TRUSTS 2014 LD8 U.0

TRUSTS 2014 LD8 U.0 UN REAUZED 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) UNREAUZED GAIN (LOSS) CUMULATIVE GROSS UNREALIZED GAIN (LOSS) INCREMENTAL (PLEDGED) GIFT. NAME OF OWNERS DONEE HIP % INSTITUTION NARROWS MANET, EDOUARD Portrait de Bertha Morisot 25,226.302 15,000,000 15 OCO.000 (10,226.302) (10,226.302) 100% NARROWS SMITH, DAVID Cubi II 25,770.000 22,000,000 22 000.000 (3,770.000) (13,996.302) 100% NARROWS PICASSO. PABLO Tete dbomme 9.103.500 7,000.000 7.000.000 (2,103.500) (16,099.802) 100% NARROWS ROTHKO. MARK Black. White. Blue 5,429.315 3,500,000 3.500,000 (1,929,315). 118,029,117) 100% NARROWS DAVE. JACCILIES-LOUI5Les amours de Paris et Helene 4,928.028 3,500.000 3.500,000 (1,428.028) (19,457.145) 100% NARROWS STRAET, JAN VEN DER. Disegni Rappresentanli it Purgatorio Di Dante Alight 1,525.000 175.000 175,000 (1,350,000). (20,807.145) 100% NARROWS KIPPENBERGER. MARTIUntilied (from the series The Raft of the Medusa) T 3,819.135 2,500.000 2,500,000 (1,319,135). (22,126.280) 100% MoMA NARROWS PICASSO, PABLO Tete moustachue 8,165,625 7,000,000 7,000,000 (1,165,625). (23,291,905) 100% NARROWS CIE GOYA. FRANCISCO Gil Held by a Cord . 13,146.222 12,000.000 12,000,000 (1,146.222) (24,438127) 100% NARROWS REMBRANDT VAN RIJN Christ Crucified Between Two Thieves (The Three C 2,384250 1,400.000 1,400,000 (984.250) (25,422377) 100% NARROWS KELLY, ELLSWORTH Diagonal with Curve XVI 1,665.788 ' 700.000 700,000 (965.788) (26,388.164) 100% NARROWS NOGUCHI. ISAMU Personnage Ill (Ningen 3) 2,147.500 1,200.000 1,200,000 (947,500) (27,335.664) 100% NARROWS DE TOULOUSE-LAUTRE Au bal de ropera 10,968.634 10,125.000 10,125,000 (843.634) (28,179.298) 100% NARROWS • KIEFER. ANSELM Isis on the Way 1,625.625 800.000 800,000 1825,625) (29,004.923) 100% NARROWS INGRES, JEAN-AUGUST Garonne Charles-Atharase Walckenear. nee Marie-. 1296.630 500.000 500,000 (796.630) (29,801.553) 100% NARROWS OE GOYA. FRANCISCO La culpa es tuya (C'est de la faute) (It's all your fault 2,778.085 2,000.000 2,000,000 1778,085) (30,579.638) 100% NARROWS MATISSE, HENRI Femme /muse en blouse Roumaine motifs de brode 3268250 2,500.000 2,500,000 1766,250) (31,345888) 100% NARROWS REMBRANDT VAN RIJN Group of six prints including the Six Portrait, 100 Gu 9,250.375 8,500.000 8,500,000 (754.375) (32,100.263) 100% NARROWS MANET, EDOUARD pceada (The tavern or Before the Conida) 2,990.063 2,250.000 2,250,000 1744,063) (32,844325) 100% NARROWS .La KLEE, PAUL Untitled 4,725220 4,000.000 4,000,000 (725.220) (33,569.545) 100% NARROWS MIRO. JOAN .0iseau Lunaire 4,191.688 3,500.000 3,500,000 1691,688) (34,261233) 100% NARROWS GON7Al F7 JULIO Homme gothique 3,100.324 2,500,000 2,500,000 (600,324) (34,861,557) 100% NARROWS COROT, JEAN-BAPTISTEPortrait of Mlle. Jeanne Farochon 1,082.500 500.000 500,000 (582.500) (35,444.057). 100% NARROWS SCHIELE, EGON Seated Nude Violet Stockings 3,375.125 2,800.000 2,800,000 (575,125). (36,019.182). 100% NARROWS GAUGUIN, PAUL 'Self-Portrait 5,062.688 4,500.000 1,500,000 (562.688) (36,581.869) 100% NARROWS ZHANG HUAN Airplanes 758.625 200.000 200,000 1558,625) (37,140.494) 100% NARROWS MANET, EDOUARD Huttres C502.500 6,000.000 6,000,000 1502,500) (37,642.994) 100% NARROWS CEZANNE, PAUL Le jardin des Lewes: Vue sur Aix et le Cathedrals d 5,960.625 5,500.000 5,500,000 (480.625) (38,103.619) 100% NARROWS KIRCHNER, ERNST LUD Wettertannen (D. H 392) 1,439.992 1,000.000 1.000,000 1439,992) (38,543.611) 100% NARROWS 'MATISSE, HENRI Rendering of the Barnes Mural in Progress 2,177.500 1,750.000 1.750,000 (427.500) (38,971.111) (38,971,111) 100% NARROWS SEVERINI. GINO L'autobus 1.418229 1,000.000 1.000,000 (418.229) (39,389.340) 100% NARROWS CARRACCI. LUDOVICO St. John The Evangelist 877.489 460.165 460,165 (417.324) (39,806.684) 100% NARROWS MILLET, JEAN-F RANcOl La ravaudeuse (Madame Millet) 570,833 175,000 175,000 (395,833). (40,202,498) 100% NARROWS VAN DYCK. SIR ANTHOF Two Studies of a Bearded Man . 7.893.482 ' 7,500.000 7,500,000 (393.482) (40,595.979) 100% NARROWS SCHONGAUER Group of Prints. Including the large Crucifixion 4,355.000 4,000.000 4.000,000 (355.000). 40,950.979). 100% NARROWS TINTOFtETTO, JACOPO Study of male nude lyng on the ground 854233 500.000 500,000 (354.233). (41,305213) 100% NARROWS GIACOMETTI, DIEGO Chandelier 1,449,563 ' ' 1,100.000 1.100,000 (349.563). (41,654.775) 100% NARROWS REDON, ODILON La Tentation de Saint-Antoine 1,573244 1,250.000 1.250,000 (323.244) 41,978.019) 100% NARROWS BALDUNG. HANS Head of a Man. in Three-Ouener-Profile to the Left 4,022.880 ' 3,700.000 3.700,000 (322,880). (42,300899) 100% NARROWS CEZANNE, PAUL Sous-bois and Chapeau et flours dans une bouteille 3,320,367 3,000.000 3.000,000 (320.367) (42,621266) 100% NARROWS DAUMIER, HONORE Galerie de tableaux (Les Amateurs de tableaux) 3,810.625 3,500.000 3.500,000 (310,625). (42,931.891) 100% NARROWS DUVET, JEAN Group of Prints including the Apocalypse . 3,810.625 3,500.000 3.500,000 (310,625). (43,242.516) 100% NARROWS KLEE, PAUL Exotische Flusslandschaft 1,306.054 ' 1,000.000 ____ 1.000,000 (306.054). (43,548.570). 100% NARROWS INGRES, JEAN-AUGUST Portrait de Mlle. Jeannette Hayard 1,100.000 . 800.000 ____ 800,000 (300,000). (43,848.570) 100% NARROWS REDON, ODLON Bouquet de flews 2,800.000 2,500.000 2.500,000 (300.000). (44,148.570) 100% NARROWS REDON, ODLON Les Flours du Mal 1,769219 1,500.000 1,500,000 (269.219) (44,417.789) 100% NARROWS INGRES, JEAN-AUGUST Portrait presume de Gioacchino Rossini 768.065 500,000 500,000 (268,065) (44,685.854) 100% NARROWS MASTER E. S. Group of 15th Century Prints. Including the initial "M 3,266250 3,000.000 3,000,000 (266.250) (44,952.104) 100% NARROWS HALS. FRANS Portrait of a Man Holding a Book 5,263.016 5,000.000 5,000,000 1263.016) (45,215.120) 100% NARROWS ZUCCARO. TADDEO IA Bacchic procession with drunken Silenus . 341246 80.000 80,000 (261.246) (45,476366) 100% NARROWS MIRaAN 'Pastorale 1,058656 800.000 800,000 1256.656) 145,733.022) 100% NARROWS GELLEE. CLAUDE CALL View of Civkavecchia with a Draughtsman and Figu 2,255.330 2,000.000 2,000,000 1255.330) 1415,988352) 100% NARROWS DELACROCK, EUGENE Portrait de Schmareck, Sinew a Tenger 800.095 550.000 550,000 (250.095) (46,238.447) 100% NARROWS VAN LEYDEN. LUCAS The Angel Gabriel tor an Annunciation2 (4422% int 3251250 6,800.000 3,006,960 1244.290) (46,482.737) 44% NARROWS KUBIN. ALFRED The Swarm 287.197 1 70.000 70,000 (217.197) (46,699.934) 100% NARROWS CIE GOYA. FRANCISCO Buis of Bordeaux: a group of four (El American. Bc 714.450 500.000 500,000 . (214.450) (46,914384) 100% NARROWS KLEE, PAUL WI (In Memoriam) 2,613.000 2.400.000 2,400,000 (213.000) (47,127.384) 100% NARROWS PRUD'HON, PIERRE-PAi Portrait de Madame Peen de Saint-Gilles 453,688 250.000 250,000 (203.688) (47,331,072), 100% NARROWS ZHANG HUAN Ash Skull No. 14 346.800 150.000 150,000 (196.800) (47,527,872) (8.980260) 100% NARROWS CORER. ALBRECHT Group of Prints: Woodcuts and Engravngs Includint 2.177.500 2.000.000 I 2.000.000 (177.500) (47.705.372) 100% Page 1 of 10 EFTA01193936 TRUSTS 2014 LOB U.0 UN REAUZED LO TO HI JULY 2014 SOTHEBY'S Mist Item Description Total Paid (in USD) Sotheby's Fair Value (% Appraised Ownership) or Value (July Cost Of not on 2014) Appraisal) UNRFAI 17FD GAIN (LOSS) CUMULATIVE GROSS UNREALIZED GAIN (LOSS) INCREMENTAL (PLEDGED) GIFT. NAME OF OWNERS DONEE HIP % INSTITUTION NARROWS VAN MECKENEM. ISRAFGroup of Prints 2.177800 2.000.000 2.000,000 (177.500) (47,882872) 100% NARROWS KANDINSKY. VASSILY Above and Left 6.177.375 6,000.000 6.000,000 (177.375). (48,060247). 100%' NARROWS KLEE. PAUL Freuenportrait in Rot (Bertha) 1,375800 • 1,200.000 1,200,000 (175.000). (48,235.247). 100% NARROWS GIACOMETTI. DIEGO Par of Andirons •BEtONZINO. 299898 125.000 125,000 (174.898). (48,410.145) 100% NARROWS GNOLO Seated Male Nude (Study for the Martyrdom of San 2,172.500 • 4,000.000 2000,000 (172.500). (48,582,645) 50%•Met NARROWS REDON, ODILON Beatrice 868.125 700.000 700,000 (168.125). (48,750,770) 100%. NARROWS REDON, ODILON Dans le rove (Mellerio 27-36) 208675 • 40.000 40,000 (165.675). (48,916.445). 100% NARROWS RICKEY. GEORGE Two Lines Up acentric- Twelve Feet 762.125 600.000 800,000 (162.125). (49,078870) 100% NARROWS MILLET, JEAN-FRANcOl Cooper Tightening Staves on a Barrel 286,863 125,000 125,000 (161,863), (49,240,432) 100% NARROWS CARPACCIO. VITTORE Study of a Lion 1,858875 • 1,700.000 1,700,000 (150.875) 49 391 307 100% NARROWS GIACOMETTI, DIEGO Pedestal a raseau 324.750 175.000 175,000 (149.750), (49,541.057) 100% NARROWS KLEE, PAUL Web und Tier (Komfeld. no. 3) 249.458 • 100.000 100,000 (149.458). (49,690.515) 100% NARROWS CONSTABLE, JOHN . Cloud Study 598813 • 450.000 450,000 (148.813). (49,839328). 100% NARROWS KLEE. PAUL Tief-Ebene (Lowlands) 1,897.564 1.750.000 1,750,000 (147.564) (49,986892). 100% NARROWS LELY. SIR PETER A standing figure of a gentleman from the Processio 1.794.461 • 1,648.165 1,648,165 A146.296). /50,133.188). 100% _ NARROWS VALDES. IMNOLO Anadna I 695850 550.000 550,000 (145.050) (50,278.238). 100% NARROWS NOLDE. EMIL Junges Pear (S. 152) 228869 . 90.000 90,000 A138.969). /80,417207). 100% _ NARROWS GIACOMETTI, ALBERTO Jean-Paul Sartre 385888 • 250.000 250,000 A135.988). /80,553.194). 100% _ NARROWS WESSELMANN. TOM Nude with Floral AR (Large Black) 385.000 250.000 250,000 (135.000) (50,688.194). 100% NARROWS ENSOR. JAMES Alimentation doctrnaire - Doctrinal Nourishment (TA 248235 . 114.000 114,000 (134,235). (50,822.429). 100% _ NARROWS BECKMANN, MAX Bei dec Talette (At the Toilette) (H. 261 B: GI. 232: C 'Superficie 150800 20.000 20,000 (130.000) (50,952.429). 100% NARROWS CASTELLANI. ENRICO bianca 402315 275.000 275,000 (127,315). (51,079.744). 100% NARROWS CHASSERLAU, THEODO Recto: Portrait of a Little Couloughi 249,022 125,000 125,000 (124,022), (51,203,766) 100% NARROWS KLEE, PAUL Web und Tier- Inv. 1 (Komfeld, no.13) 273.102 150.000 150,000 (123.102) (51,328868) 100% NARROWS BRAQUE, GEORGES La table (Still Life with a Fenn (50% interest) 2871838 5,500.000 2,750,000 (121,938). (51,448806). 50% MoMA NARROWS KLIMT, GUSTAV Reclining Woman to the Right 570.692 450.000 450,000 (120.692) (51,569.498) 100% NARROWS REMBRANDT VAN RIJN Christ Crucified Between Two Thieves (The Three C 1,517250 1,400.000 1,400,000 (117,250). (51,686348). 100% NARROWS DELACROK EUGENE Mande juive a Tenger 1,115800 1,000.000 1,000,000 (115,000). (51,801,748). 100% NARROWS WRIGHT OF DERBY. JO:A Grotto in the Gulf of Salerno. Morning and A Groin 1,406875 1,300.000 1,300,000 (108.875) (51,910.623) (4.382.7g) 100% NARROWS BARTOLOMMEO (8 Studies of Heads: a double-sided drawing 2,107.894 2,000.000 2,000,000 (107,894). /52,018817). 100% NARROWS _FRA GROSZ. GEORGE Cuomo nuovo 1 31 161 1,325.000 1,325,000 (106.161) (52,124.678) 100% NARROWS KLEE, PAUL Die Schlange 1,103888 1,000.000 1,000,000 (103.888). (52,228886). 100% NARROWS BAROCCL FEDERICO Recto: Studies of Angels and Children's Heads . 503.107 400.000 400,000 (103.107). (52,331.673). 100% NARROWS KLEE, PAUL Chinestsch II 1,300,500 1,200,000 1 200,000 (100,500), (52,432,173) 100% NARROWS MATISSE, HENRI Autoportran 278625 175.000 175,000 (95.625). (52,527.798). _ 100% NARROWS KLIMT, GUSTAV Reclining Woman with Bent Amu 345.419 • 250.000 250,000 (95.419) (52,623217) 100% NARROWS TURNER, RA, JOSEPH Kilgarren Castle. Pembrokeshire 693.875 600.000 800,000 (93.875). /52,717892). 100% NARROWS SERRA. RICHARD Transparency #3.2012 . 193.569 ____ 100.000 100,000 (93.569). /52,810880). 100% NARROWS DORER, ALBRECHT Mare and Eve (Bartsch 1; Meder state Ila of Ilki) 1.192.125 — 1,100.000 1,100,000 (92.125) (52,902.785) 100% NARROWS SERRA. RICHARD Transparency #2. 2012 191.529 100.000 100,000 (91.529). /82,994314). 100% NARROWS _ PICASSO, PABLO Etude de personnages 1,291800 . 1,200.000 1,200,000 (91.000) (53,085314) 100% NARROWS ENSOR, JAMES Self Portrait 489838 400.000 400,000 (89.938). (53,175252). 100% NARROWS GERICAULT, THEODORIUntilied (Leda and the Swan) 1,088750 1,000.000 1,000,000 (88.750). /83,264802). 100% NARROWS DORER. ALBRECHT Saint Anthony Reading 428802 336.500 336,500 (84.302). (53,348304) 100% NARROWS REDON, ODILON After Edgar A. Poe (Melted° 37)3) 162375 80.000 80,000 (82.375). (53,430.679). 100% NARROWS BOUCHER, FRANcOIS Sheet of Studies of a Turbanned Head, a Foot. and 847.857 — 770.000 770,000 (77.857) (53,508836) 100% NARROWS INGRES, JEAN-AUGUST Mere et enfant (Esquisse de le Martyre de Saint Syn 200263 125.000 125,000 (75.263). (53,583.798). 100%. NARROWS SEURAT, GEORGES Cavalier ION une route 1,575214 1,500.000 1,500,000 (75,214), (53,659,013) 100% NARROWS LONG, RICHARD Sun Lim 'Cornish 325.125 250.000 250,000 (75.125) (53,734.138) 100% NARROWS LONG, RICHARD Slate Cross 325.125 250.000 250,000 (75.125). /53,809263). 100% NARROWS DENIS. MAURICE Jeunes files cueilant des flours devant lamer 572.400 500.000 500,000 (72.400) (53,881863) 100% NARROWS FOSSE. CHARLES DE UA mounted soldier. seen from behind 429829 360.000 380,000 (69.829). /83,951.492). 100% NARROWS KELLY, ELLSWORTH Brushstrokes Cut into Thirty-five Squares and Man 293862 : 225.000 225,000 (68.962). /84,020.454). 100%. NARROWS PIRANESI, GIOVANNI An Architectural Fantasy with a Colossal Obelisk 867.000 800.000 800,000 (67.000) (54,087.454) 100% NARROWS DAUMIER, HONORE L'amateur d'estampes 315.498 250.000 250,000 (65.498). 100% NARROWS BELLOWS, GEORGE WEDempsey and Firpo (M. 181) 127.735 • 65.000 135,000 (62.735). _(54,152.951). (54,215886). 100% NARROWS KHNOPFF, FERNAND De animalitii 121.781 60.000 80,000 (61.781). (54,277.468). 100% NARROWS KIRCHNER, ERNST LUDKopf Ludwig Schemes (D.H 330) 108000 •• 40.000 40,000 (60.000). (54,337.468). 100% NARROWS NOLDE, EMIL Junges Paar (S.L52) 150,000 , 90,000 90,000 (60,000), (54,397,468). (2,486,845). 100%. LDS LENNON. JOHN Autograph manusaipt of John Lennon's lyrics for ea 1.309222 1,250.000 1.250,000 (59.222). (54,458690). 100% NARROWS NOLDE. EMIL Junges Paar (S.L52) 233.658 ' 175.000 175.000 (58.658) (54.515348) 100%' Page 2 of 10 EFTA01193937 TRUSTS 2014 LOB U.0 UN REAUZED LO TO HI JULY 2014 SOTHEBY'S Mist Item Description Total Paid (in USD) Sotheby's Fair Value (% Appraised Ownership) or Value (July Cost (if not on 2014) Appraisal) UNREALIZED GAIN (LOSS) CUMULATIVE GROSS UNREALIZED GAIN (LOSS) INCREMENTAL (PLEDGED) GIFT. NAME OF OWNERS DONEE HIP % INSTITUTION NARROWS MULTIPLE ARTISTS A Selection of Earty German Prints 707.688 650.000 650.000 (57.688) (54,573.036) 100% NARROWS DAVE. JACQUES-LOUIEPi:0,M of a Revolutionary in Profile Facing Left 255.000 200.000 200,000 (55.000) (54,628.036) 100% NARROWS FRAGONARD. JEAN-HO Landscape with a Double Flight of Steps and Eight 1 654.913 '. 600.000 600.000 (54.913) (54,682.948) 100% NARROWS REMBRANDT VAN RIJN The Three Trees (Bartsch 212; WhiteiBoon. only sta 704.438 650.000 650.000 (54.438) (54.737.386) 100% NARROWS VASARI, GIORGIO Christ Giving Sant Peter the Keys (Le Christ donna 588.621 535.000 535.000 (53.621) (54.791.007) 100% NARROWS FREDRICH, CASPAR Di Das grosse gehege 1302.828 • 1.250.000 1.250,000 (52.828) (54.843.835) 100% NARROWS REMBRANDT VAN RIJN A Vagrant Couple with a Dog 672.792 620.000 820,000 (52.792) (54,896.627) 100% NARROWS BRUEGEL THE ELDER. /The Rabbit Hunt 677.344 625.000 625.000 (52.344) (54,948.971) 100% NARROWS INGRES, JEAN-AUGUST Virgil Reading the Aeneid to Augustus. Livia, and Or 650,250 , 1,500,000 600,000 (50250) (54,999,221) 40% Met NARROWS BEARDSLEY, AUBREY V The Achievin of the Sangreal 175.000 125.000 125,000 (50.000) (55,049221) 100% NARROWS COROT, JEAN-BAPTIST Rome. La Vasque de la Vila Medici 550.000 500.000 500,000 (50.000) (55,099.221) 100% NARROWS GIACOMETTI, DIEGO Par of Lamps Decorated with Owl and Cup 165.622 120.000 120,000 (45.622) (55,144.843) 100% NARROWS BECKMANN, MAX Setstbildnis me Steifem Hut (H.180: GL.157: G.153 120.000 • 75.000 75,000 (55 189 843) 100% NARROWS DUTCH AND FLEMISH. i Group of prints including examples by Lucas van Le 544.375 • 500.000 500,000 (44.375). (55234218) 100% NARROWS EARLY ITALIAN AND SPi Group of prints including The Campagnola 544.375 • 500.000 500,000 (44.375). 155278.593) 100% NARROWS REMBRANDT VAN RIJN Landscape with Three Gabled Cottages Beside a R 544.375 500.000 500,000 (44.375) (55,322.968) 100% NARROWS WATTF_AU. JEAN-ANTOI Untitled (Cottage) (Landscape after Campagnola) 544.375 500.000 500,000 (44.375). 155.367,343) 100% NARROWS BORNE-JONES. EDWARSir Galahad 243.563 • 200.000 200,000 (43.563). 155.410.905) 100% NARROWS NOLDE. EMIL Segelboat (S.H.37) 58.500 15.000 15,000 (43.500) (55,454.405) 100% NARROWS KLEE, PAUL Charme (Weiblich Mmut) Invention no. 5 (IC12) (Fe 103.431 60.000 80,000 (43.431) 155.497.836) 100% NARROWS ENSOR. JAMES La Vengeance de Hop Frog (Hop Frog's Revenge 113.310 70.000 70,000 (43.310) (55,541.147) 100% NARROWS CARRACCI, ANNIBALE Return of the Prodigal Son 342.073 . 300.000 300,000 (42.073) 155.583220) 100% NARROWS GREUZE, JEAN-BAPTIS1Portraft of a Young Gentleman 458,152 415.000 415,000 (41.152) (55,624,372) 100% NARROWS DAVE. JACOUES-LOUIEThe Ghost of Septimus Severs Appeariig to Carac 520.200 480.000 480.000 (40.200) (55,664.572) 100% NARROWS BOURDELLE, EMILE AN'Penelope 60.000 20.000 20,000 (40000). 100% NARROWS KIRCHNER, ERNST LOD Bilfiardspieler (D. L290) 110.000 70.000 70,000 (40,000) _(55,704.572) (55,744.572). 100% NARROWS GAINSBOROUGH, THOI.Wcoded Landscape with Figures Outside a Cottage 189.438 150.000 150,000 (39,438). 155,784.009) 100% NARROWS SERRA, RICHARD Conrad 538.931' 500.000 500.000 (38.931). 155.822.941) (1.425.473) 100% NARROWS SERRA. RICHARD Olson 538.931 500.000 500,000 (38.931) (55,861.872) 100% NARROWS KLEE, PAUL Invention 8 - Perseus (Der Witz hat uber des Leid g 88.733 50.000 50,000 (38,733). 100% NARROWS ALTDORFER, ALBRECH A Landscape with Two Pine Trees in the Center (B. 588.621 • 550.000 550,000 (38.621) _(55,900.605) (55,939226) 100% NARROWS GORKY, ARSHILE Nighttime. Enigma and Nostalgia 163.375 125.000 125,000 (38,375) (55.977.601) 100% NARROWS BELLOWS. GEORGE WEA Stag at Sharkeys (M.46) 133.688 ' 100.000 100,000 (33,688) (56,011289) 100% NARROWS DERAIN, ANDRE Figures in a Landscape 433,000 400,000 400,000 (33,000), (56,044,289) 100% NARROWS DUBUFFET, JEAN Table au covendresse 92.012 60.000 60,000 (32,012) (56,076301) - 100% NARROWS GIACOMETTI. ALBERTO Lampadare Ala tete de femme 131.662 ' 100.000 100,000 (31.662) (56,107.963). 100% NARROWS MASTER L. CZ. Untitled 381.063 - 350,000 (31,0631. 156,139.026) 100% NARROWS BORNE-JONES. EDWAO The Wise and Foolish Virgins 805.600 • 775.000 775,000 _ (30600). 100% NARROWS MODIGLIANI, AMEDEO Caryatid. Frontal View, Background. Hands Bel 380.188 • 350.000 350,000 (30,188) _(56,169.626) (56.199.813) 100% with NARROWS DORER. ALBRECHT Coat of Arms with a Skull 368.542 338.500 338,500 (30,042). 156.229.855). 100% NARROWS KIRCHNER, ERNST LUOArtistenkind-Marcella (Dube L. 136, I of II) 80.000 • 50.000 50,000 (30000) (56.259.855) 100% NARROWS MARIN, JOHN From Crotch Isle. Maine 60.000 30.000 30,000 (30,000). 156,289.855). 100% NARROWS HUGO. VICTOR A Figure Passing el the Horizon, a Gothic Chapel in 154319 125.000 125,000 . 156,319.174). 100% NARROWS DONGEN. KEES VAN Femme A sa toilette 54.000 ' 25.000 25,000 (29,000) . • 100% NARROWS NARROWS POUSSIN, NICOLAS Phedre with Cupid and Pegasus I 728.515 700.000 700,000 (28,515). (27,500) (56,376,689)1 (56,404.189) 100% 100% DEGAS. EDGAR Danseuse mettant son bas 277.500 250.000 250,000 NARROWS GIMHONGSOK Canine Construction _ 127.500 100.000 100,000 (27,500). (56,431.689) 100% NARROWS REDON, ODILON Caliban 325,125 300,000 300,000 (25,125) (56,456.814) 100% NARROWS GERICAULT, THEODORIRecto: Deux totes d'orientaux (The Heads of Two T 275.000 250.000 250,000 (25,000) (56,481.814) 100% Met NARROWS MOFtF_AU, GUSTAVE Le jeune homme et la marl (Hommage a Chassonat 275.000 250.000 250,000 (25,000). (56,506.814) 100% NARROWS TWACHTAAN. JOHN HElrises . 55.000 30.000 30,000 (25,000) (56,531.814) 100% NARROWS NOLDE, EMIL Calla and Sommerbiumen 196.474 175.000 175,000 (21474). 156.553288), 100% NARROWS PIAZZETTA, GLAMBATTUStanding Male Nude (redo). Seated Male Nude (ver 261.300 240.000 240.000 (21,300) 156,574.588). 100% NARROWS BRESDIN, RODOLPHE A Battle Scene _ 100.131 80.000 80,000 (20.131) (56,594.719) 100% NARROWS BEtESDIN, RODOLPHE A Lion Hunt 100.131 80.000 80,000 (20,131). (56,614.851) 100% NARROWS SERRA, RICHARD ' Sold No. 3 218.971 200.000 200,000 (18.971) (56,633.822) 100% NARROWS SERRA, RICHARD Sold No. 11 218.971 200.000 200,000 (18,971) (56,652.793) 100% NARROWS DIX. OTTO Mary 108.875'. 90.000 90,000 (18,875) (56,671.668) (848.728) 100% NARROWS SERRA, RICHARD Sold No. 13 218,189 200,000 200,000 (18.189), (56,689,857), 100% NARROWS ENSOR. JAMES Mon atelier 34.100 16.000 16,000 (18,100) (56,707.957) 100% NARROWS CHIRINO. MARTIN Cabana 25.000 7.000 7.000 (18.000) (56.725.957) 100% Page 3 of 10 EFTA01193938 TRUSTS 2014 LDB U.0 UNREAUZED LO TO HI JULY 2014 SOTHEBY'S Artist Item Description Total Paid (in USD) Sotheby's Fair Value (% Appraised Ownership) or Value (July Cost (if not on 2014) Appraisal) UNREALIZED GAIN (LOSS) CUMULATIVE GROSS UNREALIZED GAIN (LOSS) INCREMENTAL (PLEDGED) GIFT. NAME OF OWNERS DONEE HIP % INSTITUTION NARROWS JORDAENS. JACOB Study of a Man Seen from Behind 318.282 300.000 300,000 (16.282) (56,742239). 100% NARROWS MUNCH, EDVARD Vampyre (S.34: W.41) 265.776 250.000 250,000 (15.776) (56,758015) 100% NARROWS KLEE, PAUL Der Held mit dem Flegel - Invention 2 (K.16) 115.584 100.000 100,000 (15.584) (56,773.599) 100% NARROWS GILLOT, CLAUDE Celebration en rhconeur du dieu Pan (Celebration it 215.390 200.000 200,000 (15.390) (56,788089) 100% NARROWS ZHANG HUAN Handicraftsman (from the Memory Door series) 195.075 180.000 180,000 (15.075) (56.804,064) 100% NARROWS ZHANG HUAN Broomoom Field (from the Memory Door series) 195.075 180.000 180,000 (15.075) (56.819,139) 100% NARROWS Stairs (from the Memory Door series) 195.075 180.000 180,000 (15.075) (56.834,214). 100% NARROWS COROT, JEAN-BAPTISTIVue de Volterra 85.000 70.000 70,000 (15.000) (56,849.214) 100% NARROWS BECKMANN, MAX Taubstumme 84,435 70,000 70,000 (14.435) (56,863,649) 100% NARROWS LONGHI, PIETRO Two Standing Women 174200 160.000 160,000 (14.200) (56,877.849) 100% NARROWS KIRCHNER, ERNST LUD Tenzer., mit gehobenem Rock (Dube W 141) 103.797 90.000 90,000 (13.797) (56,891.646) 100% NARROWS RORER. ALBRECHT The Four Horsemen (Bartsch 64: Kistler 167b) 373.642 360.000 380,000 (13.642) (56,905.288) 100% NARROWS CIE SAINT-AUBIN. GABR The Triumph of Pompey* (50% interest) 212.462 400.000 200,000 (12.462) (56,917.750) 50% NARROWS CIE SAINT-AUBIN. GABR Victory of Tarquin over the Sabines and Etruscans 27.156 15.000 15.000 (12.156) (56,929007) 100% NARROWS KLEE, PAUL Greiser Phoenix - Inv. 9 (Komfeld. 17) 131.493 120.000 120,000 (11.493) /56,941.400) 100% NARROWS INGRES, JEAN-AUGUST Gabriel Cartels de Pressigny (Delteil 1 18098 6.000 6,000 (10.898) (56,952.298) 100% NARROWS BECKMANN, MAX Kasbek (H. 281: G. 245) 28.145 17.500 17,500 (10.645) /56,962043) 100% NARROWS ENSOR, JAMES La Belgique au XIXe siede — Belgium in the XIXth C 124.117 114.000 114,000 (10.117) 156,973060) 100% NARROWS MANET, EDOUARD Aprils le bain * (Leaving the Bath) (Seated Bather) 210000 200.000 200,000 (10.000) (56,983060) 100% Met NARROWS SEURAT. GEORGES Arbtes et bateaux 1.760000 1,750.000 1,750,000 (10.000) /56,993060) 100% NARROWS VUILLARD, EDOUARD Le Mannequin 58538 50.000 50,000 (9.538) (57,002097) 100% NARROWS ENSOR, JAMES Le Combat des pouileux Desk at Rissole- the Fight 124.117 115.000 115.000 (9.117) (57.011,714) 100% NARROWS ENSOR, JAMES Lea Bains d'Ostende - The Baths at Ostend (T.115) 124,117 115,000 115,000 (9.117) (57,020,831) 100% NARROWS BRESDIN. ROOOLPHE Le Bon Samaritain (Neuman 49: Van Gelder 100) 88568 80.000 80,000 (8.568) (57,029.400). 100% NARROWS MILLET. JEAN-FRANcOl Sleeping Nude 283075 275.000 275,000 i . /57,037.075) 100% NARROWS VON MENZEL, ADOLPH Christmas Eve 108000 100.000 100,000 (8.000) (57,045.475) 100% NARROWS MUNCH, EDVARD Eifursucht (grosse Fassung) (S. 58, W.69) 47.500 40.000 40,000 (7.500) /57,052075) (381,306) 100% NARROWS BALDUNG. HANS Group of Seven Homes (Bartsch 56; Hollstein 238: 188821 180.000 180,000 (6.821) /67059.796) 100% NARROWS ROSSETTI, DANTE GABIStudies for the Head of the Farmer in 'Found' 31.427 25.000 25,000 (8427) (57,066.223). 100% NARROWS RANSON. PAUL ELIE Jeune femme a sa toilette 18000 12.500 12,500 (5.500) /§7.071.723) 100% NARROWS BARYE. ANTOINE-LOUIECheval Turc 38000 25.000 25,000 (5.000) (57,076.723) 100% NARROWS BONNARD, PERRE Nu Ala baignoire 55.000 50.000 50,000 (5.000) (57,081.723) 100% NARROWS BFtESDIN. RODOLPHE Paysan au pied Sun arbre 64.950 60.000 60,000 (4.950) (57,088673) 100% NARROWS GORKY. ARSHILE Study for 'Blue Figure in Chair' (Study after Picasso) 64,950 60,000 60,000 (4.950) (57,091,623) 100% NARROWS GORKY, ARSHILE Study for 'Blue Figure in Chair" (Study after Picasso) 64.950 60.000 60,000 (4.950) (57,098573) 100% NARROWS FRAGONARD. JEAN-HO The Readng (La Lecture) 654.913 650.000 850,000 (4.913) (57,101.485) 100% NARROWS ERNST, AFTER MAX The Ocean (S.t. A3) 5.400 500 500 (4.900) (57,108385) 100% NARROWS BAKST. LEON Costume Design For A Young Hindu Prince In Ls Di 33.983 30.000 30,000 (3.983) (57,118368) 100% NARROWS BAKST. LEON Costume Design For The Priest Soma From Le Die,. 33.983 30.000 30,000 _ (3.983) (57,114.351) 100% NARROWS KURTEN. STEFAN Northern Sky (Everybody's Happy Nowadays) 15.938 12.000 12,000 (3.938) (57.118288) 100% NARROWS CAVALLON, GIORGIO Untitled 7.794 4.000 4,000 _ (3.794) (57,122.082) 100% NARROWS CAVALLON, GIORGIO Untitled 7.794 4.000 4,000 (3.794) /§7.125.876) 100% NARROWS CAVALLON, GIORGIO Untitled 7.794 4.000 4,000 (3.794) /§7.129,670) 100% NARROWS BERNINL GIAN LORENZ Portrait of atavism Castel 253.679 250.000 250,000 (3.679) 57 133,349 100% NARROWS ROMANO. GUILO (GUILCSatyr Crowned with Vine Leaves 252.514 250.000 250,000 (2.514) (57,135,863) 100% NARROWS AVERY. MLTON Seven Palms 7.000 5.000 5,000 (2.000) 57,137,863 100% NARROWS AVERY. MILTON Birds and Sea (L.60) 4.330 2.500 2,500 (1,830) (57,139,693) 100% NARROWS MARSH, REGINALD Does Your Nose Clog Up AI 5.000 4.000 4,000 (1,000) (57,140,693) 100% NARROWS REDON. ODILON Poernes 2.722 2.000 2,000 (722) 57,141 414 100% NARROWS DERAIN. ANDRE Profit de femme (Profile of a Woman) 5.500 5000 5,000 (500) (57,141.914) 100% NARROWS CHIRINO. MARTIN Espral 7.307 7.000 7,000 (307) 57 142221 .24 100% NARROWS AVERY. MLTON Mottled His 29227 29,227 100% NARROWS BECKMANN, MAX Fastnacht (H. 231: GI. 205: G.201) 5.000 5.000 5,000 100% NARROWS BRANDT. WARREN Treasure Chest 16.667 16,667 100% NARROWS BRANDT. WARREN Pink Roses 18667 10,667 100% NARROWS BRANDT. WARREN Western Union 2667 2,667 100% NARROWS BRAQUE. GEORGES .Homage to J.S.I3ach* (48% interest) 13,005000 13.005.000 48% MoMA NARROWS CAMBODIA (OR KORATStenring Figure of Shiva 7,008000 7.000.000 100% NARROWS CORNELL, JOSEPH Hotel de rEtoile (Suzy's Room) 435.500 435.500 100%. NARROWS CORNELL. JOSEPH Untitled (Bird Box) 435.500 435.500 100% NARROWS CRAW FORD. ELIZABETI The Great Game 920 920 100% Page 4 of 10 EFTA01193939 TRUSTS 2014 LOB UX UNREAUZED LO TO HI JULY 2014 SOTHEBY'S Artist Item Description Total Paid (in USD) Sotheby's Appraised Value (July 2014) Fair Value (% CUMULATIVE (PLEDGED) Ownership) or GROSS GIFT. NAME OF Cost () not on UNREALIZED UNREALIZED OWNERS DONEE Appraisal) GAIN (LOSS) GAIN (LOSS) INCREMENTAL HIP % INSTITUTION NARROWS DEGAS. EDGAR Femme au bain 2.000.000 2.000.000 2.000,000 100% NARROWS DELACRODC, EUGENE Rencontre de cavaliers Maures (0.23) 5.000 5.000 5,000 100% NARROWS DERAKSHANI, REZA Dark Soil I (from Sand Painting series) 18875 10,875 100% NARROWS DERAKSHANI, REZA Dark Soil II (from Sand Paring series) 10.875 10,875 100% NARROWS DERAKSHANI, REZA Dark Soil III (from Sand Painting series) 18875 10,875 100% NARROWS DERAKSHANI. REZA Dark Soil IV (from Sand Painting series) 18875 10,875 I 100% NARROWS DERAKSHANI, REZA Dark Soil V (from Sand Painting series) 18875 10,875 100% NARROWS ENSOR. JAMES Mon Pere mort - My dead father 97.988 97,988 100% NARROWS ENSOR, JAMES Isectes singuliers (Strange insects) 12,003 12,003 100% NARROWS ENSOR. JAMES Diables rosant Anges e Archanges (Devils thrashini 155.212 155.212 100% NARROWS ENSOR. JAMES Le Christ Aux Enters (Christ in Embers) 65.987 65,987 100% NARROWS EFtNST, JIMMY Untitled 8.100 8,100 100% NARROWS FUSELL HENRY A Threatening Head 35.000 35.000 35,000 100% NARROWS GAUGUIN, PAUL The Artists Portfolio. Pont Avert t (50% interest) 724.000 724,000 50% Met NARROWS IVORY COAST Baoule Mask Masque-heaume glin' 1,573.244 1,573,244 100% NARROWS JOHNS. JASPER Untitled 734.906 734.908 100% NARROWS JOHNS, JASPER Untitled 734.906 734,908 100% NARROWS JOHNS, JASPER Untitled 734.906 734,906 100% NARROWS KAHN, WOLF Late Fall in CT. 19.017 19,017 100% NARROWS KAHN, WOLF Toward Blue Woods 4.384 4,384 100% NARROWS KIRCHNER, ERNST LOD Liegende akt auf dam Sofa 70.000 70.000 70,000 100% NARROWS KLEE, PAUL Atenteuedither Fish (Komfeld, 1) 30.000 30.000 30,000 100% NARROWS LEE, JENNY Half-Note No. 8 3.410 3,410 100% NARROWS LEIGHTON, FREDERIC L Studies of male figures in medieval dress for The A 7.400 7,400 100% NARROWS LIN. MAYA Wire Landscape 27.156 27,158 100%. NARROWS MASTER E. S. The Virgin with the Rosary on the Crescent 198531 190,531 100% NARROWS MASTER MZ ~PROBABL`A Tournament 300.000 300,000 100% NARROWS MATISSE, HENRI Etude d'odalisque 54.125 54,125 100% NARROWS MILLER, HENRY Love and Other Crimes 21.400 21,400 100% NARROWS OAKES, TREVOR & RYA Have No Narrow Perspectives: The Bean 182.366 182,366 100% NARROWS UPPER, JOHN Untitled 12.990 12,990 100% NARROWS PARDO. JORGE Untitled 117.585 117,585 100% NARROWS PETERDI. GABOR Big Blue Eclipse 3.458 3,458 100% NARROWS PICASSO, PABLO Femme assese dans un fauteuil 721,875 721,875 100% NARROWS POUDORO DA CARAVA Vierge encre et lavis 273.462 273,462 100% NARROWS RAUSCHENBERG. ROBISpring Cleamace 462.719 482,719 100% NARROWS REDON, ODILON Le Cerf Volant 200.000 200.000 200,000 100% NARROWS REMBRANDT VAN RIJN Diana at the Bath 200.000 200,000 100% NARROWS REMBRANDT VAN RIJN Jan Lutma 800.000 800,000 100% NARROWS REMBRANDT VAN RIJN Jan Uktlenbogeert. Preacher of the Remonstrants 400.000 400,000 100% NARROWS RIBOT. THEODULE AUG Les epluitheuses de pommes de term 65.175 1 65,175 100% NARROWS RIVERA. DIEGO Cabeza de me Tehuana (Retrato de Juchiteca) 35.000 35.000 35,000 100% NARROWS ROBERT. HUBERT Escalier dans les jardins de la villa Farness a Capra 353.943 353.943 353,943 100% NARROWS SAUNDERS. DAVID The Afterlife of Things 5.400 5,400 100% NARROWS SCHIELE, EGON Self-Portrait 20.000 20,000 100% NARROWS SCHWARTZ. ADAM Drive Shaft 7.000 7,000 100% NARROWS SCHWARTZ. ADAM Bomb Mill 6.500 6,500 100%. NARROWS SIGNAC, PAUL La Rochelle 42.900 42,900 100% NARROWS STIMMER. TOBIAS Saul threatening David with a Spear 2.041.406 2,041,406 100% NARROWS SZIYBEL. PAMELA Housatonic II 15.173 15,173 100% NARROWS SZIYBEL. PAMELA A few clouds and a dark pond (near Manchester. Ve 27.156 27,156 100% NARROWS SZTYBEL. PAMELA Two Ponds (Bridgewater. CT) 13.035 13,035 100% NARROWS SZTYBEL. PAMELA Untitled 10.331 10,331 100%. NARROWS SZIYBEL. PAMELA Tree in a Field 7.069 7,069 100% NARROWS SZIYBEL. PAMELA Rue de Courcelles (McInnis) 4805 4,005 100% NARROWS SZIYBEL. PAMELA Little River in France 3.464 3,464 I 100% NARROWS THOMAS. GWENN Yellow and Black Colonnade: Blis Island Series 2.632 2,632 I 100% NARROWS TISSOT. JAMES La soeur rine 125.000 125.000 125,000 1 100% NARROWS VAN DYKE, ANTHONY Group of 14 etchings 1,200.000 1 200 000 100%. NARROWS VIGEE LE BRUN. ELBAB Autoportrait au chapeau a plume (Selfportrait with hi 523.106 523,106 100% NARROWS VOUET. SIMON Portrait of a Woman with a Veil 400.000 400.000 400.000 100%' Page 5 of 10 EFTA01193940 TRUSTS 2014 LOB LI.0 U REAUZED LO TO HI JULY 2014 SOTHEBY'S NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS NARROWS Mist Item Description VUILLARD. EDOUARD La mannequin VUILLARD, EDOUARD Le masseur WELZ. REBECCA Threshold ZHANG HUAN Afar (Memory Door Series) ZIMMERMAN, ELYN Stalled Cain KAHN. WOLF Returning to Harbor (in Martha's Vineyard) DINE, JIM Setf-portrait Head (Second State) (W.C. 160) KAHN, WOLF The Towpath ELIZONDO, ARTURO Ardores clandestinos DELACROIX EUGENE Three Male Nudes ROSSETTI, DANTE GABI The Sun May Shine and We Be Cold BECKMANN, MAX We dem Auftritt (Akrobaten) (H. 289: G. 250) BECKMANN, MAX In der Trambahn (H. 235: GI. 209; G. 205) MARSH, FtEGINALD DIX. OTTO VON STUCK, FRANZ KAHN, WOLF AVERY. MILTON AVERY. MILTON KAHN, WOLF BECKMANN, MAX DERAIN. ANDRE ENSOR, JAMES PICASSO. PABLO BORER, ALBRECHT Woman Walking Bautzen VI Steam Power Evening Light Two Nudes Nude Meditating Barn b Fog Schlangendame (H. 200: GI. 175; G. 172) Femme nue Le combat des demons (Diables rossant anges et a Deux terrines baliblant sur un matelas de plage. Nn Nemesis (The Great Fortune) (Bartsch 77; Mader 7: AVERY, MILTON Head of a Man (L. 8) BONHEUR, ROSA Study for The Horse Fair' BELLOWS, GEORGE WE The Pool-Player (M. 83: B.58) DROUAIS, JEAN-GERMP Marius a Mintumes BARYE. ANTOINE-LOUIE Lion-stalking BARYE. ANTOINE-LOUI5Tigre qui mambo BARYE. ANTOINE-LOUISUcn qui marche BERNARD. EMILE Two Women CHIRINO, MARTIN ,Oology GRAHAM. JOHN Horse and Rider MAILLOL. ARISTIDE Nude Seen from Behind PASCIN. JULES Turkish Dancers SCHWITTERS. KURT Kurt Schwitters: Sduiftstellar RICHMOND, WILLIAM Eil.Pcitrait AVERY. MILTON Striped Drape 2.200 7.500 MAILLOL. ARISTIDE Esquisse pour le Mediterranee' 19.000 25.000 GORMLEY, ANTONY Sense 2.653 9.000 GORMLEY, ANTONY Home of the Heart IV 2.653 9.000 GORMLEY, ANTONY Base • 2.653 9.000 CLEMENTE. FRANCESC Untitled (Jamaican Watercolor) 43.400 50.000 DORER. ALBRECHT Knight. Death and the Devil (Bartsch 98: Mader 74b 592.727 600.000 ENSOR. JAMES La puce 52.500 60.000 BOLOTOWSKY, ILYA Untitled 1.500 10.000 ROUSSEL, KER-XAVIER La Ciotat 5.000 14.000 RUSKIN. JOHN Spur of Rexene Shaft, Vence 6.504 16.000 CONSTABLE, JOHN A View in Borrowdale 70.363 80.000 _DORSI. ALBRECHT Melancolia I (Bartsch 74: Meder 75 Ile: Scherbaum 790.303 800.000 BONNARD, PIERRE Nature morte aux fruits . 70.000 • 80.000 MATISSE, HENRI Femme nue debout 60.000 70.000 DAVE. JACQUES-LOUISParis and Helen 459.960 470.000 •NOLDE, EMIL Salem° and Seine Frauen (S.R. 153) 4.500 15.000 .PUVIS DE CHAVANNES. Reclining Female Nude with Drapery 5.000 17.500 CALLOT. JACQUES Louis de Lorraine-guise. Prince de Phatsbourg, in At 287.390 • 600.000 ISABEY, JEAN-BAPTISTEPi:Omit de Talleyrand 7,000 , 20 DELACROIX, EUGENE Cavalier mamebuk au gabp 161.500 BONINGTON. RICHARD Landscape with Harvesters at Sunset 135.313 • Sotheby's Appraised Total Paid (in Value (July USD) 2014) 55.000 30.000 30.000 4.896 195.075 80.063 2.250 2.500 1.200 1.500 34.640 35.000 3,897 4,500 24.356 25.000 34.264 35.000 3.150 4.000 5.000 6.000 5.000 6.000 14.400 15.500 6.503 8.000 5.359 7.000 1.500 4.000 1.200 4.000 1.200 4.000 5.000 8.000 2.000 5.000 2.000 5,000 3.000 6.000 Fair Value (% Ownership) or Cost Of not on Appraisal) 55.000 30.000 4.896 195.075 80,063 2,500 1,500 35,000 4,500 25,000 35,000 4,000 6,000 6,000 15,500 8,000 7,000 4,000 4,000 4,000 8,000 5,000 5,000 6,000 246.970 250.000 250 3.500 8.660 12.500 3.500 8.000 45.325 50.000 5.000 10.000 5.000 10.000 250,000 3,500 12,500 8,000 50,000 10,000 10,000 10,000 5.000 10.000 2600 7.000 7,000 12,000 5.000 10.000 20.000 25.000 3.000 8.000 220.000 225.000 12.222 17.500 7,000 12,000 10,000 25,000 8,000 225,000 17,500 7,500 25,000 9,000 9,000 9,000 50,000 800,000 60,000 10,000 14,000 16,000 80,000 800,000 80,000 70,000 470,000 15,000 17,500 300,000 20,000 175,000 150.000 UNREALIZED GAIN (LOSS) CUMULATIVE GROSS UNREALIZED GAIN (LOSS) INCREMENTAL (PLEDGED) GIFT. NAME OF OWNERS DONEE HIP % INSTITUTION 100% 100% 100% 100% 100% 250 250 • 100% 300 550 100% 360 910 100% 603 1,513 100% 644 2,157 100% 736 2,893 100% 850 3.743 100% 1,000 4.743 100% 1.000 5.743 100% 1,100 8.843 100% 1,498 8340 100% 1.641 9.981 100% 2.500 12.481 100% 2.800 15281 100% 2.800 18.081 100% 3.000 21.081 100% 3.000 24.081 100% 3.000 27,081 100% 3.000 30.081 100% 3.030 33,111 100%. 3.250 38381 100% 3.840 40,201 100% 4,500 44.701 100% 4.675 49376 100% 5.000 54.376 100% 5.000 59.376 100% 5.000 64.376 100% 5.000 69.376 100% 5.000 74,376 74,376 100% 5.000 79.376 • 100% 5.000 84.376 100% 5.000 89.376 100% 5.000 94.376 100% 5,278 99.655 100% 5.300 104.955 100% 6.000 110.955 100% 6.347 117302 100% 6.347 123.649 100% 6.347 129.996 100% 6.600 138.596 100% 7,273 143.869 100% 7.500 151.369 100%. 8.500 159.869 100% 9.000 168.869 100% 9.496 178.365 100% 9.638 188.002 100% 9.697 197.699 100% 10.000 207.699 100%. 10.000 217.699 100% 10.040 227.739 100% 10.500 238239 100% 12.500 250.739 100% 12.610 263.349 50%'Met 13,000 276,349 100%. 13.500 289.849 100% 14.688 304.537 • 100%' Page 6 of 10 EFTA01193941 TRUSTS 2014 LOB tic UN REAUZED LO TO HI JULY 2014 SOTHEBY'S Mist Item Descnption Total Paid (in USD) Sotheby's Fair Value (% Appraised Ownership) or Value (July Cost (if not on 2014) Appraisal) UNRFAI O'FD GAIN (LOSS) CUMULATIVE GROSS UNREALIZED GAIN (LOSS) INCREMENTAL (PLEDGED) GIFT. NAME OF OWNERS DONEE HIP % INSTITUTION NARROWS BARYE. ANTOINE-LOUIE Guenier tartars arretant son cheval 10800 25.000 25.000 15.000 319837 100% NARROWS BARYE. ANTOINE-LOUIEThesee combattant le Centaur Bienor 10800 25.000 25.000 15.000 334837 100% NARROWS BOURDELLE, EMILE AN'Heractes Archer 110,000 •• 125.000 125.000 15.000 349837 275.160 100% NARROWS DOVE. ARTHUR GARFIEUntrtled V (Centerpat) 28000 40.000 40,000 15.000 ' 364837 ' 100% NARROWS VUILLARD, EDOUARD La robe rose 110.000 125.000 125,000 15.000 379837 100% NARROWS BELLOWS, GEORGE WE Old Beard Player (M. 84: B. 19) 2.500 18.000 18,000 15.500 395.037 . 100% NARROWS CEZANNE, PAUL Palma du fils de Nate (redo) and Scene ilustranl 783.009 800.000 800,000 16.991 012827 100% NARROWS DENIS. MAURICE Woman and Child 5.000 25.000 25,000 20.000 032827 100% NARROWS REDON, ODILON The Angel of Death 179.644 200,000 200,000 20,356 452,384 100% NARROWS CONSTABLE. JOHN Cloud Study (recto)Suffolk Landscape with a Cloud) 379.313 400.000 400,000 20.688 073.071 100% NARROWS QUINN. MARC The Blind SW Leading the Blind 37.897 60.000 60,000 22,103 495.174 100% NARROWS HARTLEY, MARSDEN Twisted Roots (Tree study) 7.000 30.000 30.000 23,000 518.174 100% NARROWS BEARDSLEY. AUBREY V Lady Gold's Escort (From The Yellow Book Vol. III) 46.598 70.000 70,000 23,403 541.577 ' 100% NARROWS REDON. ODILON Sujet Allegonque (David et Goliath) 476300 500.000 500,000 23.700 565.277 100% NARROWS REDON, ODILON Le cube (Lbeil) 325.125 350.000 350000 24,875 590.152 100% _ NARROWS BECKMANN, MAX Kletes Rosenstleben mit biauem SpiwAr114 325.000 350.000 350,000 25.000 615.152 100% NARROWS BOTERO. FERNANDO .El guitarrista 10800 35.000 35,000 25,000 640.152 100% _ NARROWS DAUMIER, HONORE La defense • 324.750 350.000 350,000 25,250 665.402 100% _ NARROWS KHNOPEE, FERNAND Dessin 74.151 100.000 100,000 25.849 691251 100% NARROWS MATISSE, HENRI Autoportrait 270825 300.000 300,000 29,375 720,626 100% _ NARROWS GIACOMETTI, DIEGO Lampe en forme bougeoir 35.000 35.000 35.000 755.626 100% NARROWS GIACOMETTI, DIEGO Lampe en forme bougeol - 35.000 35.000 35,000 790826 100% NARROWS SMITH. DAVID Untitled 462.719 500.000 500,000 37,281 827,907 100% NARROWS PICASSO, PABLO Bacchus et jeune femme nue 86800 125.000 125,000 38A00 868307 100% NARROWS BECKMANN. MAX Secre Coeur 28000 60.000 60000 40,000 906307 100% NARROWS GONCHAROVA, NATALli The Appearance to Joseph - 40.000 40,000 40.000 946307 100% NARROWS VON MENZEL, ADOLPH Hand of a Woman Holding a Cane 28000 60.000 60,000 40,000 986307 100% NARROWS VON MENZEL, ADOLPH Studies of a Man Eating from a Bowl 38000 70.000 70,000 40,003 1,026307 100% NARROWS BUFtNE-JONES, EDWARL'Amor the mauve it Sole e l'altre Stolle _ 134.437 175.000 175,000 40.563 1,066.870 _ 100% NARROWS BECKMANN. MAX 'Kasbek 78000 125.000 125,000 50,000 1.116.870 100% NARROWS KLEE. PAUL Zwei Manner. einander in hoherer Stellung vermulei 108000 150.000 150,000 50.000 1,166.870 100% NARROWS KLEE. PAUL Kcauker - Inv. 4 (Komfeld. no. 9) 100.000 150.000 150,000 50.000 1.216.870 100% NARROWS REDON, ODILON Ponsettia (La gear rouge) 200.000 250.000 250,000 50.000 1.266.870 100% NARROWS RODIN. AUGUSTE Le penseur . 250.000 300,000 300,000 50,000 1,316,870 100% NARROWS BECKMANN. MAX Acrobat (Back Bend) 48800 100.000 100,000 52.000 1.368.870 989333 - 100% NARROWS MONDRIAN. PIET Chrysanthemum 142890 ' 200.000 200,000 57.110 1,425.980 100% NARROWS LIN. MAYA Silver River — Hudson 92331 150.000 150,000 57,669 1,483.649 100% NARROWS MONET. CLAUDE Les Nympheas avec ale 342.225 ' 400.000 400,000 57,775 1,541.424 100% NARROWS KLEE. PAUL .Gegensitze Abends (Blau and Orange) 1,440304 ' 1.500.000 1,500,000 59.696 1,601.120 100% NARROWS GIACOMETTI, ALBERTOLampe-Mei:Ed a Moils - 60.000 60,000 80,000 1,661.120 100% NARROWS GIACOMETTI, ALBERTO Lampe-trepied a Moils - 60.000 60,000 80.000 1,721.120 100% NARROWS BOILLY. LOUIS LEOPOLI Etude preparatoire pour te jeu crochets" 139.759 200.000 200,000 80,241 1.781361 100% NARROWS MATISSE, HENRI La dense 433.000 ' 500.000 500,000 67,000 1,848361 100% NARROWS INGRES. JEAN-AUGUST Portrait de Monseigneur Gabriel Cortois de Pressigr 178655 250.000 250,000 70,345 1,918.706 100% NARROWS DI CREDI, LORENZO Drapery Study with the Christ Child Standing on the 1.175850 1,250.000 1,250,000 i 74,150 1.992856 100% NARROWS GAUGUIN. PAUL Te Femme 520.200 600.000 600,000 79,800 2,072856 100% NARROWS GIACOMETTI, DIEGO Console a plateaux. modes aux grenouilles 178000 250.000 250,000 80.000 2,152656 100% NARROWS SPRANGER, BARTHOLC The Temptation of Adam 251.200 350.000 350,000 98,800 2,251,456 100% NARROWS ROSSETTI, DANTE GABI Sir Lancelot el Queen Guinivere's Chanter 'DORER. 150842 250.000 250,000 99.058 2,350814 100% NARROWS ALBRECHT Apocalypse. Passion. Life of the Virgin (Mader 127. 1,000.000 1,500.000 1.500000 100,000 2,458514 100% NARROWS DAVIS, STUART Study for Proposed Mural. United Nations Conferens 48.713 150.000 150,000 101,288 2,551.801 100% NARROWS DAVIS, STUART The Sidelong Glance 20.000 125.000 125,000 105,000 2,658801 100% NARROWS DAVIS, STUART Untitled 20,000 125.000 125,000 105,000 2,761.801 100% _ NARROWS FUSELL HENRY The Confederates Aniving at the Ruth 92.013 200.000 200,000 107,988 2,869.789 100% NARROWS ENSOR, JAMES The Entry of Christ into Brussels in 1889 on the Day 182.278 300.000 300,000 117,722 2,987,511 100% _ NARROWS HARTLEY, MARSDEN The Fish 80.105 200.000 200,000 119,895 3,107,406 100% NARROWS GORMLEY, ANTONY Seeing and Showing 88004 200.000 200,000 119,996 3,227,401 100% NARROWS MAILLOL. ARISTIDE Eve 6 la pomme 75,000 200.000 200,000 125.000 : 3,352,401 100% NARROWS TIEPOLO, GIOVANNI BAA Modish Nobleman 1 170.340 300,000 300,000 129,660 3 4 0 061 100% National Gallery NARROWS AVERY. MLTON Beach Umbrellas 17,000 150.000 150,000 133.000 3,615.061 100% NARROWS REDON. ODILON La chute de Phaeton 363,000 500.000 500.000 137.000 3.752.061 100% Page 7 of 10 EFTA01193942 TRUSTS 2014 LOB U.0 UNREAUZED LO TO HI JULY 2014 SOTHEBY'S Mist Item Description Total Paid (in USD) Sotheby's Fair Value (% Appraised Ownership) or Value (July Cost (rf not on 2014) Appraisal) UNRFAI 17FD GAIN (LOSS) CUMULATIVE GROSS UNREALIZED GAIN (LOSS) INCREMENTAL (PLEDGED) GIFT. NAME OF OWNERS DONEE HIP % INSTITUTION NARROWS PRUD'HON. PIERRE-PA1Study for an Allegory of the Rhine River 462.769 600.000 600.000 137.231 3,889293 100% NARROWS SCHAUFELEIN THE ELDA Landsknecht Turned to the Left Carrying a Halber 354290 •, 500,000 • 500,000 145.710 ' 4,035803 100%• NARROWS AVERY. MILTON Man. Rocks and Sea 150,000 150,000 150.000 4,185803 100% NARROWS GIACOMETTI, ALBERTOAutoportrait 100.000 250,000 250,000 150.000 4,335803 100% NARROWS KLIMT. GUSTAV Femme nue 25.000 175,000 175,000 150.000 4,485803 3,059.023 100% NARROWS KIRCHNER, ERNST LUEi Stehendes Madchen. Karyatide it (50% interest) 1,349.076 • 3,000.000 • 1.500,000 150.924 4,635827 . 50% NARROWS COROT, JEAN-BAPTIST1Le Rageur. Falk de Fontainebleau 686.500 850.000 850,000 163.500 4,799.427 100% NARROWS KANDINSICY, VASSILY Improvisation 8 27,331.634 . 27,500.000 . 27,500,000 168.366 4,967.793 100% NARROWS DELACROIX, EUGENE se lechant la patte 225,000 . 400,000 400,000 175,000 5,142,793 100% NARROWS .Tigre GIACOMETTI, DIEGO Table basso aux caryatides 175,000 , 175,000 175.000 5,317.793 I 100% NARROWS GERICAULT, THEODORIBlack Stallion in a Stable 324.750 500.000 500,000 175.250 . 5,493.043 I 100% NARROWS BLAKE. WILLIAM God Blessing the Seventh Day 2316808 2.500,000 2500,000 183.992 • 5,677834 100% NARROWS DORER. ALBRECHT St. Jerome in his Study (Meder 59, a; Bartsch 60) 1,001.650 1.200,000 1,200,000 198.350 • 5,875384 100% NARROWS BONNARD, PERRE Marthe sur un divan 300.000 500.000 500,000 200.000 6,075384 100% NARROWS DE GOYA. FRANCISCO Lce Proverbios (or Los Disparates) - 200.000 200,000 200.000 6,275.384 100% NARROWS GIACOMETTI, DIEGO Console table with !half. model with frogs 200,000 200.000 • 6,475384 100% NARROWS GIACOMETTI, DIEGO Console table with !half. model with frogs 200,000 200.000 6,675384 100% NARROWS NOLDE. EMIL Mohn and Ritterspoon 50.000 250.000 250,000 200.000 • 6,875384 100% NARROWS TOURNAI Falconry Tapestry 300,000 500.000 500,000 200.000 7,075384 100% NARROWS GORMLEY, ANTOW Landing 98.532 300.000 300,000 201.469 7,278853 100% NARROWS LIOTARD. JEAN ETENN JACQUES DE CHAPEAUROUGE (1744 -1805) 789.180 1,000.000 1,000,000 210.820 7,487.672 100% NARROWS _FRAGONARD. JEAN-HO Lilo d'amour - la fete a Rambouilat 2,785.777 3,000.000 3.000,000 214.223 _ 7,701.896 100% NARROWS REDON, ODILON Satyrs 180,000 400,000 400,000 220,000 7,921,896 100% NARROWS GORMLEY. ANTOW Together and Apart 79,368 300.000 300,000 220.632 8,142528 100% NARROWS DE TOULOUSE-LAUTRE La coiffure 1,020,420 1,250.000 1,250,000 229.580 8,372,108 100% NARROWS . GRAF, URS The Bearer of the Banner of the Canton Glarust (50 515,969 1,500.000 750,000 234.031 8,606,139 I 50% Met NARROWS KLEE, PAUL Konigsberg 1265,000 1,500.000 1,500,000 235.000 8,841,139 I 100% NARROWS GIACOMETTI, DIEGO Console a plateaux. models aux grenouilles 250.000 250,000 250.000 9,091.139 100% NARROWS HARTLEY, MARSDEN Calla Lilies 140,000 400.000 400,000 260.000 9,351.139 100% NARROWS PRUD'HON. PIERRE-PMFemme assise tenant une quenouille (Clotho la fileu 489,927 750.000 750,000 260.073 9,611212 100% NARROWS PICASSO. PABLO Tate de taureau 627,029 900.000 900,000 272.971 9,884.183 100% NARROWS RODIN, AUGUSTE The Age of Bronze 25,000 300.000 300,000 275.000 10,159.183 100% NARROWS DAVIS. STUART Mist in Search of a Model 74,151 350.000 350,000 275.849 10,435.032 100% NARROWS GRIS, JUAN Nature morte au cafeteria 123,891 400,000 400,000 276,109 10,711,141 6,376,138 100% NARROWS _ THEBAUD. WAYNE Pink Swirl 119,075 400.000 400,000 280.925 10,992866 100% NARROWS MOREAU. GUSTAVE Galatea 215,930 500.000 500,000 284.070 11,276.136 100% NARROWS RUBENS, SIR PETER PA Nicodemus 963,010 1.250,000 1,250,000 286.990 11,563.126 100% NARROWS REDON. ODILON Satan dominant le monde 161,151 450.000 450,000 288.849 11,851.975 100% NARROWS SEURAT. GEORGES Rayons 702.049 1.000,000 1,000,000 297.951 12,149826 100% NARROWS GIACOMETTI. ALBERTO Pei of torchires 300.000 300,000 300,000 12,449826 100% NARROWS GIACOMETTI, DIEGO Chimneypiece 400,000 700.000 700,000 300.000 12,749826 100% NARROWS TIEPOLO, GIOVANNI BA:Christ Caing the Fishermen 185,000 500.000 500,000 315,000 13,064.926 100% NARROWS PICASSO. PABLO Taureau et cheval 470271 800.000 800,000 329,729 13,394.655 100% NARROWS REDON, ODILON La gloire noyee 453,000 800.000 800,000 347.000 13,741.655 100% NARROWS KELLY, ELLSWORTH Untitled 3,650,750 4.000.000 4,000,000 349,250 i 14,090805 100% NARROWS TANSEY. MARK Homage to Susan Sontag. 50.000 400.000 400,000 350.000 14,440805 100% NARROWS DORER. ALBRECHT Said Eustace 1.143.188 1.500.000 1,500,000 356.813 14,797.717 100%. NARROWS GELLEE, CLAUDE CAIJ.An Extensive Landscape 893.062 1.250,000 1,250,000 356,938 15,154.655 100% NARROWS KLEE, PAUL Hexen-scene 335.575 700.000 700,000 364.425 15,519.080 100% NARROWS FREDRICH, CASPAR DI View of the Island of Rugen with a Shepard and his 375.000 1.500.000 750,000 375.000 15,894.080 50% Met NARROWS INGRES, JEAN-AUGUST Raphael and The Fomarina 1,623,750 2.000.000 2,000,000 378.250 16270330 100% NARROWS WATTEAU. JEAN-ANTOI ProNe of a Man with a Study of a Hand 413,875 800.000 800,000 386,125 16,656.455 100% NARROWS PICASSO, PABLO Le singe et le masque 360.159 750.000 750,000 389,841 17,046296 100% NARROWS PICASSO. PABLO Etude pour racteur and deux profis de Fernande 1,104.150 1.500,000 1,500,000 395.850 17,442.146 100% NARROWS RICKEY. GEORGE Triple L Excentdc GyratoryQ.Liratory 400.000 400,000 400.000 17,842.146 100% NARROWS GRIS. JUAN Nature mode 391.000 800.000 800.000 409.000 18,251.146 100% NARROWS DE GOYA, FRANCISCO Los Caprichos 578880 1,000.000 1.000,000 420.120 18,671266 100% NARROWS CEZANNE, PAUL Groupe d'arbres 1,312.500 1.750.000 1,750,000 437.500 19,108.766 100% NARROWS DE GOYA, FRANCISCO Los desastres de la guerra 450,000 450,000 450,000 19,558,786 100% NARROWS MIRO. JOAN Composition 541250 1.000.000 1,000,000 458.750 20,017516 100% NARROWS MATISSE. HENRI Femme se reposant 341.000 800.000 800.000 459.000 20.476516 100% Page 8 of 10 EFTA01193943 TRUSTS 2014 LOB U.0 UNREAUZED LO TO HI JULY 2014 SOTHEBY'S Mist Item Description Total Paid (in USD) Sotheby's Fair Value (% Appraised Ownership) or Value (July Cost (if not on 2014) Appraisal) UNRFAI O'FD GAIN (LOSS) CUMULATIVE GROSS UNREALIZED GAIN (LOSS) INCREMENTAL (PLEDGED) GIFT. NAME OF OWNERS DONEE HIP % INSTITUTION NARROWS AVERY. MILTON Early Spring 125.000 600.000 600.000 475.000 20.951.516 100% NARROWS SEURAT, GEORGES La nounice 1,012.138 1,500.000 1.500,000 487.863 21,439.379 100% NARROWS VAN DYCK. SIR ANTHOt Landscape with a Farm Budding:I (50% interest) 135.313 1.250.000 625.000 489,687 21.929.066 . 11,217.924 50% Met NARROWS ARP. HANS Constellation de quatre formes blanches et d'une na 487.125 1.000.000 1,000.000 512.875 22,441.941 100% NARROWS JOHNS. JASPER Untitled 734,906 1.250.000 1,250,000 515.094 22.957,034 100% NARROWS DAUMIER, HONORE iAprilis l'audience 1.210.000 1.750.000 1.750.000 540.000 23.497,034 100% NARROWS MOORE. HENRY Seated Woman on Bench 155.000 ' 700.000 700,000 545,000 24,042.034 • 100% NARROWS GERICAULT, THEODORIEp4sode de la Guerre Coloniale: Noir sur un cheval i 1.438.990 2.000.000 43 561.010 24.603.044 100% NARROWS KELLY. ELLSWORTH Blue White 2,438.438 3,000,000 000,000 " 561,563 , 25,164,607 100% NARROWS MATISSE, HENRI Jeune fille a la mantille (Elude pour Cespagnole aux 416.763 1.000.000 1,000.000 583.238 25.747.844 100% NARROWS DE GOYA. FRANCISCO A Boy with a Blind Woman 660.000 • 1250.000 1,250.000 590,000 . 26,337.844 100% NARROWS DE GOYA. FRANCISCO A Prisoner 660.000 . 1.250.000 1.250,000 590,000 • 26,927.844 ' 100% NARROWS GIACOMETTI, DIEGO Glass-top Table and Eight Side Chairs 900.000 — 1.500.000 1.500.000 600.000 • 27,527.844 ' 100% NARROWS SCHIELE. EGON Liegender Weiblicher Akt 99.000 700.000 700.000 601.000 28,128.844 100% NARROWS LEONARDO DA VINCI Studies for Hercules Holding a Club Seen in Frontal 333.179 2,000.000 1.000,000 6M821 28,795.665 50% Met NARROWS DEGAS, EDGAR Autopartrait 300.000 1.000.000 1,000.000 700.000 29.495.665 100% NARROWS PICASSO. PABLO Portrait of Elie Faure 800.000 1,500,000 700,000 30,195.665 100% NARROWS TIEPOLO. GIOVANNI DOThe Firing Squad - _1,500.000 700.000 700,000 700,000 30.895.665 . 100% NARROWS PICASSO. PABLO Arlequin a la guitars CHARDIN, blanc 774.450 1.500.000 1.500,000 725.550 31.621.215 100% NARROWS 2,267.783 3,000.000 3,000,000 732,217 32,353.432 100% _ JEAN-SIMEOIPanier de creches. raisin et not avec rafraktin NARROWS MIRE. JOAN Oiseau 1,100.000 1,850.000 1.850,000 750.000 33,103.432 100% NARROWS SCHIELE, EGON Setlastalnis (Self Portrait) 150.000 900.000 900,000 750.000 33,853.432 100% NARROWS SIGNORELLI LUCA Study for a Seated Prophet 962.747 1,750,000 1,750,000 787,253 34,640,685 100% NARROWS CEZANNE, PAUL Baigneuses 935.000 1,750.000 1.750,000 815.000 35,455.685 100% NARROWS DAUMIER, HONORE Parade de Saltimbanques 1,650.000 2,500.000 2.500.000 850.000 36.305.685 100% NARROWS PICASSO, PABLO Femme nue 650.000 1,500.000 1.500.000 850.000 37.155.685 100% NARROWS LEGER, FERNAND Contrasts de formes _ 1,620.833 2,500.000 2,500,000 879.167 38,034.852 100% __ NARROWS RAFFAELLO SANZIO. CI Head of a Muse 47,020.045 . 48,000.000 48.000,000 979.955 39,014.806 100% __ NARROWS KANDINSICY, VASSLY Entwurf air 'Komposition VII* 1.515.000 2.500.000 5°0 985.000 39.999.806 100% NARROWS GORKY, ARSHILE Study for Agony 3,000.000 4.000.000 44.000..000 " 1.000.000 40.999.806 100% NARROWS PICASSO, PABLO Paysage 2.500.003 • 3.500.000 3.500.000 1.000.000 41.999.806 100% NARROWS MATISSE, HENRI Venus a la coquille II 700.000 •• 1.750.000 1.750,000 1.050.000 43,049.806 100% NARROWS CIE GOYA. FRANCISCO Maja y Celestine 660.000 1.750.000 1,750,000 1.090.000 44.139.806 100% •• NARROWS RODIN, AUGUSTE Les Bourgeois de Calais 660,000 _ 1,750,000 1 750,000 1,090.000 45,229,806 22,787,866 100% __ NARROWS PICASSO. PABLO Femande Ofivier 624.938 . 1,750.000 1.750,000 1.125.063 46,354.869 100% NARROWS LEONARDO DAVINCI Madonna del Gatto 3.338.547 4,500.000 4.500.000 1,161.453 47.516.322 100% NARROWS REDON, ODILON L'araignitie en pleura 560,000 1.750.000 1.750,000 1,190.000 48,706322 100% NARROWS VAN GOGH. VINCENT Les toils. Ades 1,250,000 . — 2,500.000 1,250.000 49,956.322 100% NARROWS KANDINSKY, VASSILY Shine far Sintflut Ili§ketch for Deluge II) 31.725250 33,000.000 332-.020 5°°,.000 M 1274.750 51231.072 100% NARROWS NARROWS DAUMIER, HONORE La chanson a boire DEGAS, EDGAR Aux courses 693341 1,082.500 2,000.000 2,500.000 2,000,000 1,306.659 1,417.500 52,537.731 53,955231 100% 100% 2.500,000 NARROWS DAUMIER, HONORE La parade 13 12.531 2,750.000 4 " 1,437.469 55,392699 100% NARROWS FRANCESCO Recto: Regale in the Bacino di San Marco with the F 1.025.000 2,500.000 2.500,000 1,475.000 56,867.699 100% NARROWS _GUARD!. DE GOYA. FRANCISCO Gimiendo y llorando (Weeping and Wailing) 1.014.844 . 2,500.000 2.500.000 . 1,485.156 58,352.856 100% NARROWS _TURNER RA, JOSEPH . Entry to the Grand Canal with Santa Maria della Sall 907375 2,400.000 2400.000 1,492.625 59,845.481 100% NARROWS PICASSO. PABLO Study for 'Nude with Drapery' 744219 2,250.000 2.250.000 1,505.781 61,351.262 100% NARROWS MAILLOL. ARISTIDE L'Air (premier that) 893.063 2,500.000 2.500.000 1,606.938 62,958.199 100%. NARROWS LEONARDO DAVINCI Caricature of a Woman Wearing a Tall Hat and Can 784,813 2,500.000 2,500,000 1,715.188 64,673,387 100% NARROWS CALDER ALEXANDER Spunk of the Monk 18.221.250 20,000.000 20.000,000 1.778.750 66,452.137 100% NARROWS GAUGUIN, PAUL Cyfnder with Two Figures 8.128.125 10,000.000 10.000,000 1,871.875 68.324.012 100% NARROWS CEZANNE, PAUL Le Marini cr. Le Jardimer Vanier wde face 53.103.750 55,000.000 55.000.000 1.896.250 70.220262 100% NARROWS RAFFAELLO SANZIO. 0Head of a Young Apostle 48,085.198 50,000.000 50.000.000 1,914.802 72,135.084 100% NARROWS MIRO. JOAN Femme poignardee par le soleil recitant des poimet 1.550.681 3,500.000 1,949.319 74,084.383 100%•. NARROWS DEGAS. EDGAR • Etude de nu pour 'La danseuse 1.000.000 _3,500.000,_ 3,000.000 3.000.000 2,000.000 76,084.383 100% NARROWS PICASSO, PABLO Study for 'Head of Nude with Drapery 476.300 2,500.000 2.500.000 2,023.700 78,108.083 100% NARROWS CIE GOYA, FRANCISCO Three People Around a Dying Man (Le malade) 475.000 2,500.000 2.500.000 2,025.000 80,133883 100% NARROWS DE GOYA. FRANCISCO La bouillre (Beggars Eabng Mash) 401.914 2,500.000 2.500.000 2,098.086 82,231.169 100% NARROWS CIE GOYA. FRANCISCO Young Woman Surrounded by Witches (Jeune femr 380.000 2,500.000 2.500.000 2,120.000 84,351.169 100% NARROWS CALDER, ALEXANDER Mobile 3,758,125 , 6,000,000 6,_000,000 2,241.875 86,593,044 100%. NARROWS LEGER. FERNAND Dessin pour Tescalier 1,190.750 3,500.000 3,500,000 2,309.250 88,902.294 100% NARROWS MAW ET. EDOUARD Portrait de Constantin Guys 1.652.500 4.000.000 4.000.000 2.347.500 91.249.794 100%• Page 9 of 10 EFTA01193944 TRUSTS 2014 LOB LLC UNREAUZED LO TO HI JULY 2014 SOTHEBY'S Mist Item Description Total Paid (in USD) Sothebys Appraised Value (July 2014) Fair Value (% Ownership) or Cost (if not on Appraisal) UNREALIZED GAIN (LOSS) CUMULATIVE GROSS UNREALIZED GAIN (LOSS) INCREMENTAL (PLEDGED) OFT. NAME OF OWNERS DONEE HIP % INSTITUTION NARROWS DELACROK EUGENE Choc de cavaliers arabes 8,469.701 11.000.000 11.000,000 2.530.299 93,780.093 100% NARROWS VAN GOGH. VINCENT Wheat Field with Sheaves 2.265.131 5,000.000 • 5.000,000 • 2.734.869 96,514.962 52,375.156 100% NARROWS SMITH. DAVID Sentinel 2 (66.66% Interest) 2.461.667 8,000.000 5,333,333 2.871.667 99,386.628 ' 67% MoMA NARROWS SCHIELE. EGON Zwei Aide 600.000 3,500.000 3.500,000 2.900.000 102,286.628 100% NARROWS DEGAS. EDGAR Le repos 4,086.438 7,000,000 7,000.000 2.913.563 105.200.191 • 100% NARROWS BRAQUE. GEORGES Le gueridon 1.732.000 5,000.000 5.000.000 3.268.000 108.468.191 100%. NARROWS ENSOR. JAMES Le grand jugs (masques) . 1.201.212 4.500.000 4,500.000 3298.788 111.766.979 100% NARROWS KIRCHNER, ERNST LUDBerliner Strassenszene and Biume: a double-sided 19.048.000 45,000.000 . 22,500,00 0 3.452.000 115.218.979 50% NARROWS DE CHIRICO, GIORGIO The Surprise 4,546.500 8.000,000 8,000,000 3,453.500 118,672,479 100% NARROWS BRUEGEL THE ELDER. I The Drunkard Pushed into the Pigsty 5.499.505 ' . 9.000.000 9.000.000 3.500.495 122.172.974 100% NARROWS MOORE. HENRY Two-Piece Reclining Figure: Ports 4.347.394 8.000.000 6. 000,000 3.652.606 125.825.580 100% NARROWS DAVID. JACOUES-LOULS Portrait de Francois-Antoine Rasse. Prince de Gavn 2273250 6,000.000 6.000,000 3.726.750 129,552.330 100% NARROWS MATISSE, HENRI Jeannette V 2.750.000 6,500.000 8,500,000 3.750.000 133,302.330 100% NARROWS POLLOCK, JACKSON Number 8. 1951 1 1.250.003 • 5,000.000 5.000,000 3.750.000 137.052.330 100% NARROWS RODIN, AUGUSTE Iris. messagere de Dieux 1,193.456 5.000.000 5.000.000 3.806.544 140.858.874 100% NARROWS MUNCH, EDVARD Melancholy 11.000.000 . 15,000.000 15.000.000 4.000.000 144.858.874 100% NARROWS CANALE , ANTONIO CAL Feast of the Assumption at Santa Mane della Salute 963.425 5.000.000 5.000.000 4.036.575 148.895.449 100% NARROWS SMITH, DAVID Vo4tn-Bolton I 2.706250 7.000.000 7,000.000 4.293.750 153,189.199 100% NARROWS PICaSSO. PABLO Bouteille et verre 700.000 5,000.000 5,000,000 4.300.000 157,489.199 100% NARROWS II MUNCH, EDVARD The Scream 130.565.622 135,000.000 135,000.000 4.434.378 161.923.577 NARROWS REMBRANDT VAN RIJN A Seated Old Man Facing Left 2,454220 7,000.000 7,000,000 4.545.780 166,469.357 100% NARROWS MATISSE, HENRI Jeannette IV 1.800.000 6,500.000 6,500,000 4.700.000 171.169.357 100% NARROWS MATISSE. HENRI Jeannette III 1,650.000 6,500.000 6.500,000 4.850.000 176,019,357 100% NARROWS BONNARD. PIERRE Jeunes femmes au jardin (Portrait de Renee Month 2,827.811 8.000.000 8.000.000 5.172.189 181.191.546 100% NARROWS SERRA. RICHARD Torqued Ellipse IVy (75% interest) 1,016.750 12,500.000 6.250.000 5233.250 186.424.796 50% MoMA NARROWS BRANCUSI, CONSTANT' Oiseau dans respace (Bird el space) 29.755.440 35.000.000 35.000.000 5,244.560 191.669.356 100% NARROWS PICASSO. PABLO Tote crhomme a La pipe 1.729.294 . 7.000.000 7,000.000 5,270.706 196.940.063 100% NARROWS CEZANNE, PAUL Grenade et poires dans une assiette 3.692.500 9.000.000 9,000.000 5.307.500 202247.563 100% _ NARROWS MIRE. JOAN Spanish Dancer 9.363.625 15,000.000 15,000.000 5.636.375 207.883.938 100% NARROWS DEGAS. EDGAR Danseuses 11,910206 20,000,000 20,000,000 8.089.794 215.973.731 100% NARROWS BECKMANN, MAX Tinzetin mit Tamburin (Dancer with tambourine) 1.825.000 10,000,000 10.000.000 8.175.000 224.148.731 100% NARROWS CEZANNE, PAUL Recto: Crane our une draperie (Skull and Draper) 1.750.000 • 10,000.000 10.000.000 8250.000 232,398.731 135,883.770 100% NARROWS PICASSO. PABLO Buste de femme 9.500.000 18,000.000 18.000,000 8.500.000 240,898.731 100% NARROWS MUNCH, EDVARD Aasgaardsstrand 2,571.478 12,500,000 12,500,000 9,928.522 250,827253 100% NARROWS e BECKMANN, MAX Seibstbedn mit Hom (Self Portrait with Horn) yy (5, . 11.278.398 42.500.000 21.250.000 9.971.602 260.798.855 ____ _ 50% NARROWS SERRA. RICHARD Double Torqued Ellipse II 1.657250 • 12.500.000 12.500.000 10,842.750 271.641.605 100% NARROWS BUONARROTI, MCHELP The Risen Christ 13.308.196 25,000.000 25.000,000 11,691.804 283,333.409 100% NARROWS SERRA. RICHARD Betwixt the Toms and Sphere 2.775.500 . 15.000.000 15.000.000 12.224.500 295.557.909 100% NARROWS CEZANNE, PAUL Le Château Noir 12,505.581 . 25,000.000 25.000,000 12,494.419 308,052.328 100% NARROWS MATISSE, HENRI Marocaine en jaune 10.000.000 22.500.000 22.500.000 12.500.000 320.552.328 100% NARROWS . •MlFte. JOAN Cords et Persconag pi 7.036250 . 20.000.000 20.000.000 12,963.750 333.516.078 100% NARROWS PICASSO. PABLO Femme nue 11.002.500 25.000.000 25.000.000 13.997.500 347.513578 100% NARROWS VAN GOGH, VINCENT Jarcin de flews 8.500.000 22,500.000 22.500,000 14.000.000 361,513.578 100% NARROWS *MONDRIAN, PET Composition C with Gray and Red 2,922.750 . 17.500.000 17,500.000 14.577.250 376.090.828 100% NARROWS TURNER RA. JOSEPH Goldau 1.330.000 16,000.000 16.000.000 14.670.000 390,760.828 100% NARROWS CEZANNE, PAUL Caniere de Bibemus 7,692.500 22,500.000 22.500.000 14.807.500 405.568.328 100% NARROWS PICASSO. PABLO Fernando Olivier 3.114.375 18.000.000 18.000.000 14.885.625 420.453.953 100%. NARROWS MALEVICH, KAZIMIR Elongated Plane . 16.820.688 35,000,000 35.000.000 18.179.312 438.633.264 100% NARROWS LEGER, FERNAND Femme cousant: a double-sided painting , 16.000.000 35.000.000 35.000.000 19.000.000 457.633264 100% NARROWS MONET, CLAUDE NrIRIKNIR 24.356250 45,000.000 45.000.000 20.643.750 478,277.014 100%. NARROWS BRANCUSI. CONSTANTILa muse 11.466250 32,500.000 32.500.000 21.033.750 499,310364 100% PENT HOLDING: TURNER. RA. JOSEPH Seascape: Folcstone 14.841.731 I 100.000.000 100.000.000 85.158.269 584.469.033 352.070.302 100% Page 10 of 10 EFTA01193945