Zanaria Aste S.r.l

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TERMS OF SALE

1) All of the material contained in this catalogue is the property of third parties. Zanaria Aste s.r.l. sells, through public auction, in the name of and on behalf of third parties, from whom it has received an
official sales mandate.

2) Participation in the public auction implies acceptance of the general conditions and the obligations deriving from them.

Participation and Knocking Down

3) The lot is knocked down to the purchaser who has made the highest bid. The bidding increments shall be set at the discretion of the auctioneer, generally at 5% of the previous bid, and in any case at
no higher than 10%.

4) Zanaria Aste s.r.l. reserves the right to group together, divide, add or withdraw lots and to cancel the knocking down in the case of disputes.

5) The final price of the lot shall be equal to the hammer price, increased by a commission of 22%, including VAT (which shall not be specified or separated, in compliance with directive CEE 77/388 of
17th May 1977, in force in Italy since January 2001).

6) The base price, which is the minimum sale price for each lot, is given in Euros in the last column to the right of each description. The starting price at auction shall be the same as the base price
indicated in the catalogue, unless higher bids have been received by correspondence prior to the auction. No bids lower than the base price shall be accepted.

7) Lots shall be knocked down by correspondence (via post, fax or email) to the highest bidder at the price of the penultimate bid, increased by 5%. In the case of written bids for the same amount, the
bid which is first received by Zanaria Aste S.r.l. shall win the lot. Written bids shall take precedence over those in the auction room. We will not accept bids including the clause “at best” or “subject to
viewing” or those which include alternative lots to those indicated. Disputes arising from negligence or error on the part of the bidder in filling in written bids shall not be accepted.

8) Zanaria Aste s.r.l. accepts no responsibility, for those taking part in the auction by internet or telephone, with regard to any mishaps that may occur before or during the session, including technical
problems with phone line, internet connection or informatic platform. In case the phone bidder is not reachable at the moment of the auction, Zanaria Aste s.r.l. will assume that he or she has offered
the base price for the lot he or she has asked to be called for. Any errors in presenting the offers shall be borne by the client.

9) Bids from individuals not known to the auction house may or may not be accepted, at our final discretion. Zanaria Aste s.r.l. reserves the right to ask those taking part in the auction for easily verifiable
bank details, as well as the right to limit or disallow any purchase by a participant.

10) Note that an indispensable condition for taking part in the auction is the verification and registration of the participant’s identity and taxpayer’s code.

Material auctioned

11) All of the material auctioned is guaranteed to be authentic, according to the terms prescribed by law, and without hidden defects, unless otherwise indicated.

12) The lots are described with the greatest care. However, Zanaria Aste s.r.l. accepts no responsibility for these descriptions. The material at auction is generally reproduced in photographs. The
photograph is an integral part of the description: no complaints shall be accepted regarding the centring, margins, perforations, characteristics of cancellations and, in general, the condition of the
material reproduced in the the catalogue.

13) All of the lots presented in the catalogue may be viewed on the days and in the locations scheduled for the auction and in the days preceding the auction, according to the indications given in this
catalogue. It is also possible to view the material beforehand, at our offices, by appointment. It is assumed that those participating in the auction, whether they are acting on their own behalf or as
representatives, have first viewed the lots for which they intend to bid. Lots are therefore accepted in the state at which they are found at the time of the order. Participants are responsible for
any damaged caused to the lots by themselves during a viewing.

14) All of the material presented has been carefully examined by our experts. The pieces of highest value are signed by the most renowned Italian and/or international experts, and are usually accompanied
by a photographic certificate of authenticity. Purchasers who require an expert valuation different to that indicated in the lot description should explicitly request one on the booking form, or request
one prior to the beginning of the auction session. Zanaria Aste s.r.l. reserves the right to accept or refuse the request for an extension of the expert valuation (an “Extension”). Should the request be
accepted, the purchaser must in any case proceed with payment for the lots following the normal procedure, and will have 30 days from the date of sale to return the lots, according to the terms
indicated in the “Complaints and disputes” section. Once this period has expired, no returns shall be accepted for any reason whatsoever.

Delivery and payment

15) The material shall be delivered or shipped only following payment, which must be made upon delivery or before the lots are shipped. Purchasers who are bidding by correspondence (post, fax or email)
must send the amount for the lots knocked down no later than 30 days from the date of the sale.

16) Payment can be made by banker’s draft or bank transfer only to the following bank account:
BPER
Via G. Negri, 10 - 20123 Milano
IBAN: IT21 C053 8701 6000 0000 2016 036 - Swift/BIC: BPMoIT22XXX

17) Once the payment has been received, the lots will be made available to the purchaser at our premises or, upon request and unless other arrangements have been made, they will be sent by registered
post or private courier. The purchaser is liable for postal charges and any customs tariffs for lots sent abroad. No lots will be sent cash on delivery. Items are sent at the risk of the purchaser.

18) Lots purchased during this sale, which are not sent by post, must be picked up within seven days of the sale. The storage of the lots at Zanaria Aste s.r.l. beyond this date is the responsibility of the
purchaser, who accepts the risks involved. In no case shall Zanaria Aste s.r.l. be held responsible for losses or damages that take place between the knocking down and the time at which the lot enters
the purchaser’s possession.

19) Delayed payments will only be allowed if specifically requested, according to terms that must be confirmed by us prior to the sale.

20) Should lots not have been picked up or paid for by 30 days following the sale, Zanaria Aste s.r.l. reserves the following legal rights or actions, as it sees fit:
    a) To annul the sale without further notice to the purchaser;
    b) To proceed to sell the lots in question to an underbidder or at a subsequent auction;
    c) To ask for compensation for damages, which will include among other things any losses relating to the resale of the aforesaid lots, in addition to costs and taxes for the two sales and related bank interests, equals to 6 point more than current legal interests;
    d) To store the lots with third parties, at the expense and responsibility of the purchaser; and
    e) To take any legal steps necessary for debt collection.

21) Until full payment has been made, the lots shall be considered the property of the seller.

Complaints and disputes

22) Any complaints must be made upon delivery of the lots, for those who are present at the auction, even if they are agents or brokers. For those purchasing by correspondence, any complaints should
be received by us within 10 days of shipping, and in any case no later than 30 days following the date of sale. Complaints shall only be taken into consideration if, in the opinion of two renowned experts,
or of the expert for whom the Extension has been accepted (see paragraph 14), the material should not appear to be original or should present hidden defects which had not been described, or if it is
substantially different from the description made by us.

23) Zanaria Aste s.r.l. reserves the right to request, in turn, one or more expertizations in order to verify the grounds for the complaint. Should the expertizations of the purchaser and of Zanaria Aste s.r.l.
prove that there are grounds for complaint, the lot shall be withdrawn and the amounts paid and the costs borne by the purchaser for the expertization shall be reimbursed. No other claim may then
be made towards Zanaria Aste s.r.l.

24) Should the expertizations not reach the same conclusions, the parties will accept the final judgement of a further expert chosen by mutual agreement. Should the complaint be unfounded, all of the
expertization expenses shall be borne by the purchaser.

25) Complaints will not be accepted for:
     a) Lots consisting of 5 or more items, or for collections or groupings of any sort; or
     b) Lots made up of stamps described as defective, of mixed quality or sold with the clause “not guaranteed”.

26) No complaint will be accepted after 30 days from the date of the auction.

27) The courts of Milan have exclusive jurisdiction to settle any dispute arising out of or in connection with these terms of sale.#

Zanaria Aste S.r.l

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