For your information, we have included the Terms and Conditions of Philasearch Live Floor Auctions as well as the terms and Conditions of the Dresdner Stamp Auction. Terms and conditions for live-floor auctions: =============================================
Preliminary remarks:
---------------------
The portal www.philasearch.com provides users with the ablility to make orders and place bids auctions with our trade partners through the internet. If you are interested in this option, you will have to complete a special registration first for each particular auction at PhilaSearch. The registration is subject to the following terms and conditions. You can terminate your licence agreement and the subsequent conditions of participation in writing within two weeks of accepting the agreement . Contact Philasearch.com GmbH, Lindenweg 1, 63877 Sailauf or send an e-mail to the following address service@philasearch.com. However, the right of termination is invalidated as soon as you have place a bid on an auction. Apart from that you can terminate the licence agreement at anytime by sending a written statement to the above referenced address. Comments, questions or complaints can also be sent to the above address.

Conditions of participation:
============================

I. General methods of use
--------------------------
1. PhilaSearch allows the registered internet user (named "User") to bid In the auctions of the PhilaSearch trade partners before and during the current auction through the internet. Insofar PhilaSearch acts merely as a carrier and not as a representative or agent for the user. In this respect it is clarified that in the case of a successful bid a contract is exclusively made between the user and the trade partner of PhilaSearch, based on the particular auction conditions of the PhilaSearchtrade partner. The respective auction conditions of the trade partner are shown during completing the special registration process and have to be accepted explicitly by the user in order to successfully complete the special registration.

2. Registered users of PhilaSearch can only use the PhilaSearch web page within the current standard of technology. Technical disorders or failure of the power supply, transmission networks, hardwareand software faults, bottlenecks in capacity, safety or service interruptions can affect the utilizationand access of the service. The quickness of the data transmission is dependant on the existing hardware and internet connection of the user. PhilaSearch assumes no liability for a bid arriving in time to the auctioneer.

3. The use of the PhilaSearch services is free for registered users


II. Registration, Personal data
-------------------------------
1. A user has to complete a form to be registered. The user has to provide all of the requested data/information completely and correctly. This includes first and last name, current address and telephone number, a valid e-mail addressand if applicable, company. If the requested changes after registration the user is required to submit the edits immediately to PhilaSearch.

2. The user must state the necessary registration data truthfully. PhilaSearch reserves the right to prohibit users, whose data is incorrect or obviously wrong, as well as users, which have submitted a registration by bypassing the form.

3.Philasearch will relay the personal data provided in the registration form to the particular trade partner who is performing the auction for which the user has registered. The PhilaSearch trade partner has the right to reject any registration submitted via PhilaSearch without a specification of reasons. In the case of rejection, PhilaSearch will delete the registration and inform the user via the e-mail address, provided during the registration.

4. The registration is followed by a confirmation process through PhilaSearch A confirmation code will be sent to the e-mail address of the user.

5 . A registration at PhilaSearch is only valid for one auction. If a user wants to participate in additional auctions, a new registration is needed. Once the registration is complete and initialised the usercan place bids.


III. Warranty and liability
---------------------------
1. As there is no contract between PhilaSearch and the user for bids onauctions of PhilaSearch trade partners, PhilaSearch again indicates explicitly that PhilaSearch assumes no liability for the accuracy and completeness of the data provided with the offered articles of PhilaSearch trade partners.


IV. Other
---------
1. The present business conditions including the licence agreement are subject to the laws of the Federal Republic of Germany and without possibility of recourse, the UN-consumer rights laws, as far as the user is an entrepreneur. If the user is a consumer, the business conditions including the licence agreement are subject to the laws of the Federal Republic of Germany, especially consumer protection regulations.

2. In the event that one of the above terms and conditions is effectless, due to a conflicting law or regulation, the remaining terms and conditions will remain valid.


General Conditions of Public Sale of the Dresdner Stamp Auction (Dresdner Briefmarkenauktion) =============================================================================================

1. The auction will take place voluntarily and publicily on behalf and on the account of third parties against immediate cash payment in EURO.

2. Lots are knocked down to the highest bidder after 3 calls. If the assignment of the lot is doubtful, the auctioneer is entitled to put up the lot at auction another time. The auctioneer is authorised of refuse the assignment, withdraw, regroup or split lots. Equal bids are determined by drawing lots.

3. The purchaser shall pay a 20% commission on the hammer price. The cost of postage, packing and insurance will be charged to the buyer. VAT on the total amount wll be charged separately and is payable by all buyers. Excluded: Dealer´s from Europe with VAT # or export outside EU by us.

4. Bidders are obliged to take over lots knocked down to them. The mailing risk passes to the purchaser as soon as the stamps have been handed over to the Carrier. Lots remain the property on the vendor until payment has been made in full (which includes clearance of any cheques etc.)

5. Persons bidding for third parties should make this known to the auctioneer before the auction. Otherwise the will be deemded to be the buyer

6. Invoices to room bidders are payable immediately, all other invoices are payable immediately after receipt, unless other payment facilities have been confirmed before the auction. If payment is delayed, interest will be charged at 1.5 % per month or part month. If the buyer fails to pay or does not take up the lots the auctioneer is entitled to sell the losts otherwise or to reoffer them in a forthcoming auction. In this case the auctioneer is entitled to demand damages in compensation for forgone cornmission anf for expenses occurred.

7. The auctioneer is authorised to pursue in his own name all rights and claims arising from the knocking down of the lots. Dresden shall be the only place of performance for all parties.

8. Auction lots are described carefully and to the best of the auctioneers knowledge. The descriptions, however, are not to be taken as statements of fact. The auctioneer is entitled to request the buyer to refer all complaints to the vendor.

9. Claims of any sort must be received by the auctioneer within 8 days after handing over or after delivery of the lots. No complaints will be considered if the stamps have been altered. Alternations include removal of hinges, hinge remainders or paper adheslons, immission in water, treating with chemicals and the addition or removal of marks of any sort. Stamps clearly proved as forgeries may be marked as such by experts.

10. No claims may be made on collections, accumulations and other larger lots. Quoted catalogue values for those lots are not guaranteed.

11. Claims of any sort against the vendor and against the auctioneer will cease after 6 months.

12. Written bids will be executed by the auctioneer with greatest care but without responsibility in accordance with bidding advances (see paragr.2). Bids such as "at best", "at any price", "buy" etc. must not be successful. In such case the auctioneer will only bid 10 times the start price.

13. The auctioneer reserves the right to exclude certain persons from the auction.

14. The above general conditions of public sale are accepted by any party participating in the auction.

15. All disputes between the buyer and the auctioneer shall be subject to the exclusive jurisdiction of the courts of Dresden. This translation of our "Versteigerungsbedingungen" is provided just for information. However, the German version has to be accepted as authoriative.