Osian's Auction Catalogue The Greatest Indian Show On Earth | September 2014

334 The Terms and Conditions set out below are the terms and conditions applicable to the Auction and are binding on the Purchasers, intending Purchasers, Sellers and Osian’s- Connoisseurs of Art Private Limited (“Osian’s”). These Terms and Conditions and all other contents in the Auction Publication are subject to amendment by Osian’s from time to time by the posting of notices or by oral announcements made during the Auction. By participating in the Auction, in person or otherwise, intending Purchasers, Purchasers and Sellers agree to be bound by these Terms and Conditions. 1. Definitions “Antiquity”; Antiquity shall have the same meaning as defined in India under The Antiquities & Art Treasures Act, 1972. “Auction”: Auction shall mean the private Auction of Lots held by Osian’s wherein each Lot is sold to a Purchaser at the Purchase Price along with any taxes as applicable. “Auction Publication”: Auction Publication shall mean this publication and shall include any advertisement, brochure, textual, pictorial and educational information, estimates or price list published byOsian’s in respect of the Auction. “Lot”: Lot shall mean any item(s), being one or more, paintings, drawings, sculptures, photographs, etchings, engravings, lithographs, oleographs, crafts, film publicity material, lobby cards, posters, books, songs, LP records or any other works of art being offered for sale at the Auction and, in particular, the item(s) described against any lot number in the Auction Publication on “as is where is basis”. “Auctioneer”: Auctioneer shall mean any person(s) who is/are nominated by Osian’s to be the Auctioneer(s) at the Auction. “Hammer Price”: Hammer Price shall mean the amount of the highest Bid accepted by the Auctioneer in relation to a Lot excluding the Buyer’s Premium and any taxes as applicable. “Purchase Price”: Purchase Price shall mean the Hammer Price in respect of a Lot sold at the Auction together with the Sales Tax/VAT payable if any, plus Buyer’s Premium (Commission earned by Osian’s) including Service Tax if any and Freight, Packing, Insurance, Warehousing and such other charges, expenses and payments due from the Purchaser of such Lot. “Seller”: Seller shall mean any person, being an individual artist, collector, organization or art gallery, including Osian’s, owning a Lot and depositing such Lot with Osian’s for Sale at the Auction. If Osian’s has an ownership stake in any lot it will be clearly indicated in the Provenance description and will carry the symbols ** against the ‘Provenance’ term. “Bid”: Bid shall mean an offer made to Osian’s by an intending Purchaser to purchase a Lot, either in person at the Auction, or by a Written Bid Form received by Osian’s on or before 3.00 p.m. Indian Standard Time (IST) on the day of the Auction, on the telephone during the Auction or through an authorized representative at the Auction. “Purchaser”: Purchaser shall mean the person, with the highest bid accepted by the Auctioneer for a Lot, who agrees to purchase such Lot at the Purchase Price and immediately pays to Osian’s, at least 20% of the Purchase Price as advance payment for the Lot to be purchased. Terms and Conditions 2. Role of Osian’s Sale of Lots at the Auction are undertaken by Osian’s as an agent for the Seller except when it wholly or partially owns any lot as principal or has made a financial commitment in respect of, and puts it up for sale as a Seller. (Please refer to ‘Seller’ clause for further clarity). 3. The Sale Sale of Lots shall be by auction at the Hammer Price. MVAT/DVAT and other taxes, levies and duties shall be charged separately, if applicable. The taxes shall be collected and paid by Osian’s on behalf of the Seller. In the event of Lots to be exported outside India by Osian’s, no VAT will be charged to such Purchaser and Service Tax will also not applicable on the Buyer’s Premium commission. However, other services such as Freight, Shipping and Insurance will be payable by such purchaser. In the event of the Lots being sold within the state of Maharashtra/Delhi, VAT will be charged which is currently @ 12.5% on paintings and sculptures and nil on books. Purchasers from outside the state of Maharashtra/Delhi will be charged Central Sales Tax @ 2% against Form ‘C’, as per current rules. In the event of the Purchaser not being able to provide Form ‘C’, Central Sales Tax will be charged @ 12.5% except for sale of books which will be at nil rate. Form ‘C’ shall be issued by the Purchaser where applicable alongwith the payment for the lots purchased. The delivery of the Lots purchased will not be made till Form ‘C’ is received by Osian’s. However courier and octroi charges, if applicable, will be charged extra. (The rates given above are tabulated below for ready reference). 4. The Purchaser The person making the highest Bid accepted by the Auctioneer for a Lot and immediately paying to Osian’s, at least 20% of the Purchase Price as advance payment for the Lot proposed to be purchased, will be the Purchaser of such Lot at the Purchase Price. Every intending Purchaser shall be deemed to act as principal unless there is in force a written acknowledgement by Osian’s that such intending Purchaser is an authorised representative acting as an agent on behalf of a named principal. Subject to the Auctioneer’s discretion, the striking of his hammer marks the acceptance of the highest Bid as the Hammer Price. Once the bid is accepted, no rejection claim will be entertained and accepted for any reason whatsoever. Any dispute during the Auction will be settled at the Auctioneer’s absolute discretion. The conclusion of the contract for sale between the Seller, Purchaser and Osian’s will be on receipt of full payment and dispatch of Lot(s) by Osian’s. SNo. Category VAT% CST% CST% against Form ‘C’ 1 Painting 12.5 12.5 2 2 Sculpture 12.5 12.5 2 3 Prints & Graphics 5.0 5.0 2 4 Film Memorabilia 12.5 12.5 2 5 Books Nil Nil Nil 6 Sporting Memorabilia 12.5 12.5 2