[USE LETTERHEAD OF LDB OR FOUNDATION, WHOMEVER IS MAKING GIFT]

[USE LETTERHEAD OF LDB OR FOUNDATION, WHOMEVER IS MAKING GIFT] December 2014 Debra Pemstein Vice President of Development and Alumni/ae Affairs Bard College P.O. Box 5000 Annandale-on-Hudson, NY 12504 Dear Ms. Pemstein: In appreciation of Bard College's contribution to and programming in the performing arts, [I /Leon Black Family Foundation, Inc.] [have/has] wire transferred a charitable gift in the amount $250,000 to be applied to the President's Discretionary Fund in support of ongoing initiatives at Bard College, including support for presentations of Bard's Conservatory of Music, events and performances with the American Symphony Orchestra, the 12th Season of SummerScape and the 26th Season of the Bard Music Festival, all to be held at Richard B. Fisher Center for the Performing Arts. A copy of our wire transfer instructions to our bank is provided with this letter. We acknowledge that you will provide us by December 1, 2015 with a report detailing your use of the proceeds of this charitable gift. In response to your inquiry, you [may/may not] recognize [me/ the Foundation] by name when you publicize the gift from time to time. With best wishes for the future, Leon D. Black [IF BEING PAID BY FOUNDATION THEN INSERT: "President"] EFTA01108913