GAGOSIAN GALLERY, INC.

GAGOSIAN GALLERY, INC. NEW YORK, NEW YORK 10075 Black Family 1997 Trust New York, New York 10019 January 4, 2013 INVOICE Artist: Pablo Picasso Title: Mateu Ferniindez 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: $46,000,000.00 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 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: 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: NY23823/0001-US-153200611 EFTA00592810