1. AUCTIONEER: Prestige Philately Pty Ltd ("Prestige"), a company incorporated in the State of Victoria, is the auctioneer, and adheres to the standard terms of sale of the Australasian Philatelic Traders Association. Gary Watson, a Director of Prestige ,holds current Auctioneer’s Licence No. 030438L granted under the Auction Sales Act 1958. The expression "Prestige" shall include the directors and employees of Prestige or any one or more of them.

2. ACCEPTABLE MATERIAL: Prestige accepts the following classes of material for sale at public auction:
   a) philatelic, including stamps, envelopes, postal stationery, proofs,
   revenues, etc;
   b) literature, both philatelic and non-philatelic;
   c) other paper collectibles, including banknotes, postcards, cigarette cards, trade cards,
   greeting cards, Valentines, autographs, posters, maps, share certificates,
   matchbox labels, tram and train tickets, etc;
   d) ephemera, including postal implements, sporting memorabilia, etc;
   e) other categories as appropriate, by agreement.

Each submission of material for auction shall be treated as a separate consignment and assigned a separate vendor receipt number. However, lots from more than one consignment will be shown on a single Vendor Advice: see paragraphs 10 and 18.

3. REJECTION OF CONSIGNMENT: Prestige shall not be obliged to accept any particular consignment or part thereof. In particular, Prestige shall have a discretion to reject a consignment as being unsuitable for inclusion in an auction, or of insufficient value. If Prestige rejects a consignment that has not been solicited by Prestige , Prestige shall notify the sender in writing that the consignment has been rejected and advise the cost of returning the consignment. Prestige shall not be obliged to return the consignment until such cost has been paid.

4. SUPPLEMENTARY LOTS: Prestige shall have the right to place material that is bulky or considered to be of little value as "supplementary" or late lots in the next available auction. No Vendor Advice will be issued for such lots.

5. VENDOR: The person consigning material for sale ("the vendor"), warrants that he or she has good title in law or is otherwise entitled to offer the consignment for sale. If the consignment is submitted by an agent of the vendor, the agent similarly warrants that the vendor has good title or is otherwise entitled to offer the consignment for sale. (A person who submits a consignment as agent for the vendor but who does not disclose such agency to Prestige shall be deemed to be the vendor.) In the event that it is proven that the vendor did not have good title or was otherwise not entitled to offer the consignment for sale the vendor, and/or the agent of the vendor, shall be liable for any loss suffered by Prestige including, but not limited to, profit, buyer’s commission, postage and packing charges, insurance costs, and expertising fees. Hereafter the expression "the vendor" shall include an agent of the vendor.

6. VENDOR RECEIPT: At the time of accepting the consignment, or soon thereafter, Prestige shall provide to the vendor a written receipt for the consignment. The receipt shall specify a) the vendor’s name, address and contact details; b) the auction for which the consignment is accepted; and c) a basic description of the consignment (or the statement "as per list" if appropriate). If the vendor is "carrying on an enterprise" as defined in the Goods & Services Tax ("GST") legislation, the vendor’s Australian Business Number ("ABN") shall be specified on the receipt. If the vendor is not carrying on such an enterprise he or she must sign a declaration at the foot of the receipt to the effect that he or she is a "hobbyist" as defined in the legislation, or is otherwise exempt from the provisions of the GST and withholding tax legislation. (If the receipt is mailed to the vendor, a copy of the receipt shall also be provided to the vendor for the purpose of the vendor inserting the ABN or signing the declaration. The vendor must return the completed copy of the receipt to Prestige.)

7. DUTY OF CARE: Prestige shall exercise all due care in the lotting, describing and valuing ("processing") of the consignment. However, Prestige shall not be held responsible for the failure to correctly identify or otherwise process the consignment.

8. DISCRETION: Subject to any contrary agreement in writing between Prestige and the vendor, Prestige shall have absolute discretion in the processing of the consignment. (At the time of submitting the consignment, the vendor is invited to provide evidence of purchase prices, relevant auction realisations or other information that may assist in or otherwise influence Prestige’s processing of the consignment.) Prestige shall also have absolute discretion in respect of selecting lots for illustrating in the catalogue.

9. ESTIMATES & RESERVES: Prestige shall produce a catalogue for the auction in which each lot shall be assigned an estimate of value. Subject to any contrary agreement in writing, each lot shall have a reserve price of 75% of the estimate. Lots considered by Prestige to be of minimal value or of no commercial value may be shown as "Offer" in lieu of a dollar estimate and may be sold for any price. Lots with an estimate of $20 or less will be offered unreserved. Every lot subject to GST shall be indicated in the catalogue by the symbol ‘T’ following the estimate.

10. MAJOR CONSIGNMENTS: In the case of a major consignment, Prestige may choose to market the consignment as "The [name of the vendor] Collection", subject to the approval of the vendor. If the vendor refuses to approve of his name being used, Prestige shall have the right to apply a pseudonym to the consignment for the purposes of marketing the consignment. If the total estimates for the lots comprising the consignment exceed $A400,000 Prestige may choose to conduct an auction devoted to that consignment. In such a case Prestige shall have the right to include in the auction material from other vendors where such material complements the consignment and is not in competition with the consignment.

11. ADVERTISING: Prestige may, but is not obliged to, advertise the consignment or any part thereof in an appropriate manner. However, Prestige shall not use the vendor’s name in association with any such advertising unless the vendor has agreed to his name being so used. Unless the vendor requests Prestige to undertake advertising over and above what Prestige would do in the normal course of business, there shall be no fee charged to the vendor for any such advertising. (Where the vendor requests unusual advertising, Prestige may charge the vendor for the actual cost or part thereof, including but not limited to, the costs of publishing an advertisement in colour instead of in black and white; of publishing an advertisement in a non-philatelic publication or in a publication in a non-English speaking country; for translation services and publishing of an advertisement in a language other than English; of publishing an advertisement in other than the print media; or other non-standard advertising.)

12. PRE-SALE VENDOR ADVICE: Prior to the auction Prestige shall provide to the vendor a copy of the catalogue for the auction and a Vendor Advice. The Vendor Advice shall specify the receipt number for the consignment, each lot number that relates to the consignment, and the estimate for each lot. The vendor shall be responsible for checking the accuracy of the Vendor Advice. If the vendor believes that Prestige has made a serious error in respect of the processing of the consignment the vendor shall immediately make his or her concern known to Prestige. If Prestige agrees that an error has been made, Prestige shall a) withdraw the lot without penalty to the vendor; or b) accept a reserve higher than 75% of the estimate, which reserve shall be made known to prospective bidders, without penalty to the vendor; or c) take such other action as may be agreed. Prestige shall not be responsible to the vendor for any error or omission that is not made known to Prestige prior to the auction.

13. COMMISSION: Prestige shall charge to the vendor a commission of 15% (plus, if the vendor is resident in Australia, 10% GST on that commission) of the hammer or knockdown price for each lot that forms part of the consignment. No commission shall be payable by the vendor in respect of any lot that is not sold. Prestige shall not impose any other commissions, fees or charges upon the vendor in respect of the auction. Specifically, Prestige shall not charge the vendor any form of lotting fee, unsold lots fee, insurance levy, advertising fees, or fee for illustrations.

14. VENDOR RESERVES: Notwithstanding the content of paragraph 8, the vendor shall be entitled to insist in writing on reserving a lot at a higher level than 75% of the estimate. However, unless Prestige agrees with such reserve, in the event that the lot is not sold, Prestige may impose upon the vendor a commission of 15% of 75% of the estimate, as if the lot had been sold at that level.

15. WITHDRAWAL OF LOTS: The vendor may withdraw the consignment or part thereof at any time prior to the day on which the illustrations for the catalogue for the auction are prepared or, in the case of non-illustrated lots, prior to the day on which the artwork for the catalogue is submitted to the printers. If, at the time of withdrawal, and in the absence of any other agreement, the consignment has not been lotted there shall be no fee or penalty imposed upon the vendor. If the consignment has been lotted, or substantially lotted, Prestige may impose a penalty upon the vendor of 30% of the total estimates of that part of the consignment that has been lotted. Prestige shall not be obliged to release any part of the consignment to the vendor until payment of such penalty has been made to Prestige. Once the illustrations have been prepared or, in the case of non-illustrated lots, the artwork for the catalogue has been submitted to the printers, the vendor shall not be permitted to withdraw the consignment or any part thereof.

16. LATE SALES: After the auction, Prestige reserves the right to sell lots that were not sold at the auction. Prestige shall endeavour to sell such lots for at least 70% of the estimates but reserves the discretion to sell such lots for such lower prices as are considered reasonable. Prestige shall not sell any lot for less than 60% of the auction estimate without first obtaining the consent of the vendor to such sale. Prestige shall charge to the vendor a commission of 15% of the actual sale price of such lots.

17. EXTENSIONS: The Vendor is encouraged to obtain a Certificate of Authenticity for every valuable item about which there may be reasonable doubt as to its identification or genuineness. If a lot is offered without a recent Certificate, a buyer may, in accordance with Prestige’s "Terms of Sale", request an "extension" to submit a lot to a recognised expert or expert committee for a Certificate of Authenticity. Prestige shall not be liable to pay the vendor for any lot for which an extension has properly been granted by Prestige until such time as the opinion sought has been obtained. In the event that the lot is returned with a "bad" Certificate the sale to the buyer shall be voided and the lot treated as if it were unsold at the auction, and the costs of obtaining that Certificate shall be borne by the vendor. Unless otherwise agreed with the buyer, nomination of the appropriate expert or expert committee shall be made by Prestige, and Prestige shall submit the lot for the Certificate. Once Prestige is advised that an acceptable Certificate has been issued, Prestige shall be liable to make payment to the Vendor. Should Premier agree to the buyer’s nomination of an expert or expert committee, the extension shall be for a maximum of 90 days (or 180 days in the case of the BPA) from the date of the auction. If such a Certificate has not been obtained within 90 days (or 180 days in the case of the BPA) from the date of the auction then, subject to any contrary agreement by the vendor to further extend the time to obtain the Certificate, the extension shall lapse and Prestige shall make payment to the vendor.

18. RETURNED LOTS: In accordance with the Terms of Sale a buyer may, within a reasonable time after the date of the auction, return a lot, or advise Prestige of his intention to return a lot, because of an error in the description. If Prestige accepts that the return of the lot is reasonable, the lot shall be deemed to have been unsold at the auction and, in respect of that lot, no commission shall be charged to the vendor and no payment shall be made by Prestige..

19. PAYMENT: Payment of the net proceeds due to the vendor shall be made by Prestige to the vendor not earlier than 35 days and not later than 42 days after the date of the auction. Unless otherwise agreed, payment shall be made by posting a business cheque for the net proceeds to the address provided by the vendor. Subject to any contrary agreement in writing, payment to overseas vendors shall be made by way of international bank draft in the currency of the vendor’s country of residence or, at Prestige's discretion, in such other currency as Prestige deems appropriate.

20. FINAL VENDOR ADVICE: Prestige may, but is not obliged to, supply the vendor with an interim vendor advice at any time after the auction. At the time of making payment, Prestige shall provide to the vendor an itemised Vendor Advice detailing the receipt number for each lot, the estimate for each lot, the hammer price realised for each lot, the total gross sales, the commission charged, the amount of any GST collected on behalf of the vendor, and the net amount payable to the vendor. At the same time, Prestige shall also provide to the vendor a Tax Invoice detailing the commission charged on each lot and the GST referable to each lot.

21. RE-OFFERED LOTS: At any time from two weeks after the date of the auction the vendor may request that any or all unsold lots be returned at the vendor’s expense, and Prestige shall be obliged to return such lots, provided the vendor does not owe money to Prestige. In the absence of any such request, a lot that is unsold at the auction or not subsequently sold shall be retained by Prestige and re-offered at a later auction. Prestige reserves the discretion to reduce the estimate of the re-offered lot by approximately 25% and to reduce the reserve to 75% of the reduced estimate. Prestige shall have the discretion to re-offer a lot until it is sold, or to elect at any time not to re-offer a lot. If Prestige elects not to re-offer a lot, that lot shall be returned to the vendor at Prestige’s expense.

22. DEEMED ACCEPTANCE: Submission of a consignment constitutes acknowledgment and acceptance of these Vendor Terms.

23. GOVERNING LAW: These Vendor Terms shall be governed by and interpreted in accordance with the laws of the State of Victoria.

Revised and current as at 1st October 2004