May , 2013 Leon D. Black, Trustee ment New York, New York 10019 John J. Hannan, Trustee c/o A olio Mana ement New York, New York 10019 Richard Ressler, Trustee [ADDRESS] Re: The Black 2006 Family Trust (the "Trust") Dear Mr. Black, Mr. Hannan and Mr. Ressler: Enclosed is a copy of a Release and Indemnification Agreement for the Trust (the "Agreement"), together with an accounting for the Trust prepared by Tom Turrin (the "Account"). The Account presents all of your acts and transactions as Trustees of the Trust for the period December 21, 2006 (the date the Trust was created) through December 31, 2012, including all payments of Trust Accounting Income (as defined in the Trust) to Mr. Black during such period. The Agreement describes your obligation under the terms of the Trust to pay Mr. Black Trust Accounting Income. It also explains that through September 30, 2012', Mr. Black inadvertently received more income than he was entitled to and that you have decided to (i) permit him to retain the excess income, (ii) amend the Trust to remove your obligation to pay him income in the future (which should also provide a significant estate tax benefit) and (iii) pay him income he is entitled to receive from September 30, 2012 until you amend the Trust. In exchange for which, Mr. Black has agreed not to challenge your amendment of the Trust. The Agreement further provides that each party who signs the Agreement will (i) waive his or her right to a judicial settlement, (ii) approve all your activities as Trustees during the I For your records, attached are the calculations used to determine the amount of the overpayment through September 30, 2012. EFTA01143780