General Terms and Conditions

The following terms apply to all auctions conducted by Pamono GmbH, Uhlandtstr. 175, 10719 Berlin, Germany(The ?Auctioneer?).

A. Price, Payment

1. The minimum bids stated in the lot listings and the bids submitted by buyers do not represent the purchase prices.

2. The highest bid, (being the greatest bid that meets or is in excess of any reserve bid), at the end of the Bidding Period is successful at the auctioneer's discretion.

3. The purchase price is the hammer price plus a buyer?s premium of 10% (excluding sales tax), sales tax and import tariffs where applicable. The buyer?s premium applied can be found in the bidding box under the link "Additional Costs" in each listing.

4. Payment for purchased items must be made by credit card, PayPal or bank transfer prior to collection or shipping of the items.

5. Payment must be made in full within 5 working days of receipt of the invoice.

B. Collection, Shipping

1. Shipping costs, delivery conditions, estimated shipping duration, and any applicable shipping restrictions can be found under the "Shipping" tab in each listing. If the buyer requests shipping of the auctioned items, the cost of shipping plus sales tax will be charged to the buyer. Shipping will only take place once full payment has been received.

2. If the buyer does not opt to use the Auctioneer?s shipping service, the buyer can collect the items purchased from the seller?s premises the location of which is noted in the lot description.

3. The risk of accidental loss or damage to items passes to the buyer upon collection by the buyer or upon transfer of the items to a suitable shipping company at the seller?s premises. Shipping is therefore at the buyer?s risk. Pamono Auctions offers insurance when you use Pamono Auctions shipping service.

4. For sales and shipping to non-EU countries, customs duties and additional fees apply. The Auctioneer will add all relevant customs duties and additional fees to the purchase price.

C. Contract Conclusion, Correction of Input Errors

1. Each bid constitutes an offer to conclude a purchase contract between the buyer and the seller. The bid is binding and cannot be revoked.

2. The contract is concluded with the highest bidder upon auction closing provided the bid is equal or above the reserve price and in accordance with § 156 BGB. The highest bid is binding and obligates the buyer to pay and accept the item. A bid expires if a higher bid is placed or the auction ends without a sale.

D. Retention of Title

1. For consumers: The purchased item remains the property of the seller until full payment is received.

2. For businesses: The purchased item remains the property of the seller or the consignor until all outstanding claims from the business relationship are settled.

3. Buyers may only set off claims against the seller if those claims are undisputed or legally confirmed.

E. Condition, Legal Warranty

1. The items offered for auction are used or new. Their condition is stated in the item description and appropriate to their age. For used goods, their actual condition at the time of sale is considered the agreed quality under § 434 BGB.

2. For sales to consumers by the seller in their own name:? - This limitation does not apply if the seller is liable for damages due to injury to life, body, or health caused by a defect, or if the defect results from intentional misconduct or gross negligence by the seller or their agents.? - The seller remains liable under the German Product Liability Act.

3. For sales to businesses:? - No warranty is given all implied warranties are excluded.? - The exclusion does not apply in cases of liability for injury to life, body, or health due to a defect caused by the seller?s gross negligence.

F. Contract Language

The contract language is English.

G. Governing Law, Jurisdiction, Dispute Resolution

1. All purchase contracts are subject to the laws of the Federal Republic of Germany, excluding the United Nations Convention on Contracts for the International Sale of Goods (CISG).

2. If the buyer is a business entity, a public corporation, or a public-law special fund, the court of jurisdiction is determined by the seller?s business location.

3. For consumers, the statutory regulations apply.

H. Severability Clause

If any provision of these terms becomes invalid due to legal changes or regulations, the remaining provisions shall remain fully in effect.

John Major Hand Signed '32, The Royal Squadron' First Day Cover FDC. Postmarked 8th April 2005,

145

First Day Covers and Collectables

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