IMPRESSIONIST AND MODERN ART AUCTION (FEB 15-16, 2012)

Certain lots are marked with the symbol . These lots are located in outside India and therefore, may only be bid for and purchased in USD. Indian residents may bid on these lots by complying with appropriate processes for foreign exchange payments as outlined in this declaration. Please sign the declaration and fax it back to Saffronart at (91 22) 2432 1187 or contact Saffronart at (91 22) 2432 2898 for any assistance.

Saffronart has an ownership interest in lots marked with the symbol .

Certain lots are marked with the symbol . These lots are located in outside India and therefore, may only be bid for and purchased in USD. Indian residents may bid on these lots by complying with appropriate processes for foreign exchange payments as outlined in this declaration. Please sign the declaration and fax it back to Saffronart at (91 22) 2432 1187 or contact Saffronart at (91 22) 2432 2898 for any assistance.

Saffronart has an ownership interest in lots marked with the symbol .

Certain lots are marked with the symbol . These lots are located in outside India and therefore, may only be bid for and purchased in USD. Indian residents may bid on these lots by complying with appropriate processes for foreign exchange payments as outlined in this declaration. Please sign the declaration and fax it back to Saffronart at (91 22) 2432 1187 or contact Saffronart at (91 22) 2432 2898 for any assistance.

Saffronart has an ownership interest in lots marked with the symbol .

Certain lots are marked with the symbol . These lots are located in outside India and therefore, may only be bid for and purchased in USD. Indian residents may bid on these lots by complying with appropriate processes for foreign exchange payments as outlined in this declaration. Please sign the declaration and fax it back to Saffronart at (91 22) 2432 1187 or contact Saffronart at (91 22) 2432 2898 for any assistance.

Saffronart has an ownership interest in lots marked with the symbol .

Certain lots are marked with the symbol . These lots are located in outside India and therefore, may only be bid for and purchased in USD. Indian residents may bid on these lots by complying with appropriate processes for foreign exchange payments as outlined in this declaration. Please sign the declaration and fax it back to Saffronart at (91 22) 2432 1187 or contact Saffronart at (91 22) 2432 2898 for any assistance.

Saffronart has an ownership interest in lots marked with the symbol .

Certain lots are marked with the symbol . These lots are located in outside India and therefore, may only be bid for and purchased in USD. Indian residents may bid on these lots by complying with appropriate processes for foreign exchange payments as outlined in this declaration. Please sign the declaration and fax it back to Saffronart at (91 22) 2432 1187 or contact Saffronart at (91 22) 2432 2898 for any assistance.

Saffronart has an ownership interest in lots marked with the symbol .

Certain lots are marked with the symbol . These lots are located in outside India and therefore, may only be bid for and purchased in USD. Indian residents may bid on these lots by complying with appropriate processes for foreign exchange payments as outlined in this declaration. Please sign the declaration and fax it back to Saffronart at (91 22) 2432 1187 or contact Saffronart at (91 22) 2432 2898 for any assistance.

Saffronart has an ownership interest in lots marked with the symbol .

Certain lots are marked with the symbol . These lots are located in outside India and therefore, may only be bid for and purchased in USD. Indian residents may bid on these lots by complying with appropriate processes for foreign exchange payments as outlined in this declaration. Please sign the declaration and fax it back to Saffronart at (91 22) 2432 1187 or contact Saffronart at (91 22) 2432 2898 for any assistance.

Saffronart has an ownership interest in lots marked with the symbol .

Certain lots are marked with the symbol . These lots are located in outside India and therefore, may only be bid for and purchased in USD. Indian residents may bid on these lots by complying with appropriate processes for foreign exchange payments as outlined in this declaration. Please sign the declaration and fax it back to Saffronart at (91 22) 2432 1187 or contact Saffronart at (91 22) 2432 2898 for any assistance.

Saffronart has an ownership interest in lots marked with the symbol .

Certain lots are marked with the symbol . These lots are located in outside India and therefore, may only be bid for and purchased in USD. Indian residents may bid on these lots by complying with appropriate processes for foreign exchange payments as outlined in this declaration. Please sign the declaration and fax it back to Saffronart at (91 22) 2432 1187 or contact Saffronart at (91 22) 2432 2898 for any assistance.

Saffronart has an ownership interest in lots marked with the symbol .

Certain lots are marked with the symbol . These lots are located in outside India and therefore, may only be bid for and purchased in USD. Indian residents may bid on these lots by complying with appropriate processes for foreign exchange payments as outlined in this declaration. Please sign the declaration and fax it back to Saffronart at (91 22) 2432 1187 or contact Saffronart at (91 22) 2432 2898 for any assistance.

Saffronart has an ownership interest in lots marked with the symbol .

Certain lots are marked with the symbol . These lots are located in outside India and therefore, may only be bid for and purchased in USD. Indian residents may bid on these lots by complying with appropriate processes for foreign exchange payments as outlined in this declaration. Please sign the declaration and fax it back to Saffronart at (91 22) 2432 1187 or contact Saffronart at (91 22) 2432 2898 for any assistance.

Saffronart has an ownership interest in lots marked with the symbol .