Black Family Partners Apollo Management 9 West 57th Street New York, New York 10019 Ada Cla Phone: Email: To: Leon D. Black From: Ada Clapp Date: October 23, 2013 Re: Summary of the APOI GRAT Following is a summary of the trust agreement (the "Agreement") creating the APOI GRAT (the "GRAT"), which was prepared for you by Alan Halperin of Paul, Weiss, Rifkind, Wharton & Garrison, LLP. You are the Grantor of the GRAT. We understand that you intend to fund the GRAT in October with your entire 80% limited partner interest in Black Family Partners, L.P. I. Trust Term. The GRAT will terminate on the rd anniversary of the date it is funded. II. Dispositive Provisions. A. Annuity Payments. Annuity payments will be made to you (or if you die during the Trust Term, to your estate) in quarterly installments during the Trust Term (with the first such installment to be made 3 months after the GRAT is funded). 1. The annuity payments for the first year will equal 46.72702% I of the initial fair market value of the property contributed to the GRAT (roughly, $2 billion). 2. The annuity payments for the second year will equal 120% of the prior year's annuity payments. Based on the above percentages, your retained annuity payments will have a value equal to 99.99% of the initial fair market value of the GRAT property. B. Disposition at End of Trust Term. At the end of the Trust Term, any property remaining in the GRAT after payment of the final annuity payment (the "GRAT remainder") will be distributed as follows: 1. If you are living, the GRAT remainder will pass to the Discretionary Trust for the benefit of Debra and your descendants under the APOI Agreement (described in a separate memorandum). 1 Based on the October 2013 Section 7520 rate of 2.4%. EFTA00586670