NARROWS/LDB FINE ART

NARROWS/LDB FINE ART WORKS HELD BY LDB POST PARTNERSHIP FUNDING 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 MUNCH, EDVARD The Scream 130,565,622 135,000,000 4,434,378 CEZANNE, PAUL Le Chateau Noir 12,505,581 50,000,000 37,494,419 BUONARROTI, MICHELA The Risen Christ 13,308,196 25,000,000 11,691,804 VAN GOGH, VINCENT Jardin de fleurs 8,500,000 22,500,000 14,000,000 PICASSO. PABLO Fernande Olivier 3,114,375 18,000,000 14,885,625 MONDRIAN. PIET Composition C with Gray and Red 2,922.750 17.500,000 14,577.250 TURNER. R.A., JOSEPH Goldau 1,330,000 16,000,000 14,670,000 SERRA, RICHARD Betwixt the Torus and Sphere 2,775.500 15.000,000 12,224.500 SERRA, RICHARD Double Torqued Ellipse II 1,657,250 12,500,000 10,842,750 MUNCH. EDVARD Aasgaardsstrand 2,571,478 12,500,000 9,928,522 CEZANNE, PAUL Recto: Crane sur une draperie (Skull and Drape 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 REMBRANDT VAN RIJN A Seated Old Man Facing Left 2,454,220 7,000,000 4,545,780 PICASSO, PABLO Tete d'homme a la pipe 1,729,294 7,000,000 5,270,706 CAMBODIA (OR KORAT Standing Figure of Shiva 7,000,000 7,000,000 MATISSE, HENRI Jeannette III 1,650.000 6,500,000 4,850,000 MATISSE, HENRI Jeannette IV 1,800,000 6,500,000 4,700,000 RODIN, AUGUSTE Iris, messagere de Dieux 1,193,456 5,000,000 3,806,544 POLLOCK, JACKSON Number 8, 1951 1,250,000 5,000,000 3,750,000 PICASSO, PABLO Bouteille et verre 700,000 5,000,000 4,300,000 HALS, FRANS Portrait of a Man Holding a Book 5,263,016 5,000,000 (263,016) CANALE , ANTONIO CAL Feast of the Assumption at Santa Maria della Si 963,425 5,000,000 4,036,575 ENSOR, JAMES Le grand juge (masques) 1,201,212 4,500,000 3,298,788 SCHIELE, EGON Zwei Akte 600,000 3,500,000 2,900.000 LEGER, FERNAND Dessin pour Tescalier 1,190,750 3,500,000 2,309,250 DEGAS, EDGAR Etude de nu pour 'La danseuse habille' 1,000,000 3,000,000 2,000,000 VAN GOGH, VINCENT Les toits, Arles 1,250,000 2,500,000 1,250,000 PICASSO, PABLO Study for 'Head of Nude with Drapery' 476,300 2,500,000 2,023.700 MAILLOL, ARISTIDE L'Air (premier etat) 893,063 2,500,000 1,606,938 GUARDI, FRANCESCO Recto: Regata in the Bacino di San Marco with 1,025,000 2,500,000 1,475,000 DE GOYA. FRANCISCO Young Woman Surrounded by Witches (Jeune • 380,000 2,500,000 2,120,000 DE GOYA. FRANCISCO La bouiltie (Beggars Eating Mash) 401,914 2,500,000 2,098,086 DE GOYA. FRANCISCO Three People Around a Dying Man (Le malade) 475,000 2,500,000 2,025,000 STIMMER, TOBIAS Saul threatening David with a Spear 2,041,406 2,041,406 DEGAS, EDGAR Femme au bain 2,000,000 2,000,000 DAUMIER, HONORE La chanson a boire 693,341 2,000,000 1,306,659 SEURAT, GEORGES Arbres et bateaux 1,760,000 1,750,000 (10,000) RODIN, AUGUSTE Les Bourgeois de Calais 660,000 1,750,000 1,090,000 444,541,406 221,664,258 Page 1 of 11 EFTA01146284 NARROWS/LDB FINE ART WORKS HELD BY LDB POST PARTNERSHIP FUNDING 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 REDON, ODILON L'araignee en pleurs 560,000 1,750,000 1,190,000 PICASSO, PABLO Fernande Olivier 624,938 1,750,000 1,125,063 MATISSE, HENRI Venus a la coquille II 700,000 1,750,000 1,050,000 DE GOYA, FRANCISCO Maja y Celestina 660,000 1,750,000 1,090,000 IVORY COAST Baoule Mask Masque-heaume glin' 1,573,244 1,573,244 SEURAT, GEORGES Cavalier sur une route 1,575,214 1,500,000 (75,214) PICASSO, PABLO Femme nue 650,000 1,500,000 850,000 PICASSO, PABLO Arlequin a la guitare 774,450 1,500,000 725,550 LENNON. JOHN Autograph manuscript of John Lennon's lyrics fc 1,309,222 1,250,000 (59,222) FRIEDRICH. CASPAR DP Das grosse gehege 1,302,828 1,250,000 (52,828) DE GOYA. FRANCISCO A Boy with a Blind Woman 660,000 1,250,000 590,000 DE GOYA. FRANCISCO A Prisoner 660,000 1,250,000 590,000 VAN DYKE, ANTHONY Group of 14 etchings 1,200,000 1,200,000 MATISSE, HENRI Jeune fille a la mantille (Etude pour L'espagnolE 416,763 1,000,000 583,238 DEGAS, EDGAR Autoportrait 300,000 1,000,000 700,000 ARP, HANS Constellation de quatre formes blanches et d'un 487,125 1,000,000 512,875 SCHIELE, EGON Selbstbildnis (Self Portrait) 150,000 900,000 750,000 WATTEAU, JEAN-ANTOI Profile of a Man with a Study of a Hand 413,875 800,000 386,125 REMBRANDT VAN RIJN Jan Lutma 800,000 800,000 MATISSE, HENRI Femme se reposant 341,000 800,000 459,000 GRIS. JUAN Nature morte 391,000 800,000 409,000 BURNE-JONES, EDWAR The Wise and Foolish Virgins 805,600 775,000 (30,600) PICASSO, PABLO Le singe et le masque 360,159 750,000 389,841 JOHNS, JASPER Untitled 734,906 734,906 JOHNS, JASPER Untitled 734,906 734,906 JOHNS, JASPER Untitled 734.906 734,906 PICASSO, PABLO Femme assise dans un fauteuil 721.875 721,875 SCHIELE, EGON Liegender Weiblicher Akt 99,000 700,000 601,000 POUSSIN, NICOLAS Phedre with Cupid and Pegasus 728,515 700,000 (28,515) MOORE. HENRY Seated Woman on Bench 155,000 700,000 545,000 KLEE, PAUL Hexen-scene 335.575 700,000 364,425 FRAGONARD, JEAN-HOI The Reading (La Lecture) 654,913 650,000 (4,913) AVERY, MILTON Early Spring 125,000 600,000 475,000 ALTDORFER, ALBRECH'A Landscape with Two Pine Trees in the Center 588,621 550,000 (38,621) VIGEE LE BRUN, ELIZAB Autoportrait au chapeau a plume (Selfportrait wi 523,106 523,106 TIEPOLO, GIOVANNI BA*Christ Calling the Fishermen 185,000 500,000 315,000 MOREAU, GUSTAVE Galat4e 215,930 500,000 284,070 36,947,944 13,695,273 WORKS VALUED > $500K 246,129.819 481,489,350 235,359.531 75 Page 2 of 11 EFTA01146285 NARROWS/LDB FINE ART WORKS HELD BY LDB POST PARTNERSHIP FUNDING 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 ZUCCARO, TADDEO A Bacchic procession with drunken Silenus 341.246 80,000 (261.246) ZIMMERMAN, ELYN Stalled Cairn 80.063 80,063 ZHANG HUAN Airplanes 758,625 200,000 (558.625) ZHANG HUAN Handicraftsman (from the Memory Door series) 195.075 180,000 (15.075) ZHANG HUAN Broomcorn Field (from the Memory Door series: 195,075 180,000 (15.075) ZHANG HUAN Stairs (from the Memory Door series) 195,075 180,000 (15.075) ZHANG HUAN Ash Skull No. 14 346,800 150,000 (196.800) WESSELMANN, TOM Nude with Floral All (Large Black) 385,000 250,000 (135.000) WELZ, REBECCA Threshold 4,896 4,896 VUILLARD, EDOUARD La robe rose 110,000 125,000 15.000 VUILLARD, EDOUARD Le masseur 30,000 30,000 VUILLARD, EDOUARD La mannequin 55,000 55,000 VUILLARD, EDOUARD Le Mannequin 59,538 50,000 (9.538) VOUET, SIMON Portrait of a Woman with a Veil 400,000 400,000 VON STUCK, FRANZ Steam Power 6,503 8,000 1,498 VON MENZEL, ADOLPH Christmas Eve 108,000 100,000 (8,000) VON MENZEL, ADOLPH Studies of a Man Eating from a Bowl 30,000 70,000 40,000 VON MENZEL, ADOLPH Hand of a Woman Holding a Cane 20,000 60,000 40,000 TWACHTMAN. JOHN HE Irises 55,000 30,000 (25.000) TISSOT. JAMES La soeur ainee 125,000 125,000 THOMAS, GWENN Yellow and Black Colonnade: Ellis Island Series 2.632 2,632 THIEBAUD, WAYNE Pink Swirl 119,075 400,000 280,925 TANSEY, MARK Homage to Susan Sontag 50,000 400,000 350,000 SZTYBEL, PAMELA A few clouds and a dark pond (near Mancheste 27,156 27,156 SZTYBEL, PAMELA Housatonic II 15,173 15,173 SZTYBEL, PAMELA Two Ponds (Bridgewater, CT) 13,035 13,035 SZTYBEL, PAMELA Untitled 10,331 10,331 SZTYBEL, PAMELA Tree in a Field 7,069 7,069 SZTYBEL, PAMELA Rue de Courcelles (Mereville) 4,005 4,005 SZTYBEL, PAMELA Little River in France 3,464 3,464 STRAET, JAN VEN DER, Disegni Rappresentanti it Purgatorio Di Dante A 1,525,000 175,000 (1,350.000) SPRANGER. BARTHOLC The Temptation of Adam 251,200 350,000 98,800 SIGNAC, PAUL La Rochelle 42.900 42,900 SERRA, RICHARD Solid No. 3 218,971 200,000 (18.971) SERRA, RICHARD Solid No. 11 218,971 200,000 (18.971) SERRA, RICHARD Solid No. 13 218,189 200,000 (18.189) SERRA, RICHARD Transparency #3. 2012 193,569 100,000 (93.569) 4,508,724 (1,912.911) Page 3 of 11 EFTA01146286 NARROWS/LDB FINE ART WORKS HELD BY LDB POST PARTNERSHIP FUNDING 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 SERRA, RICHARD Transparency #2, 2012 191,529 100,000 (91,529) SCHWITTERS, KURT Kurt Schwitters: Schriftstellar 220,000 225,000 5,000 SCHWARTZ, ADAM Drive Shaft 7,000 7,000 SCHWARTZ, ADAM Bomb Mill 6,500 6,500 SCHIELE, EGON Self-Portrait 20,000 20,000 SAUNDERS, DAVID The Afterlife of Things 5,400 5,400 RUSKIN, JOHN Spur of Piazetta Shaft, Venice 6,504 16,000 9,496 ROUSSEL. KER-XAVIER La Ciotat 5,000 14,000 9,000 ROSSETTI, DANTE GABISir Lancelot in Queen Guinivere's Chamber 150,942 250,000 99,058 ROSSETTI, DANTE GABI The Sun May Shine and We Be Cold 34,264 35,000 736 ROSSETTI, DANTE GABIStudies for the Head of the Farmer in 'Found' 31,427 25,000 (6,427) ROMANO, GUILO (GUILC Satyr Crowned with Vine Leaves 252,514 250,000 (2.514) RODIN, AUGUSTE Le penseur 250,000 300,000 50,000 RODIN, AUGUSTE The Age of Bronze 25,000 300,000 275,000 ROBERT, HUBERT Escalier dans les jardins de la villa Famese a C; 353,943 353,943 RIVERA. DIEGO Cabeza de una Tehuana (Retrato de Juchiteca) 35,000 35,000 RICKEY, GEORGE Triple L Excentric Gyratory Gyratory 400,000 400,000 RICHMOND. WILLIAM BL Portrait 12,222 17,500 5,278 RIBOT, THEODULE AUG Les eplucheuses de pommes de terre 65,175 65,175 REMBRANDT VAN RIJN Jan Uijtenbogaert, Preacher of the Remonstran. 400,000 400,000 REMBRANDT VAN RIJN Diana at the Bath 200,000 200,000 REDON, ODILON Satan dominant le monde 161,151 450,000 288,849 REDON, ODILON Satyre 180,000 400,000 220,000 REDON, ODILON Le cube (L'oeil) 325,125 350,000 24,875 REDON, ODILON Caliban 325,125 300,000 (25,125) REDON, ODILON Poinsettia (La fleur rouge) 200,000 250,000 50,000 REDON, ODILON The Angel of Death 179,644 200,000 20,356 REDON, ODILON Le Cerf Volant 200,000 200,000 REDON, ODILON After Edgar A. Poe (Mellerio 37-43) 162,375 80,000 (82,375) REDON, ODILON Dans le rave (Mellerio 27-36) 205,675 40,000 (165,675) REDON, ODILON Poemes 2,722 2,000 (722) RAUSCHENBERG, ROBESpring Clearnace 462,719 462,719 RANSON, PAUL ELIE Jeune femme a sa toilette 18,000 12,500 (5,500) QUINN, MARC The Blind Still Leading the Blind 37,897 60,000 22,103 PUVIS DE CHAVANNES, Reclining Female Nude with Drapery 5,000 17,500 12,500 PRUD'HON, PIERRE-PM Portrait de Madame Peen de Saint-Gilles 453,688 250,000 (203,688) POLIDORO DA CARAVA( Vierge encre et lavis 273,462 273,462 PICASSO, PABLO Bacchus et jeune femme nue 86,600 125,000 38,400 6,498,699 947,098 Page 4 of 11 EFTA01146287 NARROWS/LDB FINE ART WORKS HELD BY LDB POST PARTNERSHIP FUNDING 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 PICASSO, PABLO Deux femmes batifolant sur un matelas de plag' 3,000 6,000 3,000 PIAZZETTA, GIAMBATTI:Standing Male Nude (recto), Seated Male Nude 261,300 240,000 (21,300) PETERDI, GABOR Big Blue Eclipse 3,458 3,458 PASCIN, JULES Turkish Dancers 3,000 8,000 5,000 PARDO. JORGE Untitled 117.585 117,585 OPPER, JOHN Untitled 12,990 12,990 OAKES, TREVOR & RYAI Have No Narrow Perspectives: The Bean 182,366 182,366 NOLDE, EMIL Mohn und Ritterspoon 50,000 250,000 200,000 NOLDE, EMIL Junges Paar (S.L52) 233,658 175,000 (58,658) NOLDE, EMIL Calla und Sommerblumen 196,474 175,000 (21,474) NOLDE, EMIL Junges Paar (S. L52) 228,969 90,000 (138,969) NOLDE, EMIL Junges Paar (S.L52) 150,000 90,000 (60,000) NOLDE, EMIL Salamo und Seine Frauen (S.R. 153) 4,500 15,000 10,500 NOLDE, EMIL Segelboat (S.H.37) 58,500 15,000 (43,500) MUNCH. EDVARD Vampyre (S.34: W.41) 265,776 250,000 (15,776) MUNCH. EDVARD Eifursucht (grosse Fassung) (S. 58; W.69) 47,500 40,000 (7,500) MOREAU. GUSTAVE Le jeune homme et la mort (Hommage a Chass 275,000 250,000 (25,000) MONET, CLAUDE Les Nympheas avec saute 342.225 400,000 57,775 MONDRIAN. PIET Chrysanthemum 142,890 200,000 57,110 MODIGLIANI, AMEDEO Caryatid, Frontal View, with Background, Hands 380,188 350,000 (30,188) MILLET, JEAN-FRANcOI.Sleeping Nude 283,075 275,000 (8,075) MILLET, JEAN-FRANcOI.La ravaudeuse (Madame Millet) 570.833 175,000 (395,833) MILLET, JEAN-FRANcOI.Cooper Tightening Staves on a Barrel 286,863 125,000 (161,863) MILLER, HENRY Love and Other Crimes 21,400 21,400 MATISSE, HENRI Autoportrait 270,625 300,000 29,375 MATISSE, HENRI Autoportrait 270,625 175,000 (95,625) MATISSE, HENRI Femme nue debout 60,000 70,000 10,000 MATISSE. HENRI Etude d' odalisque 54,125 54,125 MASTER MZ (PROBABD A Tournament 300,000 300,000 MASTER L. CZ. Untitled 381,063 350,000 (31,063) MASTER E. S. The Virgin with the Rosary on the Crescent 190,531 190,531 MARSH, REGINALD Woman Walking 5,000 6,000 1,000 MARSH, REGINALD Does Your Nose Clog Up Al 5,000 4,000 (1,000) MARIN, JOHN From Crotch Isle, Maine 60,000 30,000 (30,000) MAILLOL, ARISTIDE Eve a la pomme 75,000 200,000 125,000 MAILLOL, ARISTIDE Nude Seen from Behind 20,000 25,000 5,000 MAILLOL, ARISTIDE Esquisse pour 'Le Mediterrande' 19,000 25,000 6,000 LONGHI, PIETRO Two Standing Women 174.200 160,000 (14,200) 5,356,454 (650,263) Page 5 of 11 EFTA01146288 NARROWS/LDB FINE ART WORKS HELD BY LDB POST PARTNERSHIP FUNDING JULY 2014 SOTHEBY'S VALUATION Mist Item Description Total Paid (in USD) Fair Value \or Cost (if not on Appraisal) Fair Value Less Total Paid SUBTOT FMV SUBTOT- UNREAL LONG, RICHARD Sun Line 325,125 250,000 (75,125) LONG, RICHARD Cornish Slate Cross 325,125 250,000 (75,125) LIN, MAYA Silver River — Hudson 92,331 150,000 57,669 LIN, MAYA Wire Landscape 27,156 27,156 LEIGHTON, FREDERIC L Studies of male figures in medieval dress for "T 7,400 7,400 LEE, JENNY Half-Note No. 8 3,410 3,410 KURTEN, STEFAN Northern Sky (Everybodys Happy Nowadays) 15,938 12,000 (3,938) KUBIN, ALFRED The Swarm 287,197 70,000 (217,197) KLIMT, GUSTAV Reclining Woman to the Right 570,692 450,000 (120,692) KLIMT, GUSTAV Reclining Woman with Bent Arms 345,419 250,000 (95,419) KLIMT, GUSTAV Femme nue 25,000 175,000 150,000 KLEE, PAUL Zwei Manner, einander in h6herer Stellung verrr 100,000 150,000 50,000 KLEE, PAUL Komiker - Inv. 4 (Kornfeld, no. 9) 100,000 150,000 50,000 KLEE, PAUL Weib und Tier - Inv. 1 (Kornfeld, no.13) 273,102 150,000 (123,102) KLEE, PAUL Greiser Phoenix - Inv. 9 (Kornfeld, 17) 131,493 120,000 (11,493) KLEE, PAUL Weib und Tier (Kornfeld, no. 3) 249,458 100,000 (149,458) KLEE, PAUL Der Held mit dem FILigel - Invention 2 (K.16) 115,584 100,000 (15,584) KLEE, PAUL Charme (Weiblich Anmut) Invention no. 5 (K.12 103,431 60,000 (43,431) KLEE, PAUL Invention 8 - Perseus (Der Witz hat uber das Le 88,733 50,000 (38,733) KLEE, PAUL Abenteuerlicher Fisch (Kornfeld, 1) 30,000 30,000 KIRCHNER. ERNST LUD'Tanzerin mit gehobenem Rock (Dube W 141) 103,797 90,000 (13,797) KIRCHNER, ERNST LUD' Billiardspieler (D. L290) 110,000 70,000 (40,000) KIRCHNER. ERNST LUD'Liegende akt auf dem Sofa 70,000 70,000 KIRCHNER. ERNST LUD' Artistenkind-Marcella (Dube L. 136, I of II) 80,000 50,000 (30,000) KIRCHNER. ERNST LUD' Kopf Ludwig Schames (D.H 330) 100,000 40,000 (60,000) KHNOPFF. FERNAND Dessin 74,151 100,000 25,849 KHNOPFF, FERNAND De animalite 121,781 60,000 (61,781) KELLY, ELLSWORTH Brushstrokes Cut into Thirty-five Squares and A 293,962 225,000 (68,962) KAHN, WOLF The Towpath 34,640 35,000 360 KAHN, WOLF Evening Light 5,359 7,000 1,641 KAHN, WOLF Barn in Fog 1,200 4,000 2.800 KAHN, WOLF Returning to Harbor (in Martha's Vineyard) 2,250 2,500 250 KAHN, WOLF Late Fall in CT. 19,017 19,017 KAHN, WOLF Toward Blue Woods 4,384 4,384 JORDAENS, JACOB Study of a Man Seen from Behind 316,282 300,000 (16,282) ISABEY, JEAN-BAPTISTE Portrait de Talleyrand 7,000 20,000 13,000 INGRES, JEAN-AUGUST Portrait de Monseigneur Gabriel Cortois de Pre; 179,655 250,000 70,345 INGRES, JEAN-AUGUST Mere et enfant (Esquisse de le Martyre de Saint 200,263 125,000 (75,263) 4,026,867 (913,469) Page 6 of 11 EFTA01146289 NARROWS/LDB FINE ART WORKS HELD BY LDB POST PARTNERSHIP FUNDING 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 INGRES, JEAN-AUGUST Gabriel Cortois de Pressigny (Delteil 1 ii/iii) 16,898 6,000 (10,898) HUGO, VICTOR A Figure Passing in the Horizon, a Gothic Chap' 154,319 125,000 (29,319) HARTLEY, MARSDEN Calla Lillies 140,000 400,000 260,000 HARTLEY. MARSDEN The Fish 80,105 200,000 119,895 HARTLEY, MARSDEN Twisted Roots (Tree study) 7,000 30,000 23,000 GRIS, JUAN Nature morte au cafetiare 123,891 400,000 276,109 GREUZE. JEAN-BAPTIS1 Portrait of a Young Gentleman 456,152 415,000 (41,152) GRAHAM. JOHN Horse and Rider 5,000 10,000 5,000 GORMLEY, ANTONY Landing 98,532 300,000 201,469 GORMLEY. ANTONY Together and Apart 79,368 300,000 220,632 GORMLEY. ANTONY Seeing and Showing 80,004 200,000 119,996 GORMLEY. ANTONY Sense 2,653 9,000 6,347 GORMLEY. ANTONY Home of the Heart IV 2,653 9,000 6,347 GORMLEY. ANTONY Base 2,653 9,000 6,347 GORKY, ARSHILE Nighttime, Enigma and Nostalgia 163,375 125,000 (38,375) GORKY, ARSHILE Study for 'Blue Figure in Chair' (Study after Pica 64,950 60,000 (4,950) GORKY, ARSHILE Study tor 'Blue Figure in Chair' (Study after Pica 64,950 60,000 (4,950) GONCHAROVA, NATALli The Appearance to Joseph 40,000 40,000 GIMHONGSOK Canine Construction 127,500 100,000 (27,500) GILLOT, CLAUDE Celebration en I'honneur du dieu Pan (Celebrati 215,390 200,000 (15,390) GIACOMETTI, DIEGO Console a plateaux, modele aux grenouilles 170,000 250,000 80,000 GIACOMETTI, DIEGO Console a plateaux, modele aux grenouilles 250,000 250,000 GIACOMETTI, DIEGO Console table with shelf, model with frogs 200,000 200,000 GIACOMETTI, DIEGO Console table with shelf, model with frogs 200,000 200,000 GIACOMETTI, DIEGO Table basse aux caryatides 175,000 175,000 GIACOMETTI, DIEGO Pedestal a I'oiseau 324,750 175,000 (149,750) GIACOMETTI, DIEGO Pair of Andirons 299,898 125,000 (174,898) GIACOMETTI, DIEGO Pair of Lamps Decorated with Owl and Cup 165,622 120,000 (45,622) GIACOMETTI, DIEGO Lampe en forme bougeoir 35,000 35,000 GIACOMETTI. DIEGO Lampe en forme bougeoir 35,000 35,000 GIACOMETTI. ALBERTO Pair of torchbres 300,000 300,000 GIACOMETTI, ALBERTO Autoportrait 100,000 250,000 150,000 GIACOMETTI. ALBERTO Jean-Paul Sartre 385,988 250,000 (135,988) GIACOMETTI, ALBERTO Lampadaire a la tete de femme 131,662 100,000 (31,662) GIACOMETTI, ALBERTO Lampe-trepied a atoile 60,000 60,000 GIACOMETTI, ALBERTO Lampe-trepied a atoile 60,000 60,000 GAINSBOROUGH, THOfid Wooded Landscape with Figures Outside a Cot 189,438 150,000 (39,438) FUSELI, HENRY The Confederates Arriving at the Rutli 92.013 200,000 107,988 5,933,000 2,188,238 Page 7 of 11 EFTA01146290 NARROWS/LDB FINE ART WORKS HELD BY LDB POST PARTNERSHIP FUNDING 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 FUSELI. HENRY A Threatening Head 35,000 35,000 FOSSE, CHARLES DE U A mounted soldier, seen from behind 429,829 360,000 (69.829) ERNST, JIMMY Untitled 8.100 8,100 ERNST, AFTER MAX The Ocean (S./L. A3) 5,400 500 (4.900) ENSOR. JAMES Self Portrait 489,938 400,000 (89.938) ENSOR. JAMES The Entry of Christ into Brussels in 1889 on the 182,278 300,000 117.722 ENSOR. JAMES Diables rosant Anges e Archanges (Devils thras 155,212 155,212 ENSOR. JAMES Le Combat des pouilleux Desir et Rissole - the I 124,117 115,000 (9.117) ENSOR. JAMES Les Bains d'Ostende - The Baths at Ostend (T.' 124,117 115,000 (9.117) ENSOR. JAMES Alimentation doctrinaire - Doctrinal Nourishmen. 248,235 114,000 (134.235) ENSOR. JAMES La Belgique au XIXe siecle -- Belgium in the XI) 124,117 114,000 (10.117) ENSOR. JAMES La Vengeance de Hop Frog (Hop Frog's Reven! 113,310 70,000 (43.310) ENSOR. JAMES Le Christ Aux Enters (Christ in Embers) 65,987 65,987 ENSOR. JAMES La puce 52,500 60,000 7,500 ENSOR. JAMES Mon atelier 34,100 16,000 (18.100) ENSOR. JAMES Isectes singuliers (Strange insects) 12,003 12,003 ENSOR. JAMES Le combat des demons (Diables rossant anges 2,000 5,000 3.000 ENSOR. JAMES Mon Pere mort - My dead father 97,988 97,988 ELIZONDO, ARTURO Ardores clandestinos 3,897 4,500 603 DORER, ALBRECHT The Four Horsemen (Bartsch 64; Meder 167b) 373.642 360,000 (13.642) DORER. ALBRECHT Coat of Arms with a Skull 368.542 338,500 (30.042) DORER. ALBRECHT Saint Anthony Reading 420,802 336,500 (84.302) DORER. ALBRECHT Nemesis (The Great Fortune) (Bartsch 77; Med 246,970 250,000 3.030 DUBUFFET, JEAN Table au couvert dresse 92,012 60,000 (32.012) DROUAIS. JEAN-GERMA Marius a Mintumes 45,325 50,000 4.675 DOVE, ARTHUR GARFIE Untitled V (Centerport) 25,000 40,000 15,000 DONGEN. KEES VAN Femme a sa toilette 54,000 25,000 (29.000) DIX. OTTO Mary 108,875 90,000 (18.875) DIX. OTTO Bautzen VI 14,400 15,500 1,100 DINE, JIM Self-portrait Head (Second State) (W.C. 160) 1,200 1,500 300 DERAKSHANI. REZA Dark Soil I (from Sand Painting series) 10,875 10,875 DERAKSHANI. REZA Dark Soil II (from Sand Painting series) 10,875 10,875 DERAKSHANI. REZA Dark Soil III (from Sand Painting series) 10,875 10,875 DERAKSHANI. REZA Dark Soil IV (from Sand Painting series) 10,875 10,875 DERAKSHANI. REZA Dark Soil V (from Sand Painting series) 10,875 10,875 DERAIN. ANDRE Figures in a Landscape 433,000 400,000 (33,000) DERAIN. ANDRE Femme nue 2.000 5,000 3,000 DERAIN. ANDRE Profit de femme (Profile of a Woman) 5.500 5,000 (500) 4.079,666 (474.105) Page 8 of 11 EFTA01146291 NARROWS/LDB FINE ART WORKS HELD BY LDB POST PARTNERSHIP FUNDING 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 DENIS. MAURICE Woman and Child 5,000 25,000 20,000 DELACROIX, EUGENE Tigre se lechant la patte 225,000 400,000 175,000 DELACROIX, EUGENE Cavalier mamelouk au galop 161,500 175,000 13,500 DELACROIX, EUGENE Three Male Nudes 24,356 25,000 644 DELACROIX, EUGENE Rencontre de cavaliers Maures (D.23) 5,000 5,000 DEGAS. EDGAR Danseuse mettant son bas 277,500 250,000 (27,500) DE SAINT-AUBIN, GABRI Victory of Tarquin over the Sabines and Etrusca 27,156 15,000 (12.156) DE GOYA, FRANCISCO Los desastres de la guerra 450,000 450,000 DE GOYA, FRANCISCO Los Proverbios (or Los Disparates) 200,000 200,000 DAVIS, STUART Artist in Search of a Model 74,151 350,000 275,849 DAVIS, STUART Study for Proposed Mural, United Nations Conf€ 48,713 150,000 101,288 DAVIS, STUART The Sidelong Glance 20,000 125,000 105,000 DAVIS, STUART Untitled 20,000 125,000 105,000 DAVID. JACQUES-LOUIS The Ghost of Septimus Severus Appearing to C 520,200 480,000 (40,200) DAVID. JACQUES-LOUIS Paris and Helen 459,960 470,000 10,040 DAVID. JACQUES-LOUIS Portrait of a Revolutionary in Profile Facing Left 255,000 200,000 (55,000) DAUMIER. HONORE La defense 324,750 350,000 25,250 DAUMIER, HONORE [amateur d'estampes 315,498 250,000 (65,498) CRAWFORD. ELIZABETI The Great Game 920 920 COROT. JEAN-BAPTISTI Vue de Volterra 85,000 70,000 (15,000) CORNELL, JOSEPH Hotel de l'Etoile (Suzys Room) 435,500 435,500 CORNELL, JOSEPH Untitled (Bird Box) 435,500 435,500 CONSTABLE, JOHN Cloud Study 598,813 450,000 (148,813) CONSTABLE, JOHN Cloud Study (recto)Suffolk Landscape with a Cl' 379,313 400,000 20,688 CONSTABLE. JOHN A View in Borrowdale 70,363 80,000 9,638 CLEMENTE, FRANCESC Untitled (Jamaican Watercolor) 43,400 50,000 6,600 CHIRINO, MARTIN Oology 7,000 12,000 5,000 CHIRINO, MARTIN Cabenza 25,000 7,000 (18,000) CHIRINO, MARTIN Espiral 7,307 7,000 (307) CHASSERIAU, THEODOI Recto: Portrait of a Little Couloughi 249,022 125,000 (124,022) CAVALLON, GIORGIO Untitled 7,794 4,000 (3,794) CAVALLON, GIORGIO Untitled 7,794 4,000 (3,794) CAVALLON, GIORGIO Untitled 7,794 4,000 (3,794) CASTELLANI. ENRICO Superficie bianca 402,315 275,000 (127,315) CARRACCI, LUDOVICO St. John The Evangelist 877,489 460,165 (417,324) CARRACCI, ANNIBALE Return of the Prodigal Son 342.073 300,000 (42.073) BURNE-JONES. EDWAR Sir Galahad 243,563 200,000 (43,563) BURNE-JONES. EDWAR L'Amor the mauve it Sole e l'altre Stelle 134,437 175,000 40.563 7,540,085 415,906 Page 9 of 11 EFTA01146292 NARROWS/LDB FINE ART WORKS HELD BY LDB POST PARTNERSHIP FUNDING 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 BRESDIN, RODOLPHE A Battle Scene 100,131 80,000 (20,131) BRESDIN, RODOLPHE A Lion Hunt 100,131 80,000 (20,131) BRESDIN, RODOLPHE Le Bon Samaritain (Neuman 49: Van Gelder 10 88,568 80,000 (8,568) BRESDIN, RODOLPHE Paysan au pied d'un arbre 64,950 60,000 (4,950) BRANDT, WARREN Treasure Chest 16,667 16,667 BRANDT, WARREN Pink Roses 10,667 10,667 BRANDT, WARREN Western Union 2.667 2,667 BOURDELLE, EMILE AN1I-läracläs Archer 110.000 125,000 15.000 BOURDELLE, EMILE AN1Penelope 60,000 20,000 (40,000) BOTERO, FERNANDO El guitarrista 10,000 35,000 25,000 BONNARD. PIERRE Nature morte aux fruits 70,000 80,000 10,000 BONNARD, PIERRE Nu ä la baignoire 55,000 50,000 (5,000) BONINGTON, RICHARD Landscape with Harvesters at Sunset 135.313 150,000 14.688 BONHEUR, ROSA Study for 'The Horse Fair' 8,660 12,500 3,840 BOLOTOWSKY. ILYA Untitled 1,500 10,000 8,500 BOILLY, LOUIS LEOPOLI Etude präparatoire pour "Le jeu d'ächecs" 139,759 200,000 60,241 BERNINI, GIAN LORENZ' Portrait of Ottaviano Castelli 253,679 250,000 (3,679) BERNARD, EMILE Two Women 2,000 7,000 5,000 BELLOWS, GEORGE WE A Stag at Sharkey's (M.46) 133,688 100,000 (33,688) BELLOWS, GEORGE WE Dempsey and Firpo (M. 181) 127,735 65,000 (62,735) BELLOWS, GEORGE WE Old Billiard Player (M. 84; B. 19) 2,500 18,000 15,500 BELLOWS, GEORGE WE The Pool-Player (M. 83: B.58) 3,500 8,000 4,500 BECKMANN, MAX Kleines Rosenstilleben mit blauem Spiegel 325,000 350,000 25,000 BECKMANN, MAX Kasbek 75,000 125,000 50,000 BECKMANN, MAX Acrobat (Back Bend) 48,000 100,000 52,000 BECKMANN, MAX Selbstbildnis mit Steifem Hut (H.180; GL.157; G 120,000 75,000 (45,000) BECKMANN, MAX Taubstumme 84,435 70,000 (14,435) BECKMANN. MAX Sacrä Coeur 20,000 60,000 40,000 BECKMANN, MAX Bei der Toilette (At the Toilette) (H. 261 B; GI. 2 150,000 20,000 (130,000) BECKMANN, MAX Kasbek (H. 281; G. 245) 28,145 17,500 (10,645) BECKMANN, MAX Schlangendame (H. 200; GI. 175: G. 172) 5,000 8,000 3,000 BECKMANN, MAX In der Trambahn (H. 235; GI. 209; G. 205) 5,000 6,000 1,000 BECKMANN, MAX Fastnacht (H. 231; Gl. 205; G. 201) 5,000 5,000 - BECKMANN, MAX Vor dem Auftritt (Akrobaten) (H. 289: G. 250) 3,150 4,000 850 BEARDSLEY, AUBREY V The Achieving of the Sangreal 175,000 125,000 (50,000) BEARDSLEY, AUBREY V Lady Gold's Escort (From The Yellow Book Vol. 46,598 70,000 23,403 BARYE, ANTOINE-LOUIS Guerrier tartare arrötant son cheval 10,000 25,000 15,000 BARYE, ANTOINE-LOUIS Thäsee combattant le Centaur Bienor 10,000 25,000 15.000 2,546,000 (61,441) Page 10 of 11 EFTA01146293 NARROWS/LDB FINE ART WORKS HELD BY LDB POST PARTNERSHIP FUNDING JULY 2014 SOTHEBY'S VALUATION Artist Item Description BARYE, ANTOINE-LOUIS Cheval Turc BARYE, ANTOINE-LOUIS Lion-stalking BARYE, ANTOINE-LOUIS Tigre qui marche BARYE, ANTOINE-LOUIS Lion qui marche Total Paid (in USD) 30,000 5,000 5,000 5,000 Fair Value \or Cost (if not on Appraisal) 25,000 10,000 10,000 10,000 Fair Value Less Total Paid (5.000) 5.000 5.000 5.000 SUBTOT FMV SUBTOT- UNREAL BAROCCI. FEDERICO Recto: Studies of Angels and Children's Heads 503,107 400,000 (103,107) BALDUNG, HANS Group of Seven Horses (Bartsch 56; Hollstein 186,821 180,000 (6,821) BAKST. LEON Costume Design For A Young Hindu Prince In L 33,983 30,000 (3.983) BAKST, LEON Costume Design For The Priest Soma From Le 33,983 30,000 (3.983) AVERY, MILTON Beach Umbrellas 17,000 150,000 133.000 AVERY, MILTON Man, Rocks and Sea 150,000 150.000 AVERY, MILTON Mottled Hills 29,227 29,227 AVERY, MILTON Striped Drape 2,200 7,500 5.300 AVERY, MILTON Seven Palms 7,000 5,000 (2.000) AVERY, MILTON Two Nudes 1,500 4,000 2.500 AVERY, MILTON Nude Meditating 1,200 4,000 2,800 AVERY, MILTON Head of a Man (L. 8) 250 3,500 3,250 AVERY, MILTON Birds and Sea (L. 60) 4,330 2,500 (1,830) 1,050,727 185,126 WORKS VALUED < $500K 41,816,044 41,540,222 (275.822) 320 TOTAL ALL WORKS 287,945,864 523,029,572 235,083,708 395 Page 11 of 11 EFTA01146294