from Leon Black e. Principal - LDB 2,903,392.00 f. Accrued Int. - LDB 906.81 Total 122001 • Due from Leon Black 2,904,298.81 122006 • Due from BEB 2011 Trust a • Principal - BEB 2011 Trust 3,327,367.09 b • Accrued Interest - BEB 2011 7,292.88 Total 122006 • Due from BEB 2011 Trust 122007 • Due from J

y 122001 Due from Leon Black e. Principal - LDB 2,903,392.00 f. Accrued Int. - LDB 906.81 Total 122001 • Due from Leon Black 122006 - Due from BEB 2011 Trust a • Principal - BEB 2011 Trust b - Accrued Interest - BEB 2011 2,904,298.81 3,327,367.09 7,292.88 Total 122006 • Due from BEB 2011 Trust 3,334

. Under this approach, Ben pays interest (at 1.85%) on the $1.5 million directly to the BEB 2011 Trust =94interest paid by APO1 Trust (at 1.91%) to BEB 2011 Trust is reduced due =he $1.5 million principal payment. Because the BEB EFTA_R1_01774570 EFTA02591901 2011 Trust requires tha= the net income of the t

y of promissory note (gift to Yggdrasil Trust)=/u> 2. =en Black 709 — gift tax return FY 2012 EFTA_R1_01784148 EFTA02598235 3. =romissory note BEB 2011 Trust to Ben Black 4. =ssignment of promissory note from Ben Black to Yggdrasil Trust</=> I have confirmed the address on the notice to be a b=na fide T

essler, and Barry J. Cohen, Trustees) Black 2006 Family Trust (Leon D. Black, John J. Hannan and Richard Ressler, Trustees) LDB 2011 LLC (Members: BEB 2011 Trust, JMB 2011 Trust, ASB 2011 Trust and VRB 2011 Trust Debra R. Black, John J. Hannan, Barry J. Cohen, as Trustees, and U.S. Trust Company of Delaware

EFTA02677251 Proposal Two—Sale of AIF and Decanting of Rights by the Trusts (MWE 12/4/13 Proposal) Steps: I. 2006 Trust decants assets to each of BEB 2011 Trust, JMB 2011 Trust, ASB 2011 Trust and VRB 2011 Trust (the "2011 Trusts"). 2. For tax reasons, Debra resigns as Trustee of the 2011 Trusts. 3. Leon s