1. As the agent of the buyer and the seller, our company will try its best to provide for both parties. But it shall not be responsible for any default by the buyer or the seller.

2. These conditions apply to both the buyer and the seller. The buyer and the seller must read carefully the following detailed conditions and be responsible for their actions while carrying out these conditions.

3. No bidder can make a bid unless the registration form has been filled in by the very person and the identification there of has been verified by the company.

4. Every bidder shall be deemed to act as a principal unless there is in force a written acknowledgement by the company that he acts as agent as an agent on behalf of a named principal.

5. The auctioneer accepts bids from those present in the saleroom, from telephone bidder, or in advance of the auction. The company offers all telephone and absentee bidding services as a convenience to our clients, the company will do the best to serve our client but will not be responsible for errors or failures to execute bids.

a. Telephone bids Prospective buyers may bid by telephone during the course of the auction. Arrangements for this service must be confirmed with the bid department at least 24 hours prior to the auction. Telephone bids will be recorded. By bidding on the telephone, prospective purchasers consent to the recording of their conversation. The company will not be responsible for any failure telephone contact in cases of force majeure.

b. Absentee bids Absentee bids are written instructions from prospective buyers directing to bid on their behalf up to a maximum amount specified for each lot. If identical bids are received from two or more parties, the first bid received will take priority.

c. Bidder Registration Prospective buyers should register for a numbered bidding paddle at least 30 minutes before the auction.

6. If any disputes happen while bidding, bidders should follow the judgment and decision of the auctioneer.

7. Illustrations in catalogues are for reference only. Buyers should satisfy themselves prior to the sales as to the condition of each lot and should exercise and rely on their own judgment as to whether the lot accords with its description.

8. Any objection to the articles ownership or authenticity must be raised at least 48 hours before the auction starts accompanied by relevant legal documents. After this time it will not be accepted.

9. All disputes arising from or in connection with these conditions shall be settled according to the laws of the ROC.

10. Any dollar amount referred to in these provisions is denominated in NT Dollars.

1. Prior to the Auction

a. Authentication We strongly recommend that the prospective buyers conduct their own authentication for the items they are interested in bidding prior to the auction. We provide no guarantees to the buyer (with the exception of the statement with regard to counterfeits as defined in Section of the Transaction Agreement) .

b. All of the items on auction are being sold "as is" condition. The company does not provide any representation or guarantee as to the condition of any of the items .Unless otherwise stated. The company does not provide any warranty with the items.

c. Important Notice Attention, prospective buyers: As far as possible, the descriptions of auction items will mention obvious defects of the items; however, they do not necessarily include all flaws, defects, or incomplete aspects. Missing information in the statements does not mean the Lot has no defects or has not been repaired. Any statement of one particular defect does not mean there is no any other defect .lease the buyer to refer to the material object and decide to buy them or not.

d. Catalogue Explanations Any statement of the author, history, date, year, size, material, ownership, condition of preservation or estimated selling price of any of the Lots shown in the catalogue or the authentication opinion made by the Company, or any other verbal or written statements made separately shall be solely statements of opinions and shall not be deemed for the statements of actual fact. The photographs shown in the catalogue shall serve as reference only and shall not be deemed as the basis for determining the color or tone of any Lots or disclosure of the defects of such item. The estimates of the auction price shall not be deemed the price at which such item will be successfully sold or the statement of the value of the item for other purposes.

e. Responsibility of the Buyer The Buyer must be full in a detailed way before the auction reads Is responsible for clarifying and satisfying himself about the condition of the items and any related matters stated in the catalogue descriptions

2. in the Auction

a. Refusal of Admission The auction is held at the premises of the Company or any location where the Company has control of for the auction. The Company has full discretion to exercise the right to refuse entry to the premises for the auction or to prevent participation in the auction.

b. Registration Prior to the Bidding Prospective buyers must fill in and sign receives the number sign the registration forms prior to the bidding and provides personal identification. Prospective buyers should also note that the Company may be requested to conduct credit checks against buyers.

c. The Bidder is the Buyer Unless a written agreement has been made upon registration that the bidder will be the agent who acts on behalf of a third person and such third person is accepted by the Company, the bidder will be deemed as the Buyer who will bear individual legal responsibilities.

d. Commission Bids Should a buyer be unable to attend the auction, the Company is pleased to make written bids on behalf of the Buyer. The bid form is attached hereof. Such service is free and confidential. The auction items will be procured at the lowest price against the other bid prices, base price and the authorized marked price by Leader Auction.

If the bid prices are the same, the prior bidder reserves the preemptive right. Please clearly state one's "ceiling price," which is the hammer price which the Buyer shall agree to as if he was present at such auction. "Buy" and bids without limitation will not be acceptable. The Company shall not be legally liable for any failure of execution of written bids, errors, or omissions. Prospective buyer shall present for bids in person to ensure such bids successful.

e. Bid by Phone

The Company will make proper effort to contact the bidder so he can participate in the auction by phone if the prospective buyer makes arrangements with the Company prior to the auction. However, the Company will bear no responsibilities to the Seller or any prospective buyer if no contact is made under any circumstances.

f. Exchange Rate Conversion Board

The Company will use the exchange rate conversion board during the auction; such exchange rate conversion board may err during operation. The Company is not liable for any losses incurred to the Buyer due to his dependence on such exchange rate conversion board (but not on the real bid during the auction). The exchange rates of the New Taiwan dollars, Hong Kong dollars, RMB dollars and U.S. dollars are the current exchange rates when this transaction agreement is made. Therefore, the exchange rate may vary during the period from this transaction agreement is made to the action conducted. The Company will settle the account in the New Taiwan dollars.

g. Recorded Images

There is image projection in some auctions; however, errors may occur during the operation. The Company is not liable for the color accuracy of the reproduced image and whether the projected image corresponds to the item being auctioned.

h. Determining Power of the Auctioneer

The auctioneer has the absolute power to reject any bid, push for bids at his discretion, withdraw any auction items, separate or combine two or more auction items, and if there is any error or dispute, re-auction the items. If has any dispute after the auction, could as be converted to take this company's auction record.

i. Successful Bids

Upon the discretion of the auctioneer, hammer and show his acceptance to the bidder of the highest bid price, will contribute a successful auction agreement between the Seller and the Buyer. The risk and liabilities, excluding the ownership right of such auction items will transfer to the Buyer upon the seventh working day since the deal or when the Buyer - pick up such items prior to such period.

3. Following the Auction

1. The Service Fee of Each Lot Payable by the Buyer

a. The Buyer should pay the hammer price and, in addition, the service fee to the Company.

(1) For hammer price below NT$ 600,000 (inclusive), the service fee should be calculated at 15％ of the hammer price.

(2) For hammer price higher than NT$ 600,000∼3,000,000 (inclusive),the service fee should be calculated at 12％.

(3) For hammer price higher than NT$3,000,000,the rest of the amount should be calculated at 10％.

b. Taxes

All the payments payable by the Buyer to the Company do not include any commodity or service taxes or any other value added taxes (whether imposed by the Taiwanese government or elsewhere).

The Buyer should be responsible for paying any applicable taxes as required by the law.

c. Payment

(1) All payments due (including the hammer price, service fee and any applicable taxes) should be paid within 15 days following the auction date.

(2) The Buyer will not acquire the ownership of the Lot even if the Company has delivered such item to the Buyer If the payment to Ravened is made in any currency other than NT dollars , the Company will collect from the Buyer any foreign exchange expense incurred there from, including bank charges and foreign exchange service fees.

d. Collection of the Lot Sold

Unless otherwise agreed by the Company, the Company will hold temporarily the successfully sold Lots until all payments to the Company are made in full. The Lot will be covered by the insurance of the Company from the auction date for 15 days during the temporary holding period. The insurance coverage will terminate upon collection of such item. The Buyer should be responsible for all risks

Following expiration of the said 15day period or the collection (whichever is the earlier).

e. Packaging and Transportation

The Buyer is requested to note that be should bear all the risks upon expiration of the said 15 days period or from collection of such items.

f. Referral of Packaging or Transportation Companies

This company may provide under the buyer request undertakes to transport the merchant material and replaces the arrangement to ship out, but certainly does not lose ally legal liability.

g. Remedies for Non-Payment or Non-Collection of Items Sold

(1) Should payment not be made within 15 days after the auction, a late payment interest of three percent (3%) per month will be claimed.

(2) Refuse the Buyer to make, or to make on behalf of others, bids in any future auctions and/or to require a security deposit from the Buyer before accepting any future bids from him. If the Buyer (Successful Bids) fails to make payment within 15 days, the Company is entitled to exercise the following rights in addition to the aforementioned:

I. To bring legal proceedings against the Buyer on behalf of the Seller to claim the entire payment due and the legal fees resulting from such proceeding based oil a total claim.

II. Cancel the transaction of Lots bid by the Buyer or any other auction items sold to the Buyer at the same or any other auctions.

III. To arrange a public or private re-sale of the Lot. If the re-selling price is lower, the difference will be claimed against the Buyer together with any cost incurred as a  result of the non- payment by the Buyer.

h. No Collection of the Lot Sold

The Company will arrange for the storage of the Lot if such item sold is not collected within 15 days of the successful auction, regardless of payment. Such storage cost will be borne by the Buyer.

4. Return of Payments for Counterfeits

The transaction will be cancelled and payments made will be returned to the Buyer if the Lot of the Company is confirmed to be a counterfeit. However, if:

a. The catalogue explanations or the notice at the auction distributed on the auction day corresponds to the opinions generally accepted by the academic or professional fields;

b. The method used to prove that the Lot is a counterfeit is a scientific procedure not generally accepted for use before the publication of the catalogue or a procedure unreasonably expensive on the day of the auction, or impractical, or may cause damage to the Lot; the Company is not liable for the return of any payment under any circumstances. In addition, the Buyer's payment can only be refunded when the following terms are met:

(1) The Buyer (the lot was carried) must notify the Company in writing within 7 days following the auction day that he considers the relevant auction item a counterfeit.

(2) A written description submitted by two independent experts and approved by the Company.

(3) The Buyer shall return the auction item to the Company within 7 days from the note of return of payment for counterfeits, and the condition of such auction item when received by the Company shall remain the same as it the auction day on which it was sold.

(4) The Buyer reserves the absolute ownership right toward the auction item and sets no liabilities on such auction item.

(5) Upon the return of relative expenses by the Seller, the Company may then refund the Buyer.

5. The Legal Responsibility of the Company

Otherwise, whether the Buyer, the Company, any employees or agents of the Company will not be field liable for any statements of the author, history, date, year, ownership, authenticity or origin of any auction item or any errors with respect to any explanations and any laws or defects of any auction item. The Buyer, the Company, the employees or the agents of the Company make no guarantee with respect to any auction items. Any warrantee of any kind shall not be included herein.

1. Expenses

The Seller shall bear costs relating to the following:

a. Packing of the Lot and shipping to the Company for the auction (Large Cargo)

b. Any applicable shipping insurance

c. The packaging and shipping if the item is delivered back to the Seller

d. Insured under the Company art relic insurance policy indicate cohere .

e. Any applicable custom duties

f. The Expense of Catalogue illustrations

g. The agreement of the Service fees with company

h. Any repairs made to the Lot as per prior agreement with the Seller

i. Framing and mounting

j. Authentication made by independent professionals which the Company believes to be necessary in preparing the catalogue explanations.

k. Any independent professional opinions which the Company deems proper

l. Collect 1% of the insured amount as part of the general expenses of the Company in the event the Lot is not successfully auctioned

m. The storage of the Lot after the auction (if applicable)

2. Insurance Coverage to be Arranged by the Company

a. Unless otherwise agreed by the Company, the Lot will be automatically insured under the Company art relic policy in the amount as deemed appropriate by the Company. However, the insured amount is not the amount the Company undertakes to be successfully reached during the auction.

b. The Company will collect 1% of the hammer price from the Seller or 1% of the reserve price if the Lot is not successfully auctioned. If the shipping is arranged by the Company an additional amount will be collected by the Company from the Seller as the shipping insurance. Such amount varies depending on the individual condition of each auction item. The Company will refer a freight forwarder if necessary. However, the Company is not responsible for any legal responsibilities incurred therefore.

c. The Lot will remain insured up to 15 days after the sale. If the Lot has not been sold, it will be at the Seller's risk upon the expiry of 15 days.

d. We are unable to accept responsibility for damage caused by woodworm or changes in atmospheric conditions.

3. Insurance Purchased by the Owner

If the Seller instructs the Company specifically that it is unnecessary to purchase insurance for the Lot, the risks shall be borne entirely by the Seller until the Buyer makes all the payments.

4. Commitments Made by the Seller with Respect to the Lot

a. The Seller is the only owner of the Lot and has the unlimited right to assign his ownership to the Buyer which should not concern any third party right or claim (including copyright claims).

b. The Seller complies with all the laws in connection with the import and export of auction items and any other laws and has notified the Company in writing any failure to comply with such rules in the past.

c. The Seller has notified the Company in writing of any major modifications in the Lot to the best of his knowledge and any concern the third party has raised with respect to the ownership of the Lot and the condition.

5. Auction Arrangements

a. The Company has absolute discretion over the description of the auction in the catalogue. Display layouts, authentication opinions, location and method of the auction, who will be allowed to bid and the acceptance of the bid price, whether to seek professional opinion and whether to com-bine or separate the Lots.

b. Any price estimates, whether verbal or written are strictly opinions and shall not serve as a guarantee of the final price for the Lot to be sold.

c. The Seller cannot withdraw the Lot without obtaining consent from the Company. The Company reserves the right to withdraw the Lots for the following reasons. These reasons include:

(1) The Company is doubtful about the definition or authenticity of the Lot or the accuracy the statement referred to in Articles 5a、b or c

(2) Any violations of the Transaction Agreement.

(3) The Company deems it inappropriate to include the Lot in the auction.

d. If the Seller withdraws the Lot(if not print), the Company may charge 10％ of the Reserve set by the Seller(if not print) or charge 20％ of the reserve set by the Seller (if the Lot has been printed ).

6. Auction Rules

a. The Company will refer to the base price to auction the auction items. The base price shall not exceed the bottom price of the estimated amount stated in the catalogue. However, the Company reserves the right to auction the auction items at a price lower than the base price. Should the Company auction the auction items in this way, the Company is responsible to pay the price differences between the hammer price and the base price.

b. The Seller cannot participate in the bidding of his auction items, nor can he retain anyone to bid on his behalf; provided, however, the Company is entitled to bid on behalf of the Seller at the price no more than the Reserve.

7. After the Successful Auction

a. Settlement

Upon a successful bid, the Company will ask the Buyer to settle payment within 15days, including the commissions payable by the Buyer. Unless otherwise written agreement made with the Seller, the Company will settle the payment in New Taiwan dollars. If the Seller requests a payment of currency other than the New Taiwan dollars, the Company will charge the Seller foreign exchange expenses incurred if any.

b. Non-payment by the Buyer

If the Buyer fails to make all the payments due within 15 days following the successful bid, the Company is entitled to negotiate special terms in connection with the payments, storage, and insurance on behalf of the Seller and act as deemed necessary by the Company to collect payments payable from the Buyer.

c. Counterfeits

If the Buyer convinces the Company that the Lot is a counterfeit (as defined in Article 1 of the Transaction Agreement) within 15 days following the auction day, then (1) If the Buyer has not paid all or part of the payment, the Company is entitled to call off the transaction and/or (2) If the Company at that time has paid all or part of the payments payable to the Seller, the Seller must return all the payments made to the Company if requested. The Company will exercise lien for the latter. Any items belonging to the Seller under control of the Company will be kept as security of the payments to be returned.

d. Items Not Successfully Auctioned

Any items not successfully auctioned, not included in the auction or withdrawn from the auction for any reason must be collected by the Seller within 10 days upon notification by the Company to the Seller that he must reclaim the Lot. A storage fee of NT$500 per day per piece will be imposed on each item not collected after such 10 day period together with an additional charge for purchasing insurance coverage. The Seller may not reclaim such item until all the payments due are made. Such items may be removed to a third party warehouse if not collected in 10 days after the notification of collection is issued.

The expenses arising there from shall be borne by the Seller. The Company may dispose of the Lot in the manner it deems appropriate if such item is not collected within 30 days following the auction date or the notice date (whichever is the earlier). Such disposal includes removing the item to a third party warehouse with the associated expenses borne by the Seller and to auction such items under Terms deemed appropriate by the Company (including the terms of estimates and the Reserve). The Company will pay the Seller the auction proceeds after payments owed are offset. The Company is authorized to act as the sole agent of the Seller within 1 month following the auction for any auction item withdrawn from the auction or not sold. The Company may auction in private the item based on the net amount the Seller may receive (the amount after deducting all the expenses payable by the Seller) or sell such item in private at a lower price agreed upon by the Company and the Seller. Under such circumstances, the Seller's responsibilities and liabilities to the Company are the same as during an auction.

8. Photographs and Display

The Company owns non-exclusive rights to the photographs, recordings and other reproduced images of the Lot. All the rights of such images shall belong to the Company and the company is entitled to use such images in any manner it deems appropriate.

9. Other Matters

1. The payments payable by the Seller to the Company does not include any commodity or service tax or any other value added tax (whether imposed in the Taiwan or elsewhere). The Buyer should be responsible for paying such taxes pursuant to the tax rates and time provided by the law if there is any such applicable tax.

2. Estimates

The prices in HK、RMB、US dollars or other currencies reproduced in the auction and this catalogue are for reference only. The buyer is requested to pay by NT Dollars or other foreign currencies in its equivalency based on the exchange rate of the payment day.

<The documents is printed in both Chinese and English .If there is any omission or error the Chinese version will take precedence>