X0202 4 2006-12-05 0 0000790202 FIRST FINANCIAL FUND INC FF 0001365133 Mildred B. Horejsi Trust 3301 C STREET, SUITE 100 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 2344 SPRUCE STREET, STE A BOULDER CO 80302 1 0 0 0 Common Stock 2006-12-05 4 S 0 5000 17.35 D 2104812 D Common Stock 2006-12-05 4 S 0 5000 17.37 D 2099812 D Common Stock 2006-12-06 4 S 0 5000 15.72 D 2094812 D Common Stock 2006-12-06 4 S 0 5000 15.74 D 2089812 D Common Stock 2006-12-06 4 S 0 5000 15.76 D 2084812 D Common Stock 2006-12-06 4 S 0 9700 15.78 D 2075112 D Common Stock 2006-12-06 4 S 0 300 15.79 D 2074812 D Common Stock 2006-12-06 4 S 0 5000 15.77 D 2069812 D The trustees of the Mildred B. Horejsi Trust (the "Mildred Trust") are Badlands Trust Company ("Badlands"), Susan L. Ciciora and Brian Sippy. Such trustees may be deemed to control the Mildred Trust and may be deemed to possess indirect beneficial ownership of the Shares held by the Mildred Trust. However, none of the trustees, acting alone, can vote or exercise dispositive authority over Shares held by the Mildred Trust. Accordingly, Badlands, Ms. Ciciora and Mr. Sippy disclaim beneficial ownership of the Shares beneficially owned, directly or indirectly, by the Mildred Trust. In addition to serving as a trustee, Ms. Ciciora is also a beneficiary of the Mildred Trust. As a result of his advisory role with the Mildred Trust, Stewart R. Horejsi may be deemed to have indirect beneficial ownership of the Shares directly beneficially owned by the Mildred Trust. However, Mr. Horejsi disclaims such beneficial ownership of the Shares directly beneficially held by the Mildred Trust. Trusts affiliated with the Mildred Trust, including the Ernest Horejsi Trust No. 1B, the Lola Brown Trust No. 1B, the Susan L. Ciciora Trust, and the Stewart R. Horejsi Trust No. 2, own an aggregate of 10,249,107 Shares of the Fund following these transactions. Stephen C. Miller, President, Badlands Trust Company, LLC, trustee of the Mildred B. Horejsi Trust 2006-12-07 Stewart R. Horejsi 2006-12-07 Susan L. Ciciora 2006-12-07