IMPORTANT WINTER SALE: Asian Art

REGULATION OF PARTICIPATING IN ASSET AUCTION I. Definition and interpretation In this Regulation, the following terms are construed as follows: Asset Auctioning Organization ("Company"): means Indochina Art Partnership Auction Company established under Decision No. 140/TP DKHD dated April 28, 2023, issued by the Hanoi Department of Justice. Auctioned Asset Holder ("Seller"): means the individual or organization that owns the asset, the person authorized by the asset owner to auction the asset, or the person who has the right to auction the asset as agreed upon or as prescribed by law. Auction Participant: means an individual or organization that is eligible to participate in the auction to purchase auctioned asset in accordance with the Law on Asset Auction and other relevant laws. Auction Winner: means an individual or organization that offer the highest bid compared to the starting price or equal to the starting price in case where there is higher bid than the starting price when bidding in the up-bidding method; individuals and organizations that accept the starting price or the reduced price in case of auctions with a downward pricing method. Auctioned Asset Buyer ("Buyer"): means the person who wins the auction and signs the auctioned asset purchase contract or has the results of the asset auction approved by a competent authority. Auctioned Asset ("Auctioned Asset"): means assets that are allowed to be traded in accordance with the law. Special Auctioned Asset: means vestiges, antiques, and national treasures. Law on Asset Auction ("Law on Asset Auction"): means the Law on Asset Auction No. 01/2016/QH14 promulgated on November 11, 2016, by the National Assembly of the Socialist Republic of Vietnam. Regulation of Participating in Asset Auctions ("Regulations"): means the regulations of the institution require all participants in the auction to strictly adhere to during the auction process. II. General provisions Article 1 The Regulations apply to all Auctioned Asset Holders, Auction Participants, Auction Winners, Auctioned Asset Buyers, and Asset Auction Companies. The contents specified in this Regulation shall take effect from the date of signing the Decision issued by the Company. All previous provisions contrary to these Regulations are hereby repealed. The above organizations and individuals are responsible for fulfilling their obligations as stipulated in this Regulation and the provisions of Vietnamese law on asset auctions. All cases not specified in this Regulation shall be settled in accordance with the Law on Asset Auction and current legal documents issued by the Vietnamese government.. Article 2 Before participating in the auction of asset, the Buyer and the Seller shall carefully read the terms stipulated in this Regulation and the auction rules they will participate in to protect their legitimate rights and interests. The legitimate rights and interests of Auction Participants, Auction Winners and bona fide Buyers of Auctioned Assets shall be protected in accordance with Vietnamese law. Article 3 The following actions are strictly prohibited for Auction Participants, Auctioned Asset Holders, Auction Winners and Auctioned Asset Buyers: i. Providing false information and documents; using forged documents to register to participate in auctions or participate in auctions; ii. Colluding or cooperating with Participants, Asset Auction Organizations, Auctioned Asset Holders, other Auction Participants, other individuals, and organizations to manipulate or distort the auction results; iii. Obstructing the auction process, causing disturbances or disorder during the auction; iv. Intimidating or coercing Participants and other Participants in order to falsify the results of asset auctions. Article 4 Any disputes between the parties involved in the auction, both during and after the auction, will be resolved through negotiation, reconciliation, or by a competent People's Court according to the laws of Vietnam. II. AUCTIONED ASSETS Article 5 Assets that are required by law to be sold through auction (as prescribed in Clause 1 Article 1 of the Law on Asset Auction Law); Assets owned by individuals or organizations voluntarily choose to sell through auction. Special Auctioned Asset may NOT be taken abroad (attached in the Appendix of this Regulations). Article 6 Participants are advised to visit the auction venue in person before the auction takes place to carefully examine the Auctioned Assets and select suitable Auctioned Assets. Article 7 Due to the size, material and description of the current status of different types of Auctioned Assets, the Company will inform the Participants about the list of assets so that the Participants can consider and make appropriate choices. However, Participants should be aware that the asset portfolio does not clearly represent the condition of the Auctioned Asset, therefore, the absence of any defects in the Auctioned Assets cannot be guaranteed. Article 8 The Company reserves the right to use and take photos, showcase, and display any Auctioned Asset authorized by the Auctioned Asset Holder to sell at the auction. Article 9 The list of auctioned assets compiled by the Company before the auction date describe the size, structure, assembly methods, attribution, authenticity, origin, preservation, valuation, etc., thus, the catalogue is for reference only and the Company makes no warranty as to the accuracy of the above descriptions. Article 10 Any description of the Auctioned Asset in the catalogue is for reference only. The color and brightness of the Auctioned Asset may differ from reality when printed or displayed on screen. Photos in the catalog do not serve as a basis for the condition of the Auctioned Asset. Article 11 The intellectual property rights (including but not limited to copyrights, patents, etc.) of all photographs, illustrations and written materials relating to Auctioned Asset belong to the ownership of the Company and cannot be used without the written consent of the Company. III. For Auctioned Asset Holders ("Sellers") Article 12 Take legal responsibility and provide fully and accurately to the Asset Auction Organization with information, evidence proving ownership, right to use or right to sell assets, and be responsible for paying costs incurred in case it is necessary to verify asset ownership. Article 13 The Auctioned Asset holder shall decide and be responsible for notifying in writing to the Asset Auction Organization of the starting price, bidding increments and discount level in each auction round. Article 14 Hand over the asset and documents related to the Auctioned Asset to the Buyer of the Auctioned Asset. The parties themselves agree on the time, place and method of handover. IV. For Participants Article 15 Individuals who are not allowed to participate in the auction include: i. Individuals who lack legal capacity, are incapacitated, have cognitive difficulties, or, at the time of registration, cannot comprehend or control their actions; ii. Employees of the Asset Auction Organization conducting the auction; father, mother, wife, husband, child, brother, sister, sister of the Participant who runs the auction; persons directly assessing and valuing assets; parents, spouse, children, siblings of the individual directly assessing and valuing asset. iii. Individuals who have been authorized by the asset owner to manage the assets, those with the authority to decide to sell the assets, individuals who have signed an asset auction service contract, and those with the legal right to decide to sell someone else's assets as stipulated by the law; iv. Parents, spouse, children, siblings of the individual specified at Point c of this Clause; v. Individual who does not have the right to purchase an Auctioned Asset in accordance with the laws applicable to that type of asset. Article 16 Participants must register to participate in the auction through the submission of valid bidding documents and must pay a deposit in accordance with the Company's Regulations. Participants must meet that condition. Article 17 Participants are entitled to request an assessment of assets, appoint an asset assessment organization, and obtain the consent of the Auctioned Asset Holder. The requester is responsible for notifying the time and place of assessment to the Company and the Auctioned Asset Holder and covering the cost of asset appraisal (if any). Article 18 Participants are entitled to view assets, asset samples or documents on ownership, asset use rights and related documents (if the asset requires ownership registration) for a continuous period of at least 02 days from the date of listing the asset auction until the date of opening the auction. Article 19 Participant may authorize another person in writing to participate in the auction on his/her behalf in accordance with the provisions of Vietnamese Law on Notary. Article 20 Participants must be present at the auction venue on the date and time specified in the Company's announcement, and they must sit in the designated positions as instructed by the organizing committee. They should not move around in the auction room. Article 21 During the auction process, the Participant who bids the highest above the starting price or equal to the starting price in case there is no higher bid than the starting price in the up-bidding method or the reduced price, in the case of bidding down will be determined as the Purchaser of the Auctioned Asset and may not withdraw the offered price. Article 22 The Company reserves the right to reject Participants who do not meet the conditions prescribed by law as well as violate the above-mentioned Regulations. IV. For Auction Winners Article 23 Rights of Auction Winners: Request Auctioned Asset holders to sign contracts for sale and purchase of auctioned assets or submit to competent agencies for approval the results of asset auctions in accordance with law; Receive Auctioned Assets and have ownership rights to Auctioned Assets in accordance with law; Be issued certificates of ownership and right to use Auctioned Assets by competent state agencies for assets subject to registration of ownership and use rights in accordance with law; Other rights as agreed upon in the contract of sale and purchase of auctioned asset and as prescribed by law. Article 24 Obligations of the Auction Winner: Sign auction minutes, contracts for sale and purchase of Auctioned Assets; Make full payment of the purchase amount of auctioned asset to the Auctioned Asset holder as agreed upon in the contract for sale and purchase of Auctioned Assets; Perform other obligations as agreed upon in the contract for sale and purchase of Auctioned Assets. V. For the Purchaser of the auctioned asset ("Buyer") Article 25 The bona fide Auctioned Asset Buyer is always protected, in case a third person disputes the ownership of the Auctioned Asset, the ownership still belongs to the bona fide auction Buyer. Article 26 Receive handover of assets and documents related to Auctioned Assets as agreed upon in the contract for sale and purchase of Auctioned Assets. VI. For the Authorized Recipient to participate in the auction of asset, purchase and sale of the asset Article 27 A Participant in an auction may authorize others in writing to participate in the auction on his/her behalf. Organizations and individuals may receive authorization with or without compensation from Auctioned Asset Holders, Asset Auction Participants, Auction Winners and Auctioned Asset Purchasers. The competence, order and procedures for authorization shall comply with the provisions of Vietnamese law. Article 28 The authorized recipient must be a person who is NOT related to the Auctioned Asset Holder, the Asset Auction Organization that has a conflict of interest with the Asset Auction Participant in the event of receiving authorization from the Asset Auction Participant and vice versa. Article 29 The authorized recipient has rights and obligations corresponding to the scope of authorization. Article 30 The authorizing person is liable in case the authorized recipient violates the Regulations during the auction participation. VII. For Asset Auction Organizations Article 31 Be responsible for providing accurate and complete explanations and advice regarding the rights and obligations of the parties when participating in auctions, on issues related to Auctioned Assets and auction activities. Article 32 Conduct auctions in accordance with the order and procedures in the Auction Regulations for each auction and Vietnamese laws on auction activities. The Company is responsible for verifying the information on the right to sell the asset provided by the Auctioned Asset Holder. The Company is not responsible for the value and quality of Auctioned Assets, unless the Company fails to fully and accurately inform auction participants of necessary information related to the value and quality of Auctioned Assets under the asset auction service contract. The Company is authorized by the Seller to auction its assets through the Asset Auction Service Contract. The Company proceeds to provide the services in accordance with the agreement between the two parties. Except for the obligations of the Asset Auction Organization, the Company does not assume any responsibility for any breaches of the contract between the Seller and the Buyer (the Contract for sale and purchase of Auctioned Assets). Article 33 It is strictly forbidden to perform the following acts: i. Colluding with the Auctioned Asset holders, Auction Participants, Valuation Organizations, Auctioned Asset Assessment Organizations, and other individuals and organizations to falsify information on Auctioned Assets, distort prices, falsify auction records or asset auction results; ii. Disclosing information about registered auction participants for personal gain; iii. Receiving any money, asset or benefits from the Auctioned Asset Holder in addition to auction service fee, asset auction costs as prescribed by law, other service costs related to the Auctioned Asset as agreed; iv. Deliberately allowing individuals who are not eligible to participate in auctions as prescribed by law to participate in auctions and win auctions; v. Failing to carry out the auction listing of assets; failing to publicly announce the auction of assets; obstructing, causing difficulties or not implementing the Regulations on selling registration dossiers to participate in auctions or organizing registration to participate in auctions; vi. Organizing auctions in contravention of Regulations on auction forms and auction methods according to the Auction Regulations, leading to falsification of asset auction results. VIII. Deposit and handling of the deposit Article 34 Bidders must pay a deposit. The amount of the deposit will be agreed upon by the auction organizer and the Auctioned Asset Holder, but the minimum is 05% (Five percent) and a maximum of 20% (Twenty percent) of the starting price of the Auctioned Asset. The reserved amount is deposited into the Company's account within 03 working days before the auction opening date. Article 35 Participants have the right to refuse to participate in the auction and receive a refund of the deposit in case of changes in the starting price, quantity, quality of listed assets, public notice; In case the deposit amount incurs interest, the Participant shall receive such interest. Article 36 In case of winning the auction, the deposit amount and interest (if any) shall be converted into a security deposit to secure the performance of the contract for sale and purchase of Auctioned Assets. Article 37 Participants are not entitled to a refund of their deposit in the following cases: i. The deposit has been made but the participant does not participate in the auction, the price announcement session, and does not fall under a force majeure situation; ii. Disqualified from participating in the auction; iii. Refusing to sign auction minutes; iv. Withdrawing the paid price or the accepted price; v. Rejecting of winning bids. Article 38 For the deposit made by auction participants who do not win the auction, the Company will refund the deposit and any accrued interest (if applicable) to the Participant within a maximum of 3 working days from the end date of the auction. IX. Payment and receipt of Auctioned Asset Article 39 The Buyer and Seller sign the Contract for sale and purchase of Auctioned Assets. The Buyer must pay the full remaining purchase amount after deducting the deposit within 15 days from the date of the successful auction. If after the above time limit, the Buyer fails to pay the above amount in full, the Buyer shall bear short-term loan interest and overdue penalty interest at the corresponding interest rate announced by the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) on the outstanding amount from the time of overdue. Article 40 The Auctioned Assets and the asset documentation will be handed over to the Buyer within a period not exceeding 30 days from the date the Buyer makes full payment for the assets. In cases of difficulty or complexity, the handover period should not exceed 60 days. APPENDIX No. Categories of vestiges and antiques 1 Individual fossilized humans, animals and plants or their parts belonging to Vietnam?s prehistoric period 2 Antiques made of materials bearing typical historical, cultural or scientific value of Vietnam?s prehistoric and earliest historical periods 3 Documents made of materials valuable for research of Vietnam?s national history, culture and sovereignty and national heroes and celebrities with positive influence on the development of Vietnamese nation, including: 3.1 Manuscripts, original documents 3.2 Ancient books 3.3 Maps 3.4 Fine-arts works 4 Vestiges and antiques made of materials bearing typical historical, cultural or scientific value of Vietnam?s historical periods before September 1945, including: 4.1 Production tools 4.2 Utensils, learning tools 4.3 Worship tools in religious and belief activities 4.4 Jewelry 4.5 Costumes 4.6 Weapons 4.7 Musical instruments 4.8 Fine arts work 4.9 Seals 4.10 Golden books 4.11 Precious metals and gemstones 4.12 Money 4.13 Carved wooden boards 4.14 Wood-blocks, royal documents, legends and stories about gods, family annals, royal title conferments, imperial orders, royal ordinances, royal diplomas and certificates, posthumous manuscripts, documents, books 4.15 Contracts, village conventions 4.16 Folk art equipment and costumes 4.17 Horizontal lacquered banners and parallel sentences written in Han characters 5 Literary manuscripts, original works of plastic arts (paintings, graphics, sculpture), and photographic works created since September 1945 with high ideological and artistic values and great influence on the society, including: 5.1 Literary manuscripts presented with the Ho Chi Minh Award, the State Award 5.2 Original works of plastic arts and photographic works that won A prize (or first prize) at national photo and fine-arts exhibitions or the Ho Chi Minh Award, the State Award 6 Vestiges and antiques made of materials bearing historical, cultural or scientific value and belonging to listed and inventoried cultural-historical relics and scenic places 6.1 At historical relics, including: 6.1.1 Hand writings, book manuscripts, letters and utensils, learning and working tools pertaining to the careers of national leaders and heroes, celebrities, historical figures with influence on national and local development in the political, military, diplomatic, economic, cultural, social and scientific fields 6.1.2 Weapons 6.1.3 Musical instruments 6.1.4 Fine-arts and photographic works 6.1.5 Royal title conferments, imperial orders, royal diplomas and certificates 6.1.6 Official or manuscript documents; leaflets, epigrams, propaganda paintings, newspapers and magazines, supplements, victory news; medals, orders, commemorative medals 6.1.7 Worship tools in religious and belief activities 6.1.8 Horizontal lacquered banners and parallel sentences written in Han characters 6.1.9 Other vestiges and antiques belonging to relics 6.2 At architectural - artistic relics, including: 6.2.1 Construction materials, architectural building components, architectural decorations, interior decorations 6.2.2 Fine arts works, pictures, statues, sutras, bibles and unique wood carvings 6.2.3 Worship tools in religious and belief activities 6.2.4 Other types of vestiges and antiques belonging to relics 6.3 At archaeological relics, including: 6.3.1 Production tools 6.3.2 Utensils and learning tools 6.3.4 Worship tools in religious and belief activities 6.3.5 Jewelry 6.3.6 Weapons 6.3.7 Musical instruments 6.3.8 Architecture, materials, decorations 6.3.9 Burial artifacts 6.3.10 Human and animal remains 6.3.11 Other vestiges and antiques found at relics 6.4 At scenic places, including: 6.4.1 Artifacts made from animals, plants or rare minerals 6.4.2 Other vestiges and antiques belonging to scenic places 7 Vestiges and antiques made of materials before 1975 bearing typical historical, cultural or scientific value of ethnic minority groups in the territory of the Socialist Republic of Vietnam, including: 7.1 Production tools 7.2 Worship tools in religious and belief activities 7.3 Costumes 7.4 Weapons 7.5 Musical instruments 7.6 Fine arts works 7.7 Bibliographies 7.8 Instruments for art performance 8 Vestiges and antiques made of various materials pertaining to important events and careers of leading revolutionaries, outstanding political and military activists during the periods of the founding of the Party and the Democratic Republic of Vietnam and the struggles for national independence and unification since September 1945, including: 8.1 Production tools 8.2 Utensils, learning and working tools 8.3 Jewelry 8.4 Costumes 8.5 Weapons 8.6 Fine arts and photographic works 8.7 Official or manuscript documents; leaflets, epigrams, propaganda paintings, newspapers and magazines, supplements, victory news; medals, orders, insignias; hand writings, book manuscripts, letters 8.8 Stamps and postal items 8.9 Other related categories of vestiges and antiques 9 Antiques made of materials bearing typical historical, cultural or scientific value and of foreign origin (excluding those temporarily imported for re-export)

Clause 1, Article 43 of the Law on Cultural Heritage: Bringing relics and antiquities overseas shall be permitted by the competent authorities that have control over culture, sports and tourism. Categories of vestiges and antiques banned from being taken abroad (Appendix to Circular 19/2012/TT-BVHTTD) 1. The auction activities are organized by Millon- Indochine and are in accordance with the Auction Regulations. The company is not responsible for the value and quality of all auction items in this list. Participants or those authorized to participate in the auction must personally check the actual status of the auction assets and be legally responsible for their bidding behavior. 2. Two days before the auction date, during business hours, participants must visit our company to purchase the dossier and submit their auction participation registration dossier. Concurrently, within 03 working days before the auction date, those registering to participate in the auction must deposit an amount of 05-20% of the starting price of the Auctioned Asset. The deposit must be sent to our company's payment account. Account details are as follows: - Account holder: Indochina Art Partnership Auction Company - Account number: 2155066686 - Bank: BIDV Branch: Cau Giay In case the deposit is less than five million dong, participants can pay directly at the Company. If a participant wins the auction, the deposited amount and interest (if any) will be converted into a security deposit to ensure contract execution or performance of the auction asset purchase contract, or fulfill the obligation to buy the auction asset after it has been approved by the competent authority. If a participant does not win the auction, they will be refunded the full deposit amount and interest (if any) within 03 working days from the end of the auction, except in cases where refunds are not allowed by law. 3. If a participant wins the auction, the winner must complete the procedure to sign the auction asset purchase contract within 10 days from the successful auction date and fully fulfill the payment obligations as per the signed contract. 4. Millon-Indochine auction house advises customers to carefully read the regulations of this document and please comply with the Auction Regulations. 5. Payment is considered complete after the bank confirms that the mentions account has received the payment. If the winner does not pay in VND but pays in another currency and transfers it to an account designated by the company, the company will make payment according to the exchange rate of that day and will be converted to VND. The difference in exchange rates, bank fees, and other related costs due to currency conversion to VND will be incurred by the winner, and they are responsible if they breach the contract. 6. For winners who are foreigners collecting goods or related logistics issues, it will be done through the following Company: Name of the company: Indochina Art Partnership Auction Company Address: Shop 08, Horizon Tower, N03-T4, Ngoai Giao Doan, Xuan Tao Ward, Bac Tu Liem District, Hanoi, Vietnam. Tel: 0084869068588 Email: info@millon-indochine.com