April 24th,2011

Dear Clients,

From May 1st, 2011, Bidders registered for the sales of Stamps & Coins department of Beijing ChengXuan Auctions Co., Ltd. shall pay RMB50,000 as the deposit, Bidders registered for the sales of Chinese Paintings & Calligraphy, Chinese Oil Paintings & Sculptures and Chinese Ceramics & Works of Art departments shall pay RMB200,000 as the deposit.

Buyers shall pay Beijing ChengXuan Auctions Co., Ltd. 15% of the Hammer Prices as the Buyers' Premium.

Please read CONDITIONS OF BUSINESS of Beijing ChengXuan Auctions Co., Ltd. for details.

Should you have any question about it, please do not hesitate to contact us at any time.

Best Regards,

Beijing ChengXuan Auctions Co., Ltd.