May , 2013 Ms. Debra R. Black New York, New York, 10021 Ms. Victoria Black New York, New York, 10021 Mr. Ben'amin Black Cambridge, MA 02138 Mr. Joshua Black [ADDRESS] Mr. Alexander Black [ADDRESS] Re: The Judah Investment Trusts A-K Dear Beneficiaries: Enclosed are copies of (i) a Release and Indemnification Agreement (the "Agreement"), for Judah Investment Trusts A-J and Judah Investment Trust K (collectively the "GRATs"); (ii) two accountings (together, the "Account") one for GRATs A-J and one for GRAT K presenting the acts and transactions of the Trustees of the GRATs for the period December 21, 2006 through December 20, 2008, when the GRATs terminated and (iii) an extra set of signature and acknowledgement pages. As you may know, when the GRATs terminated, the remaining assets were transferred to Leon D. Black, John J. Hannan and Richard Ressler, as the trustees of the Black 2006 Family Trust. EFTA01087880