DOCUMENT SUMMARY To: Leon D. Black From: Ada Clapp Date: April 12, 2013 cc: Eileen Alexanderson, Jeffrey Epstein Re: The Joshua Max Black 2011 Trust Following is a summary of the agreement dated December 20, 2012 (the "Trust Agreement") creating the Joshua Max Black 2011Trust (the "2011 Trust"). Carlyn McCaffrey and Elyse Kirschner of McDermott Will & Emery, LLP prepared the Trust Agreement. Josh is the Settlor of the 2011 Trust. The 2011 Trust was funded by Josh with his right to receive payments under a promissory note issued to him from the Trustees of his separate trust under the Black 2011 Family Trust Agreement. I. Josh's Trust. During Josh's lifetime, the 2011 Trust will be held in a single trust for his benefit ("Josh's Trust"), as follows: A. The Trust Advisor has broad discretion to direct the Trustees to pay Josh the income and principal of Josh's Trust for any purpose. B. Josh's Trust will terminate upon his death and the remaining principal will be distributed as Josh appoints by Will to anyone (other than himself, his estate or the creditors of either). Any property Josh 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 Josh's Trust payable to a descendant of Josh (or to 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 distribute income and principal of the Beneficiary's Trust to the Bene