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

animously, as there can be as many as seven Trustees (including Richard, John and the four children). There can be as many as five Trustees of each Legacy Trust, and each of the children has the right to remove and replace the Trustees of the Legacy Trust for his or her benefit with independent Trustees upon

Ous0/40 10 Sulk* County Cantreolo Hod In New York County Cornrnsmon ewer. June 4. 2014 EFTA00601882 SCHEDULE A $10.00 LEON D. BLACK, Grantor LEON D. D. BLACK, Trustee Dated: • ST2013 DxN USI 8469098v1601S84600003 EFTA00601883

NT made this IS day of , 2013, between LEON D. BLACK of the State of New York (hereinafter called the

the expiration of nine (9) months from the date of the Grantor's death, a copy of which shall be delivered contemporaneously to the Trustees of such Legacy Trust that shall receive a selected Collectible, and shall terminate completely if and to the extent it is not validly exercised within such time period.

ut raising these issues with Debra. 3. Leon D. Black Family Foundation. Inc. We think Leon should rev

eels about raising these issues with Debra. 3. Leon D. Black Family Foundation. Inc. We think Leon should rev

son Re: Questions for your Meeting with Leon on 4.7.14 1. Heritage Trust. See attached Memorandum outlining possible changes to the Heritage and Legacy Trust Agreement. What are Leon's thoughts on these issues and what is the status of the list of art for each child's Legacy Trust? I have not yet given

LEON D. BLACK: TERM SHEET FOR TESTAMENTARY DOCUMENTS Will I.

LEON D. BLACK: TERM SHEET FOR TESTAMENTARY DOCUMENTS Will I.

outside Leon's estate (i.e., works held in the Heritage Trust after the pour-over of the 1997 and 2006 Trusts) will be distributed to each child's Legacy Trust; identified works of art held in LDB 2011 LLC will be held in such child's separate trust under the 2011 Trust Agreement. ii. Tangible personal pr

3 EFTA00299523 Detailed Presentation SUMMARY EFTA00299524 Leon D. and Debra R. Black Overview of Estate Plan as of June 30, 2016 On Death of Leon D. Black On Death of Debra R. Black Assets Available For Children After Death of LDS and DRB _ LDB Gross Estate 3,837,952,896 Marital Trusts 1,464,161

Overview of Estate Plan of Leon D. and Debra R. Black As of June 30. 2016 Apollo Global Management $1

See 'Notes and Assumosons" Par. don 82 5,000.000 0.3680% 1,334,875,832 i82430% 18.873.821 1 380148 1,358,749.653 100 0001% V LB Heritage and Legacy Trust 750 Meadow Lane Added Upon Debris Death: 2: 0030C) Oars Black Won Esti% Probate Property S 254 809 013 Gross Probate Estate $ 254.809.073

ugh it. EFTA00663454 Best regards, Ada Clapp Black Family Partners do Apollo Management 9 W 57th S

f this. • The Overview assumes Leon selects $200 million of art from his estate and $100 million from the Heritage Trust to be held in each child's Legacy Trust. Leon's selection of what passes to the Legacy Trusts will dramatically influence the estate tax calculation. The greater the amount of includible a

n walk him through it. Best regards, Ada Clapp Black Family Partners do Apollo Management EFTA_R1_02

f this. • The Overview assumes Leon selects $200 million of art from his estate and $100 million from the Heritage Trust to be held in each child's Legacy Trust. Leon's selection of what passes to the Legacy Trusts will dramatically influence the estate tax calculation. The greater the amount of includible