Terms and conditions 46-ART B.V Page 1

TERMS AND CONDITIONS 46-ART B.V. Article 1 Identity of 46-ART B.V. 1. 46-ART B.V. is the user of these terms and conditions, based at Badhuisstraat 50B, 1789AK in Huisduinen (NL), registered with the Trade Register, under Chamber of Commerce number 63850176. Article 2 - Relevance 1. These terms and conditions apply to all activities associated with 46-ART B.V., every offer made by 46- ART B.V., and every agreement made with, or by, 46-ART B.V. 2. Amendments to a negotiated agreement or exceptions to the applicability of these terms and conditions, or deviations from the contents of these terms and conditions are only valid if agreed upon in writing between both parties. 3. The general or other (business) terms and conditions of the other party, and not of 46-ART B.V., are, excepting the provisions of the preceding paragraph, not applicable to the agreement and will be rejected in advance by 46-ART B.V. 4. Where these terms and conditions mention visitor, buyer, artist or contributor, these shall, unless the nature or scope of the provisions describe otherwise, refer to any legal person, legal representative and/or authorized employee thereof, or a natural person entering a 46-ART BV location or a person with a view or intention to enter into a contract, or entering into a contract, with 46-ART B.V. All these parties within the definition of these terms and conditions will be hereafter known as 'party', if and insofar as they have concluded, or intend to conclude, a contract with 46-ART B.V. Buyers who act on behalf of a company and/or act in terms of their profession are considered acting on behalf of third parties, and this must be clearly and precisely described, and these buyers should produce additional documents, prior to entering into a purchase agreement, upon request by 46-ART B.V., such as proof of trade and authorized signatory status. 46-ART B.V. may request valid identification from all buyers prior to entering into the purchase agreement. If the other party signs an agreement with 46-ART B.V. on behalf of another natural or legal person, they declare, upon entering into the agreement, notwithstanding the preceding two sentences, to be authorized to do so. The other party is, in addition to the (legal) person, jointly liable for the fulfilment of the obligations as described under the contract. 5. Upon destruction or invalidity of one or more of the provisions as described by these terms and conditions, the validity of the remaining clauses remains. In the case of destruction/invalidity, parties are required to make a cooperative alternative arrangement in respect to the affected clause. In addition, the purpose and intent of the original provision will be respected. Article 3 - Entering into a purchase agreement 1. A purchase agreement between the buyer and 46-ART B.V. is established if an offer from a buyer by 46- ART B.V. is explicitly and emphatically accepted, either orally or in writing. 2. The invoice given by 46-ART B.V. is the only accepted purchase agreement confirmation between the buyer and 46-ART B.V. 3. It is the responsibility of the buyer, prior to entering into a purchase agreement with 46-ART B.V. to be fully confident that the relevant art meets his/her expectations and requirements, and that he/she is sufficiently informed about the state, the nature and the description of the work. The buyer may therefore optionally request specialized expert advice to accompany the purchase. It is also the responsibility of the buyer, prior to entering into a purchase agreement with 46-ART B.V., to understand the full meaning of these terms and conditions, which are referred to in the price quotation of the work, and which are published and available on the 46-ART B.V. website: www.46-art.com, and which are provided in hard copy to the buyer on request. 4. By entering into a purchase agreement with 46-ART B.V. the buyer implicitly declares that he/she agrees to the enforcement of these terms and conditions upon that agreement. Terms and conditions 46-ART B.V. 2016 Page 1

Article 4 - The artwork 1. The buyer buys the artwork in the state in which it is presented at the time of sale. It is, as stated in article 3 paragraph 3, the responsibility of the buyer of the artwork, prior to entering into the purchase agreement, to check upon the state of the artwork. By entering into the purchase agreement, the buyer indicates that the condition of the artwork offered by 46-ART B.V. is known and accepted. 2. 46-ART B.V. describes the offered artwork to the best of its knowledge, understanding and experience at that particular moment. As stated in article 3 paragraph 3 it is the responsibility of the buyer, before entering into a purchase agreement with 46-ART B.V., to convince himself of the nature of the work and the accuracy of its description. If preferred, the buyer may request additional information from 46-ART B.V., or consult with a specialized expert to assess the work and the description thereof. By entering into the purchase agreement, the buyer implicitly indicates that the nature and description of the artwork as offered by 46-ART B.V. is known and accepted as valid at the time of the purchase agreement. Article 5 - Description and explanation 1. The description and explanation of the artwork offered by 46-ART B.V., which includes the assessment of the nature and state of the artwork, or research into authenticity or provenance, includes the caveat that all information offered to the buyer comes from the seller s best knowledge at that time, based on all the knowledge available and experience, which is, where relevant, also based on information obtained from and/or statements by an external expert. 2. Where 46-ART B.V. has an artwork up for sale which belongs to a third party (consignment sale), 46- ART B.V. shall partially have to rely on the definition and description of the artwork provided by that party. Wherever possible, 46-ART B.V. will research this information. When assessment of this information is not possible, the information in the description of the work will be referred to as "specified by the previous owner." When sold on consignment, this third party is not a contracting party of the buyer, and is not included in the purchase agreement between the buyer and 46-ART B.V., and 46-ART B.V. will not reveal the identity of the third party to the buyer. 3. Subject to the above in article 5, and in article 3 paragraph 3, article 4 paragraph 1, and article 4 paragraph 2 described conditions, the responsibility of 46-ART B.V. for the correctness of the description and explanation of an artwork is restricted to conscientiously, and to its knowledge, insight, experiences and possibilities at that time, informing the buyer in good faith about the artwork, and the buyer, prior to entering into a purchase agreement, is fully responsible for checking the supplied information according to these terms and conditions. 4. The final definition and explanation of the artwork by 46-ART B.V., as included in the purchase agreement, is only applicable to that agreement, excluding all previous descriptions, explanations and/or statements by 46-ART B.V., and is decisively accepted at the entering into that agreement by the buyer as valid. 5. Advanced insights, alternative or new research possibilities, or opinions of experts which were not consulted at the time of the purchase agreement or whatever cause for adjusting the description and/or explanation of the artwork after the purchase agreement has been concluded are not part of the purchase agreement and will have no effect upon the agreement, and are insufficient reason to revise or terminate the purchase agreement. Nor can any party in any way be held liable, or made to pay back or make additional payments. Article 6 - Validity 1. These terms and conditions are permanently applicable to the legal status of 46-ART B.V., even if the artwork should change hands after the purchase agreement between the buyer and 46-ART B.V. Terms and conditions 46-ART B.V. 2016 Page 2

2. If the buyer, according to the purchase agreement and/or these terms and conditions, has rights or powers towards 46 -ART BV, these will expire in all cases three months from the delivery of the artwork to the buyer or, if delivery of the work took place within three months of the entering into the purchase agreement, three months after the purchase agreement has been concluded. The provisions made earlier in this paragraph shall not affect the statutory rights of those consumers affected. 3. A subsequent owner of the artwork sold to the original buyer by 46-ART B.V. is not considered a party, and has no rights or powers towards 46-ART B.V. Article 7 - Certificate of authenticity 1. If, for example on entering into a purchase agreement, 46-ART B.V. provides a certificate of authenticity, the terms and conditions and its provisions are permanently applicable to that certificate. In particular, those reservations and restrictions as formulated in articles 5 paragraph 1, 5 paragraph 2, 5 paragraph 3, 5 paragraph 4, 5 paragraph 5, 6 paragraph 1, 6 paragraph 2, and 6 paragraph 3 of these terms and conditions applicable to the content and scope of this certificate. 2. 46-ART B.V. will only issue one certificate of authenticity as an original. 3. A certificate issued by 46-ART B.V. may not, by any party, be considered legally binding. 4. 46-ART B.V. points out in advance that it does not accept any liability arising from misinterpretation of a certificate of authenticity, subject to these terms and conditions. 5. Reference to or acts based upon a certificate of authenticity issued by 46-ART B.V. are, without the involvement or implementation of these terms and conditions, considered improper use of the certificate. 6. 46-ART B.V. points out in advance that it is not responsibile nor liable for the in any way unlawful use, modification, alteration, falsification or imitation by any party of a certificate of authenticity authorised by 46- ART B.V.. 7. 46-ART B.V. may not be held liable within any dispute or proceedings about, or associated with, the issue of a certificate of authenticity, and cannot be summoned as legal party. 46-ART B.V. will not in any way provide an additional statement or additional information related to a certificate of authenticity issuded by 46-ART B.V., either orally or in writing. Article 8 - Author s rights, right of personal portrayal and copyright 1. The copyright of the artwork belongs to the artist who produced the work. It is possible that 46-ART B.V. manages this copyright for the artist. For the buyer, all relevant laws and regulations regarding the copyright of the work apply. 2. The buyer may not, without prior permission of the artist and the agreement of the artist, make the work public, reproduce the artwork or make copies of the artwork. If desired, 46-ART B.V. may advise the buyer regarding this, and possibly mediate between the buyer and the artist. 3. All text and documentation of works of art supplied by 46-ART B.V., including the descriptions and illustrations thereof, or published on the website of 46-ART B.V., or given in books or brochures, or either individually sent in correspondence or in any manner whatsoever presented, are solely intended as information. Publication, reproduction or copying of this information without the prior written consent of 46- ART B.V. is prohibited. 4.The design and style of the information presented by 46-ART B.V., as well as its methods for presenting art, its business conduct, its corporate identity, and method of approach as regards to the art market, as well as its business name and logo, are its intellectual property and fall under the author s rights and copyright of 46 ART B.V. Presentations, processes and other matters that fall under its intellectual property, may not be reproduced, published or copied without prior written consent. Article 9 - Price, invoice, payment, ownership rights, delivery and risks Terms and conditions 46-ART B.V. 2016 Page 3

1. All prices mentioned by 46-ART B.V. are, unless stated otherwise, in Euros, and include VAT. 2. The buyer receives an invoice including name, date and invoice number of 46-ART B.V., as well as a description of the work, the agreed purchase price, any additional costs, the total amount due, and the bank account number of 46-ART B.V. 3. The buyer is required to pay the invoice in advance in such a manner that the total sum to be paid, accompanied by the payment specification number of the invoice, is credited to the designated bank account of 46-ART B.V. not later than 14 days after the invoice date. 46-ART B.V. will never require the buyer to make a prepayment of more than 50% of the purchase price, unless full payment has been expressly stipulated within the purchase agreement. This does not affect the obligation of the consumer to make the full prepayment if the buyer has opted for full payment in advance. Payment upon delivery of the work will not be considered a prepayment. 4. If the buyer fails to pay the invoice within the prescribed period, this is considered failure to comply with the legal requirements of the agreement, and 46-ART B.V. may exercise all rights and means to demand payment. All related costs will be calculated as additional costs to the buyer, and payment of these costs on top of the total amount as specified in the invoice will be demanded. 5. The buyer is required, upon failure of a correct payment, to fully indemnify 46-ART B.V. and to compensate all costs related to overdue payment including the compensation of any losses. This includes, among other things, packaging costs, transportation to a storage facility, storage, insurance, additional activities, legal assistance, debt collection, litigation, costs for media policy, profit loss and loss of interests. From the moment of buyer default, the buyer will be charged with a 2% interest per month, or per part thereof, on the entire outstanding sum and this will be calculated cumulatively over the total sum. 6. Upon failure of the buyer to make the payment within the prescribed period of time, 46-ART BV, in the case of consignment sales (see article 5 paragraph 2), will charge all costs, calculated upon the delayed payment of the transferring party to 46-ART BV, plus all additional costs and interests, to the buyer. 7. Should the artwork be immediately available, the buyer will collect the artwork within five working days of receipt of payment in accordance with article 9 paragraph 3, by appointment, at the 46-ART B.V. location in the Netherlands which is designated for this purpose, unless otherwise agreed. 8. In an ongoing or already planned exhibition where the artwork is on display, delivery will take place within one month of the end of the exhibition. Billing and payment will immediately follow the purchase agreement with exception to the provisions of article 9 paragraph 3. The buyer will be informed of this condition prior to entering into the purchase agreement. Collection will be made in consultation with the buyer, in accordance with article 9 paragraph 7. 9. Upon failure to retrieve the artwork according to article 9 paragraph 7, 46-ART B.V. will charge the buyer of the artwork with the costs related to the packaging of the artwork, its transportation, storage and insurance. Under these circumstances, an interest of 2% per month or part thereof will be calculated on bills paid by 46-ART B.V. on behalf of the buyer, up until the full payment has been made to 46-ART B.V. by the buyer. For a default period of more than four weeks, further efforts and additional costs apply as are stated in article 9 paragraph 4 and article 9 paragraph 5. The artwork will be made available to the buyer, only when the buyer has paid all extra costs and interests to 46-ART B.V. 10. Ownership of an artwork does not pass to the buyer until the invoice has been paid in full, in the understanding that all costs and interests related to a delayed payment as described in article 9 paragraph 4, article 9 paragraph 5 and article 9 paragraph 6 have been fully paid. Upon failure to collect the artwork within the period specified in article 9 paragraph 7, 46-ART B.V. will retain ownership of the artwork until the buyer, as described in article 9 paragraph 9, has paid any further additional costs calculated by 46-ART B.V. For artworks on consignment, article 13 paragraph 1 also applies. 11. Regardless of any pledge or sale of the artwork by the buyer, or its seizure by another party, 46-ART B.V. recognises, in the context of the completion of the sale and delivery of a work of art, no party other than the original natural or legal person with whom the purchase agreement has been entered. An artwork Terms and conditions 46-ART B.V. 2016 Page 4

for which 46-ART B.V. has not yet received full payment together with the payment of any additional costs is, as stated in article 9 paragraph 10, not yet the property of the buyer. This work therefore still belongs within the inventory of 46-ART B.V. and falls outside any claim or confiscation by any party on the buyer. 46-ART B.V. is not party to any ownership disputes as regards to the artwork between a third party and the buyer with whom the purchase agreement was concluded, regardless of any payments that have already taken place and/or claims made by the third party to the buyer or the artwork. 12. A work of art for which 46-ART B.V. has received the payment in full, and which will be collected by the buyer within the period of five working days, falls outside any claims and inventory seizures that may affect 46-ART B.V., and should be considered as the full property of the buyer in such a situation, whether the artwork is actually located in the inventory of 46-ART B.V. in this period of time, or not. 13 An artwork sold on consignment, or on behalf of an artist, remains the inalienable property of the contributor until after sale the invoice and possibly additional costs have been paid to 46-ART B.V. by the buyer, and the ownership rights have been transferred to the buyer. 46-ART B.V. is never the owner of an artwork sold on consignment, and this artwork is outside any claim and inventory seizures that may affect 46-ART B.V., whether the artwork is actually located in the inventory of 46-ART B.V. or not. 14 If a contributor or an artist continuously omits to fulfil the obligations arising from a contract with 46-ART B.V., as a result of which retrieval of the artwork by the contributor or artist after the final date stipulated in the contract or the date on which either party has terminated the agreement has been delayed for more than 36 months and whereby 46-ART B.V. is required to continuously manage this artwork, 46-ART B.V. will become the owner of the artwork after these aforementioned 36 months, notwithstanding the claim 46- ART B.V. has on the contributor or artist for payment of all costs related to the artwork made by 46-ART B.V. during this period and all other costs related to recovery of payments to 46-ART B.V. in full. 15. The continued failure of a buyer to fulfil those obligations arising from the purchase agreement with 46- ART BV, whereby delivery of the artwork has not been made within 36 months after the date of the purchase agreement, and whereby 46-ART B.V. is required to continuously manage this artwork, and regardless of any payments made by the buyer, and irrespective of any pending proceedings, 46-ART B.V. will become owner of the artwork, and 46-ART B.V. will not be required to refund any monies received to the buyer. However, those claims served by 46-ART B.V. to the buyer for compensation and payment of all costs, interest, profit losses and all other costs included within these terms and conditions at this period of time will be completely applicable. 16. At the time of the purchase agreement, 46-ART BV may discuss additional agreements with the buyer about taking care of any additional services, such as packaging, transportation, storage, framing, insurance, organizing export and import of the artwork by a third party or otherwise, at the expense of and at the risk of the buyer. These additional costs will be supplied in the form of a provisional sum, which will be settled at a later date, and listed as additional charges on the invoice, to be paid in advance. In this case, delivery will be made, without the addition of further agreements or confirmation thereof, upon the total payment of the invoice sum to the bank account stipulated by 46-ART B.V. Should the buyer fail to comply with arrangements in connection with these additional services, and fail to take over the management of the artwork and/or fail to pay outstanding and/or additional invoices or negotiates additional and conclusive agreements with 46-ART B.V. which take longer than 36 months, the property rights of the buyer will expire and the artwork will be the property of 46-ART B.V. During that period, the buyer will owe 46-ART B.V. compensation, consisting of a cumulative interest of 2% per month or part thereof, upon the total amount of the original invoice plus the amount of the outstanding and/or additional costs, along with all at that time outstanding invoices, and may continue to demand compensation until the total amount has been paid by the buyer to 46-ART B.V., whereupon the artwork may be collected. Even when the artwork is no longer owned by 46-ART B.V., all outstanding claims made by 46-ART B.V. against the buyer will apply. 17. The responsibility for risk of loss and damage to the artwork at the time of entering into the purchase agreement falls to the buyer, in the understanding that in the case of a consumer sale, the responsibility for Terms and conditions 46-ART B.V. 2016 Page 5

risk of loss and damage of the artwork only falls to the consumer once the artwork has been taken by, or received on behalf of, the consumer. Until the time of delivery, 46-ART B.V. will look after the artwork as a good caretaker, for and on behalf of the buyer. Additionally, 46-ART B.V. is, in advance, fully exempted by the buyer from any liability in the performance of these tasks, as well as any liability for theft, loss, destruction and /or damage to the artwork, subject to the consumer sale as referred to above, as well as what is stated in article 10 paragraph 1. Article 10 - Liability 1. 46-ART B.V. s liability is solely limited to situations where there is evidence of deliberate deception, demonstrable wilful malicious intent and/or demonstrable culpable negligence within 46-ART B.V. business operations. 2. 46-ART B.V. is not liable for any damage whatsoever caused by a third party, whether that party was or is employed by 46-ART B.V. or not. 3. In assessing the validity and the handling of any claim or liability claim against 46-ART B.V., also via the court, the full text of these terms and conditions have priority and are quantitative, excluding all other terms and conditions or considerations. 4. In the context of a purchase agreement or consignment contract, the liability of 46-ART B.V. shall in no circumstance exceed the purchase price agreed in the contract for the artwork, or the agreed minimum compensation value of the artwork. 5. For a liability or claim against 46-ART B.V., whether related to an artwork or not, the payment of damages, without prejudice to the provisions in article 10 paragraph 4, may at most equal the basic sum covered by the liability insurance of 46-ART B.V., and this sum, without the accumulation of any additional fees, interest payments, or other additional costs, is to be paid by 46-ART B.V., only after the payment has been made by the insurer to 46-ART B.V. Article 11 - Complaints All complaints following a 46-ART B.V. invoice must be in writing, and demonstrable of having been offered or delivered to 46-ART B.V. at the postal address as indicated on the invoice within eight days of the invoice date, via recorded delivery. Article 12 Dissolution If the buyer neglects to comply with the obligations of the purchase agreement as stated in these terms and conditions, especially in, but not limited to, the case of bankruptcy or (provisional) suspension of the buyer s payment, the buyer is considered, without notice, to be in default and 46-ART B.V. is entitled to suspend or terminate, in whole or in part, the purchase agreement without judicial intervention. In this case, the rights and entitlements of 46-ART B.V. for reimbursement of among others costs that already have been made, efforts that have been taken, and loss of profits and interest, as stated in article 9, remain unaffected. The buyer may not exercise any rights in such circumstances regarding the artwork, or request any form of compensation from 46-ART B.V. Article 13 - Other agreements, customised 1. When selling on consignment 46-ART B.V. will make an agreement with the contributor. In this arrangement, the terms and conditions of 46-ART B.V. have priority and are binding. When selling on consignment, a contributor can negotiate in the consignment sales agreement that, prior to the conclusion of the purchase agreement, consultations may be made, with the right to voice reservations. This may result in a delay in the reaction of 46-ART B.V. to the buyer, about an offer made, or the rejection thereof. The contributor may also stipulate that he should be credited funds to his account before the ownership of the artwork is transferred to the buyer. In this case, the delivery period, as stated in article 9 paragraph 7, should be amended. Terms and conditions 46-ART B.V. 2016 Page 6

2. When representing an artist, ART-46 B.V., will make an agreement with the artist. In this arrangement, the terms and conditions of 46-ART B.V. have priority and are binding. When 46-ART B.V. represents an artist, the buyer and the artist may not mutually buy/sell, or may not come to any mutual agreement regarding an artwork which is represented by 46-ART B.V. In the case this occurs, the ownership of the artwork will be transferred to 46-ART B.V. Such an artwork can be claimed by 46-ART B.V. at all times from both the artist as well as the buyer, without any further proceedings. Furthermore, a penalty clause will be included in the agreement between the artist and 46-ART B.V., which will be applicable in the situation described, to the detriment of the artist. 3. When 46-ART B.V. buys an artwork, it will make an oral or written agreement with the vendor. In this agreement, the terms and conditions of 46-ART B.V. have priority and are binding. 4. Other agreements entered into with or by 46-ART B.V. may be oral or written. For these agreements, the terms and conditions of 46-ART B.V. have priority and are binding. 5. Any risks attached to an artwork that is part of the inventory managed by 46-ART B.V. as result of an agreement as referred to in this article but is not the property of 46-ART B.V., rests with the legal owner of the artwork. In the agreement a period of time for being part of the inventory will be stated, or a period may be agreed afterwards. Until the moment of return/collection/delivery, 46-ART B.V. will take good care of the artwork on behalf of the owner of the artwork. The owner will, in advance, exempt 46-ART B.V. fully from any liability when performing this task, as well as exempt from liability in cases of theft, loss, destruction and/or damage to the artwork. Should the owner find him/herself in default after the expiry of the prescribed or agreed time period, or after termination of the agreement by one of the parties, and not immediately collect the artwork from the location in the Netherlands previously specified by 46-ART B.V., then 46-ART B.V. will, from that moment, for and on behalf of the buyer, take good care of the artwork and provide the insurance thereof, whereby risk liability lies with the owner, and under the same conditions and indemnification as stated above. In such a situation, the artwork may only be collected if the owner has repaid to 46-ART B.V. in full all calculated costs, interest and compensation for damage made by 46-ART B.V. and claimed from the buyer. 6. For legal persons or employees thereof, as well as individuals who, whether under a contract with 46- ART B.V., commissioned by, or at the request of 46-ART B.V., or upon their own initiative, either professionally or as a volunteer, who are performing an activity on a 46-ART B.V. site (even when 46-ART B.V. themselves are only participating in activities upon this site), the terms and conditions of 46-ART B.V. have priority and are binding. 46-ART B.V. will exclusively and without exception refuse all responsibility and liability for the actions or the consequences of actions of other parties, legal persons or employees thereof, or individuals, at a 46-ART B.V. location, or a location whereupon 46-ART B.V. participates in any activity, or at a location in which 46-ART B.V. is otherwise involved, whether this party or these parties are acting on behalf of 46-ART B.V. or not. Article 14 - Distance contracts, customised The methods of 46-ART B.V., as formulated within these terms and conditions, require direct contact between the buyer and 46-ART B.V., and require that the buyer views and inspects the artwork at a designated location deemed suitable by 46-ART B.V., whereby a purchase agreement is concluded afterwords, either oral or written, either at that time, or later. Distance contracts, or contracts agreed outside a 46-ART B.V. designated location, are not in keeping with 46-ART B.V. methods, and may solely take place at the explicit request of the buyer. Should this situation occur, 46-ART B.V. and the buyer will make an appropriate written agreement for the procedure beforehand. In this agreement, the terms and conditions of 46-ART B.V. have priority and are binding. Article 15 - Locations, visits and participation 1. In addition to its headquarters, 46-ART B.V. has multiple locations where, occasionally in collaboration with other companies, artworks are presented for viewing and inspection by buyers. When the buyer views Terms and conditions 46-ART B.V. 2016 Page 7

and inspects an artwork at such a location, and subsequently signs a purchase agreement, both buyer and 46-ART B.V. agree that this purchase agreement has the same legal validity and equivalence as if the viewing and inspection of the artwork and the entering into the purchase agreement took place at the headquarters. 2. Visiting 46-ART B.V. locations is always by appointment, unless indicated otherwise. Should a buyer ask to visit a 46-ART B.V. location at the time of the request, and this is possible, the visit will be seen as a formal appointment. 3. Visiting 46-ART B.V. to view artwork and/or participate in an event wholly or partly organised by 46-ART B.V. is wholly and at all times at the visitor s own risk and responsibility. 46-ART B.V. restricts its liability to the provisions of article 10 paragraph 1. If the visitor causes any damage or disruption to an artwork, the inventory or otherwise, the visitor is obliged to fully compensate 46-ART B.V., as well as pay all costs, and costs related to loss of profit and loss. 4 During a visit to a 46-ART B.V. location, the rules for decent behaviour apply to all visitors. A visitor may not touch, move or photograph any artworks and/or make image or sound recordings at this location (with or without the intent to reproduce them later, copy them or make them public in any way), unless explicit prior written or spoken consent has been given by 46-ART B.V. The visitor will adhere to the house rules which are on view and/or have been communicated. 5. The visitor agrees in advance that 46-ART B.V. may take photographs or make video recordings on location, with the aim to publish, or for security reasons. Photos and videos may be taken of the visitor without further permission, and may be reproduced and/or made public to the discretion of 46th-ART B.V. Photos and video recordings may, without further permission from the visitor, be introduced by 46-ART B.V. as evidence in any dispute or proceedings regarding possible damage, and will be submitted in that context as evidence in a declaration or in court. 6. If there is a cause, 46-ART B.V. may deny the visitor access to a 46-ART B.V. location, or any location where 46-ART B.V. participates in any activity. 46-ART B.V. is, at that moment or at any later time, not required to provide any explanation or justification for this refusal. If a visitor has been requested to leave a 46-ART B.V. location, but shows no intention of doing so, 46- ART B.V. is permitted to remove the visitor, or have the visitor removed by a third party, and/or contact the local authorities for assistance in the removal of the visitor. The visitor is fully liable for all the consequences of his behaviour and actions, even if this visitor disputes the motivation and/or does not answer to it. All expenses, loss of earnings, loss of profits and any further damage resulting directly or otherwise from the actions of the visitor are the liability of the visitor, and will be recovered from that person. When removing a visitor as referred to above, 46-ART B.V. will not be required to return any entrance fees or contributions, and 46-ART B.V. will not reimburse the visitor for any type of damage. 7. When visiting a 46-ART B.V. location, the visitor indicates his/her agreement to these terms and conditions. These conditions may be consulted via www.46-art.com, and are provided to the visitor upon request. Article 16 - Force majeure In all force majeure circumstances, whether predictable at the time of entering into an agreement or not, which lay beyond the control of 46-ART B.V., and which prevent 46-ART B.V. from fully or partially fulfilling a contract, the agreement will be suspended for the duration of these circumstances. Should the situation which creates a force majeure last for more than twelve months, both parties possess the right to terminate the agreement, without any right to compensation for damages, costs, interest or otherwise. Force majeure includes wars and similar situations, coups, terrorist attacks, sabotage, boycot, strikes, occupation, blockades, illness of a 46-ART B.V. chauffeur, failure of carriers or other companies necessary for the carrying out of the agreement, seizure or claims to an artwork by third parties, failure of communication such as telephone and internet, natural disasters, bad weather, lightning, floods, sand storms, fire, explosions and discharge of hazardous substances or gases. Terms and conditions 46-ART B.V. 2016 Page 8

Article 17 - Settlement Settlements paid by the buyer related to a claim made by 46-ART B.V. against the buyer, whereby a counterclaim by the buyer against 46-ART B.V. has been made, is only permitted should the buyer's counterclaim against 46-ART B.V. have been approved by 46-ART B.V. in no uncertain manner, and after the buyer has received a written confirmation from 46-ART B.V., or after the buyer's counterclaim against 46-ART B.V. has been dismissed in court, and the impossibility of further procedure has been established. Article 18 - Caveat 1. 46-ART B.V. holds a caveat whereby obvious mistakes made in communication, oral or written, such as found in explanations, notes, price lists, price quotes, invoices, certificates, information, letters, digital correspondence, website content, reports, contracts, brochures or books are not binding. 2. The price of an artwork, in whichever form this is communicated, is subject to amendment and not binding for a specified period, unless explicitly stated otherwise or agreed. Article 19 - Privacy 46-ART B.V. takes due care to properly and adequately protect all visitors and buyers personal data. Such data will not be given to third parties. In the unlikely case of invasion of administration and data-carrying equipment, including loss and theft, or any unintentional act by which personal data may be disclosed to third parties, or be accessed by third parties, 46-ART B.V. takes no responsibility, other than to reverse this process when this is reasonably possible, and recall data when this is reasonably possible, and inform those directly involved. In no event shall ART 46 B.V., in such a situation, be required to pay for any kind of damages or compensation, or any other form of payment. Article 20 - LDS46 Art Workshop LDS46 is a visitor location for 46-ART B.V., whereby these terms and conditions are completely applicable to all communications via LDS46, the website www.lds46.nl, as well as all activities, all events and all visitors. Article 21 - Relevant law, mediation and conciliation 1. For all contracts entered into with 46-ART B.V., Dutch law applies and has priority. 2. A judicial dispute will take place within an authorised Dutch court and the choice of court will made by 46-ART B.V., with the exception of mandatory legal requirements. 3. When a difference in interpretation occurs between a translated version of these terms and conditions and the original Dutch text, the Dutch text of these terms and conditions shall have priority and be decisive. 4. In a dispute that could possibly be resolved, a solution to the dispute will preferably nad with consent of both parties be sought by way of an independent mediation or conciliation. The parties involved are free to suggest such a method, for the reconciliation of a dispute. The outcome of mediation or conciliation is only binding if the parties sign a written solution to the dispute, and the requested actions are fulfilled by all parties. An agreement will be made in advance regarding payment of mediation or conciliation costs. In an unsuccessful mediation or conciliation process, the course, outcome and costs of this process can be included in legal proceedings. Article 22 - Amendments to these terms and conditions 46-ART B.V. reserves the right to amend the text and definitions of these terms and conditions at any time, and without notice. It is advisable to periodically check the text, or terms and conditions definitions, via the website www.46-art.com for possible amendments. The terms and conditions as written at the time of Terms and conditions 46-ART B.V. 2016 Page 9

entering into a purchase agreement are binding, and that agreement will not be subject to future amendments to the terms and conditions. Last changes: 7 June 2016 Copyright 2016 46-ART B.V. All rights reserved. Terms and conditions 46-ART B.V. 2016 Page 10