L SULLIVAN & CROMWELL LLP July 12, 2017 Via E-mail MEMORANDUM TO: Ada Clapp Barry J. Cohen Bradley J. Wechsler (Elysium Management 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

Elizabeth A. Subject: Leon Black Estate Planning Privileged & Confidential Dear All, Please see the attached memorandum. Best regards. Charles Charles T. Dowling Sullivan & Cromwell LLP 125 Broad Street NY 0004 tel) fax This e-mail is sent by a law firm and contains information that may be privileged and