ART INVENTORY - UNREALIZED

ART INVENTORY - UNREALIZED Owner OBJECT TYPE Artist JULY 2014 Total Paid (in Item Description 1 USD) Fair Value (% Ownership) or Cost (if not on Appraisal) Unrealized Gain (Loss) IF PROMISED (PLEDGED) GIFT, NAME OF DONEE INSTITUTION OWNERSHIP NARROWS FINE ART MANET. EDOUARD Portrait de Berthe Morisot 25,226,302 15,000,000 (10,226,302) 100.0% NARROWS FINE ART SMITH, DAVID Cubi II 25,770,000 22,000,000 (3,770,000) 100.0% APO 1 (BLACK 2 FINE ART BAROCCI, FEDERICO Christ blessing angel 6,968,000 3,500,000 (3,468,000) 100.0% APO 1 (BLACK 2 FINE ART MATISSE, HENRI Nu de Dos, 4 etat (Back IV) 53,133,722 50,000,000 (3,133,722) 100.0% APO 1 (BLACK 2 FINE ART PICASSO, PABLO Composition (Composition Au Minotaure) 18,918,808 16,000,000 (2,918,808) 100.0% APO 1 (BLACK 2 FINE ART FRAGONARD, JEAN-HON( Portrait of Francois-Henri, 5th duc d'Harcourt, 30,548,236 28,000,000 (2,548,236) 100.0% NARROWS FINE ART PICASSO, PABLO Tele d'homme 9,103,500 7,000,000 (2,103,500) 100.0% NARROWS FINE ART ROTHKO, MARK Black, White, Blue 5,429,315 3,500,000 (1,929,315) 100.0% LDB 2011 LLC FINE ART SEURAT, GEORGES Au Divan Japonais (café-concert) 7,705,456 6,000,000 (1,705,456) 100.0% NARROWS FINE ART DAVID, JACQUES-LOUIS Les amours de Paris et Helene 4,928,028 3,500,000 (1,428,028) 100.0% NARROWS FINE ART STRAET, JAN VEN DER, C Disegni Rappresentanti it Purgatorio Di Dante 1,525,000 175,000 (1,350,000) 100.0% NARROWS FINE ART KIPPENBERGER, MARTIN Untitled (from the series The Raft of the Medi. 3,819,135 2,500,000 (1,319,135) MoMA 100.0% NARROWS FINE ART PICASSO, PABLO Tele moustachue 8,165,625 7,000,000 (1,165,625) 100.0% NARROWS FINE ART DE GOYA. FRANCISCO Bull Held by a Cord 13,146,222 12,000,000 (1,146,222) 100.0% APO 2 (B FAM 1! FINE ART PERUZZI, BALDASSARE An Artist drawing a Nobleman 2,071,347 1,000,000 (1,071,347) 100.0% APO 1 (BLACK 2 FINE ART BECKMANN, MAX Studie Zu Malepartus (Study for Malepartus) 1,469,813 400,000 (1,069,813) 100.0% APO 1 (BLACK 2 FINE ART SCHIELE, EGON Self Portrait as Saint Sebastian 3,511,219 2,500,000 (1,011,219) 100.0% NARROWS FINE ART REMBRANDT VAN RIJN Christ Crucified Between Two Thieves (The T 2,384,250 1,400,000 (984,250) 100.0% APO 2 (B FAM 1! FINE ART MATISSE, HENRI Figure Decorative 13,976,040 13,000,000 (976,040) 100.0% APO 1 (BLACK 2 FINE ART PICASSO, PABLO Tele de Jeune Homme 4,447,505 3,500,000 (947,505) 100.0% NARROWS FINE ART NOGUCHI, ISAMU Personnage III (Ningen 3) 2,147,500 1,200,000 (947,500) 100.0% NARROWS FINE ART DE TOULOUSE-LAUTREC, Au bal de l'op4ra 10,968,634 10,125,000 (843,634) 100.0% NARROWS FINE ART KIEFER, ANSELM Isis on the Way 1,625,625 800,000 (825,625) 100.0% APO 2 (B FAM 1! FINE ART MUNCH. EDVARD Melancholy 1,702,098 900,000 (802,098) 100.0% NARROWS FINE ART INGRES, JEAN-AUGUSTE- Baronne Charles-Atharase Walckenear. née I 1,296,630 500,000 (796,630) 100.0% LDB 2011 LLC FINE ART GAUGUIN, PAUL L'Esprit veille (Te Arii Vahine)(Femme tahitier 3,290,086 2,500,000 (790,086) 100.0% NARROWS FINE ART DE GOYA, FRANCISCO La culpa es tuya (test de la taute) (It's all yot 2,778,085 2,000,000 (778,085) 100.0% NARROWS FINE ART MATISSE, HENRI Femme assise en blouse Roumaine motifs dE 3,266,250 2,500,000 (766,250) 100.0% Page 1 of 26 EFTA01154354 ART INVENTORY - UNREALIZED Owner OBJECT TYPE Artist JULY 2014 Total Paid (in Item Description 1 USD) Fair Value (°/0 Ownership) or Cost (if not on Appraisal) IF PROMISED (PLEDGED) GIFT, NAME Unrealized OF DONEE Gain (Loss) INSTITUTION OWNERSHIP NARROWS FINE ART REMBRANDT VAN RIJN Group of six prints including the Six Portrait, 1 9,254,375 8,500,000 (754,375) 100.0% NARROWS FINE ART MANET. EDOUARD La posada (The tavern or Before the Corrida) 2,994,063 2,250,000 (744,063) 100.0% NARROWS FINE ART KLEE, PAUL Untitled 4,725,220 4,000,000 (725,220) 100.0% NARROWS FINE ART MIRO, JOAN Oiseau Lunaire 4,191,688 3,500,000 (691$88) 100.0% APO 2 (B FAM 1! FINE ART MARDEN. BRICE Untitled 1,633,125 1,000,000 (633,125) 100.0% APO 1 (BLACK 2 FINE ART SCHWITTERS, KURT Sword 3,102,938 2,500,000 (602,938) 100.0% NARROWS FINE ART GONZALEZ, JULIO Homme gothique 3,100,324 2,500,000 (600,324) 100.0% NARROWS FINE ART COROT. JEAN-BAPTISTE-t Portrait of Mlle. Jeanne Farochon 1.082.500 500,000 (582,500) 100.0% NARROWS FINE ART SCHIELE, EGON Seated Nude Violet Stockings 3,375,125 2,800,000 (575,125) 100.0% NARROWS FINE ART GAUGUIN, PAUL Self-Portrait 5,062.688 4,500,000 (562,688) 100.0% NARROWS FINE ART ZHANG HUAN Airplanes 758,625 200,000 (558,625) 100.0% APO 1 (BLACK 2 FINE ART GELLEE. CLAUDE A wooded landscape 6,674,582 6,130,500 (544,082) 100.0% APO 2 (B FAM 1! FINE ART RUBENS, PETER PAUL Meleager and Atalanta Hunting the Boar 6,021,753 5,500,000 (521,753) 100.0% NARROWS FINE ART MANET. EDOUARD Huitres 6.502.500 6,000,000 (502,500) 100.0% APO 2 (B FAM 1! FINE ART SHAPIRO, JOEL Untitled 1.181,125 700,000 (481,125) 100.0% APO 1 (BLACK 2 FINE ART GERICAULT, JEAN-LOUIS- Study For the Father in the Raft of the Medus 878,562 400,000 (478,562) 100.0% NARROWS FINE ART CEZANNE. PAUL Le jardin des Lauves: Vue sur Aix et le Cathe 5,960,625 5,500,000 (460,625) 100.0% APO 2 (B FAM 1! FINE ART KAPOOR, ANISH Untitled 1,641,846 1,200,000 (441,846) 100.0% APO 2 (B FAM 1! FINE ART REDON, ODILON Fleurs sur fond noir 1,140,563 700,000 (440,563) 100.0% NARROWS FINE ART KIRCHNER, ERNST LUDW Wettertannen (D. H 392) 1,439,992 1,000,000 (439,992) 100.0% NARROWS FINE ART MATISSE, HENRI Rendering of the Barnes Mural in Progress 2,177,500 1,750,000 (427,500) 100.0% NARROWS FINE ART SEVERINI, GINO L'autobus 1.418.229 1,000,000 (418,229) 100.0% NARROWS FINE ART CARRACCI, LUDOVICO St. John The Evangelist 877,489 460,165 (417,324) 100.0% LDS 2011 LLC FINE ART WATTEAU, JEAN-ANTOINI Study of a Seated Woman 1.407.250 1,000,000 (407,250) 100.0% APO 2 (B FAM 1! FINE ART KLINE, FRANZ Untitled 596,063 200,000 (396,063) 100.0% NARROWS FINE ART MILLET. JEAN-FRANCOIS La ravaudeuse (Madame Millet) 570,833 175,000 (395,833) 100.0% NARROWS FINE ART VAN DYCK. SIR ANTHONY Two Studies of a Bearded Man 7,893,482 7,500,000 (393,482) 100.0% APO 2 (B FAM 1! FINE ART NOGUCHI, ISAMU Bindu 732,800 350,000 (382,800) 100.0% NARROWS FINE ART SCHONGAUER Group of Prints, Including the large Crucifixior 4.355,000 4,000,000 (355,000) 100.0% Page 2 of 26 EFTA01154355 ART INVENTORY - UNREALIZED JULY 2014 Fair Value IF PROMISED (°/0 (PLEDGED) Ownership) or GIFT, NAME Total Paid (in Cost (if not on Unrealized OF DONEE OWNERSHIP Owner OBJECT TYPE Artist Item Description 1 USD) Appraisal) Gain (Loss) INSTITUTION NARROWS FINE ART TINTORETTO, JACOPO R( Study of male nude lying on the ground 854,233 500,000 (354,233) 100.0% NARROWS FINE ART GIACOMETTI, DIEGO Chandelier 1,449,563 1,100,000 (349,563) 100.0% APO 2 (B FAM 1! FINE ART VAN DOESBURG, THEO Compositie 1,833,183 1,500,000 (333,183) 100.0% APO 2 (B FAM 1! FINE ART BARBIERI, GIANVANNI FR, Landscape 580,177 250,000 (330,177) 100.0% NARROWS FINE ART REDON, ODILON La Tentation de Saint-Antoine 1,573,244 1,250,000 (323,244) 100.0% NARROWS FINE ART BALDUNG, HANS Head of a Man, in Three-Quarter-Profile to th 4,022,880 3,700,000 (322,880) 100.0% NARROWS FINE ART CEZANNE. PAUL Sous-bois and Chapeau et fleurs dans une be 3,320,367 3,000,000 (320,367) 100.0% NARROWS FINE ART DAUMIER, HONORE Galerie de tableaux (Les Amateurs de tableaL 3,810,625 3,500,000 (310,625) 100.0% NARROWS FINE ART DUVET, JEAN Group of Prints including the Apocalypse 3,810,625 3,500,000 (310,625) 100.0% NARROWS FINE ART KLEE, PAUL Exotische Flusslandschatt 1.306.054 1,000,000 (306,054) 100.0% APO 2 (B FAM 1! FINE ART DE TOULOUSE-LAUTREC, LaToilette: Femme qui se lave 3,801,875 3,500,000 (301,875) 100.0% NARROWS FINE ART INGRES, JEAN-AUGUSTE- Portrait de Mlle. Jeannette Hayard 1.100,000 800,000 (300,000) 100.0% NARROWS FINE ART REDON, ODILON Bouquet de fleurs 2,800,000 2,500,000 (300,000) 100.0% APO 1 (BLACK 2 FINE ART GAINSBOROUGH, THOMA Study of a Lady, Possibly tor the Richmond V‘ 2,996,108 2,700,000 (296,108) 100.0% NARROWS FINE ART CORNELL, JOSEPH Untitled (Bird Box) 435,500 150,000 (285,500) 100.0% APO 1 (BLACK 2 FINE ART MIRO, JOAN Untitled 1.975,000 1,700,000 (275,000) 100.0% NARROWS FINE ART REDON, ODILON Les Fleurs du Mal 1,769,219 1,500,000 (269,219) 100.0% NARROWS FINE ART INGRES, JEAN-AUGUSTE- Portrait presume de Gioacchino Rossini 768,065 500,000 (268,065) 100.0% APO 2 (B FAM 1!FINE ART MUNCH. EDVARD Madonna (Liebendes Weib) 2,127,927 1,860,000 (267,927) 100.0% NARROWS FINE ART MASTER E. S. Group of 15th Century Prints, Including the ini 3,266,250 3,000,000 (266,250) 100.0% APO 1 (BLACK 2 FINE ART RUSCHA, EDWARD Egg 566,150 300,000 (266,150) 100.0% NARROWS FINE ART HALS. FRANS Portrait of a Man Holding a Book 5,263,016 5,000,000 (263,016) 100.0% NARROWS FINE ART RAUSCHENBERG, ROBER Spring Clearnace 462,719 200,000 (262,719) 100.0% NARROWS FINE ART ZUCCARO, TADDEO A Bacchic procession with drunken Silenus 341,246 80,000 (261246) 100.0% NARROWS FINE ART MIRO, JOAN Pastorale 1,056,656 800,000 (256,656) 100.0% APO 2 (B FAM 1! FINE ART CORNELL, JOSEPH Magic Soap Bubble Set 5,256,213 5,000,000 (256,213) 100.0% NARROWS FINE ART CORNELL, JOSEPH Hotel de l'Etoile (Suzy's Room) 435,500 180,000 (255,500) 100.0% NARROWS FINE ART GELLEE. CLAUDE CALLE( View of Civitavecchia with a Draughtsman an' 2,255,330 2,000,000 (255,330) 100.0% NARROWS FINE ART DELACROIX, EUGENE Portrait de Schmareck. tanneur a Tanger 800,095 550,000 (250,095) 100.0% Page 3 of 26 EFTA01154356 ART INVENTORY - UNREALIZED Owner OBJECT TYPE Artist JULY 2014 Total Paid (in Item Description 1 USD) Fair Value (% Ownership) or Cost (if not on Appraisal) Unrealized Gain (Loss) IF PROMISED (PLEDGED) GIFT, NAME OF DONEE INSTITUTION OWNERSHIP NARROWS FINE ART VAN LEYDEN, LUCAS The Angel Gabriel for an Annunciation: (44.2 3,251,250 3,006,960 (244,290) 44.2% APO 2 (B FAM 1! FINE ART ENSOR, JAMES Les bons juges (The Good Judges) 1,488,645 1,250,000 (238,645) 100.0% LDB 2011 LLC FINE ART NEWMAN. BARNETT Untitled 3,226,529 3,000,000 (226,529) 100.0% APO 2 (B FAM 1! FINE ART VAN GOGH, VINCENT Le Fumeur - L'Homme a la Pipe (Portrait du C 322,494 100,000 (222,494) 100.0% NARROWS FINE ART KUBIN. ALFRED The Swarm 287,197 70,000 (217,197) 100.0% APO 2 (B FAM 1! FINE ART ENSOR, JAMES Les Nuees ou Chevauchee des Walkyries (Tt 816,846 600,000 (216,846) 100.0% NARROWS FINE ART DE GOYA. FRANCISCO Bulls of Bordeaux: a group of four (El America 714,450 500,000 (214,450) 100.0% NARROWS FINE ART KLEE, PAUL WI (In Memoriam) 2,613,000 2,400,000 (213,000) 100.0% NARROWS FINE ART PRUD'HON, PIERRE-PAUL Portrait de Madame Pean de Saint-Gilles 453,688 250,000 (203,688) 100.0% APO 2 (B FAM 1! FINE ART GROSZ. GEORGE Entdeckung in der Vorstadt 325,125 125,000 (200,125) 100.0% APO 2 (B FAM 1! FINE ART PARMIGIANINO. FRANCES Madonna of the Long Neck 1,000,000 800,000 (200,000) 100.0% NARROWS FINE ART ZHANG HUAN Ash Skull No. 14 346,800 150,000 (196,800) 100.0% NARROWS FINE ART VAN MECKENEM. ISRAHEI Group of Prints 2,177,500 2,000,000 (177,500) 100.0% NARROWS FINE ART DORER, ALBRECHT Group of Prints: Woodcuts and Engravings In 2,177,500 2,000,000 (177,500) 100.0% NARROWS FINE ART KANDINSKY. VASSILY Above and Left 6,177,375 6,000,000 (177,375) 100.0% APO 2 (B FAM 1! FINE ART DALI, SALVADOR Ants 1,076,774 900,000 (176,774) 100.0% APO 2 (B FAM 1! FINE ART NOLDE, EMIL Junges Paar 525,622 350,000 (175,622) 100.0% NARROWS FINE ART KLEE, PAUL Frauenportrait in Rot (Bertha) 1,375,000 1,200,000 (175,000) 100.0% NARROWS FINE ART GIACOMETTI, DIEGO Pair of Andirons 299,898 125,000 (174,898) 100.0% NARROWS FINE ART BRONZINO, GNOLO Seated Male Nude (Study for the Martyrdom 2,172,500 2,000,000 (172,500) Met 50.0% NARROWS FINE ART REDON, ODILON Beatrice 868,125 700,000 (168,125) 100.0% APO 2 (B FAM 1!FINE ART BONTECOU. LEE Untitled 517,156 350,000 (167,156) 100.0% NARROWS FINE ART REDON, ODILON Dans le rave (Mellerio 27-36) 205,675 40,000 (165,675) 100.0% NARROWS FINE ART RICKEY, GEORGE Two Lines Up Excentric - Twelve Feet 762,125 600,000 (162,125) 100.0% NARROWS FINE ART MILLET, JEAN-FRANQOIS Cooper Tightening Staves on a Barrel 286,863 125,000 (161,863) 100.0% NARROWS FINE ART CARPACCIO, VITTORE Study of a Lion 1,850,875 1,700,000 (150,875) 100.0% APO 1 (BLACK 2 FINE ART GAINSBOROUGH, THOMA Portrait of Caroline 4th Dutchess of Marlboro'. 2,650,562 2,500,000 (150,562) 100.0% NARROWS FINE ART GIACOMETTI, DIEGO Pedestal a l'oiseau 324,750 175,000 (149,750) 100.0% rnr;I; diT - I pill; ,I; r 100,000 (149,458) Page 4 of 26 EFTA01154357 ART INVENTORY - UNREALIZED JULY 2014 Total Paid (in Fair Value (°/0 Ownership) or Cost (if not on Unrealized IF PROMISED (PLEDGED) GIFT, NAME OF DONEE OWNERSHIP Owner OBJECT TYPE Artist Item Description 1 USD) Appraisal) Gain (Loss) INSTITUTION NARROWS FINE ART CONSTABLE, JOHN Cloud Study 598,813 450,000 (148,813) 100.0% NARROWS FINE ART KLEE, PAUL Tief-Ebene (Lowlands) 1.897.564 1,750,000 (147,564) 100.0% NARROWS FINE ART LELY, SIR PETER A standing figure of a gentleman from the Prc 1,794,461 1,648,165 (146,296) 100.0% NARROWS FINE ART VALDES. MANOLO Ariadna I 695,050 550,000 (145,050) 100.0% APO 2 (B FAM 1! FINE ART PIRANESI, GIOVANNI Study of a standing man seen from behind 283,075 140,000 (143,075) 100.0% NARROWS FINE ART NOLDE, EMIL Junges Paar (S. L52) 228,969 90,000 (138,969) 100.0% NARROWS FINE ART GIACOMETTI, ALBERTO Jean-Paul Sartre 385,988 250,000 (135,988) 100.0% NARROWS FINE ART WESSELMANN, TOM Nude with Floral All (Large Black) 385,000 250,000 (135,000) 100.0% NARROWS FINE ART ENSOR. JAMES Alimentation doctrinaire - Doctrinal Nourishm€ 248,235 114,000 (134,235) 100.0% NARROWS FINE ART BECKMANN, MAX Bei der Toilette (At the Toilette) (H. 261 B; GI. 150.000 20,000 (130,000) 100.0% APO 2 (B FAM 1! FINE ART BRESDIN, RODOLPHE The Exterior of an Inn (L'Auberge Normande) 168.368 40,000 (128,368) 100.0% NARROWS FINE ART CASTELLANI, ENRICO Superficie bianca 402,315 275,000 (127,315) 100.0% NARROWS FINE ART CHASSERIAU, THEODORE Recto: Portrait of a Little Couloughi 249,022 125,000 (124,022) 100.0% NARROWS FINE ART KLEE, PAUL Weib and Tier - Inv. 1 (Kornfeld, no.13) 273.102 150,000 (123,102) 100.0% NARROWS FINE ART BRAQUE, GEORGES La table (Still Life with a Fan)t (50% interest) 2,871,938 2,750,000 (121,938) MoMA 50.0% NARROWS FINE ART KLIMT. GUSTAV Reclining Woman to the Right 570,692 450,000 (120,692) 100.0% APO 2 (B FAM 1! FINE ART GROTJAHN. MARK Untitled (Solid Cream Butterfly Drawing in Tw, 318,459 200,000 (118,459) 100.0% NARROWS FINE ART REMBRANDT VAN RIJN Christ Crucified Between Two Thieves (The T 1,517,250 1,400,000 (117,250) 100.0% APO 1 (BLACK 2 FINE ART BARBIERI, GIANVANNI FR, Reclining Nude Youth seen from behind 1.434.450 1,318,000 (116,450) 100.0% NARROWS FINE ART DELACROIX, EUGENE Mari4e juive a Tanger 1.115.000 1,000,000 (115,000) 100.0% NARROWS FINE ART WRIGHT OF DERBY, JOSE A Grotto in the Gulf of Salerno. Morning and / 1.408.875 1,300,000 (108,875) 100.0% APO 2 (B FAM 1! FINE ART MATTA, ROBERTO Sans titre (Untitled) 233,006 125,000 (108,006) 100.0% NARROWS FINE ART FRA BARTOLOMMEO (BA( Studies of Heads: a double-sided drawing 2.107.894 2,000,000 (107,894) 100.0% NARROWS FINE ART GROSZ. GEORGE L'uomo nuovo 1.431.161 1,325,000 (106,161) 100.0% NARROWS FINE ART KLEE, PAUL Die Schlange 1.103.888 1,000,000 (103,888) 100.0% NARROWS FINE ART BAROCCI. FEDERICO Recto: Studies of Angels and Children's Heac 503,107 400,000 (103,107) 100.0% APO 2 (B FAM 1! FINE ART KLEE, PAUL Drei sanfte Narrenworte (three gentle words c 501,914 400,000 (101,914) 100.0% NARROWS FINE ART KLEE, PAUL Chinesisch II 1,300,500 1,200,000 (100,500) 100.0% NARROWS FINE ART MATISSE, HENRI Autoportrait 270,625 175,000 (95,625) 100.0% Page 5 of 26 EFTA01154358 ART INVENTORY - UNREALIZED JULY 2014 Total Paid (in Fair Value (°/* Ownership) or Cost (if not on Unrealized IF PROMISED (PLEDGED) GIFT, NAME OF DONEE OWNERSHIP Owner OBJECT TYPE Artist Item Description 1 USD) Appraisal) Gain (Loss) INSTITUTION NARROWS FINE ART KLIMT, GUSTAV Reclining Woman with Bent Arms 345,419 250,000 (95,419) 100.0% NARROWS FINE ART TURNER. R.A., JOSEPH M, Kilgarren Castle, Pembrokeshire 693.875 600,000 (93,875) 100.0% NARROWS FINE ART SERRA, RICHARD Transparency #3, 2012 193.569 100,000 (93,569) 100.0% NARROWS FINE ART DURER, ALBRECHT Adam and Eve (Bartsch 1; Meder state Ila of 1.192.125 1,100,000 (92,125) 100.0% NARROWS FINE ART SERRA, RICHARD Transparency #2, 2012 191.529 100,000 (91,529) 100.0% NARROWS FINE ART PICASSO, PABLO Etude de personnages .291.000 1,200,000 (91,000) 100.0% NARROWS FINE ART ENSOR, JAMES Self Portrait 489,938 400,000 (89,938) 100.0% NARROWS FINE ART GERICAULT, THEODORE Untitled (Leda and the Swan) ,088,750 1,000,000 (88,750) 100.0% NARROWS FINE ART DORER, ALBRECHT Saint Anthony Reading 420,802 336,500 (84,302) 100.0% NARROWS FINE ART REDON, ODILON After Edgar A. Poe (Mellerio 37-43) 162,375 80,000 (82,375) 100.0% NARROWS FINE ART BOUCHER. FRANOOIS Sheet of Studies of a Turbanned Head, a Foo 847,857 770,000 (77,857) 100.0% APO 2 (B FAM 1! FINE ART PIRANESI, GIOVANNI View of a Street with Shops (Veduta Interne d 977,625 900,000 (77,625) 100.0% NARROWS FINE ART INGRES, JEAN-AUGUSTE-Mere et enfant (Esquisse de le Martyre de Sa 200,263 125,000 (75,263) 100.0% NARROWS FINE ART SEURAT, GEORGES Cavalier sur une route ,575,214 1,500,000 (75,214) 100.0% NARROWS FINE ART LONG, RICHARD Sun Line 325,125 250,000 (75,125) 100.0% NARROWS FINE ART LONG, RICHARD Cornish Slate Cross 325,125 250,000 (75,125) 100.0% APO 2 (B FAM 1! FINE ART COURBET, GUSTAVE Portrait de Francois Sabatier 133,437 60,000 (73,437) 100.0% NARROWS FINE ART DENIS. MAURICE Jeunes filles cueillant des fleurs devant la me 572.400 500,000 (72,400) 100.0% NARROWS FINE ART FOSSE, CHARLES DE LA A mounted soldier, seen from behind 429,829 360,000 (69,829) 100.0% NARROWS FINE ART KELLY, ELLSWORTH Brushstrokes Cut into Thirty-five Squares and 293,962 225,000 (68,962) 100.0% NARROWS FINE ART PIRANESI, GIOVANNI An Architectural Fantasy with a Colossal Obe 867.000 800,000 (67,000) 100.0% NARROWS FINE ART DAUMIER, HONORE L'amateur d'estampes 315,498 250,000 (65,498) 100.0% APO 2 (B FAM 1! FINE ART GROSZ. GEORGE Kaffeehausszene (Eigenbrodelei) (Scene in a 130.000 65,000 (65,000) 100.0% APO 2 (B FAM 1! FINE ART PICASSO, PABLO Nue Endormie 13.065.000 13,000,000 (65,000) 100.0% NARROWS FINE ART BELLOWS, GEORGE WES Dempsey and Firpo (M. 181) 127,735 65,000 (62,735) 100.0% NARROWS FINE ART KHNOPFF. FERNAND De animalite 121,781 60,000 (61,781) 100.0% NARROWS FINE ART KIRCHNER, ERNST LUDW Kopf Ludwig Schames (D.H 330) 100,000 40,000 (60,000) 100.0% NARROWS FINE ART NOLDE, EMIL Junges Paar (S.L52) 150,000 90,000 (60,000) 100.0% APO 2 (B FAM 1! FINE ART BRUEGHEL THE ELDER, F Wooded Landscape with Travellers on a path 10.559,786 10,500,000 (59,786) 100.0% Page 6 of 26 EFTA01154359 ART INVENTORY - UNREALIZED Owner OBJECT TYPE Artist JULY 2014 Total Paid (in Item Description 1 USD) Fair Value (°/0 Ownership) or Cost (if not on Appraisal) Unrealized Gain (Loss) IF PROMISED (PLEDGED) GIFT, NAME OF DONEE INSTITUTION OWNERSHIP LDB RARE BOOK LENNON. JOHN Autograph manuscript of John Lennon's lyrics 1,309,222 1,250,000 (59,222) 100.0% NARROWS FINE ART NOLDE, EMIL Junges Paar (S.L52) 233,658 175,000 (58,658) 100.0% APO 2 (B FAM 1! FINE ART DELAUNAY, ROBERT Tour Eiffel 233,544 175,000 (58,544) 100.0% NARROWS FINE ART MULTIPLE ARTISTS A Selection of Early German Prints 707,688 650,000 (57,688) 100.0% NARROWS FINE ART DAVID, JACQUES-LOUIS Portrait of a Revolutionary in Profile Facing LE 255,000 200,000 (55,000) 100.0% NARROWS FINE ART FRAGONARD, JEAN-HON( Landscape with a Double Flight of Steps and 654,913 600,000 (54,913) 100.0% NARROWS FINE ART REMBRANDT VAN RIJN The Three Trees (Bartsch 212: White/Boon, c 704,438 650,000 (54,438) 100.0% NARROWS FINE ART VASARI. GIORGIO Christ Giving Saint Peter the Keys (Le Christ 588,621 535,000 (53,621) 100.0% NARROWS FINE ART FRIEDRICH. CASPAR DAV Das grosse gehege 1,302,828 1,250,000 (52,828) 100.0% NARROWS FINE ART REMBRANDT VAN RIJN A Vagrant Couple with a Dog 672,792 620,000 (52,792) 100.0% NARROWS FINE ART BRUEGHEL THE ELDER, F The Rabbit Hunt 677,344 625,000 (52,344) 100.0% NARROWS FINE ART INGRES, JEAN-AUGUSTE- Virgil Reading the Aeneid to Augustus, Livia, 650,250 600,000 (50,250) Met 40.0% NARROWS FINE ART BEARDSLEY. AUBREY VIN The Achieving of the Sangreal 175.000 125,000 (50,000) 100.0% NARROWS FINE ART COROT. JEAN-BAPTISTE-t Rome, La Vasque de la Villa Medici 550.000 500,000 (50,000) 100.0% APO 2 (B FAM 1! FINE ART FRAGONARD, JEAN-HON( Les jardins de la villa d'Este 1,249,504 1,200,000 (49,504) 100.0% NARROWS FINE ART GIACOMETTI, DIEGO Pair of Lamps Decorated with Owl and Cup 165,622 120,000 (45,622) 100.0% NARROWS FINE ART BECKMANN, MAX Selbstbildnis mit Steifem Hut (H.180; GL.157; 120,000 75,000 (45,000) 100.0% NARROWS FINE ART REMBRANDT VAN RIJN Landscape with Three Gabled Cottages Besic 544.375 500,000 (44,375) 100.0% NARROWS FINE ART WATTEAU, JEAN-ANTOINI Untitled (Cottage) (Landscape after Campagr 544.375 500,000 (44,375) 100.0% NARROWS FINE ART DUTCH AND FLEMISH, 16* Group of prints including examples by Lucas 544.375 500,000 (44,375) 100.0% NARROWS FINE ART EARLY ITALIAN AND SPAN Group of prints including The Campagnola 544.375 500,000 (44,375) 100.0% NARROWS FINE ART BURNE-JONES, EDWARD Sir Galahad 243,563 200,000 (43,563) 100.0% NARROWS FINE ART NOLDE, EMIL Segelboat (S.H.37) 58,500 15,000 (43,500) 100.0% NARROWS FINE ART KLEE, PAUL Charme (Weiblich Anmut) Invention no. 5 (K: 103,431 60,000 (43,431) 100.0% NARROWS FINE ART ENSOR, JAMES La Vengeance de Hop Frog (Hop Frog's Rev€ 113,310 70,000 (43,310) 100.0% APO 2 (B FAM 1! FINE ART REDON, ODILON L'Araigne - The Spider 168,016 125,000 (43,016) 100.0% NARROWS FINE ART CARRACCI, ANNIBALE Return of the Prodigal Son 342.073 300,000 (42,073) 100.0% NARROWS FINE ART GREUZE, JEAN-BAPTISTE Portrait of a Young Gentleman 456,152 415,000 (41,152) 100.0% NARROWS FINE ART DAVID. JACQUES-LOUIS The Ghost of Septimus Severus Appearing to 520,200 480,000 (40,200) 100.0% Page 7 of 26 EFTA01154360 ART INVENTORY - UNREALIZED JULY 2014 Total Paid (in Owner OBJECT TYPE Artist Item Description 1 USD) Fair Value (°/0 Ownership) or Cost (if not on Appraisal) Unrealized Gain (Loss) IF PROMISED (PLEDGED) GIFT, NAME OF DONEE INSTITUTION OWNERSHIP NARROWS FINE ART BOURDELLE. EMILE ANTC Penelope 60,000 20,000 (40,000) 100.0% NARROWS FINE ART KIRCHNER, ERNST LUDW Billiardspieler (ID. L290) 110,000 70,000 (40,000) 100.0% NARROWS FINE ART GAINSBOROUGH, THOMA Wooded Landscape with Figures Outside a C 189,438 150,000 (39,438) 100.0% APO 2 (B FAM 1! FINE ART RODIN, AUGUSTE Nude of a female ("Standing Nude") 164,375 125,000 (39,375) 100.0% NARROWS FINE ART SERRA, RICHARD Conrad 538,931 500,000 (38,931) 100.0% NARROWS FINE ART SERRA, RICHARD Olson 538,931 500,000 (38,931) 100.0% NARROWS FINE ART KLEE, PAUL Invention 8 - Perseus (Der Witz hat uber das 88,733 50,000 (38,733) 100.0% NARROWS FINE ART ALTDORFER, ALBRECHT A Landscape with Two Pine Trees in the Cen. 588,621 550,000 (38,621) 100.0% NARROWS FINE ART GORKY, ARSHILE Nighttime, Enigma and Nostalgia 163,375 125,000 (38,375) 100.0% NARROWS FINE ART BELLOWS, GEORGE WES A Stag at Sharkey's (M.46) 133,688 100,000 (33,688) 100.0% NARROWS FINE ART DERAIN. ANDRE Figures in a Landscape 433,000 400,000 (33,000) 100.0% NARROWS FINE ART DUBUFFET, JEAN Table au couvert dresse 92,012 60,000 (32,012) 100.0% NARROWS FINE ART GIACOMETTI, ALBERTO Lampadaire a la tete de femme 131,662 100,000 (31,662) 100.0% APO 2 (B FAM 1!FINE ART KIRCHNER, ERNST LUDW Woman in a Room (Madchen im Raum)(Ema 231,563 200,000 (31,563) 100.0% NARROWS FINE ART BURNE-JONES. EDWARD The Wise and Foolish Virgins 805,600 775,000 (30,600) 100.0% NARROWS FINE ART MODIGLIANI, AMEDEO Caryatid, Frontal View, with Background, Han 380.188 350,000 (30,188) 100.0% NARROWS FINE ART DORER, ALBRECHT Coat of Arms with a Skull 368,542 338,500 (30,042) 100.0% NARROWS FINE ART MARIN, JOHN From Crotch Isle, Maine 60.000 30,000 (30,000) 100.0% NARROWS FINE ART KIRCHNER, ERNST LUDW Artistenkind-Marcella (Dube L. 136, I of II) 80.000 50,000 (30,000) 100.0% NARROWS FINE ART HUGO, VICTOR A Figure Passing in the Horizon, a Gothic Chi 154.319 125,000 (29,319) 100.0% NARROWS FINE ART DONGEN. KEES VAN Femme a sa toilette 54.000 25,000 (29,000) 100.0% NARROWS FINE ART POUSSIN, NICOLAS Phedre with Cupid and Pegasus 728,515 700,000 (28,515) 100.0% NARROWS FINE ART GIMHONGSOK Canine Construction 127,500 100,000 (27,500) 100.0% NARROWS FINE ART DEGAS, EDGAR Danseuse mettant son bas 277,500 250,000 (27,500) 100.0% NARROWS FINE ART REDON, ODILON Caliban 325,125 300,000 (25,125) 100.0% NARROWS FINE ART TWACHTMAN. JOHN HENI Irises 55.000 30,000 (25,000) 100.0% NARROWS FINE ART GERICAULT, THEODORE Recto: Deux totes d'orientaux (The Heads of 275,000 250,000 (25,000) Met 100.0% NARROWS FINE ART MOREAU. GUSTAVE Le jeune homme et la mort (Hommage a Cha 275,000 250,000 (25,000) 100.0% APO 1 (BLACK 2 FINE ART GERICAULT. JEAN-LOUIS-La Processacion A Silene 224,745 200,000 (24,745) 100.0% Page 8 of 26 EFTA01154361 ART INVENTORY - UNREALIZED JULY 2014 Fair Value IF PROMISED (°/0 (PLEDGED) Ownership) or GIFT, NAME Total Paid (in Cost (if not on Unrealized OF DONEE OWNERSHIP Owner OBJECT TYPE Artist Item Description 1 USD) Appraisal) Gain (Loss) INSTITUTION NARROWS FINE ART NOLDE, EMIL Calla and Sommerblumen 196,474 175,000 (21,474) 100.0% NARROWS FINE ART PIAZZETTA, GIAMBATTIS1 Standing Male Nude (recto), Seated Male Nu( 261,300 240,000 (21,300) 100.0% APO 2 (B FAM 1! FINE ART KIRCHNER, ERNST LUDW Die Siesta (The Siesta- Botho Graef and Hug. 60,206 40,000 (20,206) 100.0% NARROWS FINE ART BRESDIN, RODOLPHE A Battle Scene 100,131 80,000 (20,131) 100.0% NARROWS FINE ART BRESDIN, RODOLPHE A Lion Hunt 100,131 80,000 (20,131) 100.0% APO 2 (B FAM 1! FINE ART NOLDE, EMIL Der Prophet (The Prophet) 50,000 30,000 (20,000) 100.0% NARROWS FINE ART SERRA, RICHARD Solid No. 3 218,971 200,000 (18,971) 100.0% NARROWS FINE ART SERRA, RICHARD Solid No. 11 218,971 200,000 (18,971) 100.0% NARROWS FINE ART DIX, OTTO Mary 108,875 90,000 (18,875) 100.0% NARROWS FINE ART SERRA, RICHARD Solid No. 13 218,189 200,000 (18,189) 100.0% NARROWS FINE ART ENSOR, JAMES Mon atelier 34,100 16,000 (18,100) 100.0% NARROWS FINE ART CHIRINO, MARTIN Cabenza 25,000 7,000 (18,000) 100.0% NARROWS FINE ART JORDAENS. JACOB Study of a Man Seen from Behind 316,282 300,000 (16282) 100.0% NARROWS FINE ART MUNCH. EDVARD Vampyre (S.34; W.41) 265,776 250,000 (15,776) 100.0% NARROWS FINE ART KLEE, PAUL Der Held mit dem Flugel - Invention 2 (K.16) 115.584 100,000 (15,584) 100.0% NARROWS FINE ART GILLOT. CLAUDE Celebration en l'honneur du dieu Pan (Celebr. 215,390 200,000 (15,390) 100.0% NARROWS FINE ART ZHANG HUAN Handicraftsman (from the Memory Door serie 195,075 180,000 (15,075) 100.0% NARROWS FINE ART ZHANG HUAN Broomcorn Field (from the Memory Door serif 195,075 180,000 (15,075) 100.0% NARROWS FINE ART ZHANG HUAN Stairs (from the Memory Door series) 195,075 180,000 (15,075) 100.0% NARROWS FINE ART COROT. JEAN-BAPTISTE4 Vue de Volterra 85,000 70,000 (15,000) 100.0% NARROWS FINE ART BECKMANN, MAX Taubstumme 84,435 70,000 (14,435) 100.0% NARROWS FINE ART LONGHI, PIETRO Two Standing Women 174,200 160,000 (14,200) 100.0% NARROWS FINE ART KIRCHNER, ERNST LUDW Tanzerin mit gehobenem Rock (Dube W 141) 103,797 90,000 (13,797) 100.0% NARROWS FINE ART DORER, ALBRECHT The Four Horsemen (Bartsch 64; Meder 1671 373,642 360,000 (13,642) 100.0% NARROWS FINE ART DE SAINT-AUBIN, GABRIEI The Triumph of Pompeyt (50% interest) 212,462 200,000 (12,462) 50.0% NARROWS FINE ART DE SAINT-AUBIN. GABRIEI Victory of Tarquin over the Sabines and Etrus 27,156 15,000 (12,156) 100.0% NARROWS FINE ART KLEE, PAUL Greiser Phoenix - Inv. 9 (Kornfeld, 17) 131,493 120,000 (11,493) 100.0% NARROWS FINE ART INGRES, JEAN-AUGUSTE- Gabriel Cortois de Pressigny (Delteil 1 MO 16,898 6,000 (10,898) 100.0% NARROWS FINE ART BECKMANN, MAX Kasbek (H. 281; G. 245) 28,145 17,500 (10,645) 100.0% Page 9 of 26 EFTA01154362 ART INVENTORY - UNREALIZED JULY 2014 Total Paid (in Owner OBJECT TYPE Artist Item Description 1 USD) Fair Value (% Ownership) or Cost (if not on Appraisal) Unrealized Gain (Loss) IF PROMISED (PLEDGED) GIFT, NAME OF DONEE INSTITUTION OWNERSHIP APO 2 (B FAM 1! FINE ART KIRCHNER, ERNST LUDW Strassenszene (der omnibus) (Street Scene-t 60,206 50,000 (10,206) 100.0% NARROWS FINE ART ENSOR, JAMES La Belgique au XIXe siecle -- Belgium in the ) 124,117 114,000 (10,117) 100.0% NARROWS FINE ART MANET. EDOUARD Apres le bain t (Leaving the Bath) (Seated B 210,000 200,000 (10,000) Met 100.0% NARROWS FINE ART SEURAT, GEORGES Arbres et bateaux 1,760,000 1,750,000 (10,000) 100.0% NARROWS FINE ART VUILLARD, EDOUARD Le Mannequin 59,538 50,000 (9,538) 100.0% NARROWS FINE ART ENSOR, JAMES Le Combat des pouilleux Desir et Rissole - th. 124,117 115,000 (9,117) 100.0% NARROWS FINE ART ENSOR. JAMES Les Bains d'Ostende - The Baths at Ostend (' 124,117 115,000 (9,117) 100.0% NARROWS FINE ART BRESDIN, RODOLPHE Le Bon Samaritain (Neuman 49; Van Gelder 88,568 80,000 (8,568) 100.0% NARROWS FINE ART MILLET, JEAN-FRANCOIS Sleeping Nude 283,075 275,000 (8,075) 100.0% NARROWS FINE ART VON MENZEL, ADOLPH Christmas Eve 108,000 100,000 (8,000) 100.0% NARROWS FINE ART MUNCH. EDVARD Eifursucht (grosse Fassung) (S. 58; W.69) 47,500 40,000 (7,500) 100.0% NARROWS FINE ART BALDUNG. HANS Group of Seven Horses (Bartsch 56; Hollsteii 186,821 180,000 (6,821) 100.0% NARROWS FINE ART ROSSETTI, DANTE GABRI Studies for the Head of the Farmer in 'Found' 31,427 25,000 (6,427) 100.0% APO 2 (B FAM 1!FINE ART KLEE, PAUL Jungfrau im Baum (Kornfeld. no. 4) 156,060 150,000 (6,060) 100.0% NARROWS FINE ART RANSON, PAUL ELIE Jeune femme a sa toilette 18,000 12,500 (5,500) 100.0% APO 1 (BLACK 2 FINE ART MALEVICH, KAZIMIR Composition in Dissolution:Composition 10a 25,000 20,000 (5,000) 100.0% NARROWS FINE ART BARYE, ANTOINE-LOUIS Cheval Turc 30,000 25,000 (5,000) 100.0% NARROWS FINE ART BONNARD, PIERRE Nu a la baignoire 55,000 50,000 (5,000) 100.0% NARROWS FINE ART BRESDIN, RODOLPHE Paysan au pied d'un arbre 64,950 60,000 (4,950) 100.0% NARROWS FINE ART GORKY, ARSHILE Study for Slue Figure in Chair' (Study after Pi 64,950 60,000 (4,950) 100.0% NARROWS FINE ART GORKY, ARSHILE Study for 'Blue Figure in Chair' (Study after Pi 64,950 60,000 (4,950) 100.0% NARROWS FINE ART FRAGONARD, JEAN-HON( The Reading (La Lecture) 654,913 650,000 (4,913) 100.0% NARROWS FINE ART ERNST, AFTER MAX The Ocean (S./L. A3) 5,400 500 (4,900) 100.0% NARROWS FINE ART BAKST. LEON Costume Design For A Young Hindu Prince ft 33,983 30,000 (3,983) 100.0% NARROWS FINE ART BAKST. LEON Costume Design For The Priest Soma From t 33,983 30,000 (3,983) 100.0% NARROWS FINE ART KURTEN, STEFAN Northern Sky (Everybody's Happy Nowadays) 15,938 12,000 (3,938) 100.0% NARROWS FINE ART CAVALLON, GIORGIO Untitled 7,794 4,000 (3,794) 100.0% NARROWS FINE ART CAVALLON, GIORGIO Untitled 7,794 4,000 (3,794) 100.0% NARROWS FINE ART CAVALLON, GIORGIO Untitled 7,794 4,000 (3,794) 100.0% Page 10 of 26 EFTA01154363 ART INVENTORY - UNREALIZED Owner OBJECT TYPE Artist JULY 2014 Total Paid (in Item Description 1 USD) Fair Value (°/0 Ownership) or Cost (if not on Appraisal) IF PROMISED (PLEDGED) GIFT, NAME Unrealized OF DONEE Gain (Loss) INSTITUTION OWNERSHIP NARROWS FINE ART BERNINI, GIAN LORENZO Portrait of Offaviano Castelli 253,679 250,000 (3,679) 100.0% NARROWS FINE ART ROMANO, GIULIO Satyr Crowned with Vine Leaves 252,514 250,000 (2,514) 100.0% NARROWS FINE ART AVERY, MILTON Seven Palms 7,000 5,000 (2,000) 100.0% NARROWS FINE ART AVERY, MILTON Birds and Sea (L. 60) 4,330 2,500 (1,830) 100.0% NARROWS FINE ART MARSH, REGINALD Does Your Nose Clog Up Al 5,000 4,000 (1,000) 100.0% NARROWS FINE ART REDON, ODILON Poemes 2,722 2,000 (722) 100.0% NARROWS FINE ART DERAIN. ANDRE Profil de femme (Profile of a Woman) 5,500 5,000 (500) 100.0% NARROWS FINE ART CHIRINO, MARTIN Espiral 7,307 7,000 (307) 100.0% APO 1 (BLACK 2 FINE ART DORER, ALBRECHT Hierinn sind begriffen vier blicher von mensct 141,265 141,265 100.0% APO 1 (BLACK 2 FINE ART PICASSO, PABLO Head of a Woman (Fernande) 7,500,000 7,500,000 100.0% APO 1 (BLACK 2 FINE ART REDON, ODILON A Edgar Poe (Mellerio 37-43) 213,123 213,123 100.0% APO 1 (BLACK 2 FINE ART SCHLEMMER, OSKAR Three by the Banister 1,224,844 1,224,844 100.0% APO 2 (B FAM 1!AFRICAN/ ASIANCAMBODIA, KHMER Shiva and Durga 1,300,500 1,300,500 100.0% APO 2 (B FAM 1!CHINESE BRON DAIGOU Gold Silver and Jade 255,278 255,278 100.0% APO 2 (B FAM 1! FINE ART DE WAAL. EDMUND the city & desire 146,981 146,981 100.0% APO 2 (B FAM 1! RARE BOOK ERASMUS. DESIDERIOS The Praise of Folly (Moriae encomium) (1511 375,000 375,000 100.0% APO 2 (B FAM 1!CHINESE BRON FANGYI Archaic Bronze Vessel 1,772,550 1,772,550 100.0% APO 2 (B FAM 1! FINE ART GERICAULT, THEODORE Lion Devouring a Horse 402,838 402,838 100.0% APO 2 (B FAM 1! FINE ART GIACOMETTI, ALBERTO Le Vide-poches (Pocket Tray) 4,572,750 4,572,750 100.0% APO 2 (B FAM 1! RARE BOOK HOMER [Opera), in Greek (1488) 225,000 225,000 100.0% APO 2 (B FAM 1! FINE ART JOHNS, JASPER Regrets 39,086 39,086 100.0% APO 2 (B FAM 1! FINE ART JOHNS, JASPER Regrets 39,086 39,086 100.0% APO 2 (B FAM 1! FINE ART PENONE, GIUSEPPE Tra scorza e scorza / Between Bark and Bark 2,612,151 2,612,151 100.0% APO 2 (B FAM 1! FINE ART REDON, ODILON Les Epines rouges 1,306,500 1,306,500 100.0% APO 2 (B FAM 1! FINE ART RUNGE, PHILIPP OTTO The Four Times of the Day ("Morgen, Tag, At 419,169 419,169 100.0% APO 2 (B FAM 1! FINE ART RYMAN, ROBERT Version X 1,415,375 1,415,375 100.0% APO 2 (B FAM 1! RARE BOOK VARIOUS AUTHORS Various Rare Books 2,460,000 2,460,000 100.0% APO 2 (B FAM 1! FINE ART VASARI. GIORGIO Saint Eustache 342,956 342,956 100.0% APO 2 (B FAM 1!CHINESE BRON WESTERN ZHOU Zun Bird-Shaped Bronze Vessel 3,006,098 3,006,098 100.0% Page 11 of 26 EFTA01154364 ART INVENTORY - UNREALIZED Owner OBJECT TYPE Artist JULY 2014 Total Paid (in Item Description 1 USD) Fair Value IF PROMISED (% (PLEDGED) Ownership) or GIFT, NAME Cost (if not on Unrealized OF DONEE Appraisal) Gain (Loss) INSTITUTION OWNERSHIP APO 2 (B FAM 1! FINE ART VAN GOGH, VINCENT Carriere Pres de Saint-Remy 46,271,875 46,271,875 100.0% NARROWS FINE ART VUILLARD, EDOUARD La mannequin 55,000 55,000 100.0% NARROWS FINE ART KELLY, ELLSWORTH Diagonal with Curve XVI 1,665,788 1,665,788 100.0% NARROWS FINE ART MASTER L. CZ. Untitled 381,063 381,063 100.0% NARROWS AFRICAN/ ASIAN IVORY COAST Baoule Mask Masque-heaume 'goli glin' 1,573,244 1,573,244 100.0% NARROWS AFRICAN/ ASIAN CAMBODIA (OR KORAT - E Standing Figure of Shiva 7,000,000 7,000,000 100.0% NARROWS FINE ART AVERY, MILTON Mottled Hills 29,227 29,227 100.0% NARROWS FINE ART BRANDT, WARREN Treasure Chest 16,667 16,667 100.0% NARROWS FINE ART BRANDT, WARREN Pink Roses 10,667 10,667 100.0% NARROWS FINE ART BRANDT, WARREN Western Union 2,667 2,667 100.0% NARROWS FINE ART CRAWFORD, ELIZABETH The Great Game 920 920 100.0% NARROWS FINE ART DERAKSHANI, REZA Dark Soil I (from Sand Painting series) 10,875 10,875 100.0% NARROWS FINE ART DERAKSHANI, REZA Dark Soil II (from Sand Painting series) 10,875 10,875 100.0% NARROWS FINE ART DERAKSHANI, REZA Dark Soil III (from Sand Painting series) 10,875 10,875 100.0% NARROWS FINE ART DERAKSHANI, REZA Dark Soil IV (from Sand Painting series) 10,875 10,875 100.0% NARROWS FINE ART DERAKSHANI, REZA Dark Soil V (from Sand Painting series) 10,875 10,875 100.0% NARROWS FINE ART ENSOR, JAMES Mon Pere mon - My dead father 97,988 97,988 100.0% NARROWS FINE ART ERNST, JIMMY Untitled 8,100 8,100 100.0% NARROWS FINE ART ENSOR, JAMES Isectes singuliers (Strange insects) 12,003 12,003 100.0% NARROWS FINE ART ENSOR, JAMES Diables rosant Anges e Archanges (Devils thr 155,212 155,212 100.0% NARROWS FINE ART ENSOR, JAMES Le Christ Aux Enfers (Christ in Embers) 65,987 65,987 100.0% NARROWS FINE ART KAHN, WOLF Late Fall in CT. 19,017 19,017 100.0% NARROWS FINE ART KAHN, WOLF Toward Blue Woods 4,384 4,384 100.0% NARROWS FINE ART LEE, JENNY Half-Note No. 8 3,410 3,410 100.0% NARROWS FINE ART LEIGHTON, FREDERIC LO Studies of male figures in medieval dress for' 7,400 7,400 100.0% NARROWS FINE ART LIN, MAYA Wire Landscape 27,156 27,156 100.0% NARROWS FINE ART MASTER E. S. The Virgin with the Rosary on the Crescent 190,531 190,531 100.0% NARROWS FINE ART MATISSE, HENRI Etude d'odalisque 54,125 54,125 100.0% NARROWS FINE ART MILLER, HENRY Love and Other Crimes 21,400 21,400 100.0% Page 12 of 26 EFTA01154365 ART INVENTORY - UNREALIZED Owner OBJECT TYPE Artist JULY 2014 Total Paid (in Item Description 1 USD) Fair Value IF PROMISED (°/0 (PLEDGED) Ownership) or GIFT, NAME Cost (if not on Unrealized OF DONEE Appraisal) Gain (Loss) INSTITUTION OWNERSHIP NARROWS FINE ART OPPER. JOHN Untitled 12,990 12,990 100.0% NARROWS FINE ART OAKES, TREVOR & RYAN Have No Narrow Perspectives: The Bean 182,366 182,366 100.0% NARROWS FINE ART PARDO. JORGE Untitled 117,585 117,585 100.0% NARROWS FINE ART PICASSO, PABLO Femme assise dans un fauteuil 721,875 721,875 100.0% NARROWS FINE ART PETERDI, GABOR Big Blue Eclipse 3,458 3,458 100.0% NARROWS FINE ART RIBOT, THEODULE AUGLft Les eplucheuses de pommes de terre 65,175 65,175 100.0% NARROWS FINE ART SIGNAC, PAUL La Rochelle 42,900 42,900 100.0% NARROWS FINE ART SCHIELE, EGON Self-Portrait 20,000 20,000 100.0% NARROWS FINE ART SCHWARTZ, ADAM Drive Shaft 7,000 7,000 100.0% NARROWS FINE ART SCHWARTZ. ADAM Bomb Mill 6,500 6,500 100.0% NARROWS FINE ART SAUNDERS, DAVID The Afterlife of Things 5,400 5,400 100.0% NARROWS FINE ART SZTYBEL, PAMELA Housatonic II 15,173 15,173 100.0% NARROWS FINE ART SZTYBEL, PAMELA A few clouds and a dark pond (near Manches 27.156 27,156 100.0% NARROWS FINE ART SZTYBEL, PAMELA Two Ponds (Bridgewater, CT) 13,035 13,035 100.0% NARROWS FINE ART SZTYBEL, PAMELA Untitled 10,331 10,331 100.0% NARROWS FINE ART SZTYBEL, PAMELA Tree in a Field 7,069 7,069 100.0% NARROWS FINE ART SZTYBEL, PAMELA Rue de Courcelles (Mereville) 4,005 4,005 100.0% NARROWS FINE ART SZTYBEL, PAMELA Little River in France 3,464 3,464 100.0% NARROWS FINE ART THOMAS, GWENN Yellow and Black Colonnade: Ellis Island Seri 2,632 2,632 100.0% NARROWS FINE ART WELZ, REBECCA Threshold 4,896 4,896 100.0% NARROWS FINE ART ZIMMERMAN, ELYN Stalled Cairn 80,063 80,063 100.0% NARROWS FINE ART ZHANG HUAN Afar (Memory Door Series) 195,075 195,075 100.0% NARROWS FINE ART VIGEE LE BRUN, ELIZABE Autoporftait au chapeau a plume (Selfportrait 523,106 523,106 100.0% NARROWS FINE ART JOHNS, JASPER Untitled 734,906 734,906 100.0% NARROWS FINE ART JOHNS, JASPER Untitled 734,906 734,906 100.0% NARROWS FINE ART JOHNS, JASPER Untitled 734,906 734,906 100.0% NARROWS FINE ART STIMMER, TOBIAS Saul threatening David with a Spear 1.875.000 1,875,000 100.0% NARROWS FINE ART BECKMANN, MAX Fastnacht (H. 231; GI. 205; G. 201) 5,000 5,000 100.0% NARROWS FINE ART DELACROIX, EUGENE Rencontre de cavaliers Maures (D.23) 5,000 5,000 100.0% Page 13 of 26 EFTA01154366 ART INVENTORY - UNREALIZED JULY 2014 Total Paid (in Fair Value (°/0 Ownership) or Cost (if not on Unrealized IF PROMISED (PLEDGED) GIFT, NAME OF DONEE OWNERSHIP Owner OBJECT TYPE Artist Item Description 1 USD) Appraisal) Gain (Loss) INSTITUTION NARROWS FINE ART VUILLARD, EDOUARD Le masseur 30,000 30,000 100.0% I I 0.. 0 01 0',O, 7I 30,000 NARROWS FINE ART RIVERA, DIEGO Cabeza de una Tehuana (Retrato de Juchitec 35,000 35,000 100.0% NARROWS FINE ART FUSELI. HENRY A Threatening Head 35,000 35,000 100.0% NARROWS FINE ART KIRCHNER. ERNST LUDW Liegende akt aut dem Sofa 70,000 70,000 100.0% NARROWS FINE ART TISSOT, JAMES La soeur ainee 125,000 125,000 100.0% NARROWS FINE ART REDON, ODILON Le Cerf Volant 200,000 200,000 100.0% NARROWS FINE ART ROBERT. HUBERT Escalier dans les jardins de la villa Famese a 353,943 353,943 100.0% NARROWS FINE ART VOUET, SIMON Portrait of a Woman with a Veil 400,000 400,000 100.0% APO 2 (B FAM 1I FINE ART FRA BARTOLOMMEO (BA( The Kneeling Magdalen. in profile to the left 1,150,000 1,150,000 100.0% NARROWS FINE ART DEGAS. EDGAR Femme au bain 2.000,000 2,000,000 100.0% LDB 2011 LLC FINE ART BLAKE. WILLIAM The Parable of the Wise and Foolish Virgins 2.500,000 2,500,000 100.0% NARROWS FINE ART GAUGUIN, PAUL The Artist's Portfolio, Pont Aven # (50% interE 724,000 724,000 Met 50.0% NARROWS FINE ART BRAQUE, GEORGES Homage to J.S. Bacht (48% interest) 13,005,000 13,005,000 MoMA 48.0% NARROWS FINE ART KAHN, WOLF Returning to Harbor (in Martha's Vineyard) 2250 2,500 250 100.0% NARROWS FINE ART DINE, JIM Self-portrait Head (Second State) (W.C. 160) 1200 1,500 300 100.0% NARROWS FINE ART KAHN, WOLF The Towpath 34,640 35,000 360 100.0% NARROWS FINE ART ELIZONDO, ARTURO Ardores clandestinos 3.897 4,500 603 100.0% NARROWS FINE ART DELACROIX, EUGENE Three Male Nudes 24,356 25,000 644 100.0% NARROWS FINE ART ROSSETTI, DANTE GABRI The Sun May Shine and We Be Cold 34.264 35,000 736 100.0% APO 1 (BLACK 2 FINE ART BAROCCI, FEDERICO Head of Young Girl 717,225 718,000 775 100.0% NARROWS FINE ART BECKMANN, MAX Vor dem Auftritt (Akrobaten) (H. 289; G. 250) 3,150 4,000 850 100.0% NARROWS FINE ART MARSH, REGINALD Woman Walking 5.000 6,000 1,000 100.0% NARROWS FINE ART BECKMANN, MAX In der Trambahn (H. 235; GI. 209; G. 205) 5.000 6,000 1,000 100.0% NARROWS FINE ART DIX. OTTO Bautzen VI 14,400 15,500 1,100 100.0% NARROWS FINE ART VON STUCK, FRANZ Steam Power 6,503 8,000 1,498 100.0% APO 2 (B FAM 1I FINE ART BLAKE, WILLIAM Christ the Mediator (Christ pleading before thi 998,415 1,000,000 1,585 100.0% NARROWS FINE ART KAHN, WOLF Evening Light 5,359 7,000 1,641 100.0% NARROWS FINE ART AVERY, MILTON Two Nudes 1.500 4,000 2,500 100.0% Page 14 of 26 EFTA01154367 ART INVENTORY - UNREALIZED JULY 2014 Fair Value IF PROMISED (°/0 (PLEDGED) Ownership) or GIFT, NAME Total Paid (in Cost Of not on Unrealized OF DONEE OWNERSHIP Owner OBJECT TYPE Artist Item Description 1 USD) Appraisal) Gain (Loss) INSTITUTION NARROWS FINE ART AVERY, MILTON Nude Meditating 1,200 4,000 2,800 100.0% NARROWS FINE ART KAHN, WOLF Barn in Fog 1,200 4,000 2,800 100.0% NARROWS FINE ART DERAIN. ANDRE Femme nue 2,000 5,000 3,000 100.0% NARROWS FINE ART ENSOR, JAMES Le combat des demons (Diables rossant angc 2,000 5,000 3,000 100.0% NARROWS FINE ART PICASSO, PABLO Deux femmes batifolant sur un matelas de pli 3,000 6,000 3,000 100.0% NARROWS FINE ART BECKMANN, MAX Schlangendame (H. 200; GI. 175; G. 172) 5,000 8,000 3,000 100.0% NARROWS FINE ART DORER, ALBRECHT Nemesis (The Great Fortune) (Bartsch 77; Mc 246,970 250,000 3,030 100.0% NARROWS FINE ART AVERY, MILTON Head of a Man (L. 8) 250 3,500 3,250 100.0% CHILDREN FINE ART ILLUSTRATION FROM API Shiraz School 1.200 5,000 3,800 100.0% NARROWS FINE ART BONHEUR. ROSA Study for 'The Horse Fair' 8,660 12,500 3,840 100.0% CHILDREN FINE ART ILLUSTRATION FROM API Persian School 4,000 4,000 100.0% NARROWS FINE ART BELLOWS, GEORGE WES The Pool-Player (M. 83; B.58) 3.500 8,000 4,500 100.0% NARROWS FINE ART DROUAIS. JEAN-GERMAIN Marius a Mintumes 45,325 50,000 4,675 100.0% NARROWS FINE ART BERNARD, EMILE Two Women 2,000 7,000 5,000 100.0% NARROWS FINE ART PASCIN, JULES Turkish Dancers 3,000 8,000 5,000 100.0% NARROWS FINE ART BARYE, ANTOINE-LOUIS Lion-stalking 5,000 10,000 5,000 100.0% NARROWS FINE ART BARYE, ANTOINE-LOUIS Tigre qui marche 5,000 10,000 5,000 100.0% NARROWS FINE ART GRAHAM, JOHN Horse and Rider 5,000 10,000 5,000 100.0% NARROWS FINE ART BARYE, ANTOINE-LOUIS Lion qui marche 5,000 10,000 5,000 100.0% NARROWS FINE ART CHIRINO, MARTIN Oology 7,000 12,000 5,000 100.0% NARROWS FINE ART MAILLOL, ARISTIDE Nude Seen from Behind 20,000 25,000 5,000 100.0% NARROWS FINE ART SCHWITTERS, KURT Kurt Schwitters: Schriftstellar 220,000 225,000 5,000 100.0% APO 2 (B FAM 1! FINE ART PICASSO, PABLO The Three Graces 244,969 250,000 5,031 100.0% NARROWS FINE ART RICHMOND, WILLIAM BLA Portrait 12,222 17,500 5,278 100.0% NARROWS FINE ART AVERY, MILTON Striped Drape 2,200 7,500 5,300 100.0% CHILDREN FINE ART BASKIN. LEONARD Seated Birdman 6,000 6,000 100.0% NARROWS FINE ART MAILLOL, ARISTIDE Esquisse pour 'Le Mediterranee' 19,000 25,000 6,000 100.0% APO 2 (B FAM 1! FINE ART KLEE, PAUL Drohendes Haupt 68,987 75,000 6,013 100.0% NARROWS FINE ART GORMLEY. ANTONY Sense 2,653 9,000 6,347 100.0% Page 15 of 26 EFTA01154368 ART INVENTORY - UNREALIZED JULY 2014 Total Paid (in Owner OBJECT TYPE Artist Item Description 1 USD) Fair Value (°/0 Ownership) or Cost (if not on Appraisal) Unrealized Gain (Loss) IF PROMISED (PLEDGED) GIFT, NAME OF DONEE INSTITUTION OWNERSHIP NARROWS FINE ART GORMLEY, ANTONY Home of the Heart IV 2,653 9,000 6,347 100.0% NARROWS FINE ART GORMLEY, ANTONY Base 2,653 9,000 6,347 100.0% NARROWS FINE ART CLEMENTE. FRANCESCO Untitled (Jamaican Watercolor) 43,400 50,000 6,600 100.0% NARROWS FINE ART DORER, ALBRECHT Knight, Death and the Devil (Bartsch 98; Med 592,727 600,000 7273 100.0% NARROWS FINE ART ENSOR, JAMES La puce 52,500 60,000 7,500 100.0% APO 2 (B FAM 1! FINE ART KIRCHNER, ERNST LUDW Stehender Madchenakt mit verschrankten Arr 52,260 60,000 7,740 100.0% NARROWS FINE ART BOLOTOWSKY, ILYA Untitled 1,500 10,000 8,500 100.0% NARROWS FINE ART ROUSSEL. KER-XAVIER La Ciotat 5,000 14,000 9,000 100.0% NARROWS FINE ART RUSKIN, JOHN Spur of Piazetta Shaft, Venice 6,504 16,000 9,496 100.0% NARROWS FINE ART CONSTABLE, JOHN A View in Borrowdale 70,363 80,000 9,638 100.0% NARROWS FINE ART DORER, ALBRECHT Melancolia I (Bartsch 74; Meder 75 Ila; Scher 790,303 800,000 9,697 100.0% NARROWS FINE ART MATISSE, HENRI Femme nue debout 60,000 70,000 10,000 100.0% NARROWS FINE ART BONNARD. PIERRE Nature morte aux fruits 70,000 80,000 10,000 100.0% NARROWS FINE ART DAVID. JACQUES-LOUIS Paris and Helen 459,960 470,000 10,040 100.0% NARROWS FINE ART NOLDE, EMIL Salamo and Seine Frauen (S.R. 153) 4,500 15,000 10,500 100.0% APO 2 (B FAM 1! FINE ART SCHLEMMER, OSKAR Rote Lieber 2,687,700 2,700,000 12,300 100.0% NARROWS FINE ART PUVIS DE CHAVANNES, P Reclining Female Nude with Drapery 5,000 17,500 12,500 100.0% NARROWS FINE ART CALLOT, JACQUES Louis de Lorraine-guise, Prince de Phalsboun 287,390 300,000 12,610 Met 50.0% NARROWS FINE ART ISABEY. JEAN-BAPTISTE Portrait de Talleyrand 7,000 20,000 13,000 100.0% APO 2 (B FAM 1! FINE ART PICASSO, PABLO Etude pour 'La Couiffure' 636,633 650,000 13,367 100.0% NARROWS FINE ART DELACROIX, EUGENE Cavalier mamelouk au galop 161,500 175,000 13,500 100.0% NARROWS FINE ART BONINGTON, RICHARD Pi Landscape with Harvesters at Sunset 135,313 150,000 14,688 100.0% CHILDREN FINE ART BOLOTOWSKY, ILYA Double Column 15,000 15,000 100.0% NARROWS FINE ART BARYE, ANTOINE-LOUIS Guerrier tartare arretant son cheval 10,000 25,000 15,000 100.0% NARROWS FINE ART BARYE, ANTOINE-LOUIS The's4e combattant le Centaur Bienor 10,000 25,000 15,000 100.0% NARROWS FINE ART DOVE, ARTHUR GARFIELE Untitled V (Centerport) 25,000 40,000 15,000 100.0% NARROWS FINE ART VUILLARD, EDOUARD La robe rose 110,000 125,000 15,000 100.0% NARROWS FINE ART BOURDELLE. EMILE ANTC Heracles Archer 110,000 125,000 15,000 100.0% NARROWS FINE ART BELLOWS, GEORGE WES Old Billiard Player (M. 84; B. 19) 2,500 18,000 15,500 100.0% Page 16 of 26 EFTA01154369 ART INVENTORY - UNREALIZED JULY 2014 Fair Value IF PROMISED (% (PLEDGED) Ownership) or GIFT, NAME Total Paid (in Cost (if not on Unrealized OF DONEE OWNERSHIP Owner OBJECT TYPE Artist Item Description 1 USD) Appraisal) Gain (Loss) INSTITUTION NARROWS FINE ART CEZANNE. PAUL Portrait du fits de l'artiste (recto) and Scene ill 783,009 800,000 16,991 100.0% APO 2 (B FAM 1! FINE ART HECKEL, ERICH Schlafender Matrose (Sleeping Sailor) 26,882 45,000 18,118 100.0% CHILDREN FINE ART BOLOTOWSKY, ILYA Untitled 20,000 20,000 100.0% NARROWS FINE ART DENIS, MAURICE Woman and Child 5,000 25,000 20,000 100.0% NARROWS FINE ART REDON, ODILON The Angel of Death 179,644 200,000 20,356 100.0% NARROWS FINE ART CONSTABLE, JOHN Cloud Study (recto)Suffolk Landscape with a 379,313 400,000 20,688 100.0% APO 2 (B FAM 1! FINE ART BECKMANN, MAX The Last duty of Perseus 127,947 150,000 22,053 100.0% NARROWS FINE ART QUINN, MARC The Blind Still Leading the Blind 37,897 60,000 22,103 100.0% NARROWS FINE ART HARTLEY. MARSDEN Twisted Roots (Tree study) 7,000 30,000 23,000 100.0% NARROWS FINE ART BEARDSLEY, AUBREY VIN Lady Gold's Escort (From The Yellow Book V 46,598 70,000 23,403 100.0% NARROWS FINE ART REDON, ODILON Sujet Allegorique (David et Goliath) 476,300 500,000 23,700 100.0% APO 2 (B FAM 1! FINE ART KLEE, PAUL Komiker - Inv. 4 (Kornfeld, no. 10) 75,259 100,000 24,741 100.0% NARROWS FINE ART REDON, ODILON Le cube (L'oeil) 325,125 350,000 24,875 100.0% NARROWS FINE ART BOTERO. FERNANDO El guitarrista 10,000 35,000 25,000 100.0% NARROWS FINE ART BECKMANN, MAX Kleines Rosenstilleben mit blauem Spiegel 325,000 350,000 25,000 100.0% NARROWS FINE ART DAUMIER, HONORE La defense 324,750 350,000 25,250 100.0% NARROWS FINE ART KHNOPFF, FERNAND Dessin 74,151 100,000 25,849 100.0% NARROWS FINE ART MATISSE, HENRI Autoportrait 270,625 300,000 29,375 100.0% NARROWS FINE ART GIACOMETTI, DIEGO Lampe en forme bougeoir 35,000 35,000 100.0% NARROWS FINE ART GIACOMETTI, DIEGO Lampe en forme bougeoir 35,000 35,000 100.0% NARROWS FINE ART SMITH, DAVID Untitled 462,719 500,000 37,281 100.0% NARROWS FINE ART PICASSO, PABLO Bacchus et jeune femme nue 86,600 125,000 38,400 100.0% NARROWS FINE ART GONCHAROVA, NATALIA The Appearance to Joseph 40,000 40,000 100.0% NARROWS FINE ART BECKMANN, MAX Sacra Coeur 20,000 60,000 40,000 100.0% NARROWS FINE ART VON MENZEL. ADOLPH Hand of a Woman Holding a Cane 20,000 60,000 40,000 100.0% NARROWS FINE ART VON MENZEL. ADOLPH Studies of a Man Eating from a Bowl 30,000 70,000 40,000 100.0% NARROWS FINE ART BURNE-JONES, EDWARD L'Amor the mouve it Sole e l'altre Stelle 134,437 175,000 40,563 100.0% NARROWS FINE ART BECKMANN, MAX Kasbek 75,000 125,000 50,000 100.0% =ia It'll )11F 150,000 50,000 Page 17 of 26 EFTA01154370 ART INVENTORY - UNREALIZED JULY 2014 Total Paid (in Fair Value (% Ownership) or Cost (if not on Unrealized IF PROMISED (PLEDGED) GIFT, NAME OF DONEE OWNERSHIP Owner OBJECT TYPE Artist Item Description 1 USD) Appraisal) Gain (Loss) INSTITUTION 150,000 50,000 NARROWS FINE ART REDON, ODILON Poinsettia (La fleur rouge) 200,000 250,000 50,000 100.0% NARROWS FINE ART RODIN, AUGUSTE Le penseur 250,000 300,000 50,000 100.0% NARROWS FINE ART BECKMANN, MAX Acrobat (Back Bend) 48,000 100,000 52,000 100.0% APO 2 (B FAM 1! FINE ART ROMANO, GUILO (GUILO I Bacchus as Autumn 97,988 150,000 52,013 100.0% NARROWS FINE ART MONDRIAN. PIET Chrysanthemum 142,890 200,000 57,110 100.0% NARROWS FINE ART LIN, MAYA Silver River — Hudson 92.331 150,000 57,669 100.0% NARROWS FINE ART MONET, CLAUDE Les Nympheas avec saule 342,225 400,000 57,775 100.0% APO 2 (B FAM 1! FINE ART HECKEL, ERICH Mannerbildnis 241,502 300,000 58,498 100.0% NARROWS FINE ART KLEE, PAUL Gegensatze Abends (Blau and Orange) 1,440,304 1,500,000 59,696 100.0% NARROWS FINE ART GIACOMETTI, ALBERTO Lampe-trepied a etoile 60,000 60,000 100.0% NARROWS FINE ART GIACOMETTI, ALBERTO Lampe-trepied a etoile 60,000 60,000 100.0% NARROWS FINE ART BOILLY, LOUIS LEOPOLD Etude preparatoire pour "Le jeu d'echecs" 139,759 200,000 60,241 100.0% NARROWS FINE ART MATISSE, HENRI La danse 433,000 500,000 67,000 100.0% NARROWS FINE ART INGRES, JEAN-AUGUSTE- Portrait de Monseigneur Gabriel Cortois de Pi 179,655 250,000 70,345 100.0% APO 2 (B FAM 1! FINE ART VAN RUISDAEL, JACOB A shepherd & his flock approaching farm buik 179,076 250,000 70,924 100.0% NARROWS FINE ART DI CREDI, LORENZO Drapery Study with the Christ Child Standing 1,175,850 1,250,000 74,150 100.0% NARROWS FINE ART GAUGUIN, PAUL Te Faruru 520,200 600,000 79,800 100.0% NARROWS FINE ART GIACOMETTI, DIEGO Console a plateaux, modele aux grenouilles 170,000 250,000 80,000 100.0% APO 2 (B FAM 1! FINE ART ARP. HANS Fant0rne flairant un nombril (Phantom Einen I 1,412.125 1,500,000 87,875 100.0% NARROWS FINE ART SPRANGER. BARTHOLOM The Temptation of Adam 251,200 350,000 98,800 100.0% NARROWS FINE ART ROSSETTI, DANTE GABRI Sir Lancelot in Queen Guinivere's Chamber 150,942 250,000 99,058 100.0% NARROWS FINE ART DORER. ALBRECHT Apocalypse, Passion, Life of the Virgin (Mede 1,400,000 1,500,000 100,000 100.0% NARROWS FINE ART DAVIS, STUART Study for Proposed Mural, United Nations Coi 48,713 150,000 101,288 100.0% NARROWS FINE ART DAVIS, STUART The Sidelong Glance 20,000 125,000 105,000 100.0% NARROWS FINE ART DAVIS, STUART Untitled 20.000 125,000 105,000 100.0% APO 2 (B FAM 1! FINE ART PIRANESI, GIOVANNI Inventioni Capric di Carceri 493,653 600,000 106,347 100.0% NARROWS FINE ART FUSELI, HENRY The Confederates Arriving at the Rutli 92,013 200,000 107,988 100.0% NARROWS FINE ART ENSOR, JAMES The Entry of Christ into Brussels in 1889 on tt 182,278 300,000 117,722 100.0% Page 18 of 26 EFTA01154371 ART INVENTORY - UNREALIZED JULY 2014 Total Paid (in Fair Value (% Ownership) or Cost Of not on Unrealized IF PROMISED (PLEDGED) GIFT, NAME OF DONEE OWNERSHIP Owner OBJECT TYPE Artist Item Description 1 USD) Appraisal) Gain (Loss) INSTITUTION NARROWS FINE ART HARTLEY. MARSDEN The Fish 80,105 200,000 119,895 100.0% NARROWS FINE ART GORMLEY. ANTONY Seeing and Showing 80,004 200,000 119,996 100.0% NARROWS FINE ART MAILLOL, ARISTIDE Eve a la pomme 75,000 200,000 125,000 100.0% NARROWS FINE ART TIEPOLO, GIOVANNI BAT1 A Moorish Nobleman 170,340 300,000 129,660 Gallery Washir 100.0% NARROWS FINE ART AVERY, MILTON Beach Umbrellas 17,000 150,000 133,000 100.0% NARROWS FINE ART REDON, ODILON La chute de Phaeton 363,000 500,000 137,000 100.0% NARROWS FINE ART PRUD'HON, PIERRE-PAUL Study for an Allegory of the Rhine River 462,769 600,000 137,231 100.0% NARROWS FINE ART SCHAUFELEIN THE ELDEF A Landsknecht Turned to the Left Carrying a I 354,290 500,000 145,710 100.0% NARROWS FINE ART AVERY, MILTON Man, Rocks and Sea 150,000 150,000 100.0% NARROWS FINE ART KLIMT, GUSTAV Femme nue 25,000 175,000 150,000 100.0% NARROWS FINE ART GIACOMETTI, ALBERTO Autoportrait 100,000 250,000 150,000 100.0% NARROWS FINE ART KIRCHNER, ERNST LUDW Stehendes Madchen, Karyatide tt (50% inter 1,349,076 1,500,000 150,924 50.0% APO 2 (B FAM 1! FINE ART WATTEAU, JEAN-ANTOINI Sheet of Studies with a Figure Seen from Bel- 444,423 600,000 155,577 100.0% APO 2 (B FAM 1!FINE ART DELACROIX, EUGENE Etude de Fleurs: Marguerites Blanches et Zin 693,875 850,000 156,125 100.0% NARROWS FINE ART COROT. JEAN-BAPTISTE-4 Le Rageur, Forel de Fontainebleau 686.500 850,000 163,500 100.0% NARROWS FINE ART KANDINSKY. VASSILY Improvisation 8 27,331,634 27,500,000 168,366 100.0% NARROWS FINE ART GIACOMETTI, DIEGO Table basse aux caryatides 175,000 175,000 100.0% NARROWS FINE ART DELACROIX, EUGENE Tigre se lechant la patte 225,000 400,000 175,000 100.0% NARROWS FINE ART GERICAULT, THEODORE Black Stallion in a Stable 324,750 500,000 175,250 100.0% CHILDREN FINE ART DE KOONING, WILLEM Untitled 180,000 180,000 100.0% NARROWS FINE ART BLAKE, WILLIAM God Blessing the Seventh Day 2,316,008 2,500,000 183,992 100.0% NARROWS FINE ART DORER, ALBRECHT St. Jerome in his Study (Meder 59, a; Bartsch 1,001,650 1,200,000 198,350 100.0% NARROWS FINE ART GIACOMETTI, DIEGO Console table with shelf, model with frogs 200,000 200,000 100.0% NARROWS FINE ART GIACOMETTI, DIEGO Console table with shelf, model with frogs 200,000 200,000 100.0% NARROWS FINE ART DE GOYA. FRANCISCO Los Proverbios (or Los Disparates) 200,000 200,000 100.0% NARROWS FINE ART NOLDE, EMIL Mohn and Ritterspoon 50,000 250,000 200,000 100.0% NARROWS FINE ART BONNARD, PIERRE Marthe sur un divan 300,000 500,000 200,000 100.0% NARROWS FINE ART TOURNAI Falconry Tapestry 300,000 500,000 200,000 100.0% NARROWS FINE ART GORMLEY, ANTONY Landing 98,532 300,000 201,469 100.0% Page 19 of 26 EFTA01154372 ART INVENTORY - UNREALIZED Owner OBJECT TYPE Artist JULY 2014 Total Paid (in Item Description 1 USD) Fair Value (% Ownership) or Cost Of not on Appraisal) Unrealized Gain (Loss) IF PROMISED (PLEDGED) GIFT, NAME OF DONEE INSTITUTION OWNERSHIP NARROWS FINE ART LIOTARD, JEAN ETIENNE JACQUES DE CHAPEAUROUGE (1744 — 18 789,180 1,000,000 210,820 100.0% APO 2 (B FAM 1! FINE ART DE GOYA. FRANCISCO La Tauromaquia 1,088,750 1,300,000 211,250 100.0% NARROWS FINE ART FRAGONARD, JEAN-HON( L'ile d'amour - la fête a Rambouillet 2,785,777 3,000,000 214,223 100.0% NARROWS FINE ART REDON, ODILON Satyre 180,000 400,000 220,000 100.0% NARROWS FINE ART GORMLEY. ANTONY Together and Apart 79,368 300,000 220,632 100.0% NARROWS FINE ART DE TOULOUSE-LAUTREC, La coiffure 1,020,420 1,250,000 229,580 100.0% APO 2 (B FAM 1! FINE ART DEGAS, EDGAR Les repasseuses (Ironing Women) 2,167,500 2,400,000 232,500 100.0% NARROWS FINE ART GRAF, URS The Bearer of the Banner of the Canton GlarL 515,969 750,000 234,031 Met 50.0% NARROWS FINE ART KLEE, PAUL Konigsburg 1,265,000 1,500,000 235,000 100.0% CHILDREN FINE ART PICASSO, PABLO Nu assis 250,000 250,000 100.0% NARROWS FINE ART GIACOMETTI, DIEGO Console a plateaux, modEle aux grenouilles 250,000 250,000 100.0% NARROWS FINE ART HARTLEY. MARSDEN Calla Lillies 140,000 400,000 260,000 100.0% NARROWS FINE ART PRUD'HON, PIERRE-PAUL Femme assise tenant une quenouille (Clotho 489,927 750,000 260,073 100.0% APO 2 (B FAM 1!FINE ART SEVERINI, GINO II Tango Argentino 533,750 800,000 266,250 100.0% NARROWS FINE ART PICASSO, PABLO Tele de taureau 627,029 900,000 272,971 100.0% NARROWS FINE ART RODIN, AUGUSTE The Age of Bronze 25,000 300,000 275,000 100.0% NARROWS FINE ART DAVIS, STUART Artist in Search of a Model 74,151 350,000 275,849 100.0% NARROWS FINE ART GRIS. JUAN Nature morte au cafetiere 123,891 400,000 276,109 100.0% NARROWS FINE ART THIEBAUD, WAYNE Pink Swirl 119,075 400,000 280,925 100.0% NARROWS FINE ART MOREAU, GUSTAVE Galat4e 215,930 500,000 284,070 100.0% NARROWS FINE ART RUBENS, PETER PAUL Nicodemus 963,010 1,250,000 286,990 100.0% NARROWS FINE ART REDON, ODILON Satan dominant le monde 161,151 450,000 288,849 100.0% NARROWS FINE ART SEURAT, GEORGES Rayons 702,049 1,000,000 297,951 100.0% CHILDREN FINE ART AVERY, MILTON Sentinels 300,000 300,000 100.0% NARROWS FINE ART GIACOMETTI, ALBERTO Pair of torchEres 300,000 300,000 100.0% NARROWS FINE ART GIACOMETTI, DIEGO Chimneypiece 400,000 700,000 300,000 100.0% NARROWS FINE ART TIEPOLO, GIOVANNI BAT1 Christ Calling the Fishermen 185,000 500,000 315,000 100.0% NARROWS FINE ART PICASSO, PABLO Taureau et cheval 470,271 800,000 329,729 100.0% NARROWS FINE ART REDON, ODILON La gloire noyee 453,000 800,000 347,000 100.0% Page 20 of 26 EFTA01154373 ART INVENTORY - UNREALIZED Owner OBJECT TYPE Artist JULY 2014 Total Paid (in Item Description 1 USD) Fair Value (% Ownership) or Cost (if not on Appraisal) Unrealized Gain (Loss) IF PROMISED (PLEDGED) GIFT, NAME OF DONEE INSTITUTION OWNERSHIP NARROWS FINE ART KELLY, ELLSWORTH Untitled 3,650,750 4,000,000 349,250 100.0% APO 2 (B FAM 1! FINE ART NOLDE, EMIL Tanzerin (S. L 56) 1,150,687 1,500,000 349,313 100.0% NARROWS FINE ART TANSEY, MARK Homage to Susan Sontag 50,000 400,000 350,000 100.0% NARROWS FINE ART DORER, ALBRECHT Saint Eustace 1,143,188 1,500,000 356,813 100.0% NARROWS FINE ART GELLEE. CLAUDE CALLE( An Extensive Landscape 893,062 1,250,000 356,938 100.0% NARROWS FINE ART KLEE, PAUL Hexen-scene 335.575 700,000 364,425 100.0% LDB 2011 LLC FINE ART SEURAT, GEORGES Le Chien Noir (Etude pour 'Un Dimanche a LE 1.380.188 1,750,000 369,813 100.0% NARROWS FINE ART FRIEDRICH. CASPAR DAV View of the Island of Rugen with a Shepard al 375.000 750,000 375,000 Met 50.0% NARROWS FINE ART INGRES, JEAN-AUGUSTE- Raphael and The Fornarina 1,623,750 2,000,000 376,250 100.0% NARROWS FINE ART WATTEAU, JEAN-ANTOINI Profile of a Man with a Study of a Hand 413.875 800,000 386,125 100.0% NARROWS FINE ART PICASSO, PABLO Le singe et le masque 360.159 750,000 389,841 100.0% NARROWS FINE ART PICASSO, PABLO Etude pour I'acteur and deux profils de Fernai 1,104.150 1,500,000 395,850 100.0% NARROWS FINE ART RICKEY. GEORGE Triple L Excentric Gyratory Gyratory 400,000 400,000 100.0% APO 2 (B FAM 1! FINE ART GAUGUIN, PAUL Le Peintre Roy 2,600,000 3,000,000 400,000 100.0% NARROWS FINE ART GRIS. JUAN Nature morte 391,000 800,000 409,000 100.0% NARROWS FINE ART DE GOYA, FRANCISCO Los Caprichos 579.880 1,000,000 420,120 100.0% NARROWS FINE ART CEZANNE. PAUL Groupe d'arbres 1,312,500 1,750,000 437,500 100.0% NARROWS FINE ART DE GOYA. FRANCISCO Los desastres de la guerra 450,000 450,000 100.0% NARROWS FINE ART MIRO, JOAN Composition 541,250 1,000,000 458,750 100.0% NARROWS FINE ART MATISSE, HENRI Femme se reposant 341,000 800,000 459,000 100.0% APO 2 (B FAM 1! FINE ART FONTANA, LUCIO Concetto Speziale 1,284,948 1,750,000 465,052 100.0% NARROWS FINE ART AVERY, MILTON Early Spring 125,000 600,000 475,000 100.0% LDB 2011 LLC FINE ART DE KOONING, WILLEM Woman 3,021,289 3,500,000 478,711 100.0% NARROWS FINE ART SEURAT, GEORGES La nourrice 1.012.138 1,500,000 487,863 100.0% NARROWS FINE ART VAN DYCK, SIR ANTHONY Landscape with a Farm Buildingt (50% intere 135.313 625,000 489,687 Met 50.0% CHILDREN FINE ART AVERY, MILTON Orange Rocks 500,000 500,000 100.0% NARROWS FINE ART ARP. HANS Constellation de quatre formes blanches et d' 487.125 1,000,000 512,875 100.0% NARROWS FINE ART JOHNS, JASPER Untitled 734,906 1,250,000 515,094 100.0% NARROWS FINE ART DAUMIER, HONORE Apres ('audience 1,210,000 1,750,000 540,000 100.0% Page 21 of 26 EFTA01154374 ART INVENTORY - UNREALIZED JULY 2014 Fair Value IF PROMISED (°/0 (PLEDGED) Ownership) or GIFT, NAME Total Paid (in Cost (if not on Unrealized OF DONEE OWNERSHIP Owner OBJECT TYPE Artist Item Description 1 USD) Appraisal) Gain (Loss) INSTITUTION NARROWS FINE ART MOORE, HENRY Seated Woman on Bench 155,000 700,000 545,000 100.0% NARROWS FINE ART GERICAULT, THEODORE Episode de la Guerre Coloniale: Noir sur un c 1,438,990 2,000,000 561,010 100.0% NARROWS FINE ART KELLY, ELLSWORTH Blue White 2,438,438 3,000,000 561,563 100.0% NARROWS FINE ART MATISSE, HENRI Jeune fille a la mantille (Etude pour L'espagm 416,763 1,000,000 583,238 100.0% NARROWS FINE ART DE GOYA. FRANCISCO A Boy with a Blind Woman 660,000 1,250,000 590,000 100.0% NARROWS FINE ART DE GOYA. FRANCISCO A Prisoner 660,000 1,250,000 590,000 100.0% NARROWS FINE ART GIACOMETTI, DIEGO Glass-top Table and Eight Side Chairs 900,000 1,500,000 600,000 100.0% NARROWS FINE ART SCHIELE, EGON Liegender Weiblicher Akt 99,000 700,000 601,000 100.0% APO 2 (B FAM 1!FINE ART GRIS. JUAN Man with an Opera Hat (assumed to be Homi 869,000 1,500,000 631,000 100.0% APO 2 (B FAM 1!FINE ART SEURAT, GEORGES Le manteau blanc (Promeneuse au parapluie 1,600,000 2,250,000 650,000 100.0% NARROWS FINE ART LEONARDO DA VINCI Studies for Hercules Holding a Club Seen in F 333,179 1,000,000 666,821 Met 50.0% NARROWS FINE ART TIEPOLO, GIOVANNI DOM The Firing Squad 700,000 700,000 100.0% NARROWS FINE ART DEGAS, EDGAR Autoportrait 300,000 1,000,000 700,000 100.0% NARROWS FINE ART PICASSO, PABLO Portrait of Elie Faure 800,000 1,500,000 700,000 100.0% LDS 2011 LLC FINE ART PICASSO, PABLO Jeune homme et cheval 1,792,349 2,500,000 707,651 100.0% LDB 2011 LLC FINE ART PICASSO, PABLO Verre, pipe et pacquet de tabac 1,281,000 2,000,000 719,000 100.0% NARROWS FINE ART PICASSO, PABLO Arlequin a la guitare 774,450 1,500,000 725,550 100.0% NARROWS FINE ART CHARDIN. JEAN-SIMEON Panier de peches, raisin blanc et noir avec ra. 2,267,783 3,000,000 732,217 100.0% APO 2 (B FAM 1!FINE ART PICASSO, PABLO La Minotauromachie 1,261,602 2,000,000 738,398 100.0% NARROWS FINE ART SCHIELE, EGON Selbstbildnis (Self Portrait) 150,000 900,000 750,000 100.0% NARROWS FINE ART MIRO, JOAN Oiseau 1,100,000 1,850,000 750,000 100.0% NARROWS FINE ART SIGNORELLI, LUCA Study for a Seated Prophet 962,747 1,750,000 787,253 100.0% NARROWS FINE ART CEZANNE. PAUL Baigneuses 935,000 1,750,000 815,000 100.0% APO 2 (B FAM 1!FINE ART PICASSO, PABLO Figure Surrealiste (Carnet, 1044) 950,991 1,800,000 849,009 100.0% NARROWS FINE ART PICASSO, PABLO Femme nue 650,000 1,500,000 850,000 100.0% NARROWS FINE ART DAUMIER, HONORE Parade de Saltimbanques 1,650,000 2,500,000 850,000 100.0% NARROWS FINE ART LEGER, FERNAND Contraste de formes 1,620,833 2,500,000 879,167 100.0% LDB 2011 LLC FINE ART MONDRIAN. PIET Church at Domburg: Church Facade IV 1,601,250 2,500,000 898,750 100.0% APO 2 (B FAM 1!FINE ART BURRI. ALBERTO Bianco Cretto 1,083,750 2,000,000 916,250 100.0% Page 22 of 26 EFTA01154375 ART INVENTORY - UNREALIZED Owner OBJECT TYPE Artist JULY 2014 Total Paid (in Item Description 1 USD) Fair Value (% Ownership) or Cost (if not on Appraisal) IF PROMISED (PLEDGED) GIFT, NAME Unrealized OF DONEE Gain (Loss) INSTITUTION OWNERSHIP APO 2 (B FAM 1I FINE ART DE GOYA. FRANCISCO Bajan rihenda (They go down quarreling) 4,050,313 5,000,000 949,687 100.0% NARROWS FINE ART RAFFAELLO SANZIO. CALI Head of a Muse 47,020,045 48,000,000 979,955 100.0% NARROWS FINE ART KANDINSKY. VASSILY Entwurf zu "Komposition VII" 1.515.000 2,500,000 985,000 100.0% NARROWS FINE ART PICASSO, PABLO Paysage 2,500,000 3,500,000 1,000,000 100.0% NARROWS FINE ART GORKY, ARSHILE Study for Agony 3,000,000 4,000,000 1,000,000 100.0% LDB 2011 LLC FINE ART SCHIELE, EGON Flusslandschaft mit zwei Baumen (River Lanc 24,000,000 25,000,000 1,000,000 100.0% NARROWS FINE ART MATISSE, HENRI Venus a la coquille II 700,000 1,750,000 1,050,000 100.0% APO 2 (B FAM 1I FINE ART PICASSO, PABLO Portrait of Mateu Fernandez de Soto 36,410,522 37,500,000 1,089,478 100.0% NARROWS FINE ART RODIN, AUGUSTE Les Bourgeois de Calais 660,000 1,750,000 1,090,000 100.0% NARROWS FINE ART DE GOYA. FRANCISCO Maja y Celestina 660,000 1,750,000 1,090,000 100.0% NARROWS FINE ART PICASSO, PABLO Fernande Olivier 624,938 1,750,000 1,125,063 100.0% NARROWS FINE ART LEONARDO DA VINCI Madonna del Gatto 3,338,547 4,500,000 1,161,453 100.0% NARROWS FINE ART REDON, ODILON L'araign4e en pleurs 560,000 1,750,000 1,190,000 100.0% NARROWS FINE ART VAN GOGH, VINCENT Les toits, Arles 1,250,000 2,500,000 1,250,000 100.0% NARROWS FINE ART KANDINSKY. VASSILY Skizze tar Sintflut II (Sketch for Deluge II) 31,725,250 33,000,000 1,274,750 100.0% APO 2 (B FAM 1I FINE ART MANZONI, PIERO Achrome 704,438 2,000,000 1,295,563 100.0% NARROWS FINE ART DAUMIER, HONORE La chanson a boire 693,341 2,000,000 1,306,659 100.0% APO 2 (B FAM 1I FINE ART LEGER, FERNAND Les fumees sur les toits 1,648,273 3,000,000 1,351,727 100.0% APO 2 (B FAM 1I FINE ART REDON, ODILON Visage derriere les barreaux 863,770 2,250,000 1,386,230 100.0% NARROWS FINE ART DEGAS, EDGAR Aux courses 1,082,500 2,500,000 1,417,500 100.0% NARROWS FINE ART DAUMIER. HONORE La parade 1,312,531 2,750,000 1,437,469 100.0% NARROWS FINE ART GUARDI, FRANCESCO Recto: Regata in the Bacino di San Marco wit 1,025,000 2,500,000 1,475,000 100.0% NARROWS FINE ART DE GOYA. FRANCISCO Gimiendo y Ilorando (Weeping and Wailing) 1,014,844 2,500,000 1,485,156 100.0% NARROWS FINE ART TURNER. R.A., JOSEPH M. Entry to the Grand Canal with Santa Maria de 907,375 2,400,000 1,492,625 100.0% LDB 2011 LLC FINE ART CALDER, ALEXANDER Portrait de Fernand Leger 1,001,313 2,500,000 1,498,688 100.0% NARROWS FINE ART PICASSO, PABLO Study for 'Nude with Drapery 744,219 2,250,000 1,505,781 100.0% NARROWS FINE ART MAILLOL, ARISTIDE L'Air (premier eta° 893,063 2,500,000 1,606,938 100.0% APO 2 (B FAM 1I FINE ART PICASSO, PABLO Weeping Woman (La femme qui pleure) 1,357,813 3,000,000 1,642,188 100.0% NARROWS FINE ART LEONARDO DA VINCI Caricature of a Woman Wearing a Tall Hat ar 784,813 2,500,000 1,715,188 100.0% Page 23 of 26 EFTA01154376 ART INVENTORY - UNREALIZED Owner OBJECT TYPE Artist JULY 2014 Total Paid (in Item Description 1 USD) Fair Value (°/0 Ownership) or Cost (if not on Appraisal) Unrealized Gain (Loss) IF PROMISED (PLEDGED) GIFT, NAME OF DONEE INSTITUTION OWNERSHIP APO 2 (B FAM 1! FINE ART DEGAS, EDGAR Le Pas Battu 2,281,125 4,000,000 1,718,875 100.0% APO 2 (B FAM 1! FINE ART PICASSO, PABLO Acrobate 3,251,250 5,000,000 1,748,750 100.0% NARROWS FINE ART CALDER, ALEXANDER Spunk of the Monk 18,221,250 20,000,000 1,778,750 100.0% APO 2 (B FAM 1!FINE ART AVERY, MILTON Conversation 649,500 2,500,000 1,850,500 100.0% NARROWS FINE ART GAUGUIN, PAUL Cylinder with Two Figures 8,128,125 10,000,000 1,871,875 100.0% NARROWS FINE ART CEZANNE. PAUL Le Marin or Le Jardinier Vallier vu de face 53,103,750 55,000,000 1,896,250 100.0% NARROWS FINE ART RAFFAELLO SANZIO, CALI Head of a Young Apostle 48,085,198 50,000,000 1,914,802 100.0% NARROWS FINE ART MIRO, JOAN Femme poignard4e par le soleil recitant des r 1,550,681 3,500,000 1,949,319 100.0% NARROWS FINE ART DEGAS, EDGAR Etude de nu pour 'La danseuse habille' 1,000,000 3,000,000 2,000,000 100.0% NARROWS FINE ART PICASSO, PABLO Study for 'Head of Nude with Drapery 476,300 2,500,000 2,023,700 100.0% NARROWS FINE ART DE GOYA, FRANCISCO Three People Around a Dying Man (Le malad 475,000 2,500,000 2,025,000 100.0% NARROWS FINE ART DE GOYA, FRANCISCO La bouillie (Beggars Eating Mash) 401,914 2,500,000 2,098,086 100.0% NARROWS FINE ART DE GOYA, FRANCISCO Young Woman Surrounded by Witches (Jeun 380,000 2,500,000 2,120,000 100.0% NARROWS FINE ART CALDER, ALEXANDER Mobile 3,758,125 6,000,000 2,241,875 100.0% APO 2 (B FAM 1! FINE ART BRANCUSI, CONSTANTIN The Kiss 9,741,490 12,000,000 2,258,510 100.0% NARROWS FINE ART LEGER, FERNAND Dessin pour 'I'escalier' 1,190,750 3,500,000 2,309,250 100.0% NARROWS FINE ART MANET. EDOUARD Portrait de Constantin Guys 1,652,500 4,000,000 2,347,500 100.0% NARROWS FINE ART DELACROIX, EUGENE Choc de cavaliers arabes 8,469,701 11,000,000 2,530,299 100.0% LDB 2011 LLC FINE ART PICASSO, PABLO Deux femmes 2,322,774 5,000,000 2,677,226 100.0% APO 2 (B FAM 1! FINE ART LIOTARD, JEAN-ETIENNE Femme Turque au Tambourin 1,308,402 4,000,000 2,691,598 100.0% APO 2 (B FAM 1! FINE ART WARHOL, ANDY Nine Multicolored Marilyns 2,291,721 5,000,000 2,708,279 100.0% NARROWS FINE ART VAN GOGH, VINCENT Wheat Field with Sheaves 2,265,131 5,000,000 2,734,869 100.0% NARROWS FINE ART SMITH, DAVID Sentinel t (66.66% Interest) 2,461,667 5,333,333 2,871,667 MoMA 66.7% NARROWS FINE ART SCHIELE, EGON Zwei Akte 600,000 3,500,000 2,900,000 100.0% NARROWS FINE ART DEGAS, EDGAR Le repos 4,086,438 7,000,000 2,913,563 100.0% NARROWS FINE ART BRAQUE, GEORGES Le gueridon 1,732,000 5,000,000 3,268,000 100.0% NARROWS FINE ART ENSOR, JAMES Le grand juge (masques) 1.201.212 4,500,000 3,298,788 100.0% NARROWS FINE ART KIRCHNER, ERNST LUDW Berliner Strassenszene and Baume: a double 19,048,000 22,500,000 3,452,000 50.0% NARROWS FINE ART DE CHIRICO, GIORGIO The Surprise 4,546,500 8,000,000 3,453,500 100.0% Page 24 of 26 EFTA01154377 ART INVENTORY - UNREALIZED JULY 2014 Total Paid (in Fair Value (°/0 Ownership) or Cost Of not on Unrealized IF PROMISED (PLEDGED) GIFT, NAME OF DONEE OWNERSHIP Owner OBJECT TYPE Artist Item Description 1 USD) Appraisal) Gain (Loss) INSTITUTION NARROWS FINE ART BRUEGHEL THE ELDER, P The Drunkard Pushed into the Pigsty 5,499,505 9,000,000 3,500,495 100.0% NARROWS FINE ART MOORE, HENRY Two-Piece Reclining Figure: Points 4,347.394 8,000,000 3,652,606 100.0% NARROWS FINE ART DAVID, JACQUES-LOUIS Portrait de Francois-Antoine Rasse, Prince dE 2,273,250 6,000,000 3,726,750 100.0% NARROWS FINE ART POLLOCK, JACKSON Number 8, 1951 1,250,000 5,000,000 3,750,000 100.0% NARROWS FINE ART MATISSE, HENRI Jeannette V 2,750,000 6,500,000 3,750,000 100.0% NARROWS FINE ART RODIN, AUGUSTE Iris. messagere de Dieux 1,193,456 5,000,000 3,806,544 100.0% NARROWS FINE ART MUNCH. EDVARD Melancholy 11,000,000 15,000,000 4,000,000 100.0% NARROWS FINE ART CANALE , ANTONIO CALLE Feast of the Assumption at Santa Maria della 963,425 5,000,000 4,036,575 100.0% APO 2 (B FAM 1!FINE ART DEGAS, EDGAR Les Chevaux de courses 8,284,340 12,500,000 4,215,660 100.0% NARROWS FINE ART SMITH, DAVID Voltri-Bolton I 2,706,250 7,000,000 4,293,750 100.0% NARROWS FINE ART PICASSO, PABLO Bouteille et verre 700,000 5,000,000 4,300,000 100.0% NARROWS II FINE ART MUNCH. EDVARD The Scream 130.565.622 135,000,000 4,434,378 100.0% NARROWS FINE ART REMBRANDT VAN RIJN A Seated Old Man Facing Left 2.454,220 7,000,000 4,545,780 100.0% NARROWS FINE ART MATISSE, HENRI Jeannette IV 1.800,000 6,500,000 4,700,000 100.0% NARROWS FINE ART MATISSE, HENRI Jeannette III 1,650,000 6,500,000 4,850,000 100.0% NARROWS FINE ART BONNARD. PIERRE Jeunes femmes au jardin (Portrait de Renee I 2.827.811 8,000,000 5,172,189 100.0% NARROWS FINE ART SERRA, RICHARD Torqued Ellipse IVt (75% interest) 1,016,750 6,250,000 5,233,250 MoMA 50.0% NARROWS FINE ART BRANCUSI. CONSTANTIN Oiseau dans l'espace (Bird in space) 29,755,440 35,000,000 5,244,560 100.0% NARROWS FINE ART PICASSO, PABLO Tate d'homme a la pipe 1,729,294 7,000,000 5,270,706 100.0% NARROWS FINE ART CEZANNE. PAUL Grenade et poires dans une assiette 3,692,500 9,000,000 5,307,500 100.0% NARROWS FINE ART MIRO, JOAN Spanish Dancer 9,363,625 15,000,000 5,636,375 100.0% LDB 2011 LLC FINE ART MONDRIAN. PIET Composition with Color Planes and Grey Line 8,821,221 15,000,000 6,178,779 100.0% APO 2 (B FAM 1! FINE ART MATISSE, HENRI Amphitrite 6,000,000 14,000,000 8,000,000 100.0% NARROWS FINE ART DEGAS, EDGAR Danseuses 11,910,206 20,000,000 8,089,794 100.0% NARROWS FINE ART BECKMANN, MAX Tanzerin mit Tamburin (Dancer with tambouri 1,825,000 10,000,000 8.175,000 100.0% NARROWS FINE ART CEZANNE. PAUL Recto: Crane sur une draperie (Skull and Dra 1.750,000 10,000,000 8,250,000 100.0% NARROWS FINE ART PICASSO, PABLO Buste de femme 9.500.000 18,000,000 8.500,000 100.0% NARROWS FINE ART MUNCH. EDVARD Aasgaardsstrand 2,571,478 12,500,000 9.928,522 100.0% NARROWS FINE ART BECKMANN, MAX Selbstbildnis mit Horn (Self Portrait with Horn: 11,278,398 21,250,000 9,971,602 50.0% Page 25 of 26 EFTA01154378 ART INVENTORY - UNREALIZED JULY 2014 Fair Value IF PROMISED (°/0 (PLEDGED) Ownership) or GIFT, NAME Total Paid (in Cost (if not on Unrealized OF DONEE OWNERSHIP Owner OBJECT TYPE Artist Item Description 1 USD) Appraisal) Gain (Loss) INSTITUTION NARROWS FINE ART SERRA, RICHARD Double Torqued Ellipse II 1,657,250 12,500,000 10.842,750 100.0% NARROWS FINE ART BUONARROTI, MICHELAN The Risen Christ 13,308,196 25,000,000 11,691,804 100.0% NARROWS FINE ART SERRA, RICHARD Betwixt the Torus and Sphere 2,775,500 15,000,000 12,224,500 100.0% NARROWS FINE ART CEZANNE. PAUL Le Château Noir 12.505.581 25,000,000 12,494,419 100.0% NARROWS FINE ART MATISSE, HENRI Marocaine en jaune 10,000,000 22,500,000 12,500,000 100.0% NARROWS FINE ART MIRO, JOAN Corde et Personnages II 7,036,250 20,000,000 12,963,750 100.0% APO 2 (B FAM 1! FINE ART LICHTENSTEIN, ROY Nude with Abstract Painting 4,345,000 18,000,000 13,655,000 100.0% NARROWS FINE ART PICASSO, PABLO Femme nue 11,002,500 25,000,000 13,997,500 100.0% NARROWS FINE ART VAN GOGH, VINCENT Jardin de tleurs 8,500,000 22,500,000 14,000,000 100.0% NARROWS FINE ART MONDRIAN. PIET Composition C with Gray and Red 2,922,750 17,500,000 14,577,250 100.0% NARROWS FINE ART TURNER. R.A., JOSEPH M. Goldau 1,330,000 16,000,000 14,670,000 100.0% NARROWS FINE ART CEZANNE. PAUL Carriere de Bibemus 7,692,500 22,500,000 14,807,500 100.0% NARROWS FINE ART PICASSO, PABLO Fernande Olivier 3,114,375 18,000,000 14,885,625 100.0% APO 2 (B FAM 1!FINE ART MALEVICH, KAZIMIR Plane in Rotation, DIT Cercle Noir (Black Circ 20,049,375 35,000,000 14,950,625 100.0% NARROWS FINE ART MALEVICH, KAZIMIR Elongated Plane 16,820,688 35,000,000 18,179,312 100.0% NARROWS FINE ART LEGER, FERNAND Femme cousant: a double-sided painting 16,000,000 35,000,000 19,000,000 100.0% APO 2 (B FAM 1! FINE ART GIACOMETTI, ALBERTO Figure Moyenne II 2,922,750 22,500,000 19,577,250 100.0% NARROWS FINE ART MONET. CLAUDE Nympheas 24,356,250 45,000,000 20.643,750 100.0% NARROWS FINE ART BRANCUSI. CONSTANTIN La muse 11,466,250 32,500,000 21.033,750 100.0% PENT HOLDING FINE ART TURNER. R.A., JOSEPH M. Seascape: Folkstone 14,841,731 80,000,000 65,158,269 100.0% Page 26 of 26 EFTA01154379