Special Notice of 2011 Autumn Auctions

Article 1 Since the 2011 Autumn Auction, Beijing ChengXuan Auctions Co., Ltd. will adjust the standards of charging Buyer’s Premium as follows:

(1) After a successful bidding, the buyer who pays Beijing ChengXuan Auctions Co., Ltd. within 15 days (including the Sale’s Date) from the Sale’s Date enjoys the right of 10 percent discount on Buyers’ Premium.

(2) The buyer participating the sales of Stamps & Coins Department with total consumption reaching to RMB 10 million, or the buyer participating the sales of Chinese Paintings and Calligraphy, Chinese Oil Paintings & Sculptures and Chinese Ceramics & Works of Art Departments with total consumption reaching to RMB 20 million paid up within 15 days (including the Sale’s Date) from the Sale’s Date, will enjoy the right of 20 percent discount on Buyer’s Premium while the buyers who settle up within 28 days from the Sale’s Date enjoy the right of 10 percent discount on Buyers’ Premium.

(3) The buyers who are not meeting the above conditions shall pay 15 percent of Hammer Prices as Buyers’ Premium.

(4) The count of the dates is subject to the date when the payment remitted to the account of Beijing ChengXuan Auctions Co., Ltd.

Article 2 Since the 2011 Autumn Auction, bidders registered for the sales of Stamps & Coins Department of Beijing ChengXuan Auctions Co., Ltd. shall pay RMB 200,000 as the deposit. Bidders registered for the sales of Chinese Paintings and Calligraphy, Chinese Oil Paintings & Sculptures and Chinese Ceramics & Works of Art Departments, shall pay RMB 500,000 as the deposit. Bidders needing a special registration shall pay RMB 1 million as the deposit. (Please note the relevant descriptions in the catalogues of Chinese Paintings & Calligraphy, Chinese Oil Paintings & Sculptures.)

Article 3 Please read the Conditions of Business of Beijing ChengXuan Auctions Co., Ltd. carefully and pay attention to the relevant rules of bidders’ and buyers’ rights and obligations. Bidders taking part in the auctions held by Beijing ChengXuan Auctions Co., Ltd., shall be deemed to have entirely accepted and agreed the provisions of Conditions of Business of Beijing ChengXuan Auctions Co., Ltd., and bear all kinds of legal consequences caused by the auction activities.