NARROWS & LDB FINE ART

NARROWS & LDB FINE ART NARROWS = PRE JULY 31 2012 LDB = POST JULY 30, 2012 Total Paid (in USD) Appraisal Value (% Ownership) or Cost (if not on Appraisal) Appraisal Value (or Cost) Less Total Paid PARTIALLY OWNED 31,675,474 45,250,000 13,574,526 PLEDGED CHARITY 15,663,007 24,715,293 9,052,286 NARROWS - PLEDGED COLLATERAL 585,689,518 988,100,000 402,410,482 NARROWS - NOT PLEDGED COLLATERAL 257,689,227 333,448,198 75,758,971 LDB - PLEDGED COLATERAL* 48,085,198 50,000,000 1,914,802 LDB - NOT PLEDGED COLLATERAL 64,290,904 59,251,371 (5,039,534) 1,003,093,329 1,500,764,862 497,671,533 ' RAFAEL - HEAD OF APOSTLE EXCLUDES BRONZES AND RARE BOOKS EFTA00638468