TRUSTEES RESOLUTION APO-01 DECLARATION The undersigned, representing all of the Trustees (the "Trustees") of the trust created under Clause FIRST of the APO-01 Declaration (the "APO-01 Trust") made by the Trustees pursuant to a Declaration of Trust dated as of November 30, 2015 (the "Declaration"), do hereby resolve in relation to the APO-01 Trust, as follows: CONSIDERED: The Trustees considered: 1. That the current beneficiaries (the "Beneficiaries") of the APO-01 Trust are the spouse and descendants of Leon D. Black ("Leon"). 2. The provisions of the Declaration and the Trustees' broad authority to pay trust income and principal to the Beneficiaries or alternatively to an existing trust or a new trust to be created by any person at any time for the benefit of the Beneficiaries. 3. That Leon created a new trust (the "APO-B Trust") by and between himself, as grantor, and Bradley J. Wechsler, as trustee (the "APO-B Trustee") for the benefit of the Beneficiaries. 4. That Leon created the APO-B Trust to effect further estate planning transfers for the benefit of the Beneficiaries. 5. That the APO-B Trustee has requested funds to enable the APO-B Trust to purchase a Class B General Partner interest in AP Narrows LP (the "Interest"). 6. The purchase price of the Interest. EFTA01185851