DOCUMENT SUMMARY To: Leon D. Black From: Ada Clapp Date: April 12, 2013 cc: Eileen Alexanderson, Jeffrey Epstein Re: Debra and Leon D. Black Insurance Trust dated September 14, 1992 Following is a summary of the agreement (the "Trust Agreement") creating The Debra and Leon D. Black 1992 Insurance Trust (the "Trust") which was prepared for you by Stroock & Strook & Lavan. You are the Settlors of the Trust. I understand that the Trust holds two survivorship insurance policies on the joint lives of you and Debra, each with a $10 million death benefit. I. Dispositive Provisions during Your and Debra's lifetimes. A. While you and Debra are living, the Trust will be largely inactive (as I understand that the Trust holds no assets other than the insurance policies). Each time premiums are paid to the Trust, one or more trust beneficiaries have the right to withdraw a portion of the premium amount and those beneficiaries must receive notice of this withdrawal right. These procedures are described in Article EIGHTH of the Trust Agreement. B. While either you or Debra is living, the Trustees have broad discretion to distribute income and/or principal to any of your descendants. II. Dispositive Provisions after Survivor's death. Upon the death of the survivor of you and Debra, the Trust principal will be divided into shares per stiypes for your descendants (that is, in equal shares for your children with the share for any predeceased child being further subdivided for such child's descendants). Each such share will be held is a separate trust (a "Beneficiary's Trust") for the descendant for whose benefit the share was set apart (the "Beneficiary") and disposed of as follows: A. Until the Beneficiary attains age 25, the Trustee has broad discretion to distribute income from the Beneficiary's Trust to the Beneficiary. After age 25, the Beneficiary will receive all income at least quarterly. B. The Trustee has broad discretion to distribute