Noel Caleb LLC

Noel Caleb LLC 25 June 2010 Dear Sirs Re: Handcarry of the Raffaello Sanzio, called Raphael (Urbino 1483-1520 Rome); Head of a muse bought by you on 8 December 2009 in Sale 7782 (the "Drawing") You hereby confirm that you are responsible for arranging insurance cover against all risk of physical loss, damage or theft arising from any circumstance to the Drawing from the time that the Drawing leaves the premises of Christie's at 8 King Street, London, SHIT 6QT (the •Premises"). You instruct Christie's to hand carry the Drawing to the customs point of JFK airport in New York at which point the care, custody and control of the Drawing will transfer to your appointed representatives, the names of which you will notify to Christie's prior to the handover of the Drawing. You have confirmed with your insurers that the hand carry can be conducted by one employee of Christie's travelling by aeroplane in business class. You have requested that one security guard escorts the Christie's employee and the Drawing to the airport in London in a secured cab. You and your insurers have made no other requirements for the hand carry of the Drawing. You agree that it is your responsibility (and not Christie's) to check the condition of the Drawing prior to it leaving the Premises. Accordingly, Christie's International plc and all of its associated companies and subsidiaries worldwide ("Christian") will not be required to accept any liability for physical loss, theft or damage to the Drawing whilst in Christie's care, custody or control following the departure of the Drawing from the Premises howsoever arising even for as a result of Christie's or its employees, directors, agents or contractors negligence. You hereby release Christie's, its officers, directors, employees, agents and contractors from and against any and all liability for physical loss of, theft of damage to the Drawing howsoever arising. You agree to notify your insurance carrier/company of this agreement and arrange for them to waive any right of subrogation against Christie's, its officers, directors, employees, agents and contractors with respect to any physical loss, theft or damage to the Drawing howsoever arising while it remains in Christie's care, custody and control. This agreement will remain in full force and effect whilst the Drawing remains in Christie's care, custody and control. Yours faithfully For and on bebal CHRISTIE'S INTERNATIONAL PLC Agreed and Accepted: EFTA01197116 For and on behalf of NOEL CALEB LLC / a, "A Print Name s--C vfc O. 8z-Aci- Date: 61)--1--10 EFTA01197117 Sold to A/c: Anon I Jennifer Wright,c/o Chrisdes,20 Rockefeller Plaza,New York NY 10020,USA,. Sale: 7782, Old Masters Evening Sale, 08 Dec 2009 Paddle No Lot Description Transaction Amount VA-P/o VAT Total Amount 43 Ref taello Sanzio, called Raphael (Urbino 1483-1520 Rome) Head of a muee black chalk over pounce.. . EXPORT LICENCE REQUIRED Hammer Premium Total 26000000.00 3,161,250.00 29,161,250.00 29,161,250.00 * or O loss for Temporary !mooned stock. use CPC 3153 000 on Form C88 to reclaim VAT on Expon Thn invoice has been issued exclusive of VAT on the premise that Chnstie's obtains the appropriate origin') proof of export as (only if exponed from the EU within three months of the sale date). main liable for the payment of VAT to Ilse amount of £474187.50 Interest may be added Totals: Hammer Premium C 26,000,000.00 £ 3,161,250.00 £ 26,000,000.00 £ 3,161,250.00 required by HMC&E If not then he buyer wiD for late payments Amount Due: £ 29,161,250.00 Due Date: 15-Dec-09 Terms: Net 7 days P Invoice No Invoice Date 08-Dec-09 VAT No A/c No 1658887 Tel / Fax DB 91016019 Anon I Jennifer Wright c/o Christies 20 Rockefeller Plaza New York NY 10020 USA Export Invoice Copy CHRISTIE'S Christie Manson & Woods Ltd 8 King Street, St. James's London, SW1Y 6QT Telephone: 44 (0) 20 7839 9060 Fax: 44 (0) 20 7839 1611 Registered in England No: 1128160 VAT No: GB503306006 0816 Remittance Advice: Payment in £ UK Sterling. may be made to Christie Manson & Woods l.td, or by direct Bank Transfer to Lloyds TSB Bank plc, City Office A/c No 00172710, Son Code 30-00-02, BIC LOYIX1B2I.C.TY WAN GB8ILOYD30000200I72710 quoting Invoice, Sale and A/c No ***Please Note Change of Bank Details*** A/c No: Alc Holder: Invoice No: Sale No: Amount Due: 40712871 DB 15-Dec-09 1658887 Anon 1 Jennifer Wright 91016019 1017782 29,161,250.00 Page I of 1 EFTA01197118