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Duveen Brothers

720 Fifth Avenue New York

H.C. Frick, Esq. August 2, 1916. Page #2 underlined in red

Your due bill for four hundred and ninety-seven thousand, nine hundred and twenty-eight and 25/100 dollars checkmark in graphite (487,928.25), payable as therein states, in full payment of balance. The stock and bonds above mentioned to be subject to the following terms: heading underlined in red: (a) ANGLO-FRENCH NOTES. You have the right to call upon us from time to time on one day's notice, at any time up to August 1st, 1918, to deliver to you against payment at 95 1/2 and accrued interest all or any part of the one million Anglo-French Five Percent notes. At any time up to August 1st, 1918 you may either take up the above notes at 95 1/2 for each $100.00 par value, or you may call upon us from time to time to sell the notes for your account, provided that it is possible to realise at least 95 1/2 and accrued interest on such sale. The net avails in excess of 95 1/2 and accrued interest arising from such sale, are to be paid to you.