Private Wealth Management Deutsche Bank For Discussion Purposes Only - Not a Commitment DISCUSSION MEMO July 25,2013 To facilitate your internal discussion regarding a potential financing opportunity with us, we have prepared the following summary of our general terms and conditions that we may be able to consider offiring to Leon Black This summary of general terms and conditions is not a commitment by Deutsche Bank AG, New York Branch, Deutsche Bank Trust Company Americas, DB Structured Products Inc, DB Private Clients Corp., or any of their affiliates or subsidiaries (individually and collectively referred to herein as "DB" or the "Bank") to make available the potential credit facility described below, nor is it to be construed as an undertaking on behalf of DB to fiord such facility. The below described potential credit facility is subject to, among other things, satisfactory due diligence, credit approval, and the execution and delivery of definitive documentation satisfactory to the Bank and its couresel. This summary of general terms and conditions is intended as an outline of certain material terms of the potential credit facility and does not purport to summarize all the material conditions, covenants, representations, warranties, and other provisions which may be contained in the definitive documentation for the potential credit facility. Borrowetay Guarantor(s): Leon Black and any other individuals or entities holding title to any Collateral. Pledgers: All individuals or entities holding tide to any Collateral, directly or indirectly. Lender: Deutsche Bank Trust Company Americas or an affiliate. Facility Amount: Up to $500,000,000 Facility Type: Tam loan (the "Facility") Maturity Date: I year from the closing date of the Facility. Purpose: For general commercial and business purposes. Collateral: I. Perfected first priority security interest in identified pieces of quality fine art acceptable to the Lender In its sole di