

+31

+3+

!KCF ELM IG GB=$NCM ML K 3B?NJ G JNAIBA L@ # IHCEBGI8N L@ 497 V 5

+3*

F111-102 Part Two.qxp_Layout 1 19/02/2018 15:14 Page 49

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&0745-68&05**8 8 606-578&534(,8 8!8 6/4)68,.7'6 ()8-54-78 8.7218'7523618+53.8,3#05,618*4(53 7218*/057)68/ 648783/2708)46628 606-578,3467 61 )4/(21$ & !87218 5 74468%74 8+53.8461 7+06#,8 7- ,37%'$8.65).38 -%" ! "

&0745-68&05**8 8 0(68&.523 8 8!28/-37)/270 ,721+5-.8,5168'07368-54-78 8.7218'752361 +53.8,3#05,618*0/+64,87218*/057)68+53.5283/2708 0(6 7218)46628 72152)$ +513.8 " -%$8 5 7446 %74 $83/)63.648+53.83+/8*(43.6486 7%'06,"8 " ! "

&0745-68&05**8 8 7,3(435(%8 8!8074)68-54-(0748'0736 -54-78 8.7218'7523618+53.8,3#05,618*0/+64, 7218*/057)6874/(21878,35''0618-7*687(807538,3#06 )4/(218+53.8/472)68 72152)$ ! 8721 5 74468%74 $8+513.8 -%$83/)63.648+53.87 %73-.618,5168'073687218,7(-64"8 " ! "

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&0745-68&05**8 8 7#17#8 8!8074)68 7 468,.7'68*4(53 /+08-54-78 8.7218'7523618+53.878166'8 721 /*8,3#05,618*0/+64,87218*/057)68+53.8 07- $ #600/+$ 4/+287218)46628 72152)$8.7218'752361

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F111-102 Part Two.qxp_Layout 1 19/02/2018 14:53 Page 50

,EKJICN ,EI@@ -JBIMG KHD -ELJKEG

+01 +01 ,EKJICN ,EI@@ ,KHMNJ=BJ? 3NEEG 9 ,JL;H GFK>N $B< CIJCK 2 FKHD >KIHMND ;IMF GM?EIGND @EL;NJG KHD @LEIK<N =NM;NNH MLHKE =JL;H KHD ?NEEL; GMI>>END CK@N KB EKIM <JLBHD: FKHD >KIHMND ,9 7!'3 ' 3!..+ KHD 3I KJJN AKJ6: FNI<FM CA *.. +7'97!"

2.3 / 20-3 +0, ,EKJICN ,EI@@ ,JLCBG 9 3LH XLBJ GFK>N >JNGNJ8N >LM CIJCK 2 5 FKHD >KIHMND ;IMF CJLCBG G>JK?G ;IMF ?NEEL;: <JNNH KHD =JL;H =KHDIH<: 3I KJJN AKJ6: FNI<FM 25CA: +&" *.. +7'97!"

2,3 / 2.3 +0) ,EKJICN ,EI@@ ,JLCBG 9 EKJ<N 3LH XLBJ GFK>N MNK>LM CIJCK 2 FKHD >KIHMND ;IMF CJLCBG G>JK?G ;IMF ?NEEL;: <JNNH KHD =JL;H =KHDIH<: 3I KJJN AKJ6: FNI<FM 2 CA: +&" *.. +7'97!"

2013 / 2-33 +0. ,EKJICN ,EI@@ ,JLCBG 9 3LH XLBJ GFK>N GB<KJ GI@MNJ CIJCK 2 5 FKHD >KIHMND ;IMF CJLCBG G>JK?G ;IMF ?NEEL;: <JNNH KHD =JL;H =KHDIH<: >KJMIKE 3I KJJN AKJ6: FNI<FM 2 CA *.. +7'97!"

20-3 / 2013 +0( ,EKJICN ,EI@@ ,JLCBG 9 EKJ<N CIJCBEKJ >IH DIGF CIJCK 2 FKHD >KIHMND ;IMF CJLCBG G>JK?G ;IMF ?NEEL; KHD <JNNH =KHDIH<: FKHD >KIHMND ,' , + KHD 3I KJJN AKJ6: ;IDMF CA *.. +7'97!"

+0, +-3 +-3 ,EKJICN ,EI@@ ,JLCBG 9 AKMCFND MFJNN >INCN CJBNM GNM CIJCK 2 #& CLA>JIGIH< AB@@IHNJ GKEM KHD >N>>NJ KHD K CLHICKE ABGMKJD >LM KEE FKHD >KIHMND ;IMF CJLCBG G>JK?G ;IMF ?NEEL;: <JNNH KHD =JL;H =KHDIH<: 8KJILBG AKJ6G: +&" 0 1 *.. +7'97!"

2,3 / 2.3 +-0 ,EKJICN ,EI@@ ,JLCBG 9 EKJ<N NLJ<IKH GFK>N $B< CIJCK 2 5 FKHD >KIHMND ;IMF CJLCBG G>JK?G ;IMF ?NEEL;: <JNNH KHD =JL;H =KHDIH<: 'L?KE +MK@@LJDGFIJN AKJ6: FNI<FM 2 CA 213 / 2.3

213 / 2.3

*+

!KCF ELM IG GB=$NCM ML K 3B?NJ G JNAIBA L@ # IHCEBGI8N L@ 497 V 5

+-,EKJICN ,EI@@ ,JLCBG 9 AKMCFND EL=N GFK>N MNKCB> KHD GKBCNJ CIJCK 2 KHD 2 FKHD >KIHMND ;IMF CJLCBG G>JK?G ;IMF ?NEEL;: <JNNH KHD =JL;H =KHDIH<: 8KJILBG AKJ6G

+-* ,EKJICN ,EI@@ ,JLCBG 9 >KIJ L@ DIGF @LJA >EKMNG CIJCK 2 5 NKCF JKDIKEE? FKHD >KIHMND ;IMF CJLCBG G>JK?G ;IMF ?NEEL;: <JNNH KHD =JL;H =KHDIH<: ,' , + KHD 3I KJJN AKJ6: ;IDMF CA 0 1

2,3 / 2.3

2033 / 2013

+-+ ,EKJICN ,EI@@ ,JLCBG 9 GFK>N 2 G BKM CKHDENGMIC6 CIJCK 2 5 FKHD >KIHMND ;IMF CJLCBG G>JK?G ;IMF <JNNH: ?NEEL; KHD =JL;H =KHDIH<: >JIHMND ,' , + KHD 3I KJJN AKJ6

+-1 ,EKJICN ,EI@@ ,JLCBG 9 EKJ<N 3NNFI8N GFK>N FLHN? >LM CIJCK 2 5 FKHD >KIHMND ;IMF ,JLCBG G>JK?G ;IMF <JNNH: ?NEEL; KHD =JL;H =KHDIH<: ,' , + KHD 3I KJJN AKJ6: FNI<FM 25CA: ML<NMFNJ ;IMF K GIAIEKJ N/KA>EN: JNGMLJND 0 1

213 / 2.3

2.3 / 20-3

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:53 Page 51

,EKJICN ,EI@@ -JBIMG KHD -ELJKEG

+-,

+-.

++3

+-, ,EKJICN ,EI@@ "NENCIK ,IMJBG 9 GFK>N # =IGCBIM =KJJNE CIJCK 2 FKHD >KIHMND ;IMF GM?EIGND @JBIM KHD @LEIK<N L8NJ K MLHKE <JNNH "NENCIK GMJNK6ND <JLBHD =NEL; CFJLAN >EKMND @IMMIH<G: "!.!,*9 KHD 3I KJJN AKJ6: FNI<FM 2 CA *.. +7'97!"

+-( ,EKJICN ,EI@@ X 'IKCF 09HH 'IKCF1 KJJLDG 9JM IH *HDBGMJ? !/FI=IMILH 9 CIJCBEKJ ;K8N ND<N >EKMN CIJCK 2 # MJKHG@NJ >JIHMND KHD >KIHMND ;IMF GM?EIGND @EL;NJG KHD @LEIK<N ;IMFIH @IHN =EKC6 =KHDIH< L8NJ MFN ;FIMN .KMLHK <EK ND <JLBHD: @BEE AKJ6G ML MFN JN8NJGN: AKJ6ND -IJGM !DIMILH ;IDMF CA *.. +7'97!"

2013 / 2-33 +-) ,EKJICN ,EI@@ ,JLCBG 9 C?EIHDJICKE DJBA >JNGNJ8N >LM CIJCK 2 5 FKHD >KIHMND ;IMF CJLCBG G>JK?G ;IMF LJKH<N: ?NEEL;: <JNNH KHD =JL;H =KHDIH<: <JNNH GCJI>M KHD <LED =KC6GMKA>G: FNI<FM CA

2-33 / 2+33

2,3 / 2.3 +-. ,EKJICN ,EI@@ KGMBJMIBA 9 3LH XLBJ GFK>N GB<KJ GI@MNJ CIJCK 2 FKHD >KIHMND ;IMF GM?EIGND @EL;NJG KHD @LEIK<N L8NJ K GMI>>END =JL;H CK@N KB EKIM <JLBHD ;IMF LJKH<N KHD ?NEEL; =KHDIH<: GCJI>M GI<HKMBJN: FNI<FM 2 CA *.. +7'97!"

+-(

++3 ,EKJICN ,EI@@ ? KJDNH 9 GFK>N 5 @EL;NJ 8KGN CIJCK 2 # L@ @LLMND @EKJND G BKJN GNCMILH DNCLJKMND ;IMF K>>EIND @ELJKE NA=LGGND FKHDENG >IC6ND LBM IH JND: =EKC6: ?NEEL; KHD LJKH<N L8NJ K MLHKE =JL;H "NENCIK GMJNK6ND <JLBHD: FKHD >KIHMND 9'"! KHD 3I KJJN AKJ6: FNI<FM 2 CA: 9&- *.. +7'97!"

2.3 / 20-3

2013 / 2-33

*6

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:53 Page 52

! & ! "" / & & " " ++0/+*.

++0 ++0 ,EKJICN ,EI@@ "NENCIK 9H 9MFNHG GFK>N $B< CIJCK 2 5 DNCLJKMND ;IMF ABEMICLELBJND JBHHIH< <EK NG: "!.!,*9 KHD 3I KJJN AKJ6: FNI<FM 2 CA +&" *.. +7'97!"

2.3 / 20-3 ++,EKJICN ,EI@@ "NENCIK 9H NKJE? 9 X IE6IHGLH MJI>EN >LG? 8KGN ALDNEEND KG MJNN MJBH6G $LIHND =?

CJLGG L8NJ =LB<FG: MFN ;FLEN DNCLJKMND ;IMF ABEMICLELBJND GMJNK6ND <EK NG: 9 X IE6IHGLH KHD 3I KJJN AKJ6G: FNI<FM 22 CA *.. +7'97!"

++++1 ,EKJICN ,EI@@ J -IGF 9 HL8NEM? >I>N FLEDNJ CIJCK 2 ALDNEEND KG KH L>NH ALBMF @IGF IH <JNNH <EK N: IE6IHGLH .MD AKJ6 2+3 / 213

+++ ++, ,EKJICN ,EI@@ !/LMIC 3IJD 9H NKJE? 9 X IE6IHGLH @EL;NJ =ELC6 ALDNEEND KG KH L>NH ;IH<ND N/LMIC =IJD IH JI@EKAN <EK N >IC6ND LBM IH EBGMJN NHKANE CLELBJG JNGMIH< ML K MJNN GMBA>: JI@EKAN KHD IE6IHGLH .MD AKJ6 LHE?: FNI<FM 2 CA: ML<NMFNJ ;IMF KH JI@EKAN AIHIKMBJN 8KGN 0 1 2.3 / 20-3

2033 / 2013 +++ ,EKJICN ,EI@@ ,LMMK<N 3LL6NHDG 9 >KIJ L@ GFK>N #22 HL8NEM? =LL6 NHDG CIJCK 2 # ALDNEEND KG CLBHMJ? FLBGNG ;IMF @I<BJNG KHD @EL;NJG >IC6ND LBM IH NHKANE CLELBJG =NEL; LJKH<N G6?: 9 X IE6IHGLH AKJ6 LHE?: FNI<FM 2 CA 0 1 *.. +7'97!"

2013 / 2-33 ++* ,EKJICN ,EI@@ 3EBN 3IJD 9 LM LBJJI =L;E KHD CL8NJ CIJCK 2 ;IMF K >INJCND EID DNCLJKMND ;IMF K =EBN =IJD K<KIHGM CELBDG >IC6ND LBM IH NHKANE CLELBJG L8NJ K ABGFJLLA <EK ND <JLBHD: GCJI>M GI<HKMBJN 2+3 / 213

*-

++)

++) ,EKJICN ,EI@@ *HG>IJKMILH . IGNKB 9 >KIJ L@ HL8NEM? =LL6NHDG CIJCK 2 5 ALDNEEND KG K GM?EIGND @KH MKIEND =IJD JNGMIH< ML K G BKJN =KGN: >IC6ND LBM IH MLHKE MBJ BLIGN KHD =EBN <EK N: FKHD >KIHMND * + *'97* KHD 3I KJJN AKJ6: FNI<FM 2 CA *.. +7'97!"

2.33 / 20'333

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:53 Page 53

,EKJICN ,EI@@ Y K8IH< K =IM L@ @BH

++. ++. ,EKJICN ,EI@@ ,LC6NJNE 9 HL8NEM? MNK>LM CIJCK 2 : IH MFN @LJA L@ K CLC6NJNE ;IMF FKHD >KIHMND DNMKIEG: EKJ<N GCJI>M AKJ6: FNI<FM 5CA *.. +7'97!"

2033 / 2013

++( ++( ,EKJICN ,EI@@ 7N>NN 9 HL8NEM? MNK>LM CJNKMND @LJ MFN ,KHKDIKH AKJ6NM CIJCK 2 : ALDNEEND IH MFN @LJA L@ K KMI8N 9ANJICKH *HDIKH MN>NN ;IMF K @I<BJKE *HDIKH @LJ MFN G>LBM KHD 7LMNA >LEN FKHDEN: KEE >IC6ND LBM IH NHKANE CLELBJG: EKJ<N =JL;H GCJI>M GI<HKMBJN: FNI<FM 2 CA *.. +7'97!"

+*3 ,EKJICN ,EI@@ LEE? 9 HL8NEM? @I<BJN L@ K GNKMND LEE? CIJCK 2 5 IH LJKH<N $KC6NM KHD GMJI>ND MJLBGNJG GNKMND ML K <JNNH CBGFILH: 3I KJJN AKJ6: FNI<FM 2#CA *.. +7'97!"

2133 / 2)13

+*3 +*0 ,EKJICN ,EI@@ 7NDD? 3NKJ +BH=BJGM 9 >KIJ L@ HL8NEM? =LL6NHDG CIJCK 2 5 ALDNEEND KG M;L GNKMND =NKJG ;NKJIH< JI==LH CLEEKJG ;IMF K EKJ<N =L; LH K G BKJN =KGN FKHD >KIHMND IH MFN +BH=BJGM >KMMNJH: 3I KJJN AKJ6 0 1 *.. +7'97!"

20'.33 / 2-'-33

20-3 / 2013

+*0

*%

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:53 Page 54

,EKJICN ,EI@@ Y K8IH< K =IM L@ @BH

+*+ $" & & %

+*$" & & % +*,EKJICN ,EI@@ 9JK= LHLEBEB 9 HL8NEM? CKHDENGMIC6 ALDNEEND KG K GMKHDIH< 9JK= IH >KHMKELLHG ;IMF GKGF KHD MBJ=KH FLEDIH< K =KG6NM: FKHD >KIHMND ML MFN ;FLEN IH MFN LHLEBEB >KMMNJH ;IMF K GM?EIGND MJNN EKHDGCK>N ;IMF LJKH<N G>LMMND GKGF KHD MBJ=KH: 3I KJJN AKJ6: FNI<FM 2 CA *.. +7'97!"

+** ,EKJICN ,EI@@ -IGF +NJ8ICN 9 CLA>ENMN GNJ8ICN CIJCK 2 CLA>JIGIH< GNJ8IH< >EKMMNJ: GI/ >EKMNG KHD K GKBCN =LKM JNEIN@ ALBEDND ;IMF K GM?EIGND @IGF KHD ;K8NG >IC6ND LBM IH NHKANE CLELBJG L8NJ MFN FLHN? <EK ND <JLBHD: <JNNH GCJI>M GI<HKMBJN 0 1 2033 / 2013

2*33 / 2,33 +*+ ,EKJICN ,EI@@ 9JK= ,LJKE -IJG 9 HL8NEM? CKHDENGMIC6 ALDNEEND KG K GMKHDIH< 9JK= IH >KHMKELLHG ;IMF GKGF KHD MBJ=KH FLEDIH< K =KG6NM: FKHD >KIHMND ML MFN ;FLEN IH MFN ,LJKE -IJG >KMMNJH ;IMF K GM?EIGND CLKGMKE MJNN KHD CLMMK<N EKHDGCK>N ;IMF LJKH<N G>LMMND MBJ=KH KHD =EKC6 GKGF: 3I KJJN AKJ6: FNI<FM 2 CA *.. +7'97!"

2+33 / 2133

+*,

+*, ,EKJICN ,EI@@ KJENHN 9 @KCN AKG6 CIJCK 2 ALDNEEND KG K @NAKEN IH @BEE @KCN ;NKJIH< KH LJHKMN FNKDDJNGG ;IMF NKJJIH<G >IC6ND LBM IH MLHKE <JNNH KHD JND NHKANEG: 3I KJJN AKJ6: ENH<MF 2 CA *.. +7'97!"

2033 / 2013

+*1 ,EKJICN ,EI@@ 3IJD 9 HL8NEM? >I>N JNGM CIJCK 2 IH MFN @LJA L@ KH N/LMIC =IJD >IC6ND LBM IH NHKANE CLELBJG L8NJ MFN MBJ BLIGN <EK ND <JLBHD: GCJI>M GI<HKMBJN *.. +7'97!"

+*) ,EKJICN ,EI@@ -ELJK 9 ;KEE AKG6 CIJCK 2 JNEIN@ ALBEDND KG K EKDING @KCN ;IMF @ELJKE FKIJ >IC6ND LBM IH =EKC6: JND: LJKH<N KHD ?NEEL;: 3I KJJN AKJ6: FNI<FM 2 CA *.. +7'97!"

213 / 2.3

2033 / 2013 +*. ,EKJICN ,EI@@ ? KJDNH 9 @I<BJKE CKHDENGMIC6 ALDNEEND KG K 6HNNEIH< EKD? IH @EL;IH< JL=NG FLEDIH< B> K =KG6NM L@ @EL;NJG: >IC6ND LBM IH NHKANE CLELBJG ;IMF MLHKE =JL;H "NENCIK GMJNK6ND DJNGG: 3I KJJN AKJ6: FNI<FM 2 CA *.. +7'97!"

+*)

2.3 / 20-3

+*1

*.

!KCF ELM IG GB=$NCM ML K 3B?NJ G JNAIBA L@ # IHCEBGI8N L@ 497 V 5

+*.

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:53 Page 55

+*(/**1

+1W I/LH 0CIJCK 2 #51 K<>IN CFIC6G LH K CFNJJ? MJNN: ;KMNJCLELBJ IEEBGMJKMILH: GI<HND: @JKAND: #CA / CA 2-33 / 2+33 +1+ +CLMMIGF +CFLLE 9H IA>JNGGILHIGMIC LIE LH CKH8KG EKHDGCK>N: CFBJCF =? K JI8NJ =KH6 IH >KGMNE CLELBJG: @JKAND: 2 CA / CA *.. +7'97!"

2+33 / 2133

+*( +*( ,IJCEN L@ -JKHCIG ,KA>=NEE 3LIENKB ,KDNEE 02 2 1 'LGNG IH K ,FIHNGN 8KGN LH K MK=EN ML> : LIE LH CKH8KG EKID DL;H LH =LKJD: =NKJG Y9IM6NH "LMM U +LH: !DIH=BJ<F EK=NE 8NJGL: CA / # CA *.. +7'97!"

+13 ! 3 9 EIMMEN <IJE GMKHDIH< =N@LJN K DIGMKHM CKGMEN: ;KMNJCLELBJ IEEBGMJKMILH GI<HND ;IMF IHIMIKEG: @JKAND: CA / CA *.. +7'97!"

+10 3 LNE "NHFLEA "K8IG 02 2 51 LJMJKIM L@ K <IJE ;NKJIH< K GBH FKM: >KGMNE DJK;IH< LH <JN? >K>NJ: @JKAND: #2CA / CA *.. +7'97!"

2033 / 2013

2013 / 20.3

+1* +1* 3 NJ?E KMMG 02 25 2 1 LLDCBM: Y NJCBENG KEE KHD 9H<NE: LJMANIJILH : CA / CA: @JKAND *.. +7'97!"

2013 / 2-33

2,33 / 2.33

+13

+10

+1+

**

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:53 Page 56

9JM "NCL

+11 H6HL;H 9 2 5G MIHMND NMCFIH< L@ K JNCEIHIH< @NAKEN HBDN: IHDIGMIHCME? GI<HND ML MFN AKJ<IH: @JKAND KHD <EK ND: ANKGBJNG CA =? CA 2.3 / 20-3 +1, NLJ<N "N -NBJN 9 8KGN L@ @LLMND L8LID @LJA JNEIN@ ALBEDND IH K GM?EIGND CEKGGICKE DNGI<H ;IMF >KHNEG L@ @NAKEN @I<BJNG >EK?IH< ABGICKE IHGMJBANHMG IH DNN> KANMF?GM <JLBHD: JNEIN@ ALBEDND AKJ6: FNI<FM 2#CA

+1.

H6HL;H 9 2 5G 9JM "NCL G>FNJICKE @IGF =L;E 8KGN: MFN MN/MBJND =LD? ;IMF GIE8NJ EBGMJN @IGF: =B==ENG KHD GNK <JKGGNG ;IMF >KEN <JNNH NHKANE DNMKIEIH<: BHAKJ6ND: FNI<FM 2 CA *.. +7'97!"

2,3 / 2.3

+,3 +,3 'L=NJM 3LH@IEG 3IKHCFIHI -NJINJ 9 2 5G 9JM "NCL ;KMNJCLELBJ KHD >NHCIE >JN>KJKMLJ? GIE6 GCKJ@ DNGI<H: HBA=NJND KHD 55 : MFN DNGI<H ;IMF GAKEE >LMG L@ @EL;NJG KHD EKJ<N @EL;NJ FNKDG: KHHLMKMND ;IMF >NHCIE HLMNG: GI<HND: @JKAND: 5CA / CA

2.3 / 20-3

JL8NHKHCN @JLA MFN ,FJIGMIN G MF MF XBE? 552 3IKHCFIHI 7N/MIENG GKEN *.. +7'97!"

213 / 2.3

+1)

+1) XLFH 9DKAG ,KJMNJ +MK=ENJ 9DKAG 0 LLEN LMMNJ?1 9 2 5G GFK>N 5 8KGN DNCLJKMND IH KH LJKH<N >NNE BJKHIBA <EK N: IA>JNGGND AKJ6 KELH<GIDN IA>JNGGND FN/K<LH AKJ6: FNI<FM 2 CA *.. +7'97!"

2.3 / 20-3

+1( +1( 'L=NJM 3LH@IEG 3IKHCFIHI -NJINJ 9 2 5G 9JM "NCL >JN>KJKMLJ? GIE6 GCKJ@ DNGI<H MIMEND KIMI: HBA=NJND KHD 55 : MFN ;FLEN IH =EKC6 KHD ;FIMN ;IMF K MFJNN GNCMILH @ELJKE DNGI<H KHD KHHLMKMND >NHCIE HLMNG: GI<HND: @JKAND: CA / 5CA JL8NHKHCN @JLA MFN ,FJIGMIN G MF MF XBE? 552 3IKHCFIHI 7N/MIENG GKEN *.. +7'97!"

213 / 2.3

+1.

+,0

*)

!KCF ELM IG GB=$NCM ML K 3B?NJ G JNAIBA L@ # IHCEBGI8N L@ 497 V 5

+,0 9MMJI=BMND ML 'L=NJM 3LH@IEG 3IKHCFIHI -NJINJ 9 GNM L@ @LBJ ;KMNJCLELBJ KHD >NHCIE GCKJ@ DNGI<HG: NKCF MFN GKAN +>KHIGF 3BEE @I<FMIH< DNGI<H =BM IH K DI@@NJNHM CLELBJ ;K? DN>ICMIH< AKMKDLJG KHD =BEEG: ALBHMND KHD @JKAND KG LHN: 2 CA / 2 CA JL8NHKHCN @JLA MFN ,FJIGMIN G MF MF XBE? 552 3IKHCFIHI 7N/MIENG GKEN *.. +7'97!"

213 / 2.3

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:53 Page 57

9JM "NCL

+,) , NCFLGEL8K6IKH 9 CENKJ CJ?GMKE DNCKHMNJ L@ @KCNMND =KJJNE @LJA ;IMF NH<JK8ND CFN8JLH =LJDNJG =NEL; MFN @KCNM CBM GML>>NJ ML<NMFNJ GI/ GFLM <EKGG IH MFN CLH@LJAIH< >KMMNJH: KCID GMKA>ND: DNCKHMNJ FNI<FM 2 CA 0 1

+,'L=NJM 3LH@IEG 3IKHCFIHI -NJINJ 9 2 5G 9JM "NCL ;KMNJCLELBJ KHD >NHCIE >JN>KJKMLJ? GIE6 GCKJ@ DNGI<H MIMEND L?NGCKG: HBA=NJND KHD 52 : MFN DNGI<H ;IMF GCNHNG L@ 3BEE@I<FMNJG KHD AKMKDLJG ;IMF K >LE6K DLM =LJDNJ: KHHLMKMND ;IMF >NHCIE HLMNG: GI<HND: @JKAND: CA / 5CA JL8NHKHCN @JLA MFN ,FJIGMIN G MF MF XBE? 552 3IKHCFIHI 7N/MIENG GKEN 213 / 2.3

2,3 / 2.3

+,-

+,+

+,. .NBHN 9 EKJ<N -JNHCF 2 5G CENKJ CJ?GMKE <EKGG =L;E L@ ;IDN GFKEEL; @LJA NHKANEEND ;IMF @JBIMG =NM;NNH K DNN> =EBN <JLBHD: NHKANE GI<HKMBJN: DIKANMNJ CA 2,3 / 2.3

+,+ 'L=NJM 3LH@IEG 3IKHCFIHI -NJINJ 9 2 5G 9JM "NCL ;KMNJCLELBJ KHD >NHCIE >JN>KJKMLJ? GIE6 GCKJ@ DNGI<H: HBA=NJND 5: MFN DNGI<H ;IMF GM?EIGND @EL;NJG KHD @LEIK<N IH >KGMNE CLELBJG: KHHLMKMND ;IMF >NHCIE HLMNG: GI<HND: @JKAND: CA / CA JL8NHKHCN @JLA MFN ,FJIGMIN G MF MF XBE? 552 3IKHCFIHI 7N/MIENG GKEN *.. +7'97!"

213 / 2.3 +,* 3IKHCFIHI -NJINJ 7;L 2 5G 9JM "NCL ;KMNJCLELBJ KHD >NHCIE >JN>KJKMLJ? GIE6 GCKJ@ DNGI<HG: NKCF K JN>NKM @ELJKE DNGI<H: BHGI<HND: =LMF @JKAND 0 1 JL8NHKHCN @JLA MFN ,FJIGMIN G MF MF XBE? 552 3IKHCFIHI 7N/MIENG GKEN 2,3 / 2.3 +,1 H6HL;H 9 CKGND GNM L@ GI/ GIE8NJ CLC6MKIE GMIC6G ;IMF MJIKH<BEKJ MNJAIHKE ;IMF 9E8IG ML K JND <JLBHD: NKCF GMKA>ND GIE8NJ: >LGGI=E? @JLA KH 9E8IG ,JNGMND .IALBGIHN CLC6MKIE CK=IHNM 2033 / 2013

+,, +,, 9E=NJM KIH;JI<FM 02 2 # 1 7FN ICHIC: K EKJ<N ;KMNJCLELBJ LH >K>NJ DN>ICMIH< 8KJILBG @I<BJNG IH K EKHDGCK>N: @JKAND: CA / # CA *.. +7'97!"

2-'333 / 2+'333

+,( 3NC6NH U 'ICFIN 9 -JNHCF 2 5G <EKGG =L;E L@ GFKEEL; @LJA NHKANEEND ;IMF @EL;NJG L8NJ K CENKJ CJ?GMKE <JLBHD: NHKANE GI<HKMBJN: DIKANMNJ 2 CA 213 / 2.3

*'

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:53 Page 58

9JM "NCL

+)*

+)* $ & %

+)3 +)3 .N<JKG 9 2 5G <EKGG 8KGN L@ L8LID @LJA ;IMF KH KCID CBM =KHD L@ GBH=BJGM ALMI@G CLELBJND ;IMF <JNNH NHKANEEIH< L8NJ MFN L>KE KHD =EBN ALMMEND <JLBHD KEE CKGND IH CENKJ CJ?GMKE: NHKANE GI<HKMBJN: FNI<FM 2 CA *.. +7'97!"

20-3 / 2013 +)0 +MBKJM U +LHG 9 2 5G CENKJ CJ?GMKE <EKGG DNCKHMNJ L@ DJK;H L8LID @LJA =NEL; K @KCNMND GML>>NJ: DNCLJKMND ;IMF JN>NKM 8NJMICKE CBM CLEBAHG KHD GM?EIGND ENK8NG: KCID AKJ6: FNI<FM #CA

2-13 / 2+33

+)-JNDNJIC6 9 'FNKD 'L?KE ,KBEDJLH 9H 9JM "NCL ;KEE >EK BN DNCLJKMND ;IMF K JND >FLNHI/ KAIDGM GM?EIGND =EKC6 @EKANG: MFN =LJDNJ ND<N IH =EBN ;IMF GNCMILHKE JN>NKM >KMMNJHG: >JIHMND AKJ6: DIKANMNJ CA 2.3 / 20-3 +)+ WNIMF BJJK? ND<;LLD 9H 9JM "NCL MJBA>NM 8KGN L@ @EKJND @LJA <EK ND IH LLHGMLHN FIMN: >JIHMND GI<HKMBJN AKJ6: FNI<FM 2CA 2*3 / 2,3

2*3 / 2,3

*,

+)* 3NMM? XLNE @LJ Y7L6NH KHD KDN -BJHIMBJN 9 ;KEHBM GIDN=LKJD: @IMMND ;IMF K CNHMJKE =KH6 L@ @LBJ <JKDBKMND DJK;NJG @EKH6ND =? K CB>=LKJD KM NIMFNJ GIDN: ;IMF CKJ8ND GCKEEL> GFNEE @LJA FKHDENG: =NKJG >K>NJ EK=NE 8NJGL DNMKIEIH< DNGI<HNJ: AKHB@KCMBJNJG HKANG KHD DKMN L@ -N= 5MF 2 : ;IMF JN>EKCNANHM IHGNJM <EKGG ML>: FNI<FM 2 CA KHD ;IDMF 2 CA *.. +7'97!"

!KCF ELM IG GB=$NCM ML K 3B?NJ G JNAIBA L@ # IHCEBGI8N L@ 497 V 5

+)-

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:53 Page 59

9JM "NCL

+)1 "NANMJN ,FI>KJBG 0'LAKHIKH 2 2 # 1 !MLIEN "N NJ LJ +MKJ@IGF: K >KMIHKMND =JLH N KHD >KJCNE <IEM CKJ8ND I8LJ? @I<BJN DN>ICMIH< K DKHCNJ IH @BEE ENLMKJD =LD? CLGMBAN ;IMF GMKJ@IGFNG CEIH<IH< ML FNJ ENLMKJD: GMKHDIH< LH FNJ MLNG ;IMF FNJ KJAG JKIGND KHD IHMNJM;IHND K=L8N FNJ FNKD: LH K GFK>ND LH?/ =KGN ;IMF <JNNH LH?/ KHD LJMLJ AKJ=EN GNCMILHG: BHGI<HND: FNI<FM CA JL8NHKHCN BJCFKGND @JLA HN; =? XLFH 'BGGNEE 'LGN: X : *HGM 3 !

KHD MFNH =? DNGCNHM .IMNJKMBJN 3J?KH ,KMEN?: 9JM "NCL KHD MFNJ -I<BJNG: LLD=JID<N: 2 : > 4ICMLJ 9J;KG: 9JM "NCL +CBE>MBJN: N; LJ6: 2 : > # 9E=NJML +FK?L: ,FI>KJBG KGMNJ L@ 9JM "NCL: N; LJ6: 2 : > # : >E LMNG +KD6L KHD Y!MLIEN "N NJ NJ CFKJKCMNJ IG MK6NH @JLA MFN 3KEENMG 'BGGNG >JLDBCMILH L@ Y7FN WIH<DLA HDNJ MFN +NK @IJGM GMK<ND IH KJIG IH 2 22: ;FICF IH MBJH ;KG =KGND LH MFN L>NJK Y+KD6L =? I6LEKI 'IAG6?

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

2*3'333 / 2,3'333

*&

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:53 Page 60

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Art Deco

391 391 Eric Slater - Shelley - A 1930s Art Deco Queen Anne shape Sunrise and Tall Trees coffee set comprising coffee pot, twelve cups and saucers, milk jug and sugar bowl, all with printed marks (qty). ILLUSTRATED. £150 - £200

392 392 Myott - A 1930s Art Deco coffee service comprising coffee pot, six cans and saucer, milk jug and sugar bowl, each decorated with a silver lustre sunray and a geometric pattern with green linear detailing, printed marks (qty).

ILLUSTRATED. £70 - £90

62

Each lot is subject to a Buyer’s Premium of 24% inclusive of VAT @ 20%

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*+3 IEFNEA WK<N BGMK8G=NJ< 9 2 5G 9JM "NCL 9J<NHMK KJN G>IEE 8KGN DNCLJKMND ;IMF K GIE8NJ <KEENLH K<KIHGM K ALMMEND <JNNH <JLBHD ;IMF 9+9 2 ML MFN JN8NJGN: >JIHMND KHD >KIHMND AKJ6G: FNI<FM 2 CA ML<NMFNJ ;IMF KH 9JK=IK FN/K<LHKE 8KGN IH <JNNH ;IMF >KIHMND GIE8NJ EBGMJN G>JK?G: >JIHMND AKJ6: FNI<FM 2 CA 0 1 2*3 / 2,3 *+0 IEFNEA WK<N BGMK8G=NJ< 9 2 5G 9JM "NCL 9J<NHMK KJN C?EIHDNJ 8KGN DNCLJKMND ;IMF K GIE8NJ G>JK? L@ @EL;NJG K<KIHGM K ALMMEND <JNNH <JLBHD: >JIHMND KHD >KIHMND AKJ6G: FNI<FM 2 CA 213 / 2.3 *+ 93 7NHH 9 2 5G +;NDIGF >N;MNJ M;IH FKHDEN Y9A@LJK 8KGN: CIJCK 2 : L@ G>FNJICKE @LJA ;IMF N8NJMND JIA KHD GMN>>ND KH<BEKJ FKHDENG: FNI<FM 2 CA: GMKA>ND ML =KGN 93 7NHH +8NHG6 4KJK HKHD HBA=NJND &2 5 2,3 / 2.3

2.3 / 20-3

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*++

*++ ,FKJENG L6N KHD KJJ? I/LH 'L?KE "LBEMLH 9 2 5G ,FIHNGN XKDN DIGF LJ L>NH GKEM L@ G BKJN GNCMILH ;IMF K CNHMJKE CIJCBEKJ ;NEE ALDNEEND ;IMF KH NEN>FKHMG FNKD ML NKCF CLJHNJ: 8NIHND <JNNH AKJ6IH<G ;IMF JND KHD LCFJN @EKGFNG >IC6ND LBM ;IMF <LED: >JIHMND @KCMLJ? AKJ6 KHD >KIHMND L6N ,FIHNGN XKDN KHD ALHL<JKA: IA>JNGGND 2 2 : 25CA G : FNI<FM # CA *.. +7'97!"

*+*

KJJ? I/LH $LIHND "LBEMLH IH K=LBM 2 55 KG K <NHNJKE KJMIGM N ;KG CELGNE? KGGLCIKMND ;IMF ,FKJENG L6N IH MFN DNCLJKMILH L@ @EKA=N ;KJN KHD MFN ,FKH< KHD +BH< KJM ;KJN L@ MFN NKJE? 2 55G I/LH IG =NGM 6HL;H KG MFN AKH JNG>LHGI=EN @LJ @I<BJIHN >KIHMIH< KM IEN +M KHD MFN Y GNJING HBA=NJG LH @I<BJIHNG 0 2 Y"KJEIH< IHMJLDBCND IH 2 2 1 ML JNCL<HIGN FIG JLEN IH MFNIJ >JLDBCMILH

2-13 / 2+13

2013 / 2-13

*+* ,FKJENG L6N KHD KJJ? I/LH 'L?KE "LBEMLH 9 2 5G ,FIHNGN XKDN ALDNE L@ K GNKMND 3BDDFK DNCLJKMND IH K 8NIHND <JNNH KHD ;FIMN: K@@I/ND ML KH KEK=KGMNJ EKA> =KGN ML KEE AKJ6G L=GCBJND +&" *.. +7'97!"

2-33 / 2+33 *+1

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*+1 3 KJJ? I/LH 02 2 1 9H LIE >KIHMIH< LH =LKJD MIMEND Y!8NHIH< +M *8NG DN>ICMIH< =LKMG IH FKJ=LBJ KM EL; MIDN =NEL; K MLHKE =EBN KHD $KDN <JNNH G6?: GIE8NJ GEI> @JKAN: GI<HND KHD DKMND : N/FI=IMILH EK=NE 8NJGL @LJ MFN +LCINM? L@ +MK@@LJDGFIJN 9JMIGMG ;IMF @BEE DNMKIEG: ML<NMFNJ ;IMF K @BJMFNJ DNDICKMND EK=NE JNKDIH< 7L EKD?G U ,?JIE IMF KEE <LLD ;IGFNG -JLA 9EICN U KJJ? I/LH XBE? 2 : CA / 5CA *.. +7'97!"

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2033 / 2013

*+. *+. !EI K=NMF JK?DLH +MKHHBG JK?GMKH 9 EKJ<N 2 5G <EKGG <L=ENM MFN @EKJND =L;E ;IMF K>>EIND KA=NJ MFJNKDIH< ML MFN JIA JKIGND LH K FLEEL; =EL;H ;J?MFNH GMNA KHD CLHICKE @LLM KEE IH K <JKDBKMND L>KENGCNHCN: BHAKJ6ND: FNI<FM CA *.. +7'97!"

**0 +MBKJM U +LHG 9 2 5G <EKGG +>IDNJ >KMMNJH CLC6MKIE GNM ML IHCEBDN K CLC6MKIE GFK6NJ L@ MK>NJND GENN8N @LJA =NEL; GMN>>ND CFJLAN >EKMND ALBHMG: NH<JK8ND ;IMF G>IDNJ ;N=G KHD NHKANEEND ;IMF G>IDNJG KHD ALMFG: FNI<FM CA: ML<NMFNJ ;IMF @LBJ AKMCFND <EKGGNG NKCF ;IMF K JLBHD @BHHNE =L;E KML> G;N>M CLHICKE @NNM IH MFN CLH@LJAIH< >KMMNJ: KCID AKJ6ND: FNI<FM CA *.. +7'97!"

2+33 / 2133 **+K=IHL 9 2 5G -JNHCF <EKGG >EKMN L@ GFKEEL; @LJA ;IMF JNEIN@ ALBEDND GFNEEG ML MFN =KGN KEE >IC6ND LBM IH K <JKDBKMND L>KENGCNHCN: ALBEDND AKJ6: DIKANMNJ 2 CA 2.3 / 20-3

2013 / 2-33

*+) !D8IH EENJG 9@LJG 9 2 5G <EKGG =L;E L@ CIJCBEKJ GMJKI<FM GIDND @LJA ;IMF JNEIN@ ALBEDND MFIGMENG KEE ML MFN CIHHKALH <JLBHD: ALBEDND AKJ6: DIKANMNJ CA 2,3 / 2.3

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2033 / 2013

'-

*** *** +CFHNIDNJ .N 4NJJN -JKHCKIG 9 2 5G <EKGG @LLMND 8KGN: MFN G>JNKD @LLM IH KANMF?GM JIGIH< ML MFN GMN>>ND GENN8N @LJA =L;E KCID NMCFND ;IMF KH K=GMJKCM EIHN KHD DLM >KMMNJH IH JNEIN@ L8NJ MFN KCID MN/MBJND <JLBHD: KCID AKJ6ND: FNI<FM 2#CA *.. +7'97!"

2033 / 2013

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2033 / 2013

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!

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**, **, ,KJEMLH KJN 9 2 5G 9JM "NCL >NDNGMKE <LHDKEK DNCLJKMND IH MFN !/>ELGILH >KMMNJH ;IMF <IEM KHD NHKANE GMKJ=BJGMG K<KIHGM K ALMMEND =EBN <JLBHD: >JIHMND GCJI>M AKJ6: ENH<MF #CA: FNI<FM CA *.. +7'97!"

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

2)3 / 2(3

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2-13 / 2+33 *10 ,KJEMLH KJN 9 2 5G 9JM "NCL CFKJ<NJ DNCLJKMND IH MFN -I<FMIH< ,LC6G >KMMNJH ;IMF M;L <IEM KHD NHKANE CLC6NJNEG K<KIHGM K ALMMEND LJKH<N EBGMJN <JLBHD: >JIHMND GCJI>M AKJ6: DIKANMNJ CA *.. +7'97!"

**(

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F111-102 Part Two.qxp_Layout 1 19/02/2018 14:54 Page 74

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*11 *11 ,KJEMLH KJN 9 2 5G 9JM "NCL CIJCBEKJ IH6;NEE KHD CL8NJ DNCLJKMND IH MFN -KHMKGIK >KMMNJH ;IMF K <IEM KHD NHKANE =IJD KAIDGM GM?EIGND @EL;NJG K<KIHGM K DKJ6 =EBN <JLBHD: JNMKIHG EIHNJ: >JIHMND GCJI>M AKJ6: =KGN DIKANMNJ 2 CA *.. +7'97!"

2,3 / 2.3

2033 / 2013

2013 / 2-33 *1* ,KJEMLH KJN 9 2 5G 9 KEIK >KMMNJH DIKALHD GFK>ND DIGF DNCLJKMND ;IMF K G>JK? L@ @EL;NJG K<KIHGM K ALMMEND <JNNH <JLBHD ;IMF M;L @IH FKHDENG: >JIHMND GCJI>M AKJ6: ENH<MF 2CA *.. +7'97!"

213 / 2.3

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*1, *1, ,KJEMLH KJN 9 2 5G 9JM "NCL $B< DNCLJKMND IH MFN 9;K6NHIH< >KMMNJH ;IMF GM?EIGND @EL;NJG KHD @LEIK<N K<KIHGM K >KIHMND LJKH<N <JLBHD: >JIHMND GCJI>M AKJ6: FNI<FM 2 CA: JNGMLJND *.. +7'97!"

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20-3 / 20.3

2-13 / 2+33

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F111-102 Part Two.qxp_Layout 1 19/02/2018 14:54 Page 75

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2.3 / 20-3

2*3 / 2,3

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2)3 / 2(3

2033 / 2013 *,* ,KJEMLH KJN 9 2 5G 9JM "NCL <L=ENM 8KGN DNCLJKMND IH MFN KHDCJK@M .I<FMNHIH< >KMMNJH ;IMF =EKC6 KHD LJKH<N EBGMJN GNCMILHG: >JIHMND GCJI>M AKJ6: FNI<FM 2 CA: JNGMLJND 213 / 2.3

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*,0

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2033 / 2013

2,3 / 2.3

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2,3 / 2.3

2*3 / 2,3

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2,3 / 2.3

20-3 / 20.3

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2033 / 2013 *)* ,KJEMLH KJN 9 2 5G 9JM "NCL KJIGINHHN GFK>N CL@@NN GNM CLA>JIGIH< CL@@NN >LM: AIE6 $B<: GB<KJ =L;E KHD GI/ CB>G KHD GKBCNJG: KEE DNCLJKMND IH K CL@@NN CJNKA ;IMF =JL;H KHD JND =KHDIH<: >JIHMND GCJI>M AKJ6 0 M?1 *.. +7'97!"

2033 / 2013

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2,3 / 2.3

20-3 / 2013 *.,KJEMLH KJN 9 2 5G 9JM "NCL 'N8L DIGF DNCLJKMND IH MFN KHDCJK@M LHNGM? >KMMNJH: >JIHMND GCJI>M AKJ6: ENH<MF CA +&" *.. +7'97!"

2,3 / 2.3

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2033 / 2013 *.* ,KJEMLH KJN 9 2 5G 9JM "NCL MK=EN <LHDKEK DNCLJKMND IH MFN +6NMCFIH< 3IJD >KMMNJH ;IMF K <IEM KHD NHKANE GM?EIGND =IJD IH @EI<FM KAIDGM MJKIEIH< MJNNG K<KIHGM K DBG6? >IH6 <JLBHD: >JIHMND GCJI>M AKJ6: JNMKIHG LJI<IHKE ,KJEMLH KJN >K>NJ EK=NE: ENH<MF CA *.. +7'97!"

2-33 / 2+33

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F111-102 Part Two.qxp_Layout 1 19/02/2018 14:54 Page 78

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*.( ,KJEMLH KJN 9 2 5G 9JM "NCL 8KGN L@ @EKJND C?EIHDJICKE @LJA DNCLJKMND IH MFN KHDKJIHG ,FKMMIH< >KMMNJH ;IMF M;L EBGMJN KHD <IEM @I<BJNG K<KIHGM K =EKC6 <JLBHD: >JIHMND GCJI>M AKJ6: FNI<FM 5 CA 9&- *.. +7'97!"

2033 / 2013

213 / 2.3

*.) ,KJEMLH KJN 9 2 5G 9JM "NCL >LG? =L;E L@ C?EIHDJICKE @LJA ;IMF K ;IDN GEL>IH< JIA NHKANE DNCLJKMND IH MFN LEE?FLC6G >KMMNJH ;IMF NHKANE KHD <IEM @EL;NJG K<KIHGM K =EKC6 <JLBHD: >JIHMND GCJI>M AKJ6G: DIKANMNJ #CA

*(3 IEMGFK; KHD 'L=IHGLH ,KJEMLH KJN 9 2 5G 9JM "NCL B 8KGN DNCLJKMND IH MFN ,FIHNGN -I<BJNG >KMMNJH K<KIHGM K ALMMEND =EBN <JLBHD: >JIHMND AKJ6: FNI<FM CA

2,3 / 2.3

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2,3 / 2.3

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*(0 ,KJEMLH KJN 9 2 5G 9JM "NCL 8KGN KHD CL8NJ DNCLJKMND IH MFN ,FIHNGN 3IJD KHD ,ELBD >KMMNJH ;IMF K GM?EIGND ELH< MKIEND =IJD KAIDGM GM?EIGND @LEIK<N K<KIHGM KH LJKH<N <JLBHD: >JIHMND GCJI>M AKJ6: FNI<FM 5CA +&" *.. +7'97!"

2)3 / 2(3

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2033 / 2013

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2-33 / 2+33 *(+ ,KJEMLH KJN 9H 9JM "NCL M;IH FKHDEND @LLMND =L;E DNCLJKMND IH MFN +6NMCFIH< 3IJD >KMMNJH K<KIHGM K 'LB<N 'L?KEN <JLBHD: >JIHMND GCJI>M AKJ6: JNMKIHG LJI<IHKE >K>NJ EK=NE: DIKANMNJ 2 CA 20-3 / 20.3

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2*3 / 2,3

2)3 / 2(3

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2)3 / 2(3 *(, IEMGFK; KHD 'L=IHGLH ,KJEMLH KJN 9 2 5G 9JM "NCL 'LBENKB 8KGN DNCLJKMND IH MFN <IEM N; I6KDL >KMMNJH: >JIHMND AKJ6: FNI<FM CA 2.3 / 20-3

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F111-102 Part Two.qxp_Layout 1 19/02/2018 14:54 Page 80

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133 ,NGKJN 7LGL 9 >LGM ;KJ *MKEIKH BJKHL <EKGG @I<BJN L@ DL< @KCIH< ML FIG JI<FM: LJI<IHKE EK=NE: FNI<FM 25CA

13+ WK IAINJ LDEKGINC6I 'NCEIHIH< BDN: EIHLCBM: GI<HND IH >NHCIE KHD DKMND Y : @JKAND: 2 CA / 22CA

213 / 2.3

2,3 / 2.3

130 NJKED 3NHHN? 4IHNJG 9 >KJM GNM L@ GMKIHENGG GMNNE +MBDIL JKH<N CBMENJ? CLA>LGND L@ GI/ 6HI8NG: @LJ6G: GLB> G>LLHG: DNGGNJM G>LLHG: DNGGNJM @LJ6G: @LBJ GIDN 6HI8NG: @LBJ MNKG>LLHG KHD M;L GNJ8IH< G>LLHG 0 M?1 2+3 / 213

13* 13* 3 -JKH6 KJMIH 02 2 55 1 YPBNNH L@ +FN=K: K ;LLDCBM: GI<HND KHD MIMEND: @JKAND: CA / 2 CA *.. +7'97!"

2033 / 2013 13-

13 9 XNH6IHG @LJ 7FN KC6NM -BJHIMBJN ,LA>KH? 9 Y.IHDNH KJACFKIJ: @JLA MFN Y7NCMK JKH<N: DNGI<HND IH 2 # : L@ =IJCF 8NHNNJND =NHM >E? CLHGMJBCMILH 3 7FIG CFKIJ IG L@@NJND @LJ GKEN KG K ;LJ6 L@ KJM *M AK? HLM CLA>E? ;IMF MFN -BJHIMBJN KHD -BJHIGFIH<G 0-IJN1 +K@NM? 'N<BEKMILHG 2 KHD @LJ MFIG JNKGLH GFLBED HLM =N BGND IH K >JI8KMN D;NEEIH< *.. +7'97!"

131

131 IEKJ? 3KED;IH Y4KJIKMILH LH 3KGIC 7FNAN: L : EIMFL<JK>F: GI<HND IH >NHCIE KHD DKMND Y : @JKAND: # CA / CA KEGL LHN LMFNJ EIMFL<JK>F =? MFN GKAN FKHD 0 1 *.. +7'97!"

20-3 / 20.3 13, .BC? XLEIN KJEN BIH: LIE LH CKH8KG: GI<HND: @JKAND: 5CA / 5CA *.. +7'97!"

2033 / 2013

2+13 / 2*13

13,

,+

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:54 Page 81

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13) 13) 3 JKFKA ,EKJ6N 0= 2 # 1 Y'?N KJ=LBJ : GCJNNH>JIHM: GI<HND IH >NHCIE: KJMIGM G >JLL@: @JKAND: # CA / CA *.. +7'97!"

2013 / 2-33 13.

H6HL;H 9 GMBDIL >LMMNJ? 8KGN L@ JNCMKH<BEKJ GEK= @LJA ;IMF K MN/MBJND =LD? DNCLJKMND ;IMF K =EKC6 L/IDN <EK N: BHAKJ6ND: FNI<FM #CA 2*3 / 2,3 13( 'N<IHKED LBHM 7FN .KD?6IEENJG !KEIH< +MBDILG 9 @JKAND ABGIC GFNNM @LJ MFN MIMEN ABGIC @JLA MFN @IEA: CA / 2CA

10* 10 LLEN LMMNJ? 9 7;IHMLHN DIHHNJ GNJ8ICN CLA>JIGIH< MBJNNHG KHD <JKDBKMND >EKMNG DNCLJKMND IH CLELBJ CLDN , +6? U K<HLEIK: >JIHMND =KC6 GMKA>G 0 M?1

101 !J66I WK>>I ? WBANEK EKGG;LJ6G 9 >LGM ;KJ <EKGG CENKJ CJ?GMKE 8KGN L@ MK>NJND L8LID @LJA NH<JK8ND ;IMF K JNCEIHIH< @NAKEN HBDN =NGIDN K DNNJ: NH<JK8ND GI<HKMBJN: FNI<FM CA

213 / 2.3

213 / 2.3 10, 'L<NJ FIEEI>L ;E KHD MFN BGG?CKM: ;LLD NH<JK8IH<: HBA=NJND & : =NKJG T LED KEENJ?T EK=NE 8NJGL: CA / CA

213 / 2.3

FIEI>>L GMBDIND KM MFN 'L?KE ,LEEN<N L@ 9JM IH MFN NKJE? 2 5G KHD AK6NG N/B=NJKHM KJM KHD >JIHMG: FN IG >NJFK>G =NMMNJ 6HL;H KG K <EKGG DNGI<HNJ 213 / 2.3

103 103 H6HL;H 9 >LGM ;KJ K=GMJKCM EKHDGCK>N ;KMNJ CLELBJ LH >K>NJ: BHGI<HND: @JKAND: 5CA / CA *.. +7'97!"

10+ 10+ 3 XLFH KE6NJ 0= 2 1 Y HMIMEND: 2 : EIMFL<JK>F: GI<HND IH >NHCIE KHD DKMND 2 : @JKAND *.. +7'97!"

20-3 / 2013

2033 / 2013

100 H6HL;H N/ICKH 9 >KIJ L@ AID CNHMBJ? GIE8NJ CEI> NKJJIH<G ;IMF HIHN BHIMND FNAIG>FNJNG IH G BKJN <JID @LJA: NH<JK8ND AKJ6G L@ KHD 7+ : ML<NMFNJ ;IMF K >KIJ L@ AID CNHMBJ? GIE8NJ 3JBMKEIGM CEI> NKJJIH<G L@ G BKJN GNCMILH AKDN @JLA MI<FM ;L8NH CFKIH EIH6G ALBHMND ML K @I/IH< 0 1

10* XLFH +NND 0AID 5MF ,NHMBJ?1 Y IGM L8NJ 'IH<;K? : LIE LH =LKJD: GI<HND: MIMEND KHD DKMND 2 2 8NJGL: @JKAND: CA / CA *.. +7'97!"

2*3 / 2,3

2013 / 2-33

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

,6

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:54 Page 82

LGM KJ

10( 10( 9E@JND 'FNKD LLEN LMMNJ? 7;L 2 5G -JNN@LJA L8LID 8KGNG: GFK>N 2 DNCLJKMND IH MFN !+ KHD ,3 >KMMNJH: >JIHMND AKJ6G: FNI<FM 2 CA *.. +7'97!"

2.3 / 20-3

1-3

1-3 XLJ<NH L<NHGNH 'L?KE ,L>NHFK<NH 9 >LGM ;KJ GMLHN;KJN DIGF L@ G BKJN @LJA DNCLJKMND ;IMF K GM?EIGND =IJD IH EL; JNEIN@: MFN ;FLEN IH MLHNG L@ =JL;H KHD =EBN: >JIHMND KHD >KIHMND AKJ6G: DKMN CLDN @LJ 2 2 : CA G *.. +7'97!"

20-3 / 2013

1-0 3NMF 3J?NH 'L?KE ,L>NHFK<NH 9EBAIHIK 9 >LGM ;KJ JNCMKH<BEKJ >EK BN DNCLJKMND ;IMF M;L GM?EIGND =IJDG K<KIHGM K =EBN <EK N <JLBHD: >JIHMND KHD >KIHMND AKJ6G: CA / CA *.. +7'97!"

2013 / 2-33

2133 / 2.33

1--

,-

1-0

1-9HHK JH=NJ< +MJLA=NJ< 9 GNM L@ @LBJ GM?EIGND @I<BJKE GMBDIL <EKGG DNCKHMNJG MIMEND WEKJK: 8NJGMNH: !==K KHD 3L=: L@ DI@@NJIH< KH<BEKJ @LJAG IH JND: ?NEEL;: <JNNH KHD =EBN NKCF ;IMF KH L>KE GML>>NJ ;IMF K>>EIND GM?EIGND @KCIKE DNMKIEG: LJI<IHKE EK=NEG: NH<JK8ND GI<HKMBJNG: MKEENGM CA 0#1 *.. +7'97!"

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F111-102 Part Two.qxp_Layout 1 19/02/2018 14:54 Page 83

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1-1 *H MFN AKHHNJ L@ "IHL KJMNHG 9 >LGM ;KJ *MKEIKH BJKHL <EKGG =IJD ;IMF AN

K @IEI<JKHK DNCLJKMILH IH L>KE ML MFN CJNGM KHD CIHHKALH KHD GK>>FIJN ML MFN G>JNKD ;IH<G KEE CKGND IH CENKJ CJ?GMKE ;IMF K>>EIND DNMKIEIH< ML MFN N?NG KHD <LED K8NHMBJIHN JBHHIH< MFJLB<F MFN =NK6: BHAKJ6ND: FNI<FM CA

1-.

'BGCFK 9 2 5G NJAKH >LMMNJ? >EK BN L@ JNCMKH<BEKJ @LJA DNCLJKMND ;IMF M;L L>>LGIH< CLC6NJNEG IH ;FIMN: JND KHD ?NEEL; L8NJ K ALMMEND CIHHKALH <JLBHD: >JIHMND AKJ6G: ENH<MF CA 213 / 2.3 1-( XLFH .B/MLH +MBKJM U +LHG 9 >LGM ;KJ CENKJ CBM CJ?GMKE 8KGN L@ G;LEENH =KJJNE @LJA CBM: >LEIGFND KHD NH<JK8ND ;IMF K JN>NKM GM?EIGND @ELJKE ALMI@: KCID AKJ6: FNI<FM 2 CA

2.3 / 20-3 1-, N== ,LJ=NMM 9 CENKJ CJ?GMKE <EKGG DNCKHMNJ DNGI<HND =? *JNHN +MN8NHG L@ MK>NJND GENN8N @LJA ;IMF FN/K<LHKE GML>>NJ: DNCLJKMND ;IMF CBJ8ND EIHNG KHD JN>NKM G BKJN CBM >KMMNJH: ML<NMFNJ ;IMF @I8N AKMCFIH< GFNJJ? <EKGGNG: KCID GMKA>ND: DNCKHMNJ FNI<FM CA 0 1

2*3 / 2,3 1+3 L8AKHMLJ> 9 >LGM ;KJ +;NDIGF <EKGG 8KGN L@ @LLMND GENN8N @LJA ;IMF K>>EIND =EBN MJKIEIH< ML MFN CENKJ <JLBHD: LJI<IHKE EK=NE: FNI<FM CA

2033 / 2013

1-+

1-+ 4IC6N .IHDGMJKHD WLGMK 9 EKJ<N >LGM ;KJ CENKJ CJ?GMKE <EKGG 8KGN ;IMF <JNNH =KGN L@ CLA>JNGGND GENN8N @LJA NH<JK8ND ;IMF K GM?EIGND @IGFNJAKH CKMCFIH< K MJLBM: NH<JK8ND GI<HKMBJN: FNI<FM CA *.. +7'97!"

1-) EKH 9 >LGM ;KJ MNK6 CL@@NN MK=EN L@ JNCMKH<BEKJ @LJA: MFN ML> IHGNM ;IMF @LBJ CNJKAIC MIENG KHD K GAL6ND <EKGG >KHNE: KEE L8NJ K MJNGMEN GM?EN =KGN: GMKA>ND ML BHDNJGIDN: FNI<FM # CA KHD ;IDMF 2 2CA: +&"

2+3 / 213 1+0 +8NH KEA 8IGM JJN@LJG 9 >LGM ;KJ CENKJ CJ?GMKE <EKGG DNCKHMNJ L@ @KCNMND MK>NJND @LJA: NH<JK8ND GI<HKMBJN: FNI<FM CA: ML<NMFNJ ;IMF K GIAIEKJ GM?EN N/KA>EN ;IMF NH<JK8ND @ELJKE DNCLJKMILH: BHAKJ6ND: FNI<FM CA

2*3 / 2,3

2*3 / 2,3

2013 / 2-33

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

9 2 5G G BKJN <EKGG 8KGN L@ GMN>>ND GENN8N @LJA: MFN <JKDBKMND KA=NJ <JLBHD DNCLJKMND ;IMF <NLANMJIC ALMI@G IH JNEIN@ =NEL; KH K>>EIND >INJCND <IEM ANMKE =KHD: NH<JK8ND GI<HKMBJN: FNI<FM 2 CA 2*3 / 2,3

1-* 3$LJH IIH=EKD 'LGNHMFKE 9 >LGM ;KJ +MBDIL .IHN CJ?GMKE <EKGG 8KGN L@ JNCMKH<BEKJ GENN8N @LJA NH<JK8ND ;IMF K GM?EIGND @NAKEN @I<BJN GBJJLBHDND =? =IJDG L8NJ K MN/MBJND N@@NCM <JLBHD: NH<JK8ND GI<HKMBJN ML MFN =LD?: KCID AKJ6 ML MFN =KGN: FNI<FM 5CA

1+, ILMJ 3KJL WHK=GMJB> 9 >LGM ;KJ JNEIN@ ALBEDND ;KEE >EK BN L@ L8KE @LJA IH KH L>KE <EK N L8NJ MFN MNJJKCLMMK <JLBHD DNCLJKMND ;IMF MFJNN GM?EIGND DNNJ: LJI<IHKE EK=NE KHD >JIHMND AKJ6: ENH<MF #CA 213 / 2.3

2.3 / 20-3

1++

,%

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:54 Page 84

LGM KJ

1* LLAI 3KC6FKBGNH +LFLEA 9 "KHIGF JNCMKH<BEKJ JNEIN@ ALBEDND ;KEE >EK BN DN>ICMIH< K GM?EIGND =JKHCF ;IMF =NJJING >IC6ND LBM IH JND KHD LCFJN NHKANEG ML K ;FIMN <JLBHD: HBA=NJND : IA>JNGGND AKJ6G ML MFN JN8NJGN: ENH<MF ##CA *.. +7'97!"

2*3 / 2,3 1*1+) WKJI ,FJIGMNHGNH 'L?KE ,L>NHFK<NH 9 -K$KHCN 7NHNJK 8KGN L@ CLA>JNGGND @LJA DNCLJKMND ;IMF K MLHKE =EBN GM?EIGND >KMMNJH: >JIHMND AKJ6G: FNI<FM 2CA 213 / 2.3 1+.

3NH<M !DNH@KE6 +6JB@ 9 >LGM ;KJ <EKGG +>BH 8KGN IH KANMF?GM CKGND IH CENKJ CJ?GMKE: MFN DLAND =KGN =NEL; K GENHDNJ GENN8N @LJA HNC6 ;IMF K>>EIND CENKJ CJ?GMKE MFJNKDIH<: >KJMIKE EK=NE KHD NH<JK8ND GI<HKMBJN: FNI<FM CA 2033 / 2013 1+( !JI6 L<EBHD 3LDK 9 EKJ<N KA=NJ <EKGG =LMMEN 8KGN L@ MK>NJND @LJA ;IMF KH K>>EIND EI> ML MFN JIA KHD JKHDLA KIJ =B==EN DNCLJKMILH: NH<JK8ND GI<HKMBJN: FNI<FM 2CA

1*3 *H MFN AKHHNJ L@ "IHL KJMNHG -JKMNEEI 7LGL 9 >LGM ;KJ *MKEIKH BJKHL <EKGG @I<BJN L@ K GM?EIGND =IJD ;IMF L>KE KHD KANMF?GM AN

K @IEI<JKHK DNCLJKMILH KHD K>>EIND DNN> KANMF?GM @NKMBJNG: BHAKJ6ND: FNI<FM 2 CA 2*3 / 2,3 1*0 4BECKIH 9 2 5G +;IGG 4BECKIH WIEIAKHD$KJL <NHMENAKH G KBMLAKMIC ;JIGM;KMCF: MFN <JKDBKMND ANMKEEIC L8KE =EBN DIKE: ;FIMN =KMLH AKJ6NJG: DK? KHD DKMN K>NJMBJN ;IMFIH GMKIHENGG GMNNE CKGN: KEE ML K @IMMND =EBN ENKMFNJ GMJK> 2.3 / 20-3

2.3 / 20-3

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213 / 2.3

213 / 2.3

1** IEG 7FLJGGLH 'L?KE ,L>NHFK<NH 9 2 5G "KHIGF -K$KHCN EKJ<N G BKJN @IGF DIGF @JLA MFN 39,9 JKH<N: >KMMNJH HBA=NJ 2 & : KHD M;L AKMCFIH< GAKEENJ N/KA>ENG: HBA=NJND 2 & 0 1 *.. +7'97!"

1*.

IEG 7FLJGGLH 'L?KE ,L>NHFK<NH 9 2 5G "KHIGF -K$KHCN @EKMMNHND JNCMKH<BEKJ 8KGN @JLA MFN 39,9 JKH<N: >KMMNJH HBA=NJ 2 & 2 2: FNI<FM 5CAG KHD KHLMFNJ GIAIEKJ GENHDNJ N/KA>EN: >KMMNJH HBA=NJ 2 & # 0 1

2.3 / 20-3

213 / 2.3

1*1 'L=NJM NECF @LJ ED KEE 9 2 5G EKJ<N GMKIHENGG GMNNE Y98LH >KMMNJH CL@@NN >LM: FNI<FM CA: K GB<KJ =L;E IH MFN GKAN DNGI<H: ML<NMFNJ ;IMF KH KGGLCIKMND CJNKA $B< KHD GB<KJ =L;E: KEE ED KEE 0#1

1*( IEG 7FLJGGLH -L< KHD LJB> 9 2 5G "KHIGF -K$KHCN EKA> =KGNG @JLA MFN 39,9 JKH<N: FNI<FM 5CA KHD K GAKEENJ N/KA>EN FNI<FM 5CA: HBA=NJND 2 KHD KHLMFNJ =EBN EKA> =KGN HBA=NJND 2 2: KEE AKJ6ND ML MFN =KGN 0 1

2)3 / 2033

1*+

,.

1*+ IEG 7FLJGGLH 'L?KE ,L>NHFK<NH 9 2 5G "KHIGF -K$KHCN GEK= 8KGN @JLA MFN 39,9 JKH<N: >KMMNJH HBA=NJ 2 & 2 2: FNI<FM 5CA KHD KHLMFNJ GIAIEKJ N/KA>EN: >KMMNJH HBA=NJ 2 & # 0 1 *.. +7'97!"

1*, 'L=NJM NECF @LJ ED KEE 9 2 5G ML 2 5G GIE8NJ >EKMND MK>NJND CKHDEN FLEDNJ L@ CLEBAHKJ @LJA LH G;N>M =KGN ;IMF CENKJ <EKGG <EL=N GFK>ND GFKDN: =NEIN8ND ML =N MFN >JLMLM?>N @LJ MFN KCCLA>KH?IH< GMKIHENGG GMNNE N/KA>EN: M;L GAKEENJ N/KA>ENG ;IMF KANMF?GM <EKGG GFKDNG KHD K >KIJ L@ ,KA>DNH MFJNN =JKHCF CKHDEN FLEDNJG 0 1

2.3 / 20-3

1**

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:54 Page 85

LGM KJ

113 XLJ<NH LJ<NHGNH 'L?KE ,L>NHFK<NH 9 2 5G "KHIGF +BH< <EK N DIGF HBA=NJND 2 2 KHD K MKEE JNCMKH<BEKJ 8KGN HBA=NJND 2 : =LMF ;IMF @KCMLJ? GMKA> KHD IA>JNGGND GI<HKMBJN: KHD K IEG 7FLJJGLH =LMMEN 8KGN HBA=NJND 2 & 5 FNI<FM 2 CA 0 1 *.. +7'97!"

2013 / 2-+3 110 INEG !JIC -JLA 9 2 5G "KHIGF +MNJEIH< GIE8NJ ALDNJHIGM >NHDKHM L@ ELH< JNCMKH<BEKJ LBMEIHN ;IMF CKGM $K<<ND DNCLJKMILH: GBG>NHDND @JLA K CIJCBEKJ MLJ BN: GMKA>ND AKJ6G ! -JLA: +MNJEIH< +: "KHAKJ6 2013 / 2-33 11 NMMN -IHH 9 2 5G "KHIGF ALDNJHIGM >N;MNJ >NHDKHM KHD AKMCFIH< EIH6 =JKCNENM: =LMF @JLA MFN KNJL JKH<N: ;IMF >INJCND ;FNNE DNGI<H KHD KH KGGLCIKMND CB@@ =JKCNENM: KEE GMKA>ND NMMN -IHH: 9NJL "NHAKJ6 0 1 2.3 / 20-3

110

11,

11+ XLJ<NH XNHGNH 9 2 5G "KHIGF >N;MNJ >NHDKHM IHGNM ;IMF K JND >KGMN NEEI>MICKE CK=LCFLH: HBA=NJ 5: K G BKJN >NHDKHM ;IMF NH<JK8ND ALDNJHIGM >KMMNJH HBA=NJND KHD K CB@@ =JKCNENM ;IMF NA=LGGND =LJDNJ DNCLJKMILH HBA=NJND : KEE GMKA>ND XLJ<NH XNHGNH "NHAKJ6 N;MNJ 0 1 2*3 / 2,3 11* 9 "NHAKJ6 9 2 5G "KHIGF GIE8NJ >EKMND CB@@ =JKCNENM L@ =JBMKEIGM DNGI<H ALBHMND ;IMF KH KANMF?GM CJ?GMKE ;IMFIH K M;IGMND ANMKE =LJDNJ: AKMCFIH< JIH< ;IMF ALEMNH ANMKE ALBHM ML N/>KHDK=EN @IMMIH<: =LMF GMKA>ND 9 "KHIGF "NGI<H 0 1 *.. +7'97!"

213 / 2.3

11.

11, NJAKHH +INJG=LE 9 "KHIGF +MNJEIH< GIE8NJ ALDNJHIGM >NHDKHM L@ MJIKH<BEKJ LBMEIHN ;IMF K=GMJKCM CKGM DNGI<H KHD ALBEMNH CNHMJKE GNCMILH: MFJNKDND @IMMIH< ML MFN JN8NJGN ;IMF @IHN MJKCN EIH6 CFKIH: GMKA>ND + + *.. +7'97!"

2033 / 2013

111 111 INEG !JIC -JLA 9 "KHIGF +MNJEIH< GIE8NJ JIH< ALBHMND ;IMF KH L8KE MBJ BLIGN CK=LCFLH K=L8N =JLKD GFLBEDNJG KHD K >EKIH MK>NJIH< =KHD: GMKA>ND -JLA +: JIH< GI N *.. +7'97!"

20-3 / 20.3

11) INEG !JIC -JLA 9 2 5G "KHIGF +MNJEIH< GIE8NJ N/>KHDK=EN JIH< MFN EKJ<N L8KE FNKD ALBHMND ;IMF MI<NJG N?N KHD KHLMFNJ GIAIEKJ FKJDGMLHN N/KA>EN: =LMF GMKA>ND ! -JLA "KHAKJ6: + +MNJEIH<: 0 1 2033 / 2013 11.

NJAKHH +INJG=LE 9 "KHIGF +MNJEIH< GIE8NJ ALDNJHIGM >NHDKHM L@ MJIKH<BEKJ LBMEIHN ;IMF CKGM K=GMJKCM DNGI<H: MFJNKDND @IMMIH< ML MFN JN8NJGN ;IMF @IHN MJKCN EIH6 CFKIH: GMKA>ND + + *.. +7'97!"

2033 / 2013

113

,*

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:54 Page 86

LGM KJ

11( 11( ,FJIGML>FNJGNH 9 2 5G "KHIGF +MNJEIH< GIE8NJ JIH<: MFN C?EIHDJICKE FNKD ;IMF <NLANMJIC >INJCND DNGI<H ML K >EKIH =KHD: GMKA>ND + "NHAKJ6 .N: JIH< GI N X: ML<NMFNJ ;IMF KHLMFNJ +;NDIGF GIE8NJ ALDNJHIGM N/KA>EN: GMKA>ND 5 .N JIH< GI N W 0 1 *.. +7'97!"

2033 / 2013 1,3 XLJAK .KIHN 9 -IHIGF 2 5G =JLH ND ANMKE >NHDKHM DNGI<HND KG M;L BHIMND , GNCMILHG IHGNM ;IMF K >INJCND L8KE >KHNE: GMKA>ND XLJAK .KIHN: -IHEKHD ML<NMFNJ ;IMF K >KIJ L@ NHMMI +KJ>KHN8K GCJN; =KC6 =JLH ND ANMKE >NHDKHM NKJJIH<G: GMKA>ND 0 1 *.. +7'97!"

2,3 / 2.3

1,*

,)

1,0 W$NED KHGNH ,L>NHFK<NH 9 2 5G "KHIGF >N;MNJ >NHDKHM MFN G BKJN >KHNE ;IMF CKGM CIJCBEKJ DNGI<H: @KCGIAIEN GI<HKMBJN KHD GMKA>ND AKJ6G: ML<NMFNJ ;IMF K >N;MNJ >KHNE EIH6 =JKCNENM: NKCF >KHNE ;IMF K >INJCND FNKJM ALMI@: GMKA>ND ," 7IH: "NHAKJ6: N;MNJ: HBA=NJND #52 0 1 213 / 2.3 1,'BHN 7NHHNGAND 9 2 5G +;NDIGF >N;MNJ >NHDKHM L@ G BKJN LBMEIHN ;IMF CKGM CIJCBEKJ ALMI@: GMKA>ND AKJ6G: ML<NMFNJ ;IMF KHLMFNJ GIAIEKJ >NHDKHM ;IMF K>>EIND MKH<NJIHN <EKGG JLBHDNE: GMKA>ND 7 ' +;NDNH +&" 0 1 2,3 / 2033 1,+ 3KH< U EB@GNH 9 "KHIGF 2 5G 3NLEIM 55 >LJMK=EN JKDIL: HBA=NJ # : IH JND CKGIH<: ML<NMFNJ ;IMF K =EBN 3NLCLA >LJMK=EN MNEN>FLHN IH K 3KH< KHD EB@GNH GMKHD HBA=NJND 255 # 0 1 213 / 2.3

1,3

1,* 3 3EKIJ B<FNG +MKHMLH 02 5 2 21 Y IHMNJ MNHM : EIMFL<JK>F: GI<HND KHD MIMEND IH >NHCIE: HBA=NJND 22& 5: @JKAND: 5 CA / CA *.. +7'97!"

2,3 / 2(3 1,1 WK$ -JKHC6 BBMKJ$KJ8I LMG$L 9 >LGM ;KJ WJNAEIH 3NEEG <EKGG DLB=EN DNCKHMNJ: MFN G>FNJICKE >KEN >N;MNJ DNCKHMNJ JIGIH< ML K CLEEKJ HNC6 @IMMND ;IMF K GNCLHD >KEN =EBN DNCKHMNJ @IMMND ;IMF K FLEEL; =EL;H JND GML>>NJ: DKMND 2 5: NH<JK8ND GI<HKMBJN: FNI<FM CA *.. +7'97!"

2+33 / 2133 1,1

1,,

!KCF ELM IG GB=$NCM ML K 3B?NJ G JNAIBA L@ # IHCEBGI8N L@ 497 V 5

1,)

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:54 Page 87

LGM KJ

1,.

1,( 1,, 3 3NJHKJD NKDL;G 02 2 55 1 Y,LC6NJNE : EIMFL<JK>F: GI<HND IH >NHCIE KHD DKMND Y : @JKAND: 2 CA / CA *.. +7'97!"

2.3 / 20-3 1,) 3 XLFH L?EKHD 02 5221 Y"IDL K=GMJKCM @LJAG ;IMF JND G BKJN K<KIHGM K ?NEEL; <JLBHD: NMCFIH< ;IMF K BKMIHM: GI<HND IH >NHCIE KHD DKMND Y : HBA=NJND 22& 5: @JKAND: CA / CA

1)3

B=EIGFND IH 7FN 7KMN KEENJ? 2 5 *EEBGMJKMND ,KMKEL<BN L@ 9C BIGIMILHG: .LHDLH 2 # *.. +7'97!"

2033 / 2013 1,. 3 4ICMLJ KGALJN 02 5 2 1 Y9>LEEL * : EIMFL<JK>F: GI<HND ;IMF ALHL<JKA IH >NHCIE: DKMND Y : HBA=NJND #& 5: @JKAND: #2CA / CA *.. +7'97!"

1)3 3 3J?KH *H<FKA 02 2 1 Y7NK>LM : NMCFIH<: GI<HND ;IMF IHIMIKEG IH >NHCIE KHD DKMND 2 : HBA=NJND & 5: @JKAND: 22CA / 2#CA KEGL LHN LMFNJ NMCFIH< =?

"LJLMFNK I<FM 0 1 *.. +7'97!"

2033 / 2013 1)0 3 3J?KH *H<FKA 02 2 1 Y+M K;<KH IH NHNK<N: ,LJH;KEE : NMCFIH<: GI<HND IH >NHCIE KHD DKMND 2 : KJMIGM G >JLL@: @JKAND: 2 CA / CA *.. +7'97!"

20-3 / 20.3 1)- 3 3NJHKJD NKDL;G 02 2 55 1 3KEKHCIH< G>FNJNG: NMCFIH<: GI<HND IH >NHCIE KHD DKMND Y : @JKAND: 2 CA / CA 213 / 2.3

2133 / 2.33

1)0

1,( 3 NHJ? BHD? 0= 2 2 1 Y.I<FM LIH< : >NHCIE KHD LIE ;KGF DJK;IH< LH =B@@ >K>NJ: GI<HND KHD DKMND Y 2: @JKAND: CA / #CA *.. +7'97!"

2133 / 2)33

,'

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LGM KJ

1)+ 1)+ 3 3NJHKJD NKDL;G 02 2 55 1 7;L FNKDG @KCIH< JI<FM: >NHCIE KHD CJK?LH DJK;IH<G: =LMF GI<HND ;IMF IHIMIKEG: M;L @JKAND KG LHN: NKCF CA / CA KEGL LHN LMFNJ GIAIEKJ >LJMJKIM G6NMCF =? MFN GKAN FKHD *.. +7'97!"

1)* 9E=NJM KIH;JI<FM 02 2 # 1 Y+NKMND @NAKEN HBDN : ALHLCFJLAN IH6 KHD ;KGF DJK;IH<: BH@JKAND: BHGI<HND: CA / 2 CA KEGL LHN LMFNJ IH6 GMBD? L@ K HBDN =? MFN GKAN FKHD 0 1 *.. +7'97!"

20-3 / 20.3

2033 / 2013

1)) 9E=NJM KIH;JI<FM 02 2 # 1 Y BDN ;IMF KJAG LBMGMJNMCFND : IH6 KHD =EBN ;KGF DJK;IH<: BH@JKAND: BHGI<HND: CA / 2 CA KEGL LHN LMFNJ IH6 GMBD? L@ K HBDN =? MFN GKAN FKHD 0 1 2033 / 2013 1).

9E=NJM KIH;JI<FM 02 2 # 1 Y+NKMND @NAKEN HBDN : ALHLCFJLAN IH6 DJK;IH<: DKMND XBHN 5MF: BH@JKAND: BHGI<HND: CA / 2 CA KEGL LHN LMFNJ ;KGF GMBD? L@ K HBDN LH =JL;H >K>NJ =? MFN GKAN FKHD 0 1 2033 / 2013

1)1 1)1 9E=NJM KIH;JI<FM 02 2 # 1 Y+NKMND @NAKEN HBDN ELL6IH< JI<FM : ALHLCFJLAN IH6 KHD ;KGF DJK;IH<: BH@JKAND: BHGI<HND: CA / 2 CA KEGL LHN LMFNJ IH6 KHD ;KGF GMBD? L@ K HBDN =?

MFN GKAN FKHD 0 1 *.. +7'97!"

2033 / 2013 1)*

1), 9E=NJM KIH;JI<FM 02 2 # 1 Y+NKMND @NAKEN HBDN IH <JNNH : IH6 KHD ;KGF DJK;IH<: BH@JKAND: BHGI<HND: CA / 2 CA KEGL LHN LMFNJ IH6 GMBD? L@ K HBDN =? MFN GKAN FKHD 0 1 2033 / 2013

,,

!KCF ELM IG GB=$NCM ML K 3B?NJ G JNAIBA L@ # IHCEBGI8N L@ 497 V 5

1)( 9E=NJM KIH;JI<FM 02 2 # 1 Y+NKMND @NAKEN HBDN IH >JL@IEN : IH6 DJK;IH< LH =EBN >K>NJ: BH@JKAND: BHGI<HND: CA / 2 CA KEGL LHN LMFNJ IH6 KHD ;KGF GMBD? L@ K HBDN =? MFN GKAN FKHD 0 1 2033 / 2013 1.3 9E=NJM KIH;JI<FM 02 2 # 1 Y+MBD? L@ K GNKMND ALH6 'FNHG WLHI<GMBFE IH6 KHD ;KGF DJK;IH<: BH@JKAND: BHGI<HND: CA / 2 CA KEGL LHN >KIHMND 8NJGL ;IMF K ABGICKE =KJ KHD 8NJGN ML<NMFNJ ;IMF LHN LMFNJ ;KMNJCLELBJ GMBD? L@ MFN ALH6 0 1 20-3 / 20.3

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:54 Page 89

LGM KJ

1.0 1.0 9E=NJM KIH;JI<FM 02 2 # 1 Y,LCFNA KA LGNE IH6 KHD ;KGF DJK;IH<: BH@JKAND: BHGI<HND: CA / 2 CA KEGL LHN >KIHMND 8NJGL ;IMF KHLMFNJ 8IN; L@ MFN ML;H ML<NMFNJ ;IMF LHN LMFNJ ;KMNJCLELBJ Y IHHN=BJ< 8LH ,LCFNA KA LGNE 0 1 *.. +7'97!"

20-3 / 20.3

1.+ 1.1 3 IEEIKA 7IEE?NJ 0= 2 1 Y KCI@IC ,LKGMKE ML 3I< +BJ : NMCFIH<: GI<HND IH >NHCIE KHD HBA=NJND & 5: BH@JKAND: KEGL MFN CLA>KHILH Y FLNHI/ +K<BKJL =? ;K? L@ MFN KIHMND "NGNJM K >KIJ 0 1

1., 3 XLN 7IEGLH 0= 2 1 Y JLGCIHNAI: E?A>IK: 2 : NMCFIH< ;IMF K BKMIHM KHD K>>EIND >FLML<JK>F: =JKGG N?NG ML CLJHNJG: GI<HND IH >NHCIE KHD DKMND 2 : >JIHMNJ G >JLL@: BH@JKAND: 5CA / CA *.. +7'97!"

2033 / 2013

2013 / 2-33

1.9E=NJM KIH;JI<FM 02 2 # 1 Y NIE LG6K8O +MBD? L@ ?LBH< AKH FLEDIH< K 'BGGIKH @EK< IH6 KHD ;KGF DJK;IH<: BH@JKAND: BHGI<HND: CA / 2 CA KEGL >KIHMND 8NJGL ;IMF K GMBD? L@ K <JLB> L@ @I<BJNG 2033 / 2013 1.+ 3 ,FJIG JJ 03 2 # 1 Y IJJLJG 9H?MFIH< IG =NMMNJ MFKH JNKEIM? HL : EIMFL<JK>F: GI<HND IH >NHCIE: KHD DKMND 2 5: HBA=NJND &#5: BH@JKAND: 2CA / #CA KEGL LHN LMFNJ EIMFL<JK>F =? ,KJLE?H 3JKD? Y-EL;NJG KHD K GI<HND N/FI=IMILH >LGMNJ =? +KHDJK 3EL; 0 1 *.. +7'97!"

2013 / 2-33 1.* 3 !JHGM -BCFG 0= 2 51 K EIMFL<JK>FIC N/FI=IMILH >LGMNJ DKMND 2 : GI<HND IH >NHCIE KHD HBA=NJND & 55: BH@JKAND: 5CA / CA *.. +7'97!"

2.3 / 20-3

1.*

1.,

,&

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:54 Page 90

LGM KJ

1.)

1.) 3 4ICMLJ KGALJN 02 5 2 1 Y3? ;FKM NLANMJ? : NMCFIH<: GI<HND ;IMF ALHL<JKA IH >NHCIE: DKMND Y # KEGL GI<HND IH MFN >EKMN: BH@JKAND: CA / CA *.. +7'97!"

2-33 / 2+33 1.. 3 3NJHKJD NKDL;G 02 2 55 1 Y KEEL? EKMN # : NMCFIH< ;IMF K BKMIHM: GI<HND IH >NHCIE KHD HBA=NJND 25&25: DKMND Y : BH@JKAND: 2 CA / CA KEGL LHN LMFNJ BH@JKAND NMCFIH< =? MFN GKAN FKHD 0 1 20-3 / 20.3

1(3 1.( 4IC6N .IHDGMJKHD WLGMK 9 >LGM ;KJ <EKGG 8KGN L@ CLA>JNGGND L8LID @LJA NH<JK8ND ;IMF K GMKHDIH< @NAKEN HBDN: NH<JK8ND ;IHDL; LH MFN L>>LGIH< GIDN: KEE ML MFN CENKJ CJ?GMKE <JLBHD: NH<JK8ND GI<HKMBJN: FNI<FM CA *.. +7'97!"

2013 / 2-33 1.(

&+

!KCF ELM IG GB=$NCM ML K 3B?NJ G JNAIBA L@ # IHCEBGI8N L@ 497 V 5

1(3 3 +IJ XKCL= !>GMNIH 02 5 2 1 Y K<HLEIK : AI/ND ANDIK L@ LIE KHD <LBKCFN LH CKJD: GI<HND: =NKJG Y,FKJENG 9 XKC6GLH: KHCFNGMNJ EK=NE 8NJGL DKMND 2 # : @JKAND: CA / # CA *.. +7'97!"

2-'333 / 2+'333

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LGM KJ

1(*

1(0 ILJN<IL .LJNH 9=GMJKCM ;IMF ?NEEL;: <JNNH KHD JND: GCJNNH>JIHM: GI<HND KHD DKMND Y : HBA=NJND 25& 5: @JKAND: # CA / CA KEGL LHN LMFNJ EIMFL<JK>F =? K DI@@NJNHM FKHD 0 1 2,3 / 2(3 1( LGNEMLH +CBE>MBJN 9H K=GMJKCM KEBAIHIBA GCBE>MBJN L@ K =IJD IH @EI<FM: IHGCJI=ND ML =KGN LGNEMLH ,KHKDK: 33

1(* LJDLH 'BGGNEE -BJHIMBJN .MD 9 AKFL<KH? KHD JLGN;LLD 8NHNNJ @JLHMND M;IH >NDNGMKE DNG6: ;IMF K =KH6 L@ @LBJ DJK;NJG ML LHN GIDN KHD KH B> KHD L8NJ DLLJ NHCELGIH< K GFKEEL; DJK;NJ KHD @IEIH< DJK;NJ: JKIGND ML MK>NJND EN<G: =NKJG EK=NE: FNI<FM 2CA: ;IDMF 2 CA KHD DN>MF CA +&" 9JMICEN 25 7JKHGKCMILH .ICNHCN IH >EKCN *.. +7'97!"

1(1 9HMLH ICFNEGNH 9 2 5G "KHIGF +MNJEIH< GIE8NJ ENK@ =JKCNENM ML K DNGI<H =? !I<IE XNHGNH @LJAND KG GI/MNNH L8KE GFK>ND ENK8NG MNJAIHKMIH< IH MLH<BN KHD =L/ CEKG>: ENH<MF 2 CA: GMKA>ND "NHAKJ6: +MNJEIH<: AK6NJG AKJ6 9HMLH ICFNEGNH *.. +7'97!"

1(, NHHIH< WL>>NE @LJ NLJ< XNHGNH 9 "KHIGF GMNJEIH< GIE8NJ K=GMJKCM =JLLCF: DNGI<H HBA=NJ : GMKA>ND +: "NHAKJ6G ;IMF >LGM 2 # XNHGNH AKJ6G *.. +7'97!"

2-33 / 2+33

2+3 / 213 1(+ 9MMJI=BMND ML LJDLH 'BGGNEE -BJHIMBJN 9 CIJCBEKJ DIHIH< LJ CNHMJN MK=EN LH @KCNMND MK>NJND EN<G: ;IMF K ELLGN GAL6ND <EKGG ML>: FNI<FM CA KHD DIKANMNJ 2 5CA

20-3 / 20.3

2*3 / 2,3

1(,

2033 / 2013

1() 1() NHHIH< WL>>NE @LJ NLJ< XNHGNH 9 2 5G "KHIGF +MNJEIH< GIE8NJ >NHDKHM L@ >INJCND K=GMJKCM @LJA ;IMF ELL> >NHDKHM @IMMIH<: DNGI<H HBA=NJ # : GMKA>ND +MNJEIH< "NHAKJ6 ;IMF >LGM 2 # XNHGNH AKJ6G: .LHDLH IA>LJM AKJ6G @LJ 2 *.. +7'97!"

20-3 / 20.3

1(1

&6

F111-102 Part Two.qxp_Layout 1 19/02/2018 14:54 Page 92

LGM KJ

1(( 1(. ,3-

1(.

H6HL;H 9 2 5G FKEEAKJ6ND GIE8NJ KHD NHKANE >NHDKHM: MFN KJCFND JNCMKH<BEKJ >KHNE CKGM ;IMF K GM?EIGND GBH@EL;NJ: NHKANEEND IH =BJHM LJKH<N KHD ?NEEL;: @LBJ GBG>NHDND CFKIHG =NEL; ML K @IHN MJKCN EIH6 CFKIH: 3IJAIH<FKA 2 : , *.. +7'97!"

,30 7FLAKG .?HMLH LMM 7FJNN 2 5G FKEEAKJ6ND GIE8NJ >IH =JLLCFNG: NKCF L@ ALDNJHIGM DNGI<H: 3IJAIH<FKA 2 #: 2 KHD 2 : GMKA>ND AKJ6G 7 .

0 1 2.3 / 20-3

213 / 2.3

,3 KJ<LM DN 7K/CL 9 N/ICKH GIE8NJ >NHDKHM L@ CIJCBEKJ LBMEIHN ;IMF >NHDKHM DJL>ENMG =NEL;: KHLMFNJ @LEIKMN N/KA>EN ;IMF =NKDND DNCLJKMILH KHD <JNNH K<KMN: =LMF GMKA>ND ;IMF KJ<LM DN 7K/CL AK6NJG AKJ6G KHD KH 9 MNC GM?EN =JLLCF ;IMF MBJ BLIGN GM?EN CNHMJKE CK=LCFLH GMKA>ND +MNJEIH< 0 1 *.. +7'97!"

,33 H6HL;H 9 2 5G N/ICKH GIE8NJ HNC6EKCN KHD =JKCNENM ;IMF =KJ KHD =KEE DNGI<H: KHLMFNJ GIE8NJ =NKD HNC6EKCN ;IMF MLH<BN KHD =L/ CEKG> KHD K JNN6 6N? >KMMNJH @EN/I=EN GIE8NJ CLEEKJ: KEE GMKA>ND N/ICL 0#1

,3+ KJ<LM DN 7K/CL 9 2 5G N/ICKH GIE8NJ GMKJ=BJGM GM?EN =JLLCF: GMKA>ND AKJ6G @LJ KJ<LM DN 7K/CL KHD M;L LMFNJ KGGLCIKMND N/KA>ENG ;IMF >INJCND DNCLJKMILH

2)3 / 2033 1(( H6HL;H 9 2 5G FKEEAKJ6ND GIE8NJ L8KE ALDNJHIGM >NHDKHM DNGI<HND KG M;L L8NJEKID GNCMILHG L@ GIE8NJ ;IMF CNHMJKE ALEMNH @JLHDG L@ GIE8NJ K<KIHGM K AKMM MN/MBJND EK?NJND <JLBHD: +FN@@INED 2 : X3 *.. +7'97!"

2.3 / 20-3

,3* XLFH .KBJIM NH 9 2 5G "KHIGF GMNJEIH< GIE8NJ GM?EIGND @EL;NJ FNKD JIH< ;IMF >INJCND GFLBEDNJG KHD >EKIH =KHD: GMKA>ND XLFH .: "NHAKJ6 KHD K LJ;N<IKH =JL;H NHKANEEND N/>KHDK=EN JIH<: GMKA>ND KDN IH LJ;K?: +MNJEIH< + KHD AK6NJ G AKJ6 @LJ 96GNE LEAGNH 0 1 2.3 / 20-3

2)3 / 2033

2,3 / 2(3

!KCF ELM IG GB=$NCM ML K 3B?NJ G JNAIBA L@ # IHCEBGI8N L@ 497 V 5

9JMICEN 25 MJKHGKCMILH EICNHCN IH >EKCN *.. +7'97!"

2+33 / 2133

,31

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,,0 7JLI6K LMMNJ? 9 ,L@@IH 8KGN DNCLJKMND =? .LBIGN XIH6G ;IMF CKJ8ND: IHCIGND KHD >KIHMND >KHNEG K<KIHGM K =EBN ;KGF <JLBHD ;IMF IHCIGND EIHNG: >KIHMND 7JLI6K AKJ6: FNI<FM 2 CA

,,* 7JLI6K LMMNJ? 9 EKJ<N JNCMKH<BEKJ EKA> =KGN DNCLJKMND =? NHH? 3EKC6 ;IMF M;L CKJ8ND KHD >KIHMND >KHNEG K<KIHGM K =JL;H ;KGF MN/MBJND <JLBHD: >KIHMND 7JLI6K AKJ6: FNI<FM CA

2,3 / 2.3

2.3 / 20-3

20-3 / 20.3

,1( 7JLI6K LMMNJ? 9 EKJ<N CB=N 8KGN DNCLJKMND =? .IHDK K NE: NKCF @KCN ;IMF MN/MBJND KHD JKIGND K=GMJKCM DNCLJKMILH: >KIHMND 7JLI6K ,LJH;KEE !H<EKHD AKJ6 ML MFN =KGN: FNI<FM 2#CA *.. +7'97!"

,,7JLI6K LMMNJ? 9 GAKEE FNNE 8KGN DNCLJKMND =? NHH? 3EKC6 ;IMF IHCIGND KHD MN/MBJND K=GMJKCM >KMMNJHG K<KIHGM K =EBN ;KGF <JLBHD: >KIHMND 7JLI6K AKJ6: FNI<FM 22 CA

,,1 7JLI6K LMMNJ? 9 JNCMKH<BEKJ 8KGN DNCLJKMND ML NKCF @KCN ;IMF IHCIGND KHD MN/MBJND DNCLJKMILH ;IMF <JNNH >KIHMND GIDNG: 7JLI6K ,LJH;KEE >KIHMND AKJ6: IHDIGMIHCM >KIHMNJG AKJ6: FNI<FM 2CA

2,3 / 2.3

2033 / 2013

,,+ 7JLI6K LMMNJ? 9 AKJAKEKDN >LM DNCLJKMND ML NKCF @KCN ;IMF MN/MBJND KHD IHCIGND K=GMJKCM >KMMNJHG K<KIHGM K =JL;H ;KGF <JLBHD ;IMF K =EKC6 MNHAL6B CLEEKJ HNC6: >KIHMND 7JLI6K ,LJH;KEE !H<EKHD KHD IHIMIKEEND .W: FNI<FM CA

,,, 7JLI6K LMMNJ? 9 JNCMKH<BEKJ GEK= 8KGN DNCLJKMND =? 9HHN .N;IG ;IMF MN/MBJND KHD CKJ8ND >KHNEG K<KIHGM K =EBN ;KGF <JLBHD: >KIHMND 7JLI6K ,LJH;KEE AKJ6: FNI<FM 2 CA

20-3 / 20.3 ,,3 7JLI6K LMMNJ? 9 C?EIHDNJ 8KGN DNCLJKMND ;IMF K I< K< KHD DLM =KHD K<KIHGM K =EBN ;KGF <JLBHD: >KIHMND 7JLI6K ,LJH;KEE AKJ6: FNI<FM 2 CA 2.3 / 20-3

,,) 7JLI6K LMMNJ? 9 JNCMKH<BEKJ GEK= 8KGN DNCLJKMND =? 9HHN .N;IG ;IMF MN/MBJND: JKIGND KHD CKJ8ND >KHNEG K<KIHGM K =EBN ;KGF <JLBHD ;IMF ;FIMN <EK ND GIDNG: >KIHMND 7JLI6K ,LJH;KEE AKJ6: FNI<FM 2 CA 2.3 / 20-3 ,,.

7JLI6K LMMNJ? 9 EKJ<N FNNE 8KGN DNCLJKMND =? NHH? 3EKC6 ;IMF CKJ8ND KHD MN/MBJND >KHNEG KHD <EK ND DIGCG K<KIHGM K MN/MBJND =JL;H ;KGF <JLBHD: >KIHMND 7JLI6K ,LJH;KEE: FNI<FM 5CA 20-3 / 20.3

2033 / 2013

2,3 / 2.3

6+6

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LGM KJ

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,)) NL@@JN? 3K/MNJ FIMN@JIKJG 9 7N/MBJND JKH<N "JBH6NH 3JIC6EK?NJ <EKGG 8KGN: >KMMNJH : IH NKDL; JNNH: FNI<FM 2CA *.. +7'97!"

2*33 / 2,33

2013 / 2-33

2013 / 2-33

,)3 NL@@JN? 3K/MNJ FIMN@JIKJG 9 7N/MBJND JKH<N "JBH6NH 3JIC6EK?NJ <EKGG 8KGN: >KMMNJH : IH N;MNJ: FNI<FM 5 CA *.. +7'97!"

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2033 / 2013

2013 / 2-33

2013 / 2-33

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,)1 NL@@JN? 3K/MNJ FIMN@JIKJG 9 7N/MBJND JKH<N "JBH6NH 3JIC6EK?NJ <EKGG 8KGN: >KMMNJH : IH ,IHHKALH: FNI<FM 5 CA *.. +7'97!"

2033 / 2013

2033 / 2013

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,) NL@@JN? 3K/MNJ FIMN@JIKJG 9 7N/MBJND JKH<N "JBH6NH 3JIC6EK?NJ <EKGG 8KGN: >KMMNJH : IH *HDI<L: FNI<FM 5CA *.. +7'97!"

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2013 / 2-33

2-33 / 2+33

,.0 ICFKNE KJJIG DIHK 9 2 5G <EKGG -IGF 8KGN L@ CLA>JNGGND <EL=N KHD GFK@M @LJA ;IMF FNK8?

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2-33 / 2+33

2033 / 2013

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2,33 / 2.33

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2+3 / 213

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2-33 / 2+33

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F111-102 Part Two.qxp_Layout 1 19/02/2018 14:55 Page 131

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>K?K=EN =? MFN 3IDDNJ IH KCCLJDKHCN ;IMF CEKBGN K=L8N 9 %GKEN NHMJ? & IHMNJHNM AKJ6NMIH<( CFKJ<N L@ 55 0497 IHCEBGI8N1 ;IEE =N K>>EIND ML KEE ELMG: GLED LJ LMFNJ;IGN: LH NKCF GKEN L@@NJIH< 7FN KBCMILHNNJG GFKEE JNAIM MFN >JLCNNDG L@ MFN GKEN ML MFN 4NHDLJ 0GB=$NCM ML MFN DNDBCMILH L@ KEE GBAG I N CLAAIGGILHG KHD CFKJ<NG: DBN @JLA MFN 4NHDLJ ML MFN 9BCMILHNNJG1 HL EKMNJ MFKH MFJNN ;NN6G K@MNJ JNCNI8IH< >K?ANHM IH @BEE @JLA MFN 3IDDNJ *H MFN N8NHM L@ MFN ELMG JNAKIHIH< BHGLED MFN 8NHDLJ GFKEE =N EIK=EN ML >K? MFN 9BCMILHNNJ MFN K=L8N %GKEN NHMJ? & IHMNJHNM AKJ6NMIH<( CFKJ<N LH NKCF ELM 2 7FN 9BCMILHNNJG DL HLM BHDNJMK6N MFN CLEENCMILH L@ <LLDG =BM GFKEE FL;N8NJ I@ DNGIJND IHGMJBCM K CLHMJKCMLJ LH MFN 4NHDLJG =NFKE@ KHD KM FIG N/>NHGN 7FN 9BCMILHNNJG GFKEE HLM =N EIK=EN @LJ KH? DKAK<N: ELGG: LJ BHKBMFLJIGND JNAL8KE L@ <LLDG KHD @LJ KH? DKAK<N ML >JNAIGNG =? GBCF CLHMJKCMLJG 7FN 9BCMILHNNJ GFKEE HLM =N EIK=EN @LJ KH? ELMG DNEI8NJND ML MFNIJ >JNAIGNG ;IMFLBM GKEN IHGMJBCMILH KHD JNGNJ8N MFN JI<FM ML AK6N K FLBGIH< CFKJ<N: MFIG CFKJ<N IG KEGL K>>EICK=EN ML ELMG MFKM FK8N =NNH JN BNGMND ML =N CLEENCMND =? MFN 9BCMILHNNJG *@ HLM JNAL8ND ;IMFIH M;L ;LJ6IH< ;NN6G MFN 9BCMILHNNJG FLED MFN JI<FM ML GNEE MFN IMNAG IH LJDNJ ML JNCL8NJ KH? CLGMG IHCBJJND =? MFNA HENGG IHGMJBCMND =? KCCLA>KH?IH< ;JIMMNH HLMICN: KEE <LLDG: ;FICF MFN 9BCMILHNNJG DNNA ML FK8N HL GKENK=EN 8KEBN: ;IEE =N DIG>LGND L@ KM MFN 9BCMILHNNJG DIGCJNMILH NIMFNJ ML K CFKJIM? LJ =? CLHGI<HANHM @LJ DNGMJBCMILH

# 7FN 4NHDLJ ;IEE IHDNAHI@? MFN 9BCMILHNNJG: IMG GNJ8KHMG KHD K<NHMG KHD MFN 3IDDNJ K<KIHGM KH? ELGG LJ DKAK<N GB@@NJND =? NIMFNJ IH CLHGN BNHCN L@ KH? =JNKCF L@ CEKBGN 2 KHD& LJ 2 K=L8N LJ LMFNJ;IGN L@ MFNGN ,LHDIMILHG LH MFN >KJM L@ MFN 4NHDLJ

*H CLA>ENMIH< MFN =IDDNJ JN<IGMJKMILH LH ;;; MFNGKENJLLA CLA KHD >JL8IDIH< ?LBJ CJNDIM CKJD DNMKIEG 0KHD BHENGG KEMNJHKMI8N KJJKH<NANHMG KJN K<JNND ;IMF -INEDIH<G 9BCMILHNNJG .MD1 ?LB

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2

KBMFLJIGN -INEDIH<G 9BCMILHNNJG .MD: I@ MFN? GL ;IGF: ML CFKJ<N MFN CJNDIM CKJD <I8NH IH >KJM LJ @BEE >K?ANHM: IHCEBDIH< KEE @NNG: @LJ IMNAG GBCCNGG@BEE? >BJCFKGND IH MFN KBCMILH 8IK MFN GKENJLLA CLA: KHD CLH@IJA MFKM ?LB KJN KBMFLJIGND ML >JL8IDN MFNGN CJNDIM CKJD DNMKIEG ML -INEDIH<G 9BCMILHNNJG .MD MFJLB<F ;;; MFN GKENJLLA CLA KHD K<JNN MFKM -INEDIH<G 9BCMILHNNJG .MD KJN NHMIMEND ML GFI> MFN <LLDG ML MFN CKJD FLEDNJ HKAN KHD CKJD FLEDNJ KDDJNGG >JL8IDND IH @BE@IEANHM L@ MFN GKEN

ENKGN HLMN MFKM KH? ELMG >BJCFKGND 8IK MFN GKENJLLA CLA EI8N KBCMILH GNJ8ICN ;IEE =N GB=$NCM ML KH KDDIMILHKE CLAAIGGILH CFKJ<N 497 KM MFN JKMN IA>LGND LH MFN FKAANJ >JICN

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

,KMKEL<BIH< 7NJAG ) 9EE ELMG AKJ6ND ;IMF KH KGMNJIG6 0 1 DNHLMN 4KEBN 9DDND 7K/ KM MFN CBJJNHM JKMN LH MFN FKAANJ >JICN ) 7FN ;LJD %GM?EN( ;IMFIH K ELM DNGCJI>MILH DNHLMNG MFKM: IH LBJ L>IHILH: MFN IMNA IG K ALJN JNCNHM CL>? L@ K >NJILD IMNA ) %+&"( K@MNJ K DNGCJI>MILH DNHLMNG %+EI<FM "KAK<N( ) %9&-( K@MNJ K DNGCJI>MILH DNHLMNG %9G -LBHD( ) %3NKJG HKAN&GI<HKMBJN( IH LBJ L>IHILH >LGGI=E?: =BM HLM HNCNGGKJIE?: =? MFN FKHD

) -LJNHKAN0G1 KHD GBJHKAN L@ MFN KJMIGM IH LBJ L>IHILH K ;LJ6 =? MFN KJMIGM 0 FNH MFN KJMIGM @LJNHKAN0G1 IG HLM 6HL;H K GNJING L@ KGMNJIG6G ;IMF LJ ;IMFLBM IHIMIKEG1 ) *HIMIKEG L@ MFN @LJNHKAN0G1 KHD MFN GBJHKAN L@ MFN KJMIGM IH LBJ L>IHILH K ;LJ6 L@ MFN >NJILD L@ MFN KJMIGM ;FICF AK?=N IH >KJM LJ MLMKEE? FIG ;LJ6 ) +BJHKAN L@ MFN KJMIGM LHE? IH LBJ L>IHILH K ;LJ6 IH MFN GM?EN L@ MFN KJMIGM: CLHMNA>LJKJ? LJ HNKJE? CLHMNA>LJKJ?: HLM HNCNGGKJIE? K >B>IE ) 9MMJI=BMND ML IH LBJ L>IHILH >JL=K=E? K ;LJ6 =? MFN KJMIGM ) +I<HND IH LBJ L>IHILH MFN GI<HKMBJN L@ MFN KJMIGM ) 9@MNJ IH LBJ L>IHILH K CL>? L@ MFN KJMIGM ) %3NKJG HKAN&GI<HKMBJN( IH LBJ L>IHILH >LGGI=E?: =BM HLM HNCNGGKJIE?: =? MFN FKHD L@ MFN KJMIGM

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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 24th March – The March Sale Saturday 21st April – The April Sale Saturday 19th May – The May Sale

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”.

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

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

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

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

T: 01384 444 140

www.fieldingsauctioneers.co.uk Reg No. 4261506