From: Ada Clapp To: jeffrey E. <[email protected]> CC: Brad Wechsler Subject: RE: APO-01 Declaration Date: Wed, 18 Nov 2015 21:02:07 +0000 Hi Jeffrey, I understand that you spoke with Alan and that he answered some of your questions regarding the APO-01 Declaration. Do you have any additional comments or can we put the document (as well as the APO-02 Trust—with identical terms) in form for execution? Also, have you made a decision on whether the GRAT remainder interests will be decanted from APO1 Agreement to the APO-01 Declaration? Pending these two items, the decanting documents are pretty much ready to go. Rich D. tells me that it could take BofA more than a week to get the trust accounts opened so we need to get the documents signed quickly if the decanting are to be completed and the cash moved by December 1st. Thanks! -Ada From: jeffrey E. [[email protected]] Sent: Friday, November 13, 2015 4:16 PM To: Ada Clapp <I Subject: Re: APO-01 Declaration will review over the weekend On Fri, Nov 13, 2015 at 4:08 PM, Ada Clapp a. wrote: Jeffrey and Brad, Attached is a summary of the APO-01 Declaration. I understand that Alan sent Jeffrey a draft of the trust declaration yesterday. Alan and I discussed some minor tweaks today but we did not want to hold up Jeffrey's review. Two things about the new Declaration I want to point out: 1. The Leon Black Family Foundation, Inc. has been added as the ultimate contingent remainder beneficiary in the event none of Leon's descendants is living when a trust terminates under the Declaration; and 2. For tax reasons, the document limits the power to reimburse Leon for payment of the trust's income tax liability to only certain trustees. We should discuss this as it may require the appointment of a third trustee at some future point. Jeffrey, please let us know if you approve of the Trust Declaration. I am also waiting for your decision on whether we will be decanting from the APOI Agreement