DOCUMENT SUMMARY To: Leon D. Black From: Ada Clapp Date: April 12, 2013 cc: Eileen Alexanderson, Jeffrey Epstein Re: The Benjamin Black 2010 Trust Following is a summary of the agreement dated December 12, 2010 (the "Trust Agreement") creating the Benjamin Black 2010 Trust (the "2010 Trust"). Carlyn McCaffrey and Elyse Kirschner, of McDermott Will & Emery, LLP prepared the Trust Agreement. Ben is the Senior of the 2010 Trust. The 2010 Trust was funded by Ben with his right to receive payments under a promissory note issued to him from the Trustees of his separate under the Black 1992 Trust Agreement (which trust was later decanted to the BEB 2011 Trust under the Black 2011 Family Trust Agreement). I. Ben's Trust. During Ben's lifetime, the 2010 Trust will be held in a single trust for his benefit ("Ben's Trust"), as follows: A. The Trust Advisor has broad discretion to direct the Trustees to pay Ben the income and principal of Ben's Trust for any purpose. B. Ben's Trust will terminate upon his death and the remaining principal will be distributed as Ben appoints by Will to anyone (other than himself, his estate or the creditors of either). Any property Ben fails to appoint will be distributed to his descendants, or if none, to the descendants of his parents (you and Debra), subject in each case to a Beneficiary's Trust, described below. II. Trusts for Descendants. Any property of Ben's Trust payable to a descendant of Ben (or a descendant of his parents, as the case may be) will be held in a separate "Beneficiary's Trust" for the benefit of such descendant (referred to as the Beneficiary with respect to his or her Beneficiary's Trust") and disposed of as follows: A. The Trustees must distribute any income and principal of the Beneficiary's Trust that the Individual Trustees determine is needed for the Beneficiary's health, education, support and maintenance. B. In addition, the Independent Trustees have broad discretion to dis