X0202 4 2006-01-04 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 2006-01-04 4 J 0 376606 14.83 A 1732306 D The shares listed in Item 4 were acquired as a result of the stock dividend paid by First Financial Fund, Inc. (the "Fund"). In connection with the common stock dividend payable on December 30, 2005, the Ernest Horejsi Trust No. 1B received 376,606 shares of the Fund at the Fund's net asset value as of that date. The trustees of the Ernest Horejsi Trust No. 1B (the "Ernest Trust") are Badlands Trust Company LLC ("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 11,096,646 Shares of the Fund following the December 30, 2005 stock distribution by the Fund. Stephen C. Miller, President, Badlands Trust Company, LLC, trustee of the Ernest Horejsi Trust No. 1B 2006-01-05 Stewart R. Horejsi 2006-01-05 Susan L. Ciciora 2006-01-05