David Feldman Persia Including the Khosrow “Joe” Youssefi Collection (Part I) Tuesday, December 10, 2019

or ownership of the purchased lots, delivered or not, remains with the auctioneer on behalf of the seller until payment has been made in full. 3.6 Special extended payment facility: DAVID FELDMAN S.A. may offer a special extended payment facility for buyers. In these cases, the buyer may choose to pay a minimum of 25% of the total invoice immediately, and the balance over a maximum period of 6 months, paying an equal instalment at the end of each month. Interest plus charges of 1% is debited to the buyer's account at the end of each month from the auc- tion date. When the special extended payment facility has been granted, the buyer understands that any claims regarding his purchases must be made within 30 days of the auction sale date, even though the lots may be held by DAVID FELDMAN S.A. awaiting full settlement of the account. Until delivery, all lots may be examined by their respective buyers at the offices of DAVID FELDMAN S.A. 3.7 Pledge: until full settlement of the account, the buyer grants to DAVID FELDMAN S.A. a pledge on any and all properties held by DAVID FELD- MAN S.A., acquired prior to, during and/or after any auction. This pledge secures the repayment of any amount due in principals, interests, com- missions, costs and other possible fees. DAVID FELDMAN S.A. is enti- tled, but not obliged, to realise freely the pledge assets without further formalities and without previous notice if the buyer is in default with the payment of his debts or with the fulfilment of any other obligation hereun- der. For this purpose, DAVID FELDMAN S.A. is not bound to comply with the formalities of the Federal Law dealing with actions for debt and bank- ruptcy proceedings; in addition, DAVID FELDMAN S.A. may choose to institute or go on with the usual proceedings without having beforehand sold the pledged goods and without having moreover given them up. 4. Guarantee 4.1 Extent of the guarantee: subject to paragraph 4.3 below, the authen- ticity of all philatelic items sold in the auction is guaranteed for a period of 30 days from the auction date, with the express exclusion of any other fault(s). Any reclamation regarding authenticity must come to the notice of DAVID FELDMAN S.A. on the delivery of the lots but at the latest within 30 days from that date. Before delivery, which may take place after the 30 days period, the lots purchased may be examined at the Geneva offices of DAVID FELDMAN S.A. The buyer whose reclamation is made after 30 days from the auction date loses all rights to the guarantee. Such reclamation will not be valid by DAVID FELDMAN S.A.. If an exten- sion of the period is required in order to substantiate the claim with an expertise, a request for such extension must be made to DAVID FELD- MAN S.A. within 30 days of the auction date. No request for extension will be considered beyond this 30 days period. An extention will expire 3 months after the date of the auction; the results of the expertise for which an extension was agreed must come to the notice of DAVID FELD- MAN S.A. within that period. No further extension of the period will be considered without the express written agreement of DAVID FELDMAN S.A. Only claims, expertise results or other details which are made within the agreed periods will be valid. 4.2 Expertise and counter-expertise: should the authenticity of a lot be questioned, the buyer is obliged to provide an expertise or counter- expertise from a prominent expert in the field, justifying the claim. If a stamp is found by a recognised expert, taking financial responsibility for errors, to have been forged, he may mark it accordingly. Consequently, the marking "FALSCH" (forged) is not considered an alteration. In the case of such reclamation, DAVID FELDMAN S.A. reserves the right to request, at its own discretion, one or more further expertise(s). All exper- tise and relative charges accrue to the vendor's account in the case of a justified claim, or to the buyer's account if the claim is not justified. In the case of a justified claim, the lot is taken back and the knock-down price plus the commission are refunded to the buyer. In the case of delayed payment due to expertise agreed by David Feldman S.A., interest is charged at 50% of the standard rate for all cleared lots. If David Feldman S.A. has not agreed, then full interest is due. 4.3 Exclusions: lots described as collections, accumulations, selec- tions, groups and those containing duplicates cannot be the subject of any claim. Claims concerning lots described as a set or groups of sets containing more than one stamp, can only be considered under the terms of paragraph 4.1 above if they relate to more than one third of the total value of the lot. Lots which have been examined by the buyer or his agent, lots described as having defects or faults cannot be subjected to a claim regarding defects or faults. lllustrated lots cannot be subjected to a claim because of perforations, centering, margins or other factors shown in the illustrations. 4.4 Late Payment: if payment of the knock-down price plus commis- sion due by the buyer is not made within 30 days of the date of the auction, DAVID FELDMAN S.A. reserves the right to cancel the sale and dispose of the lot(s) elsewhere and/or to make a recourse to any legal proceedings in order to obtain payment of the amounts due as well as for any incurred damages and losses and any legal expenses. A charge on overdue payment of at least 5% for the first month and 2% per month afterwards plus expenses incurred is chargeable on any outstanding amount after 30 days of the date of the auction. The buyer who is in default in any way whatsoever has no right of claim under any circumstances. 4.5 Exceptionally, the knock-down price will be reduced to the lowest winning bid where it is shown that the exact same buyer has inadvert- ently increased the price by using more than one medium of bidding on the same lot. 5. Applicable law and jurisdiction Unless otherwise stated, all auctions as well as any rights and obliga- tions arising from them shall be governed exclusively by Swiss law. Any legal action or proceeding with respect to the auctions shall be submitted to the exclusive jurisdiction of the courts of Geneva, subject to appeal to the Swiss Federal Court in Lausanne. In every case, DAVID FELDMAN S.A. shall also be entitled, at its discretion, to sue any buyer in default at his place of residence; in such case, Swiss law shall remain applicable and in the case of issues regarding price value, the Euro is converted at its Swiss franc value at the time of the auction. 6. All Transactions: These Conditions of Sale apply to all transactions of every kind including those outside the auctions, with David Feldman SA. Note: If these Conditions of sale are translated into one or more other languages, the English translation shall be the official version and shall prevail over all other translations. (Private Auction-EN-EUR, rev.-Dan-04/2019) 135 50 t