LEON BLACK PLEDGED ART

LEON BLACK PLEDGED ART 6-Jun-12 Pledge of a total of Total of 51 pieces of fine art that includes a description, FMV and location. Those pieces in Red are to Be Released- #s 14 & 31 Those pieces in Blue are to be Added as Collateral June, 2010 Existing Pledge As of February 7.2012 Sotheby's Appraisal 1 Pierre Bonnard Jeunes femmes au jardin , circa 1921-23; reworked 1945-46 Oil on canvas 23 7/8 x 30 3/8 inches Located New York, New York 2 Gorges Braque Le gueridon , 1911 Signed on reverse Oil on canvas 16 x 13 inches Located New York, New York 3 Edgar Degas Aux courses, 1878 Oil on canvas 71/2 x 9 5/8 inches Located New York, New York 4 Alberto Giacometti Figure Moyenne II, 1947 Bronze with gold patina, unique Height 51 inches Located New York, New York 5 Arshlle Gorky Study for Agony Signed and indistinctly dated White gouache, colored crayon, charcoal and pastel 40 x 51 inches Located New York, New York $ 6,000,000 $ 8,000,000 $ 3,500,000 $ 3,500,000 $ 2,500,000 $ 2,500,000 $ 22,500,000 $ 22,500,000 $ 4,000,000 $ 4,000,000 EFTA01145418 13 JabksOn Pollock Number 8, 1951 Signed and dated lower right Dripped and blotted black inck, colored inks and drops of white oil paint on mulberry paper, tipped on the four corners to a thick support paper by the artist 24 3/4 x 39 inches Located New York, New York 14 Mark Rothko Untitled Signed and dated 1961 on the Reverse Oil on Canvas 93 1/2 inches x 80 1/2 inches 15 Richard Serra Torqued Ellipse IV, 1998 Weatherproof steel 12 feet 3 incheas x 26 feet 6 inches x 32 feet 6 inches Located in Bedford, New York 16 Richard Serra Double Torqued Ellipse II, 1998 Weatherproof steel Outer ellipse: 11 feet 9 inches x 25 feet 6 inches x 36 feet Inner ellipse: 11 feet 9 inches x 2 Located Bedford, New York 17 Richard Serra Betwixt the Torus and Sphere , 2001 Weatherproof steel; three spherical sections, three torus sections, unique Overall: 11 feet 10 inches x 37 feet 6 inches x 26 feet 7 inches Located Bedford, New York 18 David Smith Voltri-Bolton I, 1962 Signed, titled and dated 12.662 on the base Steel 112 1/4 x 44 7/8 x 15 1/2 inches Located Bedford, New York $ 4,000,000 $ 5,000,000 $ 35.000,000 - To Be Released $ 3,500,000 $ 3,500,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 6.000,000 $ 7,000,000 EFTA01145419 19 Vincent Van Gogh .Wheat Field with Sheaves, 1888 Pencil, pen quill and sepia on wove paper 91/2 x 12 1/2 inches Located New York, New York Subtotal of new pieces fo be pledged (June 2010) Fine Art Currently Pledged to the Bank (Prior to June 2010) 20 Max Beckmann Tanzerin mit Tamburin (Dancer with Tambourine), 1946 Oil on canvas 57 1/2 x 35 x 1/4 inches Located Bedford, New York 21 Constantine Brancusi La Muse, 1918 Umiestone base and Turntable Mounting Polished bronze with limeston artists base Height 17 3/4 Inches Located New York, New York 22 Paul Cezanne Le Chateau Noir, 1904 Oil on canvas 27 1/4 x 32 1/2 inches Located New York, New York 23 Paul Cezanne Corriere de Bibemus, 1898 Oil on canvas 25 5/8 x 21 1/4 inches Located New York, New York 24 Paul Cezanne Grenade et poires dans une assiette, 1885 Oil on canvas 10 3/8 inches x 14 1/8 inches Located New York, New York $ 5,000,000 S 6,000,000 $ 156,000,000 $ 128 500,000 $ 10,000,000 $ 10,000,000 $ 27,500,000 $ 30,000,000 $ 17,500,000 $ 22,500,000 $ 15,000,000 $ 20,000,000 9,000,000 $ 9,000,000 EFTA01145420 25 Paul Oezanne Redo Crane sur tine draperie (Skull and Draper), 1902-06 Pencil on Paper; Verso water color and pencil on paper 12 x 18 1/8 inches Located New York, New York 26 Paul Cezanne Le Marin or Le Jardinier Vallier vu de face, 1902-06 Oil on canvas 39 1/2 x 32 inches Located New York, New York 27 Jacques -Louis David Portrait de Francois -Antoine Rasse, Prince de Gavre, 1816 Oil on canvas 28 1/2 x 23 1/2 inches Located New York, New York 28 Edgar Degas Danseuses, 1899 Pastel on paper laid down on canvas 25 x 23 3/4 inches Located New York, New York 29 Edgar Degas Le Repos, 1893 Pastel on Board 19 x 3/4 x 25 1/4 inches Located New York, New York 30 Eugene Delacroix Choc de cavaliers arabes, 1833-34 Oil on canvas 32 x 40 inches Located New York, New York 31 Femard Leger Composition 32 Juan Miro Corde et Personnages ll (Rope and People II), 1935 Oil and rope on cardboard 29 3/8x 41 3/4 inches Located New York, New York $ 10,000,000 $ 10,000,000 $ 45,000,000 $ 55,000,000 $ 6,000,000 $ 6,000,000 $ 20,000,000 $ 20,000,000 $ 7,000,000 $ 7,000,000 $ 11,000,000 $ 11,000,000 $ 15,000,000 - Sold To Be Released $ 17,000,000 $ 20,000,000 EFTA01145421 33 Juan Miro Spanish Dancer, 1928 Chalk on grey firous flocked paper collaged with plster on sandpaper. 43 1/8 x 28 inches Located New York, New York 34 Piet Mondrian Composition C with Gray and Red, 1932 Oil on canvas with original artists frame 24 1/4 x 24 1/4 inches Located New York, New York 35 Claude Monet Nympeas , 1904 Oil on canvas 35 1/2 x 36 1/4 inches Located New York, New York 36 Henry Moore Two Piece Reclining Nude: Points, 1969 Bronze with Green and Brown patina 90 x 143 3/4 x 72 inches Located Bedord, New York 37 Edvard Munch Melancholy, 1891 Oil on canvas 28 1/4 x 38 1/2 inches Located Bedford, New York 38 Pablo Picasso Femme Nude '09, 1909 Oil on canvas 35 x 28 1/8 inches Located New York, New York 39 Pablo Picasso Fernande Olivier, 1909 Cast by Vollard, Bronze Height 16 3/4 inches Located New York, New York $ 12,500,000 $ 15,000,000 $ 12,500,000 $ 15,000,000 $ 40,000,000 $ 45,000,000 $ 5,000,000 $ 6,000,000 $ 14,000,000 $ 15,000.000 $ 20,000,000 $ 25,000,000 $ 12,000,000 $ 12,000,000 EFTA01145422 40 William Turner Goklau , 1843 Watercolor with scraping out 12 x 18 1/2 inches Located New York, New York 41 Raffaello Sanzio (called Raphael) head of Muse, black chalk over pounce marks, 12 x 8 3/4 inches (urbino 1483-1520 Rome) Located New York, New York Sub total of existing collateral Total of Art Pledge to the Bank Collateral Value at a 50% Advance Rate Fine Art to be pledged to the Bank (June. 20121 42 Femand Leger Femme cousant 1914 Oil on Canvas 35 5/8 x 281/4 inches Located New York, New York 43 Sir Anthony Van Dyck Two Studies of Bearded Man Oil o Canvas 18 1/4 x 25 112 inches Located New York, New York 44 Francisco De Goya Bull held by a Coard, 1793 Oil on tin Plate 16 7/8 x 12 1/2 inches Located New York, New York 45 Henri Matisse Nu S dos, 4 etat (Back IV), 1930 cast in 1978 Bronze with dark brown patina Height: 74 1/2 inches Located New York, New York $ 16.000,000 $ 16,000,000 S 43.260,714 $ 47,941,095 Purchase Price S 385,260,714 $417,441,095 S 541,260,714 $ 545,941,095 S 270,630,357 $ 272,970,548 $ 35,000,000 $7,505,000 Purchase Price $12,000,000 $48,802,500 Purchase Price EFTA01145423 46 Henri Matisse Figure decorative Bronze with rich brown patina Height: 28 3/4 inches Located New York. New York 47 Henri Matisse Amphitrite, 1947 Gouache, pencil, paper and colored paper collage 33 5/8 x 27 5/8 inches Located New York, New York 48 Vasssily Kandinsky Improvisation 8, 1909 Oil on Canvas 49 1/4 x 28 3/4 Inches Located New York, New York 49 Vassily Kandinsky Skin fur Sinfflut II (Sketch for Deluge 1912 Oil on Canvas 37 1/2 x 42 112 inches Located New York, New York 50 Egon Schiele Flusslandschaft mit zwei Baumen (River Landscape with Two Trees). 1913 Oil on Canvas 35 x 35 7/8 inches Located New York, New York 51 David Smith Cubi 11, 1962 Stainless Steel 130 1/2 x 36 7/8 x 23 7/8 inches Located Bedford, New York 52 Alexander Calder Spunk of the Monk Painted steel 132 x 295 x 166 inches 53 Edgar Degas Race Horses (Les chevaux de courses), 1871-72 Oil on Cradled panel 12 3/4 x 15 7/8 inches Located New York, New York $13,000,000 $12,500,000 $27,500,000 $33,000,000 $25,000,000 $22,000,000 $18,000.000 $12,500,000 EFTA01145424 Subtotal of new collateral $ 266,807,500 Subtotal of existing collateral $ 545,941,095 Total Art Pledge to the Bank $ 812,748,595 Collateral Value at 50% Advance Rate 8406,374,298 EFTA01145425