ART PARTNERSHIP INVENTORY COLLATERAL FOR BOFA LOAN JULY 2014 SOTHEBY'S VALUATION Artist Item Description Total Paid (in USD) Fair Value (% Ownership) or Cost (if not on Appraisal) Fair Value Less Total Paid SUBTOT FMV SUBTOT- UNREAL CEZANNE, PAUL Le Mann or Le Jardinier Vallier vu de face 53,103,750 55,000,000 1,896,250 RAFFAELLO SANZIO, CA Head of a Young Apostle 48,085,198 50,000,000 1,914,802 RAFFAELLO SANZIO, CA Head of a Muse 47,020,045 48,000,000 979,955 MONET, CLAUDE Nympheas 24,356,250 45,000,000 20,643,750 BRANCUSI, CONSTANTI Oiseau dans l'espace (Bird in space) 29,755,440 35,000,000 5,244,560 LEGER, FERNAND Femme cousant: a double-sided painting 16,000,000 35,000,000 19,000,000 MALEVICH. KAZIMIR Elongated Plane 16,820,688 35,000,000 18,179,312 KANDINSKY, VASSILY Skizze for Sintflut II (Sketch for Deluge II) 31,725,250 33,000,000 1,274,750 BRANCUSI, CONSTANTI La muse 11,466,250 32,500,000 21,033,750 KANDINSKY, VASSILY Improvisation 8 27,331,634 27,500,000 168,366 PICASSO. PABLO Femme nue 11,002,500 25,000,000 13,997,500 CEZANNE, PAUL Carriere de Bibemus 7,692,500 22,500,000 14,807,500 MATISSE, HENRI Marocaine en jaune 10,000,000 22,500.000 12,500,000 SMITH, DAVID Cubi II 25,770,000 22,000,000 (3,770,000) CALDER, ALEXANDER Spunk of the Monk 18,221,250 20,000,000 1,778,750 DEGAS, EDGAR Danseuses 11,910,206 20,000,000 8,089,794 MIRO, JOAN Corde et Personnages II 7,036,250 20,000,000 12,963,750 PICASSO. PABLO Buste de femme 9,500,000 18,000,000 8,500,000 MANET, EDOUARD Portrait de Berthe Morisot 25.226,302 15,000.000 (10,226,302) MIRO. JOAN Spanish Dancer 9,363,625 15,000,000 5,636,375 MUNCH, EDVARD Melancholy 11,000,000 15,000,000 4,000,000 DE GOYA, FRANCISCO Bull Held by a Cord 13,146,222 12,000,000 (1,146,222) DELACROIX, EUGENE Choc de cavaliers arabes 8,469,701 11,000,000 2,530,299 DE TOULOUSE-LAUTRE Au bal de l'opera 10,968,634 10,