EFTA01154354

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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 Fair Value IF PROMISED (% (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 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 JULY 2014 Fair Value IF PROMISED (% (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 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 BAT1Christ 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 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 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 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 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 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 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 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 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