COLLATERAL SWITCH

COLLATERAL SWITCH ITEMS ADDED (REMOVED) TO )FROM) COLLATERAL LIST JULY 2014 SOTHEBY'S VALUATION Artist Item Description TURNER, R.A., JOSEPH Goldau Total Paid (in USD) 1,330,000 Fair Value or Cost (if not on Appraisal) 16,000,000 Fair Value Less Total Paid 14,670,000 SUBTOT FMV SUBTOT- UNREAL SERRA, RICHARD Double Torqued Ellipse II 1,657,250 12,500,000 10,842,750 PICASSO. PABLO Bouteille et verre 700,000 5,000,000 4,300,000 MONDRIAN, PIET Composition C with Gray and Red 2,922,750 17,500,000 14,577,250 SCHIELE. EGON Zwei Akte 600,000 3,500,000 2,900,000 PICASSO. PABLO Fernande Olivier 3,114,375 18,000,000 14,885,625 CEZANNE, PAUL Recto: Crane sur une draperie (Skull and Draper) 1,750,000 10,000,000 8,250,000 BECKMANN. MAX Tanzerin mit Tamburin (Dancer with tambourine) 1,825,000 10,000,000 8,175,000 SERRA, RICHARD Betwixt the Torus and Sphere 2,775,500 15,000,000 12,224,500 CANALE , ANTONIO CAI Feast of the Assumption at Santa Maria della Salute 963,425 5,000,000 4,036,575 MUNCH, EDVARD Aasgaardsstrand 2,571,478 12,500,000 9,928,522 RODIN. AUGUSTE Iris, messagere de Dieux 1,193,456 5,000,000 3,806,544 PICASSO. PABLO Tete d'homme a la pipe 1,729,294 7,000,000 5,270,706 POLLOCK, JACKSON Number 8, 1951 1,250,000 5,000,000 3,750,000 CEZANNE, PAUL Le Chateau Noir 12,505,581 50.000,000 37,494,419 MATISSE, HENRI Jeannette III 1,650,000 6,500,000 4,850,000 ENSOR, JAMES Le grand juge (masques) 1,201,212 4,500,000 3,298,788 MATISSE. HENRI Jeannette IV 1,800.000 6.500,000 4,700.000 ITEMS REMOVED FROM COLLATERAL LIST 41,539,321 209.500,000 167,960,679 18 INGRES. JEAN-AUGUST Baronne Charles-Atharase Walckenear, née Marie- 1,296,630 500,000 (796,630) KELLY. ELLSWORTH Diagonal with Curve XVI 1,665,788 700,000 (965,788) COROT, JEAN-BAPTIST Portrait of Mlle. Jeanne Farochon 1,082,500 500,000 (582,500) KIEFER, ANSELM Isis on the Way 1,625,625 800,000 (825,625) NOGUCHI. ISAMU Personnage III (Ningen 3) 2,147,500 1,200,000 (947,500) TINTORETTO, JACOPO Study of male nude lying on the ground 854,233 500,000 (354,233) REMBRANDT VAN RIJN Christ Crucified Between Two Thieves (The Three 2,384,250 1,400,000 (984,250) ROTHKO. MARK Black, White, Blue 5,429,315 3,500,000 (1,929,315) INGRES, JEAN-AUGUST Portrait presume de Gioacchino Rossini 768,065 500,000 (268,065) DELACROIX, EUGENE Portrait de Schmareck, tanneur a Tanger 800,095 550,000 (250,095) KIRCHNER, ERNST LUCWettertannen (D. H 392) 1,439,992 1,000,000 (439,992) DE GOYA, FRANCISCO Bulls of Bordeaux: a group of four (El Americano, 714,450 500,000 (214,450) SEVERINI. GINO L'autobus 1,418,229 1,000,000 (418,229) INGRES. JEAN-AUGUST Portrait de Mlle. Jeannette Hayard 1,100,000 800,000 (300,000) MIRO. JOAN Pastorale 1,056.656 800,000 (256.656) 14.250,000 (9,533,327) Page 1 of 4 EFTA01146279 COLLATERAL SWITCH ITEMS ADDED (REMOVED) TO )FROM) COLLATERAL LIST JULY 2014 SOTHEBY'S VALUATION Artist GIACOMETTI, DIEGO KLEE, PAUL PICASSO, PABLO RICKEY, GEORGE VALDES, MANOLO REDON. ODILON REDON. ODILON Beatrice REDON. ODILON Les Fleurs du Mal PICASSO, PABLO Tete moustachue TURNER, R.A., JOSEPH Kilgarren Castle, Pembrokeshire KLEE, PAUL Frauenportrait in Rot (Bertha) DENIS, MAURICE Jeunes filles cueillant des fleurs devant la mer GAUGUIN. PAUL Self-Portrait DELACROIX, EUGENE Mariee juive a Tanger KLEE. PAUL Die Schlange BOUCHER, FRANcOIS Sheet of Studies of a Turbanned Head, a Foot, and VASARI, GIORGIO Christ Giving Saint Peter the Keys (Le Christ donna COROT, JEAN-BAPTIST Rome, La Vasque de la Villa Medici FRAGONARD, JEAN-HO Landscape with a Double Flight of Steps and Eight I LELY, SIR PETER A standing figure of a gentleman from the Processic REMBRANDT VAN RIJN Group of six prints including the Six Portrait, 100 GI. SCHONGAUER Group of Prints. Including the large Crucifixion DUVET, JEAN Group of Prints including the Apocalypse MASTER E. S. Group of 15th Century Prints, Including the initial "M VAN MECKENEM, ISRAF Group of Prints DURER, ALBRECHT Group of Prints: Woodcuts and Engravings Includin. CARPACCIO. VITTORE Study of a Lion GERICAULT, THEODOR Untitled (Leda and the Swan) MULTIPLE ARTISTS A Selection of Early German Prints REMBRANDT VAN RIJN Landscape with Three Gabled Cottages Beside a R WATTEAU, JEAN-ANTO Untitled (Cottage) (Landscape after Campagnola) DUTCH AND FLEMISH, 'Group of prints including examples by Lucas van Le EARLY ITALIAN AND SP Group of prints including The Campagnola REMBRANDT VAN RIJN A Vagrant Couple with a Dog KLEE, PAUL Tief-Ebene (Lowlands) WRIGHT OF DERBY. JO A Grotto in the Gulf of Salerno. Morning and A Groti Item Description Chandelier Exotische Flusslandschaft Tete d'homme Two Lines Up Excentric - Twelve Feet Ariadna I La Tentation de Saint-Antoine Total Paid (in USD) Fair Value or Cost (if not on Appraisal) Fair Value Less Total Paid SUBTOT FMV SUBTOT- UNREAL 1,449,563 1,100,000 (349,563) 1,306,054 1,000,000 (306,054) 9,103,500 7,000,000 (2,103,500) 762,125 600,000 (162,125) 695,050 550,000 (145,050) 1,573,244 1,250,000 (323,244) 868,125 700,000 (168,125) 1,769,219 1,500,000 (269,219) 8,165,625 7,000,000 (1,165,625) 693,875 600,000 (93,875) 1,375,000 1,200,000 (175,000) 572,400 500,000 (72,400) 5,062,688 4,500,000 (562,688) 1,115,000 1,000,000 (115,000) 1,103,888 1,000,000 (103,888) 847,857 770,000 (77,857) 588,621 535,000 (53,621) 550,000 500,000 (50,000) 654,913 600,000 (54,913) 1,794,461 1,648,165 (146,296) 9,254,375 8,500,000 (754,375) 4,355,000 4,000,000 (355,000) 3,810,625 3,500,000 (310,625) 3,266,250 3,000,000 (266,250) 2,177,500 2,000,000 (177,500) 2,177,500 2,000,000 (177,500) 1,850,875 1,700,000 (150,875) 1,088,750 1,000,000 (88,750) 707,688 650,000 (57,688) 544,375 500,000 (44,375) 544,375 500,000 (44,375) 544,375 500,000 (44,375) 544,375 500,000 (44,375) 672,792 620,000 (52,792) 1,897,564 1,750,000 (147,564) 1,408.875 1.300,000 (108.875) 64.473,165 (8,973,773) Page 2 of 4 EFTA01146280 COLLATERAL SWITCH ITEMS ADDED (REMOVED) TO )FROM) COLLATERAL LIST JULY 2014 SOTHEBY'S VALUATION Artist Item Description Total Paid (in USD) Fair Value or Cost (if not on Appraisal) Fair Value Less Total Paid SUBTOT FMV SUBTOT- UNREAL KLEE. PAUL Chinesisch II 1,300,500 1,200,000 (100,500) DURER, ALBRECHT Adam and Eve (Bartsch 1; Meder state Ila of IIId) 1,192,125 1,100,000 (92,125) PIRANESI, GIOVANNI An Architectural Fantasy with a Colossal Obelisk 867,000 800,000 (67,000) REMBRANDT VAN RIJN The Three Trees (Bartsch 212; White/Boon, only sti 704,438 650,000 (54,438) BRUEGEL THE ELDER, The Rabbit Hunt 677,344 625,000 (52,344) DE TOULOUSE-LAUTRE Au bal de ('opera 10,968,634 10,125,000 (843,634) GROSZ, GEORGE L'uomo nuovo 1,431,161 1,325,000 (106,161) SERRA, RICHARD Conrad 538,931 500,000 (38,931) SERRA, RICHARD Olson 538,931 500,000 (38,931) PICASSO. PABLO Etude de personnages 1,291,000 1,200,000 (91,000) PICASSO. PABLO Portrait of Elie Faure 800,000 1,500,000 700,000 CEZANNE, PAUL Baigneuses 935,000 1,750,000 815,000 MIRO. JOAN Composition 541,250 1,000,000 458,750 SIGNORELLI, LUCA Study for a Seated Prophet 962,747 1,750,000 787,253 REDON, ODILON La gloire noyee 453,000 800,000 347,000 GIACOMETTI. DIEGO Chimneypiece 400,000 700,000 300,000 DE GOYA, FRANCISCO Los Caprichos 579,880 1,000,000 420,120 PICASSO. PABLO Taureau et cheval 470,271 800,000 329,729 JOHNS, JASPER Untitled 734,906 1,250,000 515,094 MIRO. JOAN Oiseau 1,100,000 1,850,000 750,000 GIACOMETTI. DIEGO Glass-top Table and Eight Side Chairs 900,000 1,500,000 600,000 BONNARD, PIERRE Marthe sur un divan 300,000 500,000 200,000 TOURNAI Falconry Tapestry 300,000 500,000 200,000 BRUEGEL THE ELDER, The Drunkard Pushed into the Pigsty 5,499,505 9,000,000 3,500,495 LEGER. FERNAND Contraste de formes 1,620,833 2,500,000 879,167 GERICAULT, THEODOR Black Stallion in a Stable 324,750 500,000 175,250 PRUD'HON, PIERRE-PA Femme assise tenant une quenouille (Clotho la filet 489,927 750,000 260,073 SEURAT. GEORGES La nourrice 1,012,138 1,500,000 487,863 DAUMIER, HONORE Apras ('audience 1,210,000 1,750,000 540,000 PICASSO. PABLO Tete de taureau 627,029 900,000 272,971 SEURAT. GEORGES Rayons 702,049 1,000,000 297,951 SCHAUFELEIN THE ELCA Landsknecht Turned to the Lett Carrying a Halber 354,290 500,000 145,710 GELLEE, CLAUDE CALL An Extensive Landscape 893,062 1,250,000 356,938 GERICAULT, THEODOR Episode de la Guerre Coloniale: Noir sur un cheval 1,438,990 2,000,000 561,010 REDON. ODILON La chute de Phaeton 363,000 500,000 137,000 PICASSO, PABLO Etude pour l'acteur and deux profits de Fernande 1,104.150 1.500,000 395.850 55.375,000 13,048,660 Page 3 of 4 EFTA01146281 COLLATERAL SWITCH ITEMS ADDED (REMOVED) TO )FROM) COLLATERAL LIST JULY 2014 SOTHEBY'S VALUATION Total Paid (in Fair Value or Cost (if not on Fair Value Less SUBTOT- Artist Item Description USD) Appraisal) Total Paid SUBTOT FMV UNREAL CEZANNE, PAUL Groupe d'arbres 1,312,500 1,750,000 437,500 DURER, ALBRECHT Saint Eustace 1,143,188 1,500,000 356,813 RUBENS, SIR PETER P/Nicodemus 963,010 1,250,000 286,990 PRUD'HON, PIERRE-PA Study for an Allegory of the Rhine River 462,769 600,000 137,231 LIOTARD, JEAN ETIENNJACQUES DE CHAPEAUROUGE (1744 -1805) 789,180 1,000,000 210,820 COROT, JEAN-BAPTIST Le Rageur, Forel de Fontainebleau 686,500 850,000 163,500 GAUGUIN, PAUL Cylinder with Two Figures 8,128,125 10,000,000 1,871,875 DE TOULOUSE-LAUTRE La coiffure 1,020,420 1,250,000 229,580 DURER, ALBRECHT St. Jerome in his Study (Meder 59, a; Bartsch 60) 1,001,650 1,200,000 198,350 KLEE, PAUL Konigsburg 1,265,000 1,500,000 235,000 BRANCUSI, CONSTANT Oiseau dans I'espace (Bird in space) 29,755,440 35,000,000 5,244,560 MATISSE, HENRI La danse 433,000 500,000 67,000 GAUGUIN. PAUL Te Faruru 520,200 600,000 79,800 KELLY. ELLSWORTH Untitled 3,650,750 4,000,000 349,250 SMITH, DAVID Untitled 462,719 500,000 37,281 DURER, ALBRECHT Apocalypse, Passion, Life of the Virgin (Meder 127, 1,400,000 1,500,000 100,000 DI CREDI, LORENZO Drapery Study with the Christ Child Standing on the 1,175,850 1,250,000 74,150 REDON, ODILON Sujet Allegorique (David et Goliath) 476,300 500,000 23,700 KLEE, PAUL Gegensatze Abends (Blau and Orange) 1,440,304 1,500,000 59,696 CEZANNE, PAUL Portrait du fits de ('artiste (recto) and Scene illustran 783,009 800,000 16,991 DURER, ALBRECHT Knight, Death and the Devil (Bartsch 98; Meder 74b 592,727 600,000 7,273 DURER, ALBRECHT Melancolia I (Bartsch 74; Meder 75 Ila: Scherbaum 790,303 800,000 9,697 TIEPOLO. GIOVANNI DCThe Firing Squad 700,000 700.000 69,150,000 10,897,056 ITEMS ADDED TO COLLATERAL LIST 200,559.612 205.548,165 4,988,553 110 Page 4 of 4 EFTA01146282