Noel Caleb LLC 760 Park Avenue New York, NY 10021 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, SW1Y 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 ("Christies") 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