2016 Purchases

2016 Purchases Owner Artist Title Purchase Date Purchase Price (including sales/use tax) CHRISTIE'S 2017 appraised value Unrealized Gain/Loss Unrealized Gain Unrealized Loss AP Narrows SARTO. ANDREA DEL Etude de tete d'homme (redo); Etude d'oeil (verso) 12/18/2016 4.500,000 4,200.000 (300.000) 0 (300.000) AP Narrows REDON. ODILON Captive Pegasus 12/15/2016 145,000 80.000 (65.000) 0 (65.000) 2011 LLC & Narrows CEZANNE. PAUL Bouteilles, Pots. Rechaud a Alcoa. Pommes (90% owned by 2011 LLC. 10% owned by Narrows) 11/23/2016 54.000,000 40,000.000 (14,000.000) 0 (14,000.000) AP Narrows CEZANNE. PAUL Portrait de Vallier de Prof if 11/23/2016 30.450,000 35,000.000 4,550.000 4.550,000 0 AP Narrows KELLY, ELLSWORTH Doorway Shadow, Spencertown 11/22(2016 17,000 17.500 500 500 0 AP Narrows KELLY, ELLSWORTH Hanger Doorway, St. Barthelemy 11/22(2016 17,000 17.500 500 500 0 AP Narrows KELLY, ELLSWORTH Stairway. St. Martin 11/22(2016 17,000 17.500 500 500 0 AP Narrows KELLY, ELLSWORTH Broken Window. Paris 11/2212016 17,000 17.500 500 500 0 AP Narrows KELLY, ELLSWORTH Movie Screen. Waterbury 11/2212016 17,000 17.500 500 500 0 AP Narrows KELLY, ELLSWORTH Wall. Majorca 11/22(2016 17,000 17.500 500 500 0 AP Narrows KELLY, ELLSWORTH Balcony. Belle-Ile-en-Mer 11/22/2016 17,000 18.000 1.000 1,000 0 AP Narrows BRANCUSI. CONSTANTIN Atelier 11/18/2016 260,000 236.000 (24.000) 0 (24.000) AP Narrows REMBRANDT HARMENSZ. VAN RIJN Self-Portrait in a Fur Cap 11/15/2016 60,000 60.000 0 0 0 AP Narrows REMBRANDT HARMENSZ. VAN RIJN Self-Portrait in a Heavy Fur Cap 11/15/2016 50,000 50.000 0 0 0 AP Narrows REMBRANDT HARMENSZ. VAN RIJN Self-Portrait in a Soft Cap 11/15/2016 40,000 40.000 0 0 0 AP Narrows REMBRANDT HARMENSZ. VAN RIJN Self-Portrait drawing at a Window 11/15/2016 395,000 400.000 5.000 5.000 0 EFTA00792629 2016 Purchases Owner AP Narrows Artist ZUCCARO. TADDEO Title Projet de decor de chapelle avec une Annonciation entournee de saint Paul, saint Georges, saint Augustin et un autre saint Purchase Date 11/10/2016 Purchase Price (including sales/use tax) 100,000 CHRISTIE'S 2017 appraised value 100.000 Unrealized Gain/Loss 0 Unrealized Gain 0 Unrealized Loss 0 AP Narrows DURER, ALBRECHT St. George on Horseback 11/8/2016 140,000 not on appraisal TBD TBD TBD AP Narrows HEYDEN (ATTRIBUTED TO). PIETER VAN DER, AFTER PIETER BRUEGEL THE ELDER The Land of Cockaign 11/8/2016 48,000 20.000 (28.000) 0 (28.000) AP Narrows HOFFMANN, HANS Four Feathers 11/1/2016 815,000 1,200.000 385.000 385,000 0 Narrows (Collateral) CONSTABLE. JOHN View on the Stour near Dedham, full-scale sketch 9/8/2016 20.400,000 20,000.000 (400.000) 0 (400.000) Narrows PICASSO. PABLO Buste de femme (Marie-Therese) 8/31/2016 125.200,000 100,000.000 (25.200.000) 0 (25.200.000) Narrows (Collateral) KIEFER. ANSELM Fur Velimir Khlebnikov: Die Lehre vom Krieg: Seeschlachten 8/10/2016 3.400,000 2,800.000 (600.000) 0 (600.000) AP Narrows COSSIERS. JAN The head of a young man, in profile to the left 8/8/2016 70,000 65.000 (5.000) 0 (5.000) AP Narrows TIEPOLO, GIOVANNI BATTISTA Head of a boy in a cap. looking up to the left, his left hand to his cheek 8/8/2016 770,000 700.000 (70.000) 0 (70.000) LDB SACKS. PETER Township 1 7/28/2016 150.000 90.000 (60.000) 0 (60.000) APO-01 SCHWITTERS. KURT Ohne Titel (Heavy relief) 7/26/2016 1.960.000 1,500.000 (460.000) 0 (460.000) Narrows (Collateral) ASSELIJN, JAN Preparatory study for the famous print series depicting Rome of G. Perelle no. 4 (from Paul Russell) 6/30/2016 330.000 200.000 (130.000) 0 (130.000) Narrows (Collateral) AVERCAMP, HENDRIK A winter scene with a fisherman cutting a hole in the ice and children (from Paul Russell) 6/30/2016 1.375,000 1,000.000 (375.000) 0 (375.000) Narrows (Collateral) AVERCAMP, HENDRIK Vessls off the shore. a Gallows in the middle distance and the City of Amsterdam beyond (from Paul Russell) 6/30/2016 1.000,000 800.000 (200.000) 0 (200.000) Page 2 EFTA00792630 2016 Purchases Owner Narrows (Collateral) Artist BEERSTRATEN. JAN ABRAHAMSZ Title A large moated castle (from Paul Russell) Purchase Date 6/30/2016 Purchase Price (including sales/use tax) 330,000 CHRISTIE'S 2017 appraised value 150.000 Unrealized Gain/Loss (180.000) Unrealized Gain 0 Unrealized Loss (180.000) Narrows (Collateral) BOL. FERDINAND A View of Dordrecht (from Paul Russell) 6/30/2016 550,000 400.000 (150.000) 0 (150.000) Narrows (Collateral) BORCH. GERARD TER Study of the head of a young man (from Paul Russell) 6/30/2016 220.000 80.000 (140.000) 0 (140.000) Narrows (Collateral) BOSSCHAERT. AMBROSIUS Bacchus (from Paul Russell) 6/30/2016 220,000 200.000 (20.000) 0 (20.000) Narrows (Collateral) BOTH. JAN A man holding a basket seen from behind (from Paul Russell) 6/30/2016 200,000 100.000 (100.000) 0 (100.000) Narrows (Collateral) CUYP, AELBERT JACOBSZ. River landscape Dordrecht (from Paul Russell) 6/30/2016 3.000,000 1,500.000 (1,500.000) 0 (1,500.000) Narrows (Collateral) CUYP, AELBERT JACOBSZ. A ruminating cow (from Paul Russell) 6/30/2016 385,000 250.000 (135.000) 0 (135.000) Narrows (Collateral) DOOMER, LAMBERT A ruined thatched hut leaning against a farm house, a landscape (from Paul Russell) 6/30/2016 250,000 200.000 (50.000) 0 (50.000) Narrows (Collateral) DOOMER, LAMBERT Farmhouse near Nantes (from Paul Russell) 6/30/2016 220,000 200.000 (20.000) 0 (20.000) Narrows (Collateral) GHEYN. JACQUES DE Studies of a woman (recto): Studies of hands (verso) (from Paul Russell) 6/30/2016 825,000 500.000 (325.000) 0 (325.000) Narrows (Collateral) GOLTZIUS. HENDRIK Goats (recto and verso) (from Paul Russell) 6/30/2016 550,000 500.000 (50.000) 0 (50.000) Narrows (Collateral) HOOGSTRATEN. SAMUEL VAN John the Baptist in prison receives Christ's answer (Matthew II: 2-6) (from Paul Russell) &norm 6 190.000 100.000 (90.000) 0 (90.000) Narrows (Collateral) KONINCK. PHILIPS DE View of Zijpe (from Paul Russell) &norm 6 715,000 500.000 (215.000) 0 (215.000) Narrows (Collateral) LIEVENS, JAN Portrait, probably of the well-known poet Joost van den Vondel (from Paul Russell) 6/30/2016 550,000 600.000 50.000 50.000 0 Narrows (Collateral) MAES, NICOLAES Study of Hamar pleading with Esther (from Paul Russell) 6/30/2016 200,000 70.000 (130.000) 0 (130.000) Narrows (Collateral) MAES. NICOLAES A View on Dordrecht (from Paul Russell) 6/30/2016 500,000 500.000 0 0 0 Narrows (Collateral) MAES. NICOLAES Haman asks Esther for mercy (from Paul Russell) 6/30/2016 200,000 300.000 100.000 100.000 0 Narrows (Collateral) POTTER, PAULUS Bull (from Paul Russell) 6/30/2016 165,000 100.000 (65.000) 0 (65.000) Page 3 EFTA00792631 2016 Purchases Owner Narrows Artist PYJNACKER. Title Bridge in an Italianate landscape (from Purchase Date 6/30/2016 Purchase Price (including sales/use tax) 275,000 CHRISTIE'S 2017 appraised value 100.000 Unrealized Gain/Loss (175.000) Unrealized Gain 0 Unrealized Loss (175.000) (Collateral) ADAM Paul Russell) Narrows (Collateral) REMBRANDT HARMENSZ. VAN RIJN Josef pulled out of the well by his brothers (from Paul Russell) 6/30/2016 5.000,000 3,000.000 (2,000.000) 0 (2,000.000) Narrows (Collateral) REMBRANDT HARMENSZ. VAN RIJN Farm with a dovecote and a hayrick among trees (from Paul Russell) 6/30/2016 11.000,000 10,000.000 (1,000.000) 0 (1,000.000) Narrows (Collateral) ROGHMAN. ROELANDT Castle of Kapelle (from Paul Russell) 6/30/2016 165.000 200.000 35.000 35.000 0 Narrows (Collateral) RUYSDAEL. JACOB ISAACKSZ. VAN Panoramic view of Wageningen (recto); Sketch of a riverbank (verso) (from Paul Russell) 6/30/2016 715,000 500.000 (215.000) 0 (215.000) Narrows (Collateral) VAN HAARLEM. CORNELIS Studies of Figures for Representation of the Flood (recto): figure studies (verso) (from Paul Russell) 6/30/2016 600.000 600.000 0 0 0 Narrows (Collateral) VAN OSTADE. ADRIAEN A peasant couple carousing in a garden (from Paul Russell) 6/30/2016 940,000 500.000 (440.000) 0 (440.000) Narrows (Collateral) VELDE. ADRIAEN VAN DE Two female nudes (from Paul Russell) 6/30/2016 440,000 350.000 (90.000) 0 (90.000) Narrows (Collateral) VELDE. JAN VAN DE Landscape (from Paul Russell) 6/30/2016 385,000 300.000 (85.000) 0 (85.000) Narrows (Collateral) VENNE. ADRIAEN PIETERSZ VAN DE Couple (from Paul Russell) 6/30/2016 330,000 300.000 (30.000) 0 (30.000) Narrows (Collateral) VISSCHER. CORNELIS Young moor with an arrow (from Paul Russell) 6/30/2016 330,000 350.000 20.000 20,000 0 Narrows (Collateral) WIERINGEN. CORNELIS CLAESZ. VAN Fishing boats in a rough sea (from Paul Russell) 6/30/2016 300,000 100.000 (200.000) 0 (200.000) AP Narrows GAUGUIN, PAUL Oviri 5/26/2016 230,000 220.000 (10.000) 0 (10.000) Narrows (Collateral) CALDER, ALEXANDER Jenny Sargent McKean 5/10/2016 1.100,000 2,000.000 900.000 900,000 0 Narrows (Collateral) TITIAN Study of a Kneeling Man 4/21/2016 6.900,000 6,300.000 (600.000) 0 (600.000) LOB SAINT-AUBIN. GABRIEL DE L'Incendie de ('Hotel-Dieu en 1772 4/19/2016 460,000 450.000 (10.000) 0 (10.000) Page 4 EFTA00792632 2016 Purchases Owner LOB Artist KIRCHNER, ERNST LUDWIG Title Steigendes Pferd mit Reiter Purchase Date 3/31/2016 Purchase Price (including sales/use tax) 150,000 CHRISTIE'S 2017 appraised value not on appraisal Unrealized Gain/Loss TBD Unrealized Gain TBD Unrealized Loss TBD Narrows (Collateral) SAMARAS, LUCAS Box #4 3/8/2016 650,000 750.000 100.000 100,000 0 LOB RYDINGSVARD. URSULA VON Sunrises Thin Rays. GL10463 2/29/2016 13,000 15.000 2.000 2,000 0 LOB RYDINGSVARD. URSULA VON Untitled. GL 10213 2/29/2016 13,000 15.000 2.000 2.000 0 LOB RYDINGSVARD. URSULA VON Untitled. GL 10267 2/29/2016 13.000 15.000 2.000 2.000 0 LOB RYDINGSVARD. URSULA VON Untitled. GL10214 2/29/2016 13.000 15.000 2.000 2.000 0 LOB RYDINGSVARD. URSULA VON Untitled. GL10462 2/29/2016 13,000 15.000 2.000 2,000 0 LOB RYDINGSVARD. URSULA VON Untitled. GL10464 2/29/2016 13,000 15.000 2.000 2,000 0 Narrows (Collateral) RYDINGSVARD. URSULA VON Dottir 2/17/2016 560,000 500.000 (60.000) 0 (60.000) LOB GILLOT. CLAUDE Le tombeau de Maitre Andre 2/3/2016 150.000 100.000 (50.000) 0 (50.000) APO-01 DESPREZ. JEAN- LOUIS La Chimere de Monsieur Desprez 1/13/2016 100,000 60.000 (40.000) 0 (40.000) APO-01 DURER. ALBRECHT Samson rending the Lion 1/13/2016 700,000 600.000 (100.000) 0 (100.000) 286.605.000 242.284.000 (44.031.000) 6.161.000 (50.192.000) Page 5 EFTA00792633 2016 Sales Owner Artist Title Sale Date Purchase Date Sale Price Basis Realized Gain/ (Loss) Realized Gain Realized (Loss) AP Narrows GIACOMETTI, ALBERTO* Figure moyenne II 11/23/16 12/16/98 25.000,000 2.992,750 22,007250 22,007,250 0 Narrows (Collateral) BRAQUE, GEORGES* Le Gueridon 11/23/16 7/8/99 5,000,000 1,732,000 3,268,000 3,268,000 0 Noel Calb N/A A dry-lacquered wood figure of Buddha Sakyamuni 11/15/16 12/14/94 623,379 74,151 549,228 549,228 0 AP Narrows MATTA, ROBERTO San titre 5/25/16 12/6/05 160,500 233,006 (72,506) 0 (72,506) AP Narrows AVERY, MILTON Early Spring 5/19/16 1/1/83 481,500 125,000 356,500 356,500 0 AP Narrows HALS, FRANS Portrait of a Gentleman, half- length, in a black hat 5/17/16 3/19/09 4,950,000 5,263,016 (313,016) 0 (313,016) AP Narrows DALI. SALVADOR Paysage (Idyllic Scene) 5/13/16 pre-2015 (gift) 160,500 0 160,500 160,500 0 Noel Calb GERICAULT. THEODORE Leda and the Swan 4/13/16 10/26/11 963,000 1,088,750 (125,750) 0 (125,750) APO-01 PICASSO, PABLO The Three Graces 2/10/16 6/17/13 245,000 244,969 31 31 0 Narrows SEVERINI, GINO L'autobus 2/3/16 1/8/07 601,013 1.418,229 (817,216) 0 (817,216) 38,184,892 13,171,871 25,013,021 26,341,509 (1,328,488) 'Giacometti and Braque were each sold as part of 1031 exchanges, so the gain realized on the sale of each work will not be recognized until the Cezannes acquired in the exchange (Bouteilles. Pots. Rechaud a Alcoa, Pommes and Portrait de Vallier de Profit) are sold. EFTA00792634