February 24, 1999

Dear Mr. Marcus,

As per our last telephone discussion, please find enclosed a check in the amount of six thousand eight hundred sixty dollars representing the final payment on the 18kt Rolex President which you shipped to me. Please send me a certified appraisal of the replacement cost for insurance reasons. You will receive a complimentary letter from me in a few days.

Once again, thank you for your outstanding service. The watch is truly beautiful. Take care, and I look forward to seeing you on Cape Cod.

Sincerely,

Timothy L. Biliouris, M.D.
West Barnstable, MA