X0202 4 2005-11-23 0 0000790202 FIRST FINANCIAL FUND INC FF 0001091477 ERNEST HOREJSI TRUST NO 1B 3601 C STREET, STE 600 ANCHORAGE AK 99503 0 0 1 0 0001246903 HOREJSI STEWART R 200 SOUTH SANTA FE SALINA KS 67401 0 0 1 0 0001245558 CICIORA SUSAN L 1680 38TH STREET, STE 800 BOULDER CO 80301 1 0 0 0 Common Stock 2005-11-23 4 S 0 17400 20.75 D 1538600 D Common Stock 2005-11-23 4 S 0 400 20.76 D 1538200 D Common Stock 2005-11-23 4 S 0 1200 20.56 D 1537000 D Common Stock 2005-11-23 4 S 0 500 20.6 D 1536500 D Common Stock 2005-11-23 4 S 0 1500 20.52 D 1535000 D Common Stock 2005-11-23 4 S 0 1000 20.51 D 1534000 D Common Stock 2005-11-23 4 S 0 1500 20.5 D 1532500 D Common Stock 2005-11-23 4 S 0 200 20.42 D 1532300 D Common Stock 2005-11-23 4 S 0 300 20.39 D 1532000 D Common Stock 2005-11-23 4 S 0 2700 20.38 D 1529300 D Common Stock 2005-11-23 4 S 0 3400 20.7 D 1525900 D Common Stock 2005-11-23 4 S 0 3400 20.92 D 1522500 D Common Stock 2005-11-23 4 S 0 600 20.9 D 1521900 D Common Stock 2005-11-23 4 S 0 1000 20.85 D 1520900 D Common Stock 2005-11-23 4 S 0 1000 20.83 D 1519900 D Common Stock 2005-11-23 4 S 0 1000 20.69 D 1518900 D Common Stock 2005-11-23 4 S 0 1200 20.64 D 1517700 D Common Stock 2005-11-23 4 S 0 1100 20.71 D 1516600 D Common Stock 2005-11-23 4 S 0 2300 20.61 D 1514300 D Common Stock 2005-11-23 4 S 0 200 20.67 D 1514100 D Common Stock 2005-11-23 4 S 0 2000 20.66 D 1512100 D Common Stock 2005-11-23 4 S 0 4000 20.65 D 1508100 D Common Stock 2005-11-25 4 S 0 2000 21.36 D 1506100 D Common Stock 2005-11-25 4 S 0 4000 21.38 D 1502100 D Common Stock 2005-11-25 4 S 0 6000 21.3 D 1496100 D Common Stock 2005-11-25 4 S 0 6000 21.29 D 1490100 D Common Stock 2005-11-25 4 S 0 1000 21.34 D 1489100 D Common Stock 2005-11-25 4 S 0 2000 21.28 D 1487100 D Common Stock 2005-11-25 4 S 0 3800 21.35 D 1483300 D Common Stock 2005-11-25 4 S 0 2500 21.32 D 1480800 D The trustees of the Ernest Horejsi Trust No. 1B (the "Ernest Trust") are Badlands Trust Company ("Badlands"), Susan L. Ciciora and Larry Dunlap. Such trustees may be deemed to control the Ernest Trust and may be deemed to possess indirect beneficial ownership of the Shares held by the Ernest Trust. However, none of the trustees, acting alone, can vote or exercise dispositive authority over Shares held by the Ernest Trust. Accordingly, Badlands, Ms. Ciciora and Mr. Dunlap disclaim beneficial ownership of the Shares beneficially owned, directly or indirectly, by the Ernest Trust. In addition to serving as a trustee, Ms. Ciciora is also a beneficiary of the Ernest Trust. As a result of his advisory role with the Ernest Trust, Stewart R. Horejsi may be deemed to have indirect beneficial ownership of the Shares directly beneficially owned by the Ernest Trust. However, Mr. Horejsi disclaims such beneficial ownership of the Shares directly beneficially held by the Ernest Trust. Trusts affiliated with the Ernest Trust, including the Lola Brown Trust No. 1B, the Mildred B. Horejsi Trust, the Susan L. Ciciora Trust, and the Stewart R. Horejsi Trust No. 2, own an aggregate of 8,809,200 Shares of the Fund following these transactions. Stephen C. Miller, President, Badlands Trust Company, LLC, trustee of the Ernest Horejsi Trust No. 1B 2005-11-28 Stewart R. Horejsi 2005-11-28 Susan L. Ciciora 2005-11-28