JAN 8 2011 MORPHY AUCTIONS ADVERTISING SALE

When bidding on any lot offered by Dan Morphy Auctions, the bidder indicates acceptance of the following Terms of Sale: Condition of Items Dan Morphy Auctions makes every effort to accurately describe all items offered in its sales, however all items for sale are AS IS, and it is the bidders responsibility (present or absentee bidders) to determine the exact condition of each item. Dan Morphy Auctions will not be held responsible for typographical errors. All items will be available for preview two (2) weeks prior to the auction. We do NOT guarantee trains or clocks to be in running order. Grading Scale: Near Mint Plus 97% - 100% Near Mint 90% - 96% Excellent 80% - 89% Very Good 70% - 79% Good Below 70% Absentee Bids Dan Morphy Auctions will accept absentee bids if pre-authorized by mail, fax or through www.morphyauctions.com. Absentee bidders must use the absentee bid form and clearly mark the lot number, title and maximum bid amount. Absentee bidding forms may be accessed online at www.morphyauctions.com. If there are two (2) identical bids placed on the same item, priority will be given to the first bid received. All bids must be left in increments as explained on our bid form. If a left bid is out of increment, the auctioneer has the right to round the bid up to the next correct increment. Dan Morphy Auctions is pleased to offer online absentee bidding as part of our auction services. Bidders may preview, register and place bids online through our Web site. Online absentee bidding through Dan Morphy Auctions is available until two (2) hours prior to the sale. During the live sale, the auctioneer will execute your absentee bid competitively up to the maximum amount you have indicated. Online bidding through LiveAuctioneers is also available; Terms and Conditions still apply. If there is a tie bid between the Internet bidding venues (LiveAuctioneers) and the floor, the floor bid takes precedence. Bid Live via Telephone An absentee bidder may also participate live in the auction via telephone. Requests for phone lines must be received at least three (3) days prior to the auction date. Dan Morphy Auctions cannot guarantee phone lines but will make every attempt to accommodate those who wish to participate through that method. Phone lines are provided on a first come first served basis. Please visit morphyauctions.com or call 717-335-3435 to request a call from our representatives during the live auction. Bid Increments Bid increments listed are a general guideline. Actual increments are at the auctioneers discretion. $0 - $200...............$10 $200 - $500.............$25 $500 - $1,000...........$50 $1,000 - $2,000.........$100 $2,000 - $5,000.........$250 $5,000 - $10,000........$500 $10,000 +.......Auctioneers discretion If a lot does not receive a bid of 25% of the low estimate, that lot will be passed by the auctioneer. APPROXIMATE AUCTION TIMES FOR SATURDAY, JANUARY 8, 2011 Auctioneer sells approx. 100 lots per hour. LOTS TIME (EST) 1 to 100 10:00 AM 101 to 200 11:00 AM 201 to 300 12:00 PM 301 to 400 1:00 PM 401 to 500 2:00 PM 501 to 600 3:00 PM 601 to 700 4:00 PM 701 to 803 5:00 PM Reserves The majority of our items are unreserved, but occasionally items may carry a moderate reserve. Please note that when a lot carries a reserve, the reserve is usually somewhere below our low estimate. In the case of a reserved item, the seller has authorized the auctioneer to bid on their behalf until the reserve price is reached. Actual reserve amounts cannot be disclosed, but we will advise you if an item carries a reserve, should you ask. Unreserved lots will have a minimum opening bid of one-fourth of the low estimate. Rights & Responsibilities The auctioneer will determine the highest bidder. The auctioneer alone has the right to reopen the bidding of an item if deemed necessary due to a dispute. If there is a tie bid between the floor and Internet or absentee bid, the floor takes bid precedence. Dan Morphy Auctions and its representatives reserve the right to remove those attendees who impede the previews and/or the auction. Title to all merchandise shall pass to the highest bidder at the fall of the auctioneers hammer. The buyer will then assume all risk and full responsibility of the lot purchased once ownership has changed. Buyers Premium A 17% buyers premium will be added to all successful bids and is payable by the purchaser as part of the total purchase cost. A 2% discount is applied to payments made with cash, check or money order. Split payments are subject to a 17% buyers premium if a credit card is used as any form of total payment. Sales Tax All buyers will pay Pennsylvania sales tax of 6% unless a valid Tax Exemption Identification is on file or presented at time of purchase. Please present a copy of your Tax Exemption Identification at the sale, or at the time of leaving an absentee or phone bid. Payment All merchandise must be paid in full within two (2) weeks of the date of the sale. Absolutely NO returns will be accepted on any item that was not paid for and/or returned to Dan Morphy Auctions within 30 days of the sale date. We accept: Visa, MasterCard, Discover, personal checks/ certified checks, wire transfers, money orders, cash and PayPal. Split payments are subject to a 17% buyers premium if a credit card is used as any form of total payment. Make checks payable to: Dan Morphy Auctions. Make PayPal payments to: info@morphyauctions.com. Dan Morphy Auctions reserves the right to hold items paid for by personal check until said check clears. Call 717-335-3435 to pay your invoice by phone. Note: There will be a $30.00 service charge for returned checks. Shipping Packaging, shipping of, and insurance on items will be available to successful bidders. Shipping costs will be billed separately and are NON-REFUNDABLE. Items will shipped five to ten business days (5-10) days after payment is received. For shipping questions please contact the shipping department at 717-335-4579 or shipping@morphyauctions.com. Oversized items and freight shipments will be done through Postal Connections, contact them at 717-399-9076 or PCA158@postalconnections.com. International Bidders- By law Dan Morphy Auctions cannot declare lesser values for any international purchases and all shipments will include the invoice with purchase totals including the buyers premium and shipping cost. All international bidders are responsible for paying all customs and duties on the items. Postsale Return Policy Dan Morphy Auctions hires knowledgeable experts to provide catalog descriptions on the merchandise we sell. Every effort is made to ensure those descriptions are accurate and that they fully disclose any exceptions to condition. Buyers who wish to report a problem with a purchase they have made must notify Dan Morphy Auctions within three (3) days of receipt of their purchased item. If a return is authorized by Dan Morphy Auctions, the item in question must be shipped, with full insurance, so it arrives at Dan Morphy Auctions within one week of the aforementioned authorization. With respect to all returns, it is the buyers responsibility to cover the cost of the shipment and insurance, regardless of the reason for the return. Dan Morphy Auctions will NOT reimburse shipping costs to buyers who return auction goods.

Approximate Auction Times for JANUARY 08, 2011BRBRbSATURDAY - JANUARY 08BRLOTS TIME (EST)bBR 1 - 100 10:00 AMBR 101 - 200 11:00 AMBR 201 - 300 12:00 PMBR 301 - 400 1:00 PMBR 401 - 500 2:00 PMBR 501 - 600 3:00 PMBR 601 - 700 4:00 PMBR 701 - 803 5:00 PMBR BRBRBR

All buyers will pay Pennsylvania sales tax of 6% unless a valid Tax Exemption Identification is on file or presented at time of purchase. Please present a copy of your Tax Exemption Identification at the sale, or at the time of leaving an absentee or phone bid.