Keith Haring Studio LLC...Keith Haring Studio LLC Account Balances March 31, 2021 ASSETS Cash Accounts Citibank Checking 1,292,676 Payroll 61,233 Morgan StanleyChecking 105,431 Portfolio

Keith Haring Studio LLC Account BalancesMarch 31, 2021

ASSETS

Cash AccountsCitibank Checking 1,292,676

Payroll 61,233Morgan StanleyChecking 105,431

Portfolio 729,917Merrill LynchPortfolio 663,069

Total Cash 2,852,327

Investment Accounts Morgan Stanley 30,172,478Merrill Lynch 24,094,066

Total Investments 54,266,545

TOTAL ASSETS 57,118,871

Keith Haring Studio LLCIncome & ExpensesMarch 31, 2021 THIS YEAR BUDGET

10/1/17 10/1/18 10/1/19 10/1/20 Percent 10/1/20through through through through of THROUGH3/31/18 3/31/19 3/31/20 3/31/21 Budget 9/30/21

INCOMERoyalty Income 2,338,349 1,365,060 2,200,198 1,532,760 102% 1,500,000

Sale of Artwork 676,140 5,461,890 2,442,510 4,984,672 * 166% 3,000,000

Dividend/Interest 543,392 49% 1,100,0003,014,489 6,826,950 4,642,708 7,060,825 126% 5,600,000

Archival Expenses 13,144 1,667 451 329 3% 10,000Bank Fees 784 216 145 1,087 109% 1,000Communications 12,924 12,277 8,881 8,359 28% 30,000Events 0% 2,500Employee Benefits 129,293 127,335 136,762 165,285 71% 232,279Income Taxes 65,100 125,000 60,000 125,050 69% 180,000Insurance 64,096 66,897 77,363 70,711 57% 125,000Office Expenses 13,367 9,334 14,466 32,988 94% 35,000Payroll Expenses 496,520 523,025 544,476 586,220 70% 833,000Payroll Fees 1,522 1,853 2,019 1,992 48% 4,151Payroll Taxes 27,741 27,996 35,825 32,435 57% 57,330Professional Expenses

Tech Support 6,000 11,235 18,745Accounting 10,725

Legal 170,606 324,374 390,024 604,744Other Prof. Exp. 998 8,150 2,954 12,240

Total Professional Expenses 177,603 332,524 414,938 635,729 85% 750,000Rent 375,118 327,137 323,512 325,675 71% 457,889Security/Alarm 3,393 4,393 3,393 3,577 38% 9,500Shipping 1,528 1,238 1,066 605 12% 5,000Special Projects 1,600 625 825 0% 10,000Storage / Conservation 13,249 12,129 32,591 5,559 11% 50,000Trash removal 789 930 802 0% 2,000Travel & Entertainment 24,867 19,860 6,761 1,954 8% 25,000Utilities 2,122 1,752 2,454 2,508 20% 12,500

1,424,759 1,596,189 1,666,732 2,000,063 71% 2,832,149

NET OPERATING INCOME 1,589,729 5,230,762 2,975,977 5,060,762 2,767,851

CONTRIBUTIONS 1,642,000 1,296,250 5,482,490 6,933,952 139% 5,000,000

CARRYOVER per 9/30/2019 990$6,848,222

*Includes $3.65M from Sotheby's Dear Keith Sale of artworks by other artists

Date Equity

Fixed

Inc Cash Total Date Equities Fixed Inc

Alt.

Inv. Cash Total

-30,000 Checks Written

4/30/20 167,343 4/30/20 15,891,017 8,081,386 350,792 1,112,143 25,435,338

1,500,000 Transfer In

-35,000 Checks/Wires

5/31/20 1,632,357 5/31/20 16,687,200 8,093,644 364,836 1,248,215 26,393,895

25,000 Transfer In


6/30/20 917,379 6/30/20 17,052,604 8,228,560 394,577 1,201,466 26,877,207


7/31/20 892,397 7/31/20 17,742,852 8,358,790 407,813 1,397,666 27,907,121



8/31/20 1,285,776 8/31/20 18,866,492 8,769,613 389,893 1,424,325 29,450,322

9/30/20 1,285,797 9/30/20 19,009,383 8,887,159 399,319 747,844 29,043,705


10/31/20 585,802 10/31/20 18,416,839 8,756,086 369,188 867,275 28,409,389

3,474,210 Transfer In -700,000 Transfer Out

11/30/20 4,060,028 11/30/20 19,903,846 8,885,472 314,993 942,330 30,046,640

-3,949,610 Checks/Wires

12/31/20 110,425 12/31/20 20,642,825 9,271,787 299,263 850,397 31,064,272

1/31/21 110,426 1/31/21 19,918,035 9,633,078 282,901 802,426 30,636,441



2/28/21 1,110,429 2/28/21 20,444,768 9,407,778 279,442 813,006 30,944,994

400,000 Transfer In

-1,405,000 Checks/Wires

3/31/21 105,431 3/31/21 20,502,822 9,370,560 299,096 729,917 30,902,395

Household

Total

Dividends

& Interest % Yield

Equities 20,502,822 261,113 1.3%

Fixed Inc 9,370,560 234,925 2.5%

Alt Inv 299,096

Cash -MS 835,349 NA NA

Total 31,007,828 496,038 1.7% *Yield on Equties and Fixed Income Only

Cash/Operating Account Investment Portfolio

This information is being provided at your request and does not replace or supersede your monthly Morgan Stanley Wealth

Management customer statement. This information is based upon the market value of your account as of the close of business on

January 31st, February 29th, March 31st, April 30th, May 31st, June 30th, July 31st, August 31st, September 30th, October 31st,

November 30th, December 31st. It is subject to daily market fluctuation. Prices came from Thomson One. Monthly projections are

rounded to the nearest dollar and totaled, therefore, % yield calculations are approximate.

Keith Haring Foundation Summary

as of 3/31/2021

12 Month ML Portfolio Review - 3.31.21Confidential - Prepared for THE KEITH HARING FOUNDATION on April 22, 2021

John O'Neill Jr, CFP® CRPC®Senior Vice-PresidentWealth Management AdvisorThe 712 Investment Group

MerrillAccount Number/NickName Account Title Credit Type Account Registration Market Value($) % of TotalXXX-XX182 "Cash - Alternatives" Cash ENDOWMENT 2,246,655 8.84XXX-XX018 "MANAGED" Service Type: Custom Managed - Advisor Disc

Investment Manager/Model: Keith Haring FNDTN -ManagedManager Style: Multi Asset

Cash TMA 16,853,537 66.35

XXX-XX019 "FIXED INCOME" Service Type: BlackRock Sub-AdvisedInvestment Manager/Model: BLACKROCKINTMTAX FIX INC (R)Manager Style: Intermediate Duration

Cash TMA 6,300,985 24.81

Total 25,401,178 100

Unless otherwise indicated, assets and investment accounts included in this Report are held at Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S"), Member SIPC.

Bank deposits are held at the Bank of America, N.A. and affiliated banks or other depository institutions and are covered by FDIC insurance up to applicable limits. Bank deposits are not protected by SIPC.

All reports other than the Balances report contain brokerage information only.

Account ListAs of Close of Business: 04/21/2021

Report created April 22, 2021for THE KEITH HARING FOUNDATION

For Informational Purposes Only - Account Statement is Official Record of Holdings, Balances and Security ValuesPage 1

Asset Allocation As of Close of Business: 03/31/2021

Market % of Model DiffAsset Class Value($) Total (%) (%)

Equity 14,236,820 57.49 60.00 2.51Fixed Income 7,076,064 28.57 21.00 (7.57)Cash 717,878 2.90 2.00 (0.90)Alt. Investments 2,732,459 11.03 17.00 5.97

Subtotal 24,763,222 100.00 100.00Total 24,763,222 100.00

Size & Style Analysis: All Holdings As of Close of Business: 03/31/2021

Model Selected: Moderate w/AI

Current Holdings Moderate w/AI Model

Size And Style 0% 25% Current(%) Market Value($) Model(%) Diff(%)

Equity

Large Cap Growth 22.59 5,595,213 18.00 (4.59)

Large Cap Value 14.54 3,601,172 18.00 3.46

Small/Mid Cap Growth 4.30 1,063,782 3.00 (1.30)

Small/Mid Cap Value 5.58 1,382,731 4.00 (1.58)

International Equity 10.23 2,532,585 17.00 6.77

Equities Blend 0.25 61,337 0.00 (0.25)

Fixed Income

Long Term Bond 5.34 1,322,431 4.20 (1.14)

Intermediate Term Bond 9.08 2,247,953 4.62 (4.46)

Short Term Bond 10.88 2,694,710 12.18 1.30

Fixed Income Blend 3.27 810,970 0.00 (3.27)

Cash

Cash 2.90 717,878 2.00 (0.90)

Alternative Investments

Real Assets 0.00 0 4.00 4.00

Hedge Fund Strategies 8.62 2,133,557 13.00 4.38

Private Equity 2.42 598,903 0.00 (2.42)

Total of Analyzed Assets 24,763,222

Total Assets 24,763,222

Custom Portfolio Review

Accounts included in this report: Please refer to the Account List for accounts included in this report. Report created April 22, 2021for THE KEITH HARING FOUNDATION




Equity 9,871,621 48.90 58.00 9.10Fixed Income 8,140,992 40.32 21.00 (19.32)Cash 1,577,452 7.81 4.00 (3.81)Alt. Investments 598,913 2.97 17.00 14.03

Subtotal 20,188,978 100.00 100.00Total 20,188,978



Equity 14,236,820 57.49 60.00 2.51Fixed Income 7,076,064 28.57 21.00 (7.57)Cash 717,878 2.90 2.00 (0.90)Alt. Investments 2,732,459 11.03 17.00 5.97

Subtotal 24,763,222 100.00 100.00Total 24,763,222

Historical Allocation Allocation period: 06/30/2020 to 04/21/2021

Asset Allocation by Calendar Quarter End

0%

25%

50%

75%

100%

04/21/21 03/31/21 12/31/20 09/30/20 06/30/20

Asset Class 04/21/21 03/31/21 12/31/20 09/30/20 06/30/20Equity 58.76 57.49 55.05 52.20 52.57

Fixed Income 28.69 28.57 31.18 32.52 38.66

Cash 2.04 2.90 2.97 5.20 2.68

Alternative Investments 10.50 11.03 10.80 10.08 6.09




Time Weighted Rate of Return by Period: Monthly Performance period: 04/01/2020 to 03/31/2021

Opening Contributions/ Interest/ Appreciation/ Closing ROR RORPeriod Balance($) (Withdrawals)($) Dividends($) (Depreciation)($) Balance($) Period(%) Cum(%)Mar 2021 24,125,912 (1,300) 58,826 579,784 24,763,222 2.65 25.08

Feb 2021 25,013,192 (1,000,030) 59,456 53,294 24,125,912 0.49 21.86

Jan 2021 25,218,654 0 38,429 (243,891) 25,013,192 (0.81) 21.26

Dec 2020 24,757,264 0 67,719 393,670 25,218,654 1.86 22.25

Nov 2020 23,337,112 0 44,331 1,375,821 24,757,264 6.09 20.01

Oct 2020 23,690,716 0 36,811 (390,415) 23,337,112 (1.49) 13.13

Sep 2020 24,012,719 0 53,267 (375,270) 23,690,716 (1.34) 14.84

Aug 2020 22,779,250 500,000 49,254 684,215 24,012,719 3.17 16.40

Jul 2020 22,107,309 0 50,548 621,393 22,779,250 3.04 12.83

Jun 2020 22,034,024 0 62,312 10,974 22,107,309 0.33 9.50

May 2020 21,392,116 0 37,236 604,672 22,034,024 3.00 9.14

Apr 2020 20,188,978 0 39,356 1,163,782 21,392,116 5.96 5.96

Total 20,188,978 (501,330) 597,545 4,478,030 24,763,222 25.08

Asset Class Performance and Allocation: Monthly Performance period: 04/01/2020 to 03/31/2021

Allocation(%) ROR(%)Period Equity Fix Inc Cash Alt Inv Bal Inv Annuities Other Equity Fix Inc Cash Alt Inv Bal Inv Annuities OtherMar 2021 57.63 28.64 2.67 11.06 -- -- -- 4.94 (0.41) 0 0.53 -- -- --

Feb 2021 56.76 29.64 2.32 11.28 -- -- -- 1.41 (0.63) 0 (0.29) -- -- --

Jan 2021 53.90 32.96 2.08 11.07 -- -- -- (1.52) (0.43) 0 1.57 -- -- --

Dec 2020 54.74 31.01 3.52 10.74 -- -- -- 2.77 0.58 0 2.14 -- -- --

Nov 2020 53.86 32.19 3.55 10.40 -- -- -- 10.84 0.79 0 2.48 -- -- --

Oct 2020 51.72 33.89 3.77 10.62 -- -- -- (2.62) (0.09) 0 (0.17) -- -- --

Sep 2020 52.23 32.54 5.14 10.09 -- -- -- (2.69) (0.03) 0 1.72 -- -- --

Aug 2020 52.91 32.19 6.65 8.26 -- -- -- 5.50 0.23 0 3.54 -- -- --

July 2020 53.02 36.01 2.50 8.47 -- -- -- 5.07 1.07 0 0.50 -- -- --

June 2020 52.56 38.65 2.70 6.09 -- -- -- 0.85 0.34 0.06 (6.55) -- -- --

May 2020 51.79 38.35 7.07 2.78 -- -- -- 5.33 0.80 0 1.57 -- -- --

Apr 2020 51.39 39.31 6.46 2.84 -- -- -- 10.98 1.76 0.02 (2.82) -- -- --




Portfolio SummaryTaxable

Par Value of Coupon Securities $4,094,275

Par Value of Zero Coupon Securities $0

Value of Amortized Securities* $1,299,862

Average Coupon 2.619%

Average Maturity 5.6yr

Average Yield to Maturity 1.122%

Average Yield to Call 1.798%

Estimated Annual Income $138,282

*All are shown at Par value except for asset back securities which are shown at Amortized value.

Average Coupon Calculations do not include Zero Coupon and Variable Rate Bonds.

Average Maturity measured in years. Calculations do not include Variable Rate Bonds.

TaxablePar / Amort. % of Bond

Category Value TotalU.S. Treasuries 2,178,000 40.38

Agencies 0 0

CDs/Deposit Notes 0 0

Mortgages 1,014,862 18.81

Corporates 1,730,000 32.07

Preferred 396,275 7.35

Zero Coupons 0 0

Asset Backed 0 0

Municipals 0 0

Other 75,000 1.39

Total 5,394,137 100.00

Rating Schedule

Composite Rating Par / Amort. % of Bond(Moody's / S&P / Fitch) Issues Value Total

Long Term Aaa/AAA/AAA 26 3,192,862 59.19

Aa/AA/AA 3 215,000 3.98

A/A/A 13 1,050,000 19.46

Baa/BBB/BBB 47 785,250 14.55

Below Investment Grade 23 122,575 2.27

Other Other/Non-Rated 5 28,450 0.52

Total 117 5,394,137 100.00

FDIC insured products and federal agency / government guaranteed securities, excluding collateralized mortgageobligations, are included in AAA in light of the perceived creditworthiness of the U.S. Government.

The Rating Schedule groups bonds based on a bond's composite rating determined by a methodology set out in theComposite Rating Explanation.

Top 10 HoldingsPar / Amort. % of Bond

Security Value TotalU.S. TREASURY NOTE @1.625% 570,000 10.56

U.S. TREASURY NOTE @0.500% 425,000 7.87

U.S. TREASURY NOTE @2.625% 280,000 5.19

U.S. TREASURY NOTE @0.125% 270,000 5.00

U.S. TREASURY NOTE @1.500% 200,000 3.70

U.S. TREASURY NOTE @2.625% 188,000 3.48

FHLMC SD 8108 03%2050 132,540 2.45

U.S. TREASURY NOTE @1.125% 130,000 2.41

U.S. TREASURY NOTE @1.125% 115,000 2.13

WELLS FARGO & COMPANY 115,000 2.13

Total 2,425,540 44.92

Bond Summary - TaxableAs of Close of Business: 04/21/2021



Call Schedule Par/Amortized Value % of Bond

Call Date Issues Taxable($) TotalNon Callable 29 3,437,862 63.73

Within 2021 14 71,175 1.31

2022 - 2024 39 504,250 9.34

2025 - 2027 21 443,325 8.21

2028 - 2031 14 937,525 17.38

> 2032 0 0 0

Total 117 5,394,137 100.00

Maturity Structure % of Bond

Year Total0-2 17.51

3-5 30.71

6-10 27.65

11-15 1.60

16-20 0.31

21-25 7.25

26-30 8.01

>30 6.91

Total 100.00

Short Intermediate Long48.22% 29.25% 22.48%

Less than 5 yrs 6 to 15 yrs 16 yrs Plus

Principal Due SchedulePar/Amortized Value % of Bond

Year Taxable($) Total2021 390,000 8.90

2022 405,000 9.24

2023 150,000 3.42

2024 95,000 2.16

2025 100,000 2.28

2026 1,450,000 33.11

2027 75,000 1.71

2028 75,000 1.71

2029 458,000 10.45

2030 580,000 13.24

2031 205,000 4.68

2032 0 0

Par/Amortized Value % of Bond

Year Taxable($) Total2033 0 0

2034 0 0

2035 0 0

2036 0 0

2037 0 0

2038 0 0

2039 0 0

2040 11,950 0.27

2041 0 0

2042 3,050 0.06

2043 0 0

2044+ 381,275 8.70

Total 4,379,275 100.00

Mortgage Backed Securities are not included in the Principal due Schedule.

Bond Summary - TaxableAs of Close of Business: 04/21/2021



This report provides a snapshot of the market value across the style and strategy allocations for investments which are classified as Alternative Investments. It includes piecharts which display the aggregate market value of investments held based on the style and strategy allocations for all investments.

Alternative Investment Style Allocation

Alternative Investment Style Market Value($) % of Total

Non-Categorized 940,536 35.26

Growth AI Strategies 876,048 32.84

Diversifying AI Strategies 332,177 12.45

Multi-Strategy 293,350 11.00

Defensive AI Strategies 225,553 8.46

Total 2,667,663 100

Defensive Strategy Allocation

Alternative Investment Strategy Market Value($) % of TotalPrivate Credit 225,553 100.00

Total 225,553 100

Diversifying Strategy Allocation

Alternative Investment Strategy Market Value($) % of TotalCore Real Estate 332,177 100.00

Total 332,177 100

Growth Strategy Allocation

Alternative Investment Strategy Market Value($) % of TotalEquity Hedge - Equity Long/Short 796,048 90.87

Multi-Strategy Private Equity 80,000 9.13

Total 876,048 100

Alternative Investments - Summary by StrategyAs of Close of Business: 04/21/2021



"Alternative Investment" Strategies Alternative Investments typically pursue investment strategies unavailable to more traditional investments and permit the use of various tools and techniques that are not broadly permitted orexercised in traditional formats. They deliver a spectrum of outcomes for client portfolios which may or may not be correlated to markets:• Defensive AI Strategies favor stability and consistency of return. They attempt to provide more consistent return profiles and in some cases, may offer income to investors.• Diversifying AI Strategies favor portfolio diversification due to the historically low correlation of Alternative Investments to traditional equity and fixed income investments, and/or hedge against inflation. Some have trading strategiesthat have exhibited low long-term correlation to traditional equity and bond investments. Other strategies may act as a store of value, potentially limiting the impact of inflation over longer time horizons.

• Growth AI Strategies favor growth and capital appreciation. These strategies may pursue a range of non-traditional investment techniques and may employ value-added approaches with the goal of enhancing returns and, in certaincases, mitigating losses.

• Multi-Strategy AI Strategies may employ multiple strategies, thereby providing simplified access to a variety of market alternatives.

The "Non-Categorized" category includes Alternative Investments products which have not been classified by our Due Diligence process to an Alternative Investment style and strategy.

The Alternative Investments – Summary by Strategy report should not be considered comprehensive of all a client's Alternative Investment asset exposure at MLPF&S. Certain other products which could be considered alternativeassets, such as annuities, insurance and mutual and exchange-traded funds with a less than 100% exposure to alternatives, have not been included. Consequently, an aggregation of the Estimated Market Values on this report may notalways match with that noted in other reports.

Please refer to the Alternative Investments sections within "Important Information About This Report" for additional information relating to Alternative Investments.

Alternative Investments - Summary by StrategyAs of Close of Business: 04/21/2021



The composite ratings are the simple averages of ratings from three agencies. The calculation is basedon using the average of Moody's, S&P and Fitch ratings. The numeric equivalent is determined for eachrating as defined in Table 1 (for long term) and Table 2 (for short term). The average of the numericequivalents for each agency is rounded to the nearest integer and then converted back to thecorresponding summary category that is also defined in the tables. If only two of the designatedagencies rate a bond, the composite rating is based on an average of the two. Likewise, if only one of thedesignated agencies rates a bond, the composite rating is based on that one rating.

In the cases where there are mixes of long and short term ratings for a given bond, the following rulesare applied:

Two short term and one long term ratings - Determine the average using the two short term ratingsTwo long term and one short term ratings - Determine the average using the two long term ratingsOne long term, one short term and one non-rated ratings - Determine the average using the single shortterm rating

Table 1 - Long Term Ratings Chart

Weighted Value Moody's S&P Fitch Summary Category

1 Aaa AAA AAA Aaa/AAA/AAA

2 Aa1 AA+ AA+ Aa/AA/AA

3 Aa2 AA AA

4 Aa3 AA- AA-

5 A1 A+ A+ A/A/A

6 A2 A A

7 A3 A- A-

8 Baa1 BBB+ BBB+ Baa/BBB/BBB

9 Baa2 BBB BBB

10 Baa3 BBB- BBB-

11 Ba1 BB+ BB+ Below Investment Grade

12 Ba2 BB BB

13 Ba3 BB- BB-

14 B1 B+ B+

15 B2 B B

16 B3 B- B-

17 Caa1 CCC+ N/A

18 Caa2 CCC CCC

19 Caa3 CCC- N/A

20 Ca CC CC

21 C C C

22 N/A N/A RD

23 N/A D D

N/A NR NR NR Other/Non-Rated

Table 2 - Short Term Ratings Chart

WeightedValue

Moody'sPrime

Moody'sMunicipalInvestmentGrade

Moody'sVariableMunicipalInvestmentGrade

S&P S&PMunicipal

Fitch SummaryCategory

.8 N/A N/A N/A A-1+ SP-1+ F1+ Highest

1 P-1 MIG 1 VMIG 1 A-1 SP-1 F1

2 P-2 MIG 2 VMIG 2 A-2 SP-2 F2 Good

3 P-3 MIG 3 VMIG 3 A-3 N/A F3 Fair

3.2 N/A N/A N/A B N/A B SpeculativeGrade

3.4 N/A N/A N/A B-1 N/A N/A



4 NP SG SG C SP-3 C

4.2 N/A N/A N/A N/A N/A N/A

4.4 N/A N/A N/A D N/A D

N/A NR NR NR NR NR NR Other/Non-Rated

Examples

The following sample is for a bond with three long term ratings:ML Sec #: B3HJ5Security: COVENTRY HEALTH CARE INCRatings: Moody's = Ba1 S&P = BBB Fitch = BBB-Composite Rating: (11 + 9 + 10) = 30 / 3 = 10 => Baa/BBB/BBB.

Another example with three long term ratings:ML Sec #: E6CP8Security: TYSON FOODS INCRatings: Moody's = Ba1 S&P = BBB- Fitch = BB+Composite Rating: (11 + 10 + 11) = 32=> 10.667=>11=> Below

Investment Grade

The following sample is for a bond with one long term and one short term rating:ML Sec #: ME708Security: DENVER COLO CY-CO ARPTRatings: Moody's = NR (non-rated) S&P = A-1 (short term)

Fitch = AA+ (long term)Composite Rating: (1 + 1) = 2 / 2 = 1 => Highest (short term)

Composite Rating ExplanationAs of Close of Business: 04/21/2021

Report created April 22, 2021for THE KEITH HARING FOUNDATION


This analysis is a brokerage report that provides you with a detailed review of your investment strategy,including current financial positions, asset allocation and investment performance. In conjunction with aFinancial Advisor's assistance, this report can help you make informed investment decisions in order tosupport your financial objectives. Merrill offers brokerage, investment advisory and other services. Formore information about any of these services and their differences, including the type of advice andassistance offered, see your Financial Advisor. Please note that security classifications and definitions ofobjectives described below can be changed from time to time at the discretion of Merrill. It is importantfor you to understand that this report is not a comprehensive financial plan. If you are interested in aformal analysis of your entire financial situation, ask your Advisor about Merrill's financial planningservices, including the fees that may be applicable.

Please note that it does not provide information on any unsupervised (i.e., unmanaged) assets that maybe held in your account(s).An (R) after the name of the investment objective means that you have imposed one or more restrictionson the management of your account.

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Merrill is both a broker-dealer and an investment adviser, and it offers both brokerage and investmentadvisory services. There are important differences between these services, including the type of adviceand assistance provided, the fees charged, and the rights and obligations of the parties. Brokerageservices are also regulated under different laws and rules than advisory services. It is important for youto understand these differences, particularly when determining which service or investments you mightselect.

Pricing of SecuritiesPricing of securities is provided for your information. Your Account Statement is your official record ofholdings, balances, and security values for your accounts at Merrill and sold to you by your FinancialAdvisor. Unless you or a third party have provided the values for any External Assets, values reflectinformation as of the "Close of Business" date reflected at the top of each exhibit. Values for ExternalAssets (if you have chosen to include them) will reflect information as of the "Close of Business" dateindicated, provided pricing information for the particular security is available to Merrill. Otherwise, pricinginformation for External Assets are based on values you or a third party have provided to Merrill. Pleasecontact your Financial Advisor if you have questions relating to pricing information. Please see the"External Assets" section at the end of this Report for important information relating to External Assetsgenerally, including reviewing the External Assets with your Financial Advisor on a regular basis.Annuities and life insurance products are not held in your account. Their values are listed in the reportfor your convenience. Life Insurance Cash Values and Annuity Contract Values are used to calculateTotal Portfolio Value. These values are as of "close of one business" day prior to the "as of" dateshown. Cash values may not reflect immediately available funds due to loan balances and/or policychanges. Annuity Contract Values may not reflect immediately available funds due to contractchanges. All market values include accrued interest, unless otherwise indicated.

PerformanceAccount values, cash flows and returns may differ from other sources due to differing methods of pricing,accounting or calculation. This Report is prepared on a trade date basis using accrued income whensufficient data is available and thus will differ from a report prepared on a settlement date basis (e.g.,your Merrill account statement). From time to time, asset valuation or transaction data may be adjusted,which in turn may impact the portfolio performance calculations and other information shown in thereport. In addition, if your account(s) holds "when issued securities," which are not valued by Merrill untilthe settlement date, your asset allocation may not be accurately reflected.

Rate of returns presented "Net of Fees" reflect the deduction of the Investment Advisory Program fee,where applicable. The deduction of the Investment Advisory Program fee, where applicable, is alsoreflected in the Appreciate/Depreciation section. Other than the applicable program fee, net returns donot reflect the deduction of fees that may be charged directly to an underlying account, including, but not

limited to brokerage-related commissions, transfer taxes, margin interest, certain redemption fees,exchange or similar fees (such as American Depositary Receipts) charged by third parties, includingissuers, electronic fund, wire or other account transfer fees, annual investor fees and repurchase feesrelating to exchange-traded notes and other charges imposed by law.

Rate of returns presented "Gross of Fees" are shown before the deduction of advisory fees whereapplicable in order to make them comparable to the returns of the market indices. Rate of returns arepresented "Net of Fees" unless noted as "Gross of Fees."

Please refer to the applicable ADV Brochure and Client Agreement for a full description of investmentadvisory fees for accounts enrolled in an investment advisory program.

Market indices or other benchmark returns are shown for comparison purposes only, and there is noassurance or guarantee that such performance will be achieved. Market indices are unmanaged. It isnot possible to invest in an index. Depending on how account fees are paid (see below), the accountreturns may be shown after the deduction of fees for certain periods. When the fee is deducted directlyfrom this account(s), information will be shown both before and after the deduction of fees. When the feeis deducted directly from another account(s), information will be shown before the deduction offees. When the fee is paid via invoice:- For periods prior to September 1998, information will be shown before the deduction of fees.- For periods after September 1998, information will be shown both before and after the deduction offees.

It is very important that you provide Merrill with current information regarding the management of youraccount(s). We encourage you to contact a Financial Solutions Advisor if there have been any changesin your financial situation or investment objectives, or if you wish to impose any reasonable restrictionson the management of your account(s) or reasonably modify existing restrictions. If you would like toreceive a free copy of the current Form ADV Brochure(s) for the investment advisory program(s) in whichyour account(s) is enrolled, please send a written request with your account number(s) to: ManagedAccounts Processing and Services, 4800 Deer Lake Drive West, Building 1, 3rd Fl., Jacksonville, FL32246. You may also obtain a copy of the various Merrill advisory program brochures by accessing theSecurities and Exchange Commission ("SEC") website at www.adviserinfo.sec.gov.

The valuation of hedge funds is prepared based upon information from third party sources. Theinformation has not been verified and cannot be guaranteed. This data may include estimates and issubject to revision.

If an account has been managed by more than one manager, the manager name in the Report reflectsthe current manager. However, return and standard deviation information may be calculated using theentire history of each account. This Report may also include information for account(s) that are notmanaged by an investment manager (i.e., where you make the investment decisions).

Classification of SecuritiesFor Asset Class, Sector or Size and Style Analysis reports, securities are generally classified by assetclass, sector, size and style and, for Fixed Income, maturity.- For Size and Style, security classification is as follows: a capitalization breakpoint of $19.70 billiondefines the size Large Cap, $19.70 billion to $6.40 billion for Mid Cap, and less than $6.40 billion forSmall Cap for domestic equity securities. Small/Mid Cap (SMID) is defined as less than $19.70billion. The style (Growth, Core or Value) for these securities is defined by a proprietary procedurewhich utilizes a series of quantitative and qualitative metrics (e.g., expected earnings growth, analystcoverage, etc.).- For Equity Sector, security classifications are based on Global Industry Classification Standard("GICS"). Source: Morgan Stanley Capital International ("MSCI") and Standard & Poor's ("S&P"), adivision of the McGraw Hill Companies, Inc.- For Fixed Income, maturity breakpoints are as follows: Short-Term: 0-5 years, Intermediate-Term: 5-15years, Long-Term greater than 15 years.- For Fixed Income, Non-Securitized US Agency, US Government Sponsored Enterprise, and SuperNational debt are classified as US Government / Quasi Government. All Securitized Agency andGovernment Sponsored Enterprise debt are classified as Securitized.

Important Information About This Report



http://www.adviserinfo.sec.gov

- For Fixed Income, bonds are classified as either Investment Grade or High Yield based on the bond'scomposite rating as determined by a methodology set out in the Composite Rating Explanation, with theexception of bonds pre-refunded or maturity to escrow (including partial redemptions). Bonds pre-refunded or maturity to escrow (including partial redemptions) are classified as investment grade andplaced in their respective fixed income sector.- Equity Region classifications are based on country of domicile and mapped to BofA Global ResearchGroup global regions.- Convertible securities and options are classified as Equities.- Preferred Stock is classified as Fixed Income.- Life Insurance products are classified as Other.- For Alternative Investments, Exchange Funds, Hedge Funds, Private Equity, Managed Futures,Precious Metals and select Market-Linked Investments may be included.- For "Other" and "Hard" Assets, items that are not easily classified into the asset classes above (suchas business interests, investment real estate, options, and life insurance) are shown for informationalpurposes only and are not part of your analysis.- When External Assets are included in a Report (as described further in the External Assets section ofthis Appendix), securities and/or strategies are generally classified, where available, as indicatedabove. If a classification is not available, External Assets are classified as "Other".- When available, Market-Linked Investments are classified by the nature of the referenced or linkedsecurity or market measure associated with that market-linked investment which may be an individualsecurity, index, or other investment such as a mutual fund or exchange traded fund.- For mutual funds, exchange traded funds, closed end funds and the investment options of underlyingannuities, the fund may be shown by holdings or, optionally, by profile (fund objective).- When shown by holdings, the fund is classified by the asset class, sector, size and style or maturitybreakdown of those securities. When shown by profile, the fund is classified by the asset class, sector,or size and style provided by vendors and mapped to Merrill's GWIM Chief Investment Office allocationschema in order to report the industry's or Merrill's interpretation of the objective of the fund/pooledinvestment vehicle. Note that the data used for this classification is obtained from a variety of sourcesand may not be current (see "Data As Of" date shown in the Details Section for the date the portfoliosecurities and/or strategies were reported by the fund). Mutual funds, exchange traded funds, closedend funds and the investment options of underlying annuities may change their portfolio securities on aregular (often daily) basis. Accordingly, any analysis that includes mutual funds, exchange traded funds,closed end funds, and the investment options of underlying annuities may not accurately reflect thecurrent composition of these funds. The classification of these securities may differ from other sourcesdue to differing methods of classification (e.g. shown and classified by holdings versus by profile). Assuch, this Report may differ from other reports (e.g., your Merrill account statement, in which thesefunds are always shown by profile) depending on whether the funds are shown by holdings or by profilein this Report. In particular, Non-Traditional Funds (NTFs), mutual funds and exchange traded fundsthat pursue alternative strategies or provide alternative asset exposure, may be classified as alternativeinvestments when shown by profile, but when shown by holdings, the NTF will be classified by the assetclass, sector, size and style or maturity breakdown of its holdings, which may reflect no allocation toalternative investments.- If the holdings or profile data for mutual funds, exchange traded funds, or closed end funds is notavailable, the fund is classified by its predominant asset class ("Data As Of" date shown as "N/A" in theDetails Section).- If the holdings or profile data for the investment options of underlying annuities is not available, fixedannuities and market value adjusted annuities are classified as Fixed Income and variable annuities areclassified as Equities. Note that annuities and life insurance products are not held in your account butare included here for your information.- For investment advisory programs, asset allocation information may be based on your actual securitiesand/or strategies, model portfolio holdings or the mandated style. Your Financial Advisor can provideadditional information.The Details Section may also provide summary information regarding accounts enrolled in managedaccount programs such as the Investment Advisory Program (utilizing Managed or Custom Managedstrategies), Consults, BlackRock Private Investors ("BR PI"), and MFA, classification detail for the

managed account is not based on your actual holdings but on the investment style that has beenidentified for the specific investment manager/style.Your Financial Advisor can also provide a report based on the account's actual holdings.When External Assets are included in a Report (as described further in the External Assets section ofthis Appendix), holdings are generally classified, where available, as indicated above and are based onclassification types established by Merrill. The Merrill classification types may differ from those used atthose institutions where your External Assets are maintained. These differences in classification maycause the External Assets in your External Accounts to be displayed in asset allocations and/or sectorinformation on your Merrill Reports that differ from how they appear in those other institutions. Thesedifferences in classification types do not impact the valuation of the External Assets. Allocationsreported when a classification is not available for External Accounts and External Account Proxies areclassified as "Other".Classification details for mutual funds, closed end funds, certain managed accounts, annuities andExternal Account Proxies are identified in "Details for Managed Assets and Pooled Investments" ("DetailsSection")."External Account Proxy" are External Accounts that you have generally identified in the aggregate andnot by specific holdings. Be sure to periodically review these accounts with your Financial Advisor andadvise if there have been any changes to the holdings in or value of these Accounts.When External Accounts and External Account Proxies are included in a Report (as described further inthe External Assets section of this Report), holdings are generally classified, where available, asindicated above. If a classification is not available, External Accounts and External Account Proxies areclassified as "Other".If "Portfolio Detail" reports are included, the value shown for mutual funds, exchange traded funds,closed end funds and the investment options of underlying variable annuities is the proportionate dollarvalue of a fund's holdings, as classified by asset class, sector, size and style or maturity, respectively.Date of Composition Information Obtained for Pooled InvestmentsIf the accounts included in this Report hold mutual funds, closed end funds, annuities, and/or otherpooled investments, the holdings reported by the fund or carrier as appropriate, as of the date identifiedbelow, are reflected in the Report. Note that mutual funds change their portfolio holdings on a regular(often daily) basis. Accordingly, this Report may not reflect the current composition of the accountsincluded.

External AssetsThe following important information is provided to help you better understand the external assetsinformation that has been provided in this report, if applicable, and to advise you of action you may needto take by periodically reviewing those assets. If you have requested your Financial Advisor include yourexternal assets in this report, your disclosed external assets are reflected in Appendix: Client Profile inthe "Investment Assets Not Held at Merrill or Bank of America" section. For purposes of the followinginformation, both External Accounts and External Account Proxies are referred to generally as "ExternalAssets".• External Assets may include securities, values and other information that have been supplied: (1) byyou to your Financial Advisor: (2) by you through a direct custodial feed (or) through a third party dataaggregation service which combines your External Assets and provides that information toMerrill. External Assets information may not be included in every exhibit in this Report. Please makesure you periodically review your External Assets and if you have provided External Assets-relatedinformation to your Financial Advisor for inclusion in this or other reports and analyses, it is importantthat you provide your Financial Advisor with updated values, as appropriate.

External Assets information is not included in every exhibit in this Report. External Assets information isonly included in the following exhibits:• Asset Allocation Overview• Asset and Account Allocation• Asset Class Analysis Portfolio Summary and Detail• Asset Class Analysis Account Summary and Detail• Sector Analysis Portfolio Summary and Detail




• Size and Style Analysis Portfolio Summary and Detail• Balances• Holdings by Product and by Account/Product• Potential Wealth• Progress to Goals

Please make sure you periodically review your External Assets and if you have provided ExternalAssets-related information to your Financial Advisor for inclusion in this or other reports and analyses, itis important that you provide your Financial Advisor with updated values, as appropriate.Your Financial Advisor and Merrill will not update information relating to your External Assets, except forpricing information, if pricing information for the particular security is available to Merrill. Please refer to"Pricing of Securities" Important Information About This Report for additional information.• Your Merrill Account Statement is your official record of holdings, balances, and security values foryour accounts at Merrill and sold to you by your Financial Advisor. Any investments sold to you by yourMerrill Advisor will be included on your Merrill Account Statement. Any information contained in thisReport does not replace or supersede information on your Merrill Account Statement or any third partyaccount statement for your External Assets. If there is any inconsistent information reflected for theExternal Assets information included in this Report, please refer to the statement or report sent to youby the third party and notify the Office Management Team at your Merrill branch office so that we mayupdate the information.• Merrill does not independently verify the accuracy of the information supplied, by you or anythird party used through My Financial Picture.• Although Merrill may be providing you with information relating to External Assets, Merrill does notprovide investment advice with respect to External Assets unless otherwise agreed to between youand Merrill.

Important Note about Alternative InvestmentsAlternative investments can provide diversification benefits not obtained from more traditionalinvestments, but should be carefully considered based on your investment objectives, risk tolerance,liquidity needs and time horizon. Certain types of products that implement alternative investmentstrategies (such as hedge funds and private equity) are often long-term, illiquid investments that are noteasily valued, while other types of products that implement alternative investment strategies, such asNon-Traditional Funds (NTFs) (mutual funds and exchange traded funds that pursue alternativestrategies or provide alternative asset exposure) are generally liquid. NTFs, hedge funds, private equityfunds and other products that implement alternative investment strategies may be reflected in thealternative investment asset allocation.- For Alternative Investments, Exchange Funds, Hedge Funds, Private Equity, Managed FuturesPrecious Metals and select Market-Linked Investments may be included.- For "Other" and "Hard" Assets, items that are not easily classified into the asset classes above (such asbusiness interests, investment real estate, options, and life insurance) are shown for informationalpurposes only and are not part of your analysis.

Alternative Investment RisksFor investors who may want to consider alternative investments as part of a diversified portfolio, carefulconsideration should be given to the associated risks of these investments. The investor's investmentobjectives, time horizon, risk tolerance, liquidity needs and net worth should be appropriate as certaintypes of products that implement alternative investment strategies (such as hedge funds and privateequity) are often long-term, illiquid investments that are not easily valued.Often specific levels of net worth and liquidity are required in making certain alternative investmentsavailable (e.g., for some alternative investments, such as hedge funds and private equity, net worth of $5million or more is required). In addition, the timing of capital calls and distributions may not bepredictable; periodic pricing or valuation information may not be available; and complex tax structuresmay be utilized and there may be delays in distributing important tax information. Certain alternativeinvestment products (such as hedge funds and private equity) are sold pursuant to exemptions fromregistration with the SEC and may not be subject to the same regulatory requirements as otherinvestment products. Certain alternative investments require tax reports on Schedule K-1 to be preparedand filed. As a result, investors will likely be required to obtain extensions for filing federal, state, and

local income tax returns each year. Certain other investments in your portfolio may also be classified asalternative investments. Non-Traditional funds (NTFs) are mutual funds and exchange-traded funds thatare classified as alternative investments because their principal investment strategies utilize alternativeinvestment strategies or provide for alternative asset exposure as the means to meet their investmentobjectives. Though the portfolio holdings of NTFs are generally made up of stocks and bonds, NTFsmay also hold other asset classes and may use short selling, leverage and derivatives. While thestrategies employed by NTFs are often used by hedge funds and other alternative investment vehicles,unlike hedge funds, NTFs are registered with the SEC and thus subject to a more structured regulatoryregime and offer lower initial and subsequent investment minimums, along with daily pricing andliquidity. While these investment vehicles can offer diversification within a relatively liquid and accessiblestructure, it is absolutely essential to understand that because of this structure, NTFs may not have thesame type of non-market returns as other investments classified as alternative investments (such ashedge funds) and thus may serve as an imperfect substitute for such other investment vehicles. The riskcharacteristics of NTFs can be similar to those generally associated with traditional alternativeinvestment products (such as hedge funds). No assurance can be given that the investment objectivesof any particular alternative investment will be achieved. Like any investment, an investor can lose all ora substantial amount of his or her investment. In addition to the foregoing risks, each alternativeinvestment vehicle is subject to its own varying degrees of strategy-specific or other risks. Whether aparticular investment meets the investment objectives and risk parameters of any particular client mustbe determined case by case. You must carefully review the prospectus or offering materials for anyparticular fund/pooled vehicle and consider your ability to bear these risks before any decision to invest.

Asset Allocation ModelsMerrill, through the CIO, has developed asset allocation models for investment guidance that are basedon various risk tolerance and time horizon metrics. These asset allocation models and guidance aresubject to change as market conditions change in the future. Alternatively, your Financial Advisor mayhave customized an asset allocation for your specific situation which may or may not be based on anasset allocation model. Asset allocation does not assure a profit or protect against a loss in decliningmarkets. Asset allocation cannot eliminate the risk of fluctuating prices and uncertain returns.Asset allocation models that include alternative investments as an asset class are predicated on variousclient liquidity profiles. In general, including alternative investments, particularly traditional hedge fundsand private equity funds, may only be in the best interest of clients with lower liquidity needs. In adoptingan asset allocation model or strategy that includes alternative investments or in investing in alternativeinvestments, you should consider your liquidity needs and assets available to you to meet thoseneeds. You should regularly review your asset allocation with your Financial Advisor.• When a Wealth Management Analysis is included, the Portfolio Assets Rate of Return represents theafter-tax rate of return that your portfolio assets are projected to generate for the purposes of thisanalysis. Liquidating your portfolio assets would be more costly than the financing alternatives withlower interest rates because you would be losing a greater amount of investment income than youwould be paying in interest costs. Interest expense may not be deductible for all taxpayers. Pleaseconsult your tax advisor.

IMPORTANT DISCLOSURES

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makesavailable certain investment products sponsored, managed, distributed, or provided by companies thatare affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer,registered investment adviser, Member SIPC, and a wholly owned subsidiary of BofA Corp.

Merrill Lynch Life Agency Inc. ("MLLA") is a licensed insurance agency and a wholly owned subsidiary ofBofA Corp.

Trust and fiduciary services are provided by Bank of America, N.A., Member FDIC, and a wholly-ownedsubsidiary of BofA Corp.

Banking products are provided by Bank of America, N.A., and affiliated banks, Members FDIC, andwholly owned subsidiaries of BofA Corp.




Investment products offered through MLPF&S and insurance and annuity products offered throughMLLA:

Are Not FDIC Insured Are Not Bank Guaranteed May Lose ValueAre Not Deposits Are Not Insured by Any Federal

Government AgencyAre Not a Condition to AnyBanking Service or Activity

©2021 Bank of America Corporation. All rights reserved. | 3266367 |




FOUR YEAR STUDYKeith Haring Studio LLCIncome and Expense

May, 2017- May, 2018- May, 2019- May, 2020-April, 2018 April, 2019 April, 2020 April, 2021

Income Royalty Income 3,366,651 2,371,035 4,177,669 3,144,651.38

Sale of Artwork 1,116,574 7,836,669 8,651,420 7,561,922.00

Total Income 4,483,225 10,207,704 12,829,089 10,706,573Expenses Archival Expenses 29,957 6,352 4,238 2,763

Bank Charges 1,152 354 235 1,513

Communications 23,425 22,684 25,039 15,808

Employee Benefits 183,988 179,436 224,043 243,519

Events 7,000 1,000 1,000 1,000

Income Taxes 76,600 231,500 231,500 246,550

Insurance 102,703 106,891 98,441 110,761

Office Expenses 26,310 17,586 30,210 57,274

Payroll Expenses 921,122 920,002 976,580 1,096,012

Payroll Fees 2,881 3,503 3,786 3,801

Payroll Taxes 51,057 51,281 62,523 64,019

Professional Expenses Accounting 24,390 24,500 25,725 27,250

Legal 390,756 620,728 773,935 1,155,246

Tech 12,000 14,450 29,409 39,879

Other 2,494 98,276

Total Professional Expenses 429,639 659,678 829,069 1,222,375

Rent 573,338 424,625 423,112 427,958

Security/Alarm 6,590 7,590 5,590 6,865

Shipping 3,105 2,056 2,097 1,267

Special Projects 3,250 1,175 14,929

Storage / Conservation 16,109 33,198 113,977 19,467

Trash removal 2,403 1,828 1,829 226

Travel & Entertainment 37,846 30,344 31,715 4,437

Utilities 4,925 4,913 6,041 5,639

Total Expenses 2,503,399 2,705,996 3,085,955 3,629,529

Contributions 2,461,000 1,961,972 7,029,146 7,780,593

Net Income -481,175 5,539,736 2,713,988 -703,549

Keith Haring Studio LLC...Keith Haring Studio LLC Account Balances March 31, 2021 ASSETS Cash Accounts Citibank Checking 1,292,676 Payroll 61,233 Morgan StanleyChecking 105,431 Portfolio

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