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Duveen Brothers 720 Fifth Avenue New York

July Twenty Ninth 1915

JD-A H.C, Frick, Esq. Pride's Crossing, Mass.

Dear Sir: We have pleasure in handing you herewith enclosed invoice for various objects d'art sold to you, which, less the credit mentioned on the enclosed statement, amounts to a total of $656,130.00. We also beg to confirm our understanding that payment of the above account will be effected by delivery to us of common stock of the Pennsylvania Railroad Company, each Fifty Dollars par value thereof to be taken as having the value of Fifty Three Dollars. At any time up to April 1st (first) 1917, you may either take up the above stock at Fifty Three Dollars for each Fifty Dollars value, or you may call upon us to sell the stock for your account, provided that it is possible to realize at least Fifty Three Dollars per share of Fifty Dollars on such a sale. The net avails in excess of Fifty Three Dollars per share of Fifty Dollars par value, arising from such sale, are to be paid to you. We are not to be called upon, however, to sell the stock at less than Fifty Three Dollars per share.

All dividends, rights, etc., for which the transfer books close during the above period go with the stock, in other words, all dividends, rights, etc., accrue to us IP to the time you exercise the aforesaid option.

The option granted is subject to one day's notice, except April 1sst (first) 1917, when no notice of one day is required.