ELYSIUM MANAGEMENT, LLC 445 Park Avenue Suite 1401 New York, NY 10022 Ada Ca Phon - Fax: Email VIA CERTIFIED MAIL RETURN RECEIPT REQUESTED Mr. Joshua M. Black 95 Fifth Avenue Apartment 7 New York, New York 10003 Re: Decanting of the Non-GST Exempt Trust Created Under the Black Family 1997 Trust Dear Josh: February 26, 2014 As you know, you are a beneficiary of the "Non-GST Exempt Trust" created under the Black Family 1997 Trust Agreement. Richard Ressler, John Hannan and Barry Cohen are the Independent Trustees of such trust. This is to let you know that the Independent Trustees (i) created a new trust under a Declaration of Trust dated February 20, 2014 (the "APO2 Declaration") and (ii) exercised their power to invade the principal of the Non-GST Exempt Trust and, in accordance with New York law, appointed all of such principal to themselves as Trustees under the APO2 Declaration (a "decanting"). You are a beneficiary of the trust created under the APO2 Declaration. New York law requires that you receive notice of the decanting by Certified Mail. Accordingly, on behalf of the Independent Trustees, enclosed are the following documents: I. Notice of Appointment of Trust Created under the Black Family 1997 Trust Agreement, notifying you of the decanting. 2. Instrument ofAppointment Pursuant to New York Estates Powers and Trusts Law §10- 6.6 of the Black Family 1997 Trust. 3. Black Family 1997 Trust Agreement and The Black Family 1997 Trust Instrument of Division of Trust, creating the Non-GST Exempt Trust. 4. APO2 Declaration of Trust. EFTA00623032