ELYSIUM

ELYSIUM MANAGEMENT, LLC 445 Park Avenue Suite 1401 New York, NY 10022 Ada Ca Phon - Fax: Email VIA CERTIFIED MAIL RETURN RECEIPT REQUESTED Mr. Joshua M. Black 95 Fifth Avenue Apartment 7 New York, New York 10003 Re: Decanting of the Non-GST Exempt Trust Created Under the Black Family 1997 Trust Dear Josh: February 26, 2014 As you know, you are a beneficiary of the "Non-GST Exempt Trust" created under the Black Family 1997 Trust Agreement. Richard Ressler, John Hannan and Barry Cohen are the Independent Trustees of such trust. This is to let you know that the Independent Trustees (i) created a new trust under a Declaration of Trust dated February 20, 2014 (the "APO2 Declaration") and (ii) exercised their power to invade the principal of the Non-GST Exempt Trust and, in accordance with New York law, appointed all of such principal to themselves as Trustees under the APO2 Declaration (a "decanting"). You are a beneficiary of the trust created under the APO2 Declaration. New York law requires that you receive notice of the decanting by Certified Mail. Accordingly, on behalf of the Independent Trustees, enclosed are the following documents: I. Notice of Appointment of Trust Created under the Black Family 1997 Trust Agreement, notifying you of the decanting. 2. Instrument ofAppointment Pursuant to New York Estates Powers and Trusts Law §10- 6.6 of the Black Family 1997 Trust. 3. Black Family 1997 Trust Agreement and The Black Family 1997 Trust Instrument of Division of Trust, creating the Non-GST Exempt Trust. 4. APO2 Declaration of Trust. EFTA00623032 Mr. Joshua M. Black Page 2 Also enclosed are memoranda summarizing the primary provisions of the Black Family 1997 Trust Agreement and the APO2 Declaration of Trust. The decanting will be effective 30 days after the date of this letter. Should you have any questions, please do not hesitate to call me. Enclosures cc: Eileen Alexanderson Alan S. Halperin EFTA00623033 ELYSIUM MANAGEMENT, TIC 445 Park Avenue Suite 1401 New York. NY 10022 Ada Chi Phone: Fax: Email VIA CERTIFIED MAIL RETURN RECEIPT REQUESTED Ms. Debra R. Black 760 Park Avenue 7th Floor New York, New York, 10021 Re: Decanting of the Non-GST Exempt Trust Created Under the Black Family 1997 Trust Dear Debra: February 26, 2014 As you know, you are a Trustee and beneficiary of the "Non-GST Exempt Trust" created under the Black Family 1997 Trust Agreement with Richard Ressler, John Hannan and Barry Cohen as the Independent Trustees of such trust. This is to let you know that the Independent Trustees (i) created a new trust under a Declaration of Trust dated February 20, 2014 (the "APO2 Declaration") and (ii) exercised their power to invade the principal of the Non-GST Exempt Trust and, in accordance with New York law, appointed all of such principal to themselves as Trustees under the APO2 Declaration (a "decanting"). You are a beneficiary of the trust created under the APO2 Declaration. New York law requires that you receive notice of the decanting by Certified Mail. Accordingly, on behalf of the Independent Trustees, enclosed are the following documents: 1. Notice of Appointment of Trust Created under the Black Family 1997 Trust Agreement, notifying you of the decanting. 2. Instrument of Appointment Pursuant to New York Estates Powers and Trusts Law §10- 6.6 of the Black Family 1997 Trust 3. Black Family 1997 Trust Agreement and The Black Family 1997 Trust Instrument of Division of Trust, creating the Non-GST Exempt Trust. 4. APO2 Declaration of Trust. EFTA00623034 Ms. Debra R. Black Page 2 Also enclosed are memoranda summarizing the primary provisions of the Black Family 1997 Trust Agreement and the APO2 Declaration of Trust. The decanting will be effective 30 days after the date of this letter. Should you have any questions, please do not hesitate to call me. SAda I M Clapp Enclosures cc: Eileen Alexanderson Alan S. Halperin EFTA00623035 ELYSIUM MANAGEMENT, LLC 445 Park Avenue Suite 1401 New York, NY 10022 Ada Cla Phone, Fax: Email VIA CERTIFIED MAIL RETURN RECEIPT REQUESTED Mr. Benjamin E. Black 534 Hudson Street Apartment 5A New York NY 10014 Re: Decanting of the Non-GST Exempt Trust Created Under the Black Family 1997 Trust Dear Ben: February 26, 2014 As you know, you are a beneficiary of the "Non-GST Exempt Trust" created under the Black Family 1997 Trust Agreement. Richard Ressler, John Hannan and Barry Cohen are the Independent Trustees of such trust. This is to let you know that the Independent Trustees (i) created a new trust under a Declaration of Trust dated February 20, 2014 (the "APO2 Declaration") and (ii) exercised their power to invade the principal of the Non-GST Exempt Trust and, in accordance with New York law, appointed all of such principal to themselves as Trustees under the APO2 Declaration (a "decanting"). You are a beneficiary of the trust created under the APO2 Declaration. New York law requires that you receive notice of the decanting by Certified Mail. Accordingly, on behalf of the Independent Trustees, enclosed are the following documents: 1. Notice of Appointment of Trust Created under the Black Family 1997 Trust Agreement, notifying you of the decanting. 2. Instrument of Appointment Pursuant to New York Estates Powers and Trusts Law §10- 6.6 of the Black Family 1997 Trust 3. Black Family 1997 Trust Agreement and The Black Family 1997 Trust Instrument of Division of Trust, creating the Non-GST Exempt Trust. 4. APO2 Declaration of Trust. EFTA00623036 Mr. Benjamin E. Black Page 2 Also enclosed are memoranda summarizing the primary provisions of the Black Family 1997 Trust Agreement and the APO2 Declaration of Trust. The decanting will be effective 30 days after the date of this letter. Should you have any questions, please do not hesitate to call me. Very trul our a a Enclosures cc: Eileen Alexanderson Alan S. Halperin EFTA00623037 ELYSIUM MANAGEMENT, 11C 445 Park Avenue Suite 1401 New York, NY 10022 Ada Oa Phone: Fax: Email: VIA CERTIFIED MAIL RETURN RECEIPT REOUESTED Mr. Leon D. Black C/o Apollo Management 9 West 57ih Street 43rd Floor New York, New York, 10019 Re: Decanting of the Non-GST Exempt Trust Created under the Black Family 1997 Trust Dear Leon: February 26, 2014 As you know, Richard Ressler, John Hannan and Barry Cohen are the Independent Trustees of the Non-GST Exempt Trust created by you, as Grantor, under the Black Family 1997 Trust Agreement. This is to let you know that the Independent Trustees (i) created a new trust under a Declaration of Trust dated February 20, 2014 (the "APO2 Declaration") and (ii) exercised their power to invade the principal of the Non-GST Exempt Trust and, in accordance with New York law, appointed all of such principal to themselves as Trustees under the APO2 Declaration (a "decanting"). New York law requires that you receive notice of the decanting by Certified Mail. Accordingly, on behalf of the Independent Trustees, enclosed are the following documents: 1. Notice of Appointment of Trust Created under the Black Family 1997 Trust Agreement, notifying you of the decanting. 2. Instrument of Appointment Pursuant to New York Estates Powers and Trusts Law §10- 6.6 of the Black Family 1997 Trust 3. Black Family 1997 Trust Agreement and The Black Family 1997 Trust Instrument of Division of Trust, creating the Non-GST Exempt Trust. 4. APO2 Declaration of Trust EFTA00623038 Mr. Leon D. Black Page 2 Also enclosed are memoranda summarizing the primary provisions Trust Agreement and the APO2 Declaration of Trust. The decanting will be effective 30 days after the date of this letter. questions, please do not hesitate to call me. Enclosures cc: Eileen Alexanderson Alan S. Halperin of the Black Family 1997 Should you have any Ver trul ours EFTA00623039 ELYSIUM MANAGEMENT, LLC 445 Park Avenue Suite 1401 New York, NY 10022 Ada Cla Phone: Fax: Email VIA CERTIFIED MAIL RETURN RECEIPT REQUESTED Mr. Alexander S. Black 101 Warren Street Unit 2350 New York, New York 10007 Re: Decanting of the Non-GST Exempt Trust Created Under the Black Family 1997 Trust Dear Alex: February 26, 2014 As you know, you are a beneficiary of the "Non-GST Exempt Trust" created under the Black Family 1997 Trust Agreement. Richard Ressler, John Hannan and Barry Cohen are the Independent Trustees of such trust. This is to let you know that the Independent Trustees (i) created a new trust under a Declaration of Trust dated February 20, 2014 (the "APO2 Declaration") and (ii) exercised their power to invade the principal of the Non-GST Exempt Trust and, in accordance with New York law, appointed all of such principal to themselves as Trustees under the APO2 Declaration (a "decanting"). You are a beneficiary of the trust created under the APO2 Declaration. New York law requires that you receive notice of the decanting by Certified Mail. Accordingly, on behalf of the Independent Trustees, enclosed are the following documents: 1. Notice of Appointment of Trust Created under the Black Family 1997 Trust Agreement, notifying you of the decanting. 2. Instrument of Appointment Pursuant to New York Estates Powers and Trusts Law §10- 6.6 of the Black Family 1997 Trust. 3. Black Family 1997 Trust Agreement and The Black Family 1997 Trust Instrument of Division of Trust, creating the Non-GST Exempt Trust. 4. APO2 Declaration of Trust. EFTA00623040 Mr. Alexander S. Black Page 2 Also enclosed are memoranda summarizing the primary provisions of the Black Family 1997 Trust Agreement and the APO2 Declaration of Trust. The decanting will be effective 30 days after the date of this letter. Should you have any questions, please do not hesitate to call me. Very trul ours a app Enclosures cc: Eileen Alexanderson Alan S. Halperin EFTA00623041 ELYSIUM MANAGEMENT, LLC 445 Park Avenue Suite 1401 New York, NY 10022 Adair m Phon Fax: Email VIA CERTIFIED MAIL RETURN RECEIPT REOUESTED Ms. Victoria R. Black 760 Park Avenue 71h Floor New York, New York 10021 Re: Decanting of the Non-GST Exempt Trust Created Under the Black Family 1997 Trust Dear Alex: February 26, 2014 As you know, you are a beneficiary of the "Non-GST Exempt Trust" created under the Black Family 1997 Trust Agreement. Richard Ressler, John Hannan and Barry Cohen are the Independent Trustees of such trust. This is to let you know that the Independent Trustees (i) created a new trust under a Declaration of Trust dated February 20, 2014 (the "APO2 Declaration") and (ii) exercised their power to invade the principal of the Non-GST Exempt Trust and, in accordance with New York law, appointed all of such principal to themselves as Trustees under the APO2 Declaration (a "decanting"). You are a beneficiary of the trust created under the APO2 Declaration. New York law requires that you receive notice of the decanting by Certified Mail. Accordingly, on behalf of the Independent Trustees, enclosed are the following documents: 1. Notice of Appointment of Trust Created under the Black Family 1997 Trust Agreement, notifying you of the decanting. 2. Instrument of Appointment Pursuant to New York Estates Powers and Trusts Law §10- 66 of the Black Family 1997 Trust 3. Black Family 1997 Trust Agreement and The Black Family 1997 Trust Instrument of Division of Trust, creating the Non-GST Exempt Trust. 4. APO2 Declaration of Trust. EFTA00623042 Ms. Victoria R. Black Page 2 Also enclosed are memoranda summarizing the primary provisions of the Black Family 1997 Trust Agreement and the APO2 Declaration of Trust. The decanting will be effective 30 days after the date of this letter. Should you have any questions, please do not hesitate to call me. Ve trul ours, a app Enclosures cc: Eileen Alexanderson Alan S. Halperin EFTA00623043