DOCUMENT SUMMARY To: Leon D. Black From: Ada Clapp Date: April 12, 2013 cc: Eileen Alexanderson, Jeffrey Epstein Re: Yggdrasil Trust Following is a summary of the agreement dated December 20, 2012 (the "Trust Agreement") creating the Yggdrasil Trust (the "Trust"). Carlyn McCaffrey and Elyse Kirschner of McDermott Will & Emery, LLP prepare the Trust Agreement. Your son, Benjamin is the Settlor of the Trust. I. Trust During Ben's Lifetime. A. While Ben is living, the trust property will be held in a single trust for the benefit of Ben's descendants and Debra. The Independent Trustees have broad discretion to distribute income and principal to any one or more of them for any purpose. Any income not distributed will be accumulated in a separate income account and not added to principal. B. The Independent Trustees may grant Ben a power exercisable at his death to appoint the Trust principal (but not accumulated income) to anyone other than himself, his creditors, his estate or its creditors. C. Upon Ben's death, single trust will terminate and be distributed as Ben appoints, if the power referred to in B above is granted to him. Any property he fails to appoint will be divided into per stirpal shares for his descendants (that is, in equal shares for his children with the share for any predeceased child being further subdivided for such deceased child's descendants) and each such share will be held in a Beneficiary's Trust, described below. II. Beneficiary's Trust. Each per stirpal share set apart for a descendant of Ben (each a "Beneficiary") will be held in a separate trust for the benefit of the Beneficiary (the "Beneficiary's Trust"),1 as follows: Each Beneficiary may, in fact, have two Beneficiary's Trusts: one that will hold property exempt from the generation-skipping transfer tax and a second to hold property not so exempt. EFTA00589547