LEON D. BLACK LEON BLACK FAMILY FOUNDATION, INC. 445 Park Avenue Suite 1401 New York, New York 10022 December 17, 2014 Mr. Joi to, Director MIT Media Lab c/o Marissa Wozniak 77 Massachusetts Avenue, E14-245 Cambridge, MA 02139 Re: 55.000,000 Irrevocable Pledge to the MIT Media Lab (this "Pledge") Dear Director Ito: In consideration of the excellent work now and hereafter conducted by the MIT Media Lab, and with the understanding that the MIT Media Lab will be relying hereon in projecting is fiscal needs, seeking other support and allocating its limited resources for continuing such work in the future, Lon behalf of myself individually and as President of Leon Black Family Foundation, Inc. (the "Donor"), intending to be legally bound, hereby irrevocably pledge and promise that I and/or Leon Black Family Foundation, Inc. will pay to the MIT Media Lab the aggregate sum of Five Million Dollars ($5,000.000) as hereinafter provided. The Donor will fulfill this Pledge with an outright gift in the amount of Four Million Dollars ($4,000,000), which the Donor shall pay on the date hereof, and with an outright gift of the remaining balance of One Million Dollars ($1000.000), which the Donor shall pay by not later than September 30, 2015 (the "Final Payment Date"). The Donor may accelerate the payment of any or all of unpaid funds required under this Pledge at any time in the Donors discretion so long as the cumulative total of all such payments hereunder equals Five Million Dollars ($5,000,000) and is paid in full by the Final Payment Date. All payments under this Pledge shall be made by wire transfer of immediately available funds for the sole benefit of the MIT Media Lab to an account of Massachusetts Institute of Technology maintained at Bank of America in accordance with the following wire transfer instructions: Name of Bank: Bank of America, NA Bank Address: 100 Federal Street Boston, MA 02110 1 EFTA_R1_00018766 EFTA01735419