TRUSTS 2014 LDB LLC

TRUSTS 2014 LDB LLC UNREALIZED LO TO HI JULY 2014 SOTHEBY'S Artist Item Description Total Paid (in USD) Sotheby's Appraised Value (July 2014) Fair Value (% Ownership) or Cost (if not on Appraisal) UNREALIZED GAIN (LOSS) CUMULATIVE GROSS UNREALIZED GAIN (LOSS) INCREMENTAL APO 1 BAROCCI, FEDERICO Christ blessing angel 6.968,000 1500.000 3.500.000 (3,468,000). (3,468.000) APO 1 MATISSE, HENRI Nude Dos. 4 etat (Back IV) 53.133,722 50.000.000 50.000.000 (3,133,722). (6,601.722) APO 1 PICASSO, PABLO Composition (Composition Au Minotaure) 18,918,808 16.000.000 16,000.000 (2,918,808) (9.520.530) LDB 2014 LLC SEURAT, GEORGES Au Divan Japonais (cafe.concert) 7,705,456 6.000.000 6,000,000 (1,705,456) (11.225.986) APO 2 PERUZZI, BALDASSAREAn Artist drawing a Nobleman 2,071,347 1.000.000 (1,071,347) (12.297.333) 1,000,000 APO 1 BECKMANN, MAX Studie Zu Malepartus (Study for Malepartus) 1,469,813 400.000 400,000 (1,069,813) (13.367.145) APO 1 SCHIELE, EGON Self Portrait as Saint Sebastian 3,511,219 2.500.000 2,500,000 (1,011,219) (14.378.364) APO 2 MATISSE, HENRI Figure Decorative 13,976,040 11000.000 13,000.000 (976,040) (15.354.404) APO 2 MUNCH, EDVARD Melancholy 1,702,098 900.000 900.000 (802.098) (16.156.502) LDB 2014 LLC GAUGUIN, PAUL L'Esprit veille (Te Arii Vahine)(Femme tahitienne) 3,290,086 2.500.000 2,500.000 (790.086) (16.946.588) APO 2 MARDEN, BRICE Untitled 1,633,125 1,000.000 1,000,000 (633,125) (17,579713) APO 1 SCHWITTERS, KURT • Sword 3,102,938 2,500.000 2,500,000 (602,938) (18,182.650) APO 1 GELLEE, CLAUDE CALLA wooded landscape 6,674.582 6,130.500 6,130,500 (544,082) (18,726.732) APO 2 RUBENS, PETER PAUL Meleager and Atalanta Hunting the Boar 6,021,753 5,500.000 5,500,000 A521,753) (19,248.486) APO 2 SHAPIRO, JOEL Untitled 1,181.125 700.000 700.000 (481,125). (19,729.611) APO 1 GERICAULT, THEODOR Study For the Father in tho Raft of the Medusa (Rec 878,562 400.000 400.000 (478,562). (20,208.172) APO 2 KAPOOR, ANISH Untitled 1,641,846 1 200.000 1.200.000 (441,846) (20,650.019) APO 2 REDON, ODILON Fleurs sur fond noir 1,140,563 700.000 700.000 (440.563) (21,090.581) APO 2 RYMAN, ROBERT Version X 1,415,375 1.000.000 1.000.000 (415,375) (21,505.956) LDB 2014 LLC WATTEAU, ANTOINE Study of a Seated Woman 1,407,250 1.000.000 1.000.000 (407,250) (21,913.206) APO 2 KLINE, FRANZ Untitled 596,063 200.000 200.000 (396,063) (22,309.269) APO 2 NOGUCHI, ISAMU Bindu 732,800 350.000 350.000 (382,800) (22,692.069) APO 2 VAN DOESBURG, THEO Compositie 1,833,183 1.500.000 1,500.000 (333,183) (23,025.252) APO 2 GUERCINO, IL (GIOVAN Landscape 580 177 250.000 250.000 (330,177). (23,355.429) APO 2 DE TOULOUSE•LAUTRELaToilene: Femme qui se lave 3,801,875 3.500.000 3.500.000 (301,875). (23,657.304) APO 1 MIRO, JOAN Untitled 1.975,000 1.700.000 1.700.000 (275,000). (23,932.304) APO 2 MUNCH, EDVARD Madonna (Liebendes Weib) 2.127,927 1.860.000 1,860.000 (267,927) (24,200.231) APO 1 RUSCHA, EDWARD Egg 566,150 300.000 300.000 (266,150) (24,466.381) APO 2 CORNELL, JOSEPH Magic Soap Bubble Set 5,256,213 5.000.000 5,000.000 (256,213). (24,722.594) APO 2 ENSOR, JAMES Les bons juges (The Good Judges) 1,488,645 1.250.000 1,250.000 - 3,000.000 (238,645) (24,961.239) LDB 2014 LLC NEWMAN, BARNETT Untitled 3,226,529 3.000.000 - (226,529). (25,187.768) (25,187,768) APO 2 VAN GOGH, VINCENT Le Fumeur • L'Homme a la Pipe (Portrait du Docteu 322,494 100.000 100.000 (222,494) (25,410.262) APO 2 ENSOR, JAMES Les Nuees ou Chevauchee des Walkyries (The Rid 816,846 600.000 600.000 (216.846) (25,627.108) APO 2 GROSZ, GEORGE Entdeckung in der Vorstadt 325,125 125.000 125.000 (200.125). (25,827.233) APO 2 PARMIGIANINO, FRANC Madonna of the Long Neck 1,000,000 800.000 800.000 (200,000). (26,027.233) APO 2 VASARI, GIORGIO Saint Eustache 342,956 150.000 150.000 (192,956) (26,220.189) APO 2 NOLDE, EMIL Junges Paar 525,622 350.000 350,000 (175,622)* (26,395.811) APO 2 BONTECOU, LEE Untitled 517,156 350.000 350,000 (167,156) (26,562.968) APO 1 GAINSBOROUGH, THOk Portrait of Caroline 4th Dutchess of Marlborough ha 2,650,562 2,500.000 2,500,000 (150,562) (26,713.529) APO 2 PIRANESI, GIOVANNI :Study of a standing man seen from behind 283,075 140.000 140.000 (143,075). (26,856.604) APO 2 BRESDIN, RODOLPHE The Exterior of an Inn (L'Auberge Normande) 168,368 40.000 40.000 (128,368). (26,984.972) APO 2 GROTJAHN, MARK Untitled (Solid Cream Butterfly Drawing in Two parts 318,459 200.000 200.000 (118,459) (27.103.432) APO 1 GUERCINO, IL (GIOVAN Reclining Nude Youth seen from behind 1.434,450 1.318.000 1.318.000 (116,450) (27.219.882) APO 2 MATTA, ROBERTO Sans titre (Untitled) 233,006 125.000 125.000 (108,006) (27.327.888) APO 2 KLEE, PAUL Drei sanfte Narrenworte (three gentle words of a too 501,914 400.000 400.000 (101,914) (27,429.802) APO 2 PIRANESI, GIOVANNI View of a Street with Shops (Veduta Interne della pc 977,625 900.000 900.000 (77,625)' (27,507.427) APO 2 COURBET, GUSTAVE Portrait de Francois Sabatier 133,437 60.000 60.000 (73,437) (27.580.864) APO 2 GROSZ, GEORGE Kaffeehausszene (Eigenbrodelei) (Scene in a wife( 130,000 65.000 65,000 (65,000) (27.645.864) APO 2 PICASSO, PABLO Nue Endormie 13,065,000 13,000.000 13,000,000 (65,000). (27.710.864) APO 2 BRUEGHEL THE ELDER Wooded Landscape with Travellers on a path I eadir 10.559,786 10,500.000 10,500.000 (59,786). (27,770.650) APO 2 DELAUNAY, ROBERT Tour Eiffel 233,544 175.000 175.000 (58,544). (27,829.194) APO 2 FRAGONARD, JEAN•HO Les jardins de la villa d'Este 1,249,504 1,200.000 1,200.000 (49,504). (27,878,698) APO 2 REDON, ODILON L'Araigne - The Spider 168.016 125.000 125.000 (43.016) (27,921,714) Page 1 of 3 EFTA01193932 TRUSTS 2014 LDB LIE UNREALIZED LO TO HI JULY 2014 SOTHEBY'S Artist Item Description Total Paid (in USD) Sotheby's Appraised Value (July 2014) Fair Value (% Ownership) or Cost (if not on Appraisal) UNREALIZED GAIN (LOSS) CUMULATIVE GROSS UNREALIZED GAIN (LOSS) INCREMENTAL APO 2 RODIN, AUGUSTE Nude of a female ("Standing Nude") 164,375 125.000 125,000 (39,375) (27,961.089) APO 2 KIRCHNER, ERNST LUD Woman in a Room (Madchen im Raum)(Ema) 231,563 200.000 200,000 (31,563) (27,992.652) APO 1 GERICAULT, THEODOR La Processacion A Silene 224,745 200.000 200,000 (24,745) (28,017.397) APO 2 KIRCHNER, ERNST LUD Die Siesta (The Siesta- Botho Graef and Hugo Blallk 60,206 40,000 40,000 (20,206) (28,037.603) APO 2 NOLDE, EMIL Der Prophet (The Prophet) — 50,000 30.000 30,000 (20,000) (28,057.603) APO 2 KIRCHNER, ERNST LUDStrassenszene (der omnibus) (Street Scene•the Orr — 60,206 —156.060 50.000 50,000 (10,206) (28,067.809) APO 2 KLEE, PAUL Jungfrau im Baum (Komfeld, no. 4) 150.000 150,000 (6,060) (28,073.869) APO 1 MALEVICH, KAZIMIR Composi0on in Dissolution:Composition 10a (Motif f 25.000 20,000 20.000 (5,000) (28,078.869) (2,891,101) APO 1 PICASSO, PABLO Head of a Woman (Femande) 7.500.000 7,500.000 APO 2 VARIOUS AUTHORS Various Rare Books 2.460.000 • 2,460.000 APO 2 ERASMUS, DESIDERIOEThe Praise of Folly (Moriae encomium) (1511) 375.000 375.000 APO 2 HOMER (Opera). in Greek (1488) 225,000 225.000 • APO 2 CAMBODIA, KHMER Shin and Durga 1,300,500 1,300.500 APO 2 PENONE, GIUSEPPE Tra scorza e scorza / Between Bark and Bark 2,612,151 2.612.151 • APO 2 VAN GOGH, VINCENT Carrier.) Pres de Saint-Remy 46,271,875 4.6,271.875 APO 2 DAIGOU Gold Silver and Jade 255,278 255,278 APO 2 FANGYI Archaic Bronze Vessel 1,772,550 1,772,550 APO 2 WESTERN ZHOU Zun Bird-Shaped Bronze Vessel 3,006,098 3,006,098 APO 2 DALI, SALVADOR Ants 1,076,774 1,076,774 APO 2 GIACOMETTI, ALBERTO Le Vide-poches (Pocket Tray) 4,572,750 4,572,750 APO 2 FRA BARTOLOMMEO (BThe Kneeling Magdalen. in profile to the left 1,150,000 1,150.000 1,150,000 APO 2 DE WAAL, EDMUND the city & desire 146,981 146,981 APO 2 GERICAULT, THEODOR Lion Devouring a Horse 402,838 402,838 APO 2 JOHNS, JASPER Regrets 39,086 39,086 APO 2 JOHNS, JASPER Regrets 39,086 39.086 APO 2 ROTHKO, MARK Untitled. 1959 2,074,978 2,074.978 APO 2 RUNGE, PHILIPP OTTO The Four Times of the Day ("Morgan. Tag. Abend. f 419,169 419,169 APO 2 REDON, ODILON Les Epines rouges 1,306,500 1,306,500 APO 1 DURER, ALBRECHT Hierinn sind begriffen vier bOcher von menschlicher 141,265 141,265 APO 1 REDON, ODILON A Edgar Poe (Mellerio 37-43) 213,123 213,123 APO 1 SCHLEMMER, OSKAR Three by the Banister 1,224,844 1,224,844 APO 1 FRAGONARD, JEAN-HO Portrait of Francois-Henri, 5th duc d'Harcouft, halfle 30,548,236 30,548,236 APO 1 PICASSO, PABLO Tete de Jeune Homme 4,447,505 4,447,505 APO 1 BAROCCI, FEDERICO Head of Young Girl 717,225 717,225 APO 1 GAINSBOROUGH, THOkStudy of a Lady. Possibly for the Richmond Water V. 2,996,108 2,996,108 LDB 2014 LLC BLAKE, WILLIAM The Parable of the Wise and Foolish Virgins 2.500,000 2.500.000 2,500.000 • APO 2 BLAKE, WILLIAM Christ the Mediator (Christ pleading before the Fath 998,415 1.000.000 1,000.000 1,585 1.585 APO 2 PICASSO, PABLO The Three Graces 244,969 250.000 250.000 5,031 6.617 APO 2 KLEE, PAUL Drohendes Haupt 68,987 75.000 75.000 6,013 12.629 APO 2 KIRCHNER, ERNST LUDStehender Madchenakt mit verschranlden Armen (S 52,260 60.000 60.000 7,740 20.369 APO 2 SCHLEMMER, OSKAR Rote Lieber 2.687,700 2.700.000 2.700.000 12,300 32.669 APO 2 PICASSO. PABLO Etude pour 'La Couiffure' 636 633 650.000 650.000 13.367 46.037 APO 2 HECKEL. ERICH Schlafender Matrose (Sleeping Sailor) 26 882 45.000 45.000 18.118 64.155 APO 2 BECKMANN, MAX The Last duty of Perseus 127,947 150.000 150.000 22,053 86.208 APO 2 KLEE, PAUL Komiker - Inv. 4 (Komfeld, no. 10) 75,259 100.000 100.000 24,741 110.949 APO 2 ROMANO, GUILO (GUIL(Bacchus as Autumn 97,988 150.000 150.000 52,013 162.962 APO 2 HECKEL, ERICH Mannerbildnis 241,502 300.000 300.000 58,498 221.459 APO 2 VAN RUISDAEL, JACOB A shepherd & his flock approaching farm buildings 179,076 250.000 250.000 70,924 292.384 APO 2 ARP, HANS Fantame flairant un nombril (Phantom Einen Nabel ' 1,412,125 1.500.000 1.500.000 87,875 380.259 APO 2 PIRANESI, GIOVANNI Inventioni Capric di Carceri 493,653 600.000 600.000 106,347 486.606 APO 2 WATTEAU, ANTOINE Sheet of Studies with a Figure Seen from Behind, a 444,423 600.000 600.000 155,577 642.183 APO 2 DELACROIX, EUGENE Etude de Fleurs: Marguerites Blanches et Zinnias 693,875 850.000 850.000 156,125 798.308 APO 2 DE GOYA. FRANCISCO La Tauromaquia 1.088,750 1.300.000 1.300.000 211.250 1.009.558 Page 2 of 3 EFTA01193933 TRUSTS 2014 LOB LLC UNREALIZED LO TO HI JULY 2014 SOTHEBY'S Total Paid (in Artist Item Description USD) Sotheby's Appraised Value (July 2014) Fair Value (% Ownership) or Cost (if not on Appraisal) UNREALIZED GAIN (LOSS) CUMULATIVE GROSS UNREALIZED GAIN (LOSS) INCREMENTAL APO 2 DEGAS, EDGAR Les repasseuses (Ironing Women) 2,167,500 2.400.000 2.400.000 232.500 1,242.058 APO 2 SEVERINI, GINO II Tango Argentino 533,750 800.000 800.000 266.250 1,508.308 APO 2 NOLDE, EMIL Tanzerin (S. L 56) 1,150,687 1,500.000 1,500.000 349,313 1,857.621 LDB 2014 LLC SEURAT, GEORGES Le Chien Noir (Etude pour 'Un Dimanche a La Grail 1,380,188 1,750.000 1,750,000 369,813 2,227.434 APO 2 GAUGUIN PAUL Le Pointe Roy 2,600,000 3,000.000 3,000,000 400,000 2,627.434 APO 2 FONTANA, LUCIO Concerti° Speziale 1,284,948 1,750.000 1,750.000 465,052 3,092.485 LDB 2014 LLC DE KOONING, WILLEM Woman 3,021,289 3,500.000 3,500.000 478.711 3,571.196 APO 2 GRIS, JUAN Man with an Opera Hat (assumed to be Homme au 869.000 1,500.000 1,500.000 631,000 4,202.196 APO 2 SEURAT, GEORGES Le manteau blanc (Promeneuse au parapluie) 1.600.000 2,250.000 2.250.000 650,000 4,852.196 LDB 2014 LLC PICASSO, PABLO Jeune homme et cheval 1,792.349 2,500.000 2,500.000 707,651 5,559.847 LDB 2014 LLC PICASSO, PABLO Verve, pipe et pacquet de, tabac 1,281,000 2,000.000 2,000.000 719.000 6,278.847 APO 2 PICASSO, PABLO La Minotauromachie 1,261,602 2,000.000 2,000.000 738.398 7,017.245 APO 2 PICASSO, PABLO Figure Surreaiste (Camel, 1044) 950,991 1,800.000 1,800,000 849.009 7,866.254 7,866,254 LDB 2014 LLC MONDRIAN, PIET Church at Domburg: Church Facade IV 1,601,250 2,500.000 2,500,000 898,750 8,765.004 APO 2 BURRI, ALBERTO Bianco Cretto 1,083,750 2,000.000 2,000,000 916,250 9,681.254 APO 2 DE GOYA, FRANCISCO Bajan rihenda (They go down quarreling) 4,050,313 5,000.000 5,000.000 949,687 10,930.941 LDB 2014 LLC SCHIELE, EGON Flusslandschaft mit zwei Bauman (River Landscape 24,000,000 25,000,000 25 000.000 1,000,000 11,630.941 APO 2 PICASSO, PABLO Portrait of Mateu Fernandez de Soto 36,410,522 37.500.000 37 500.000 1 089 478 12.720.419 APO 2 MANZONI, PIERO Achrome 704,438 2.000.000 2,000.000 1,295,563 14.015.982 APO 2 LEGER, FERNAND Les fumees sur les toils 1,648,273 3.000.000 3,000.000 1,351,727 15.367.709 APO 2 REDON, ODILON Visage derriere les barreaux 863,770 2,250.000 2,250,000 1,386,230 16,753.939 LDB 2014 LLC CALDER, ALEXANDER Portrait de Fernand Leger 1,001,313 2,500.000 2,500,000 1,498,688 18,252.626 APO 2 PICASSO, PABLO Weeping Woman (La femme qui pleura) 1,357,813 3,000.000 3,000.000 1,642,188 19,894.814 APO 2 DEGAS, EDGAR Le Pas Battu 2,281,125 4.000.000 4,000.000 1718.875 21,613.689 APO 2 PICASSO, PABLO Acrobate 3,251,250 5.000.000 1,748.750 23.362.439 APO 2 AVERY, MILTON Conversation 649,500 2.500.000 _5,000.000 1,850.500 25.212.939 APO 2 BRANCUSI, CONSTANTIThe Kiss 9,741,490 12.000.000 _2,500.000 12,000.000 2,258,510 27.471.449 LDB 2014 LLC PICASSO, PABLO Deux femmes 2,322,774 5.000.000 5,000.000 2,677,226 30,148.674 APO 2 LIOTARD, JEAN•ETIENN Femme Turque au Tambourin 1,308,402 4.000.000 4g00.000 2,691,598 32,840.272 APO 2 WARHOL, ANDY Nine Multicolored Marilyn 2,291,721 5,000.000 5,000.000 2,708,279 35,548.551 APO 2 DEGAS, EDGAR Les Chevaux de courses 8,284,340 12,500.000 12,500.000 4,215.660 • 39,764.212 LDB 2014 LLC MONDRIAN, PIET Composition with Color Planes and Grey Lines 8,821,221 15,000.000 15,000.000 6,178.779 45,942.991 APO 2 MATISSE, HENRI Amphitrite 6,000,000 14.000.000 14 000.000 8 000.000 53,942.991 APO 2 LICHTENSTEIN, ROY Nude with Abstract Painting 4,345,000 18,000.000 18,000.000 13,655.000 67,597.991 APO 2 MALEVICH, KAZIMIR Plane in Rotation, DIT Carole Noir (Black Circle) 20,049,375 35,000.000 35,000,000 14,950.625 82,548.616 APO 2 GIACOMETTI, ALBERTOFigure Moyenne II 2,922.750 22.500.000 22.500.000 19,577.250 102.125.866 94.259.611 Page 3 of 3 EFTA01193934