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CERTIFICATE OF INSURANCE FRENKEL & CO., INC. NAMED INSURED Susanne Hilberry Gallery 555 South Woodward Birmingham, Michigan 48009 TYPE OF INSURANCE Insurer: Lloyds Effective Date: 09/12/00 Policy No.: L 8981361 Expiration Date: 11/26/00 COVERING Amount/Limit $16,000 Elizabeth Murray "Yellow Cracked Cup Up" 401/2 x 30 inches PERILS INSURED Customary "All Risk" Fine Arts Conditions $1,000., Deductible including Transit coverage Pace Wildenstein is additional insured AIMA ISSUED FOR Tucker Capparell, Ass't Registrar Pace Wildenstein 32 E. 57th St. New York, NY 10022 FRENKEL & CO. INC. 2 WORLD TRADE CENTER NEW YORK, N.Y. 10048 DATED: SEPTEMBER 12, 2000 BY Gilda Healy AUTHORIZED REPRESENTATIVE FRENKEL & CO., INC.