EFTA Document EFTA01448365

Risks: • Balance sheet and collateral concentration in fine art. • Black is a market maker in Impressionist/Modern art. The foreclosure on collateral to repay art secured loans would most certainly have a negative effect on the market. Mitigants: • Quality of the fine art collateral: Black's portfolio includes many marquee works of art by marquee artists. While the number of individual buyers for this quality of art may be limited, it is broadened by the appeal to museum's (and even go