LEON D. BLACK LEON BLACK FAMILY FOUNDATION, INC. 445 Park Avenue Suite 1401 New York, New York 10022 January 22, 2015 VIA EMAIL Lawrence M. Krauss, Director THE ASU ORIGINS PROJECT Arizona State University College of Liberal Arts and Sciences School of Earth and Space Exploration PO Box 871404 Tempe, AZ 85287-1404 Re: $2.000.000 Irrevocable Pledge to the ASU Origins Project (this "Pledge") Dear Dr. Krauss: In consideration of the excellent work now and hereafter conducted under your supervision by the ASU Origins Project (the "Origins Project"), and with the understanding that the Origins Project will be relying hereon in projecting its fiscal needs, seeking other support and allocating its limited resources for continuing such work in the future, I, on behalf of myself individually and as President of Leon Black Family Foundation, Inc. (the "Donor"), intending to be legally bound, hereby irrevocably pledge and promise that I and/or Leon Black Family Foundation, Inc. will pay to Arizona State University through the ASU Foundation for a New American University (the "ASU Foundation"), for the use and benefit of the Origins Project, the aggregate sum of Two Million Dollars ($2,000,000) as hereinafter provided. The Donor will fulfill this Pledge with an outright gift in the amount of One Million Dollars ($1,000,000), received from the Donor by the ASU Foundation on 24 December 2014, and with an outright gift of the remaining balance of One Million Dollars ($1,000,000), which the Donor shall pay by not later than September 30, 2015 (the "Final Payment Date"). The Donor may accelerate the payment of any or all of the unpaid funds required under this Pledge at any time in the Donor's discretion so long as the cumulative total of all such payments hereunder equals Two Million Dollars ($2,000,000) and is paid in full by the Final Payment Date. All payments under this Pledge shall be made by wire transfer of immediately available funds to an