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Peter G. Powers, Esquire

Page 5

On March 20, 1979, I sent you a separate memornadum, Status of Russian Chalice, with seven attachments consisting mainly of letters in 1967, describing the method of purchase and intended place of display of this object.

I also enclose several additional documents generally dated to the subject matter at hand, as an Appendix.

[[underlined]] Specific Proposal [[/underlined]]

Subsequent to our meeting on June 26th, Capt. Cantacuzene and I recommended to the Executive Committee and it, in turn, recommended to the full Board of Trustees that the arrangement, basically as set forth below, be negotiated with the Smithsonian Institution by Capt. Cantacuzene and me. The Board passed a resolution on June 28, 1979 that we two are to work out the details. The recommendation is:

1. Title to the Catherine II Russian Chalice and the Order of the Golden Fleece will be established in the Post Foundation, subject to the obligations to offer the articles to the Smithsonian Institution, if the Post Foundation wishes to convey or permanently remove the articles from Hillwood Museum.

2. The Post Foundation will disclaim any present or future claim to title to, or possession of, any other articles of tangible personal property in the possession of the Smithsonian Institution.

In essence, Part 1 above simply adds two "Enumerated Objects" to the 1978 Agreement covering the 3,700 objects. See Dr. Charles Blitzer's letter of December 7, 1977 and Dr. Ripley's letter of January 17, 1978 to Mrs. Riggs, and the Agreement itself. Part 2 provides, in essence, that there will be no additional "Enumerated Objects."

[[underlined]] Timeliness of the Proposed Agreement [[/underlined]]

The timing is right. The Post Foundation has just completed an exhaustive review of its records relating to the subject matter at hand. Final distribution to the Post Foundation from the Executors of Mrs. Post's estate will soon take place.

The Hillwood Museum is a secure and thriving enterprise. Enough time has passed to study the record, reflect on the situation and act while the various factors are fresh in mind and the parties are amenable to a simple and reasonable solution of all potential misunderstandings or conflicts. There is no deadline pushing the parties and there are no extreme advocates of any position, so that these matters may be resolved in the due