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Please note the following information regarding the sale of Stamps and Covers for China Guardian's 2012 Spring Auctions:

1: Any illustrations or statements in the catalogue are only for reference of prospective buyers and are not to be relied upon in terms of color, quality, or imperfections. Prospective buyers shall examine carefully each object before bidding. The purchase of a Lot shall be at the buyer's own risk.

2: According to the laws and regulations of the People's Republic of China, the lots marked with * in the catalogue cannot be exported.

In the payment of any purchase made by the Buyer during the China Guardian 2012 Spring Auctions (for Stamps, Coins and Bronze Mirror lots) before and up to and including the 5th of June 2012, the commission of the Buyer will be charged 13.5% of the Hammer Price, and from the 6th of June and up to and including the 20th of June, the commission of the Buyer will be charged 14% of the Hammer Price. This preferential policy will terminate on the 21th June. Any deduction between the Buyer's payment and the Seller's payment shall not apply to this preferential policy. The Buyer may not collect the Lot without full payment.

3:  Lot 3503、Lot 3504、Lot 3505、Lot 3510、Lot 3511、Lot 3512: repaired.

4:  Lot 3652 should be “1st Peking Print Junks 10-yuan(1)”, the estimate should read: RMB 2,000-5,000.

5: Lot 4053 has been withdrawn.

2012/5/21