EFTA02711198

GAGOSIAN GALLERY, INC. 980 MADISON AVENUE NEW YORK, NEW YORK 10075 Black Family 1997 Trust 9 West 57th Street New York, New York 10019 January 4, 2013 INVOICE Artist: Pablo Picasso Title: Mateu Fernandez de Soto Medium: Oil on canvas Size: 18 1/8 x 15 in. (46 x 38 cm) Date: 1901 Purchase Price: $48,000,000.00 LESS: Trade-In Credit for: Artist: Mark Rothko Title: Untitled Medium: Oil on canvas Size: 93 1/8 x 80 1/8 inches Date: Signed and dated 1961 on reverse $46,000,000.00 Balance: $2,000,000.00 PLUS: NY Sales Tax 8.875% $177,500.00 PLUS: Exchange Fee $0 BALANCE due to Gagosian Gallery, Inc.: $2,177,500.00 For delivery by common carrier to: 760 Park Avenue, New York, New York 10021 Loan Repayment: The transfer of Pablo Picasso, Mateu Fernandez de Soto shall serve as full satisfaction of Gagosian Gallery, Inc.'s obligations under the July 10, 2012 Promissory Note. document number NY2382310001-US-1532006.11 EFTA_R1_02124683 EFTA02711198