INSURANCE

INSURANCE May 20. 2013 Mr Leon D. Black Apollo Management LP 9 West 57th Street, 43"' Floor New York, NY 10019 RE: The Black Collection Fine Arts Insurance Dear Leon Wells Fargo Insurance Services USA. Inc. 330 Madison Avenue 7th rloor New York NY 100175001 Tat 212 682 7500 lax: 212 682 1043 wfikwellsfargocom Enclosed please find primary and excess insurance company documents in connection with the May 8, 2013 renewal of your collection/fine arts program. Also attached are invoices representing the annual premiums which total $724,250 plus $5,235 for the taxes and fees on Lloyds business. Due to market conditions and recent catastrophic losses, there was an increase in premium of approximately 524,000 over last year. Fortunately, we have kept the increase to a minimum. The past several years, the rates remained unchanged with no premium increases. Insurance is provided against the usual "all risks' terms and conditions with the territorial limits anywhere in the world'. The basis of valuation in the event of a claim is your inventory/appraisal amounts or current market value at the time of loss whichever the higher. The total amount of insurance is $1.600.000,000 which covers the exposure at 760 Park Avenue, New York. If you recall, we increased the limit last year by $250.000,000 (previously $1,350.000,000). I attach herewith a synopsis of the placement. Kindly review the Named Insureds and advise if they are correct Also. Bank of America, N A is listed as a loss payee. Copies of the primary and several excess renewal endorsements/policies have been previously forwarded to the Bank per the attached. I trust all will be found in order and look forward to discussing this matter with you JAH:vnm End 'There is a maximum of $300,000,000 worldwide coverage which includes transits and that part of the collection located at your homes in Bedford and Southampton, New York and elsewhere. Together we'll go far 11* -1,4010t EFTA01128279 ENDORSEMENT Date: May 1, 2013 Endorsement: Effective as of Anniversary Date: Mav 8. 2013 Attached to and Forming Part of Polley No: Issued by: XL Specialty Insurance Company For the Account of: Leon D. Black and Debra R. Black. etal It is understood and agreed that the NAMED INSUREDS are hereby amended to read as follows: Leon D. Black and Debra R. Black and/or Pent Holdings, Inc. and/or Narrows Holdings, LLC and/or Narrows Holdings II, LLC Black Family 1997 Trust (Debra R. Black, John J. Hannan, Richard Ressler, and Barry J. Cohen, Trustees) Black 2006 Family Trust (Leon D. Black, John J. Hannan and Richard Ressler, Trustees) LDB 2011 LLC (Members: BEB 2011 Trust, JMB 2011 Trust, ASB 2011 Trust and VRB 2011 Trust. Debra R. Black, John J. Hannan, Barry J. Cohen, as Trustees, and U.S. Trust Company of Delaware as Administrative Trustee). All other terms and conditions remain unchanged. In Witness Whereof, the Company has caused this endorsement to be signed by a duly authorized representative of the Company. Auth • rize epreaeutattve . GO Wells Fargo Insurance SeMces USA. Inc. 7 EFTA01128280 FINE ARTS INSURANCE Leon Black and Debra Black, etal. May 8, 2013 to May 8, 2014 INSURANCE CO./ LAYER P • LIMIT XL Specialty Insurance Co. (Primary) $100,000,000 Chubb Group (1" Excess) $100,000,000 AXA Art Insurance Corp. (2`s Excess) $100,000,000 Travelers Property Casualty Co. of America (3s Excess) $100,000,000 Chartis Property Casualty Co. (AM) (4°i Excess) $100,000,000 Fireman's Fund Insurance Co. (5lb Excess) $100,000,000 AXA Art Insurance Corp. (6'h Excess) $100,000,000 Bankers Standard Insurance Co. ACE Private Risk Services (71h Excess) $100,000,000 Lloyds Underwriters, London (Lloyd & Partners) (81h Excess) $150,000,000 StarNet Insurance Company (9i6 Excess) $50,000,000 Chartis Property Casualty Co. (AIG) (10th Excess) $100,000,000 XL Specialty Insurance Co. (program) (1 l'h Excess) $100,000,000 Fireman's Fund Insurance Company (12th Excess) $50,000,000 Atlantic Specialty (One Beacon) (13th Excess) $100,000,000 Page I of 2 5/8/13 EFTA01128281 INSURANCE CO./ LAYER POLICY # LIMIT Aspen American Insurance Co. (Aspen Specialty- Marine Division) (14 Excess) $50,000,000 Lloyds Underwriters, London (Lloyd & Partners) (15" Excess) $150,000,000 Lloyds Underwriters, London (Lloyd & Partners) (16" Excess) $50,000,000 $1,600,000,000 Page 2 of 2 5/8/13 EFTA01128282 FINE ARTS INSURANCE Leon Black and Debra Black, etal. Mav 8, 2013 to May 8, 2014 INSURANCE COJ LAYER •, LIMIT RATE ANNUAL PREMIUM XL Specialty Insurance Co. (Primary) $100,000,000 .12 $120,000 Chubb Group (I" Excess) $100,000,000 .055 $55,000 AXA Art Insurance Corp. (2nd Excess) $100,000,000 .045 $45,000 Travelers Property Casualty Co. of America (3rd Excess) $100,000,000 .05 $50,000 Chards Property Casualty Co. (MG) (416 Excess) $100,000,000 .04 $40,000 Fireman's Fund Insurance Co. (5th Excess) $100,000,000 .036 $36,000 AXA Art Insurance Corp. (6th Excess) $100,000,000 .035 $35,000 Bankers Standard Insurance Co. ACE Private Risk Services (7th Excess) $100,000,000 .0425 $42,500 Lloyds Underwriters (Lloyd & Partners) (8th Excess) $150,000,000 .0385 $57,500 +2,194.50 Tax/Fee StarNet Insurance Company 916 Excess $50,000,000 .036 $18,000 Page I of 2 EFTA01128283 FINE ARTS INSURANCE Leon Black and Debra Black, etal. May 8,2013 to May 8,2014 Chartis Property Casualty Company (10th Excess) $100,000,000 .0375 $37,500 XL Specialty Insurance Co. (program) (11th Excess) $100,000,000 .0375 $37,500 Fireman's Fund Insurance Company (12" Excess) $50,000,000 .035 $17,500 Atlantic Specialty (One Beacon) (13" Excess) $100,000,000 .035 $35,000 Aspen American Insurance Co. (Aspen Specialty — Marine Division) (14 Excess) $50,000,000 .035 S17,500 Lloyds Underwriters (Lloyd & Partners) (15 Excess) $150,000,000 .04 $60,000 +2,280 Tax/Fee Lloyds Underwriters (Lloyd & Partners) ( l 6" Excess) $50,000,000 .04 $20,000 +760 Tax/Fee) $1,600,000,000 $729,485 Page 2 of 2 EFTA01128284 I. 1'Altut.) INSURANCE Wane Forgo lament* Services USA. Inc. 330 Madisor. Avenue 71/1:71w New York NY 10017.5001 Tel 212 682 7500 Fax 212 682 )043 wfitwellstergo.com May 7, 2013 Ms. Lisa Gause Bank of America, N.A PO Box 30120, Insurance Group NC1-028-26-08 Charlotte. NC 28230-0120 RE: Leon 8 Debra Black, etal. Primary and Excess Fine Arts Insurance Dear Ms. Gause: As you are aware, the insurance for Leon and Debra Black's art collection is written on a primary and excess basis. I attach herewith primary $100,000,000 and several excess layers for $700,000,000 (total $800,000,000) policies written with XL Specialty Insurance Company, Chubb Group, MA Art, Travelers, Chartis, Fireman's Fund, MA Art and Bankers/ACE for a period of one year from May 8, 2013. Kindly note that Bank of America, NA is included as a Loss Payee per the endorsements. I trust all will be found in order and remain, cc' Mr. Leon Black (PAMIIC1 C \-t.retfr\ (re)S ' I 3 1P " OA -O11". Together we'll go far 1:A's :t - i v. %, EFTA01128285 ENDORSEMENT Date: May 1, 2013 Endorsement Effective as of Anniversary Date: May 8.2013 Attached to and Forming Part of Policy No: Issued by: XL Specialty Insurance Company For the Account of: Leon Black and Debra Black. etal It is understood and agreed that this contract of insurance is extended to include the following entity as a Loss Payee as their Interests may appear Bank of America, N.A. PO Box 30120 NC1-028-26-08 Charlotte, NC 28230-0120 All other terms and conditions remain unchanged. In Witness Whereof, the Company has caused this endorsement to be signed by a duly authorized representative of the Company. WELIS L58,0 Was Fargo Insurance Services USA. Inc. 9 EFTA01128286 ENDORSEMENT Date: May 1, 2013 Endorsement Effective as of Anniversary Date: May 8, 2013 Attached to and Forming Part of Policy No: Issued by: XL Specialty Insurance Company For the Account of: Leon Black and Debra Black, etal It is understood and agreed that this contract of insurance is extended to include the following entity as a Loss Payee as their Interests may appear. Bank of America, N.A. PO Box 30120 NC1.028-26-08 Charlotte, NC 28230-O120 All other terms and conditions remain unchanged. In Witness Whereof, the Company has caused this endorsement to be signed by a duly authorized representative of the Company. „,„,,,,, Web Fargo Insurance Services USA. Inc. 9 EFTA01128287