The following Terms and Conditions shall apply to all sales conducted by
Salcedo Auctions.

1. BINDING TERMS
(a) The relationship between prospective buyers,
Salcedo Auctions and the sellers shall be governed by the
following: (i) these Terms and Conditions; (ii) any amendments
to these Terms and Conditions that are made through posted
notices or auctioneer’s announcements during the auction; and
(iii) any additional notices and terms that may be incorporated
into the catalogues of Salcedo Auctions or in showroom notices,
or announced by the auctioneer during the course of the auction.

(b) By bidding at auction, prospective buyers agree to be
bound by these Terms and Conditions, including
any amendments thereto, and any other notices and
announcements issued or printed by Salcedo Auctions.

© These Terms and Conditions are controlling. No oral or
written statements made by Salcedo Auctions in its catalogues,
advertisements, bills of sale, showroom notices or announcements
or through the remarks of an auctioneer, or otherwise,
shall be deemed to create any warranty, representation or
assumption of liability on the part of Salcedo Auctions.

2. ROLE OF SALCEDO AUCTIONS
Unless otherwise stated, Salcedo Auctions acts as an agent for the sellers
of the Lots sold at auction. Thus, the contract of sale is between the seller
and the buyer.

In instances where Salcedo Auctions owns a Lot, it shall act in a principal
capacity as seller. The contract of sale will therefore be between Salcedo
Auctions and the buyer.

3. BEFORE THE SALE
(a) Limited Due Diligence by Salcedo Auctions and
Buyers’ Responsibility
Salcedo Auctions is not able to and does not perform a full
and complete due diligence audit on each Lot. Moreover,
the knowledge of Salcedo Auctions regarding each Lot is
partially reliant on the information provided by the sellers.
Prospective buyers acknowledge these facts and accept their
responsibility to carry out such investigations and inspections
as may be necessary to satisfy themselves with respect to the
Lots in which they may be interested in prior to the sale.

(b) Pre-Auction Viewings and Inspections
(i) The properties to be sold may be inspected by prospective
buyers at pre-auction viewings. Prospective buyers are
strongly encouraged to personally examine Lots that they
may be interested in prior to the sale. Condition reports for
specific properties are usually available upon request.
(ii) In accepting bids for Lots, Salcedo Auctions assumes that
prospective buyers have undertaken a full inspection of the
Lots prior to bidding and that they have verified the condition
of the Lots as well as the accuracy of their descriptions.
(iii) Salcedo Auctions and the sellers do not provide
any guarantee with respect to the Lots sold at
auction. Said Lots are sold on an “as is” basis.

© Descriptions of Properties
(i) All statements made by Salcedo Auctions in the catalogue
entries or in the condition reports, or made orally or in writing
elsewhere, are statements of opinion. Therefore, these statements
cannot be construed or relied on as factual representations, implied
or express warranties or assumptions of liability. Moreover, Salcedo
Auctions and the sellers shall not be liable in any way for errors or
omissions in the catalogues or any supplemental material. Buyers
have the duty to satisfy themselves about the condition of the Lots
sold at auction and the matters referred to in the catalogue entries.

(ii) References in the catalogue entry or the condition
report to damage or restoration are for guidance only. These
references should be evaluated by personal inspection
by the bidder or a knowledgeable representative.
(iii) The absence of any reference to the condition of a Lot does
not imply that the Lot is in perfect condition or completely free from
wear and tear, imperfections or the effects of aging. Similarly, a
reference to particular defects does not imply the absence of others.

(iv) Salcedo Auctions and the sellers do not make any express or
implied warranty or representation of any kind or nature with respect
to the merchantability, quality or fitness for certain purposes, the
correctness of the catalogue or other description of the physical
condition, size, quality, rarity, importance, medium, material,
genuineness, attribution, provenance, period, culture, source, origin,
exhibitions, literature or historical significance of any Lot sold.

(v) In making express statements in its catalogue descriptions
or condition reports, Salcedo Auctions shall exercise
such reasonable care as is consistent with: (aa) its role as
auctioneer; (bb) the information provided by the sellers;
(cc) scholarship and technical knowledge; and (dd) expert
opinions as of the date these expert opinions are made.

(d) Estimates
(i) Each Lot in the catalogue is given a low and high
estimate. These estimates represent that range which,
in the opinion of Salcedo Auctions, represents a fair and
probable auction value. These estimates do not include
the Buyer’s Premium referred to in Section 6(a).

(ii) Pre-sale estimates are intended only as a guide for
prospective buyers and are subject to revision. The actual
prices realized for items can also fall below or above the range
of these estimates. Thus, an estimate of the selling price
should not be relied on as a statement that this is the price at
which the item will sell or its value for any other purpose.

4. BIDDING AT AUCTION
(a) Admission to the Auction
Salcedo Auctions has the sole discretion to refuse to allow
prospective buyers to be admitted to or to participate in an auction.

(b) Registration Process

(a) Bidders must complete and sign registration forms
and provide a government issued identification card
(e.g., a passport or driver’s license) before bidding.

(b) As part of the registration process, bidders present at the live
auction shall express their interest to participate in the auction
by making a refundable deposit (in cash or in check) of Php
10,000.00 (the “Refundable Deposit”). The Refundable Deposit shall
be refunded by Salcedo Auctions if the bidder does not purchase
a Lot at the auction. In the event that the bidder purchases a Lot,
the Refundable Deposit shall form part of the purchase price. If
the successful bidder does not remit payment for the purchased
Lot in accordance with the terms and conditions of Section
6 below, the Refundable Deposit shall be forfeited in favor of
Salcedo Auctions and the Lot may be sold at a future auction.
© For bidders present and registering to participate at the live
auction who are unable to provide the refundable deposit in cash
or in check, Salcedo Auctions at its sole discretion, may accept
full credit card details from the person wishing to register provided
that an undertaking is signed allowing Salcedo Auctions to charge
a PHP10,000 penalty on the aforementioned credit card in the
event that the bidder is unable to pay the full purchase price
in accordance with the terms and conditions of Section 6.
(d) Upon the completion of the registration process set forth above,
Salcedo Auctions shall issue bidding paddles to the bidders.

5. CONDUCT OF THE AUCTION
(a) Sale and Withdrawal of Lots

(i) Unless otherwise announced by the auctioneer, all
bids are per Lot as numbered in the catalogue.

(ii) Salcedo Auctions reserves the right to withdraw a Lot at
any time prior to the commencement of bidding for such Lot
and shall have no liability whatsoever for such withdrawal.

(b) Reserve
Unless otherwise indicated, a Lot shall be offered subject to
a minimum price below which the Lot will not be sold (the
“Reserve”). The Reserve shall not exceed the low pre-sale
estimate at the time of the auction. As a general rule, the Reserve
is agreed upon by Salcedo Auctions and the sellers. However,
Salcedo Auctions has the right to set the Reserve in the absence
of an agreement between Salcedo Auctions and the seller.

© Liability for Bids
Bidders shall be personally liable for their bids unless they have
secured Salcedo Auction’s prior written consent to act as agents for
identified third parties acceptable to Salcedo Auctions. Provided
that, bidders who act as agents shall be jointly and severally
liable with their principals unless Salcedo Auctions expressly
agrees in writing to look only to their principals for payment.

(d) Absentee Bids
Salcedo Auctions shall use reasonable efforts to carry out written
absentee bids delivered prior to the sale. If written bids for identical
amounts are received for a particular Lot and these turn out to be
the highest bids at the auction, the Lot will be sold to the person
whose bid was received and accepted first. The execution of
absentee bids is a free service that is undertaken subject to other
commitments of Salcedo Auctions during the auction. Thus, Salcedo
Auctions shall not be liable for failure to execute a written bid or
for errors or omissions committed in connection with said bid.

(e) Telephone Bids
Salcedo Auctions shall use reasonable efforts to contact prospective
buyers who have made prior arrangements to place telephone bids in
order for these buyers to participate in the auction. Salcedo Auctions
shall not be liable for its failure to contact said bidders or for any
errors or omissions made in connection with telephone bids since
telephone bids are offered as a free service that is undertaken subject
to the other commitments of Salcedo Auctions during the sale.

(f) Auctioneer’s Conduct of the Auction

(i) The auctioneer has the discretion to commence and advance
the bidding at the levels and increments which he considers
appropriate. The auctioneer also has the right to divide or to
combine any Lots. As a general rule, Salcedo Auctions will
follow ten percent (10%) increments, subject to the condition
that said increment may change from time to time or at any
time during the auction if the auctioneer sees the need.

(ii) To implement the Reserve, the auctioneer may open bidding
on any Lot by placing a bid on behalf of the seller. The auctioneer
will not specifically identify bids placed on behalf of the seller.
The auctioneer may further bid on behalf of the seller, up to the
amount of the Reserve, by placing successive or consecutive bids
for a Lot or by placing bids in response to other bidders. Unless
otherwise indicated in the catalogue or by an announcement at
the auction, Salcedo Auctions acts as agent on behalf of the seller
and does not permit the seller to bid on his or her own property.

(iii) The auctioneer may refuse to acknowledge any bidder
and to reject bids. He may also re-offer and resell a Lot (even
after the fall of the hammer) if he believes that there may be
an error or a dispute. The auctioneer has the right to determine
the successful bidder and take such other actions as he deems
fit under the circumstances. If any dispute arises after the
sale, the Salcedo Auctions sales record shall be conclusive.

(g) Purchase of Lots and Buyer’s Responsibility

(h) Subject to the auctioneer’s discretion, the highest bidder
accepted by the auctioneer will be the buyer. The striking
of the auctioneer’s hammer shall mark the acceptance of
the highest bid (the “Hammer Price”) and the conclusion
of a contract of sale between the seller and the buyer.

(ii) Upon the striking of the auctioneer’s hammer, the buyer
shall become liable for the payment of the Full Purchase
Price (as such term is defined under Section 6(b) below). The
buyer shall likewise assume full risk and responsibility for
the purchased Lot (including, without limitation, liability for
or damage to frames and glass covering prints, paintings or
other works) upon the striking of the auctioneer’s hammer.

6. AFTER THE SALE
(a) Buyer’s Premium
Salcedo Auctions shall collect from the buyer a premium in addition
to the hammer price of the Lot (the “Buyer’s Premium”). The
Buyer’s Premium shall be based on the following rates: 15% for
a Lot whose Hammer Price is Php 350,000 or less, and 12%
for a Lot, whose Hammer Price is more than Php 350,000. The
Buyer’s Premium is exclusive of Value-Added Tax. The buyer
shall shoulder the payment of the Value-Added Tax on the
Buyer’s Premium. Salcedo Auctions reserves the right to revise
these rates and/or announce special premiums at any time.

(b) Full Purchase Price
Salcedo Auctions must receive from the buyer the full amount
due (the Hammer Price, the Buyer’s Premium and any
applicable fees, taxes and charges) in cleared funds not later
than three (3) business days after the date of the auction (the
“Full Purchase Price”). Unless prior written arrangements
have been made, the Full Purchase Price shall be paid in
Philippine Pesos (or based on Philippine Pesos). For the
avoidance of doubt, the buyer shall be solely responsible for
any currency conversion charges and wire transfer fees.

© Payment
Unless prior written arrangements have been made, payment
shall be made in Philippine Pesos. Salcedo Auctions
shall accept payments in cash, credit card, wire transfer, or manager’s or personal checks.
Checks should be made payable to Salcedo Auctions.

Please note there is a 4.5% convenience fee on the total amount
due when payments are made using credit cards.

Payments by wire transfer should be directed to:

Name of Bank: Banco De Oro
Address: Paseo Tower, Makati Branch
8751 Equitable Tower
Paseo de Roxas, Makati City
Account Name: Salcedo Auctions
Account Number: SA 046-0167-588
Swift Code: BNORPHMM

(d) Transfer of Title and Release of Lots

(i) Title over a purchased Lot will not pass to the buyer until and
unless Salcedo Auctions receives the Full Purchase Price in cleared
funds. In the event that a buyer purchases several Lots, the title
over these Lots shall not pass to the buyer until Salcedo Auctions
receives the Full Purchase Prices for all of these Lots. Salcedo
Auctions shall not be obliged to release a Lot to the buyer before
it receives the Full Purchase Price in cleared funds for said Lot.

(ii) The buyer shall arrange for the collection of the
purchased Lots within three (3) business days from the
date of the auction. Salcedo Auctions shall not be liable
for any damage to the Lots that are left in its premises for
more than three (3) business days following the sale.

(e) Storage Fee
Unless prior written arrangements have been made, Salcedo
Auctions reserves the right to charge a minimum storage fee of
Php 500.00 per day for Lots that are not collected by the buyer
within the prescribed period under Section 6(d) above. In the
alternative, Salcedo Auctions may opt to deliver the Lots to a
public warehouse at the buyer’s expense and risk. The Lots will
only be released after payment in full of all removal, storage,
handling, insurance costs and any other expenses incurred, together
with payment of all other amounts due to Salcedo Auctions.

(f) Packing and Handling of Lots
The packing and handling of the purchased Lots shall be at
the buyer’s risk. Salcedo Auctions shall in no way be liable
for any acts or omissions of third party packers or shippers,
regardless of whether or not these third party packers or
shippers were recommended by it upon the buyer’s request.

(g) Insurance
Buyers shall secure the necessary insurance policies for their
purchased Lots and pay the applicable insurance premiums thereon.

(h) Permits
Buyers shall be solely responsible for obtaining any necessary
export, import, national heritage, endangered species or other
permits for their Lots, including but not limited to those issued
by the National Museum. Salcedo Auctions and the sellers make
no representations or warranties as to whether any Lot is subject
to import/export restrictions or embargoes. Moreover, Salcedo
Auctions and the Sellers do not warrant that buyers will be able
to secure the necessary permits for their Lots. The denial of any
relevant permit or license shall not be a valid ground for the
cancellation or rescission of the sale or any delay in payment.

(i) Other Taxes/Fees
Any other taxes or fees that may arise in relation to the
purchase of a Lot shall be for the sole account of the buyer.

7. REMEDIES AVAILABLE TO SALCEDO AUCTIONS
If the buyer fails to remit the Full Purchase Price to Salcedo Auctions in
accordance with Section 6 (b) above, Salcedo Auctions shall have the
right to exercise one or more of the following remedies (in addition to
exercising any other remedies or rights available to it by law);

(a) to charge interest at such rate as it shall reasonably select;

(b) to hold the defaulting buyer liable for the total amount
due and to commence legal proceedings for its recovery,
together with interest, legal fees and costs to the
fullest extent permitted under applicable law;

© to cancel the sale of the Lot or any other lots sold to the
defaulting buyer at the same or any other auction, retaining as
liquidated damages all payments made by the defaulting buyer;

(d) to resell the property, whether at private sale or public
auction without reserve, provided that the defaulting buyer
will be liable for any deficiency between the total amount due
to Salcedo Auctions and the price obtained upon resale as
well as for all damages, premiums, commissions, costs and
expenses related to both sales or arising from the default;

(e) to set off the outstanding amount remaining unpaid by
the defaulting buyer against any amounts which Salcedo
Auctions may owe said buyer in any other transactions;

(f) where several amounts are owed by the defaulting buyer
to Salcedo Auctions, in respect of different transactions, to apply
any amount paid to discharge any amount owed in respect of any
particular transaction, whether or not directed to do so by the buyer;

(g) to reject at any future auction any bids made by or on
behalf of the defaulting buyer or to require a deposit
from the buyer before accepting any bids;

(h) to exercise a lien over any of the defaulting buyer’s
property in the possession of Salcedo Auctions, provided
that Salcedo Auctions may arrange for the sale of such
property and apply the proceeds of the sale to the
amounts owed to it within fourteen (14) days from its
notice to the buyer regarding the exercise of its lien;

(i) to release the name and address of the defaulting buyer to
the seller to enable the latter to commence legal proceedings
to recover the amounts due as well as legal costs, provided
that Salcedo Auctions shall take reasonable efforts to
inform the buyer prior to the release of this information;

(j) to take such other actions as Salcedo Auctions deems
necessary or appropriate; or

(k) to effect any combination thereof.

8. GENERAL PROVISIONS
(a) All images, illustrations and written material produced by
or for Salcedo Auctions for the auction are its exclusive
property. Salcedo Auctions shall have the discretion
to use these materials for its own purposes.

(b) Salcedo Auctions and the sellers do not warrant that the
buyer will acquire any copyright or reproduction rights to any
Lot sold. Salcedo Auctions expressly reserves the right to
reproduce any image of the Lots sold in this catalogue.

© All measurements and weights stated in the catalogues
of Salcedo Auctions are approximate. Salcedo Auctions
is not responsible for damage to glass covering paintings,
drawings, and other works or frames regardless of cause.

(d) At some auctions, there may be a video or digital screen.
Salcedo Auctions shall not be liable for errors that
may occur in the operation of the video or digital
screen and in the quality of the image.

(e) Employees of Salcedo Auctions may bid only if they do not
know the Reserve. They must likewise fully comply with the
internal rules of Salcedo Auctions on employee bidding.

(f) If any part of these Terms and Conditions is held invalid
or unenforceable for any reason, the remaining
provisions shall continue to be valid and enforceable
to the fullest extent permitted by law.

(g) These Terms and Conditions are not assignable by any
buyer without the prior written consent of Salcedo Auctions.
However, these Terms and Conditions are binding on the
buyer’s successors, assigns and representatives.

(h) No act, omission or delay by Salcedo Auctions shall be
deemed a waiver of its rights and remedies
under these Terms and Conditions.

(i) These Terms and Conditions and all related matters and
transactions shall be governed by Philippine law. By bidding
at auction, the buyer shall be deemed to have submitted, for
the benefit of Salcedo Auctions, to the exclusive jurisdiction of
the courts in the City of Makati, Philippines and to have waived
any objection to the jurisdiction and venue of any such court.