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ஷ͉ٝʮ̡dൗ׼שርۜᇜ໮eᒅ൯༈שርۜʘ˚ಂʿ஗Ⴉމ݊ᑐۜʘ                      ɓ  ν݊ਖ਼ɛ৔༺ٙd຅৔ՑϞᗫ˙ʘήѧࣛi                                           CONDITIONS OF BUSINESS FOR BUYERS
           ଣ͟i                                                  ɚ  ν݊˸ඉ੔˙ό೯̈ٙdۆމඉ੔˚ʘܝୋɖ˂i
           ਗ਼ًرၾቖਯʚ൯࢕຅˚޴ΝdԨঐᔷ୅ՉѼഛהϞᛆ˲Іቖਯ˚ಂܝ                      ɧ  ν݊˸ෂॆ˙ό೯̈ٙd຅೯৔ෂॆዚᆽႩ೯̈ࣛi ̬  ν؈݊˸ཥ
           Ԩೌ̈ତ΂Оୋɧ˙͡॰ʘשርۜৗᒔʚ͉ʮ̡f                              ɿඉ΁Җό೯̈ٙd຅ίཥɿඉ΁া፽ɪᆽႩ೯̈ʘࣛi
            ɧ  Ϟᗫତ˾ʿ຅˾ᖵஔeʕ਷ذ೥˸ʿʕ਷ࣣ೥dᒱ್ͦۃኪஔޢʔ࢙                   ʞ  ν͉ʮ̡ீཀ"11͜˒၌˙ό೯̈ٙdۆ೯৔຅˚މᘩҳɛʿ൯࢕ϗ
           ஢࿁ϤᗳйЪ̈ᆽྼʘႭ׼dШ͉ʮ̡ڭव৤ઋᛆ͉ܲڭᗇШ˸שርϓ                     Ց༈ஷٝ˚ಂf
           ʹ˚ܝɓϋʫމࠢ՟ऊᗇྼމᑐۜʘତ˾ʿ຅˾ᖵஔeʕ਷ذ೥˸ʿʕ                     ୋɧɤɖૢ  ̙ʱ௲׌
           ਷ࣣ೥שርۜʘʹ׸iʊ˹ʘಛධ͉ܲૢ஝֛ৗᒔʚ൯࢕dШ൯࢕̀඲                     ν͉஝ۆʘ΂Оૢಛא௅ʱΪ΂Оଣ͟஗Ⴉ֛މೌࣖeʔΥجאʔ̙ੂ
           ίשርϓʹ˚ৎɓϋʫΣ͉ʮ̡౤Զᗇኽ ͉ܲૢୋ ɚ e ̬ ಛ஝֛ٙ˙                 Бd͉஝ۆՉ˼ૢಛא௅ʱʥ್Ϟࣖd޴ᗫ΢˙Ꮠ຅፭ςeੂБf
           ό dᗇྼ༈שርۜމᑐۜi                                       ୋɧɤɞૢ  جܛʿ၍ᒍᛆ                                                      The following provisions may be amended by public notice or verbal notifi cation   against a defaulting Buyer;
                                                                                                                                  during the auction.  By bidding at the auction, the Bidder agrees to be bound by the   (14)“Reserve” means the confi dential minimum selling price for an Auction Property
            ̬  ͉ʮ̡̙৤ઋӔ֛ᒀеɪࠑ΂О஝֛f͉ʮ̡ϞᛆࠅӋ൯࢕॰՟ՇΤ                   ɓ  ͉஝ۆʿՉ޴ᗫԫ֝eʹ׸eΪԱ๫͉஝ۆਞ͉̋ʮ̡שርݺਗϾˏ                                 following provisions.                               determined by the Seller and the Company;
           މ͉ʮ̡ʿ൯࢕ᕐ˙ટॶʘዹͭʿБʫႩ̙ਖ਼࢕ʘజѓd൬͜͟൯࢕ו                     ৎאၾʘϞᗫٙ΂Оنᙄdѩա࠰ಥجܛ஝၍Ԩ͟࠰ಥجܛ༆ᙑf                                      Article 1  China Guardian (Hong Kong) Auctions Co., Ltd. as the Auction Agent  (15)“Estimated Price” means the estimated sales price of an Auction Property
                                                                                                                                  Unless otherwise provided, China Guardian (Hong Kong) Auctions Co., Ltd. shall   indicated in the catalogue or after other descriptive text, and excluding the Buyer’s
           ዄf͉ʮ̡ೌ඲ա൯࢕̈ͪʘ΂Оజѓה஝ࠢdԨڭवᛆлరӋᕘ̮ʘ                      ɚ ᘩҳɛʿ൯࢕Νจ࠰ಥج৫࿁͉ʮ̡שርݺਗϾˏৎאၾʘϞᗫٙ΂                                  serve as the Seller’s agent. The contract for the sale of the Auction Property shall   Commission;
           ਖ਼࢕จԈd൬͉͜͟ʮ̡ІБוዄf                                    Оنᙄ ¨༈نᙄ© ኹϞર˼׌၍ᒍᛆf                                                be the contract between the Seller and the Buyer. These Conditions, the Conditions   (16)“Storage Fee” means the charge for storage that the Buyer is required to pay to
                                                                                                                                  of Business for Sellers, and all other terms, conditions and notices contained in the   the Company in accordance herewith.
           ୋɧɤ̬ૢ  ༟ࣘᐏ՟e፽ᅂ                                       ɧ   ͉ୋɧɤɞ ɧ ૢ̥աू׵͉ʮ̡fᘩҳɛʿ൯࢕Νจ͉ʮ̡Ϟᛆ׵                               catalogue, announced by the Auctioneer or provided in the auction venue in the   2.As required by the context, the singular of a term herein includes the plural thereof,
           ఱ຾ᐄ͉ʮ̡ٙשርุਕ˙ࠦd͉ʮ̡̙ঐ࿁΂Оשርཀ೻ආБ፽ࠪe                     ΂ОՉ˼Ո၍ᒍᛆٙج৫ఱ༈نᙄ౤ৎൡதϾʔա΂ОࠢՓfίجܛʪ                                    form of an announcement shall constitute the terms agreed among the Seller, the   and vice versa. Unless otherwise required by the context:
                                                                                                                                  Buyer and/or China Guardian (Hong Kong) Auctions Co., Ltd. as the auction agent.   (i)the Buyer and the Company are herein collectively referred to as the “Parties”, and
           ፽ᅂʿা፽d͵ცࠅΣᘩҳɛฤණࡈɛ༟ࣘאΣୋɧ˙॰՟Ϟᗫᘩҳɛ                     ஢ٙᇍఖଽ d͉ʮ̡̙ί߰ʍ̡ج၍ᒍਜΝࣛආБൡதf
                                                                                                                                  Article 2  Definitions and Explanations              a “Party” refers to either Party;

           ٙ༟ࣘ ԷνΣვБ॰՟ڦ͜ᄲࣨ fவԬ༟ࣘึ͉͟ʮ̡ஈଣԨ˲ڭ੗d                   ୋɧɤɘૢ  ႧԊ˖͉                                                        1.The following terms herein shall have the meanings assigned to them below:  (ii)Any mention of legal provisions shall be construed as including any future
           ਬϞᗫ༟ࣘϞ̙ঐ࣬ኽ͉஝ۆٙͦٙאՉ̴Υجͦٙd౤Զഗ͉ʮ̡e                     ͉஝ۆ˸ʕ˖މᅺ๟˖͉dߵ˖˖͉މਞϽ˖͉f                                             (1)“Company” means China Guardian (Hong Kong) Auctions Co., Ltd.;  amendments to, or re-enactment of, such provisions;
                                                                                                                                  (2)“China Guardian” means China Guardian Auctions Co., Ltd., with its domicile at   (iii)Any mention of “person” shall include natural persons, companies, legal persons,

           ͉ʮ̡ٙʱ௅eڝ᙮ʮ̡eɿʮ̡e͎ʮ̡e˸ʿʕ਷ྗᅃeʕ਷ྗᅃ                     ߵ˖˖͉νၾʕ˖˖͉Ϟ΂Оʔɓߧʘஈd˸ʕ˖˖͉މ๟f                                        3/F, Offi ce Area, Guardian Art Center, No.1 Wangfujing Street, Dongcheng District,   enterprises, partnerships, individual proprietorships, governmental or social
           ٙʱ௅eڝ᙮ʮ̡eɿʮ̡e͎ʮ̡d˸՘п͉ʮ̡މᘩҳɛ౤Զҁഛ                     ୋ̬ɤૢ  ஝ۆوᛆהϞ                                                       Beijing, People’s Republic of China;                organizations and organizations comprised of more than one of the foregoing;
                                                                                                                                                                                      (iv)Any mention of “Article” or “Clause” refers to the Articles or Clauses hereof;
                                                                                                                                  (3)“Seller” means any person, company, body corporate or entity that off ers Auction
           ٙ؂ਕeආБ܄˒ʱؓdא˸ک౤ԶୌΥᘩҳɛࠅӋٙ؂ਕfί͉஝ۆ                     ͉஝ۆ͉͟ʮ̡Փࠈձࡌҷd޴Ꮠوᛆᓥ͉ʮ̡הϞf͊຾͉ʮ̡ԫ΋                                    Property for sale. Unless otherwise stated or specifi cally required by the context,   (v)The headings are provided for ease of reference only, and shall not affect the
           ධɨٙʹ׸ҁϓܝ νቇ͜ d͉ʮ̡̙ίجܛ࢙஢ٙΥଣࣛගʫdڭπʿ                   ࣣࠦ஢̙d΂Оɛʔ੻˸΂О˙όא˓ݬdл͉͜஝ۆᐏ՟ਠุлूd                                    the term “Seller” herein shall include the Seller’s agent (excluding the Company),   interpretation hereof.
                                                                                                                                  executor or personal representative;
                                                                                                                                                                                      Article 3  Applicable Scope
           Դ͜ʊϗණٙࡈɛ༟ࣘfνᘩҳɛא൯࢕૧ݟቡʿāאһ͍π׵͉ʮ̡                     ͵ʔ੻࿁͉஝ۆʘ΂О௅ʱආБልႡeෂ৔אᎷπ׵̙Ꮸ॰ӻ୕ʕf                                     (4)“Bidder” means any person, company, body corporate or entity that   All Bidders, Buyers and other concerned parties participating in the auction of such
           ٙࡈɛ༟ࣘd̙ၾ܄˒؂ਕ௅ᑌഖאࣣࠦߧՌ͉ʮ̡ ஹΝΥଣٙБ݁൬                    ୋ̬ɤɓૢ  ቇࣛ͜ಂ                                                        contemplates, makes or attempts a bid in any manner. Unless otherwise stated   collectibles as cultural artifacts, works of art, etc. organized and conducted by the
                                                                                                                                                                                      Company shall act in accordance herewith.
                                                                                                                                  or specifi cally required by the context, the term “Bidder” herein shall include the
                                                               ͉஝ۆ̥ቇ͜׵͉ϣשርd͉ʮ̡̙ʔࣛһอ͉஝ۆdᘩҳɛձ൯࢕ਞ
           ౤̈ϞᗫࠅӋfމəᘩҳɛٙᛆूd͉ʮ̡͵̙ঐცࠅΣୋɧ˙؂ਕԶ                                                                                        Bidder’s agent;                                     Article 4  Special Notice
                                                               ၾ̤ɓϣשርٙࣛࡉᏐ˸຅ࣛቇٙ͜൯࢕ุਕ஝ۆމ๟f                                          (5)“Buyer” means the Bidder, including the principal of a person bidding as an agent,   All Bidders and Buyers participating in the auction by the Company shall carefully
           Ꮠਠ Էν୵༶ʮ̡אπࡑʮ̡ ౤Զᘩҳɛٙ௅΅ࡈɛ༟ࣘfᘩҳɛਞၾ                                                                                      the highest bid or off er of whom is accepted by the Auctioneer in the auction held   read and abide by these Conditions, and, in particular, they shall carefully read the
                                                               ୋ̬ɤɚૢ  ༆ᙑᛆ
           ͉ʮ̡ٙשርdуڌͪᘩҳɛΝจɪ˖הࠑf                                                                                                   by the Company;                                     provisions hereof on the liability of the Company, the restrictive provisions, and the
                                                               ˚੬ੂБ͉஝ۆࣛd͉஝ۆٙ༆ᙑᛆ͉͟ʮ̡БԴfν൯࢕eር࢕ၾ͉                                    (6)“Buyer’s Commission” means the commission that the Buyer must pay to the   disclaimers. The Bidder and/or his or her agent is/are responsible for viewing the
           ୋɧɤʞૢ  وᛆ                                                                                                              Company based on the Hammer Price at the rate specifi ed herein;  original Auction Properties in person, and shall be legally liable for his or her bidding
                                                               ʮ̡೯͛جܛنᙄdί༆Ӕ༈نᙄࣛd͉஝ۆٙ༆ᙑᛆ͟Ո၍ᒍᛆٙج
           ር࢕બᛆ͉ʮ̡࿁Չ։ৄ͉ʮ̡שርٙ΂ОשርۜႡЪ๫˪eྡͪeྡ                                                                                        (7)“Auction Property” means the item(s) that the Seller consigns to the Company for   on the Auction Properties. The Company may at its own discretion postpone or
                                                               ৫БԴf                                                               auction and which are auctioned off  at the auction;  cancel any auction due to weather or other reasons and shall not be liable to make
           ፽אՉ˼Җόٙᅂ྅Ⴁۜձ܁ෂۜd͉ʮ̡ԮϞɪࠑ๫˪eྡͪeྡ፽
                                                                                                                                  (8)“Auction Date” means, for a particular auction, the date announced by the   any compensation to the Bidder.

           אՉ˼Җόٙᅂ྅Ⴁۜձ܁ෂۜٙوᛆdϞᛆ࿁ՉԱج̋˸ೌᎵԴ͜א                                                                                        company on which the auction will offi cially commence;  Article 5  Responsibilities of the Bidder and the Company in Respect of the
                                                               و͉˚ಂj    ϋ  ˜  ˚                                                   (9)“Sale Date” means the date on which the transaction of an Auction Property is   Auction Properties
           ІБબᛆՉ˼ɛԴ͜f͊຾͉ʮ̡ԫ΋ࣣࠦΝจd൯࢕ʿ΂Оɛʔ੻Դ                                                                                        confi rmed by the striking of the hammer by the Auctioneer or other public indication
                                                               ͉ʮ̡ήѧj࠰ಥږᙒ༸  ໮ɢᘒʕːɓࢭʞᅽ                                                                                                 1.The Company’s perception of an Auction Property is partly dependent on the
           ͜f͉ʮ̡ʿር࢕ѩԨ͊Ъ̈שርۜ݊щաوᛆהࠢא൯࢕݊щ՟੻ש                                                                                        by the Auctioneer that a transaction has been struck in the auction held by the   information provided by the Seller, the Company is in no position to and will not carry
                                                                                                                                  Company;                                            out comprehensive due diligence of the Auction Properties.  The Bidder is aware
           ርۜʘ΂Оوᛆٙ௓ࠑʿڭᗇf
                                                                                                                                  (10)“Auctioneer” means the person that the Company designates to preside over a   of this and shall be responsible for inspecting and examining the original Auction
           ୋɧɤʬૢ  ஷٝ                                                                                                              particular auction;                                 Properties so as to satisfy himself or herself in respect of those Auction Properties
           ᘩҳɛʿ൯࢕ѩᏐਗ਼Չո֛Ϟࣖٙஷৃήѧձᑌഖ˙ό˸ᘩҳ೮া˖΁א                                                                                       (11)“Hammer Price” means the price at which the Auctioneer strikes the hammer,   which he or she may be interested in.
                                                                                                                                  deciding the sale of the Auction Property to the Buyer, or, in the case of a post-  2.All Auction Properties to be sold by the Company are available for viewing by
           Չ˼͉ʮ̡Ⴉ̙ٙ˙όѓ͉ٝʮ̡d߰ϞҷᜊdᏐͭуࣣࠦѓ͉ٝʮ̡f                                                                                       auction transaction, the agreed upon sale price;    the Bidder before sale.  Where the Bidder and/or his or her agent  participates in
           ͉஝ۆʕה౤ʿʘஷٝdසܸ˸ڦՌeཥɿඉ΁eෂॆאீཀ͉ʮ̡"11                                                                                      (12)“Purchase Price” means the total amount that the Buyer is required to pay for his   bidding, the Bidder shall be deemed as having thoroughly examined the Auction
                                                                                                                                  or her purchase of an Auction Property, including the Hammer Price plus the Buyer’s   Properties, and to be satisfied with the condition of, and the accuracy of the
           ͜˒၌ ¨"11͜˒၌© Җό೯ࣣ̈ٙࠦஷٝf༈ഃஷٝίɨΐࣛගൖމ                                                                                     Commission, and the taxes, levies, interest and various charges payable by the   description of, the Auction Properties.
           ৔༺j                                                                                                                    Buyer;                                              3.The Bidder confi rms that numerous Auction Properties are of great age and of
                                                                                                                                  (13)“Buyer Charges” means the expenditures and expenses relating to the sale of   special types, meaning that they are not necessarily sound and free from defects.
                                                                                                                                  an Auction Property by the Company, including but not limited to the charges for   All Auction Properties are sold “as is” at the time of the auction (whether or not the
                                                                                                                                  insurance, packing, transport, storage and custody that the Company is required   Bidder attends the auction in person).  Condition reports may be provided at the
                                                                                                                                  to purchase in respect of the Auction Property, expenses for testing, investigation,   time of viewing the Auction Properties.  Under certain circumstances, the catalogue
                                                                                                                                  searching or authentication of an Auction Property additionally requested by the   descriptions and condition reports may serve as reference about certain defects
                                                                                                                                  Buyer and additional expenditures and legal expenses incurred in seeking recourse   in the Auction Properties.  Nevertheless, the Bidder should note that the Auction
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