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          <AddressLine2>RESTRICTED</AddressLine2>
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          <ZIPCode>RESTRICTED</ZIPCode>
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        <Depreciation>285306</Depreciation>
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      <OtherSecurities>
        <Description>MERRILL LYNCH - INDIVIDUAL INVESTOR ACCOUNT</Description>
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        <MethodOfValuation>F</MethodOfValuation>
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      <OtherSecurities>
        <Description>GGVCF - GREENBRIER HISTORICAL SOCIETY FUND</Description>
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        <MethodOfValuation>F</MethodOfValuation>
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      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION A, LINE 6</ReturnReference>
        <Explanation>THE MEMBERSHIP MEETS ANNUALLY TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS. CANDIDATES ARE NOMINATED BY A COMMITTEE OF THE EXISTING BOARD AND NOMINATIONS MAY BE MADE FROM THE FLOOR DURING THE MEETING. THE MEMBERSHIP ALSO ELECTS THE OFFICERS FROM THE ELECTED BOARD MEMBERS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>ELECTRONIC DRAFT COPIES OF THE FORM 990 IS PROVIDED TO THE EXECUTIVE DIRECTOR FOR DISTRIBUTION TO THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS. AFTER REVIEW AND APPROVAL, THE FORM IS FINALIZED BY THE ACCOUNTING FIRM ENGAGED TO PREPARE THE DOCUMENT, APPROPRIATE COPIES ARE MADE, SIGNATURES ARE AFFIXED AND THE RETURN IS FILED BY MAIL OR ELECTRONICALLY.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15A</ReturnReference>
        <Explanation>THE BOARD OF DIRECTORS REVIEW AND APPROVE THE COMPENSATION OF THE EXECUTIVE DIRECTOR IN THE NORMAL COURSE OF THEIR MEETINGS OR ACCEPTANCE OF COMMITTEE RECOMMENDATIONS. THE MEMBERS OF THE BOARD ARE INDEPENDENT.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>COPIES OF THE GOVERNING DOCUMENTS ARE MAINTAINED AT THE ORGANIZATIONS MAIN OFFICE AND ARE AVAILABLE FOR PUBLIC INSPECTION UPON RECEIPT OF WRITTEN REQUEST.</Explanation>
      </GeneralExplanation>
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</Return>