015 * Trustees: Barry Cohen ("BC"), John Hannan ("JH"). Richard Ressler ** Trustees: BC. JH, Richard Ressler. Debra Black ("DB"), US Trust Company (Administrative Trustee) ***Board of Managers: JMWT LLC. Judith Regan JMWT LLC (US) Manager: LB PHAIDON GLOBAL LLC US) Manager: 1M1VT LLC 99.9% 100% • PHAIDON LLC

hereinafter referred to as the "Debtor") and Barry J. Cohen, Debra R. Black and John J. Hannan, as Trustees, and U.S. Trust Company of Delaware, as Administrative Trustee, (the "BEB Trustees") of the BEB 2011 TRUST, created under trust agreement dated June 10, 2011 between Leon D. Black, as Grantor, and the BEB Trust

(the "Maker"), do hereby promise to pay to Barry J. Cohen, John J. Hannan, and Debra R. Black, as Trustees, and U.S. Trust Company of Delaware, as Administrative Trustee, of the BEB 2011 TRUST, created under trust agreement dated June 10, 2011, or its successors and assigns, (the "Holder") the Principal Amount as her

of the day of June, 2014 by and between (i) Barry J. Cohen, Debra R. Black and John J. Hannan, as Trustees, and U.S. Trust Company of Delaware, as Administrative Trustee (the "BEB Trustees") of the BEB 2011 TRUST, created under trust agreement dated June 10, 2011 between Leon D. Black, as Grantor, and the BEB Truste

MB 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 as Administrative Trustee). All other terms and conditions remain unchanged. In Witness Whereof, the Company has caused this endorsement to be signed by a duly authorized r