Overview of Proposed Will and Revocable Trust Presented to Leon D. Black July 8, 2013 EFTA_R1_02106363 EFTA02707649

Leon D. Black Overview of Proposed Will/Revocable Trust—Upon Leon's Death (Debra survives) Last Will and Testament ' Proposed 2013 , Revocable Trust Proposed 2013 --Art Entities -Collectibles. -Balance of Gross Estate. Marital Trust for Debra -Air Entities. --Balance of Revocable Trust (less debts, expenses and taxes). Cash Legacies - 510 MM to John Ressler. - 525 MM to Judy Black Trust. - Debra's unused GST Exemption to 1997 Trust. -GST exempt property to 1997 Trust. Balance of Judy's Trust upon her Death (less 51 MM to her husband). Upon Debra's death Legacy Trusts Art and Collectibles selected by children. 910 MM at 30 350 MM at 35 9100 MM at 40 Personal Property (not Art Entities 8 Collectibles) to Debra Outright. Residences to Debra outright. Charitable Pledges Paid. Cash Legacies -43 MM to Melanie Spinets. --Unused Estate Tax Exemption to 1997 Trust. Heritage Trust --Sale proceeds for art & Collectibles not selected. —Art Entities. —Balance of Marital Trust (less taxes owing to Debra's estate). 2 EFTA_R1_02106364 EFTA02707650

Leon D. Black Overview of Proposed Will/Revocable Trust-- Upon Leon's Death (Debra predeceases) Last Will and Testament proposed 2013 Revocable Trust Proposcc 2013 —Sale proceeds from Residences. —Art Entities. —Collectibles —Balance of Gross Estate. Heritage Trust —Sale proceeds for art & Collectibles not selected by children. —Art Entities. —Balance of Revocable Trust (less debts, expenses and taxes). Personal Property (not Art • Entities & Collectibles) to Children equally 510 MM at 30 $50 MM at 35 $100 MM at 40 Charitable Pledges Paid Cash Legacies —53 MM to Melanie —.510 MM to John Ressler. -425 MM to Judy Black Trust. —Unused GST exemption to 1997 Trust. Legacy Trusts Art and Collectibles selected by children. Balance of Judy's Trust Upon her death (less 51 million to her husband). 3 EFTA_R1_02106365 EFTA02707651

Leon D. Black Overview of Proposed Will/Revocable Trust--Upon Leon's Death Executors: Debra Black. Barry Cohen and John Ressler. • Successors: John Hannan is successor to Barry; Allison Ressler is successor to Richard. Revocable Trust Trustees: • Marital Trust: Debra Black. Barry Cohen and Richard Ressler. • Judy's Trust: Barry Cohen and Richard Ressler. • Heritage Trust: Barry Cohen and Richard Ressler. • Legacy Trusts: Barry Cohen and Richard Ressler. Descendant becomes co-Trustee upon attaining a stated age. • Successors: John Hannan is successor to Barry. For Alex's Legacy Trust, Anthony Ressler is successor to Richard. For all other trusts. Allison Ressler is successor to Richard. 4 EFTA_R1_02106366 EFTA02707652