DOCUMENT SUMMARY To: Leon D. Black From: Ada Clapp Date: October 23, 2013 Re: Summary of the APOI Agreement Following is a summary of the APOI Agreement (the "Agreement") that was prepared for you by Alan Halperin of Paul, Weiss, Rifkind, Wharton & Garrison, LLP. You are the Grantor of the trusts created under the Agreement. It is intended that this trust will receive the remainder of the APOI GRAT, as well as the assets of the Black 2006 Family Trust upon a decanting of such trust by its trustees. Once you have settled on the terms of the Heritage Trust, it will be the ultimate recipient of the assets held under this Agreement. I. Discretionary Trust. Until such time as the Trustees decide to create Separate Trusts for your descendants (see I B below), all trust property will be held in a single "Discretionary Trust" for the benefit of Debra and your descendants. A. The Trustees have broad discretion to distribute income and principal to Debra and your descendants, but before doing so, you request that they consider the recipient's particular circumstances (Le., his or her financial acumen and solvency, risk of an impending divorce, or a mental, emotional or medical condition or addiction that would make a distribution ill advised at that time). B. Instead of paying income and principal directly to a descendant of yours, the Trustees may instead fund a "Separate Trust" for such descendant (called the "Beneficiary" thereof), described in II below. C. The Discretionary Trust will terminate on the "perpetuities date" (21 years after the death of the survivor of Debra and your children), or if sooner, upon the death of the survivor of Debra and your descendants. Upon termination, the remaining trust property will be distributed to your descendants, or if none are living, to your estate. II. Separate Trust For Descendants. Each Separate Trust for a descendant of yours will be administered and disposed of as follows: A. The Trustee