May , 2013 Richard Ressler, Trustee Black 2006 Family Trust [ADDRESS] Re: The Judah Investment Trusts A-K Dear Mr. Ressler: Enclosed is a copy of a Release and Indemnification Agreement (the "Agreement"), for Judah Investment Trusts A-J ("GRATs A-J") and Judah Investment Trust K ("GRAT K", collectively with GRATs A-J, the "GRATs"). Also enclosed are two accountings prepared by Tom Turrin, one for GRATs A-J and one for GRAT K (collectively the "Account") presenting the acts and transactions of Leon D. Black and John J. Hannan, as Trustees of the GRATs for the period December 21, 2006 through December 20, 2008, when the GRATs terminated. You may find the Account to be more complicated than a typical trust accounting. This is due to the fact that transactions were implemented through one of two accounts held in the name of LBF Holdings, LLC ("LBF"), rather than through separate accounts held in the names of the GRATs. LBF was wholly owned by GRATs A-J and accordingly, this approach seemed practical. In addition, because certain transactions on behalf of Black Family Partners (in which all the GRATs invested) were implemented through an LBF account, additional reclassifications and adjustments were required. As you know, when the GRATs terminated, the remaining assets were transferred to you, Mr. Black and Mr. Hannan, as Trustees of the Black 2006 Family Trust. The Agreement is between the Trustees and beneficiaries of the GRATs and the Trustees and beneficiaries of the Black 2006 Family Trust. It provides that each party who signs the Agreement will (i) waive his or her right to a judicial settlement of the Account, (ii) approve all the activities of the Trustees of the GRATs during the accounting period, and (iii) release and agree to indemnify the Trustees of the GRATs, in each case as described more fully in the Agreement. In light of the complexity, you may prefer to meet with us to go over the Account together before you review it on