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 Black 2006 Family Trust (the "Trust"I Dear Beneficiaries: Enclosed is a Release and Indemnification Agreement for the Trust (the "Agreement"), together with an accounting for the Trust by Leon Black, John Hannan and Richard Ressler, as Trustees, covering the period December 21, 2006 (the date the Trust was created) through December 13, 2012 (the "Account"). The Account consists of schedules showing principal and income received, how it was invested and distributed by the Trustees and the amount on hand as of the close of the accounting period. Also enclosed is an extra set of signature and acknowledgement pages. Under the terms of the Trust, the Trustees are obliged to pay Leon Black, individually, certain income from specified assets held in the Trust (called "Trust Accounting Income"). As a result of some confusion in the identity of the specified assets and what constituted Trust Accounting Income, it recently came to the attention of the Trustees that Mr. Black received more income than he was entitled to. The Trustees were also informed that the obligation to pay Mr. Black Trust Accounting Income could possibly result in severe adverse tax consequences to Mr. Black's estate upon his death. EFTA01087882