Epstein Secrets

anagement LLC) FROM: Charles T. Dowling Elizabeth A. Kubanik RE: Leon Black Estate Planning This memorandum summarizes our high-level thoughts on Leon Black's estate planning based upon the information and documents that have been provided to us and our discussions with you. As a general matter, we have b

questions or comments you may have on the topics discussed in this memorandum or any other aspect of Leon's estate planning. C.T.D. E.A.K. cc: Leon D. Black Alan S. Halperin (Paul, Weiss, Riflcind, Wharton & Garrison LLP) -14- EFTA00591806

harles T. Dowling Elizabeth A. Kubanik RE: Leon Black Estate Planning This memorandum summarizes our h

s in AOG units should be 35%. Under the current ownership structure, BFP owns 21% of the profits interests in AOG, 33.9% of the profits interests in Fund IV and 26.2% of the profits interests in Fund V.3 Accordingly, BFP's profits interests in AOG, including the two Heritage Funds, should not exceed the

Ex4gbit-1.0.9 PWRWAG_LLPDrafL12/20/16 AMENDED AND RESTATED AGREEMENT AMONG PRINCIPALS dated as of July 13, 2007 [ ], 2016 among LEON D. BLACK, MARC J. ROWAN, JOSHUA J. HARRIS, BLACK FAMILY PARTNERS, M., MJR FOUNDATION LLC, MJILPARTNERS, AP PROFESSIONAL HOLDINGS, M., and BRH HOLDINGS,

as of July 13, 2007 [ ], 2016 among LEON D. BLACK, MARC J. ROWAN, JOSHUA J. HARRIS, BLACK FAMILY

hare of a trust's assets if it were then to terminate. No Principal shall ever be a member of the Group of another Principal. "Heritage Fund" means Fund IV and/or Fund V, as applicable. 7 Otion—US4-Hen03.$9.4 Dckt: US1-10770389v1$ EFTA00808231 "Heritage Points" means the nominal number of "points"

ded or supplemented from time to lime. "Agreement Among Principals" means the Agreement Among Principals, dated as of the date hereof, by and among Leon D. Black, Marc J. Rowan, Joshua J. Harris, Black Family Partners, L.P., a Delaware limited partnership, MJR Foundation LLC, a New York limited liability com

ated as of the date hereof, by and among Leon D. Black, Marc J. Rowan, Joshua J. Harris, Black Family P

trust's assets if it were then to terminate. No Principal shall ever be a member of the Group of another Principal. "Heritage Funds" means each of Fund IV and Fund V. "Heritage Points" means the nominal number of "points" with respect to each Heritage Fund contributed by each Partner as set forth on S

AGREEMENT AMONG PRINCIPALS dated as of July 13, 2007 among LEON D. BLACK, MARC J. ROWAN, JOSHUA J. HARRIS, BLACK FAMILY PARTNERS, L.P., MJR FOUNDATION LLC, AP PROFESSIONAL HOLDINGS, L.P., and BRH HOLDINGS, L.P. NYI

IPALS dated as of July 13, 2007 among LEON D. BLACK, MARC J. ROWAN, JOSHUA J. HARRIS, BLACK FAMILY

hare of a trust's assets if it were then to terminate. No Principal shall ever be a member of the Group of another Principal. lieritage Fund" means Fund IV and/or Fund V, as applicable. "Heritage Points" means the nominal number of "points" with respect to each Heritage Fund contributed by each Princip

007 (the "Reorganization"). The Company is managed and operated by its manager. AGM Management. LLC. which in turn is wholly-owned and controlled by Leon Black. Joshua Harris and Marc Rowan (the "Managing Partners"). As of December 31. 2011. the Company owned. through three intermediate holding companies th

h in turn is wholly-owned and controlled by Leon Black. Joshua Harris and Marc Rowan (the "Managing Part

and dividend income distributions from portfolio investments held by certain of our private equity and capital markets funds. primarily by Fund VII, Fund IV and Fund VI of $221.5 million. $204.7 million and $67.6 million respectively, during the year ended December 31. 2011 as compared to the same period

PWRW&G LLP Draft 12/20/16 AMENDED AND RESTATED AGREEMENT AMONG PRINCIPALS dated as of [ 1, 2016 among LEON D. BLACK, MARC J. ROWAN, JOSHUA J. HARRIS, BLACK FAMILY PARTNERS, L.P., MJR FOUNDATION LLC, MJH PARTNERS, L.P. AP PROFESSIONAL HOLDINGS, L.P., and BRH

INCIPALS dated as of [ 1, 2016 among LEON D. BLACK, MARC J. ROWAN, JOSHUA J. HARRIS, BLACK FAMILY

hare of a trust's assets if it were then to terminate. No Principal shall ever be a member of the Group of another Principal. "Heritage Fund" means Fund IV and/or Fund V, as applicable. "Heritage Points" means the nominal number of "points" with respect to each Heritage Fund contributed by each Princip

l the Molpus Woodlands Fund II interest owned in Black Family Partners. There are a couple of groups who

ld like to proceed to try to sell the Molpus Woodlands Fund II interest owned in Black Family Partners. There are a couple of groups who invested in Fund IV and indicated a potential interest in filling in with other Molpus fund vintages. Eaton currently characterizes the secondary market as a bit overca

ch is further described in "Certain Relationships and Related Party Transactions—Agreement Among Managing Partners" in our 2015 Annual Report), Mr. Black, as a member of the executive committee of our manager, will have the right of veto over, among other things a sale or other disposition of the Apol

y are required to pay in connection with a general partner obligation for the return of previously made carried interest distributions in respect of Fund IV, Fund V and Fund VI. See "Certain Relationships and Related Party Transactions—Managing Partner Shareholders Agreement—Indemnity" in the Company's